| Investment Portfolio | as of February 29, 2020 (Unaudited) |
DWS Managed Municipal Bond Fund
| Principal Amount ($) | Value ($) | ||||||||
| Municipal Bonds and Notes 99.3% | |||||||||
| Alaska 0.3% | |||||||||
| Alaska, State Industrial Development & Export Authority Revenue, Providence Health Services, Series A, 5.5%, 10/1/2041 | 11,000,000 | 11,669,350 | |||||||
| Arizona 0.8% | |||||||||
| Arizona, Salt Verde Financial Corp., Gas Revenue: | |||||||||
| 5.0%, 12/1/2032, GTY: Citigroup Global Markets | 1,600,000 | 2,168,640 | |||||||
| 5.0%, 12/1/2037, GTY: Citigroup Global Markets | 8,405,000 | 12,043,356 | |||||||
| Arizona, State Industrial Development Authority, 2nd Tier Great Lakes Senior Living Revenue Communities Project, Series B, 5.0%, 1/1/2049 | 1,400,000 | 1,594,978 | |||||||
| Arizona, State Industrial Development Authority, Education Revenue, Odyssey Preparatory Academy Project: | |||||||||
| 144A, 5.0%, 7/1/2049 | 2,000,000 | 2,123,220 | |||||||
| 144A, 5.0%, 7/1/2054 | 3,490,000 | 3,693,676 | |||||||
| Arizona, State Industrial Development Authority, Senior Living Revenue, Great Lakes Senior Living Communities, Series A, 4.5%, 1/1/2049 | 3,750,000 | 4,135,200 | |||||||
| Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project: | |||||||||
| Series B, 144A, 5.0%, 7/1/2049 | 2,575,000 | 2,956,203 | |||||||
| Series B, 144A, 5.0%, 7/1/2054 | 1,840,000 | 2,096,441 | |||||||
| Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project: | |||||||||
| 144A, 5.0%, 6/15/2049 | 825,000 | 890,786 | |||||||
| 144A, 5.0%, 6/15/2052 | 1,410,000 | 1,515,369 | |||||||
| 33,217,869 | |||||||||
| California 12.7% | |||||||||
| California, Community Housing Agency, Essential Housing Revenue, Verdant at Green Valley Project, Series A, 144A, 5.0%, 8/1/2049 | 9,500,000 | 11,498,230 | |||||||
| California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue: | |||||||||
| Series A, 5.0%, 6/1/2040 | 11,765,000 | 14,029,527 | |||||||
| Series A-1, 5.0%, 6/1/2047 | 5,900,000 | 6,265,033 | |||||||
| Series A-1, 5.25%, 6/1/2047 | 3,700,000 | 3,947,382 | |||||||
| California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets | 15,315,000 | 24,749,806 | |||||||
| California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042 | 2,395,000 | 2,873,042 | |||||||
| California, River Islands Public Financing Authority, Special Tax, Community Facilities District No. 2019-1, Phase 2 Public Improvements: | |||||||||
| 3.875%, 9/1/2049 | 1,845,000 | 1,926,014 | |||||||
| 4.0%, 9/1/2046 | 2,905,000 | 3,074,042 | |||||||
| California, State General Obligation: | |||||||||
| 5.0%, 2/1/2032 | 35,000,000 | 37,811,200 | |||||||
| 5.0%, 2/1/2033 | 8,000,000 | 8,640,960 | |||||||
| 5.0%, 8/1/2035 | 13,210,000 | 15,996,782 | |||||||
| 5.0%, 2/1/2043 | 20,000,000 | 22,228,400 | |||||||
| 5.0%, 5/1/2044 | 11,200,000 | 12,967,024 | |||||||
| 5.25%, 4/1/2035 | 15,340,000 | 16,720,907 | |||||||
| California, State General Obligation, Various Purposes: | |||||||||
| 5.25%, 9/1/2026 | 18,765,000 | 20,011,934 | |||||||
| 5.25%, 9/1/2030 | 5,000,000 | 5,328,400 | |||||||
| 5.25%, 10/1/2032 | 25,000,000 | 26,724,750 | |||||||
| California, State Health Facilities Financing Authority Revenue, Sutter Health Obligated Group, Series A, 5.0%, 8/15/2043 | 10,000,000 | 12,028,300 | |||||||
| California, State Municipal Finance Authority Revenue, LINXS Apartment Project, Series A, AMT, 5.0%, 12/31/2047 | 3,200,000 | 3,907,872 | |||||||
| California, State Public Works Board, Lease Revenue, Series A, 5.0%, 9/1/2039 | 25,000,000 | 29,254,000 | |||||||
| California, State University Revenue, Series A, 5.0%, 11/1/2038 | 7,410,000 | 9,067,691 | |||||||
| California, Statewide Communities Development Authority Revenue, Kaiser Permanente, Kaiser Foundation, Series A, 5.0%, 4/1/2042 | 5,295,000 | 5,737,609 | |||||||
| California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center: | |||||||||
| Series A, 144A, 5.0%, 12/1/2041 | 7,000,000 | 8,061,970 | |||||||
| Series A, 144A, 5.0%, 12/1/2046 | 3,500,000 | 4,008,165 | |||||||
| Series A, 144A, 5.5%, 12/1/2058 | 2,705,000 | 3,273,726 | |||||||
| Los Angeles, CA, Department of Airports Revenue: | |||||||||
| Series B, AMT, 5.0%, 5/15/2029 | 8,625,000 | 11,232,510 | |||||||
| Series C, AMT, 5.0%, 5/15/2029 | 7,050,000 | 9,039,016 | |||||||
| Series B, AMT, 5.0%, 5/15/2030 | 5,715,000 | 7,410,183 | |||||||
| Series C, AMT, 5.0%, 5/15/2030 | 3,910,000 | 4,995,612 | |||||||
| Series B, AMT, 5.0%, 5/15/2031 | 8,350,000 | 10,788,701 | |||||||
| Series C, AMT, 5.0%, 5/15/2031 | 3,910,000 | 4,978,994 | |||||||
| Series C, AMT, 5.0%, 5/15/2044 | 4,000,000 | 4,961,720 | |||||||
| Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport, Series D, AMT, 5.0%, 5/15/2048 | 15,000,000 | 19,058,100 | |||||||
| Sacramento County, CA, Airport Systems Revenue: | |||||||||
| Series C, AMT, 5.0%, 7/1/2029 | 9,455,000 | 12,244,414 | |||||||
| Series C, AMT, 5.0%, 7/1/2030 | 13,690,000 | 17,626,423 | |||||||
| Series C, AMT, 5.0%, 7/1/2031 | 3,500,000 | 4,488,540 | |||||||
| Series C, AMT, 5.0%, 7/1/2032 | 3,000,000 | 3,837,390 | |||||||
| San Diego County, CA, Regional Airport Authority Revenue, Series B, AMT, 5.0%, 7/1/2043 | 12,500,000 | 13,957,500 | |||||||
| San Francisco City & County, CA, Airports Commission, International Airport Revenue, Series D, AMT, 5.0%, 5/1/2048 | 8,000,000 | 9,937,840 | |||||||
| San Francisco, CA, City & County Airports Commission, International Airport Revenue: | |||||||||
| Series F, 5.0%, 5/1/2035 | 27,500,000 | 27,683,975 | |||||||
| Series A, AMT, 5.0%, 5/1/2040 | 14,000,000 | 16,108,260 | |||||||
| Series D, AMT, 5.0%, 5/1/2043 | 28,800,000 | 36,010,080 | |||||||
| University of California, State Revenues: | |||||||||
| Series O, 4.0%, 5/15/2029 | 4,165,000 | 5,150,272 | |||||||
| Series O, 4.0%, 5/15/2030 | 5,000,000 | 6,124,200 | |||||||
| Series O, 4.0%, 5/15/2031 | 3,335,000 | 4,070,134 | |||||||
| 539,836,630 | |||||||||
| Colorado 5.7% | |||||||||
| Colorado, Certificates of Participation, Series A, 4.0%, 12/15/2035 | 5,000,000 | 5,998,000 | |||||||
| Colorado, Public Energy Authority, Natural Gas Purchase Revenue, 6.5%, 11/15/2038, GTY: Merrill Lynch & Co., Inc. | 30,000,000 | 48,845,400 | |||||||
| Colorado, State Health Facilities Authority Revenue, CommonSpirit Health, Series A-2, 5.0%, 8/1/2044 | 3,000,000 | 3,735,000 | |||||||
| Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035 | 16,250,000 | 18,835,700 | |||||||
| Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group: | |||||||||
| Series A, 4.0%, 11/15/2043 | 16,000,000 | 18,936,640 | |||||||
| Series A, 5.0%, 12/1/2043 | 4,890,000 | 5,859,345 | |||||||
