| Municipal Bonds - 50.3% | | | |
| | | Principal Amount | Value |
| Alabama - 0.8% | | | |
| Alabama 21st Century Auth. Tobacco Settlement Rev. Series 2012 A, 5% 6/1/21 | | 950,000 | 1,005,385 |
| Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds Series 2009 E, 1.85%, tender 3/24/20 (a) | | 16,370,000 | 16,387,799 |
|
| TOTAL ALABAMA | | | 17,393,184 |
|
| Alaska - 0.4% | | | |
| Valdez Marine Term. Rev. (BP Pipelines (Alaska), Inc. Proj.): | | | |
| Series 2003 B, 5% 1/1/21 | | $6,600,000 | $6,885,054 |
| Series 2003 C, 5% 1/1/21 | | 2,225,000 | 2,321,098 |
|
| TOTAL ALASKA | | | 9,206,152 |
|
| Arizona - 1.3% | | | |
| Arizona Board of Regents Ctfs. of Prtn. Series 2015 A, 5% 6/1/22 | | 100,000 | 109,573 |
| Arizona Ctfs. of Prtn. Series 2019 A: | | | |
| 5% 10/1/21 | | 920,000 | 986,516 |
| 5% 10/1/22 | | 980,000 | 1,085,624 |
| Arizona State Lottery Rev. Series 2019: | | | |
| 5% 7/1/21 (b) | | 1,575,000 | 1,674,871 |
| 5% 7/1/22 (b) | | 1,265,000 | 1,390,412 |
| Coconino County Poll. Cont. Corp. Rev. Bonds (Nevada Pwr. Co. Projs.): | | | |
| Series 2017 A, 1.8%, tender 5/21/20 (a)(c) | | 9,395,000 | 9,399,663 |
| Series 2017 B, 1.6%, tender 5/21/20 (a) | | 820,000 | 820,409 |
| Maricopa County Rev. Bonds: | | | |
| Series 2019 B, SIFMA Municipal Swap Index + 0.380% 1.96%, tender 10/18/22 (a)(d) | | 8,500,000 | 8,515,555 |
| Series B, 5%, tender 10/18/22 (a) | | 2,500,000 | 2,764,850 |
| Phoenix Civic Impt. Board Arpt. Rev. Series 2018, 5% 7/1/22 (c) | | 1,000,000 | 1,094,400 |
|
| TOTAL ARIZONA | | | 27,841,873 |
|
| Arkansas - 0.2% | | | |
| Little Rock School District Series 2017, 3% 2/1/21 | | 3,255,000 | 3,325,992 |
| California - 1.0% | | | |
| California Infrastructure and Econ. Dev. Bank Rev. Bonds: | | | |
| Series 2018 A, 1 month U.S. LIBOR + 0.380% 1.793%, tender 8/1/21 (a)(d) | | 13,270,000 | 13,270,664 |
| Series 2018 C, 1 month U.S. LIBOR + 0.380% 1.793%, tender 8/1/21 (a)(d) | | 5,960,000 | 5,960,179 |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Series 2013 A, 5% 5/1/22 (c) | | 920,000 | 1,000,969 |
|
| TOTAL CALIFORNIA | | | 20,231,812 |
|
| Colorado - 1.3% | | | |
| Colorado Health Facilities Auth. Bonds (Valley View Hosp. Assoc. Proj.) Series 2018, 2.8%, tender 5/15/23 (a) | | 980,000 | 1,012,536 |
| Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2013 A, 5% 6/1/20 | | 185,000 | 189,532 |
| Colorado Univ. Co. Hosp. Auth. Rev. Bonds: | | | |
| Series 2017C-1, 4%, tender 3/1/20 (a) | | 8,600,000 | 8,610,754 |
| Series 2017C-2, 5%, tender 3/1/22 (a) | | 2,675,000 | 2,853,610 |
| Denver City & County Arpt. Rev.: | | | |
| (Sub Lien Proj.) Series 2013 A, 5% 11/15/21 (c) | | 710,000 | 760,744 |
| Series 2011 A: | | | |
| 5% 11/15/21 (c) | | 5,000,000 | 5,362,750 |
| 5.75% 11/15/20 (c) | | 1,700,000 | 1,780,852 |
| Series 2012 A, 5% 11/15/22 (c) | | 1,000,000 | 1,104,900 |
| Series 2013 A, 5% 11/15/22 (c) | | 800,000 | 882,632 |
| E-470 Pub. Hwy. Auth. Rev.: | | | |
| Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 2,000,000 | 1,972,692 |
| Series 2015 A: | | | |
| 2.35% 9/1/20 | | 300,000 | 302,304 |
| 5% 9/1/20 | | 845,000 | 871,733 |
| Series B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,995,000 | 1,967,761 |
|
| TOTAL COLORADO | | | 27,672,800 |
|
| Connecticut - 2.3% | | | |
| Connecticut Gen. Oblig.: | | | |
| Series 2011 D, 5% 11/1/22 | | 345,000 | 369,875 |
| Series 2012 A, SIFMA Municipal Swap Index + 1.250% 2.83% 4/15/20 (a)(d) | | 9,665,000 | 9,719,741 |
| Series 2013 A: | | | |
| SIFMA Municipal Swap Index + 0.650% 2.23% 3/1/20 (a)(d) | | 220,000 | 220,431 |
| 5% 10/15/19 | | 1,040,000 | 1,041,355 |
| Series 2013 D, 5% 8/15/20 | | 560,000 | 577,402 |
| Series 2014 C, 5% 6/15/20 | | 1,155,000 | 1,184,036 |
| Series 2015 C, SIFMA Municipal Swap Index + 0.900% 2.48% 6/15/21 (a)(d) | | 4,900,000 | 4,940,082 |
| Series 2015 F, 5% 11/15/20 | | 530,000 | 551,174 |
| Series 2016 B: | | | |
| 5% 5/15/21 | | 5,695,000 | 6,024,911 |
| 5% 5/15/23 | | 750,000 | 843,023 |
| Series 2016 E: | | | |
| 5% 10/15/20 | | 3,460,000 | 3,588,028 |
| 5% 10/15/21 | | 475,000 | 509,504 |
| Series 2016 G, 5% 11/1/21 | | 2,550,000 | 2,739,873 |
| Series 2017 B, 5% 4/15/20 | | 425,000 | 433,233 |
| Series 2018 B: | | | |
| 5% 4/15/21 | | 3,285,000 | 3,465,642 |
| 5% 4/15/22 | | 1,430,000 | 1,557,470 |
| 5% 4/15/23 | | 1,000,000 | 1,121,300 |
| Series 2018 F, 5% 9/15/22 | | 570,000 | 628,967 |
| Series D, SIFMA Municipal Swap Index + 1.020% 2.6% 8/15/20 (a)(d) | | 1,935,000 | 1,947,961 |
| Connecticut Health & Edl. Facilities Auth. Rev.: | | | |
| Series 2016 CT, 3% 12/1/19 | | 445,000 | 446,183 |
| Series A, 5% 7/1/20 | | 1,400,000 | 1,438,686 |
| Connecticut Higher Ed. Supplemental Ln. Auth. Rev. (Chesla Ln. Prog.) Series 2017 A, 5% 11/15/21 (c) | | 650,000 | 693,082 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | | | |
| Series 2014 A, 5% 9/1/20 | | 495,000 | 510,890 |
| Series 2016 A, 5% 9/1/21 | | 1,415,000 | 1,510,017 |
| Naugatuck Ctfs. of Prtn. (Naugatuck Incineration Facilities Proj.) Series 2014 A, 5% 6/15/20 (c) | | 920,000 | 943,062 |
| New Britain Gen. Oblig. Series 2017 A: | | | |
| 5% 3/1/20 (FSA Insured) | | 185,000 | 187,728 |
| 5% 3/1/21 (FSA Insured) | | 255,000 | 267,546 |
|
| TOTAL CONNECTICUT | | | 47,461,202 |
|
| District Of Columbia - 0.2% | | | |
| Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | | | |
| Series 2011 C, 5% 10/1/22 (c) | | 1,695,000 | 1,813,803 |
| Series 2014 A, 5% 10/1/21 (c) | | 610,000 | 652,230 |
| Series 2019 A: | | | |
| 5% 10/1/21 (c) | | 380,000 | 406,307 |
| 5% 10/1/22 (c) | | 220,000 | 242,684 |
|
| TOTAL DISTRICT OF COLUMBIA | | | 3,115,024 |
|
| Florida - 3.3% | | | |
| Broward County Arpt. Sys. Rev.: | | | |
| Series 2012 P1, 5% 10/1/20 (c) | | 3,760,000 | 3,889,773 |
| Series 2013 A, 5% 10/1/20 (c) | | 700,000 | 724,160 |
| Broward County Port Facilities Rev. Series 2011 B: | | | |
| 5% 9/1/21 (Pre-Refunded to 9/1/21 @ 100) (c) | | 645,000 | 687,809 |
| 5% 9/1/22 (Pre-Refunded to 9/1/22 @ 100) (c) | | 1,000,000 | 1,064,220 |
| Citizens Property Ins. Corp. Series 2012 A1, 5% 6/1/21 | | 7,885,000 | 8,343,355 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | | | |
| Series 2012 A, 5% 10/1/21 (c) | | 760,000 | 813,550 |
| Series 2015 A, 4% 10/1/22 (c) | | 1,070,000 | 1,148,420 |
| Series 2016 A, 5% 10/1/20 (c) | | 700,000 | 725,082 |
| Series 2016, 5% 10/1/20 (c) | | 150,000 | 155,162 |
| Series 2019 A, 5% 10/1/22 (b)(c) | | 4,430,000 | 4,883,632 |
| Hillsborough County Aviation Auth. Rev. Series 2013 A, 5% 10/1/20 (c) | | 1,465,000 | 1,515,563 |
| Jacksonville Elec. Auth. Elec. Sys. Rev.: | | | |
| Series 2010 B, 5% 10/1/20 | | 635,000 | 656,146 |
| Series 2013 A, 5% 10/1/20 | | 4,400,000 | 4,546,525 |
| Series 2013 C, 5% 10/1/19 | | 770,000 | 770,000 |
| Series 2013 D, 5% 10/1/20 | | 660,000 | 681,979 |
| Series 2017 3A, 5% 10/1/19 | | 1,500,000 | 1,500,000 |
| Lakeland Hosp. Sys. Rev. Series 2016, 5% 11/15/19 | | 195,000 | 195,838 |
| Miami-Dade County Aviation Rev.: | | | |
| Series 2012 A: | | | |
| 5% 10/1/20 (c) | | 5,525,000 | 5,712,897 |
| 5% 10/1/21 (c) | | 710,000 | 758,280 |
| Series 2014, 5% 10/1/21 (c) | | 770,000 | 822,360 |
| Series 2015 A: | | | |
| 5% 10/1/20 (c) | | 3,800,000 | 3,929,232 |
| 5% 10/1/21 (c) | | 740,000 | 790,320 |
