| Municipal Bonds - 84.3% | | | |
| | | Principal Amount | Value |
| Alabama - 0.5% | | | |
| Auburn Univ. Gen. Fee Rev. Series 2018 A, 5% 6/1/43 | | 100,000 | 122,202 |
| Homewood Edl. Bldg. Auth. Rev. Series 2019 A: | | | |
| 4% 12/1/33 | | $110,000 | $127,375 |
| 4% 12/1/41 | | 85,000 | 95,841 |
| 4% 12/1/49 | | 190,000 | 211,058 |
| Jefferson County Gen. Oblig. Series 2018 A: | | | |
| 5% 4/1/25 | | 100,000 | 116,772 |
| 5% 4/1/26 | | 100,000 | 120,377 |
| Lower Alabama Gas District Bonds (No. 2 Proj.) Series 2020, 4%, tender 12/1/25 (a) | | 1,095,000 | 1,247,589 |
|
| TOTAL ALABAMA | | | 2,041,214 |
|
| Alaska - 0.3% | | | |
| Alaska Hsg. Fin. Corp. Series 2021 A, 4% 12/1/29 (b) | | 845,000 | 1,032,093 |
| Alaska Int'l. Arpts. Revs. Series 2010 A, 5% 10/1/23 (c) | | 30,000 | 30,064 |
|
| TOTAL ALASKA | | | 1,062,157 |
|
| Arizona - 2.7% | | | |
| Arizona Board of Regents Arizona State Univ. Rev. Series 2012 A, 5% 7/1/32 (Pre-Refunded to 7/1/22 @ 100) | | 10,000 | 10,592 |
| Arizona Indl. Dev. Auth. Lease Rev. Series 2020 A, 4% 9/1/46 | | 1,750,000 | 2,002,265 |
| Arizona Indl. Dev. Auth. Rev. (Provident Group-Eastern Michigan Univ. Parking Proj.) Series 2018: | | | |
| 5% 5/1/26 | | 450,000 | 486,913 |
| 5% 5/1/29 | | 290,000 | 314,779 |
| 5% 5/1/33 | | 565,000 | 601,574 |
| Arizona State Lottery Rev. Series 2019, 5% 7/1/23 | | 415,000 | 459,128 |
| Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.): | | | |
| Series 2005, 2.4%, tender 8/14/23 (a) | | 65,000 | 67,985 |
| Series 2007, 2.7%, tender 8/14/23 (a)(c) | | 600,000 | 630,175 |
| Series 2019, 5%, tender 6/3/24 (a)(c) | | 1,980,000 | 2,247,973 |
| Glendale Union School District 205 Series A: | | | |
| 4% 7/1/36 (FSA Insured) | | 545,000 | 660,504 |
| 4% 7/1/37 (FSA Insured) | | 1,000,000 | 1,206,108 |
| Glendale Indl. Dev. Auth. (Terraces of Phoenix Proj.) Series 2018 A: | | | |
| 5% 7/1/38 | | 10,000 | 10,502 |
| 5% 7/1/48 | | 10,000 | 10,351 |
| Maricopa County Indl. Dev. Auth.: | | | |
| (Creighton Univ. Proj.) Series 2020, 5% 7/1/47 | | 100,000 | 122,780 |
| Series 2021 A, 4% 9/1/51 | | 775,000 | 884,957 |
| Maricopa County Indl. Dev. Auth. Sr. Living Facilities Series 2016: | | | |
| 5.75% 1/1/36 (d) | | 100,000 | 102,341 |
| 6% 1/1/48 (d) | | 200,000 | 203,076 |
| Phoenix Civic Impt. Board Arpt. Rev. Series 2019 B, 5% 7/1/35 (c) | | 300,000 | 368,947 |
| Univ. of Arizona Univ. Revs. Series 2015 A, 5% 6/1/22 | | 10,000 | 10,563 |
| Western Maricopa Ed. Ctr. District Series 2019 B, 5% 7/1/24 | | 190,000 | 218,117 |
|
| TOTAL ARIZONA | | | 10,619,630 |
|
| California - 3.0% | | | |
| Alameda Corridor Trans. Auth. Rev. Series 2016 B, 5% 10/1/37 | | 300,000 | 350,685 |
| California Edl. Facilities Auth. Rev. Series T1, 5% 3/15/39 | | 65,000 | 93,247 |
| California Gen. Oblig. Series 2020: | | | |
| 4% 11/1/37 | | 1,000,000 | 1,208,190 |
| 4% 11/1/45 | | 2,000,000 | 2,249,875 |
| California Health Facilities Fing. Auth. Rev. Series 2013 A, 5% 8/15/52 (Pre-Refunded to 8/15/23 @ 100) | | 445,000 | 494,729 |
| California Hsg. Fin. Agcy. Series 2021 1, 3.5% 11/20/35 | | 200,000 | 228,099 |
| California Statewide Cmntys. Dev. Auth. Rev. Series 2015, 5% 2/1/45 | | 105,000 | 109,424 |
| Los Angeles Dept. Arpt. Rev. Series F, 5% 5/15/44 (c) | | 175,000 | 212,313 |
| Los Angeles Hbr. Dept. Rev. Series 2019 A: | | | |
| 5% 8/1/22 (c) | | 155,000 | 164,392 |
| 5% 8/1/24 (c) | | 310,000 | 353,706 |
| 5% 8/1/25 (c) | | 110,000 | 129,441 |
| Middle Fork Proj. Fin. Auth. Series 2020, 5% 4/1/26 | | 1,000,000 | 1,174,320 |
| Sacramento County Arpt. Sys. Rev. Series 2018 C, 5% 7/1/39 (c) | | 105,000 | 125,864 |
| San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2019 A, 5% 7/1/49 | | 500,000 | 609,259 |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | | | |
| Series 2019 A, 5% 5/1/49 (c) | | 3,000,000 | 3,594,751 |
| Series 2019 B, 5% 5/1/49 | | 45,000 | 54,997 |
| Washington Township Health Care District Rev.: | | | |
| Series 2017 A, 5% 7/1/35 | | 190,000 | 219,954 |
| Series 2017 B: | | | |
| 5% 7/1/29 | | 115,000 | 137,147 |
| 5% 7/1/30 | | 230,000 | 273,088 |
|
| TOTAL CALIFORNIA | | | 11,783,481 |
|
| Colorado - 2.7% | | | |
| Arkansas River Pwr. Auth. Rev. Series 2018 A: | | | |
| 5% 10/1/38 | | 40,000 | 46,328 |
| 5% 10/1/43 | | 50,000 | 57,228 |
| Colorado Health Facilities Auth.: | | | |
| (Parkview Med. Ctr., Inc. Proj.) Series 2016, 4% 9/1/35 | | 35,000 | 38,527 |
| Bonds Series 2019 B: | | | |
| 5%, tender 8/1/26 (a) | | 110,000 | 130,840 |
| 5%, tender 11/19/26 (a) | | 210,000 | 259,687 |
| Series 2019 A: | | | |
| 5% 11/1/25 | | 435,000 | 518,101 |
| 5% 11/15/39 | | 190,000 | 240,116 |
| Colorado Health Facilities Auth. Rev. Bonds Series 2016 C, 5%, tender 11/15/26 (a) | | 275,000 | 339,964 |
| Colorado Hsg. & Fin. Auth.: | | | |
| Series 2019 F, 4.25% 11/1/49 | | 70,000 | 78,253 |
| Series 2019 H, 4.25% 11/1/49 | | 40,000 | 44,781 |
| Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2020, 5% 6/1/31 | | 105,000 | 134,371 |
| Colorado Reg'l. Trans. District Sales Tax Rev. (Fastracks Proj.) Series 2021 B, 5% 11/1/28 | | 725,000 | 938,783 |
| Colorado Univ. Co. Hosp. Auth. Rev. Series 2012 A, 5% 11/15/42 | | 845,000 | 901,187 |
| Denver City & County Arpt. Rev.: | | | |
| Series 2017 A: | | | |
| 5% 11/15/23 (c) | | 25,000 | 27,954 |
| 5% 11/15/26 (c) | | 50,000 | 61,102 |
| Series 2018 A, 5% 12/1/34 (c) | | 1,125,000 | 1,518,170 |
| Denver City & County Board Wtr. Rev. Series 2020 B: | | | |
| 5% 9/15/27 | | 2,000,000 | 2,532,947 |
| 5% 9/15/28 | | 2,000,000 | 2,591,217 |
| Vauxmont Metropolitan District: | | | |
| Series 2019, 5% 12/15/25 (FSA Insured) | | 40,000 | 46,777 |
| Series 2020, 5% 12/1/30 (FSA Insured) | | 220,000 | 277,585 |
|
| TOTAL COLORADO | | | 10,783,918 |
|
| Connecticut - 3.2% | | | |
| Connecticut Gen. Oblig.: | | | |
| Series 2014 H, 5% 11/15/21 | | 295,000 | 303,754 |
| Series 2016 B: | | | |
| 5% 5/15/25 | | 220,000 | 259,659 |
| 5% 5/15/26 | | 125,000 | 151,744 |
| Series 2016 D, 5% 8/15/25 | | 210,000 | 249,890 |
| Series 2018 F: | | | |
| 5% 9/15/24 | | 100,000 | 115,655 |
| 5% 9/15/25 | | 100,000 | 119,314 |
| Series 2019 A, 5% 4/15/26 | | 115,000 | 139,274 |
| Series 2020 A, 4% 1/15/34 | | 300,000 | 357,664 |
| Connecticut Health & Edl. Facilities Auth. Rev.: | | | |
| Bonds Series 2020 B: | | | |
| 5%, tender 1/1/25 (a) | | 200,000 | 231,680 |
| 5%, tender 1/1/27 (a) | | 330,000 | 404,364 |
| Series 2019 A, 5% 7/1/49 (d) | | 130,000 | 133,994 |
| Series 2019 Q-1: | | | |
| 5% 11/1/25 | | 90,000 | 106,792 |
| 5% 11/1/26 | | 95,000 | 115,463 |
| Series 2020 K, 4% 7/1/45 | | 1,000,000 | 1,128,392 |
| Series A: | | | |
| 5% 7/1/26 | | 160,000 | 183,454 |
| 5% 7/1/26 (Pre-Refunded to 7/1/21 @ 100) | | 105,000 | 106,231 |
| Series E, 5% 7/1/42 | | 250,000 | 276,829 |
| Series K1: | | | |
| 5% 7/1/34 | | 725,000 | 836,586 |
| 5% 7/1/36 | | 450,000 | 515,967 |
| 5% 7/1/39 | | 490,000 | 557,292 |
| Series K3, 5% 7/1/43 | | 215,000 | 242,412 |
| Series L1: | | | |
| 4% 7/1/28 (b) | | 750,000 | 891,678 |
| 4% 7/1/29 (b) | | 750,000 | 899,894 |
| 4% 7/1/30 (b) | | 1,000,000 | 1,210,019 |
| Series N: | | | |
| 5% 7/1/25 | | 390,000 | 445,840 |
| 5% 7/1/26 | | 575,000 | 672,119 |
| 5% 7/1/27 | | 430,000 | 512,016 |
| Series R, 5% 6/1/36 | | 900,000 | 1,135,322 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2012 A, 5% 1/1/24 | | 80,000 | 86,572 |
| Univ. of Connecticut Gen. Oblig.: | | | |
| Series 2016 A, 5% 3/15/22 | | 85,000 | 88,814 |
| Series 2019 A, 5% 11/1/25 | | 140,000 | 167,303 |
|
| TOTAL CONNECTICUT | | | 12,645,987 |
|
| District Of Columbia - 0.9% | | | |
| Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. (Dulles Metrorail and Cap. Impt. Projs.) Series 2019 A: | | | |
| 5% 10/1/31 | | 185,000 | 227,719 |
| 5% 10/1/44 | | 1,000,000 | 1,187,235 |
| Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | | | |
| Series 2011 C: | | | |
| 5% 10/1/22 (c) | | 60,000 | 61,362 |
| 5% 10/1/23 (c) | | 65,000 | 66,535 |
| 5% 10/1/24 (c) | | 60,000 | 61,405 |
| 5% 10/1/25 (c) | | 80,000 | 81,873 |
| Series 2017 A, 5% 10/1/26 (c) | | 440,000 | 536,560 |
| Series 2019 A, 5% 10/1/25 (c) | | 70,000 | 83,126 |
| Series 2020 A: | | | |
| 5% 10/1/25 (c) | | 440,000 | 522,509 |
| 5% 10/1/26 (c) | | 320,000 | 390,226 |
| 5% 10/1/27 (c) | | 110,000 | 137,412 |
| 5% 10/1/28 (c) | | 55,000 | 69,642 |
| Washington Convention & Sports Auth. Series 2018 A: | | | |
| 5% 10/1/23 | | 100,000 | 110,416 |
| 5% 10/1/24 | | 100,000 | 113,853 |
| 5% 10/1/25 | | 100,000 | 116,918 |
|
| TOTAL DISTRICT OF COLUMBIA | | | 3,766,791 |
|
| Florida - 4.2% | | | |
| Atlantic Beach Health Care Facilities Series A, 5% 11/15/43 | | 255,000 | 284,295 |
| Broward County Arpt. Sys. Rev.: | | | |
| Series 2012 Q1, 5% 10/1/21 | | 250,000 | 255,823 |
| Series 2015 C, 5% 10/1/24 (c) | | 45,000 | 51,635 |
| Series 2017, 5% 10/1/42 (c) | | 1,365,000 | 1,605,688 |
| Series 2019 A, 5% 10/1/49 (c) | | 1,000,000 | 1,199,344 |
| Broward County School Board Ctfs. of Prtn.: | | | |
| Series 2015 A, 5% 7/1/23 | | 50,000 | 55,150 |
| Series 2016, 5% 7/1/26 | | 230,000 | 279,154 |
| Cap. Projs. Fin. Auth. Student Hsg. Rev. (Cap. Projs. Ln. Prog. - Florida Univs.) Series 2020 A, 5% 10/1/30 | | 500,000 | 611,156 |
| Escambia County Health Facilities Auth. Health Facilities Rev. Series 2020 A, 4% 8/15/45 | | 110,000 | 122,013 |
| Florida Higher Edl. Facilities Fing. Auth. (St. Leo Univ. Proj.) Series 2019, 5% 3/1/24 | | 390,000 | 424,593 |
| Florida Hsg. Fin. Corp. Rev. Series 2019 1, 4% 7/1/50 | | 170,000 | 188,845 |
| Florida Mid-Bay Bridge Auth. Rev. Series 2015 A: | | | |
| 5% 10/1/27 | | 105,000 | 122,530 |
| 5% 10/1/29 | | 80,000 | 92,447 |
| 5% 10/1/30 | | 70,000 | 80,602 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | | | |
| Series 2017 A, 5% 10/1/31 (c) | | 125,000 | 151,673 |
| Series 2019 A: | | | |
| 5% 10/1/22 (c) | | 300,000 | 321,257 |
| 5% 10/1/23 (c) | | 300,000 | 334,087 |
| 5% 10/1/24 (c) | | 300,000 | 345,693 |
| 5% 10/1/25 (c) | | 300,000 | 356,256 |
| 5% 10/1/32 (c) | | 300,000 | 377,704 |
| 5% 10/1/38 (c) | | 430,000 | 531,140 |
| 5% 10/1/54 (c) | | 1,620,000 | 1,959,152 |
| Lee County Arpt. Rev. Series 2011 A, 5.375% 10/1/32 (c) | | 25,000 | 25,383 |
| Lee Memorial Health Sys. Hosp. Rev. Series 2019 A1, 5% 4/1/44 | | 665,000 | 808,893 |
| Miami-Dade County Aviation Rev.: | | | |
| Series 2015 A, 5% 10/1/27 (c) | | 355,000 | 417,273 |
| Series 2016 A, 5% 10/1/29 | | 145,000 | 174,263 |
| Series 2017 B, 5% 10/1/40 (c) | | 635,000 | 752,701 |
| Series 2020 A: | | | |
| 4% 10/1/40 | | 300,000 | 350,338 |
| 5% 10/1/25 | | 245,000 | 291,899 |
| Miami-Dade County Expressway Auth. Series 2014 A, 5% 7/1/25 | | 395,000 | 451,664 |
| Miami-Dade County School Board Ctfs. of Prtn.: | | | |
| Bonds Series 2014 A, 5%, tender 5/1/24 (a) | | 100,000 | 113,332 |
| Series 2015 D, 5% 2/1/26 | | 10,000 | 11,995 |
| South Miami Health Facilities Auth. Hosp. Rev. (Baptist Med. Ctr., FL. Proj.) Series 2017: | | | |
| 5% 8/15/26 | | 100,000 | 121,888 |
| 5% 8/15/42 | | 5,000 | 5,959 |
| Tallahassee Health Facilities Rev.: | | | |
| (Tallahassee Memorial Healthcare, Inc. Proj.) Series 2016 A, 5% 12/1/26 | | 100,000 | 117,679 |
| Series 2015 A, 5% 12/1/40 | | 410,000 | 457,379 |
| Tampa Hosp. Rev.: | | | |
| (H Lee Moffitt Cancer Ctr. Proj.) Series 2016 B, 5% 7/1/29 | | 25,000 | 29,753 |
| (H. Lee Moffitt Cancer Ctr. Proj.) Series 2020 B, 4% 7/1/39 | | 1,000,000 | 1,145,787 |
| Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2020 A: | | | |
| 0% 9/1/34 | | 700,000 | 487,368 |
| 0% 9/1/35 | | 750,000 | 500,462 |
| 0% 9/1/36 | | 800,000 | 510,780 |
| Volusia County Edl. Facilities Auth. Rev. (Embry-Riddle Aeronautical Univ., Inc. Proj.) Series 2020 A: | | | |
| 5% 10/15/44 | | 30,000 | 36,191 |
| 5% 10/15/49 | | 60,000 | 71,956 |
|
| TOTAL FLORIDA | | | 16,633,180 |
|
| Georgia - 2.7% | | | |
| Atlanta Arpt. Rev. Series 2019 B, 5% 7/1/25 (c) | | 60,000 | 70,618 |
| Atlanta Wtr. & Wastewtr. Rev. Series 2018 B, 5% 11/1/47 | | 1,000,000 | 1,232,162 |
| Brookhaven Dev. Auth. Rev. Series 2019 A, 5% 7/1/36 | | 150,000 | 191,718 |
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Vogtle Proj.): | | | |
| Series 1994: | | | |
| 2.15%, tender 6/13/24 (a) | | 1,140,000 | 1,192,401 |
| 2.25%, tender 5/25/23 (a) | | 315,000 | 326,695 |
| Series 2013 1st, 2.925%, tender 3/12/24 (a) | | 330,000 | 351,759 |
| DeKalb Private Hosp. Auth. Rev. Series 2019 B, 5% 7/1/27 | | 210,000 | 263,596 |
| Fulton County Dev. Auth. Rev. Series 2019: | | | |
| 4% 6/15/49 | | 40,000 | 45,703 |
| 5% 6/15/52 | | 145,000 | 177,955 |
| Georgia Muni. Elec. Auth. Pwr. Rev.: | | | |
| Series 2018 A, 5% 1/1/22 | | 375,000 | 387,968 |
| Series 2019 A: | | | |
| 4% 1/1/49 | | 245,000 | 273,266 |
| 5% 1/1/23 | | 450,000 | 485,832 |
| 5% 1/1/26 | | 165,000 | 196,579 |
| 5% 1/1/30 | | 55,000 | 68,825 |
| 5% 1/1/34 | | 375,000 | 461,393 |
| Series HH, 5% 1/1/22 | | 425,000 | 439,698 |
| Georgia Road & Thruway Auth. Rev. Series 2020, 5% 6/1/31 | | 1,000,000 | 1,323,049 |
| Glynn-Brunswick Memorial Hosp. Auth. Rev. (Southeast Georgia Health Sys. Proj.) Series 2017: | | | |
| 4% 8/1/43 | | 5,000 | 5,308 |
| 5% 8/1/39 | | 5,000 | 5,592 |
| 5% 8/1/43 | | 5,000 | 5,772 |
| Hosp. Auth. of Savannah Auth. Rev. Series 2019 A: | | | |
| 4% 7/1/36 | | 195,000 | 222,701 |
| 4% 7/1/43 | | 205,000 | 229,790 |
| Main Street Natural Gas, Inc. Bonds Series 2018 C, 4%, tender 12/1/23 (a) | | 500,000 | 543,418 |
| Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) Series 1995, 2.25% 7/1/25 | | 200,000 | 205,848 |
| Private Colleges & Univs. Auth. Rev.: | | | |
| Series 2020 B: | | | |
| 5% 9/1/25 | | 180,000 | 214,760 |
| 5% 9/1/34 | | 1,000,000 | 1,312,692 |
| Series A: | | | |
| 4% 6/1/21 | | 120,000 | 120,650 |
| 5% 6/1/22 | | 80,000 | 84,104 |
| 5% 6/1/23 | | 80,000 | 87,482 |
| 5% 6/1/24 | | 130,000 | 146,741 |
|
| TOTAL GEORGIA | | | 10,674,075 |
|
| Hawaii - 1.5% | | | |
| Hawaii Arpts. Sys. Rev.: | | | |
| Series 2015 A, 5% 7/1/45 (c) | | 1,000,000 | 1,145,396 |
| Series 2018 A: | | | |
| 5% 7/1/33 (c) | | 125,000 | 152,499 |
| 5% 7/1/48 (c) | | 2,800,000 | 3,311,381 |
| Hawaii Gen. Oblig. Series 2020 A, 4% 7/1/36 (c) | | 40,000 | 46,673 |
| Honolulu City & County Gen. Oblig.: | | | |
| (Honolulu Rail Transit Proj.) Series 2020 B, 5% 3/1/29 | | 1,000,000 | 1,303,478 |
| Series 2017 A, 5% 9/1/33 | | 5,000 | 6,154 |
| Honolulu City and County Wastewtr. Sys. Series 2015 A, 5% 7/1/40 (Pre-Refunded to 7/1/25 @ 100) | | 115,000 | 136,571 |
|
| TOTAL HAWAII | | | 6,102,152 |
|
| Idaho - 0.0% | | | |
| Idaho Hsg. & Fin. Assoc. Single Family Mtg. Series 2019 A, 4% 1/1/50 | | 25,000 | 27,817 |
| Illinois - 13.4% | | | |
| Champaign County Cmnty. Unit Series 2019, 4% 6/1/26 | | 15,000 | 17,367 |
| Chicago Board of Ed.: | | | |
| Series 1998 B1, 0% 12/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 45,000 | 44,792 |
| Series 2011 A, 5% 12/1/41 | | 50,000 | 50,937 |
| Series 2012 A, 5% 12/1/42 | | 830,000 | 860,403 |
| Series 2018 A: | | | |
| 5% 12/1/29 | | 350,000 | 423,733 |
| 5% 12/1/31 | | 150,000 | 179,851 |
| Series 2018 C, 5% 12/1/46 | | 200,000 | 231,136 |
| Series 2019 A: | | | |
| 5% 12/1/29 | | 125,000 | 153,371 |
| 5% 12/1/30 | | 405,000 | 495,916 |
| 5% 12/1/30 | | 100,000 | 122,448 |
| Series 2021 A, 5% 12/1/41 | | 1,465,000 | 1,763,475 |
| Series 2021 B: | | | |
| 5% 12/1/21 | | 400,000 | 412,033 |
| 5% 12/1/22 | | 500,000 | 534,359 |
| Chicago Gen. Oblig.: | | | |
| Series 2015 C, 5% 1/1/27 | | 215,000 | 247,609 |
| Series 2020 A: | | | |
| 5% 1/1/27 | | 400,000 | 471,910 |
| 5% 1/1/30 | | 230,000 | 283,405 |
| Chicago Midway Arpt. Rev.: | | | |
| Series 2013 A: | | | |
| 5.375% 1/1/33 (c) | | 2,000,000 | 2,156,521 |
| 5.5% 1/1/29 (c) | | 200,000 | 217,248 |
