| | Principal
Amount ($) | | Value ($) |
| Municipal Bonds and Notes 98.9% |
| Arizona 1.8% |
| Arizona, State Industrial Development Authority Revenue, "A", Series 2019-2, 3.625%, 5/20/2033 | | 4,930,374 | | 5,147,754 |
| Arizona, State Industrial Development Authority, Education Revenue, Odyssey Preparatory Academy Project, 144A, 4.375%, 7/1/2039 | | 1,500,000 | | 1,530,555 |
| Chandler, AZ, Industrial Development Authority, AMT, 5.0%, Mandatory Put 6/3/2024 @ 100, 6/1/2049 | | 7,235,000 | | 8,362,792 |
| Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legency Traditional School Project, Series B, 144A, 5.0%, 7/1/2039 | | 1,000,000 | | 1,082,780 |
| Yavapai County, AZ, Industrial Development Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, Series A-2, AMT, 2.2%, Mandatory Put 6/3/2024 @ 100, 3/1/2028 | | 1,750,000 | | 1,804,232 |
| | 17,928,113 |
| California 9.5% |
| California, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |
| | Series M-049, 3.05%, 4/15/2034 | | 2,480,000 | | 2,769,143 |
| | Series M-050, 3.05%, 6/15/2037 | | 7,295,000 | | 8,145,524 |
| | Series M-050, "A", 3.35%, 11/25/2033, GTY: Freddie Mac | | 606,532 | | 690,009 |
| California, Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1, 5.0%, 6/1/2032 | | 5,000,000 | | 6,125,800 |
| California, State General Obligation, Various Purposes: | |
| | 5.0%, 4/1/2036 | | 7,000,000 | | 9,050,230 |
| | 5.25%, 9/1/2027 | | 10,000,000 | | 10,489,400 |
| | 6.0%, 3/1/2033 | | 1,265,000 | | 1,272,552 |
| California, State Health Facilities Financing Authority Revenue, Adventist Health System, Series B, 0.02% *, 9/1/2020, LOC: U.S. Bank NA | | 345,000 | | 345,000 |
| California, State Housing Finance Agency, Multi-Family Green Tax-Exempt Mortgage Backed Bonds, Noble Towers Apartment, Series N, 2.35%, 12/1/2035 | | 9,896,803 | | 10,214,985 |
| California, State Pollution Control Finance Authority, Solid Waste Disposal Revenue, Waste Management Project, Series A, AMT, 2.5%, Mandatory Put 5/1/2024 @ 100, 11/1/2038 | | 5,500,000 | | 5,806,240 |
| California, State Pollution Control Financing Authority, Solid Waste Disposal Revenue, Republic Services, Inc., Series A, 144A, AMT, 0.5%, Mandatory Put 11/2/2020 @ 100, 8/1/2023 | | 3,845,000 | | 3,845,000 |
| Riverside, CA, Water Revenue, Series A, MUNIPSA + 0.130%, 0.22% **, Mandatory Put 1/18/2023 @ 100, 10/1/2035 | | 3,000,000 | | 2,993,310 |
| San Diego County, CA, Regional Airport Authority, Subordinate Airport Revenue, Series B, 5.0%, 7/1/2037 | | 1,800,000 | | 2,311,092 |
| San Francisco, CA, City & County Airports Commission, International Airport Revenue, Series A, AMT, 5.0%, 5/1/2035 | | 7,000,000 | | 8,733,690 |
| Santa Barbara County, CA, Solid Waste System Revenue, Certificates of Participation: | |
| | Series B, AMT, 5.0%, 12/1/2034 | | 5,000,000 | | 6,206,700 |
| | Series B, AMT, 5.0%, 12/1/2035 | | 5,000,000 | | 6,181,650 |
| Turlock, CA, Irrigation District Revenue: | |
| | 5.0%, 1/1/2033 (a) | | 2,620,000 | | 3,477,972 |
| | 5.0%, 1/1/2034 (a) | | 3,380,000 | | 4,466,366 |
| | 93,124,663 |
| Colorado 2.4% |
| Colorado, General Obligation, Vauxmont Metropolitan District, 3.25%, 12/15/2050, INS: AGMC | | 2,000,000 | | 2,141,820 |
| Colorado, State Health Facilities Authority, Hospital Revenue, Valley View Hospital Association Project, 2.8%, Mandatory Put 5/15/2023 @ 100, 5/15/2042 | | 2,845,000 | | 2,974,789 |
| Colorado, State Housing & Finance Authority, Series H, 4.25%, 11/1/2049 | | 2,390,000 | | 2,697,187 |
| Denver City & County, CO, Airport Revenue System: | |
| | Series B, 5.0%, 11/15/2022 | | 1,500,000 | | 1,641,120 |
| | Series A, AMT, 5.0%, 12/1/2034 | | 10,000,000 | | 12,327,300 |
| Denver, CO, Convention Center Hotel Authority Revenue: | |
| | 5.0%, 12/1/2027 | | 500,000 | | 545,925 |
