| Baird Quality Intermediate Municipal Bond Fund | |
| Schedule of Investments | |
| September 30, 2024 (Unaudited) | |
| | |
| MUNICIPAL BONDS - 98.1% | | Par | | | Value | |
| Alabama - 1.5% | |
| Alabama Housing Finance Authority, 5.75%, 04/01/2055 (Callable 04/01/2033) | | $ | 2,000,000 | | | $ | 2,215,811 | |
| Alabama Public School and College Authority, 4.00%, 09/01/2043 (Callable 09/01/2034) | | | 1,915,000 | | | | 1,910,389 | |
Black Belt Energy Gas District, 5.00%, 05/01/2053 (a) | | | 4,000,000 | | | | 4,192,863 | |
| Morgan County Board of Education/AL, 5.00%, 03/01/2038 (Callable 03/01/2032) | | | 1,000,000 | | | | 1,101,692 | |
Southeast Alabama Gas Supply District, 5.00%, 08/01/2054 (Callable 01/01/2032) (a) | | | 4,500,000 | | | | 4,889,932 | |
| University of Alabama, 3.00%, 07/01/2038 (Callable 07/01/2029) | | | 2,000,000 | | | | 1,841,555 | |
| | | | | | | | 16,152,242 | |
| | | | | | | | | |
| Alaska - 0.3% | |
| Alaska Housing Finance Corp. | |
| 4.00%, 06/01/2036 (Callable 06/01/2025) | | | 710,000 | | | | 712,481 | |
| 4.00%, 06/01/2036 (Callable 06/01/2025) | | | 290,000 | | | | 291,903 | |
| 3.25%, 12/01/2044 (Callable 06/01/2029) | | | 135,000 | | | | 134,165 | |
| 4.00%, 12/01/2048 (Callable 06/01/2027) | | | 470,000 | | | | 474,103 | |
| City of Valdez AK, 5.00%, 06/30/2029 (Callable 10/22/2024) | | | 1,225,000 | | | | 1,246,990 | |
| | | | | | | | 2,859,642 | |
| | | | | | | | | |
| Arizona - 0.5% | |
Arizona Industrial Development Authority, 1.77%, 09/01/2030 (a)(b) | | | 2,315,149 | | | | 2,179,745 | |
| City of Tempe AZ | |
| 5.00%, 07/01/2033 (Callable 07/01/2028) | | | 40,000 | | | | 43,686 | |
| 5.00%, 07/01/2034 (Callable 07/01/2028) | | | 325,000 | | | | 354,954 | |
| 5.00%, 07/01/2034 (Callable 07/01/2027) | | | 165,000 | | | | 176,276 | |
| 5.00%, 07/01/2035 (Callable 07/01/2027) | | | 185,000 | | | | 197,643 | |
| 5.00%, 07/01/2037 (Callable 07/01/2028) | | | 215,000 | | | | 234,816 | |
| 5.00%, 07/01/2038 (Callable 07/01/2028) | | | 350,000 | | | | 382,258 | |
| Maricopa County Industrial Development Authority, 4.00%, 01/01/2045 (Callable 07/01/2030) | | | 2,000,000 | | | | 2,002,394 | |
| | | | | | | | 5,571,772 | |
| | | | | | | | | |
| Arkansas - 0.5% | |
| City of Little Rock AR Water Reclamation System Revenue, 5.00%, 10/01/2034 (Callable 04/01/2025) | | | 2,500,000 | | | | 2,525,069 | |
| City of Pine Bluff AR, 3.00%, 02/01/2047 (Callable 08/01/2027) | | | 1,055,000 | | | | 1,028,617 | |
| University of Arkansas | |
| 5.00%, 10/01/2031 (Callable 10/01/2026) | | | 250,000 | | | | 261,240 | |
| 5.00%, 11/01/2035 (Callable 11/01/2024) | | | 665,000 | | | | 665,765 | |
| 4.00%, 04/01/2037 (Callable 04/01/2029) | | | 160,000 | | | | 162,724 | |
| 4.00%, 04/01/2039 (Callable 04/01/2029) | | | 245,000 | | | | 248,002 | |
| | | | | | | | 4,891,417 | |
| | | | | | | | | |
| California - 6.0% | |
Anaheim Public Financing Authority, 0.00%, 09/01/2036 (c) | | | 18,835,000 | | | | 13,049,811 | |
| Brea Redevelopment Agency | |
| 5.00%, 08/01/2033 (Callable 08/01/2027) | | | 1,500,000 | | | | 1,587,314 | |
| 5.00%, 08/01/2034 (Callable 08/01/2027) | | | 1,750,000 | | | | 1,849,574 | |
Buellton Union School District, 0.00%, 02/01/2034 (c) | | | 2,000,000 | | | | 1,434,652 | |
| California Housing Finance Agency, 3.75%, 03/25/2035 | | | 4,800,542 | | | | 4,902,095 | |
California State University, 3.13%, 11/01/2051 (Callable 05/01/2026) (a) | | | 2,250,000 | | | | 2,263,945 | |
| Carlsbad Unified School District, 0.00%, 08/01/2035 | | | 305,000 | | | | 352,388 | |
| Central Basin Municipal Water District, 5.00%, 08/01/2044 (Callable 08/01/2028) | | | 70,000 | | | | 76,856 | |
City of Richmond CA Wastewater Revenue, 0.00%, 08/01/2028 (c) | | | 180,000 | | | | 163,208 | |
El Monte City School District/CA, 0.00%, 08/01/2029 (c) | | | 1,640,000 | | | | 1,410,901 | |
Federal Home Loan Mortgage Corp., 4.03%, 12/25/2036 (a) | | | 2,470,782 | | | | 2,537,576 | |
Fontana Unified School District, 0.00%, 02/01/2033 (c) | | | 490,000 | | | | 380,575 | |
| Foothill-Eastern Transportation Corridor Agency | |
0.00%, 01/01/2026 (c) | | | 4,695,000 | | | | 4,546,545 | |
0.00%, 01/01/2028 (c) | | | 3,260,000 | | | | 3,015,201 | |
0.00%, 01/01/2030 (c) | | | 95,000 | | | | 83,439 | |
| Freddie Mac Multifamily Variable Rate Certificate, 2.88%, 07/25/2036 | | | 7,175,371 | | | | 6,707,337 | |
Gateway Unified School District/CA, 0.00%, 03/01/2037 (c) | | | 100,000 | | | | 65,593 | |
| Golden State Tobacco Securitization Corp. | |
0.00%, 06/01/2026 (c) | | | 240,000 | | | | 229,383 | |
0.00%, 06/01/2028 (c) | | | 630,000 | | | | 571,622 | |
| 5.00%, 06/01/2028 (Callable 06/01/2027) | | | 425,000 | | | | 453,736 | |
| 3.25%, 06/01/2034 (Callable 06/01/2025) | | | 160,000 | | | | 160,549 | |
| Imperial Community College District, 7.00%, 08/01/2040 (Callable 08/01/2030) | | | 180,000 | | | | 224,886 | |
| Kingsburg Joint Union High School District, 5.00%, 08/01/2044 (Callable 08/01/2026) | | | 150,000 | | | | 156,740 | |
| Long Beach Community College District | |
0.00%, 06/01/2032 (c) | | | 1,540,000 | | | | 1,227,544 | |
0.00%, 06/01/2033 (c) | | | 1,560,000 | | | | 1,198,423 | |
| Los Alamitos Unified School District, 0.00%, 08/01/2043 (Callable 08/01/2031) | | | 230,000 | | | | 238,309 | |
Merced Union High School District, 0.00%, 08/01/2048 (Callable 02/01/2025) (c) | | | 850,000 | | | | 239,839 | |
Moreno Valley Unified School District/CA, 0.00%, 07/01/2029 (c) | | | 75,000 | | | | 66,168 | |
| Morongo Unified School District, 0.00%, 08/01/2041 (Callable 08/01/2030) | | | 280,000 | | | | 292,090 | |
| Orange County Water District, 5.00%, 08/15/2034 | | | 285,000 | | | | 321,620 | |
| Pacheco Union Elementary School District | |
0.00%, 02/01/2028 (c) | | | 40,000 | | | | 36,619 | |
0.00%, 02/01/2028 (c) | | | 25,000 | | | | 22,887 | |
0.00%, 02/01/2037 (c) | | | 300,000 | | | | 200,104 | |
Pajaro Valley Unified School District, 0.00%, 08/01/2027 (c) | | | 25,000 | | | | 23,288 | |
Palmdale Elementary School District, 0.00%, 08/01/2031 (c) | | | 30,000 | | | | 24,748 | |
| Rio Hondo Community College District, 6.85%, 08/01/2042 (Callable 08/01/2034) | | | 7,160,000 | | | | 9,432,729 | |
| Riverside County Redevelopment Successor Agency, 8.25%, 10/01/2031 (Callable 10/01/2026) | | | 650,000 | | | | 722,536 | |
Roseville Joint Union High School District, 0.00%, 08/01/2034 (Callable 08/01/2026) (c) | | | 85,000 | | | | 61,078 | |
San Diego Unified School District/CA, 0.00%, 07/01/2030 (c) | | | 100,000 | | | | 85,508 | |
| San Joaquin Hills Transportation Corridor Agency | |
0.00%, 01/01/2027 (c) | | | 1,380,000 | | | | 1,309,788 | |
0.00%, 01/01/2028 (c) | | | 1,110,000 | | | | 1,026,648 | |
| San Mateo Union High School District, 0.00%, 09/01/2041 (Callable 09/01/2036) | | | 1,280,000 | | | | 1,372,414 | |
| Santa Barbara Unified School District, 0.00%, 08/01/2045 (Callable 08/01/2032) | | | 100,000 | | | | 95,398 | |
St Helena Unified School District, 0.00%, 08/01/2037 (Callable 11/01/2024) (c) | | | 25,000 | | | | 13,530 | |
| Sutter Union High School District | |
0.00%, 08/01/2036 (Callable 08/01/2025) (c) | | | 75,000 | | | | 33,817 | |
0.00%, 08/01/2037 (Callable 08/01/2025) (c) | | | 50,000 | | | | 20,991 | |
0.00%, 08/01/2041 (Callable 08/01/2025) (c) | | | 50,000 | | | | 15,720 | |
0.00%, 08/01/2043 (Callable 08/01/2025) (c) | | | 200,000 | | | | 54,198 | |
Woodlake Union High School District, 0.00%, 08/01/2033 (c) | | | 1,000,000 | | | | 678,395 | |
| | | | | | | | 65,038,315 | |
| | | | | | | | | |
| Colorado - 1.5% | |
| Boulder Valley School District No Re-2 Boulder, 5.00%, 12/01/2038 (Callable 06/01/2025) | | | 1,225,000 | | | | 1,239,830 | |
| Brush School District No. RE-2J, 5.00%, 12/01/2032 (Callable 12/01/2027) | | | 395,000 | | | | 422,983 | |
| City & County of Denver CO, 5.00%, 06/01/2038 (Callable 06/01/2026) | | | 310,000 | | | | 319,087 | |