| Series 2017 B: | | | |
| 2.75% 10/1/20 (c) | | 2,100,000 | 2,124,841 |
| 5% 10/1/20 (c) | | 1,000,000 | 1,034,009 |
| Series A1, 5% 10/1/21 | | 200,000 | 207,450 |
| Miami-Dade County Expressway Auth.: | | | |
| (Waste Mgmt., Inc. of Florida Proj.) 5% 7/1/21 | | 1,505,000 | 1,596,820 |
| Series 2014 B, 5% 7/1/21 | | 685,000 | 726,792 |
| Miami-Dade County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt. of Florida Proj.) Series 2018, 2.85%, tender 8/2/21 (a)(c) | | 1,560,000 | 1,593,618 |
| Miami-Dade County School Board Ctfs. of Prtn.: | | | |
| (Miami-Dade County School District) Series 2012 B-2, 4% 4/1/20 | | 400,000 | 405,315 |
| Series 2014 D, 5% 11/1/20 | | 485,000 | 504,133 |
| Series 2015 A, 5% 5/1/21 | | 885,000 | 936,197 |
| Orange County Health Facilities Auth. Series B: | | | |
| 5% 10/1/20 | | 3,340,000 | 3,460,691 |
| 5% 10/1/21 | | 2,670,000 | 2,863,041 |
| 5% 10/1/22 | | 2,605,000 | 2,884,126 |
| Tampa Solid Waste Sys. Rev.: | | | |
| Series 2010, 5% 10/1/19 (FSA Insured) (c) | | 745,000 | 745,000 |
| Series 2013, 5% 10/1/20 (c) | | 4,335,000 | 4,482,427 |
| Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2016 A, 5% 9/1/20 | | 435,000 | 448,762 |
|
| TOTAL FLORIDA | | | 68,327,525 |
|
| Georgia - 1.7% | | | |
| Bartow County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Bowen Proj.) Series 2013, 1.55%, tender 8/19/22 (a) | | 3,530,000 | 3,502,325 |
| Clarke County Hosp. Auth. Series 2016, 5% 7/1/20 | | 560,000 | 575,049 |
| Cobb County Kennestone Hosp. Auth. Rev. (Wellstar Health Sys., Inc. Proj.) Series 2017 A: | | | |
| 5% 4/1/20 | | 130,000 | 132,304 |
| 5% 4/1/21 | | 300,000 | 314,985 |
| DeKalb Private Hosp. Auth. Rev. Series 2019 B, 5% 7/1/21 | | 1,370,000 | 1,457,009 |
| Fulton County Dev. Auth. Hosp. R (Wellstar Health Sys., Inc. Proj.) Series 2017 A: | | | |
| 5% 4/1/20 | | 110,000 | 111,950 |
| 5% 4/1/21 | | 245,000 | 257,238 |
| Fulton County Dev. Auth. (Piedmont Healthcare, Inc. Proj.) Series 2016, 5% 7/1/20 | | 370,000 | 380,168 |
| Georgia Muni. Elec. Auth. Pwr. Rev.: | | | |
| Series 2008 A, 5.25% 1/1/21 | | 400,000 | 418,508 |
| Series 2009 B, 5% 1/1/20 | | 11,110,000 | 11,205,817 |
| Series 2011 A: | | | |
| 5% 1/1/20 | | 1,230,000 | 1,240,608 |
| 5% 1/1/21 | | 7,860,000 | 8,199,473 |
| Series 2011 B, 5% 1/1/21 | | 770,000 | 803,256 |
| Series 2015 A: | | | |
| 5% 1/1/20 | | 1,040,000 | 1,048,891 |
| 5% 1/1/21 | | 745,000 | 777,177 |
| Series 2016 A: | | | |
| 4% 1/1/21 | | 820,000 | 845,322 |
| 5% 1/1/20 | | 1,360,000 | 1,371,627 |
| Series C, 5% 1/1/22 | | 730,000 | 785,254 |
| Series GG: | | | |
| 5% 1/1/20 | | 355,000 | 358,106 |
| 5% 1/1/21 | | 635,000 | 662,832 |
| Griffin-Spalding County Hosp. (Wellstar Health Sys., Inc. Proj.) Series 2017 A: | | | |
| 3% 4/1/20 | | 110,000 | 110,864 |
| 3% 4/1/21 | | 100,000 | 102,048 |
| Lagrange-Troup County Hosp. Rev. (Wellstar Health Sys., Inc. Proj.) Series 2017 A: | | | |
| 5% 4/1/20 | | 95,000 | 96,684 |
| 5% 4/1/21 | | 240,000 | 251,988 |
|
| TOTAL GEORGIA | | | 35,009,483 |
|
| Hawaii - 0.0% | | | |
| State of Hawaii Dept. of Trans. Series 2013, 5% 8/1/22 (c) | | 750,000 | 818,963 |
| Idaho - 0.0% | | | |
| Idaho Hsg. & Fin. Assoc. Single Family Mtg. (Idaho St Garvee Proj.) Series 2017 A, 5% 7/15/21 | | 660,000 | 702,359 |
| Illinois - 5.6% | | | |
| Champaign County Cmnty. Unit Series 2017, 5% 1/1/21 | | 745,000 | 778,503 |
| Chicago Metropolitan Wtr. Reclamation District of Greater Chicago Series 2014 D, 5% 12/1/19 | | 1,620,000 | 1,629,393 |
| Chicago O'Hare Int'l. Arpt. Rev.: | | | |
| Series 2012 B, 5% 1/1/22 (c) | | 4,720,000 | 5,074,000 |
| Series 2013 A, 5% 1/1/21 (c) | | 3,200,000 | 3,337,792 |
| Series 2015 B, 5% 1/1/21 | | 1,400,000 | 1,462,958 |
| Series 2015 C, 5% 1/1/22 (c) | | 900,000 | 967,500 |
| Series 2018 A, 5% 1/1/20 (c) | | 800,000 | 806,819 |
| Chicago Park District Gen. Oblig. Series 2013 D, 5% 1/1/20 | | 645,000 | 650,384 |
| Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017: | | | |
| 5% 6/1/20 | | 2,280,000 | 2,329,102 |
| 5% 6/1/21 | | 975,000 | 1,027,543 |
| Cook County Gen. Oblig.: | | | |
| Series 2012 C, 5% 11/15/22 | | 1,030,000 | 1,131,805 |
| Series 2014 A, 3% 11/15/19 | | 965,000 | 966,718 |
| Series 2018, 5% 11/15/19 | | 1,115,000 | 1,119,629 |
| Illinois Fin. Auth. Rev.: | | | |
| (Hosp. Sisters Svcs., Inc. Proj.) Series 2012 C, 5% 8/15/20 | | 2,005,000 | 2,065,887 |
| Bonds: | | | |
| (Ascension Health Cr. Group Proj.) Series 2012 E2, 1.75%, tender 4/1/21 (a) | | 2,100,000 | 2,111,466 |
| Series 2017 B, 5%, tender 12/15/22(a) | | 400,000 | 443,700 |
| Series 2016, 5% 11/15/19 | | 260,000 | 261,076 |
| Illinois Gen. Oblig.: | | | |
| Series 2012: | | | |
| 5% 8/1/20 (FSA Insured) | | 1,100,000 | 1,130,618 |
| 5% 8/1/22 (FSA Insured) | | 1,100,000 | 1,186,240 |
| Series 2013 A, 5% 4/1/20 | | 780,000 | 791,091 |
| Series 2014, 4% 2/1/20 | | 600,000 | 603,794 |
| Series 2016: | | | |
| 5% 2/1/20 | | 650,000 | 656,237 |
| 5% 11/1/20 | | 2,955,000 | 3,043,768 |
| Series 2017 B, 5% 11/1/19 | | 22,025,000 | 22,077,941 |
| Series 2017 D, 5% 11/1/20 | | 16,675,000 | 17,174,250 |
| Series 2018 A, 5% 10/1/20 | | 5,725,000 | 5,883,976 |
| Series 2018 B, 5% 10/1/20 | | 2,890,000 | 2,970,252 |
| Series B, 5.25% 1/1/20 | | 710,000 | 715,595 |
| Illinois Muni. Elec. Agcy. Pwr. Supply: | | | |
| Series 2007 C, 5.25% 2/1/20 | | 430,000 | 435,314 |
| Series 2015 A, 5% 2/1/21 | | 1,165,000 | 1,219,126 |
| Series C, 5.25% 2/1/21 | | 1,000,000 | 1,049,740 |
| Illinois Reg'l. Trans. Auth.: | | | |
| Series 2000, 6.25% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 4,585,000 | 4,747,144 |
| Series 2010A, 5% 7/1/20 | | 1,305,000 | 1,316,288 |
| Series 2017 A: | | | |
| 5% 7/1/20 | | 520,000 | 533,737 |
| 5% 7/1/21 | | 520,000 | 552,001 |
| Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2014 A: | | | |
| 5% 12/1/20 | | 5,300,000 | 5,518,148 |
| 5% 12/1/22 | | 3,230,000 | 3,584,040 |
| Railsplitter Tobacco Settlement Auth. Rev.: | | | |
| Series 2010, 5.25% 6/1/20 | | 3,535,000 | 3,620,026 |
| Series 2017: | | | |
| 5% 6/1/22 | | 3,200,000 | 3,482,592 |
| 5% 6/1/23 | | 3,100,000 | 3,471,349 |
| Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2014 C, 5% 3/15/23 | | 520,000 | 579,410 |
| Univ. of Illinois Rev.: | | | |
| Series 2005 A, 5.5% 4/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,300,000 | 1,377,701 |
| Series 2018 A, 5% 4/1/21 | | 850,000 | 894,532 |
| Waukegan Gen. Oblig. Series 2018 B, 4% 12/30/22 (FSA Insured) | | 600,000 | 642,708 |
|
| TOTAL ILLINOIS | | | 115,421,893 |
|
| Indiana - 1.6% | | | |
| Indiana Fin. Auth. (Citizens Energy Group Wtr. Proj.) Series 2014 A, 5% 10/1/19 | | 340,000 | 340,000 |
| Indiana Fin. Auth. Hosp. Rev. Bonds: | | | |
| Series 2011 H, 1.65%, tender 7/1/22 (a) | | 1,555,000 | 1,560,178 |
| Series 2011 I, 1.65%, tender 7/1/22 (a) | | 5,000,000 | 5,016,650 |
| Series 2011 L: | | | |
| SIFMA Municipal Swap Index + 0.280% 1.86%, tender 7/2/21 (a)(d) | | 6,600,000 | 6,601,782 |
| SIFMA Municipal Swap Index + 0.280% 1.86%, tender 7/2/21 (a)(d) | | 6,900,000 | 6,901,794 |
| Series 2015 B, 1.65%, tender 7/2/22 (a) | | 2,360,000 | 2,367,859 |
| Indiana Fin. Auth. Rev. Series 2016, 4% 9/1/20 | | 370,000 | 378,020 |