| Series A, 5.0%, 12/1/2048 | 7,825,000 | 9,345,319 | |||||||
| Colorado, State Health Facilities Authority, Hospital Revenue, SCL Health System, Series A, 4.0%, 1/1/2038 | 3,000,000 | 3,593,220 | |||||||
| Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049 | 1,000,000 | 1,070,170 | |||||||
| Colorado, Transportation/Tolls Revenue, Series B, Zero Coupon, 9/1/2020, INS: NATL | 7,000,000 | 6,967,240 | |||||||
| Denver City & County, CO, Airport Revenue: | |||||||||
| Series A, AMT, 5.0%, 12/1/2032 | 14,335,000 | 18,465,200 | |||||||
| Series A, AMT, 5.5%, 11/15/2028 | 15,000,000 | 17,302,500 | |||||||
| Series A, AMT, 5.5%, 11/15/2029 | 14,705,000 | 16,933,396 | |||||||
| Series A, AMT, 5.5%, 11/15/2030 | 15,080,000 | 17,329,785 | |||||||
| Series A, AMT, 5.5%, 11/15/2031 | 5,000,000 | 5,742,050 | |||||||
| Denver, CO, Convention Center Hotel Authority Revenue, 5.0%, 12/1/2040 | 2,770,000 | 3,274,971 | |||||||
| Denver, CO, International Business Center Metropolitan District No.1, Series B, 6.0%, 12/1/2048 | 1,515,000 | 1,634,988 | |||||||
| Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039 | 6,635,000 | 7,213,639 | |||||||
| University of Colorado, Hospital Authority Revenue, Series A, 5.0%, 11/15/2042 | 26,010,000 | 28,679,146 | |||||||
| 239,761,709 | |||||||||
| Connecticut 1.8% | |||||||||
| Connecticut, Harbor Point Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project, 144A, 5.0%, 4/1/2039 | 12,000,000 | 14,096,160 | |||||||
| Connecticut, State General Obligation, Series C, 5.0%, 6/15/2029 | 14,690,000 | 19,032,217 | |||||||
| Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040 | 2,610,000 | 3,145,885 | |||||||
| Connecticut, State Health & Educational Facilities Authority Revenue, Hartford Healthcare, Series A, Prerefunded, 5.0%, 7/1/2041 | 20,000,000 | 20,876,000 | |||||||
| Connecticut, State Health & Educational Facilities Authority Revenue, Stamford Hospital, Series J, 5.125%, 7/1/2035 | 18,000,000 | 19,470,060 | |||||||
| 76,620,322 | |||||||||
| Delaware 0.1% | |||||||||
| Delaware, State Health Facilities Authority Revenue, BEEBE Medical Center, Inc., 5.0%, 6/1/2050 | 5,250,000 | 6,331,343 | |||||||
| District of Columbia 1.9% | |||||||||
| District of Columbia, General Obligation: | |||||||||
| Series A, 5.0%, 6/1/2032 | 9,000,000 | 10,786,320 | |||||||
| Series A, 5.0%, 6/1/2033 | 10,300,000 | 12,525,513 | |||||||
| District of Columbia, International School Revenue: | |||||||||
| 5.0%, 7/1/2039 | 300,000 | 377,295 | |||||||
| 5.0%, 7/1/2049 | 1,275,000 | 1,573,631 | |||||||
| 5.0%, 7/1/2054 | 1,150,000 | 1,407,370 | |||||||
| District of Columbia, Water & Sewer Authority, Public Utility Revenue, Green Bond, Series A, 4.0%, 10/1/2049 | 10,125,000 | 11,887,864 | |||||||
| Metropolitan Washington, DC, Airports Authority System Revenue: | |||||||||
| Series A, AMT, 5.0%, 10/1/2030 | 7,750,000 | 9,015,653 | |||||||
| Series A, AMT, 5.0%, 10/1/2031 | 5,355,000 | 6,580,706 | |||||||
| Series A, AMT, 5.0%, 10/1/2032 | 5,000,000 | 6,134,300 | |||||||
| Series A, AMT, 5.0%, 10/1/2044 | 3,890,000 | 4,463,658 | |||||||
| Metropolitan Washington, DC, Airports Authority Systems Revenue, AMT, 5.0%, 10/1/2042 | 10,805,000 | 13,282,370 | |||||||
| Washington, DC, Convention & Sports Authority, Dedicated Tax Revenue: | |||||||||
| Series A, 5.0%, 10/1/2029 | 1,455,000 | 1,863,622 | |||||||
| Series A, 5.0%, 10/1/2030 | 1,455,000 | 1,856,289 | |||||||
| 81,754,591 | |||||||||
| Florida 6.7% | |||||||||
| Broward County, FL, Airport Systems Revenue: | |||||||||
| Series A, AMT, 4.0%, 10/1/2044 | 2,140,000 | 2,509,535 | |||||||
| Series A, AMT, 4.0%, 10/1/2049 | 3,425,000 | 3,988,858 | |||||||
| Series Q-1, Prerefunded, 5.0%, 10/1/2037 | 29,000,000 | 32,116,920 | |||||||
| AMT, 5.0%, 10/1/2042 | 10,000,000 | 12,284,800 | |||||||
| AMT, 5.0%, 10/1/2047 | 8,950,000 | 10,922,490 | |||||||
| Florida, Capital Trust Agency, Senior Living Revenue, American Eagle Portfolio Project, Series A-1, 5.875%, 7/1/2054 | 19,135,000 | 21,402,689 | |||||||
| Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project, Series A, 144A, AMT, 6.5%**, 1/1/2049 | 7,145,000 | 7,383,214 | |||||||
| Florida, Halifax Hospital Medical Center, 5.0%, 6/1/2036 | 2,110,000 | 2,509,360 | |||||||
| Florida, Jacksonville Electric Authority, Electric System Revenue: | |||||||||
| Series B, 4.0%, 10/1/2035 | 2,345,000 | 2,719,168 | |||||||
| Series B, 4.0%, 10/1/2037 | 1,500,000 | 1,725,450 | |||||||
| Florida, Village Community Development District No. 12, Special Assessment Revenue: | |||||||||
| 144A, 4.25%, 5/1/2043 | 9,065,000 | 9,994,253 | |||||||
| 144A, 4.375%, 5/1/2050 | 7,575,000 | 8,369,920 | |||||||
| Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Series A, AMT, 4.0%, 10/1/2044 | 12,000,000 | 14,072,160 | |||||||
| Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, Series A, AMT, 5.0%, 10/1/2040 | 10,000,000 | 11,536,800 | |||||||
| Lee County, FL, Airport Revenue, Series A, AMT, 5.375%, 10/1/2032 | 1,750,000 | 1,851,325 | |||||||
| Manatee County, FL, Transportation Project, 4.0%, 10/1/2044 | 7,970,000 | 9,476,171 | |||||||
| Marco Island, FL, Utility Systems Revenue, Series A, Prerefunded, 5.0%, 10/1/2040 | 1,000,000 | 1,024,630 | |||||||
| Miami-Dade County, FL, Aviation Revenue: | |||||||||
| Series A, AMT, Prerefunded, 5.0%, 10/1/2031 | 3,000,000 | 3,306,210 | |||||||
| Series B, 5.0%, 10/1/2035, INS: AGMC | 15,000,000 | 15,352,650 | |||||||
| Miami-Dade County, FL, Aviation Revenue, Miami International Airport: | |||||||||
| Series A-1, Prerefunded, 5.375%, 10/1/2035 | 210,000 | 215,563 | |||||||
| Series A-1, Prerefunded, 5.375%, 10/1/2041 | 7,000,000 | 7,185,430 | |||||||
| Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2044 | 7,500,000 | 8,540,625 | |||||||
| Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2037 | 16,500,000 | 18,034,005 | |||||||
| Miami-Dade County, FL, Water & Sewer System Revenue, Series B, 4.0%, 10/1/2049 | 30,000,000 | 35,223,300 | |||||||
| Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System, Series C, ETM, 6.25%, 10/1/2021, INS: NATL | 2,630,000 | 2,777,201 | |||||||
| Orange County, FL, School Board, Certificates of Participation, Series C, 5.0%, 8/1/2033 | 16,610,000 | 20,441,595 | |||||||
| Palm Beach County, FL, Health Facilities Authority Revenue, Lifespace Communities, Inc. Obligated Group, Series C, 5.0%, 5/15/2038 | 2,000,000 | 2,267,360 | |||||||
| Pinellas County, FL, Industrial Development Authority Revenue, 2017 Foundation For Global Understanding, Inc. Project, 5.0%, 7/1/2039 | 1,565,000 | 1,891,569 | |||||||
| Tallahassee, FL, Health Facilities Revenue, Memorial Healthcare, Inc. Project, Series A, 5.0%, 12/1/2055 | 2,985,000 | 3,434,601 | |||||||
