# EDGAR Filing Document

**Accession Number:** 0001018972
**File Stem:** 0001018972-25-000023
**Filing Date:** 2025-10
**Character Count:** 385235
**Document Hash:** c15010440be1d2cbfbc64b0ae88a435b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001018972-25-000023.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001018972-25-000023

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN MULTISTATE TRUST I
- **CENTRAL INDEX KEY:** 0001018972

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07747
- **FILM NUMBER:** 251421573

**BUSINESS ADDRESS:**
- **STREET 1:** C/O JOHN NUVEEN & CO INC
- **STREET 2:** 333 WEST WACKER DRIVE 32ND FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3129178200

**MAIL ADDRESS:**
- **STREET 1:** JOHN NUVEEN & CO INC
- **STREET 2:** 333 WEST WACKER DRIVE 32ND FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVEEN FLAGSHIP MULTISTATE TRUST I
- **DATE OF NAME CHANGE:** 19960716

## Series and Classes Contracts Data

### Nuveen Colorado Municipal Bond Fund (Series ID: S000000546)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000001478 | Nuveen Colorado Municipal Bond Fund - Class A | FCOTX           |
| C000001481 | Nuveen Colorado Municipal Bond Fund - Class I | FCORX           |
| C000137694 | Class C                                       | FAFKX           |

## Nport-Ex

#### Portfolio of Investments August 31, 2025

#### Arizona
(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 96.2%

X

155,538,654

MUNICIPAL BONDS - 96.2%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 19.6%

$

1,000,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Green Series 2016B

.000

%

07/01/47

$

992,118

1,500,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Green Series 2023A

.500

07/01/48

1,572,674

1,000,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Green Series 2024A

.000

07/01/54

1,009,938

1,620,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Refunding Series 2017B

.000

07/01/42

1,632,905

225,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Series 2021C

.000

07/01/44

207,291

500,000

(a) Arizona Board of Regents, Arizona State University System

Revenue Bonds, Series 2025A

.000

07/01/44

518,730

1,250,000

Arizona Board of Regents, University of Arizona, System Revenue

Bonds, Refunding Series 2016

.000

06/01/38

1,269,962

215,000

(b) Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017A

.125

07/01/37

215,488

220,000

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017C

.000

07/01/47

214,060

25,000

(b) Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D

.000

07/01/37

25,083

300,000

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F

.000

07/01/37

303,399

725,000

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F

.000

07/01/52

689,239

150,000

(b) Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G

.000

07/01/47

137,825

230,000

(b) Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Montessori Academy Projects, Refunding

Series 2017A

.000

11/01/37

213,084

565,000

(b) Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Somerset Academy of Las Vegas -

Aliante and Skye Canyon Campus Projects, Series 2021A

.000

12/15/51

414,667

775,000

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Arizona Agribusiness and Equine Center, Inc.

Project, Series 2017A

.000

03/01/48

762,140

1,025,000

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Academies of Math & Science Projects, Series

2017A

.000

07/01/51

939,320

35,000

(b) Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Academies of Math & Science Projects, Series

2017B

.250

07/01/27

35,116

135,000

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Academies of Math & Science Projects, Series

2018A

.000

07/01/38

135,553

500,000

(b) Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Pinecrest Academy of Nevada's Horizon,

Inspirada and St. Rose Campus Projects, Series 2018A

.750

07/15/38

502,674

65,000

(b) Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Social Bonds Pensar Academy Project, Series

2020

.000

07/01/30

63,180

2,950,000

Arizona Industrial Development Authority, Arizona, Lease

Revenue Bonds, University of Indianapolis - Health Pavilion

Project, Series 2019A

.000

10/01/45

2,656,050

1,160,000

Industrial Development Authority, Pima County, Arizona,

Education Revenue Bonds, Center for Academic Success Project,

Refunding Series 2019

.000

07/01/37

1,174,591

620,000

(b) Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Arizona Autism Charter Schools

Project, Series 2020A

.000

07/01/40

593,134

735,000

(b) Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Arizona Autism Charter Schools

Project, Social Series 2021A

.000

07/01/41

609,238

#### Portfolio of Investments August 31, 2025
(continued)

#### Arizona

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

145,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Great Hearts Academies Projects,