| Indianapolis Local Pub. Impt. (Indianapolis Arpt. Auth. Proj.) Series 2016 A1, 5% 1/1/21 (c) | | 1,600,000 | 1,670,320 |
| Whiting Envir. Facilities Rev.: | | | |
| (BP Products North America, Inc. Proj.) Series 2009, 5.25% 1/1/21 | | 3,870,000 | 4,049,065 |
| Bonds (BP Products North America, Inc. Proj.): | | | |
| Series 2008, 1.85%, tender 10/1/19 (a) | | 2,150,000 | 2,150,000 |
| Series 2015, 5%, tender 11/1/22 (a)(c) | | 1,100,000 | 1,207,646 |
| Series 2016 A, 5%, tender 3/1/23 (a)(c) | | 800,000 | 885,224 |
|
| TOTAL INDIANA | | | 33,128,538 |
|
| Iowa - 0.0% | | | |
| Iowa Fin. Auth. Rev. Series 2018 B, 5% 2/15/23 | | 515,000 | 573,545 |
| Kentucky - 2.0% | | | |
| Ashland Med. Ctr. Rev. (Ashland Hosp. Corp. D/B/A King's Daughters Med. Ctr. Proj.) Series 2016 A, 4% 2/1/20 | | 595,000 | 598,545 |
| Kenton County Arpt. Board Arpt. Rev. Series 2016, 5% 1/1/20 | | 160,000 | 161,380 |
| Kentucky State Property & Buildings Commission Rev.: | | | |
| (Kentucky St Proj.) Series D: | | | |
| 5% 5/1/20 | | 3,645,000 | 3,718,851 |
| 5% 5/1/21 | | 1,925,000 | 2,031,068 |
| (Kentucky St Proj.): | | | |
| Series 2005 5% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 5,360,000 | 5,701,378 |
| Series 2005, 5% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,050,000 | 1,080,376 |
| Series 2010, 5% 8/1/20 | | 2,860,000 | 2,942,739 |
| (Proj. No. 117) Series B, 3% 5/1/20 | | 1,570,000 | 1,583,733 |
| Series 2016: | | | |
| 3% 4/1/21 | | 775,000 | 792,608 |
| 3% 4/1/22 | | 895,000 | 924,463 |
| Series 2017, 5% 4/1/22 | | 900,000 | 976,941 |
| Series 2018: | | | |
| 5% 5/1/21 | | 2,000,000 | 2,110,200 |
| 5% 5/1/23 | | 3,295,000 | 3,690,894 |
| Series A, 5% 10/1/22 | | 940,000 | 1,036,049 |
| Series B: | | | |
| 5% 8/1/21 | | 950,000 | 1,010,506 |
| 5% 11/1/21 | | 1,150,000 | 1,233,168 |
| 5% 11/1/22 | | 645,000 | 712,673 |
| Kentucky, Inc. Pub. Energy Series 2018 B, 4% 7/1/21 | | 2,200,000 | 2,285,800 |
| Louisville & Jefferson County (Norton Healthcare, Inc. Proj.) Series 2016 A, 5% 10/1/19 | | 1,415,000 | 1,415,000 |
| Trimble County Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.): | | | |
| Series 2001 A, 2.3%, tender 9/1/21 (a) | | 1,150,000 | 1,168,228 |
| Series 2001 B, 2.55%, tender 5/3/21 (a) | | 5,580,000 | 5,676,757 |
|
| TOTAL KENTUCKY | | | 40,851,357 |
|
| Louisiana - 0.8% | | | |
| Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015, 5% 6/1/21 (FSA Insured) | | 1,600,000 | 1,693,008 |
| Louisiana Pub. Facilities Auth. Rev.: | | | |
| (Ochsner Clinic Foundation Proj.) Series 2015, 5% 5/15/21 | | 520,000 | 547,544 |
| Series 2009 A, 5.25% 7/1/20 (Escrowed to Maturity) | | 2,530,000 | 2,599,597 |
| New Orleans Aviation Board Rev.: | | | |
| (North Term. Proj.) Series 2017 B, 5% 1/1/22 (c) | | 520,000 | 557,684 |
| Series 2017 D2: | | | |
| 5% 1/1/20 (c) | | 150,000 | 151,260 |
| 5% 1/1/21 (c) | | 370,000 | 385,041 |
| 5% 1/1/22 (c) | | 655,000 | 702,468 |
| St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 2%, tender 4/1/23 (a)(b) | | 8,040,000 | 8,056,723 |
| Tobacco Settlement Fing. Corp. Series 2013 A: | | | |
| 5% 5/15/20 | | 1,635,000 | 1,670,227 |
| 5% 5/15/21 | | 930,000 | 981,252 |
|
| TOTAL LOUISIANA | | | 17,344,804 |
|
| Maine - 0.0% | | | |
| Maine Health & Higher Edl. Facilities Auth. Rev. Series 2017 B, 4% 7/1/21 | | 250,000 | 260,823 |
| Massachusetts - 0.5% | | | |
| Massachusetts Dev. Fin. Agcy. Rev.: | | | |
| (Lesley Univ. Proj.) Series 2016, 5% 7/1/20 | | 765,000 | 785,384 |
| Series 2012 G, 5% 10/1/19 | | 600,000 | 600,000 |
| Series 2016 I, 5% 7/1/21 | | 790,000 | 837,629 |
| Massachusetts Edl. Fing. Auth. Rev.: | | | |
| Series 2015 A, 5% 1/1/22 (c) | | 1,400,000 | 1,505,000 |
| Series 2016 J, 5% 7/1/21 (c) | | 2,840,000 | 3,008,526 |
| Series 2017 A, 4% 7/1/20 (c) | | 280,000 | 285,114 |
| Massachusetts Gen. Oblig. Bonds Series 2014 D1, 1.05%, tender 7/1/20 (a) | | 3,720,000 | 3,708,689 |
| Massachusetts Health & Edl. Facilities Auth. Rev. (Partners Healthcare Sys., Inc. Proj.) Series 2010, 5% 7/1/21 | | 420,000 | 421,226 |
|
| TOTAL MASSACHUSETTS | | | 11,151,568 |
|
| Michigan - 4.2% | | | |
| Clarkston Cmnty. Schools Series 2016 I, 4% 5/1/20 | | 255,000 | 258,863 |
| Detroit Downtown Dev. Auth. Tax: | | | |
| Series 1, 5% 7/1/21 (FSA Insured) | | 1,185,000 | 1,252,225 |
| Series A, 5% 7/1/22 (FSA Insured) | | 650,000 | 707,688 |
| Ferris State Univ. Rev. Series 2016: | | | |
| 5% 10/1/19 | | 285,000 | 285,000 |
| 5% 10/1/20 | | 400,000 | 414,332 |
| Huron Valley School District: | | | |
| Series 2011, 5% 5/1/21 | | 1,475,000 | 1,557,703 |
| Series 2015, 5% 5/1/21 | | 750,000 | 792,053 |
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A, 5% 11/15/20 | | 470,000 | 488,668 |
| Lapeer Cmnty. Schools Series 2016, 4% 5/1/20 | | 905,000 | 918,285 |
| Michigan Fin. Auth. Rev.: | | | |
| (Mclaren Health Care Corp. Proj.) 5% 5/15/21 | | 370,000 | 391,127 |
| Bonds: | | | |
| Series 2016 MI2, SIFMA Municipal Swap Index + 0.480% 2.06%, tender 2/1/22 (a)(d) | | 45,050,000 | 45,110,367 |
| Series 2019 B, 3.5%, tender 11/15/22 (a) | | 4,100,000 | 4,331,937 |
| Series 2016: | | | |
| 3% 1/1/20 | | 110,000 | 110,379 |
| 5% 11/15/19 | | 495,000 | 497,013 |
| Michigan Strategic Fund Exempt Facilities Rev. Bonds (Waste Mgmt., Inc. Proj.) 2.85%, tender 8/2/21 (a)(c) | | 10,500,000 | 10,735,200 |
| Milan Area Schools Series 2019, 5% 5/1/22 | | 675,000 | 735,662 |
| South Lyon Cmnty. Schools Series 2016, 5% 5/1/23 | | 625,000 | 703,356 |
| Wayne County Arpt. Auth. Rev.: | | | |
| Series 2011 A: | | | |
| 4% 12/1/20 (FSA Insured) (c) | | 5,000,000 | 5,147,700 |
| 4.125% 12/1/22 (FSA Insured) (c) | | 1,100,000 | 1,159,477 |
| 5% 12/1/19 (c) | | 2,890,000 | 2,906,756 |
| 5% 12/1/20 (c) | | 5,000,000 | 5,205,200 |
| Series 2017 A, 5% 12/1/20 | | 445,000 | 463,948 |
| Series 2017 B: | | | |
| 5% 12/1/19 (c) | | 845,000 | 849,899 |
| 5% 12/1/20 (c) | | 535,000 | 556,956 |
| Zeeland Pub. Schools Series 2015, 5% 5/1/21 | | 1,285,000 | 1,356,420 |
|
| TOTAL MICHIGAN | | | 86,936,214 |
|
| Minnesota - 0.2% | | | |
| Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2019 B, 5% 1/1/22 (c) | | 4,675,000 | 5,037,032 |
| Missouri - 0.0% | | | |
| Missouri Health & Edl. Facilities Rev. Series 2016, 5% 5/15/20 | | 590,000 | 602,712 |
| Montana - 0.1% | | | |
| Montana Facility Fin. Auth. Rev. Series 2016, 5% 2/15/20 | | 1,290,000 | 1,306,832 |
| Nevada - 2.1% | | | |
| Clark County Arpt. Rev.: | | | |
| (Sub Lien Proj.) Series 2017 A-1, 5% 7/1/20 (c) | | 2,445,000 | 2,509,962 |
| Series 2013 A, 5% 7/1/20 (c) | | 1,520,000 | 1,559,809 |
| Series 2017 C, 5% 7/1/21 (c) | | 26,130,000 | 27,728,895 |
| Clark County Poll. Cont. Rev. Bonds (Nevada Pwr. Co. Projs.) Series 2017, 1.6%, tender 5/21/20 (a) | | 3,230,000 | 3,231,610 |
| Clark County School District: | | | |
| Series 2015 D, 5% 6/15/20 | | 440,000 | 450,967 |
| Series 2016 A: | | | |
| 5% 6/15/21 | | 625,000 | 662,719 |
| 5% 6/15/23 | | 1,395,000 | 1,573,448 |
| Series 2017 C, 5% 6/15/22 | | 600,000 | 657,420 |
| Washoe County Gas Facilities Rev. Bonds: | | | |
| Series 2016 F, 2.05%, tender 4/15/22 (a)(c) | | 3,400,000 | 3,422,712 |
| Series 2016, 2.05%, tender 4/15/22 (a)(c) | | 2,000,000 | 2,013,360 |
|
| TOTAL NEVADA | | | 43,810,902 |
|
| New Hampshire - 0.1% | | | |
| New Hampshire Health & Ed. Facilities Auth. Rev.: | | | |