| City of Boulder CO Storm Water & Flood Management Revenue, 3.00%, 12/01/2030 (Callable 12/01/2025) | | | 925,000 | | | | 916,933 | |
| City of Fort Lupton CO, 4.00%, 12/01/2042 (Callable 12/01/2027) | | | 850,000 | | | | 856,415 | |
| Colorado Health Facilities Authority, 3.70% (SIFMA Municipal Swap Index + 0.55%), 05/15/2061 (Callable 02/17/2026) | | | 10,000,000 | | | | 9,954,321 | |
| Mesa County Valley School District No. 51, 5.50%, 12/01/2037 (Callable 12/01/2027) | | | 1,000,000 | | | | 1,076,148 | |
| State of Colorado, 5.25%, 03/15/2042 (Callable 03/15/2027) | | | 1,000,000 | | | | 1,045,916 | |
| University of Colorado, 5.00%, 06/01/2044 (Callable 06/01/2029) | | | 285,000 | | | | 302,337 | |
| Wiggins School District No RE-50J Adams Morgan & Weld Counties, 4.00%, 12/01/2039 (Callable 12/01/2031) | | | 500,000 | | | | 518,722 | |
| | | | | | | | 16,652,692 | |
| | | | | | | | | |
| Connecticut - 1.8% | |
| City of Norwalk CT, 5.00%, 08/15/2036 (Callable 08/15/2030) | | | 2,555,000 | | | | 2,881,432 | |
| Connecticut Housing Finance Authority | |
| 2.88%, 11/15/2030 (Callable 05/15/2025) | | | 1,325,000 | | | | 1,282,529 | |
| 4.00%, 11/15/2045 (Callable 05/15/2028) | | | 2,935,000 | | | | 2,956,024 | |
| 4.00%, 11/15/2047 (Callable 11/15/2026) | | | 395,000 | | | | 396,071 | |
| 4.00%, 05/15/2049 (Callable 11/15/2028) | | | 1,330,000 | | | | 1,347,095 | |
| Connecticut State Health & Educational Facilities Authority | |
| 5.25%, 03/01/2032 | | | 100,000 | | | | 112,336 | |
3.20%, 07/01/2037 (a) | | | 2,085,000 | | | | 2,087,753 | |
2.95%, 07/01/2049 (a) | | | 1,000,000 | | | | 1,004,281 | |
2.80%, 07/01/2057 (a) | | | 6,000,000 | | | | 6,010,536 | |
| University of Connecticut, 5.00%, 01/15/2031 (Callable 01/15/2027) | | | 1,250,000 | | | | 1,317,840 | |
| | | | | | | | 19,395,897 | |
| | | | | | | | | |
| District of Columbia - 0.4% | |
District of Columbia Water & Sewer Authority, 2.83%, 10/01/2054 (Callable 10/01/2024) (a) | | | 4,000,000 | | | | 4,000,000 | |
| | | | | | | | | |
| Florida - 2.5% | |
Broward County Housing Finance Authority, 3.50%, 04/01/2041 (Callable 10/01/2025) (a) | | | 1,000,000 | | | | 1,003,956 | |
| City of Fort Lauderdale FL Water & Sewer Revenue, 5.50%, 09/01/2048 (Callable 09/01/2033) | | | 3,500,000 | | | | 4,008,849 | |
| City of Fort Myers FL, 4.00%, 12/01/2037 (Callable 12/01/2025) | | | 480,000 | | | | 483,065 | |
City of Melbourne FL Water & Sewer Revenue, 0.00%, 10/01/2026 (c) | | | 40,000 | | | | 37,948 | |
| City of Ocoee FL, 4.00%, 10/01/2040 (Callable 10/01/2030) | | | 300,000 | | | | 308,064 | |
| City of Orlando FL Tourist Development Tax Revenue, 5.00%, 11/01/2034 (Callable 11/01/2027) | | | 1,000,000 | | | | 1,047,408 | |
| County of Miami-Dade FL | |
0.00%, 10/01/2026 (c) | | | 150,000 | | | | 142,304 | |
0.00%, 10/01/2027 (c) | | | 330,000 | | | | 304,811 | |
| 5.25%, 10/01/2030 | | | 4,625,000 | | | | 5,185,618 | |
| Florida Housing Finance Corp. | |
5.00%, 12/01/2026 (a) | | | 2,500,000 | | | | 2,551,363 | |
| 1.94%, 08/01/2036 | | | 4,990,000 | | | | 3,918,768 | |
| 4.20%, 01/01/2045 (Callable 01/01/2028) | | | 2,195,000 | | | | 2,168,145 | |
| 3.50%, 07/01/2051 (Callable 07/01/2029) | | | 665,000 | | | | 664,658 | |
| Leon County - City of Tallahassee Blueprint Intergovernmental Agency, 4.00%, 10/01/2038 (Callable 10/01/2031) | | | 4,805,000 | | | | 5,010,763 | |
| Osceola County Expressway Authority | |
| 5.40%, 10/01/2028 | | | 170,000 | | | | 191,764 | |
| 5.75%, 10/01/2031 | | | 60,000 | | | | 73,644 | |
| Seminole County School Board, 5.00%, 07/01/2035 (Callable 07/01/2026) | | | 145,000 | | | | 149,624 | |
| | | | | | | | 27,250,752 | |
| | | | | | | | | |
| Georgia - 1.7% | |
| City of Decatur GA, 3.00%, 08/01/2038 (Callable 08/01/2025) | | | 500,000 | | | | 470,564 | |
| DeKalb Newton & Gwinnett Counties Joint Development Authority | |
| 5.00%, 06/01/2028 | | | 295,000 | | | | 317,319 | |
| 5.00%, 06/01/2028 | | | 230,000 | | | | 247,401 | |
| Forsyth County Hospital Authority, 6.38%, 10/01/2028 | | | 5,295,000 | | | | 5,712,969 | |
| Georgia Housing & Finance Authority, 3.50%, 12/01/2046 (Callable 12/01/2025) | | | 140,000 | | | | 139,564 | |
| Main Street Natural Gas, Inc. | |
4.00%, 08/01/2049 (Callable 10/22/2024) (a) | | | 1,000,000 | | | | 1,000,196 | |
4.00%, 07/01/2052 (Callable 06/01/2027) (a) | | | 1,615,000 | | | | 1,634,813 | |
5.00%, 07/01/2053 (Callable 12/01/2029) (a) | | | 8,000,000 | | | | 8,660,559 | |
| | | | | | | | 18,183,385 | |
| | | | | | | | | |
| Idaho - 0.3% | |
| Idaho Housing & Finance Association, 6.00%, 07/01/2054 (Callable 01/01/2033) | | | 2,760,000 | | | | 3,100,820 | |
| | | | | | | | | |
| Illinois - 5.8% | |
| Buffalo Grove Park District, 3.00%, 12/30/2024 | | | 840,000 | | | | 837,783 | |
| Cary Park District, 4.00%, 12/15/2032 (Callable 12/15/2026) | | | 125,000 | | | | 126,844 | |
| Chillicothe Park District, 5.50%, 12/01/2029 | | | 150,000 | | | | 168,071 | |
| City of Chicago IL | |
0.00%, 01/01/2027 (c) | | | 75,000 | | | | 70,164 | |
| 5.00%, 01/01/2034 (Callable 01/01/2025) | | | 2,170,000 | | | | 2,179,169 | |
| City of Chicago IL Waterworks Revenue, 5.00%, 11/01/2036 (Callable 05/01/2032) | | | 70,000 | | | | 78,502 | |
| City of Springfield IL, 5.00%, 12/01/2031 (Callable 12/01/2025) | | | 500,000 | | | | 510,844 | |
| City of Woodstock IL, 4.00%, 01/01/2037 (Callable 01/01/2031) | | | 675,000 | | | | 697,545 | |
Community Unit School District Number 427 DeKalb and Kane Counties Illinois, 0.00%, 01/01/2026 (c) | | | 2,785,000 | | | | 2,683,672 | |
| Cook County School District No 130 Blue Island, 5.00%, 12/01/2026 (Callable 12/01/2025) | | | 1,150,000 | | | | 1,178,139 | |
| Cook County School District No 159 Matteson-Richton Park | |
0.00%, 12/01/2025 (c) | | | 475,000 | | | | 458,899 | |
0.00%, 12/01/2025 (c) | | | 230,000 | | | | 222,459 | |
0.00%, 12/01/2026 (c) | | | 285,000 | | | | 268,357 | |
0.00%, 12/01/2028 (c) | | | 525,000 | | | | 467,080 | |
| County of Cook IL, 5.00%, 11/15/2033 (Callable 11/15/2027) | | | 3,000,000 | | | | 3,166,975 | |
| Deerfield Park District, 4.00%, 12/01/2029 | | | 240,000 | | | | 250,851 | |
| DuPage County Community High School District No 100 Fenton, 5.00%, 07/15/2037 (Callable 07/15/2032) | | | 575,000 | | | | 642,573 | |
| Hoffman Estates Park District, 5.00%, 12/01/2040 (Callable 12/01/2030) | | | 1,415,000 | | | | 1,522,516 | |
| Illinois Development Finance Authority | |
0.00%, 07/15/2025 (c) | | | 25,045,000 | | | | 24,448,876 | |
2.45%, 11/15/2039 (a) | | | 2,230,000 | | | | 2,209,236 | |
| Illinois Finance Authority | |
| 5.00%, 07/01/2031 (Callable 01/01/2026) | | | 1,200,000 | | | | 1,232,402 | |
| 5.25%, 08/15/2031 (Callable 08/15/2026) | | | 1,830,000 | | | | 1,911,979 | |
| 4.00%, 12/01/2036 (Callable 12/01/2028) | | | 1,000,000 | | | | 1,014,025 | |
| 4.00%, 02/15/2041 (Callable 02/15/2027) | | | 495,000 | | | | 509,376 | |
| 4.00%, 05/01/2044 (Callable 05/01/2025) | | | 135,000 | | | | 135,735 | |
| Illinois Housing Development Authority | |
| 2.55%, 04/01/2025 | | | 590,000 | | | | 585,142 | |
4.00%, 06/01/2026 (Callable 06/01/2025) (a) | | | 1,300,000 | | | | 1,304,710 | |
| 3.10%, 02/01/2035 (Callable 02/01/2026) | | | 875,000 | | | | 828,041 | |
| 3.50%, 08/01/2046 (Callable 02/01/2026) | | | 595,000 | | | | 593,524 | |
| 4.00%, 08/01/2048 (Callable 08/01/2027) | | | 295,000 | | | | 297,670 | |
| Illinois Municipal Electric Agency, 4.00%, 02/01/2034 (Callable 08/01/2025) | | | 160,000 | | | | 160,371 | |
| Jefferson County School District No 80 Mt Vernon, 4.00%, 06/01/2028 (Callable 06/01/2026) | | | 120,000 | | | | 121,447 | |
| Kane McHenry Cook & De Kalb Counties Unit School District No 300/IL, 5.00%, 01/01/2032 (Callable 01/01/2027) | | | 2,085,000 | | | | 2,190,348 | |
| Kankakee & Will Counties Community Unit School District No 5/IL, 4.00%, 05/01/2025 (Callable 11/01/2024) | | | 700,000 | | | | 700,047 | |