Series 2017A

.000

%

07/01/37

$

146,516

210,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Great Hearts Academies Projects,

Series 2017C

.000

07/01/48

201,562

1,000,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Highland Prep Project, Series 2019

.000

01/01/37

1,032,004

750,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Legacy Traditional Schools Projects,

Series 2019A

.000

07/01/39

758,907

1,000,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Legacy Traditional Schools Projects,

Series 2020

.250

07/01/45

1,002,003

570,000

(b) Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Legacy Traditional Schools Projects,

Series 2021A

.000

07/01/41

486,093

380,000

(b) Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Paradise Schools Projects, Series

2016

.000

07/01/47

332,340

825,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Reid Traditional School Projects,

Series 2016

.000

07/01/36

817,538

2,500,000

Maricopa County Industrial Development Authority, Arizona,

Educational Facilities Revenue Bonds, Creighton University

Projects, Series 2020

.000

07/01/47

2,459,258

1,000,000

Maricopa County Industrial Development Authority, Arizona,

Educational Facilities Revenue Bonds, Creighton University

Projects, Series 2020

.000

07/01/50

814,428

1,000,000

McAllister Academic Village LLC, Arizona, Revenue Bonds,

Arizona State University Hassayampa Academic Village Project,

Refunding Series 2016

.000

07/01/38

1,005,925

25,000

(b) Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A

.000

07/01/46

23,061

400,000

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Great Hearts Academies Project, Series

2016A

.000

07/01/41

396,352

220,000

(b) Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Legacy Traditional Schools Projects,

Series 2015

.000

07/01/35

220,045

350,000

(b) Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Legacy Traditional Schools Projects,

Series 2016A

.000

07/01/41

335,420

1,000,000

(b) Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Northwest Christian School Project,

Series 2020A

.000

09/01/45

833,467

750,000

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series

2015

.000

07/01/35

750,188

800,000

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Vista College Preparatory Project, Series

2018A

.000

07/01/43

792,685

1,000,000

Phoenix Industrial Development Authority, Arizona, Lease

Revenue Bonds, Eastern Kentucky University Project, Series 2016

.000

10/01/36

1,008,360

100,000

(b) Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, Champion Schools Project,

Series 2017

.000

06/15/37

100,371

320,000

(b) Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, Champion Schools Project,

Series 2017

.125

06/15/47

314,514

100,000

(c) Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, Edkey Charter Schools

Project, Series 2016

.250

07/01/36

70,000

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

40,000

(b) Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, San Tan Montessori School

Project, Series 2017

.125

%

02/01/28

$

40,832

250,000

(b) Pima County Industrial Development Authority, Arizona,

Education Revenue Bonds, Noah Webster Schools - Mesa

Project, Series 2015A

.000

12/15/34

242,540

145,000

Pinal County Community College District, Arizona, Revenue

Bonds, Central Arizona College, Series 2017 - BAM Insured

.000

07/01/34

147,177

460,000

(b) Yavapai County Industrial Development Authority, Arizona,

Education Revenue Bonds, Arizona Agribusiness and Equine

Center Inc Project, Refunding Series 2015A

.000

09/01/34

459,978

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

31,679,023

HEALTH CARE - 13.4%

405,000

Arizona Industrial Development Authority, Arizona, Lease

Revenue Bonds, Children's National Prince County Regional

Medical Center, Series 2020A

.000

09/01/39

388,798

110,000

Arizona Industrial Development Authority, Arizona, Lease

Revenue Bonds, Children's National Prince County Regional

Medical Center, Series 2020A

.000

09/01/40

102,804

225,000

Arizona Industrial Development Authority, Arizona, Lease

Revenue Bonds, Children's National Prince County Regional

Medical Center, Series 2020A

.000

09/01/46

196,328

1,100,000

Arizona Industrial Development Authority, Hospital Revenue

Bonds, Phoenix Children's Hospital, Series 2020A

.000

02/01/39

921,736

1,560,000

Arizona Industrial Development Authority, Hospital Revenue

Bonds, Phoenix Children's Hospital, Series 2021A

.000

02/01/39

1,477,289

1,000,000

Arizona Industrial Development Authority, Hospital Revenue

Bonds, Phoenix Children's Hospital, Series 2021A

.000

02/01/40

932,964

1,000,000

Maricopa County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, Honor Health, Series 2024D

