| Municipal Bonds - 53.9% | | | |
| | | Principal Amount | Value |
| Alabama - 0.5% | | | |
| Alabama 21st Century Auth. Tobacco Settlement Rev. Series 2012 A, 5% 6/1/21 | | 950,000 | 975,498 |
| Black Belt Energy Gas District Bonds Series 2016 A, 4%, tender 6/1/21 (a) | | 8,825,000 | 8,922,781 |
|
| TOTAL ALABAMA | | | 9,898,279 |
|
| Alaska - 0.6% | | | |
| Valdez Marine Term. Rev. (BP Pipelines (Alaska), Inc. Proj.): | | | |
| Series 2003 B, 5% 1/1/21 | | $8,615,000 | $8,706,480 |
| Series 2003 C, 5% 1/1/21 | | 2,775,000 | 2,804,467 |
|
| TOTAL ALASKA | | | 11,510,947 |
|
| Arizona - 1.2% | | | |
| Arizona Board of Regents Ctfs. of Prtn.: | | | |
| (Univ. of Arizona Proj.) Series 2018 A, 5% 6/1/22 | | 630,000 | 679,606 |
| Series 2015 A, 5% 6/1/22 | | 100,000 | 107,874 |
| Arizona Ctfs. of Prtn. Series 2019 A, 5% 10/1/21 | | 920,000 | 972,284 |
| Coconino County Poll. Cont. Corp. Rev. Bonds (Nevada Pwr. Co. Projs.): | | | |
| Series 2017 A, 1.8%, tender 5/21/20 (a)(b) | | 9,395,000 | 9,398,317 |
| Series 2017 B, 1.6%, tender 5/21/20 (a) | | 820,000 | 820,292 |
| Maricopa County Rev. Bonds: | | | |
| Series 2019 B, SIFMA Municipal Swap Index + 0.380% 5.09%, tender 10/18/22 (a)(c) | | 8,270,000 | 8,257,016 |
| Series B, 5%, tender 10/18/22 (a) | | 2,500,000 | 2,713,750 |
| Phoenix Civic Impt. Board Arpt. Rev. Series 2018, 5% 7/1/22 (b) | | 1,000,000 | 1,069,670 |
|
| TOTAL ARIZONA | | | 24,018,809 |
|
| Arkansas - 0.2% | | | |
| Little Rock School District Series 2017, 3% 2/1/21 | | 3,255,000 | 3,304,331 |
| California - 1.9% | | | |
| California Infrastructure and Econ. Dev. Bank Rev. Bonds: | | | |
| Series 2018 A, 1 month U.S. LIBOR + 0.380% 1.043%, tender 8/1/21 (a)(c) | | 21,270,000 | 21,286,378 |
| Series 2018 C, 1 month U.S. LIBOR + 0.380% 1.043%, tender 8/1/21 (a)(c) | | 5,960,000 | 5,964,589 |
| Los Angeles Dept. Arpt. Rev.: | | | |
| Series 2017 B, 5% 5/15/23 (b) | | 1,700,000 | 1,868,487 |
| Series 2018 C, 5% 5/15/22 (b) | | 6,490,000 | 6,941,509 |
| Series 2019 A, 5% 5/15/23 (b) | | 765,000 | 840,819 |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Series 2013 A, 5% 5/1/22 (b) | | 920,000 | 978,595 |
|
| TOTAL CALIFORNIA | | | 37,880,377 |
|
| Colorado - 1.0% | | | |
| Colorado Health Facilities Auth. Bonds (Valley View Hosp. Assoc. Proj.) Series 2018, 2.8%, tender 5/15/23 (a) | | 980,000 | 1,002,471 |
| Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2013 A, 5% 6/1/20 | | 335,000 | 337,105 |
| Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2017C-2, 5%, tender 3/1/22 (a) | | 2,675,000 | 2,797,381 |
| Denver City & County Arpt. Rev.: | | | |
| (Sub Lien Proj.) Series 2013 A, 5% 11/15/21 (b) | | 1,210,000 | 1,270,306 |
| Series 2011 A: | | | |
| 5% 11/15/21 (b) | | 5,000,000 | 5,249,200 |
| 5.75% 11/15/20 (b) | | 1,830,000 | 1,873,598 |
| Series 2012 A, 5% 11/15/22 (b) | | 1,000,000 | 1,084,560 |
| Series 2013 A, 5% 11/15/22 (b) | | 800,000 | 866,576 |
| E-470 Pub. Hwy. Auth. Rev.: | | | |
| Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 2,000,000 | 1,989,624 |
| Series 2015 A: | | | |
| 2.35% 9/1/20 | | 300,000 | 301,356 |
| 5% 9/1/20 | | 845,000 | 858,029 |
| Series B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,995,000 | 1,984,650 |
| Vauxmont Metropolitan District Series 2020, 5% 12/1/23 (FSA Insured) (d) | | 195,000 | 212,716 |
|
| TOTAL COLORADO | | | 19,827,572 |
|
| Connecticut - 2.2% | | | |
| Connecticut Gen. Oblig.: | | | |
| Series 2011 D, 5% 11/1/22 | | 345,000 | 362,578 |
| Series 2012 A, SIFMA Municipal Swap Index + 1.250% 5.96% 4/15/20 (a)(c) | | 9,665,000 | 9,664,798 |
| Series 2013 D, 5% 8/15/20 | | 560,000 | 567,202 |
| Series 2014 D, 5% 6/15/22 | | 750,000 | 805,823 |
| Series 2015 C, SIFMA Municipal Swap Index + 0.900% 5.61% 6/15/21 (a)(c) | | 4,900,000 | 4,875,794 |
| Series 2015 F, 5% 11/15/20 | | 630,000 | 643,574 |
| Series 2016 B: | | | |
| 5% 5/15/21 | | 5,695,000 | 5,916,023 |
| 5% 5/15/23 | | 790,000 | 871,338 |
| Series 2016 E: | | | |
| 5% 10/15/20 | | 3,460,000 | 3,524,588 |
| 5% 10/15/21 | | 475,000 | 500,223 |
| Series 2016 G, 5% 11/1/21 | | 2,550,000 | 2,689,281 |
| Series 2018 B: | | | |
| 5% 4/15/21 | | 3,285,000 | 3,403,093 |
| 5% 4/15/22 | | 1,430,000 | 1,528,727 |
| Series 2018 E, 5% 9/15/21 | | 595,000 | 624,899 |
| Series 2018 F: | | | |
| 5% 9/15/21 | | 715,000 | 750,929 |
| 5% 9/15/22 | | 570,000 | 617,014 |
| Series D, SIFMA Municipal Swap Index + 1.020% 5.73% 8/15/20 (a)(c) | | 1,935,000 | 1,934,651 |
| Connecticut Higher Ed. Supplemental Ln. Auth. Rev. (Chesla Ln. Prog.) Series 2017 A, 5% 11/15/21 (b) | | 650,000 | 684,119 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | | | |
| Series 2014 A, 5% 9/1/20 | | 495,000 | 502,134 |
| Series 2016 A, 5% 9/1/21 | | 1,780,000 | 1,867,078 |
| Series A, 5% 1/1/21 | | 1,000,000 | 1,025,963 |
| Naugatuck Ctfs. of Prtn. (Naugatuck Incineration Facilities Proj.) Series 2014 A, 5% 6/15/20 (b) | | 920,000 | 926,772 |
| New Britain Gen. Oblig. Series 2017 A, 5% 3/1/21 (FSA Insured) | | 255,000 | 263,541 |
|
| TOTAL CONNECTICUT | | | 44,550,142 |
|
| District Of Columbia - 0.8% | | | |
| District of Columbia Gen. Oblig. Series 2007 B, 5.25% 6/1/20 (FSA Insured) | | 1,150,000 | 1,157,829 |
| Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | | | |
| Series 2011 C, 5% 10/1/22 (b) | | 1,695,000 | 1,774,377 |
| Series 2013 A, 5% 10/1/22 (b) | | 1,000,000 | 1,080,080 |
| Series 2014 A, 5% 10/1/21 (b) | | 610,000 | 643,825 |
| Series 2017 A, 5% 10/1/21 (b) | | 1,560,000 | 1,646,502 |
| Series 2019 A: | | | |
| 5% 10/1/21 (b) | | 380,000 | 401,071 |
| 5% 10/1/22 (b) | | 220,000 | 237,618 |
| Series 2020 A: | | | |
| 5% 10/1/21 (b)(d) | | 2,490,000 | 2,600,183 |
| 5% 10/1/22 (b)(d) | | 3,625,000 | 3,876,539 |
| 5% 10/1/23 (b)(d) | | 1,910,000 | 2,095,996 |
| Series 2020 B, 5% 10/1/21 (d) | | 1,260,000 | 1,318,136 |
|
| TOTAL DISTRICT OF COLUMBIA | | | 16,832,156 |
|
| Florida - 3.5% | | | |
| Broward County Arpt. Sys. Rev.: | | | |
| Series 2012 P1, 5% 10/1/20 (b) | | 3,760,000 | 3,829,861 |
| Series 2013 A, 5% 10/1/20 (b) | | 700,000 | 713,006 |
| Series 2019 A: | | | |
| 5% 10/1/21 (b) | | 2,400,000 | 2,533,464 |
| 5% 10/1/22 (b) | | 1,585,000 | 1,697,424 |
