| | Principal
Amount ($) | | Value ($) |
| Municipal Bonds and Notes 93.2% |
| Alabama 0.5% |
| Jefferson County, AL, Sewer Revenue, Series C, Step-up Coupon, 0% to 10/1/2023, 6.9% to 10/1/2050, INS: AGMC | | 5,000,000 | | 4,889,750 |
| Arizona 3.3% |
| Arizona, State Industrial Development Authority, 3rd Tier Great Lakes Senior Living Revenue Communities Project: | |
| | Series C, 144A, 5.0%, 1/1/2049 | | 1,300,000 | | 1,034,800 |
| | Series C, 144A, 5.5%, 1/1/2054 | | 2,700,000 | | 2,285,577 |
| Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049 | | 2,760,000 | | 2,928,471 |
| Arizona, State Industrial Development Authority, Education Revenue, BASIS School Projects: | |
| | Series G, 144A, 5.0%, 7/1/2047 | | 1,000,000 | | 1,062,270 |
| | Series D, 144A, 5.0%, 7/1/2051 | | 1,035,000 | | 1,096,903 |
| | Series G, 144A, 5.0%, 7/1/2051 | | 550,000 | | 582,896 |
| | Series A, 144A, 5.25%, 7/1/2047 | | 1,000,000 | | 1,067,060 |
| Arizona, State University, Green Bond, Series A, 5.0%, 7/1/2043 | | 8,000,000 | | 10,137,280 |
| Maricopa County, AZ, Industrial Development Authority, Education Revenue, Benjamin Franklin Charter School Project, Series A, 144A, 6.0%, 7/1/2052 | | 1,000,000 | | 1,128,240 |
| Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049 | | 1,490,000 | | 1,588,429 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Revenue, Leman Academy of Excellence, ORO Valley Project: | | | | |
| | Series A, 144A, 5.0%, 7/1/2038 | | 1,380,000 | | 1,415,894 |
| | Series A, 144A, 5.25%, 7/1/2048 | | 1,750,000 | | 1,794,730 |
| Phoenix, AZ, Industrial Development Authority, Student Housing Revenue, Downtown Phoenix Student Housing LLC: | |
| | Series A, 5.0%, 7/1/2037 | | 2,000,000 | | 2,147,120 |
| | Series A, 5.0%, 7/1/2042 | | 2,000,000 | | 2,119,360 |
| Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project: | |
| | 144A, 5.0%, 6/15/2049 | | 410,000 | | 412,743 |
| | 144A, 5.0%, 6/15/2052 | | 710,000 | | 713,848 |
| Tempe, AZ, Industrial Development Authority Revenue, Tempe Life Care Village, Inc.: | |
| | Series A, 6.25%, 12/1/2042 | | 1,535,000 | | 1,558,516 |
| | Series A, 6.25%, 12/1/2046 | | 1,400,000 | | 1,419,922 |
| | 34,494,059 |
| Arkansas 0.4% |
| Arkansas, State Development Finance Authority Industrial Development Revenue, Big River Steel Project, AMT, 4.75%, 9/1/2049 (a) | | 4,000,000 | | 4,072,800 |
| California 5.9% |
| California, Community Housing Agency, Essential Housing Revenue, Verdant at Green Valley Project, Series A, 144A, 5.0%, 8/1/2049 | | 4,800,000 | | 5,409,792 |
| California, County Tobacco Securitization Agency, Tobacco Settle Revenue, Series B-2, Zero Coupon, 6/1/2055 | | 15,000,000 | | 2,685,300 |
| California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue: | |
| | Series A-1, 5.0%, 6/1/2047 | | 1,125,000 | | 1,156,748 |
| | Series A-2, 5.0%, 6/1/2047 | | 5,075,000 | | 5,218,216 |
| California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets | | 8,750,000 | | 13,615,962 |
| California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042 | | 1,145,000 | | 1,256,500 |
| California, River Islands Public Financing Authority, Special Tax, Community Facilities District No. 2019-1, Phase 2 Public Improvements: | |
| | 3.875%, 9/1/2049 | | 2,630,000 | | 2,648,752 |
| | 4.0%, 9/1/2046 | | 4,895,000 | | 5,018,256 |
| California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, LINXS Apartment Project, Series A, AMT, 5.0%, 12/31/2047 | | 2,075,000 | | 2,374,506 |
| California, State Municipal Finance Authority Revenue, NorthBay Healthcare, Series A, 5.25%, 11/1/2047 | | 2,135,000 | | 2,352,706 |
| California, State School Finance Authority, Educational Facilities Revenue, River Springs Charter School Project, Series A, 144A, 6.375%, 7/1/2046 | | 2,000,000 | | 2,228,940 |
| California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center, Series A, 144A, 5.25%, 12/1/2056 | | 5,515,000 | | 5,938,717 |
| Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue, Series A, 5.25%, 11/15/2023, GTY: Merrill Lynch & Co. | | 620,000 | | 707,693 |
| Riverside County, CA, Transportation Commission Toll Revenue Senior Lien, Series A, 5.75%, 6/1/2048 | | 2,850,000 | | 3,104,847 |
| San Buenaventura, CA, Community Memorial Health Systems, 7.5%, 12/1/2041 | | 3,250,000 | | 3,421,568 |
| San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Revenue, Series A, 5.0%, 1/15/2050 | | 3,555,000 | | 3,923,049 |
| | 61,061,552 |
| Colorado 3.9% |
| Colorado, Broadway Station Metropolitan District No. 3, Step-up Coupon, 0% to 12/1/2027, 7.5% to 12/1/2049 | | 2,000,000 | | 1,127,980 |
| Colorado, E-470 Public Highway Authority Revenue, Series C, 5.375%, 9/1/2026 | | 2,000,000 | | 2,000,000 |
| Colorado, High Performance Transportation Enterprise Revenue, C-470 Express Lanes, 5.0%, 12/31/2056 | | 2,275,000 | | 2,450,607 |
| Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, 11/15/2028, GTY: Merrill Lynch & Co. | | 6,365,000 | | 8,188,127 |
