# EDGAR Filing Document

**Accession Number:** 0001020660
**File Stem:** 0001193125-25-135982
**Filing Date:** 2025-6
**Character Count:** 2291428
**Document Hash:** 77f5ea0de474782910e0ed3181182497
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135982.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135982

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 77

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN MUNICIPAL TRUST/MA
- **CENTRAL INDEX KEY:** 0001020660

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07873
- **FILM NUMBER:** 251028169

**BUSINESS ADDRESS:**
- **STREET 1:** NUVEEN INVESTMENTS
- **STREET 2:** 333 W WACKER DRIVE 33RD FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3129178146

**MAIL ADDRESS:**
- **STREET 1:** NUVEEN INVESTMENTS
- **STREET 2:** 333 W WACKER DR 33RD FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVEEN FLAGSHIP MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 19960910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVEEN FLAGSHIP TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19960807

## Series and Classes Contracts Data

### Nuveen Intermediate Duration Municipal Bond Fund (Series ID: S000000285)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000000699 | Nuveen Intermediate Duration Municipal Bond Fund - Class A | NMBAX           |
| C000001504 | Nuveen Intermediate Duration Municipal Bond Fund - Class I | NUVBX           |
| C000137699 | Class C                                                    | NNCCX           |

### Nuveen All-American Municipal Bond Fund (Series ID: S000000286)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000000700 | Nuveen All-American Municipal Bond Fund - Class A | FLAAX           |
| C000001507 | Nuveen All-American Municipal Bond Fund - Class I | FAARX           |
| C000137700 | Class C                                           | FACCX           |
| C000171394 | Class R6                                          | FAAWX           |

### Nuveen Limited Term Municipal Bond Fund (Series ID: S000000288)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000000702 | Nuveen Limited Term Municipal Bond Fund - Class A | FLTDX           |
| C000001512 | Nuveen Limited Term Municipal Bond Fund - Class I | FLTRX           |
| C000137701 | Class C                                           | FAFJX           |

### Nuveen High Yield Municipal Bond Fund (Series ID: S000000289)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000000703 | Nuveen High Yield Municipal Bond Fund - Class A | NHMAX           |
| C000001515 | Nuveen High Yield Municipal Bond Fund - Class I | NHMRX           |
| C000137702 | Class C                                         | NHCCX           |
| C000171395 | Class R6                                        | NHMFX           |

### Nuveen Short Duration High Yield Municipal Bond Fund (Series ID: S000039680)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000122984 | Class A                                                        | NVHAX           |
| C000122986 | Class I                                                        | NVHIX           |
| C000137704 | Nuveen Short Duration High Yield Municipal Bond Fund - Class C | NVCCX           |

### Nuveen Strategic Municipal Opportunities Fund (Series ID: S000047609)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000149455 | Class A      | NSAOX           |
| C000149456 | Class C      | NSCOX           |
| C000149457 | Class I      | NSIOX           |

?xml version='1.0' encoding='ASCII'? Nuveen Municipal Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number <u>811-07873</u> 

Nuveen Municipal Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

901 Marquette Avenue

Minneapolis, Minnesota 55402

(Name and address of agent for service)

Registrant's telephone number, including area code: (<u>312) 917-7700</u>

Date of fiscal year end: <u>March</u> <u>31</u>

Date of reporting period: <u>March</u> <u>31, 2025</u>

------

**Item 1.** **Reports to Stockholders.**<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br> Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen All-American Municipal Bond Fund

Class A Shares/FLAAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen All-American Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class A Shares | $83 | 0.82% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen All-American Municipal Bond Fund returned 1.53% for Class A Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund performed in line with the S&P Municipal Bond Index, which returned 1.76%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade.<br>» Security selection, particularly in Brightline, a Florida rail route, and Iowa Fertilizer Company, American Dream at the Meadowlands and New Hope Sanctuary continuing care retirement community project bonds.<br>• Top detractors from relative performance<br>» Duration positioning.<br>» The Fund's use of leverage through its investments in inverse floating rate securities (TOBs).<br>» Sector allocation, particularly an underweight to pre-refunded bonds and overweights to dedicated-tax, multi-family housing and certain transportation sector bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g02v02.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 1.53% | 0.50% | 1.92% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | (2.76)% | (0.35)% | 1.49% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; Lipper General & Insured Municipal Debt Funds Classification Average | 1.61% | 1.12% | 1.92% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3906464051 |
|  Total number of portfolio holdings | 898 |
|  Portfolio turnover (%) | 33% |
|  Total management fees paid for the year | $16753404 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g00s05.jpg)

![LOGO](g887998g1g02s05.jpg)

<sup>(1)</sup> Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

<sup>(2)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065Q889_AR_0325<br> 4395253 | ![LOGO](g887998g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br>Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen All-American Municipal Bond Fund

Class C Shares/FACCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen All-American Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class C Shares | $163 | 1.62% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen All-American Municipal Bond Fund returned 0.74% for Class C Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund underperformed the S&P Municipal Bond Index, which returned 1.76%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade.<br>» Security selection, particularly in Brightline, a Florida rail route, and Iowa Fertilizer Company, American Dream at the Meadowlands and New Hope Sanctuary continuing care retirement community project bonds.<br>• Top detractors from relative performance<br>» Duration positioning.<br>» The Fund's use of leverage through its investments in inverse floating rate securities (TOBs).<br>» Sector allocation, particularly an underweight to pre-refunded bonds and overweights to dedicated-tax, multi-family housing and certain transportation sector bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g01r08.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 0.74% | (0.28)% | 1.26% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; Lipper General & Insured Municipal Debt Funds Classification Average | 1.61% | 1.12% | 1.92% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3906464051 |
|  Total number of portfolio holdings | 898 |
|  Portfolio turnover (%) | 33% |
|  Total management fees paid for the year | $16753404 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g45i83.jpg)

![LOGO](g887998g1g50q09.jpg)

<sup>(1)</sup> Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

<sup>(2)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065Q665_AR_0325<br> 4395253 | ![LOGO](g887998g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br> Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen All-American Municipal Bond Fund

Class R6 Shares/FAAWX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen All-American Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $60 | 0.59% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen All-American Municipal Bond Fund returned 1.82% for Class R6 Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund performed in line with the S&P Municipal Bond Index, which returned 1.76%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade.<br>» Security selection, particularly in Brightline, a Florida rail route, and Iowa Fertilizer Company, American Dream at the Meadowlands and New Hope Sanctuary continuing care retirement community project bonds.<br>• Top detractors from relative performance<br>» Duration positioning.<br>» The Fund's use of leverage through its investments in inverse floating rate securities (TOBs).<br>» Sector allocation, particularly an underweight to pre-refunded bonds and overweights to dedicated-tax, multi-family housing and certain transportation sector bonds.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 30, 2016 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g01r14.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception<br> (6/30/16)** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 1.82% | 0.73% | 1.52% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 1.78% |
| &nbsp;&nbsp;&nbsp; Lipper General & Insured Municipal Debt Funds Classification Average | 1.61% | 1.12% | 1.45% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3906464051 |
|  Total number of portfolio holdings | 898 |
|  Portfolio turnover (%) | 33% |
|  Total management fees paid for the year | $16753404 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g06s04.jpg)

![LOGO](g887998g1g82p34.jpg)

<sup>(1)</sup> Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

<sup>(2)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065Q566_AR_0325<br> 4395253 | ![LOGO](g887998g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br> Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen All-American Municipal Bond Fund

Class I Shares/FAARX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen All-American Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class I Shares | $63 | 0.62% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen All-American Municipal Bond Fund returned 1.86% for Class I Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund performed in line with the S&P Municipal Bond Index, which returned 1.76%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade.<br>» Security selection, particularly in Brightline, a Florida rail route, and Iowa Fertilizer Company, American Dream at the Meadowlands and New Hope Sanctuary continuing care retirement community project bonds.<br>• Top detractors from relative performance<br>» Duration positioning.<br>» The Fund's use of leverage through its investments in inverse floating rate securities (TOBs).<br>» Sector allocation, particularly an underweight to pre-refunded bonds and overweights to dedicated-tax, multi-family housing and certain transportation sector bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g19v19.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 1.86% | 0.72% | 2.13% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; Lipper General & Insured Municipal Debt Funds Classification Average | 1.61% | 1.12% | 1.92% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3906464051 |
|  Total number of portfolio holdings | 898 |
|  Portfolio turnover (%) | 33% |
|  Total management fees paid for the year | $16753404 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g54l54.jpg)

![LOGO](g887998g1g78v91.jpg)

<sup>(1)</sup> Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

<sup>(2)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   • financial statements and other information   • fund holdings   • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065Q855_AR_0325<br> 4395253 | ![LOGO](g887998g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br>Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen Intermediate Duration Municipal Bond Fund

Class A Shares/NMBAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Intermediate Duration Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class A Shares | $65 | 0.64% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Intermediate Duration Municipal Bond Fund returned 1.65% for Class A Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund performed in line with the S&P Municipal Bond Intermediate Index, which returned 1.53%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to A-rated, BBB-rated and non-rated bonds.<br>» Sector allocation, particularly an overweight to the housing, transportation, and health care bond sector, and an underweight to tax-supported bond sector.<br>» Security selection in the transportation, health care and tax-supported sectors.<br>• Top detractors from relative performance<br>» The Fund's slightly long duration overall and an overweight to longer-duration bonds.<br>» The Fund's energy exposure hedge (Vistra Vision) position through the use of a total return swap.<br>» Security selection in the housing and tobacco bond sectors.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g01r25.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 1.65% | 1.26% | 2.00% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | (1.36)% | 0.64% | 1.68% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Intermediate Index | 1.53% | 1.24% | 2.12% |
| &nbsp;&nbsp;&nbsp; Lipper Intermediate Municipal Debt Funds Classification Average | 1.79% | 1.39% | 1.74% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $7662392874 |
|  Total number of portfolio holdings | 1671 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $29279118 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g28s06.jpg)

![LOGO](g887998g1g28t06.jpg)

<sup>(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 67065Q202_AR_0325<br> 4395260 | ![LOGO](g887998g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br> Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen Intermediate Duration Municipal Bond Fund

Class C Shares/NNCCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Intermediate Duration Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class C Shares | $146 | 1.45% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Intermediate Duration Municipal Bond Fund returned 0.94% for Class C Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund underperformed the S&P Municipal Bond Intermediate Index, which returned 1.53%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to A-rated, BBB-rated and non-rated bonds.<br>» Sector allocation, particularly an overweight to the housing, transportation, and health care bond sector, and an underweight to tax-supported bond sector.<br>» Security selection in the transportation, health care and tax-supported sectors.<br>• Top detractors from relative performance<br>» The Fund's slightly long duration overall and an overweight to longer-duration bonds.<br>» The Fund's energy exposure hedge (Vistra Vision) position through the use of a total return swap.<br>» Security selection in the housing and tobacco bond sectors.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g31v31.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 0.94% | 0.46% | 1.34% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Intermediate Index | 1.53% | 1.24% | 2.12% |
| &nbsp;&nbsp;&nbsp; Lipper Intermediate Municipal Debt Funds Classification Average | 1.79% | 1.39% | 1.74% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $7662392874 |
|  Total number of portfolio holdings | 1671 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $29279118 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g62o55.jpg)

![LOGO](g887998g1g63q43.jpg)

<sup>(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 67065Q640_AR_0325<br> 4395260 | ![LOGO](g887998g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br> Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen Intermediate Duration Municipal Bond Fund

Class I Shares/NUVBX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Intermediate Duration Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class I Shares | $44 | 0.44% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Intermediate Duration Municipal Bond Fund returned 1.85% for Class I Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund outperformed the S&P Municipal Bond Intermediate Index, which returned 1.53%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to A-rated, BBB-rated and non-rated bonds.<br>» Sector allocation, particularly an overweight to the housing, transportation, and health care bond sector, and an underweight to tax-supported bond sector.<br>» Security selection in the transportation, health care and tax-supported sectors.<br>• Top detractors from relative performance<br>» The Fund's slightly long duration overall and an overweight to longer-duration bonds.<br>» The Fund's energy exposure hedge (Vistra Vision) position through the use of a total return swap.<br>» Security selection in the housing and tobacco bond sectors.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g37v37.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 1.85% | 1.46% | 2.21% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Intermediate Index | 1.53% | 1.24% | 2.12% |
| &nbsp;&nbsp;&nbsp; Lipper Intermediate Municipal Debt Funds Classification Average | 1.79% | 1.39% | 1.74% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $7662392874 |
|  Total number of portfolio holdings | 1671 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $29279118 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g90m36.jpg)

![LOGO](g887998g1g71u89.jpg)

<sup>(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 67065Q400_AR_0325<br> 4395260 | ![LOGO](g887998g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br>Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen Limited Term Municipal Bond Fund

Class A Shares/FLTDX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Limited Term Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class A Shares | $64 | 0.63% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Limited Term Municipal Bond Fund returned 1.74% for Class A Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund underperformed the S&P Municipal Bond Short-Intermediate Index, which returned 2.82%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to the A-rated, BBB-rated and non-rated bonds.<br>» Sector allocation, particularly an underweight to tax-supported bonds and an overweight to housing, health care, and industrial development revenue bonds.<br>» Duration positioning.<br>• Top detractors from relative performance<br>» The Fund's energy exposure hedge (Vistra Vision) position through the use of a total return swap.<br>» Yield curve positioning, particularly an overweight to longer-duration bonds.<br>» Security selection in the housing sector.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g01r43.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 1.74% | 1.45% | 1.56% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | (0.80)% | 0.94% | 1.30% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Short-Intermediate Index | 2.82% | 1.39% | 1.67% |
| &nbsp;&nbsp;&nbsp; Lipper Short-Intermediate Municipal Debt Funds Classification Average | 2.69% | 1.30% | 1.33% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4724892104 |
|  Total number of portfolio holdings | 1001 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $17688420 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g46s08.jpg)

![LOGO](g887998g1g46t12.jpg)

<sup>(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065Q848_AR_0325<br> 4395266 | ![LOGO](g887998g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br>Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen Limited Term Municipal Bond Fund

Class C Shares/FAFJX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Limited Term Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class C Shares | $144 | 1.43% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Limited Term Municipal Bond Fund returned 0.86% for Class C Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund underperformed the S&P Municipal Bond Short-Intermediate Index, which returned 2.82%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to the A-rated, BBB-rated and non-rated bonds.<br>» Sector allocation, particularly an underweight to tax-supported bonds and an overweight to housing, health care, and industrial development revenue bonds.<br>» Duration positioning.<br>• Top detractors from relative performance<br>» The Fund's energy exposure hedge (Vistra Vision) position through the use of a total return swap.<br>» Yield curve positioning, particularly an overweight to longer-duration bonds.<br>» Security selection in the housing sector. <br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g49v49.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 0.86% | 0.64% | 0.92% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Short-Intermediate Index | 2.82% | 1.39% | 1.67% |
| &nbsp;&nbsp;&nbsp; Lipper Short-Intermediate Municipal Debt Funds Classification Average | 2.69% | 1.30% | 1.33% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4724892104 |
|  Total number of portfolio holdings | 1001 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $17688420 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g61e47.jpg)

![LOGO](g887998g1g25y65.jpg)

<sup>(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065Q632_AR_0325<br> 4395266 | ![LOGO](g887998g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br>Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen Limited Term Municipal Bond Fund

Class I Shares/FLTRX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Limited Term Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class I Shares | $43 | 0.43% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Limited Term Municipal Bond Fund returned 1.96% for Class I Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund underperformed the S&P Municipal Bond Short-Intermediate Index, which returned 2.82%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to the A-rated, BBB-rated and non-rated bonds.<br>» Sector allocation, particularly an underweight to tax-supported bonds and an overweight to housing, health care, and industrial development revenue bonds.<br>» Duration positioning.<br>• Top detractors from relative performance<br>» The Fund's energy exposure hedge (Vistra Vision) position through the use of a total return swap.<br>» Yield curve positioning, particularly an overweight to longer-duration bonds.<br>» Security selection in the housing sector.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g01r55.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 1.96% | 1.67% | 1.77% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Short-Intermediate Index | 2.82% | 1.39% | 1.67% |
| &nbsp;&nbsp;&nbsp; Lipper Short-Intermediate Municipal Debt Funds Classification Average | 2.69% | 1.30% | 1.33% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4724892104 |
|  Total number of portfolio holdings | 1001 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $17688420 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g88q69.jpg)

![LOGO](g887998g1g64p89.jpg)

<sup>(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065Q822_AR_0325<br> 4395266 | ![LOGO](g887998g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br> Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen High Yield Municipal Bond Fund

Class A Shares/NHMAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen High Yield Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class A Shares | $202 | 2.00% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen High Yield Municipal Bond Fund returned 1.94% for Class A Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund underperformed the S&P Municipal Yield Index, which returned 3.78%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an underweight to A-rated and BBB-rated bonds, and an overweight to non-rated bonds.<br>» Certain bonds of Brightline, a Florida rail route, benefited from their shorter duration and higher coupons.<br>» An overweight to real estate-backed bonds, including tax-increment and special-tax bonds.<br>» An underweight to tobacco securitization bonds.<br>» The Fund's use of leverage through its investment in inverse floating rate securities.<br>• Top detractors from relative performance<br>» The Fund's energy exposure hedge (Vistra Vision) position through the use of a total return swap<br>» Duration positioning.<br>» An overweight to AA-rated bonds, primarily involving the Fund's tender option bonds (TOBs) holdings.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g61v61.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 1.94% | 2.80% | 3.40% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | (2.36)% | 1.92% | 2.95% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Yield Index | 3.78% | 3.54% | 3.97% |
| &nbsp;&nbsp;&nbsp; Lipper High Yield Municipal Debt Funds Classification Average | 3.41% | 2.50% | 2.85% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $14437606441 |
|  Total number of portfolio holdings | 2958 |
|  Portfolio turnover (%) | 18% |
|  Total management fees paid for the year | $75864481 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g80g46.jpg)

![LOGO](g887998g1g80h46.jpg)

<sup>(1)</sup> Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

<sup>(2)</sup> The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065Q749_AR_0325<br> 4395227 | ![LOGO](g887998g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br>Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen High Yield Municipal Bond Fund

Class C Shares/NHCCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen High Yield Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class C Shares | $282 | 2.80% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen High Yield Municipal Bond Fund returned 1.13% for Class C Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund underperformed the S&P Municipal Yield Index, which returned 3.78%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an underweight to A-rated and BBB-rated bonds, and an overweight to non-rated bonds.<br>» Certain bonds of Brightline, a Florida rail route, benefited from their shorter duration and higher coupons.<br>» An overweight to real estate-backed bonds, including tax-increment and special-tax bonds.<br>» An underweight to tobacco securitization bonds.<br>» The Fund's use of leverage through its investment in inverse floating rate securities.<br>• Top detractors from relative performance<br>» The Fund's energy exposure hedge (Vistra Vision) position through the use of a total return swap<br>» Duration positioning.<br>» An overweight to AA-rated bonds, primarily involving the Fund's tender option bonds (TOBs) holdings.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g01r67.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 1.13% | 1.97% | 2.74% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Yield Index | 3.78% | 3.54% | 3.97% |
| &nbsp;&nbsp;&nbsp; Lipper High Yield Municipal Debt Funds Classification Average | 3.41% | 2.50% | 2.85% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $14437606441 |
|  Total number of portfolio holdings | 2958 |
|  Portfolio turnover (%) | 18% |
|  Total management fees paid for the year | $75864481 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g02o15.jpg)

![LOGO](g887998g1g64y63.jpg)

<sup>(1)</sup> Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

<sup>(2)</sup> The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   • financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 67065Q624_AR_0325<br> 4395227 | ![LOGO](g887998g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br> Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen High Yield Municipal Bond Fund

Class R6 Shares/NHMFX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen High Yield Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $179 | 1.77% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen High Yield Municipal Bond Fund returned 2.19% for Class R6 Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund underperformed the S&P Municipal Yield Index, which returned 3.78%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an underweight to A-rated and BBB-rated bonds, and an overweight to non-rated bonds.<br>» Certain bonds of Brightline, a Florida rail route, benefited from their shorter duration and higher coupons.<br>» An overweight to real estate-backed bonds, including tax-increment and special-tax bonds.<br>» An underweight to tobacco securitization bonds.<br>» The Fund's use of leverage through its investment in inverse floating rate securities.<br>• Top detractors from relative performance<br>» The Fund's energy exposure hedge (Vistra Vision) position through the use of a total return swap<br>» Duration positioning.<br>» An overweight to AA-rated bonds, primarily involving the Fund's tender option bonds (TOBs) holdings.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 30, 2016 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g01r73.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception<br> (6/30/16)** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 2.19% | 3.03% | 2.90% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 1.78% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Yield Index | 3.78% | 3.54% | 3.45% |
| &nbsp;&nbsp;&nbsp; Lipper High Yield Municipal Debt Funds Classification Average | 3.41% | 2.50% | 2.24% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $14437606441 |
|  Total number of portfolio holdings | 2958 |
|  Portfolio turnover (%) | 18% |
|  Total management fees paid for the year | $75864481 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g94g79.jpg)

![LOGO](g887998g1g70m09.jpg)

<sup>(1)</sup> Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

<sup>(2)</sup> The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 67065Q558_AR_0325<br> 4395227 | ![LOGO](g887998g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br> Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen High Yield Municipal Bond Fund

Class I Shares/NHMRX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen High Yield Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class I Shares | $182 | 1.80% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen High Yield Municipal Bond Fund returned 2.22% for Class I Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund underperformed the S&P Municipal Yield Index, which returned 3.78%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an underweight to A-rated and BBB-rated bonds, and an overweight to non-rated bonds.<br>» Certain bonds of Brightline, a Florida rail route, benefited from their shorter duration and higher coupons.<br>» An overweight to real estate-backed bonds, including tax-increment and special-tax bonds.<br>» An underweight to tobacco securitization bonds.<br>» The Fund's use of leverage through its investment in inverse floating rate securities.<br>• Top detractors from relative performance<br>» The Fund's energy exposure hedge (Vistra Vision) position through the use of a total return swap<br>» Duration positioning.<br>» An overweight to AA-rated bonds, primarily involving the Fund's tender option bonds (TOBs) holdings.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g56k03.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 2.22% | 3.03% | 3.61% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Yield Index | 3.78% | 3.54% | 3.97% |
| &nbsp;&nbsp;&nbsp; Lipper High Yield Municipal Debt Funds Classification Average | 3.41% | 2.50% | 2.85% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $14437606441 |
|  Total number of portfolio holdings | 2958 |
|  Portfolio turnover (%) | 18% |
|  Total management fees paid for the year | $75864481 |

---

What did the Fund invest in? (as of March 31, 2025

![LOGO](g887998g1g60k39.jpg)

![LOGO](g887998g1g39w40.jpg)

<sup>(1)</sup> Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

<sup>(2)</sup> The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 67065Q772_AR_0325<br> 4395227 | ![LOGO](g887998g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br> Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen Short Duration High Yield Municipal Bond Fund

Class A Shares/NVHAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Short Duration High Yield Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class A Shares | $97 | 0.95% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Short Duration High Yield Municipal Bond Fund returned 3.9% for Class A Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund performed in line with the S&P Municipal Short Duration Yield Index, which returned 3.78%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to below –investment-grade and non-rated bonds.<br>» An overweight to land-secured bonds.<br>» Security selection, particularly in health care, transportation and land-secured bonds.<br>• Top detractors from relative performance<br>» An underweight to the industrial development bond sector.<br>» An underweight to the health care bond sector.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g00a84.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 3.90% | 3.48% | 3.08% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | 1.30% | 2.96% | 2.82% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; S&P Short Duration Municipal Yield Index | 3.78% | 3.35% | 3.32% |
| &nbsp;&nbsp;&nbsp; Lipper High Yield Municipal Debt Funds Classification Average | 3.41% | 2.50% | 2.85% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $5398231634 |
|  Total number of portfolio holdings | 2559 |
|  Portfolio turnover (%) | 39% |
|  Total management fees paid for the year | $23726283 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g86s11.jpg)

![LOGO](g887998g1g87r22.jpg)

<sup>(1)</sup> Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

<sup>(2)</sup> The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 67065Q673_AR_0325<br> 4395234 | ![LOGO](g887998g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br>Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen Short Duration High Yield Municipal Bond Fund

Class C Shares/NVCCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Short Duration High Yield Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class C Shares | $178 | 1.75% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Short Duration High Yield Municipal Bond Fund returned 3.07% for Class C Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund underperformed the S&P Municipal Short Duration Yield Index, which returned 3.78%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to below –investment-grade and non-rated bonds.<br>» An overweight to land-secured bonds.<br>» Security selection, particularly in health care, transportation and land-secured bonds.<br>• Top detractors from relative performance<br>» An underweight to the industrial development bond sector.<br>» An underweight to the health care bond sector.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g09a90.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 3.07% | 2.66% | 2.43% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; S&P Short Duration Municipal Yield Index | 3.78% | 3.35% | 3.32% |
| &nbsp;&nbsp;&nbsp; Lipper High Yield Municipal Debt Funds Classification Average | 3.41% | 2.50% | 2.85% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $5398231634 |
|  Total number of portfolio holdings | 2559 |
|  Portfolio turnover (%) | 39% |
|  Total management fees paid for the year | $23726283 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g27l48.jpg)

![LOGO](g887998g1g99n78.jpg)

<sup>(1)</sup> Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

<sup>(2)</sup> The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   • financial statements and other information   • fund holdings   • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065Q616_AR_0325<br> 4395234 | ![LOGO](g887998g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br>Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen Short Duration High Yield Municipal Bond Fund

Class I Shares/NVHIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Short Duration High Yield Municipal Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class I Shares | $76 | 0.75% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Short Duration High Yield Municipal Bond Fund returned 3.98% for Class I Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund performed in line with the S&P Municipal Short Duration Yield Index, which returned 3.78%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to below –investment-grade and non-rated bonds.<br>» An overweight to land-secured bonds.<br>» Security selection, particularly in health care, transportation and land-secured bonds.<br>• Top detractors from relative performance<br>» An underweight to the industrial development bond sector.<br>» An underweight to the health care bond sector.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g01r96.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 3.98% | 3.66% | 3.27% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; S&P Short Duration Municipal Yield Index | 3.78% | 3.35% | 3.32% |
| &nbsp;&nbsp;&nbsp; Lipper High Yield Municipal Debt Funds Classification Average | 3.41% | 2.50% | 2.85% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $5398231634 |
|  Total number of portfolio holdings | 2559 |
|  Portfolio turnover (%) | 39% |
|  Total management fees paid for the year | $23726283 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g75l93.jpg)

![LOGO](g887998g1g86p38.jpg)

<sup>(1)</sup> Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

<sup>(2)</sup> The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065Q699_AR_0325<br> 4395234 | ![LOGO](g887998g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br> Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen Strategic Municipal Opportunities Fund

Class A Shares/NSAOX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Strategic Municipal Opportunities Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class A Shares | $85 | 0.84% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Strategic Municipal Opportunities Fund returned 2.82% for Class A Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund outperformed the S&P Municipal Bond Index, which returned 1.76%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade.<br>» Sector allocation, particularly an overweight to industrial development revenue, incremental-tax and hospital bonds, and an underweight to state and local general obligation bonds.<br>» Security selection, particularly in Brightline, a Florida rail route, various Puerto Rico credits, Indianapolis Convention Center and New Hope Sanctuary continuing care retirement community project bonds.<br>• Top detractors from relative performance<br>» Duration positioning.<br>» The Fund's energy exposure hedge position (Vistra Vision) through the use of a total return swap.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g02a12.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 2.82% | 2.18% | 3.20% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | (0.27)% | 1.56% | 2.88% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; Lipper General & Insured Municipal Debt Funds Classification Average | 1.61% | 1.12% | 1.92% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1091035284 |
|  Total number of portfolio holdings | 688 |
|  Portfolio turnover (%) | 68% |
|  Total management fees paid for the year | $5165073 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g00s50.jpg)

![LOGO](g887998g1g02s50.jpg)

<sup>(1)</sup> Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

<sup>(2)</sup> The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065Q590_AR_0325<br> 4395242 | ![LOGO](g887998g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br>Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen Strategic Municipal Opportunities Fund

Class C Shares/NSCOX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Strategic Municipal Opportunities Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class C Shares | $166 | 1.64% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Strategic Municipal Opportunities Fund returned 2.1% for Class C Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund outperformed the S&P Municipal Bond Index, which returned 1.76%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade.<br>» Sector allocation, particularly an overweight to industrial development revenue, incremental-tax and hospital bonds, and an underweight to state and local general obligation bonds.<br>» Security selection, particularly in Brightline, a Florida rail route, various Puerto Rico credits, Indianapolis Convention Center and New Hope Sanctuary continuing care retirement community project bonds.<br>• Top detractors from relative performance<br>» Duration positioning.<br>» The Fund's energy exposure hedge position (Vistra Vision) through the use of a total return swap.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g60z28.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 2.10% | 1.38% | 2.53% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; Lipper General & Insured Municipal Debt Funds Classification Average | 1.61% | 1.12% | 1.92% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1091035284 |
|  Total number of portfolio holdings | 688 |
|  Portfolio turnover (%) | 68% |
|  Total management fees paid for the year | $5165073 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g74p28.jpg)

![LOGO](g887998g1g17j47.jpg)

<sup>(1)</sup> Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

<sup>(2)</sup> The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065Q582_AR_0325<br> 4395242 | ![LOGO](g887998g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g887998g1g19w55.jpg) | <br>Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen Strategic Municipal Opportunities Fund

Class I Shares/NSIOX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Strategic Municipal Opportunities Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of** <br> **$10,000 investment\***  |
| &nbsp;&nbsp;&nbsp; Class I Shares | $65 | 0.64% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Strategic Municipal Opportunities Fund returned 3.14% for Class I Shares at net asset value (NAV) for the 12 months ended March 31, 2025. The Fund outperformed the S&P Municipal Bond Index, which returned 1.76%.<br>• Top contributors to relative performance<br>» Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade.<br>» Sector allocation, particularly an overweight to industrial development revenue, incremental-tax and hospital bonds, and an underweight to state and local general obligation bonds.<br>» Security selection, particularly in Brightline, a Florida rail route, various Puerto Rico credits, Indianapolis Convention Center and New Hope Sanctuary continuing care retirement community project bonds.<br>• Top detractors from relative performance<br>» Duration positioning.<br>» The Fund's energy exposure hedge position (Vistra Vision) through the use of a total return swap.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (April 1, 2015 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g887998g1g11a04.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 3.14% | 2.40% | 3.41% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 1.76% | 1.26% | 2.22% |
| &nbsp;&nbsp;&nbsp; Lipper General & Insured Municipal Debt Funds Classification Average | 1.61% | 1.12% | 1.92% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1091035284 |
|  Total number of portfolio holdings | 688 |
|  Portfolio turnover (%) | 68% |
|  Total management fees paid for the year | $5165073 |

---

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g887998g1g48n07.jpg)

![LOGO](g887998g1g32j06.jpg)

<sup>(1)</sup> Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

<sup>(2)</sup> The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Management fees:** As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065Q574_AR_0325<br> 4395242 | ![LOGO](g887998g1g85u20.jpg) |

---

3.0 ------

**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant's code of ethics is available without charge by calling 800-257-8787.

------

**Item 3.** **Audit Committee Financial Expert.** <br>

As of the end of the period covered by this report, the registrant's Board of Directors or Trustees ("Board") had determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant's audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson, Loren M. Starr and Robert L. Young, who are "independent" for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. ("J.P. Morgan Investment") and its affiliates (collectively, "J.P. Morgan"). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan's domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan's global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm's midwestern mutual fund practice.

------

**Item 4.** **Principal Accountant Fees and Services.** <br>

Nuveen Municipal Trust

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the auditor, billed to the Registrant during the Registrant's last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PwC provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in the Chair's absence, any other member of the Audit Committee).

SERVICES THAT THE REGISTRANT'S AUDITOR BILLED TO THE REGISTRANT

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit Fees<br>Billed to Registrant<sup>1</sup>** | **Audit-Related Fees<br>Billed to Registrant<sup>2</sup>** | **Tax Fees<br>Billed to Registrant<sup>3</sup>** | **All Other Fees<br>Billed to Registrant<sup>4</sup>** |
| March 31, 2025 | $368198 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
| March 31, 2024 | $355121 | $0 | $1000 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |

---

1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

2 "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees". These fees include offerings related to the Registrant's common shares and leverage.

---

| | |
|:---|:---|
| 3 | "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the independent registered public accounting firm.  |

---

4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees represent all "Agreed-Upon Procedures" engagements pertaining to the Registrant's use of leverage.

SERVICES THAT THE REGISTRANT'S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved

------

by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit-Related Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **Tax Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
| March 31, 2025 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
| March 31, 2024 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

---

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC about any non-audit services rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's independence.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the<br>Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
| March 31, 2025 | $0 | $0 | $0 | $0 |
| March 31, 2024 | $1000 | $0 | $0 | $1000 |

---

"Non-Audit Fees billed to Registrant" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Registrant in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the independent registered public accounting firm's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm's full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant. Regarding tax and research projects conducted by the independent registered public accounting firm for the Registrant and Affiliated Fund Service Providers (with respect to operations and financial reports of the Registrant) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

Item 4(i) and Item 4(j) are not applicable to the Registrant.

------

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this registrant.

------

**Item 6.** **Investments.** <br>

(a) Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

------

## Report of Independent Registered

## Public Accounting Firm
**To the Board of Trustees of Nuveen Municipal Trust and Board of Directors of Nuveen Investment Funds, Inc. and Shareholders of Nuveen All-American Municipal Bond Fund, Nuveen Intermediate Duration Municipal Bond Fund, Nuveen Limited Term Municipal Bond Fund and Nuveen Short Term Municipal Bond Fund** 

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen All-American Municipal Bond Fund, Nuveen Intermediate Duration Municipal Bond Fund and Nuveen Limited Term Municipal Bond Fund (three of the funds constituting Nuveen Municipal Trust) and Nuveen Short Term Municipal Bond Fund (one of the funds constituting Nuveen Investment Funds, Inc.) (hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinions* 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

May 28, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

------

Portfolio of Investments March 31, 2025

All-American

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | | | **VALUE** |
|  | **LONG-TERM INVESTMENTS - 100.3%** |  |  |  |
|  | **EXCHANGE-TRADED FUNDS - 0.4%** |  |  |  |
| 700000 (a) | Nuveen Municipal Income ETF |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17376590 |
|  | **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $17,677,750)** |  |  | **17376590** |
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MUNICIPAL BONDS - 99.9%** |  |  |  |
|  | **ALABAMA - 2.9%** |  |  |  |
| $3500000 | Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018A | 4.000% | 07/01/38 | 3345991 |
| 3500000 | Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018A | 4.000 | 07/01/43 | 3199391 |
| 15000000 | Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Series 2022F, (Mandatory Put 12/01/28) | 5.500 | 11/01/53 | 15765746 |
| 10000000 | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2023A, (Mandatory Put 10/01/30) | 5.250 | 01/01/54 | 10593786 |
| 2000000 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2019, (AMT) | 5.750 | 10/01/49 | 2083519 |
| 4220000 | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, Revenue Bonds, Infirmary Health System, Inc., Series 2016A | 5.000 | 02/01/41 | 4236778 |
| 3510000 | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/42 | 3716762 |
| 3510000 | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/43 | 3701019 |
| 3510000 | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/44 | 3691310 |
| 2805000 | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/45 | 2929576 |
| 4070000 | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/49 | 4199655 |
| 2075000 | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.500 | 10/01/53 | 2171106 |
| 9400000 | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024A, (AMT) | 5.000 | 06/01/54 | 9303603 |
| 3800000 | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024B, (AMT) | 4.750 | 12/01/54 | 3596400 |
| 475000 | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015 | 5.875 | 04/15/45 | 346258 |
| 15000000 | Southeast Energy Authority, Alabama, A Cooperative District Energy Supply Revenue Bonds Series 2024A | 5.000 | 11/01/35 | 15491853 |
| 20000000 | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 4, Series 2022B-1, (Mandatory Put 8/01/28) | 5.000 | 05/01/53 | 20672392 |
| 5810000 | UAB Medicine Finance Authority, Alabama, Revenue Bonds, Series 2019B | 4.000 | 09/01/48 | 5238629 |
|  | TOTAL ALABAMA |  |  | 114283774 |
|  | **ARIZONA - 2.2%** |  |  |  |
| 1330000 (b) | Arizona Industrial Development Authority, Arizona, Economic Development Revenue Bonds, Linder Village Project in Meridian, Ada County, Idaho, Series 2020 | 5.000 | 06/01/31 | 1336083 |
| 2000000 (b) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Projects, Series 2021B | 5.000 | 07/01/51 | 1784003 |
| 19000000 (b) | Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group ? Falcon Properties LLC, Project, Senior Series 2022A-1 | 4.000 | 12/01/51 | 13325623 |

---

See Notes To Financial Statements<sub>5</sub>

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ARIZONA** (continued) |  |  |  |
| $1575000 | Arizona Industrial Development Authority, Senior National Charter School Revolving Loan Fund Revenue Bonds, Social Series 2023A | 5.250% | 11/01/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640004 |
| 1575000 | Arizona Industrial Development Authority, Senior National Charter School Revolving Loan Fund Revenue Bonds, Social Series 2023A | 5.250 | 11/01/53 | 1626347 |
| 2660000 | Chandler Industrial Development Authority, Arizona, Industrial Development Revenue Bonds, Intel Corporation Project, Series 2007, (AMT), (Mandatory Put 6/15/28) | 4.100 | 12/01/37 | 2664028 |
| 8515000 | 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 | 8484968 |
| 9530000 | 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 | 9764713 |
| 1000000 | Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, HonorHealth, Series 2019A | 5.000 | 09/01/35 | 1036878 |
| 935000 | Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, HonorHealth, Series 2019A | 5.000 | 09/01/42 | 949187 |
| 2235000 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2023A-2, (Mandatory Put 5/15/28) | 5.000 | 01/01/53 | 2357344 |
| 6380000 | Phoenix Civic Improvement Corporation, Arizona, Rental Car Facility Charge Revenue Bonds, Series 2019A | 5.000 | 07/01/35 | 6696810 |
| 6000000 | Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC Insured | 5.500 | 07/01/39 | 7047847 |
| 3500000 (b) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, American Leadership Academy Project, Refunding Series 2022. Forward Delivery | 4.000 | 06/15/41 | 3062247 |
| 1000000 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.250 | 12/01/28 | 1050357 |
| 13155000 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.000 | 12/01/32 | 13914054 |
| 7000000 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.000 | 12/01/37 | 7373934 |
| 1000000 (b) | Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue Bonds, American Leadership Academy Project, Series 2024 | 5.000 | 06/15/44 | 982327 |
|  | TOTAL ARIZONA |  |  | 85096754 |
|  | **ARKANSAS - 0.5%** |  |  |  |
| 5045000 (b) | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT) | 5.450 | 09/01/52 | 5169336 |
| 7370000 (b) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2019, (AMT) | 4.500 | 09/01/49 | 7025786 |
| 5545000 | Arkansas Development Finance Authority, Revenue Bonds, Baptist Memorial Health Care, Refunding Series 2020B-1 | 5.000 | 09/01/40 | 5639830 |
|  | TOTAL ARKANSAS |  |  | 17834952 |
|  | **CALIFORNIA - 11.3%** |  |  |  |
| 10050000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023D, (Mandatory Put 11/01/28) | 5.500 | 05/01/54 | 10582975 |
| 21445000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023E, (Mandatory Put 9/01/32) | 5.000 | 02/01/55 | 22900899 |
| 22580000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023G, (Mandatory Put 4/01/30) | 5.250 | 11/01/54 | 23958263 |

---

6 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $10000000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024D, (Mandatory Put 9/01/32) | 5.000% | 02/01/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10777003 |
| 1775000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024G, (Mandatory Put 8/01/32) | 5.000 | 11/01/55 | 1859718 |
| 2630000 (b) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Creekwood, Series 2021A | 4.000 | 02/01/56 | 1697873 |
| 25260000 (b) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A | 5.000 | 02/01/50 | 18542098 |
| 5000000 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B | 5.000 | 11/15/46 | 5064954 |
| 1670000 | California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2017A | 5.000 | 08/15/42 | 1669910 |
| 3015000 | California Health Facilities Financing Authority, Revenue Bonds, El Camino Hospital, Refunding Series 2015A | 5.000 | 02/01/40 | 3016049 |
| 485000 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B | 5.000 | 10/01/44 | 485902 |
| 2120000 | California Infrastructure and Economic Development Bank, Lease Revenue Bonds, California State Teachers? Retirement System Headquarters Expansion, Green Bond-Climate Bond Certified Series 2019 | 5.000 | 08/01/44 | 2207264 |
| 10400000 (b) | California Infrastructure and Economic Development Bank, Revenue Bonds, Brightline West Passenger Rail Project, Green Bond Series 2025A, (AMT), (Mandatory Put 1/01/35) | 9.500 | 01/01/65 | 10400106 |
| 2200000 (b) | California Municipal Finance Authority, Charter School Lease Revenue Bonds, Nova Academy Project, Series 2016A | 5.000 | 06/15/36 | 2147836 |
| 1000000 | California Municipal Finance Authority, Revenue Bonds, Biola University, Refunding Series 2017 | 5.000 | 10/01/31 | 1026158 |
| 10625000 | California Municipal Finance Authority, Revenue Bonds, Community Medical Centers, Series 2017A | 5.000 | 02/01/42 | 10658779 |
| 14185000 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A | 5.000 | 07/01/42 | 14291970 |
| 1000000 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A | 5.000 | 07/01/47 | 1005213 |
| 14000000 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, (AMT) | 5.000 | 12/31/37 | 14207875 |
| 27110000 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, (AMT) | 5.000 | 12/31/38 | 27456148 |
| 1000000 | California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A | 5.000 | 11/01/30 | 1008888 |
| 1040000 | California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A | 5.250 | 11/01/31 | 1052112 |
| 8835000 (b) | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, (AMT) | 5.000 | 07/01/30 | 8851465 |
| 14225000 (b) | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, (AMT) | 5.000 | 07/01/37 | 14234293 |
| 1450000 | California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017 | 5.000 | 10/15/37 | 1460815 |
| 415000 (b) | California Public Finance Authority, Senior Living Revenue Bonds, Enso Village, Refunding Green Series 2021A | 5.000 | 11/15/46 | 396658 |
| 810000 (b) | California Public Finance Authority, Senior Living Revenue Bonds, Enso Village, Refunding Green Series 2021A | 5.000 | 11/15/51 | 750190 |
| 10335000 | California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A | 6.500 | 06/01/54 | 9946141 |
| 3355000 | California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A | 6.375 | 06/01/59 | 3143110 |
| 1000000 (b) | California School Finance Authority, Charter School Revenue Bonds, Alliance for College-Ready Public Schools Projects Series 2024 | 5.000 | 07/01/49 | 1015631 |

---

See Notes To Financial Statements<sub>7</sub>

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $2000000 | (b) | California School Finance Authority, Charter School Revenue Bonds, Alliance for College-Ready Public Schools Projects Series 2024 | 5.000% | 07/01/59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012345 |
| 525000 | (b) | California School Finance Authority, School Facility Revenue Bonds, Granada Hills Charter High School Obligated Group, Series 2024A | 5.000 | 07/01/54 | 528442 |
| 1000000 | (b) | California School Finance Authority, School Facility Revenue Bonds, Granada Hills Charter High School Obligated Group, Series 2024A | 5.000 | 07/01/64 | 1000182 |
| 16245000 |  | California State University, Systemwide Revenue Bonds, Series 2018A | 5.000 | 11/01/39 | 17035456 |
| 12000000 |  | California State, General Obligation Bonds, Various Purpose Series 2015 | 5.000 | 08/01/45 | 12042652 |
| 5000000 |  | California Statewide Communities Development Authority, Student Housing Revenue Bonds, University of California, Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC, Series 2017 | 5.000 | 05/15/47 | 5036773 |
| 1750000 |  | California Statewide Communities Development Authority, Student Housing Revenue Bonds, University of California, Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC, Series 2017 | 5.000 | 05/15/50 | 1758964 |
| 1804 | (c),(d) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 07/01/30 | 1804 |
| 11587 | (c),(d) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 07/01/35 | 11587 |
| 4373 | (c),(d) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.500 | 07/01/39 | 4373 |
| 3800000 | (b) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Center City Anaheim, Series 2020A | 5.000 | 01/01/54 | 3199097 |
| 1400000 |  | Fontana, California, Special Tax Bonds, Narra Hills Community Facilities District 109, Refunding Series 2024 | 5.000 | 09/01/54 | 1426736 |
| 6000000 |  | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Senior Lien Series 2020A | 5.000 | 05/15/38 | 6395713 |
| 6000000 |  | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D, (AMT) | 5.000 | 05/15/41 | 6002305 |
| 25265000 |  | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018C, (AMT) | 5.000 | 05/15/44 | 25409281 |
| 1000000 |  | Manteca Financing Authority, California, Sewer Revenue Bonds, Series 2009 | 5.750 | 12/01/36 | 1004178 |
| 2800000 |  | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A | 7.000 | 11/01/34 | 3376064 |
| 2500000 |  | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A | 6.500 | 11/01/39 | 3009045 |
| 4460000 |  | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B | 7.000 | 11/01/34 | 5377587 |
| 2230000 |  | Oakland Unified School District, Alameda County, California, General Obligation Bonds, Election 2020, Series 2023A - AGM Insured | 5.250 | 08/01/39 | 2485614 |
| 2215000 |  | Pajaro Valley Health Care District, Santa Cruz and Monterey Counties, California, General Obligation Bonds, Social Series 2024A | 5.000 | 09/01/46 | 2156593 |
| 4000000 |  | Pajaro Valley Health Care District, Santa Cruz and Monterey Counties, California, General Obligation Bonds, Social Series 2024A | 5.000 | 09/01/54 | 3773392 |
| 2300000 | (e) | Peralta Community College District, Alameda County, California, General Obligation, Election of 2018 , Series 2025C-1 | 5.000 | 08/01/43 | 2492140 |
| 2025000 | (e) | Peralta Community College District, Alameda County, California, General Obligation, Election of 2018 , Series 2025C-1 | 5.000 | 08/01/45 | 2168226 |

---

8 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $5000000 (e) | Peralta Community College District, Alameda County, California, General Obligation, Election of 2018 , Series 2025C-1 | 5.000% | 08/01/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314195 |
| 3425000 (e) | Peralta Community College District, Alameda County, California, General Obligation, Election of 2018 , Series 2025C-1 | 5.000 | 08/01/54 | 3618256 |
| 3250000 (e) | Peralta Community College District, Alameda County, California, General Obligation, Refunding Series 2025 | 5.000 | 08/01/34 | 3708779 |
| 1000000 (e) | Peralta Community College District, Alameda County, California, General Obligation, Refunding Series 2025 | 5.000 | 08/01/36 | 1135318 |
| 1000000 (e) | Peralta Community College District, Alameda County, California, General Obligation, Refunding Series 2025 | 5.000 | 08/01/37 | 1126928 |
| 5500000 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A | 0.000 | 08/01/41 | 2737729 |
| 15000000 (f) | Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, 2010 Election Series 2011A - AGM Insured | 0.000 | 08/01/41 | 17972025 |
| 2665000 | River Islands Public Financing Authority, California, Special Tax Bonds, Community Facilities District 2003-1 Improvement Area 1, Refunding Series 2022A-1 - AGM Insured | 5.000 | 09/01/42 | 2824910 |
| 700000 | Roseville, California, Special Tax Bonds, Community Facilities District 1 Amoruso Ranch, Series 2024 | 5.000 | 09/01/44 | 716686 |
| 1645000 | Roseville, California, Special Tax Bonds, Community Facilities District 1 Amoruso Ranch, Series 2024 | 5.000 | 09/01/54 | 1665193 |
| 3545000 | Sacramento County, California, Airport System Revenue Bonds, Refunding Senior Series 2018C, (AMT) | 5.000 | 07/01/37 | 3627426 |
| 8960000 | Sacramento County, California, Airport System Revenue Bonds, Refunding Senior Series 2018C, (AMT) | 5.000 | 07/01/38 | 9144262 |
| 665000 | Sacramento, California, Special Tax Bonds, Community Facilities District 05-1 College Square, Series 2007 | 5.900 | 09/01/37 | 669931 |
| 8000000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2017A, (AMT) | 5.000 | 07/01/42 | 8060329 |
| 3020000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2017A, (AMT) | 5.000 | 07/01/47 | 3028076 |
| 5000000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2016B, (AMT) | 5.000 | 05/01/41 | 5016664 |
| 11715000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2016B, (AMT) | 5.000 | 05/01/46 | 11716287 |
| 5050000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2017A, (AMT) | 5.000 | 05/01/42 | 5085529 |
| 3000000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D, (AMT) | 5.000 | 05/01/48 | 3015304 |
| 4245000 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B | 5.250 | 01/15/44 | 4246203 |
| 275000 (b) | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017 | 6.250 | 09/01/47 | 283986 |
| 5000000 | Victor Valley Union High School District, San Bernardino County, California, General Obligation Bonds, 20008 Election Series 2009A - AGC Insured | 5.750 | 08/01/31 | 5191676 |
| 2485000 | Westminster School District, Orange County, California, General Obligation Bonds, Series 2009-A1 - AGC Insured | 0.000 | 08/01/26 | 2383279 |
| 1405000 | Westminster School District, Orange County, California, General Obligation Bonds, Series 2009-A1 - AGC Insured | 0.000 | 08/01/28 | 1259587 |
| 2920000 | Westminster School District, Orange County, California, General Obligation Bonds, Series 2009-A1 - AGC Insured | 0.000 | 08/01/29 | 2523550 |
| 1425000 | William S. Hart Union High School District, Los Angeles County, California, Special Tax Bonds, Community Facilities District 2015- 1, Series 2017 | 5.000 | 09/01/42 | 1433845 |
|  | TOTAL CALIFORNIA |  |  | 441030798 |

---

See Notes To Financial Statements 9

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **COLORADO - 4.9%** |  |  |  |
| $1000000 | (b) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.500% | 12/01/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019902 |
| 1000000 | (b) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.750 | 12/01/54 | 1032290 |
| 499000 |  | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A | 4.000 | 12/01/29 | 487068 |
| 2060000 |  | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A | 5.000 | 12/01/39 | 2053053 |
| 1350000 |  | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A | 5.000 | 12/01/48 | 1284904 |
| 575000 | (b),(f) | Bella Mesa Metropolitan District, Castle Rock, Colorado, Limited Tax General Obligation Bonds, Convertible Capital Appreciation Series 2020A-3 | 0.000 | 12/01/49 | 566061 |
| 500000 |  | Broadway Station Metropolitan District 2, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A | 5.125 | 12/01/48 | 407048 |
| 1000000 |  | Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Subordinate Refunding Series 2024B - BAM Insured | 6.500 | 12/01/54 | 1021536 |
| 9000000 | (b) | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/47 | 8417860 |
| 1225000 |  | Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2024A - AGM Insured | 5.250 | 12/01/49 | 1317398 |
| 1515000 |  | Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2024A - AGM Insured | 5.500 | 12/01/54 | 1643032 |
| 2065000 |  | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy Project, Series 2008 | 6.500 | 07/01/38 | 2067488 |
| 3040000 |  | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy, Inc. Second Campus Project, Series 2013 | 7.350 | 08/01/43 | 3045222 |
| 1400000 |  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016 | 5.000 | 01/01/37 | 1403200 |
| 25105000 |  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-1 | 4.000 | 08/01/44 | 23070734 |
| 2550000 |  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019B-1 | 4.000 | 08/01/39 | 2433921 |
| 1315000 | (e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A | 5.125 | 12/01/45 | 1357918 |
| 3265000 | (e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A | 5.125 | 12/01/50 | 3330588 |
| 1385000 | (e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A | 5.125 | 12/01/55 | 1405959 |
| 6155000 | (g) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, (Pre-refunded 6/01/25) | 5.000 | 06/01/45 | 6175120 |
| 3000000 | (g) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Refunding Series 2015B, (Pre-refunded 9/01/25) | 4.000 | 09/01/34 | 3013528 |
| 1750000 |  | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018 | 5.875 | 12/01/46 | 1750844 |
| 1000000 |  | Copper Ridge Metropolitan District, Colorado Springs, Colorado, Tax Increment and Sales Tax Supported Revenue Bonds, Series 2019 | 5.000 | 12/01/39 | 927954 |
| 1000000 |  | Crowfoot Valley Ranch Metropolitan District No. 2, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Subordinate Series 2024B | 6.125 | 12/15/54 | 985249 |
| 8125000 |  | 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 | 4733896 |

---

10 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $18390000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, (AMT) | 5.000% | 11/15/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19581641 |
| 3350000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, (AMT) | 5.500 | 11/15/38 | 3633481 |
| 2955000 | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016 | 5.000 | 12/01/28 | 2968610 |
| 5005000 | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016 | 5.000 | 12/01/33 | 5007452 |
| 20000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/29 | 17188 |
| 395000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/30 | 326305 |
| 20000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/32 | 15177 |
| 25000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/33 | 18122 |
| 9890000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured | 0.000 | 09/01/27 | 9143577 |
| 1365000 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014 | 6.000 | 12/01/38 | 1313142 |
| 845000 | Green Valley Ranch East Metropolitan District 6, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3 | 5.875 | 12/01/50 | 844233 |
| 2900000 (b) | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024 | 5.500 | 12/01/44 | 2831387 |
| 2000000 | Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation Bonds, Series 2020A-1 | 5.000 | 12/01/49 | 1809952 |
| 1000000 | Independence Metropolitan District 3, Elbert County, Colorado, Limited Tax General Obligation Bonds, Special Revenue Refunding and Improvement Series 2024A | 5.375 | 12/01/54 | 974320 |
| 1735000 | Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special Revenue Bonds, Subordinate Series 2020B | 5.750 | 12/15/50 | 1745423 |
| 20250000 | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019 | 5.000 | 12/01/39 | 19351860 |
| 620000 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A | 5.000 | 12/01/45 | 622946 |
| 830000 | Parkdale Community Authority, Erie, Colorado, Limited Tax Supported Revenue Bonds, District 1, Series 2020A | 5.000 | 12/01/40 | 788866 |
| 1370000 | Prairie Center Metropolitan District No. 3, Brighton, Colorado, Special Revenue Bonds, Park and Recreation Improvements Series 2018 | 5.125 | 12/15/42 | 1331164 |
| 500000 | Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported District Improvements Revenue Bonds, Refunding Series 2024B | 5.875 | 12/15/46 | 529462 |
| 4250000 (b) | Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding Series 2017A | 5.000 | 12/15/41 | 4253611 |
| 2468000 | Prairie Farm Metropolitan District, In the City of Commerce City, Adams County, Colorado, Limited Tax Convertible to Unlimited Tax, General Obligation Bonds, Series 2018A | 5.250 | 12/01/48 | 2470031 |
| 1810000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008 | 6.250 | 11/15/28 | 1896766 |
| 3080000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008 | 6.500 | 11/15/38 | 3625824 |
| 2410000 (b) | Pueblo Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, EVRAZ Project, Series 2021A | 4.750 | 12/01/45 | 2078733 |
| 3555000 (b) | Reagan Ranch Metropolitan District 1, Colorado Springs, Colorado, General Obligation Bonds, Limited Tax & Special Revenue, Series 2025 | 6.125 | 12/01/54 | 3442854 |

---

See Notes To Financial Statements<sub>11</sub>

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **COLORADO** (continued) |  |  |  |
| $2600000 |  | Redtail Ridge Metropolitan District, City of Louisville, Boulder County, Colorado, General Obligation Limited Tax Capital Appreciation Turbo Bonds, Series 2025 | 0.000% | 12/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529610 |
| 3620000 | (b) | Ridge at Johnstown Metropolitan District 8, Larimer County, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024 | 5.875 | 12/01/44 | 3455020 |
| 500000 | (b) | Settler's Crossing Metropolitan District 1, Lakewood, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.000 | 12/01/40 | 494908 |
| 1000000 | (b),(f) | St. Vrain Lakes Metropolitan District 4, Weld County, Colorado, General Obligation Bonds, Firestone Convertible Capital Appreciation Limited Tax Series 2024A | 0.000 | 09/20/54 | 678120 |
| 3611000 |  | Vauxmont Metropolitan District, Arvada, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Convertible to Unlimited Tax Refunding Subordinate Series 2019 - AGM Insured | 3.250 | 12/15/50 | 2812953 |
| 500000 |  | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2019 | 5.125 | 12/01/34 | 490896 |
| 2000000 |  | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2019 | 5.375 | 12/01/39 | 1986396 |
| 5000000 |  | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2019 | 5.500 | 12/01/48 | 4875933 |
| 7740000 | (b) | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2024A-2 | 8.000 | 12/01/54 | 4505152 |
| 2200000 | (b) | West Globeville Metropolitan District 1, Denver, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024 | 5.750 | 12/01/44 | 2146475 |
| 3000000 | (b) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1 | 4.125 | 12/01/51 | 2297449 |
|  |  | TOTAL COLORADO |  |  | 190846812 |
|  |  | **CONNECTICUT - 0.9%** |  |  |  |
| 2500000 |  | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A | 4.000 | 07/01/36 | 2450183 |
| 5630000 |  | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A | 4.000 | 07/01/38 | 5403841 |
| 5000000 |  | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health Credit Group, Series 2016CT | 5.000 | 12/01/41 | 5029735 |
| 16000000 |  | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health Credit Group, Series 2016CT | 5.000 | 12/01/45 | 16011438 |
| 2500000 |  | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2020A - BAM Insured | 4.000 | 05/01/36 | 2543433 |
| 2550000 |  | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2020A - BAM Insured | 4.000 | 05/01/39 | 2553860 |
|  |  | TOTAL CONNECTICUT |  |  | 33992490 |
|  |  | **DELAWARE - 0.3%** |  |  |  |
| 2000000 |  | Delaware Economic Development Authority, Exempt Facility Revenue Bonds, NRG Energy Project, Refunding Series 2020A, (Mandatory Put 10/01/25) | 1.250 | 10/01/45 | 1971459 |
| 8500000 |  | Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center Project, Series 2018 | 5.000 | 06/01/43 | 8269272 |
| 1000000 | (h) | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B, (UB) | 4.600 | 07/01/44 | 990152 |
| 1345000 | (h) | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B, (UB) | 4.650 | 07/01/49 | 1322126 |
|  |  | TOTAL DELAWARE |  |  | 12553009 |

---

12 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **DISTRICT OF COLUMBIA - 0.8%** |  |  |  |
| $7180000 | District of Columbia, Washington, D.C., Revenue Bonds, Latin American Montessori Bilingual Public Charter School, Series 2020 | 5.000% | 06/01/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6790603 |
| 2890000 (h) | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B, (UB) | 4.000 | 10/01/53 | 2544123 |
| 1500000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B | 4.000 | 10/01/37 | 1467078 |
| 3745000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B - AGC Insured | 0.000 | 10/01/31 | 2967584 |
| 9375000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2018A, (AMT) | 5.000 | 10/01/34 | 9655503 |
| 3850000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2024A, (AMT) | 5.250 | 10/01/45 | 4002627 |
| 4250000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2024A, (AMT) | 5.250 | 10/01/46 | 4404613 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | 31832131 |
|  | **FLORIDA - 8.2%** |  |  |  |
| 1885000 | Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A | 5.000 | 11/15/28 | 1886628 |
| 345000 | Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007-A1 | 5.750 | 05/01/37 | 345213 |
| 8605000 | Broward County, Florida, Port Facilities Revenue Bonds, Series 2019A | 5.000 | 09/01/44 | 8799090 |
| 3520000 | Broward County, Florida, Port Facilities Revenue Bonds, Series 2019B, (AMT) | 4.000 | 09/01/38 | 3395302 |
| 245000 (b) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020 | 5.000 | 12/15/40 | 235734 |
| 7910000 (b) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020 | 5.000 | 12/15/50 | 7254263 |
| 3470000 (b) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020 | 5.000 | 12/15/55 | 3135599 |
| 1500000 | Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments Project, Series 2015A | 4.750 | 07/01/40 | 1045893 |
| 1380000 | Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments Project, Series 2015A | 5.000 | 07/01/50 | 894280 |
| 565000 (b) | Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2019A | 5.000 | 06/15/39 | 539945 |
| 610000 (b) | Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2019A | 5.000 | 06/15/49 | 563072 |
| 2290000 (b) | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, Babcock Neighborhood School Inc Project, Series 2024 | 5.125 | 08/15/39 | 2207529 |
| 1100000 (b) | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, Babcock Neighborhood School Inc Project, Series 2024 | 6.000 | 08/15/63 | 1057718 |
| 7000000 | Central Florida Expressway Authority, Revenue Bonds, Senior Lien Series 2019B | 5.000 | 07/01/49 | 7179515 |
| 590000 | Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012 | 5.000 | 05/01/26 | 594879 |
| 1255000 | Edgewater West Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area One Series 2024 | 5.250 | 05/01/44 | 1209774 |
| 1570000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A | 6.125 | 06/15/46 | 1571247 |
| 1500000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A | 6.125 | 06/15/44 | 1500596 |
| 315000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2020C | 5.000 | 09/15/50 | 283035 |

---

See Notes To Financial Statements<sub>13</sub>

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $4100000 (b) | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4105227 |
| 10100000 (b) | Florida Development Finance Corporation, Florida, Solid Waste Disposal Revenue Bonds, Waste Pro USA, Inc. Project, Series 2023, (AMT), (Mandatory Put 7/01/26) | 6.125 | 07/01/32 | 10289414 |
| 20690000 (b) | 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 | 21950933 |
| 9500000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/41 | 9244697 |
| 6100000 (h) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT), (UB) | 5.000 | 07/01/44 | 6124003 |
| 2570000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.250 | 07/01/47 | 2582162 |
| 5950000 (h) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT), (UB) | 5.250 | 07/01/47 | 6075505 |
| 2280000 (h) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT), (UB) | 5.250 | 07/01/53 | 2323474 |
| 4500000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.500 | 07/01/53 | 4547080 |
| 24620000 (b) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250 | 07/01/57 | 25567693 |
| 1270000 (b) | Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024A-1 | 5.000 | 06/01/44 | 1258635 |
| 12020000 | Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2024 | 5.250 | 06/01/54 | 12628301 |
| 26155000 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Florida Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A | 4.000 | 08/01/50 | 22825058 |
| 1040000 | Jacksonville, Florida, Health Care Facilities Revenue Bonds, Brooks Rehabilitation, Series 2020 | 4.000 | 11/01/37 | 993171 |
| 1085000 | Jacksonville, Florida, Health Care Facilities Revenue Bonds, Brooks Rehabilitation, Series 2020 | 4.000 | 11/01/38 | 1026915 |
| 1650000 | Jacksonville, Florida, Health Care Facilities Revenue Bonds, Brooks Rehabilitation, Series 2020 | 4.000 | 11/01/39 | 1542352 |
| 2170000 | Jacksonville, Florida, Health Care Facilities Revenue Bonds, Brooks Rehabilitation, Series 2020 | 4.000 | 11/01/40 | 2011869 |
| 10285000 | Jacksonville, Florida, Special Revenue Bonds, Refunding Series 2017A | 5.250 | 10/01/42 | 10585155 |
| 255000 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A | 5.250 | 06/15/27 | 255092 |
| 830000 (b) | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2012A | 5.500 | 06/15/32 | 830412 |
| 1375000 (b) | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2012A | 5.750 | 06/15/42 | 1375038 |
| 10000000 | Miami Dade County, Florida, Professional Sports Franchise Facilities Tax Revenue Bonds, Refunding Series 2009A - AGC Insured | 0.000 | 10/01/45 | 3736953 |
| 38000000 | Miami Dade County, Florida, Professional Sports Franchise Facilities Tax Revenue Bonds, Series 2009C - AGC Insured | 0.000 | 10/01/44 | 15143429 |

---

14 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $11275000 | Miami, Florida, Limited Ad Valorem Tax Bonds, Forever Infrastructure Programs Series 2024A | 5.500% | 01/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12337722 |
| 12195000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A - BAM Insured, (AMT) | 5.000 | 10/01/38 | 12213979 |
| 5025000 (h) | Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2022A, (AMT), (UB) | 5.250 | 10/01/52 | 5157688 |
| 2870000 | Miami-Dade County, Florida, Special Obligation Bonds, Subordinate Series 2009 - BAM Insured | 0.000 | 10/01/37 | 1730624 |
| 10000000 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2022 | 5.000 | 07/01/45 | 10422856 |
| 11975000 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2024A | 5.250 | 10/01/54 | 12765424 |
| 365000 (b) | Mirada Community Development District, Florida, Capital Improvement Bonds, Assessment Area 3 Series 2024 | 4.750 | 05/01/31 | 364497 |
| 265000 (b) | Mirada Community Development District, Florida, Capital Improvement Bonds, Assessment Area 3 Series 2024 | 5.625 | 05/01/44 | 262743 |
| 630000 (b) | Mirada Community Development District, Florida, Capital Improvement Bonds, Assessment Area 3 Series 2024 | 6.000 | 05/01/55 | 631923 |
| 5095000 | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperative, Inc. Project, Refunding Series 2018B | 5.000 | 03/15/42 | 5182762 |
| 1685000 | School Board of Lee County, Florida, Certificates of Participation, Series 2023A | 5.000 | 08/01/38 | 1813756 |
| 4465000 | School Board of Lee County, Florida, Certificates of Participation, Series 2023A | 5.000 | 08/01/39 | 4762652 |
| 2715000 | School Board of Lee County, Florida, Certificates of Participation, Series 2023A | 5.000 | 08/01/40 | 2881609 |
| 5000000 | Seminole County Industrial Development Authority, Florida, Retirement Facility Revenue Bonds, Legacy Pointe At UCF Project, Series 2019A | 5.250 | 11/15/39 | 5012380 |
| 1015000 | Seminole County Industrial Development Authority, Florida, Retirement Facility Revenue Bonds, Legacy Pointe At UCF Project, Series 2019A | 5.500 | 11/15/49 | 990570 |
| 2610000 | South Broward Hospital District, Florida, Hospital Revenue Bonds, South Broward Hospital District Obligated Group, Refunding Series 2016A | 4.000 | 05/01/44 | 2388591 |
| 4525000 | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Refunding Series 2017 | 4.000 | 08/15/42 | 4275154 |
| 2965000 | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Refunding Series 2017 - BAM Insured | 5.000 | 08/15/42 | 3015222 |
| 500000 | Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A | 5.000 | 07/01/29 | 500502 |
| 6860000 | Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A | 5.250 | 07/01/44 | 6863157 |
| 2640000 (b) | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022A - AGM Insured | 4.000 | 05/01/40 | 2530968 |
| 1200000 (b) | Village Community Development District 15, Florida, Special Assessment Revenue Bonds, Series 2024 | 3.750 | 05/01/29 | 1195424 |
| 13000000 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015 | 5.000 | 06/01/40 | 12558610 |
|  | TOTAL FLORIDA |  |  | 320580693 |

---

See Notes To Financial Statements 15

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **GEORGIA - 1.4%** |  |  |  |
| $3785000 (f) | Atlanta Development Authority, Georgia, Economic Development Certificates, Gulch Enterprise Zone Project, Convertible Capital Appreciation Series 2024A-1 Class A | 0.000% | 12/15/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251974 |
| 1650000 (b) | Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-2 | 5.500 | 04/01/39 | 1680471 |
| 2500000 (c) | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1 | 6.750 | 01/01/35 | 1000000 |
| 1000000 (c) | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1 | 7.000 | 01/01/40 | 400000 |
| 3500000 | Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Subordinate Lien Green Series 2023E, (AMT) | 5.250 | 07/01/41 | 3701966 |
| 9740000 | Brookhaven Development Authority, Georgia, Revenue Bonds, Children's Healthcare of Atlanta, Inc. Project, Series 2019A | 4.000 | 07/01/44 | 9027641 |
| 8335000 | Fayette County Development Authority, Georgia, Revenue Bonds, United States Soccer Federation, Inc. Project Series 2024 | 5.250 | 10/01/49 | 8690911 |
| 5500000 | Griffin-Spalding County Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System Inc., Series 2017A | 4.000 | 04/01/42 | 5119943 |
| 1000000 | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A | 5.500 | 09/15/28 | 1055265 |
| 17600000 (b) | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022C, (Mandatory Put 11/01/27) | 4.000 | 08/01/52 | 17569735 |
| 4500000 | Savannah Hospital Authority, Georgia, Revenue Bonds, Saint Joseph's/Candler Health System, Inc., Anticipation Certificate Series 2019A | 4.000 | 07/01/39 | 4354157 |
|  | TOTAL GEORGIA |  |  | 55852063 |
|  | **HAWAII - 0.2%** |  |  |  |
| 1400000 (b) | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University Project, Refunding Series 2024 | 5.000 | 07/01/34 | 1406166 |
| 4545000 | Hawaii State, Airport System Revenue Bonds, Series 2015A, (AMT) | 5.000 | 07/01/45 | 4566949 |
|  | TOTAL HAWAII |  |  | 5973115 |
|  | **IDAHO - 0.5%** |  |  |  |
| 466000 (b) | Eagle Avimor Community Infrastructure District 1, Ada, Boise, and Gem Counties, Idaho, Special Assessment Revenue Bonds, Assessment Area 5 Series 2024 | 5.875 | 09/01/53 | 476801 |
| 1000000 (b) | Eagle Avimor Community Infrastructure District 1, Ada, Boise, and Gem Counties, Idaho, Special Assessment Revenue Bonds, Assessment Area 6 Series 2024B | 5.500 | 09/01/53 | 1002787 |
| 1485000 (b) | Idaho Falls Auditorium District, Idaho, Certifications of Participation, Annual Appropriation Series 2021 | 5.250 | 05/15/51 | 1463399 |
| 4200000 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2018A | 5.000 | 03/01/36 | 4359268 |
| 1290000 | Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2021A | 4.000 | 07/15/38 | 1273457 |
| 2000000 (b) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Idaho Arts Charter School, Inc. Project, Refunding Series 2016A | 5.000 | 12/01/38 | 1958419 |
| 2500000 (b) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, The College of Idaho Project, Series 2023 | 5.625 | 11/01/43 | 2517160 |
| 1806000 (h) | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A, (UB) | 4.050 | 01/01/39 | 1771328 |
| 1235000 (h) | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A, (UB) | 4.450 | 01/01/44 | 1209007 |
| 2675000 (h) | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A, (UB) | 4.650 | 01/01/54 | 2631090 |
|  | TOTAL IDAHO |  |  | 18662716 |

---

16 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS - 9.1%** |  |  |  |
| $67800000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 | 6.000% | 04/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69339982 |
| 2125000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 | 5.250 | 04/01/35 | 2292429 |
| 1250000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 | 5.250 | 04/01/37 | 1336521 |
| 1600000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 | 5.000 | 04/01/38 | 1675773 |
| 1000000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 | 5.250 | 04/01/39 | 1059653 |
| 1960000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 | 5.500 | 04/01/42 | 2083704 |
| 625000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2012A | 5.000 | 12/01/42 | 597958 |
| 1215000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Project Series 2015C | 5.250 | 12/01/39 | 1181962 |
| 35090000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A | 7.000 | 12/01/44 | 35531790 |
| 3890000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A | 5.500 | 12/01/31 | 4141753 |
| 15000000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A | 5.000 | 12/01/32 | 15509715 |
| 10000000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A | 5.000 | 12/01/34 | 10262574 |
| 10000000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A | 5.250 | 12/01/35 | 10385269 |
| 1250000 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2020A | 5.000 | 12/01/45 | 1263897 |
| 2220000 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2020A | 4.000 | 12/01/50 | 2024250 |
| 9845000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Refunding Senior Lien Series 2018A | 5.000 | 01/01/48 | 9871421 |
| 8805000 (h) | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, (UB) | 6.000 | 01/01/38 | 9007983 |
| 705000 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C | 5.000 | 01/01/35 | 705847 |
| 2175000 (h) | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, (UB) | 5.000 | 01/01/38 | 2173085 |
| 6000000 (h) | Chicago, Illinois, General Obligation Bonds, Refunding Series 2020A, (UB) | 5.000 | 01/01/30 | 6295898 |
| 5000000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/31 | 5317154 |
| 1700000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/32 | 1817427 |
| 1600000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/33 | 1716631 |
| 450000 | Chicago, Illinois, Water Revenue Bonds, Refunding Second Lien Series 2023B - AGM Insured | 5.000 | 11/01/37 | 480204 |
| 5000000 | Illinois Finance Authority Revenue Bonds, OSF Healthcare System, Series 2018A - BAM Insured | 4.125 | 05/15/47 | 4644745 |
| 1455000 | Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C | 4.000 | 02/15/41 | 1352870 |
| 45000 (g) | Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C, (Pre-refunded 2/15/27) | 4.000 | 02/15/41 | 45740 |
| 700000 | Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022 | 5.000 | 03/01/42 | 653721 |
| 10810000 | Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016 | 5.000 | 12/01/40 | 10898928 |
| 12295000 | Illinois Finance Authority, Revenue Bonds, Northshore - Edward- Elmhurst Health Credit Group, Series 2022A | 5.000 | 08/15/47 | 12749327 |
| 10715000 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A | 5.000 | 11/15/45 | 10721412 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **17** |

---

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $20000 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A | 4.000% | 11/15/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18414 |
| 1105000 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C | 5.000 | 08/15/35 | 1108361 |
| 14715000 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2016B | 4.000 | 08/15/41 | 13699437 |
| 450000 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2024A | 5.250 | 04/01/49 | 473463 |
| 7335000 | Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014 - AGM Insured | 5.250 | 06/15/31 | 7409188 |
| 10105000 | Illinois State, General Obligation Bonds, December Series 2023C | 5.000 | 12/01/47 | 10264667 |
| 4725000 | Illinois State, General Obligation Bonds, December Series 2023C | 5.000 | 12/01/48 | 4796074 |
| 3725000 | Illinois State, General Obligation Bonds, June Series 2016 | 4.000 | 06/01/36 | 3576090 |
| 10000000 | Illinois State, General Obligation Bonds, May Series 2020 | 5.750 | 05/01/45 | 10588531 |
| 4000000 | Illinois State, General Obligation Bonds, May Series 2024B | 5.250 | 05/01/43 | 4213859 |
| 2000000 | Illinois State, General Obligation Bonds, May Series 2024B | 5.250 | 05/01/44 | 2097985 |
| 1575000 | Illinois State, General Obligation Bonds, May Series 2024B | 5.250 | 05/01/45 | 1645151 |
| 1600000 | Illinois State, General Obligation Bonds, May Series 2024B | 5.250 | 05/01/47 | 1654442 |
| 2500000 | Illinois State, General Obligation Bonds, May Series 2024B | 5.250 | 05/01/48 | 2578395 |
| 11625000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/27 | 12121610 |
| 3000000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/28 | 3117842 |
| 2000000 | Illinois State, General Obligation Bonds, Refunding September Series 2018A | 5.000 | 10/01/28 | 2105525 |
| 7000000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A | 5.000 | 06/15/50 | 7069370 |
| 1500000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2022A | 4.000 | 12/15/42 | 1371314 |
| 6450000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A - AGM Insured | 0.000 | 12/15/52 | 1628766 |
| 1225000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A | 5.000 | 06/15/53 | 1225139 |
| 10000000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - AGM Insured | 0.000 | 12/15/35 | 6449518 |
| 23065000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 06/15/37 | 13461537 |
| 1838000 | Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014 - AGM Insured | 5.000 | 03/01/34 | 1839679 |
| 4450000 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2001A - FGIC Insured | 6.000 | 07/01/27 | 4611653 |
|  | TOTAL ILLINOIS |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356265633 |
|  | **INDIANA - 2.0%** |  |  |  |
| 2000000 (b) | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, Drexel Foundation for Educational Excellence Project, Refunding Series 2020A | 5.875 | 06/01/55 | 1851471 |
| 825000 (b) | Indiana Finance Authority, Educational Facilities Revenue Bonds, Circle City Preparatory Inc. Project, Series 2021A | 5.000 | 12/01/40 | 720266 |
| 3710000 (b) | Indiana Finance Authority, Educational Facilities Revenue Bonds, Lighthouse Academies of Northwest Indiana Inc. Project, Series 2016 | 7.000 | 12/01/34 | 3713563 |
| 6075000 (b) | Indiana Finance Authority, Educational Facilities Revenue Bonds, Lighthouse Academies of Northwest Indiana Inc. Project, Series 2016 | 7.250 | 12/01/44 | 6079802 |
| 5000000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Rose Hulman Institute Of Technology Project, Series 2018 | 4.000 | 06/01/44 | 4613567 |
| 1640000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014 | 5.000 | 10/01/39 | 1639867 |
| 2790000 (b) | Indiana Finance Authority, Educational Facilities Revenue Bonds, Victory College Prep Project, Series 2021A | 4.500 | 12/01/55 | 2274423 |
| 10325000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, First Lien Green Series 2016A | 5.000 | 10/01/41 | 10479756 |

---

18 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **INDIANA** (continued) |  |  |  |
| $4880000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, First Lien Green Series 2016A | 5.000% | 10/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4927635 |
| 1000000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Refunding Forward Delivery Series 2024A<br> - BAM Insured | 5.000 | 10/01/40 | 1079337 |
| 1000000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Refunding Forward Delivery Series 2024A<br> - BAM Insured | 5.000 | 10/01/41 | 1068032 |
| 1000000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Refunding Forward Delivery Series 2024A<br> - BAM Insured | 5.000 | 10/01/42 | 1060548 |
| 1000000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Refunding Forward Delivery Series 2024A<br> - BAM Insured | 5.000 | 10/01/43 | 1055503 |
| 5215000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project Revenue Bonds, Refunding Series 2015I, (AMT) | 5.000 | 01/01/32 | 5219023 |
| 3385000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 5.750 | 03/01/43 | 3570035 |
| 8495000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 6.000 | 03/01/53 | 8963922 |
| 1815000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 6.125 | 03/01/57 | 1918489 |
| 3080000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Subordinate Series 2023F-1 - BAM Insured | 5.000 | 03/01/53 | 3178877 |
| 3225000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Subordinate Series 2023F-1 - BAM Insured | 5.000 | 03/01/58 | 3302112 |
| 3000000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Subordinate Series 2023F-1 - BAM Insured | 5.250 | 03/01/67 | 3116926 |
| 8435000 | Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2015, (AMT), (Mandatory Put 6/10/31) | 4.400 | 11/01/45 | 8582641 |
|  | TOTAL INDIANA |  |  | 78415795 |
|  | **IOWA - 1.1%** |  |  |  |
| 2000000 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012 | 4.750 | 08/01/42 | 2001587 |
| 6230000 (g) | 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 | 6608068 |
| 25575000 (g) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (Mandatory Put 12/01/42) | 5.000 | 12/01/50 | 28859825 |
| 200000 | Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2024A | 5.000 | 05/15/39 | 204513 |
| 245000 | Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2024A | 5.000 | 05/15/44 | 244073 |
| 1500000 | Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2024A | 5.000 | 05/15/49 | 1456783 |
| 2600000 | Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2024A | 5.125 | 05/15/59 | 2526350 |
|  | TOTAL IOWA |  |  | 41901199 |
|  | **KANSAS - 0.1%** |  |  |  |
| 1500000 | Hutchinson, Kansas, Hospital Facilities Revenue Bonds, Hutchinson Regional Medical Center, Inc., Series 2016 | 5.000 | 12/01/36 | 1359911 |
| 1320000 | Hutchinson, Kansas, Hospital Facilities Revenue Bonds, Hutchinson Regional Medical Center, Inc., Series 2016 | 5.000 | 12/01/41 | 1106301 |
| 1250000 | Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2024VIII | 5.750 | 05/15/45 | 1252088 |
|  | TOTAL KANSAS |  |  | 3718300 |

---

See Notes To Financial Statements 19

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **KENTUCKY - 1.2%** |  |  |  |
| $6675000 | Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities Company Project, Refunding Series 2006B, (AMT) | 2.125% | 10/01/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5230811 |
| 2545000 | Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington Center Corporation Project, Series 2018A | 5.000 | 09/01/43 | 2588624 |
| 2600000 | Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington Center Corporation Project, Series 2018A | 5.000 | 09/01/48 | 2624871 |
| 6565000 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2017A - AGM Insured | 5.000 | 12/01/45 | 6641260 |
| 8500000 | Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/44 | 8583236 |
| 2450000 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A | 5.000 | 07/01/26 | 2459300 |
| 2100000 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A | 5.000 | 07/01/33 | 2104522 |
| 5655000 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A | 5.000 | 07/01/37 | 5662870 |
| 3885000 | Louisville/Jefferson County Metro Government, Kentucky, Health System Revenue Bonds, Norton Healthcare Inc, Series 2016A | 5.000 | 10/01/30 | 3960638 |
| 1850000 | Louisville/Jefferson County Metro Government, Kentucky, Health System Revenue Bonds, Norton Healthcare Inc, Series 2016A | 5.000 | 10/01/31 | 1885273 |
| 5415000 | Louisville/Jefferson County Metro Government, Kentucky, Health System Revenue Bonds, Norton Healthcare, Inc., Series 2020A - BAM Insured | 3.000 | 10/01/43 | 4430211 |
|  | TOTAL KENTUCKY |  |  | 46171616 |
|  | **LOUISIANA - 1.3%** |  |  |  |
| 21025000 (b) | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, (AMT) | 6.500 | 07/01/36 | 21032563 |
| 1600000 (b) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Refunding Series 2024A | 5.000 | 12/15/34 | 1622490 |
| 1350000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.500 | 09/01/54 | 1402648 |
| 7985000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.500 | 09/01/59 | 8260284 |
| 6030000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.750 | 09/01/64 | 6349822 |
| 7010000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.000 | 09/01/66 | 6871402 |
| 1100000 (b) | Plaquemines Port, Louisiana, Harbor and Terminal District Facilities Revenue Bonds NOLA Terminal LLC Project Dock and Wharf Series 2024A | 9.000 | 12/01/44 | 1076901 |
| 500000 (b) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010 | 6.350 | 07/01/40 | 543301 |
| 2930000 (b) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2011, (Mandatory Put 6/01/25) | 5.850 | 08/01/41 | 2937811 |
| 1650000 | 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 | 1624768 |
|  | TOTAL LOUISIANA |  |  | 51721990 |

---

20 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MAINE - 0.3%** |  |  |  |
| $725000 | (b) | Maine Finance Authority, Solid Waste Disposal Revenue Bonds, Casella Waste Systems, Inc. Project, Series 2024, (AMT), (Mandatory Put 6/01/35) | 4.625% | 12/01/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731903 |
| 4690000 |  | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 5.000 | 07/01/46 | 4317704 |
| 4970000 |  | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineHealth Issue, Series 2020A | 4.000 | 07/01/45 | 4563607 |
| 1420000 |  | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2021C | 2.300 | 11/15/46 | 915752 |
|  |  | TOTAL MAINE |  |  | 10528966 |
|  |  | **MARYLAND - 1.0%** |  |  |  |
| 10000000 |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/39 | 9873637 |
| 665000 | (b) | Frederick County, Maryland, Tax Increment and Special Tax Limited Obligation Bonds, Jefferson Technology Park Project, Refunding Series 2020B | 4.625 | 07/01/43 | 633180 |
| 1000000 | (b) | Maryland Economic Development Corporation, Port Facilities Revenue Bonds, Core Natural Resources Inc. Project, Refunding Series 2025, (Mandatory Put 3/27/35) | 5.000 | 07/01/48 | 1011035 |
| 17255000 |  | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical Systems, Series 2025A | 5.250 | 07/01/52 | 18028749 |
| 8500000 |  | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2015 | 5.000 | 08/15/42 | 8502524 |
|  |  | TOTAL MARYLAND |  |  | 38049125 |
|  |  | **MASSACHUSETTS - 1.9%** |  |  |  |
| 3613640 | (b),(c) | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A | 6.750 | 10/15/37 | 36 |
| 1000000 |  | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D | 5.000 | 07/01/44 | 988533 |
| 1200000 |  | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2016E | 5.000 | 07/01/35 | 1208229 |
| 5590000 |  | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2016E | 5.000 | 07/01/37 | 5620877 |
| 5000000 |  | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2023G | 5.250 | 07/01/52 | 5127554 |
| 4425000 |  | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center, Green Series 2017F | 4.000 | 07/01/47 | 3861866 |
| 5285000 |  | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2 | 5.000 | 07/01/37 | 5447961 |
| 5000000 |  | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2 | 5.000 | 07/01/38 | 5141010 |
| 5000000 |  | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2 | 5.000 | 07/01/43 | 5071350 |
| 1500000 |  | Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A | 5.000 | 10/01/43 | 1433271 |
| 16140000 |  | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Issue Series 2025N-1 | 5.250 | 07/01/50 | 16826631 |
| 4785000 |  | Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A | 5.000 | 07/01/39 | 4764746 |
| 4500000 |  | Massachusetts Port Authority, Revenue Bonds, Series 2021E, (AMT) | 5.000 | 07/01/46 | 4602544 |
| 13320000 |  | Massachusetts Port Authority, Revenue Bonds, Series 2021E, (AMT) | 5.000 | 07/01/51 | 13554026 |
|  |  | TOTAL MASSACHUSETTS |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73648634 |

---

See Notes To Financial Statements 21

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MICHIGAN - 0.8%** |  |  |  |
| $4035000 | Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst Development Project, Refunding Series 2024 | 5.000% | 07/01/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137304 |
| 3900000 | Gerald R. Ford International Airport Authority, Kent County, Michigan, Revenue Bonds, Limited Tax General Obligation Series 2021, (AMT) | 5.000 | 01/01/46 | 3970033 |
| 3250000 | Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Senior Lien Series 2023C | 5.250 | 07/01/53 | 3469678 |
| 3105000 | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series 2023B | 5.250 | 07/01/48 | 3325976 |
| 5250000 | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series 2023B | 5.250 | 07/01/53 | 5604864 |
| 1430000 | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016 | 4.000 | 11/15/46 | 1255288 |
| 1115000 (h) | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2024A, (UB) | 4.100 | 12/01/39 | 1096183 |
| 2725000 (h) | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2024A, (UB) | 4.500 | 12/01/44 | 2682581 |
| 1250000 | Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Chandler Park Academy Project, Series 2008 | 6.500 | 11/01/35 | 1250446 |
| 1550000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2023B - AGM Insured, (AMT) | 5.000 | 12/01/33 | 1666257 |
| 1690000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2023B - AGM Insured, (AMT) | 5.500 | 12/01/41 | 1831886 |
| 1365000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2023B - AGM Insured, (AMT) | 5.500 | 12/01/43 | 1468804 |
|  | TOTAL MICHIGAN |  |  | 31759300 |
|  | **MINNESOTA - 1.3%** |  |  |  |
| 310000 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A | 4.000 | 08/01/41 | 274126 |
| 150000 | City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A | 5.000 | 07/01/36 | 143438 |
| 270000 | City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A | 5.000 | 07/01/47 | 239038 |
| 2805000 (b) | Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A | 5.000 | 08/01/46 | 2692215 |
| 3000000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 4.250 | 02/15/48 | 2699577 |
| 3295000 | Forest Lake, Minnesota Charter School Lease Revenue Bonds, North Lakes Academy, Refunding Series 2021A | 5.000 | 07/01/41 | 3035832 |
| 11160000 | Forest Lake, Minnesota Charter School Lease Revenue Bonds, North Lakes Academy, Refunding Series 2021A | 5.000 | 07/01/56 | 9571129 |
| 11605000 | Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2024A | 5.250 | 01/01/54 | 11963275 |
| 500000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2016A | 4.125 | 09/01/47 | 436669 |
| 16825000 (b) | Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012- 7, (AMT) | 4.500 | 10/01/37 | 15836652 |
| 2500000 (g) | St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, (Pre- refunded 11/15/25) | 5.000 | 11/15/27 | 2530930 |

---

22 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MINNESOTA** (continued) |  |  |  |
| $235000 (g) | St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, (Pre- refunded 11/15/25) | 5.000% | 11/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237907 |
|  | TOTAL MINNESOTA |  |  | 49660788 |
|  | **MISSISSIPPI - 0.3%** |  |  |  |
| 4500000 (h) | Warren County, Mississippi, Certificates of Participation, Lease Purchase Jail Project Series 2023, (UB) | 6.000 | 09/01/48 | 4978852 |
| 6200000 (h) | Warren County, Mississippi, Certificates of Participation, Lease Purchase Jail Project Series 2023, (UB) | 6.000 | 09/01/53 | 6780527 |
|  | TOTAL MISSISSIPPI |  |  | 11759379 |
|  | **MISSOURI - 2.1%** |  |  |  |
| 3185000 | Bi-State Development Agency, Missouri, Bi-State MetroLink District, St Clair County Metrolink Extension Project Bonds, Refunding Series 2006 - AGM Insured | 5.250 | 07/01/27 | 3346131 |
| 5000000 | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019A, (AMT) | 5.000 | 03/01/39 | 5113446 |
| 18000000 | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B, (AMT) | 5.000 | 03/01/46 | 18084746 |
| 1650000 (b) | Kansas City Industrial Development Authority, Missouri, Economic Activity Tax Revenue Bonds, Historic Northeast Redevelopment Plan Series 2024A-1 | 5.000 | 06/01/54 | 1570397 |
| 3630000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F | 4.000 | 11/15/45 | 3216596 |
| 2000000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy Hospital, Series 2016 | 4.000 | 05/15/39 | 1931024 |
| 15100000 | Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2015A | 4.000 | 01/01/35 | 14985001 |
| 2500000 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Expansion & Improvement Projects Series 2020 - AGM Insured | 5.000 | 10/01/40 | 2591344 |
| 8025000 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Expansion & Improvement Projects Series 2020 - AGM Insured | 5.000 | 10/01/45 | 8157016 |
| 5000000 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Series 2010A - AGC Insured | 0.000 | 07/15/31 | 3905267 |
| 7000000 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Series 2010A - AGC Insured | 0.000 | 07/15/32 | 5220123 |
| 6250000 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Series 2010A - AGC Insured | 0.000 | 07/15/33 | 4439193 |
| 7000000 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Series 2010A - AGC Insured | 0.000 | 07/15/34 | 4729165 |
| 6000000 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Series 2010A - AGC Insured | 0.000 | 07/15/35 | 3846770 |
| 2000000 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Series 2010A - AGC Insured | 0.000 | 07/15/36 | 1215895 |
| 1288000 | Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment Project, Series 2008A | 6.300 | 08/22/26 | 270480 |
| 1267000 | Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A | 6.500 | 01/23/28 | 443450 |
|  | TOTAL MISSOURI |  |  | 83066044 |
|  | **MONTANA - 0.2%** |  |  |  |
| 4385000 | Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Northwestern Corporation Colstrip Project, Series 2023 | 3.875 | 07/01/28 | 4438777 |
| 1910000 | Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell Regional Medical Center, Series 2018B | 5.000 | 07/01/43 | 1929778 |
|  | TOTAL MONTANA |  |  | 6368555 |

---

See Notes To Financial Statements 23

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **NEBRASKA - 0.8%** |  |  |  |
| $7500000 |  | Central Plains Energy Project, Nebraska, Gas Project Revenue Bonds, Project 5, Series 2022-1, (Mandatory Put 10/01/29) | 5.000% | 05/01/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7815018 |
| 6500000 | (h) | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2024C, (UB) | 4.550 | 09/01/44 | 6423180 |
| 17500000 | (h) | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2024C, (UB) | 4.800 | 09/01/54 | 17418376 |
|  |  | TOTAL NEBRASKA |  |  | 31656574 |
|  |  | **NEVADA - 0.1%** |  |  |  |
| 1150000 |  | Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 2017A | 5.000 | 09/01/47 | 1154687 |
| 4384055 | (b),(c) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, (AMT) | 5.750 | 02/15/38 | 17975 |
| 3900000 | (b) | Director of Nevada State Department of Business and Industry, Revenue Bonds, Brightline West Passenger Rail Project, Series 2025A, (AMT), (Mandatory Put 1/01/33) | 9.500 | 01/01/65 | 3887335 |
|  |  | TOTAL NEVADA |  |  | 5059997 |
|  |  | **NEW HAMPSHIRE - 0.4%** |  |  |  |
| 4414417 |  | National Finance Authority, New Hampshire, Municipal Certificates Social Series 2023-2 Class A | 3.875 | 01/20/38 | 4173438 |
| 12000000 | (b) | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Covenant Health Group Series 2023 | 4.000 | 07/01/37 | 10742155 |
|  |  | TOTAL NEW HAMPSHIRE |  |  | 14915593 |
|  |  | **NEW JERSEY - 1.4%** |  |  |  |
| 9090000 | (g) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2016AAA, (Pre-refunded 12/15/26) | 5.500 | 06/15/29 | 9505752 |
| 5000000 |  | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2019LLL | 5.000 | 06/15/49 | 5069281 |
| 2255000 |  | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, (AMT) | 5.625 | 11/15/30 | 2257849 |
| 1000000 |  | New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund Series 2023A | 5.000 | 09/01/37 | 1083175 |
| 1825000 |  | New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund Series 2023A | 5.000 | 09/01/39 | 1954075 |
| 2000000 |  | New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund Series 2023A | 5.000 | 09/01/41 | 2114427 |
| 1200000 |  | New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund Series 2023A | 5.000 | 09/01/42 | 1262845 |
| 1265000 |  | New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund Series 2023A | 5.000 | 09/01/43 | 1326591 |
| 1250000 |  | New Jersey Health Care Facilities Authority, Revenue Bonds, Atlanticare Health System Obligated Group Issue, Series 2021 - BAM Insured | 3.000 | 07/01/38 | 1122912 |
| 4110000 |  | New Jersey Health Care Facilities Authority, Revenue Bonds, Atlanticare Health System Obligated Group Issue, Series 2021 - BAM Insured | 3.000 | 07/01/41 | 3523110 |
| 15300000 |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A | 0.000 | 12/15/39 | 8064596 |
| 4500000 |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA | 5.250 | 06/15/41 | 4504221 |
| 5500000 |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB | 5.000 | 06/15/44 | 5582612 |
| 4000000 | (g) | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB, (Pre-refunded 12/15/28) | 5.000 | 06/15/50 | 4312628 |
| 3175000 |  | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A - AGM Insured | 5.250 | 01/01/26 | 3232414 |
|  |  | TOTAL NEW JERSEY |  |  | 54916488 |
|  |  | **NEW MEXICO - 0.0%** |  |  |  |
| 990000 |  | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2021C | 2.350 | 07/01/51 | 604213 |
|  |  | TOTAL NEW MEXICO |  |  | 604213 |

---

24 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK - 14.2%** |  |  |  |
| $1835000 | Babylon Local Development Corporation II, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2023A | 6.400% | 02/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857032 |
| 2710000 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015 | 5.250 | 07/01/35 | 2671801 |
| 250000 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Charter School for Applied Technologies, Series 2017A | 5.000 | 06/01/35 | 253838 |
| 1790000 (b) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1 | 5.250 | 06/01/40 | 1727244 |
| 4800000 (b) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1 | 5.500 | 06/01/55 | 4370718 |
| 1300000 (b) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1 | 5.000 | 06/01/40 | 1221495 |
| 3035000 (b) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1 | 5.000 | 06/01/55 | 2556648 |
| 8145000 | Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Refunding Series 2015A | 5.000 | 07/01/40 | 8144589 |
| 100000 (b) | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017 | 5.000 | 12/01/34 | 97762 |
| 300000 (b) | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017 | 5.000 | 12/01/36 | 288150 |
| 1520000 | Dormitory Authority of the State of New York, Revenue Bonds, White Plains Hospital, Series 2024 | 5.250 | 10/01/49 | 1551011 |
| 5000000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2018A | 5.000 | 03/15/40 | 5181923 |
| 7395000 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2017A Group C | 5.000 | 03/15/41 | 7518161 |
| 23820000 (h) | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2024A, (UB) | 5.000 | 03/15/55 | 24718988 |
| 7885000 | Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B | 4.000 | 07/01/41 | 7256222 |
| 405000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Refunding Series 2020B | 4.760 | 02/01/27 | 401758 |
| 1255000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Refunding Series 2020B | 5.570 | 02/01/41 | 1187843 |
| 1365000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2017A | 6.240 | 02/01/47 | 1362611 |
| 1000000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2020A | 5.530 | 02/01/40 | 950359 |
| 455000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A | 4.050 | 02/01/31 | 427782 |
| 885000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A | 4.450 | 02/01/41 | 730065 |
| 1560000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A | 4.600 | 02/01/51 | 1198225 |
| 6500000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2016B | 5.000 | 09/01/41 | 6625517 |
| 10000000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1 | 4.750 | 11/15/45 | 10035858 |
| 11000000 (h) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1, (UB) | 5.250 | 11/15/55 | 11234261 |
| 7040000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2024B | 4.000 | 11/15/43 | 6419775 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **25** |

---

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $2550000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2024B | 4.000% | 11/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315675 |
| 5500000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2025A | 5.000 | 11/15/44 | 5688081 |
| 2000000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2024A-1 | 4.550 | 11/01/44 | 1983408 |
| 2350000 (h) | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2024A-1, (UB) | 4.750 | 11/01/54 | 2344225 |
| 3040000 (h) | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2024B-1-A, (UB) | 4.650 | 11/01/49 | 3002407 |
| 1585000 (h) | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2024B-1-A, (UB) | 4.750 | 11/01/54 | 1586324 |
| 750000 (b) | New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class F Series 2024 | 5.250 | 12/15/31 | 763912 |
| 655000 | New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Taxable Class E Series 2024 | 4.375 | 12/15/31 | 664082 |
| 3000000 (c) | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007 | 2.300 | 10/01/37 | 1920000 |
| 1000000 (c) | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007 | 2.350 | 10/01/46 | 640000 |
| 10085000 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 2019 Subseries S-1 | 5.000 | 07/15/43 | 10254316 |
| 6110000 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2015S-2 | 5.000 | 07/15/40 | 6132898 |
| 15685000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2018 Series A-3 | 5.000 | 08/01/41 | 16060193 |
| 2950000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2023F-1 | 5.250 | 02/01/40 | 3209428 |
| 7540000 | New York City, New York, General Obligation Bonds, Fiscal 2021 Series C | 5.000 | 08/01/43 | 7809551 |
| 6700000 | New York City, New York, General Obligation Bonds, Fiscal 2022 Series D-1 | 5.250 | 05/01/42 | 7160883 |
| 1455000 | New York City, New York, General Obligation Bonds, Fiscal 2024 Series A | 5.000 | 08/01/41 | 1554294 |
| 2570000 | New York City, New York, General Obligation Bonds, Fiscal 2024 Series A | 5.000 | 08/01/42 | 2726192 |
| 1250000 | New York City, New York, General Obligation Bonds, Fiscal 2024 Series A | 5.000 | 08/01/43 | 1318487 |
| 9895000 | New York City, New York, General Obligation Bonds, Fiscal 2024 Series A | 5.000 | 08/01/44 | 10386900 |
| 3650000 | New York City, New York, General Obligation Bonds, Fiscal 2024 Series A | 5.000 | 08/01/45 | 3814310 |
| 4590000 (h) | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Social Series 258, (UB) | 4.450 | 10/01/44 | 4489498 |
| 5505000 (h) | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Social Series 258, (UB) | 4.600 | 10/01/49 | 5410215 |
| 4675000 (h) | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Social Series 258, (UB) | 4.650 | 10/01/54 | 4600928 |
| 1000000 | New York State Power Authority, Green Transmission Project Revenue Bonds, Green Series 2023A - AGM Insured | 5.250 | 11/15/40 | 1113461 |
| 1000000 | New York State Power Authority, Green Transmission Project Revenue Bonds, Green Series 2023A - AGM Insured | 5.250 | 11/15/41 | 1105108 |
| 500000 | New York State Power Authority, Green Transmission Project Revenue Bonds, Green Series 2023A - AGM Insured | 5.250 | 11/15/42 | 549314 |
| 16000000 | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Bidding Group 1 Series 2022A | 5.000 | 03/15/41 | 17072227 |

---

26 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $5615000 | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Bidding Group 1 Series 2022A | 5.000% | 03/15/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5949273 |
| 10450000 | New York State Urban Development Corporation, State Sales Tax Revenue Bonds, Empire Bidding Group 4 Series 2023A | 5.000 | 03/15/42 | 11149968 |
| 9570000 | New York State Urban Development Corporation, State Sales Tax Revenue Bonds, Empire Bidding Group 4 Series 2023A | 5.000 | 03/15/44 | 10109517 |
| 1375000 | New York Transportation Development Corporation, New York, Facility Revenue Bonds, Thruway Service Areas Project, Series 2021, (AMT) | 4.000 | 10/31/41 | 1218764 |
| 8120000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A - AGM Insured, (AMT) | 4.000 | 07/01/36 | 7951071 |
| 25925000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/41 | 25928440 |
| 3210000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/46 | 3190908 |
| 8045000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.250 | 01/01/50 | 8044724 |
| 2870000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, (AMT) | 5.250 | 08/01/31 | 2973130 |
| 9275000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, (AMT) | 5.375 | 08/01/36 | 9574040 |
| 9765000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024, (AMT) | 5.250 | 06/30/49 | 9988592 |
| 11690000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024, (AMT) | 5.500 | 06/30/54 | 12091575 |
| 2000000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 5.500 | 06/30/38 | 2136575 |
| 780000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT) | 5.500 | 06/30/42 | 826811 |
| 16725000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT) | 5.000 | 06/30/49 | 16832614 |
| 3220000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 6.000 | 06/30/54 | 3425155 |
| 8115000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT) | 5.125 | 06/30/60 | 8165999 |
| 12640000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 5.375 | 06/30/60 | 12860011 |
| 1100000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Terminal 4 John F Kennedy International Airport Project, Series 2020C | 4.000 | 12/01/41 | 1024057 |
| 10000000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, (AMT) | 5.000 | 01/01/32 | 10245636 |
| 14690000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT) | 5.000 | 10/01/35 | 15129225 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **27** |

---

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $4000000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT) | 5.000% | 10/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4069200 |
| 6200000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT) | 6.000 | 04/01/35 | 6814066 |
| 10965000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT) | 5.625 | 04/01/40 | 11519898 |
| 1750000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Forty Second Series 2023, (AMT) | 5.000 | 12/01/36 | 1847946 |
| 2000000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Forty Second Series 2023, (AMT) | 5.000 | 12/01/38 | 2088923 |
| 6505000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Forty Second Series 2023, (AMT) | 5.000 | 12/01/40 | 6766930 |
| 1625000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Thirty-Eighth Series 2023, (AMT) | 5.000 | 07/15/40 | 1687724 |
| 7500000 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, MTA Bridges and Tunnels, Refunding Senior Lien Green Climate Bond Certified Series 2023C | 5.000 | 11/15/37 | 8208368 |
| 2140000 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, MTA Bridges and Tunnels, Refunding Senior Lien Green Climate Bond Certified Series 2023C | 5.250 | 11/15/39 | 2370378 |
| 7340000 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, MTA Bridges and Tunnels, Refunding Senior Lien Green Climate Bond Certified Series 2023C | 5.250 | 11/15/40 | 8104366 |
| 10000000 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, MTA Bridges and Tunnels, Refunding Senior Lien Green Climate Bond Certified Series 2023C | 5.000 | 11/15/41 | 10755181 |
| 6465000 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, MTA Bridges and Tunnels, Refunding Senior Lien Green Climate Bond Certified Series 2023C | 5.250 | 11/15/42 | 7031651 |
| 2050000 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, MTA Bridges and Tunnels, Refunding Senior Lien Green Climate Bond Certified Series 2023C | 5.000 | 11/15/43 | 2173187 |
| 2140000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 5.000 | 12/01/46 | 2229679 |
| 4750000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 5.250 | 12/01/47 | 5036905 |
| 8165000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 5.250 | 12/01/48 | 8656436 |
| 6335000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 5.000 | 12/01/50 | 6572701 |
| 19250000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 5.250 | 12/01/54 | 20332652 |
| 2370000 (h) | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A, (UB) | 5.250 | 12/01/54 | 2503293 |
| 15440000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 5.500 | 12/01/59 | 16602592 |
| 5000000 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006 | 5.000 | 06/01/45 | 4617054 |
| 1760000 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Series 2023 | 6.250 | 11/01/52 | 1927400 |
|  | TOTAL NEW YORK |  |  | 556398568 |

---

28 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NORTH CAROLINA - 0.0%** |  |  |  |
| $1000000 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, The Forest at Duke, Inc., Series 2021 | 4.000% | 09/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851855 |
|  | TOTAL NORTH CAROLINA |  |  | 851855 |
|  | **NORTH DAKOTA - 0.4%** |  |  |  |
| 10770000 (h) | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2024A, (UB) | 4.550 | 07/01/44 | 10677066 |
| 4000000 | North Dakota Housing Finance Agency, Home Mortgage Program Revenue Bonds, Social Series 2024D | 4.500 | 07/01/44 | 3937682 |
|  | TOTAL NORTH DAKOTA |  |  | 14614748 |
|  | **OHIO - 1.2%** |  |  |  |
| 5195000 | Allen County, Ohio, Hospital Facilities Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2020A | 4.000 | 12/01/40 | 4968272 |
| 15000000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2 | 0.000 | 06/01/57 | 1494351 |
| 1860000 | 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 | 1641827 |
| 3770000 | Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2016 | 5.000 | 11/15/45 | 3708160 |
| 2625000 (e) | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2025A | 5.500 | 08/01/41 | 2798021 |
| 1500000 (e) | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2025A | 5.500 | 08/01/42 | 1585929 |
| 1475000 (e) | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2025A | 5.500 | 08/01/51 | 1526465 |
| 3350000 | Montgomery County, Ohio, Health Care Facilities Revenue Bonds, Solvita Project Refunding and Improvement Series 2024 | 5.250 | 09/01/54 | 3395653 |
| 5000000 (b) | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG Vanadium Project, Series 2019, (AMT) | 5.000 | 07/01/49 | 4546542 |
| 6205000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D | 3.375 | 08/01/29 | 6081395 |
| 990000 (h) | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A, (UB) | 4.350 | 09/01/44 | 960547 |
| 2075000 (h) | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A, (UB) | 4.650 | 09/01/54 | 2032676 |
| 3750000 | Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC - Borrower, Portsmouth Bypass Project, Series 2015 - AGM Insured, (AMT) | 5.000 | 12/31/39 | 3759177 |
| 8585000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A | 4.750 | 06/01/33 | 8924525 |
|  | TOTAL OHIO |  |  | 47423540 |
|  | **OKLAHOMA - 1.2%** |  |  |  |
| 1470000 | Oklahoma City Airport Trust, Oklahoma, Revenue Bonds, Junior Lien Thirty-Third Series 2018, (AMT) | 5.000 | 07/01/47 | 1472528 |
| 8550000 | Oklahoma County, Oklahoma, Finance Authority, Educational Facilities Lease Revenue Bonds, Choctaw-Nicoma Park Public Schools Project, Series 2023 | 5.000 | 09/01/41 | 8946034 |
| 14195000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/52 | 14398822 |
| 12200000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.250 | 01/01/50 | 13113566 |
| 9650000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.500 | 01/01/54 | 10518999 |
|  | TOTAL OKLAHOMA |  |  | 48449949 |

---

See Notes To Financial Statements 29

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **OREGON - 0.2%** |  |  |  |
| $2910000 |  | Astoria Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Columbia Memorial Hospital Project, Series 2024 | 5.250% | 08/01/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978841 |
| 175000 |  | Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Refunding Series 2010A, (AMT) | 5.150 | 07/01/42 | 177497 |
| 4100000 | (b) | Port of Morrow, Morrow County Oregon, Full Faith and Credit Obligations, Series 2024A | 5.150 | 10/01/26 | 4103583 |
|  |  | TOTAL OREGON |  |  | 7259921 |
|  |  | **PENNSYLVANIA - 4.8%** |  |  |  |
| 315000 |  | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, (AMT) | 5.750 | 08/01/42 | 315272 |
| 1000000 |  | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2023A - AGM Insured, (AMT) | 5.250 | 01/01/36 | 1085844 |
| 1000000 |  | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2023A - AGM Insured, (AMT) | 5.250 | 01/01/37 | 1079842 |
| 1000000 |  | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2023A - AGM Insured, (AMT) | 5.250 | 01/01/38 | 1073496 |
| 1250000 |  | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2023A - AGM Insured, (AMT) | 5.250 | 01/01/40 | 1325916 |
| 2000000 |  | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2023A - AGM Insured, (AMT) | 5.500 | 01/01/41 | 2152924 |
| 2155000 |  | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2019A | 4.000 | 07/15/37 | 2123750 |
| 10665000 |  | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, (Mandatory Put 7/01/33) | 4.750 | 01/01/35 | 11028783 |
| 8775000 |  | Bucks County Industrial Development Authority, Pennsylvania, Hospital Revenue Bonds, Saint Luke's University Health Network Project, Series 2021 - AGM Insured | 3.000 | 08/15/53 | 6446104 |
| 4860000 |  | Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2021B - BAM Insured | 3.000 | 12/01/44 | 3958804 |
| 6300000 |  | Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2021B - BAM Insured | 4.000 | 12/01/51 | 5862528 |
| 520000 |  | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015 | 5.000 | 01/01/38 | 520079 |
| 9000000 |  | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2017A-2 | 5.000 | 02/15/39 | 9132443 |
| 1200000 |  | Lancaster Municipal Authority, Pennsylvania, Healthcare Facilities Revenue Bonds, Garden Spot Village Project Series 2024A | 5.000 | 05/01/44 | 1239015 |
| 4000000 |  | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2018A | 4.000 | 09/01/36 | 3919740 |
| 5445000 |  | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2018A | 5.000 | 09/01/43 | 5534882 |
| 2000000 |  | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2019 | 4.000 | 09/01/37 | 1941871 |
| 8750000 |  | Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Luke's University Health Network Project, Series 2016A | 4.000 | 08/15/34 | 8602795 |
| 2410000 | (b),(c),(d) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1 | 10.000 | 12/01/40 | 241 |

---

30 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **PENNSYLVANIA** (continued) |  |  |  |
| $2410000 | (b),(c),(d) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, (AMT) | 10.000% | 12/01/40 | $241 |
| 1650000 |  | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, (AMT) | 5.500 | 11/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655679 |
| 1000000 |  | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, PPL Energy Supply, LLC Project, Refunding Series 2009C, (Mandatory Put 6/01/27) | 5.250 | 12/01/37 | 1008141 |
| 5000000 |  | Pennsylvania Economic Development Financing Authority, Pennsylvania, Private Activity Revenue Bonds, The PennDOT Major Bridges Package One Project, Series 2022, (AMT) | 5.500 | 06/30/40 | 5294044 |
| 3750000 |  | Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, (AMT) | 5.000 | 12/31/38 | 3771328 |
| 4000000 |  | Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh Medical Center, Series 2017A | 4.000 | 11/15/42 | 3755145 |
| 3865000 |  | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, Series 2012 | 5.000 | 05/01/37 | 3089851 |
| 7130000 | (h),(i) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2023-143A, (UB) | 5.450 | 04/01/51 | 7230867 |
| 6780000 | (h) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-144A, (UB) | 4.450 | 10/01/44 | 6623073 |
| 2730000 | (h) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-144A, (UB) | 4.600 | 10/01/49 | 2684932 |
| 1310000 | (h) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-144A, (UB) | 4.650 | 10/01/51 | 1289306 |
| 4545000 | (h) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A, (UB) | 4.750 | 10/01/49 | 4512879 |
| 4545000 | (h) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A, (UB) | 4.800 | 10/01/51 | 4510965 |
| 7405000 |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1 | 5.000 | 12/01/45 | 7431085 |
| 140000 |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2022B | 5.250 | 12/01/41 | 152421 |
| 1490000 |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2022B | 5.250 | 12/01/42 | 1608928 |
| 15000000 |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C - AGM Insured | 6.250 | 06/01/33 | 15480407 |
| 25430000 |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2017B-1 | 5.000 | 06/01/42 | 25791022 |
| 1500000 |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A | 3.000 | 12/01/42 | 1217608 |
| 2500000 |  | Philadelphia Authority for Industrial Development, Pennsylvania, City Service Agreement Revenue Bonds, Series 2018 | 5.000 | 05/01/36 | 2589472 |
| 2250000 |  | Philadelphia Authority for Industrial Development, Pennsylvania, City Service Agreement Revenue Bonds, Series 2018 | 5.000 | 05/01/37 | 2325139 |
| 1000000 |  | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, La Salle University, Series 2017 | 4.000 | 05/01/42 | 656919 |
| 2230000 | (b) | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana Bracetti Academy Project, Series 2020A | 5.375 | 06/15/50 | 2080725 |
| 2000000 |  | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series of 2017 | 5.000 | 07/01/29 | 2041256 |
| 7450000 |  | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series of 2017 | 5.000 | 07/01/30 | 7587956 |
| 1000000 |  | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series of 2017 | 5.000 | 07/01/31 | 1016606 |
| 3315000 |  | Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2017B, (AMT) | 5.000 | 07/01/33 | 3385650 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **31** |

---

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PENNSYLVANIA** (continued) |  |  |  |
| $2595000 | The Hospitals and Higher Education Facilities Authority of Philadelphia, Pennsylvania, Hospital Revenue Bonds Temple University Health System Obligated Group Series of 2017 | 5.000% | 07/01/33 | $2627988 |
|  | TOTAL PENNSYLVANIA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188763962 |
|  | **PUERTO RICO - 1.9%** |  |  |  |
| 2000000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 4.000 | 07/01/42 | 1797154 |
| 7164000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.550 | 07/01/40 | 7098707 |
| 118500000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/51 | 28772523 |
| 15339000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 5.000 | 07/01/58 | 15129382 |
| 1000000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Cofina Project Series 2019A-2A | 4.550 | 07/01/40 | 990886 |
| 4000000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.784 | 07/01/58 | 3813598 |
| 14500000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/37 | 13721048 |
| 5000000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/41 | 4578123 |
|  | TOTAL PUERTO RICO |  |  | 75901421 |
|  | **SOUTH CAROLINA - 0.3%** |  |  |  |
| 1485000 | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A | 5.500 | 11/01/48 | 1618474 |
| 1660000 | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A | 5.500 | 11/01/49 | 1808255 |
| 3650000 | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A | 5.500 | 11/01/50 | 3955563 |
| 1400000 | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A | 5.500 | 11/01/54 | 1494648 |
| 2500000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod Health Projects, Refunding & Improvement Series 2018 | 5.000 | 11/01/43 | 2532343 |
|  | TOTAL SOUTH CAROLINA |  |  | 11409283 |
|  | **SOUTH DAKOTA - 0.0%** |  |  |  |
| 910000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015 | 5.000 | 11/01/45 | 912814 |
|  | TOTAL SOUTH DAKOTA |  |  | 912814 |
|  | **TENNESSEE - 2.4%** |  |  |  |
| 2500000 | Bristol Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Pinnacle Project, Series 2016 | 5.625 | 06/01/35 | 2263648 |
| 4000000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024 | 5.250 | 12/01/49 | 4187064 |
| 510000 | DeKalb Utility District, DeKalb County, Tennessee, Waterworks Revenue Bonds, Refunding Series 2017 | 3.500 | 04/01/42 | 421437 |
| 4200000 | Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Ballad Health, Series 2018A | 5.000 | 07/01/36 | 4315752 |
| 4815000 | Hendersonville Industrial Development Board, Tennessee, Multifamily Housing Revenue Bonds, Hickory Pointe Project, Series 2010 | 4.875 | 12/01/25 | 4868683 |
| 145000 (g) | Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Series 2018A, (Pre-refunded 10/01/28) | 5.000 | 04/01/41 | 154758 |
| 2740000 | Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Series 2018A | 5.000 | 04/01/41 | 2778828 |

---

32 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TENNESSEE** (continued) |  |  |  |
| $1035000 (g) | Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C - NPFG Insured, (ETM) | 5.125% | 07/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045056 |
| 9570000 (g) | Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C - NPFG Insured, (ETM) | 5.250 | 07/01/28 | 9882476 |
| 2000000 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2017 | 4.000 | 04/01/36 | 1809756 |
| 310000 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2017 | 5.000 | 04/01/36 | 311279 |
| 2955000 | Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Covenant Health, Refunding Series 2016A | 5.000 | 01/01/36 | 3007679 |
| 5000000 | Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Covenant Health, Refunding Series 2016A | 5.000 | 01/01/42 | 5048454 |
| 130000 (c) | Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A | 4.750 | 07/01/27 | 117410 |
| 2930000 | Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured | 5.000 | 07/01/38 | 3191115 |
| 2500000 | Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured | 5.000 | 07/01/39 | 2707613 |
| 4000000 | Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured | 5.000 | 07/01/42 | 4244144 |
| 1320000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University, Series 2023 | 5.000 | 05/01/42 | 1380930 |
| 2000000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University, Series 2023 | 5.000 | 05/01/43 | 2085241 |
| 515000 (b) | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Rocketship Education Project, Series 2017E | 5.375 | 06/01/52 | 495280 |
| 3965000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A | 5.000 | 07/01/40 | 3980739 |
| 385000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2017A | 5.000 | 07/01/48 | 387649 |
| 10805000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Series 2023A | 5.000 | 07/01/28 | 11461544 |
| 11625000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Series 2023A | 5.000 | 07/01/33 | 12928641 |
| 490000 | Metropolitan Nashville Airport Authority, Tennessee, Special Facility Revenue Bonds, Aero Nashville LLC Project, Refunding Series 2010 | 5.200 | 07/01/26 | 490947 |
| 460000 (b) | Nashville Metropolitan Development and Housing Agency, Tennessee, Tax increment Bonds, Fifth & Broadway Development Project, Series 2018 | 4.500 | 06/01/28 | 463133 |
| 570000 (b) | Nashville Metropolitan Development and Housing Agency, Tennessee, Tax increment Bonds, Fifth & Broadway Development Project, Series 2018 | 5.125 | 06/01/36 | 575712 |
| 2100000 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B | 5.625 | 09/01/26 | 2156125 |
| 5090000 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C | 5.000 | 02/01/27 | 5178145 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **33** |

---

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TENNESSEE** (continued) |  |  |  |
| $500000 | West Knox Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding & Improvement Series 2016 | 5.000% | 06/01/41 | $500117 |
|  | TOTAL TENNESSEE |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92439355 |
|  | **TEXAS - 4.3%** |  |  |  |
| 400000 (b) | Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Improvement Area 1 Project, Series 2025 | 6.000 | 09/01/55 | 389346 |
| 1700000 (b) | Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Major Improvement Area Project, Series 2025 | 6.625 | 09/01/45 | 1676758 |
| 3600000 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020E | 5.000 | 01/01/45 | 3711774 |
| 8275000 | Chambers County Justice Center Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2024 | 5.500 | 06/01/49 | 8772165 |
| 10275000 | Chambers County Justice Center Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2024 | 5.500 | 06/01/55 | 10829925 |
| 5500000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2014A | 4.250 | 12/01/34 | 5406476 |
| 9700000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2015A | 5.000 | 12/01/50 | 9398436 |
| 300000 (b) | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Valor Education Foundation, Series 2024A | 5.750 | 06/15/44 | 294998 |
| 230000 | Dallas Fort Worth International Airport, Texas, Joint Revenue Bonds Refunding Series 2023C, (AMT) | 5.000 | 11/01/27 | 239550 |
| 2645000 | Dallas, Texas, General Obligation Bonds, Refunding and Improvement Series 2023A | 5.000 | 02/15/42 | 2803894 |
| 1000000 (b) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District Major Improvement Area Project, Series 2025 | 5.875 | 12/31/45 | 981218 |
| 700000 (b) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District, Improvement Area 1 Project, Series 2025 | 5.625 | 12/31/55 | 690844 |
| 2970000 | Elgin, Bastrop and Travis Counties, Texas, Certificates of Participation, Combination Tax Tax Increment Reinvestment Zone 1, Subordinate Lien Series 2021A - BAM Insured | 4.000 | 07/15/40 | 2795512 |
| 2000000 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B | 4.750 | 11/01/42 | 1965603 |
| 795000 | Galveston, Texas, Wharves and Terminal First Lien Revenue Bonds, Series 2023, (AMT) | 5.250 | 08/01/33 | 853842 |
| 1185000 | Galveston, Texas, Wharves and Terminal First Lien Revenue Bonds, Series 2023, (AMT) | 5.000 | 08/01/35 | 1232351 |
| 1000000 | Galveston, Texas, Wharves and Terminal First Lien Revenue Bonds, Series 2023, (AMT) | 5.250 | 08/01/37 | 1054905 |
| 795000 | Galveston, Texas, Wharves and Terminal First Lien Revenue Bonds, Series 2023, (AMT) | 5.250 | 08/01/38 | 836678 |
| 10000000 | Greater Texas Cultural Educational Facilities Finance Corporation, Texas, Revenue Bonds, Biomedical Research Institute Series 2024A | 5.250 | 06/01/54 | 10140467 |
| 8585000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men's Christian Association of the Greater Houston Area, Series 2013A | 5.000 | 06/01/33 | 8363988 |
| 4750000 | Harris County Industrial Development Corporation, Texas, Revenue Bonds, Energy Transfer LP Project, Marine Terminal Refunding Series 2023, (Mandatory Put 6/01/33) | 4.050 | 11/01/50 | 4739731 |
| 2500000 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2023A - AGM Insured, (AMT) | 5.250 | 07/01/39 | 2672055 |
| 2255000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/36 | 2379339 |
| 1340000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/37 | 1408504 |

---

34 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $1150000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500% | 07/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205206 |
| 1220000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/39 | 1276114 |
| 2560000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014 | 5.000 | 09/01/32 | 2563404 |
| 335000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014 | 5.000 | 09/01/34 | 335406 |
| 1360000 | Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015 | 5.000 | 08/15/30 | 1365854 |
| 1280000 | Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015 | 5.000 | 08/15/35 | 1284414 |
| 10000000 (h) | Lamar Consolidated Independent School District, Fort Bend County, Texas, General Obligation Bonds, Schoolhouse Series 2023, (UB) | 4.250 | 02/15/53 | 9601182 |
| 3300000 | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company - Love Field Modernization Program Project, Series 2012, (AMT) | 5.000 | 11/01/28 | 3300695 |
| 665000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Legacy at Willow Bend Project, Series 2016 | 5.000 | 11/01/46 | 541124 |
| 805000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Legacy at Willow Bend Project, Series 2016 | 5.000 | 11/01/51 | 633468 |
| 570000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Legacy Midtown Park Project, Series 2018A | 5.500 | 07/01/54 | 418347 |
| 760000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Wesleyan Homes, Inc. Project, Series 2014 | 5.500 | 01/01/43 | 719786 |
| 6625000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation - College Station I LLC - Texas A&M University Project, Series 2014A - AGM Insured | 4.100 | 04/01/34 | 6406459 |
| 10000000 (c) | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A | 5.000 | 07/01/47 | 9591854 |
| 10880000 (g) | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre- refunded 9/01/31) | 6.750 | 09/01/45 | 13015956 |
| 1000000 (b) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2024A, (AMT) | 5.125 | 01/01/44 | 1006685 |
| 555000 (b) | Princeton, Texas, Special Assessment Revenue Bonds, Winchester Crossing Public Improvement District 3 Project, Series 2024 | 5.125 | 09/01/44 | 529886 |
| 535000 | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A | 5.000 | 02/01/29 | 533694 |
| 1805000 | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A | 5.000 | 02/01/34 | 1754834 |
| 385000 | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A | 5.125 | 02/01/39 | 369506 |
| 645000 | SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007 | 5.500 | 08/01/27 | 670967 |
| 3000000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A | 5.000 | 02/15/41 | 3032423 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **35** |

---

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $1750000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.375% | 06/30/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851529 |
| 1360000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.375 | 06/30/39 | 1429278 |
| 1000000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.500 | 06/30/40 | 1054500 |
| 580000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.500 | 06/30/43 | 605374 |
| 1680000 | 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 | 12/31/37 | 1613109 |
| 1750000 | 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 | 06/30/38 | 1674623 |
| 1300000 | 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 | 06/30/39 | 1233257 |
| 1500000 | 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 | 12/31/39 | 1414097 |
| 3690000 | 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 | 06/30/40 | 3468963 |
| 5000000 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Segments 3C Project, Series 2019, (AMT) | 5.000 | 06/30/58 | 4963425 |
| 5000000 | Waco, Texas, Certificates of Obligation, Combination Tax & Revenue Series 2024A | 5.000 | 02/01/49 | 5242301 |
|  | TOTAL TEXAS |  |  | 168346079 |
|  | **UTAH - 1.3%** |  |  |  |
| 500000 (b) | Arrowhead Springs Public Infrastructure District, Utah, Special Assessment Bonds, Arrowhead Springs Assessment Area, Series 2025 | 5.625 | 12/01/54 | 500701 |
| 740000 (b) | Black Desert Public Infrastructure District, Washington County, Utah, Special Assessment Bonds, Black Desert Assessment Area 1, Series 2024 | 5.625 | 12/01/53 | 742257 |
| 500000 (b) | MIDA Mountain Village Public Infrastructure District, Utah, Subordinate Tax Allocation Revenue Bonds, Series 2024-1 | 5.125 | 06/15/54 | 475808 |
| 1000000 (b) | MIDA Mountain Village Public Infrastructure District, Utah, Subordinate Tax Allocation Revenue Bonds, Series 2024-2 | 5.500 | 06/15/39 | 1021120 |
| 3500000 | Military Installation Development Authority, Utah, Tax Allocation Revenue Bonds Series 2021A-2 | 4.000 | 06/01/41 | 3124599 |
| 2600000 (b) | Red Bridge Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2021A | 4.375 | 02/01/51 | 1885468 |
| 19115000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, (AMT) | 5.000 | 07/01/42 | 19238852 |
| 13165000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018A, (AMT) | 5.000 | 07/01/37 | 13471103 |
| 1700000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.250 | 07/01/41 | 1798097 |
| 1750000 (h) | Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024C, (UB) | 4.450 | 01/01/44 | 1711019 |
| 3470000 (h) | Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024C, (UB) | 4.650 | 01/01/49 | 3417969 |
| 660000 (h) | Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024C, (UB) | 4.700 | 01/01/54 | 659449 |
| 1000000 (b) | Wakara Ridge Public Infrastructure District, Utah, Special Assessment Bonds, Wakara Ridge Assessment Area, Series 2025 | 5.625 | 12/01/54 | 1005308 |
|  | TOTAL UTAH |  |  | 49051750 |

---

36 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **VIRGIN ISLANDS - 0.0%** |  |  |  |
| $1100000 (b) | Virgin Islands Public Finance Authority, Revenue Bonds, Frenchman's Reef Hotel Development Hotel Occupancy Series 2024A | 6.000% | 04/01/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129002 |
|  | TOTAL VIRGIN ISLANDS |  |  | 1129002 |
|  | **VIRGINIA - 1.7%** |  |  |  |
| 6000000 | Roanoke Economic Development Authority, Virginia, Hospital Revenue Bonds, Carilion Clinic Obligated Group, Series 2020D, (Mandatory Put 7/01/30) | 5.000 | 07/01/53 | 6430446 |
| 4010000 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1 | 5.000 | 06/01/47 | 3668331 |
| 5000000 | Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College & Equipment Programs, Series 2022A | 5.000 | 02/01/40 | 5356700 |
| 10000000 (h) | Virginia Housing Development Authority, Rental Housing Bonds, Series 2024A, (UB) | 4.450 | 09/01/44 | 9799674 |
| 4325000 (h) | Virginia Housing Development Authority, Rental Housing Bonds, Series 2024A, (UB) | 4.600 | 09/01/49 | 4300306 |
| 8500000 (h) | Virginia Housing Development Authority, Rental Housing Bonds, Series 2024A, (UB) | 4.650 | 09/01/54 | 8517534 |
| 2070000 | Virginia Port Authority, Commonwealth Port Fund Revenue Bonds, Series 2023A | 5.000 | 07/01/42 | 2211382 |
| 2000000 (b) | Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Provident Resource Group - Rixey Student Housing Project, Series 2019A | 5.500 | 07/01/49 | 1688800 |
| 2180000 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) | 5.000 | 12/31/47 | 2187203 |
| 13250000 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) | 5.000 | 12/31/52 | 13229930 |
| 4060000 | Virginia Small Business Financing Authority, Revenue Bonds, National Senior Campuses Inc Obligated Group, Series 2020A | 4.000 | 01/01/40 | 3801594 |
| 5695000 | Virginia Small Business Financing Authority, Revenue Bonds, National Senior Campuses Inc Obligated Group, Series 2020A | 4.000 | 01/01/45 | 5111162 |
|  | TOTAL VIRGINIA |  |  | 66303062 |
|  | **WASHINGTON - 2.6%** |  |  |  |
| 5500000 | King County Public Hospital District 4, Washington, General Obligation Bonds, Snoqualmie Valley Hospital, Refunding Limited Tax Series 2015A | 5.000 | 12/01/38 | 5413780 |
| 4735000 | Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT) | 5.000 | 06/01/43 | 4917173 |
| 4795000 | Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT) | 5.000 | 06/01/44 | 4968240 |
| 5510000 | Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT) | 5.000 | 06/01/45 | 5694087 |
| 3320000 | Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT) | 5.000 | 06/01/46 | 3431929 |
| 5590000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2017C, (AMT) | 5.000 | 05/01/30 | 5739545 |
| 10000000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2019, (AMT) | 5.000 | 04/01/37 | 10268988 |
| 6995000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2019, (AMT) | 5.000 | 04/01/38 | 7159190 |
| 4000000 | Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, Refunding & Improvement Series 2016 | 5.000 | 12/01/32 | 4031272 |
| 1120000 | Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, Refunding & Improvement Series 2016 | 5.000 | 12/01/37 | 1121637 |
| 3630000 | Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-1 | 4.000 | 08/01/44 | 3340220 |
| 2960000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2014D | 5.000 | 10/01/41 | 2965676 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **37** |

---

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WASHINGTON** (continued) |  |  |  |
| $3090000 |  | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017 | 5.000% | 08/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154469 |
| 3470000 |  | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017 | 5.000 | 08/15/34 | 3534747 |
| 2695000 |  | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017 | 5.000 | 08/15/35 | 2739793 |
| 1155000 | (b) | Washington State Housing Finance Commission, Nonprofit Refunding Revenue Bonds, Wesley Homes at Lea Hill Project, Series 2016 | 5.000 | 07/01/41 | 1006674 |
| 2000000 | (b) | Washington State Housing Finance Commission, Nonprofit Refunding Revenue Bonds, Wesley Homes at Lea Hill Project, Series 2016 | 5.000 | 07/01/46 | 1682325 |
| 3805000 | (b) | Washington State Housing Finance Commission, Nonprofit Refunding Revenue Bonds, Wesley Homes at Lea Hill Project, Series 2016 | 5.000 | 07/01/51 | 3083857 |
| 2240000 |  | Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community, Refunding Series 2012 | 5.000 | 01/01/48 | 2061691 |
| 14036844 |  | Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2023-1 Class A | 3.375 | 04/20/37 | 12356676 |
| 4540000 |  | Washington State, General Obligation Bonds, Various Purpose Series 2022A | 5.000 | 08/01/44 | 4749577 |
| 6635000 |  | Washington State, General Obligation Bonds, Various Purpose Series 2023A | 5.000 | 08/01/43 | 7008195 |
|  |  | TOTAL WASHINGTON |  |  | 100429741 |
|  |  | **WEST VIRGINIA - 0.2%** |  |  |  |
| 550000 | (b) | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Core Natural Resources, INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35) | 5.450 | 01/01/55 | 563388 |
| 1500000 |  | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Refunding & Improvement Series 2019A | 5.000 | 09/01/31 | 1556044 |
| 1800000 |  | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A | 5.000 | 06/01/38 | 1925987 |
| 1000000 |  | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A | 5.000 | 06/01/39 | 1063626 |
| 1715000 |  | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A | 5.000 | 06/01/41 | 1798508 |
|  |  | TOTAL WEST VIRGINIA |  |  | 6907553 |
|  |  | **WISCONSIN - 3.7%** |  |  |  |
| 1745000 | (b) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Cornerstone Charter Academy, North Carolina, Series 2016A | 5.000 | 02/01/36 | 1752113 |
| 815000 | (b) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Eno River Academy Project, Series 2020A | 5.000 | 06/15/40 | 809001 |
| 200000 | (b) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Founders Academy of Las Vegas, Series 2020A | 5.000 | 07/01/55 | 171602 |
| 2150000 | (b) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A | 5.000 | 06/15/46 | 1749032 |
| 1100000 |  | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North East Carolina Preparatory School Project, Refunding Series 2024A | 5.250 | 06/15/54 | 1090875 |
| 10952 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/47 | 318 |
| 9573 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/48 | 262 |
| 9420 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/49 | 242 |

---

38 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $9114 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000% | 01/01/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 |
| 8961 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/51 | 201 |
| 11641 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/52 | 242 |
| 11488 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/53 | 226 |
| 11105 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/54 | 205 |
| 10876 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/55 | 189 |
| 10646 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/56 | 175 |
| 579414 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 5.500 | 07/01/56 | 426165 |
| 11795 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/57 | 183 |
| 11488 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/58 | 168 |
| 11182 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/59 | 155 |
| 10952 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/60 | 142 |
| 10799 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/61 | 132 |
| 10493 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/62 | 121 |
| 10263 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/63 | 112 |
| 10033 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/64 | 104 |
| 9880 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/65 | 96 |
| 10646 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/66 | 96 |
| 128214 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/67 | 1046 |
| 26928 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/46 | 846 |
| 26549 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/47 | 770 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **39** |

---

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $26359 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000% | 01/01/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 |
| 26169 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/49 | 671 |
| 25790 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/50 | 612 |
| 28255 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/51 | 633 |
| 727382 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 3.750 | 07/01/51 | 500125 |
| 28066 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/52 | 583 |
| 27687 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/53 | 544 |
| 27497 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/54 | 506 |
| 27118 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/55 | 471 |
| 26738 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/56 | 441 |
| 26549 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/57 | 411 |
| 26169 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/58 | 383 |
| 25980 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/59 | 360 |
| 25790 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/60 | 335 |
| 25411 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/61 | 311 |
| 25221 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/62 | 291 |
| 24842 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/63 | 272 |
| 24652 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/64 | 256 |
| 24463 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/65 | 238 |
| 24083 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/66 | 217 |
| 313660 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/67 | 2560 |

---

40 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $2000000 | (b) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Bonnie Cone Classical Academy, Series 2024 | 5.625% | 06/15/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956982 |
| 5730000 | (b) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Bonnie Cone Classical Academy, Series 2024 | 5.625 | 06/15/59 | 5551953 |
| 1650000 | (b) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Carolina International School, Series 2013A | 7.000 | 08/01/43 | 1651394 |
| 700000 | (b) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Pinecrest Academy of Nevada, Sloan Canyon Campus Project, Refunding Series 2024A | 4.250 | 07/15/44 | 645252 |
| 2000000 |  | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cornerstone Charter Academy Series 2024 | 5.000 | 02/01/64 | 1931757 |
| 3845000 |  | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2016, (AMT) | 4.000 | 08/01/35 | 3676879 |
| 14000000 | (b) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 6.750 | 12/01/42 | 14171144 |
| 5000000 |  | Public Finance Authority of Wisconsin, Pollution Control Revenue Bonds, Duke Energy Progress Project, Refunding Series 2022B, (Mandatory Put 10/01/30) | 4.000 | 10/01/46 | 5006299 |
| 2735000 | (b),(c) | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Gulf Coast Zoo, Series 2018A | 6.500 | 09/01/48 | 1641000 |
| 2750000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group Aviation Facilities Project, Series 2021, (AMT) | 4.250 | 07/01/54 | 2254140 |
| 1360000 | (b),(c) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.250 | 01/01/38 | 612000 |
| 4065000 | (b),(c) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.375 | 01/01/48 | 1829250 |
| 1000000 | (c) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018B-2 | 0.000 | 01/01/49 | 450000 |
| 4300000 |  | Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2016A-2 | 2.875 | 05/01/27 | 4209201 |
| 10050000 | (b) | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A | 5.000 | 06/15/38 | 10080757 |
| 3360000 | (b) | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A | 5.000 | 06/15/48 | 3288158 |
| 2900000 |  | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2024A | 5.000 | 06/15/64 | 2805437 |
| 7000000 |  | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C | 4.300 | 11/01/30 | 6955976 |
| 3525000 | (b) | Public Finance Authority, Wisconsin, Tax Increment Revenue Senior Bonds, World Center Project Series 2024A | 5.000 | 06/01/41 | 3586949 |
| 1465000 | (b) | Public Finance Authority, Wisconsin, Tax Increment Revenue Subordinate Bonds, World Center Project Series 2024B | 8.000 | 06/15/42 | 1475061 |
| 6495000 | (g) | Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral Obligation Junior Series 2020D, (Pre- refunded 12/15/30) | 0.000 | 12/15/60 | 1616711 |
| 27005000 |  | Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral Obligation Junior Series 2020D - AGM Insured | 0.000 | 12/15/60 | 4193110 |
| 18000000 |  | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012 | 5.000 | 06/01/32 | 18036513 |
| 7500000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Children's Hospital of Wisconsin, Inc., Series 2017 | 4.000 | 08/15/42 | 6974118 |
| 650000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Phase 2 Project, Series 2024 | 5.450 | 10/01/39 | 656056 |
| 1880000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014 | 5.250 | 10/01/39 | 1866107 |
| 1000000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014 | 5.375 | 10/01/44 | 974480 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **41** |

---

------

Portfolio of Investments March 31, 2025 (continued)

All-American

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $3500000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014 | 5.500% | 10/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390521 |
| 6000000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Froedtert Health, Inc. Obligated Group, Series 2017A | 4.000 | 04/01/39 | 5673725 |
| 5000000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A | 5.000 | 02/15/46 | 4796210 |
| 2980000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A | 5.000 | 07/01/34 | 2946469 |
| 2100000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A | 4.350 | 07/01/36 | 2014684 |
| 5000000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014 | 5.000 | 12/01/34 | 4847657 |
| 4435000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014 | 5.000 | 12/01/44 | 3902875 |
| 4225000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014 | 5.250 | 12/01/49 | 3758230 |
|  |  | TOTAL WISCONSIN |  |  | 145943030 |
|  |  | **TOTAL MUNICIPAL BONDS<br>(Cost $3,904,971,427)** |  |  | **3901263129** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VARIABLE RATE SENIOR LOAN INTERESTS - 0.0%** |  |  |  |
|  |  | **CAPITAL GOODS - 0.0%** |  |  |  |
| 321690 | (c),(d) | KDC Agribusiness Fairless Hills LLC | 12.000 | 09/15/23 | 32 |
|  |  | TOTAL CAPITAL GOODS |  |  | 32 |
|  |  | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS<br>(Cost $321,690)** |  |  | **32** |
|  |  | **TOTAL LONG-TERM INVESTMENTS<br>(Cost $3,922,970,867)** |  |  | **3918639751** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **SHORT-TERM INVESTMENTS - 2.0%** |  |  |  |
|  |  | **MUNICIPAL BONDS - 2.0%** |  |  |  |
|  |  | **ALABAMA - 0.7%** |  |  |  |
| 26275000 | (j) | West Jefferson Industrial Development Board, Alabama, Solid Waste Disposal Revenue Bonds, Alabama Power Company Miller Plant Project, Series 2008, (AMT) | 3.800 | 12/01/38 | 26275000 |
|  |  | TOTAL ALABAMA |  |  | 26275000 |
|  |  | **CALIFORNIA - 1.3%** |  |  |  |
| 50000000 | (j) | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2023F-2 | 3.850 | 07/01/47 | 50000000 |
|  |  | TOTAL CALIFORNIA |  |  | 50000000 |
|  |  | **TOTAL MUNICIPAL BONDS<br>(Cost $76,275,000)** |  |  | **76275000** |
|  |  | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $76,275,000)** |  |  | **76275000** |
|  |  | **TOTAL INVESTMENTS - 102.3%<br>(Cost $3,999,245,867)** |  |  | **3994914751** |
|  |  | FLOATING RATE OBLIGATIONS - (4.6)% |  |  | **(178160000)** |
|  |  | OTHER ASSETS & LIABILITIES, NET - 2.3% |  |  | **89709300** |
|  |  | NET ASSETS - 100% |  |  | $**3906464051** |

---

AMT Alternative Minimum Tax

ETF Exchange-Traded Fund

ETM Escrowed to maturity

UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

42 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Affiliated holding

(b) 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 $428,085,469 or 10.7% of Total Investments.

(c) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(d) For fair value measurement disclosure purposes, investment classified as Level 3.

(e) When-issued or delayed delivery security.

(f) 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.

(g) 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.

(h) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.

(i) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(j) 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.

---

| | |
|:---|:---|
| See Notes To Financial Statements | **43** |

---

------

Portfolio of Investments March 31, 2025

Intermediate Duration

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | | | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 97.8%** |  |  |  |
|  |  | **EXCHANGE-TRADED FUNDS - 0.0%** |  |  |  |
| 75000 | (a) | Nuveen Municipal Income ETF |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861777 |
|  |  | **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $1,893,750)** |  |  | **1861777** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MORTGAGE-BACKED SECURITIES - 0.5%** |  |  |  |
| $3494647 | (b),(c) | Federal Home Loan Mortgage Corporation, Multifamily Variable Rate Certificates Guaranteed Structured Pass Through Class A Series 2024ML-023, Series 2024 ML23 | 4.287% | 04/25/42 | 3635512 |
| 13073142 |  | Federal Home Loan Mortgage Corporation, Notes, Series 2023 23-ML15 | 4.140 | 01/25/40 | 12980161 |
| 4627820 |  | Federal Home Loan Mortgage Corporation, Notes, Series 2022 M068 | 3.150 | 10/15/36 | 4135021 |
| 4659344 |  | Freddie Mac Multi-Family ML Certificates, Series ML 08, Series 2021, Series 2021 21-ML08 | 1.877 | 07/25/37 | 3770310 |
| 7915799 |  | Freddie Mac Multi-Family ML Certificates, Series ML 10, Series 2021, Series 2021 ML10 | 2.032 | 01/25/38 | 6297933 |
| 4722072 |  | Freddie Mac Multi-Family ML Certificates, Series ML 22 Class A-US, Series 2024, Series 2024 ML22 | 4.268 | 10/25/40 | 4852805 |
|  |  | **TOTAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $39,285,281)** |  |  | **35671742** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MUNICIPAL BONDS - 97.3%** |  |  |  |
|  |  | **ALABAMA - 2.5%** |  |  |  |
| 1920000 |  | Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024B | 4.250 | 10/01/39 | 1905884 |
| 3645000 |  | Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024B | 4.550 | 10/01/44 | 3604788 |
| 1390000 |  | Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024C | 4.450 | 10/01/44 | 1362195 |
| 4230000 |  | Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024D | 4.300 | 10/01/44 | 4069588 |
| 7630000 |  | Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A - AGM Insured, (AMT) | 5.000 | 10/01/31 | 7769483 |
| 5080000 |  | Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018A | 4.000 | 07/01/37 | 4912920 |
| 2880000 |  | Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018B | 5.000 | 07/01/37 | 2956648 |
| 3630000 |  | Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Project 4 Series 2019A-1, (Mandatory Put 12/01/25) | 4.000 | 12/01/49 | 3641530 |
| 6815000 |  | Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Project 8 Series 2022A, (Mandatory Put 12/01/29) | 4.000 | 12/01/52 | 6771823 |
| 3000000 |  | Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Series 2022F, (Mandatory Put 12/01/28) | 5.500 | 11/01/53 | 3153149 |
| 11605000 |  | 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 | 12399739 |
| 4000000 |  | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2023C, (Mandatory Put 6/01/32) | 5.500 | 10/01/54 | 4301448 |
| 2225000 |  | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2024C, (Mandatory Put 7/01/31) | 5.000 | 05/01/55 | 2351230 |
| 8285000 |  | 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 | 8353216 |
| 5000000 |  | Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2023 Sub B-2, (Mandatory Put 12/01/30) | 5.250 | 12/01/53 | 5349120 |
| 1045000 |  | Chatom Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, PowerSouth Energy Cooperative, Refunding Series 2020 - AGM Insured | 5.000 | 08/01/26 | 1068251 |

---

44 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ALABAMA** (continued) |  |  |  |
| $1000000 | Chatom Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, PowerSouth Energy Cooperative, Refunding Series 2020 - AGM Insured | 5.000% | 08/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051644 |
| 1000000 | Chatom Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, PowerSouth Energy Cooperative, Refunding Series 2020 - AGM Insured | 5.000 | 08/01/30 | 1070215 |
| 5515000 | Lower Alabama Gas District, Alabama, Goldman Sachs Gas Project 2 Revenue Bonds, Series 2020A, (Mandatory Put 12/01/25) | 4.000 | 12/01/50 | 5527713 |
| 2540000 | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024B, (AMT) | 4.750 | 12/01/54 | 2403909 |
| 7420000 | Mobile Industrial Development Board, Alabama, Pollution Control Revenue Refunding Bonds, Alabama Power Company Barry Plan, Series 2007A, (Mandatory Put 6/26/25) | 1.000 | 06/01/34 | 7373667 |
| 2235000 (d) | Montgomery Medical Clinic Board, Alabama, Health Care Facility Revenue Bonds, Jackson Hospital & Clinic, Series 2015 | 5.000 | 09/01/25 | 1402462 |
| 1725000 (d) | Montgomery Medical Clinic Board, Alabama, Health Care Facility Revenue Bonds, Jackson Hospital & Clinic, Series 2015 | 5.000 | 03/01/26 | 1082438 |
| 2025000 | Selma Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Refunding Series 2019A, (Mandatory Put 10/01/31) | 3.450 | 11/01/33 | 1990506 |
| 8285000 | 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 | 8236040 |
| 12000000 | 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 | 12711644 |
| 10000000 | Southeast Energy Authority, Alabama, A Cooperative District Energy Supply Revenue Bonds Series 2024A | 5.000 | 11/01/35 | 10327902 |
| 10000000 | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 2, Series 2021B-1, (Mandatory Put 12/01/31) | 4.000 | 12/01/51 | 9917979 |
| 1820000 | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 3, Fixed Rate Series 2022A-1, (Mandatory Put 12/01/29) | 5.500 | 01/01/53 | 1932314 |
| 15000000 | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 4, Series 2022B-1, (Mandatory Put 8/01/28) | 5.000 | 05/01/53 | 15504294 |
| 15395000 | Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C, (Mandatory Put 11/01/32) | 5.000 | 11/01/55 | 16377301 |
| 5345000 | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025A, (Mandatory Put 6/01/35) | 5.000 | 01/01/56 | 5571224 |
| 3500000 | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025B, (Mandatory Put 1/01/33) | 5.250 | 03/01/55 | 3675714 |
| 130000 | The Improvement District of the City of Mobile - McGowin Park Project, Alabama, Sales Tax Revenue Bonds, Series 2016A | 5.000 | 08/01/25 | 130376 |
| 4250000 (c) | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A | 5.250 | 05/01/44 | 4295127 |
| 10000000 | West Jefferson, Alabama, Industrial Development Board Pollution Control Revenue Bonds, Alabama Power Company, Refunding Series 1998 | 3.650 | 06/01/28 | 10072700 |
|  | TOTAL ALABAMA |  |  | 194626181 |
|  | **ALASKA - 0.2%** |  |  |  |
| 5000000 | Alaska Housing Finance Corporation, Collateralized Mortgage Bonds, Veterans Mortgage Program, 2024 First Series | 4.000 | 12/01/41 | 4771462 |
| 4000000 | Alaska Housing Finance Corporation, General Obligation Bonds, State Capital Project II, Series 2024A | 5.000 | 12/01/39 | 4253559 |
| 1900000 | Alaska Housing Finance Corporation, Mortgage Revenue Bonds, General Series 2022A-II | 2.350 | 12/01/39 | 1428474 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **45** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ALASKA** (continued) |  |  |  |
| $1575000 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A Class 1 | 5.000% | 06/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641798 |
|  | TOTAL ALASKA |  |  | 12095293 |
|  | **ARIZONA - 1.2%** |  |  |  |
| 1030000 | Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for Economic and Educational Development, Series 2020C. Forward Delivery | 5.000 | 08/01/26 | 1059450 |
| 3000000 | Arizona Industrial Development Authority, Single Family Mortgage Revenue Bonds, Series 2024A | 4.500 | 04/01/44 | 2953445 |
| 5705000 (e) | Arizona State, Certificates of Participation, Refunding Series 2019A, (ETM) | 5.000 | 10/01/26 | 5899108 |
| 16915000 (e) | Arizona State, Certificates of Participation, Refunding Series 2019A, (ETM) | 5.000 | 10/01/27 | 17851056 |
| 2330000 | Chandler Industrial Development Authority, Arizona, Industrial Development Revenue Bonds, Intel Corporation Project, Series 2007, (AMT), (Mandatory Put 6/15/28) | 4.100 | 12/01/37 | 2333528 |
| 2010000 | 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 | 2002911 |
| 22840000 | 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 | 23402522 |
| 775000 | Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2020 | 4.000 | 05/15/26 | 783699 |
| 1000000 | Glendale Union High School District 205, Maricopa County, Arizona, General Obligation Bonds, School Improvement, Project 2024, Series 2024A | 5.000 | 07/01/42 | 1070970 |
| 1875000 | Maricopa County and Phoenix City Industrial Development Authority, Arizona, Single Family Mortgage Revenue Bonds, Series 2024C | 4.625 | 09/01/44 | 1862594 |
| 890000 (c) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Series 2021A | 4.000 | 07/01/41 | 786540 |
| 1950000 (c) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Taxable Series 2019B | 5.000 | 07/01/39 | 1964598 |
| 460000 | Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, HonorHealth, Series 2021A | 5.000 | 09/01/27 | 480803 |
| 2070000 | Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El Paso Electric Company, Refunding Series 2009A | 3.600 | 02/01/40 | 1834669 |
| 1500000 | Maricopa County Unified School District 69 Paradise Valley, Arizona, General Obligation Bonds, School Improvement Project of 2023, Series 2025A | 5.000 | 07/01/30 | 1645667 |
| 3615000 | Northern Arizona University, Revenue Bonds, SPEED - Stimulus Plan Economic Educational Development Fund, Refunding Series 2020B - AGM Insured | 5.000 | 08/01/26 | 3724122 |
| 4220000 | Northern Arizona University, Revenue Bonds, SPEED - Stimulus Plan Economic Educational Development Fund, Refunding Series 2020B - AGM Insured | 5.000 | 08/01/27 | 4418271 |
| 3975000 | Northern Arizona University, Revenue Bonds, SPEED - Stimulus Plan Economic Educational Development Fund, Refunding Series 2020B - AGM Insured | 5.000 | 08/01/28 | 4229367 |
| 675000 | Paradise Valley Unified School District No. 69, Maricopa County, Arizona, General Obligation Bonds, School Improvement Project of 2019, Series 2022D | 5.000 | 07/01/37 | 736835 |
| 1200000 | Pima County Unified School District 1, Tucson, Arizona, General Obligation Bonds, Project of 2023 School Improvement Series 2024A - AGM Insured | 5.000 | 07/01/36 | 1316794 |
| 5000000 | Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Refunding Series 2015A | 4.000 | 12/01/33 | 5008555 |
| 1235000 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.000 | 12/01/32 | 1306260 |

---

46 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ARIZONA** (continued) |  |  |  |
| $1120000 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.000% | 12/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179830 |
| 1000000 | Tucson, Arizona, Water System Revenue Bonds, Obligations Series 2024 | 5.000 | 07/01/41 | 1078462 |
| 1400000 | Tucson, Arizona, Water System Revenue Bonds, Obligations Series 2024 | 5.000 | 07/01/42 | 1502816 |
|  | TOTAL ARIZONA |  |  | 90432872 |
|  | **ARKANSAS - 0.8%** |  |  |  |
| 3140000 (c) | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT) | 5.450 | 09/01/52 | 3217386 |
| 1165000 | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2023, (AMT) | 5.700 | 05/01/53 | 1210746 |
| 14355000 (c) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2019, (AMT) | 4.500 | 09/01/49 | 13684554 |
| 1785000 (c) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2020A, (AMT) | 4.750 | 09/01/49 | 1723024 |
| 11415000 | Arkansas Development Finance Authority, Revenue Bonds, Baptist Memorial Health Care, Refunding Series 2020B-2, (Mandatory Put 9/01/27) | 5.000 | 09/01/44 | 11540362 |
| 170000 | Arkansas Development Finance Authority, Single Family Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2024A | 4.100 | 07/01/39 | 167756 |
| 1230000 | Arkansas Development Finance Authority, Single Family Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2024A | 4.450 | 07/01/44 | 1202278 |
| 3000000 (f) | Arkansas Development Finance Authority, Single Family Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2025A | 4.600 | 07/01/45 | 2985768 |
| 610000 | Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Refunding Series 2024B | 5.000 | 12/01/37 | 664088 |
| 620000 | Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Refunding Series 2024B | 5.000 | 12/01/38 | 672175 |
| 670000 | Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Refunding Series 2024B | 5.000 | 12/01/39 | 721826 |
| 705000 | Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Refunding Series 2024B | 5.000 | 12/01/40 | 752599 |
| 2305000 | Hot Springs School District 6, Garland County, Arkansas, General Obligation Bonds, Refunding Series 2021 | 2.000 | 06/01/29 | 2100837 |
| 2500000 | Hot Springs School District 6, Garland County, Arkansas, General Obligation Bonds, Refunding Series 2021 | 2.000 | 06/01/30 | 2216430 |
| 2905000 | Hot Springs School District 6, Garland County, Arkansas, General Obligation Bonds, Refunding Series 2021 | 2.000 | 06/01/31 | 2506573 |
| 325000 | Little Rock, Arkansas, General Obligation Bonds, Capital Improvement Series 2022A | 3.875 | 02/01/43 | 324149 |
| 1610000 | Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Bonds, Series 2014 | 5.000 | 07/01/26 | 1612284 |
| 1500000 | Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Bonds, Series 2014 | 5.000 | 07/01/28 | 1504330 |
| 1935000 | Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Bonds, Series 2014 | 5.000 | 07/01/29 | 1940553 |
| 1005000 | Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Bonds, Series 2014 | 5.000 | 07/01/30 | 1007867 |
| 4595000 | Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Bonds, Series 2014 | 5.000 | 07/01/34 | 4607872 |
| 855000 | Pulaski County Public Facilities Board, Arkansas, Healthcare Revenue Bonds, Baptist Health, Series 2014 | 5.000 | 12/01/25 | 856311 |
| 715000 | Pulaski County Public Facilities Board, Arkansas, Healthcare Revenue Bonds, Baptist Health, Series 2014 | 5.000 | 12/01/27 | 715880 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **47** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ARKANSAS** (continued) |  |  |  |
| $1245000 | University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Refunding & Improvement Series 2019A | 5.000% | 11/01/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314631 |
| 1260000 | University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Refunding & Improvement Series 2019A | 5.000 | 11/01/35 | 1326901 |
| 1000000 | University of Arkansas, Various Facilities Revenue Bonds, UAMS Campus, Refunding Series 2025 | 5.000 | 09/01/32 | 1114810 |
|  | TOTAL ARKANSAS |  |  | 61691990 |
|  | **CALIFORNIA - 4.5%** |  |  |  |
| 5000000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023C, (Mandatory Put 10/01/31) | 5.250 | 01/01/54 | 5227158 |
| 5210000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023F, (Mandatory Put 11/01/30) | 5.500 | 10/01/54 | 5613708 |
| 11020000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024C, (Mandatory Put 10/01/32) | 5.000 | 08/01/55 | 11636519 |
| 9000000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024D, (Mandatory Put 9/01/32) | 5.000 | 02/01/55 | 9699303 |
| 13375000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024G, (Mandatory Put 8/01/32) | 5.000 | 11/01/55 | 14013369 |
| 9660000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024H, (Mandatory Put 8/01/33) | 5.000 | 01/01/56 | 10484382 |
| 1430000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A | 5.000 | 06/01/30 | 1513868 |
| 1310000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A | 5.000 | 06/01/32 | 1378026 |
| 635000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A | 5.000 | 06/01/33 | 665852 |
| 350000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A | 4.000 | 06/01/34 | 347861 |
| 2190000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A | 4.000 | 06/01/36 | 2151174 |
| 3000000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A | 4.000 | 06/01/38 | 2904223 |
| 1580000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A | 4.000 | 06/01/40 | 1502109 |
| 9820000 | California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2025V-5, (Mandatory Put 3/01/35) | 5.000 | 03/01/55 | 11394369 |
| 1205000 | California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2017A | 5.000 | 08/15/35 | 1213934 |
| 1345000 | California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2017A | 5.000 | 08/15/36 | 1352537 |
| 970000 | 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 | 975886 |
| 17140409 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2021-2 | 3.750 | 03/25/35 | 16772204 |
| 2813557 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2021-3 | 3.250 | 08/20/36 | 2577231 |
| 4135000 | California Infrastructure and Economic Development Bank, Revenue Bonds, California Academy of Sciences, San Francisco, Series 2024A | 3.250 | 08/01/29 | 4133565 |

---

48 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $6300000 |  | California Infrastructure and Economic Development Bank, Revenue Bonds, J Paul Getty Trust, Refunding Series 2020B-2, (Mandatory Put 10/01/26) | 3.000% | 10/01/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310006 |
| 5950000 |  | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A - AGM Insured, (AMT) | 3.250 | 12/31/32 | 5537329 |
| 4000000 |  | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, (AMT) | 5.000 | 12/31/33 | 4091770 |
| 5000000 |  | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, (AMT) | 5.000 | 12/31/34 | 5105488 |
| 2500000 |  | California Municipal Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004, (AMT), (Mandatory Put 12/01/25) | 4.100 | 12/01/44 | 2499544 |
| 2590000 | (c) | California Pollution Control Financing Authority Water Furnishing Revenue Bonds (Poseidon Resources (Channelside) LP Desalination Project), Series 2023 (AMT), (AMT) | 5.000 | 07/01/34 | 2769685 |
| 2500000 | (c) | California Pollution Control Financing Authority Water Furnishing Revenue Bonds (Poseidon Resources (Channelside) LP Desalination Project), Series 2023 (AMT), (AMT) | 5.000 | 07/01/35 | 2660147 |
| 2500000 | (c) | California Pollution Control Financing Authority Water Furnishing Revenue Bonds (Poseidon Resources (Channelside) LP Desalination Project), Series 2023 (AMT), (AMT) | 5.000 | 07/01/36 | 2647678 |
| 6055000 |  | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2015A-2, (AMT) | 3.625 | 07/01/27 | 6018379 |
| 24490000 |  | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2015A- 1, (AMT) | 3.375 | 07/01/25 | 24461298 |
| 12330000 |  | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management, Inc. Project, Refunding Series 2015B-1, (AMT) | 3.000 | 11/01/25 | 12269664 |
| 2120000 |  | California State, General Obligation Bonds, Various Purpose Series 2024 | 5.250 | 08/01/44 | 2337890 |
| 5425000 |  | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A | 5.250 | 12/01/29 | 5429104 |
| 1500000 | (c) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.000 | 12/01/27 | 1524723 |
| 2695000 | (c) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.000 | 12/01/31 | 2730420 |
| 4200000 | (c) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.000 | 12/01/36 | 4234224 |
| 6180000 | (c) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.000 | 12/01/41 | 6200615 |
| 885000 | (c) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A | 5.000 | 12/01/28 | 920510 |
| 2530000 | (c) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A | 5.000 | 12/01/33 | 2605324 |
| 3790000 | (c) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A | 5.250 | 12/01/38 | 3892608 |
| 1257 | (d),(g) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G | 5.500 | 12/31/25 | 1257 |
| 4900000 |  | Central Valley Energy Authority, California, Commodity Supply Revenue Bonds, Series 2025, (Mandatory Put 8/01/35) | 5.000 | 12/01/55 | 5307069 |
| 6000000 | (c) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Escondido Portfolio, Social Senior Lien Series 2021A-1 | 3.000 | 06/01/48 | 4310355 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **49** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $6605000 (c) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Senior Lien Series 2021A-1 | 3.000% | 07/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150878 |
| 4230000 (c) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Series 2021A-1 | 2.650 | 12/01/46 | 3293811 |
| 5145000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Senior Lien Series 2021A-1 | 3.000 | 12/01/49 | 3460062 |
| 5000000 | East County Advanced Water Purification Joint Powers Authority, California, Revenue Bonds, Green Interim Notes Subordinate Series 2024A-1 | 3.125 | 09/01/26 | 5002770 |
| 1430000 | El Dorado Union High School District, El Dorado County, California, General Obligation Bonds, Series 2020 - AGM Insured | 5.000 | 08/01/33 | 1488894 |
| 2200000 | El Dorado Union High School District, El Dorado County, California, General Obligation Bonds, Series 2020 - AGM Insured | 5.000 | 08/01/34 | 2286736 |
| 7715000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Series 2021B-2 | 0.000 | 06/01/66 | 830846 |
| 4125000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2022A-1 | 5.000 | 06/01/51 | 4176018 |
| 1300000 | Grant Joint Union High School District, Sacramento County, California, General Obligation Bonds, Capital Appreciation Election 2006 Series 2008 - AGM Insured | 0.000 | 08/01/26 | 1246786 |
| 1000000 | Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area A & C, Series 2014C | 5.000 | 09/01/30 | 1001153 |
| 1015000 | Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area A & C, Series 2014C | 5.000 | 09/01/32 | 1016044 |
| 465000 | Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area A & C, Series 2014C | 5.000 | 09/01/34 | 465391 |
| 2015000 | Las Virgenes Unified School District, Los Angeles County, California, General Obligation Bonds, 2006 Election, Series 2009B | 0.000 | 08/01/27 | 1880107 |
| 1000000 | Los Angeles Community College District, California, General Obligation Bonds, 2016 Election Series 2024E | 5.000 | 08/01/30 | 1117574 |
| 5000000 | Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax Revenue Bonds, Refunding Senior Series 2024A | 5.000 | 06/01/30 | 5571136 |
| 1220000 | Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax Revenue Bonds, Refunding Senior Series 2024A | 5.000 | 06/01/31 | 1379101 |
| 7415000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2022A, (AMT) | 5.000 | 05/15/26 | 7551401 |
| 2340000 | Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2024A | 5.000 | 07/01/26 | 2409248 |
| 5000000 | Los Angeles, California, General Obligation Bonds, Tax & Revenue Anticipation Notes, Series 2024 | 5.000 | 06/26/25 | 5022570 |
| 400000 | Menifee Union School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2016A - BAM Insured | 5.000 | 09/01/29 | 403237 |
| 5440000 | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A | 5.875 | 08/01/28 | 5897281 |
| 9635000 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A | 6.125 | 11/01/29 | 10218785 |
| 7670000 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C | 6.125 | 11/01/29 | 8134300 |

---

50 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $2280000 | Orange County Local Transportation Authority, California, Measure M2 Sales Tax Revenue Bonds, Refunding Limited Tax, Series 2025 | 5.000% | 02/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691548 |
| 8040000 | Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A | 6.750 | 08/01/40 | 8521725 |
| 2005000 (f) | Peralta Community College District, Alameda County, California, General Obligation, Refunding Series 2025 | 5.000 | 08/01/36 | 2276313 |
| 5355000 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A | 0.000 | 08/01/34 | 3824115 |
| 2115000 | Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B | 0.000 | 10/01/34 | 1448614 |
| 2000000 | Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B | 0.000 | 10/01/36 | 1246512 |
| 5000000 | San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2023A, (AMT) | 5.000 | 05/01/27 | 5170288 |
| 3000000 | San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2024A, (AMT) | 5.000 | 05/01/29 | 3166514 |
| 4020000 | Union Sanitary District Financing Authority, Alameda County, California, Revenue Bonds, Interim Notes Series 2025A | 5.000 | 03/15/30 | 4463469 |
| 3000000 | Victor Valley Union High School District, San Bernardino County, California, General Obligation Bonds, 20008 Election Series 2009A - AGC Insured | 5.750 | 08/01/31 | 3115005 |
| 1415000 | Washington Township Health Care District, California, Revenue Bonds, Refunding Series 2015A | 5.000 | 07/01/25 | 1418626 |
| 1450000 | Washington Township Health Care District, California, Revenue Bonds, Refunding Series 2015A | 3.250 | 07/01/27 | 1436024 |
| 1435000 | Washington Township Health Care District, California, Revenue Bonds, Refunding Series 2015A | 3.500 | 07/01/28 | 1413640 |
| 1355000 | Washington Township Health Care District, California, Revenue Bonds, Refunding Series 2015A | 3.750 | 07/01/29 | 1335628 |
| 2500000 | West Contra Costa Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2008B | 6.000 | 08/01/25 | 2525284 |
|  | TOTAL CALIFORNIA |  |  | 342479799 |
|  | **COLORADO - 2.7%** |  |  |  |
| 2955000 | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2021 | 4.250 | 12/01/41 | 2687742 |
| 1600000 (c) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.500 | 12/01/44 | 1631843 |
| 3015000 | Arapahoe County School District 6, Littleton, Colorado, General Obligation Bonds, Series 2019A | 5.500 | 12/01/32 | 3249301 |
| 1250000 | Arapahoe County School District 6, Littleton, Colorado, General Obligation Bonds, Series 2019A | 5.500 | 12/01/33 | 1344269 |
| 7677000 (c) | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/29 | 7685770 |
| 1115000 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2020A | 4.000 | 12/01/29 | 1077425 |
| 6460000 | Cherry Creek School District 5, Arapahoe County, Colorado, General Obligation Bonds, Series 2024 | 5.250 | 12/15/43 | 7080580 |
| 10000000 | Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017, (AMT) | 4.000 | 06/30/51 | 8572458 |
| 505000 (c) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Loveland Classical Schools Project, Series 2016 | 3.750 | 07/01/26 | 503174 |
| 1910000 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Regis University Project, Refunding Series 2016 | 5.000 | 10/01/25 | 1889962 |
| 1235000 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Regis University Project, Refunding Series 2016 | 5.000 | 10/01/30 | 1107713 |
| 1715000 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Regis University Project, Refunding Series 2016 | 3.125 | 10/01/31 | 1348336 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **51** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $5000000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2019A | 5.000% | 11/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5285442 |
| 2100000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2024A, (Mandatory Put 11/15/29) | 5.000 | 11/15/59 | 2253294 |
| 3235000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2018B, (Mandatory Put 11/20/25) | 5.000 | 11/15/48 | 3274626 |
| 4010000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/25 | 4035097 |
| 4700000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/36 | 4901901 |
| 10365000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019B-1, (Mandatory Put 8/01/25) | 5.000 | 08/01/49 | 10383280 |
| 33615000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019B-2, (Mandatory Put 8/01/26) | 5.000 | 08/01/49 | 34129205 |
| 2000000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2020A | 4.000 | 12/01/40 | 1888668 |
| 405000 (f) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A | 5.125 | 12/01/45 | 418218 |
| 14655000 (e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2016, (Pre-refunded 9/01/26) | 3.125 | 09/01/42 | 14718625 |
| 1000000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, Refunding Series 2019A | 4.000 | 01/01/36 | 993700 |
| 2755000 | Colorado Housing and Finance Authority, Single Family Mortgage Bonds, Class I Series 2021E | 2.125 | 11/01/42 | 1833167 |
| 6510000 | Colorado Housing and Finance Authority, Single Family Mortgage Bonds, Class I Series 2021H | 2.000 | 05/01/42 | 4248205 |
| 10000000 | Colorado State Education Loan Program, Tax and Revenue Anticipation Notes, Series 2024B | 5.000 | 06/30/25 | 10057122 |
| 14130000 | 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 | 8232610 |
| 525000 | Delta County Memorial Hospital District, Colorado, Enterprise Revenue Bonds, Refunding Series 2010 | 5.500 | 09/01/25 | 522411 |
| 1705000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D, (AMT) | 5.750 | 11/15/34 | 1922621 |
| 830000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D, (AMT) | 5.750 | 11/15/35 | 931366 |
| 5140000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT) | 5.000 | 12/01/35 | 5298201 |
| 1290000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2023B, (AMT) | 5.000 | 11/15/26 | 1321983 |
| 3590000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2023B, (AMT) | 5.000 | 11/15/27 | 3729155 |
| 8645000 | Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Airlines, Inc. Project, Refunding Series 2017, (AMT) | 5.000 | 10/01/32 | 8647038 |
| 1500000 | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016 | 5.000 | 12/01/31 | 1501337 |
| 500000 | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016 | 5.000 | 12/01/32 | 500277 |
| 645000 | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016 | 5.000 | 12/01/33 | 645316 |
| 3000000 | Denver School District 1, Colorado, General Obligation Bonds, Series 2025B | 5.000 | 12/01/27 | 3175391 |
| 1730000 (c) | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A | 5.250 | 12/01/39 | 1706886 |

---

52 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $330000 (c) | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A | 5.250% | 12/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325591 |
| 1000000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2024A | 5.000 | 09/01/40 | 1087625 |
| 5900000 (c) | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A | 6.750 | 12/01/34 | 5713446 |
| 635000 | Independence Water & Sanitation District, Elbert County, Colorado, Special Revenue Bonds, Refunding and Improvement Series 2024 | 5.125 | 12/01/33 | 633649 |
| 1040000 (c) | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A | 4.000 | 12/01/35 | 914336 |
| 3945000 (h) | Peak Metropolitan District 3, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Convertible Capital Appreciation Bonds, Series 2022A-2 | 0.000 | 12/01/42 | 2643659 |
| 750000 | Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Series 2021 | 4.000 | 12/01/36 | 715029 |
| 600000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 5.000 | 01/15/28 | 622636 |
| 550000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 5.000 | 07/15/28 | 573744 |
| 750000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 5.000 | 01/15/29 | 785886 |
| 500000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 5.000 | 07/15/29 | 526109 |
| 555000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 5.000 | 01/15/30 | 585991 |
| 445000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 5.000 | 07/15/30 | 471446 |
| 1035000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 5.000 | 01/15/31 | 1099787 |
| 3400000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 4.000 | 07/15/40 | 3213900 |
| 2100000 | Riverwalk Metropolitan District 2, Glendale, Arapahoe County, Colorado, Special Revenue Bonds, Series 2022A | 4.500 | 12/01/32 | 1941313 |
| 9095000 | Riverwalk Metropolitan District 2, Glendale, Arapahoe County, Colorado, Special Revenue Bonds, Series 2022A | 5.000 | 12/01/42 | 8192558 |
| 1000000 | Spring Mesa Metropolitan District, Jefferson County, Colorado, General Obligation Bonds, Refunding Series 2015 - AGC Insured | 3.750 | 12/01/44 | 884889 |
| 600000 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Special District 4, Series 2024A | 6.125 | 12/01/39 | 616474 |
| 730000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1 | 5.000 | 12/01/41 | 622189 |
| 1025000 | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 6.250 | 12/01/32 | 1011386 |
|  | TOTAL COLORADO |  |  | 207915358 |
|  | **CONNECTICUT - 1.8%** |  |  |  |
| 3400000 | Connecticut Health and Educational Facilities Authority, Chefa Revenue Bonds, Yale University, Remarketing Series 2015A | 5.000 | 07/01/35 | 3923215 |
| 4545000 | Connecticut Health and Educational Facilities Authority, Chefa Revenue Bonds, Yale University, Remarketing Series 2017B-2, (Mandatory Put 7/01/26) | 3.200 | 07/01/37 | 4546198 |
| 1785000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A | 5.000 | 07/01/33 | 1848570 |
| 4770000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A | 4.000 | 07/01/34 | 4735748 |
| 10000000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A | 4.000 | 07/01/35 | 9863463 |
| 700000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2021L-1 | 4.000 | 07/01/26 | 703994 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **53** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CONNECTICUT** (continued) |  |  |  |
| $925000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2021L-1 | 4.000% | 07/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939523 |
| 775000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2021L-1 | 4.000 | 07/01/28 | 788170 |
| 600000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2021L-1 | 4.000 | 07/01/29 | 611277 |
| 10505000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Remarketing Series 1999U | 5.000 | 07/01/33 | 11990996 |
| 10000000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2014A, (Mandatory Put 2/10/26) | 2.800 | 07/01/48 | 9967254 |
| 10480000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2016A-2, (Mandatory Put 7/01/26) | 2.000 | 07/01/42 | 10329953 |
| 5920000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Health Issue, Series 2024B, (Mandatory Put 7/01/29) | 5.000 | 07/01/49 | 6320034 |
| 1170000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2018D-1 | 4.000 | 11/15/38 | 1150686 |
| 2020000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2019B-1 | 3.300 | 11/15/39 | 1783465 |
| 1540000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2019E-1 | 2.850 | 11/15/39 | 1235947 |
| 5570000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2019F-1 | 2.750 | 11/15/37 | 4521376 |
| 5195000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2020A-1 | 2.450 | 05/15/38 | 4084323 |
| 3060000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2020A-1 | 3.500 | 11/15/45 | 3043310 |
| 5000000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2020D-1 | 2.350 | 11/15/40 | 3696753 |
| 2850000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2020E-1 | 2.350 | 11/15/40 | 2032829 |
| 10125000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2020E-3 | 1.850 | 05/15/38 | 7119196 |
| 11105000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2021B-1 | 2.100 | 11/15/40 | 7825342 |
| 22870000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2021D-1 | 2.300 | 11/15/41 | 16308652 |
| 1000000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2025A-1 | 4.500 | 11/15/45 | 977348 |
| 2000000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Sustainability Green Series 2024D-1 | 4.550 | 11/15/44 | 1981383 |
| 1345000 | Connecticut State, General Obligation Bonds, Refunding Series 2023B | 5.000 | 08/01/25 | 1354860 |
| 2000000 | Connecticut State, General Obligation Bonds, Refunding Series 2023B | 5.000 | 08/01/26 | 2060372 |
| 5400000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2024B | 5.000 | 07/01/28 | 5760919 |
| 4050000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2024B | 5.000 | 07/01/29 | 4386098 |
|  | TOTAL CONNECTICUT |  |  | 135891254 |
|  | **DELAWARE - 0.3%** |  |  |  |
| 18440000 | Delaware Economic Development Authority, Exempt Facility Revenue Bonds, NRG Energy Project, Refunding Series 2020A, (Mandatory Put 10/01/25) | 1.250 | 10/01/45 | 18176850 |
| 1945000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024A | 4.450 | 07/01/44 | 1901163 |
| 1300000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B | 4.200 | 07/01/39 | 1291145 |
| 695000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B | 4.600 | 07/01/44 | 688156 |
| 1340000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024C | 4.450 | 07/01/44 | 1313146 |

---

54 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **DELAWARE** (continued) |  |  |  |
| $2105000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024D | 4.300% | 07/01/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024119 |
| 1445000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2025A | 4.200 | 07/01/40 | 1436326 |
|  | TOTAL DELAWARE |  |  | 26830905 |
|  | **DISTRICT OF COLUMBIA - 1.8%** |  |  |  |
| 3155000 | District of Columbia Student Dormitory Revenue Bonds, Provident Group - Howard Properties LLC Issue, Series 2013 | 5.000 | 10/01/30 | 3155038 |
| 143565000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A | 0.000 | 06/15/46 | 36513619 |
| 18585000 | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Refunding Subordinate Lien Series 2014C | 4.000 | 10/01/41 | 17582111 |
| 5500000 | District of Columbia, General Obligation Bonds, Series 2024A | 5.000 | 08/01/41 | 5930351 |
| 10000000 | District of Columbia, General Obligation Bonds, Series 2024A | 5.000 | 08/01/42 | 10707796 |
| 6665000 | District of Columbia, General Obligation Bonds, Series 2024A | 5.000 | 08/01/43 | 7103199 |
| 1250000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding First Senior Lien Series 2019A | 5.000 | 10/01/33 | 1316921 |
| 2830000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding First Senior Lien Series 2019A | 5.000 | 10/01/34 | 2975932 |
| 1625000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding First Senior Lien Series 2019A | 5.000 | 10/01/36 | 1699933 |
| 4915000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2015B, (AMT) | 5.000 | 10/01/35 | 4933450 |
| 5575000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2018A, (AMT) | 5.000 | 10/01/26 | 5720762 |
| 5000000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2019A, (AMT) | 5.000 | 10/01/31 | 5243548 |
| 8300000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2021A, (AMT) | 5.000 | 10/01/27 | 8634697 |
| 2460000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2023A, (AMT) | 5.000 | 10/01/33 | 2618752 |
| 5000000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2023A, (AMT) | 5.000 | 10/01/34 | 5296614 |
| 2440000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2023A, (AMT) | 5.000 | 10/01/35 | 2571968 |
| 3620000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2024A, (AMT) | 5.000 | 10/01/27 | 3765977 |
| 5795000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2024A, (AMT) | 5.000 | 10/01/28 | 6086479 |
| 2835000 | Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds, Green Series 2021A | 5.000 | 07/15/27 | 2974815 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | 134831962 |
|  | **FLORIDA - 3.3%** |  |  |  |
| 11195000 | Broward County School Board, Florida, Certificates of Participation, Series 2022A | 5.000 | 07/01/26 | 11490011 |
| 10000000 | Broward County, Florida, Airport System Revenue Bonds, Series 2015A, (AMT) | 5.000 | 10/01/34 | 10032590 |
| 15135000 | Broward County, Florida, Airport System Revenue Bonds, Series 2015A, (AMT) | 5.000 | 10/01/35 | 15178439 |
| 5500000 | Broward County, Florida, Airport System Revenue Bonds, Series 2019A, (AMT) | 5.000 | 10/01/34 | 5716637 |
| 3315000 | Broward County, Florida, Port Facilities Revenue Bonds, Series 2019B, (AMT) | 2.250 | 09/01/29 | 3140208 |
| 1375000 | Cape Coral, Florida, Utility Improvement Assessment Bonds, Refunding Various Areas Series 2017 - AGM Insured | 2.750 | 09/01/25 | 1370965 |
| 865000 | Cape Coral, Florida, Utility Improvement Assessment Bonds, Refunding Various Areas Series 2017 - AGM Insured | 2.750 | 09/01/26 | 861783 |
| 470000 | Cape Coral, Florida, Utility Improvement Assessment Bonds, Refunding Various Areas Series 2017 - AGM Insured | 3.000 | 09/01/27 | 467071 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **55** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $9685000 | Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2015 | 5.000% | 10/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9767402 |
| 7325000 | Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2015 | 5.000 | 10/01/33 | 7387322 |
| 4195000 (c) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020 | 5.000 | 12/15/35 | 4165148 |
| 215000 (c) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2017A | 5.000 | 06/15/27 | 216303 |
| 1155000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Mater Academy Projects, Series 2020A | 5.000 | 06/15/35 | 1169310 |
| 1000000 (c) | 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 | 1001275 |
| 4870000 (c) | 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 | 5166797 |
| 22000000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/38 | 21971189 |
| 12690000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/41 | 12348969 |
| 11000000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT) | 5.000 | 07/01/44 | 11043284 |
| 3570000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.250 | 07/01/47 | 3586894 |
| 30000000 (c) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250 | 07/01/57 | 31154784 |
| 1355000 | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2016 | 5.000 | 04/01/32 | 1370351 |
| 1885000 | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2016 | 5.000 | 04/01/33 | 1904613 |
| 6015000 | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2016 | 5.000 | 04/01/34 | 6074412 |
| 4290000 | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2016 | 5.000 | 04/01/35 | 4330579 |
| 915000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2017-1 | 3.600 | 07/01/37 | 852058 |
| 1915000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2018-2 | 4.050 | 07/01/38 | 1868732 |
| 4470000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2019-1 | 3.000 | 07/01/39 | 3765234 |
| 7550000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2024-5 | 4.450 | 07/01/44 | 7401083 |
| 7890000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Social Series 2021-2 | 2.050 | 07/01/41 | 5285490 |
| 1505000 | Florida Municipal Power Agency, Power Supply Revenue Bonds, All Requirements Project, Refunding Series 2016A | 5.000 | 10/01/30 | 1543458 |
| 10180000 | Florida State Board of Education, Public Education Capital Outlay Bonds, Refunding Series 2015E | 4.000 | 06/01/34 | 10199132 |
| 1980000 | Hillsborough County Industrial Development Authority, Florida, Health System Revenue Bonds, BayCare Health System Series 2024C | 5.000 | 11/15/34 | 2214877 |
| 3375000 | Hillsborough County, Florida, Solid Waste and Resource Recovery Revenue Bonds, Refunding Series 2016A, (AMT) | 4.000 | 09/01/34 | 3376108 |

---

56 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $2000000 | JEA, Florida, Electric System Revenue Bonds, Series Three 2024A | 5.000% | 10/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2193527 |
| 5105000 | JEA, Florida, Electric System Revenue Bonds, Subordinated Series Three 2020A | 5.000 | 10/01/27 | 5355928 |
| 5060000 | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2018A | 5.000 | 04/01/53 | 5110096 |
| 2175000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014B | 5.000 | 07/01/27 | 2193464 |
| 3000000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2024A, (AMT) | 5.000 | 10/01/27 | 3120975 |
| 7350000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2024A, (AMT) | 5.000 | 10/01/29 | 7778473 |
| 7645000 | Orange County Health Facilities Authority Revenue Bonds, Florida, Presbyterian Retirement Communities Obligated Group Project Series 2023A | 4.000 | 08/01/36 | 7417444 |
| 4010000 | Orlando, Florida, Tourist Development Tax Revenue Bonds, 6th Cent Contract Payments, Refunding Senior Series 2017A - AGM Insured | 5.000 | 11/01/32 | 4156443 |
| 2015000 | Orlando, Florida, Tourist Development Tax Revenue Bonds, 6th Cent Contract Payments, Refunding Senior Series 2017A - AGM Insured | 5.000 | 11/01/34 | 2080073 |
| 1000000 | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Series 2019A-1 | 5.000 | 10/01/49 | 1019028 |
| 585000 (c) | Sawyers Landing Community Development District, Florida, Special Assessment Revenue Bonds, Series 2021 | 4.125 | 05/01/41 | 522595 |
| 315000 (c) | Seminole County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, Galileo Schools for Gifted Learning, Series 2021A | 4.000 | 06/15/36 | 294582 |
| 425000 (c) | Seminole County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, Galileo Schools for Gifted Learning, Series 2021A | 4.000 | 06/15/41 | 372697 |
| 4895000 | South Florida Water Management District, Certificates of Participation, Series 2015 | 5.000 | 10/01/33 | 4980039 |
| 1870000 | Tampa, Florida, Capital Improvement Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Series 2020A | 0.000 | 09/01/34 | 1255354 |
| 1500000 (c) | Village Community Development District 15, Florida, Special Assessment Revenue Bonds, Series 2024 | 4.000 | 05/01/34 | 1476431 |
|  | TOTAL FLORIDA |  |  | 256749657 |
|  | **GEORGIA - 2.1%** |  |  |  |
| 1000000 (c) | Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-1 | 5.000 | 04/01/34 | 999100 |
| 6000000 | Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Subordinate Lien Green Series 2023E, (AMT) | 5.000 | 07/01/33 | 6458254 |
| 7000000 | Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Subordinate Lien Green Series 2023E, (AMT) | 5.000 | 07/01/34 | 7516165 |
| 7000000 | Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Subordinate Lien Green Series 2023E, (AMT) | 5.000 | 07/01/35 | 7459790 |
| 1000000 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company Vogtle Plant, First Series 2013, (Mandatory Put 3/12/27) | 3.375 | 11/01/53 | 1002513 |
| 1315000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018A | 3.600 | 12/01/33 | 1282575 |
| 1235000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018A | 3.850 | 12/01/38 | 1155494 |
| 2940000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2019A | 3.050 | 12/01/34 | 2678461 |
| 4000000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2019A | 3.350 | 12/01/39 | 3555610 |
| 8285000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2019B | 2.950 | 12/01/39 | 6847654 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **57** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **GEORGIA** (continued) |  |  |  |
| $4250000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2021A | 2.400% | 12/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089432 |
| 960000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2023A | 4.150 | 12/01/38 | 933520 |
| 4230000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024A | 4.450 | 12/01/44 | 4124582 |
| 2725000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024C | 4.000 | 12/01/39 | 2602667 |
| 5000000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024C | 4.400 | 12/01/44 | 4900256 |
| 5765000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Sub Series 2015A-1 | 3.700 | 12/01/35 | 5517694 |
| 5000000 | Georgia State, General Obligation Bonds, Series 2015A | 4.000 | 02/01/32 | 5001440 |
| 5000000 | Georgia State, General Obligation Bonds, Series 2015A | 4.000 | 02/01/33 | 5001132 |
| 3665000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2021A, (Mandatory Put 9/01/27) | 4.000 | 07/01/52 | 3696044 |
| 10650000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022A, (Mandatory Put 12/01/29) | 4.000 | 09/01/52 | 10694744 |
| 12160000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022B, (Mandatory Put 6/01/29) | 5.000 | 12/01/52 | 12634445 |
| 17400000 (c) | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022C, (Mandatory Put 11/01/27) | 4.000 | 08/01/52 | 17370079 |
| 5000000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023B, (Mandatory Put 3/01/30) | 5.000 | 07/01/53 | 5252279 |
| 4000000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023E-1, (Mandatory Put 6/01/31) | 5.000 | 12/01/53 | 4234556 |
| 5000000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2024A-1, (Mandatory Put 9/01/31) | 5.000 | 05/01/54 | 5308725 |
| 13210000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2024D, (Mandatory Put 4/01/31) | 5.000 | 04/01/54 | 14005642 |
| 3000000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2024E, (Mandatory Put 12/01/32) | 5.000 | 05/01/55 | 3174887 |
| 12000000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2025A, (Mandatory Put 6/01/32) | 5.000 | 06/01/55 | 12811950 |
|  | TOTAL GEORGIA |  |  | 159309690 |
|  | **GUAM - 0.2%** |  |  |  |
| 400000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A | 5.000 | 07/01/26 | 409039 |
| 450000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A | 5.000 | 07/01/27 | 467265 |
| 800000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A | 5.000 | 07/01/28 | 841884 |
| 1250000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A | 5.000 | 07/01/30 | 1339498 |
| 1095000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A | 5.000 | 07/01/35 | 1178295 |
| 1450000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A | 5.000 | 07/01/36 | 1562696 |
| 1350000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A | 5.000 | 07/01/37 | 1447270 |
| 630000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A | 5.000 | 07/01/38 | 671977 |
| 500000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024B | 5.000 | 07/01/25 | 502213 |
| 650000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024B | 5.000 | 07/01/26 | 664688 |
| 500000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024B | 5.000 | 07/01/27 | 519184 |
| 1000000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024B | 5.000 | 07/01/28 | 1052356 |
| 1000000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024B | 5.000 | 07/01/29 | 1062401 |