| Tampa, FL, Sports Authority Revenue, Sales Tax-Tampa Bay Arena Project, 5.75%, 10/1/2020, INS: NATL | 465,000 | 472,403 | |||||||
| Tampa-Hillsborough County, FL, Expressway Authority, Series A, 5.0%, 7/1/2037 | 10,000,000 | 10,922,400 | |||||||
| 283,952,655 | |||||||||
| Georgia 3.3% | |||||||||
| Atlanta, GA, Airport Revenue, Series B, 5.0%, 1/1/2037 | 720,000 | 770,141 | |||||||
| Atlanta, GA, Water & Wastewater Revenue, Series B, 5.25%, 11/1/2028 | 5,000,000 | 5,789,050 | |||||||
| Brookhaven, GA, Development Authority Revenue, Children's Healthcare, Inc., Series A, 4.0%, 7/1/2044 | 5,860,000 | 6,916,441 | |||||||
| Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2047 | 18,135,000 | 21,694,719 | |||||||
| DeKalb County, GA, Water & Sewer Revenue: | |||||||||
| Series A, 5.25%, 10/1/2033 | 3,635,000 | 3,882,216 | |||||||
| Series A, 5.25%, 10/1/2036 | 11,115,000 | 11,869,041 | |||||||
| Series A, 5.25%, 10/1/2041 | 5,000,000 | 5,336,750 | |||||||
| Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042 | 3,155,000 | 3,799,377 | |||||||
| Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Healthcare: | |||||||||
| Series A, 5.375%, 2/15/2040 | 1,940,000 | 1,946,383 | |||||||
| Series A, 5.5%, 2/15/2045 | 4,720,000 | 4,735,859 | |||||||
| Georgia, Brooklyn Development Authority Revenue, Children's Healthcare, Series A, 4.0%, 7/1/2049 | 8,000,000 | 9,379,360 | |||||||
| Georgia, Glynn-Brunswick Memorial Hospital Authority, Anticipation Certificates, Southeast Georgia Health System Project, 5.0%, 8/1/2047 | 2,035,000 | 2,454,312 | |||||||
| Georgia, Main Street Natural Gas, Inc., Gas Project Revenue: | |||||||||
| Series A, 5.0%, 3/15/2020, GTY: JPMorgan Chase & Co. | 2,700,000 | 2,703,591 | |||||||
| Series B, 5.0%, 3/15/2020, GTY: Merrill Lynch & Co. | 5,000,000 | 5,006,400 | |||||||
| Series A, 5.0%, 3/15/2022, GTY: JPMorgan Chase & Co. | 17,340,000 | 18,722,171 | |||||||
| Series A, 5.5%, 9/15/2023, GTY: Merrill Lynch & Co. | 5,000,000 | 5,733,850 | |||||||
| Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co. | 4,635,000 | 5,490,992 | |||||||
| Series A, 5.5%, 9/15/2027, GTY: Merrill Lynch & Co. | 5,000,000 | 6,407,650 | |||||||
| Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co. | 5,000,000 | 6,560,300 | |||||||
| Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2035 | 2,995,000 | 3,454,044 | |||||||
| Georgia, State Municipal Electric Authority, Series GG, 5.0%, 1/1/2039 | 5,695,000 | 6,266,664 | |||||||
| 138,919,311 | |||||||||
| Hawaii 0.6% | |||||||||
| Hawaii, State Airports Systems Revenue: | |||||||||
| Series A, 5.0%, 7/1/2039 | 16,800,000 | 17,017,392 | |||||||
| Series A, AMT, 5.0%, 7/1/2041 | 8,930,000 | 10,431,758 | |||||||
| 27,449,150 | |||||||||
| Illinois 7.9% | |||||||||
| Chicago, IL, Board of Education: | |||||||||
| Series A, Zero Coupon, 12/1/2026 | 1,390,000 | 1,226,244 | |||||||
| Series A, 5.0%, 12/1/2034 | 810,000 | 1,011,196 | |||||||
| Series H, 5.0%, 12/1/2046 | 3,470,000 | 4,144,984 | |||||||
| Chicago, IL, General Obligation: | |||||||||
| Series A, 5.0%, 1/1/2044 | 4,500,000 | 5,431,365 | |||||||
| Series A, 5.5%, 1/1/2049 | 4,825,000 | 6,021,455 | |||||||
| Chicago, IL, O'Hare International Airport Revenue, Series A, AMT, 5.0%, 1/1/2034 | 7,000,000 | 8,132,320 | |||||||
| Chicago, IL, O'Hare International Airport Revenue, Senior Lien: | |||||||||
| Series B, 5.0%, 1/1/2035 | 4,250,000 | 5,132,130 | |||||||
| Series D, AMT, 5.0%, 1/1/2047 | 5,735,000 | 6,837,152 | |||||||
| Series A, AMT, 5.0%, 1/1/2048 | 18,635,000 | 22,916,578 | |||||||
| Chicago, IL, O'Hare International Airport, Airport Revenue, Third Lien, Series A, 5.75%, 1/1/2039 | 2,190,000 | 2,273,461 | |||||||
| Chicago, IL, O'Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048 | 2,630,000 | 3,165,705 | |||||||
| Chicago, IL, Waterworks Revenue, 5.0%, 11/1/2023, INS: AGMC | 2,990,000 | 2,999,658 | |||||||
| Cook County, IL, Forest Preservation District, Series C, 5.0%, 12/15/2037 | 3,155,000 | 3,380,235 | |||||||
| Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion Project: | |||||||||
| Series B, 5.0%, 6/15/2052 | 11,700,000 | 12,414,987 | |||||||
| Series A, 5.0%, 6/15/2057 | 6,000,000 | 7,079,580 | |||||||
| Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2038, INS: NATL | 17,305,000 | 11,162,417 | |||||||
| Illinois, Railsplitter Tobacco Settlement Authority: | |||||||||
| 5.0%, 6/1/2026 | 7,500,000 | 9,258,225 | |||||||
| Prerefunded, 6.0%, 6/1/2028 | 17,315,000 | 18,431,991 | |||||||
| Illinois, Regional Transportation Authority: | |||||||||
| Series B, 5.75%, 6/1/2033, INS: NATL | 7,000,000 | 9,894,640 | |||||||
| Series A, 6.7%, 11/1/2021, INS: NATL | 6,580,000 | 7,008,292 | |||||||
| Illinois, Sales & Special Tax Revenue, 6.25%, 12/15/2020, INS: AMBAC | 985,000 | 1,011,093 | |||||||
| Illinois, State Finance Authority Revenue, Ascension Health Credit Group, Series A, Prerefunded, 5.0%, 11/15/2032 | 2,435,000 | 2,608,591 | |||||||
| Illinois, State Finance Authority Revenue, Edward Elmhurst Obligated Group: | |||||||||
| Series A, 5.0%, 1/1/2036 | 2,970,000 | 3,552,536 | |||||||
| Series A, 5.0%, 1/1/2037 | 3,965,000 | 4,728,818 | |||||||
| Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045 | 9,825,000 | 9,930,520 | |||||||
| Illinois, State Finance Authority Revenue, Lutheran Communities: | |||||||||
| Series A, 5.0%, 11/1/2040 | 765,000 | 849,861 | |||||||
| Series A, 5.0%, 11/1/2049 | 1,045,000 | 1,147,755 | |||||||
| Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%, 5/15/2041 | 13,155,000 | 13,950,483 | |||||||
| Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2038 | 12,000,000 | 14,106,480 | |||||||
| Illinois, State General Obligation: | |||||||||
| Series B, 5.0%, 10/1/2030 | 4,230,000 | 5,334,411 | |||||||
| Series B, 5.0%, 10/1/2031 | 6,500,000 | 8,174,855 | |||||||
| Series B, 5.0%, 10/1/2032 | 5,000,000 | 6,275,350 | |||||||
| 5.0%, 2/1/2027 | 8,075,000 | 9,926,840 | |||||||
| Series D, 5.0%, 11/1/2028 | 9,425,000 | 11,679,083 | |||||||
| 5.0%, 1/1/2035 | 4,200,000 | 4,940,082 | |||||||
| Series A, 5.0%, 5/1/2035 | 11,000,000 | 13,613,160 | |||||||
| Series A, 5.0%, 5/1/2036 | 14,355,000 | 17,727,707 | |||||||
| Series A, 5.0%, 12/1/2038 | 4,760,000 | 5,796,490 | |||||||
| Series A, 5.0%, 12/1/2039 | 10,240,000 | 12,444,979 | |||||||
| Series A, 5.0%, 5/1/2040 | 3,000,000 | 3,644,550 | |||||||
| Series A, 5.0%, 5/1/2043 | 7,000,000 | 8,450,120 | |||||||
| Illinois, State Toll Highway Authority, Series A, 5.0%, 1/1/2044 | 17,075,000 | 21,796,067 | |||||||
| Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC | 5,805,000 | 6,747,674 | |||||||
| 336,360,120 | |||||||||
| Indiana 1.5% | |||||||||
| Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group: | |||||||||
| 5.0%, 11/15/2043 | 1,725,000 | 2,005,968 | |||||||
| 5.0%, 11/15/2048 | 3,410,000 | 3,940,187 | |||||||
| 5.0%, 11/15/2053 | 15,400,000 | 17,725,246 | |||||||
| Indiana, State Finance Authority Revenue, Community Foundation of Northwest Indiana, Prerefunded, 5.0%, 3/1/2041 | 17,395,000 | 18,826,783 | |||||||
| Indiana, State Finance Authority Revenue, Stadium Project, Series A, 5.25%, 2/1/2031 | 2,595,000 | 3,163,305 | |||||||
| Indiana, State Finance Authority, Exempt Facilities Revenue, Green Bond, RES Plyflow Indiana LLC, Project, 144A, AMT, 7.0%, 3/1/2039 | 2,665,000 | 2,756,489 | |||||||
| Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051 | 5,000,000 | 5,893,550 | |||||||
| Indiana, State Finance Authority, Wastewater Utility Revenue, First Lien, Series A, 5.25%, 10/1/2038 | 8,000,000 | 8,530,960 | |||||||
| 62,842,488 | |||||||||
| Iowa 0.5% | |||||||||
| Iowa, State Finance Authority Revenue, Lifespace Communities, Inc., Obligated Group: | |||||||||
| Series A, 5.0%, 5/15/2043 | 6,705,000 | 7,792,216 | |||||||
| Series A, 5.0%, 5/15/2047 | 3,500,000 | 3,979,675 | |||||||
| Series A, 5.0%, 5/15/2048 | 8,220,000 | 9,474,701 | |||||||
| 21,246,592 | |||||||||
| Kentucky 0.3% | |||||||||
| Kentucky, State Economic Development Finance Authority, CommonSpirit Health, Series A-2, 5.0%, 8/1/2044 | 6,000,000 | 7,470,000 | |||||||
| Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group: | |||||||||
| Series A, 5.0%, 6/1/2045 | 1,275,000 | 1,495,843 | |||||||
| Series A, 5.25%, 6/1/2041 | 1,915,000 | 2,304,913 | |||||||
| 11,270,756 | |||||||||
| Louisiana 0.4% | |||||||||
| Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048 | 2,830,000 | 3,351,258 | |||||||
| Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040 | 5,000,000 | 5,029,850 | |||||||
| Louisiana, State Local Government Environmental Facilities & Community Development Authority Revenue, Westlake Chemical Corp. Project, 3.5%, 11/1/2032 | 9,265,000 | 10,273,217 | |||||||
| 18,654,325 | |||||||||
| Maine 0.2% | |||||||||
| Maine, Health & Higher Educational Facilities Authority Revenue, Series A, 5.0%, 7/1/2040 | 9,650,000 | 9,776,029 | |||||||
| Maryland 1.1% | |||||||||
| Maryland, State Community Development Administration, Department of Housing & Community Development, Series C, 3.5%, 3/1/2050 | 3,570,000 | 3,930,713 | |||||||
| Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Series A, 5.5%, 1/1/2046 | 20,000,000 | 24,372,800 | |||||||
| Maryland, State Health & Higher Educational Facilities Authority Revenue, Medstar Health Obligated Group: | |||||||||
| Series A, 5.0%, 5/15/2042 | 9,735,000 | 11,833,087 | |||||||
| Series A, 5.0%, 5/15/2045 | 5,000,000 | 6,048,950 | |||||||
| 46,185,550 | |||||||||
| Massachusetts 0.4% | |||||||||
| Massachusetts, State Development Finance Agency Revenue, Linden Ponds, Inc. Facility, Series B, 11/15/2056* | 314,524 | 96,383 | |||||||
| Massachusetts, State Development Finance Agency Revenue, NewBridge Charles, Inc.: | |||||||||
| 144A, 5.0%, 10/1/2047 | 700,000 | 776,055 | |||||||
| 144A, 5.0%, 10/1/2057 | 1,700,000 | 1,880,132 | |||||||
| Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc.: | |||||||||
| Series S-1, 5.0%, 7/1/2028 | 2,700,000 | 3,523,365 | |||||||
| Series S-1, 5.0%, 7/1/2033 | 4,000,000 | 5,114,240 | |||||||
| Series L, Prerefunded, 5.0%, 7/1/2036 | 70,000 | 73,903 | |||||||
| Massachusetts, State Development Finance Agency Revenue, South Shore Hospital, Series I, 5.0%, 7/1/2041 | 1,825,000 | 2,143,280 | |||||||
| Massachusetts, State Development Finance Agency Revenue, UMass Memorial Healthcare, Series I, 5.0%, 7/1/2036 | 1,000,000 | 1,209,470 | |||||||
| 14,816,828 | |||||||||
| Michigan 0.8% | |||||||||
| Michigan, State Finance Authority Revenue, Series A, 4.0%, 12/1/2049 | 15,000,000 | 17,617,500 | |||||||
| Michigan, State Strategic Fund Ltd., Obligation Revenue Improvement Project, Series I, AMT, 5.0%, 12/31/2043 | 4,800,000 | 5,928,864 | |||||||
| Wayne County, MI, Airport Authority Revenue, Detroit Metropolitan Airport, Series A, 5.0%, 12/1/2037 | 9,255,000 | 10,190,958 | |||||||
| 33,737,322 | |||||||||
| Minnesota 0.8% | |||||||||
| Duluth, MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group: | |||||||||
| Series A, 5.0%, 2/15/2048 | 5,000,000 | 6,183,400 | |||||||
| Series A, 5.0%, 2/15/2053 | 14,060,000 | 17,338,792 | |||||||
| Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 5.0%, 11/15/2049 | 4,075,000 | 5,018,444 | |||||||
| Minnesota, State Trunk Highway, Series B, 4.0%, 8/1/2032 | 5,000,000 | 6,056,850 | |||||||
| 34,597,486 | |||||||||
| Missouri 0.8% | |||||||||
| Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services Projects, Series B, 5.0%, 2/1/2046 | 2,460,000 | 2,827,622 | |||||||
| Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046 | 3,285,000 | 3,775,910 | |||||||
| Missouri, State Housing Development Commission, Single Family Mortgage Revenue, First Homeownership loan Program, Series B, 4.0%, 5/1/2050 | 4,290,000 | 4,800,596 | |||||||
| St. Louis County, MO, Industrial Development Authority, Senior Living Facilities, Friendship Village: | |||||||||
| 5.0%, 9/1/2048 | 3,255,000 | 3,743,218 | |||||||
| Series A, 5.125%, 9/1/2048 | 7,500,000 | 8,612,925 | |||||||
| Series A, 5.125%, 9/1/2049 | 7,975,000 | 9,153,944 | |||||||
| 32,914,215 | |||||||||
| Nebraska 0.3% | |||||||||
| Douglas County, NE, Hospital Authority No.2, Health Facilities, Children's Hospital Obligated Group, 5.0%, 11/15/2047 | 5,205,000 | 6,205,141 | |||||||
| Nebraska, Central Plains Energy Project, Gas Project Revenue, Series A, 5.0%, 9/1/2033, GTY: Goldman Sachs Group, Inc. | 3,815,000 | 5,164,136 | |||||||
| 11,369,277 | |||||||||
| Nevada 0.0% | |||||||||
| Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058 | 9,000,000 | 1,510,290 | |||||||
| New Hampshire 0.2% | |||||||||
| New Hampshire, Health & Education Facilities Authority Revenue, Wentworth-Douglas Hospital, Series A, Prerefunded, 6.5%, 1/1/2031 | 10,000,000 | 10,465,800 | |||||||
| New Jersey 2.3% | |||||||||
| New Jersey, State Economic Development Authority Revenue: | |||||||||
| 5.0%, 6/15/2028 | 1,050,000 | 1,126,104 | |||||||
| Series DDD, 5.0%, 6/15/2042 | 2,775,000 | 3,305,996 | |||||||
| Series BBB, 5.5%, 6/15/2030 | 22,440,000 | 27,918,277 | |||||||
| New Jersey, State Economic Development Authority Revenue, Private Activity, The Goethals Bridge Replacement Project, AMT, 5.0%, 1/1/2031, INS: AGMC | 4,000,000 | 4,511,120 | |||||||
| New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 5.0%, 7/1/2033 | 1,460,000 | 1,775,696 | |||||||