| Colorado, Regional Transportation District, Private Activity Revenue, Denver Transit Partners, 6.0%, 1/15/2041 | | 2,000,000 | | 2,003,940 |
| Colorado, State Health Facilities Authority Revenue, Christian Living Community, 6.375%, 1/1/2041 | | 1,615,000 | | 1,664,952 |
| Colorado, State Health Facilities Authority Revenue, Covenant Retirement Communities, Series A, 5.0%, 12/1/2033 | | 4,835,000 | | 5,037,006 |
| Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group, Series A-2, 4.0%, 8/1/2049 | | 4,000,000 | | 4,409,760 |
| Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group: | |
| | Series A, 5.0%, 12/1/2043 | | 1,630,000 | | 1,791,321 |
| | Series A, 5.0%, 12/1/2048 | | 2,610,000 | | 2,855,966 |
| Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049 | | 1,000,000 | | 1,009,400 |
| Denver, CO, Convention Center Hotel Authority Revenue: | |
| | 5.0%, 12/1/2033 | | 500,000 | | 537,915 |
| | 5.0%, 12/1/2034 | | 1,000,000 | | 1,073,410 |
| | 5.0%, 12/1/2040 | | 2,060,000 | | 2,189,842 |
| Denver, CO, Health & Hospital Authority, Certificate of Participations, 5.0%, 12/1/2048 | | 1,170,000 | | 1,324,686 |
| Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039 | | 2,365,000 | | 2,430,676 |
| | 40,095,588 |
| Connecticut 0.2% |
| Connecticut, Mashantucket Western Pequot Tribe Bond, 6.05%, 7/1/2031* PIK | | 19,713,389 | | 1,281,370 |
| Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040 | | 870,000 | | 963,882 |
| | 2,245,252 |
| District of Columbia 0.7% |
| District of Columbia, Metropolitan Airport Authority, Dulles Toll Road Revenue, Dulles Metrorail & Capital Improvement Project, Series B, 4.0%, 10/1/2049 | | 3,090,000 | | 3,395,446 |
| District of Columbia, Water & Sewer Authority, Public Utility Revenue, Green Bond, Series A, 4.0%, 10/1/2049 | | 3,375,000 | | 3,938,524 |
| | 7,333,970 |
| Florida 7.4% |
| Alachua County, FL, Health Facilities Authority, Shands Teaching Hospital & Clinics, Inc., Series A, 4.0%, 12/1/2049 | | 4,165,000 | | 4,691,331 |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Revenue, Arlington of Naples Project, Series A, 144A, 8.125%, 5/15/2044* | | 2,310,000 | | 1,732,500 |
| Florida, Capital Trust Agency, Educational Facilities Authority, Charter Educational Foundation Project, Series A, 144A, 5.375%, 6/15/2048 | | 1,840,000 | | 1,927,400 |
| Florida, Capital Trust Agency, Senior Living Revenue, American Eagle Portfolio Project, Series A-1, 5.875%, 7/1/2054* | | 5,755,000 | | 4,028,500 |
| Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project: | |
| | Series A, 144A, AMT, 6.375% **, 1/1/2049 | | 1,740,000 | | 1,517,645 |
| | Series A, 144A, AMT, 6.5% **, 1/1/2049 | | 2,260,000 | | 1,958,787 |
| Florida, Halifax Hospital Medical Center, 5.0%, 6/1/2036 | | 890,000 | | 1,024,354 |
| Florida, State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044 | | 8,555,000 | | 9,384,322 |
| Florida, State Development Finance Corp., Learning Gate Community School Project: | |
| | Series A, 5.0%, 2/15/2038 | | 500,000 | | 547,960 |
| | Series A, 5.0%, 2/15/2048 | | 1,150,000 | | 1,252,879 |
| Florida, State Higher Educational Facilities Financial Authority Revenue: | |
| | Series A, 4.0%, 10/1/2044 | | 1,395,000 | | 1,392,824 |
| | 4.0%, 10/1/2049 | | 1,905,000 | | 1,882,331 |
| Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville University Project, Series A-1, 144A, 4.75%, 6/1/2038 | | 1,750,000 | | 1,710,870 |
| Florida, State Mid-Bay Bridge Authority, Series A, 5.0%, 10/1/2035 | | 1,030,000 | | 1,169,400 |
| Florida, Village Community Development District No. 12, Special Assessment Revenue: | |
| | 144A, 4.25%, 5/1/2043 | | 2,485,000 | | 2,659,248 |
| | 144A, 4.375%, 5/1/2050 | | 2,085,000 | | 2,231,221 |
| Florida, Village Community Development District No. 9, Special Assessment Revenue: | |
| | 5.5%, 5/1/2042 | | 1,265,000 | | 1,316,739 |
| | 7.0%, 5/1/2041 | | 1,425,000 | | 1,477,996 |
| Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, Series A, AMT, 4.0%, 10/1/2044 | | 5,000,000 | | 5,609,300 |
| Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, JetBlue Airways Corp. Project: | |
| | Series A, AMT, 4.0%, 10/1/2049 | | 5,000,000 | | 5,575,050 |
| | AMT, 5.0%, 11/15/2026 | | 1,500,000 | | 1,544,490 |
| Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, Series B, 144A, 5.0%, 6/1/2053 | | 3,250,000 | | 3,168,978 |
| Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School Project: | |
| | Series A, 144A, 5.0%, 1/15/2049 | | 825,000 | | 856,688 |
| | Series A, 144A, 5.0%, 1/15/2054 | | 850,000 | | 879,495 |
| Lake County, FL, Senior Living Revenue, Village Veranda at Lady Lake Project, Series A-1, 144A, 7.125%, 1/1/2052 | | 2,700,000 | | 2,409,912 |
| Lee County, FL, Airport Revenue, Series A, AMT, 5.375%, 10/1/2032 | | 1,750,000 | | 1,812,195 |
| Osceola County, FL, Transportation Revenue: | |
| | Series A-2, Zero Coupon, 10/1/2049 | | 3,400,000 | | 1,214,582 |
| | Series A-2, Zero Coupon, 10/1/2051 | | 4,775,000 | | 1,572,121 |
| | Series A-2, Zero Coupon, 10/1/2054 | | 4,570,000 | | 1,337,182 |