| Series 2014 B: | | | |
| 5% 1/1/26 | | 100,000 | 112,346 |
| 5% 1/1/28 | | 270,000 | 301,997 |
| Series 2016 B: | | | |
| 4% 1/1/35 | | 200,000 | 218,992 |
| 5% 1/1/46 | | 2,000,000 | 2,319,275 |
| Chicago O'Hare Int'l. Arpt. Rev.: | | | |
| Series 2012 B, 4% 1/1/29 (c) | | 400,000 | 409,087 |
| Series 2013 A, 5% 1/1/23 (c) | | 70,000 | 75,663 |
| Series 2017 B, 5% 1/1/37 | | 50,000 | 59,236 |
| Series 2018 A, 5% 1/1/48 (c) | | 90,000 | 106,265 |
| Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. Series 2018: | | | |
| 5% 7/1/38 (c) | | 50,000 | 58,856 |
| 5% 7/1/48 (c) | | 400,000 | 466,945 |
| Cook County Cmnty. Consolidated School District No. 59 Series 2020, 5% 3/1/26 | | 615,000 | 741,817 |
| Cook County Gen. Oblig.: | | | |
| Series 2011 A, 5.25% 11/15/23 | | 50,000 | 51,515 |
| Series 2016 A: | | | |
| 5% 11/15/23 | | 10,000 | 11,204 |
| 5% 11/15/31 | | 500,000 | 609,176 |
| Series 2021 A: | | | |
| 5% 11/15/22 | | 125,000 | 134,604 |
| 5% 11/15/23 | | 35,000 | 39,214 |
| 5% 11/15/24 | | 50,000 | 57,883 |
| Illinois Fin. Auth. Bonds Series 2020 B, 5%, tender 11/15/24 (a) | | 400,000 | 453,654 |
| Illinois Fin. Auth. Academic Facilities: | | | |
| (Provident Group UIUC Properties LLC Univ. of Illinois at Urbana-Champaign Proj.) Series 2019 A, 5% 10/1/25 | | 200,000 | 235,758 |
| (Provident Group UIUC Properties LLC Univ. of Illinois at Urbana-Champaign Proj.) Series 2019 A: | | | |
| 5% 10/1/26 | | 200,000 | 241,626 |
| 5% 10/1/31 | | 200,000 | 252,278 |
| Illinois Fin. Auth. Rev.: | | | |
| (Bradley Univ. Proj.) Series 2017 C: | | | |
| 5% 8/1/22 | | 40,000 | 41,987 |
| 5% 8/1/24 | | 45,000 | 50,148 |
| 5% 8/1/30 | | 615,000 | 714,271 |
| (Depaul Univ., IL Proj.): | | | |
| Series 2016 A, 5% 10/1/28 | | 10,000 | 12,046 |
| Series 2016, 5% 10/1/29 | | 30,000 | 36,090 |
| (OSF Healthcare Sys.) Series 2018 A: | | | |
| 4.125% 5/15/47 | | 750,000 | 844,067 |
| 5% 5/15/43 | | 790,000 | 952,161 |
| (Presence Health Proj.) Series 2016 C, 5% 2/15/36 | | 15,000 | 17,931 |
| Series 2011 IL, 5% 12/1/22 (Pre-Refunded to 12/1/21 @ 100) | | 5,000 | 5,159 |
| Series 2012 A, 5% 5/15/41 (Pre-Refunded to 5/15/22 @ 100) | | 695,000 | 732,326 |
| Series 2013: | | | |
| 4% 5/15/33 (Pre-Refunded to 5/15/22 @ 100) | | 270,000 | 280,888 |
| 4.25% 5/15/43 (Pre-Refunded to 5/15/22 @ 100) | | 55,000 | 57,370 |
| 5% 11/15/24 | | 65,000 | 69,801 |
| Series 2015 A: | | | |
| 5% 11/15/23 | | 10,000 | 11,143 |
| 5% 11/15/25 | | 150,000 | 177,890 |
| 5% 11/15/45 | | 300,000 | 345,932 |
| Series 2015 C: | | | |
| 4.125% 8/15/37 | | 60,000 | 64,614 |
| 5% 8/15/26 | | 35,000 | 40,848 |
| 5% 8/15/44 | | 1,380,000 | 1,542,066 |
| Series 2016 A: | | | |
| 5% 8/15/24 (Escrowed to Maturity) | | 65,000 | 74,972 |
| 5% 7/1/31 | | 30,000 | 35,289 |
| 5% 7/1/33 | | 10,000 | 11,701 |
| 5% 7/1/36 | | 45,000 | 52,260 |
| Series 2016 B, 5% 8/15/35 | | 250,000 | 294,452 |
| Series 2016 C: | | | |
| 4% 2/15/41 | | 35,000 | 39,016 |
| 4% 2/15/41 (Pre-Refunded to 2/15/27 @ 100) | | 5,000 | 5,889 |
| 5% 2/15/34 | | 50,000 | 60,018 |
| Series 2016: | | | |
| 5% 12/1/23 | | 155,000 | 173,210 |
| 5% 5/15/29 | | 10,000 | 11,838 |
| 5% 12/1/29 | | 620,000 | 745,991 |
| 5% 12/1/33 | | 485,000 | 580,270 |
| 5% 12/1/40 | | 85,000 | 100,716 |
| 5% 12/1/46 | | 2,695,000 | 3,166,883 |
| Series 2017 A, 5% 7/15/42 | | 1,000,000 | 1,203,698 |
| Series 2018 A: | | | |
| 4.25% 1/1/44 | | 55,000 | 61,325 |
| 5% 1/1/38 | | 225,000 | 268,490 |
| 5% 1/1/44 | | 340,000 | 400,675 |
| Series 2019: | | | |
| 4% 9/1/35 | | 60,000 | 67,510 |
| 5% 9/1/36 | | 295,000 | 360,855 |
| 5% 9/1/38 | | 100,000 | 121,633 |
| Illinois Gen. Oblig.: | | | |
| Serie 2014, 5% 4/1/24 | | 100,000 | 111,789 |
| Series 2012 A, 4% 1/1/23 | | 65,000 | 66,549 |
| Series 2012: | | | |
| 5% 8/1/22 | | 90,000 | 95,100 |
| 5% 8/1/24 | | 70,000 | 73,608 |
| Series 2013 A, 5% 4/1/23 | | 525,000 | 568,586 |
| Series 2013, 5% 7/1/23 | | 10,000 | 10,922 |
| Series 2014, 5% 2/1/25 | | 520,000 | 575,650 |
| Series 2016: | | | |
| 5% 1/1/26 | | 5,000 | 5,833 |
| 5% 2/1/26 | | 400,000 | 467,443 |
| 5% 2/1/27 | | 585,000 | 696,175 |
| 5% 11/1/29 | | 1,400,000 | 1,626,081 |
| Series 2017 D: | | | |
| 5% 11/1/25 | | 65,000 | 75,172 |
| 5% 11/1/26 | | 1,640,000 | 1,931,319 |
| 5% 11/1/27 | | 250,000 | 297,837 |
| Series 2017, 4% 2/1/24 | | 15,000 | 16,272 |
| Series 2018 A, 5% 10/1/24 | | 25,000 | 28,323 |
| Series 2018 B: | | | |
| 5% 5/1/24 | | 1,500,000 | 1,680,644 |
| 5% 10/1/24 | | 1,050,000 | 1,189,568 |
| Series 2019 B: | | | |
| 5% 9/1/21 | | 105,000 | 106,897 |
| 5% 9/1/22 | | 100,000 | 106,001 |
| 5% 9/1/23 | | 105,000 | 115,337 |
| 5% 9/1/24 | | 105,000 | 118,709 |
| 5% 9/1/25 | | 20,000 | 23,171 |
| Series 2021 A, 5% 3/1/32 | | 450,000 | 557,925 |
| Series May 2014, 5% 5/1/39 | | 1,600,000 | 1,721,977 |
| Illinois Sales Tax Rev. Series 2013, 5% 6/15/24 | | 285,000 | 310,200 |
| Illinois Toll Hwy. Auth. Toll Hwy. Rev.: | | | |
| Series 2014 A, 5% 12/1/22 | | 235,000 | 253,430 |
| Series A: | | | |
| 5% 1/1/40 | | 220,000 | 277,946 |
| 5% 1/1/45 | | 2,100,000 | 2,609,488 |
| Kane, Cook & DuPage Counties School District #46 Elgin Series 2003 B, 0% 1/1/22 (Escrowed to Maturity) | | 100,000 | 99,875 |
| Kendall, Kane & Will Counties Cmnty. Unit School District #308: | | | |
| Series 2008, 0% 2/1/25 (FSA Insured) | | 315,000 | 302,961 |
| Series 2011, 5.5% 2/1/22 (Pre-Refunded to 2/1/22 @ 100) | | 100,000 | 103,995 |
| Series 2015, 4% 2/1/30 | | 800,000 | 889,393 |
| Metropolitan Pier & Exposition: | | | |
| (McCormick Place Expansion Proj.) Series 2010 B1: | | | |
| 0% 6/15/43 (FSA Insured) | | 610,000 | 316,827 |
| 0% 6/15/47 (FSA Insured) | | 155,000 | 69,269 |
| Series 1994 A, 0% 6/15/25 | | 25,000 | 23,622 |
| Series 1994, 0% 6/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,200,000 | 1,050,002 |
| Series 2002 A, 0% 6/15/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 30,000 | 22,886 |
| Series 2002, 0% 12/15/23 | | 205,000 | 199,386 |
| Series 2012 B, 5% 6/15/23 | | 10,000 | 10,496 |
| Series 2017 A, 5% 6/15/57 | | 875,000 | 1,021,961 |
| Series 2020 A: | | | |
| 4% 6/15/50 | | 1,170,000 | 1,297,658 |
| 5% 6/15/50 | | 1,730,000 | 2,057,135 |
| Northern Illinois Univ. Revs. Series 2020 B, 4% 4/1/40 (Build America Mutual Assurance Insured) | | 455,000 | 512,530 |
| Railsplitter Tobacco Settlement Auth. Rev. Series 2010, 5.5% 6/1/23 (Pre-Refunded to 6/1/21 @ 100) | | 105,000 | 105,883 |
| Univ. of Illinois Board of Trustees Ctfs. of Prtn. (Univ. of Illinois Rev. Proj.) Series 2014 A, 5% 10/1/26 | | 15,000 | 17,117 |
| Univ. of Illinois Rev. Series 2018 A, 5% 4/1/30 | | 100,000 | 122,974 |
|
| TOTAL ILLINOIS | | | 53,399,256 |
|
| Indiana - 0.5% | | | |
| Indiana Fin. Auth. Envir. Facilities Rev. Bonds (Indianapolis Pwr. & Lt. Co. Proj.): | | | |
| Series 2020 A, 0.75%, tender 4/1/26 (a) | | 50,000 | 49,289 |
| Series 2020 B, 0.95%, tender 4/1/26 (a) | | 100,000 | 98,443 |
| Indiana Fin. Auth. Rev.: | | | |
| Series 2012, 5% 3/1/23 (Pre-Refunded to 3/1/22 @ 100) | | 35,000 | 36,552 |
| Series 2016: | | | |
| 5% 9/1/24 | | 20,000 | 22,946 |
| 5% 9/1/30 | | 50,000 | 59,303 |
| Indiana Health Facility Fing. Auth. Rev. Bonds Series 2001 A2, 2%, tender 2/1/23 (a) | | 65,000 | 66,933 |
| Indiana Hsg. & Cmnty. Dev. Auth. Series A, 3.75% 1/1/49 | | 425,000 | 471,249 |
| Saint Joseph County Econ. Dev. Auth. Rev. (St. Mary's College Proj.): | | | |
| Series 2019, 4% 4/1/46 | | 215,000 | 234,348 |
| Series 2020, 5% 4/1/30 | | 105,000 | 130,478 |
| Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.) Series 2019 A, 5%, tender 6/5/26 (a)(c) | | 695,000 | 843,623 |
|
| TOTAL INDIANA | | | 2,013,164 |
|
| Iowa - 0.7% | | | |
| Iowa Fin. Auth. Rev.: | | | |
| Series 2019 A2, 2.875% 5/15/49 | | 70,000 | 70,693 |
| Series A: | | | |
| 5% 5/15/43 | | 35,000 | 39,696 |
| 5% 5/15/48 | | 25,000 | 28,219 |