| Knox & Warren Counties Community Unit School District No 205 Galesburg | |
| 4.00%, 12/01/2034 (Callable 12/01/2027) | | | 425,000 | | | | 432,932 | |
| 4.00%, 12/01/2039 (Callable 12/01/2027) | | | 1,305,000 | | | | 1,316,150 | |
| Mason Logan & Tazewell Counties Community Unit School Dist No 189 Illini Central, 5.00%, 12/01/2040 (Callable 12/01/2028) | | | 600,000 | | | | 630,643 | |
| Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/01/2034 (Callable 12/01/2026) | | | 295,000 | | | | 307,920 | |
| State of Illinois Sales Tax Revenue, 4.00%, 06/15/2038 (Callable 06/15/2028) | | | 1,850,000 | | | | 1,843,596 | |
| Village of Downers Grove IL, 4.00%, 01/01/2038 (Callable 01/01/2026) | | | 375,000 | | | | 375,579 | |
| Village of Manhattan IL, 4.00%, 01/01/2030 (Callable 01/01/2027) | | | 250,000 | | | | 254,729 | |
| Village of Romeoville IL, 4.00%, 12/30/2030 (Callable 12/30/2028) | | | 1,320,000 | | | | 1,370,213 | |
| Village of Schaumburg IL, 4.00%, 12/01/2028 | | | 470,000 | | | | 496,625 | |
| Waukegan Park District, 3.13%, 12/15/2028 (Callable 11/01/2024) | | | 390,000 | | | | 381,658 | |
Will County Community High School District No. 210, 0.00%, 01/01/2025 (c) | | | 350,000 | | | | 347,058 | |
Will County Community Unit School District No. 201-U, 0.00%, 11/01/2024 (c) | | | 1,410,000 | | | | 1,405,611 | |
Will County School District No 122, 0.00%, 10/01/2027 (c) | | | 470,000 | | | | 434,124 | |
| | | | | | | | 63,370,210 | |
| | | | | | | | | |
| Indiana - 2.3% | |
| Brownsburg 1999 School Building Corp., 5.50%, 01/15/2043 (Callable 07/15/2031) | | | 1,460,000 | | | | 1,624,685 | |
| City of Evansville IN, 5.00%, 02/01/2029 (Callable 02/01/2026) | | | 735,000 | | | | 752,205 | |
City of Indianapolis IN, 3.00%, 05/01/2027 (a) | | | 325,000 | | | | 324,679 | |
| Columbus Multi School Building Corp. | |
| 5.00%, 07/15/2039 (Callable 07/15/2034) | | | 310,000 | | | | 350,551 | |
| 5.00%, 07/15/2040 (Callable 07/15/2034) | | | 425,000 | | | | 477,705 | |
| 5.00%, 07/15/2041 (Callable 07/15/2034) | | | 400,000 | | | | 445,835 | |
| Fishers Redevelopment Authority | |
| 4.00%, 07/15/2042 (Callable 01/15/2034) | | | 1,000,000 | | | | 1,002,898 | |
| 4.00%, 01/15/2044 (Callable 01/15/2034) | | | 1,000,000 | | | | 994,521 | |
| Fishers Town Hall Building Corp., 5.50%, 07/15/2040 (Callable 07/15/2032) | | | 1,000,000 | | | | 1,142,349 | |
| Hammond Multi-School Building Corp., 5.00%, 07/15/2033 (Callable 01/15/2028) | | | 820,000 | | | | 861,987 | |
| Indiana Housing & Community Development Authority, 5.75%, 07/01/2053 (Callable 07/01/2032) | | | 815,000 | | | | 875,700 | |
| Indianapolis Local Public Improvement Bond Bank, 5.00%, 01/01/2033 (Callable 01/01/2025) | | | 1,780,000 | | | | 1,787,745 | |
| IPS Multi-School Building Corp., 5.00%, 01/15/2031 | | | 700,000 | | | | 788,803 | |
| Lake Ridge Multi-School Building Corp., 5.50%, 01/15/2042 (Callable 07/15/2032) | | | 2,000,000 | | | | 2,252,437 | |
| MSD of Wabash County Multi-School Building Corp., 5.00%, 01/15/2044 (Callable 07/15/2034) | | | 1,275,000 | | | | 1,399,972 | |
| Northern Wells Multi-School Building Corp., 4.00%, 07/15/2035 (Callable 07/15/2027) | | | 160,000 | | | | 163,077 | |
| Northwestern School Building Corp., 6.00%, 07/15/2040 (Callable 07/15/2031) | | | 700,000 | | | | 804,558 | |
| Perry Central Multi-School Building Corp., 5.00%, 07/15/2038 (Callable 07/15/2033) | | | 375,000 | | | | 420,423 | |
| Richmond Multi-School Building Corp. | |
| 5.00%, 07/15/2036 (Callable 07/15/2032) | | | 300,000 | | | | 339,382 | |
| 5.00%, 07/15/2037 (Callable 07/15/2032) | | | 225,000 | | | | 253,799 | |
| 5.00%, 07/15/2038 (Callable 07/15/2032) | | | 235,000 | | | | 263,916 | |
| 5.00%, 01/15/2040 (Callable 07/15/2032) | | | 195,000 | | | | 216,644 | |
| Sunman-Dearborn High School Building Corp. | |
| 5.00%, 07/15/2043 (Callable 07/15/2033) | | | 3,550,000 | | | | 3,897,241 | |
| 5.00%, 01/15/2044 (Callable 07/15/2033) | | | 550,000 | | | | 599,716 | |
| Wawasee High School Building Corp., 5.00%, 07/15/2041 (Callable 07/15/2034) | | | 2,485,000 | | | | 2,797,053 | |
| | | | | | | | 24,837,881 | |
| | | | | | | | | |
| Iowa - 0.7% | |
| Clinton Community School District/IA Infrastructure Sales Services & Use Tax, 4.38%, 07/01/2036 (Callable 07/01/2028) | | | 2,100,000 | | | | 2,169,159 | |
| Iowa Finance Authority | |
| 5.00%, 08/01/2033 (Callable 08/01/2026) | | | 175,000 | | | | 182,247 | |
| 5.00%, 08/01/2035 (Callable 08/01/2025) | | | 950,000 | | | | 967,560 | |
| 4.00%, 07/01/2047 (Callable 07/01/2028) | | | 785,000 | | | | 795,558 | |
| 4.00%, 07/01/2047 (Callable 07/01/2027) | | | 235,000 | | | | 236,168 | |
| 5.50%, 07/01/2053 (Callable 01/01/2033) | | | 2,865,000 | | | | 3,078,278 | |
| | | | | | | | 7,428,970 | |
| | | | | | | | | |
| Kansas - 0.2% | |
| City of Goddard KS, 5.00%, 12/01/2025 (Callable 06/01/2025) | | | 530,000 | | | | 536,435 | |
| Crawford County Unified School District No 250 Pittsburg, 5.00%, 09/01/2035 (Callable 09/01/2027) | | | 60,000 | | | | 64,472 | |
Kansas Development Finance Authority, 5.00%, 11/15/2054 (Callable 11/15/2028) (a) | | | 1,615,000 | | | | 1,744,721 | |
| | | | | | | | 2,345,628 | |
| | | | | | | | | |
| Kentucky - 0.4% | |
| City of Versailles KY, 3.00%, 08/15/2026 (Callable 11/01/2024) | | | 2,000,000 | | | | 1,990,866 | |
| Kentucky Bond Development Corp., 3.00%, 05/01/2034 (Callable 05/01/2026) | | | 695,000 | | | | 660,263 | |
Kentucky Housing Corp., 5.00%, 09/01/2043 (Callable 03/01/2026) (a) | | | 1,615,000 | | | | 1,661,747 | |
| | | | | | | | 4,312,876 | |
| | | | | | | | | |
| Louisiana - 4.6% | |
Louisiana Housing Corp., 4.00%, 01/01/2043 (Callable 07/01/2026) (a) | | | 3,650,000 | | | | 3,712,528 | |
| Louisiana Public Facilities Authority | |
| 5.50%, 05/15/2027 (Callable 05/15/2026) | | | 20,555,000 | | | | 21,232,855 | |
| 5.50%, 05/15/2032 (Callable 05/15/2026) | | | 22,190,000 | | | | 23,209,258 | |
| 4.00%, 04/01/2050 (Callable 04/01/2030) | | | 260,000 | | | | 275,975 | |
| Webster Parish School District No 6 Minden, 4.00%, 03/01/2031 (Callable 03/01/2029) | | | 840,000 | | | | 872,340 | |
| | | | | | | | 49,302,956 | |
| | | | | | | | | |
| Maryland - 0.4% | |
| City of Baltimore MD, 5.00%, 07/01/2028 | | | 160,000 | | | | 167,309 | |
| Maryland Community Development Administration, 3.85%, 03/01/2025 | | | 2,445,000 | | | | 2,447,451 | |
| Maryland Health & Higher Educational Facilities Authority, 5.00%, 07/01/2027 | | | 1,095,000 | | | | 1,130,959 | |
| | | | | | | | 3,745,719 | |
| | | | | | | | | |
| Massachusetts - 0.8% | |
Massachusetts Bay Transportation Authority Sales Tax Revenue, 0.00%, 07/01/2030 (Callable 07/01/2026) (c) | | | 1,400,000 | | | | 1,185,634 | |
| Massachusetts Housing Finance Agency | |
| 4.00%, 12/01/2044 (Callable 06/01/2025) | | | 135,000 | | | | 134,884 | |
| 4.00%, 12/01/2048 (Callable 06/01/2027) | | | 600,000 | | | | 602,862 | |
| 4.00%, 06/01/2049 (Callable 12/01/2028) | | | 295,000 | | | | 297,431 | |
| 3.00%, 12/01/2050 (Callable 12/01/2029) | | | 160,000 | | | | 158,155 | |
| Massachusetts State College Building Authority | |
0.00%, 05/01/2027 (c) | | | 625,000 | | | | 581,303 | |
0.00%, 05/01/2028 (c) | | | 5,790,000 | | | | 5,237,383 | |
| | | | | | | | 8,197,652 | |
| | | | | | | | | |
| Michigan - 2.3% | |
| Birmingham City School District/MI, 5.00%, 05/01/2036 (Callable 05/01/2033) | | | 200,000 | | | | 229,902 | |
| City of Ferndale MI, 3.00%, 04/01/2032 (Callable 04/01/2029) | | | 450,000 | | | | 436,827 | |
| County of Kent MI, 4.00%, 01/01/2034 (Callable 01/01/2025) | | | 2,060,000 | | | | 2,061,232 | |
| Lakeview Public School District, 3.00%, 11/01/2034 (Callable 05/01/2032) | | | 645,000 | | | | 628,486 | |
| Michigan Finance Authority, 5.00%, 10/01/2039 (Callable 10/01/2024) | | | 1,500,000 | | | | 1,500,000 | |