---

58 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **GUAM** (continued) |  |  |  |
| $1100000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024B | 5.000% | 07/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178758 |
|  | TOTAL GUAM |  |  | 12897524 |
|  | **HAWAII - 0.7%** |  |  |  |
| 21210000 | 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 | 17645539 |
| 6500000 | 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 | 6362707 |
| 4160000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, Series 2015A | 5.000 | 07/01/26 | 4179830 |
| 4510000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, Series 2015A | 5.000 | 07/01/27 | 4529271 |
| 7050000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, Series 2015A | 5.000 | 07/01/28 | 7079634 |
| 7825000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, Series 2015A | 5.000 | 07/01/29 | 7856168 |
| 1245000 (f) | Honolulu City and County, Hawaii, Wastewater System Revenue Bonds, First Bond Resolution, Senior Refunding Series 2025A | 5.000 | 07/01/36 | 1406442 |
| 1300000 (f) | Honolulu City and County, Hawaii, Wastewater System Revenue Bonds, First Bond Resolution, Senior Refunding Series 2025A | 5.000 | 07/01/37 | 1457748 |
|  | TOTAL HAWAII |  |  | 50517339 |
|  | **IDAHO - 0.3%** |  |  |  |
| 310000 | Boise City, Idaho, Airport Revenue Bonds, Aircraft Maintenance Facilities Project, Subordinate Series 2015, (AMT) | 3.750 | 09/01/32 | 298984 |
| 1455000 | Boise City, Idaho, Airport Revenue Bonds, Employee Parking Facilities Project, Series 2021B, (AMT) | 4.000 | 09/01/46 | 1299300 |
| 1210000 | Boise City, Idaho, Airport Revenue Bonds, Public Parking Facilities Project, Refunding Series 2021A | 5.000 | 09/01/46 | 1255959 |
| 1000000 (c) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Victory Charter School, Inc. Project, Refunding Series 2016A | 5.000 | 07/01/39 | 956560 |
| 895000 | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2019C | 2.900 | 07/01/39 | 740275 |
| 4975000 | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A | 4.450 | 01/01/44 | 4870291 |
| 12230000 (c) | Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2021 | 3.750 | 09/01/51 | 11248201 |
|  | TOTAL IDAHO |  |  | 20669570 |
|  | **ILLINOIS - 8.3%** |  |  |  |
| 4700000 | Berwyn, Cook County, Illinois, General Obligation Bonds, Series 2014A | 5.000 | 12/01/34 | 4514683 |
| 940000 | Cary, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2016 - BAM Insured | 2.700 | 03/01/26 | 933853 |
| 1026000 | Cary, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2016 - BAM Insured | 2.900 | 03/01/28 | 1005765 |
| 943000 | Cary, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2016 - BAM Insured | 3.050 | 03/01/30 | 926740 |
| 930000 | Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016 - BAM Insured | 2.700 | 03/01/26 | 923919 |
| 1391000 | Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016 - BAM Insured | 2.900 | 03/01/28 | 1363566 |
| 1418000 | Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016 - BAM Insured | 3.050 | 03/01/30 | 1393549 |
| 29585000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 | 6.000 | 04/01/46 | 30256982 |
| 1860000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2017 | 5.000 | 04/01/33 | 1889732 |
| 1000000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2017 | 5.000 | 04/01/42 | 1003772 |
| 1150000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2018 | 5.000 | 04/01/37 | 1171736 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **59** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $10900000 (c) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B | 7.000% | 12/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11497624 |
| 3125000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017C | 5.000 | 12/01/27 | 3198523 |
| 10425000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017C | 5.000 | 12/01/30 | 10492501 |
| 2600000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017D | 5.000 | 12/01/31 | 2612743 |
| 2700000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017G | 5.000 | 12/01/34 | 2681871 |
| 8925000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017H | 5.000 | 12/01/36 | 8702628 |
| 1000000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2018A | 5.000 | 12/01/33 | 1010110 |
| 1500000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2018A | 5.000 | 12/01/35 | 1500263 |
| 2545000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2019A | 0.000 | 12/01/26 | 2382265 |
| 3930000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2019B | 5.000 | 12/01/33 | 3995975 |
| 19585000 (c) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A | 7.000 | 12/01/46 | 20550650 |
| 3000000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A | 5.000 | 12/01/30 | 3106573 |
| 10110000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A | 5.500 | 12/01/31 | 10764300 |
| 5950000 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2020A | 5.000 | 12/01/45 | 6016150 |
| 6000000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2018B | 5.000 | 01/01/37 | 6270683 |
| 1000000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2022A | 4.500 | 01/01/48 | 953548 |
| 3320000 | Chicago, Illinois, General Obligation Bonds, Chicago Works Series 2023A | 5.250 | 01/01/38 | 3475409 |
| 2045000 (e) | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, (ETM) | 5.000 | 01/01/26 | 2077298 |
| 4740000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/29 | 4973651 |
| 7965000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/30 | 8414505 |
| 715000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2024A | 5.000 | 01/01/26 | 725758 |
| 1100000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2024A | 5.000 | 01/01/27 | 1125719 |
| 1250000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2024A | 5.000 | 01/01/28 | 1295906 |
| 1500000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2024A | 5.000 | 01/01/29 | 1568577 |
| 1000000 | Cook County Community Consolidated School District 64, Illinois, Park Ridge, General Obligation Bonds, School Series 2025 | 5.000 | 12/01/43 | 1057857 |
| 2500000 | Cook County Community Consolidated School District 64, Illinois, Park Ridge, General Obligation Bonds, School Series 2025 | 4.250 | 12/01/47 | 2367774 |
| 3440000 | Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A | 4.000 | 11/15/41 | 3273162 |
| 1150000 | DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Limited Tax Series 2025 | 5.000 | 11/01/28 | 1229239 |
| 4010000 | DuPage County School District 58 Downers Grove, Illinois, General Obligation Bonds, School Series 2022 | 5.250 | 12/15/39 | 4383157 |
| 1000000 | Effingham and Clay Counties Community Unit School District Number 40, Effingham, Illinois, General Obligation Bonds, School Series 2019A - BAM Insured | 4.000 | 12/01/30 | 1021386 |

---

60 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $1000000 | Effingham and Clay Counties Community Unit School District Number 40, Effingham, Illinois, General Obligation Bonds, School Series 2019A - BAM Insured | 4.000% | 12/01/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006382 |
| 1395000 | Effingham and Clay Counties Community Unit School District Number 40, Effingham, Illinois, General Obligation Bonds, School Series 2019A - BAM Insured | 4.000 | 12/01/35 | 1396943 |
| 1455000 | Effingham and Clay Counties Community Unit School District Number 40, Effingham, Illinois, General Obligation Bonds, School Series 2019A - BAM Insured | 4.000 | 12/01/36 | 1448473 |
| 2975000 | Elmhurst Park District, DuPage and Cook Counties, Illinois, General Obligation Bonds, Series 2025 | 4.125 | 12/15/45 | 2819851 |
| 1016000 | Huntley, Illinois, Special Tax Bonds, Special Service Area 9, Refunding Series 2017 - BAM Insured | 3.000 | 03/01/26 | 1015653 |
| 1045000 | Huntley, Illinois, Special Tax Bonds, Special Service Area 9, Refunding Series 2017 - BAM Insured | 3.150 | 03/01/27 | 1045644 |
| 4560000 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2008A-2 | 4.000 | 11/01/30 | 4618350 |
| 4965000 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2008A-3 | 5.000 | 11/01/30 | 5136133 |
| 6660000 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2008A-1 | 4.000 | 11/01/30 | 6745424 |
| 6400000 | Illinois Finance Authority, Revenue Bonds, Ann & Robert H. Lurie Children's Hospital of Chicago, Refunding Series 2017 | 4.000 | 08/15/39 | 6055713 |
| 2105000 | Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2016 | 5.000 | 03/01/30 | 2137746 |
| 915000 (e) | Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C, (Pre-refunded 2/15/27) | 4.000 | 02/15/41 | 930046 |
| 28095000 | Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C | 4.000 | 02/15/41 | 26122950 |
| 2375000 | Illinois Finance Authority, Revenue Bonds, Ascension Health/ fkaPresence Health Network, Series 2016C | 3.625 | 02/15/32 | 2342890 |
| 10000000 | Illinois Finance Authority, Revenue Bonds, Ascension Health/ fkaPresence Health Network, Series 2016C | 3.750 | 02/15/34 | 9771451 |
| 70000 (e) | Illinois Finance Authority, Revenue Bonds, Ascension Health/ fkaPresence Health Network, Series 2016C, (Pre-refunded 2/15/27) | 4.000 | 02/15/41 | 71151 |
| 1505000 (e) | Illinois Finance Authority, Revenue Bonds, Ascension Health/ fkaPresence Health Network, Series 2016C, (Pre-refunded 2/15/27) | 4.000 | 02/15/41 | 1529747 |
| 2505000 | Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2019 | 5.000 | 04/01/31 | 2643226 |
| 1300000 | Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2019 | 5.000 | 04/01/32 | 1369006 |
| 4500000 | Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2019 | 5.000 | 04/01/34 | 4708392 |
| 7610000 | Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2019 | 5.000 | 04/01/36 | 7922642 |
| 2410000 (e) | Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Refunding Series 2016A, (Pre-refunded 7/01/26) | 5.000 | 07/01/33 | 2476809 |
| 3170000 (e) | Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Refunding Series 2016A, (Pre-refunded 7/01/26) | 5.000 | 07/01/34 | 3257877 |
| 5000000 (e) | Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Refunding Series 2016A, (Pre-refunded 7/01/26) | 5.000 | 07/01/35 | 5138607 |
| 1000000 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A | 5.000 | 11/15/27 | 1009659 |
| 1890000 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A | 5.000 | 11/15/28 | 1907144 |
| 2000000 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A | 5.000 | 11/15/29 | 2016913 |
| 1545000 | Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007 | 5.400 | 04/01/27 | 1539190 |
| 2900000 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A | 5.000 | 11/15/29 | 2904749 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **61** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $1500000 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015B | 5.000% | 11/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502679 |
| 2220000 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C | 5.000 | 08/15/35 | 2226752 |
| 5750000 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C | 5.000 | 08/15/44 | 5713851 |
| 1545000 | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Refunding Series 2017C | 5.000 | 03/01/32 | 1573523 |
| 2750000 | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Refunding Series 2017C | 5.000 | 03/01/33 | 2796008 |
| 1975000 | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Refunding Series 2017C | 5.000 | 03/01/34 | 2003500 |
| 1815000 | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Refunding Series 2017C | 4.000 | 03/01/35 | 1730931 |
| 3125000 | Illinois Finance Authority, Revenue Bonds, University of Chicago Medicine, Series 2022A, (Mandatory Put 8/15/27) | 5.000 | 08/15/52 | 3239748 |
| 13320000 | Illinois Finance Authority, Revenue Bonds, University of Chicago Medicine, Series 2022B-1, (Mandatory Put 8/15/25) | 5.000 | 08/15/52 | 13344135 |
| 13360000 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2014A | 4.000 | 10/01/38 | 13031023 |
| 5080000 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2021B, (Mandatory Put 8/15/31) | 5.000 | 08/15/53 | 5468476 |
| 7500000 (c) | Illinois Finance Authority, Surface Freight Transfer Facilities Revenue Bonds, CenterPointJoliet Terminal Railroad Project, Series 2016, (AMT), (Mandatory Put 12/31/34) | 4.125 | 12/01/43 | 7382623 |
| 13655000 (c) | 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 | 13432739 |
| 21355000 | Illinois Housing Development Authority, Revenue Bonds, Green Series 2021B | 2.150 | 10/01/41 | 14799508 |
| 560000 | Illinois Housing Development Authority, Revenue Bonds, Series 2019D | 2.950 | 10/01/39 | 464486 |
| 5435000 | Illinois Housing Development Authority, Revenue Bonds, Social Series 2024I | 4.450 | 10/01/44 | 5326281 |
| 1000000 | Illinois State, General Obligation Bonds, June Series 2016 | 5.000 | 06/01/28 | 1017617 |
| 3090000 | Illinois State, General Obligation Bonds, June Series 2016 | 3.500 | 06/01/29 | 3040873 |
| 2180000 | Illinois State, General Obligation Bonds, May Refunding Series 2023D | 5.000 | 07/01/25 | 2190231 |
| 12200000 | Illinois State, General Obligation Bonds, November Series 2016 | 5.000 | 11/01/26 | 12543179 |
| 2820000 | Illinois State, General Obligation Bonds, November Series 2017C | 5.000 | 11/01/29 | 2924266 |
| 1635000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/25 | 1652769 |
| 3575000 | Illinois State, General Obligation Bonds, November Series 2017D | 3.250 | 11/01/26 | 3572047 |
| 10105000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/26 | 10392405 |
| 20375000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/27 | 21245402 |
| 1560000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/28 | 1621278 |
| 2000000 | Illinois State, General Obligation Bonds, November Series 2019B | 5.000 | 11/01/30 | 2119911 |
| 4000000 | Illinois State, General Obligation Bonds, Refunding June Series 2022B | 5.000 | 03/01/26 | 4068390 |
| 3560000 | Illinois State, General Obligation Bonds, Refunding October Series 2024 | 5.000 | 02/01/27 | 3673709 |
| 2000000 | Illinois State, General Obligation Bonds, Refunding October Series 2024 | 5.000 | 02/01/28 | 2090057 |
| 2205000 | Illinois State, General Obligation Bonds, Refunding October Series 2024 | 5.000 | 02/01/29 | 2328259 |
| 1600000 | Illinois State, General Obligation Bonds, Refunding September Series 2018B | 5.000 | 10/01/32 | 1665711 |
| 2035000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2016A | 5.000 | 12/01/31 | 2058007 |
| 11400000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2016A | 5.000 | 12/01/32 | 11524262 |
| 5800000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Series 2024A | 5.000 | 01/01/36 | 6432638 |

---

62 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $9860000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014C | 5.000% | 01/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9868974 |
| 10000000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014C | 5.000 | 01/01/39 | 10023292 |
| 12615000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A | 5.000 | 01/01/40 | 12655093 |
| 3060000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B | 5.000 | 01/01/40 | 3083528 |
| 5035000 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001 - FGIC Insured | 6.000 | 11/01/26 | 5147366 |
| 12020000 | Kendall, Kane, and Will Counties Community Unit School District 308 Oswego, Illinois, General Obligation Bonds, Refunding School Series 2016 | 5.000 | 02/01/34 | 12139502 |
| 3465000 | Kendall, Kane, and Will Counties Community Unit School District 308 Oswego, Illinois, General Obligation Bonds, Refunding School Series 2016 | 5.000 | 02/01/35 | 3497743 |
| 1485000 | LaSalle and Bureau Counties High School District 120 LaSalle- Peru, Illinois, General Obligation Bonds, School Building Series 2017 - BAM Insured | 5.000 | 12/01/30 | 1537838 |
| 1165000 | LaSalle and Bureau Counties High School District 120 LaSalle- Peru, Illinois, General Obligation Bonds, School Building Series 2017 - BAM Insured | 5.000 | 12/01/31 | 1205680 |
| 1645000 | LaSalle and Bureau Counties High School District 120 LaSalle- Peru, Illinois, General Obligation Bonds, School Building Series 2017 - BAM Insured | 5.000 | 12/01/32 | 1701081 |
| 1725000 | LaSalle and Bureau Counties High School District 120 LaSalle- Peru, Illinois, General Obligation Bonds, School Building Series 2017 - BAM Insured | 5.000 | 12/01/33 | 1782383 |
| 1815000 | LaSalle and Bureau Counties High School District 120 LaSalle- Peru, Illinois, General Obligation Bonds, School Building Series 2017 - BAM Insured | 5.000 | 12/01/34 | 1873879 |
| 1845000 | LaSalle County, Illinois, General Obligation Bonds, Self-Insurance Series 2019 | 4.000 | 12/01/27 | 1885644 |
| 1925000 | LaSalle County, Illinois, General Obligation Bonds, Self-Insurance Series 2019 | 4.000 | 12/01/28 | 1967697 |
| 1560000 | LaSalle County, Illinois, General Obligation Bonds, Self-Insurance Series 2019 | 4.000 | 12/01/29 | 1591325 |
| 2430000 | Madison County Community Unit School District 7 Edwardsville, Illinois, General Obligation Bonds, Series 2017A | 5.000 | 12/01/28 | 2455936 |
| 2500000 | Madison County Community Unit School District 7 Edwardsville, Illinois, General Obligation Bonds, Series 2017A | 5.000 | 12/01/29 | 2525856 |
| 1500000 | Madison, Macoupin, Jersey, Calhoun, Morgan, Scott, and Greene Counties Community College District 536, Illinois, General Obligation Bonds, Lewis & Clark Community College, Refunding Series 2017A - AGM Insured | 5.000 | 11/01/31 | 1547089 |
| 4380000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A | 4.000 | 06/15/50 | 3778149 |
| 1905000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2012B | 0.000 | 12/15/51 | 480948 |
| 1810000 (h) | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B | 0.000 | 12/15/37 | 1366234 |
| 9045000 (h) | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B | 0.000 | 12/15/42 | 6542539 |
| 6000000 (h) | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B | 0.000 | 12/15/47 | 4228786 |
| 1000000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2020B | 5.000 | 06/15/42 | 1026377 |
| 9580000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 12/15/29 | 8043580 |
| 3970000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A | 0.000 | 06/15/30 | 3266233 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **63** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $15000000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - AGM Insured | 0.000% | 12/15/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7435714 |
| 345000 | Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2018 - BAM Insured | 3.100 | 03/01/26 | 345210 |
| 400000 | Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2018 - BAM Insured | 3.200 | 03/01/27 | 398461 |
| 275000 | Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2018 - BAM Insured | 3.300 | 03/01/28 | 272722 |
| 471000 | Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2018 - BAM Insured | 3.450 | 03/01/30 | 468227 |
| 320000 | Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment Project, Senior Lien Series 2019 | 4.250 | 01/01/29 | 312322 |
| 325000 | Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Series 2021 - BAM Insured | 5.000 | 10/01/27 | 336919 |
| 650000 | Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Series 2021 - BAM Insured | 5.000 | 10/01/28 | 679421 |
| 1491000 | Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014 - AGM Insured | 5.000 | 03/01/29 | 1492704 |
| 8985000 (e) | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2017, (ETM) | 5.000 | 06/01/25 | 9015130 |
| 3040000 (e) | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2017, (Pre-refunded 6/01/26) | 5.000 | 06/01/27 | 3115277 |
| 1283000 | Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Areas 1, 3 & 4, Refunding Series 2017 - BAM Insured | 3.700 | 03/01/29 | 1286455 |
| 1073000 | Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Areas 1, 3 & 4, Refunding Series 2017 - BAM Insured | 3.800 | 03/01/30 | 1076694 |
| 2187000 | Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Areas 1, 3 & 4, Refunding Series 2017 - BAM Insured | 4.000 | 03/01/33 | 2204618 |
| 2125000 | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Refunding Second Lien Series 2024A | 5.000 | 01/01/37 | 2343986 |
| 2425000 | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Second Lien Series 2020A | 5.000 | 01/01/36 | 2562957 |
| 2435000 | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Second Lien Series 2020A - BAM Insured | 5.000 | 01/01/37 | 2553325 |
| 2935000 | Southwestern Illinois Development Authority, Local Government Program Revenue Bonds, Southwestern Illinois Flood District Council Project, Series 2016B | 4.000 | 10/15/40 | 2724521 |
| 965000 | Southwestern Illinois Development Authority, Local Government Program Revenue Bonds, Southwestern Illinois Flood District Council Project, Series 2020 | 4.000 | 04/15/34 | 972973 |
| 1250000 | Southwestern Illinois Development Authority, Local Government Program Revenue Bonds, Southwestern Illinois Flood District Council Project, Series 2020 | 4.000 | 10/15/35 | 1252921 |
| 5675000 | Will County Community High School District 210 Lincoln- Way, Illinois, General Obligation Bonds, Capital Appreciation Refunding School Series 2013B | 0.000 | 01/01/30 | 4716621 |
| 5000000 (e) | Will County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2016, (Pre-refunded 11/15/25) | 5.000 | 11/15/41 | 5068067 |
| 3855000 | Winnebago-Boone Counties School District 205 Rockford, Illinois, General Obligation Bonds, Series 2013 | 0.000 | 02/01/26 | 3739591 |
|  | TOTAL ILLINOIS |  |  | 638993725 |
|  | **INDIANA - 2.5%** |  |  |  |
| 2100000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Earlham College, Refunding Series 2013A | 5.000 | 10/01/32 | 2069511 |
| 3500000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, University of Indianapolis Project, Series 2017 | 5.000 | 10/01/43 | 3324642 |
| 3070000 | 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 | 2986089 |

---

64 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **INDIANA** (continued) |  |  |  |
| $6750000 | Indiana Finance Authority, Environmental Facilities Revenue Bonds, Indianapolis Power & Light Company Project, Refunding Series 2021B, (Mandatory Put 8/01/26) | 1.400% | 08/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5915410 |
| 4000000 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, Southern Indiana Gas & Electric Company, Refunding Series 2013A, (AMT), (Mandatory Put 8/01/28) | 4.000 | 05/01/43 | 3977838 |
| 2375000 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2021A | 4.125 | 12/01/26 | 2378198 |
| 6440000 | Indiana Finance Authority, Hospital Revenue Bonds, Goshen Health, Series 2019B, (Mandatory Put 11/01/26) | 2.100 | 11/01/49 | 6256605 |
| 12830000 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Long Term Rate Series 2023B-3, (Mandatory Put 7/01/32) | 5.000 | 10/01/55 | 14118720 |
| 4260000 | Indiana Finance Authority, Lease Appropriation Bonds, Stadium Project, Refunding Series 2015A | 5.250 | 02/01/37 | 4277870 |
| 1710000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A | 5.000 | 10/01/26 | 1712898 |
| 1470000 | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Series 2021A | 2.050 | 07/01/41 | 984749 |
| 11335000 | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Social PAC Series 2021B | 2.125 | 07/01/41 | 7843977 |
| 1500000 | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2024A-1 | 4.500 | 07/01/44 | 1474279 |
| 5000000 | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2024B-1 | 4.650 | 07/01/44 | 4971288 |
| 7665000 | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2024C-1 | 4.550 | 07/01/44 | 7582018 |
| 14375000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project Revenue Bonds, Refunding Series 2019D, (AMT) | 5.000 | 01/01/27 | 14743078 |
| 4225000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project Revenue Bonds, Refunding Series 2019D, (AMT) | 5.000 | 01/01/29 | 4437809 |
| 3000000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project Revenue Bonds, Series 2023I-2, (AMT) | 5.000 | 01/01/27 | 3076816 |
| 3150000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project Revenue Bonds, Series 2023I-2, (AMT) | 5.000 | 01/01/28 | 3275742 |
| 2250000 | IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Social Series 2024 | 5.000 | 07/15/41 | 2386557 |
| 5000000 | IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Social Series 2024 | 5.000 | 07/15/42 | 5263019 |
| 3075000 | IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Social Series 2024 | 5.000 | 07/15/43 | 3220782 |
| 2500000 | IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Social Series 2024 | 5.000 | 07/15/44 | 2607753 |
| 4000000 | Mount Vernon, Indiana, Environmental Improvement Revenue Bonds, Southern Indiana Gas and Electric Company Project, Series 2015, (AMT), (Mandatory Put 9/01/28) | 4.250 | 09/01/55 | 4019468 |
| 33040000 | Richmond Hospital Authority, Indiana, Revenue Bonds, Reid Hospital Project, Refunding Series 2018B | 5.000 | 01/01/36 | 33305969 |
| 2740000 (c) | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Refunding Series 2024, (AMT) | 4.500 | 01/01/34 | 2779805 |
| 1800000 | Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014 | 5.000 | 02/01/29 | 1803143 |
| 1025000 | Vanderburgh County,Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014 | 5.000 | 02/01/26 | 1026833 |
| 1805000 | Vanderburgh County,Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014 | 5.000 | 02/01/27 | 1808152 |
| 2700000 | Vanderburgh County,Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014 | 5.000 | 02/01/31 | 2704714 |
| 1215000 | Westfield-Washington Multi-School Building Corporation, Hamilton County, Indiana, First Mortgage Bonds, Series 2024A - BAM Insured | 5.250 | 07/15/39 | 1336263 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **65** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **INDIANA** (continued) |  |  |  |
| $1750000 | Westfield-Washington Multi-School Building Corporation, Hamilton County, Indiana, First Mortgage Bonds, Series 2024A - BAM Insured | 5.250% | 07/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890421 |
| 31305000 | Whiting, Indiana, Environmental Facilities Refunding Revenue Bonds, BP Products North America Inc. Project, Refunding Series 2019A, (AMT), (Mandatory Put 6/05/26) | 5.000 | 12/01/44 | 31710043 |
|  | TOTAL INDIANA |  |  | 191270459 |
|  | **IOWA - 0.9%** |  |  |  |
| 7300000 | Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014C | 4.125 | 02/15/35 | 7100079 |
| 5555000 (e) | 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 | 5892105 |
| 8930000 (e) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (Mandatory Put 12/01/42) | 5.000 | 12/01/50 | 10076959 |
| 3305000 (e) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32) | 5.000 | 12/01/50 | 3729491 |
| 2000000 | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2019D | 2.600 | 07/01/37 | 1641106 |
| 6780000 | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2020A | 3.750 | 01/01/50 | 6787487 |
| 7400000 | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Social Series 2021B | 2.200 | 07/01/41 | 5198863 |
| 2250000 | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Social Series 2021D | 2.100 | 07/01/38 | 1657039 |
| 2835000 | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Social Series 2024C | 4.500 | 07/01/44 | 2786387 |
| 4670000 | Iowa Finance Authority, State Revolving Fund Revenue Bonds, Green Series 2024A | 5.000 | 08/01/34 | 5312047 |
| 855000 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset- Backed Bonds, Seenior Lien Series Class 2 Series 2021B-1 | 4.000 | 06/01/49 | 808034 |
| 800000 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset- Backed Bonds, Senior Class 1 Series 2021A-2 | 5.000 | 06/01/27 | 823280 |
| 2100000 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset- Backed Bonds, Senior Class 1 Series 2021A-2 | 5.000 | 06/01/28 | 2184833 |
| 1600000 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset- Backed Bonds, Senior Class 1 Series 2021A-2 | 5.000 | 06/01/30 | 1693658 |
| 1605000 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset- Backed Bonds, Senior Class 1 Series 2021A-2 | 5.000 | 06/01/31 | 1712648 |
| 1610000 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset- Backed Bonds, Senior Class 1 Series 2021A-2 | 5.000 | 06/01/32 | 1713022 |
| 1000000 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset- Backed Bonds, Senior Class 1 Series 2021A-2 | 5.000 | 06/01/33 | 1060629 |
| 8000000 | PEFA Inc., Public Energy Facilities Authority, Inc., Iowa, Gas Project Revenue Bonds, Series 2019, (Mandatory Put 9/01/26) | 5.000 | 09/01/49 | 8146679 |
|  | TOTAL IOWA |  |  | 68324346 |
|  | **KANSAS - 0.3%** |  |  |  |
| 7950000 | Kansas Department of Transportation, Highway Revenue Bonds, Series 2015B | 5.000 | 09/01/29 | 8016330 |
| 5000000 | Kansas Development Finance Authority, Hospital Revenue Bonds, Advent Health Obligated Group, Series 2021B, (Mandatory Put 11/15/31) | 5.000 | 11/15/54 | 5479954 |
| 3280000 | Kansas Development Finance Authority, Hospital Revenue Bonds, Advent Health Obligated Group, Series 2021B, (Mandatory Put 11/15/28) | 5.000 | 11/15/54 | 3496286 |
| 5000000 | Manhattan, Kansas, General Obligation Bonds, Temporary Notes, Series 2024-02 - BAM Insured | 5.000 | 06/15/28 | 5098867 |
| 2400000 (c) | 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 | 2479317 |
|  | TOTAL KANSAS |  |  | 24570754 |

---

66 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **KENTUCKY - 1.6%** |  |  |  |
| $110000 | Ashland, Kentucky, Medical Center Revenue Bonds, Ashland Hospital Corporation d/b/a King's Daughters Medical Center Project, Refunding Series 2019 | 4.000% | 02/01/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106812 |
| 500000 | Ashland, Kentucky, Medical Center Revenue Bonds, Ashland Hospital Corporation d/b/a King's Daughters Medical Center Project, Refunding Series 2019 | 4.000 | 02/01/34 | 480022 |
| 180000 | Ashland, Kentucky, Medical Center Revenue Bonds, Ashland Hospital Corporation d/b/a King's Daughters Medical Center Project, Refunding Series 2019 | 4.000 | 02/01/35 | 171021 |
| 1110000 | 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 | 1045893 |
| 5000000 | Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities Company Project, Refunding Series 2006B, (AMT) | 2.125 | 10/01/34 | 3918211 |
| 21375000 | Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities Company Project, Series 2008A, (AMT) | 2.000 | 02/01/32 | 17852323 |
| 1000000 | Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016 | 5.375 | 02/01/36 | 1005640 |
| 3430000 | Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, Federal Highway Trust Fund, First Refunding Series 2024A | 5.000 | 09/01/26 | 3535021 |
| 3200000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A | 5.000 | 06/01/37 | 3205837 |
| 1190000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2015A | 4.500 | 06/01/46 | 1074872 |
| 2465000 | Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-1 | 5.000 | 08/01/28 | 2610674 |
| 1605000 | Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2024C | 4.400 | 07/01/44 | 1569187 |
| 2055000 | Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2025A | 4.200 | 07/01/40 | 2045524 |
| 1000000 | Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2025A | 4.500 | 07/01/45 | 980593 |
| 2475000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 131, Series 2024A | 5.000 | 10/01/28 | 2647511 |
| 1320000 | Louisville Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Refunding Series 2014A, (AMT) | 5.000 | 07/01/26 | 1323951 |
| 3280000 | Louisville Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Refunding Series 2014A, (AMT) | 5.000 | 07/01/28 | 3283133 |
| 7800000 | Louisville/Jefferson County Metro Government, Kentucky, Health System Revenue Bonds, Norton Healthcare, Inc., Series 2023B, (Mandatory Put 10/01/29) | 5.000 | 10/01/47 | 8294270 |
| 7030000 | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2003A | 2.000 | 10/01/33 | 5728020 |
| 1005000 | Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray- Calloway County Public Hospital Corporation Project, Refunding Series 2016 | 5.000 | 08/01/25 | 1007603 |
| 1060000 | Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray- Calloway County Public Hospital Corporation Project, Refunding Series 2016 | 5.000 | 08/01/26 | 1071271 |
| 1110000 | Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray- Calloway County Public Hospital Corporation Project, Refunding Series 2016 | 5.000 | 08/01/27 | 1124196 |
| 1165000 | Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray- Calloway County Public Hospital Corporation Project, Refunding Series 2016 | 5.000 | 08/01/28 | 1178432 |
| 1230000 | Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray- Calloway County Public Hospital Corporation Project, Refunding Series 2016 | 5.000 | 08/01/29 | 1242170 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **67** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **KENTUCKY** (continued) |  |  |  |
| $2935000 | Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray- Calloway County Public Hospital Corporation Project, Refunding Series 2016 | 5.000% | 08/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939583 |
| 15000000 | Owen County, Kentucky, Waterworks System Revenue Bonds, Kentucky-American Water Company Project, Refunding Series 2019A, (Mandatory Put 10/01/29) | 2.450 | 06/01/39 | 13827003 |
| 8405000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024B, (Mandatory Put 8/01/32) | 5.000 | 01/01/55 | 8827786 |
| 3655000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2025A, (Mandatory Put 12/01/29) | 5.250 | 06/01/55 | 3863470 |
| 5075000 (e) | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2019A-1, (Pre-refunded 6/01/25), (Mandatory Put 6/01/25) | 4.000 | 12/01/49 | 5083257 |
| 5895000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2020A, (Mandatory Put 6/01/26) | 4.000 | 12/01/50 | 5920752 |
| 1000000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2022A-1, (Mandatory Put 8/01/30) | 4.000 | 08/01/52 | 997121 |
| 3335000 | Trimble County, Kentucky, Environmental Facilities Revenue Bonds, Louisville Gas & Electric Company Project, Series 2023A, (AMT), (Mandatory Put 6/01/27) | 4.700 | 06/01/54 | 3365035 |
| 4750000 | 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 | 4363947 |
| 1485000 | University of Kentucky, General Receipts Bonds, Series 2018A | 3.000 | 10/01/34 | 1360993 |
| 5195000 | University of Kentucky, General Receipts Bonds, Series 2018A | 3.125 | 10/01/37 | 4611752 |
|  | TOTAL KENTUCKY |  |  | 121662886 |
|  | **LOUISIANA - 2.0%** |  |  |  |
| 14510000 | Calcasieu Parish Memorial Hospital Service District, Louisiana, Revenue Bonds, Lake Charles Memorial Hospital, Refunding Series 2019 | 5.000 | 12/01/34 | 14478329 |
| 8935000 | Calcasieu Parish Memorial Hospital Service District, Louisiana, Revenue Bonds, Lake Charles Memorial Hospital, Refunding Series 2019 | 5.000 | 12/01/39 | 8532964 |
| 3020000 | East Baton Rouge Parish Capital Improvement District, Louisiana, Movebr Sales Tax Revenue Bonds, Series 2024 | 5.000 | 08/01/38 | 3322556 |
| 2070000 | East Baton Rouge Parish Capital Improvement District, Louisiana, Movebr Sales Tax Revenue Bonds, Series 2024 | 5.000 | 08/01/39 | 2258665 |
| 2470000 | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Home Ownership Program, Series 2021D | 2.350 | 12/01/41 | 1777917 |
| 3050000 | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Home Ownership Program, Series 2024A | 4.400 | 12/01/44 | 2969819 |
| 2085000 | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2025A | 4.150 | 12/01/40 | 2045365 |
| 3610000 | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2025A | 4.500 | 12/01/45 | 3536758 |
| 11230000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Entergy Louisiana, LLC Project, Refunding Series 2021B | 2.500 | 04/01/36 | 9151154 |
| 16985000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017 | 3.500 | 11/01/32 | 16236699 |
| 1430000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017 | 5.000 | 05/15/28 | 1476595 |
| 1065000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017 | 5.000 | 05/15/29 | 1097294 |
| 1185000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017 | 5.000 | 05/15/30 | 1219278 |
| 1755000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017 | 5.000 | 05/15/31 | 1800771 |
| 1140000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017 | 5.000 | 05/15/32 | 1167713 |
| 2695000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017 | 5.000 | 05/15/46 | 2710484 |

---

68 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **LOUISIANA** (continued) |  |  |  |
| $1000000 (d) | Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Refunding Series 2017 | 5.000% | 07/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 |
| 25000 (e) | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016, (Pre-refunded 5/15/26) | 5.000 | 05/15/30 | 25554 |
| 1110000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016 | 5.000 | 05/15/30 | 1127750 |
| 35000 (e) | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016, (Pre-refunded 5/15/26) | 5.000 | 05/15/32 | 35776 |
| 3420000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016 | 5.000 | 05/15/32 | 3471503 |
| 40000 (e) | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016, (Pre-refunded 5/15/26) | 5.000 | 05/15/33 | 40888 |
| 3675000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016 | 5.000 | 05/15/33 | 3728191 |
| 1000000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015 | 5.000 | 05/15/31 | 1001686 |
| 1100000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.500 | 09/01/54 | 1142898 |
| 5000000 (f) | Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Second Lien Series 2025A | 4.000 | 05/01/40 | 4895385 |
| 5000000 | Louisiana State, General Obligation Bonds, Series 2016A | 5.000 | 09/01/34 | 5119530 |
| 900000 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, Louis Armstrong New Orleans International Airport, Series 2023B, (AMT) | 5.000 | 01/01/37 | 944790 |
| 980000 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, Louis Armstrong New Orleans International Airport, Series 2023B, (AMT) | 5.000 | 01/01/39 | 1019496 |
| 1420000 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, Louis Armstrong New Orleans International Airport, Series 2023B, (AMT) | 5.000 | 01/01/40 | 1467006 |
| 5195000 | New Orleans, Louisiana, General Obligation Bonds, Public Improvement Series 2021A | 5.000 | 12/01/26 | 5363816 |
| 6105000 | New Orleans, Louisiana, General Obligation Bonds, Public Improvement Series 2024A | 5.000 | 12/01/40 | 6548795 |
| 480000 | New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2015 | 5.000 | 12/01/25 | 485756 |
| 795000 | New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2015 | 5.000 | 12/01/27 | 806545 |
| 605000 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014 | 5.000 | 06/01/25 | 605856 |
| 410000 (e) | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2015, (Pre-refunded 6/01/25) | 5.000 | 06/01/30 | 411375 |
| 775000 (e) | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2015, (Pre-refunded 6/01/25) | 5.000 | 06/01/32 | 777599 |
| 1000000 (e) | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2015, (Pre-refunded 6/01/25) | 5.000 | 06/01/33 | 1003353 |
| 1075000 (e) | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2015, (Pre-refunded 6/01/25) | 5.000 | 06/01/35 | 1078605 |
| 3265000 (c) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,<br> L.P. Project, Series 2010B, (Mandatory Put 6/01/30) | 6.100 | 12/01/40 | 3559001 |
| 3405000 (c) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,<br> L.P. Project, Series 2011, (Mandatory Put 6/01/25) | 5.850 | 08/01/41 | 3414078 |
| 2095000 | Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation Project, Refunding Series 2017B-2, (Mandatory Put 7/01/26) | 2.375 | 06/01/37 | 2067407 |
| 17035000 | Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation Project, Refunding Series 2017C, (Mandatory Put 7/03/28) | 3.300 | 06/01/37 | 16915602 |
| 760000 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior Lien Series 2019B - AGM Insured | 5.000 | 12/01/26 | 782819 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **69** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **LOUISIANA** (continued) |  |  |  |
| $1475000 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior Lien Series 2019B - AGM Insured | 5.000% | 12/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551301 |
| 1500000 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior Lien Series 2019B - AGM Insured | 5.000 | 12/01/30 | 1566759 |
| 1795000 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior Lien Series 2019B - AGM Insured | 5.000 | 12/01/32 | 1856552 |
| 1630000 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior Lien Series 2019B - AGM Insured | 4.000 | 12/01/33 | 1634078 |
| 6005000 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior Lien Series 2019B - AGM Insured | 3.000 | 12/01/35 | 5450153 |
|  | TOTAL LOUISIANA |  |  | 154532264 |
|  | **MAINE - 0.6%** |  |  |  |
| 4560000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 4.000 | 07/01/41 | 3708866 |
| 5685000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 4.000 | 07/01/46 | 4468507 |
| 840000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineHealth Issue, Series 2020A | 4.000 | 07/01/37 | 841254 |
| 200000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2021A - AGM Insured | 5.000 | 07/01/26 | 204972 |
| 150000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2021A - AGM Insured | 5.000 | 07/01/27 | 156478 |
| 240000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2021A - AGM Insured | 5.000 | 07/01/28 | 254201 |
| 685000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2021A - AGM Insured | 2.500 | 07/01/29 | 668765 |
| 200000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2021A - AGM Insured | 5.000 | 07/01/30 | 216791 |
| 10000000 | Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2020B | 2.350 | 11/15/40 | 7393506 |
| 3125000 | Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2021A | 2.050 | 11/15/41 | 2080878 |
| 7425000 | Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2022A | 2.400 | 11/15/41 | 5309387 |
| 6280000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2020D | 2.550 | 11/15/40 | 4781645 |
| 3250000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2021B | 2.200 | 11/15/41 | 2271365 |
| 10675000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2021C | 2.150 | 11/15/41 | 7384654 |
| 3000000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2021D | 2.400 | 11/15/41 | 2181970 |
| 1230000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2024C | 4.550 | 11/15/44 | 1219134 |
|  | TOTAL MAINE |  |  | 43142373 |
|  | **MARYLAND - 1.7%** |  |  |  |
| 1270000 | Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2016 | 3.250 | 01/01/31 | 1225773 |
| 3365000 | Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2016 | 5.000 | 01/01/37 | 3382255 |
| 1760000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/27 | 1787808 |
| 2780000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/29 | 2814128 |
| 1000000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/30 | 1011039 |
| 1365000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/31 | 1378215 |
| 145000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/34 | 145723 |

---

70 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MARYLAND** (continued) |  |  |  |
| $1500000 |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000% | 09/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481046 |
| 2800000 |  | Charles County, Maryland, General Obligation Bonds, Refunding & Consolidated Public Improvement Series 2017 | 2.400 | 10/01/29 | 2641382 |
| 3000000 |  | Howard County Housing Commission, Maryland, Revenue Bonds, Columbia Landing Project, Refunding Series 2021A | 1.600 | 06/01/29 | 2663949 |
| 5000000 |  | Howard County, Maryland, General Obligation Bonds, Consolidated Public Improvement Project, Series 2018A | 3.000 | 02/15/30 | 4900948 |
| 22335000 |  | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2019C | 3.000 | 09/01/39 | 18579939 |
| 10375000 |  | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2020A | 2.500 | 09/01/40 | 7846977 |
| 15055000 |  | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2021A | 1.950 | 09/01/41 | 9863545 |
| 13245000 |  | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2021B | 2.100 | 09/01/41 | 9096433 |
| 20000000 |  | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2021C | 2.450 | 09/01/41 | 14724458 |
| 1000000 |  | Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland, College Park Project, Refunding Series 2016 - AGM Insured | 5.000 | 06/01/28 | 1018279 |
| 7000000 |  | Maryland Health and HIgher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical Systems, Series 2020B-2, (Mandatory Put 7/01/27) | 5.000 | 07/01/45 | 7198461 |
| 4925000 |  | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical Systems, Series 2025B, (Mandatory Put 7/01/31) | 5.000 | 07/01/45 | 5357684 |
| 805000 |  | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2016A | 5.000 | 07/01/32 | 817865 |
| 2250000 |  | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2016A | 5.000 | 07/01/33 | 2283980 |
| 1650000 |  | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2016A | 5.000 | 07/01/34 | 1673583 |
| 2000000 |  | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2016A | 5.000 | 07/01/35 | 2027094 |
| 1570000 |  | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2016A | 5.000 | 07/01/36 | 1590321 |
| 1000000 |  | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist HealthCare Issue, Series 2021B | 4.000 | 01/01/39 | 927710 |
| 15025000 |  | Maryland State, General Obligation Bonds, State and Local Facilities Loan, Second Series 2020A-2 | 5.000 | 08/01/25 | 15135653 |
| 7080000 |  | Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Refunding Series 2024A | 5.000 | 07/01/37 | 7868505 |
|  |  | TOTAL MARYLAND |  |  | 129442753 |
|  |  | **MASSACHUSETTS - 1.3%** |  |  |  |
| 835000 |  | Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A | 5.000 | 07/01/26 | 831976 |
| 680000 |  | Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A | 5.000 | 07/01/27 | 674448 |
| 925000 |  | Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A | 5.000 | 07/01/28 | 910837 |
| 960000 |  | Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A | 5.000 | 07/01/29 | 938484 |
| 4800000 | (c) | Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series 2017 | 4.000 | 10/01/32 | 4745908 |
| 1968811 | (c),(d) | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A | 6.650 | 10/15/28 | 20 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **71** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MASSACHUSETTS** (continued) |  |  |  |
| $1670000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2016E | 3.375% | 07/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467452 |
| 7575000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Refunding Series 2025B-1 | 5.000 | 10/01/39 | 8329546 |
| 2275000 | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2 | 5.000 | 07/01/33 | 2362731 |
| 1085000 | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2 | 5.000 | 07/01/38 | 1115599 |
| 1215000 | Massachusetts Development Finance Agency, Revenue Bonds, Harvard University, Series 2024B | 5.000 | 02/15/33 | 1380600 |
| 15090000 | Massachusetts Development Finance Agency, Revenue Bonds, Harvard University, Series 2025A-2, (Mandatory Put 11/15/35) | 5.000 | 05/15/55 | 17397486 |
| 415000 (e) | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G, (Pre- refunded 7/15/30) | 5.000 | 07/15/32 | 456644 |
| 320000 (e) | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G, (Pre- refunded 7/15/30) | 5.000 | 07/15/33 | 352111 |
| 300000 (e) | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G, (Pre- refunded 7/15/30) | 5.000 | 07/15/34 | 330104 |
| 270000 (e) | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G, (Pre- refunded 7/15/30) | 5.000 | 07/15/35 | 297094 |
| 135000 (e) | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G, (Pre- refunded 7/15/30) | 5.000 | 07/15/36 | 148547 |
| 145000 (e) | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G, (Pre- refunded 7/15/30) | 5.000 | 07/15/37 | 159550 |
| 250000 | Massachusetts Development Finance Agency, Revenue Bonds, Phillips Academy, Refunding Series 2024A | 5.000 | 09/01/30 | 276817 |
| 425000 | Massachusetts Development Finance Agency, Revenue Bonds, Phillips Academy, Refunding Series 2024A | 5.000 | 09/01/32 | 479468 |
| 225000 | Massachusetts Development Finance Agency, Revenue Bonds, Phillips Academy, Refunding Series 2024A | 5.000 | 09/01/33 | 255567 |
| 275000 | Massachusetts Development Finance Agency, Revenue Bonds, Phillips Academy, Refunding Series 2024A | 5.000 | 09/01/36 | 311169 |
| 1080000 | Massachusetts Development Finance Agency, Revenue Bonds, Simmons University Issue, Series 2018L | 5.000 | 10/01/30 | 1093671 |
| 1240000 | Massachusetts Development Finance Agency, Revenue Bonds, Simmons University Issue, Series 2018L | 5.000 | 10/01/31 | 1251805 |
| 1775000 | Massachusetts Development Finance Agency, Revenue Bonds, Simmons University Issue, Series 2018L | 5.000 | 10/01/32 | 1786794 |
| 1695000 | Massachusetts Development Finance Agency, Revenue Bonds, Smith College, Series 2025 | 5.000 | 07/01/35 | 1960647 |
| 1130000 | Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System Obligated Group Issue, Series 2021G | 5.000 | 07/01/35 | 1199294 |
| 1045000 | Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System Obligated Group Issue, Series 2021G | 5.000 | 07/01/36 | 1105551 |
| 4250000 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care Obligated Group Issue, Series 2017L | 3.625 | 07/01/37 | 3723705 |
| 4245000 | Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A | 4.000 | 07/01/37 | 3872255 |
| 1220000 | Massachusetts Development Finance Agency, Revenue Bonds, Williams College, Series 2011N, (Mandatory Put 7/01/25) | 0.450 | 07/01/41 | 1208858 |
| 1640000 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2019B-1 | 3.000 | 12/01/39 | 1335636 |
| 2875000 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2021A-1 | 2.125 | 12/01/41 | 1977315 |
| 2100000 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2023A-3 | 3.050 | 12/01/27 | 2084408 |

---

72 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MASSACHUSETTS** (continued) |  |  |  |
| $3000000 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Series 2019C-1 | 2.900% | 12/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398258 |
| 1900000 | Massachusetts Housing Finance Agency, Multifamily Housing Bonds, Green Sustainability Series 2024A1 | 4.550 | 12/01/44 | 1885034 |
| 5350000 | Massachusetts Housing Finance Agency, Multifamily Housing Bonds, Green Sustainability Series 2024B3 | 3.500 | 06/01/29 | 5325519 |
| 7570000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2019-214 | 2.800 | 12/01/39 | 6105049 |
| 2330000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2020-218 | 2.300 | 12/01/40 | 1744895 |
| 4930000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2020-220 | 2.125 | 12/01/40 | 3488786 |
| 4935000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2021-221 | 2.200 | 12/01/41 | 3446814 |
| 2935000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2021-223 | 2.350 | 06/01/39 | 2284081 |
| 1555000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2024-234 | 4.100 | 12/01/39 | 1528757 |
| 2800000 | Massachusetts State, General Obligation Bonds, Refunding Series 2024B | 5.000 | 11/01/37 | 3106925 |
| 2800000 | Massachusetts State, General Obligation Bonds, Refunding Series 2024B | 5.000 | 11/01/38 | 3076820 |
|  | TOTAL MASSACHUSETTS |  |  | 100213035 |
|  | **MICHIGAN - 2.4%** |  |  |  |
| 665000 | Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A | 5.000 | 07/01/30 | 679103 |
| 190000 | Michigan Finance Authority, Hospital Revenue Bonds, Bronson Healthcare Group, Inc., Series 2019B, (Mandatory Put 11/16/26) | 5.000 | 11/15/44 | 193993 |
| 11275000 | Michigan Finance Authority, Hospital Revenue Bonds, McLaren Health Care, Refunding Series 2015D-1, (Mandatory Put 4/13/28) | 1.200 | 10/15/30 | 10496479 |
| 17335000 | Michigan Finance Authority, Hospital Revenue Bonds, McLaren Health Care, Refunding Series 2015D-2, (Mandatory Put 4/13/28) | 1.200 | 10/15/38 | 16090798 |
| 5010000 | 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 | 5026939 |
| 10585000 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2022B-MI, (Mandatory Put 12/01/28) | 5.000 | 12/01/43 | 11168799 |
| 1800000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco Receipts, Senior Current Interest Series 2020A-CL-1 | 5.000 | 06/01/28 | 1872617 |
| 2500000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco Receipts, Senior Current Interest Series 2020A-CL-1 | 5.000 | 06/01/33 | 2624976 |
| 2435000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco Receipts, Senior Current Interest Series 2020A-CL-1 | 4.000 | 06/01/34 | 2407274 |
| 1000000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco Receipts, Senior Current Interest Series 2020A-CL-1 | 4.000 | 06/01/35 | 983187 |
| 2470000 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2018A | 3.800 | 10/01/38 | 2308794 |
| 8730000 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2021A | 2.250 | 10/01/41 | 6173757 |
| 7695000 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2024A | 3.700 | 04/01/30 | 7710796 |
| 2255000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Fixed Rate Series 2018C | 3.650 | 12/01/39 | 2051165 |
| 13000000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2019B | 2.950 | 12/01/39 | 10744659 |
| 25205000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2020C | 2.600 | 12/01/40 | 19212857 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **73** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MICHIGAN** (continued) |  |  |  |
| $9620000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2021A | 2.150% | 12/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650518 |
| 7405000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I | 5.000 | 04/15/30 | 7462728 |
| 9000000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I | 5.000 | 10/15/45 | 9028543 |
| 22850000 | Michigan Strategic Fund, Limited Obligation Pollution Control Revenue Refunding Bonds, Detroit Edison Company, Variable Rate Demand Obligations, Series 1995CC | 1.450 | 09/01/30 | 19274912 |
| 21550000 | Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detroit Edison Company Exempt Facilities Project, Refunding Variable Rate Series 2008ET-2 | 1.350 | 08/01/29 | 18813133 |
| 2255000 | 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 | 2251261 |
| 8125000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Refunding Series 2015F, (AMT) | 5.000 | 12/01/28 | 8189491 |
| 3765000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Refunding Series 2015F, (AMT) | 5.000 | 12/01/32 | 3779358 |
| 5295000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Refunding Series 2015F, (AMT) | 5.000 | 12/01/33 | 5309175 |
| 5000000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Refunding Series 2015F, (AMT) | 5.000 | 12/01/34 | 5012411 |
|  | TOTAL MICHIGAN |  |  | 185517723 |
|  | **MINNESOTA - 1.3%** |  |  |  |
| 1910000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 5.000 | 02/15/33 | 1975489 |
| 1150000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 5.000 | 02/15/37 | 1176143 |
| 7085000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 4.250 | 02/15/43 | 6639708 |
| 7550000 | Edina Independent School District 273, Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance Capital Notes Alternative Facilities and School Building Refunding Series 2024A | 5.000 | 02/01/28 | 7985146 |
| 6585000 | Edina Independent School District 273, Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance Capital Notes Alternative Facilities and School Building Refunding Series 2024A | 3.000 | 02/01/36 | 6038173 |
| 13970000 | Minneapolis, Minnesota, Health Care System Revenue Bonds, Allina Health System, Series 2023A, (Mandatory Put 11/15/28) | 5.000 | 11/15/52 | 14695103 |
| 1370000 | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care System Revenue Bonds, Allina Health System, Refunding Series 2017A | 5.000 | 11/15/28 | 1418502 |
| 5000000 | Minneapolis-Saint Paul Metropolitan Council, Minnesota, General Obligation Wastewater Revenue Bonds, Series 2015C | 3.500 | 03/01/28 | 5001707 |
| 1000000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019B, (AMT) | 5.000 | 01/01/27 | 1025263 |
| 2850000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Series 2024A, (AMT) | 5.000 | 01/01/28 | 2967569 |
| 3495607 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2017E | 2.850 | 06/01/47 | 2839952 |
| 2595000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C | 3.900 | 07/01/43 | 2329230 |

---

74 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MINNESOTA** (continued) |  |  |  |
| $6065000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020B | 2.625% | 01/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691386 |
| 5790000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020B | 3.500 | 07/01/50 | 5765580 |
| 5430000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020E | 2.500 | 07/01/40 | 4114904 |
| 4605000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I | 2.000 | 07/01/40 | 3152358 |
| 4110000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2021D | 2.200 | 07/01/41 | 2887477 |
| 9245000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2021H | 2.350 | 07/01/41 | 6689861 |
| 4235000 | Minnesota Municipal Gas Agency, Commodity Supply Revenue Bonds, Series 2022A, (Mandatory Put 12/01/27) | 4.000 | 12/01/52 | 4274355 |
| 6445000 | Saint Paul Independent School District 625, Ramsey County, Minnesota, Certificates of Participation, Series 2018B | 3.500 | 02/01/39 | 5960133 |
| 2650000 | White Bear Lake Independent School District 624, Ramsey County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2021A | 2.000 | 02/01/28 | 2510683 |
| 3095000 | White Bear Lake Independent School District 624, Ramsey County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2021A | 2.000 | 02/01/29 | 2870653 |
| 4135000 | White Bear Lake Independent School District 624, Ramsey County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2021A | 2.000 | 02/01/30 | 3751766 |
|  | TOTAL MINNESOTA |  |  | 100761141 |
|  | **MISSISSIPPI - 0.3%** |  |  |  |
| 5595000 | Mississippi Business Finance Corporation, Pollution Control Revenue, Mississippi Power, Series 2002 | 3.200 | 09/01/28 | 5564419 |
| 1000000 | Mississippi Business Finance Corporation, Revenue Bonds, System Energy Resources, Inc. Project, Refunding Series 2021 | 2.375 | 06/01/44 | 621024 |
| 2490000 | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2020A | 2.450 | 12/01/39 | 1924848 |
| 2170000 | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2020A | 3.750 | 06/01/49 | 2172338 |
| 1470000 | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2021A | 2.000 | 12/01/40 | 1017873 |
| 2830000 | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2024A | 4.000 | 12/01/39 | 2702954 |
| 6560000 | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2024C | 4.650 | 12/01/44 | 6522636 |
| 2000000 | Mississippi State, Gaming Tax Revenue Bonds, Series 2019A | 5.000 | 10/15/37 | 2061917 |
| 1590000 | Mississippi State, Gaming Tax Revenue Bonds, Series 2019A | 4.000 | 10/15/38 | 1534215 |
|  | TOTAL MISSISSIPPI |  |  | 24122224 |
|  | **MISSOURI - 1.5%** |  |  |  |
| 920000 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2016A | 6.000 | 03/01/33 | 930424 |
| 1000000 | Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2024 | 5.000 | 11/01/34 | 1143001 |
| 3705000 | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Project, Refunding Series 2019A, (AMT) | 5.000 | 03/01/38 | 3797903 |
| 8000000 | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Refunding & Improvement Series 2016A | 4.000 | 01/01/40 | 7774622 |
| 4595000 | Kansas City, Missouri, Water Revenue Bonds, Series 2017A | 4.000 | 12/01/39 | 4518623 |
| 4000000 | Ladue School District, Saint Louis County, Missouri, General Obligation Bonds, Series 2021 | 2.000 | 03/01/32 | 3385153 |
| 3000000 | Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village, Series 2024A | 5.000 | 08/15/39 | 3106579 |
| 10425000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union Electric Company Project, Refunding Series 1998A | 2.900 | 09/01/33 | 9291358 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **75** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MISSOURI** (continued) |  |  |  |
| $12000000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union Electric Company Project, Series 1998B | 2.900% | 09/01/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10695089 |
| 15085000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union Electric Company Project, Series 1998C | 2.750 | 09/01/33 | 13459812 |
| 12040000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2021B, (Mandatory Put 5/01/26) | 4.000 | 05/01/51 | 12166852 |
| 2000000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2025A | 4.000 | 04/01/45 | 1846781 |
| 12060000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2025C, (Mandatory Put 4/01/35) | 5.000 | 04/01/59 | 13333491 |
| 1010000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024C | 4.550 | 11/01/44 | 1001399 |
| 5065000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024E | 4.450 | 11/01/44 | 4945374 |
| 3000000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024G | 3.950 | 11/01/39 | 2844430 |
| 3565000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2019C | 2.750 | 11/01/39 | 2840631 |
| 1500000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2020A | 2.550 | 11/01/40 | 1142623 |
| 1015000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2021A | 2.150 | 11/01/41 | 702549 |
| 4215000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2021B | 2.000 | 11/01/41 | 2823196 |
| 5000000 | Springfield, Missouri, Public Utility Revenue Bonds, Refunding Series 2015 | 4.000 | 08/01/35 | 4999450 |
| 5000000 | Springfield, Missouri, Public Utility Revenue Bonds, Refunding Series 2015 | 4.000 | 08/01/36 | 4955701 |
| 935000 | Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Southeasthealth, Series 2016B | 6.000 | 03/01/37 | 946001 |
|  | TOTAL MISSOURI |  |  | 112651042 |
|  | **MONTANA - 0.5%** |  |  |  |
| 1505000 | Cascade County High School District A Great Falls, Montana, General Obligation Bonds, School Building Series 2018 | 5.000 | 07/01/38 | 1567456 |
| 740000 | Flathead County School District 44 Whitefish, Montana, General Obligation Bonds, School Building Series 2025 - BAM Insured | 5.000 | 07/01/34 | 829927 |
| 25000 | Flathead County School District 44 Whitefish, Montana, General Obligation Bonds, School Building Series 2025 - BAM Insured | 5.000 | 07/01/35 | 28172 |
| 695000 | Flathead County School District 44 Whitefish, Montana, General Obligation Bonds, School Building Series 2025 - BAM Insured | 5.000 | 07/01/36 | 778142 |
| 485000 | Flathead County School District 44 Whitefish, Montana, General Obligation Bonds, School Building Series 2025 - BAM Insured | 5.000 | 07/01/38 | 536918 |
| 25675000 | Forsyth, Montana Pollution Control Revenue Bonds, Portland General Electric Company Project, Refunding Series 1998A | 2.125 | 05/01/33 | 21286459 |
| 2675000 | Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Northwestern Corporation Colstrip Project, Series 2023 | 3.875 | 07/01/28 | 2707806 |
| 1000000 | Gallatin County School District 44 Belgrade, Montana, General Obligation Bonds, School Building Series 2019 | 4.000 | 06/01/33 | 1020833 |
| 1045000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2021A-1 | 2.000 | 12/01/41 | 687991 |

---

76 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MONTANA** (continued) |  |  |  |
| $1725000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2021B | 2.000% | 12/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159371 |
| 1000000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2024A | 3.950 | 12/01/39 | 941313 |
| 1000000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2024A | 4.450 | 12/01/44 | 976756 |
| 490000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2024B | 3.900 | 12/01/39 | 460686 |
| 810000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2024B | 4.300 | 12/01/44 | 779997 |
| 2000000 (f) | Montana Board of Housing, Single Family Mortgage Bonds, Series 2025A | 4.250 | 12/01/40 | 1998899 |
| 565000 | Montana Facility Finance Authority, Montana, Health Facilities Revenue Bonds, Bozeman Deaconess Health Services Obligated Group, Series 2018 | 3.250 | 06/01/32 | 532075 |
|  | TOTAL MONTANA |  |  | 36292801 |
|  | **NATIONAL - 0.5%** |  |  |  |
| 18745000 (c) | Federal Home Loan Mortgage Corporation, National, Multifamily Variable Rate Certificates Relating to Corporate Taxable Debt Series 2019 | 3.150 | 01/15/36 | 17105099 |
| 19519716 | Federal Home Loan Mortgage Corporation, National, Multifamily Variable Rate Certificates Relating to Municipal Securities Class A Series 2019M-053 | 2.550 | 06/15/35 | 17018844 |
| 5072108 | Freddie Mac Multi-Family ML Certificates, Series ML 05, Series 2019A | 3.400 | 01/25/36 | 4869003 |
|  | TOTAL NATIONAL |  |  | 38992946 |
|  | **NEBRASKA - 0.9%** |  |  |  |
| 6640000 | Central Plains Energy Project, Nebraska, Gas Project 4 Revenue Bonds, Refunding Series 2023A-1, (Mandatory Put 11/01/29) | 5.000 | 05/01/54 | 6931201 |
| 2025000 | Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014 | 5.000 | 05/15/28 | 2025895 |
| 8520000 | Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014 | 5.000 | 05/15/44 | 8376066 |
| 1000000 | Lincoln, Nebraska, Airport Revenue Bonds, Series 2021, (AMT) | 4.000 | 07/01/36 | 967457 |
| 530000 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Series 2018 | 5.000 | 07/01/25 | 531705 |
| 750000 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Series 2018 | 5.000 | 07/01/26 | 751998 |
| 200000 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Series 2018 | 5.000 | 07/01/27 | 200370 |
| 835000 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Series 2018 | 5.000 | 07/01/28 | 835934 |
| 485000 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Series 2018 | 5.000 | 07/01/29 | 485448 |
| 1000000 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Series 2018 | 5.000 | 07/01/30 | 1000129 |
| 180000 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Series 2018 | 5.000 | 07/01/33 | 178819 |
| 160000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2019D | 2.600 | 09/01/34 | 136633 |
| 7205000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2019D | 2.850 | 09/01/39 | 5890821 |
| 10000000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2020A | 2.550 | 09/01/40 | 7631844 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **77** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEBRASKA** (continued) |  |  |  |
| $595000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2021A | 1.950% | 09/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436612 |
| 17770000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2021C | 2.300 | 09/01/41 | 12706158 |
| 2290000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2023A | 4.125 | 09/01/38 | 2210908 |
| 1380000 | Papillion-LaVista School District 27, Sarpy County, Nebraska, General Obligation Bonds, Refunding Series 2020B | 4.000 | 12/01/26 | 1407775 |
| 1775000 | Sarpy County School District 037 Gretna Public Schools, Nebraska, General Obligation Bonds, Refunding Series 2019 | 4.000 | 06/15/33 | 1800146 |
| 2240000 | Sarpy County, Nebraska, Limited Tax Highway Allocation Fund Pledge Bonds, Series 2021 | 2.000 | 06/01/27 | 2157368 |
| 6320000 | Saunders County School District 1, Ashland-Greenwood, Nebraska, General Obligation Bonds, Series 2021 | 2.000 | 12/15/50 | 3337977 |
| 3660000 | Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional West Medical Center Project, Refunding & Improvement Series 2016A | 5.250 | 02/01/28 | 3680918 |
| 1355000 | Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional West Medical Center Project, Refunding & Improvement Series 2016A | 5.250 | 02/01/29 | 1358681 |
| 5885000 | Southeast Community College Area, Nebraska, Certificates of Participation, Series 2018 | 3.375 | 12/15/37 | 5478976 |
|  | TOTAL NEBRASKA |  |  | 70519839 |
|  | **NEVADA - 0.3%** |  |  |  |
| 1650000 | Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, Refunding Series 2016 | 4.000 | 09/01/32 | 1574386 |
| 2135000 | Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, Refunding Series 2016 | 4.000 | 09/01/35 | 1933872 |
| 3585000 | Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Refunding Series 2017B | 4.000 | 07/01/34 | 3596047 |
| 2860000 | Nevada Housing Division, Single Family Housing Mortgage Revenue Bonds, Refunding Series 2021A | 2.200 | 10/01/41 | 2002303 |
| 5000000 | Nevada State, General Obligation Bonds, Limited Tax Capital Improvement & Cultural Affairs, Refunding Series 2025A | 5.000 | 10/01/25 | 5056397 |
| 1615000 (c) | Sparks, Nevada, Sales Tax Revenue Bonds, Tourism Improvement District 1 Legends at Sparks Marina, Refunding Senior Series 2019A | 2.750 | 06/15/28 | 1571795 |
| 6760000 | Washoe County School District, Nevada, General Obligation Bonds, Limited Tax Improvement Series 2024B | 3.000 | 06/01/38 | 5963162 |
| 4000000 | Washoe County, Nevada, Gas and Water Facilities Revenue Bonds, Sierra Pacific Power Company, Refunding Series 2016B, (Mandatory Put 10/01/29) | 3.625 | 03/01/36 | 3986869 |
|  | TOTAL NEVADA |  |  | 25684831 |
|  | **NEW HAMPSHIRE - 1.1%** |  |  |  |
| 16906788 | National Finance Authority, New Hampshire, Municipal Certificates Series 2020-1 Class A | 4.125 | 01/20/34 | 16866712 |
| 10490555 | National Finance Authority, New Hampshire, Municipal Certificates Series 2022-2 Class A | 4.000 | 10/20/36 | 10187280 |
| 2942944 | National Finance Authority, New Hampshire, Municipal Certificates Social Series 2023-2 Class A | 3.875 | 01/20/38 | 2782292 |
| 6269228 | National Finance Authority, New Hampshire, Municipal Certificates Social Series 2024-1 Class A | 4.250 | 07/20/41 | 6049612 |
| 5591395 | National Finance Authority, New Hampshire, Municipal Certificates Social Series 2024-2 Class A | 3.625 | 08/20/39 | 5145877 |
| 5784651 | National Finance Authority, New Hampshire, Municipal Certificates Social Series 2024-4 Class A | 4.180 | 11/20/39 | 5684256 |
| 14000000 | New Hampshire Business Finance Authority, Pollution Control Revenue Bonds, United Illuminating Company, Refunding Series 2003A | 4.500 | 10/01/33 | 14216819 |
| 1145000 (e) | 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 | 1152514 |

---

78 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW HAMPSHIRE** (continued) |  |  |  |
| $1000000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Concord Hospital, Series 2021A | 4.000% | 10/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007347 |
| 1000000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Concord Hospital, Series 2021A | 4.000 | 10/01/34 | 1001369 |
| 1000000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Concord Hospital, Series 2021A | 4.000 | 10/01/38 | 977387 |
| 1000000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Elliot Hospital, Series 2016 | 5.000 | 10/01/38 | 997915 |
| 1255000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Southern New Hampshire Medical Center, Series 2016 | 3.500 | 10/01/34 | 1206846 |
| 1515000 | New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2024A | 4.050 | 07/01/39 | 1473108 |
| 1990000 | New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2024A | 4.500 | 07/01/44 | 1955877 |
| 10370000 | New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2024C | 4.450 | 07/01/44 | 10139550 |
| 2505000 | New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2025A | 4.150 | 07/01/40 | 2457413 |
| 2375000 | New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2025A | 4.500 | 07/01/45 | 2328909 |
|  | TOTAL NEW HAMPSHIRE |  |  | 85631083 |
|  | **NEW JERSEY - 3.2%** |  |  |  |
| 5925000 | Bergen County Improvement Authority, New Jersey, County Guaranteed Governmental Pooled Project Notes, Series 2024 | 4.500 | 05/28/25 | 5940049 |
| 1580000 | Borough of Fair Lawn, Bergen County, New Jersey, General Obligation Bonds, General Capital and Water Utility Series 2021 | 2.000 | 09/01/32 | 1340020 |
| 1220000 | Clifton, New Jersey, General Obligation Bonds, Refunding Series 2021 - BAM Insured | 2.000 | 08/15/29 | 1114974 |
| 2075000 | Clifton, New Jersey, General Obligation Bonds, Refunding Series 2021 - BAM Insured | 2.000 | 08/15/30 | 1842955 |
| 2060000 | Clifton, New Jersey, General Obligation Bonds, Refunding Series 2021 - BAM Insured | 2.000 | 08/15/31 | 1770941 |
| 6800000 | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013 | 5.000 | 01/01/37 | 6804030 |
| 10000000 | East Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, General Improvement Water Utility Bond Anticipation Notes Series 2024 | 4.500 | 07/15/25 | 10050392 |
| 2385000 | East Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Series 2020 | 2.000 | 07/15/30 | 2144824 |
| 1095000 | East Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Series 2021 | 2.000 | 02/15/26 | 1080150 |
| 1385000 | East Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Series 2021 | 2.000 | 02/15/27 | 1341448 |
| 1355000 | East Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Series 2021 | 2.000 | 02/15/30 | 1229924 |
| 1410000 | Flemington-Raritan Regional School District, Hunterdon County, New Jersey, General Obligation Bonds, Series 2019 | 2.375 | 09/01/34 | 1172559 |
| 1585000 | Gloucester Township, New Jersey, General Obligation Bonds, Series 2019 - BAM Insured | 2.250 | 02/01/29 | 1488151 |
| 4115000 | New Jersey Economic Development Authority, New Jersey, Transit Transportation Project Revenue Bonds, Series 2020A | 5.000 | 11/01/32 | 4364310 |
| 1350000 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, (AMT) | 5.000 | 01/01/28 | 1352331 |
| 2345000 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013 - AGM Insured, (AMT) | 5.000 | 01/01/31 | 2353306 |
| 2000000 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, (AMT) | 5.375 | 01/01/43 | 2002181 |
| 7290000 | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Subordinate Series 2017A | 3.375 | 07/01/30 | 6976295 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **79** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW JERSEY** (continued) |  |  |  |
| $25000000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2015XX | 5.000% | 06/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25081423 |
| 700000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Social Series 2021QQQ | 5.000 | 06/15/26 | 716148 |
| 455000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Social Series 2021QQQ | 5.000 | 06/15/27 | 473715 |
| 430000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Social Series 2021QQQ | 5.000 | 06/15/28 | 454758 |
| 5000000 | New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark Container Terminal LLC Project, Refunding Series 2017, (AMT) | 5.000 | 10/01/47 | 4934149 |
| 37560000 | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc.<br> Project, Refunding Series 2019A, (AMT), (Mandatory Put 12/03/29) | 2.200 | 10/01/39 | 32756628 |
| 5295000 | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc.<br> Project, Refunding Series 2020B, (AMT), (Mandatory Put 6/01/28) | 3.750 | 11/01/34 | 5275869 |
| 3345000 | New Jersey Health Care Facilities Authority, Revenue Bonds, Atlanticare Health System Obligated Group Issue, Series 2021 | 2.375 | 07/01/46 | 2110788 |
| 1230000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Refunding Series 2016 | 5.000 | 07/01/35 | 1240969 |
| 205000 | New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2017-1A, (AMT) | 3.500 | 12/01/29 | 204599 |
| 530000 | New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2017-1A, (AMT) | 3.750 | 12/01/31 | 529489 |
| 540000 | New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2017-1A, (AMT) | 4.000 | 12/01/32 | 539699 |
| 230000 | New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2017-1A, (AMT) | 3.750 | 12/01/33 | 229774 |
| 515000 | New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2018A | 3.750 | 10/01/35 | 496142 |
| 80000 | New Jersey State, General Obligation Bonds, Covid-19 Emergency Series 2020A | 5.000 | 06/01/25 | 80266 |
| 20000 | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1 | 5.000 | 06/15/29 | 20389 |
| 3000000 | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2018A | 5.000 | 06/15/28 | 3063300 |
| 6795000 | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2018A | 5.000 | 06/15/29 | 6928913 |
| 5635000 | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Forward Delivery Series 2022AA | 5.000 | 06/15/33 | 6159072 |
| 5020000 | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2022BB | 4.000 | 06/15/42 | 4649260 |
| 1830000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - FGIC Insured | 0.000 | 12/15/31 | 1439157 |
| 5065000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019A | 5.000 | 12/15/25 | 5133291 |
| 440000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019A | 5.000 | 12/15/26 | 454096 |
| 10230000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019A | 5.000 | 12/15/33 | 10840761 |
| 5265000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019A | 4.000 | 12/15/39 | 5028711 |
| 7570000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019AA | 3.750 | 06/15/33 | 7455955 |
| 6190000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB | 5.000 | 06/15/33 | 6486422 |
| 2570000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA | 4.000 | 06/15/36 | 2536980 |
| 2825000 | Ocean City, New Jersey, General Obligation Bonds, General Improvement Series 2019 | 2.250 | 09/15/33 | 2395076 |

---

80 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW JERSEY** (continued) |  |  |  |
| $2345000 | Ocean City, New Jersey, General Obligation Bonds, Refunding General Improvement Series 2016 | 1.000% | 11/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113072 |
| 1530000 | South Orange & Maplewood School District, Essex County, New Jersey, General Obligation Bonds, Series 2021 | 2.125 | 08/15/42 | 1010320 |
| 6190000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/28 | 6437464 |
| 14150000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/29 | 14669362 |
| 3320000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/31 | 3428628 |
| 2180000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/34 | 2237590 |
| 6205000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/36 | 6343015 |
| 11265000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 4.000 | 06/01/37 | 10812621 |
| 2410000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B | 5.000 | 06/01/46 | 2357787 |
| 2585000 | Toms River Board of Education, Ocean County, New Jersey, General Obligation Bonds, Regional Schools Series 2019 | 2.000 | 07/15/26 | 2537208 |
| 1255000 | West Morris Regional High School District, New Jersey, General Obligation Bonds, School Series 2024 | 0.050 | 08/15/25 | 1241044 |
|  | TOTAL NEW JERSEY |  |  | 245272750 |
|  | **NEW MEXICO - 0.5%** |  |  |  |
| 6355000 | Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico San Juan and Four Corners Projects, Refunding Series 2016B | 2.150 | 04/01/33 | 5243828 |
| 1160000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2018B | 3.750 | 07/01/38 | 1076248 |
| 3110000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2018C | 3.750 | 07/01/38 | 2976634 |
| 3305000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2019D | 3.000 | 07/01/39 | 2783915 |
| 1635000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2019F | 2.850 | 07/01/39 | 1341571 |
| 2485000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2021A | 2.150 | 07/01/41 | 1728381 |
| 4845000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2021C | 2.100 | 07/01/41 | 3335793 |
| 3490000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2021D | 2.350 | 07/01/41 | 2525432 |
| 780000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2024C | 4.100 | 09/01/39 | 765298 |
| 1950000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2024C | 4.600 | 09/01/44 | 1927048 |
| 6080000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2024E | 4.450 | 09/01/44 | 5961411 |
| 600000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2024G | 4.100 | 09/01/39 | 588691 |
| 2550000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2024G | 4.375 | 09/01/44 | 2479077 |
| 2360000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding & Acquisition Series 2025, (Mandatory Put 11/01/30) | 5.000 | 06/01/54 | 2494428 |
|  | TOTAL NEW MEXICO |  |  | 35227755 |
|  | **NEW YORK - 5.3%** |  |  |  |
| 1250000 | Battery Park City Authority, New York, Revenue Bonds, Senior Series 2023B | 5.000 | 11/01/35 | 1424758 |
| 650000 (c) | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2023 | 7.250 | 06/01/55 | 688307 |
| 3390000 (c) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1 | 5.250 | 06/01/40 | 3271149 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **81** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $4210000 (c) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020B-1 | 5.000% | 06/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955764 |
| 5000000 | Dormitory Authority of the State of New York, Revenue Bonds, Northwell Healthcare Inc, Series 2019B-1, (Mandatory Put 11/01/28) | 1.800 | 05/01/48 | 4690515 |
| 1900000 (c) | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017 | 5.000 | 12/01/25 | 1903436 |
| 1400000 (c) | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017 | 5.000 | 12/01/27 | 1405573 |
| 1300000 (c) | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017 | 5.000 | 12/01/29 | 1301579 |
| 5140000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2016A Group A | 5.000 | 02/15/37 | 5243197 |
| 6965000 (e) | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2018A, (ETM) | 5.000 | 03/15/28 | 7435743 |
| 5000000 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A - BAM Insured | 5.000 | 02/15/42 | 5102585 |
| 5845000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Notes Series 2021 | 1.000 | 09/01/25 | 5775325 |
| 6000000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-1 | 5.000 | 11/15/43 | 6134483 |
| 8000000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2025A | 5.000 | 11/15/41 | 8410296 |
| 1110000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2016D | 5.000 | 11/15/31 | 1135817 |
| 5000000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2015A-1 | 5.000 | 11/15/45 | 5012252 |
| 6000000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2021A-2 | 4.000 | 11/15/42 | 5520068 |
| 1140000 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann?s Community Project, Series 2019 | 4.000 | 01/01/30 | 1086574 |
| 1910000 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann's Community Project, Series 2019 | 5.000 | 01/01/40 | 1770228 |
| 1525000 | Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014 | 5.000 | 07/01/28 | 1526133 |
| 1000000 | Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014 | 5.000 | 07/01/29 | 1000631 |
| 655000 | Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014B | 5.000 | 07/01/30 | 655544 |
| 2455000 | Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014B | 5.000 | 07/01/32 | 2456407 |
| 1630000 | 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 | 1659012 |
| 1045000 | 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 | 976529 |
| 5020000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2015 Series GG | 5.000 | 06/15/39 | 5030251 |
| 4245000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2024 Series BB-2 | 5.000 | 06/15/39 | 4656451 |
| 5020000 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2015S-2 | 5.000 | 07/15/36 | 5044642 |
| 7390000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2025 Subseries Series A-1 | 5.000 | 11/01/38 | 8122896 |

---

82 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $3000000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2025 Subseries Series A-1 | 5.000% | 11/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278935 |
| 7500000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2024G-1 | 5.000 | 05/01/42 | 7954903 |
| 13820000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2024G-1 | 5.000 | 05/01/43 | 14580273 |
| 5000000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025C-1 | 5.000 | 05/01/39 | 5483818 |
| 10000000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025C-1 | 5.000 | 05/01/40 | 10831904 |
| 2485000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Series 2024B | 5.000 | 05/01/38 | 2716735 |
| 3285000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Series 2024D-1 | 5.000 | 11/01/27 | 3464777 |
| 5000 | New York City, New York, General Obligation Bonds, Refunding Fiscal 2015 Series C | 5.000 | 08/01/29 | 5008 |
| 600000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond Certified/Green Bond Series 2018I | 3.625 | 11/01/33 | 590222 |
| 2000000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond Certified/Green Bond Series 2018I | 3.875 | 11/01/38 | 1910746 |
| 835000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond Certified/Sustainability Green Series 2020J | 0.750 | 05/01/25 | 832433 |
| 2115000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond Certified/Sustainability Series 2019P | 2.600 | 11/01/34 | 1780239 |
| 10105000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond Certified/Sustainability Series 2019P | 2.850 | 11/01/39 | 8049560 |
| 8105000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Refunding Series 2019C | 3.850 | 11/01/39 | 7587966 |
| 17620000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Refunding Series 2020H | 2.300 | 11/01/40 | 12911873 |
| 3190000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Sustainability Green Series 2024C-1 | 4.375 | 11/01/44 | 3092073 |
| 4400000 | New York State Housing Finance Agency, Housing Revenue Bonds, 160 West 2nd Street Series 2011A-2, (Mandatory Put 4/01/32) | 3.600 | 11/01/44 | 4361175 |
| 5000000 | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Sustainability Series 2024A-2, (Mandatory Put 6/15/29) | 3.350 | 06/15/54 | 5000518 |
| 9795000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 223 | 3.000 | 10/01/39 | 8132584 |
| 10175000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 225 | 2.300 | 10/01/40 | 7464630 |
| 6000000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 227 | 2.300 | 10/01/40 | 4401748 |
| 21935000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 231 | 2.400 | 10/01/41 | 15978268 |
| 5335000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 233 | 2.200 | 04/01/36 | 4197454 |
| 12255000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Social Series 239 | 2.450 | 10/01/41 | 9013795 |
| 1000000 | New York State Power Authority, General Revenue Bonds, Green Series 2024A | 5.000 | 11/15/33 | 1155448 |
| 3250000 | New York State Power Authority, General Revenue Bonds, Green Series 2024A | 5.000 | 11/15/36 | 3725987 |
| 4950000 | New York State Power Authority, General Revenue Bonds, Green Series 2024A | 5.000 | 11/15/37 | 5630228 |
| 745000 | New York State Thruway Authority, General Revenue Bonds, Refunding Series 2024Q | 5.000 | 01/01/28 | 791035 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **83** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $1190000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000% | 07/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190239 |
| 910000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 4.000 | 07/01/32 | 890165 |
| 8075000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 4.000 | 07/01/33 | 7838294 |
| 8585000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/34 | 8586303 |
| 18530000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/41 | 18532459 |
| 2690000 | 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 | 2396775 |
| 30000000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.250 | 01/01/50 | 29998971 |
| 2150000 | 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 | 2150060 |
| 3255000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024, (AMT) | 5.250 | 06/30/49 | 3329531 |
| 7800000 | 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 | 8183882 |
| 15020000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, (AMT) | 4.000 | 01/01/36 | 14296978 |
| 1000000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT) | 6.000 | 04/01/35 | 1099043 |
| 6400000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Seventh Series 2018, (AMT) | 5.000 | 09/15/25 | 6451833 |
| 4375000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Thirty-Eighth Series 2023, (AMT) | 5.000 | 07/15/35 | 4675257 |
| 3180000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Thirty-Eighth Series 2023, (AMT) | 5.000 | 07/15/36 | 3372924 |
| 1910000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Thirty-Eighth Series 2023, (AMT) | 5.000 | 07/15/37 | 2013394 |
| 2435000 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014 | 5.000 | 07/01/28 | 2437735 |
| 2695000 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014 | 5.000 | 07/01/29 | 2697574 |
| 4200000 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014 | 5.000 | 07/01/30 | 4203491 |
| 2100000 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014 | 5.000 | 07/01/31 | 2101469 |
| 1335000 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014 | 5.000 | 07/01/32 | 1335765 |
| 3080000 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014 | 5.000 | 07/01/33 | 3081329 |

---

84 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $10870000 | Suffolk County, New York, General Obligation Bonds, Public Improvement Series 2024A | 3.000% | 10/15/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9598209 |
| 1000000 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A-2 | 5.000 | 06/01/32 | 1062356 |
| 2275000 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A-2 | 5.000 | 06/01/33 | 2410339 |
| 3750000 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Green Bonds, Series 2022D-2 | 5.000 | 11/15/39 | 4046511 |
| 2000000 | Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Refunding Series 2020A. Forward Delivery | 5.000 | 09/01/25 | 2013072 |
|  | TOTAL NEW YORK |  |  | 407314438 |
|  | **NORTH CAROLINA - 0.8%** |  |  |  |
| 1745000 | Appalachian State University, North Carolina, Revenue Bonds, Millennial Campus Indoor Facilities Project Series 2024 | 5.000 | 11/01/28 | 1859118 |
| 1000000 | Appalachian State University, North Carolina, Revenue Bonds, Millennial Campus Indoor Facilities Project Series 2024 | 5.000 | 11/01/29 | 1077857 |
| 10025000 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Variable Rate Demand Series 2021B, (Mandatory Put 6/15/27) | 3.250 | 01/15/50 | 9991411 |
| 2395000 | Columbus County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Recovery Zone Facility Bonds, International Paper Company Project, Refunding Series 2020A, (Mandatory Put 6/16/25) | 1.375 | 05/01/34 | 2380847 |
| 4250000 | Cumberland County Industrial Facilities & Pollution Control Financing Authority, North Carolina, Solid Waste Disposal Revenue Bonds, Project Aero, Series 2024, (AMT), (Mandatory Put 11/01/25) | 3.750 | 12/01/27 | 4256170 |
| 1145000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Series 54-A | 4.550 | 07/01/44 | 1134407 |
| 9600000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Series 55A | 4.000 | 07/01/39 | 9331166 |
| 4280000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Series 55A | 4.350 | 01/01/44 | 4147068 |
| 1140000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Social Series 53-A | 4.000 | 07/01/39 | 1110454 |
| 3110000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 2019-42 | 2.625 | 07/01/39 | 2445842 |
| 4640000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 2020-43 | 2.800 | 01/01/40 | 3697073 |
| 12735000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 2021-47 | 2.300 | 07/01/41 | 9125850 |
| 11625000 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2015C | 5.000 | 01/01/29 | 11776381 |
|  | TOTAL NORTH CAROLINA |  |  | 62333644 |
|  | **NORTH DAKOTA - 1.1%** |  |  |  |
| 3505000 | Cass County Joint Water Reserve District, North Dakota, Temporary Improvement Special Assessment Bonds, Refunding Series 2024A | 3.450 | 04/01/27 | 3504250 |
| 1250000 | Fargo, North Dakota, General Obligation Bonds, Refunding Improvement Series 2021A | 4.000 | 05/01/26 | 1251207 |
| 1320000 | Fargo, North Dakota, General Obligation Bonds, Refunding Improvement Series 2021A | 4.000 | 05/01/27 | 1320909 |
| 1385000 | Fargo, North Dakota, General Obligation Bonds, Refunding Improvement Series 2021A | 4.000 | 05/01/28 | 1385939 |
| 5690000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2021 | 5.000 | 12/01/32 | 5917092 |
| 5920000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2021 | 5.000 | 12/01/33 | 6130563 |
| 2675000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2021 | 5.000 | 12/01/34 | 2759239 |
| 500000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2021 | 3.000 | 05/01/33 | 426406 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **85** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NORTH DAKOTA** (continued) |  |  |  |
| $500000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2021 | 3.000% | 05/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400146 |
| 3440000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2021 | 3.000 | 05/01/46 | 2248184 |
| 1795000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C | 4.500 | 05/01/39 | 1760442 |
| 2600000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2019C | 3.200 | 07/01/39 | 2254848 |
| 2450000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2020A | 3.000 | 07/01/40 | 2021970 |
| 4535000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2020B | 2.350 | 07/01/40 | 3368950 |
| 6900000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2021A | 2.250 | 07/01/41 | 4896050 |
| 10000000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2021B | 2.450 | 07/01/41 | 7376662 |
| 5240000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2024A | 4.550 | 07/01/44 | 5194784 |
| 5000000 | North Dakota Housing Finance Agency, Home Mortgage Program Revenue Bonds, Social Series 2024D | 4.175 | 07/01/39 | 4973828 |
| 3785000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/28 | 3898062 |
| 3000000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/29 | 3082546 |
| 1310000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/31 | 1340691 |
| 3480000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/34 | 3539191 |
| 10980000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/38 | 11095558 |
| 3300000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/43 | 3301426 |
|  | TOTAL NORTH DAKOTA |  |  | 83448943 |
|  | **OHIO - 3.7%** |  |  |  |
| 4465000 | 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 | 4590384 |
| 6775000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 5.000 | 06/01/28 | 7035982 |
| 22145000 | 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 | 23169441 |
| 5360000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 5.000 | 06/01/30 | 5649114 |
| 9170000 | 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 | 9641796 |
| 10275000 | 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 | 10779122 |
| 4450000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 5.000 | 06/01/33 | 4657737 |
| 2610000 | 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 | 2721935 |
| 2760000 | 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 | 2871843 |

---

86 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OHIO** (continued) |  |  |  |
| $9235000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 4.000% | 06/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8940696 |
| 3810000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 4.000 | 06/01/38 | 3655049 |
| 2155000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 4.000 | 06/01/39 | 2042920 |
| 8740000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 3.000 | 06/01/48 | 6289979 |
| 3850000 | 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 | 3339343 |
| 13385000 | 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 | 11814973 |
| 6500000 | Columbus Regional Airport Authority, Ohio, Revenue Bonds, John Glenn Columbus International Airport, Series 2025A, (AMT) | 5.000 | 01/01/40 | 6791123 |
| 5000000 | Columbus Regional Airport Authority, Ohio, Revenue Bonds, John Glenn Columbus International Airport, Series 2025A, (AMT) | 5.250 | 01/01/41 | 5330770 |
| 2160000 | Hamilton, Ohio, General Obligation Bonds, Various Purpose, Limited Tax Bond Anticipation Notes Series 2024 | 4.000 | 12/17/25 | 2173279 |
| 1080000 | Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Obligated Group Project, Refunding & Improvement Series 2021 | 3.000 | 08/01/40 | 877665 |
| 3410000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013 | 5.000 | 02/15/27 | 3427857 |
| 7000000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D | 3.375 | 08/01/29 | 6860558 |
| 2200000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2009A | 4.750 | 06/01/33 | 2288552 |
| 4850000 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, American Electric Power Company Project, Refunding Series 2005A, (AMT) | 3.750 | 01/01/29 | 4835160 |
| 25825000 | 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 | 23985860 |
| 18600000 | 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 | 17275392 |
| 12560000 | 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 | 11716480 |
| 16950000 | 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 | 17100780 |
| 2975000 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Duke Energy Corporation Project, Refunding Series 2022A, (AMT), (Mandatory Put 6/01/27) | 4.250 | 11/01/39 | 3005168 |
| 300000 (c) | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Pratt Paper Ohio, LLC Project, Series 2017, (AMT) | 3.750 | 01/15/28 | 300038 |
| 5085000 | Ohio Higher Educational Facility Commission, Revenue Bonds, Case Western Reserve University Project, Series 2019C, (Mandatory Put 12/01/26) | 1.625 | 12/01/34 | 4908376 |
| 1815000 | Ohio Higher Educational Facility Commission, Senior Hospital Parking Revenue Bonds, University Circle Incorporated 2020 Project, Series 2020 | 5.000 | 01/15/36 | 1883405 |
| 1950000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2019B | 3.000 | 09/01/39 | 1636678 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **87** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OHIO** (continued) |  |  |  |
| $3585000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2020A | 2.750% | 09/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813623 |
| 1390000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2020B | 2.250 | 09/01/40 | 1011268 |
| 3605000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2021A | 2.250 | 09/01/41 | 2552236 |
| 4865000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2021C | 2.450 | 09/01/41 | 3581724 |
| 1325000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A | 4.350 | 09/01/44 | 1285580 |
| 8540000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024B | 4.500 | 09/01/44 | 8384827 |
| 2900000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Social Series 2025A | 4.150 | 09/01/40 | 2843033 |
| 7885000 | Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Refunding Series 2016A | 5.000 | 01/15/41 | 7909426 |
| 5650000 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission, Infrastructure Projects, Junior Lien Series 2018A | 5.000 | 02/15/27 | 5876198 |
| 1750000 | Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation Bonds, Refunding Series 2025 | 5.000 | 12/01/31 | 1956328 |
| 1185000 | Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation Bonds, Refunding Series 2025 | 5.000 | 12/01/32 | 1337200 |
| 2725000 | Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation Bonds, Refunding Series 2025 | 5.000 | 12/01/33 | 3098431 |
| 3410000 | 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 | 2626446 |
| 725000 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015 | 5.375 | 03/01/27 | 724970 |
| 4800000 (e) | Van Wert County Hospital, Ohio, Revenue Bonds, Van Wert Health Obligated Group Refunding Facilities Improvement Series 2020, (Pre-refunded 12/01/29) | 6.125 | 12/01/49 | 5304504 |
| 11700000 | Washington County, Ohio, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group, Series 2022 | 6.375 | 12/01/37 | 12541279 |
|  | TOTAL OHIO |  |  | 285444528 |
|  | **OKLAHOMA - 2.8%** |  |  |  |
| 1065000 | Bryan County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Durant Public Schools Project, Refunding Series 2020 | 4.000 | 12/01/28 | 1093283 |
| 1775000 | Bryan County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Durant Public Schools Project, Series 2020 | 2.000 | 09/01/28 | 1659113 |
| 1850000 | Bryan County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Durant Public Schools Project, Series 2020 | 2.000 | 09/01/29 | 1686055 |
| 1800000 | Bryan County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Durant Public Schools Project, Series 2020 | 2.750 | 09/01/30 | 1695227 |
| 1790000 | Bryan County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Durant Public Schools Project, Series 2020 | 2.750 | 09/01/31 | 1648042 |
| 7830000 | Canadian County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Piedmont Public Schools Project, Series 2024 | 4.000 | 08/15/33 | 7948230 |
| 12345000 | Canadian County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Piedmont Public Schools Project, Series 2024 | 4.000 | 08/15/34 | 12463945 |
| 1585000 | Carter County Public Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Plainview Public Schools Project, Series 2021A | 4.000 | 12/01/35 | 1611926 |

---

88 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OKLAHOMA** (continued) |  |  |  |
| $10000000 | Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Public Schools Project, Series 2021 | 4.000% | 06/01/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10313931 |
| 10000000 | Cleveland County Independent School District 29 Norman, Oklahoma, General Obligation Bonds, Combined Purpose Series 2024 | 4.000 | 03/01/26 | 10087706 |
| 910000 | Cleveland County Public Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Norman Technology Center Project, Series 2021 | 4.000 | 05/01/27 | 928529 |
| 945000 | Cleveland County Public Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Norman Technology Center Project, Series 2021 | 4.000 | 05/01/28 | 969583 |
| 960000 | Cleveland County Public Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Norman Technology Center Project, Series 2021 | 4.000 | 05/01/29 | 988130 |
| 875000 | Cleveland County Public Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Norman Technology Center Project, Series 2021 | 4.000 | 05/01/30 | 899091 |
| 690000 | Cleveland County Public Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Norman Technology Center Project, Series 2021 | 4.000 | 05/01/31 | 710085 |
| 930000 | Cleveland County Public Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Norman Technology Center Project, Series 2021 | 4.000 | 05/01/32 | 956641 |
| 800000 | Cleveland County Public Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Norman Technology Center Project, Series 2021 | 4.000 | 05/01/33 | 820917 |
| 900000 | Cleveland County Public Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Norman Technology Center Project, Series 2021 | 4.000 | 05/01/34 | 920908 |
| 1070000 | Cleveland County Public Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Norman Technology Center Project, Series 2021 | 4.000 | 05/01/35 | 1089449 |
| 1470000 | Comanche County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Elgin Public Schools Project, Series 2017A | 5.000 | 12/01/28 | 1551378 |
| 1410000 | Comanche County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Elgin Public Schools Project, Series 2017A | 5.000 | 12/01/31 | 1481351 |
| 2620000 | Garfield County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Enid Public Schools Project, Series 2016A | 5.000 | 09/01/29 | 2678612 |
| 5290000 | Garfield County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Enid Public Schools Project, Series 2016A | 5.000 | 09/01/31 | 5406130 |
| 3145000 | Garvin County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Wynnewood Public Schools Project, Series 2018 | 3.625 | 09/01/36 | 3068743 |
| 1365000 | Grady County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Amber-Pocasset Public Schools Project, Series 2019 | 4.000 | 09/01/32 | 1380516 |
| 1485000 | Grady County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Amber-Pocasset Public Schools Project, Series 2019 | 4.000 | 09/01/34 | 1481525 |
| 1000000 | Grady County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Amber-Pocasset Public Schools Project, Series 2019 | 4.000 | 09/01/36 | 978161 |
| 1890000 | Grady County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Tuttle Public Schools Project, Series 2019 | 4.000 | 09/01/32 | 1911483 |
| 1735000 | Grady County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Tuttle Public Schools Project, Series 2019 | 4.000 | 09/01/33 | 1755540 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **89** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OKLAHOMA** (continued) |  |  |  |
| $1000000 | Grady County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Tuttle Public Schools Project, Series 2019 | 4.000% | 09/01/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008451 |
| 2490000 | Lincoln County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Stroud Public Schools Project, Series 2016 | 5.000 | 09/01/26 | 2550861 |
| 890000 | Love County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Marietta Public Schools Project, Series 2021 | 4.000 | 12/01/33 | 907818 |
| 920000 | Love County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Marietta Public Schools Project, Series 2021 | 4.000 | 12/01/34 | 937159 |
| 960000 | Love County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Marietta Public Schools Project, Series 2021 | 4.000 | 12/01/35 | 973473 |
| 1280000 | McClain County Economic Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Purcell Public Schools Project, Series 2018 | 5.000 | 09/01/30 | 1348021 |
| 1565000 | McClain County Economic Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Purcell Public Schools Project, Series 2018 | 5.000 | 09/01/34 | 1632898 |
| 5025000 | Oklahoma County Independent School District 89 Oklahoma City, Oklahoma, General Obligation Bonds, Combined Purpose Series 2024A | 1.250 | 07/01/26 | 4924738 |
| 590000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.000 | 08/15/28 | 611212 |
| 9505000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.000 | 08/15/33 | 9739407 |
| 8230000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.000 | 08/15/38 | 8343614 |
| 3795000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.250 | 08/15/43 | 3849405 |
| 2480000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/57 | 2512122 |
| 4975000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Taxable Series 2022 | 5.500 | 08/15/37 | 5118427 |
| 970000 | Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2019A | 3.000 | 09/01/39 | 814142 |
| 1240000 | Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2020A | 3.000 | 09/01/40 | 1023202 |
| 5725000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.000 | 01/01/40 | 6256395 |
| 2475000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.000 | 01/01/41 | 2686154 |
| 4530000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.000 | 01/01/42 | 4881197 |
| 1505000 | Pontotoc County Educational Facilities Authority, Oklahoma, Facilities Lease Revenue Bonds, Ada Public Schools Project, Series 2014 | 5.000 | 09/01/25 | 1514712 |
| 745000 | Pontotoc County Educational Facilities Authority, Oklahoma, Facilities Lease Revenue Bonds, Ada Public Schools Project, Series 2021 | 4.000 | 09/01/29 | 758268 |
| 440000 | Pontotoc County Educational Facilities Authority, Oklahoma, Facilities Lease Revenue Bonds, Ada Public Schools Project, Series 2021 | 4.000 | 09/01/30 | 447097 |
| 985000 | Pontotoc County Educational Facilities Authority, Oklahoma, Facilities Lease Revenue Bonds, Ada Public Schools Project, Series 2021 | 4.000 | 09/01/31 | 995181 |
| 7800000 | Tulsa County Independent School District 001 Tulsa, Oklahoma, General Obligation Bonds, Combined Purpose Series 2022A | 2.000 | 03/01/27 | 7586930 |
| 1540000 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Berryhill Public Schools Project, Series 2020 | 2.000 | 09/01/27 | 1471680 |

---

90 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OKLAHOMA** (continued) |  |  |  |
| $1605000 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Berryhill Public Schools Project, Series 2020 | 2.000% | 09/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500212 |
| 1670000 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Berryhill Public Schools Project, Series 2020 | 2.000 | 09/01/29 | 1522006 |
| 3150000 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Berryhill Public Schools Project, Series 2020 | 2.000 | 09/01/30 | 2804673 |
| 3840000 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Broken Arrow Public Schools Project, Series 2016 | 5.000 | 09/01/25 | 3846462 |
| 10755000 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Broken Arrow Public Schools Project, Series 2016 | 5.000 | 09/01/26 | 10767486 |
| 5650000 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Broken Arrow Public Schools Project, Series 2021A | 4.000 | 09/01/30 | 5774590 |
| 5425000 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Broken Arrow Public Schools Project, Series 2021A | 4.000 | 09/01/31 | 5536851 |
| 6260000 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Jenks Public Schools Project, Series 2015 | 5.000 | 09/01/25 | 6313417 |
| 9955000 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Jenks Public Schools Project, Series 2015 | 5.000 | 09/01/26 | 10038532 |
| 6980000 | Tulsa, Oklahoma, General Obligation Bonds, Series 2024C | 0.050 | 10/01/37 | 4201671 |
| 2580000 | Washington County Rural Water District 3, Oklahoma, Revenue Bonds, Refunding & Capital improvement Series 2020 | 3.000 | 09/15/35 | 2345081 |
| 2165000 | Weatherford Industrial Trust Educational, Oklahoma, Facilities Lease Revenue Bonds, Weatherford Public Schools Project, Series 2019 | 5.000 | 03/01/29 | 2279965 |
| 2000000 | Weatherford Industrial Trust Educational, Oklahoma, Facilities Lease Revenue Bonds, Weatherford Public Schools Project, Series 2019 | 5.000 | 03/01/31 | 2100224 |
| 2500000 | Weatherford Industrial Trust Educational, Oklahoma, Facilities Lease Revenue Bonds, Weatherford Public Schools Project, Series 2019 | 5.000 | 03/01/33 | 2614465 |
|  | TOTAL OKLAHOMA |  |  | 214722429 |
|  | **OREGON - 0.7%** |  |  |  |
| 5055000 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D | 5.000 | 06/15/36 | 5203319 |
| 1760000 | Benton and Linn Counties District School District 509J Corvallis, Oregon, General Obligation Bonds, Series 2018A | 5.000 | 06/15/38 | 1823516 |
| 1245000 | Clackamas Community College District, Oregon, General Obligation Bonds, Deferred Interest Series 2017A | 5.000 | 06/15/40 | 1277802 |
| 1665000 | Clackamas County School District 62, Oregon City, Oregon, General Obligation Bonds, Refunding Series 2018A | 0.000 | 06/15/34 | 1138723 |
| 1510000 | Clackamas County School District 62, Oregon City, Oregon, General Obligation Bonds, Refunding Series 2018A | 0.000 | 06/15/35 | 980979 |
| 1050000 | Clackamas County School District 62, Oregon City, Oregon, General Obligation Bonds, Refunding Series 2018A | 0.000 | 06/15/37 | 612817 |
| 2050000 | Clackamas County School District 62, Oregon City, Oregon, General Obligation Bonds, Refunding Series 2018A | 0.000 | 06/15/39 | 1064407 |
| 2790000 | Multnomah-Clackamas Counties School District 10JT Greham- Barlow, Oregon, General Obligation Bonds, Deferred interest Series 2019A | 0.000 | 06/15/38 | 1526410 |
| 1000000 | Oregon Department of Transportation, Revenue Bonds, Grant Anticipation, Social 2024 | 5.000 | 05/15/39 | 1099845 |
| 6545000 | Oregon Health and Science University, Revenue Bonds, Green Series 2021B-2, (Mandatory Put 2/01/32) | 5.000 | 07/01/46 | 7096359 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **91** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OREGON** (continued) |  |  |  |
| $1830000 | Oregon Housing and Community Services Department, Single Family Mortgage Program Revenue Bonds, Series 2017D | 3.450% | 01/01/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633883 |
| 2870000 | Oregon Housing and Community Services Department, Single Family Mortgage Program Revenue Bonds, Series 2018C | 3.900 | 07/01/38 | 2724301 |
| 7955000 | Oregon Housing and Community Services Department, Single Family Mortgage Program Revenue Bonds, Series 2019A | 2.650 | 07/01/39 | 6282279 |
| 7420000 | Oregon Housing and Community Services Department, Single Family Mortgage Program Revenue Bonds, Series 2021A | 2.250 | 07/01/41 | 5265028 |
| 3325000 | Oregon State, General Obligation Bonds, Veterans Welfare Series 108 of 2021O | 2.600 | 12/01/42 | 2419458 |
| 4050000 | Port of Portland, Oregon, International Airport Revenue Bonds, Green Series 2023-29, (AMT) | 5.000 | 07/01/38 | 4258440 |
| 5000000 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2022-28, (AMT) | 5.000 | 07/01/33 | 5364631 |
| 1925000 | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Projects, Refunding Series 2016A | 5.000 | 05/15/33 | 1954561 |
|  | TOTAL OREGON |  |  | 51726758 |
|  | **PENNSYLVANIA - 4.7%** |  |  |  |
| 1000000 | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2023A - AGM Insured, (AMT) | 5.000 | 01/01/28 | 1039918 |
| 1400000 | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2023A - AGM Insured, (AMT) | 5.000 | 01/01/29 | 1469011 |
| 2500000 | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2023A - AGM Insured, (AMT) | 5.000 | 01/01/30 | 2641088 |
| 1000000 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health Network Obligated Group Issue, Series 2018A | 5.000 | 04/01/36 | 1022296 |
| 10085000 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health Network Obligated Group Issue, Series 2018A | 4.000 | 04/01/37 | 9738063 |
| 5205000 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health Network Obligated Group Issue, Series 2018A | 4.000 | 04/01/38 | 4958750 |
| 6655000 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health Network Obligated Group Issue, Series 2018A | 4.000 | 04/01/44 | 6213927 |
| 2740000 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health Network Obligated Group Issue, Series 2018A | 4.000 | 04/01/44 | 2555086 |
| 1885000 (c) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Project, Series 2018 | 5.000 | 05/01/28 | 1926854 |
| 2234000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-2 | 6.000 | 06/30/34 | 2409105 |
| 29961000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-3 | 5.000 | 06/30/39 | 29038411 |
| 14973000 (h) | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024B-1 | 0.000 | 06/30/44 | 11058098 |
| 4690000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024A-1 | 8.000 | 06/30/34 | 4800847 |
| 1025000 | Capital Region Water, Pennsylvania, Water Revenue Bonds, Series 2018 | 5.000 | 07/15/27 | 1071137 |
| 5190000 | Clarion 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 | 4611987 |
| 35160000 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018 - AGM Insured | 4.000 | 06/01/39 | 33001921 |

---

92 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PENNSYLVANIA** (continued) |  |  |  |
| $5000000 | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2020B, (Mandatory Put 2/15/27) | 5.000% | 04/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125924 |
| 3825000 | Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2019A | 4.000 | 07/01/49 | 3368536 |
| 10430000 | Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2016A | 3.000 | 09/01/29 | 10382795 |
| 16805000 | 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 | 14951543 |
| 1000000 | North Allegheny School District, Allegheny County, Pennsylvania, General Obligation Bonds, Limited Tax Series 2019 | 4.000 | 05/01/44 | 947582 |
| 3160000 | Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, (AMT) | 5.000 | 12/31/34 | 3190020 |
| 11000000 (f) | Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh Medical Center, Series 2025A, (Mandatory Put 3/15/35) | 1.000 | 03/15/60 | 11898713 |
| 1500000 (b) | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc Project, Refunding Series 2019A, (AMT), (Mandatory Put 4/15/25) | 4.150 | 04/01/34 | 1500171 |
| 1250000 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2009, (Mandatory Put 12/01/26) | 0.950 | 12/01/33 | 1193274 |
| 2650000 (b) | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2013, (AMT), (Mandatory Put 5/01/25) | 3.700 | 08/01/45 | 2649675 |
| 5000000 | 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 | 4999079 |
| 10890000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, Series 2012 | 5.000 | 05/01/42 | 8116731 |
| 720000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Trustees, Series 2025A | 5.000 | 02/15/35 | 829902 |
| 1135000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2021A | 3.000 | 07/15/39 | 882927 |
| 19900000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-120 | 3.100 | 10/01/36 | 17641959 |
| 13045000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-124B | 3.500 | 10/01/37 | 11957969 |
| 6615000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2019-128B | 3.500 | 10/01/34 | 6241643 |
| 1000000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2019-130A | 2.700 | 10/01/39 | 791734 |
| 3880000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2019-131A | 3.000 | 10/01/39 | 3221483 |
| 3355000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2020-133 | 2.125 | 10/01/35 | 2661480 |
| 10150000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2020-133 | 2.350 | 10/01/40 | 7516390 |
| 15000000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2021-137 | 2.450 | 10/01/41 | 11032797 |
| 4800000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2022-1394A | 4.000 | 10/01/37 | 4703758 |
| 1000000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A | 4.600 | 10/01/44 | 989648 |
| 5000000 | Pennsylvania State, General Obligation Bonds, First Series 2024 | 5.000 | 08/15/30 | 5501605 |
| 2345000 | Pennsylvania Turnpike Commission, Motor License Fund- Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2014A | 4.500 | 12/01/34 | 2374011 |
| 5100000 | Pennsylvania Turnpike Commission, Motor License Fund- Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2014A | 4.750 | 12/01/37 | 5166569 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **93** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PENNSYLVANIA** (continued) |  |  |  |
| $16220000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E | 6.375% | 12/01/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17271275 |
| 2980000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2 | 5.000 | 06/01/29 | 3039900 |
| 22160000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2 | 5.000 | 06/01/35 | 22500590 |
| 3035000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2017 | 5.000 | 12/01/29 | 3180561 |
| 3290000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2017 | 5.000 | 12/01/31 | 3434132 |
| 4815000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Series 2016 | 5.000 | 06/01/37 | 4859773 |
| 5490000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Series 2016A | 5.000 | 12/01/36 | 5608397 |
| 3800000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Third Series 2017 | 5.000 | 12/01/31 | 3966475 |
| 2305000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Third Series 2017 | 5.000 | 12/01/32 | 2402306 |
| 2110000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Third Series 2017 | 4.000 | 12/01/36 | 2115838 |
| 5000000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1 | 5.000 | 12/01/40 | 5017613 |
| 1165000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2016A-1 | 5.000 | 12/01/28 | 1188122 |
| 3110000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2017A-1 | 5.000 | 12/01/36 | 3203792 |
| 7445000 | Philadelphia Authority For Industrial Development, Pennsylvania, City Agreement Revenue Bonds, Cultural and Commercial Corridors Program, Refunding Series 2016A | 5.000 | 12/01/29 | 7529388 |
| 1835000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, La Salle University, Series 2017 | 5.000 | 05/01/31 | 1642523 |
| 2060000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, La Salle University, Series 2017 | 5.000 | 05/01/33 | 1779408 |
| 1165000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, La Salle University, Series 2017 | 5.000 | 05/01/34 | 987898 |
| 865000 | Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds, Marywood University, Series 2016 | 3.375 | 06/01/26 | 843390 |
| 3120000 | Washington County Industrial Development Authority, Pennsylvania, College Revenue Bonds, AICUP Financing Program-Washington and Jefferson College Project, Series 2017-PP5 | 3.375 | 11/01/36 | 2684681 |
|  | TOTAL PENNSYLVANIA |  |  | 360650479 |
|  | **PUERTO RICO - 3.4%** |  |  |  |
| 19655000 (c) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/30 | 20374265 |
| 22060000 (c) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/35 | 22665779 |
| 350000 (c) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021A | 5.000 | 07/01/33 | 362702 |
| 5575000 (c) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 4.000 | 07/01/42 | 5009566 |
| 23312000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/27 | 21387478 |
| 27317000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/29 | 23143842 |
| 61978000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/31 | 48601425 |
| 19424000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/33 | 13953671 |
| 2802000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.500 | 07/01/34 | 2786456 |

---

94 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PUERTO RICO** (continued) |  |  |  |
| $11643000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.550% | 07/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11536886 |
| 23847000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/46 | 7823826 |
| 1087000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.750 | 07/01/53 | 1046685 |
| 3445000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 5.000 | 07/01/58 | 3397922 |
| 4743000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Cofina Project Series 2018B-1 | 4.500 | 07/01/34 | 4716689 |
| 9824000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.329 | 07/01/40 | 9582911 |
| 12563000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.329 | 07/01/40 | 12254694 |
| 76000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.784 | 07/01/58 | 72459 |
| 8591707 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.375 | 07/01/25 | 8630281 |
| 8341454 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.625 | 07/01/27 | 8639544 |
| 16663234 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.625 | 07/01/29 | 17859472 |
| 1525507 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.750 | 07/01/31 | 1677222 |
| 8728000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 0.000 | 07/01/33 | 5991171 |
| 3334000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/33 | 3267295 |
| 3446000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/35 | 3295480 |
| 881000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/37 | 833672 |
|  | TOTAL PUERTO RICO |  |  | 258911393 |
|  | **RHODE ISLAND - 0.8%** |  |  |  |
| 1275000 | Rhode Island Health and Educational Building Corporation, Educational Institution Revenue Bonds, St. George's School, Series 2021 | 5.000 | 10/01/28 | 1357307 |
| 2000000 | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Care New England Issue, Refunding Series 2016B | 5.000 | 09/01/36 | 1981263 |
| 1425000 | Rhode Island Health and Educational Building Corporation, Public Schools Financing Program Revenue Bonds, City of Providence, Series 2021D — BAM Insured | 5.000 | 05/15/27 | 1486270 |
| 2595000 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, 2019 Series 70 | 3.000 | 10/01/39 | 2154574 |
| 2420000 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, 2019 Series 71 | 3.000 | 10/01/39 | 2009275 |
| 13950000 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, 2021 Series 75A | 2.250 | 10/01/41 | 9865282 |
| 10000000 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bonds, Series 73-A | 2.300 | 10/01/40 | 7336246 |
| 4550000 | Rhode Island Housing and Mortgage Finance Corporation, Homeownership Opportunity Bond Program, Series 2020-72A | 2.550 | 10/01/40 | 3471901 |
| 4000000 | Rhode Island Housing and Mortgage Finance Corporation, Homeownership Opportunity Bonds, Series 83-A | 4.600 | 10/01/44 | 3958591 |
| 137445000 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A | 0.000 | 06/01/52 | 23729055 |
| 4685000 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2015B | 4.500 | 06/01/45 | 4685027 |
|  | TOTAL RHODE ISLAND |  |  | 62034791 |

---

See Notes To Financial Statements 95

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SOUTH CAROLINA - 1.5%** |  |  |  |
| $10000000 | Greenville County School District, South Carolina, General Obligation Bonds, Series 2024B | 5.000% | 06/24/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10048163 |
| 5780000 | Greenville Hospital System Board of Trustees, South Carolina, Hospital Revenue Bonds, Series 2014B | 5.000 | 05/01/34 | 5780286 |
| 1055000 | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016 | 5.000 | 11/01/34 | 1067484 |
| 1170000 | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016 | 5.000 | 11/01/35 | 1182992 |
| 6400000 | Patriots Energy Group Financing Agency, South Carolina, Gas Supply Revenue Bonds, Series 2023A-1, (Mandatory Put 8/01/31) | 5.250 | 10/01/54 | 6790316 |
| 1000000 | Patriots Energy Group, South Carolina, Gas System Revenue Bonds, Improvement and Refunding Series 2021A | 2.250 | 06/01/41 | 663429 |
| 2700000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2019B | 2.900 | 07/01/39 | 2233231 |
| 5720000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2020B | 2.150 | 07/01/40 | 4092713 |
| 17830000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2021A | 2.050 | 07/01/41 | 11944269 |
| 1965000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2024A | 4.500 | 07/01/44 | 1931305 |
| 5485000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2024B | 4.375 | 07/01/44 | 5331501 |
| 985000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2025A | 4.150 | 07/01/40 | 966288 |
| 9320000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2025A | 4.500 | 07/01/45 | 9139129 |
| 5390000 | South Carolina Jobs Economic Development Authority, Economic Development Revenue Bonds, Foothill Affordable Housing Foundation - Paddock Club & Fairway Projects, Senior Credit Enhanced Series 2025, (Mandatory Put 3/01/35) | 4.000 | 03/01/62 | 5180391 |
| 1910000 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, FMU Student Housing LLC - Francis Marion University Project, Series 2014A | 5.000 | 08/01/27 | 1911128 |
| 3925000 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, FMU Student Housing LLC - Francis Marion University Project, Series 2014A | 5.000 | 08/01/32 | 3924996 |
| 3240000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A | 5.000 | 12/01/31 | 3251047 |
| 4595000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2020A | 5.000 | 12/01/31 | 4989917 |
| 7895000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016A | 5.000 | 12/01/29 | 8038216 |
| 4325000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016A | 5.000 | 12/01/31 | 4389265 |
| 2200000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016A | 5.000 | 12/01/37 | 2220625 |
| 4000000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2024B - AGM Insured | 5.000 | 12/01/42 | 4261764 |
| 10000000 | South Carolina Transportation Infrastructure Bank, Revenue Bonds, Refunding Series 2017A | 5.000 | 10/01/39 | 10244350 |
| 4615000 | Spartanburg County School District 5, South Carolina, General Obligation Bonds, Series 2022 | 3.000 | 03/01/37 | 4113824 |
|  | TOTAL SOUTH CAROLINA |  |  | 113696629 |
|  | **SOUTH DAKOTA - 0.5%** |  |  |  |
| 200000 | Mitchell School District 17-2, South Dakota, General Obligation Bonds, Limited Tax Refunding Certificates, Series 2021 | 2.000 | 08/01/26 | 195563 |
| 400000 | Mitchell School District 17-2, South Dakota, General Obligation Bonds, Limited Tax Refunding Certificates, Series 2021 | 2.000 | 08/01/27 | 384127 |
| 400000 | Mitchell School District 17-2, South Dakota, General Obligation Bonds, Limited Tax Refunding Certificates, Series 2021 | 2.000 | 08/01/29 | 366315 |
| 1545000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument Health, Inc., Series 2020A | 5.000 | 09/01/27 | 1603531 |

---

96 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SOUTH DAKOTA** (continued) |  |  |  |
| $2495000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional Health, Refunding Series 2017 | 5.000% | 09/01/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575046 |
| 3925000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2021A | 2.100 | 11/01/41 | 2688880 |
| 7500000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2021B | 2.050 | 11/01/41 | 4997274 |
| 3500000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2024A | 4.450 | 11/01/44 | 3419160 |
| 13055000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2024C | 4.500 | 11/01/44 | 12820420 |
| 7875000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2025A | 4.200 | 11/01/40 | 7838740 |
| 3205000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Social Series 2023A | 4.150 | 11/01/38 | 3119299 |
|  | TOTAL SOUTH DAKOTA |  |  | 40008355 |
|  | **TENNESSEE - 1.2%** |  |  |  |
| 1615000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, CommonSpirit Health, Series 2019A-1 | 5.000 | 08/01/26 | 1656897 |
| 1890000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, CommonSpirit Health, Series 2019A-1 | 5.000 | 08/01/28 | 2001694 |
| 5000000 | Chattanooga, Tennessee, Electric System Enterprise Revenue Bonds, Refunding, Series 2015A | 4.000 | 09/01/33 | 4989408 |
| 2895000 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2017 | 3.375 | 04/01/26 | 2879572 |
| 3250000 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2017 | 5.000 | 04/01/29 | 3305488 |
| 2605000 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2017 | 5.000 | 04/01/30 | 2646119 |
| 2810000 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2017 | 5.000 | 04/01/31 | 2847887 |
| 5135000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A | 5.000 | 07/01/40 | 5155383 |
| 4435000 | Murfreesboro, Tennessee, General Obligation Bonds, Series 2021 | 3.000 | 06/01/30 | 4310701 |
| 15760000 | Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series 2021A, (Mandatory Put 9/01/28) | 4.000 | 12/01/51 | 15828944 |
| 4095000 | Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series 2022A, (Mandatory Put 12/01/30) | 5.500 | 10/01/53 | 4307492 |
| 410000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2015-1C | 3.950 | 07/01/35 | 406841 |
| 3255000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2018-3 | 3.750 | 07/01/38 | 3028674 |
| 6335000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2018-4 | 3.900 | 07/01/38 | 6074860 |
| 5765000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2019-1 | 3.750 | 07/01/39 | 5381586 |
| 6190000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2019-2 | 3.000 | 07/01/39 | 5169253 |
| 2440000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2019-3 | 2.600 | 07/01/39 | 1910914 |
| 3930000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2019-4 | 2.900 | 07/01/39 | 3250593 |
| 3915000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2021-1 | 2.250 | 07/01/41 | 2782497 |
| 7135000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2021-2 | 2.250 | 07/01/41 | 5062800 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **97** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TENNESSEE** (continued) |  |  |  |
| $5340000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2021-3 | 2.300% | 07/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826623 |
| 3335000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2024-3C, (Mandatory Put 10/01/25) | 3.500 | 01/01/56 | 3335199 |
| 260000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2024-2A | 4.450 | 07/01/44 | 253980 |
| 2500000 | The Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Series 2018, (Mandatory Put 11/01/25) | 4.000 | 11/01/49 | 2505116 |
|  | TOTAL TENNESSEE |  |  | 92918521 |
|  | **TEXAS - 7.2%** |  |  |  |
| 5000000 | Aldine Independent School District, Harris County, Texas, General Obligation Bonds, Refunding School Building Series 2017A | 5.000 | 02/15/45 | 5066316 |
| 2030000 | Aldine Independent School District, Harris County, Texas, General Obligation Bonds, Refunding School Building Series 2024B | 5.000 | 02/15/28 | 2152513 |
| 2610000 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/28 | 2619499 |
| 2840000 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/30 | 2843901 |
| 1600000 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/32 | 1597557 |
| 20000000 | Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2024B | 5.000 | 08/15/40 | 21747588 |
| 9350000 | Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2025A | 5.000 | 08/15/28 | 10009891 |
| 8460000 | Board of Regents of the University of Texas, Permanent University Fund Bonds, Series 2024A | 5.000 | 07/01/38 | 9326362 |
| 9025000 | Board of Regents of the University of Texas, Permanent University Fund Bonds, Series 2024A | 5.000 | 07/01/39 | 9883712 |
| 5000000 | Central Texas Regional Mobility Authority, Revenue Bonds, Anticipation Notes Subordinate Lien Series 2021C | 5.000 | 01/01/27 | 5068311 |
| 1950000 (e) | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, (Pre-refunded 7/01/25) | 5.000 | 01/01/32 | 1960451 |
| 1525000 (e) | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, (Pre-refunded 7/01/25) | 5.000 | 01/01/33 | 1533173 |
| 1165000 (e) | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, (Pre-refunded 7/01/25) | 5.000 | 01/01/34 | 1171244 |
| 1145000 | City of Houston, Texas, Convention & Entertainment Facilities Department Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2019 | 5.000 | 09/01/32 | 1200594 |
| 1000000 | City of Houston, Texas, Convention & Entertainment Facilities Department Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2019 | 5.000 | 09/01/34 | 1043712 |
| 1000000 | City of Houston, Texas, Convention & Entertainment Facilities Department Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2019 | 5.000 | 09/01/35 | 1042084 |
| 1000000 | City of Houston, Texas, Convention & Entertainment Facilities Department Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2019 | 5.000 | 09/01/36 | 1040395 |
| 3240000 | Collin County, Texas, General Obligation Bonds, Limited Tax Permanent Improvement Series 2023 | 5.000 | 02/15/36 | 3583071 |
| 1225000 | Collin County, Texas, General Obligation Bonds, Limited Tax Permanent Improvement Series 2023 | 5.000 | 02/15/37 | 1346858 |
| 3000000 | Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, Refunding Series 2024 | 5.000 | 02/15/30 | 3269846 |
| 8570000 | Dallas Fort Worth International Airport, Texas, Joint Revenue Bonds Refunding Series 2023C, (AMT) | 5.000 | 11/01/26 | 8817790 |
| 9070000 | Dallas Fort Worth International Airport, Texas, Joint Revenue Bonds Refunding Series 2023C, (AMT) | 5.000 | 11/01/27 | 9446602 |
| 10000000 | Dallas, Texas, General Obligation Bonds, Refunding and Improvement Series 2024B | 5.000 | 02/15/27 | 10415241 |

---

98 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $5900000 | Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2016A | 5.000% | 10/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5987145 |
| 2775000 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B | 4.750 | 11/01/42 | 2727275 |
| 4000000 | Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding Series 2015 | 4.000 | 02/15/31 | 4001152 |
| 5215000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Health System, Refunding Series 2020A | 4.125 | 07/01/26 | 5291023 |
| 4025000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Health System, Refunding Series 2020A | 3.950 | 07/01/27 | 4097891 |
| 3060000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Health System, Refunding Series 2020A | 3.750 | 07/01/28 | 3111306 |
| 3650000 | 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 | 3866394 |
| 8960000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Health System, Series 2024C, (Mandatory Put 7/01/29) | 5.000 | 07/01/54 | 9567967 |
| 1000000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Texas Childrens Hospital, Series 2019A | 4.000 | 10/01/35 | 987888 |
| 12670000 | Houston Higher Education Finance Corporation, Texas, Revenue Bonds, Rice University, Series 2024 | 5.000 | 05/15/34 | 14351205 |
| 6995000 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2023A - AGM Insured, (AMT) | 5.000 | 07/01/28 | 7327147 |
| 11005000 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2023A - AGM Insured, (AMT) | 5.000 | 07/01/30 | 11699316 |
| 11535000 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2023A - AGM Insured, (AMT) | 5.000 | 07/01/32 | 12402118 |
| 2440000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, (AMT) | 5.000 | 07/01/29 | 2441040 |
| 1000000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Series 2021B-1, (AMT) | 4.000 | 07/15/41 | 925379 |
| 8825000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.250 | 07/15/33 | 9212962 |
| 12000000 | Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series 2014D | 5.000 | 11/15/39 | 12011778 |
| 3165000 | Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series 2018D | 5.000 | 11/15/32 | 3338214 |
| 2615000 | Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series 2018D | 5.000 | 11/15/33 | 2751356 |
| 8500000 | Houston, Texas, General Obligation Bonds, Refunding Series 2024A | 5.000 | 03/01/41 | 9100952 |
| 7500000 | Houston, Texas, General Obligation Bonds, Refunding Series 2024A | 5.000 | 03/01/42 | 7965210 |
| 1325000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014 | 5.000 | 09/01/31 | 1326852 |
| 1000000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2021 | 3.000 | 09/01/33 | 931026 |
| 2670000 | Hurst-Euless-Bedford Independent School District, Tarrant County, Texas, General Obligation Bonds, School Building Series 2024 | 5.000 | 08/15/26 | 2752891 |
| 2035000 | Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, Refunding Series 2024 | 5.000 | 02/15/29 | 2192539 |
| 3800000 | Klein Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Schoolhouse Series 2015A | 4.000 | 08/01/32 | 3803833 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **99** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $1000000 | Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015, (AMT) | 5.000% | 11/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009236 |
| 2025000 | Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015, (AMT) | 5.000 | 11/01/27 | 2039889 |
| 1570000 | Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015, (AMT) | 5.000 | 11/01/28 | 1580098 |
| 2000000 | Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015, (AMT) | 5.000 | 11/01/29 | 2011796 |
| 2000000 | Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015, (AMT) | 5.000 | 11/01/30 | 2011004 |
| 4070000 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2021 | 5.000 | 05/15/27 | 4243286 |
| 4530000 | Matagorda County Navigation District 1, Texas, Pollution Control Revenue Bonds, Central Power & Light Company Project, Refunding Series 2001A | 2.600 | 11/01/29 | 4267686 |
| 820000 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013 | 5.000 | 12/01/25 | 820416 |
| 2720000 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013 | 5.250 | 12/01/28 | 2724821 |
| 2700000 (c) | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT) | 4.625 | 10/01/31 | 2692232 |
| 4000000 (b) | Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Republic Services Inc. Project, Adjustable Rate Series 2020A, (AMT), (Mandatory Put 6/02/25) | 3.750 | 05/01/46 | 3999195 |
| 10000000 | Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2023A, (AMT), (Mandatory Put 7/01/27) | 4.250 | 06/01/48 | 10022469 |
| 3860000 (e) | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre- refunded 9/01/31) | 7.000 | 09/01/43 | 4599383 |
| 9190000 (e) | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre- refunded 9/01/31) | 6.750 | 09/01/45 | 10994176 |
| 5355000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Series 2023A | 5.000 | 01/01/27 | 5554975 |
| 4000000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Series 2024A | 5.000 | 01/01/41 | 4287414 |
| 3750000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D - AGC Insured | 0.000 | 01/01/38 | 2215359 |
| 5000000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2019A | 3.000 | 01/01/35 | 4637451 |
| 5950000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2020A | 4.000 | 01/01/37 | 5944732 |
| 7500000 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2024B | 5.000 | 01/01/32 | 8271200 |
| 5280000 | Pasadena Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Series 2015 | 4.000 | 02/15/34 | 5280510 |
| 1000000 (c) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2020, (AMT) | 3.625 | 01/01/35 | 904595 |
| 6865000 (c) | 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 | 5678340 |
| 13675000 (c) | 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 | 10567021 |
| 1000000 (c) | 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 | 685412 |
| 2000000 (c) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2024A, (AMT) | 5.000 | 01/01/39 | 2017118 |

---

100 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $1265000 | Port of Houston Authority, Harris County, Texas, General Obligation Bonds, First Lien Series 2021 | 5.000% | 10/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305586 |
| 2315000 | Round Rock, Texas, Combined Tax and Revenue Certificates of Obligation, Series 2021A | 2.000 | 08/15/43 | 1481907 |
| 1180000 | Round Rock, Texas, Combined Tax and Revenue Certificates of Obligation, Series 2021C | 2.000 | 08/15/43 | 755356 |
| 1520000 | Round Rock, Texas, Combined Tax and Revenue Certificates of Obligation, Series 2021C | 2.000 | 08/15/46 | 905094 |
| 5000000 | San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2015B | 4.000 | 05/15/35 | 5006477 |
| 13980000 | Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Series 2024C | 4.450 | 01/01/44 | 13681517 |
| 3535000 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2018A | 4.125 | 09/01/38 | 3457837 |
| 4835000 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2021A | 2.050 | 09/01/41 | 3230257 |
| 20170000 | Texas Municipal Gas Acquisition and Supply Corporation IV, Gas Supply Revenue Bonds, Series 2023A, (Mandatory Put 1/01/30) | 5.500 | 01/01/54 | 21384389 |
| 15850000 | Texas Municipal Gas Acquisition and Supply Corporation IV, Gas Supply Revenue Bonds, Series 2023B, (Mandatory Put 1/01/34) | 5.500 | 01/01/54 | 17405606 |
| 10000000 | Texas Municipal Gas Acquisition and Supply Corporation V, Texas, Gas Supply Revenue Bonds, Series 2024, (Mandatory Put 1/01/34) | 5.000 | 01/01/55 | 10634677 |
| 7000000 | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien Series 2019A | 4.000 | 12/31/37 | 6774398 |
| 3940000 | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien Series 2019A | 4.000 | 12/31/38 | 3778459 |
| 1600000 | 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 | 12/31/32 | 1605625 |
| 2800000 | 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 | 06/30/33 | 2801684 |
| 1600000 | 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 | 1572917 |
| 10000000 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Segments 3C Project, Series 2019, (AMT) | 5.000 | 06/30/58 | 9926849 |
| 5790000 | Texas State, General Obligation Bonds, College Student Loan Series 2023A, (AMT) | 5.000 | 08/01/36 | 6128694 |
| 6665000 | Texas State, General Obligation Bonds, Texas Transportation Commission, Mobility Fund Refunding Series 2024 | 5.000 | 10/01/32 | 7482224 |
| 10000000 | Texas State, General Obligation Bonds, Transportation Commission Highway Improvement, Series 2016A | 5.000 | 04/01/35 | 10154962 |
| 12000000 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding Second Tier Series 2024C | 5.000 | 08/15/38 | 12956923 |
| 6050000 | Texas Transportation Commission, General Obligation Bonds, Highway Improvement Refunding Series 2024 | 5.000 | 04/01/26 | 6185743 |
| 5590000 | Texas Transportation Commission, General Obligation Bonds, Highway Improvement Refunding Series 2024 | 5.000 | 04/01/28 | 5939654 |
| 5000000 | Texas Transportation Commission, Highway Fund Revenue Bonds, Refunding First Tier Series 2024 | 5.000 | 10/01/32 | 5605978 |
| 1125000 | Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll Series 2019A | 0.000 | 08/01/35 | 718815 |
| 1590000 | Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll Series 2019A | 0.000 | 08/01/36 | 965561 |
| 2070000 | Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll Series 2019A | 0.000 | 08/01/37 | 1189437 |
| 1100000 | Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll Series 2019A | 0.000 | 08/01/39 | 565248 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **101** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $3740000 | Travis County, Texas, General Obligation Bonds, Permanent Improvement Limited Tax Series 2024 | 5.000% | 03/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4087735 |
| 10780000 | Travis County, Texas, General Obligation Bonds, Permanent Improvement Limited Tax Series 2024 | 5.000 | 03/01/40 | 11675238 |
|  | TOTAL TEXAS |  |  | 548783231 |
|  | **UTAH - 0.6%** |  |  |  |
| 1055000 (c) | Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds Series 2021A | 3.250 | 03/01/31 | 991267 |
| 1600000 (c) | Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds Series 2021A | 3.500 | 03/01/36 | 1428077 |
| 1300000 (c) | Downtown East Streetcar Sewer Public Infrastructure District, South Salt Lake, Salt Lake County, Utah, Limited Tax General Obligation Bonds, Series 2022A | 5.750 | 03/01/42 | 1295383 |
| 1790000 (c) | MIDA Military Installation Development Authority Golf and Equestrian Center Public Infrastructure District, Utah, Limited Tax and Tax Allocation Revenue Bonds, Series 2021 | 4.125 | 06/01/36 | 1526384 |
| 1250000 (c) | MIDA Mountain Village Public Infrastructure District, Utah, Subordinate Tax Allocation Revenue Bonds, Series 2024-2 | 5.500 | 06/15/39 | 1276400 |
| 3900000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2021A, (AMT) | 5.000 | 07/01/26 | 3977659 |
| 5000000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2021A, (AMT) | 5.000 | 07/01/31 | 5343468 |
| 1405000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.000 | 07/01/30 | 1496406 |
| 9000000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.000 | 07/01/31 | 9618242 |
| 10640000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.000 | 07/01/33 | 11429339 |
| 2700000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.000 | 07/01/35 | 2867618 |
| 1120000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.250 | 07/01/36 | 1217994 |
| 1125000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.250 | 07/01/37 | 1215967 |
| 6660000 | Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024E | 4.600 | 07/01/44 | 6581966 |
|  | TOTAL UTAH |  |  | 50266170 |
|  | **VERMONT - 0.1%** |  |  |  |
| 2985000 | Vermont Economic Development Authority, Mortgage Revenue Bonds, Wake Robin Corporation Project, Series 2021A | 4.000 | 05/01/37 | 2809705 |
| 3439000 | Vermont Housing Finance Agency, Multiple Purpose Bonds, Series 2021A | 2.450 | 11/01/41 | 2526897 |
| 3465000 | Vermont Housing Finance Agency, Multiple Purpose Bonds, Social Series 2024C | 4.450 | 11/01/44 | 3391898 |
|  | TOTAL VERMONT |  |  | 8728500 |
|  | **VIRGINIA - 1.8%** |  |  |  |
| 5260000 | Amelia County Industrial Development Authority, Virginia, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2002, (AMT) | 1.450 | 04/01/27 | 4973570 |
| 7310000 | Arlington County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Virginia Hospital Center, Series 2023A, (Mandatory Put 7/01/31) | 5.000 | 07/01/53 | 7825264 |
| 6345258 | Federal Home Loan Mortgage Corporation, Multifamily Variable Rate Certificates Relating to Municipal Securities Class A Green Series 2024ML-028 | 4.095 | 11/25/42 | 6411358 |
| 5000000 (e) | Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton Roads Transportation Fund, Senior Lien Bond Anticipation Notes, Series 2021A, (ETM) | 5.000 | 07/01/26 | 5135493 |
| 870000 | James City County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Williamsburg Landing Inc., Refunding Series 2021A | 4.000 | 12/01/35 | 830395 |

---

102 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **VIRGINIA** (continued) |  |  |  |
| $2010000 | Louisa Industrial Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company, Refunding Series 2008B, (Mandatory Put 9/02/25) | 0.750% | 11/01/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976470 |
| 1000000 | Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2016 | 3.125 | 06/15/31 | 958252 |
| 710000 (c) | Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Refunding Series 2015A | 5.000 | 07/01/45 | 569843 |
| 2810000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-3 | 4.400 | 10/01/44 | 2739370 |
| 1500000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-4 | 4.450 | 07/01/45 | 1466897 |
| 1710000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-5 | 4.150 | 07/01/40 | 1675644 |
| 500000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-5 | 4.500 | 07/01/45 | 490296 |
| 7505000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2020B | 2.200 | 03/01/40 | 5447590 |
| 10000000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2023D | 3.450 | 08/01/28 | 9999772 |
| 2600000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2024H | 3.625 | 06/01/29 | 2590106 |
| 1350000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2025A | 4.100 | 09/01/40 | 1312980 |
| 3975000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2025A | 4.450 | 09/01/45 | 3868501 |
| 3220000 | Virginia Small Business Financing Authority, Environmental Facilities Revenue Bonds (Pure Salmon Virginia LLC Project), Escrow Refinancing Series 2022, (AMT), (Mandatory Put 11/20/25) | 4.000 | 11/01/52 | 3221131 |
| 12885000 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) | 5.000 | 12/31/49 | 12906281 |
| 12375000 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) | 5.000 | 12/31/56 | 12208939 |
| 5480000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) | 5.000 | 07/01/32 | 5796743 |
| 4000000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) | 5.000 | 01/01/34 | 4201929 |
| 4890000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) | 5.000 | 07/01/36 | 5125232 |
| 3330000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) | 5.000 | 07/01/37 | 3478060 |
| 4540000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) | 5.000 | 01/01/38 | 4732000 |
| 2000000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) | 5.000 | 12/31/47 | 2042426 |
| 3190000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) | 5.000 | 12/31/52 | 3247257 |
| 5250000 | Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing OPCO, LLC Project, Refunding Senior Lien Series 2022, (AMT) | 4.000 | 01/01/31 | 5259962 |
| 5500000 | Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing OPCO, LLC Project, Refunding Senior Lien Series 2022, (AMT) | 4.000 | 01/01/34 | 5418210 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **103** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **VIRGINIA** (continued) |  |  |  |
| $10000000 | Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing OPCO, LLC Project, Refunding Senior Lien Series 2022, (AMT) | 4.000% | 01/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9645414 |
| 1365000 | 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 | 1380029 |
|  | TOTAL VIRGINIA |  |  | 136935414 |
|  | **WASHINGTON - 3.2%** |  |  |  |
| 3725000 | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2024A | 5.000 | 07/01/38 | 4109538 |
| 2725000 | Energy Northwest, Washington, Electric Revenue Bonds, Nuclear Project 1, Refunding Series 2024B | 5.000 | 07/01/26 | 2802240 |
| 8955000 | King County, Washington, Sewer Revenue Bonds, Refunding Junior Lien Series 2020B, (Mandatory Put 1/01/26) | 0.875 | 01/01/42 | 8752037 |
| 7850000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2017C, (AMT) | 5.000 | 05/01/31 | 8047313 |
| 8800000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2018A, (AMT) | 5.000 | 05/01/31 | 9021192 |
| 5300000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2019, (AMT) | 5.000 | 04/01/29 | 5614223 |
| 9685000 | Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Private Activity Series 2022B, (AMT) | 5.000 | 08/01/30 | 10389364 |
| 3055000 | Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2016 | 5.000 | 02/01/29 | 3103005 |
| 2740000 | Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2021C, (AMT) | 5.000 | 08/01/32 | 2927236 |
| 2340000 | Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, Refunding & Improvement Series 2016 | 5.000 | 12/01/37 | 2343421 |
| 2000000 | Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-1 | 5.000 | 08/01/28 | 2118194 |
| 8335000 | Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 2019B-2, (Mandatory Put 8/01/25) | 5.000 | 08/01/49 | 8349700 |
| 2730000 (e) | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2015, (Pre- refunded 7/01/25) | 5.000 | 01/01/26 | 2742151 |
| 1285000 (e) | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2015, (Pre- refunded 7/01/25) | 5.000 | 01/01/27 | 1290719 |
| 5930000 | Washington Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2015A | 5.000 | 08/15/40 | 5888448 |
| 5875000 | Washington Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2015B | 5.000 | 08/15/35 | 5889828 |
| 14085000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A | 5.000 | 10/01/33 | 14090485 |
| 6115000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Saint Joseph Health, Series 2018B | 5.000 | 10/01/30 | 6366690 |
| 1715000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Saint Joseph Health, Series 2018B | 5.000 | 10/01/31 | 1779186 |
| 6140000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Saint Joseph Health, Series 2018B | 5.000 | 10/01/32 | 6357645 |
| 5120000 | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017 | 5.000 | 08/15/29 | 5262910 |
| 2250000 | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017 | 5.000 | 08/15/31 | 2305788 |
| 2755000 | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017 | 5.000 | 08/15/34 | 2806406 |
| 6015000 | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017 | 5.000 | 08/15/36 | 6102605 |
| 2770000 (c) | Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Eliseo Project, Refunding Ser 2021B-1. TEMPS-80. TAX-EXEMPT MANDATORY PAYDOWN SECURITIES-80 | 2.500 | 07/01/28 | 2618027 |

---

104 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **WASHINGTON** (continued) |  |  |  |
| $6900000 | Washington State Housing Finance Commission, Single Family Program Bonds, Series 2021-1N | 2.200% | 06/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4853374 |
| 5580000 | Washington State Housing Finance Commission, Single Family Program Bonds, Series 2021-2N | 2.400 | 12/01/41 | 4056242 |
| 40165248 | Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2021-1 Class A | 3.500 | 12/20/35 | 36940677 |
| 6081772 | Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2024A-1 | 3.812 | 03/20/40 | 5655464 |
| 5035000 | Washington State, General Obligation Bonds, Motor Vehicle Fuel Tax & Vehicle Related Fees Refunding Series R-2022D | 4.000 | 07/01/28 | 5206772 |
| 11035000 | Washington State, General Obligation Bonds, Motor Vehicle Fuel Tax & Vehicle Related Fees Refunding Series R-2023B | 5.000 | 07/01/42 | 11766764 |
| 9425000 | Washington State, General Obligation Bonds, Motor Vehicle Fuel Tax & Vehicle Related Fees, Refunding Series R-2024C | 5.000 | 08/01/27 | 9900502 |
| 5450000 | Washington State, General Obligation Bonds, Refunding Various Purpose Series R-2018D | 5.000 | 08/01/27 | 5724959 |
| 5000000 | Washington State, General Obligation Bonds, Refunding Various Purpose Series R-2023A | 5.000 | 08/01/27 | 5252255 |
| 6590000 | Washington State, General Obligation Bonds, Various Purpose Group 1 Series 2024C | 5.000 | 02/01/26 | 6714328 |
| 5035000 | Washington State, General Obligation Bonds, Various Purpose Refunding Series 2025B | 5.000 | 07/01/28 | 5377989 |
| 6750000 | Washington State, General Obligation Bonds, Various Purpose Series 2021A | 5.000 | 08/01/44 | 7017581 |
| 4000000 | Washington State, General Obligation Bonds, Various Purpose Series 2023A | 5.000 | 08/01/45 | 4193564 |
| 4975000 | Whidbey Island Public Hospital District, Island County, Washington, General Obligation Bonds, Whidbey General Hospital, Series 2013 | 5.500 | 12/01/33 | 4821386 |
|  | TOTAL WASHINGTON |  |  | 248560208 |
|  | **WEST VIRGINIA - 0.2%** |  |  |  |
| 6000000 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company - Amos Project, Series 2011A, (AMT), (Mandatory Put 9/01/25) | 1.000 | 01/01/41 | 5913655 |
| 1675000 (c) | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Core Natural Resources, INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35) | 5.450 | 01/01/55 | 1715773 |
| 1365000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2014A | 5.000 | 09/01/25 | 1366393 |
| 3240000 | West Virginia Housing Development Fund, Housing Finance Revenue Bonds, Social Series 2023D | 4.300 | 11/01/38 | 3095272 |
| 1710000 | West Virginia Housing Development Fund, Housing Finance Revenue Bonds, Social Series 2024A | 4.400 | 11/01/44 | 1668179 |
| 1945000 | West Virginia Housing Development Fund, Housing Finance Revenue Bonds, Social Series 2024D | 3.900 | 11/01/39 | 1832749 |
| 2555000 | West Virginia Housing Development Fund, Housing Finance Revenue Bonds, Social Series 2024D | 4.300 | 11/01/44 | 2462940 |
|  | TOTAL WEST VIRGINIA |  |  | 18054961 |
|  | **WISCONSIN - 2.5%** |  |  |  |
| 6780000 | Central Brown County Water Authority, Wisconsin, Water System Revenue Bonds, Refunding Series 2024A | 5.000 | 11/01/33 | 7516612 |
| 4455000 | Middleton-Cross Plains Area School District, Dane County, Wisconsin, General Obligation Bonds, Refunding Series 2021A | 2.000 | 03/01/26 | 4387711 |
| 4555000 | Middleton-Cross Plains Area School District, Dane County, Wisconsin, General Obligation Bonds, Refunding Series 2021A | 2.000 | 03/01/27 | 4393876 |
| 4320000 | Milwaukee, Wisconsin, General Obligation Bonds, Promissory Notes Series 2024-N1 - AGM Insured | 5.000 | 04/01/30 | 4666466 |
| 10000000 | Public Finance Authority of Wisconsin, Lease Development Revenue Bonds, KU Campus Development Corporation-Central District Development Project, Series 2016 | 5.000 | 03/01/41 | 10088742 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **105** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $25400000 | (c) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 6.500% | 12/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25674894 |
| 4550000 |  | Public Finance Authority of Wisconsin, Pollution Control Revenue Bonds, Duke Energy Progress Project, Refunding Series 2022A-2, (Mandatory Put 10/01/26) | 3.300 | 10/01/46 | 4551264 |
| 8455000 |  | 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 | 8407468 |
| 15000 | (c),(e) | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2020, (ETM) | 3.000 | 04/01/25 | 15000 |
| 115000 | (c) | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2020 | 3.000 | 04/01/25 | 115000 |
| 16805000 |  | Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2016A-1 | 2.625 | 11/01/25 | 16636340 |
| 7880000 |  | Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2016A-2 | 2.875 | 05/01/27 | 7713606 |
| 2380000 | (c) | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A | 4.000 | 06/15/28 | 2377184 |
| 4170000 |  | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C | 4.050 | 11/01/30 | 4123157 |
| 9085000 |  | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C | 4.300 | 11/01/30 | 9027862 |
| 8000000 | (f) | Racine Unified School District, Racine County, Wisconsin, General Obligation Bonds, Promissory Notes Series 2025 | 4.000 | 04/01/44 | 7498950 |
| 4750000 | (f) | Racine Unified School District, Racine County, Wisconsin, General Obligation Bonds, Promissory Notes Series 2025 | 4.000 | 04/01/45 | 4415559 |
| 1500000 |  | Sheboygan Area School District, Manitowoc and Sheboygan Counties, Wisconsin, General Obligation Bonds, Promissory Notes Series 2024 | 3.000 | 03/01/39 | 1301777 |
| 1525000 |  | Sheboygan Area School District, Manitowoc and Sheboygan Counties, Wisconsin, General Obligation Bonds, Promissory Notes Series 2024 | 3.000 | 03/01/40 | 1295934 |
| 6130000 |  | West Allis-West Milwaukee, et al School District, Wisconsin, General Obligation Bonds, Promissory Notes Series 2025 | 3.000 | 04/01/39 | 5369948 |
| 1080000 |  | Wisconsin Health & Educational Facs Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014A | 5.000 | 12/01/26 | 1080812 |
| 4115000 |  | Wisconsin Health & Educational Facs Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014A | 5.000 | 12/01/27 | 4124164 |
| 7765000 |  | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Advocate Aurora Health Credit Group, Series 2018 B-1, (Mandatory Put 7/01/27) | 5.000 | 08/15/54 | 7943606 |
| 2610000 |  | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic Health System, Inc., Series 2017C | 5.000 | 02/15/47 | 2493056 |
| 3230000 |  | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. Project, Series 2021 | 4.000 | 10/01/41 | 2695432 |
| 5000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Advocate Aurora Health Credit Group, Series 2018C-1, (Mandatory Put 7/29/26) | 5.000 | 08/15/54 | 5107 |
| 2120000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Gundersen Health System, Refunding Series 2021A | 4.000 | 10/15/34 | 2129880 |
| 1455000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Gundersen Health System, Refunding Series 2021A | 4.000 | 10/15/35 | 1454081 |
| 5490000 |  | 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 | 5590431 |
| 1470000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Oakwood Lutheran Senior Ministries, Series 2021 | 4.000 | 01/01/37 | 1375743 |

---

106 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **WISCONSIN** (continued) |  |  |  |
| $1950000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint Camillus Health System Inc, Series 2019A | 5.000% | 11/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917633 |
| 1355000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc, Series 2015 | 5.000 | 12/15/25 | 1356306 |
| 4440000 | Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Social Series 2024C | 4.125 | 09/01/39 | 4385013 |
| 2750000 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2019A | 3.000 | 11/01/39 | 2259787 |
| 1650000 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2021C | 2.500 | 11/01/41 | 1203622 |
| 2555000 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2023E, (Mandatory Put 5/01/27) | 3.875 | 11/01/54 | 2564141 |
| 4760000 | Wisconsin State, General Obligation Bonds, Refunding Series 2024-1 | 5.000 | 05/01/32 | 5353459 |
| 9800000 | Wisconsin State, General Obligation Bonds, Refunding Series 2025-3 | 5.000 | 05/01/32 | 11021827 |
|  | TOTAL WISCONSIN |  |  | 188531450 |
|  | **WYOMING - 1.1%** |  |  |  |
| 16300000 | Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative, Dry Fork Station Facilities, Series 2019A | 3.625 | 07/15/39 | 14334049 |
| 960000 | Casper Community College District, Natrona County, Wyoming, Revenue Bonds, Refunding Series 2021 | 4.000 | 04/15/37 | 965349 |
| 1000000 | Casper Community College District, Natrona County, Wyoming, Revenue Bonds, Refunding Series 2021 | 4.000 | 04/15/38 | 1001725 |
| 800000 | Consolidated Wyoming Municipalities Electric Power System Joint Powers Board, Wyoming, Electric Facilities Improvement Lease Revenue Bonds, Gillette Electrical System Project, Refunding Series 2022 | 5.000 | 06/01/33 | 875559 |
| 1415000 | Consolidated Wyoming Municipalities Electric Power System Joint Powers Board, Wyoming, Electric Facilities Improvement Lease Revenue Bonds, Gillette Electrical System Project, Refunding Series 2022 | 5.000 | 06/01/34 | 1538486 |
| 8730000 | Sweetwater County 2023 Specific Purpose Joint Powers Board, Wyoming, Sales and Use Excise Tax Revenue Bonds, Series 2023 | 5.000 | 06/15/27 | 9088657 |
| 28275000 | Sweetwater County, Wyoming, Pollution Control Revenue Refunding Bonds, Idaho Power Company Project, Series 2006 | 1.700 | 07/15/26 | 27451024 |
| 4215000 | University of Wyoming, Facilities Revenue Bonds, Supplemental Coverage Program, Refunding Series 2021A | 5.000 | 06/01/26 | 4317414 |
| 2645000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2015 Series 6 | 3.900 | 12/01/34 | 2622187 |
| 6500000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2019 Series 3 | 2.650 | 12/01/39 | 5104607 |
| 3250000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2020 Series 1 | 3.000 | 12/01/40 | 2677022 |
| 6675000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2020 Series 2 | 2.250 | 12/01/40 | 4839596 |
| 6000000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2021 Series 3 | 2.250 | 12/01/41 | 4233379 |
| 2700000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2023 Series 1 | 4.200 | 12/01/38 | 2661956 |
|  | TOTAL WYOMING |  |  | 81711010 |
|  | **TOTAL MUNICIPAL BONDS**<br> **(Cost $7,786,784,479)** |  |  | **7454547976** |

---

See Notes To Financial Statements 107

------

Portfolio of Investments March 31, 2025 (continued)

Intermediate Duration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VARIABLE RATE SENIOR LOAN INTERESTS - 0.0%** |  |  |  |
|  |  | **HEALTH CARE EQUIPMENT & SERVICES - 0.0%** |  |  |  |
| $812771 | (g) | Jackson Hospital | 13.000% | 11/04/25 | $812771 |
| 1128848 | (g) | Jackson Hospital, Inc. and Jackson Hospital Financing, LLC | 13.000 | 12/16/25 | 1128848 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | 1941619 |
|  |  | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS**<br> **(Cost $1,903,423)** |  |  | **1941619** |
|  |  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $7,829,866,933)** |  |  | **7494023114** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **SHORT-TERM INVESTMENTS - 0.1%** |  |  |  |
|  |  | **MUNICIPAL BONDS - 0.1%** |  |  |  |
|  |  | **NATIONAL - 0.1%** |  |  |  |
| 7350000 | (c),(i) | Invesco Municipal Opportunity Trust Variable Rate Munifund Term Preferred Shares Series 2015/6VMO, (AMT) | 3.950 | 03/20/27 | 7350000 |
|  |  | TOTAL NATIONAL |  |  | 7350000 |
|  |  | **TOTAL MUNICIPAL BONDS**<br> **(Cost $7,350,000)** |  |  | **7350000** |
|  |  | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $7,350,000)** |  |  | **7350000** |
|  |  | **TOTAL INVESTMENTS - 97.9%**<br> **(Cost $7,837,216,933)** |  |  | **7501373114** |
|  |  | **OTHER ASSETS & LIABILITIES, NET - 2.1%** |  |  | **161019760** |
|  |  | **NET ASSETS - 100%** |  |  | $**7662392874** |

---

AMT Alternative Minimum Tax

ETF Exchange-Traded Fund

ETM Escrowed to maturity

(a) Affiliated holding

(b) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(c) 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 $386,854,938 or 5.2% of Total Investments.

(d) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(e) 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.

(f) When-issued or delayed delivery security.

(g) For fair value measurement disclosure purposes, investment classified as Level 3.

(h) 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.

(i) 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.

108 *See Notes To Financial Statements*

------

Portfolio of Investments March 31, 2025

Limited Term

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 97.6%** |  |  |  |
|  |  | **MUNICIPAL BONDS - 97.6%** |  |  |  |
|  |  | **ALABAMA - 2.3%** |  |  |  |
| $1000000 |  | Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024C | 4.100% | 10/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981367 |
| 7955000 |  | Alabama Public School and College Authority, Capital Improvement Pool Revenue Bonds, Refunding Series 2020A | 5.000 | 11/01/27 | 8392387 |
| 1855000 |  | Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Project 4 Series 2019A-1, (Mandatory Put 12/01/25) | 4.000 | 12/01/49 | 1860892 |
| 7505000 |  | Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Project 7 Series 2021C-1, (Mandatory Put 12/01/26) | 4.000 | 10/01/52 | 7550470 |
| 2410000 |  | Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Project 8 Series 2022A, (Mandatory Put 12/01/29) | 4.000 | 12/01/52 | 2394731 |
| 5000000 |  | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Prepay BP PLC, Series 2024D | 5.000 | 11/01/28 | 5207852 |
| 2500000 |  | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Prepay BP PLC, Series 2024D | 5.000 | 11/01/29 | 2621674 |
| 5800000 |  | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2023C, (Mandatory Put 6/01/32) | 5.500 | 10/01/54 | 6237100 |
| 3665000 |  | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2024B, (Mandatory Put 9/01/32) | 5.000 | 10/01/55 | 3839326 |
| 980000 | (a),(b) | Central Etowah County Solid Waste Disposal Authority, Alabama, Tax-Exempt Solid Waste Disposal Revenue Bonds Series 2020A, (Pre-refunded 7/01/25), (AMT) | 6.000 | 07/01/45 | 1016249 |
| 8215000 |  | Lower Alabama Gas District, Alabama, Goldman Sachs Gas Project 2 Revenue Bonds, Series 2020A, (Mandatory Put 12/01/25) | 4.000 | 12/01/50 | 8233936 |
| 11755000 |  | Mobile Industrial Development Board, Alabama, Pollution Control Revenue Refunding Bonds, Alabama Power Company Barry Plan, Series 2007A, (Mandatory Put 6/26/25) | 1.000 | 06/01/34 | 11681598 |
| 1000000 |  | Selma Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Refunding Series 2019A, (Mandatory Put 10/01/31) | 3.450 | 11/01/33 | 982966 |
| 7510000 |  | 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 | 7465620 |
| 5000000 |  | 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 | 5296519 |
| 13750000 |  | Southeast Energy Authority, Alabama, A Cooperative District Energy Supply Revenue Bonds Series 2024A | 5.000 | 11/01/35 | 14200865 |
| 9000000 |  | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 2, Series 2021B-1, (Mandatory Put 12/01/31) | 4.000 | 12/01/51 | 8926181 |
| 9950000 |  | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 4, Series 2022B-1, (Mandatory Put 8/01/28) | 5.000 | 05/01/53 | 10284515 |
| 3000000 |  | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025B, (Mandatory Put 1/01/33) | 5.250 | 03/01/55 | 3150612 |
|  |  | TOTAL ALABAMA |  |  | 110324860 |
|  |  | **ALASKA - 1.4%** |  |  |  |
| 1020000 |  | Alaska Housing Finance Corporation, Collateralized Mortgage Bonds, Veterans Mortgage Program, 2024 First Series | 3.850 | 06/01/34 | 1011544 |
| 1040000 |  | Alaska Housing Finance Corporation, Collateralized Mortgage Bonds, Veterans Mortgage Program, 2024 First Series | 3.850 | 12/01/34 | 1028819 |
| 12345000 |  | Alaska Housing Finance Corporation, Mortgage Revenue Bonds, General Series 2020A-II | 2.000 | 12/01/35 | 9520745 |
| 23000000 |  | Alaska Housing Finance Corporation, Mortgage Revenue Bonds, General Series 2020B-II | 2.000 | 12/01/35 | 17738124 |
| 3560000 |  | Alaska Housing Finance Corporation, Mortgage Revenue Bonds, General Series 2022A-II | 2.150 | 12/01/36 | 2715185 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **109** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ALASKA** (continued) |  |  |  |
| $8110000 | Alaska Housing Finance Corporation, Mortgage Revenue Bonds, Series 2022B-1 | 2.150% | 06/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6228166 |
| 3565000 | Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015, (AMT) | 5.000 | 01/01/26 | 3572661 |
| 5145000 | Alaska Industrial Development and Export Authority, Revenue Bonds, Greater Fairbanks Community Hospital Foundation Project, Refunding Series 2019 | 5.000 | 04/01/27 | 5328993 |
| 5575000 | Alaska Industrial Development and Export Authority, Revenue Bonds, Greater Fairbanks Community Hospital Foundation Project, Refunding Series 2019 | 5.000 | 04/01/29 | 5926975 |
| 5515000 | Alaska Municipal Bond Bank, General Obligation Bonds, Three Series 2015 | 5.250 | 10/01/36 | 5520885 |
| 1000000 | Alaska State, General Obligation Bonds, Refunding Series 2024B | 5.000 | 08/01/28 | 1069243 |
| 1675000 | North Slope Borough, Alaska, General Obligation Bonds, General Purpose Series 2023A | 5.000 | 06/30/26 | 1722374 |
| 1525000 | North Slope Borough, Alaska, General Obligation Bonds, General Purpose Series 2024A | 5.000 | 06/30/28 | 1625378 |
| 1000000 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A Class 1 | 5.000 | 06/01/25 | 1002659 |
| 1775000 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A Class 1 | 5.000 | 06/01/28 | 1850280 |
|  | TOTAL ALASKA |  |  | 65862031 |
|  | **ARIZONA - 1.3%** |  |  |  |
| 5600000 (a) | Arizona State, Certificates of Participation, Refunding Series 2019A, (ETM) | 5.000 | 10/01/26 | 5790535 |
| 5055000 (a) | Arizona State, Certificates of Participation, Refunding Series 2019A, (ETM) | 5.000 | 10/01/27 | 5334738 |
| 6760000 | Chandler Industrial Development Authority, Arizona, Industrial Development Revenue Bonds, Intel Corporation Project, Series 2007, (AMT), (Mandatory Put 6/15/28) | 4.100 | 12/01/37 | 6770235 |
| 1940000 | 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 | 1933158 |
| 11010000 | 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 | 11281163 |
| 3600000 | Chandler, Arizona, General Obligation Bonds, Series 2017 | 2.300 | 07/01/28 | 3464143 |
| 4260000 | Coconino County, Arizona, Pollution Control Revenue Bonds, Nevada Power Company Project, Refunding Series 2017B, (AMT), (Mandatory Put 3/31/26) | 4.125 | 09/01/32 | 4262665 |
| 5000000 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2023A-1, (Mandatory Put 5/15/26) | 5.000 | 01/01/53 | 5101719 |
| 4510000 | Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, Public Service Company of New Mexico Palo Verde Project, Refunding Series 2010A, (Mandatory Put 10/01/26) | 0.875 | 06/01/43 | 4306091 |
| 2150000 | Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, Public Service Company of New Mexico Palo Verde Project, Refunding Series 2010B, (Mandatory Put 10/01/26) | 0.875 | 06/01/43 | 2052793 |
| 6225000 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2019B, (AMT) | 5.000 | 07/01/36 | 6423011 |
| 1205000 | Pima County Unified School District 1, Tucson, Arizona, General Obligation Bonds, Project of 2023 School Improvement Series 2024A - AGM Insured | 5.000 | 07/01/26 | 1236904 |
| 3715000 | Yavapai County Industrial Development Authority, Arizona, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2002, (AMT) | 1.300 | 06/01/27 | 3484659 |
|  | TOTAL ARIZONA |  |  | 61441814 |

---

110 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ARKANSAS - 0.4%** |  |  |  |
| $9295000 | Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Capital Improvement Series 2022 | 2.875% | 11/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9130516 |
| 2120000 | Rogers School District 30, Benton County, Arkansas, General Obligation Bonds, Construction Series 2019 | 2.125 | 02/01/31 | 1884117 |
| 2560000 | Rogers School District 30, Benton County, Arkansas, General Obligation Bonds, Refunding Series 2019 | 3.000 | 02/01/27 | 2559971 |
| 15000 | Rogers School District 30, Benton County, Arkansas, General Obligation Bonds, Refunding Series 2019 | 3.000 | 02/01/28 | 15001 |
| 3915000 | Rogers School District 30, Benton County, Arkansas, General Obligation Bonds, Refunding Series 2019 | 3.000 | 02/01/29 | 3908033 |
|  | TOTAL ARKANSAS |  |  | 17497638 |
|  | **CALIFORNIA - 3.9%** |  |  |  |
| 17400000 | 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 | 17288673 |
| 2500000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023C, (Mandatory Put 10/01/31) | 5.250 | 01/01/54 | 2613579 |
| 3585000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023F, (Mandatory Put 11/01/30) | 5.500 | 10/01/54 | 3862792 |
| 7000000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024D, (Mandatory Put 9/01/32) | 5.000 | 02/01/55 | 7543902 |
| 6240000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024G, (Mandatory Put 8/01/32) | 5.000 | 11/01/55 | 6537826 |
| 2900000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024H, (Mandatory Put 8/01/33) | 5.000 | 01/01/56 | 3147485 |
| 5000000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green SIFMA Index Rate Series 2022A-1, (Mandatory Put 8/01/28) | 4.000 | 05/01/53 | 5019520 |
| 805000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A | 5.000 | 06/01/25 | 806977 |
| 2030000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A | 5.000 | 06/01/27 | 2095868 |
| 2915000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A | 5.000 | 06/01/28 | 3046277 |
| 8910000 | California Health Facilities Financing Authority, Revenue Bonds, Providence Saint Joseph Health, Series 2016B-3, (Mandatory Put 10/01/25) | 2.000 | 10/01/36 | 8821198 |
| 3120000 | 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 | 3138933 |
| 19790000 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A - AGM Insured, (AMT) | 3.000 | 12/31/30 | 18549369 |
| 2000000 | California Municipal Finance Authority, Reveue Bonds, Community Medical Centers, Series 2017A | 5.000 | 02/01/26 | 2021193 |
| 1500000 | California Municipal Finance Authority, Reveue Bonds, Community Medical Centers, Series 2017A | 5.000 | 02/01/27 | 1537191 |
| 9410000 | California Municipal Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2019A, (AMT), (Mandatory Put 10/01/29) | 2.400 | 10/01/44 | 8846842 |
| 1575000 | California Municipal Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2022A, (AMT), (Mandatory Put 10/01/25) | 4.125 | 10/01/41 | 1576266 |
| 6840000 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2015A-2, (AMT) | 3.625 | 07/01/27 | 6798632 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **111** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $6020000 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2015A-1, (AMT) | 3.375% | 07/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012944 |
| 6700000 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management, Inc. Project, Refunding Series 2015B-1, (AMT) | 3.000 | 11/01/25 | 6667214 |
| 2000000 | California State, General Obligation Bonds, Various Purpose Series 2024 | 5.000 | 08/01/31 | 2222866 |
| 5600000 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A | 5.250 | 12/01/29 | 5604236 |
| 1000000 (b) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.000 | 12/01/27 | 1016482 |
| 1070000 (b) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A | 5.000 | 12/01/26 | 1094244 |
| 350000 (b) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A | 5.000 | 12/01/27 | 362326 |
| 2815000 | Central Valley Energy Authority, California, Commodity Supply Revenue Bonds, Series 2025, (Mandatory Put 8/01/35) | 5.000 | 12/01/55 | 3048857 |
| 8685000 | Federal Home Loan Mortgage Corporation, California, Multifamily Variable Rate Certificates Relating to Municipal Securities Class A Series 2019M-057 | 2.400 | 10/15/29 | 8120233 |
| 6000000 | Los Angeles Community College District, California, General Obligation Bonds, Refunding Series 2024 | 5.000 | 08/01/27 | 6340373 |
| 1000000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding & Subordinate Green Series 2023A, (AMT) | 5.000 | 05/15/25 | 1001949 |
| 1500000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding & Subordinate Green Series 2023A, (AMT) | 5.000 | 05/15/26 | 1527593 |
| 2250000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding & Subordinate Green Series 2023A, (AMT) | 5.000 | 05/15/27 | 2320931 |
| 2000000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding & Subordinate Green Series 2023A, (AMT) | 5.000 | 05/15/28 | 2087848 |
| 2835000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding & Subordinate Green Series 2023A, (AMT) | 5.000 | 05/15/29 | 2986742 |
| 4000000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Senior Lien Series 2018B, (AMT) | 5.000 | 05/15/26 | 4073581 |
| 4725000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2021D, (AMT) | 5.000 | 05/15/26 | 4811918 |
| 2345000 | Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2024A | 5.000 | 07/01/26 | 2414396 |
| 2780000 | Sacramento Municipal Utility District, California, Electric Revenue Bonds, Refunding Series 2023D, (Mandatory Put 10/15/30) | 5.000 | 08/15/49 | 3018269 |
| 2000000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, International Senior Series 2023B, (AMT) | 5.000 | 07/01/28 | 2094967 |
| 2000000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, International Senior Series 2023B, (AMT) | 5.000 | 07/01/29 | 2111835 |
| 4245000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019A, (AMT) | 5.000 | 05/01/36 | 4382527 |
| 3475000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019H, (AMT) | 5.000 | 05/01/28 | 3636563 |
| 3000000 | University of California, General Revenue Bonds, Series 2023BM | 5.000 | 05/15/28 | 3212512 |
|  | TOTAL CALIFORNIA |  |  | 183423929 |

---

112 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO - 2.2%** |  |  |  |
| $2900000 | Arapahoe County School District 5 Cherry Creek, Colorado, General Obligation Bonds, Series 2012B | 2.500% | 12/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728789 |
| 2980000 | Boulder Larimer & Weld Counties School District RE-1J Saint Vrain Valley, Colorado, General Obligation Bonds, Series 2024 | 5.000 | 12/15/29 | 3253352 |
| 1900000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2024A, (Mandatory Put 11/15/29) | 5.000 | 11/15/59 | 2038695 |
| 16735000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019B-1, (Mandatory Put 8/01/25) | 5.000 | 08/01/49 | 16764514 |
| 18470000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019B-2, (Mandatory Put 8/01/26) | 5.000 | 08/01/49 | 18752534 |
| 1000000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A | 5.000 | 11/01/26 | 1030636 |
| 13000000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2022C, (Mandatory Put 8/15/28) | 5.000 | 05/15/62 | 13737021 |
| 11850000 | Colorado Housing and Finance Authority, Multi Family Project Bonds, Class I Series 2025C-2 | 3.350 | 07/01/28 | 11852678 |
| 630000 | Colorado Housing and Finance Authority, Single Family Mortgage Bonds, Class I Series 2021E | 1.950 | 11/01/36 | 467001 |
| 2500000 | Colorado Housing and Finance Authority, Single Family Mortgage Bonds, Class I Series 2021H | 1.800 | 11/01/36 | 1816518 |
| 257000 | Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A | 4.500 | 12/01/27 | 256989 |
| 4930000 | 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 | 2872383 |
| 6435000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, (AMT) | 5.000 | 11/15/26 | 6607881 |
| 5600000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, (AMT) | 5.000 | 11/15/27 | 5835644 |
| 4170000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT) | 5.000 | 12/01/26 | 4276054 |
| 1290000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2023B, (AMT) | 5.000 | 11/15/26 | 1321983 |
| 738000 | Gardens on Havana Metropolitan District 3, Arapahoe County, Colorado, Special Revenue Bonds, Refunding Series 2017A | 4.625 | 12/01/27 | 738470 |
| 400000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 5.000 | 07/15/25 | 401660 |
| 500000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 3.000 | 01/15/26 | 498264 |
| 425000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 5.000 | 07/15/26 | 433339 |
| 1425000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 5.000 | 01/15/27 | 1463255 |
| 625000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 5.000 | 07/15/27 | 644723 |
| 415000 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported District 2, Refunding & Improvement Senior Series 2020A | 3.375 | 12/01/30 | 396543 |
| 805000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1 | 4.125 | 12/01/31 | 732126 |
| 6610000 | University of Colorado, Enterprise System Revenue Bonds, Refunding Series 2021C-4, (Mandatory Put 10/15/25) | 2.000 | 06/01/51 | 6554414 |
|  | TOTAL COLORADO |  |  | 105475466 |

---

See Notes To Financial Statements 113

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CONNECTICUT - 1.3%** |  |  |  |
| $6715000 | Connecticut Health and Educational Facilities Authority, Chefa Revenue Bonds, Yale University, Remarketing Series 2017B-2, (Mandatory Put 7/01/26) | 3.200% | 07/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6716770 |
| 1250000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2021L-1 | 4.000 | 07/01/25 | 1250451 |
| 7055000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Health Issue, Series 2024B, (Mandatory Put 7/01/29) | 5.000 | 07/01/49 | 7531730 |
| 1955000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2018D-1 | 3.750 | 11/15/33 | 1951544 |
| 5000000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2019F-1 | 2.600 | 11/15/34 | 4250595 |
| 3525000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2020A-1 | 2.300 | 11/15/35 | 2789559 |
| 4350000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2020C-1 | 1.950 | 11/15/35 | 3350827 |
| 1190000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2020C-2, (AMT) | 2.200 | 11/15/34 | 946519 |
| 4000000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2021A-1 | 1.700 | 05/15/34 | 3123931 |
| 3900000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2021B-1 | 2.000 | 11/15/36 | 2910089 |
| 12115000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2021D-1 | 2.000 | 11/15/36 | 9074428 |
| 2835000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2025B-2, (Mandatory Put 5/15/28) | 3.300 | 05/15/60 | 2828253 |
| 1500000 | Connecticut State, General Obligation Bonds, Series 2022E | 5.000 | 11/15/26 | 1555240 |
| 2750000 | Connecticut State, General Obligation Bonds, Series 2024D | 5.000 | 05/01/27 | 2873042 |
| 3210000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Refunding Series 2022B | 5.000 | 07/01/26 | 3301788 |
| 2600000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2024B | 5.000 | 07/01/28 | 2773776 |
| 1955000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2024B | 5.000 | 07/01/29 | 2117240 |
| 1000000 | West Haven, Connecticut, General Obligation Bonds, Series 2012 - AGM Insured | 5.000 | 08/01/25 | 1001562 |
|  | TOTAL CONNECTICUT |  |  | 60347344 |
|  | **DELAWARE - 1.1%** |  |  |  |
| 27285000 | Delaware Economic Development Authority, Exempt Facility Revenue Bonds, NRG Energy Project, Refunding Series 2020A, (Mandatory Put 10/01/25) | 1.250 | 10/01/45 | 26895627 |
| 9015000 | Delaware Economic Development Authority, Exempt Facility Revenue Bonds, NRG Energy Project, Refunding Series 2020B, (Mandatory Put 10/01/25) | 1.250 | 10/01/40 | 8886351 |
| 14130000 | Delaware Economic Development Authority, Gas Facilities Revenue Bonds, Delmarva Power & Light Company Project, Refunding Series 2020, (Mandatory Put 7/01/25) | 1.050 | 01/01/31 | 14015462 |
| 1650000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024D | 4.000 | 07/01/39 | 1603794 |
|  | TOTAL DELAWARE |  |  | 51401234 |
|  | **DISTRICT OF COLUMBIA - 2.3%** |  |  |  |
| 6750000 | District of Columbia, General Obligation Bonds, Refunding Series 2024B | 5.000 | 08/01/31 | 7502173 |
| 10000000 | District of Columbia, General Obligation Bonds, Refunding Series 2024C | 5.000 | 12/01/30 | 11031445 |
| 25050000 | District of Columbia, Income Tax Secured Revenue Bonds, Refunding Series 2019C | 5.000 | 10/01/25 | 25330049 |
| 3700000 | District of Columbia, Income Tax Secured Revenue Bonds, Refunding Series 2023C | 5.000 | 10/01/32 | 4145802 |
| 3500000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Forward Delivery Refunding Series 2020A, (AMT) | 5.000 | 10/01/32 | 3692206 |

---

114 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **DISTRICT OF COLUMBIA** (continued) |  |  |  |
| $5000000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Forward Delivery Series 2020A, (AMT) | 5.000% | 10/01/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5292277 |
| 10525000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2015B, (AMT) | 5.000 | 10/01/31 | 10585840 |
| 5000000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2016A, (AMT) | 5.000 | 10/01/32 | 5076355 |
| 5290000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2017, (AMT) | 5.000 | 10/01/30 | 5449684 |
| 8200000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2021A, (AMT) | 5.000 | 10/01/27 | 8530665 |
| 3000000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2022A, (AMT) | 5.000 | 10/01/28 | 3150895 |
| 6540000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2023A, (AMT) | 5.000 | 10/01/33 | 6962048 |
| 3880000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2024A, (AMT) | 5.000 | 10/01/27 | 4036461 |
| 6205000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2024A, (AMT) | 5.000 | 10/01/28 | 6517102 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | 107303002 |
|  | **FLORIDA - 3.1%** |  |  |  |
| 4185000 | Broward County, Florida, Airport System Revenue Bonds, Series 2015A, (AMT) | 5.000 | 10/01/27 | 4212616 |
| 2000000 | Broward County, Florida, Airport System Revenue Bonds, Series 2017, (AMT) | 5.000 | 10/01/34 | 2047418 |
| 500000 (b) | 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 | 500637 |
| 2435000 (b) | 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 | 2583399 |
| 5055000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/34 | 5180181 |
| 4765000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/35 | 4844484 |
| 19415000 | 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 | 19656348 |
| 10215000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/37 | 10248321 |
| 17700000 (b) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250 | 07/01/57 | 18381323 |
| 1595000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2018-2 | 3.750 | 07/01/33 | 1584325 |
| 6925000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2019-1 | 2.800 | 07/01/34 | 6074910 |
| 1575000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2024-5 | 3.950 | 07/01/39 | 1510430 |
| 2310000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Social Series 2021-1 | 1.800 | 07/01/36 | 1701022 |
| 2825000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Social Series 2021-2 | 1.800 | 07/01/36 | 2044077 |
| 22060000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2019A, (AMT) | 5.000 | 10/01/27 | 22949569 |
| 2610000 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Alternative Minimum Tax Refunding Subordinate Lien Series 2022A, (AMT) | 5.000 | 10/01/26 | 2682877 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **115** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $9030000 | Lee County, Florida, Airport Revenue Bonds, Refunding Series 2021A, (AMT) | 5.000% | 10/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9584322 |
| 2425000 | Manatee County School District, Florida, Sales Tax Revenue Bonds, Series 2017 - AGM Insured | 5.000 | 10/01/26 | 2503889 |
| 2200000 | Manatee County School District, Florida, Sales Tax Revenue Bonds, Series 2017 - AGM Insured | 5.000 | 10/01/27 | 2283659 |
| 3120000 | Manatee County School District, Florida, Sales Tax Revenue Bonds, Series 2017 - AGM Insured | 5.000 | 10/01/28 | 3228167 |
| 2715000 | Manatee County School District, Florida, Sales Tax Revenue Bonds, Series 2017 - AGM Insured | 5.000 | 10/01/29 | 2800929 |
| 4100000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2024A, (AMT) | 5.000 | 10/01/28 | 4295197 |
| 2240000 | Orlando, Florida, Tourist Development Tax Revenue Bonds, 6th Cent Contract Payments, Refunding Senior Series 2017A - AGM Insured | 5.000 | 11/01/29 | 2340446 |
| 9215000 | Orlando, Florida, Tourist Development Tax Revenue Bonds, 6th Cent Contract Payments, Refunding Senior Series 2017A - AGM Insured | 5.000 | 11/01/30 | 9605529 |
| 5500000 | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Refunding Series 2017 | 5.000 | 08/15/25 | 5533719 |
|  | TOTAL FLORIDA |  |  | 148377794 |
|  | **GEORGIA - 1.8%** |  |  |  |
| 2000000 | Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2023G, (AMT) | 5.000 | 07/01/26 | 2044765 |
| 1250000 | Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2023G, (AMT) | 5.000 | 07/01/27 | 1295691 |
| 2625000 | Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2023G, (AMT) | 5.000 | 07/01/28 | 2754592 |
| 5000000 | Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2023G, (AMT) | 5.000 | 07/01/29 | 5291726 |
| 2925000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2020A | 2.750 | 12/01/35 | 2479661 |
| 2750000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2021A | 2.250 | 12/01/36 | 2142973 |
| 1900000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024A | 4.100 | 12/01/39 | 1861839 |
| 5065000 | Georgia State, General Obligation Bonds, Series 2017A | 5.000 | 02/01/29 | 5259026 |
| 5085000 | Georgia State, General Obligation Bonds, Series 2017A | 5.000 | 02/01/31 | 5262346 |
| 10060000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022A, (Mandatory Put 12/01/29) | 4.000 | 09/01/52 | 10102265 |
| 6500000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022B, (Mandatory Put 6/01/29) | 5.000 | 12/01/52 | 6753610 |
| 15800000 (b) | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022C, (Mandatory Put 11/01/27) | 4.000 | 08/01/52 | 15772830 |
| 8150000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023B, (Mandatory Put 3/01/30) | 5.000 | 07/01/53 | 8561214 |
| 3500000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023E-1, (Mandatory Put 6/01/31) | 5.000 | 12/01/53 | 3705237 |
| 3800000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2024D, (Mandatory Put 4/01/31) | 5.000 | 04/01/54 | 4028875 |
| 7800000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2025A, (Mandatory Put 6/01/32) | 5.000 | 06/01/55 | 8327767 |
| 1035000 | Monroe County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company - Scherer Plant, Series 2009-2, (Mandatory Put 3/06/26) | 3.875 | 10/01/48 | 1041919 |
|  | TOTAL GEORGIA |  |  | 86686336 |

---

116 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **HAWAII - 0.4%** |  |  |  |
| $5250000 | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4367708 |
| 10870000 | 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 | 10640404 |
| 5970000 | Honolulu City and County, Hawaii, General Obligation Bonds, Refunding Series 2017D | 5.000 | 09/01/30 | 6245902 |
|  | TOTAL HAWAII |  |  | 21254014 |
|  | **IDAHO - 0.6%** |  |  |  |
| 6020000 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2018A | 5.000 | 03/01/26 | 6130632 |
| 4815000 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2018A | 5.000 | 03/01/29 | 5089466 |
| 4880000 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2018A | 5.000 | 03/01/31 | 5128845 |
| 4835000 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2025B, (Mandatory Put 3/01/32) | 5.000 | 03/01/60 | 5235043 |
| 6000000 | Idaho State Building Authority, Sales Tax Revenue Education Bonds, School Modernization Facilities Series 2024A | 5.000 | 06/01/28 | 6399988 |
|  | TOTAL IDAHO |  |  | 27983974 |
|  | **ILLINOIS - 5.4%** |  |  |  |
| 1515000 | Adams County School District 172, Quincy, Illinois, General Obligation Bonds, Series 2016 - AGM Insured | 5.000 | 02/01/27 | 1538590 |
| 550000 | Chanpaign County Community Unit School District 4, Illinois, General Obligation Bonds, School Building Series 2020A | 0.000 | 01/01/26 | 535002 |
| 780000 | Chanpaign County Community Unit School District 4, Illinois, General Obligation Bonds, School Building Series 2020A | 0.000 | 01/01/27 | 730197 |
| 585000 | Chanpaign County Community Unit School District 4, Illinois, General Obligation Bonds, School Building Series 2020A | 0.000 | 01/01/28 | 526281 |
| 19250000 (b) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B | 6.750 | 12/01/30 | 20546857 |
| 3300000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017G | 5.000 | 12/01/34 | 3277842 |
| 1455000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2019A | 0.000 | 12/01/26 | 1361963 |
| 5975000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Refunding Senior Lien Series 2022C | 5.000 | 01/01/26 | 6060438 |
| 2510000 | Chicago, Illinois, General Obligation Bonds, Chicago Works Series 2023A | 5.000 | 01/01/34 | 2637084 |
| 1970000 (a) | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, (ETM) | 5.000 | 01/01/26 | 2001113 |
| 1185000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/27 | 1215749 |
| 3250000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/28 | 3374540 |
| 20000 (a) | DuPage County School District 58 Downers Grove, Illinois, General Obligation Bonds, Limited Tax Capital Appreciation School Series 2018, (ETM) | 0.000 | 12/15/26 | 19021 |
| 980000 | DuPage County School District 58 Downers Grove, Illinois, General Obligation Bonds, Limited Tax Capital Appreciation School Series 2018 | 0.000 | 12/15/26 | 919198 |
| 1050000 | DuPage County School District 58 Downers Grove, Illinois, General Obligation Bonds, Limited Tax Capital Appreciation School Series 2018 | 0.000 | 12/15/27 | 947176 |
| 8130000 | Grundy, Kendall, and Will Counties Community Consolidated School District 201, Minooka, Illinois, General Obligation Bonds, Refunding School Series 2019 | 3.000 | 10/15/27 | 8137337 |
| 20800000 | Illinois Development Finance Authority, Revenue Bonds, St Vincent de Paul Center Project, Series 2000A, (Mandatory Put 3/03/26) | 2.450 | 11/15/39 | 20633078 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **117** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $11300000 | Illinois Finance Authority, Midwestern Disaster Area Industrial Development Revenue Bonds, Cargill, Incorporated Project, Series 2012, (Mandatory Put 11/01/26) | 1.250% | 11/01/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10838960 |
| 2180000 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2008A-1 | 4.000 | 11/01/30 | 2207962 |
| 2000000 (a) | Illinois Finance Authority, Revenue Bonds, Swedish Covenant Hospital, Series 2016A, (ETM) | 5.000 | 08/15/25 | 2014154 |
| 3000000 (a) | Illinois Finance Authority, Revenue Bonds, Swedish Covenant Hospital, Series 2016A, (ETM) | 5.000 | 08/15/26 | 3080889 |
| 1025000 | Illinois Finance Authority, Revenue Bonds, University of Chicago Medicine, Series 2022A, (Mandatory Put 8/15/27) | 5.000 | 08/15/52 | 1062637 |
| 7125000 | Illinois Finance Authority, Revenue Bonds, University of Chicago Medicine, Series 2022B-1, (Mandatory Put 8/15/25) | 5.000 | 08/15/52 | 7137910 |
| 8680000 (b) | 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 | 8538717 |
| 2000000 | Illinois Finance Authority, Water Facilities Revenue Bonds, American Water Capital Corporation Project, Refunding Series 2020, (Mandatory Put 9/01/28) | 3.875 | 05/01/40 | 1970799 |
| 10135000 | Illinois Housing Development Authority, Revenue Bonds, Green Series 2021B | 1.950 | 10/01/36 | 7532361 |
| 5475000 | Illinois State, General Obligation Bonds, June Series 2016 | 5.000 | 06/01/28 | 5571450 |
| 1455000 | Illinois State, General Obligation Bonds, May Refunding Series 2023D | 5.000 | 07/01/25 | 1461828 |
| 250000 | Illinois State, General Obligation Bonds, November Series 2017C | 5.000 | 11/01/29 | 259244 |
| 6465000 | Illinois State, General Obligation Bonds, November Series 2017D | 3.250 | 11/01/26 | 6459660 |
| 6400000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/26 | 6582028 |
| 14200000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/27 | 14806611 |
| 5160000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/28 | 5362689 |
| 5000000 | Illinois State, General Obligation Bonds, November Series 2019B | 5.000 | 11/01/30 | 5299778 |
| 10660000 | Illinois State, General Obligation Bonds, October Series 2016 | 5.000 | 02/01/28 | 10976851 |
| 5000000 | Illinois State, General Obligation Bonds, Refunding October Series 2024 | 5.000 | 02/01/26 | 5077762 |
| 2540000 | Illinois State, General Obligation Bonds, Refunding October Series 2024 | 5.000 | 02/01/27 | 2621129 |
| 11000000 | Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding Junior Obligation March Series 2025A | 5.000 | 06/15/28 | 11597905 |
| 5000000 | Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding Junior Obligation March Series 2025A | 5.000 | 06/15/29 | 5336143 |
| 1140000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2016A | 5.000 | 12/01/32 | 1152426 |
| 2945000 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001 - FGIC Insured | 6.000 | 11/01/26 | 3010724 |
| 1235000 | LaSalle and Bureau Counties High School District 120 LaSalle- Peru, Illinois, General Obligation Bonds, School Building Series 2017 - BAM Insured | 5.000 | 12/01/26 | 1269443 |
| 775000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B | 5.000 | 12/15/25 | 784151 |
| 1925000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B | 5.000 | 12/15/26 | 1979873 |
| 360000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B | 5.000 | 12/15/27 | 376057 |
| 1945000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B | 5.000 | 12/15/28 | 2025798 |
| 650000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B | 5.000 | 12/15/30 | 673756 |
| 1000000 | North Barrington, Lake County, Illinois, Special Tax Bonds, Special Service Area 19, Refunding Series 2019 - BAM Insured | 4.000 | 02/01/33 | 1013387 |
| 1000000 | North Barrington, Lake County, Illinois, Special Tax Bonds, Special Service Area 19, Refunding Series 2019 - BAM Insured | 4.000 | 02/01/36 | 1001454 |
| 1895000 | North Barrington, Lake County, Illinois, Special Tax Bonds, Special Service Area 19, Refunding Series 2019 - BAM Insured | 4.000 | 02/01/40 | 1802896 |

---

118 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $2010000 | North Barrington, Lake County, Illinois, Special Tax Bonds, Special Service Area 19, Refunding Series 2019 - BAM Insured | 4.000% | 02/01/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864254 |
| 325000 | Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Series 2021 - BAM Insured | 5.000 | 10/01/25 | 327583 |
| 250000 | Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Series 2021 - BAM Insured | 5.000 | 10/01/26 | 255688 |
| 6245000 (a) | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2017, (ETM) | 5.000 | 06/01/25 | 6265942 |
| 1258000 | Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Areas 1, 3 & 4, Refunding Series 2017 - BAM Insured | 3.450 | 03/01/26 | 1259323 |
| 1218000 | Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Areas 1, 3 & 4, Refunding Series 2017 - BAM Insured | 3.600 | 03/01/28 | 1221438 |
| 8240000 | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series 2018C | 5.000 | 01/01/28 | 8646244 |
| 2750000 | Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Hospital Sisters Services, Inc. Obligated Group, Series 2017A | 5.000 | 02/15/26 | 2790116 |
| 3665000 | Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Hospital Sisters Services, Inc. Obligated Group, Series 2017A | 5.000 | 02/15/27 | 3777846 |
| 13615000 | Springfield, Illinois, Electric Revenue Bonds, Refunding Senior Lien Series 2024 - BAM Insured | 5.000 | 03/01/29 | 14512429 |
|  | TOTAL ILLINOIS |  |  | 256269761 |
|  | **INDIANA - 3.3%** |  |  |  |
| 14235000 | 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 | 13845919 |
| 4500000 | Indiana Finance Authority, Environmental Facilities Revenue Bonds, Indianapolis Power & Light Company Project, Refunding Series 2021B | 0.650 | 08/01/25 | 4448690 |
| 8885000 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, Southern Indiana Gas & Electric Company, Refunding Series 2013A, (AMT), (Mandatory Put 8/01/28) | 4.000 | 03/01/38 | 8925588 |
| 21115000 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, Southern Indiana Gas & Electric Company, Refunding Series 2013A, (AMT), (Mandatory Put 8/01/28) | 4.000 | 05/01/43 | 20998012 |
| 1100000 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2021A | 4.125 | 12/01/26 | 1101481 |
| 5750000 | Indiana Finance Authority, Environmental Revenue Bonds, Duke Energy Indiana, Inc. Project, Refunding Series 2009A-1, (AMT), (Mandatory Put 6/01/27) | 3.750 | 03/01/31 | 5762115 |
| 7480000 | 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 | 7522527 |
| 7330000 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Long Term Rate Series 2023B-1, (Mandatory Put 7/01/28) | 5.000 | 10/01/62 | 7743888 |
| 12660000 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana Unversity Health Obligation Group, Long Term Rate Series 2019B, (Mandatory Put 7/01/25) | 2.250 | 12/01/58 | 12605834 |
| 8075000 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana Unversity Health Obligation Group, Refunding Series 2011M, (Mandatory Put 1/01/26) | 0.700 | 12/01/46 | 7855085 |
| 1525000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Refunding First Lien Forward Delivery Series 2022A | 5.000 | 10/01/26 | 1573929 |
| 1645000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Refunding First Lien Forward Delivery Series 2022A | 5.000 | 10/01/27 | 1731953 |
| 1250000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2015A | 5.000 | 10/01/26 | 1252119 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **119** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **INDIANA** (continued) |  |  |  |
| $3520000 | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Series 2020B-1 | 1.950% | 07/01/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724004 |
| 1250000 | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Series 2021A | 1.900 | 07/01/36 | 929007 |
| 2610000 | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Social PAC Series 2021B | 1.900 | 07/01/36 | 1939766 |
| 6000000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project Revenue Bonds, Refunding Series 2019D, (AMT) | 5.000 | 01/01/27 | 6153632 |
| 3150000 | Rockport, Indiana, Pollution Control Revenue Bonds, AEP Generating Company Project, Refunding Series 1995A | 3.125 | 07/01/25 | 3146418 |
| 12000000 | Rockport, Indiana, Pollution Control Revenue Refunding Bonds, Indiana Michigan Power Company Project, Series 2008D | 0.750 | 04/01/25 | 12000000 |
| 13020000 | Rockport, Indiana, Pollution Control Revenue Refunding Bonds, Indiana Michigan Power Company, Series 2002A | 2.750 | 06/01/25 | 13000316 |
| 1000000 | Westfield-Washington Multi-School Building Corporation, Hamilton County, Indiana, First Mortgage Bonds, Series 2024A - BAM Insured | 5.000 | 07/15/29 | 1071489 |
| 1000000 | Westfield-Washington Multi-School Building Corporation, Hamilton County, Indiana, First Mortgage Bonds, Series 2024A - BAM Insured | 5.000 | 07/15/30 | 1083372 |
| 1000000 | Westfield-Washington Multi-School Building Corporation, Hamilton County, Indiana, First Mortgage Bonds, Series 2024A - BAM Insured | 5.000 | 01/15/31 | 1088614 |
| 9805000 | Whiting, Indiana, Environmental Facilities Refunding Revenue Bonds, BP Products North America Inc. Project, Refunding Series 2019A, (AMT), (Mandatory Put 6/05/26) | 5.000 | 12/01/44 | 9931863 |
| 5745000 | Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2015, (AMT), (Mandatory Put 6/10/31) | 4.400 | 11/01/45 | 5845557 |
|  | TOTAL INDIANA |  |  | 154281178 |
|  | **IOWA - 0.4%** |  |  |  |
| 5300000 (a) | 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 | 5621630 |
| 3000000 | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Green Series 2021A | 1.850 | 07/01/35 | 2275658 |
| 2345000 | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2019D | 2.450 | 07/01/34 | 1991027 |
| 3120000 | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2020A | 2.500 | 01/01/35 | 2586668 |
| 3000000 | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Social Series 2021B | 2.000 | 07/01/36 | 2263892 |
| 1955000 | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Social Series 2021D | 2.000 | 07/01/36 | 1486358 |
| 600000 | Iowa Finance Authority, State Revolving Fund Revenue Bonds, Green Series 2024A | 5.000 | 08/01/34 | 682490 |
|  | TOTAL IOWA |  |  | 16907723 |
|  | **KANSAS - 0.6%** |  |  |  |
| 8515000 | Kansas Department of Transportation, Highway Revenue Bonds, Refunding Series 2024A | 5.000 | 09/01/27 | 8961098 |
| 10360000 | Kansas Development Finance Authority, Hospital Revenue Bonds, Advent Health Obligated Group, Series 2021B, (Mandatory Put 11/15/31) | 5.000 | 11/15/54 | 11354465 |
| 2000000 | Kansas Development Finance Authority, Hospital Revenue Bonds, Advent Health Obligated Group, Series 2021B, (Mandatory Put 11/15/28) | 5.000 | 11/15/54 | 2131881 |
| 4175000 | Manhattan, Kansas, General Obligation Bonds, Temporary Notes, Series 2024-02 - BAM Insured | 5.000 | 06/15/28 | 4257555 |
|  | TOTAL KANSAS |  |  | 26704999 |

