Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)
February 28 2025 - 8:44AM
Edgar (US Regulatory)
Portfolio
of
Investments
December
31,
2024
NIM
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
95.2%
MORTGAGE-BACKED
SECURITIES
-
0.4%
–
$
194,411
Federal
Home
Loan
Mortgage
Corporation,
Notes,
2022
M068
3.150
%
10/15/36
$
166,916
66,436
Freddie
Mac
Multi-Family
ML
Certificates,
Series
ML
08,
Series
2021,
2021
21-ML08
1.877
07/25/37
51,800
105,426
Freddie
Mac
Multi-Family
ML
Certificates,
Series
ML
10,
Series
2021,
2021
ML10
2.032
01/25/38
80,934
249,072
Freddie
Mac
Multi-Family
ML
Certificates,
Series
ML
22
Class
A-US,
Series
2024,
2024
24-ML22
4.545
10/25/40
247,708
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$630,161)
547,358
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
116444131
MUNICIPAL
BONDS
-
94.8%
116444131
ALABAMA
-
1.9%
120,000
Alabama
Housing
Finance
Authority,
Collateralized
Single
Family
Mortgage
Revenue
Bonds,
Series
2024B
4.250
10/01/39
119,838
100,000
Alabama
Housing
Finance
Authority,
Collateralized
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C
4.450
10/01/44
99,010
140,000
Alabama
Housing
Finance
Authority,
Collateralized
Single
Family
Mortgage
Revenue
Bonds,
Series
2024D
4.300
10/01/44
135,359
215,000
Alabama
Public
School
and
College
Authority,
Capital
Improvement
Pool
Revenue
Bonds,
Refunding
Series
2020A
5.000
11/01/27
227,100
80,000
Birmingham-Jefferson
Civic
Center
Authority,
Alabama,
Special
Tax
Bonds,
Series
2018A
4.000
07/01/37
79,252
250,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Prepay
BP
PLC,
Series
2024D,
(Mandatory
Put
11/01/34)
5.000
03/01/55
265,520
200,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Series
2023C,
(Mandatory
Put
6/01/32)
5.500
10/01/54
216,736
345,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Series
2021A,
(Mandatory
Put
12/01/31)
4.000
06/01/51
345,249
100,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Series
2022
Sub
D-1,
(Mandatory
Put
6/01/27)
4.000
07/01/52
100,579
125,000
Lower
Alabama
Gas
District,
Alabama,
Goldman
Sachs
Gas
Project
2
Revenue
Bonds,
Series
2020A,
(Mandatory
Put
12/01/25)
4.000
12/01/50
125,185
65,000
Mobile
Spring
Hill
College
Educational
Building
Authority,
Alabama,
Revenue
Bonds,
Spring
Hill
College
Project,
Series
2015
5.000
04/15/27
60,430
135,000
Selma
Industrial
Development
Board,
Alabama,
Gulf
Opportunity
Zone
Revenue
Bonds,
International
Paper
Company
Project,
Refunding
Series
2020A,
(Mandatory
Put
6/16/25)
1.375
05/01/34
133,329
200,000
Southeast
Alabama
Gas
Supply
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Project
1,
Refunding
Series
2024A,
(Mandatory
Put
4/01/32)
5.000
08/01/54
211,916
150,000
(a)
Tuscaloosa
County
Industrial
Development
Authority,
Alabama,
Gulf
Opportunity
Zone
Bonds,
Hunt
Refining
Project,
Refunding
Series
2019A
5.250
05/01/44
151,899
TOTAL
ALABAMA
2,271,402
ALASKA
-
0.4%
420,000
Alaska
Housing
Finance
Corporation,
Mortgage
Revenue
Bonds,
General
Series
2020A-II
2.000
12/01/35
328,812
100,000
Alaska
Housing
Finance
Corporation,
Mortgage
Revenue
Bonds,
General
Series
2022A-II
2.350
12/01/39
77,055
150,000
Alaska
Housing
Finance
Corporation,
Mortgage
Revenue
Bonds,
Series
2022B-1
2.150
06/01/36
117,249
100,000
Northern
Tobacco
Securitization
Corporation,
Alaska,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2021B-2
Class
2
0.000
06/01/66
12,224
TOTAL
ALASKA
535,340
Portfolio
of
Investments
December
31,
2024
(continued)
NIM
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
-
1.4%
$
165,000
(b)
Arizona
State,
Certificates
of
Participation,
Refunding
Series
2019A,
(ETM)
5.000
%
10/01/27
$
174,598
110,000
Chandler
Industrial
Development
Authority,
Arizona,
Industrial
Development
Revenue
Bonds,
Intel
Corporation
Project,
Series
2019,
(AMT),
(Mandatory
Put
6/01/29)
4.000
06/01/49
110,296
250,000
Chandler
Industrial
Development
Authority,
Arizona,
Industrial
Development
Revenue
Bonds,
Intel
Corporation
Project,
Series
2022-2,
(AMT),
(Mandatory
Put
9/01/27)
5.000
09/01/52
254,992
100,000
Maricopa
County
and
Phoenix
City
Industrial
Development
Authority,
Arizona,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C
4.625
09/01/44
100,534
235,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5.000
12/01/32
250,036
730,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5.000
12/01/37
787,663
TOTAL
ARIZONA
1,678,119
ARKANSAS
-
0.3%
100,000
(a)
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
(AMT)
5.450
09/01/52
103,183
265,000
Arkansas
Development
Finance
Authority,
Revenue
Bonds,
Baptist
Memorial
Health
Care,
Refunding
Series
2020B-2,
(Mandatory
Put
9/01/27)
5.000
09/01/44
270,103
TOTAL
ARKANSAS
373,286
CALIFORNIA
-
8.0%
100,000
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Term
Rate
Series
2018A,
(Mandatory
Put
4/01/26)
2.625
04/01/45
99,004
100,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023C,
(Mandatory
Put
10/01/31)
5.250
01/01/54
106,281
100,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023F,
(Mandatory
Put
11/01/30)
5.500
10/01/54
108,876
180,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024C,
(Mandatory
Put
10/01/32)
5.000
08/01/55
190,880
265,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024G,
(Mandatory
Put
8/01/32)
5.000
11/01/55
279,138
195,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024H,
(Mandatory
Put
8/01/33)
5.000
01/01/56
212,720
200,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A
5.000
06/01/30
213,818
395,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
El
Camino
Hospital,
Series
2017
3.750
02/01/32
400,236
55,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Saint
Joseph
Health,
Term
Rate
Series
2019C,
(Mandatory
Put
10/01/25)
5.000
10/01/39
55,605
95,155
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-3
3.250
08/20/36
88,037
205,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
California
Academy
of
Sciences,
San
Francisco,
Series
2024A
3.250
08/01/29
204,559
275,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2016A
5.000
07/01/31
277,484
1,040,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A
-
AGM
Insured,
(AMT)
3.250
12/31/32
970,679
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
150,000
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.,
Refunding
Series
2015A-2,
(AMT)
3.625
%
07/01/27
$
148,360
290,000
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.,
Series
2015A-
1,
(AMT)
3.375
07/01/25
288,989
205,000
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management,
Inc.