| Michigan State Housing Development Authority | |
| 2.70%, 12/01/2034 (Callable 12/01/2028) | | | 4,700,000 | | | | 4,225,146 | |
| 3.25%, 10/01/2037 (Callable 10/01/2025) | | | 755,000 | | | | 698,497 | |
| 4.25%, 12/01/2049 (Callable 06/01/2028) | | | 1,925,000 | | | | 1,953,370 | |
| 5.00%, 06/01/2053 (Callable 12/01/2031) | | | 845,000 | | | | 886,787 | |
| 5.50%, 06/01/2053 (Callable 12/01/2031) | | | 1,840,000 | | | | 1,963,039 | |
| 5.75%, 06/01/2054 (Callable 12/01/2032) | | | 1,955,000 | | | | 2,120,419 | |
| Warren Consolidated Schools | |
| 5.00%, 05/01/2033 (Callable 05/01/2026) | | | 4,660,000 | | | | 4,813,332 | |
| 5.00%, 05/01/2033 (Callable 05/01/2026) | | | 2,595,000 | | | | 2,680,385 | |
| 5.00%, 05/01/2035 (Callable 05/01/2026) | | | 950,000 | | | | 979,320 | |
| | | | | | | | 25,176,742 | |
| | | | | | | | | |
| Minnesota - 1.2% | |
| City of Coon Rapids MN, 5.60%, 12/01/2039 | | | 2,492,103 | | | | 2,709,667 | |
| City of Hopkins MN, 4.00%, 02/01/2038 (Callable 02/01/2032) | | | 440,000 | | | | 461,867 | |
| County of Hennepin MN, 5.00%, 12/01/2035 (Callable 12/01/2026) | | | 1,835,000 | | | | 1,918,972 | |
| County of Washington MN, 2.13%, 02/01/2033 (Callable 02/01/2028) | | | 1,495,000 | | | | 1,315,665 | |
| Duluth Independent School District No 709, 2.60%, 03/01/2028 | | | 1,875,000 | | | | 1,868,688 | |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | |
| 4.50%, 07/01/2028 (Callable 07/01/2026) | | | 350,000 | | | | 356,521 | |
| 5.00%, 07/01/2036 (Callable 07/01/2026) | | | 1,315,000 | | | | 1,365,232 | |
| Minnesota Housing Finance Agency | |
| 4.00%, 07/01/2047 (Callable 01/01/2027) | | | 105,000 | | | | 105,344 | |
| 4.25%, 07/01/2049 (Callable 07/01/2028) | | | 655,000 | | | | 666,799 | |
| 6.25%, 07/01/2054 (Callable 01/01/2033) | | | 1,995,000 | | | | 2,208,709 | |
| | | | | | | | 12,977,464 | |
| | | | | | | | | |
| Mississippi - 1.0% | |
| County of Warren MS, 6.00%, 09/01/2036 (Callable 09/01/2033) | | | 625,000 | | | | 760,333 | |
| Mississippi Development Bank, 5.25%, 03/01/2035 (Callable 03/01/2028) | | | 495,000 | | | | 513,055 | |
| Mississippi Home Corp. | |
| 4.40%, 12/01/2043 (Callable 12/01/2031) | | | 1,250,000 | | | | 1,268,513 | |
| 4.65%, 12/01/2044 (Callable 06/01/2033) | | | 2,345,000 | | | | 2,408,490 | |
| West Rankin Utility Authority | |
| 5.00%, 01/01/2038 (Callable 01/01/2025) | | | 550,000 | | | | 552,324 | |
| 5.00%, 01/01/2043 (Callable 01/01/2028) | | | 4,500,000 | | | | 4,862,152 | |
| | | | | | | | 10,364,867 | |
| | | | | | | | | |
| Missouri - 1.6% | |
| Carl Junction R-I School District/MO, 5.00%, 03/01/2035 (Callable 03/01/2029) | | | 565,000 | | | | 610,501 | |
| Cass County Reorganized School District No R-1 Midway | |
| 5.00%, 03/01/2042 (Callable 03/01/2029) | | | 550,000 | | | | 577,480 | |
| 5.00%, 03/01/2044 (Callable 03/01/2029) | | | 700,000 | | | | 731,511 | |
| Jackson County School District No. R-IV, 5.50%, 03/01/2037 (Callable 03/01/2029) | | | 1,040,000 | | | | 1,150,046 | |
| Metropolitan St Louis Sewer District | |
| 5.00%, 05/01/2036 (Callable 05/01/2025) | | | 1,275,000 | | | | 1,285,924 | |
| 5.00%, 05/01/2045 (Callable 05/01/2025) | | | 2,335,000 | | | | 2,355,006 | |
| Mexico School District No 59 | |
| 5.00%, 03/01/2042 (Callable 03/01/2029) | | | 2,250,000 | | | | 2,364,736 | |
| 5.00%, 03/01/2043 (Callable 03/01/2029) | | | 1,000,000 | | | | 1,047,674 | |
| Missouri Housing Development Commission | |
| 1.95%, 05/01/2025 | | | 45,000 | | | | 44,301 | |
| 3.95%, 11/01/2040 (Callable 05/01/2025) | | | 25,000 | | | | 25,009 | |
| 5.50%, 05/01/2055 (Callable 05/01/2033) | | | 2,000,000 | | | | 2,186,328 | |
| North Callaway County School District No R-1 | |
| 5.00%, 03/01/2035 (Callable 03/01/2029) | | | 850,000 | | | | 912,994 | |
| 5.00%, 03/01/2036 (Callable 03/01/2029) | | | 1,030,000 | | | | 1,103,701 | |
| 5.00%, 03/01/2037 (Callable 03/01/2029) | | | 1,100,000 | | | | 1,175,906 | |
| Pattonville R-3 School District, 5.25%, 03/01/2041 (Callable 03/01/2031) | | | 1,000,000 | | | | 1,107,122 | |
| St Louis County Special School District, 4.00%, 04/01/2034 (Callable 04/01/2029) | | | 400,000 | | | | 412,903 | |
| Taney County Reorganized School District No R-V Hollister, 5.50%, 03/01/2040 (Callable 03/01/2034) | | | 385,000 | | | | 446,302 | |
| | | | | | | | 17,537,444 | |
| | | | | | | | | |
| Montana - 0.3% | |
| City of Belgrade MT, 5.25%, 07/01/2043 (Callable 07/01/2032) | | | 2,000,000 | | | | 2,222,587 | |
| Flathead County School District No. 44, 4.00%, 07/01/2036 (Callable 07/01/2028) | | | 235,000 | | | | 241,256 | |
| Montana Board of Housing | |
| 3.00%, 12/01/2045 (Callable 06/01/2029) | | | 535,000 | | | | 450,610 | |
| 3.05%, 06/01/2050 (Callable 06/01/2029) | | | 265,000 | | | | 210,778 | |
| | | | | | | | 3,125,231 | |
| | | | | | | | | |
| Nebraska - 1.1% | |
Central Plains Energy Project, 5.00%, 05/01/2054 (Callable 08/01/2029) (a) | | | 5,000,000 | | | | 5,362,586 | |
| City of Omaha NE, 6.50%, 12/01/2030 | | | 1,930,000 | | | | 2,218,391 | |
| Nebraska Educational Health Cultural & Social Services Finance Authority | |
| 4.00%, 01/01/2033 (Callable 01/01/2026) | | | 400,000 | | | | 406,401 | |
| 4.00%, 01/01/2034 (Callable 01/01/2026) | | | 2,000,000 | | | | 2,017,112 | |
| 4.00%, 01/01/2035 (Callable 01/01/2026) | | | 1,000,000 | | | | 1,006,141 | |
| Nebraska Investment Finance Authority, 3.50%, 09/01/2050 (Callable 03/01/2029) | | | 1,135,000 | | | | 1,134,727 | |
| University of Nebraska | |
| 3.00%, 05/15/2035 (Callable 05/15/2026) | | | 20,000 | | | | 20,136 | |
| 3.00%, 07/01/2039 (Callable 07/01/2026) | | | 15,000 | | | | 15,133 | |
| | | | | | | | 12,180,627 | |
| | | | | | | | | |
| New Hampshire - 0.2% | |
New Hampshire Health and Education Facilities Authority Act, 3.30%, 06/01/2040 (Callable 05/01/2027) (a) | | | 2,000,000 | | | | 2,022,693 | |
| | | | | | | | | |
| New Jersey - 0.4% | |
| Flemington Raritan Regional Board of Education | |
| 2.25%, 09/01/2031 (Callable 09/01/2026) | | | 1,000,000 | | | | 906,924 | |
| 2.38%, 09/01/2033 (Callable 09/01/2026) | | | 650,000 | | | | 579,644 | |
New Jersey Economic Development Authority, 0.00%, 07/01/2025 (c) | | | 135,000 | | | | 131,943 | |
| New Jersey Health Care Facilities Financing Authority, 3.75%, 07/01/2027 | | | 135,000 | | | | 137,032 | |
| New Jersey Housing & Mortgage Finance Agency | |
| 4.50%, 10/01/2048 (Callable 10/01/2027) | | | 600,000 | | | | 611,173 | |
| 2.45%, 10/01/2050 (Callable 04/01/2029) | | | 525,000 | | | | 370,448 | |
New Jersey Transportation Trust Fund Authority, 0.00%, 12/15/2030 (c) | | | 2,305,000 | | | | 1,912,277 | |
| | | | | | | | 4,649,441 | |
| | | | | | | | | |
| New Mexico - 0.4% | |
| New Mexico Hospital Equipment Loan Council, 4.13%, 08/01/2044 (Callable 08/01/2025) | | | 210,000 | | | | 211,686 | |
| New Mexico Mortgage Finance Authority | |
| 3.50%, 07/01/2033 (Callable 01/01/2028) | | | 685,000 | | | | 686,246 | |
| 3.55%, 09/01/2037 (Callable 03/01/2027) | | | 685,000 | | | | 672,555 | |
| 3.95%, 09/01/2040 (Callable 11/01/2024) | | | 800,000 | | | | 800,021 | |
| 5.25%, 03/01/2053 (Callable 03/01/2032) | | | 1,925,000 | | | | 2,053,822 | |
| | | | | | | | 4,424,330 | |
| | | | | | | | | |
| New York - 1.9% | |
| Monroe County Industrial Development Corp., 4.84%, 11/01/2040 | | | 3,069,708 | | | | 3,311,006 | |
New York City Housing Development Corp., 0.70%, 11/01/2060 (Callable 10/22/2024) (a) | | | 1,320,000 | | | | 1,288,222 | |
| New York City Municipal Water Finance Authority, 4.00%, 06/15/2040 (Callable 12/15/2029) | | | 500,000 | | | | 509,135 | |
| New York State Dormitory Authority | |
0.00%, 07/01/2028 (c) | | | 65,000 | | | | 58,325 | |
0.00%, 07/01/2029 (c) | | | 580,000 | | | | 505,265 | |
| 5.00%, 03/15/2037 (Callable 09/15/2025) | | | 155,000 | | | | 157,394 | |