---

120 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **KENTUCKY - 3.2%** |  |  |  |
| $8250000 | Boone County, Kentucky, Collateralized Pollution Control Revenue Bonds, Duke Energy Kentucky, Refunding Series 2008A | 3.700% | 08/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8277015 |
| 6050000 | Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities Company Project, Series 2004A, (AMT), (Mandatory Put 9/01/26) | 1.750 | 10/01/34 | 5820095 |
| 30000000 | Carroll County, Kentucky, Pollution Control Revenue Bonds, Kentucky Utilities Company Project, Refunding Series 2016A, (Mandatory Put 9/01/26) | 1.550 | 09/01/42 | 28818216 |
| 4460000 | Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, Federal Highway Trust Fund, First Refunding Series 2024A | 5.000 | 09/01/26 | 4596558 |
| 4200000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A | 5.000 | 06/01/25 | 4203241 |
| 6250000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 130, Series 2024B | 5.000 | 11/01/25 | 6324752 |
| 4545000 (c) | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 132, Refunding Series 2025B | 5.000 | 04/01/30 | 4948180 |
| 2250000 | Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Projects, Refunding Series 2024A | 5.000 | 07/01/27 | 2356180 |
| 4200000 | Louisville/Jefferson County Metro Government, Kentucky, Health System Revenue Bonds, Norton Healthcare, Inc., Series 2023B, (Mandatory Put 10/01/29) | 5.000 | 10/01/47 | 4466145 |
| 4000000 | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2001A | 0.900 | 09/01/26 | 3827830 |
| 8000000 | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2001B, (AMT) | 1.350 | 11/01/27 | 7460658 |
| 18100000 | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2005A, (Mandatory Put 7/01/26) | 1.750 | 02/01/35 | 17720783 |
| 3785000 | Oldham County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Refunding Second Series 2016 | 4.000 | 09/01/27 | 3865986 |
| 1350000 | Owen County, Kentucky, Water Facilities Revenue Bonds, Kentucky-American Water Company Project, Refunding Series 2020, (Mandatory Put 9/01/28) | 3.875 | 06/01/40 | 1334505 |
| 5605000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024B, (Mandatory Put 8/01/32) | 5.000 | 01/01/55 | 5886941 |
| 1700000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2020A, (Mandatory Put 6/01/26) | 4.000 | 12/01/50 | 1707426 |
| 2950000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2022A-1, (Mandatory Put 8/01/30) | 4.000 | 08/01/52 | 2941507 |
| 3250000 | Rural Water Financing Agency, Kentucky, Construction Notes, USDA Public Projects Series 2023A | 3.900 | 11/01/25 | 3251733 |
| 3075000 | Trimble County, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2001A | 0.625 | 09/01/26 | 2931278 |
| 10200000 | Trimble County, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2001B, (AMT) | 1.350 | 11/01/27 | 9547584 |
| 21345000 | 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 | 19610200 |
|  | TOTAL KENTUCKY |  |  | 149896813 |
|  | **LOUISIANA - 3.0%** |  |  |  |
| 845000 | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Home Ownership Program, Series 2021D | 2.100 | 12/01/36 | 639539 |
| 1875000 | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Home Ownership Program, Series 2024A | 4.000 | 12/01/39 | 1791619 |
| 3000000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Womans Hospital Foundation Project, Refunding Series 2017A | 4.000 | 10/01/25 | 3011314 |
| 17820000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017 | 3.500 | 11/01/32 | 17034911 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **121** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **LOUISIANA** (continued) |  |  |  |
| $10000000 | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2020B, (Mandatory Put 5/15/25) | 5.000% | 05/15/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10008687 |
| 29860000 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Louisiana Children's Medical Center Hospital, Series 2015A-1. Fixed Rate Mode, (Mandatory Put 6/01/25) | 5.000 | 06/01/45 | 29934898 |
| 4000000 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Louisiana Children's Medical Center Hospital, Series 2015A-3. Term Rate Mode, (Mandatory Put 6/01/28) | 5.000 | 06/01/45 | 4161769 |
| 1010000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015 | 5.000 | 05/15/29 | 1011834 |
| 1000000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015 | 5.000 | 05/15/30 | 1001770 |
| 14000000 | Louisiana State, General Obligation Bonds, Refunding Series 2024E | 5.000 | 09/01/31 | 15574220 |
| 5045000 | Louisiana State, General Obligation Bonds, Series 2024B | 5.000 | 08/01/27 | 5298357 |
| 925000 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2015 | 5.000 | 06/01/26 | 927797 |
| 2780000 (b) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,<br> L.P. Project, Series 2008, (Mandatory Put 6/01/30) | 6.100 | 06/01/38 | 3028461 |
| 3665000 (b) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,<br> L.P. Project, Series 2011, (Mandatory Put 6/01/25) | 5.850 | 08/01/41 | 3674771 |
| 16405000 | Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation Project, Refunding Series 2017A-1, (Mandatory Put 7/01/26) | 4.050 | 06/01/37 | 16521984 |
| 17105000 | 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 | 16843429 |
| 10010000 | Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation Project, Refunding Series 2017B-2, (Mandatory Put 7/01/26) | 2.375 | 06/01/37 | 9878158 |
|  | TOTAL LOUISIANA |  |  | 140343518 |
|  | **MAINE - 0.2%** |  |  |  |
| 2955000 | Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2021A | 1.850 | 11/15/36 | 2142324 |
| 1165000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2020D | 2.300 | 11/15/35 | 921939 |
| 3000000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2021B | 2.050 | 11/15/36 | 2281869 |
| 2030000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2021C | 1.900 | 11/15/36 | 1491081 |
| 2000000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2021D | 2.200 | 11/15/36 | 1548659 |
|  | TOTAL MAINE |  |  | 8385872 |
|  | **MARYLAND - 1.8%** |  |  |  |
| 7205000 | Anne Arundel County, Maryland, General Obligation Bonds, Consolidated General Improvement, Series 2019 | 5.000 | 10/01/25 | 7286267 |
| 8130000 | Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2020 | 5.000 | 03/01/27 | 8478454 |
| 6000000 | Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Refunding Series 2024A | 5.000 | 07/01/29 | 6520449 |
| 6760000 | Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Refunding Series 2024A | 5.000 | 07/01/30 | 7451016 |
| 11510000 | Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2024 | 5.000 | 02/01/27 | 11982583 |
| 10000 | Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2016 | 3.250 | 01/01/31 | 9652 |
| 1000000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/26 | 1010443 |
| 6820000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2019C | 2.700 | 09/01/34 | 5893758 |

---

122 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MARYLAND** (continued) |  |  |  |
| $4250000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2020A | 2.300% | 09/01/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3377113 |
| 4880000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2020D | 1.950 | 09/01/35 | 3758674 |
| 12000000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2021A | 1.800 | 09/01/36 | 8634738 |
| 8310000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2021B | 1.875 | 09/01/36 | 6127608 |
| 12000000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2021C | 2.200 | 09/01/36 | 9345187 |
| 4630000 | Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2018A | 5.000 | 11/01/29 | 4959971 |
|  | TOTAL MARYLAND |  |  | 84835913 |
|  | **MASSACHUSETTS - 1.3%** |  |  |  |
| 795000 | Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A | 5.000 | 07/01/25 | 794222 |
| 1500000 | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-1 | 5.000 | 07/01/25 | 1506865 |
| 2780000 | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2 | 5.000 | 07/01/29 | 2922277 |
| 2750000 | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2 | 5.000 | 07/01/30 | 2884851 |
| 2515000 | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2 | 5.000 | 07/01/31 | 2629169 |
| 2100000 | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2 | 5.000 | 07/01/32 | 2188286 |
| 125000 (a) | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G, (ETM) | 5.000 | 07/15/25 | 125772 |
| 160000 (a) | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G, (ETM) | 5.000 | 07/15/26 | 164571 |
| 170000 (a) | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G, (ETM) | 5.000 | 07/15/27 | 178427 |
| 175000 (a) | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G, (ETM) | 5.000 | 07/15/28 | 187058 |
| 220000 (a) | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G, (ETM) | 5.000 | 07/15/30 | 242076 |
| 2230000 | Massachusetts Development Finance Agency, Revenue Bonds, Williams College, Series 2011N, (Mandatory Put 7/01/25) | 0.450 | 07/01/41 | 2209635 |
| 2135000 | Massachusetts Health and Educational Facilities Authority, Variable Rate Demand Revenue Bonds, University of Massachusetts Issue, Series 2000A, (Mandatory Put 4/01/26) | 2.450 | 11/01/30 | 2114797 |
| 1975000 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2019B-1 | 2.750 | 12/01/34 | 1680745 |
| 1000000 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2022A-2 | 2.650 | 06/01/26 | 990986 |
| 5000000 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2022C-3 | 4.000 | 06/01/26 | 5009440 |
| 2420000 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2023A-3 | 3.050 | 12/01/27 | 2402032 |
| 3165000 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Series 2021B-2 | 0.800 | 12/01/25 | 3095904 |
| 3500000 | Massachusetts Housing Finance Agency, Multifamily Housing Bonds, Green Series 2023C2 | 4.000 | 12/01/27 | 3512669 |
| 1000000 | Massachusetts Housing Finance Agency, Multifamily Housing Bonds, Green Sustainability Series 2024B3 | 3.500 | 06/01/29 | 995424 |
| 5000000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2020-220 | 1.950 | 12/01/35 | 3828296 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **123** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MASSACHUSETTS** (continued) |  |  |  |
| $1000000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2021-221 | 2.000% | 12/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745189 |
| 2725000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2021-222 | 2.000 | 12/01/36 | 2030639 |
| 7385000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2021-223 | 2.150 | 12/01/36 | 5632483 |
| 3680000 | Massachusetts State, General Obligation Bonds, Consolidated Series 2024B | 5.000 | 05/01/26 | 3771581 |
| 4525000 | Massachusetts State, General Obligation Bonds, Consolidated Series 2024B | 5.000 | 05/01/27 | 4733079 |
| 4000000 | Quincy, Massachusetts, General Obligation Bonds, Bonds Anticipation Notes Series 2024 | 5.000 | 07/25/25 | 4025556 |
|  | TOTAL MASSACHUSETTS |  |  | 60602029 |
|  | **MICHIGAN - 3.1%** |  |  |  |
| 10015000 | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series 2024A | 5.000 | 07/01/26 | 10300124 |
| 7510000 | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series 2024A | 5.000 | 07/01/27 | 7872786 |
| 4050000 | Michigan Finance Authority, Hospital Revenue Bonds, Beaumont- Spectrum Consolidation, Fixed Refunding Series 2022A | 5.000 | 04/15/26 | 4133385 |
| 2600000 | Michigan Finance Authority, Hospital Revenue Bonds, Beaumont- Spectrum Consolidation, Fixed Refunding Series 2022A | 5.000 | 04/15/27 | 2706657 |
| 5090000 | Michigan Finance Authority, Hospital Revenue Bonds, Bronson Healthcare Group, Inc., Series 2019B, (Mandatory Put 11/16/26) | 5.000 | 11/15/44 | 5196967 |
| 4895000 | Michigan Finance Authority, State Aid Revenue Notes, Series 2024A-1 | 5.000 | 07/21/25 | 4923161 |
| 2000000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco Receipts, Senior Current Interest Series 2020A-CL-1 | 5.000 | 06/01/27 | 2058689 |
| 5115000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco Receipts, Senior Current Interest Series 2020A-CL-1 | 5.000 | 06/01/28 | 5321353 |
| 7115000 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2018A | 3.550 | 10/01/33 | 6842454 |
| 1865000 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2021A | 0.550 | 04/01/25 | 1865000 |
| 2455000 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2022A | 3.300 | 04/01/26 | 2452587 |
| 9430000 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2023A | 3.750 | 04/01/27 | 9411783 |
| 1340000 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2024A | 3.700 | 04/01/30 | 1342751 |
| 1805000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Fixed Rate Series 2018C | 3.350 | 12/01/34 | 1669084 |
| 5215000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2016A | 3.100 | 12/01/31 | 4959773 |
| 10020000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2019B | 2.700 | 12/01/34 | 8614326 |
| 14835000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2020C | 2.350 | 12/01/35 | 11905905 |
| 6000000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2021A | 1.950 | 12/01/36 | 4436098 |
| 2000000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2022A | 4.000 | 12/01/37 | 1955785 |
| 5000000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I | 5.000 | 04/15/30 | 5038979 |
| 5655000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2024II | 5.000 | 10/15/27 | 5953900 |
| 3040000 | Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program, Series 2023 | 5.000 | 11/15/26 | 3149497 |
| 12165000 | Michigan Strategic Fund, Limited Obligation Revenue Bonds, Consumers Energy Company Project, Series 2019, (AMT), (Mandatory Put 10/01/27) | 3.350 | 10/01/49 | 12061966 |

---

124 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MICHIGAN** (continued) |  |  |  |
| $7730000 | Michigan Strategic Fund, Limited Obligation Revenue Bonds, Consumers Energy Company Project, Variable Rate Series 2005, (AMT), (Mandatory Put 10/08/26) | 0.875% | 04/01/35 | $7201663 |
| 7230000 | Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detroit Edison Company Exempt Facilities Project, Collateralized Series 2023DT, (AMT), (Mandatory Put 6/03/30) | 3.875 | 06/01/53 | 7223598 |
| 2285000 | 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 | 2281211 |
| 7500000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2023E - AGM Insured, (AMT) | 5.000 | 12/01/28 | 7876984 |
|  | TOTAL MICHIGAN |  |  | 148756466 |
|  | **MINNESOTA - 0.9%** |  |  |  |
| 2740000 | Eastern Carver County Independent School District 112, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2025A | 5.000 | 02/01/29 | 2948393 |
| 5000000 | Minneapolis, Minnesota, Health Care System Revenue Bonds, Allina Health System, Series 2023A, (Mandatory Put 11/15/28) | 5.000 | 11/15/52 | 5259522 |
| 1265000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020B | 2.400 | 01/01/35 | 1062306 |
| 2275000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020E | 2.250 | 07/01/35 | 1834574 |
| 4330000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I | 1.875 | 07/01/35 | 3277009 |
| 5595000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2021D | 2.000 | 07/01/36 | 4225194 |
| 5045000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2021F | 2.000 | 07/01/36 | 3807112 |
| 8415000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2021H | 2.150 | 07/01/36 | 6494689 |
| 3285000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Social Series 2022A | 2.600 | 07/01/37 | 2647603 |
| 2000000 | Minnesota Municipal Gas Agency, Commodity Supply Revenue Bonds, Series 2022A, (Mandatory Put 12/01/27) | 4.000 | 12/01/52 | 2018586 |
| 6820000 | Minnesota Public Facilities Authority, State Clean Water Revolving Fund Revenue Bonds, Series 2016A | 5.000 | 03/01/31 | 6943459 |
| 2000000 | Minnesota Rural Water Finance Authority, Public Projects Construction Notes, Series 2025 | 3.300 | 08/01/26 | 2002106 |
|  | TOTAL MINNESOTA |  |  | 42520553 |
|  | **MISSISSIPPI - 0.7%** |  |  |  |
| 7660000 | Lowndes County, Mississippi, Solid Waste Disposal and Pollution Control Revenue Bonds, International Paper Company Project, Refunding Series 2022, (Mandatory Put 4/01/27) | 2.650 | 04/01/37 | 7517672 |
| 5865000 | Mississippi Business Finance Corporation, Pollution Control Revenue, Mississippi Power, Series 2002 | 3.200 | 09/01/28 | 5832944 |
| 3500000 | Mississippi Development Bank, Special Obligation Bonds, Mississippi Highway Refunding Project, Refunding Series 2024A | 5.000 | 01/01/30 | 3791068 |
| 6000000 | Mississippi Development Bank, Special Obligation Bonds, Mississippi Highway Refunding Project, Refunding Series 2024A | 5.000 | 01/01/31 | 6558932 |
| 6500000 | Mississippi Development Bank, Special Obligation Bonds, Mississippi Highway Refunding Project, Refunding Series 2024A | 5.000 | 01/01/32 | 7160104 |
| 1230000 | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2020A | 2.250 | 12/01/35 | 982818 |
| 615000 | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2021A | 1.800 | 12/01/35 | 455092 |
| 1500000 | Mississippi State, Gaming Tax Revenue Bonds, Series 2019A | 5.000 | 10/15/26 | 1544045 |
|  | TOTAL MISSISSIPPI |  |  | 33842675 |

---

See Notes To Financial Statements 125

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MISSOURI - 0.9%** |  |  |  |
| $5330000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union Electric Company Project, Refunding Series 1998A | 2.900% | 09/01/33 | $4750402 |
| 11000000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union Electric Company Project, Series 1998B | 2.900 | 09/01/33 | 9803831 |
| 5255000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union Electric Company Project, Series 1998C | 2.750 | 09/01/33 | 4688851 |
| 12335000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2021B, (Mandatory Put 5/01/26) | 4.000 | 05/01/51 | 12464960 |
| 1195000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2022A | 5.000 | 06/01/25 | 1198886 |
| 2520000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2022A | 5.000 | 06/01/27 | 2619150 |
| 2700000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024E | 4.125 | 11/01/39 | 2661466 |
| 740000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2019C | 2.500 | 11/01/34 | 627431 |
| 1065000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2021A | 1.950 | 11/01/36 | 789454 |
| 1890000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2021B | 1.800 | 11/01/36 | 1352401 |
|  | TOTAL MISSOURI |  |  | 40956832 |
|  | **MONTANA - 0.2%** |  |  |  |
| 1115000 | Gallatin County, Montana, General Obligation Bonds, Series 2023 | 5.000 | 07/01/33 | 1251107 |
| 1300000 | Gallatin County, Montana, General Obligation Bonds, Series 2023 | 5.000 | 07/01/35 | 1438186 |
| 1000000 | Lewis and Clark County School District 9 East Helena, Montana, General Obligation Bonds, School Building Series 2018 | 5.000 | 07/01/27 | 1044297 |
| 1055000 | Lewis and Clark County School District 9 East Helena, Montana, General Obligation Bonds, School Building Series 2018 | 5.000 | 07/01/28 | 1118433 |
| 1335000 | Lewis and Clark County School District 9 East Helena, Montana, General Obligation Bonds, School Building Series 2018 | 5.000 | 07/01/29 | 1414738 |
| 2000000 | Montana Board of Housing, Multifamily Housing Revenue Bonds, Aurora Apartments Series 2024, (Mandatory Put 2/01/28) | 3.320 | 07/01/46 | 1998424 |
| 750000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2021A-1 | 1.850 | 12/01/36 | 539507 |
| 500000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2021B | 1.850 | 12/01/36 | 365238 |
|  | TOTAL MONTANA |  |  | 9169930 |
|  | **NATIONAL - 0.0%** |  |  |  |
| 2626627 | Freddie Mac Multi-Family ML Certificates, Series ML 05, Series 2019A | 3.400 | 01/25/36 | 2521448 |
|  | TOTAL NATIONAL |  |  | 2521448 |
|  | **NEBRASKA - 0.7%** |  |  |  |
| 8345000 | Central Plains Energy Project, Nebraska, Gas Project 4 Revenue Bonds, Refunding Series 2023A-1, (Mandatory Put 11/01/29) | 5.000 | 05/01/54 | 8710975 |
| 3890000 | Central Plains Energy Project, Nebraska, Gas Supply Revenue Bonds, Refunding Series 2019, (Mandatory Put 8/01/25) | 4.000 | 12/01/49 | 3895879 |
| 1915000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2019D | 2.600 | 09/01/34 | 1635327 |
| 8895000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2020A | 2.350 | 09/01/35 | 7116247 |
| 2455000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2021A | 1.850 | 09/01/35 | 1852957 |

---

126 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEBRASKA** (continued) |  |  |  |
| $3555000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2021C | 2.100% | 09/01/36 | $2710314 |
| 1630000 | Sarpy County School District 037 Gretna Public Schools, Nebraska, General Obligation Bonds, Series 2022B | 5.000 | 12/15/27 | 1650567 |
| 6450000 | Washington County, Nebraska, Wastewater and Solid Waste Disposal Facilities Revenue Bonds, Cargill Inc. Project, Variable Rate Demand Series 2012, (AMT), (Mandatory Put 9/01/25) | 0.900 | 09/01/30 | 6384602 |
|  | TOTAL NEBRASKA |  |  | 33956868 |
|  | **NEVADA - 0.8%** |  |  |  |
| 6385000 | Clark County, Nevada, Airport Revenue Bonds, Junior Subordinate Lien Notes Series 2021B, (AMT) | 5.000 | 07/01/27 | 6618392 |
| 19325000 | Clark County, Nevada, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019D | 5.000 | 07/01/26 | 19841466 |
| 3500000 | Clark County, Nevada, Pollution Control Revenue Bonds, Nevada Power Company Project, Refunding Series 2017, (Mandatory Put 3/31/26) | 3.750 | 01/01/36 | 3498620 |
| 950000 | Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Refunding Series 2017B | 5.000 | 07/01/25 | 955092 |
| 1970000 | Nevada Housing Division, Single Family Housing Mortgage Revenue Bonds, Refunding Series 2021A | 1.850 | 10/01/33 | 1564059 |
| 1970000 | Nevada Housing Division, Single Family Housing Mortgage Revenue Bonds, Refunding Series 2021A | 2.000 | 10/01/36 | 1475522 |
| 3000000 | Nevada Housing Division, Single Family Housing Mortgage Revenue Bonds, Refunding Series 2021B | 2.200 | 10/01/36 | 2302081 |
|  | TOTAL NEVADA |  |  | 36255232 |
|  | **NEW HAMPSHIRE - 0.7%** |  |  |  |
| 8485000 | 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 | 8488828 |
| 11000000 | New Hampshire Business Finance Authority, Pollution Control Revenue Bonds, United Illuminating Company, Refunding Series 2003A | 4.500 | 10/01/33 | 11170358 |
| 5000000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Series 2015A, (Mandatory Put 8/03/27) | 3.300 | 06/01/40 | 5015089 |
| 4500000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Series 2015D, (Mandatory Put 8/03/27) | 3.300 | 06/01/38 | 4513581 |
| 2495000 | New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2024C | 4.100 | 07/01/39 | 2452229 |
|  | TOTAL NEW HAMPSHIRE |  |  | 31640085 |
|  | **NEW JERSEY - 3.0%** |  |  |  |
| 3945000 | Bergen County Improvement Authority, New Jersey, County Guaranteed Governmental Pooled Project Notes, Series 2024 | 4.500 | 05/28/25 | 3955020 |
| 1000000 | Delran Township, New Jersey, General Obligation Bonds, Series 2019 | 2.000 | 10/15/27 | 956554 |
| 1000000 | Delran Township, New Jersey, General Obligation Bonds, Series 2019 | 2.000 | 10/15/28 | 932189 |
| 1000000 | Delran Township, New Jersey, General Obligation Bonds, Series 2019 | 2.000 | 10/15/29 | 910494 |
| 2545000 | Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Essex County Family Court Building House Projects, County Guaranteed Series 2024 | 5.000 | 06/18/25 | 2556100 |
| 3640000 | Gloucester Township, New Jersey, General Obligation Bonds, Series 2019 - BAM Insured | 2.000 | 02/01/26 | 3581810 |
| 3975000 | Gloucester Township, New Jersey, General Obligation Bonds, Series 2019 - BAM Insured | 2.000 | 02/01/27 | 3835192 |
| 400000 | Middlesex County Improvement Authority, New Jersey, County Guaranteed Capital Equipment & Improvement Bonds, Series 2022 | 5.000 | 09/15/25 | 404003 |
| 6180000 | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Subordinate Series 2017A | 3.375 | 07/01/30 | 5914060 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **127** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW JERSEY** (continued) |  |  |  |
| $10545000 | New Jersey Economic Development Authority, Revenue Bonds, Municipal Rehabilitation, Refunding Series 2019A | 5.250% | 04/01/25 | $10545000 |
| 7000000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2023RRR | 5.000 | 06/15/26 | 7161480 |
| 3000000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1 - NPFG Insured | 5.500 | 09/01/27 | 3172700 |
| 6135000 (a) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2018EEE, (Pre-refunded 12/15/28) | 5.000 | 06/15/33 | 6589845 |
| 1115000 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, (AMT) | 5.250 | 09/15/29 | 1116161 |
| 9180000 | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc.<br> Project, Refunding Series 2020E, (AMT) | 0.850 | 12/01/25 | 8935091 |
| 2600000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health Obligated Group Issue, Refunding Series 2016A | 5.000 | 07/01/29 | 2647348 |
| 3200000 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2024B | 3.500 | 05/01/29 | 3188154 |
| 2915000 | New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Social Series 2022I | 2.750 | 04/01/25 | 2915000 |
| 5000 | New Jersey State, General Obligation Bonds, Covid-19 Emergency Series 2020A | 5.000 | 06/01/26 | 5130 |
| 7220000 | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2018A | 5.000 | 06/15/28 | 7372343 |
| 1645000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2014BB-1 | 5.000 | 06/15/30 | 1740869 |
| 5025000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019A | 5.000 | 12/15/26 | 5185988 |
| 2000000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB | 5.000 | 06/15/32 | 2101555 |
| 5000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2021A | 5.000 | 06/15/26 | 5115 |
| 5045000 | North Brunswick Township, New Jersey, General Obligation Bonds, Series 2024A | 5.000 | 07/08/25 | 5070401 |
| 4000000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/25 | 4008408 |
| 5125000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/27 | 5273017 |
| 5490000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/28 | 5709480 |
| 14205000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/29 | 14726380 |
| 3580000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/34 | 3674575 |
| 2385000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 4.000 | 06/01/37 | 2289223 |
| 6795000 | Toms River Board of Education, Ocean County, New Jersey, General Obligation Bonds, Regional Schools Series 2019 | 2.250 | 07/15/28 | 6489679 |
| 6710000 | Union County, New Jersey, General Obligation Bonds, Series 2018 | 3.000 | 03/01/28 | 6710764 |
|  | TOTAL NEW JERSEY |  |  | 139679128 |
|  | **NEW MEXICO - 1.1%** |  |  |  |
| 13620000 | Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico San Juan Project, Refunding Series 2010A, (Mandatory Put 10/01/26) | 0.875 | 06/01/40 | 13006107 |
| 15000000 | New Mexico Finance Authority, New Mexico, Transportation Revenue Bonds, State Transportation Commission, Refunding Senior Lien Series 2024A | 5.000 | 06/15/27 | 15707855 |
| 12010000 | New Mexico Finance Authority, State Transportation Revenue Bonds, State Transportation Commission Refunding Senior Lien, Series 2022A | 5.000 | 06/15/26 | 12327082 |

---

128 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW MEXICO** (continued) |  |  |  |
| $4595000 | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2019B, (Mandatory Put 8/01/25) | 5.000% | 08/01/49 | $4619609 |
| 1695000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2019D | 2.800 | 07/01/34 | 1486927 |
| 2140000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2021A | 1.950 | 07/01/36 | 1602702 |
| 985000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2021C | 1.875 | 07/01/36 | 721102 |
| 1190000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2024E | 4.125 | 09/01/39 | 1170747 |
| 1760000 | San Juan County, New Mexico, Gross Receipts Tax Revenue Bonds, Refunding Series 2015A | 5.000 | 06/15/26 | 1766392 |
| 326000 (b) | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Senior Lien Series 2022 | 3.750 | 05/01/28 | 323154 |
|  | TOTAL NEW MEXICO |  |  | 52731677 |
|  | **NEW YORK - 9.5%** |  |  |  |
| 10000000 | Chautauqua County Capital Resource Corporation, New York, Facilities Revenue Bonds, NRG Energy Project Refunding Series 2020, (Mandatory Put 4/03/28) | 4.250 | 04/01/42 | 10123280 |
| 1725000 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Series 2020A | 5.000 | 09/01/27 | 1784668 |
| 5000000 | Dormitory Authority of the State of New York, Revenue Bonds, Northwell Healthcare Inc, Series 2019B-1, (Mandatory Put 11/01/28) | 1.800 | 05/01/48 | 4690514 |
| 8600000 | Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B | 5.000 | 07/01/30 | 8721511 |
| 4405000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Mandatory Tender Series 2020B, (Mandatory Put 9/01/25) | 0.850 | 09/01/50 | 4354241 |
| 11850000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Notes Series 2021 | 1.000 | 09/01/25 | 11708743 |
| 2500000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2024B, (Mandatory Put 9/01/29) | 3.000 | 09/01/49 | 2428922 |
| 5020000 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Climate Bond Certified, Refunding Green Series 2016B-2 | 5.000 | 11/15/32 | 5135091 |
| 5000000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Green Climate Certified Series 2017C-1 | 5.000 | 11/15/26 | 5166388 |
| 2250000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Green Climate Certified Series 2020E | 5.000 | 11/15/32 | 2425471 |
| 10850000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2015C-1 | 5.250 | 11/15/29 | 10963800 |
| 685000 | Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014B | 5.000 | 07/01/25 | 686261 |
| 1065000 | Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014B | 5.000 | 07/01/26 | 1066636 |
| 1500000 | Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014B | 5.000 | 07/01/27 | 1502085 |
| 10020000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Green Series 2023A-2, (Mandatory Put 12/30/27) | 3.700 | 05/01/63 | 10045645 |
| 10200000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Green Bond 2021K-2, (Mandatory Put 1/01/26) | 0.900 | 11/01/60 | 9988433 |
| 3000000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2024B-2, (Mandatory Put 7/03/28) | 3.700 | 05/01/64 | 3031722 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **129** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $5835000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Neighborhood Green Series 2020D-1B | 2.000% | 11/01/35 | $4564900 |
| 3170000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Neighborhood Series 2019A-3A | 3.450 | 11/01/34 | 3027574 |
| 3010000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Neighborhood Series 2019G-1B | 2.550 | 11/01/34 | 2581825 |
| 825000 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, The Churchill School and Center for Learning Disabilities Inc., Short Term Auction Rate Series 1999 - AGM Insured | 2.250 | 10/01/29 | 750806 |
| 6000000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2016 Series E-1 | 5.000 | 02/01/34 | 6070501 |
| 8845000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2021 Subseries A | 5.000 | 11/01/28 | 9479357 |
| 8000000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2025 Subseries Series A-1 | 5.000 | 11/01/27 | 8437813 |
| 5125000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2024G-1 | 5.000 | 05/01/27 | 5354305 |
| 4665000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025C-1 | 5.000 | 05/01/29 | 5030674 |
| 1500000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025D | 5.000 | 05/01/28 | 1595063 |
| 2000000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025D | 5.000 | 05/01/29 | 2156773 |
| 1500000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025D | 5.000 | 05/01/30 | 1637099 |
| 5000000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025F-1 | 5.000 | 11/01/28 | 5358596 |
| 6600000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025F-1 | 5.000 | 11/01/29 | 7166685 |
| 2740000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Series 2024D-1 | 5.000 | 11/01/27 | 2889951 |
| 4350000 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series A-1 | 5.000 | 08/01/33 | 4433836 |
| 27510000 | New York City, New York, General Obligation Bonds, Fiscal 2020 Series C-1 | 5.000 | 08/01/27 | 28866070 |
| 3125000 | New York City, New York, General Obligation Bonds, Fiscal 2023 Series 1 | 5.000 | 08/01/26 | 3215179 |
| 4000000 | New York City, New York, General Obligation Bonds, Fiscal 2023 Series D | 5.000 | 08/01/25 | 4029995 |
| 7710000 | New York City, New York, General Obligation Bonds, Fiscal 2025 Series A | 5.000 | 08/01/27 | 8090054 |
| 12500000 | New York City, New York, General Obligation Bonds, Fiscal 2025 Series A | 5.000 | 08/01/28 | 13340875 |
| 5000000 | New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation, Series 2004A, (Mandatory Put 7/01/25) | 2.875 | 05/15/32 | 4996233 |
| 45000000 | New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation, Series 2004B, (AMT), (Mandatory Put 7/01/25) | 3.000 | 05/15/32 | 44979939 |
| 2460000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond Certified/Sustainability Green Series 2020J | 0.750 | 05/01/25 | 2452436 |
| 8270000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond Certified/Sustainability Green Series 2020L-2 | 0.750 | 11/01/25 | 8113604 |
| 2290000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond Certified/Sustainability Green Series 2021J-2, (Mandatory Put 11/01/26) | 1.000 | 11/01/61 | 2189034 |

---

130 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $5000000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond Certified/Sustainability Green Series 2021J-2, (Mandatory Put 5/01/27) | 1.100% | 11/01/61 | $4747527 |
| 9470000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Green Series 2022A-2, (Mandatory Put 5/01/27) | 2.500 | 11/01/60 | 9269097 |
| 7415000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Refunding Series 2019C | 3.500 | 11/01/34 | 7129542 |
| 4185000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Refunding Series 2020H | 2.100 | 11/01/35 | 3301035 |
| 8000000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Sustainability Green Series 2024C-2, (Mandatory Put 5/01/29) | 3.600 | 11/01/63 | 8023566 |
| 6675000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Sustainability Series 2023C-2, (Mandatory Put 5/01/29) | 3.800 | 11/01/62 | 6681933 |
| 1835000 | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024B-2, (Mandatory Put 12/15/29) | 3.350 | 12/15/54 | 1835375 |
| 9775000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 223 | 2.650 | 10/01/34 | 8337986 |
| 2415000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 225 | 2.000 | 10/01/35 | 1871232 |
| 3460000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 227 | 2.100 | 10/01/35 | 2719071 |
| 3555000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 231 | 2.000 | 10/01/33 | 2858695 |
| 9990000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 231 | 2.200 | 10/01/36 | 7762218 |
| 4640000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Social Series 239 | 2.200 | 10/01/36 | 3605274 |
| 16400000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Social Series 242 | 2.950 | 10/01/37 | 14013092 |
| 3490000 | 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 | 3490097 |
| 5000000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Terminal 4 John F Kennedy International Airport Project, Series 2022, (AMT) | 5.000 | 12/01/27 | 5174797 |
| 2000000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Terminal 4 John F Kennedy International Airport Project, Series 2022, (AMT) | 5.000 | 12/01/28 | 2083743 |
| 2000000 | 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 | 2098431 |
| 3015000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT) | 4.000 | 10/01/30 | 2991396 |
| 1000000 | Oyster Bay, Nassau County, New York, General Obligation Bonds, Refunding Public Improvement Series 2022 - AGM Insured | 5.000 | 08/01/27 | 1054631 |
| 3105000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Forty Second Series 2023, (AMT) | 5.000 | 12/01/26 | 3188034 |
| 10000000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Forty Second Series 2023, (AMT) | 5.000 | 12/01/27 | 10414236 |
| 4000000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Second Series 2017, (AMT) | 5.000 | 10/15/33 | 4064641 |
| 4000000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Seventh Series 2018, (AMT) | 5.000 | 09/15/25 | 4032396 |
| 520000 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014 | 5.000 | 07/01/25 | 520957 |
| 500000 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014 | 5.000 | 07/01/27 | 500695 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **131** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $2370000 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A-2 | 5.000% | 06/01/25 | $2374611 |
| 2220000 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A-2 | 5.000 | 06/01/26 | 2258473 |
| 2200000 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A-2 | 5.000 | 06/01/28 | 2297559 |
| 1245000 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A-2 | 5.000 | 06/01/32 | 1322634 |
| 15000000 | Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & Tunnels, Refunding Series 2023A | 5.000 | 11/15/26 | 15554827 |
| 8100000 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, MTA Bridges and Tunnels, Senior Lien Green Climate Bond Certified Series 2022E-1 | 5.000 | 11/15/27 | 8517626 |
| 10000000 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Refunding Series 2022B | 5.000 | 05/15/26 | 10257502 |
| 1925000 | TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series A | 5.000 | 06/01/26 | 1961844 |
|  | TOTAL NEW YORK |  |  | 450947361 |
|  | **NORTH CAROLINA - 0.9%** |  |  |  |
| 6685000 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Variable Rate Demand Series 2021B, (Mandatory Put 6/15/27) | 3.250 | 01/15/50 | 6662602 |
| 3800000 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, Doing Business as Atrium Health, Variable Rate Series 2018C, (Mandatory Put 10/31/25) | 3.450 | 01/15/48 | 3807278 |
| 5490000 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, Doing Business as Atrium Health, Variable Rate Series 2018E, (Mandatory Put 10/31/25) | 0.800 | 01/15/48 | 5396672 |
| 1625000 | Columbus County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Recovery Zone Facility Bonds, International Paper Company Project, Refunding Series 2020A, (Mandatory Put 6/16/25) | 1.375 | 05/01/34 | 1615397 |
| 4000000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Series 55C, (Mandatory Put 1/15/26) | 3.200 | 07/01/56 | 3997397 |
| 865000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 2019-42 | 2.450 | 07/01/34 | 734430 |
| 2785000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 2020-43 | 2.625 | 01/01/35 | 2365697 |
| 5000000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 2021-47 | 2.000 | 07/01/36 | 3773154 |
| 1630000 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A | 5.000 | 01/01/28 | 1653150 |
| 10730000 | Raleigh, North Carolina, North Carolina, Limited Obligation Bonds, Series 2024 | 5.000 | 10/01/27 | 11318457 |
|  | TOTAL NORTH CAROLINA |  |  | 41324234 |
|  | **NORTH DAKOTA - 0.8%** |  |  |  |
| 2335000 | Cass County Joint Water Reserve District, North Dakota, Temporary Improvement Special Assessment Bonds, Refunding Series 2024A | 3.450 | 04/01/27 | 2334500 |
| 1655000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A | 5.000 | 12/01/25 | 1662098 |
| 2380000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A | 5.000 | 12/01/26 | 2428118 |
| 2550000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2021 | 5.000 | 12/01/27 | 2626050 |
| 200000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2021 | 3.000 | 05/01/25 | 199673 |
| 225000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2021 | 4.000 | 05/01/27 | 223556 |
| 500000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2021 | 3.000 | 05/01/28 | 472931 |

---

132 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NORTH DAKOTA** (continued) |  |  |  |
| $400000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2021 | 3.000% | 05/01/29 | $370273 |
| 430000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2021 | 3.000 | 05/01/30 | 390309 |
| 355000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2021 | 3.000 | 05/01/32 | 309404 |
| 5330000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2023C | 5.000 | 05/01/32 | 5478159 |
| 670000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C | 5.000 | 05/01/29 | 698034 |
| 530000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C | 5.000 | 05/01/30 | 555445 |
| 555000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C | 5.000 | 05/01/31 | 584210 |
| 580000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C | 5.000 | 05/01/32 | 612469 |
| 610000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C | 5.000 | 05/01/33 | 645030 |
| 6235000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2019C | 2.800 | 07/01/32 | 5664339 |
| 1640000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2019C | 3.000 | 07/01/34 | 1483802 |
| 2500000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2020A | 2.700 | 07/01/35 | 2121160 |
| 3250000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2020B | 2.100 | 07/01/35 | 2567942 |
| 3600000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2021A | 2.050 | 07/01/36 | 2737274 |
| 2540000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2021B | 2.300 | 07/01/36 | 1979635 |
|  | TOTAL NORTH DAKOTA |  |  | 36144411 |
|  | **OHIO - 3.9%** |  |  |  |
| 1500000 | 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 | 1542122 |
| 9130000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 5.000 | 06/01/28 | 9481700 |
| 14500000 | 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 | 15170779 |
| 3435000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 5.000 | 06/01/30 | 3620281 |
| 8630000 | 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 | 9074013 |
| 4400000 | 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 | 4615877 |
| 3110000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 5.000 | 06/01/33 | 3255183 |
| 6195000 | 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 | 6460684 |
| 6670000 | 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 | 6940287 |
| 1520000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 4.000 | 06/01/37 | 1471560 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **133** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OHIO** (continued) |  |  |  |
| $2275000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 4.000% | 06/01/38 | $2182477 |
| 1015000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 4.000 | 06/01/39 | 962210 |
| 1000000 | Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017 | 5.000 | 12/01/25 | 1010999 |
| 6000000 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, American Electric Power Company Project, Refunding Series 2005B, (AMT) | 3.700 | 07/01/28 | 5989436 |
| 3345000 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, American Electric Power Company Project, Refunding Series 2005C, (AMT) | 3.700 | 04/01/28 | 3342045 |
| 15750000 | 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 | 14628356 |
| 10000000 | 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 | 9287845 |
| 2355000 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, American Electric Power Company Project, Refunding Series 2014A, (Mandatory Put 10/01/29) | 2.400 | 12/01/38 | 2186888 |
| 11860000 | 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 | 11063492 |
| 20250000 | 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 | 20430136 |
| 12630000 | 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 | 12758076 |
| 415000 (b) | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Pratt Paper Ohio, LLC Project, Series 2017, (AMT) | 3.750 | 01/15/28 | 415052 |
| 1330000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2019A | 3.500 | 09/01/34 | 1277490 |
| 2510000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2019B | 2.800 | 09/01/34 | 2194789 |
| 1470000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2020A | 2.500 | 09/01/35 | 1199911 |
| 3685000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2021A | 2.050 | 09/01/36 | 2788158 |
| 2920000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2021C | 2.250 | 09/01/36 | 2290918 |
| 1625000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A | 3.800 | 09/01/35 | 1593255 |
| 1655000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A | 3.850 | 03/01/36 | 1605688 |
| 1500000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A | 3.850 | 09/01/36 | 1444105 |
| 6260000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024B | 4.100 | 09/01/39 | 6145845 |
| 1850000 | Ohio State, General Obligation Bonds, Conservation Projects Refunding Series 2022A | 4.000 | 09/01/27 | 1904831 |
| 2505000 | Ohio State, General Obligation Bonds, Infrastructure Improvement Refunding Series 2022B | 4.000 | 03/01/27 | 2564940 |
| 3545000 | Ohio State, General Obligation Bonds, Infrastructure Improvement Refunding Series 2022C | 4.000 | 09/01/27 | 3650068 |

---

134 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OHIO** (continued) |  |  |  |
| $2430000 | Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2019C, (Mandatory Put 5/01/28) | 2.750% | 01/01/52 | $2381446 |
| 5000000 | Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2020A | 5.000 | 12/01/39 | 5292735 |
|  | TOTAL OHIO |  |  | 182223677 |
|  | **OKLAHOMA - 4.4%** |  |  |  |
| 1000000 | Blaine County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Watonga Public Schools Project, Series 2022 | 5.000 | 12/01/31 | 1062610 |
| 1015000 | Blaine County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Watonga Public Schools Project, Series 2022 | 5.000 | 12/01/32 | 1079744 |
| 1270000 | Bryan County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Durant Public Schools Project, Series 2020 | 4.000 | 09/01/25 | 1275253 |
| 1600000 | Bryan County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Durant Public Schools Project, Series 2020 | 2.000 | 09/01/27 | 1532181 |
| 5000000 | Canadian County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Mustang Public Schools Project, Series 2023A | 5.000 | 09/01/31 | 5437623 |
| 5015000 | Canadian County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Yukon Public Schools Project, Series 2023 | 5.000 | 09/01/27 | 5234651 |
| 4400000 | Canadian County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Piedmont Public Schools Project, Series 2024 | 4.000 | 08/15/32 | 4492384 |
| 9095000 | Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Public Schools Project, Series 2021 | 4.000 | 06/01/27 | 9271428 |
| 8005000 | Cleveland County Independent School District 2 Moore, Oklahoma, General Obligation Bonds, Combined Purpose Series 2022 | 2.000 | 03/01/26 | 7908899 |
| 8010000 | Cleveland County Independent School District 2 Moore, Oklahoma, General Obligation Bonds, Combined Purpose Series 2022 | 2.000 | 03/01/27 | 7748083 |
| 7525000 | Cleveland County Independent School District 29 Norman, Oklahoma, General Obligation Bonds, Combined Purpose Series 2022 | 2.000 | 03/01/26 | 7414377 |
| 1000000 | Clinton Public Works Authority, Oklahoma, Educational Facilities, Lease Revenue Bonds, Series 2022 | 5.000 | 10/01/27 | 1035703 |
| 1000000 | Clinton Public Works Authority, Oklahoma, Educational Facilities, Lease Revenue Bonds, Series 2022 | 3.250 | 10/01/28 | 982510 |
| 4405000 | Cushing Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Cushing Public Schools Project, Series 2022 | 5.000 | 09/01/32 | 4786627 |
| 2330000 | Garfield County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Enid Public Schools Project, Series 2016A | 5.000 | 09/01/26 | 2385323 |
| 310000 | Garvin County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Wynnewood Public Schools Project, Series 2018 | 5.000 | 09/01/25 | 312013 |
| 200000 | Garvin County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Wynnewood Public Schools Project, Series 2018 | 5.000 | 09/01/26 | 204553 |
| 450000 | Garvin County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Wynnewood Public Schools Project, Series 2018 | 5.000 | 09/01/27 | 466942 |
| 520000 | Garvin County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Wynnewood Public Schools Project, Series 2018 | 5.000 | 09/01/29 | 544753 |
| 560000 | Garvin County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Wynnewood Public Schools Project, Series 2018 | 5.000 | 09/01/30 | 583871 |
| 1100000 | Garvin County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Wynnewood Public Schools Project, Series 2018 | 5.000 | 09/01/31 | 1142939 |
| 860000 | Garvin County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Wynnewood Public Schools Project, Series 2018 | 5.000 | 09/01/32 | 891645 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **135** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OKLAHOMA** (continued) |  |  |  |
| $1305000 | Grady County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Minco Public Schools Project, Series 2018 | 5.000% | 09/01/31 | $1358915 |
| 1000000 | Grady County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Minco Public Schools Project, Series 2018 | 5.000 | 09/01/32 | 1042655 |
| 1305000 | Grady County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Minco Public Schools Project, Series 2018 | 5.000 | 09/01/33 | 1358961 |
| 6005000 | Kay County Public Buildings Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Ponca City Public Schools Project, Series 2022 | 5.000 | 09/01/25 | 6041008 |
| 5045000 | Kay County Public Buildings Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Ponca City Public Schools Project, Series 2022 | 5.000 | 09/01/27 | 5232560 |
| 950000 | McClain County Economic Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Blanchard Public Schools Project, Series 2019 | 4.000 | 09/01/25 | 952631 |
| 1455000 | McClain County Economic Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Blanchard Public Schools Project, Series 2019 | 4.000 | 09/01/26 | 1471385 |
| 625000 | McClain County Economic Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Blanchard Public Schools Project, Series 2019 | 4.000 | 09/01/27 | 635744 |
| 720000 | McClain County Economic Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Blanchard Public Schools Project, Series 2019 | 4.000 | 09/01/28 | 734858 |
| 725000 | McClain County Economic Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Blanchard Public Schools Project, Series 2019 | 4.000 | 09/01/29 | 741784 |
| 1100000 | Okarche Economic Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Okarche Public Schools Project, Series 2016 | 5.000 | 09/01/27 | 1131228 |
| 1125000 | Okarche Economic Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Okarche Public Schools Project, Series 2016 | 5.000 | 09/01/28 | 1155201 |
| 5200000 | Oklahoma City, Oklahoma, General Obligation Bonds, Series 2024 | 4.000 | 03/01/27 | 5326387 |
| 1000000 | Oklahoma County Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Harrah Public Schools Project, Series 2024 | 5.000 | 09/01/28 | 1054975 |
| 590000 | Oklahoma County Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Jones Public Schools Project, Series 2020 | 4.000 | 09/01/26 | 595012 |
| 1000000 | Oklahoma County Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Jones Public Schools Project, Series 2020 | 4.000 | 09/01/27 | 1016957 |
| 1195000 | Oklahoma County Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Jones Public Schools Project, Series 2020 | 4.000 | 09/01/28 | 1213865 |
| 1000000 | Oklahoma County Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Jones Public Schools Project, Series 2020 | 4.000 | 09/01/29 | 1017809 |
| 1000000 | Oklahoma County Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Jones Public Schools Project, Series 2020 | 4.000 | 09/01/30 | 1016129 |
| 1000000 | Oklahoma County Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Jones Public Schools Project, Series 2020 | 4.000 | 09/01/31 | 1035706 |
| 1000000 | Oklahoma County Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Jones Public Schools Project, Series 2020 | 4.000 | 09/01/32 | 1029455 |

---

136 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OKLAHOMA** (continued) |  |  |  |
| $3650000 | Oklahoma County Independent School District 1 Putnam City, Oklahoma, General Obligation Bonds, Combined Purpose Series 2024 | 3.250% | 04/01/26 | $3655686 |
| 2520000 | Oklahoma County Independent School District 12 Edmond, General Obligation Bonds, Combined Purpose Series 2024 | 4.000 | 03/01/26 | 2545067 |
| 4850000 | Oklahoma County Independent School District 89 Oklahoma City, Oklahoma, General Obligation Bonds, Combined Purpose Series 2024A | 1.250 | 07/01/26 | 4753230 |
| 6850000 | Oklahoma County Independent School District 89, Oklahoma City, Oklahoma, General Obligation Bonds, Combined Purpose Series 2025A | 1.000 | 07/01/27 | 6498320 |
| 5000000 | Oklahoma County, Oklahoma, General Obligation Bonds, Limited Tax Series 2023 | 4.000 | 05/01/25 | 5004318 |
| 1895000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.000 | 08/15/25 | 1895256 |
| 1900000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.000 | 08/15/26 | 1927621 |
| 3175000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.000 | 08/15/27 | 3260340 |
| 1400000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.000 | 08/15/28 | 1450333 |
| 350000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.000 | 08/15/29 | 361736 |
| 365000 | Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2020A | 2.650 | 09/01/35 | 306654 |
| 7500000 | Oklahoma Industries Authority, Educational Facilities Lease Revenue Bonds, Oklahoma City Public Schools Project Series 2024 | 5.000 | 04/01/27 | 7788905 |
| 1600000 | Payne County Economic Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Stillwater Public Schools Project, Series 2024 - BAM Insured | 5.000 | 09/01/25 | 1611921 |
| 2000000 | Payne County Economic Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Stillwater Public Schools Project, Series 2024 - BAM Insured | 5.000 | 09/01/26 | 2051963 |
| 260000 | Pittsburg County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, McAlester Public Schools Project, Series 2021 | 4.000 | 12/01/28 | 264829 |
| 400000 | Pittsburg County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, McAlester Public Schools Project, Series 2021 | 4.000 | 12/01/29 | 408063 |
| 350000 | Pittsburg County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, McAlester Public Schools Project, Series 2021 | 4.000 | 12/01/30 | 357178 |
| 255000 | Pittsburg County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, McAlester Public Schools Project, Series 2021 | 4.000 | 12/01/31 | 260341 |
| 380000 | Pittsburg County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, McAlester Public Schools Project, Series 2021 | 4.000 | 12/01/32 | 390951 |
| 545000 | Pontotoc County Educational Facilities Authority, Oklahoma, Facilities Lease Revenue Bonds, Ada Public Schools Project, Series 2021 | 4.000 | 09/01/26 | 550006 |
| 1290000 | Pontotoc County Educational Facilities Authority, Oklahoma, Facilities Lease Revenue Bonds, Ada Public Schools Project, Series 2021 | 4.000 | 09/01/28 | 1312029 |
| 725000 | Rogers County Industrial Development Authority, Oklahoma, Capital Improvement Revenue Bonds, Refunding Series 2017 | 4.000 | 04/01/25 | 725000 |
| 770000 | Rogers County Industrial Development Authority, Oklahoma, Capital Improvement Revenue Bonds, Refunding Series 2017 | 4.000 | 04/01/26 | 770627 |
| 715000 | Rogers County Industrial Development Authority, Oklahoma, Capital Improvement Revenue Bonds, Refunding Series 2017 | 4.000 | 04/01/27 | 715510 |
| 400000 | Sand Springs Municipal Authority, Oklahoma, Utility System Revenue Bonds, Refunding Series 2020 | 3.000 | 11/01/31 | 382420 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **137** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OKLAHOMA** (continued) |  |  |  |
| $500000 | Sand Springs Municipal Authority, Oklahoma, Utility System Revenue Bonds, Refunding Series 2020 | 3.000% | 11/01/32 | $468280 |
| 530000 | Sand Springs Municipal Authority, Oklahoma, Utility System Revenue Bonds, Refunding Series 2020 | 3.000 | 11/01/33 | 490709 |
| 1990000 | Stephens County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Marlow Public Schools Project, Series 2022 | 5.000 | 09/01/34 | 2124831 |
| 1075000 | Stephens County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Marlow Public Schools Project, Series 2022 | 5.000 | 09/01/35 | 1140745 |
| 1110000 | Texas County Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Guymon Public Schools Project, Series 2018 | 5.000 | 12/01/25 | 1123606 |
| 3625000 | Tulsa County Independent School District 001 Tulsa, Oklahoma, General Obligation Bonds, Combined Purpose Series 2023A | 1.000 | 03/01/26 | 3559153 |
| 8750000 | Tulsa County Independent School District 001 Tulsa, Oklahoma, General Obligation Bonds, Combined Purpose Series 2024A | 0.050 | 04/01/26 | 8474962 |
| 10000000 | Tulsa County Independent School District 4, Tulsa County, Oklahoma, Combined Purpose Bixby Series 2024 | 4.000 | 07/01/26 | 10091267 |
| 10730000 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Broken Arrow Public Schools Project, Series 2019A | 5.000 | 09/01/28 | 11441492 |
| 1380000 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Glenpool Public Schools Project, Series 2017A | 5.000 | 09/01/25 | 1390454 |
| 12800000 | Tulsa, Oklahoma, General Obligation Bonds, Series 2021 | 0.500 | 11/01/25 | 12512818 |
| 1450000 | Wagoner County School Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Wagoner Public Schools Project, Series 2019 | 4.000 | 09/01/27 | 1471549 |
| 300000 | Wagoner County School Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Wagoner Public Schools Project, Series 2019 | 4.000 | 09/01/28 | 305317 |
| 710000 | Washington County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Caney Valley Public Schools Project, Series 2021 | 3.000 | 09/01/25 | 709096 |
| 530000 | Washington County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Caney Valley Public Schools Project, Series 2021 | 3.000 | 09/01/27 | 521829 |
| 490000 | Washington County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Caney Valley Public Schools Project, Series 2021 | 3.000 | 09/01/29 | 468086 |
| 1250000 | Washington County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Caney Valley Public Schools Project, Series 2021 | 3.000 | 09/01/31 | 1156793 |
| 1760000 | Weatherford Industrial Trust Educational, Oklahoma, Facilities Lease Revenue Bonds, Weatherford Public Schools Project, Series 2019 | 5.000 | 03/01/27 | 1813777 |
|  | TOTAL OKLAHOMA |  |  | 209470405 |
|  | **OREGON - 0.9%** |  |  |  |
| 1305000 | Benton and Linn Counties District School District 509J Corvallis, Oregon, General Obligation Bonds, Series 2018A | 5.000 | 06/15/25 | 1310859 |
| 1085000 | Benton and Linn Counties District School District 509J Corvallis, Oregon, General Obligation Bonds, Series 2018A | 5.000 | 06/15/26 | 1114037 |
| 1000000 | Benton and Linn Counties District School District 509J Corvallis, Oregon, General Obligation Bonds, Series 2018A | 5.000 | 06/15/27 | 1047848 |
| 2390000 | Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2017B | 5.000 | 06/15/27 | 2501739 |
| 2105000 | Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2017B | 5.000 | 06/15/28 | 2199539 |
| 1200000 | Oregon Department of Transportation, Revenue Bonds, Grant Anticipation, Social 2024 | 5.000 | 05/15/27 | 1255384 |
| 11585000 | Oregon Health and Science University, Revenue Bonds, Exchange Series 2021C, (Mandatory Put 2/01/29) | 4.000 | 07/01/42 | 11834646 |

---

138 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OREGON** (continued) |  |  |  |
| $7525000 | Oregon Housing and Community Services Department, Single Family Mortgage Program Revenue Bonds, Series 2021A | 2.050% | 07/01/36 | $5721662 |
| 8000000 (b) | Port of Morrow, Morrow County Oregon, Full Faith and Credit Obligations, Series 2024A | 5.150 | 10/01/26 | 8006991 |
| 2500000 | Portland, Oregon, Water System Revenue Bonds, Refunding Second Lien Series 2024A | 5.000 | 05/01/27 | 2614443 |
| 2750000 | Portland, Oregon, Water System Revenue Bonds, Refunding Second Lien Series 2024A | 5.000 | 05/01/28 | 2929309 |
|  | TOTAL OREGON |  |  | 40536457 |
|  | **PENNSYLVANIA - 3.8%** |  |  |  |
| 5410000 | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2021A, (AMT) | 5.000 | 01/01/26 | 5488570 |
| 2735000 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health Network Obligated Group Issue, Series 2018A | 5.000 | 04/01/25 | 2735000 |
| 2055000 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health Network Obligated Group Issue, Series 2018A | 5.000 | 04/01/26 | 2091109 |
| 4435000 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health Network Obligated Group Issue, Series 2018A | 5.000 | 04/01/27 | 4587499 |
| 1513000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-2 | 6.000 | 06/30/34 | 1631592 |
| 19483000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-3 | 5.000 | 06/30/39 | 18883060 |
| 10137000 (d) | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024B-1 | 0.000 | 06/30/44 | 7486538 |
| 3175000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024A-1 | 8.000 | 06/30/34 | 3250041 |
| 1000000 | Capital Region Water, Pennsylvania, Water Revenue Bonds, Series 2018 | 5.000 | 07/15/25 | 1005457 |
| 3775000 | Clarion 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 | 3354576 |
| 1525000 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018 - AGM Insured | 4.000 | 06/01/39 | 1431397 |
| 390000 | Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2016A | 3.000 | 09/01/29 | 388235 |
| 5210000 | Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2016B | 2.625 | 02/15/27 | 5155901 |
| 4565000 | Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds, Series 2019 | 4.000 | 11/15/30 | 4679222 |
| 8065000 | 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 | 7175495 |
| 6420000 | Montgomery County Industrial Development Authority, Pennsylvania, Facilities Revenue Bonds, Constellation Energy Generation LLC Project, Refunding Series 2023A, (Mandatory Put 4/03/28) | 4.100 | 04/01/53 | 6557922 |
| 504166 (e) | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2 | 2.200 | 06/30/27 | 221833 |
| 277700 (e) | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, (cash 5.000%, PIK 5.000%) | 0.900 | 06/30/27 | 49986 |
| 15000000 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Refunding Series 2021B, (AMT), (Mandatory Put 11/02/26) | 1.100 | 06/01/31 | 14301936 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **139** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PENNSYLVANIA** (continued) |  |  |  |
| $3750000 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2009, (Mandatory Put 12/01/26) | 0.950% | 12/01/33 | $3579821 |
| 3750000 | 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 | 3749310 |
| 1270000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-122 | 3.250 | 10/01/28 | 1266176 |
| 2270000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-123B | 3.450 | 10/01/32 | 2252705 |
| 6135000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-124B | 3.200 | 10/01/32 | 5854854 |
| 3390000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-125A, (AMT) | 3.000 | 04/01/27 | 3329212 |
| 3345000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-125A, (AMT) | 3.050 | 10/01/27 | 3274292 |
| 8730000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-125A, (AMT) | 3.400 | 10/01/32 | 8157944 |
| 1035000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2019-128A, (AMT) | 3.650 | 10/01/32 | 980365 |
| 2555000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2019-129 | 2.950 | 10/01/34 | 2257968 |
| 7070000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2019-130A | 2.500 | 10/01/34 | 6005773 |
| 4850000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2020-132A | 2.300 | 10/01/35 | 3941361 |
| 10010000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2021-137 | 2.250 | 10/01/36 | 7836012 |
| 3620000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A | 3.950 | 04/01/35 | 3588854 |
| 9000000 | Pennsylvania State, General Obligation Bonds, First Refunding Series 2023 | 5.000 | 09/01/27 | 9467192 |
| 5000000 | Pennsylvania State, General Obligation Bonds, First Series 2024 | 5.000 | 08/15/30 | 5501605 |
| 4420000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2 | 5.000 | 06/01/29 | 4508844 |
| 1000000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Saint Joseph?s University Project, Refunding Series 2020C. Forward Delivery | 5.000 | 11/01/25 | 1011031 |
| 850000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Saint Joseph?s University Project, Refunding Series 2020C. Forward Delivery | 5.000 | 11/01/26 | 875641 |
| 1000000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Saint Joseph?s University Project, Refunding Series 2020C. Forward Delivery | 5.000 | 11/01/27 | 1041522 |
| 1000000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Saint Joseph?s University Project, Refunding Series 2020C. Forward Delivery | 5.000 | 11/01/28 | 1054612 |
| 1000000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Saint Joseph?s University Project, Refunding Series 2020C. Forward Delivery | 5.000 | 11/01/29 | 1065544 |
| 5400000 | Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2020C, (AMT) | 5.000 | 07/01/25 | 5424579 |
| 750000 | Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds, Marywood University, Series 2016 | 3.375 | 06/01/26 | 731263 |
| 2550000 | Washington County Industrial Development Authority, Pennsylvania, College Revenue Bonds, AICUP Financing Program-Washington and Jefferson College Project, Series 2017-PP5 | 5.000 | 11/01/25 | 2567217 |
| 1150000 | Westmoreland County Industrial Development Authority, Pennsylvania, Revenue Bonds, Excela Health Project, Series 2020A | 4.000 | 07/01/25 | 1150127 |

---

140 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PENNSYLVANIA** (continued) |  |  |  |
| $1200000 | Westmoreland County Industrial Development Authority, Pennsylvania, Revenue Bonds, Excela Health Project, Series 2020A | 5.000% | 07/01/27 | $1230739 |
|  | TOTAL PENNSYLVANIA |  |  | 182179932 |
|  | **PUERTO RICO - 3.6%** |  |  |  |
| 4600000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Forward Delivery Series 2022A | 5.000 | 07/01/25 | 4616415 |
| 2500000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Forward Delivery Series 2022A | 5.000 | 07/01/33 | 2595654 |
| 2500000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/25 | 2508921 |
| 3700000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/30 | 3835400 |
| 2500000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/35 | 2568651 |
| 325000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021A | 5.000 | 07/01/25 | 326160 |
| 935000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 5.000 | 07/01/33 | 968933 |
| 3880000 (a) | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds, Hospital de la Concepcion, Series 2017A, (Pre- refunded 11/15/26) | 3.550 | 11/15/30 | 3902624 |
| 30711000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/27 | 28175653 |
| 37062000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/29 | 31400120 |
| 30119000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/31 | 23618483 |
| 10664000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/33 | 7660726 |
| 636000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.500 | 07/01/34 | 632472 |
| 105000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/46 | 34449 |
| 5927000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.329 | 07/01/40 | 5781547 |
| 14633982 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.375 | 07/01/25 | 14699684 |
| 17234053 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.625 | 07/01/27 | 17849929 |
| 13640000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.625 | 07/01/29 | 14619203 |
| 1696601 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.750 | 07/01/31 | 1865332 |
| 1496000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 0.000 | 07/01/33 | 1026901 |
| 842000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/33 | 825154 |
| 634000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/35 | 606307 |
|  | TOTAL PUERTO RICO |  |  | 170118718 |
|  | **RHODE ISLAND - 0.7%** |  |  |  |
| 310000 | Rhode Island Health and Educational Building Corporation, Public Schools Financing Program Revenue Bonds, City of Providence, Series 2021D - BAM Insured | 5.000 | 05/15/25 | 310739 |
| 3440000 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, 2019 Series 70 | 2.800 | 10/01/34 | 3003178 |
| 14005000 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, 2021 Series 75A | 2.050 | 10/01/36 | 10570819 |
| 9795000 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, 2022 Series 76A | 2.350 | 10/01/36 | 7647970 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **141** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **RHODE ISLAND** (continued) |  |  |  |
| $3070000 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bonds, Series 73-A | 2.100% | 10/01/35 | $2398388 |
| 5000000 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bonds, Series 74 | 2.125 | 10/01/36 | 3817330 |
| 1230000 | Rhode Island Housing and Mortgage Finance Corporation, Homeownership Opportunity Bond Program, Series 2020-72A | 2.300 | 10/01/35 | 976466 |
| 3750000 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2015B | 4.500 | 06/01/45 | 3750022 |
|  | TOTAL RHODE ISLAND |  |  | 32474912 |
|  | **SOUTH CAROLINA - 0.6%** |  |  |  |
| 455000 | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Refunding Series 2017 | 5.000 | 11/01/26 | 468369 |
| 6000000 | Patriots Energy Group Financing Agency, South Carolina, Gas Supply Revenue Bonds, Series 2023A-1, (Mandatory Put 8/01/31) | 5.250 | 10/01/54 | 6365921 |
| 1140000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2019B | 2.650 | 07/01/34 | 982767 |
| 2830000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2020B | 2.000 | 07/01/35 | 2205387 |
| 6105000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2021A | 1.850 | 07/01/36 | 4507982 |
| 595000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2023A | 4.450 | 07/01/38 | 596230 |
| 2990000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2024B | 4.000 | 07/01/39 | 2872229 |
| 11025000 | South Carolina Jobs-Economic Development Authority, Revenue Bonds, International Paper Company Project, Refunding Environmental Improvement Series 2023A, (AMT), (Mandatory Put 4/01/26) | 4.000 | 04/01/33 | 11059461 |
|  | TOTAL SOUTH CAROLINA |  |  | 29058346 |
|  | **SOUTH DAKOTA - 0.3%** |  |  |  |
| 3060000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2021A | 1.900 | 11/01/36 | 2250493 |
| 5000000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2021B | 1.850 | 11/01/36 | 3606639 |
| 7310000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2022B | 2.300 | 11/01/37 | 5681002 |
| 1165000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2022C | 4.125 | 11/01/37 | 1146721 |
| 2275000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2024C | 4.000 | 11/01/37 | 2222694 |
|  | TOTAL SOUTH DAKOTA |  |  | 14907549 |
|  | **TENNESSEE -0.9%** |  |  |  |
| 3650000 | Hamilton County, Tennessee, General Obligation Bonds, Refunding Series 2024B | 5.000 | 05/01/30 | 4010668 |
| 2335000 | Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, East Tennessee Children's Hospital, Series 2019 | 5.000 | 11/15/32 | 2450602 |
| 2810000 | Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, East Tennessee Children's Hospital, Series 2019 | 5.000 | 11/15/33 | 2935907 |
| 795000 | Metropolitan Nashville Airport Authority, Tennessee, Airport Improvement Revenue Bonds, Series 2022B, (AMT) | 5.000 | 07/01/26 | 812598 |
| 700000 | Metropolitan Nashville Airport Authority, Tennessee, Airport Improvement Revenue Bonds, Series 2022B, (AMT) | 5.000 | 07/01/27 | 725587 |
| 1030000 | Metropolitan Nashville Airport Authority, Tennessee, Airport Improvement Revenue Bonds, Series 2022B, (AMT) | 5.000 | 07/01/28 | 1076971 |
| 10800000 | Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series 2021A, (Mandatory Put 9/01/28) | 4.000 | 12/01/51 | 10847246 |
| 1640000 | Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series 2022A, (Mandatory Put 12/01/30) | 5.500 | 10/01/53 | 1725101 |
| 840000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2015-1C | 3.850 | 07/01/32 | 840024 |

---

142 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TENNESSEE** (continued) |  |  |  |
| $2890000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2019-1 | 3.400% | 07/01/34 | $2743631 |
| 3050000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2019-2 | 2.800 | 07/01/34 | 2675592 |
| 610000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2020-3A | 2.100 | 07/01/35 | 481983 |
| 1835000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2021-1 | 2.050 | 07/01/36 | 1396814 |
| 2285000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2021-2 | 2.000 | 07/01/37 | 1699190 |
| 3345000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2021-3 | 2.050 | 07/01/36 | 2543383 |
| 900000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2022-2 | 4.050 | 07/01/37 | 888850 |
| 1665000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2024-3C, (Mandatory Put 10/01/25) | 3.500 | 01/01/56 | 1665099 |
| 2130000 | The Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Series 2018, (Mandatory Put 11/01/25) | 4.000 | 11/01/49 | 2134359 |
|  | TOTAL TENNESSEE |  |  | 41653605 |
|  | **TEXAS - 6.8%** |  |  |  |
| 1445000 | Arlington, Texas, Water and Wastewater System Revenue Bonds, Refunding Improvement Series 2024 | 5.000 | 06/01/26 | 1483638 |
| 1660000 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/26 | 1665566 |
| 1290000 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/27 | 1299059 |
| 1920000 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/29 | 1924725 |
| 2295000 | Austin, Texas, General Obligation Bonds, Refunding & Public Improvement Series 2023 | 5.000 | 09/01/26 | 2367211 |
| 2280000 | Austin, Texas, General Obligation Bonds, Refunding & Public Improvement Series 2023 | 5.000 | 09/01/27 | 2399449 |
| 1000000 | Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Forward Delivery Series 2023 | 5.000 | 11/15/26 | 1035373 |
| 12015000 | Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2024B | 5.000 | 08/15/29 | 13060604 |
| 7010000 | Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2025A | 5.000 | 08/15/28 | 7504742 |
| 10055000 | Central Texas Regional Mobility Authority, Revenue Bonds, Anticipation Notes Subordinate Lien Series 2021C | 5.000 | 01/01/27 | 10192373 |
| 6875000 | Cypress-Fairbanks Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Series 2025 | 5.000 | 02/15/29 | 7404611 |
| 6430000 | Dallas Fort Worth International Airport, Texas, Joint Revenue Bonds Refunding Series 2023C, (AMT) | 5.000 | 11/01/26 | 6615915 |
| 6810000 | Dallas Fort Worth International Airport, Texas, Joint Revenue Bonds Refunding Series 2023C, (AMT) | 5.000 | 11/01/27 | 7092763 |
| 6060000 | Dallas, Texas, General Obligation Bonds, Refunding and Improvement Series 2024B | 5.000 | 02/15/27 | 6311636 |
| 3525000 | Fort Bend County, Texas, General Obligation Bonds, Tax Road Series 2024 | 5.000 | 03/01/28 | 3731670 |
| 9570000 | Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding Series 2015 | 4.000 | 02/15/32 | 9571813 |
| 5180000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Health System, Refunding Series 2020C-3, (Mandatory Put 12/01/26) | 5.000 | 06/01/32 | 5333824 |
| 10085000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Health System, Series 2019B-3, (Mandatory Put 12/01/26) | 5.000 | 07/01/49 | 10384482 |
| 3240000 | 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 | 3432087 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **143** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $8275000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Health System, Series 2024C, (Mandatory Put 7/01/29) | 5.000% | 07/01/54 | $8836488 |
| 2540000 | Harris County, Texas, Road Revenue Bonds, Refunding, Series 2024A | 5.000 | 09/15/27 | 2672615 |
| 2500000 | Harris County, Texas, Road Revenue Bonds, Refunding, Series 2024A | 5.000 | 09/15/28 | 2674100 |
| 1705000 | Harris County, Texas, Toll Road Revenue Bonds, Refunding First Lien Series 2024A | 5.000 | 08/15/26 | 1756067 |
| 2530000 | Harris County, Texas, Toll Road Revenue Bonds, Refunding First Lien Series 2024A | 5.000 | 08/15/27 | 2657263 |
| 5730000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.250 | 07/15/33 | 5981901 |
| 3000000 | Houston, Texas, Combined Utility System Revenue Bonds, Combined First Lien Series 2024A | 5.000 | 11/15/26 | 3106603 |
| 2180000 | Houston, Texas, General Obligation Bonds, Public Improvement and Refunding Series 2024B | 5.000 | 03/01/26 | 2224242 |
| 8840000 | Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2016A | 5.000 | 03/01/27 | 8998505 |
| 3125000 | Irving Independent School District, Dallas County, Texas, General Obligation Bonds, School Building Series 2023 | 5.000 | 02/15/36 | 3433150 |
| 3285000 | Irving Independent School District, Dallas County, Texas, General Obligation Bonds, School Building Series 2023 | 5.000 | 02/15/37 | 3584682 |
| 5055000 | Irving, Dallas County, Texas, General Obligation Bonds, Series 2024 | 5.000 | 09/15/28 | 5408749 |
| 6055000 | Irving, Dallas County, Texas, General Obligation Bonds, Series 2024 | 5.000 | 09/15/29 | 6568864 |
| 1300000 | Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2023A | 5.000 | 05/15/26 | 1331729 |
| 7250000 | Matagorda County Navigation District 1, Texas, Pollution Control Revenue Bonds, Central Power & Light Company Project, Refunding Series 1996, (AMT) | 4.250 | 05/01/30 | 7430463 |
| 2175000 (b) | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT) | 4.625 | 10/01/31 | 2168742 |
| 3750000 | Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2023A, (AMT), (Mandatory Put 7/01/27) | 4.250 | 06/01/48 | 3758426 |
| 3570000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Series 2023A | 5.000 | 01/01/27 | 3703317 |
| 3200000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2017A | 5.000 | 01/01/27 | 3248736 |
| 5000000 | Pasadena Independent School District, Harris County, Texas, General Obligation Bonds, School Building Series 2015A | 4.000 | 02/15/32 | 5000947 |
| 8685000 | Plano Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2025 | 5.000 | 02/15/28 | 9199284 |
| 7000000 | Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Texas Christian University Project, Refunding & Improvement Series 2024 | 5.000 | 03/15/35 | 7893760 |
| 1750000 | San Antonio, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2024 | 5.000 | 02/01/30 | 1908123 |
| 1750000 | San Antonio, Texas, Combination Tax and Revenue Certificates of Obligation, Taxable Series 2024 | 5.000 | 02/01/32 | 1946040 |
| 8955000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2022E, (Mandatory Put 5/15/26) | 5.000 | 11/15/52 | 9118014 |
| 2475000 | Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Series 2019A | 3.500 | 07/01/34 | 2372449 |
| 4830000 | Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Series 2024C | 4.100 | 01/01/39 | 4770936 |
| 3405000 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2021A | 1.850 | 09/01/36 | 2469601 |
| 5000000 | Texas Municipal Gas Acquisition and Supply Corporation IV, Gas Supply Revenue Bonds, Series 2023A, (Mandatory Put 1/01/30) | 5.500 | 01/01/54 | 5301038 |

---

144 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $15000000 | Texas Municipal Gas Acquisition and Supply Corporation IV, Gas Supply Revenue Bonds, Series 2023B, (Mandatory Put 1/01/34) | 5.500% | 01/01/54 | $16472183 |
| 6665000 | Texas Municipal Gas Acquisition and Supply Corporation V, Texas, Gas Supply Revenue Bonds, Series 2024, (Mandatory Put 1/01/34) | 5.000 | 01/01/55 | 7088012 |
| 2000000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.000 | 12/31/33 | 2101101 |
| 2900000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.000 | 06/30/34 | 3045095 |
| 3025000 | 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 | 12/31/30 | 3066496 |
| 4005000 | 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 | 06/30/31 | 4042624 |
| 5000000 | Texas State University System, Financing Revenue Bonds, Refunding Series 2024 | 5.000 | 03/15/26 | 5104097 |
| 3155000 | Texas State University System, Financing Revenue Bonds, Refunding Series 2024 | 5.000 | 03/15/27 | 3281240 |
| 7500000 | Texas State, General Obligation Bonds, Texas Transportation Commission, Mobility Fund Refunding Series 2024 | 5.000 | 10/01/31 | 8355585 |
| 13330000 | Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding Series 2015A | 5.000 | 10/01/32 | 13436804 |
| 10000000 | Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding Series 2015B | 5.000 | 10/01/36 | 10060335 |
| 5315000 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding Second Tier Series 2024C | 5.000 | 08/15/31 | 5845111 |
| 4000000 | Texas Transportation Commission, General Obligation Bonds, Highway Improvement Refunding Series 2024 | 5.000 | 04/01/26 | 4089747 |
| 4355000 | Texas Transportation Commission, General Obligation Bonds, Highway Improvement Refunding Series 2024 | 5.000 | 04/01/28 | 4627405 |
|  | TOTAL TEXAS |  |  | 322952210 |
|  | **UTAH - 0.6%** |  |  |  |
| 2750000 | Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 2022A | 5.000 | 07/01/27 | 2859623 |
| 1100000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.000 | 07/01/26 | 1121904 |
| 1200000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.000 | 07/01/27 | 1241225 |
| 1100000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.000 | 07/01/28 | 1150163 |
| 1635000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.000 | 07/01/29 | 1726425 |
| 1470000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.000 | 07/01/30 | 1565634 |
| 5115000 | Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2020B-2, (Mandatory Put 8/01/26) | 5.000 | 05/15/60 | 5199980 |
| 3605000 | Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024E | 4.050 | 07/01/39 | 3519382 |
| 700000 | Utah Telecommunication Open Infrastructure Agency, Utah, Revenue Bonds, Refunding Sales Tax and Telecommunication Series 2022 | 5.000 | 06/01/26 | 714900 |
| 1500000 | Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2024 | 5.000 | 06/15/30 | 1648546 |
| 1125000 | Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2024 | 5.000 | 06/15/31 | 1251294 |
| 1375000 | Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2024 | 5.000 | 06/15/32 | 1542498 |
| 3190000 | Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Subordinate Series 2024 | 5.000 | 06/15/30 | 3497834 |
|  | TOTAL UTAH |  |  | 27039408 |

---

See Notes To Financial Statements 145

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **VERMONT - 0.1%** |  |  |  |
| $1155000 | Vermont Housing Finance Agency, Multiple Purpose Bonds, Series 2021A | 2.200% | 11/01/36 | $895348 |
| 2875000 | Vermont Housing Finance Agency, Multiple Purpose Bonds, Social Series 2024C | 4.125 | 11/01/39 | 2833969 |
|  | TOTAL VERMONT |  |  | 3729317 |
|  | **VIRGINIA - 1.2%** |  |  |  |
| 2700000 | Alexandria Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue Bonds, 431 S Columbus St Block 4, Series 2024A, (Mandatory Put 12/01/25) | 3.400 | 12/01/54 | 2702368 |
| 4525000 | Charles City County Industrial Development Authority, Virginia, Solid Waste Disposal Facility Revenue Bonds, Waste Management, Inc., Series 2002, (AMT) | 1.450 | 04/01/27 | 4278594 |
| 1500000 | Halifax County Industrial Development Authority, Virginia, Recovery Zone Facility Revenue Bonds, Virginia Electric & Power Company Project, Series 2010A, (Mandatory Put 5/28/27) | 3.800 | 12/01/41 | 1516515 |
| 5265000 | Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton Roads Transportation Fund, Intermediate Lien Bond Anticipation Notes Series 2023A | 5.000 | 07/01/27 | 5518161 |
| 7530000 | Loudoun County, Virginia, General Obligation Bonds, Public Improvement Series 2019A | 5.000 | 12/01/26 | 7814589 |
| 5350000 | Loudoun County, Virginia, General Obligation Bonds, Public Improvement Series 2023A | 5.000 | 12/01/35 | 5962959 |
| 1800000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-3 | 4.000 | 10/01/39 | 1726908 |
| 2720000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-4 | 4.100 | 07/01/40 | 2650289 |
| 1300000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2024H | 3.625 | 06/01/29 | 1295053 |
| 25095000 | 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 | 24671303 |
|  | TOTAL VIRGINIA |  |  | 58136739 |
|  | **WASHINGTON - 1.3%** |  |  |  |
| 3730000 | Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016B, (AMT) | 5.000 | 10/01/28 | 3791482 |
| 6500000 | Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2024B, (AMT) | 5.000 | 07/01/27 | 6751928 |
| 3750000 | Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2024B, (AMT) | 5.000 | 07/01/28 | 3945761 |
| 4275000 | Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2024B, (AMT) | 5.000 | 07/01/31 | 4605687 |
| 3410000 | Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 2019B-2, (Mandatory Put 8/01/25) | 5.000 | 08/01/49 | 3416014 |
| 6145000 | Washington Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2015B | 5.000 | 08/15/27 | 6179705 |
| 1625000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Saint Joseph Health, Series 2018B | 5.000 | 10/01/25 | 1641386 |
| 2910000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Saint Joseph Health, Series 2018B | 5.000 | 10/01/26 | 2999032 |
| 3055000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Saint Joseph Health, Series 2018B | 5.000 | 10/01/27 | 3181176 |
| 2360000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Saint Joseph Health, Series 2018B | 5.000 | 10/01/28 | 2489858 |
| 3755000 | Washington State Housing Finance Commission, Single Family Program Bonds, Series 2021-1N | 2.000 | 12/01/36 | 2798183 |
| 1500000 | Washington State Housing Finance Commission, Single Family Program Bonds, Series 2021-2N | 2.250 | 12/01/36 | 1168894 |
| 3654326 | Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2021-1 Class A | 3.500 | 12/20/35 | 3360947 |
| 8430000 | Washington State, General Obligation Bonds, Refunding Motor Vehicle Fuel Tax, Series R-2020D | 5.000 | 07/01/26 | 8668948 |

---

146 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **WASHINGTON** (continued) |  |  |  |
| $5000000 | Washington State, General Obligation Bonds, Various Purpose Refunding Series 2025B | 5.000% | 07/01/29 | $5417017 |
|  | TOTAL WASHINGTON |  |  | 60416018 |
|  | **WEST VIRGINIA - 0.8%** |  |  |  |
| 2500000 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company - Amos Project, Refunidng Series 2015A, (Mandatory Put 6/15/28) | 3.375 | 03/01/40 | 2480922 |
| 7095000 | 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 | 6937840 |
| 6875000 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company - Amos Project, Series 2011A, (AMT), (Mandatory Put 9/01/25) | 1.000 | 01/01/41 | 6776063 |
| 10055000 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company - Amos Project, Seriess 2009A, (Mandatory Put 6/01/25) | 3.750 | 12/01/42 | 10060136 |
| 1000000 (b) | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Core Natural Resources, INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35) | 5.450 | 01/01/55 | 1024343 |
| 9335000 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Wheeling Power Company - Mitchell Project, Refunding Series 2013A, (AMT), (Mandatory Put 6/18/27) | 3.000 | 06/01/37 | 9145150 |
| 2120000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2014A | 5.000 | 09/01/27 | 2122327 |
| 1000000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2014A | 5.000 | 09/01/28 | 1001012 |
|  | TOTAL WEST VIRGINIA |  |  | 39547793 |
|  | **WISCONSIN - 2.5%** |  |  |  |
| 1385000 | Dodge County, Wisconsin, General Obligation Bonds, Refunding Series 2022A | 3.000 | 03/01/26 | 1383643 |
| 2460000 | Madison Metropolitan School District, Dane County, Wisconsin, General Obligation Bonds, School Building & Facility Improvement Series 2023 | 4.000 | 03/01/36 | 2483831 |
| 6435000 | Madison, Wisconsin, General Obligation Bonds, Promissory Notes Series 2023A | 5.000 | 10/01/26 | 6652984 |
| 9750000 | Madison, Wisconsin, Industrial Development Revenue Refunding Bonds, Madison Gas and Electric Company Projects, Series 2020A | 3.750 | 10/01/27 | 9848356 |
| 3665000 | Milwaukee Area Technical College District, Wisconsin, General Obligation Promissory Notes, Series 2023-24C | 5.000 | 06/01/26 | 3760439 |
| 10030000 | Public Finance Authority of Wisconsin, Pollution Control Revenue Bonds, Duke Energy Progress Project, Refunding Series 2022A-2, (Mandatory Put 10/01/26) | 3.300 | 10/01/46 | 10032786 |
| 12310000 | Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2016A-3, (Mandatory Put 6/01/26) | 1.100 | 07/01/29 | 11900206 |
| 4000000 | Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2016A-4, (Mandatory Put 6/01/26) | 1.100 | 04/01/33 | 3861130 |
| 2250000 | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C | 4.050 | 11/01/30 | 2224725 |
| 5000000 | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C | 4.300 | 11/01/30 | 4968554 |
| 7065000 | University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Sustainability Series 2002B, (Mandatory Put 10/01/31) | 5.000 | 04/01/54 | 7688421 |
| 3830000 | Waushara County, Wisconsin Note Anticipation Notes, Series 2022A | 4.500 | 06/01/27 | 3837123 |
| 4015000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Advocate Aurora Health Credit Group, Series 2018C-1, (Mandatory Put 7/29/26) | 5.000 | 08/15/54 | 4101340 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **147** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Limited Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **WISCONSIN** (continued) |  |  |  |
| $5000000 | 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 | $5091467 |
| 1770000 | Wisconsin Housing and Ecconomic Development Authority, Home Ownership Revenue Bonds, Series 2019C | 2.200 | 03/01/31 | 1571253 |
| 1785000 | Wisconsin Housing and Ecconomic Development Authority, Home Ownership Revenue Bonds, Series 2019C | 2.200 | 09/01/31 | 1566897 |
| 4950000 | Wisconsin Housing and Ecconomic Development Authority, Home Ownership Revenue Bonds, Series 2019C | 2.500 | 09/01/34 | 4212550 |
| 2960000 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2023B, (Mandatory Put 11/01/26) | 3.750 | 05/01/54 | 2961146 |
| 1745000 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2023E, (Mandatory Put 5/01/27) | 3.875 | 11/01/54 | 1751243 |
| 6000000 | Wisconsin State, General Obligation Bonds, Refunding Forward Delivery Series 2025-2 | 5.000 | 05/01/27 | 6278393 |
| 2205000 | Wisconsin State, General Obligation Bonds, Refunding Series 2024-2 | 5.000 | 05/01/27 | 2307309 |
| 9750000 | Wisconsin State, General Obligation Bonds, Refunding Series 2024-2 | 5.000 | 05/01/28 | 10400615 |
| 10000000 | Wisconsin State, General Obligation Bonds, Refunding Series 2025-3 | 5.000 | 05/01/30 | 10998061 |
|  | TOTAL WISCONSIN |  |  | 119882472 |
|  | **WYOMING - 0.6%** |  |  |  |
| 20555000 | Sweetwater County, Wyoming, Pollution Control Revenue Refunding Bonds, Idaho Power Company Project, Series 2006 | 1.700 | 07/15/26 | 19955997 |
| 2510000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2019 Series 3 | 2.450 | 12/01/34 | 2111061 |
| 1310000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2020 Series 1 | 2.625 | 12/01/35 | 1092436 |
| 2575000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2020 Series 2 | 2.100 | 12/01/35 | 1990677 |
| 5375000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2021 Series 3 | 2.000 | 12/01/36 | 4005389 |
|  | TOTAL WYOMING |  |  | 29155560 |
|  | **TOTAL MUNICIPAL BONDS<br>(Cost $4,740,483,723)** |  |  | **4609537260** |
|  | **TOTAL LONG-TERM INVESTMENTS<br>(Cost $4,740,483,723)** |  |  | **4609537260** |
|  | **BORROWINGS - (0.7)% (f)** |  |  | **(35013850)** |
|  | **OTHER ASSETS & LIABILITIES, NET - 3.1%** |  |  | **150368694** |
|  | **NET ASSETS - 100%** |  |  | $**4724892104** |

---

AMT Alternative Minimum Tax

ETM Escrowed to maturity

---

| | |
|:---|:---|
| PIK | Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.  |

---

(a) 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.

(b) 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 $105,874,712 or 2.3% of Total Investments.

(c) When-issued or delayed delivery security.

(d) 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.

(e) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(f) Borrowings as a percentage of Total Investments is 0.8%.

148 *See Notes To Financial Statements*

------

Portfolio of Investments March 31, 2025

Short Term

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **LONG-TERM INVESTMENTS - 99.3%** |  |  |  |
|  | **MUNICIPAL BONDS - 99.3%** |  |  |  |
|  | **ALABAMA - 5.3%** |  |  |  |
| $4170000 | Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Project 4 Series 2019A-1, (Mandatory Put 12/01/25) | 4.000% | 12/01/49 | $4183246 |
| 2000000 | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Prepay BP PLC, Series 2024D | 5.000 | 11/01/27 | 2064001 |
| 1000000 | Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2023 Sub B-1 | 5.000 | 06/01/27 | 1031282 |
| 1600000 | Energy Southeast Cooperative District, Alabama, Energy Supply Revenue Bonds, Fixed Rate Series 2023B-1 | 5.500 | 11/01/27 | 1672747 |
| 1000000 | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.000 | 10/01/27 | 1042396 |
| 2965000 | Lower Alabama Gas District, Alabama, Goldman Sachs Gas Project 2 Revenue Bonds, Series 2020A, (Mandatory Put 12/01/25) | 4.000 | 12/01/50 | 2971835 |
| 1795000 | Mobile Industrial Development Board, Alabama, Pollution Control Revenue Refunding Bonds, Alabama Power Company Barry Plan, Series 2007A, (Mandatory Put 6/26/25) | 1.000 | 06/01/34 | 1783791 |
| 1500000 | Southeast Alabama Gas Supply District, Alabama, Gas Supply Revenue Bonds, Project 1, Refunding Series 2024A | 5.000 | 04/01/28 | 1560894 |
| 1500000 | Southeast Energy Authority, Alabama, A Cooperative District Energy Supply Revenue Bonds Series 2024A | 5.000 | 11/01/27 | 1532772 |
| 1270000 | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 3, Fixed Rate Series 2022A-1 | 5.000 | 12/01/26 | 1298155 |
| 1000000 | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 4, Series 2022B-1 | 5.000 | 08/01/25 | 1004821 |
| 1580000 | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025B | 5.000 | 01/01/28 | 1623001 |
|  | TOTAL ALABAMA |  |  | 21768941 |
|  | **ALASKA - 0.7%** |  |  |  |
| 815000 | Alaska Housing Finance Corporation, Collateralized Mortgage Bonds, Veterans Mortgage Program, 2024 First Series | 3.250 | 12/01/27 | 815160 |
| 1000000 | Alaska Housing Finance Corporation, General Obligation Bonds, State Capital Project II, Series 2024A | 5.000 | 12/01/27 | 1050295 |
| 1000000 | Alaska State, General Obligation Bonds, Refunding Series 2024B | 5.000 | 08/01/27 | 1050451 |
|  | TOTAL ALASKA |  |  | 2915906 |
|  | **ARIZONA - 3.4%** |  |  |  |
| 650000 | Chandler Industrial Development Authority, Arizona, Industrial Development Revenue Bonds, Intel Corporation Project, Series 2007, (AMT), (Mandatory Put 6/15/28) | 4.100 | 12/01/37 | 650984 |
| 530000 | 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 | 528131 |
| 2395000 | 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 | 2453986 |
| 1000000 | Coconino County, Arizona, Pollution Control Revenue Bonds, Nevada Power Company Project, Refunding Series 2017B, (Mandatory Put 3/31/26) | 3.750 | 03/01/39 | 999606 |
| 630000 | Kyrene Elementary School District 28, Maricopa County, Arizona, School Improvement Bonds, Project 2017, Series 2023D | 5.000 | 07/01/26 | 647308 |
| 505000 | Kyrene Elementary School District 28, Maricopa County, Arizona, School Improvement Bonds, Project 2017, Series 2023D | 5.000 | 07/01/27 | 529621 |
| 310000 | Kyrene Elementary School District 28, Maricopa County, Arizona, School Improvement Bonds, Project 2017, Series 2023D | 5.000 | 07/01/28 | 331117 |
| 7550000 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2019D, (Mandatory Put 5/15/26) | 5.000 | 01/01/46 | 7705650 |
|  | TOTAL ARIZONA |  |  | 13846403 |

---

See Notes To Financial Statements 149

------

Portfolio of Investments March 31, 2025 (continued)

Short Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA - 3.8%** |  |  |  |
| $1000000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023E-1 | 5.000% | 09/01/27 | $1037413 |
| 1750000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024B | 5.000 | 12/01/27 | 1805331 |
| 1550000 | California Municipal Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2022A, (AMT), (Mandatory Put 10/01/25) | 4.125 | 10/01/41 | 1551246 |
| 2000000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Subordinate Green Series 2025A, (AMT) | 5.000 | 05/15/29 | 2106918 |
| 2000000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016B, (AMT) | 5.000 | 05/15/27 | 2033873 |
| 1000000 | Los Angeles, California, General Obligation Bonds, Tax & Revenue Anticipation Notes, Series 2024 | 5.000 | 06/26/25 | 1004514 |
| 1160000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Refunding Subordinate Series 2020C, (AMT) | 5.000 | 07/01/25 | 1165455 |
| 2000000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2021B, (AMT) | 5.000 | 07/01/26 | 2049225 |
| 2735000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019H, (AMT) | 5.000 | 05/01/25 | 2739213 |
|  | TOTAL CALIFORNIA |  |  | 15493188 |
|  | **COLORADO - 7.6%** |  |  |  |
| 655000 (a) | Broadway Park North Metropolitan District 2, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2020 | 3.375 | 12/01/26 | 640315 |
| 100000 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Aspen View Academy Project, Series 2021 | 4.000 | 05/01/26 | 99659 |
| 620000 (b) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2019B, (Pre-refunded 11/19/26) | 5.000 | 11/15/49 | 638772 |
| 1760000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health, Sunbelt Obligated Group, Series 2016C, (Mandatory Put 11/15/26) | 5.000 | 11/15/36 | 1813479 |
| 500000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/26 | 512971 |
| 2265000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019B-2, (Mandatory Put 8/01/26) | 5.000 | 08/01/49 | 2299648 |
| 13820000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2022A, (Mandatory Put 8/17/26) | 5.000 | 05/15/62 | 14156253 |
| 2300000 | Colorado Housing and Finance Authority, Multi Family Project Bonds, Class I Series 2025C-2 | 3.350 | 07/01/28 | 2300520 |
| 2000000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D, (AMT) | 5.000 | 11/15/25 | 2022338 |
| 3500000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D, (AMT) | 5.250 | 11/15/26 | 3607737 |
| 2055000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT) | 5.000 | 12/01/27 | 2135864 |
| 290000 | Gold Hill Mesa Metropolitan District 2, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & Improvement Series 2022A - BAM Insured | 5.000 | 12/01/26 | 298755 |
| 100000 | Prairiestar Metropolitan District 2, Larimer County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2021A - BAM Insured | 5.000 | 12/01/25 | 101266 |
| 510000 | Ravenna Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding Limited Tax Series 2023 - AGM Insured | 5.000 | 12/01/27 | 529804 |
|  | TOTAL COLORADO |  |  | 31157381 |

---

150 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CONNECTICUT - 1.6%** |  |  |  |
| $630000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2025A-1 | 3.200% | 05/15/28 | $631637 |
| 650000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2025A-1 | 3.200 | 11/15/28 | 651492 |
| 550000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2025B-2, (Mandatory Put 5/15/28) | 3.300 | 05/15/60 | 548691 |
| 1175000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Refunding Forward Delivery Series 2021C | 5.000 | 01/01/27 | 1221539 |
| 3340000 | University of Connecticut, General Obligation Bonds, Refunding Series 2023A | 5.000 | 08/15/27 | 3507221 |
|  | TOTAL CONNECTICUT |  |  | 6560580 |
|  | **DELAWARE -0.3%** |  |  |  |
| 225000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2025A | 3.250 | 07/01/27 | 225144 |
| 205000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2025A | 3.300 | 01/01/28 | 205295 |
| 590000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2025A | 3.350 | 07/01/28 | 590675 |
| 430000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2025A | 3.400 | 01/01/29 | 431009 |
|  | TOTAL DELAWARE |  |  | 1452123 |
|  | **DISTRICT OF COLUMBIA - 2.2%** |  |  |  |
| 6005000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2017, (AMT) | 5.000 | 10/01/26 | 6162004 |
| 1700000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2022A, (AMT) | 5.000 | 10/01/25 | 1714945 |
| 1000000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2023A, (AMT) | 5.000 | 10/01/25 | 1008791 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | 8885740 |
|  | **FLORIDA - 2.8%** |  |  |  |
| 3000000 | Broward County School Board, Florida, Certificates of Participation, Series 2015A | 5.000 | 07/01/25 | 3015169 |
| 1700000 (a) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250 | 07/01/57 | 1765438 |
| 1035000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2019A, (AMT) | 5.000 | 10/01/25 | 1044921 |
| 500000 | Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, New Administrative Building Series 2023A | 5.000 | 03/01/27 | 521335 |
| 2600000 | Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2022A, (AMT) | 5.000 | 10/01/26 | 2666057 |
| 2510000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Advent Health Obligated Group, Series 2021C, (Mandatory Put 11/15/26) | 5.000 | 11/15/52 | 2586268 |
|  | TOTAL FLORIDA |  |  | 11599188 |
|  | **GEORGIA - 2.0%** |  |  |  |
| 1345000 | Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2023G, (AMT) | 5.000 | 07/01/25 | 1351088 |
| 2045000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2021A, (Mandatory Put 9/01/27) | 4.000 | 07/01/52 | 2062322 |
| 1000000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023A | 5.000 | 06/01/26 | 1017022 |
| 1000000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023A | 5.000 | 06/01/27 | 1027700 |
| 1000000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023D | 5.000 | 12/01/26 | 1023962 |
| 250000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2025A | 5.000 | 12/01/26 | 256481 |
| 500000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2025A | 5.000 | 12/01/27 | 519287 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **151** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **GEORGIA** (continued) |  |  |  |
| $755000 | Wayne County School District, Georgia, General Obligation Sales Tax Bonds, Series 2023 | 5.250% | 09/01/27 | $797849 |
|  | TOTAL GEORGIA |  |  | 8055711 |
|  | **HAWAII - 0.5%** |  |  |  |
| 2080000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2023C | 5.000 | 07/01/28 | 2197134 |
|  | TOTAL HAWAII |  |  | 2197134 |
|  | **ILLINOIS - 7.9%** |  |  |  |
| 425000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2019A | 0.000 | 12/01/25 | 414111 |
| 4000000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Refunding Senior Lien Series 2024C | 5.000 | 01/01/27 | 4114094 |
| 1000000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Second Lien Series 2016A | 5.000 | 01/01/26 | 1015046 |
| 3000000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023C | 5.000 | 01/01/27 | 3070143 |
| 545000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2024A | 5.000 | 01/01/26 | 553200 |
| 1165000 | Cook County School District 78 Rosemont, Illinois, General Obligation Bonds, Series 2020 - AGM Insured | 5.000 | 12/01/26 | 1197873 |
| 815000 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2021A | 5.000 | 11/15/25 | 824103 |
| 1000000 | Illinois Development Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2019, (Mandatory Put 11/03/25) | 4.250 | 11/01/44 | 1002847 |
| 400000 | Illinois Finance Authority, Health Services Facility Lease Revenue Bonds, Provident Group - UIC Surgery Center, LLC - University of Illinois Health Services Facility Project, Series 2020 | 5.000 | 10/01/25 | 402605 |
| 1185000 | Illinois Finance Authority, Revenue Bonds, University of Chicago Medicine, Series 2022B-1, (Mandatory Put 8/15/25) | 5.000 | 08/15/52 | 1187147 |
| 4365000 | Illinois State, General Obligation Bonds, May Refunding Series 2023D | 5.000 | 07/01/25 | 4385485 |
| 310000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/25 | 313369 |
| 85000 | Illinois State, General Obligation Bonds, November Series 2017D | 3.250 | 11/01/26 | 84930 |
| 2820000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/26 | 2900206 |
| 850000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/27 | 886311 |
| 25000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/28 | 25982 |
| 2000000 | Illinois State, General Obligation Bonds, Refunding October Series 2024 | 5.000 | 02/01/26 | 2031105 |
| 1000000 | Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding Junior Obligation March Series 2025A | 5.000 | 06/15/28 | 1054355 |
| 1000000 | Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding Junior Obligation March Series 2025A | 5.000 | 06/15/29 | 1067229 |
| 2280000 | Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding Junior Obligation September Series 2021C | 5.000 | 06/15/27 | 2367992 |
| 500000 | University of Illinois, Health Services Facilities System Revenue Bonds, Refunding Series 2023 | 5.000 | 10/01/27 | 520407 |
| 525000 | University of Illinois, Health Services Facilities System Revenue Bonds, Refunding Series 2023 | 5.000 | 10/01/28 | 551937 |
| 1010000 (b) | Will County Community Unit School District 201-U Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2005 - NPFG Insured, (ETM) | 0.000 | 11/01/25 | 990769 |
| 1085000 | Will County School District 86, Joliet, Illinois, General Obligation Bonds, School Series 2023 - BAM Insured | 5.000 | 03/01/26 | 1104643 |
| 700000 | Will County School District 86, Joliet, Illinois, General Obligation Bonds, School Series 2023 - BAM Insured | 5.000 | 03/01/28 | 734432 |
|  | TOTAL ILLINOIS |  |  | 32800321 |

---

152 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **INDIANA - 1.2%** |  |  |  |
| $500000 | Avon Community School Building Corporation, Hendricks County, Indiana, First Mortgage Bonds, Ad Valorem Property Tax Series 2023 | 5.000% | 07/15/26 | $513126 |
| 500000 | Avon Community School Building Corporation, Hendricks County, Indiana, First Mortgage Bonds, Ad Valorem Property Tax Series 2023 | 5.000 | 07/15/27 | 522054 |
| 505000 | Avon Community School Building Corporation, Hendricks County, Indiana, First Mortgage Bonds, Ad Valorem Property Tax Series 2023 | 5.000 | 01/15/28 | 531324 |
| 1400000 | Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2021 | 5.000 | 01/15/26 | 1423412 |
| 700000 | Indiana Finance Authority, Hospital Revenue Bonds, Marion General Hospital Project, Series 2021A | 5.000 | 07/01/26 | 713421 |
| 400000 | Mount Vernon of Hancock County Multi-School Building Corporation, Indiana, First Mortgage Bonds, Series 2022 | 5.000 | 01/15/27 | 413625 |
| 1000000 | Mount Vernon, Indiana, Environmental Improvement Revenue Bonds, Southern Indiana Gas and Electric Company Project, Series 2015, (AMT), (Mandatory Put 9/01/28) | 4.250 | 09/01/55 | 1004867 |
|  | TOTAL INDIANA |  |  | 5121829 |
|  | **IOWA - 0.0%** |  |  |  |
| 115000 | Iowa Finance Authority Senior Living Facilities Revenue Bonds, Sunrise Retirement Community Project, Refunding Series 2021 | 4.000 | 09/01/25 | 114170 |
|  | TOTAL IOWA |  |  | 114170 |
|  | **KANSAS - 0.4%** |  |  |  |
| 650000 | Manhattan, Kansas, General Obligation Bonds, Temporary Notes, Series 2024-02 - BAM Insured | 5.000 | 06/15/28 | 662853 |
| 1055000 | Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Improvement Series 2016A | 5.000 | 09/01/26 | 1062403 |
|  | TOTAL KANSAS |  |  | 1725256 |
|  | **KENTUCKY - 2.1%** |  |  |  |
| 740000 | Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, Federal Highway Trust Fund, First Refunding Series 2024A | 5.000 | 09/01/26 | 762658 |
| 560000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 128, Series 2023A | 5.000 | 11/01/27 | 589931 |
| 1055000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 130, Series 2024B | 5.000 | 11/01/25 | 1067618 |
| 455000 (c) | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 132, Refunding Series 2025B | 5.000 | 04/01/30 | 495363 |
| 1000000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024B | 5.000 | 08/01/28 | 1039150 |
| 3500000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2019C-1, (Mandatory Put 2/01/28) | 4.000 | 02/01/50 | 3512815 |
| 1000000 | Trimble County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities Company Project Series 2023A, (AMT), (Mandatory Put 6/01/27) | 4.700 | 06/01/54 | 1009006 |
|  | TOTAL KENTUCKY |  |  | 8476541 |
|  | **LOUISIANA - 2.2%** |  |  |  |
| 3300000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Insurance Assessment Revenue Bonds, Louisiana Insurance Guaranty Association Project, Series 2022B | 5.000 | 08/15/25 | 3322813 |
| 3250000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Insurance Assessment Revenue Bonds, Louisiana Insurance Guaranty Association Project, Series 2022B | 5.000 | 08/15/26 | 3335383 |
| 1480000 | Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation Project, Refunding Series 2017A-1, (Mandatory Put 7/01/26) | 4.050 | 06/01/37 | 1490554 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **153** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **LOUISIANA** (continued) |  |  |  |
| $1035000 | Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation Project, Refunding Series 2017C, (Mandatory Put 7/03/28) | 3.300% | 06/01/37 | $1027746 |
|  | TOTAL LOUISIANA |  |  | 9176496 |
|  | **MARYLAND - 0.2%** |  |  |  |
| 1000000 | Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2024 | 5.000 | 02/01/27 | 1041058 |
|  | TOTAL MARYLAND |  |  | 1041058 |
|  | **MASSACHUSETTS - 3.0%** |  |  |  |
| 225000 | Massachusetts Development Finance Agency, Revenue Bonds, Williams College, Series 2011N, (Mandatory Put 7/01/25) | 0.450 | 07/01/41 | 222945 |
| 880000 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue L, Senior Series 2020B, (AMT) | 5.000 | 07/01/25 | 884028 |
| 1850000 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue M Senior Series 2022B, (AMT) | 5.000 | 07/01/25 | 1858420 |
| 1950000 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue M, Senior Series 2021B, (AMT) | 5.000 | 07/01/27 | 2005044 |
| 1075000 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue M, Taxable Senior Series 2021B, (AMT) | 5.000 | 07/01/25 | 1079893 |
| 500000 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2023A-3 | 3.050 | 12/01/27 | 496287 |
| 750000 | Massachusetts Housing Finance Agency, Multifamily Housing Bonds, Green Sustainability Series 2024B3 | 3.400 | 12/01/27 | 749447 |
| 5000000 | Massachusetts Port Authority, Revenue Bonds, Series 2019A, (AMT) | 5.000 | 07/01/26 | 5104498 |
|  | TOTAL MASSACHUSETTS |  |  | 12400562 |
|  | **MICHIGAN - 1.4%** |  |  |  |
| 1000000 | Michigan Finance Authority, State Aid Revenue Notes, Series 2024A-1 | 5.000 | 07/21/25 | 1005753 |
| 635000 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2024A | 3.700 | 04/01/30 | 636303 |
| 1000000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I | 5.000 | 04/15/30 | 1007796 |
| 3020000 | Michigan Strategic Fund, Limited Obligation Revenue Bonds, Consumers Energy Company Project, Series 2019, (AMT), (Mandatory Put 10/01/27) | 3.350 | 10/01/49 | 2994422 |
|  | TOTAL MICHIGAN |  |  | 5644274 |
|  | **MINNESOTA - 5.3%** |  |  |  |
| 145000 | Apple Valley, Minnesota Senior Housing Revenue Bonds, PHS Apple Valley Senior Housing, Inc. ? Orchard Path Phase II Project, Series 2021 | 4.000 | 09/01/25 | 144781 |
| 690000 | Becker Independent School District 726, Minnesota, General Obligation Bonds, School Building Series 2022A | 0.000 | 02/01/26 | 670550 |
| 1130000 | Eastern Carver County Independent School District 112, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2025A | 5.000 | 02/01/28 | 1196710 |
| 1100000 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2019A | 4.375 | 08/01/29 | 1099386 |
| 460000 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A | 6.000 | 07/01/33 | 460432 |
| 610000 | Minneapolis, Minnesota, Health Care System Revenue Bonds, Allina Health System, Series 2023A, (Mandatory Put 11/15/28) | 5.000 | 11/15/52 | 641662 |
| 1315000 | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care System Revenue Bonds, Allina Health System, Refunding Series 2017A | 5.000 | 11/15/25 | 1329362 |
| 1530000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Senior Lien Series 2016A | 5.000 | 01/01/26 | 1555080 |
| 2015000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019B, (AMT) | 5.000 | 01/01/26 | 2044264 |
| 5000000 | Minnesota Municipal Gas Agency, Commodity Supply Revenue Bonds, Series 2022A, (Mandatory Put 12/01/27) | 4.000 | 12/01/52 | 5046464 |

---

154 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MINNESOTA** (continued) |  |  |  |
| $1240000 | Minnesota State, General Obligation Bonds, Various Purpose Series 2020A | 5.000% | 08/01/25 | $1249423 |
| 750000 | Moorhead, Minnesota, General Obligation Bonds, Improvement Series 2022A | 5.000 | 02/01/26 | 763713 |
| 250000 | Mountain Lake, Minnesota, General Obligation Bonds, Series 2021A | 2.000 | 12/15/25 | 247344 |
| 425000 | New London Economic Development Authority, Minnesota, Lease Revenue Bonds, SWWC Service Cooperative Lease With Option to Purchase Project, Public Series 2023 | 5.000 | 02/01/26 | 429712 |
| 500000 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2016 | 5.000 | 01/01/26 | 507299 |
| 2015000 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A | 5.000 | 05/01/27 | 2065526 |
| 170000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Refunding Series 2021A | 2.000 | 09/01/26 | 164385 |
| 175000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A | 5.000 | 11/15/27 | 181249 |
| 300000 | Shakopee Independent School District 720, Scott County, Minnesota, Certificates of Participation, Series 2021B | 4.000 | 02/01/26 | 301601 |
| 1225000 | Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A - NPFG Insured | 0.000 | 01/01/26 | 1192736 |
| 400000 | Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019 | 3.000 | 08/01/25 | 398437 |
|  | TOTAL MINNESOTA |  |  | 21690116 |
|  | **MISSISSIPPI - 0.8%** |  |  |  |
| 1015000 | Mississippi Development Bank, Special Obligation Bonds, Mississippi Highway Refunding Project, Refunding Series 2024A | 5.000 | 01/01/28 | 1069155 |
| 1410000 | Mississippi Development Bank, Special Obligation Bonds, Municipal Energy Agency of Mississippi, Power Supply Project, Refunding Series 2015A - AGM Insured | 5.000 | 03/01/28 | 1429275 |
| 1000000 | Warren County, Mississippi, Environmental Improvement Revenue Bonds, International Paper Company Project, Refunding Series 2020B, (AMT), (Mandatory Put 6/16/25) | 1.600 | 08/01/27 | 994787 |
|  | TOTAL MISSISSIPPI |  |  | 3493217 |
|  | **MISSOURI - 2.7%** |  |  |  |
| 1000000 | Kansas City Planned Industrial Expansion Authority, Missouri, Multifamily Housing Revenue Bonds, The Depot on Old Santa Fe Series 2023, (Mandatory Put 7/01/27) | 5.000 | 07/01/45 | 1029895 |
| 125000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union Electric Company Project, Refunding Series 1998A | 2.900 | 09/01/33 | 111407 |
| 1000000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union Electric Company Project, Series 1998B | 2.900 | 09/01/33 | 891257 |
| 2500000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2021B, (Mandatory Put 5/01/26) | 4.000 | 05/01/51 | 2526340 |
| 250000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2021 | 5.000 | 02/15/26 | 251715 |
| 285000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024E | 3.200 | 11/01/26 | 284984 |
| 500000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024E | 3.250 | 05/01/27 | 500254 |
| 300000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024E | 3.300 | 11/01/27 | 300299 |
| 500000 | Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, Gree Bonds, MoPEP Facilities, Series 2022 | 5.000 | 12/01/26 | 516908 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **155** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MISSOURI** (continued) |  |  |  |
| $630000 | Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016 | 5.000% | 11/15/26 | $632058 |
| 1120000 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2022, (AMT) | 5.000 | 07/01/25 | 1125211 |
| 1170000 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2022, (AMT) | 5.000 | 07/01/26 | 1195175 |
| 1630000 | Springfield, Missouri, Special Obligation Bonds, Refunding Series 2017B, (AMT) | 5.000 | 07/01/26 | 1659648 |
|  | TOTAL MISSOURI |  |  | 11025151 |
|  | **MONTANA - 0.2%** |  |  |  |
| 365000 (c) | Montana Board of Housing, Single Family Mortgage Bonds, Series 2025A | 3.200 | 06/01/29 | 364245 |
| 370000 (c) | Montana Board of Housing, Single Family Mortgage Bonds, Series 2025A | 3.250 | 12/01/29 | 368938 |
|  | TOTAL MONTANA |  |  | 733183 |
|  | **NEBRASKA - 1.0%** |  |  |  |
| 175000 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children's Hospital Obligated Group, Refunding Series 2020A | 5.000 | 11/15/25 | 176857 |
| 2710000 | Metropolitan Utilities District of Omaha, Nebraska, Gas System Revenue Bonds, Series 2023 | 5.000 | 12/01/26 | 2809273 |
| 1155000 | Sarpy County School District 037 Gretna Public Schools, Nebraska, General Obligation Bonds, Series 2022B | 5.000 | 12/15/27 | 1169574 |
|  | TOTAL NEBRASKA |  |  | 4155704 |
|  | **NEVADA - 0.4%** |  |  |  |
| 1335000 | Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building Series 2018B - AGM Insured | 5.000 | 06/15/27 | 1397414 |
| 365000 | Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 816 Summerlin Village 22, Series 2021 | 2.000 | 06/01/25 | 363576 |
|  | TOTAL NEVADA |  |  | 1760990 |
|  | **NEW HAMPSHIRE - 0.4%** |  |  |  |
| 1105000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Series 2015B, (Mandatory Put 8/03/27) | 3.300 | 06/01/40 | 1108335 |
| 500000 | New Hampshire Housing Finance Authority, Multi-Family Housing Revenue Bonds, Series 2024-2 | 3.150 | 07/01/27 | 498890 |
|  | TOTAL NEW HAMPSHIRE |  |  | 1607225 |
|  | **NEW JERSEY - 1.5%** |  |  |  |
| 1175000 | Cherry Hill Township School District, Camden County, New Jersey, General Obligation Bonds, Series 2022 | 3.000 | 08/01/25 | 1174983 |
| 500000 | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc.<br> Project, Refunding Series 2020B, (AMT), (Mandatory Put 6/01/28) | 3.750 | 11/01/34 | 498194 |
| 600000 | New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, Refunding Senior Series 2022A, (AMT) | 5.000 | 12/01/25 | 605806 |
| 1275000 | New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, Refunding Series 2023A, (AMT) | 5.000 | 12/01/26 | 1304720 |
| 2500000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2021A | 5.000 | 06/15/26 | 2557672 |
|  | TOTAL NEW JERSEY |  |  | 6141375 |
|  | **NEW MEXICO - 1.1%** |  |  |  |
| 3510000 | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2019B, (Mandatory Put 8/01/25) | 5.000 | 08/01/49 | 3528798 |
| 1000000 (b) | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding & Aquisition Sub-Series 2019A, (Pre- refunded 5/01/25), (Mandatory Put 5/01/25) | 5.000 | 11/01/39 | 1001362 |
|  | TOTAL NEW MEXICO |  |  | 4530160 |

---

156 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK - 3.5%** |  |  |  |
| $2625000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2021 Subseries F-1 | 5.000% | 11/01/27 | $2768657 |
| 1000000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2025 Subseries Series A-1 | 5.000 | 11/01/27 | 1054727 |
| 1285000 | New York City, New York, General Obligation Bonds, Fiscal 2023 Series 1 | 5.000 | 08/01/25 | 1294636 |
| 1875000 | New York City, New York, General Obligation Bonds, Fiscal 2023 Series 1 | 5.000 | 08/01/26 | 1929107 |
| 1370000 | New York City, New York, General Obligation Bonds, Fiscal 2025 Series A | 5.000 | 08/01/27 | 1437532 |
| 1000000 | New York State Power Authority, Green Transmission Project Revenue Bonds, Green Series 2023A - AGM Insured | 5.000 | 11/15/27 | 1061476 |
| 2895000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Forty Second Series 2023, (AMT) | 5.000 | 12/01/26 | 2972418 |
| 2000000 | Rochester, New York, General Obligation Bonds, Bond Anticipation Notes Series 2024-III | 5.000 | 07/31/25 | 2013333 |
|  | TOTAL NEW YORK |  |  | 14531886 |
|  | **NORTH CAROLINA - 1.5%** |  |  |  |
| 1235000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Series 55C, (Mandatory Put 1/15/26) | 3.200 | 07/01/56 | 1234197 |
| 2000000 | North Carolina Medical Care Commission, Hospital Revenue Bonds, CaroMont Health A/K/A Gaston Health, Series 2021A, (Mandatory Put 2/01/26) | 5.000 | 02/01/51 | 2029270 |
| 1355000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017 - AGM Insured | 5.000 | 01/01/26 | 1375691 |
| 1700000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017 - AGM Insured | 5.000 | 01/01/27 | 1760236 |
|  | TOTAL NORTH CAROLINA |  |  | 6399394 |
|  | **NORTH DAKOTA - 0.5%** |  |  |  |
| 350000 | Cass County Joint Water Reserve District, North Dakota, Temporary Improvement Special Assessment Bonds, Refunding Series 2024A | 3.450 | 04/01/27 | 349925 |
| 215000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2021 | 5.000 | 12/01/25 | 215922 |
| 450000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C | 5.000 | 05/01/26 | 457502 |
| 475000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C | 5.000 | 05/01/27 | 488992 |
| 480000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C | 5.000 | 05/01/28 | 497824 |
|  | TOTAL NORTH DAKOTA |  |  | 2010165 |
|  | **OHIO - 1.6%** |  |  |  |
| 1440000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children's Hospital Medical Center, Refunding Series 2022A | 5.000 | 11/15/25 | 1455549 |
| 1000000 | Cleveland, Ohio, Airport System Revenue Bonds, Series 2018A, (AMT) | 5.000 | 01/01/27 | 1025092 |
| 260000 | Cleveland-Cuyahoga County Port Authroity, Ohio, Cultural Facility Revenue Bonds, The Cleveland Museum of Natural History Project, Series 2021 | 5.000 | 07/01/26 | 265916 |
| 1165000 (a) | Jefferson County Port Authority, Ohio, Economic Development Revenue Bonds, JSW Steel USA Ohio, Inc. Project, Series 2023, (AMT), (Mandatory Put 12/01/28) | 5.000 | 12/01/53 | 1182441 |
| 1430000 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, American Electric Power Company Project, Refunding Series 2014C, (AMT) | 3.650 | 12/01/27 | 1427860 |
| 1110000 | 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 | 1119874 |
|  | TOTAL OHIO |  |  | 6476732 |

---

See Notes To Financial Statements 157

------

Portfolio of Investments March 31, 2025 (continued)

Short Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OKLAHOMA - 1.4%** |  |  |  |
| $3530000 | Canadian County Independent School District 69, Mustang, Oklahoma, General Obligation Bond, Combined Purpose Series 2023 | 4.000% | 06/01/25 | $3535208 |
| 1465000 | Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Norman Public Schools Project, Series 2023C | 5.000 | 06/01/28 | 1546253 |
| 605000 | Payne County Economic Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Stillwater Public Schools Project, Series 2024 - BAM Insured | 5.000 | 09/01/26 | 620719 |
|  | TOTAL OKLAHOMA |  |  | 5702180 |
|  | **OREGON - 1.6%** |  |  |  |
| 300000 | Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A | 5.000 | 10/01/25 | 301805 |
| 1005000 | Salem-Keizer School District 24J, Marion and Polk Counties, Oregon, General Obligation Bonds, Series 2009B | 0.000 | 06/15/27 | 935465 |
| 5070000 | Washington Multnomah & Yamhill Counties School District 1J Hillsboro, Oregon, General Obligation Bonds, Series 2017 | 5.000 | 06/15/26 | 5206903 |
|  | TOTAL OREGON |  |  | 6444173 |
|  | **PENNSYLVANIA - 1.5%** |  |  |  |
| 1600000 | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2021A, (AMT) | 5.000 | 01/01/26 | 1623237 |
| 500000 (d) | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2013, (AMT), (Mandatory Put 5/01/25) | 3.700 | 08/01/45 | 499939 |
| 525000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2022B | 5.000 | 12/01/25 | 532586 |
| 2000000 | Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2017B, (AMT) | 5.000 | 07/01/25 | 2009103 |
| 1365000 | University of Pittsburgh of the Commonwealth System of Higher Education, Pennsylvania, Pitt Asset Notes, Series 2023 | 5.000 | 02/15/29 | 1468564 |
|  | TOTAL PENNSYLVANIA |  |  | 6133429 |
|  | **PUERTO RICO - 1.9%** |  |  |  |
| 1240000 (b) | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds, Hospital de la Concepcion, Series 2017A, (Pre- refunded 11/15/26) | 3.550 | 11/15/30 | 1247230 |
| 377000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/27 | 345877 |
| 155000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/29 | 131321 |
| 17000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/31 | 13331 |
| 1213637 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.375 | 07/01/25 | 1219086 |
| 3987000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.625 | 07/01/27 | 4129479 |
| 614000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.625 | 07/01/29 | 658079 |
|  | TOTAL PUERTO RICO |  |  | 7744403 |
|  | **SOUTH DAKOTA - 0.1%** |  |  |  |
| 410000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2024C | 3.300 | 11/01/29 | 408416 |
|  | TOTAL SOUTH DAKOTA |  |  | 408416 |

---

158 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TENNESSEE - 0.6%** |  |  |  |
| $100000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, CommonSpirit Health, Series 2019A-1 | 5.000% | 08/01/28 | $105910 |
| 1000000 | Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured | 5.000 | 07/01/28 | 1060763 |
| 260000 | Metropolitan Nashville Airport Authority, Tennessee, Airport Improvement Revenue Bonds, Series 2022B, (AMT) | 5.000 | 07/01/26 | 265755 |
| 885000 | Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Improvement Series 2015B, (AMT) | 5.000 | 07/01/26 | 888917 |
|  | TOTAL TENNESSEE |  |  | 2321345 |
|  | **TEXAS - 12.7%** |  |  |  |
| 1000000 | Austin, Texas, Airport System Revenue Bonds, Series 2019B, (AMT) | 5.000 | 11/15/25 | 1011478 |
| 1250000 | Austin, Texas, Airport System Revenue Bonds, Series 2019B, (AMT) | 5.000 | 11/15/27 | 1299408 |
| 645000 | Bexar County Hospital District, Texas, Certificates of Obligation, Series 2023 | 5.000 | 02/15/26 | 656644 |
| 400000 | Bexar County Hospital District, Texas, Certificates of Obligation, Series 2023 | 5.000 | 02/15/27 | 414974 |
| 4715000 | Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2025A | 5.000 | 08/15/28 | 5047769 |
| 500000 | Brazos Higher Education Authority Inc., Texas, Student Loan Program Revenue Bonds, Senior Series 2020-1A, (AMT) | 5.000 | 04/01/25 | 500000 |
| 5945000 (b) | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, (Pre-refunded 7/01/25) | 5.000 | 01/01/45 | 5976862 |
| 555000 | Chapel Hill Independent School District, Smith County, Texas, General Obligation Bonds, School Building Series 2023 | 5.000 | 02/15/26 | 565309 |
| 1250000 | Cypress-Fairbanks Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Series 2025 | 5.000 | 02/15/29 | 1346293 |
| 1165000 | Dallas, Texas, General Obligation Bonds, Refunding and Improvement Series 2024B | 5.000 | 02/15/27 | 1213376 |
| 1515000 | Dickinson Independent School District, Galveston County, Texas, General Obligation Bonds, Refunding Series 2023A | 5.000 | 02/15/27 | 1578191 |
| 1350000 | Fort Bend County, Texas, General Obligation Bonds, Tax Road Series 2024 | 5.000 | 03/01/27 | 1405546 |
| 500000 | Grand Prairie, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2024 | 5.000 | 02/15/27 | 519553 |
| 500000 | Grand Prairie, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2024 | 5.000 | 02/15/28 | 528898 |
| 2045000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Health System, Series 2019A | 5.000 | 12/01/25 | 2072239 |
| 5675000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Health System, Series 2019B-3, (Mandatory Put 12/01/26) | 5.000 | 07/01/49 | 5843524 |
| 560000 | Harris County, Texas, Road Revenue Bonds, Refunding, Series 2024A | 5.000 | 09/15/27 | 589238 |
| 3630000 | Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018C, (AMT) | 5.000 | 07/01/26 | 3708107 |
| 1075000 | Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2016A | 5.000 | 03/01/27 | 1094275 |
| 850000 | Hunt Memorial Hospital District, Hunt County, Texas, General Obligation Bonds, Refunding & Improvment Series 2020 | 5.000 | 02/15/26 | 860786 |
| 1000000 | Irving, Dallas County, Texas, General Obligation Bonds, Series 2024 | 5.000 | 09/15/28 | 1069980 |
| 400000 | Lake Houston Redevelopment Authority, Texas, Tax Increment Contract Revenue Bonds, Series 2021 | 5.000 | 09/01/25 | 401488 |
| 1210000 | McKinney Independent School District, Collin County, Texas, General Obligation Bonds, Refunding & School Building Series 2021 | 5.000 | 02/15/27 | 1260695 |
| 2235000 | Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, School Building Series 2020 | 5.000 | 02/15/26 | 2277290 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **159** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $500000 (d) | Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Republic Services Inc. Project, Adjustable Rate Series 2020A, (AMT), (Mandatory Put 6/02/25) | 3.750% | 05/01/46 | $499899 |
| 1250000 | Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2023A, (AMT), (Mandatory Put 7/01/27) | 4.250 | 06/01/48 | 1252809 |
| 1905000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Series 2023A | 5.000 | 01/01/27 | 1976140 |
| 1330000 | Plano Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2025 | 5.000 | 02/15/28 | 1408756 |
| 315000 (a) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021A, (AMT) | 1.875 | 01/01/26 | 309480 |
| 1000000 | San Antonio, Texas, General Obligation Bonds, Tax Notes Series 2024 | 5.000 | 02/01/27 | 1041059 |
| 555000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2022E, (Mandatory Put 5/15/26) | 5.000 | 11/15/52 | 565103 |
| 1055000 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding Second Tier Series 2024C | 5.000 | 08/15/31 | 1160224 |
| 2850000 (b) | Ysleta Independent School District, El Paso County, Texas, General Obligation Bonds, Series 2016, (Pre-refunded 8/15/25) | 5.000 | 08/15/32 | 2872298 |
|  | TOTAL TEXAS |  |  | 52327691 |
|  | **UTAH - 0.2%** |  |  |  |
| 750000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.000 | 07/01/25 | 753243 |
|  | TOTAL UTAH |  |  | 753243 |
|  | **VIRGIN ISLANDS - 0.6%** |  |  |  |
| 1000000 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, Series 2022A | 5.000 | 10/01/25 | 1006958 |
| 1645000 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, Series 2022A | 5.000 | 10/01/26 | 1678192 |
|  | TOTAL VIRGIN ISLANDS |  |  | 2685150 |
|  | **VIRGINIA - 1.4%** |  |  |  |
| 3205000 | Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton Roads Transportation Fund, Intermediate Lien Bond Anticipation Notes Series 2023A | 5.000 | 07/01/27 | 3359108 |
| 1500000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2024H | 3.600 | 12/01/28 | 1495591 |
| 500000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2025A | 3.250 | 09/01/29 | 496630 |
| 500000 | Virginia Small Business Financing Authority, Environmental Facilities Revenue Bonds (Pure Salmon Virginia LLC Project), Escrow Refinancing Series 2022, (AMT), (Mandatory Put 11/20/25) | 4.000 | 11/01/52 | 500176 |
|  | TOTAL VIRGINIA |  |  | 5851505 |
|  | **WASHINGTON - 4.3%** |  |  |  |
| 2525000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015C, (AMT) | 5.000 | 04/01/26 | 2527320 |
| 2030000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2017C, (AMT) | 5.000 | 05/01/25 | 2032765 |
| 1550000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2018A, (AMT) | 5.000 | 05/01/27 | 1605957 |
| 5440000 | Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 2019B-3, (Mandatory Put 8/01/26) | 5.000 | 08/01/49 | 5523215 |
| 760000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Saint Joseph Health, Series 2018B | 5.000 | 10/01/25 | 767663 |
| 5000000 | Washington State, General Obligation Bonds, Various Purpose Refunding Series 2025B | 5.000 | 07/01/28 | 5340605 |
|  | TOTAL WASHINGTON |  |  | 17797525 |

---

160 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **WEST VIRGINIA - 0.2%** |  |  |  |
| $400000 | West Virginia Housing Development Fund, Housing Finance Revenue Bonds, Social Series 2024D | 5.000% | 11/01/27 | $420665 |
| 500000 | West Virginia Housing Development Fund, Housing Finance Revenue Bonds, Social Series 2024D | 5.000 | 11/01/28 | 533574 |
|  | TOTAL WEST VIRGINIA |  |  | 954239 |
|  | **WISCONSIN - 3.6%** |  |  |  |
| 625000 | Kenosha, Wisconsin, General Obligation Promissory Notes Series 2020A | 2.000 | 05/01/25 | 624109 |
| 1250000 | Kenosha, Wisconsin, General Obligation Promissory Notes Series 2021B | 1.000 | 10/01/25 | 1230926 |
| 400000 | Public Finance Authority of Wisconsin, Health Care Facilities Revenue Bonds, Blue Ridge HealthCare, Refunding Series 2020A | 5.000 | 01/01/26 | 404528 |
| 300000 | Public Finance Authority of Wisconsin, Hospital Revenue Bonds, Carson Valley Medical Center, Series 2021A | 3.000 | 12/01/26 | 288223 |
| 325000 | Public Finance Authority of Wisconsin, Hospital Revenue Bonds, Renown Regional Medical Center Project, Series 2020A | 5.000 | 06/01/26 | 330197 |
| 1970000 | Public Finance Authority of Wisconsin, Pollution Control Revenue Bonds, Duke Energy Progress Project, Refunding Series 2022A-2, (Mandatory Put 10/01/26) | 3.300 | 10/01/46 | 1970547 |
| 600000 | Racine Unified School District, Racine County, Wisconsin, General Obligation Bonds, Refunding Series 2021 | 2.000 | 04/01/25 | 600000 |
| 1300000 | Racine, Racine County, Wisconsin, General Obligation Bonds, Promissory Notes Series 2025 | 4.500 | 03/15/27 | 1316003 |
| 1000000 | University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Sustainability Series 2024A | 5.000 | 04/01/27 | 1041289 |
| 1360000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012 | 5.000 | 06/01/27 | 1363952 |
| 435000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. Project, Series 2021 | 5.000 | 10/01/25 | 436120 |
| 455000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. Project, Series 2021 | 5.000 | 10/01/26 | 458225 |
| 250000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Agnesian HealthCare, Inc., Series 2017 | 5.000 | 07/01/26 | 255225 |
| 2070000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Froedtert Health, Inc. Obligated Group, Series 2017A | 5.000 | 04/01/25 | 2070000 |
| 460000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, PHM / New Richmond Senior Housing, Inc., Refunding Series 2021 | 2.250 | 07/01/26 | 443826 |
| 350000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint John's Communities Inc., Refunding Series 2021B | 4.000 | 09/15/25 | 349411 |
| 1755000 | Wisconsin State, General Obligation Bonds, Refunding Series 2024-2 | 5.000 | 05/01/28 | 1872111 |
|  | TOTAL WISCONSIN |  |  | 15054692 |
|  | **WYOMING - 0.1%** |  |  |  |
| 500000 | Consolidated Wyoming Municipalities Electric Power System Joint Powers Board, Wyoming, Electric Facilities Improvement Lease Revenue Bonds, Gillette Electrical System Project, Refunding Series 2022 | 5.000 | 06/01/26 | 511511 |
|  | TOTAL WYOMING |  |  | 511511 |
|  | **TOTAL MUNICIPAL BONDS<br>(Cost $408,484,176)** |  |  | **409677602** |
|  | **TOTAL LONG-TERM INVESTMENTS<br>(Cost $408,484,176)** |  |  | **409677602** |

---

See Notes To Financial Statements 161

------

Portfolio of Investments March 31, 2025 (continued)

Short Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SHORT-TERM INVESTMENTS - 0.1%** |  |  |  |
|  | **MUNICIPAL BONDS - 0.1%** |  |  |  |
|  | **NEW YORK - 0.1%** |  |  |  |
| $500000 (e) | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Adjustable Rate Series AA-2 | 3.550% | 06/15/50 | $500000 |
|  | TOTAL NEW YORK |  |  | 500000 |
|  | **TOTAL MUNICIPAL BONDS<br>(Cost $500,000)** |  |  | **500000** |
|  | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $500,000)** |  |  | **500000** |
|  | **TOTAL INVESTMENTS - 99.4%<br>(Cost $408,984,176)** |  |  | **410177602** |
|  | **OTHER ASSETS & LIABILITIES, NET - 0.6%** |  |  | **2291564** |
|  | **NET ASSETS - 100%** |  |  | $**412469166** |

---

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 $3,897,674 or 1.0% 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) When-issued or delayed delivery security.

(d) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(e) 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.

162 *See Notes To Financial Statements*

------

## Statement of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2025** | **All-American** | **Intermediate**<br> **Duration** | **Limited Term** | **Short Term** |
|  **ASSETS** |  |  |  |  |
|  Long-term investments, at value<sup>†</sup> | $3901263161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7492161337 | $4609537260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409677602 |
|  Affiliated investments, at value<sup>++</sup> | 17376590 | 1861777 |  |  |
|  Short-term investments, at value<sup>◇</sup> | 76275000 | 7350000 |  | 500000 |
|  Cash |  |  |  |  |
|  Receivables: | 18621310 | 2917842 |  | 253356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 52527527 | 88517021 | 53994501 | 5331562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 42348205 | 34274866 | 9629292 | 504219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from Adviser | 3983 | 386 |  | 26525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1803898 | 5495365 | 2209554 | 280128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of Vistra Vision interest<sup>#(1)</sup> | 26465822 | 98084942 | 103528301 | 815152 |
|  Other | 377434 | 503873 | 364385 | 72759 |
|  **Total assets** | **4137062930** | **7731167409** | **4779263293** | **417461303** |
|  **LIABILITIES** |  |  |  |  |
|  Borrowings |  |  | 35013850 |  |
|  Floating rate obligations | 178160000 |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1349150 | 2512178 | 1411267 | 138082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2125583 | 4556492 | 2101813 | 189397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1391865 | 23469 | 39382 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - regular settlement | 5876468 | 1077335 |  | 2114317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - when-issued/delayed-delivery settlement | 31625763 | 40496870 | 4974003 | 1232947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 8086860 | 16078944 | 6794685 | 1136723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Vision sale transactions costs(1) | 624441 | 2314239 | 2442671 | 19233 |
|  Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 204449 | 282684 | 233354 | 29209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors/Trustees fees | 300067 | 447561 | 319694 | 32471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 20652 | 32185 | 23654 | 7653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 83991 | 124187 | 145271 | 21187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees | 346063 | 680523 | 719525 | 33408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 distribution and service fees | 403527 | 147868 | 152020 | 36053 |
|  **Total liabilities** | **230598879** | **68774535** | **54371189** | **4992137** |
|  **Commitments and contingencies<sup>(2)</sup>** |  |  |  |  |
|  **Net assets** | $**3906464051** | $**7662392874** | $**4724892104** | $**412469166** |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
|  Paid-in capital | $4971624657 | $8152135105 | $4933090321 | $428373230 |
|  Total distributable earnings (loss) | (1065160606) | (489742231) | (208198217) | (15904064) |
|  **Net assets** | $**3906464051** | $**7662392874** | $**4724892104** | $**412469166** |
|  <sup>†</sup> Long-term investments, cost | $3905293117 | $7827973183 | $4740483723 | $408484176 |
|  <sup>++</sup> Affiliated investments, cost | $17677750 | $1893750 | $– | $- |
|  <sup>◇</sup> Short-term investments, cost | $76275000 | $7350000 | $– | $500000 |
|  <sup>#</sup> Net of discount of | $1917846 | $7107725 | $7502178 | $59070 |

---

(1) Refer to Note 4 of the Notes to Financial Statements for more information.

(2) As disclosed in Notes to Financial Statements.

---

| |
|:---|
| *See Notes to Financial Statements* |
| **163** |

---

------

Statement of Assets and Liabilities(continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **All-American** | **Intermediate**<br> **Duration** | **Limited Term** | **Short Term** |
|  **CLASS A:** |  |  |  |  |
|  Net assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836003319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719633430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790405679 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185521101 |
|  Shares outstanding | 184247598 | 82416742 | 72763799 | 18856372 |
|  Net asset value ("NAV") per share | $9.96 | $8.73 | $10.86 | $9.84 |
|  Maximum sales charge | 4.20% | 3.00% | 2.50% | 2.50% |
|  Offering price per share (NAV per share plus maximum sales charge) | $10.40 | $9.00 | $11.14 | $10.09 |
|  **CLASS C:** |  |  |  |  |
|  Net assets | $101989756 | $27984814 | $18998203 | $5272817 |
|  Shares outstanding | 10236622 | 3203512 | 1756705 | 537970 |
|  NAV and offering price per share | $9.96 | $8.74 | $10.81 | $9.80 |
|  **CLASS R6:** |  |  |  |  |
|  Net assets | $131342110 | $– | $– | $– |
|  Shares outstanding | 13115533 |  |  |  |
|  NAV and offering price per share | $10.01 | $– | $– | $– |
|  **CLASS I:** |  |  |  |  |
|  Net assets | $1837128866 | $6914774630 | $3915488222 | $221675248 |
|  Shares outstanding | 183582857 | 789425982 | 362005926 | 22496530 |
|  NAV and offering price per share | $10.01 | $8.76 | $10.82 | $9.85 |
|  Authorized shares – per class | Unlimited | Unlimited | Unlimited | 2 billion |
|  Par value per share | $0.01 | $0.01 | $0.01 | $0.0001 |

---

---

| |
|:---|
| *See Notes to Financial Statements* |
| **164** |

---

------

## Statement of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended March 31, 2025** | **All-American** | **Intermediate**<br> **Duration** | **Limited Term** | **Short Term** |
|  **INVESTMENT INCOME** |  |  |  |  |
|  Dividends | $205878 | $763003 | $805347 | $6341 |
|  Dividends from affiliated investments | 26700 |  |  |  |
|  Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201260205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278066722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156589085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14689731 |
|  Total investment income | 201492783 | 278829725 | 157394432 | 14696072 |
|  **EXPENSES** |  |  |  |  |
|  Management fees | 16753404 | 29279118 | 17688420 | 1700078 |
|  12b-1 service fees - Class A | 3936844 | 1493969 | 1720657 | 370101 |
|  12b-1 distribution and service fees - Class C | 1196506 | 310939 | 244509 | 65194 |
|  Shareholder servicing agent fees - Class A | 707376 | 269171 | 496750 | 62503 |
|  Shareholder servicing agent fees - Class C | 43743 | 11220 | 14092 | 2242 |
|  Shareholder servicing agent fees - Class R6 | 6653 |  |  |  |
|  Shareholder servicing agent fees - Class I | 704040 | 2466406 | 2438628 | 81607 |
|  Interest expense | 6853732 | 389336 | 433467 | 124354 |
|  Directors/Trustees fees | 160968 | 293242 | 196275 | 15804 |
|  Custodian expenses, net | 146633 | 207093 | 204203 |  |
|  Registration fees | 189878 | 192542 | 134552 | 81123 |
|  Professional fees | 160595 | 181737 | 140436 | 56167 |
|  Shareholder reporting expenses | 102537 | 150192 | 173318 | 47800 |
|  Other | 72079 | 113797 | 103245 | 13432 |
|  Total expenses before fee waiver/expense reimbursement | 31034988 | 35358762 | 23988552 | 2620405 |
|  Fee waiver/expense reimbursement |  |  |  | (334842) |
|  Net expenses | 31034988 | 35358762 | 23988552 | 2285563 |
|  **Net investment income (loss)** | **170457795** | **243470963** | **133405880** | **12410509** |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
|  Realized gain (loss) from: |  |  |  |  |
|  Investments | 14063844 | 96690623 | 114264389 | 589338 |
|  Swap contracts | (12697298) | (47047762) | (49666044) |  |
|  Net realized gain (loss) | 1366546 | 49642861 | 64598345 | 589338 |
|  Change in unrealized appreciation (depreciation) on: |  |  |  |  |
|  Investments | (98207547) | (157884974) | (99978823) | 1462162 |
|  Affiliated investments | (301160) | (31973) |  |  |
|  Net change in unrealized appreciation (depreciation) | (98508707) | (157916947) | (99978823) | 1462162 |
|  Net realized and unrealized gain (loss) | (97142161) | (108274086) | (35380478) | 2051500 |
|  **Net increase (decrease) in net assets from operations** | $**73315634** | $**135196877** | $**98025402** | $**14462009** |

---

---

| |
|:---|
| *See Notes to Financial Statements* |
| **165** |

---

------

## Statement of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **All-American** | **All-American** | **Intermediate Duration** | **Intermediate Duration** |
|  | **Year Ended**<br> **3/31/25** | **Year Ended**<br> **3/31/24** | **Year Ended**<br> **3/31/25** | **Year Ended**<br> **3/31/24** |
|  **OPERATIONS** |  |  |  |  |
|  Net investment income (loss) | $170457795 | $175376105 | $243470963 | $227129030 |
|  Net realized gain (loss) | 1366546 | (91835604) | 49642861 | (17799446) |
|  Net change in unrealized appreciation (depreciation) | (98508707) | 103471917 | (157916947) | 61108367 |
|  Net increase (decrease) in net assets from operations | 73315634 | 187012418 | 135196877 | 270437951 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
|  Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (76635222) | (77478579) | (22409276) | (21426253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (3714821) | (4596286) | (678338) | (735396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (5490382) | (5378353) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (80835437) | (83046460) | (219001552) | (196958818) |
|  Total distributions | (166675862) | (170499678) | (242089166) | (219120467) |
|  **FUND SHARE TRANSACTIONS** |  |  |  |  |
|  Subscriptions | 797338410 | 1162622143 | 1992487176 | 2877479354 |
|  Reinvestments of distributions | 140824897 | 141848650 | 187632826 | 163284231 |
|  Redemptions | (1288486105) | (1769907578) | (1825307273) | (3679304446) |
|  Net increase (decrease) from Fund share transactions | (350322798) | (465436785) | 354812729 | (638540861) |
|  Net increase (decrease) in net assets | (443683026) | (448924045) | 247920440 | (587223377) |
|  Net assets at the beginning of period | 4350147077 | 4799071122 | 7414472434 | 8001695811 |
|  **Net assets at the end of period** | $**3906464051** | $**4350147077** | $**7662392874** | $**7414472434** |

---

---

| |
|:---|
| *See Notes to Financial Statements* |
| **166** |

---

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Limited Term** | **Limited Term** | **Short Term** | **Short Term** |
|  | **Year Ended**<br> **3/31/25** | **Year Ended**<br> **3/31/24** | **Year Ended**<br> **3/31/25** | **Year Ended**<br> **3/31/24** |
|  **OPERATIONS** |  |  |  |  |
|  Net investment income (loss) | $133405880 | $134298404 | $12410509 | $13409402 |
|  Net realized gain (loss) | 64598345 | 6938785 | 589338 | (8047661) |
|  Net change in unrealized appreciation (depreciation) | (99978823) | 15989795 | 1462162 | 6990375 |
|  Net increase (decrease) in net assets from operations | 98025402 | 157226984 | 14462009 | 12352116 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
|  Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (21888542) | (21407552) | (5217884) | (5270277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (429893) | (510719) | (129875) | (140698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (116835869) | (107973321) | (7152465) | (7561502) |
|  Total distributions | (139154304) | (129891592) | (12500224) | (12972477) |
|  **FUND SHARE TRANSACTIONS** |  |  |  |  |
|  Subscriptions | 1109047713 | 1184973189 | 148665351 | 160557673 |
|  Reinvestments of distributions | 112696325 | 100480056 | 10056647 | 9763888 |
|  Redemptions | (1685090763) | (2850663025) | (244382912) | (372508339) |
|  Net increase (decrease) from Fund share transactions | (463346725) | (1565209780) | (85660914) | (202186778) |
|  Net increase (decrease) in net assets | (504475627) | (1537874388) | (83699129) | (202807139) |
|  Net assets at the beginning of period | 5229367731 | 6767242119 | 496168295 | 698975434 |
|  **Net assets at the end of period** | $**4724892104** | $**5229367731** | $**412469166** | $**496168295** |

---

---

| |
|:---|
| *See Notes to Financial Statements* |
| **167** |

---

------

## Financial Highlights
The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | |
|  | **Net Asset**<br> **Value,<br>Beginning**<br> **of Period** | **Net<br>Investment<br>Income (NII)**<br> (Loss)<sup>(a)</sup> | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From<br>NII** | **From<br>Net Realized**<br> **Gains** | **Total** | **Net Asset**<br> **Value,<br>End of**<br> **Period** |
|  **All-American** |  |  |  |  |  |  |  |  |
|  **Class A** |  |  |  |  |  |  |  |  |
| 3/31/25 | $10.20 | $0.41 | $(0.25) | $0.16 | $(0.40) | $– | $(0.40) | $9.96 |
| 3/31/24 | 10.13 | 0.38 | 0.06 | 0.44 | (0.37) |  | (0.37) | 10.20 |
| 3/31/23 | 11.08 | 0.36 | (0.97) | (0.61) | (0.34) |  | (0.34) | 10.13 |
| 3/31/22 | 12.09 | 0.34 | (1.01) | (0.67) | (0.34) |  | (0.34) | 11.08 |
| 3/31/21 | 11.49 | 0.35 | 0.62 | 0.97 | (0.37) |  | (0.37) | 12.09 |
|  **Class C** |  |  |  |  |  |  |  |  |
| 3/31/25 | 10.20 | 0.32 | (0.24) | 0.08 | (0.32) |  | (0.32) | 9.96 |
| 3/31/24 | 10.13 | 0.30 | 0.06 | 0.36 | (0.29) |  | (0.29) | 10.20 |
| 3/31/23 | 11.08 | 0.28 | (0.98) | (0.70) | (0.25) |  | (0.25) | 10.13 |
| 3/31/22 | 12.09 | 0.24 | (1.01) | (0.77) | (0.24) |  | (0.24) | 11.08 |
| 3/31/21 | 11.48 | 0.26 | 0.62 | 0.88 | (0.27) |  | (0.27) | 12.09 |
|  **Class R6** |  |  |  |  |  |  |  |  |
| 3/31/25 | 10.25 | 0.43 | (0.24) | 0.19 | (0.43) |  | (0.43) | 10.01 |
| 3/31/24 | 10.18 | 0.41 | 0.06 | 0.47 | (0.40) |  | (0.40) | 10.25 |
| 3/31/23 | 11.14 | 0.38 | (0.98) | (0.60) | (0.36) |  | (0.36) | 10.18 |
| 3/31/22 | 12.16 | 0.37 | (1.02) | (0.65) | (0.37) |  | (0.37) | 11.14 |
| 3/31/21 | 11.55 | 0.38 | 0.62 | 1.00 | (0.39) |  | (0.39) | 12.16 |
|  **Class I** |  |  |  |  |  |  |  |  |
| 3/31/25 | 10.24 | 0.43 | (0.24) | 0.19 | (0.42) |  | (0.42) | 10.01 |
| 3/31/24 | 10.18 | 0.40 | 0.05 | 0.45 | (0.39) |  | (0.39) | 10.24 |
| 3/31/23 | 11.13 | 0.38 | (0.97) | (0.59) | (0.36) |  | (0.36) | 10.18 |
| 3/31/22 | 12.14 | 0.37 | (1.02) | (0.65) | (0.36) |  | (0.36) | 11.13 |
| 3/31/21 | 11.54 | 0.38 | 0.61 | 0.99 | (0.39) | – | (0.39) | 12.14 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Total returns are at NAV and do not include any sales charge. Total returns are not annualized. 

<sup>(c)</sup> The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on borrowings, as described in Notes to Financial Statements. 

**168**

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** |
| | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| | **Net** | | | | |
| | **Assets,** | **Expenses** | **Expenses** | | **Portfolio** |
| **Total** | **End of** | **Including** | **Excluding** | **NII** | **Turnover** |
| **Return<sup>(b)</sup>** | **Period (000)** | **Interest<sup>(c)</sup>** | **Interest** | **(Loss)** | **Rate** |
| 1.53% | $1836003 | 0.82% | 0.66% | 3.99% | 33% |
| 4.47 | 2057942 | 0.76 | 0.67 | 3.81 | 59 |
| (5.48) | 2207643 | 0.82 | 0.66 | 3.50 | 47 |
| (5.76) | 3012154 | 0.70 | 0.64 | 2.80 | 27 |
| 8.51 | 3154428 | 0.69 | 0.66 | 2.98 | 19 |
| 0.74 | 101990 | 1.62 | 1.46 | 3.19 | 33 |
| 3.68 | 138312 | 1.56 | 1.47 | 3.00 | 59 |
| (6.26) | 184011 | 1.62 | 1.46 | 2.70 | 47 |
| (6.54) | 265767 | 1.50 | 1.44 | 2.00 | 27 |
| 7.73 | 293333 | 1.49 | 1.46 | 2.18 | 19 |
| 1.82 | 131342 | 0.59 | 0.43 | 4.23 | 33 |
| 4.71 | 137329 | 0.53 | 0.44 | 4.04 | 59 |
| (5.30) | 142935 | 0.58 | 0.42 | 3.74 | 47 |
| (5.58) | 159516 | 0.47 | 0.41 | 3.04 | 27 |
| 8.79 | 114355 | 0.45 | 0.42 | 3.19 | 19 |
| 1.86 | 1837129 | 0.62 | 0.46 | 4.20 | 33 |
| 4.60 | 2016564 | 0.56 | 0.47 | 4.00 | 59 |
| (5.23) | 2264482 | 0.62 | 0.46 | 3.69 | 47 |
| (5.55) | 4249974 | 0.50 | 0.44 | 3.00 | 27 |
| 8.69 | 4281209 | 0.49 | 0.45 | 3.17 | 19 |

---

---

| |
|:---|
| *See Notes to Financial Statements* |
| **169** |

---

------

Financial Highlights (continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | |
|  | **Net Asset**<br> **Value,<br>Beginning**<br> **of Period** | **Net<br>Investment<br>Income (NII)**<br> (Loss)<sup>(a)</sup> | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From<br>NII** | **From<br>Net<br>Realized**<br> **Gains** | **Total** | **Net Asset**<br> **Value,<br>End of**<br> **Period** |
|  **Intermediate Duration** |  |  |  |  |  |  |  |  |
|  **Class A** |  |  |  |  |  |  |  |  |
| 3/31/25 | $8.85 | $0.27 | $(0.12) | $0.15 | $(0.27) | $– | $(0.27) | $8.73 |
| 3/31/24 | 8.77 | 0.25 | 0.07 | 0.32 | (0.24) |  | (0.24) | 8.85 |
| 3/31/23 | 9.05 | 0.21 | (0.29) | (0.08) | (0.20) |  | (0.20) | 8.77 |
| 3/31/22 | 9.57 | 0.18 | (0.52) | (0.34) | (0.18) |  | (0.18) | 9.05 |
| 3/31/21 | 9.26 | 0.20 | 0.33 | 0.53 | (0.22) |  | (0.22) | 9.57 |
|  **Class C** |  |  |  |  |  |  |  |  |
| 3/31/25 | 8.85 | 0.20 | (0.12) | 0.08 | (0.19) |  | (0.19) | 8.74 |
| 3/31/24 | 8.77 | 0.18 | 0.07 | 0.25 | (0.17) |  | (0.17) | 8.85 |
| 3/31/23 | 9.06 | 0.14 | (0.30) | (0.16) | (0.13) |  | (0.13) | 8.77 |
| 3/31/22 | 9.57 | 0.10 | (0.51) | (0.41) | (0.10) |  | (0.10) | 9.06 |
| 3/31/21 | 9.26 | 0.13 | 0.32 | 0.45 | (0.14) |  | (0.14) | 9.57 |
|  **Class I** |  |  |  |  |  |  |  |  |
| 3/31/25 | 8.88 | 0.29 | (0.13) | 0.16 | (0.28) |  | (0.28) | 8.76 |
| 3/31/24 | 8.80 | 0.26 | 0.08 | 0.34 | (0.26) |  | (0.26) | 8.88 |
| 3/31/23 | 9.08 | 0.23 | (0.30) | (0.07) | (0.21) |  | (0.21) | 8.80 |
| 3/31/22 | 9.60 | 0.20 | (0.52) | (0.32) | (0.20) |  | (0.20) | 9.08 |
| 3/31/21 | 9.29 | 0.22 | 0.33 | 0.55 | (0.24) | – | (0.24) | 9.60 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Total returns are at NAV and do not include any sales charge. Total returns are not annualized. 

<sup>(c</sup>) The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein. See Notes to Financial Statements for more information.

<sup>(d)</sup> The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on borrowings, as described in Notes to Financial Statements. 

**170**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** |
| | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| | **Net** | | | | |
| | **Assets,** | **Expenses** | **Expenses** | | **Portfolio** |
| **Total** | **End of** | **Including** | **Excluding** | **NII** | **Turnover** |
| **Return<sup>(b)</sup>** | **Period (000)** | **Interest<sup>(c)</sup><sup>,(d)</sup>** | **Interest<sup>(c)</sup>** | **(Loss)<sup>(c)</sup>** | **Rate** |
| 1.65% | $719633 | 0.64% | 0.63% | 3.01% | 27% |
| 3.70 | 765602 | 0.65 | 0.65 | 2.82 | 24 |
| (0.90) | 845566 | 0.65 | 0.64 | 2.38 | 21 |
| (3.66) | 940178 | 0.63 | 0.63 | 1.87 | 26 |
| 5.79 | 967315 | 0.64 | 0.64 | 2.12 | 18 |
| 0.94 | 27985 | 1.45 | 1.44 | 2.21 | 27 |
| 2.86 | 34831 | 1.45 | 1.45 | 2.02 | 24 |
| (1.80) | 43566 | 1.45 | 1.44 | 1.58 | 21 |
| (4.34) | 55713 | 1.43 | 1.43 | 1.07 | 26 |
| 4.93 | 65566 | 1.44 | 1.44 | 1.33 | 18 |
| 1.85 | 6914775 | 0.44 | 0.43 | 3.21 | 27 |
| 3.90 | 6614040 | 0.45 | 0.45 | 3.02 | 24 |
| (0.67) | 7112564 | 0.45 | 0.44 | 2.57 | 21 |
| (3.46) | 8785900 | 0.43 | 0.43 | 2.06 | 26 |
| 5.97 | 9315167 | 0.44 | 0.44 | 2.32 | 18 |

---

---

| |
|:---|
| *See Notes to Financial Statements* |
| **171** |

---

------

Financial Highlights (continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | |
|  | **Net Asset**<br> **Value,<br>Beginning**<br> **of Period** | **Net<br>Investment<br>Income**<br> (NII)<br> (Loss)<sup>(a)</sup> | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From<br>NII** | **From<br>Net Realized**<br> **Gains** | **Return**<br> **of**<br> **Capital** | **Total** | **Net Asset**<br> **Value,<br>End of**<br> **Period** |
|  **Limited Term** |  |  |  |  |  |  |  |  |  |
|  **Class A** |  |  |  |  |  |  |  |  |  |
| 3/31/25 | $10.95 | $0.27 | $(0.08) | $0.19 | $(0.28) | $– | $– | $(0.28) | $10.86 |
| 3/31/24 | 10.87 | 0.24 | 0.07 | 0.31 | (0.23) |  |  | (0.23) | 10.95 |
| 3/31/23 | 10.92 | 0.16 | (0.08) | 0.08 | (0.13) |  |  | (0.13) | 10.87 |
| 3/31/22 | 11.32 | 0.12 | (0.40) | (0.28) | (0.12) |  |  | (0.12) | 10.92 |
| 3/31/21 | 11.02 | 0.15 | 0.35 | 0.50 | (0.19) |  | (0.01) | (0.20) | 11.32 |
|  **Class C** |  |  |  |  |  |  |  |  |  |
| 3/31/25 | 10.91 | 0.18 | (0.09) | 0.09 | (0.19) |  |  | (0.19) | 10.81 |
| 3/31/24 | 10.82 | 0.15 | 0.08 | 0.23 | (0.14) |  |  | (0.14) | 10.91 |
| 3/31/23 | 10.88 | 0.07 | (0.08) | (0.01) | (0.05) |  |  | (0.05) | 10.82 |
| 3/31/22 | 11.27 | 0.03 | (0.39) | (0.36) | (0.03) |  |  | (0.03) | 10.88 |
| 3/31/21 | 10.98 | 0.06 | 0.34 | 0.40 | (0.10) |  | (0.01) | (0.11) | 11.27 |
|  **Class I** |  |  |  |  |  |  |  |  |  |
| 3/31/25 | 10.91 | 0.29 | (0.08) | 0.21 | (0.30) |  |  | (0.30) | 10.82 |
| 3/31/24 | 10.82 | 0.26 | 0.08 | 0.34 | (0.25) |  |  | (0.25) | 10.91 |
| 3/31/23 | 10.88 | 0.18 | (0.08) | 0.10 | (0.16) |  |  | (0.16) | 10.82 |
| 3/31/22 | 11.28 | 0.14 | (0.40) | (0.26) | (0.14) |  |  | (0.14) | 10.88 |
| 3/31/21 | 10.98 | 0.17 | 0.35 | 0.52 | (0.21) | – | (0.01) | (0.22) | 11.28 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Total returns are at NAV and do not include any sales charge. Total returns are not annualized. 

<sup>(c)</sup> The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on borrowings, as described in Notes to Financial Statements. 

**172**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** |
| | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| | **Net** | | | | |
| | **Assets,** | **Expenses** | **Expenses** | | **Portfolio** |
| **Total** | **End of** | **Including** | **Excluding** | **NII** | **Turnover** |
| **Return<sup>(b)</sup>** | **Period (000)** | **Interest<sup>(c)</sup>** | **Interest** | **(Loss)** | **Rate** |
| 1.74% | $790406 | 0.63% | 0.62% | 2.45% | 27% |
| 2.89 | 928083 | 0.63 | 0.63 | 2.19 | 22 |
| 0.77 | 1152357 | 0.61 | 0.60 | 1.45 | 33 |
| (2.55) | 1523484 | 0.59 | 0.59 | 1.05 | 28 |
| 4.55 | 1597780 | 0.61 | 0.61 | 1.31 | 18 |
| 0.86 | 18998 | 1.43 | 1.42 | 1.64 | 27 |
| 2.17 | 31105 | 1.43 | 1.43 | 1.38 | 22 |
| (0.11) | 49258 | 1.41 | 1.40 | 0.65 | 33 |
| (3.25) | 70792 | 1.39 | 1.39 | 0.26 | 28 |
| 3.64 | 88543 | 1.41 | 1.41 | 0.53 | 18 |
| 1.96 | 3915488 | 0.43 | 0.42 | 2.65 | 27 |
| 3.20 | 4270180 | 0.43 | 0.43 | 2.38 | 22 |
| 0.90 | 5565627 | 0.41 | 0.40 | 1.65 | 33 |
| (2.35) | 6860653 | 0.39 | 0.39 | 1.25 | 28 |
| 4.76 | 6172134 | 0.41 | 0.41 | 1.51 | 18 |

---

---

| |
|:---|
| *See Notes to Financial Statements* |
| **173** |

---

------

Financial Highlights (continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
|  | **Net Asset**<br> **Value,<br>Beginning**<br> **of Period** | **Net<br>Investment<br>Income (NII)**<br> (Loss)<sup>(a)</sup> | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From<br>NII** | **From<br>Net Realized**<br> **Gains** | **Total** | **Net Asset**<br> **Value,<br>End of**<br> **Period** |
|  **Short Term** |  |  |  |  |  |  |  |  |
|  **Class A** |  |  |  |  |  |  |  |  |
| 3/31/25 | $9.80 | $0.27 | $0.05 | $0.32 | $(0.28) | $– | $(0.28) | $9.84 |
| 3/31/24 | 9.79 | 0.22 | 0.01 | 0.23 | (0.22) |  | (0.22) | 9.80 |
| 3/31/23 | 9.82 | 0.12 | (0.05) | 0.07 | (0.10) |  | (0.10) | 9.79 |
| 3/31/22 | 10.18 | 0.08 | (0.36) | (0.28) | (0.08) |  | (0.08) | 9.82 |
| 3/31/21 | 10.03 | 0.11 | 0.18 | 0.29 | (0.14) |  | (0.14) | 10.18 |
|  **Class C** |  |  |  |  |  |  |  |  |
| 3/31/25 | 9.76 | 0.19 | 0.05 | 0.24 | (0.20) |  | (0.20) | 9.80 |
| 3/31/24 | 9.76 | 0.14 |  | 0.14 | (0.14) |  | (0.14) | 9.76 |
| 3/31/23 | 9.79 | 0.04 | (0.04) |  | (0.03) |  | (0.03) | 9.76 |
| 3/31/22 | 10.15 | (–)<sup>(e)</sup> | (0.36) | (0.36) | (–)<sup>(e)</sup> |  |  | 9.79 |
| 3/31/21 | 10.00 | 0.03 | 0.18 | 0.21 | (0.06) |  | (0.06) | 10.15 |
|  **Class I** |  |  |  |  |  |  |  |  |
| 3/31/25 | 9.81 | 0.29 | 0.05 | 0.34 | (0.30) |  | (0.30) | 9.85 |
| 3/31/24 | 9.81 | 0.24 |  | 0.24 | (0.24) |  | (0.24) | 9.81 |
| 3/31/23 | 9.84 | 0.14 | (0.05) | 0.09 | (0.12) |  | (0.12) | 9.81 |
| 3/31/22 | 10.19 | 0.10 | (0.35) | (0.25) | (0.10) |  | (0.10) | 9.84 |
| 3/31/21 | 10.04 | 0.13 | 0.18 | 0.31 | (0.16) | – | (0.16) | 10.19 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Total returns are at NAV and do not include any sales charge. Total returns are not annualized. 

<sup>(c)</sup> The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on borrowings, as described in Notes to Financial Statements. 

<sup>(d)</sup> After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

<sup>(e</sup>) Value rounded to zero.

**174**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** |
| | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| | **Net** | **Gross** | **Gross** | **Net** | **Net** | | |
| | **Assets,** | **Expenses** | **Expenses** | **Expenses** | **Expenses** | | **Portfolio** |
| **Total** | **End of** | **Including** | **Excluding** | **Including** | **Excluding** | **NII** | **Turnover** |
| **Return<sup>(b)</sup>** | **Period (000)** | **Interest<sup>(c)</sup>** | **Interest** | **Interest<sup>(c),(d)</sup>** | **Interest<sup>(d)</sup>** | **(Loss)<sup>(d)</sup>** | **Rate** |
| 3.28% | $185521 | 0.71% | 0.68% | 0.63% | 0.60% | 2.79% | 29% |
| 2.36 | 205142 | 0.72 | 0.71 | 0.72 | 0.71 | 2.27 | 41 |
| 0.77 | 281531 | 0.69 | 0.69 | 0.69 | 0.69 | 1.20 | 52 |
| (2.80) | 277719 | 0.67 | 0.67 | 0.67 | 0.67 | 0.77 | 37 |
| 2.90 | 329109 | 0.68 | 0.68 | 0.68 | 0.68 | 1.08 | 38 |
| 2.45 | 5273 | 1.51 | 1.48 | 1.43 | 1.40 | 1.99 | 29 |
| 1.43 | 8102 | 1.52 | 1.51 | 1.52 | 1.51 | 1.46 | 41 |
| 0.00 <sup>(e)</sup> | 13160 | 1.49 | 1.49 | 1.49 | 1.49 | 0.41 | 52 |
| (3.50) | 12359 | 1.47 | 1.47 | 1.47 | 1.47 | (0.02) | 37 |
| 2.08 | 16519 | 1.48 | 1.48 | 1.48 | 1.48 | 0.29 | 38 |
| 3.48 | 221675 | 0.51 | 0.48 | 0.43 | 0.40 | 2.99 | 29 |
| 2.44 | 282925 | 0.52 | 0.51 | 0.52 | 0.51 | 2.45 | 41 |
| 0.98 | 404284 | 0.49 | 0.49 | 0.49 | 0.49 | 1.39 | 52 |
| (2.51) | 447376 | 0.47 | 0.47 | 0.47 | 0.47 | 0.97 | 37 |
| 3.10 | 469157 | 0.48 | 0.48 | 0.48 | 0.48 | 1.28 | 38 |

---

---

| |
|:---|
| *See Notes to Financial Statements* |
| **175** |

---

------

## Notes to Financial Statements
**1.** **General Information** 

**Trust and Fund Information:** Nuveen Municipal Trust and Nuveen Investment Funds, Inc. (each a "Trust" and collectively, the "Trusts"), are open-end management investment companies registered under the Investment Company Act of 1940, (the "1940 Act"), as amended. Nuveen Municipal Trust is comprised of Nuveen All-American Municipal Bond Fund ("All-American"), Nuveen Intermediate Duration Municipal Bond Fund ("Intermediate Duration") and Nuveen Limited Term Municipal Bond Fund ("Limited Term"), among others, and Nuveen Investment Funds, Inc. is comprised of Nuveen Short Term Municipal Bond Fund ("Short Term"), among others, (each a "Fund" and collectively, the "Funds"). Nuveen Municipal Trust was organized as a Massachusetts business trust on July 1, 1996. Nuveen Investment Funds, Inc. was incorporated in the State of Maryland on August 20, 1987. The Funds, were each organized as a series of predecessor trusts or corporations prior to that date.

**Current Fiscal Period:** The end of the reporting period for the Funds is March 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended March 31, 2025 (the "current fiscal period").

**Investment Adviser and Sub-Adviser:** The Funds' investment adviser, Nuveen Fund Advisors, LLC (the "Adviser"), is a subsidiary of Nuveen, LLC ("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub- advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

**Share Classes and Sales Charges:** Class A Shares are generally sold with an up-front sales charge. Class A Shares purchases of $250,000 or more are sold at net asset value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of 1% (0.70% for Limited Term and Short Term) if redeemed within eighteen months (twelve months for Short Term) of purchase. Class C Shares are sold without an up-front sales charge. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares eight years after purchase. Class R6 Shares and Class I Shares are sold without an up-front sales charge.

**2.** **Significant Accounting Policies** 

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946, Financial Services — Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

**Compensation:** Neither Trust pays compensation directly to those of its officers, all of whom receive remuneration for their services to each Trust from the Adviser or its affiliates. The Funds' Board of Directors/Trustees (the ''Board'') has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

**Custodian Fee Credit:** As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and Trust Company, (the "Custodian") whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of "Custodian expenses, net." During the current reporting period, the custodian fee credit earned by each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Gross<br>Custodian Fee**<br> **Credits** |
|  **All-American** | $217189 |
|  **Intermediate Duration** | 331847 |
|  **Limited Term** | 233344 |
|  **Short Term** | 67606 |

---

**Distributions to Shareholders:** Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** Under each Trust's organizational documents, its officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide general indemnifications to other parties. Each Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred. However, each Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**176**

------

**Investments and Investment Income:** Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Investment Income, is comprised of interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment income also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Dividend income is recorded on the ex-dividend date.

**Multiclass Operations and Allocations:** Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative value of the settled shares of each class. Expenses directly attributable to a class of shares are recorded to the specific class. 12b-1 distribution and service fees are allocated on a class-specific basis.

Sub-transfer agent fees and similar fees, which are recognized as a component of "Shareholder servicing agent fees" on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative settled shares.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

**Netting Agreements:** In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.

**Segment Reporting:** In November 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial positions or the results of their operations.

The officers of the Funds act as the chief operating decision maker ("CODM"). Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment revenues and expenses are listed on the Statement of Operations.

**New Accounting Pronouncement**: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

**3.** **Investment Valuation and Fair Value Measurements** 

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. 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).

**177**

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the reporting period, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **All-American** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $17376590 | $– | $– | $17376590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 3901244883 | 18246 | 3901263129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  |  | 32 | 32 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 76275000 |  | 76275000 |
| Total | $17376590 | $3977519883 | $18278 | $3994914751 |
| **Intermediate Duration** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $1861777 | $– | $– | $1861777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 35671742 |  | 35671742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 7454546719 | 1257 | 7454547976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  |  | 1941619 | 1941619 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 7350000 |  | 7350000 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7497568461 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7501373114 |
| **Limited Term** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $– | $4609537260 | $– | $4609537260 |
| Total | $– | $4609537260 | $– | $4609537260 |
| **Short Term** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $– | $409677602 | $– | $409677602 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 500000 |  | 500000 |
| Total | $– | $410177602 | $– | $410177602 |

---

------

The Funds hold liabilities in floating rate obligations, where applicable, which are not reflected in the tables above. The fair values of the Funds' liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described in these Notes to Financial Statements. The Funds, where applicable, have a receivable for the sale of their interest in Vistra Vision, which is not reflected in the tables above. The carrying value of this receivable approximates fair value. The "Receivable for sale of Vistra Vision interest" is generally classified as Level 2 and further described in these Notes to Financial Statements.

**4.** **Portfolio Securities** 

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.

An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense" on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of "Receivable for interest" and "Payable for interest" on the Statement of Assets and Liabilities, respectively.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.

As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

**179**

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Floating Rate<br> Obligations: Self-**<br> **Deposited**<br> **Inverse Floaters** | **Floating Rate<br>Obligations:**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Externally-Deposited**<br> **Inverse Floaters** | **Total** |
|  **All-American** | $178160000 | $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178160000 |
|  **Intermediate Duration** |  | – |  |
|  **Limited Term** |  | – |  |
|  **Short Term** |  | – |  |

---

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Average Floating<br>Rate Obligations<br>Outstanding** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual**<br> **Interest Rate**<br> **And Fees** |
|  **All-American** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174098342 | 3.68% |
|  **Intermediate Duration** |  |  |
|  **Limited Term** |  |  |
|  **Short Term** |  |  |

---

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.

The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.

As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows (sometimes referred to as "shortfall payments"). Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.

As of the end of the reporting period, the Funds maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Exposure**<br> **to Recourse Trusts:**<br> **Self-Deposited**<br> **Inverse Floaters** | **Maximum Exposure to<br>Recourse Trusts:**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Externally-Deposited**<br> **Inverse Floaters** | **Total** |
|  **All-American** | $178160000 | $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178160000 |
|  **Intermediate Duration** |  | – |  |
|  **Limited Term** |  | – |  |
|  **Short Term** |  | – |  |

---

------

**Zero Coupon Securities:** A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

**Purchases and Sales:** Long-term purchases and sales during the current fiscal period were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Non-U.S.**<br> **Government<br>Purchases** | **U.S.**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government**<br> **Purchases** | **Non-U.S.**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Sales**<br> **and Maturities** | **U.S.**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government**<br> **Sales** |
| All-American | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404643257 | $– | $1713184484 | $84916250 |
| Intermediate Duration | 2327164508 | 18225208 | 2000020747 | 98341 |
| Limited Term | 1358179613 |  | 1886061991 |  |
| Short Term | 121973098 |  | 191035719 |  |

---

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

**Sale of Vistra Vision interests:** On September 18, 2024, Vistra Corp. ("Vistra") and Nuveen agreed to terms for the sale of the Vistra Vision interest. In exchange for its interest in Vistra Vision, the Funds agreed to receive proceeds from the sale over a series of payments from Vistra through December 31, 2026. The resulting receivables have been discounted using an effective interest rate of 6.18%. The receivable, net of discount, and related transaction costs are recognized as "Receivable for sale of Vistra Vision interest" and "Payable for Vistra Vision sale transactions costs," respectively, on the Statement of Assets and Liabilities. During the current fiscal period, All-American, Intermediate Duration and Limited Term sold their interest back to Vistra and recognized a realized gain of $29,652,299, $106,804,258 and $114,037,754, respectively, which is recognized as "Realized gain (loss) from investments" on the Statement of Operations.

**5.** **Derivative Investments** 

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

**Total Return Swap Contracts:** During the current fiscal period, All-American, Intermediate Duration and Limited Term used total return swaps to help manage the equity risk of the portfolio's Vistra Vision exposure.

In a total return swap, one party agrees to pay the other the total return of a defined underlying asset during a specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. A total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined baskets of loans and mortgages. The Fund entered into a total return swap involving an underlying index or basket of securities to create exposure to a number of securities in a single trade. An index total return swap can be used by the Fund to assume risk, without the complications of buying the component securities from what may not always be the most liquid of markets.

Total return swap contracts are valued daily. Changes in the value of a total return swap during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps" and realized gains and losses are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations.

For over-the-counter ("OTC") swaps, the daily change in market value of the swap contract, along with any daily interest accrued, are recognized as components of "Unrealized appreciation or depreciation on credit default swaps" on the Statement of Assets and Liabilities.

The average notional amount of Total Return swap contracts outstanding during the current fiscal period was as follows:

---

| | |
|:---|:---|
| **Fund** | **Average Notional Amount of Swap Contracts**<br> **Outstanding\*** |
| All-American | $27784341 |
| Intermediate Duration | 102972729 |
| Limited Term | 108686114 |

---

\* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding from August 7, 2024 (first swap contract entered) through October 7, 2024 (last swap contract exited). 

During the current fiscal period, the effect of derivative contracts on the Funds' Statements of Operations was as follows:

**181**

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Instrument** | **Risk Exposure** | **Net Realized Gain**<br> (Loss) | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| All-American |  |  |  |
| Swap contracts | Equity | $(12697298) | $– |
| Intermediate Duration |  |  |  |
| Swap contracts | Equity | (47047762) |  |
| Limited Term |  |  |  |
| Swap contracts | Equity | (49666044) |  |

---

**Market and Counterparty Credit Risk:** In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

**6.** **Fund Shares** 

Transactions in Fund shares during the current and prior fiscal period were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**3/31/25** | **Year Ended**<br>**3/31/25** | **Year Ended**<br>**3/31/24** | **Year Ended**<br>**3/31/24** |
| **All-American** | **Shares** | **Amount** | **Shares** | **Amount** |
| Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 27065412 | $275543562 | 37262791 | $373159788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A - automatic conversion of Class C | 22648 | 231220 | 28908 | 291107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1064843 | 10849623 | 1731478 | 17353965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 4467976 | 45570171 | 6180993 | 62290659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 45536377 | 465143834 | 70473592 | 709526624 |
| Total subscriptions | 78157256 | 797338410 | 115677762 | 1162622143 |
| Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 6634435 | 67369635 | 6813019 | 68245392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 339725 | 3449481 | 419342 | 4200920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 349075 | 3561863 | 331976 | 3342089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 6516561 | 66443918 | 6567293 | 66060249 |
| Total reinvestments of distributions | 13839796 | 140824897 | 14131630 | 141848650 |
| Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (51321621) | (521779549) | (60198945) | (602317593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (4710751) | (47899211) | (6715183) | (67211631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C - automatic conversion to Class A | (22651) | (231220) | (28906) | (291107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (5098971) | (52021380) | (7151412) | (71528151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (65387885) | (666554745) | (102645050) | (1028559096) |
| Total redemptions | (126541879) | (1288486105) | (176739496) | (1769907578) |
| Net increase (decrease) | (34544827) | $(350322798) | (46930104) | $(465436785) |

---

**182**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**3/31/25** | **Year Ended**<br>**3/31/25** | **Year Ended**<br>**3/31/24** | **Year Ended**<br>**3/31/24** |
| **Intermediate Duration** | **Shares** | **Amount** | **Shares** | **Amount** |
| Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 13669407 | $120899844 | 16963876 | $147643884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A - automatic conversion of Class C | 4223 | 37298 | 1138 | 9832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 588891 | 5228313 | 789810 | 6875934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 210209139 | 1866321721 | 314575041 | 2722949704 |
| Total subscriptions | 224471660 | 1992487176 | 332329865 | 2877479354 |
| Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2169785 | 19177870 | 2149508 | 18700096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 70805 | 626096 | 76497 | 665888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 18928356 | 167828860 | 16490930 | 143918247 |
| Total reinvestments of distributions | 21168946 | 187632826 | 18716935 | 163284231 |
| Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (19917630) | (176151754) | (29025167) | (252004258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (1385606) | (12272296) | (1896900) | (16476681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C - automatic conversion to Class A | (4219) | (37298) | (1138) | (9832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (184597812) | (1636845925) | (394568193) | (3410813675) |
| Total redemptions | (205905267) | (1825307273) | (425491398) | (3679304446) |
| Net increase (decrease) | 39735339 | $354812729 | (74444598) | $(638540861) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**3/31/25** | **Year Ended**<br>**3/31/25** | **Year Ended**<br>**3/31/24** | **Year Ended**<br>**3/31/24** |
| **Limited Term** | **Shares** | **Amount** | **Shares** | **Amount** |
| Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 7166218 | $78488579 | 11583419 | $125341404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A - automatic conversion of Class C | 12635 | 138977 | 27265 | 295381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 134396 | 1462823 | 285014 | 3059727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 94351024 | 1028957334 | 98097315 | 1056276677 |
| Total subscriptions | 101664273 | 1109047713 | 109993013 | 1184973189 |
| Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1707797 | 18689391 | 1695792 | 18327836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 38121 | 415361 | 45249 | 486941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 8588672 | 93591573 | 7587637 | 81665279 |
| Total reinvestments of distributions | 10334590 | 112696325 | 9328678 | 100480056 |
| Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (20853814) | (228249071) | (34628735) | (374143867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (1254630) | (13689773) | (2002915) | (21534143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C - automatic conversion to Class A | (12689) | (138977) | (27366) | (295381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (132399838) | (1443012942) | (228484336) | (2454689634) |
| Total redemptions | (154520971) | (1685090763) | (265143352) | (2850663025) |
| Net increase (decrease) | (42522108) | $(463346725) | (145821661) | $(1565209780) |

---

**183**

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**3/31/25** | **Year Ended**<br>**3/31/25** | **Year Ended**<br>**3/31/24** | **Year Ended**<br>**3/31/24** |
| **Short Term** | **Shares** | **Amount** | **Shares** | **Amount** |
| Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 5116424 | $50356150 | 5250725 | $51073731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A - automatic conversion of Class C |  |  | 2 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 174234 | 1705425 | 292202 | 2835652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 9820001 | 96603776 | 10906602 | 106648268 |
| Total subscriptions | 15110659 | &nbsp;&nbsp;&nbsp;&nbsp;148665351 | 16449531 | 160557673 |
| Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 463905 | 4561207 | 477194 | 4653169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 11613 | 113723 | 12466 | 121114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 546577 | 5381717 | 510955 | 4989605 |
|  Total reinvestments of distributions | 1022095 | 10056647 | 1000615 | 9763888 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (7664895) | (75334245) | (13534884) | (132015979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (478065) | (4680899) | (823533) | (8014946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C - automatic conversion to Class A |  |  | (2) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (16709914) | (164367768) | (23808707) | (232477392) |
| Total redemptions | (24852874) | (244382912) | (38167126) | (372508339) |
| Net increase (decrease) | (8720120) | $(85660914) | (20716980) | $(202186778) |

---

**7.** **Income Tax Information** 

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to taxable market discount and treatment of notional principal contracts. Temporary and permanent differences have no impact on a Fund's net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross Unrealized<br>Appreciation** | **Gross**<br> **Unrealized**<br> (Depreciation) | **Net**<br> **Unrealized<br>Appreciation<br>(Depreciation)** |
| All-American | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3816003175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87573858 | $(86822512) | $751346 |
| Intermediate Duration | 7829266431 | 68007295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(395900612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(327893317) |
| Limited Term | 4737936876 | 32730970 | (161130586) | (128399616) |
| Short Term | 409018218 | 1918251 | (758867) | 1159384 |

---

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

**184**

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br>Tax-Exempt**<br> **Income<sup>1</sup>** | **Undistributed**<br> **Ordinary**<br> **Income** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed**<br> **Long-Term<br>Capital Gains** | **Unrealized**<br> **Appreciation**<br> (Depreciation) | **Capital Loss<br>Carryforwards** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Late-Year Loss**<br> **Deferrals** | **Other<br> Book-to-Tax<br>Differences** | **Total** |
| All-American | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20998360 | $841130 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751346 | $(1073867302) | $– | $(13884140) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1065160606) |
| Intermediate Duration | 30763855 | 2073818 |  | (327893317) | (173863747) |  | (20822840) | (489742231) |
| Limited Term | 23824107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078471 |  | (128399615) | (94190323) |  | (11510857) | (208198217) |
| Short Term | 2380903 | 14802 | – | 1159384 | (18374352) | – | (1084801) | (15904064) |

---

<sup>1</sup> Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period March 1, 2025 through March 31, 2025 and paid on April 1, 2025.

The tax character of distributions paid was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **3/31/25** | **3/31/25** | **3/31/25** | **3/31/24** | **3/31/24** | **3/31/24** |
| **Fund** | **Tax-Exempt**<br> **Income<sup>1</sup>** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax-Exempt**<br> **Income** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** |
| All-American | $163511540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3164322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170071720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| Intermediate Duration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233954500 | 8134666 |  | 218817422 | 303045 |  |
| Limited Term | 131052380 | 8101924 |  | 129600605 | 290987 |  |
| Short Term | 12444845 | 55379 | – | 12972477 | – | – |

---

<sup>1</sup> Each Fund designates these amounts paid during the period as Exempt Interest Dividends. 

As of year end, the Funds had capital loss carryforwards, which will not expire:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total** |
| All-American<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534814943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539052359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073867302 |
| Intermediate Duration | 135477649 | 38386098 | 173863747 |
| Limited Term | 92243546 | 1946777 | 94190323 |
| Short Term | 2491880 | 15882472 | 18374352 |

---

<sup>1</sup> A portion of All-American's capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

As of year end, the Funds utilized the following capital loss carryforwards:

---

| | |
|:---|:---|
| **Fund** | **Utilized** |
| All-American | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4017582 |
| Intermediate Duration | 42231288 |
| Limited Term | 56458852 |
| Short Term | 520021 |

---

**8.** **Management Fees and Other Transactions with Affiliates** 

**Management Fees:** Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund's shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

**185**

------

Notes to Financial Statements (continued)

The annual fund-level fee, payable monthly, for each Fund was calculated according to the following schedule:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Daily Net Assets** | **All-<br>American** | **Intermediate**<br> **Duration** | **Limited**<br> **Term** | **Short Term** |
| For the first $125 million | 0.3000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2500% |
| For the next $125 million | 0.2875 | 0.2875 | 0.2375 | 0.2375 |
| For the next $250 million | 0.2750 | 0.2750 | 0.2250 | 0.2250 |
| For the next $500 million | 0.2625 | 0.2625 | 0.2125 | 0.2125 |
| For the next $1 billion | 0.2500 | 0.2500 | 0.2000 | 0.2000 |
| For the next $3 billion | 0.2250 | 0.2250 | 0.1750 | 0.1750 |
| For the next $5 billion | 0.2000 | 0.2000 | 0.1500 | 0.1500 |
| For net assets over $10 billion and greater | 0.1875 | 0.1875 | 0.1375 | 0.1375 |

---

For the period April 1, 2024 through April 30, 2024, the annual complex-level fee, payable monthly, for each Fund was calculated according to the following schedule:

---

| | |
|:---|:---|
| **Complex-Level Eligible Asset Breakpoint Level\*** | **Effective Complex-Level Fee Rate at Breakpoint Level** |
| $55 billion | 0.2000% |
| $56 billion | 0.1996 |
| $57 billion | 0.1989 |
| $60 billion | 0.1961 |
| $63 billion | 0.1931 |
| $66 billion | 0.1900 |
| $71 billion | 0.1851 |
| $76 billion | 0.1806 |
| $80 billion | 0.1773 |
| $91 billion | 0.1691 |
| $125 billion | 0.1599 |
| $200 billion | 0.1505 |
| $250 billion | 0.1469 |
| $300 billion | 0.1445 |

---

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen open-end and closed-end funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011, but do include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. 

Effective May 1, 2024, the annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

---

| | |
|:---|:---|
| **Complex-Level Asset Breakpoint Level\*** | **Complex-Level Fee** |
| For the first $124.3 billion | 0.1600% |
| For the next $75.7 billion | 0.1350 |
| For the next $200 billion | 0.1325 |
| For eligible assets over $400 billion | 0.1300 |

---

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate, Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. 

As of March 31, 2025, the complex-level fee rate for the Fund was as follows:

**186**

------

---

| | |
|:---|:---|
| **Fund** | **Complex-Level Fee** |
| **All-American** | 0.1580% |
| **Intermediate Duration** | 0.1580% |
| **Limited Term** | 0.1580% |
| **Short Term** | 0.1580% |

---

The Adviser has agreed to waive fees and/or reimburse expenses ("Expense Cap") of the following Funds so that the total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table. The expense limitation expiring on July 31, 2026, may be terminated or modified prior to the date only with the approval of the Board.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Temporary<br>Expense Cap** | **Temporary<br>Expense Cap<br>Expiration Date** | **Permanent<br>Expense<br>Cap** |
| Intermediate Duration | N/A | N/A | 0.75% |
| Short Term<sup>1</sup> | 0.45% | 7/31/2026 | N/A |

---

N/A - Not Applicable.

1 Effective May 1, 2024.

**Distribution and Service Fees:** Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares incur a 0.20% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6 and Class I Shares are not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the "Distributor"), a wholly-owned subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing and maintaining shareholder accounts.

**Other Transactions with Affiliates:** Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board ("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.