| Palm Beach County, FL, Health Facilities Authority Revenue, Lifespace Communities, Inc., Series B, 4.0%, 5/15/2053 | | 3,000,000 | | 2,924,970 |
| Seminole County, FL, Industrial Development Authority, Legacy Pointe At UCF Project: | |
| | Series A, 5.25%, 11/15/2039 | | 445,000 | | 412,951 |
| | Series A, 5.5%, 11/15/2049 | | 3,635,000 | | 3,315,956 |
| | Series A, 5.75%, 11/15/2054 | | 1,365,000 | | 1,259,963 |
| Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050 | | 1,210,000 | | 1,357,584 |
| | 77,157,724 |
| Georgia 2.3% |
| Americus-Sumter County, GA, Hospital Authority, Magnolia Manor Obligated Group, Series A, 6.375%, 5/15/2043 | | 4,000,000 | | 4,406,880 |
| Atlanta, GA, Development Authority Revenue Bonds: | |
| | Series A-1, 5.0%, 7/1/2032 | | 1,650,000 | | 1,840,889 |
| | Series A-1, 5.0%, 7/1/2033 | | 2,595,000 | | 2,879,594 |
| | Series A-1, 5.0%, 7/1/2034 | | 2,320,000 | | 2,558,682 |
| Atlanta, GA, Tax Allocation, Beltline Project: | |
| | Series B, 5.0%, 1/1/2029 | | 3,450,000 | | 4,141,414 |
| | Series B, 5.0%, 1/1/2030 | | 1,715,000 | | 2,049,099 |
| Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Health System, Inc. Project: | |
| | Series A, 5.25%, 8/15/2049 | | 500,000 | | 580,235 |
| | Series A, 5.5%, 8/15/2054 | | 1,820,000 | | 2,125,596 |
| Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co. | | 2,440,000 | | 2,885,202 |
| | 23,467,591 |
| Guam 0.6% |
| Guam, Government Waterworks Authority, Water & Wastewater System Revenue: | |
| | 5.0%, 7/1/2040 | | 1,040,000 | | 1,207,461 |
| | Series A, 5.0%, 1/1/2050 | | 655,000 | | 797,305 |
| Guam, International Airport Authority Revenue: | |
| | Series A, 5.0%, 10/1/2020 | | 225,000 | | 225,166 |
| | Series C, AMT, 6.25%, 10/1/2034 | | 500,000 | | 517,420 |
| | Series C, AMT, 6.375%, 10/1/2043 | | 1,610,000 | | 1,660,683 |
| Guam, Port Authority Revenue, Series A, 5.0%, 7/1/2048 | | 800,000 | | 915,192 |
| Guam, Power Authority Revenue, Series A, 5.0%, 10/1/2034 | | 1,200,000 | | 1,263,588 |
| | 6,586,815 |
| Illinois 8.8% |
| Chicago, IL, Board of Education: | |
| | Series B, 4.0%, 12/1/2035 | | 2,500,000 | | 2,521,700 |
| | Series A, 5.0%, 12/1/2033 | | 740,000 | | 839,730 |
| | Series A, 5.0%, 12/1/2041 | | 3,930,000 | | 3,979,714 |
| | Series H, 5.0%, 12/1/2046 | | 1,690,000 | | 1,838,483 |
| | Series A, 5.5%, 12/1/2039 | | 2,900,000 | | 2,964,438 |
| Chicago, IL, General Obligation: | |
| | Series B, 6.314%, 1/1/2044 | | 2,500,000 | | 2,680,050 |
| | Series A, 5.0%, 1/1/2036 | | 1,000,000 | | 1,057,630 |
| | Series A, 5.0%, 1/1/2044 | | 4,000,000 | | 4,383,200 |
| | Series B, 5.432%, 1/1/2042 | | 3,885,000 | | 3,850,579 |
| | Series A, 5.5%, 1/1/2049 | | 2,425,000 | | 2,752,084 |
| | Series A, 6.0%, 1/1/2038 | | 2,180,000 | | 2,516,374 |
| Chicago, IL, O'Hare International Airport, Airport Revenue, Third Lien, Series A, 5.75%, 1/1/2039 | | 1,595,000 | | 1,618,558 |
| Chicago, IL, O'Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048 | | 1,185,000 | | 1,340,579 |
| Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: | |
| | Series A, 4.0%, 12/1/2050 (a) | | 1,400,000 | | 1,541,610 |
| | Series A, 4.0%, 12/1/2055 (a) | | 1,390,000 | | 1,523,774 |
| Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion Project: | |
| | Series A, Zero Coupon, 12/15/2052, INS: AGMC | | 7,000,000 | | 2,227,750 |
| | Series A, 5.0%, 6/15/2050 | | 1,365,000 | | 1,538,614 |
| | Series B, 5.0%, 6/15/2052 | | 4,435,000 | | 4,561,264 |
| Illinois, Southwestern Development Authority Solid Waste Disposal Revenue, Waste Management, Inc., Project, AMT, 0.14% ***, 9/7/2020, LOC: JPMorgan Chase Bank NA | | 50,000 | | 50,000 |
| Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045 | | 5,435,000 | | 4,809,921 |
| Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%, 5/15/2041 | | 5,265,000 | | 5,543,940 |
| Illinois, State Finance Authority, Health Services Facilities Lease Revenue, University of Health Services Facility Project, 4.0%, 10/1/2050 | | 1,500,000 | | 1,647,285 |
| Illinois, State General Obligation: | |
| | 5.0%, 2/1/2028 | | 3,135,000 | | 3,546,218 |
| | 5.0%, 2/1/2029 | | 3,745,000 | | 4,212,638 |
| | Series A, 5.0%, 10/1/2033 | | 4,970,000 | | 5,588,616 |
| | Series B, 5.0%, 10/1/2033 | | 3,150,000 | | 3,542,080 |
| | 5.0%, 11/1/2034 | | 1,500,000 | | 1,642,920 |
| | 5.0%, 1/1/2035 | | 300,000 | | 324,894 |
| | Series A, 5.0%, 5/1/2035 | | 5,000,000 | | 5,568,150 |
| | Series A, 5.0%, 12/1/2038 | | 2,890,000 | | 3,169,290 |
| | 5.0%, 5/1/2039 | | 2,600,000 | | 2,733,354 |
| | Series A, 5.0%, 12/1/2042 | | 3,610,000 | | 3,923,384 |
| | 5.75%, 5/1/2045 | | 1,470,000 | | 1,727,074 |
| | 91,765,895 |
| Indiana 1.5% |
| Indiana, State Finance Authority Revenue, Educational Facilities, Rock Creek Community Academy Inc., Project: | |
| | Series A, 144A, 5.875%, 7/1/2038 | | 1,340,000 | | 1,443,877 |
| | Series A, 144A, 6.125%, 7/1/2048 | | 3,660,000 | | 3,942,223 |