Project,
Refunding
Series
2015B-1,
(AMT)
3.000
11/01/25
203,186
150,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5.250
12/01/29
150,096
710,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A
5.000
12/01/27
735,034
30,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A
5.000
12/01/33
31,065
100,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3.000
07/01/43
78,409
200,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-1
2.650
12/01/46
153,462
870,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2
0.000
06/01/66
92,396
70,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1
5.000
06/01/51
72,816
100,000
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Canyon
Hills
Improvement
Area
A
&
C,
Series
2014C
5.000
09/01/32
100,109
1,070,000
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A
5.875
08/01/28
1,165,108
2,000,000
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Series
2009A
-
AGC
Insured
0.000
08/01/25
1,956,534
2,000,000
San
Diego
Community
College
District,
California,
General
Obligation
Bonds,
Refunding
Series
2011
0.000
08/01/37
1,278,050
215,000
Washington
Township
Health
Care
District,
California,
Revenue
Bonds,
Refunding
Series
2015A
5.000
07/01/25
215,913
TOTAL
CALIFORNIA
9,876,844
COLORADO
-
3.8%
750,000
Colorado
Bridge
Enterprise,
Revenue
Bonds,
Central
70
Project,
Senior
Series
2017,
(AMT)
4.000
06/30/30
748,203
300,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5.000
08/01/36
315,155
600,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019B-2,
(Mandatory
Put
8/01/26)
5.000
08/01/49
618,690
280,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2024A
5.000
12/01/34
315,427
300,000
(b)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Series
2016,
(Pre-refunded
9/01/26)
3.125
09/01/42
299,707
100,000
Colorado
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Class
I
Series
2021H
2.000
05/01/42
67,478
235,000
Dawson
Trails
Metropolitan
District
1,
Colorado,
In
The
Town
of
Castle
Rock,
Limited
Tax
General
Obligation
Capital
Appreciation
Turbo
Bonds,
Series
2024
0.000
12/01/31
135,095
70,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022D,
(AMT)
5.750
11/15/34
80,504
100,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2023B,
(AMT)
5.000
11/15/27
103,886
Portfolio
of
Investments
December
31,
2024
(continued)
NIM
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
100,000
(a)
Denver
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
9th
and
Colorado
Urban
Redevelopement
Area,
Series
2018A
5.250
%
12/01/39
$
100,709
355,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0.000
09/01/29
301,981
380,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0.000
09/01/33
275,528
500,000
(a)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A
6.750
12/01/34
486,627
100,000
Regional
Transportation
District,
Colorado,
Private
Activity
Bonds,
Denver
Transit
Partners
Eagle
P3
Project,
Series
2020A
5.000
01/15/31
107,445
100,000
Regional
Transportation
District,
Colorado,
Private
Activity
Bonds,
Denver
Transit
Partners
Eagle
P3
Project,
Series
2020A
4.000
07/15/40
97,398
100,000
Southlands
Metropolitan
District
1,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2017A-1
3.500
12/01/27
98,193
500,000
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022
6.250
12/01/32
497,661
TOTAL
COLORADO
4,649,687
CONNECTICUT
-
1.0%
50,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Stamford
Hospital,
Series
2021L-1
4.000
07/01/28
50,785
180,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Yale
University,
Series
2016A-2,
(Mandatory
Put
7/01/26)
2.000
07/01/42
176,411
80,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Series
2020E-3
1.850
05/15/38
57,266
450,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2022C-1
4.250
11/15/37
454,633
335,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2023B
4.200
11/15/38
335,042
100,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Sustainability
Green
Series
2024D-1
4.550
11/15/44
100,831
TOTAL
CONNECTICUT
1,174,968
DELAWARE
-
0.5%
210,000
Delaware
Economic
Development
Authority,
Exempt
Facility
Revenue
Bonds,
NRG
Energy
Project,
Refunding
Series
2020A,
(Mandatory
Put
10/01/25)
1.250
10/01/45
205,233
100,000
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A
4.450
07/01/44
99,232
100,000
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2024B
4.200
07/01/39
99,159
150,000
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C
4.450
07/01/44
148,848
TOTAL
DELAWARE
552,472
DISTRICT
OF
COLUMBIA
-
1.3%
105,000
District
of
Columbia
Student
Dormitory
Revenue
Bonds,
Provident
Group
-
Howard
Properties
LLC
Issue,
Series
2013
5.000
10/01/30
105,004
230,000
District
of
Columbia
Water
and
Sewer
Authority,
Public
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2014C
4.000
10/01/41
219,913
300,000
District
of
Columbia,
Income
Tax
Secured
Revenue
Bonds,
Refunding
Series
2023C
5.000
10/01/32
341,197
390,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Refunding
Second
Senior
Lien
Series
2022A
-
AGM
Insured
4.000
10/01/52
366,085
250,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2015B,
(AMT)
5.000
10/01/31
251,844
330,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2023A,
(AMT)
5.000
10/01/34
353,382
TOTAL
DISTRICT
OF
COLUMBIA
1,637,425
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
-
2.8%
$
125,000
Cape
Coral,
Florida,
Utility
Improvement
Assessment
Bonds,
Refunding
Various
Areas
Series
2017
-
AGM
Insured
3.000
%
09/01/28
$
123,112
100,000
(a)
Florida
Development
Finance
Corporation,
Florida,
Solid
Waste
Disposal
Revenue
Bonds,
GFL
Solid
Waste
Southeast
LLC
Project
Series
2024A,
(AMT),
(Mandatory
Put
10/01/31)
4.375
10/01/54
99,792
120,000
(a)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT),
(Mandatory
Put
7/15/28)
12.000
07/15/32
127,985
1,300,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT)
5.000
07/01/36
1,306,966
735,000
(a)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2024A,
(AMT),
(Mandatory
Put
2/14/25)
8.250
07/01/57
759,913
45,000
Florida
Housing
Finance
Corporation,
Homeowner
Mortgage
Revenue
Bonds,
Series
2018-2
3.750
07/01/33
44,543
100,000
Florida
Housing
Finance
Corporation,
Homeowner
Mortgage
Revenue
Bonds,
Series
2024-5
3.950
07/01/39
96,985
100,000
Florida
Housing
Finance
Corporation,
Homeowner
Mortgage
Revenue
Bonds,
Social
Series
2021-2
2.050
07/01/41
69,953
300,000
Fort
Lauderdale,
Florida,
Water
and
Sewer
Revenue
Bonds,
Refunding
Series
2014
4.000
09/01/34
300,226
200,000
Hillsborough
County,
Florida,
Solid
Waste
and
Resource
Recovery
Revenue
Bonds,
Refunding
Series
2016A,
(AMT)
4.000
09/01/34
200,393
15,000
JEA,
Florida,
Electric
System
Revenue
Bonds,
Subordinated
Series
Three
2020A
5.000
10/01/27
15,738
150,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2024A,
(AMT)
5.000
10/01/29
158,411
260,000
Tampa,
Florida,
Capital
Improvement
Cigarette
Tax
Allocation
Bonds,
H.
Lee
Moffitt
Cancer
Center
Project,
Series
2020A
0.000
09/01/34
175,244
TOTAL
FLORIDA
3,479,261
GEORGIA
-
2.1%
100,000
(a)
Atlanta
Development
Authority,
Georgia,
Revenue
Bonds,
Westside
Gulch
Area
Project,
Senior
Series
2024A-1
5.000
04/01/34
100,390
250,000
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Series
2020A
2.600
12/01/32
223,019
240,000
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Series
2023A
4.150
12/01/38
239,483
100,000
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Series
2024A
4.100
12/01/39
98,850
275,000
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Series
2024C
4.000
12/01/39
270,129
1,000,000
Georgia
State,
General
Obligation
Bonds,
Series
2021A
5.000
07/01/27
1,052,479
100,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2021A,
(Mandatory
Put
9/01/27)
4.000
07/01/52
100,735
100,000
(a)
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2022C,
(Mandatory
Put
11/01/27)
4.000
08/01/52
98,874
150,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2023E-1,
(Mandatory
Put
6/01/31)
5.000
12/01/53
158,594
230,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2024D,
(Mandatory
Put
4/01/31)
5.000
04/01/54
244,403
TOTAL
GEORGIA
2,586,956
HAWAII
-
0.8%
320,000
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Hawaiian
Electric
Company,
Inc.
and
Subsidiary
Projects,
Refunding
Series
2019
3.200
07/01/39
261,671
660,000
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Hawaiian
Electric
Company,
Inc.
and
Subsidiary
Projects,
Series
2017A,
(AMT)
3.100
05/01/26
638,118
20,000
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Queens
Health
Systems,
Series
2015A
5.000
07/01/29
20,162
Portfolio
of
Investments
December
31,
2024
(continued)
NIM
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HAWAII
(continued)
$
20,000
HAWAIIAN
ELECTRIC
COMPANY
INC.
