| | Principal
Amount ($) | | Value ($) |
| Municipal Bonds and Notes 101.6% |
| Alabama 1.1% |
| Alabama, Black Belt Energy Gas District Prepay Revenue, Series A, 4.0%, Mandatory Put 12/1/2023 @ 100, 12/1/2048, GTY: The Goldman Sachs & Co. | | 2,200,000 | | 2,405,788 |
| Southeast Alabama, State Gas Supply District Revenue Project, Series A, 4.0%, Mandatory Put 6/1/2024 @ 100, 6/1/2049, GTY: Morgan Stanley | | 1,200,000 | | 1,322,232 |
| | 3,728,020 |
| Arizona 1.1% |
| Arizona, State Certificates of Participation, Series A, 5.0%, 10/1/2026 | | 1,500,000 | | 1,882,215 |
| Chandler, AZ, State General Obligation, 4.0%, 7/1/2021 | | 1,600,000 | | 1,670,864 |
| | 3,553,079 |
| California 15.3% |
| California, Eastern Municipal Water District, Water & Wastewater Revenue, Series B, 70% of 1-month USD-LIBOR + 0.300%, 1.547% *, Mandatory Put 10/1/2021 @ 100, 7/1/2030 | | 2,000,000 | | 2,002,120 |
| California, San Diego Association of Governments, Capital Grant Receipts Revenue, Mid-Coast Corridor Transit Project, Series B, 1.8%, 11/15/2027 | | 2,500,000 | | 2,537,500 |
| California, School Finance Authority Revenue, Inspire Charter Schools Revenue, Series B, 144A, 3.0%, 7/15/2020 | | 1,000,000 | | 1,001,840 |
| California, State Department of Water Resources, Center Valley Project, Water Systems, Series AT, MUNIPSA + 0.370%, 1.31% *, Mandatory Put 12/1/2022 @ 100, 12/1/2035 | | 4,000,000 | | 4,012,200 |
| California, State General Obligation: | |
| | Series 2019-MIZ9003, 144A, 1.11% **, 2/7/2020, LIQ: Mizuho Bank Ltd., LOC: Mizuho Bank Ltd. | | 5,000,000 | | 5,000,000 |
| | MUNIPSA + 0.430%, 1.37% *, Mandatory Put 12/1/2023 @ 100, 12/1/2029 | | 1,250,000 | | 1,256,250 |
| | 5.0%, 4/1/2021 | | 4,000,000 | | 4,193,280 |
| California, State Infrastructure & Economic Development Bank Revenue, 1.75%, Mandatory Put 8/1/2026 @ 100, 8/1/2055 | | 1,100,000 | | 1,130,173 |
| California, State Infrastructure & Economic Development Bank, Industrial Development Revenue, Pleasant Mattress, Inc., Series A, AMT, 1.01% **, 2/7/2020, LOC: Wells Fargo Bank NA | | 740,000 | | 740,000 |
| California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, APM Project: | |
| | Series A, AMT, 5.0%, 12/31/2025 | | 1,000,000 | | 1,204,610 |
| | Series A, AMT, 5.0%, 6/30/2026 | | 500,000 | | 608,240 |
| California, State Municipal Finance Authority Revenue, River Springs Charter School, 144A, 4.0%, 8/15/2020 | | 1,000,000 | | 1,010,070 |
| California, State Municipal Finance Authority, Solid Waste Disposal Revenue, Waste Management, Inc., Series A, AMT, 2.0%, Mandatory Put 12/1/2020 @ 100, 12/1/2044 | | 2,000,000 | | 2,012,260 |
| California, State Public Works Board, Lease Revenue, Judicial Council Projects, Series D, 5.0%, 12/1/2020 | | 1,000,000 | | 1,034,370 |
| California, State University Revenue, Series A, 5.0%, 11/1/2021 (a) | | 3,000,000 | | 3,224,520 |
| California, Statewide Communities Development Authority Revenue, Viamonte Senior Living Project, Series B, 3.0%, 7/1/2025 | | 1,500,000 | | 1,528,515 |
| Contra Costa, CA, Transportation Authority, Sales Tax Revenue, Series A, 70% of 1-month USD-LIBOR + 0.250%, 1.497% *, Mandatory Put 9/1/2021 @ 100, 3/1/2034 | | 4,165,000 | | 4,171,331 |
| Glendale, CA, Unified School District: | |
| | 5.0%, 9/1/2025 (a) | | 500,000 | | 601,130 |
| | 5.0%, 9/1/2026 (a) | | 500,000 | | 617,885 |
| Newport Mesa, CA, Unified School District, Election of 2000: | |
| | 5.0%, 8/1/2024 (a) | | 1,200,000 | | 1,405,968 |
| | 5.0%, 8/1/2025 (a) | | 1,300,000 | | 1,573,988 |
| Port of Oakland, CA, Series O, AMT, 5.0%, 5/1/2020 | | 3,000,000 | | 3,028,380 |