| 5.25%, 03/15/2039 (Callable 09/15/2028) | | | 3,750,000 | | | | 4,033,471 | |
| 5.00%, 03/15/2043 (Callable 03/15/2029) | | | 2,450,000 | | | | 2,594,565 | |
| New York State Environmental Facilities Corp. | |
| 5.50%, 10/15/2029 | | | 185,000 | | | | 209,757 | |
| 5.50%, 10/15/2030 | | | 390,000 | | | | 449,143 | |
| New York State Housing Finance Agency | |
| 1.60%, 11/01/2024 (Callable 10/22/2024) | | | 1,295,000 | | | | 1,291,778 | |
3.60%, 11/01/2062 (Callable 06/01/2025) (a) | | | 2,920,000 | | | | 2,931,592 | |
| North Colonie Central School District, 2.00%, 07/15/2032 (Callable 07/15/2029) | | | 1,115,000 | | | | 966,093 | |
| State of New York Mortgage Agency Homeowner Mortgage Revenue, 4.00%, 10/01/2049 (Callable 04/01/2028) | | | 2,350,000 | | | | 2,363,207 | |
| | | | | | | | 20,668,953 | |
| | | | | | | | | |
| North Carolina - 4.0% | |
Asheville Housing Authority, 5.00%, 11/01/2026 (Callable 11/01/2025) (a) | | | 675,000 | | | | 687,728 | |
| County of Forsyth NC, 3.00%, 03/01/2033 (Callable 03/01/2031) | | | 600,000 | | | | 594,854 | |
| County of Wake NC | |
| 5.13%, 10/01/2026 | | | 800,000 | | | | 815,709 | |
| 5.00%, 05/01/2041 (Callable 05/01/2034) | | | 2,860,000 | | | | 3,282,711 | |
| Inlivian | |
| 2.55%, 05/01/2037 | | | 4,685,253 | | | | 3,985,438 | |
5.00%, 06/01/2043 (Callable 12/01/2025) (a) | | | 2,000,000 | | | | 2,047,524 | |
| North Carolina Housing Finance Agency | |
4.00%, 03/01/2028 (a) | | | 6,450,000 | | | | 6,600,726 | |
| 4.00%, 07/01/2050 (Callable 07/01/2029) | | | 1,045,000 | | | | 1,056,351 | |
| 5.75%, 01/01/2054 (Callable 07/01/2032) | | | 3,835,000 | | | | 4,149,538 | |
3.20%, 07/01/2056 (Callable 11/15/2025) (a) | | | 2,000,000 | | | | 1,998,996 | |
| Raleigh Housing Authority | |
5.00%, 10/01/2026 (a) | | | 5,500,000 | | | | 5,596,149 | |
5.00%, 12/01/2026 (a) | | | 7,850,000 | | | | 8,011,280 | |
Town of Morehead City NC, 4.05%, 01/01/2028 (a) | | | 3,500,000 | | | | 3,577,408 | |
| University of North Carolina at Chapel Hill, 3.89% (SOFR + 0.65%), 12/01/2041 (Callable 12/01/2024) | | | 1,000,000 | | | | 999,952 | |
| | | | | | | | 43,404,364 | |
| | | | | | | | | |
| North Dakota - 0.7% | |
| Cass County Joint Water Resource District, 3.45%, 04/01/2027 (Callable 01/01/2026) | | | 3,160,000 | | | | 3,181,799 | |
| North Dakota Housing Finance Agency | |
| 3.55%, 07/01/2033 (Callable 01/01/2028) | | | 1,140,000 | | | | 1,133,668 | |
| 3.45%, 07/01/2037 (Callable 07/01/2026) | | | 900,000 | | | | 894,713 | |
| 4.30%, 07/01/2039 (Callable 07/01/2033) | | | 1,000,000 | | | | 1,029,642 | |
| 3.50%, 07/01/2046 (Callable 01/01/2026) | | | 395,000 | | | | 393,947 | |
| 4.00%, 01/01/2050 (Callable 07/01/2028) | | | 700,000 | | | | 708,868 | |
| | | | | | | | 7,342,637 | |
| | | | | | | | | |
| Ohio - 3.8% | |
| County of Van Wert OH, 6.13%, 12/01/2049 (Callable 12/01/2029) | | | 24,869,000 | | | | 28,322,018 | |
| FHLMC Multifamily VRD Certificates, 2.55%, 06/15/2035 | | | 3,640,000 | | | | 3,245,836 | |
| North Ridgeville City School District, 5.00%, 12/01/2043 (Callable 06/01/2029) | | | 1,025,000 | | | | 1,088,463 | |
| Ohio Housing Finance Agency | |
| 5.50%, 03/01/2030 | | | 100,000 | | | | 112,776 | |
| 5.50%, 09/01/2030 | | | 125,000 | | | | 141,419 | |
| 5.50%, 03/01/2031 | | | 100,000 | | | | 113,594 | |
| 5.50%, 09/01/2031 | | | 125,000 | | | | 142,391 | |
| 5.50%, 03/01/2032 | | | 125,000 | | | | 142,747 | |
| 5.50%, 09/01/2032 | | | 100,000 | | | | 115,080 | |
| 5.50%, 03/01/2033 | | | 100,000 | | | | 115,302 | |
| 5.50%, 09/01/2033 | | | 100,000 | | | | 115,542 | |
| 3.95%, 09/01/2043 (Callable 09/01/2027) | | | 165,000 | | | | 162,107 | |
| 3.50%, 09/01/2046 (Callable 09/01/2025) | | | 355,000 | | | | 353,954 | |
| Ohio Water Development Authority, 5.00%, 12/01/2038 (Callable 12/01/2029) | | | 2,100,000 | | | | 2,296,694 | |
| State of Ohio | |
| 5.00%, 02/01/2031 (Callable 02/01/2026) | | | 1,405,000 | | | | 1,445,300 | |
| 5.00%, 01/01/2038 (Callable 01/01/2032) | | | 430,000 | | | | 482,927 | |
2.75%, 01/01/2052 (a) | | | 2,795,000 | | | | 2,769,704 | |
| University of Akron, 5.00%, 01/01/2033 (Callable 07/01/2026) | | | 335,000 | | | | 345,148 | |
| | | | | | | | 41,511,002 | |
| | | | | | | | | |
| Oregon - 0.7% | |
| Clackamas Community College District | |
0.00%, 06/15/2028 (Callable 06/15/2025) (c) | | | 1,375,000 | | | | 1,190,541 | |
0.00%, 06/15/2029 (Callable 06/15/2025) (c) | | | 1,000,000 | | | | 828,750 | |
| Oregon Coast Community College District | |
| 0.00%, 06/15/2038 (Callable 06/15/2034) | | | 175,000 | | | | 189,687 | |
| 0.00%, 06/15/2039 (Callable 06/15/2034) | | | 400,000 | | | | 430,294 | |
| 0.00%, 06/15/2041 (Callable 06/15/2034) | | | 350,000 | | | | 371,579 | |
| 0.00%, 06/15/2043 (Callable 06/15/2034) | | | 400,000 | | | | 420,908 | |
| State of Oregon | |
| 4.00%, 12/01/2045 (Callable 06/01/2025) | | | 475,000 | | | | 474,919 | |
| 4.00%, 12/01/2048 (Callable 12/01/2026) | | | 830,000 | | | | 832,271 | |
| State of Oregon Housing & Community Services Department | |
| 3.55%, 07/01/2033 (Callable 07/01/2027) | | | 1,005,000 | | | | 998,673 | |
| 2.90%, 07/01/2043 (Callable 07/01/2027) | | | 1,000,000 | | | | 822,713 | |
| 4.00%, 01/01/2047 (Callable 07/01/2025) | | | 185,000 | | | | 184,926 | |
| 3.75%, 07/01/2048 (Callable 01/01/2027) | | | 1,020,000 | | | | 983,164 | |
| | | | | | | | 7,728,425 | |
| | | | | | | | | |
| Pennsylvania - 0.9% | |
| Commonwealth Financing Authority, 4.00%, 06/01/2039 (Callable 06/01/2028) | | | 1,525,000 | | | | 1,535,842 | |
Mckeesport Area School District, 0.00%, 10/01/2025 (c) | | | 110,000 | | | | 106,911 | |
| Pennsylvania Housing Finance Agency | |
| 3.50%, 10/01/2046 (Callable 10/01/2025) | | | 195,000 | | | | 194,433 | |
| 3.50%, 04/01/2051 (Callable 10/01/2029) | | | 2,055,000 | | | | 2,049,883 | |
| 5.50%, 10/01/2053 | | | 1,980,000 | | | | 2,122,255 | |
| 5.75%, 10/01/2053 (Callable 10/01/2032) | | | 1,230,000 | | | | 1,322,968 | |
| Pittsburgh Water & Sewer Authority | |
0.00%, 09/01/2026 (c) | | | 890,000 | | | | 846,188 | |
0.00%, 09/01/2027 (c) | | | 1,110,000 | | | | 1,027,473 | |
0.00%, 09/01/2028 (c) | | | 370,000 | | | | 333,470 | |
| | | | | | | | 9,539,423 | |
| | | | | | | | | |
| Puerto Rico - 1.6% | |
| Puerto Rico Public Finance Corp. | |
| 6.00%, 08/01/2026 | | | 3,585,000 | | | | 3,790,701 | |
| 6.00%, 08/01/2026 | | | 1,825,000 | | | | 1,929,715 | |
| 6.00%, 08/01/2026 | | | 1,710,000 | | | | 1,808,117 | |
| 6.00%, 08/01/2026 | | | 1,440,000 | | | | 1,522,624 | |
| 5.50%, 08/01/2027 | | | 7,690,000 | | | | 8,281,319 | |
| 5.50%, 08/01/2027 | | | 400,000 | | | | 430,758 | |
| | | | | | | | 17,763,234 | |
| | | | | | | | | |
| Rhode Island - 0.5% | |
| Rhode Island Health and Educational Building Corp. | |
| 5.25%, 05/15/2040 (Callable 05/15/2034) | | | 1,000,000 | | | | 1,144,592 | |
| 5.25%, 05/15/2041 (Callable 05/15/2034) | | | 1,455,000 | | | | 1,652,920 | |
| 5.25%, 05/15/2042 (Callable 05/15/2034) | | | 2,000,000 | | | | 2,260,434 | |
| Rhode Island Housing & Mortgage Finance Corp., 3.50%, 10/01/2050 (Callable 10/01/2029) | | | 800,000 | | | | 799,583 | |
| | | | | | | | 5,857,529 | |
| | | | | | | | | |
| South Carolina - 2.9% | |
| City of Columbia SC Waterworks & Sewer System Revenue, 5.00%, 02/01/2049 (Callable 02/01/2029) | | | 10,680,000 | | | | 11,829,355 | |
| Piedmont Municipal Power Agency, 5.38%, 01/01/2025 | | | 5,255,000 | | | | 5,281,386 | |
| South Carolina Jobs-Economic Development Authority | |
5.00%, 08/15/2036 (Callable 08/15/2026) (b) | | | 7,500,000 | | | | 7,829,980 | |
5.00%, 08/15/2041 (Callable 08/15/2026) (b) | | | 4,165,000 | | | | 4,348,249 | |
| Tobacco Settlement Revenue Management Authority, 6.38%, 05/15/2030 | | | 2,005,000 | | | | 2,341,487 | |
| | | | | | | | 31,630,457 | |
| | | | | | | | | |
| South Dakota - 0.1% | |
| County of Clay SD, 5.00%, 12/01/2038 (Callable 12/01/2031) | | | 1,000,000 | | | | 1,106,159 | |