During the current fiscal period, the Funds engaged in cross-trades pursuant to these procedures as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Realized<br>Gain (Loss)** |
| All-American | $3676433 | $— | $— |
| Intermediate Duration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22962413 |  |  |
| Limited Term | 15602427 | 3057809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987 |
| Short Term |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30016905 | (9922) |

---

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Sales Charges**<br> **Collected<br>(Unaudited)** | **Paid to Financial<br>Intermediaries<br>(Unaudited)** |
| All-American | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735675 |
| Intermediate Duration | 527775 | 514466 |
| Limited Term | 134177 | 127987 |
| Short Term | 109321 | 108352 |

---

The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

**187**

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund** | **Commission<br>Advances<br>(Unaudited)** |
|  **All-American** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557604 |
|  **Intermediate Duration** | 497707 |
|  **Limited Term** | 108691 |
|  **Short Term** | 111481 |

---

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:

---

| | |
|:---|:---|
| **Fund** | **12b-1 Fees Retained<br>(Unaudited)** |
|  **All-American** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81237 |
|  **Intermediate Duration** | 26339 |
|  **Limited Term** | 11164 |
|  **Short Term** | 4644 |

---

The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:

---

| | |
|:---|:---|
| **Fund** | **CDSC**<br> **Retained<br>(Unaudited)** |
|  **All-American** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117653 |
|  **Intermediate Duration** | 24136 |
|  **Limited Term** | 3100 |
|  **Short Term** | 15667 |

---

Investments in other investment companies advised by the Adviser and Nuveen Fund Advisors, LLC are deemed to be affiliated investments. Information regarding transactions with affiliated companies is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issue** | **Value at<br>3/31/24** | **Purchases**<br> **Cost** | **Sales<br>Proceeds** | **Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Shares at<br>3/31/25** | **Value at<br>3/31/25** | **Dividend<br>Income** |
|  **All-American** |  |  |  |  |  |  |  |  |
|  **Exchange-Traded Funds** |  |  |  |  |  |  |  |  |
|  Nuveen Municipal Income ETF | $– | $17677750 | $– | $– | $(301160) | 700000 | $17376590 | $26700 |
|  Total | $– | $17677750 | $– | $– | $(301160) | 700000 | $17376590 | $26700 |
|  **Intermediate Duration** |  |  |  |  |  |  |  |  |
|  **Exchange-Traded Funds** |  |  |  |  |  |  |  |  |
|  Nuveen Municipal Income ETF |  | 1893750 |  |  | (31973) | 75000 | 1861777 |  |
|  Total | $– | $1893750 | $– | $– | $(31973) | 75000 | $1861777 | $– |

---

**9.** **Commitments and Contingencies** 

In the normal course of business, each Fund enters into a variety of agreements that may expose the Funds to some risk of loss. These could include recourse arrangements for certain TOB Trusts, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments.

**188**

------

From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds' rights under contracts. As of the end of the reporting period, the Funds are not subject to any material legal proceedings.

**10.** **Borrowing Arrangements** 

**Committed Line of Credit:** The Funds, along with certain funds managed by the Adviser and by an affiliate of the Adviser ("Participating Funds"), have established a 364-day, $2.700 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility's capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2025 unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense" on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest expense" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current period, the following Funds utilized this facility. The Funds' maximum outstanding balance during the utilization period was as follows:

---

| | |
|:---|:---|
| **Fund** | **Maximum<br>Outstanding**<br> **Balance** |
|  **All-American** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000000 |
|  **Intermediate Duration** | 31000000 |
|  **Limited Term** | 39200000 |
|  **Short Term** | – |

---

During each Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Utilization<br>Period (Days<br>Outstanding)** | **Average<br>Daily Balance<br>Outstanding** | **Average Annual<br>Interest Rate** |
|  **All-American** | 44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29004434 | 6.16% |
|  **Intermediate Duration** | 24 | 15137641 | 5.72 |
|  **Limited Term** | 49 | 19767253 | 5.89 |
|  **Short Term** | – | – | – |

---

Borrowings outstanding as of the end of the reporting period, if any, are recognized as "Borrowings" on the Statement of Assets and Liabilities.

**189**

------

## Important Tax Information
(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

#### Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

---

| | | |
|:---|:---|:---|
| **Fund** | **Net Long-Term<br>Capital Gains** | **Net Long-Term<br>Capital Gains** |
|  **All-American** |  | $– |
|  **Intermediate Duration** |  |  |
|  **Limited Term** |  |  |
|  **Short Term** | | – |

---

**190**

------

## Report of Independent Registered

## Public Accounting Firm
**To the Board of Trustees of Nuveen Municipal Trust and Shareholders of Nuveen High Yield Municipal Bond Fund, Nuveen Short Duration High Yield Municipal Bond Fund and Nuveen Strategic Municipal Opportunities Fund** 

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen High Yield Municipal Bond Fund, Nuveen Short Duration High Yield Municipal Bond Fund and Nuveen Strategic Municipal Opportunities Fund (three of the funds constituting Nuveen Municipal Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statement of cash flows for Nuveen High Yield Municipal Bond Fund for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, for the Nuveen High Yield Municipal Bond Fund, the results of its cash flows for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

May 28, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

4.0 ------

Portfolio of Investments March 31, 2025

High Yield

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | | | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 126.7%** |  |  |  |
|  |  | **COMMON STOCKS - 0.0%** |  |  |  |
|  |  | **MATERIALS - 0.0%** |  |  |  |
| 3839 | (a),(b) | Ingevity Corporation |  |  | $151986 |
| 978 | (b),(c) | PALOUSE FIBER HOLDINGS |  |  | 10 |
| 23041 |  | Smurfit WestRock PLC |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038227 |
|  |  | TOTAL MATERIALS |  |  | 1190223 |
|  |  | **TOTAL COMMON STOCKS**<br> **(Cost $1,238,843)** |  |  | **1190223** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CORPORATE BONDS - 0.2%** |  |  |  |
|  |  | **COMMERCIAL & PROFESSIONAL SERVICES - 0.0%** |  |  |  |
| $1610000 | (d) | College for Certain Inc | 4.800% | 06/01/60 | 1174166 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES |  |  | 1174166 |
|  |  | **CONSUMER SERVICES - 0.1%** |  |  |  |
| 21600000 | (c) | Wild Rivers Water Park | 8.500 | 11/01/51 | 16200000 |
|  |  | TOTAL CONSUMER SERVICES |  |  | 16200000 |
|  |  | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%** |  |  |  |
| 7160655 | (c),(d) | Benloch Ranch Improvement Association | 9.750 | 12/01/39 | 6538163 |
| 3232511 | (c),(d) | Benloch Ranch Improvement Association | 9.750 | 12/01/39 | 2951502 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 9489665 |
|  |  | **TOTAL CORPORATE BONDS**<br> **(Cost $32,824,926)** |  |  | **26863831** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MUNICIPAL BONDS - 126.5%** |  |  |  |
|  |  | **ALABAMA - 2.0%** |  |  |  |
| 2917647 | (d),(e) | Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big Sky Environmental LLC Project, Refunding Taxable Series 2017C | 1.000 | 09/01/37 | 29 |
| 16000000 | (d),(e) | Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big Sky Environmental LLC Project, Series 2017A | 6.750 | 09/01/37 | 11200000 |
| 3397647 | (d),(e) | Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big Sky Environmental LLC Project, Taxable Series 2017B | 6.750 | 09/01/37 | 2378353 |
| 10000000 | (d) | Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A | 6.000 | 09/01/45 | 10000879 |
| 13960000 | (f) | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2016B, (UB) | 5.000 | 11/15/46 | 14038367 |
| 1350000 |  | Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Methodist Home for the Aging, Refunding Series 2015-1 | 5.750 | 06/01/35 | 1326495 |
| 2500000 |  | Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Methodist Home for the Aging, Refunding Series 2015-1 | 5.750 | 06/01/45 | 2296691 |
| 8225000 | (f) | Energy Southeast Cooperative District, Alabama, Energy Supply Revenue Bonds, Series 2024B, (Mandatory Put 6/01/32), (UB) | 5.250 | 07/01/54 | 8752343 |
| 4000000 |  | Homewood Educational Building Authority, Alabama, Revenue Bonds, CHF-Horizons II, LLC Student Housing and Parking Project at Samford University Series 2024C | 5.500 | 10/01/54 | 4121429 |
| 1530000 |  | Homewood Educational Building Authority, Alabama, Revenue Bonds, CHF-Horizons II, LLC Student Housing and Parking Project at Samford University Series 2024C | 5.000 | 10/01/56 | 1479356 |
| 1645000 |  | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Proejcet, Green Series 2020, (AMT), (Mandatory Put 11/01/30) | 6.375 | 11/01/50 | 1843182 |

---

See Notes To Financial Statements<sub>5</sub>

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ALABAMA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;76625000 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2019, (AMT) | 5.750% | 10/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;79824837 |
| 4600000 | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, Revenue Bonds, Infirmary Health System, Inc., Series 2021 | 4.000 | 02/01/46 | 3959796 |
| 4440000 | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/49 | 4581442 |
| 3190000 | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.500 | 10/01/53 | 3337749 |
| 14700000 | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024A, (AMT) | 5.000 | 06/01/54 | 14549251 |
| 11050000 | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024B, (AMT) | 4.750 | 12/01/54 | 10457952 |
| 31390000 | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015 | 5.875 | 04/15/45 | 22882177 |
| 15000000 (f) | Southeast Alabama Gas Supply District, Alabama, Gas Supply Revenue Bonds, Project 1, Refunding Series 2024A, (Mandatory Put 4/01/32), (UB) | 5.000 | 08/01/54 | 15889556 |
| 10000000 (f) | Southeast Alabama Gas Supply District, Alabama, Gas Supply Revenue Bonds, Project 2, Refunding Series 2024B, (Mandatory Put 5/01/32), (UB) | 5.000 | 06/01/49 | 10484175 |
| 7630000 (f) | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025A, (Mandatory Put 6/01/35), (UB) | 5.000 | 01/01/56 | 7952935 |
| 3000000 | Talladega, Alabama, Water and Sewer Revenue Warrants, Series 2021A-AGM Insured | 3.000 | 09/01/51 | 2054813 |
| 49420000 (d) | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A | 5.250 | 05/01/44 | 49944751 |
|  | TOTAL ALABAMA |  |  | 283356558 |
|  | **ALASKA - 0.1%** |  |  |  |
| 10000000 (f) | Anchorage, Alaska, Port Revenue Bonds, Series 2024A, (AMT), (UB) | 4.500 | 02/01/60 | 9421506 |
| 10760000 (f) | Anchorage, Alaska, Solid Waste Services Revenue Bonds,<br> Refunding Series 2022A, (UB) | 4.000 | 11/01/52 | 9817028 |
|  | TOTAL ALASKA |  |  | 19238534 |
|  | **ARIZONA - 2.1%** |  |  |  |
| 5660000 (d) | Arizona Industrial Development Authority, Arizona, Economic Development Revenue Bonds, Linder Village Project in Meridian, Ada County, Idaho, Series 2020 | 5.000 | 06/01/31 | 5685886 |
| 580000 (d) | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Franklin Phonetic Charter School Project, Refunding Series 2017 | 5.500 | 07/01/37 | 579067 |
| 1390000 (d) | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Franklin Phonetic Charter School Project, Refunding Series 2017 | 5.750 | 07/01/47 | 1378778 |
| 1505000 (d) | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Franklin Phonetic Charter School Project, Refunding Series 2017 | 5.875 | 07/01/52 | 1497157 |
| 700000 (d) | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Montessori Academy Projects, Refunding Series 2017A | 6.000 | 11/01/37 | 663198 |
| 3850000 (d) | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Montessori Academy Projects, Refunding Series 2017A | 6.250 | 11/01/50 | 3504508 |
| 1280000 (d) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2017B | 5.125 | 07/01/47 | 1251757 |

---

6 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ARIZONA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | (d) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2017B | 5.250% | 07/01/51 | $551898 |
| 3000000 | (d) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2022 | 5.250 | 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938876 |
| 5440000 | (d) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Leman Academy of Excellence - Parker Colorado Campus Project, Series 2019A | 5.000 | 07/01/49 | 5109766 |
| 2260000 | (d) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Mater Academy of Nevada - Mountain Vista Campus Project, Series 2018A | 5.500 | 12/15/48 | 2270655 |
| 3150000 | (d) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest Academy of Nevada ? Horizon, Inspirada and St. Rose Campus Projects, Series 2018A | 5.750 | 07/15/48 | 3182621 |
| 28925000 | (d) | Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group ? Falcon Properties LLC, Project, Senior Series 2022A-1 | 4.150 | 12/01/57 | 19773544 |
| 37730000 | (d) | Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group ? Falcon Properties LLC, Project, Subordinate Series 2022B | 5.750 | 12/15/57 | 28184672 |
| 2450000 |  | Arizona Industrial Development Authority, Arizona, Lease Revenue Bonds, Children's National Prince County Regional Medical Center, Series 2020A | 3.000 | 09/01/50 | 1757848 |
| 10000000 | (d) | Arizona Industrial Development Authority, Arizona, Lease Revenue Bonds, Greenville University, Series 2022 | 6.500 | 11/01/53 | 10088318 |
| 11260000 | (d),(e) | Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus Academy Project, Series 2018A | 6.500 | 06/01/50 | 7882000 |
| 3970000 |  | Arizona Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children's Hospital, Series 2020A | 3.000 | 02/01/45 | 3044369 |
| 22350000 |  | Arizona Industrial Development Authority, Multifamily Housing Revenue Bonds, Bridgewater Avondale Project, Series 2017 | 5.375 | 01/01/38 | 17865767 |
| 9573067 | (d),(e) | Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A | 7.000 | 07/01/41 | 6701147 |
| 5525000 |  | 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 | 5505514 |
| 2000000 | (d) | Coconino County Industrial Development Authority, Arizona, Education Revenue Bonds, Flagstaff Arts & Leadership Academy Project, Refunding Series 2020 | 5.500 | 07/01/40 | 1825527 |
| 1056000 | (d) | Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 2, Series 2014 | 5.375 | 07/01/39 | 1034178 |
| 2055000 | (d) | Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment Revenue Bonds, Montecito Assessment District 2, Series 2015 | 5.000 | 07/01/39 | 1935584 |
| 7585000 | (d) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Gateway Academy Project, Series 2019A | 5.750 | 01/01/50 | 6583849 |
| 1655000 |  | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Villa Montessori, Inc Project, Series 2023A | 5.500 | 07/01/53 | 1637833 |
| 4100000 | (f) | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2017A, (UB) | 4.000 | 01/01/41 | 3965734 |
| 90000 |  | Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, Series 2006 | 5.300 | 07/15/25 | 89114 |
| 8820000 |  | Phoenix Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds, 3rd and Indian Road Assisted Living Project, Series 2016 | 5.400 | 10/01/36 | 7173114 |
| 1590000 |  | Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Cambridge Academy-East, Inc. Project, Series 2010 | 6.625 | 04/01/40 | 1590485 |
| 2870000 | (d) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Champion Schools Project, Series 2017 | 6.000 | 06/15/37 | 2895132 |

---

See Notes To Financial Statements<sub>7</sub>

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ARIZONA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4865000 | (d) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Champion Schools Project, Series 2017 | 6.125% | 06/15/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890307 |
| 3445000 | (e) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016 | 5.250 | 07/01/36 | 2411500 |
| 5700000 | (e) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016 | 5.375 | 07/01/46 | 3990000 |
| 6830000 | (e) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016 | 5.500 | 07/01/51 | 4781000 |
| 13805000 | (d),(e) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2019 | 5.875 | 07/01/51 | 9663500 |
| 11345000 | (d) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017 | 6.750 | 02/01/50 | 11601810 |
| 5115000 | (d) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Synergy Public Charter School Project, Series 2020 | 5.250 | 06/15/50 | 4771696 |
| 1985000 | (d) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Synergy Public Charter School Project, Series 2020-1 | 5.000 | 06/15/50 | 1786199 |
| 685000 |  | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, The Paideia Academies Project, 2019 | 5.125 | 07/01/39 | 657422 |
| 1050000 |  | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, The Paideia Academies Project, 2019 | 5.250 | 07/01/49 | 978622 |
| 5770000 | (d) | Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster Schools ? Mesa Project, Series 2015A | 5.000 | 12/15/34 | 5626188 |
| 33720000 | (f) | Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2024A, (UB) | 5.000 | 01/01/54 | 35621120 |
| 80000 |  | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.250 | 12/01/28 | 84029 |
| 21530000 | (d) | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.500 | 12/01/37 | 22420022 |
| 16000000 | (g) | Sierra Vista Industrial Development Authority, Arizona, Economic Development Revenue Bonds, Convertible Capital Appreciation Revenue Bonds, Series 2021A | 0.000 | 10/01/56 | 13062307 |
| 7435000 | (d) | Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue Bonds, AmeriSchools Academy Project, Series 2022 | 6.000 | 06/15/57 | 7386851 |
| 2130000 |  | Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2021B | 4.000 | 12/01/56 | 1739287 |
| 2140000 | (d) | Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU Project, Series 2017A | 6.000 | 10/01/37 | 1579550 |
| 3365000 | (d) | Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU Project, Series 2017A | 6.125 | 10/01/47 | 2194410 |
| 3085000 | (d) | Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU Project, Series 2017A | 6.125 | 10/01/52 | 1957162 |
| 4340000 | (d) | Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center Inc Project, Series 2012 | 5.125 | 03/01/42 | 4216799 |
|  |  | TOTAL ARIZONA |  |  | 299567677 |

---

8 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ARKANSAS - 0.9%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9440000 (d) | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT) | 5.450% | 09/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9672652 |
| 13250000 | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2023, (AMT) | 5.700 | 05/01/53 | 13770289 |
| 8685000 (d) | Arkansas Development Finance Authority, Charter School Revenue Bonds, Academy of Math and Science - Little Rock Project Series 2024A | 7.000 | 07/01/59 | 8186445 |
| 40280000 (d) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2019, (AMT) | 4.500 | 09/01/49 | 38398735 |
| 52385000 (d) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2020A, (AMT) | 4.750 | 09/01/49 | 50566156 |
| 1000000 (d) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Hybar Steel Project, Green Series 2023A, (AMT) | 6.875 | 07/01/48 | 1091278 |
| 15000000 (f) | Springdale, Arkansas, Sales and Use Tax Revenue Bonds, Refunding & Improvement Series 2023B - BAM Insured, (UB) | 4.125 | 08/01/50 | 13825203 |
|  | TOTAL ARKANSAS |  |  | 135510758 |
|  | **CALIFORNIA - 12.2%** |  |  |  |
| 9400000 (g) | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2022C - AGM Insured | 0.000 | 10/01/49 | 5329787 |
| 15440000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2022C - AGM Insured | 5.450 | 10/01/52 | 8622838 |
| 23750000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2022B | 5.300 | 10/01/47 | 13692051 |
| 5720000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2022B | 5.350 | 10/01/48 | 3275534 |
| 20430000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2022B | 5.375 | 10/01/49 | 11542936 |
| 11890000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2022B | 5.400 | 10/01/50 | 6701447 |
| 1985000 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured | 0.000 | 09/01/35 | 1321475 |
| 300000 | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A | 5.250 | 03/01/36 | 296192 |
| 9075000 | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A | 5.000 | 03/01/41 | 8311586 |
| 10900000 | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A | 5.000 | 03/01/46 | 9831964 |
| 1700000 (g) | Bakersfield City School District, Kern County, California, General Obligation Bonds, Series 2012C | 0.000 | 05/01/42 | 1286931 |
| 1770000 | Blythe Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project 1, Series 2011 | 9.750 | 05/01/38 | 1777768 |
| 8990000 (f) | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023G, (Mandatory Put 4/01/30), (UB) | 5.250 | 11/01/54 | 9538742 |
| 15000000 (f) | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024A, (Mandatory Put 4/01/32), (UB) | 5.000 | 05/01/54 | 15961332 |
| 3000000 (d) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Exchange at Bayfront Apartments, Series 2021A-1 | 3.000 | 02/01/57 | 1886639 |
| 8580000 (d) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Glendale Properties, Junior Series 2021A-2 | 4.000 | 08/01/47 | 6855239 |
| 3500000 (d) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Glendale Properties, Senior Series 2021A-1 | 4.000 | 02/01/56 | 2964564 |

---

See Notes To Financial Statements<sub>9</sub>

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 (d) | California Community Housing Agency, California, Essential Housing Revenue Bonds, K Street Flats, Series 2021A-2 | 4.000% | 08/01/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557967 |
| 9500000 (d) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A | 5.000 | 02/01/50 | 6973473 |
| 4495000 (d) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit at Sausalito Apartments, Series 2021A-2 | 4.000 | 02/01/50 | 3462898 |
| 38790000 (d) | California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A | 5.000 | 04/01/49 | 33059313 |
| 15000000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Fresno County Tobacco Funding Corporation, Subordinate Turbo Capital Series 2006A | 0.000 | 06/01/46 | 3891631 |
| 14700000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A | 0.000 | 06/01/57 | 2373562 |
| 33000000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020B-2 | 0.000 | 06/01/55 | 6328522 |
| 65000000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2006A | 0.000 | 06/01/46 | 15655061 |
| 28600000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Subordinate Turbo Capital Appreciation Series 2006B | 0.000 | 06/01/46 | 6888227 |
| 31865000 (d) | California Enterprise Development Authority, Charter School Revenue Bonds, Norton Science and Language Academy Project, Series 2020 | 6.250 | 07/01/58 | 32871870 |
| 5000000 (f) | California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Health System, Series 2021A, (UB) | 4.000 | 08/15/48 | 4708191 |
| 29910000 (f) | California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Health System, Series 2021A - BAM Insured, (UB) | 4.000 | 08/15/48 | 29719892 |
| 10000000 | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 2017A-2 | 4.000 | 11/01/44 | 9490383 |
| 12500000 (f) | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 2017A-2, (UB) | 4.000 | 11/01/44 | 11862979 |
| 2500000 | California Housing Finance Agency, California, Multifamily Housing Revenue Bonds, Power Station Block 7B, Limited Obligation Senior Series 2024L | 5.200 | 12/01/27 | 2534658 |
| 1585000 (d) | California Housing Finance Agency, Multifamily Housing Revenue Bonds, Redwood Gardens Apartments, Subordinate Lien Series 2021N-S | 4.000 | 03/01/37 | 1327001 |
| 31400000 (d) | California Infrastructure and Economic Development Bank, Revenue Bonds, Brightline West Passenger Rail Project, Green Bond Series 2025A, (AMT), (Mandatory Put 1/01/35) | 9.500 | 01/01/65 | 31400320 |
| 1500000 | California Municipal Finance Authority Charter School Revenue Bonds, John Adams Academies, Inc. Project, Series 2015A | 5.250 | 10/01/45 | 1470038 |
| 640000 (d) | California Municipal Finance Authority Charter School Revenue Bonds, River Charter Schools Project, Series 2018A | 5.500 | 06/01/38 | 642395 |
| 1595000 (d) | California Municipal Finance Authority Charter School Revenue Bonds, River Charter Schools Project, Series 2018A | 5.500 | 06/01/48 | 1571906 |
| 1550000 (d) | California Municipal Finance Authority Charter School Revenue Bonds, River Charter Schools Project, Series 2018A | 5.500 | 06/01/53 | 1514113 |
| 1000000 (d) | California Municipal Finance Authority, Educational Facilities Revenue Bonds, Westside Neighborhood School Project, Series 2024 | 6.200 | 06/15/54 | 1066863 |
| 2300000 (d) | California Municipal Finance Authority, Educational Facilities Revenue Bonds, Westside Neighborhood School Project, Series 2024 | 6.375 | 06/15/64 | 2470544 |
| 2830000 (d) | California Municipal Finance Authority, Revenue Bonds, American Musical and Dramatic Academy Inc. AMDA Inc Project, Taxable Series 2023B | 9.500 | 07/01/30 | 2932692 |

---

10 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;14275000 | California Municipal Finance Authority, Revenue Bonds, American Musical and Dramatic Academy Inc., Series 2023A | 7.250% | 07/01/53 | $&nbsp;&nbsp;&nbsp;&nbsp;14408326 |
| 500000 (d) | California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2012A | 6.625 | 01/01/32 | 490900 |
| 515000 (d) | California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2012A | 6.875 | 01/01/42 | 489313 |
| 1275000 | California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2014A | 5.000 | 01/01/35 | 1099359 |
| 1000000 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A - AGM Insured, (AMT) | 4.000 | 12/31/47 | 887448 |
| 7000000 (d) | California Municipal Finance Authority, Revenue Bonds, Simpson University, Series 2020A | 6.000 | 10/01/50 | 7046791 |
| 3720000 | California Municipal Finance Authority, Special Tax Revenue Bonds, Bold Program, Series 2022A | 5.250 | 09/01/52 | 3811692 |
| 1250000 | California Municipal Finance Authority, Special Tax Revenue Bonds, Bold Program, Series 2024B | 5.000 | 09/01/54 | 1262517 |
| 2160000 | California Municipal Finance Authority, Special Tax Revenue Bonds, Community Facilities District 2020-6, County of Placer- PV400, Series 2022 | 5.250 | 09/01/52 | 2215946 |
| 1250000 | California Municipal Finance Authority, Special Tax Revenue Bonds, Community Facilities District 2023-11 Improvement Area A Hesperia Silverwood, Series 2024 | 5.125 | 09/01/59 | 1275202 |
| 5000000 (d) | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, (AMT) | 5.000 | 11/21/45 | 4987570 |
| 7910000 (d) | California Public Finance Authority, Charter School Lease Revenue Bonds, California Crosspoint Academy Project, Series 2020A | 5.125 | 07/01/55 | 6608841 |
| 870000 (d) | California Public Finance Authority, Charter School Lease Revenue Bonds, Laverne Elementary Preparatory Academy Project, Series 2019A | 5.000 | 06/15/39 | 840597 |
| 1000000 (d) | California Public Finance Authority, Charter School Lease Revenue Bonds, Laverne Elementary Preparatory Academy Project, Series 2019A | 5.000 | 06/15/49 | 930589 |
| 2055000 | California Public Finance Authority, Charter School Lease Revenue Bonds, Multicultural Learning Center Project, Series 2017A | 6.125 | 06/15/37 | 2084413 |
| 3025000 | California Public Finance Authority, Charter School Lease Revenue Bonds, Multicultural Learning Center Project, Series 2017A | 6.250 | 06/15/47 | 3056617 |
| 20000000 (f) | California Public Finance Authority, Revenue Bonds, Sharp HealthCare, Series 2017A, (UB) | 4.000 | 08/01/47 | 18916284 |
| 14570000 | California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A | 6.375 | 06/01/59 | 13649810 |
| 1800000 (d) | California Public Finance Authority, University Housing Revenue Bonds, National Campus Community Development - Claremont Properties LLC Claremont Colleges Project, Refunding Series 2023A | 5.500 | 07/01/50 | 1909901 |
| 2350000 (d) | California School Finance Authority Charter School Facility Revenue Bonds, Grimmway Schools-Obligated Group, Series 2016A | 5.000 | 07/01/36 | 2366344 |
| 2360000 (d) | California School Finance Authority Charter School Facility Revenue Bonds, Grimmway Schools-Obligated Group, Series 2016A | 5.000 | 07/01/46 | 2366793 |
| 6930000 (d) | California School Finance Authority, California, Charter School Revenue Bonds, Alta Public Schools - Obligated Group, Series 2020A | 6.000 | 06/01/59 | 6541799 |
| 650000 (d) | California School Finance Authority, California, Charter School Revenue Bonds, Alta Public Schools - Obligated Group, Taxable Series 2020B | 6.000 | 06/01/31 | 597923 |

---

See Notes To Financial Statements<sub>11</sub>

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010000 | (d) | California School Finance Authority, California, Charter School Revenue Bonds, Encore Education Obligated Group, Series 2016A | 0.000% | 06/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909500 |
| 1100000 | (d) | California School Finance Authority, California, Charter School Revenue Bonds, Encore Education Obligated Group, Series 2016A | 0.000 | 06/01/52 | 1045000 |
| 500000 | (d) | California School Finance Authority, California, Charter School Revenue Bonds, Girls Athletic Leadership School Los Angeles Project, Series 2021A | 4.000 | 06/01/51 | 374417 |
| 1390000 | (d) | California School Finance Authority, California, Charter School Revenue Bonds, Girls Athletic Leadership School Los Angeles Project, Series 2021A | 4.000 | 06/01/61 | 983510 |
| 2770000 | (d) | California School Finance Authority, California, Charter School Revenue Bonds, Hayward Twin Oaks Montessori Charter School Project, Series 2024A | 6.125 | 06/15/64 | 2643533 |
| 5375000 |  | California School Finance Authority, California, Charter School Revenue Bonds, TEACH Public Schools Obligated Group, Series 2016A | 5.750 | 06/01/42 | 5409999 |
| 5065000 |  | California School Finance Authority, California, Charter School Revenue Bonds, TEACH Public Schools Obligated Group, Series 2016A | 5.875 | 06/01/52 | 5094150 |
| 1000000 | (d) | California School Finance Authority, California, Charter School Revenue Bonds, TEACH Public Schools Obligated Group, Series 2019A | 5.000 | 06/01/49 | 961718 |
| 8810000 | (d) | California School Finance Authority, Charter School Lease Revenue Bonds, Pathways to College Project, Series 2023A | 7.500 | 06/15/63 | 9044134 |
| 1175000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Arts in Action Charter Schools - Obligated Group, Series 2020A | 5.000 | 06/01/40 | 1078131 |
| 1850000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Arts in Action Charter Schools - Obligated Group, Series 2020A | 5.000 | 06/01/50 | 1618544 |
| 2930000 | (d) | California School Finance Authority, Charter School Revenue Bonds, CIty Charter School Obligated Group, Series 2016A | 5.000 | 06/01/52 | 2719805 |
| 875000 | (d),(h) | California School Finance Authority, Charter School Revenue Bonds, Escuela Popular Charter School, Series 2017, (Pre- refunded 7/01/27) | 6.250 | 07/01/37 | 931289 |
| 375000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Escuela Popular Charter School, Series 2017 | 6.250 | 07/01/37 | 382288 |
| 2940000 | (d),(h) | California School Finance Authority, Charter School Revenue Bonds, Escuela Popular Charter School, Series 2017, (Pre- refunded 7/01/27) | 6.500 | 07/01/50 | 3140322 |
| 1885000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Escuela Popular Charter School, Series 2017 | 6.500 | 07/01/50 | 1910324 |
| 1680000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Kepler Neighborhood School, Series 2017A | 5.875 | 05/01/47 | 1685892 |
| 1165000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Larchmont Charter School Project , Series 2018A | 5.000 | 06/01/43 | 1145400 |
| 6865000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Russell Westbrook Why Not? Academy ? Obligated Group, Series 2021A | 4.000 | 06/01/41 | 5808614 |
| 3000000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Russell Westbrook Why Not? Academy ? Obligated Group, Series 2021A | 4.000 | 06/01/51 | 2326105 |
| 1600000 |  | California School Finance Authority, Charter School Revenue Bonds, Santa Clarita Valley International School Project, Series 2021A | 4.000 | 06/01/51 | 1162680 |
| 10000000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep Public Schools ? Obligated Group, Series 2020A | 5.000 | 06/01/60 | 8770761 |
| 3615000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Urban Discovery Academy Project, Series 2024A | 7.000 | 06/01/54 | 3510901 |
| 375000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Urban Discovery Academy Project, Series 2024B | 9.000 | 06/01/34 | 380243 |

---

12 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Valley International Preparatory High School Project, Series 2022A | 5.125% | 03/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630846 |
| 3750000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Valley International Preparatory High School Project, Series 2022A | 5.250 | 03/01/62 | 2773112 |
| 1280000 | (d) | California School Finance Authority, School Facility Revenue Bonds, Value Schools, Series 2016A | 5.750 | 07/01/41 | 1293591 |
| 2250000 | (d) | California School Finance Authority, School Facility Revenue Bonds, Value Schools, Series 2016A | 6.000 | 07/01/51 | 2273163 |
| 3000000 | (f) | California State, General Obligation Bonds, Refunding Various Purpose Series 2021 | 3.000 | 12/01/46 | 2379550 |
| 1000000 |  | California State, General Obligation Bonds, Refunding Various Purpose Series 2021 | 3.000 | 12/01/49 | 770712 |
| 500000 |  | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A | 5.250 | 12/01/34 | 500304 |
| 15470000 |  | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A | 5.250 | 12/01/44 | 15474358 |
| 49220000 |  | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A | 5.500 | 12/01/54 | 49234338 |
| 12090000 | (d) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.000 | 12/01/41 | 12130330 |
| 1620000 | (d) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.000 | 12/01/46 | 1606059 |
| 33955000 | (d) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.250 | 12/01/56 | 33996116 |
| 2000000 | (d) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A | 5.500 | 12/01/58 | 2034944 |
| 8150000 | (d) | California Statewide Communities Development Authority, Revenue Bonds, Lancer Educational Student Housing Project, Refunding Series 2016A | 5.000 | 06/01/46 | 7950763 |
| 3245000 |  | California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2015-2 Rio Bravo, Series 2015A | 5.375 | 09/01/35 | 3261343 |
| 3285000 |  | California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2015-2 Rio Bravo, Series 2015A | 5.625 | 09/01/45 | 3297537 |
| 2665000 |  | California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2016-02 Delta Coves, Series 2022 | 5.500 | 09/01/52 | 2770091 |
| 1860000 |  | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2011A | 8.000 | 09/02/41 | 1791433 |
| 4624 | (c),(e) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 12/31/25 | 4624 |
| 22290 | (c),(e) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 07/01/30 | 22290 |
| 32817 | (c),(e) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 07/01/35 | 32817 |
| 28423 | (c),(e) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.500 | 07/01/39 | 28422 |

---

See Notes To Financial Statements<sub>13</sub>

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5706 | (c),(e) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005H | 5.750% | 07/01/25 | $5706 |
| 5000000 | (f) | Central Unified School District, Fresno County, California, General Obligation Bonds, 2020 Election Series 2021A - AGM Insured | 4.000 | 08/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795491 |
| 1000000 | (d) | CMFA Special Finance Agency XII, California, Essential Housing Revenue Bonds, Allure Apartments Project, Series 2022A-2 | 3.250 | 02/01/57 | 721976 |
| 3250000 | (d) | CMFA Special Finance Agency, California, Essential Housing Revenue Bonds, Latitude 33, Senior Series 2021A-1 | 3.000 | 12/01/56 | 2200506 |
| 3290000 | (d) | CMFA Special Financing Agency VIII, California, Essential Housing Revenue Bonds, Elan Huntington Beach, Senior Lien Series 2021A-1 | 3.000 | 08/01/56 | 2224408 |
| 95000 |  | Compton Public Finance Authority, California, Lease Revenue Bonds, Refunding & Various Capital Projects, Series 2008 - AMBAC Insured | 5.250 | 09/01/27 | 95085 |
| 1000000 |  | County of Sacramento, California, McClellan Park Community Facilities District No. 2004-1 Special Tax Bonds Series 2017 | 5.000 | 09/01/35 | 1016167 |
| 51840000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Altana Glendale, Series 2021A-2 | 4.000 | 10/01/56 | 40164631 |
| 11700000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Center City Anaheim, Series 2020A | 5.000 | 01/01/54 | 9849851 |
| 8000000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Escondido Portfolio, Social Senior Lien Series 2021A-2 | 4.000 | 06/01/58 | 6357133 |
| 5025000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Jefferson-Anaheim Series 2021A-2 | 3.125 | 08/01/56 | 3783959 |
| 2095000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda at Monrovia Station, Social Series 2021A-1 | 3.400 | 10/01/46 | 1648831 |
| 8000000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda at Monrovia Station, Social Series 2021A-2 | 4.000 | 10/01/56 | 6149343 |
| 9735000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Series 2021B | 4.000 | 07/01/58 | 6616947 |
| 2040000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Oceanaire-Long Beach, Social Series 2021A-2 | 4.000 | 09/01/56 | 1527185 |
| 5000000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Orange City Portfolio, Senior Lien Series 2021A-2 | 3.000 | 03/01/57 | 3416337 |
| 2990000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Parallel-Anaheim Series 2021A | 4.000 | 08/01/56 | 2641652 |
| 4825000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Mezzanine Senior Series 2021B | 4.000 | 12/01/56 | 3625488 |
| 995000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Towne-Glendale, Mezzanine Lien Social Series 2022B | 5.000 | 09/01/37 | 986399 |
| 4375000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Vineyard Gardens Apartments, Senior Lien Series 2021A | 3.250 | 10/01/58 | 2983811 |
| 21000000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena Apartments, Mezzanine Lien Series 2021B | 4.000 | 06/01/57 | 6445198 |
| 9400000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-2 | 3.125 | 06/01/57 | 5691953 |
| 34280000 |  | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Mezzanine Lien Series 2021A-2 | 4.000 | 12/01/58 | 25452201 |

---

14 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Mezzanine Lien Series 2021B | 4.000% | 12/01/59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096561 |
| 30000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Senior Lien Series 2021A-1 | 3.000 | 12/01/49 | 20175 |
| 15035000 | Downey Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2022 Series 2023A | 4.000 | 08/01/52 | 14244566 |
| 10000000 (f) | Dublin Unified School District, Alameda County, California, General Obligation Bonds, Election 2020 Series 2023B | 4.125 | 08/01/49 | 9829191 |
| 3460000 | Fairfield, California, Special Tax Bonds, Community Facilities District 2007-1 Fairfield Commons Project, Series 2008 | 6.875 | 09/01/38 | 3500656 |
| 2295000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2021A | 4.000 | 01/15/46 | 2187112 |
| 2500000 | Fresno Unified School District, Fresno County, California, General Obligation Bonds, Election 2020 Series 2021A | 3.000 | 08/01/55 | 1788003 |
| 4715000 | Glendale Community College District, Los Angeles County, California, General Obligation Bonds, Election 2016 Taxable Refunding Series 2020B | 0.000 | 02/01/45 | 1870950 |
| 4095000 (f) | Glendale Community College District, Los Angeles County, California, General Obligation Bonds, Election 2016 Taxable Refunding Series 2020B | 4.000 | 08/01/50 | 3887703 |
| 700765000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Series 2021B-2 | 0.000 | 06/01/66 | 75466995 |
| 6000000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2022A-1 | 5.000 | 06/01/51 | 6074209 |
| 5760000 | Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Augusta Communities Mobile Home Park, Refunding Series 2022A | 5.250 | 05/15/56 | 5923180 |
| 160000 | Indio Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Subordinate Lien Refunding Series 2008A | 5.250 | 08/15/28 | 160397 |
| 61000000 | Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007C-1.Turbo Capital Appreciation | 0.000 | 06/01/36 | 28444947 |
| 187500000 | Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007C-2. Turbo Capital Appreciation | 0.000 | 06/01/47 | 36895987 |
| 1945000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 1, Series 2019 | 5.400 | 09/01/38 | 1963498 |
| 3095000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 1, Series 2019 | 5.500 | 09/01/43 | 3100518 |
| 4830000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 1, Series 2019 | 5.600 | 09/01/49 | 4837618 |
| 1945000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 2, Series 2019 | 5.500 | 09/01/43 | 1948467 |
| 3665000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 2, Series 2019 | 5.600 | 09/01/49 | 3670781 |
| 2410000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 3, Series 2019 | 5.400 | 09/01/38 | 2432921 |
| 3820000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 3, Series 2019 | 5.500 | 09/01/43 | 3826810 |
| 7205000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 3, Series 2019 | 5.600 | 09/01/49 | 7221948 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **15** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1, Central Lathrop Specific Plan Improvement Areas 4, Series 2019 | 5.400% | 09/01/38 | $842941 |
| 1335000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1, Central Lathrop Specific Plan Improvement Areas 4, Series 2019 | 5.500 | 09/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337380 |
| 2515000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1, Central Lathrop Specific Plan Improvement Areas 4, Series 2019 | 5.600 | 09/01/49 | 2518967 |
| 5000000 |  | Lennox School District, Los Angeles County, California, General Obligation Bonds, Election 2016 Series 2017 - AGM Insured | 4.000 | 08/01/47 | 4804898 |
| 20925000 | (f),(g) | Long Beach Community College District, California, General Obligation Bonds, Refunding 2008 Election Series 2012B - BAM Insured, (UB) | 0.000 | 08/01/49 | 14036444 |
| 32355000 | (f) | Long Beach Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2016, Series 2017A-BAM Insured, (UB) | 4.000 | 08/01/45 | 31348093 |
| 8000000 | (f) | Long Beach Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2016, Series 2023C | 4.000 | 08/01/53 | 7580238 |
| 1765000 |  | Los Alamitos Unified School District, Orange County, California, Certificates of Participation, Series 2012 | 6.050 | 08/01/42 | 1925146 |
| 6665000 | (f) | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Subordinate Green Series 2025A, (AMT), (UB) | 5.500 | 05/15/55 | 7098252 |
| 3000000 |  | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Subordinate Lien Private Activity Series 2021A, (AMT) | 5.000 | 05/15/51 | 3021645 |
| 2000000 |  | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Subordinate Series 2022G, (AMT) | 4.000 | 05/15/47 | 1783428 |
| 13600000 | (f) | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2020C, (AMT), (UB) | 4.000 | 05/15/50 | 11965640 |
| 10000000 | (f) | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Series 2022H, (AMT), (UB) | 5.000 | 05/15/47 | 10157404 |
| 5950000 | (f) | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016B, (AMT), (UB) | 5.000 | 05/15/46 | 5955101 |
| 10000000 | (f) | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018A, (AMT), (UB) | 5.250 | 05/15/48 | 10146268 |
| 7500000 | (f) | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2019E, (UB) | 5.000 | 05/15/49 | 7715093 |
| 12125000 | (f) | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2021D, (AMT), (UB) | 5.000 | 05/15/46 | 12298059 |
| 1750000 |  | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2022A, (AMT) | 4.000 | 05/15/49 | 1542511 |
| 3902112 | (e) | Northstar Community Services District, California, Special Tax Bonds, Community Facilities District 1, Refunding Series 2005 | 1.908 | 09/01/28 | 1092591 |
| 2305000 | (g) | Orland Joint Unified School District, Glenn and Tehama Counties, California, General Obligation Bonds, 2008 Election, Series 2012B | 0.000 | 08/01/51 | 1787856 |
| 970000 | (g) | Orland Joint Unified School District, Glenn and Tehama Counties, California, General Obligation Bonds, 2008 Election, Series 2013C | 0.000 | 08/01/43 | 719013 |
| 7730000 |  | Oroville, California, Revenue Bonds, Oroville Hospital Series 2019 | 5.250 | 04/01/39 | 6209545 |
| 1000000 |  | Oroville, California, Revenue Bonds, Oroville Hospital Series 2019 | 5.250 | 04/01/49 | 796975 |

---

16 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250000 |  | Oroville, California, Revenue Bonds, Oroville Hospital Series 2019 | 5.250% | 04/01/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5647134 |
| 1230000 |  | Palmdale Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Areas, Series 2002 - AMBAC Insured | 0.000 | 12/01/31 | 965196 |
| 1225000 |  | Palmdale Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Areas, Series 2002 - AMBAC Insured | 0.000 | 12/01/32 | 919808 |
| 2985000 |  | River Delta Unified School District, Sacramento and Solano Counties, California, General Obligation Bonds, School Faciliteis Improvement District 2, Election 2004 Series 2008 - AGM Insured | 0.000 | 04/01/48 | 1034284 |
| 4165000 |  | River Islands Public Financing Authority, California, Special Tax Bonds, Community Facilities District 2003-1 Improvement Area 1, Subordinate Series 2022B-2 | 5.000 | 09/01/42 | 4213763 |
| 3000000 |  | River Islands Public Financing Authority, California, Special Tax Bonds, Community Facilities District 2003-1 Improvement Area 1, Subordinate Series 2022B-2 | 5.250 | 09/01/47 | 3055263 |
| 5410000 |  | River Islands Public Financing Authority, California, Special Tax Bonds, Community Facilities District 2003-1 Improvement Area 1, Subordinate Series 2022B-2 | 5.000 | 09/01/52 | 5307136 |
| 7100000 |  | Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Interstate 215 Corridor Redevelopment Project Area, 2nd Lien Series 2011E | 0.000 | 12/01/41 | 3282481 |
| 7075000 |  | Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Interstate 215 Corridor Redevelopment Project Area, 2nd Lien Series 2011E | 0.000 | 12/01/42 | 3079479 |
| 7050000 |  | Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Interstate 215 Corridor Redevelopment Project Area, 2nd Lien Series 2011E | 0.000 | 12/01/43 | 2909096 |
| 5600000 |  | Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Interstate 215 Corridor Redevelopment Project Area, 2nd Lien Series 2011E | 0.000 | 12/01/44 | 2194880 |
| 20000000 | (f) | Riverside County Transportation Commission, California, Toll Revenue Second Lien Bonds, RCTC 91 Express Lanes, Refunding Series 2021C, (UB) | 4.000 | 06/01/47 | 18875054 |
| 550000 |  | Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community Facilities District 2, Series 2007 - NPFG Insured | 0.000 | 09/01/36 | 347371 |
| 660000 |  | Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community Facilities District 2, Series 2007 - NPFG Insured | 0.000 | 09/01/37 | 395774 |
| 1000000 |  | Roseville, California, Special Tax Bonds, Community Facilities District 1 Ranch at Sierra Vista, Public Facilities Series 2023 | 5.000 | 09/01/48 | 1019327 |
| 3000000 | (d),(f) | Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 2016-XG0100 - AMBAC Insured, (IF) | 11.117 | 12/01/30 | 4158141 |
| 2500000 | (d),(f) | Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 2016-XG0100 - AMBAC Insured, (IF) | 11.117 | 12/01/30 | 3465117 |
| 6580000 | (d),(f) | Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 2016-XG0100 - AMBAC Insured, (IF) | 11.117 | 12/01/33 | 10018813 |
| 4340000 |  | Sacramento, California, Special Tax Bonds, Community Facilities District 05-1 College Square, Series 2007 | 5.900 | 09/01/37 | 4372183 |
| 2150000 | (d) | Sacramento, California, Special Tax Bonds, Community Facilities District 2018-01 Railyards, Improvements Series 2022 | 5.250 | 09/01/42 | 2211067 |
| 4000000 | (d) | Sacramento, California, Special Tax Bonds, Community Facilities District 2018-01 Railyards, Improvements Series 2022 | 5.250 | 09/01/47 | 4073684 |
| 2250000 | (d) | Sacramento, California, Special Tax Bonds, Community Facilities District 2018-01 Railyards, Improvements Series 2022 | 5.375 | 09/01/52 | 2286370 |
| 4914000 | (d) | San Bernardino City, California, Pension Obligation Bonds, Taxable Series 2020A | 6.750 | 12/15/46 | 5027915 |
| 1725000 |  | San Bernardino County Financing Authority, California, Revenue Bonds, Courthouse Facilities Project, Series 2007 - NPFG Insured | 5.500 | 06/01/37 | 1776162 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **17** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;17205000 | (f) | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, International Senior Series 2023B, (AMT), (UB) | 5.000% | 07/01/53 | $&nbsp;&nbsp;&nbsp;&nbsp;17467911 |
| 2900000 | (f) | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2019B, (AMT), (UB) | 4.000 | 07/01/44 | 2657103 |
| 12840000 | (f) | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2019B, (AMT), (UB) | 5.000 | 07/01/49 | 12898577 |
| 23370000 | (f) | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2021B - AGM Insured, (AMT), (UB) | 4.000 | 07/01/51 | 20654644 |
| 10735000 | (f) | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2021B, (AMT), (UB) | 5.000 | 07/01/51 | 10842453 |
| 11840000 |  | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2021B, (AMT) | 4.000 | 07/01/56 | 10151882 |
| 12520000 | (f) | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2021B, (AMT), (UB) | 5.000 | 07/01/56 | 12589027 |
| 5435000 |  | San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2024A, (AMT) | 5.250 | 05/01/49 | 5618031 |
| 17460000 | (f) | San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2022A, (AMT), (UB) | 4.000 | 05/01/52 | 15094156 |
| 25000000 | (f) | San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2022A, (AMT), (UB) | 5.000 | 05/01/52 | 25236963 |
| 12000000 | (f) | San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2025A, (AMT), (UB) | 5.250 | 05/01/55 | 12568790 |
| 23185000 | (f) | San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2025A, (AMT), (UB) | 5.500 | 05/01/55 | 24881287 |
| 12765000 | (f) | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019A, (AMT), (UB) | 5.000 | 05/01/44 | 12922520 |
| 17000000 | (f) | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019A, (AMT), (UB) | 5.000 | 05/01/49 | 17125362 |
| 43630000 | (f) | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D, (AMT), (UB) | 5.000 | 05/01/48 | 43852565 |
| 106295000 | (f) | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D, (AMT), (UB) | 5.250 | 05/01/48 | 107741920 |
| 4000000 |  | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019E, (AMT) | 5.000 | 05/01/50 | 4018771 |
| 28600000 | (f) | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019E, (AMT), (UB) | 5.000 | 05/01/50 | 28734214 |
| 2000000 | (d) | San Francisco City and County Infrastructure and Revitalization Financing District 1 Treasure Island, California, Tax Increment Revenue Bonds, Facilities Increment Series 2022A | 5.000 | 09/01/52 | 1905454 |
| 20035000 | (f),(g) | San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A - BAM Insured, (UB) | 0.000 | 07/01/51 | 15268247 |
| 6675000 |  | Santa Clara County Housing Authority, California, Multifamily Housing Revenue Bonds, Blossom River Project, Series 1998A, (AMT) | 6.500 | 09/01/39 | 6674341 |
| 7500000 |  | Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A | 0.000 | 06/01/47 | 1844150 |

---

18 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94800000 | Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Turbo Capital Appreciation Series 2007C | 0.000% | 06/01/56 | $9670377 |
| 10000000 (f) | Sweetwater Union High School District, California, General Obligation Bonds, Refunding Series 2016 - BAM Insured, (UB) | 4.000 | 08/01/47 | 9637713 |
| 1725000 (d) | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017 | 5.500 | 09/01/27 | 1779624 |
| 3605000 (d) | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017 | 5.750 | 09/01/32 | 3770368 |
| 4890000 (d) | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017 | 6.125 | 09/01/37 | 5095968 |
| 13145000 (d) | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017 | 6.250 | 09/01/47 | 13574538 |
| 150400000 | Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, First Subordinate CABs, Series 2006B | 0.000 | 06/01/46 | 37124330 |
| 27875000 (f) | University of California Regents, Medical Center Pooled Revenue Bonds, Series 2022P, (UB) | 4.000 | 05/15/53 | 26029393 |
| 4000000 | Walnut Creek School District, Contra Costa County, California,<br> General Obligation Bonds, Election 2022 Series 2023A | 4.000 | 09/01/52 | 3777170 |
|  | TOTAL CALIFORNIA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755430788 |
|  | **COLORADO - 12.1%** |  |  |  |
| 4000000 | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2021 | 4.375 | 12/01/52 | 3471913 |
| 16525000 (d) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.750 | 12/01/54 | 17058599 |
| 464000 | Amber Creek Metropolitan District (In the City of Thornton), Adams County, Colorado, Limited Tax (Convertible to Unlimited Tax), General Obligation Refunding and Improvement Bonds, Series 2017B | 7.750 | 12/15/47 | 447960 |
| 903000 | Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Junior Lien Series Series 2021B | 5.500 | 12/15/37 | 849399 |
| 1825000 | Arvada West Town Center Business Improvement District, Colorado, General Obligation Bonds, Refunding Series 2015 | 5.450 | 12/01/39 | 1826245 |
| 500000 | Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.000 | 12/01/50 | 490665 |
| 2290000 | Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2020B | 7.750 | 12/15/50 | 2190604 |
| 129889000 | Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue Bonds, Refunding & Improvement Series 2021A | 5.750 | 12/01/51 | 121296258 |
| 4495000 (f) | Aurora, Colorado, Sewer Revenue Bonds, Pipeline Interceptor Project, First Lien Series 2023, (UB) | 4.000 | 08/01/53 | 4175190 |
| 1250000 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A | 5.000 | 12/01/39 | 1245784 |
| 5920000 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A | 5.000 | 12/01/48 | 5634544 |
| 4279000 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2019B | 7.750 | 12/15/48 | 4194169 |
| 3192000 | Banning Lewis Ranch Metropolitan District 4, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2018A | 5.750 | 12/01/48 | 3201677 |
| 2188000 | Banning Lewis Ranch Metropolitan District 5, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2018A | 5.750 | 12/01/48 | 2194633 |
| 2500000 | Banning Lewis Ranch Regional Metropolitan District, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2018A | 5.375 | 12/01/48 | 2442072 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **19** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396000 |  | Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A | 5.500% | 12/01/36 | $2397401 |
| 5010000 |  | Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A | 5.750 | 12/01/46 | 5011776 |
| 3800000 |  | Baseline Metropolitan District 1, In the City and County of Broomfield, Colorado, Special Revenue Bonds, Subordinate Series 2024B | 6.750 | 12/15/54 | 3797127 |
| 3210000 | (d),(g) | Bella Mesa Metropolitan District, Castle Rock, Colorado, Limited Tax General Obligation Bonds, Convertible Capital Appreciation Series 2020A-3 | 0.000 | 12/01/49 | 3160099 |
| 2880000 |  | Belleview Place Metropolitan District, Arapahoe County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2020A-3 | 5.000 | 12/01/50 | 2675103 |
| 157000 |  | Belleview Place Metropolitan District, Arapahoe County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2020B-3 | 8.000 | 12/15/50 | 156185 |
| 2587000 |  | Belleview Village Metropolitan District, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2020 | 4.950 | 12/01/50 | 2381987 |
| 6160000 |  | Bennett Crossing Metropolitan District, Bennett, Adams County, Colorado, General Obligation Limited Tax Bonds, Series 2020A-3 | 6.125 | 12/01/49 | 6122019 |
| 3250000 |  | Bennett Ranch Metropolitan District 1, Adams County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A | 5.000 | 12/01/41 | 2981115 |
| 1690000 | (d) | Bent Grass Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2020 | 5.250 | 12/01/49 | 1610596 |
| 2312000 |  | Berkley Shores Metropolitan District, Adams County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2020A-3 | 5.250 | 12/01/50 | 2125450 |
| 334000 |  | Bijou Creek Metropolitan District, Arapahoe County, Colorado, General Obligation Limited Tax Bonds, Subordinate Series 2019B | 7.750 | 12/15/49 | 314606 |
| 1765000 |  | Bijou Creek Metropolitan District, Arapahoe County, Colorado, General Obligation Limited Tax Convertible to Unlimited Tax Bonds, Series 2019A | 5.000 | 12/01/49 | 1639044 |
| 18500000 |  | Bradley Heights Metropolitan District 2, Colorado Springs, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-3 | 4.750 | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14263530 |
| 1845000 | (d) | Bramming Farm Metropolitan District 1, Adams County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Capital Appreciation Series 2015 | 6.000 | 12/01/44 | 1819506 |
| 1405000 |  | Bramming Farm Metropolitan District 1, Adams County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2019B-3 | 8.500 | 12/15/49 | 1356027 |
| 10000000 | (f) | Brighton, Colorado, Water Activity Enterprise Revenue Bonds, Water System Project, Series 2025, (UB) | 4.000 | 06/01/50 | 9318709 |
| 9375000 |  | Broadway Station Metropolitan District 2, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A | 5.125 | 12/01/48 | 7632146 |
| 7075000 | (g) | Broadway Station Metropolitan District 2, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Subordinate (Convertible to Senior) Capital Appreciation (Convertible to Current Interest), Limited Tax (Convertible to Unlimited Tax) Series | 0.000 | 12/01/48 | 5455316 |
| 2582000 |  | Broadway Station Metropolitan District 3, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A | 5.000 | 12/01/39 | 2231836 |
| 5500000 |  | Broadway Station Metropolitan District 3, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A | 5.000 | 12/01/49 | 4288994 |
| 18415000 | (g) | Broadway Station Metropolitan District 3, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Subordinate Convertible to Senior Capital Appreciation Series 2019B | 0.000 | 12/01/49 | 12519150 |

---

20 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138000 | Buffalo Highlands Metropolitan District, Commerce City, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax, Refunding & Improvement Series 2018A | 5.250% | 12/01/38 | $1122582 |
| 2250000 | Buffalo Highlands Metropolitan District, Commerce City, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax, Refunding & Improvement Series 2018A | 5.375 | 12/01/48 | 2203667 |
| 1226000 | Buffalo Highlands Metropolitan District, Commerce City, Colorado, Limited Tax General Obligation Bonds, Refunding Subordinate Series 2018B | 7.625 | 12/15/46 | 1196995 |
| 1284500 | Buffalo Ridge Metropolitan District (In the City of Commerce City), Adams County, Colorado, General Obligation Refunding and Improvement Bonds, Series 2018B | 7.375 | 12/15/47 | 1288054 |
| 2400000 | Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Subordinate Refunding Series 2024B - BAM Insured | 6.500 | 12/01/54 | 2451686 |
| 3162500 | Carousel Farms Metropolitan District, Town of Parker, Douglas County, Colorado, General Obligation Limited Tax Bonds, Series 2021A | 5.375 | 12/01/51 | 2743228 |
| 4905000 | Carriage Hills Metropolitan District, Frederick, Colorado, Limited Tax General Obligation Bonds, Series 2018A | 5.500 | 12/01/47 | 4884308 |
| 4495000 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Improvement Series 2018 | 5.250 | 12/01/48 | 4323060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21270000 (d) | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/47 | 19894210 |
| 12875000 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2020A | 5.000 | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11771699 |
| 6000000 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Improvement Bonds, Series 2022 | 6.500 | 12/01/53 | 6121127 |
| 3851000 | Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, Refunding Senior Lien Series 2015A | 5.000 | 06/01/37 | 3775600 |
| 1276000 | Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, Refunding Subordinate Lien Series 2016B | 8.000 | 06/15/37 | 1251087 |
| 1370000 | Cherry Hills City Metropolitan District, Arapahoe County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Series 2020A-3 | 5.000 | 12/01/47 | 1306970 |
| 1450000 | Citadel on Colfax Business Improvement District, Aurora, Colorado, Special Revenue and Tax Supported Bonds, Senior Series 2020A | 5.350 | 12/01/50 | 1366777 |
| 1035000 | City Center West Residential Metropolitan District 2, Greeley, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax, Series 2019A | 5.000 | 12/01/49 | 954607 |
| 700000 | Clear Creek Transit Metropolitan District 2, Adams County, Colorado, Revenue Supported Limited Tax General Obligation Bonds, Series 2021A | 5.000 | 12/01/50 | 521429 |
| 2250000 | Colliers Hill Metropolitan District 2, Erie, Weld County, Colorado, General Obligation Limited Tax Bonds, Taxable Refunding Subordinate Series 2022B-1 - BAM Insured | 5.750 | 12/15/47 | 2193141 |
| 3500000 | Colorado Crossing Metropolitan District 2, Colorado Springs, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2020A-1 | 5.000 | 12/01/50 | 3282903 |
| 4350000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds World Compass Academy Project, Series 2017 | 5.375 | 10/01/37 | 3941472 |
| 8925000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds World Compass Academy Project, Series 2017 | 5.500 | 10/01/47 | 7830724 |
| 6625000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds World Compass Academy Project, Series 2017 | 5.625 | 10/01/52 | 5897417 |
| 1350000 (d) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Aspen Ridge School Project, Series 2015A | 5.250 | 07/01/46 | 1350365 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **21** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 |  | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy Project, Series 2008 | 6.500% | 07/01/38 | $1752108 |
| 1000000 | (d) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Loveland Classical Schools Project, Series 2016 | 5.000 | 07/01/46 | 967467 |
| 350000 | (d) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A | 4.000 | 07/01/51 | 267277 |
| 7745000 |  | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Thomas MacLaren State Charter School Project, Refunding & Improvement Series 2020A | 5.000 | 06/01/50 | 7538222 |
| 615000 |  | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Twin Peaks Charter Academy, Series 2011B | 7.500 | 03/15/35 | 616781 |
| 500000 | (d) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, University of Northern Colorado Lab School, Refunding & Improvement Series 2015 | 5.000 | 12/15/35 | 500963 |
| 2500000 | (d) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, University of Northern Colorado Lab School, Refunding & Improvement Series 2015 | 5.000 | 12/15/45 | 2418601 |
| 890000 |  | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,Science Technology Engineering and Math School Project, Refunding Series 2014 | 5.000 | 11/01/44 | 856250 |
| 1055000 |  | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,Science Technology Engineering and Math School Project, Refunding Series 2014 | 5.125 | 11/01/49 | 1020198 |
| 14650000 | (f) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2019A, (UB) | 4.000 | 11/15/43 | 13463644 |
| 6490000 | (f) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2021A, (UB) | 4.000 | 11/15/50 | 5705078 |
| 7130000 | (f) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2021A | 3.000 | 11/15/51 | 5218547 |
| 21500000 | (e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Series 2013 | 8.000 | 08/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13713523 |
| 4085000 | (d),(e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2016 | 6.125 | 02/01/46 | 2804258 |
| 5000000 | (f) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/44 | 5048963 |
| 45000 |  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 4.000 | 08/01/49 | 39790 |
| 4100000 |  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A | 5.250 | 11/01/52 | 4248302 |
| 6000000 | (f) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2022A, (UB) | 5.000 | 05/15/47 | 6261802 |
| 14000000 | (f) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2022A, (UB) | 5.000 | 05/15/52 | 14430401 |
| 335000 | (d),(e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sunny Vista Living Center Project, Refunding & Improvement Series 2015A | 5.000 | 12/01/25 | 310573 |
| 750000 | (d),(e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sunny Vista Living Center Project, Refunding & Improvement Series 2015A | 5.500 | 12/01/30 | 585794 |
| 1650000 | (d),(e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sunny Vista Living Center Project, Refunding & Improvement Series 2015A | 5.750 | 12/01/35 | 1163065 |
| 3600000 | (d),(e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sunny Vista Living Center Project, Refunding & Improvement Series 2015A | 6.125 | 12/01/45 | 2305460 |
| 5070000 | (d),(e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sunny Vista Living Center Project, Refunding & Improvement Series 2015A | 6.250 | 12/01/50 | 3264895 |

---

22 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | Colorado High Performance Transportation Enterprise, US 36 and I-25 Managed Lanes Revenue Bonds, Senior Lien Series 2014, (AMT) | 5.750% | 01/01/44 | $4252716 |
| 31920000 | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018 | 5.875 | 12/01/46 | 31935392 |
| 750000 | Colorado International Center Metropolitan District 3, Aurora, Colorado, General Obligation Limited Tax Bonds, Junior Lien Series 2018C | 12.500 | 12/15/38 | 742456 |
| 657000 | Colorado International Center Metropolitan District 3, Aurora, Colorado, General Obligation Limited Tax Bonds, Series 2018B | 7.500 | 12/15/38 | 646596 |
| 15070000 | Colorado International Center Metropolitan District 4, Adams County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & Improvement Convertible Capital Appreciation Series 2019A-2 | 6.250 | 12/01/48 | 15289909 |
| 1996000 | Colorado International Center Metropolitan District 4, Adams County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Subordinate Series 2019B-2 | 8.750 | 12/15/48 | 1970631 |
| 30925000 (g) | Colorado International Center Metropolitan District 4, Adams County, Colorado, Limited Tax General Obligation and Special Revenue Refunding and Improvement Convertible Capital Appreciation Bonds, Series 2019A-1 | 0.000 | 12/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29894480 |
| 13000000 | Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020 | 6.500 | 12/01/50 | 12585373 |
| 3715000 (e) | Colorado Springs Urban Renewal Authority, Colorado, Senior Special Revenue Bonds, Canyon Creek Project, Series 2018A | 5.750 | 12/01/47 | 2989393 |
| 1086000 (e) | Colorado Springs Urban Renewal Authority, Colorado, Senior Special Revenue Bonds, Canyon Creek Project, Series 2018B | 8.125 | 12/15/47 | 833132 |
| 18000000 (f) | Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2023A, (UB) | 5.250 | 11/15/53 | 19187458 |
| 3160000 | Colorado Tech Center Metropolitan District, Louisville, Colorado, General Obligaiton Bonds, Series 2018 | 6.000 | 12/01/47 | 2979946 |
| 1495000 | Commons at East Creek Metropolitan District, Arapahoe County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Series 2020A-3 | 5.000 | 12/01/50 | 1328707 |
| 4405000 | Confluence Metropolitan District, Eagle County, Colorado, Limited Tax Supported Revenue Bonds, Subordinate Series 2021B | 5.500 | 12/15/50 | 4000437 |
| 1755000 | Constitution Heights Metropolitan District, El Paso County, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2020 | 5.000 | 12/01/49 | 1645449 |
| 1325000 | Copperleaf Metropolitan District 3, Arapahoe County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2021B | 5.500 | 12/15/36 | 1268682 |
| 725000 | Copperleaf Metropolitan District 6, Arapahoe County, Colorado, Limited Tax, General Obligation Bonds, Subordinate Series 2022B | 6.000 | 12/15/41 | 721522 |
| 1910000 | Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A | 5.125 | 12/01/37 | 1898435 |
| 4600000 | Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A | 5.250 | 12/01/47 | 4491118 |
| 3846000 | Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017B | 5.250 | 12/01/47 | 3745189 |
| 5185000 (e) | Cornerstone Metropolitan District 2, Montrose and Ouray Counties, Colorado, Limited Tax General Obligation Refunding Bonds, Series 2010A | 8.000 | 12/01/40 | 5192160 |
| 5000000 | Crossroads Metropolitan District 1, El Paso County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2022 | 6.500 | 12/01/51 | 4965868 |
| 2375000 | Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016 | 5.250 | 12/01/40 | 2382781 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **23** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4460000 | Cumberland Green Metropolitan District, El Paso County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Series 2015 | 5.250% | 12/01/45 | $4366008 |
| 40580000 | 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23643263 |
| 3410000 | DC Metropolitan District, Denver County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2024A | 5.875 | 12/01/54 | 3281573 |
| 1250000 | DC Metropolitan District, Denver County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2024B | 8.000 | 12/15/54 | 1241015 |
| 1000000 | Del Norte, Colorado, Healthcare Facilities Revenue Bonds, Rio Grande Hospital Refunding Project, Refunding Series 2024 | 5.700 | 12/01/49 | 930844 |
| 1000000 | Del Norte, Colorado, Healthcare Facilities Revenue Bonds, Rio Grande Hospital Refunding Project, Refunding Series 2024 | 5.800 | 12/01/54 | 934960 |
| 9000000 (f) | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, (AMT), (UB) | 4.125 | 11/15/53 | 8004900 |
| 7085000 (f) | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, (AMT), (UB) | 5.500 | 11/15/53 | 7456867 |
| 8000000 (f) | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D, (AMT), (UB) | 5.000 | 11/15/53 | 8099341 |
| 8200000 (f) | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT), (UB) | 5.000 | 12/01/43 | 8239578 |
| 28210000 (f) | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT), (UB) | 4.000 | 12/01/48 | 24824146 |
| 8500000 (f) | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT), (UB) | 5.000 | 12/01/48 | 8516756 |
| 6000000 (f) | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT), (UB) | 5.250 | 12/01/48 | 6083640 |
| 15000000 (f) | Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Series 2021A, (UB) | 4.000 | 08/01/51 | 13710284 |
| 2659000 | Denver Gateway Center Metropolitan District, In the City and County of Denver, Colorado, General Obligation Limited Tax Bonds, Series 2018A | 5.500 | 12/01/38 | 2632689 |
| 6180000 | Denver Gateway Center Metropolitan District, In the City and County of Denver, Colorado, General Obligation Limited Tax Bonds, Series 2018A | 5.625 | 12/01/48 | 5914821 |
| 1855000 | Denver Gateway Center Metropolitan District, In the City and County of Denver, Colorado, General Obligation Limited Tax Bonds, Subordinate Series 2018B | 7.875 | 12/15/48 | 1784212 |
| 1796000 | Denver International Business Center Metropolitan District 1, Denver, Colorado, General Obligation Bonds, Subordinate Limited Tax Series 2019B | 6.000 | 12/01/48 | 1827954 |
| 1500000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A | 0.000 | 09/01/41 | 710147 |
| 70000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B-NPFG Insured | 0.000 | 09/01/30 | 57826 |
| 500000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B-NPFG Insured | 0.000 | 09/01/31 | 396275 |
| 500000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B-NPFG Insured | 0.000 | 09/01/33 | 362440 |
| 20000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A-NPFG Insured | 0.000 | 09/01/28 | 17851 |
| 1000000 (d) | Elbert and Highway 86 Commercial Metropolitan District, Elbert County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2021A | 5.000 | 12/01/51 | 904099 |
| 4100000 | Erie Highlands Metropolitan District 2, Weld County, Colorado, General Obligation Bonds, Limited Tax Series 2018A | 5.250 | 12/01/48 | 4108663 |
| 2975000 | Erie Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Series 2021 | 4.000 | 12/01/38 | 2514116 |
| 18000000 (d) | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A | 6.750 | 12/01/34 | 17430851 |

---

24 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340000 | Fallbrook Villas Metropolitan District, Thornton, Adams County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2019A | 5.250% | 12/01/49 | $2285058 |
| 398000 (d) | Fallbrook Villas Metropolitan District, Thornton, Adams County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2019B | 7.750 | 12/15/49 | 382898 |
| 695000 | Fiddler's Business Improvement District, Colorado, Limited Tax General Obligation Bonds, Greenwood Village Project, Series 2022 | 5.000 | 12/01/32 | 711469 |
| 5800000 | Fiddler's Business Improvement District, Colorado, Limited Tax General Obligation Bonds, Greenwood Village Project, Series 2022 | 5.550 | 12/01/47 | 5908832 |
| 3000 | Fitzsimons Village Metropolitan District 1, Arapahoe County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding Series 2020A | 5.000 | 12/01/49 | 2887 |
| 611000 | Fitzsimons Village Metropolitan District 1, Arapahoe County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding Subordinate Series 2020B | 7.000 | 12/15/49 | 565011 |
| 14495000 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014 | 5.750 | 12/01/30 | 14399790 |
| 34430000 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014 | 6.000 | 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33121963 |
| 5110000 | Four Corners Business Improvement District, Erie, Boulder County, Colorado, Limited Tax Supported Revenue Bonds, Series 2022 | 6.000 | 12/01/52 | 5173566 |
| 4220000 | Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A | 5.500 | 12/01/42 | 4209300 |
| 5780000 | Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A | 5.750 | 12/01/52 | 5741184 |
| 2266000 | Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Subordinate Series 2022B | 8.125 | 12/15/52 | 2284170 |
| 800000 | Frisco, Colorado, Marina Enterprise Revenue Bonds, Series 2019 | 5.000 | 12/01/48 | 754267 |
| 17145000 | Future Legends Sports Park Business Improvement District, Colorado, Limited Tax General Obligation Bonds Series 2022A and Subordinate Limited Tax General Obligation Bonds Series 2022B | 6.000 | 12/01/52 | 15826020 |
| 2321000 | Future Legends Sports Park Business Improvement District, Colorado, Limited Tax General Obligation Bonds Series 2022A and Subordinate Limited Tax General Obligation Bonds Series 2022B | 8.500 | 12/15/52 | 2149624 |
| 3428000 (d) | Future Legends Sports Park Metropolitan District 2, Colorado, General Obligation Bonds, Subordinate Series 2020B | 7.500 | 06/03/50 | 3079266 |
| 16375000 (d) | Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.500 | 06/01/50 | 14256136 |
| 2890000 | Gardens on Havana Metropolitan District 3, Arapahoe County, Colorado, Special Revenue Bonds, Refunding Series 2017A | 5.125 | 12/01/37 | 2864568 |
| 2525000 | Gardens on Havana Metropolitan District 3, Arapahoe County, Colorado, Special Revenue Bonds, Refunding Series 2017A | 5.250 | 12/01/47 | 2386662 |
| 1361000 | Gardens on Havana Metropolitan District 3, Arapahoe County, Colorado, Special Revenue Bonds, Refunding Subordinate Series 2017B | 7.750 | 12/15/47 | 1361742 |
| 1370000 (d) | Glen Metropolitan District 3, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2021 | 4.250 | 12/01/51 | 1086058 |
| 1320000 | Glen Metropolitan District. 2, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2017 | 5.000 | 12/01/47 | 1262609 |
| 1000000 (d) | Granary Metropolitan District 9, Weld County, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024 | 5.450 | 12/01/44 | 965890 |
| 5490000 (d) | Granby Ranch Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2018 | 5.500 | 12/01/52 | 5346256 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **25** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010000 | Grand Junction Dos Rios General Improvement District, Grand Junction, Mesa County, Colorado, Special Revenue Bonds, Series 2021 | 4.750% | 12/01/51 | $2374018 |
| 8855000 | Grandview Reserve Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Senior Bonds, Series 2022A and Limited Tax General Obligation Subordinate Bonds, Series 2022B(3) | 6.250 | 12/01/52 | 8518412 |
| 3165000 | Grandview Reserve Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Senior Bonds, Series 2022A and Limited Tax General Obligation Subordinate Bonds, Series 2022B(3) | 9.000 | 12/15/52 | 3134271 |
| 7255000 | Green Valley Ranch East Metropolitan District 6, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3 | 5.875 | 12/01/50 | 7248416 |
| 1930000 (d) | Greenspire Metropolitan District 1, Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 5.125 | 12/01/51 | 1748420 |
| 1327000 | Haskins Station Metropolitan District, Arvada, Colorado, General Obligation Bonds, Limited Tax Special Revenue Subordinate Series 2019B | 8.750 | 12/15/49 | 1195120 |
| 2000000 | Haymeadow Metropolitan District 1, Eagle County, Colorado, General Obligation Bonds, Subordinate Limited Tax Series 2025A | 6.125 | 12/01/54 | 2006460 |
| 1200000 | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024A-2 | 6.500 | 12/01/43 | 1235298 |
| 14810000 (d) | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024 | 5.500 | 12/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14459600 |
| 4684000 | Hess Ranch Metropolitan District 6, Parker, Colorado, General Obligation Bonds, Limited Tax Subordinate Series 2020B | 8.000 | 12/15/49 | 4399245 |
| 20140000 (g) | Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation Bonds, Convertible Capital Appreciation Series 2020A-2 | 0.000 | 12/01/49 | 17442319 |
| 13500000 | Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation Bonds, Series 2020A-1 | 5.000 | 12/01/49 | 12217173 |
| 575000 | Highlands Metropolitan District 1, Broomfield City and County, colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2021 | 5.000 | 12/01/51 | 497318 |
| 1395000 | Highlands-Mead Metropolitan District, Mead, Weld County Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2020A | 5.125 | 12/01/50 | 1326869 |
| 1515000 | Highline Crossing Metropolitan District, In the City of Aurora, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2017A | 5.500 | 12/01/47 | 1515539 |
| 336000 | Highline Crossing Metropolitan District, In the City of Aurora, Colorado, General Obligation Limited Tax Bonds, Subordinate Series 2017B | 7.750 | 12/15/47 | 333579 |
| 725000 (d) | Hogback Metropolitan District, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2021A | 5.000 | 12/01/41 | 703480 |
| 1575000 (d) | Hogback Metropolitan District, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2021A | 5.000 | 12/01/51 | 1483516 |
| 2345000 | Home Place Metropolitan District, Thornton, Adams County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2020A | 5.750 | 12/01/50 | 2366284 |
| 1014000 | Iliff Commons Metropolitan District 2, Aurora, Colorado, General Obligation Bonds, Subordinate Limited Tax Series 2020B | 6.500 | 12/15/49 | 993664 |
| 2500000 | Independence Metropolitan District 3, Elbert County, Colorado, Limited Tax General Obligation Bonds, Special Revenue Refunding and Improvement Series 2024A | 5.375 | 12/01/54 | 2435800 |
| 1585000 | Independence Water & Sanitation District, Elbert County, Colorado, Special Revenue Bonds, Refunding and Improvement Series 2024 | 5.125 | 12/01/33 | 1581627 |

---

26 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | Inspiration Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax, Subordinate Series 2021B | 5.000% | 12/15/36 | $608762 |
| 1610000 | Interquest South Business Improvement District, Colorado Springs, El Paso County, Colorado, Public Improvement Fee Revenue Bonds, Series 2017 | 5.000 | 12/01/47 | 1544088 |
| 490000 | Iron Mountain Metropolitan District 2, Windsor, Weld County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A | 5.000 | 12/01/39 | 472102 |
| 1300000 | Iron Mountain Metropolitan District 2, Windsor, Weld County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A | 5.000 | 12/01/49 | 1179653 |
| 16119000 | Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special Revenue Bonds, Subordinate Series 2020B | 5.750 | 12/15/50 | 16215835 |
| 2510000 | Johnstown North Metropolitan District 2, Johnstown, Colorado, General Obligation Bonds, Refunding & Improvement Series 2022A | 7.000 | 08/15/52 | 2560718 |
| 1000000 | Johnstown Village Metropolitan District 2, Weld County, own of Johnstown, Colorado, General Obligation Limited Tax Bonds, Series 2020A | 5.000 | 12/01/50 | 868487 |
| 2500000 | Jones District Community Authority Board, Centennial, Colorado, Special Revenue Convertible Capital Appreciaiton Bonds, Series 2020A | 5.750 | 12/01/50 | 2304055 |
| 2750000 | Kinston Metropolitan District 5, Loveland, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.125 | 12/01/50 | 2612064 |
| 3850000 | Kinston Metropolitan District 5, Loveland, Larimer County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2020B | 7.500 | 12/15/52 | 3762150 |
| 9000000 (d) | Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024 | 6.375 | 12/01/49 | 8619190 |
| 3875000 (d) | Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024 | 6.625 | 12/01/56 | 3740452 |
| 1500000 | Lafferty Canyon Metropolitan District, Erie, Colorado, Limited Tax General Obligation Bonds, Series 2025A | 5.625 | 12/01/55 | 1478281 |
| 2610000 | Lake of the Rockies Metropolitan District, In the Town of Monument, El Paso County, Colorado, Subordinate General Obligation Limited Tax Bonds, Series 2018B | 5.000 | 08/01/48 | 2450837 |
| 371000 | Lake of the Rockies Metropolitan District, In the Town of Monument, El Paso County, Colorado, Subordinate General Obligation Limited Tax Bonds, Series 2018B | 7.500 | 08/01/48 | 355732 |
| 1000000 | Lakota Pointe Metropolitan District 1, Winter Park, Colorado, Limited Tax General Obligation Bonds, Series 2025A | 6.000 | 12/01/55 | 1005337 |
| 1080000 | Lanterns Metropolitan District 3, Douglas County, Colorado, General Obligation Bonds, Limited Tax Series 2023A-1 | 7.250 | 12/01/53 | 1130760 |
| 2290000 | Larkridge Metropolitan District No. 2, In the City of Thornton, Adams County, Colorado, General Obligation, Limited Tax Convertible to Unlimited Tax, Improvement Bonds, Refunding Series 2019 | 5.250 | 12/01/48 | 2252808 |
| 10000000 (d) | Ledge Rock Center Commercial Metropolitan District (In the Town of Johnstown, Weld County, Colorado), Limited Tax General Obligation Bonds, Series 2022 | 7.375 | 11/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10078395 |
| 3050000 | Ledge Rock Center Residential Metropolitan District 1, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2024A | 6.375 | 12/01/54 | 3074575 |
| 605000 | Ledge Rock Center Residential Metropolitan District 1, Weld County, Colorado, Subordinate Limited Tax General Obligation Bonds, Series 2024B | 8.750 | 12/15/54 | 609329 |
| 6000000 | Legato Community Authority, Colorado, Commerce City Colorado Limited Tax Supported Revenue Bonds District 12 3 & 7 Convertible Capital Appreciation Series 2021A-2 | 5.000 | 12/01/51 | 4517691 |
| 1355000 | Legato Community Authority, Colorado, Commerce City Colorado Limited Tax Supported Revenue Bonds District 12 3 & 7 Series 2021A-1 | 5.000 | 12/01/41 | 1229410 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **27** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060000 | Legato Community Authority, Colorado, Commerce City Limited Tax Supported Revenue Bonds District 12 3 & 7 Series 2021A-1 | 5.000% | 12/01/46 | $1803238 |
| 2269000 | Legato Community Authority, Colorado, Commerce City Limited Tax Supported Revenue Bonds District 12 3 & 7 Series 2021B | 8.250 | 12/15/51 | 2104798 |
| 1180000 | Lochbuie Station Metropolitan District, Adams County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Series 2020A | 5.750 | 12/01/50 | 1228272 |
| 5585000 | Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special Revenue Bonds, Series 2021A | 5.000 | 04/15/51 | 4905512 |
| 1178000 | Mayfield Metropolitan District, Thornton, Colorado, General Oblgation Bonds, Limited Tax Series 2020A | 5.750 | 12/01/50 | 1188351 |
| 1460000 | Mead Western Meadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2018 | 5.000 | 12/01/47 | 1430376 |
| 1988000 | Meadowbrook Crossing Metropolitan District, EL Paso County, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2020A | 5.250 | 12/01/49 | 1957266 |
| 1544000 | Meadowlark Metropolitan District, Parker Town, Douglas County, Colorado, Limited Tax General Obligation Bond, Convertible to Unlimited Tax Series 2020A | 4.875 | 12/01/40 | 1549744 |
| 750000 | Meadowlark Metropolitan District, Parker Town, Douglas County, Colorado, Limited Tax General Obligation Bond, Convertible to Unlimited Tax Series 2020A | 5.125 | 12/01/50 | 741901 |
| 1695000 | Meridian Ranch Metropolitan District 2018, Subdistrict, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 6.750 | 12/01/52 | 1725172 |
| 3145000 (d) | Mineral Business Improvement District, Arapahoe County, Colorado, General Obligation and Special Revenue Bonds, Limited Tax Series 2024A | 5.750 | 12/01/54 | 3179272 |
| 10000 | Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2016B | 7.500 | 12/15/46 | 9766 |
| 1466000 | Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016 | 5.000 | 12/01/35 | 1470741 |
| 5180000 | Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016 | 5.000 | 12/01/46 | 5126775 |
| 2141000 | Mountain Shadows Metropolitan District, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2015 | 5.500 | 12/01/44 | 2147760 |
| 981000 | Mountain Sky Metropolitan District, Fort Lupton, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.000 | 12/01/49 | 938967 |
| 609000 | Mountain Sky Metropolitan District, Fort Lupton, Weld County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2020B | 7.625 | 12/15/49 | 572369 |
| 3365000 | Mulberry Metropolitan District 2, Fort Collins, Colorado, Limited Tax General Obligation Bonds, Series 2022A | 7.000 | 12/01/52 | 3443545 |
| 2500000 | Mulberry Metropolitan District 2, Fort Collins, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2022B | 9.000 | 12/15/52 | 2553636 |
| 3600000 (d) | Murphy Creek Metropolitan District 2, Arapahoe County, Colorado, General Obligation Bonds, Convertible to Unlimited Tax, Limited Tax Series 2024A | 6.000 | 12/01/54 | 3515847 |
| 2145000 | Murphy Creek Metropolitan District 5 (In the City of Aurora, Arapahoe County, Colorado), General Obligation Limited Tax Bonds, Series 2022A and Subordinate General Obligation Limited Tax Bonds, Series 2022B(3) | 6.000 | 12/01/52 | 2133790 |
| 1760000 | North Holly Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2018A | 5.500 | 12/01/48 | 1763418 |
| 340000 | North Pine Vistas Metropolitan District 3, Castle Pines, Douglas County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2021B - AGM Insured | 4.625 | 12/15/51 | 282556 |
| 1516000 | North Range Metropolitan District 2, Adams County, Colorado, Limited Tax General Obligation Bonds, Refunding Special Revenue & Improvement Series 2017A | 5.625 | 12/01/37 | 1513826 |
| 10820000 | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3 | 5.250 | 12/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10829472 |
| 9710000 | North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax General Obligation Bonds, Series 2020 | 5.125 | 12/01/49 | 9117264 |

---

28 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |  | Northfield Metropolitan District 2, Fort Collins, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.000% | 12/01/50 | $1784835 |
| 865000 |  | Northfield Metropolitan District 2, Fort Collins, Larimer County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2020B | 7.500 | 12/15/50 | 815016 |
| 2050000 | (d) | Old Towne Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2024 | 6.000 | 12/01/53 | 1944600 |
| 3350000 |  | Orchard Park Place North Metropolitan District, Westminster, Colorado, Limited Tax General Obligation Bonds, Series 2019A | 5.250 | 12/01/48 | 3175388 |
| 611000 |  | Orchard Park Place North Metropolitan District, Westminster, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2019B | 7.750 | 12/15/48 | 582732 |
| 3250000 | (d) | Orchard Park Place South Metropolitan District, Adams County, Colorado, General Obligation Bonds, Limited Tax Series 2024 | 6.000 | 12/01/54 | 3178352 |
| 1000000 |  | Overlook Metropolitan District, Parker, Douglas County, Colorado, General Obligation Limited Tax Bonds, Refunding Subordinate Series 2021B-3 | 5.500 | 12/15/51 | 875062 |
| 3445000 |  | Overlook Park Metropolitan District, Routt County, Colorado, General Obligation Bonds, Limited Tax Senior Series 2023A | 7.250 | 12/01/53 | 3471440 |
| 42040000 |  | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019 | 5.000 | 12/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37637214 |
| 1995000 | (d),(g) | Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation Limited Tax Bonds, Refunding Subordinate Convertible Capital Appreciation Series 2024B | 0.000 | 12/15/54 | 1820769 |
| 1360000 | (d) | Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation Limited Tax Bonds, Second Subordinate Series 2024C | 8.000 | 12/15/37 | 1354457 |
| 1863000 |  | Palisade Park West Metropolitan District, Broomfield County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2024B | 7.000 | 12/15/54 | 1850075 |
| 3670000 | (d) | Parkdale Community Authority, Erie County, Colorado, Limited Tax Supported Convertible Capital Appreciation Revenue Bonds, District 2, Series 2024A | 7.750 | 12/01/53 | 2971991 |
| 1392000 | (d) | Parkdale Community Authority, Erie County, Colorado, Limited Tax Supported Convertible Capital Appreciation Revenue Bonds, District 2, Series 2024A | 9.000 | 12/15/53 | 1409686 |
| 1310000 |  | Parkdale Community Authority, Erie, Colorado, Limited Tax Supported Revenue Bonds, District 1, Series 2020A | 5.000 | 12/01/40 | 1245078 |
| 3335000 |  | Parkdale Community Authority, Erie, Colorado, Limited Tax Supported Revenue Bonds, District 1, Series 2020A | 5.250 | 12/01/50 | 3061774 |
| 1331000 | (h) | Parker Automotive Metropolitan District (In the Town of Parker, Colorado), General Obligation Bonds, Refunding Series 2016, (Pre-refunded 12/01/26) | 5.000 | 12/01/45 | 1369746 |
| 1500000 | (d) | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A | 5.000 | 12/01/41 | 1360970 |
| 4600000 | (d) | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A | 5.000 | 12/01/51 | 3935273 |
| 1652000 | (d) | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2021B | 7.625 | 12/15/51 | 1520395 |
| 8060000 |  | Peak Metropolitan District 3, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A-1 | 7.500 | 12/01/52 | 8118314 |
| 54535000 |  | Peak Metropolitan District 3, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Convertible Capital Appreciation Bonds, Series 2022A-2 | 8.000 | 12/01/52 | 36553573 |
| 1700000 |  | Pinery Commercial Metropolitan District 2, Douglas County, Colorado, Special Revenue Bonds, Series 2025 | 5.750 | 12/01/54 | 1703975 |
| 9580000 |  | Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series 2022 | 6.500 | 12/01/34 | 9183018 |
| 2000000 | (d) | Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013 | 5.000 | 12/01/40 | 1964815 |
| 980000 |  | Poudre Heights Valley Metropolitan District, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2024A | 5.500 | 12/01/54 | 931618 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **29** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990000 | Powers Metropolitan District In the City of Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2018 | 5.375% | 12/01/48 | $2811362 |
| 1910000 (d) | Prairie Center Metopolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding Series 2017A | 5.000 | 12/15/41 | 1911623 |
| 725000 | Prairie Center Metropolitan District 7, Brighton, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020 | 4.875 | 12/15/44 | 695838 |
| 3315000 | Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Series 2024A | 5.875 | 12/15/46 | 3510329 |
| 2000000 (d) | Prairie Corner Metropolitan District, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2021 | 4.875 | 12/01/51 | 1687515 |
| 7237000 (d) | Prairie Song Metropolitan District 4, Windsor, Colorado, Limited Tax General Obligation Bonds, Series 2021 | 6.000 | 12/01/51 | 6584149 |
| 500000 | Pronghorn Valley Metropolitan District, Aurora, Colorado, Limited Tax General Obligatoin Bonds, Subordinate Series 2021B | 7.250 | 12/15/51 | 485238 |
| 20000000 (f) | Pueblo County, Colorado, Certificates of Participation, County Judicial Complex Project, Series 2022A, (UB) | 5.000 | 07/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20697588 |
| 400000 (d) | Pueblo Urban Renewal Authority, Colorado, Tax Increment Capital Appreciation Revenue Bonds, EVRAZ Project, Series 2021A and Tax Increment Revenue Capital Appreciation Bonds, Series 2021B | 0.000 | 12/01/25 | 386266 |
| 3080000 (d) | Pueblo Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, EVRAZ Project, Series 2021A | 4.750 | 12/01/45 | 2656638 |
| 9890000 | Raindance Metropolitan District 1, Acting by and through its Water Activity Enterprise In the Town of Windsor, Weld County, Colorado, Non-Potable Water Enterprise Revenue Bonds, Series 2020 | 5.250 | 12/01/50 | 9656070 |
| 3475000 | Range View Estates Metropolitan District, Mead, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.000 | 12/01/49 | 3218215 |
| 515000 | Range View Estates Metropolitan District, Mead, Weld County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2020B | 7.750 | 12/15/49 | 485096 |
| 18000000 (d) | Reagan Ranch Metropolitan District 1, Colorado Springs, Colorado, General Obligation Bonds, Limited Tax & Special Revenue, Series 2025 | 6.125 | 12/01/54 | 17432172 |
| 12890000 | Reagan Ranch Metropolitan District 1, Colorado Springs, Colorado, General Obligation Bonds, Limited Tax Series 2021-3 | 5.375 | 12/01/51 | 11181094 |
| 5340000 | Reata South Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2018 | 5.500 | 12/01/47 | 5388397 |
| 1000000 | Red Barn Metropolitan District, Mead, Colorado, Weld County, Colorado, General Obligation Bond, Limited Tax Convertible to Unlimited Tax, Refunding and Improvement, Series 2025A | 5.500 | 12/01/55 | 976023 |
| 675000 | Red Barn Metropolitan District, Mead, Colorado, Weld County, Colorado, General Obligation Bond, Subordinate Limited Tax Series 2025B | 7.875 | 12/15/55 | 669192 |
| 575000 | Red Sky Ranch Metropolitan District, Eagle County, Colorado, General Obligation Bonds, Refunding & Improvement Series 2015 | 4.750 | 12/01/35 | 558901 |
| 3195000 | Red Sky Ranch Metropolitan District, Eagle County, Colorado, General Obligation Bonds, Refunding & Improvement Series 2015 | 5.000 | 12/01/44 | 3059411 |
| 15915000 | Redtail Ridge Metropolitan District, City of Louisville, Boulder County, Colorado, General Obligation Limited Tax Capital Appreciation Turbo Bonds, Series 2025 | 0.000 | 12/01/32 | 9362981 |
| 3165000 | Regency Metropolitan District, Douglas County, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2019 | 5.000 | 12/01/46 | 3032201 |
| 2295000 | Remuda Ranch Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.000 | 12/01/50 | 2042508 |
| 5098000 | Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016A | 5.000 | 12/01/45 | 4950484 |
| 1325000 | Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General Obligation Bonds, Series 2016B | 5.125 | 12/01/45 | 1307430 |

---

30 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282000 | Richards Farm Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2019B | 6.500% | 12/15/49 | $275020 |
| 7598000 (d) | Ridge at Johnstown Metropolitan District 8, Larimer County, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024 | 5.875 | 12/01/44 | 7251725 |
| 2500000 | Riverpark Metropolitan District, Arapahoe County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2024 | 6.375 | 12/01/54 | 2534123 |
| 500000 | Riverview Metropolitan District, Steamboat Springs, Routt County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Refunding Series 2021 | 5.000 | 12/01/51 | 445787 |
| 6345000 | Riverwalk Metropolitan District 2, Glendale, Arapahoe County, Colorado, Special Revenue Bonds, Series 2022A | 5.000 | 12/01/52 | 5471392 |
| 1295000 | Rock Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2025A | 5.625 | 12/01/54 | 1289888 |
| 550000 | Rock Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2025B | 7.875 | 12/15/54 | 551856 |
| 2625000 | RRC Metropolitan District 2, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Series 2021 | 5.250 | 12/01/51 | 2268279 |
| 5000000 | Sagebrush Farm Metropolitan District 1, Aurora, Adams County, Colorado, General Obligation Limited Tax Bonds, Series 2022A | 6.750 | 12/01/52 | 5205929 |
| 10000000 | Sagebrush Farm Metropolitan District 1, Aurora, Adams County, Colorado, General Obligation Limited Tax Bonds, Subordinate Series 2024 | 8.000 | 12/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10025413 |
| 2861000 (d) | Saint Vrain Lakes Metropolitan District 4, Weld County, Colorado, General Obligation Bonds, Firestone Subordinate Limited Tax Series 2024B | 8.750 | 09/20/54 | 2843427 |
| 804000 | Severance Shores Metropolitan District 4, Weld County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2020B | 8.250 | 12/15/49 | 773863 |
| 2132000 | Siena Lake Metropolitan District, Gypsum, Colorado, General Obligation Limited Tax Bonds, Series 2021 | 3.750 | 12/01/41 | 1684611 |
| 7341000 | Siena Lake Metropolitan District, Gypsum, Colorado, General Obligation Limited Tax Bonds, Series 2021 | 4.000 | 12/01/51 | 5396545 |
| 1025000 | Silver Leaf Metropolitan District, Jefferson County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-3 | 5.250 | 12/01/50 | 895101 |
| 859000 | Silver Peaks Metropolitan District No. 2, In the Town of Lochbuie, Weld County, Colorado, Limited Tax General Obligation Subordinate Bonds, Series 2018B | 7.250 | 12/15/47 | 823537 |
| 2015000 | Silverstone Metropolitan District 3, Weld County, Colorado, General Obligation and Special Revenue Bonds, Limited Tax Series 2023 | 7.750 | 12/01/45 | 2050204 |
| 6000000 (d) | Sky Ranch Community Authority Board (Arapahoe County, Colorado), Limited Tax Supported District No. 3 Senior Bonds (Tax-Exempt Fixed Rate), Series 2022A and Subordinate Bonds (Tax-Exempt Fixed Rate), Series 2022B(3) | 5.750 | 12/01/52 | 5721724 |
| 550000 | Sky Ranch Community Authority Board, Arapahoe County, Colorado, Limited Tax Supported District 1 Revenue Bonds, Subordinate Series 2024B | 6.500 | 12/15/54 | 549999 |
| 1820000 | South Aurora Regional Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2018 | 6.250 | 12/01/57 | 1759314 |
| 1000000 | South Timnath Metropolitan District No. 1, In the Town of Timnath, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2019A | 5.500 | 12/01/48 | 831672 |
| 2208000 | South Timnath Metropolitan District No. 1, In the Town of Timnath, Larimer County, Colorado, Subordinate Limited Tax General Obligation Bonds, Series 2019B | 8.000 | 12/15/48 | 1894636 |
| 5890000 | Southwest Timnath Metropolitan District 4, Timnath, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2017A | 5.375 | 12/01/47 | 5899957 |
| 1105000 | Southwest Timnath Metropolitan District 4, Timnath, Larimer County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2017B | 7.750 | 12/15/47 | 1087875 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **31** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910000 |  | Spring Valley Metropolitan District 4, Elbert County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2020A | 5.000% | 12/01/40 | $1773563 |
| 2270000 |  | Spring Valley Metropolitan District 4, Elbert County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2020A | 5.125 | 12/01/50 | 2005648 |
| 2500000 | (d),(g) | St. Vrain Lakes Metropolitan District 4, Weld County, Colorado, General Obligation Bonds, Firestone Convertible Capital Appreciation Limited Tax Series 2024A | 0.000 | 09/20/54 | 1695300 |
| 1325000 |  | St. Vrain Lakes Metropolitan District No. 2, Weld County, Colorado, Limited Tax General Obligation Bonds, Refunding and Improvement Series 2024B | 6.375 | 11/15/54 | 1362272 |
| 16000000 |  | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Special District 3, Series 2022 | 6.750 | 12/01/53 | 16862032 |
| 1100000 | (d) | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Special District 4 Subdistrict B, Refunding & Improvement Series 2024A | 5.750 | 12/01/54 | 1099592 |
| 2624000 | (d) | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Special District 4 Subdistrict B, Refunding & Improvement Subordinate Series 2024B | 8.250 | 12/15/54 | 2601519 |
| 4137000 |  | Sterling Ranch Community Authority Board, Douglas County, Colorado, Special Improvement Revenue Bonds, Special District 1, Series 2024 | 5.625 | 12/01/43 | 4217596 |
| 5000000 |  | Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020 | 5.125 | 12/01/50 | 4575977 |
| 11750000 |  | Sterling Ranch Metropolitan District 2, El Paso County, Colorado, General Obligation Bonds, Limited Tax Convertible Capital Appreciation Series 22 | 5.750 | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11585653 |
| 7500000 | (e) | Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited, Series 2007 | 7.250 | 12/01/31 | 1200000 |
| 2175000 |  | Sunlight Metropolitan District, Steamboat Springs, Colorado, Limited Tax General Obligation Bonds, Series 2020 | 5.000 | 12/01/50 | 2060201 |
| 668000 |  | The Village at Dry Creek Metropolitan District No. 2, In the City of Thornton, Adams County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2019 | 4.375 | 12/01/44 | 634461 |
| 1275000 | (d) | Third Creek Metropolitan District 1, Commerce City, Colorado, Limited Tax General Obligation Bonds, Series 2022A-1 | 4.750 | 12/01/51 | 1006965 |
| 1730000 |  | Timberleaf Metropolitan District, Adams County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2020A | 5.750 | 12/01/50 | 1745202 |
| 875000 |  | Trails at Crowfoot Metropolitan District 3, Parker, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2024B | 6.875 | 12/15/52 | 865670 |
| 3400000 | (g) | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Convertible Capital Appreciation Series 2021A-2 | 0.000 | 12/01/51 | 2674995 |
| 7200000 |  | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1 | 5.000 | 12/01/41 | 6136655 |
| 9985000 |  | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1 | 5.000 | 12/01/51 | 7761471 |
| 6730000 | (d) | Tree Farm Metropolitan District, Eagle County, Colorado, General Obligation Limited Tax Bonds, Series 2021 | 4.750 | 12/01/50 | 5807081 |
| 3000000 | (d) | Triview Metropolitan District 4, Colorado, El Paso County, General Obligation Bonds Limited Tax Series 2018 | 5.750 | 12/01/48 | 3002957 |
| 1568000 |  | Two Bridges Metropolitan District, Douglas County, Colorado, General Obligation Limited Tax Bonds, Series 2018A | 5.625 | 08/01/48 | 1571565 |
| 9500000 | (e) | Valagua Metropolitan District, Eagle County, Colorado, General Obligation Limited Tax Bonds, Series 2008 | 2.325 | 12/01/37 | 1900000 |

---

32 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235000 | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2019 | 5.125% | 12/01/34 | $1212514 |
| 2870000 | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2019 | 5.375 | 12/01/39 | 2850478 |
| 28555000 | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2019 | 5.500 | 12/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27846450 |
| 5000000 | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Convertible Capital Appreciation Series 2020A-2 | 6.000 | 12/01/50 | 4102068 |
| 8000000 | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2020A-1 | 5.375 | 12/01/50 | 7587885 |
| 5275000 (d) | Ventana Metropolitan District, El Paso County, Colorado, General Obligation Bonds, Limited Tax Refunding and Improvement Series 2023A | 6.500 | 09/01/53 | 5473574 |
| 6500000 (g) | Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, Colorado, General Obligation Bonds, Convertible Capital Appreciation Improvement Series 2024A | 0.000 | 12/01/54 | 4689415 |
| 3570000 | Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, Colorado, General Obligation Bonds, Improvement Limited Tax Series 2023 | 6.750 | 12/01/52 | 3632357 |
| 2000000 | Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021 | 5.000 | 12/01/51 | 1683333 |
| 1373000 (d) | Village at Southgate Metropolitan District, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2018A | 5.625 | 12/01/48 | 1373605 |
| 380000 (d) | Village at Southgate Metropolitan District, Adams County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2018B | 7.750 | 12/15/40 | 367901 |
| 3800000 | Village East Community Metropolitan District, Frederick, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.250 | 12/01/50 | 3517073 |
| 586000 | Village East Community Metropolitan District, Frederick, Weld County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2020B | 8.125 | 12/15/50 | 560445 |
| 1575000 | Village East Metropolitan District 3, Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2017A | 5.000 | 12/01/46 | 1505018 |
| 143000 | Village East Metropolitan District 3, Weld County, Colorado, General Obligation Limited Tax Bonds, Subordinate Series 2017B | 7.750 | 12/15/46 | 138017 |
| 12435000 | Villages at Johnstown Metropolitan District 7, Johnstown, Colorado, Limited Tax General Obligation Bonds, Series 2022A(3) | 6.250 | 12/01/52 | 12560017 |
| 2265000 | Waterfall Metropolitan District 1, Larimer County, Colorado, Limited Tax General Obligation Bonds, Refunding Senior Series 2022A | 5.250 | 12/01/52 | 2121269 |
| 3000000 | Waterfront At Foster Lake Metropolitan District 2, Weld County, Colorado, Limited Tax Senior General Obligation Bonds, Series 2022A3-1 | 5.000 | 12/01/51 | 2569985 |
| 500000 | Waterfront at Foster Lake Metropolitan District 2, Weld County, Colorado, Special Revenue Bonds, Series 2022 | 4.625 | 12/01/28 | 487034 |
| 5500000 | Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A | 5.000 | 12/01/51 | 5151100 |
| 2200000 | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 6.250 | 12/01/32 | 2170779 |
| 21650000 | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 6.750 | 12/01/52 | 20688601 |
| 40050000 (d) | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2024A-2 | 8.000 | 12/01/54 | 23311543 |
| 10895000 (d) | West Globeville Metropolitan District 1, Denver, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024 | 5.750 | 12/01/44 | 10629931 |
| 1277000 | Westcreek Metropolitan District 2, Douglas County, Colorado, Limited Tax General Obligation Bonds, Series 2019A | 5.375 | 12/01/48 | 1260658 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **33** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 (g) | Westerly Metropolitan District 4, Weld County, Colorado, General Obligation Limited Tax Bonds, Convertible Capital Appreciation Bonds, Series 2021A-2 | 0.000% | 12/01/50 | $909956 |
| 750000 | Westerly Metropolitan District 4, Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-1 | 5.000 | 12/01/40 | 743161 |
| 1000000 | Westerly Metropolitan District 4, Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-1 | 5.000 | 12/01/50 | 966108 |
| 5355000 | Westgate Metropolitan District, Colorado Springs, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 5.125 | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4496362 |
| 1920000 | Westview Metropolitan District, Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2019A | 5.125 | 12/01/49 | 1810145 |
| 313000 | Westview Metropolitan District, Weld County, Colorado, General Obligation Limited Tax Bonds, Subordinate Series 2019B | 7.750 | 12/15/49 | 298895 |
| 4600000 (d) | Westwood Metropolitan District, Thornton, Adams County, Colorado, Limited Tax General Obligation Bonds, Senior Series 2021A | 4.000 | 12/01/51 | 3465889 |
| 2780000 | White Buffalo Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation bonds, Convertible to Unlimited Tax Bonds, Series 2020 | 5.500 | 12/01/50 | 2723186 |
| 756000 | Willow Bend Metropolitan District, City of Thornton, Adams County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2019B | 7.625 | 12/15/49 | 712794 |
| 24610000 (d) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Convertible Capital Appreciation Series 2021A-2 | 4.625 | 12/01/51 | 15685508 |
| 31500000 (d) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1 | 4.125 | 12/01/51 | 24123217 |
| 3265000 | Windshire Park Metropolitan District 2, Windsor, Weld County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2017A | 6.500 | 12/01/47 | 3240821 |
| 1635000 | Windshire Park Metropolitan District 2, Windsor, Weld County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2017B | 7.750 | 12/15/47 | 1581428 |
| 3300000 | Windsor Highlands Metropolitan District 9, Windsor, Larimer County, Colorado, Limited Tax Supported Revenue Bonds, Series 2019 | 5.000 | 12/01/39 | 3192471 |
| 9315000 | Windsor Highlands Metropolitan District 9, Windsor, Larimer County, Colorado, Limited Tax Supported Revenue Bonds, Series 2019 | 5.000 | 12/01/49 | 8429850 |
| 1185000 (d) | Winsome Metropolitan District No. 3, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2021A | 5.125 | 12/01/50 | 1021500 |
| 1500000 | Woodmen Heights Metropolitan District 2, El Paso County, Colorado, General Obligation Limited Tax Bonds, Refunding Subordinate Series 2020B-2 | 7.500 | 12/15/40 | 1420875 |
| 2175000 | Yarrow Gardens Metropolitan District, In the City of Wheat Ridge, Jefferson County, Colorado, General Obligation Limited Tax Convertible to Unlimited Tax Bonds, Series 2018A | 5.875 | 12/01/48 | 2195155 |
| 292000 (d) | Yarrow Gardens Metropolitan District, In the City of Wheat Ridge, Jefferson County, Colorado, General Obligation Subordinate General Obligation Limited Tax Bonds, Series 2018B | 8.125 | 12/15/48 | 282147 |
|  | TOTAL COLORADO |  |  | 1743377109 |
|  | **CONNECTICUT - 0.2%** |  |  |  |
| 6115000 (f) | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut Children?s Medical Center and Subsidiaries, Series 2023E, (UB) | 4.250 | 07/15/53 | 5771921 |
| 1000000 (d) | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc. Project, Series 2016A | 5.000 | 09/01/46 | 948367 |
| 5355000 (f) | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2024A, (UB) | 4.600 | 11/15/49 | 5249569 |
| 2050000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2024A | 4.650 | 11/15/51 | 2005002 |

---

34 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CONNECTICUT** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2024C-1 | 4.700% | 05/15/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027693 |
| 4286111 (d) | Mohegan Tribe of Indians of Connecticut, Gaming Authority Priority Distribution Payment Public Improvement Bonds, Series 2015A | 6.750 | 02/01/45 | 4322030 |
| 1700000 (i) | Stamford Housing Authority, Connecticut, Revenue Bonds, Mozaic Concierge Living Project, Series 2025A | 6.250 | 10/01/60 | 1712673 |
| 3300000 (d) | Steel Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Steelpointe Harbor Project, Series 2024 | 6.000 | 04/01/52 | 3504971 |
|  | TOTAL CONNECTICUT |  |  | 26542226 |
|  | **DELAWARE - 0.1%** |  |  |  |
| 6123000 (d) | Millsboro, Delaware, Special Obligation Bonds, Plantation Lakes Special Development District, Series 2018 | 5.250 | 07/01/48 | 5904757 |
| 1800000 (d) | Milton, Delaware, Special Obligation Bonds, Granary Farm Special Development District, Series 2024 | 5.950 | 09/01/53 | 1813031 |
| 1280000 | Wilmington, Delaware, Multifamily Rental Housing Revenue Bonds, Lincoln Towers Associates, LLC Project, Series 2011A and Series 2011B | 8.250 | 07/15/48 | 1281088 |
|  | TOTAL DELAWARE |  |  | 8998876 |
|  | **DISTRICT OF COLUMBIA - 2.2%** |  |  |  |
| 346045000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A | 0.000 | 06/15/46 | 88011390 |
| 19960000 (d) | District of Columbia, Revenue Bonds, Saint Paul on Fouth Street, Inc., Series 2019A | 5.250 | 05/15/55 | 17228779 |
| 25000 | District of Columbia, Washington, D.C., Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A | 5.000 | 07/01/37 | 25084 |
| 90205000 (f) | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, Capital Appreciation, Second Senior Lien Series 2010A - BAM Insured, (UB) | 0.000 | 10/01/37 | 49687692 |
| 44865000 (f) | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B, (UB) | 4.000 | 10/01/53 | 39495530 |
| 1010000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B | 4.000 | 10/01/44 | 935786 |
| 53245000 (f) | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B, (UB) | 4.000 | 10/01/44 | 49332595 |
| 15165000 (f) | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B, (UB) | 4.000 | 10/01/49 | 13675298 |
| 8000000 (f) | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A - AGM Insured, (UB) | 4.000 | 10/01/52 | 7158257 |
| 2450000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B - AGC Insured | 0.000 | 10/01/27 | 2261613 |
| 2055000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B - AGC Insured | 0.000 | 10/01/36 | 1287665 |
| 7000000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B | 6.500 | 10/01/44 | 7504051 |
| 5385000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2019A, (AMT) | 5.000 | 10/01/49 | 5424258 |
| 17835000 (f) | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2021A, (AMT), (UB) | 4.000 | 10/01/51 | 15608206 |
| 12345000 (f) | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2023A, (AMT), (UB) | 4.500 | 10/01/53 | 11658433 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **35** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **DISTRICT OF COLUMBIA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 (f) | Washington Metropolitan Area Transit Authority, Virginia, Dedicated Revenue Bonds, Green Series 2023A, (UB) | 4.125% | 07/15/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9369104 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | 318663741 |
|  | **FLORIDA - 15.3%** |  |  |  |
| 1495000 | A.H. at Turnpike South Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Phase 1 Project, Series 2015 | 6.250 | 11/01/46 | 1610266 |
| 3000000 | Academical Village Community Development District, Davie, Florida, Special Assessment Revenue Bonds, Series 2020 | 4.000 | 05/01/51 | 2465717 |
| 32215000 (d) | Alachua County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Terraces at Bonita Springs Project, Refunding Series 2022A | 5.000 | 11/15/61 | 23748933 |
| 4920000 (f) | Alachua County Health Facilities Authority, Florida, Health Facilties Revenue Bonds, Shands Teaching Hospital & Clinics, Inc. at the University of Florida Project, Series 2019A | 4.000 | 12/01/49 | 4402417 |
| 2275000 (d) | Amelia Walk Community Development District, Florida, Special Assessment Bonds, Area 3-B Series 2018A | 5.250 | 11/01/39 | 2306028 |
| 3800000 (d) | Amelia Walk Community Development District, Florida, Special Assessment Bonds, Area 3-B Series 2018A | 5.375 | 11/01/49 | 3818749 |
| 1395000 (d) | Antillia Community Development District, Florida, Special Assessment Revenue Bonds, Project Series 2024 | 5.875 | 05/01/54 | 1400619 |
| 2000000 (d) | Arbors Community Development District, Florida, Revenue Bonds, Capital Improvement 2023 Project Area Series 2023 | 5.625 | 05/01/53 | 2052262 |
| 1495000 (d) | Arbors Community Development District, Florida, Revenue Bonds, Capital Improvement 2024 Project Area Series 2024 | 5.500 | 05/01/55 | 1493803 |
| 1555000 | Arborwood Community Development District, Florida, Capital Improvement Revenue Bonds, Refunding Subordinate Lien Series 2018A-2 | 5.000 | 05/01/36 | 1572203 |
| 415000 (d) | Armstrong Community Development District, Clay County, Florida, Special Assessment Revenue Bonds, Series 2017A | 5.000 | 11/01/34 | 418070 |
| 1000000 (d) | Armstrong Community Development District, Clay County, Florida, Special Assessment Revenue Bonds, Series 2017A | 5.125 | 11/01/48 | 991190 |
| 1925000 | Avalon Groves Community Development District, Florida, Special Assessment Bonds, Area 2 Project, Series 2017A-1 | 6.000 | 05/01/48 | 2010432 |
| 2925000 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Maple Ridge Phase 2 Project, Series 2016 | 5.250 | 05/01/47 | 2935204 |
| 1145000 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Maple Ridge Phase 3 Project, Series 2018 | 5.300 | 05/01/39 | 1169017 |
| 1940000 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Maple Ridge Phase 3 Project, Series 2018 | 5.375 | 05/01/49 | 1955101 |
| 750000 (d) | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Phase 3 Master Improvements Project, Series 2021 | 3.125 | 05/01/41 | 580729 |
| 1000000 (d) | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Phase 3 Master Improvements Project, Series 2021 | 4.000 | 05/01/52 | 793446 |
| 1790000 (d) | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Phase 4 Master Improvement Project, Series 2023 | 5.500 | 05/01/53 | 1802234 |
| 4485000 | Avenir Community Development District, Palm Beach Gardens, Florida, Special Assessment Bonds, Area 3 - Master Infrastructure Project, Series 2023 | 5.625 | 05/01/54 | 4539492 |
| 1675000 (d) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2018 Project Series 2018 | 5.000 | 11/01/48 | 1672659 |
| 4250000 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2021 Project Series 2021 | 3.200 | 05/01/41 | 3405185 |
| 9335000 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2022 Project Series 2022 | 5.000 | 05/01/53 | 9068826 |

---

36 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 (d) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2024 Project Series 2024 | 5.250% | 05/01/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435304 |
| 570000 (d) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, Assessment Area 2B, Series 2018 | 5.000 | 11/01/39 | 577354 |
| 935000 (d) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, Assessment Area 2B, Series 2018 | 5.000 | 11/01/49 | 917923 |
| 2250000 (d) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, Assessment Area 3A, Series 2018 | 5.000 | 11/01/39 | 2279030 |
| 3470000 (d) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, Assessment Area 3A, Series 2018 | 5.125 | 11/01/49 | 3452425 |
| 1460000 (d) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, Assessment Area 3A, Series 2018 | 5.125 | 11/01/51 | 1445908 |
| 480000 (d) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, Assessment Area 4, Series 2018 | 5.000 | 11/01/39 | 486193 |
| 1560000 (d) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, Assessment Area 4, Series 2018 | 5.125 | 11/01/49 | 1558572 |
| 2575000 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, Series 2015 | 5.250 | 11/01/46 | 2579195 |
| 1985000 | Ballentrae Hillsborough Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2014 | 5.500 | 11/01/44 | 1990133 |
| 4285000 | Balm Grove Community Development District, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 4.125 | 11/01/51 | 3559605 |
| 4375000 | Bannon Lakes Community Development District, Saint Johns County, Florida, Special Assessment Revenue Bonds, Series 2016 | 5.000 | 11/01/48 | 4262563 |
| 6310000 | Banyan Cay Community Development District, West Palm Beach, Florida, Special Assessment Bonds, 2020-1 | 4.000 | 11/01/51 | 5107226 |
| 905000 | Bartram Park Community Development District, Florida, Special Assessment Bonds, Refunding Subordinate Lien Series 2015A-2 | 5.000 | 05/01/35 | 905288 |
| 2710000 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A | 5.000 | 09/01/43 | 2667364 |
| 1230000 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A | 5.000 | 09/01/45 | 1206905 |
| 4050000 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A | 5.000 | 09/01/48 | 3952376 |
| 80000 | Beach Road Golf Estates Community Development District, Bonita Springs, Florida, Special Assessment Bonds Series 2015 | 5.000 | 11/01/36 | 80115 |
| 8380000 | Beach Road Golf Estates Community Development District, Bonita Springs, Florida, Special Assessment Bonds Series 2015 | 5.000 | 11/01/46 | 8243415 |
| 45000 | Beacon Lakes Community Development District, Florida, Special Assessment Bonds, Subordinate Lien Series 2007B | 6.200 | 05/01/38 | 45047 |
| 1760000 (d) | Beaumont Communit Development District 1, City of Wildwood, Florida, Special Assessment Bonds, Series 2019 A-1 | 5.500 | 11/01/39 | 1801138 |
| 1760000 (d) | Beaumont Communit Development District 2, City of Wildwood, Florida, Special Assessment Bonds, Series 2019 | 6.375 | 11/01/49 | 1814273 |
| 915000 | Bella Collina Community Development District, Florida, Special Assessment Revenue Bonds, Series 2024 | 5.300 | 05/01/55 | 899401 |
| 2975000 | Bellagio Community Development District, Hialeah, Florida, Special Assessment Bonds, Series 2013 | 6.500 | 11/01/43 | 3126281 |
| 150000 | Belmond Reserve Community Development District, Florida, Hillsborough County Special Assessment Revenue Bonds Area 2 Series 2023 | 5.500 | 11/01/52 | 153941 |
| 1000000 | Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Phase 1 Project, Series 2013A | 6.500 | 11/01/43 | 1085549 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **37** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705000 | Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A | 5.375% | 11/01/36 | $714372 |
| 1025000 | Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A | 5.500 | 11/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033393 |
| 1115000 (d) | Berry Bay II Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, 2024 Project Series 2024 | 5.450 | 05/01/54 | 1074588 |
| 3000000 | Black Creek Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Project 2020 Series 2022 | 5.625 | 06/15/52 | 3071498 |
| 22810000 | Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds, Refunding Series 2013 | 5.125 | 05/01/43 | 22641799 |
| 1785000 (d) | Boyette Park Community Development District, Florida, Special Assessment Bonds, Series 2018 | 5.000 | 05/01/38 | 1794980 |
| 2975000 (d) | Boyette Park Community Development District, Florida, Special Assessment Bonds, Series 2018 | 5.125 | 05/01/48 | 2948950 |
| 1790000 | Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007-A1 | 5.750 | 05/01/37 | 1791104 |
| 3500000 (d) | Bradbury Community Development District, Haines City, Florida, Special Assessment Bonds, Series 2023 | 5.250 | 05/01/43 | 3509445 |
| 5005000 (d) | Bradbury Community Development District, Haines City, Florida, Special Assessment Bonds, Series 2023 | 5.500 | 05/01/53 | 5022949 |
| 3510000 (f) | Brevard County Health Facilities Authority, Florida, Hospital Revenue Bonds, Health First Obligated Group, Series 2022A, (UB) | 4.000 | 04/01/52 | 3166336 |
| 1000000 (d) | Brookstone Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area Two Series 2022 | 5.500 | 05/01/42 | 1016638 |
| 1910000 (d) | Brookstone Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area Two Series 2022 | 5.625 | 05/01/52 | 1935955 |
| 9955000 (f) | Broward County, Florida, Airport System Revenue Bonds, Series 2017, (AMT), (UB) | 5.000 | 10/01/42 | 10027059 |
| 18380000 (f) | Broward County, Florida, Airport System Revenue Bonds, Series 2019A, (AMT), (UB) | 4.000 | 10/01/44 | 16741254 |
| 5000000 (f) | Broward County, Florida, Tourist Development Tax Revenue Bonds, Convention Center Expansion Project, Series 2021, (UB) | 4.000 | 09/01/51 | 4509887 |
| 18590000 (f) | Broward County, Florida, Tourist Development Tax Revenue Bonds, Convention Center Expansion Project, Series 2021 - BAM Insured, (UB) | 4.000 | 09/01/51 | 17063813 |
| 2000000 (d) | Buckhead Trails Community Development District, Manatee County Florida, Special Assessment Bonds, 2022 Project Series 2022 | 5.750 | 05/01/52 | 2020590 |
| 2000000 | Buckhead Trails Community Development District, Manatee County, Florida, Special Assessment Bonds, 2024 Project Series 2024 | 5.875 | 05/01/54 | 1982957 |
| 1315000 | Bullfrog Creek Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2017 | 5.125 | 11/01/38 | 1323832 |
| 1910000 | Bullfrog Creek Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2017 | 5.250 | 11/01/47 | 1913532 |
| 1430000 | Caldera Community Development District, Hernando County, Florida, Special Assessment Revenue Bonds, Area One Series 2024 | 5.200 | 05/01/54 | 1374753 |
| 6830000 (d) | Cape Coral Health Facilities Authority, Florida, Senior Housing Revenue Bonds, Gulf Care Inc. Project, Series 2015 | 5.875 | 07/01/40 | 4554804 |
| 1825000 | Capital Projects Finance Authority, Florida, Student Housing Revenue Bonds, PRG - UnionWest Properties LLC Project, Senior Series 2024A-1 | 5.000 | 06/01/58 | 1777279 |
| 2000000 (d) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, South Tech Schools Project, Series 2020A | 5.000 | 06/15/55 | 1789932 |
| 7840000 (d) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, LLT Academy South Bay Project, Series 2020A | 6.000 | 06/15/55 | 7920995 |
| 70000 (d) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, LLT Academy South Bay Project, Taxable Series 2020B | 7.000 | 06/15/25 | 70139 |

---

38 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625000 |  | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Pepin Academies Inc., Series 2020A | 5.750% | 07/01/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467171 |
| 10455000 | (d) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Pineapple Cove Classical Academy, Series 2019A | 5.250 | 07/01/49 | 9757186 |
| 1000000 | (d) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Pineapple Cove Classical Academy, Series 2019A | 5.375 | 07/01/54 | 931361 |
| 1000000 | (d) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, The Florida Charter Educational Foundation, Inc. Projects, Series 2018A | 5.375 | 06/15/38 | 989039 |
| 1970000 | (d) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, The Florida Charter Educational Foundation, Inc. Projects, Series 2018A | 5.375 | 06/15/48 | 1875186 |
| 2290000 |  | Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, Coral Gardens Apartments Project, Series 2018A | 4.850 | 01/01/54 | 1692421 |
| 730000 | (d) | Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2018 | 6.100 | 08/15/38 | 749898 |
| 4030000 | (d) | Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2018 | 6.200 | 08/15/48 | 4074005 |
| 3955000 | (d) | Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2018 | 6.375 | 08/15/53 | 4000820 |
| 3740000 | (d) | Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter School Project, Series 2017A | 5.375 | 07/01/37 | 3774163 |
| 4820000 | (d) | Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter School Project, Series 2017A | 5.500 | 07/01/47 | 4848455 |
| 10470000 | (d) | Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2017A | 5.250 | 06/15/47 | 9900531 |
| 6895000 | (d) | Capital Trust Agency, Florida, Revenue Bonds, Tallahassee Classical School Inc., Series 2021A | 4.250 | 07/01/51 | 4431550 |
| 4265000 | (d) | Capital Trust Agency, Florida, Revenue Bonds, Tallahassee Classical School Inc., Series 2021A | 4.375 | 07/01/56 | 2706463 |
| 5750000 | (d),(e) | Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens of Palm Coast Project, Series 2017A | 7.000 | 10/01/49 | 2415000 |
| 100000 | (d) | Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2017A | 5.000 | 10/15/47 | 97492 |
| 895000 | (d) | Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2017A | 5.000 | 10/15/52 | 854233 |
| 1860000 | (d) | Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior Housing, Inc. Project, Series 2017 | 5.375 | 08/01/32 | 1760803 |
| 2735000 | (d) | Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior Housing, Inc. Project, Series 2017 | 5.625 | 08/01/37 | 2530388 |
| 11680000 | (d) | Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior Housing, Inc. Project, Series 2017 | 5.875 | 08/01/52 | 10007479 |
| 2870000 | (d) | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, Babcock Neighborhood School Inc Project, Series 2024 | 5.750 | 08/15/54 | 2729832 |
| 14495000 | (d) | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, Babcock Neighborhood School Inc Project, Series 2024 | 6.000 | 08/15/63 | 13937843 |
| 515000 |  | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, KIPP Miami North Campus Project, Refunding Series 2024A | 6.125 | 06/15/60 | 531565 |
| 765000 |  | Carlton Lakes Community Developement District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2015 | 5.625 | 11/01/36 | 775296 |
| 1855000 |  | Carlton Lakes Community Developement District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2015 | 5.750 | 11/01/47 | 1871044 |
| 625000 |  | Carlton Lakes Community Developement District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2018 | 5.125 | 05/01/38 | 630887 |
| 1235000 |  | Carlton Lakes Community Developement District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2018 | 5.250 | 05/01/49 | 1237731 |
| 1000000 | (d) | Caymas Community Development District, Collier County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2024 | 5.625 | 05/01/54 | 988451 |
| 820000 | (d) | Cedar Crossing Community Development District, Polk County, Florida, Special Assessment Bond, 2025 Project, Series 2025 | 5.500 | 05/01/55 | 790200 |
| 3465000 | (e) | Celebration Pointe Community Development District 1, Alachua County, Florida, Special Assessment Revenue Bonds, Series 2014 | 5.000 | 05/01/34 | 3466299 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **39** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9305000 | (e) | Celebration Pointe Community Development District 1, Alachua County, Florida, Special Assessment Revenue Bonds, Series 2014 | 5.125% | 05/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9264149 |
| 1200000 | (e) | Celebration Pointe Community Development District 1, Alachua County, Florida, Special Assessment Revenue Bonds, Series 2017 | 5.000 | 05/01/32 | 1209196 |
| 6205000 | (e) | Celebration Pointe Community Development District 1, Alachua County, Florida, Special Assessment Revenue Bonds, Series 2017 | 5.000 | 05/01/48 | 5990527 |
| 1000000 |  | Center Lake Ranch West Community Development District, Florida, Revenue Bonds Capital Improvement Assessment Area One Series 2023 | 5.750 | 05/01/43 | 1024963 |
| 750000 |  | Central Parc Community Development District, Florida, Special Assessment Revenue Bonds, Series 2024 | 6.000 | 05/01/54 | 749293 |
| 2000000 | (d) | Charlotte County Industrial Development Authority, Florida, Utility System Revenue Bonds, Town & Country Utilities Project, Series 2019, (AMT) | 5.000 | 10/01/49 | 1953240 |
| 4540000 | (d) | Charlotte County Industrial Development Authority, Florida, Utility System Revenue Bonds, Town & Country Utilities Project, Series 2021A, (AMT) | 4.000 | 10/01/51 | 3726914 |
| 1000000 | (d) | Coco Palms Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Expansion Area Project, Series 2019 | 5.000 | 06/15/49 | 976236 |
| 2285000 |  | Coconut Cay Community Development District, Florida, Special Assessment Bonds, Series 2006 | 5.375 | 05/01/36 | 2286852 |
| 3500000 |  | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, Refunding Series 2023 | 5.250 | 06/01/38 | 3464792 |
| 5000000 |  | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, Refunding Series 2023 | 5.000 | 06/01/43 | 4594717 |
| 5965550 | (d),(e) | Collier County Industrial Development Authority, Florida, Continuing Care Community Revenue Bonds, Arlington of Naples Project, Series 2014A | 7.750 | 05/15/35 | 596 |
| 3728469 | (d),(e) | Collier County Industrial Development Authority, Florida, Continuing Care Community Revenue Bonds, Arlington of Naples Project, Series 2014A | 0.000 | 05/15/37 | 373 |
| 753069 | (d),(e) | Collier County Industrial Development Authority, Florida, Continuing Care Community Revenue Bonds, Arlington of Naples Project, Series 2015A | 0.000 | 05/15/49 | 75 |
| 1995000 | (d) | Connerton East Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Project, Series 2023 | 5.375 | 06/15/53 | 2025183 |
| 1000000 | (d) | Copper Creek Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Series 2019 | 5.000 | 11/01/49 | 962815 |
| 320000 |  | Coral Bay of Lee County Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area One, Series 2022 | 5.500 | 05/01/42 | 327225 |
| 500000 | (d) | Coral Bay of Lee County Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area One, Series 2022 | 5.625 | 05/01/52 | 504160 |
| 1030000 | (d) | Coral Lakes Community Development District, Charlotte County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2024 | 5.750 | 11/01/53 | 1042786 |
| 1855000 | (d) | Corkscrew Farms Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2 Project, Series 2017 | 5.000 | 11/01/38 | 1866143 |
| 3735000 | (d) | Corkscrew Farms Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2 Project, Series 2017 | 5.125 | 11/01/50 | 3665069 |
| 745000 |  | Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1 | 5.250 | 11/01/37 | 755849 |
| 1915000 |  | Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1 | 5.600 | 11/01/46 | 1943692 |
| 2310000 | (d) | Cross Creek North Community Development District, Clay County, Florida, Special Assessment Bonds, Series 2018 | 5.250 | 11/01/39 | 2355740 |
| 3405000 | (d) | Cross Creek North Community Development District, Clay County, Florida, Special Assessment Bonds, Series 2018 | 5.375 | 11/01/50 | 3442873 |

---

40 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870000 | Cross Creek North Community Development District, Clay County, Florida, Special Assessment Bonds, Series 2022 | 4.500% | 05/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698330 |
| 1500000 | Cross Creek North Community Development District, Clay County, Florida, Special Assessment Bonds, Series 2023 | 5.375 | 05/01/53 | 1512762 |
| 1490000 | Crossings at Fleming Island Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2014A-2 | 7.000 | 05/01/30 | 1492487 |
| 2000000 | Crossings at Fleming Island Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2014A-3 | 6.500 | 05/01/44 | 2001722 |
| 1250000 (d) | Curiosity Creek Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2024 | 5.700 | 05/01/55 | 1224378 |
| 8060000 | Currents Community Development District, Collier County, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Series 2024 | 5.800 | 05/01/54 | 7789102 |
| 3450000 (d) | Currents Community Development District, Collier County, Florida, Capital Improvement Revenue Bonds, Series 2020B | 4.250 | 05/01/41 | 3055897 |
| 1230000 | Cypress Bay West Community Development District, Palm Bay, Florida, Revenue Bonds, Assessment Area One Capital Improvement Series 2023 | 5.500 | 05/01/53 | 1240010 |
| 2600000 | Cypress Bluff Community Development District, Florida, Special Assessment Bonds, Series 2019 | 5.100 | 05/01/48 | 2602712 |
| 115000 | Cypress Creek Community Development District, Hillborough County, Florida, Capital Improvement Bonds, Subordinate Lien, Series 2017A | 6.000 | 05/01/45 | 117026 |
| 1215000 (d) | Cypress Park Estates Community Development District, Haines City, Florida, Special Assessment Revenue Bonds, 2022 Project, Series 2022 | 5.125 | 05/01/52 | 1167554 |
| 1475000 (d) | Cypress Ridge Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Assessment Area One Project, Series 2023 | 5.875 | 05/01/53 | 1503517 |
| 1500000 (d) | Deerbrook Community Development District, Pasco County, Florida, Special Assessment Bonds, 2023 Project Series 2023 | 5.500 | 05/01/53 | 1516125 |
| 2390000 | Del Webb Oak Creek Community Development District, Lee County, Florida, Special Assessment Bonds, 2023 Project, Series 2023 | 5.250 | 05/01/53 | 2398667 |
| 995000 (d) | Downden West Community Development District, Florida, Revenue Bonds Series 2018 | 5.400 | 05/01/39 | 1007369 |
| 3195000 (d) | Downden West Community Development District, Florida, Revenue Bonds Series 2018 | 5.550 | 05/01/49 | 3233187 |
| 7880000 (d) | Downtown Doral Community Development District, Florida, Special Assessment Bonds, Assessment Area 1, Series 2018A | 5.100 | 05/01/48 | 7897414 |
| 1035000 | Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015 | 5.300 | 05/01/36 | 1041010 |
| 1430000 | Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015 | 5.500 | 05/01/45 | 1435538 |
| 1955000 | Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015 | 5.500 | 05/01/46 | 1962265 |
| 820000 | East 547 Community Development District, Florida, Special Assessment Bonds, Area 2 Series 2023 | 6.500 | 05/01/54 | 864984 |
| 1000000 | East Homestead Community Development District, Florida, Special Assessment Revenue Bonds, Series 2019 | 5.000 | 11/01/49 | 981736 |
| 1435000 | East Nassau Stewardship District, Florida, Special Assessment Revenue Bonds, Series 2018 | 5.125 | 05/01/39 | 1447393 |
| 2415000 | East Nassau Stewardship District, Florida, Special Assessment Revenue Bonds, Series 2018 | 5.250 | 05/01/49 | 2418414 |
| 2150000 | Edgewater East Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 2 Series 2022 | 4.000 | 05/01/52 | 1752907 |
| 2000000 | Edgewater West Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area One Series 2024 | 5.500 | 05/01/54 | 1908922 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **41** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385000 (d) | Epperson North Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2018A-1 | 5.750% | 11/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4478204 |
| 4000000 | Epperson Ranch Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2017A-1 | 5.375 | 11/01/48 | 4017499 |
| 1000000 (d) | Epperson Ranch II Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2018A-1 | 5.500 | 05/01/39 | 1019400 |
| 2000000 (d) | Epperson Ranch II Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2018A-1 | 5.625 | 05/01/49 | 2021305 |
| 4285000 | Estancia at Wiregrass Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Series 2013 | 7.000 | 11/01/45 | 4443198 |
| 14845000 | Everest GMR Community Development District, Osceola County, Florida, Special Assessment Bonds, Series 2023 | 6.200 | 05/01/54 | 15149646 |
| 1245000 (d) | Evergreen Community Development District, Florida, Special Assessment Bonds, Series 2019 | 5.000 | 11/01/39 | 1253916 |
| 145000 (d) | Everlands Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 2 Series 2024 | 5.500 | 06/15/54 | 141941 |
| 1000000 (d) | Everlands Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 2 Series 2024 | 5.550 | 06/15/54 | 1002221 |
| 750000 | Fallschase Community Development District, Florida, Special Assessment Revenue Bonds, Series 2021 | 3.125 | 05/01/31 | 692776 |
| 500000 | Finley Woods Community Development District, Florida, Capital Improvement Bonds, Series 2020 | 4.200 | 05/01/50 | 426409 |
| 1415000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Charter School, Series 2019A | 6.125 | 06/15/46 | 1426310 |
| 765000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2017A | 6.000 | 06/15/37 | 772678 |
| 1510000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2017A | 6.125 | 06/15/46 | 1522069 |
| 830000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2018A | 6.125 | 06/15/46 | 836634 |
| 1245000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Creative Inspiration Journey School of St. Cloud, Series 2021A | 5.000 | 06/15/41 | 1157648 |
| 3000000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Discovery High School Project, Series 2020A | 5.000 | 06/01/40 | 2406060 |
| 2500000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Discovery High School Project, Series 2020A | 5.000 | 06/01/55 | 1743435 |
| 6025000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2014A | 6.250 | 07/01/34 | 6028528 |
| 9780000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2014A | 6.500 | 07/01/44 | 9785591 |
| 3935000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2017A | 5.750 | 07/01/44 | 3811116 |
| 9205000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Upper School Project, Series 2017C | 5.650 | 07/01/37 | 9365858 |
| 12575000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Upper School Project, Series 2017C | 5.750 | 07/01/47 | 12646024 |
| 17675000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Dreamers Academy Project, Series 2022A | 6.000 | 01/15/57 | 16435240 |
| 7735000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A | 5.000 | 07/15/46 | 7331305 |

---

42 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030000 | (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Imagine School at Broward Project, Series 2019A | 5.000% | 12/15/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003145 |
| 5410000 | (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Innovation Montessori Ocoee Projects, Taxable Series 2022A | 5.500 | 07/01/52 | 4866672 |
| 4140000 | (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Innovation Montessori Ocoee Projects, Taxable Series 2022A | 5.625 | 07/01/56 | 3741571 |
| 4000000 | (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin Academies of Pasco County Inc., Series 2020A | 5.000 | 01/01/50 | 3385074 |
| 355000 | (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A | 6.000 | 06/15/35 | 355545 |
| 8500000 | (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A | 6.125 | 06/15/46 | 8506751 |
| 2110000 | (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A | 6.000 | 06/15/34 | 2111712 |
| 6115000 | (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A | 6.125 | 06/15/44 | 6117431 |
| 2150000 | (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest Charter Foundation Inc Projects, Series 2017A | 6.000 | 06/15/37 | 2169485 |
| 6215000 | (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest Charter Foundation Inc Projects, Series 2017A | 6.125 | 06/15/47 | 6230969 |
| 8210000 | (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, The Florida Charter Educational Foundation Inc. Projects, Series 2016A | 6.375 | 06/15/46 | 8276361 |
| 5000000 | (f),(i) | Florida Development Finance Corporation, Healthcare Facilities Revenue Bonds, Tampa General Hospital Project, Series 2024A, (UB) | 5.250 | 08/01/55 | 5104567 |
| 166095000 | (d) | 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 | 176217510 |
| 3000000 |  | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/38 | 2996071 |
| 4900000 |  | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/41 | 4768317 |
| 20180000 |  | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.250 | 07/01/47 | 20275496 |
| 71865000 | (f) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT), (UB) | 5.250 | 07/01/53 | 73235279 |
| 61500000 |  | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.500 | 07/01/53 | 62143432 |
| 137645000 | (d) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250 | 07/01/57 | 142943341 |
| 1720000 | (d) | Florida Development Finance Corporation, Revenue Bonds, IPS Florida LLC-Idea Florida, Inc. Jacksonville IV, Series 2022 | 5.250 | 06/15/29 | 1724663 |
| 7885000 | (d) | Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024A-1 | 5.250 | 06/01/54 | 7829393 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **43** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6225000 (d) | Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024A-1 | 5.250% | 06/01/59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6132010 |
| 7690000 (d) | Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024B | 6.500 | 06/01/59 | 7802960 |
| 820000 | Florida Municipal Loan Council, Capital Improvement Revenue Bonds, Shingle Creek Transportation and Utility Series 2024, (AMT) | 5.400 | 05/01/54 | 822502 |
| 1060000 | Flow Way Community Development District, Collier County, Florida, Special Assessment Bonds, Phase 4 Project, Series 2015 | 5.125 | 11/01/36 | 1067884 |
| 1485000 | Flow Way Community Development District, Collier County, Florida, Special Assessment Bonds, Phase 4 Project, Series 2015 | 5.375 | 11/01/46 | 1492739 |
| 2450000 | Flow Way Community Development District, Collier County, Florida, Special Assessment Bonds, Phase 5 Project, Series 2016 | 5.000 | 11/01/46 | 2441764 |
| 1000000 | Forest Brooke Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2017 | 5.000 | 12/15/37 | 1005345 |
| 2000000 | Forest Brooke Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2017 | 5.125 | 12/15/46 | 2002614 |
| 440000 (d) | Forest Lake Community Development District, Polk County, Florida, Specia Assessment Bonds, Assessment Area 2 Project, Series 2022 | 5.500 | 05/01/52 | 447697 |
| 1000000 | Fox Branch Ranch Community Development District, Polk County, Florida, Revenue Bonds, Capital Improvement Area One Series 2025 | 5.400 | 05/01/55 | 975968 |
| 1260000 (d) | GIR East Community Development District, Osceola County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2025 | 5.500 | 05/01/55 | 1214210 |
| 1310000 (d) | Governors Park South Community Development District, Clay County, Florida, Special Assessment Revenue Bonds, Area 1 Series 2025 | 5.650 | 05/01/55 | 1294032 |
| 3000000 | Grand Bay at Doral Community Development District, Miami- Dade County, Florida, Special Assessment Bonds, North Parcel Assessment Area Project, Improvement Series 2014A-1 | 5.000 | 05/01/44 | 2989521 |
| 1050000 | Grand Bay at Doral Community Development District, Miami- Dade County, Florida, Special Assessment Bonds, North Parcel Assessment Area, Refunding Series 2014A-2 | 5.000 | 05/01/39 | 1050125 |
| 2095000 | Grand Bay at Doral Community Development District, Miami- Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016 | 5.000 | 05/01/46 | 2071160 |
| 1000000 | Grand Bay at Doral Community Development District, Miami- Dade County, Florida, Special Assessment Improvement Bonds, Assessment Area Two Project, Refunding Series 2014A-2 | 6.500 | 05/01/39 | 1001296 |
| 1825000 | Grand Oaks Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Series 2019A | 4.750 | 11/01/39 | 1781229 |
| 3645000 | Grand Oaks Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Series 2019A | 5.000 | 11/01/50 | 3513076 |
| 5000000 (f) | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Priority Subordinate Series 2024, (AMT), (UB) | 5.250 | 10/01/49 | 5201835 |
| 20000000 (f) | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017A, (AMT), (UB) | 4.000 | 10/01/52 | 17461658 |
| 690000 | Grove Resort Community Development District, Orange County, Florida, Special Assessment Revenue Bonds, Series 2017A | 5.000 | 11/01/28 | 703675 |
| 9935000 | Grove Resort Community Development District, Orange County, Florida, Special Assessment Revenue Bonds, Series 2017A | 5.875 | 11/01/47 | 10432428 |
| 2305000 | Hacienda Lakes Community Development District, Collier County, Florida, Special Assessment Bonds, Series 2016 | 4.625 | 05/01/46 | 2131297 |
| 1155000 (d) | Hamilton Bluff Community Development District, Lake Hamilton, Florida, Special Assessment Bonds, Area 1 Project, Series 2024 | 5.800 | 05/01/54 | 1149075 |
| 1000000 (d) | Hammock Oaks Community Development District, Florida, Special Assessment Revenue Bonds, Area One Series 2023 | 5.750 | 05/01/53 | 1011937 |
| 1000000 | Hammock Oaks Community Development District, Lady Lake, Florida, Special Assessment Revenue Bonds, Area 2, Series 2024 | 6.150 | 05/01/54 | 1009179 |

---

44 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320000 (d) | Hammock Reserve Community Development District, Haines City, Florida, Special Assessment Revenue Bonds, Area 3 Project, Series 2022 | 4.700% | 05/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250808 |
| 4680000 | Harmony Community Development District, Florida, Capital Improvement Revenue Bonds, Special Assessment, Refunding Series 2014 | 5.250 | 05/01/32 | 4682169 |
| 930000 (d) | Harmony West Community Development District, Osceloa County, Florida, Special Asssessment Revenue Bonds, Assessment Area 1, Series 2018 | 5.100 | 05/01/38 | 947035 |
| 1870000 (d) | Harmony West Community Development District, Osceloa County, Florida, Special Asssessment Revenue Bonds, Assessment Area 1, Series 2018 | 5.250 | 05/01/49 | 1877610 |
| 1000000 (d) | Harmony West Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 2, Series 2023 | 5.300 | 05/01/53 | 1003618 |
| 1000000 (d) | Harmony West Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 3, Series 2025 | 5.650 | 05/01/55 | 992062 |
| 1000000 | Hawkstone Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 4, Series 2023 | 5.500 | 05/01/53 | 1008790 |
| 1435000 (d) | Hawthorne Mill North Community Development District, Florida, Capital Improvement Revenue Bonds, Lakeland Assessment Area Two Series 2024 | 5.500 | 05/01/54 | 1401072 |
| 3900000 | Heights Community Development District, Florida, Tax Increment & Special Assessment Revenue Bonds, Series 2018 | 5.125 | 01/01/50 | 3856497 |
| 760000 | Hemingway Point Community Development District, Florida, Special Assessment Bonds, Phase 2 Project, Series 2014 | 5.000 | 11/01/34 | 760198 |
| 110000 | Heritage Harbour North Community Development District, Florida, Capital Improvement Revenue Bond, Refunding Series 2017A-1 | 5.250 | 05/01/38 | 110941 |
| 525000 (d) | Heron Isles Community Development District, Florida, Capital Improvement Revenue Bonds, Refunding Subordinate Lien Series 2017A-2 | 5.000 | 05/01/36 | 528696 |
| 800000 (d) | Hidden Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 3, Series 2019A-1 | 5.250 | 11/01/39 | 813207 |
| 4440000 | Hidden Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area One, Series 2016A-1 | 6.250 | 11/01/47 | 4793155 |
| 385000 | Highland Meadows Community Development District, Davenport, Florida, Special Assessment Revenue Bonds, Series 2006A | 5.500 | 05/01/36 | 385231 |
| 1015000 | Highland Meadows II Community Development District, Davenport, Polk County, Florida, Special Assessment Revenue Bonds, Area 4B/C Project, Series 2017 | 5.000 | 11/01/48 | 999773 |
| 390000 | Highland Meadows II Community Development District, Davenport, Polk County, Florida, Special Assessment Revenue Bonds, Area 5 Project, Series 2017 | 5.375 | 11/01/37 | 394979 |
| 790000 | Highland Meadows II Community Development District, Davenport, Polk County, Florida, Special Assessment Revenue Bonds, Area 5 Project, Series 2017 | 5.500 | 11/01/47 | 796178 |
| 310000 | Highland Meadows II Community Development District, Davenport, Polk County, Florida, Special Assessment Revenue Bonds, Area 6 Project, Series 2017 | 5.500 | 11/01/47 | 312425 |
| 2045000 (d) | Highland Meadows West Community Development District, Haines City, Florida, Special Assessment Bonds, Series 2019 | 5.000 | 11/01/49 | 1990937 |
| 710000 (d) | Highlands Community Development District, Hillborough County, Florida, Special Assessment Bonds, Assessment Area 4 Project, Series 2018 | 5.250 | 06/15/39 | 719036 |
| 1205000 (d) | Highlands Community Development District, Hillborough County, Florida, Special Assessment Bonds, Assessment Area 4 Project, Series 2018 | 5.375 | 06/15/49 | 1213467 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **45** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 (d) | Hillcrest Preserve Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, 2024 Project Series 2024 | 5.300% | 05/01/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901484 |
| 16490000 (f) | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Alternative Minimum Tax Refunding Subordinate Lien Series 2022A, (AMT), (UB) | 4.000 | 10/01/52 | 14262056 |
| 22300000 (f) | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2018A, (AMT), (UB) | 5.000 | 10/01/48 | 22343579 |
| 10000000 | Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue Bonds, 2024 Series B, (AMT), (UB) | 5.500 | 10/01/54 | 10634446 |
| 19810000 (f) | Hillsborough County Industrial Development Authority, Florida, Health System Revenue Bonds, BayCare Health System Series 2024C, (UB) | 4.125 | 11/15/51 | 18172997 |
| 9875000 (f) | Hillsborough County Industrial Development Authority, Florida, Health System Revenue Bonds, BayCare Health System Series 2024C, (UB) | 5.500 | 11/15/54 | 10618338 |
| 3000000 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Florida Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A | 4.000 | 08/01/50 | 2618053 |
| 12995000 (f) | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Florida Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A | 3.500 | 08/01/55 | 9859529 |
| 3150000 (f) | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Florida Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A, (UB) | 4.000 | 08/01/55 | 2769857 |
| 350000 | Holly Hill Road East Community Development District, Davenport, Florida, Special Assessment Revenue Bonds, Area 3 Project, Series 2020 | 5.000 | 11/01/41 | 362444 |
| 415000 (d) | Hunter's Ridge Community Development District 1, Flagler County, Florida, Special Assessment Bonds, Assessment Area 1, Series 2019 | 5.000 | 11/01/39 | 416449 |
| 620000 (d) | Hunter's Ridge Community Development District 1, Flagler County, Florida, Special Assessment Bonds, Assessment Area 1, Series 2019 | 5.125 | 11/01/49 | 612606 |
| 1720000 (d) | Island Lake Estates Community Development District, Charlotte County, Florida, Special Assessment Bonds, 2023 Project Series 2023 | 6.000 | 12/15/53 | 1778471 |
| 1905000 | Isles of Bartram Park Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Series 2015 | 5.000 | 11/01/35 | 1907245 |
| 2905000 | Isles of Bartram Park Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Series 2015 | 5.125 | 11/01/45 | 2864424 |
| 985000 | Isles of Bartram Park Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Series 2017 | 5.000 | 11/01/47 | 947483 |
| 4265000 | Jacksonville, Florida, Special Revenue Bonds, Refunding Series 2023A | 5.500 | 10/01/53 | 4596549 |
| 490000 | K-Bar Ranch Community Development District, Florida, Special Assessment Revenue Bonds, Parcel O-1 Project, Series 2014 | 5.125 | 11/01/34 | 490181 |
| 895000 | K-Bar Ranch Community Development District, Florida, Special Assessment Revenue Bonds, Parcel O-1 Project, Series 2014 | 5.375 | 11/01/44 | 895153 |
| 610000 | K-Bar Ranch Community Development District, Florida, Special Assessment Revenue Bonds, Parcel Q Project, Series 2014 | 5.125 | 11/01/34 | 610226 |
| 1025000 | K-Bar Ranch Community Development District, Florida, Special Assessment Revenue Bonds, Parcel Q Project, Series 2014 | 5.375 | 11/01/44 | 1025175 |
| 1000000 (d) | Knightsbridge Community Development District, Florida, Special Assessment Bonds, Series 2024 | 5.500 | 06/15/54 | 988782 |
| 1750000 | Lake Deer Community Development District, Polk County Florida, Special Assessment Revenue Bonds, Series 2022 | 5.625 | 05/01/53 | 1750091 |
| 1370000 | Lake Emma Community Development District, Lake County, Florida, Special Assessment Bonds, Area 2 2023 Project, Series 2023 | 5.500 | 05/01/53 | 1394626 |
| 1000000 (d) | Lake Harris Community Development District, Lake County, Florida, Special Assessment Bonds, 2023 Project Area Series 2023 | 5.625 | 05/01/53 | 1019528 |

---

46 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 (d) | Lake Hideaway Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area One, Series 2024 | 5.900% | 05/01/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579675 |
| 2940000 | Lakeside Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Series 2015 | 5.750 | 05/01/45 | 2941205 |
| 1595000 | Lakeside Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Series 2018 | 5.000 | 05/01/38 | 1602104 |
| 2660000 | Lakeside Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Series 2018 | 5.100 | 05/01/48 | 2627822 |
| 420000 | Lakeside Preserve Community Development District, Lakeland, Florida, Special Assessment Bonds, Series 2019 | 4.875 | 05/01/39 | 411894 |
| 575000 | Lakeside Preserve Community Development District, Lakeland, Florida, Special Assessment Bonds, Series 2019 | 5.000 | 05/01/49 | 552429 |
| 3690000 (d) | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Del Webb Project, Series 2017 | 5.125 | 05/01/47 | 3710365 |
| 1110000 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Isles Lakewood Ranch Project, Series 2019 | 4.700 | 05/01/39 | 1107925 |
| 2535000 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Northeast Sector Project, Phase 1A, Series 2018 | 5.100 | 05/01/48 | 2543473 |
| 2245000 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Northeast Sector Project, Phase 1B, Series 2018 | 5.300 | 05/01/39 | 2295433 |
| 3995000 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Northeast Sector Project, Phase 1B, Series 2018 | 5.450 | 05/01/48 | 4063397 |
| 530000 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Star Farms at Lakewood Ranch Project, Series 2024 | 5.550 | 05/01/54 | 530480 |
| 1355000 (d) | Lawson Dunes Community Development District, Haines City, Florida, Special Assessment Revenue Bonds, 2022 Project Series 2022 | 5.000 | 05/01/42 | 1349520 |
| 2465000 (d) | Lawson Dunes Community Development District, Haines City, Florida, Special Assessment Revenue Bonds, 2022 Project Series 2022 | 5.125 | 05/01/52 | 2396064 |
| 1635000 | Lee County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Janies Garden Phase 2, Series 2010B, (Mandatory Put 9/15/27) | 7.250 | 09/15/47 | 1636409 |
| 3655000 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A | 5.250 | 06/15/27 | 3656319 |
| 35550000 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A | 5.375 | 06/15/37 | 35550736 |
| 2495000 (d) | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2012A | 5.500 | 06/15/32 | 2496239 |
| 4700000 (d) | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2012A | 5.750 | 06/15/42 | 4700129 |
| 790000 (d) | Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Preserve Project, Series 2017A | 5.375 | 12/01/32 | 614861 |
| 2000000 (d) | Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Preserve Project, Series 2017A | 5.625 | 12/01/37 | 1530660 |
| 11650000 (d) | Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Preserve Project, Series 2017A | 5.750 | 12/01/52 | 8645944 |
| 10000000 (f) | Lee County, Florida, Airport Revenue Bonds, Series 2021B, (AMT), (UB) | 5.000 | 10/01/46 | 10141010 |
| 20045000 (f) | Lee County, Florida, Airport Revenue Bonds, Series 2021B, (AMT), (UB) | 4.000 | 10/01/51 | 17274005 |
| 8850000 (f) | Lee County, Florida, Airport Revenue Bonds, Series 2024, (AMT), (UB) | 5.250 | 10/01/49 | 9179793 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **47** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | (f) | Lee County, Florida, Airport Revenue Bonds, Series 2024, (AMT), (UB) | 5.250% | 10/01/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118921 |
| 157000 |  | Lexington Community Development District, Florida, Special Assessment Revenue Bonds, Series 2007 | 5.400 | 05/01/37 | 157077 |
| 2105000 | (d) | Liberty Cove Community Development District, Nassau County, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2024 | 5.700 | 05/01/54 | 2053403 |
| 1250000 | (d) | Longleaf Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Neighborhood 4 Assessment Area Two Series 2024A | 5.450 | 05/01/55 | 1190545 |
| 1260000 | (d),(i) | Lowery Hills Community Development District, Lake Alfred, Florida, Special Assessments Revenue Bonds, Assessment Area 1, Series 2025 | 5.850 | 05/01/55 | 1243225 |
| 1000000 | (d) | LTC Ranch Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 4 Project, Refunding Series 2024AA4 | 5.650 | 05/01/54 | 979475 |
| 1185000 |  | Lucerne Park Community Development District, Florida, Special Assessment Revenue Bonds, Series 2019 | 4.750 | 05/01/50 | 1102328 |
| 5795000 |  | Magic Place Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2019 | 4.500 | 05/01/51 | 5002154 |
| 1000000 |  | Majorca Isles Community Development District, Mianmi Gardens, Florida, Special Assessment Bonds, Series 2015 | 5.375 | 05/01/35 | 1007608 |
| 3615000 |  | Majorca Isles Community Development District, Mianmi Gardens, Florida, Special Assessment Bonds, Series 2015 | 5.625 | 05/01/46 | 3633133 |
| 1885000 | (d) | Malabar Springs Community Development District, Florida, Special Assessment Revenue Bonds, Palm Bay Area One Series 2024 | 5.500 | 05/01/54 | 1817042 |
| 16150000 | (f) | Manatee County, Florida, Revenue Improvement and Refunding Bonds, Series 2022, (UB) | 4.000 | 10/01/52 | 15073733 |
| 2035000 | (d) | Mandarin Grove Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, 2022 Project Series 2022 | 6.625 | 05/01/53 | 2349517 |
| 410000 |  | Meadow Pines Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2014-2 | 6.000 | 05/01/34 | 410486 |
| 2700000 |  | Mediterranea Community Development District, Riviera Beach, Florida, Special Assessment Bonds, Area 2 Project, Refunding & Improvement Series 2017 | 5.000 | 05/01/48 | 2652646 |
| 1000000 | (d) | Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, Miami Community Charter School Inc Project, Series 2020A | 5.000 | 06/01/47 | 913300 |
| 3895000 | (d) | Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, South Florida Autism Charter School Project, Series 2017 | 5.875 | 07/01/37 | 3926182 |
| 6530000 | (d) | Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, South Florida Autism Charter School Project, Series 2017 | 6.000 | 07/01/47 | 6564081 |
| 13505000 |  | Miami World Center Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Series 2017 | 5.125 | 11/01/39 | 13680902 |
| 12255000 |  | Miami World Center Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Series 2017 | 5.250 | 11/01/49 | 12389556 |
| 6200000 | (f) | Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, New Administrative Building Series 2023A, (UB) | 5.000 | 03/01/48 | 6430663 |
| 9565000 | (f) | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2018A, (UB) | 5.000 | 04/01/53 | 9659696 |
| 30000 |  | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A | 5.000 | 07/01/40 | 30183 |
| 6300000 | (d) | Miami-Dade County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, CFC-MB I, LLC Collins Park Housing Project Series 2023 | 6.250 | 01/01/59 | 6277152 |
| 1000000 |  | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, PInecrest Academy Project, Series 2014 | 5.000 | 09/15/34 | 999947 |
| 1730000 |  | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, PInecrest Academy Project, Series 2014 | 5.250 | 09/15/44 | 1650170 |

---

48 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 (d) | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op Charter Schools Project, Series 2015A | 5.750% | 09/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502277 |
| 2250000 (d) | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op Charter Schools Project, Series 2015A | 6.000 | 09/15/45 | 2253241 |
| 12855000 (f) | Miami-Dade County, Florida, General Obligation Bonds, Public Health Trust Program Series 2021A, (UB) | 4.000 | 07/01/50 | 11678899 |
| 14790000 (f) | Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2021A-1 - AGM Insured, (AMT), (UB) | 4.000 | 10/01/45 | 13324457 |
| 2000000 | Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2022A, (AMT) | 5.250 | 10/01/52 | 2052811 |
| 11960000 (f) | Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Subordinate Series 2021B-1, (AMT), (UB) | 4.000 | 10/01/46 | 10506547 |
| 7935000 (f) | Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Subordinate Series 2021B-1, (AMT), (UB) | 4.000 | 10/01/50 | 6884977 |
| 3615000 (d) | Miami-Dade County, Florida, Special Assessment Revenue Bonds, Ojus Sanitary Sewer Special Benefit Area, Series 2021 | 5.100 | 07/01/51 | 3611638 |
| 5000000 (f) | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018, (UB) | 4.000 | 07/01/48 | 4471305 |
| 9085000 (f) | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2020A, (UB) | 4.000 | 07/01/49 | 8024662 |
| 10700000 (f) | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2019B, (UB) | 4.000 | 10/01/49 | 9633636 |
| 15995000 (f) | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2021, (UB) | 4.000 | 10/01/51 | 14299228 |
| 2390000 (d) | Middleton Community Development District A, Florida, Special Assessment Revenue Bonds, Series 2022 | 6.200 | 05/01/53 | 2506319 |
| 800000 | Midtown Miami Community Development District, Florida, Special Assessment Revenue Bonds, Infrastrusture Project, Refunding Series 2014B | 5.000 | 05/01/29 | 800269 |
| 3705000 | Midtown Miami Community Development District, Florida, Special Assessment Revenue Bonds, Infrastrusture Project, Refunding Series 2014B | 5.000 | 05/01/37 | 3704899 |
| 9770000 | Midtown Miami Community Development District, Florida, Special Assessment Revenue Bonds, Parking Garage Project, Refunding Series 2014A | 5.000 | 05/01/37 | 9769734 |
| 4810000 (d) | Mirada Community Development District, Florida, Capital Improvement Bonds, Assessment Area 3 Series 2024 | 6.000 | 05/01/55 | 4824682 |
| 205000 (d) | Mirada II Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2022 | 5.125 | 05/01/32 | 210364 |
| 615000 (d) | Mirada II Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2022 | 5.600 | 05/01/42 | 629933 |
| 1025000 (d) | Mirada II Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2022 | 5.750 | 05/01/53 | 1048022 |
| 2625000 | Naples Reserve Community Development District, Collier County, Florida, Special Assessment Bonds, Series 2014 | 5.625 | 11/01/45 | 2626025 |
| 2645000 (d) | Naples Reserve Community Development District, Collier County, Florida, Special Assessment Bonds, Series 2018 | 5.125 | 11/01/48 | 2643135 |
| 870000 (e) | Naturewalk Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007A | 5.500 | 05/01/38 | 330600 |
| 1590000 (e) | Naturewalk Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007B | 5.300 | 05/01/22 | 604200 |
| 2150000 (d) | Normandy Community Development District, Florida, Capital Improvement Revenue Bonds, Jacksonville Assessment Area One Series 2024 | 5.550 | 05/01/54 | 2046864 |
| 535000 (d) | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 3, Series 2023 | 5.750 | 05/01/43 | 544724 |
| 1095000 (d) | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 3, Series 2023 | 6.000 | 05/01/54 | 1117651 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **49** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855000 (d) | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 5, Series 2024 | 6.000% | 05/01/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861704 |
| 715000 | North Boulevard Community Development District, Haines, Polk County, Florida, Special Assessment Bonds, Series 2019 | 5.500 | 11/01/39 | 732793 |
| 1240000 | North Boulevard Community Development District, Haines, Polk County, Florida, Special Assessment Bonds, Series 2019 | 5.625 | 11/01/49 | 1262714 |
| 1915000 (d) | North Powerline Road Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Series 2022 | 5.625 | 05/01/52 | 1959115 |
| 1000000 | North Springs Improvement District, Browaard County, Florida, Special Assessment Bonds, Area C, Series 2017 | 5.000 | 05/01/38 | 1005591 |
| 8025000 | North Springs Improvement District, Broward County, Florida, Water Mangement Bonds, Parkland Bay Unit Area, Series 2018 | 5.000 | 05/01/48 | 7894917 |
| 5000000 (d) | North Springs Improvement District, Broward County, Florida, Water Mangement Bonds, Unit Area C, Series 2017 | 5.000 | 05/01/48 | 4872704 |
| 3000000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 2C, Series 2017 | 5.000 | 08/01/46 | 3000656 |
| 13280000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015 | 5.500 | 08/01/46 | 13353960 |
| 3280000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2018A | 5.500 | 08/01/39 | 3360201 |
| 5730000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2018A | 5.625 | 08/01/49 | 5821714 |
| 3900000 (d) | Ocean and Highway Port Authority, Florida, Port Facilities Revenue Bonds, Worldwide Terminals Fernandina, LLC Project, Series 2019, (AMT) | 5.500 | 12/01/49 | 3149814 |
| 1530000 | Old Hickory Community Development District, Osceola County, Florida, Special Assessment Bonds, Series 2020 | 4.000 | 06/15/50 | 1266671 |
| 1185000 | Orange Blossom Groves Community Development District, Collier County, Florida, Special Assessment Bonds, 2023 Project, Series 2023 | 5.375 | 06/15/53 | 1202928 |
| 34000000 (f) | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health Obligated Group, Inc. Series 2025A, (UB) | 5.250 | 10/01/56 | 35519521 |
| 2240000 | Orchid Grove Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015 | 5.000 | 05/01/36 | 2248110 |
| 810000 | Osceola Chain Lakes Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2018 | 5.125 | 05/01/38 | 816936 |
| 1130000 | Osceola Chain Lakes Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2018 | 5.250 | 05/01/48 | 1132169 |
| 875000 (d) | Pacific Ace Community Development District, Lake County, Florida, Special Assessment Revenue Bonds, Area 2 Series 2024 | 5.500 | 05/01/55 | 867942 |
| 2700000 | Palermo Community Development District, Florida, Special Assessment Bonds, 2023 Project, Series 2023 | 5.250 | 06/15/53 | 2705952 |
| 600000 | Palermo Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2, Series 2025 | 5.500 | 06/15/55 | 579803 |
| 17865000 (f) | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Series 2019, (UB) | 4.000 | 08/15/49 | 15539143 |
| 10315000 (d) | Palm Beach County, Florida, Revenue Bonds, Provident Group - LU Properties LLC Lynn University Housing Project, Series 2021A | 5.000 | 06/01/57 | 9317999 |
| 4160000 | Palm Beach County, Florida, Revenue Bonds, Provident Group - LU Properties LLC Lynn University Housing Project, Series 2024A | 6.125 | 06/01/54 | 4152702 |
| 3640000 | Palm Beach County, Florida, Revenue Bonds, Provident Group - LU Properties LLC Lynn University Housing Project, Series 2024A | 6.250 | 06/01/59 | 3658477 |
| 1250000 | Palm Coast Park Community Development District, Florida, Special Assessment Revenue Bonds, Sawmill Branch Phase 2 Flager, Series 2022 | 5.125 | 05/01/51 | 1217002 |
| 1000000 | Palm Coast Park Community Development District, Florida, Special Assessment Revenue Bonds, Series 2023 | 5.600 | 05/01/53 | 1012010 |

---

50 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 (d) | Palm Gate Community Development District, Florida, Special Assessment Bond, 2025 Project, Series 2025 | 5.550% | 06/15/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729059 |
| 545000 | Park Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Series 13A-1 | 7.375 | 11/01/44 | 573730 |
| 2185000 | Park East Community Development District, Florida, Special Assessment Revenue Bonds, Series 2021 | 4.000 | 11/01/51 | 1781844 |
| 1000000 | Parker Pointe Community Development District, Miami-Dade County, Florida, Special Assessment Revenue Bonds, Series 2024 | 5.750 | 05/01/54 | 987911 |
| 800000 | Parker Road Community Development District, Florida, Capital Improvement Revenue Bonds, Refudning Series 2020 | 3.875 | 05/01/40 | 661602 |
| 925000 | Parrish Lakes Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2023 | 5.125 | 05/01/43 | 910718 |
| 1850000 | Parrish Lakes Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2023 | 5.400 | 05/01/53 | 1830444 |
| 1900000 (d) | Parrish Lakes Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Assessment Area 3, Series 2024 | 5.800 | 05/01/54 | 1861609 |
| 1000000 | Pasco County, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center and Research Institute Capital Improvement Series 2023A - AGM Insured | 5.000 | 09/01/48 | 1020873 |
| 2000000 (d) | Peace Creek Community Development District, Winter Haven, Florida, Special Assessment Revenue Bonds, Area One Series 2023 | 5.375 | 06/15/53 | 2016937 |
| 885000 | Poinciana West Community Development District, Florida, Special Assessment Bonds, Refunding Subordinate Series 2016-2 | 5.700 | 05/01/37 | 901274 |
| 500000 | Preserve at South Branch Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Phase 1 Series 2018 | 5.250 | 11/01/38 | 515282 |
| 1000000 | Preserve at South Branch Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Phase 1 Series 2018 | 5.375 | 11/01/49 | 1012644 |
| 2160000 | Punta Gorda Housing Authority, Florida, Gulf Breeze Apartments Multifamily Housing Revenue Bonds, Series 2007A, (AMT) | 6.125 | 01/01/45 | 2090022 |
| 1000000 (d) | Ranches at Lake McLeod Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2023 | 5.500 | 06/15/53 | 1012061 |
| 1250000 (d) | Ranches at Lake McLeod Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Assessment Area 2 Series 2025 | 5.650 | 06/15/55 | 1234689 |
| 1035000 | Randal Park Community Development District, Orlando, Florida, Special Assessment Revenue Bonds, Series 2012 | 6.125 | 11/01/32 | 1100791 |
| 1000000 | Randal Park Community Development District, Orlando, Florida, Special Assessment Revenue Bonds, Series 2012 | 6.875 | 11/01/42 | 1102712 |
| 1350000 | Randal Park Community Development District, Orlando, Florida, Special Assessment Revenue Bonds, Series 2015 | 5.000 | 11/01/35 | 1353132 |
| 2270000 | Randal Park Community Development District, Orlando, Florida, Special Assessment Revenue Bonds, Series 2015 | 5.200 | 11/01/45 | 2271749 |
| 725000 (d) | Regal Village Community Development District, Florida City, Florida, Capital Improvement Revenue Bonds, Series 2024 | 5.500 | 05/01/54 | 720128 |
| 7485000 | Reunion East Community Development District, Osceola County, Florida, Special Assessment Bonds, Refunding Series 2015A | 5.000 | 05/01/33 | 7490218 |
| 2705000 (d) | Reunion West Community Development District, Florida, Special Assessment Bonds, Area 2 Phase 1 Project, Refunding & Improvement Series 2015 | 5.000 | 11/01/47 | 2706139 |
| 2530000 | Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2016 | 5.000 | 11/01/46 | 2531973 |
| 675000 | Reunion West Community Development District, Osceola County, Florida, Special Assessment Bonds, Area 5 Project, Series 2019 | 4.500 | 05/01/39 | 649205 |
| 2000000 | Reunion West Community Development District, Osceola County, Florida, Special Assessment Bonds, Area 5 Project, Series 2019 | 4.625 | 05/01/50 | 1828443 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **51** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | Rhodine Road North Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2019 | 4.750% | 05/01/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149683 |
| 1065000 | Rhodine Road North Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2022 | 4.000 | 05/01/52 | 888404 |
| 998000 | Riverbend West Community Development District, Hilsborough County, Florida, Special Assessment Bonds, Series 2016 | 5.000 | 05/01/46 | 982839 |
| 1360000 | Rivers Edge Community Development District, Florida, Capital Improvement Revenue Bonds, Refunding Subordinate Lien Series 2018A-2 | 5.000 | 05/01/38 | 1369540 |
| 565000 | Rolling Hills Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2015A-1 | 5.450 | 05/01/31 | 568477 |
| 820000 | Rolling Hills Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2015A-1 | 5.600 | 05/01/37 | 823542 |
| 1300000 | Rolling Hills Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2020A-1 | 4.875 | 05/01/50 | 1228352 |
| 1000000 | Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series 2016 | 5.875 | 11/01/37 | 1026477 |
| 990000 | Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series 2016 | 6.000 | 11/01/47 | 1011005 |
| 1995000 (d) | Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series 2018 | 5.375 | 11/01/38 | 2033923 |
| 3745000 (d) | Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series 2018 | 5.500 | 11/01/49 | 3789921 |
| 1510000 (d) | Rolling Oaks Community Development District, Osceola County, Florida, Special Assessment Bonds, 2022 Assessment Area, Series 2022 | 6.500 | 05/01/53 | 1576973 |
| 1695000 (d) | Rookery Community Development District, Florida, Special Assessment Revenue Bonds, Green Cove Springs Capital Improvement Assessment Area One Series 2024 | 5.350 | 05/01/55 | 1620543 |
| 2360000 | Rustic Oaks Community Development District, Florida, Capital Improvement Revenue Bonds Series 2022 | 4.000 | 05/01/52 | 1912484 |
| 1000000 (d) | Rye Crossing Community Development District, Manatee County, Florida, Revenue Bonds, Capital Improvement Assessment Area 2 Series 2024 | 5.250 | 05/01/54 | 956001 |
| 1700000 | Sabal Palm Community Development District, Florida, Special Assessment Bonds, Series 2016 | 5.500 | 11/01/46 | 1710512 |
| 1250000 (d) | Sabal Palm Community Development District, Florida, Special Assessment Bonds, South Parcel Series 2017 | 5.000 | 11/01/47 | 1236494 |
| 1245000 | Saint Augustine Lakes Community Development District, Saint Johns County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 5.500 | 06/15/53 | 1256719 |
| 3308301 (d) | Saint Johns County Housing Authority, Florida, Multifamily Mortgage Revenue Bonds, Victoria Crossing, Series 2021A, (Mandatory Put 4/01/39) | 3.920 | 04/01/59 | 2619967 |
| 1000000 | Saltmeadows Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2022 | 5.500 | 05/01/53 | 1010750 |
| 1980000 | Sarasota County Public Hospital District, Florida, Hospital Revenue Bonds, Sarasota Memorial Hospital Project, Series 2022 | 4.000 | 07/01/52 | 1718014 |
| 15000000 (f) | Sarasota County Public Hospital District, Florida, Hospital Revenue Bonds, Sarasota Memorial Hospital Project, Series 2022, (UB) | 4.000 | 07/01/52 | 13015255 |
| 750000 | Savanna Lakes Community Development District, Lee County, Florida, Special Assessment Revenue Bonds, Assessment Area Two Series 2024 | 5.500 | 06/15/54 | 740521 |
| 2500000 (d) | Sawgrass Village Community Development District, Manatee County, Florida, Special Assessment Bonds, 2023 Project Series 2023 | 5.750 | 05/01/53 | 2523366 |
| 1045000 | Sawgrass Village Community Development District, Manatee County, Florida, Special Assessment Bonds, Assessment Area 2 Series 2023 | 6.375 | 11/01/53 | 1090115 |

---

52 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305000 (d) | Sawyers Landing Community Development District, Florida, Special Assessment Revenue Bonds, Series 2021 | 4.125% | 05/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059113 |
| 1685000 (d) | Scenic Terrace North Community Development District, Florida, Special Assessment Revenue Bonds, Series 2023 | 6.125 | 05/01/54 | 1730063 |
| 1510000 (d) | Seagrove Community Development District, St. Lucie County, Florida, Special Assessment Revenue Bonds, Series 2024 | 5.200 | 06/15/54 | 1457656 |
| 1130000 (d) | Seaton Creek Reserve Community Development District, Jacksonville, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2023 | 5.500 | 06/15/53 | 1145879 |
| 1185000 | Sedona Point Community Development District, Florida, Special Assessment Bonds, Project Series 2023 | 5.000 | 06/15/53 | 1164609 |
| 1105000 (d) | Seminole Palms Community Development District, Palm Coast, Florida, Special Assessment Revenue Bonds, 2023 Project Area Series 2023 | 5.700 | 05/01/53 | 1122537 |
| 2000000 (d) | Seminole Palms Community Development District, Palm Coast, Florida, Special Assessment Revenue Bonds, 2024 Project Area 2 Series 2024 | 5.500 | 05/01/55 | 1927318 |
| 1500000 (d) | Shell Point Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Refunding Series 2019 | 5.250 | 11/01/39 | 1519231 |
| 2990000 (d) | Shell Point Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Refunding Series 2019 | 5.375 | 11/01/49 | 3010799 |
| 1750000 | Sherwood Manor Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Area Two, Series 2023 | 5.625 | 05/01/53 | 1780725 |
| 4000000 | Shingle Creek Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 2 Series 2019 | 5.000 | 05/01/49 | 3906856 |
| 390000 (d) | Silverado Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1A, Series 2018A-1 | 5.250 | 11/01/38 | 394246 |
| 580000 (d) | Silverado Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1A, Series 2018A-1 | 5.375 | 11/01/48 | 583443 |
| 1500000 (d) | Silverado Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1B, Refunding Series 2018A-2 | 5.500 | 05/01/49 | 1553554 |
| 310000 (d) | Silverado Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2017A-1 | 5.500 | 11/01/47 | 312350 |
| 1975000 | Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Refunding Series 2015 | 5.000 | 05/01/38 | 1995120 |
| 3930000 | Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Phase 2, Series 2017A | 5.250 | 11/01/48 | 3949593 |
| 1500000 (d) | Six Mile Creek Community Development District, Saint Johns County, Florida, Capital Improvement Revenue Bonds, 2023 Project Area Series 2023 | 5.700 | 05/01/54 | 1528450 |
| 995000 | Solterra Resort Community Development District, Polk County, Florida, Special Assessment Bonds, Series 2018 | 5.250 | 05/01/39 | 1006412 |
| 2925000 | Solterra Resort Community Development District, Polk County, Florida, Special Assessment Bonds, Series 2018 | 5.375 | 05/01/49 | 2949772 |
| 1405000 (d) | Somerset Bay Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2024 | 5.900 | 05/01/54 | 1394017 |
| 1000000 (d) | Sorrento Pines Community Development District Special Assessment Revenue Bonds, Florida, Area One Series 2023 | 5.500 | 05/01/53 | 1017975 |
| 15000000 (f) | South Broward Hospital District, Florida, Hospital Revenue Bonds, South Broward Hospital District Obligated Group, Refunding Series 2016A, (UB) | 4.000 | 05/01/44 | 13727532 |
| 5000000 (f) | South Broward Hospital District, Florida, Hospital Revenue Bonds, South Broward Hospital District Obligated Group, Series 2018, (UB) | 4.000 | 05/01/48 | 4476995 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **53** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | South Fork III Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2016 | 5.000% | 05/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35537 |
| 780000 | South Fork III Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2016 | 5.375 | 05/01/37 | 788911 |
| 2730000 | South Fork III Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2016 | 5.625 | 05/01/47 | 2754040 |
| 1510000 | South Fork III Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2018 | 5.000 | 05/01/38 | 1518872 |
| 3750000 | South Fork III Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2018 | 5.375 | 05/01/49 | 3767254 |
| 8250000 | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Refunding Series 2017 - BAM Insured | 5.000 | 08/15/47 | 8364263 |
| 400000 | South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2016A2 | 4.875 | 05/01/35 | 400955 |
| 100000 | South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2016A2 | 5.000 | 05/01/38 | 100214 |
| 2015000 | South-Dade Venture Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2013 | 5.250 | 05/01/34 | 2016210 |
| 930000 | Southshore Bay Community Development District, Hillsborough County, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2024 | 5.625 | 05/01/54 | 912789 |
| 1000000 | Spencer Creek Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2019 | 5.000 | 05/01/39 | 1006266 |
| 1250000 | Spencer Creek Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2019 | 5.250 | 05/01/49 | 1252677 |
| 2125000 | Spring Lake Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Area One Project, Series 2014 | 5.125 | 11/01/34 | 2125841 |
| 3265000 | Spring Lake Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Area One Project, Series 2014 | 5.500 | 11/01/44 | 3265944 |
| 1525000 (d) | Spring Lake Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Area Two Project, Series 2017 | 5.125 | 11/01/37 | 1536790 |
| 2995000 (d) | Spring Lake Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Area Two Project, Series 2017 | 5.250 | 11/01/47 | 3000539 |
| 2400000 | State of Florida, Board of Governors, Florida Polytechnic University, Florida, Dormitory Revenue Bonds, Series 2023A - BAM Insured | 4.250 | 07/01/39 | 2388759 |
| 2195000 | Stonegate Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2013 | 5.000 | 05/01/34 | 2196020 |
| 1000000 | Stonegate Preserve Community Development District, Florida, Manatee County Special Assessment Revenue Bonds 2023 Project Area Series 2023 | 6.125 | 12/15/53 | 1061723 |
| 1635000 | Stoneybrook North Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area One Project, Series 2017A-3 | 5.875 | 11/01/29 | 1635572 |
| 600000 (d) | Stoneybrook North Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area Two Project, Series 2022 | 6.375 | 11/01/52 | 644756 |
| 1000000 (d) | Stoneybrook South at Championsgate Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, 2023 Assessment Area Series 2023 | 5.500 | 06/15/53 | 1036956 |
| 3945000 | Stoneybrook South Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area Two-A Project, Series 2014 | 5.500 | 11/01/44 | 4072580 |
| 1075000 (d) | Storey Creek Community Development District, Osceloa County, Florida, Special Assessment Bonds, Assessment Area 2 Project, Series 2022 | 5.375 | 06/15/52 | 1084015 |

---

54 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 (d) | Summer Woods Community Development District, Manatee County, Florida, Special Assessment Bonds, Area 1 Project, Series 2018A-1 | 5.250% | 11/01/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506755 |
| 1320000 (d) | Summer Woods Community Development District, Manatee County, Florida, Special Assessment Bonds, Area 1 Project, Series 2018A-1 | 5.375 | 11/01/48 | 1327835 |
| 1561000 | Summit At Fern Hill Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2016 | 5.000 | 05/01/46 | 1551221 |
| 985000 (d) | Summit View Community Development District, Dade City, Florida, Special Assessment Area Two Revenue Bonds, Series 2024 | 6.000 | 05/01/54 | 998253 |
| 1000000 (d) | Sunbridge Stewardship District, Florida, Special Assessment Revenue Bonds, Weslyn Park Project, Series 2022 | 5.200 | 05/01/42 | 1004940 |
| 2000000 (d) | Sunbridge Stewardship District, Florida, Special Assessment Revenue Bonds, Weslyn Park Project, Series 2022 | 5.350 | 05/01/52 | 2009171 |
| 11540000 (f) | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2016A, (UB) | 5.000 | 11/15/46 | 11567193 |
| 1500000 | Tampa, Florida, Hospital Revenue Bonds, H. Lee Moffitt Cancer Center Project, Series 2020B | 4.000 | 07/01/45 | 1386650 |
| 1815000 | Tapestry Community Development District, Florida, Special Assessment Revenue Bonds, Series 2016 | 5.000 | 05/01/46 | 1789730 |
| 2000000 | Terreno Community Development District, Collier County, Florida, Special Assessment Bonds, Series 2023 | 5.250 | 05/01/53 | 1990076 |
| 1000000 (d) | Terreno Community Development District, Collier County, Florida, Special Assessment Bonds, Series 2025 | 5.650 | 05/01/55 | 1001078 |
| 3255000 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, Series 2019A-1 | 4.750 | 05/01/50 | 3036499 |
| 995000 (d) | Timber Creek Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2018 | 5.000 | 11/01/38 | 1006002 |
| 1250000 (d) | Timber Creek Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2018 | 5.000 | 11/01/48 | 1227885 |
| 1075000 | Tohoqua Community Development District, Florida, Special Assessment Revenue Bonds, Series 2018 | 4.800 | 05/01/48 | 1021676 |
| 580000 (d) | Tolomato Community Development District, Florida, Special Assessment Bonds, Expansion Parcel Project, Series 2018 | 4.850 | 05/01/38 | 580777 |
| 975000 (d) | Tolomato Community Development District, Florida, Special Assessment Bonds, Expansion Parcel Project, Series 2018 | 5.000 | 05/01/48 | 963097 |
| 4795000 (d) | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Senior Lien Series 2018A-2 | 5.625 | 05/01/40 | 4894935 |
| 2265000 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Subordinate Lien Series 2018B-2 | 5.125 | 05/01/39 | 2286549 |
| 885000 | Tolomato Community Development District, Florida, Special Assessment Revenue Bonds, Seabrook Village Phases 2 and 3 Series 2024 | 5.125 | 05/01/54 | 839964 |
| 3225000 | Toscana Isles Community Development District, Venice, Florida, Special Assessment Revenue Bonds, Series 2014 | 6.250 | 11/01/44 | 3340302 |
| 280000 | Towne Park Community Development District, Florida, Special Assessment Bonds, Area 2B Project, Series 2018 | 5.375 | 05/01/38 | 286193 |
| 1265000 | Towne Park Community Development District, Florida, Special Assessment Bonds, Area 3A Project, Series 2018 | 5.375 | 05/01/38 | 1292977 |
| 2595000 | Towne Park Community Development District, Florida, Special Assessment Bonds, Area 3A Project, Series 2018 | 5.500 | 05/01/49 | 2628908 |
| 1755000 | Towne Park Community Development District, Florida, Special Assessment Bonds, Area 3C Project, Series 2019 | 4.625 | 05/01/50 | 1604459 |
| 825000 | Trevesta Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, 2016 Project, Series 2016A-1 | 5.375 | 11/01/36 | 856637 |
| 705000 (d) | Trevesta Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 - Phase 2 Project, Series 2018 | 5.250 | 11/01/39 | 729662 |
| 750000 | Triple Creek Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2012 - AGM Insured | 6.750 | 11/01/43 | 820161 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **55** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | Trout Creek Community Development District, Saint Johns County, Florida, Capital Improvement Revenue Bonds, Series 2018 | 5.375% | 05/01/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113440 |
| 3350000 | Trout Creek Community Development District, Saint Johns County, Florida, Capital Improvement Revenue Bonds, Series 2018 | 5.500 | 05/01/49 | 3374354 |
| 1400000 | TSR Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Northwest Assessment Area Parcels A, B & C, Series 2018 | 5.000 | 11/01/39 | 1407740 |
| 2500000 | TSR Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Northwest Assessment Area Parcels A, B & C, Series 2018 | 5.125 | 11/01/49 | 2473601 |
| 275000 | TSR Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Village 1 Project, Series 2015 | 5.000 | 11/01/36 | 275474 |
| 555000 | TSR Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Village 1 Project, Series 2015 | 5.125 | 11/01/45 | 555129 |
| 2435000 | TSR Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Village 4 Project, Series 2015A | 5.625 | 11/01/45 | 2475765 |
| 1505000 | Tuckers Pointe Community Development District, Charlotte County, Florida, Special Assessment Notes, Phase 1 Project, Series 2022 | 4.000 | 05/01/42 | 1324688 |
| 9275000 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, Master Infrastructure Improvements, Series 2016A-1 | 6.375 | 11/01/47 | 9696496 |
| 1835000 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, Master Infrastructure Improvements, Series 2016A-2 | 6.375 | 11/01/47 | 1918390 |
| 1000000 (d) | Twisted Oaks Pointe Community Development District, Florida, Special Assessment Revenue Bonds Assessment Area One Project Series 2023 | 5.625 | 05/01/53 | 1008420 |
| 1000000 (d) | Twisted Oaks Pointe Community Development District, Florida, Special Assessment Revenue Bonds Assessment Area Two Project Series 2023 | 6.125 | 05/01/54 | 1028047 |
| 610000 | Two Creeks Community Development District, Florida, Capital Improvement Revenue Bonds, Refunding Subordinate Lien Series 2016A-2 | 4.750 | 05/01/37 | 607202 |
| 2210000 | Two Lakes Community Development District, Hialeah, Florida, Special Assessment Bonds, Series 2024 | 5.000 | 05/01/55 | 2212284 |
| 7000000 (d) | Two Rivers East Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, 2023 Project Series 2023 | 5.875 | 05/01/53 | 7103506 |
| 1540000 (d) | Two Rivers North Community Development District, Pasco County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 5.125 | 05/01/42 | 1534690 |
| 5000000 (d) | Two Rivers West Community Development District, Pasco County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 6.250 | 05/01/53 | 5204149 |
| 1500000 (d) | Two Rivers West Community Development District, Pasco County, Florida, Special Assessment Bonds, 2024 Project, Series 2024 | 5.875 | 05/01/54 | 1524017 |
| 255000 | Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A-1 | 5.375 | 11/01/37 | 258317 |
| 1975000 (d) | Union Park East Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1 Series 2017A-1 | 5.500 | 11/01/47 | 1999151 |
| 1465000 (d) | Union Park East Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Series 2019A-1 | 5.000 | 11/01/39 | 1473099 |
| 2615000 (d) | Union Park East Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Series 2019A-1 | 5.125 | 11/01/49 | 2590969 |