| San Francisco City & County, CA, Multi Family Housing Revenue, Eastern Park Apartments, Series K, 1.3%, Mandatory Put 1/1/2023 @ 100, 7/1/2023 | | 1,250,000 | | 1,257,750 |
| San Francisco City & County, CA, Multi Family Housing Revenue, Transbay Block 8 Tower Apartments, Series H-1, 0.99% **, 2/7/2020, LOC: Bank of China Ltd. | | 1,300,000 | | 1,300,000 |
| Southern California, State Public Power Authority, Canyon Power Project, Series B, MUNIPSA + 0.250%, 1.19% *, Mandatory Put 5/1/2021 @ 100, 7/1/2040 | | 2,500,000 | | 2,500,300 |
| Stockton, CA, Public Financing Authority, Wastewater Revenue, 1.4%, 6/1/2022 | | 1,500,000 | | 1,503,735 |
| Tobacco Securitization Authority of Southern California, Tobacco Settlement Revenue, San Diego, Tobacco Securitization Corp., Class 2, Series B-1, 2.25%, 6/1/2029 | | 500,000 | | 517,875 |
| | 50,974,290 |
| Colorado 2.3% |
| Cherry Creek, CO, School District No. 5, Series C, 5.0%, 12/15/2031 | | 2,000,000 | | 2,550,320 |
| Denver City & County, CO, Airport System Revenue: | |
| | Series A, AMT, 5.0%, 12/1/2026 | | 2,000,000 | | 2,476,660 |
| | Series D, 5.0%, Mandatory Put 11/15/2022 @ 100, 11/15/2031 | | 2,000,000 | | 2,216,940 |
| Fort Collins, CO, Economic Development Revenue, Oakridge Project, Series A, AMT, 1.0% **, 2/7/2020, LOC: U.S. Bank NA | | 590,000 | | 590,000 |
| | 7,833,920 |
| Connecticut 3.9% |
| Connecticut, State General Obligation, Series A, 5.0%, 3/15/2029 | | 2,000,000 | | 2,373,740 |
| Connecticut, State Health & Educational Facilities Authority Revenue, Series A, 1.1%, Mandatory Put 2/7/2023 @ 100, 7/1/2048 | | 3,000,000 | | 3,009,450 |
| Connecticut, State Health & Educational Facilities Authority Revenue, Yale University Issue, Series A-4, 2.0%, Mandatory Put 2/8/2022 @ 100, 7/1/2049 | | 4,000,000 | | 4,081,240 |
| Connecticut, State Housing Finance Authority, Housing Finance Mortgage Program: | |
| | Series E-E3, 1.625%, Mandatory Put 11/15/2022 @ 100, 11/15/2059 | | 1,000,000 | | 1,003,110 |
| | Series C-1, 4.0%, 11/15/2047 | | 1,425,000 | | 1,531,234 |
| Connecticut, State Housing Finance Program Authority Revenue, Series A-1, 4.0%, 11/15/2047 | | 1,080,000 | | 1,161,032 |
| | 13,159,806 |
| District of Columbia 0.7% |
| District of Columbia, Housing Finance Agency, Multi-Family Housing Revenue, Nannie Helen Owner LLC, 1.45%, Mandatory Put 8/1/2022 @ 100, 2/1/2039 | | 1,500,000 | | 1,511,010 |
| District of Columbia, The PEW Charitable Trust, Series A, 0.95% **, 2/7/2020, LOC: PNC Bank NA | | 865,000 | | 865,000 |
| | 2,376,010 |
| Florida 5.6% |
| Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Series A, AMT, 0.99% **, 2/7/2020, LIQ: Fannie Mae, LOC: Fannie Mae | | 300,000 | | 300,000 |
| Atlantic Beach, FL, Healthcare Facilities Revenue Fleet Landing Project, Series B-2, 3.0%, 11/15/2023 | | 1,250,000 | | 1,255,000 |
| Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains U.S.A. Passenger Rail Project, Series B, AMT, 1.9%, Mandatory Put 3/17/2020 @ 100, 1/1/2049 | | 2,000,000 | | 2,001,880 |
| Florida, Jacksonville Electric Authority, Water & Sewer System Revenue, Series B, 1.03% **, 2/7/2020, SPA: JPMorgan Chase Bank NA | | 4,600,000 | | 4,600,000 |
| Florida, State Department Transportation, Right-of-Way Acquisition & Bridge Construction, Series A, 5.0%, 7/1/2020 | | 1,975,000 | | 2,008,476 |
| Lakeland, FL, Educational Facilities Revenue, Florida Southern College Project, Series B, 0.91% **, 2/7/2020, LOC: TD Bank NA | | 315,000 | | 315,000 |
| Lee County, FL, Airport Revenue, Series A, AMT, 5.5%, 10/1/2023 | | 1,250,000 | | 1,333,075 |