| Indiana, State Finance Authority Revenue, Greencroft Obligation Group, Series A, 7.0%, 11/15/2043 | | 2,290,000 | | 2,455,956 |
| Indiana, State Finance Authority, Exempt Facilities Revenue, Green Bond, RES Plyflow Indiana LLC, Project, 144A, AMT, 7.0%, 3/1/2039 | | 2,335,000 | | 2,203,656 |
| Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051 | | 5,000,000 | | 5,697,350 |
| | 15,743,062 |
| Iowa 0.8% |
| Iowa, State Finance Authority Revenue, Lifespace Communities, Inc.: | |
| | Series A, 5.0%, 5/15/2041 | | 1,600,000 | | 1,693,312 |
| | Series A, 5.0%, 5/15/2047 | | 350,000 | | 368,032 |
| | Series A, 5.0%, 5/15/2048 | | 4,085,000 | | 4,325,321 |
| Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%, 12/1/2039 | | 2,500,000 | | 2,476,025 |
| | 8,862,690 |
| Kansas 0.1% |
| Wyandotte County, KS, Unified Government, Legends Apartments Garage & West Lawn Project, 4.5%, 6/1/2040 | | 1,535,000 | | 1,522,996 |
| Kentucky 1.3% |
| Columbia, KY, Educational Development Revenue, Lindsey Wilson College Project, 5.0%, 12/1/2033 | | 2,560,000 | | 2,737,459 |
| Kentucky, Public Transportation Infrastructure Authority Toll Revenue, 1st Tier-Downtown Crossing, Series A, 6.0%, 7/1/2053 | | 7,195,000 | | 7,729,588 |
| Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group: | |
| | Series A, 5.0%, 6/1/2045 | | 1,275,000 | | 1,394,200 |
| | Series A, 5.25%, 6/1/2041 | | 1,915,000 | | 2,148,247 |
| | 14,009,494 |
| Louisiana 0.2% |
| Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048 | | 710,000 | | 809,599 |
| Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, Prerefunded, 5.0%, 5/15/2047 | | 10,000 | | 12,507 |
| Shreveport, LA, Water & Sewer Revenue, Junior Lien, Series B, 4.0%, 12/1/2044, INS: AGMC | | 1,000,000 | | 1,147,630 |
| | 1,969,736 |
| Maine 0.9% |
| Maine, Health & Higher Educational Facilities Authority Revenue, Maine General Medical Center, 6.75%, 7/1/2036 | | 9,000,000 | | 9,236,520 |
| Maryland 1.8% |
| Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare: | |
| | Series A, 5.5%, 1/1/2046 | | 11,080,000 | | 12,323,841 |
| | Series A, 6.125%, 1/1/2036 | | 3,250,000 | | 3,393,682 |
| Maryland, State Health & Higher Educational Facilities Authority Revenue, Mercy Medical Center, 6.25%, 7/1/2031 | | 2,500,000 | | 2,587,600 |
| | 18,305,123 |
| Massachusetts 0.3% |
| Massachusetts, Development Finance Agency Revenue, 5.0%, 7/1/2047 | | 1,250,000 | | 1,307,400 |
| Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035 | | 2,000,000 | | 1,998,920 |
| | 3,306,320 |
| Michigan 2.5% |
| Dearborn, MI, Economic Development Corp. Revenue, Limited Obligation, Henry Ford Village: | |
| | 7.0%, 11/15/2038 | | 3,500,000 | | 2,678,095 |
| | 7.125%, 11/15/2043 | | 1,500,000 | | 1,148,160 |
| | 144A, 7.5%, 11/15/2044 | | 1,480,000 | | 1,132,008 |
| Detroit, MI, Water & Sewerage Department, Sewerage Disposal System Revenue, Series A, Prerefunded, 5.25%, 7/1/2039 | | 2,100,000 | | 2,294,481 |
| Detroit, MI, Water Supply Systems Revenue, Series A, Prerefunded, 5.75%, 7/1/2037 | | 7,590,000 | | 7,942,024 |
| Kentwood, MI, Economic Development Corp., Limited Obligation, Holland Home, 5.625%, 11/15/2041 | | 3,750,000 | | 3,852,825 |
| Michigan, Finance Authority Higher Facilities, Ltd. Obligation Revenue, Kettering University Project: | |
| | 4.0%, 9/1/2045 | | 1,775,000 | | 1,939,187 |
| | 4.0%, 9/1/2050 | | 1,660,000 | | 1,803,424 |
| Michigan, State Finance Authority Revenue, Detroit Water & Sewer Department: | |
| | Series C-3, 5.0%, 7/1/2033, INS: AGMC | | 1,820,000 | | 2,075,983 |
| | Series C, 5.0%, 7/1/2035 | | 910,000 | | 1,067,612 |
| | 25,933,799 |
| Minnesota 0.9% |
| Duluth, MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group: | |
| | Series A, 5.0%, 2/15/2048 | | 1,000,000 | | 1,151,810 |
| | Series A, 5.0%, 2/15/2053 | | 2,815,000 | | 3,234,069 |
| Minnesota, State Housing Finance Agency, Series E, 3.5%, 7/1/2050 | | 1,625,000 | | 1,812,850 |
| Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038 | | 2,940,000 | | 2,925,124 |
| | 9,123,853 |
| Mississippi 0.7% |
| Lowndes County, MS, Solid Waste Disposal & Pollution Control Revenue, Weyerhaeuser Co. Project, Series A, 6.8%, 4/1/2022 | | 5,500,000 | | 6,003,525 |
| Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 5.375%, 12/1/2035 | | 1,000,000 | | 1,047,810 |
| | 7,051,335 |
| Missouri 1.9% |
| Kansas City, MO, Land Clearance Redevelopment Authority Project Revenue, Convention Center Hotel Project: | |
| | Series B, 144A, 5.0%, 2/1/2040 | | 1,300,000 | | 1,363,167 |
| | Series B, 144A, 5.0%, 2/1/2050 | | 1,780,000 | | 1,854,885 |
| | Series A, 144A, 6.25%, 4/15/2049 | | 3,750,000 | | 3,632,662 |
| Lee's Summit, MO, Industrial Development Authority, Senior Living Facilities Revenue, John Knox Village Project: | |
| | Series A, 5.0%, 8/15/2042 | | 2,500,000 | | 2,570,950 |
| | Series A, 5.0%, 8/15/2046 | | 2,500,000 | | 2,543,675 |
| | Series A, 5.0%, 8/15/2051 | | 1,000,000 | | 1,014,880 |
| | Series A, 5.25%, 8/15/2039 | | 1,710,000 | | 1,757,795 |
| Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046 | | 665,000 | | 711,756 |