---

56 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 (d) | Union Park East Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Series 2019A-2 | 5.250% | 05/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823292 |
| 1525000 (d) | Varrea South Community Development District, Plant City, Florida, Capital Improvement Revenue Bonds, 2023 Assessment Area Series 2023 | 5.400 | 05/01/53 | 1546478 |
| 2620000 (d) | V-Dana Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2 - 2023 Project, Series 2023 | 5.500 | 05/01/54 | 2637452 |
| 1000000 (d) | V-Dana Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2 - 2025 Project, Series 2025 | 5.550 | 05/01/55 | 987679 |
| 1055000 | Venetian Parc Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Area One Project, Series 2013 | 6.500 | 11/01/43 | 1118747 |
| 1000000 | Veranda Community Development District II, Florida, Special Assessment Revenue Bonds, Assessment Area 5 Phase 2 Veranda Estates Project, Refunding Series 2024 | 5.625 | 05/01/54 | 1003370 |
| 725000 | Veranda Community Development District II, Florida, Special Assessment Revenue Bonds, Assessment Area One-Gardens East Project, Series 2018A | 5.000 | 11/01/39 | 729304 |
| 1050000 | Veranda Community Development District II, Florida, Special Assessment Revenue Bonds, Assessment Area One-Gardens East Project, Series 2018A | 5.000 | 11/01/39 | 1056234 |
| 1720000 | Veranda Community Development District II, Florida, Special Assessment Revenue Bonds, Assessment Area One-Gardens East Project, Series 2018A | 5.125 | 11/01/49 | 1701838 |
| 1200000 | Veranda Community Development District II, Florida, Special Assessment Revenue Bonds, Assessment Area One-Gardens East Project, Series 2018A | 5.125 | 11/01/49 | 1187328 |
| 3680000 | Verandah West Community Development District, Florida, Capital Improvement Revenue Bonds, Refunding Series 2013 | 5.000 | 05/01/33 | 3681379 |
| 1640000 | Verano 2 Community Development District, Florida, Special Assessment Revenue Bonds, District 2 Pod A Project, Series 2017 | 4.750 | 11/01/38 | 1619981 |
| 2405000 | Verano 2 Community Development District, Florida, Special Assessment Revenue Bonds, District 2 Pod A Project, Series 2017 | 5.000 | 11/01/48 | 2349587 |
| 1295000 | Verano 2 Community Development District, Florida, Special Assessment Revenue Bonds, District 2 Pod B Project, Series 2017 | 4.750 | 11/01/38 | 1279192 |
| 1970000 | Verano 2 Community Development District, Florida, Special Assessment Revenue Bonds, District 2 Pod B Project, Series 2017 | 5.000 | 11/01/48 | 1924610 |
| 895000 | Verano 2 Community Development District, Florida, Special Assessment Revenue Bonds, District 2 Pod C Project, Series 2017 | 5.000 | 11/01/38 | 899835 |
| 1410000 | Verano 2 Community Development District, Florida, Special Assessment Revenue Bonds, District 2 Pod C Project, Series 2017 | 5.125 | 11/01/48 | 1401373 |
| 1140000 | Verano 3 Community Development District, Florida, Special Assessment Bonds, Phase 2 Assessment Area, Series 2022 | 6.450 | 11/01/42 | 1202258 |
| 1500000 | Verano 3 Community Development District, Florida, Special Assessment Bonds, Phase 2 Assessment Area, Series 2022 | 6.625 | 11/01/52 | 1586522 |
| 1195000 (d) | Verano 4 Community Development District, Florida, Special Assessment Revenue Bonds, Arbor Creek Phase One Assessment Area Series 2023 | 5.625 | 05/01/53 | 1221485 |
| 3705000 (d) | Village Community Development District 15, Florida, Special Assessment Revenue Bonds, Series 2023 | 5.250 | 05/01/54 | 3782804 |
| 2875000 (d) | Villages of Glen Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 4, Series 2022 | 5.250 | 05/01/53 | 2864908 |
| 1245000 (d) | Villamar Community Development District, Winter Haven, Florida, Special Assessment Revenue Bonds, Area 5 Project, Series 2023 | 5.750 | 05/01/53 | 1263097 |
| 1000000 (d) | Villamar Community Development District, Winter Haven, Florida, Special Assessment Revenue Bonds, Area 6 Project, Series 2024 | 5.750 | 05/01/54 | 1010055 |
| 1790000 | Villamar Community Development District, Winter Haven, Florida, Special Assessment Revenue Bonds, Series 2019 | 4.875 | 05/01/50 | 1693726 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **57** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | Waterford Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area One, Series 2023 | 5.600% | 05/01/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824190 |
| 1925000 (d) | Waterset Central Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2018 | 5.125 | 11/01/38 | 1942548 |
| 4000000 (d) | Waterset Central Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2018 | 5.250 | 11/01/49 | 4006110 |
| 1920000 | Waterset North Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2014 | 5.125 | 11/01/35 | 1920704 |
| 1405000 | Waterset North Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2014 | 5.250 | 05/01/39 | 1414346 |
| 1340000 (d) | Wellness Ridge Community Development District, Lake County, Florida, Special Assessment Revenue Bonds, Area One Series 2023 | 5.375 | 06/15/53 | 1357588 |
| 1270000 (d) | West Hillcrest Community Development District, Pasco County, Florida, Special Assessment Bonds, 2023 Project Series 2023 | 5.500 | 06/15/53 | 1291228 |
| 2400000 | West Port Community Developement District, Charlotte County, Florida, Special Assessment Bonds, Assessment Area 1 - 2021 Project, Series 2021 | 4.000 | 05/01/51 | 1963753 |
| 710000 (d) | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of Development 7 Village B Parcel, Series 2019 | 5.000 | 05/01/50 | 686011 |
| 3000000 | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of Development 8 Master Infrastructure, Series 2022 | 5.500 | 05/01/53 | 3053926 |
| 2500000 (d) | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of Development 9 Series 2023 | 5.625 | 05/01/53 | 2557058 |
| 1490000 (d) | West Villages Improvement District, North Port, Florida, Capital Improvement Revenue Bonds, Unit of Development 10 Assessment Area 1, Series 2024 | 5.625 | 05/01/54 | 1474880 |
| 430000 (d) | Westside Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Solara Phase 1 Assessment Area, Series 2018 | 5.000 | 05/01/38 | 433752 |
| 575000 (d) | Westside Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Solara Phase 1 Assessment Area, Series 2018 | 5.200 | 05/01/48 | 576918 |
| 795000 (d) | Westside Haines City Community Development District, Polk County, Florida, Special Assessment Bonds, Area 2 Project, Series 2024 | 6.000 | 05/01/54 | 806257 |
| 750000 (d) | Westview North Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 5.750 | 06/15/42 | 777512 |
| 1500000 (d) | Westview North Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 6.000 | 06/15/52 | 1558215 |
| 2845000 (d) | Westview South Community Development District, Osceola and Polk Counties, Florida, Special Assessment Bonds, Assessment Area 1 Project Series 2023 | 5.600 | 05/01/53 | 2869905 |
| 995000 | Westview South Community Development District, Osceola and Polk Counties, Florida, Special Assessment Bonds, Assessment Area 2 Series 2023 | 5.625 | 05/01/53 | 1008561 |
| 2580000 (d) | Willow Hammock Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Series 2017 | 5.000 | 11/01/47 | 2485022 |
| 1380000 (d) | Willowbrook Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area One Project Series 2024 | 5.900 | 05/01/55 | 1369329 |
| 1500000 | Willows Community Development District, Florida, Special Assessment Bonds, Series 2019 | 5.000 | 05/01/39 | 1509399 |
| 3000000 | Willows Community Development District, Florida, Special Assessment Bonds, Series 2019 | 5.200 | 05/01/50 | 2990123 |
| 1250000 (d) | Wind Meadows South Community Development District, Bartow, Florida, Special Assessment Bonds, Assessment Area 2 Project, Series 2023 | 5.625 | 05/01/53 | 1267036 |

---

58 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870000 | Winding Cypress Community Development District, Collier County, Florida, Special Assessment Bonds, Phase 1 & 2 Assessment Area, Series 2015 | 5.000% | 11/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854183 |
| 990000 | Winding Cypress Community Development District, Collier County, Florida, Special Assessment Bonds, Series 2019 | 5.000 | 11/01/49 | 962488 |
| 20000 | Windward Community Development District, Florida, Special Assessment Bonds, Series 2020A-2 | 4.400 | 11/01/35 | 19413 |
| 200000 | Wiregrass Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2014 | 5.375 | 05/01/35 | 200120 |
| 2365000 | Wiregrass Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2014 | 5.625 | 05/01/45 | 2365809 |
| 1700000 | Wiregrass Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016 | 5.000 | 05/01/47 | 1666268 |
| 1000000 | Woodcreek Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2022 | 6.000 | 05/01/53 | 1039241 |
| 500000 (d) | Woodcreek Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2025 | 5.500 | 05/01/55 | 479076 |
| 850000 (d) | Woodland Preserve Community Development District, Florida, Manatee County, Special Assessment Revenue Bonds, Assessment Area One Series 2025 | 5.500 | 05/01/55 | 832197 |
| 510000 | Wynnmere East Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2016 | 5.125 | 05/01/36 | 515702 |
| 925000 | Wynnmere East Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2016 | 5.500 | 05/01/46 | 933860 |
| 2000000 (d) | Yarbrough Lane Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, 2024 Project Series 2024 | 5.600 | 05/01/55 | 1947399 |
| 1485000 (d) | Zephyr Lakes Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Series 2019 | 5.500 | 11/01/39 | 1524864 |
| 2560000 (d) | Zephyr Lakes Community Development District, Pasco County,<br> Florida, Capital Improvement Revenue Bonds, Series 2019 | 5.625 | 11/01/49 | 2610614 |
|  | TOTAL FLORIDA |  |  | 2212097094 |
|  | **GEORGIA - 2.8%** |  |  |  |
| 36120000 (g) | Atlanta Development Authority, Georgia, Economic Development Certificates, Gulch Enterprise Zone Project, Convertible Capital Appreciation Series 2024A-1 Class A | 0.000 | 12/15/48 | 31033372 |
| 10300000 (d) | Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-2 | 5.500 | 04/01/39 | 10490213 |
| 500000 (e) | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1 | 6.500 | 01/01/29 | 200000 |
| 24900000 (e) | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1 | 6.750 | 01/01/35 | 9960000 |
| 33710000 (e) | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1 | 7.000 | 01/01/40 | 13484000 |
| 1290000 | Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Testletree Village Apartments, Series 2013A | 5.000 | 11/01/48 | 1011453 |
| 8810000 (f) | Atlanta, Georgia, Airport General Revenue Bonds, Series 2019B, (AMT), (UB) | 4.000 | 07/01/49 | 7716685 |
| 6000000 (f) | Atlanta, Georgia, Airport General Revenue Bonds, Series 2024B, (AMT), (UB) | 5.250 | 07/01/54 | 6205826 |
| 3600000 (f) | Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Subordinate Lien Green Series 2023E, (AMT), (UB) | 5.250 | 07/01/42 | 3784164 |
| 4650000 (f) | Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Subordinate Lien Green Series 2023E, (AMT), (UB) | 5.250 | 07/01/43 | 4867336 |

---

---

| | |
|:---|:---|
| See Notes To Financial Statements | **59** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **GEORGIA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25665000 (f) | Brookhaven Development Authority, Georgia, Revenue Bonds, Children's Healthcare of Atlanta, Inc. Project, Series 2019A, (UB) | 4.000% | 07/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22939446 |
| 420000 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D | 4.125 | 11/01/45 | 380803 |
| 5510000 (f) | Classic Center Authority, Clarke County, Georgia, Revenue Bonds, Classic Center Arena Project Series 2021 | 3.000 | 05/01/61 | 3669986 |
| 5515000 (f) | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Series 2017A, (UB) | 5.000 | 04/01/47 | 5519203 |
| 3945000 | Columbia County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System, Inc. Project, Series 2023A - AGM Insured | 5.000 | 04/01/53 | 4056888 |
| 3500000 (f) | Columbia County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System, Inc. Project, Series 2023B, (UB) | 5.750 | 04/01/53 | 3810165 |
| 6030000 (f) | Dalton Development Authority, Georgia, Revenue Certificates, Hamilton Health Care System Inc., Series 2017, (UB) | 4.000 | 08/15/48 | 5446145 |
| 5650000 | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc Project, Series 2017A | 5.000 | 04/01/47 | 5654306 |
| 10000000 (f) | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc Project, Series 2017A, (UB) | 5.000 | 04/01/47 | 10007621 |
| 7785000 (f) | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc Project, Series 2017A, (UB) | 4.000 | 04/01/50 | 7083701 |
| 11900000 (f) | Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project M Bonds, Series 2019A - AGM Insured, (UB) | 4.000 | 01/01/59 | 10552142 |
| 25395000 (f) | Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project M Bonds, Series 2019A, (UB) | 5.000 | 01/01/63 | 25624030 |
| 1840000 (d) | Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017 | 5.875 | 06/15/47 | 1869095 |
| 1550000 (d) | Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017 | 6.000 | 06/15/52 | 1574015 |
| 34665000 (f) | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A, (UB) | 5.000 | 05/15/49 | 36032240 |
| 14750000 (d) | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022C, (Mandatory Put 11/01/27) | 4.000 | 08/01/52 | 14724636 |
| 12500000 (f) | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2024A-1, (Mandatory Put 9/01/31), (UB) | 5.000 | 05/01/54 | 13271811 |
| 5765000 (f) | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, (UB) | 5.000 | 07/01/60 | 5592585 |
| 11600000 (f) | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2019A - BAM Insured, (UB) | 4.000 | 01/01/49 | 10627791 |
| 1300000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2019A | 5.000 | 01/01/49 | 1315915 |
| 43250000 (f) | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2019A - BAM Insured, (UB) | 5.000 | 01/01/49 | 43857710 |
| 28170000 (f) | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2019A, (UB) | 5.000 | 01/01/59 | 28466346 |
| 11200000 (f) | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2023A - AGM Insured, (UB) | 5.000 | 07/01/64 | 11492084 |
| 15280000 (f) | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project M Bonds, Series 2022A, (UB) | 4.500 | 07/01/63 | 14289514 |
| 11650000 (f) | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2019A - BAM Insured, (UB) | 4.000 | 01/01/49 | 10673601 |
| 2000000 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2020A | 5.000 | 01/01/59 | 1985285 |
| 15220000 (f) | Walton Industrial Building Authority, Georgia, Revenue Bonds, Walton County Jail Facility Project, Series 2021, (UB) | 4.000 | 02/01/52 | 13952466 |
| 3330000 | White County Development Authority, Georgia, Revenue Bonds<br> Truett McConnell University, Series 2019 | 5.250 | 10/01/49 | 2798471 |
|  | TOTAL GEORGIA |  |  | 406021050 |

---

60 *See Notes To Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **HAWAII - 0.4%** |  |  |  |
| $3530000 (d) | Hawaii County, Hawaii, Special Tax Revenue Bonds, Community Facilities District 1-2021, Kaloko Heights Project, Series 2023 | 7.250% | 05/15/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3516587 |
| 1565000 (d) | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade University of Honolulu, Series 2015A | 5.000 | 01/01/45 | 1361394 |
| 2000000 (d) | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University Project, Refunding Series 2024 | 5.000 | 07/01/39 | 1941074 |
| 2965000 (d) | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University Project, Refunding Series 2024 | 5.125 | 07/01/43 | 2808894 |
| 16795000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company, Inc. and Subsidiary Projects, Refunding Series 2017B, (AMT) | 4.000 | 03/01/37 | 15552501 |
| 2500000 | 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 | 2079861 |
| 15000000 (f) | Hawaii State, Airport System Revenue Bonds, Series 2025A, (AMT), (UB) | 5.250 | 07/01/51 | 15551031 |
| 20000000 (f) | Hawaii State, Airport System Revenue Bonds, Series 2025B,<br> (AMT), (UB) | 5.500 | 07/01/54 | 21312190 |
|  | TOTAL HAWAII |  |  | 64123532 |
|  | **IDAHO - 0.2%** |  |  |  |
| 5506000 (d) | Eagle Avimor Community Infrastructure District 1, Ada, Boise, and Gem Counties, Idaho, Special Assessment Revenue Bonds, Assessment Area 5 Series 2024 | 5.875 | 09/01/53 | 5633618 |
| 1500000 (d) | Eagle Avimor Community Infrastructure District 1, Ada, Boise, and Gem Counties, Idaho, Special Assessment Revenue Bonds, Assessment Area 6 Series 2024B | 5.500 | 09/01/53 | 1504181 |
| 3133000 | Harris Ranch Community Infrastructure District 1, Boise, Idaho, Special Assessment Bonds, Assessment Area One, Series 2011 | 9.000 | 09/01/40 | 3141263 |
| 4000000 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2025A | 4.375 | 03/01/53 | 3870413 |
| 955000 (d) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Compass Public Charter School, Inc. Project, Series 2018A | 6.000 | 07/01/49 | 969969 |
| 715000 (d) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Doral Academy of Idaho, Taxable Series 2021B | 5.750 | 07/15/31 | 664507 |
| 680000 (d) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep Meridian North LLC, Series 2020A | 4.500 | 07/01/30 | 653665 |
| 2270000 (d) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep Meridian North LLC, Series 2020A | 5.000 | 07/01/40 | 2038037 |
| 6040000 (d) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep Meridian North LLC, Series 2020A | 5.250 | 07/01/55 | 5190411 |
| 275000 (d) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep Meridian North LLC, Series 2020B | 5.250 | 07/01/27 | 269687 |
| 975000 | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Xavier Charter School, Inc. Project, Series 2015A | 5.000 | 06/01/35 | 975344 |
| 2380000 | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Xavier Charter School, Inc. Project, Series 2015A | 5.000 | 06/01/44 | 2279756 |
| 1787000 (d) | Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2021 | 3.750 | 09/01/51 | 1643543 |
| 2570000 | Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2024 | 6.250 | 09/01/53 | 2679793 |
|  | TOTAL IDAHO |  |  | 31514187 |
|  | **ILLINOIS - 8.6%** |  |  |  |
| 5495000 | Belleville, Illinois, Tax Increment Revenue Bonds, Frank Scott Parkway Redevelopment Project, Series 2007A | 5.700 | 05/01/36 | 5494571 |
| 604476 (e) | Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005 | 6.250 | 01/01/26 | 604476 |
| 5000000 | Bolingbrook, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2019 | 5.250 | 03/01/41 | 5015950 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **61** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $4275000 | Central Illinois Economic Development Authority, Illinois, Multifamily Housing Revenue Bonds, Huntington Ridge Apartments Project, Series 2014 | 5.000% | 08/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4138185 |
| 111670000 (f) | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, (UB) | 6.000 | 04/01/46 | 114206428 |
| 7500000 (f) | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2018, (UB) | 5.000 | 04/01/46 | 7534085 |
| 5550000 (f) | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023, (UB) | 5.000 | 04/01/45 | 5667577 |
| 11825000 (f) | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023, (UB) | 5.750 | 04/01/48 | 12549051 |
| 15000000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2012A | 5.000 | 12/01/42 | 14350992 |
| 16800000 (d) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B | 7.000 | 12/01/42 | 17721109 |
| 1245000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017C | 5.000 | 12/01/34 | 1236640 |
| 255480000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A | 7.000 | 12/01/44 | 258696544 |
| 42670000 (d) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A | 7.000 | 12/01/46 | 44773870 |
| 8750000 (f) | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2017, (UB) | 5.000 | 12/01/46 | 8820144 |
| 8445000 (f) | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2020A - BAM Insured, (UB) | 4.000 | 12/01/50 | 7505435 |
| 6905000 (f) | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2020A - BAM Insured, (UB) | 4.000 | 12/01/55 | 6123496 |
| 6500000 (f) | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2020A, (UB) | 5.000 | 12/01/55 | 6587206 |
| 21000000 (f) | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2022A - BAM Insured, (UB) | 5.000 | 12/01/46 | 21742621 |
| 2375000 (f) | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2022A, (UB) | 5.000 | 12/01/52 | 2420893 |
| 6195000 (f) | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2022A, (UB) | 5.000 | 12/01/57 | 6312301 |
| 464516 | Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State Redevelopoment Project, Series 2012 | 6.100 | 01/15/29 | 464520 |
| 3206077 (e) | Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Diversey-Narragansett Project, Series 2006 | 7.460 | 02/15/26 | 2244254 |
| 3159571 | Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Pullman Park/Chicago Redevelopement Project, Series 2013A | 7.125 | 03/15/33 | 3160366 |
| 4000000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Refunding Senior Lien Series 2018A | 5.000 | 01/01/39 | 4073550 |
| 7000000 (f) | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Refunding Senior Lien Series 2018A, (UB) | 4.000 | 01/01/43 | 6531997 |
| 23750000 (f) | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Refunding Senior Lien Series 2018A, (UB) | 5.000 | 01/01/48 | 23813738 |
| 9000000 (f) | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Refunding Senior Lien Series 2018A, (UB) | 4.375 | 01/01/53 | 8360645 |
| 5000000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2016D | 5.000 | 01/01/52 | 5003789 |
| 5000000 (f) | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2016D, (UB) | 5.000 | 01/01/52 | 5003790 |
| 2345000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2018B | 5.000 | 01/01/53 | 2379012 |
| 10000000 (f) | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2022A, (UB) | 4.500 | 01/01/48 | 9535477 |
| 18800000 (f) | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2022A, (UB) | 4.625 | 01/01/53 | 18066734 |
| 12990000 (f) | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2022A | 5.250 | 01/01/53 | 13264868 |

---

62 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $15000000 (f) | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2022A, (UB) | 5.250% | 01/01/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15317400 |
| 1490000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2022A | 5.000 | 01/01/55 | 1492836 |
| 13475000 (f) | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2022A, (UB) | 5.000 | 01/01/55 | 13500644 |
| 6835000 (f) | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2024A, (UB) | 5.250 | 01/01/48 | 7092441 |
| 10000000 (f) | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2024A, (UB) | 5.500 | 01/01/59 | 10498115 |
| 6000000 (f) | Chicago, Illinois, General Obligation Bonds, Chicago Works Series 2023A, (UB) | 5.500 | 01/01/43 | 6171623 |
| 5000000 (f) | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, (UB) | 5.625 | 01/01/30 | 5143988 |
| 87600000 (f) | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, (UB) | 6.000 | 01/01/38 | 89619452 |
| 3365000 (f) | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, (UB) | 5.000 | 01/01/35 | 3369042 |
| 1795000 (f) | Chicago, Illinois, General Obligation Bonds, Series 2019A, (UB) | 5.000 | 01/01/44 | 1800428 |
| 8650000 (f) | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Project, Series 2023A - AGM Insured, (UB) | 5.250 | 01/01/58 | 8986520 |
| 7000000 | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Project, Series 2023A - AGM Insured | 5.500 | 01/01/62 | 7390962 |
| 8855000 (f) | Elmhurst Park District, DuPage and Cook Counties, Illinois, General Obligation Bonds, Series 2025, (UB) | 4.250 | 12/15/49 | 8412446 |
| 11295000 (d) | Illinois Finance Authority Revenue Bonds, Ness Healthcare NFP, Series 2016A | 6.250 | 11/01/36 | 10208572 |
| 13325000 (d) | Illinois Finance Authority Revenue Bonds, Ness Healthcare NFP, Series 2016A | 6.375 | 11/01/46 | 10999392 |
| 46000000 (f) | Illinois Finance Authority Revenue Bonds, OSF Healthcare System, Refunding Series 2018A, (UB) | 4.125 | 05/15/47 | 43102409 |
| 4055000 (d) | Illinois Finance Authority, Charter School Revenue Bonds, Art in Motion AIM Project, Series 2021A | 5.000 | 07/01/51 | 3060531 |
| 4420000 (d) | Illinois Finance Authority, Charter School Revenue Bonds, Art in Motion AIM Project, Series 2021A | 5.000 | 07/01/56 | 3253391 |
| 845000 (d) | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A | 5.750 | 12/01/35 | 849189 |
| 4475000 (d) | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A | 6.000 | 12/01/45 | 4491951 |
| 4500000 | Illinois Finance Authority, Revenue Bonds, Admiral at the Lake Project, Refunding Series 2017 | 5.250 | 05/15/42 | 3793198 |
| 1800000 | Illinois Finance Authority, Revenue Bonds, Admiral at the Lake Project, Refunding Series 2017 | 5.250 | 05/15/54 | 1376812 |
| 27150000 | Illinois Finance Authority, Revenue Bonds, Admiral at the Lake Project, Refunding Series 2017 | 5.500 | 05/15/54 | 21590413 |
| 17295000 (f) | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2015, (UB) | 4.125 | 05/01/45 | 15965129 |
| 5190000 | Illinois Finance Authority, Revenue Bonds, Central Baptist Village, Series 2007 | 5.375 | 11/15/39 | 5070293 |
| 2000000 (d) | Illinois Finance Authority, Revenue Bonds, DePaul College Prep Foundation, Series 2023A | 5.625 | 08/01/53 | 2084602 |
| 1300000 | Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022 | 5.000 | 03/01/47 | 1193031 |
| 1200000 | Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022 | 5.000 | 03/01/52 | 1069997 |
| 1500000 | Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding Series 2016 | 3.000 | 09/01/30 | 1416773 |
| 6000000 (f) | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2020A, (UB) | 4.000 | 05/15/50 | 5439105 |
| 3735000 (d) | Illinois Finance Authority, Revenue Bonds, Roosevelt University, Refunding Series 2020A | 5.000 | 04/01/50 | 3168843 |
| 2700000 (d) | Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2018A | 6.125 | 04/01/58 | 2643815 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **63** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $2650000 (d) | Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2019A | 6.125% | 04/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639136 |
| 37605000 (d) | Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2019A | 6.125 | 04/01/58 | 36822462 |
| 6500000 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A | 4.000 | 11/15/39 | 5984396 |
| 25000000 (f) | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2016B, (UB) | 4.000 | 08/15/41 | 23274613 |
| 5000000 | Illinois Finance Authority, Revenue Bonds, University of Chicago Medicine, Series 2022A | 5.000 | 08/15/52 | 5113925 |
| 5735000 | Illinois Housing Development Authority, Revenue Bonds, Social Series 2024C | 4.850 | 04/01/49 | 5735740 |
| 1300000 | Illinois State, General Obligation Bonds, January Series 2016 | 5.000 | 01/01/41 | 1300964 |
| 14600000 | Illinois State, General Obligation Bonds, June Series 2022A | 5.500 | 03/01/42 | 15564425 |
| 10285000 | Illinois State, General Obligation Bonds, May Series 2020 | 5.750 | 05/01/45 | 10890304 |
| 14250000 | Illinois State, General Obligation Bonds, October Series 2022C | 5.500 | 10/01/39 | 15369439 |
| 950000 (d) | Lincolnwood, Cook County, Illinois, Tax Increment Revenue Bonds, District 1860 Development Project, Series 2025B | 5.750 | 12/01/43 | 957730 |
| 1155000 | Matteson, Illinois, Tax Increment Revenue Bonds, Limited Obligation Series 2015 | 6.500 | 12/01/35 | 1188184 |
| 2000000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A | 5.000 | 06/15/50 | 2019820 |
| 8715000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2012B - AGM Insured | 0.000 | 12/15/41 | 4072020 |
| 7360000 (f) | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, (UB) | 5.000 | 06/15/53 | 7360831 |
| 5000000 (f) | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, (UB) | 5.500 | 06/15/53 | 5020408 |
| 10000000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A - AGM Insured | 0.000 | 12/15/56 | 2047580 |
| 13000000 (f) | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A, (UB) | 5.000 | 06/15/57 | 13049542 |
| 5000000 (g) | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B | 0.000 | 12/15/47 | 3523988 |
| 6980000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B - BAM Insured | 0.000 | 12/15/54 | 1588536 |
| 19140000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B | 0.000 | 12/15/54 | 4110822 |
| 6270000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured | 0.000 | 06/15/44 | 2510263 |
| 53700000 (f) | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured, (UB) | 0.000 | 06/15/44 | 21499380 |
| 28930000 (f) | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 12/15/37 | 16421432 |
| 6000000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - AGM Insured | 0.000 | 12/15/40 | 2974286 |
| 155000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 06/15/41 | 71103 |
| 2260000 | Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment Project, Senior Lien Series 2019 | 5.000 | 01/01/39 | 2133539 |
| 2036893 (d) | North Pullman Chicago Neighborhood Initiatives, Inc., Illinois, Certificates of Participation, Gotham Greens Greenhouse Facility, Redevelopment Project, Series 2018A | 6.000 | 03/15/34 | 2038860 |
| 3390000 | Palos Heights, Illinois, Revenue Bonds, Trinity Christian College Association, Series 2024A | 7.000 | 01/01/50 | 3256915 |
| 7400000 (f) | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitzation Bonds, Series 2018A - BAM Insured, (UB) | 4.000 | 01/01/48 | 6662739 |
| 24280000 (f) | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitzation Bonds, Series 2018A, (UB) | 5.000 | 01/01/48 | 24571195 |

---

64 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ILLINOIS** (continued) |  |  |  |
| $10800000 |  | Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US Steel Corporation Project, Series 2012, (AMT) | 5.750% | 08/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10809314 |
| 3370000 |  | Upper Illinois River Valley Development Authority, Education Facilities Revenue Bonds, Elgin Math & Science Academy Charter School, Series 2023A | 5.875 | 03/01/58 | 3394053 |
| 1187000 |  | Volo Village, Illinois, Special Tax Bonds, Special Service Area 17, Series 2017 | 5.500 | 03/01/47 | 1179949 |
| 898000 |  | Waukegan, Illinois, Special Assessment Improvement Bonds, Fountain Square, Series 2005 | 6.125 | 03/01/30 | 898621 |
| 3695000 | (e) | Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project Revenue Bonds, Series 2007 | 4.800 | 01/01/26 | 1551900 |
| 1865101 | (e) | Yorkville United City, Kendall County, Illinois, Sales Tax Revenue Bonds, Kendall Marketplace Project, Series 2007 | 6.000 | 01/01/26 | 1865101 |
| 1879000 |  | Yorkville, Illinois, Special Tax Bonds, Special Service Area 2003- 100 Raintree Village Project, Series 2013 | 5.000 | 03/01/33 | 1809727 |
| 3170000 |  | Yorkville, Illinois, Special Tax Bonds, Special Service Area 2006- 113 Cannoball & Beecher, Series 2007 | 5.750 | 03/01/28 | 3170222 |
|  |  | TOTAL ILLINOIS |  |  | 1247431121 |
|  |  | **INDIANA - 1.4%** |  |  |  |
| 2500000 | (d) | Anderson, Indiana, Multifamily Housing Revenue Bonds, Sweet Galilee at the Wigwam Project, Series 2020A | 5.375 | 01/01/40 | 2226479 |
| 7045000 | (d) | Fort Wayne, Indiana Multifamily Housing Revenue Bonds, Silver Birch at Cook Road Project, Series 2018 | 5.625 | 01/01/38 | 6419374 |
| 445000 |  | Fort Wayne, Indiana Multifamily Housing Revenue Bonds, Silver Birch of Fort Wayne Project, Series 2017 | 5.125 | 01/01/32 | 407491 |
| 4465000 |  | Fort Wayne, Indiana Multifamily Housing Revenue Bonds, Silver Birch of Fort Wayne Project, Series 2017 | 5.350 | 01/01/38 | 3836729 |
| 4500000 | (d) | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, Drexel Foundation for Educational Excellence Project, Refunding Series 2020A | 5.875 | 06/01/55 | 4165809 |
| 45000 | (d) | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, Drexel Foundation for Educational Excellence Project, Taxable Refunding Series 2020B | 5.000 | 06/01/25 | 44921 |
| 1595000 | (d),(f) | Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender Option Bond Trust 2016-XL0019 - AMBAC Insured, (IF) | 10.368 | 04/01/30 | 2124721 |
| 3425000 |  | Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter School Project, Series 2013A | 6.000 | 03/01/33 | 3425093 |
| 7355000 |  | Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter School Project, Series 2013A | 6.250 | 03/01/43 | 6904662 |
| 2465000 |  | Indiana Finance Authority, Educational Facilities Revenue Bonds, Avondale Meadows Academy Peoject, Series 2017 | 5.375 | 07/01/47 | 2399507 |
| 3050000 | (d) | Indiana Finance Authority, Educational Facilities Revenue Bonds, Circle City Preparatory Inc. Project, Series 2021A | 5.000 | 12/01/55 | 2443125 |
| 180000 | (d) | Indiana Finance Authority, Educational Facilities Revenue Bonds, Circle City Preparatory Inc. Project, Taxable Series 2021B | 5.000 | 12/01/27 | 173930 |
| 4370000 |  | Indiana Finance Authority, Educational Facilities Revenue Bonds, Discovery Charter School Project, Series 2015A | 7.250 | 12/01/45 | 4413202 |
| 2170000 | (d) | Indiana Finance Authority, Educational Facilities Revenue Bonds, Lighthouse Academies of Northwest Indiana Inc. Project, Series 2016 | 7.000 | 12/01/34 | 2172084 |
| 5640000 | (d) | Indiana Finance Authority, Educational Facilities Revenue Bonds, Lighthouse Academies of Northwest Indiana Inc. Project, Series 2016 | 7.250 | 12/01/44 | 5644458 |
| 4860000 | (d) | Indiana Finance Authority, Educational Facilities Revenue Bonds, Rock Creek Community Academy Project, Series 2018A | 6.125 | 07/01/48 | 4873827 |
| 10350000 | (d) | Indiana Finance Authority, Educational Facilities Revenue Bonds, Victory College Prep Project, Series 2021A | 4.500 | 12/01/55 | 8437376 |
| 21460000 |  | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, (AMT) | 5.750 | 08/01/42 | 21478507 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **65** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **INDIANA** (continued) |  |  |  |
| $8915000 | (f) | Indiana Finance Authority, Health System Revenue Bonds, Franciscan Alliance, Inc Obligated Group, Series 2016A, (UB) | 5.000% | 11/01/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8923141 |
| 6000000 |  | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Fixed Rate Series 2023A, (UB) | 5.000 | 10/01/46 | 6249768 |
| 16500000 | (f) | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Fixed Rate Series 2023A | 5.000 | 10/01/53 | 17048968 |
| 19000000 | (f) | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Fixed Rate Series 2023A, (UB) | 5.000 | 10/01/53 | 19632145 |
| 10400000 | (f) | Indiana Finance Authority, Hospital Revenue Bonds, Indiana Unversity Health Obligation Group, Fixed Rate Series 2019A, (UB) | 4.000 | 12/01/49 | 9222693 |
| 26975000 | (f) | Indiana Finance Authority, Indiana, Health Facilities Project Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2017A, (UB) | 5.000 | 08/15/51 | 27126470 |
| 4500000 |  | Indiana Finance Authority, Indiana, Health Facilities Project Revenue Bonds, Margaret Mary Health Project, Series 2024A | 5.750 | 03/01/54 | 4705412 |
| 1730000 |  | Indiana Finance Authority, Student Housing Revenue Bonds, SFP- PUFW I, LLC Subordinate Series 2024C | 5.750 | 07/01/64 | 1581523 |
| 2610000 | (f),(i) | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2024A-1, (UB) | 4.650 | 07/01/49 | 2567437 |
| 3700000 |  | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 6.000 | 03/01/53 | 3904239 |
| 2400000 |  | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 6.125 | 03/01/57 | 2536846 |
| 4000000 |  | Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, Series 2016 | 5.750 | 04/01/36 | 3790493 |
| 1660000 |  | Northern Indiana Commuter Transportation District, Indiana, Limited Obligation Revenue Bonds, Series 2024 | 5.000 | 01/01/54 | 1708742 |
| 1550000 |  | Saint Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village Apartments, Series 2005A | 7.500 | 07/01/35 | 1556442 |
| 330000 |  | Terre Haute, Indiana, Multifamily Housing Revenue Bonds, Silver Birch of Terre Haute Project, Series 2017 | 5.100 | 01/01/32 | 303594 |
| 4560000 |  | Terre Haute, Indiana, Multifamily Housing Revenue Bonds, Silver Birch of Terre Haute Project, Series 2017 | 5.350 | 01/01/38 | 3956486 |
| 5100000 | (d) | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Refunding Series 2024, (AMT) | 5.000 | 01/01/54 | 5066950 |
| 1500000 | (d) | Whiteland Economic Development, Indiana, Revenue Bonds, Patch Whitehead Project Phase II, Series 2024A | 6.125 | 03/01/49 | 1500790 |
|  |  | TOTAL INDIANA |  |  | 202973434 |
|  |  | **IOWA - 0.8%** |  |  |  |
| 1000000 |  | Iowa Finance Authority Senior Living Facilities Revenue Bonds, Sunrise Retirement Community Project, Refunding Series 2021 | 5.000 | 09/01/51 | 763662 |
| 48975000 |  | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012 | 4.750 | 08/01/42 | 49013871 |
| 13505000 | (f),(h) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32) | 5.000 | 12/01/50 | 15239567 |
| 16000000 | (h) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (Mandatory Put 12/01/42) | 5.000 | 12/01/50 | 18055023 |
| 16000000 | (f) | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Social Series 2023E, (UB) | 4.950 | 07/01/53 | 16080160 |
| 10000000 |  | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Social Series 2024C | 4.650 | 07/01/49 | 9836922 |
| 1150000 |  | Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Series 2025 | 6.000 | 10/01/55 | 1198655 |
|  |  | TOTAL IOWA |  |  | 110187860 |

---

66 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **KANSAS - 0.3%** |  |  |  |
| $4205000 (f) | Kansas State Development Finance Authority, Facilities Revenue Bonds, K-State Athletics Incorporated Project Series 2023C, (UB) | 4.250% | 07/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4094021 |
| 2430146 (e) | Olathe, Kansas, Tax Increment Revenue Bonds, Gateway Area 1 Special Obligation Series 2006 | 1.000 | 03/01/26 | 972058 |
| 508398 (e) | Olathe, Kansas, Tax Increment Revenue Bonds, Gateway Area 1 Special Obligation Series 2006 | 5.000 | 03/01/28 | 203360 |
| 1941402 (e) | Olathe, Kansas, Transportation Development District Sales Tax Revenue Bonds, Gateway Project Area lA, Series 2006 | 5.000 | 12/01/28 | 271796 |
| 2300000 | Overland Park, Kansas, Sales Tax Revenue Bonds, Prairiefire Community Improvement District No. 1 Project, Series 2012B | 6.100 | 12/15/34 | 1058000 |
| 3484680 (e) | Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012 | 4.375 | 01/01/26 | 3240752 |
| 5000000 (e) | Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012 | 5.250 | 12/15/29 | 2500000 |
| 10955000 (e) | Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012 | 6.000 | 12/15/32 | 3176950 |
| 10755000 (f) | University of Kansas Hospital Authority, Health Facilities Revenue Bonds, University of Kansas Health System, Series 2019A, (UB) | 5.000 | 09/01/48 | 10885404 |
| 1250000 | Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2024VIII | 5.750 | 05/15/45 | 1252088 |
| 3000000 | Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2024VIII | 5.875 | 05/15/50 | 2976568 |
| 1000000 | Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2024VIII | 6.000 | 05/15/54 | 997619 |
| 1000000 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015 | 5.750 | 09/01/32 | 930773 |
| 10845000 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015 | 6.000 | 09/01/35 | 9524713 |
|  | TOTAL KANSAS |  |  | 42084102 |
|  | **KENTUCKY - 0.4%** |  |  |  |
| 2805000 | Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone's Ridge Project, Series 2020 | 6.000 | 12/01/40 | 2495261 |
| 4580000 | Campbellsville, Kentucky, Industrial Building Revenue Bonds, Campbellsville University Project, Series 2017 | 5.000 | 03/01/39 | 4371242 |
| 3535000 | Fort Thomas, Kentucky, Special Obligation Revenue Bonds, Onr Highland Project Series 2020B | 5.500 | 09/01/50 | 3248292 |
| 945000 | Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue Bonds, Christian Care Communities, Inc. Obligated Group, Series 2021 | 5.000 | 07/01/50 | 791835 |
| 2500000 | Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue Bonds, Rosedale Green Project, Refunding Series 2015 | 5.750 | 11/15/45 | 1991620 |
| 3000000 | Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-1 | 5.000 | 08/01/44 | 3029377 |
| 2000000 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A | 5.000 | 01/01/45 | 2001208 |
| 10750000 | Louisville and Jefferson County Metropolitan Government, Kentucky, Hospital Revenue Bonds, UofL Health Project, Series 2022A | 5.000 | 05/15/52 | 10513121 |
| 4940000 | Newport, Kentucky, Special Obligation Revenue Bonds, Newport Clifton Project, Series 2020B | 5.500 | 12/01/60 | 4107474 |
| 7500000 (f) | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024A-1, (Mandatory Put 2/01/32), (UB) | 5.250 | 04/01/54 | 8063392 |
| 9465000 (f) | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2024A-1, (Mandatory Put 7/01/30), (UB) | 5.000 | 05/01/55 | 9892643 |
| 5745000 (d) | Union Kentucky, Special Obligation Revenue Bonds, Union Promenade Project, Series 2022B | 5.500 | 12/01/52 | 5502070 |
| 1400000 (d) | Union, Kentucky, Special Obligation Revenue Bonds, Union Promenade Project, Series 2022D | 5.750 | 12/01/52 | 1342277 |
|  | TOTAL KENTUCKY |  |  | 57349812 |

---

See Notes to Financial Statements 67

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **LOUISIANA - 1.1%** |  |  |  |
| $31960000 |  | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013 | 6.000% | 07/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31972158 |
| 4350000 | (d) | Jefferson Parish Economic Development and Port District, Louisiana, Kenner Discovery Health Sciences Academy Project, Series 2018A | 5.625 | 06/15/48 | 4351152 |
| 1000000 | (d) | Juban Trails Community Development District, Livingston Parish, Louisiana, Special Assessment Revenue Bonds, Series 2022 | 4.250 | 06/01/51 | 830709 |
| 890000 | (d) | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Cameron Parish GOMESA Project, Green Series 2018 | 5.650 | 11/01/37 | 931534 |
| 1420000 | (d) | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Terrebonne Parish GOMESA Project, Series 2018 | 5.375 | 11/01/38 | 1465010 |
| 1160000 | (d) | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Terrebonne Parish GOMESA Project, Series 2018 | 5.500 | 11/01/39 | 1198607 |
| 4000000 | (d) | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Student Housing Revenue Bonds, Provident Group - ULM Properties LLC-University of Louisiana at Monroe Project, Series 2019A | 5.000 | 07/01/54 | 3337410 |
| 10000000 | (d) | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westside Habilitation Center Project, Refunding Series 2017A | 6.250 | 02/01/47 | 9438590 |
| 4570000 | (d) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2021A | 5.250 | 06/01/51 | 3818385 |
| 1405000 | (d) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Mentorship STEAM Academy, Series 2021A | 5.000 | 06/01/51 | 1184089 |
| 8460000 | (d) | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, (AMT) | 6.500 | 07/01/36 | 8463043 |
| 444028 | (d),(e) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Encore Academy Project, Series 2021A | 5.000 | 06/01/41 | 66604 |
| 1100700 | (d),(e) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Encore Academy Project, Series 2021A | 5.000 | 06/01/51 | 165105 |
| 500000 | (d) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Jefferson Rise Charter School Project, Series 2022A | 6.250 | 06/01/52 | 496595 |
| 1460000 | (d) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Jefferson Rise Charter School Project, Series 2022A | 6.375 | 06/01/62 | 1453630 |
| 815000 | (d) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2022A | 6.375 | 06/01/52 | 792699 |
| 1530000 | (d) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2022A | 6.500 | 06/01/62 | 1489085 |
| 5000000 | (d),(e) | Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, Lousiana Pellets Inc Project, Series 2015, (AMT) | 7.000 | 07/01/24 | 50 |
| 1030000 | (d) | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, Geo Academies EBR - GEO Prep Mid-City Project, Series 2022 | 6.125 | 06/01/52 | 1052296 |
| 1425000 | (d) | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, Geo Academies EBR - GEO Prep Mid-City Project, Series 2022 | 6.250 | 06/01/62 | 1457330 |
| 4700000 |  | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.500 | 09/01/54 | 4883292 |
| 47030000 |  | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.750 | 09/01/64 | 49524396 |
| 17495000 |  | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.000 | 09/01/66 | 17149099 |
| 5800000 | (d) | Plaquemines Port, Louisiana, Harbor and Terminal District Facilities Revenue Bonds NOLA Terminal LLC Project Dock and Wharf Series 2024A | 9.000 | 12/01/44 | 5678204 |
| 11220000 | (d) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010 | 6.350 | 07/01/40 | 12191668 |
|  |  | TOTAL LOUISIANA |  |  | 163390740 |

---

68 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MAINE - 0.2%** |  |  |  |
| $11310000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 5.000% | 07/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10605987 |
| 2000000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 4.000 | 07/01/46 | 1572034 |
| 15040000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 5.000 | 07/01/46 | 13846113 |
| 3950000 | Rumford, Maine, Solid Waste Disposal Revenue Bonds, Boise Cascade Corporation Project, Series 2001, (AMT) | 6.875 | 10/01/26 | 3958224 |
|  | TOTAL MAINE |  |  | 29982358 |
|  | **MARYLAND - 0.9%** |  |  |  |
| 6760000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/46 | 6578063 |
| 1500000 | Baltimore, Maryland, Special Obligation Bonds, Center/West Development Project, Series 2017A | 5.500 | 06/01/43 | 1437883 |
| 1960000 (d) | Frederick County, Maryland, Special Obligation Bonds, Urbana Community Development Authority, Refunding Series 2020C | 4.000 | 07/01/50 | 1703750 |
| 5050000 (f) | Maryland Department of Transportation, Special Transportation Project Revenue Bonds, Baltimore/Washington International Thurgood Marshall Airport, Series 2024A, (AMT), (UB) | 5.250 | 08/01/54 | 5251522 |
| 2550000 (e) | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A | 5.000 | 12/01/25 | 1708500 |
| 90070000 (e) | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A | 5.000 | 12/01/31 | 60346900 |
| 400000 (e) | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006B | 5.000 | 12/01/16 | 268000 |
| 4500000 (e) | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006B | 5.250 | 12/01/31 | 3015000 |
| 3250000 | Maryland Economic Development Corporation, Special Obligation Bonds, Port Covington Project, Series 2020 | 4.000 | 09/01/50 | 2689913 |
| 1000000 (d) | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Green Street Academy, Series 2017A | 5.125 | 07/01/37 | 989868 |
| 1800000 (d) | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Green Street Academy, Series 2017A | 5.250 | 07/01/47 | 1752778 |
| 1530000 (d) | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Green Street Academy, Series 2017A | 5.375 | 07/01/52 | 1479351 |
| 22465000 (f) | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015, (UB) | 5.000 | 07/01/47 | 22464661 |
| 4000000 (f) | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2017A, (UB) | 5.000 | 05/15/45 | 4011328 |
| 12795000 (f) | Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015, (UB) | 4.000 | 12/01/44 | 12081070 |
| 5000000 (d) | Prince George's County, Maryland, Special Obligation Bonds, Westphalia Town Center Project, Series 2018 | 5.250 | 07/01/48 | 5037648 |
| 2250000 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B | 5.000 | 11/01/47 | 2110765 |
|  | TOTAL MARYLAND |  |  | 132927000 |
|  | **MASSACHUSETTS - 0.7%** |  |  |  |
| 10000000 (f) | Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Series 2021A-1, (UB) | 4.000 | 07/01/51 | 9188639 |
| 1000000 (d) | Massachusetts Development Finance Agency, Revenue Bonds, CHF Merrimack, Inc. Merrimack College Student Housing Project, Series 2024A | 5.000 | 07/01/54 | 1003123 |
| 7500000 | Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2014 | 5.125 | 07/01/44 | 7500536 |
| 14360000 | Massachusetts Development Finance Agency, Revenue Bonds, The Lowell General Hospital, Series 2013G | 5.000 | 07/01/44 | 13555810 |
| 13440000 (f) | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, Series 2017B, (AMT), (UB) | 4.250 | 07/01/46 | 11942764 |
| 2960000 (f) | Massachusetts Housing Finance Agency, Multifamily Housing Bonds, Green Sustainability Series 2024A1, (UB) | 4.950 | 12/01/64 | 2906739 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **69** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MASSACHUSETTS** (continued) |  |  |  |
| $3115000 (f) | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2024-234, (UB) | 4.750% | 12/01/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112202 |
| 5500000 (f) | Massachusetts Port Authority, Revenue Bonds, Refunding Series 2017A, (AMT), (UB) | 5.000 | 07/01/47 | 5510065 |
| 10000000 (f) | Massachusetts Port Authority, Revenue Bonds, Series 2019C, (AMT), (UB) | 5.000 | 07/01/49 | 10064687 |
| 9770000 (f) | Massachusetts State, General Obligation Bonds, Consolidated Loan Series 2024E, (UB) | 5.000 | 08/01/54 | 10179498 |
| 10000000 (f) | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Green Series 2023A, (UB) | 5.000 | 06/01/53 | 10412419 |
| 14000000 (f) | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 2023B, (UB) | 5.000 | 06/01/51 | 14608042 |
|  | TOTAL MASSACHUSETTS |  |  | 99984524 |
|  | **MICHIGAN - 1.9%** |  |  |  |
| 825000 | Chandler Park Academy, Michigan, Public School Academy Charter School Revenue Bonds, Series 2005 | 5.125 | 11/01/30 | 816098 |
| 1873565 (e) | Concord Academy, Boyne City, Michigan, Certificates of Participation, Series 2007 | 5.600 | 11/01/36 | 1636576 |
| 1110000 | Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007 | 5.000 | 11/01/26 | 1092726 |
| 3750000 | Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007 | 5.250 | 11/01/31 | 3309924 |
| 3840000 | Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007 | 5.250 | 11/01/36 | 3029710 |
| 2125000 | Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013 | 6.000 | 10/01/33 | 2075264 |
| 4110000 | Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013 | 6.000 | 10/01/43 | 3847389 |
| 18806796 | Detroit City & General Retirement System Service Corporation, Michigan, Certificates of Participation, Taxable Series 2005A - FGIC Insured | 3.000 | 06/15/25 | 19935204 |
| 7855000 | Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Refunding Series 2021 | 5.000 | 11/01/35 | 6894183 |
| 3500000 | Flint International Academy, Michigan, Public School Academy Revenue Bonds, Series 2007 | 5.750 | 10/01/37 | 3499948 |
| 6000000 (f) | Lansing, Ingham and Eaton Counties, Michigan, General Obligation Bonds, Refunding & Capital Improvement Series 2023B - AGM Insured, (UB) | 4.125 | 06/01/48 | 5579887 |
| 11855000 (f) | Michigan Finance Authority, (UB) | 5.500 | 02/28/57 | 12551454 |
| 27005000 (f) | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of Wayne Criminal Justice Center Project, Senior Lien Series 2018 - BAM Insured, (UB) | 4.000 | 11/01/48 | 24256183 |
| 1945000 | Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Aquinas College Project, Refunding Series 2021 | 5.000 | 05/01/36 | 1438464 |
| 11780000 | Michigan Finance Authority, Hospital Revenue Bonds, Bronson Healthcare Group, Inc., Refunding Series 2019A | 5.000 | 05/15/54 | 11781002 |
| 12000000 (f) | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016, (UB) | 5.000 | 11/15/41 | 12127518 |
| 12270000 (f) | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series 2019A, (UB) | 5.000 | 11/15/48 | 12402436 |
| 10000000 (f) | Michigan Finance Authority, Hospital Revenue Bonds, McLaren Health Care, Series 2019A, (UB) | 4.000 | 02/15/44 | 9131632 |
| 6525000 (f) | Michigan Finance Authority, Hospital Revenue Bonds, McLaren Health Care, Series 2019A, (UB) | 4.000 | 02/15/50 | 5694916 |
| 12115000 (f) | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2017A-MI, (UB) | 4.000 | 12/01/40 | 11333475 |
| 7475000 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2019A-MI | 4.000 | 12/01/49 | 6434612 |
| 1925000 (d) | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope Academy Project, Refunding Series 2021 | 4.400 | 04/01/31 | 1720648 |

---

70 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MICHIGAN** (continued) |  |  |  |
| $4645000 (d) | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope Academy Project, Refunding Series 2021 | 4.900% | 04/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640658 |
| 400000 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Old Redford Academy Project, Series 2010A | 6.500 | 12/01/40 | 393997 |
| 10690000 (d) | Michigan Finance AuthorIty, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Refunding Series 2017. Private Placement of 2017 | 5.900 | 07/15/46 | 8293802 |
| 1615000 | Michigan Finance Authority, Senior Revenue Bonds, Michigan, Provident Group - HFH Energy LLC Act 38 Facilities, The Henry Ford Health Detroit South Campus Central Utility Plant project, Green Bonds Series 2024 | 4.375 | 02/28/54 | 1531299 |
| 5000000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco Receipts, Taxable Series 2020B | 0.000 | 06/01/45 | 1330163 |
| 5000000 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2024A | 4.800 | 10/01/64 | 4857678 |
| 13650000 (f) | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2023A | 4.700 | 12/01/43 | 13654585 |
| 6500000 (f) | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2023A, (UB) | 4.700 | 12/01/43 | 6502183 |
| 6000000 (f) | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2023A, (UB) | 4.900 | 12/01/48 | 6003856 |
| 5000000 (f) | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2023B, (UB) | 5.000 | 06/01/54 | 4987817 |
| 3500000 (f) | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2024A, (UB) | 4.700 | 12/01/53 | 3459215 |
| 740000 | Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007 | 6.500 | 12/01/37 | 740207 |
| 1815000 | Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2017 | 7.000 | 12/01/46 | 1822248 |
| 1505000 | Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Chandler Park Academy Project, Series 2008 | 6.500 | 11/01/35 | 1505537 |
| 9990000 (f) | Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2021I, (UB) | 4.000 | 10/15/56 | 8931447 |
| 819580000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Capital Appreciation Turbo Term Series 2008C | 0.000 | 06/01/58 | 25540653 |
| 3625000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, First Subordinate Capital Appreciation Series 2007B | 0.000 | 06/01/52 | 458218 |
| 99020000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Taxable Capital Appreciation Turbo Term Series 2008B | 0.000 | 06/01/46 | 13312150 |
| 470000 | Renaissance Public School Academy, Michigan, Public School Academy Revenue Bonds, Series 2012A | 5.500 | 05/01/27 | 470294 |
| 1565000 | Renaissance Public School Academy, Michigan, Public School Academy Revenue Bonds, Series 2012A | 6.000 | 05/01/37 | 1565937 |
| 1070000 | Saline Economic Development Corporation, Michigan, Limited Obligation Revenue and Refunding Bonds, Evangelical Homes of Michigan, Series 2012 | 5.250 | 06/01/32 | 998392 |
|  | TOTAL MICHIGAN |  |  | 270589585 |
|  | **MINNESOTA - 1.1%** |  |  |  |
| 3040000 | Bethel, Minnesota Charter School Lease Revenue Bonds, Partnership Academy Project, Series 2018A | 5.000 | 07/01/38 | 2742534 |
| 1570000 | Bethel, Minnesota Charter School Lease Revenue Bonds, Partnership Academy Project, Series 2018A | 5.000 | 07/01/53 | 1283305 |
| 9235000 | Bethel, Minnesota, Charter School Lease Revenue Bonds, Level Up Academy, Series 2021A | 5.000 | 06/15/56 | 6798517 |
| 1315000 | Bethel, Minnesota, Charter School Lease Revenue Bonds, Partnership Academy Project, Series 2022 | 6.000 | 07/01/57 | 1201064 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **71** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MINNESOTA** (continued) |  |  |  |
| $750000 | Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy Project, Series 2015A | 5.500% | 07/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669139 |
| 1420000 | Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy Project, Series 2015A | 5.750 | 07/01/46 | 1251490 |
| 2510000 | City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A | 5.000 | 07/01/47 | 2222163 |
| 6000000 | Columbia Heights, Minnesota, Charter School Lease Revenue Bonds, Prodeo Academy Project, Series 2019A | 5.000 | 07/01/49 | 5361801 |
| 2000000 | Columbia Heights, Minnesota, Charter School Lease Revenue Bonds, Prodeo Academy Project, Series 2019A | 5.000 | 07/01/54 | 1755946 |
| 1050000 | Columbus, Minnesota, Charter School Lease Revenue Bonds, New Millennium Academy Project, Series 2015A | 5.500 | 07/01/30 | 1037477 |
| 6200000 | Columbus, Minnesota, Charter School Lease Revenue Bonds, New Millennium Academy Project, Series 2015A | 5.875 | 07/01/40 | 5953182 |
| 5000000 | Columbus, Minnesota, Charter School Lease Revenue Bonds, New Millennium Academy Project, Series 2015A | 6.000 | 07/01/45 | 4757325 |
| 1000000 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A | 5.500 | 07/01/50 | 1000793 |
| 4700000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 5.000 | 02/15/58 | 4628760 |
| 9080000 (f) | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A, (UB) | 5.000 | 02/15/58 | 8942370 |
| 9665000 (f) | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A, (UB) | 5.250 | 02/15/58 | 9799208 |
| 2000000 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2019A | 5.375 | 08/01/50 | 2009347 |
| 4925000 | Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A | 5.000 | 07/01/47 | 4256618 |
| 2000000 (e) | Hayward, Minnesota, Health Care Facilities Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Series 2014 | 5.750 | 02/01/44 | 1451966 |
| 810000 | Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A | 5.000 | 07/01/34 | 810168 |
| 2965000 | Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A | 5.000 | 07/01/44 | 2901065 |
| 10600000 (d) | Independence, Minnesota, Charter School Lease Revenue Bonds, Spero Academy Project, Series 2021A | 5.000 | 07/01/56 | 8478123 |
| 600000 | Independence, Minnesota, Charter School Lease Revenue Bonds, Spero Academy Project, Taxable Series 2021B | 6.000 | 07/01/28 | 584474 |
| 2285000 | International Falls, Minnesota, Solid Waste Disposal Revenue Bonds, Boise Cascade Corporation Project, Refunding Series 1999, (AMT) | 6.850 | 12/01/29 | 2289813 |
| 1190000 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy Project, Series 2022A | 5.500 | 06/01/57 | 1092104 |
| 1385000 (d) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Friendship Academy of the Arts Project, Series 2019A | 5.250 | 12/01/43 | 1080267 |
| 2000000 (d) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Friendship Academy of the Arts Project, Series 2019A | 5.250 | 12/01/52 | 1442098 |
| 1300000 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2022A | 5.500 | 07/01/52 | 1242863 |
| 2490000 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2022A | 5.500 | 07/01/57 | 2358770 |
| 1110000 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep Project, Series 2020A | 5.000 | 07/01/55 | 874319 |
| 1080000 (d) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Spero Academy Project, Series 2017A | 6.000 | 07/01/32 | 1095151 |
| 1250000 (d) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Spero Academy Project, Series 2017A | 6.250 | 07/01/37 | 1264790 |
| 5510000 (d) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Spero Academy Project, Series 2017A | 6.500 | 07/01/48 | 5560376 |

---

72 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MINNESOTA** (continued) |  |  |  |
| $1680000 (d) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Twin Cities International Schools Project, Series 2017A | 5.000% | 12/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627778 |
| 5650000 (d) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Twin Cities International Schools Project, Series 2017A | 5.000 | 12/01/47 | 5250014 |
| 1840000 | Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A | 5.000 | 09/01/44 | 1644720 |
| 3085000 | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A | 5.000 | 04/01/46 | 2560283 |
| 2500000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community of Peace Academy Project, Refunding Series 2015A | 5.000 | 12/01/46 | 2389804 |
| 8520000 (d) | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community School of Excellence, Series 2023 | 5.500 | 03/01/58 | 8592907 |
| 13850000 (d) | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community School of Excellence, Series 2023 | 5.500 | 03/01/63 | 13924174 |
| 1500000 (d) | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Great River School Project, Series 2017A | 5.500 | 07/01/52 | 1502594 |
| 2000000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A | 5.750 | 09/01/46 | 2015831 |
| 5000000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hope Community Academy Project, Series 2020A | 5.000 | 12/01/55 | 3552529 |
| 40000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities Academy Project, Series 2015A | 5.000 | 07/01/35 | 39996 |
| 1715000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities Academy Project, Series 2015A | 5.300 | 07/01/45 | 1714956 |
| 2150000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Hope Community Academy Project, Series 2015A | 5.000 | 12/01/43 | 1677488 |
| 960000 | Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013 | 5.125 | 01/01/39 | 837331 |
| 4795000 | Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A | 5.125 | 10/01/48 | 4406581 |
| 1500000 | Spring Lake Park, Minnesota, Charter School Lease Revenue Bonds, Excell Academy for Higher Learning Inc., Series 2019A | 5.000 | 06/15/49 | 1413051 |
| 360000 | Stillwater, Minnesota, Multifamily Housing Revenue Bonds, Orleans Homes LP, Series 2007, (AMT) | 5.250 | 02/01/27 | 360030 |
| 800000 | Stillwater, Minnesota, Multifamily Housing Revenue Bonds, Orleans Homes LP, Series 2007, (AMT) | 5.500 | 02/01/42 | 762417 |
| 315000 | Winona Port Authority, Minnesota, Charter School Lease Revenue Bonds, Bluffview Montessori School Project, Refunding Series 2016 | 4.500 | 06/01/36 | 281709 |
|  | TOTAL MINNESOTA |  |  | 152751579 |
|  | **MISSISSIPPI - 0.1%** |  |  |  |
| 3640000 (d) | Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, King Edward Mixed-Use Project, Taxable Refunding Series 2019A, (Mandatory Put 6/15/25) | 6.000 | 10/15/49 | 3628820 |
| 8000000 | Mississippi Business Finance Corporation, Revenue Bonds, System Energy Resources, Inc. Project, Refunding Series 2021 | 2.375 | 06/01/44 | 4968188 |
| 898310 | Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care Apartments, Series 2004-2, (AMT) | 6.125 | 09/01/34 | 802793 |
|  | TOTAL MISSISSIPPI |  |  | 9399801 |

---

See Notes to Financial Statements 73

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MISSOURI - 1.4%** |  |  |  |
| $920000 | Blue Springs, Missouri, Special Obligation Tax Increment Bonds, Adams Farm Project, Special Districts Refunding & Improvement Series 2015A | 5.250% | 06/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916555 |
| 2202672 (d) | Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson Shoppes Redevelopment Project, Refunding Series 2017B | 5.000 | 11/01/29 | 1931953 |
| 125000 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2016A | 6.000 | 03/01/33 | 126416 |
| 2761012 (e) | Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006 | 5.000 | 06/01/28 | 579812 |
| 1865000 | Hanley/Eager Road Transportation Development District, Missouri, Revenue Bonds, Refunding Series 2016A | 4.000 | 03/01/42 | 1537423 |
| 3705000 | Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Healthcare System, Series 2017 | 5.000 | 10/01/47 | 3518161 |
| 10000000 (f) | Jackson County, Missouri, Special Obligation Bonds, Series 2023A, (UB) | 4.250 | 12/01/53 | 9377617 |
| 7895000 (f) | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2020A, (AMT), (UB) | 4.000 | 03/01/45 | 7091099 |
| 20140000 (f) | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2020A - AGM Insured, (AMT), (UB) | 4.000 | 03/01/50 | 17944617 |
| 1200000 | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2020A - AGM Insured, (AMT) | 5.000 | 03/01/57 | 1209561 |
| 10000000 (f) | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2020A - AGM Insured, (AMT), (UB) | 5.000 | 03/01/57 | 10079677 |
| 3260000 (d) | Kansas City Industrial Development Authority, Missouri, Revenue Bonds, Platte Purchase Project A, Series 2019 | 5.000 | 07/01/40 | 2960153 |
| 775000 (d) | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016 | 5.000 | 04/01/36 | 750709 |
| 3140000 (d) | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016 | 5.000 | 04/01/46 | 2838867 |
| 4758000 (d) | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Subordinate Refunding & Improvement Series 2016 | 8.000 | 04/15/46 | 4132673 |
| 1200000 | Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A | 5.250 | 05/15/42 | 1104698 |
| 131463 | Lakeside 370 Levee District, Saint Charles, Missouri, Subdistrict A Bonds, Refunding Series 2015A | 5.750 | 04/01/55 | 111688 |
| 1562942 | Lakeside 370 Levee District, Saint Charles, Missouri, Subdistrict B Bonds, Refunding Taxable Series 2015B | 0.000 | 04/01/55 | 1406648 |
| 590000 | Lees Summit Industrial Development Authority, Missouri, Special Assessment and Sales Tax Revenue Bonds, Summit Fair Community Improvement District Project, Series 2012 | 5.000 | 05/01/35 | 536537 |
| 2365000 | Lees Summit Industrial Development Authority, Missouri, Special Assessment and Sales Tax Revenue Bonds, Summit Fair Community Improvement District Project, Series 2012 | 6.000 | 05/01/42 | 2154226 |
| 2500000 (d) | Lee's Summit, Missouri, Special Obligation Tax Increment and Special District Improvement Bonds, Summit Fair Project, Refunding Series 2017 | 4.875 | 11/01/37 | 2290858 |
| 4200000 (d) | Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A | 5.750 | 06/01/35 | 3926447 |
| 3965000 (d) | Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A | 6.000 | 06/01/46 | 3644129 |

---

74 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MISSOURI** (continued) |  |  |  |
| $7095000 (d) | Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Subordinate Lien Series 2015B | 8.500% | 06/15/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6595759 |
| 1000000 | M150 and 135th Street Transporation Development District, Kansas City, Missouri, Transportation Sales Tax Revenue Bonds, Series 2020A | 4.250 | 10/01/43 | 937347 |
| 10000000 (f) | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2025A, (UB) | 4.000 | 04/01/45 | 9233907 |
| 10000000 (f) | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F, (UB) | 5.000 | 11/15/45 | 9996941 |
| 5000000 (f) | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2020 - BAM Insured, (UB) | 4.000 | 06/01/53 | 4557076 |
| 15215000 (f) | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2023, (UB) | 5.000 | 12/01/52 | 15745824 |
| 6570000 (f) | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mosaic Health System, Series 2019A, (UB) | 4.000 | 02/15/54 | 6016617 |
| 3990000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024C | 4.700 | 11/01/54 | 3989010 |
| 1414354 (d) | North Outer Forty Transportation Development District, Chesterfield, Missouri, Transportation Development Revenue Notes, Refunding Series 2021A | 4.000 | 12/01/46 | 1038184 |
| 3055000 (d) | Saint Charles County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, O'Fallon Retail Walk Community Improvement District Project, Series 2017A | 6.250 | 12/01/36 | 2881404 |
| 3000000 (d) | Saint Charles County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Wentzville Parkway Regional Community Improvement District Project, Series 2019B | 4.250 | 11/01/49 | 2421184 |
| 600000 | Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Nazareth Living Center, Series 2015A | 5.000 | 08/15/35 | 579359 |
| 1800000 | Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Nazareth Living Center, Series 2015A | 5.125 | 08/15/45 | 1620649 |
| 3215000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew's Resources for Seniors, Series 2015A | 5.125 | 12/01/45 | 2969867 |
| 9330000 (f) | Saint Louis County, Missouri, Special Obligation Bonds, Community Center Projects, Series 2022A, (UB) | 4.000 | 12/01/42 | 8916624 |
| 10210000 (f) | Saint Louis County, Missouri, Special Obligation Bonds, Community Center Projects, Series 2022A, (UB) | 4.000 | 12/01/44 | 9627487 |
| 10620000 (f) | Saint Louis County, Missouri, Special Obligation Bonds, Community Center Projects, Series 2022A, (UB) | 4.000 | 12/01/45 | 9968772 |
| 8465000 (f) | Saint Louis County, Missouri, Special Obligation Bonds, Community Center Projects, Series 2022A, (UB) | 4.250 | 12/01/46 | 8213725 |
| 10885000 (f) | Saint Louis County, Missouri, Special Obligation Bonds, Community Center Projects, Series 2022A, (UB) | 4.000 | 12/01/47 | 10176581 |
| 5100000 (d) | Saint Louis Industrial Development Authority, Missouri, Revenue Bonds, Confluence Academy Project, Series 2022A | 5.625 | 06/15/53 | 4752371 |
| 2000000 | Saint Louis Industrial Development Authority, Missouri, Tax Increment and Special District Revenue Bonds, Union Station Phase 2 Redevelopment Project, Series 2024A | 5.750 | 06/15/54 | 2010615 |
| 1664000 (e) | Saint Louis, Missouri, Tax Increment Bonds, 410 North Jefferson Lofts Project, Series 2007 | 3.850 | 09/01/27 | 183040 |
| 2000 | Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, City Hospital Tax Increment District, Series 2007 | 6.000 | 08/23/26 | 2000 |
| 2278000 | Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A | 6.500 | 01/23/28 | 797300 |
| 1127000 | Saint Louis, Missouri, Tax-Exempt Revenue Notes, City Block 1859, Grand Avenue/Cozens/Evans Redevelopment Project, Series 2008-A | 6.500 | 12/11/29 | 631120 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **75** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MISSOURI** (continued) |  |  |  |
| $2205000 | (e) | St Louis, Missouri, Tax Increment Financing District Revenue Bonds, Printers Lofts Project, Series 2006 | 3.900% | 08/21/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154350 |
| 120000 |  | Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Southeasthealth, Series 2016B | 6.000 | 03/01/37 | 121412 |
| 1100000 |  | Town and Country Crossing Transportation Development District, Missouri, Transporation Sales Tax Revenue Bonds, Refunding Series 2020A | 3.875 | 04/01/47 | 912893 |
| 3075000 |  | Universal City Industrial Development Authority, Missouri, Revenue Bonds, Tax Increment and Special District Markets at Olive Project Series 2023A | 5.500 | 06/15/42 | 3056785 |
|  |  | TOTAL MISSOURI |  |  | 208278727 |
|  |  | **MONTANA - 0.0%** |  |  |  |
| 500000 |  | Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A | 5.250 | 05/15/37 | 474001 |
| 4275000 |  | Montana Board of Housing, Single Family Mortgage Bonds, Series 2024A | 4.650 | 06/01/54 | 4209465 |
|  |  | TOTAL MONTANA |  |  | 4683466 |
|  |  | **NEBRASKA - 0.7%** |  |  |  |
| 11090000 | (f) | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children's Hospital Obligated Group, Series 2017, (UB) | 5.000 | 11/15/47 | 11144993 |
| 4900000 |  | Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014 | 5.000 | 05/15/44 | 4817221 |
| 3460000 |  | Nebraska Educational, Health, Cultural and Social Services Finance Authority, Revenue Bonds, Immanuel Retirement Communities Obligated Group, Series 2019A | 4.000 | 01/01/44 | 3107820 |
| 13660000 | (f) | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2023A, (UB) | 4.550 | 09/01/48 | 13338896 |
| 18910000 | (f) | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2023C, (UB) | 4.800 | 09/01/53 | 18856587 |
| 9245000 | (f) | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2024A, (UB) | 4.700 | 09/01/49 | 9102782 |
| 4000000 | (f) | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2024A, (UB) | 4.800 | 09/01/54 | 3981343 |
| 10000000 | (f) | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2024E, (UB) | 4.800 | 09/01/54 | 9937808 |
| 11580000 | (f) | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2021A, (UB) | 4.000 | 02/01/51 | 10646996 |
| 14000000 | (f) | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2021A - AGM Insured, (UB) | 4.000 | 02/01/51 | 12985113 |
| 4760000 | (f) | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2022A | 4.250 | 02/01/47 | 4668621 |
|  |  | TOTAL NEBRASKA |  |  | 102588180 |
|  |  | **NEVADA - 0.4%** |  |  |  |
| 775000 |  | Clark County, Nevada, Local Improvement Bonds, Special Improvement District 159 Summerlin Village 16A, Series 2015 | 5.000 | 08/01/35 | 777067 |
| 9382520 | (d),(e) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2017B, (AMT) | 5.125 | 12/15/37 | 938 |
| 2153887 | (d),(e) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2018, (AMT) | 5.250 | 12/15/37 | 215 |
| 14161600 | (d),(e) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2018, (AMT) | 6.950 | 02/15/38 | 58063 |
| 8752748 | (d),(e) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020 | 6.750 | 02/15/38 | 35886 |
| 7353835 | (d),(e) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017, (AMT) | 5.875 | 12/15/27 | 736 |

---

76 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **NEVADA** (continued) |  |  |  |
| $63920428 | (d),(e) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017, (AMT) | 6.250% | 12/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6392 |
| 33480751 | (d),(e) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, (AMT) | 5.750 | 02/15/38 | 137271 |
| 11600000 | (d) | Director of Nevada State Department of Business and Industry, Revenue Bonds, Brightline West Passenger Rail Project, Series 2025A, (AMT), (Mandatory Put 1/01/33) | 9.500 | 01/01/65 | 11562330 |
| 2520000 | (d) | Director of the State of Nevada Department of Business and Industry, Charter School Lease Revenue Bonds, Somerset Academy, Series 2015 | 5.125 | 12/15/45 | 2501692 |
| 2355000 |  | Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, Refunding Series 2016 | 4.000 | 09/01/35 | 2133148 |
| 495000 |  | Henderson, Nevada, Local Improvement Bonds, Local Improvement District T-21 Black Mountain Ranch, Series 2022 | 3.500 | 09/01/45 | 391558 |
| 1135000 |  | Henderson, Nevada, Local Improvement Bonds, Local Improvement District T-22 Rainbow Canyon Phase II, Series 2023 | 5.250 | 03/01/48 | 1119028 |
| 1240000 |  | Henderson, Nevada, Local Improvement Bonds, Local Improvement District T-22 Rainbow Canyon Phase II, Series 2023 | 5.250 | 03/01/53 | 1202570 |
| 690000 |  | Henderson, Nevada, Local Improvement District No. T-20 Rainbow Canyon, Local Improvement Bonds, Series 2018 | 5.000 | 09/01/38 | 679412 |
| 6600000 |  | Henderson, Nevada, Local Improvement District No. T-20 Rainbow Canyon, Local Improvement Bonds, Series 2018 | 5.375 | 09/01/48 | 6477601 |
| 8325000 | (f) | Las Vegas, Nevada, General Obligation Bonds, Various Purpose Bonds, Limited Tax Civic Center Series 2023A, (UB) | 4.000 | 03/01/53 | 7577549 |
| 920000 |  | Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 812 Summerlin Village 24, Series 2015 | 5.000 | 12/01/35 | 925142 |
| 485000 |  | Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 812 Summerlin Village 26, Series 2017 | 4.500 | 06/01/47 | 457494 |
| 1055000 |  | Mesquite, Nevada, Local Improvement Bonds, Special Improvement District 07-01 Anthem at Mesquite, Refunding Series 2016 | 4.250 | 08/01/37 | 989627 |
| 2055000 | (d) | North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 65 Northern Beltway Commercial Area, Series 2017 | 5.000 | 12/01/37 | 2049129 |
| 4085000 | (d) | North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 65 Northern Beltway Commercial Area, Series 2017 | 5.000 | 12/01/47 | 3991433 |
| 2205000 |  | Reno, Nevada, Redevelopment Agency Downtown Project Tax Allocation Bonds, Series 2007C | 5.400 | 06/01/27 | 2205062 |
| 27000000 | (d) | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, ReTrac-Reno Transporation Rail Access Corridor Project, Series 2018C | 0.000 | 07/01/58 | 3830080 |
| 90000000 | (d) | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, ReTrac-Reno Transporation Rail Access Corridor Project, Series 2018D | 0.000 | 07/01/58 | 9878850 |
| 500000 |  | Sparks Special Improvement District 1, Nevada, Local Improvement Bonds, 5 Ridges Series 2024 | 5.125 | 06/01/54 | 485798 |
|  |  | TOTAL NEVADA |  |  | 59474071 |
|  |  | **NEW HAMPSHIRE - 0.1%** |  |  |  |
| 370000 |  | Manchester Housing and Redevelopment Authority, New Hampshire, Revenue Bonds, Series 2000B - ACA Insured | 0.000 | 01/01/27 | 345722 |
| 730000 |  | Manchester Housing and Redevelopment Authority, New Hampshire, Revenue Bonds, Series 2000B - ACA Insured | 0.000 | 01/01/29 | 627586 |
| 3320000 |  | Manchester Housing and Redevelopment Authority, New Hampshire, Revenue Bonds, Series 2000B - ACA Insured | 0.000 | 01/01/30 | 2728668 |
| 4193546 |  | National Finance Authority, New Hampshire, Municipal Certificates Social Series 2024-2 Class A | 3.625 | 08/20/39 | 3859408 |
| 6750000 | (d) | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2018C, (AMT) | 4.875 | 11/01/42 | 6404447 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **77** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **NEW HAMPSHIRE** (continued) |  |  |  |
| $2960000 | (d) | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2020A, (Mandatory Put 7/02/40) | 3.625% | 07/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465285 |
| 2475000 | (d) | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2020B, (AMT), (Mandatory Put 7/02/40) | 3.750 | 07/01/45 | 2095235 |
| 1000000 | (d) | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Covenant Health Group Series 2023 | 4.000 | 07/01/37 | 895180 |
|  |  | TOTAL NEW HAMPSHIRE |  |  | 19421531 |
|  |  | **NEW JERSEY - 1.4%** |  |  |  |
| 6360000 |  | Bayonne Redevelopment Agency, New Jersey, Revenue Bonds, Royal Caribbean Cruises Project, Series 2006A, (AMT) | 5.375 | 11/01/35 | 5456983 |
| 3570000 |  | Camden County Improvement Authority, New Jersey, School Revenue Bonds, KIPP: Cooper Norcross Academy 2022 Project, Social Series 2022 | 6.000 | 06/15/62 | 3708203 |
| 4500000 |  | Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Courthouse Project, Series 2020 | 4.000 | 10/01/51 | 4144350 |
| 705000 | (d) | New Jersey Economic Development Authority Revenue Bonds, Black Horse EHT Urban Renewal LLC Project, Series 2019A | 5.000 | 10/01/39 | 550800 |
| 850000 | (d) | New Jersey Economic Development Authority, Charter School Revenue Bonds, Greater Brunswick Charter School, Series 2014A | 5.625 | 08/01/34 | 850098 |
| 1530000 | (d) | New Jersey Economic Development Authority, Charter School Revenue Bonds, Greater Brunswick Charter School, Series 2014A | 5.875 | 08/01/44 | 1530367 |
| 1000000 | (d) | New Jersey Economic Development Authority, Charter School Revenue Bonds, Greater Brunswick Charter School, Series 2014A | 6.000 | 08/01/49 | 1000322 |
| 2325000 | (d) | New Jersey Economic Development Authority, Charter School Revenue Bonds, Teaneck Community Charter School, Series 2017A | 5.125 | 09/01/52 | 2321461 |
| 1075000 |  | New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014 | 5.000 | 01/01/34 | 1070274 |
| 1675000 |  | New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014 | 5.250 | 01/01/44 | 1594544 |
| 230000 |  | New Jersey Economic Development Authority, Lease Revenue Bonds, State Government Buildings-Juvenile Justice Commission Facilities Project, Series 2018C | 5.000 | 06/15/36 | 235687 |
| 2500000 | (f) | New Jersey Economic Development Authority, New Jersey, Transit Transportation Project Revenue Bonds, Portal North Bridge Project Series 2022A, (UB) | 5.000 | 11/01/52 | 2554984 |
| 6000000 | (f) | New Jersey Economic Development Authority, New Jersey, Transit Transportation Project Revenue Bonds, Series 2020A, (UB) | 4.000 | 11/01/44 | 5448635 |
| 865000 | (f),(h) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, (Pre-refunded 6/15/25), (UB) | 5.250 | 06/15/40 | 869346 |
| 14865000 | (f),(h) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, (Pre-refunded 6/15/25), (UB) | 5.250 | 06/15/40 | 14939691 |
| 15000000 | (f),(h),(j) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2016AAA, (Pre-refunded 12/15/26), (UB) | 5.000 | 06/15/41 | 15561969 |
| 850000 | (d) | New Jersey Economic Development Authority, School Revenue Bonds, Leap Academy University Charter School Inc. Project; Series 2014A | 6.000 | 10/01/34 | 850701 |
| 2255000 | (d) | New Jersey Economic Development Authority, School Revenue Bonds, Leap Academy University Charter School Inc. Project; Series 2014A | 6.200 | 10/01/44 | 2256425 |
| 3000000 |  | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, (AMT) | 5.625 | 11/15/30 | 3003790 |
| 4050000 |  | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, (AMT) | 5.625 | 11/15/30 | 4055116 |
| 2580000 |  | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2003, (AMT) | 5.500 | 06/01/33 | 2587843 |

---

78 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW JERSEY** (continued) |  |  |  |
| $3985000 (f) | New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund Series 2023A, (UB) | 4.625% | 09/01/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056946 |
| 3360000 (f) | New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund Series 2023A, (UB) | 5.250 | 09/01/53 | 3517465 |
| 15675000 (d) | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Village Drive Healthcare Urban Renewal LLC, Series 2018 | 5.750 | 10/01/38 | 11426440 |
| 7625000 (f) | New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, Subordinate Series 2020C, (AMT), (UB) | 4.250 | 12/01/50 | 6574778 |
| 5000000 (f) | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2023A, (UB) | 4.250 | 06/15/40 | 4883761 |
| 10000000 | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2023AA | 4.250 | 06/15/44 | 9515880 |
| 12250000 (f) | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2023BB, (UB) | 5.000 | 06/15/46 | 12619274 |
| 8410000 (f) | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2023BB, (UB) | 5.250 | 06/15/50 | 8779543 |
| 925000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A | 0.000 | 12/15/38 | 515831 |
| 40000000 (f) | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019AA, (UB) | 4.500 | 06/15/49 | 38752956 |
| 2965000 (f) | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB, (UB) | 5.000 | 06/15/44 | 3009536 |
| 7250000 (f) | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB, (UB) | 4.000 | 06/15/50 | 6524472 |
| 15000000 (f) | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA, (UB) | 4.000 | 06/15/45 | 13710039 |
| 5000000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.250 | 06/01/46 | 5043112 |
|  | TOTAL NEW JERSEY |  |  | 203521622 |
|  | **NEW MEXICO - 0.2%** |  |  |  |
| 1130000 | Boulders Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2013 | 7.250 | 10/01/43 | 1131317 |
| 650000 | Boulders Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2015 | 5.750 | 10/01/44 | 649876 |
| 3180000 | Mariposa East Public Improvement District, New Mexico, Revenue Bonds, Capital Appreciation Taxable Series 2015D | 0.000 | 03/01/32 | 1714099 |
| 480000 | Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 2015A | 5.900 | 09/01/32 | 464338 |
| 3140000 | Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 2015C | 5.900 | 09/01/32 | 2979119 |
| 2000000 | Mesa Del Sol Public Improvement District 1, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2013 | 7.250 | 10/01/43 | 1965435 |
| 2145000 | New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, Haverland Carter Lifestyle Group - La Vida Llena Expansion Project, Series 2019A | 5.000 | 07/01/39 | 2100698 |
| 2200000 | New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, Haverland Carter Lifestyle Group - La Vida Llena Expansion Project, Series 2019A | 5.000 | 07/01/49 | 2019406 |
| 4305000 (f) | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2023C, (UB) | 4.650 | 09/01/48 | 4246413 |
| 2470000 (f) | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2023C, (UB) | 4.700 | 09/01/53 | 2425012 |
| 1000000 (d) | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Senior Lien Series 2022 | 4.250 | 05/01/40 | 916509 |
| 5000000 (d) | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Subordinate Lien Series 2020 | 8.000 | 05/01/40 | 4795813 |
|  | TOTAL NEW MEXICO |  |  | 25408035 |

---

See Notes to Financial Statements 79

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK - 14.1%** |  |  |  |
| $3415000 | Babylon Local Development Corporation II, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2023A | 6.400% | 02/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456002 |
| 7885000 | Babylon Local Development Corporation II, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2023A | 6.650 | 02/01/53 | 8003800 |
| 5500000 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Refunding Series 2016A | 5.000 | 07/15/42 | 5546557 |
| 14015000 | Broome County Local Development Corporation, New York, Revenue Bonds, United Health Services Hospitals, Inc. Project, Series 2020 - AGM Insured | 3.000 | 04/01/45 | 10056259 |
| 4000000 | Build New York City Resource Corporation, New York, Revenue Bonds, KIPP New York City Public School Facilities, Canal West Project, Series 2022 | 5.250 | 07/01/52 | 4059954 |
| 200000 (e) | Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014 | 5.000 | 11/01/39 | 120000 |
| 7645000 (e) | Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014 | 5.500 | 11/01/44 | 4587000 |
| 12755000 (d) | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2015 | 5.500 | 09/01/45 | 12785676 |
| 2575000 (d) | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2023 | 7.250 | 06/01/55 | 2726754 |
| 17240000 (d) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1 | 5.500 | 06/01/55 | 15698161 |
| 9000000 (d) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1 | 5.000 | 06/01/55 | 7581493 |
| 2125000 (d) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Taxable Series 2020A-2 | 5.250 | 06/01/28 | 2074460 |
| 150000 (d) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Taxable Series 2020C-2 | 5.250 | 06/01/25 | 150002 |
| 32430000 (d) | Dormitory Authority of the State of New York, General Revenue Bonds, American Musical and Dramatic Academy Inc., Series 2023A | 7.250 | 07/01/53 | 32732890 |
| 33000000 (f) | Dormitory Authority of the State of New York, General Revenue Bonds, Northwell Health Obligated Group, Series 2022A - AGM Insured, (UB) | 4.250 | 05/01/52 | 32017148 |
| 4870000 | Dormitory Authority of the State of New York, General Revenue Bonds, Yeshiva University, Series 2022A | 5.000 | 07/15/50 | 4800357 |
| 19550000 (f) | Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center Series 2022-1B, (UB) | 4.000 | 07/01/51 | 17929718 |
| 12000000 (f) | Dormitory Authority of the State of New York, Revenue Bonds, NYU Langone Hospitals Obligated Group, Series 2020A, (UB) | 4.000 | 07/01/50 | 11110730 |
| 225000 | Dormitory Authority of the State of New York, Revenue Bonds, Saint Joseph?s College, Series 2021 | 4.000 | 07/01/40 | 185183 |
| 5000000 (d) | Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A | 5.500 | 12/01/36 | 4557579 |
| 4000000 (d) | Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A | 5.500 | 12/01/46 | 3407165 |
| 5000 (h) | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2019A, (Pre-refunded 3/15/29) | 4.000 | 03/15/49 | 5216 |
| 8860000 (f) | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2019D, (UB) | 4.000 | 02/15/47 | 8120178 |
| 12465000 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016B | 0.000 | 01/01/45 | 3381721 |
| 33320000 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C | 5.625 | 01/01/55 | 29688060 |
| 5560000 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Current Interest Series 2016A | 5.000 | 01/01/56 | 4534275 |

---

80 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $4770000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Refunding Series 2020B | 5.660% | 02/01/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4473796 |
| 9600000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2017A | 6.240 | 02/01/47 | 9583195 |
| 12120000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2018A | 6.760 | 02/01/48 | 12278296 |
| 4460000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2020A | 5.530 | 02/01/40 | 4238599 |
| 5880000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2020A | 5.730 | 02/01/50 | 5449651 |
| 2480000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A | 4.450 | 02/01/41 | 2045833 |
| 5890000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A | 4.600 | 02/01/51 | 4524068 |
| 7035000 (f) | Long Island Power Authority, New York, Electric System General Revenue Bonds, Green Series 2023E, (UB) | 5.000 | 09/01/48 | 7287685 |
| 5000000 (e) | Madison County Capital Resource Corporation, New York, Revenue Bonds, Cazenovia College Project, Series 2019A | 5.500 | 09/01/23 | 2600000 |
| 13500000 (f) | Metropolitan Transportation Authority, New York, Revenue Bonds, Green Bond Series 2020D - BAM Insured, (UB) | 4.000 | 11/15/47 | 12297918 |
| 20160000 (f) | Metropolitan Transportation Authority, New York, Revenue Bonds, Green Bond Series 2020D - BAM Insured, (UB) | 4.000 | 11/15/48 | 18296480 |
| 9000000 (f) | Metropolitan Transportation<br> Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2019B - AGM Insured, (UB) | 4.000 | 11/15/49 | 8001179 |
| 20000000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2019B - BAM Insured, (UB) | 4.000 | 11/15/50 | 17707164 |
| 9780000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2019B, (UB) | 5.000 | 11/15/52 | 9903021 |
| 7450000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020A-1, (UB) | 5.000 | 11/15/47 | 7509985 |
| 29225000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1, (UB) | 4.750 | 11/15/45 | 29329795 |
| 33430000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1, (UB) | 5.000 | 11/15/50 | 33667149 |
| 55425000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1, (UB) | 5.250 | 11/15/55 | 56605359 |
| 6500000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-1, (UB) | 5.000 | 11/15/43 | 6645690 |
| 37400000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-1, (UB) | 5.000 | 11/15/45 | 38003326 |
| 22575000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-2, (UB) | 4.000 | 11/15/47 | 20071031 |
| 13120000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-2, (UB) | 4.000 | 11/15/48 | 11618397 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **81** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $29130000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-3, (UB) | 4.000% | 11/15/49 | $25673786 |
| 14980000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-3, (UB) | 4.000 | 11/15/50 | 13154888 |
| 20000000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2021A-1, (UB) | 4.000 | 11/15/47 | 17850714 |
| 10400000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2021A-1, (UB) | 4.000 | 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9248486 |
| 27000000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2021A-1, (UB) | 4.000 | 11/15/50 | 23823547 |
| 21275000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2024A, (UB) | 5.500 | 11/15/47 | 22525459 |
| 40510000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2017D, (UB) | 4.000 | 11/15/42 | 36732564 |
| 15000000 (f) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2021A-2, (UB) | 4.000 | 11/15/43 | 13617647 |
| 2000000 (d) | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Academy of Health Sciences Charter School Project, Social Impact Series 2022 | 6.000 | 07/01/57 | 2033223 |
| 5000000 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann?s Community Project, Series 2019 | 5.000 | 01/01/50 | 4304470 |
| 5720000 | MTA Hudson Rail Yards Trust Obligations, New York, MTA Financing Agreement Payable by the Metropolitan Transportation Authority, Series 2016A | 5.000 | 11/15/51 | 5708973 |
| 9070000 (f) | MTA Hudson Rail Yards Trust Obligations, New York, MTA Financing Agreement Payable by the Metropolitan Transportation Authority, Series 2016A, (UB) | 5.000 | 11/15/56 | 9019340 |
| 760000 | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3 | 5.000 | 06/01/35 | 690625 |
| 5000000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2014G | 3.900 | 05/01/45 | 4480781 |
| 5110000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Green Series 2021F-1 | 2.400 | 11/01/46 | 3359644 |
| 8155000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2020A-1C | 3.000 | 11/01/55 | 5705379 |
| 2800000 (d) | New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class F Series 2024 | 5.250 | 12/15/31 | 2851938 |
| 3970000 (e) | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007 | 2.250 | 10/01/22 | 2630125 |
| 28995000 (e) | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007 | 2.300 | 10/01/27 | 18556800 |
| 37910000 (e) | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007 | 2.300 | 10/01/37 | 24262400 |
| 84140000 (e) | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007 | 2.350 | 10/01/46 | 53849600 |
| 7615000 (f) | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2020 Serries BB-1, (UB) | 4.000 | 06/15/49 | 6886717 |
| 46665000 (f) | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2023 Series DD, (UB) | 4.125 | 06/15/46 | 44236175 |

---

82 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $27000000 (f) | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2023 Series DD, (UB) | 4.125% | 06/15/47 | $25516064 |
| 13495000 (f) | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2020 Subseries B-1, (UB) | 4.000 | 11/01/43 | 12607169 |
| 6030000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2021 Subseries C-1 | 4.000 | 05/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538076 |
| 14150000 (f) | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2022 Subseries B-1, (UB) | 4.000 | 08/01/48 | 12979079 |
| 25000000 (f) | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2023F-1, (UB) | 4.000 | 02/01/51 | 23042483 |
| 4125000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025D | 4.250 | 05/01/54 | 3928657 |
| 8465000 (f) | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025D, (UB) | 4.250 | 05/01/54 | 8062080 |
| 20290000 (i) | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025H-1, (UB) | 5.250 | 11/01/48 | 21786720 |
| 11500000 (f) | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Series 2024B, (UB) | 5.250 | 05/01/50 | 12180806 |
| 10335000 (f) | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Series 2024C, (UB) | 5.250 | 05/01/50 | 10946837 |
| 10725000 (f) | New York City, New York, General Obligation Bonds, Fiscal 2021 Series F-1, (UB) | 4.000 | 03/01/47 | 9870231 |
| 10000000 (f) | New York City, New York, General Obligation Bonds, Fiscal 2023 Series B-1, (UB) | 5.250 | 10/01/47 | 10525284 |
| 29000000 (f) | New York City, New York, General Obligation Bonds, Fiscal 2023 Series E-1, (UB) | 4.000 | 04/01/50 | 26711262 |
| 5850000 (f) | New York City, New York, General Obligation Bonds, Fiscal 2024 Series A | 5.000 | 08/01/51 | 6046411 |
| 7565000 (f) | New York City, New York, General Obligation Bonds, Fiscal 2025 Series C-1, (UB) | 5.250 | 09/01/50 | 8013755 |
| 75000000 | New York Counties Tobacco Trust V, New York, Tobacco Settlement Pass-Through Bonds, SubordinateTurbo CABs, Series 2005-S2 | 0.000 | 06/01/50 | 11508540 |
| 23560000 (d) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014 | 5.000 | 11/15/44 | 23611787 |
| 2000000 (d) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014 | 5.150 | 11/15/34 | 2005546 |
| 13645000 (d) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014 | 5.375 | 11/15/40 | 13680529 |
| 89870000 (d) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 3 Series 2014 | 7.250 | 11/15/44 | 90124045 |
| 3000000 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 7 World Trade Center Project, Refunding Green Series 2022A-CL2 | 3.250 | 09/15/52 | 2225816 |
| 4040000 | New York State Dormitory Authority, Personal Income Tax Revenue Bonds, General Purpose Series 2019A | 4.000 | 03/15/49 | 3627123 |
| 3835000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond Certified/Sustainability Series 2019P | 3.150 | 11/01/54 | 2790395 |
| 3150000 (f) | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Social Series 250, (UB) | 4.650 | 10/01/43 | 3133263 |
| 3150000 | New York State Power Authority, General Revenue Bonds, Series 2020A | 4.000 | 11/15/60 | 2730196 |
| 20000000 (f) | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2019B, (UB) | 4.000 | 01/01/53 | 17885128 |
| 10000000 (f) | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Bidding Group 1 Series 2022A, (UB) | 4.000 | 03/15/44 | 9328091 |
| 8500000 (f) | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Bidding Group 1 Series 2022A, (UB) | 4.125 | 03/15/52 | 7955409 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **83** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $38340000 (f) | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Climate Certified Green Series 2022C, (UB) | 5.000% | 03/15/54 | $39626614 |
| 32340000 (f) | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Climate Certified Green Series 2022C, (UB) | 4.125 | 03/15/56 | 29942008 |
| 10000000 (f) | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Climate Certified Green Series 2022C, (UB) | 4.125 | 03/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9263587 |
| 15000000 (f) | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Transportation Series 2021A-1, (UB) | 4.000 | 03/15/46 | 13796093 |
| 10000000 (f) | New York State Urban Development Corp, (UB) | 5.000 | 03/15/51 | 10419615 |
| 24635000 (f) | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020A, (UB) | 4.000 | 03/15/45 | 22903719 |
| 14730000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/46 | 14642389 |
| 19660000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.250 | 01/01/50 | 19659326 |
| 10210000 (f) | New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelopment Project, Senior Green Series 2024A, (AMT), (UB) | 4.500 | 12/31/54 | 9890901 |
| 23810000 (f) | New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelopment Project, Senior Green Series 2024A, (AMT), (UB) | 5.250 | 12/31/54 | 24642878 |
| 5000000 | New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelopment Project, Senior Green Series 2024A, (AMT) | 5.500 | 12/31/54 | 5204114 |
| 13090000 | New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelopment Project, Senior Green Series 2024A, (AMT) | 5.500 | 12/31/60 | 13614620 |
| 160000 | 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 | 160004 |
| 7660000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, (AMT) | 5.250 | 08/01/31 | 7935254 |
| 24480000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024 - AGM Insured, (AMT) | 5.000 | 06/30/49 | 24679194 |
| 4500000 (f) | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024 - AGM Insured, (AMT), (UB) | 5.000 | 06/30/49 | 4536616 |
| 16765000 (f) | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024 - AGM Insured, (AMT), (UB) | 5.000 | 06/30/54 | 16768618 |
| 5565000 (f) | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024 - AGM Insured, (AMT), (UB) | 5.250 | 06/30/60 | 5667004 |
| 5000000 (f) | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT), (UB) | 5.000 | 06/30/49 | 5032172 |
| 13000000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 6.000 | 06/30/54 | 13828265 |

---

84 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $2500000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT) | 5.000% | 10/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543250 |
| 8000000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT) | 4.375 | 10/01/45 | 7472501 |
| 5000000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT) | 6.000 | 04/01/35 | 5495215 |
| 13570000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT) | 5.625 | 04/01/40 | 14256727 |
| 8195000 (d) | Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2018A, (AMT) | 4.750 | 11/01/42 | 7659479 |
| 3125000 (d) | Ogdensburg Bridge and Port Authority, New York, Revenue Bonds, Series 2017, (AMT) | 5.750 | 07/01/47 | 2803854 |
| 1000000 | Oneida Indian Nation, New York, Tax Revenue Bonds, Series 2024B | 6.000 | 09/01/43 | 1080407 |
| 14765000 (f) | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Eighteen Series 2019, (AMT), (UB) | 4.000 | 11/01/41 | 14021813 |
| 20000000 (f) | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Forty Second Series 2023, (AMT), (UB) | 5.000 | 12/01/53 | 20275810 |
| 25765000 (f) | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Twenty-One Series 2020, (AMT), (UB) | 4.000 | 07/15/55 | 22532574 |
| 9265000 (f) | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Twenty-One Series 2020, (AMT), (UB) | 4.000 | 07/15/60 | 7973310 |
| 5745000 (f) | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Twenty-Third Series 2021, (AMT), (UB) | 4.000 | 07/15/51 | 5121217 |
| 21000000 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2021B-2 | 0.000 | 06/01/66 | 1963523 |
| 2000000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT) | 5.000 | 01/01/33 | 1520161 |
| 7205000 (f) | Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & Tunnels, Series 2020A, (UB) | 5.000 | 11/15/49 | 7366669 |
| 10765000 (f) | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Green Bonds, Series 2022D-2, (UB) | 4.500 | 05/15/52 | 10792056 |
| 5110000 (f) | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Series 2021C-3, (UB) | 4.000 | 05/15/51 | 4686040 |
| 20000000 (f) | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Series 2022 A, (UB) | 4.000 | 05/15/51 | 18340664 |
| 34565000 (f) | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Senior Lien Bonds, Series 2022C, (UB) | 5.250 | 05/15/52 | 36299769 |
| 10175000 (f) | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A, (UB) | 5.250 | 12/01/54 | 10747259 |
| 10000000 (f) | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A, (UB) | 4.500 | 12/01/56 | 9584030 |
| 13050000 (f) | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox- City Sales Tax Series 2023A, (UB) | 4.125 | 05/15/53 | 12188122 |
| 23125000 | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox- City Sales Tax Series 2023A | 4.250 | 05/15/58 | 21735414 |
| 85930000 (f) | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox- City Sales Tax Series 2023A, (UB) | 4.250 | 05/15/58 | 80766449 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **85** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $20930000 (f) | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox- City Sales Tax Series 2023A, (UB) | 4.500% | 05/15/63 | $20535457 |
| 9060000 (f) | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox- City Sales Tax, Series 2022A, (UB) | 4.000 | 05/15/57 | 8229518 |
| 16415000 (f) | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox- City Sales Tax, Series 2024A-1, (UB) | 5.250 | 05/15/64 | 17295386 |
| 15000000 (f) | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox- City Sales Tax, Series 2024A-1 - BAM Insured, (UB) | 5.250 | 05/15/64 | 15838938 |
| 10000000 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006 | 5.000 | 06/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9234108 |
| 18790000 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006 | 5.000 | 06/01/48 | 17244150 |
| 5100000 (d) | Westchester County Local Development Corporation, New York, Revenue Bond, Purchase Senior Learning Community, Inc. Project, Accd Inv Series 2021A | 5.000 | 07/01/36 | 5257888 |
| 3530000 (d) | Westchester County Local Development Corporation, New York, Revenue Bond, Purchase Senior Learning Community, Inc. Project, Accd Inv Series 2021A | 5.000 | 07/01/41 | 3569277 |
| 7000000 (d) | Westchester County Local Development Corporation, New York, Revenue Bond, Purchase Senior Learning Community, Inc. Project, Accd Inv Series 2021A | 5.000 | 07/01/56 | 6675216 |
| 7950000 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Refunding Series 2016 | 5.000 | 11/01/46 | 7360796 |
| 3750000 (f) | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Series 2023 - AGM Insured, (UB) | 5.750 | 11/01/49 | 4083926 |
| 3550000 (f) | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group<br> Project, Series 2023 - AGM Insured, (UB) | 5.000 | 11/01/51 | 3631606 |
|  | TOTAL NEW YORK |  |  | 2029413588 |
|  | **NORTH CAROLINA - 0.3%** |  |  |  |
| 5000000 (f) | Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2021B, (AMT), (UB) | 4.000 | 07/01/51 | 4378367 |
| 5075000 (f) | Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2023B, (AMT), (UB) | 5.000 | 07/01/48 | 5164379 |
| 7250000 (f) | Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2023B, (AMT), (UB) | 5.250 | 07/01/53 | 7463244 |
| 3625000 (f) | Greater Asheville Regional Airport Authority, North Carolina, Airport System Revenue Bonds, Series 2023 - AGM Insured, (AMT), (UB) | 5.250 | 07/01/48 | 3747620 |
| 485000 (d) | Mooresville, North Carolina, Special Assessment Revenue Bonds, Series 2015 | 5.375 | 03/01/40 | 483272 |
| 19065000 | North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015, (AMT) | 5.000 | 06/30/54 | 18960139 |
| 3485000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Social Series 2023-51 | 4.500 | 01/01/48 | 3364973 |
| 6876640 | Winston-Salem, North Carolina, Multifamily Housing Revenue Bonds, Rolling Hills Apartments, Series 2016, (Mandatory Put<br> 7/01/34) | 4.400 | 11/01/56 | 6064018 |
|  | TOTAL NORTH CAROLINA |  |  | 49626012 |
|  | **NORTH DAKOTA - 0.3%** |  |  |  |
| 4585000 (f) | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2023A - AGM Insured, (UB) | 5.000 | 12/01/48 | 4659329 |
| 7450000 (f) | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2023A - AGM Insured, (UB) | 5.000 | 12/01/53 | 7500206 |
| 2750000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C | 5.000 | 05/01/50 | 2717585 |

---

86 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NORTH DAKOTA** (continued) |  |  |  |
| $10000000 (f) | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2023A, (UB) | 4.600% | 07/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9892096 |
| 4690000 (f) | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2023D, (UB) | 4.550 | 07/01/48 | 4551517 |
| 8870000 (f) | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2024A, (UB) | 4.700 | 07/01/49 | 8769922 |
| 5000000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/48 | 4853749 |
| 3000000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/53 | 2850948 |
| 2179583 (e) | Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013 | 6.250 | 09/01/28 | 326937 |
| 10102757 (e) | Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013 | 7.750 | 09/01/38 | 1515414 |
|  | TOTAL NORTH DAKOTA |  |  | 47637703 |
|  | **OHIO - 3.3%** |  |  |  |
| 2800000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016 | 5.250 | 11/15/41 | 2824191 |
| 15400000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016 | 5.250 | 11/15/46 | 15488051 |
| 293890000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2 | 0.000 | 06/01/57 | 29278321 |
| 108560000 | 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 | 95826183 |
| 10500000 (f) | Columbus Regional Airport Authority, Ohio, Revenue Bonds, John Glenn Columbus International Airport, Series 2025A, (AMT), (UB) | 5.500 | 01/01/55 | 11028463 |
| 2125000 (d) | Columbus-Franklin County Finance Authority, Ohio, Revenue Bonds, Bridge Park G Block Project, Public Infrastructure Series 2022 | 5.000 | 12/01/45 | 2124802 |
| 5185000 (d) | Columbus-Franklin County Finance Authority, Ohio, Revenue Bonds, Bridge Park G Block Project, Public Infrastructure Series 2022 | 5.000 | 12/01/53 | 5029979 |
| 1500000 | Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds, Bridge Park D Block Project, Series 2019A-1 | 5.000 | 12/01/51 | 1466704 |
| 15950000 | County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2018A | 5.250 | 11/15/48 | 16048970 |
| 6275000 | Evans Farm New Communty Authority, Ohio, Community Development Charge Revenue Bonds, Evans Farm Mixed-Use Project, Series 2020 | 4.000 | 12/01/46 | 4958074 |
| 14500000 (f) | Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015, (UB) | 4.125 | 05/15/45 | 13798142 |
| 17540000 (f) | Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2018A, (UB) | 4.000 | 05/15/47 | 16015292 |
| 2000000 | Greater Cincinnati Port Development Authority, Ohio, Tax Increment Revenue Bonds, RBM Phase 3 Garage Project Series 2024 | 5.125 | 12/01/55 | 1930902 |
| 33880000 (f) | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, TriHealth, Inc. Obligated Group Project, Series 2017A, (UB) | 5.000 | 08/15/42 | 34262194 |
| 5265000 | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2020 | 5.000 | 09/15/50 | 5131147 |
| 2200000 (i) | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2025A | 5.500 | 08/01/51 | 2276761 |
| 2000000 | Hardin County, Ohio Economic Development Facility Revenue Bonds, Ohio Northern University, Refunding & Improvement Series 2020 | 5.500 | 05/01/50 | 1829203 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **87** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OHIO** (continued) |  |  |  |
| $2325000 (d) | Hilliard Hickory Chase Community Authority, Ohio, Infustructure Improvement Revenue Bonds, Hickory Chase Project, Senior Series 2019A | 5.000% | 12/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245342 |
| 2805000 | Jeffrey Place New Community Authority, Ohio, Jeffrey Place Redevelopment Bonds, Series 2007A | 5.000 | 12/01/32 | 2702622 |
| 5915000 | Jeffrey Place New Community Authority, Ohio, Jeffrey Place Redevelopment Bonds, Series 2014A | 6.250 | 12/01/33 | 5917248 |
| 4385000 (d) | Lorain County Port Authority, Ohio, Tax Increment Revenue Bonds, North Ridgeville- Riddell Public Improvement Project, Series 2017 | 5.750 | 12/01/41 | 4116774 |
| 41710000 (d) | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG Vanadium Project, Series 2019, (AMT) | 5.000 | 07/01/49 | 37927253 |
| 30400000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D | 3.375 | 08/01/29 | 29794423 |
| 2350000 (d) | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Pratt Paper Ohio, LLC Project, Series 2017, (AMT) | 4.500 | 01/15/48 | 2183676 |
| 2000000 (d) | Ohio Housing Finance Agency, Multifamily Housing Revenue Bonds, Silver Birch of Mansfield Project, Series 2024 | 6.000 | 01/01/45 | 1978001 |
| 3510000 (f) | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2023B, (UB) | 4.900 | 09/01/48 | 3501789 |
| 3980000 (f) | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2023B, (UB) | 4.950 | 09/01/54 | 3997095 |
| 4405000 (f) | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A, (UB) | 4.550 | 09/01/49 | 4367973 |
| 13810000 (f) | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A, (UB) | 4.650 | 09/01/54 | 13528316 |
| 6960000 (f) | Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Fixed Interest Rate Series 2020A, (UB) | 5.000 | 01/15/50 | 7027890 |
| 1000000 | Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC - Borrower, Portsmouth Bypass Project, Series 2015, (AMT) | 5.000 | 12/31/39 | 1001975 |
| 6530000 | Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC - Borrower, Portsmouth Bypass Project, Series 2015, (AMT) | 5.000 | 06/30/53 | 6532699 |
| 13345000 (f) | Port of Greater Cincinnati Development Authority, Ohio, Duke Energy Convention Center Project, TOT First Subordinate Development Revenue Bonds, Refunding Series 2024B, (UB) | 5.000 | 12/01/63 | 13525236 |
| 1000000 | Port of Greater Cincinnati Development Authority, Ohio, Duke Energy Convention Center Project, TOT Second Subordinate Development Revenue Bonds, Refunding Series 2024C - AGM Insured | 5.250 | 12/01/53 | 1043441 |
| 1000000 | Port of Greater Cincinnati Development Authority, Ohio, Duke Energy Convention Center Project, TOT Second Subordinate Development Revenue Bonds, Refunding Series 2024C - AGM Insured | 5.250 | 12/01/58 | 1041639 |
| 1300000 | Port of Greater Cincinnati Development Authority, Ohio, Duke Energy Convention Center Project, TOT Second Subordinate Development Revenue Bonds, Refunding Series 2024C - AGM Insured | 5.250 | 12/01/63 | 1354130 |
| 16735000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development TIF Revenue Bonds, RBM Development<br> - Phase 2B Project, Series 2018A | 6.000 | 12/01/50 | 16759927 |
| 13580000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, Senior Lien Series 2019A | 5.000 | 11/01/51 | 11162194 |
| 25585000 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015 | 6.000 | 03/01/45 | 25363872 |

---

88 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OHIO** (continued) |  |  |  |
| $22870000 | Washington County, Ohio, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group, Series 2022 | 6.750% | 12/01/52 | $24681480 |
|  | TOTAL OHIO |  |  | 481072374 |
|  | **OKLAHOMA - 0.5%** |  |  |  |
| 1500000 | Mannford Public Works Authority, Oklahoma, Revenue Bonds, Capital Improvement Series 2021 | 3.250 | 01/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007794 |
| 13235000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/52 | 13425037 |
| 8230000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/57 | 8336600 |
| 2910000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Taxable Series 2022 | 5.500 | 08/15/37 | 2993894 |
| 9650000 (f) | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A, (UB) | 5.500 | 01/01/54 | 10518999 |
| 10000000 (f) | Oklahoma Water Resources Board, Oklahoma, State Loan Program Revenue Bonds, Series 2023B, (UB) | 4.125 | 10/01/53 | 9213896 |
| 4665000 | Osage County Industrial Authority, Oklahoma, Sales and Use Tax Revenue Bonds, Refunding Series 2023 | 5.750 | 09/01/53 | 4608059 |
| 2828235 (e) | Payne County Economic Development Authority, Oklahoma, Revenue Bonds, Epworth Living at the Ranch, Series 2016A | 0.000 | 11/01/46 | 9757 |
| 4149188 (e) | Payne County Economic Development Authority, Oklahoma, Revenue Bonds, Epworth Living at the Ranch, Series 2016A | 7.000 | 11/01/51 | 14315 |
| 9525000 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Refunding Series 2000B, (AMT) | 5.500 | 06/01/35 | 9541459 |
| 2850000 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Refunding Series 2001A, (AMT) | 5.500 | 12/01/35 | 2854850 |
| 10705000 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Refunding Series 2001B, (AMT) | 5.500 | 12/01/35 | 10723217 |
|  | TOTAL OKLAHOMA |  |  | 73247877 |
|  | **OREGON - 0.3%** |  |  |  |
| 10000000 (f) | Medford Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Asante Health System, Refunding Series 2020A - AGM Insured, (UB) | 4.000 | 08/15/45 | 9019297 |
| 815000 (d) | Oregon Facilities Authority, Revenue Bonds, Howard Street Charter School Project, Series 2019A | 5.250 | 06/15/55 | 747584 |
| 670000 (d) | Oregon Facilities Authority, Revenue Bonds, Metro East Web Academy Project, Series 2019A | 5.000 | 06/15/39 | 645419 |
| 1810000 (d) | Oregon Facilities Authority, Revenue Bonds, Metro East Web Academy Project, Series 2019A | 5.000 | 06/15/49 | 1659532 |
| 550000 (d) | Oregon Facilities Authority, Revenue Bonds, Redmond Proficiency Academy Project, Series 2015A | 5.500 | 06/15/35 | 529858 |
| 1650000 (d) | Oregon Facilities Authority, Revenue Bonds, Redmond Proficiency Academy Project, Series 2015A | 5.750 | 06/15/46 | 1560543 |
| 4000000 | Oregon Facilities Authority, Revenue Bonds, Redmond Proficiency Academy Project, Series 2016A | 5.250 | 06/15/51 | 3657382 |
| 2410000 (d) | Oregon State Facilities Authority, Oregon, Charter School Revenue Bonds, Academy for Character Education, Series 2022A | 7.000 | 06/15/52 | 2465301 |
| 275000 (d) | Oregon State Facilities Authority, Oregon, Charter School Revenue Bonds, Academy for Character Education, Series 2022B | 9.000 | 06/15/29 | 278451 |
| 3125000 | Polk County Hospital Facility Authority, Oregon, Revenue Bonds, Dallas Retirement Village Project, Series 2015A | 5.375 | 07/01/45 | 3124475 |
| 9150000 (d) | Port of Morrow, Morrow County Oregon, Full Faith and Credit Obligations, Series 2024A | 5.150 | 10/01/26 | 9157996 |
| 2480000 | Port of Saint Helens, Oregon, Pollution Control Revenue Bonds, Boise Cascade Project, Series 1997 | 5.650 | 12/01/27 | 2482850 |
|  | TOTAL OREGON |  |  | 35328688 |

---

See Notes to Financial Statements 89

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PENNSYLVANIA - 2.5%** |  |  |  |
| $12905000 | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, (AMT) | 5.750% | 08/01/42 | $12916129 |
| 5300000 (f) | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2021A, (AMT), (UB) | 5.000 | 01/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317644 |
| 11000000 | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2021A - AGM Insured, (AMT) | 4.000 | 01/01/56 | 9489410 |
| 5000000 (f) | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2021A, (AMT), (UB) | 5.000 | 01/01/56 | 5003295 |
| 2790000 | Allegheny County Industrial Development Authority, Pennsylvania, , Charter School Revenue Bonds, Propel Charter School-Sunrise, Series 2013 | 6.000 | 07/15/38 | 2792962 |
| 4000000 (d) | Allentown Commercial and Industrial Development Authority, Pennsylvania, Revenue Bonds, Arts Academy Charter Middle School Foundation Project, Series 2022A | 5.000 | 06/15/57 | 3490956 |
| 5420000 (d) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront Project, Senior Series 2021 | 6.000 | 05/01/42 | 5624732 |
| 2100000 (d) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Project, Series 2018 | 5.000 | 05/01/42 | 2072570 |
| 2500000 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Waterfront-30 E Allen Street Project, Subordinate Series 2024B | 6.000 | 05/01/42 | 2569368 |
| 9200000 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B | 3.750 | 10/01/47 | 7658123 |
| 1279000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-2 | 6.000 | 06/30/34 | 1379251 |
| 17147000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-3 | 5.000 | 06/30/39 | 16618992 |
| 8569000 (g) | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024B-1 | 0.000 | 06/30/44 | 6328514 |
| 2685000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024A-1 | 8.000 | 06/30/34 | 2748459 |
| 12565000 (g) | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024B-2 | 0.000 | 06/30/44 | 7188463 |
| 8160000 | Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2021B - BAM Insured | 3.000 | 12/01/44 | 6646880 |
| 6305000 (f) | Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2021B - BAM Insured, (UB) | 4.000 | 12/01/51 | 5867181 |
| 705000 | Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Simpson Senior Services Project, Series 2015A | 5.000 | 12/01/30 | 653107 |
| 680000 | Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Simpson Senior Services Project, Series 2015A | 5.000 | 12/01/35 | 598746 |
| 1400000 | Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Simpson Senior Services Project, Series 2015A | 5.250 | 12/01/45 | 1129086 |
| 3000000 | Chester County Industrial Development Authority, Pennsylvania, Revenue Bonds, Collegium Charter School Project, Series 2017A | 5.250 | 10/15/47 | 2877596 |
| 1000000 (d) | Chester County Industrial Development Authority, Pennsylvania, Revenue Bonds, Collegium Charter School Project, Series 2022 | 6.000 | 10/15/52 | 1023882 |
| 371000 (d) | Chester County Industrial Development Authority, Pennsylvania, Special Obligation Bonds, Woodlands at Greystone Project, Series 2018 | 5.000 | 03/01/38 | 362847 |
| 1068000 (d) | Chester County Industrial Development Authority, Pennsylvania, Special Obligation Bonds, Woodlands at Greystone Project, Series 2018 | 5.125 | 03/01/48 | 1004616 |

---

90 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **PENNSYLVANIA** (continued) |  |  |  |
| $1595000 |  | Clarion County Industrial Development Authority, Pennsylvania, Revenue Bonds, Clarion University Foundation Inc. Student Housing Project at Clarion University, Series 2014A | 5.000% | 07/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598800 |
| 3000000 | (d) | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2020 | 6.250 | 10/15/53 | 2267732 |
| 3000000 | (f) | Dubois Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Penn Highlands Healthcare, Series 2018, (UB) | 4.000 | 07/15/43 | 2551455 |
| 8455000 | (f) | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2014A, (UB) | 4.000 | 06/01/41 | 7880987 |
| 5000000 |  | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2017A-1 | 5.000 | 02/15/45 | 5023296 |
| 11575000 | (d) | Lehigh County Industrial Development Authority, Pennsylvania, Revenue Bonds, Provident Group - Lehigh Valley International Airport Hotel Project First Tier Series 2025A-2 | 5.750 | 01/01/65 | 11179665 |
| 1075000 | (d) | Lehigh County Industrial Development Authority, Pennsylvania, Revenue Bonds, Provident Group - Lehigh Valley International Airport Hotel Project Second Tier Series 2025C | 6.750 | 01/01/65 | 1041021 |
| 1600000 | (d) | Lehigh County Industrial Development Authority, Pennsylvania, Revenue Bonds, Provident Group - Lehigh Valley International Airport Hotel Project Taxable First Tier Series 2025A-1 | 8.000 | 01/01/44 | 1586573 |
| 6340000 | (d) | Lehigh County Industrial Development Authority, Pennsylvania, Revenue Bonds, Provident Group - Lehigh Valley International Airport Hotel Project Third Tier Series 2025C | 8.500 | 01/01/67 | 6165837 |
| 5000000 | (f) | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2018A, (UB) | 5.000 | 09/01/48 | 5052544 |
| 8405000 |  | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2022B - AGM Insured | 4.000 | 05/01/52 | 7652691 |
| 1000000 |  | Montgomery County Redevelopment Authority, Pennsylvania, Special Obligation Revenue Bonds, River Pointe Project Series 2023 | 6.500 | 09/01/43 | 1009061 |
| 1071352 | (e) | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2 | 2.200 | 06/30/27 | 471395 |
| 590116 | (e) | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, (cash 5.000%, PIK 5.000%) | 0.900 | 06/30/27 | 106221 |
| 30690000 | (c),(d),(e) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1 | 10.000 | 12/01/40 | 3069 |
| 30690000 | (c),(d),(e) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, (AMT) | 10.000 | 12/01/40 | 3069 |
| 29220000 | (c),(e) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A | 10.000 | 12/01/31 | 2922 |
| 17565000 | (c),(d),(e) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Taxable Series 2020B-2 | 10.000 | 12/01/29 | 1757 |
| 1700000 |  | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, PPL Energy Supply, LLC Project, Refunding Series 2009B, (Mandatory Put 6/01/27) | 5.250 | 12/01/38 | 1713059 |
| 3250000 |  | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, PPL Energy Supply, LLC Project, Refunding Series 2009C, (Mandatory Put 6/01/27) | 5.250 | 12/01/37 | 3276457 |
| 3925000 |  | Pennsylvania Economic Development Financing Authority, Pennsylvania, Private Activity Revenue Bonds, The PennDOT Major Bridges Package One Project, Series 2022, (AMT) | 5.250 | 06/30/53 | 3993990 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **91** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PENNSYLVANIA** (continued) |  |  |  |
| $12885000 (f) | Pennsylvania Economic Development Financing Authority, Pennsylvania, Private Activity Revenue Bonds, The PennDOT Major Bridges Package One Project, Series 2022 - AGM Insured, (AMT), (UB) | 5.000% | 12/31/57 | $13069917 |
| 4900000 (d) | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Core Natural Resources Inc., Project, Series 2025, (AMT), (Mandatory Put 3/27/35) | 5.450 | 01/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015230 |
| 5000000 (d) | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Covanta Project, Green Series 2019A, (AMT) | 3.250 | 08/01/39 | 4042712 |
| 2765000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, Series 2012 | 5.000 | 05/01/42 | 2060860 |
| 10000000 (f) | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2024B-2, (UB) | 4.375 | 11/01/54 | 9211604 |
| 15000000 (f) | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Trustees, Series 2025A, (UB) | 4.250 | 02/15/55 | 14353301 |
| 5000000 (f) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2023-142A, (UB) | 5.000 | 10/01/43 | 5148569 |
| 17335000 (f) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2023-142A, (UB) | 5.000 | 10/01/50 | 17479421 |
| 25000000 (f) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-144A, (UB) | 4.600 | 10/01/49 | 24587285 |
| 6440000 (f) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-144A, (UB) | 4.650 | 10/01/51 | 6338269 |
| 8475000 (f) | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2023A, (UB) | 5.000 | 12/01/53 | 8809969 |
| 75000 | Philadelphia Authority for Industrial Development Senior Living Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A | 5.000 | 07/01/42 | 72836 |
| 5195000 | Philadelphia Authority for Industrial Development Senior Living Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A | 5.000 | 07/01/49 | 4807345 |
| 702000 | Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown - Morrisville Project, Series 2005A | 5.625 | 07/01/35 | 716799 |
| 11855000 (d) | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana Bracetti Academy Project, Series 2020A | 5.375 | 06/15/50 | 11061433 |
| 910000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006 | 6.250 | 05/01/33 | 910237 |
| 315000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Southwest Leadership Academy, Series 2017 | 6.470 | 11/01/37 | 287886 |
| 4785000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Southwest Leadership Academy, Series 2017 | 6.600 | 11/01/47 | 4111733 |
| 10000000 (f) | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2023B - AGM Insured, (UB) | 5.500 | 09/01/53 | 10745930 |
| 875000 | Quakertown General Authority Health Facilities Revenue USDA Loan Anticipation Notes and Revenue Bonds for LifeQuest Obligated Group, Pennsylvania, Series 2017C | 5.300 | 07/01/42 | 782334 |
| 32385000 (f) | Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, Series 2019A, (UB) | 4.000 | 06/01/49 | 28156827 |
| 7200000 (d) | Southcentral Pennsylvania General Authority, Revenue Bonds, York Academy Regional Charter School Project, Series 2018A | 6.000 | 07/15/38 | 7354233 |
|  | TOTAL PENNSYLVANIA |  |  | 353069140 |
|  | **PUERTO RICO - 7.6%** |  |  |  |
| 79000000 | Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset- Backed Bonds, Series 2005A | 0.000 | 05/15/50 | 14941104 |
| 40000000 | Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset- Backed Bonds, Series 2008A | 0.000 | 05/15/57 | 2507660 |
| 736363 | PRHTA SR LIEN SER N (2039) CUSTODIAL TR Puerto Rico<br> Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N | 2.993 | 12/06/49 | 379566 |

---

92 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PUERTO RICO** (continued) |  |  |  |
| $4900000 (d) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Forward Delivery Series 2022A | 4.000% | 07/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440321 |
| 5965000 (d) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Forward Delivery Series 2022A | 4.000 | 07/01/47 | 5231645 |
| 24780000 (d) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/47 | 24784530 |
| 17165000 (d) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021A | 4.000 | 07/01/42 | 15724764 |
| 21525000 (d) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 4.000 | 07/01/42 | 19341866 |
| 39855000 (d) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 4.000 | 07/01/47 | 35004220 |
| 102725000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Federally Taxable Build America Bonds, Series 2010YY | 6.125 | 07/01/40 | 41696381 |
| 1465000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding National Series 2007VV | 5.500 | 01/01/26 | 598396 |
| 30000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2010DDD | 5.000 | 01/01/26 | 12691 |
| 4505000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2010DDD | 5.000 | 01/01/26 | 1852493 |
| 2000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A | 3.957 | 07/01/42 | 975 |
| 3000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A | 3.961 | 07/01/42 | 1463 |
| 5845000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN | 5.500 | 01/01/26 | 2397612 |
| 5165000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT | 5.000 | 01/01/26 | 2125061 |
| 250000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT | 5.000 | 01/01/26 | 107811 |
| 7260000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT | 5.000 | 01/01/26 | 2981307 |
| 2040000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT | 5.000 | 01/01/26 | 864927 |
| 15000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 01/01/26 | 6764 |
| 11270000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 01/01/26 | 4908095 |
| 630000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/27 | 262107 |
| 8900000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/28 | 3741007 |
| 3000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/28 | 1463 |
| 2735000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/29 | 1153008 |
| 5770000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/30 | 2601686 |
| 4475000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/31 | 1843145 |
| 3000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/31 | 1462 |
| 1510000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC | 4.250 | 01/01/26 | 636946 |
| 185000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC | 5.000 | 01/01/26 | 76401 |
| 280000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC | 5.000 | 01/01/26 | 115148 |
| 4840000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC | 5.250 | 07/01/26 | 2077702 |
| 23345000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC | 5.250 | 07/01/27 | 10228465 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **93** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PUERTO RICO** (continued) |  |  |  |
| $1000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC | 3.645% | 07/01/28 | $488 |
| 6200000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC | 5.250 | 07/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595609 |
| 400000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX | 5.250 | 07/01/27 | 171000 |
| 5525000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX | 5.750 | 07/01/36 | 2470764 |
| 205000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.000 | 07/01/24 | 84288 |
| 10510000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.250 | 07/01/24 | 4267994 |
| 21705000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.250 | 07/01/25 | 8959804 |
| 60000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 4.250 | 01/01/26 | 26865 |
| 135000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.000 | 01/01/26 | 55494 |
| 475000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.000 | 01/01/26 | 195024 |
| 125000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.000 | 01/01/26 | 51383 |
| 1150000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.250 | 01/01/26 | 475046 |
| 590000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.250 | 01/01/26 | 243477 |
| 5690000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.250 | 01/01/26 | 2531027 |
| 6535000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.250 | 01/01/26 | 2781963 |
| 250000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.000 | 07/01/26 | 105105 |
| 25760000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.250 | 07/01/26 | 10947725 |
| 255000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.000 | 07/01/28 | 107647 |
| 13080000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A | 5.050 | 01/01/26 | 5427950 |
| 2840000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A | 4.800 | 07/01/29 | 1191660 |
| 17685000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A | 5.000 | 07/01/29 | 7778437 |
| 3000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A | 4.102 | 07/01/36 | 1463 |
| 1000000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2016D-4-RSA-1 | 7.500 | 01/01/26 | 375055 |
| 14585000 (e) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Taxable Series 2010BBB | 5.400 | 07/01/28 | 5952757 |
| 1065000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/24 | 449318 |
| 910000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/25 | 384596 |
| 90000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/26 | 41498 |
| 2290000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/27 | 949877 |
| 21440000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/32 | 9122804 |
| 43235000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/37 | 18324758 |
| 105000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.500 | 01/01/24 | 42335 |

---

94 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PUERTO RICO** (continued) |  |  |  |
| $1865000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.250% | 07/01/25 | $770946 |
| 2915000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.375 | 01/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279764 |
| 4245000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.375 | 01/01/26 | 1830145 |
| 550000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.375 | 01/01/26 | 226752 |
| 2895000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.500 | 01/01/26 | 1172464 |
| 3735000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.000 | 07/01/28 | 1564953 |
| 16605000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.250 | 07/01/33 | 6974951 |
| 30910000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.500 | 07/01/38 | 12724461 |
| 3420000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010AAA | 5.250 | 01/01/26 | 1413955 |
| 2800000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010AAA | 5.250 | 07/01/26 | 1233104 |
| 3225000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010CCC | 5.000 | 07/01/24 | 1327560 |
| 2000000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010CCC | 4.625 | 07/01/25 | 835638 |
| 890000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010CCC | 5.000 | 07/01/25 | 380028 |
| 30000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010CCC | 4.750 | 07/01/26 | 12505 |
| 365000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010CCC | 5.000 | 07/01/27 | 154661 |
| 2220000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010CCC | 5.000 | 07/01/28 | 991710 |
| 1960000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010XX | 4.625 | 07/01/25 | 817547 |
| 215000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010XX | 4.750 | 07/01/26 | 90036 |
| 3060000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010XX | 5.250 | 07/01/26 | 1345191 |
| 405000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010XX | 4.875 | 07/01/27 | 170947 |
| 6460000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010XX | 5.250 | 07/01/35 | 2691509 |
| 83005000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010XX | 5.250 | 07/01/40 | 35161413 |
| 1620000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010ZZ | 5.250 | 01/01/26 | 659271 |
| 235000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 7.250 | 07/01/30 | 105096 |
| 9220000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 7.000 | 07/01/33 | 3632329 |
| 18645000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 6.750 | 07/01/36 | 7592649 |
| 5820000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 7.000 | 07/01/40 | 2329657 |
| 53395000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 5.000 | 07/01/42 | 22365469 |
| 19715000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 7.000 | 07/01/43 | 7957604 |
| 5400000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Taxable Series 2010EEE | 5.950 | 07/01/30 | 2223606 |
| 75300000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Taxable Series 2010EEE | 6.050 | 07/01/32 | 30415888 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **95** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PUERTO RICO** (continued) |  |  |  |
| $34730000 (e) | Puerto Rico Electric Power Authority, Revenue Bonds, Taxable Series 2010EEE | 6.250% | 07/01/40 | $13910338 |
| 2592109 | Puerto Rico Highway and Transportation Authority Highway Revenue Bonds Series 2022 | 5.250 | 07/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592746 |
| 266212091 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/46 | 87340008 |
| 241918000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/51 | 58739166 |
| 115002000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 5.000 | 07/01/58 | 113430417 |
| 50220000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Cofina Project Series 2018B-1 | 0.000 | 07/01/51 | 12215412 |
| 3500000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.329 | 07/01/40 | 3414107 |
| 4353000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.536 | 07/01/53 | 4082655 |
| 47566000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.784 | 07/01/58 | 45349401 |
| 19155751 | Puerto Rico, General Obligation Bonds, Clawback Highway Transportation Authority Claims Taxable Series 2022 | 0.000 | 11/01/51 | 11924455 |
| 734 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.375 | 07/01/25 | 737 |
| 2808828 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.750 | 07/01/31 | 3088172 |
| 37000228 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 0.000 | 07/01/33 | 25398107 |
| 21416000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/37 | 20265515 |
| 18421000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/41 | 16866721 |
| 93721195 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/46 | 81823880 |
| 183973960 | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022 | 0.000 | 11/01/43 | 115443660 |
| 13162765 | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022 | 1.000 | 11/01/51 | 7084858 |
| 7050000 | University of Puerto Rico, University System Revenue Bonds, Refunding Series 2006P | 5.000 | 06/01/25 | 7045604 |
| 2105000 | University of Puerto Rico, University System Revenue Bonds, Refunding Series 2006P | 5.000 | 06/01/26 | 2093747 |
| 8875000 | University of Puerto Rico, University System Revenue Bonds, Refunding Series 2006P | 5.000 | 06/01/30 | 8601173 |
| 1355000 | University of Puerto Rico, University System Revenue Bonds, Series 2006Q | 5.000 | 06/01/25 | 1354155 |
| 3345000 | University of Puerto Rico, University System Revenue Bonds, Series 2006Q | 5.000 | 06/01/26 | 3327118 |
| 7203000 | University of Puerto Rico, University System Revenue Bonds, Series 2006Q | 5.000 | 06/01/30 | 6980761 |
| 4882000 | University of Puerto Rico, University System Revenue Bonds, Series 2006Q | 5.000 | 06/01/36 | 4653345 |
|  | TOTAL PUERTO RICO |  |  | 1096239470 |
|  | **RHODE ISLAND - 0.2%** |  |  |  |
| 178805000 | Rhode Island Tobacco Settlement Financing Corporation,<br> Tobacco Settlement Asset-Backed Bonds, Series 2007A | 0.000 | 06/01/52 | 30869610 |
|  | TOTAL RHODE ISLAND |  |  | 30869610 |
|  | **SOUTH CAROLINA - 1.2%** |  |  |  |
| 320000 (d) | Hardeeville, South Carolina, Special Assessment Revenue Bonds, East Argent Improvement District, Series 2021 | 3.875 | 05/01/41 | 233974 |
| 280000 (d) | Hardeeville, South Carolina, Special Assessment Revenue Bonds, East Argent Improvement District, Series 2021 | 4.000 | 05/01/52 | 183774 |
| 2735000 (d) | Lancaster County, South Carolina, Assessment Revenue Bonds, Walnut Creek Improvement District, Series 2016A-2 | 5.750 | 12/01/46 | 2454782 |

---

96 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SOUTH CAROLINA** (continued) |  |  |  |
| $8075000 | Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Capital Appreciation Series 2007-A&B | 0.000% | 11/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007233 |
| 25720000 | Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Capital Appreciation Series 2007-A&B | 0.000 | 11/01/39 | 7586042 |
| 19375000 (f) | Patriots Energy Group Financing Agency, South Carolina, Gas Supply Revenue Bonds, Series 2023B-1, (Mandatory Put 3/01/31), (UB) | 5.250 | 02/01/54 | 20729530 |
| 1870000 (d) | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Midland Valley Preparatory School Project, Series 2014 | 7.750 | 11/15/45 | 1940795 |
| 4000000 (d) | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Palmetto Scholars Academy Project, Series 2015A | 5.250 | 08/15/46 | 3728370 |
| 20980000 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Patriots Place Apartments Project, Series 2022A-1 | 5.750 | 06/01/52 | 15371880 |
| 1000000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Columbia College, Refunding Series 2020A | 5.750 | 10/01/45 | 943483 |
| 5870000 (d) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, High Point Academy Project, Series 2018A | 5.750 | 06/15/49 | 5354183 |
| 5775000 (d) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Horse Creek Academy Project, Series 2021A | 5.000 | 11/15/55 | 5188346 |
| 1905000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Riverwalk Academy Project Series 2023A | 7.125 | 06/15/53 | 1965453 |
| 1830000 (d) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Virtus Academy Project, Series 2021A | 5.000 | 06/15/51 | 1479647 |
| 905000 (d) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Virtus Academy Project, Series 2021A | 5.000 | 06/15/56 | 715912 |
| 1585000 (d) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Virtus Academy Project, Series 2023A | 7.000 | 06/15/53 | 1620243 |
| 1020000 (d) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Virtus Academy Project, Series 2023A | 7.125 | 06/15/58 | 1046500 |
| 750000 | South Carolina Jobs-Economic Development Authority, Health Facilities Revenue Bonds, Lutheran Homes of South Carolina Inc., Series 2013 | 5.000 | 05/01/43 | 640704 |
| 1255000 | South Carolina Jobs-Economic Development Authority, Health Facilities Revenue Bonds, Lutheran Homes of South Carolina Inc., Series 2013 | 5.125 | 05/01/48 | 1060624 |
| 1500000 | South Carolina Jobs-Economic Development Authority, Healthcare Revenue Bonds, Beaufort Memorial Hospital & South of Broad Healthcare Project, Series 2024 | 5.750 | 11/15/54 | 1563398 |
| 10000000 (f) | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, AnMed Health Project, Series 2023, (UB) | 5.250 | 02/01/53 | 10489532 |
| 15525000 (f) | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016B, (UB) | 5.000 | 12/01/56 | 15574348 |
| 16000000 (f) | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022A, (UB) | 4.000 | 12/01/47 | 14561224 |
| 13020000 (f) | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022A - BAM Insured, (UB) | 4.000 | 12/01/52 | 11690685 |
| 23265000 (f) | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022B - BAM Insured, (UB) | 4.000 | 12/01/55 | 20669524 |
| 20000000 (f) | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2024B - AGM Insured, (UB) | 0.000 | 12/01/54 | 20671634 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **97** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SOUTH CAROLINA** (continued) |  |  |  |
| $7055000 | Walnut Creek Improvement District, Lancaster County, South Carolina, Assessment Revenue Bonds, Series 2016A-2 | 5.750% | 12/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6571858 |
| 2775000 | Walnut Creek Improvement District, Lancaster County, South<br> Carolina, Assessment Revenue Bonds, Series 2016A-3 | 5.330 | 12/01/41 | 2589057 |
|  | TOTAL SOUTH CAROLINA |  |  | 178632735 |
|  | **SOUTH DAKOTA - 0.1%** |  |  |  |
| 6400000 (d) | Lower Brule Sioux Tribe, South Dakota, Tribal Purpose Refunding Bonds, Series 2014C | 6.000 | 03/01/32 | 5169127 |
| 5630000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument Health, Inc., Series 2020A | 4.000 | 09/01/50 | 5226146 |
|  | TOTAL SOUTH DAKOTA |  |  | 10395273 |
|  | **TENNESSEE - 1.6%** |  |  |  |
| 815000 (d) | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Capital Appreciation Series 2016B | 0.000 | 12/01/25 | 789416 |
| 845000 (d) | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Capital Appreciation Series 2016B | 0.000 | 12/01/26 | 778385 |
| 1665000 (d) | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Capital Appreciation Series 2016B | 0.000 | 12/01/31 | 1160224 |
| 5550000 (d) | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Series 2016A | 5.000 | 12/01/35 | 5345220 |
| 2550000 (d) | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Series 2016A | 5.125 | 12/01/42 | 2423259 |
| 50500000 (f) | Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Ballad Health, Series 2018A, (UB) | 4.000 | 07/01/40 | 47343210 |
| 2000000 (f) | Knox County Health, Educational, and Housing Facilities Board, Revenue Bonds, Provident Group - UTK Properties LLC -<br> University of Tennessee Project, Student Housing Series 2024A-1 - BAM Insured, (UB) | 5.500 | 07/01/59 | 2101921 |
| 4000000 (f) | Knox County Health, Educational, and Housing Facilities Board, Revenue Bonds, Provident Group - UTK Properties LLC -<br> University of Tennessee Project, Student Housing Series 2024A-1 - BAM Insured, (UB) | 5.000 | 07/01/64 | 4019802 |
| 4485000 (e) | Memphis Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Serenity Towers Apartments, Series 2014A | 5.875 | 03/01/44 | 2287350 |
| 4405000 (e) | Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A | 5.500 | 07/01/37 | 3270904 |
| 5150000 (e) | Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A | 5.625 | 01/01/46 | 3434113 |
| 13075000 (f) | Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured, (UB) | 5.250 | 07/01/48 | 13934136 |
| 8565000 (f) | Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured, (UB) | 5.250 | 07/01/53 | 9029435 |
| 11300000 (f) | Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured, (UB) | 5.250 | 07/01/56 | 11868956 |
| 8250000 (f) | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University, Series 2023, (UB) | 5.250 | 05/01/53 | 8617459 |
| 5000000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding & Improvement Series 2016A | 5.000 | 10/01/45 | 5002903 |
| 3975000 (d) | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Rocketship Education Project, Series 2017E | 5.250 | 06/01/47 | 3832144 |

---

98 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **TENNESSEE** (continued) |  |  |  |
| $3250000 | (d) | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Rocketship Education Project, Series 2017E | 5.375% | 06/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125555 |
| 8415000 | (f) | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, (UB) | 5.000 | 07/01/46 | 8412763 |
| 8500000 | (f) | Metropolitan Nashville Airport Authority, Tennessee, Airport Improvement Revenue Bonds, Series 2022B, (AMT), (UB) | 5.250 | 07/01/47 | 8757717 |
| 4000000 | (f) | Metropolitan Nashville Airport Authority, Tennessee, Airport Improvement Revenue Bonds, Series 2022B, (AMT), (UB) | 5.000 | 07/01/52 | 4033663 |
| 8625000 |  | Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Subordinate Series 2019B, (AMT) | 5.000 | 07/01/54 | 8645796 |
| 1450000 | (d) | Shelby County Health, Educational and Housing Facility Board, Tennessee, Fixed Rate Revenue Bonds, Trezevant Manor, Refunding Series 2013A | 5.375 | 09/01/41 | 1274788 |
| 1710000 | (d) | Shelby County Health, Educational, Housing, and Facility Board, Tennessee, Student Housing Revenue Bonds, Madrone Memphis Student Housing, I LLC - University of Memphis Project Series 2024A-1 | 5.250 | 06/01/56 | 1708535 |
| 5000000 |  | Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2023-3A | 5.350 | 07/01/48 | 5063689 |
| 1500000 | (f) | Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2024-1A, (UB) | 4.700 | 07/01/49 | 1486793 |
| 1155000 | (f) | Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2024-1A, (UB) | 4.800 | 07/01/54 | 1156734 |
| 7400000 | (f) | Tennessee Housing Development Agency, Residential Finance Program Bonds, Tender Option Bond Trust Series 2023-XL0448, (UB) | 4.550 | 07/01/48 | 7191638 |
| 4000000 | (f) | Tennessee Housing Development Agency, Residential Finance Program Bonds, Tender Option Bond Trust Series 2023-XL0448, (UB) | 4.700 | 07/01/53 | 3948323 |
| 43500000 |  | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B | 5.625 | 09/01/26 | 44662585 |
| 11415000 | (d),(e) | Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue Bonds, Rutland Place Inc. Project, Series 2015A | 4.400 | 01/01/46 | 9702750 |
|  |  | TOTAL TENNESSEE |  |  | 234410166 |
|  |  | **TEXAS - 9.7%** |  |  |  |
| 7750000 | (f) | Allen Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2025, (UB) | 4.375 | 02/15/50 | 7561095 |
| 4000000 | (d) | Anna, Texas, Special Assessment Revenue Bonds, Hurricane Creek Public Improvement District Area 1 Project, Series 2019 | 6.500 | 09/01/48 | 4101750 |
| 1500000 | (d) | Anna, Texas, Special Assessment Revenue Bonds, Hurricane Creek Public Improvement District Area 2 Project, Series 2022 | 6.000 | 09/01/52 | 1509254 |
| 3000000 | (d) | Anna, Texas, Special Assessment Revenue Bonds, Hurricane Creek Public Improvement District Major Improvement Area Project, Series 2019 | 6.750 | 09/01/48 | 3089871 |
| 1000000 | (d) | Anna, Texas, Special Assessment Revenue Bonds, Meadow Vista Public Improvement District Area 1 Project, Series 2024 | 5.750 | 09/15/54 | 972329 |
| 200000 | (d) | Anna, Texas, Special Assessment Revenue Bonds, Sherley Tract Public Improvement District 2 Major Improvement Area Project, Series 2021 | 4.500 | 09/15/31 | 189732 |
| 525000 | (d) | Anna, Texas, Special Assessment Revenue Bonds, Sherley Tract Public Improvement District 2 Major Improvement Area Project, Series 2021 | 5.000 | 09/15/51 | 488636 |
| 1191000 | (d) | Anna, Texas, Special Assessment Revenue Bonds, The Woods and Lindsey Place Public Improvement District Area 1 Project, Series 2023 | 5.875 | 09/15/53 | 1218939 |
| 2250000 |  | Anson Education Facilities Corporation, Texas, Education Revenue Bonds, Arlington Classics Academy, Series 2016A | 5.000 | 08/15/45 | 2177440 |
| 750000 |  | Argyle, Texas, Special Assessment Revenue Bonds, Highlands of Argyle Public Improvement District 1 Project, Series 2017 | 5.000 | 09/01/37 | 750740 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **99** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **TEXAS** (continued) |  |  |  |
| $2100000 | (d) | Argyle, Texas, Special Assessment Revenue Bonds, Waterbrook of Argyle Public Improvement District Project, Series 2018 | 5.125% | 09/01/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100267 |
| 3905000 | (d) | Argyle, Texas, Special Assessment Revenue Bonds, Waterbrook of Argyle Public Improvement District Project, Series 2018 | 5.250 | 09/01/47 | 3865497 |
| 5800000 | (d) | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Magellan International School, Series 2022 | 6.375 | 06/01/62 | 5943188 |
| 1000000 | (d) | ate, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg Public Improvement District 1 Phase 3B, Series 2023 | 5.125 | 08/15/43 | 963000 |
| 1000000 | (d) | ate, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg Public Improvement District 1 Phase 3B, Series 2023 | 5.375 | 08/15/53 | 976810 |
| 1750000 | (d) | Aubrey Public Improvement District 1, Denton County, Texas, Special Assessment Revenue Bonds, Series 2023 | 6.000 | 09/01/53 | 1761162 |
| 1500000 | (d) | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Duck Point Public Improvement District, Series 2025 | 5.625 | 12/31/55 | 1446751 |
| 1000000 | (d) | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phase 3B Project, Series 2022 | 6.000 | 09/01/45 | 1044370 |
| 3800000 | (d) | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Winn Ridge South Public Improvement District Project, Series 2017 | 6.200 | 09/01/47 | 3875770 |
| 8415000 | (f) | Austin Community College District, Texas, General Obligation Bonds, Limited Tax Series 2023, (UB) | 5.250 | 08/01/53 | 8894753 |
| 5000000 |  | Austin, Texas, Airport System Revenue Bonds, Series 2022, (AMT) | 5.250 | 11/15/47 | 5154967 |
| 20000000 | (f) | Austin, Texas, Electric Utility System Revenue Bonds, Refunding & Improvement Series 2023, (UB) | 5.250 | 11/15/53 | 21189210 |
| 3825000 |  | Austin, Travis, Williamson and Hays Counties, Texas, Special Assessment Revenue Bonds, Estancia Hill Country Public Improvement District, Series 2013 | 6.000 | 11/01/28 | 3826984 |
| 1500000 | (d) | Austin, Travis, Williamson and Hays Counties, Texas, Special Assessment Revenue Bonds, Whisper Valley Public Improvement District Improvement Area 2, Series 2022 | 5.500 | 11/01/51 | 1512680 |
| 1200000 | (d),(i) | Bastrop, Texas, Special Assessment Revenue Bonds, Valverde Public Improvement District Improvement Area 1, Series 2025 | 5.625 | 09/01/55 | 1202282 |
| 3000000 | (d) | Bee Cave, Travis County, Texas, Special Assessment Revenue Bonds, Backyard Public Improvement District Project, Series 2021 | 5.250 | 09/01/51 | 2828765 |
| 12175000 | (f) | Bexar County Hospital District, Texas, Certificates of Obligation, Series 2022, (UB) | 4.250 | 02/15/52 | 11310563 |
| 24500000 | (f) | Bexar County Hospital District, Texas, Certificates of Obligation, Series 2023, (UB) | 4.250 | 02/15/53 | 22859519 |
| 5870000 |  | Bonham Independent School District, Fannin County, Texas, General Obligation Bonds, School Building Series 2023 | 4.000 | 02/15/49 | 5494616 |
| 1410000 | (d) | Boyd Public Improvement District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project Series 2024 | 5.500 | 09/15/53 | 1410061 |
| 2250000 | (d) | Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Improvement Area 1 Project, Series 2025 | 6.000 | 09/01/55 | 2190070 |
| 3750000 | (d) | Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Major Improvement Area Project, Series 2025 | 6.750 | 09/01/55 | 3657552 |
| 1635000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Cambridge Crossing Public Improvement District Phase 1 Project, Series 2018 | 5.125 | 09/01/38 | 1635208 |
| 4135000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Cambridge Crossing Public Improvement District Phase 1 Project, Series 2018 | 5.250 | 09/01/47 | 4103862 |
| 4230000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Cambridge Crossing Public Improvement District Phases 2-7 Major Improvement Project, Series 2018 | 5.500 | 09/01/38 | 4279673 |
| 7480000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Cambridge Crossing Public Improvement District Phases 2-7 Major Improvement Project, Series 2018 | 5.625 | 09/01/48 | 7541538 |

---

100 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **TEXAS** (continued) |  |  |  |
| $1000000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Chalk Hill Public Improvement District 2 Phase 2 & 3 Direct Improvement Project, Series 2023 | 6.000% | 09/01/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000565 |
| 5520000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Columns Public Improvement District Project, Series 2018 | 6.250 | 09/01/48 | 5620144 |
| 5000000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Creeks of Legacy Public Improvement District Phase 2 Project, Series 2018 | 5.625 | 09/01/48 | 4972921 |
| 2500000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Cross Creek Meadows Public Improvement District, Improvement Area 1 District Series 2023 | 5.500 | 09/01/53 | 2420316 |
| 350000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Edgewood Creek Public Improvement District Phase 2-3 Major Improvement Project, Series 2021 | 5.250 | 09/01/41 | 351005 |
| 640000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Edgewood Creek Public Improvement District Phase 2-3 Major Improvement Project, Series 2021 | 5.500 | 09/01/50 | 625954 |
| 995000 |  | Celina, Texas, Special Assessment Revenue Bonds, Glen Crossing Public Improvement District Phase 1 Project, Series 2016 | 5.250 | 09/01/46 | 972479 |
| 325000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Glen Crossing Public Improvement District Phase 1B, Series 2018 | 5.375 | 09/01/38 | 327760 |
| 408000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Glen Crossing Public Improvement District Phase 1B, Series 2018 | 5.500 | 09/01/46 | 410251 |
| 1111000 |  | Celina, Texas, Special Assessment Revenue Bonds, Glen Crossing Public Improvement District Project, Series 2018 | 5.625 | 09/01/38 | 1129044 |
| 1250000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Mosaic Public Improvement District Improvement Area 2 Project Series 2024 | 5.500 | 09/01/54 | 1207626 |
| 1825000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Mosaic Public Improvement District Phase 1 Project, Series 2023 | 5.500 | 09/01/53 | 1766831 |
| 500000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Mosaic Public Improvement District Phase 1B Project, Series 2024 | 5.375 | 09/01/53 | 475345 |
| 1000000 |  | Celina, Texas, Special Assessment Revenue Bonds, North Sky Public Improvement District Improvement Area 1 Project, Series 2023 | 5.375 | 09/01/43 | 998419 |
| 1200000 |  | Celina, Texas, Special Assessment Revenue Bonds, North Sky Public Improvement District Improvement Area 1 Project, Series 2023 | 5.625 | 09/01/52 | 1185051 |
| 550000 |  | Celina, Texas, Special Assessment Revenue Bonds, North Sky Public Improvement District Improvement Area 1B Project, Series 2024 | 5.250 | 09/01/52 | 514761 |
| 3115000 |  | Celina, Texas, Special Assessment Revenue Bonds, Ownsby Farms Public Improvement District Phase 1 Project, Series 2017 | 6.125 | 09/01/46 | 3159749 |
| 1245000 |  | Celina, Texas, Special Assessment Revenue Bonds, Ownsby Farms Public Improvement District Phase 2 Major Improvement Project, Series 2017 | 6.125 | 09/01/46 | 1255887 |
| 1100000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Parvin Public Improvement District Project, Series 2023 | 6.750 | 09/01/53 | 1102144 |
| 1000000 | (d),(i) | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields East Public Improvement District Phase 2 Project, Series 2025 | 5.625 | 09/01/55 | 981359 |
| 3500000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Area 5 Project, Series 2022 | 4.000 | 09/01/51 | 2728726 |
| 2000000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Ten Mile Creek Public Improvement District Major Improvement Area Project, Series 2023 | 5.750 | 09/01/52 | 2004500 |
| 1765000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, The Parks at Wilson Creek Public Improvement District Initial Major Improvement Project, Series 2021 | 4.250 | 09/01/41 | 1549997 |
| 1140000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Wells North Public Improvement District Neighborhood Improvement Area 1 Project, Series 2016 | 5.000 | 09/01/36 | 1140918 |
| 1645000 | (d) | Celina, Texas, Special Assessment Revenue Bonds, Wells North Public Improvement District Neighborhood Improvement Area 1 Project, Series 2016 | 5.250 | 09/01/46 | 1607767 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **101** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $500000 (d) | Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District Neighborhood Improvement Area 5 Project, Series 2022 | 5.500% | 09/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505548 |
| 1500000 (d) | Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District Neighborhood Improvement Area 6-7 Project, Series 2024 | 5.750 | 09/01/54 | 1500846 |
| 9295000 (f) | Chamber County, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2023, (UB) | 4.000 | 03/01/53 | 8379114 |
| 14850000 (f) | Chapel Hill Independent School District, Smith County, Texas, General Obligation Bonds, School Building Series 2023, (UB) | 4.000 | 02/15/53 | 13517850 |
| 3000000 (d) | City of Midlothian, Texas, Westside Preserve Public Improvement District Improvement Area #1 Project Special Assessment Revenue Bonds Series 2022 | 5.375 | 09/15/52 | 2915805 |
| 1500000 (d) | City Of Midlothian, Texas, Westside Preserve Public Improvement Major Improvement Area Project Special Assessment Revenue Bonds Series 2022 | 6.125 | 09/15/52 | 1506113 |
| 1835000 | City of Shenandoah, Montgomery County, Texas, Special Assessment Revenue Bonds, Metropark Public Improvement District, Series 2018 | 5.600 | 09/01/38 | 1856505 |
| 2940000 | City of Shenandoah, Montgomery County, Texas, Special Assessment Revenue Bonds, Metropark Public Improvement District, Series 2018 | 5.700 | 09/01/47 | 2960888 |
| 1335000 | Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016 | 6.250 | 09/01/35 | 1354518 |
| 3115000 | Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016 | 6.500 | 09/01/46 | 3159578 |
| 1500000 (d) | Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 3 Project, Series 2024 | 5.375 | 09/01/55 | 1456190 |
| 1300000 | Comal County, Texas, Special Assessment Revenue Bonds, Crossings Public Improvement District, Series 2017 | 5.000 | 09/01/46 | 1242399 |
| 1640000 | Conroe Local Government Corporation, Texas, Hotel Revenue Bonds, Conroe Convention Center Hotel, First-Lien Series 2021A | 4.000 | 10/01/50 | 1266447 |
| 1000000 (d) | Corpus Christi, Nueces, Aransas, San Patricio, ad Kleberg Counties, Texas, Special Assessment Revenue Bonds, Whitecap Public Improvement District 1 Improvement Area 1 Project Series 2024 | 6.500 | 09/15/54 | 989605 |
| 8000000 (f) | Corpus Christi, Texas, Utility System Revenue Bonds, Refunding & Improvement Senior Lien Series 2024, (UB) | 4.250 | 07/15/54 | 7375531 |
| 12620000 (f) | Corpus Christi, Texas, Utility System Revenue Bonds, Senior Lien Improvement Refunding Series 2023, (UB) | 4.125 | 07/15/53 | 11650691 |
| 750000 (d) | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, Cartwright Ranch Public Improvement District Major Improvement Area Project, Series 2021 | 5.000 | 09/15/41 | 713629 |
| 1000000 (d) | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, Cartwright Ranch Public Improvement District Major Improvement Area Project, Series 2021 | 5.250 | 09/15/51 | 958653 |
| 4165000 (d) | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, River Ridge Public Improvement District Improvement Area 1 Project, Series 2022 | 6.125 | 09/15/52 | 4292651 |
| 1000000 (d) | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, River Ridge Public Improvement District Single Family Residential, Major Improvement Area Project, Series 2022 | 6.750 | 09/15/52 | 1044172 |
| 6000000 (f) | Crowley Independent School District, Tarrant and Johnson Counties, Texas, General Obligation Bonds, School Building Series 2023, (UB) | 4.250 | 02/01/53 | 5669951 |
| 10215000 | Crowley Independent School District, Tarrant and Johnson Counties, Texas, General Obligation Bonds, School Building Series 2023 | 5.250 | 02/01/53 | 10777148 |
| 10000000 (f) | Crowley Independent School District, Tarrant and Johnson Counties, Texas, General Obligation Bonds, School Building Series 2023, (UB) | 5.250 | 02/01/53 | 10550316 |

---

102 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $10910000 (f) | Crowley Independent School District, Tarrant and Johnson Counties, Texas, General Obligation Bonds, School Building Series 2024, (UB) | 4.250% | 02/01/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10280566 |
| 1500000 (d) | Decatur, Texas, Special Assessment Revenue Bonds, Paloma Trails Public Improvement District Improvement Area 1 Project, Series 2025 | 5.750 | 09/15/55 | 1471397 |
| 1500000 (d) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District Major Improvement Area Project, Series 2025 | 5.875 | 12/31/45 | 1471827 |
| 3575000 (d) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District Major Improvement Area Project, Series 2025 | 6.125 | 12/31/55 | 3497081 |
| 1020000 (d) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District, Improvement Area 1 Project, Series 2025 | 5.375 | 12/31/45 | 1000045 |
| 1900000 (d) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District, Improvement Area 1 Project, Series 2025 | 5.625 | 12/31/55 | 1875147 |
| 3250000 (d) | Denton County, Texas, Special Assessment Revenue Bonds, Tabor Ranch Public Improvement District Improvement Area 1 Project, Senior Lien Series 2024A | 5.625 | 12/31/54 | 3168263 |
| 2180000 (d) | Denton County, Texas, Special Assessment Revenue Bonds, Tabor Ranch Public Improvement District Major Improvement Area Project, Series 2024 | 6.250 | 12/31/54 | 2096545 |
| 5000000 | Denton Independent School District, Denton County, Texas, General Obligation Bonds, School Building Series 2023 | 5.000 | 08/15/53 | 5194625 |
| 1600000 (d) | Dorchester, Texas, Special Assessment Revenue Bonds, Cottonwood Public Improvement District Improvement Area 1 Project Series 2024 | 6.250 | 09/15/54 | 1515735 |
| 4350000 | East Fort Bend County Development Authority, Texas, Contract Revenue Bonds, Water Sewer and Drain Facilities, Series 2022 | 5.000 | 09/01/43 | 4024850 |
| 1000000 | Edinburg Economic Development Corporation, Texas, Sales Tax Revenue Bonds, Series 2021A | 3.375 | 08/15/46 | 680741 |
| 3985000 (d) | Fate City, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg East Public Improvement District Improvement Area 2 Project, Series 2022 | 6.000 | 08/15/52 | 4033238 |
| 2715000 | Friendswood, Harris and Galveston Counties, Texas, Special Assessment Revenue Bonds, City Center Public Improvement District, Initial Major Improvements Project Series 2024 | 7.000 | 09/15/54 | 2652075 |
| 6060000 (f) | Greater Texoma Utility Authority, Texas, Contract Revenue Bonds, City of Sherman Project Series 2023A - BAM Insured, (UB) | 4.375 | 10/01/53 | 5757790 |
| 13000000 (f) | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Health System, Series 2022A, (UB) | 4.125 | 07/01/52 | 11819336 |
| 10000000 (f) | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Health System, Series 2022A, (UB) | 5.000 | 07/01/52 | 10230898 |
| 7400000 (f) | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, (UB) | 4.000 | 12/01/45 | 6823803 |
| 5405000 (f) | Harris County, Texas, General Obligation Bonds, Refunding Road Series 2023A, (UB) | 4.250 | 09/15/48 | 5231037 |
| 10950000 (f) | Harris County, Texas, Toll Road Revenue Bonds, Refunding First Lien Series 2021A, (UB) | 4.000 | 08/15/50 | 9825634 |
| 600000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/53 | 138330 |
| 520000 (h) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (ETM) | 0.000 | 11/15/26 | 493405 |
| 355000 (h) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (ETM) | 0.000 | 11/15/27 | 325562 |
| 480000 (h) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured, (ETM) | 0.000 | 11/15/28 | 424995 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **103** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $125000 (h) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured, (ETM) | 0.000% | 11/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106665 |
| 1910000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/32 | 1364033 |
| 2075000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/34 | 1293196 |
| 35000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H | 0.000 | 11/15/35 | 20388 |
| 3390000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/36 | 1844294 |
| 770000 (h) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG Insured | 0.000 | 11/15/36 | 447589 |
| 1045000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/37 | 530766 |
| 480000 (h) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG Insured | 0.000 | 11/15/37 | 262210 |
| 1620000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/38 | 768550 |
| 310000 (h) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG Insured | 0.000 | 11/15/38 | 159113 |
| 790000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/39 | 349485 |
| 340000 (h) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG Insured | 0.000 | 11/15/39 | 163935 |
| 2180000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/40 | 902074 |
| 3120000 (h) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG Insured | 0.000 | 11/15/40 | 1412914 |
| 14010000 (h) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG Insured | 0.000 | 11/15/41 | 5957744 |
| 2940000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/41 | 1133675 |
| 1840000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G - NPFG Insured | 0.000 | 11/15/41 | 723401 |
| 1180000 | Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A - NPFG Insured | 0.000 | 11/15/34 | 743532 |
| 26165000 | Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A - NPFG Insured | 0.000 | 11/15/38 | 12612867 |
| 8805000 | Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A - NPFG Insured | 0.000 | 11/15/40 | 3713496 |
| 7445000 | Hays County, Texas, Special Assessment Revenue Bonds, La Cima Public Improvement District Major Public Improvement Project, Series 2015 | 7.000 | 09/15/45 | 7462441 |
| 5545000 | Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series 2006A | 6.000 | 02/15/36 | 5546051 |
| 1220000 (d) | Heritage Public Improvement District 1, Dripping Springs, Texas, Special Assessment Revenue Bonds, Series 2023 | 5.500 | 09/01/53 | 1220061 |
| 1000000 (d) | Heritage Public Improvement District 2, Dripping Springs, Texas, Special Assessment Revenue Bonds, Series 2023 | 5.250 | 09/01/54 | 949815 |
| 7560000 | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A | 0.000 | 12/01/53 | 1681668 |
| 5000000 | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A | 0.000 | 12/01/54 | 1054495 |
| 12500000 | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A | 0.000 | 12/01/55 | 2486972 |

---

104 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $5000000 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2021A, (AMT) | 4.000% | 07/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4467226 |
| 14100000 (f) | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2023A - AGM Insured, (AMT), (UB) | 5.250 | 07/01/53 | 14505049 |
| 3105000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/39 | 3247814 |
| 750000 (d) | Huntsville, Walker County, Texas, Special Assessment Revenue Bonds, The Reserves of Huntsville Public Improvement District Series 2024 | 5.625 | 09/15/54 | 737787 |
| 840000 (d) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Cottonwood Creek Public Improvement Area 2 Project Series 2025 | 5.375 | 09/01/55 | 814271 |
| 1075000 (d) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Emory Crossing, Public Improvement Area 2 Project Series 2023 | 5.625 | 09/01/58 | 1083563 |
| 1250000 (d) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Prairie Winds, Public Improvement Area 1, Series 2025 | 5.375 | 09/01/60 | 1207725 |
| 2000000 (d) | Joshua Farms Municipal Management District 1, Johnson County, Texas, Special Assessment Revenue Bonds, Improvement Areas 1-2 Project Series 2023 | 5.500 | 09/01/53 | 1972148 |
| 1105000 (d) | Justin, Denton County, Texas, Special Assessment Revenue Bonds, Timberbrook Public Improvement District 1 Improvement Area 1 Project, Series 2018 | 5.375 | 09/01/38 | 1121646 |
| 1930000 (d) | Justin, Denton County, Texas, Special Assessment Revenue Bonds, Timberbrook Public Improvement District 1 Improvement Area 1 Project, Series 2018 | 5.125 | 09/01/47 | 1935757 |
| 1680000 (d) | Justin, Denton County, Texas, Special Assessment Revenue Bonds, Timberbrook Public Improvement District 1 Improvement Area 1 Project, Series 2018 | 5.500 | 09/01/47 | 1686262 |
| 1500000 | Kaufman,Texas, Special Assessment Revenue Bonds, Kaufman Public Improvement District 1 Phase 2A-2B Project, Series 2021 | 6.000 | 09/15/52 | 1524640 |
| 650000 (d) | Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District Improvement Area 3B Project, Series 2025 | 5.125 | 09/01/46 | 629873 |
| 2000000 (d) | Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District Improvement Area 4 Project, Series 2023 | 5.250 | 09/01/43 | 2006894 |
| 1500000 (d) | Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District Improvement Area 4 Project, Series 2023 | 5.500 | 09/01/47 | 1517295 |
| 400000 (d) | Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District Improvement Area 5 Project, Series 2025 | 5.375 | 09/01/50 | 387144 |
| 1835000 (d) | Kyle, Texas, Special Assessment Revenue Bonds, Limestone Creek Public Improvement District Improvement Area 1 Project, Series 2023 | 5.750 | 09/01/53 | 1827741 |
| 1125000 (d) | Kyle, Texas, Special Assessment Revenue Bonds, Limestone Creek Public Improvement District Improvement Area 1 Project, Series 2024B | 5.750 | 09/01/53 | 1114349 |
| 830000 (d) | Kyle, Texas, Special Assessment Revenue Bonds, Plum Creek North Public Improvement District Major Improvement Area 2 Project, Series 2024 | 5.375 | 09/01/54 | 813779 |
| 2295000 (d) | Kyle, Texas, Special Assessment Revenue Bonds, Porter County Public Improvement District Improvement Area 1 Project, Series 2023 | 6.000 | 09/01/53 | 2276886 |
| 2000000 | Kyle, Texas, Special Assessment Revenue Bonds, Southwest Kyle Public Improvement District, Series 2022 | 5.000 | 09/01/42 | 1900327 |
| 2500000 (d) | Lago Vista, Travis County, Texas, Special Assessment Revenue Bonds, Tessera on Lake Travis Public Improvement District Major Improvement Area Project, Series 2020B | 4.875 | 09/01/50 | 2276665 |
| 9735000 (f) | Lamar Consolidated Independent School District, Fort Bend County, Texas, General Obligation Bonds, Schoolhouse Series 2023, (UB) | 4.000 | 02/15/53 | 8919103 |
| 26240000 (f) | Lamar Consolidated Independent School District, Fort Bend County, Texas, General Obligation Bonds, Schoolhouse Series 2023A - BAM Insured, (UB) | 5.000 | 02/15/58 | 27161638 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **105** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $500000 (d) | Lavon, Texas, Special Assessment Revenue Bonds, Elevon Public Improvement District Improvement Area 1 Project, Series 2024 | 5.375% | 09/15/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492881 |
| 2700000 (d) | Lavon, Texas, Special Assessment Revenue Bonds, Lakepointe Public Improvement District Areas 2-3 Project, Series 2022 | 6.125 | 09/15/52 | 2806061 |
| 1270000 (d) | Lavon, Texas, Special Assessment Revenue Bonds, Lakepointe Public Improvement District Major Improvement Area Project, Series 2019 | 5.000 | 09/15/49 | 1201713 |
| 2700000 (d) | Leander, Texas, Special Assessment Revenue Bonds, Crystal Springs Public Improvement District Project, Series 2018 | 5.300 | 09/01/48 | 2633881 |
| 1090000 (d) | Leander, Texas, Special Assessment Revenue Bonds, Deerbrooke Public Improvement District Northern Improvement Area Major Improvement Project, Series 2017 | 5.375 | 09/01/47 | 1089597 |
| 3855000 (d) | Leander, Texas, Special Assessment Revenue Bonds, Deerbrooke Public Improvement District Southern Improvement Area Project, Series 2017 | 5.000 | 09/01/47 | 3585947 |
| 205000 (d) | Liberty Hill, Williamson County, Texas, Special Assessment Revenue Bonds, Liberty Parke Public Improvement District Master Improvement Area Project, Series 2017 | 5.125 | 09/01/27 | 207669 |
| 2150000 (d) | Liberty Hill, Williamson County, Texas, Special Assessment Revenue Bonds, Liberty Parke Public Improvement District Master Improvement Area Project, Series 2017 | 6.000 | 09/01/46 | 2181675 |
| 1000000 (d) | Liberty Hill, Williamson County, Texas, Special Assessment Revenue Bonds, Liberty Parke Public Improvement District Neighborhood Improvement Area 1 Project, Series 2017 | 5.375 | 09/01/46 | 1001777 |
| 3000000 (d) | Little Elm, Denton County, Texas, Special Assessment Revenue Bonds, Valencia Public Improvement District 2 Project, Series 2022 | 6.875 | 09/01/52 | 3116005 |
| 11590000 (d) | Little Elm, Denton County, Texas, Special Assessment Revenue Bonds, Valencia Public Improvement District Improvement Area 2 Project, Refunding & Improvement Series 2018 | 5.750 | 09/01/48 | 11740843 |
| 6255000 (d) | Little Elm, Texas, Special Assessment Revenue Bonds, Valencia Public Improvement District Phase I, Refunding & Improvement Series 2018 | 5.250 | 09/01/44 | 6204381 |
| 5400000 (d) | Little Elm,Texas, Special Assessment Revenue Bonds, Hillstone Pointe Public Improvement District 2 Phase 1-1A Project, Series 2017 | 6.000 | 09/01/47 | 5509225 |
| 723000 (d) | Little Elm,Texas, Special Assessment Revenue Bonds, Hillstone Pointe Public Improvement District 2 Phase 2-3 Project, Series 2018 | 5.750 | 09/01/38 | 738224 |
| 1350000 (d) | Little Elm,Texas, Special Assessment Revenue Bonds, Hillstone Pointe Public Improvement District 2 Phase 2-3 Project, Series 2018 | 5.875 | 09/01/47 | 1374848 |
| 1500000 (d) | Little Elm,Texas, Special Assessment Revenue Bonds, Lakeside Estates Public Improvement District 2 Project, Series 2017 | 5.000 | 09/01/47 | 1455188 |
| 125000 (d) | Little Elm,Texas, Special Assessment Revenue Bonds, Valencia Public Improvement District Major Improvement Area Project, Refunding Series 2018 | 0.000 | 09/01/25 | 122581 |
| 6425000 (d) | Little Elm,Texas, Special Assessment Revenue Bonds, Valencia Public Improvement District Major Improvement Area Project, Refunding Series 2018 | 6.750 | 09/01/48 | 6481498 |
| 600000 (d) | Manor, Texas, Special Assessment Revenue Bonds, Lagos Public Improvement District Major Improvement Area Project, Series 2020 | 4.500 | 09/15/40 | 556113 |
| 600000 (d) | Manor, Texas, Special Assessment Revenue Bonds, Lagos Public Improvement District Major Improvement Area Project, Series 2020 | 4.625 | 09/15/49 | 536640 |
| 1435000 (d) | Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement District Improvement Area 1-2 Project, Series 2021 | 4.000 | 09/15/51 | 1123427 |
| 1000000 (d) | Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement District, Improvement Area 3, Series 2023 | 5.500 | 09/15/53 | 993051 |

---

106 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $700000 (d) | Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement District, Improvement Area 4, Series 2024 | 5.625% | 09/15/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701878 |
| 1755000 (d) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Gregg Ranch Public Improvement District Major Improvement Area Project, Series 2019 | 5.750 | 09/01/49 | 1755073 |
| 1500000 (d) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Improvement Area 2A Project, Series 2024 | 6.625 | 09/01/54 | 1435601 |
| 1000000 (d) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Major Improvement Area Project, Series 2021 | 5.125 | 09/01/51 | 925909 |
| 1250000 (d) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Remainder Area Project, Series 2024 | 7.625 | 09/01/54 | 1209486 |
| 785000 (d) | Medina County, Texas, Special Assessment Revenue Bonds, Woodlands Public Improvement District Major Improvement Areas 1, Series 2021 | 5.250 | 09/01/41 | 764256 |
| 1160000 (d) | Medina County, Texas, Special Assessment Revenue Bonds, Woodlands Public Improvement District Major Improvement Areas 1, Series 2021 | 5.500 | 09/01/50 | 1123919 |
| 15000000 (f) | Medina Valley Independent School District, Medina County, Texas, General Obligation Bonds, School Building Series 2023, (UB) | 4.000 | 02/15/53 | 13632407 |
| 850000 (d) | Mesquite, Texas, Special Assessment Bonds, Heartland Town Center Public Improvement District Phase 1 Project, Series 2018 | 5.250 | 09/01/38 | 855250 |
| 1595000 (d) | Mesquite, Texas, Special Assessment Bonds, Heartland Town Center Public Improvement District Phase 1 Project, Series 2018 | 5.375 | 09/01/48 | 1592469 |
| 1000000 (d) | Mesquite, Texas, Special Assessment Bonds, Heartland Town Center Public Improvement District Phase 2 Major Improvement Project, Series 2023 | 5.125 | 09/01/52 | 946484 |
| 1000000 (d) | Mesquite, Texas, Special Assessment Bonds, Iron Horse Public Improvement District Project, Series 2019 | 5.750 | 09/15/39 | 1007016 |
| 2300000 (d) | Mesquite, Texas, Special Assessment Bonds, Iron Horse Public Improvement District Project, Series 2019 | 6.000 | 09/15/49 | 2333193 |
| 1210000 (d) | Mesquite, Texas, Special Assessment Bonds, Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 | 5.625 | 09/01/53 | 1219362 |
| 1100000 (d) | Mesquite, Texas, Special Assessment Revenue Bonds, Solterra Public Improvement District Area C-1 Projects, Series 2023 | 5.625 | 09/01/53 | 1109985 |
| 605000 (d) | Mesquite, Texas, Special Assessment Revenue Bonds, Solterra Public Improvement District Area C-3 Projects, Series 2024 | 5.250 | 09/01/53 | 583515 |
| 4250000 (d) | Mesquite, Texas, Special Assessment Revenue Bonds, Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 | 5.750 | 09/01/53 | 4324001 |
| 1750000 (d) | Midlothian, Texas, Special Assessment Revenue Bonds, Redden Farms Public Improvement District Improvement Areas 1-2 Project, Series 2021 | 4.125 | 09/15/51 | 1410407 |
| 4235000 | Montgomery County Municipal Utility District 132, Texas, General Obligation Bonds, Road Series 2023 — AGM Insured | 4.000 | 09/01/47 | 3837309 |
| 1000000 (d) | New Braunfels, Comal and Guadalupe Counties, Texas, Special Assessment Revenue Bonds, Solms Landing Public Improvement District Improvement Area 1 Project, Series 2021 | 4.500 | 09/01/41 | 873497 |
| 1000000 (d) | New Braunfels, Comal and Guadalupe Counties, Texas, Special Assessment Revenue Bonds, Solms Landing Public Improvement District Improvement Area 1 Project, Series 2021 | 4.750 | 09/01/51 | 874871 |
| 1595000 (d) | New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue Bonds, Beta Academy, Series 2018A | 5.625 | 08/15/39 | 1595605 |
| 3340000 (d) | New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue Bonds, Beta Academy, Series 2018A | 5.750 | 08/15/49 | 3340621 |
| 1400000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Bella Vida Forefront Living Project, Series 2025A | 6.250 | 10/01/45 | 1402938 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **107** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $780000 (e) | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021A-1 | 7.500% | 11/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619027 |
| 5050000 (e) | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021A-2 | 7.500 | 11/15/36 | 4148140 |
| 22395672 (e) | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021B | 0.380 | 11/15/61 | 8178373 |
| 4305000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Legacy Midtown Park Project, Series 2018A | 5.500 | 07/01/54 | 3159620 |
| 670000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Methodist Retirement Communites Senior Living Langford Project, Series 2016 | 5.375 | 11/15/36 | 591924 |
| 1000000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Methodist Retirement Communites Senior Living Langford Project, Series 2016 | 5.500 | 11/15/46 | 819968 |
| 2000000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Methodist Retirement Communites Senior Living Langford Project, Series 2016 | 5.500 | 11/15/52 | 1573191 |
| 4000000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue Bonds, Sanctuary LTC LLC Project, Series 2021A-1 | 5.250 | 01/01/42 | 3979011 |
| 43255000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue Bonds, Sanctuary LTC LLC Project, Series 2021A-1 | 5.500 | 01/01/57 | 41710827 |
| 4000000 (e) | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A | 5.000 | 07/01/25 | 3994629 |
| 4055000 (e) | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A | 5.000 | 08/01/25 | 4055000 |
| 10500000 (e) | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A | 5.000 | 07/01/30 | 10302608 |
| 29800000 (e) | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A | 5.000 | 07/01/35 | 28739245 |
| 141700000 (e) | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A | 5.000 | 07/01/47 | 135916571 |
| 3445000 | North East Regional Mobility Authority, Texas, Revenue Bonds, Subordinate Lien Series 2016B | 5.000 | 01/01/46 | 3450382 |
| 9530000 (f) | North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Refunding Series 2019A, (UB) | 4.000 | 12/15/58 | 8325533 |
| 17310000 (f) | North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Refunding Series 2019A - BAM Insured, (UB) | 4.000 | 12/15/58 | 15264039 |
| 1165000 (d) | North Parkway Municipal Management District 1, Celina, Texas, Contract Revenue Bonds, Legacy Hills Public Improvement District Phase 1A-1B Improvements, Series 2021 | 4.250 | 09/15/51 | 973197 |
| 670000 (d) | North Richland Hills, Texas, Special Assessment Revenue Bonds, City Point Public Improvement District Zone A Project, Series 2019 | 5.625 | 09/01/40 | 666903 |
| 658000 (d) | North Richland Hills, Texas, Special Assessment Revenue Bonds, City Point Public Improvement District Zone B Project, Series 2019 | 5.250 | 09/01/40 | 655916 |
| 923000 (d) | North Richland Hills, Texas, Special Assessment Revenue Bonds, City Point Public Improvement District Zone B Project, Series 2019 | 5.375 | 09/01/50 | 909303 |
| 10000000 (f) | Northwest Independent School District, Denton, Tarrant and Wise Counties, Texas, General Obligation Bonds, School Building Series 2023, (UB) | 4.000 | 02/15/48 | 9375067 |

---

108 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $1000000 (d) | Oak Point, Denton County, Texas, Special Assessment Revenue Bonds, Oak Point 720 Public Improvement District Improvement Area 1 Project, Series 2024 | 5.625% | 09/15/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959072 |
| 5085000 | Pflugerville, Texas, Certificates of Obligation, Combination Tax and Revenue Series 2023 | 4.000 | 08/01/49 | 4632329 |
| 25000000 (f) | Pflugerville, Travis and Williamson Counties, Texas, General Obligation Bonds, Combination Tax and Revenue Series 2023A, (UB) | 4.125 | 08/01/53 | 22783398 |
| 20710000 (f) | Pflugerville, Travis and Williamson Counties, Texas, General Obligation Bonds, Limited Tax Series 2023 - BAM Insured, (UB) | 5.000 | 08/01/53 | 21436240 |
| 350000 (d) | Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement District Zone A Improvement Area 1 Project, Series 2022 | 5.250 | 09/15/32 | 352115 |
| 800000 (d) | Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement District Zone A Improvement Area 1 Project, Series 2022 | 5.500 | 09/15/42 | 797417 |
| 1250000 (d) | Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement District Zone A Improvement Area 1 Project, Series 2022 | 5.625 | 09/15/52 | 1239488 |
| 300000 (d) | Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement District Zone B Improvement Area 1 Project, Series 2022 | 5.250 | 09/15/32 | 301668 |
| 750000 (d) | Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement District Zone B Improvement Area 1 Project, Series 2022 | 5.500 | 09/15/42 | 747579 |
| 1000000 (d) | Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement District Zone B Improvement Area 1 Project, Series 2022 | 5.625 | 09/15/52 | 991590 |
| 3000000 (d) | Pilot Point, Texas, Special Assessment Revenue Bonds, Mobberly Public Improvement District Improvement Area 1 Project, Series 2022 | 5.500 | 09/15/48 | 2996991 |
| 4900000 (d) | Pilot Point, Texas, Special Assessment Revenue Bonds, Mobberly Public Improvement District Improvement Area 2 Project, Series 2022 | 6.000 | 09/15/52 | 4962714 |
| 1952000 (d) | Pilot Point, Texas, Special Assessment Revenue Bonds, Mobberly Public Improvement District Major Improvement Area Project, Series 2022 | 6.500 | 09/15/52 | 1990466 |
| 5725000 (d) | Port Beaumont Industrial Development Authority, Texas, Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021B | 4.100 | 01/01/28 | 5196489 |
| 3440000 (d) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2020, (AMT) | 4.000 | 01/01/50 | 2829210 |
| 9000000 (d) | 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 | 6168708 |
| 2000000 (d) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2024A, (AMT) | 5.125 | 01/01/44 | 2013370 |
| 2000000 (d) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2024A, (AMT) | 5.250 | 01/01/54 | 2017648 |
| 20000000 (f) | Port of Houston Authority, Harris County, Texas, General Obligation Bonds, First Lien Series 2021, (UB) | 5.000 | 10/01/51 | 20606292 |
| 14075000 (f) | Port of Houston Authority, Harris County, Texas, Revenue Bonds, First Lien Series 2023, (UB) | 5.000 | 10/01/53 | 14544784 |
| 1105000 (d) | Princeton, Collin County, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement District 2 Phase 2 Project, Series 2023 | 5.125 | 09/01/43 | 1073756 |
| 2100000 (d) | Princeton, Collin County, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement District 2 Phase 2 Project, Series 2023 | 5.375 | 09/01/53 | 2004938 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **109** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **TEXAS** (continued) |  |  |  |
| $5510000 | (d) | Princeton, Texas, Special Assessment Revenue Bonds, Crossroads Public Improvement District Major improvement Project, Series 2018 | 6.500% | 09/01/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5607770 |
| 1700000 | (d) | Princeton, Texas, Special Assessment Revenue Bonds, Eastridge Public Improvement District Improvement Area 2 Project, Series 2023 | 5.500 | 09/01/53 | 1652781 |
| 1075000 |  | Princeton, Texas, Special Assessment Revenue Bonds, Eastridge Public Improvement District Improvement Area 3 Project, Series 2024 | 5.250 | 09/01/54 | 1019569 |
| 1000000 | (d),(i) | Princeton, Texas, Special Assessment Revenue Bonds, Eastridge Public Improvement District Improvement Area 4 Project, Series 2025 | 5.625 | 09/01/55 | 994137 |
| 2750000 | (d) | Princeton, Texas, Special Assessment Revenue Bonds, Sicily Public Improvement District Improvement Area 1 Project, Series 2023 | 7.000 | 09/01/53 | 2755289 |
| 1000000 | (d) | Princeton, Texas, Special Assessment Revenue Bonds, Sicily Public Improvement District Major Improvement Area Project, Series 2023 | 7.875 | 09/01/53 | 1011324 |
| 1500000 | (d) | Princeton, Texas, Special Assessment Revenue Bonds, Southridge Public Improvement District Improvement Area 1 Project, Series 2023 | 6.375 | 09/01/53 | 1593519 |
| 1000000 | (d),(i) | Princeton, Texas, Special Assessment Revenue Bonds, Westridge Public Improvement District Improvement Area 1 Project, Series 2025 | 5.625 | 09/01/55 | 994137 |
| 2080000 | (d) | Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement District 2 Phase 1 Project, Series 2019 | 4.750 | 09/01/49 | 1924924 |
| 1000000 | (d) | Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement District 2 Phase 2-6 Major Improvement Project, Series 2019 | 5.500 | 09/01/39 | 1010688 |
| 2235000 | (d) | Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement District 2 Phase 2-6 Major Improvement Project, Series 2019 | 5.750 | 09/01/49 | 2241996 |
| 1250000 | (d) | Princeton, Texas, Special Assessment Revenue Bonds, Winchester Crossing Public Improvement District 3 Project, Series 2024 | 5.375 | 09/01/54 | 1197523 |
| 900000 | (d) | Providence Village, Denton County, Texas, Special Assessment Revenue Bonds, Foree Ranch Public Improvement District Improvement Area 1 Project Series 2024 | 5.250 | 09/01/54 | 866120 |
| 1400000 | (d) | Providence Village, Denton County, Texas, Special Assessment Revenue Bonds, Foree Ranch Public Improvement District Improvement Area 2 Project Series 2025 | 5.500 | 09/01/55 | 1368565 |
| 5840000 | (f) | Quinlan Independent School District, Hunt and Kaufman Counties, Texas, General Obligation Bonds, School Building Series 2023, (UB) | 4.000 | 08/15/53 | 5310202 |
| 3605000 |  | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A | 5.125 | 02/01/39 | 3459919 |
| 6280000 | (e) | Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012 | 3.000 | 12/15/32 | 2888800 |
| 5525000 | (e) | Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012 | 3.000 | 12/15/42 | 2541500 |
| 14375000 | (e) | Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012 | 3.000 | 12/15/47 | 6612500 |
| 445000 |  | Rowlett, Texas, Special Assessment Revenue Bonds, Bayside Public Improvement District North Improvement Area, Series 2016 | 6.000 | 09/15/46 | 445224 |
| 1300000 | (d) | Royse City, Rockwall County, Texas, Special Assessment Revenue Bonds, Liberty Crossing Public improvement District Improvement Area 1 Project, Series 2023 | 6.375 | 09/15/53 | 1327215 |
| 1365000 | (d) | Royse CIty, Rockwall County, Texas, Special Assessment Revenue Bonds, Waterscape Public improvement District Improvement Area 2 Project, Series 2019 | 4.625 | 09/15/39 | 1295315 |
| 4000000 | (d) | Royse CIty, Rockwall County, Texas, Special Assessment Revenue Bonds, Waterscape Public improvement District Improvement Area 3 Project, Series 2022 | 5.750 | 09/15/52 | 3964073 |

---

110 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $600000 (d) | Royse City, Rockwall, Collin and Hunt Counties, Texas, Special Assessment Revenue Bonds, Creekshaw Public Improvement District Improvement Area 2 Project, Series 2022 | 5.875% | 09/15/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601996 |
| 1300000 (d) | Royse City, Rockwall, Collin and Hunt Counties, Texas, Special Assessment Revenue Bonds, Creekshaw Public Improvement District Improvement Area 2 Project, Series 2022 | 6.000 | 09/15/52 | 1316638 |
| 400000 (d) | Royse City, Rockwall, Collin and Hunt Counties, Texas, Special Assessment Revenue Bonds, Creekshaw Public Improvement District Major Improvement Area Project, Series 2020 | 4.875 | 09/15/40 | 375616 |
| 700000 (d) | Royse City, Rockwall, Collin and Hunt Counties, Texas, Special Assessment Revenue Bonds, Creekshaw Public Improvement District Major Improvement Area Project, Series 2020 | 5.125 | 09/15/50 | 655627 |
| 750000 (d) | Sachse, Texas, Special Assessment Bonds, Sachse Public Improvement District 1 Improvement Area 1 Project, Series 2022 | 6.000 | 09/15/50 | 784087 |
| 1000000 (d) | Sachse, Texas, Special Assessment Bonds, Sachse Public Improvement District 1 Improvement Areas 2-3 Project, Series 2022 | 7.000 | 09/15/52 | 1089701 |
| 2235000 (d) | Sachse, Texas, Special Assessment Bonds, Sachse Public Improvement District 1 Major Improvement Area Project, Series 2020 | 5.625 | 09/15/50 | 2271622 |
| 710000 | Salado, Bell County, Texas, Special Assessment Revenue Bonds, Sanctuary East Public Improvement District Improvement Area 1 Project Series 2024 | 6.500 | 09/01/54 | 704463 |
| 3800000 (d) | San Marcos City, Hays, Caldwell and Guadalupe Counties, Texas, Special Assessment Revenue Bonds, San Marcos Trace Public Improvement District Series 2019 | 5.750 | 09/01/39 | 3826131 |
| 5000000 (d) | San Marcos City, Hays, Caldwell and Guadalupe Counties, Texas, Special Assessment Revenue Bonds, San Marcos Trace Public Improvement District Series 2019 | 5.750 | 09/01/48 | 5014044 |
| 2200000 | San Marcos City, Hays, Caldwell and Guadalupe Counties, Texas, Special Assessment Revenue Bonds, Whisper Public Improvement District Series 2020 | 5.625 | 09/01/50 | 2201045 |
| 7010000 (f) | Sherman, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2023, (UB) | 5.000 | 08/15/53 | 7250031 |
| 1800000 (d) | Sinton, San Patricio County, Texas, Special Assessment Revenue Bonds, Somerset Public Improvement District 1 Series 2022 | 5.250 | 09/01/51 | 1742727 |
| 9000000 (f) | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Cook Childrens Medical Center, Series 2025, (UB) | 4.125 | 12/01/54 | 8106849 |
| 9345000 (f) | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Methodist Hospital of Dallas, Series 2022, (UB) | 4.000 | 10/01/42 | 8760127 |
| 8400000 (f) | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2022D, (UB) | 5.000 | 11/15/51 | 8677465 |
| 240000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckner Senior Living Ventana Project, Series 2017A | 6.625 | 11/15/37 | 248154 |
| 5875000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckner Senior Living Ventana Project, Series 2017A | 6.750 | 11/15/47 | 6017196 |
| 5865000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckner Senior Living Ventana Project, Series 2017A | 6.750 | 11/15/52 | 5993261 |
| 8000000 (f) | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Series 2022A, (UB) | 4.000 | 07/01/53 | 7441008 |
| 2075000 (e) | Tarrant County Cultural Education Facilities Finance Corporaton, Texas, Retirement Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2009A | 3.750 | 02/15/38 | 1141250 |
| 1000000 (e) | Tarrant County Cultural Education Facilities Finance Corporaton, Texas, Retirement Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2016A | 3.750 | 02/15/48 | 550000 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **111** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $1000000 (e) | Tarrant County Cultural Education Facilities Finance Corporaton, Texas, Retirement Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2016A | 3.750% | 02/15/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 |
| 13700000 (f) | Tarrant County Cultural Education Facilities, Texas, Finance Corporation Revenue Bonds, Christus Health, Refunding Series 2018B, (UB) | 5.000 | 07/01/48 | 13697297 |
| 15935000 (f) | Tarrant County Hospital District, Texas, General Obligation Bonds, Limited Tax Series 2023, (UB) | 4.250 | 08/15/53 | 14667578 |
| 35000000 (f) | Tarrant Regional Water District, Texas, Water Transmission Facilities Contract Revenue Bonds, Dallas Project, Series 2025, (UB) | 4.250 | 09/01/55 | 32975551 |
| 10360000 (f) | Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Series 2023B, (UB) | 5.200 | 07/01/48 | 10456905 |
| 5000000 (f) | Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Series 2023B, (UB) | 5.250 | 07/01/53 | 5065912 |
| 6320000 (f) | Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Tender Option Bond Trust 2023- XL0439, (UB) | 5.250 | 01/01/53 | 6407133 |
| 14860000 | Texas Private Activity Bond Surface Transpiration Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2023, (AMT) | 5.500 | 12/31/58 | 15611038 |
| 2300000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.500 | 06/30/42 | 2406061 |
| 33735000 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Segments 3C Project, Series 2019, (AMT) | 5.000 | 06/30/58 | 33488225 |
| 4000000 | Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll Series 2019A | 0.000 | 08/01/52 | 967768 |
| 5000000 | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2023A | 5.000 | 10/15/58 | 5180867 |
| 13000000 (f) | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2023A, (UB) | 5.000 | 10/15/58 | 13470256 |
| 15000000 (f) | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2024A, (UB) | 4.250 | 10/15/51 | 14464419 |
| 8440000 (f) | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2024A, (UB) | 4.375 | 10/15/59 | 8219549 |
| 2500000 (d) | Town of Lakewood Village, Texas, Lakewood Village Public Improvement District Improvement District No. 1 Project Special Assessment Revenue Bonds Series 2022 | 5.375 | 09/15/52 | 2436693 |
| 500000 (d) | Travis County Development Authority, Texas, Contract Assessment Revenue Bonds, Bella Fortuna Public Improvement District, Series 2024 | 5.625 | 09/01/51 | 505589 |
| 845000 (d) | Travis County Development Authority, Texas, Contract Assessment Revenue Bonds, Longview 71 Public Improvement District Area1 Project, Series 2024 | 5.125 | 09/01/54 | 797896 |
| 870000 (d) | Travis County Development Authority, Texas, Contract Assessment Revenue Bonds, Turner's Crossing Public Improvement District Area1 Project, Series 2022 | 5.375 | 09/01/42 | 886400 |
| 1500000 (d) | Travis County Development Authority, Texas, Contract Assessment Revenue Bonds, Turner's Crossing Public Improvement District Area1 Project, Series 2022 | 5.500 | 09/01/52 | 1503080 |
| 3071000 (d) | Uhland, Hays and Caldwell Counties, Texas, Special Assessment Revenue Bonds, Watermill Public Improvement District, Series 2022 | 6.625 | 09/01/52 | 3177831 |
| 3200000 (d) | Venus, Johnson County, Texas, Special Assessment Revenue Bonds, Brahman Ranch Public Improvement District, Series 2022 | 6.500 | 09/15/52 | 3219427 |
| 1032000 (d) | Venus, Johnson County, Texas, Special Assessment Revenue Bonds, Patriot Estates Public Improvement District, Series 2021 | 4.000 | 09/15/51 | 852520 |
| 2000000 | Vista Lago, Travis County, Texas, Special Assessment Revenue Bonds, Tessera on Lake Travis Public Improvement District Improvement Area #2 Project, Series 2018 | 5.000 | 09/01/47 | 1887333 |