and
Its
Subsidiaries,
Special
Purpose
Revenue
Bonds,
Deparment
of
Budget
and
Finance
of
the
State
of
Hawaii,
Series
2015,
(AMT)
3.250
%
01/01/25
$
20,000
TOTAL
HAWAII
939,951
IDAHO
-
0.2%
100,000
Idaho
Housing
and
Finance
Association,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A
4.450
01/01/44
99,040
170,000
(a)
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2021
3.750
09/01/51
152,699
TOTAL
IDAHO
251,739
ILLINOIS
-
7.3%
25,000
Cary,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
1,
Refunding
Series
2016
-
BAM
Insured
2.700
03/01/26
24,704
25,000
Cary,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
1,
Refunding
Series
2016
-
BAM
Insured
2.900
03/01/28
24,369
65,000
Cary,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
1,
Refunding
Series
2016
-
BAM
Insured
3.050
03/01/30
63,765
25,000
Cary,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
2,
Refunding
Series
2016
-
BAM
Insured
2.700
03/01/26
24,704
35,000
Cary,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
2,
Refunding
Series
2016
-
BAM
Insured
2.900
03/01/28
34,117
40,000
Cary,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
2,
Refunding
Series
2016
-
BAM
Insured
3.050
03/01/30
39,240
1,215,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016
6.000
04/01/46
1,251,342
750,000
(a)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2017B
6.750
12/01/30
807,095
250,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2017C
5.000
12/01/30
253,501
200,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2017D
5.000
12/01/31
202,770
100,000
Chicago,
Illinois,
General
Obligation
Bonds,
Chicago
Works
Series
2023A
5.500
01/01/39
106,158
190,000
Chicago,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2016C
5.000
01/01/25
190,000
180,000
(b)
Chicago,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2016C,
(ETM)
5.000
01/01/26
183,414
100,000
Cook
County,
Illinois,
Sales
Tax
Revenue
Bonds,
Series
2021A
4.000
11/15/41
98,801
590,000
Huntley,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
10,
Refunding
Series
2017
-
BAM
Insured
3.300
03/01/28
589,115
145,000
Illinois
Finance
Authority,
Revenue
Bonds,
Advocate
Health
Care
Network,
Refunding
Series
2008A-2
4.000
11/01/30
146,414
200,000
Illinois
Finance
Authority,
Revenue
Bonds,
Advocate
Health
Care
Network,
Series
2008A-1
4.000
11/01/30
201,954
150,000
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Series
2014A
4.000
10/01/38
149,466
260,000
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Series
2021B,
(Mandatory
Put
8/15/31)
5.000
08/15/53
282,444
220,000
(a)
Illinois
Finance
Authority,
Surface
Freight
Transfer
Facilities
Revenue
Bonds,
CenterPointJoliet
Terminal
Railroad
Project,
Series
2020,
(AMT),
(Mandatory
Put
12/31/34)
4.125
12/01/50
217,765
280,000
Illinois
Housing
Development
Authority,
Revenue
Bonds,
Green
Series
2021B
2.150
10/01/41
199,239
110,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D
5.000
11/01/28
114,755
385,000
Illinois
State,
General
Obligation
Bonds,
Refunding
October
Series
2024
5.000
02/01/29
408,753
400,000
Illinois
State,
General
Obligation
Bonds,
Refunding
September
Series
2018B
5.000
10/01/32
418,653
610,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Refunding
Senior
Lien
Series
2016A
5.000
12/01/32
619,821
605,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2014C
5.000
01/01/36
606,195
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
365,000
North
Barrington,
Lake
County,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
19,
Refunding
Series
2019
-
BAM
Insured
4.000
%
02/01/28
$
373,375
200,000
North
Barrington,
Lake
County,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
19,
Refunding
Series
2019
-
BAM
Insured
4.000
02/01/29
204,172
395,000
North
Barrington,
Lake
County,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
19,
Refunding
Series
2019
-
BAM
Insured
4.000
02/01/30
403,272
290,000
(b)
Railsplitter
Tobacco
Settlement
Authority,
Illinois,
Tobacco
Settlement
Revenue
Bonds,
Series
2017,
(ETM)
5.000
06/01/25
292,126
255,000
Springfield,
Illinois,
Electric
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015
5.000
03/01/33
255,690
160,000
Springfield,
Illinois,
Electric
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015
-
AGM
Insured
5.000
03/01/34
160,433
TOTAL
ILLINOIS
8,947,622
INDIANA
-
1.6%
170,000
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Earlham
College,
Refunding
Series
2013A
5.000
10/01/32
166,042
100,000
Indiana
Finance
Authority,
Environmental
Facilities
Revenue
Bonds,
Indianapolis
Power
&
Light
Company
Project,
Refunding
Series
2020A,
(AMT),
(Mandatory
Put
4/01/26)
0.950
12/01/38
96,352
590,000
Indiana
Finance
Authority,
Environmental
Revenue
Bonds,
Duke
Energy
Indiana,
Inc.
Project,
Refunding
Series
2009A-1,
(AMT),
(Mandatory
Put
6/01/32)
4.500
05/01/35
592,069
30,000
Indiana
Housing
and
Community
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Series
2021A
2.050
07/01/41
20,986
350,000
Indiana
Housing
and
Community
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
PAC
Series
2021B
2.125
07/01/41
248,630
155,000
Indianapolis,
Indiana,
Thermal
Energy
System
Revenue
Bonds,
Refunding
First
Lien
Series
2014A
5.000
10/01/31
155,125
250,000
Vanderburgh
County,Indiana,
Redevelopment
District
Tax
Increment
Revenue
bonds,
Refunding
Series
2014
5.000
02/01/29
250,355
400,000
Whiting,
Indiana,
Environmental
Facilities
Refunding
Revenue
Bonds,
BP
Products
North
America
Inc.
Project,
Refunidng
Series
2019A,
(AMT),
(Mandatory
Put
6/05/26)
5.000
12/01/44
405,309
TOTAL
INDIANA
1,934,868
IOWA
-
0.4%
200,000
Iowa
Finance
Authority,
Health
Facilities
Revenue
Bonds,
UnityPoint
Health
Project, Series
2014C
4.125
02/15/35
197,113
200,000
(b)
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022,
(Pre-refunded
12/01/32),
(Mandatory
Put
12/01/32)
4.000
12/01/50
213,607
100,000
Iowa
Finance
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021B
2.200
07/01/41
70,659
TOTAL
IOWA
481,379
KANSAS
-
0.2%
175,000
Manhattan,
Kansas,
General
Obligation
Bonds,
Temporary
Notes,
Series
2024-02
-
BAM
Insured
5.000
06/15/28
178,649
100,000
(a)
Wyandotte
County-Kansas
City
Unified
Government,
Kansas,
Sales
Tax
Special
Obligation
Bonds,
Village
East
Project
Areas
2B
3
and
5,
Series
2022
5.750
09/01/39
103,676
TOTAL
KANSAS
282,325
KENTUCKY
-
1.4%
30,000
Ashland,
Kentucky,
Medical
Center
Revenue
Bonds,
Ashland
Hospital
Corporation
d/b/a
King's
Daughters
Medical
Center
Project,
Refunding
Series
2019
4.000
02/01/36
28,590
225,000
Carroll
County,
Kentucky,
Environmental
Facilities
Revenue
Bonds,
Kentucky
Utilities
Company
Project,
Series
2008A,
(AMT)
2.000
02/01/32
186,104
260,000
Henderson,
Kentucky,
Facilities
Revenue
Bonds,
Pratt
Paper
LLC
Project,
Series
2022B,
(AMT)
3.700
01/01/32
255,280
550,000
Kentucky
Economic
Development
Finance
Authority,
Hospital
Revenue
Bonds,
Owensboro
Health,
Refunding
Series
2017A
5.000
06/01/31
561,645
125,000
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
131,
Series
2024A
5.000
10/01/28
133,549
Portfolio
of
Investments
December
31,
2024
(continued)
NIM
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KENTUCKY
(continued)
$
100,000
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Series
2020A,
(Mandatory
Put
6/01/26)
4.000
%
12/01/50
$
100,351
500,000
Trimble
County,
Kentucky,
Pollution
Control
Revenue
Bonds,
Louisville
Gas
and
Electric
Company
Project,
Series
2016A,
(AMT),
(Mandatory
Put
9/01/27)
1.300
09/01/44
457,618
TOTAL
KENTUCKY
1,723,137
LOUISIANA
-
2.7%
165,000
Calcasieu
Parish
Memorial
Hospital
Service
District,
Louisiana,
Revenue
Bonds,
Lake
Charles
Memorial
Hospital,
Refunding
Series
2019
5.000
12/01/39
161,425
30,000
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2021D
2.350
12/01/41
21,728
485,000
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2022A
3.850
12/01/37
477,221
100,000
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2024A
4.000
12/01/39
98,294
535,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Entergy
Lousiana,
LLC
Project,
Refunding
Series
2021B
2.500
04/01/36
440,008
920,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
Westlake
Chemical
Corporation
Projects,
Refunding
Series
2017
3.500
11/01/32
877,364
195,000
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2017
5.000
05/15/30
201,059
310,000
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2016
5.000
05/15/29
315,725
155,000
New
Orleans,
Louisiana,
General
Obligation
Bonds,
Refunding
Series
2015
5.000
12/01/25
157,257
155,000
(b)
New
Orleans,
Louisiana,
Sewerage
Service
Revenue
Bonds,
Series
2015,
(Pre-refunded
6/01/25)
5.000
06/01/32
156,168
105,000
(a)
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2010B,
(Mandatory
Put
6/01/30)
6.100
12/01/40
115,313
100,000
Saint
John
the
Baptist
Parish,
Louisiana,
Revenue
Bonds,
Marathon
Oil
Corporation
Project,
Refunding
Series
2017A-3,
(Mandatory
Put
7/01/26)
2.200
06/01/37
97,806
165,000
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Junior
Lien
Series
2019B
-
AGM
Insured
4.000
12/01/33
166,269
TOTAL
LOUISIANA
3,285,637
MAINE
-
0.2%
105,000
Maine
State
Housing
Authority,
Multifamily
Mortgage
Purchase
Bonds,
Series
2021A
2.050
11/15/41
73,057
100,000
Maine
State
Housing
Authority,
Multifamily
Mortgage
Purchase
Bonds,
Series
2022A
2.400
11/15/41
74,701
55,000
Maine
State
Housing
Authority,
Single
Family
Mortgage
Purchase
Bonds,
Series
2020D
2.550
11/15/40
42,836
140,000
Maine
State
Housing
Authority,
Single
Family
Mortgage
Purchase
Bonds,
Social
Series
2021C
2.150
11/15/41
99,459
TOTAL
MAINE
290,053
MARYLAND
-
1.0%
335,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5.000
09/01/30
338,799
245,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2019C
2.700
09/01/34
214,663
230,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2021A
1.950
09/01/41
153,407
175,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2021B
2.100
09/01/41
123,391
400,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2021C
2.450
09/01/41
300,971
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
(continued)
$
120,000
Maryland
Transportation
Authority,
Revenue
Bonds,
Transportation
Facilities
Projects,
Refunding
Series
2024A
5.000
%
07/01/37
$
136,555
TOTAL
MARYLAND
1,267,786
MASSACHUSETTS
-
1.2%
200,000
Massachusetts
Development
Finance
Agency
Revenue
Bonds,
Lawrence
General
Hospital
Issue,
Series
2014A
5.000
07/01/27
198,263
100,000
(a)
Massachusetts
Development
Finance
Agency
Revenue
Refunding
Bonds,
NewBridge
on
the
Charles,
Inc.