| (Southern NH Med. Ctr. Proj.) Series 2016: | | | |
| 3% 10/1/19 | | 460,000 | 460,000 |
| 3% 10/1/21 | | 570,000 | 584,603 |
| Series 2016, 3% 10/1/20 | | 820,000 | 830,415 |
|
| TOTAL NEW HAMPSHIRE | | | 1,875,018 |
|
| New Jersey - 5.2% | | | |
| Garden State Preservation Trust Open Space & Farmland Preservation Series B, 0% 11/1/22 (FSA Insured) | | 935,000 | 891,251 |
| New Jersey Econ. Dev. Auth. Rev.: | | | |
| (New Jersey Gen. Oblig. Proj.) Series 2011 EE, 4.5% 9/1/20 | | 170,000 | 174,359 |
| (New Jersey Transit Corp. Proj.) Series 2017 B, 5% 11/1/22 | | 3,200,000 | 3,510,368 |
| New Jersey Gen. Oblig. Series 2013 NN, 5% 3/1/21 | | 290,000 | 303,560 |
| Series 2011 GG, 5% 9/1/22 (Pre-Refunded to 9/1/22 @ 100) | | 375,000 | 392,588 |
| Series 2012 II, 5% 3/1/23 | | 130,000 | 139,827 |
| Series 2017 DDD, 5% 6/15/20 | | 370,000 | 378,590 |
| Series PP, 5% 6/15/20 | | 150,000 | 153,482 |
| New Jersey Edl. Facility ( William Paterson College Proj.) Series 2017 B, 5% 7/1/20 | | 357,000 | 366,594 |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | | | |
| Series 2011 1, 5% 12/1/20 (c) | | 6,345,000 | 6,595,183 |
| Series 2011-1, 5.5% 12/1/21 (c) | | 6,345,000 | 6,865,100 |
| Series 2013: | | | |
| 4% 12/1/20 (c) | | 1,905,000 | 1,958,226 |
| 5% 12/1/19 (c) | | 500,000 | 502,799 |
| Series 2014 1A: | | | |
| 5% 12/1/20 (c) | | 6,000,000 | 6,236,580 |
| 5% 12/1/21 (c) | | 4,500,000 | 4,821,255 |
| Series 2015 A, 5% 12/1/20 (c) | | 3,200,000 | 3,326,176 |
| Series 2016 1A, 5% 12/1/21 (c) | | 2,000,000 | 2,142,780 |
| Series 2017 1A, 5% 12/1/22 (c) | | 300,000 | 330,240 |
| Series 2017 1B: | | | |
| 5% 12/1/19 (c) | | 1,970,000 | 1,981,027 |
| 5% 12/1/20 (c) | | 4,125,000 | 4,287,649 |
| 5% 12/1/21 (c) | | 340,000 | 364,273 |
| Series 2018 B: | | | |
| 5% 12/1/20 (c) | | 2,925,000 | 3,040,333 |
| 5% 12/1/21 (c) | | 1,290,000 | 1,382,093 |
| Series 2019 A, 5% 12/1/22 | | 705,000 | 782,973 |
| New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Series 2019 D: | | | |
| 4% 10/1/20 (c) | | 1,295,000 | 1,323,940 |
| 4% 4/1/21 (c) | | 1,405,000 | 1,449,215 |
| New Jersey Tobacco Settlement Fing. Corp. Series 2018 A: | | | |
| 5% 6/1/20 | | 2,430,000 | 2,485,925 |
| 5% 6/1/21 | | 5,415,000 | 5,722,085 |
| 5% 6/1/22 | | 1,830,000 | 1,992,083 |
| New Jersey Tpk. Auth. Tpk. Rev. Series 2017 C1, 1 month U.S. LIBOR + 0.340% 1.802% 1/1/21 (a)(d) | | 485,000 | 485,267 |
| New Jersey Trans. Trust Fund Auth.: | | | |
| Series 1999 A, 5.75% 6/15/20 | | 105,000 | 107,985 |
| Series 2013 A, 5% 6/15/20 | | 695,000 | 711,135 |
| Series 2016 A: | | | |
| 5% 6/15/20 | | 13,185,000 | 13,500,481 |
| 5% 6/15/21 | | 3,200,000 | 3,384,736 |
| 5% 6/15/22 | | 3,200,000 | 3,483,968 |
| Series 2018 A: | | | |
| 4% 6/15/20 | | 575,000 | 584,758 |
| 5% 6/15/21 | | 7,530,000 | 7,964,707 |
| 5% 6/15/22 | | 12,065,000 | 13,135,648 |
| Series AA, 5% 6/15/20 | | 125,000 | 127,902 |
| New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/20 | | 905,000 | 935,021 |
| Rutgers State Univ. Rev. Series Q, 5% 5/1/22 (b) | | 490,000 | 528,181 |
|
| TOTAL NEW JERSEY | | | 108,850,343 |
|
| New Mexico - 0.2% | | | |
| Farmington Poll. Cont. Rev. Bonds (Southern California Edison Co. Four Corners Proj.): | | | |
| Series 2005 A, 1.875%, tender 4/1/20 (a) | | 1,490,000 | 1,490,782 |
| Series 2005 B, 1.875%, tender 4/1/20 (a) | | 1,300,000 | 1,300,682 |
| New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Series 2019 A: | | | |
| 4% 5/1/21 (Liquidity Facility Royal Bank of Canada) | | 795,000 | 826,212 |
| 4% 11/1/22 (Liquidity Facility Royal Bank of Canada) | | 675,000 | 725,153 |
|
| TOTAL NEW MEXICO | | | 4,342,829 |
|
| New York - 2.7% | | | |
| New York Dorm. Auth. Revs. Bonds Series 2019 B1, 5%, tender 5/1/48 | | 1,240,000 | 1,331,884 |
| New York Metropolitan Trans. Auth. Rev.: | | | |
| Series 2012 F, 5% 11/15/21 | | 1,500,000 | 1,612,425 |
| Series 2018 B: | | | |
| 5% 5/15/20 | | 900,000 | 919,617 |
| 5% 5/15/21 | | 3,600,000 | 3,800,196 |
| Series 2019 B, 5% 5/15/22 | | 42,920,000 | 46,660,478 |
| Niagara Frontier Trans. Auth. Arpt. Rev. Series 2019 A, 5% 4/1/22 (c) | | 800,000 | 864,096 |
|
| TOTAL NEW YORK | | | 55,188,696 |
|
| North Carolina - 0.2% | | | |
| North Carolina Med. Care Commission Health Care Facilities Rev. Bonds Series 2019 B, 2.2%, tender 12/1/22 (a) | | 2,860,000 | 2,892,604 |
| North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.: | | | |
| Series 2010 A, 5% 1/1/20 | | 330,000 | 332,954 |
| Series C, 5% 1/1/21 | | 355,000 | 356,040 |
|
| TOTAL NORTH CAROLINA | | | 3,581,598 |
|
| Ohio - 1.3% | | | |
| Allen County Hosp. Facilities Rev.: | | | |
| Bonds (Mercy Health Proj.) Series 2015 B, SIFMA Municipal Swap Index + 0.750% 2.33%, tender 10/3/19 (a)(d) | | 11,660,000 | 11,667,542 |
| Series 2017 A: | | | |
| 5% 8/1/20 | | 710,000 | 730,720 |
| 5% 8/1/22 | | 700,000 | 767,634 |
| Cleveland Arpt. Sys. Rev. Series 2019 B, 5% 1/1/21 (b)(c) | | 800,000 | 834,048 |
| Cleveland Ctfs. of Prtn. Series 2010 A, 5% 11/15/19 | | 1,665,000 | 1,671,790 |
| Cleveland Pub. Pwr. Sys. Rev. Series 2016 A, 5% 11/15/19 | | 1,405,000 | 1,411,004 |
| Franklin County Hosp. Facilities Rev. Bonds (Ohio Health Corp.) Series 2018 B, SIFMA Municipal Swap Index + 0.430% 2.01%, tender 11/15/21 (a)(d) | | 7,100,000 | 7,115,407 |
| Hamilton County HealthCare Facilities Rev. (Christ Hosp., OH. Proj.) Series 2012, 5% 6/1/20 | | 645,000 | 659,671 |
| Ohio Higher Edl. Facility Commission Rev.: | | | |
| (Kenyon College, Oh. Proj.) Series 2017, 4% 7/1/20 | | 150,000 | 152,920 |
| (Univ. of Dayton 2018 Proj.) Series 2018 A, 5% 12/1/22 | | 260,000 | 288,842 |
| Ross County Hosp. Facilities Rev. (Adena Health Sys. Obligated Group Proj.) Series 2019, 5% 12/1/20 | | 755,000 | 785,895 |
| Scioto County Hosp. Facilities Rev. Series 2016, 5% 2/15/20 | | 1,615,000 | 1,634,863 |
|
| TOTAL OHIO | | | 27,720,336 |
|
| Oklahoma - 0.1% | | | |
| Oklahoma County Fin. Auth. Edl. Facilities (Midwest City- Del City School Dis Proj.) Series 2018: | | | |
| 5% 10/1/19 | | 345,000 | 345,000 |
| 5% 10/1/21 | | 510,000 | 546,455 |
| Oklahoma Hsg. Fin. Agcy. Collateralized Bonds Series 2019, 1.6%, tender 7/1/22 | | 335,000 | 334,588 |
|
| TOTAL OKLAHOMA | | | 1,226,043 |
|
| Oregon - 0.4% | | | |
| Oregon Bus. Dev. Commission Bonds Series 250, 5%, tender 3/1/22 (a)(c) | | 5,535,000 | 5,981,675 |
| Oregon Facilities Auth. Rev. Series 2011 C, 5% 10/1/20 | | 310,000 | 321,076 |
| Port of Portland Arpt. Rev. Series 24B, 5% 7/1/23 (c) | | 900,000 | 1,014,003 |
|
| TOTAL OREGON | | | 7,316,754 |
|
| Pennsylvania - 3.2% | | | |
| Adams County Indl. Dev. Auth. Rev. Series 2010, 5% 8/15/20 | | 1,310,000 | 1,351,054 |
| Allegheny County Arpt. Auth. Rev.: | | | |
| Series 2001, 5% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | | 3,200,000 | 3,337,792 |
| Series 2006 B: | | | |
| 5% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | | 800,000 | 834,448 |
| 5% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | | 625,000 | 670,294 |
| Doylestown Hosp. Auth. Hosp. Rev. Series 2016 B, 5% 7/1/20 | | 430,000 | 439,377 |
| Lehigh County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (PPL Elec. Utils. Corp. Proj.) Series 2016 A, 1.8%, tender 9/1/22 (a) | | 1,325,000 | 1,328,352 |