| Miami Beach, FL, Health Facilities Authority, Mount Sinai Medical Center of Florida, Inc., 5.0%, 11/15/2021 | | 1,000,000 | | 1,067,500 |
| Village, FL, Community Development District No. 13, Special Assessment Revenue, 144A, 2.625%, 5/1/2024 | | 500,000 | | 505,815 |
| Volusia County, FL, School Board, Certificate of Participations: | |
| | 5.0%, 8/1/2021 | | 2,000,000 | | 2,121,840 |
| | 5.0%, 8/1/2022 | | 3,000,000 | | 3,299,220 |
| | 18,807,806 |
| Georgia 4.2% |
| Atlanta, GA, Airport Revenue, Series B, AMT, 5.0%, 1/1/2022 | | 1,000,000 | | 1,036,070 |
| Burke County, GA, Development Authority, Pollution Control Revenue, Oglethorpe Power Corp., Series E, 3.25%, Mandatory Put 2/3/2025 @ 100, 11/1/2045 | | 1,200,000 | | 1,269,396 |
| Cobb County, GA, Hospital Authority Revenue, Anticipation Certificates Equipment, Pool Project, 0.95% **, 2/7/2020, LOC: Wells Fargo Bank NA | | 550,000 | | 550,000 |
| Columbia County, GA, Water & Sewerage Revenue: | |
| | 5.0%, 6/1/2021 (a) | | 875,000 | | 919,966 |
| | 5.0%, 6/1/2022 (a) | | 600,000 | | 654,750 |
| Douglas County, GA, Development Authority, Pandosia LLC, Project, Series A, AMT, 1.18% **, 2/7/2020, LOC: Wells Fargo Bank NA | | 200,000 | | 200,000 |
| Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue: | |
| | Series A, 4.0%, Mandatory Put 9/1/2023 @ 100, 4/1/2048, LIQ: Royal Bank of Canada | | 1,865,000 | | 2,043,686 |
| | Series C, 4.0%, Mandatory Put 12/1/2023 @ 100, 8/1/2048, GTY: Royal Bank of Canada | | 750,000 | | 825,953 |
| Georgia, State General Obligation: | |
| | Series C, 5.0%, 7/1/2021 | | 4,325,000 | | 4,576,974 |
| | Series A-1, 5.0%, 2/1/2022 (a) | | 1,905,000 | | 2,060,981 |
| | 14,137,776 |
| Illinois 5.4% |
| Granite City, IL, Waste Management, Inc. Project, AMT, 2.2%, Mandatory Put 5/1/2020 @ 100, 5/1/2027 | | 2,000,000 | | 2,004,540 |
| Illinois, Railsplitter Tobacco Settlement Authority Revenue, 5.25%, 6/1/2020 | | 2,000,000 | | 2,026,740 |
| Illinois, State Development Finance Authority, American Youth Hostels Project, 0.93% **, 2/7/2020, LOC: Harris NA | | 2,000,000 | | 2,000,000 |
| Illinois, State Development Finance Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, AMT, 1.6%, Mandatory Put 11/2/2020 @ 100, 11/1/2044, GTY: Waste Management Holdings | | 2,000,000 | | 2,005,160 |
| Illinois, State Educational Facilities Authority, University of Chicago, Series B, 1.875%, Mandatory Put 2/13/2020 @ 100, 7/1/2025 | | 1,250,000 | | 1,250,287 |
| Illinois, State Finance Authority Revenue, The Catherine Cook School Project, 0.92% **, 2/7/2020, LOC: Northern Trust Co. | | 155,000 | | 155,000 |
| Illinois, State General Obligation: | |
| | Series D, 5.0%, 11/1/2020 | | 1,000,000 | | 1,027,200 |
| | Series A, 5.0%, 10/1/2021 | | 1,000,000 | | 1,056,080 |
| | Series B, 5.0%, 10/1/2021 | | 1,000,000 | | 1,056,080 |
| Illinois, State Sales Tax Revenue, Junior Obligation, Series A, 5.0%, 6/15/2022 | | 1,500,000 | | 1,609,755 |
| Lake County, IL, Forest Preservation District, Series A, 67% of 3-month USD-LIBOR + 0.480%, 1.749% *, 12/15/2020 | | 1,335,000 | | 1,336,829 |
| Morton Grove, IL, Cultural Facilities Revenue, Holocaust Museum & Education, 0.95% **, 2/7/2020, LOC: Bank of America NA | | 665,000 | | 665,000 |
| Will County, IL, Community Unit School District No. 210, Lincoln-Way, ETM, Zero Coupon, 1/1/2022, INS: AGMC | | 1,815,000 | | 1,773,364 |
| | 17,966,035 |
| Indiana 1.1% |
| Indiana, State Finance Authority, Health Systems Revenue, Sisters of St. Francis Health, Series F, 0.98% **, 2/7/2020, LOC: Bank of NY Mellon | | 600,000 | | 600,000 |