| Series 2019 B, 5% 10/1/22 (b) | | 865,000 | 926,354 |
| Broward County Port Facilities Rev.: | | | |
| Series 2011 B: | | | |
| 5% 9/1/21 (b) | | 215,000 | 226,169 |
| 5% 9/1/21 (Escrowed to Maturity) (b) | | 430,000 | 450,537 |
| 5% 9/1/22 (b) | | 330,000 | 346,556 |
| 5% 9/1/22 (Pre-Refunded to 9/1/21 @ 100) (b) | | 670,000 | 701,999 |
| Citizens Property Ins. Corp.: | | | |
| Series 2012 A1, 5% 6/1/21 | | 7,885,000 | 8,227,367 |
| Series 2015 A1, 5% 6/1/22 | | 2,105,000 | 2,219,133 |
| Escambia County Solid Waste Disp. Rev. Bonds (Gulf Pwr. Co. Proj.) Series 2009 1, 1.8%, tender 11/19/20 (a) | | 1,850,000 | 1,855,547 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | | | |
| Series 2015 A, 4% 10/1/22 (b) | | 1,070,000 | 1,124,795 |
| Series 2016, 5% 10/1/20 (b) | | 150,000 | 152,787 |
| Series 2019 A, 5% 10/1/22 (b) | | 4,430,000 | 4,764,421 |
| Hillsborough County Aviation Auth. Rev. Series 2013 A, 5% 10/1/20 (b) | | 1,510,000 | 1,538,056 |
| Jacksonville Elec. Auth. Elec. Sys. Rev.: | | | |
| Series 2010 B, 5% 10/1/20 | | 635,000 | 646,255 |
| Series 2013 A, 5% 10/1/20 | | 4,400,000 | 4,477,990 |
| Series 2013 D, 5% 10/1/20 | | 820,000 | 834,535 |
| Series 2014 A, 5% 10/1/21 | | 1,100,000 | 1,158,300 |
| Miami-Dade County Aviation Rev.: | | | |
| Series 2012 A, 5% 10/1/21 (b) | | 710,000 | 741,481 |
| Series 2014: | | | |
| 5% 10/1/20 (b) | | 1,400,000 | 1,420,816 |
| 5% 10/1/21 (b) | | 820,000 | 856,359 |
| Series 2015 A: | | | |
| 5% 10/1/20 (b) | | 3,800,000 | 3,856,500 |
| 5% 10/1/21 (b) | | 740,000 | 772,812 |
| Series 2017 B: | | | |
| 2.75% 10/1/20 (b) | | 2,100,000 | 2,107,960 |
| 5% 10/1/20 (b) | | 1,600,000 | 1,623,789 |
| Miami-Dade County Expressway Auth.: | | | |
| (Waste Mgmt., Inc. of Florida Proj.) 5% 7/1/21 | | 1,505,000 | 1,571,340 |
| Series 2014 B, 5% 7/1/21 | | 685,000 | 715,195 |
| 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)(b) | | 1,560,000 | 1,576,099 |
| Miami-Dade County School Board Ctfs. of Prtn.: | | | |
| (Miami-Dade County School District) Series 2012 B-2, 4% 4/1/20 | | 400,000 | 400,000 |
| Series 2014 D, 5% 11/1/20 | | 485,000 | 495,883 |
| Series 2015 A, 5% 5/1/21 | | 1,060,000 | 1,104,158 |
| Orange County Health Facilities Auth. Series B: | | | |
| 5% 10/1/20 | | 3,340,000 | 3,403,572 |
| 5% 10/1/21 | | 2,670,000 | 2,822,163 |
| 5% 10/1/22 | | 2,605,000 | 2,840,362 |
| Palm Beach County School Board Ctfs. of Prtn.: | | | |
| (Palm Beach County School District Proj.) Series 2018 A, 5% 8/1/20 | | 1,500,000 | 1,518,919 |
| Series 2014 B, 5% 8/1/21 | | 590,000 | 619,819 |
| Tampa Solid Waste Sys. Rev. Series 2013, 5% 10/1/20 (b) | | 4,335,000 | 4,413,582 |
| Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2016 A, 5% 9/1/20 | | 435,000 | 441,744 |
|
| TOTAL FLORIDA | | | 71,727,109 |
|
| Georgia - 4.1% | | | |
| 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 | 3,434,902 |
| Clarke County Hosp. Auth. Series 2016, 5% 7/1/20 | | 560,000 | 565,239 |
| Cobb County Kennestone Hosp. Auth. Rev. (Wellstar Health Sys., Inc. Proj.) Series 2017 A: | | | |
| 5% 4/1/20 | | 130,000 | 130,000 |
| 5% 4/1/21 | | 300,000 | 310,536 |
| DeKalb Private Hosp. Auth. Rev. Series 2019 B, 5% 7/1/21 | | 1,370,000 | 1,435,637 |
| Fulton County Dev. Auth. Hosp. R (Wellstar Health Sys., Inc. Proj.) Series 2017 A: | | | |
| 5% 4/1/20 | | 110,000 | 110,000 |
| 5% 4/1/21 | | 245,000 | 253,605 |
| Fulton County Dev. Auth. (Piedmont Healthcare, Inc. Proj.) Series 2016, 5% 7/1/20 | | 370,000 | 373,461 |
| Georgia Muni. Elec. Auth. Pwr. Rev.: | | | |
| (Combined Cycle Proj.) Series 2012 A, 5% 11/1/20 | | 700,000 | 709,156 |
| Series 2008 A, 5.25% 1/1/21 | | 400,000 | 407,597 |
| Series 2011 A, 5% 1/1/21 | | 9,160,000 | 9,317,168 |
| Series 2011 B, 5% 1/1/21 | | 770,000 | 783,212 |
| Series 2015 A, 5% 1/1/21 | | 745,000 | 757,783 |
| Series 2016 A, 4% 1/1/21 | | 820,000 | 828,049 |
| Series 2019 A, 5% 1/1/21 | | 600,000 | 610,295 |
| Series C, 5% 1/1/22 | | 830,000 | 862,910 |
| Series GG, 5% 1/1/21 | | 635,000 | 645,658 |
| Griffin-Spalding County Hosp. (Wellstar Health Sys., Inc. Proj.) Series 2017 A: | | | |
| 3% 4/1/20 | | 110,000 | 110,000 |
| 3% 4/1/21 | | 100,000 | 101,539 |
| Lagrange-Troup County Hosp. Rev. (Wellstar Health Sys., Inc. Proj.) Series 2017 A: | | | |
| 5% 4/1/20 | | 95,000 | 95,000 |
| 5% 4/1/21 | | 240,000 | 248,429 |
| Main Street Natural Gas, Inc. Bonds: | | | |
| Series 2018 A, 4%, tender 9/1/23 (a) | | 2,435,000 | 2,508,440 |
| Series 2018 E, SIFMA Municipal Swap Index + 0.570% 5.28%, tender 12/1/23 (a)(c) | | 36,180,000 | 35,136,207 |
| Seroes 2018 B, 1 month U.S. LIBOR + 0.750% 1.809%, tender 9/1/23 (a)(c) | | 23,100,000 | 22,993,509 |
|
| TOTAL GEORGIA | | | 82,728,332 |
|
| Hawaii - 0.1% | | | |
| State of Hawaii Dept. of Trans. Series 2013: | | | |
| 5% 8/1/21 (FSA Insured) (b) | | 700,000 | 734,041 |
| 5% 8/1/22 (b) | | 750,000 | 802,493 |
|
| TOTAL HAWAII | | | 1,536,534 |
|
| Idaho - 0.0% | | | |
| Idaho Hsg. & Fin. Assoc. Single Family Mtg. (Idaho St Garvee Proj.) Series 2017 A, 5% 7/15/21 | | 660,000 | 692,076 |
| Illinois - 6.3% | | | |
| Champaign County Cmnty. Unit: | | | |
| Series 2017, 5% 1/1/21 | | 745,000 | 766,096 |
| Series 2020 A, 0% 1/1/23 | | 200,000 | 192,844 |
| Chicago Midway Arpt. Rev. Series 2014 A, 5% 1/1/22 (b) | | 2,000,000 | 2,103,880 |
| Chicago O'Hare Int'l. Arpt. Rev.: | | | |
| Series 2012 B, 5% 1/1/22 (b) | | 4,720,000 | 4,986,916 |
| Series 2013 A: | | | |
| 5% 1/1/21 (b) | | 3,200,000 | 3,278,720 |
| 5% 1/1/22 (b) | | 2,100,000 | 2,218,755 |
| 5% 1/1/23 (b) | | 1,835,000 | 1,968,093 |
| Series 2015 B, 5% 1/1/21 | | 1,400,000 | 1,438,686 |
| Series 2015 C, 5% 1/1/22 (b) | | 900,000 | 950,895 |
| Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017: | | | |
| 5% 6/1/20 | | 2,280,000 | 2,292,914 |
| 5% 6/1/21 | | 975,000 | 1,014,088 |
| Cook County Gen. Oblig. Series 2012 C, 5% 11/15/22 | | 1,145,000 | 1,174,369 |
| Illinois Fin. Auth. Rev.: | | | |
| (Hosp. Sisters Svcs., Inc. Proj.) Series 2012 C, 5% 8/15/20 | | 2,005,000 | 2,032,891 |
| Bonds: | | | |
| (Ascension Health Cr. Group Proj.) Series 2012 E2, 1.75%, tender 4/1/21 (a) | | 2,100,000 | 2,093,401 |
| Series 2017 B, 5%, tender 12/15/22 (a) | | 400,000 | 433,696 |