Issue,
Series
2017
4.000
10/01/32
96,184
80,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2018J-2
5.000
07/01/33
83,606
100,000
(a)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2020G
5.000
07/15/36
104,690
50,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Southcoast
Health
System
Obligated
Group
Issue,
Series
2021G
5.000
07/01/35
53,507
100,000
Massachusetts
Housing
Finance
Agency,
Multifamily
Housing
Bonds,
Green
Sustainability
Series
2024A1
4.550
12/01/44
100,113
150,000
Massachusetts
Housing
Finance
Agency,
Multifamily
Housing
Bonds,
Green
Sustainability
Series
2024B3
3.500
06/01/29
148,939
115,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2019-214
2.800
12/01/39
93,711
70,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2020-220
2.125
12/01/40
50,429
65,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021-221
2.200
12/01/41
45,668
65,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021-223
2.350
06/01/39
50,385
200,000
Massachusetts
State,
General
Obligation
Bonds,
Refunding
Series
2024B
5.000
11/01/37
227,864
200,000
Massachusetts
State,
General
Obligation
Bonds,
Refunding
Series
2024B
5.000
11/01/38
226,973
TOTAL
MASSACHUSETTS
1,480,332
MICHIGAN
-
2.0%
155,000
Detroit,
Michigan,
Senior
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2001B
-
NPFG
Insured
5.500
07/01/29
162,872
150,000
Michigan
Finance
Authority,
Local
Government
Loan
Program
Revenue
Bonds,
Detroit
Water
&
Sewerage
Department
Sewage
Disposal
System
Local
Project,
Second
Lien
Series
2015C
5.000
07/01/34
150,771
530,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2022B-MI,
(Mandatory
Put
12/01/28)
5.000
12/01/43
558,200
50,000
Michigan
Housing
Development
Authority,
Rental
Housing
Revenue
Bonds,
Series
2018A
3.800
10/01/38
47,782
270,000
Michigan
Housing
Development
Authority,
Rental
Housing
Revenue
Bonds,
Series
2021A
2.250
10/01/41
192,974
320,000
Michigan
Housing
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019B
2.700
12/01/34
279,178
360,000
Michigan
Housing
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020C
2.600
12/01/40
282,812
125,000
Michigan
Housing
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021A
2.150
12/01/41
88,751
25,000
Michigan
Strategic
Fund,
Limited
Obligation
Revenue
Bonds,
Graphic
Packaging
International,
LLC
Coated
Recycled
Board
Machine
Project,
Green
Series
2021,
(AMT),
(Mandatory
Put
10/01/26)
4.000
10/01/61
24,940
705,000
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Refunding
Series
2015F,
(AMT)
5.000
12/01/33
710,115
TOTAL
MICHIGAN
2,498,395
Portfolio
of
Investments
December
31,
2024
(continued)
NIM
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
-
0.8%
$
62,166
Minnesota
Housing
Finance
Agency,
Homeownership
Finance
Bonds,
Mortgage-Backed
Securities
Program,
Series
2017E
2.850
%
06/01/47
$
50,952
155,000
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2013C
3.900
07/01/43
144,699
105,000
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020E
2.500
07/01/40
81,358
70,000
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020I
2.000
07/01/40
49,194
100,000
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2021D
2.200
07/01/41
70,659
115,000
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2021H
2.350
07/01/41
83,717
325,000
Minnesota
Municipal
Gas
Agency,
Commodity
Supply
Revenue
Bonds,
Series
2022A,
(Mandatory
Put
12/01/27)
4.000
12/01/52
327,341
175,000
White
Bear
Lake
Independent
School
District
624,
Ramsey
County,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2021A
2.000
02/01/28
164,403
TOTAL
MINNESOTA
972,323
MISSISSIPPI
-
0.5%
130,000
Mississippi
Business
Finance
Corporation,
Pollution
Control
Revenue,
Mississippi
Power,
Series
2002
3.200
09/01/28
128,791
100,000
Mississippi
Business
Finance
Corporation,
Revenue
Bonds,
System
Energy
Resources,
Inc.
Project,
Refunding
Series
2021
2.375
06/01/44
63,210
30,000
Mississippi
Home
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2021A
2.000
12/01/40
20,947
440,000
Mississippi
Home
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C
4.650
12/01/44
442,065
TOTAL
MISSISSIPPI
655,013
MISSOURI
-
0.5%
100,000
Branson
Industrial
Development
Authority,
Missouri,
Tax
Increment
Revenue
Bonds,
Branson
Shoppes
Redevelopment
Project,
Refunding
Series
2017A
4.000
11/01/26
99,207
60,000
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Homeownership
Loan
Program,
Series
2021B
2.000
11/01/41
41,331
490,000
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Homeownership
Loan
Program,
Series
2023B
4.100
11/01/38
486,258
TOTAL
MISSOURI
626,796
MONTANA
-
0.3%
325,000
Forsyth,
Montana
Pollution
Control
Revenue
Bonds,
Portland
General
Electric
Company
Project,
Refunding
Series
1998A
2.125
05/01/33
271,891
25,000
Montana
Board
of
Housing,
Single
Family
Mortgage
Bonds,
Series
2021B
2.000
12/01/41
17,201
100,000
Montana
Board
of
Housing,
Single
Family
Mortgage
Bonds,
Series
2024A
4.450
12/01/44
99,301
10,000
Montana
Board
of
Housing,
Single
Family
Mortgage
Bonds,
Series
2024B
3.900
12/01/39
9,553
15,000
Montana
Board
of
Housing,
Single
Family
Mortgage
Bonds,
Series
2024B
4.300
12/01/44
14,693
TOTAL
MONTANA
412,639
NATIONAL
-
0.5%
690,065
Federal
Home
Loan
Mortgage
Corporation,
Notes
4.140
01/25/40
662,682
TOTAL
NATIONAL
662,682
NEBRASKA
-
0.9%
190,000
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
4
Revenue
Bonds,
Refunding
Series
2023A-1,
(Mandatory
Put
11/01/29)
5.000
05/01/54
199,854
75,000
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Series
2019D
2.600
09/01/34
64,923
515,000
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Series
2020A
2.300
09/01/32
447,354
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEBRASKA
(continued)
$
230,000
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Series
2021C
2.300
%
09/01/41
$
165,436
100,000
Sarpy
County
School
District
037
Gretna
Public
Schools,
Nebraska,
General
Obligation
Bonds,
Series
2022B
5.000
12/15/27
101,622
100,000
Sarpy
County,
Nebraska,
Limited
Tax
Highway
Allocation
Fund
Pledge
Bonds,
Series
2021
2.000
06/01/27
95,512
140,000
Saunders
County
School
District
1,
Ashland-Greenwood,
Nebraska,
General
Obligation
Bonds,
Series
2021
2.000
12/15/50
77,621
TOTAL
NEBRASKA
1,152,322
NEVADA
-
0.1%
65,000
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Revenue
Bonds,
Refunding
Series
2017B
4.000
07/01/34
65,486
100,000
Nevada
Housing
Division,
Single
Family
Housing
Mortgage
Revenue
Bonds,
Refunding
Series
2021A
2.200
10/01/41
70,416
35,000
(a)
Sparks,
Nevada,
Sales
Tax
Revenue
Bonds,
Tourism
Improvement
District
1
Legends
at
Sparks
Marina,
Refunding
Senior
Series
2019A
2.750
06/15/28
34,113
TOTAL
NEVADA
170,015
NEW
HAMPSHIRE
-
1.5%
240,254
National
Finance
Authority,
New
Hampshire,
Municipal
Certificates
Series
2020-1
Class
A
4.125
01/20/34
238,646
391,866
National
Finance
Authority,
New
Hampshire,
Municipal
Certificates
Series
2022-1
Class
A
4.375
09/20/36
389,436
145,572
National
Finance
Authority,
New
Hampshire,
Municipal
Certificates
Series
2022-2
Class
A
4.000
10/20/36
140,436
208,287
National
Finance
Authority,
New
Hampshire,
Municipal
Certificates
Social
Series
2024-1
Class
A
4.250
07/20/41
202,473
149,474
National
Finance
Authority,
New
Hampshire,
Municipal
Certificates
Social
Series
2024-2
Class
A
3.625
08/20/39
139,460
200,000
National
Finance
Authority,
New
Hampshire,
Municipal
Certificates
Social
Series
2024-4
Class
A
4.180
11/20/39
196,184
295,000
National
Finance
Authority,
New
Hampshire,
Pollution
Control
Revenue
Bonds,
New
York
State
Electric
&
Gas
Corporation
Project,
Refunding
Series
2022A,
(AMT)
4.000
12/01/28
294,291
125,000
(b)
New
Hampshire
Business
Finance
Authority,
Water
Facility
Revenue
Bonds,
Pennichuck
Water
Works
Inc.