| Missouri, State Health & Educational Facilities Authority, Lutheran Senior Services, 6.0%, 2/1/2041 | | 2,250,000 | | 2,282,512 |
| St. Louis, MO, Industrial Development Authority Financing Revenue, Ballpark Village Development Project, Series A, 4.75%, 11/15/2047 | | 2,275,000 | | 2,020,860 |
| | 19,753,142 |
| Nebraska 0.2% |
| Douglas County, NE, Hospital Authority No. 3, Health Facilities Revenue, State Methodist Health System, 5.0%, 11/1/2045 | | 1,850,000 | | 2,091,554 |
| Nevada 0.2% |
| Carson City, NV, Hospital Revenue, Carson Tahoe Regional Medical Centre, Series A, 5.0%, 9/1/2047 | | 1,000,000 | | 1,140,310 |
| Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058 | | 4,500,000 | | 614,070 |
| | 1,754,380 |
| New Hampshire 0.6% |
| New Hampshire, State Health & Educational Facilities Authority Revenue, Elliot Hospital Obligation Group, 5.0%, 10/1/2038 | | 3,835,000 | | 4,437,747 |
| New Hampshire, State Health & Educational Facilities Authority Revenue, Hillside Village: | |
| | Series A, 144A, 6.125%, 7/1/2037 | | 900,000 | | 762,327 |
| | Series A, 144A, 6.25%, 7/1/2042 | | 1,090,000 | | 899,392 |
| | 6,099,466 |
| New Jersey 2.8% |
| New Jersey, State Economic Development Authority Revenue: | |
| | 5.0%, 6/15/2028 | | 450,000 | | 461,695 |
| | Series BBB, 5.5%, 6/15/2030 | | 8,975,000 | | 10,695,059 |
| New Jersey, State Economic Development Authority Revenue, Black Horse EHT Urban Renewal LLC Project, Series A, 144A, 5.0%, 10/1/2039 | | 3,645,000 | | 3,506,089 |
| New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040 | | 1,625,000 | | 1,552,379 |
| New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 5.0%, 7/1/2033 | | 880,000 | | 996,336 |
| New Jersey, State Economic Development Authority, Special Facilities Revenue, Continental Airlines, Inc. Project, Series B, AMT, 5.625%, 11/15/2030 | | 2,500,000 | | 2,596,050 |
| New Jersey, State Health Care Facilities Financing Authority, 5.0%, 10/1/2038 | | 4,000,000 | | 4,467,720 |
| New Jersey, State Health Care Facilities Financing Authority Revenue, University Hospital, Series A, 5.0%, 7/1/2046, INS: AGMC | | 1,820,000 | | 2,034,669 |
| New Jersey, State Higher Education Assistance Authority, Student Loan Revenue: | |
| | Series B, AMT, 3.25%, 12/1/2039 | | 1,500,000 | | 1,484,925 |
| | Series B, AMT, 3.5%, 12/1/2039 | | 1,800,000 | | 1,817,568 |
| | 29,612,490 |
| New Mexico 0.3% |
| New Mexico, State Mortgage Finance Authority, "I", Series D, 3.25%, 7/1/2044 | | 2,740,000 | | 2,926,539 |
| New York 7.2% |
| Hudson, NY, Yards Infrastructure Corp. Revenue, Fiscal 2012: | |
| | Series A, 5.25%, 2/15/2047 | | 4,780,000 | | 4,876,126 |
| | Series A, Prerefunded, 5.25%, 2/15/2047 | | 220,000 | | 225,056 |
| | Series A, 5.75%, 2/15/2047 | | 2,665,000 | | 2,726,828 |
| | Series A, Prerefunded, 5.75%, 2/15/2047 | | 125,000 | | 128,155 |
| Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Community Project, 5.0%, 1/1/2050 | | 3,750,000 | | 3,860,437 |
| New York, Brooklyn Arena Local Development Corp., Pilot Revenue, Barclays Center Project, Series A, 4.0%, 7/15/2035, INS: AGMC | | 455,000 | | 498,325 |
| New York, Metropolitan Transportation Authority Revenue: | |
| | Series B-2A, 5.0%, 5/15/2021 | | 4,500,000 | | 4,577,085 |
| | Series D-1, 5.0%, 9/1/2022 | | 5,000,000 | | 5,221,800 |
| | Series D, 5.0%, 11/15/2033 | | 1,500,000 | | 1,668,885 |
| | Series C-1, 5.0%, 11/15/2050 | | 1,320,000 | | 1,458,164 |
| | Series C-1, 5.25%, 11/15/2055 | | 3,960,000 | | 4,457,614 |
| New York, State Dormitory Authority Revenues, Non-State Supported Debt, Orange Regional Medical Center, 144A, 5.0%, 12/1/2045 | | 1,000,000 | | 1,099,240 |
| New York, State Liberty Development Corp. Revenue, World Trade Center Project, Class 1-3, 144A, 5.0%, 11/15/2044 | | 3,000,000 | | 3,183,930 |
| New York, State Transportation Development Corp., Special Facilities Revenue, John F. Kennedy International Airport Project: | |
| | AMT, 5.25%, 8/1/2031 | | 2,800,000 | | 2,901,136 |
| | AMT, 5.375%, 8/1/2036 | | 900,000 | | 933,624 |
| New York, TSASC, Inc.: | | | | |
| | Series A, 5.0%, 6/1/2041 | | 595,000 | | 671,434 |
| | Series B, 5.0%, 6/1/2048 | | 8,800,000 | | 9,078,872 |
| New York & New Jersey Port Authority, Special Obligation Revenue, JFK International Air Terminal LLC, 6.0%, 12/1/2042 | | 5,795,000 | | 5,865,873 |
| New York City, NY, Housing Development Corp., Multi-Family Housing Revenue: | |
| | Series E-1, 2.8%, 11/1/2034 | | 5,000,000 | | 5,264,950 |
| | Series E-1, 3.0%, 11/1/2039 | | 3,000,000 | | 3,142,140 |
| New York Counties, NY, Tobacco Trust IV, Series F, Zero Coupon, 6/1/2060 | | 150,000,000 | | 5,101,500 |
| New York, NY, General Obligation, Series A-1, 4.0%, 8/1/2038 | | 5,000,000 | | 5,814,650 |
| Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen Arden Project, 5.7%, 1/1/2028 | | 2,125,000 | | 1,833,025 |
| | 74,588,849 |
| North Carolina 0.2% |
| North Carolina, State Housing Finance Agency, Series 42, 4.0%, 1/1/2050 | | 2,100,000 | | 2,355,045 |