| New Jersey, State Economic Development Authority, State Government Buildings Project: | |||||||||
| Series A, 5.0%, 6/15/2042 | 2,885,000 | 3,471,867 | |||||||
| Series A, 5.0%, 6/15/2047 | 3,205,000 | 3,830,135 | |||||||
| New Jersey, State Transportation Trust Fund Authority, Transportation Systems: | |||||||||
| Series A, 5.0%, 12/15/2033 | 3,570,000 | 4,479,208 | |||||||
| Series A, 5.0%, 12/15/2034 | 5,710,000 | 7,151,375 | |||||||
| Series A, 5.0%, 12/15/2036 | 2,385,000 | 2,974,119 | |||||||
| Series A, Prerefunded, 6.0%, 6/15/2035 | 6,000,000 | 6,399,060 | |||||||
| New Jersey, Tobacco Settlement Financing Corp.: | |||||||||
| Series A, 5.0%, 6/1/2046 | 5,270,000 | 6,421,231 | |||||||
| Series B, 5.0%, 6/1/2046 | 16,500,000 | 19,447,725 | |||||||
| Series A, 5.25%, 6/1/2046 | 2,630,000 | 3,265,303 | |||||||
| 96,077,216 | |||||||||
| New Mexico 0.6% | |||||||||
| New Mexico, State Finance Authority Revenue, Public Project Revolving Fund: | |||||||||
| Series A, 4.0%, 6/1/2029 | 5,765,000 | 7,017,331 | |||||||
| Series A, 4.0%, 6/1/2030 | 5,795,000 | 6,996,999 | |||||||
| New Mexico, State Mortgage Finance Authority, Series A, 3.5%, 1/1/2051 | 4,250,000 | 4,705,898 | |||||||
| New Mexico, State Mortgage Finance Authority, Single Family Mortgage Revenue, "I", Series D, 3.75%, 1/1/2050 | 4,325,000 | 4,795,084 | |||||||
| 23,515,312 | |||||||||
| New York 14.3% | |||||||||
| New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Climate Board Certified Green Bond: | |||||||||
| Series B-2, 5.0%, 11/15/2034 | 10,940,000 | 14,009,108 | |||||||
| Series A-2, 5.0%, 11/15/2045 | 5,000,000 | 6,260,450 | |||||||
| New York, Metropolitan Transportation Authority Revenue: | |||||||||
| Series D, 5.0%, 11/15/2027, INS: AGMC | 16,500,000 | 18,300,975 | |||||||
| Series D, 5.0%, 11/15/2038 | 13,635,000 | 15,592,441 | |||||||
| Series B, 5.25%, 11/15/2044 | 25,000,000 | 29,010,000 | |||||||
| New York, Metropolitan Transportation Authority Revenue, Green Bond: | |||||||||
| Series A-1, 4.0%, 11/15/2044, INS: AGMC | 12,050,000 | 14,347,091 | |||||||
| Series A-2, 5.0%, 11/15/2027 | 9,000,000 | 11,281,770 | |||||||
| New York, Senior Care Revenue, Dormitory Authority, City University, Series A, 5.25%, 5/15/2021 | 2,000,000 | 2,062,040 | |||||||
| New York, State Agency General Obligation Lease, Urban Development Corp., 5.7%, 4/1/2020 | 800,000 | 803,064 | |||||||
| New York, State Dormitory Authority, Personal Income Tax Revenue: | |||||||||
| Series A, Prerefunded, 5.0%, 2/15/2035 | 9,305,000 | 10,471,196 | |||||||
| Series B, 5.0%, 2/15/2035 | 30,000,000 | 35,742,900 | |||||||
| Series A, 5.0%, 2/15/2039 | 3,950,000 | 4,890,890 | |||||||
| Series C, 5.0%, 3/15/2041 | 10,000,000 | 10,442,200 | |||||||
| Series C, 5.0%, 3/15/2042 | 14,750,000 | 17,006,455 | |||||||
| New York, State Dormitory Authority, Sales Tax Revenue, Series B, 5.0%, 3/15/2036 | 5,000,000 | 6,439,000 | |||||||
| New York, State Liberty Development Corp., Revenue, World Trade Center Port Authority Construction, 5.25%, 12/15/2043 | 45,000,000 | 48,563,550 | |||||||
| New York, State Thruway Authority General Revenue, Junior Indebtedness Obligations, Series B, 4.0%, 1/1/2050, INS: AGMC | 40,000,000 | 47,338,800 | |||||||
| New York, State Transportation Development Corp., Special Facilities Revenue, Delta Air Lines, Inc., LaGuardia Airport C&D Redevelopment: | |||||||||
| AMT, 5.0%, 1/1/2033 | 2,045,000 | 2,536,229 | |||||||
| AMT, 5.0%, 1/1/2034 | 2,045,000 | 2,531,424 | |||||||
| AMT, 5.0%, 1/1/2036 | 2,045,000 | 2,522,323 | |||||||
| New York, State Transportation Development Corp., Special Facilities Revenue, Laguardia Gateway Partners LLC, Redevelopment Project: | |||||||||
| Series A, AMT, 5.0%, 7/1/2041 | 6,660,000 | 7,691,501 | |||||||
| Series A, AMT, 5.0%, 7/1/2046 | 14,190,000 | 16,334,677 | |||||||
| New York, State Urban Development Corp. Revenue, State Personal Income Tax, Series A, 5.0%, 3/15/2031 | 4,600,000 | 5,840,022 | |||||||
| New York, TSASC, Inc.: | |||||||||
| Series A, 5.0%, 6/1/2041 | 1,195,000 | 1,386,642 | |||||||
| Series B, 5.0%, 6/1/2045 | 12,800,000 | 13,416,832 | |||||||
| Series B, 5.0%, 6/1/2048 | 7,385,000 | 7,731,504 | |||||||
| New York, Utility Debt Securitization Authority, Restructuring Revenue: | |||||||||
| Series TE, 5.0%, 12/15/2034 | 3,200,000 | 3,692,096 | |||||||
| Series TE, 5.0%, 12/15/2035 | 4,000,000 | 4,610,360 | |||||||
| New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue: | |||||||||
| Series DD, 5.0%, 6/15/2036 | 6,000,000 | 7,013,580 | |||||||
| Series AA, 5.0%, 6/15/2040 | 24,000,000 | 31,660,080 | |||||||
| New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Second Generation Resolution, Series EE, 5.375%, 6/15/2043 | 3,810,000 | 3,943,655 | |||||||
| New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured: | |||||||||
| Series A-1, 4.0%, 5/1/2031 | 5,430,000 | 6,343,815 | |||||||
| Series A, 5.0%, 2/1/2031 | 5,000,000 | 6,315,900 | |||||||
| Series F-1, 5.0%, 5/1/2031 | 4,900,000 | 6,231,183 | |||||||
| Series D-1, 5.0%, 2/1/2038 | 17,655,000 | 20,327,614 | |||||||
| New York City, NY, Transitional Finance Authority, Building Aid Revenue: | |||||||||
| Series S-2A, 4.0%, 7/15/2037 | 5,000,000 | 5,943,250 | |||||||
| Series S-2A, 4.0%, 7/15/2038 | 8,500,000 | 10,073,180 | |||||||
| Series S-3, 5.0%, 7/15/2031 | 4,000,000 | 5,230,040 | |||||||
| New York City, NY, Transitional Finance Authority, Building Aid Revenue, Fiscal 2018, Series S-1, 5.0%, 7/15/2035 | 2,800,000 | 3,548,776 | |||||||
| New York, NY, General Obligation: | |||||||||
| Series B-1, 5.0%, 12/1/2031 | 2,000,000 | 2,516,700 | |||||||
| Series D-1, 5.0%, 10/1/2033 | 25,000,000 | 26,671,500 | |||||||
| Port Authority of New York & New Jersey: | |||||||||
| Series 214, AMT, 4.0%, 9/1/2037 | 2,000,000 | 2,407,640 | |||||||
| Series 214, AMT, 4.0%, 9/1/2038 | 2,000,000 | 2,400,080 | |||||||
| Series 214, AMT, 4.0%, 9/1/2039 | 2,000,000 | 2,394,300 | |||||||
| Series 207, AMT, 5.0%, 9/15/2031 | 5,000,000 | 6,406,650 | |||||||
| Series 207, AMT, 5.0%, 9/15/2032 | 10,000,000 | 12,753,400 | |||||||
| Port Authority of New York & New Jersey, One Hundred Ninety-Third: | |||||||||
| AMT, 5.0%, 10/15/2029 | 10,000,000 | 12,108,700 | |||||||
| AMT, 5.0%, 10/15/2034 | 5,775,000 | 6,926,593 | |||||||
| AMT, 5.0%, 10/15/2035 | 2,865,000 | 3,431,468 | |||||||
| Port Authority of New York & New Jersey, Two Hundred Eighteen, Series B, AMT, 4.0%, 11/1/2047 | 5,770,000 | 6,818,928 | |||||||
| Port Authority of New York & New Jersey, Two Hundred Second: | |||||||||
| AMT, 5.0%, 10/15/2033 | 6,560,000 | 8,189,110 | |||||||
| AMT, 5.0%, 10/15/2034 | 5,250,000 | 6,535,567 | |||||||
| Port Authority of New York & New Jersey, Two Hundred Seven: | |||||||||