| | | | | | | | | |
| Tennessee - 1.9% | |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | |
5.00%, 12/01/2026 (Callable 12/01/2025) (a) | | | 1,000,000 | | | | 1,020,545 | |
| 4.88%, 11/01/2028 | | | 1,450,000 | | | | 1,517,469 | |
3.85%, 02/01/2048 (a) | | | 1,000,000 | | | | 1,009,085 | |
| Metropolitan Government of Nashville & Davidson County TN, 3.00%, 01/01/2034 (Callable 01/01/2031) | | | 2,800,000 | | | | 2,707,463 | |
| Tennessee Housing Development Agency | |
| 1.75%, 07/01/2028 | | | 350,000 | | | | 325,844 | |
| 1.95%, 07/01/2030 (Callable 07/01/2029) | | | 550,000 | | | | 493,683 | |
| 3.85%, 01/01/2035 (Callable 01/01/2025) | | | 230,000 | | | | 230,018 | |
| 3.90%, 07/01/2042 (Callable 07/01/2027) | | | 350,000 | | | | 344,282 | |
| 4.00%, 01/01/2043 (Callable 07/01/2027) | | | 425,000 | | | | 427,201 | |
| 3.85%, 07/01/2043 (Callable 07/01/2027) | | | 1,810,000 | | | | 1,754,861 | |
| 5.20%, 07/01/2043 (Callable 07/01/2032) | | | 7,000,000 | | | | 7,469,105 | |
| 3.65%, 07/01/2047 (Callable 01/01/2027) | | | 705,000 | | | | 652,058 | |
| 4.05%, 01/01/2049 (Callable 01/01/2028) | | | 1,645,000 | | | | 1,573,743 | |
| 3.00%, 01/01/2051 (Callable 01/01/2030) | | | 675,000 | | | | 666,690 | |
| | | | | | | | 20,192,047 | |
| | | | | | | | | |
Texas - 28.2%(d) | |
Alvarado Independent School District/TX, 2.75%, 02/15/2052 (a) | | | 1,650,000 | | | | 1,635,386 | |
| Anna Independent School District, 5.00%, 08/15/2035 (Callable 08/15/2026) | | | 910,000 | | | | 944,433 | |
| Arlington Higher Education Finance Corp. | |
| 5.00%, 08/15/2026 | | | 500,000 | | | | 522,787 | |
| 4.00%, 08/15/2027 (Callable 08/15/2026) | | | 875,000 | | | | 891,736 | |
| 4.00%, 08/15/2028 (Callable 08/15/2026) | | | 850,000 | | | | 865,456 | |
| 5.00%, 02/15/2030 (Callable 02/15/2026) | | | 125,000 | | | | 128,399 | |
| 3.00%, 08/15/2032 (Callable 08/15/2031) | | | 835,000 | | | | 813,656 | |
| 3.00%, 08/15/2033 (Callable 08/15/2031) | | | 1,070,000 | | | | 1,036,565 | |
| 4.00%, 08/15/2033 (Callable 08/15/2026) | | | 475,000 | | | | 480,481 | |
| 5.00%, 08/15/2033 | | | 150,000 | | | | 168,071 | |
| 4.00%, 08/15/2034 (Callable 08/15/2026) | | | 195,000 | | | | 200,039 | |
| 4.00%, 08/15/2035 (Callable 08/15/2026) | | | 480,000 | | | | 492,403 | |
| 4.00%, 12/01/2035 (Callable 06/01/2027) | | | 450,000 | | | | 456,498 | |
| 4.00%, 08/15/2036 (Callable 08/15/2030) | | | 510,000 | | | | 525,218 | |
| 4.00%, 08/15/2036 (Callable 08/15/2031) | | | 1,000,000 | | | | 1,039,643 | |
| 5.00%, 08/15/2036 (Callable 08/15/2034) | | | 175,000 | | | | 196,239 | |
| 5.00%, 08/15/2037 (Callable 08/15/2032) | | | 510,000 | | | | 569,597 | |
| 4.00%, 08/15/2038 (Callable 08/15/2030) | | | 550,000 | | | | 562,458 | |
| 4.00%, 08/15/2039 (Callable 08/15/2025) | | | 495,000 | | | | 495,096 | |
| 5.00%, 08/15/2039 (Callable 08/15/2034) | | | 105,000 | | | | 116,364 | |
| 3.00%, 08/15/2040 (Callable 08/15/2031) | | | 290,000 | | | | 255,869 | |
| 3.00%, 08/15/2041 (Callable 08/15/2031) | | | 300,000 | | | | 259,667 | |
| 3.00%, 08/15/2042 (Callable 08/15/2031) | | | 265,000 | | | | 226,083 | |
| 3.00%, 08/15/2043 (Callable 08/15/2031) | | | 210,000 | | | | 176,386 | |
| 3.00%, 08/15/2044 (Callable 08/15/2031) | | | 245,000 | | | | 202,717 | |
| 4.00%, 08/15/2044 (Callable 08/15/2034) | | | 360,000 | | | | 360,112 | |
| Austin Community College District Public Facility Corp., 5.00%, 08/01/2033 (Callable 08/01/2025) | | | 750,000 | | | | 761,213 | |
| Baird Independent School District, 5.00%, 08/15/2043 (Callable 08/15/2032) | | | 1,760,000 | | | | 1,941,732 | |
| Balmorhea Independent School District, 5.00%, 02/15/2034 (Callable 02/15/2031) | | | 335,000 | | | | 375,152 | |
| Barbers Hill Independent School District | |
| 5.00%, 02/15/2043 (Callable 08/15/2034) | | | 1,000,000 | | | | 1,128,715 | |
| 5.00%, 02/15/2044 (Callable 08/15/2034) | | | 750,000 | | | | 843,554 | |
Boerne Independent School District, 3.85%, 12/01/2043 (a) | | | 1,000,000 | | | | 1,028,999 | |
| Brazoria County Toll Road Authority | |
| 0.00%, 03/01/2039 (Callable 03/01/2030) | | | 200,000 | | | | 193,717 | |
| 0.00%, 03/01/2041 (Callable 03/01/2030) | | | 65,000 | | | | 61,934 | |
| 0.00%, 03/01/2042 (Callable 03/01/2030) | | | 700,000 | | | | 661,511 | |
| 0.00%, 03/01/2044 (Callable 03/01/2030) | | | 255,000 | | | | 238,172 | |
| Cedar Hill Independent School District | |
| 5.00%, 02/15/2040 (Callable 02/15/2034) | | | 1,475,000 | | | | 1,674,264 | |
| 5.00%, 02/15/2041 (Callable 02/15/2034) | | | 2,500,000 | | | | 2,823,175 | |
| 5.00%, 02/15/2042 (Callable 02/15/2034) | | | 3,500,000 | | | | 3,935,446 | |
| Centerville Independent School District | |
| 5.00%, 08/15/2036 (Callable 08/15/2033) | | | 375,000 | | | | 431,764 | |
| 5.00%, 08/15/2037 (Callable 08/15/2033) | | | 770,000 | | | | 883,879 | |
| 5.00%, 08/15/2038 (Callable 08/15/2033) | | | 400,000 | | | | 456,806 | |
| Chisum Independent School District, 5.00%, 08/15/2025 | | | 590,000 | | | | 601,093 | |
| City of Dallas TX, 5.00%, 02/15/2031 (Callable 02/15/2027) | | | 1,100,000 | | | | 1,155,210 | |
| City of Denton TX, 5.00%, 02/15/2035 (Callable 02/15/2031) | | | 3,055,000 | | | | 3,428,020 | |
| City of Houston TX | |
| 5.50%, 12/01/2024 | | | 645,000 | | | | 647,154 | |
| 5.50%, 12/01/2029 | | | 16,050,000 | | | | 17,594,683 | |
| 5.75%, 12/01/2032 | | | 24,965,000 | | | | 30,688,056 | |
| City of Houston TX Combined Utility System Revenue | |
0.00%, 12/01/2026 (c) | | | 1,050,000 | | | | 988,682 | |
0.00%, 12/01/2027 (c) | | | 265,000 | | | | 242,545 | |
0.00%, 12/01/2028 (c) | | | 4,620,000 | | | | 4,110,306 | |
| City of San Antonio TX, 4.00%, 02/01/2029 (Callable 11/01/2024) | | | 2,205,000 | | | | 2,205,945 | |
| City of Sugar Land TX | |
| 4.00%, 02/15/2037 (Callable 02/15/2033) | | | 515,000 | | | | 536,067 | |
| 4.00%, 02/15/2038 (Callable 02/15/2033) | | | 515,000 | | | | 532,592 | |
| 4.00%, 02/15/2039 (Callable 02/15/2033) | | | 515,000 | | | | 528,100 | |
| 4.00%, 02/15/2040 (Callable 02/15/2033) | | | 515,000 | | | | 524,491 | |
| Clifton Higher Education Finance Corp. | |
| 5.00%, 08/15/2025 | | | 460,000 | | | | 468,249 | |
| 5.00%, 08/15/2025 | | | 240,000 | | | | 244,304 | |
| 5.00%, 08/15/2029 | | | 295,000 | | | | 326,221 | |
| 5.00%, 08/15/2029 (Callable 11/01/2024) | | | 215,000 | | | | 215,365 | |
| 4.00%, 08/15/2031 (Callable 08/15/2027) | | | 2,000,000 | | | | 2,048,693 | |
| 4.00%, 08/15/2031 (Callable 08/15/2026) | | | 170,000 | | | | 172,838 | |
| 4.00%, 08/15/2034 (Callable 08/15/2032) | | | 160,000 | | | | 169,908 | |
| 4.00%, 08/15/2040 (Callable 08/15/2031) | | | 390,000 | | | | 395,160 | |
| 4.00%, 08/15/2041 (Callable 08/15/2031) | | | 805,000 | | | | 813,331 | |
| 4.00%, 08/15/2043 (Callable 08/15/2028) | | | 250,000 | | | | 250,518 | |
Coppell Independent School District, 0.00%, 08/15/2029 (c) | | | 200,000 | | | | 172,763 | |
| County of Bexar TX | |
| 4.00%, 06/15/2030 (Callable 06/15/2026) | | | 150,000 | | | | 152,394 | |
| 4.00%, 06/15/2033 (Callable 06/15/2025) | | | 3,795,000 | | | | 3,821,334 | |
| 5.00%, 06/15/2036 (Callable 06/15/2026) | | | 2,145,000 | | | | 2,229,617 | |
| 5.00%, 06/15/2040 (Callable 06/15/2031) | | | 1,525,000 | | | | 1,675,061 | |
| County of Brazoria TX, 3.00%, 03/01/2037 (Callable 03/01/2030) | | | 270,000 | | | | 254,439 | |
| Crowley Independent School District, 5.00%, 08/01/2036 (Callable 08/01/2025) | | | 2,000,000 | | | | 2,034,475 | |
| Dalhart Independent School District, 5.00%, 02/15/2040 (Callable 02/15/2032) | | | 1,170,000 | | | | 1,296,528 | |
| Dallas Independent School District | |
| 4.00%, 02/15/2034 (Callable 02/15/2025) | | | 20,715,000 | | | | 20,771,622 | |
| 4.00%, 02/15/2054 (Callable 02/15/2033) | | | 4,500,000 | | | | 4,412,189 | |
| Decatur Hospital Authority, 5.75%, 09/01/2029 | | | 290,000 | | | | 314,503 | |