Project
,
Series
2015A.,
(Pre-refunded
1/01/26),
(AMT)
4.250
01/01/36
125,844
100,000
New
Hampshire
Housing
Finance
Authority,
Single
Family
Mortgage
Acquisition
Bonds,
Social
Series
2024A
4.500
07/01/44
99,283
TOTAL
NEW
HAMPSHIRE
1,826,053
NEW
JERSEY
-
3.7%
220,000
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013,
(AMT)
5.000
01/01/28
220,160
1,000,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Refunding
Series
2015XX
5.000
06/15/27
1,006,244
170,000
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
1999,
(AMT)
5.250
09/15/29
170,173
250,000
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
New
Jersey-American
Water
Company
Inc.
Project,
Refunding
Series
2019A,
(AMT),
(Mandatory
Put
12/03/29)
2.200
10/01/39
219,907
50,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2017-1A,
(AMT)
3.750
12/01/31
49,847
465,000
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A
4.000
06/01/30
487,163
140,000
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A
4.000
06/01/31
147,453
30,000
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A
4.000
06/01/32
31,702
1,280,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0.000
12/15/33
916,960
Portfolio
of
Investments
December
31,
2024
(continued)
NIM
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
JERSEY
(continued)
$
170,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019AA
3.750
%
06/15/33
$
167,764
210,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5.000
06/01/28
220,036
685,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5.000
06/01/29
717,223
235,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5.000
06/01/36
243,211
TOTAL
NEW
JERSEY
4,597,843
NEW
MEXICO
-
0.3%
90,000
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2019D
2.800
07/01/34
80,022
100,000
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2021C
2.100
07/01/41
70,676
100,000
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2024C
4.100
09/01/39
98,797
100,000
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2024G
4.375
09/01/44
98,685
TOTAL
NEW
MEXICO
348,180
NEW
YORK
-
4.5%
115,000
(a)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020B-1
5.000
06/01/40
109,645
200,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5.000
12/01/28
200,323
750,000
Genesee
County
Funding
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2022A
5.000
12/01/36
795,565
60,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Saint
Anns
Community
Project,
Series
2019
5.000
01/01/40
56,495
20,000
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Queens
Baseball
Stadium
Project,
Refunding
Series
2021A
-
AGM
Insured
4.000
01/01/32
20,462
135,000
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Queens
Baseball
Stadium
Project,
Refunding
Series
2021A
-
AGM
Insured
3.000
01/01/33
129,322
125,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Series
2024B
5.000
05/01/38
139,912
275,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Series
2024D-1
5.000
11/01/27
290,554
350,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
A-1
5.000
08/01/29
380,568
100,000
New
York
State
Housing
Finance
Agency,
Affordable
Housing
Revenue
Bonds,
Climate
Bond
Certified/Green
Bond
Series
2018I
3.625
11/01/33
99,157
255,000
New
York
State
Housing
Finance
Agency,
Affordable
Housing
Revenue
Bonds,
Climate
Bond
Certified/Sustainability
Series
2019P
2.600
11/01/34
217,640
220,000
New
York
State
Housing
Finance
Agency,
Affordable
Housing
Revenue
Bonds,
Refunding
Series
2019C
3.500
11/01/34
215,364
330,000
New
York
State
Housing
Finance
Agency,
Affordable
Housing
Revenue
Bonds,
Sustainability
Series
2023C-2,
(Mandatory
Put
5/01/29)
3.800
11/01/62
330,746
120,000
New
York
State
Mortgage
Agency,
Homeowner
Mortgage
Revenue
Bonds,
Series
223
2.650
10/01/34
103,781
100,000
New
York
State
Mortgage
Agency,
Homeowner
Mortgage
Revenue
Bonds,
Series
225
2.300
10/01/40
74,567
75,000
New
York
State
Mortgage
Agency,
Homeowner
Mortgage
Revenue
Bonds,
Series
233
2.200
04/01/36
60,013
245,000
New
York
State
Mortgage
Agency,
Homeowner
Mortgage
Revenue
Bonds,
Social
Series
239
2.450
10/01/41
184,177
245,000
New
York
State
Mortgage
Agency,
Homeowner
Mortgage
Revenue
Bonds,
Social
Series
242
2.950
10/01/37
206,123
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
100,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
4.000
%
07/01/32
$
98,477
230,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
4.000
07/01/33
225,349
160,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5.000
07/01/34
160,181
620,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5.000
07/01/41
620,014
70,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A
-
AGM
Insured,
(AMT)
4.000
07/01/46
63,869
80,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
(AMT)
5.000
08/01/26
80,135
500,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
(AMT)
5.000
12/01/29
525,447
100,000
Suffolk
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Senior
Series
2021A-2
5.000
06/01/33
106,687
TOTAL
NEW
YORK
5,494,573
NORTH
CAROLINA
-
2.4%
100,000
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
1998
Trust
Agreement
Series
54-A
4.550
07/01/44
99,925
400,000
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
1998
Trust
Agreement
Series
55A
4.000
07/01/39
393,070
100,000
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
1998
Trust
Agreement
Social
Series
53-A
4.000
07/01/39
98,075
85,000
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
1998
Trust
Agreement,
Series
2020-43
2.800
01/01/40
68,132
720,000
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
Social
Series
2023-50
3.950
07/01/38
706,988
1,365,000
North
Carolina
Municipal
Power
Agency
1,
Catawba
Electric
Revenue
Bonds,
Series
2015C
5.000
01/01/29
1,385,729
250,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Capital
Appreciation
Series
2017C
0.000
07/01/27
225,688
TOTAL
NORTH
CAROLINA
2,977,607
NORTH
DAKOTA
-
1.2%
120,000
Cass
County
Joint
Water
Reserve
District,
North
Dakota,
Temporary
Improvement Special
Assessment
Bonds,
Refunding
Series
2024A
3.450
04/01/27
119,070
270,000
Horace,
Cass
County,
North
Dakota,
General
Obligation
Bonds,
Refunding
Improvement
Series
2021
3.000
05/01/46
181,614
55,000
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Series
2019C
3.200
07/01/39
47,713
55,000
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Series
2020A
2.700
07/01/35
47,408
95,000
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Series
2020B
2.350
07/01/40
71,727
100,000
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Series
2021A
2.250
07/01/41
71,372
675,000
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Social
Series
2022F
3.950
07/01/37
668,013
200,000
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C
5.000
06/01/28
204,731
100,000
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C
5.000
06/01/43
100,484
TOTAL
NORTH
DAKOTA
1,512,132
Portfolio
of
Investments
December
31,
2024
(continued)
NIM
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
-
5.4%
$
155,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
5.000
%
06/01/27
$
159,618
75,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
5.000
06/01/29
78,928
130,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
5.000
06/01/31
137,368
100,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
5.000
06/01/32
105,397
250,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
5.000
06/01/34
262,639
120,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
5.000
06/01/35
125,808
100,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
4.000
06/01/48
87,226
290,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2
5.000
06/01/55
257,390
480,000
Fairfield
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Fairfield
Medical
Center
Project,
Series
2013
5.000
06/15/43
425,233
20,000
Montgomery
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Kettering
Health
Network
Obligated
Group
Project,
Refunding
&
Improvement
Series
2021
3.000
08/01/40
16,490