| Series 2011 A, 5% 8/15/21 | | 775,000 | 814,982 |
| Series 2019: | | | |
| 5% 9/1/20 | | 550,000 | 557,305 |
| 5% 9/1/21 | | 465,000 | 485,939 |
| 5% 9/1/22 | | 225,000 | 235,573 |
| Illinois Gen. Oblig.: | | | |
| Series 2012: | | | |
| 5% 8/1/20 (FSA Insured) | | 3,100,000 | 3,116,538 |
| 5% 8/1/22 (FSA Insured) | | 7,845,000 | 8,060,816 |
| Series 2013 A, 5% 4/1/20 | | 780,000 | 780,000 |
| Series 2016: | | | |
| 5% 11/1/20 | | 2,955,000 | 2,978,300 |
| 5% 2/1/21 | | 150,000 | 151,684 |
| Series 2017 D, 5% 11/1/20 | | 16,675,000 | 16,806,482 |
| Series 2018 A: | | | |
| 5% 5/1/20 | | 3,150,000 | 3,153,325 |
| 5% 10/1/20 | | 5,725,000 | 5,763,856 |
| Series 2018 B, 5% 10/1/20 | | 2,890,000 | 2,909,615 |
| Series 2019 A, 5% 11/1/20 | | 25,900,000 | 26,104,222 |
| Illinois Muni. Elec. Agcy. Pwr. Supply: | | | |
| Series 2015 A, 5% 2/1/21 | | 1,165,000 | 1,200,473 |
| Series C, 5.25% 2/1/21 | | 1,000,000 | 1,032,506 |
| Illinois Reg'l. Trans. Auth.: | | | |
| Series 2000, 6.25% 7/1/21 | | 1,000,000 | 1,061,660 |
| Series 2010A, 5% 7/1/20 | | 1,305,000 | 1,308,932 |
| Series 2017 A: | | | |
| 5% 7/1/20 | | 520,000 | 524,812 |
| 5% 7/1/21 | | 520,000 | 544,050 |
| Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2014 A: | | | |
| 5% 12/1/20 | | 5,300,000 | 5,416,988 |
| 5% 12/1/22 | | 3,230,000 | 3,506,617 |
| Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2011, 5.5% 2/1/23 | | 1,470,000 | 1,621,807 |
| Railsplitter Tobacco Settlement Auth. Rev.: | | | |
| Series 2010, 5.25% 6/1/21 | | 1,000,000 | 1,042,080 |
| Series 2017: | | | |
| 5% 6/1/22 | | 3,200,000 | 3,428,480 |
| 5% 6/1/23 | | 3,520,000 | 3,881,610 |
| Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2014 C, 5% 3/15/23 | | 520,000 | 573,976 |
| Univ. of Illinois Rev.: | | | |
| Series 2005 A, 5.5% 4/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,300,000 | 1,354,055 |
| Series 2018 A, 5% 4/1/21 | | 850,000 | 881,146 |
| Series 2019 A, 5% 4/1/21 | | 610,000 | 632,352 |
| Waukegan Gen. Oblig. Series 2018 B, 4% 12/30/22 (FSA Insured) | | 600,000 | 639,324 |
|
| TOTAL ILLINOIS | | | 127,515,749 |
|
| Indiana - 1.6% | | | |
| Indiana Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2001, 2.95%, tender 10/1/21 (a)(b) | | 1,580,000 | 1,600,635 |
| Indiana Fin. Auth. Hosp. Rev. Bonds: | | | |
| Series 2011 H, 1.65%, tender 7/1/22 (a) | | 1,555,000 | 1,557,457 |
| Series 2011 I, 1.65%, tender 7/1/22 (a) | | 5,000,000 | 5,007,900 |
| Series 2011 L: | | | |
| SIFMA Municipal Swap Index + 0.280% 4.99%, tender 7/2/21 (a)(c) | | 6,600,000 | 6,601,452 |
| SIFMA Municipal Swap Index + 0.280% 4.99%, tender 7/2/21 (a)(c) | | 7,100,000 | 7,101,136 |
| Series 2015 B, 1.65%, tender 7/2/22 (a) | | 2,360,000 | 2,354,407 |
| Indiana Fin. Auth. Rev. Series 2016, 4% 9/1/20 | | 470,000 | 475,019 |
| Indianapolis Local Pub. Impt. (Indianapolis Arpt. Auth. Proj.) Series 2016 A1, 5% 1/1/21 (b) | | 1,600,000 | 1,645,064 |
| Whiting Envir. Facilities Rev.: | | | |
| (BP Products North America, Inc. Proj.) Series 2009, 5.25% 1/1/21 | | 4,270,000 | 4,323,134 |
| Bonds (BP Products North America, Inc. Proj.): | | | |
| Series 2015, 5%, tender 11/1/22 (a)(b) | | 1,255,000 | 1,311,764 |
| Series 2016 A, 5%, tender 3/1/23 (a)(b) | | 800,000 | 839,280 |
|
| TOTAL INDIANA | | | 32,817,248 |
|
| Iowa - 0.0% | | | |
| Iowa Fin. Auth. Rev. Series 2018 B, 5% 2/15/23 | | 515,000 | 568,400 |
| Kentucky - 2.8% | | | |
| Kentucky State Property & Buildings Commission Rev.: | | | |
| (Kentucky St Proj.) Series D: | | | |
| 5% 5/1/20 | | 3,645,000 | 3,655,923 |
| 5% 5/1/21 | | 2,040,000 | 2,121,832 |
| (Kentucky St Proj.): | | | |
| Series 2005 5% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 5,360,000 | 5,624,302 |
| Series 2005, 5% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,295,000 | 1,310,941 |
| Series 2010, 5% 8/1/20 | | 4,810,000 | 4,869,211 |
| (Proj. No. 117) Series B, 3% 5/1/20 | | 1,570,000 | 1,572,191 |
| (Proj. No. 98) Series 2010, 5% 8/1/21 | | 3,320,000 | 3,354,960 |
| Series 2015 B, 5% 8/1/20 | | 1,000,000 | 1,012,310 |
| Series 2016: | | | |
| 3% 4/1/21 | | 775,000 | 788,166 |
| 3% 4/1/22 | | 895,000 | 921,125 |
| Series 2017, 5% 4/1/22 | | 900,000 | 965,799 |
| Series 2018: | | | |
| 5% 5/1/21 | | 2,000,000 | 2,080,227 |
| 5% 5/1/23 | | 3,295,000 | 3,651,190 |
| Series A: | | | |
| 5% 11/1/21 | | 650,000 | 688,025 |
| 5% 10/1/22 | | 940,000 | 1,025,173 |
| 5% 8/1/23 | | 625,000 | 697,831 |
| Series B: | | | |
| 5% 11/1/20 | | 6,600,000 | 6,742,654 |
| 5% 8/1/21 | | 950,000 | 996,845 |
| 5% 11/1/21 | | 1,150,000 | 1,217,275 |
| 5% 11/1/22 | | 645,000 | 705,295 |
| Series C, 5% 11/1/21 (d) | | 1,795,000 | 1,894,174 |
| Kentucky, Inc. Pub. Energy Series 2018 B, 4% 7/1/21 | | 2,200,000 | 2,239,732 |
| Louisville & Jefferson County: | | | |
| Bonds Series 2020 B, 5%, tender 10/1/23 (a) | | 1,000,000 | 1,086,150 |
| Series 2016 A, 5% 10/1/20 | | 580,000 | 590,835 |
| 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 | 1,160,718 |
| Series 2001 B, 2.55%, tender 5/3/21 (a) | | 5,580,000 | 5,632,619 |
|
| TOTAL KENTUCKY | | | 56,605,503 |
|
| Louisiana - 0.9% | | | |
| Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015, 5% 6/1/21 (FSA Insured) | | 1,800,000 | 1,878,156 |
| Louisiana Pub. Facilities Auth. Rev.: | | | |
| (Ochsner Clinic Foundation Proj.) Series 2015, 5% 5/15/21 | | 520,000 | 540,119 |
| Series 2009 A, 5.25% 7/1/20 (Escrowed to Maturity) | | 2,530,000 | 2,554,328 |
| New Orleans Aviation Board Rev.: | | | |
| (North Term. Proj.) Series 2017 B, 5% 1/1/22 (b) | | 520,000 | 551,538 |
| Series 2017 D2: | | | |
| 5% 1/1/21 (b) | | 370,000 | 380,140 |
| 5% 1/1/22 (b) | | 655,000 | 694,726 |
| St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 2%, tender 4/1/23 (a) | | 8,040,000 | 7,187,921 |
| Tobacco Settlement Fing. Corp. Series 2013 A: | | | |
| 5% 5/15/20 | | 2,515,000 | 2,521,978 |
| 5% 5/15/21 | | 1,130,000 | 1,159,007 |
|
| TOTAL LOUISIANA | | | 17,467,913 |
|
| Maine - 0.0% | | | |
| Maine Health & Higher Edl. Facilities Auth. Rev. Series 2017 B, 4% 7/1/21 | | 250,000 | 258,288 |
| Massachusetts - 0.8% | | | |
| Massachusetts Dev. Fin. Agcy. Rev.: | | | |