.000

12/01/44

1,000,708

600,000

Maricopa County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, HonorHealth, Series 2019A

.000

09/01/36

617,572

870,000

Maricopa County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, HonorHealth, Series 2019A

.125

09/01/42

785,342

1,750,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Series 2016A

.000

01/01/32

1,793,263

2,000,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Series 2016A

.000

01/01/35

2,038,755

1,145,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Series 2016A

.000

01/01/38

1,161,661

1,665,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Series 2019A

.000

01/01/44

1,474,018

2,000,000

Phoenix Industrial Development Authority, Arizona, Lease

Revenue Bonds, Mayo/Brooks Rehabilitation Facility Project,

Series 2024A

.000

10/31/44

2,024,523

565,000

Pima County Industrial Development Authority, Arizona, Revenue

Bonds, Tucson Medical Center, Series 2021A

.000

04/01/39

526,861

295,000

Yavapai County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, Yavapai Regional Medical Center,

Refunding Series 2016

.000

08/01/36

297,319

2,450,000

Yavapai County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, Yavapai Regional Medical Center,

Series 2019

.000

08/01/43

2,150,917

875,000

Yuma Industrial Development Authority, Arizona, Hospital

Revenue Bonds, Yuma Regional Medical Center, Series 2024A

.000

08/01/49

751,627

3,000,000

Yuma Industrial Development Authority, Arizona, Hospital

Revenue Bonds, Yuma Regional Medical Center, Series 2024A

.250

08/01/49

3,042,913

TOTAL HEALTH CARE

21,685,398

#### Portfolio of Investments August 31, 2025
(continued)

#### Arizona

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY - 1.1%

$

1,250,000

Arizona Industrial Development Authority, Student Housing

Revenue Bonds, Provident Group - NCCU Properties LLC- North

Carolina Central University, Series 2019A - BAM Insured

.000

%

06/01/44

$

1,105,619

250,000

(d) Sierra Vista Industrial Development Authority, Arizona, Economic

Development Revenue Bonds, Convertible Capital Appreciation

Revenue Bonds, Series 2021A

.000

10/01/56

193,093

500,000

Sierra Vista Industrial Development Authority, Arizona, Economic

Development Revenue Bonds, Convertible Capital Appreciation

Revenue Bonds, Series 2022A

.000

10/01/56

481,844

TOTAL HOUSING/MULTIFAMILY

1,780,556

HOUSING/SINGLE FAMILY - 2.1%

985,000

Maricopa County and Phoenix City Industrial Development

Authority, Arizona, Single Family Mortgage Revenue Bonds,

Series 2024A

.600

09/01/49

934,231

1,920,000

Maricopa County and Phoenix City Industrial Development

Authority, Arizona, Single Family Mortgage Revenue Bonds,

Series 2024C

.750

09/01/49

1,874,280

575,000

Tucson and Pima County Industrial Development Authority,

Arizona, Joint Single Family Mortgage Revenue Bonds, Series

2024A

.750

07/01/49

561,649

TOTAL HOUSING/SINGLE FAMILY

3,370,160

INFORMATION TECHNOLOGY - 0.2%

275,000

Chandler Industrial Development Authority, Arizona, Industrial

Development Revenue Bonds, Intel Corporation Project, Series

2007, (AMT), (Mandatory Put 6/15/28)