150,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
American
Electric
Power
Company
Project,
Refunding
Series
2005A,
(AMT)
3.750
01/01/29
148,367
225,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
American
Electric
Power
Company
Project,
Refunding
Series
2007A,
(AMT),
(Mandatory
Put
10/01/29)
2.500
08/01/40
208,136
350,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
American
Electric
Power
Company
Project,
Refunding
Series
2007B,
(AMT),
(Mandatory
Put
10/01/29)
2.500
11/01/42
323,767
100,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
American
Electric
Power
Company
Project,
Refunding
Series
2014B,
(AMT),
(Mandatory
Put
10/01/29)
2.600
06/01/41
92,930
400,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
Dayton
Power
&
Light
Company
Project,
Refunding
Collateralized
Series
2015A,
(AMT),
(Mandatory
Put
6/01/27)
4.250
11/01/40
403,912
210,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
Dueke
Energy
Corporation
Project,
Refunding
Series
2022A,
(AMT),
(Mandatory
Put
6/01/27)
4.250
11/01/39
211,861
45,000
(a)
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
Pratt
Paper
Ohio,
LLC
Project,
Series
2017,
(AMT)
3.750
01/15/28
44,846
50,000
Ohio
Higher
Educational
Facility
Commission,
Senior
Hospital
Parking
Revenue
Bonds,
University
Circle
Incorporated
2020
Project,
Series
2020
5.000
01/15/36
52,213
100,000
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Series
2019B
3.000
09/01/39
83,513
100,000
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Series
2020A
2.750
09/01/40
80,740
25,000
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Series
2020B
2.250
09/01/40
18,400
100,000
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Social
Series
2024A
4.350
09/01/44
99,884
2,520,000
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission
Infrastructure
Projects,
Junior
Lien,
Capital
Appreciation
Series
2013A-3
5.700
02/15/34
2,876,607
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
80,000
Toledo-Lucas
County
Port
Authority,
Ohio,
Development
Revenue
Bonds,
Northwest
Ohio
Bond
Fund,
HB
Magruder
Memorial
Hospital
Project,
Series
2021F
2.250
%
11/15/36
$
62,361
70,000
Tuscarawas
County
Economic
Development
and
Finance
Alliance,
Ohio,
Higher
Education
Facilities
Revenue
Bonds,
Ashland
University,
Refunding
&
Improvement
Series
2015
5.375
03/01/27
69,996
200,000
Washington
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Memorial
Health
System
Obligated
Group,
Series
2022
6.375
12/01/37
217,497
TOTAL
OHIO
6,651,127
OKLAHOMA
-
2.5%
75,000
Bryan
County
School
Finance
Authority,
Oklahoma,
Educational
Facilities
Lease
Revenue
Bonds,
Durant
Public
Schools
Project,
Refunding
Series
2020
4.000
12/01/28
76,977
115,000
Bryan
County
School
Finance
Authority,
Oklahoma,
Educational
Facilities
Lease
Revenue
Bonds,
Durant
Public
Schools
Project,
Series
2020
2.750
09/01/31
106,381
800,000
Caddo
County
Governmental
Building
Authority,
Oklahoma,
Sales
Tax
Revenue
Bonds,
Refunding
Series
2018
3.625
09/01/33
756,517
330,000
Canadian
County
Educational
Facilities
Authority,
Oklahoma,
Lease
Revenue
Bonds,
Piedmont
Public
Schools
Project,
Series
2024
4.000
08/15/34
336,213
100,000
Cleveland
County
Public
Facilities
Authority,
Oklahoma,
Educational
Facilities
Lease
Revenue
Bonds,
Moore
Norman
Technology
Center
Project,
Series
2021
4.000
05/01/35
102,755
250,000
Comanche
County
Educational
Facilities
Authority,
Oklahoma,
Educational
Facilities
Lease
Revenue
Bonds,
Elgin
Public
Schools
Project,
Series
2017A
5.000
12/01/31
264,300
225,000
Oklahoma
County
Independent
School
District
89
Oklahoma
City,
Oklahoma,
General
Obligation
Bonds,
Combined
Purpose
Series
2024A
1.250
07/01/26
218,998
230,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5.000
08/15/28
237,897
105,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5.500
08/15/52
106,831
95,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5.500
08/15/57
96,545
100,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Taxable
Series
2022
5.500
08/15/37
104,200
45,000
Oklahoma
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Homeownership
Loan
Program,
Series
2020A
2.650
09/01/35
38,425
495,000
Oklahoma
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Homeownership
Loan
Program,
Series
2022A
3.800
09/01/37
485,081
160,000
Weatherford
Industrial
Trust
Educational,
Oklahoma,
Facilities
Lease
Revenue
Bonds,
Weatherford
Public
Schools
Project,
Series
2019
5.000
03/01/31
168,656
TOTAL
OKLAHOMA
3,099,776
OREGON
-
1.2%
1,325,000
Beaverton
School
District
48J,
Washington
and
Multnomah
Counties,
Oregon,
General
Obligation
Bonds,
Deferred
Interest
Series
2017B
0.000
06/15/31
1,030,086
340,000
Oregon
Health
and
Science
University,
Revenue
Bonds,
Green
Series
2021B-2,
(Mandatory
Put
2/01/32)
5.000
07/01/46
370,272
95,000
Oregon
Housing
and
Community
Services
Department,
Single
Family
Mortgage
Program
Revenue
Bonds,
Series
2021A
2.250
07/01/41
67,804
TOTAL
OREGON
1,468,162
PENNSYLVANIA
-
4.2%
130,000
(a)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Project,
Series
2018
5.000
05/01/28
133,008
38,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-2
6.000
06/30/34
40,682
502,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-3
5.000
06/30/39
484,504
Portfolio
of
Investments
December
31,
2024
(continued)
NIM
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
250,000
(c)
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024B-1
0.000
%
06/30/44
$
176,182
79,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Taxable
Series
2024A-1
8.000
06/30/34
80,231
240,000
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018
-
AGM
Insured
4.000
06/01/39
239,203
375,000
Lehigh
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
Pennsylvania
Power
and
Light
Company,
Series
2016A
3.000
09/01/29
373,076
225,000
Luzerne
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Pennsylvania-American
Water
Company
Project,
Refunding
Series
2019,
(AMT),
(Mandatory
Put
12/03/29)
2.450
12/01/39
202,159
230,000
Pennsylvania
Economic
Development
Financing
Authority,
Private
Activity
Revenue
Bonds,
Pennsylvania
Rapid
Bridge
Replacement
Project,
Series
2015,
(AMT)
5.000
12/31/25
231,991
155,000
Pennsylvania
Economic
Development
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.,
Project,
Series
2013,
(AMT),
(Mandatory
Put
2/03/25)
4.250
08/01/45
155,022
250,000
Pennsylvania
Economic
Development
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.,
Project,
Series
2017A,
(AMT),
(Mandatory
Put
8/01/25)
4.250
08/01/37
249,992
150,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LaSalle
University,
Series
2012
5.000
05/01/42
117,625
245,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-125A,
(AMT)
3.400
10/01/32
229,979
25,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-128A,
(AMT)
3.650
10/01/32
23,795
170,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-129
2.950
10/01/34
152,408
150,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-132A
2.300
10/01/35
122,271
200,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-133
2.350
10/01/40
150,546
200,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2022-1394A
4.000
10/01/37
195,616
440,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Refunding
Subordinate
Second
Series
2016B-2
5.000
06/01/29
450,143
860,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Refunding
Subordinate
Second
Series
2016B-2
5.000
06/01/35
876,162
400,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Refunding
Subordinate
Third
Series
2017
5.000
12/01/32
419,681
20,000
Scranton-Lackawanna
Health
and
Welfare
Authority,
Pennsylvania,
University
Revenue
Bonds,
Marywood
University,
Series
2016
3.375
06/01/26
19,374
TOTAL
PENNSYLVANIA
5,123,650
PUERTO
RICO
-
2.7%
250,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5.000
07/01/30
260,422
260,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5.000
07/01/35
268,086
557,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0.000
07/01/27
504,494