| (Lesley Univ. Proj.) Series 2016, 5% 7/1/20 | | 765,000 | 772,118 |
| Bonds Series S3, SIFMA Municipal Swap Index + 0.500% 5.21%, tender 1/26/23 (a)(c) | | 7,400,000 | 7,314,900 |
| Series 2016 I, 5% 7/1/21 | | 890,000 | 931,955 |
| Massachusetts Edl. Fing. Auth. Rev.: | | | |
| Series 2015 A, 5% 1/1/22 (b) | | 1,400,000 | 1,483,090 |
| Series 2016 J: | | | |
| 5% 7/1/21 (b) | | 2,840,000 | 2,962,745 |
| 5% 7/1/22 (b) | | 1,795,000 | 1,928,297 |
| Series 2017 A, 4% 7/1/20 (b) | | 280,000 | 281,770 |
|
| TOTAL MASSACHUSETTS | | | 15,674,875 |
|
| Michigan - 4.0% | | | |
| Clarkston Cmnty. Schools Series 2016 I, 4% 5/1/20 | | 255,000 | 255,579 |
| Detroit Downtown Dev. Auth. Tax: | | | |
| Series 1, 5% 7/1/21 (FSA Insured) | | 1,185,000 | 1,235,730 |
| Series A, 5% 7/1/22 (FSA Insured) | | 650,000 | 699,316 |
| Ferris State Univ. Rev. Series 2016, 5% 10/1/20 | | 400,000 | 407,593 |
| Huron Valley School District Series 2015, 5% 5/1/21 | | 750,000 | 780,416 |
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A, 5% 11/15/20 | | 470,000 | 480,924 |
| Lapeer Cmnty. Schools Series 2016, 4% 5/1/20 | | 905,000 | 906,980 |
| Michigan Fin. Auth. Rev.: | | | |
| (Mclaren Health Care Corp. Proj.) 5% 5/15/21 | | 370,000 | 385,584 |
| Bonds: | | | |
| Series 2016 MI2, SIFMA Municipal Swap Index + 0.480% 5.19%, tender 2/1/22 (a)(c) | | 45,050,000 | 45,088,293 |
| Series 2019 B, 3.5%, tender 11/15/22 (a) | | 4,325,000 | 4,500,379 |
| Michigan Strategic Fund Exempt Facilities Rev. Bonds (Waste Mgmt., Inc. Proj.) 2.85%, tender 8/2/21 (a)(b) | | 10,500,000 | 10,608,360 |
| Milan Area Schools Series 2019, 5% 5/1/22 | | 675,000 | 724,019 |
| South Lyon Cmnty. Schools Series 2016, 5% 5/1/23 | | 625,000 | 694,763 |
| Wayne County Arpt. Auth. Rev.: | | | |
| Series 2011 A: | | | |
| 4% 12/1/20 (FSA Insured) (b) | | 5,225,000 | 5,316,829 |
| 4.125% 12/1/22 (FSA Insured) (b) | | 1,100,000 | 1,142,075 |
| 5% 12/1/20 (b) | | 5,000,000 | 5,120,797 |
| Series 2017 A, 5% 12/1/20 | | 445,000 | 455,811 |
| Series 2017 B, 5% 12/1/20 (b) | | 535,000 | 547,817 |
| Zeeland Pub. Schools Series 2015, 5% 5/1/21 | | 1,285,000 | 1,336,404 |
|
| TOTAL MICHIGAN | | | 80,687,669 |
|
| Missouri - 0.0% | | | |
| Missouri Health & Edl. Facilities Rev. Series 2016, 5% 5/15/20 | | 590,000 | 592,586 |
| Nebraska - 0.3% | | | |
| Central Plains Energy Proj. Gas Supply Series 2019: | | | |
| 4% 8/1/21 | | 1,400,000 | 1,443,470 |
| 4% 8/1/22 | | 1,500,000 | 1,577,640 |
| 4% 2/1/23 | | 1,060,000 | 1,122,423 |
| 4% 8/1/23 | | 1,170,000 | 1,250,250 |
|
| TOTAL NEBRASKA | | | 5,393,783 |
|
| Nevada - 2.5% | | | |
| Clark County Arpt. Rev.: | | | |
| (Sub Lien Proj.) Series 2017 A-1, 5% 7/1/20 (b) | | 4,715,000 | 4,748,795 |
| Series 2013 A, 5% 7/1/20 (b) | | 1,520,000 | 1,530,895 |
| Series 2017 C, 5% 7/1/21 (b) | | 26,450,000 | 27,401,936 |
| Clark County McCarran Int'l. Arpt. Passenger Facility Charge Rev. (Clark County Arpt. Rev. Proj.) Series 2017 B, 5% 7/1/21 (b) | | 1,700,000 | 1,761,183 |
| Clark County Poll. Cont. Rev. Bonds (Nevada Pwr. Co. Projs.) Series 2017, 1.6%, tender 5/21/20 (a) | | 3,230,000 | 3,231,151 |
| Clark County School District: | | | |
| Series 2015 C, 5% 6/15/23 | | 1,000,000 | 1,104,600 |
| Series 2015 D, 5% 6/15/20 | | 440,000 | 443,294 |
| Series 2016 A: | | | |
| 5% 6/15/21 | | 3,075,000 | 3,211,038 |
| 5% 6/15/23 | | 1,395,000 | 1,540,917 |
| Series 2017 C, 5% 6/15/22 | | 600,000 | 643,980 |
| Washoe County Gas Facilities Rev. Bonds: | | | |
| Series 2016 F, 2.05%, tender 4/15/22 (a)(b) | | 3,400,000 | 3,411,322 |
| Series 2016, 2.05%, tender 4/15/22 (a)(b) | | 2,000,000 | 2,006,660 |
|
| TOTAL NEVADA | | | 51,035,771 |
|
| New Hampshire - 0.1% | | | |
| New Hampshire Health & Ed. Facilities Auth. Rev.: | | | |
| (Southern NH Med. Ctr. Proj.) Series 2016, 3% 10/1/21 | | 570,000 | 582,443 |
| Series 2016, 3% 10/1/20 | | 820,000 | 825,989 |
|
| TOTAL NEW HAMPSHIRE | | | 1,408,432 |
|
| New Jersey - 5.4% | | | |
| Garden State Preservation Trust Open Space & Farmland Preservation: | | | |
| Series 2005 C: | | | |
| 5.25% 11/1/20 (FSA Insured) | | 3,400,000 | 3,479,592 |
| 5.25% 11/1/21 (FSA Insured) | | 2,100,000 | 2,233,077 |
| Series B, 0% 11/1/22 (FSA Insured) | | 1,385,000 | 1,335,195 |
| New Jersey Econ. Dev. Auth. Series NN: | | | |
| 5% 3/1/21 | | 210,000 | 214,403 |
| 5% 3/1/21 (Escrowed to Maturity) | | 80,000 | 82,851 |
| New Jersey Econ. Dev. Auth. Rev.: | | | |
| (New Jersey Transit Corp. Proj.) Series 2017 B, 5% 11/1/22 | | 3,200,000 | 3,348,448 |
| Series 2011 GG, 5% 9/1/22 (Pre-Refunded to 9/1/22 @ 100) | | 375,000 | 386,205 |
| Series 2012 II, 5% 3/1/23 | | 430,000 | 444,027 |
| Series PP, 5% 6/15/20 | | 150,000 | 150,696 |
| New Jersey Edl. Facility ( William Paterson College Proj.) Series 2017 B, 5% 7/1/20 | | 357,000 | 360,376 |
| New Jersey Health Care Facilities Fing. Auth. Rev. Series 2016, 5% 7/1/21 | | 1,000,000 | 1,046,880 |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | | | |
| Series 2011 1, 5% 12/1/20 (b) | | 7,995,000 | 8,177,387 |
| Series 2011-1, 5.5% 12/1/21 (b) | | 6,345,000 | 6,752,793 |
| Series 2013, 4% 12/1/20 (b) | | 1,905,000 | 1,935,931 |
| Series 2014 1A: | | | |
| 5% 12/1/20 (b) | | 6,000,000 | 6,136,876 |
| 5% 12/1/21 (b) | | 4,500,000 | 4,752,405 |
| Series 2015 A, 5% 12/1/20 (b) | | 3,200,000 | 3,273,000 |
| Series 2016 1A, 5% 12/1/21 (b) | | 2,000,000 | 2,112,180 |
| Series 2017 1A, 5% 12/1/22 (b) | | 300,000 | 326,019 |
| Series 2017 1B: | | | |
| 5% 12/1/20 (b) | | 4,125,000 | 4,219,102 |
| 5% 12/1/21 (b) | | 340,000 | 359,071 |
| Series 2018 B: | | | |
| 5% 12/1/20 (b) | | 2,925,000 | 2,991,727 |
| 5% 12/1/21 (b) | | 1,290,000 | 1,362,356 |
| Series 2019 A, 5% 12/1/22 | | 705,000 | 770,205 |
| New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Series 2019 D: | | | |
| 4% 10/1/20 (b) | | 1,295,000 | 1,309,878 |
| 4% 4/1/21 (b) | | 1,405,000 | 1,435,271 |
| New Jersey Tobacco Settlement Fing. Corp. Series 2018 A: | | | |
| 5% 6/1/20 | | 2,430,000 | 2,439,142 |
| 5% 6/1/21 | | 5,890,000 | 6,044,907 |
| 5% 6/1/22 | | 1,890,000 | 1,978,528 |
| New Jersey Tpk. Auth. Tpk. Rev. Series 2017 C1, 1 month U.S. LIBOR + 0.340% 1.447% 1/1/21 (a)(c) | | 485,000 | 482,492 |