| Iowa Higher Ed. Ln. Auth. Rev. (Grinnell College Proj.) Series 2017, 5% 12/1/46 | | 2,000,000 | 2,425,991 |
| Iowa Student Ln. Liquidity Corp. Student Ln. Rev. Series 2019 B, 5% 12/1/27 (c) | | 155,000 | 189,093 |
|
| TOTAL IOWA | | | 2,753,692 |
|
| Kentucky - 2.0% | | | |
| Ashland Med. Ctr. Rev. Series 2019: | | | |
| 4% 2/1/37 | | 175,000 | 188,890 |
| 5% 2/1/25 | | 280,000 | 313,472 |
| Carroll County Poll. Ctlr Rev. Bonds (Kentucky Utils. Co. Proj.) Series 2016 A, 1.55%, tender 9/1/26 (a) | | 1,000,000 | 994,419 |
| Kentucky Econ. Dev. Fin. Auth.: | | | |
| Bonds Series 2009 B, 2.7%, tender 11/10/21 (a) | | 100,000 | 101,105 |
| Series 2019 A2, 5% 8/1/30 | | 345,000 | 438,316 |
| Kentucky State Property & Buildings Commission Rev.: | | | |
| (Proj. No. 118) Series 2018, 5% 4/1/25 | | 175,000 | 203,976 |
| (Proj. No. 119) Series 2018: | | | |
| 5% 5/1/26 | | 80,000 | 96,302 |
| 5% 5/1/29 | | 85,000 | 106,776 |
| 5% 5/1/32 | | 20,000 | 24,961 |
| 5% 5/1/33 | | 15,000 | 18,656 |
| 5% 5/1/34 | | 20,000 | 24,796 |
| 5% 5/1/35 | | 10,000 | 12,260 |
| 5% 5/1/36 | | 10,000 | 12,224 |
| 5% 5/1/38 | | 1,000,000 | 1,216,027 |
| Series A: | | | |
| 4% 11/1/35 | | 600,000 | 689,824 |
| 5% 11/1/29 | | 150,000 | 191,002 |
| Series C, 5% 11/1/21 | | 140,000 | 143,800 |
| Kentucky, Inc. Pub. Energy: | | | |
| Bonds Series A, 4%, tender 6/1/26 (a) | | 1,505,000 | 1,723,022 |
| Series A, 4% 6/1/21 | | 145,000 | 145,820 |
| Louisville & Jefferson County: | | | |
| Bonds: | | | |
| Series 2020 B, 5%, tender 10/1/23 (a) | | 200,000 | 222,121 |
| Series 2020 C, 5%, tender 10/1/26 (a) | | 70,000 | 85,278 |
| Series 2020 D, 5%, tender 10/1/29 (a) | | 85,000 | 109,795 |
| Series 2016 A, 5% 10/1/32 | | 70,000 | 83,764 |
| Series 2020 A, 4% 10/1/40 | | 195,000 | 220,986 |
| Louisville Reg'l. Arpt. Auth. Sys. Rev. Series 2014 A, 5% 7/1/24 (c) | | 65,000 | 73,785 |
| Louisville/Jefferson County Metropolitan Gov. Series 2012, 5% 12/1/35 (Pre-Refunded to 6/1/22 @ 100) | | 125,000 | 131,907 |
| Trimble County Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.) Series 2001 B, 2.55%, tender 5/3/21 (a) | | 200,000 | 200,351 |
|
| TOTAL KENTUCKY | | | 7,773,635 |
|
| Louisiana - 1.0% | | | |
| Calcasieu Parish Memorial Hosp. (Lake Charles Memorial Hosp. Proj.) Series 2019, 4% 12/1/21 | | 775,000 | 783,454 |
| Louisiana Pub. Facilities Auth. Rev.: | | | |
| (Ochsner Clinic Foundation Proj.): | | | |
| Series 2015, 5% 5/15/47 | | 195,000 | 222,123 |
| Series 2017, 5% 5/15/27 | | 115,000 | 141,807 |
| (Tulane Univ. of Louisiana Proj.): | | | |
| Series 2016 A, 5% 12/15/28 | | 15,000 | 18,155 |
| Series 2017 A, 5% 12/15/32 | | 165,000 | 202,820 |
| Series 2018 E, 5% 7/1/38 | | 100,000 | 122,639 |
| New Orleans Aviation Board Rev. (North Term. Proj.): | | | |
| Series 2015 B, 5% 1/1/40 (c) | | 190,000 | 214,457 |
| Series 2017 B, 5% 1/1/48 (c) | | 2,000,000 | 2,303,299 |
|
| TOTAL LOUISIANA | | | 4,008,754 |
|
| Maine - 0.5% | | | |
| Maine Health & Higher Edl. Facilities Auth. Rev.: | | | |
| (Eastern Maine Healthcare Systems Proj.) Series 2013, 5% 7/1/43 | | 220,000 | 229,182 |
| (Univ. of New England) Series 2017 A, 4% 7/1/22 | | 20,000 | 20,917 |
| Series 2011: | | | |
| 6.75% 7/1/41 (Pre-Refunded to 7/1/21 @ 100) | | 100,000 | 101,583 |
| 7.5% 7/1/32 (Pre-Refunded to 7/1/21 @ 100) | | 180,000 | 183,171 |
| Series 2013: | | | |
| 5% 7/1/25 | | 40,000 | 42,969 |
| 5% 7/1/33 | | 65,000 | 68,281 |
| Series 2014, 5% 7/1/30 | | 585,000 | 655,463 |
| Series 2016 A: | | | |
| 4% 7/1/41 | | 85,000 | 86,789 |
| 4% 7/1/46 | | 85,000 | 86,018 |
| 5% 7/1/41 | | 25,000 | 27,047 |
| 5% 7/1/46 | | 140,000 | 150,415 |
| Series 2017 B, 5% 7/1/29 | | 10,000 | 11,952 |
| Series 2018, 5% 7/1/48 | | 135,000 | 162,859 |
|
| TOTAL MAINE | | | 1,826,646 |
|
| Maryland - 2.5% | | | |
| Anne Arundel County Gen. Oblig. Series 2021, 5% 4/1/27 | | 2,000,000 | 2,506,842 |
| Maryland Cmnty. Dev. Admin Dept. Hsg. & Cmnty. Dev.: | | | |
| Series 2019 B, 4% 9/1/49 | | 105,000 | 116,669 |
| Series 2019 C, 5% 9/1/28 | | 115,000 | 146,417 |
| Maryland Econ. Dev. Corp. Air Cargo Series 2019: | | | |
| 5% 7/1/22 (c) | | 280,000 | 294,543 |
| 5% 7/1/23 (c) | | 325,000 | 354,653 |
| 5% 7/1/25 (c) | | 510,000 | 590,758 |
| 5% 7/1/26 (c) | | 230,000 | 273,044 |
| Maryland Health & Higher Edl. Series 2021 A, 5% 6/1/29 | | 120,000 | 149,007 |
| Maryland Health & Higher Edl. Facilities Auth. Rev. (Medstar Health, Inc. Proj.) Series 2017 A, 5% 5/15/45 | | 150,000 | 178,643 |
| Maryland Trans. Auth. Trans. Facility Projs. Rev. Series 2020: | | | |
| 4% 7/1/50 | | 2,500,000 | 2,901,232 |
| 5% 7/1/40 | | 2,000,000 | 2,570,771 |
|
| TOTAL MARYLAND | | | 10,082,579 |
|
| Massachusetts - 3.2% | | | |
| Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Bonds Series 2019 A, 5%, tender 1/1/23 (a) | | 300,000 | 324,818 |
| Massachusetts Dev. Fin. Agcy. Rev.: | | | |
| (Lawrence Gen. Hosp.): | | | |
| Series 2014 A, 5.25% 7/1/34 | | 40,000 | 39,695 |
| Series 2017, 5% 7/1/21 | | 100,000 | 100,149 |
| Series 2016 A, 5% 1/1/31 | | 40,000 | 47,124 |
| Series 2016 I: | | | |
| 5% 7/1/30 | | 195,000 | 230,549 |
| 5% 7/1/41 | | 140,000 | 161,653 |
| Series 2017 A: | | | |
| 5% 1/1/36 | | 325,000 | 386,667 |
| 5% 1/1/37 | | 1,050,000 | 1,245,730 |
| Series 2017, 5% 7/1/36 | | 275,000 | 324,534 |
| Series 2018, 5% 1/1/43 | | 180,000 | 210,310 |
| Series 2019 K: | | | |
| 5% 7/1/25 | | 125,000 | 147,752 |
| 5% 7/1/26 | | 165,000 | 200,736 |
| 5% 7/1/27 | | 195,000 | 243,019 |
| Series 2019: | | | |
| 5% 7/1/27 | | 440,000 | 542,345 |
| 5% 9/1/59 | | 510,000 | 611,708 |
| Series 2020 A: | | | |
| 4% 7/1/45 | | 480,000 | 534,483 |
| 5% 10/15/28 | | 1,000,000 | 1,302,974 |
| Series M: | | | |
| 4% 10/1/50 | | 490,000 | 544,142 |
| 5% 10/1/45 | | 370,000 | 452,495 |
| Massachusetts Edl. Fing. Auth. Rev.: | | | |
| Series 2016 J, 5% 7/1/22 (c) | | 130,000 | 137,586 |
| Series 2016, 5% 7/1/24 (c) | | 210,000 | 239,033 |
| Massachusetts Gen. Oblig. Series 2019 A, 5% 1/1/49 | | 2,000,000 | 2,444,228 |
| Massachusetts Port Auth. Rev.: | | | |
| Series 2019 A, 5% 7/1/40 (c) | | 500,000 | 616,576 |
| Series 2021 E, 5% 7/1/51 (c) | | 1,000,000 | 1,249,001 |
| Massachusetts Port Auth. Spl. Facilities Rev. (Bosfuel Proj.) Series 2019 A, 5% 7/1/49 (c) | | 230,000 | 274,498 |
|
| TOTAL MASSACHUSETTS | | | 12,611,805 |
|
| Michigan - 2.0% | | | |
| Detroit Downtown Dev. Auth. Tax Series A, 5% 7/1/37 (FSA Insured) | | 40,000 | 45,077 |
| Flint Hosp. Bldg. Auth. Rev. Series 2020: | | | |
| 4% 7/1/41 | | 140,000 | 149,295 |
| 5% 7/1/25 | | 60,000 | 67,826 |
| 5% 7/1/27 | | 265,000 | 310,417 |
| Grand Rapids Pub. Schools Series 2019, 5% 11/1/26 (FSA Insured) | | 180,000 | 222,179 |
| Great Lakes Wtr. Auth. Sew Disp. Sys. Series 2018 A, 5% 7/1/48 | | 200,000 | 241,573 |
| Great Lakes Wtr. Auth. Wtr. Supply Sys. Rev. Series 2016 D, 5% 7/1/27 | | 100,000 | 121,830 |
| Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016, 4% 5/15/36 | | 185,000 | 202,268 |
| Michigan Fin. Auth. Rev.: | | | |
| (Charter County of Wayne Criminal Justice Ctr. Proj.) Series 2018, 5% 11/1/43 | | 50,000 | 61,017 |
| (Henry Ford Health Sys. Proj.) Series 2016, 5% 11/15/25 | | 570,000 | 681,689 |
| Series 2016: | | | |
| 5% 11/15/26 | | 160,000 | 197,301 |
| 5% 11/15/41 | | 30,000 | 35,329 |
| Series 2019 A, 5% 11/15/48 | | 55,000 | 67,516 |
| Series 2020 A: | | | |
| 4% 5/15/22 | | 325,000 | 338,031 |
| 4% 6/1/49 | | 135,000 | 153,389 |
| Series 2021: | | | |
| 4% 9/1/31 (b) | | 665,000 | 795,469 |
| 5% 9/1/32 (b) | | 690,000 | 887,357 |
| 5% 9/1/33 (b) | | 650,000 | 832,731 |
| 5% 9/1/36 (b) | | 505,000 | 642,596 |
| Michigan Hosp. Fin. Auth. Rev. (Trinity Health Proj.) Series 2008 C, 5% 12/1/32 | | 10,000 | 12,381 |
| Michigan Strategic Fund Ltd. Oblig. Rev. Bonds (Consumer Energy Co. Proj.) Series 2019, 1.8%, tender 10/1/24 (a)(c) | | 175,000 | 179,598 |