---

112 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **TEXAS** (continued) |  |  |  |
| $21300000 | (f) | Waller Independent School District, Waller and Harris Counties, Texas, General Obligation Bonds, School Building Series 2023A, (UB) | 4.000% | 02/15/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19972414 |
| 17555000 | (f) | Waxahachie Independent School District, Ellis County, Texas, General Obligation Bonds, School Building Series 2023, (UB) | 4.250 | 02/15/53 | 16641253 |
| 2765000 |  | Westlake, Texas, Special Assessment Revenue Bonds, Solana Public Improvement District, Series 2015 | 6.125 | 09/01/35 | 2759310 |
| 2450000 |  | Westlake, Texas, Special Assessment Revenue Bonds, Solana Public Improvement District, Series 2015 | 6.250 | 09/01/40 | 2440291 |
| 6250000 |  | Westlake, Texas, Special Assessment Revenue Bonds, Solana Public Improvement District, Series 2015 | 6.375 | 09/01/45 | 6232854 |
|  |  | TOTAL TEXAS |  |  | 1402219099 |
|  |  | **UTAH - 1.2%** |  |  |  |
| 1700000 | (d) | Arrowhead Springs Public Infrastructure District, Utah, Special Assessment Bonds, Arrowhead Springs Assessment Area, Series 2025 | 5.625 | 12/01/54 | 1702383 |
| 5900000 | (d) | Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds Series 2021A | 3.750 | 03/01/41 | 5062370 |
| 3500000 | (d) | Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds Subordinate Series 2021B | 7.375 | 09/15/51 | 3032584 |
| 10390000 | (d) | Black Desert Public Infrastructure District, Washington County, Utah, Special Assessment Bonds, Black Desert Assessment Area 1, Series 2024 | 5.625 | 12/01/53 | 10421683 |
| 10870000 | (d),(e) | Box Elder County, Utah, Solid Waste Disposal Revenue Bonds, Promontory Point Res, LLC, Senior Series 2017A, (AMT) | 8.000 | 12/01/39 | 10519826 |
| 3525000 | (d) | Downtown East Streetcar Sewer Public Infrastructure District, South Salt Lake, Salt Lake County, Utah, Limited Tax General Obligation Bonds, Series 2022A | 6.000 | 03/01/53 | 3509622 |
| 504000 | (d) | Fields Estates Public Infrastructure District, Utah, General Obligation Bonds, Subordinate Limited Tax Series 2024B | 8.750 | 03/15/55 | 501564 |
| 2750000 | (d) | Fields Estates Public Infrastructure District, Utah, Special Assessment Revenue Bonds, Fields Estates Assessment Area Series 2024A-2 | 5.250 | 12/01/53 | 2650657 |
| 5045000 | (d) | Firefly Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2024A-1 | 5.625 | 12/01/43 | 5065681 |
| 2375000 | (d) | Firefly Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2024A-1 | 6.625 | 03/01/54 | 2414447 |
| 10000000 | (d) | Gateway at Sand Hollow, Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2021A | 5.500 | 03/01/51 | 7732903 |
| 3275000 |  | Jepson Canyon Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2022A | 5.125 | 03/01/51 | 2568949 |
| 3875000 | (d) | Medical School Campus Public Infrastructure District, Utah, Limited Tax General Obligation Bonds, Series 2020A | 5.250 | 02/01/40 | 3338629 |
| 11000000 | (d) | Medical School Campus Public Infrastructure District, Utah, Limited Tax General Obligation Bonds, Series 2020A | 5.500 | 02/01/50 | 8976190 |
| 1955000 | (d) | Medical School Campus Public Infrastructure District, Utah, Limited Tax General Obligation Bonds, Subordinate Lien Series 2020B | 7.875 | 08/15/50 | 1591401 |
| 2210000 | (d) | MIDA Military Installation Development Authority Golf and Equestrian Center Public Infrastructure District, Utah, Limited Tax and Tax Allocation Revenue Bonds, Series 2021 | 4.250 | 06/01/41 | 1794735 |
| 7500000 | (d) | MIDA Military Installation Development Authority Golf and Equestrian Center Public Infrastructure District, Utah, Limited Tax and Tax Allocation Revenue Bonds, Series 2021 | 4.625 | 06/01/57 | 5780605 |
| 1000000 | (d) | MIDA Mountain Veterans Program Public Infrastructure District, Utah, Tax Allocation Revenue Bonds, Series 2024 | 5.200 | 06/01/54 | 984104 |
| 1500000 | (d) | MIDA Mountain Village Public Infrastructure District, Utah, Subordinate Tax Allocation Revenue Bonds, Series 2024-1 | 5.125 | 06/15/54 | 1427424 |
| 4000000 | (d) | MIDA Mountain Village Public Infrastructure District, Utah, Subordinate Tax Allocation Revenue Bonds, Series 2024-2 | 6.000 | 06/15/54 | 4131556 |
| 1000000 | (d) | Moonlight Village, Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2025A | 6.000 | 03/01/56 | 988130 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **113** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **UTAH** (continued) |  |  |  |
| $1485000 (d) | Olympia Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2024A-1 | 6.375% | 03/01/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503991 |
| 1200000 (d) | Red Bridge Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds Subordinate Series 2021B | 7.375 | 08/15/51 | 984594 |
| 2600000 (d) | Red Bridge Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2021A | 4.375 | 02/01/51 | 1885468 |
| 1075000 (d) | ROAM Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2021A | 4.250 | 03/01/51 | 775656 |
| 424000 (d) | ROAM Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Subordinate Series 2021B | 7.375 | 03/15/51 | 341470 |
| 19000000 (f) | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, (AMT), (UB) | 5.000 | 07/01/47 | 19022747 |
| 11775000 (f) | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2021A, (AMT), (UB) | 5.000 | 07/01/51 | 11817183 |
| 10320000 (f) | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT), (UB) | 5.250 | 07/01/53 | 10623541 |
| 1270000 (d) | Sienna Hills Public Infrastructure District No. 1 Limited Tax General Obligation and Sales Tax Revenue Bonds, Utah, Series 2023A | 6.750 | 07/01/35 | 1276638 |
| 885000 (d) | Soleil Hills Public Infrastructure District No. 1, Utah, Limited Tax General Obligation and Special Revenue Bonds, Series 2025A | 5.875 | 03/01/55 | 873970 |
| 1000000 (d) | Sun Stone Infrastructure Financing District, Utah, Special Assessment Bonds, Assessment Area 1, Series 2024 | 6.750 | 06/01/54 | 957343 |
| 4965000 (d) | Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School Project, Series 2020A | 5.125 | 07/15/51 | 4301524 |
| 8370000 (d) | Utah Charter School Finance Authority, Charter School Revenue Bonds, Saint George Academy Project, Series 2021A | 5.000 | 06/15/56 | 6494630 |
| 15820000 | Utah State Board of Regents, Research Revenue Bonds, Utah State University, Auxiliary System Series 2023 | 4.000 | 04/01/53 | 14585194 |
| 1130000 (d) | Viridian Farm Public Infrastructure District 1, Utah, General Obligation Bonds, Subordinate Limited Tax Series 2024A | 5.875 | 03/01/54 | 1129959 |
| 500000 (d) | Viridian Farm Public Infrastructure District 1, Utah, General Obligation Bonds, Subordinate Limited Tax Series 2024B | 8.375 | 03/15/54 | 486724 |
| 4750000 (d) | Wakara Ridge Public Infrastructure District, Utah, Special Assessment Bonds, Wakara Ridge Assessment Area, Series 2025 | 5.625 | 12/01/54 | 4775213 |
| 2280000 (d) | Wood Ranch Public Infrastructure District, Utah, Special Assessment Bonds, Wood Ranch Assessment Area 1, Series 2024 | 5.625 | 12/01/53 | 2288602 |
|  | TOTAL UTAH |  |  | 168319890 |
|  | **VIRGIN ISLANDS - 0.7%** |  |  |  |
| 6375000 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A | 5.000 | 10/01/32 | 6182558 |
| 8250000 (d) | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2014C | 5.000 | 10/01/30 | 8203312 |
| 24815000 (d) | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2014C | 5.000 | 10/01/39 | 23601070 |
| 500000 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2012C | 5.000 | 10/01/42 | 437854 |
| 1200000 (d) | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital Series 2014A | 5.000 | 10/01/29 | 1180778 |
| 19510000 (d) | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond Anticipation Notes, Senior Series 2021A | 6.750 | 07/01/26 | 19159343 |
| 21900000 (d) | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond Anticipation Notes, Series 2024A | 8.000 | 07/01/26 | 21839858 |
| 20000 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A | 5.000 | 07/01/25 | 19899 |
| 1515000 (d) | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2024B | 10.250 | 07/01/26 | 1515414 |
| 975000 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Series 2007B | 5.000 | 07/01/31 | 909385 |
| 6885000 (d) | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds WICO Financing Series 2022A | 6.375 | 04/01/52 | 6602619 |

---

114 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VIRGIN ISLANDS** (continued) |  |  |  |
| $13000000 | (d) | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds WICO Financing Series 2022B, (AMT) | 6.500% | 04/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12583562 |
|  |  | TOTAL VIRGIN ISLANDS |  |  | 102235652 |
|  |  | **VIRGINIA - 1.6%** |  |  |  |
| 10415000 | (d) | Atlantic Park Community Development Authority, Virginia, Revenue Bonds, Series 2023 | 6.250 | 08/01/45 | 9793333 |
| 24250000 | (d),(e) | Bristol Industrial Development Agency, Virginia, Revenue Bonds, The Falls-Bristol Project, Series 2014B | 3.493 | 11/01/44 | 13630350 |
| 2133000 | (e) | Celebrate Virginia North Community Development Authority, Special Assessment Revenue Bonds, Series 2003B | 4.125 | 03/01/22 | 1343790 |
| 4956000 | (e) | Celebrate Virginia North Community Development Authority, Special Assessment Revenue Bonds, Series 2003B | 4.356 | 03/01/25 | 3122280 |
| 8378000 | (e) | Celebrate Virginia North Community Development Authority, Special Assessment Revenue Bonds, Series 2003B | 4.455 | 03/01/34 | 5278140 |
| 1095000 | (d) | Cherry Hill Community Development Authority, Virginia, Special Assesment Bonds, Potomac Shores Project, Series 2015 | 5.150 | 03/01/35 | 1095096 |
| 1860000 | (d) | Cherry Hill Community Development Authority, Virginia, Special Assesment Bonds, Potomac Shores Project, Series 2015 | 5.400 | 03/01/45 | 1860105 |
| 5000000 | (d) | Cutalong II Community Development Authority, Louisa County, Virginia, Special Assessment Revenue Bonds, Cutalong II Project, Series 2022 | 4.500 | 03/01/55 | 4083671 |
| 16070000 | (f) | Hampton Roads Transportation Accountability Commision, Virginia, Revenue Bonds, Hampton Roads Transportation Fund, Senior Lien Series 2020A, (UB) | 4.000 | 07/01/60 | 14418478 |
| 10320000 | (f) | Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton Roads Transportation Fund, Senior Lien Series 2022A, (UB) | 4.000 | 07/01/52 | 9455445 |
| 2165000 | (d) | Industrial Development Authority of the City of Alexandria, Virginia, Tourism Development Financing Program Revenue Bonds (699 Prince Street Hotel Project) Senior Series 2022A-1 (Tax-Exempt) and Senior Series 2022B-1 | 7.750 | 09/01/44 | 2272718 |
| 5525000 | (d) | Industrial Development Authority of the City of Alexandria, Virginia, Tourism Development Financing Program Revenue Bonds (699 Prince Street Hotel Project) Senior Series 2022A-1 (Tax-Exempt) and Senior Series 2022B-1 | 12.000 | 09/01/52 | 5271023 |
| 10000000 | (d) | Industrial Development Authority of the City of Newport News, Virginia, Health System Revenue Bonds, Riverside Health System, Series 2017A | 5.000 | 07/01/46 | 9442444 |
| 7695000 | (f) | Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra Health Obligated Group, Refunding Series 2021, (UB) | 4.000 | 01/01/55 | 6632003 |
| 3000000 |  | Norfolk Redevelopment and Housing Authority, Virginia, Fort Norfolk Retirement Community, Inc., Harbor's Edge Project, Series 2019A | 5.250 | 01/01/54 | 2730386 |
| 3000000 |  | Norfolk Redevelopment and Housing Authority, Virginia, Revenue Bonds, Fort Norfolk Retirement Community, Inc. - Harbor's Edge Project, Refunding Series 2014 | 5.000 | 01/01/46 | 2737936 |
| 5275000 |  | Norfolk Redevelopment and Housing Authority, Virginia, Revenue Bonds, Fort Norfolk Retirement Community, Inc. - Harbor's Edge Project, Refunding Series 2014 | 5.375 | 01/01/46 | 5083603 |
| 3155000 | (d) | Richmond Redevelopment and Housing Authority, Virginia, Multi- Family Housing Revenue Bonds, American Tobacco Apartments, Series 2017 | 5.550 | 01/01/37 | 3026847 |
| 2000000 |  | Virginia Beach Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2023A | 7.000 | 09/01/53 | 2243943 |
| 2400000 | (d) | Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Green Series 2015B | 5.000 | 07/01/45 | 1926229 |
| 4685000 | (d) | Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Refunding Series 2015A | 5.000 | 07/01/45 | 3760159 |
| 2600000 |  | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-II | 4.550 | 10/01/49 | 2575605 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **115** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VIRGINIA** (continued) |  |  |  |
| $4675000 | (f) | Virginia Housing Development Authority, Rental Housing Bonds, Series 2023B, (UB) | 4.875% | 03/01/61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4596829 |
| 13645000 | (d) | Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Provident Resource Group - Rixey Student Housing Project, Series 2019A | 5.500 | 07/01/49 | 11521834 |
| 19855000 | (d) | Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Provident Resource Group - Rixey Student Housing Project, Series 2019A | 5.500 | 07/01/54 | 16442269 |
| 11542281 | (d) | Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Provident Resource Group - Rixey Student Housing Project, Series 2019B, (cash 7.500%, PIK 7.500%) | 4.500 | 07/01/52 | 6925369 |
| 9005000 | (f) | Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2020A, (UB) | 4.000 | 12/01/49 | 8204490 |
| 7630000 | (d) | Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A | 8.375 | 04/01/41 | 7387770 |
| 1965000 |  | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) | 5.000 | 12/31/49 | 1968245 |
| 9000000 |  | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) | 5.000 | 12/31/52 | 8986368 |
| 22950000 |  | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) | 5.000 | 12/31/56 | 22642032 |
| 1655000 | (d) | Virginia Small Business Financing Authority, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2018, (AMT), (Mandatory Put 7/01/38) | 5.000 | 01/01/48 | 1651091 |
| 9335000 | (d) | Virginia Small Business Financing Authority, Sports and Entertainment Facilities Revenue Bonds, P3 VB Holdings LLC, Senior Series 2023A | 8.500 | 12/01/52 | 9149990 |
| 2200000 | (d) | West Falls Community Development Authority, Arlington County, Virginia, Revenue Bonds, Series 2022A | 5.375 | 09/01/52 | 2232110 |
| 4500000 | (f) | Williamsburg Economic Development Authority, Virginia, Student Housing Revenue Bonds, Provident Group - Williamsburg Properties LLC - William and Mary Project Series 2023A - AGM Insured, (UB) | 4.125 | 07/01/58 | 4133819 |
| 17265000 | (f) | Williamsburg Economic Development Authority, Virginia, Student Housing Revenue Bonds, Provident Group - Williamsburg Properties LLC - William and Mary Project Series 2023A - AGM Insured, (UB) | 4.375 | 07/01/63 | 16286228 |
|  |  | TOTAL VIRGINIA |  |  | 233912028 |
|  |  | **WASHINGTON - 0.7%** |  |  |  |
| 1500000 |  | King County Public Hospital District 4, Washington, Hospital Revenue Bonds, Snoqualmie Valley Hospital, Series 2015A | 6.000 | 12/01/35 | 1508067 |
| 5500000 |  | King County Public Hospital District 4, Washington, Hospital Revenue Bonds, Snoqualmie Valley Hospital, Series 2015A | 6.250 | 12/01/45 | 5399776 |
| 450000 |  | Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing Revenue Bonds, Series 2007, (AMT) | 5.500 | 06/01/27 | 448892 |
| 3660000 |  | Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing Revenue Bonds, Series 2007, (AMT) | 5.600 | 06/01/37 | 3444593 |
| 3000000 |  | Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2021C, (AMT) | 5.000 | 08/01/46 | 3038210 |
| 18000000 | (f) | Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2024B, (AMT), (UB) | 5.250 | 07/01/49 | 18751052 |
| 3305000 |  | Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013 | 5.750 | 04/01/43 | 3200528 |
| 4800000 | (f) | Washington Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2015B, (UB) | 4.125 | 08/15/43 | 4461633 |
| 1510000 | (d),(f) | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 2015- XF0150, (IF) | 9.596 | 10/01/42 | 1521757 |

---

116 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WASHINGTON** (continued) |  |  |  |
| $630000 | (d),(f) | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 2015- XF0150, (IF) | 9.601% | 10/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634910 |
| 5000000 |  | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Refunding Subordinate Series 2021B. Exchange Purchase | 4.000 | 07/01/58 | 4147542 |
| 11170000 | (f) | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018, (UB) | 4.000 | 07/01/58 | 9328162 |
| 10000000 | (f) | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018 | 5.000 | 07/01/58 | 10093187 |
| 12255365 | (d) | Washington State Housing Finance Commission, Multifamily Revenue Bonds, Greentree Village Homes Project, Series 2008 | 5.264 | 02/01/26 | 12183096 |
| 1750000 |  | Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Bayview Manor Senior Project, Series 2024 | 6.000 | 07/01/59 | 1806821 |
| 1705000 | (d),(h) | Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Herons Key Senior Living, Series 2015A, (Pre-refunded 7/01/25) | 7.000 | 07/01/45 | 1719417 |
| 1000000 | (d) | Washington State Housing Finance Commission, Nonprofit Revenue Bonds, Spokane International Academy Project, Series 2021A | 5.000 | 07/01/50 | 953281 |
| 2550000 |  | Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community, Refunding Series 2012 | 5.000 | 01/01/48 | 2347015 |
| 10000000 | (f) | Washington State Housing Finance Commission, Single Family Program Bonds, Social Series 2023-2N, (UB) | 4.950 | 12/01/53 | 10049165 |
|  |  | TOTAL WASHINGTON |  |  | 95037104 |
|  |  | **WEST VIRGINIA - 0.6%** |  |  |  |
| 6539000 |  | Berkeley, Hardy and Jefferson Counties, West Virginia, as Joint Issuers, Commercial Development Revenue Bonds, Scattered Site Housing Projects, Series 2010 | 5.750 | 12/01/44 | 6306613 |
| 2500000 |  | Glenville State College, West Virginia, Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 06/01/37 | 2314891 |
| 5500000 |  | Glenville State College, West Virginia, Revenue Bonds, Refunding & Improvement Series 2017 | 5.250 | 06/01/47 | 4890998 |
| 450000 |  | Huntington, West Virginia, Tax Increment Revenue Bonds, Downtown Project 3, Refunding Series 2024A | 5.500 | 06/01/49 | 443940 |
| 4745000 | (d) | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2017A | 5.500 | 06/01/37 | 4805557 |
| 8390000 | (d) | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2017A | 5.750 | 06/01/43 | 8487343 |
| 1095000 | (d) | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Subordinate Improvement Series 2023A | 7.000 | 06/01/43 | 1150722 |
| 875000 | (d) | Monongalia County, West Virginia, Tax Increment Revenue Bonds, University Town Centre Development District 4, Senior Refunding and Improvement Series 2023A | 5.750 | 06/01/43 | 920108 |
| 875000 | (d) | Monongalia County, West Virginia, Tax Increment Revenue Bonds, University Town Centre Development District 4, Senior Refunding and Improvement Series 2023A | 6.000 | 06/01/53 | 921331 |
| 1000000 | (d) | South Charleston, West Virginia, Special District Excise Tax Revenue Improvement Bonds, South Charleston Park Place Project, Series 2022A | 4.250 | 06/01/42 | 804719 |
| 5240000 | (d) | South Charleston, West Virginia, Special District Excise Tax Revenue Improvement Bonds, South Charleston Park Place Project, Series 2022A | 4.500 | 06/01/50 | 4136545 |
| 3660000 | (d) | West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, Empire Trimodal Terminal, LLC Project, Series 2020 | 7.625 | 12/01/40 | 2907064 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **117** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **WEST VIRGINIA** (continued) |  |  |  |
| $2650000 (d) | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Core Natural Resources, INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35) | 5.450% | 01/01/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714507 |
| 6075000 (f) | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Series 2018A, (UB) | 4.000 | 06/01/51 | 5564289 |
| 12000000 (f) | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System Obligated Group, Improvement Series 2017A, (UB) | 5.000 | 06/01/47 | 12009091 |
| 9315000 (f) | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A, (UB) | 4.125 | 06/01/42 | 9066137 |
| 14175000 (f) | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A, (UB) | 4.250 | 06/01/47 | 13717077 |
| 10815000 (f) | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A, (UB) | 4.375 | 06/01/53 | 10309449 |
|  | TOTAL WEST VIRGINIA |  |  | 91470381 |
|  | **WISCONSIN - 7.5%** |  |  |  |
| 16950000 | Ashwaubenon Community Development Authority, Wisconsin, Lease Revenue Bonds, Brown County Expo Center Project, Series 2019 | 0.000 | 06/01/54 | 3895483 |
| 22485000 (d) | Gillett, Wisconsin, Solid Waste Disposal Revenue Bonds, WI RNG Hub North LLC Renewable Natural Gas Production Plant Project, Series 2021A | 5.500 | 12/01/32 | 17640328 |
| 14520000 | Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, General Revenue Bonds, Refunding Series 2017 | 6.750 | 06/01/32 | 14365676 |
| 510000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Alamance Community School, Series 2021A | 5.000 | 06/15/41 | 464630 |
| 1000000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Alamance Community School, Series 2021A | 5.000 | 06/15/51 | 848268 |
| 900000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Alamance Community School, Series 2021A | 5.000 | 06/15/56 | 740468 |
| 1600000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, American Preparatory Academy, Las Vegas 2 Project, Series 2019A | 5.000 | 07/15/54 | 1508839 |
| 6760000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, American Preparatory Academy, Las Vegas Project, Series 2017 | 5.375 | 07/15/52 | 6722564 |
| 6725000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Chattahoochee Hills Project, Series 2017A | 5.875 | 06/15/47 | 5986044 |
| 1000000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Coral Academy of Science, Reno, Series 2022A | 5.875 | 06/01/52 | 1009343 |
| 1510000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Coral Academy of Science, Reno, Series 2022A | 6.000 | 06/01/62 | 1526853 |
| 5195000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Cornerstone Charter Academy, North Carolina, Series 2016A | 5.125 | 02/01/46 | 5195031 |
| 335000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School Bonds, North Carolina, Series 2019A | 5.000 | 06/15/39 | 311985 |
| 1000000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School, North Carolina, Series 2017A | 5.000 | 06/15/37 | 957357 |
| 1630000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School, North Carolina, Series 2017A | 5.125 | 06/15/47 | 1466517 |
| 1090000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy Project, Series 2016A | 5.125 | 05/01/36 | 1068786 |
| 3445000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy Project, Series 2016A | 5.250 | 05/01/46 | 3228614 |
| 3030000 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Explore Knowledge Foundation Las Vegas Project, Series 2012A | 6.000 | 07/15/42 | 3031682 |

---

118 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $1930000 | (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Hapeville Charter Project, Series 2025A | 5.750% | 02/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985030 |
| 6280000 | (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Mallard Creek STEM Academy, North Carolina, Series 2019 | 5.250 | 06/15/49 | 6142523 |
| 10210000 | (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A | 5.000 | 06/15/36 | 9266667 |
| 40610000 | (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A | 5.000 | 06/15/46 | 33036369 |
| 3320000 | (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Phoenix Academy Charter School, North Carolina, Series 2017A | 5.625 | 06/15/37 | 3262844 |
| 17350000 | (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Phoenix Academy Charter School, North Carolina, Series 2017A | 5.875 | 06/15/47 | 16625651 |
| 1400000 | (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Point College Preparatory, Series 2020A | 5.000 | 06/15/41 | 1210733 |
| 3790000 | (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Point College Preparatory, Series 2020A | 5.000 | 06/15/55 | 3026977 |
| 1000000 | (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Research Triangle High School Project, North Carolina, Series 2015A | 5.375 | 07/01/35 | 1000943 |
| 1590000 | (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Research Triangle High School Project, North Carolina, Series 2015A | 5.625 | 07/01/45 | 1590660 |
| 2875000 | (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, North Carolina, Series 2017A | 5.500 | 06/15/37 | 2908448 |
| 6325000 | (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, North Carolina, Series 2017A | 5.625 | 06/15/47 | 6347977 |
| 5765000 | (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Vegas Vista Academy, Series 2024A | 7.000 | 06/01/59 | 5461449 |
| 392868 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/47 | 11394 |
| 343416 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/48 | 9385 |
| 337921 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/49 | 8670 |
| 326932 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/50 | 7763 |
| 321437 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/51 | 7203 |
| 417594 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/52 | 8678 |
| 412099 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/53 | 8089 |
| 398362 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/54 | 7336 |
| 390120 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/55 | 6776 |
| 381878 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/56 | 6291 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **119** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $20783601 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 5.500% | 07/01/56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15286571 |
| 423088 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/57 | 6550 |
| 412099 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/58 | 6023 |
| 401109 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/59 | 5559 |
| 392868 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/60 | 5103 |
| 387373 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/61 | 4733 |
| 376384 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/62 | 4342 |
| 368142 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/63 | 4024 |
| 359899 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/64 | 3741 |
| 354405 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/65 | 3454 |
| 381878 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/66 | 3443 |
| 4599030 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/67 | 37530 |
| 176604 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/46 | 5549 |
| 174116 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/47 | 5050 |
| 172872 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/48 | 4725 |
| 171629 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/49 | 4403 |
| 169140 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/50 | 4016 |
| 185309 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/51 | 4152 |
| 4770373 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 3.750 | 07/01/51 | 3279962 |
| 184065 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/52 | 3825 |
| 181578 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/53 | 3564 |

---

120 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $180334 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000% | 01/01/54 | $3321 |
| 177847 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/55 | 3089 |
| 175359 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/56 | 2889 |
| 174116 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/57 | 2696 |
| 171629 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/58 | 2508 |
| 170385 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/59 | 2361 |
| 169140 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/60 | 2197 |
| 166653 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/61 | 2036 |
| 165411 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/62 | 1908 |
| 162923 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/63 | 1781 |
| 161679 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/64 | 1681 |
| 160434 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/65 | 1564 |
| 157947 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/66 | 1424 |
| 2057071 | (d),(e) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/67 | 16787 |
| 25000000 | (d) | Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public Improvement District Project, Series 2017 | 7.000 | 03/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25572957 |
| 940000 | (d) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Carolina International School, Series 2018A | 5.250 | 08/01/38 | 949007 |
| 1240000 | (d) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Carolina International School, Series 2018A | 5.500 | 08/01/48 | 1253987 |
| 5280000 | (d) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Casa Esperanza Montessori, Series 2021A | 4.375 | 06/01/46 | 4274473 |
| 9815000 | (d) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Casa Esperanza Montessori, Series 2021A | 4.500 | 06/01/56 | 7652281 |
| 6875000 | (d) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Corvian Community School, North Carolina Series 2023A | 6.250 | 06/15/53 | 6942056 |
| 1030000 | (d) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Pioneer Springs Community School, Series 2020A | 6.250 | 06/15/40 | 1006276 |
| 5350000 | (d) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Pioneer Springs Community School, Series 2020A | 6.500 | 06/15/50 | 5234458 |
| 1510000 | (d) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Pioneer Springs Community School, Taxable Series 2020B | 7.500 | 06/15/30 | 1497782 |
| 1000000 |  | Public Finance Authority of Wisconsin, Education Revenue Bonds, Shining Rock Classical Academy, Series 2022A | 6.000 | 06/15/52 | 973451 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **121** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $955000 |  | Public Finance Authority of Wisconsin, Education Revenue Bonds, Shining Rock Classical Academy, Series 2022A | 6.125% | 06/15/57 | $930021 |
| 1945000 | (d) | Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore Academy, Series 2019A | 5.500 | 06/01/49 | 1814141 |
| 1300000 | (d) | Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore Academy, Series 2021A | 5.000 | 06/01/56 | 1103862 |
| 500000 |  | Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Cincinnati Classical Academy, Series 2024A | 6.000 | 06/15/64 | 496575 |
| 4385000 | (d) | Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie College, Series 2019A | 5.875 | 10/01/54 | 2825337 |
| 5625000 | (d),(i) | Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lindenwood Education system, Series 2025A | 5.500 | 06/01/40 | 5775148 |
| 1000000 | (d) | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy Project, Series 2016A | 5.000 | 08/01/36 | 856095 |
| 3000000 | (d) | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy Project, Series 2016A | 5.125 | 08/01/46 | 2329868 |
| 2875000 | (d) | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy Project, Series 2021 | 5.000 | 08/01/56 | 2060613 |
| 4395000 |  | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Lenoir-Rhyne University, Refunding Series 2022 | 5.000 | 04/01/43 | 4276677 |
| 4000000 |  | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Lenoir-Rhyne University, Refunding Series 2022 | 5.125 | 04/01/52 | 3822951 |
| 5300000 |  | Public Finance Authority of Wisconsin, Health Care Facilities Revenue Bonds, Blue Ridge HealthCare, Refunding Series 2020A | 3.000 | 01/01/50 | 3841898 |
| 1725000 | (d) | Public Finance Authority of Wisconsin, Healthcare Facility Expansion Revenue Bonds, Church Homes of Hartford Inc Project, Refunding Series 2015A | 5.000 | 09/01/38 | 1687101 |
| 16835000 | (d) | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Subordinate Lien Series 2022B | 6.000 | 02/01/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17428543 |
| 8500000 | (d),(e) | Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A | 6.250 | 08/01/27 | 8223750 |
| 21045000 | (d),(e) | Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A | 6.750 | 08/01/31 | 18887888 |
| 61170000 | (d) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 6.500 | 12/01/37 | 61832018 |
| 41330000 | (d) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 6.750 | 12/01/42 | 41835243 |
| 226900000 | (d) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 7.000 | 12/01/50 | 257165916 |
| 6710000 | (d) | Public Finance Authority of Wisconsin, Project Revenue Bonds, Irving Convention Center Hotel Project, First Tier Series 2017A-2 | 7.000 | 01/01/50 | 7010909 |
| 4750000 | (d) | Public Finance Authority of Wisconsin, Revenue Anticipation Bonds, Texas Infrastructure Authority Program, Astro Texas Land Projects, Refunding & Improvement Series 2025 | 5.000 | 12/15/36 | 4761290 |
| 13650000 | (d) | Public Finance Authority of Wisconsin, Revenue Anticipation Capital Appreciation Bonds, Texas Infrastructure Authority Program, Myrtle Creek Project, Series 2025 | 0.000 | 12/15/41 | 4766482 |
| 16910000 | (d),(e) | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Gulf Coast Zoo, Series 2018A | 6.500 | 09/01/48 | 10146000 |
| 2600000 | (d),(e) | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Gulf Coast Zoo, Taxable Series 2018B | 6.750 | 09/01/29 | 1560000 |
| 3100000 | (d),(e) | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017A | 6.250 | 10/01/31 | 310000 |
| 10000000 | (d),(e) | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017A | 6.850 | 10/01/47 | 1000000 |
| 4700000 | (d),(e) | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017A | 7.000 | 10/01/47 | 470000 |

---

122 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $2000000 | (d),(e) | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017B | 8.500% | 10/01/47 | $20 |
| 5000000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Bayhealth Medical Center Project, Series 2021A - BAM Insured | 3.000 | 07/01/50 | 3709632 |
| 3000000 | (d),(e) | Public Finance Authority of Wisconsin, Revenue Bonds, Delray Beach Radiation Therapy Center, Subordinate Series 2017B | 0.000 | 11/01/46 | 300000 |
| 1220000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., Series 2017A | 5.200 | 12/01/37 | 1244435 |
| 2725000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., Series 2017A | 5.350 | 12/01/45 | 2755834 |
| 18790000 | (d),(e) | Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, Senior Series 2018A | 6.950 | 07/01/38 | 13153000 |
| 60680000 | (d),(e) | Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, Senior Series 2018A | 7.000 | 07/01/48 | 42476000 |
| 4410000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2015 | 5.875 | 04/01/45 | 4412419 |
| 28365000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community, Series 2023A | 5.000 | 06/01/52 | 26519207 |
| 9500000 | (d) | Public Finance Authority of Wisconsin, Revenue Bonds, Senior Revenue Bonds, Proton International Arkansas, LLC, Series 2021A | 6.850 | 01/01/51 | 6631412 |
| 6650000 | (d) | Public Finance Authority of Wisconsin, Revenue Bonds, Viticus Group Project, Series 2022A | 4.250 | 12/01/51 | 5403302 |
| 4180000 |  | Public Finance Authority of Wisconsin, Senior Airport Facilities Revenue and Refunding Bonds, TrIPS Obligated Group, Series 2012B | 5.000 | 07/01/42 | 4094635 |
| 5605000 | (d),(e) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.125 | 01/01/33 | 2522250 |
| 22230000 | (d),(e) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.250 | 01/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10003500 |
| 90145000 | (d),(e) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.375 | 01/01/48 | 40565250 |
| 1000000 |  | Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, KSU Bixby Real Estate Foundation, LLC Project, Junior Subordinate, Series 2025C | 5.750 | 06/15/55 | 1014153 |
| 500000 |  | Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, KSU Bixby Real Estate Foundation, LLC Project, Senior Series 2025A | 5.250 | 06/15/50 | 511435 |
| 1000000 |  | Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, KSU Bixby Real Estate Foundation, LLC Project, Senior Series 2025A | 5.250 | 06/15/55 | 1016906 |
| 550000 |  | Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, KSU Bixby Real Estate Foundation, LLC Project, Subordinate, Series 2025B | 5.250 | 06/15/45 | 558235 |
| 750000 |  | Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, KSU Bixby Real Estate Foundation, LLC Project, Subordinate, Series 2025B | 5.500 | 06/15/55 | 763707 |
| 2600000 | (d) | Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, University of Hawaii Foundation Project, Green and Social Series 2021A-1 | 4.000 | 07/01/61 | 2008215 |
| 2000000 | (d) | Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, University of Hawaii Foundation Project, Subordinate Green and Social Series 2021B | 5.250 | 07/01/61 | 1715405 |
| 4865000 | (c),(e) | Public Finance Authority of Wisconsin, Wisconsin Revenue Note, KDC Agribusiness LLC Project, Series 2022B | 15.000 | 12/31/25 | 486 |
| 7750000 | (d) | Public Finance Authority, Wisconsin, Revenue Bonds, Two Step Project, Series 2024 | 0.000 | 12/15/34 | 4334112 |
| 6500000 | (d) | Public Finance Authority, Wisconsin, Revenue Bonds, Ultimate Medical Academy, Taxable Series 2019B | 6.125 | 10/01/49 | 5715852 |
| 21625000 | (d) | Public Finance Authority, Wisconsin, Revenue Bonds, Vonore Fiber Products Sustainable Packaging Project, Taxable Green Series 2019 | 7.500 | 06/01/29 | 21042362 |
| 35100000 | (d) | Public Finance Authority, Wisconsin, Tax Increment Revenue Senior Bonds, World Center Project Series 2024A | 5.000 | 06/01/41 | 35716854 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **123** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $3215000 | (d) | Public Finance Authority, Wisconsin, Tax Increment Revenue Subordinate Bonds, World Center Project Series 2024B | 8.000% | 06/15/42 | $3237078 |
| 6650000 | (d) | Saint Croix Chippewa Indians of Wisconsin, Revenue Bonds, Refunding Senior Series 2021 | 5.000 | 09/30/41 | 5918875 |
| 13825000 | (f) | University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Series 2018A, (UB) | 4.250 | 04/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12977192 |
| 2130000 | (d) | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rocket Education Obligated Group, Series 2017C | 5.250 | 06/01/40 | 2093752 |
| 8500000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Agnesian HealthCare, Inc., Series 2017 | 4.000 | 07/01/47 | 7937981 |
| 1850000 | (e) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Refunding Series 2017 | 5.000 | 08/01/37 | 1275539 |
| 10000000 | (f) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Aspirus, Inc. Obligated Group, Series 2017, (UB) | 5.000 | 08/15/52 | 10016959 |
| 1500000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Phase 2 Project, Series 2024 | 6.125 | 10/01/59 | 1531370 |
| 5620000 | (f) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Froedtert Health, Inc. Obligated Group, Series 2017A, (UB) | 5.000 | 04/01/48 | 5664777 |
| 15345000 | (f) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Marshfield Clinic Health System Inc Series 2024A - BAM Insured, (UB) | 4.500 | 02/15/54 | 14895955 |
| 9745000 | (f) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc., Series 2016, (UB) | 4.000 | 12/01/46 | 9007978 |
| 30000000 | (f) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc., Series 2022, (UB) | 4.000 | 12/01/51 | 27228375 |
| 1650000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Mile Bluff Medical Center, Inc., Series 2014 | 5.500 | 05/01/34 | 1602930 |
| 2635000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Mile Bluff Medical Center, Inc., Series 2014 | 5.750 | 05/01/39 | 2504077 |
| 1000000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Oakwood Lutheran Senior Ministries, Series 2021 | 4.000 | 01/01/57 | 783998 |
| 10105000 | (f) | Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Social Series 2024A, (UB) | 4.750 | 09/01/50 | 10011031 |
| 12500000 | (f) | Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Social Series 2024B, (UB) | 4.750 | 03/01/51 | 12318375 |
| 10115000 | (f) | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2018A, (UB) | 4.300 | 11/01/53 | 9053000 |
|  |  | TOTAL WISCONSIN |  |  | 1079471799 |
|  |  | **WYOMING - 0.2%** |  |  |  |
| 10245000 |  | Larmie County, Wyoming, Hospital Revenue Bonds, Cheyenne Regional Medical Center Project, Refunding Series 2021 | 3.000 | 05/01/42 | 8073656 |
| 8250000 | (f) | Wyoming Community Development Authority, Housing Revenue Bonds, 2023 Series 3, (UB) | 4.850 | 12/01/48 | 8295033 |
| 12765000 | (f) | Wyoming Community Development Authority, Housing Revenue Bonds, 2025 Series 1, (UB) | 4.650 | 12/01/45 | 12775631 |
|  |  | TOTAL WYOMING |  |  | 29144320 |
|  |  | **TOTAL MUNICIPAL BONDS<br>(Cost $19,457,799,058)** |  |  | **18268622587** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VARIABLE RATE SENIOR LOAN INTERESTS - 0.0%** |  |  |  |
|  |  | **CAPITAL GOODS - 0.0%** |  |  |  |
| 6819826 | (c),(e) | KDC Agribusiness Fairless Hills LLC | 12.000 | 09/15/23 | 682 |
|  |  | TOTAL CAPITAL GOODS |  |  | 682 |
|  |  | **CONSUMER DURABLES & APPAREL - 0.0%** |  |  |  |
| 1096191 | (c) | Cahava Springs Advance, (CME Term SOFR 1 Month + –%) | 7.500 | 12/31/26 | 1096191 |
|  |  | TOTAL CONSUMER DURABLES & APPAREL |  |  | 1096191 |

---

124 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%** |  |  |  |
| $347170 (c) | Tuscan Gardens of Palm Coast | 15.000% | 10/12/25 | $347170 |
|  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 347170 |
|  | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS<br>(Cost $8,263,187)** |  |  | **1444043** |
|  | **TOTAL LONG-TERM INVESTMENTS<br>(Cost $19,500,126,014)** |  |  | **18298120684** |
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SHORT-TERM INVESTMENTS - 0.8%** |  |  |  |
|  | **REPURCHASE AGREEMENTS - 0.8%** |  |  |  |
| 109150000 (k) | Fixed Income Clearing Corporation | 4.350 | 04/01/25 | 109150000 |
|  | **TOTAL REPURCHASE AGREEMENTS<br>(Cost $109,150,000)** |  |  | **109150000** |
|  | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $109,150,000)** |  |  | **109150000** |
|  | **TOTAL INVESTMENTS - 127.5%<br>(Cost $19,609,276,014)** |  |  | **18407270684** |
|  | FLOATING RATE OBLIGATIONS - (34.7)% |  |  | **(5004553000)** |
|  | OTHER ASSETS & LIABILITIES, NET - 7.2% |  |  | **1034888757** |
|  | NET ASSETS - 100% |  |  | $**14437606441** |

---

AMT Alternative Minimum Tax

ETM Escrowed to maturity

---

| | |
|:---|:---|
| IF | Inverse floating rate security issued by a tender option bond ("TOB") trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  |

---

---

| | |
|:---|:---|
| PIK | Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.  |

---

UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

(a) Common Stock received as part of spin-off from WestRock Company.

(b) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(c) For fair value measurement disclosure purposes, investment classified as Level 3.

(d) 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 $4,756,042,428 or 25.8% of Total Investments.

(e) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(f) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(g) 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.

(h) 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.

(i) When-issued or delayed delivery security.

(j) Inverse floating rate trust is a non recourse trust.

(k) Agreement with Fixed Income Clearing Corporation, 4.350% dated 3/31/25 to be repurchased at $109,163,189 on 4/1/25, collateralized by Government Agency Securities, with coupon rates 3.875%–4.250% and maturity dates 8/15/34–11/15/34, valued at $111,333,149.

---

| | |
|:---|:---|
| See Notes to Financial Statements | **125** |

---

------

Portfolio of Investments March 31, 2025 (continued)

High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

### Investments in Derivatives

#### Credit Default Swaps - OTC Uncleared

#### SOLD

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference**<br> **Entity** | **Fixed**<br> **Rate**<br> (Annualized) | **Current<br>Credit<br>Spread (a)** | **Fixed Rate<br>Payment<br>Frequency** | **Maturity**<br> **Date** | **Notional<br>Amount(b)** | **Value** | **Premiums**<br> **Paid (Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| Citigroup Global Markets Inc.(c) | City of Chicago | 1.000% | 2.09% | QUARTERLY | 12/20/25 | $5000000 | $13067 | $(30164) | $43231 |
| Citigroup Global Markets Inc.(c) | City of Chicago | 1.000 | 3.13 | QUARTERLY | 6/20/28 | 60000000 | 89000 | (2382980) | 2471980 |
| Citigroup Global Markets Inc.(c) | State of Illinois | 1.000 | 1.38 | QUARTERLY | 12/20/25 | 25000000 | 120833 | (47896) | 168729 |
| Total |  |  |  |  |  | $90000000 | $222900 | $(2461040) | $2683940 |

---

(a) The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of higher likelihood of performance by the seller of protection.

(b) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

(c) For fair value measurement disclosure purposes, investment classified as Level 3.

126 *See Notes to Financial Statements*

------

Portfolio of Investments March 31, 2025

Short Duration High Yield

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | | | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 94.6%** |  |  |  |
|  |  | **COMMON STOCKS - 0.0%** |  |  |  |
|  |  | **MATERIALS - 0.0%** |  |  |  |
| 153 | (a),(b) | PALOUSE FIBER HOLDINGS |  |  | $2 |
|  |  | TOTAL MATERIALS |  |  | 2 |
|  |  | **TOTAL COMMON STOCKS**<br> **(Cost $22,950)** |  |  | **2** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CORPORATE BONDS - 0.2%** |  |  |  |
|  |  | **CONSUMER SERVICES - 0.2%** |  |  |  |
| $10500000 | (a) | Wild Rivers Water Park | 8.500% | 11/01/51 | 7875000 |
|  |  | TOTAL CONSUMER SERVICES |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7875000 |
|  |  | **TOTAL CORPORATE BONDS<br>(Cost $9,660,509)** |  |  | **7875000** |
| **SHARES** |  | **DESCRIPTION** |  |  | **VALUE** |
|  |  | **EXCHANGE-TRADED FUNDS - 0.4%** |  |  |  |
| 950000 | (c),(d) | Nuveen High Yield Municipal Bond ETF |  |  | 23826000 |
|  |  | **TOTAL EXCHANGE-TRADED FUNDS<br>(Cost $24,014,250)** |  |  | **23826000** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MORTGAGE-BACKED SECURITIES - 0.0%** |  |  |  |
| 325000 |  | New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class D Series 2024, New York | 4.000 | 12/15/31 | 329988 |
|  |  | **TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $325,000)** |  |  | **329988** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MUNICIPAL BONDS - 93.9%** |  |  |  |
|  |  | **ALABAMA - 3.2%** |  |  |  |
| 2120000 | (e) | Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A | 5.350 | 09/01/27 | 2122374 |
| 50000000 | (f),(g) | Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Project 7 Series 2022C-2, (Mandatory Put 6/01/29) (SOFR\*0.67% + 2.150%), (UB) | 5.708 | 02/01/53 | 51582975 |
| 2220000 |  | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2024A, (Mandatory Put 9/01/32) | 5.250 | 05/01/55 | 2375589 |
| 1645000 |  | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Proejcet, Green Series 2020, (AMT), (Mandatory Put 11/01/30) | 6.375 | 11/01/50 | 1843182 |
| 6125000 |  | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2019, (AMT) | 5.750 | 10/01/49 | 6380778 |
| 200000 |  | MidCity Improvement District, Alabama, Special Assessment Revenue Bonds, Series 2022 | 3.875 | 11/01/27 | 194134 |
| 15050000 |  | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024B, (AMT) | 4.750 | 12/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14243636 |
| 5955000 | (h) | Montgomery Medical Clinic Board, Alabama, Health Care Facility Revenue Bonds, Jackson Hospital & Clinic, Series 2015 | 5.000 | 03/01/33 | 3736762 |
| 7350000 | (h) | Montgomery Medical Clinic Board, Alabama, Health Care Facility Revenue Bonds, Jackson Hospital & Clinic, Series 2015 | 5.000 | 03/01/36 | 4612125 |
| 8345000 |  | Phenix City Industrial Development Board, Alabama, Environmental Improvement Revenue Refunding Bonds, MeadWestvaco Coated Board Project, Series 2012A, (AMT) | 4.125 | 05/15/35 | 8055503 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **127** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ALABAMA** (continued) |  |  |  |
| $5000000 |  | 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 | $5296519 |
| 10000000 |  | Southeast Alabama Gas Supply District, Alabama, Gas Supply Revenue Bonds, Project 2, Refunding Series 2024B, (Mandatory Put 5/01/32) | 5.000 | 06/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10484175 |
| 50000000 | (f),(g) | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 3, Fixed Rate Series 2022A-1, (Mandatory Put 12/01/29) (SOFR\*0.67% + 2.420%), (UB) | 5.978 | 01/01/53 | 52267865 |
| 9000000 | (e) | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding<br> Series 2019A | 5.250 | 05/01/44 | 9095564 |
|  |  | TOTAL ALABAMA |  |  | 172291181 |
|  |  | **ALASKA - 0.0%** |  |  |  |
| 260000 |  | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A Class 1 | 4.000 | 06/01/41 | 244028 |
|  |  | TOTAL ALASKA |  |  | 244028 |
|  |  | **ARIZONA - 2.6%** |  |  |  |
| 24815000 | (f),(g) | Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2007B (LIBOR 3 M\*0.67% + 0.810%), (UB) | 4.597 | 01/01/37 | 23977196 |
| 2975000 | (e),(f) | Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust Series 2023- XF3088, (IF) | 6.765 | 01/01/37 | 2639912 |
| 2975000 | (e),(f) | Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust Series 2023- XF3088, (IF) | 6.765 | 01/01/37 | 2639912 |
| 1485000 | (e),(f) | Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust Series 2023- XF3088, (IF) | 6.773 | 01/01/37 | 1317540 |
| 1485000 | (e),(f) | Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust Series 2023- XF3088, (IF) | 6.837 | 01/01/37 | 1317372 |
| 500000 | (e) | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D | 5.000 | 07/01/37 | 503798 |
| 425000 | (e) | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Somerset Academy of Las Vegas ?<br> Aliante and Skye Canyon Campus Projects, Series 2021A | 3.000 | 12/15/31 | 390002 |
| 385000 | (e) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2017B | 4.000 | 03/01/27 | 381384 |
| 130000 | (e) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2022 | 5.000 | 07/01/32 | 132381 |
| 1245000 |  | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, KIPPC NYC Public Charter Schools - Jerome Facility Project, Social Series 2021B | 4.000 | 07/01/41 | 1136443 |
| 685000 | (e) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Leman Academy of Excellence - Parker Colorado Campus Project, Series 2019A | 4.500 | 07/01/29 | 678719 |
| 3435000 | (e) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Leman Academy of Excellence - Parker Colorado Campus Project, Series 2019A | 5.000 | 07/01/49 | 3226479 |
| 245000 | (e) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Mater Academy of Nevada - Mountain Vista Campus Project, Series 2018A | 4.750 | 12/15/28 | 247579 |
| 680000 | (e) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest Academy of Nevada ? Horizon, Inspirada and St. Rose Campus Projects, Series 2018A | 5.750 | 07/15/38 | 690316 |
| 360000 | (e) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest Academy-Cadence Campus Project, Series 2020A | 4.000 | 07/15/30 | 357469 |

---

128 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ARIZONA** (continued) |  |  |  |
| $30885000 | (e) | Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group ? Falcon Properties LLC, Project, Senior Series 2022A-1 | 4.000% | 12/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24076698 |
| 1825000 | (e),(h) | Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus Academy Project, Series 2018A | 5.850 | 06/01/29 | 1277500 |
| 945000 |  | Arizona Industrial Development Authority, Multifamily Housing Revenue Bonds, Bridgewater Avondale Project, Series 2017 | 4.750 | 01/01/28 | 885019 |
| 2520000 | (e) | Arizona Industrial Development Authority, Revenue Bonds, Mirabella at ASU Project, Refunding Series 2023A | 4.700 | 10/01/28 | 2316755 |
| 10095000 | (e) | Arizona Industrial Development Authority, Revenue Bonds, Mirabella at ASU Project, Refunding Series 2023B, (Mandatory Put 1/01/27) | 5.350 | 10/01/28 | 9476245 |
| 5675000 |  | 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 | 5654985 |
| 650000 | (e) | Coconino County Industrial Development Authority, Arizona, Education Revenue Bonds, Flagstaff Arts & Leadership Academy Project, Refunding Series 2020 | 4.750 | 07/01/30 | 620724 |
| 225000 | (e) | Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015 | 4.000 | 07/15/25 | 224628 |
| 69000 | (e) | Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 2, Series 2014 | 4.375 | 07/01/25 | 68993 |
| 250000 | (e) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Autism Charter Schools Project, Social Series 2021A | 4.000 | 07/01/31 | 245268 |
| 1460000 | (e) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Benjamin Franklin Charter School Projects, Series 2018A | 4.800 | 07/01/28 | 1485081 |
| 650000 | (e) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Series 2021A | 3.000 | 07/01/31 | 604241 |
| 385000 | (e) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Series 2021A | 4.000 | 07/01/41 | 340245 |
| 5000000 |  | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Series 2024 | 4.000 | 07/01/34 | 4792738 |
| 5000000 |  | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Series 2024 | 4.000 | 07/01/39 | 4541451 |
| 1745000 | (e) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Sun Valley Academy, Series 2024A | 5.250 | 07/01/34 | 1772393 |
| 2885000 | (e) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Sun Valley Academy, Series 2024A | 6.250 | 07/01/44 | 2973611 |
| 130000 | (e) | Maricopa County Industrial Development Authority, Arizona, Educational Facilities Revenue Bonds, Ottawa University Projects, Series 2020 | 5.000 | 10/01/26 | 128497 |
| 425000 | (e) | Maricopa County Industrial Development Authority, Arizona, Educational Facilities Revenue Bonds, Ottawa University Projects, Series 2020 | 5.125 | 10/01/30 | 411085 |
| 11500000 |  | Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El Paso Electric Company Palo Verde Project, Refunding Series 2012A | 4.500 | 08/01/42 | 11121506 |
| 1085000 | (e) | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Northwest Christian School Project, Series 2020A | 5.000 | 09/01/45 | 963027 |
| 1175000 |  | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series 2015 | 5.000 | 07/01/45 | 1116154 |
| 535000 | (e) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, American Leadership Academy Project, Series 2019 | 5.000 | 06/15/34 | 535240 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **129** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ARIZONA** (continued) |  |  |  |
| $660000 | (e) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, American Leadership Academy Project, Series 2019 | 5.000% | 06/15/39 | $651258 |
| 6995000 | (e),(h) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Refunding Series 2020 | 5.000 | 07/01/30 | 4896500 |
| 595000 | (h) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016 | 4.375 | 07/01/26 | 416500 |
| 600000 | (e),(h) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2019 | 5.125 | 07/01/30 | 420000 |
| 1870000 | (e),(h) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2019 | 5.500 | 07/01/40 | 1309000 |
| 370000 | (e) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Imagine East Mesa Charter Schools Project, Series 2019 | 5.000 | 07/01/29 | 372248 |
| 425000 | (e) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Imagine East Mesa Charter Schools Project, Series 2019 | 5.000 | 07/01/34 | 426022 |
| 575000 | (e) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Imagine East Mesa Charter Schools Project, Series 2019 | 5.000 | 07/01/39 | 565394 |
| 1685000 | (i) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Leading Edge Academy Maricopa Charter School Project, Series 2013, (Pre-refunded 12/01/25) | 7.750 | 12/01/43 | 1735385 |
| 630000 | (e) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017 | 6.125 | 02/01/28 | 653599 |
| 1820000 | (e) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Synergy Public Charter School Project, Series 2020 | 5.000 | 06/15/35 | 1800767 |
| 2525000 | (e) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Synergy Public Charter School Project, Series 2020-1 | 5.000 | 06/15/35 | 2498317 |
| 290000 |  | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, The Paideia Academies Project, 2019 | 4.125 | 07/01/29 | 280384 |
| 5185000 |  | Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Charter Schools Refunding Project, Series 2016R | 5.000 | 07/01/31 | 5190474 |
| 100000 |  | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.000 | 12/01/37 | 105342 |
| 444000 | (e) | Show Low Bluff Community Facilities District, Show Low, Arizona, Special Assessment Bonds, Area One, Series 2007 | 5.600 | 07/01/31 | 438942 |
| 1250000 | (e) | Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue Bonds, American Leadership Academy Project, Series 2024 | 5.000 | 06/15/34 | 1280036 |
| 286000 |  | Southside Community Facilities District 1, Prescott Valley, Arizona, Special Assessment Revenue Bonds, Series 2008 | 7.250 | 07/01/32 | 266426 |
| 1155000 | (e) | Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU Project, Series 2017A | 5.500 | 10/01/27 | 1055348 |
| 10000 | (e) | Tempe Industrial Development Authority, Arizona, Revenue<br> Bonds, Mirabella at ASU Project, Series 2017A | 6.000 | 10/01/37 | 7381 |
|  |  | TOTAL ARIZONA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139637909 |

---

130 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ARKANSAS - 0.7%** |  |  |  |
| $19810000 | (e) | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT) | 5.450% | 09/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20298224 |
| 17410000 |  | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2023, (AMT) | 5.700 | 05/01/53 | 18093640 |
| 415000 | (e) | Arkansas Development Finance Authority, Charter School Revenue Bonds, Academy of Math and Science - Little Rock Project Taxable Series 2024B | 8.500 | 07/01/28 | 418079 |
| 1250000 | (e) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series<br> 2019, (AMT) | 4.500 | 09/01/49 | 1191619 |
|  |  | TOTAL ARKANSAS |  |  | 40001562 |
|  |  | **CALIFORNIA - 5.9%** |  |  |  |
| 7215000 |  | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A | 5.000 | 03/01/31 | 7173326 |
| 7565000 |  | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A | 5.250 | 03/01/36 | 7468967 |
| 1000000 | (e),(f) | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2016-XG0019, Formerly Tender Option Bond Trust 4740, (IF) | 6.247 | 04/01/36 | 1018404 |
| 355000 |  | Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Redevelopment Project 1, Refunding Series 2015 | 5.000 | 05/01/25 | 355541 |
| 9455000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023C, (Mandatory Put 10/01/31) | 5.250 | 01/01/54 | 9884556 |
| 5000000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024G, (Mandatory Put 8/01/32) | 5.000 | 11/01/55 | 5238642 |
| 6000000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024H, (Mandatory Put 8/01/33) | 5.000 | 01/01/56 | 6512038 |
| 50000000 | (f),(g) | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green SIFMA Index Rate Series 2022A-1, (Mandatory Put 8/01/28) (SOFR\*0.67% + 1.700%), (UB) | 5.258 | 05/01/53 | 50045730 |
| 5000000 | (e) | California Community Housing Agency, California, Essential Housing Revenue Bonds, K Street Flats, Series 2021A-2 | 4.000 | 08/01/50 | 3894916 |
| 14700000 | (e) | California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A | 5.000 | 04/01/49 | 12528278 |
| 250000 | (e) | California Enterprise Development Authority, Charter School Revenue Bonds, Rocklin Academy Project, Refunding Series 2021A | 4.000 | 06/01/36 | 236417 |
| 630000 | (e) | California Enterprise Development Authority, Charter School Revenue Bonds, Rocklin Academy Project, Refunding Series 2021A | 4.000 | 06/01/51 | 539033 |
| 225000 |  | California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2017A | 4.000 | 08/15/34 | 218999 |
| 1000000 |  | California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2017A | 5.000 | 08/15/47 | 992025 |
| 4250000 |  | California Housing Finance Agency, California, Multifamily Housing Revenue Bonds, Power Station Block 7B, Limited Obligation Senior Series 2024L | 5.200 | 12/01/27 | 4308918 |
| 14239 |  | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2021-1 | 3.500 | 11/20/35 | 13608 |
| 20450000 | (e) | California Infrastructure and Economic Development Bank, Revenue Bonds, Brightline West Passenger Rail Project, Green Bond Series 2025A, (AMT), (Mandatory Put 1/01/35) | 9.500 | 01/01/65 | 20450209 |
| 110000 |  | California Municipal Finance Authority Charter School Revenue Bonds, John Adams Academies, Inc. Project, Series 2015A | 4.500 | 10/01/25 | 110000 |
| 270000 | (e) | California Municipal Finance Authority Charter School Revenue Bonds, River Charter Schools Project, Series 2018A | 4.500 | 06/01/28 | 268139 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **131** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $395000 (e) | California Municipal Finance Authority, Revenue Bonds, Creative Center of Los Altos Project?Pinewood & Oakwood Schools, Series 2016B | 4.000% | 11/01/26 | $394438 |
| 1150000 (e) | California Municipal Finance Authority, Charter School Lease Revenue Bonds, Bella Mente Montessori Academy Project, Series 2018A | 5.000 | 06/01/28 | 1162353 |
| 555000 (e) | California Municipal Finance Authority, Charter School Lease Revenue Bonds, Nova Academy Project, Series 2016A | 4.000 | 06/15/26 | 548516 |
| 1900000 (e) | California Municipal Finance Authority, Charter School Lease Revenue Bonds, Nova Academy Project, Series 2016A | 5.000 | 06/15/46 | 1781201 |
| 170000 (e) | California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa Academy Project, Series 2015 | 4.375 | 07/01/25 | 169967 |
| 680000 (e) | California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2018A | 3.875 | 07/01/28 | 673792 |
| 840000 | California Municipal Finance Authority, Education Revenue Bonds, American Heritage Foundation Project, Series 2016A | 5.000 | 06/01/36 | 844706 |
| 220000 (e) | California Municipal Finance Authority, Education Revenue Bonds, STREAM Charter Schools Project, Series 2020A | 5.000 | 06/15/41 | 208586 |
| 22836675 (e) | California Municipal Finance Authority, Multifamily Housing Revenue Bonds, Pacific Oaks Senior Apartments, Series 2022A, (Mandatory Put 7/01/32) | 4.000 | 07/01/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21828755 |
| 175000 (e) | California Municipal Finance Authority, Revenue Bonds, Community Health Centers of the Central Coast, Inc., Series 2021A | 5.000 | 12/01/36 | 178609 |
| 5000000 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, (AMT) | 5.000 | 12/31/43 | 5012574 |
| 350000 | California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2015 | 5.000 | 11/01/27 | 350135 |
| 1425000 | California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A | 5.000 | 11/01/28 | 1440745 |
| 2595000 | California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A | 5.250 | 11/01/29 | 2630609 |
| 1990000 | California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A | 5.000 | 11/01/30 | 2007688 |
| 1000000 | California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A | 5.250 | 11/01/31 | 1011646 |
| 1000000 (e) | California Municipal Finance Authority, Revenue Bonds, Simpson University, Series 2020A | 6.000 | 10/01/50 | 1006684 |
| 14940000 | California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, Inc. Los Angeles International Airport Project, Series 2019, (AMT) | 4.000 | 07/15/29 | 14792724 |
| 135000 (j) | California Municipal Finance Authority, Special Tax Revenue Bonds, Community Facilities District 2023-11 Hesperia- Silverwood Improvement Area 1, Series 2025 | 4.500 | 09/01/35 | 132829 |
| 500000 (j) | California Municipal Finance Authority, Special Tax Revenue Bonds, Community Facilities District 2023-11 Hesperia- Silverwood Improvement Area 1, Series 2025 | 5.000 | 09/01/40 | 504124 |
| 635000 (j) | California Municipal Finance Authority, Special Tax Revenue Bonds, Community Facilities District 2023-11 Hesperia- Silverwood Improvement Area 1, Series 2025 | 5.000 | 09/01/45 | 631003 |
| 2575000 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2015A- 3, (AMT) | 4.300 | 07/01/40 | 2576745 |
| 1355000 (e) | California Public Finance Authority, Charter School Lease Revenue Bonds, California Crosspoint Academy Project, Series 2020A | 4.250 | 07/01/30 | 1277133 |
| 415000 | California Public Finance Authority, Charter School Lease Revenue Bonds, Multicultural Learning Center Project, Series 2017A | 5.250 | 06/15/27 | 417580 |
| 1000000 | California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A | 5.700 | 06/01/34 | 984760 |
| 5500000 | California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A | 5.875 | 06/01/39 | 5274003 |

---

132 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $860000 | (e) | California Public Finance Authority, University Housing Revenue Bonds, National Campus Community Development - Claremont Properties LLC Claremont Colleges Project, Refunding Series 2023A | 5.000% | 07/01/35 | $896299 |
| 1375000 | (e) | California Public Finance Authority, University Housing Revenue Bonds, National Campus Community Development - Claremont Properties LLC Claremont Colleges Project, Refunding Series 2023A | 5.250 | 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451164 |
| 1905000 | (e) | California School Finance Authority Charter School Revenue Bonds, California, ACE Charter Schools, Obligated Group, Series 2016A | 4.500 | 06/01/29 | 1897737 |
| 2755000 | (e) | California School Finance Authority Charter School Revenue Bonds, California, ACE Charter Schools, Obligated Group, Series 2016A | 5.000 | 06/01/42 | 2632349 |
| 1135000 | (e) | California School Finance Authority Charter, School Revenue Bonds, Rocketship Education, Mateo Sheedy Project, Series 2015A | 4.250 | 03/01/28 | 1130874 |
| 515000 | (e) | California School Finance Authority, California, Charter School Revenue Bonds, Encore Education Obligated Group, Series 2016A | 0.000 | 06/01/26 | 489250 |
| 1935000 | (e) | California School Finance Authority, California, Charter School Revenue Bonds, Hayward Twin Oaks Montessori Charter School Project, Series 2024A | 5.500 | 06/15/39 | 1886148 |
| 265000 | (e) | California School Finance Authority, California, Charter School Revenue Bonds, TEACH Public Schools Obligated Group, Series 2019A | 5.000 | 06/01/29 | 267043 |
| 750000 | (e) | California School Finance Authority, California, Charter School Revenue Bonds, TEACH Public Schools Obligated Group, Series 2019A | 5.000 | 06/01/39 | 748658 |
| 2080000 | (e) | California School Finance Authority, Charter School Lease Revenue Bonds, Pathways to College Project, Series 2023A | 7.250 | 06/15/43 | 2134467 |
| 405000 | (e) | California School Finance Authority, Charter School Lease Revenue Bonds, Pathways to College Project, Taxable Series 2023B | 7.500 | 06/15/29 | 416378 |
| 10000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Aspire Public School - Obligated Group, Issue No.6, Series 2020A | 5.000 | 08/01/42 | 10002 |
| 400000 | (e) | California School Finance Authority, Charter School Revenue Bonds, CIty Charter School Obligated Group, Series 2016A | 5.000 | 06/01/26 | 401453 |
| 385000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep - Obligated Group, Series 2016 | 4.000 | 06/01/26 | 231000 |
| 1000000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep - Obligated Group, Series 2016 | 4.500 | 06/01/31 | 600000 |
| 230000 | (e),(i) | California School Finance Authority, Charter School Revenue Bonds, Escuela Popular Charter School, Series 2017, (ETM) | 5.500 | 07/01/27 | 238138 |
| 250000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Escuela Popular Charter School, Series 2017 | 5.500 | 07/01/27 | 252091 |
| 695000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Partnerships to Uplift Communities Project, Refunding Social Series 2023 | 5.000 | 08/01/33 | 721895 |
| 500000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Partnerships to Uplift Communities Project, Refunding Social Series 2023 | 5.250 | 08/01/38 | 516227 |
| 370000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Rocketship Education ? Obligated Group, Series 2016A | 5.000 | 06/01/26 | 370290 |
| 630000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Rocketship Education ? Obligated Group, Series 2017A | 4.500 | 06/01/27 | 631186 |
| 975000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Rocketship Education ? Obligated Group, Series 2017A | 5.000 | 06/01/34 | 979909 |
| 315000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Rocketship Public Schools ? Obligated Group, Series 2017G | 5.000 | 06/01/30 | 319133 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **133** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $6865000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Russell Westbrook Why Not? Academy ? Obligated Group, Series 2021A | 4.000% | 06/01/61 | $5039936 |
| 240000 |  | California School Finance Authority, Charter School Revenue Bonds, Santa Clarita Valley International School Project, Series 2021A | 4.000 | 06/01/31 | 225902 |
| 100000 |  | California School Finance Authority, Charter School Revenue Bonds, Santa Clarita Valley International School Project, Series 2021A | 4.000 | 06/01/41 | 81522 |
| 2165000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep Public Schools ? Obligated Group, Series 2023A | 5.500 | 06/01/43 | 2177966 |
| 250000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Social Bonds ? iLead Lancaster Project, Series 2021A | 4.000 | 06/01/31 | 238625 |
| 435000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Social Bonds ? iLead Lancaster Project, Series 2021A | 5.000 | 06/01/41 | 413087 |
| 1465000 | (e) | California School Finance Authority, Charter School Revenue Bonds, Valley International Preparatory High School Project, Series 2022A | 5.000 | 03/01/37 | 1279831 |
| 255000 | (e) | California School Finance Authority, School Facility Revenue Bonds, Granada Hills Charter High School Obligated Group, Series 2021A | 4.000 | 07/01/29 | 256234 |
| 145000 | (e) | California Statewide Communities Development Authority Revenue Bonds, California Baptist University, Refunding Series 2017A | 5.000 | 11/01/32 | 147191 |
| 1100000 | (e) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.000 | 12/01/41 | 1103669 |
| 11000000 | (e) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.000 | 12/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10905339 |
| 3830000 | (e) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.250 | 12/01/56 | 3834638 |
| 850000 | (e) | California Statewide Communities Development Authority, College Housing Revenue Bonds, National Campus Community Development - Hooper Street LLC Project, Series 2019 | 5.000 | 07/01/29 | 866011 |
| 7900000 |  | California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2015A | 5.000 | 03/01/45 | 7904224 |
| 155000 |  | California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2015-2 Rio Bravo, Series 2015A | 4.375 | 09/01/25 | 155366 |
| 1005000 |  | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Refunding Series 2015R-1 | 5.000 | 09/02/25 | 1013047 |
| 1045000 |  | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Refunding Series 2015R-1 | 5.000 | 09/02/26 | 1052252 |
| 405000 |  | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2018A | 4.000 | 09/02/28 | 407245 |
| 2150000 |  | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2018A | 5.000 | 09/02/38 | 2202417 |
| 6580 | (a),(h) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 12/31/25 | 6580 |
| 14583 | (a),(h) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 07/01/30 | 14582 |
| 1006 | (a),(h) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 07/01/35 | 1006 |

---

134 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $2624 | (a),(h) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G | 5.500% | 12/31/25 | $2624 |
| 5367 | (a),(h) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005H | 5.750 | 07/01/25 | 5367 |
| 315000 |  | Compton Public Finance Authority, California, Lease Revenue Bonds, Refunding & Various Capital Projects, Series 2008 - AMBAC Insured | 5.250 | 09/01/27 | 315282 |
| 2060000 | (e) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Acacia on Santa Rosa Creek, Mezzanine Lien Series 2021B | 4.000 | 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626419 |
| 1175000 | (e) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Renaissance at City Center, Series 2020A | 5.000 | 07/01/51 | 1108427 |
| 2500000 | (e) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Vineyard Gardens Apartments, Senior Lien Series 2021A | 3.250 | 10/01/58 | 1705035 |
| 740000 | (i) | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1, (Pre- refunded 6/01/28) | 5.000 | 06/01/35 | 791188 |
| 3800000 |  | Grossmont Healthcare District, California, General Obligation Bonds, Refunding Series 2015D | 4.000 | 07/15/40 | 3812413 |
| 10000000 |  | Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007C-1.Turbo Capital Appreciation | 0.000 | 06/01/36 | 4663106 |
| 340000 |  | Lathrop, California, Limited Obligation Improvement Bonds, Crossroads Assessment District, Series 2015 | 4.000 | 09/02/25 | 340300 |
| 85000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 1, Series 2019 | 4.200 | 09/01/25 | 84958 |
| 105000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 1, Series 2019 | 4.350 | 09/01/26 | 105012 |
| 125000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 1, Series 2019 | 4.400 | 09/01/27 | 124872 |
| 145000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 1, Series 2019 | 4.500 | 09/01/28 | 144927 |
| 1120000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 1, Series 2019 | 5.100 | 09/01/33 | 1131429 |
| 55000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 2, Series 2019 | 4.200 | 09/01/25 | 54973 |
| 65000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 2, Series 2019 | 4.350 | 09/01/26 | 65008 |
| 80000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 2, Series 2019 | 4.400 | 09/01/27 | 79918 |
| 95000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 2, Series 2019 | 4.500 | 09/01/28 | 94982 |
| 695000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 2, Series 2019 | 5.100 | 09/01/33 | 702092 |
| 110000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 3, Series 2019 | 4.200 | 09/01/25 | 109946 |
| 130000 |  | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 3, Series 2019 | 4.350 | 09/01/26 | 130015 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **135** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $155000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 3, Series 2019 | 4.400% | 09/01/27 | $154841 |
| 180000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 3, Series 2019 | 4.500 | 09/01/28 | 179966 |
| 1390000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 3, Series 2019 | 5.100 | 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404184 |
| 25000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 5, Series 2019 | 4.450 | 09/01/25 | 24992 |
| 30000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 5, Series 2019 | 4.600 | 09/01/26 | 30019 |
| 35000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 5, Series 2019 | 4.650 | 09/01/27 | 34996 |
| 45000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 5, Series 2019 | 4.750 | 09/01/28 | 45033 |
| 335000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 5, Series 2019 | 5.350 | 09/01/33 | 339719 |
| 1845000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1 Central Lathrop Specific Plan Improvement Areas 5, Series 2019 | 5.850 | 09/01/49 | 1856435 |
| 40000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1, Central Lathrop Specific Plan Improvement Areas 4, Series 2019 | 4.200 | 09/01/25 | 39981 |
| 45000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1, Central Lathrop Specific Plan Improvement Areas 4, Series 2019 | 4.350 | 09/01/26 | 45005 |
| 55000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1, Central Lathrop Specific Plan Improvement Areas 4, Series 2019 | 4.400 | 09/01/27 | 54944 |
| 65000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1, Central Lathrop Specific Plan Improvement Areas 4, Series 2019 | 4.500 | 09/01/28 | 64967 |
| 495000 | Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1, Central Lathrop Specific Plan Improvement Areas 4, Series 2019 | 5.100 | 09/01/33 | 500051 |
| 105000 | Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A | 5.500 | 11/15/37 | 117393 |
| 6000000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018A, (AMT) | 5.250 | 05/15/48 | 6087761 |
| 1005000 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016B | 5.000 | 07/01/38 | 1009164 |
| 7370000 (g) | Modesto Irrigation District Financing Authority, California, Domestic Water Project Revenue Bonds, Index Rate Series 2007 - NPFG Insured (TSFR3M\*0.67% + 0.630%) | 3.699 | 09/01/37 | 7008577 |
| 690000 | ndio, California, Special Tax Bonds, Community Facilities District 2004-3 Terra Lago, Improvement Area 1, Series 2015 | 5.000 | 09/01/26 | 694384 |
| 755000 | ndio, California, Special Tax Bonds, Community Facilities District 2004-3 Terra Lago, Improvement Area 1, Series 2015 | 5.000 | 09/01/28 | 758308 |
| 100000 | Palm Desert, California, Special Tax Bonds, Community Facilities District 2021-1 University Park, Series 2021 | 3.000 | 09/01/31 | 93489 |
| 110000 | Palm Desert, California, Special Tax Bonds, Community Facilities District 2021-1 University Park, Series 2021 | 4.000 | 09/01/41 | 100347 |
| 500000 | Perris Joint Powers Authority, California, Local Agency Revenue Bonds, Community Facilities District 2001-1 May Farms Improvement Area 6 &7, Refunding Series 2014E | 5.000 | 09/01/25 | 500693 |

---

136 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $525000 | Perris Joint Powers Authority, California, Local Agency Revenue Bonds, Community Facilities District 2001-1 May Farms Improvement Area 6 &7, Refunding Series 2014E | 5.000% | 09/01/26 | $525752 |
| 100000 | Poway Unified School District, San Diego County, California, Special Tax Bonds, Community Facilities District 15 Del Sur East Improvement Area C, Series 2016 | 5.000 | 09/01/26 | 102766 |
| 700000 | Rancho Cordova, California, Special Tax Bonds, Community Facilities District 2018-1 Grantline 208, Series 2021B | 4.000 | 09/01/41 | 639315 |
| 750000 | Riverside County, California, Special Tax Bonds, Community Facilities District 03-1 Newport Road, Series 2014 | 5.000 | 09/01/25 | 755245 |
| 375000 | Roseville, California, Special Tax Bonds, Community Facilities District 1 Hewlett Parkard Campus Oaks, Series 2016 | 4.000 | 09/01/26 | 378082 |
| 20000000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2016B, (AMT) | 5.000 | 05/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20002198 |
| 230000 (e) | San Francisco City and County Infrastructure and Revitalization Financing District 1 Treasure Island, California, Tax Increment Revenue Bonds, Facilities Increment Series 2022A | 5.000 | 09/01/27 | 240019 |
| 400000 (e) | San Francisco City and County Infrastructure and Revitalization Financing District 1 Treasure Island, California, Tax Increment Revenue Bonds, Facilities Increment Series 2022A | 5.000 | 09/01/32 | 426885 |
| 385000 (e) | San Francisco City and County Infrastructure and Revitalization Financing District 1 Treasure Island, California, Tax Increment Revenue Bonds, Facilities Increment Series 2022A | 5.000 | 09/01/37 | 400950 |
| 1100000 (e) | San Francisco City and County, California, Special Tax Bonds, Community Facilities District 2016-1 Treasure Island Improvement Area 2, Series 2022A | 4.000 | 09/01/32 | 1080205 |
| 30000 | San Jacinto, California, Special Tax Bonds, Community Facilities District 2002-1 Rancho San Jacinto Phase 2, Series 2016 | 5.000 | 09/01/30 | 30401 |
| 100000 (e) | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017 | 5.500 | 09/01/27 | 103167 |
| 375000 | Tracy, California, Special Tax Bonds, Community Facilities District 2016-2, Improvement Area 2, Series 2021 | 4.000 | 09/01/36 | 364303 |
| 65000 | West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 2015-1 Arambel-KDN, Refunding Series 2015 | 5.000 | 09/01/25 | 65463 |
|  | TOTAL CALIFORNIA |  |  | 321106305 |
|  | **COLORADO - 8.1%** |  |  |  |
| 1250000 (e) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.500 | 12/01/44 | 1274877 |
| 1750000 (e) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.750 | 12/01/54 | 1806508 |
| 2011854 | Alpine Mountain Ranch Metropolitan District, Routt County, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Refunding Series 2021 | 4.000 | 12/01/40 | 1824656 |
| 3632084 | Alpine Mountain Ranch Metropolitan District, Routt County, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2021 | 4.000 | 12/01/40 | 3290411 |
| 3870000 | Arista Metropolitan District, Broomfield County, Colorado, General Obligation Limited Tax Bonds, Refunding and Improvement Series 2023B | 8.250 | 12/15/39 | 3980598 |
| 215000 (i) | Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006 - SYNCORA GTY Insured, (ETM) | 5.875 | 10/01/26 | 220357 |
| 2605000 | Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue Bonds, Refunding & Improvement Series 2021A | 5.750 | 12/01/51 | 2432668 |
| 678000 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A | 4.000 | 12/01/29 | 661788 |
| 2850000 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A | 5.000 | 12/01/48 | 2712576 |
| 2530000 | Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A | 5.750 | 12/01/46 | 2530897 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **137** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $635000 | Bennett Ranch Metropolitan District 1, Adams County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A | 5.000% | 12/01/51 | $558356 |
| 525000 | Berthoud-Heritage Metropolitan District 10, Larimer County, Colorado, Limited Tax General Obligation Bonds, Senior Series 2022A | 4.250 | 12/01/31 | 493239 |
| 1565000 | Berthoud-Heritage Metropolitan District 10, Larimer County, Colorado, Limited Tax General Obligation Bonds, Senior Series 2022A | 4.500 | 12/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360100 |
| 1500000 | Bradley Heights Metropolitan District 2, Colorado Springs, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-3 | 4.750 | 12/01/51 | 1156502 |
| 4380000 | Broadway Station Metropolitan District 2, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A | 5.000 | 12/01/35 | 3909983 |
| 20625000 | Broadway Station Metropolitan District 2, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A | 5.125 | 12/01/48 | 16790722 |
| 6151000 | Broadway Station Metropolitan District 3, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A | 5.000 | 12/01/39 | 5316817 |
| 12050000 | Broadway Station Metropolitan District 3, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A | 5.000 | 12/01/49 | 9396796 |
| 4985000 | Broadway Station Metropolitan District 3, Denver County, Colorado, Tax Increment Supported Revenue Bonds, Series 2023A | 7.000 | 12/15/32 | 4808225 |
| 180000 | Cathedral Pines Metropolitan District, El Paso County, Colorado, General Obligation Bonds, Refunding Series 2016 | 4.000 | 12/01/26 | 179836 |
| 854000 | Clear Creek Transit Metropolitan District 2, Adams County, Colorado, Revenue Supported Limited Tax General Obligation Bonds, Series 2021A | 4.000 | 12/01/31 | 744986 |
| 1125000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds World Compass Academy Project, Series 2017 | 4.625 | 10/01/27 | 1105343 |
| 250000 (e) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Aspen Ridge School Project, Series 2015A | 4.125 | 07/01/26 | 249675 |
| 845000 (e) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Belle Creek Charter School, Series 2022A | 5.000 | 03/15/32 | 843942 |
| 1935000 (e) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Belle Creek Charter School, Series 2022A | 5.125 | 03/15/42 | 1900343 |
| 45000 (e) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Belle Creek Charter School, Taxable Series 2022B | 5.250 | 03/15/26 | 44612 |
| 600000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Union Colony School Project, Series 2018 | 5.000 | 04/01/38 | 609607 |
| 1660000 (e) | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Global Village Academy - Northglenn Project, Series 2020 | 5.000 | 12/01/40 | 1587827 |
| 2210000 (e) | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Global Village Academy - Northglenn Project, Series 2020 | 5.000 | 12/01/50 | 2035724 |
| 1525000 (e) | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain Classical Academy Project, Refunding Series 2019 | 5.000 | 10/01/29 | 1549840 |
| 2270000 (e) | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain Classical Academy Project, Refunding Series 2019 | 5.000 | 10/01/39 | 2270855 |
| 3520000 (e) | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain Classical Academy Project, Refunding Series 2019 | 5.000 | 10/01/59 | 3261925 |

---

138 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **COLORADO** (continued) |  |  |  |
| $3000000 | (h) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Series 2013 | 8.000% | 08/01/43 | $1913515 |
| 375000 | (e),(h) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2016 | 5.000 | 02/01/27 | 339595 |
| 280000 | (e),(h) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sunny Vista Living Center Project, Refunding & Improvement Series 2015A | 5.000 | 12/01/25 | 259584 |
| 750000 | (e),(h) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sunny Vista Living Center Project, Refunding & Improvement Series 2015A | 5.500 | 12/01/30 | 585794 |
| 1000000 |  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2015 | 5.000 | 05/15/40 | 1000503 |
| 500000 |  | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018 | 5.625 | 12/01/32 | 501882 |
| 363000 |  | Colorado International Center Metropolitan District 3, Aurora, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Series 2016 | 4.625 | 12/01/31 | 350761 |
| 268000 |  | Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016 | 4.500 | 12/01/26 | 269039 |
| 10835000 |  | 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 | 6312833 |
| 10000000 |  | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT) | 5.250 | 12/01/48 | 10139400 |
| 2286000 |  | Denver International Business Center Metropolitan District 1, Denver, Colorado, General Obligation Bonds, Subordinate Limited Tax Series 2019B | 6.000 | 12/01/48 | 2326672 |
| 1540000 | (e) | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A | 5.250 | 12/01/39 | 1519425 |
| 440000 | (e) | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A | 5.250 | 12/01/39 | 434121 |
| 457000 | (e) | DIATC Metropolitan District, Commerce City, Adams County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Series 2019 | 3.250 | 12/01/29 | 429435 |
| 482000 | (e) | Elbert and Highway 86 Commercial Metropolitan District, Elbert County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2021A | 3.750 | 12/01/29 | 464875 |
| 1700000 | (e) | Elbert and Highway 86 Commercial Metropolitan District, Elbert County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2021A | 5.000 | 12/01/41 | 1636764 |
| 20950000 | (e) | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A | 6.750 | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20287574 |
| 305000 |  | Fiddler's Business Improvement District, Colorado, Limited Tax General Obligation Bonds, Greenwood Village Project, Series 2022 | 5.000 | 12/01/32 | 312227 |
| 1000000 |  | Fiddler's Business Improvement District, Colorado, Limited Tax General Obligation Bonds, Greenwood Village Project, Series 2022 | 5.550 | 12/01/47 | 1018764 |
| 3800000 |  | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014 | 6.000 | 12/01/38 | 3655633 |
| 7900000 |  | Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A | 5.250 | 12/01/32 | 7930591 |
| 4020000 |  | Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A | 5.500 | 12/01/42 | 4009807 |
| 2000000 | (e) | Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.500 | 06/01/50 | 1741207 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **139** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $1540000 (e) | Granary Metropolitan District 9, Weld County, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024 | 5.450% | 12/01/44 | $1487470 |
| 3035000 | Grand Junction Dos Rios General Improvement District, Grand Junction, Mesa County, Colorado, Special Revenue Bonds, Series 2021 | 4.000 | 12/01/31 | 2770984 |
| 3075000 | Grand Junction Dos Rios General Improvement District, Grand Junction, Mesa County, Colorado, Special Revenue Bonds, Series 2021 | 4.500 | 12/01/41 | 2556257 |
| 1170000 | Green Valley Ranch East Metropolitan District 6, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3 | 5.250 | 12/01/32 | 1170284 |
| 4250000 (e) | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024 | 5.500 | 12/01/44 | 4149446 |
| 1288000 | Highlands Metropolitan District 1, Broomfield City and County, colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2021 | 4.000 | 12/01/31 | 1191537 |
| 550000 | Highlands Metropolitan District 1, Broomfield City and County, colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2021 | 5.000 | 12/01/41 | 511170 |
| 5070000 | Hillside at Castle Rock Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation Bonds, Series 2022A | 6.250 | 12/01/47 | 5106109 |
| 1079000 | Hillside at Castle Rock Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2022B | 9.000 | 12/15/47 | 1088674 |
| 530000 | Independence Water & Sanitation District, Elbert County, Colorado, Special Revenue Bonds, Refunding and Improvement Series 2024 | 5.125 | 12/01/33 | 528872 |
| 330000 | Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special Revenue Bonds, Series 2020-A2 | 4.125 | 12/01/40 | 303442 |
| 1760000 (e) | Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024 | 5.000 | 12/01/29 | 1738519 |
| 2830000 (e) | Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024 | 5.125 | 12/01/34 | 2720701 |
| 6290000 (e) | Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024 | 6.125 | 12/01/44 | 5980417 |
| 2500000 | Lanterns Metropolitan District 2, Castle Rock, Douglas County, Colorado, Limited Tax General Obligation Bonds, Series 2021A-3 | 4.500 | 12/01/50 | 1938750 |
| 3885000 (e) | Ledge Rock Center Commercial Metropolitan District (In the Town of Johnstown, Weld County, Colorado), Limited Tax General Obligation Bonds, Series 2022 | 6.500 | 11/01/32 | 3934382 |
| 14550000 (e) | Ledge Rock Center Commercial Metropolitan District (In the Town of Johnstown, Weld County, Colorado), Limited Tax General Obligation Bonds, Series 2022 | 7.125 | 11/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14640239 |
| 825000 | Legato Community Authority, Colorado, Commerce City Colorado Limited Tax Supported Revenue Bonds District 12 3 & 7 Series 2021A-1 | 5.000 | 12/01/41 | 748534 |
| 3250000 | Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special Revenue Bonds, Series 2021A | 5.000 | 12/01/41 | 3020551 |
| 930000 | Meridian Ranch Metropolitan District 2018, Subdistrict, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 6.250 | 12/01/37 | 951225 |
| 1100000 | Meridian Ranch Metropolitan District 2018, Subdistrict, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 6.500 | 12/01/42 | 1122176 |
| 1000000 | Mountain Brook Metropolitan District, Longmont, Boulder County, Colorado, Limited Tax General Obligation Bonds, Series 2021 | 4.500 | 12/01/41 | 843339 |
| 427000 | Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016 | 4.000 | 12/01/26 | 427015 |
| 2000000 | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3 | 5.000 | 12/01/40 | 1992449 |
| 2690000 | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019 | 4.000 | 12/01/29 | 2591727 |

---

140 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $6160000 | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019 | 5.000% | 12/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5514872 |
| 2040000 (e) | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A | 4.000 | 12/01/35 | 1793505 |
| 2900000 (e) | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A | 5.000 | 12/01/51 | 2480933 |
| 3950000 (k) | Peak Metropolitan District 3, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Convertible Capital Appreciation Bonds, Series 2022A-2 | 0.000 | 12/01/42 | 2647010 |
| 15869000 | Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series 2022 | 6.500 | 12/01/34 | 15211411 |
| 500000 | Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported District Improvements Revenue Bonds, Refunding Series 2024B | 5.875 | 12/15/46 | 529461 |
| 525000 | Pronghorn Valley Metropolitan District, Aurora, Colorado, Limited Tax General Obligatoin Bonds, Convertible to Unlimited Tax Series 2021A | 3.750 | 12/01/41 | 451398 |
| 370000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008 | 6.250 | 11/15/28 | 387737 |
| 19815000 (e) | Pueblo Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, EVRAZ Project, Series 2021A | 4.750 | 12/01/45 | 17091325 |
| 2730000 | Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Series 2021 | 4.000 | 12/01/41 | 2469824 |
| 200000 | Red Sky Ranch Metropolitan District, Eagle County, Colorado, General Obligation Bonds, Refunding & Improvement Series 2015 | 4.250 | 12/01/28 | 197749 |
| 335000 | Red Sky Ranch Metropolitan District, Eagle County, Colorado, General Obligation Bonds, Refunding & Improvement Series 2015 | 4.375 | 12/01/30 | 326918 |
| 4650000 | Redtail Ridge Metropolitan District, City of Louisville, Boulder County, Colorado, General Obligation Limited Tax Capital Appreciation Turbo Bonds, Series 2025 | 0.000 | 12/01/32 | 2735649 |
| 3365000 | Riverwalk Metropolitan District 2, Glendale, Arapahoe County, Colorado, Special Revenue Bonds, Series 2022A | 4.500 | 12/01/32 | 3110723 |
| 9560000 | Riverwalk Metropolitan District 2, Glendale, Arapahoe County, Colorado, Special Revenue Bonds, Series 2022A | 5.000 | 12/01/42 | 8611418 |
| 1500000 | RM Mead Metropolitan District, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.250 | 12/01/50 | 1436482 |
| 13640000 | Sagebrush Farm Metropolitan District 1, Aurora, Adams County, Colorado, General Obligation Limited Tax Bonds, Series 2022A | 6.375 | 12/01/42 | 14297301 |
| 6000000 | Sagebrush Farm Metropolitan District 1, Aurora, Adams County, Colorado, General Obligation Limited Tax Bonds, Series 2022A | 6.750 | 12/01/52 | 6247114 |
| 1167000 | Siena Lake Metropolitan District, Gypsum, Colorado, General Obligation Limited Tax Bonds, Series 2021 | 3.250 | 12/01/31 | 1036510 |
| 691000 | Siena Lake Metropolitan District, Gypsum, Colorado, General Obligation Limited Tax Bonds, Series 2021 | 3.750 | 12/01/41 | 545997 |
| 200000 | Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2017A-1 | 3.500 | 12/01/27 | 196950 |
| 2000000 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Special District 3, Series 2022 | 5.800 | 12/01/32 | 2105077 |
| 8500000 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Special District 3, Series 2022 | 6.500 | 12/01/42 | 8973338 |
| 1350000 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Special Improvement Revenue Bonds, Special District 1, Series 2024 | 5.625 | 12/01/43 | 1376300 |
| 3205000 | Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020 | 5.000 | 12/01/40 | 3059139 |
| 2000000 | Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020 | 5.125 | 12/01/50 | 1830391 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **141** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $1345000 | Sterling Ranch Metropolitan District 2, El Paso County, Colorado, General Obligation Bonds, Limited Tax Convertible Capital Appreciation Series 22 | 5.250% | 12/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345599 |
| 5050000 | Sterling Ranch Metropolitan District 2, El Paso County, Colorado, General Obligation Bonds, Limited Tax Convertible Capital Appreciation Series 22 | 5.500 | 12/01/42 | 4942470 |
| 825000 (e) | Third Creek Metropolitan District 1, Commerce City, Colorado, Limited Tax General Obligation Bonds, Series 2022A-1 | 4.500 | 12/01/42 | 677041 |
| 2750000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1 | 5.000 | 12/01/41 | 2343861 |
| 21170000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1 | 5.000 | 12/01/51 | 16455718 |
| 1295000 (e) | Tree Farm Metropolitan District, Eagle County, Colorado, General Obligation Limited Tax Bonds, Series 2021 | 4.500 | 12/01/41 | 1154889 |
| 10000000 | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2019 | 5.125 | 12/01/34 | 9817927 |
| 3630000 | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2019 | 5.375 | 12/01/39 | 3605308 |
| 3500000 | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2019 | 5.500 | 12/01/48 | 3413153 |
| 1030000 | Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021 | 5.000 | 12/01/36 | 951049 |
| 2465000 | Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021 | 5.000 | 12/01/41 | 2176710 |
| 12125000 | Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021 | 5.000 | 12/01/51 | 10205206 |
| 9450000 | Waterfront at Foster Lake Metropolitan District 2, Weld County, Colorado, Special Revenue Bonds, Series 2022 | 4.625 | 12/01/28 | 9204947 |
| 1250000 | Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A | 5.000 | 12/01/41 | 1237494 |
| 1110000 | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 6.250 | 12/01/32 | 1095257 |
| 1000000 | Westgate Metropolitan District, Colorado Springs, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 5.125 | 12/01/51 | 839657 |
| 3750000 (e) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Convertible Capital Appreciation Series 2021A-2 | 4.625 | 12/01/51 | 2390112 |
| 1600000 (e) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1 | 4.000 | 12/01/31 | 1518911 |
| 14000000 (e) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1 | 4.000 | 12/01/36 | 12466475 |
| 25150000 (e) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1 | 4.000 | 12/01/41 | 20755327 |
| 19000000 (e) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1 | 4.125 | 12/01/51 | 14550512 |
| 1510000 | Windsor Highlands Metropolitan District 9, Windsor, Larimer County, Colorado, Limited Tax Supported Revenue Bonds, Series 2019 | 5.000 | 12/01/39 | 1460798 |
|  | TOTAL COLORADO |  |  | 439137814 |
|  | **CONNECTICUT - 0.8%** |  |  |  |
| 12160000 | Connecticut Development Authority, Airport Facilities Revenue Bonds, Learjet Inc., Series 2004, (AMT) | 7.950 | 04/01/26 | 12163063 |
| 1450000 (e) | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Mary Wade Home Issue, Series 2019A-1 | 4.500 | 10/01/34 | 1290930 |
| 11750000 (e) | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Mary Wade Home Issue, Series 2019A-1 | 5.000 | 10/01/54 | 9059665 |

---

142 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CONNECTICUT** (continued) |  |  |  |
| $765000 (e) | Connecticut Health and Educational Facilities Authority, Revenue Bonds, McLean Affiliates, Series 2020A | 5.000% | 01/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759442 |
| 1000000 (j) | Stamford Housing Authority, Connecticut, Revenue Bonds, Mozaic Concierge Living Project, Series 2025A | 5.500 | 10/01/35 | 1014420 |
| 2000000 (j) | Stamford Housing Authority, Connecticut, Revenue Bonds, Mozaic Concierge Living Project, Series 2025A | 6.000 | 10/01/40 | 2061547 |
| 11325000 (j) | Stamford Housing Authority, Revenue Bonds, Connecticut, Mozaic Concierge Living Project, Entrance Fee Prin Redemption Series 2025D | 4.250 | 10/01/30 | 11349705 |
| 600000 | Steel Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Steelpointe Harbor Project, Series 2021 | 4.000 | 04/01/31 | 599703 |
| 1755000 | Steel Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Steelpointe Harbor Project, Series 2021 | 4.000 | 04/01/41 | 1607291 |
| 750000 (e) | Steel Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Steelpointe Harbor Project, Series 2024 | 5.625 | 04/01/44 | 777388 |
|  | TOTAL CONNECTICUT |  |  | 40683154 |
|  | **DELAWARE -0.1%** |  |  |  |
| 1375000 (e) | Bridgeville, Delaware, Special Obligation Bonds, Heritage Shores Special Development District, Series 2024 | 5.250 | 07/01/44 | 1394783 |
| 180000 | Delaware Economic Development Authority, Delaware, Revenue Bonds, ASPIRA of Delaware Charter Operations Inc. DBA Las Americas ASPIRA Academy Project, Series 2022A | 4.000 | 06/01/52 | 143388 |
| 185000 | Delaware Economic Development Authority, Delaware, Revenue Bonds, ASPIRA of Delaware Charter Operations Inc. DBA Las Americas ASPIRA Academy Project, Series 2022A | 4.000 | 06/01/57 | 143456 |
| 410000 | Delaware Economic Development Authority, Revenue Bonds, ASPIRA of Delaware Charter Operations, Inc. Project, Series 2016A | 3.250 | 06/01/26 | 403617 |
| 2000000 (e) | Milton, Delaware, Special Obligation Bonds, Granary Farm Special Development District, Series 2024 | 5.700 | 09/01/44 | 1998273 |
|  | TOTAL DELAWARE |  |  | 4083517 |
|  | **DISTRICT OF COLUMBIA - 0.5%** |  |  |  |
| 650000 | District of Columbia Revenue Bonds, Rocketship Education DC Public Charter School Inc., Obligated Group - Issue 3, Series 2024A | 5.000 | 06/01/34 | 662158 |
| 600000 | District of Columbia Revenue Bonds, Rocketship Education DC Public Charter School Inc., Obligated Group - Issue 3, Series 2024A | 5.625 | 06/01/44 | 614116 |
| 10000000 | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Subordinate Lien Series 2015B | 5.250 | 10/01/44 | 10056811 |
| 1350000 | District of Columbia, Washington, D.C., Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A | 5.000 | 07/01/32 | 1365481 |
| 1550000 | District of Columbia, Washington, D.C., Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A | 5.000 | 07/01/37 | 1555204 |
| 1250000 | District of Columbia, Washington, D.C., Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A | 5.000 | 07/01/42 | 1219474 |
| 760000 | District of Columbia, Washington, D.C., Revenue Bonds, Inspired Teaching Demonstration Public Charter School Issue, Series 2022 | 5.000 | 07/01/32 | 776776 |
| 1500000 | District of Columbia, Washington, D.C., Revenue Bonds, Inspired Teaching Demonstration Public Charter School Issue, Series 2022 | 5.000 | 07/01/42 | 1486240 |
| 11450000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2015B, (AMT) | 5.000 | 10/01/33 | 11502424 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | 29238684 |

---

See Notes to Financial Statements 143

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA - 16.3%** |  |  |  |
| $65000 | A.H. at Turnpike South Community Development District,<br> Miami-Dade County, Florida, Special Assessment Bonds, Phase 1 Project, Series 2015 | 5.500% | 11/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65497 |
| 125000 | Abbott Square Community Development District, Zephyrhills, Florida, Special Assessment Revenue Bonds, 2022 Project Series 2022 | 4.500 | 06/15/27 | 125588 |
| 715000 | Amelia Walk Community Development District, Florida, Special Assessment Bonds, Area 3-A Series 2018A | 4.750 | 11/01/29 | 723284 |
| 775000 (e) | Amelia Walk Community Development District, Florida, Special Assessment Bonds, Area 3-B Series 2018A | 4.750 | 11/01/29 | 787936 |
| 325000 | Amelia Walk Community Development District, Florida, Special Assessment Bonds, Area A-2 Series 2016 | 5.500 | 11/01/30 | 329514 |
| 275000 (e) | Antillia Community Development District, Florida, Special Assessment Revenue Bonds, Project Series 2024 | 5.000 | 05/01/31 | 276005 |
| 1000000 (e) | Antillia Community Development District, Florida, Special Assessment Revenue Bonds, Project Series 2024 | 5.600 | 05/01/44 | 1003595 |
| 625000 (e) | Arbors Community Development District, Florida, Revenue Bonds, Capital Improvement 2024 Project Area Series 2024 | 4.400 | 05/01/31 | 625269 |
| 1005000 (e) | Arbors Community Development District, Florida, Revenue Bonds, Capital Improvement 2024 Project Area Series 2024 | 5.150 | 05/01/44 | 996718 |
| 420000 | Arborwood Community Development District, Florida, Capital Improvement Revenue Bonds, Refunding Subordinate Lien Series 2018A-2 | 4.625 | 05/01/28 | 423431 |
| 350000 (e) | Armstrong Community Development District, Clay County, Florida, Special Assessment Revenue Bonds, Series 2017A | 4.500 | 11/01/28 | 353033 |
| 70000 | Avalon Groves Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2017 | 5.000 | 05/01/28 | 71071 |
| 210000 | Avalon Groves Community Development District, Florida, Special Assessment Bonds, Area 2 Project, Series 2017A-1 | 5.375 | 05/01/28 | 214470 |
| 30000 | Avalon Groves Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2021 | 2.375 | 05/01/26 | 29498 |
| 250000 | Avalon Groves Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2021 | 3.000 | 05/01/32 | 229877 |
| 740000 | Avalon Groves Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2021 | 3.375 | 05/01/41 | 599969 |
| 205000 | Avalon Groves Community Development District, Florida, Special Assessment Bonds, Phase 1 & 2 Sub-Assessment Area 1 Project, Series 2019 | 3.700 | 11/01/29 | 201644 |
| 200000 (e) | Avalon Park West Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, 2022 Project Area, Refunding Series 2022 | 4.700 | 05/01/32 | 203757 |
| 515000 (e) | Avalon Park West Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, 2022 Project Area, Refunding Series 2022 | 5.500 | 05/01/42 | 529708 |
| 245000 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Ave Maria National Project, Series 2021 | 2.600 | 05/01/26 | 241275 |
| 1355000 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Ave Maria National Project, Series 2021 | 3.200 | 05/01/31 | 1276231 |
| 1000000 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Ave Maria National Project, Series 2021 | 3.750 | 05/01/41 | 856473 |
| 310000 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Maple Ridge Phase 3 Project, Series 2018 | 4.900 | 05/01/29 | 315558 |
| 525000 (e) | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Maple Ridge Phase 4 Project, Series 2020 | 3.800 | 05/01/32 | 511248 |
| 165000 (e) | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Maple Ridge Phase 4 Project, Series 2020 | 4.300 | 05/01/42 | 150497 |

---

144 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $210000 (e) | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Maple Ridge Phase 5 Project, Series 2022 | 3.000% | 05/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205798 |
| 915000 (e) | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Maple Ridge Phase 5 Project, Series 2022 | 3.300 | 05/01/32 | 857405 |
| 985000 (e) | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Phase 3 Master Improvements Project, Series 2021 | 2.750 | 05/01/31 | 896807 |
| 4460000 (e) | Avenir Community Development District, Palm Beach Gardens, Florida, Special Assessment Bonds, Area 2 Project, Series 2021B | 5.000 | 05/01/41 | 4437849 |
| 40000 | Aviary at Rutland Ranch Community Development District, Manatee County, Florida, Special Assessment Bonds, Area 2 Project, Series 2021 | 2.450 | 11/01/26 | 38991 |
| 175000 | Aviary at Rutland Ranch Community Development District, Manatee County, Florida, Special Assessment Bonds, Area 2 Project, Series 2021 | 3.100 | 11/01/31 | 160952 |
| 500000 | Aviary at Rutland Ranch Community Development District, Manatee County, Florida, Special Assessment Bonds, Area 2 Project, Series 2021 | 3.400 | 11/01/41 | 404579 |
| 180000 (e) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2018 Project Series 2018 | 4.500 | 11/01/28 | 181791 |
| 130000 (e) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2021 Project Series 2021 | 2.375 | 05/01/26 | 127542 |
| 1250000 (e) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2024 Project Series 2024 | 4.300 | 05/01/31 | 1241665 |
| 770000 (e) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2024 Project Series 2024 | 5.000 | 05/01/44 | 754359 |
| 200000 (e) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, Assessment Area 2B, Series 2018 | 4.500 | 11/01/29 | 202314 |
| 170000 (e) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, Assessment Area 4, Series 2018 | 4.500 | 11/01/29 | 171752 |
| 375000 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, Series 2015 | 4.750 | 11/01/26 | 376805 |
| 355000 | Ballentrae Hillsborough Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2014 | 5.000 | 11/01/28 | 356742 |
| 710000 | Balm Grove Community Development District, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 3.250 | 11/01/27 | 695679 |
| 1295000 | Balm Grove Community Development District, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 3.625 | 11/01/32 | 1211452 |
| 6925000 | Balm Grove Community Development District, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 4.000 | 11/01/42 | 6027796 |
| 155000 | Bannon Lakes Community Development District, Saint Johns County, Florida, Special Assessment Revenue Bonds, Series 2016 | 4.500 | 11/01/25 | 155400 |
| 200000 (e) | Bannon Lakes Community Development District, Saint Johns County, Florida, Special Assessment Revenue Bonds, Series 2021 | 3.000 | 05/01/31 | 186354 |
| 140000 | Banyan Cay Community Development District, West Palm Beach, Florida, Special Assessment Bonds, 2020-1 | 2.750 | 11/01/25 | 138718 |
| 115000 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2016 | 3.625 | 09/01/26 | 114363 |
| 30000 | Bay Laurel Center Community Development District, Marion County, Florida, Special Assessment Bonds, Refunding Indigo Series 2016 | 3.750 | 05/01/25 | 29987 |
| 595000 (e) | Beaumont Communit Development District 1, City of Wildwood, Florida, Special Assessment Bonds, Series 2019 A-1 | 4.750 | 11/01/29 | 602622 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **145** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $260000 | Bellagio Community Development District, Hialeah, Florida, Special Assessment Bonds, Series 2013 | 6.000% | 11/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269283 |
| 490000 | Bellagio Community Development District, Hialeah, Florida, Special Assessment Bonds, Series 2016 | 3.750 | 11/01/31 | 471214 |
| 340000 | Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A | 4.750 | 11/01/27 | 345774 |
| 60000 | Belmont II Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, 2020 Aessessment Area, Series 2020 | 2.500 | 12/15/25 | 59388 |
| 200000 | Belmont II Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, 2020 Aessessment Area, Series 2020 | 3.125 | 12/15/30 | 190946 |
| 105000 | Berry Bay Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2021 | 2.625 | 05/01/26 | 103399 |
| 300000 (e) | Berry Bay II Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, 2024 Project Series 2024 | 4.450 | 05/01/31 | 297224 |
| 620000 (e) | Berry Bay II Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, 2024 Project Series 2024 | 5.200 | 05/01/44 | 602558 |
| 160000 | Black Creek Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Project 2020 Series 2022 | 4.800 | 06/15/27 | 162053 |
| 455000 | Boggy Branch Community Development District, Jacksonville, Florida, Special Assessment Revenue Bonds, Phase 1 Series 2021 | 3.000 | 05/01/31 | 420265 |
| 1165000 | Boggy Branch Community Development District, Jacksonville, Florida, Special Assessment Revenue Bonds, Phase 1 Series 2021 | 3.500 | 05/01/41 | 958136 |
| 930000 | Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds, Refunding Series 2023 | 4.500 | 05/01/33 | 938194 |
| 1770000 | Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds, Refunding Series 2023 | 5.125 | 05/01/43 | 1784249 |
| 1100000 | Botaniko Community Development District, Weston, Florida, Special Assessment Bonds, Series 2020 | 3.625 | 05/01/40 | 928914 |
| 560000 (e) | Bradbury Community Development District, Haines City, Florida, Special Assessment Bonds, Series 2023 | 4.375 | 05/01/30 | 562064 |
| 1685000 (e) | Bradbury Community Development District, Haines City, Florida, Special Assessment Bonds, Series 2023 | 5.250 | 05/01/43 | 1689547 |
| 170000 (e) | Bridgewater North Community Development District, Saint Johns County, Florida, Capital Improvement Revenue Bonds, Series 2022 | 3.125 | 05/01/27 | 166852 |
| 500000 (e) | Bridgewater North Community Development District, Saint Johns County, Florida, Capital Improvement Revenue Bonds, Series 2022 | 3.500 | 05/01/32 | 471357 |
| 105000 | Brightwater Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1 Project, Series 2021 | 2.375 | 05/01/26 | 103047 |
| 375000 | Brightwater Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1 Project, Series 2021 | 2.850 | 05/01/31 | 341527 |
| 975000 | Brightwater Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1 Project, Series 2021 | 3.150 | 05/01/41 | 762097 |
| 380000 (e) | Brightwater Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Project, Series 2024 | 4.550 | 05/01/31 | 380161 |
| 700000 (e) | Brightwater Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Project, Series 2024 | 5.350 | 05/01/44 | 697618 |
| 135000 (e) | Brookstone Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area Two Series 2022 | 4.375 | 05/01/27 | 135351 |

---

146 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $350000 (e) | Brookstone Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area Two Series 2022 | 4.750% | 05/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353475 |
| 515000 (e) | Brookstone Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Series 2018 | 4.625 | 11/01/28 | 519381 |
| 5355000 | Broward County, Florida, Airport System Revenue Bonds, Series 2015A, (AMT) | 4.100 | 10/01/37 | 5167884 |
| 2565000 | Broward County, Florida, Airport System Revenue Bonds, Series 2015A, (AMT) | 5.000 | 10/01/40 | 2569908 |
| 215000 (e) | Buckhead Trails Community Development District, Manatee County Florida, Special Assessment Bonds, 2022 Project Series 2022 | 4.750 | 05/01/27 | 215686 |
| 420000 (e) | Buckhead Trails Community Development District, Manatee County Florida, Special Assessment Bonds, 2022 Project Series 2022 | 5.250 | 05/01/32 | 427179 |
| 1000000 (e) | Buckhead Trails Community Development District, Manatee County Florida, Special Assessment Bonds, 2022 Project Series 2022 | 5.625 | 05/01/42 | 1015715 |
| 525000 | Buckhead Trails Community Development District, Manatee County, Florida, Special Assessment Bonds, 2024 Project Series 2024 | 4.700 | 05/01/31 | 524551 |
| 1000000 | Buckhead Trails Community Development District, Manatee County, Florida, Special Assessment Bonds, 2024 Project Series 2024 | 5.600 | 05/01/44 | 993192 |
| 175000 | Bullfrog Creek Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2017 | 4.750 | 11/01/28 | 177407 |
| 330000 | Caldera Community Development District, Hernando County, Florida, Special Assessment Revenue Bonds, Area One Series 2024 | 4.300 | 05/01/31 | 326933 |
| 725000 | Caldera Community Development District, Hernando County, Florida, Special Assessment Revenue Bonds, Area One Series 2024 | 5.000 | 05/01/44 | 708553 |
| 300000 (e) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020 | 4.000 | 12/15/25 | 298900 |
| 355000 (e) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020 | 5.000 | 12/15/26 | 357482 |
| 330000 (e) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020 | 5.000 | 12/15/27 | 332054 |
| 350000 (e) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020 | 5.000 | 12/15/28 | 351660 |
| 365000 (e) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020 | 5.000 | 12/15/29 | 366519 |
| 510000 (e) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020 | 5.000 | 12/15/30 | 511729 |
| 445000 (e) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, AcadeMir Charter Schools, Series 2021A | 3.000 | 07/01/31 | 409696 |
| 165000 (e) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, AcadeMir Charter Schools, Series 2021A | 4.000 | 07/01/41 | 144097 |
| 500000 (e) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, AcadeMir Charter Schools, Series 2021A-2 | 2.500 | 07/01/31 | 446833 |
| 750000 (e) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, AcadeMir Charter Schools, Series 2021A-2 | 4.000 | 07/01/41 | 657245 |
| 255000 (e) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Imagine School at Land O'Lakes Project, Series 2020A | 3.000 | 12/15/29 | 236288 |
| 1285000 (e) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Imagine School at Land O'Lakes Project, Series 2020A | 5.000 | 12/15/39 | 1237410 |
| 235000 (e) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Imagine School at North Manatee, Series 2021A | 3.250 | 06/01/31 | 212443 |
| 235000 (e) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Imagine School at North Manatee, Series 2021C | 5.000 | 06/01/41 | 221478 |
| 1050000 (e) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Pineapple Cove Classical Academy, Series 2019A | 5.125 | 07/01/39 | 1021841 |
| 740000 (e) | Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2018 | 5.900 | 08/15/28 | 756742 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **147** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA (continued)** |  |  |  |
| $515000 (e) | Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2018 | 6.100% | 08/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529037 |
| 1015000 (e) | Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter School Project, Series 2017A | 4.750 | 07/01/27 | 1020766 |
| 435000 (e) | Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2017A | 4.000 | 10/15/29 | 430545 |
| 365000 (e) | Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2019A | 4.000 | 10/15/29 | 360966 |
| 920000 (e) | Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior Housing, Inc. Project, Series 2017 | 5.000 | 08/01/27 | 897546 |
| 490000 (e) | Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior Housing, Inc. Project, Series 2017 | 5.375 | 08/01/32 | 463867 |
| 3000000 (e) | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, Babcock Neighborhood School Inc Project, Series 2024 | 5.125 | 08/15/39 | 2891959 |
| 2000000 (e) | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, Babcock Neighborhood School Inc Project, Series 2024 | 5.750 | 08/15/49 | 1942093 |
| 2000000 (e) | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, IPS Enterprises, Inc. Projects, Refunding Series 2023A | 5.125 | 06/15/33 | 2057651 |
| 3600000 (e) | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, IPS Enterprises, Inc. Projects, Refunding Series 2023A | 6.000 | 06/15/43 | 3723651 |
| 500000 | Carlton Lakes Community Developement District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2015 | 5.125 | 11/01/29 | 506577 |
| 810000 (e) | Caymas Community Development District, Collier County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2024 | 5.300 | 05/01/44 | 801496 |
| 245000 (e) | Cedar Crossing Community Development District, Polk County, Florida, Special Assessment Bond, 2025 Project, Series 2025 | 4.300 | 05/01/32 | 241152 |
| 365000 (e) | Cedar Crossing Community Development District, Polk County, Florida, Special Assessment Bond, 2025 Project, Series 2025 | 5.300 | 05/01/45 | 355165 |
| 75000 | Celebration Community Development District, Florida, Special Assessment Bonds, Assessment Area 1, Series 2021 | 2.250 | 05/01/26 | 73654 |
| 2700000 (h) | Celebration Pointe Community Development District 1, Alachua County, Florida, Special Assessment Revenue Bonds, Series 2014 | 5.000 | 05/01/34 | 2701011 |
| 2625000 (h) | Celebration Pointe Community Development District 1, Alachua County, Florida, Special Assessment Revenue Bonds, Series 2014 | 5.125 | 05/01/45 | 2613476 |
| 1000000 (h) | Celebration Pointe Community Development District 1, Alachua County, Florida, Special Assessment Revenue Bonds, Series 2017 | 5.000 | 05/01/32 | 1007663 |
| 3810000 (h) | Celebration Pointe Community Development District 1, Alachua County, Florida, Special Assessment Revenue Bonds, Series 2017 | 5.000 | 05/01/48 | 3678309 |
| 230000 (h) | Celebration Pointe Community Development District 1, Alachua County, Florida, Special Assessment Revenue Bonds, Series 2021 | 2.375 | 05/01/26 | 225051 |
| 1090000 (h) | Celebration Pointe Community Development District 1, Alachua County, Florida, Special Assessment Revenue Bonds, Series 2021 | 3.000 | 05/01/31 | 1007648 |
| 200000 | Centre Lake Community Development District, Miami Lakes, Florida, Special Assessment Bonds, Series 2016 | 4.125 | 12/15/27 | 200687 |
| 500000 | Centre Lake Community Development District, Miami Lakes, Florida, Special Assessment Bonds, Series 2016 | 4.500 | 12/15/32 | 501892 |
| 230000 (e) | Centre Lake Community Development District, Miami Lakes, Florida, Special Assessment Bonds, Series 2021 | 2.750 | 05/01/26 | 226603 |
| 250000 (e) | Centre Lake Community Development District, Miami Lakes, Florida, Special Assessment Bonds, Series 2021 | 2.750 | 05/01/29 | 236242 |
| 255000 (e) | Centre Lake Community Development District, Miami Lakes, Florida, Special Assessment Bonds, Series 2021 | 3.000 | 05/01/42 | 196491 |
| 90000 | Chaparral of Palm Bay Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1 Project, Series 2020A-1 | 3.000 | 05/01/25 | 89908 |
| 610000 | Chaparral of Palm Bay Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1 Project, Series 2020A-1 | 3.250 | 05/01/31 | 577725 |
| 410000 (e) | Chaparral of Palm Bay Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Project, Series 2024 | 4.500 | 05/01/31 | 407711 |

---

148 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **FLORIDA** (continued) |  |  |  |
| $1340000 | (e) | Chaparral of Palm Bay Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Project, Series 2024 | 5.200% | 05/01/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311642 |
| 25000 | (e) | Chapel Creek Community Development District, Florida, Special Assessment Revenue Bonds, Series 2021 Project, Series 2021 | 2.500 | 05/01/26 | 24568 |
| 560000 | (e) | Chapel Creek Community Development District, Florida, Special Assessment Revenue Bonds, Series 2021 Project, Series 2021 | 3.375 | 05/01/41 | 454030 |
| 265000 | (e) | Chapel Creek Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Series 2024 Project, Series 2024 | 4.625 | 05/01/31 | 266014 |
| 750000 | (e) | Chapel Creek Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Series 2024 Project, Series 2024 | 5.500 | 05/01/44 | 754311 |
| 7500000 | (e) | Charlotte County Industrial Development Authority, Florida, Utility System Revenue Bonds, Town & Country Utilities Project, Series 2019, (AMT) | 5.000 | 10/01/49 | 7324651 |
| 300000 | (e) | Coco Palms Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Expansion Area Project, Series 2019 | 4.000 | 06/15/29 | 298556 |
| 3512217 | (e),(h) | Collier County Industrial Development Authority, Florida, Continuing Care Community Revenue Bonds, Arlington of Naples Project, Series 2014A | 7.000 | 08/15/24 | 351 |
| 315000 | (e) | Collier County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, Gulf Coast Charter Academy South Project, Series 2017A | 4.100 | 12/01/27 | 311322 |
| 1360000 | (e) | Collier County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, Gulf Coast Charter Academy South Project, Series 2017A | 5.000 | 12/01/37 | 1344827 |
| 2205000 | (e) | Collier County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, Gulf Coast Charter Academy South Project, Series 2017A | 5.000 | 12/01/47 | 2078711 |
| 275000 | (e) | Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005 | 4.450 | 05/01/31 | 274764 |
| 270000 | (e) | Copper Creek Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Series 2019 | 4.000 | 11/01/29 | 267710 |
| 55000 |  | Coral Keys Homes Community Development District, Miami- Dade County, Florida, Special Assessment Revenue Bonds, Series 2020 | 2.750 | 05/01/25 | 54928 |
| 165000 |  | Coral Keys Homes Community Development District, Miami- Dade County, Florida, Special Assessment Revenue Bonds, Series 2020 | 3.125 | 05/01/30 | 158065 |
| 405000 | (e) | Coral Lakes Community Development District, Charlotte County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2024 | 4.625 | 11/01/31 | 407775 |
| 1165000 | (e) | Coral Lakes Community Development District, Charlotte County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2024 | 5.500 | 11/01/44 | 1184354 |
| 575000 | (e) | Corkscrew Farms Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2 Project, Series 2017 | 4.500 | 11/01/28 | 577840 |
| 275000 |  | Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1 | 4.625 | 11/01/27 | 277621 |
| 285000 |  | Creekview Community Development District, Clay County, Florida, Special Assessment Revenue Bonds, Phase 1 Project Series 2022 | 3.875 | 05/01/27 | 283951 |
| 720000 |  | Creekview Community Development District, Clay County, Florida, Special Assessment Revenue Bonds, Phase 1 Project Series 2022 | 4.250 | 05/01/32 | 712542 |
| 1780000 |  | Creekview Community Development District, Clay County, Florida, Special Assessment Revenue Bonds, Phase 1 Project Series 2022 | 4.625 | 05/01/42 | 1679386 |
| 795000 | (e) | Cross Creek North Community Development District, Clay County, Florida, Special Assessment Bonds, Series 2018 | 4.750 | 11/01/29 | 808043 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **149** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $210000 | Cross Creek North Community Development District, Clay County, Florida, Special Assessment Bonds, Series 2022 | 3.400% | 05/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208495 |
| 1000000 | Cross Creek North Community Development District, Clay County, Florida, Special Assessment Bonds, Series 2022 | 3.750 | 05/01/32 | 983390 |
| 275000 | Cross Creek North Community Development District, Clay County, Florida, Special Assessment Bonds, Series 2023 | 4.500 | 05/01/30 | 276817 |
| 1000000 | Cross Creek North Community Development District, Clay County, Florida, Special Assessment Bonds, Series 2023 | 5.125 | 05/01/43 | 1005018 |
| 315000 (e) | Crossings Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2024 | 4.750 | 05/01/31 | 313253 |
| 1055000 (e) | Crossings Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2024 | 5.350 | 05/01/44 | 1034154 |
| 835000 (e) | Crosswinds East Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Assessment Area One Series 2024 | 4.625 | 05/01/31 | 838447 |
| 1000000 (e) | Crosswinds East Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Assessment Area One Series 2024 | 5.500 | 05/01/44 | 1007174 |
| 95000 | Crystal Cay Community Development District, Florida, Special Assessment Bonds, 2021 Project, Series 2021 | 2.250 | 05/01/26 | 93315 |
| 855000 | Crystal Cay Community Development District, Florida, Special Assessment Bonds, 2021 Project, Series 2021 | 3.050 | 05/01/41 | 699118 |
| 390000 (e) | Curiosity Creek Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2024 | 4.650 | 05/01/31 | 387831 |
| 1000000 (e) | Curiosity Creek Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2024 | 5.400 | 05/01/44 | 982623 |
| 1850000 | Currents Community Development District, Collier County, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Series 2024 | 5.000 | 05/01/31 | 1839812 |
| 6790000 | Currents Community Development District, Collier County, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Series 2024 | 5.500 | 05/01/44 | 6580482 |
| 1240000 (e) | Currents Community Development District, Collier County, Florida, Capital Improvement Revenue Bonds, Series 2020B | 4.250 | 05/01/41 | 1098351 |
| 235000 (e) | Currents Community Development District, Collier County, Florida, Capital Improvement Revenue Bpnds, Series 2020A | 3.000 | 05/01/25 | 234737 |
| 1290000 (e) | Currents Community Development District, Collier County, Florida, Capital Improvement Revenue Bpnds, Series 2020A | 3.500 | 05/01/30 | 1231497 |
| 360000 (e) | Currents Community Development District, Collier County, Florida, Capital Improvement Revenue Bpnds, Series 2020A | 4.000 | 05/01/40 | 321926 |
| 1255000 | Cypress Bluff Community Development District, Florida, Special Assessment Bonds, Series 2019 | 4.125 | 05/01/29 | 1258910 |
| 170000 | Cypress Mill Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2023 | 4.000 | 05/01/28 | 170240 |
| 450000 | Cypress Mill Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2023 | 4.000 | 05/01/33 | 425041 |
| 80000 (e) | Cypress Park Estates Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Project, Series 2020 | 2.625 | 05/01/25 | 79888 |
| 295000 (e) | Cypress Park Estates Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Project, Series 2020 | 3.250 | 05/01/30 | 278947 |
| 495000 (e) | Cypress Park Estates Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 2 Project, Series 2020 | 4.000 | 05/01/40 | 440233 |
| 955000 | Cypress Preserve Community Development District, Pasco County, Florida, Special Assessment Bonds, Assessment Area 2, Series 2019 | 3.750 | 11/01/31 | 914389 |
| 1670000 | Cypress Preserve Community Development District, Pasco County, Florida, Special Assessment Bonds, Assessment Area 2, Series 2019 | 4.000 | 11/01/39 | 1512520 |

---

150 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **FLORIDA** (continued) |  |  |  |
| $255000 | (e) | Deerbrook Community Development District, Pasco County, Florida, Special Assessment Bonds, 2023 Project Series 2023 | 4.375% | 05/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256137 |
| 1000000 | (e) | Deerbrook Community Development District, Pasco County, Florida, Special Assessment Bonds, 2023 Project Series 2023 | 5.250 | 05/01/43 | 1006632 |
| 375000 |  | Del Webb Oak Creek Community Development District, Lee County, Florida, Special Assessment Bonds, 2023 Project, Series 2023 | 4.125 | 05/01/30 | 375911 |
| 180000 | (e),(j) | Del Webb Sunchase Community Development District, Manatee County, Florida, Special Assessment Bonds, Series 2025 | 4.250 | 05/01/30 | 180373 |
| 250000 | (e),(j) | Del Webb Sunchase Community Development District, Manatee County, Florida, Special Assessment Bonds, Series 2025 | 4.650 | 05/01/35 | 251798 |
| 415000 | (e),(j) | Del Webb Sunchase Community Development District, Manatee County, Florida, Special Assessment Bonds, Series 2025 | 5.450 | 05/01/45 | 417753 |
| 505000 | (e) | Downden West Community Development District, Florida, Revenue Bonds Series 2018 | 4.850 | 05/01/29 | 512397 |
| 2535000 |  | Durbin Crossing Community Development District, Florida, Special Assessment Bonds, Senior Refunding Series 2017A-1 —AGM Insured | 5.000 | 05/01/32 | 2626161 |
| 110000 |  | DW Bayview Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, 2022 Assessment Area Series 2022 | 4.300 | 05/01/27 | 110352 |
| 175000 |  | DW Bayview Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, 2022 Assessment Area Series 2022 | 4.500 | 05/01/32 | 177643 |
| 80000 | (e) | Eagle Pointe Community Development District, Manatee County, Florida, Special Assessment Bonds, 2020 Project Assessment Area Series 2020 | 3.000 | 05/01/25 | 79914 |
| 575000 | (e) | Eagle Pointe Community Development District, Manatee County, Florida, Special Assessment Bonds, 2020 Project Assessment Area Series 2020 | 3.625 | 05/01/31 | 546243 |
| 20000 |  | East 547 Community Development District, Florida, Special Assessment Bonds, Area 1 Series 2021 | 2.500 | 05/01/26 | 19660 |
| 155000 |  | East 547 Community Development District, Florida, Special Assessment Bonds, Area 1 Series 2021 | 3.000 | 05/01/31 | 142855 |
| 405000 |  | East 547 Community Development District, Florida, Special Assessment Bonds, Area 1 Series 2021 | 3.300 | 05/01/41 | 323909 |
| 290000 | (e) | East Bonita Beach Road Community Development District, Bonita Springs, Florida, Special Assessment Bonds, Area 1 Series 2018 | 4.375 | 11/01/29 | 292955 |
| 280000 |  | East Homestead Community Development District, Florida, Special Assessment Revenue Bonds, Series 2019 | 4.125 | 11/01/29 | 279879 |
| 400000 |  | East Nassau Stewardship District, Florida, Special Assessment Revenue Bonds, Series 2018 | 4.600 | 05/01/29 | 404003 |
| 165000 |  | East Nassau Stewardship District, Florida, Special Assessment Revenue Bonds, Series 2021 | 2.400 | 05/01/26 | 161941 |
| 480000 |  | East Nassau Stewardship District, Florida, Special Assessment Revenue Bonds, Series 2021 | 3.000 | 05/01/31 | 440462 |
| 1265000 |  | East Nassau Stewardship District, Florida, Special Assessment Revenue Bonds, Series 2021 | 3.500 | 05/01/41 | 1036740 |
| 375000 | (e) | East Palm Drive Community Development District, Florida, Special Assessment Bonds, Assessment Area 1, Series 2024 | 4.375 | 06/15/31 | 372765 |
| 750000 | (e) | East Palm Drive Community Development District, Florida, Special Assessment Bonds, Assessment Area 1, Series 2024 | 5.100 | 06/15/44 | 735960 |
| 25000 |  | Eden Hills Community Development District, Lake Alfred, Florida, Special Assessment Revenue Bonds, Phase 1 Series 2020 | 2.750 | 05/01/25 | 24972 |
| 110000 |  | Edgewater East Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2021 | 2.500 | 05/01/26 | 108258 |
| 800000 |  | Edgewater East Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2021 | 3.100 | 05/01/31 | 748027 |
| 2000000 |  | Edgewater East Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2021 | 3.600 | 05/01/41 | 1695962 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **151** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $1095000 | Edgewater West Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area One Series 2024 | 4.500% | 05/01/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080324 |
| 1000000 | Edgewater West Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area One Series 2024 | 5.250 | 05/01/44 | 963963 |
| 100000 (e) | Entrada Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2021 | 2.125 | 05/01/26 | 97992 |
| 350000 | Epperson North Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2021 | 3.000 | 05/01/31 | 322928 |
| 125000 (e) | Epperson North Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 3, Series 2021A | 2.450 | 11/01/26 | 121826 |
| 580000 (e) | Epperson North Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 3, Series 2021A | 3.100 | 11/01/31 | 532507 |
| 200000 (e) | Epperson North Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 4, Series 2024 | 4.500 | 05/01/31 | 199198 |
| 500000 (e) | Epperson North Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 4, Series 2024 | 5.300 | 05/01/44 | 491825 |
| 345000 | Epperson Ranch Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2017A-1 | 5.000 | 11/01/28 | 349369 |
| 240000 (e) | Epperson Ranch II Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2018A-1 | 5.000 | 05/01/30 | 243166 |
| 1500000 | Escambia County, Florida, Environmental Improvement Revenue Bonds, International Paper Company Projects, Refunding Series 2019B, (Mandatory Put 10/01/31) | 3.450 | 11/01/33 | 1466450 |
| 70000 | Esplanade Lake Club Community Development District, Lee County, Florida, Capital Improvement Bonds, Series 2019A-2 | 3.625 | 11/01/30 | 66811 |
| 295000 | Estancia at Wiregrass Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Series 2013 | 6.375 | 11/01/26 | 295545 |
| 500000 (e) | Evergreen Community Development District, Florida, Special Assessment Bonds, Series 2019 | 4.250 | 11/01/29 | 501166 |
| 570000 (e) | Everlands Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 2 Series 2024 | 4.450 | 06/15/31 | 567067 |
| 925000 (e) | Everlands Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 2 Series 2024 | 5.200 | 06/15/44 | 909998 |
| 350000 | Finley Woods Community Development District, Florida, Capital Improvement Bonds, Series 2020 | 4.000 | 05/01/40 | 312299 |
| 175000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2017A | 5.000 | 06/15/27 | 176061 |
| 140000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2018A | 5.000 | 06/15/28 | 140720 |
| 930000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Cornerstone Charter Schools Project, Series 2022 | 5.000 | 10/01/32 | 949263 |
| 1570000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Creative Inspiration Journey School of St. Cloud, Series 2021A | 5.000 | 06/15/31 | 1573830 |
| 1245000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Creative Inspiration Journey School of St. Cloud, Series 2021A | 5.000 | 06/15/41 | 1157648 |
| 785000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Creative Inspiration Journey School of St. Cloud, Series 2021A | 5.000 | 06/15/51 | 694594 |
| 805000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Creative Inspiration Journey School of St. Cloud, Series 2021A | 5.000 | 06/15/56 | 697520 |

---

152 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $485000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2017A | 5.000% | 07/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483878 |
| 2480000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Upper School Project, Series 2017C | 5.150 | 07/01/27 | 2502646 |
| 600000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Dreamers Academy Project, Taxable Series 2022B | 5.250 | 01/15/28 | 589612 |
| 6405000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A | 4.750 | 07/15/36 | 6251309 |
| 625000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Global Outreach Charter Academy, Series 2021A | 4.000 | 06/30/36 | 530811 |
| 765000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Global Outreach Charter Academy, Series 2021A | 4.000 | 06/30/41 | 596100 |
| 1855000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Global Outreach Charter Academy, Series 2021A | 4.000 | 06/30/46 | 1359969 |
| 1370000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Innovation Montessori Ocoee Projects, Taxable Series 2022A | 5.000 | 07/01/32 | 1323389 |
| 3135000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Innovation Montessori Ocoee Projects, Taxable Series 2022A | 5.375 | 07/01/42 | 2895594 |
| 3000000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Parrish Charter Academy Inc Series 2023A, (Mandatory Put 6/15/28) | 6.250 | 04/23/58 | 2992341 |
| 125000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A | 5.000 | 06/15/25 | 125032 |
| 4900000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A | 6.125 | 06/15/46 | 4903892 |
| 1600000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A | 5.750 | 06/15/29 | 1601130 |
| 1510000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A | 6.000 | 06/15/34 | 1511225 |
| 470000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2020C | 4.000 | 09/15/30 | 448542 |
| 615000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, The Florida Charter Educational Foundation Inc. Projects, Series 2016A | 5.125 | 06/15/26 | 616697 |
| 700000 (e) | Florida Development Finance Corporation, Educational Facilities Revenue Refunding Bonds, Central Charter School, Series 2022 | 5.250 | 08/15/37 | 671665 |
| 6200000 (e) | 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 | 6207904 |
| 2300000 (e) | Florida Development Finance Corporation, Florida, Solid Waste Disposal Revenue Bonds, Waste Pro USA, Inc. Project, Series 2019, (AMT) | 5.000 | 05/01/29 | 2332536 |
| 51290000 (e) | 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 | 54415823 |
| 4140000 | 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 | 4191464 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **153** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $7740000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000% | 07/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7765248 |
| 2160000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/38 | 2157171 |
| 24800000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/41 | 24133525 |
| 31960000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT) | 5.000 | 07/01/44 | 32085760 |
| 96860000 (e) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250 | 07/01/57 | 100588413 |
| 2200000 (e) | Florida Development Finance Corporation, Revenue Bonds, IPS Florida LLC-Idea Florida, Inc. Jacksonville IV, Series 2022 | 5.250 | 06/15/29 | 2205965 |
| 225000 (e) | Florida Development Finance Corporation, Senior Living Revenue Bonds, Glenridge on Palmer Ranch Project, Refunding Series 2021 | 5.000 | 06/01/35 | 227246 |
| 1305000 (e) | Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024A-1 | 5.000 | 06/01/44 | 1293322 |
| 1540000 (e) | Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024B | 6.500 | 06/01/59 | 1562621 |
| 3345000 | Florida Housing Finance Corporation, Multifamily Mortgage Revenue Bonds, Brookside Square Apartments, Series 2015J, (Mandatory Put 6/01/32) | 5.000 | 06/01/57 | 3147220 |
| 270000 | Florida Municipal Loan Council, Capital Improvement Revenue Bonds, Shingle Creek Transportation and Utility Series 2024, (AMT) | 4.500 | 05/01/31 | 269769 |
| 375000 | Flow Way Community Development District, Collier County, Florida, Special Assessment Bonds, Phase 5 Project, Series 2016 | 4.350 | 11/01/27 | 376928 |
| 750000 (e) | Flow Way Community Development District, Collier County, Florida, Special Assessment Bonds, Refunding Series 2024 | 5.000 | 05/01/34 | 781111 |
| 1100000 (e) | Flow Way Community Development District, Collier County, Florida, Special Assessment Bonds, Refunding Series 2024 | 5.000 | 05/01/44 | 1093489 |
| 85000 | Flow Way Community Development District, Collier County, Florida, Special Assessment Bonds, Series 2015 | 4.250 | 11/01/25 | 85147 |
| 330000 | Forest Brooke Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2017 | 4.500 | 12/15/27 | 332593 |
| 190000 | Fox Branch Ranch Community Development District, Polk County, Florida, Revenue Bonds, Capital Improvement Area One Series 2025 | 4.150 | 05/01/30 | 188811 |
| 225000 | Fox Branch Ranch Community Development District, Polk County, Florida, Revenue Bonds, Capital Improvement Area One Series 2025 | 4.375 | 05/01/35 | 220897 |
| 540000 | Fox Branch Ranch Community Development District, Polk County, Florida, Revenue Bonds, Capital Improvement Area One Series 2025 | 5.200 | 05/01/45 | 530514 |
| 685000 (e) | GIR East Community Development District, Osceola County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2025 | 4.300 | 05/01/32 | 674243 |
| 1500000 (e) | GIR East Community Development District, Osceola County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2025 | 5.300 | 05/01/45 | 1457810 |
| 65000 | Glen St Johns Community Development District, Florida, Special Assessment Revenue Bonds, Series 2006 | 5.250 | 05/01/38 | 65034 |
| 600000 (e) | Governors Park South Community Development District, Clay County, Florida, Special Assessment Revenue Bonds, Area 1 Series 2025 | 4.375 | 05/01/32 | 597221 |

---

154 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $1000000 (e) | Governors Park South Community Development District, Clay County, Florida, Special Assessment Revenue Bonds, Area 1 Series 2025 | 5.400% | 05/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988683 |
| 120000 (e) | Gracewater Sarasota Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2021 | 2.400 | 05/01/26 | 117589 |
| 665000 (e) | Gracewater Sarasota Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2021 | 2.950 | 05/01/31 | 602526 |
| 360000 | Grand Bay at Doral Community Development District, Miami- Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016 | 4.250 | 05/01/26 | 360750 |
| 790000 | Grand Bay at Doral Community Development District, Miami- Dade County, Florida, Special Assessment Improvement Bonds, Assessment Area Two Project, Refunding Series 2014A-2 | 5.875 | 05/01/28 | 791097 |
| 85000 (e) | Grand Oaks Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Assessment Area 3, Series 2021 | 2.625 | 11/01/26 | 82877 |
| 220000 (e) | Grand Oaks Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Assessment Area 3, Series 2021 | 3.200 | 11/01/31 | 202988 |
| 560000 (e) | Grand Oaks Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Assessment Area 3, Series 2021 | 3.500 | 11/01/41 | 453895 |
| 545000 | Grand Oaks Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Series 2019A | 4.125 | 11/01/29 | 544540 |
| 12500000 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017A, (AMT) | 5.000 | 10/01/47 | 12520490 |
| 4170000 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Series 2015A, (AMT) | 5.000 | 10/01/35 | 4188936 |
| 1450000 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Series 2015A, (AMT) | 4.000 | 10/01/40 | 1385562 |
| 425000 | Grove Resort Community Development District, Orange County, Florida, Special Assessment Revenue Bonds, Series 2017A | 5.000 | 11/01/28 | 433423 |
| 70000 | Gulfstream Polo Community Development District, Palm Beach County, Florida, Special Assessment Bonds, Phase 1 Project, Series 2017 | 4.000 | 11/01/27 | 70020 |
| 150000 (e) | Hammock Oaks Community Development District, Florida, Special Assessment Revenue Bonds, Area One Series 2023 | 4.875 | 05/01/30 | 151469 |
| 750000 (e) | Hammock Oaks Community Development District, Florida, Special Assessment Revenue Bonds, Area One Series 2023 | 5.625 | 05/01/43 | 765427 |
| 300000 | Hammock Oaks Community Development District, Lady Lake, Florida, Special Assessment Revenue Bonds, Area 2, Series 2024 | 5.000 | 05/01/31 | 301189 |
| 1000000 | Hammock Oaks Community Development District, Lady Lake, Florida, Special Assessment Revenue Bonds, Area 2, Series 2024 | 5.850 | 05/01/44 | 1004952 |
| 45000 | Hammock Reserve Community Development District, Haines City, Florida, Special Assessment Revenue Bonds, Area 2 Project, Series 2021 | 2.375 | 05/01/26 | 44191 |
| 205000 | Hammock Reserve Community Development District, Haines City, Florida, Special Assessment Revenue Bonds, Area 2 Project, Series 2021 | 3.000 | 05/01/31 | 189144 |
| 515000 | Hammock Reserve Community Development District, Haines City, Florida, Special Assessment Revenue Bonds, Area 2 Project, Series 2021 | 3.375 | 05/01/41 | 421998 |
| 195000 (e) | Hammock Reserve Community Development District, Haines City, Florida, Special Assessment Revenue Bonds, Area 3 Project, Series 2022 | 4.200 | 05/01/27 | 195078 |
| 470000 (e) | Hammock Reserve Community Development District, Haines City, Florida, Special Assessment Revenue Bonds, Area 3 Project, Series 2022 | 4.400 | 05/01/32 | 471671 |
| 345000 (e) | Harmony West Community Development District, Osceloa County, Florida, Special Asssessment Revenue Bonds, Assessment Area 1, Series 2018 | 4.750 | 05/01/29 | 349538 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **155** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $300000 (e) | Harmony West Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 3, Series 2025 | 4.600% | 05/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299964 |
| 625000 (e) | Harmony West Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 3, Series 2025 | 5.450 | 05/01/45 | 620948 |
| 485000 | Hawkstone Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2019 | 3.500 | 11/01/30 | 460638 |
| 150000 | Hawkstone Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 2, Series 2019 | 3.625 | 11/01/30 | 143381 |
| 565000 (e) | Hawthorne Mill North Community Development District, Florida, Capital Improvement Revenue Bonds, Lakeland Assessment Area Two Series 2024 | 4.600 | 05/01/31 | 561264 |
| 1000000 (e) | Hawthorne Mill North Community Development District, Florida, Capital Improvement Revenue Bonds, Lakeland Assessment Area Two Series 2024 | 5.200 | 05/01/44 | 977672 |
| 500000 | Heights Community Development District, Florida, Tax Increment & Special Assessment Revenue Bonds, Series 2018 | 4.500 | 01/01/28 | 503832 |
| 695000 | Heritage Harbour North Community Development District, Florida, Capital Improvement Revenue Bond, Refunding Series 2017A-1- AGM Insured | 5.000 | 05/01/27 | 720091 |
| 575000 (e) | Hickory Tree Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2024 | 4.500 | 05/01/31 | 569686 |
| 1310000 (e) | Hickory Tree Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2024 | 5.150 | 05/01/44 | 1273001 |
| 445000 (e) | Hidden Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 3, Series<br> 2019A-1 | 4.500 | 11/01/29 | 449420 |
| 245000 | Highland Meadows II Community Development District, Davenport, Polk County, Florida, Special Assessment Revenue Bonds, Assessment Area 7/7A Project, Series 2019 | 3.875 | 11/01/31 | 236852 |
| 210000 | Highland Meadows West Community Development District, Haines City, Florida, Special Assessment Bonds, Area 2 Project, Series 2020A | 3.250 | 05/01/31 | 195357 |
| 420000 | Highland Meadows West Community Development District, Haines City, Florida, Special Assessment Bonds, Area 2 Project, Series 2020A | 3.625 | 05/01/40 | 355466 |
| 150000 | Highland Meadows West Community Development District, Haines City, Florida, Special Assessment Bonds, Area 3 Project, Series 2020A | 3.625 | 05/01/40 | 126952 |
| 540000 (e) | Highland Meadows West Community Development District, Haines City, Florida, Special Assessment Bonds, Series 2019 | 4.125 | 11/01/29 | 539768 |
| 235000 (e) | Highland Trails Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Assessment Area One Capital Improvement Series 2024 | 4.700 | 05/01/31 | 235650 |
| 815000 (e) | Highland Trails Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Assessment Area One Capital Improvement Series 2024 | 5.500 | 05/01/44 | 815054 |
| 245000 (e) | Highlands Community Development District, Hillborough County, Florida, Special Assessment Bonds, Assessment Area 4 Project, Series 2018 | 4.750 | 06/15/29 | 248212 |
| 2200000 | Highlands Community Development District, Hillborough County, Florida, Special Assessment Bonds, Refunding Series 2016 | 4.250 | 05/01/31 | 2173849 |
| 835000 (e) | Hillcrest Preserve Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, 2024 Project Series 2024 | 4.375 | 05/01/31 | 823550 |
| 1500000 (e) | Hillcrest Preserve Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, 2024 Project Series 2024 | 5.000 | 05/01/44 | 1432739 |
| 1500000 | Hobe-Saint Lucie Conservancy District, Florida, Special Assessment Revenue Bonds, Improvement Unit 1A, Series 2024 | 5.600 | 05/01/44 | 1527886 |

---

156 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $220000 (e) | Hunter's Ridge Community Development District 1, Flagler County, Florida, Special Assessment Bonds, Assessment Area 1, Series 2019 | 4.250% | 11/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220293 |
| 260000 (e) | Island Lake Estates Community Development District, Charlotte County, Florida, Special Assessment Bonds, 2023 Project Series 2023 | 4.875 | 12/15/28 | 263282 |
| 1500000 (e) | Island Lake Estates Community Development District, Charlotte County, Florida, Special Assessment Bonds, 2023 Project Series 2023 | 5.750 | 12/15/43 | 1556419 |
| 17000 | Islands at Doral III Community Development District, Doral, Florida, Special Assessment Bonds, Expanded Area Project, Series 2014 | 4.750 | 05/01/25 | 17008 |
| 2500000 | Islands at Doral III Community Development District, Doral, Florida, Special Assessment Bonds, Refunding Series 2013 | 4.125 | 05/01/35 | 2440086 |
| 130000 | Isles of Bartram Park Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Series 2015 | 4.375 | 11/01/25 | 130116 |
| 170000 | Isles of Bartram Park Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Series 2017 | 4.000 | 11/01/27 | 169090 |
| 195000 (e) | Kelly Park Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area One Project Series 2023 | 5.125 | 11/01/30 | 197757 |
| 665000 (e) | Kelly Park Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area One Project Series 2023 | 6.000 | 11/01/43 | 684338 |
| 65000 | Kindred Community Development District II, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2021 | 2.200 | 05/01/26 | 63827 |
| 80000 | Kindred Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2016 | 4.000 | 05/01/26 | 80027 |
| 195000 | Kindred Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2017 | 4.000 | 05/01/27 | 195057 |
| 80000 | Kingman Gate Community Development District, Homestead, Florida, Special Assessment Bonds, Project 2021 Series 2021 | 2.500 | 06/15/26 | 78797 |
| 245000 (e) | Knightsbridge Community Development District, Florida, Special Assessment Bonds, Series 2024 | 4.250 | 06/15/31 | 243733 |
| 700000 (e) | Knightsbridge Community Development District, Florida, Special Assessment Bonds, Series 2024 | 5.200 | 06/15/44 | 695296 |
| 220000 | Lake Ashton Community Development District, Polk County, Florida, Capital Improvement Revenue Bonds, Series 2015A-1 | 5.000 | 05/01/25 | 220124 |
| 3000000 | Lake County, Florida Retirement Facility Revenue Bonds, Lakeside at Waterman Village Project, Series 2020A | 5.500 | 08/15/40 | 2982694 |
| 425000 (e) | Lake County, Florida, Educational Facilities Revenue Bonds, Imagine South Lake Charter School Project, Series 2019A | 5.000 | 01/15/29 | 428314 |
| 550000 (e) | Lake County, Florida, Educational Facilities Revenue Bonds, Imagine South Lake Charter School Project, Series 2019A | 5.000 | 01/15/39 | 539172 |
| 130000 | Lake Deer Community Development District, Polk County Florida, Special Assessment Revenue Bonds, Series 2022 | 4.500 | 05/01/27 | 129971 |
| 300000 | Lake Deer Community Development District, Polk County Florida, Special Assessment Revenue Bonds, Series 2022 | 5.000 | 05/01/32 | 299959 |
| 745000 | Lake Deer Community Development District, Polk County Florida, Special Assessment Revenue Bonds, Series 2022 | 5.500 | 05/01/42 | 746579 |
| 655000 (e) | Lake Hideaway Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area One, Series 2024 | 4.750 | 05/01/31 | 657406 |
| 900000 (e) | Lake Hideaway Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area One, Series 2024 | 5.650 | 05/01/44 | 901323 |
| 125000 | Lakeside Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Series 2015 | 4.750 | 05/01/25 | 125047 |
| 345000 | Lakeside Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Series 2018 | 4.600 | 05/01/28 | 347897 |
| 285000 | Lakeside Preserve Community Development District, Lakeland, Florida, Special Assessment Bonds, 2023 Project Series 2023 | 5.250 | 05/01/30 | 289562 |
| 995000 | Lakeside Preserve Community Development District, Lakeland, Florida, Special Assessment Bonds, 2023 Project Series 2023 | 6.000 | 05/01/43 | 1031007 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **157** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **FLORIDA** (continued) |  |  |  |
| $120000 |  | Lakeside Preserve Community Development District, Lakeland, Florida, Special Assessment Bonds, Series 2019 | 4.250% | 05/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120139 |
| 35000 |  | Lakewood Park Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2021 | 2.625 | 05/01/26 | 34441 |
| 120000 |  | Lakewood Park Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2021 | 3.200 | 05/01/31 | 112167 |
| 325000 |  | Lakewood Park Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2021 | 3.625 | 05/01/41 | 270444 |
| 215000 | (e) | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Del Webb Project, Series 2017 | 4.300 | 05/01/27 | 216064 |
| 200000 |  | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Isles Lakewood Ranch Project, Series 2019 | 3.875 | 05/01/29 | 199425 |
| 45000 | (e) | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Star Farms at Lakewood Ranch Project, Series 2021 | 2.300 | 05/01/26 | 44179 |
| 205000 | (e) | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Star Farms at Lakewood Ranch Project, Series 2021 | 2.700 | 05/01/31 | 186002 |
| 455000 | (e) | Landings at Miami Coummunity Development District, Miami- Dade County, Florida, Special Assessment Bonds, Series 2018 | 4.125 | 11/01/28 | 455918 |
| 1240000 |  | Langley South Community Development District, Florida, Special Assessment Revenue Bonds, Mascotte Assessment Area One Series 2024 | 4.400 | 05/01/31 | 1233057 |
| 2225000 |  | Langley South Community Development District, Florida, Special Assessment Revenue Bonds, Mascotte Assessment Area One Series 2024 | 5.125 | 05/01/44 | 2181558 |
| 1965000 |  | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A | 5.250 | 06/15/27 | 1965709 |
| 5000000 |  | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A | 5.375 | 06/15/37 | 5000104 |
| 4485000 | (e) | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2024A | 6.000 | 06/15/38 | 4534487 |
| 325000 | (e) | Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Preserve Project, Series 2017A | 5.000 | 12/01/27 | 263020 |
| 210000 | (e) | Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Preserve Project, Series 2017A | 5.375 | 12/01/32 | 163444 |
| 35000 |  | Leomas Landing Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2021 | 2.400 | 05/01/26 | 34380 |
| 300000 | (e) | Liberty Cove Community Development District, Nassau County, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2024 | 4.800 | 05/01/31 | 297717 |
| 1085000 | (e) | Liberty Cove Community Development District, Nassau County, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2024 | 5.375 | 05/01/44 | 1055513 |
| 340000 | (e) | Longleaf Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Neighborhood 4 Assessment Area Two Series 2024A | 4.375 | 05/01/31 | 335161 |
| 750000 | (e) | Longleaf Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Neighborhood 4 Assessment Area Two Series 2024A | 5.200 | 05/01/44 | 721153 |
| 500000 | (e),(j) | Lowery Hills Community Development District, Lake Alfred, Florida, Special Assessments Revenue Bonds, Assessment Area 1, Series 2025 | 4.550 | 05/01/32 | 497250 |
| 390000 | (e),(j) | Lowery Hills Community Development District, Lake Alfred, Florida, Special Assessments Revenue Bonds, Assessment Area 1, Series 2025 | 5.625 | 05/01/45 | 384521 |

---

158 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $100000 | LTC Rance Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 1 Project, Series 2021A | 2.500% | 05/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98209 |
| 700000 | LTC Rance Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 1 Project, Series 2021A | 3.125 | 05/01/31 | 647295 |
| 2000000 | LTC Rance Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 1 Project, Series 2021A | 3.450 | 05/01/41 | 1626376 |
| 1460000 | LTC Rance Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 1 Project, Series 2021B | 3.250 | 05/01/31 | 1359672 |
| 130000 | LTC Ranch Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 2 Project, Series 2024AA2 | 4.850 | 05/01/31 | 130359 |
| 325000 | LTC Ranch Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 2 Project, Series 2024AA2 | 5.700 | 05/01/44 | 325934 |
| 440000 | LTC Ranch Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 3 Project, Series 2024AA3 | 4.875 | 05/01/31 | 441412 |
| 1255000 | LTC Ranch Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 3 Project, Series 2024AA3 | 5.750 | 05/01/44 | 1259479 |
| 300000 (e) | LTC Ranch Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 4 Project, Refunding Series 2024AA4 | 4.750 | 05/01/31 | 298805 |
| 1130000 (e) | LTC Ranch Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 4 Project, Refunding Series 2024AA4 | 5.375 | 05/01/44 | 1108367 |
| 340000 | Lucerne Park Community Development District, Florida, Special Assessment Revenue Bonds, Series 2019 | 4.000 | 05/01/29 | 338836 |
| 2015000 | Magic Place Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2019 | 3.875 | 05/01/30 | 1947824 |
| 3570000 | Magic Place Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2019 | 4.375 | 05/01/40 | 3244736 |
| 710000 (e) | Magnolia Island Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, series 2025 | 4.650 | 05/01/32 | 709066 |
| 750000 (e) | Magnolia Island Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, series 2025 | 5.550 | 05/01/45 | 745176 |
| 435000 (e) | Malabar Springs Community Development District, Florida, Special Assessment Revenue Bonds, Palm Bay Area One Series 2024 | 4.500 | 05/01/31 | 430300 |
| 1355000 (e) | Malabar Springs Community Development District, Florida, Special Assessment Revenue Bonds, Palm Bay Area One Series 2024 | 5.200 | 05/01/44 | 1313753 |
| 320000 (e) | Marion Ranch Community Development District, Marion County, Florida, Special Assessment Revenue Bonds, Series 2024 | 5.100 | 05/01/31 | 321073 |
| 1000000 (e) | Marion Ranch Community Development District, Marion County, Florida, Special Assessment Revenue Bonds, Series 2024 | 5.700 | 05/01/44 | 1002873 |
| 765000 | Mediterranea Community Development District, Riviera Beach, Florida, Special Assessment Bonds, Area 2 Project, Refunding & Improvement Series 2017 | 4.250 | 05/01/29 | 767461 |
| 565000 (e) | Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, Miami Community Charter School Inc Project, Series 2020A | 4.250 | 06/01/30 | 541264 |
| 1035000 (e) | Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, South Florida Autism Charter School Project, Series 2017 | 5.250 | 07/01/27 | 1039695 |
| 600000 | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017 | 5.000 | 07/01/25 | 599039 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **159** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **FLORIDA** (continued) |  |  |  |
| $1000000 |  | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017 | 5.000% | 07/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993420 |
| 1000000 |  | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017 | 5.000 | 07/01/29 | 987888 |
| 1315000 |  | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017 | 5.000 | 07/01/30 | 1292887 |
| 695000 |  | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017 | 5.000 | 07/01/32 | 675606 |
| 12835000 | (f),(g) | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2005D — AMBAC Insured (TSFR1M + 1.050%), (UB) | 6.494 | 07/01/33 | 12966455 |
| 12830000 | (f),(g) | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2005E — AMBAC Insured (TSFR1M + 1.050%), (UB) | 6.494 | 07/01/34 | 12953544 |
| 7400000 | (e) | Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Edison Tower Apartments, Series 2022A | 6.000 | 11/01/52 | 7593961 |
| 13600000 | (e) | Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Edison Tower Apartments, Series 2022B | 5.000 | 11/01/26 | 13667976 |
| 13015000 | (e) | Miami-Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Wynwood Works, Series 2023B, (Mandatory Put 6/01/26) | 5.780 | 06/01/27 | 13062261 |
| 150000 | (e) | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op Charter Schools Project, Series 2015A | 5.000 | 09/15/25 | 150053 |
| 1250000 | (e) | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op Charter Schools Project, Series 2015A | 6.000 | 09/15/45 | 1251801 |
| 1000000 |  | Miami-Dade County Industrual Development Authority, Florida, Revenue Bonds, Doral Academy, Seres 2018 | 5.000 | 01/15/32 | 1014192 |
| 18000000 |  | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2017B, (AMT) | 5.000 | 10/01/40 | 18228197 |
| 4825000 | (e) | Miami-Dade County, Florida, Special Assessment Revenue Bonds, Ojus Sanitary Sewer Special Benefit Area, Series 2021 | 5.100 | 07/01/51 | 4820513 |
| 850000 |  | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2021 | 5.000 | 10/01/34 | 926953 |
| 250000 | (e) | Middleton Community Development District A, Florida, Special Assessment Revenue Bonds, Series 2022 | 5.200 | 05/01/27 | 252852 |
| 1070000 | (e) | Middleton Community Development District A, Florida, Special Assessment Revenue Bonds, Series 2022 | 5.450 | 05/01/32 | 1131697 |
| 2570000 | (e) | Middleton Community Development District A, Florida, Special Assessment Revenue Bonds, Series 2022 | 5.850 | 05/01/37 | 2714834 |
| 3470000 | (e) | Middleton Community Development District A, Florida, Special Assessment Revenue Bonds, Series 2022 | 6.100 | 05/01/42 | 3652890 |
| 2470000 | (e) | Mirada Community Development District, Florida, Capital Improvement Bonds, Assessment Area 3 Series 2024 | 5.625 | 05/01/44 | 2448958 |
| 2110000 | (e) | Mirada Community Development District, Florida, Capital Improvement Bonds, Assessment Area 5 Series 2024 | 5.000 | 05/01/34 | 2105404 |
| 170000 |  | Mirada II Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2021 | 2.500 | 05/01/26 | 167008 |
| 760000 |  | Mirada II Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2021 | 3.125 | 05/01/31 | 693295 |
| 150000 |  | Naples Reserve Community Development District, Collier County, Florida, Special Assessment Bonds, Series 2014 | 4.750 | 11/01/25 | 150090 |
| 455000 | (e) | Naples Reserve Community Development District, Collier County, Florida, Special Assessment Bonds, Series 2018 | 4.625 | 11/01/29 | 459886 |
| 670000 | (e) | Normandy Community Development District, Florida, Capital Improvement Revenue Bonds, Jacksonville Assessment Area One Series 2024 | 4.625 | 05/01/31 | 660534 |

---

160 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $2090000 (e) | Normandy Community Development District, Florida, Capital Improvement Revenue Bonds, Jacksonville Assessment Area One Series 2024 | 5.300% | 05/01/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010245 |
| 55000 | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2021 | 2.625 | 05/01/26 | 54115 |
| 320000 | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2021 | 3.125 | 05/01/31 | 296551 |
| 125000 (e) | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2021A | 2.625 | 05/01/26 | 122990 |
| 295000 (e) | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2021A | 3.250 | 05/01/31 | 275325 |
| 600000 (e) | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2021A | 3.550 | 05/01/41 | 495561 |
| 250000 (e) | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 4, Series 2024 | 4.625 | 05/01/31 | 250354 |
| 885000 (e) | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 4, Series 2024 | 5.450 | 05/01/44 | 883048 |
| 740000 (e) | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 5, Series 2024 | 4.875 | 05/01/31 | 742156 |
| 835000 (e) | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 5, Series 2024 | 5.750 | 05/01/44 | 837980 |
| 305000 | North Boulevard Community Development District, Haines, Polk County, Florida, Special Assessment Bonds, Series 2019 | 4.750 | 11/01/29 | 308750 |
| 620000 | North Park Isle Community Development District, Plant City, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2019 | 4.000 | 05/01/30 | 614425 |
| 150000 | North Park Isle Community Development District, Plant City, Florida, Special Assessment Revenue Bonds, Assessment Area 2, Series 2021 | 2.450 | 11/01/26 | 146146 |
| 500000 | North Park Isle Community Development District, Plant City, Florida, Special Assessment Revenue Bonds, Assessment Area 2, Series 2021 | 3.000 | 11/01/31 | 458654 |
| 1585000 | North Park Isle Community Development District, Plant City, Florida, Special Assessment Revenue Bonds, Assessment Area 2, Series 2021 | 3.375 | 11/01/41 | 1290484 |
| 135000 | North Powerline Road Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Series 2020 | 2.625 | 05/01/25 | 134800 |
| 490000 | North Powerline Road Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Series 2020 | 3.125 | 05/01/30 | 463570 |
| 90000 (e) | North Powerline Road Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Series 2022 | 4.750 | 05/01/27 | 90461 |
| 210000 (e) | North Powerline Road Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Series 2022 | 5.250 | 05/01/32 | 214458 |
| 1400000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 2C, Series 2017 | 5.000 | 08/01/32 | 1422621 |
| 540000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015 | 4.650 | 08/01/25 | 541032 |
| 1100000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2018A | 4.875 | 08/01/29 | 1115447 |
| 475000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2021 | 2.300 | 08/01/26 | 463077 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **161** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $1310000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2021 | 2.875% | 08/01/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177333 |
| 80000 | Oaks Shady Creek Community Development District, Florida, Special Assessment Bonds, Series 2015 | 4.250 | 11/01/25 | 80092 |
| 285000 | Old Hickory Community Development District, Osceola County, Florida, Special Assessment Bonds, Series 2020 | 3.000 | 06/15/30 | 270683 |
| 250000 | Orchid Grove Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015 | 4.500 | 05/01/25 | 250052 |
| 25000 (e) | Osceola Village Center Community Development District, Florida, Special Assessment Bonds, 2021 Project, Series 2021 | 2.375 | 05/01/26 | 24535 |
| 175000 (e) | Osceola Village Center Community Development District, Florida, Special Assessment Bonds, 2021 Project, Series 2021 | 2.875 | 05/01/31 | 159697 |
| 370000 (e) | Osceola Village Center Community Development District, Florida, Special Assessment Bonds, 2021 Project, Series 2021 | 3.300 | 05/01/41 | 294871 |
| 380000 (e) | Pacific Ace Community Development District, Lake County, Florida, Special Assessment Revenue Bonds, Area 2 Series 2024 | 4.450 | 05/01/31 | 379474 |
| 610000 (e) | Pacific Ace Community Development District, Lake County, Florida, Special Assessment Revenue Bonds, Area 2 Series 2024 | 5.200 | 05/01/44 | 604992 |
| 305000 | Palermo Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2, Series 2025 | 4.375 | 06/15/32 | 301514 |
| 745000 | Palermo Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2, Series 2025 | 5.350 | 06/15/45 | 729709 |
| 200000 | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Toby & Leon Cooperman Sinai Residences of Boca Raton, Refunding Series 2022 | 4.000 | 06/01/26 | 199489 |
| 1000000 | Palm Beach County, Florida, Revenue Bonds, Provident Group - LU Properties LLC Lynn University Housing Project, Series 2024A | 6.000 | 06/01/44 | 1001089 |
| 440000 | Palm Beach County, Florida, Revenue Bonds, Provident Group - LU Properties LLC Lynn University Housing Project, Taxable Series 2024B | 8.500 | 06/01/33 | 445138 |
| 690000 (e) | Palm Beach County, Florida, Revenue Bonds, Provident Group<br> - PBAU Properties LLC - Palm Beach Atlantic University Housing Project, Series 2019A | 5.000 | 04/01/29 | 692948 |
| 590000 | Palm Glades Community Development District, Florida, Special Assessment Bonds, Refunding Series 2017 | 4.000 | 05/01/27 | 589982 |
| 120000 (e) | Park East Community Development District, Florida, Special Assessment Revenue Bonds, Series 2021 | 2.400 | 11/01/26 | 115971 |
| 650000 (e) | Park East Community Development District, Florida, Special Assessment Revenue Bonds, Series 2021 | 2.875 | 11/01/31 | 580643 |
| 1285000 (e) | Park East Community Development District, Florida, Special Assessment Revenue Bonds, Series 2021 | 3.150 | 11/01/41 | 990832 |
| 415000 | Parker Pointe Community Development District, Miami-Dade County, Florida, Special Assessment Revenue Bonds, Series 2024 | 4.950 | 05/01/31 | 415023 |
| 700000 | Parker Pointe Community Development District, Miami-Dade County, Florida, Special Assessment Revenue Bonds, Series 2024 | 5.500 | 05/01/44 | 695198 |
| 70000 | Parker Road Community Development District, Florida, Capital Improvement Revenue Bonds, Refudning Series 2020 | 3.100 | 05/01/25 | 69913 |
| 335000 | Parker Road Community Development District, Florida, Capital Improvement Revenue Bonds, Refudning Series 2020 | 3.375 | 05/01/30 | 312567 |
| 815000 | Parkland Preserve Community Development District, Saint Johns County, Florida, Special Assessment Revenue Bonds, Series 2019A | 4.750 | 05/01/30 | 824499 |
| 260000 | Parrish Lakes Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2023 | 4.000 | 05/01/30 | 257076 |
| 955000 | Parrish Lakes Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2023 | 5.125 | 05/01/43 | 940255 |
| 520000 (e) | Parrish Lakes Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2023A | 4.625 | 05/01/30 | 521903 |

---

162 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $1155000 (e) | Parrish Lakes Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2023A | 5.375% | 05/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158475 |
| 1045000 (e) | Parrish Lakes Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Assessment Area 3, Series 2024 | 5.500 | 05/01/44 | 1026982 |
| 1180000 (e) | Parrish Lakes II Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Assessment Area One Series 2024 | 4.250 | 05/01/31 | 1164685 |
| 3255000 (e) | Parrish Lakes II Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Assessment Area One Series 2024 | 5.125 | 05/01/44 | 3130929 |
| 335000 | Parrish Plantation Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2021 | 3.125 | 05/01/31 | 312826 |
| 1000000 | Parrish Plantation Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2021 | 3.500 | 05/01/41 | 825324 |
| 325000 (e) | Parrish Plantation Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area 3 Project, Series 2024 | 4.875 | 05/01/31 | 327411 |
| 695000 (e) | Parrish Plantation Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area 3 Project, Series 2024 | 5.800 | 05/01/44 | 709298 |
| 85000 (e) | Parrish Plantation Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area 4 Project, Series 2021 | 4.750 | 05/01/31 | 85647 |
| 250000 (e) | Parrish Plantation Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area 4 Project, Series 2021 | 5.625 | 05/01/44 | 253476 |
| 670000 | Pasadena Ridge Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Assessment Area Two, Series 2024 | 4.350 | 05/01/31 | 664132 |
| 1325000 | Pasadena Ridge Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Assessment Area Two, Series 2024 | 5.050 | 05/01/44 | 1290385 |
| 440000 (e) | Peace Creek Community Development District, Winter Haven, Florida, Special Assessment Revenue Bonds, Area One Series 2023 | 4.250 | 06/15/30 | 440906 |
| 1475000 (e) | Peace Creek Community Development District, Winter Haven, Florida, Special Assessment Revenue Bonds, Area One Series 2023 | 5.125 | 06/15/43 | 1485638 |
| 445000 (e) | Peace Creek Village Community Development District, Winter Haven, Florida, Special Assessment Revenue Bonds, Series 2025 | 4.500 | 05/01/32 | 442283 |
| 710000 (e) | Peace Creek Village Community Development District, Winter Haven, Florida, Special Assessment Revenue Bonds, Series 2025 | 5.600 | 05/01/45 | 699589 |
| 85000 (e) | Pine Isle Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Series 2021 | 2.375 | 12/15/26 | 83097 |
| 225000 | Pinellas County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc., Project, Series 2019 | 5.000 | 07/01/39 | 224613 |
| 500000 (e) | Pioneer Ranch Community Development District, Marion County, Florida, Special Assessment Bonds, Series 2024 | 4.200 | 05/01/31 | 491149 |
| 1000000 (e) | Pioneer Ranch Community Development District, Marion County, Florida, Special Assessment Bonds, Series 2024 | 5.000 | 05/01/44 | 954012 |
| 160000 | Poinciana West Community Development District, Florida, Special Assessment Bonds, Refunding Subordinate Series 2016-2 | 5.375 | 05/01/30 | 163330 |
| 55000 | Preserve at South Branch Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Phase 3 Series 2021 | 2.500 | 05/01/26 | 54266 |
| 205000 | Prosperity Lakes Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area One Series 2023 | 5.150 | 12/15/30 | 210499 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **163** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $690000 | Prosperity Lakes Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area One Series 2023 | 5.875% | 12/15/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726864 |
| 150000 (e) | Ranches at Lake McLeod Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2023 | 4.625 | 06/15/30 | 151329 |
| 620000 (e) | Ranches at Lake McLeod Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2023 | 5.250 | 06/15/43 | 627551 |
| 300000 (e) | Ranches at Lake McLeod Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Assessment Area 2 Series 2025 | 4.250 | 06/15/30 | 299427 |
| 370000 (e) | Ranches at Lake McLeod Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Assessment Area 2 Series 2025 | 4.550 | 06/15/35 | 366305 |
| 90000 | Randal Park Community Development District, Orlando, Florida, Special Assessment Revenue Bonds, Series 2015 | 4.250 | 11/01/25 | 90104 |
| 325000 (e) | Regal Village Community Development District, Florida City, Florida, Capital Improvement Revenue Bonds, Series 2024 | 4.250 | 05/01/31 | 323516 |
| 700000 (e) | Regal Village Community Development District, Florida City, Florida, Capital Improvement Revenue Bonds, Series 2024 | 5.200 | 05/01/44 | 695920 |
| 840000 | Reunion East Community Development District, Osceola County, Florida, Special Assessment Bonds, Refunding Series 2015A | 5.000 | 05/01/25 | 841151 |
| 80000 | Reunion East Community Development District, Osceola County, Florida, Special Assessment Bonds, Series 2021 | 2.400 | 05/01/26 | 78649 |
| 70000 | Reunion East Community Development District, Osceola County, Florida, Special Assessment Bonds, Series 2021 | 2.850 | 05/01/31 | 64067 |
| 195000 | Reunion East Community Development District, Osceola County, Florida, Special Assessment Bonds, Series 2021 | 3.150 | 05/01/41 | 158172 |
| 185000 | Reunion West Community Development District, Florida, Special Assessment Bonds, Area 2 Phase 1 Project, Refunding & Improvement Series 2015 | 4.250 | 05/01/25 | 185019 |
| 530000 | Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2016 | 4.375 | 11/01/28 | 533056 |
| 715000 (e) | Reunion West Community Development District, Florida, Special Assessment Bonds, Area 4 Project, Series 2017 | 4.250 | 11/01/28 | 719406 |
| 225000 (e) | Reunion West Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022 | 3.000 | 05/01/25 | 224792 |
| 285000 (e) | Reunion West Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022 | 3.000 | 05/01/26 | 282518 |
| 290000 (e) | Reunion West Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022 | 3.000 | 05/01/27 | 284367 |
| 400000 (e) | Reunion West Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022 | 3.000 | 05/01/28 | 388235 |
| 425000 (e) | Reunion West Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022 | 3.000 | 05/01/29 | 408023 |
| 455000 (e) | Reunion West Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022 | 3.000 | 05/01/30 | 429679 |
| 440000 (e) | Reunion West Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022 | 3.000 | 05/01/31 | 409979 |
| 1305000 (e) | Reunion West Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022 | 3.000 | 05/01/36 | 1136688 |
| 425000 | Reunion West Community Development District, Osceola County, Florida, Special Assessment Bonds, Area 5 Project, Series 2019 | 4.000 | 05/01/30 | 420795 |
| 50000 | Rhodine Road North Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2022 | 2.600 | 05/01/27 | 48808 |
| 105000 | River Glen Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2021 | 2.375 | 05/01/26 | 102982 |
| 350000 | River Glen Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2021 | 3.000 | 05/01/31 | 322928 |
| 1970000 | River Glen Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2021 | 3.375 | 05/01/41 | 1618061 |

---

164 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $190000 (e) | River Hall Community Development District, Lee County, Florida, Capital Improvement Revenue Bonds, Assessment Area 4 Series 2023A | 5.375% | 05/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193904 |
| 700000 (e) | River Hall Community Development District, Lee County, Florida, Capital Improvement Revenue Bonds, Assessment Area 4 Series 2023A | 6.250 | 05/01/43 | 736695 |
| 1000000 | River Hall Community Development District, Lee County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2021A-1 | 3.000 | 05/01/31 | 922148 |
| 1000000 | River Hall Community Development District, Lee County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2021A-1 | 3.000 | 05/01/36 | 844367 |
| 895000 | River Hall Community Development District, Lee County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2021A-2 | 3.000 | 05/01/31 | 825323 |
| 895000 | River Hall Community Development District, Lee County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2021A-2 | 3.000 | 05/01/36 | 755708 |
| 295000 | Rivers Edge Community Development District, Florida, Capital Improvement Revenue Bonds, Refunding Subordinate Lien Series 2018A-2 | 4.375 | 05/01/28 | 296529 |
| 100000 | Rivers Edge II Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2021 | 2.400 | 05/01/26 | 98156 |
| 300000 | Rivers Edge II Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2021 | 3.000 | 05/01/31 | 276041 |
| 940000 | Rivers Edge II Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2021 | 3.500 | 05/01/41 | 772186 |
| 60000 (e) | Rivers Edge III Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2021 | 2.400 | 05/01/26 | 58906 |
| 300000 (e) | Rivers Edge III Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2021 | 3.000 | 05/01/31 | 276041 |
| 780000 (e) | Rivers Edge III Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2021 | 3.500 | 05/01/41 | 637021 |
| 95000 | Rolling Hills Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2015A-1 | 5.125 | 05/01/26 | 95338 |
| 285000 | Rolling Hills Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2020A-1 | 3.875 | 05/01/30 | 276881 |
| 805000 | Rolling Hills Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2020A-1 | 4.625 | 05/01/40 | 766945 |
| 1315000 | Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series 2016 | 5.250 | 11/01/28 | 1344289 |
| 525000 (e) | Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series 2018 | 4.875 | 11/01/28 | 533304 |
| 170000 (e) | Rolling Oaks Community Development District, Osceola County, Florida, Special Assessment Bonds, 2022 Assessment Area, Series 2022 | 5.625 | 05/01/29 | 172446 |
| 830000 (e) | Rolling Oaks Community Development District, Osceola County, Florida, Special Assessment Bonds, 2022 Assessment Area, Series 2022 | 6.250 | 05/01/42 | 865453 |
| 410000 (e) | Rookery Community Development District, Florida, Special Assessment Revenue Bonds, Green Cove Springs Capital Improvement Assessment Area One Series 2024 | 4.250 | 05/01/31 | 404464 |
| 1000000 (e) | Rookery Community Development District, Florida, Special Assessment Revenue Bonds, Green Cove Springs Capital Improvement Assessment Area One Series 2024 | 5.000 | 05/01/44 | 957460 |
| 270000 (e) | Rye Crossing Community Development District, Manatee County, Florida, Revenue Bonds, Capital Improvement Assessment Area 2 Series 2024 | 4.200 | 05/01/31 | 266349 |
| 750000 (e) | Rye Crossing Community Development District, Manatee County, Florida, Revenue Bonds, Capital Improvement Assessment Area 2 Series 2024 | 5.000 | 05/01/44 | 722432 |
| 750000 (e) | Rye Ranch Community Development District, Florida, Special Assessment Revenue Bonds, Pod B - Assessment Area 1 Series 2023 | 5.750 | 11/01/43 | 763763 |
| 350000 (e) | Sabal Palm Community Development District, Florida, Special Assessment Bonds, South Parcel Series 2017 | 4.250 | 11/01/28 | 351297 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **165** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $1000000 | Saint Augustine Lakes Community Development District, Saint Johns County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 5.375% | 06/15/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014616 |
| 450000 (e) | Saltleaf Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2024 | 4.750 | 05/01/31 | 448910 |
| 1300000 (e) | Saltleaf Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2024 | 5.625 | 05/01/44 | 1291914 |
| 110000 | Saltmeadows Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2022 | 4.625 | 05/01/29 | 110843 |
| 375000 | Savanna Lakes Community Development District, Lee County, Florida, Special Assessment Revenue Bonds, Assessment Area Two Series 2024 | 4.625 | 06/15/31 | 374376 |
| 625000 | Savanna Lakes Community Development District, Lee County, Florida, Special Assessment Revenue Bonds, Assessment Area Two Series 2024 | 5.250 | 06/15/44 | 617850 |
| 540000 (e) | Sawgrass Village Community Development District, Manatee County, Florida, Special Assessment Bonds, 2023 Project Series 2023 | 4.875 | 05/01/30 | 544317 |
| 2360000 (e) | Sawgrass Village Community Development District, Manatee County, Florida, Special Assessment Bonds, 2023 Project Series 2023 | 5.500 | 05/01/43 | 2381641 |
| 420000 | Sawgrass Village Community Development District, Manatee County, Florida, Special Assessment Bonds, Assessment Area 2 Series 2023 | 5.250 | 11/01/30 | 427728 |
| 1000000 | Sawgrass Village Community Development District, Manatee County, Florida, Special Assessment Bonds, Assessment Area 2 Series 2023 | 6.125 | 11/01/43 | 1042365 |
| 260000 (e) | Sawgrass Village Community Development District, Manatee County, Florida, Special Assessment Bonds, Assessment Area 3 Series 2024 | 4.700 | 05/01/31 | 260329 |
| 750000 (e) | Sawgrass Village Community Development District, Manatee County, Florida, Special Assessment Bonds, Assessment Area 3 Series 2024 | 5.550 | 05/01/44 | 749231 |
| 215000 (e) | Scenic Terrace South Community Development District, Lake Hamilton, Florida, Special Assessment Revenue Bonds, Series 2022 Project, Series 2022 | 3.750 | 05/01/27 | 213169 |
| 690000 (e) | Scenic Terrace South Community Development District, Lake Hamilton, Florida, Special Assessment Revenue Bonds, Series 2022 Project, Series 2022 | 4.125 | 05/01/32 | 674784 |
| 1000000 (e) | Seagrove Community Development District, St. Lucie County, Florida, Special Assessment Revenue Bonds, Series 2024 | 4.250 | 06/15/31 | 988403 |
| 1000000 (e) | Seagrove Community Development District, St. Lucie County, Florida, Special Assessment Revenue Bonds, Series 2024 | 4.875 | 06/15/44 | 964827 |
| 220000 (e) | Seaton Creek Reserve Community Development District, Jacksonville, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2023 | 4.625 | 06/15/30 | 221932 |
| 825000 (e) | Seaton Creek Reserve Community Development District, Jacksonville, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2023 | 5.250 | 06/15/43 | 836707 |
| 240000 | Sedona Point Community Development District, Florida, Special Assessment Bonds, Project Series 2023 | 4.125 | 06/15/30 | 240653 |
| 825000 | Sedona Point Community Development District, Florida, Special Assessment Bonds, Project Series 2023 | 5.000 | 06/15/43 | 830151 |
| 5000000 | Seminole County Industrial Development Authority, Florida, Retirement Facility Revenue Bonds, Legacy Pointe At UCF Project, Series 2019A | 5.000 | 11/15/29 | 5032678 |
| 2000000 | Seminole County Industrial Development Authority, Florida, Retirement Facility Revenue Bonds, Legacy Pointe At UCF Project, Series 2019A | 5.250 | 11/15/39 | 2004952 |
| 6700000 | Seminole County Industrial Development Authority, Florida, Retirement Facility Revenue Bonds, Legacy Pointe At UCF Project, Series 2019A | 5.750 | 11/15/54 | 6669653 |

---

166 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $700000 (e) | Seminole Palms Community Development District, Palm Coast, Florida, Special Assessment Revenue Bonds, 2024 Project Area 2 Series 2024 | 4.450% | 05/01/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692426 |
| 1250000 (e) | Seminole Palms Community Development District, Palm Coast, Florida, Special Assessment Revenue Bonds, 2024 Project Area 2 Series 2024 | 5.200 | 05/01/44 | 1207639 |
| 460000 (e) | Sherwood Manor Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Area One, Series 2018 | 4.625 | 11/01/29 | 465389 |
| 210000 | Shingle Creek at Branson Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2021 | 2.500 | 06/15/26 | 206454 |
| 260000 (e) | Silver Oaks Community Development District, St. Lucie County, Florida, Special Assessment Bonds, Series 2024 | 4.700 | 05/01/31 | 260877 |
| 1000000 (e) | Silver Oaks Community Development District, St. Lucie County, Florida, Special Assessment Bonds, Series 2024 | 5.550 | 05/01/44 | 1005023 |
| 180000 (e) | Silverado Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1A, Series 2018A-1 | 5.000 | 11/01/28 | 182854 |
| 45000 (e) | Silverado Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2017A-1 | 5.000 | 11/01/27 | 45483 |
| 105000 | Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Refunding Series 2015 | 4.375 | 05/01/25 | 105012 |
| 895000 | Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Phase 2, Series 2017A | 4.500 | 11/01/28 | 904347 |
| 55000 | Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Phase 3B, Refunding Series 2021 | 2.500 | 05/01/26 | 53998 |
| 325000 | Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Phase 3B, Refunding Series 2021 | 3.100 | 05/01/31 | 301412 |
| 1000000 | Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Phase 3B, Refunding Series 2021 | 3.400 | 05/01/41 | 811577 |
| 335000 | Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016 | 4.750 | 11/01/28 | 340405 |
| 800000 | Solterra Resort Community Development District, Polk County, Florida, Special Assessment Bonds, Series 2018 | 4.750 | 05/01/29 | 808544 |
| 330000 (e) | Somerset Bay Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2024 | 4.850 | 05/01/31 | 330020 |
| 1000000 (e) | Somerset Bay Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2024 | 5.625 | 05/01/44 | 992629 |
| 65000 | South Creek Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Area 1 Series 2021 | 2.375 | 06/15/26 | 63823 |
| 490000 | South Fork III Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2016 | 5.000 | 05/01/29 | 497517 |
| 490000 | South Fork III Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2018 | 4.625 | 05/01/29 | 495276 |
| 70000 | South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2016A2 | 4.350 | 05/01/26 | 70138 |
| 130000 | Southern Grove Community Develoment District 5, Port Saint Lucie, Florida, Special Assessment Bonds, Community Infrastructure Series 2021 | 2.400 | 05/01/26 | 127899 |
| 275000 | Southern Grove Community Development District 5, Florida, Special Assessment Infrastructure Bonds, Series 2019 | 3.250 | 05/01/29 | 263875 |
| 370000 | Southern Grove Community Development District 5, Florida, Special Assessment Infrastructure Bonds, Series 2019 | 3.600 | 05/01/34 | 340448 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **167** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $365000 | Southshore Bay Community Development District, Hillsborough County, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2024 | 4.750% | 05/01/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363546 |
| 680000 | Southshore Bay Community Development District, Hillsborough County, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2024 | 5.375 | 05/01/44 | 669341 |
| 355000 | Spencer Creek Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2019 | 4.375 | 05/01/29 | 357056 |
| 900000 (e) | Spring Lake Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Area Two Project, Series 2017 | 4.500 | 11/01/28 | 908305 |
| 50000 (e) | Stellar North Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, 2021 Project, Series 2021 | 2.450 | 05/01/26 | 49063 |
| 350000 (e) | Stellar North Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, 2021 Project, Series 2021 | 3.000 | 05/01/31 | 321171 |
| 925000 (e) | Stellar North Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, 2021 Project, Series 2021 | 3.200 | 05/01/41 | 722864 |
| 165000 (e) | Stillwater Community Development District, Saint John's County, Florida, Special Assessment Bonds, 2021 Project Series 2021 | 2.375 | 06/15/26 | 161537 |
| 200000 (e) | Stillwater Community Development District, Saint John's County, Florida, Special Assessment Bonds, 2021 Project Series 2021 | 3.000 | 06/15/31 | 183548 |
| 110000 (e) | Stonewater Community Development District, Cape Coral, Florida, Special Assessment Revenue Bonds, Refunding Series 2021 | 2.250 | 11/01/26 | 106939 |
| 355000 (e) | Stonewater Community Development District, Cape Coral, Florida, Special Assessment Revenue Bonds, Refunding Series 2021 | 3.000 | 11/01/32 | 319109 |
| 750000 (e) | Stonewater Community Development District, Cape Coral, Florida, Special Assessment Revenue Bonds, Refunding Series 2021 | 3.300 | 11/01/41 | 599279 |
| 175000 | Stoneybrook North Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area One Project, Series 2017A-1 | 5.000 | 11/01/27 | 176621 |
| 1255000 | Stoneybrook North Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area One Project, Series 2017A-3 | 5.875 | 11/01/29 | 1255439 |
| 165000 (e) | Stoneybrook North Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area Two Project, Series 2022 | 5.500 | 11/01/29 | 167954 |
| 1000000 | Stoneybrook South at Championsgate Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, 2019 Assessment Area Series 2019NM | 4.000 | 06/15/30 | 1004996 |
| 450000 | Stoneybrook South at Championsgate Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Parcel K Assessment Area, Series 2017 | 4.000 | 12/15/28 | 450933 |
| 505000 | Storey Creek Community Development District, Osceloa County, Florida, Special Assessment Bonds, Assessment Area 1 Project, Series 2019 | 3.625 | 12/15/30 | 486650 |
| 120000 (e) | Storey Drive Community Development District, Orlando, Florida, Special Assessment Revenue Bonds, Series 2022 | 2.550 | 06/15/27 | 115885 |
| 375000 (e) | Storey Drive Community Development District, Orlando, Florida, Special Assessment Revenue Bonds, Series 2022 | 3.000 | 06/15/32 | 338282 |
| 1000000 (e) | Storey Drive Community Development District, Orlando, Florida, Special Assessment Revenue Bonds, Series 2022 | 3.250 | 06/15/42 | 781624 |
| 45000 (e) | Storey Park Community Development District, Orlando, Florida, Special Assessment Revenue Bonds, Assessment Area Four Project, Series 2021 | 2.375 | 06/15/26 | 44237 |
| 440000 | Storey Park Community Development District, Orlando, Florida, Special Assessment Revenue Bonds, Assessment Area One Project, Series 2015 | 4.500 | 11/01/26 | 441819 |