| DeSoto Independent School District, 5.00%, 08/15/2032 (Callable 10/08/2024) | | | 1,825,000 | | | | 1,825,504 | |
| Eagle Mountain & Saginaw Independent School District, 4.00%, 08/15/2045 (Callable 08/15/2025) | | | 675,000 | | | | 666,507 | |
| Eula Independent School District/TX, 4.13%, 02/15/2048 (Callable 02/15/2032) | | | 1,610,000 | | | | 1,615,071 | |
Fort Bend Independent School District, 4.00%, 08/01/2054 (a) | | | 4,500,000 | | | | 4,637,819 | |
| Freddie Mac Multifamily ML Certificates, 4.14%, 01/25/2040 | | | 2,965,106 | | | | 3,055,559 | |
| Grand Parkway Transportation Corp. | |
| 5.00%, 10/01/2043 (Callable 04/01/2028) | | | 4,500,000 | | | | 4,704,207 | |
| 5.80%, 10/01/2045 (Callable 10/01/2028) | | | 300,000 | | | | 325,625 | |
| 5.85%, 10/01/2048 (Callable 10/01/2028) | | | 700,000 | | | | 758,715 | |
| Harris County Health Facilities Development Corp. | |
| 5.75%, 07/01/2027 | | | 6,610,000 | | | | 6,908,122 | |
| 6.25%, 07/01/2027 | | | 4,990,000 | | | | 5,258,174 | |
Harris County-Houston Sports Authority, 0.00%, 11/15/2030 (c) | | | 2,150,000 | | | | 1,759,153 | |
| Houston Higher Education Finance Corp. | |
| 5.00%, 02/15/2026 (Callable 11/01/2024) | | | 1,030,000 | | | | 1,031,208 | |
| 5.00%, 02/15/2034 (Callable 11/01/2024) | | | 1,795,000 | | | | 1,796,234 | |
Kilgore Independent School District, 2.00%, 02/15/2052 (a) | | | 890,000 | | | | 882,086 | |
| Killeen Independent School District, 4.00%, 02/15/2042 (Callable 02/15/2028) | | | 690,000 | | | | 692,828 | |
| Klein Independent School District, 4.00%, 08/01/2031 (Callable 08/01/2025) | | | 1,000,000 | | | | 1,005,843 | |
| La Porte Independent School District/TX | |
| 5.00%, 02/15/2037 (Callable 08/15/2033) | | | 2,000,000 | | | | 2,319,082 | |
| 5.00%, 02/15/2038 (Callable 08/15/2033) | | | 1,630,000 | | | | 1,882,949 | |
| La Pryor Independent School District, 5.00%, 02/15/2032 | | | 75,000 | | | | 85,519 | |
Leander Independent School District, 0.00%, 08/16/2044 (Callable 08/16/2026) (c) | | | 14,815,000 | | | | 6,800,735 | |
| Lower Colorado River Authority, 4.75%, 01/01/2028 | | | 455,000 | | | | 470,294 | |
| Maypearl Independent School District, 5.00%, 02/15/2041 (Callable 02/15/2033) | | | 1,000,000 | | | | 1,117,771 | |
| McKinney Independent School District, 4.00%, 02/15/2034 (Callable 02/15/2026) | | | 1,325,000 | | | | 1,336,030 | |
| Melissa Independent School District, 5.00%, 08/01/2036 (Callable 08/01/2026) | | | 1,020,000 | | | | 1,054,324 | |
| Mesquite Independent School District, 5.00%, 08/15/2025 | | | 5,000 | | | | 5,098 | |
| Midland County Fresh Water Supply District No 1 | |
0.00%, 09/15/2033 (Callable 09/15/2027) (c) | | | 3,390,000 | | | | 2,351,555 | |
0.00%, 09/15/2034 (Callable 09/15/2027) (c) | | | 1,110,000 | | | | 729,802 | |
0.00%, 09/15/2035 (Callable 09/15/2027) (c) | | | 2,335,000 | | | | 1,453,128 | |
0.00%, 09/15/2036 (Callable 09/15/2027) (c) | | | 1,470,000 | | | | 866,497 | |
0.00%, 09/15/2037 (Callable 09/15/2027) (c) | | | 110,000 | | | | 61,391 | |
| Moulton Independent School District, 4.00%, 08/15/2036 (Callable 08/15/2027) | | | 285,000 | | | | 290,306 | |
| New Caney Independent School District, 5.00%, 02/15/2039 (Callable 08/15/2027) | | | 500,000 | | | | 524,119 | |
| New Hope Cultural Education Facilities Finance Corp. | |
| 5.00%, 04/01/2030 (Callable 04/01/2027) | | | 1,150,000 | | | | 1,221,504 | |
| 5.00%, 04/01/2031 (Callable 04/01/2027) | | | 1,180,000 | | | | 1,253,369 | |
| 5.00%, 04/01/2042 (Callable 04/01/2027) | | | 7,755,000 | | | | 8,237,186 | |
| New Hope Higher Education Finance Corp., 4.00%, 06/15/2028 | | | 100,000 | | | | 103,085 | |
| North Texas Tollway Authority | |
0.00%, 01/01/2035 (c) | | | 2,760,000 | | | | 1,956,123 | |
0.00%, 01/01/2036 (c) | | | 1,525,000 | | | | 1,038,491 | |
0.00%, 01/01/2037 (c) | | | 4,600,000 | | | | 3,004,218 | |
0.00%, 09/01/2037 (Callable 09/01/2031) (c) | | | 10,435,000 | | | | 5,391,767 | |
0.00%, 09/01/2043 (Callable 09/01/2031) (c) | | | 34,140,000 | | | | 11,242,906 | |
| 7.00%, 09/01/2043 (Callable 09/01/2031) | | | 8,445,000 | | | | 10,471,965 | |
| 6.75%, 09/01/2045 (Callable 09/01/2031) | | | 18,025,000 | | | | 22,453,910 | |
Northside Independent School District, 2.00%, 06/01/2052 (a) | | | 2,470,000 | | | | 2,394,144 | |
| Onalaska Independent School District, 4.00%, 08/15/2030 (Callable 11/01/2024) | | | 340,000 | | | | 340,147 | |
| Pecos Barstow Toyah Independent School District | |
| 5.00%, 02/15/2041 (Callable 02/15/2026) | | | 2,000,000 | | | | 2,039,262 | |
| 5.00%, 02/15/2042 (Callable 02/15/2026) | | | 3,000,000 | | | | 3,057,277 | |
| Plemons-Stinnett-Phillips Consolidated School District | |
| 5.00%, 02/15/2027 | | | 730,000 | | | | 772,229 | |
| 5.00%, 02/15/2028 (Callable 02/15/2027) | | | 670,000 | | | | 704,731 | |
| 5.00%, 02/15/2029 (Callable 02/15/2027) | | | 810,000 | | | | 851,415 | |
| Port Aransas Independent School District | |
| 5.00%, 02/15/2041 (Callable 08/15/2027) | | | 575,000 | | | | 602,293 | |
| 5.00%, 02/15/2043 (Callable 08/15/2025) | | | 625,000 | | | | 631,678 | |
| PSC/TX, 3.75%, 12/01/2040 | | | 4,950,000 | | | | 4,892,460 | |
| Rockwall Independent School District, 5.00%, 02/15/2038 (Callable 11/01/2024) | | | 745,000 | | | | 745,733 | |
| Shiner Independent School District, 5.00%, 08/15/2040 (Callable 08/15/2032) | | | 175,000 | | | | 195,353 | |
| Socorro Independent School District | |
| 4.00%, 08/15/2033 (Callable 02/15/2027) | | | 900,000 | | | | 915,529 | |
| 4.00%, 08/15/2034 (Callable 02/15/2027) | | | 1,500,000 | | | | 1,522,505 | |
| Tarrant County Hospital District, 5.25%, 08/15/2038 (Callable 08/15/2032) | | | 1,200,000 | | | | 1,357,278 | |
| Texas Department of Housing & Community Affairs | |
| 2.15%, 09/01/2035 (Callable 03/01/2029) | | | 545,000 | | | | 457,028 | |
| 3.90%, 07/01/2044 (Callable 07/01/2028) | | | 3,000,000 | | | | 2,933,141 | |
| 3.63%, 09/01/2044 (Callable 09/01/2028) | | | 1,570,000 | | | | 1,492,982 | |
| 4.00%, 03/01/2050 (Callable 09/01/2028) | | | 615,000 | | | | 623,853 | |
| 5.50%, 09/01/2052 (Callable 03/01/2032) | | | 2,870,000 | | | | 3,094,444 | |
| Texas Municipal Gas Acquisition and Supply Corp. II, 4.35% (3 mo. Term SOFR + 1.05%), 09/15/2027 | | | 2,800,000 | | | | 2,810,727 | |
| Texas State Affordable Housing Corp. | |
| 4.25%, 03/01/2049 (Callable 03/01/2029) | | | 150,000 | | | | 151,949 | |
| 5.50%, 09/01/2053 (Callable 03/01/2033) | | | 1,860,000 | | | | 1,984,336 | |
| Texas Water Development Board, 4.00%, 10/15/2036 (Callable 10/15/2028) | | | 3,940,000 | | | | 4,043,384 | |
| Town of Westlake TX, 4.00%, 02/15/2030 (Callable 11/01/2024) | | | 335,000 | | | | 335,103 | |
| Veribest Independent School District, 5.00%, 08/15/2039 (Callable 08/15/2032) | | | 645,000 | | | | 723,667 | |
| Viridian Municipal Management District | |
| 5.00%, 12/01/2034 (Callable 12/01/2029) | | | 930,000 | | | | 996,600 | |
| 5.00%, 12/01/2036 (Callable 12/01/2029) | | | 1,050,000 | | | | 1,120,457 | |
| 5.00%, 12/01/2037 (Callable 12/01/2029) | | | 550,000 | | | | 586,277 | |
| 5.00%, 12/01/2039 (Callable 12/01/2029) | | | 1,000,000 | | | | 1,056,038 | |
| Whitehouse Independent School District, 5.00%, 02/15/2037 (Callable 02/15/2027) | | | 1,200,000 | | | | 1,249,949 | |
| | | | | | | | 306,411,596 | |
| | | | | | | | | |
| Utah - 0.9% | |
County of Utah UT, 5.00%, 05/15/2060 (Callable 02/01/2026) (a) | | | 2,875,000 | | | | 2,962,982 | |
| Davis School District, 3.50%, 06/01/2034 (Callable 12/01/2024) | | | 2,000,000 | | | | 2,000,395 | |
| Salt Lake County Municipal Building Authority, 5.00%, 01/15/2041 (Callable 01/15/2028) | | | 375,000 | | | | 391,150 | |
| Utah Charter School Finance Authority, 5.00%, 04/15/2037 (Callable 04/15/2026) | | | 500,000 | | | | 509,686 | |
| Utah Housing Corp. | |
| 4.00%, 01/01/2045 (Callable 01/01/2026) | | | 2,040,000 | | | | 2,039,099 | |