| AMT, 5.0%, 9/15/2029 | 8,000,000 | 10,342,240 | |||||||
| AMT, 5.0%, 9/15/2030 | 20,000,000 | 25,730,600 | |||||||
| Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute, Series A, 5.125%, 9/1/2040 | 2,000,000 | 2,042,100 | |||||||
| 605,162,189 | |||||||||
| North Carolina 0.5% | |||||||||
| Charlotte, NC, Airport Revenue, Series A, 5.5%, 7/1/2034 | 1,500,000 | 1,522,605 | |||||||
| Charlotte-Mecklenberg, NC, Hospital Authority, Health Care System Revenue, Series A, 5.0%, 1/15/2039 | 9,540,000 | 10,473,298 | |||||||
| North Carolina, State Housing Finance Agency, Series 42, 4.0%, 1/1/2050 | 6,370,000 | 7,143,318 | |||||||
| 19,139,221 | |||||||||
| North Dakota 0.2% | |||||||||
| Fargo, ND, Sanford Health Systems Revenue, 6.25%, 11/1/2031 | 9,260,000 | 10,076,639 | |||||||
| Ohio 3.5% | |||||||||
| Buckeye, OH, Tobacco Settlement Financing Authority, Series B-2, Class 2, 5.0%, 6/1/2055 (a) | 10,665,000 | 12,060,835 | |||||||
| Chillicothe, OH, Hospital Facilities Revenue, Adena Health System Obligated Group Project, 5.0%, 12/1/2047 | 6,035,000 | 7,265,597 | |||||||
| Cleveland, OH, Airport Systems Revenue, Series A, Prerefunded, 5.0%, 1/1/2030 | 1,000,000 | 1,077,380 | |||||||
| Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project: | |||||||||
| 5.0%, 1/1/2036 | 975,000 | 1,135,124 | |||||||
| 5.0%, 1/1/2046 | 2,790,000 | 3,198,568 | |||||||
| Hancock County, OH, Hospital Revenue, Blanchard Valley Regional Health Center, Prerefunded, 6.5%, 12/1/2030 | 14,425,000 | 15,433,452 | |||||||
| Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series A, Prerefunded, 6.5%, 11/15/2037 | 6,000,000 | 6,571,920 | |||||||
| Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046 | 11,610,000 | 13,952,666 | |||||||
| Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, Children's Hospital Medical Center of Akron, 5.0%, 11/15/2038 | 15,645,000 | 17,230,151 | |||||||
| Ohio, American Municipal Power, Inc. Revenue, Fremont Energy Center Project, Series B, 5.0%, 2/15/2037 | 13,090,000 | 14,004,206 | |||||||
| Ohio, Higher Education Revenue, Case Western Reserve University, Series B, 6.5%, 10/1/2020 | 440,000 | 454,269 | |||||||
| Ohio, State Higher Educational Facility Commission Revenue, Summa Health Systems Project: | |||||||||
| Series 2010, 5.25%, 11/15/2035, INS: AGMC | 7,500,000 | 7,570,575 | |||||||
| Series 2010, 5.5%, 11/15/2030, INS: AGMC | 4,000,000 | 4,038,520 | |||||||
| Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048 | 7,500,000 | 8,574,675 | |||||||
| Ohio, State Housing Finance Agency, Residential Mortgage Revenue, First Time Homebuyer Program, Series A, 3.75%, 9/1/2050 | 4,000,000 | 4,520,880 | |||||||
| Ohio, State Housing Finance Agency , Residential Mortgage Revenue, Series B, 4.5%, 3/1/2050 | 5,495,000 | 6,268,971 | |||||||
| Ohio, State Turnpike Commission, Infrastructure Projects: | |||||||||
| Series A-1, 5.25%, 2/15/2030 | 4,620,000 | 5,173,522 | |||||||
| Series A-1, 5.25%, 2/15/2031 | 9,375,000 | 10,489,500 | |||||||
| Series A-1, 5.25%, 2/15/2032 | 7,500,000 | 8,389,275 | |||||||
| 147,410,086 | |||||||||
| Oklahoma 0.8% | |||||||||
| Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project: | |||||||||
| Series B, 5.5%, 8/15/2052 | 2,185,000 | 2,713,639 | |||||||
| Series B, 5.5%, 8/15/2057 | 9,385,000 | 11,610,747 | |||||||
| Oklahoma, State Turnpike Authority Revenue, Series E, 4.0%, 1/1/2031 | 6,375,000 | 7,524,221 | |||||||
| Oklahoma, Water & Sewer Revenue, McGee Creek Authority, 6.0%, 1/1/2023, INS: NATL | 8,400,000 | 9,114,168 | |||||||
| Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau, Inc. Project, 5.25%, 11/15/2045 | 1,575,000 | 1,812,841 | |||||||
| 32,775,616 | |||||||||
| Pennsylvania 3.5% | |||||||||
| Cumberland County, PA, Municipal Authority, Asbury Pennsylvania Obligation Group, 5.0%, 1/1/2045 | 1,055,000 | 1,179,036 | |||||||
| Franklin County, PA, Industrial Development Authority Revenue, Menno Haven, Inc. Project: | |||||||||
| 5.0%, 12/1/2043 | 665,000 | 738,729 | |||||||
| 5.0%, 12/1/2048 | 720,000 | 797,414 | |||||||
| 5.0%, 12/1/2053 | 1,055,000 | 1,165,501 | |||||||
| Lancaster County, PA, Hospital Authority Revenue, University of Pennsylvania Health System Obligated Group, 5.0%, 8/15/2042 | 2,100,000 | 2,541,357 | |||||||
| Montgomery County, PA, Industrial Development Authority, Meadowood Senior Living Project: | |||||||||
| Series A, 5.0%, 12/1/2038 | 1,665,000 | 1,939,092 | |||||||
| Series A, 5.0%, 12/1/2048 | 4,335,000 | 4,975,280 | |||||||
| Pennsylvania, Central Bradford Progress Authority Revenue, Guthrie Healthcare System, Prerefunded, 5.375%, 12/1/2041 | 12,550,000 | 13,526,515 | |||||||
| Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043 | 1,115,000 | 1,368,027 | |||||||
| Pennsylvania, Commonwealth Financing Authority Revenue, Series A, 5.0%, 6/1/2033 | 5,000,000 | 5,909,650 | |||||||
| Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds: | |||||||||
| 5.0%, 6/1/2027 | 1,290,000 | 1,621,711 | |||||||
| 5.0%, 6/1/2028 | 1,290,000 | 1,656,747 | |||||||
| 5.0%, 6/1/2029 | 1,290,000 | 1,649,007 | |||||||
| 5.0%, 6/1/2030 | 855,000 | 1,086,654 | |||||||
| 5.0%, 6/1/2031 | 865,000 | 1,095,600 | |||||||
| Pennsylvania, Geisinger Authority Health System Revenue, Series A-2, 5.0%, 2/15/2034 | 3,000,000 | 3,699,390 | |||||||
| Pennsylvania, State General Obligation: | |||||||||
| Series 2, 4.0%, 9/15/2032 | 10,000,000 | 11,707,200 | |||||||
| Series D, 5.0%, 8/15/2032 | 5,000,000 | 6,006,400 | |||||||
| Pennsylvania, State Turnpike Commission Revenue: | |||||||||
| Series B, 5.0%, 6/1/2033 | 12,000,000 | 14,613,960 | |||||||
| Series A-1, 5.0%, 12/1/2040 | 15,000,000 | 17,798,100 | |||||||
| Series B-1, 5.0%, 6/1/2042 | 6,950,000 | 8,408,666 | |||||||
| Series A-1, 5.0%, 12/1/2042 | 5,000,000 | 6,196,650 | |||||||
| Series A, 5.0%, 12/1/2044 | 20,335,000 | 25,521,645 | |||||||
| Series A-1, 5.0%, 12/1/2047 | 3,335,000 | 4,105,985 | |||||||
| Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035 | 7,080,000 | 7,155,898 | |||||||
| 146,464,214 | |||||||||
| Puerto Rico 0.5% | |||||||||
| Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue: | |||||||||
| Series A-1, Zero Coupon, 7/1/2051 | 35,000,000 | 7,565,950 | |||||||
| Series A-1, 5.0%, 7/1/2058 | 12,933,000 | 14,832,470 | |||||||
| 22,398,420 | |||||||||
| South Carolina 2.6% | |||||||||
| Charleston County, SC, Airport District System Revenue, Series A, AMT, 5.75%, 7/1/2030 | 5,880,000 | 6,743,654 | |||||||
| Lexington County, SC, Health Services District, Lexington Medical Center: | |||||||||
| 5.0%, 11/1/2041 | 2,500,000 | 2,963,150 | |||||||
| 5.0%, 11/1/2046 | 7,490,000 | 8,822,246 | |||||||