---

168 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $385000 (e) | Summer Woods Community Development District, Manatee County, Florida, Special Assessment Bonds, Area 1 Project, Series 2018A-1 | 5.000% | 11/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392063 |
| 125000 | Summer Woods Community Development District, Manatee County, Florida, Special Assessment Bonds, Area 2 Project, Series 2020 | 3.750 | 05/01/40 | 107305 |
| 50000 (e) | Summer Woods Community Development District, Manatee County, Florida, Special Assessment Bonds, Area 3, Series 2021 | 2.500 | 05/01/26 | 49120 |
| 300000 (e) | Summer Woods Community Development District, Manatee County, Florida, Special Assessment Bonds, Area 3, Series 2021 | 3.150 | 05/01/31 | 278260 |
| 720000 (e) | Summer Woods Community Development District, Manatee County, Florida, Special Assessment Bonds, Area 3, Series 2021 | 3.450 | 05/01/41 | 588244 |
| 35000 | Summerstone Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Phase 1 Series 2020 | 2.500 | 05/01/25 | 34952 |
| 65000 (e) | Summerstone Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Phase 2 Series 2021 | 2.200 | 05/01/26 | 63860 |
| 300000 (e) | Summerstone Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Phase 2 Series 2021 | 2.750 | 05/01/31 | 282317 |
| 470000 (e) | Summit View Community Development District, Dade City, Florida, Special Assessment Area Two Revenue Bonds, Series 2024 | 4.750 | 05/01/31 | 471719 |
| 1215000 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, Series 2019A-1 | 4.125 | 05/01/29 | 1210173 |
| 4165000 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, Series 2019A-1 | 4.500 | 05/01/39 | 3985365 |
| 4170000 (e) | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, South Assessment Area Series 2021B | 4.625 | 05/01/36 | 4020947 |
| 400000 (e) | Timber Creek Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2018 | 4.625 | 11/01/29 | 404396 |
| 220000 (e) | Timber Creek Southwest Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2 Project, Series 2021 | 2.350 | 12/15/26 | 213817 |
| 800000 (e) | Timber Creek Southwest Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2 Project, Series 2021 | 3.000 | 12/15/31 | 730630 |
| 130000 (e) | Tolomato Community Development District, Florida, Special Assessment Bonds, Expansion Parcel Project, Series 2018 | 4.350 | 05/01/28 | 130870 |
| 540000 (e) | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Senior Lien Series 2018A-2 | 5.200 | 05/01/28 | 549617 |
| 1755000 (e) | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022A - AGM Insured | 3.000 | 05/01/30 | 1690355 |
| 1865000 (e) | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022A - AGM Insured | 3.000 | 05/01/32 | 1743839 |
| 1530000 (e) | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022B | 3.000 | 05/01/32 | 1404205 |
| 5990000 (e) | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022B | 3.250 | 05/01/40 | 4940728 |
| 840000 (e) | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022C | 2.800 | 05/01/27 | 822658 |
| 1675000 (e) | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022C | 3.200 | 05/01/32 | 1557507 |
| 9295000 (e) | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2022C | 3.400 | 05/01/40 | 7814151 |
| 305000 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Subordinate Lien Series 2018B-2 | 4.625 | 05/01/28 | 308154 |
| 550000 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Subordinate Lien Series 2019A-2 | 3.850 | 05/01/29 | 548112 |
| 440000 | Toscana Isles Community Development District, Venice, Florida, Special Assessment Revenue Bonds, Series 2014 | 5.750 | 11/01/27 | 451591 |
| 735000 | Touchstone Community Development District, Hillsborough County, Florida, Special Assessment Bonds, 2019 Project, Series 2019 | 3.625 | 12/15/31 | 693919 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **169** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $100000 | Towne Park Community Development District, Florida, Special Assessment Bonds, Area 2B Project, Series 2018 | 5.000% | 05/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101357 |
| 455000 | Towne Park Community Development District, Florida, Special Assessment Bonds, Area 3A Project, Series 2018 | 5.000 | 05/01/28 | 461185 |
| 310000 | Towne Park Community Development District, Florida, Special Assessment Bonds, Area 3B Project, Series 2019 | 4.000 | 05/01/30 | 306933 |
| 40000 | Towne Park Community Development District, Florida, Special Assessment Bonds, Area 3C Project, Series 2019 | 3.625 | 05/01/25 | 39981 |
| 500000 | Towne Park Community Development District, Florida, Special Assessment Bonds, Area 3C Project, Series 2019 | 4.000 | 05/01/31 | 491883 |
| 80000 | Towne Park Community Development District, Florida, Special Assessment Bonds, Series 2016 | 5.000 | 11/01/28 | 81184 |
| 420000 | Tradition Community Development District 1, Port Saint Lucie, Florida, Irrigation System Revenue Bonds, Existing System Series 2017 | 4.000 | 10/01/27 | 419492 |
| 1500000 | Tradition Community Development District 1, Port Saint Lucie, Florida, Irrigation System Revenue Bonds, Existing System Series 2017 | 4.500 | 10/01/47 | 1374897 |
| 35000 | Tradition Community Development District 9, Port Saint Lucie, Florida, Special Assessment Bonds, Series 2021 | 2.300 | 05/01/26 | 34362 |
| 115000 | Tradition Community Development District 9, Port Saint Lucie, Florida, Special Assessment Bonds, Series 2021 | 2.700 | 05/01/31 | 104113 |
| 530000 (j) | Tradition Community Development District 9, Port Saint Lucie, Florida, Special Assessment Bonds, Series 2025 | 4.350 | 05/01/32 | 527710 |
| 710000 (j) | Tradition Community Development District 9, Port Saint Lucie, Florida, Special Assessment Bonds, Series 2025 | 5.400 | 05/01/45 | 699430 |
| 90000 | Trevesta Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, 2016 Project, Series 2016A-1 | 5.000 | 11/01/26 | 91135 |
| 410000 (e) | Trevesta Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 - Phase 2 Project, Series 2018 | 4.750 | 11/01/29 | 419347 |
| 500000 | Triple Creek Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2019A | 4.125 | 05/01/29 | 500426 |
| 250000 | Triple Creek Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Village N&P Project, Series 2021 | 2.500 | 11/01/26 | 243543 |
| 250000 | Triple Creek Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Village N&P Project, Series 2021 | 3.000 | 11/01/31 | 228522 |
| 1000000 | Triple Creek Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Village N&P Project, Series 2021 | 3.500 | 11/01/41 | 822203 |
| 170000 | Trout Creek Community Development District, Saint Johns County, Florida, Capital Improvement Revenue Bonds, Series 2015 | 4.875 | 05/01/25 | 170084 |
| 320000 | Trout Creek Community Development District, Saint Johns County, Florida, Capital Improvement Revenue Bonds, Series 2018 | 5.000 | 05/01/28 | 323842 |
| 500000 | TSR Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Northwest Assessment Area Parcels A, B & C, Series 2018 | 4.500 | 11/01/29 | 504294 |
| 4500000 | Tuckers Pointe Community Development District, Charlotte County, Florida, Special Assessment Notes, Master Infrastructure Project, Series 2022 | 3.625 | 05/01/32 | 4247248 |
| 215000 | Turtle Run Community Development District, Florida, Special Assessment Benefit Tax Bonds, Series 2017-2 | 4.000 | 05/01/28 | 214975 |
| 1225000 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, Master Infrastructure Improvements, Series 2016A-1 | 5.750 | 11/01/28 | 1250113 |
| 985000 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, Master Infrastructure Improvements, Series 2016A-2 | 6.000 | 11/01/31 | 1023232 |

---

170 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $85000 | Two Creeks Community Development District, Florida, Capital Improvement Revenue Bonds, Refunding Subordinate Lien Series 2016A-2 | 4.200% | 05/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85094 |
| 410000 (e) | Two Rivers East Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, 2023 Project Series 2023 | 4.875 | 05/01/30 | 413379 |
| 4400000 (e) | Two Rivers East Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, 2023 Project Series 2023 | 5.750 | 05/01/43 | 4488612 |
| 260000 (e) | Two Rivers North Community Development District, Pasco County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 4.625 | 05/01/27 | 260508 |
| 600000 (e) | Two Rivers North Community Development District, Pasco County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 4.875 | 05/01/32 | 605250 |
| 1540000 (e) | Two Rivers North Community Development District, Pasco County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 5.125 | 05/01/42 | 1534690 |
| 270000 (e) | Two Rivers West Community Development District, Pasco County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 5.250 | 05/01/28 | 273413 |
| 650000 (e) | Two Rivers West Community Development District, Pasco County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 5.375 | 05/01/33 | 672025 |
| 2280000 (e) | Two Rivers West Community Development District, Pasco County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 6.000 | 05/01/43 | 2367326 |
| 425000 (e) | Two Rivers West Community Development District, Pasco County, Florida, Special Assessment Bonds, 2024 Project, Series 2024 | 4.800 | 05/01/31 | 426689 |
| 450000 (e) | Two Rivers West Community Development District, Pasco County, Florida, Special Assessment Bonds, 2024 Project, Series 2024 | 5.625 | 05/01/44 | 454009 |
| 165000 | Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A-1 | 4.750 | 11/01/27 | 166838 |
| 380000 (e) | Union Park East Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 1 Series 2017A-1 | 5.000 | 11/01/27 | 384651 |
| 685000 (e) | Union Park East Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Series 2019A-1 | 4.500 | 11/01/30 | 689075 |
| 190000 (e) | Union Park East Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Series 2019A-2 | 5.250 | 05/01/49 | 190763 |
| 12500 (e) | Union Park East Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 3 Series 2021 | 2.400 | 05/01/26 | 12274 |
| 125000 (e) | Union Park East Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 3 Series 2021 | 2.950 | 05/01/31 | 114688 |
| 115000 (e) | Union Park East Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 3 Series 2021 | 3.350 | 05/01/41 | 92380 |
| 250000 (e) | Varrea South Community Development District, Plant City, Florida, Capital Improvement Revenue Bonds, 2023 Assessment Area Series 2023 | 4.250 | 05/01/30 | 251340 |
| 1075000 (e) | Varrea South Community Development District, Plant City, Florida, Capital Improvement Revenue Bonds, 2023 Assessment Area Series 2023 | 5.125 | 05/01/43 | 1085368 |
| 500000 (e) | V-Dana Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2 - 2025 Project, Series 2025 | 4.450 | 05/01/32 | 498139 |
| 500000 (e) | V-Dana Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2 - 2025 Project, Series 2025 | 5.375 | 05/01/45 | 495232 |
| 125000 (e) | V-Dana Community Development District, Lee County, Florida,Special Assessment Bonds, Area 1 - 2020 Project, Series 2020 | 3.000 | 05/01/25 | 124876 |
| 125000 | V-Dana Community Development District, Lee County, Florida,Special Assessment Bonds, Area 1 - 2021 Project, Series 2021 | 2.600 | 05/01/26 | 123152 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **171** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $685000 | V-Dana Community Development District, Lee County, Florida,Special Assessment Bonds, Area 1 - 2021 Project, Series 2021 | 3.125% | 05/01/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639660 |
| 1500000 | V-Dana Community Development District, Lee County, Florida,Special Assessment Bonds, Area 1 - 2021 Project, Series 2021 | 3.625 | 05/01/41 | 1276086 |
| 200000 | Venetian Parc Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Area One Project, Series 2013 | 6.000 | 11/01/27 | 206181 |
| 900000 (e) | Venice, Florida, Retirement Community Revenue Improvement Bonds, Village On The Isle Project, Fixed Rate Series 2024B-3 | 4.250 | 01/01/30 | 897937 |
| 550000 (e) | Venice, Florida, Retirement Community Revenue Improvement Bonds, Village On The Isle Project, Mandatory Paydown Series 2024B-2 | 4.500 | 01/01/30 | 548743 |
| 55000 (e) | Veranda Community Development District II, Florida, Special Assessment Revenue Bonds, Assessment Area 4 Veranda Oaks, Refunding Series 2021 | 2.500 | 05/01/26 | 54032 |
| 30000 (e) | Veranda Community Development District II, Florida, Special Assessment Revenue Bonds, Assessment Area 4 Veranda Oaks, Refunding Series 2021 | 2.500 | 05/01/26 | 29472 |
| 150000 (e) | Veranda Community Development District II, Florida, Special Assessment Revenue Bonds, Assessment Area 4 Veranda Oaks, Refunding Series 2021 | 3.100 | 05/01/31 | 138584 |
| 300000 (e) | Veranda Community Development District II, Florida, Special Assessment Revenue Bonds, Assessment Area 4 Veranda Oaks, Refunding Series 2021 | 3.100 | 05/01/31 | 277168 |
| 365000 (e) | Veranda Community Development District II, Florida, Special Assessment Revenue Bonds, Assessment Area 4 Veranda Oaks, Refunding Series 2021 | 3.600 | 05/01/41 | 304152 |
| 645000 (e) | Veranda Community Development District II, Florida, Special Assessment Revenue Bonds, Assessment Area 4 Veranda Oaks, Refunding Series 2021 | 3.600 | 05/01/41 | 537473 |
| 370000 | Veranda Community Development District II, Florida, Special Assessment Revenue Bonds, Assessment Area One-Gardens East Project, Series 2018A | 4.500 | 11/01/29 | 373467 |
| 255000 | Veranda Community Development District II, Florida, Special Assessment Revenue Bonds, Assessment Area One-Gardens East Project, Series 2018A | 4.500 | 11/01/29 | 257380 |
| 475000 | Verano 2 Community Development District, Florida, Special Assessment Revenue Bonds, District 2 Pod A Project, Series 2017 | 4.250 | 11/01/28 | 476572 |
| 375000 | Verano 2 Community Development District, Florida, Special Assessment Revenue Bonds, District 2 Pod B Project, Series 2017 | 4.250 | 11/01/28 | 376245 |
| 260000 | Verano 2 Community Development District, Florida, Special Assessment Revenue Bonds, District 2 Pod C Project, Series 2017 | 4.500 | 11/01/28 | 261924 |
| 55000 | Verano 2 Community Development District, Florida, Special Assessment Revenue Bonds, District 2 Pod D Project, Series 2020 | 2.875 | 05/01/25 | 54908 |
| 40000 | Verano 2 Community Development District, Florida, Special Assessment Revenue Bonds, District 2 Pod E Project, Series 2020 | 2.875 | 05/01/25 | 39933 |
| 285000 | Verano 2 Community Development District, Florida, Special Assessment Revenue Bonds, District 2 Pod E Project, Series 2020 | 3.250 | 05/01/31 | 265272 |
| 85000 | Verano 3 Community Development District, Florida, Special Assessment Bonds, Phase 1 Assessment Area, Series 2021 | 2.375 | 05/01/26 | 83270 |
| 350000 | Verano 3 Community Development District, Florida, Special Assessment Bonds, Phase 1 Assessment Area, Series 2021 | 3.000 | 05/01/31 | 321171 |
| 1000000 | Verano 3 Community Development District, Florida, Special Assessment Bonds, Phase 1 Assessment Area, Series 2021 | 3.375 | 05/01/41 | 788262 |
| 225000 | Verano 3 Community Development District, Florida, Special Assessment Bonds, Phase 2 Assessment Area, Series 2022 | 5.875 | 11/01/29 | 230169 |
| 215000 | Village Community Development District 13, Wildwood, Florida, Special Assessment Revenue Bonds, Series 2021 | 1.800 | 05/01/26 | 210818 |
| 1490000 (e) | Village Community Development District 15, Florida, Special Assessment Revenue Bonds, Series 2023 | 4.375 | 05/01/33 | 1512158 |
| 500000 (e) | Village Community Development District 15, Florida, Special Assessment Revenue Bonds, Series 2024 | 4.200 | 05/01/39 | 486602 |

---

172 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $1250000 (e) | Villages of Glen Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2018A-2 | 5.500% | 11/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296239 |
| 105000 (e) | Villages of Glen Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 3, Refunding Series 2022 | 2.700 | 05/01/27 | 101421 |
| 205000 (e) | Villages of Glen Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 3, Refunding Series 2022 | 3.150 | 05/01/32 | 188000 |
| 465000 (e) | Villages of Glen Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 3, Refunding Series 2022 | 3.450 | 05/01/42 | 372004 |
| 145000 (e) | Villages of Glen Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 4, Series 2022 | 4.625 | 05/01/27 | 145376 |
| 250000 (e) | Villages of Glen Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 4, Series 2022 | 4.875 | 05/01/32 | 253216 |
| 750000 (e) | Villages of Glen Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 4, Series 2022 | 5.125 | 05/01/42 | 749949 |
| 215000 (e) | Villamar Community Development District, Winter Haven, Florida, Special Assessment Revenue Bonds, Area 5 Project, Series 2023 | 4.875 | 05/01/30 | 216933 |
| 905000 (e) | Villamar Community Development District, Winter Haven, Florida, Special Assessment Revenue Bonds, Area 5 Project, Series 2023 | 5.625 | 05/01/43 | 927199 |
| 290000 (e) | Villamar Community Development District, Winter Haven, Florida, Special Assessment Revenue Bonds, Area 6 Project, Series 2024 | 4.625 | 05/01/31 | 291898 |
| 670000 (e) | Villamar Community Development District, Winter Haven, Florida, Special Assessment Revenue Bonds, Area 6 Project, Series 2024 | 5.500 | 05/01/44 | 679609 |
| 70000 | Villamar Community Development District, Winter Haven, Florida, Special Assessment Revenue Bonds, Series 2020 | 2.625 | 05/01/25 | 69915 |
| 120000 | Waterford Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area One, Series 2023 | 4.500 | 05/01/30 | 120944 |
| 465000 | Waterford Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area One, Series 2023 | 5.375 | 05/01/43 | 473118 |
| 220000 (e) | Waterford Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area Two, Series 2024 | 4.375 | 05/01/31 | 217787 |
| 750000 (e) | Waterford Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area Two, Series 2024 | 5.200 | 05/01/44 | 727170 |
| 1780000 (e) | Waterset Central Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2018 | 4.625 | 11/01/29 | 1800892 |
| 235000 | Waterset North Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2014 | 4.750 | 11/01/25 | 235118 |
| 115000 | Waterset South Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2022 | 5.000 | 05/01/27 | 115920 |
| 205000 | Waterset South Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2022 | 5.375 | 05/01/32 | 211573 |
| 1000000 | Waterset South Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2022 | 5.900 | 05/01/42 | 1037675 |
| 240000 (e) | Wellness Ridge Community Development District, Lake County, Florida, Special Assessment Revenue Bonds, Area Two Series 2024 | 4.250 | 06/15/31 | 236705 |
| 875000 (e) | Wellness Ridge Community Development District, Lake County, Florida, Special Assessment Revenue Bonds, Area Two Series 2024 | 5.000 | 06/15/44 | 849149 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **173** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $400000 | Wesbridge Community Development District, Pasco County, Florida, Special Assessment Bonds, 2019 Project, Series 2019 | 3.625% | 11/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390577 |
| 365000 (e) | West Hillcrest Community Development District, Pasco County, Florida, Special Assessment Bonds, 2023 Project Series 2023 | 4.500 | 06/15/30 | 368171 |
| 900000 (e) | West Hillcrest Community Development District, Pasco County, Florida, Special Assessment Bonds, 2023 Project Series 2023 | 5.250 | 06/15/43 | 915798 |
| 50000 | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit Development 7 Villages F-1 & F-5, Series 2021 | 2.500 | 05/01/26 | 49100 |
| 355000 | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit Development 7 Villages F-1 & F-5, Series 2021 | 3.125 | 05/01/31 | 328092 |
| 810000 | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit Development 7 Villages F-1 & F-5, Series 2021 | 3.500 | 05/01/41 | 663067 |
| 425000 | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of Development 4, Series 2016 | 4.250 | 11/01/26 | 426107 |
| 210000 | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of Development 4, Series 2016 | 4.625 | 11/01/31 | 211017 |
| 110000 (e) | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of Development 7 Village B Parcel, Series 2019 | 4.250 | 05/01/29 | 110151 |
| 465000 | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of Development 7 Villages F-3 and G-1B Series 2023 | 6.000 | 05/01/43 | 487248 |
| 105000 | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of Development 8 Master Infrastructure, Series 2021 | 2.500 | 05/01/26 | 103120 |
| 525000 | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of Development 8 Master Infrastructure, Series 2021 | 3.125 | 05/01/31 | 483889 |
| 495000 (e) | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of Development 9 Series 2023 | 4.625 | 05/01/30 | 499476 |
| 1500000 (e) | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of Development 9 Series 2023 | 5.375 | 05/01/43 | 1531165 |
| 610000 (e) | Westside Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2019 | 3.750 | 05/01/29 | 602456 |
| 85000 | Westside Haines City Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2021 | 2.500 | 05/01/26 | 83725 |
| 500000 | Westside Haines City Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2021 | 3.000 | 05/01/31 | 464868 |
| 1500000 | Westside Haines City Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2021 | 3.250 | 05/01/41 | 1231850 |
| 695000 (e) | Westside Haines City Community Development District, Polk County, Florida, Special Assessment Bonds, Area 2 Project, Series 2024 | 4.875 | 05/01/31 | 698915 |
| 1590000 (e) | Westside Haines City Community Development District, Polk County, Florida, Special Assessment Bonds, Area 2 Project, Series 2024 | 5.750 | 05/01/44 | 1605774 |
| 375000 (e) | Westview North Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 5.000 | 06/15/29 | 380307 |
| 250000 (e) | Westview North Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 5.750 | 06/15/42 | 259171 |
| 455000 (e) | Westview South Community Development District, Osceola and Polk Counties, Florida, Special Assessment Bonds, Assessment Area 1 Project Series 2023 | 4.875 | 05/01/28 | 457484 |
| 1130000 (e) | Westview South Community Development District, Osceola and Polk Counties, Florida, Special Assessment Bonds, Assessment Area 1 Project Series 2023 | 5.375 | 05/01/43 | 1137825 |
| 590000 (e) | Willow Hammock Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Series 2017 | 4.000 | 11/01/28 | 585251 |

---

174 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $270000 | Willow Walk Community Development District, Florida, Special Assessment Revenue Bonds, North Parcel Area Project, Series 2017 | 4.000% | 05/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270145 |
| 270000 (e) | Willowbrook Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area One Project Series 2024 | 4.950 | 05/01/31 | 270293 |
| 765000 (e) | Willowbrook Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area One Project Series 2024 | 5.625 | 05/01/44 | 760241 |
| 420000 | Willows Community Development District, Florida, Special Assessment Bonds, Series 2019 | 4.370 | 05/01/29 | 422474 |
| 60000 | Wind Meadows South Community Development District, Bartow, Florida, Special Assessment Bonds, Assessment Area 1 Project, Series 2021 | 2.400 | 05/01/26 | 58800 |
| 410000 | Wind Meadows South Community Development District, Bartow, Florida, Special Assessment Bonds, Assessment Area 1 Project, Series 2021 | 2.950 | 05/01/31 | 372294 |
| 945000 | Wind Meadows South Community Development District, Bartow, Florida, Special Assessment Bonds, Assessment Area 1 Project, Series 2021 | 3.350 | 05/01/41 | 747619 |
| 195000 (e) | Wind Meadows South Community Development District, Bartow, Florida, Special Assessment Bonds, Assessment Area 2 Project, Series 2023 | 4.500 | 05/01/30 | 196142 |
| 920000 (e) | Wind Meadows South Community Development District, Bartow, Florida, Special Assessment Bonds, Assessment Area 2 Project, Series 2023 | 5.375 | 05/01/43 | 929990 |
| 180000 | Winding Cypress Community Development District, Collier County, Florida, Special Assessment Bonds, Series 2019 | 4.250 | 11/01/29 | 180419 |
| 220000 (e) | Windsor at Westside Community Development District, Lake County, Florida, Special Assessment Bonds, Area 1 Project, Series 2024 | 4.600 | 05/01/31 | 221874 |
| 1000000 (e) | Windsor at Westside Community Development District, Lake County, Florida, Special Assessment Bonds, Area 1 Project, Series 2024 | 5.450 | 05/01/44 | 1026731 |
| 465000 | Windsor at Westside Community Development District, Osceola County, Florida, Special Assessment Bonds, Area 2 Project, Series 2016 | 4.125 | 11/01/27 | 466857 |
| 205000 | Wiregrass Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016 | 4.375 | 05/01/26 | 205374 |
| 200000 | Woodcreek Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2022 | 5.200 | 05/01/32 | 206213 |
| 400000 | Woodcreek Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2022 | 5.700 | 05/01/42 | 413170 |
| 225000 (e) | Woodcreek Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2025 | 4.350 | 05/01/32 | 221339 |
| 600000 (e) | Woodcreek Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2025 | 5.350 | 05/01/45 | 582488 |
| 295000 (e) | Woodland Preserve Community Development District, Florida, Manatee County, Special Assessment Revenue Bonds, Assessment Area One Series 2025 | 4.300 | 05/01/32 | 291773 |
| 630000 (e) | Woodland Preserve Community Development District, Florida, Manatee County, Special Assessment Revenue Bonds, Assessment Area One Series 2025 | 5.300 | 05/01/45 | 621293 |
| 330000 (e) | Woodland Ranch Estates Community Development District, Dundee, Florida, Special Assessment Bonds, Series 2025 | 4.650 | 05/01/32 | 329566 |
| 565000 (e) | Woodland Ranch Estates Community Development District, Dundee, Florida, Special Assessment Bonds, Series 2025 | 5.550 | 05/01/45 | 562040 |
| 560000 | Wynnmere East Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2016 | 5.000 | 05/01/29 | 568994 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **175** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **FLORIDA** (continued) |  |  |  |
| $340000 | (e) | Yarbrough Lane Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, 2024 Project Series 2024 | 4.750% | 05/01/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337762 |
| 1000000 | (e) | Yarbrough Lane Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, 2024 Project Series 2024 | 5.350 | 05/01/44 | 977933 |
| 50000 | (e) | Zephyr Lakes Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Aessessment Area 2, Series 2021 | 2.500 | 05/01/26 | 49136 |
| 260000 | (e) | Zephyr Lakes Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Aessessment Area 2, Series 2021 | 3.000 | 05/01/31 | 238844 |
| 630000 | (e) | Zephyr Lakes Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Aessessment Area 2, Series 2021 | 3.375 | 05/01/41 | 507193 |
| 500000 | (e) | Zephyr Lakes Community Development District, Pasco County,<br> Florida, Capital Improvement Revenue Bonds, Series 2019 | 4.750 | 11/01/29 | 507456 |
|  |  | TOTAL FLORIDA |  |  | 879698737 |
|  |  | **GEORGIA - 2.9%** |  |  |  |
| 13475000 | (e) | Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-1 | 5.000 | 04/01/34 | 13462877 |
| 4950000 | (e) | Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-2 | 5.500 | 04/01/39 | 5041413 |
| 2455000 | (h) | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1 | 6.000 | 01/01/25 | 982000 |
| 9250000 | (h) | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1 | 6.500 | 01/01/29 | 3700000 |
| 2540000 | (h) | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1 | 6.750 | 01/01/35 | 1016000 |
| 1670000 | (h) | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1 | 7.000 | 01/01/40 | 668000 |
| 500000 |  | Cobb County Development Authority, Georgia, Charter School Revenue Bonds, Northwest Classical Academy, Inc. Project, Series 2023A | 5.700 | 06/15/38 | 505364 |
| 500000 |  | Cobb County Development Authority, Georgia, Charter School Revenue Bonds, Northwest Classical Academy, Inc. Project, Series 2023A | 6.000 | 06/15/43 | 506252 |
| 4050000 |  | Fayette County Development Authority, Georgia, Revenue Bonds, United States Soccer Federation, Inc. Project Series 2024 | 5.250 | 10/01/49 | 4222938 |
| 295000 | (h) | Gainesville and Hall County Development Authority, Georgia, Educational Facilities Revenue Bonds, Riverside Military Academy, Refunding Series 2017 | 5.000 | 03/01/27 | 177000 |
| 1000000 |  | Macon-Bibb County Urban Development Authority, Georgia, Multifamily Housing Revenue Bonds, Dempsey Apartments Project, Series 2018A | 5.200 | 12/01/53 | 909909 |
| 245000 | (e) | Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017 | 5.000 | 06/15/27 | 247079 |
| 68350000 | (e) | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022C, (Mandatory Put 11/01/27) | 4.000 | 08/01/52 | 68232465 |
| 25000000 | (f),(g) | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023E-1, (Mandatory Put 6/01/31) (SOFR\*0.67% + 1.700%), (UB) | 5.264 | 12/01/53 | 25596133 |
| 5000000 |  | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2024B, (Mandatory Put 3/01/32) | 5.000 | 12/01/54 | 5330366 |
| 5935000 |  | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2024C, (Mandatory Put 12/01/31) | 5.000 | 12/01/54 | 6246663 |
| 3000000 |  | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2024D, (Mandatory Put 4/01/31) | 5.000 | 04/01/54 | 3180691 |
| 10000000 |  | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2024E, (Mandatory Put 12/01/32) | 5.000 | 05/01/55 | 10582955 |

---

176 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **GEORGIA** (continued) |  |  |  |
| $5000000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2025A, (Mandatory Put 6/01/32) | 5.000% | 06/01/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5338312 |
| 160000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project P Bonds, Series 2021A | 4.000 | 01/01/46 | 144203 |
| 425000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project P Bonds, Series 2021A | 4.000 | 01/01/51 | 367953 |
|  | TOTAL GEORGIA |  |  | 156458573 |
|  | **HAWAII - 0.3%** |  |  |  |
| 1235000 (e) | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University Project, Refunding Series 2024 | 5.000 | 07/01/34 | 1240439 |
| 1000000 (e) | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University Project, Refunding Series 2024 | 5.000 | 07/01/39 | 970537 |
| 13810000 (e) | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2018 | 6.000 | 07/01/28 | 14064886 |
|  | TOTAL HAWAII |  |  | 16275862 |
|  | **IDAHO - 0.4%** |  |  |  |
| 1990000 (e) | Idaho Falls Auditorium District, Idaho, Certifications of Participation, Annual Appropriation Series 2021 | 5.250 | 05/15/51 | 1961053 |
| 825000 | Idaho Health Facilities Authority, Revenue Bonds, Kootenai Health Project, Series 2014 | 4.375 | 07/01/34 | 825079 |
| 1000000 | Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016 | 5.000 | 09/01/37 | 979132 |
| 1000000 (e) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Doral Academy of Idaho, Series 2021A | 5.000 | 07/15/41 | 867376 |
| 645000 (e) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep Meridian South Charter School Project, Series 2021 | 4.000 | 05/01/31 | 609701 |
| 2565000 (e) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep Meridian South Charter School Project, Series 2021 | 4.000 | 05/01/41 | 2108511 |
| 13420000 (e) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Pinecrest Academy of Idaho Project, Series 2022A | 6.000 | 07/15/29 | 13396859 |
| 440000 | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Pinecrest Academy of Idaho Project, Series 2022B | 5.500 | 07/15/29 | 437317 |
|  | TOTAL IDAHO |  |  | 21185028 |
|  | **ILLINOIS - 3.9%** |  |  |  |
| 550000 | Aurora, Kane, DuPage, Kendall and Will Counties, Illinois, Tax Increment Revenue Bonds, East River Area TIF 6, Refunding Series 2018A | 5.000 | 12/30/27 | 554835 |
| 1035000 | Belleville, Illinois, Tax Increment Revenue Bonds, Frank Scott Parkway Redevelopment Project, Series 2007A | 5.700 | 05/01/36 | 1034919 |
| 1010000 (e) | Berwyn, Cook County, Illinois, Tax Increment Revenue Bonds, South Berwyn Corridor Project, Series 2020 | 4.000 | 12/01/28 | 971080 |
| 3920000 (e) | Berwyn, Cook County, Illinois, Tax Increment Revenue Bonds, South Berwyn Corridor Project, Series 2020 | 4.500 | 12/01/33 | 3540442 |
| 453357 (h) | Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005 | 6.250 | 01/01/26 | 453357 |
| 1645000 | Bolingbrook, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2019 | 5.000 | 03/01/33 | 1662180 |
| 19265000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 | 5.750 | 04/01/33 | 19892346 |
| 15835000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 | 5.750 | 04/01/34 | 16327945 |
| 2985000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 | 5.750 | 04/01/35 | 3074868 |
| 1500000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 | 6.000 | 04/01/46 | 1534070 |
| 300000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2017 | 5.000 | 04/01/33 | 304795 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **177** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $1370000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2017 | 5.000% | 04/01/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389958 |
| 1240000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2018 | 5.000 | 04/01/33 | 1272655 |
| 1535000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2018 | 5.000 | 04/01/34 | 1572204 |
| 1610000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2018 | 5.000 | 04/01/35 | 1644337 |
| 1270000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2018 | 5.000 | 04/01/36 | 1296520 |
| 10000000 (e) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B | 6.750 | 12/01/30 | 10673692 |
| 1000000 (e) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B | 7.000 | 12/01/42 | 1054828 |
| 650000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017D | 5.000 | 12/01/31 | 653186 |
| 20000000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A | 7.000 | 12/01/26 | 20347172 |
| 1000000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A | 7.000 | 12/01/44 | 1012590 |
| 7155000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A | 5.875 | 12/01/47 | 7578928 |
| 3120000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A | 6.000 | 12/01/49 | 3322750 |
| 2624838 (e) | Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Note, North Pullman Chicago Neighborhood Initiative, Inc.Redevelopement Project-Whole Foods Warehouse & Distribution Facility, Series 2016A | 5.000 | 03/15/34 | 2625913 |
| 3300000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Refunding Senior Lien Series 2018A | 5.000 | 01/01/48 | 3308856 |
| 8030000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2016D | 5.000 | 01/01/52 | 8036086 |
| 3895000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2017D | 5.000 | 01/01/42 | 3914794 |
| 5000000 | City of Chicago, Illinois, Chicago O'Hare International Airport, Senior Special Facilities Revenue Bonds, TRIPs Obliated Group, Series 2018 | 5.000 | 07/01/48 | 5004287 |
| 1730908 | Gilberts Village, Kane County, Illinois, Tax Increment Revenue Note, Prairie Buisness Park-Industrial Property, Series 2018A | 5.000 | 11/15/34 | 1663990 |
| 1390000 | Governors State University Board of Trustes, Illinois, Certificates of Participation, Capital Improvement Projects, Series 2018 - BAM Insured | 5.000 | 07/01/28 | 1448014 |
| 1660000 (e) | Illinois Finance Authority, Charter School Revenue Bonds, Art in Motion AIM Project, Series 2021A | 4.000 | 07/01/31 | 1462117 |
| 4470000 (e) | Illinois Finance Authority, Charter School Revenue Bonds, Art in Motion AIM Project, Series 2021A | 5.000 | 07/01/41 | 3666183 |
| 175000 (e) | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A | 5.250 | 12/01/25 | 175474 |
| 1815000 (e) | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A | 5.500 | 12/01/30 | 1823510 |
| 5135000 | Illinois Finance Authority, Revenue Bonds, Admiral at the Lake Project, Refunding Series 2017 | 5.000 | 05/15/33 | 4743213 |
| 2750000 | Illinois Finance Authority, Revenue Bonds, Admiral at the Lake Project, Refunding Series 2017 | 5.500 | 05/15/54 | 2186874 |
| 115000 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2015 | 4.125 | 05/01/45 | 115098 |
| 120000 (i) | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2015, (Pre-refunded 5/01/25) | 4.125 | 05/01/45 | 120103 |
| 615000 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2015 | 4.125 | 05/01/45 | 567711 |
| 605000 (h) | Illinois Finance Authority, Revenue Bonds, Christian Homes Inc. Obligated Group, Refunding Series 2016 | 5.000 | 05/15/26 | 441650 |
| 1275000 (h) | Illinois Finance Authority, Revenue Bonds, Christian Homes Inc. Obligated Group, Refunding Series 2016 | 5.000 | 05/15/40 | 930750 |

---

178 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $6400000 (h) | Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A | 5.000% | 11/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288000 |
| 15520000 (e) | Illinois Finance Authority, Revenue Bonds, mHUB Chicago Project Series 2023 | 5.420 | 10/01/38 | 15790287 |
| 2100000 (e) | Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2018B | 6.000 | 04/01/38 | 2097326 |
| 2400000 (e) | Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2019A | 6.000 | 04/01/38 | 2396944 |
| 1000000 (e) | Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2019A | 6.125 | 04/01/49 | 995900 |
| 8750000 | Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Refunding Series 2015A | 4.000 | 02/01/33 | 8647312 |
| 105000 | Illinois State, General Obligation Bonds, June Series 2016 | 4.000 | 06/01/36 | 100802 |
| 8000000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014C | 5.000 | 01/01/36 | 8007281 |
| 10000000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014C | 5.000 | 01/01/39 | 10023292 |
| 5550000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A | 5.000 | 01/01/37 | 5570256 |
| 320000 | Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment Project, Senior Lien Series 2019 | 4.250 | 01/01/29 | 312322 |
| 408107 (e) | North Pullman Chicago Neighborhood Initiatives, Inc., Illinois, Certificates of Participation, Gotham Greens Greenhouse Facility, Redevelopment Project, Series 2018A | 6.000 | 03/15/34 | 408501 |
| 1215000 | Palos Heights, Illinois, Revenue Bonds, Trinity Christian College Association, Taxable Series 2024B | 8.500 | 01/01/32 | 1231552 |
| 320000 | South Barrington, Cook County, Illinois, Special Tax Bonds, Special Service Area 3, Refunding Series 2019A | 4.000 | 12/01/25 | 319091 |
| 330000 | South Barrington, Cook County, Illinois, Special Tax Bonds, Special Service Area 3, Refunding Series 2019A | 4.000 | 12/01/26 | 327375 |
| 345000 | South Barrington, Cook County, Illinois, Special Tax Bonds, Special Service Area 3, Refunding Series 2019A | 4.000 | 12/01/27 | 339845 |
| 355000 | South Barrington, Cook County, Illinois, Special Tax Bonds, Special Service Area 3, Refunding Series 2019A | 4.000 | 12/01/28 | 345781 |
| 370000 | South Barrington, Cook County, Illinois, Special Tax Bonds, Special Service Area 3, Refunding Series 2019A | 4.000 | 12/01/29 | 359906 |
| 385000 | South Barrington, Cook County, Illinois, Special Tax Bonds, Special Service Area 3, Refunding Series 2019A | 4.000 | 12/01/30 | 372063 |
| 400000 | South Barrington, Cook County, Illinois, Special Tax Bonds, Special Service Area 3, Refunding Series 2019A | 4.000 | 12/01/31 | 382385 |
| 420000 | South Barrington, Cook County, Illinois, Special Tax Bonds, Special Service Area 3, Refunding Series 2019A | 4.000 | 12/01/32 | 399799 |
| 435000 | South Barrington, Cook County, Illinois, Special Tax Bonds, Special Service Area 3, Refunding Series 2019A | 4.000 | 12/01/33 | 408287 |
| 450000 | South Barrington, Cook County, Illinois, Special Tax Bonds, Special Service Area 3, Refunding Series 2019A | 4.000 | 12/01/34 | 420534 |
| 1650000 | Wonder Lake Village, McHenry County, Illinois, Special Tax Bonds, Special Service Area 1 Woods Creek, Refunding Series 2015 | 4.500 | 03/01/34 | 1521086 |
| 605000 | Wonder Lake Village, McHenry County, Illinois, Special Tax Bonds, Special Service Area 5 Wooded Shores, Refunding Series 2015 | 4.250 | 03/01/29 | 586290 |
| 280000 | Wonder Lake Village, McHenry County, Illinois, Special Tax Bonds, Special Service Area 7 Deep Spring Woods, Refunding Series 2015 | 4.250 | 03/01/29 | 271341 |
| 756633 (h) | Yorkville United City, Kendall County, Illinois, Sales Tax Revenue<br> Bonds, Kendall Marketplace Project, Series 2007 | 6.000 | 01/01/26 | 756634 |
|  | TOTAL ILLINOIS |  |  | 210084472 |

---

See Notes to Financial Statements 179

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **INDIANA - 0.7%** |  |  |  |
| $745000 (e) | Fort Wayne, Indiana Multifamily Housing Revenue Bonds, Silver Birch at Cook Road Project, Series 2018 | 5.300% | 01/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703469 |
| 125000 | Fort Wayne, Indiana Multifamily Housing Revenue Bonds, Silver Birch of Fort Wayne Project, Series 2017 | 5.125 | 01/01/32 | 114464 |
| 1830000 (e) | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, Drexel Foundation for Educational Excellence Project, Refunding Series 2020A | 5.125 | 06/01/32 | 1781386 |
| 1335000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Avondale Meadows Academy Peoject, Series 2017 | 5.000 | 07/01/27 | 1343516 |
| 165000 (e) | Indiana Finance Authority, Educational Facilities Revenue Bonds, Circle City Preparatory Inc. Project, Series 2021A | 5.000 | 12/01/30 | 158719 |
| 255000 (e) | Indiana Finance Authority, Educational Facilities Revenue Bonds, Circle City Preparatory Inc. Project, Series 2021A | 5.000 | 12/01/40 | 222628 |
| 2000000 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2020, (AMT) | 6.750 | 05/01/39 | 2250553 |
| 2330000 | Indiana Finance Authority, Health Facilities Revenue Bonds, Good Samaritan Hospital Project, Series 2016A | 5.500 | 04/01/33 | 2350750 |
| 1275000 | Indiana Finance Authority, Health Facilities Revenue Bonds, Good Samaritan Hospital Project, Series 2016A | 5.500 | 04/01/34 | 1285438 |
| 2500000 | Indiana Finance Authority, Health Facilities Revenue Bonds, Good Samaritan Hospital Project, Series 2016A | 5.000 | 04/01/37 | 2503583 |
| 11005000 | Indiana Housing and Community Development Authority, Multifamily Housing Revenue Bonds, Vita of New Whiteland Project, Series 2022 | 6.750 | 01/01/43 | 10950410 |
| 2500000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 5.000 | 03/01/33 | 2612949 |
| 4000000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 5.500 | 03/01/38 | 4253983 |
| 1380000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Subordinate Series 2023F-1 | 7.750 | 03/01/67 | 1530774 |
| 1840000 | Lafayette Redevelopment District, Indiana, Revenue Bonds, Series 2024B | 5.000 | 02/15/27 | 1901737 |
| 100000 | Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, Series 2016 | 5.050 | 04/01/26 | 99109 |
| 155000 | Terre Haute, Indiana, Multifamily Housing Revenue Bonds, Silver Birch of Terre Haute Project, Series 2017 | 5.100 | 01/01/32 | 142597 |
| 4070000 (e) | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Refunding Series 2024, (AMT) | 4.875 | 01/01/44 | 4071572 |
| 1675000 (e) | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Refunding Series 2024, (AMT) | 5.000 | 01/01/54 | 1664146 |
|  | TOTAL INDIANA |  |  | 39941783 |
|  | **IOWA - 0.2%** |  |  |  |
| 7000000 | Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2016A | 5.000 | 05/15/47 | 6887406 |
| 2100000 | Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2024A | 5.000 | 05/15/39 | 2147382 |
| 2610000 | Iowa Finance Authority, Revenue Bonds, Lifespace Communities,<br> Inc., Series 2024A | 5.000 | 05/15/44 | 2600121 |
|  | TOTAL IOWA |  |  | 11634909 |
|  | **KANSAS - 0.6%** |  |  |  |
| 375000 | Hutchinson, Kansas, Hospital Facilities Revenue Bonds, Hutchinson Regional Medical Center, Inc., Series 2016 | 5.000 | 12/01/27 | 373026 |
| 400000 | Hutchinson, Kansas, Hospital Facilities Revenue Bonds, Hutchinson Regional Medical Center, Inc., Series 2016 | 5.000 | 12/01/28 | 395036 |
| 300000 | Hutchinson, Kansas, Hospital Facilities Revenue Bonds, Hutchinson Regional Medical Center, Inc., Series 2016 | 5.000 | 12/01/41 | 251432 |
| 750000 | Kansas Development Finance Authority Revenue Bonds, Village Shalom Project, Series 2018A | 5.250 | 11/15/33 | 637753 |
| 1790000 | Kansas Development Finance Authority Revenue Bonds, Village Shalom Project, Series 2018A | 5.500 | 11/15/38 | 1434390 |

---

180 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **KANSAS** (continued) |  |  |  |
| $1100000 | Overland Park, Kansas, Sales Tax Revenue Bonds, Prairiefire Community Improvement District No. 1 Project, Series 2012B | 5.250% | 12/15/29 | $506000 |
| 3531866 (h) | Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012 | 4.375 | 01/01/26 | 3284635 |
| 7250000 (h) | Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012 | 5.250 | 12/15/29 | 3625000 |
| 2145000 (h) | Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012 | 6.000 | 12/15/32 | 622050 |
| 1730000 | Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2018I | 5.000 | 05/15/47 | 1534621 |
| 895000 | Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2019III | 5.000 | 05/15/50 | 775953 |
| 3540000 | Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2024VIII | 5.250 | 05/15/39 | 3518030 |
| 620000 | Wyandotte County/Kansas City Unified Government, Kansas, Community Improvement District Sales Tax Revenue Bonds, Legends Appartments Garage & West Lawn Project, Series 2018 | 4.500 | 06/01/40 | 599101 |
| 13925000 (e) | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Village East Project Areas 2B<br> 3 and 5, Series 2022 | 5.750 | 09/01/39 | 14385203 |
|  | TOTAL KANSAS |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31942230 |
|  | **KENTUCKY - 1.0%** |  |  |  |
| 395000 | Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016 | 5.000 | 02/01/26 | 399380 |
| 5000000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A | 5.250 | 06/01/41 | 5027344 |
| 290000 | Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue Bonds, Rosedale Green Project, Refunding Series 2015 | 5.000 | 11/15/25 | 286837 |
| 1850000 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2017A - AGM Insured | 5.000 | 12/01/45 | 1871490 |
| 1570000 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A | 5.000 | 07/01/40 | 1571112 |
| 7000000 | Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project, Series 2015A - NPFG Insured | 5.000 | 09/01/42 | 7013763 |
| 3235000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024B, (Mandatory Put 8/01/32) | 5.000 | 01/01/55 | 3397726 |
| 6570000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2022A-1, (Mandatory Put 8/01/30) | 4.000 | 08/01/52 | 6551084 |
| 19795000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2024A-1, (Mandatory Put 7/01/30) | 5.000 | 05/01/55 | 20689368 |
| 6430000 | 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 | 5907406 |
|  | TOTAL KENTUCKY |  |  | 52715510 |
|  | **LOUISIANA - 1.6%** |  |  |  |
| 2250000 | Beauregard Parish, Louisiana, Revenue Bonds, Boise Cascade Corporation Project, Series 2002 | 6.800 | 02/01/27 | 2254579 |
| 1595000 (e) | Jefferson Parish Economic Development and Port District, Louisiana, Kenner Discovery Health Sciences Academy Project, Series 2018A | 4.800 | 06/15/29 | 1596798 |
| 500000 (e) | Jefferson Parish Economic Development and Port District, Louisiana, Kenner Discovery Health Sciences Academy Project, Series 2018A | 5.500 | 06/15/38 | 502696 |
| 190000 (e) | Juban Trails Community Development District, Livingston Parish, Louisiana, Special Assessment Revenue Bonds, Series 2022 | 3.375 | 06/01/27 | 185137 |
| 250000 (e) | Juban Trails Community Development District, Livingston Parish, Louisiana, Special Assessment Revenue Bonds, Series 2022 | 3.750 | 06/01/32 | 228831 |
| 260000 | Lakeshore Villages Master Community Development District, Louisiana, Special Assessment Revenue Bonds, Series 2021 | 2.375 | 06/01/26 | 254292 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **181** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **LOUISIANA** (continued) |  |  |  |
| $695000 |  | Lakeshore Villages Master Community Development District, Louisiana, Special Assessment Revenue Bonds, Series 2021 | 2.875% | 06/01/31 | $620781 |
| 190000 |  | Lakeshore Villages Master Community Development District, Louisiana, Special Assessment Revenue Bonds, Series 2022 | 4.450 | 06/01/27 | 190410 |
| 250000 |  | Lakeshore Villages Master Community Development District, Louisiana, Special Assessment Revenue Bonds, Series 2022 | 5.000 | 06/01/32 | 251379 |
| 750000 |  | Lakeshore Villages Master Community Development District, Louisiana, Special Assessment Revenue Bonds, Series 2022 | 5.375 | 06/01/42 | 750583 |
| 1775000 | (e) | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Cameron Parish GOMESA Project, Green Series 2018 | 5.650 | 11/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857835 |
| 1645000 | (e) | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Jefferson Parish GOMESA Project, Series 2019 | 4.000 | 11/01/44 | 1487570 |
| 315000 | (e) | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Terrebonne Parish GOMESA Project, Series 2018 | 5.375 | 11/01/38 | 324985 |
| 2000000 |  | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Womans Hospital Foundation Project, Refunding Series 2017A | 5.000 | 10/01/41 | 2014291 |
| 900000 | (e) | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Christwood Project, Refunding Series 2024 | 5.000 | 11/15/37 | 909836 |
| 450000 | (e) | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Christwood Project, Refunding Series 2024 | 5.000 | 11/15/44 | 436909 |
| 1000000 | (e) | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westside Habilitation Center Project, Refunding Series 2017A | 5.750 | 02/01/32 | 973960 |
| 600000 | (e) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Lake Charles College Prep Project, Series 2019A | 5.000 | 06/01/29 | 606090 |
| 300000 | (e) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2021A | 5.000 | 06/01/31 | 291431 |
| 1805000 | (e) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2021A | 5.000 | 06/01/41 | 1581865 |
| 1000000 | (e) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2021A | 5.250 | 06/01/51 | 835533 |
| 530000 | (e) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Young Audiences Charter School, Series 2019A | 5.000 | 04/01/30 | 526091 |
| 965000 | (e) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Young Audiences Charter School, Series 2019A | 5.000 | 04/01/57 | 801792 |
| 8630000 | (e) | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, (AMT) | 6.500 | 07/01/36 | 8633104 |
| 600000 | (e) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, BBR Schools - Materra Campus Project, Series 2021A | 4.000 | 06/01/31 | 567795 |
| 1350000 | (e) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, BBR Schools - Materra Campus Project, Series 2021A | 4.000 | 06/01/41 | 1119264 |
| 359663 | (e),(h) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Encore Academy Project, Series 2021A | 5.000 | 06/01/31 | 53949 |
| 500000 | (e) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Jefferson Rise Charter School Project, Series 2022A | 6.000 | 06/01/37 | 502029 |
| 1400000 | (e) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Refunding Series 2024A | 5.000 | 12/15/34 | 1419679 |
| 2335000 | (e) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Refunding Series 2024A | 5.000 | 12/15/43 | 2272345 |
| 435000 | (e) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2022A | 6.125 | 06/01/37 | 438201 |
| 185000 | (e) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2022A | 6.375 | 06/01/52 | 179938 |
| 2500000 |  | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Loyola University of New Orleans Project, Refunding Series 2023A | 5.250 | 10/01/53 | 2512537 |

---

182 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **LOUISIANA** (continued) |  |  |  |
| $6500000 |  | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017 | 5.000% | 05/15/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6537344 |
| 500000 | (h) | Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Refunding Series 2017 | 5.000 | 07/01/27 | 425000 |
| 1745000 | (h) | Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Refunding Series 2017 | 5.000 | 07/01/28 | 1483250 |
| 1680000 | (h) | Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Refunding Series 2017 | 5.000 | 07/01/29 | 1428000 |
| 1695000 | (h) | Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Refunding Series 2017 | 5.000 | 07/01/30 | 1440750 |
| 1000000 | (h) | Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Refunding Series 2017 | 5.000 | 07/01/32 | 850000 |
| 750000 | (h) | Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Refunding Series 2017 | 5.000 | 07/01/33 | 637500 |
| 1500000 | (h) | Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Refunding Series 2017 | 5.000 | 07/01/37 | 1275000 |
| 3050000 |  | Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008 | 4.250 | 12/01/38 | 2948261 |
| 4000000 | (e),(h) | Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, Lousiana Pellets Inc Project, Series 2015, (AMT) | 7.000 | 07/01/24 | 40 |
| 980000 |  | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2017B, (AMT) | 5.000 | 01/01/27 | 1007448 |
| 10345000 |  | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2017B, (AMT) | 5.000 | 01/01/48 | 10353034 |
| 3300000 |  | New Orleans Aviation Board, Louisiana, Special Facility Revenue Bonds, Parking Facilities Corporation Consolidated Garage System, Series 2018A | 5.000 | 10/01/48 | 3345607 |
| 1600000 | (e) | Plaquemines Port, Louisiana, Harbor and Terminal District Facilities Revenue Bonds NOLA Terminal LLC Project Dock and Wharf Series 2024A | 9.000 | 12/01/44 | 1566401 |
| 3990000 | (e) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,<br> L.P. Project, Series 2008, (Mandatory Put 6/01/30) | 6.100 | 06/01/38 | 4346604 |
| 4190000 | (e) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,<br> L.P. Project, Series 2010A | 6.350 | 10/01/40 | 4553938 |
| 3735000 | (e) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,<br> L.P. Project, Series 2010B, (Mandatory Put 6/01/30) | 6.100 | 12/01/40 | 4071322 |
| 3680000 |  | Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation Project, Refunding Series 2017B-2, (Mandatory Put 7/01/26) | 2.375 | 06/01/37 | 3631531 |
|  |  | TOTAL LOUISIANA |  |  | 87083545 |
|  |  | **MAINE - 0.3%** |  |  |  |
| 1160000 | (e) | Maine Finance Authority, Solid Waste Disposal Revenue Bonds, Casella Waste Systems, Inc. Project, Series 2024, (AMT), (Mandatory Put 6/01/35) | 4.625 | 12/01/47 | 1171045 |
| 4500000 |  | Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth Issue, Series 2018A | 5.000 | 07/01/43 | 4568291 |
| 11050000 |  | Rumford, Maine, Solid Waste Disposal Revenue Bonds, Boise Cascade Corporation Project, Series 2001, (AMT) | 6.875 | 10/01/26 | 11073007 |
|  |  | TOTAL MAINE |  |  | 16812343 |
|  |  | **MARYLAND - 0.4%** |  |  |  |
| 2210000 |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/31 | 2231395 |
| 1000000 |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/32 | 1008112 |
| 1500000 |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/33 | 1509640 |
| 2360000 |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/35 | 2368353 |
| 500000 |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/36 | 501071 |
| 275000 |  | Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing, Series 2015 | 5.000 | 06/15/25 | 275240 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **183** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MARYLAND** (continued) |  |  |  |
| $385000 | Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing, Series 2015 | 5.000% | 06/15/26 | $385346 |
| 345000 | Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing, Series 2015 | 5.000 | 06/15/27 | 345296 |
| 875000 (e) | Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2022 | 4.875 | 06/01/42 | 876539 |
| 435000 (e) | Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 2017A | 4.000 | 02/15/28 | 435432 |
| 1200000 (e) | Maryland Economic Development Corporation, Port Facilities Revenue Bonds, Core Natural Resources Inc. Project, Refunding Series 2025, (Mandatory Put 3/27/35) | 5.000 | 07/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213243 |
| 3360000 (h) | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A | 5.000 | 12/01/25 | 2251200 |
| 6895000 (h) | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A | 5.000 | 12/01/31 | 4619650 |
| 1000000 (h) | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006B | 5.250 | 12/01/31 | 670000 |
| 270000 | Maryland Economic Development Corporation, Senior Student Housing Revenue Bonds, Towson University Project, Refunding Series 2017 | 5.000 | 07/01/27 | 276623 |
| 190000 | Maryland Economic Development Corporation, Senior Student Housing Revenue Bonds, Towson University Project, Refunding Series 2017 | 5.000 | 07/01/29 | 193919 |
| 325000 | Maryland Economic Development Corporation, Senior Student Housing Revenue Bonds, Towson University Project, Refunding Series 2017 | 5.000 | 07/01/30 | 331018 |
| 375000 | Maryland Economic Development Corporation, Senior Student Housing Revenue Bonds, Towson University Project, Refunding Series 2017 | 5.000 | 07/01/31 | 381147 |
| 530000 | Maryland Economic Development Corporation, Senior Student Housing Revenue Bonds, Towson University Project, Refunding Series 2017 | 5.000 | 07/01/37 | 530069 |
| 280000 (e) | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Green Street Academy, Series 2017A | 5.000 | 07/01/27 | 281374 |
| 750000 (e) | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Imagine Andrews Public Charter School, Series 2022A | 5.500 | 05/01/42 | 734103 |
| 295000 (e) | Prince George's County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016 | 4.375 | 07/01/30 | 295416 |
| 600000 (e) | Prince George's County, Maryland, Special Obligation Bonds, Westphalia Town Center Project, Series 2018 | 5.000 | 07/01/30 | 608313 |
| 1000000 (e) | Prince George's County, Maryland, Special Obligation Bonds,<br> Westphalia Town Center Project, Series 2018 | 5.250 | 07/01/48 | 1007530 |
|  | TOTAL MARYLAND |  |  | 23330029 |
|  | **MASSACHUSETTS - 0.2%** |  |  |  |
| 2410000 (e) | Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series 2017 | 5.000 | 10/01/47 | 2368761 |
| 2000000 (e) | Massachusetts Development Finance Agency, Revenue Bonds, GingerCare Living Inc, Series 2024B-3 | 4.750 | 12/01/29 | 2002247 |
| 2100000 (e) | Massachusetts Development Finance Agency, Revenue Bonds, GingerCare Living Inc, Series 2024B-3 | 5.000 | 12/01/29 | 2102341 |
| 2430000 | Massachusetts Port Authority, Revenue Bonds, Refunding Series<br> 2016B, (AMT) | 5.000 | 07/01/43 | 2435862 |
|  | TOTAL MASSACHUSETTS |  |  | 8909211 |
|  | **MICHIGAN - 0.5%** |  |  |  |
| 410000 | Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Refunding Series 2019 | 3.875 | 11/01/29 | 399403 |
| 85000 | Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Refunding Series 2019 | 5.000 | 11/01/34 | 86349 |
| 150000 | Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007 | 5.000 | 11/01/26 | 147666 |

---

184 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MICHIGAN** (continued) |  |  |  |
| $1915000 | County of Calhoun Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Oaklawn Hospital, Refunding Series 2016 | 5.000% | 02/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931531 |
| 2010000 | County of Calhoun Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Oaklawn Hospital, Refunding Series 2016 | 5.000 | 02/15/31 | 2024847 |
| 14265076 | Detroit City & General Retirement System Service Corporation, Michigan, Certificates of Participation, Taxable Series 2005A - FGIC Insured | 3.000 | 06/15/20 | 14122425 |
| 5000 | Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B - NPFG Insured | 5.000 | 07/01/36 | 5009 |
| 825000 | Gerald R. Ford International Airport Authority, Kent County, Michigan, Revenue Bonds, Limited Tax General Obligation Series 2021, (AMT) | 5.000 | 01/01/46 | 839815 |
| 1250000 | Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Aquinas College Project, Refunding Series 2021 | 4.000 | 05/01/31 | 935531 |
| 570000 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Cesar Chavez Academy Project, Refunding Series 2019 | 4.000 | 02/01/29 | 562234 |
| 870000 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hanley International Academy, Inc. Project, Refunding Series 2021 | 3.500 | 09/01/30 | 821314 |
| 1450000 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Madison Academy Project, Refunding Series 2021 | 4.250 | 12/01/39 | 1218220 |
| 1310000 (e) | Michigan Finance AuthorIty, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Refunding Series 2017. Private Placement of 2017 | 5.900 | 07/15/46 | 1016359 |
| 535000 | Saline Economic Development Corporation, Michigan, Limited Obligation Revenue and Refunding Bonds, Evangelical Homes of Michigan, Series 2012 | 5.250 | 06/01/32 | 499196 |
| 545000 (e) | Warren Academy, Macomb County, Michigan, Revenue Bonds, Public School Academy, Refunding Series 2020A | 5.000 | 05/01/35 | 533886 |
|  | TOTAL MICHIGAN |  |  | 25143785 |
|  | **MINNESOTA - 1.7%** |  |  |  |
| 320000 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A | 3.500 | 08/01/26 | 316768 |
| 400000 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A | 3.500 | 08/01/27 | 393258 |
| 270000 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A | 4.000 | 08/01/28 | 267098 |
| 415000 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A | 4.000 | 08/01/29 | 408850 |
| 260000 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A | 4.000 | 08/01/30 | 254454 |
| 300000 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A | 4.000 | 08/01/31 | 292212 |
| 455000 | Bethel, Minnesota, Charter School Lease Revenue Bonds, Level Up Academy, Taxable Series 2021B | 6.000 | 06/15/27 | 442112 |
| 165000 | Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy Project, Series 2015A | 4.750 | 07/01/25 | 164343 |
| 630000 | Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy Project, Series 2015A | 5.250 | 07/01/30 | 602260 |
| 375000 | City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project,Series 2016A | 4.000 | 07/01/28 | 364549 |
| 540000 | City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project,Series 2016A | 5.000 | 07/01/31 | 537437 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **185** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MINNESOTA** (continued) |  |  |  |
| $1350000 | Columbia Heights, Minnesota, Charter School Lease Revenue Bonds, Prodeo Academy Project, Series 2019A | 3.875% | 07/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284021 |
| 1680000 | Columbia Heights, Minnesota, Charter School Lease Revenue Bonds, Prodeo Academy Project, Series 2019A | 5.000 | 07/01/34 | 1625100 |
| 2135000 | Columbia Heights, Minnesota, Charter School Lease Revenue Bonds, Prodeo Academy Project, Series 2019A | 5.000 | 07/01/39 | 1996996 |
| 350000 | Columbus, Minnesota, Charter School Lease Revenue Bonds, New Millennium Academy Project, Series 2015A | 5.000 | 07/01/25 | 349355 |
| 25000 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A | 4.400 | 07/01/25 | 25008 |
| 3515000 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2020A | 5.000 | 07/01/55 | 3374465 |
| 1600000 (e) | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Seven Hills Preparatory Academy Project, Series 2024A | 6.125 | 06/15/61 | 1528336 |
| 400000 (e) | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Seven Hills Preparatory Academy Project, Taxable Series 2024B | 7.500 | 06/15/28 | 405516 |
| 500000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth Obligated Group, Series 2022A, Forward Delivery | 5.000 | 06/15/29 | 532773 |
| 500000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth Obligated Group, Series 2022A, Forward Delivery | 5.000 | 06/15/30 | 538248 |
| 500000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth Obligated Group, Series 2022A, Forward Delivery | 5.000 | 06/15/31 | 542853 |
| 500000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth Obligated Group, Series 2022A, Forward Delivery | 5.000 | 06/15/32 | 546715 |
| 625000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth Obligated Group, Series 2022A, Forward Delivery | 5.000 | 06/15/33 | 679134 |
| 600000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth Obligated Group, Series 2022A, Forward Delivery | 4.000 | 06/15/34 | 613780 |
| 260000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth Obligated Group, Series 2022A, Forward Delivery | 4.000 | 06/15/35 | 264298 |
| 425000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth Obligated Group, Series 2022A, Forward Delivery | 4.000 | 06/15/36 | 429647 |
| 425000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth Obligated Group, Series 2022A, Forward Delivery | 4.000 | 06/15/37 | 426964 |
| 300000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth Obligated Group, Series 2022A, Forward Delivery | 4.000 | 06/15/39 | 295522 |
| 2360000 | Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A | 5.000 | 07/01/36 | 2202348 |
| 500000 | Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A | 5.000 | 07/01/29 | 500144 |
| 225000 | Independence, Minnesota, Charter School Lease Revenue Bonds, Paladin Career & Technical High School Project, Series 2021A | 3.250 | 06/01/31 | 201083 |
| 170000 | Independence, Minnesota, Charter School Lease Revenue Bonds, Paladin Career & Technical High School Project, Series 2021A | 4.000 | 06/01/41 | 137351 |
| 2100000 (e) | Independence, Minnesota, Charter School Lease Revenue Bonds, Spero Academy Project, Series 2021A | 5.000 | 07/01/56 | 1679628 |
| 550000 | International Falls, Minnesota, Solid Waste Disposal Revenue Bonds, Boise Cascade Corporation Project, Refunding Series 1999, (AMT) | 6.850 | 12/01/29 | 551159 |
| 850000 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy Project, Series 2022A | 5.250 | 06/01/42 | 796859 |

---

186 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MINNESOTA** (continued) |  |  |  |
| $200000 |  | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy Project, Taxable Series 2022B | 5.500% | 06/01/27 | $199816 |
| 515000 | (e) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Friendship Academy of the Arts Project, Series 2019A | 4.000 | 12/01/31 | 433763 |
| 1685000 |  | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hennepin Schools Project, Series 2021A | 4.000 | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575763 |
| 4350000 |  | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hennepin Schools Project, Series 2021A | 4.000 | 07/01/41 | 3481463 |
| 890000 |  | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2022A | 5.000 | 07/01/32 | 899343 |
| 550000 |  | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2022A | 5.375 | 07/01/42 | 533082 |
| 120000 |  | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Taxable Series 2022B | 5.750 | 07/01/25 | 119845 |
| 510000 | (e) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Spero Academy Project, Series 2017A | 5.500 | 07/01/27 | 513309 |
| 1150000 | (e) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Twin Cities International Schools Project, Series 2017A | 4.250 | 12/01/27 | 1141708 |
| 650000 | (e) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Venture Academy Project, Series 2022A | 5.000 | 06/01/32 | 625020 |
| 2365000 | (e) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Venture Academy Project, Series 2022A | 5.250 | 06/01/42 | 2178596 |
| 4035000 | (e) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Venture Academy Project, Series 2022A | 5.250 | 06/01/52 | 3596041 |
| 3005000 | (e) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Venture Academy Project, Series 2022A | 5.500 | 06/01/57 | 2726506 |
| 240000 |  | Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project, Refunding Series 2015 | 4.000 | 03/01/27 | 239998 |
| 10000000 | (g) | Minnesota Municipal Gas Agency, Commodity Supply Revenue Bonds, Series 2022B, (Mandatory Put 12/01/27) (SOFR\*0.67% + 1.000%) | 3.914 | 12/01/52 | 9967074 |
| 1600000 |  | Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A | 5.000 | 09/01/34 | 1551196 |
| 570000 |  | Rochester, Minnesota, Charter School Lease Revenue Bonds, Rochester Math & Science Academy Project, Series 2018A | 4.500 | 09/01/26 | 555000 |
| 6165000 | (e),(h) | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Athlos Academy, Series 2022A | 5.500 | 06/01/42 | 4623750 |
| 10650000 | (e),(h) | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Athlos Academy, Series 2022A | 5.750 | 06/01/52 | 7987500 |
| 2000000 | (e),(h) | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Athlos Academy, Series 2022A | 5.875 | 06/01/57 | 1500000 |
| 200000 |  | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A | 3.750 | 04/01/26 | 196278 |
| 2025000 |  | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A | 5.000 | 04/01/36 | 1852757 |
| 4130000 | (e) | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community School of Excellence, Series 2023 | 4.500 | 03/01/33 | 4192624 |
| 6045000 | (e) | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community School of Excellence, Series 2023 | 5.250 | 03/01/43 | 6011652 |
| 150000 | (e) | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Great River School Project, Series 2017A | 4.750 | 07/01/29 | 150405 |
| 1285000 | (e) | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Metro Deaf School Project, Series 2018A | 5.000 | 06/15/48 | 1181897 |
| 5000000 |  | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A | 4.000 | 07/01/35 | 4871596 |
| 700000 |  | Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Hope Community Academy Project, Series 2015A | 4.500 | 12/01/29 | 646215 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **187** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MINNESOTA** (continued) |  |  |  |
| $600000 | Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A | 4.000% | 10/01/26 | $593336 |
| 1115000 | Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A | 4.750 | 10/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086615 |
| 60000 | Winona Port Authority, Minnesota, Charter School Lease Revenue Bonds, Bluffview Montessori School Project, Refunding Series 2016 | 3.750 | 06/01/26 | 59062 |
|  | TOTAL MINNESOTA |  |  | 90861854 |
|  | **MISSISSIPPI - 0.2%** |  |  |  |
| 2700000 (e) | Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, King Edward Mixed-Use Project, Refunding Subordinate Series 2023, (Mandatory Put 6/15/25) | 6.000 | 10/15/49 | 2686171 |
| 930000 (e) | Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, King Edward Mixed-Use Project, Taxable Refunding Series 2019A, (Mandatory Put 6/15/25) | 6.000 | 10/15/30 | 929227 |
| 3615000 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A | 5.000 | 09/01/41 | 3603994 |
| 4635000 | Mississippi Hospital Equipment and Facilities Authority, Revenue<br> Bonds, Baptist Memorial Healthcare, Series 2016A | 5.000 | 09/01/46 | 4518619 |
|  | TOTAL MISSISSIPPI |  |  | 11738011 |
|  | **MISSOURI - 0.8%** |  |  |  |
| 1000000 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016 | 4.000 | 08/01/38 | 718979 |
| 475000 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2016A | 6.000 | 03/01/33 | 480382 |
| 3525000 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2017A | 5.000 | 03/01/36 | 3593549 |
| 4000000 | Independence Industrial Development Authority, Missouri, Revenue Bonds, Tax Increment and Special Districts, Hub Drive Redevelopment Project Series 2023 | 6.250 | 11/01/44 | 4049956 |
| 1000000 (e) | Kansas City Industrial Development Authority, Missouri, Economic Activity Tax Revenue Bonds, Historic Northeast Redevelopment Plan Series 2024A-1 | 5.000 | 06/01/46 | 975554 |
| 815000 (e) | Kansas City Industrial Development Authority, Missouri, Revenue Bonds, Platte Purchase Project A, Series 2019 | 5.000 | 07/01/40 | 740038 |
| 1000000 | Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A | 5.000 | 05/15/25 | 999358 |
| 1075000 | Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A | 5.000 | 05/15/26 | 1072281 |
| 1080000 | Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A | 5.000 | 05/15/27 | 1075355 |
| 1150000 | Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A | 5.250 | 05/15/28 | 1150183 |
| 2645000 | Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A | 5.250 | 05/15/31 | 2623206 |
| 4450000 (e) | Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, Convention Center Hotel Project - TIF Financing, Series 2018B | 4.375 | 02/01/31 | 4285930 |
| 1300000 (e) | Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, Convention Center Hotel Project - TIF Financing, Series 2018B | 5.000 | 02/01/40 | 1265336 |
| 3600000 (e) | Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, Convention Center Hotel Project - TIF Financing, Series 2018B | 5.000 | 02/01/50 | 3419646 |
| 345000 (e) | Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A | 5.125 | 06/01/25 | 345709 |

---

188 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MISSOURI** (continued) |  |  |  |
| $925000 | (h) | Missouri Health and Educational Facilities Authority, Revenue Bonds, Christian Homes Inc., Senior Living Facilities Series 2018 | 5.000% | 05/15/26 | $675250 |
| 5515000 | (h) | Missouri Health and Educational Facilities Authority, Revenue Bonds, Christian Homes Inc., Senior Living Facilities Series 2018 | 5.000 | 05/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025950 |
| 2515000 |  | Missouri Southern State University, Auxiliary Enterprise System Revenue Bonds, Series 2021 | 4.000 | 10/01/31 | 2435599 |
| 3135000 |  | Missouri Southern State University, Auxiliary Enterprise System Revenue Bonds, Series 2021 | 4.000 | 10/01/34 | 2958259 |
| 150000 |  | Plaza at Noah's Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and Improvement District Revenue Bonds, Series 2021 | 3.000 | 05/01/30 | 140409 |
| 500000 |  | Plaza at Noah's Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and Improvement District Revenue Bonds, Series 2021 | 3.125 | 05/01/35 | 431746 |
| 560000 |  | Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Nazareth Living Center, Series 2015A | 5.000 | 08/15/25 | 559458 |
| 895000 |  | Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016 | 5.000 | 11/15/27 | 897671 |
| 990000 |  | Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016 | 5.000 | 11/15/29 | 991843 |
| 1095000 |  | Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016 | 5.000 | 11/15/31 | 1096134 |
| 175000 |  | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew's Resources for Seniors, Series 2015A | 5.000 | 12/01/25 | 174748 |
| 2360000 | (e) | Saint Louis Industrial Development Authority, Missouri, Revenue Bonds, Confluence Academy Project, Series 2022A | 5.500 | 06/15/42 | 2221423 |
| 490000 |  | Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Southeasthealth, Series 2016B | 6.000 | 03/01/37 | 495765 |
| 500000 | (e) | The Industrial Development Authority of the County of St. Louis, Missouri, Transportation Development Refunding Revenue Bonds, Series 2019B | 4.375 | 03/01/33 | 457587 |
|  |  | TOTAL MISSOURI |  |  | 44357304 |
|  |  | **MONTANA - 0.0%** |  |  |  |
| 1000000 |  | Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A | 5.000 | 05/15/27 | 993523 |
| 1180000 |  | Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A | 5.250 | 05/15/30 | 1170968 |
| 435000 |  | Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A | 5.250 | 05/15/32 | 427009 |
|  |  | TOTAL MONTANA |  |  | 2591500 |
|  |  | **NEBRASKA - 0.9%** |  |  |  |
| 40000000 | (f),(g) | Central Plains Energy Project, Nebraska, Gas Project Revenue Bonds, Project 5, SOFR Series 2022-2, (Mandatory Put 10/01/29) (SOFR\*0.67% + 2.180%), (UB) | 5.738 | 05/01/53 | 41375516 |
| 5410000 |  | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2023G | 5.400 | 09/01/53 | 5502889 |
|  |  | TOTAL NEBRASKA |  |  | 46878405 |
|  |  | **NEVADA - 0.4%** |  |  |  |
| 1045000 |  | Clark County, Nevada, Local Improvement Bonds, Special Improvement District 159 Summerlin Village 16A, Series 2015 | 5.000 | 08/01/28 | 1048711 |
| 826001 | (e),(h) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2017B, (AMT) | 5.125 | 12/15/37 | 83 |
| 2729621 | (e),(h) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2018, (AMT) | 6.950 | 02/15/38 | 11191 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **189** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **NEVADA** (continued) |  |  |  |
| $1842684 | (e),(h) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020 | 6.750% | 02/15/38 | $7555 |
| 7516052 | (e),(h) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017, (AMT) | 5.875 | 12/15/27 | 751 |
| 2306306 | (e),(h) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017, (AMT) | 6.250 | 12/15/37 | 231 |
| 6400000 | (e) | Director of Nevada State Department of Business and Industry, Revenue Bonds, Brightline West Passenger Rail Project, Series 2025A, (AMT), (Mandatory Put 1/01/33) | 9.500 | 01/01/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6379217 |
| 1500000 | (e) | Director of the State of Nevada Department of Business and Industry, Charter School Lease Revenue Bonds, Somerset Academy, Series 2018A | 5.000 | 12/15/48 | 1439106 |
| 1470000 |  | Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, Refunding Series 2016 | 4.000 | 09/01/32 | 1402635 |
| 630000 |  | Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, Refunding Series 2016 | 4.000 | 09/01/35 | 570651 |
| 685000 |  | Henderson, Nevada, Local Improvement District No. T-20 Rainbow Canyon, Local Improvement Bonds, Series 2018 | 5.000 | 09/01/38 | 674489 |
| 635000 |  | Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 808 & 810 Summerlin Village 23B, Refunding Series 2014 | 5.000 | 06/01/25 | 635487 |
| 425000 |  | Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 812 Summerlin Village 24, Series 2015 | 5.000 | 12/01/26 | 428954 |
| 315000 |  | Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 814 Summerlin Village 21& 24A, Series 2019 | 4.000 | 06/01/39 | 291219 |
| 220000 |  | Neveda State Director of the Department of Business and Industry, Charter School Revenue Bonds, Doral Academy of Nevada, Series 2017A | 5.000 | 07/15/27 | 220513 |
| 1400000 |  | Neveda State Director of the Department of Business and Industry, Charter School Revenue Bonds, Doral Academy of Nevada, Series 2017A | 5.000 | 07/15/47 | 1315806 |
| 630000 |  | North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 64 Valley Vista, Series 2019 | 4.250 | 06/01/34 | 607843 |
| 770000 |  | North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 64 Valley Vista, Series 2019 | 4.500 | 06/01/39 | 735942 |
| 505000 | (e) | North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 65 Northern Beltway Commercial Area, Series 2017 | 4.000 | 12/01/27 | 502227 |
| 1600000 | (e) | North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 65 Northern Beltway Commercial Area, Series 2017 | 5.000 | 12/01/37 | 1595429 |
| 850000 |  | Reno, Nevada, Redevelopment Agency Downtown Project Tax Allocation Bonds, Series 2007C | 5.400 | 06/01/27 | 850024 |
| 400000 |  | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno Transporation Rail Access Corridor Project, Series 2018B - AGM Insured | 5.000 | 06/01/38 | 412141 |
|  |  | TOTAL NEVADA |  |  | 19130205 |
|  |  | **NEW HAMPSHIRE - 0.2%** |  |  |  |
| 1250000 | (e) | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2018A, (AMT) | 4.000 | 11/01/27 | 1243914 |
| 1270000 | (e) | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2020A, (Mandatory Put 7/02/40) | 3.625 | 07/01/43 | 1057741 |
| 6975000 | (e) | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2020B, (AMT), (Mandatory Put 7/02/40) | 3.750 | 07/01/45 | 5904754 |
| 3000000 | (e) | New Hampshire National Finance Authority, Special Revenue Bonds, Silverado Project Denton County Series 2024 | 5.000 | 12/01/28 | 2994728 |
|  |  | TOTAL NEW HAMPSHIRE |  |  | 11201137 |

---

190 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **NEW JERSEY - 0.8%** |  |  |  |
| $445000 | (i) | New Jersey Building Authority, State Building Revenue Bonds, Refunding Series 2016A, (Pre-refunded 6/15/26) | 4.000% | 06/15/30 | $451675 |
| 900000 |  | New Jersey Economic Development Authority, Charter School Revenue Bonds, North Star Academy Charter School of Newark, Series 2017 | 5.000 | 07/15/32 | 918340 |
| 135000 | (e) | New Jersey Economic Development Authority, Charter School Revenue Bonds, Teaneck Community Charter School, Series 2017A | 4.250 | 09/01/27 | 135538 |
| 2000000 |  | New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014 | 5.000 | 01/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991207 |
| 250000 | (e),(f) | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Tender Option Bond Trust 2016-XF2340, (IF) | 5.500 | 09/01/25 | 249360 |
| 6000000 |  | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, (AMT) | 5.625 | 11/15/30 | 6007580 |
| 3315000 |  | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, (AMT) | 5.625 | 11/15/30 | 3319188 |
| 5290000 |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health Obligated Group Issue, Series 2017A | 5.000 | 07/01/42 | 5372715 |
| 13690000 |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Refunding Series 2016 | 5.000 | 07/01/41 | 13740438 |
| 1500000 |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019AA | 4.125 | 06/15/39 | 1455668 |
| 5330000 |  | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2017A | 5.000 | 01/01/32 | 5474280 |
| 280000 |  | Passaic County Improvement Authority, New Jersey, Charter School Revenue Bonds, Community Charter School of Paterson, Series 2024A | 5.000 | 01/01/34 | 288015 |
| 1055000 |  | Passaic County Improvement Authority, New Jersey, Charter School Revenue Bonds, Community Charter School of Paterson, Series 2024A | 4.750 | 01/01/45 | 1011129 |
| 1000000 |  | Passaic County Improvement Authority, New Jersey, Charter School Revenue Bonds, Paterson Charter School for Science and Technology, Inc. Project, Series 2025 | 4.125 | 07/01/33 | 990142 |
|  |  | TOTAL NEW JERSEY |  |  | 41405275 |
|  |  | **NEW MEXICO - 0.1%** |  |  |  |
| 500000 |  | Aspire Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2024 | 4.450 | 10/01/33 | 487758 |
| 525000 |  | Aspire Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2024 | 5.050 | 10/01/44 | 493640 |
| 50000 |  | Boulders Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2015 | 4.875 | 10/01/25 | 50169 |
| 1755000 |  | Mariposa East Public Improvement District, New Mexico, Special<br> Levy Revenue Bonds, Series 2015B | 5.900 | 09/01/32 | 1705769 |
|  |  | TOTAL NEW MEXICO |  |  | 2737336 |
|  |  | **NEW YORK - 4.1%** |  |  |  |
| 1250000 |  | Babylon Local Development Corporation II, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2023A | 5.750 | 02/01/33 | 1275564 |
| 13930000 |  | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Refunding Series 2016A | 5.000 | 07/15/42 | 14047916 |
| 225000 |  | Build New York City Resource Corporation, New York, Revenue Bonds, Global Community Charter School Project, Series 2022A | 5.000 | 06/15/42 | 213214 |
| 700000 | (h) | Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014 | 5.250 | 11/01/34 | 420000 |
| 1000000 | (e) | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2023 | 7.250 | 06/01/55 | 1058934 |
| 3805000 | (e) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1 | 5.250 | 06/01/40 | 3671599 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **191** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $5500000 (e) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1 | 5.000% | 06/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5167863 |
| 400000 (e) | Build NYC Resource Corporation, New York, Revenue Bonds, Richmond Preparatory Charter School Project, Social Impact Project Series 2021A | 4.000 | 06/01/31 | 367343 |
| 450000 (e) | Build NYC Resource Corporation, New York, Revenue Bonds, Richmond Preparatory Charter School Project, Social Impact Project Series 2021A | 5.000 | 06/01/36 | 420045 |
| 1000000 (e) | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2015 | 5.000 | 12/01/25 | 1000348 |
| 1300000 (e) | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017 | 5.000 | 12/01/25 | 1302351 |
| 2800000 (e) | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017 | 5.000 | 12/01/26 | 2813389 |
| 1500000 | Dormitory Authority of the State of New York, Revenue Bonds, Pace University, Series 2024A | 5.250 | 05/01/41 | 1612345 |
| 3000000 | Dormitory Authority of the State of New York, Revenue Bonds, Pace University, Series 2024B | 5.000 | 05/01/34 | 3284017 |
| 2000000 | Dormitory Authority of the State of New York, Revenue Bonds, Pace University, Series 2024B | 5.000 | 05/01/35 | 2180951 |
| 2700000 | Dormitory Authority of the State of New York, Revenue Bonds, Pace University, Series 2024B | 5.000 | 05/01/36 | 2929824 |
| 3305000 | Dormitory Authority of the State of New York, Revenue Bonds, Pace University, Series 2024B | 5.000 | 05/01/37 | 3567818 |
| 12390000 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016B | 0.000 | 01/01/45 | 3361374 |
| 4000000 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C | 5.625 | 01/01/55 | 3563993 |
| 4210000 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Current Interest Series 2016A | 5.000 | 01/01/56 | 3433327 |
| 1000000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2017A | 5.890 | 02/01/32 | 1009020 |
| 1000000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2018A | 6.470 | 02/01/33 | 1029661 |
| 645000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2020A | 4.760 | 02/01/27 | 639837 |
| 555000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A | 4.050 | 02/01/31 | 521800 |
| 1080000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A | 4.450 | 02/01/41 | 890927 |
| 4795000 | Jefferson County Civic Facility Development Corporation, New York, Revenue Bonds, Samaritan Medical Center Project, Series 2017A | 4.000 | 11/01/42 | 3810706 |
| 1000000 (h) | Madison County Capital Resource Corporation, New York, Revenue Bonds, Cazenovia College Project, Series 2019A | 5.500 | 09/01/23 | 520000 |
| 12050000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2016A-1 | 5.250 | 11/15/56 | 12096746 |
| 1770000 (g) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Variable Rate Demand Obligations, Series 2002G-1 (SOFR\*0.67% + 0.430%) | 3.345 | 11/01/26 | 1767504 |
| 500000 (e) | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Academy of Health Sciences Charter School Project, Social Impact Series 2022 | 5.000 | 07/01/32 | 508001 |
| 1390000 (e) | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Academy of Health Sciences Charter School Project, Social Impact Series 2022 | 5.625 | 07/01/42 | 1400497 |

---

192 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $400000 | Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014B | 5.000% | 07/01/29 | $400382 |
| 210000 | New Rochelle Corporation, New York, Local Development Revenue Bonds, Iona College Project, Series 2015A | 5.000 | 07/01/27 | 210780 |
| 375000 | New Rochelle Corporation, New York, Local Development Revenue Bonds, Iona College Project, Series 2015A | 5.000 | 07/01/28 | 376323 |
| 1475000 (e) | New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class F Series 2024 | 5.250 | 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502360 |
| 250000 | New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Taxable Class E Series 2024 | 4.375 | 12/15/31 | 253466 |
| 6360000 (h) | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007 | 2.300 | 10/01/27 | 4070400 |
| 1685000 (h) | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007 | 2.350 | 10/01/46 | 1078400 |
| 14120000 | New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit Fee Secured, Refunding Series 2015 | 5.000 | 11/15/45 | 14159369 |
| 5040000 | New York Counties Tobacco Trust IV, Tobacco Settlement Pass- Through Bonds, Turbo Term Series 2005A | 5.000 | 06/01/42 | 4556370 |
| 1125000 (e) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014 | 5.000 | 11/15/44 | 1127473 |
| 6705000 (e) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014 | 5.150 | 11/15/34 | 6723594 |
| 1180000 | New York Transportation Development Corporation, New York, Facility Revenue Bonds, Thruway Service Areas Project, Series 2021, (AMT) | 4.000 | 10/31/41 | 1045921 |
| 9485000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/46 | 9428585 |
| 1180000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.250 | 01/01/50 | 1179960 |
| 3500000 | New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelopment Project, Senior Green Series 2024A, (AMT) | 5.500 | 12/31/60 | 3640273 |
| 1000000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2021, (AMT) | 3.000 | 08/01/31 | 922315 |
| 2515000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024, (AMT) | 5.500 | 06/30/54 | 2601395 |
| 5000000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT) | 5.125 | 06/30/60 | 5031422 |
| 3500000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 5.375 | 06/30/60 | 3560921 |
| 1780000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Terminal 4 John F Kennedy International Airport Project, Series 2022, (AMT) | 5.000 | 12/01/38 | 1820387 |
| 8000000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, (AMT) | 5.000 | 01/01/26 | 8075082 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **193** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $1970000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, (AMT) | 5.000% | 01/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003945 |
| 18605000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT) | 4.000 | 10/01/30 | 18459343 |
| 10000000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT) | 6.000 | 04/01/35 | 10990429 |
| 5570000 (e) | Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2018A, (AMT) | 4.750 | 11/01/42 | 5206015 |
| 1250000 | Onondaga Civic Development Corporation, New York, Revenue Bonds, Crouse Health Hospital Inc. Project, Refunding Series 2024A | 5.125 | 08/01/44 | 1125268 |
| 3000000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Ninety-Seventh Series 2016, (AMT) | 5.000 | 11/15/32 | 3053812 |
| 2580000 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2021B-2 | 0.000 | 06/01/66 | 241233 |
| 10385000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT) | 5.000 | 01/01/30 | 8087886 |
| 4895000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT) | 5.000 | 01/01/31 | 3775402 |
| 3230000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT) | 5.000 | 01/01/32 | 2469933 |
| 5700000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT) | 5.000 | 01/01/33 | 4332458 |
| 2000000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT) | 5.000 | 01/01/34 | 1512906 |
| 6705000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT) | 5.000 | 01/01/35 | 5052442 |
| 2100000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT) | 5.000 | 01/01/36 | 1577397 |
| 1600000 (e) | Westchester County Local Development Corporation, New York, Revenue Bond, Purchase Senior Learning Community, Inc. Project, Accd Inv Series 2021A | 5.000 | 07/01/36 | 1649534 |
| 145000 | Westchester County Local Development Corporation, New York, Revenue Bonds, Kendal on Hudson Project, Refunding Series 2022B | 5.000 | 01/01/27 | 147877 |
| 480000 | Westchester County Local Development Corporation, New York, Revenue Bonds, Kendal on Hudson Project, Refunding Series 2022B | 5.000 | 01/01/32 | 507399 |
| 525000 | Westchester County Local Development Corporation, New York, Revenue Bonds, Kendal on Hudson Project, Refunding Series 2022B | 5.000 | 01/01/37 | 549052 |
| 500000 | Westchester County Local Development Corporation, New York, Revenue Bonds, Kendal on Hudson Project, Refunding Series 2022B | 5.000 | 01/01/41 | 514225 |
|  | TOTAL NEW YORK |  |  | 222908648 |
|  | **NORTH CAROLINA - 0.0%** |  |  |  |
| 1700000 | North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015, (AMT) | 5.000 | 06/30/26 | 1706380 |
| 900000 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Lutheran Services for the Aging, Series 2021A | 4.000 | 03/01/36 | 860439 |
|  | TOTAL NORTH CAROLINA |  |  | 2566819 |

---

194 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NORTH DAKOTA - 0.1%** |  |  |  |
| $6110000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000% | 06/01/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5931281 |
| 1100000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity<br> Obligated Group, Series 2017C | 5.000 | 06/01/53 | 1045348 |
|  | TOTAL NORTH DAKOTA |  |  | 6976629 |
|  | **OHIO - 3.4%** |  |  |  |
| 1000000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016 | 5.250 | 11/15/41 | 1008639 |
| 10000000 | American Municipal Power Inc., Ohio, Combined Hydroelectric Projects Revenue Bonds, Green Series 2016A | 5.000 | 02/15/46 | 10073256 |
| 8915000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2 | 0.000 | 06/01/57 | 888143 |
| 10500000 | 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 | 9268376 |
| 750000 (e) | Cleveland-Cuyahoga County Port Authority, Ohio, Lease Revenue Bonds, Constellation Schools Project, Refunding & improvement Series 2024A | 5.250 | 01/01/34 | 749848 |
| 885000 (e) | Cleveland-Cuyahoga County Port Authority, Ohio, Lease Revenue Bonds, Constellation Schools Project, Refunding & improvement Series 2024A | 5.375 | 01/01/39 | 864541 |
| 7250000 | County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2018A | 5.250 | 11/15/48 | 7294986 |
| 3305000 | Cuyahoga County Ohio, Health Care and Independent Living Facilities, Revenue Refunding Bonds, Eliza Jennings Senior Care Network, Series 2022A | 5.375 | 05/15/37 | 3310751 |
| 4310000 | Cuyahoga County Ohio, Health Care and Independent Living Facilities, Revenue Refunding Bonds, Eliza Jennings Senior Care Network, Series 2022A | 5.500 | 05/15/42 | 4235759 |
| 1000000 | Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth System, Series 2017 | 5.000 | 02/15/37 | 1002944 |
| 8440000 | Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth System, Series 2017 | 5.250 | 02/15/47 | 8310549 |
| 3000000 | Deer Park Community City School District, Hamilton County, Ohio, General Obligation Bonds, School Improvement Series 2017A | 5.250 | 12/01/53 | 3011292 |
| 1000000 | Evans Farm New Communty Authority, Ohio, Community Development Charge Revenue Bonds, Evans Farm Mixed-Use Project, Series 2020 | 3.375 | 12/01/29 | 928183 |
| 200000 | Franklin County, Ohio, Health Care Facilities Revenue Bonds, Friendship Village of Dublin, Ohio, Inc., Refunding &Improvement Series 2014 | 5.000 | 11/15/25 | 200073 |
| 500000 | Franklin County, Ohio, Health Care Facilities Revenue Bonds, Friendship Village of Dublin, Ohio, Inc., Refunding &Improvement Series 2014 | 5.000 | 11/15/26 | 500285 |
| 2000000 | Greater Cincinnati Port Development Authority, Ohio, Tax Increment Revenue Bonds, RBM Phase 3 Garage Project Series 2024 | 5.000 | 12/01/44 | 1977437 |
| 18425000 (e) | Jefferson County Port Authority, Ohio, Economic Development Revenue Bonds, JSW Steel USA Ohio, Inc. Project, Series 2023, (AMT), (Mandatory Put 12/01/28) | 5.000 | 12/01/53 | 18700843 |
| 455000 | Jeffrey Place New Community Authority, Ohio, Jeffrey Place Redevelopment Bonds, Series 2007A | 5.000 | 12/01/32 | 438393 |
| 5000000 | Lancaster Port Authority, Ohio, Gas Supply Revenue Bonds, Series 2024A, (Mandatory Put 8/01/30) | 5.000 | 02/01/55 | 5273327 |
| 645000 (j) | Norwood, Ohio, Special Obligation Revenue Bonds, Rookwood Exchange Project, Refunding Series 2025 | 4.375 | 12/01/30 | 643657 |
| 500000 (j) | Norwood, Ohio, Special Obligation Revenue Bonds, Rookwood Exchange Project, Refunding Series 2025 | 5.000 | 12/01/35 | 512687 |
| 725000 (j) | Norwood, Ohio, Special Obligation Revenue Bonds, Rookwood Exchange Project, Refunding Series 2025 | 5.000 | 12/01/41 | 723401 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **195** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OHIO** (continued) |  |  |  |
| $7850000 (e) | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG Vanadium Project, Series 2019, (AMT) | 5.000% | 07/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7138071 |
| 24100000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D | 3.375 | 08/01/29 | 23619921 |
| 17370000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2009A | 4.750 | 06/01/33 | 18069160 |
| 2000000 (e) | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Pratt Paper Ohio, LLC Project, Series 2017, (AMT) | 4.250 | 01/15/38 | 1949245 |
| 1305000 (e) | Ohio Housing Finance Agency, Multifamily Housing Revenue Bonds, Sanctuary at Springboro Project, Series 20017 | 5.125 | 01/01/32 | 1297506 |
| 5000000 (e) | Ohio Housing Finance Agency, Multifamily Housing Revenue Bonds, Sanctuary at Springboro Project, Series 2017 | 5.450 | 01/01/38 | 4936938 |
| 730000 (e) | Ohio Housing Finance Agency, Multifamily Housing Revenue Bonds, Silver Birch of Mansfield Project, Series 2024 | 6.000 | 01/01/45 | 721970 |
| 35080000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A | 4.750 | 06/01/33 | 36467365 |
| 490000 (e) | Port of Greater Cincinnati Development Authority, Ohio, Public Improvement TOT Revenue Bonds, Series 2021 | 3.750 | 12/01/31 | 491159 |
| 415000 | Southeastern Ohio Port Authority, Hosptial Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Improvement Series 2015 | 5.000 | 12/01/25 | 414457 |
| 2240000 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015 | 5.375 | 03/01/27 | 2239909 |
| 2000000 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015 | 6.000 | 03/01/45 | 1982714 |
| 5000000 | Washington County, Ohio, Hospital Facilities Revenue Bonds,<br> Memorial Health System Obligated Group, Series 2022 | 6.375 | 12/01/37 | 5359521 |
|  | TOTAL OHIO |  |  | 184605306 |
|  | **OKLAHOMA - 0.1%** |  |  |  |
| 1510000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.250 | 08/15/43 | 1531647 |
| 2600000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/57 | 2633677 |
| 1780000 | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc Project, Refunding Series 2017 | 5.000 | 11/15/30 | 1805567 |
| 730000 | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc Project, Refunding Series 2017 | 5.000 | 11/15/32 | 739488 |
|  | TOTAL OKLAHOMA |  |  | 6710379 |
|  | **OREGON - 0.4%** |  |  |  |
| 860000 | Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Terwilliger Plaza-Parkview Project, Refunding Green Series 2021A | 4.000 | 12/01/36 | 779793 |
| 3030000 (e) | Oregon Facilities Authority Charter School Revenue Bonds, Oregon, Portland Village School Project, Series 2024 | 6.500 | 12/15/44 | 3005322 |
| 13475000 | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2016A | 5.000 | 06/01/46 | 13510486 |
| 740000 (e) | Oregon Facilities Authority, Revenue Bonds, Metro East Web Academy Project, Series 2019A | 3.750 | 06/15/29 | 707845 |
| 385000 | Oregon Facilities Authority, Revenue Bonds, Redmond Proficiency Academy Project, Series 2016A | 4.500 | 06/15/28 | 375330 |
| 75000 | Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Series 2012B, (AMT) | 3.700 | 07/01/32 | 72534 |
| 1000000 (e) | Oregon State Facilities Authority, Oregon, Charter School Revenue Bonds, Academy for Character Education, Series 2022A | 6.750 | 06/15/42 | 1020226 |
| 120000 | Polk County Hospital Facility Authority, Oregon, Revenue Bonds, Dallas Retirement Village Project, Series 2015A | 5.000 | 07/01/25 | 120079 |

---

196 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OREGON** (continued) |  |  |  |
| $405000 | Port of Saint Helens, Oregon, Pollution Control Revenue Bonds, Boise Cascade Project, Series 1997 | 5.650% | 12/01/27 | $405466 |
|  | TOTAL OREGON |  |  | 19997081 |
|  | **PENNSYLVANIA - 3.1%** |  |  |  |
| 155000 (e) | Allentown Commercial and Industrial Development Authority, Pennsylvania, Revenue Bonds, Arts Academy Charter Middle School Foundation Project, Taxable Series 2022B | 5.000 | 06/15/26 | 153853 |
| 1150000 (e) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Project, Series 2018 | 5.000 | 05/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134979 |
| 1910000 (e) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Project, Series 2024 | 5.000 | 05/01/42 | 1918087 |
| 2010000 (e) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts Project, Series 2023 | 6.250 | 05/01/42 | 1983901 |
| 505000 (e) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Waterfront-30 E Allen Street Project, Senior Series 2024A | 5.250 | 05/01/32 | 519070 |
| 2535000 | Berks County Industrial Development Authority, Pennsylvania, Healthcare Facilities Revenue Bonds, Highlands at Wyomissing, Series 2017C | 5.000 | 05/15/47 | 2484364 |
| 2387000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-2 | 6.000 | 06/30/34 | 2574098 |
| 55151000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-3 | 5.000 | 06/30/39 | 53452735 |
| 5051000 (k) | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024B-1 | 0.000 | 06/30/44 | 3730345 |
| 5011000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024A-1 | 8.000 | 06/30/34 | 5129434 |
| 7500000 (k) | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024B-2 | 0.000 | 06/30/44 | 4290766 |
| 295000 | Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Simpson Senior Services Project, Series 2015A | 5.000 | 12/01/30 | 273286 |
| 615000 | Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2017A | 4.000 | 12/15/27 | 615558 |
| 105000 (e) | Chester County Industrial Development Authority, Pennsylvania, Special Obligation Bonds, Woodlands at Greystone Project, Series 2018 | 4.375 | 03/01/28 | 104605 |
| 1000000 | Clarion County Industrial Development Authority, Pennsylvania, Revenue Bonds, Clarion University Foundation Inc. Student Housing Project at Clarion University, Series 2014A | 5.000 | 07/01/34 | 1002382 |
| 2000000 (e) | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2017 | 5.125 | 10/15/41 | 1461465 |
| 5000000 (e) | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2020 | 6.250 | 10/15/53 | 3779553 |
| 280000 | Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2017 | 5.000 | 06/01/27 | 279821 |
| 2000000 | Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Villages Project, Series 2015 | 5.000 | 11/01/35 | 1959763 |
| 1455000 | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, United Zion Retirement Community, Series 2017A | 4.500 | 12/01/29 | 1412383 |
| 500000 | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, United Zion Retirement Community, Series 2017A | 5.000 | 12/01/32 | 484171 |
| 575000 | Lehigh County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, Seven Generations Charter School, Series 2021A | 4.000 | 05/01/31 | 551969 |
| 1000000 | McCandless IDA, Pennsylvania, University Revenue Bonds Series A and B of 2022 La Roche University | 6.750 | 12/01/46 | 933456 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **197** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **PENNSYLVANIA** (continued) |  |  |  |
| $15000000 |  | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2025A | 5.000% | 11/15/42 | $15568729 |
| 1000000 |  | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, Whitemarsh Continuing Care Retirement Community Project, Series 2015 | 5.000 | 01/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000030 |
| 1000000 |  | Montgomery County Redevelopment Authority, Pennsylvania, Special Obligation Revenue Bonds, River Pointe Project Series 2023 | 6.500 | 09/01/43 | 1009061 |
| 5160000 | (a),(e),(h) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1 | 10.000 | 12/01/40 | 516 |
| 5160000 | (a),(e),(h) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, (AMT) | 10.000 | 12/01/40 | 516 |
| 6055000 | (a),(h) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A | 10.000 | 12/01/31 | 606 |
| 5000000 |  | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, (AMT) | 5.500 | 11/01/44 | 5017208 |
| 1300000 |  | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, PPL Energy Supply, LLC Project, Refunding Series 2009B, (Mandatory Put 6/01/27) | 5.250 | 12/01/38 | 1309986 |
| 500000 |  | Pennsylvania Economic Development Financing Authority, Pennsylvania, Private Activity Revenue Bonds, The PennDOT Major Bridges Package One Project, Series 2022, (AMT) | 5.500 | 06/30/39 | 534017 |
| 7630000 |  | Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, (AMT) | 5.000 | 12/31/34 | 7702485 |
| 7080000 |  | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Refunding Series 2017 | 5.000 | 05/01/41 | 7097185 |
| 2690000 |  | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2015A | 5.000 | 11/01/29 | 2712533 |
| 8380000 |  | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-147A | 4.500 | 10/01/44 | 8250038 |
| 3755000 |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015A-1 | 5.250 | 12/01/45 | 3771248 |
| 5000000 |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2017B-1 | 5.000 | 06/01/42 | 5070984 |
| 200000 |  | Philadelphia Authority for Industrial Development Senior Living Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A | 5.000 | 07/01/31 | 201558 |
| 500000 |  | Philadelphia Authority for Industrial Development Senior Living Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A | 5.000 | 07/01/32 | 503286 |
| 1585000 |  | Philadelphia Authority for Industrial Development Senior Living Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A | 5.000 | 07/01/37 | 1586975 |
| 1500000 |  | Philadelphia Authority for Industrial Development Senior Living Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A | 5.000 | 07/01/42 | 1456725 |
| 7000000 |  | Philadelphia Authority for Industrial Development Senior Living Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Taxable Series 2017B | 6.250 | 07/01/31 | 6646284 |
| 320000 |  | Philadelphia Authority for Industrial Development, Pennsylvania, Charter School Revenue Bonds, Mast Community Charter School II Project, Series 2020A | 5.000 | 08/01/30 | 327894 |
| 590000 |  | Philadelphia Authority for Industrial Development, Pennsylvania, Charter School Revenue Bonds, Philadelphia Electrical & Technology Charter School, Series 2021A | 4.000 | 06/01/31 | 578224 |
| 875000 |  | Quakertown General Authority Health Facilities Revenue USDA Loan Anticipation Notes and Revenue Bonds for LifeQuest Obligated Group, Pennsylvania, Series 2017C | 5.300 | 07/01/42 | 782334 |

---

198 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PENNSYLVANIA** (continued) |  |  |  |
| $5000000 | Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds, Marywood University,<br> Series 2016 | 5.000% | 06/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620701 |
|  | TOTAL PENNSYLVANIA |  |  | 165979167 |
|  | **PUERTO RICO - 3.5%** |  |  |  |
| 200000 (e) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/35 | 205492 |
| 275000 (e) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021A | 5.000 | 07/01/33 | 284980 |
| 500000 (e) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021A | 5.000 | 07/01/37 | 513532 |
| 334000 (e) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 5.000 | 07/01/37 | 343039 |
| 11790000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Federally Taxable Build America Bonds, Series 2010YY | 6.125 | 07/01/40 | 4971853 |
| 1100000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding National Series 2007VV | 5.500 | 01/01/26 | 445782 |
| 2000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2010DDD | 3.957 | 01/01/26 | 970 |
| 6015000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2010DDD | 5.000 | 01/01/26 | 2843488 |
| 1000000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2010DDD | 5.000 | 01/01/26 | 422000 |
| 3000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A | 3.957 | 07/01/42 | 1463 |
| 470000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN | 5.500 | 01/01/26 | 191957 |
| 200000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT | 5.000 | 01/01/26 | 82174 |
| 1140000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT | 5.000 | 01/01/26 | 481079 |
| 6205000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT | 5.000 | 01/01/26 | 2565214 |
| 450000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT | 5.000 | 01/01/26 | 184891 |
| 2000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT | 5.000 | 07/01/32 | 975 |
| 2140000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/27 | 884722 |
| 9660000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/28 | 4058546 |
| 4000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/28 | 1950 |
| 7020000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/29 | 2952090 |
| 50000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC | 5.000 | 01/01/26 | 21213 |
| 1995000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC | 5.250 | 07/01/27 | 812505 |
| 110000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX | 5.250 | 07/01/27 | 48517 |
| 350000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.000 | 07/01/24 | 143804 |
| 1260000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.250 | 07/01/24 | 509134 |
| 1000000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.250 | 07/01/25 | 410127 |
| 1145000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.250 | 01/01/26 | 464552 |
| 18275000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.250 | 01/01/26 | 7498216 |
| 1090000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.000 | 07/01/28 | 451108 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **199** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PUERTO RICO** (continued) |  |  |  |
| $45000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A | 5.050% | 01/01/26 | $19177 |
| 8375000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A | 4.800 | 07/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4082812 |
| 3000000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A | 5.000 | 07/01/29 | 1250553 |
| 500000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2016D-4-RSA-1 | 7.500 | 01/01/26 | 187528 |
| 2000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW | 5.375 | 01/01/26 | 970 |
| 6135000 (h) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Taxable Series 2010BBB | 5.400 | 07/01/28 | 2568124 |
| 635000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Refunding Series 2005SS | 4.625 | 07/01/30 | 265876 |
| 2255000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/24 | 930343 |
| 35000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/25 | 14937 |
| 115000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/27 | 47549 |
| 1240000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/32 | 512776 |
| 2310000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/37 | 957886 |
| 20000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.250 | 07/01/25 | 8474 |
| 5595000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.375 | 01/01/26 | 2329794 |
| 2850000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.375 | 01/01/26 | 1186829 |
| 280000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.500 | 01/01/26 | 114357 |
| 130000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.000 | 07/01/28 | 55478 |
| 1060000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.250 | 07/01/33 | 435370 |
| 3990000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.500 | 07/01/38 | 1630945 |
| 2000000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010AAA | 5.250 | 07/01/25 | 814018 |
| 975000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010AAA | 5.250 | 01/01/26 | 397385 |
| 2100000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010CCC | 5.000 | 07/01/24 | 863754 |
| 400000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010CCC | 4.625 | 07/01/25 | 166846 |
| 50000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010CCC | 5.000 | 07/01/25 | 20909 |
| 490000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010CCC | 5.000 | 07/01/28 | 202551 |
| 695000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010XX | 4.625 | 07/01/25 | 290605 |
| 4320000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010ZZ | 5.250 | 01/01/26 | 1809429 |
| 730000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 7.000 | 07/01/33 | 284774 |
| 3415000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 6.750 | 07/01/36 | 1339555 |
| 6875000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 5.000 | 07/01/42 | 2919549 |
| 745000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 7.000 | 07/01/43 | 290626 |

---

200 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PUERTO RICO** (continued) |  |  |  |
| $2460000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Taxable Series 2010EEE | 5.950% | 07/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199250 |
| 3220000 (h) | Puerto Rico Electric Power Authority, Revenue Bonds, Taxable Series 2010EEE | 6.250 | 07/01/40 | 1549859 |
| 3975477 | Puerto Rico Highway and Transportation Authority Highway Revenue Bonds Series 2022 | 5.250 | 07/01/38 | 3976455 |
| 18537000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/27 | 17006678 |
| 5175000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.550 | 07/01/40 | 5127835 |
| 1437000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/46 | 471457 |
| 3419000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.750 | 07/01/53 | 3292196 |
| 1050000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Cofina Project Series 2019A-2A | 4.550 | 07/01/40 | 1040430 |
| 1367000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Series 2019A-2B | 4.550 | 07/01/40 | 1354541 |
| 30488000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.329 | 07/01/40 | 29739800 |
| 14648515 | Puerto Rico, General Obligation Bonds, Clawback Highway Transportation Authority Claims Taxable Series 2022 | 0.000 | 11/01/51 | 9118701 |
| 20036232 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.625 | 07/01/27 | 20752247 |
| 1362349 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.625 | 07/01/29 | 1460151 |
| 28136460 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 0.000 | 07/01/33 | 19313741 |
| 3600860 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/33 | 3528816 |
| 91769 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/35 | 87760 |
| 438808 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/37 | 415235 |
| 635897 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/41 | 582243 |
| 14362108 | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022 | 0.000 | 11/01/43 | 9012223 |
| 275000 | University of Puerto Rico, University System Revenue Bonds, Refunding Series 2006P | 5.000 | 06/01/30 | 266515 |
|  | TOTAL PUERTO RICO |  |  | 187091285 |
|  | **RHODE ISLAND - 0.1%** |  |  |  |
| 8010000 | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Care New England Issue, Refunding Series 2016B | 5.000 | 09/01/31 | 8035015 |
|  | TOTAL RHODE ISLAND |  |  | 8035015 |
|  | **SOUTH CAROLINA - 0.2%** |  |  |  |
| 1000000 (e) | Richland County, South Carolina, Special Assessment Revenue Bonds, Village at Sandhill Improvement District, Refunding Series 2021 | 3.625 | 11/01/31 | 875675 |
| 1270000 (e) | Richland County, South Carolina, Special Assessment Revenue Bonds, Village at Sandhill Improvement District, Refunding Series 2021 | 3.750 | 11/01/36 | 1021900 |
| 3505000 (e) | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Hilton Head Christian Academy, Series 2020 | 5.000 | 01/01/40 | 3255100 |
| 100000 (e) | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Palmetto Scholars Academy Project, Series 2015A | 4.500 | 08/15/25 | 99726 |
| 500000 (e) | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Palmetto Scholars Academy Project, Series 2015A | 5.125 | 08/15/35 | 479667 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **201** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SOUTH CAROLINA** (continued) |  |  |  |
| $1100000 (e) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, High Point Academy Project, Series 2018A | 5.000% | 06/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069689 |
| 200000 (e) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Virtus Academy Project, Series 2021A | 4.000 | 06/15/31 | 183948 |
| 920000 (e) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Virtus Academy Project, Series 2021A | 5.000 | 06/15/41 | 798146 |
| 325000 (e) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Virtus Academy Project, Series 2023A | 6.125 | 06/15/33 | 333872 |
| 940000 (e) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Virtus Academy Project, Series 2023A | 6.750 | 06/15/43 | 957207 |
| 750000 | South Carolina Jobs-Economic Development Authority, Healthcare Revenue Bonds, Beaufort Memorial Hospital & South of Broad Healthcare Project, Series 2024 | 5.250 | 11/15/39 | 781300 |
| 125000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016A | 5.000 | 12/01/28 | 127371 |
|  | TOTAL SOUTH CAROLINA |  |  | 9983601 |
|  | **SOUTH DAKOTA - 0.1%** |  |  |  |
| 2930000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Refunding Series 2017 | 5.000 | 07/01/46 | 2933075 |
|  | TOTAL SOUTH DAKOTA |  |  | 2933075 |
|  | **TENNESSEE - 0.9%** |  |  |  |
| 3135000 (e) | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Capital Appreciation Series 2016B | 0.000 | 12/01/25 | 3036589 |
| 3245000 (e) | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Capital Appreciation Series 2016B | 0.000 | 12/01/26 | 2989182 |
| 8810000 (e) | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Capital Appreciation Series 2016B | 0.000 | 12/01/31 | 6139085 |
| 1850000 (e) | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Series 2016A | 5.000 | 12/01/35 | 1781740 |
| 1000000 (e) | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Series 2016A | 5.125 | 12/01/42 | 950298 |
| 850000 | Bristol Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Pinnacle Project, Series 2016 | 5.000 | 06/01/27 | 826955 |
| 5000000 (e) | Kingsport Industrial Development Board, Tennessee, Exempt Facility Revenue Bonds, Domtar Project, Series 2024, (AMT), (Mandatory Put 11/15/29) | 5.250 | 12/01/54 | 5033919 |
| 1190000 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2017 | 5.000 | 04/01/36 | 1194910 |
| 535000 (h) | Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A | 4.750 | 07/01/27 | 483189 |
| 11775000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A | 5.000 | 07/01/40 | 11821741 |
| 4225000 | Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Improvement Series 2015B, (AMT) | 5.000 | 07/01/40 | 4228487 |
| 3500000 | Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Improvement Series 2015B, (AMT) | 5.000 | 07/01/43 | 3500924 |
| 500000 (e) | Shelby County Health, Educational, Housing, and Facility Board, Tennessee, Student Housing Revenue Bonds, Madrone Memphis Student Housing, I LLC - University of Memphis Project Series 2024A-1 | 5.000 | 06/01/44 | 496737 |
| 4000000 | Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series 2024A, (Mandatory Put 12/01/29) | 5.000 | 10/01/54 | 4191641 |

---

202 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TENNESSEE** (continued) |  |  |  |
| $2000000 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B | 5.625% | 09/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053452 |
|  | TOTAL TENNESSEE |  |  | 48728849 |
|  | **TEXAS - 11.2%** |  |  |  |
| 595000 (e) | Anna, Texas, Special Assessment Revenue Bonds, Hurricane Creek Public Improvement District Area 1 Project, Series 2019 | 5.750 | 09/01/29 | 605557 |
| 250000 (e) | Anna, Texas, Special Assessment Revenue Bonds, Hurricane Creek Public Improvement District Area 2 Project, Series 2022 | 5.000 | 09/01/28 | 251165 |
| 1000000 (e) | Anna, Texas, Special Assessment Revenue Bonds, Hurricane Creek Public Improvement District Area 2 Project, Series 2022 | 5.750 | 09/01/42 | 1033677 |
| 360000 (e) | Anna, Texas, Special Assessment Revenue Bonds, Hurricane Creek Public Improvement District Major Improvement Area Project, Series 2019 | 6.000 | 09/01/29 | 368608 |
| 405000 (e) | Anna, Texas, Special Assessment Revenue Bonds, Meadow Vista Public Improvement District Area 1 Project, Series 2024 | 4.875 | 09/15/31 | 405299 |
| 850000 (e) | Anna, Texas, Special Assessment Revenue Bonds, Meadow Vista Public Improvement District Area 1 Project, Series 2024 | 5.500 | 09/15/44 | 847032 |
| 193000 (e) | Anna, Texas, Special Assessment Revenue Bonds, Sherley Tract Public Improvement District 2 Area 1 Project, Series 2021 | 3.250 | 09/15/26 | 189149 |
| 500000 (e) | Anna, Texas, Special Assessment Revenue Bonds, Sherley Tract Public Improvement District 2 Area 1 Project, Series 2021 | 3.750 | 09/15/31 | 459275 |
| 250000 (e) | Anna, Texas, Special Assessment Revenue Bonds, Sherley Tract Public Improvement District 2 Area 1 Project, Series 2021 | 4.000 | 09/15/41 | 214113 |
| 373000 | Anna, Texas, Special Assessment Revenue Bonds, The Woods and Lindsey Place Public Improvement District Area 1 Project, Series 2023 | 4.875 | 09/15/30 | 377029 |
| 900000 | Anna, Texas, Special Assessment Revenue Bonds, The Woods and Lindsey Place Public Improvement District Area 1 Project, Series 2023 | 5.625 | 09/15/43 | 918708 |
| 195000 | Argyle, Texas, Special Assessment Revenue Bonds, Highlands of Argyle Public Improvement District 1 Project, Series 2017 | 4.250 | 09/01/27 | 195475 |
| 830000 (e) | Argyle, Texas, Special Assessment Revenue Bonds, Waterbrook of Argyle Public Improvement District Project, Series 2018 | 4.625 | 09/01/28 | 835365 |
| 2000000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Great Hearts America - Texas, Series 2024A | 4.250 | 08/15/34 | 1946562 |
| 1250000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Great Hearts America - Texas, Series 2024A | 4.500 | 08/15/39 | 1198489 |
| 1300000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Great Hearts America - Texas, Series 2024A | 4.750 | 08/15/44 | 1216452 |
| 1230000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Legacy Traditional Schools - Texas Project, Refunding Series 2021A | 4.000 | 02/15/31 | 1141495 |
| 2610000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Legacy Traditional Schools - Texas Project, Refunding Series 2021A | 4.125 | 02/15/41 | 2107519 |
| 630000 (e) | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Legacy Traditional Schools - Texas Project, Refunding Series 2022A | 5.000 | 02/15/32 | 614415 |
| 1500000 (e) | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Legacy Traditional Schools - Texas Project, Refunding Series 2022A | 6.000 | 02/15/42 | 1493779 |
| 1245000 (e) | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Magellan International School, Series 2022 | 5.500 | 06/01/32 | 1285423 |
| 5085000 (e) | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Magellan International School, Series 2022 | 6.000 | 06/01/42 | 5197105 |
| 490000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, UME Preparatory Academy, Taxable Series 2017A | 4.550 | 08/15/28 | 487496 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **203** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **TEXAS** (continued) |  |  |  |
| $400000 | (e) | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Duck Point Public Improvement District, Series 2025 | 4.375% | 12/31/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394592 |
| 550000 | (e) | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Duck Point Public Improvement District, Series 2025 | 4.625 | 12/31/35 | 538347 |
| 685000 | (e) | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Duck Point Public Improvement District, Series 2025 | 5.375 | 12/31/45 | 661765 |
| 226000 | (e) | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phases 3A Project, Series 2021 | 2.500 | 09/01/26 | 219437 |
| 622000 | (e) | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phases 3A Project, Series 2021 | 3.000 | 09/01/31 | 565588 |
| 490000 | (e) | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Winn Ridge South Public Improvement District Project, Series 2017 | 5.500 | 09/01/27 | 499045 |
| 165000 |  | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/30 | 165227 |
| 1800000 |  | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/31 | 1800924 |
| 1700000 |  | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/32 | 1697404 |
| 985000 |  | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/33 | 978826 |
| 580000 |  | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/34 | 573016 |
| 1680000 |  | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding Second Tier Series 2017B | 5.000 | 01/01/27 | 1683114 |
| 990000 |  | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding Second Tier Series 2017B | 5.000 | 01/01/28 | 991298 |
| 1445000 |  | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding Second Tier Series 2017B | 5.000 | 01/01/29 | 1445437 |
| 880000 |  | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding Second Tier Series 2017B | 5.000 | 01/01/30 | 878735 |
| 1985000 |  | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding Second Tier Series 2017B | 5.000 | 01/01/32 | 1968538 |
| 1525000 |  | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding Second Tier Series 2017B | 5.000 | 01/01/34 | 1491952 |
| 4500000 |  | Austin, Texas, Airport System Revenue Bonds, Series 2017B, (AMT) | 5.000 | 11/15/46 | 4502841 |
| 325000 | (e) | Austin, Travis, Williamson and Hays Counties, Texas, Special Assessment Revenue Bonds, Whisper Valley Public Improvement District Improvement Area 1, Series 2019 | 4.000 | 11/01/29 | 319056 |
| 800000 | (e) | Austin, Travis, Williamson and Hays Counties, Texas, Special Assessment Revenue Bonds, Whisper Valley Public Improvement District Improvement Area 2, Series 2022 | 5.375 | 11/01/42 | 805322 |
| 250000 | (e) | Bastrop County, Texas, Special Assessment Revenue Bonds, Double Eagle Ranch Public Improvement District Improvement Area 2 Project Series 2024 | 4.500 | 09/01/31 | 248745 |
| 610000 | (e) | Bastrop County, Texas, Special Assessment Revenue Bonds, Double Eagle Ranch Public Improvement District Improvement Area 2 Project Series 2024 | 5.250 | 09/01/44 | 592837 |
| 500000 | (e),(j) | Bastrop, Texas, Special Assessment Revenue Bonds, Valverde Public Improvement District Improvement Area 1, Series 2025 | 4.250 | 09/01/30 | 499717 |
| 630000 | (e),(j) | Bastrop, Texas, Special Assessment Revenue Bonds, Valverde Public Improvement District Improvement Area 1, Series 2025 | 4.625 | 09/01/35 | 631434 |
| 625000 | (e),(j) | Bastrop, Texas, Special Assessment Revenue Bonds, Valverde Public Improvement District Improvement Area 1, Series 2025 | 5.375 | 09/01/45 | 624678 |
| 900000 |  | Baytown Municipal Development District, Texas, Hotel Revenue Bonds, Baytown Convention Center Hotel, First-Lien Series 2021A | 2.500 | 10/01/31 | 770703 |
| 194000 | (e) | Bee Cave, Travis County, Texas, Special Assessment Revenue Bonds, Backyard Public Improvement District Project, Series 2021 | 4.125 | 09/01/26 | 192508 |
| 565000 | (e) | Bee Cave, Travis County, Texas, Special Assessment Revenue Bonds, Backyard Public Improvement District Project, Series 2021 | 4.750 | 09/01/31 | 544670 |

---

204 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $1645000 (e) | Bee Cave, Travis County, Texas, Special Assessment Revenue Bonds, Backyard Public Improvement District Project, Series 2021 | 5.000% | 09/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533835 |
| 322000 (e) | Boyd Public Improvement District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project Series 2024 | 4.250 | 09/15/30 | 323141 |
| 1010000 (e) | Boyd Public Improvement District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project Series 2024 | 5.125 | 09/15/43 | 1005708 |
| 835000 (e) | Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Improvement Area 1 Project, Series 2025 | 5.875 | 09/01/45 | 822888 |
| 1000000 (e) | Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Major Improvement Area Project, Series 2025 | 5.750 | 09/01/33 | 991818 |
| 2200000 (e) | Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Major Improvement Area Project, Series 2025 | 6.625 | 09/01/45 | 2169921 |
| 130000 | Caddo Mills Municipal Management District No. 1, Texas, General Obligation Bonds, Tax Road Series 2021 | 2.000 | 09/01/27 | 121791 |
| 135000 | Caddo Mills Municipal Management District No. 1, Texas, General Obligation Bonds, Tax Road Series 2021 | 2.000 | 09/01/28 | 123241 |
| 140000 | Caddo Mills Municipal Management District No. 1, Texas, General Obligation Bonds, Tax Road Series 2021 | 2.125 | 09/01/29 | 125226 |
| 145000 | Caddo Mills Municipal Management District No. 1, Texas, General Obligation Bonds, Tax Road Series 2021 | 2.250 | 09/01/30 | 127538 |
| 150000 | Caddo Mills Municipal Management District No. 1, Texas, General Obligation Bonds, Tax Road Series 2021 | 2.250 | 09/01/31 | 128870 |
| 315000 | Caddo Mills Municipal Management District No. 1, Texas, General Obligation Bonds, Tax Road Series 2021 | 2.250 | 09/01/33 | 257246 |
| 335000 | Caddo Mills Municipal Management District No. 1, Texas, General Obligation Bonds, Tax Road Series 2021 | 2.500 | 09/01/35 | 267452 |
| 540000 | Caddo Mills Municipal Management District No. 1, Texas, General Obligation Bonds, Tax Road Series 2021 | 2.500 | 09/01/38 | 402426 |
| 595000 | Caddo Mills Municipal Management District No. 1, Texas, General Obligation Bonds, Tax Road Series 2021 | 2.750 | 09/01/41 | 427191 |
| 870000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Cambridge Crossing Public Improvement District Phase 1 Project, Series 2018 | 4.625 | 09/01/28 | 873676 |
| 1145000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Cambridge Crossing Public Improvement District Phases 2-7 Major Improvement Project, Series 2018 | 5.000 | 09/01/28 | 1157881 |
| 194000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Celina Hills Public Improvement District Project, Series 2022 | 4.375 | 09/01/27 | 192861 |
| 430000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Celina Hills Public Improvement District Project, Series 2022 | 4.625 | 09/01/32 | 421931 |
| 205000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Celina Sutton Fields II Public Improvement District Neighborhood Improvement Areas 2-3 Project, Series 2019 | 4.125 | 09/01/39 | 182359 |
| 95000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Creeks of Legacy Public Improvement District Phase 2 Project, Series 2018 | 5.125 | 09/01/28 | 96266 |
| 600000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Cross Creek Meadows Public Improvement District, Improvement Area 1 District Series 2023 | 4.500 | 09/01/30 | 601156 |
| 1630000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Cross Creek Meadows Public Improvement District, Improvement Area 1 District Series 2023 | 5.375 | 09/01/43 | 1627422 |
| 100000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Edgewood Creek Public Improvement District Phase 1 Project, Series 2021 | 3.250 | 09/01/26 | 98340 |
| 200000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Edgewood Creek Public Improvement District Phase 1 Project, Series 2021 | 3.750 | 09/01/31 | 186617 |
| 200000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Edgewood Creek Public Improvement District Phase 2-3 Major Improvement Project, Series 2021 | 4.750 | 09/01/31 | 195447 |
| 50000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Edgewood Creek Public Improvement District Phase 2-3 Major Improvement Project, Series 2021 | 5.250 | 09/01/41 | 50144 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **205** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **TEXAS** (continued) |  |  |  |
| $140000 |  | Celina, Texas, Special Assessment Revenue Bonds, Glen Crossing Public Improvement District Phase 1 Project, Series 2016 | 4.200% | 09/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139541 |
| 170000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Glen Crossing Public Improvement District Phase 1B, Series 2018 | 4.750 | 09/01/28 | 171113 |
| 300000 |  | Celina, Texas, Special Assessment Revenue Bonds, Glen Crossing Public Improvement District Project, Series 2018 | 5.000 | 09/01/28 | 303380 |
| 175000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Hillside Village Public Improvement District Project, Series 2022 | 2.750 | 09/01/27 | 167351 |
| 350000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Hillside Village Public Improvement District Project, Series 2022 | 3.125 | 09/01/32 | 298966 |
| 875000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Hillside Village Public Improvement District Project, Series 2022 | 3.375 | 09/01/42 | 660483 |
| 350000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Lakes at Mustang Ranch Public Improvement District Phase 8-9 Project, Series 2025 | 4.625 | 09/01/32 | 350210 |
| 450000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Lakes at Mustang Ranch Public Improvement District Phase 8-9 Project, Series 2025 | 5.500 | 09/01/45 | 449504 |
| 750000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Mosaic Public Improvement District Improvement Area 2 Project Series 2024 | 4.500 | 09/01/31 | 743769 |
| 340000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Mosaic Public Improvement District Phase 1 Project, Series 2023 | 4.375 | 09/01/30 | 339080 |
| 1225000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Mosaic Public Improvement District Phase 1 Project, Series 2023 | 5.125 | 09/01/43 | 1187578 |
| 200000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Mosaic Public Improvement District Phase 1B Project, Series 2024 | 4.375 | 09/01/31 | 199378 |
| 300000 |  | Celina, Texas, Special Assessment Revenue Bonds, North Sky Public Improvement District Improvement Area 1B Project, Series 2024 | 4.250 | 09/01/31 | 296004 |
| 650000 |  | Celina, Texas, Special Assessment Revenue Bonds, North Sky Public Improvement District Improvement Area 1B Project, Series 2024 | 5.000 | 09/01/44 | 614677 |
| 930000 |  | Celina, Texas, Special Assessment Revenue Bonds, Ownsby Farms Public Improvement District Phase 1 Project, Series 2017 | 5.750 | 09/01/32 | 945235 |
| 353000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Ownsby Farms Public Improvement District Phase 2 Direct Improvement Project, Series 2022 | 4.000 | 09/01/32 | 331972 |
| 390000 |  | Celina, Texas, Special Assessment Revenue Bonds, Ownsby Farms Public Improvement District Phase 2 Major Improvement Project, Series 2017 | 6.125 | 09/01/32 | 396750 |
| 450000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Parvin Public Improvement District Project, Series 2023 | 5.750 | 09/01/30 | 469141 |
| 1700000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Parvin Public Improvement District Project, Series 2023 | 6.500 | 09/01/43 | 1700072 |
| 166000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields East Public Improvement District Phase 1 Project, Series 2022 | 3.250 | 09/01/27 | 160436 |
| 350000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields East Public Improvement District Phase 1 Project, Series 2022 | 3.625 | 09/01/32 | 312243 |
| 300000 | (e),(j) | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields East Public Improvement District Phase 2 Project, Series 2025 | 4.350 | 09/01/30 | 298119 |
| 400000 | (e),(j) | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields East Public Improvement District Phase 2 Project, Series 2025 | 4.600 | 09/01/35 | 395385 |
| 600000 | (e),(j) | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields East Public Improvement District Phase 2 Project, Series 2025 | 5.375 | 09/01/45 | 590213 |
| 150000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Area 5 Project, Series 2022 | 2.875 | 09/01/27 | 143867 |
| 250000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Area 5 Project, Series 2022 | 3.250 | 09/01/32 | 221165 |
| 1175000 | (e) | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Area 5 Project, Series 2022 | 3.500 | 09/01/42 | 937954 |

---

206 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $150000 (e) | Celina, Texas, Special Assessment Revenue Bonds, The Parks at Wilson Creek Public Improvement District Initial Major Improvement Project, Series 2021 | 3.500% | 09/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148181 |
| 500000 (e) | Celina, Texas, Special Assessment Revenue Bonds, The Parks at Wilson Creek Public Improvement District Initial Major Improvement Project, Series 2021 | 4.000 | 09/01/31 | 478101 |
| 125000 (e) | Celina, Texas, Special Assessment Revenue Bonds, The Parks at Wilson Creek Public Improvement District Phase 1 Project, Series 2021 | 2.750 | 09/01/26 | 122077 |
| 400000 (e) | Celina, Texas, Special Assessment Revenue Bonds, The Parks at Wilson Creek Public Improvement District Phase 1 Project, Series 2021 | 3.250 | 09/01/31 | 367124 |
| 105000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Wells North Public Improvement District Neighborhood Improvement Area 1 Project, Series 2016 | 4.375 | 09/01/26 | 105120 |
| 100000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Wells North Public Improvement District Neighborhood Improvement Area 1 Project, Series 2016 | 5.000 | 09/01/36 | 100081 |
| 90000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District Neighborhood Improvement Area 4 Project, Series 2021 | 2.500 | 09/01/26 | 87435 |
| 175000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District Neighborhood Improvement Area 4 Project, Series 2021 | 3.000 | 09/01/31 | 156157 |
| 500000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District Neighborhood Improvement Area 4 Project, Series 2021 | 3.375 | 09/01/41 | 401678 |
| 130000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District Neighborhood Improvement Area 5 Project, Series 2022 | 4.500 | 09/01/27 | 130171 |
| 255000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District Neighborhood Improvement Area 5 Project, Series 2022 | 4.875 | 09/01/32 | 258879 |
| 170000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District Neighborhood Improvement Area 6-7 Project, Series 2024 | 4.625 | 09/01/31 | 171015 |
| 475000 (e) | Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District Neighborhood Improvement Area 6-7 Project, Series 2024 | 5.500 | 09/01/44 | 476209 |
| 312000 (e) | City of Midlothian, Texas, Westside Preserve Public Improvement District Improvement Area #1 Project Special Assessment Revenue Bonds Series 2022 | 4.375 | 09/15/27 | 311189 |
| 405000 (e) | City of Midlothian, Texas, Westside Preserve Public Improvement District Improvement Area #1 Project Special Assessment Revenue Bonds Series 2022 | 4.750 | 09/15/32 | 404411 |
| 1050000 (e) | City of Midlothian, Texas, Westside Preserve Public Improvement District Improvement Area #1 Project Special Assessment Revenue Bonds Series 2022 | 5.250 | 09/15/42 | 1048924 |
| 271000 (e) | City Of Midlothian, Texas, Westside Preserve Public Improvement Major Improvement Area Project Special Assessment Revenue Bonds Series 2022 | 5.125 | 09/15/27 | 271143 |
| 310000 (e) | City Of Midlothian, Texas, Westside Preserve Public Improvement Major Improvement Area Project Special Assessment Revenue Bonds Series 2022 | 5.500 | 09/15/32 | 306211 |
| 750000 (e) | City Of Midlothian, Texas, Westside Preserve Public Improvement Major Improvement Area Project Special Assessment Revenue Bonds Series 2022 | 6.000 | 09/15/42 | 750472 |
| 600000 | City of Shenandoah, Montgomery County, Texas, Special Assessment Revenue Bonds, Metropark Public Improvement District, Series 2018 | 5.000 | 09/01/28 | 605642 |
| 3755000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2015A | 5.000 | 12/01/45 | 3716879 |
| 6400000 (e) | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Valor Education Foundation, Series 2023A | 5.750 | 06/15/38 | 6471889 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **207** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $5000000 (e) | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Valor Education Foundation, Series 2023A | 6.000% | 06/15/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5036606 |
| 325000 (e) | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Valor Education Foundation, Series 2024A | 5.000 | 06/15/34 | 317483 |
| 275000 (e) | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Valor Education Foundation, Series 2024A | 5.750 | 06/15/44 | 270415 |
| 370000 | Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016 | 5.750 | 09/01/28 | 375537 |
| 106000 (e) | Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 2 Project, Series 2021 | 2.500 | 09/01/26 | 102922 |
| 475000 (e) | Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 2 Project, Series 2021 | 3.000 | 09/01/31 | 424097 |
| 1050000 (e) | Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 2 Project, Series 2021 | 3.250 | 09/01/41 | 803739 |
| 500000 (e) | Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 3 Project, Series 2024 | 4.375 | 09/01/31 | 494597 |
| 1050000 (e) | Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 3 Project, Series 2024 | 5.100 | 09/01/44 | 1011499 |
| 100000 | Comal County Meyer Ranch Municipal Utility District, Texas, General Obligation Bonds, Road Series 2021 | 2.250 | 08/15/29 | 89744 |
| 105000 | Comal County Meyer Ranch Municipal Utility District, Texas, General Obligation Bonds, Road Series 2021 | 2.250 | 08/15/30 | 91688 |
| 105000 | Comal County Meyer Ranch Municipal Utility District, Texas, General Obligation Bonds, Road Series 2021 | 2.375 | 08/15/31 | 90203 |
| 225000 | Comal County Meyer Ranch Municipal Utility District, Texas, General Obligation Bonds, Road Series 2021 | 2.500 | 08/15/33 | 185685 |
| 240000 | Comal County Meyer Ranch Municipal Utility District, Texas, General Obligation Bonds, Road Series 2021 | 2.500 | 08/15/35 | 188774 |
| 255000 | Comal County Meyer Ranch Municipal Utility District, Texas, General Obligation Bonds, Road Series 2021 | 2.500 | 08/15/37 | 191574 |
| 565000 | Comal County Meyer Ranch Municipal Utility District, Texas, General Obligation Bonds, Road Series 2021 | 2.750 | 08/15/41 | 397094 |
| 145000 | Comal County, Texas, Special Assessment Revenue Bonds, Crossings Public Improvement District, Series 2017 | 4.000 | 09/01/27 | 143932 |
| 650000 | Conroe Local Government Corporation, Texas, Hotel Revenue and Contract Revenue Bonds, Subordinate Third Lien Series 2021C | 4.000 | 10/01/41 | 610562 |
| 700000 | Conroe Local Government Corporation, Texas, Hotel Revenue and Contract Revenue Bonds, Subordinate Third Lien Series 2021C | 4.000 | 10/01/46 | 640273 |
| 1050000 | Conroe Local Government Corporation, Texas, Hotel Revenue Bonds, Conroe Convention Center Hotel, First-Lien Series 2021A | 2.500 | 10/01/31 | 899153 |
| 2135000 | Conroe Local Government Corporation, Texas, Hotel Revenue Bonds, Conroe Convention Center Hotel, Second-Lien Series 2021B | 3.500 | 10/01/31 | 1767104 |
| 6545000 | Conroe Local Government Corporation, Texas, Hotel Revenue Bonds, Conroe Convention Center Hotel, Second-Lien Series 2021B | 5.000 | 10/01/50 | 5013656 |
| 700000 (e) | Corpus Christi, Nueces, Aransas, San Patricio, ad Kleberg Counties, Texas, Special Assessment Revenue Bonds, Whitecap Public Improvement District 1 Improvement Area 1 Project Series 2024 | 5.375 | 09/15/31 | 700814 |
| 100000 (e) | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, Cartwright Ranch Public Improvement District Major Improvement Area Project, Series 2021 | 4.125 | 09/15/26 | 99583 |
| 260000 (e) | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, Cartwright Ranch Public Improvement District Major Improvement Area Project, Series 2021 | 4.750 | 09/15/31 | 258799 |

---

208 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $221000 (e) | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, Crandall Carwright Ranch Public Improvement District Improvement Area 1 Project, Series 2021 | 3.375% | 09/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218255 |
| 205000 (e) | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, Crandall Carwright Ranch Public Improvement District Improvement Area 1 Project, Series 2021 | 4.000 | 09/15/31 | 200390 |
| 385000 (e) | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, River Ridge Public Improvement District Improvement Area 1 Project, Series 2022 | 5.375 | 09/15/27 | 389434 |
| 530000 (e) | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, River Ridge Public Improvement District Improvement Area 1 Project, Series 2022 | 5.500 | 09/15/32 | 546265 |
| 350000 | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, River Ridge Public Improvement District Improvement Area 2 Project, Series 2025 | 4.250 | 09/15/30 | 347050 |
| 425000 | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, River Ridge Public Improvement District Improvement Area 2 Project, Series 2025 | 4.500 | 09/15/35 | 417868 |
| 500000 | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, River Ridge Public Improvement District Improvement Area 2 Project, Series 2025 | 5.250 | 09/15/45 | 488314 |
| 249000 (e) | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, River Ridge Public Improvement District Single Family Residential, Major Improvement Area Project, Series 2022 | 6.125 | 09/15/32 | 259439 |
| 400000 (e) | Decatur, Texas, Special Assessment Revenue Bonds, Paloma Trails Public Improvement District Improvement Area 1 Project, Series 2025 | 4.500 | 09/15/30 | 396462 |
| 400000 (e) | Decatur, Texas, Special Assessment Revenue Bonds, Paloma Trails Public Improvement District Improvement Area 1 Project, Series 2025 | 4.750 | 09/15/35 | 394973 |
| 700000 (e) | Decatur, Texas, Special Assessment Revenue Bonds, Paloma Trails Public Improvement District Improvement Area 1 Project, Series 2025 | 5.500 | 09/15/45 | 685632 |
| 200000 (e) | Decatur, Texas, Special Assessment Revenue Bonds, Paloma Trails Public Improvement District Major Improvement Area Project, Series 2025 | 5.375 | 09/15/35 | 197171 |
| 850000 (e) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District Major Improvement Area Project, Series 2025 | 4.750 | 12/31/30 | 842174 |
| 1250000 (e) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District Major Improvement Area Project, Series 2025 | 5.000 | 12/31/35 | 1227515 |
| 500000 (e) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District Major Improvement Area Project, Series 2025 | 5.875 | 12/31/45 | 490609 |
| 750000 (e) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District, Improvement Area 1 Project, Series 2025 | 4.250 | 12/31/30 | 743005 |
| 1250000 (e) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District, Improvement Area 1 Project, Series 2025 | 4.500 | 12/31/35 | 1226963 |
| 500000 (e) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District, Improvement Area 1 Project, Series 2025 | 5.375 | 12/31/45 | 490218 |
| 615000 (e) | Denton County, Texas, Special Assessment Revenue Bonds, Tabor Ranch Public Improvement District Improvement Area 1 Project, Senior Lien Series 2024A | 4.625 | 12/31/31 | 608969 |
| 1250000 (e) | Denton County, Texas, Special Assessment Revenue Bonds, Tabor Ranch Public Improvement District Improvement Area 1 Project, Senior Lien Series 2024A | 5.250 | 12/31/44 | 1211716 |
| 350000 (e) | Dorchester, Texas, Special Assessment Revenue Bonds, Cottonwood Public Improvement District Improvement Area 1 Project Series 2024 | 5.250 | 09/15/31 | 343360 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **209** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $225000 | East Fort Bend County Development Authority, Texas, Contract Revenue Bonds, Water Sewer and Drain Facilities, Series 2022 | 5.000% | 09/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225540 |
| 235000 | East Fort Bend County Development Authority, Texas, Contract Revenue Bonds, Water Sewer and Drain Facilities, Series 2022 | 5.000 | 09/01/26 | 236907 |
| 245000 | East Fort Bend County Development Authority, Texas, Contract Revenue Bonds, Water Sewer and Drain Facilities, Series 2022 | 5.000 | 09/01/27 | 247749 |
| 255000 | East Fort Bend County Development Authority, Texas, Contract Revenue Bonds, Water Sewer and Drain Facilities, Series 2022 | 5.000 | 09/01/28 | 258019 |
| 265000 | East Fort Bend County Development Authority, Texas, Contract Revenue Bonds, Water Sewer and Drain Facilities, Series 2022 | 5.000 | 09/01/29 | 266999 |
| 280000 | East Fort Bend County Development Authority, Texas, Contract Revenue Bonds, Water Sewer and Drain Facilities, Series 2022 | 5.000 | 09/01/30 | 281375 |
| 290000 | East Fort Bend County Development Authority, Texas, Contract Revenue Bonds, Water Sewer and Drain Facilities, Series 2022 | 5.000 | 09/01/31 | 291247 |
| 305000 | East Fort Bend County Development Authority, Texas, Contract Revenue Bonds, Water Sewer and Drain Facilities, Series 2022 | 5.000 | 09/01/32 | 305846 |
| 400000 (e) | Fate City, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg East Public Improvement District Improvement Area 2 Project, Series 2022 | 4.875 | 08/15/27 | 400769 |
| 778000 (e) | Fate City, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg East Public Improvement District Improvement Area 2 Project, Series 2022 | 5.250 | 08/15/32 | 783292 |
| 1630000 (e) | Fate City, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg East Public Improvement District Improvement Area 2 Project, Series 2022 | 5.875 | 08/15/42 | 1624868 |
| 571000 (e) | Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Monterra Public Improvement District Improvement Area 2, Series 2024 | 4.500 | 08/15/31 | 560821 |
| 1000000 (e) | Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Monterra Public Improvement District Improvement Area 2, Series 2024 | 5.375 | 08/15/44 | 981116 |
| 184000 (e) | Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg Public Improvement District 1 Phase 2A & 3A2, Series 2022 | 3.750 | 08/15/27 | 181739 |
| 587000 (e) | Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg Public Improvement District 1 Phase 2A & 3A2, Series 2022 | 4.000 | 08/15/32 | 558949 |
| 510000 (e) | Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg Public Improvement District 1 Phase 2B, 2C & 3A1, Series 2019 | 3.500 | 08/15/29 | 487167 |
| 110000 (e) | Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg Public Improvement District 1 Phase 2B, 2C & 3A1, Series 2019 | 4.000 | 08/15/39 | 98501 |
| 325000 (e) | Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement District 1, Refunding Series 2021 | 2.625 | 09/01/26 | 317676 |
| 1320000 (e) | Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement District 1, Refunding Series 2021 | 3.250 | 09/01/31 | 1226052 |
| 690000 | Fort Worth, Tarrant, Denton, Parker, Johnson, and Wise Counties, Texas, Special Assessment Revenue Bonds, Public Improvement District 16, Walsh Ranch/Quail Valley, Improvement Area 1-3 Project Series 2024 - BAM Insured | 4.000 | 09/01/36 | 685418 |
| 1070000 | Fort Worth, Tarrant, Denton, Parker, Johnson, and Wise Counties, Texas, Special Assessment Revenue Bonds, Public Improvement District 16, Walsh Ranch/Quail Valley, Improvement Area 1-3 Project Series 2024 - BAM Insured | 4.125 | 09/01/39 | 1052871 |
| 1170000 | Fort Worth, Tarrant, Denton, Parker, Johnson, and Wise Counties, Texas, Special Assessment Revenue Bonds, Public Improvement District 16, Walsh Ranch/Quail Valley, Improvement Area 1-3 Project Series 2024 - BAM Insured | 4.250 | 09/01/41 | 1150141 |
| 352000 (e) | Georgetown, Texas, Special Assessment Revenue Bonds, Parks at Westhaven Public Improvement District Project, Series 2022 | 3.625 | 09/15/27 | 345573 |
| 415000 (e) | Georgetown, Texas, Special Assessment Revenue Bonds, Parks at Westhaven Public Improvement District Project, Series 2022 | 3.875 | 09/15/32 | 387630 |

---

210 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **TEXAS** (continued) |  |  |  |
| $1250000 | (e) | Georgetown, Texas, Special Assessment Revenue Bonds, Parks at Westhaven Public Improvement District Project, Series 2022 | 4.125% | 09/15/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095884 |
| 21360000 |  | Greater Texas Cultural Educational Facilities Finance Corporation, Texas, Revenue Bonds, Biomedical Research Institute Series 2024A | 5.250 | 06/01/49 | 21813699 |
| 785000 |  | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, (AMT) | 8.000 | 04/01/28 | 786002 |
| 385000 | (e),(j) | Gunter, Grayson County, Texas, Special Assessment Revenue Bonds, Bridges Phase 2A Public Improvement District, Series 2025 | 4.500 | 09/15/32 | 382037 |
| 800000 | (e),(j) | Gunter, Grayson County, Texas, Special Assessment Revenue Bonds, Bridges Phase 2A Public Improvement District, Series 2025 | 5.500 | 09/15/45 | 781687 |
| 310000 |  | Hackberry, Texas, Combination Special Assessment and Contract Revenue Road and Utility Bonds, Hidden Cove Improvement District 2, Series 2017 | 4.000 | 09/01/25 | 310181 |
| 335000 |  | Hackberry, Texas, Combination Special Assessment and Contract Revenue Road and Utility Bonds, Hidden Cove Improvement District 2, Series 2017 | 4.000 | 09/01/27 | 336112 |
| 360000 |  | Hackberry, Texas, Special Assessment Revenue Bonds, Hackberry Public Improvement District 3 Phase 13-16 Project, Refunding & Improvement Series 2017 | 4.500 | 09/01/27 | 361888 |
| 450000 |  | Hackberry, Texas, Special Assessment Revenue Bonds, Rivendale by the Lake Public Improvement District 2 Phases 4-6, Series 2017 | 4.125 | 09/01/27 | 450192 |
| 1155000 |  | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men's Christian Association of the Greater Houston Area, Series 2013A | 5.000 | 06/01/28 | 1154905 |
| 100000 |  | Harris County Municipal Utility District 213A, Texas, General Obligation Bonds, Series 2021 | 2.000 | 04/01/27 | 94538 |
| 100000 |  | Harris County Municipal Utility District 213A, Texas, General Obligation Bonds, Series 2021 | 2.000 | 04/01/28 | 91863 |
| 100000 |  | Harris County Municipal Utility District 213A, Texas, General Obligation Bonds, Series 2021 | 2.250 | 04/01/29 | 90130 |
| 100000 |  | Harris County Municipal Utility District 213A, Texas, General Obligation Bonds, Series 2021 | 2.250 | 04/01/30 | 87626 |
| 100000 |  | Harris County Municipal Utility District 213A, Texas, General Obligation Bonds, Series 2021 | 2.375 | 04/01/31 | 85747 |
| 250000 |  | Harris County Municipal Utility District 213A, Texas, General Obligation Bonds, Series 2021 | 2.500 | 04/01/33 | 204414 |
| 250000 |  | Harris County Municipal Utility District 213A, Texas, General Obligation Bonds, Series 2021 | 2.500 | 04/01/35 | 193374 |
| 300000 |  | Harris County Municipal Utility District 213A, Texas, General Obligation Bonds, Series 2021 | 2.500 | 04/01/37 | 220588 |
| 300000 |  | Harris County Municipal Utility District 213A, Texas, General Obligation Bonds, Series 2021 | 2.750 | 04/01/39 | 217554 |
| 325000 |  | Harris County Municipal Utility District 213A, Texas, General Obligation Bonds, Series 2021 | 3.000 | 04/01/41 | 231802 |
| 435000 | (e) | Haslett, Texas, Special Assessment Revenue Bonds, Haslet Public Improvement District 5 Improvement Area 1 Project, Series 2019 | 3.625 | 09/01/29 | 416584 |
| 150000 | (e) | Haslett, Texas, Special Assessment Revenue Bonds, Haslet Public Improvement District 5 Improvement Area 1 Project, Series 2019 | 4.125 | 09/01/39 | 135269 |
| 910000 |  | Hays County, Texas, Special Assessment Revenue Bonds, La Cima Public Improvement District Major Public Improvement Project, Series 2015 | 6.250 | 09/15/27 | 913064 |
| 3010000 |  | Hemphill County Hospital District, Texas, General Obligation Bonds, Series 2019 | 5.250 | 02/01/32 | 3026000 |
| 385000 | (e) | Heritage Public Improvement District 2, Dripping Springs, Texas, Special Assessment Revenue Bonds, Series 2023 | 4.250 | 09/01/31 | 377142 |
| 650000 | (e) | Heritage Public Improvement District 2, Dripping Springs, Texas, Special Assessment Revenue Bonds, Series 2023 | 5.000 | 09/01/44 | 619162 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **211** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $1250000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. - Terminal Improvement Project, Refunding Series 2011, (AMT) | 6.500% | 07/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262446 |
| 2000000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. - Terminal Improvement Project, Refunding Series 2011, (AMT) | 6.625 | 07/15/38 | 2019861 |
| 240000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc. Terminal Improvement Project, Refunding Series 2015B-1, (AMT) | 5.000 | 07/15/35 | 240025 |
| 1965000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Technical Operations Center Project, Series 2018, (AMT) | 5.000 | 07/15/28 | 2013826 |
| 3000000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Series 2021B-1, (AMT) | 4.000 | 07/15/41 | 2776136 |
| 21045000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.250 | 07/15/33 | 21970174 |
| 26400000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.250 | 07/15/34 | 27525638 |
| 12525000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/35 | 13259226 |
| 6425000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/36 | 6779269 |
| 13395000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/37 | 14079791 |
| 3900000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/38 | 4087219 |
| 1070000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/39 | 1119215 |
| 159000 (e) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Cottonwood Creek Public Improvement Area 1 Project Series 2021 | 2.500 | 09/01/26 | 154573 |
| 400000 (e) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Cottonwood Creek Public Improvement Area 1 Project Series 2021 | 3.125 | 09/01/31 | 366051 |
| 1100000 (e) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Cottonwood Creek Public Improvement Area 1 Project Series 2021 | 3.500 | 09/01/41 | 892430 |
| 100000 (e) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Durango Farms Public Improvement Project Series 2021 | 2.750 | 09/01/26 | 97448 |
| 400000 (e) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Durango Farms Public Improvement Project Series 2021 | 3.500 | 09/01/31 | 368421 |
| 1165000 (e) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Durango Farms Public Improvement Project Series 2021 | 3.875 | 09/01/41 | 991767 |
| 216000 (e) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Emory Crossing, Public Improvement Area 1 Project Series 2021 | 2.625 | 09/01/26 | 210439 |
| 210000 (e) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Emory Crossing, Public Improvement Area 1 Project Series 2021 | 3.250 | 09/01/31 | 190998 |
| 550000 (e) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Emory Crossing, Public Improvement Area 1 Project Series 2021 | 3.625 | 09/01/41 | 450548 |
| 210000 (e) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Emory Crossing, Public Improvement Area 2 Project Series 2023 | 4.500 | 09/01/30 | 211415 |

---

212 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $870000 (e) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Emory Crossing, Public Improvement Area 2 Project Series 2023 | 5.250% | 09/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874747 |
| 300000 (e) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Prairie Winds, Public Improvement Area 1, Series 2025 | 4.125 | 09/01/30 | 297463 |
| 415000 (e) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Prairie Winds, Public Improvement Area 1, Series 2025 | 4.375 | 09/01/35 | 407623 |
| 100000 | Intercontinental Crossing Municipal Utility District, Harris County, Texas, General Obligation Bonds, Series 2021 | 4.000 | 09/01/25 | 100079 |
| 105000 | Intercontinental Crossing Municipal Utility District, Harris County, Texas, General Obligation Bonds, Series 2021 | 4.000 | 09/01/26 | 105386 |
| 110000 | Intercontinental Crossing Municipal Utility District, Harris County, Texas, General Obligation Bonds, Series 2021 | 2.000 | 09/01/27 | 102422 |
| 115000 | Intercontinental Crossing Municipal Utility District, Harris County, Texas, General Obligation Bonds, Series 2021 | 2.000 | 09/01/28 | 103856 |
| 115000 | Intercontinental Crossing Municipal Utility District, Harris County, Texas, General Obligation Bonds, Series 2021 | 2.250 | 09/01/29 | 102052 |
| 120000 | Intercontinental Crossing Municipal Utility District, Harris County, Texas, General Obligation Bonds, Series 2021 | 2.250 | 09/01/30 | 103942 |
| 125000 | Intercontinental Crossing Municipal Utility District, Harris County, Texas, General Obligation Bonds, Series 2021 | 2.375 | 09/01/31 | 106001 |
| 450000 (e) | Joshua Farms Municipal Management District 1, Johnson County, Texas, Special Assessment Revenue Bonds, Improvement Areas 1-2 Project Series 2023 | 4.375 | 09/01/30 | 448355 |
| 1600000 (e) | Joshua Farms Municipal Management District 1, Johnson County, Texas, Special Assessment Revenue Bonds, Improvement Areas 1-2 Project Series 2023 | 5.250 | 09/01/43 | 1600078 |
| 375000 (e) | Justin, Denton County, Texas, Special Assessment Revenue Bonds, Timberbrook Public Improvement District 1 Improvement Area 2 Project, Series 2018 | 2.500 | 09/01/26 | 366413 |
| 485000 (e) | Justin, Denton County, Texas, Special Assessment Revenue Bonds, Timberbrook Public Improvement District 1 Improvement Area 2 Project, Series 2018 | 3.000 | 09/01/31 | 440006 |
| 203000 | Kaufman,Texas, Special Assessment Revenue Bonds, Kaufman Public Improvement District 1 Phase 2A-2B Project, Series 2021 | 5.125 | 09/15/28 | 204304 |
| 730000 | Kaufman,Texas, Special Assessment Revenue Bonds, Kaufman Public Improvement District 1 Phase 2A-2B Project, Series 2021 | 5.625 | 09/15/42 | 729671 |
| 254000 (e) | Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District Improvement Area 3 Project, Series 2021 | 2.750 | 09/01/26 | 250110 |
| 750000 (e) | Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District Improvement Area 3B Project, Series 2025 | 4.375 | 09/01/35 | 735450 |
| 370000 (e) | Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District Improvement Area 5 Project, Series 2025 | 4.500 | 09/01/35 | 361527 |
| 680000 (e) | Kyle, Texas, Special Assessment Revenue Bonds, Limestone Creek Public Improvement District Improvement Area 1 Project, Series 2023 | 5.500 | 09/01/43 | 675437 |
| 560000 (e) | Kyle, Texas, Special Assessment Revenue Bonds, Limestone Creek Public Improvement District Improvement Area 1 Project, Series 2024B | 5.500 | 09/01/44 | 557529 |
| 389000 (e) | Kyle, Texas, Special Assessment Revenue Bonds, Plum Creek North Public Improvement District Major Improvement Area 1 Project, Series 2022 | 3.625 | 09/01/27 | 381948 |
| 505000 (e) | Kyle, Texas, Special Assessment Revenue Bonds, Plum Creek North Public Improvement District Major Improvement Area 1 Project, Series 2022 | 3.875 | 09/01/32 | 475835 |
| 1250000 (e) | Kyle, Texas, Special Assessment Revenue Bonds, Plum Creek North Public Improvement District Major Improvement Area 1 Project, Series 2022 | 4.125 | 09/01/41 | 1099518 |
| 120000 (e) | Kyle, Texas, Special Assessment Revenue Bonds, Plum Creek North Public Improvement District Major Improvement Project, Series 2022 | 4.125 | 09/01/27 | 119811 |
| 225000 (e) | Kyle, Texas, Special Assessment Revenue Bonds, Plum Creek North Public Improvement District Major Improvement Project, Series 2022 | 4.375 | 09/01/32 | 221293 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **213** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $2000000 (e) | Kyle, Texas, Special Assessment Revenue Bonds, Porter County Public Improvement District Improvement Area 1 Project, Series 2023 | 5.750% | 09/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980137 |
| 255000 (e) | Kyle, Texas, Special Assessment Revenue Bonds, Southwest Kyle Public Improvement District 1 Improvement Area 1 Project, Series 2019 | 4.250 | 09/01/29 | 254009 |
| 235000 (e) | Kyle, Texas, Special Assessment Revenue Bonds, Southwest Kyle Public Improvement District 1 Improvement Area 2 Project, Series 2023 | 5.750 | 09/01/30 | 238678 |
| 320000 | Kyle, Texas, Special Assessment Revenue Bonds, Southwest Kyle Public Improvement District, Series 2022 | 4.375 | 09/01/27 | 321014 |
| 535000 | Kyle, Texas, Special Assessment Revenue Bonds, Southwest Kyle Public Improvement District, Series 2022 | 4.750 | 09/01/32 | 535509 |
| 16600000 (e) | Lakeside Place Public Facility Corporation, Texas, Multifamily Housing Revenue Bonds, Torrey Chase Apartments, Series 2021 | 3.480 | 12/15/39 | 12402209 |
| 300000 (e) | Lavon, Texas, Special Assessment Revenue Bonds, Elevon Public Improvement District Improvement Area 1 Project, Series 2022 | 3.500 | 09/15/27 | 292298 |
| 1000000 (e) | Lavon, Texas, Special Assessment Revenue Bonds, Elevon Public Improvement District Improvement Area 1 Project, Series 2022 | 3.875 | 09/15/32 | 944797 |
| 3000000 (e) | Lavon, Texas, Special Assessment Revenue Bonds, Elevon Public Improvement District Improvement Area 1 Project, Series 2022 | 4.000 | 09/15/42 | 2599923 |
| 250000 (e) | Lavon, Texas, Special Assessment Revenue Bonds, Elevon Public Improvement District Improvement Area 1 Project, Series 2024 | 4.250 | 09/15/31 | 244150 |
| 300000 | Lavon, Texas, Special Assessment Revenue Bonds, Elevon Public Improvement District Improvement Area 2A-2B Project, Series 2024 | 4.375 | 09/15/31 | 295049 |
| 650000 | Lavon, Texas, Special Assessment Revenue Bonds, Elevon Public Improvement District Improvement Area 2A-2B Project, Series 2024 | 5.125 | 09/15/44 | 653011 |
| 365000 (e) | Lavon, Texas, Special Assessment Revenue Bonds, Lakepointe Public Improvement District Area 1 Project, Series 2019 | 3.750 | 09/15/29 | 352034 |
| 200000 (e) | Lavon, Texas, Special Assessment Revenue Bonds, Lakepointe Public Improvement District Areas 2-3 Project, Series 2022 | 5.250 | 09/15/28 | 202640 |
| 1500000 (e) | Lavon, Texas, Special Assessment Revenue Bonds, Lakepointe Public Improvement District Areas 2-3 Project, Series 2022 | 5.875 | 09/15/42 | 1576165 |
| 255000 (e) | Lavon, Texas, Special Assessment Revenue Bonds, Lakepointe Public Improvement District Major Improvement Area Project, Series 2019 | 4.375 | 09/15/29 | 252795 |
| 4000000 | Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A | 5.000 | 08/15/39 | 4020223 |
| 675000 (e) | Leander, Texas, Special Assessment Revenue Bonds, Deerbrooke Public Improvement District Southern Improvement Area Project, Series 2017 | 4.125 | 09/01/28 | 666832 |
| 105000 (e) | Leander, Texas, Special Assessment Revenue Bonds, Deerbrooke Public Improvement District Southern Improvement Area Project, Series 2017 | 4.750 | 09/01/37 | 100487 |
| 457000 (e) | Liberty Hill, Williamson County, Texas, Special Assessment Revenue Bonds, Butler Farms Public Improvement District Improvement Areas 1 & 2 Project, Series 2022 | 2.625 | 09/01/27 | 441601 |
| 750000 (e) | Liberty Hill, Williamson County, Texas, Special Assessment Revenue Bonds, Butler Farms Public Improvement District Improvement Areas 1 & 2 Project, Series 2022 | 3.125 | 09/01/32 | 688256 |
| 2200000 (e) | Liberty Hill, Williamson County, Texas, Special Assessment Revenue Bonds, Butler Farms Public Improvement District Improvement Areas 1 & 2 Project, Series 2022 | 3.375 | 09/01/42 | 1757446 |
| 145000 (e) | Liberty Hill, Williamson County, Texas, Special Assessment Revenue Bonds, Butler Farms Public Improvement District Major Improvement Area Project, Series 2022 | 3.500 | 09/01/27 | 140958 |
| 275000 (e) | Liberty Hill, Williamson County, Texas, Special Assessment Revenue Bonds, Butler Farms Public Improvement District Major Improvement Area Project, Series 2022 | 3.875 | 09/01/32 | 253929 |

---

214 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $650000 (e) | Liberty Hill, Williamson County, Texas, Special Assessment Revenue Bonds, Butler Farms Public Improvement District Major Improvement Area Project, Series 2022 | 4.125% | 09/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556769 |
| 150000 (e) | Little Elm, Texas, Special Assessment Revenue Bonds, Spiritas Ranch Public Improvement District Project, Series 2022 | 3.250 | 09/01/27 | 145704 |
| 205000 (e) | Little Elm, Texas, Special Assessment Revenue Bonds, Spiritas Ranch Public Improvement District Project, Series 2022 | 3.500 | 09/01/32 | 186615 |
| 530000 (e) | Little Elm, Texas, Special Assessment Revenue Bonds, Spiritas Ranch Public Improvement District Project, Series 2022 | 3.750 | 09/01/42 | 426575 |
| 100000 (e) | Little Elm, Texas, Special Assessment Revenue Bonds, Valencia Public Improvement District Improvement Area 3 Project, Series 2021 | 2.375 | 09/01/26 | 96926 |
| 300000 (e) | Little Elm, Texas, Special Assessment Revenue Bonds, Valencia Public Improvement District Improvement Area 3 Project, Series 2021 | 2.875 | 09/01/31 | 266574 |
| 725000 (e) | Little Elm, Texas, Special Assessment Revenue Bonds, Valencia Public Improvement District Improvement Area 3 Project, Series 2021 | 3.125 | 09/01/41 | 536776 |
| 270000 (e) | Little Elm,Texas, Special Assessment Revenue Bonds, Hillstone Pointe Public Improvement District 2 Phase 1-1A Project, Series 2017 | 5.250 | 09/01/27 | 275180 |
| 150000 (e) | Little Elm,Texas, Special Assessment Revenue Bonds, Lakeside Estates Public Improvement District 2 Project, Series 2017 | 4.500 | 09/01/27 | 150921 |
| 370000 (e) | Manor, Texas, Special Assessment Revenue Bonds, Lagos Public Improvement District Major Improvement Area Project, Series 2020 | 4.125 | 09/15/30 | 360985 |
| 130000 (e) | Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement District Improvement Area 1-2 Project, Series 2021 | 2.500 | 09/15/26 | 126139 |
| 300000 (e) | Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement District Improvement Area 1-2 Project, Series 2021 | 3.125 | 09/15/31 | 265715 |
| 740000 (e) | Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement District Improvement Area 1-2 Project, Series 2021 | 3.500 | 09/15/41 | 575673 |
| 195000 (e) | Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement District Major Improvement Area Project, Series 2021 | 3.125 | 09/15/26 | 190770 |
| 315000 (e) | Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement District Major Improvement Area Project, Series 2021 | 3.750 | 09/15/31 | 280729 |
| 530000 (e) | Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement District, Improvement Area 3, Series 2023 | 5.250 | 09/15/43 | 531114 |
| 210000 (e) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Gregg Ranch Public Improvement District Major Improvement Area Project, Series 2019 | 5.000 | 09/01/29 | 211282 |
| 210000 (e) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Gregg Ranch Public Improvement District Neighborhood Improvement Area 1 Project, Series 2019 | 4.500 | 09/01/29 | 208857 |
| 160000 (e) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Improvement Area 1 Project, Series 2021 | 3.375 | 09/01/26 | 157144 |
| 500000 (e) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Improvement Area 1 Project, Series 2021 | 3.875 | 09/01/31 | 460098 |
| 100000 (e) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Improvement Area 1 Project, Series 2021 | 4.125 | 09/01/41 | 86565 |
| 1100000 (e) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Improvement Area 2A Project, Series 2024 | 6.375 | 09/01/44 | 1058297 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **215** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $100000 (e) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Major Improvement Area Project, Series 2021 | 4.125% | 09/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99231 |
| 200000 (e) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Major Improvement Area Project, Series 2021 | 4.625 | 09/01/31 | 190008 |
| 500000 (e) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Major Improvement Area Project, Series 2021 | 4.875 | 09/01/41 | 467195 |
| 1000000 (e) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Remainder Area Project, Series 2024 | 7.375 | 09/01/44 | 970662 |
| 2550000 | Matagorda County Navigation District 1, Texas, Pollution Control Revenue Bonds, AEP Texas Central Company Project, Remarketing, Series 2008-1 | 4.000 | 06/01/30 | 2550557 |
| 420000 (e) | McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement District Improvement Area 2 Project, Series 2019 | 3.750 | 09/15/29 | 406722 |
| 85000 (e) | McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement District Improvement Area 3 Project, Series 2021 | 2.625 | 09/15/26 | 82623 |
| 240000 (e) | McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement District Improvement Area 3 Project, Series 2021 | 3.125 | 09/15/31 | 214522 |
| 325000 (e) | McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement District Improvement Area 4 Project, Series 2022 | 5.000 | 09/15/27 | 326112 |
| 500000 (e) | McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement District Improvement Area 4 Project, Series 2022 | 5.375 | 09/15/32 | 503129 |
| 45683 (h) | Mesquite Health Facilities Development Corporation, Texas, Retirement Facility Revenue Bonds, Christian Care Centers Inc., Series 2014 | 5.000 | 02/15/24 | 457 |
| 235000 (e) | Mesquite, Texas, Special Assessment Bonds, Heartland Town Center Public Improvement District Phase 1 Project, Series 2018 | 4.750 | 09/01/28 | 237392 |
| 175000 (e) | Mesquite, Texas, Special Assessment Bonds, Heartland Town Center Public Improvement District Phase 2 Major Improvement Project, Series 2018 | 5.125 | 09/01/28 | 178641 |
| 600000 (e) | Mesquite, Texas, Special Assessment Bonds, Iron Horse Public Improvement District Project, Series 2019 | 5.250 | 09/15/29 | 607391 |
| 323000 (e) | Mesquite, Texas, Special Assessment Bonds, Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 | 4.625 | 09/01/30 | 323356 |
| 855000 (e) | Mesquite, Texas, Special Assessment Bonds, Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 | 5.375 | 09/01/43 | 861679 |
| 250000 (e) | Mesquite, Texas, Special Assessment Revenue Bonds, Solterra Public Improvement District Area C-3 Projects, Series 2024 | 4.250 | 09/01/31 | 246670 |
| 500000 (e) | Mesquite, Texas, Special Assessment Revenue Bonds, Solterra Public Improvement District Area C-3 Projects, Series 2024 | 5.000 | 09/01/44 | 483282 |
| 900000 (e) | Mesquite, Texas, Special Assessment Revenue Bonds, Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 | 4.750 | 09/01/30 | 908097 |
| 1300000 (e) | Mesquite, Texas, Special Assessment Revenue Bonds, Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 | 5.500 | 09/01/43 | 1322861 |
| 290000 (e) | Midlothian, Texas, Special Assessment Revenue Bonds, Redden Farms Public Improvement District Improvement Areas 1-2 Project, Series 2021 | 2.875 | 09/15/26 | 285255 |
| 410000 (e) | Midlothian, Texas, Special Assessment Revenue Bonds, Redden Farms Public Improvement District Improvement Areas 1-2 Project, Series 2021 | 3.500 | 09/15/31 | 375698 |

---

216 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $1105000 (e) | Midlothian, Texas, Special Assessment Revenue Bonds, Redden Farms Public Improvement District Improvement Areas 1-2 Project, Series 2021 | 3.875% | 09/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945510 |
| 235000 (e) | Midlothian, Texas, Special Assessment Revenue Bonds, Redden Farms Public Improvement District Major Improvement Area Project, Series 2021 | 4.125 | 09/15/31 | 227753 |
| 110000 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, Road Series 2021 | 2.000 | 09/01/25 | 109012 |
| 115000 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, Road Series 2021 | 2.000 | 09/01/26 | 111676 |
| 120000 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, Road Series 2021 | 2.000 | 09/01/27 | 114036 |
| 125000 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, Road Series 2021 | 2.000 | 09/01/28 | 116405 |
| 130000 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, Road Series 2021 | 2.000 | 09/01/29 | 118347 |
| 135000 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, Road Series 2021 | 2.250 | 09/01/30 | 121745 |
| 140000 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, Road Series 2021 | 2.250 | 09/01/31 | 123613 |
| 295000 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, Road Series 2021 | 2.250 | 09/01/33 | 249218 |
| 315000 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, Road Series 2021 | 2.375 | 09/01/35 | 257475 |
| 340000 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, Road Series 2021 | 2.500 | 09/01/37 | 268734 |
| 365000 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, Road Series 2021 | 2.500 | 09/01/39 | 270964 |
| 395000 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, Road Series 2021 | 2.750 | 09/01/41 | 288438 |
| 600000 (e) | Montgomery County, Texas, Special Assessment Revenue Bonds, Meadow Park Public Improvement District, Improvement Area 1, Series 2025 | 4.375 | 09/15/32 | 597045 |
| 675000 (e) | Montgomery County, Texas, Special Assessment Revenue Bonds, Meadow Park Public Improvement District, Improvement Area 1, Series 2025 | 5.125 | 09/15/45 | 659469 |
| 700000 (e) | Montgomery County, Texas, Special Assessment Revenue Bonds, Crockett Meadows Public Improvement District, Improvement Area 1, Series 2025 | 4.500 | 09/15/32 | 695912 |
| 1140000 (e) | Montgomery County, Texas, Special Assessment Revenue Bonds, Crockett Meadows Public Improvement District, Improvement Area 1, Series 2025 | 5.250 | 09/15/45 | 1121643 |
| 283000 (e) | Mustang Ridge, Travis and Caldwell Counties, Texas, Special Assessment Revenue Bonds, Durango Public Improvement District Improvement Area 1 Series 2023 | 5.250 | 09/01/30 | 285207 |
| 730000 (e) | Mustang Ridge, Travis and Caldwell Counties, Texas, Special Assessment Revenue Bonds, Durango Public Improvement District Improvement Area 1 Series 2023 | 6.125 | 09/01/43 | 739470 |
| 203000 (e) | New Braunfels, Comal and Guadalupe Counties, Texas, Special Assessment Revenue Bonds, Solms Landing Public Improvement District Improvement Area 1 Project, Series 2021 | 3.625 | 09/01/26 | 200091 |
| 350000 (e) | New Braunfels, Comal and Guadalupe Counties, Texas, Special Assessment Revenue Bonds, Solms Landing Public Improvement District Improvement Area 1 Project, Series 2021 | 4.250 | 09/01/31 | 327849 |
| 635000 (e) | New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue Bonds, Beta Academy, Series 2018A | 5.125 | 08/15/29 | 635159 |
| 385000 (e) | New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue Bonds, Beta Academy, Series 2019A | 3.375 | 08/15/29 | 361518 |
| 80000 (e) | New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue Bonds, Beta Academy, Series 2019A | 5.000 | 08/15/39 | 77995 |
| 670000 (e) | New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue Bonds, Beta Academy, Series 2019A | 5.000 | 08/15/49 | 629859 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **217** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $1370000 (e) | New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue Bonds, Southwest Preparatory School, Series 2020A | 3.000% | 08/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261939 |
| 750000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Bella Vida Forefront Living Project, Series 2025A | 5.500 | 10/01/35 | 754427 |
| 225000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Bella Vida Forefront Living Project, Series 2025A | 6.250 | 10/01/45 | 225472 |
| 4775000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Bella Vida Forefront Living Project, Series 2025B-2 | 4.625 | 10/01/30 | 4767120 |
| 4000000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Bella Vida Forefront Living Project, Series 2025B-3 | 4.250 | 10/01/30 | 3994298 |
| 330000 (h) | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021A-1 | 7.500 | 11/15/37 | 261896 |
| 2135000 (h) | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021A-2 | 7.500 | 11/15/36 | 1753718 |
| 20741055 (h) | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021B | 0.380 | 11/15/61 | 7574146 |
| 2000000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Westminster Project, Series 2025 | 5.000 | 11/01/40 | 2102965 |
| 9410000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue Bonds, Sanctuary LTC LLC Project, Series 2021A-1 | 6.500 | 01/01/31 | 9289167 |
| 7725000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue Bonds, Sanctuary LTC LLC Project, Series 2021A-1 | 5.000 | 01/01/32 | 7833971 |
| 43655000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue Bonds, Sanctuary LTC LLC Project, Series 2021A-1 | 5.250 | 01/01/42 | 43425938 |
| 18500000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue Bonds, Sanctuary LTC LLC Project, Series 2021A-1 | 5.500 | 01/01/57 | 17839563 |
| 355000 (i) | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus Christi Project, Series 2016A, (Pre-refunded 4/01/26) | 5.000 | 04/01/36 | 362400 |
| 1925000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation - College Station I LLC - Texas A&M University Project, Series 2014A | 5.000 | 04/01/29 | 1926046 |
| 480000 (h) | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A | 5.000 | 08/01/25 | 480000 |
| 14500000 (h) | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A | 5.000 | 07/01/30 | 14227412 |
| 9000000 (h) | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A | 5.000 | 07/01/47 | 8632668 |
| 280000 | North Hays County Municipal Utility District 1, Texas, General Obligation Bonds, Unlimited Tax Series 2021 - BAM Insured | 2.250 | 08/15/34 | 217060 |
| 450000 | North Hays County Municipal Utility District 1, Texas, General Obligation Bonds, Unlimited Tax Series 2021 - BAM Insured | 2.250 | 08/15/35 | 338470 |
| 480000 | North Hays County Municipal Utility District 1, Texas, General Obligation Bonds, Unlimited Tax Series 2021 - BAM Insured | 2.250 | 08/15/37 | 342518 |
| 995000 | North Hays County Municipal Utility District 1, Texas, General Obligation Bonds, Unlimited Tax Series 2021 - BAM Insured | 2.500 | 08/15/39 | 694034 |

---

218 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $1040000 | North Hays County Municipal Utility District 1, Texas, General Obligation Bonds, Unlimited Tax Series 2021 - BAM Insured | 2.500% | 08/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685834 |
| 1315000 | North Hays County Municipal Utility District 1, Texas, General Obligation Bonds, Unlimited Tax Series 2021 - BAM Insured | 2.500 | 08/15/44 | 814911 |
| 805000 | North Hays County Municipal Utility District 1, Texas, General Obligation Bonds, Unlimited Tax Series 2021 - BAM Insured | 2.625 | 08/15/47 | 487534 |
| 200000 (e) | North Parkway Municipal Management District 1, Celina, Texas, Contract Revenue Bonds, Legacy Hills Public Improvement District Phase 1A-1B Improvements, Series 2021 | 3.000 | 09/15/26 | 196607 |
| 800000 (e) | North Parkway Municipal Management District 1, Celina, Texas, Contract Revenue Bonds, Legacy Hills Public Improvement District Phase 1A-1B Improvements, Series 2021 | 3.625 | 09/15/31 | 746064 |
| 650000 (e) | North Parkway Municipal Management District 1, Celina, Texas, Contract Revenue Bonds, Legacy Hills Public Improvement District Phase 1A-1B Improvements, Series 2021 | 4.000 | 09/15/41 | 560554 |
| 5000000 (e) | North Parkway Municipal Management District 1, Celina, Texas, Special Assessment Revenue Bonds, Major Improvements Project, Series 2021 | 4.750 | 09/15/41 | 4769150 |
| 85000 (e) | North Richland Hills, Texas, Special Assessment Revenue Bonds, City Point Public Improvement District Zone A Project, Series 2019 | 4.875 | 09/01/25 | 85024 |
| 265000 (e) | North Richland Hills, Texas, Special Assessment Revenue Bonds, City Point Public Improvement District Zone A Project, Series 2019 | 5.250 | 09/01/30 | 272003 |
| 110000 (e) | North Richland Hills, Texas, Special Assessment Revenue Bonds, City Point Public Improvement District Zone B Project, Series 2019 | 4.500 | 09/01/25 | 110022 |
| 351000 (e) | North Richland Hills, Texas, Special Assessment Revenue Bonds, City Point Public Improvement District Zone B Project, Series 2019 | 4.875 | 09/01/30 | 356017 |
| 320000 (e) | Oak Point, Denton County, Texas, Special Assessment Revenue Bonds, Chaparral Park Public Improvement District Improvement Area 1 Project, Series 2024 | 4.250 | 09/15/31 | 313035 |
| 725000 (e) | Oak Point, Denton County, Texas, Special Assessment Revenue Bonds, Chaparral Park Public Improvement District Improvement Area 1 Project, Series 2024 | 5.100 | 09/15/44 | 691494 |
| 250000 (e) | Oak Point, Denton County, Texas, Special Assessment Revenue Bonds, Oak Point 720 Public Improvement District Improvement Area 1 Project, Series 2024 | 4.700 | 09/15/31 | 248023 |
| 575000 (e) | Oak Point, Denton County, Texas, Special Assessment Revenue Bonds, Oak Point 720 Public Improvement District Improvement Area 1 Project, Series 2024 | 5.350 | 09/15/44 | 562792 |
| 75000 (e) | Oak Point, Denton County, Texas, Special Assessment Revenue Bonds, Oak Point Public Imporvement District 2 Project, Series 2020 | 2.500 | 09/01/25 | 74346 |
| 195000 (e) | Oak Point, Denton County, Texas, Special Assessment Revenue Bonds, Wildridge Public Imporvement District 1 Improvement Area 3 Project, Series 2019 | 3.500 | 09/01/29 | 186457 |
| 550000 (e) | Oak Point, Denton County, Texas, Special Assessment Revenue Bonds, Wildridge Public Imporvement District 1 Improvement Area 3 Project, Series 2019 | 4.000 | 09/01/39 | 502184 |
| 316000 (e) | Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement District Zone A Improvement Area 1 Project, Series 2022 | 4.875 | 09/15/27 | 316707 |
| 285000 (e) | Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement District Zone B Improvement Area 1 Project, Series 2022 | 4.875 | 09/15/27 | 285597 |
| 417000 (e) | Pilot Point, Texas, Special Assessment Revenue Bonds, Mobberly Public Improvement District Improvement Area 1 Project, Series 2022 | 4.875 | 09/15/27 | 417933 |
| 912000 (e) | Pilot Point, Texas, Special Assessment Revenue Bonds, Mobberly Public Improvement District Improvement Area 1 Project, Series 2022 | 5.125 | 09/15/32 | 915503 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **219** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $489000 (e) | Pilot Point, Texas, Special Assessment Revenue Bonds, Mobberly Public Improvement District Improvement Area 2 Project, Series 2022 | 5.375% | 09/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491552 |
| 500000 (e) | Pilot Point, Texas, Special Assessment Revenue Bonds, Mobberly Public Improvement District Improvement Area 2 Project, Series 2022 | 5.625 | 09/15/32 | 518867 |
| 1250000 (e) | Plano, Collin and Denton Counties, Texas, Special Assessment Revenue Bonds, Haggard Farm Public Improvement District Project, Major Improvement Area Project Series 2023 | 8.250 | 09/15/43 | 1303826 |
| 125000 | Ponder, Texas, Special Assessment Revenue Bonds, Public Improvement District 1 Estates at Remington Park, Series 2017 | 4.000 | 09/01/27 | 125376 |
| 21470000 (e) | Port Beaumont Industrial Development Authority, Texas, Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021B | 4.100 | 01/01/28 | 19487967 |
| 4900000 (e) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2020, (AMT) | 3.625 | 01/01/35 | 4432516 |
| 2380000 (e) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2020, (AMT) | 4.000 | 01/01/50 | 1957419 |
| 2710000 (e) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021A, (AMT) | 1.875 | 01/01/26 | 2662510 |
| 1250000 (e) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021A, (AMT) | 2.000 | 01/01/27 | 1201311 |
| 1850000 (e) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021A, (AMT) | 2.125 | 01/01/28 | 1744505 |
| 2100000 (e) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021A, (AMT) | 2.250 | 01/01/29 | 1941491 |
| 2400000 (e) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021A, (AMT) | 2.625 | 01/01/31 | 2154403 |
| 8605000 (e) | 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 | 7117569 |
| 7215000 (e) | 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 | 5575215 |
| 1000000 (e) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2024A, (AMT) | 5.000 | 01/01/39 | 1008559 |
| 334000 | Princeton, Collins County, Texas, Special Assessment Revenue Bonds, Winchester Public Improvement District 2 Project, Series 2022 | 4.250 | 09/01/27 | 333512 |
| 460000 | Princeton, Collins County, Texas, Special Assessment Revenue Bonds, Winchester Public Improvement District 2 Project, Series 2022 | 4.750 | 09/01/32 | 460863 |
| 275000 (e) | Princeton, Collins County, Texas, Special Assessment Revenue Bonds, Windmore Public Improvement District Improvement Area 1 Project, Series 2022 | 4.375 | 09/01/31 | 273235 |
| 500000 (e) | Princeton, Collins County, Texas, Special Assessment Revenue Bonds, Windmore Public Improvement District Improvement Area 1 Project, Series 2022 | 5.125 | 09/01/44 | 478524 |
| 50000 (e) | Princeton, Texas, Special Assessment Revenue Bonds, Brookside Public Improvement District Phase 2 & 3 Project, Series 2021 | 2.500 | 09/01/26 | 48788 |
| 148000 (e) | Princeton, Texas, Special Assessment Revenue Bonds, Brookside Public Improvement District Phase 2 & 3 Project, Series 2021 | 3.000 | 09/01/31 | 134654 |
| 350000 (e) | Princeton, Texas, Special Assessment Revenue Bonds, Brookside Public Improvement District Phase 2 & 3 Project, Series 2021 | 3.375 | 09/01/41 | 276860 |
| 257000 (e) | Princeton, Texas, Special Assessment Revenue Bonds, Eastridge Public Improvement District 1 Project, Series 2022 | 4.250 | 09/01/27 | 256682 |

---

220 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **TEXAS** (continued) |  |  |  |
| $400000 | (e) | Princeton, Texas, Special Assessment Revenue Bonds, Eastridge Public Improvement District 1 Project, Series 2022 | 4.750% | 09/01/32 | $399254 |
| 450000 | (e) | Princeton, Texas, Special Assessment Revenue Bonds, Eastridge Public Improvement District Improvement Area 2 Project, Series 2023 | 4.500 | 09/01/30 | 450866 |
| 650000 |  | Princeton, Texas, Special Assessment Revenue Bonds, Eastridge Public Improvement District Improvement Area 3 Project, Series 2024 | 4.250 | 09/01/31 | 639211 |
| 750000 |  | Princeton, Texas, Special Assessment Revenue Bonds, Eastridge Public Improvement District Improvement Area 3 Project, Series 2024 | 5.000 | 09/01/44 | 711824 |
| 340000 | (e),(j) | Princeton, Texas, Special Assessment Revenue Bonds, Eastridge Public Improvement District Improvement Area 4 Project, Series 2025 | 4.250 | 09/01/30 | 339001 |
| 340000 | (e),(j) | Princeton, Texas, Special Assessment Revenue Bonds, Eastridge Public Improvement District Improvement Area 4 Project, Series 2025 | 4.600 | 09/01/35 | 338840 |
| 280000 | (e),(j) | Princeton, Texas, Special Assessment Revenue Bonds, Eastridge Public Improvement District Improvement Area 4 Project, Series 2025 | 5.375 | 09/01/45 | 277802 |
| 2400000 | (e) | Princeton, Texas, Special Assessment Revenue Bonds, Sicily Public Improvement District Improvement Area 1 Project, Series 2023 | 7.000 | 09/01/43 | 2424343 |
| 515000 | (e) | Princeton, Texas, Special Assessment Revenue Bonds, Southridge Public Improvement District Improvement Area 2 Project, Series 2024 | 4.375 | 09/01/31 | 510281 |
| 900000 | (e) | Princeton, Texas, Special Assessment Revenue Bonds, Southridge Public Improvement District Improvement Area 2 Project, Series 2024 | 5.250 | 09/01/44 | 878878 |
| 450000 | (e),(j) | Princeton, Texas, Special Assessment Revenue Bonds, Westridge Public Improvement District Improvement Area 1 Project, Series 2025 | 4.250 | 09/01/30 | 448678 |
| 400000 | (e),(j) | Princeton, Texas, Special Assessment Revenue Bonds, Westridge Public Improvement District Improvement Area 1 Project, Series 2025 | 4.600 | 09/01/35 | 398635 |
| 300000 | (e),(j) | Princeton, Texas, Special Assessment Revenue Bonds, Westridge Public Improvement District Improvement Area 1 Project, Series 2025 | 5.375 | 09/01/45 | 297645 |
| 540000 | (e) | Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement District 2 Phase 1 Project, Series 2019 | 4.000 | 09/01/29 | 524920 |
| 390000 | (e) | Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement District 2 Phase 2-6 Major Improvement Project, Series 2019 | 5.000 | 09/01/29 | 392122 |
| 350000 | (e) | Princeton, Texas, Special Assessment Revenue Bonds, Winchester Crossing Public Improvement District 3 Project, Series 2024 | 4.375 | 09/01/31 | 344880 |
| 93000 | (e) | Princeton, Texas, Special Assessment Revenue Bonds, Winchester Public Improvement District Phase 3 & 4 Project, Series 2021 | 2.375 | 09/01/26 | 90142 |
| 215000 | (e) | Princeton, Texas, Special Assessment Revenue Bonds, Winchester Public Improvement District Phase 3 & 4 Project, Series 2021 | 2.875 | 09/01/31 | 191045 |
| 550000 | (e) | Princeton, Texas, Special Assessment Revenue Bonds, Winchester Public Improvement District Phase 3 & 4 Project, Series 2021 | 3.250 | 09/01/41 | 413567 |
| 260000 | (e) | Providence Village, Denton County, Texas, Special Assessment Revenue Bonds, Foree Ranch Public Improvement District Improvement Area 1 Project Series 2024 | 4.375 | 09/01/31 | 257190 |
| 650000 | (e) | Providence Village, Denton County, Texas, Special Assessment Revenue Bonds, Foree Ranch Public Improvement District Improvement Area 1 Project Series 2024 | 5.000 | 09/01/44 | 622177 |
| 330000 | (e) | Providence Village, Denton County, Texas, Special Assessment Revenue Bonds, Foree Ranch Public Improvement District Improvement Area 2 Project Series 2025 | 4.250 | 09/01/30 | 327141 |
| 430000 | (e) | Providence Village, Denton County, Texas, Special Assessment Revenue Bonds, Foree Ranch Public Improvement District Improvement Area 2 Project Series 2025 | 4.500 | 09/01/35 | 421535 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **221** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $500000 (e) | Providence Village, Denton County, Texas, Special Assessment Revenue Bonds, Foree Ranch Public Improvement District Improvement Area 2 Project Series 2025 | 5.350% | 09/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492733 |
| 1125000 (h) | Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012 | 3.000 | 06/15/23 | 517500 |
| 530000 (e) | Royse CIty, Rockwall County, Texas, Special Assessment Revenue Bonds, Parkside Village Public improvement District Project, Series 2019 | 3.625 | 09/15/29 | 509359 |
| 315000 (e) | Royse CIty, Rockwall County, Texas, Special Assessment Revenue Bonds, Waterscape Public improvement District Improvement Area 1 Phase 1B Project, Series 2019 | 3.875 | 09/15/29 | 305009 |
| 300000 (e) | Royse CIty, Rockwall County, Texas, Special Assessment Revenue Bonds, Waterscape Public improvement District Improvement Area 1 Project, Series 2017 | 4.250 | 09/15/28 | 297373 |
| 555000 (e) | Royse CIty, Rockwall County, Texas, Special Assessment Revenue Bonds, Waterscape Public improvement District Improvement Area 2 Project, Series 2019 | 4.125 | 09/15/29 | 546862 |
| 365000 (e) | Royse CIty, Rockwall County, Texas, Special Assessment Revenue Bonds, Waterscape Public improvement District Improvement Area 3 Project, Series 2022 | 4.750 | 09/15/27 | 366935 |
| 736000 (e) | Royse CIty, Rockwall County, Texas, Special Assessment Revenue Bonds, Waterscape Public improvement District Improvement Area 3 Project, Series 2022 | 5.125 | 09/15/32 | 756430 |
| 2216000 (e) | Royse CIty, Rockwall County, Texas, Special Assessment Revenue Bonds, Waterscape Public improvement District Improvement Area 3 Project, Series 2022 | 5.625 | 09/15/42 | 2164498 |
| 430000 (e) | Royse City, Rockwall County, Texas, Special Assessment Revenue Bonds, Waterscape Publifc improvement District Major Improvement Area Project, Series 2017 | 4.750 | 09/15/28 | 431829 |
| 225000 (e) | Royse CIty, Rockwall, Collin and Hunt Counties, Texas, Special Assessment Revenue Bonds, Creekshaw Public Improvement District Improvement Area 1 Project, Series 2020 | 3.625 | 09/15/30 | 208600 |
| 240000 (e) | Royse City, Rockwall, Collin and Hunt Counties, Texas, Special Assessment Revenue Bonds, Creekshaw Public Improvement District Improvement Area 2 Project, Series 2022 | 4.875 | 09/15/27 | 241703 |
| 300000 (e) | Royse City, Rockwall, Collin and Hunt Counties, Texas, Special Assessment Revenue Bonds, Creekshaw Public Improvement District Improvement Area 2 Project, Series 2022 | 5.250 | 09/15/32 | 310149 |
| 400000 (e) | Royse City, Rockwall, Collin and Hunt Counties, Texas, Special Assessment Revenue Bonds, Liberty Crossing Public<br> Improvement District Improvement Area 2 Project, Series 2024 | 5.375 | 09/15/44 | 392690 |
| 450000 | SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007 | 5.500 | 08/01/27 | 468116 |
| 660000 (e) | Sachse, Texas, Special Assessment Bonds, Sachse Public Improvement District 1 Improvement Area 1 Project, Series 2022 | 5.625 | 09/15/42 | 679237 |
| 720000 (e) | Sachse, Texas, Special Assessment Bonds, Sachse Public Improvement District 1 Improvement Areas 2-3 Project, Series 2022 | 6.875 | 09/15/42 | 782664 |
| 265000 | San Antonio Education Facilities Corporation, Texas, Higher Education Revenue Bonds, Hallmark University Project, Series 2021A | 5.000 | 10/01/31 | 251088 |
| 4435000 | San Antonio, Texas, Airport System Revenue Bonds, Improvement Series 2015, (AMT) | 5.000 | 07/01/45 | 4435321 |
| 1270000 (e) | San Marcos City, Hays, Caldwell and Guadalupe Counties, Texas, Special Assessment Revenue Bonds, San Marcos Trace Public Improvement District Series 2019 | 5.000 | 09/01/29 | 1275738 |
| 293000 (e) | San Marcos City, Hays, Caldwell and Guadalupe Counties, Texas, Special Assessment Revenue Bonds, San Marcos Trace Public Improvement District Series 2024 | 4.875 | 09/01/30 | 291118 |
| 206000 (e) | San Marcos, Hays, Caldwell and Guadalupe Counties, Texas, Special Assessment Revenue Bonds, Whisper South Public Improvement District, Series 2020 | 3.750 | 09/01/27 | 201972 |