.100

12/01/37

277,490

TOTAL INFORMATION TECHNOLOGY

277,490

LONG-TERM CARE - 1.5%

120,000

Arizona Industrial Development Authority, Multifamily Housing

Revenue Bonds, Bridgewater Avondale Project, Series 2017

.375

01/01/38

94,044

885,000

Phoenix Industrial Development Authority, Arizona, Multi-Family

Housing Revenue Bonds, 3rd and Indian Road Assisted Living

Project, Series 2016

.400

10/01/36

690,640

1,495,000

Tempe Industrial Development Authority, Arizona, Revenue

Bonds, Friendship Village of Tempe Project, Refunding Series

2021A

.000

12/01/46

1,206,804

530,000

(b) Tempe Industrial Development Authority, Arizona, Revenue

Bonds, Mirabella at ASU Project, Series 2017A

.000

10/01/37

392,316

TOTAL LONG-TERM CARE

2,383,804

TAX OBLIGATION/GENERAL - 11.9%

550,000

Buckeye Union High School District 201, Maricopa County,

Arizona, General Obligation Bonds, School Improvement Project,

Refunding Series 2017 - BAM Insured

.000

07/01/34

568,595

875,000

Buckeye, Arizona, General Obligation Bonds, Series 2025

.000

07/01/44

906,479

1,000,000

Glendale, Arizona, General Obligation Bonds, Series 2024

.000

07/01/43

1,050,641

1,500,000

Marana Unified School District No. 6 of Pima County, Arizona,

School Improvement Bonds, Project of 2014, Series 2018D -

AGM Insured

.000

07/01/38

1,524,979

370,000

Maricopa County School District 214 Tolleson Union High,

Arizona, General Obligation Bonds, School Improvement Project

2017, Series 2018A

.000

07/01/37

379,704

750,000

Maricopa County School District 3 Tempe Elementary, Arizona,

General Obligation Bonds, School Improvement, Project of 2022,

Series 2025B

.000

07/01/42

789,233

1,050,000

Maricopa County Special Health Care District, Arizona, General

Obligation Bonds, Series 2018C

.000

07/01/35

1,087,299

1,000,000

Maricopa County Unified School District 11, Peoria, Arizona,

General Obligation Bonds, School Improvement, Series 2018 -

BAM Insured

.000

07/01/34

1,032,005

275,000

Maricopa County Unified School District 69 Paradise Valley,

Arizona, General Obligation Bonds, School Improvement Project

of 2015, Series 2021E

.000

07/01/40

227,400

1,350,000

Maricopa County Unified School District 80, Chandler, Arizona,

School Improvement Bonds, 2019 Project, Series 2021B

.000

07/01/40

1,127,664

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,000,000

Maricopa County Unified School District 95 Queen Creek,

Arizona, General Obligation Bonds, School Improvement Series

2020

.000

%

07/01/38

$

992,114

860,000

Maricopa County Union High School District 210 Phoenix,

Arizona, General Obligation Bonds, School Improvement &

Project of 2011 Series 2017E

.000

07/01/35

886,285

2,000,000

Maricopa County Union High School District 210 Phoenix,

Arizona, General Obligation Bonds, School Improvement Project

2011 and 2017, Series 2018

.000

07/01/37

2,046,086

775,000

Maricopa County Union High School District 216 Agua Fria,

Arizona, General Obligation Bonds, School Improvement, Project

of 2023, Series 2024A

.000

07/01/42

807,581

125,000

Maricopa County Union High School District 216 Agua Fria,