| North Dakota 0.2% |
| Grand Forks, ND, Health Care System Revenue, Altru Health System, 5.0%, 12/1/2032 | | 2,000,000 | | 2,055,480 |
| Ohio 4.1% |
| Buckeye, OH, Tobacco Settlement Financing Authority: | |
| | Series B-3, Class 2, Zero Coupon, 6/1/2057 | | 20,000,000 | | 2,906,400 |
| | Series B-2, Class 2, 5.0%, 6/1/2055 | | 3,625,000 | | 3,987,500 |
| Centerville, OH, Health Care Revenue, Graceworks Lutheran Services, 5.25%, 11/1/2047 | | 2,480,000 | | 2,546,811 |
| Cleveland-Cuyahoga County, OH, Port Authority Cultural Facility Revenue, Playhouse Square Foundation Project, 5.5%, 12/1/2053 | | 7,140,000 | | 7,412,462 |
| Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project: | |
| | 5.0%, 1/1/2051 | | 1,270,000 | | 1,309,434 |
| | Series A, 5.0%, 1/1/2052 | | 1,000,000 | | 1,035,570 |
| Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046 | | 10,345,000 | | 12,118,237 |
| Ohio, State Air Quality Development Authority, Exempt Facilities Revenue, Pratt Paper LLC Project: | |
| | AMT, 144A, 4.25%, 1/15/2038, GTY: Pratt Industries, Inc. | | 725,000 | | 771,168 |
| | AMT, 144A, 4.5%, 1/15/2048, GTY: Pratt Industries, Inc. | | 3,115,000 | | 3,307,382 |
| Ohio, State Higher Educational Facility Commission Revenue, Summa Health System Obligated Group, 5.75%, 11/15/2040 | | 1,105,000 | | 1,109,133 |
| Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048 | | 6,000,000 | | 6,341,880 |
| | 42,845,977 |
| Oklahoma 0.8% |
| Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project: | |
| | Series B, 5.5%, 8/15/2052 | | 1,635,000 | | 1,919,768 |
| | Series B, 5.5%, 8/15/2057 | | 4,235,000 | | 4,962,658 |
| Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau, Inc. Project, 5.25%, 11/15/2045 | | 1,175,000 | | 1,236,746 |
| | 8,119,172 |
| Oregon 0.0% |
| Clackamas County, OR, Hospital Facilities Authority Revenue, Mary's Woods at Marylhurst, Inc. Project, Series A, 5.0%, 5/15/2038 | | 195,000 | | 205,300 |
| Pennsylvania 3.7% |
| Chester County, PA, Industrial Development Authority, Special Obligation Revenue, Woodlands at Graystone Neighborhood Improvement Project, 144A, 5.125%, 3/1/2048 | | 500,000 | | 503,245 |
| Doylestown, PA, Hospital Authority Revenue, Series A, 5.0%, 7/1/2049 | | 2,235,000 | | 2,484,560 |
| Lancaster County, PA, Hospital Authority, Brethren Village Project: | |
| | 5.125%, 7/1/2037 | | 900,000 | | 939,159 |
| | 5.25%, 7/1/2041 | | 900,000 | | 937,107 |
| Pennsylvania, Economic Development Finance Authority, U.S. Airways Group, Series B, 8.0%, 5/1/2029, GTY: American Airlines, Inc. | | 985,000 | | 987,581 |
| Pennsylvania, Economic Development Financing Authority, Sewer Sludge Disposal Revenue, Philadelphia Biosolids Facility, 6.25%, 1/1/2032 | | 1,420,000 | | 1,446,483 |
| Pennsylvania, Higher Education Assistance Agency Education Loan Revenue, Series A, AMT, 2.45%, 6/1/2041 | | 5,260,000 | | 4,872,601 |
| Pennsylvania, State Economic Development Financing Authority Revenue, Bridges Finco LP, AMT, 5.0%, 12/31/2034 | | 8,005,000 | | 9,164,124 |
| Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 132A, 3.5%, 4/1/2051 | | 1,705,000 | | 1,866,532 |
| Pennsylvania, State Turnpike Commission Revenue: | |
| | Series A, 5.0%, 12/1/2039 | | 5,000,000 | | 6,176,750 |
| | Series A-1, 5.0%, 12/1/2041 | | 20,000 | | 22,797 |
| Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035 | | 7,085,000 | | 7,121,063 |
| Philadelphia, PA, Gas Works Revenue, Series 9, 5.25%, 8/1/2040 | | 1,835,000 | | 1,842,193 |
| | 38,364,195 |
| Puerto Rico 4.3% |
| Puerto Rico, Aqueduct & Sewer Authority Revenue: | |
| | Series A, 5.25%, 7/1/2029 | | 1,000,000 | | 1,038,750 |
| | Series A, 5.25%, 7/1/2042 | | 6,500,000 | | 6,686,875 |
| Puerto Rico, Commonwealth Aqueduct & Sewer Authority Revenue, Series A, 5.0%, 7/1/2033 | | 1,720,000 | | 1,769,450 |
| Puerto Rico, Commonwealth of Public Improvement, Series A, 5.0%, 7/1/2041* | | 1,955,000 | | 1,224,319 |
| Puerto Rico, Electric Power Authority Revenue: | |
| | Series TT, 5.0%, 7/1/2025 * | | 920,000 | | 634,800 |
| | Series XX, 5.25%, 7/1/2040 * | | 4,000,000 | | 2,765,000 |
| | Series WW, 5.5%, 7/1/2038 * | | 2,900,000 | | 2,011,875 |
| Puerto Rico, GDB Debt Recovery Authority, 7.5%, 8/20/2040 | | 9,079,542 | | 6,230,836 |
| Puerto Rico, General Obligation, Series A, 8.0%, 7/1/2035* | | 5,000,000 | | 3,056,250 |
| Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue: | |
| | Series A-1, Zero Coupon, 7/1/2046 | | 20,000,000 | | 5,737,400 |
| | Series A-1, 4.75%, 7/1/2053 | | 6,800,000 | | 7,147,072 |
| | Series A-1, 5.0%, 7/1/2058 | | 6,183,000 | | 6,601,589 |
| | 44,904,216 |
| South Carolina 2.9% |
| Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2031 | | 1,000,000 | | 1,054,570 |
| Hardeeville, SC, Assessment Revenue, Anderson Tract Municipal Improvement District, Series A, 7.75%, 11/1/2039 | | 3,919,000 | | 3,921,626 |
| South Carolina, State Jobs-Economic Development Authority, Hospital Revenue, Conway Hospitals, Inc., 5.25%, 7/1/2047 | | 2,290,000 | | 2,652,805 |