| South Carolina, State Jobs-Economic Development Authority, Hospital Revenue, Conway Hospitals, Inc., 5.25%, 7/1/2047 | 4,715,000 | 5,564,926 | |||||||
| South Carolina, State Jobs-Economic Development Authority, Residential Facility Revenue, Episcopal Home at Still Hopes: | |||||||||
| Series A, 5.0%, 4/1/2048 | 3,085,000 | 3,423,579 | |||||||
| Series A, 5.25%, 4/1/2053 | 4,000,000 | 4,468,960 | |||||||
| South Carolina, State Public Service Authority Revenue: | |||||||||
| Series A, 5.0%, 12/1/2033 | 4,400,000 | 5,351,412 | |||||||
| Series A, 5.0%, 12/1/2036 | 4,780,000 | 5,787,003 | |||||||
| Series C, 5.0%, 12/1/2046 | 6,850,000 | 7,918,120 | |||||||
| South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043 | 35,555,000 | 41,976,233 | |||||||
| South Carolina, State Transportation Infrastructure Bank Revenue, 5.0%, 10/1/2038 | 15,130,000 | 18,883,753 | |||||||
| 111,903,036 | |||||||||
| South Dakota 1.0% | |||||||||
| South Dakota, State Health & Educational Facilities Authority Revenue, Avera Health: | |||||||||
| 5.0%, 7/1/2044 | 20,475,000 | 23,205,956 | |||||||
| 5.0%, 7/1/2046 | 16,140,000 | 19,462,419 | |||||||
| 42,668,375 | |||||||||
| Tennessee 0.5% | |||||||||
| Metropolitan Government of Nashville & Davidson County, TN, General Obligation, 4.0%, 7/1/2034 | 6,000,000 | 7,186,140 | |||||||
| Metropolitan Nashville, TN, Airport Authority Revenue: | |||||||||
| Series B, AMT, 4.0%, 7/1/2049 | 4,000,000 | 4,687,080 | |||||||
| Series B, AMT, 4.0%, 7/1/2054 | 6,000,000 | 6,994,080 | |||||||
| Tennessee, Energy Acquisition Corp., Gas Revenue, Series A, 5.25%, 9/1/2021, GTY: Goldman Sachs Group, Inc. | 2,000,000 | 2,125,480 | |||||||
| 20,992,780 | |||||||||
| Texas 11.4% | |||||||||
| Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series A, 5.0%, 1/1/2040 | 4,730,000 | 5,588,211 | |||||||
| Clifton, TX, Higher Education Finance Corp., Education Revenue, Series D, 6.125%, 8/15/2048 | 11,465,000 | 13,358,674 | |||||||
| Harris County, TX, Port Houston Authority, Series D-1, 5.0%, 10/1/2035 | 18,290,000 | 18,687,807 | |||||||
| Houston, TX, Utility Systems Revenue, First Lien: | |||||||||
| Series A, 5.0%, 11/15/2032 (a) | 2,320,000 | 3,184,803 | |||||||
| Series A, 5.0%, 11/15/2033 (a) | 2,475,000 | 3,388,968 | |||||||
| Series B, 5.0%, 11/15/2034 | 5,000,000 | 6,238,550 | |||||||
| North Texas, Tollway Authority Revenue: | |||||||||
| Series B, 5.0%, 1/1/2040 | 8,825,000 | 9,780,924 | |||||||
| First Tier, Prerefunded, 6.0%, 1/1/2043 | 30,000,000 | 31,289,100 | |||||||
| North Texas, Tollway Authority Revenue, Second Tier: | |||||||||
| Series B, 5.0%, 1/1/2043 | 3,075,000 | 3,726,039 | |||||||
| Series B, 5.0%, 1/1/2048 | 8,615,000 | 10,378,146 | |||||||
| Port Beaumont, TX, Navigation District Dock & Wharf Facility Revenue, Jefferson's Gulf Coast Energy Project, Series A, 144A, AMT, 4.0%, 1/1/2050 | 1,730,000 | 1,801,622 | |||||||
| San Antonio, TX, Electric & Gas Systems Revenue, 4.0%, 2/1/2032 | 7,000,000 | 8,135,820 | |||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus Health Obligated Group, Series B, 5.0%, 7/1/2048 | 25,000,000 | 31,091,000 | |||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Buckner Retirement Services Revenue, 5.0%, 11/15/2046 | 4,410,000 | 5,237,184 | |||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Scott & White Healthcare: | |||||||||
| 5.0%, 8/15/2036 | 7,000,000 | 7,817,880 | |||||||
| 5.0%, 8/15/2043 | 9,900,000 | 11,000,187 | |||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., State Health Resources, Prerefunded, 5.0%, 11/15/2040 | 7,000,000 | 7,206,220 | |||||||
| Texas, Dallas/Fort Worth International Airport Revenue, Series D, 5.0%, 11/1/2035 | 24,425,000 | 25,096,443 | |||||||
| Texas, Grand Parkway Transportation Corp., System Toll Revenue: | |||||||||
| First Tier, Series C, 4.0%, 10/1/2049 | 6,000,000 | 7,111,980 | |||||||
| Series B, Prerefunded, 5.25%, 10/1/2051 | 20,000,000 | 23,063,800 | |||||||
| Texas, Love Field Airport Modernization Corp., General Airport Revenue: | |||||||||
| AMT, 5.0%, 11/1/2033 | 1,250,000 | 1,519,963 | |||||||
| AMT, 5.0%, 11/1/2034 | 1,000,000 | 1,214,210 | |||||||
| Texas, Lower Colorado River Authority Revenue, Series A, Prerefunded, 5.0%, 5/15/2036 | 25,000 | 27,239 | |||||||
| Texas, Lower Colorado River Authority, Transmission Contract Revenue, LCRA Transmission Services, 5.0%, 5/15/2040 | 20,000,000 | 20,154,600 | |||||||
| Texas, Municipal Gas Acquisition & Supply Corp., I, Gas Supply Revenue, Series B, 67% of 3-month USD-LIBOR + 0.700%, 1.969% **, 12/15/2026, GTY: Merrill Lynch & Co., Inc. | 16,505,000 | 16,558,311 | |||||||
| Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053 | 5,000,000 | 5,480,550 | |||||||
| Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue: | |||||||||
| 5.5%, 8/1/2021, GTY: Goldman Sachs Group, Inc. | 5,575,000 | 5,923,215 | |||||||
| 5.5%, 8/1/2025, GTY: Goldman Sachs Group, Inc. | 2,750,000 | 3,332,890 | |||||||
| Texas, State College Student Loan, AMT, 5.5%, 8/1/2028 | 5,620,000 | 7,141,896 | |||||||
| Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co., Inc. | 16,995,000 | 20,234,927 | |||||||
| Texas, State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue: | |||||||||
| 5.0%, 12/15/2030, GTY: Macquarie Group Ltd. | 2,250,000 | 2,477,070 | |||||||
| 5.0%, 12/15/2031, GTY: Macquarie Group Ltd. | 4,500,000 | 4,948,875 | |||||||
| 5.0%, 12/15/2032, GTY: Macquarie Group Ltd. | 21,215,000 | 23,306,375 | |||||||
| Texas, State Transportation Commission, Turnpike Systems Revenue: | |||||||||
| Series C, 5.0%, 8/15/2034 | 14,410,000 | 16,808,545 | |||||||
| Series C, 5.0%, 8/15/2042 | 5,085,000 | 5,871,599 | |||||||
| Texas, State Water Development Board Revenue, State Water Implementation Revenue Fund: | |||||||||
| 4.0%, 10/15/2030 | 8,500,000 | 10,029,490 | |||||||
| Series B, 4.0%, 10/15/2033 | 20,000,000 | 24,223,400 | |||||||
| Series A, 4.0%, 10/15/2036 | 5,000,000 | 5,930,450 | |||||||
| Series B, 4.0%, 10/15/2036 | 23,580,000 | 28,382,774 | |||||||
| Series B, 4.0%, 10/15/2037 | 7,000,000 | 8,399,650 | |||||||
| Series A, 4.0%, 10/15/2044 | 14,165,000 | 16,919,384 | |||||||
| Texas, University of Texas Revenue, Series B, 5.0%, 8/15/2049 | 12,750,000 | 21,509,122 | |||||||
| 483,577,893 | |||||||||
| Utah 0.7% | |||||||||
| Salt Lake City, UT, Airport Revenue: | |||||||||
| Series A, AMT, 5.0%, 7/1/2032 | 5,000,000 | 6,350,700 | |||||||
| Series A, AMT, 5.0%, 7/1/2043 | 3,850,000 | 4,773,153 | |||||||
| Series A, AMT, 5.0%, 7/1/2047 | 13,435,000 | 16,267,098 | |||||||
| Series A, AMT, 5.0%, 7/1/2048 | 2,310,000 | 2,845,458 | |||||||
| 30,236,409 | |||||||||
| Virginia 1.9% | |||||||||