| | 5.0%, 12/1/2033 | | 500,000 | | 537,915 |
| | 5.0%, 12/1/2034 | | 1,000,000 | | 1,073,410 |
| | 23,939,466 |
| Connecticut 2.3% |
| Connecticut, State Housing Finance Program Authority Revenue, Series A-1, 4.0%, 11/15/2047 | | 3,560,000 | | 3,852,418 |
| Connecticut, State Special Tax Obligation Revenue, Transportation Infrastructure Purpose: | |
| | Series A, 5.0%, 1/1/2027 | | 8,000,000 | | 10,040,160 |
| | Series A, 5.0%, 10/1/2027 | | 8,000,000 | | 9,063,200 |
| | 22,955,778 |
| Florida 6.0% |
| Escambia County, FL, Housing Finance Authority Single Family Mortgage Revenue, County Program, Series A, 4.75%, 4/1/2050 | | 5,750,000 | | 6,469,785 |
| Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project, Series A, 144A, AMT, 6.5%, Mandatory Put 1/1/2029 @ 100, 1/1/2049 | | 2,000,000 | | 1,733,440 |
| Florida, Reedy Creek Improvement District, Series A, 4.0%, 6/1/2032 | | 1,500,000 | | 1,753,665 |
| Florida, State Department of Transportation, Florida Right-of-Way Acquisition & Bridge Construction, Series A, 4.0%, 7/1/2034 | | 5,000,000 | | 6,025,700 |
| Florida, Tohopekaliga Water Utility System Revenue, 4.0%, 10/1/2032 | | 2,145,000 | | 2,446,480 |
| Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School Project, Series A, 144A, 5.0%, 1/15/2029 | | 750,000 | | 805,267 |
| Lee County, FL, School Board Certificates of Participation, Series A, 5.0%, 8/1/2027 | | 4,360,000 | | 5,080,359 |
| Miami-Dade County, FL, Aviation Revenue, Series B, 5.0%, 10/1/2024 | | 4,000,000 | | 4,013,200 |
| Miami-Dade County, FL, Aviation Revenue, Miami International Airport: | |
| | Series A-1, Prerefunded 10/1/2020 @ 100, 5.5%, 10/1/2025 | | 3,000,000 | | 3,012,961 |
| | Series A-1, Prerefunded 10/1/2020 @ 100, 5.5%, 10/1/2026 | | 4,400,000 | | 4,419,010 |
| Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Baptist Hospital of Miami Project, Series A, ETM, 5.75%, 5/1/2021, INS: NATL | | 475,000 | | 491,050 |
| Miami-Dade County, FL, School Board, Certificates of Participation, Series D, 5.0%, 2/1/2029 | | 7,000,000 | | 8,522,360 |
| Miami-Dade County, FL, Water & Sewer Systems Revenue, Prerefunded 10/1/2020 @ 100, 5.0%, 10/1/2027, INS: AGMC | | 10,000,000 | | 10,039,300 |
| Pasco County, FL, School Board, Certificates of Participations, Series B, MUNIPSA + 0.750%, 0.84% **, Mandatory Put 8/2/2023 @ 100, 8/1/2032 | | 3,075,000 | | 3,075,584 |
| Village, FL, Community Development District No. 13, Special Assessment Revenue, 3.0%, 5/1/2029 | | 1,000,000 | | 1,017,920 |
| | 58,906,081 |
| Georgia 7.1% |
| Atlanta, GA, Airport Revenue, Series C, 5.75%, 1/1/2023 | | 2,460,000 | | 2,503,419 |
| Atlanta, GA, Water & Wastewater Revenue: | |
| | Series B, 5.0%, 11/1/2022 | | 3,000,000 | | 3,310,950 |
| | Series B, 5.25%, 11/1/2027, INS: AGMC | | 10,000,000 | | 12,801,000 |
| Burke County, GA, Development Authority, Pollution Control Revenue, Georgia Power Co., Plant Vogtle Project, 2.25%, Mandatory Put 5/25/2023 @ 100, 10/1/2032 | | 1,000,000 | | 1,029,880 |
| Burke County, GA, Development Authority, Pollution Control Revenue, Oglethorpe Power Corp., Series E, 3.25%, Mandatory Put 2/3/2025 @ 100, 11/1/2045 | | 8,800,000 | | 9,511,832 |
| Cobb County, GA, Kennestone Hospital Authority, Wellstar Health System, Inc. Project: | |
| | Series B, 4.0%, 4/1/2032 (a) | | 200,000 | | 234,678 |
| | Series B, 4.0%, 4/1/2033 (a) | | 200,000 | | 232,244 |
| | Series B, 4.0%, 4/1/2034 (a) | | 250,000 | | 288,540 |
| | Series B, 4.0%, 4/1/2035 (a) | | 225,000 | | 254,621 |
| | Series B, 4.0%, 4/1/2036 (a) | | 250,000 | | 282,083 |
| DeKalb County, GA, Water & Sewer Revenue, Series A, 5.25%, 10/1/2029 | | 10,300,000 | | 10,831,068 |
| Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co. | | 1,705,000 | | 2,016,094 |
| Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue: | |