165,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0.000
07/01/29
138,623
597,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0.000
07/01/31
459,746
351,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0.000
07/01/33
247,763
207,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4.500
07/01/34
207,394
100,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5.000
07/01/58
99,819
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO
RICO
(continued)
$
71,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4.329
%
07/01/40
$
70,121
135,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4.329
07/01/40
133,626
79,896
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5.375
07/01/25
80,370
175,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5.625
07/01/27
181,423
115,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5.625
07/01/29
122,569
119,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5.750
07/01/31
130,231
199,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
0.000
07/01/33
134,876
177,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4.000
07/01/33
174,474
50,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4.000
07/01/35
48,794
TOTAL
PUERTO
RICO
3,262,831
RHODE
ISLAND
-
0.4%
100,000
Rhode
Island
Health
and
Educational
Building
Corporation,
Hospital
Financing
Revenue
Bonds,
Care
New
England
Issue,
Refunding
Series
2016B
5.000
09/01/36
99,719
180,000
Rhode
Island
Housing
&
Mortgage
Finance
Corporation,
Homeownership
Opportunity
Bond
Program,
2021
Series
75A
2.250
10/01/41
128,041
205,000
Rhode
Island
Housing
&
Mortgage
Finance
Corporation,
Homeownership
Opportunity
Bond
Program,
2022
Series
76A
2.350
10/01/36
162,086
50,000
Rhode
Island
Housing
and
Mortgage
Finance
Corporation,
Homeownership
Opportunity
Bond
Program,
Series
2020-72A
2.550
10/01/40
39,019
80,000
Rhode
Island
Tobacco
Settlement
Financing
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2015B
4.500
06/01/45
80,063
TOTAL
RHODE
ISLAND
508,928
SOUTH
CAROLINA
-
0.9%
170,000
South
Carolina
Housing
Finance
and
Development
Authority,
Mortgage
Revenue
Bonds,
Series
2021A
2.050
07/01/41
118,920
965,000
South
Carolina
Housing
Finance
and
Development
Authority,
Mortgage
Revenue
Bonds,
Series
2023A
4.750
07/01/43
974,909
TOTAL
SOUTH
CAROLINA
1,093,829
SOUTH
DAKOTA
-
0.7%
75,000
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Series
2021A
2.100
11/01/41
52,761
110,000
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Series
2021B
2.050
11/01/41
76,578
110,000
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Series
2022B
2.300
11/01/37
87,512
225,000
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Series
2024C
4.000
11/01/37
215,475
400,000
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Series
2024C
4.500
11/01/44
397,080
TOTAL
SOUTH
DAKOTA
829,406
TENNESSEE
-
0.8%
125,000
Tennergy
Corporation,
Tennessee,
Gas
Revenue
Bonds,
Series
2021A,
(Mandatory
Put
9/01/28)
4.000
12/01/51
125,217
165,000
Tennergy
Corporation,
Tennessee,
Gas
Revenue
Bonds,
Series
2022A,
(Mandatory
Put
12/01/30)
5.500
10/01/53
176,275
65,000
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Series
2021-3
2.300
07/01/41
46,855
100,000
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Series
2022-2
4.050
07/01/37
98,539
375,000
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Social
Series
2023-3A
5.200
07/01/43
390,299
Portfolio
of
Investments
December
31,
2024
(continued)
NIM
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TENNESSEE
(continued)
$
30,000
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Social
Series
2024-1A
4.500
%
07/01/44
$
29,785
100,000
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Tender
Option
Bond
Trust
Series
2023-XL0448
4.150
07/01/38
100,025
TOTAL
TENNESSEE
966,995
TEXAS
-
7.0%
40,000
Austin
Convention
Enterprises
Inc.,
Texas,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
First
Tier
Series
2017A
5.000
01/01/28
40,356
55,000
Austin
Convention
Enterprises
Inc.,
Texas,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
First
Tier
Series
2017A
5.000
01/01/30
55,432
1,000,000
(b)
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien,
Series
2015A,
(Pre-refunded
7/01/25)
5.000
01/01/31
1,009,166
25,000
City
of
Houston,
Texas,
Convention
&
Entertainment
Facilities
Department
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Refunding
Series
2019
5.000
09/01/34
26,433
200,000
Cypress-Fairbanks
Independent
School
District,
Harris
County,
Texas,
General
Obligation
Bonds,
Refunding
Series
2015
4.000
02/15/35
199,709
1,000,000
Dallas,
Texas,
General
Obligation
Bonds,
Refunding
and
Improvement
Series
2024B
5.000
02/15/27
1,041,233
50,000
Fort
Bend
County
Industrial
Development
Corporation,
Texas,
Revenue
Bonds,
NRG
Energy
Inc.
Project,
Series
2012B
4.750
11/01/42
50,000
200,000
Grand
Prairie
Independent
School
District,
Dallas
County,
Texas,
General
Obligation
Bonds,
Refunding
Series
2015
4.000
02/15/31
200,088
110,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Memorial
Hermann
Health
System,
Series
2022B,
(Mandatory
Put
12/01/28)
5.000
06/01/50
116,355
705,000
Hidalgo
County
Regional
Mobility
Authority,
Texas,
Toll
and
Vehicle
Registration
Fee
Revenue
Bonds,
Senior
Lien
Series
2022A
0.000
12/01/42
287,016
465,000
Houston,
Texas,
Airport
System
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2023A
-
AGM
Insured,
(AMT)
5.000
07/01/32
502,704
50,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
E
Project,
Refunding
Series
2014,
(AMT)
5.000
07/01/29
50,038
150,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
Improvements
Project,
Series
2024B,
(AMT)
5.250
07/15/33
157,140
500,000
Houston,
Texas,
Combined
Utility
System
Revenue
Bonds,
Refunding
First
Lien
Series
2014D
5.000
11/15/39
500,435
200,000
Klein
Independent
School
District,
Harris
County,
Texas,
General
Obligation
Bonds,
Refunding
Schoolhouse
Series
2015A
4.000
08/01/32
200,444
430,000
Love
Field
Airport
Modernization
Corporation,
Texas,
General
Airport
Revenue
Bonds
Series
2015,
(AMT)
5.000
11/01/28
434,070
25,000
McCamey
County
Hospital
District,
Texas,
General
Obligation
Bonds,
Series
2013
5.000
12/01/25
24,971
100,000
McCamey
County
Hospital
District,
Texas,
General
Obligation
Bonds,
Series
2013
5.250
12/01/28
100,184
100,000
(a)
Mission
Economic
Development
Corporation,
Texas,
Revenue
Bonds,
Natgasoline
Project,
Senior
Lien
Series
2018,
(AMT)
4.625
10/01/31
99,678
245,000
(b)
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C,
(Pre-
refunded
9/01/31)
7.000
09/01/43
294,959
500,000
(b)
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C,
(Pre-
refunded
9/01/31)
6.750
09/01/45
604,496
110,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier
Series
2023A
5.000
01/01/27
114,150
100,000
(a)
Port
Beaumont
Navigation
District,
Jefferson
County,
Texas,
Dock
and
Wharf
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2021A,
(AMT)
2.750
01/01/36
83,633
300,000
(a)
Port
Beaumont
Navigation
District,
Jefferson
County,
Texas,
Dock
and
Wharf
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2021A,
(AMT)
2.875
01/01/41
235,448
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
100,000
(a)
Port
Beaumont
Navigation
District,
Jefferson
County,
Texas,
Dock
and
Wharf
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2021A,
(AMT)
3.000
%
01/01/50
$
69,744
100,000
Round
Rock,
Texas,
Combined
Tax
and
Revenue
Certificates
of
Obligation,
Series
2021C
2.000
08/15/46
61,046
100,000
Texas
Department
of
Housing
and
Community
Affairs,
Single
Family
Mortgage
Revenue
Bonds,
Series
2021A
2.050
09/01/41
69,783
330,000
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
IV,
Gas
Supply
Revenue
Bonds,
Series
2023A,
(Mandatory
Put
1/01/30)
5.500
01/01/54
351,431
150,000
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
IV,
Gas
Supply
Revenue
Bonds,
Series
2023B,
(Mandatory
Put
1/01/34)
5.500
01/01/54
165,266
515,000
Texas
Private
Activity
Bond
Surface
Transporation
Corporation,
Revenue
Bonds,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Managed