| Univ. of Michigan Rev. Series 2020 A, 5% 4/1/50 | | 1,000,000 | 1,267,467 |
| Wayne County Arpt. Auth. Rev.: | | | |
| Series 2017 A, 5% 12/1/29 | | 45,000 | 55,707 |
| Series 2017 B, 5% 12/1/42 (c) | | 150,000 | 176,821 |
| Series 2018 D, 5% 12/1/29 (c) | | 85,000 | 105,803 |
|
| TOTAL MICHIGAN | | | 7,850,667 |
|
| Minnesota - 1.1% | | | |
| City of White Bear Lake (YMCA of Greater Twin Cities Proj.) Series 2018, 5% 6/1/22 | | 490,000 | 512,805 |
| Duluth Econ. Dev. Auth. Health Care Facilities Rev. Series 2018 A: | | | |
| 5% 2/15/48 | | 220,000 | 258,633 |
| 5% 2/15/58 | | 270,000 | 315,663 |
| Maple Grove Health Care Sys. Rev.: | | | |
| ( North Memorial Med. Ctr., Proj.) Series 2015, 4% 9/1/21 | | 25,000 | 25,307 |
| Series 2015, 5% 9/1/26 | | 60,000 | 69,103 |
| Minnesota Higher Ed. Facilities Auth. Rev. Series 2018 A: | | | |
| 5% 10/1/30 | | 500,000 | 611,688 |
| 5% 10/1/45 | | 30,000 | 35,198 |
| Minnesota Hsg. Fin. Agcy. Series B, 4% 8/1/39 | | 2,050,000 | 2,434,226 |
| Shakopee Sr. Hsg. Rev. Bonds Series 2018, 5.85%, tender 11/1/25 (a)(d) | | 255,000 | 273,548 |
|
| TOTAL MINNESOTA | | | 4,536,171 |
|
| Mississippi - 0.0% | | | |
| Mississippi Hosp. Equip. & Facilities Auth.: | | | |
| Bonds Series II, 5%, tender 3/1/27 (a) | | 80,000 | 95,297 |
| Series I, 5% 10/1/24 | | 70,000 | 80,452 |
|
| TOTAL MISSISSIPPI | | | 175,749 |
|
| Missouri - 1.2% | | | |
| Cape Girardeau County Indl. Dev. Auth. (Southeast Hosp. Proj.) Series 2017 A, 5% 3/1/36 | | 35,000 | 37,612 |
| Kansas City Wtr. Rev. Series 2020 A, 4% 12/1/44 | | 1,200,000 | 1,437,321 |
| Missouri Health & Edl. Facilities Rev.: | | | |
| Series 2017 A, 5% 10/1/42 | | 475,000 | 568,653 |
| Series 2018 A, 5% 11/15/43 | | 1,000,000 | 1,206,944 |
| Missouri Hsg. Dev. Commission Single Family Mtg. Rev.: | | | |
| Series 2019, 4% 5/1/50 | | 25,000 | 27,797 |
| Series 2021 A, 3% 5/1/52 | | 585,000 | 641,968 |
| Saint Louis Arpt. Rev. Series A, 5.25% 7/1/26 (FSA Insured) | | 570,000 | 700,094 |
| Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev. Series 2018 A, 5.125% 9/1/48 | | 25,000 | 27,636 |
|
| TOTAL MISSOURI | | | 4,648,025 |
|
| Montana - 0.0% | | | |
| Montana Board Hsg. Single Family: | | | |
| Series 2017 A, 4% 12/1/47 (c) | | 30,000 | 31,692 |
| Series 2019 B, 4% 6/1/50 | | 15,000 | 16,994 |
| Montana Facility Fin. Auth. Rev. (Benefis Health Sys. Proj.) Series 2016, 5% 2/15/32 | | 30,000 | 35,585 |
|
| TOTAL MONTANA | | | 84,271 |
|
| Nebraska - 0.2% | | | |
| Central Plains Energy Proj. Gas Supply Bonds Series 2019, 4%, tender 8/1/25 (a) | | 575,000 | 652,736 |
| Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | | | |
| Series 2019 B, 4% 9/1/49 (c) | | 65,000 | 71,493 |
| Series 2019 E, 3.75% 9/1/49 (c) | | 85,000 | 91,964 |
|
| TOTAL NEBRASKA | | | 816,193 |
|
| Nevada - 0.3% | | | |
| Clark County School District Series 2017 A, 5% 6/15/25 | | 400,000 | 471,034 |
| Nevada Hsg. Division Single Family Mtg. Rev.: | | | |
| Series 2019 A, 4% 4/1/49 | | 465,000 | 517,156 |
| Series 2019 B, 4% 10/1/49 | | 40,000 | 44,545 |
| Tahoe-Douglas Visitors Auth. Series 2020, 5% 7/1/45 | | 195,000 | 219,236 |
|
| TOTAL NEVADA | | | 1,251,971 |
|
| New Hampshire - 0.4% | | | |
| Nat'l. Finnance Auth. Series 2020 1, 4.125% 1/20/34 | | 231,356 | 268,131 |
| New Hampshire Health & Ed. Facilities Auth. (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A: | | | |
| 5% 8/1/23 | | 200,000 | 220,478 |
| 5% 8/1/26 | | 105,000 | 126,693 |
| 5% 8/1/37 | | 100,000 | 118,892 |
| New Hampshire Health & Ed. Facilities Auth. Rev.: | | | |
| (Covenant Health Sys., Inc. Proj.) Series 2012, 5% 7/1/42 | | 560,000 | 572,306 |
| (Southern NH Med. Ctr. Proj.) Series 2016, 3% 10/1/21 | | 50,000 | 50,669 |
| Series 2016, 5% 10/1/22 | | 85,000 | 90,930 |
|
| TOTAL NEW HAMPSHIRE | | �� | 1,448,099 |
|
| New Jersey - 4.7% | | | |
| New Jersey Econ. Dev. Auth.: | | | |
| Series A, 5% 11/1/40 | | 360,000 | 433,910 |
| Series QQQ: | | | |
| 5% 6/15/27 | | 35,000 | 42,880 |
| 5% 6/15/28 | | 40,000 | 49,831 |
| New Jersey Econ. Dev. Auth. Rev.: | | | |
| (Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% 10/1/39 (d) | | 100,000 | 98,811 |
| (New Jersey Gen. Oblig. Proj.) Series 2017 B, 5% 11/1/23 | | 25,000 | 27,874 |
| (NJ Transit Corp. Projs.) Series A, 4% 11/1/27 | | 370,000 | 433,629 |
| Series 2013 NN: | | | |
| 5% 3/1/27 | | 195,000 | 210,291 |
| 5% 3/1/29 | | 1,000,000 | 1,074,596 |
| Series 2013: | | | |
| 5% 3/1/23 | | 25,000 | 27,226 |
| 5% 3/1/24 | | 70,000 | 75,817 |
| Series 2014 PP: | | | |
| 4% 6/15/30 | | 70,000 | 75,323 |
| 5% 6/15/26 | | 280,000 | 316,857 |
| Series 2015 XX: | | | |
| 4.25% 6/15/26 | | 280,000 | 317,028 |
| 5% 6/15/23 | | 200,000 | 219,844 |
| Series 2017 DDD, 5% 6/15/30 | | 1,000,000 | 1,197,400 |
| Series 2018 EEE, 5% 6/15/28 | | 410,000 | 510,767 |
| Series LLL: | | | |
| 4% 6/15/44 | | 315,000 | 349,510 |
| 5% 6/15/44 | | 180,000 | 215,449 |
| Series MMM, 4% 6/15/35 | | 90,000 | 102,137 |
| Series PP, 5% 6/15/31 | | 260,000 | 291,202 |
| New Jersey Edl. Facility: | | | |
| Series 2016 B, 4% 9/1/26 | | 500,000 | 577,415 |
| Series B, 5% 7/1/30 | | 1,790,000 | 2,235,440 |
| New Jersey Gen. Oblig. Series 2020 A: | | | |
| 4% 6/1/30 | | 185,000 | 224,171 |
| 4% 6/1/31 | | 70,000 | 85,513 |
| 4% 6/1/32 | | 45,000 | 55,321 |
| 5% 6/1/29 | | 205,000 | 262,058 |
| New Jersey Health Care Facilities Fing. Auth. Rev.: | | | |
| Series 2016 A: | | | |
| 5% 7/1/21 | | 10,000 | 10,107 |
| 5% 7/1/22 | | 25,000 | 26,371 |
| Series 2016: | | | |
| 4% 7/1/48 | | 100,000 | 109,371 |
| 5% 7/1/41 | | 65,000 | 75,335 |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | | | |
| Series 2011-1, 5.5% 12/1/21 (c) | | 80,000 | 82,713 |
| Series 2017 1A, 5% 12/1/26 (c) | | 530,000 | 639,656 |
| Series 2018 B: | | | |
| 5% 12/1/25 (c) | | 500,000 | 590,984 |
| 5% 12/1/26 (c) | | 485,000 | 585,346 |
| 5% 12/1/27 (c) | | 850,000 | 1,039,974 |
| Series 2020: | | | |
| 5% 12/1/24 (c) | | 100,000 | 115,187 |
| 5% 12/1/25 (c) | | 235,000 | 277,762 |
| 5% 12/1/25 (c) | | 60,000 | 70,918 |
| 5% 12/1/26 (c) | | 205,000 | 247,414 |
| 5% 12/1/27 (c) | | 145,000 | 177,407 |
| 5% 12/1/27 (c) | | 40,000 | 48,940 |
| New Jersey Tpk. Auth. Tpk. Rev.: | | | |
| Series 2021 A, 4% 1/1/42 | | 1,000,000 | 1,166,995 |
| Series D, 5% 1/1/28 | | 170,000 | 206,488 |
| New Jersey Trans. Trust Fund Auth.: | | | |
| (Trans. Prog.) Series 2019 AA, 5.25% 6/15/43 | | 505,000 | 610,770 |
| Series 2010 A, 0% 12/15/27 | | 250,000 | 222,793 |
| Series 2014 AA, 5% 6/15/25 | | 100,000 | 113,329 |
| Series 2016 A, 5% 6/15/27 | | 160,000 | 191,215 |
| Series 2018 A, 5% 12/15/32 | | 100,000 | 122,736 |
| Series AA: | | | |
| 4% 6/15/38 | | 185,000 | 210,156 |
| 4% 6/15/50 | | 400,000 | 444,294 |
| 5% 6/15/29 | | 55,000 | 57,573 |
| 5% 6/15/40 | | 210,000 | 258,328 |
| 5% 6/15/45 | | 95,000 | 115,324 |
| Series BB, 5% 6/15/33 | | 1,000,000 | 1,225,101 |
| Rutgers State Univ. Rev. Series Q: | | | |
| 5% 5/1/21 | | 55,000 | 55,190 |
| 5% 5/1/22 | | 40,000 | 42,042 |
| 5% 5/1/23 | | 30,000 | 32,790 |
|
| TOTAL NEW JERSEY | | | 18,682,909 |
|
| New Mexico - 0.1% | | | |
| New Mexico Mtg. Fin. Auth.: | | | |
| Series 2019 C, 4% 1/1/50 | | 200,000 | 222,405 |
| Series 2019 D, 3.75% 1/1/50 | | 60,000 | 66,376 |
| Santa Fe Retirement Fac.: | | | |
| Series 2019 A: | | | |
| 2.25% 5/15/24 | | 5,000 | 5,008 |
| 5% 5/15/34 | | 10,000 | 11,239 |
| 5% 5/15/39 | | 5,000 | 5,569 |
| 5% 5/15/44 | | 5,000 | 5,521 |
| 5% 5/15/49 | | 15,000 | 16,458 |
| Series 2019 B1, 2.625% 5/15/25 | | 10,000 | 10,032 |
|
| TOTAL NEW MEXICO | | | 342,608 |
|
| New York - 4.4% | | | |
| Buffalo and Erie County Indl. Land Rev. (Catholic Health Sys., Inc. Proj.) Series 2015, 5% 7/1/25 | | 400,000 | 464,420 |
| Monroe County Indl. Dev. Corp. (Univ. of Rochester Proj.) Series 2015 B, 4% 7/1/35 | | 5,000 | 5,497 |
| MTA Hudson Rail Yards Trust Oblig. Series 2016 A, 5% 11/15/56 | | 100,000 | 108,491 |