| South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055 | | 10,360,000 | | 12,028,789 |
| South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043 | | 8,890,000 | | 10,463,974 |
| | 30,121,764 |
| Tennessee 1.0% |
| Metropolitan Nashville, TN, Airport Authority Revenue, Series B, AMT, 4.0%, 7/1/2054 | | 1,500,000 | | 1,648,485 |
| Nashville & Davidson County, TN, Metropolitan Development & Housing Agency, Tax Increment Revenue, Fifth Broadway Development District, 144A, 5.125%, 6/1/2036 | | 900,000 | | 944,892 |
| Tennessee, Energy Acquisition Corp., Gas Revenue, Series C, 5.0%, 2/1/2027, GTY: Goldman Sachs Group, Inc. | | 6,435,000 | | 7,913,184 |
| | 10,506,561 |
| Texas 8.1% |
| Central Texas, Regional Mobility Authority Revenue, Capital Appreciation: | |
| | Zero Coupon, 1/1/2030 | | 5,000,000 | | 4,051,700 |
| | Zero Coupon, 1/1/2032 | | 3,500,000 | | 2,601,025 |
| Clifton, TX, Higher Education Finance Corp., Education Revenue: | |
| | Series A, 5.75%, 8/15/2038 | | 2,810,000 | | 3,163,161 |
| | Series D, 6.125%, 8/15/2048 | | 4,485,000 | | 5,070,427 |
| Houston, TX, Airport System Revenue, Special Facilities United Airlines, Inc., Airport Improvement Projects, Series C, AMT, 5.0%, 7/15/2027 | | 3,000,000 | | 3,121,410 |
| Houston, TX, Airport Systems Revenue, Special Facilities Continental Airlines, Inc. Terminal Projects, AMT, 6.625%, 7/15/2038 | | 2,000,000 | | 2,035,800 |
| Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC | | 11,000,000 | | 13,047,650 |
| Newark, TX, Higher Education Finance Corp., Education Revenue, Austin Achieve Public School, Inc., 5.0%, 6/15/2048 | | 1,440,000 | | 1,465,315 |
| San Antonio, TX, Convention Center Hotel Finance Corp., Contract Revenue, Empowerment Zone, Series A, AMT, 5.0%, 7/15/2039, INS: AMBAC | | 8,000,000 | | 8,002,000 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Trinity Terrace Project, The Cumberland Rest, Inc., Series A-1, 5.0%, 10/1/2044 | | 1,575,000 | | 1,641,528 |
| Temple, TX, Tax Increment, Reinvestment Zone No. 1, Series A, 144A, 5.0%, 8/1/2038 | | 2,830,000 | | 3,104,991 |
| Texas, Dallas/Fort Worth International Airport Revenue, Series D, 5.0%, 11/1/2035 | | 2,715,000 | | 2,736,693 |
| Texas, Love Field Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project, 5.25%, 11/1/2040 | | 7,445,000 | | 7,477,609 |
| Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050 | | 3,550,000 | | 3,631,117 |
| Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Legacy Midtown Park, Inc. Project, Series A, 5.5%, 7/1/2054 | | 2,250,000 | | 2,140,672 |
| Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Presbyterian Village North Project, 5.0%, 10/1/2039 | | 1,820,000 | | 1,841,640 |
| Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053 | | 6,605,000 | | 6,226,666 |
| Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co. | | 8,520,000 | | 10,084,528 |
| Texas, State Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Tarrant Express Mobility Partners Segments LLC, AMT, 6.75%, 6/30/2043 | | 2,220,000 | | 2,532,243 |
| Travis County, TX, Health Facilities Development Corp. Revenue, Westminster Manor Health, 7.0%, 11/1/2030 | | 80,000 | | 80,560 |
| | 84,056,735 |
| Utah 0.9% |
| Utah, Infrastructure Agency Telecommunication Revenue, Series 2019, 4.0%, 10/15/2042 | | 2,350,000 | | 2,429,289 |
| Utah, State Charter School Financing Authority Revenue, Freedom Academy Foundation Project, 144A, 5.375%, 6/15/2048 | | 6,490,000 | | 7,057,940 |
| | 9,487,229 |
| Virginia 2.5% |
| Prince William County, VA, Industrial Development Authority, Residential Care Facilities, Westminster at Lake Ridge: | |
| | 5.0%, 1/1/2037 | | 1,000,000 | | 1,066,930 |
| | 5.0%, 1/1/2046 | | 1,530,000 | | 1,612,987 |
| Roanoke County, VA, Economic Development Authority, RSDL Care Facilities Revenue, Richfield Living: | |
| | Series 2020, 5.0%, 9/1/2050 | | 1,740,000 | | 1,705,548 |
| | Series A, 5.375%, 9/1/2054 | | 1,500,000 | | 1,531,635 |
| Virginia, Marquis Community Development Authority Revenue: | |
| | Series C, Zero Coupon, 9/1/2041 | | 7,906,000 | | 370,475 |
| | 144A, Step-up Coupon, 0% to 9/1/2021, 7.5% to 9/1/2045 | | 1,640,000 | | 946,821 |
| | Series B, 5.625%, 9/1/2041 | | 5,332,000 | | 2,927,215 |
| Virginia, Mosaic District Community Development Authority Revenue, Series A, 6.875%, 3/1/2036 | | 2,000,000 | | 2,031,000 |
| Virginia, Peninsula Town Center, Community Development Authority Revenue, Special Obligation: | |
| | 144A, 5.0%, 9/1/2037 | | 1,400,000 | | 1,461,348 |
| | 144A, 5.0%, 9/1/2045 | | 4,100,000 | | 4,269,207 |
| Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2052 | | 5,250,000 | | 5,917,537 |
| Virginia, State Small Business Financing Authority Revenue, Elizabeth River Crossings LLC Project, AMT, 6.0%, 1/1/2037 | | 1,640,000 | | 1,757,900 |
| | 25,598,603 |
| Washington 3.6% |
| Klickitat County, WA, Public Hospital District No. 2 Revenue, Skyline Hospital: | |