| | Series C, 4.0%, Mandatory Put 12/1/2023 @ 100, 8/1/2048, LIQ: Royal Bank of Canada | | 8,250,000 | | 9,118,313 |
| | Series B, 4.0%, Mandatory Put 12/2/2024 @ 100, 8/1/2049, GTY: TD Bank NA | | 5,000,000 | | 5,680,950 |
| | Series A, 5.0%, 5/15/2035, GTY: Macquarie Group Ltd. | | 1,135,000 | | 1,520,491 |
| | Series A, 5.0%, 5/15/2036, GTY: Macquarie Group Ltd. | | 2,000,000 | | 2,696,540 |
| Georgia, Municipal Electric Authority, Combined Cycle Project: | |
| | Series A, 5.0%, 11/1/2022 | | 1,000,000 | | 1,094,960 |
| | Series A, 5.0%, 11/1/2027 | | 1,000,000 | | 1,006,600 |
| Georgia, Municipal Electric Authority, Project One, Series A, 5.0%, 1/1/2021 | | 3,420,000 | | 3,471,334 |
| Gordon County, GA, Development Authority, Pine Hall Brick Co., Inc. Project, AMT, 0.21% *, 9/7/2020, LOC: Branch Banking & Trust | | 165,000 | | 165,000 |
| Monroe County, GA, Development Authority, Pollution Control Revenue, Georgia Power Co. Plant Scherer Project, Series 1st, 2.25%, 7/1/2025 | | 2,295,000 | | 2,364,011 |
| | 70,414,608 |
| Hawaii 0.5% |
| Hawaii, State General Obligation, Series FK, 4.0%, 5/1/2032 | | 4,400,000 | | 5,177,656 |
| Illinois 5.7% |
| Chicago, IL, O'Hare International Airport Revenue, Series D, 5.0%, 1/1/2023 | | 6,540,000 | | 7,188,441 |
| Chicago, IL, O'Hare International Airport Revenue, Senior Lien, Series A, AMT, 5.0%, 1/1/2036 | | 2,500,000 | | 3,043,700 |
| Chicago, IL, Waterworks Revenue: | |
| | Series 2017-2, 5.0%, 11/1/2023 | | 650,000 | | 729,924 |
| | Series 2017-2, 5.0%, 11/1/2024 | | 1,000,000 | | 1,153,980 |
| Illinois, Regional Transportation Authority, Series A, 5.5%, 7/1/2024, INS: NATL | | 5,000,000 | | 5,884,850 |
| Illinois, State General Obligation: | |
| | 5.0%, 8/1/2023 | | 7,150,000 | | 7,716,137 |
| | 5.0%, 11/1/2024 | | 5,325,000 | | 5,872,250 |
| | 5.5%, 5/1/2024 | | 500,000 | | 555,595 |
| | 5.5%, 5/1/2025 | | 1,500,000 | | 1,704,720 |
| Illinois, State Housing Development Authority Revenue, Series C, 4.0%, 10/1/2049 | | 6,830,000 | | 7,632,047 |
| Illinois, State Housing Development Authority, Multi-family Revenue, Mattoon Towers Project, AMT, 0.26% *, 9/7/2020, LOC: Federal Home Loan Bank | | 620,000 | | 620,000 |
| Illinois, State Municipal Electric Agency, Power Supply Revenue, Series A, 5.0%, 2/1/2028 | | 6,500,000 | | 7,748,325 |
| Illinois, State Toll Highway Authority Revenue, Series A, 5.0%, 1/1/2028 | | 1,250,000 | | 1,369,975 |
| Morton Grove, IL, Cultural Facilities Revenue, Holocaust Museum & Education, 0.09% *, 9/7/2020, LOC: Bank of America NA | | 575,000 | | 575,000 |
| Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2029 | | 3,500,000 | | 4,135,530 |
| | 55,930,474 |
| Indiana 2.3% |
| Indiana, Rockport Pollution Control Revenue, Michigan Power Co. Project, Series A, 3.05%, 6/1/2025 | | 3,700,000 | | 4,059,196 |
| Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%, 11/15/2033 | | 2,000,000 | | 2,192,560 |
| Indiana, State Finance Authority, Economic Development Revenue, Republic Services, Inc. Project, AMT, 0.65%, 12/1/2037 | | 1,375,000 | | 1,375,000 |
| Indiana, Transportation Finance Authority Highway Revenue, Series A, 5.5%, 12/1/2022 | | 7,700,000 | | 8,223,831 |
| Indiana, Wastewater Utility Revenue, CWA Authority Project, Series A, 5.0%, 10/1/2027 | | 1,565,000 | | 1,714,192 |
| Indianapolis, IN, Local Public Improvement Bond Bank, Series K, 5.0%, 6/1/2026 | | 5,355,000 | | 5,516,453 |
| | 23,081,232 |
| Iowa 0.3% |
| Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%, 12/1/2039 | | 2,500,000 | | 2,476,025 |
| Louisiana 0.2% |
| New Orleans, LA, Aviation Board Special Facility Revenue, Parking Facilities Corp., Consol Garage System, Series A, 5.0%, 10/1/2035, INS: AGMC | | 1,250,000 | | 1,511,725 |
| Maryland 0.4% |
| Gaithersburg, MD, Economic Development Revenue, Asbury Obligated Group, Series A, 5.0%, 1/1/2033 | | 2,500,000 | | 2,721,725 |
| Maryland, State Industrial Development Financing Authority, Economic Development Revenue, Paul Reed Smith Guitars, AMT, 0.13% *, 9/7/2020, LOC: PNC Bank NA | | 1,000,000 | | 1,000,000 |
| | 3,721,725 |
| Massachusetts 3.2% |
| Massachusetts, Metropolitan Boston Transit Parking Corp., Systemwide Parking Revenue, Senior Lien, 5.0%, 7/1/2028 | | 3,760,000 | | 3,893,706 |
| Massachusetts, State Development Finance Agency Revenue, CareGroup Obligated Group: | |
| | Series J-2, 5.0%, 7/1/2033 | | 1,000,000 | | 1,239,270 |
| | Series J-2, 5.0%, 7/1/2034 | | 2,000,000 | | 2,471,620 |
| Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035 | | 3,000,000 | | 2,998,380 |
| Massachusetts, State Housing Finance Agency, Series 162, 2.75%, 12/1/2041 | | 95,000 | | 95,581 |
| Massachusetts, State Port Authority: | |
| | Series A, AMT, 5.0%, 7/1/2035 | | 5,000,000 | | 6,274,250 |
| | Series A, AMT, 5.0%, 7/1/2036 | | 4,000,000 | | 4,998,280 |
| Massachusetts, State School Building Authority, Sales Tax Revenue, Series A, 5.0%, 8/15/2037 | | 5,000,000 | | 6,658,050 |
| Massachusetts, Town of Tewksbury, General Obligation, 3.0%, 6/1/2032 | | 2,720,000 | | 3,038,730 |
| | 31,667,867 |
| Michigan 2.2% |
| Michigan, General Obligation, Series B, 0.02% *, 9/1/2020 | | 152,000 | | 152,000 |
| Michigan, State Building Authority Revenue, Facilities Program, Series II-A, 5.0%, 10/15/2024 | | 1,610,000 | | 1,694,847 |
| Michigan, State Finance Authority Revenue, Henry Ford Health System, 5.0%, 11/15/2031 | | 10,700,000 | | 12,836,255 |
| Michigan, State Finance Authority Revenue, Hospital McLaren Health Care Corp., Series D-2, MUNIPSA + 0.500%, 0.59% **, Mandatory Put 8/9/2021 @ 100, 10/15/2038 | | 3,075,000 | | 3,075,431 |
| Michigan, State Strategic Fund Ltd., Obligation Revenue, Improvement Project: | |
| | Series I-75, AMT, 5.0%, 6/30/2032 | | 1,320,000 | | 1,543,423 |
| | Series I-75, AMT, 5.0%, 12/31/2032 | | 700,000 | | 816,802 |
| | Series I-75, AMT, 5.0%, 12/31/2033 | | 1,600,000 | | 1,849,024 |
| | 21,967,782 |
| Minnesota 0.3% |
| Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038 | | 3,205,000 | | 3,188,783 |
| Mississippi 1.1% |
| Mississippi, State Gaming Tax Revenue: | |
| | Series E, 5.0%, 10/15/2028 | | 4,755,000 | | 5,519,889 |
| | Series A, 5.0%, 10/15/2036 | | 4,000,000 | | 4,779,520 |
| | 10,299,409 |
| Missouri 0.7% |
| Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services Project, Series B, 2.875%, Mandatory Put 2/1/2022 @ 100, 2/1/2034 | | 1,540,000 | | 1,533,748 |
| Missouri, State Public Utilities Commission Revenue, 0.5%, 3/1/2022 (a) | | 5,600,000 | | 5,604,984 |
| Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 0.09% *, 9/7/2020, LOC: U.S. Bank NA | | 100,000 | | 100,000 |
| | 7,238,732 |
| Nevada 0.5% |
| Clark County, NV, General Obligation, 4.0%, 12/1/2035 | | 3,000,000 | | 3,531,030 |
| Sparks, NV, Tourism Improvement District #1 Revenue, Sales Tax, Series A, 144A, 2.75%, 6/15/2028 | | 1,500,000 | | 1,470,000 |
| | 5,001,030 |
| New Jersey 2.7% |
| Bergen County, NJ, General Obligation, 3.0%, 12/1/2030 | | 4,710,000 | | 5,336,854 |
| New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040 | | 1,355,000 | | 1,294,445 |
| New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 3.125%, 7/1/2029 | | 915,000 | | 918,861 |
| New Jersey, State Higher Education Assistance Authority, Student Loan Revenue: | |
| | Series B, AMT, 3.25%, 12/1/2039 | | 1,500,000 | | 1,484,925 |
| | Series B, AMT, 3.5%, 12/1/2039 | | 2,000,000 | | 2,019,520 |
| New Jersey, State Transportation Trust Fund Authority: | |
| | Series B, 5.25%, 6/15/2025 | | 5,000,000 | | 5,144,250 |
| | Series B, 5.25%, 6/15/2026 | | 5,000,000 | | 5,139,550 |