| New York City Gen. Oblig.: | | | |
| Series 2018 A, 5% 8/1/24 | | 100,000 | 114,918 |
| Series 2021 A1, 5% 8/1/29 | | 1,000,000 | 1,296,404 |
| Series E, 5% 8/1/30 | | 1,025,000 | 1,244,473 |
| New York City Hsg. Dev. Corp. Multifamily Hsg. Series A 1 B, 5% 5/1/30 | | 490,000 | 626,431 |
| New York City Trust Cultural Resources Rev. Series 2021, 5% 7/1/31 | | 660,000 | 888,239 |
| New York Dorm. Auth. Personal Income Tax Rev. (New York State Pit Proj.) Series 2012 D, 5% 2/15/22 (Escrowed to Maturity) | | 10,000 | 10,415 |
| New York Dorm. Auth. Rev.: | | | |
| Bonds: | | | |
| Series 2019 B1, 5%, tender 5/1/22 (a) | | 95,000 | 97,545 |
| Series 2019 B2, 5%, tender 5/1/24 (a) | | 100,000 | 111,657 |
| Series 2020 A: | | | |
| 4% 9/1/37 | | 350,000 | 400,256 |
| 4% 9/1/39 | | 700,000 | 796,009 |
| New York Metropolitan Trans. Auth. Rev.: | | | |
| Series 2016 A, 5% 11/15/31 | | 100,000 | 116,564 |
| Series 2017 B, 5% 11/15/24 | | 565,000 | 650,353 |
| Series 2020 D: | | | |
| 4% 11/15/46 | | 2,050,000 | 2,277,481 |
| 4% 11/15/47 | | 150,000 | 166,219 |
| Series 2021 A1, 4% 11/15/45 | | 1,750,000 | 1,960,478 |
| New York State Hsg. Fin. Agcy. Rev. Series J, 0.75% 5/1/25 | | 250,000 | 250,202 |
| New York State Mtg. Agcy. Homeowner Mtg.: | | | |
| Series 2021 232, 5% 10/1/25 (c) | | 765,000 | 905,850 |
| Series 221, 3.5% 10/1/32 (c) | | 30,000 | 32,677 |
| New York State Urban Dev. Corp. Series 2020 E: | | | |
| 4% 3/15/44 | | 1,675,000 | 1,902,786 |
| 4% 3/15/45 | | 1,350,000 | 1,529,496 |
| New York Thruway Auth. Gen. Rev. Series 2016 A, 5% 1/1/46 | | 175,000 | 203,547 |
| Oneida County Local Dev. Corp. Rev. (Mohawk Valley Health Sys. Proj.) Series 2019 A, 5% 12/1/29 (FSA Insured) | | 600,000 | 659,882 |
| Onondaga Civic Dev. Corp. (Le Moyne College Proj.) Series 2015, 5% 7/1/27 | | 295,000 | 337,137 |
| Onondaga County Ind. Dev. Agcy. Swr. Facilities Rev. (Bristol-Meyers Squibb Co. Proj.) Series 1994, 5.75% 3/1/24 (c) | | 220,000 | 251,899 |
| Suffolk County Econ. Dev. Corp. Rev. Series 2021: | | | |
| 5.125% 11/1/41 (d) | | 100,000 | 100,938 |
| 5.375% 11/1/54 (d) | | 100,000 | 100,927 |
|
| TOTAL NEW YORK | | | 17,611,191 |
|
| New York And New Jersey - 0.1% | | | |
| Port Auth. of New York & New Jersey Series 194, 5.25% 10/15/55 | | 210,000 | 243,963 |
| North Carolina - 0.1% | | | |
| New Hanover County Hosp. Rev. Series 2017: | | | |
| 5% 10/1/27 (Escrowed to Maturity) | | 10,000 | 12,579 |
| 5% 10/1/47 (Pre-Refunded to 10/1/27 @ 100) | | 70,000 | 88,050 |
| North Carolina Med. Care Commission Health Care Facilities Rev. Bonds: | | | |
| Series 2019 B, 2.2%, tender 12/1/22 (a) | | 175,000 | 178,750 |
| Series 2019 C, 2.55%, tender 6/1/26 (a) | | 300,000 | 320,948 |
|
| TOTAL NORTH CAROLINA | | | 600,327 |
|
| Ohio - 4.2% | | | |
| Akron Bath Copley Hosp. District Rev.: | | | |
| Series 2016, 5.25% 11/15/46 | | 495,000 | 572,552 |
| Series 2020, 4% 11/15/38 | | 1,500,000 | 1,701,908 |
| Allen County Hosp. Facilities Rev.: | | | |
| (Mercy Health) Series 2017 A: | | | |
| 5% 8/1/25 | | 10,000 | 11,866 |
| 5% 8/1/26 | | 390,000 | 476,462 |
| 5% 8/1/27 | | 10,000 | 12,522 |
| 5% 8/1/28 | | 10,000 | 12,593 |
| 5% 8/1/29 | | 10,000 | 12,459 |
| 5% 8/1/30 | | 10,000 | 12,381 |
| Bonds (Mercy Health) Series 2017 B, 5%, tender 5/5/22 (a) | | 10,000 | 10,499 |
| American Muni. Pwr., Inc. (Solar Electricity Prepayment Proj.) Series 2019 A, 5% 2/15/44 | | 175,000 | 213,072 |
| Buckeye Tobacco Settlement Fing. Auth. Series 2020 A2, 5% 6/1/34 | | 370,000 | 468,454 |
| Cleveland Arpt. Sys. Rev. Series 2016 A, 5% 1/1/25 (FSA Insured) | | 145,000 | 168,435 |
| Cleveland State Univ. Gen. Receipts Series 2012, 5% 6/1/37 | | 510,000 | 524,290 |
| Cleveland Wtr. Rev. Series 2020: | | | |
| 5% 1/1/26 | | 1,375,000 | 1,660,196 |
| 5% 1/1/28 | | 800,000 | 1,017,335 |
| Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 4.25% 6/15/24 | | 110,000 | 116,330 |
| Franklin County Convention Facilities Authorities (Greater Columbus Convention Ctr. Hotel Expansion Proj.) Series 2019: | | | |
| 5% 12/1/46 | | 200,000 | 240,220 |
| 5% 12/1/51 | | 200,000 | 239,109 |
| Hamilton County HealthCare Facilities Rev. (The Christ Hosp. Proj.) Series 2012, 5.25% 6/1/24 | | 2,900,000 | 3,045,540 |
| Kent State Univ. Revs. Series 2016, 5% 5/1/30 | | 1,495,000 | 1,755,345 |
| Lancaster Port Auth. Gas Rev.: | | | |
| Bonds Series 2019, 5%, tender 2/1/25 (a) | | 255,000 | 295,603 |
| Series 2019, 5% 2/1/25 | | 160,000 | 186,082 |
| Lucas County Hosp. Rev. Series 2011, 5% 11/15/23 (Pre-Refunded to 11/15/21 @ 100) | | 20,000 | 20,587 |
| Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013: | | | |
| 4% 2/15/23 | | 315,000 | 330,242 |
| 5% 2/15/44 | | 100,000 | 103,819 |
| Ohio Hosp. Rev. Series 2020 A: | | | |
| 4% 1/15/50 | | 40,000 | 45,221 |
| 5% 1/15/31 | | 300,000 | 386,350 |
| Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. (Mtg. Backed Securities Prog.) Series 2019 B, 4.5% 3/1/50 | | 15,000 | 16,935 |
| Ohio Spl. Oblig. Series 2020 A: | | | |
| 5% 2/1/23 | | 180,000 | 195,811 |
| 5% 2/1/26 | | 150,000 | 181,270 |
| Ohio Tpk. Commission Tpk. Rev. Series A, 5% 2/15/51 | | 1,000,000 | 1,270,556 |
| Scioto County Hosp. Facilities Rev. Series 2019, 5% 2/15/29 | | 100,000 | 114,338 |
| Univ. of Akron Gen. Receipts Series 2019 A, 4% 1/1/27 | | 220,000 | 257,193 |
| Univ. of Toledo Gen. Receipts Series 2018 A: | | | |
| 5% 6/1/21 | | 865,000 | 871,163 |
| 5% 6/1/22 | | 330,000 | 347,324 |
| Wood County Hosp. Facilities Rev. (Wood County Hosp. Assoc. Proj.) Series 2012, 5% 12/1/32 (Pre-Refunded to 12/1/32 @ 100) | | 15,000 | 15,291 |
|
| TOTAL OHIO | | | 16,909,353 |
|
| Oklahoma - 0.5% | | | |
| Oklahoma City Arpt. Trust Series 33, 5% 7/1/47 (c) | | 200,000 | 232,927 |
| Oklahoma Dev. Fin. Auth. Health Sys. Rev.: | | | |
| (OU Medicine Proj.) Series 2018 B: | | | |
| 5% 8/15/23 | | 200,000 | 218,615 |
| 5% 8/15/25 | | 700,000 | 810,667 |
| Series 2015 A, 5% 8/15/24 | | 250,000 | 285,243 |
| Oklahoma Dev. Fin. Auth. Rev. (Oklahoma City Univ. Proj.) Series 2019: | | | |
| 4% 8/1/21 | | 50,000 | 50,425 |
| 4% 8/1/22 | | 60,000 | 62,052 |
| 5% 8/1/23 | | 45,000 | 48,606 |
| 5% 8/1/44 | | 125,000 | 142,284 |
|
| TOTAL OKLAHOMA | | | 1,850,819 |
|
| Oregon - 0.7% | | | |
| Oregon Bus. Dev. Commission Recovery Zone Facility Bonds (Intel Corp. Proj.) Series 232, 2.4%, tender 8/14/23 (a) | | 830,000 | 868,112 |
| Oregon State Hsg. & Cmnty. Svcs. Dept. Series 2019 A, 4% 7/1/50 | | 1,445,000 | 1,605,870 |
| Port of Portland Arpt. Rev. Series 27 A, 5% 7/1/36 (c) | | 240,000 | 299,490 |
|
| TOTAL OREGON | | | 2,773,472 |
|
| Pennsylvania - 5.7% | | | |
| Allegheny County Hosp. Dev. Auth. Rev. Series 2019 A, 5% 7/15/22 | | 185,000 | 196,425 |
| Bucks County Indl. Dev. Auth. Hosp. Rev. Series 2021: | | | |
| 5% 7/1/26 | | 475,000 | 547,997 |
| 5% 7/1/27 | | 475,000 | 555,801 |
| 5% 7/1/28 | | 525,000 | 620,539 |
| 5% 7/1/29 | | 550,000 | 655,401 |
| 5% 7/1/36 | | 120,000 | 143,214 |
| 5% 7/1/38 | | 240,000 | 284,438 |
| Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.): | | | |
| Series 2016 A, 5% 11/15/46 | | 2,250,000 | 2,594,492 |
| Series 2018 A: | | | |
| 5% 11/15/22 | | 100,000 | 107,464 |
| 5% 11/15/25 | | 100,000 | 118,743 |
| Commonwealth Fing. Auth. Rev. Series 2020 A, 5% 6/1/28 | | 305,000 | 383,070 |
| Doylestown Hosp. Auth. Hosp. Rev. Series 2016 A, 5% 7/1/46 | | 20,000 | 21,748 |
| Dubois Hosp. Auth. Hosp. Rev.: | | | |
| (Penn Highlands Healthcare Proj.) Series 2018: | | | |
| 4% 7/15/37 | | 40,000 | 43,408 |
| 5% 7/15/36 | | 500,000 | 584,467 |
| Series 2020, 4% 7/15/45 | | 500,000 | 535,844 |
| Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39 | | 60,000 | 71,592 |
| Lehigh County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (PPL Elec. Utils. Corp. Proj.) Series 2016 A, 1.8%, tender 9/1/22 (a) | | 95,000 | 96,903 |