| Luzerne County Series 2015 B, 5% 5/15/20 (FSA Insured) | | 1,150,000 | 1,173,552 |
| Lycoming County Auth. College Rev. Series 2016, 4% 10/1/19 | | 745,000 | 745,000 |
| Pennsylvania Ctfs. Prtn. Series 2018 A, 5% 7/1/21 | | 350,000 | 370,353 |
| Pennsylvania Gen. Oblig. Series 2016: | | | |
| 5% 1/15/21 | | 420,000 | 439,639 |
| 5% 1/15/22 | | 3,110,000 | 3,366,202 |
| Pennsylvania Tpk. Commission Tpk. Rev.: | | | |
| Series 2018 A1: | | | |
| SIFMA Municipal Swap Index + 0.350% 1.93% 12/1/20 (a)(d) | | 5,100,000 | 5,111,424 |
| SIFMA Municipal Swap Index + 0.430% 2.01% 12/1/21 (a)(d) | | 10,010,000 | 10,052,242 |
| Series 2018 B, SIFMA Municipal Swap Index + 0.500% 2.08% 12/1/21 (a)(d) | | 6,410,000 | 6,434,166 |
| Philadelphia Arpt. Rev.: | | | |
| Series 2010 D, 5% 6/15/21 (c) | | 1,425,000 | 1,459,400 |
| Series 2011 A, 5% 6/15/21 (c) | | 510,000 | 539,621 |
| Series 2015 A, 5% 6/15/21 (c) | | 865,000 | 915,239 |
| Philadelphia Gas Works Rev.: | | | |
| Series 2015 13: | | | |
| 5% 8/1/20 | | 1,835,000 | 1,890,873 |
| 5% 8/1/21 | | 1,770,000 | 1,888,732 |
| Series 2016 14: | | | |
| 5% 10/1/19 | | 3,715,000 | 3,715,000 |
| 5% 10/1/20 | | 2,645,000 | 2,741,650 |
| Series 2017 15, 4% 8/1/20 | | 370,000 | 378,221 |
| Pittsburgh & Alleg County Parkin Series 2017, 4% 12/15/19 | | 245,000 | 246,260 |
| Reading School District Series 2017, 5% 3/1/21 (FSA Insured) | | 150,000 | 157,208 |
| Saint Mary Hosp. Auth. Health Sys. Rev. Series 2010 B: | | | |
| 5% 11/15/19 | | 500,000 | 502,155 |
| 5% 11/15/19 (Escrowed to Maturity) | | 100,000 | 100,435 |
| Univ. of Pittsburgh Commonwealth Sys. of Higher Ed. Series 2018, SIFMA Municipal Swap Index + 0.240% 1.82% 9/15/21 (a)(d) | | 15,700,000 | 15,675,979 |
|
| TOTAL PENNSYLVANIA | | | 65,864,668 |
|
| Rhode Island - 0.3% | | | |
| Rhode Island Student Ln. Auth. Student Ln. Rev.: | | | |
| Series 2017 A, 5% 12/1/21 (c) | | 550,000 | 586,834 |
| Series A, 5% 12/1/21 (c) | | 500,000 | 534,365 |
| Tobacco Setlement Fing. Corp. Series 2015 A: | | | |
| 5% 6/1/20 | | 3,500,000 | 3,580,315 |
| 5% 6/1/21 | | 1,465,000 | 1,546,923 |
|
| TOTAL RHODE ISLAND | | | 6,248,437 |
|
| South Carolina - 0.4% | | | |
| Lexington County Health Svcs. District, Inc. Hosp. Rev. Series 2011, 5% 11/1/19 | | 1,300,000 | 1,303,628 |
| Piedmont Muni. Pwr. Agcy. Elec. Rev. Series A4, 5% 1/1/20 (Escrowed to Maturity) | | 2,530,000 | 2,552,456 |
| South Carolina Jobs-Econ. Dev. Auth. (Anmed Health Proj.) Series 2016, 5% 2/1/20 | | 560,000 | 566,442 |
| South Carolina Ports Auth. Ports Rev. Series 2019 B, 5% 7/1/23 (b)(c) | | 1,000,000 | 1,126,670 |
| South Carolina Pub. Svc. Auth. Rev.: | | | |
| Series 2010 B, 4% 1/1/20 (Escrowed to Maturity) | | 225,000 | 226,501 |
| Series 2012 D, 4% 12/1/19 (Escrowed to Maturity) | | 195,000 | 195,862 |
| Series 2012, 5% 12/1/19 | | 1,095,000 | 1,100,946 |
| Series 2015 C, 5% 12/1/21 | | 1,120,000 | 1,204,672 |
|
| TOTAL SOUTH CAROLINA | | | 8,277,177 |
|
| Tennessee - 0.4% | | | |
| Greeneville Health & Edl. Facilities Board Series 2018 A, 5% 7/1/22 | | 900,000 | 979,110 |
| Jackson Hosp. Rev. Series 2018 A, 5% 4/1/21 | | 500,000 | 525,125 |
| Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. Bonds Series 2001 B, 1.55%, tender 11/3/20 (a) | | 5,810,000 | 5,819,354 |
|
| TOTAL TENNESSEE | | | 7,323,589 |
|
| Texas - 1.5% | | | |
| Austin Arpt. Sys. Rev.: | | | |
| Series 2019 B, 5% 11/15/22 (c) | | 1,200,000 | 1,327,044 |
| Series 2019, 5% 11/15/22 (c) | | 2,000,000 | 2,211,740 |
| Austin-Bergstrom Landhost Ente Series 2017: | | | |
| 5% 10/1/19 | | 395,000 | 395,000 |
| 5% 10/1/20 | | 675,000 | 697,342 |
| 5% 10/1/21 | | 810,000 | 863,096 |
| Dallas County Util. and Reclamation District Series 2016, 5% 2/15/22 | | 1,035,000 | 1,120,791 |
| Dallas Fort Worth Int'l. Arpt. Rev.: | | | |
| Series 2012 F: | | | |
| 5% 11/1/20 (c) | | 600,000 | 622,944 |
| 5% 11/1/22 (Pre-Refunded to 11/1/20 @ 100) (c) | | 1,790,000 | 1,858,253 |
| Series 2014 D, 5% 11/1/21 (c) | | 4,690,000 | 5,028,149 |
| Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. (Baylor College of Medicine Proj.) Series 2016, 5% 11/15/19 | | 1,350,000 | 1,355,654 |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev.: | | | |
| Bonds: | | | |
| Series 2014 B, 2.16%, tender 10/3/19 (a) | | 3,820,000 | 3,822,273 |
| Series 2015 3, 1 month U.S. LIBOR + 0.850% 2.246%, tender 10/3/19 (a)(d) | | 1,935,000 | 1,937,245 |
| Series 2013 A, 5% 12/1/21 | | 800,000 | 860,304 |
| Series 2013 B, SIFMA Municipal Swap Index + 0.900% 2.48% 6/1/22 (a)(d) | | 900,000 | 909,090 |
| Series 2015, 5% 10/1/20 | | 600,000 | 621,559 |
| Houston Arpt. Sys. Rev.: | | | |
| (Houston TX Arpt. Sys. Rev. Subord Proj.) Series 2011 A, 5% 7/1/21 (c) | | 1,325,000 | 1,404,182 |
| Series 2011 A, 5% 7/1/22 (c) | | 1,300,000 | 1,378,533 |
| Series 2018 A, 5% 7/1/21 (c) | | 525,000 | 556,374 |
| Irving Hosp. Auth. Hosp. Rev. Series 2017 A: | | | |
| 5% 10/15/20 | | 370,000 | 382,291 |
| 5% 10/15/21 | | 185,000 | 197,012 |
| Love Field Arpt. Modernization Rev. Series 2015, 5% 11/1/19 (c) | | 745,000 | 747,159 |
| Lower Colorado River Auth. Rev.: | | | |
| (LCRA Transmission Svcs. Corp. Proj.): | | | |
| Series 2010, 5% 5/15/22 | | 1,100,000 | 1,124,805 |
| Series 2011 B, 5% 5/15/22 | | 1,105,000 | 1,168,902 |
| Series 2010, 5% 5/15/20 | | 240,000 | 245,442 |
| Series 2015 A, 5% 5/15/21 | | 925,000 | 979,806 |
|
| TOTAL TEXAS | | | 31,814,990 |
|
| Virginia - 1.7% | | | |
| Halifax County Indl. Dev. Auth. Bonds 2.15%, tender 9/1/20 (a) | | 2,720,000 | 2,734,984 |
| Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | | | |
| (Virginia Elec. and Pwr. Co. Proj.) Series 2008 C, 1.8%, tender 4/1/22 (a) | | 2,900,000 | 2,918,299 |
| Series 2008 B, 2.15%, tender 9/1/20 (a) | | 4,395,000 | 4,419,211 |
| Lynchburg Econ. Dev. (Centra Health Proj.) Series A, 5% 1/1/20 | | 370,000 | 373,200 |
| Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds: | | | |
| (Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 1.875%, tender 6/1/20 (a) | | 13,140,000 | 13,168,859 |
| Series 2009 A, 2.15%, tender 9/1/20 (a) | | 11,065,000 | 11,125,954 |
| York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.9%, tender 6/1/23 (a) | | 600,000 | 606,456 |
|
| TOTAL VIRGINIA | | | 35,346,963 |
|
| Washington - 0.5% | | | |
| Port of Seattle Gen. Oblig. Series 2011, 5.25% 12/1/21 (c) | | 700,000 | 743,736 |
| Port of Seattle Rev. Series 2015 C, 5% 4/1/21 (c) | | 1,565,000 | 1,648,180 |
| Port of Seattle Spl. Facility Rev. Series 2013, 5% 6/1/21 (c) | | 1,750,000 | 1,853,215 |
| Tobacco Settlement Auth. Rev. Series 2013, 5% 6/1/20 | | 3,405,000 | 3,484,051 |
| Washington Health Care Facilities Auth. Rev.: | | | |
| (Providence Health Systems Proj.) Series 2011 B, 5% 10/1/19 | | 790,000 | 790,000 |
| Bonds Series 2012 B, 5%, tender 10/1/21 (a) | | 475,000 | 508,079 |
| Series 2012 A, 5% 10/1/19 | | 575,000 | 575,000 |
|
| TOTAL WASHINGTON | | | 9,602,261 |
|
| West Virginia - 1.2% | | | |
| Harrison County Commission Solid Waste Disp. Rev. Bonds (Monongahela Pwr. Co. Proj.) Series 2018 A, 3%, tender 10/15/21 (a)(c) | | 16,300,000 | 16,706,848 |
| Mason Co. Poll. Cont. Rev. (Appalachian Pwr. Co. Proj.) Series 2003 L, 2.75% 10/1/22 | | 4,455,000 | 4,601,614 |