---

222 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $500000 (e) | San Marcos, Hays, Caldwell and Guadalupe Counties, Texas, Special Assessment Revenue Bonds, Whisper South Public Improvement District, Series 2020 | 4.000% | 09/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476184 |
| 149000 (e) | Santa Fe, Galveston County, Texas, Special Assessment Revenue Bonds, Mulberry Farms Public Improvement District Series 2022 | 4.375 | 09/01/27 | 147991 |
| 295000 (e) | Santa Fe, Galveston County, Texas, Special Assessment Revenue Bonds, Mulberry Farms Public Improvement District Series 2022 | 4.625 | 09/01/32 | 289464 |
| 650000 (e) | Santa Fe, Galveston County, Texas, Special Assessment Revenue Bonds, Mulberry Farms Public Improvement District Series 2022 | 4.875 | 09/01/42 | 619790 |
| 2865000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckner Senior Living Ventana Project, Series 2017A | 6.000 | 11/15/27 | 2940055 |
| 3095000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckner Senior Living Ventana Project, Series 2017A | 6.750 | 11/15/47 | 3169910 |
| 944991 (h) | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Northwest Senior Housing-Edgemere Project, Series 2015A | 5.000 | 11/15/25 | 95 |
| 140000 (g) | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006B (TSFR3M\*0.67% + 0.700%) | 3.756 | 12/15/26 | 140109 |
| 1890000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.375 | 06/30/39 | 1986277 |
| 1000000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.500 | 06/30/40 | 1054500 |
| 1500000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.500 | 06/30/41 | 1574370 |
| 1250000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.500 | 06/30/42 | 1307642 |
| 1760000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.500 | 06/30/43 | 1836996 |
| 370000 | Town Of Hickory Creek, Denton County, Texas, Special Assessment Revenue Bonds, Hickory Creek Public Improvement District, Series 2018 | 5.125 | 09/01/28 | 374413 |
| 300000 (e) | Town of Lakewood Village, Texas, Lakewood Village Public Improvement District Improvement District No. 1 Project Special Assessment Revenue Bonds Series 2022 | 4.375 | 09/15/27 | 297845 |
| 500000 (e) | Town of Lakewood Village, Texas, Lakewood Village Public Improvement District Improvement District No. 1 Project Special Assessment Revenue Bonds Series 2022 | 4.750 | 09/15/32 | 489457 |
| 1000000 (e) | Town of Lakewood Village, Texas, Lakewood Village Public Improvement District Improvement District No. 1 Project Special Assessment Revenue Bonds Series 2022 | 5.250 | 09/15/42 | 969008 |
| 560000 (e) | Travis County Development Authority, Texas, Contract Assessment Revenue Bonds, Bella Fortuna Public Improvement District, Series 2024 | 4.500 | 09/01/31 | 560888 |
| 845000 (e) | Travis County Development Authority, Texas, Contract Assessment Revenue Bonds, Bella Fortuna Public Improvement District, Series 2024 | 5.375 | 09/01/44 | 853605 |
| 300000 (e) | Travis County Development Authority, Texas, Contract Assessment Revenue Bonds, Turner's Crossing Public Improvement District Area1 Project, Series 2022 | 4.375 | 09/01/27 | 300459 |
| 300000 (e) | Travis County Development Authority, Texas, Contract Assessment Revenue Bonds, Turner's Crossing Public Improvement District Area1 Project, Series 2022 | 4.750 | 09/01/32 | 304942 |
| 625000 (e) | Travis County Development Authority, Texas, Contract Assessment Revenue Bonds, Turner's Crossing Public Improvement District Area1 Project, Series 2025 | 4.250 | 09/01/31 | 618048 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **223** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **TEXAS** (continued) |  |  |  |
| $800000 | (e) | Travis County Development Authority, Texas, Contract Assessment Revenue Bonds, Turner's Crossing Public Improvement District Area1 Project, Series 2025 | 5.000% | 09/01/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779889 |
| 360000 | (e) | Uhland, Hays and Caldwell Counties, Texas, Special Assessment Revenue Bonds, Anderson Park Public Improvement District Improvement Area 1 Project, Series 2022 | 4.375 | 09/01/31 | 357690 |
| 615000 | (e) | Uhland, Hays and Caldwell Counties, Texas, Special Assessment Revenue Bonds, Anderson Park Public Improvement District Improvement Area 1 Project, Series 2022 | 5.125 | 09/01/44 | 595720 |
| 945000 | (e) | Uhland, Hays and Caldwell Counties, Texas, Special Assessment Revenue Bonds, Watermill Public Improvement District, Series 2022 | 5.875 | 09/01/32 | 984559 |
| 425000 |  | Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Refunding Series 2021 | 5.000 | 09/01/31 | 444024 |
| 425000 |  | Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Refunding Series 2021 | 4.000 | 09/01/32 | 416030 |
| 755000 |  | Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Refunding Series 2021 | 3.000 | 09/01/34 | 656270 |
| 280000 |  | Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Refunding Series 2021 | 4.000 | 09/01/35 | 262299 |
| 1645000 |  | Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Series 2017A | 5.000 | 09/01/39 | 1645014 |
| 567000 | (e) | Venus, Johnson County, Texas, Special Assessment Revenue Bonds, Brahman Ranch Public Improvement District, Series 2022 | 5.625 | 09/15/28 | 569767 |
| 2394000 | (e) | Venus, Johnson County, Texas, Special Assessment Revenue Bonds, Brahman Ranch Public Improvement District, Series 2022 | 6.250 | 09/15/42 | 2389172 |
| 171000 | (e) | Venus, Johnson County, Texas, Special Assessment Revenue Bonds, Patriot Estates Public Improvement District, Series 2021 | 2.625 | 09/15/26 | 166241 |
| 250000 | (e) | Venus, Johnson County, Texas, Special Assessment Revenue Bonds, Patriot Estates Public Improvement District, Series 2021 | 3.125 | 09/15/31 | 226678 |
| 340000 |  | Vista Lago, Travis County, Texas, Special Assessment Revenue Bonds, Tessera on Lake Travis Public Improvement District Improvement Area #2 Project, Series 2018 | 4.500 | 09/01/27 | 341899 |
| 500000 | (e) | Vista Lago, Travis County, Texas, Special Assessment Revenue Bonds, Tessera on Lake Travis Public Improvement District Improvement Area #3 Project, Series 2024 | 4.750 | 09/01/30 | 496895 |
| 1220000 | (e) | Vista Lago, Travis County, Texas, Special Assessment Revenue Bonds, Tessera on Lake Travis Public Improvement District Improvement Area #3 Project, Series 2024 | 5.625 | 09/01/43 | 1201629 |
| 445000 |  | Westlake, Texas, Special Assessment Revenue Bonds, Solana Public Improvement District, Series 2015 | 5.500 | 09/01/25 | 448099 |
| 1680000 |  | Westlake, Texas, Special Assessment Revenue Bonds, Solana Public Improvement District, Series 2015 | 6.125 | 09/01/35 | 1676543 |
| 1805000 |  | Westlake, Texas, Special Assessment Revenue Bonds, Solana Public Improvement District, Series 2015 | 6.250 | 09/01/40 | 1797847 |
|  |  | TOTAL TEXAS |  |  | 604252383 |
|  |  | **UTAH - 1.1%** |  |  |  |
| 560000 | (e) | Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds Series 2021A | 3.250 | 03/01/31 | 526170 |
| 1835000 | (e) | Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds Series 2021A | 3.500 | 03/01/36 | 1637826 |
| 2015000 | (e),(h) | Box Elder County, Utah, Solid Waste Disposal Revenue Bonds, Promontory Point Res, LLC, Senior Series 2017A, (AMT) | 8.000 | 12/01/39 | 1950087 |
| 3919000 |  | Coral Junction Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2022A-1 | 6.500 | 03/01/53 | 3758200 |
| 2432000 | (e) | Coral Junction Public Infrastructure District 1, Utah, Special Assessment Bonds, Coral Junction Assessment Area, Series 2022A-2 | 5.500 | 06/01/41 | 2330628 |

---

224 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **UTAH** (continued) |  |  |  |
| $1345000 (e) | Downtown East Streetcar Sewer Public Infrastructure District, South Salt Lake, Salt Lake County, Utah, Limited Tax General Obligation Bonds, Series 2022A | 5.750% | 03/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340224 |
| 989000 (e) | Firefly Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2024A-1 | 5.625 | 12/01/43 | 993054 |
| 1790000 (e) | MIDA Military Installation Development Authority Golf and Equestrian Center Public Infrastructure District, Utah, Limited Tax and Tax Allocation Revenue Bonds, Series 2021 | 4.125 | 06/01/36 | 1526384 |
| 1750000 (e) | MIDA Mountain Village Public Infrastructure District, Utah, Subordinate Tax Allocation Revenue Bonds, Series 2024-1 | 5.125 | 06/15/54 | 1665328 |
| 1000000 (e) | MIDA Mountain Village Public Infrastructure District, Utah, Subordinate Tax Allocation Revenue Bonds, Series 2024-2 | 5.750 | 06/15/44 | 1025732 |
| 1730000 | Military Installation Development Authority, Utah, Tax Allocation Revenue Bonds Series 2021A-2 | 4.000 | 06/01/36 | 1607382 |
| 6750000 | Military Installation Development Authority, Utah, Tax Allocation Revenue Bonds Series 2021A-2 | 4.000 | 06/01/41 | 6026013 |
| 4755000 | Military Installation Development Authority, Utah, Tax Allocation Revenue Bonds Series 2021A-2 | 4.000 | 06/01/52 | 3995254 |
| 5650000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, (AMT) | 5.000 | 07/01/36 | 5753769 |
| 8140000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, (AMT) | 5.000 | 07/01/47 | 8149745 |
| 3670000 (e) | Sienna Hills Public Infrastructure District No. 1 Limited Tax General Obligation and Sales Tax Revenue Bonds, Utah, Series 2023A | 6.750 | 07/01/35 | 3689182 |
| 1660000 (e) | Utah Charter School Finance Authority, Charter School Revenue Bonds, Leadership Learning Academy Project, Series 2019A | 5.000 | 06/15/29 | 1679032 |
| 2115000 (e) | Utah Charter School Finance Authority, Charter School Revenue Bonds, Leadership Learning Academy Project, Series 2019A | 5.000 | 06/15/34 | 2122803 |
| 475000 (e) | Utah Charter School Finance Authority, Charter School Revenue Bonds, Mountain West Montessori Academy Project, Series 2020A | 5.000 | 06/15/39 | 449888 |
| 1155000 (e) | Utah Charter School Finance Authority, Revenue Bonds, Beehive Science & Technology Academy, Series 2021A | 4.000 | 10/15/31 | 1077160 |
| 1040000 (e) | Utah Charter School Finance Authority, Revenue Bonds, Channing Hall Project, Refunding Series 2017A | 4.500 | 07/15/27 | 1043233 |
| 5430000 (e) | Utah Charter School Finance Authority, Revenue Bonds, Channing Hall Project, Refunding Series 2017A | 5.250 | 07/15/38 | 5444769 |
| 1130000 (e) | Utah Charter School Finance Authority, Revenue Bonds, Ronald Eilson Reagan Academy Project, Refunding Series 2016A | 5.000 | 02/15/36 | 1100310 |
| 1350000 (e) | Utah Charter School Finance Authority, Revenue Bonds, Wallace Stegner Academy Project, Series 2019A | 5.000 | 06/15/39 | 1304374 |
|  | TOTAL UTAH |  |  | 60196547 |
|  | **VERMONT - 0.1%** |  |  |  |
| 2750000 (e) | Vermont Economic Development Authority, Solid Waste Disposal Revenue Bonds, Casella Waste Systems, Inc. Project, Series 2022A-3, (AMT), (Mandatory Put 6/01/32) | 4.375 | 06/01/52 | 2758570 |
|  | TOTAL VERMONT |  |  | 2758570 |
|  | **VIRGIN ISLANDS - 0.6%** |  |  |  |
| 11105000 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, Series 2022A | 5.000 | 10/01/39 | 11303854 |
| 415000 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A | 5.000 | 10/01/32 | 402473 |
| 5200000 (e) | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond Anticipation Notes, Senior Series 2021A | 6.750 | 07/01/26 | 5106539 |
| 6080000 (e) | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond Anticipation Notes, Series 2024A | 8.000 | 07/01/26 | 6063303 |
| 420000 (e) | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2024B | 10.250 | 07/01/26 | 420115 |
| 4810000 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Series 2007B | 5.000 | 07/01/31 | 4486301 |
| 4545000 (e) | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds WICO Financing Series 2022, (AMT) | 5.875 | 10/01/32 | 4274105 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **225** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VIRGIN ISLANDS** (continued) |  |  |  |
| $1000000 | (e) | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds WICO Financing Series 2022B, (AMT) | 6.250% | 10/01/42 | $978032 |
|  |  | TOTAL VIRGIN ISLANDS |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33034722 |
|  |  | **VIRGINIA - 0.6%** |  |  |  |
| 270000 |  | Ballston Quarter Community Development Authority, Arlington County, Virginia, Revenue Bonds, Series 2016A | 5.000 | 03/01/26 | 268298 |
| 1920000 |  | Ballston Quarter Community Development Authority, Arlington County, Virginia, Revenue Bonds, Series 2016A | 5.125 | 03/01/31 | 1864176 |
| 2730000 | (e),(h) | Bristol Industrial Development Agency, Virginia, Revenue Bonds, The Falls-Bristol Project, Series 2014B | 2.750 | 11/01/29 | 2056397 |
| 1000000 | (e) | Cherry Hill Community Development Authority, Virginia, Special Assesment Bonds, Potomac Shores Project, Series 2015 | 5.150 | 03/01/35 | 1000088 |
| 815000 | (e) | Cutalong II Community Development Authority, Louisa County, Virginia, Special Assessment Revenue Bonds, Cutalong II Project, Series 2022 | 4.000 | 03/01/32 | 754976 |
| 3332000 | (e) | Cutalong II Community Development Authority, Louisa County, Virginia, Special Assessment Revenue Bonds, Cutalong II Project, Series 2022 | 4.250 | 03/01/42 | 2840807 |
| 25000 | (e) | Farms of New Kent Community Development Authority, Virginia, Special Assessment Bonds, Refunding Series 2021A | 3.750 | 03/01/36 | 23408 |
| 1270000 |  | James City County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Williamsburg Landing Inc., Series 2024C-2 | 5.500 | 12/01/28 | 1271393 |
| 1900000 |  | James City County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Williamsburg Landing Inc., Series 2024C-3 | 5.250 | 12/01/27 | 1901741 |
| 4000000 |  | Virginia Beach Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2023B-1 | 6.250 | 09/01/30 | 4091479 |
| 7500000 |  | Virginia Beach Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2023B-2 | 5.750 | 09/01/30 | 7672392 |
| 4000000 |  | Virginia Beach Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2023B-3 | 5.375 | 09/01/29 | 4091687 |
| 105000 |  | Virginia College Building Authority, Educational Facilities Revenue Bonds, Regent University Project, Series 2021 | 4.000 | 06/01/46 | 88994 |
| 975000 | (e) | Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A | 8.500 | 04/01/28 | 992105 |
| 100000 |  | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) | 5.000 | 12/31/47 | 100330 |
| 3835000 |  | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) | 5.000 | 12/31/56 | 3783538 |
| 2045000 | (e) | Virginia Small Business Financing Authority, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2018, (AMT), (Mandatory<br> Put 7/01/38) | 5.000 | 01/01/48 | 2040170 |
|  |  | TOTAL VIRGINIA |  |  | 34841979 |
|  |  | **WASHINGTON - 0.2%** |  |  |  |
| 515000 |  | King County Public Hospital District 4, Washington, General Obligation Bonds, Snoqualmie Valley Hospital, Refunding Limited Tax Series 2015A | 4.250 | 12/01/25 | 514300 |
| 835000 |  | Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing Revenue Bonds, Series 2007, (AMT) | 5.500 | 06/01/27 | 832945 |
| 1500000 |  | Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing Revenue Bonds, Series 2007, (AMT) | 5.600 | 06/01/37 | 1411718 |
| 805000 |  | Seattle Housing Authority, Washington, Revenue Bonds, Newholly Phase I Project, Series 2016A | 3.550 | 10/01/46 | 714865 |
| 185000 |  | Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013 | 5.750 | 04/01/43 | 179152 |

---

226 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WASHINGTON** (continued) |  |  |  |
| $245000 | (e) | Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Bayview Manor Senior Project, Refunding Series 2016A | 4.000% | 07/01/26 | $244136 |
| 305000 | (e),(i) | Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Herons Key Senior Living, Series 2015A, (ETM) | 6.000 | 07/01/25 | 306892 |
| 2000000 | (e) | Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian Retirement Communities Northwest Proejct, Refunding Series 2016A | 5.000 | 01/01/31 | 2012347 |
| 2910000 | (e) | Washington State Housing Finance Commission, Nonprofit Refunding Revenue Bonds, Wesley Homes at Lea Hill Project, Series 2016 | 5.000 | 07/01/31 | 2823489 |
| 2000000 | (e) | Washington State Housing Finance Commission, Nonprofit Refunding Revenue Bonds, Wesley Homes at Lea Hill Project, Series 2016 | 5.000 | 07/01/36 | 1833857 |
|  |  | TOTAL WASHINGTON |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10873701 |
|  |  | **WEST VIRGINIA - 0.3%** |  |  |  |
| 1500000 |  | Glenville State College, West Virginia, Revenue Bonds, Refunding & Improvement Series 2017 | 4.500 | 06/01/32 | 1432698 |
| 660000 | (e) | 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 | 662971 |
| 4745000 | (e) | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2017A | 5.750 | 06/01/43 | 4800053 |
| 205000 | (e) | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2021A | 4.125 | 06/01/43 | 176615 |
| 11905000 | (e),(k) | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Subordinate Improvement and Refunding Series 2023B | 0.000 | 06/01/53 | 2562764 |
| 500000 | (e) | South Charleston, West Virginia, Special District Excise Tax Revenue Improvement Bonds, South Charleston Park Place Project, Series 2022A | 4.250 | 06/01/42 | 402359 |
| 1485000 | (e) | West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, Empire Trimodal Terminal, LLC Project, Series 2020 | 7.625 | 12/01/40 | 1179506 |
| 1625000 | (e) | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Core Natural Resources, INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35) | 5.450 | 01/01/55 | 1664556 |
| 1000000 |  | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington Hospital, Inc. Project, Refunding & Improvement Series 2018A | 5.000 | 01/01/36 | 1021776 |
|  |  | TOTAL WEST VIRGINIA |  |  | 13903298 |
|  |  | **WISCONSIN - 7.5%** |  |  |  |
| 1415000 | (j) | Elkhart Lake-Glenbeulah School District, Sheboygan County, Wisconsin, General Obligation Bonds, Series 2025 - BAM Insured | 55.000 | 03/01/26 | 2026147 |
| 2840000 |  | Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, General Revenue Bonds, Refunding Series 2017 | 6.750 | 06/01/32 | 2809815 |
| 1000000 |  | Markesan School District, Columbia, Dodge, Fond Du Lac, Green Lake and Marquette Counties, Wisconsin, General Obligation Bonds, Promissory Notes Series 2025 | 55.000 | 03/01/26 | 1461403 |
| 300000 |  | Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2017 | 5.000 | 11/15/31 | 309591 |
| 190000 |  | Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2017 | 5.000 | 11/15/33 | 195860 |
| 170000 | (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Alamance Community School, Series 2021A | 4.250 | 06/15/31 | 161473 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **227** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **WISCONSIN** (continued) |  |  |  |
| $3360000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, American Preparatory Academy, Las Vegas 2 Project, Series 2019A | 5.000% | 07/15/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229770 |
| 275000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Ascend Leadership Academy Project, Series 2021A | 4.250 | 06/15/31 | 252289 |
| 895000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Ascend Leadership Academy Project, Series 2021A | 5.000 | 06/15/41 | 781393 |
| 400000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Coral Academy of Science, Reno, Series 2021A | 4.000 | 06/01/36 | 362933 |
| 35000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Cornerstone Charter Academy, North Carolina, Series 2016A | 4.250 | 02/01/26 | 34964 |
| 745000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School Bonds, North Carolina, Series 2019A | 4.000 | 06/15/29 | 719626 |
| 390000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School Bonds, North Carolina, Series 2019A | 5.000 | 06/15/39 | 363206 |
| 605000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School, North Carolina, Series 2017A | 4.250 | 06/15/29 | 590077 |
| 2225000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Discovery Charter School Project, Series 2022A | 6.500 | 06/01/42 | 2228559 |
| 1365000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Discovery Charter School Project, Series 2022A | 6.500 | 06/01/47 | 1359648 |
| 995000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Discovery Charter School Project, Series 2022A | 6.625 | 06/01/52 | 991542 |
| 525000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Discovery Charter School Project, Series 2022A | 6.750 | 06/01/62 | 525045 |
| 145000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy Project, Series 2016A | 4.125 | 05/01/26 | 143738 |
| 1075000 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Explore Knowledge Foundation Las Vegas Project, Series 2012A | 5.750 | 07/15/32 | 1075750 |
| 700000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Foundation Academy Charter School Project, Series 2024 | 5.000 | 07/01/35 | 716480 |
| 1800000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Foundation Academy Charter School Project, Series 2024 | 4.750 | 07/01/45 | 1681862 |
| 250000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Founders Academy of Las Vegas, Series 2023A | 5.750 | 07/01/33 | 259533 |
| 325000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Founders Academy of Las Vegas, Series 2023A | 6.375 | 07/01/43 | 334848 |
| 650000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Freedom Classical Academy Inc., Series 2020A | 5.000 | 01/01/31 | 653357 |
| 745000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Guilford Preparatory Academy, North Carolina, Taxable Series 2022A | 4.375 | 04/01/32 | 715471 |
| 3780000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Mallard Creek STEM Academy, North Carolina, Series 2019 | 5.125 | 06/15/39 | 3728450 |
| 2550000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A | 4.100 | 06/15/26 | 2525792 |
| 8255000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A | 5.000 | 06/15/36 | 7492296 |
| 1805000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Phoenix Academy Charter School, North Carolina, Series 2017A | 5.000 | 06/15/27 | 1791795 |
| 230000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Quality Education Academy Project, Series 2023A | 5.250 | 07/15/33 | 242246 |
| 460000 (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Quality Education Academy Project, Series 2023A | 6.000 | 07/15/43 | 484150 |

---

228 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $85000 | (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Research Triangle High School Project, North Carolina, Series 2015A | 4.375% | 07/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84970 |
| 1145000 | (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, North Carolina, Series 2017A | 4.500 | 06/15/29 | 1140399 |
| 510000 | (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, North Carolina, Series 2022A | 4.500 | 06/15/32 | 511154 |
| 1310000 | (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, North Carolina, Series 2022A | 5.000 | 06/15/42 | 1296039 |
| 1935000 | (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Vegas Vista Academy, Series 2024A | 6.500 | 06/01/39 | 1877871 |
| 670000 | (e) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Vegas Vista Academy, Taxable Series 2024B | 8.000 | 06/01/32 | 672146 |
| 1450000 | (e) | Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public Improvement District Project, Series 2017 | 6.750 | 03/01/27 | 1506351 |
| 2500000 | (e) | Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public Improvement District Project, Series 2017 | 7.000 | 03/01/47 | 2557296 |
| 1725000 | (e) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Corvian Community School, North Carolina Series 2023A | 5.875 | 06/15/38 | 1749827 |
| 825000 | (e) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Mater Academy of Nevada, - East Las Vegas Campus Project, Series 2024A | 5.000 | 12/15/34 | 847976 |
| 700000 | (e) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Mater Academy of Nevada, - East Las Vegas Campus Project, Series 2024A | 5.000 | 12/15/39 | 706340 |
| 270000 | (e) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Mater Academy of Nevada, - East Las Vegas Campus Project, Series 2024A | 5.000 | 12/15/44 | 265555 |
| 215000 | (e) | Public Finance Authority of Wisconsin, Education Revenue Bonds, North Carolina Leadership Academy, Series 2019A | 4.000 | 06/15/29 | 210472 |
| 440000 | (e) | Public Finance Authority of Wisconsin, Education Revenue Bonds, North Carolina Leadership Academy, Series 2019A | 5.000 | 06/15/39 | 433300 |
| 1000000 | (e) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Pinecrest Academy of Nevada, Sloan Canyon Campus Project, Refunding Series 2024A | 4.000 | 07/15/34 | 967735 |
| 750000 | (e) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Pinecrest Academy of Nevada, Sloan Canyon Campus Project, Refunding Series 2024A | 4.000 | 07/15/39 | 692768 |
| 800000 | (e) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Pinecrest Academy of Nevada, Sloan Canyon Campus Project, Refunding Series 2024A | 4.500 | 07/15/49 | 742506 |
| 500000 |  | Public Finance Authority of Wisconsin, Education Revenue Bonds, Shining Rock Classical Academy, Series 2022A | 5.625 | 06/15/37 | 495263 |
| 750000 |  | Public Finance Authority of Wisconsin, Education Revenue Bonds, Shining Rock Classical Academy, Series 2022A | 5.875 | 06/15/42 | 740495 |
| 225000 | (e) | Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore Academy, Series 2019A | 4.750 | 06/01/29 | 220493 |
| 1000000 | (e) | Public Finance Authority of Wisconsin, Education Revenue Bonds, The Franklin School of Innovation, Series 2022A | 5.000 | 01/01/42 | 909240 |
| 44970000 | (e),(j) | Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lindenwood Education system, Series 2025A | 5.500 | 06/01/35 | 47290771 |
| 5000000 | (e) | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Dreamhouse EWA Beach, New Mexico, Series 2022A | 5.750 | 06/01/25 | 4999012 |
| 175000 | (e) | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy Project, Series 2016A | 4.250 | 08/01/26 | 170198 |
| 2000000 |  | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2016, (AMT) | 4.000 | 08/01/35 | 1912551 |
| 31975000 | (e),(h) | Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A | 6.250 | 08/01/27 | 30935813 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **229** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $4270000 | (e),(h) | Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A | 6.750% | 08/01/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832325 |
| 30370000 | (e) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 5.000 | 12/01/27 | 29687538 |
| 40145000 | (e) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 6.500 | 12/01/37 | 40579473 |
| 25915000 | (e) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 6.750 | 12/01/42 | 26231801 |
| 17500000 | (e) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 7.000 | 12/01/50 | 17746522 |
| 6965000 | (e) | Public Finance Authority of Wisconsin, Multifamily Housing Revenue Bonds, Promenade Apartments Project, Series 2024 | 6.250 | 02/01/39 | 7078414 |
| 1790000 | (e) | Public Finance Authority of Wisconsin, Project Revenue Bonds, Irving Convention Center Hotel Project, First Tier Series 2017A-2 | 7.000 | 01/01/50 | 1870272 |
| 4750000 | (e) | Public Finance Authority of Wisconsin, Revenue Anticipation Bonds, Texas Infrastructure Authority Program, Astro Texas Land Projects, Refunding & Improvement Series 2025 | 5.000 | 12/15/36 | 4761290 |
| 1700000 | (e),(h) | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017A | 6.250 | 10/01/31 | 170000 |
| 1000000 | (e),(h) | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017B | 8.500 | 10/01/47 | 10 |
| 11630000 | (e),(h) | Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, Senior Series 2018A | 0.000 | 07/01/28 | 8141000 |
| 2155000 | (e) | Public Finance Authority of Wisconsin, Revenue Bonds, Revolution Academy, Refunding Series 2023A | 5.000 | 10/01/33 | 2227320 |
| 1820000 | (e) | Public Finance Authority of Wisconsin, Revenue Bonds, Revolution Academy, Refunding Series 2023A | 5.750 | 10/01/43 | 1867226 |
| 30000 | (e),(i) | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2020, (ETM) | 5.000 | 04/01/30 | 31583 |
| 570000 | (e) | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2020 | 5.000 | 04/01/30 | 582273 |
| 10000000 | (e) | Public Finance Authority of Wisconsin, Revenue Bonds, SearStone CCRC Project, Series 2021A | 4.000 | 06/01/56 | 7756261 |
| 9630000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community, Series 2023A | 4.000 | 06/01/36 | 8994899 |
| 6770000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community, Series 2023A | 5.000 | 06/01/37 | 6834398 |
| 1130000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community, Series 2023A | 4.000 | 06/01/41 | 997288 |
| 2755000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group Aviation Facilities Project, Series 2021, (AMT) | 4.000 | 07/01/36 | 2584659 |
| 1500000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group Aviation Facilities Project, Series 2021, (AMT) | 4.000 | 07/01/41 | 1321064 |
| 3970000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group Aviation Facilities Project, Series 2021, (AMT) | 4.250 | 07/01/54 | 3254158 |
| 1935000 | (j) | Public Finance Authority of Wisconsin, Revenue Bonds, Triad Educational Services, Inc. Math & Science Academy, Series 2025 | 4.000 | 06/15/30 | 1930065 |
| 2245000 | (j) | Public Finance Authority of Wisconsin, Revenue Bonds, Triad Educational Services, Inc. Math & Science Academy, Series 2025 | 5.000 | 06/15/35 | 2337049 |
| 2535000 | (e) | Public Finance Authority of Wisconsin, Revenue Bonds, Viticus Group Project, Series 2022A | 4.000 | 12/01/31 | 2440025 |
| 25435000 | (e),(h) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.125 | 01/01/33 | 11445750 |
| 8455000 | (e),(h) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.250 | 01/01/38 | 3804750 |

---

230 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $2795000 | (e),(h) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.375% | 01/01/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257750 |
| 735000 | (a),(h) | Public Finance Authority of Wisconsin, Wisconsin Revenue Note, KDC Agribusiness LLC Project, Series 2022B | 15.000 | 12/31/25 | 74 |
| 6345000 |  | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C | 4.300 | 11/01/30 | 6305095 |
| 285000 | (e) | Public Finance Authority, Wisconsin, Revenue Bonds, Ocean Academy Charter School, Series 2021 | 4.000 | 10/15/31 | 269419 |
| 570000 | (e) | Public Finance Authority, Wisconsin, Revenue Bonds, Ocean Academy Charter School, Series 2021 | 5.000 | 10/15/41 | 535905 |
| 1000000 |  | Public Finance Authority, Wisconsin, Revenue Bonds, Texas Biomedical Research Institute Project, Series 2021A | 3.000 | 06/01/48 | 677897 |
| 17930000 | (e) | Public Finance Authority, Wisconsin, Revenue Bonds, Vonore Fiber Products Sustainable Packaging Project, Taxable Green Series 2019 | 7.500 | 06/01/29 | 17446916 |
| 10395000 | (e) | Public Finance Authority, Wisconsin, Tax Increment Revenue Senior Bonds, World Center Project Series 2024A | 5.000 | 06/01/41 | 10577684 |
| 3750000 |  | Public Finance Authority, Wisconsin, Tax-Exempt Pooled Securities (TEPS), Class A Certificates, Series 2024-1, (Mandatory Put 2/01/27) | 4.000 | 08/01/59 | 3731646 |
| 235000 | (h) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Refunding Series 2017 | 4.375 | 08/01/27 | 212409 |
| 4425000 | (h) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Refunding Series 2017 | 5.000 | 08/01/27 | 4007620 |
| 4015000 | (h) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Refunding Series 2017 | 5.000 | 08/01/32 | 3143213 |
| 1000000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Clement Manor, Inc., Series 2019 | 4.250 | 08/01/34 | 966974 |
| 2300000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Clement Manor, Inc., Series 2019 | 4.500 | 08/01/39 | 2204670 |
| 905000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Hope Christian Schools Obligated Group, Series 2021 | 3.000 | 12/01/31 | 775109 |
| 2550000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Hope Christian Schools Obligated Group, Series 2021 | 4.000 | 12/01/41 | 1985632 |
| 3000000 |  | 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 | 3054880 |
| 485000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Mile Bluff Medical Center, Inc., Series 2014 | 5.000 | 05/01/26 | 481596 |
| 1000000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Mile Bluff Medical Center, Inc., Series 2014 | 5.125 | 05/01/29 | 984336 |
| 490000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, PHW Oconomowoc, Inc. Project, Series 2018 | 4.150 | 10/01/29 | 477328 |
| 1600000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Three Pillars Senior Living Communities, Series 2024B-1 | 4.400 | 08/15/29 | 1596638 |
| 2500000 | (e) | Wisconsin Housing and Economic Development Authority, Multifamily Housing Bonds, Meadow Village Project Series 2020A | 5.000 | 07/01/37 | 2269470 |
|  |  | TOTAL WISCONSIN |  |  | 405655324 |
|  |  | **TOTAL MUNICIPAL BONDS**<br> **(Cost $5,290,922,074)** |  |  | **5070573576** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VARIABLE RATE SENIOR LOAN INTERESTS - 0.1%** |  |  |  |
|  |  | **CAPITAL GOODS - 0.0%** |  |  |  |
| 1029408 | (a),(h) | KDC Agribusiness Fairless Hills LLC | 12.000 | 09/15/23 | 103 |
|  |  | TOTAL CAPITAL GOODS |  |  | 103 |

---

See Notes to Financial Statements 231

------

Portfolio of Investments March 31, 2025 (continued)

Short Duration High Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **HEALTH CARE EQUIPMENT & SERVICES - 0.1%** |  |  |  |
| $1940593 (a) | Jackson Hospital | 13.000% | 11/04/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940593 |
| 2695268 (a) | Jackson Hospital, Inc. and Jackson Hospital Financing, LLC | 13.000 | 12/16/25 | 2695268 |
|  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | 4635861 |
|  | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS**<br> **(Cost $5,574,072)** |  |  | **4635964** |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $5,330,518,855)** |  |  | **5107240530** |
| **SHARES** | **DESCRIPTION** | **RATE** |  | **VALUE** |
|  | **INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.0%** | **INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.0%** | **INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.0%** |  |
| 76623 (l) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.360 (m) |  | 76623 |
|  | **TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING**<br> **(Cost $76,623)** | **TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING**<br> **(Cost $76,623)** | **TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING**<br> **(Cost $76,623)** | **76623** |
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SHORT-TERM INVESTMENTS - 2.5%** | **SHORT-TERM INVESTMENTS - 2.5%** | **SHORT-TERM INVESTMENTS - 2.5%** |  |
|  | **MUNICIPAL BONDS - 2.5%** |  |  |  |
|  | **CALIFORNIA - 1.0%** |  |  |  |
| 7200000 (n) | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2001B-1 | 3.450 | 07/01/34 | 7200000 |
| 38500000 (n) | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Variable Rate Demand Obligations Series 2001B-5 | 3.550 | 07/01/34 | 38500000 |
| 8250000 (n) | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Variable Rate Demand Obligations Series 2001B-7 | 3.450 | 07/01/34 | 8250000 |
|  | TOTAL CALIFORNIA |  |  | 53950000 |
|  | **CONNECTICUT - 0.6%** |  |  |  |
| 33815000 (n) | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Variable Rate Demond Obligation Series 2016B-4 | 2.850 | 11/15/46 | 33815000 |
|  | TOTAL CONNECTICUT |  |  | 33815000 |
|  | **FLORIDA - 0.4%** |  |  |  |
| 22040000 (n) | JEA, Florida, Water and Sewerage System Revenue Bonds, Variable Rate Demand Obligations Series 2008B | 2.750 | 10/01/41 | 22040000 |
|  | TOTAL FLORIDA |  |  | 22040000 |
|  | **ILLINOIS - 0.3%** |  |  |  |
| 15915000 (n) | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Variable Rate Demand Series 2008C-1 | 2.800 | 11/01/38 | 15915000 |
|  | TOTAL ILLINOIS |  |  | 15915000 |
|  | **NEW YORK - 0.2%** |  |  |  |
| 10100000 (n) | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2013 Adjustable Rate Series AA-2 | 2.850 | 06/15/46 | 10100000 |
|  | TOTAL NEW YORK |  |  | 10100000 |
|  | **TOTAL MUNICIPAL BONDS**<br> **(Cost $135,820,000)** |  |  | **135820000** |

---

232 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **REPURCHASE AGREEMENTS - 0.0%** |  |  |  |
| $1100000 (o) | Fixed Income Clearing Corporation | 4.350% | 04/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 |
|  | **TOTAL REPURCHASE AGREEMENTS**<br> **(Cost $1,100,000)** |  |  | **1100000** |
|  | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $136,920,000)** |  |  | **136920000** |
|  | **TOTAL INVESTMENTS - 97.1%**<br> **(Cost $5,467,515,478)** |  |  | **5244237153** |
|  | **FLOATING RATE OBLIGATIONS - (3.7)%** |  |  | **(201550000)** |
|  | **OTHER ASSETS & LIABILITIES, NET - 6.6%** |  |  | **355544481** |
|  | **NET ASSETS - 100%** |  |  | $**5398231634** |

---

AMT Alternative Minimum Tax

ETF Exchange-Traded Fund

ETM Escrowed to maturity

---

| | |
|:---|:---|
| IF | Inverse floating rate security issued by a tender option bond ("TOB") trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  |

---

LIBOR London Inter-Bank Offered Rate

M Month 

SOFR Secured Overnight Financing Rate

TSFR1M CME Term Secured Overnight Financing Rate 1 Month

TSFR3M CME Term Secured Overnight Financing Rate 3 Month

UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

(a) For fair value measurement disclosure purposes, investment classified as Level 3.

(b) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(c) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $75,240.

(d) Affiliated holding

(e) 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 $2,025,301,943 or 38.6% of Total Investments.

(f) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(g) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(h) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(i) 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.

(j) When-issued or delayed delivery security.

(k) 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.

(l) Investments made with cash collateral received from securities on loan.

(m) The rate shown is the one-day yield as of the end of the reporting period.

(n) 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.

(o) Agreement with Fixed Income Clearing Corporation, 4.350% dated 3/31/25 to be repurchased at $1,100,133 on 4/1/25, collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/53, valued at $1,122,118.

### Investments in Derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts - Short** | | | | | |
| **Description** | **Number of<br>Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  U.S. Treasury 10-Year Note | (3642) | 6/25 | $(399382784) | $(405058687) | $(5675903) |
|  U.S. Treasury 5-Year Note | (1371) | 6/25 | (145805423) | (148282219) | (2476796) |
|  Total |  |  | $(545188207) | $(553340906) | $(8152699) |

---

See Notes to Financial Statements 233

------

Portfolio of Investments March 31, 2025

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | | | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 100.5%** |  |  |  |
|  |  | **COMMON STOCKS - 0.0%** |  |  |  |
|  |  | **MATERIALS - 0.0%** |  |  |  |
| 15 | (a),(b) | Palouse Fiber Holdings LLC |  |  | $0 |
|  |  | TOTAL MATERIALS |  |  | 0 |
|  |  | **TOTAL COMMON STOCKS**<br> **(Cost $2,250)** |  |  | **0** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CORPORATE BONDS - 0.5%** |  |  |  |
|  |  | **HEALTH CARE EQUIPMENT & SERVICES - 0.4%** |  |  |  |
| $2750000 |  | Care New England Health System | 5.500% | 09/01/26 | 2698437 |
| 2000000 |  | Toledo Hospital/The | 6.015 | 11/15/48 | 1775000 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | 4473437 |
|  |  | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%** |  |  |  |
| 477476 | (a),(c) | Benloch Ranch Improvement Association | 9.750 | 12/01/39 | 435968 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 435968 |
|  |  | **TOTAL CORPORATE BONDS**<br> **(Cost $4,503,625)** |  |  | **4909405** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MUNICIPAL BONDS - 100.0%** |  |  |  |
|  |  | **ALABAMA - 3.8%** |  |  |  |
| 1500000 |  | Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018A | 4.000 | 07/01/38 | 1433997 |
| 1500000 |  | Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018A | 4.000 | 07/01/43 | 1371167 |
| 5000000 |  | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2023A, (Mandatory Put 10/01/30) | 5.250 | 01/01/54 | 5296893 |
| 4280000 |  | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Proejcet, Green Series 2020, (AMT), (Mandatory Put 11/01/30) | 6.375 | 11/01/50 | 4795633 |
| 1000000 |  | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2019, (AMT) | 5.750 | 10/01/49 | 1041760 |
| 785000 |  | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/42 | 831242 |
| 785000 |  | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/43 | 827721 |
| 785000 |  | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/44 | 825549 |
| 630000 |  | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/45 | 657979 |
| 935000 |  | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/49 | 964786 |
| 2600000 |  | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024A, (AMT) | 5.000 | 06/01/54 | 2573337 |
| 2025000 |  | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024B, (AMT) | 4.750 | 12/01/54 | 1916502 |
| 240000 |  | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015 | 5.875 | 04/15/45 | 174951 |
| 8000000 |  | Southeast Energy Authority, Alabama, A Cooperative District Energy Supply Revenue Bonds Series 2024A | 5.000 | 11/01/35 | 8262322 |
| 10000000 |  | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 4, Series 2022B-1, (Mandatory Put 8/01/28) | 5.000 | 05/01/53 | 10336196 |

---

234 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ALABAMA** (continued) |  |  |  |
| $500000 | UAB Medicine Finance Authority, Alabama, Revenue Bonds, Series 2017B-2 | 5.000% | 09/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507419 |
|  | TOTAL ALABAMA |  |  | 41817454 |
|  | **ARIZONA - 3.2%** |  |  |  |
| 885000 (c) | Arizona Industrial Development Authority, Arizona, Economic Development Revenue Bonds, Linder Village Project in Meridian, Ada County, Idaho, Series 2020 | 5.000 | 06/01/31 | 889048 |
| 210000 (c) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2019 | 5.000 | 07/01/54 | 198643 |
| 8000000 (c) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Pojects, Taxable Series 2021A | 5.000 | 07/01/51 | 7136012 |
| 1240000 (c) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Projects, Series 2021B | 5.000 | 07/01/51 | 1106082 |
| 5500000 (c) | Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group ? Falcon Properties LLC, Project, Senior Series 2022A-1 | 4.000 | 12/01/51 | 3857417 |
| 845000 | Arizona Industrial Development Authority, Senior National Charter School Revolving Loan Fund Revenue Bonds, Social Series 2023A | 5.250 | 11/01/48 | 879875 |
| 845000 | Arizona Industrial Development Authority, Senior National Charter School Revolving Loan Fund Revenue Bonds, Social Series 2023A | 5.250 | 11/01/53 | 872548 |
| 13465000 | Chandler Industrial Development Authority, Arizona, Industrial Development Revenue Bonds, Intel Corporation Project, Series 2007, (AMT), (Mandatory Put 6/15/28) | 4.100 | 12/01/37 | 13485387 |
| 3120000 | 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 | 3108996 |
| 400000 (c) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Taxable Series 2019B | 5.000 | 07/01/39 | 402995 |
| 1000000 (c) | Maricopa County Industrial Development Authority, Arizona, Educational Facilities Revenue Bonds, Ottawa University Projects, Series 2020 | 5.250 | 10/01/40 | 898149 |
| 725000 | Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, HonorHealth, Series 2019A | 5.000 | 09/01/36 | 749815 |
| 1250000 | Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El Paso Electric Company Palo Verde Project, Refunding Series 2012A | 4.500 | 08/01/42 | 1208859 |
| 100000 (d) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016 | 5.250 | 07/01/36 | 70000 |
| 25000 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, The Paideia Academies Project, 2019 | 5.125 | 07/01/39 | 23994 |
| 325000 (c) | Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue Bonds, American Leadership Academy Project, Series 2024 | 5.000 | 06/15/64 | 302629 |
|  | TOTAL ARIZONA |  |  | 35190449 |
|  | **ARKANSAS - 0.9%** |  |  |  |
| 7000000 (c) | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT) | 5.450 | 09/01/52 | 7172517 |
| 1430000 (c) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2019, (AMT) | 4.500 | 09/01/49 | 1363212 |
| 1000000 | Arkansas Development Finance Authority, Revenue Bonds, Baptist Memorial Health Care, Refunding Series 2020B-1 | 5.000 | 09/01/37 | 1027141 |
|  | TOTAL ARKANSAS |  |  | 9562870 |

---

See Notes to Financial Statements 235

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA - 9.2%** |  |  |  |
| $1000000 |  | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A | 5.250% | 03/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987306 |
| 1965000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023C, (Mandatory Put 10/01/31) | 5.250 | 01/01/54 | 2054273 |
| 9295000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023E, (Mandatory Put 9/01/32) | 5.000 | 02/01/55 | 9926037 |
| 7445000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023G, (Mandatory Put 4/01/30) | 5.250 | 11/01/54 | 7899436 |
| 4000000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024B, (Mandatory Put 12/01/32) | 5.000 | 01/01/55 | 4198284 |
| 5500000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024D, (Mandatory Put 9/01/32) | 5.000 | 02/01/55 | 5927352 |
| 5440000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024G, (Mandatory Put 8/01/32) | 5.000 | 11/01/55 | 5699643 |
| 3815000 | (c) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Creekwood, Series 2021A | 4.000 | 02/01/56 | 2462885 |
| 4000000 |  | California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Series 2024A | 5.250 | 12/01/42 | 4177271 |
| 7650000 | (c) | California Infrastructure and Economic Development Bank, Revenue Bonds, Brightline West Passenger Rail Project, Green Bond Series 2025A, (AMT), (Mandatory Put 1/01/35) | 9.500 | 01/01/65 | 7650078 |
| 100000 | (c) | California Municipal Finance Authority, Revenue Bonds, Creative Center of Los Altos Project?Pinewood & Oakwood Schools, Series 2016B | 4.000 | 11/01/36 | 94830 |
| 5260000 |  | California Municipal Finance Authority, Federal Lease Revenue Bonds, VA Oceanside Health Care Center Project, Taxable Series 2021 | 3.637 | 07/01/30 | 4651188 |
| 6785000 | (c) | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, (AMT) | 5.000 | 07/01/30 | 6797644 |
| 1000000 | (c) | California Public Finance Authority, Charter School Lease Revenue Bonds, California Crosspoint Academy Project, Series 2020A | 5.125 | 07/01/55 | 835504 |
| 400000 | (c) | California Public Finance Authority, Charter School Lease Revenue Bonds, Laverne Elementary Preparatory Academy Project, Series 2019A | 5.000 | 06/15/49 | 372236 |
| 470000 | (c) | California Public Finance Authority, Senior Living Revenue Bonds, Enso Village, Refunding Green Series 2021A | 5.000 | 11/15/46 | 449228 |
| 2550000 |  | California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A | 6.500 | 06/01/54 | 2454055 |
| 1000000 |  | California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A | 6.375 | 06/01/59 | 936844 |
| 300000 | (c) | California School Finance Authority, Charter School Revenue Bonds, Rocketship Education ? Obligated Group, Series 2016A | 5.000 | 06/01/31 | 300276 |
| 745000 | (c) | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep Public Schools ? Obligated Group, Series 2020A | 5.000 | 06/01/60 | 653422 |
| 1225000 | (c) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.000 | 12/01/41 | 1229086 |
| 3000000 | (c) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.250 | 12/01/56 | 3003633 |
| 1093 | (a),(d) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.500 | 07/01/39 | 1093 |
| 6180000 | (c) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Center City Anaheim, Series 2020A | 5.000 | 01/01/54 | 5202742 |

---

236 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $325000 | Fontana, California, Special Tax Bonds, Narra Hills Community Facilities District 109, Refunding Series 2024 | 5.000% | 09/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332639 |
| 1845000 | Pajaro Valley Health Care District, Santa Cruz and Monterey Counties, California, General Obligation Bonds, Social Series 2024A | 5.000 | 09/01/54 | 1740477 |
| 1340000 (e) | Peralta Community College District, Alameda County, California, General Obligation, Election of 2018 , Series 2025C-1 | 5.000 | 08/01/44 | 1442453 |
| 2500000 (e) | Peralta Community College District, Alameda County, California, General Obligation, Election of 2018 , Series 2025C-1 | 5.000 | 08/01/50 | 2657097 |
| 1900000 (e) | Peralta Community College District, Alameda County, California, General Obligation, Election of 2018 , Series 2025C-1 | 5.000 | 08/01/54 | 2007208 |
| 1920000 (e) | Peralta Community College District, Alameda County, California, General Obligation, Refunding Series 2025 | 5.000 | 08/01/35 | 2203155 |
| 915000 (e) | Peralta Community College District, Alameda County, California, General Obligation, Refunding Series 2025 | 5.000 | 08/01/36 | 1038816 |
| 1265000 | River Islands Public Financing Authority, California, Special Tax Bonds, Community Facilities District 2003-1 Improvement Area 1, Refunding Series 2022A-1 - AGM Insured | 5.000 | 09/01/42 | 1340905 |
| 1265000 | River Islands Public Financing Authority, California, Special Tax Bonds, Community Facilities District 2003-1 Improvement Area 1, Subordinate Series 2022B-2 | 5.000 | 09/01/42 | 1279810 |
| 1040000 | Sacramento County, California, Airport System Revenue Bonds, Refunding Senior Series 2018C, (AMT) | 5.000 | 07/01/38 | 1061387 |
| 2035000 | San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2024A, (AMT) | 5.000 | 05/01/37 | 2164854 |
| 2490000 | San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2024A, (AMT) | 5.000 | 05/01/38 | 2631263 |
| 750000 | San Francisco Community College District, California, General Obligation Bonds, Taxable Election 2020 Series 2020A-1 | 3.165 | 06/15/41 | 591019 |
| 1460000 | Sulphur Springs Union School District, California, Special Tax<br> Bonds, Community Facilities District 2019-1, Series 2024A | 5.000 | 09/01/49 | 1472178 |
|  | TOTAL CALIFORNIA |  |  | 99927607 |
|  | **COLORADO - 11.0%** |  |  |  |
| 2630000 | 64th Avenue ARI Authority, Adams County, Colorado, Special Revenue Bonds, Series 2020 | 6.500 | 12/01/43 | 2605605 |
| 1420000 (c) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.500 | 12/01/44 | 1448261 |
| 500000 (c) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.750 | 12/01/54 | 516145 |
| 6250000 | Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue Bonds, Refunding & Improvement Series 2021A | 5.750 | 12/01/51 | 5836534 |
| 1000000 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A | 5.000 | 12/01/48 | 951781 |
| 1500000 | Belford North Metropolitan District, Douglas County, Colorado, General Obligation Limited Tax Bonds, Series 2020A | 5.500 | 12/01/50 | 1315257 |
| 1000000 | Bennett Ranch Metropolitan District 1, Adams County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A | 5.000 | 12/01/51 | 879301 |
| 1000000 | Broadway Station Metropolitan District 2, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A | 5.125 | 12/01/48 | 814096 |
| 1500000 (c) | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/37 | 1473672 |
| 5000000 (c) | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/47 | 4676589 |
| 585000 | Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2024A - AGM Insured | 5.250 | 12/01/49 | 629125 |
| 720000 | Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2024A - AGM Insured | 5.500 | 12/01/54 | 780846 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **237** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **COLORADO** (continued) |  |  |  |
| $400000 |  | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds World Compass Academy Project, Series 2017 | 5.375% | 10/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362434 |
| 100000 | (c) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A | 4.000 | 07/01/41 | 84009 |
| 100000 | (c) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A | 4.000 | 07/01/51 | 76365 |
| 500000 | (c),(d) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Cappella of Grand Junction Project, Series 2019 | 5.000 | 12/01/54 | 352500 |
| 585000 | (e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A | 5.125 | 12/01/45 | 604093 |
| 1180000 | (e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A | 5.125 | 12/01/50 | 1203704 |
| 950000 | (e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A | 5.125 | 12/01/55 | 964376 |
| 500000 | (c),(d) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sunny Vista Living Center Project, Refunding & Improvement Series 2015A | 5.750 | 12/01/35 | 352444 |
| 250000 |  | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018 | 5.875 | 12/01/46 | 250121 |
| 500000 |  | Copper Ridge Metropolitan District, Colorado Springs, Colorado, Tax Increment and Sales Tax Supported Revenue Bonds, Series 2019 | 5.000 | 12/01/39 | 463977 |
| 500000 |  | Crowfoot Valley Ranch Metropolitan District No. 2, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Subordinate Series 2024B | 6.125 | 12/15/54 | 492625 |
| 2635000 |  | 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 | 1535239 |
| 1545000 |  | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, (AMT) | 5.500 | 11/15/38 | 1675740 |
| 3250000 |  | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016 | 5.000 | 12/01/29 | 3257828 |
| 998000 |  | Denver International Business Center Metropolitan District 1, Denver, Colorado, General Obligation Bonds, Subordinate Limited Tax Series 2019B | 6.000 | 12/01/48 | 1015756 |
| 4900000 | (c) | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A | 6.750 | 12/01/34 | 4745065 |
| 970000 | (c) | Flying Horse Metropolitan District 3, El Paso County, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2019 | 6.000 | 12/01/49 | 973150 |
| 1000000 |  | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014 | 5.750 | 12/01/30 | 993432 |
| 1665000 |  | Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A | 5.250 | 12/01/32 | 1671447 |
| 4445000 |  | Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A | 5.750 | 12/01/52 | 4415149 |
| 2000000 | (c) | Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.500 | 06/01/50 | 1741207 |
| 970000 | (c) | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024 | 5.500 | 12/01/44 | 947050 |
| 1000000 |  | Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation Bonds, Series 2020A-1 | 5.000 | 12/01/49 | 904976 |
| 1365000 | (c) | Hogback Metropolitan District, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2021A | 5.000 | 12/01/51 | 1285714 |

---

238 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $500000 | Independence Water & Sanitation District, Elbert County, Colorado, Special Revenue Bonds, Refunding and Improvement Series 2024 | 5.125% | 12/01/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498936 |
| 500000 | Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special Revenue Bonds, Subordinate Series 2020B | 5.750 | 12/15/50 | 503004 |
| 615000 | Jones District Community Authority Board, Centennial, Colorado, Special Revenue Convertible Capital Appreciaiton Bonds, Series 2020A | 5.750 | 12/01/50 | 566798 |
| 1000000 | Kinston Metropolitan District 5, Loveland, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 4.625 | 12/01/35 | 972233 |
| 1615000 (c) | Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024 | 6.125 | 12/01/44 | 1535512 |
| 1350000 (c) | Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024 | 6.625 | 12/01/56 | 1303125 |
| 1220000 | Lanterns Metropolitan District 3, Douglas County, Colorado, General Obligation Bonds, Limited Tax Convertible Capital Appreciation Series 2023A-2 | 8.000 | 12/01/53 | 971349 |
| 660000 | Lanterns Metropolitan District 3, Douglas County, Colorado, General Obligation Bonds, Limited Tax Series 2023A-1 | 7.250 | 12/01/53 | 691020 |
| 3000000 (c) | Ledge Rock Center Commercial Metropolitan District (In the Town of Johnstown, Weld County, Colorado), Limited Tax General Obligation Bonds, Series 2022 | 7.375 | 11/01/52 | 3023518 |
| 500000 | Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special Revenue Bonds, Series 2021A | 5.000 | 12/01/41 | 464700 |
| 500000 | Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special Revenue Bonds, Series 2021A | 5.000 | 04/15/51 | 439169 |
| 500000 | Mountain Sky Metropolitan District, Fort Lupton, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.000 | 12/01/49 | 478577 |
| 2000000 | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3 | 5.000 | 12/01/40 | 1992449 |
| 1000000 | Northfield Metropolitan District 2, Fort Collins, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.000 | 12/01/50 | 892418 |
| 500000 | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019 | 4.000 | 12/01/29 | 481734 |
| 10025000 | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019 | 5.000 | 12/01/39 | 9580365 |
| 290000 (c) | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A | 5.000 | 12/01/51 | 248093 |
| 1550000 | Peak Metropolitan District 3, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A-1 | 7.500 | 12/01/52 | 1561214 |
| 7935000 | Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series 2022 | 6.500 | 12/01/34 | 7606185 |
| 895000 (c) | Prairie Center Metopolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding Series 2017A | 4.125 | 12/15/27 | 898072 |
| 500000 | Prairie Center Metropolitan District No. 3, Brighton, Colorado, Special Revenue Bonds, Park and Recreation Improvements Series 2018 | 5.125 | 12/15/42 | 485826 |
| 2000000 (c) | Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding Series 2017A | 5.000 | 12/15/41 | 2001699 |
| 500000 (c) | Prairie Corner Metropolitan District, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2021 | 4.875 | 12/01/51 | 421879 |
| 1481000 | Prairie Farm Metropolitan District, In the City of Commerce City, Adams County, Colorado, Limited Tax Convertible to Unlimited Tax, General Obligation Bonds, Series 2018A | 5.250 | 12/01/48 | 1482219 |
| 1000000 | Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/42 | 1023616 |
| 2000000 | Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Series 2021 | 4.000 | 12/01/41 | 1809395 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **239** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **COLORADO** (continued) |  |  |  |
| $1250000 | (c) | Reagan Ranch Metropolitan District 1, Colorado Springs, Colorado, General Obligation Bonds, Limited Tax & Special Revenue, Series 2025 | 6.125% | 12/01/54 | $1210568 |
| 1000000 |  | Redtail Ridge Metropolitan District, City of Louisville, Boulder County, Colorado, General Obligation Limited Tax Capital Appreciation Turbo Bonds, Series 2025 | 0.000 | 12/01/32 | 588312 |
| 1275000 | (c) | Ridge at Johnstown Metropolitan District 8, Larimer County, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024 | 5.875 | 12/01/44 | 1216893 |
| 1016000 |  | Silver Leaf Metropolitan District, Jefferson County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-3 | 5.250 | 12/01/50 | 887241 |
| 2725000 |  | Silverstone Metropolitan District 3, Weld County, Colorado, General Obligation and Special Revenue Bonds, Limited Tax Series 2023 | 7.750 | 12/01/45 | 2772608 |
| 1220000 |  | SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series 2016 | 5.000 | 12/01/30 | 1220074 |
| 500000 | (c),(f) | St. Vrain Lakes Metropolitan District 4, Weld County, Colorado, General Obligation Bonds, Firestone Convertible Capital Appreciation Limited Tax Series 2024A | 0.000 | 09/20/54 | 339060 |
| 1650000 |  | Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020 | 5.000 | 12/01/40 | 1574908 |
| 1273000 |  | Vauxmont Metropolitan District, Arvada, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Convertible to Unlimited Tax Refunding Subordinate Series 2019 - AGM Insured | 3.250 | 12/15/50 | 991661 |
| 500000 |  | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2019 | 5.125 | 12/01/34 | 490896 |
| 3820000 |  | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2019 | 5.375 | 12/01/39 | 3794016 |
| 1600000 |  | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Convertible Capital Appreciation Series 2020A-2 | 6.000 | 12/01/50 | 1312662 |
| 2000000 |  | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2020A-1 | 5.375 | 12/01/50 | 1896971 |
| 1500000 |  | Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021 | 5.000 | 12/01/51 | 1262500 |
| 2600000 | (c) | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2024A-2 | 8.000 | 12/01/54 | 1513359 |
| 770000 | (c) | West Globeville Metropolitan District 1, Denver, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024 | 5.750 | 12/01/44 | 751266 |
| 2000000 | (c) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1 | 4.125 | 12/01/51 | 1531633 |
| 500000 |  | Windsor Highlands Metropolitan District 9, Windsor, Larimer County, Colorado, Limited Tax Supported Revenue Bonds, Series 2019 | 5.000 | 12/01/39 | 483708 |
| 1856000 |  | Woodmen Heights Metropolitan District 2, El Paso County, Colorado, General Obligation Limited Tax Bonds, Refunding Subordinate Series 2020B-2 | 7.500 | 12/15/40 | 1758095 |
|  |  | TOTAL COLORADO |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119825149 |
|  |  | **CONNECTICUT - 0.4%** |  |  |  |
| 200000 |  | Connecticut Development Authority, Airport Facilities Revenue Bonds, Learjet Inc., Series 2004, (AMT) | 7.950 | 04/01/26 | 200050 |
| 100000 | (c) | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc. Project, Series 2016A | 5.000 | 09/01/46 | 94837 |
| 1330000 |  | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A | 4.000 | 07/01/34 | 1320450 |
| 1250000 |  | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A | 4.000 | 07/01/36 | 1225091 |
| 1255000 |  | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2016B-1 | 2.950 | 11/15/31 | 1171726 |
|  |  | TOTAL CONNECTICUT |  |  | 4012154 |

---

240 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **DELAWARE - 0.2%** |  |  |  |
| $335000 (c) | Bridgeville, Delaware, Special Obligation Bonds, Heritage Shores Special Development District, Series 2024 | 5.625% | 07/01/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342784 |
| 1500000 | Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center Project, Series 2018 | 5.000 | 06/01/43 | 1459283 |
| 520000 (g) | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B, (UB) | 4.750 | 07/01/54 | 519515 |
| 35000 | Kent County, Delaware, Student Housing & Dining Facility Revenue Bonds, Collegiate Housing Foundation - Dover LLC Delaware State University Project, Series 2018A | 5.000 | 07/01/48 | 34508 |
|  | TOTAL DELAWARE |  |  | 2356090 |
|  | **DISTRICT OF COLUMBIA - 0.0%** |  |  |  |
| 375000 | District of Columbia Revenue Bonds, Rocketship Education DC Public Charter School Inc., Obligated Group - Issue 3, Series 2024A | 5.750 | 06/01/54 | 381240 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | 381240 |
|  | **FLORIDA - 7.7%** |  |  |  |
| 3105000 (h) | Alachua County Health Facilities Authority, Florida, Health Facilties Revenue Bonds, Shands Healthcare Project, Series 2007A (SOFR\*0.67% + 0.870%) | 3.784 | 12/01/37 | 3026059 |
| 1000000 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Ave Maria National Project, Series 2021 | 3.750 | 05/01/41 | 856473 |
| 240000 (c) | Cape Coral Health Facilities Authority, Florida, Senior Housing Revenue Bonds, Gulf Care Inc. Project, Series 2015 | 5.750 | 07/01/30 | 176195 |
| 3225000 (c) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020 | 5.000 | 12/15/40 | 3103029 |
| 255000 (c) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, South Tech Schools Project, Series 2020A | 5.000 | 06/15/55 | 228216 |
| 900000 (c) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Imagine School at North Manatee, Series 2021A | 5.000 | 06/01/56 | 796082 |
| 1000000 (c) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Pineapple Cove Classical Academy, Series 2019A | 5.250 | 07/01/49 | 933255 |
| 100000 (c) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, The Florida Charter Educational Foundation, Inc. Projects, Series 2018A | 5.375 | 06/15/48 | 95187 |
| 50000 (c) | Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2018 | 6.100 | 08/15/38 | 51363 |
| 90000 (c) | Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2017A | 4.375 | 06/15/27 | 88958 |
| 500000 (c) | Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2019A | 5.000 | 06/15/39 | 477827 |
| 100000 (c) | Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2017A | 5.000 | 10/15/47 | 97493 |
| 100000 (c) | Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2019A | 5.000 | 10/15/39 | 100002 |
| 1115000 (c) | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, Babcock Neighborhood School Inc Project, Series 2024 | 5.750 | 08/15/54 | 1060545 |
| 500000 | Eden Hills Community Development District, Lake Alfred, Florida, Special Assessment Revenue Bonds, Phase 1 Series 2020 | 4.125 | 05/01/51 | 424161 |
| 290000 | Edgewater West Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area One Series 2024 | 5.500 | 05/01/54 | 276794 |
| 100000 (c) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A | 4.750 | 07/15/36 | 97600 |
| 1000000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Mater Academy Projects, Series 2020A | 5.000 | 06/15/35 | 1012389 |
| 990000 (c) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2023A | 6.000 | 06/15/33 | 1071368 |
| 1000000 (c) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2023A | 6.500 | 06/15/38 | 1078059 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **241** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $1000000 (c) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2023A | 6.625% | 06/15/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076363 |
| 100000 (c) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2020C | 5.000 | 09/15/40 | 94698 |
| 1400000 (c) | 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 | 1401785 |
| 1510000 (c) | Florida Development Finance Corporation, Florida, Solid Waste Disposal Revenue Bonds, Waste Pro USA, Inc. Project, Series 2019, (AMT) | 5.000 | 05/01/29 | 1531360 |
| 3000000 (c) | Florida Development Finance Corporation, Florida, Solid Waste Disposal Revenue Bonds, Waste Pro USA, Inc. Project, Series 2023, (AMT), (Mandatory Put 7/01/26) | 6.125 | 07/01/32 | 3056262 |
| 4870000 (c) | 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 | 5166798 |
| 2100000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/41 | 2043564 |
| 1700000 (g) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT), (UB) | 5.000 | 07/01/44 | 1706689 |
| 2235000 (g) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT), (UB) | 5.250 | 07/01/53 | 2277616 |
| 1600000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.500 | 07/01/53 | 1616740 |
| 19985000 (c) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250 | 07/01/57 | 20754279 |
| 450000 (c) | Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024A-1 | 5.250 | 06/01/54 | 446826 |
| 3500000 | Greater Orlando Aviation Authority, Florida, Special Purpose Airport Facilities Revenue Bonds, JetBlue Airways Corporation, Series 2013, (AMT) | 5.000 | 11/15/36 | 3501533 |
| 495000 (c) | Hidden Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 3, Series<br> 2019A-1 | 5.250 | 11/01/39 | 503172 |
| 470000 | Hobe-Saint Lucie Conservancy District, Florida, Special Assessment Revenue Bonds, Improvement Unit 1A, Series 2024 | 4.750 | 05/01/31 | 477786 |
| 2000000 | Jacksonville, Florida, Special Revenue Bonds, Refunding Series 2017A | 5.250 | 10/01/42 | 2058368 |
| 550000 | Langley South Community Development District, Florida, Special Assessment Revenue Bonds, Mascotte Assessment Area One Series 2024 | 5.125 | 05/01/44 | 539261 |
| 2065000 | Langley South Community Development District, Florida, Special Assessment Revenue Bonds, Mascotte Assessment Area One Series 2024 | 5.400 | 05/01/55 | 2021277 |
| 995000 | Magic Place Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2019 | 4.500 | 05/01/51 | 858869 |
| 100000 (c) | Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, South Florida Autism Charter School Project, Series 2017 | 5.875 | 07/01/37 | 100801 |
| 4135000 | Miami, Florida, Limited Ad Valorem Tax Bonds, Forever Infrastructure Programs Series 2024A | 5.500 | 01/01/49 | 4524743 |
| 1070000 (g) | Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2022A, (AMT), (UB) | 5.250 | 10/01/52 | 1098254 |
| 1355000 | Miami-Dade County, Florida, Special Obligation Bonds, Subordinate Series 2009 - BAM Insured | 0.000 | 10/01/37 | 817071 |

---

242 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $3360000 | Miami-Dade County, Florida, Special Obligation Bonds, Subordinate Series 2009 | 0.000% | 10/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309615 |
| 3340000 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2024A | 5.250 | 10/01/54 | 3560461 |
| 110000 (c) | Mirada Community Development District, Florida, Capital Improvement Bonds, Assessment Area 3 Series 2024 | 4.750 | 05/01/31 | 109848 |
| 280000 (c) | Mirada Community Development District, Florida, Capital Improvement Bonds, Assessment Area 3 Series 2024 | 5.625 | 05/01/44 | 277615 |
| 320000 (c) | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 5, Series 2024 | 5.750 | 05/01/44 | 321142 |
| 1560000 | Seminole County Industrial Development Authority, Florida, Retirement Facility Revenue Bonds, Legacy Pointe At UCF Project, Series 2019A | 5.500 | 11/15/49 | 1522452 |
| 1145000 | South Broward Hospital District, Florida, Hospital Revenue Bonds, South Broward Hospital District Obligated Group, Refunding Series 2016A | 4.000 | 05/01/44 | 1047868 |
| 615000 (c) | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, South Assessment Area Series 2021B | 4.625 | 05/01/36 | 593017 |
| 1420000 | Tradition Community Development District 9, Port Saint Lucie, Florida, Special Assessment Bonds, Series 2021 | 3.000 | 05/01/41 | 1089461 |
| 265000 | Two Lakes Community Development District, Hialeah, Florida, Special Assessment Bonds, Series 2024 | 5.000 | 05/01/44 | 269176 |
| 250000 (c) | V-Dana Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2 — 2025 Project, Series 2025 | 5.375 | 05/01/45 | 247616 |
| 420000 (c) | Village Community Development District 15, Florida, Special Assessment Revenue Bonds, Series 2023 | 4.250 | 05/01/28 | 423603 |
| 940000 (c) | Village Community Development District 15, Florida, Special<br> Assessment Revenue Bonds, Series 2024 | 4.800 | 05/01/55 | 925960 |
|  | TOTAL FLORIDA |  |  | 84423004 |
|  | **GEORGIA - 1.1%** |  |  |  |
| 2080000 (f) | Atlanta Development Authority, Georgia, Economic Development Certificates, Gulch Enterprise Zone Project, Convertible Capital Appreciation Series 2024A-1 Class A | 0.000 | 12/15/48 | 1787082 |
| 1100000 (c) | Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-2 | 5.500 | 04/01/39 | 1120314 |
| 1500000 (d) | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1 | 6.750 | 01/01/35 | 600000 |
| 500000 (d) | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1 | 7.000 | 01/01/40 | 200000 |
| 1380000 | Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Subordinate Lien Green Series 2023E, (AMT) | 5.250 | 07/01/41 | 1459632 |
| 595000 | Fayette County Development Authority, Georgia, Revenue Bonds, United States Soccer Federation, Inc. Project Series 2024 | 5.000 | 10/01/42 | 615477 |
| 645000 | Fayette County Development Authority, Georgia, Revenue Bonds, United States Soccer Federation, Inc. Project Series 2024 | 5.000 | 10/01/43 | 665042 |
| 585000 | Fayette County Development Authority, Georgia, Revenue Bonds, United States Soccer Federation, Inc. Project Series 2024 | 5.000 | 10/01/44 | 601779 |
| 750000 (c) | Fulton County Residential Care Facilities for the Elderly Authority, Georgia, Revenue Bonds, Canterbury Court Project, Series 2019A | 5.000 | 04/01/47 | 715401 |
| 1000000 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2021A - BAM Insured | 3.000 | 02/15/51 | 752064 |
| 1000000 | Griffin-Spalding County Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System Inc., Series 2017A | 4.000 | 04/01/42 | 930899 |
| 2750000 (c) | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022C, (Mandatory Put 11/01/27) | 4.000 | 08/01/52 | 2745271 |
|  | TOTAL GEORGIA |  |  | 12192961 |

---

See Notes to Financial Statements 243

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **HAWAII - 0.0%** |  |  |  |
| $500000 (c) | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University Project, Refunding Series 2024 | 5.000% | 07/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485268 |
|  | TOTAL HAWAII |  |  | 485268 |
|  | **IDAHO - 0.4%** |  |  |  |
| 1485000 (c) | Idaho Falls Auditorium District, Idaho, Certifications of Participation, Annual Appropriation Series 2021 | 5.250 | 05/15/51 | 1463399 |
| 1000000 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2018A | 5.000 | 03/01/37 | 1041207 |
| 691000 (g) | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A, (UB) | 4.050 | 01/01/39 | 677734 |
| 619000 (g) | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A, (UB) | 4.650 | 01/01/54 | 608839 |
| 715000 | Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2024 | 6.250 | 09/01/53 | 745545 |
|  | TOTAL IDAHO |  |  | 4536724 |
|  | **ILLINOIS - 5.2%** |  |  |  |
| 500000 | Bolingbrook, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2019 | 5.250 | 03/01/41 | 501595 |
| 1000000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 | 6.000 | 04/01/46 | 1022714 |
| 1250000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 | 5.250 | 04/01/33 | 1359753 |
| 1250000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 | 5.250 | 04/01/40 | 1317661 |
| 1725000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 | 5.500 | 04/01/43 | 1828778 |
| 1335000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Project Series 2015C | 5.250 | 12/01/35 | 1335685 |
| 1000000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2012B | 4.000 | 12/01/35 | 936778 |
| 1000000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017G | 5.000 | 12/01/34 | 993285 |
| 2000000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2021A | 5.000 | 12/01/34 | 2034605 |
| 5435000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A | 5.000 | 12/01/33 | 5610302 |
| 6445000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A | 5.250 | 12/01/36 | 6658349 |
| 1000000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2016G | 5.000 | 01/01/52 | 1000758 |
| 2000000 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2020A | 5.000 | 01/01/30 | 2098633 |
| 140000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/29 | 146901 |
| 240000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/30 | 253544 |
| 2750000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/31 | 2924435 |
| 1815000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/32 | 1940371 |
| 350000 | Chicago, Illinois, Water Revenue Bonds, Refunding Second Lien Series 2023B - AGM Insured | 5.000 | 11/01/37 | 373492 |
| 5000000 | Illinois Finance Authority Revenue Bonds, OSF Healthcare System, Series 2018A - BAM Insured | 4.125 | 05/15/47 | 4644745 |
| 485000 (c) | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A | 5.750 | 12/01/35 | 487404 |
| 25000 (i) | Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C, (Pre-refunded 2/15/27) | 4.000 | 02/15/41 | 25411 |
| 725000 | Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C | 4.000 | 02/15/41 | 674111 |
| 260000 | Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022 | 5.000 | 03/01/34 | 260204 |

---

244 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ILLINOIS** (continued) |  |  |  |
| $1075000 | (d) | Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A | 5.000% | 11/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720250 |
| 815000 |  | Illinois Finance Authority, Revenue Bonds, Northshore - Edward- Elmhurst Health Credit Group, Series 2022A | 5.000 | 08/15/47 | 845116 |
| 225000 | (g),(i) | Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, (Pre-refunded 10/01/25), (UB) | 5.000 | 10/01/46 | 227235 |
| 2500000 |  | Illinois State, General Obligation Bonds, December Series 2023C | 5.000 | 12/01/47 | 2539502 |
| 4710000 |  | Illinois State, General Obligation Bonds, May Series 2020 | 5.750 | 05/01/45 | 4987198 |
| 1500000 |  | Illinois State, General Obligation Bonds, May Series 2024B | 5.250 | 05/01/42 | 1589256 |
| 1395000 |  | Illinois State, General Obligation Bonds, May Series 2024B | 5.250 | 05/01/44 | 1463345 |
| 1070000 |  | Illinois State, General Obligation Bonds, May Series 2024B | 5.250 | 05/01/45 | 1117658 |
| 1070000 |  | Illinois State, General Obligation Bonds, May Series 2024B | 5.250 | 05/01/49 | 1101620 |
| 1800000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2022A | 0.000 | 06/15/39 | 932010 |
| 2000000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2022A | 0.000 | 06/15/40 | 975404 |
| 1500000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A - BAM Insured | 0.000 | 12/15/52 | 378783 |
| 2500000 |  | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 06/15/37 | 1459087 |
| 430000 |  | Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment Project, Senior Lien Series 2019 | 5.000 | 01/01/39 | 405939 |
|  |  | TOTAL ILLINOIS |  |  | 57171917 |
|  |  | **INDIANA - 1.8%** |  |  |  |
| 1420000 | (c) | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, Drexel Foundation for Educational Excellence Project, Refunding Series 2020A | 5.875 | 06/01/55 | 1314544 |
| 1195000 |  | Indiana Finance Authority, Educational Facilities Revenue Bonds, Depauw University Project, Series 2019 | 5.000 | 07/01/37 | 1214809 |
| 1000000 |  | Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014 | 5.000 | 10/01/39 | 999919 |
| 110000 |  | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, (AMT) | 5.750 | 08/01/42 | 110095 |
| 2500000 |  | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2020, (AMT) | 6.750 | 05/01/39 | 2813191 |
| 1500000 |  | Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project Revenue Bonds, Refunding Series 2015I, (AMT) | 5.000 | 01/01/32 | 1501157 |
| 885000 |  | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 5.750 | 03/01/43 | 933377 |
| 815000 |  | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 6.000 | 03/01/53 | 859988 |
| 4835000 |  | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Subordinate Series 2023F-1 | 7.750 | 03/01/67 | 5363257 |
| 4670000 |  | Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2015, (AMT), (Mandatory Put 6/10/31) | 4.400 | 11/01/45 | 4751741 |
|  |  | TOTAL INDIANA |  |  | 19862078 |
|  |  | **IOWA - 1.2%** |  |  |  |
| 3500000 |  | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012 | 4.750 | 08/01/42 | 3502778 |
| 2135000 | (i) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (Mandatory Put 12/01/42) | 5.000 | 12/01/50 | 2409217 |
| 75000 |  | Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2024A | 5.000 | 05/15/39 | 76692 |
| 90000 |  | Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2024A | 5.000 | 05/15/44 | 89660 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **245** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **IOWA** (continued) |  |  |  |
| $1500000 | Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2024A | 5.125% | 05/15/59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457510 |
| 5500000 | PEFA Inc., Public Energy Facilities Authority, Inc., Iowa, Gas Project Revenue Bonds, Series 2019, (Mandatory Put 9/01/26) | 5.000 | 09/01/49 | 5600841 |
|  | TOTAL IOWA |  |  | 13136698 |
|  | **KANSAS - 0.0%** |  |  |  |
| 500000 | Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2024VIII | 5.750 | 05/15/45 | 500835 |
|  | TOTAL KANSAS |  |  | 500835 |
|  | **KENTUCKY - 0.5%** |  |  |  |
| 930000 | Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone's Ridge Project, Series 2020 | 6.000 | 12/01/40 | 827306 |
| 2175000 | Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities Company Project, Refunding Series 2006B, (AMT) | 2.125 | 10/01/34 | 1704421 |
| 1000000 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2017A - AGM Insured | 5.000 | 12/01/45 | 1011616 |
| 1000000 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A | 5.000 | 07/01/26 | 1003796 |
| 995000 | Newport, Kentucky, Special Obligation Revenue Bonds, Newport Clifton Project, Series 2020B | 5.500 | 12/01/60 | 827315 |
|  | TOTAL KENTUCKY |  |  | 5374454 |
|  | **LOUISIANA - 1.5%** |  |  |  |
| 225000 (c) | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Saint Martin Parish GOMESA Project, Series 2019 | 4.400 | 11/01/44 | 219047 |
| 1150000 (c) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2021A | 5.250 | 06/01/51 | 960863 |
| 500000 (c) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Young Audiences Charter School, Series 2019A | 5.000 | 04/01/57 | 415436 |
| 550000 (c) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Refunding Series 2024A | 5.000 | 12/15/43 | 535242 |
| 2365000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.500 | 09/01/59 | 2446534 |
| 1510000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.750 | 09/01/64 | 1590088 |
| 1750000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.000 | 09/01/66 | 1715400 |
| 500000 (c) | Plaquemines Port, Louisiana, Harbor and Terminal District Facilities Revenue Bonds NOLA Terminal LLC Project Dock and Wharf Series 2024A | 9.000 | 12/01/44 | 489500 |
| 4000000 (c) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2008, (Mandatory Put 6/01/30) | 6.100 | 06/01/38 | 4357498 |
| 500000 (c) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010 | 6.350 | 07/01/40 | 543301 |
| 725000 (c) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010A | 6.350 | 10/01/40 | 787972 |
| 1000000 (c) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2011, (Mandatory Put 6/01/25) | 5.850 | 08/01/41 | 1002666 |
| 1000000 | 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 | 984708 |
|  | TOTAL LOUISIANA |  |  | 16048255 |

---

246 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MAINE - 0.3%** |  |  |  |
| $255000 (c) | Maine Finance Authority, Solid Waste Disposal Revenue Bonds, Casella Waste Systems, Inc. Project, Series 2024, (AMT), (Mandatory Put 6/01/35) | 4.625% | 12/01/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257428 |
| 3000000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 5.000 | 07/01/46 | 2761857 |
|  | TOTAL MAINE |  |  | 3019285 |
|  | **MARYLAND - 0.4%** |  |  |  |
| 2840000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/39 | 2804113 |
| 200000 (c) | Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2022 | 4.500 | 06/01/33 | 200871 |
| 130000 (c) | Frederick County, Maryland, Tax Increment and Special Tax Limited Obligation Bonds, Jefferson Technology Park Project, Refunding Series 2020B | 4.625 | 07/01/43 | 123780 |
| 385000 (c) | Maryland Economic Development Corporation, Port Facilities Revenue Bonds, Core Natural Resources Inc. Project, Refunding Series 2025, (Mandatory Put 3/27/35) | 5.000 | 07/01/48 | 389249 |
| 500000 (d) | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A | 5.000 | 12/01/31 | 335000 |
| 1000000 (d) | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006B | 5.250 | 12/01/31 | 670000 |
|  | TOTAL MARYLAND |  |  | 4523013 |
|  | **MASSACHUSETTS - 1.4%** |  |  |  |
| 425000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D | 5.000 | 07/01/44 | 420127 |
| 2000000 | Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A | 5.000 | 10/01/43 | 1911028 |
| 1225000 | Massachusetts Development Finance Agency, Revenue Bonds, Smith College, Series 2025 | 4.000 | 07/01/45 | 1164679 |
| 11000000 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care Obligated Group Issue, Series 2025N-2 | 5.000 | 07/01/35 | 12052974 |
|  | TOTAL MASSACHUSETTS |  |  | 15548808 |
|  | **MICHIGAN - 2.7%** |  |  |  |
| 3604389 | Detroit City & General Retirement System Service Corporation, Michigan, Certificates of Participation, Taxable Series 2005A - FGIC Insured | 3.000 | 06/15/20 | 3568345 |
| 1775000 | Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst Development Project, Refunding Series 2024 | 5.000 | 07/01/48 | 1820004 |
| 970000 | Detroit Regional Convention Authority, Michigan, Special Tax Revenue Bonds, Refunding Series 2024C | 5.000 | 10/01/37 | 1042000 |
| 4971590 | Detroit, Wayne County, Michigan, General Obligation Bonds, Financial Recovery Series 2014B-1 | 4.000 | 04/01/44 | 3978175 |
| 1215000 | Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Senior Lien Series 2023C | 5.250 | 07/01/48 | 1301469 |
| 3770000 | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series 2023B | 5.250 | 07/01/53 | 4024826 |
| 10000000 | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016 | 5.000 | 11/15/41 | 10106265 |
| 2235000 (g) | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2023A, (UB) | 5.100 | 10/01/53 | 2190855 |
| 1355000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2023B - AGM Insured, (AMT) | 5.250 | 12/01/37 | 1465226 |
|  | TOTAL MICHIGAN |  |  | 29497165 |

---

See Notes to Financial Statements 247

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MINNESOTA - 0.9%** |  |  |  |
| $1400000 | Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy Project, Series 2015A | 5.750% | 07/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233863 |
| 1000000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 4.250 | 02/15/48 | 899859 |
| 50000 (c) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Twin Cities International Schools Project, Series 2017A | 5.000 | 12/01/47 | 46460 |
| 3000000 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A | 6.125 | 07/01/48 | 3001836 |
| 1135000 | Moorhead, Minnesota, Educational Facilities Revenue Bonds, The Concordia College Corporation Project, Series 2016 | 5.000 | 12/01/40 | 1127798 |
| 30000 | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A | 5.000 | 04/01/46 | 24898 |
| 3745000 (c) | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community School of Excellence, Series 2023 | 5.500 | 03/01/53 | 3787519 |
|  | TOTAL MINNESOTA |  |  | 10122233 |
|  | **MISSISSIPPI - 0.4%** |  |  |  |
| 670000 (c) | Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, King Edward Mixed-Use Project, Taxable Refunding Series 2019A, (Mandatory Put 6/15/25) | 6.000 | 10/15/49 | 667942 |
| 1310000 (g) | Warren County, Mississippi, Certificates of Participation, Lease Purchase Jail Project Series 2023, (UB) | 6.000 | 09/01/48 | 1449399 |
| 1720000 (g) | Warren County, Mississippi, Certificates of Participation, Lease Purchase Jail Project Series 2023, (UB) | 6.000 | 09/01/53 | 1881050 |
|  | TOTAL MISSISSIPPI |  |  | 3998391 |
|  | **MISSOURI - 0.8%** |  |  |  |
| 990000 | Blue Springs, Missouri, Special Obligation Tax Increment Bonds, Adams Farm Project, Special Districts Refunding & Improvement Series 2015A | 5.250 | 06/01/39 | 986293 |
| 550000 (c) | Kansas City Industrial Development Authority, Missouri, Economic Activity Tax Revenue Bonds, Historic Northeast Redevelopment Plan Series 2024A-1 | 5.000 | 06/01/54 | 523466 |
| 3000000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F | 4.000 | 11/15/45 | 2658344 |
| 500000 (c) | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Truman Medical Center, Inc., Pass- Through Certificate Series 2017 | 4.250 | 12/01/42 | 440589 |
| 1000000 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Expansion & Improvement Projects Series 2020 - AGM Insured | 5.000 | 10/01/40 | 1036537 |
| 2625000 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Expansion & Improvement Projects Series 2020 - AGM Insured | 5.000 | 10/01/45 | 2668183 |
|  | TOTAL MISSOURI |  |  | 8313412 |
|  | **MONTANA - 0.2%** |  |  |  |
| 2410000 | Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Northwestern Corporation Colstrip Project, Series 2023 | 3.875 | 07/01/28 | 2439556 |
|  | TOTAL MONTANA |  |  | 2439556 |
|  | **NEBRASKA - 0.8%** |  |  |  |
| 3750000 | Central Plains Energy Project, Nebraska, Gas Project Revenue Bonds, Project 5, Series 2022-1, (Mandatory Put 10/01/29) | 5.000 | 05/01/53 | 3907508 |
| 5335000 (g) | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2024C, (UB) | 4.700 | 09/01/49 | 5241036 |
|  | TOTAL NEBRASKA |  |  | 9148544 |

---

248 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **NEVADA - 0.3%** |  |  |  |
| $1842684 | (c),(d) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020 | 6.750% | 02/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7555 |
| 135181 | (c),(d) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017, (AMT) | 5.875 | 12/15/27 | 14 |
| 129656 | (c),(d) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017, (AMT) | 6.250 | 12/15/37 | 13 |
| 920053 | (c),(d) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, (AMT) | 5.750 | 02/15/38 | 3772 |
| 2840000 | (c) | Director of Nevada State Department of Business and Industry, Revenue Bonds, Brightline West Passenger Rail Project, Series 2025A, (AMT), (Mandatory Put 1/01/33) | 9.500 | 01/01/65 | 2830777 |
| 225000 | (c) | Director of the State of Nevada Department of Business and Industry, Charter School Lease Revenue Bonds, Somerset Academy, Series 2018A | 5.000 | 12/15/38 | 225163 |
| 165000 |  | Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 814 Summerlin Village 21& 24A, Series 2019 | 4.000 | 06/01/39 | 152543 |
|  |  | TOTAL NEVADA |  |  | 3219837 |
|  |  | **NEW HAMPSHIRE - 0.5%** |  |  |  |
| 1000000 | (c) | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2018C, (AMT) | 4.875 | 11/01/42 | 948807 |
| 865000 | (c) | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2020A, (Mandatory Put 7/02/40) | 3.625 | 07/01/43 | 720430 |
| 4000000 | (c) | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Covenant Health Group Series 2023 | 4.000 | 07/01/37 | 3580718 |
|  |  | TOTAL NEW HAMPSHIRE |  |  | 5249955 |
|  |  | **NEW JERSEY - 0.3%** |  |  |  |
| 1395000 | (c) | New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy Partners, LLC Project, Series 2012A | 7.000 | 06/15/30 | 1395154 |
| 750000 |  | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Subordinate Series 2017A | 3.375 | 07/01/30 | 717726 |
| 1000000 | (i) | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB, (Pre-refunded 12/15/28) | 5.000 | 06/15/50 | 1078157 |
| 610000 |  | Passaic County Improvement Authority, New Jersey, Charter School Revenue Bonds, Paterson Charter School for Science and Technology, Inc. Project, Series 2025 | 4.500 | 07/01/40 | 594936 |
|  |  | TOTAL NEW JERSEY |  |  | 3785973 |
|  |  | **NEW MEXICO - 0.1%** |  |  |  |
| 1000000 | (c) | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Subordinate Lien Series 2020 | 8.000 | 05/01/40 | 959163 |
|  |  | TOTAL NEW MEXICO |  |  | 959163 |
|  |  | **NEW YORK - 11.1%** |  |  |  |
| 1000000 |  | Babylon Local Development Corporation II, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2023A | 5.750 | 02/01/33 | 1020451 |
| 325000 |  | Build New York City Resource Corporation, New York, Revenue Bonds, New World Preparatory Charter School Project, Series 2021A | 4.000 | 06/15/31 | 314133 |
| 1060000 | (c) | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2023 | 7.250 | 06/01/55 | 1122470 |
| 3445000 | (c) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1 | 5.250 | 06/01/40 | 3324221 |
| 1000000 | (c) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1 | 5.000 | 06/01/40 | 939612 |
| 3490000 | (c) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1 | 5.000 | 06/01/55 | 2939934 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **249** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $1145000 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Medical Center, Series 2024 | 5.250% | 11/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199417 |
| 930000 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Medical Center, Series 2024 | 5.250 | 11/01/43 | 971055 |
| 175000 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Medical Center, Series 2024 | 5.500 | 11/01/47 | 183362 |
| 550000 | Dormitory Authority of the State of New York, Revenue Bonds, White Plains Hospital, Series 2024 | 5.250 | 10/01/49 | 561221 |
| 7940000 (g) | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2024A, (UB) | 5.000 | 03/15/55 | 8239663 |
| 1095000 | Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B | 5.000 | 07/01/35 | 1106629 |
| 750000 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C | 5.625 | 01/01/55 | 668249 |
| 225000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Refunding Series 2020B | 4.760 | 02/01/27 | 223199 |
| 2000000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A | 4.450 | 02/01/41 | 1649865 |
| 1000000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A | 4.600 | 02/01/51 | 768093 |
| 7500000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020A-1 | 5.000 | 11/15/48 | 7557337 |
| 4050000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2024B | 4.000 | 11/15/43 | 3693194 |
| 1465000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2024B | 4.000 | 11/15/44 | 1330378 |
| 8800000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2025A | 5.000 | 11/15/41 | 9251326 |
| 400000 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann?s Community Project, Series 2019 | 5.000 | 01/01/50 | 344358 |
| 1000000 (g) | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2024A-1, (UB) | 4.650 | 11/01/49 | 987634 |
| 1930000 (g) | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2024A-1, (UB) | 4.750 | 11/01/54 | 1925257 |
| 1140000 (g) | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2024B-1-A, (UB) | 4.750 | 11/01/54 | 1140952 |
| 540000 (c) | New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class F Series 2024 | 5.250 | 12/15/31 | 550017 |
| 175000 | New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Taxable Class E Series 2024 | 4.375 | 12/15/31 | 177426 |
| 2000000 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2015S-2 | 5.000 | 07/15/40 | 2007495 |
| 2785000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2018 Series A-3 | 5.000 | 08/01/41 | 2851619 |
| 1210000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2023F-1 | 5.250 | 02/01/40 | 1316409 |
| 4775000 | New York City, New York, General Obligation Bonds, Fiscal 2025 Series E | 5.000 | 08/01/41 | 5148900 |
| 6850000 | New York City, New York, General Obligation Bonds, Fiscal 2025 Series E | 5.000 | 08/01/42 | 7327372 |
| 1000000 | New York City, New York, General Obligation Bonds, Fiscal 2025 Series E | 5.000 | 08/01/45 | 1051549 |
| 1965000 | New York City, New York, General Obligation Bonds, Fiscal 2025 Series F | 5.000 | 08/01/42 | 2101940 |

---

250 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $1050000 | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024B-1 | 4.550% | 12/15/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001377 |
| 550000 | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024C | 4.000 | 12/15/39 | 522907 |
| 770000 | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024C | 4.300 | 12/15/44 | 720333 |
| 1625000 | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024C | 4.500 | 12/15/49 | 1537477 |
| 830000 | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024C | 4.550 | 12/15/54 | 791565 |
| 2500000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/41 | 2500332 |
| 1000000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.250 | 01/01/50 | 999965 |
| 1315000 | 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 | 1315037 |
| 795000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, (AMT) | 5.250 | 08/01/31 | 823568 |
| 555000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, (AMT) | 5.375 | 08/01/36 | 572894 |
| 2385000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024, (AMT) | 5.250 | 06/30/49 | 2439610 |
| 2860000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024, (AMT) | 5.500 | 06/30/54 | 2958247 |
| 465000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 5.500 | 06/30/39 | 494959 |
| 190000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 5.500 | 06/30/40 | 201523 |
| 250000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT) | 5.500 | 06/30/43 | 264403 |
| 280000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT) | 5.500 | 06/30/44 | 295493 |
| 995000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 6.000 | 06/30/54 | 1058394 |
| 1880000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT) | 5.125 | 06/30/60 | 1891815 |
| 3885000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 5.375 | 06/30/60 | 3952622 |
| 870000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Terminal 4 John F Kennedy International Airport Project, Series 2020C | 4.000 | 12/01/41 | 809936 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **251** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $3000000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT) | 5.000% | 10/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051900 |
| 1900000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT) | 6.000 | 04/01/35 | 2088182 |
| 3350000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT) | 5.625 | 04/01/40 | 3519531 |
| 545000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Forty Second Series 2023, (AMT) | 5.000 | 12/01/41 | 566444 |
| 1000000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Thirty-Eighth Series 2023, (AMT) | 5.000 | 07/15/38 | 1047897 |
| 1525000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 5.250 | 12/01/47 | 1617112 |
| 1835000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 5.250 | 12/01/48 | 1945445 |
| 2035000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 5.000 | 12/01/50 | 2111357 |
| 5190000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 5.500 | 12/01/59 | 5580793 |
|  | TOTAL NEW YORK |  |  | 120675855 |
|  | **NORTH CAROLINA - 0.3%** |  |  |  |
| 2500000 | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Refunding Series 2016B | 5.000 | 07/01/42 | 2552099 |
| 365000 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, The Forest at Duke, Inc., Series 2021 | 4.000 | 09/01/46 | 310927 |
| 230000 | North Carolina Medical Care Commission, Retirement Facility Revenue Bonds, Penick Village Project First Mortgage Series 2024A | 5.500 | 09/01/54 | 226051 |
|  | TOTAL NORTH CAROLINA |  |  | 3089077 |
|  | **NORTH DAKOTA - 0.3%** |  |  |  |
| 3000000 | North Dakota Housing Finance Agency, Home Mortgage Program Revenue Bonds, Social Series 2024D | 4.500 | 07/01/44 | 2953262 |
|  | TOTAL NORTH DAKOTA |  |  | 2953262 |
|  | **OHIO - 2.6%** |  |  |  |
| 5255000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2 | 0.000 | 06/01/57 | 523521 |
| 990000 | 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 | 873876 |
| 2000000 | Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2016 | 5.000 | 11/15/45 | 1967194 |
| 600000 | Dayton-Montgomery County Port Authority, Ohio, Development Revenue Bonds, Dayton Regional Stem Schools Inc. Project, Series 2024 | 5.000 | 12/01/44 | 603622 |
| 450000 | Dayton-Montgomery County Port Authority, Ohio, Development Revenue Bonds, Dayton Regional Stem Schools Inc. Project, Series 2024 | 5.000 | 12/01/60 | 436490 |
| 825000 (e) | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2025A | 5.500 | 08/01/42 | 872261 |
| 1555000 (e) | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2025A | 5.500 | 08/01/43 | 1633345 |
| 3860000 (c) | Jefferson County Port Authority, Ohio, Economic Development Revenue Bonds, JSW Steel USA Ohio, Inc. Project, Series 2023, (AMT), (Mandatory Put 12/01/28) | 5.000 | 12/01/53 | 3917788 |

---

252 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OHIO** (continued) |  |  |  |
| $500000 | Montgomery County, Ohio, Health Care Facilities Revenue Bonds, Solvita Project Refunding and Improvement Series 2024 | 5.250% | 09/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515417 |
| 500000 | Montgomery County, Ohio, Health Care Facilities Revenue Bonds, Solvita Project Refunding and Improvement Series 2024 | 5.250 | 09/01/54 | 506814 |
| 1000000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D | 3.375 | 08/01/29 | 980080 |
| 1665000 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, American Electric Power Company Project, Refunding Series 2005C, (AMT) | 3.700 | 04/01/28 | 1663529 |
| 3570000 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, American Electric Power Company Project, Refunding Series 2014C, (AMT) | 3.650 | 12/01/27 | 3564657 |
| 250000 (c) | Ohio Housing Finance Agency, Multifamily Housing Revenue Bonds, Silver Birch of Mansfield Project, Series 2024 | 6.000 | 01/01/45 | 247250 |
| 705000 (g) | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A, (UB) | 4.650 | 09/01/54 | 690620 |
| 9000000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A | 4.750 | 06/01/33 | 9355937 |
|  | TOTAL OHIO |  |  | 28352401 |
|  | **OKLAHOMA - 0.6%** |  |  |  |
| 2000000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/52 | 2028717 |
| 1000000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.000 | 01/01/45 | 1062631 |
| 1585000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.250 | 01/01/46 | 1710950 |
| 1670000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.250 | 01/01/47 | 1797981 |
|  | TOTAL OKLAHOMA |  |  | 6600279 |
|  | **OREGON - 0.1%** |  |  |  |
| 1450000 | Astoria Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Columbia Memorial Hospital Project, Series 2024 | 5.250 | 08/01/49 | 1495601 |
|  | TOTAL OREGON |  |  | 1495601 |
|  | **PENNSYLVANIA - 3.2%** |  |  |  |
| 800000 | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2023A - AGM Insured, (AMT) | 5.250 | 01/01/39 | 854476 |
| 900000 | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2023A - AGM Insured, (AMT) | 5.500 | 01/01/43 | 958106 |
| 1000000 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2019A | 4.000 | 07/15/37 | 985499 |
| 900000 (c) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront Project, Senior Series 2021 | 6.000 | 05/01/42 | 933996 |
| 180000 (c) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Project, Series 2018 | 5.000 | 05/01/33 | 182838 |
| 175000 (c) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Project, Subordinate Lien, Series 2018 | 5.125 | 05/01/32 | 176448 |
| 3000000 (c) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017 | 5.000 | 05/01/42 | 2927446 |
| 1900000 (c) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts Project, Series 2023 | 6.250 | 05/01/42 | 1875329 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **253** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **PENNSYLVANIA** (continued) |  |  |  |
| $1500000 | (c) | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2020 | 6.250% | 10/15/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133866 |
| 2000000 |  | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2017A-2 | 5.000 | 02/15/39 | 2029432 |
| 385000 |  | Lehigh County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds Seven Generations Charter School Series 2021A | 4.000 | 05/01/51 | 307166 |
| 1400000 | (c) | Lehigh County Industrial Development Authority, Pennsylvania, Revenue Bonds, Provident Group - Lehigh Valley International Airport Hotel Project First Tier Series 2025A-2 | 5.750 | 01/01/65 | 1352184 |
| 1065000 | (c) | Lehigh County Industrial Development Authority, Pennsylvania, Revenue Bonds, Provident Group - Lehigh Valley International Airport Hotel Project Second Tier Series 2025C | 6.750 | 01/01/65 | 1031337 |
| 690000 | (a),(c),(d) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1 | 10.000 | 12/01/40 | 69 |
| 690000 | (a),(c),(d) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, (AMT) | 10.000 | 12/01/40 | 69 |
| 1435000 | (a),(d) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A | 10.000 | 12/01/31 | 144 |
| 350000 |  | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, PPL Energy Supply, LLC Project, Refunding Series 2009C, (Mandatory Put 6/01/27) | 5.250 | 12/01/37 | 352849 |
| 2965000 |  | Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Guaranteed Series 2013B - BAM Insured | 0.000 | 01/01/45 | 1131117 |
| 2040000 |  | Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh Medical Center, Series 2017A | 4.000 | 11/15/42 | 1915124 |
| 3000000 | (g) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2023-143A, (UB) | 5.450 | 04/01/51 | 3042441 |
| 380000 | (g) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-144A, (UB) | 4.450 | 10/01/44 | 371205 |
| 2085000 | (g) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-144A, (UB) | 4.600 | 10/01/49 | 2050579 |
| 2910000 | (g) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A, (UB) | 4.750 | 10/01/49 | 2889434 |
| 2910000 | (g) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A, (UB) | 4.800 | 10/01/51 | 2888209 |
| 40000 |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2022B | 5.250 | 12/01/41 | 43549 |
| 525000 |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2022B | 5.250 | 12/01/42 | 566904 |
| 1500000 |  | Philadelphia Authority for Industrial Development, Pennsylvania, City Service Agreement Revenue Bonds, Series 2018 | 5.000 | 05/01/36 | 1553683 |
| 550000 | (c) | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana Bracetti Academy Project, Series 2020A | 5.375 | 06/15/50 | 513183 |
| 435000 | (c) | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana Bracetti Academy Project, Taxable Series 2020B | 4.875 | 12/15/35 | 420144 |
| 500000 | (c) | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana Bracetti Academy Project, Taxable Series 2020B | 5.125 | 12/15/44 | 462663 |
| 1615000 |  | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series of 2017 | 5.000 | 07/01/31 | 1641819 |
|  |  | TOTAL PENNSYLVANIA |  |  | 34591308 |

---

254 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PUERTO RICO - 5.8%** |  |  |  |
| $5950000 | Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset- Backed Bonds, Series 2008A | 0.000% | 05/15/57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373014 |
| 3125000 (c) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/30 | 3239358 |
| 3500000 (c) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 5.000 | 07/01/37 | 3594722 |
| 1500000 (c) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 4.000 | 07/01/42 | 1347865 |
| 3570000 (d) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Federally Taxable Build America Bonds, Series 2010YY | 6.125 | 07/01/40 | 1448436 |
| 1375000 (d) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 4.250 | 01/01/26 | 579949 |
| 1000000 (d) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Taxable Series 2010BBB | 5.400 | 07/01/28 | 407228 |
| 175000 (d) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/27 | 72297 |
| 500000 (d) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010AAA | 5.250 | 07/01/25 | 203505 |
| 2650000 (d) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010XX | 5.250 | 07/01/40 | 1190106 |
| 100000 (d) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 7.000 | 07/01/43 | 38338 |
| 2265000 (d) | Puerto Rico Electric Power Authority, Revenue Bonds, Taxable Series 2010EEE | 6.050 | 07/01/32 | 904788 |
| 545707 | Puerto Rico Highway and Transportation Authority Highway Revenue Bonds Series 2022 | 5.250 | 07/01/38 | 545841 |
| 2850000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.550 | 07/01/40 | 2824025 |
| 15000000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/51 | 3642092 |
| 3500000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 5.000 | 07/01/58 | 3452170 |
| 1000000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.784 | 07/01/58 | 953400 |
| 11292680 | Puerto Rico, GDB Debt Recovery Authority Commonwealth Bonds, Taxable Series 2018 | 7.500 | 08/20/40 | 11052368 |
| 9014471 | Puerto Rico, General Obligation Bonds, Clawback Highway Transportation Authority Claims Taxable Series 2022 | 0.000 | 11/01/51 | 5611508 |
| 5430000 | Puerto Rico, General Obligation Bonds, Commonwealth Clawback CVIS Taxable Series 2022 | 1.000 | 11/01/51 | 1819050 |
| 4905069 | Puerto Rico, General Obligation Bonds, Commonwealth Clawback CVIS Taxable Series 2022 | 1.000 | 11/01/51 | 2182756 |
| 1655672 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 0.000 | 07/01/33 | 1136505 |
| 3093000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/33 | 3031117 |
| 441 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/35 | 422 |
| 6992533 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/37 | 6616888 |
| 1349462 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/41 | 1235600 |
| 8341664 | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022 | 0.000 | 11/01/43 | 5234394 |
|  | TOTAL PUERTO RICO |  |  | 62737742 |

---

See Notes to Financial Statements 255

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **RHODE ISLAND - 0.9%** |  |  |  |
| $2000000 | Rhode Island Health and Educational Building Corporation, Public Schools Financing Program Revenue Bonds, City of Providence, Series 2024G - BAM Insured | 5.250% | 05/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161293 |
| 2000000 | Rhode Island Health and Educational Building Corporation, Public Schools Financing Program Revenue Bonds, City of Providence, Series 2024G - BAM Insured | 5.250 | 05/15/42 | 2151437 |
| 3500000 | Rhode Island Health and Educational Building Corporation, Public Schools Financing Program Revenue Bonds, City of Providence, Series 2024G - BAM Insured | 5.250 | 05/15/43 | 3753260 |
| 1750000 | Rhode Island Health and Educational Building Corporation, Public Schools Financing Program Revenue Bonds, City of<br> Providence, Series 2024G - BAM Insured | 5.250 | 05/15/44 | 1872427 |
|  | TOTAL RHODE ISLAND |  |  | 9938417 |
|  | **SOUTH CAROLINA - 1.1%** |  |  |  |
| 150000 (c) | Hardeeville, South Carolina, Special Assessment Revenue Bonds, East Argent Improvement District, Series 2021 | 3.875 | 05/01/41 | 109675 |
| 250000 | Lancaster County, South Carolina, Assessment Revenue Bonds, Walnut Creek Improvement District, Series 2016A-1 | 5.000 | 12/01/31 | 250053 |
| 1000000 (c) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Horse Creek Academy Project, Series 2021A | 5.000 | 11/15/55 | 898415 |
| 2670000 | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A | 5.500 | 11/01/49 | 2908458 |
| 1000000 | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A | 5.500 | 11/01/54 | 1067606 |
| 290000 | South Carolina Jobs-Economic Development Authority, Healthcare Revenue Bonds, Beaufort Memorial Hospital & South of Broad Healthcare Project, Series 2024 | 5.500 | 11/15/44 | 299083 |
| 2500000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod Health Projects, Refunding & Improvement Series 2018 | 5.000 | 11/01/43 | 2532344 |
| 3000000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Improvement Series 2021B | 4.000 | 12/01/39 | 2869163 |
| 1250000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016A | 5.000 | 12/01/38 | 1260576 |
|  | TOTAL SOUTH CAROLINA |  |  | 12195373 |
|  | **TENNESSEE - 1.8%** |  |  |  |
| 2000000 (c) | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Capital Appreciation Series 2016B | 0.000 | 12/01/31 | 1393663 |
| 485000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024 | 5.250 | 12/01/40 | 525311 |
| 570000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024 | 5.250 | 12/01/41 | 612776 |
| 1635000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024 | 5.250 | 12/01/42 | 1747979 |
| 1405000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024 | 5.250 | 12/01/43 | 1496595 |
| 2595000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024 | 5.250 | 12/01/44 | 2756305 |
| 1000000 (d) | Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A | 5.625 | 01/01/46 | 666818 |
| 2100000 | Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured | 5.000 | 07/01/42 | 2228176 |

---

256 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TENNESSEE** (continued) |  |  |  |
| $800000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University, Series 2023 | 5.000% | 05/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845310 |
| 3240000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Series 2023A | 5.000 | 07/01/28 | 3436872 |
| 3490000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds,<br> Vanderbilt University, Series 2023A | 5.000 | 07/01/33 | 3881373 |
|  | TOTAL TENNESSEE |  |  | 19591178 |
|  | **TEXAS - 5.4%** |  |  |  |
| 1000000 (c) | Abilene Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Second-Lien Series 2021B | 5.000 | 10/01/50 | 827731 |
| 1355000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Brooks Academies, Series 2021A | 4.000 | 06/15/31 | 1289994 |
| 1500000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Brooks Academies, Series 2021A | 5.000 | 06/15/51 | 1332741 |
| 340000 (c) | Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Improvement Area 1 Project, Series 2025 | 5.875 | 09/01/45 | 335068 |
| 500000 (c) | Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Major Improvement Area Project, Series 2025 | 6.750 | 09/01/55 | 487674 |
| 3305000 | Chambers County Justice Center Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2024 | 5.500 | 06/01/49 | 3503565 |
| 5270000 | Chambers County Justice Center Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2024 | 5.500 | 06/01/55 | 5554619 |
| 174000 (c) | City of Midlothian, Texas, Westside Preserve Public Improvement District Improvement Area #1 Project Special Assessment Revenue Bonds Series 2022 | 4.375 | 09/15/27 | 173547 |
| 275000 (c) | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Valor Education Foundation, Series 2024A | 6.000 | 06/15/54 | 268400 |
| 395000 | Dallas Fort Worth International Airport, Texas, Joint Revenue Bonds Refunding Series 2023C, (AMT) | 5.000 | 11/01/27 | 411401 |
| 400000 (c) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District Major Improvement Area Project, Series 2025 | 6.125 | 12/31/55 | 391282 |
| 265000 (c) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District, Improvement Area 1 Project, Series 2025 | 5.375 | 12/31/45 | 259815 |
| 1280000 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B | 4.750 | 11/01/42 | 1257986 |
| 680000 | Galveston, Texas, Wharves and Terminal First Lien Revenue Bonds, Series 2023, (AMT) | 6.000 | 08/01/43 | 739052 |
| 2500000 | Greater Texas Cultural Educational Facilities Finance Corporation, Texas, Revenue Bonds, Biomedical Research Institute Series 2024A | 5.250 | 06/01/49 | 2553102 |
| 4800000 | Greater Texas Cultural Educational Facilities Finance Corporation, Texas, Revenue Bonds, Biomedical Research Institute Series 2024A | 5.250 | 06/01/54 | 4867424 |
| 1250000 | Harris County Industrial Development Corporation, Texas, Revenue Bonds, Energy Transfer LP Project, Marine Terminal Refunding Series 2023, (Mandatory Put 6/01/33) | 4.050 | 11/01/50 | 1247297 |
| 80000 | Hays County, Texas, Special Assessment Revenue Bonds, La Cima Public Improvement District Major Public Improvement Project, Series 2015 | 7.000 | 09/15/45 | 80187 |
| 2000000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc. Terminal Improvement Project, Refunding Series 2015B-1, (AMT) | 5.000 | 07/15/35 | 2000205 |
| 1525000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Technical Operations Center Project, Series 2018, (AMT) | 5.000 | 07/15/28 | 1562893 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **257** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $5975000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.250% | 07/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6237671 |
| 1120000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/36 | 1181756 |
| 1200000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/38 | 1257606 |
| 1000000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014 | 5.000 | 09/01/32 | 1001330 |
| 5615000 | Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds, Refunding Series 2021 - AGM Insured, (AMT) | 4.000 | 11/01/38 | 5478091 |
| 500000 (c) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Improvement Area 1 Project, Series 2021 | 4.125 | 09/01/41 | 432827 |
| 1500000 | Matagorda County Navigation District 1, Texas, Pollution Control Revenue Bonds, AEP Texas Central Company Project, Remarketing, Series 2008-1 | 4.000 | 06/01/30 | 1500327 |
| 500000 (c) | Mesquite, Texas, Special Assessment Bonds, Iron Horse Public Improvement District Project, Series 2019 | 5.750 | 09/15/39 | 503508 |
| 500000 (c) | Mesquite, Texas, Special Assessment Bonds, Iron Horse Public Improvement District Project, Series 2019 | 6.000 | 09/15/49 | 507216 |
| 500000 (c) | Mesquite, Texas, Special Assessment Revenue Bonds, Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 | 5.500 | 09/01/43 | 508793 |
| 1000000 (c) | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT) | 4.625 | 10/01/31 | 997123 |
| 35000 (d) | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021A-1 | 7.500 | 11/15/37 | 27777 |
| 230000 (d) | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021A-2 | 7.500 | 11/15/36 | 188925 |
| 1060650 (d) | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021B | 0.380 | 11/15/61 | 387324 |
| 25000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Legacy Midtown Park Project, Series 2018A | 5.500 | 07/01/54 | 18348 |
| 1145000 (d) | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A | 5.000 | 07/01/47 | 1098267 |
| 3500000 (c) | Port Beaumont Industrial Development Authority, Texas, Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021B | 4.100 | 01/01/28 | 3176893 |
| 405000 (c) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2024A, (AMT) | 5.000 | 01/01/39 | 408466 |
| 100000 (c) | Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement District 2 Phase 1 Project, Series 2019 | 4.750 | 09/01/49 | 92544 |
| 100000 (c) | Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement District 2 Phase 2-6 Major Improvement Project, Series 2019 | 5.500 | 09/01/39 | 101069 |
| 190000 (c) | Princeton, Texas, Special Assessment Revenue Bonds, Winchester Crossing Public Improvement District 3 Project, Series 2024 | 5.125 | 09/01/44 | 181402 |
| 570000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.375 | 06/30/38 | 600574 |
| 565000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.500 | 06/30/41 | 593013 |

---

258 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **TEXAS** (continued) |  |  |  |
| $800000 |  | 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% | 06/30/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752079 |
| 655000 |  | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2021 | 4.000 | 10/15/51 | 602093 |
| 1365000 |  | Waco, Texas, Certificates of Obligation, Combination Tax & Revenue Series 2024A | 5.000 | 02/01/43 | 1454076 |
|  |  | TOTAL TEXAS |  |  | 58433081 |
|  |  | **UTAH - 0.6%** |  |  |  |
| 240000 | (c) | Black Desert Public Infrastructure District, Washington County, Utah, Special Assessment Bonds, Black Desert Assessment Area 1, Series 2024 | 5.625 | 12/01/53 | 240732 |
| 245000 | (c),(d) | Box Elder County, Utah, Solid Waste Disposal Revenue Bonds, Promontory Point Res, LLC, Senior Series 2017A, (AMT) | 8.000 | 12/01/39 | 237107 |
| 640000 |  | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.250 | 07/01/43 | 669913 |
| 955000 | (c) | Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School Project, Series 2020A | 5.125 | 07/15/51 | 827383 |
| 1345000 | (g) | Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024C, (UB) | 4.650 | 01/01/49 | 1324832 |
| 500000 | (c) | Wakara Ridge Public Infrastructure District, Utah, Special Assessment Bonds, Wakara Ridge Assessment Area, Series 2025 | 5.625 | 12/01/54 | 502654 |
| 2540000 | (c) | Wohali Public Infrastructure District 1, Utah, Special Assessment Revenue Bonds, Assessment Area 1 Series 2023 | 7.000 | 12/01/42 | 2534075 |
|  |  | TOTAL UTAH |  |  | 6336696 |
|  |  | **VIRGIN ISLANDS - 0.4%** |  |  |  |
| 1295000 |  | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, Series 2022A | 5.000 | 10/01/30 | 1349753 |
| 1470000 |  | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, Series 2022A | 5.000 | 10/01/39 | 1496323 |
| 1000000 | (c) | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds WICO Financing Series 2022A | 6.125 | 10/01/42 | 960919 |
|  |  | TOTAL VIRGIN ISLANDS |  |  | 3806995 |
|  |  | **VIRGINIA - 1.0%** |  |  |  |
| 905000 |  | Alexandria Sanitation Authority, Virginia, Wastewater Revenue Bonds, Alexrenew Green Series 2024 | 5.000 | 07/15/54 | 951929 |
| 1895000 | (c) | Cherry Hill Community Development Authority, Virginia, Special Assesment Bonds, Potomac Shores Project, Series 2015 | 5.400 | 03/01/45 | 1895107 |
| 4380000 |  | Roanoke Economic Development Authority, Virginia, Hospital Revenue Bonds, Carilion Clinic Obligated Group, Series 2020D, (Mandatory Put 7/01/30) | 5.000 | 07/01/53 | 4694225 |
| 100000 | (c) | Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A | 8.375 | 04/01/41 | 96825 |
| 1785000 |  | Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing OPCO, LLC Project, Refunding Senior Lien Series 2022, (AMT) | 4.000 | 01/01/40 | 1667753 |
| 1450000 | (c) | Virginia Small Business Financing Authority, Tourism Development Financing Program Revenue Bonds, Virginia Beach Oceanfront South Hotel Project, Taxable Senior Series 2020B-1 | 12.000 | 10/01/50 | 1602739 |
|  |  | TOTAL VIRGINIA |  |  | 10908578 |
|  |  | **WASHINGTON - 3.4%** |  |  |  |
| 1525000 |  | Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT) | 5.000 | 06/01/43 | 1583672 |
| 1545000 |  | Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT) | 5.000 | 06/01/44 | 1600820 |
| 1780000 |  | Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT) | 5.000 | 06/01/45 | 1839469 |
| 1050000 |  | Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT) | 5.000 | 06/01/46 | 1085399 |
| 1625000 |  | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2017C, (AMT) | 5.000 | 05/01/30 | 1668473 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **259** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WASHINGTON** (continued) |  |  |  |
| $5545000 |  | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Center, Series 2025A | 5.000% | 03/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6142793 |
| 3250000 |  | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Center, Series 2025A | 5.000 | 03/01/37 | 3596572 |
| 2500000 |  | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Center, Series 2025A | 5.000 | 03/01/38 | 2753767 |
| 2875000 |  | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Center, Series 2025A | 5.000 | 03/01/39 | 3117552 |
| 2500000 |  | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Center, Series 2025A | 5.000 | 03/01/40 | 2690097 |
| 1770000 |  | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2014D | 5.000 | 10/01/41 | 1773394 |
| 3000000 |  | Washington Health Care Facilities Authority, Revenue Bonds, Providence Saint Joseph Health, Refunding Series 2021B, (Mandatory Put 10/01/30) | 4.000 | 10/01/42 | 3045274 |
| 200000 | (c),(i) | Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Herons Key Senior Living, Series 2015A, (Pre-refunded 7/01/25) | 7.000 | 07/01/45 | 201691 |
| 7018422 |  | Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2023-1<br> Class A | 3.375 | 04/20/37 | 6178338 |
|  |  | TOTAL WASHINGTON |  |  | 37277311 |
|  |  | **WEST VIRGINIA - 0.4%** |  |  |  |
| 800000 |  | .Ohio County Commission, West Virginia, Tax Increment Revenue Bonds, The Highlands Project, Refunding & Improvement Series 2024 | 5.250 | 06/01/53 | 796132 |
| 100000 | (c) | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2017A | 5.500 | 06/01/37 | 101276 |
| 150000 | (c) | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Subordinate Improvement Series 2023A | 7.000 | 06/01/43 | 157633 |
| 915000 | (c) | West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, Empire Trimodal Terminal, LLC Project, Series 2020 | 7.625 | 12/01/40 | 726766 |
| 250000 | (c) | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Core Natural Resources, INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35) | 5.450 | 01/01/55 | 256086 |
| 1000000 |  | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Refunding & Improvement Series 2019A | 5.000 | 09/01/31 | 1037362 |
| 1135000 |  | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A | 5.000 | 06/01/43 | 1179412 |
|  |  | TOTAL WEST VIRGINIA |  |  | 4254667 |
|  |  | **WISCONSIN - 3.8%** |  |  |  |
| 2500000 | (c) | Gillett, Wisconsin, Solid Waste Disposal Revenue Bonds, WI RNG Hub North LLC Renewable Natural Gas Production Plant Project, Series 2021A | 5.500 | 12/01/32 | 1961344 |
| 105000 | (c) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School Bonds, North Carolina, Series 2019A | 5.000 | 06/15/49 | 91763 |
| 75000 | (c) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School, North Carolina, Series 2017A | 4.250 | 06/15/29 | 73150 |
| 375000 | (c) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Eno River Academy Project, Series 2020A | 4.000 | 06/15/30 | 367725 |
| 150000 | (c) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Founders Academy of Las Vegas, Series 2020A | 5.000 | 07/01/40 | 139768 |
| 100000 | (c) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Freedom Classical Academy Inc., Series 2020A | 5.000 | 01/01/42 | 93146 |
| 230000 | (c) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Freedom Classical Academy Inc., Series 2020A | 5.000 | 01/01/56 | 199450 |

---

260 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $410000 |  | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North East Carolina Preparatory School Project, Refunding Series 2024A | 5.000% | 06/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402351 |
| 250000 | (c) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Research Triangle High School Project, North Carolina, Series 2015A | 5.625 | 07/01/45 | 250104 |
| 100000 | (c) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, North Carolina, Series 2017A | 5.500 | 06/15/37 | 101163 |
| 3018 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/47 | 88 |
| 2638 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/48 | 72 |
| 2596 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/49 | 67 |
| 2512 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/50 | 60 |
| 2469 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/51 | 55 |
| 3208 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/52 | 67 |
| 3166 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/53 | 62 |
| 3060 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/54 | 56 |
| 2997 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/55 | 52 |
| 2934 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/56 | 48 |
| 159690 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 5.500 | 07/01/56 | 117454 |
| 3250 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/57 | 50 |
| 3166 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/58 | 46 |
| 3082 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/59 | 43 |
| 3018 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/60 | 39 |
| 2976 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/61 | 36 |
| 2891 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/62 | 33 |
| 2828 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/63 | 31 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **261** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $2765 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000% | 01/01/64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| 2723 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/65 | 27 |
| 2934 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/66 | 27 |
| 35337 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/67 | 288 |
| 2735000 | (c) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Bonnie Cone Classical Academy, Series 2024 | 5.500 | 06/15/49 | 2669467 |
| 175000 |  | Public Finance Authority of Wisconsin, Education Revenue Bonds, Shining Rock Classical Academy, Series 2022A | 6.125 | 06/15/57 | 170423 |
| 750000 | (c) | Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore Academy, Series 2019A | 5.250 | 06/01/39 | 705822 |
| 1000000 | (c) | Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore Academy, Series 2021A | 5.000 | 06/01/56 | 849125 |
| 545000 |  | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cornerstone Charter Academy Series 2024 | 5.000 | 02/01/54 | 535515 |
| 1000000 | (c) | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy Project, Series 2021 | 5.000 | 08/01/56 | 716735 |
| 1000000 |  | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2016, (AMT) | 4.000 | 08/01/35 | 956275 |
| 375000 |  | Public Finance Authority of Wisconsin, Health Care Facilities Revenue Bonds, Appalachian Regional Healthcare System Obligated Group, Series 2021A | 5.000 | 07/01/41 | 365723 |
| 2000000 |  | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien Series 2022A | 5.000 | 02/01/52 | 1986233 |
| 1665000 | (c) | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Subordinate Lien Series 2022B | 5.625 | 02/01/46 | 1714018 |
| 2000000 | (c) | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Subordinate Lien Series 2022B | 6.000 | 02/01/62 | 2070513 |
| 2000000 | (c) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 6.750 | 12/01/42 | 2024449 |
| 3000000 | (c) | Public Finance Authority of Wisconsin, Multifamily Housing Revenue Bonds, Promenade Apartments Project, Series 2024 | 6.250 | 02/01/39 | 3048850 |
| 3750000 |  | Public Finance Authority of Wisconsin, Pollution Control Revenue Bonds, Duke Energy Progress Project, Refunding Series 2022B, (Mandatory Put 10/01/30) | 4.000 | 10/01/46 | 3754724 |
| 105000 | (c),(d) | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Gulf Coast Zoo, Series 2018A | 6.500 | 09/01/48 | 63000 |
| 500000 | (c),(d) | Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, Senior Series 2018A | 6.950 | 07/01/38 | 350000 |
| 1275000 | (c) | Public Finance Authority of Wisconsin, Revenue Bonds, Revolution Academy, Refunding Series 2023A | 6.250 | 10/01/58 | 1315780 |
| 1250000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group Aviation Facilities Project, Series 2021, (AMT) | 4.000 | 07/01/41 | 1100886 |
| 1750000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group Aviation Facilities Project, Series 2021, (AMT) | 4.250 | 07/01/54 | 1434453 |
| 1085000 | (e) | Public Finance Authority of Wisconsin, Revenue Bonds, Triad Educational Services, Inc. Math & Science Academy, Series 2025 | 5.500 | 06/15/55 | 1093074 |
| 950000 | (e) | Public Finance Authority of Wisconsin, Revenue Bonds, Triad Educational Services, Inc. Math & Science Academy, Series 2025 | 5.250 | 06/15/65 | 912335 |

---

262 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $635000 | (e) | Public Finance Authority of Wisconsin, Revenue Bonds, Triad Educational Services, Inc. Math & Science Academy, Series 2025 | 5.400% | 06/15/65 | $625195 |
| 180000 | (c),(d) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.250 | 01/01/38 | 81000 |
| 865000 | (c),(d) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.375 | 01/01/48 | 389250 |
| 980000 | (d) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018B-2 | 0.000 | 01/01/49 | 441000 |
| 125000 | (a),(d) | Public Finance Authority of Wisconsin, Wisconsin Revenue Note, KDC Agribusiness LLC Project, Series 2022B | 15.000 | 12/31/25 | 13 |
| 2000000 | (c) | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A | 5.000 | 06/15/48 | 1957237 |
| 1000000 |  | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2024A | 5.000 | 06/15/64 | 967392 |
| 1100000 | (c) | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Wilson Preparatory Academy, Series 2019A | 5.000 | 06/15/49 | 1025036 |
| 600000 | (c) | Public Finance Authority, Wisconsin, Revenue Bonds, Two Step Project, Series 2024 | 0.000 | 12/15/34 | 335544 |
| 1070000 | (c) | Public Finance Authority, Wisconsin, Tax Increment Revenue Senior Bonds, World Center Project Series 2024A | 5.000 | 06/01/41 | 1088804 |
| 500000 | (c) | Public Finance Authority, Wisconsin, Tax Increment Revenue Subordinate Bonds, World Center Project Series 2024B | 8.000 | 06/15/42 | 503434 |
| 200000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Phase 2 Project, Series 2024 | 5.450 | 10/01/39 | 201863 |
| 2500000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Froedtert Health, Inc. Obligated Group, Series 2017A | 4.000 | 04/01/39 | 2364052 |
|  |  | TOTAL WISCONSIN |  |  | 41615914 |
|  |  | **TOTAL MUNICIPAL BONDS<br>(Cost $1,118,472,401)** |  |  | **1091484277** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VARIABLE RATE SENIOR LOAN INTERESTS - 0.0%** |  |  |  |
|  |  | **CAPITAL GOODS - 0.0%** |  |  |  |
| 193014 | (a),(d) | KDC Agribusiness Fairless Hills LLC | 12.000 | 09/15/23 | 20 |
|  |  | TOTAL CAPITAL GOODS |  |  | 20 |
|  |  | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS<br>(Cost $193,014)** |  |  | **20** |
|  |  | **TOTAL LONG-TERM INVESTMENTS<br>(Cost $1,123,171,290)** |  |  | **1096393702** |
|  |  | FLOATING RATE OBLIGATIONS - (3.1)% |  |  | **(34300000)** |
|  |  | OTHER ASSETS & LIABILITIES, NET - 2.6% |  |  | **28941582** |
|  |  | NET ASSETS - 100% |  |  | $**1091035284** |

---

AMT Alternative Minimum Tax

SOFR Secured Overnight Financing Rate

UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

(a) For fair value measurement disclosure purposes, investment classified as Level 3.

(b) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(c) 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 $248,090,345 or 22.6% of Total Investments.

(d) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(e) When-issued or delayed delivery security.

(f) 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.

(g) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(h) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

---

| | |
|:---|:---|
| See Notes to Financial Statements | **263** |

---

------

Portfolio of Investments March 31, 2025 (continued)

Strategic Municipal Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) 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.

264 *See Notes to Financial Statements*

------

## Statement of Assets and Liabilities

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **March 31, 2025** | **High Yield** | **Short Duration**<br> **High Yield** | **Strategic<br>Municipal<br>Opportunities** |
|  **ASSETS** |  |  |  |
|  Long-term investments, at value<sup>†</sup><sup>‡</sup> | $18298120684 | $5083414530 | $1096393702 |
|  Affiliated investments, at value<sup>++</sup> |  | 23826000 |  |
|  Investments purchased with collateral from securities lending, at value (cost approximates value) |  | 76623 |  |
|  Short-term investments, at value<sup>à</sup> | 109150000 | 136920000 |  |
|  Cash | 2607249 |  | 19776708 |
|  Cash collateral at broker for investments in futures contracts<sup>(1)</sup> | 18 | 8692520 | 39 |
|  Unrealized appreciation on credit default swaps contracts | 2683940 |  |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 395969547 | 86041555 | 18302822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 195498272 | 168840906 | 348771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaims | 1742 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from Adviser |  | 5811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7903485 | 16158272 | 716327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of Vistra Vision interest<sup>#(2)</sup> | 713774585 | 181784914 | 12111950 |
|  Unfunded commitments | 55650350 | 9766610 | 814450 |
|  Other | 1063670 | 374358 | 85293 |
|  **Total assets** | **19782423542** | **5715902099** | **1148550062** |
|  **LIABILITIES** |  |  |  |
|  Cash overdraft |  | 2630179 |  |
|  Floating rate obligations | 5004553000 | 201550000 | 34300000 |
|  Swaps premiums received | 2461040 |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 6045117 | 2271753 | 448038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral from securities lending |  | 76623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 9940429 | 2639272 | 302092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 50363661 | 2032589 | 294643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - regular settlement | 157389872 | 5116667 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - when-issued/delayed-delivery settlement | 42393566 | 80610846 | 17309145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 50453171 | 15155953 | 3741629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 14063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Vision sale transactions costs<sup>(2)</sup> | 16840962 | 4289075 | 285772 |
|  Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 435865 | 218889 | 90084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 885800 | 221298 | 32789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 64247 | 4922 | 8530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 230841 | 80581 | 28190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees | 1161522 | 470331 | 115986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 distribution and service fees | 1590542 | 279043 | 55472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 7466 | 8381 | 2408 |
|  **Total liabilities** | **5344817101** | **317670465** | **57514778** |
|  **Commitments and contingencies<sup>(3)</sup>** |  |  |  |
|  **Net assets** | $**14437606441** | $**5398231634** | $**1091035284** |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid-in capital | $17956251403$| 6020729452 | $1271901407 |
|  Total distributable earnings (loss) | (3518644962) | (622497818) | (180866123) |
|  **Net assets** | $**14437606441** | $**5398231634** | $**1091035284** |
|  <sup>†</sup> Long-term investments, cost | $19500126014 | $5306504605 | $1123171290 |
|  <sup>++</sup> Affiliated investments, cost | $— | $24014250 | $— |
|  <sup>à</sup> Short-term investments, cost | $109150000 | $136920000 | $— |
|  ‡ Includes securities loaned of | $— | $75240 | $— |
|  <sup>#</sup> Net of discount of | $51273677 | $13173044 | $877692 |

---

(1) Cash pledged to collateralize the net payment obligations for investments in derivatives.

(2) Refer to Note 4 of the Notes to Financial Statements for more information.

(3) As disclosed in Notes to Financial Statements.

*See Notes to Financial Statements.* 

#### 265

------

Statement of Assets and Liabilities(continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **High Yield** | **Short Duration<br>High Yield** | **Strategic Municipal<br>Opportunities** |
|  **CLASS A:** |  |  |  |
|  Net assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112763550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207532581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214673815 |
|  Shares outstanding | 421241048 | 126236086 | 21746504 |
|  Net asset value ("NAV") per share | $14.51 | $9.57 | $9.87 |
|  Maximum sales charge | 4.20% | 2.50% | 3.00% |
|  Offering price per share (NAV per share plus maximum sales charge) | $15.15 | $9.82 | $10.18 |
|  **CLASS C:** |  |  |  |
|  Net assets | $619536909 | $87149204 | $21329834 |
|  Shares outstanding | 42742541 | 9099602 | 2161386 |
|  NAV and offering price per share | $14.49 | $9.58 | $9.87 |
|  **CLASS R6:** |  |  |  |
|  Net assets | $488723408 | $- | $- |
|  Shares outstanding | 33650475 |  |  |
|  NAV and offering price per share | $14.52 | $- | $- |
|  **CLASS I:** |  |  |  |
|  Net assets | $7216582574 | $4103549849 | $855031635 |
|  Shares outstanding | 497107650 | 428175240 | 86550013 |
|  NAV and offering price per share | $14.52 | $9.58 | $9.88 |
|  Authorized shares - per class | Unlimited | Unlimited | Unlimited |
|  Par value per share | $0.01 | $0.01 | $0.01 |

---

*See Notes to Financial Statements.* 

#### 266

------

## Statement of Operations

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended March 31, 2025** | **High Yield** | **Short Duration High<br>Yield** | **Strategic Municipal<br>Opportunities** |
|  **INVESTMENT INCOME** |  |  |  |
|  Dividends | $5583243 | $1414105 | $94219 |
|  Dividends from affiliated investments |  | 25330 |  |
|  Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087016275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246550294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53799328 |
|  Securities lending income, net | 2109 | 269 |  |
|  Tax withheld | (2482) |  |  |
|  Total investment income | 1092599145 | 247989998 | 53893547 |
|  **EXPENSES** |  |  |  |
|  Management fees | 75864481 | 23726283 | 5165073 |
|  12b-1 service fees - Class A | 13178644 | 2178846 | 422226 |
|  12b-1 distribution and service fees - Class C | 7155213 | 888893 | 240504 |
|  Shareholder servicing agent fees - Class A | 2130914 | 401597 | 89217 |
|  Shareholder servicing agent fees - Class C | 234469 | 32696 | 10156 |
|  Shareholder servicing agent fees - Class R6 | 14047 |  |  |
|  Shareholder servicing agent fees - Class I | 2557774 | 1324533 | 356012 |
|  Interest expense | 197203318 | 8400064 | 1012700 |
|  Trustees fees | 606443 | 183199 | 41553 |
|  Custodian expenses, net | 413623 | 372459 | 71682 |
|  Registration fees | 382674 | 238707 | 94754 |
|  Professional fees | 3580980 | 672043 | 122726 |
|  Shareholder reporting expenses | 260919 | 109827 | 45435 |
|  Other | 224837 | 77390 | 28975 |
|  Total expenses | 303808336 | 38606537 | 7701013 |
|  **Net investment income (loss)** | **788790809** | **209383461** | **46192534** |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
|  Realized gain (loss) from: |  |  |  |
|  Investments | 600439409 | 143875246 | 15595958 |
|  Futures contracts |  | 4731372 |  |
|  Swap contracts | (223314409) | (87206782) | (5813413) |
|  Net realized gain (loss) | 377125000 | 61399836 | 9782545 |
|  Change in unrealized appreciation (depreciation) on: |  |  |  |
|  Investments | (835029289) | (95419490) | (24125045) |
|  Affiliated investments |  | (188250) |  |
|  Futures contracts |  | (6539413) |  |
|  Swap contracts | (374451) |  |  |
|  Net change in unrealized appreciation (depreciation) | (835403740) | (102147153) | (24125045) |
|  Net realized and unrealized gain (loss) | (458278740) | (40747317) | (14342500) |
|  **Net increase (decrease) in net assets from operations** | $**330512069** | $**168636144** | $**31850034** |

---

*See Notes to Financial Statements.* 

#### 267

------

## Statement of Changes in Net Assets

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield** | **High Yield** | **Short Duration High Yield** | **Short Duration High Yield** |
|  | **Year Ended**<br> **3/31/25** | **Year Ended**<br> **3/31/24** | **Year Ended**<br> **3/31/25** | **Year Ended**<br> **3/31/24** |
|  **OPERATIONS** |  |  |  |  |
|  Net investment income (loss) | $788790809 | $767787117 | $209383461 | $191169606 |
|  Net realized gain (loss) | 377125000 | (370962264) | 61399836 | (35122600) |
|  Net change in unrealized appreciation (depreciation) | (835403740) | 170000165 | (102147153) | 68532738 |
|  Net increase (decrease) in net assets from operations | 330512069 | 566825018 | 168636144 | 224579744 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
|  Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (332359332) | (338937827) | (51008358) | (44586261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (30374488) | (36220180) | (3428810) | (3746346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (28379472) | (39656628) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (413967943) | (440121077) | (174492882) | (151697717) |
|  Return of Capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (18313963) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | (2321463) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (2033759) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (22855534) |  |  |
|  Total distributions | (805081235) | (900460431) | (228930050) | (200030324) |
|  **FUND SHARE TRANSACTIONS** |  |  |  |  |
|  Subscriptions | 4465184910 | 5911618751 | 2846119611 | 1925046797 |
|  Reinvestments of distributions | 681234833 | 744019473 | 201842560 | 170646037 |
|  Redemptions | (6411073485) | (8460745082) | (1695574000) | (3296354480) |
|  Net increase (decrease) from Fund share transactions | (1264653742) | (1805106858) | 1352388171 | (1200661646) |
|  Net increase (decrease) in net assets | (1739222908) | (2138742271) | 1292094265 | (1176112226) |
|  Net assets at the beginning of period | 16176829349 | 18315571620 | 4106137369 | 5282249595 |
|  **Net assets at the end of period** | $**14437606441** | $**16176829349** | $**5398231634** | $**4106137369** |

---

*See Notes to Financial Statements.* 

#### 268

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Strategic Municipal Opportunities** | **Strategic Municipal Opportunities** |
|  | **Year Ended**<br> **3/31/25** | **Year Ended**<br> **3/31/24** |
|  **OPERATIONS** |  |  |
|  Net investment income (loss) | $46192534 | $42147396 |
|  Net realized gain (loss) | 9782545 | (21994741) |
|  Net change in unrealized appreciation (depreciation) | (24125045) | 37950742 |
|  Net increase (decrease) in net assets from operations | 31850034 | 58103397 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
|  Dividends: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (8640489) | (7795935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (790365) | (846323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (36300047) | (33086712) |
|  Total distributions | (45730901) | (41728970) |
|  **FUND SHARE TRANSACTIONS** |  |  |
|  Subscriptions | 337213822 | 476047797 |
|  Reinvestments of distributions | 42417252 | 39081378 |
|  Redemptions | (307173993) | (616535495) |
|  Net increase (decrease) from Fund share transactions | 72457081 | (101406320) |
|  Net increase (decrease) in net assets | 58576214 | (85031893) |
|  Net assets at the beginning of period | 1032459070 | 1117490963 |
|  **Net assets at the end of period** | $**1091035284** | $**1032459070** |

---

*See Notes to Financial Statements.* 

#### 269

------

## Statement of Cash Flows

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Year Ended March 31, 2025** | **High Yield** |
|  **CASH FLOWS FROM OPERATING ACTIVITIES** |  |
|  **Net Increase (Decrease) in Net Assets from Operations** | $**330512069** |
|  Adjustments to reconcile the net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: | Adjustments to reconcile the net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: |
|  Purchases of investments | (3600012142) |
|  Proceeds from sale and maturities of investments | 5283693439 |
|  Proceeds from (Purchase of) short-term investments, net | 542050000 |
|  Proceeds from litigation settlement | 384 |
|  Premiums received (paid) for credit default swaps contracts | (906568) |
|  Amortization (Accretion) of premiums and discounts, net | (83030785) |
| (Increase) Decrease in: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for interest | 15137601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for reclaims | (1742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 15828222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for sale of Vistra Vision | (713774585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1126017 |
|  Increase (Decrease) in: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for interest | (8331059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased - regular settlement | (6202465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased - when-issued/delayed-delivery settlement | 26531093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for management fees | (574408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Vistra Vision sale transactions costs | 16840962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian fees | (188912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 distribution and service fees | (229118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Trustees fees | (1095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | (31387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder reporting expenses | 7438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder servicing agent fees | (218469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 7466 |
|  Net realized (gain) loss from investments | (600439409) |
|  Net realized (gain) loss from paydowns | (6410369) |
|  Net change in unrealized (appreciation) depreciation of investments | 835029289 |
|  Net change in unrealized (appreciation) depreciation of swap contracts | 374451 |
|  Net cash provided by (used in) operating activities | 2046785918 |
|  **CASH FLOWS FROM FINANCING ACTIVITIES** |  |
|  Proceeds from borrowings | 278000000 |
| (Repayments) of borrowings | (278000000) |
|  Proceeds from floating rate obligations | 851423000 |
|  (Repayments of) floating rate obligations | (866565000) |
|  Cash distributions paid to common shareholders | (124607612) |
|  Subscriptions | 4486196090 |
|  Redemptions | (6410316095) |
|  Net cash provided by (used in) financing activities | (2063869617) |
|  **Net increase (decrease) in cash and cash collateral at brokers** | (17083699) |
|  Cash and cash collateral at brokers at the beginning of period | 19690966 |
|  Cash and cash collateral at brokers at the end of period | $2607267 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** | **High Yield** |
|  Cash paid for interest | $202258655 |
|  Non-cash financing activities not included herein consists of reinvestments of share distributions | 681234833 |

---

The following table provides a reconciliation of cash and cash collateral at brokers to the Statement of Assets and Liabilities:

---

| | |
|:---|:---|
|  | **High Yield** |
|  Cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607249 |
|  Cash collateral at broker for investments in futures contracts | 18 |
|  **Total cash and cash collateral at brokers** | $2607267 |

---

*See Notes to Financial Statements.* 

#### 270

------

## Financial Highlights

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | |
|  | **Net Asset**<br> **Value,<br>Beginning**<br> **of Period** | **Net<br>Investment**<br> **Income**<br> (NII)<br> (Loss)<sup>(a)</sup> | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From<br>NII** | **From<br>Net Realized**<br> **Gains** | **Return**<br> **of**<br> **Capital** | **Total** | **Net Asset**<br> **Value,<br>End of**<br> **Period** |
|  **High Yield** |  |  |  |  |  |  |  |  |  |
|  **Class A** |  |  |  |  |  |  |  |  |  |
| 3/31/25 | $14.97 | $0.74 | $(0.44) | $0.30 | $(0.76) | $— | $— | $(0.76) | $14.51 |
| 3/31/24 | 15.15 | 0.67 | (0.07) | 0.60 | (0.74) |  | (0.04) | (0.78) | 14.97 |
| 3/31/23 | 16.95 | 0.81 | (1.80) | (0.99) | (0.81) |  |  | (0.81) | 15.15 |
| 3/31/22 | 17.87 | 0.83 | (0.93) | (0.10) | (0.82) |  |  | (0.82) | 16.95 |
| 3/31/21 | 16.22 | 0.88 | 1.62 | 2.50 | (0.85) |  |  | (0.85) | 17.87 |
|  **Class C** |  |  |  |  |  |  |  |  |  |
| 3/31/25 | 14.95 | 0.62 | (0.44) | 0.18 | (0.64) |  |  | (0.64) | 14.49 |
| 3/31/24 | 15.14 | 0.54 | (0.07) | 0.47 | (0.62) |  | (0.04) | (0.66) | 14.95 |
| 3/31/23 | 16.93 | 0.69 | (1.80) | (1.11) | (0.68) |  |  | (0.68) | 15.14 |
| 3/31/22 | 17.85 | 0.68 | (0.93) | (0.25) | (0.67) |  |  | (0.67) | 16.93 |
| 3/31/21 | 16.20 | 0.75 | 1.61 | 2.36 | (0.71) |  |  | (0.71) | 17.85 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |
| 3/31/25 | 14.98 | 0.78 | (0.45) | 0.33 | (0.79) |  |  | (0.79) | 14.52 |
| 3/31/24 | 15.17 | 0.69 | (0.07) | 0.62 | (0.77) |  | (0.04) | (0.81) | 14.98 |
| 3/31/23 | 16.97 | 0.84 | (1.80) | (0.96) | (0.84) |  |  | (0.84) | 15.17 |
| 3/31/22 | 17.89 | 0.87 | (0.93) | (0.06) | (0.86) |  |  | (0.86) | 16.97 |
| 3/31/21 | 16.23 | 0.92 | 1.62 | 2.54 | (0.88) |  |  | (0.88) | 17.89 |
|  **Class I** |  |  |  |  |  |  |  |  |  |
| 3/31/25 | 14.97 | 0.77 | (0.43) | 0.34 | (0.79) |  |  | (0.79) | 14.52 |
| 3/31/24 | 15.16 | 0.69 | (0.07) | 0.62 | (0.77) |  | (0.04) | (0.81) | 14.97 |
| 3/31/23 | 16.96 | 0.85 | (1.81) | (0.96) | (0.84) |  |  | (0.84) | 15.16 |
| 3/31/22 | 17.87 | 0.87 | (0.93) | (0.06) | (0.85) |  |  | (0.85) | 16.96 |
| 3/31/21 | 16.22 | 0.92 | 1.61 | 2.53 | (0.88) |  |  | (0.88) | 17.87 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Total returns are at NAV and do not include any sales charge. Total returns are not annualized. 

<sup>(c)</sup> The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on borrowings, as described in Notes to Financial Statements. 

#### 271

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** |
| | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| | **Net** | | | | |
| | **Assets,** | **Expenses** | **Expenses** | | **Portfolio** |
| **Total** | **End of** | **Including** | **Excluding** | **NII** | **Turnover** |
| **Return<sup>(b)</sup>** | **Period (000)** | **Interest<sup>(c)</sup>** | **Interest** | **(Loss)** | **Rate** |
| 1.94% | $6112764 | 2.00% | 0.75% | 4.94% | 18% |
| 4.21 | 6796508 | 2.11 | 0.79 | 4.55 | 28 |
| (5.79) | 7040067 | 1.63 | 0.76 | 5.24 | 43 |
| (0.79) | 7898026 | 0.92 | 0.72 | 4.55 | 20 |
| 15.62 | 8064891 | 0.96 | 0.74 | 5.17 | 18 |
| 1.13 | 619537 | 2.80 | 1.55 | 4.13 | 18 |
| 3.32 | 786884 | 2.91 | 1.59 | 3.72 | 28 |
| (6.51) | 960502 | 2.43 | 1.56 | 4.45 | 43 |
| (1.59) | 1341334 | 1.72 | 1.52 | 3.75 | 20 |
| 14.67 | 1449724 | 1.76 | 1.54 | 4.39 | 18 |
| 2.19 | 488723 | 1.77 | 0.52 | 5.17 | 18 |
| 4.39 | 527604 | 1.87 | 0.55 | 4.66 | 28 |
| (5.55) | 1004656 | 1.39 | 0.52 | 5.46 | 43 |
| (0.56) | 933197 | 0.69 | 0.49 | 4.79 | 20 |
| 15.86 | 774499 | 0.73 | 0.51 | 5.44 | 18 |
| 2.22 | 7216583 | 1.80 | 0.55 | 5.14 | 18 |
| 4.35 | 8065834 | 1.91 | 0.59 | 4.71 | 28 |
| (5.52) | 9310347 | 1.43 | 0.56 | 5.50 | 43 |
| (0.59) | 11387620 | 0.72 | 0.52 | 4.75 | 20 |
| 15.87 | 10487347 | 0.76 | 0.54 | 5.37 | 18 |

---

*See Notes to Financial Statements.* 

#### 272

------

Financial Highlights (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | |
|  | **Net Asset**<br> **Value,<br>Beginning**<br> **of Period** | **Net<br>Investment<br>Income (NII)**<br> (Loss)<sup>(a)</sup> | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From<br>NII** | **From<br>Net Realized**<br> **Gains** | **Total** | **Net Asset**<br> **Value,<br>End of**<br> **Period** |
|  **Short Duration High Yield** |  |  |  |  |  |  |  |  |
|  **Class A** |  |  |  |  |  |  |  |  |
| 3/31/25 | $9.65 | $0.41 | $(0.04) | $0.37 | $(0.45) | $— | $(0.45) | $9.57 |
| 3/31/24 | 9.52 | 0.39 | 0.15 | 0.54 | (0.41) |  | (0.41) | 9.65 |
| 3/31/23 | 10.07 | 0.39 | (0.61) | (0.22) | (0.33) |  | (0.33) | 9.52 |
| 3/31/22 | 10.31 | 0.32 | (0.24) | 0.08 | (0.32) |  | (0.32) | 10.07 |
| 3/31/21 | 9.73 | 0.37 | 0.58 | 0.95 | (0.37) |  | (0.37) | 10.31 |
|  **Class C** |  |  |  |  |  |  |  |  |
| 3/31/25 | 9.66 | 0.34 | (0.04) | 0.30 | (0.38) |  | (0.38) | 9.58 |
| 3/31/24 | 9.53 | 0.31 | 0.15 | 0.46 | (0.33) |  | (0.33) | 9.66 |
| 3/31/23 | 10.08 | 0.31 | (0.61) | (0.30) | (0.25) |  | (0.25) | 9.53 |
| 3/31/22 | 10.32 | 0.24 | (0.24) |  | (0.24) |  | (0.24) | 10.08 |
| 3/31/21 | 9.73 | 0.29 | 0.59 | 0.88 | (0.29) |  | (0.29) | 10.32 |
|  **Class I** |  |  |  |  |  |  |  |  |
| 3/31/25 | 9.67 | 0.43 | (0.05) | 0.38 | (0.47) |  | (0.47) | 9.58 |
| 3/31/24 | 9.54 | 0.40 | 0.15 | 0.55 | (0.42) |  | (0.42) | 9.67 |
| 3/31/23 | 10.09 | 0.41 | (0.61) | (0.20) | (0.35) |  | (0.35) | 9.54 |
| 3/31/22 | 10.33 | 0.34 | (0.24) | 0.10 | (0.34) |  | (0.34) | 10.09 |
| 3/31/21 | 9.75 | 0.39 | 0.58 | 0.97 | (0.39) |  | (0.39) | 10.33 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Total returns are at NAV and do not include any sales charge. Total returns are not annualized. 

<sup>(c)</sup> The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on borrowings, as described in Notes to Financial Statements. 

<sup>(d)</sup> After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

#### 273

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** |
| | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| | **Net** | **Gross** | **Gross** | **Net** | **Net** | | |
| | **Assets,** | **Expenses** | **Expenses** | **Expenses** | **Expenses** | | **Portfolio** |
| **Total** | **End of** | **Including** | **Excluding** | **Including** | **Excluding** | **NII** | **Turnover** |
| **Return<sup>(b)</sup>** | **Period (000)** | **Interest<sup>(c)</sup>** | **Interest** | **Interest<sup>(c),(d)</sup>** | **Interest<sup>(d)</sup>** | **(Loss)<sup>(d)</sup>** | **Rate** |
| 3.90% | $1207533 | 0.95% | 0.77% | 0.95% | 0.77% | 4.26% | 39% |
| 5.82 | 982788 | 1.07 | 0.81 | 1.06 | 0.80 | 4.12 | 31 |
| (2.07) | 1150158 | 0.92 | 0.77 | 0.92 | 0.77 | 4.03 | 53 |
| 0.62 | 1351901 | 0.77 | 0.75 | 0.77 | 0.75 | 3.05 | 38 |
| 9.55 | 1042073 | 0.81 | 0.77 | 0.81 | 0.77 | 3.74 | 30 |
| 3.07 | 87149 | 1.75 | 1.57 | 1.75 | 1.57 | 3.46 | 39 |
| 4.95 | 93636 | 1.87 | 1.61 | 1.86 | 1.60 | 3.30 | 31 |
| (2.86) | 129289 | 1.72 | 1.57 | 1.72 | 1.57 | 3.23 | 53 |
| (0.18) | 153569 | 1.57 | 1.55 | 1.57 | 1.55 | 2.26 | 38 |
| 8.73 | 146478 | 1.61 | 1.57 | 1.61 | 1.57 | 2.94 | 30 |
| 3.98 | 4103550 | 0.75 | 0.57 | 0.75 | 0.57 | 4.46 | 39 |
| 6.01 | 3029714 | 0.87 | 0.61 | 0.86 | 0.60 | 4.28 | 31 |
| (1.85) | 4002802 | 0.72 | 0.57 | 0.72 | 0.57 | 4.21 | 53 |
| 0.83 | 5059951 | 0.57 | 0.55 | 0.57 | 0.55 | 3.24 | 38 |
| 9.72 | 3518001 | 0.61 | 0.57 | 0.61 | 0.57 | 3.93 | 30 |

---

*See Notes to Financial Statements.* 

#### 274

------

Financial Highlights (Continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | |
|  | **Net Asset**<br> **Value,<br>Beginning**<br> **of Period** | **Net<br>Investment<br>Income (NII)**<br> (Loss)<sup>(a)</sup> | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From<br>NII** | **From<br>Net Realized**<br> **Gains** | **Total** | **Net Asset**<br> **Value,<br>End of**<br> **Period** |
|  **Strategic Municipal Opportunities** |  |  |  |  |  |  |  |  |
|  **Class A** |  |  |  |  |  |  |  |  |
| 3/31/25 | $10.00 | $0.42 | $(0.14) | $0.28 | $(0.41) | $— | $(0.41) | $9.87 |
| 3/31/24 | 9.81 | 0.38 | 0.19 | 0.57 | (0.38) |  | (0.38) | 10.00 |
| 3/31/23 | 10.74 | 0.34 | (0.88) | (0.54) | (0.30) | (0.09) | (0.39) | 9.81 |
| 3/31/22 | 11.55 | 0.27 | (0.61) | (0.34) | (0.28) | (0.19) | (0.47) | 10.74 |
| 3/31/21 | 10.68 | 0.29 | 0.89 | 1.18 | (0.28) | (0.03) | (0.31) | 11.55 |
|  **Class C** |  |  |  |  |  |  |  |  |
| 3/31/25 | 9.99 | 0.34 | (0.13) | 0.21 | (0.33) |  | (0.33) | 9.87 |
| 3/31/24 | 9.80 | 0.30 | 0.19 | 0.49 | (0.30) |  | (0.30) | 9.99 |
| 3/31/23 | 10.74 | 0.26 | (0.89) | (0.63) | (0.22) | (0.09) | (0.31) | 9.80 |
| 3/31/22 | 11.54 | 0.18 | (0.61) | (0.43) | (0.18) | (0.19) | (0.37) | 10.74 |
| 3/31/21 | 10.67 | 0.20 | 0.89 | 1.09 | (0.19) | (0.03) | (0.22) | 11.54 |
|  **Class I** |  |  |  |  |  |  |  |  |
| 3/31/25 | 10.00 | 0.44 | (0.13) | 0.31 | (0.43) |  | (0.43) | 9.88 |
| 3/31/24 | 9.81 | 0.40 | 0.18 | 0.58 | (0.39) |  | (0.39) | 10.00 |
| 3/31/23 | 10.75 | 0.36 | (0.89) | (0.53) | (0.32) | (0.09) | (0.41) | 9.81 |
| 3/31/22 | 11.56 | 0.29 | (0.61) | (0.32) | (0.30) | (0.19) | (0.49) | 10.75 |
| 3/31/21 | 10.69 | 0.31 | 0.89 | 1.20 | (0.30) | (0.03) | (0.33) | 11.56 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Total returns are at NAV and do not include any sales charge. Total returns are not annualized. 

<sup>(c)</sup> The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein. See Notes to Financial Statements for more information.

<sup>(d)</sup> The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on borrowings, as described in Notes to Financial Statements. 

#### 275

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** | **Ratio/Supplemental Data** |
| | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| | **Net** | | | | |
| | **Assets,** | **Expenses** | **Expenses** | | **Portfolio** |
| **Total** | **End of** | **Including** | **Excluding** | **NII** | **Turnover** |
| **Return<sup>(b)</sup>** | **Period (000)** | **Interest<sup>(c)</sup><sup>,(d)</sup>** | **Interest<sup>(c)</sup>** | **(Loss)<sup>(c)</sup>** | **Rate** |
| 2.82% | $214674 | 0.84% | 0.75% | 4.15% | 68% |
| 5.95 | 203024 | 0.81 | 0.79 | 3.89 | 97 |
| (4.94) | 210260 | 0.83 | 0.79 | 3.43 | 63 |
| (3.20) | 235489 | 0.78 | 0.76 | 2.32 | 80 |
| 11.13 | 218844 | 0.80 | 0.78 | 2.58 | 52 |
| 2.10 | 21330 | 1.64 | 1.55 | 3.34 | 68 |
| 5.10 | 26150 | 1.61 | 1.59 | 3.08 | 97 |
| (5.70) | 30733 | 1.63 | 1.59 | 2.64 | 63 |
| (4.00) | 32846 | 1.58 | 1.56 | 1.52 | 80 |
| 10.26 | 32753 | 1.60 | 1.58 | 1.79 | 52 |
| 3.14 | 855032 | 0.64 | 0.55 | 4.35 | 68 |
| 6.14 | 803285 | 0.61 | 0.59 | 4.08 | 97 |
| (4.81) | 876498 | 0.62 | 0.58 | 3.60 | 63 |
| (3.00) | 1192377 | 0.58 | 0.56 | 2.52 | 80 |
| 11.35 | 988085 | 0.60 | 0.58 | 2.79 | 52 |

---

*See Notes to Financial Statements.* 

#### 276

------

## Notes to Financial Statements
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1.** **General Information** 

Trust and Fund Information: The Nuveen Municipal Trust (the "Trust"), is an open-end management investment company registered under the Investment Company Act of 1940 (the "1940 Act"), as amended. The Trust is comprised of Nuveen High Yield Municipal Bond Fund ("High Yield"), Nuveen Short Duration High Yield Municipal Bond Fund ("Short Duration High Yield") and Nuveen Strategic Municipal Opportunities Fund ("Strategic Municipal Opportunities") (each a "Fund" and collectively, the "Funds"), among others. The Trust was organized as a Massachusetts business trust on July 1, 1996.

Current Fiscal Period: The end of the reporting period for the Funds is March 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended March 31, 2025 (the "current fiscal period").

Investment Adviser and Sub-Adviser: The Funds' investment adviser, Nuveen Fund Advisors, LLC (the "Adviser"), is a subsidiary of Nuveen, LLC ("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Share Classes and Sales Charges: Class A Shares are generally sold with an up-front sales charge. Class A Share purchases of $250,000 ($500,000 prior to August 19, 2024) or more for High Yield and $250,000 or more for Short Duration High Yield and Strategic Municipal Opportunities are sold at net asset value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of 1% for High Yield and Strategic Municipal Opportunities and 0.70% for Short Duration High Yield if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares eight years after purchase. Class R6 Shares and Class I Shares are sold without an upfront sales charge.

**2.** **Significant Accounting Policies** 

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946, Financial Services — Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation: The Trust pays no compensation directly to those of its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Funds' Board of Trustees (the "Board") has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Custodian Fee Credit: As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and Trust Company, (the "Custodian") whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of "Custodian expenses, net." During the current reporting period, the custodian fee credit earned by each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Gross**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian Fee**<br> **Credits** |
|  **High Yield** | $445972 |
|  **Short Duration High Yield** | 104002 |
|  **Strategic Municipal Opportunities** | 71895 |

---

Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

#### 277

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investments and Investment Income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of dividend income and interest income. Dividend income is recorded on the ex-dividend date. Non-cash dividends received the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, which is recorded on an accrual basis and includes the accretion of discounts and the amortization of premiums for financial reporting purposes. Interest income also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.

Multiclass Operations and Allocations: Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative value of the settled shares of each class. Expenses directly attributable to a class of shares are recorded to the specific class. 12b-1 distribution and service fees are allocated on a class-specific basis.

Sub-transfer agent fees and similar fees, which are recognized as a component of "Shareholder servicing agent fees" on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative settled shares.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Netting Agreements: In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.

Segment Reporting: In November 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial positions or the results of their operations.

The officers of the Funds act as the chief operating decision maker ("CODM"). Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

**3.** **Investment Valuation and Fair Value Measurements** 

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. 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).

#### 278

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Swaps are generally classified as Level 2.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as Level 1.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the reporting period, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Yield** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1190213 | $– | $10 | $1190223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 1174166 | 25689665 | 26863831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 18268517425 | 105162 | 18268622587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  |  | 1444043 | 1444043 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 109150000 |  | 109150000 |
| Unfunded Commitments\* |  |  | 55650350 | 55650350 |
| Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps – OTC Uncleared\*\* |  |  | 2683940 | 2683940 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18378841591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85573170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18465604974 |

---

#### 279

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration High Yield** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $– | $– | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  | 7875000 | 7875000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 23826000 |  |  | 23826000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 329988 |  | 329988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 5070541705 | 31871 | 5070573576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  |  | 4635964 | 4635964 |
| Investments Purchased with Collateral from Securities Lending | 76623 |  |  | 76623 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 135820000 |  | 135820000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1100000 |  | 1100000 |
| Unfunded Commitments\* |  |  | 9766610 | 9766610 |
| Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts\*\* | (8152699) |  |  | (8152699) |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15749924 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5207791693 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22309447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5245851064 |
| **Strategic Municipal Opportunities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $– | $– | $–\*\*\* | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 4473437 | 435968 | 4909405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 1091482889 | 1388 | 1091484277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  |  | 20 | 20 |
| Unfunded Commitments\* |  |  | 814450 | 814450 |
| Total | $– | $1095956326 | $1251826 | $1097208152 |

---

\* Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.

\*\* Represents net unrealized appreciation (depreciation).

\*\*\* Value equals zero as of the end of the reporting period.

The Funds hold liabilities in floating rate obligations, where applicable, which are not reflected in the tables above. The fair values of the Funds' liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described in these Notes to Financial Statements. The Funds, where applicable, have a receivable for the sale of their interest in Vistra Vision, which is not reflected in the tables above. The carrying value of this receivable approximates fair value. The "Receivable for sale of Vistra Vision interest" is generally classified as Level 2 and further described in these Notes to Financial Statements.

**4.** **Portfolio Securities** 

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.

#### 280

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense" on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of "Receivable for interest" and "Payable for interest" on the Statement of Assets and Liabilities, respectively.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.

As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Floating Rate**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations: Self-**<br> **Deposited**<br> **Inverse Floaters** | **Floating Rate**<br> **Obligations:**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Externally-Deposited**<br> **Inverse Floaters** | **Total** |
|  **High Yield** | $5004553000 | $58825000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5063378000 |
|  **Short Duration High Yield** | 201550000 | 24605000 | 226155000 |
|  **Strategic Municipal Opportunities** | 34300000 |  | 34300000 |

---

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Floating**<br> **Rate Obligations**<br> **Outstanding** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual**<br> **Interest Rate**<br> **And Fees** |
|  **High Yield** | $5130320545 | 3.77% |
|  **Short Duration High Yield** | 203329589 | 3.70 |
|  **Strategic Municipal Opportunities** | 26953767 | 3.61 |

---

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.

The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.

As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows (sometimes referred to as "shortfall payment"). Under these agreements, a Fund's potential exposure to losses related

#### 281

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities. During the current fiscal period, none of the Funds made shortfall Payments.

As of the end of the reporting period, the Funds maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Exposure**<br> **to Recourse Trusts:**<br> **Self-Deposited**<br> **Inverse Floaters** | **Maximum Exposure**<br> **to Recourse Trusts:**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Externally-Deposited**<br> **Inverse Floaters** | **Total** |
|  **High Yield** | $5004553000 | $58825000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5063378000 |
|  **Short Duration High Yield** | 201550000 | 24605000 | 226155000 |
|  **Strategic Municipal Opportunities** | 34300000 |  | 34300000 |

---

Repurchase Agreements: In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Short-term<br>Investments,**<br> **at Value** | **Collateral**<br> **Pledged (From)<br>Counterparty** |
|  **High Yield** | Fixed Income Clearing Corporation | $109150000 | $(111333149) |
|  **Short Duration High Yield** | Fixed Income Clearing Corporation | 1100000 | (1122118) |

---

Securities Lending: High Yield and Short Duration High Yield may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other institutions in order to generate additional income. When loaning securities, a Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set maturity. The Funds' custodian, State Street Bank and Trust Company, serves as the securities lending agent (the "Agent").

When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities. Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund, which is also recognized on the Statement of Assets and Liabilities. Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is recognized on the Statement of Operations.

As of the end of the current fiscal period, the total value of the loaned securities and the total value of collateral received were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Asset Class out on Loan** | **Long-Term**<br> **Investments, at**<br> **Value** | **Total Collateral**<br> **Received** |
|  **Short Duration High Yield** | Exchange-Traded Funds | $75240 | $76623 |

---

Zero Coupon Securities: A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Purchases and Sales: Long-term purchases and sales during the current fiscal period were as follows:

#### 282

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Non-U.S.**<br> **Government**<br> **Purchases** | **Non-U.S.**<br> **Government Sales**<br> **and Maturities** | **U.S.**<br> **Government**<br> **Sales** |
|  **High Yield** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600012142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5283693439 | $— |
|  **Short Duration High Yield** | 2666794927 | 1833474477 |  |
|  **Strategic Municipal Opportunities** | 803209373 | 666353465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57889141 |

---

Each Fund may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. If the Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

Each Fund is entitled to purchase future Puerto Rico Electric Power Authority ("PREPA") bonds, which has been reflected as an unfunded commitment as of March 31, 2025. Any unrealized appreciation (depreciation) for an unfunded commitment is separately presented on the Statements of Assets and Liabilities. An unfunded commitment is priced at its fair market value and any unrealized appreciation (depreciation) is separately presented on the Statement of Assets and Liabilities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Class** | **Principal**<br> **Amount** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **High Yield** | Unfunded Commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$605992349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55650350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55650350 |
|  **Short Duration High Yield** | Unfunded Commitments | 106452705 | 9766610 | 9766610 |
|  **Strategic Municipal Opportunities** | Unfunded Commitments | 8831518 | 814450 | 814450 |

---

Puerto Rico Electric Power Authority Bonds: On March 28, 2025, the Financial Oversight and Management Board for Puerto Rico (the "FOMB") filed the Fifth Amended Plan of Adjustment (the "Fifth Amended Plan") that would reduce PREPA debt from approximately $10 billion to the equivalent of $2.6 billion of Base Consideration for creditors in cash or bonds, reflecting the projections and findings of a new PREPA fiscal plan that was certified by the FOMB on February 6, 2025.

Given the new PREPA fiscal plan along with proposed amendments outlined in the Fifth Amended Plan, greater uncertainty exists as to whether PREPA will issue new bonds (the "Bonds") in accordance with the terms of the previously agreed upon Forward Delivery Bond Purchase Agreement ("Bond Purchase Agreement") for which the Funds have participated as a member of the Ad Hoc Group of Consenting PREPA bondholders (the "Ad Hoc Group"). If PREPA terminates the Bond Purchase Agreement and instead participates in an alternative exit financing transaction, the Ad Hoc Group is entitled to a "break-up fee" equivalent to the difference between the principal amount of Bonds each member of the Ad Hoc Group committed to purchase and the estimated market value of the Bonds as of the termination date of the Bond Purchase Agreement and/or confirmation of the Fifth Amended Plan. Management is monitoring the impact of the Fifth Amended and ongoing developments on the valuation of the unfunded commitment and the existing PREPA bonds held by the Funds.

Sale of Vistra Vision interests: On September 18, 2024, Vistra Corp. ("Vistra") and Nuveen agreed to terms for the sale of the Vistra Vision interest. In exchange for its interest in Vistra Vision, the Funds agreed to receive proceeds from the sale over a series of payments from Vistra through December 31, 2026. The resulting receivables have been discounted using an effective interest rate of 6.18%. The receivable, net of discount, and related transaction costs are recognized as "Receivable for sale of Vistra Vision interest" and "Payable for Vistra Vision sale transactions costs," respectively, on the Statement of Assets and Liabilities. During the current fiscal period, High Yield, Short Duration High Yield and Strategic Municipal Opportunities sold their interest back to Vistra and recognized a realized gain of $764,206,703, $194,033,486 and $12,976,005, respectively, which is recognized as "Realized gain (loss) from investments" on the Statement of Operations.

**5.** **Derivative Investments** 

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Credit Default Swap Contracts: A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer's default. During the current period, High Yield used credit default swap contracts to purchase credit protection on certain credits, or to take on credit risk on other credits and earn a commensurate credit spread. Credit default swap contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return if/when there is a credit event by a third party. Generally, a credit event means bankruptcy, failure to pay, or restructuring. The specific credit events applicable for each credit default swap are stated in the terms of the particular swap agreement. When a Fund has bought (sold) protection in a credit default swap upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either (i) deliver (receive) that security, or an equivalent amount of cash, from the counterparty in exchange for receipt (payment) of the notional amount to the counterparty, or (ii) receive (pay) a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The difference between the value of the security received (delivered)

#### 283

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

and the notional amount delivered (received) is recorded as a realized gain or loss. Payments paid (received) at the beginning of the measurement period are recognized as a component of "Credit default swaps premiums paid and/or received" on the Statement of Assets and Liabilities, when applicable.

Credit default swap contracts are valued daily. Changes in the value of a credit default swap during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps" and realized gains and losses are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations.

For over-the-counter ("OTC") swaps not cleared through a clearing house ("OTC Uncleared"), the daily change in the market value of the swap contract, along with any daily interest fees accrued, are recognized as components of "Unrealized appreciation or depreciation on credit default swaps" on the Statement of Assets and Liabilities.

Upon the execution of an OTC swap cleared through a clearing house ("OTC Cleared"), a Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open swap contracts, if any, is recognized as "Cash collateral at brokers for investments in swaps" on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day's "mark-to-market" of the swap. If a Fund has unrealized appreciation the clearing broker would credit the Fund's account with an amount equal to the appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit a Fund's account with an amount equal to the depreciation. These daily cash settlements are also known as "variation margin." Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for "Variation margin on swap contracts" on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of "Unrealized appreciation or depreciation on credit default swaps" as described in the preceding paragraph. The maximum potential amount of future payments the Fund could incur as a buyer or seller of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity.

The average notional amount of credit default swap contracts outstanding during the current fiscal period was as follows:

---

| | |
|:---|:---|
| **Fund** | **Average Notional Amount of Credit Default**<br> **Swaps Contracts Outstanding\*** |
|  **High Yield** | $94000000 |

---

\* The average notional amount is calculated based on the outstanding notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. 

The following table presents the swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of the end of the reporting period.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | **Gross Amounts Not Offset on<br>the Statement of Assets and**<br>**Liabilities** | **Gross Amounts Not Offset on<br>the Statement of Assets and**<br>**Liabilities** | |
| **Fund** | **Counterparty** | **Gross<br>Unrealized<br>Appreciation<br>Credit Default**<br> **Swaps\*\*** | **Gross<br>Unrealized<br>(Depreciation)<br>Credit Default**<br> **Swaps\*\*** | **Net Unrealized<br>Appreciation<br>(Depreciation) on<br>Credit Default**<br> **Swaps** | **Credit Default**<br> **Swaps<br>Premium**<br> **Paid**<br> (Received) | **Financial<br>Instruments\*\*\*** | **Collateral<br>Pledged<br>to (from)**<br> **Counterparty** | **Net Exposure** |
|  **High Yield** | Citigroup Global<br>Markets Inc. | $2683940 | $- | $2683940 | $(2461040) | $- | $- | $222900 |

---

\*\* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.

\*\*\* Represents inverse floating rate securities available to offset.

**Futures Contracts***:* During the current fiscal period, Short Duration High Yield managed the duration of its portfolio by shorting interest rate futures contracts.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by "marking-to-market" on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the contracts. These daily cash settlements are known as "variation margin" and is recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of Operations.

#### 284

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows:

---

| | |
|:---|:---|
| **Fund** | **Average Notional Amount of Futures**<br> **Contracts Outstanding\*** |
|  **Short Duration High Yield** | $373919860 |

---

\* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. 

**Total Return Swap Contracts:** During the current fiscal period, Each Fund used total return swaps to help manage the equity risk of the portfolio's Vistra Vision exposure.

In a total return swap, one party agrees to pay the other the total return of a defined underlying asset during a specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. A total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined baskets of loans and mortgages. The Fund entered into a total return swap involving an underlying index or basket of securities to create exposure to a number of securities in a single trade. An index total return swap can be used by the Fund to assume risk, without the complications of buying the component securities from what may not always be the most liquid of markets.

Total return swap contracts are valued daily. Changes in the value of a total return swap during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps" and realized gains and losses are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations.

For over-the-counter ("OTC") swaps, the daily change in market value of the swap contract, along with any daily interest accrued, are recognized as components of "Unrealized appreciation or depreciation on credit default swaps" on the Statement of Assets and Liabilities.

The average notional amount of Total Return swap contracts outstanding during the current fiscal period was as follows:

---

| | |
|:---|:---|
| **Fund** | **Average Notional Amount of Swap Contracts**<br> **Outstanding<sup>\*</sup>** |
|  **High Yield** | $440593839 |
|  **Short Duration High Yield** | 190842962 |
|  **Strategic Municipal Opportunities** | 12714681 |

---

\* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding from August 7, 2024 (first swap contract entered) through October 7, 2024 (last swap contract exited). 

As of the end of the reporting period, the following Funds have invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Instrument** | **Risk Exposure** | **Location** | **Value** | **Location** | **Value** |
|  **High Yield** |  |  |  |  |  |
| Credit Default Swaps – OTC Uncleared | Credit | Unrealized appreciation on swap contracts\* | $2683940 |  | $– |
|  **Short Duration High Yield** |  |  |  |  |  |
| Futures Contracts | Interest rate |  |  | Unrealized depreciation on futures contracts\*\* | (8152699) |

---

\* Some swap contracts require a counterparty to pay or receive a premium, which is disclosed on the Statement of Assets and Liabilities and is not reflected in the cumulative unrealized appreciation (depreciation) presented above.

\*\* The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statements of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts.

During the current fiscal period, the effect of derivative contracts on the Funds' Statement of Operations was as follows:

#### 285

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Instrument** | **Risk Exposure** | **Net Realized<br>Gain**<br> (Loss) | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **High Yield** |  |  |  |
| Swap contracts | Credit | $– | $(374451) |
| Swap contracts | Equity | (223314409) |  |
|  **Short Duration High Yield** |  |  |  |
| Futures contracts | Interest rate | 4731372 | (6539413) |
| Swap contracts | Equity | (87206782) |  |
|  **Strategic Municipal Opportunities** |  |  |  |
| Swap contracts | Equity | (5813413) |  |

---

Market and Counterparty Credit Risk: In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

**6.** **Fund Shares** 

Transactions in Fund shares during the current and prior fiscal period were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**3/31/25** | **Year Ended**<br>**3/31/25** | **Year Ended**<br>**3/31/24** | **Year Ended**<br>**3/31/24** |
| **High Yield** | **Shares** | **Amount** | **Shares** | **Amount** |
| Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 83929464 | $1259884299 | 105268030 | $1542876564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A - automatic conversion of Class C | 40038 | 606269 | 40232 | 598623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 6061764 | 90915556 | 7600772 | 111526295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 18791830 | 284285041 | 11617239 | 167853813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 189015875 | 2829493745 | 280522915 | 4088763456 |
| Total subscriptions | 297838971 | 4465184910 | 405049188 | 5911618751 |
| Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 19551371 | 292313403 | 21270930 | 310563882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1911323 | 28542437 | 2433438 | 35499755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 295262 | 4405849 | 168654 | 2461545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 23792033 | 355973144 | 27070097 | 395494291 |
| Total reinvestments of distributions | 45549989 | 681234833 | 50943119 | 744019473 |
| Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (136329974) | (2040369006) | (137093668) | (1992412568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (17816792) | (266794233) | (20814494) | (303452303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C - automatic conversion to Class A | (40084) | (606269) | (40276) | (598623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (20650622) | (309978293) | (42800717) | (622443324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (254338003) | (3793325684) | (383073978) | (5541838264) |
| Total redemptions | (429175475) | (6411073485) | (583823133) | (8460745082) |
| Net increase (decrease) | (85786515) | $(1264653742) | (127830826) | $(1805106858) |

---

#### 286

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**3/31/25** | **Year Ended**<br>**3/31/25** | **Year Ended**<br>**3/31/24** | **Year Ended**<br>**3/31/24** |
| **Short Duration High Yield** | **Shares** | **Amount** | **Shares** | **Amount** |
| Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 56248702 | $546822087 | 40864861 | $383880313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A - automatic conversion of Class C | 2422 | 23630 | 17158 | 162777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3004715 | 29229041 | 1738363 | 16309800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 233228295 | 2270044853 | 162361861 | 1524693907 |
| Total subscriptions | 292484134 | 2846119611 | 204982243 | 1925046797 |
| Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 4686380 | 45509325 | 4213213 | 39633898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 311618 | 3029912 | 348124 | 3277170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 15761156 | 153303323 | 13560052 | 127734969 |
| Total reinvestments of distributions | 20759154 | 201842560 | 18121389 | 170646037 |
| Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (36512883) | (355029619) | (64051831) | (600797380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (3903487) | (38034810) | (5944362) | (55959726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C - automatic conversion to Class A | (2419) | (23630) | (17140) | (162777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (134162435) | (1302485941) | (282230844) | (2639434597) |
| Total redemptions | (174581224) | (1695574000) | (352244177) | (3296354480) |
| Net increase (decrease) | 138662064 | $1352388171 | (129140545) | $(1200661646) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**3/31/25** | **Year Ended**<br>**3/31/25** | **Year Ended**<br>**3/31/24** | **Year Ended**<br>**3/31/24** |
| **Strategic Municipal Opportunities** | **Shares** | **Amount** | **Shares** | **Amount** |
| Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 6682478 | $67066165 | 6219659 | $60197122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 338833 | 3399919 | 452923 | 4386234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 26632598 | 266747738 | 42545367 | 411464441 |
| Total subscriptions | 33653909 | 337213822 | 49217949 | 476047797 |
| Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 860325 | 8617124 | 799875 | 7765729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 78851 | 789619 | 86911 | 843285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 3292286 | 33010509 | 3138707 | 30472364 |
| Total reinvestments of distributions | 4231462 | 42417252 | 4025493 | 39081378 |
| Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (6107556) | (61174759) | (8149293) | (78778986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (873171) | (8738234) | (1058220) | (10237549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (23666949) | (237261000) | (54710023) | (527518960) |
| Total redemptions | (30647676) | (307173993) | (63917536) | (616535495) |
| Net increase (decrease) | 7237695 | $72457081 | (10674094) | $(101406320) |

---

**7.** **Income Tax Information** 

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to investments in partnerships, paydowns, taxable market discount, and treatment of notional principal contracts. Temporary and permanent differences have no impact on a Fund's net assets.

#### 287

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross Unrealized<br>Appreciation** | **Gross Unrealized<br>(Depreciation)** | **Net Unrealized**<br> **Appreciation**<br> (Depreciation) |
| High Yield | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14660269445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387201443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1588876427) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1201674984) |
| Short Duration High Yield | 5259973921 | 74075203 | (289748061) | (215672858) |
| Strategic Municipal Opportunities | 1087758483 | 19009043 | (43859545) | (24850502) |

---

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Tax-Exempt**<br> **Income<sup>1</sup>** | **Undistributed<br>Ordinary**<br> **Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Capital Loss<br>Carryforwards** | **Late-Year Loss**<br> **Deferrals** | **Other<br>Book-to-Tax<br>Differences** | **Total** |
| High Yield | $27283466 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21469682 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1201674984) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2301723776) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63999350) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3518644962) |
| Short Duration High Yield | 36857358 | 6813285 |  | (215672858) | (427635493) |  | (22860110) | (622497818) |
| Strategic Municipal Opportunities | 6707112 | 816070 |  | (24850502) | (159569671) |  | (3969132) | (180866123) |

---

<sup>1</sup> Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period March 3, 2025 through March 31, 2025 and paid on April 1, 2025.

The tax character of distributions paid was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **3/31/25** | **3/31/25** | **3/31/25** | **3/31/25** | **3/31/24** | **3/31/24** | **3/31/24** | **3/31/24** |
| **Fund** | **Tax-Exempt<br>Income<sup>1</sup>** | **Ordinary Income** | **Long-Term<br>Capital Gains** | **Return<br>of Capital** | **Tax-Exempt<br>Income** | **Ordinary Income** | **Long-Term<br>Capital Gains** | **Return of Capital** |
| High Yield | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713008323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92072912 | $— | $— | $799330605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55605107 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45524719 |
| Short Duration High Yield | 202509676 | 26420374 |  |  | 191117435 | 8912889 |  |  |
| Strategic Municipal Opportunities | 41033166 | 4697735 |  |  | 38523910 | 3205060 |  |  |

---

<sup>1</sup> Each Fund designates these amounts paid during the period as Exempt Interest Dividends. 

As of year end, the Funds had capital loss carryforwards, which will not expire:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total** |
| High Yield | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674813181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626910595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301723776 |
| Short Duration High Yield | 402778053 | 24857440 | 427635493 |
| Strategic Municipal Opportunities | 77699112 | 81870559 | 159569671 |

---

As of year end, the Funds utilized the following capital loss carryforwards:

---

| | |
|:---|:---|
| **Fund** | **Utilized** |
| High Yield | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317125169 |
| Short Duration High Yield | 38377120 |
| Strategic Municipal Opportunities | 9067290 |

---

**8.** **Management Fees and Other Transactions with Affiliates** 

Management Fees: Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

#### 288

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund's shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for each Fund was calculated according to the following schedule:

---

| | | | |
|:---|:---|:---|:---|
| **Average Daily Net Assets** | **High Yield** | **Short Duration<br>High Yield** | **Strategic<br>Municipal<br>Opportunities** |
| For the first $125 million | 0.4000% | 0.4000% | 0.3500% |
| For the next $125 million | 0.3875 | 0.3875 | 0.3375 |
| For the next $250 million | 0.3750 | 0.3750 | 0.3250 |
| For the next $500 million | 0.3625 | 0.3625 | 0.3125 |
| For the next $1 billion | 0.3500 | 0.3500 | 0.3000 |
| For the next $3 billion |  |  | 0.2750 |
| For the next $5 billion |  |  | 0.2500 |
| For the next $8 billion | 0.3250 | 0.3250 |  |
| For the next $5 billion | 0.3125 | 0.3125 |  |
| For the next $5 billion | 0.3000 | 0.3000 |  |
| For net assets over $10 billion |  |  | 0.2375 |
| For net assets over $20 billion | 0.2875 | 0.2875 | - |

---

For the period April 1, 2024 through April 30, 2024, the annual complex-level fee, payable monthly, for each Fund was calculated according to the following schedule:

---

| | |
|:---|:---|
| **Complex-Level Eligible Asset Breakpoint Level\*** | **Effective Complex-Level Fee Rate at Breakpoint Level** |
| $55 billion | 0.2000% |
| $56 billion | 0.1996 |
| $57 billion | 0.1989 |
| $60 billion | 0.1961 |
| $63 billion | 0.1931 |
| $66 billion | 0.1900 |
| $71 billion | 0.1851 |
| $76 billion | 0.1806 |
| $80 billion | 0.1773 |
| $91 billion | 0.1691 |
| $125 billion | 0.1599 |
| $200 billion | 0.1505 |
| $250 billion | 0.1469 |
| $300 billion | 0.1445 |

---

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen open-end and closed-end funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011, but do include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. 

Effective May 1, 2024, the annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

---

| | |
|:---|:---|
| **Complex-Level Asset Breakpoint Level\*** | **Complex-Level Fee** |
| For the first $124.3 billion | 0.1600% |
| For the next $75.7 billion | 0.1350 |
| For the next $200 billion | 0.1325 |
| For eligible assets over $400 billion | 0.1300 |

---

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate, 

#### 289

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances.

As of March 31, 2025, the annual complex-level fee for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Complex-Level Fee** |
| High Yield | 0.1580% |
| Short Duration High Yield | 0.1580% |
| Strategic Municipal Opportunities | 0.1580% |

---

The Adviser has agreed to waive fees and/or reimburse expenses ("Expense Cap") of the following Funds so that the total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table. The expense limitations expiring July 31, 2026, may be terminated or modified prior to that date only with the approval of the Board.

---

| | | |
|:---|:---|:---|
| **Fund** | **Temporary**<br> **Expense Cap** | **Temporary**<br> **Expense Cap**<br> **Expiration Date** |
| Short Duration High Yield | 0.65% | July 31, 2026 |
| Strategic Municipal Opportunities | 0.64% | July 31, 2026 |

---

**Distribution and Service Fees:** Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares incur a 0.20% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6 and Class I Shares are not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the "Distributor"), a wholly-owned subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing and maintaining shareholder accounts.

**Other Transactions with Affiliates:** Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board ("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.

During the current fiscal period, the Funds engaged in cross-trades pursuant to these procedures as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Realized**<br> **Gain (Loss)** |
| High Yield | $302655 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215951854 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21243735) |
| Short Duration High Yield | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90773160 | 2326979 | (435592) |
| Strategic Municipal Opportunities |  |  |  |

---

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Sales Charges**<br> **Collected**<br> (Unaudited) | **Paid to Financial**<br> **Intermediaries**<br> (Unaudited) |
| High Yield | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6826781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6542160 |
| Short Duration High Yield | 1707718 | 1669562 |
| Strategic Municipal Opportunities | 414417 | 407257 |

---

The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

#### 290

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

---

| | |
|:---|:---|
| **Fund** | **Commission<br>Advances<br>(Unaudited)** |
|  **High Yield** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5649559 |
|  **Short Duration High Yield** | 1698666 |
|  **Strategic Municipal Opportunities** | 400741 |

---

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:

---

| | |
|:---|:---|
| **Fund** | **12b-1 Fees Retained<br>(Unaudited)** |
|  **High Yield** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752622 |
|  **Short Duration High Yield** | 103059 |
|  **Strategic Municipal Opportunities** | 18881 |

---

The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:

---

| | |
|:---|:---|
| **Fund** | **CDSC**<br> **Retained<br>(Unaudited)** |
|  **High Yield** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561664 |
|  **Short Duration High Yield** | 78281 |
|  **Strategic Municipal Opportunities** | 5146 |

---

Investments in other investment companies advised by the Adviser and Nuveen Fund Advisors, LLC are deemed to be affiliated investments. Information regarding transactions with affiliated companies is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issue** | **Value at<br>3/31/24** | **Purchases**<br> **Cost** | **Sales<br>Proceeds** | **Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Shares at<br>3/31/25** | **Value at<br>3/31/25** | **Dividend<br>Income** |
|  **Short Duration High Yield** |  |  |  |  |  |  |  |  |
|  **Exchange-Traded Funds** |  |  |  |  |  |  |  |  |
|  Nuveen High Yield Municipal Bond ETF | $– | $24014250 | $– | $– | $(188250) | 950000 | $23826000 | $25300 |
|  Total | $– | $24014250 | $– | $– | $(188250) | 950000 | $23826000 | $25300 |

---

**9.** **Commitments and Contingencies** 

In the normal course of business, each Fund enters into a variety of agreements that may expose the Funds to some risk of loss. These could include recourse arrangements for certain TOB Trusts, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments other than those disclosed in the Notes to Financial Statements, when applicable.

From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds' rights under contracts. As of the end of the reporting period, the Funds are not subject to any material legal proceedings.

**10.** **Borrowing Arrangements** 

**Committed Line of Credit:** The Funds, along with certain funds managed by the Adviser and by an affiliate of the Adviser ("Participating Funds"), have established a 364-day, $2.700 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the

#### 291

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

facility's capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2025 unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense" on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest expense" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current period, the following Funds utilized this facility. The Funds' maximum outstanding balance during the utilization period was as follows:

---

| | |
|:---|:---|
| **Fund** | **Maximum**<br> **Outstanding**<br> **Balance** |
| High Yield | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117700000 |
| Short Duration High Yield | 132300000 |
| Strategic Municipal Opportunities |  |

---

During each Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Utilization<br>Period (Days<br>Outstanding)** | **Average**<br> **Daily Balance<br>Outstanding** | **Average Annual<br>Interest Rate** |
| High Yield | 32 | $60137500 | 5.82% |
| Short Duration High Yield | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111466667 | 6.53 |
| Strategic Municipal Opportunities |  |  |  |

---

Borrowings outstanding as of the end of the reporting period, if any, are recognized as "Borrowings" on the Statement of Assets and Liabilities.

#### 292

------

## Important Tax Information
(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

#### Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

---

| | | |
|:---|:---|:---|
| **Fund** | **Net Long-Term<br>Capital Gains** | **Net Long-Term<br>Capital Gains** |
|  **High Yield** |  | $— |
|  **Short Duration High Yield** |  |  |
|  **Strategic Municipal Opportunities** | |  |

---

#### 293

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The aggregate remuneration paid to the directors/trustees (all of whom are independent) by each Fund is reported as "Directors/Trustees fees" on the Statement of Operations under Item 7 of this Form N-CSR.

The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, is reported as "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

Not applicable.

------

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

------

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees implemented after the registrant last provided disclosure in response to this Item.

------

**Item 16.** **Controls and Procedures.** <br>

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

------

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

------

**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d887998dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d887998dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Nuveen Municipal Trust</u> 

---

| | |
|:---|:---|
| Date: June 5, 2025 | By: <u>/s/ Jordan M. Farris</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan M. Farris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| Date: June 5, 2025 | By: <u>/s/ Jordan M. Farris</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan M. Farris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

---

| | |
|:---|:---|
| Date: June 5, 2025 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (principal financial officer) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, Jordan M. Farris, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Municipal Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| Date: June 5, 2025 | By: <u>/s/ Jordan M. Farris</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan M. Farris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

------

**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Municipal Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| Date: June 5, 2025 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the annual report of Nuveen Municipal Trust (the "Registrant") on Form N-CSR for the period ended March 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: June 5, 2025 | By: <u>/s/ Jordan M. Farris</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan M. Farris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

---

| | |
|:---|:---|
| Date: June 5, 2025 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

---