| Monroeville Fin. Auth. UPMC Rev. Series 2012, 5% 2/15/26 | | 95,000 | 114,535 |
| Montgomery County Higher Ed. & Health Auth. Rev.: | | | |
| Series 2016 A, 5% 10/1/40 | | 330,000 | 359,588 |
| Series 2019, 4% 9/1/44�� | | 185,000 | 207,191 |
| Series 2020, 5% 4/1/27 | | 300,000 | 354,832 |
| Montgomery County Indl. Dev. Auth. Series 2015 A, 5.25% 1/15/36 | | 140,000 | 156,634 |
| Northampton County Gen. Purp. Auth. Hosp. Rev.: | | | |
| (St. Luke's Univ. Health Network Proj.) Series 2018 A, 4% 8/15/48 | | 195,000 | 215,471 |
| Series 2016 A, 5% 8/15/46 | | 50,000 | 56,887 |
| Pennsylvania Ctfs. Prtn. Series 2018 A: | | | |
| 5% 7/1/23 | | 250,000 | 275,930 |
| 5% 7/1/24 | | 300,000 | 341,269 |
| 5% 7/1/26 | | 455,000 | 548,348 |
| 5% 7/1/27 | | 500,000 | 615,624 |
| 5% 7/1/34 | | 450,000 | 550,130 |
| Pennsylvania Higher Edl. Facilities Auth. Rev.: | | | |
| (Drexel Univ. Proj.): | | | |
| Series 2016, 5% 5/1/35 | | 500,000 | 573,126 |
| Series 2017, 5% 5/1/35 | | 10,000 | 11,834 |
| Series 2018 A, 5% 2/15/48 | | 100,000 | 121,099 |
| Pennsylvania Hsg. Fin. Agcy. Series 2021 134B, 5% 10/1/27 (c) | | 1,160,000 | 1,441,656 |
| Pennsylvania Tpk. Commission Tpk. Rev.: | | | |
| Series 2015 B, 5% 12/1/45 | | 265,000 | 309,595 |
| Series 2021 A, 4% 12/1/50 | | 1,000,000 | 1,144,968 |
| Philadelphia Arpt. Rev.: | | | |
| Series 2017 B: | | | |
| 5% 7/1/25 (c) | | 290,000 | 340,655 |
| 5% 7/1/35 (c) | | 50,000 | 59,256 |
| 5% 7/1/47 (c) | | 800,000 | 927,412 |
| Series 2020 C, 5% 7/1/29 (c) | | 595,000 | 751,087 |
| Philadelphia Auth. For Indl. Dev. Series 2015 1, 5% 4/1/33 | | 70,000 | 80,250 |
| Philadelphia Auth. for Indl. Dev. Series 2017 A, 5% 9/1/42 | | 760,000 | 895,743 |
| Philadelphia Gas Works Rev.: | | | |
| Series 14, 5% 10/1/22 | | 375,000 | 401,163 |
| Series 2015 13, 5% 8/1/21 | | 200,000 | 203,064 |
| Philadelphia Gen. Oblig.: | | | |
| Series 2014 A, 5.25% 7/15/27 | | 275,000 | 310,630 |
| Series 2019 A, 5% 8/1/26 | | 220,000 | 268,003 |
| Philadelphia School District: | | | |
| Series 2018 A, 5% 9/1/25 | | 50,000 | 58,442 |
| Series 2018 B, 5% 9/1/43 | | 50,000 | 60,236 |
| Series 2019 A: | | | |
| 4% 9/1/35 | | 170,000 | 195,156 |
| 5% 9/1/23 | | 90,000 | 99,314 |
| 5% 9/1/34 | | 80,000 | 101,498 |
| Series 2019 B: | | | |
| 5% 9/1/25 | | 140,000 | 163,637 |
| 5% 9/1/26 | | 415,000 | 497,446 |
| Series 2019 C, 5% 9/1/33 | | 315,000 | 401,483 |
| Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Series 2019 A, 5% 9/1/44 (FSA Insured) | | 70,000 | 86,084 |
| Southcentral Pennsylvania Gen. Auth. Rev.: | | | |
| (Hanover Hosp., Inc. PA Proj.) Series 2015, 5% 12/1/28 | | 45,000 | 52,099 |
| Series 2019 A: | | | |
| 4% 6/1/44 | | 50,000 | 56,582 |
| 4% 6/1/49 | | 115,000 | 129,310 |
| 5% 6/1/25 | | 200,000 | 236,945 |
| 5% 6/1/44 | | 85,000 | 104,489 |
| 5% 6/1/49 | | 135,000 | 165,033 |
| State Pub. School Bldg. Auth. Lease Rev. (The School District of Philadelphia Proj.) Series 2016 A, 5% 6/1/32 (FSA Insured) | | 315,000 | 381,709 |
| Union County Hosp. Auth. Rev. Series 2018 B: | | | |
| 5% 8/1/43 | | 185,000 | 213,566 |
| 5% 8/1/48 | | 310,000 | 356,392 |
|
| TOTAL PENNSYLVANIA | | | 22,556,947 |
|
| Rhode Island - 0.3% | | | |
| Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2016: | | | |
| 5% 5/15/21 | | 25,000 | 25,145 |
| 5% 5/15/39 | | 215,000 | 244,840 |
| Rhode Island Hsg. & Mtg. Fin. Corp. Series 2019 70, 4% 10/1/49 | | 45,000 | 49,922 |
| Rhode Island Student Ln. Auth. Student Ln. Rev. Series A: | | | |
| 4% 12/1/26 (c) | | 130,000 | 143,154 |
| 5% 12/1/23 (c) | | 625,000 | 695,615 |
|
| TOTAL RHODE ISLAND | | | 1,158,676 |
|
| South Carolina - 1.7% | | | |
| Charleston County Arpt. District Series 2019, 5% 7/1/48 | | 395,000 | 474,248 |
| South Carolina Hsg. Fin. & Dev. Auth. Mtg. Rev. Series 2019 A, 4% 1/1/50 | | 65,000 | 73,119 |
| South Carolina Jobs-Econ. Dev. Auth. Series 2019 C, 5% 7/1/33 | | 170,000 | 211,026 |
| South Carolina Ports Auth. Ports Rev.: | | | |
| Series 2015, 5.25% 7/1/55 (Pre-Refunded to 7/1/25 @ 100) (c) | | 255,000 | 304,317 |
| Series 2018, 5% 7/1/43 (c) | | 520,000 | 628,725 |
| South Carolina Pub. Svc. Auth. Rev.: | | | |
| Series 2013 B, 5% 12/1/38 | | 200,000 | 221,673 |
| Series 2014 A: | | | |
| 5% 12/1/49 | | 440,000 | 491,707 |
| 5.5% 12/1/54 | | 140,000 | 158,324 |
| Series 2014 C, 5% 12/1/46 | | 20,000 | 22,717 |
| Series 2015 A, 5% 12/1/50 | | 75,000 | 85,778 |
| Series 2015 E, 5.25% 12/1/55 | | 225,000 | 263,067 |
| Series 2016 A: | | | |
| 5% 12/1/26 | | 140,000 | 169,210 |
| 5% 12/1/29 | | 500,000 | 601,047 |
| 5% 12/1/33 | | 15,000 | 17,938 |
| 5% 12/1/38 | | 80,000 | 94,743 |
| Series 2016 B: | | | |
| 5% 12/1/31 | | 105,000 | 127,765 |
| 5% 12/1/35 | | 120,000 | 145,121 |
| 5% 12/1/41 | | 175,000 | 209,435 |
| Series A, 5% 12/1/23 | | 145,000 | 162,650 |
| Series B, 5% 12/1/24 | | 500,000 | 580,849 |
| Spartanburg County Reg'l. Health Series 2017 A: | | | |
| 4% 4/15/43 | | 30,000 | 32,949 |
| 4% 4/15/48 | | 20,000 | 21,818 |
| 5% 4/15/48 | | 1,415,000 | 1,660,840 |
|
| TOTAL SOUTH CAROLINA | | | 6,759,066 |
|
| Tennessee - 2.6% | | | |
| Chattanooga Health Ed. & Hsg. Facility Board Rev. Series 2019 A1, 5% 8/1/25 | | 135,000 | 158,358 |
| Greeneville Health & Edl. Facilities Board Series 2018 A: | | | |
| 5% 7/1/23 | | 15,000 | 16,432 |
| 5% 7/1/24 | | 20,000 | 21,947 |
| 5% 7/1/25 | | 20,000 | 21,890 |
| Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2018: | | | |
| 5% 7/1/26 (c) | | 450,000 | 542,833 |
| 5% 7/1/38 (c) | | 1,315,000 | 1,575,018 |
| Metropolitan Nashville Arpt. Auth. Rev.: | | | |
| Series 2015 B, 4% 7/1/25 (c) | | 55,000 | 62,369 |
| Series 2019 B, 5% 7/1/38 (c) | | 655,000 | 812,704 |
| Nashville and Davidson County Metropolitan Govt. Gen. Oblig. Series 2021 C: | | | |
| 5% 1/1/27 | | 2,210,000 | 2,744,381 |
| 5% 1/1/30 | | 2,400,000 | 3,179,762 |
| Tennessee Energy Acquisition Corp. Bonds (Gas Rev. Proj.) Series A, 4%, tender 5/1/23 (a) | | 460,000 | 491,420 |
| Tennessee Hsg. Dev. Agcy. Residential Series 2021 1, 3% 7/1/51 (b) | | 620,000 | 679,619 |
|
| TOTAL TENNESSEE | | | 10,306,733 |
|
| Texas - 4.5% | | | |
| Arlington Spl. Tax Rev. Series 2018 C, 5% 2/15/45 (Build America Mutual Assurance Insured) | | 25,000 | 25,072 |
| Austin Cmnty. College District Rev. (Highland Campus Parking Garage Proj.) Series 2018 C: | | | |
| 5% 8/1/25 | | 200,000 | 237,975 |
| 5% 8/1/26 | | 200,000 | 245,277 |
| Austin-Bergstrom Landhost Ente Series 2017, 5% 10/1/22 | | 115,000 | 121,254 |
| Central Reg'l. Mobility Auth.: | | | |
| Series 2020 B, 5% 1/1/45 | | 1,000,000 | 1,224,479 |
| Series 2021 B: | | | |
| 5% 1/1/33 (b) | | 640,000 | 828,814 |
| 5% 1/1/34 (b) | | 650,000 | 838,781 |
| 5% 1/1/35 (b) | | 550,000 | 707,054 |
| 5% 1/1/36 (b) | | 600,000 | 767,435 |
| 5% 1/1/37 (b) | | 850,000 | 1,083,893 |
| 5% 1/1/38 (b) | | 800,000 | 1,016,798 |
| Series 2021 C, 5% 1/1/27 (b) | | 775,000 | 914,066 |
| Cypress-Fairbanks Independent School District Bonds Series 2017 A-2, 1.25%, tender 8/15/22 (a) | | 130,000 | 131,926 |
| Dallas Fort Worth Int'l. Arpt. Rev. Series 2014 B, 5% 11/1/22 (c) | | 115,000 | 123,301 |
| Denton Independent School District Bonds Series 2014 B, 2%, tender 8/1/24 (a) | | 100,000 | 105,108 |
| Houston Arpt. Sys. Rev.: | | | |
| Series 2012 A, 5% 7/1/23 (Pre-Refunded to 7/1/22 @ 100) (c) | | 85,000 | 89,925 |
| Series 2018 A, 5% 7/1/41 (c) | | 1,000,000 | 1,190,441 |
| Series 2018 C: | | | |
| 5% 7/1/26 (c) | | 200,000 | 240,465 |
| 5% 7/1/30 (c) | | 120,000 | 147,777 |
| Series 2018 D, 5% 7/1/39 | | 260,000 | 314,582 |
| Houston City of Higher Ed. Fin. Corp. (Houston Baptist Univ. Proj.) Series 2021: | | | |
| 3.375% 10/1/37 | | 500,000 | 498,583 |
| 4% 10/1/51 | | 1,200,000 | 1,268,457 |
| Houston Gen. Oblig. Series 2017 A, 5% 3/1/32 | | 25,000 | 30,518 |
| Houston Util. Sys. Rev.: | | | |
| Series 2016 B, 5% 11/15/34 | | 5,000 | 6,104 |