| New Jersey Trans. Trust Fund Auth.: | | | |
| Series 1999 A, 5.75% 6/15/20 | | 105,000 | 105,645 |
| Series 2006 A: | | | |
| 5.25% 12/15/20 (FSA Insured) | | 4,385,000 | 4,466,463 |
| 5.25% 12/15/20 (FSA Insured) | | 1,000,000 | 1,018,578 |
| Series 2016 A: | | | |
| 5% 6/15/21 | | 3,200,000 | 3,316,928 |
| 5% 6/15/22 | | 5,415,000 | 5,703,295 |
| Series 2018 A: | | | |
| 4% 6/15/20 | | 675,000 | 676,284 |
| 5% 6/15/21 | | 8,330,000 | 8,634,378 |
| 5% 6/15/22 | | 12,265,000 | 12,917,989 |
| Series AA, 5% 6/15/20 | | 125,000 | 125,580 |
| New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/20 | | 1,445,000 | 1,468,980 |
| Rutgers State Univ. Rev. Series Q, 5% 5/1/22 | | 490,000 | 527,157 |
|
| TOTAL NEW JERSEY | | | 108,902,297 |
|
| 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 | 1,490,000 |
| Series 2005 B, 1.875%, tender 4/1/20 (a) | | 1,300,000 | 1,300,000 |
| New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Series 2019 A: | | | |
| 4% 5/1/21 | | 795,000 | 815,155 |
| 4% 11/1/22 | | 675,000 | 713,428 |
|
| TOTAL NEW MEXICO | | | 4,318,583 |
|
| New York - 0.4% | | | |
| Albany County Arpt. Auth. Arpt. Rev. Series 2020 B: | | | |
| 5% 12/15/21 (b) | | 500,000 | 530,345 |
| 5% 12/15/22 (b) | | 1,000,000 | 1,084,600 |
| Long Island Pwr. Auth. Elec. Sys. Rev. Series 2000 A, 0% 6/1/21 (FSA Insured) | | 1,050,000 | 1,034,103 |
| New York Dorm. Auth. Rev. Bonds Series 2019 B1, 5%, tender 5/1/22 (a) | | 2,240,000 | 2,369,808 |
| New York Metropolitan Trans. Auth. Rev. Series 2012 F, 5% 11/15/21 | | 1,500,000 | 1,554,015 |
| Niagara Frontier Trans. Auth. Arpt. Rev. Series 2019 A, 5% 4/1/22 (b) | | 1,500,000 | 1,597,080 |
|
| TOTAL NEW YORK | | | 8,169,951 |
|
| New York And New Jersey - 0.2% | | | |
| Port Auth. of New York & New Jersey: | | | |
| Series 178, 5% 12/1/21 (b) | | 870,000 | 923,392 |
| Series 202, 5% 10/15/21 (b) | | 2,420,000 | 2,557,262 |
|
| TOTAL NEW YORK AND NEW JERSEY | | | 3,480,654 |
|
| North Carolina - 0.1% | | | |
| North Carolina Med. Care Commission Health Care Facilities Rev. Bonds Series 2019 B, 2.2%, tender 12/1/22 (a) | | 2,860,000 | 2,836,834 |
| North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 2012 B, 5% 1/1/21 (Escrowed to Maturity) | | 375,000 | 385,790 |
|
| TOTAL NORTH CAROLINA | | | 3,222,624 |
|
| Ohio - 1.3% | | | |
| Allen County Hosp. Facilities Rev.: | | | |
| Bonds (Mercy Health Proj.) Series 2015 B, SIFMA Municipal Swap Index + 0.750% 5.46%, tender 4/2/20 (a)(c) | | 11,660,000 | 11,668,219 |
| Series 2010 B, 5% 9/1/20 | | 30,000 | 30,455 |
| Series 2012 A, 5% 5/1/21 | | 765,000 | 795,181 |
| Series 2017 A: | | | |
| 5% 8/1/20 | | 710,000 | 718,597 |
| 5% 8/1/22 | | 700,000 | 758,009 |
| Cleveland Arpt. Sys. Rev.: | | | |
| Series 2018 A, 5% 1/1/22 (b) | | 1,000,000 | 1,059,400 |
| Series 2019 B, 5% 1/1/21 (b) | | 800,000 | 820,649 |
| Franklin County Hosp. Facilities Rev. Bonds (Ohio Health Corp.) Series 2018 B, SIFMA Municipal Swap Index + 0.430% 5.14%, tender 11/15/21 (a)(c) | | 7,100,000 | 7,109,940 |
| Hamilton County HealthCare Facilities Rev. (Christ Hosp., OH. Proj.) Series 2012, 5% 6/1/20 | | 1,295,000 | 1,302,617 |
| Ohio Higher Edl. Facility Commission Rev.: | | | |
| (Kenyon College, Oh. Proj.) Series 2017, 4% 7/1/20 | | 150,000 | 151,038 |
| (Univ. of Dayton 2018 Proj.) Series 2018 A, 5% 12/1/22 | | 260,000 | 281,416 |
| Series A, 5% 12/1/22 | | 520,000 | 569,956 |
| Ross County Hosp. Facilities Rev. (Adena Health Sys. Obligated Group Proj.) Series 2019, 5% 12/1/20 | | 755,000 | 773,648 |
| Univ. of Cincinnati Gen. Receipts Series 2012 C, 5% 6/1/23 | | 465,000 | 510,700 |
|
| TOTAL OHIO | | | 26,549,825 |
|
| Oklahoma - 0.0% | | | |
| Oklahoma County Fin. Auth. Edl. Facilities (Midwest City- Del City School Dis Proj.) Series 2018, 5% 10/1/21 | | 510,000 | 538,596 |
| Oklahoma Hsg. Fin. Agcy. Collateralized Bonds Series 2019, 1.6%, tender 7/1/22 | | 335,000 | 335,208 |
|
| TOTAL OKLAHOMA | | | 873,804 |
|
| Oregon - 0.6% | | | |
| Oregon Bus. Dev. Commission Bonds Series 250, 5%, tender 3/1/22 (a)(b) | | 11,040,000 | 11,774,822 |
| Oregon Facilities Auth. Rev. Series 2011 C, 5% 10/1/20 | | 310,000 | 315,791 |
| Port of Portland Arpt. Rev. Series 24B, 5% 7/1/23 (b) | | 900,000 | 985,509 |
|
| TOTAL OREGON | | | 13,076,122 |
|
| Pennsylvania - 2.4% | | | |
| Adams County Indl. Dev. Auth. Rev. Series 2010, 5% 8/15/20 | | 1,310,000 | 1,328,370 |
| Allegheny County Arpt. Auth. Rev.: | | | |
| Series 2001, 5% 1/1/21 (Escrowed to Maturity) (b) | | 3,200,000 | 3,287,208 |
| Series 2006 B: | | | |
| 5% 1/1/21 (Escrowed to Maturity) (b) | | 800,000 | 821,802 |
| 5% 1/1/22 (Escrowed to Maturity) (b) | | 625,000 | 664,250 |
| Doylestown Hosp. Auth. Hosp. Rev. Series 2016 B, 5% 7/1/20 | | 430,000 | 433,276 |
| Lehigh County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | | | |
| (PPL Elec. Utils. Corp. Proj.) Series 2016 A, 1.8%, tender 9/1/22 (a) | | 1,925,000 | 1,932,315 |
| Series B, 1.8%, tender 8/15/22 (a) | | 3,725,000 | 3,747,797 |
| Luzerne County Series 2015 B, 5% 5/15/20 (FSA Insured) | | 1,150,000 | 1,155,027 |
| Pennsylvania Ctfs. Prtn. Series 2018 A, 5% 7/1/21 | | 350,000 | 365,341 |
| Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. (City of Philadelphia Fdg. Prog.) Series 2010, 5% 6/15/21 | | 1,750,000 | 1,764,000 |
| Pennsylvania Tpk. Commission Tpk. Rev.: | | | |
| Series 2018 A1: | | | |
| SIFMA Municipal Swap Index + 0.350% 5.06% 12/1/20 (a)(c) | | 5,100,000 | 5,061,729 |
| SIFMA Municipal Swap Index + 0.430% 5.14% 12/1/21 (a)(c) | | 10,010,000 | 10,023,714 |
| Series 2018 B, SIFMA Municipal Swap Index + 0.500% 5.21% 12/1/21 (a)(c) | | 6,410,000 | 6,418,205 |
| Philadelphia Arpt. Rev.: | | | |
| Series 2010 D, 5% 6/15/21 (b) | | 1,425,000 | 1,434,106 |
| Series 2011 A, 5% 6/15/21 (b) | | 680,000 | 705,677 |
| Series 2015 A, 5% 6/15/21 (b) | | 1,865,000 | 1,935,422 |
| Philadelphia Gas Works Rev.: | | | |
| Series 2015 13: | | | |
| 5% 8/1/20 | | 1,835,000 | 1,857,589 |
| 5% 8/1/21 | | 1,770,000 | 1,857,279 |
| Series 2016 14, 5% 10/1/20 | | 2,645,000 | 2,694,011 |
| Series 2017 15, 4% 8/1/20 | | 370,000 | 373,339 |
| Reading School District Series 2017, 5% 3/1/21 (FSA Insured) | | 150,000 | 154,913 |