| Fairfax County, VA, Economic Development Authority, Residential Care Facility Revenue, Goodwin House, Inc., Series A, 5.0%, 10/1/2036 | 1,750,000 | 2,035,425 | |||||||
| Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project: | |||||||||
| AMT, 5.0%, 12/31/2049 | 14,865,000 | 17,721,607 | |||||||
| AMT, 5.0%, 12/31/2052 | 4,655,000 | 5,539,124 | |||||||
| Virginia, State College Building Authority, Educational Facilities Revenue, 21st Century, Series A, 4.0%, 2/1/2031 | 15,145,000 | 17,517,464 | |||||||
| Virginia, State College Building Authority, Educational Facilities Revenue, Public Higher Education: | |||||||||
| Series A, 4.0%, 9/1/2030 | 5,590,000 | 6,691,342 | |||||||
| Series A, 4.0%, 9/1/2031 | 4,710,000 | 5,512,490 | |||||||
| Virginia, State Commonwealth Transportation Board Revenue, Series A, 5.0%, 5/15/2031 | 5,120,000 | 6,615,398 | |||||||
| Virginia, State Public Building Authority, Public Facility Revenue, Series A, 4.0%, 8/1/2039 | 5,000,000 | 6,075,700 | |||||||
| Virginia, State Public Building Authority, Public Facility Revenue, Series B, AMT, 4.0%, 8/1/2039 | 9,700,000 | 11,525,055 | |||||||
| 79,233,605 | |||||||||
| Washington 4.4% | |||||||||
| King County, WA, School District No. 412 Shoreline: | |||||||||
| 4.0%, 12/1/2035 | 5,505,000 | 6,624,772 | |||||||
| 4.0%, 12/1/2037 | 15,000,000 | 17,950,950 | |||||||
| 5.0%, 12/1/2031 | 14,345,000 | 18,821,644 | |||||||
| Port of Seattle, WA, Revenue Bonds: | |||||||||
| Series A, AMT, 5.0%, 5/1/2029 | 8,280,000 | 10,325,491 | |||||||
| Series A, AMT, 5.0%, 5/1/2030 | 6,200,000 | 7,701,516 | |||||||
| Series A, AMT, 5.0%, 5/1/2031 | 9,200,000 | 11,356,296 | |||||||
| Seattle, WA, Municipal Light & Power Revenue, Series A, 4.0%, 1/1/2038 | 6,875,000 | 8,064,444 | |||||||
| Spokane County, WA, School District No. 81, Series B, 4.0%, 12/1/2030 | 18,800,000 | 22,507,360 | |||||||
| Washington, Energy Northwest Electric Revenue: | |||||||||
| Series C, 5.0%, 7/1/2030 | 14,405,000 | 18,824,454 | |||||||
| Series C, 5.0%, 7/1/2031 | 10,675,000 | 13,894,793 | |||||||
| Washington, State General Obligation, Series C, 5.0%, 2/1/2031 | 16,000,000 | 20,683,040 | |||||||
| Washington, State Health Care Facilities Authority, Catholic Health Initiatives, Series A, Prerefunded, 5.0%, 2/1/2041 | 11,260,000 | 11,681,011 | |||||||
| Washington, State Health Care Facilities Authority, Commonspirit Health Obligation, Series A-2, 5.0%, 8/1/2044 | 3,500,000 | 4,357,500 | |||||||
| Washington, State Health Care Facilities Authority, Virginia Mason Medical Center: | |||||||||
| 5.0%, 8/15/2034 | 1,715,000 | 2,085,080 | |||||||
| 5.0%, 8/15/2035 | 1,470,000 | 1,781,861 | |||||||
| 5.0%, 8/15/2036 | 980,000 | 1,185,624 | |||||||
| Washington, State Housing Finance Commission, Non-profit Housing Revenue, Rockwood Retirement Communities Project, 144A, 5.0%, 1/1/2055 | 9,010,000 | 9,777,111 | |||||||
| 187,622,947 | |||||||||
| West Virginia 0.6% | |||||||||
| West Virginia, State Hospital Finance Authority, State University Health System Obligated Group, Series A, 5.0%, 6/1/2047 | 20,120,000 | 24,122,069 | |||||||
| Wisconsin 0.9% | |||||||||
| Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority: | |||||||||
| Series B, ETM, 6.25%, 1/1/2022, INS: AMBAC | 885,000 | 946,384 | |||||||
| Series C, ETM, 6.25%, 1/1/2022, INS: AMBAC | 1,540,000 | 1,647,030 | |||||||
| Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group: | |||||||||
| 144A, 5.5%, 5/1/2039 | 835,000 | 874,078 | |||||||
| 144A, 5.75%, 5/1/2054 | 8,100,000 | 8,486,937 | |||||||
| Wisconsin, Public Financing Authority, Retirement Facilities Revenue, Southminster, Inc.: | |||||||||
| 144A, 5.0%, 10/1/2043 | 1,560,000 | 1,778,759 | |||||||
| 144A, 5.0%, 10/1/2048 | 4,315,000 | 4,905,594 | |||||||
| 144A, 5.0%, 10/1/2053 | 8,100,000 | 9,186,048 | |||||||
| Wisconsin, State Health & Educational Facilities Authority Revenue, Agnesian Healthcare, Inc., Series B, Prerefunded, 5.0%, 7/1/2036 | 8,500,000 | 9,642,910 | |||||||
| Wisconsin, State Health & Educational Facilities Authority, St. John's Communities, Inc. Project: | |||||||||
| Series A, 5.0%, 9/15/2040 | 335,000 | 361,971 | |||||||
| Series A, 5.0%, 9/15/2045 | 445,000 | 478,802 | |||||||
| Series A, 5.0%, 9/15/2050 | 1,780,000 | 1,908,373 | |||||||
| 40,216,886 | |||||||||
| Total Municipal Bonds and Notes (Cost $3,784,366,992) | 4,208,852,921 | ||||||||
| Underlying Municipal Bonds of Inverse Floaters (b) 0.2% | |||||||||
| Texas | |||||||||
Dallas, TX, Water Works & Sewer Systems Revenue, 5.0%, 10/1/2035 (c) (Cost $10,617,286) | 10,000,000 | 10,229,700 | |||||||
| Trust: Texas, Water Works & Sewer Systems Revenue, Series 2016-XM0288, 144A, 8.180%, 10/1/2020, Leverage Factor at purchase date: 2 to 1 | |||||||||
| Shares | Value ($) | ||||||||
| Open-End Investment Companies 0.2% | |||||||||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.953% *** (Cost $6,220,112) | 6,218,344 | 6,219,587 | |||||||
| % of Net Assets | Value ($) | ||||||||
| Total Investment Portfolio (Cost $3,801,204,390) | 99.7 | 4,225,302,208 | |||||||
| Floating Rate Notes (b) | (0.1) | (5,000,000) | |||||||
| Other Assets and Liabilities, Net | 0.4 | 14,914,927 | |||||||
| Net Assets | 100.0 | 4,235,217,135 | |||||||
| For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. | |
| * | Non-income producing security. |
| ** | Variable or floating rate security. These securities are shown at their current rate as of February 29, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. |
| *** | Current yield; not a coupon rate. |
| (a) | When-issued security. |
| (b) | Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund and is the amount owed to the floating rate note holders. |
| (c) | Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability. |
| 144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |
| AGMC: Assured Guaranty Municipal Corp. | |
| AMBAC: Ambac Financial Group, Inc. | |
| AMT: Subject to alternative minimum tax. | |
| ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated. | |
| GTY: Guaranty Agreement | |
| INS: Insured | |
| LIBOR: London Interbank Offered Rate | |
| NATL: National Public Finance Guarantee Corp. | |
| Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date. | |
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2020 in valuing the Fund's investments.
| |
| Assets | Level 1 | Level 2 | Level 3 | Total | |||||
| Municipal Investments(d) | $ | — | $ | 4,219,082,621 | $ | — | $ | 4,219,082,621 | |
| Open-End Investment Companies | 6,219,587 | — | — | 6,219,587 | |||||
| Total | $ | 6,219,587 | $ | 4,219,082,621 | $ | — | $ | 4,225,302,208 | |
| (d) | See Investment Portfolio for additional detailed categorizations. |