| | 5.0%, 12/1/2037 | | 1,025,000 | | 1,072,570 |
| | 5.0%, 12/1/2046 | | 2,000,000 | | 2,059,680 |
| Washington, Port of Seattle Revenue: | | | | |
| | Series A, AMT, 5.0%, 5/1/2033 | | 4,000,000 | | 4,756,400 |
| | AMT, 5.0%, 4/1/2044 | | 4,000,000 | | 4,761,840 |
| Washington, Port of Seattle, Industrial Development Corp., Special Facilities- Delta Airlines, AMT, 5.0%, 4/1/2030 | | 2,000,000 | | 2,056,200 |
| Washington, State Convention Center Public Facilities District: | |
| | 5.0%, 7/1/2043 | | 3,835,000 | | 4,213,438 |
| | 5.0%, 7/1/2048 | | 5,000,000 | | 5,495,800 |
| Washington, State Higher Education Facilities Authority, Seattle University Project: | |
| | 4.0%, 5/1/2045 | | 1,850,000 | | 2,044,472 |
| | 4.0%, 5/1/2050 | | 1,020,000 | | 1,119,613 |
| Washington, State Housing Finance Commission, Rockwood Retirement Communities Project, Series A, 144A, 7.375%, 1/1/2044 | | 6,000,000 | | 6,424,020 |
| Washington, State Housing Finance Commission, The Hearthstone Project: | |
| | Series A, 144A, 5.0%, 7/1/2038 | | 775,000 | | 791,050 |
| | Series A, 144A, 5.0%, 7/1/2048 | | 1,735,000 | | 1,740,448 |
| | Series A, 144A, 5.0%, 7/1/2053 | | 1,125,000 | | 1,124,922 |
| | 37,660,453 |
| Wisconsin 2.7% |
| Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project: | |
| | Series A-1, 5.0%, 7/1/2043 | | 4,000,000 | | 4,228,920 |
| | Series B, 5.0%, 7/1/2048 | | 910,000 | | 883,319 |
| Wisconsin, Public Finance Authority, Apartment Facilities Revenue, Senior Obligation Group, AMT, 5.0%, 7/1/2042 | | 3,500,000 | | 3,618,335 |
| Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter School Ltd.: | |
| | 5.0%, 7/1/2047 | | 2,000,000 | | 2,127,400 |
| | 5.0%, 7/1/2052 | | 910,000 | | 966,593 |
| Wisconsin, Public Finance Authority, Education Revenue, North Carolina Leadership Academy, 144A, 5.0%, 6/15/2049 | | 520,000 | | 529,895 |
| Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 4.0%, 10/1/2049 | | 5,000,000 | | 5,490,150 |
| Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group: | |
| | 144A, 5.5%, 5/1/2039 | | 135,000 | | 132,366 |
| | 144A, 5.75%, 5/1/2054 | | 3,620,000 | | 3,504,667 |
| Wisconsin, Public Finance Authority, Senior Living Revenue, Mary's Woods at Marylhurst Project, Series A, 144A, 5.25%, 5/15/2047 | | 4,545,000 | | 4,783,022 |
| Wisconsin, State Health & Educational Facilities Authority Revenue, Benevolent Corp. Cedar Community Project: | |
| | 5.0%, 6/1/2037 | | 1,110,000 | | 1,140,769 |
| | 5.0%, 6/1/2041 | | 955,000 | | 970,872 |
| | 28,376,308 |
| Total Municipal Bonds and Notes (Cost $928,107,221) | | 969,719,382 |
| Underlying Municipal Bonds of Inverse Floaters (b) 6.1% |
| Florida 2.1% |
| Miami-Dade County, FL, Transit Sales Surtax Revenue, Series A, 4.0%, 7/1/2049 (c) | | 10,000,000 | | 11,614,125 |
| | Trust: Miami-Dade County, FL, Transit Sales Surtax Revenue, Series XM0901, 144A, 14.02%, 7/1/2028, Leverage Factor at purchase date: 4 to 1 (a) | | |
| Florida, Airport Facilities Revenue, Series B, 4.0%, 9/1/2044 (c) | | 10,000,000 | | 10,766,775 |
| | Trust: Airport Facilities Revenue, Series XM0780, 144A, 13.54%, 9/1/2027, Leverage Factor at purchase date: 4 to 1 | | |
| | 22,380,900 |
| Michigan 1.2% |
| Michigan, State Building Authority Revenue, Facilities Program, Series I, 5.0%, 4/15/2034 (c) | | 10,000,000 | | 12,016,182 |
| | Trust: State Building Authority Revenue, Series 2015-XM0123, 144A, 13.287%, 10/15/2023, Leverage Factor at purchase date: 3 to 1 | | |
| New York 1.1% |
| New York, State Thruway Authority General Revenue, Series B, 4.0%, 1/1/2053 (c) | | 10,000,000 | | 11,385,050 |
| | Trust: New York, State Thruway Authority General Revenue, Series XM0880, 144A, 13.57%, 1/1/2028, Leverage Factor at purchase date: 4 to 1 | | |
| Washington 1.7% |
| Washington, State General Obligation, Series A-1, 144A, 5.0%, 8/1/2037 (c) | | 15,000,000 | | 17,972,250 |
| | Trust: State General Obligation, Series XM0127, 144A, 17.75%, 8/1/2023, Leverage Factor at purchase date: 4 to 1 | | |
| Total Underlying Municipal Bonds of Inverse Floaters (Cost $61,281,904) | | 63,754,382 |
| Other Municipal Related 0.0% |
| Illinois | | | | |
| Illinois, State Finance Authority Revenue, Park Place of Elmhurst Project, Series C, 2.0%, 5/15/2055 * | | 900,000 | | 9,000 |
| Texas | | | | |
| Tarrant County, TX Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Mirador Project Escrow: | | | | |
| | Series A, 11/15/2048 * | | 1,000,000 | | 100 |
| | Series A, 11/15/2055 * | | 3,430,000 | | 343 |
| | | | | 443 |
| Total Other Municipal Related (Cost $7,707) | 9,443 |
| Open-End Investment Companies 5.1% |
| BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% **** (Cost $52,872,694) | | 52,861,439 | | 52,872,011 |
| | % of
Net Assets | | Value ($) |
| Total Investment Portfolio (Cost $1,042,269,526) | 104.4 | | 1,086,355,218 |
| Floating Rate Notes (b) | (3.9) | | (40,420,000) |
| Other Assets and Liabilities, Net | (0.5) | | (5,005,817) |
| Net Assets | 100.0 | | 1,040,929,401 |
| | | | | | | | | | |