| 6.00%, 07/01/2053 (Callable 01/01/2032) | | | 985,000 | | | | 1,077,077 | |
| 6.00%, 07/01/2054 (Callable 01/01/2033) | | | 345,000 | | | | 387,617 | |
| Utah Telecommunication Open Infrastructure Agency, 5.50%, 06/01/2040 (Callable 06/01/2032) | | | 500,000 | | | | 571,919 | |
| | | | | | | | 9,939,925 | |
| | | | | | | | | |
| Vermont - 0.3% | |
| Vermont Housing Finance Agency | |
| 3.60%, 11/01/2036 (Callable 11/01/2025) | | | 1,255,000 | | | | 1,255,509 | |
| 4.00%, 05/01/2048 (Callable 11/01/2026) | | | 200,000 | | | | 199,960 | |
| 4.00%, 11/01/2048 (Callable 05/01/2027) | | | 205,000 | | | | 205,635 | |
| Vermont Municipal Bond Bank, 5.00%, 12/01/2034 (Callable 12/01/2026) | | | 1,625,000 | | | | 1,699,693 | |
| | | | | | | | 3,360,797 | |
| | | | | | | | | |
| Virginia - 1.9% | |
Chesapeake Redevelopment & Housing Authority, 5.00%, 05/01/2043 (Callable 05/01/2026) (a) | | | 2,415,000 | | | | 2,490,440 | |
| Danville Industrial Development Authority, 5.25%, 10/01/2028 | | | 395,000 | | | | 403,029 | |
| Hampton Roads Transportation Accountability Commission, 5.50%, 07/01/2057 (Callable 01/01/2028) | | | 15,000,000 | | | | 16,415,598 | |
| Virginia Resources Authority | |
0.00%, 11/01/2027 (c) | | | 520,000 | | | | 479,240 | |
| 5.00%, 11/01/2045 (Callable 11/01/2025) | | | 1,000,000 | | | | 1,015,063 | |
| | | | | | | | 20,803,370 | |
| | | | | | | | | |
| Washington - 3.4% | |
| Central Puget Sound Regional Transit Authority, 5.00%, 11/01/2032 (Callable 11/01/2025) | | | 2,725,000 | | | | 2,793,982 | |
| Clark County School District No 114 Evergreen | |
| 4.00%, 12/01/2038 (Callable 06/01/2030) | | | 1,000,000 | | | | 1,033,477 | |
| 5.25%, 12/01/2040 (Callable 06/01/2032) | | | 9,400,000 | | | | 10,674,504 | |
| County of King WA Sewer Revenue, 5.00%, 07/01/2034 (Callable 01/01/2025) | | | 705,000 | | | | 707,979 | |
| King County Housing Authority | |
| 3.25%, 05/01/2033 (Callable 05/01/2028) | | | 1,500,000 | | | | 1,457,934 | |
| 4.00%, 11/01/2034 (Callable 11/01/2029) | | | 1,520,000 | | | | 1,565,823 | |
| 4.00%, 11/01/2036 (Callable 11/01/2029) | | | 3,250,000 | | | | 3,264,287 | |
| State of Washington | |
| 5.00%, 08/01/2038 (Callable 08/01/2026) | | | 1,225,000 | | | | 1,263,254 | |
| 4.00%, 07/01/2039 (Callable 07/01/2031) | | | 940,000 | | | | 974,973 | |
| 5.00%, 02/01/2043 (Callable 02/01/2034) | | | 2,250,000 | | | | 2,528,631 | |
| Washington Health Care Facilities Authority | |
| 5.00%, 09/01/2030 | | | 300,000 | | | | 331,832 | |
| 5.00%, 09/01/2031 (Callable 09/01/2030) | | | 175,000 | | | | 192,654 | |
| 5.00%, 09/01/2032 (Callable 09/01/2030) | | | 465,000 | | | | 511,630 | |
| 5.00%, 09/01/2033 (Callable 09/01/2030) | | | 190,000 | | | | 208,938 | |
| 5.00%, 10/01/2038 (Callable 04/01/2025) | | | 2,050,000 | | | | 2,063,006 | |
| Washington State Housing Finance Commission | |
6.75%, 07/01/2035 (Callable 07/01/2025) (b) | | | 1,850,000 | | | | 1,893,696 | |
| 2.65%, 12/01/2040 (Callable 06/01/2029) | | | 1,800,000 | | | | 1,513,789 | |
| 4.00%, 06/01/2049 (Callable 06/01/2028) | | | 380,000 | | | | 382,817 | |
| 4.00%, 06/01/2050 (Callable 06/01/2029) | | | 1,210,000 | | | | 1,221,708 | |
7.00%, 07/01/2050 (Callable 07/01/2025) (b) | | | 1,845,000 | | | | 1,891,542 | |
| | | | | | | | 36,476,456 | |
| | | | | | | | | |
| Wisconsin - 3.6% | |
| Baraboo School District, 3.00%, 04/01/2033 (Callable 04/01/2026) | | | 650,000 | | | | 630,072 | |
| Big Foot Union High School District, 3.00%, 03/01/2032 (Callable 03/01/2027) | | | 430,000 | | | | 433,454 | |
| City of Fitchburg WI, 4.00%, 12/01/2042 (Callable 12/01/2032) | | | 1,365,000 | | | | 1,390,330 | |
| City of Milwaukee WI Sewerage System Revenue, 3.00%, 06/01/2033 (Callable 06/01/2026) | | | 2,500,000 | | | | 2,436,176 | |
| County of Kenosha WI, 3.50%, 09/01/2028 (Callable 11/01/2024) | | | 820,000 | | | | 820,383 | |
| D C Everest Area School District/WI, 3.63%, 04/01/2038 (Callable 04/01/2027) | | | 3,900,000 | | | | 4,010,295 | |
| Lodi School District/WI, 3.75%, 03/01/2037 (Callable 03/01/2025) | | | 135,000 | | | | 135,284 | |
| Public Finance Authority | |
| 5.00%, 03/01/2025 | | | 535,000 | | | | 538,932 | |
5.75%, 11/15/2044 (Callable 11/15/2024) (b) | | | 1,100,000 | | | | 1,102,374 | |
| Southeast Wisconsin Professional Baseball Park District | |
| 5.50%, 12/15/2026 | | | 1,630,000 | | | | 1,679,758 | |
0.00%, 12/15/2027 (c) | | | 1,020,000 | | | | 936,990 | |
0.00%, 12/15/2028 (c) | | | 825,000 | | | | 737,760 | |
0.00%, 12/15/2029 (c) | | | 900,000 | | | | 778,401 | |
| State of Wisconsin, 5.00%, 05/01/2032 (Callable 05/01/2026) | | | 1,000,000 | | | | 1,038,738 | |
| Town of Ledgeview WI, 5.00%, 12/01/2030 (Callable 12/01/2029) | | | 630,000 | | | | 696,254 | |
| Village of Mount Pleasant WI | |
| 5.00%, 04/01/2036 (Callable 04/01/2028) | | | 275,000 | | | | 291,603 | |
| 4.00%, 04/01/2037 (Callable 04/01/2028) | | | 2,400,000 | | | | 2,432,580 | |
| 5.00%, 04/01/2048 (Callable 04/01/2028) | | | 1,500,000 | | | | 1,547,508 | |
| Village of Pewaukee WI, 2.25%, 03/01/2025 (Callable 11/01/2024) | | | 70,000 | | | | 69,520 | |
| Waterford Union High School District, 3.00%, 03/01/2039 (Callable 03/01/2029) | | | 665,000 | | | | 673,170 | |
| West De Pere School District, 2.50%, 04/01/2040 (Callable 04/01/2030) | | | 2,500,000 | | | | 2,492,698 | |
| Wisconsin Center District | |
| 4.00%, 12/15/2029 (Callable 06/15/2026) | | | 1,480,000 | | | | 1,517,373 | |
0.00%, 12/15/2034 (Callable 12/15/2030) (c) | | | 1,810,000 | | | | 1,249,445 | |
0.00%, 12/15/2038 (Callable 12/15/2030) (c) | | | 1,000,000 | | | | 568,409 | |
| Wisconsin Health & Educational Facilities Authority | |
| 5.00%, 02/15/2028 (Callable 08/15/2025) | | | 20,000 | | | | 20,283 | |
| 5.00%, 08/15/2029 (Callable 08/15/2027) | | | 70,000 | | | | 74,355 | |
| 4.00%, 02/15/2033 (Callable 08/15/2025) | | | 100,000 | | | | 100,562 | |
| 5.00%, 04/01/2035 (Callable 04/01/2027) | | | 180,000 | | | | 187,455 | |
| 4.00%, 04/01/2039 (Callable 04/01/2027) | | | 2,500,000 | | | | 2,503,897 | |
| 5.00%, 07/01/2042 (Callable 07/01/2027) | | | 2,000,000 | | | | 2,049,574 | |
| 4.00%, 11/15/2046 (Callable 05/15/2026) | | | 1,470,000 | | | | 1,501,548 | |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue | |
| 3.50%, 09/01/2046 (Callable 09/01/2025) | | | 310,000 | | | | 309,198 | |
| 4.00%, 03/01/2048 (Callable 03/01/2027) | | | 845,000 | | | | 847,767 | |
| 4.00%, 03/01/2048 (Callable 03/01/2027) | | | 340,000 | | | | 341,273 | |
| 4.25%, 03/01/2049 (Callable 09/01/2028) | | | 865,000 | | | | 878,272 | |
| 6.00%, 03/01/2054 (Callable 09/01/2032) | | | 1,585,000 | | | | 1,771,128 | |
| Wisconsin Housing & Economic Development Authority Housing Revenue, 4.63%, 11/01/2043 (Callable 05/01/2032) | | | 435,000 | | | | 446,524 | |
| | | | | | | | 39,239,343 | |
| | | | | | | | | |
| Wyoming - 0.1% | |
| Wyoming Community Development Authority | |
| 4.00%, 12/01/2043 (Callable 06/01/2027) | | | 50,000 | | | | 49,948 | |
| 4.00%, 12/01/2048 (Callable 06/01/2028) | | | 1,210,000 | | | | 1,218,887 | |
| | | | | | | | 1,268,835 | |
TOTAL MUNICIPAL BONDS (Cost $1,063,498,769) | | | | 1,063,342,217 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 2.0% | | | | | | | | |
| Money Market Funds - 2.0% | | Shares | | | | | |
Federated Institutional Tax-Free Cash Trust - Class Premier, 3.25% (e) | | | 22,161,087 | | | | 22,161,087 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $22,161,087) | | | | 22,161,087 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 100.1% (Cost $1,085,659,856) | | | | 1,085,503,304 | |
| Liabilities in Excess of Other Assets - (0.1)% | | | | (586,934 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 1,084,916,370 | |
| | | | | | | | | |
| Percentages are stated as a percent of net assets. | | | | | |
Baird Quality Intermediate 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:
