Eaton Vance Investment Trust NPORT-P Eaton Vance Short Duration Municipal Opportunities Fund (Dec 2021 report)

Eaton Vance

Short Duration Municipal Opportunities Fund

December 31, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Corporate Bonds — 1.5%

Security	Principal Amount (000’s omitted)		Value
Education — 0.7%
Grand Canyon University, 4.125%, 10/1/24	$	8,000	$	8,189,760
			$	8,189,760
Hospital — 0.3%
Harnett Health System, Inc., 4.25%, 4/1/32	$	2,515	$	2,458,412
St. Joseph’s Hospital & Medical Center, 3.926%, 7/1/22		1,250		1,268,482
			$	3,726,894
Other — 0.5%
Morongo Band of Mission Indians, 7.00%, 10/1/39(1)	$	3,470	$	4,590,636
YMCA of Greater New York, 2.303%, 8/1/26		660		654,462
			$	5,245,098
Total Corporate Bonds — 1.5% (identified cost $15,879,213)			$	17,161,752
Tax-Exempt Mortgage-Backed Securities — 0.2%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp., Multifamily Variable Rate Certificates, (AMT), 2.304%, 5/15/27	$	1,870	$	1,925,502
FRETE 2017-ML01 Trust, Class A, (Freddie Mac guaranteed), 0.601%, (1 mo. USD LIBOR + 0.50%), 1/25/33(1)(2)		465		472,070
Total Tax-Exempt Mortgage-Backed Securities — 0.2% (identified cost $2,335,396)			$	2,397,572
Tax-Exempt Municipal Obligations — 88.9%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.2%
Delaware Valley Regional Finance Authority, PA, 0.826% , (67% of 1 mo. USD LIBOR + 0.76%), 9/1/24 (Put Date), 9/1/48(2)	$	9,000	$	9,023,760
Indiana Finance Authority, (State Revolving Fund):
Green Bonds, 5.00%, 2/1/27		1,575		1,912,365
Green Bonds, 5.00%, 2/1/28		1,000		1,246,970
Texas Water Development Board, (State Revolving Fund), 5.00%, 8/1/27		1,500		1,849,155
			$	14,032,250

1

Security	Principal Amount (000’s omitted)		Value
Education — 6.6%
Arizona Industrial Development Authority, (Academies of Math & Science), 4.00%, 7/1/29(1)	$	380	$	417,092
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/30(1)		625		687,050
Build NYC Resource Corp., NY, (New World Preparatory Charter School):
4.00%, 6/15/31		110		122,196
4.00%, 6/15/41		145		160,751
California Municipal Finance Authority, (California Lutheran University):
5.00%, 10/1/22		250		258,575
5.00%, 10/1/23		225		242,314
5.00%, 10/1/24		275		307,230
California School Finance Authority, (Green Dot Public Schools):
5.00%, 8/1/22(1)		165		169,178
5.00%, 8/1/23(1)		175		186,755
5.00%, 8/1/24(1)		160		176,427
5.00%, 8/1/25(1)		300		341,226
California School Finance Authority, (KIPP SoCal Public Schools):
5.00%, 7/1/22(1)		100		102,194
5.00%, 7/1/23(1)		100		106,488
5.00%, 7/1/24(1)		135		148,724
5.00%, 7/1/25(1)		200		227,366
5.00%, 7/1/26(1)		105		122,743
5.00%, 7/1/27(1)		110		131,953
5.00%, 7/1/28(1)		160		195,776
5.00%, 7/1/29(1)		165		205,869
Connecticut Health and Educational Facilities Authority, (Yale University), 0.25% to 2/9/24 (Put Date), 7/1/49		5,110		5,088,282
District of Columbia, (District of Columbia International School):
5.00%, 7/1/25		500		566,940
5.00%, 7/1/29		885		1,098,542
District of Columbia, (KIPP DC):
5.00%, 7/1/22		200		204,418
5.00%, 7/1/25		270		307,643
5.00%, 7/1/26		250		292,962
5.00%, 7/1/27		250		300,187
5.00%, 7/1/28		240		294,499
5.00%, 7/1/29		235		294,533
District of Columbia, (Rocketship DC Obligated Group), 5.00%, 6/1/29(1)		465		535,122
Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design):
5.00%, 3/1/26		275		319,638
5.00%, 3/1/27		210		250,173
5.00%, 3/1/28		230		279,563
5.00%, 3/1/29		225		279,187
5.00%, 3/1/31		865		1,060,066
Kansas Development Finance Authority, (University of Kansas):
5.00%, 5/1/22		2,620		2,660,689
5.00%, 5/1/23		2,755		2,925,975

2

Security	Principal Amount (000’s omitted)		Value
Kentucky Bond Development Corp., (Centre College):
4.00%, 6/1/29	$	320	$	380,736
4.00%, 6/1/30		165		198,797
4.00%, 6/1/31		515		629,196
4.00%, 6/1/34		675		811,829
4.00%, 6/1/38		400		477,032
Kentucky Bond Development Corp., (Transylvania University):
5.00%, 3/1/26		300		350,031
5.00%, 3/1/27		80		95,658
5.00%, 3/1/28		95		116,289
5.00%, 3/1/29		150		187,050
Maryland Health and Higher Educational Facilities Authority, (Johns Hopkins University), 0.08%, 7/1/36(3)		14,000		14,000,000
Massachusetts Development Finance Agency, (Bentley University):
5.00%, 7/1/32		1,200		1,580,652
5.00%, 7/1/33		1,050		1,382,619
Massachusetts Development Finance Agency, (Suffolk University):
5.00%, 7/1/23		425		453,696
5.00%, 7/1/24		350		386,589
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/22		600		620,442
Michigan Finance Authority, (Cesar Chavez Academy):
3.25%, 2/1/24		195		199,407
4.00%, 2/1/29		700		759,276
Missouri Health and Educational Facilities Authority, (St. Louis College of Pharmacy), 5.00%, 5/1/40		1,410		1,500,409
Montana State University, 0.55% (SIFMA + 0.45%), 9/1/23 (Put Date), 11/15/35(2)		1,600		1,603,616
Montgomery County Higher Education and Health Authority, PA, (Gwynedd Mercy University):
1.125% to 5/1/23 (Put Date), 5/1/36		1,245		1,245,199
4.00% to 5/1/22 (Put Date), 5/1/36		1,080		1,090,379
4.00% to 5/1/23 (Put Date), 5/1/36		1,170		1,214,296
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 3/1/28		5,000		6,275,750
New York Dormitory Authority, (Yeshiva University), 4.00%, 9/1/23		1,235		1,236,927
Northeastern Pennsylvania Hospital and Education Authority, (Wilkes University), 5.00%, 3/1/25		1,000		1,109,100
Ohio Higher Educational Facility Commission, (Case Western Reserve University), 0.33% (SIFMA + 0.23%), 12/1/26 (Put Date), 12/1/42(2)		3,400		3,401,292
Philadelphia Industrial Development Authority, PA, (La Salle University):
5.00%, 5/1/23		1,840		1,912,496
5.00%, 5/1/24		1,715		1,826,818
5.00%, 5/1/25		905		984,269
Public Finance Authority, WI, (North Carolina Leadership Academy), 4.00%, 6/15/29(1)		295		319,420
Public Finance Authority, WI, (Roseman University of Health Sciences):
3.00%, 4/1/25(1)		535		550,756
5.00%, 4/1/30(1)		1,550		1,864,495
Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute):
5.00%, 9/1/27		1,000		1,215,070
5.00%, 9/1/28		1,000		1,241,490

3

Security	Principal Amount (000’s omitted)		Value
University of Pittsburgh, PA, 0.46%, (SIFMA + 0.36%), 2/15/24(2)	$	2,000	$	2,008,040
Wisconsin Health and Educational Facilities Authority, (Hmong American Peace Academy, Ltd.), 4.00%, 3/15/30		400		452,176
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 4.00%, 10/15/29		330		365,119
			$	75,114,742
Electric Utilities — 3.5%
American Municipal Power-Ohio, Inc., OH, (Freemont Energy Center):
5.00%, 2/15/27	$	400	$	484,404
5.00%, 2/15/28		650		804,771
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 3.25% to 2/3/25 (Put Date), 11/1/45		4,000		4,309,960
Delaware Municipal Electric Corp., (Beasley Power Station):
5.00%, 7/1/22		305		312,274
5.00%, 7/1/23		200		214,032
5.00%, 7/1/24		200		222,646
5.00%, 7/1/25		325		375,040
5.00%, 7/1/26		350		416,077
5.00%, 7/1/27		550		671,204
5.00%, 7/1/28		225		281,171
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.):
3.20%, 7/1/39		2,170		2,371,680
(AMT), 3.25%, 1/1/25		3,250		3,468,075
Long Island Power Authority, NY, Electric System Revenue, Series 2015C, 0.819%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(2)		4,000		4,000,600
Louisville/Jefferson County Metro Government, KY, (Louisville Gas and Electric Co.), 1.75% to 7/1/26 (Put Date), 2/1/35		4,000		4,154,480
Ohio Air Quality Development Authority, (Ohio Valley Electric Corp.):
1.375% to 11/1/24 (Put Date), 2/1/26		2,200		2,217,688
1.50% to 11/4/25 (Put Date), 2/1/26		1,000		1,010,630
Orlando Utilities Commission, FL, Utility System Revenue, (SPA: TD Bank, N.A.), 0.09%, 10/1/33(3)		10,000		10,000,000
Piedmont Municipal Power Agency, SC:
4.00%, 1/1/27		1,550		1,783,538
5.00%, 1/1/25		1,205		1,363,542
Vermont Public Power Supply Authority, (Swanton Peaking Facility):
5.00%, 7/1/22		385		393,659
5.00%, 7/1/23		600		639,858
5.00%, 7/1/24		500		553,450
			$	40,048,779
Escrowed/Prerefunded — 0.2%
Delaware Health Facilities Authority, (Nanticoke Memorial Hospital, Inc.), Escrowed to Maturity, 5.00%, 7/1/23	$	655	$	700,549
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Prerefunded to 8/1/22, 5.00%, 10/1/31		650		722,254
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), Prerefunded to 8/1/22, 4.125%, 8/1/47		1,100		1,136,300
			$	2,559,103

4

Security	Principal Amount (000’s omitted)		Value
General Obligations — 12.6%
American Samoa Economic Development Authority, 6.00%, 9/1/23(1)	$	710	$	738,201
Berwyn, IL, 5.00%, 12/1/23		1,090		1,168,415
Champaign County Community Unit School District No. 4, IL:
0.00%, 1/1/26		400		385,212
0.00%, 1/1/27		380		359,822
0.00%, 1/1/28		565		524,190
Chandler Unified School District No. 80, AZ, 5.00%, 7/1/24		3,500		3,905,580
Charlotte, NC, 5.00%, 6/1/27		1,610		1,981,604
Chicago Board of Education, IL:
0.00%, 12/1/25		500		477,215
4.00%, 12/1/22		700		722,582
5.00%, 12/1/22		1,200		1,249,236
5.00%, 12/1/23		2,000		2,167,220
5.00%, 12/1/24		2,000		2,240,340
Chicago, IL:
0.00%, 1/1/24		225		217,607
0.00%, 1/1/26		160		147,747
5.00%, 1/1/30		7,320		9,072,920
5.625%, 1/1/29		1,000		1,215,130
Connecticut:
1.00%, (SIFMA + 0.90%), 3/1/23(2)		3,500		3,520,125
5.00%, 4/15/23		3,200		3,393,888
Delaware:
5.00%, 2/1/26		2,500		2,957,100
5.00%, 2/1/27		2,500		3,046,675
Detroit, MI:
5.00%, 4/1/22		135		136,311
5.00%, 4/1/23		140		146,815
5.00%, 4/1/24		150		162,722
5.00%, 4/1/25		150		167,580
5.00%, 4/1/26		330		378,701
5.00%, 4/1/27		695		816,465
5.00%, 4/1/28		730		873,949
5.00%, 4/1/29		515		626,590
District of Columbia:
5.00%, 2/1/27		4,375		5,326,781
5.00%, 2/1/29		3,650		4,680,212
Harford County, MD, 5.00%, 9/15/23		1,000		1,080,420
Illinois:
3.25%, 11/1/26		1,440		1,591,099
5.00%, 2/1/22		370		371,336
5.00%, 6/1/22		495		504,568
5.00%, 10/1/23		285		307,278
5.00%, 2/1/24		500		545,880
5.00%, 6/1/24		4,850		5,359,444
5.00%, 8/1/24		2,085		2,140,795
5.00%, 11/1/24		1,650		1,850,079
5.00%, 8/1/25		1,000		1,026,460
5.00%, 11/1/25		5,000		5,780,600

5

Security	Principal Amount (000’s omitted)		Value
Johnson County, KS, 2.00%, 9/1/31	$	2,910	$	3,058,294
Maryland, 5.00%, 8/1/28		5,790		7,342,473
Minneapolis-St. Paul Metropolitan Council, MN, 5.00%, 12/1/24		10,000		11,325,000
Moses Lake School District No. 161, WA:
4.00%, 12/1/32		500		626,830
4.00%, 12/1/33		1,100		1,376,463
New Haven, CT:
5.00%, 8/1/26		425		503,974
5.00%, 8/1/27		500		607,235
New Jersey:
2.00%, 6/1/29		5,000		5,205,450
3.00%, 6/1/32		10,000		11,394,600
New York, NY, 5.00% to 2/1/24 (Put Date), 8/1/38		5,000		5,353,400
Stamford, CT, 4.00%, 8/15/25		4,970		5,600,643
Suffolk County, NY, 5.00%, 6/15/26(4)		1,800		2,100,240
Township High School District No. 203, IL:
5.00%, 12/15/27		1,885		2,340,246
5.00%, 12/15/28		1,980		2,517,392
Union City, NJ, 5.00%, 11/1/23		1,000		1,077,940
Vermont, 5.00%, 8/15/27		4,325		5,361,400
Washington, 5.00%, 6/1/27		1,500		1,840,845
West Hartford, CT:
5.00%, 7/1/22		710		726,969
5.00%, 7/1/23		500		535,470
Will and Cook Counties Community High School District No. 210, IL, 5.00%, 1/1/27		2,355		2,449,247
			$	144,709,005
Hospital — 13.3%
Arizona Health Facilities Authority, (Banner Health), 0.35% (SIFMA + 0.25%), 11/4/26 (Put Date), 1/1/46(2)	$	2,400	$	2,400,888
Berks County Industrial Development Authority, PA, (Tower Health), 4.00%, 11/1/39		300		320,298
Berks County Municipal Authority, PA, (Tower Health):
5.00% to 2/1/25 (Put Date), 2/1/40		1,000		1,087,870
5.00% to 2/1/27 (Put Date), 2/1/40		10,000		11,308,200
Calcasieu Parish Memorial Hospital Service District, LA, (Lake Charles Memorial Hospital):
4.00%, 12/1/22		810		831,870
4.00%, 12/1/23		1,135		1,194,894
4.00%, 12/1/24		1,145		1,233,554
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/23		450		483,790
California Public Finance Authority, (Henry Mayo Newhall Hospital):
5.00%, 10/15/22		150		155,195
5.00%, 10/15/23		175		188,391
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.50%, 12/1/58(1)		2,000		2,450,080
California Statewide Communities Development Authority, (Methodist Hospital of Southern California):
5.00%, 1/1/22		500		500,000
5.00%, 1/1/23		500		522,425

6

Security	Principal Amount (000’s omitted)		Value
Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), 0.70% (SIFMA + 0.60%), 12/1/23 (Put Date), 1/15/48(2)	$	3,000	$	3,012,990
Colorado Health Facilities Authority, (CommonSpirit Health):
5.00% to 8/1/25 (Put Date), 8/1/49		3,000		3,395,100
5.00% to 8/1/26 (Put Date), 8/1/49		1,700		1,983,033
Colorado Health Facilities Authority, (Valley View Hospital Association), 2.80% to 5/15/23 (Put Date), 5/15/42		1,840		1,877,039
Connecticut Health and Educational Facilities Authority, (Griffin Hospital):
5.00%, 7/1/27(1)		725		857,421
5.00%, 7/1/30(1)		285		351,251
5.00%, 7/1/33(1)		1,170		1,431,238
Conway, AR, (Conway Regional Medical Center):
5.00%, 8/1/22		515		528,344
5.00%, 8/1/25		385		441,268
5.00%, 8/1/26		445		525,055
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/36		740		837,014
Cuyahoga County, OH, (The MetroHealth System), 5.00%, 2/15/23		1,000		1,048,450
DuBois Hospital Authority, PA, (Penn Highlands Healthcare):
5.00%, 7/15/26		550		648,136
5.00%, 7/15/28		350		433,290
Duluth Economic Development Authority, MN, (St. Luke’s Hospital of Duluth Obligated Group):
5.00%, 6/15/23(4)		275		289,559
5.00%, 6/15/24(4)		540		588,028
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group):
5.00%, 8/15/31		3,000		3,789,660
5.00%, 8/15/32		3,015		3,789,493
5.00%, 8/15/33		2,950		3,701,807
5.00%, 8/15/34		1,150		1,440,501
Gainesville and Hall County Hospital Authority, GA, (Northeast Georgia Health System, Inc.):
5.00%, 2/15/26		810		952,074
5.00%, 2/15/29		710		899,421
Harris County Cultural Education Facilities Finance Corp., TX, (Memorial Hermann Health System), 0.52%, (SIFMA + 0.42%), 12/1/22 (Put Date), 12/1/49(2)		3,000		2,999,790
Illinois Finance Authority, (Edward-Elmhurst Healthcare), 0.85%, (SIFMA + 0.75%), 7/1/23 (Put Date), 1/1/46(2)		5,000		5,005,100
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/23		1,000		1,053,640
Illinois Finance Authority, (Southern Illinois Healthcare Enterprises, Inc.), 5.00%, 3/1/23		250		263,628
Indiana Finance Authority, (Parkview Health), 0.65%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/39(2)		7,500		7,518,600
Lexington County Health Services District, Inc., SC, (Lexington Medical Center):
5.00%, 11/1/23		500		541,450
5.00%, 11/1/25		80		92,966
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center):
5.00%, 7/1/22		1,855		1,898,500
5.00%, 7/1/23		1,945		2,080,255

7

Security	Principal Amount (000’s omitted)		Value
Maricopa County Industrial Development Authority, AZ, (Banner Health), 0.67%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(2)	$	6,400	$	6,432,448
Massachusetts Development Finance Agency, (Lawrence General Hospital), 5.00%, 7/1/23		555		561,072
Massachusetts Development Finance Agency, (Milford Regional Medical Center):
5.00%, 7/15/25(1)		120		135,287
5.00%, 7/15/26(1)		150		173,586
5.00%, 7/15/27(1)		170		201,210
5.00%, 7/15/28(1)		175		211,267
5.00%, 7/15/29(1)		320		393,139
5.00%, 7/15/30(1)		350		437,038
5.00%, 7/15/31(1)		325		407,098
5.00%, 7/15/32(1)		420		524,803
Massachusetts Development Finance Agency, (Wellforce):
5.00%, 7/1/22		450		460,256
5.00%, 7/1/23		725		772,937
5.00%, 7/1/24		650		719,485
Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), (SPA: JPMorgan Chase Bank, N.A.), 0.10%, 7/1/27(3)		8,500		8,500,000
Michigan Finance Authority, (Trinity Health Credit Group), 0.58%, (SIFMA + 0.48%), 2/1/22 (Put Date), 3/1/51(2)		5,000		5,000,650
Montana Facility Finance Authority, (Billings Clinic Obligated Group), 0.65%, (SIFMA + 0.55%), 8/15/23 (Put Date), 8/15/37(2)		2,645		2,647,513
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System):
5.00%, 10/1/25		1,050		1,161,499
5.00%, 10/1/26		1,010		1,114,101
Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University), 5.00%, 9/1/23		1,000		1,076,930
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group):
5.00%, 7/1/24		540		598,439
5.00%, 7/1/26		800		947,136
5.00%, 7/1/27		2,000		2,361,080
5.00%, 7/1/29		300		352,101
5.00%, 7/1/30		1,595		1,869,611
New York Dormitory Authority, (Catholic Health System Obligated Group):
5.00%, 7/1/26		400		454,604
5.00%, 7/1/27		390		450,770
5.00%, 7/1/28		455		532,687
5.00%, 7/1/29		750		890,722
New York Dormitory Authority, (Montefiore Obligated Group):
5.00%, 8/1/24		1,300		1,442,623
5.00%, 9/1/27		1,400		1,699,390
5.00%, 9/1/28		1,500		1,860,075
5.00%, 8/1/29		1,910		2,350,923
5.00%, 9/1/29		1,400		1,770,398
5.00%, 8/1/30		1,495		1,830,852
5.00%, 8/1/31		3,195		3,900,424

8

Security	Principal Amount (000’s omitted)		Value
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 1.109%, (70% of 1 mo. USD LIBOR + 1.04%), 8/15/24 (Put Date), 8/15/48(2)	$	1,000	$	1,006,110
Oklahoma Development Finance Authority, (OU Medicine):
5.00%, 8/15/23		1,250		1,335,500
5.00%, 8/15/24		720		797,522
5.00%, 8/15/25		400		457,784
Oregon Facilities Authority, (Samaritan Health Services):
5.00%, 10/1/24		200		223,614
5.00%, 10/1/25		225		260,222
5.00%, 10/1/26		150		178,803
5.00%, 10/1/27		125		152,730
5.00%, 10/1/28		150		187,335
Oroville, CA, (Oroville Hospital):
5.00%, 4/1/25		1,195		1,303,960
5.00%, 4/1/28		1,395		1,602,227
5.00%, 4/1/29		1,000		1,162,800
5.00%, 4/1/30		1,000		1,152,010
5.25%, 4/1/54		3,000		3,335,220
Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 0.70%, (SIFMA + 0.60%), 6/1/24 (Put Date), 6/1/49(2)		7,500		7,538,925
Tallahassee, FL, (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/23		50		54,274
			$	151,942,746
Housing — 3.2%
California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/30	$	3,635	$	4,578,392
Illinois Housing Development Authority, (FHLMC), (FNMA), (GNMA), 3.00%, 10/1/51		3,995		4,322,630
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue:
4.00%, 7/1/23		150		156,806
4.00%, 7/1/24		175		187,483
4.00%, 7/1/25		300		328,206
4.00%, 7/1/26		320		356,688
4.00%, 7/1/27		250		283,110
4.00%, 7/1/28		200		229,218
4.00%, 7/1/29		270		312,889
4.00%, 7/1/30		280		324,755
4.00%, 7/1/31		290		334,956
Massachusetts Development Finance Agency, (UMass Boston Student Housing), 5.00%, 10/1/22		500		514,730
Massachusetts Housing Finance Agency, (Mill Road Apartments), 0.65%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(2)		2,625		2,625,000
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Galveston I, LLC), Escrowed to Maturity, 5.00%, 4/1/22		835		844,218
New Mexico Mortgage Finance Authority, (FHLMC), (FNMA), (GNMA), 1.875%, 7/1/36		990		982,417
New York City Housing Development Corp., NY:
0.90% to 1/1/26 (Put Date), 11/1/60		5,500		5,498,735
2.10% to 10/1/29 (Put Date), 11/1/46		5,000		5,310,100

9

Security	Principal Amount (000’s omitted)		Value
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University):
5.00%, 7/1/26	$	160	$	186,355
5.00%, 7/1/27		385		459,586
5.00%, 7/1/28		240		291,276
5.00%, 7/1/29		535		661,661
5.00%, 7/1/30		225		276,133
5.00%, 7/1/31		485		591,036
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University):
5.00%, 7/1/23		20		21,258
5.00%, 7/1/24		180		198,236
5.00%, 7/1/25		850		965,464
5.00%, 7/1/26		600		701,700
5.00%, 7/1/27		375		449,850
5.00%, 7/1/28		340		414,990
5.00%, 7/1/29		300		364,095
5.00%, 7/1/30		350		421,897
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC):
4.00%, 6/1/22		230		232,992
5.00%, 6/1/23		390		412,550
5.00%, 6/1/24		440		481,884
5.00%, 6/1/25		980		1,106,440
5.00%, 6/1/26		1,090		1,263,746
			$	36,691,482
Industrial Development Revenue — 7.4%
Appling County Development Authority, GA, (Oglethorpe Power Corp.), 1.50% to 2/3/25 (Put Date), 1/1/38	$	1,500	$	1,536,090
California Pollution Control Financing Authority, (Republic Services, Inc.), (AMT), 0.20% to 2/1/22 (Put Date), 8/1/23(1)		10,000		10,000,000
California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 2.50% to 5/1/24 (Put Date), 7/1/31		1,625		1,643,834
Florida Development Finance Corp., (Waste Pro USA, Inc.):
(AMT), 5.00%, 5/1/29(1)		1,550		1,642,023
(AMT), 5.00% to 8/1/22 (Put Date), 8/1/29(1)		1,000		1,017,160
George L. Smith II Georgia World Congress Center Authority, 2.375%, 1/1/31		1,000		1,045,010
Gilliam County, OR, (Waste Management, Inc.), (AMT), 2.40% to 5/2/22 (Put Date), 7/1/38		2,375		2,389,416
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 4.375% to 8/1/25 (Put Date), 8/1/35(1)		875		962,553
Matagorda County Navigation District No. 1, TX, (Central Power and Light Co.), 2.60%, 11/1/29		1,000		1,064,150
Michigan Strategic Fund, (Graphic Packaging International, LLC), Green Bonds, (AMT), 4.00% to 10/1/26 (Put Date), 10/1/61		2,000		2,231,840
Mississippi Business Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 2/1/36(1)		1,500		1,525,740
New Hampshire Business Finance Authority, (United Illuminating Co.), 2.80% to 10/2/23 (Put Date), 10/1/33		3,500		3,617,005
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (AMT), 2.45% to 4/1/26 (Put Date), 4/1/59		2,500		2,633,775
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(1)		710		755,788

10

Security	Principal Amount (000’s omitted)		Value
New York Transportation Development Corp., (Delta Airlines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 1/1/23	$	3,000	$	3,133,980
Niagara Area Development Corp., NY, (Covanta), 3.50%, 11/1/24(1)		4,080		4,217,088
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 3.75%, 1/15/28(1)		995		1,101,584
Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.):
0.95% to 12/1/26 (Put Date), 12/1/33		3,000		3,001,410
(AMT), 1.10% to 11/2/26 (Put Date), 6/1/31		5,000		5,035,700
(AMT), 1.75% to 8/1/24 (Put Date), 8/1/38		5,000		5,122,000
Public Finance Authority, WI, (Waste Management, Inc.), (AMT), 2.625%, 11/1/25		1,500		1,599,390
Richland County, SC, (International Paper Co.), (AMT), 3.875%, 4/1/23		1,520		1,582,776
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1)		2,000		2,254,900
Rockport, IN, (AEP Generating Co.):
Series 1995A, 1.35% to 9/1/22 (Put Date), 7/1/25		2,000		2,013,960
Series 1995B, 1.35% to 9/1/22 (Put Date), 7/1/25		2,250		2,265,705
Rockport, IN, (Indiana Michigan Power Co.), 3.05%, 6/1/25		1,600		1,718,912
St. John the Baptist Parish, LA, (Marathon Oil Corp.), 2.10% to 7/1/24 (Put Date), 6/1/37		10,250		10,572,875
Trimble County, KY, (Louisville Gas and Electric Co.), (AMT), 1.30% to 9/1/27 (Put Date), 9/1/44		4,750		4,793,985
West Virginia Economic Development Authority, (Appalachian Power Co.), 2.55% to 4/1/24 (Put Date), 3/1/40		4,000		4,178,240
			$	84,656,889
Insured-Bond Bank — 0.0%(5)
Puerto Rico Municipal Finance Agency, (AGC), 5.25%, 8/1/22	$	250	$	252,160
			$	252,160
Insured-Education — 0.9%
Missouri Southern State University:
(AGM), 5.00%, 10/1/24	$	110	$	122,828
(AGM), 5.00%, 10/1/25		125		144,316
(AGM), 5.00%, 10/1/27		205		249,581
(AGM), 5.00%, 10/1/28		200		249,192
(AGM), 5.00%, 10/1/31		290		365,554
(AGM), 5.00%, 10/1/32		155		194,984
Northern Illinois University:
(BAM), 5.00%, 4/1/23		120		126,749
(BAM), 5.00%, 4/1/24		500		548,135
(BAM), 5.00%, 4/1/25		400		453,568
(BAM), 5.00%, 4/1/26		650		758,784
(BAM), 5.00%, 4/1/27		530		634,744
(BAM), 5.00%, 4/1/28		625		766,106
(BAM), 5.00%, 4/1/29		700		876,498
Southern Illinois University, (NPFG), 0.00%, 4/1/26		200		184,248
University of Oklahoma:
(AGM), 5.00%, 7/1/26		2,885		3,435,285
(AGM), 5.00%, 7/1/27		1,200		1,470,216
			$	10,580,788

11

Security	Principal Amount (000’s omitted)		Value
Insured-Electric Utilities — 0.5%
Puerto Rico Electric Power Authority:
(AGM), 4.00%, 7/1/23	$	305	$	308,270
(NPFG), 5.25%, 7/1/29		1,740		1,864,984
Series QQ, (NPFG), 5.00%, 7/1/22		100		101,384
Series RR, (NPFG), 5.00%, 7/1/23		170		172,353
Series RR, (NPFG), 5.00%, 7/1/24		845		856,695
Series SS, (NPFG), 5.00%, 7/1/23		1,140		1,155,777
Texas Municipal Power Agency, (AGM), 3.00%, 9/1/28		1,000		1,090,160
			$	5,549,623
Insured-General Obligations — 1.9%
Boston, MA, (NPFG), 0.125%, 3/1/22	$	2,920	$	2,920,058
Cambria County, PA, (AGM), 4.00%, 8/1/32		500		569,805
Chicago Board of Education, IL:
(AGM), 5.00%, 12/1/23		100		108,427
(NPFG), 0.00%, 12/1/22		470		467,133
(NPFG), 0.00%, 12/1/23		2,245		2,207,935
(NPFG), 0.00%, 12/1/26		1,945		1,829,000
Series 1998B, (NPFG), 0.00%, 12/1/24		365		354,134
Series 1999A, (NPFG), 0.00%, 12/1/24		260		252,260
Chicago, IL:
(AGM), 0.00%, 1/1/25		250		242,727
(NPFG), 0.00%, 1/1/23		175		173,754
Cicero, IL:
(BAM), 4.00%, 1/1/23		520		538,444
(BAM), 4.00%, 1/1/25		280		306,967
Community College District No. 536, IL, (Lewis and Clark Community College), (AGM), 4.00%, 5/1/29		500		573,545
Lake County Community Unit School District No. 187, IL, (AGM), 0.00%, 1/1/23		150		148,682
McCook, IL:
(AGM), 4.00%, 12/1/22		225		231,928
(AGM), 4.00%, 12/1/23		250		265,540
Paterson, NJ, (BAM), 5.00%, 1/15/26		485		506,549
Puerto Rico:
(AGC), 5.00%, 7/1/24		125		125,458
(AGM), 4.00%, 7/1/22		3,610		3,641,948
(NPFG), 5.25%, 7/1/22		135		135,628
(NPFG), 6.00%, 7/1/27		575		580,968
Puerto Rico Public Buildings Authority, (NPFG), 6.00%, 7/1/28		2,680		2,707,818
Stickney, IL:
(BAM), 4.00%, 12/1/22		200		205,660
(BAM), 4.00%, 12/1/23		350		372,722
Vauxmont Metropolitan District, CO:
(AGM), 5.00%, 12/1/22		495		514,998
(AGM), 5.00%, 12/1/25		540		626,708
(AGM), 5.00%, 12/1/28		630		790,203
Will County Community High School District No. 210, IL, (AGM), 0.00%, 1/1/25		130		125,769
			$	21,524,768

12

Security	Principal Amount (000’s omitted)		Value
Insured-Hospital — 0.1%
Kentucky Economic Development Finance Authority, (Norton Healthcare, Inc.), (NPFG), 0.00%, 10/1/22	$	720	$	715,198
			$	715,198
Insured-Lease Revenue/Certificates of Participation — 0.1%
Kentucky State University:
(BAM), 5.00%, 11/1/26	$	250	$	297,930
(BAM), 5.00%, 11/1/29		300		383,094
(BAM), 5.00%, 11/1/30		350		456,008
			$	1,137,032
Insured-Other Revenue — 0.3%
Arborwood Community Development District, FL, (AGM), 2.60%, 5/1/24	$	1,180	$	1,232,652
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 5.00%, 3/1/30		1,500		1,933,575
			$	3,166,227
Insured-Special Tax Revenue — 0.3%
Puerto Rico Convention Center District Authority, (AMBAC), 5.00%, 7/1/31	$	845	$	861,900
Puerto Rico Infrastructure Financing Authority:
(AMBAC), 0.00%, 7/1/43		520		187,652
(AMBAC), 5.50%, 7/1/24		410		421,004
(AMBAC), 5.50%, 7/1/25		460		474,711
Vineyard Redevelopment Agency, UT:
(AGM), 5.00%, 5/1/28		235		290,860
(AGM), 5.00%, 5/1/29		200		252,584
(AGM), 5.00%, 5/1/30		210		269,735
(AGM), 5.00%, 5/1/31		245		319,747
			$	3,078,193
Insured-Transportation — 0.6%
Alabama Port Authority, (AGM), (AMT), 5.00%, 10/1/23	$	2,075	$	2,232,783
New Jersey Transportation Trust Fund Authority, (NPFG), 5.50%, 12/15/22		3,000		3,147,480
Puerto Rico Highway and Transportation Authority:
(NPFG), 5.00%, 7/1/29		955		968,217
(NPFG), 5.25%, 7/1/23		365		377,549
			$	6,726,029
Lease Revenue/Certificates of Participation — 1.0%
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/25	$	2,000	$	2,293,240
Crown Point Multi-School Building Corp., IN:
5.00%, 1/15/27		3,665		4,412,220
5.00%, 7/15/27		1,000		1,219,160
New Jersey Economic Development Authority, (School Facilities Construction):
1.65%, (SIFMA + 1.55%), 9/1/27(2)		1,000		1,010,940
1.70%, (SIFMA + 1.60%), 3/1/28(2)		3,080		3,114,773
			$	12,050,333
Other Revenue — 8.8%
Albany Parking Authority, NY, 5.00%, 7/15/22	$	705	$	721,300
Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project):
5.00%, 5/1/23(1)		390		409,761

13

Security	Principal Amount (000’s omitted)		Value
5.00%, 5/1/32(1)	$	3,000	$	3,465,510
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel):
5.00%, 1/1/23		500		517,405
5.00%, 1/1/24		600		640,020
5.00%, 1/1/25		500		548,250
Black Belt Energy Gas District, AL:
0.47%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49(2)		15,000		15,037,950
0.966%, (67% of 1 mo. USD LIBOR + 0.90%), 12/1/23 (Put Date), 12/1/48(2)		20,000		20,149,400
4.00% to 12/1/23 (Put Date), 12/1/48		1,000		1,057,150
California Community Choice Financing Authority:
Green Bonds, 4.00%, 12/1/24		775		847,982
Green Bonds, 4.00%, 12/1/26		920		1,048,708
Green Bonds, 4.00% to 12/1/27 (Put Date), 10/1/52		1,500		1,732,425
California Infrastructure and Economic Development Bank, (California Academy of Sciences), Sustainability Bonds, 0.45%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(2)		2,630		2,637,811
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 3.00% to 10/1/26 (Put Date), 10/1/47		2,500		2,776,850
Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32(1)		795		939,197
Main Street Natural Gas, Inc., GA, Gas Supply Revenue:
4.00% to 9/1/27 (Put Date), 7/1/52		6,000		6,937,680
0.816%, (67% of 1 mo. USD LIBOR + 0.75%), 9/1/23 (Put Date), 4/1/48(2)		2,500		2,512,800
(Liq: Royal Bank of Canada), 0.67%, (SIFMA + 0.57%), 12/1/23 (Put Date), 8/1/48(2)		3,000		3,020,610
(Liq: Royal Bank of Canada), 0.896%, (67% of 1 mo. USD LIBOR + 0.83%), 8/1/48(2)		16,000		16,127,520
Northern California Gas Authority No. 1, Gas Project Revenue, 0.808%, (67% of 3 mo. USD LIBOR + 0.72%), 7/1/27(2)		865		871,834
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.25%, 12/1/27		7,000		8,578,920
Southeast Alabama Gas Supply District, (Project No. 1), 0.75%, (SIFMA + 0.65%), 4/1/24 (Put Date), 4/1/49(2)		2,000		2,018,820
Southeast Alabama Gas Supply District, (Project No. 2), 0.916%, (67% of 1 mo. USD LIBOR + 0.85%), 6/1/24 (Put Date), 6/1/49(2)		2,000		2,018,600
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 0.836%, (67% of 3 mo. USD LIBOR + 0.70%), 12/15/26(2)		2,535		2,555,255
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 1.168%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(2)		3,250		3,250,877
			$	100,422,635
Senior Living/Life Care — 7.6%
Atlantic Beach, FL, (Fleet Landing), 3.25%, 11/15/24	$	2,155	$	2,169,158
Berks County Industrial Development Authority, PA, (Highlands at Wyomissing), 5.00%, 5/15/28		300		340,338
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation):
5.00%, 7/15/22		225		229,797
5.00%, 7/15/23		375		396,720
5.00%, 7/15/24		300		328,170
5.00%, 7/15/25		250		277,335
Brookhaven Local Development Corp., NY, (Jefferson’s Ferry), 5.25%, 11/1/26		365		438,839
Bucks County Industrial Development Authority, PA, (Pennswood Village), 5.00%, 10/1/24		800		892,776

14

Security	Principal Amount (000’s omitted)		Value
California Public Finance Authority, (Enso Village), Green Bonds, 2.125%, 11/15/27(1)	$	770	$	776,776
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/22		430		440,634
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 2.75%, 11/15/25		1,000		1,000,720
Colorado Health Facilities Authority, (Aberdeen Ridge):
2.125%, 5/15/28		1,500		1,505,910
2.625%, 5/15/29		2,000		2,007,840
Colorado Health Facilities Authority, (Christian Living Neighborhoods):
4.00%, 1/1/22		300		300,000
4.00%, 1/1/24		540		569,554
4.00%, 1/1/27		200		222,736
4.00%, 1/1/28		240		270,442
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.00%, 5/15/22		850		862,240
Florida Development Finance Corp. (The Glenridge on Palmer Ranch):
3.00%, 6/1/22		115		115,815
3.00%, 6/1/23		110		112,569
4.00%, 6/1/24		105		111,261
4.00%, 6/1/25		110		118,569
4.00%, 6/1/26		110		120,161
5.00%, 6/1/31		285		333,672
5.00%, 6/1/35		225		261,234
Florida Development Finance Corp., (Mayflower Retirement Community):
1.75%, 6/1/26(1)		1,020		1,019,561
2.375%, 6/1/27(1)		835		837,697
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.):
5.00%, 12/1/22		250		257,675
5.00%, 12/1/23		355		377,244
5.00%, 12/1/24		425		464,244
5.00%, 12/1/30		500		556,870
Fulton County Residential Care Facilities for the Elderly Authority, GA, (Canterbury Court), 2.25%, 10/1/28(1)		3,665		3,676,142
Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 3.60%, 7/1/23		315		319,130
Hanover County Economic Development Authority, VA, (Covenant Woods), 3.625%, 7/1/28		585		614,449
Illinois Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/22		415		421,266
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 0.80%, (SIFMA + 0.70%), 5/1/26 (Put Date), 5/1/42(2)		725		726,885
Iowa Finance Authority, (Lifespace Communities, Inc.), 4.00%, 5/15/27		2,240		2,521,366
James City County Economic Development Authority, VA, (Williamsburg Landing):
4.00%, 12/1/24		415		450,346
4.00%, 12/1/25		425		470,811
Kentwood Economic Development Corp., MI, (Holland Home Obligated Group), 4.00%, 11/15/31(4)		500		553,995
Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/22		920		936,348
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 4.00%, 11/15/23(1)		1,085		1,120,252
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.):
3.50%, 10/1/22(1)		500		511,990

15

Security	Principal Amount (000’s omitted)		Value
4.00%, 10/1/25(1)	$	515	$	554,506
4.00%, 10/1/26(1)		1,000		1,076,080
4.00%, 10/1/27(1)		400		430,020
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.):
4.00%, 12/1/22		100		103,172
4.00%, 12/1/23		125		133,016
4.00%, 12/1/24		150		164,490
4.00%, 12/1/25		100		112,465
4.00%, 12/1/26		150		171,930
4.00%, 12/1/27		200		228,004
4.00%, 12/1/28		200		227,218
4.00%, 12/1/29		250		283,085
Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 1.20%, 6/1/28		2,000		1,976,760
National Finance Authority, NH, (The Vista):
5.25%, 7/1/39(1)		705		750,430
5.625%, 7/1/46(1)		425		455,069
5.75%, 7/1/54(1)		1,130		1,211,428
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village):
5.00%, 1/1/23		1,795		1,849,747
5.00%, 1/1/30		630		681,370
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group):
2.25%, 7/1/23		1,525		1,527,150
2.375%, 7/1/24		1,525		1,526,022
5.00%, 7/1/30		400		449,756
5.00%, 7/1/31		670		750,594
5.00%, 7/1/32		1,500		1,535,100
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), 4.00%, 1/1/25		1,705		1,705,818
North Carolina Medical Care Commission, (Galloway Ridge):
4.00%, 1/1/25		250		263,478
4.00%, 1/1/26		240		256,231
5.00%, 1/1/27		565		637,117
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.):
4.00%, 5/15/27		1,240		1,395,756
5.00%, 5/15/26		1,000		1,131,270
Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.00%, 6/1/26(4)		300		318,876
Polk County Industrial Development Authority, FL, (Carpenter’s Home Estates, Inc.), 5.00%, 1/1/29		355		400,475
Public Finance Authority, WI, (Penick Village), 4.00%, 9/1/29(1)		550		578,891
Public Finance Authority, WI, (SearStone CCRC), 2.25%, 6/1/27		2,000		2,010,140
Salem Hospital Facility Authority, OR, (Capital Manor), 5.00%, 5/15/23		210		221,584
Santa Fe, NM, (El Castillo Retirement Residences):
2.25%, 5/15/24		600		600,474
2.625%, 5/15/25		1,000		1,001,020

16

Security	Principal Amount (000’s omitted)		Value
South Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25(1)	$	685	$	708,687
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes):
5.00%, 4/1/22		500		504,200
5.00%, 4/1/23		1,365		1,422,480
5.00%, 4/1/24		1,450		1,557,416
5.00%, 4/1/25		1,510		1,663,069
5.00%, 4/1/26		1,595		1,755,553
South Carolina Jobs-Economic Development Authority, (Woodlands at Furman):
4.00%, 11/15/24		200		211,362
4.00%, 11/15/25		275		294,709
5.00%, 11/15/27		300		343,302
5.00%, 11/15/29		115		133,088
5.00%, 11/15/30		180		207,241
St. Johns County Industrial Development Authority, FL, (Vicar’s Landing):
4.00%, 12/15/22		110		112,955
4.00%, 12/15/23		110		115,756
4.00%, 12/15/24		145		155,716
4.00%, 12/15/25		180		196,603
4.00%, 12/15/26		185		204,734
4.00%, 12/15/27		215		240,660
4.00%, 12/15/28		200		225,822
St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group):
5.00%, 9/1/23		2,015		2,144,444
5.00%, 9/1/24		1,490		1,636,854
5.00%, 9/1/25		1,615		1,827,163
Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.):
4.00%, 12/1/23		235		249,257
4.00%, 12/1/24		245		266,972
4.00%, 12/1/25		250		278,878
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.25%, 11/15/31		620		731,011
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe):
1.50%, 12/1/27		1,960		1,956,668
4.00%, 12/1/24		225		242,012
4.00%, 12/1/25		275		301,219
4.00%, 12/1/26		240		266,602
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 4.00%, 10/1/23(1)		10		10,004
Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.00%, 11/15/23		230		247,475
Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/27		1,000		1,158,460
Washington County, MD, (Diakon Lutheran Social Ministries):
5.00%, 1/1/23		365		381,038
5.00%, 1/1/24		350		380,223
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/25(1)		1,165		1,308,248
Washington Housing Finance Commission, (Judson Park), 3.70%, 7/1/23(1)		200		203,110

17

Security	Principal Amount (000’s omitted)		Value
Washington Housing Finance Commission, (Transforming Age):
2.375%, 1/1/26(1)	$	2,490	$	2,492,017
5.00%, 1/1/24(1)		180		192,168
5.00%, 1/1/25(1)		385		423,088
5.00%, 1/1/26(1)		400		451,228
Wayzata, MN, (Folkestone Senior Living Community):
3.00%, 8/1/22		200		201,732
3.00%, 8/1/23		100		102,246
3.00%, 8/1/24		100		103,440
3.00%, 8/1/25		100		104,348
3.00%, 8/1/26		250		261,833
3.00%, 8/1/27		425		442,540
3.125%, 8/1/28		650		676,312
Westchester County Local Development Corp., NY, (Kendal on Hudson), 4.00%, 1/1/23		50		50,880
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.):
4.00%, 9/15/22		200		205,224
Prerefunded to 9/15/23, 4.00%, 9/15/24		365		387,499
Series 2015B, 4.00%, 9/15/23		100		102,541
Series 2018A, 4.00%, 9/15/23		250		265,410
			$	86,863,576
Special Tax Revenue — 4.3%
Allentown Neighborhood Improvement Zone Development Authority, PA:
5.00%, 5/1/27(4)	$	550	$	646,855
5.00%, 5/1/28(4)		575		689,339
5.00%, 5/1/29(4)		600		732,006
5.00%, 5/1/30(4)		650		804,726
5.00%, 5/1/31(4)		675		848,833
Baltimore, MD, (Harbor Point):
2.65%, 6/1/22(1)		200		200,832
2.70%, 6/1/23(1)		285		288,984
2.80%, 6/1/25(1)		125		129,071
2.85%, 6/1/26(1)		135		140,630
2.95%, 6/1/27(1)		175		183,663
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion):
5.00%, 12/1/25		250		280,088
5.00%, 12/1/26		330		377,108
5.00%, 12/1/27		420		487,481
5.00%, 12/1/28		425		500,306
5.00%, 12/1/29		400		476,104
5.00%, 12/1/30		680		803,753
5.00%, 12/1/31		785		923,191
5.00%, 12/1/32		660		773,190
Greenville County, SC, Special Source Revenue:
4.00%, 4/1/23		200		208,952
4.00%, 4/1/24		225		242,764
4.00%, 4/1/25		335		371,441
4.00%, 4/1/26		275		312,323
5.00%, 4/1/27		200		242,252
5.00%, 4/1/28		450		556,781

18

Security	Principal Amount (000’s omitted)		Value
Illinois Sports Facilities Authority:
5.00%, 6/15/22	$	315	$	320,787
5.00%, 6/15/23		250		264,450
Illinois, Sales Tax Revenue:
5.00%, 6/15/22		945		965,100
5.00%, 6/15/23		925		985,217
Jacksonville, FL, Special Revenue:
5.00%, 10/1/27		1,000		1,231,880
5.00%, 10/1/29		1,750		2,247,525
5.00%, 10/1/31		3,550		4,754,905
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 4.00%, 3/1/28		225		231,777
Sales Tax Securitization Corp., IL:
5.00%, 1/1/23		650		680,615
5.00%, 1/1/30		2,000		2,572,500
Series 2018C, 5.00%, 1/1/29		1,525		1,922,125
San Diego County Regional Transportation Commission, CA, Sales Tax Revenue, (SPA: JPMorgan Chase Bank, N.A.), 0.06%, 4/1/38(3)		20,000		20,000,000
Sparks, NV, (Legends at Sparks Marina), 2.50%, 6/15/24(1)		870		883,093
St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35		970		965,441
			$	49,246,088
Student Loan — 1.1%
Connecticut Higher Education Supplement Loan Authority, (AMT), 5.00%, 11/15/22	$	750	$	779,438
Massachusetts Educational Financing Authority:
(AMT), 3.50%, 7/1/33		3,400		3,457,970
(AMT), 5.00%, 7/1/23		1,000		1,064,110
New Jersey Higher Education Student Assistance Authority, (AMT), 5.00%, 12/1/23		4,475		4,861,953
Rhode Island Student Loan Authority:
(AMT), 5.00%, 12/1/23		600		649,722
(AMT), 5.00%, 12/1/23		1,250		1,353,587
			$	12,166,780
Transportation — 12.6%
Atlanta, GA, Airport Revenue:
5.00%, 7/1/26	$	2,000	$	2,383,440
(AMT), 5.00%, 7/1/28		1,325		1,649,188
(AMT), 5.00%, 7/1/30		1,315		1,703,241
Central Texas Regional Mobility Authority, 5.00%, 1/1/29		1,550		1,950,086
Charlotte, NC, (Charlotte Douglas International Airport), (AMT), 5.00%, 7/1/28		1,400		1,742,538
Chicago, IL, (Midway International Airport), (AMT), (SPA: Barclays Bank PLC), 0.15%, 1/1/44(3)		10,000		10,000,000
Chicago, IL, (O’Hare International Airport):
5.00%, 1/1/30		5,000		6,431,250
5.00%, 1/1/31		5,440		6,958,467
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport):
5.00%, 11/1/26		2,900		3,481,798
5.00%, 11/1/27		1,100		1,356,520
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 12/1/24		5,000		5,623,750
Eagle County Air Terminal Corp., CO, (AMT), 4.00%, 5/1/26		1,000		1,098,230

19

Security	Principal Amount (000’s omitted)		Value
Grand Parkway Transportation Corp., TX, 5.00%, 2/1/23	$	1,600	$	1,678,656
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/31		4,500		5,771,385
Houston, TX, Airport System Revenue:
(AMT), 5.00%, 7/1/29		1,700		2,151,350
(AMT), 5.00%, 7/1/30		1,250		1,610,925
Lee County, FL, Airport Revenue, (AMT), 5.00%, 10/1/29		16,000		20,304,640
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/23		1,480		1,567,660
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/34		5,000		5,561,400
New Jersey Transportation Trust Fund Authority:
0.00%, 12/15/24		200		194,288
5.00%, 6/15/23		1,000		1,066,340
New Jersey Transportation Trust Fund Authority, (Transportation System):
5.00%, 12/15/23		1,500		1,632,810
5.00%, 12/15/24		2,000		2,256,680
Norfolk Airport Authority, VA, 5.00%, 7/1/29		500		636,850
North Texas Tollway Authority, 4.00%, 1/1/32		2,000		2,454,340
Pennsylvania Turnpike Commission:
0.70%, (SIFMA + 0.60%), 12/1/23(2)		1,000		1,005,940
5.00%, 12/1/30		1,100		1,443,035
5.00%, 12/1/31		1,500		2,002,935
Philadelphia, PA, Airport Revenue:
(AMT), 5.00%, 7/1/26		3,650		4,301,853
(AMT), 5.00%, 7/1/28		5,350		6,628,703
Port Authority of New York and New Jersey, (AMT), 3.00%, 10/1/28		2,290		2,562,167
Port of Oakland, CA, (AMT), 5.00%, 11/1/24		2,000		2,247,620
Salt Lake City, UT, (Salt Lake City International Airport):
(AMT), 5.00%, 7/1/29		3,500		4,426,415
(AMT), 5.00%, 7/1/30		2,750		3,544,035
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (LOC: Barclays Bank PLC), 0.07%, 5/1/58(3)		20,000		20,000,000
South Jersey Port Corp., NJ, (AMT), 5.00%, 1/1/22		1,585		1,585,000
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/30		2,500		3,173,975
			$	144,187,510
Water and Sewer — 0.8%
Denver City and County Board of Water Commissioners, CO, 5.00%, 12/15/28	$	3,190	$	4,090,378
Henrico County, VA, Water and Sewer System Revenue, 4.00%, 5/1/31		615		743,338
Metropolitan Water District of Southern California, 0.24%, (SIFMA + 0.14%), 5/21/24 (Put Date), 7/1/37(2)		4,875		4,873,147
			$	9,706,863
Total Tax-Exempt Municipal Obligations — 88.9% (identified cost $998,777,044)			$	1,017,128,799

20

Taxable Municipal Obligations — 7.0%
Security	Principal Amount (000’s omitted)		Value
Education — 0.5%
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.43%, 6/1/27(1)	$	3,340	$	3,589,431
Forest Grove, OR, (Pacific University), 1.65%, 5/1/24		320		317,306
New York Dormitory Authority, (State University of New York), 1.366%, 7/1/25		1,500		1,494,120
			$	5,400,857
Escrowed/Prerefunded — 0.3%
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), Prerefunded to 8/1/22, 5.50%, 8/1/44	$	2,990	$	3,106,251
			$	3,106,251
General Obligations — 0.9%
Cecil County, MD, 1.20%, 11/1/27	$	3,270	$	3,210,682
Chicago, IL, 7.75%, 1/1/42		2,659		3,028,601
Douglas County School District No. 17, NE, 1.048%, 6/15/26		585		579,097
Livermore Valley Joint Unified School District, CA, 1.335%, 8/1/26		3,290		3,263,450
			$	10,081,830
Hospital — 0.5%
Conway, AR, (Conway Regional Medical Center):
1.15%, 8/1/24	$	250	$	247,465
1.75%, 8/1/26		250		246,543
Doylestown Hospital Authority, PA, (Doylestown Hospital), 3.489%, 7/1/22		815		816,964
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.25%, 11/1/28		1,380		1,397,222
Oklahoma Development Finance Authority, (OU Medicine), 5.45%, 8/15/28		1,250		1,401,263
University of Wisconsin Hospitals and Clinics Authority, 1.69%, 4/1/26		1,750		1,749,650
			$	5,859,107
Insured-General Obligations — 0.1%
Bureau County Township High School District No. 502, IL, (BAM), 1.356%, 12/1/27	$	620	$	604,829
Valley View School District, PA, (BAM), 2.20%, 5/15/26		500		509,380
			$	1,114,209
Insured-Hospital — 0.0%(5)
Massachusetts Development Finance Agency, (Wellforce), (AGM), 3.653%, 7/1/22	$	375	$	380,314
			$	380,314
Insured-Special Tax Revenue — 0.3%
Bexar County, TX, Venue Project Revenue:
(AGM), 1.272%, 8/15/26	$	550	$	538,554
(AGM), 1.573%, 8/15/27		500		491,965
(AGM), 1.743%, 8/15/28		750		738,480
(AGM), 1.924%, 8/15/29		1,535		1,515,782
			$	3,284,781

21

Security	Principal Amount (000’s omitted)		Value
Insured-Transportation — 0.4%
Miami-Dade County, FL, Seaport Revenue, (AGM), 1.349%, 10/1/26	$	4,860	$	4,763,237
			$	4,763,237
Lease Revenue/Certificates of Participation — 0.5%
Golden State Tobacco Securitization Corp., CA, 1.40%, 6/1/25	$	6,350	$	6,325,235
			$	6,325,235
Other Revenue — 1.2%
Golden State Tobacco Securitization Corp., CA:
1.237%, 6/1/22	$	5,725	$	5,730,324
1.337%, 6/1/23		7,600		7,615,808
			$	13,346,132
Senior Living/Life Care — 0.2%
Indiana Finance Authority, (BHI Senior Living), 2.52%, 11/15/26	$	510	$	503,681
Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 1.25%, 6/1/26		1,305		1,302,456
Vermont Economic Development Authority, (Wake Robin Corp.), 2.00%, 5/1/22		715		714,485
			$	2,520,622
Special Tax Revenue — 1.3%
Illinois, Sales Tax Revenue:
1.253%, 6/15/25	$	2,500	$	2,468,950
1.453%, 6/15/26		3,000		2,945,310
New York Dormitory Authority, Personal Income Tax Revenue, 1.187%, 3/15/26		4,210		4,153,375
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 5.25%, 3/1/31		330		336,353
Utah Transit Authority, Sales Tax Revenue, Green Bonds, 1.411%, 12/15/26		5,000		4,982,800
			$	14,886,788
Transportation — 0.8%
Alabama Federal Aid Highway Finance Authority, 1.268%, 9/1/26	$	5,000	$	4,959,400
Central Texas Regional Mobility Authority, 1.585%, 1/1/26		1,150		1,149,321
San Diego County Regional Airport Authority, CA, 1.081%, 7/1/24		2,500		2,506,625
			$	8,615,346
Total Taxable Municipal Obligations — 7.0% (identified cost $79,425,559)			$	79,684,709
Total Investments — 97.6% (identified cost $1,096,417,212)			$	1,116,372,832
Other Assets, Less Liabilities — 2.4%			$	27,502,704
Net Assets — 100.0%			$	1,143,875,536

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

22

At December 31, 2021, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

California	10.5	%
Others, representing less than 10% individually	87.1	%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At December 31, 2021, 5.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from less than 0.1% to 2.7% of total investments.

(1) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At December 31, 2021, the aggregate value of these securities is $72,357,359 or 6.3% of the Fund’s net assets.

(2) Floating rate security. The stated interest rate represents the rate in effect at December 31, 2021.

(3) Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at December 31, 2021.

(4) When-issued/delayed delivery security.

(5) Amount is less than 0.05%.

Abbreviations:

AGC	-	Assured Guaranty Corp.
AGM	-	Assured Guaranty Municipal Corp.
AMBAC	-	AMBAC Financial Group, Inc.
AMT	-	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BAM	-	Build America Mutual Assurance Co.
FHLMC	-	Federal Home Loan Mortgage Corp.
FNMA	-	Federal National Mortgage Association
GNMA	-	Government National Mortgage Association
LIBOR	-	London Interbank Offered Rate
Liq	-	Liquidity Provider
LOC	-	Letter of Credit
NPFG	-	National Public Finance Guarantee Corp.
SIFMA	-	Securities Industry and Financial Markets Association Municipal Swap Index
SPA	-	Standby Bond Purchase Agreement

Currency Abbreviations:

USD - United States Dollar

The Fund did not have any open derivative instruments at December 31, 2021.

23

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• 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, credit risk, etc.)

• Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At December 31, 2021, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	17,161,752	$	—	$	17,161,752
Tax-Exempt Mortgage-Backed Securities		—		2,397,572		—		2,397,572
Tax-Exempt Municipal Obligations		—		1,017,128,799		—		1,017,128,799
Taxable Municipal Obligations		—		79,684,709		—		79,684,709
Total Investments	$	—	$	1,116,372,832	$	—	$	1,116,372,832

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

24