|
| TOTAL PENNSYLVANIA | | | 48,015,370 |
|
| Rhode Island - 0.3% | | | |
| Rhode Island Student Ln. Auth. Student Ln. Rev.: | | | |
| Series 2017 A, 5% 12/1/21 (b) | | 550,000 | 580,195 |
| Series A, 5% 12/1/21 (b) | | 500,000 | 527,535 |
| Tobacco Settlement Fing. Corp. Series 2015 A: | | | |
| 5% 6/1/20 | | 3,500,000 | 3,511,361 |
| 5% 6/1/21 | | 1,465,000 | 1,503,266 |
|
| TOTAL RHODE ISLAND | | | 6,122,357 |
|
| South Carolina - 0.0% | | | |
| South Carolina Ports Auth. Ports Rev. Series 2019 B, 5% 7/1/23 (b) | | 1,000,000 | 1,099,320 |
| Tennessee - 0.4% | | | |
| Greeneville Health & Edl. Facilities Board Series 2018 A, 5% 7/1/22 | | 900,000 | 975,159 |
| Jackson Hosp. Rev. Series 2018 A, 5% 4/1/21 | | 700,000 | 724,727 |
| 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 | 5,802,552 |
|
| TOTAL TENNESSEE | | | 7,502,438 |
|
| Texas - 2.1% | | | |
| Austin Arpt. Sys. Rev.: | | | |
| Series 2019 B, 5% 11/15/22 (b) | | 1,200,000 | 1,301,148 |
| Series 2019, 5% 11/15/22 (b) | | 2,250,000 | 2,439,653 |
| Austin-Bergstrom Landhost Ente Series 2017: | | | |
| 5% 10/1/20 | | 675,000 | 686,829 |
| 5% 10/1/21 | | 810,000 | 852,063 |
| Dallas County Util. and Reclamation District Series 2016, 5% 2/15/22 | | 1,035,000 | 1,105,484 |
| Dallas Fort Worth Int'l. Arpt. Rev.: | | | |
| Series 2011 C, 5% 11/1/23 | | 1,750,000 | 1,782,480 |
| Series 2012 F: | | | |
| 5% 11/1/20 (b) | | 600,000 | 609,461 |
| 5% 11/1/22 (Pre-Refunded to 11/1/20 @ 100) (b) | | 1,790,000 | 1,825,209 |
| Series 2014 D, 5% 11/1/21 (b) | | 4,690,000 | 4,968,164 |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev.: | | | |
| Bonds: | | | |
| Series 2015 3, 1 month U.S. LIBOR + 0.850% 1.502%, tender 4/2/20 (a)(c) | | 1,935,000 | 1,933,845 |
| Series 2019 B, 5%, tender 12/1/22 (a) | | 1,385,000 | 1,499,830 |
| Series 2019 C, SIFMA Municipal Swap Index + 0.420% 5.13%, tender 12/1/22 (a)(c) | | 9,535,000 | 9,532,330 |
| Series 2013 A, 5% 12/1/21 | | 800,000 | 849,512 |
| Series 2013 B, SIFMA Municipal Swap Index + 0.900% 5.61% 6/1/22 (a)(c) | | 900,000 | 909,270 |
| Series 2015, 5% 10/1/20 | | 600,000 | 611,360 |
| Houston Arpt. Sys. Rev.: | | | |
| (Houston TX Arpt. Sys. Rev. Subord Proj.) Series 2011 A, 5% 7/1/21 (b) | | 1,325,000 | 1,373,681 |
| Series 2011 A, 5% 7/1/22 (b) | | 1,580,000 | 1,637,307 |
| Series 2018 A, 5% 7/1/21 (b) | | 525,000 | 549,948 |
| Irving Hosp. Auth. Hosp. Rev. Series 2017 A: | | | |
| 5% 10/15/20 | | 370,000 | 376,766 |
| 5% 10/15/21 | | 185,000 | 194,592 |
| Laredo Independent School District Series 2015, 5% 8/1/21 | | 500,000 | 526,295 |
| Lower Colorado River Auth. Rev.: | | | |
| (LCRA Transmission Corp. Proj.) Series 2011 B, 5% 5/15/20 | | 1,035,000 | 1,039,739 |
| Series 2010, 5% 5/15/20 | | 240,000 | 241,099 |
| Series 2015 A, 5% 5/15/21 | | 925,000 | 964,590 |
| San Antonio Arpt. Sys. Rev.: | | | |
| Series 2019 A, 5% 7/1/23 (b) | | 445,000 | 485,811 |
| Series 2019 A: | | | |
| 5% 7/1/20 (b) | | 555,000 | 560,010 |
| 5% 7/1/21 (b) | | 725,000 | 758,343 |
| 5% 7/1/21 (b) | | 670,000 | 699,962 |
| 5% 7/1/22 (b) | | 560,000 | 596,966 |
| 5% 7/1/22 (b) | | 545,000 | 580,360 |
| 5% 7/1/23 (b) | | 400,000 | 436,024 |
|
| TOTAL TEXAS | | | 41,928,131 |
|
| Virginia - 1.9% | | | |
| Halifax County Indl. Dev. Auth. Bonds 2.15%, tender 9/1/20 (a) | | 2,940,000 | 2,934,043 |
| 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 | 2,927,144 |
| Series 2008 B, 2.15%, tender 9/1/20 (a) | | 4,395,000 | 4,386,095 |
| 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) | | 13,300,000 | 13,283,036 |
| Series 2009 A, 2.15%, tender 9/1/20 (a) | | 13,890,000 | 13,861,857 |
| 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 | 613,950 |
|
| TOTAL VIRGINIA | | | 38,006,125 |
|
| Washington - 0.6% | | | |
| King County Hsg. Auth. Rev. Series 2019, 3% 11/1/21 | | 1,105,000 | 1,132,923 |
| Port of Seattle Gen. Oblig. Series 2011, 5.25% 12/1/21 (b) | | 700,000 | 732,326 |
| Port of Seattle Rev.: | | | |
| Series 2015 C: | | | |
| 5% 4/1/20 (b) | | 750,000 | 750,000 |
| 5% 4/1/21 (b) | | 1,565,000 | 1,620,441 |
| Series 2016 B, 5% 10/1/22 (b) | | 900,000 | 978,993 |
| Port of Seattle Spl. Facility Rev. Series 2013: | | | |
| 5% 6/1/21 (b) | | 1,750,000 | 1,822,240 |
| 5% 6/1/23 (b) | | 845,000 | 932,356 |
| Tobacco Settlement Auth. Rev. Series 2013, 5% 6/1/20 | | 3,405,000 | 3,416,166 |
| Washington Health Care Facilities Auth. Rev. Bonds Series 2012 B, 5%, tender 10/1/21 (a) | | 705,000 | 740,426 |
|
| TOTAL WASHINGTON | | | 12,125,871 |
|
| West Virginia - 1.3% | | | |
| Harrison County Commission Solid Waste Disp. Rev. Bonds (Monongahela Pwr. Co. Proj.) Series 2018 A, 3%, tender 10/15/21 (a)(b) | | 19,500,000 | 19,886,100 |
| Mason Co. Poll. Cont. Rev. (Appalachian Pwr. Co. Proj.) Series 2003 L, 2.75% 10/1/22 | | 4,455,000 | 4,563,301 |
| 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)(b) | | 2,820,000 | 2,811,870 |
|
| TOTAL WEST VIRGINIA | | | 27,261,271 |
|
| Wisconsin - 1.3% | | | |
| Milwaukee County Arpt. Rev. Series 2016 A, 5% 12/1/22 (b) | | 1,820,000 | 1,970,405 |
| Wisconsin Health & Edl. Facilities: | | | |
| (Agnesian Healthcare Proj.) Series 2017, 5% 7/1/21 | | 300,000 | 313,758 |
| Bonds: | | | |
| (Ascension Health Cr. Group Proj.) Series 2013 B, 5%, tender 6/1/20 (a) | | 4,455,000 | 4,478,298 |
| Series 2018 B, 5%, tender 1/26/22 (a) | | 4,660,000 | 4,974,597 |
| Series 2018 C, SIFMA Municipal Swap Index + 0.450% 5.16%, tender 7/27/22 (a)(c) | | 12,210,000 | 12,236,007 |
| Series 2014 A, 5% 11/15/21 | | 700,000 | 742,406 |
| Wisconsin Health & Edl. Facilities Auth. Series 2014 A, 5% 12/1/20 | | 800,000 | 813,007 |
|
| TOTAL WISCONSIN | | | 25,528,478 |
|
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $1,094,806,096) | | | 1,090,716,102 |
|
| Municipal Notes - 40.2% | | | |
| Alabama - 0.8% | | | |
| Walker County Econ. & Indl. Dev. Auth. Solid Waste Disp. Rev. (Alabama Pwr. Co. Plant Gorgas Proj.) Series 2007, 0.9% 4/1/20, VRDN (a)(b) | | 4,800,000 | $4,800,000 |
| West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 0.9% 4/1/20, VRDN (a)(b) | | 1,400,000 | 1,400,000 |
| Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) Series D, 0.85% 4/1/20, VRDN (a) | | 10,930,000 | 10,930,000 |