Lanes
Project,
Refunding
Senior
Lien
Series
2019A
4.000
12/31/38
504,932
150,000
Texas
Private
Activity
Bond
Surface
Transportation
Corporation,
Senior
Lien
Revenue
Bonds,
LBJ
Infrastructure
Group
LLC
IH-635
Managed
Lanes
Project,
Refunding Series
2020A
4.000
06/30/35
149,457
500,000
Texas
State,
General
Obligation
Bonds,
College
Student
Loan
Series
2023A,
(AMT)
5.000
08/01/36
535,715
210,000
Texas
Transportation
Commission,
General
Obligation
Bonds,
Highway
Improvement
Refunding
Series
2024
5.000
04/01/28
223,536
TOTAL
TEXAS
8,559,048
UTAH
-
0.4%
250,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2023A,
(AMT)
5.250
07/01/36
274,711
160,000
Utah
Housing
Corporation,
Single
Family
Mortgage
Bonds,
Series
2024E
4.600
07/01/44
160,608
TOTAL
UTAH
435,319
VIRGINIA
-
1.2%
100,000
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023E-3
4.000
10/01/39
98,223
100,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2024H
3.625
06/01/29
99,351
250,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5.000
07/01/36
260,115
150,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5.000
01/01/38
155,409
115,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5.000
12/31/38
121,227
445,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5.000
12/31/39
467,418
150,000
Wise
County
Industrial
Development
Authority,
Virginia,
Solid
Waste
and
Sewage
Disposal
Revenue
Bonds,
Virginia
Electric
and
Power
Company,
Series
2009A,
(Mandatory
Put
9/02/25)
0.750
10/01/40
145,623
100,000
Wise
County
Industrial
Development
Authority,
Virginia,
Solid
Waste
and
Sewage
Disposal
Revenue
Bonds,
Virginia
Electric
and
Power
Company,
Series
2010A,
(Mandatory
Put
5/28/27)
3.800
11/01/40
101,189
TOTAL
VIRGINIA
1,448,555
WASHINGTON
-
2.5%
150,000
Port
of
Seattle,
Washington,
Revenue
Bonds,
Intermediate
Lien
Series
2017C,
(AMT)
5.000
05/01/31
153,929
400,000
Port
of
Seattle,
Washington,
Revenue
Bonds,
Intermediate
Lien
Series
2018A,
(AMT)
5.000
05/01/31
410,207
100,000
Washington
State
Housing
Finance
Commission,
Single
Family
Program
Bonds,
Series
2021-1N
2.200
06/01/41
70,739
326,191
Washington
State
Housing
Finance
Commission,
Social
Municipal
Certificates
Multifamily
Revenue
Bonds,
Series
2021-1
Class
A
3.500
12/20/35
301,499
Portfolio
of
Investments
December
31,
2024
(continued)
NIM
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WASHINGTON
(continued)
$
129,823
Washington
State
Housing
Finance
Commission,
Social
Municipal
Certificates
Multifamily
Revenue
Bonds,
Series
2024A-1
4.085
%
03/20/40
$
124,187
600,000
Washington
State,
General
Obligation
Bonds,
Motor
Vehicle
Fuel
Tax
&
Vehicle
Related
Fees,
Refunding
Series
R-2024C
5.000
08/01/27
631,593
260,000
Washington
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
R-2018D
5.000
08/01/27
273,690
500,000
Washington
State,
General
Obligation
Bonds,
Various
Purpose
Group
1
Series
2024C
5.000
02/01/26
511,195
595,000
Whidbey
Island
Public
Hospital
District,
Island
County,
Washington,
General
Obligation
Bonds,
Whidbey
General
Hospital,
Series
2013
5.500
12/01/33
557,476
TOTAL
WASHINGTON
3,034,515
WEST
VIRGINIA
-
0.6%
100,000
(a)
Monongalia
County
Commission,
West
Virginia,
Special
District
Excise
Tax
Revenue
Bonds,
University
Town
Centre
Economic
Opportunity
Development
District,
Refunding
&
Improvement
Series
2017A
4.500
06/01/27
100,455
190,000
West
Virginia
Economic
Development
Authority,
Solid
Waste
Disposal
Facilities
Revenue
Bonds,
Appalachian
Power
Company
-
Amos
Project,
Series
2010,
(Mandatory
Put
12/15/25)
0.625
12/01/38
182,324
80,000
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Charleston
Area
Medical
Center,
Series
2014A
5.000
09/01/25
80,065
265,000
West
Virginia
Hospital
Finance
Authority,
Revenue
Bonds,
West
Virginia
University
Health
System
Obligated
Group,
Improvement
Series
2017A
3.375
06/01/29
260,655
145,000
West
Virginia
Housing
Development
Fund,
Housing
Finance
Revenue
Bonds,
Social
Series
2024A
4.400
11/01/44
142,222
TOTAL
WEST
VIRGINIA
765,721
WISCONSIN
-
4.3%
500,000
Milwaukee,
Wisconsin,
General
Obligation
Bonds,
Promissory
Notes
Series
2024-N1
-
AGM
Insured
5.000
04/01/30
543,474
600,000
(a)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
6.500
12/01/37
611,657
345,000
Public
Finance
Authority
of
Wisconsin,
Pollution
Control
Revenue
Bonds,
Duke
Energy
Progress
Project,
Refunding
Series
2022A-2,
(Mandatory
Put
10/01/30)
3.700
10/01/46
343,190
350,000
Public
Finance
Authority
of
Wisconsin,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.,
Refunding
Series
2016A-2
2.875
05/01/27
341,309
65,000
Public
Finance
Authority,
Wisconsin,
Exempt
Facilities
Revenue
Bonds,
Celanese
Project,
Refunding
Series
2016C
4.050
11/01/30
64,266
175,000
Public
Finance
Authority,
Wisconsin,
Exempt
Facilities
Revenue
Bonds,
Celanese
Project,
Refunding
Series
2016C
4.300
11/01/30
175,058
100,000
Sheboygan
Area
School
District,
Manitowoc
and
Sheboygan
Counties,
Wisconsin,
General
Obligation
Bonds,
Promissory
Notes
Series
2024
3.000
03/01/40
88,814
40,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
PHW
Muskego,
Inc.
Project,
Series
2021
4.000
10/01/41
33,797
80,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Gundersen
Health
System,
Refunding
Series
2021A
4.000
10/15/34
80,871
200,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic
Health
System,
Inc.,
Series
2020B-2,
(Mandatory
Put
2/15/27)
5.000
02/15/51
203,735
1,555,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
ThedaCare
Inc,
Series
2015
5.000
12/15/26
1,556,222
585,000
Wisconsin
Housing
and
Ecconomic
Development
Authority,
Home
Ownership
Revenue
Bonds,
Series
2020A
2.700
09/01/35
502,810
285,000
Wisconsin
Housing
and
Economic
Development
Authority,
Home
Ownership
Revenue
Bonds,
Social
Series
2024C
4.125
09/01/39
282,346
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
100,000
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2021C
2.500
%
11/01/41
$
76,194
100,000
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2023E,
(Mandatory
Put
5/01/27)
3.875
11/01/54
100,279
240,000
Wisconsin
State,
General
Obligation
Bonds,
Refunding
Series
2024-1
5.000
05/01/32
271,494
TOTAL
WISCONSIN
5,275,516
WYOMING
-
0.3%
210,000
Campbell
County,
Wyoming
Solid
Waste
Facilities
Revenue
Bonds,
Basin
Electric
Power
Cooperative,
Dry
Fork
Station
Facilities,
Series
2019A
3.625
07/15/39
189,927
75,000
Wyoming
Community
Development
Authority,
Housing
Revenue
Bonds,
2020
Series
1
2.625
12/01/35
63,550
60,000
Wyoming
Community
Development
Authority,
Housing
Revenue
Bonds,
2023
Series
1
4.200
12/01/38
60,114
TOTAL
WYOMING
313,591
TOTAL
MUNICIPAL
BONDS
(Cost
$118,366,276)
116,444,131
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$118,996,437)
116,991,489
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
0.6%
800,000
MUNICIPAL
BONDS
-
0.6%
800,000
NATIONAL
-
0.6%
800,000
(a),(d)
Invesco
Municipal
Opportunity
Trust
Variable
Rate
Munifund
Term
Preferred
Shares
Series
2015/6VMO,
(AMT)
1.000
03/20/27
800,000
TOTAL
NATIONAL
800,000
TOTAL
MUNICIPAL
BONDS
(Cost
$800,000)
800,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$800,000)
800,000
TOTAL
INVESTMENTS
-
95.8%
(Cost
$119,796,437
)
117,791,489
OTHER
ASSETS
&
LIABILITIES,
NET
- 4.2%
5,102,430
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
122,893,919
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$7,953,306
or
6.8%
of
Total
Investments.
(b)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(c)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(d)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
Portfolio
of
Investments
December
31,
2024
(continued)
NIM
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
NIM
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Mortgage-Backed
Securities
$
–
$
547,358
$
–
$
547,358
Municipal
Bonds
–
116,444,131
–
116,444,131
Short-Term
Investments:
Municipal
Bonds
–
800,000
–
800,000
Total
$
–
$
117,791,489
$
–
$
117,791,489
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