| New Jersey, State Transportation Trust Fund Authority Revenue, Federal Highway Reimbursement Notes, Series A, 5.0%, 6/15/2029 | | 970,000 | | 1,128,217 |
| New Jersey, Tobacco Settlement Financing Corp., Series A, 5.0%, 6/1/2029 | | 3,000,000 | | 3,820,470 |
| | 26,287,092 |
| New Mexico 0.4% |
| New Mexico, State Mortgage Finance Authority, Series C, 4.0%, 1/1/2050 | | 3,630,000 | | 4,053,984 |
| New York 13.6% |
| Broome County, NY, Local Development Corp., Revenue, United Health Services Hospitals, Inc., Project: | |
| | 3.0%, 4/1/2035, INS: AGMC | | 1,820,000 | | 1,952,842 |
| | 3.0%, 4/1/2036, INS: AGMC | | 1,750,000 | | 1,870,295 |
| Monroe County, NY, Industrial Development Corp. Revenue, State Ann's Community Project, 4.0%, 1/1/2030 | | 3,500,000 | | 3,512,180 |
| New York, Metropolitan Transportation Authority Revenue: | |
| | Series B, 5.0%, 11/15/2028 | | 3,170,000 | | 3,576,743 |
| | Series C-1, 5.0%, 11/15/2028 | | 3,200,000 | | 3,588,000 |
| | Series A-2, 5.0%, Mandatory Put 5/15/2030 @ 100, 11/15/2045 | | 5,335,000 | | 6,185,026 |
| New York, State Dormitory Authority Revenues, Non-State Supported Debt, Mount Sinai School of Medicine, Series A, 5.0%, 7/1/2021 | | 1,000,000 | | 1,003,330 |
| New York, State Dormitory Authority Revenues, Non-State Supported Debt, North Shore-Long Island Jewish Obligated Group, Series A, 5.0%, 5/1/2028 | | 8,820,000 | | 10,270,096 |
| New York, State Environmental Facilities Corp., State Clean Water & Drinking Revolving Funds, New York City Municipal Water Finance Authority Projects, 5.0%, 6/15/2029 | | 10,000,000 | | 10,361,400 |
| New York, State Liberty Development Corporation, Second Priority Liberty Revenue, "1", 2.45%, 9/15/2069 | | 5,000,000 | | 4,967,750 |
| New York, State Thruway Authority, Series J, 5.0%, 1/1/2028 | | 10,000,000 | | 11,351,300 |
| New York, State Transportation Development Corp., Special Facility Revenue, Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, AMT, 5.0%, 1/1/2026 | | 3,970,000 | | 4,355,011 |
| New York, State Urban Development Corp., Personal Income Tax Revenue, Series C, 5.0%, 3/15/2036 | | 5,000,000 | | 6,528,450 |
| New York, TSASC, Inc., Series A, 5.0%, 6/1/2022 | | 1,000,000 | | 1,069,000 |
| New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series FF-2, 4.0%, 6/15/2036 | | 3,000,000 | | 3,571,110 |
| New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured: | |
| | Series A-7, 0.08% *, 9/7/2020, SPA: State Street Bank & Trust Co. | | 100,000 | | 100,000 |
| | Series A, 4.0%, 11/1/2034 (a) | | 2,500,000 | | 3,011,725 |
| | Series B1, 5.0%, 11/1/2027 | | 750,000 | | 870,172 |
| | Series B1, 5.0%, 11/1/2028 | | 1,175,000 | | 1,360,944 |
| | Series D-1, 5.0%, 11/1/2028 | | 4,715,000 | | 4,968,714 |
| | Series E-1, 5.0%, 2/1/2029 | | 3,055,000 | | 3,249,115 |
| | Series B1, 5.0%, 11/1/2029 | | 935,000 | | 1,081,496 |
| New York City, NY, Transitional Finance Authority, Building Aid Revenue: | |
| | Series S-2, 5.0%, 7/15/2028 | | 6,750,000 | | 8,164,867 |
| | Series S-3, 5.0%, 7/15/2035 | | 5,000,000 | | 6,231,450 |
| New York, NY, General Obligation: | |
| | Series F, 5.0%, 8/1/2024 | | 9,000,000 | | 9,594,360 |
| | Series D-1, 5.0%, 8/1/2029 | | 8,620,000 | | 9,734,997 |
| Triborough, NY, Bridge & Tunnel Authority Revenues, Series A, 5.0%, 11/15/2028 | | 4,975,000 | | 5,499,415 |
| Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute: | |
| | Series A, 5.0%, 9/1/2030 | | 1,345,000 | | 1,708,217 |
| | Series A, 5.0%, 9/1/2031 | | 2,020,000 | | 2,536,453 |
| | Series A, 5.0%, 9/1/2032 | | 1,250,000 | | 1,557,287 |
| | 133,831,745 |
| North Carolina 0.1% |
| Charlotte, NC, Airport Revenue, Series A, 5.5%, 7/1/2034 | | 1,000,000 | | 1,003,570 |
| North Dakota 0.7% |
| Fargo, ND, Sanford Health Systems Revenue, 5.5%, 11/1/2021 | | 1,250,000 | | 1,321,825 |
| North Dakota, State Housing Finance Agency, Series C, 4.0%, 1/1/2050 | | 4,425,000 | | 5,050,783 |
| | 6,372,608 |
| Ohio 1.7% |
| Cleveland, OH, Airport Systems Revenue, Series A, Prerefunded 1/1/2022 @ 100, 5.0%, 1/1/2027 | | 3,000,000 | | 3,192,060 |
| Columbus, OH, Regional Airport Authority, Capital Funding Revenue, Oasbo Expanded Asset Program, 0.1% *, 9/7/2020, LOC: U.S. Bank NA | | 820,000 | | 820,000 |
| Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series D, Prerefunded 11/15/2021 @ 100, 5.0%, 11/15/2024 | | 995,000 | | 1,051,476 |
| Ohio, State Higher Educational Facility Commission Revenue, Summa Health Systems 2010 Project, 5.5%, 11/15/2030, INS: AGMC | | 5,000,000 | | 5,016,050 |
| Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2028 | | 5,000,000 | | 5,614,700 |
| Ohio, State Turnpike Commission, Infrastructure Projects, Series A-1, 5.25%, 2/15/2029 | | 1,310,000 | | 1,449,044 |
| | 17,143,330 |
| Oregon 2.0% |
| Oregon, State General Obligation, Series L, Prerefunded 5/1/2021 @ 100, 5.0%, 5/1/2025 | | 3,000,000 | | 3,096,720 |
| Oregon, State Housing & Community Services Department, Mortgage Revenue, Series A, 4.5%, 1/1/2049 | | 4,875,000 | | 5,389,020 |
| Port of Portland, OR, Airport Revenue, Passenger Facility Charge, Portland International Airport: | |
| | Series A, 5.5%, 7/1/2026 | | 4,025,000 | | 4,184,350 |
| | Series A, 5.5%, 7/1/2029 | | 7,000,000 | | 7,272,300 |
| | 19,942,390 |
| Pennsylvania 7.0% |
| Allegheny County, PA, Hospital Development Authority, Allegheny Health Network Obligated Group, Series A, 5.0%, 4/1/2034 | | 5,000,000 | | 6,107,800 |
| Franklin County, PA, Industrial Development Authority Revenue, Menno Haven, Inc. Project, 5.0%, 12/1/2038 | | 1,000,000 | | 1,026,430 |
| Montgomery County, PA, Higher Education & Health Authority, State Presbyterian Homes, Inc. Project: | |
| | 5.0%, 12/1/2027 | | 2,735,000 | | 3,007,406 |
| | 5.0%, 12/1/2032 | | 2,745,000 | | 2,989,717 |
| Montgomery County, PA, Industrial Development Authority, Meadowood Senior Living Project, Series A, 5.0%, 12/1/2033 | | 8,435,000 | | 9,181,160 |
| Pennsylvania, Higher Education Assistance Agency Education Loan Revenue, Series A, AMT, 2.45%, 6/1/2041 | | 5,265,000 | | 4,877,233 |
| Pennsylvania, State Certificates of Participation: | |
| | Series A, 5.0%, 7/1/2029 | | 300,000 | | 383,208 |
| | Series A, 5.0%, 7/1/2031 | | 850,000 | | 1,074,136 |
| Pennsylvania, State Economic Development Financing Authority Revenue, UPMC Obligated Group, Series A, 5.0%, 2/1/2028 | | 3,000,000 | | 3,452,670 |
| Pennsylvania, State Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, AMT, 2.15%, Mandatory Put 7/1/2024 @ 100, 7/1/2041, GTY: Waste Management, Inc. | | 1,250,000 | | 1,301,000 |
| Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue: | |
| | Series 119, 3.5%, 10/1/2041 | | 2,505,000 | | 2,621,558 |
| | Series 122, 4.0%, 10/1/2046 | | 5,025,000 | | 5,406,900 |
| Pennsylvania, State Turnpike Commission Revenue: | |
| | Series C, 5.0%, 12/1/2028 | | 2,950,000 | | 3,428,018 |
| | Series B, 5.0%, 6/1/2029 | | 5,000,000 | | 5,982,400 |
| | Series C, Prerefunded 12/1/2023 @ 100, 5.5%, 12/1/2026 | | 2,120,000 | | 2,481,990 |
| | Series C, Prerefunded 12/1/2023 @ 100, 5.5%, 12/1/2027 | | 2,820,000 | | 3,301,515 |
| | Series C, Prerefunded 12/1/2023 @ 100, 5.5%, 12/1/2028 | | 1,000,000 | | 1,170,750 |
| Philadelphia, PA, School District: | |
| | Series F, 5.0%, 9/1/2030 | | 8,970,000 | | 10,916,849 |
| | Series F, Prerefunded 9/1/2026 @ 100, 5.0%, 9/1/2030 | | 30,000 | | 38,169 |
| | 68,748,909 |
| Puerto Rico 0.2% |
| Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A-1, Zero Coupon, 7/1/2031 | | 3,000,000 | | 2,211,120 |
| South Carolina 0.3% |
| Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2025 | | 2,755,000 | | 2,936,169 |