| Indiana, State Finance Authority, Hospital Revenue, Indiana University Health Obligated Group, Series 2015B, 1.65%, Mandatory Put 7/1/2022 @ 100, 12/1/2042 | | 1,000,000 | | 1,010,400 |
| Indianapolis, IN, Local Public Improvement Bond Bank, Fieldhouse Project, Series B, 1.45%, 6/1/2021 | | 2,100,000 | | 2,101,617 |
| | 3,712,017 |
| Iowa 0.6% |
| Iowa, State Finance Authority Revenue, Lifespace Communities, Inc., Series A-2, 2.875%, 5/15/2049 | | 1,500,000 | | 1,516,065 |
| Iowa, State Finance Authority, Midwestern Disaster Area Revenue, Fertilizer Co. Project, 3.125%, 12/1/2022 | | 500,000 | | 508,440 |
| | 2,024,505 |
| Kentucky 1.8% |
| Kentucky, Asset/Liability Commission, General Fund Revenue, Series A, 3.0%, 6/25/2020 | | 2,320,000 | | 2,337,191 |
| Kentucky, State Economic Development Finance Authority, Solid Waste Disposal Revenue, Series A, AMT, 1.35%, Mandatory Put 3/2/2020 @ 100, 4/1/2031 | | 2,000,000 | | 2,000,180 |
| Kentucky, State Public Energy Authority, Gas Supply Revenue, Series B, 4.0%, Mandatory Put 1/1/2025 @ 100, 1/1/2049, GTY: BP Corp. | | 1,435,000 | | 1,602,838 |
| | 5,940,209 |
| Louisiana 0.5% |
| Calcasieu Parish, LA, Public Trust Authority, Solid Waste Disposal Revenue, WPT Corp. Project, AMT, 1.1% **, 2/7/2020, LOC: Freddie Mac | | 1,000,000 | | 1,000,000 |
| Louisiana, State Public Facilities Authority Revenue, Christus Health, Series B-2, 0.91% **, 2/7/2020, LOC: Bank of NY Mellon | | 550,000 | | 550,000 |
| | 1,550,000 |
| Maine 0.1% |
| Maine, State Housing Authority Mortgage Revenue, Series A-1, AMT, 4.5%, 11/15/2028 | | 460,000 | | 476,105 |
| Maryland 1.3% |
| Maryland, State Health & Higher Educational Facilities Authority Revenue, Broadmead, Inc., Series B, 2.875%, 7/1/2023 | | 1,750,000 | | 1,843,100 |
| Montgomery County, MD, Public Improvements Project, Series A, 5.0%, 11/1/2021 | | 2,215,000 | | 2,374,746 |
| | 4,217,846 |
| Massachusetts 1.7% |
| Massachusetts, State Development Finance Agency, Solid Waste Disposal Revenue, Waste Management, Inc., Project, 144A, AMT, 2.15%, Mandatory Put 5/1/2020 @ 100, 5/1/2027, GTY: Waste Management, Inc. | | 250,000 | | 250,537 |
| Massachusetts, State General Obligation, Series A, 5.0%, 7/1/2021 | | 5,000,000 | | 5,290,550 |
| | 5,541,087 |
| Michigan 2.8% |
| Kent, MI, Hospital Finance Authority, Spectrum Health System, Series C, 1.01% **, 2/7/2020, LOC: Bank of NY Mellon | | 225,000 | | 225,000 |
| Michigan, State Building Authority Revenue, Series I, 5.0%, 10/15/2021 | | 500,000 | | 534,535 |
| Michigan, State Finance Authority Revenue, Series A-1, 4.0%, 8/20/2020 | | 1,500,000 | | 1,524,660 |
| Michigan, State Finance Authority Revenue, Hospital McLaren Health Care Corp., 68% of 1-month USD-LIBOR + 0.400%, 1.522% *, Mandatory Put 10/15/2021 @ 100, 10/15/2030 | | 1,860,000 | | 1,863,515 |
| Michigan, State Housing Development Authority, Series A-1, 1.5%, 10/1/2022 | | 550,000 | | 550,858 |
| Wayne County, MI, Airport Authority Revenue, Series A, AMT, 4.0%, 12/1/2020, INS: AGMC | | 4,600,000 | | 4,711,872 |
| | 9,410,440 |
| Minnesota 2.2% |
| Minnesota, State General Obligation: | |
| | Series A, 5.0%, 8/1/2021 | | 1,800,000 | | 1,911,042 |
| | Series D, 5.0%, 8/1/2021 | | 5,060,000 | | 5,372,151 |
| | 7,283,193 |
| Missouri 0.7% |
| Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services Project, Series B, 2.875%, Mandatory Put 2/1/2022 @ 100, 2/1/2034 | | 460,000 | | 461,104 |
| Missouri, State Public Utilities Commission Revenue, Interim Construction Notes, Series 2019, 1.5%, 3/1/2021 | | 2,000,000 | | 2,004,340 |
| | 2,465,444 |
| Nebraska 1.1% |