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds (Appalachian Pwr. Co. Amos Proj.) Series 2011 A, 1.7%, tender 9/1/20 (a)(c) | | 2,820,000 | 2,818,458 |
|
| TOTAL WEST VIRGINIA | | | 24,126,920 |
|
| Wisconsin - 1.3% | | | |
| Milwaukee County Arpt. Rev. Series 2016 A, 5% 12/1/19 (c) | | 1,810,000 | 1,820,282 |
| Wisconsin Health & Edl. Facilities: | | | |
| (Agnesian Healthcare Proj.) Series 2017, 5% 7/1/21 | | 300,000 | 317,286 |
| Bonds: | | | |
| (Ascension Health Cr. Group Proj.) Series 2013 B: | | | |
| 5%, tender 6/1/20 (a) | | 4,455,000 | 4,560,528 |
| 5%, tender 6/1/21 (a) | | 4,145,000 | 4,390,923 |
| Series 2018 B, 5%, tender 1/26/22 (a) | | 4,660,000 | 5,042,260 |
| Series 2018 C, SIFMA Municipal Swap Index + 0.450% 2.03%, tender 7/27/22(a)(d) | | 9,960,000 | 9,944,761 |
| Wisconsin Health & Edl. Facilities Auth. Series 2014 A: | | | |
| 5% 12/1/20 | | 800,000 | 832,832 |
| 5% 12/1/21 | | 700,000 | 753,235 |
|
| TOTAL WISCONSIN | | | 27,662,107 |
|
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $1,040,529,099) | | | 1,043,901,318 |
|
| Municipal Notes - 49.3% | | | |
| Alabama - 0.4% | | | |
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.81% 10/7/19, VRDN (a)(c) | | 2,803,000 | $2,803,000 |
| Mobile Indl. Dev. Board Rev. (Alabama Pwr. Co. Proj.) Series 2001 B, 1.83% 10/1/19, VRDN (a)(c) | | 1,800,000 | 1,800,000 |
| West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 1.83% 10/1/19, VRDN (a)(c) | | 3,830,000 | 3,830,000 |
|
| TOTAL ALABAMA | | | 8,433,000 |
|
| California - 3.1% | | | |
| Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN Series XF 10 44, 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 2,700,000 | 2,700,000 |
| Buck Institute Age Research Participating VRDN Series Floaters XF 10 35, 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 2,600,000 | 2,600,000 |
| California Gen. Oblig. Participating VRDN Series Floaters XF 10 38, 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 3,650,000 | 3,650,000 |
| California Health Facilities Fing. Auth. Participating VRDN Series Floaters XG 00 49, 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 3,400,000 | 3,400,000 |
| San Francisco Calif. City & Cnty. Arpts. Commn. Int'l. Arpt. Rev. Participating VRDN Series 15 ZF 01 64, 1.83% 10/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(e)(f) | | 4,960,000 | 4,960,000 |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN: | | | |
| Series Floaters XM 06 75, 1.83% 10/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(e)(f) | | 1,000,000 | 1,000,000 |
| Series Floaters ZM 06 41, 1.83% 10/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(e)(f) | | 8,225,000 | 8,225,000 |
| Series Floaters ZM 06 44, 1.83% 10/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(e)(f) | | 11,235,000 | 11,235,000 |
| Series XF 10 32, 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 600,000 | 600,000 |
| San Jose Int. Arpt. Rev. Participating VRDN Series 2017, 1.83% 10/7/19 (Liquidity Facility Citibank NA) (a)(c)(e)(f) | | 20,000,000 | 20,000,000 |
| San Jose Multi-family Hsg. Rev. Participating VRDN Series XF 10 85, 1.88% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f)(g) | | 4,985,000 | 4,985,000 |
| Shafter Indl. Dev. Auth. Indl. Dev. Rev. 1.98% 10/7/19, LOC Deutsche Bank AG New York Branch, VRDN (a)(c) | | 800,000 | 800,000 |
|
| TOTAL CALIFORNIA | | | 64,155,000 |
|
| Colorado - 1.2% | | | |
| Colorado Edl. & Cultural Facilities Auth. Rev. (Mesivta of Greater Los Angeles Proj.) Series 2005, 1.93% 10/7/19, LOC Deutsche Bank AG, VRDN (a) | | 2,265,000 | 2,265,000 |
| Colorado Hsg. & Fin. Auth. Econ. Dev. (Pacific Instruments Proj.) Series 2000, 1.8% 10/3/19, LOC Wells Fargo Bank NA, VRDN (a)(c) | | 350,000 | 350,000 |
| Colorado Reg'l. Trans. District Sales Tax Rev. Participating VRDN Series Floaters 16 XF1031, 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 800,000 | 800,000 |
| Denver City & County Arpt. Rev. Participating VRDN: | | | |
| Series DBE 8027, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(e)(f) | | 3,500,000 | 3,500,000 |
| Series Floaters XL 00 90, 1.83% 10/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(e)(f) | | 3,300,000 | 3,300,000 |
| Series Floaters XM 07 15, 1.88% 10/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(e)(f) | | 15,395,000 | 15,395,000 |
|
| TOTAL COLORADO | | | 25,610,000 |
|
| Connecticut - 0.2% | | | |
| New Britain Gen. Oblig. BAN Series 2018, 5% 12/19/19 | | 4,100,000 | 4,131,346 |
| District Of Columbia - 0.2% | | | |
| Children's Nat'l. Med. Ctr., Participating VRDN Series 2015 XF 1047, 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 4,700,000 | 4,700,000 |
| Florida - 6.5% | | | |
| Aqua One Cmnty. Dev. District Fla Participating VRDN Series Floaters XF 10 76, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 8,955,000 | 8,955,000 |
| Avenir Cmnty. Dev. District Participating VRDN Series Floaters XF 10 74, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 855,000 | 855,000 |
| Broward County Arpt. Sys. Rev. Participating VRDN Series Floaters XL 00 88, 1.83% 10/7/19 (Liquidity Facility Citibank NA) (a)(c)(e)(f) | | 15,730,000 | 15,730,000 |
| Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2015, 1.8% 10/1/19, VRDN (a)(c) | | 36,140,000 | 36,140,000 |
| Collier County Indl. Dev. Auth. Rev. (Var March Proj.) Series 2004, 1.75% 10/3/19, LOC Wells Fargo Bank NA, VRDN (a)(c) | | 130,000 | 130,000 |
| Escambia County Solid Waste Disp. Rev. (VAR-Gulf Pwr. Co. Proj.) Series 2, 1.81% 10/1/19, VRDN (a) | | 6,900,000 | 6,900,000 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN Series Floaters XF 05 77, 1.78% 10/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(e)(f) | | 2,200,000 | 2,200,000 |
| Lee Memorial Health Sys. Hosp. Rev. Series 2019 B, 1.78% 10/6/22, VRDN (a) | | 7,100,000 | 7,100,000 |
| Miami-Dade County Aviation Rev. Participating VRDN Series XG 00 65 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 500,000 | 500,000 |
| Palm Beach County Health Facilities Auth. Rev. Participating VRDN Series Floaters 017, 1.88% 11/12/19 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 57,100,000 | 57,100,000 |
|
| TOTAL FLORIDA | | | 135,610,000 |
|
| Georgia - 1.1% | | | |
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) Series 2012, 1.85% 10/1/19, VRDN (a)(c) | | 6,800,000 | 6,800,000 |
| Coweta County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Yates Proj.) Series 2006, 1.82% 10/1/19, VRDN (a) | | 610,000 | 610,000 |
| Heard County Dev. Auth. Poll. Cont. Rev. Series 2007, 1.84% 10/1/19, VRDN (a)(c) | | 10,100,000 | 10,100,000 |
| Monroe County Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2019, 1.77% 10/1/19, VRDN (a)(c) | | 5,755,000 | 5,755,000 |
|
| TOTAL GEORGIA | | | 23,265,000 |
|
| Idaho - 0.1% | | | |
| Idaho Health Facilities Auth. Rev. Participating VRDN Series 16 XG 00 66, 1.81% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 1,500,000 | 1,500,000 |
| Illinois - 3.1% | | | |
| Chicago Board of Ed. Participating VRDN Series Floaters XG 01 08, 1.76% 10/7/19 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,000,000 | 1,000,000 |
| Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN Series Floaters XL 00 49, 1.78% 10/7/19 (Liquidity Facility Citibank NA) (a)(c)(e)(f) | | 14,325,000 | 14,325,000 |