| Series 2020 C, 5% 11/15/45 | | 1,000,000 | 1,284,783 |
| Love Field Arpt. Modernization Rev. Series 2017, 5% 11/1/31 (c) | | 25,000 | 29,753 |
| Lower Colorado River Auth. Rev. (LCRA Transmission Svcs. Corp. Proj.) Series 2020, 5% 5/15/24 | | 300,000 | 341,938 |
| Midlothian Independent School District Bonds Series 2013 C, 2%, tender 8/1/24 (a) | | 100,000 | 104,736 |
| New Hope Cultural Ed. Facilities Fin. Corp. (Childrens Med. Ctr. of Dallas) Series 2017 A: | | | |
| 5% 8/15/27 | | 10,000 | 12,498 |
| 5% 8/15/47 | | 10,000 | 11,869 |
| North Central Texas Health Facilities Dev. Corp. (Childrens Med. Ctr. of Dallas Proj.) Series 2012, 5% 8/15/32 (Pre-Refunded to 8/15/22 @ 100) | | 100,000 | 106,578 |
| North Texas Tollway Auth. Rev. Series 2019 B, 5% 1/1/25 | | 85,000 | 98,601 |
| San Antonio Elec. & Gas Sys. Rev. Series 2017, 5% 2/1/33 | | 5,000 | 6,097 |
| San Antonio Wtr. Sys. Rev. Series 2018 A, 5% 5/15/33 | | 5,000 | 6,270 |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Scott & White Healthcare Proj.) Series 2013 A, 5% 8/15/21 (Escrowed to Maturity) | | 60,000 | 61,052 |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.: | | | |
| Series 2017 A, 5% 2/15/24 | | 265,000 | 298,633 |
| Series 2018 A, 5% 7/1/29 | | 305,000 | 388,082 |
| Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev. Series 2019, 2.95% 7/1/36 | | 127,139 | 133,237 |
| Texas Dept. of Hsg. & Cmnty. Affairs Single Family Mtg. Rev.: | | | |
| Series 2019 A, 4% 3/1/50 | | 130,000 | 147,603 |
| Series A, 3.5% 3/1/51 | | 170,000 | 191,158 |
| Texas Gen. Oblig. Bonds Series 2019 C2, 1.85%, tender 8/1/22 (a) | | 35,000 | 35,027 |
| Texas Private Activity Bond Surface Trans. Corp. (LBJ Infrastructure Group LLC I-635 Managed Lanes Proj.) Series 2020 A, 4% 6/30/37 | | 1,000,000 | 1,149,622 |
| Texas Trans. Commission Series 2019 A, 0% 8/1/41 | | 250,000 | 110,884 |
| Univ. of Texas Board of Regents Sys. Rev. Series 2020 C, 5% 8/15/28 | | 1,000,000 | 1,290,849 |
|
| TOTAL TEXAS | | | 17,967,355 |
|
| Utah - 0.1% | | | |
| Salt Lake City Arpt. Rev.: | | | |
| Series 2017 A, 5% 7/1/24 (c) | | 10,000 | 11,403 |
| Series 2018 A: | | | |
| 5% 7/1/33 (c) | | 175,000 | 214,432 |
| 5.25% 7/1/48 (c) | | 130,000 | 156,480 |
|
| TOTAL UTAH | | | 382,315 |
|
| Vermont - 0.4% | | | |
| Vermont Student Assistant Corp. Ed. Ln. Rev.: | | | |
| Series 2019 A, 5% 6/15/25 (c) | | 635,000 | 734,355 |
| Series 2020 A, 5% 6/15/26 (c) | | 620,000 | 731,494 |
|
| TOTAL VERMONT | | | 1,465,849 |
|
| Virginia - 1.9% | | | |
| Fairfax County Indl. Dev. Auth. Bonds (Inova Health Sys. Proj.) Series 2018 B, 5%, tender 5/15/23 (a) | | 2,000,000 | 2,199,040 |
| Roanoke Econ. Dev. Auth. Edl. Facilities Series 2018 A: | | | |
| 5% 9/1/23 | | 360,000 | 393,000 |
| 5% 9/1/24 | | 315,000 | 353,461 |
| Salem Econ. Dev. Auth. Series 2020: | | | |
| 4% 4/1/40 | | 120,000 | 130,024 |
| 5% 4/1/25 | | 165,000 | 188,060 |
| 5% 4/1/36 | | 500,000 | 596,969 |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Series 2021 A1: | | | |
| 5% 8/1/26 | | 1,400,000 | 1,722,711 |
| 5% 8/1/27 | | 1,500,000 | 1,894,044 |
| Winchester Econ. Dev. Auth. (Valley Health Proj.) Series 2015, 5% 1/1/22 | | 50,000 | 51,725 |
| Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 1.2%, tender 5/31/24 (a) | | 125,000 | 127,188 |
|
| TOTAL VIRGINIA | | | 7,656,222 |
|
| Washington - 0.8% | | | |
| King County Swr. Rev. Series 2017, 5% 7/1/34 | | 10,000 | 12,224 |
| Port of Seattle Rev.: | | | |
| Series 2012 B, 5% 8/1/23 (c) | | 155,000 | 164,409 |
| Series 2013, 5% 7/1/24 (c) | | 55,000 | 60,431 |
| Series 2015 C, 5% 4/1/24 (c) | | 50,000 | 56,300 |
| Series 2018 A, 5% 5/1/31 (c) | | 350,000 | 416,159 |
| Series 2019 A, 4% 4/1/44 (c) | | 100,000 | 110,422 |
| Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev. Series 2017, 5% 12/1/41 | | 295,000 | 335,530 |
| Washington Gen. Oblig.: | | | |
| (SR 520 Corridor Prog.) Series 2012 C, 5% 6/1/41 | | 25,000 | 25,187 |
| Series 2013 A, 5% 7/1/23 | | 5,000 | 5,301 |
| Washington Health Care Facilities Auth. Rev.: | | | |
| (Overlake Hosp. Med. Ctr., WA. Proj.) Series 2017 B: | | | |
| 5% 7/1/25 | | 5,000 | 5,867 |
| 5% 7/1/30 | | 5,000 | 6,060 |
| 5% 7/1/31 | | 10,000 | 12,072 |
| 5% 7/1/42 | | 100,000 | 118,179 |
| Series 2020, 5% 9/1/40 | | 735,000 | 936,035 |
| Washington Higher Ed. Facilities Auth. Rev. (Whitworth Univ. Proj.) Series 2016 A, 5% 10/1/25 | | 550,000 | 634,180 |
| Washington Hsg. Fin. Commission Nonprofit Hsg. Rev. (Judson Park Proj.) Series 2018, 5% 7/1/38 (d) | | 100,000 | 107,418 |
|
| TOTAL WASHINGTON | | | 3,005,774 |
|
| West Virginia - 0.0% | | | |
| West Virginia Hosp. Fin. Auth. Hosp. Rev. Series 2018 A, 5% 1/1/32 | | 50,000 | 61,685 |
| Wisconsin - 0.8% | | | |
| Milwaukee County Arpt. Rev. Series 2019 B, 5% 12/1/23 (c) | | 420,000 | 468,161 |
| Pub. Fin. Auth. Series 2020 A, 5% 1/1/31 | | 60,000 | 76,650 |
| Pub. Fin. Auth. Edl. Facilities Series 2018 A: | | | |
| 5.25% 10/1/43 | | 160,000 | 184,528 |
| 5.25% 10/1/48 | | 160,000 | 183,575 |
| Pub. Fin. Auth. Hosp. Rev. Series 2019 A, 5% 10/1/44 | | 155,000 | 187,680 |
| Pub. Fin. Auth. Wisconsin Retirement Facility Rev. Series 2018: | | | |
| 5% 10/1/43 (d) | | 15,000 | 16,155 |
| 5% 10/1/48 (d) | | 15,000 | 16,091 |
| 5% 10/1/53 (d) | | 30,000 | 32,116 |
| Roseman Univ. of Health: | | | |
| (Roseman Univ. of Health Sciences Proj.) Series 2020, 5% 4/1/40 (d) | | 100,000 | 115,485 |
| Series 2020, 3% 4/1/25 (d) | | 425,000 | 435,767 |
| Wisconsin Health & Edl. Facilities: | | | |
| Series 2016 A: | | | |
| 4% 11/15/46 | | 195,000 | 216,150 |
| 4% 11/15/46 (Pre-Refunded to 5/15/26 @ 100) | | 80,000 | 93,144 |
| Series 2019 A: | | | |
| 2.25% 11/1/26 | | 45,000 | 44,836 |
| 5% 11/1/22 | | 230,000 | 237,187 |
| 5% 12/1/28 | | 150,000 | 189,379 |
| 5% 12/1/29 | | 150,000 | 192,445 |
| Series 2019 B1, 2.825% 11/1/28 | | 50,000 | 50,074 |
| Series 2019 B2, 2.55% 11/1/27 | | 30,000 | 30,017 |
| Series 2019: | | | |
| 5% 10/1/24 | | 175,000 | 200,868 |
| 5% 10/1/30 | | 195,000 | 248,701 |
|
| TOTAL WISCONSIN | | | 3,219,009 |
|
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $325,724,133) | | | 334,975,352 |
|
| Municipal Notes - 8.8% | | | |
| Alaska - 0.9% | | | |
| Valdez Marine Term. Rev. (Exxon Pipeline Co. Proj.) Series 1985, 0.08% 4/1/21, VRDN (a) | | 3,800,000 | $3,800,000 |
| California - 0.9% | | | |
| Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2019 A1, 0.06% 4/1/21 (Liquidity Facility Toronto-Dominion Bank), VRDN (a) | | 3,500,000 | 3,500,000 |
| Florida - 1.6% | | | |
| Martin County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2000, 0.08% 4/1/21, VRDN (a) | | 6,200,000 | 6,200,000 |
| New York - 5.4% | | | |
| New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series 2001 F1, 0.06% 4/1/21 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | | 12,900,000 | 12,900,000 |
| New York City Transitional Fin. Auth. Rev. Series 2010 G6, 0.06% 4/1/21 (Liquidity Facility Barclays Bank PLC), VRDN (a) | | 8,600,000 | 8,600,000 |
|
| TOTAL NEW YORK | | | 21,500,000 |
|
| TOTAL MUNICIPAL NOTES | | | |
| (Cost $35,000,000) | | | 35,000,000 |
| | | Shares | Value |
|
| Money Market Funds - 9.3% | | | |
| Fidelity Municipal Cash Central Fund 0.09% (e)(f) | | | |
| (Cost $36,840,850) | | 36,837,178 | 36,844,526 |
| TOTAL INVESTMENT IN SECURITIES - 102.4% | | | |
| (Cost $397,564,983) | | | 406,819,878 |
| NET OTHER ASSETS (LIABILITIES) - (2.4)% | | | (9,377,611) |
| NET ASSETS - 100% | | | $397,442,267 |
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) 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 $1,736,667 or 0.4% of net assets.
(e) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(f) 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 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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