| South Carolina, State Housing Finance & Development Authority, Mortgage Revenue, Series A, 4.0%, 1/1/2050 | | 365,000 | | 413,548 |
| | 3,349,717 |
| Tennessee 2.5% |
| Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E7A, 0.15% *, 9/7/2020, LOC: Branch Banking & Trust | | 2,275,000 | | 2,275,000 |
| Greeneville, TN, Health & Educational Facilities Board, Hospital Revenue, Ballad Health Obligation Group, Series A, 5.0%, 7/1/2035 | | 2,500,000 | | 3,027,475 |
| Sevier County, TN, Public Building Authority, Local Government Public Improvement, Series VVB1W, 0.15% *, 9/7/2020, LOC: Branch Banking & Trust | | 500,000 | | 500,000 |
| Shelby County, TN, State General Obligation, Series B, 4.0%, 4/1/2034 | | 3,330,000 | | 4,059,736 |
| Tennessee, Housing Development Agency, Residential Financing Program Revenue, Series 1C, 3.0%, 7/1/2038 | | 1,570,000 | | 1,615,420 |
| Tennessee, State Energy Acquisition Corp., Gas Revenue, Series A, 4.0%, Mandatory Put 11/1/2025 @ 100, 11/1/2049, GTY: Goldman Sachs Group, Inc. | | 6,000,000 | | 6,863,700 |
| Tennessee, State Housing Development Agency, Homeownership Program: | |
| | Series 2C, 4.0%, 7/1/2038 | | 340,000 | | 349,017 |
| | Series 1C, 4.5%, 7/1/2037 | | 360,000 | | 371,801 |
| Tennessee, State Housing Development Agency, Residential Financing Program Revenue, Series 2, 4.0%, 1/1/2048 | | 5,280,000 | | 5,964,341 |
| | 25,026,490 |
| Texas 10.7% |
| Allen, TX, Independent School District, Prerefunded 2/15/2021 @ 100, 5.0%, 2/15/2025 | | 520,000 | | 531,435 |
| Dallas, TX, Waterworks & Sewer Systems Revenue: | |
| | Prerefunded 10/1/2020 @ 100, 5.0%, 10/1/2029 | | 970,000 | | 973,812 |
| | Prerefunded 10/1/2020 @ 100, 5.0%, 10/1/2030 | | 1,210,000 | | 1,214,755 |
| El Paso, TX, Independent School District, 4.0%, 8/15/2035 | | 5,000,000 | | 5,973,800 |
| Harris County, TX, Metropolitan Transit Authority, Sales & Use Tax, Series A, Prerefunded 11/1/2021 @ 100, 5.0%, 11/1/2031 | | 2,795,000 | | 2,951,883 |
| Houston, TX, Airport Systems Revenue: | |
| | Series B, 5.0%, 7/1/2026 | | 4,000,000 | | 4,142,160 |
| | Series B, 5.0%, 7/1/2027 | | 9,600,000 | | 10,316,544 |
| Houston, TX, Hotel Occupancy Tax And Special Revenue, Convention And Entertainment Facilities Department: | |
| | 5.0%, 9/1/2027 | | 1,590,000 | | 1,788,178 |
| | 5.0%, 9/1/2028 | | 1,350,000 | | 1,518,764 |
| Houston, TX, Utility Systems Revenue, First Lien: | |
| | Series A, 5.0%, 11/15/2032 | | 1,430,000 | | 1,957,527 |
| | Series A, 5.0%, 11/15/2033 | | 1,525,000 | | 2,072,948 |
| | Series A, Prerefunded 11/15/2020 @ 100, 5.25%, 11/15/2028 | | 2,500,000 | | 2,525,200 |
| Humble, TX, Independent School District, School Building, Series A, 5.0%, 2/15/2029 | | 1,335,000 | | 1,362,568 |
| Lubbock, TX, General Obligation, Prerefunded 2/15/2021 @ 100, 5.0%, 2/15/2029 | | 2,000,000 | | 2,043,520 |
| North Texas, Tollway Authority Revenue, Special Projects Systems: | |
| | Series D, Prerefunded 9/1/2021 @ 100, 5.25%, 9/1/2027 | | 5,080,000 | | 5,336,997 |
| | Series A, Prerefunded 9/1/2021 @ 100, 5.5%, 9/1/2028 | | 1,240,000 | | 1,305,819 |
| Northside, TX, Independent School District: | |
| | 1.6%, Mandatory Put 8/1/2024 @ 100, 8/1/2049 | | 2,980,000 | | 3,086,654 |
| | 2.75%, Mandatory Put 8/1/2023 @ 100, 8/1/2048 | | 1,540,000 | | 1,636,358 |
| San Antonio, TX, Water Systems Revenue, Junior Lien, Series E, 5.0%, 5/15/2027 | | 1,900,000 | | 2,136,094 |
| Texas, Aldine Independent School District, 4.0%, 2/15/2032 | | 3,000,000 | | 3,542,670 |
| Texas, Dallas-Fort Worth International Airport Revenue: | |
| | Series C, 5.0%, 11/1/2025 | | 4,605,000 | | 4,641,794 |
| | Series C, 5.0%, 11/1/2026 | | 3,290,000 | | 3,316,287 |
| Texas, Grand Parkway Transportation Corp., 5.0%, 2/1/2023 | | 6,460,000 | | 7,104,837 |