|
| TOTAL ALABAMA | | | 17,130,000 |
|
| Arkansas - 0.4% | | | |
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 6.5% 4/7/20, VRDN (a)(b) | | 8,400,000 | 8,400,000 |
| California - 1.4% | | | |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN: | | | |
| Series Floaters XM 06 75, 4.96% 4/7/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | | 704,000 | 704,000 |
| Series Floaters ZM 06 41, 4.96% 4/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 8,225,000 | 8,225,000 |
| Series Floaters ZM 06 44, 4.96% 4/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 11,235,000 | 11,235,000 |
| San Jose Multi-family Hsg. Rev. Participating VRDN Series XF 10 85, 4.8% 4/7/20 (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. 5.18% 4/7/20, LOC Deutsche Bank AG New York Branch, VRDN (a)(b) | | 800,000 | 800,000 |
| Univ. of California Revs. Participating VRDN Series Floaters XG 00 61, 4.81% 4/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 2,250,000 | 2,250,000 |
|
| TOTAL CALIFORNIA | | | 28,199,000 |
|
| Colorado - 1.3% | | | |
| Colorado Edl. & Cultural Facilities Auth. Rev. (Mesivta of Greater Los Angeles Proj.) Series 2005, 5.06% 4/7/20, LOC Deutsche Bank AG, VRDN (a) | | 2,265,000 | 2,265,000 |
| Denver City & County Arpt. Rev. Participating VRDN: | | | |
| Series Floaters XL 00 90, 4.96% 4/7/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | | 8,800,000 | 8,800,000 |
| Series Floaters XM 07 15, 5.01% 4/7/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | | 15,895,000 | 15,895,000 |
|
| TOTAL COLORADO | | | 26,960,000 |
|
| Delaware - 0.3% | | | |
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1994, 1.11% 4/1/20, VRDN (a)(b) | | 6,900,000 | 6,900,000 |
| Florida - 4.3% | | | |
| Aqua One Cmnty. Dev. District Participating VRDN Series Floaters XF 10 76, 4.96% 4/7/20 (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, 4.96% 4/1/20 (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, 5.25% 4/7/20 (Liquidity Facility Citibank NA) (a)(b)(e)(f) | | 15,730,000 | 15,730,000 |
| Broward County Indl. Dev. Rev.: | | | |
| (Florida Pwr. & Lt. Co. Proj.) Series 2015, 1.3% 4/1/20, VRDN (a)(b) | | 12,800,000 | 12,800,000 |
| Series 2018, 1.1% 4/1/20, VRDN (a)(b) | | 1,000,000 | 1,000,000 |
| Palm Beach County Health Facilities Auth. Rev. Participating VRDN Series Floaters 017, 4.13% 5/12/20 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 45,740,000 | 45,740,000 |
| Saint Lucie County Solid Waste Disp. (Florida Pwr. & Lt. Co. Proj.) Series 2003, 1.1% 4/1/20, VRDN (a)(b) | | 1,600,000 | 1,600,000 |
|
| TOTAL FLORIDA | | | 86,680,000 |
|
| Georgia - 0.4% | | | |
| Floyd County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Hammond Proj.) 1.02% 4/1/20, VRDN (a) | | 1,700,000 | 1,700,000 |
| Heard County Dev. Auth. Poll. Cont. Rev. Series 2007, 0.95% 4/1/20, VRDN (a)(b) | | 7,100,000 | 7,100,000 |
|
| TOTAL GEORGIA | | | 8,800,000 |
|
| Idaho - 0.1% | | | |
| Idaho Health Facilities Auth. Rev. Participating VRDN Series 16 XG 00 66, 4.85% 4/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 1,500,000 | 1,500,000 |
| Illinois - 2.2% | | | |
| Chicago Park District Gen. Oblig. Participating VRDN Series ROC II R 11935, 3.35% 4/1/20 (Liquidity Facility Citibank NA) (a)(e)(f) | | 6,975,000 | 6,975,000 |
| Chicago Transit Auth. Rev. Bonds Participating VRDN Series XM 00 53, 5.5% 4/7/20 (Liquidity Facility Citibank NA) (a)(e)(f) | | 12,705,000 | 12,705,000 |
| Cook County Gen. Oblig. Participating VRDN Series 2015 XF0124, 3.85% 4/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 3,720,000 | 3,720,000 |
| Illinois Gen. Oblig. Participating VRDN Series Floaters XM 01 86, 4.96% 4/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 8,730,000 | 8,730,000 |
| Will County Exempt Facilities Rev. (ExxonMobil Corp. Proj.) Series 2001, 0.7% 4/1/20, VRDN (a)(b) | | 11,800,000 | 11,800,000 |
|
| TOTAL ILLINOIS | | | 43,930,000 |
|
| Indiana - 0.0% | | | |
| Jeffersonville Ind. Econ. Dev. Rev. Series 2003, 4.5% 4/7/20, LOC PNC Bank NA, VRDN (a)(b) | | 850,000 | 850,000 |
| Iowa - 1.6% | | | |
| Iowa Fin. Auth. Solid Waste Facilities (Mid-American Energy Co. Proj.) Series 2017, 5.35% 4/7/20, VRDN (a)(b) | | 31,540,000 | 31,540,000 |
| Kentucky - 0.2% | | | |
| Kentucky State Property & Buildings Commission Rev. Participating VRDN Series XG 0113, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 3,700,000 | 3,700,000 |
| Louisiana - 3.8% | | | |
| East Baton Rouge Parish Solid Waste Series 1998, 0.7% 4/1/20, VRDN (a)(b) | | 5,100,000 | 5,100,000 |
| New Orleans Aviation Board Rev. Participating VRDN Series Floaters ZM 05 58, 3.25% 4/1/20 (Liquidity Facility Citibank NA) (a)(b)(e)(f) | | 7,500,000 | 7,500,000 |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | | | |
| Series 2010 A1, 7.5% 4/7/20, VRDN (a) | | 22,300,000 | 22,300,000 |
| Series 2010 B1, 7.5% 4/7/20, VRDN (a) | | 33,760,000 | 33,760,000 |
| St. Bernard Parish Exempt FAC Series 1996, 0.7% 4/1/20, VRDN (a)(b) | | 7,500,000 | 7,500,000 |
|
| TOTAL LOUISIANA | | | 76,160,000 |
|
| Maine - 0.0% | | | |
| Auburn Rev. Oblig. Secs Series 2001, 5.15% 4/1/20, LOC TD Banknorth, NA, VRDN (a)(b) | | 170,000 | 170,000 |
| Massachusetts - 2.3% | | | |
| Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 23 06, 4.96% 4/7/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | | 13,550,000 | 13,550,000 |
| Middleborough Gen. Oblig. BAN Series 2020, 2% 10/1/21 | | 27,000,000 | 27,011,880 |
| Nahant BAN: | | | |
| Series 2019 A, 2.5% 6/26/20 | | 900,000 | 902,695 |
| Series 2019 B, 2.5% 7/9/20 | | 2,700,000 | 2,705,635 |
| Truro Massachusetts BAN Series 2019, 2.5% 6/19/20 | | 2,581,000 | 2,588,091 |
|
| TOTAL MASSACHUSETTS | | | 46,758,301 |
|
| Michigan - 0.2% | | | |
| Waterford School District RAN Series 2019, 2% 9/23/20 | | 4,760,000 | 4,776,489 |
| Minnesota - 0.5% | | | |
| Shakopee Minn Sr Hsg. Rev. Participating VRDN Series Floaters 001, 5% 5/12/20 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 9,700,000 | 9,700,000 |
| Mississippi - 0.0% | | | |
| Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Gulf Pwr. Co. Proj.) Series 2012, 1.5% 4/1/20, VRDN (a)(b) | | 870,000 | 870,000 |