Arizona, General Obligation Bonds, School Improvement,

Projects of 2023 and 2024, Series 2025

.000

07/01/44

129,694

750,000

Mohave County Union High School District 2 Colorado River,

Arizona, General Obligation Bonds, School Improvement Series

2017

.000

07/01/35

774,680

690,000

Northwest Fire District of Pima County, Arizona, General

Obligation Bonds, Series 2017

.000

07/01/36

707,994

750,000

Pima County Unified School District 20 Vail, Arizona, General

Obligation Bonds, Refunding School Improvement Series 2015 -

AGM Insured

.000

07/01/33

751,035

1,800,000

Pima County Unified School District 30 Sahuarita, Arizona, School

Improvement Bonds, Series 2024 - BAM Insured

.000

07/01/42

1,874,655

750,000

Pima County Unified School District 6 Marana, Arizona, General

Obligation Bonds, School Improvement, Project of 2014, Series

2019E - AGM Insured

.000

07/01/39

734,529

800,000

Pinal County School District 4 Casa Grande Elementary, Arizona,

General Obligation Bonds, School improvement Project 2016,

Series 2017A - BAM Insured

.000

07/01/36

823,301

55,000

Western Maricopa Education Center District 402, Maricopa

County, Arizona, General Obligation Bonds, School Improvement

Project 2012, Series2014B

.500

07/01/33

55,050

TOTAL TAX OBLIGATION/GENERAL

19,277,003

TAX OBLIGATION/LIMITED - 23.1%

100,000

(b) Arizona Industrial Development Authority, Arizona, Economic

Development Revenue Bonds, Linder Village Project in Meridian,

Ada County, Idaho, Series 2020

.000

06/01/31

100,692

120,000

Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding

Series 2016

.000

07/01/36

119,831

475,000

Cadence Community Facilities District, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 1, Series 2019

.500

07/01/43

408,231

675,000

Cadence Community Facilities District, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 3, Series 2020

.000

07/01/45

538,993

94,502

(b),(c)

Cahava Springs Revitalization District, Cave Creek, Arizona,

Special Assessment Bonds, Series 2017A

.000

07/01/41

66,151

500,000

Cottonwood, Arizona, Pledged Revenue Bonds, Series 2015 -

RAAI Insured

.000

07/01/30

500,763

450,000

(b) Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2015

.000

07/15/39

426,681

500,000

Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2017 - AGM Insured

.000

07/15/42

505,092

1,000,000

Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2018 - BAM Insured

.000

07/15/38

1,022,810

1,300,000

Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2019 - BAM Insured

.000

07/15/39

1,228,614

1,100,000

Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2021 - BAM Insured

.000

07/15/45

965,621

143,000

Eastmark Community Facilities District 1, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 1, Series 2013

.250

07/01/38

137,345

299,000

Eastmark Community Facilities District 1, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 1, Series 2019

.200

07/01/43

265,149

499,000

Eastmark Community Facilities District 1, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 12, Series 2021