| Nebraska, State Investment Finance Authority, Multi Family Revenue, Irvington Heights, Series A, AMT, 0.98% **, 2/7/2020, LOC: Citibank NA | | 3,500,000 | | 3,500,000 |
| Nevada 0.3% |
| Nevada, State Housing Division, Multi-Unit Housing, AMT, 1.1% **, 2/7/2020, LOC: Citibank NA | | 365,000 | | 365,000 |
| Sparks, NV, Tourism Improvement District No. 1 Revenue, Sales Tax Revenue, Series A, 144A, 2.5%, 6/15/2024 | | 500,000 | | 508,995 |
| | 873,995 |
| New Jersey 3.8% |
| New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 3.125%, 7/1/2029 | | 320,000 | | 325,741 |
| New Jersey, State Higher Education Assistance Authority, Student Loan Revenue, Series A, 2.375%, 12/1/2029 | | 1,200,000 | | 1,229,232 |
| New Jersey, State Housing & Mortgage Finance Agency, Multi Family Conduit Revenue, Pilgrim Baptist Village I&II Project, Series E, 1.5%, Mandatory Put 9/1/2021 @ 100, 9/1/2022 | | 3,000,000 | | 3,016,410 |
| New Jersey, State Housing & Mortgage Finance Agency, Multi-Family Conduit Revenue, Oceanport Gardens, Series C, 1.58%, Mandatory Put 6/1/2020 @ 100, 6/1/2022 | | 1,000,000 | | 1,001,380 |
| New Jersey, State Transportation Trust Fund Authority, Series A, 5.0%, 12/15/2026 | | 3,000,000 | | 3,637,020 |
| New Jersey, State Transportation Trust Fund Authority, Federal Highway Reimbursement Notes, Series A, 5.0%, 6/15/2024 | | 1,000,000 | | 1,155,220 |
| New Jersey, Tobacco Settlement Financing Corp., Series A, 5.0%, 6/1/2025 | | 1,955,000 | | 2,301,230 |
| | 12,666,233 |
| New Hampshire 0.9% |
| New Hampshire, National Finance Authority, Exempt Facilities Revenue, Emerald Renewable Diesel LLC Project, 144A, AMT, 2.0%, Mandatory Put 8/31/2020 @ 100, 6/1/2049 | | 3,000,000 | | 3,011,280 |
| New Mexico 0.6% |
| New Mexico, Mortgage Finance Authority, Single Family Mortgage, "I", Series A-1, 4.0%, 1/1/2049 | | 875,000 | | 958,221 |
| Santa Fe, NM, Retirement Facility Revenue, El Castillo Retirement Project, Series B-1, 2.625%, 5/15/2025 | | 1,000,000 | | 1,004,400 |
| | 1,962,621 |
| New York 6.5% |
| New York, Metropolitan Transportation Authority Revenue: | |
| | Series A, 4.0%, 2/3/2020 | | 2,000,000 | | 2,000,000 |
| | Series B-1, 5.0%, 5/15/2022 | | 2,000,000 | | 2,172,360 |
| | Series D-1, 5.0%, 9/1/2022 | | 3,725,000 | | 4,087,703 |
| New York, State Dormitory Authority Revenue, Non-State Supported Debt, Montefiore Obligation Group, Series A, 5.0%, 8/1/2026 | | 2,000,000 | | 2,455,620 |
| New York, State Dormitory Authority Revenue, State Personal Income Tax Revenue, Series E, 5.0%, 2/15/2023 | | 1,035,000 | | 1,162,233 |
| New York, State Housing Finance Agency Revenue, Series K, 1.45%, 5/1/2023 | | 2,500,000 | | 2,518,150 |
| New York, State Mortgage Agency, Homeowner Mortgage Revenue, Series 195, 4.0%, 10/1/2046 | | 2,370,000 | | 2,519,381 |
| New York, State Transportation Development Corp., Special Facility Revenue, Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment, AMT, 5.0%, 1/1/2023 | | 3,000,000 | | 3,302,820 |
| Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute: | |
| | Series A, 5.0%, 9/1/2025 (a) | | 300,000 | | 353,982 |
| | Series A, 5.0%, 9/1/2027 (a) | | 500,000 | | 613,560 |
| | Series A, 5.0%, 9/1/2028 (a) | | 500,000 | | 624,365 |
| | 21,810,174 |
| North Carolina 1.2% |
| North Carolina, State Housing Finance Agency, Home Ownership Revenue: | |
| | Series 38-B, 4.0%, 7/1/2047 | | 790,000 | | 852,497 |
| | Series 41, 4.0%, 1/1/2050 | | 1,490,000 | | 1,646,271 |
| Wake County, NC, General Obligation, Series C, 5.0%, 11/1/2022 | | 1,425,000 | | 1,586,068 |
| | 4,084,836 |
| North Dakota 0.4% |