| New Jersey - 1.9% | | | |
| Asbury Park Gen. Oblig. BAN Series 2019, 2.5% 7/9/20 | | 5,800,000 | 5,820,034 |
| Bloomingdale BAN Series 2020, 2.25% 2/26/21 | | 6,600,000 | 6,660,814 |
| Millburn Township Gen. Oblig. BAN Series 2019, 2.25% 6/12/20 | | 2,788,000 | 2,793,604 |
| Millstone Township Gen. Oblig. BAN Series 2019, 2.25% 8/28/20 | | 5,217,079 | 5,238,859 |
| Passaic Gen. Oblig. BAN Series 2019, 2.25% 8/27/20 | | 2,800,000 | 2,811,609 |
| South Orange Village Township Rev. BAN Series 2019, 2.25% 12/18/20 | | 4,380,000 | 4,411,933 |
| Warren Township School District BAN Series 2019, 2.5% 7/23/20 | | 4,200,000 | 4,210,032 |
| Wood-Ridge Gen. Oblig. BAN Series 2019, 2% 9/11/20 | | 5,533,442 | 5,552,488 |
|
| TOTAL NEW JERSEY | | | 37,499,373 |
|
| New York - 6.3% | | | |
| New York City Transitional Fin. Auth. Rev. Series 2011 A4 0.85% 4/1/20 (Liquidity Facility Barclays Bank PLC), VRDN (a) | | 870,000 | 870,000 |
| New York Liberty Dev. Corp. Participating VRDN Series Floaters XF 10 27, 4.81% 4/7/20 (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% 5/15/20 | | 900,000 | 900,105 |
| 5% 5/15/21 | | 13,400,000 | 13,791,280 |
| 5% 5/15/21 | | 1,965,000 | 2,022,378 |
| Series 2018 C, 5% 9/1/21 | | 1,450,000 | 1,503,302 |
| Series 2019 B, 5% 5/15/22 | | 44,240,000 | 46,493,586 |
| Series 2019 C, 4% 7/1/20 | | 450,000 | 451,810 |
| Series 2019 D1, 5% 9/1/22 | | 32,115,000 | 33,962,576 |
| South Glens Falls Central School District BAN Series 2019 B, 2.5% 7/24/20 | | 1,056,654 | 1,059,201 |
| Town of Colonie Albany County BAN Series 2020, 1.25% 3/12/21 | | 12,500,000 | 12,445,000 |
| Ulster County Indl. Dev. Agcy. I (Selux Corp. Proj.) Series A, 4.8% 4/7/20, LOC Manufacturers & Traders Trust Co., VRDN (a)(b) | | 185,000 | 185,000 |
| Watertown Enlarged City School District BAN Series 2019, 2.25% 6/30/20 | | 12,357,147 | 12,388,307 |
|
| TOTAL NEW YORK | | | 126,972,545 |
|
| North Carolina - 1.2% | | | |
| Hertford County Indl. Facilities Poll. Cont. Fing. Auth.: | | | |
| (Nucor Corp. Proj.) Series 2000 A, 6.5% 4/7/20, VRDN (a)(b) | | 9,480,000 | 9,480,000 |
| Series 2000 B, 6.5% 4/7/20, VRDN (a)(b) | | 15,100,000 | 15,100,000 |
|
| TOTAL NORTH CAROLINA | | | 24,580,000 |
|
| Ohio - 0.1% | | | |
| Forest Park Gen. Oblig. BAN Series 2019, 2.5% 5/27/20 | | 1,300,000 | 1,302,562 |
| Summit County Indl. Dev. Rev. Series 2001, 4.5% 4/7/20, LOC Huntington Nat'l. Bank, VRDN (a)(b) | | 555,000 | 555,000 |
|
| TOTAL OHIO | | | 1,857,562 |
|
| Pennsylvania - 0.0% | | | |
| Pennsylvania Eco Dev. Fing. Auth. Series A3, 4.5% 4/7/20, LOC PNC Bank NA, VRDN (a)(b) | | 300,000 | 300,000 |
| South Carolina - 0.7% | | | |
| South Carolina Pub. Svc. Auth. Rev. Participating VRDN: | | | |
| Series Floaters XG 02 09, 5.36% 4/7/20 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) | | 4,625,000 | 4,625,000 |
| Series Floaters XM 03 84, 4.91% 4/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 10,000,000 | 10,000,000 |
|
| TOTAL SOUTH CAROLINA | | | 14,625,000 |
|
| Texas - 7.3% | | | |
| Calhoun County Navigation Indl. Dev. Auth. Port Rev. (B P Chemicals, Inc. Proj.) 6.1% 4/7/20, VRDN (a)(b) | | 19,500,000 | 19,500,000 |
| Dallas Fort Worth Int'l. Arpt. Rev. Participating VRDN Series Floaters XF 10 61, 4.91% 4/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(e)(f) | | 8,370,000 | 8,370,000 |
| Gulf Coast Waste Disp. Auth. Envir. Facilities Rev. (ExxonMobil Proj.) Series 2001 B, 0.7% 4/1/20, VRDN (a)(b) | | 4,700,000 | 4,700,000 |
| Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev. (ExxonMobil Proj.) Series 2001 B, 0.7% 4/1/20, VRDN (a)(b) | | 9,970,000 | 9,970,000 |
| North Texas Tollway Auth. Rev. Participating VRDN Series XM0085, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 9,100,000 | 9,100,000 |
| Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | | | |
| Series 2004, 7.6% 4/7/20, VRDN (a)(b) | | 89,185,000 | 89,185,000 |
| Series 2010 C, 1.54% 4/1/20, VRDN (a) | | 5,065,000 | 5,065,000 |
| San Antonio Arpt. Sys. Rev. 5.8% 4/1/20, LOC Bank of America NA, VRDN (a)(b) | | 1,200,000 | 1,200,000 |
|
| TOTAL TEXAS | | | 147,090,000 |
|
| Utah - 1.5% | | | |
| Salt Lake City Arpt. Rev. Participating VRDN: | | | |
| Series 17 XM 0493, 4.96% 4/7/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | | 20,500,000 | 20,500,000 |
| Series 17 ZF 0540, 4.91% 4/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 3,200,000 | 3,200,000 |
| Series Floaters XM 06 99, 5.01% 4/7/20 (Liquidity Facility Cr. Suisse AG) (a)(b)(e)(f) | | 6,400,000 | 6,400,000 |
|
| TOTAL UTAH | | | 30,100,000 |
|
| Virginia - 0.5% | | | |
| Longwood Hsg. Foundation LLC Participating VRDN Series DBE 80 39, 3.95% 4/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 10,000,000 | 10,000,000 |
| Washington - 0.5% | | | |
| Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 5% 5/12/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 9,730,000 | 9,730,000 |
| Wisconsin - 0.4% | | | |
| Wisconsin Health & Edl. Facilities Participating VRDN Series 2017 ZF 2412, 3.25% 4/1/20 (Liquidity Facility Citibank NA) (a)(e)(f) | | 7,500,000 | 7,500,000 |
| TOTAL MUNICIPAL NOTES | | | |
| (Cost $816,112,431) | | | 813,278,270 |
| | | Shares | Value |
|
| Money Market Funds - 5.6% | | | |
| Fidelity Municipal Cash Central Fund 2.42% (h)(i) | | | |
| (Cost $114,382,003) | | 114,370,563 | 114,381,980 |
| TOTAL INVESTMENT IN SECURITIES - 99.7% | | | |
| (Cost $2,025,300,530) | | | 2,018,376,352 |
| NET OTHER ASSETS (LIABILITIES) - 0.3% | | | 6,726,479 |
| NET ASSETS - 100% | | | $2,025,102,831 |
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) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(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) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(i) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
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 prepayment speed assumptions, attributes of the collateral, 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.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
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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