| Chicago Park District Gen. Oblig. Participating VRDN Series ROC II R 11935, 1.88% 10/7/19 (Liquidity Facility Citibank NA) (a)(e)(f) | | 6,975,000 | 6,975,000 |
| Chicago Transit Auth. Rev. Bonds Participating VRDN Series XM 00 53, 1.78% 10/7/19 (Liquidity Facility Citibank NA) (a)(e)(f) | | 12,205,000 | 12,205,000 |
| Cook County Gen. Oblig. Participating VRDN Series 2015 XF0124, 1.81% 10/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 3,720,000 | 3,720,000 |
| Illinois Gen. Oblig. Participating VRDN: | | | |
| Series Floaters XM 01 86, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 8,730,000 | 8,730,000 |
| Series Floaters XM 07 11, 1.88% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 13,910,000 | 13,910,000 |
| Village of Oswego Indl. Dev. (Griffith Laboratories Worldwide, Inc.) Series 1995, 1.73% 10/7/19, LOC Wells Fargo Bank NA, VRDN (a)(c) | | 1,310,000 | 1,310,000 |
| Village of Woodridge, DuPage, Will & Cook Counties (Home Run Inn Frozen Foods Corp. Proj.) Series 2005, 1.8% 10/7/19, LOC JPMorgan Chase Bank, VRDN (a)(c) | | 1,305,000 | 1,305,000 |
|
| TOTAL ILLINOIS | | | 63,480,000 |
|
| Indiana - 0.2% | | | |
| Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 A, 1.75% 10/7/19, VRDN (a)(c) | | 2,730,000 | 2,730,000 |
| Jeffersonville Ind. Econ. Dev. Rev. Series 2003, 1.79% 10/7/19, LOC PNC Bank NA, VRDN (a)(c) | | 1,030,000 | 1,030,000 |
|
| TOTAL INDIANA | | | 3,760,000 |
|
| Kansas - 0.0% | | | |
| Wamego Kansas Poll. Cont. Rfdg. Rev. (Kansas Gas & Elec. Co. Proj.) Series 1994, 1.76% 10/7/19, VRDN (a) | | 1,000,000 | 1,000,000 |
| Kentucky - 0.1% | | | |
| Kentucky State Property & Buildings Commission Rev. Participating VRDN Series XG 0113, 1.78% 10/7/19 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,600,000 | 1,600,000 |
| Louisiana - 3.9% | | | |
| New Orleans Aviation Board Rev. Participating VRDN: | | | |
| Series Floater ZF 24 97, 1.78% 10/7/19 (Liquidity Facility Citibank NA) (a)(c)(e)(f) | | 7,500,000 | 7,500,000 |
| Series Floaters XL 00 46, 1.78% 10/7/19 (Liquidity Facility Citibank NA) (a)(c)(e)(f) | | 13,340,000 | 13,340,000 |
| Series Floaters ZM 05 58, 1.78% 10/7/19 (Liquidity Facility Citibank NA) (a)(c)(e)(f) | | 7,500,000 | 7,500,000 |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | | | |
| Series 2010 A1, 1.77% 10/7/19, VRDN (a) | | 12,300,000 | 12,300,000 |
| Series 2010 B1, 1.7% 10/7/19, VRDN (a) | | 39,685,000 | 39,685,000 |
|
| TOTAL LOUISIANA | | | 80,325,000 |
|
| Maine - 0.0% | | | |
| Auburn Rev. Oblig. Secs Series 2001, 1.92% 10/7/19, LOC TD Banknorth, NA, VRDN (a)(c) | | 210,000 | 210,000 |
| Massachusetts - 1.0% | | | |
| Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 23 06, 1.83% 10/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(e)(f) | | 14,835,000 | 14,835,000 |
| Nahant BAN: | | | |
| Series 2019 A, 2.5% 6/26/20 | | 900,000 | 906,157 |
| Series 2019 B, 2.5% 7/9/20 | | 2,700,000 | 2,720,830 |
| Truro Massachusetts BAN Series 2019, 2.5% 6/19/20 | | 2,581,000 | 2,599,300 |
|
| TOTAL MASSACHUSETTS | | | 21,061,287 |
|
| Michigan - 0.2% | | | |
| Waterford School District RAN 2% 9/23/20 | | 4,760,000 | 4,778,278 |
| Minnesota - 0.5% | | | |
| Shakopee Minn Sr Hsg. Rev. Participating VRDN Series Floaters 001, 1.88% 11/12/19 (Liquidity Facility Barclays Bank PLC) (a)(e)(f)(h) | | 9,700,000 | 9,700,000 |
| Mississippi - 0.4% | | | |
| Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Gulf Pwr. Co. Proj.) Series 2012, 1.77% 10/1/19, VRDN (a)(c) | | 7,610,000 | 7,610,000 |
| Missouri - 0.3% | | | |
| Kansas City Indl. Dev. Auth. Participating VRDN Series XM 07 45, 1.8% 10/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(e)(f) | | 6,100,000 | 6,100,000 |
| Nebraska - 0.0% | | | |
| Stanton County Indl. Dev. Rev. Series 1998, 1.81% 10/7/19, VRDN (a)(c) | | 900,000 | 900,000 |
| Nevada - 0.8% | | | |
| Clark County Arpt. Rev. Participating VRDN Series ROC II R 11823, 1.73% 10/7/19 (Liquidity Facility Citibank NA) (a)(e)(f) | | 16,250,000 | 16,250,000 |
| Sparks Econ. Dev. Rev. (RIX Industries Proj.) Series 2002, 1.8% 10/7/19, LOC Wells Fargo Bank NA, VRDN (a)(c) | | 235,000 | 235,000 |
|
| TOTAL NEVADA | | | 16,485,000 |
|
| New Jersey - 4.1% | | | |
| Asbury Park Gen. Oblig. BAN Series 2019, 2.5% 7/9/20 | | 5,800,000 | 5,840,278 |
| Belmar Gen. Oblig. BAN Series 2019, 3.25% 2/7/20 | | 13,097,000 | 13,173,701 |
| Chester Township Gen. Oblig. BAN Series 2018, 3% 10/11/19 | | 5,580,000 | 5,582,385 |
| Delran Township BAN Series 2018, 3% 10/25/19 | | 8,900,000 | 8,908,655 |
| East Brunswick Township Gen. Oblig. BAN Series 2019, 3.5% 1/10/20 | | 3,100,000 | 3,118,859 |
| Flemington BAN 3.5% 1/15/20 | | 4,603,000 | 4,629,334 |
| Millburn Township Gen. Oblig. BAN Series 2019, 2.25% 6/12/20 | | 2,788,000 | 2,803,390 |
| Millstone Township Gen. Oblig. BAN Series 2019, 2.25% 8/28/20 | | 5,217,079 | 5,253,159 |
| Passaic Gen. Oblig. BAN Series 2019, 2.25% 8/27/20 | | 2,800,000 | 2,817,791 |
| Roselle County of Union BAN Series 2018, 3.5% 12/6/19 | | 4,800,000 | 4,818,370 |
| South River Borough Gen. Oblig. BAN Series 2018, 3.5% 12/10/19 | | 9,407,250 | 9,446,384 |
| Vineland Gen. Oblig. BAN Series 2018, 3.5% 11/14/19 | | 8,200,000 | 8,220,153 |
| Warren Township School District BAN Series 2019, 2.5% 7/23/20 | | 4,200,000 | 4,227,917 |
| Wood-Ridge Gen. Oblig. BAN Series 2019, 2% 9/11/20 | | 5,533,442 | 5,556,677 |
|
| TOTAL NEW JERSEY | | | 84,397,053 |
|
| New York - 6.9% | | | |
| Binghamton Gen. Oblig. BAN Series 2018, 3.5% 11/15/19 | | 700,000 | 701,821 |
| Build NYC FC Hanson Office Assn. Participating VRDN Series BAML 50 20, 1.81% 10/7/19 (Liquidity Facility Bank of America NA) (a)(c)(e)(f) | | 18,900,000 | 18,900,000 |
| Geneva Hsg. Auth. Rev. Series 2000, 1.98% 10/7/19, VRDN (a)(c) | | 1,020,000 | 1,020,000 |
| Gloversville School District BAN Series 2018, 3% 10/18/19 | | 23,145,000 | 23,160,607 |
| Nassau County IDA Bryant Landing Participating VRDN Series BAML 50 18, 1.81% 10/7/19 (Liquidity Facility Bank of America NA) (a)(c)(e)(f) | | 13,200,000 | 13,200,000 |
| New York Hsg. Fin. Agcy. Rev. (455 West 37th Street Hsg. Proj.) Series A, 1.82% 10/1/19, LOC Landesbank Hessen-Thuringen, VRDN (a)(c) | | 4,110,000 | 4,110,000 |
| New York Liberty Dev. Corp. Participating VRDN Series Floaters XF 10 27, 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 900,000 | 900,000 |
| New York Metropolitan Trans. Auth. Rev. BAN: | | | |
| Series 2018 B, 5% 5/15/21 | | 1,200,000 | 1,266,732 |
| Series 2018 C, 5% 9/1/21 | | 360,000 | 383,609 |
| Series 2019 A, 4% 2/3/20 | | 20,775,000 | 20,955,767 |
| Series 2019 D1, 5% 9/1/22 | | 31,300,000 | 34,279,760 |
| Onondaga County Indl. Dev. Agcy. Indl. Dev. Rev. (Var G A Braun, Inc. Proj.) Series 2007, 1.88% 10/7/19, LOC Manufacturers & Traders Trust Co., VRDN (a)(c) | | 5,540,000 | 5,540,000 |
| Putnam County Indl. Dev. Agcy. Rev. Series 2006 A, 2.05% 10/7/19, LOC RBS Citizens NA, VRDN (a) | | 3,735,000 | 3,735,000 |
| South Glens Falls Central School District BAN Series 2019 B, 2.5% 7/24/20 | | 1,056,654 | 1,063,787 |
| Ulster County Indl. Dev. Agcy. I (Selux Corp. Proj.) Series A: | | | |
| 1.96% 10/7/19, LOC Manufacturers & Traders Trust Co., VRDN (a)(c) | | 270,000 | 270,000 |
| 1.96% 10/7/19, LOC Manufacturers & Traders Trust Co., VRDN (a)(c) | | 205,000 | 205,000 |