| North Dakota, State Housing Finance Agency, Home Mortgage Housing Finance Program, Series A, 4.0%, 7/1/2047 | | 1,110,000 | | 1,194,871 |
| Ohio 0.9% |
| Cleveland, OH, Airport System Revenue, Series A, AMT, 5.0%, 1/1/2025 | | 1,000,000 | | 1,176,570 |
| Columbus, OH, Regional Airport Authority Capital Funding Revenue, Oasbo Expanded Asset, Series SR, 0.94% **, 2/7/2020, LOC: U.S. Bank NA | | 450,000 | | 450,000 |
| Hamilton County, OH, Hospital Facility Revenue, Elizabeth Gamble, Series A, 0.95% **, 2/7/2020, LOC: Northern Trust Company | | 400,000 | | 400,000 |
| Ohio, American Municipal Power, Inc., Combined Hydroelectric Project, Series A, 2.25%, Mandatory Put 8/15/2021 @ 100, 2/15/2048 | | 1,000,000 | | 1,009,590 |
| | 3,036,160 |
| Oklahoma 0.8% |
| Oklahoma, State Development Finance Authority, Gilcrease Expressway West Project, AMT, 1.625%, 7/6/2023 | | 2,000,000 | | 2,004,700 |
| Oklahoma, State Municipal Power Authority, SIFMA Index, Series A, MUNIPSA + 0.390%, 1.33% *, 1/1/2023 | | 630,000 | | 631,304 |
| | 2,636,004 |
| Oregon 1.2% |
| Oregon, State Housing & Community Services Department, Mortgage Revenue, Series A, 3.5%, 7/1/2036 | | 1,770,000 | | 1,858,695 |
| Oregon, State Housing & Community Services Department, Mortgage Revenue, Single Family Mortgage Program, Series B, AMT, 5.0%, 7/1/2030 | | 510,000 | | 528,090 |
| Washington Multnomah & Yamhill Counties, OR, Hillsboro School District No. 1J, 5.0%, 6/15/2031 | | 1,180,000 | | 1,481,938 |
| | 3,868,723 |
| Pennsylvania 5.7% |
| Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds, 5.0%, 6/1/2026 | | 2,000,000 | | 2,446,320 |
| Pennsylvania, State Economic Development Financing Authority, Solid Waste Disposal Revenue, Republic Services, Inc. Project: | |
| | Series A, AMT, 1.2%, Mandatory Put 4/15/2020 @ 100, 4/1/2034 | | 230,000 | | 230,046 |
| | Series B-1, AMT, 1.2%, Mandatory Put 4/15/2020 @ 100, 4/1/2049 | | 230,000 | | 230,046 |
| Pennsylvania, State Higher Educational Facilities Authority, Association of Independent Colleges & Universities, 0.95% **, 2/7/2020, LOC: PNC Bank NA | | 875,000 | | 875,000 |
| Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue: | |
| | Series 119, 3.5%, 10/1/2041 | | 1,145,000 | | 1,194,235 |
| | Series 122, 4.0%, 10/1/2046 | | 3,185,000 | | 3,412,059 |
| Pennsylvania, State Intergovernmental Cooperation Authority, Philadelphia Funding Program, Series 2020, 5.0%, 6/15/2022 (a) | | 2,730,000 | | 2,981,979 |
| Pennsylvania, State Public School Building Authority, School District Project, Series A, 0.95% **, 2/7/2020, LOC: PNC Bank NA | | 745,000 | | 745,000 |
| Pennsylvania, State Turnpike Commission Revenue: | |
| | Series B, MUNIPSA + 0.500%, 1.44% *, 12/1/2021 | | 2,000,000 | | 2,003,980 |
| | Series B-1, MUNIPSA + 0.880% , 1.82% *, 12/1/2020 | | 2,000,000 | | 2,004,820 |
| Philadelphia, PA, General Obligation, Series B, 0.92% **, 2/7/2020, LOC: Barclays Bank PLC | | 1,915,000 | | 1,915,000 |
| Philadelphia, PA, School District, Series 2020, 5.0%, 9/1/2022 (a) | | 1,000,000 | | 1,082,270 |
| | 19,120,755 |
| Rhode Island 0.6% |
| Rhode Island, State Housing & Mortgage Finance Corp., Revenue, Multi Family Development Sustainability Bonds, Series 1-A, 1.7%, Mandatory Put 10/1/2022 @ 100, 10/1/2049 | | 2,115,000 | | 2,119,801 |
| South Carolina 0.3% |
| Laurens County, SC, Water & Sewer Commission, Waterworks District, 1.375%, 2/1/2022 (a) | | 1,000,000 | | 1,003,040 |
| South Dakota 0.7% |
| South Dakota, Housing Development Authority, Homeownership Mortgage: | |
| | Series B, 4.0%, 11/1/2047 | | 1,875,000 | | 2,022,694 |
| | Series A, AMT, 4.5%, 5/1/2031 | | 365,000 | | 380,253 |