| Texas, New Hope Cultural Education Facilities Finance Corp., Education Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2040 | | 6,000,000 | | 6,190,860 |
| Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co. | | 8,880,000 | | 10,510,634 |
| Texas, State Municipal Gas Acquisition & Supply Corp., III Gas Supply Revenue, 5.0%, 12/15/2022, GTY: Macquarie Group Ltd. | | 5,000,000 | | 5,436,450 |
| Texas, State Veterans Housing Assistance Fund II, Series A, AMT, 0.14% *, 9/7/2020, SPA: State Street Bank & Trust Co. | | 135,000 | | 135,000 |
| Texas, State Water Development Board, Series A, 4.0%, 10/15/2032 | | 5,000,000 | | 6,009,150 |
| Texas, State Water Development Board, State Water Implementation Fund, Series A, 4.0%, 10/15/2034 | | 4,900,000 | | 5,849,816 |
| | 105,612,514 |
| Utah 0.6% |
| Salt Lake City, UT, Airport Revenue, Series A, AMT, 5.0%, 7/1/2035 | | 5,000,000 | | 6,091,300 |
| Virginia 3.5% |
| Fairfax County, VA, Economic Development Authority Revenue, Wiehle Ave MetroRail Station Parking Project: | |
| | 5.0%, 8/1/2030 | | 1,540,000 | | 2,123,829 |
| | 5.0%, 8/1/2031 | | 1,745,000 | | 2,390,720 |
| Virginia, State College Building Authority, Educational Facilities Revenue, 21st Century College, Series B, 4.0%, 2/1/2029 | | 18,755,000 | | 21,853,701 |
| Virginia, State Public School Authority, School Financing, Series B, 4.0%, 8/1/2029 | | 7,060,000 | | 8,321,975 |
| | 34,690,225 |
| Washington 4.4% |
| Washington, University of Washington Revenue: | |
| | Series C, 5.0%, 4/1/2030 (a) | | 2,000,000 | | 2,718,520 |
| | Series C, 5.0%, 4/1/2031 (a) | | 1,750,000 | | 2,359,910 |
| | Series C, 5.0%, 4/1/2032 (a) | | 1,350,000 | | 1,808,028 |
| | Series C, 5.0%, 4/1/2033 (a) | | 1,455,000 | | 1,936,503 |
| | Series C, 5.0%, 4/1/2034 (a) | | 1,700,000 | | 2,253,809 |
| Washington, State Convention Center Public Facilities District: | |
| | 5.0%, 7/1/2035 | | 2,000,000 | | 2,215,780 |
| | 5.0%, 7/1/2036 | | 4,350,000 | | 4,817,059 |
| Washington, State General Obligation: | |
| | Series R-2021A, 5.0%, 6/1/2030 (a) | | 1,000,000 | | 1,351,980 |
| | Series R-2021A, 5.0%, 6/1/2031 (a) | | 750,000 | | 1,007,588 |
| | Series R-2021A, 5.0%, 6/1/2032 (a) | | 1,000,000 | | 1,332,840 |
| | Series A, Prerefunded 8/1/2021 @ 100, 5.0%, 8/1/2032 | | 14,000,000 | | 14,617,260 |
| Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, 5.0%, 8/15/2029 | | 2,300,000 | | 2,642,125 |
| Washington, State Housing Finance Commission, Horizon House Project: | |
| | 144A, 5.0%, 1/1/2028 | | 750,000 | | 836,550 |
| | 144A, 5.0%, 1/1/2029 | | 840,000 | | 933,408 |
| | 144A, 5.0%, 1/1/2031 | | 1,030,000 | | 1,135,946 |
| | 144A, 5.0%, 1/1/2033 | | 1,050,000 | | 1,147,692 |
| | 43,114,998 |
| West Virginia 0.3% |
| West Virginia, State Hospital Finance Authority Revenue, State University Health System Obligated Group, Series A, 5.0%, 6/1/2032 | | 2,400,000 | | 2,896,440 |
| Wisconsin 0.4% |
| Wisconsin, State General Obligation, Series A, Prerefunded 5/1/2021 @ 100, 5.25%, 5/1/2026 | | 3,500,000 | | 3,618,650 |
| Other 1.3% |
| Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |
| | "A", Series M-024, AMT, 144A, 2.304%, 5/15/2027 | | 1,895,000 | | 2,027,707 |
| | "A", Series M-051, 144A, 2.65%, 6/15/2035 | | 7,945,000 | | 8,807,747 |
| Freddie Mac Multi-family, Class A, 3.4%, 1/25/2036, GTY: Freddie Mac | | 1,461,498 | | 1,669,133 |
| | 12,504,587 |
| Total Municipal Bonds and Notes (Cost $916,624,103) | | 975,030,818 |
| | Shares | | Value ($) |
| Open-End Investment Companies 1.6% |
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01%*** (Cost $15,839,672) | | 15,836,285 | | 15,839,452 |
| | % of
Net Assets | | Value ($) |
| Total Investment Portfolio (Cost $932,463,775) | 100.5 | | 990,870,270 |
| Other Assets and Liabilities, Net | (0.5) | | (4,952,370) |
| Net Assets | 100.0 | | 985,917,900 |
| | | | | | | | | |