| Watertown Enlarged City School District BAN Series 2019, 2.25% 6/30/20 | | 12,357,147 | 12,426,546 |
|
| TOTAL NEW YORK | | | 142,118,629 |
|
| Ohio - 0.9% | | | |
| Akron Income Tax Rev. BAN Series 2018, 3.5% 12/10/19 | | 5,550,000 | 5,572,549 |
| East Clinton Local School District BAN Series 2019: | | | |
| 2.8% 12/3/19 | | 2,200,000 | 2,204,976 |
| 3% 12/17/19 | | 2,200,000 | 2,206,557 |
| Englewood BAN Series 2019, 3% 1/22/20 | | 1,600,000 | 1,606,629 |
| Forest Park Gen. Oblig. BAN Series 2019, 2.5% 5/27/20 | | 1,300,000 | 1,307,416 |
| Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 50, 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 3,740,000 | 3,740,000 |
| Ohio Indl. Dev. Rev. Series 2000, 1.8% 10/3/19, LOC JPMorgan Chase Bank, VRDN (a)(c) | | 1,800,000 | 1,800,000 |
| Summit County Indl. Dev. Rev. Series 2001, 1.79% 10/7/19, LOC Huntington Nat'l. Bank, VRDN (a)(c) | | 665,000 | 665,000 |
|
| TOTAL OHIO | | | 19,103,127 |
|
| Oregon - 0.1% | | | |
| Port Portland Spl. Oblig. Rev. (Horizon Air Ind. Proj.) Series 1997, 1.87% 10/1/19, LOC Bank of America NA, VRDN (a)(c) | | 2,890,000 | 2,890,000 |
| Pennsylvania - 1.5% | | | |
| Berks County Indl. Dev. Auth. Rev. (KTB Real Estate Partnership Proj.) 1.8% 10/3/19, LOC Manufacturers & Traders Trust Co., VRDN (a)(c) | | 150,000 | 150,000 |
| Montgomery County Higher Ed. & Health Auth. Rev. Series 2018 D, 1.78% 10/6/22, VRDN (a) | | 13,080,000 | 13,080,000 |
| Pennsylvania Eco Dev. Fing. Auth. Series A3, 1.79% 10/7/19, LOC PNC Bank NA, VRDN (a)(c) | | 300,000 | 300,000 |
| Pennsylvania Econ. Dev. Participating VRDN Series XM 0048, 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 3,351,000 | 3,351,000 |
| Pennsylvania Higher Edl. Facilities Auth. Rev. Series 2015 B, 1.78% 10/6/22, VRDN (a) | | 7,360,000 | 7,360,000 |
| Philadelphia Auth. For Indl. Series 2017 B, 1.78% 10/6/22, VRDN (a) | | 7,955,000 | 7,955,000 |
|
| TOTAL PENNSYLVANIA | | | 32,196,000 |
|
| South Carolina - 2.1% | | | |
| Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.): | | | |
| Series 1995, 1.81% 10/7/19, VRDN (a)(c) | | 11,700,000 | 11,700,000 |
| Series 1997, 1.81% 10/7/19, VRDN (a)(c) | | 3,800,000 | 3,800,000 |
| South Carolina Jobs-Econ. Dev. Auth. Series 2018 C, 1.77% 10/6/22, VRDN (a) | | 7,675,000 | 7,675,000 |
| South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. Series 2001, 1.75% 10/7/19, LOC Wells Fargo Bank NA, VRDN (a)(c) | | 1,800,000 | 1,800,000 |
| South Carolina Pub. Svc. Auth. Rev. Participating VRDN: | | | |
| Series Floaters XG 02 09, 1.98% 10/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) | | 4,625,000 | 4,625,000 |
| Series Floaters XM 02 91, 1.83% 10/7/19 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 2,500,000 | 2,500,000 |
| Series Floaters XM 03 84, 1.78% 10/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 10,000,000 | 10,000,000 |
| South Carolina St. Pub. Svc. Auth. Rev. Participating VRDN Series XG 0046, 1.98% 10/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) | | 2,165,000 | 2,165,000 |
|
| TOTAL SOUTH CAROLINA | | | 44,265,000 |
|
| Tennessee - 0.1% | | | |
| Memphis-Shelby County Indl. Dev. Board Facilities Rev. Series 2007, 1.81% 10/7/19, VRDN (a)(c) | | 2,230,000 | 2,230,000 |
| Texas - 5.4% | | | |
| Dallas Fort Worth Int'l. Arpt. Rev. Participating VRDN Series Floaters XF 10 61, 1.78% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(e)(f) | | 8,370,000 | 8,370,000 |
| North Texas Tollway Auth. Rev. Participating VRDN Series XM0085, 1.78% 10/7/19 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 4,100,000 | 4,100,000 |
| Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | | | |
| Series 2004, 1.82% 10/7/19, VRDN (a)(c) | | 63,985,000 | 63,984,987 |
| Series 2010 B, 1.87% 10/1/19, VRDN (a) | | 8,235,000 | 8,235,000 |
| Series 2010 C, 1.76% 10/1/19, VRDN (a) | | 7,990,000 | 7,990,000 |
| Texas Gen. Oblig.: | | | |
| Series 2004 B, 1.67% 10/7/19 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(c) | | 7,940,000 | 7,940,000 |
| Series 2006 A, 1.67% 10/7/19 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(c) | | 5,060,000 | 5,060,000 |
| Texas Private Activity Bond Surface Trans. Corp. Participating VRDN Series XM 07 56, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(e)(f) | | 3,800,000 | 3,800,000 |
| Texas Trans. Commission Participating VRDN Series XM 07 53, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 3,015,000 | 3,015,000 |
|
| TOTAL TEXAS | | | 112,494,987 |
|
| Utah - 1.7% | | | |
| Salt Lake City Arpt. Rev. Participating VRDN: | | | |
| Series 17 XM 0493, 1.83% 10/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(e)(f) | | 20,500,000 | 20,500,000 |
| Series Floaters XM 06 99, 1.88% 10/7/19 (Liquidity Facility Cr. Suisse AG) (a)(c)(e)(f) | | 6,400,000 | 6,400,000 |
| Series Floaters ZM 05 51, 1.78% 10/7/19 (Liquidity Facility Citibank NA) (a)(c)(e)(f) | | 7,500,000 | 7,500,000 |
|
| TOTAL UTAH | | | 34,400,000 |
|
| Virginia - 0.5% | | | |
| Longwood Hsg. Foundation LLC Participating VRDN Series DBE 80 39, 1.93% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 10,000,000 | 10,000,000 |
| Washington - 1.1% | | | |
| Kitsap County Indl. Dev. Corpre (Cara Land Co., L.L.C. Proj.) Series 2006, 1.8% 10/7/19, LOC Wells Fargo Bank NA, VRDN (a)(c) | | 700,000 | 700,000 |
| Seattle Hsg. Auth. Rev. (Douglas Apts. Proj.) 1.75% 10/7/19, LOC KeyBank NA, VRDN (a) | | 715,000 | 715,000 |
| Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 1.93% 11/12/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(e)(f)(h) | | 9,915,000 | 9,915,000 |
| Washington Health Care Facilities Auth. Rev. Participating VRDN: | | | |
| Series Floaters XF 00 42, 1.81% 10/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 8,705,000 | 8,705,000 |
| Series Floaters XG 00 51, 1.73% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 2,575,000 | 2,575,000 |
|
| TOTAL WASHINGTON | | | 22,610,000 |
|
| West Virginia - 1.1% | | | |
| West Virginia Hosp. Fin. Auth. Hosp. Rev. Series 2018 E, 1.77% 10/6/22, VRDN (a) | | 22,190,000 | 22,190,000 |
| Wisconsin - 0.4% | | | |
| Wisconsin Health & Edl. Facilities Participating VRDN Series 2017 ZF 2412, 1.78% 10/7/19 (Liquidity Facility Citibank NA) (a)(e)(f) | | 7,500,000 | 7,500,000 |
| Wyoming - 0.1% | | | |
| Sweetwater County Env Imp Rev. (Pacificorp Proj.) Series 1995, 1.8% 10/1/19, VRDN (a)(c) | | 1,700,000 | 1,700,000 |
| TOTAL MUNICIPAL NOTES | | | |
| (Cost $1,022,639,223) | | | 1,022,508,707 |
| TOTAL INVESTMENT IN SECURITIES - 99.6% | | | |
| (Cost $2,063,168,322) | | | 2,066,410,025 |
| NET OTHER ASSETS (LIABILITIES) - 0.4% | | | 7,560,097 |
| NET ASSETS - 100% | | | $2,073,970,122 |
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(e) Provides evidence of ownership in one or more underlying municipal bonds.
(f) Coupon rates are determined by re-marketing agents based on current market conditions.
(g) 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. At the end of the period, the value of these securities amounted to $4,985,000 or 0.2% of net assets.
(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $19,615,000 or 0.9% of net assets.
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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