| | 2,402,947 |
| Tennessee 1.4% |
| Sevier County, TN, Public Building Authority, Local Government Public Improvement VII, Series B-1, 1.0% **, 2/7/2020, LOC: Bank of America NA | | 1,385,000 | | 1,385,000 |
| Tennessee, Housing Development Agency, Residential Financing Program Revenue, Series 1C, 3.0%, 7/1/2038 | | 640,000 | | 657,683 |
| Tennessee, State Energy Acquisition Corp., Gas Revenue, Series A, 4.0%, Mandatory Put 5/1/2023 @ 100, 5/1/2048, GTY: Goldman Sachs Group, Inc. | | 2,250,000 | | 2,436,075 |
| Tennessee, State Housing Development Agency, Homeownership Program: | |
| | Series 2C, 4.0%, 7/1/2038 | | 155,000 | | 159,876 |
| | Series 1A, AMT, 4.5%, 1/1/2038 | | 175,000 | | 181,325 |
| | 4,819,959 |
| Texas 12.3% |
| Allen, TX, Independent School District Building, Prerefunded 1/15/2021 @ 100, 5.0%, 2/15/2024 | | 315,000 | | 328,485 |
| Alvin, TX, Independent School District, Series B, 1.25%, Mandatory Put 8/15/2022 @ 100, 2/15/2033 | | 2,000,000 | | 2,006,940 |
| Bexar County, TX, Certificates Obligation, Series B, 5.0%, 6/15/2021 | | 4,000,000 | | 4,225,720 |
| Goose Creek, TX, Consolidated Independent School District, Series B, 3.0%, Mandatory Put 10/1/2020 @ 100, 10/1/2049 | | 1,000,000 | | 1,013,080 |
| Gulf Coast, TX, Waste Disposal Authority Revenue, Waste Management of Texas, Series B, AMT, 2.15%, Mandatory Put 5/1/2020 @ 100, 5/1/2028 | | 250,000 | | 250,538 |
| Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Herman Hospital Health System, Series B-1, 5.0%, Mandatory Put 12/1/2022 @ 100, 7/1/2049 | | 1,500,000 | | 1,660,965 |
| Harris County, TX, Flood Control District, Series A, 5.25%, 10/1/2021 | | 1,465,000 | | 1,570,905 |
| Houston, TX, Minnetonka Airport Systems Revenue, Beacon Hill, Series C, AMT, 5.0%, 7/1/2026 | | 2,500,000 | | 3,075,800 |
| Houston, TX, Airport Systems Revenue: | |
| | Series A, AMT, 5.0%, 7/1/2025 | | 500,000 | | 600,255 |
| | Series A, AMT, 5.0%, 7/1/2026 | | 1,000,000 | | 1,230,320 |
| Houston, TX, Independent School District, Series A-2, 2.25%, Mandatory Put 6/1/2022 @ 100, 6/1/2039 | | 1,000,000 | | 1,029,830 |
| Houston, TX, Utility System Revenue, Series C, 70% of 1-month USD-LIBOR + 0.360%, 1.515% *, Mandatory Put 8/1/2021 @ 100, 5/15/2034 | | 1,575,000 | | 1,576,622 |
| Katy, TX, Katy Independent School District, Series 2015-C, 67% of 1-month USD-LIBOR + 0.280%, 1.403% *, Mandatory Put 8/16/2021 @ 100, 8/15/2036 | | 1,000,000 | | 1,000,010 |
| Mission, TX, Economic Development Corp., Solid Waste Disposal Revenue, Republic Services, Inc. Project, AMT, 1.45%, Mandatory Put 5/1/2020 @ 100, 1/1/2026 | | 2,500,000 | | 2,500,000 |
| Richardson, TX, Independent School District, 5.0%, 2/15/2021 | | 2,000,000 | | 2,085,400 |
| Round Rock, TX, Independent School District, 5.0%, 8/1/2021 | | 4,275,000 | | 4,540,050 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Scott & White Healthcare, Prerefunded 8/15/2020 @ 100, 5.25%, 8/15/2021 | | 2,435,000 | | 2,490,056 |
| Tarrant County, TX, Housing Finance Corp., Multi family Housing Gateway Apartments, 0.94% **, 2/7/2020, LIQ: Fannie Mae, LOC: Fannie Mae | | 530,000 | | 530,000 |
| Texas, Cypress Fairbanks Independent School District, School Building, Series A-2, 1.25%, Mandatory Put 8/15/2022 @ 100, 2/15/2036 | | 2,000,000 | | 2,008,420 |
| Texas, Eagle Mountain & Saginaw Independent School District, 5.0%, 8/15/2030 | | 1,985,000 | | 2,410,405 |
| Texas, Grand Parkway Transportation Corp., 5.0%, 2/1/2023 | | 1,040,000 | | 1,157,634 |
| Texas, Love Field Airport Modernization Corp., General Airport Revenue, AMT, 5.0%, 11/1/2021 | | 500,000 | | 534,170 |
| Texas, State Transportation, 4.0%, 8/27/2020 | | 3,000,000 | | 3,051,930 |
| | 40,877,535 |
| Virginia 3.7% |
| Chesapeake Bay, VA, Bridge & Tunnel District Revenue, First Tier General Resolution, 5.0%, 11/1/2023 | | 1,250,000 | | 1,428,400 |
| Fairfax County, VA, Economic Development Authority Revenue, Wiehle Avenue Metrorail Station Parking Project: | |
| | 5.0%, 8/1/2021 (a) | | 1,650,000 | | 1,732,500 |
| | 5.0%, 8/1/2022 (a) | | 1,000,000 | | 1,086,690 |
| Hampton Roads, VA, Transportation Accountability Commission Revenue, Series A, 5.0%, 7/1/2022 | | 2,500,000 | | 2,743,650 |
| Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 1.0% **, 2/7/2020, LOC: Northern Trust Company | | 650,000 | | 650,000 |
| Peninsula, VA, Ports Authority, Coal Terminal Revenue, Dominion Terminal Associates Project, Series 2003, 1.7%, Mandatory Put 10/1/2022 @ 100, 10/1/2033 | | 1,410,000 | | 1,420,208 |
| Virginia Beach, VA, General Obligation, Series B, 5.0%, 7/15/2022 | | 2,940,000 | | 3,237,117 |
| | 12,298,565 |
| Washington 3.2% |
| Olympia, WA, Economic Development Corp., Spring Air Northwest Project, AMT, 1.0% **, 2/7/2020, LOC: U.S. Bank NA | | 760,000 | | 760,000 |
| Seattle, WA, Municipal Light & Power Revenue, Series C-1, MUNIPSA + 0.490%, 1.43% *, Mandatory Put 11/1/2023 @ 100, 11/1/2046 | | 2,000,000 | | 2,008,000 |
| Washington, Energy Northwest Electric Revenue, Columbia Generating Station, Series A, 5.0%, 7/1/2021 | | 4,620,000 | | 4,887,821 |
| Washington, State General Obligation: | |
| | 5.0%, 6/1/2026 (a) | | 500,000 | | 592,605 |
| | 5.0%, 6/1/2027 (a) | | 300,000 | | 363,003 |
| Washington, State Housing Finance Commission, Transforming Age Projects, Series B, 144A, 2.375%, 1/1/2026 | | 2,000,000 | | 2,007,020 |
| | 10,618,449 |
| West Virginia 0.7% |
| West Virginia, State Economic Development Authority, Solid Waste Disposal Facilities Revenue, Wheeling Power Co., Mitchell Project, Series A, AMT, 3.0%, Mandatory Put 4/1/2022 @ 100, 6/1/2037 | | 2,250,000 | | 2,329,245 |
| Wisconsin 1.8% |
| Wisconsin, PMA Levy & Aid Anticipation Notes Program, Notes Participation, Series A, 3.0%, 10/23/2020 | | 2,465,000 | | 2,500,545 |
| Wisconsin, State Health & Educational Facilities Authority Revenue, Advocate Aurora Health Credit Group, Series C-4, MUNIPSA + 0.650%, 1.59% *, Mandatory Put 7/31/2024 @ 100, 8/15/2054 | | 1,000,000 | | 1,010,570 |
| Wisconsin, State Housing & Economic Development Authority, Home Ownership Revenue, Series A, AMT, 3.5%, 3/1/2046 | | 2,315,000 | | 2,422,972 |
| | 5,934,087 |
| Other 1.1% |
| Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |
| | "A", Series M-015, 0.99% **, 2/7/2020, LIQ: Freddie Mac | | 960,000 | | 960,000 |
| | "A", Series M-055, MUNIPSA + 0.210% , 1.53% *, 6/15/2035 | | 2,015,000 | | 2,015,000 |
| | "A", Series M-024, AMT, 2.304%, 5/15/2027, LIQ: Freddie Mac | | 575,000 | | 592,210 |
| | 3,567,210 |
| Total Municipal Bonds and Notes (Cost $333,448,313) | | 338,894,078 |
| Preferred Shares of Closed-End Investment Companies 1.2% |
| California | |
| California, Nuveen AMT-Free Quality Municipal Income Fund, Series D, 1.29% *, 2/3/2020 (Cost $4,000,000) | | 4,000,000 | | 4,000,000 |
| | Shares | | Value ($) |
| Open-End Investment Companies 4.6% |
| BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.845% *** (Cost $15,222,150) | | 15,218,903 | | 15,221,947 |
| | % of
Net Assets | | Value ($) |
| Total Investment Portfolio (Cost $352,670,463) | 107.4 | | 358,116,025 |
| Other Assets and Liabilities, Net | (7.4) | | (24,589,451) |
| Net Assets | 100.0 | | 333,526,574 |
| | | | | | | | | | | |