.250

07/01/35

420,618

#### Portfolio of Investments August 31, 2025
(continued)

#### Arizona

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

210,000

Eastmark Community Facilities District 2, Mesa, Arizona, General

Obligation Bonds, Series 2020

.000

%

07/15/30

$

212,427

480,000

Eastmark Community Facilities District 2, Mesa, Arizona, General

Obligation Bonds, Series 2020

.000

07/15/35

449,963

45,000

Estrella Mountain Ranch Community Facilities District, Goodyear,

Arizona, General Obligation Bonds, Refunding Series 2017 -

AGM Insured

.000

07/15/32

46,662

750,000

Estrella Mountain Ranch Community Facilities District, Goodyear,

Arizona, Special Assessment Revenue Bonds, Lucero Assessment

District 2, Series 2023

.750

07/01/46

716,934

750,000

Festival Ranch Community Facilities District, Buckeye, Arizona,

General Obligation Bonds, Series 2016 - BAM Insured

.000

07/15/36

738,750

260,000

Festival Ranch Community Facilities District, Buckeye, Arizona,

General Obligation Bonds, Series 2018 - BAM Insured

.000

07/15/38

262,466

1,500,000

Festival Ranch Community Facilities District, Buckeye, Arizona,

General Obligation Bonds, Series 2020 - BAM Insured

.000

07/15/40

1,389,018

1,000,000

Festival Ranch Community Facilities District, Buckeye, Arizona,

General Obligation Bonds, Series 2022 - AGM Insured

.000

07/15/42

997,156

207,000

Festival Ranch Community Facilities District, Buckeye, Arizona,

Special Assessment Revenue Bonds, Assessment District 11,

Series 2017

.200

07/01/37

193,523

1,129,000

Floreo at Teravalis Community Facilities District, Arizona, Special

Assessment Revenue Bonds, District 1 Series 2025

.150

07/01/35

1,137,570

500,000

Maricopa, Arizona, Pledged Revenue Obligations, Series 2023

.250

07/15/43

526,376

470,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/39

468,293

165,000

Merrill Ranch Community Facilities District 2, Florence, Arizona,

General Obligation Bonds, Series 2017 - BAM Insured

.000

07/15/42

165,535

1,500,000

Pinal County, Arizona, Pledged Revenue Obligations, Series 2019

.000

08/01/39

1,455,250

1,750,000

Pinal County, Arizona, Pledged Revenue Obligations, Series 2025

- BAM Insured

.000

08/01/44

1,806,365

1,250,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.550

07/01/40

1,192,967

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/46

316,058

1,200,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.536

07/01/53

1,035,005

1,420,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.784

07/01/58

1,254,465

375,000

Queen Creek, Arizona, Excise Tax & State Shared Revenue

Obligation Bonds, Refunding Series 2016

.000

08/01/33

377,476

405,000

Queen Creek, Arizona, Excise Tax & State Shared Revenue

Obligation Bonds, Refunding Series 2016

.000

08/01/35

406,080

4,900,000

Queen Creek, Arizona, Excise Tax & State Shared Revenue

Obligation Bonds, Series 2020

.000

08/01/50

4,201,516

2,000,000

Queen Creek, Arizona, Excise Tax and State Shared Revenue

Obligation Bonds, Series 2024

.000

08/01/54

2,015,737

275,000

Sedona, Arizona, Excise Tax Revenue Bonds, Series 2024 - AGM

Insured

.000

07/01/43

281,171

510,000

Superstition Vistas Community Facilities District 1, Apache

Junction, Arizona, Special Assessment Revenue Bonds, Series

2023

.000

07/01/47

508,650

210,000

Superstition Vistas Community Facilities District 2, Arizona,

Special Assessment Bonds, Assessment Area 2, Series 2025

.200

07/01/35

211,530

805,000

Surprise, Arizona, Pledged Revenue Bonds, Refunding Series

2015

.000

07/01/30

806,228

1,150,000

Tartesso West Community Facility District, Buckeye, Arizona,

Limited Tax General Obligation Bonds, Series 2021 - AGM

Insured

.000

07/15/41

1,065,987

600,000

Tempe, Arizona, Excise Tax Revenue Bonds, Refunding Series

2016

.000

07/01/31

609,701

750,000

Verrado District 1 Community Facilities District, Buckeye, Arizona,

General Obligation Bonds, Series 2023 - BAM Insured

.000

07/15/43

757,833

885,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2012A - AGM Insured

.000

10/01/32

887,328

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

275,000

Vistancia North Community Facilities District, Peoria, Arizona,

General Obligation Bonds, Series 2024 - AGM Insured

.375

%

07/15/49

$

247,256

1,090,000

(b) Vistancia West Community Facilities District, Peoria, Arizona,

General Obligation Bonds, Series 2016

.000

07/15/29

1,091,533

2,260,000

Yavapai County Jail District, Arizona, Pledged Revenue

Obligation Bonds, Series 2020 - BAM Insured

.000

07/01/40

2,105,193

840,000

Yuma County, Arizona, Pledge Revenue Obligations, Series 2022

- BAM Insured

.250

07/15/42

802,314

TOTAL TAX OBLIGATION/LIMITED

37,446,907

TRANSPORTATION - 3.6%

1,500,000

Phoenix Civic Improvement Corporation, Arizona, Airport

Revenue Bonds, Junior Lien Series 2019B, (AMT)

.000

07/01/49

1,475,271

725,000

Phoenix Civic Improvement Corporation, Arizona, Airport

Revenue Bonds, Refunding Junior Lien Series 2025

.000

07/01/44

747,021

2,000,000

Phoenix Civic Improvement Corporation, Arizona, Airport

Revenue Bonds, Senior Lien Series 2017A, (AMT)

.000

07/01/47

1,974,243

1,000,000

Phoenix Civic Improvement Corporation, Arizona, Rental Car

Facility Charge Revenue Bonds, Series 2019A

.000

07/01/32

1,065,992

500,000

Phoenix Civic Improvement Corporation, Arizona, Rental Car

Facility Charge Revenue Bonds, Series 2019A

.000

07/01/38

513,913

TOTAL TRANSPORTATION

5,776,440

U.S. GUARANTEED - 0.9% (e)

250,000

Estrella Mountain Ranch Community Facilities District, Goodyear,

Arizona, General Obligation Bonds, Refunding Series 2017, (Pre-

refunded 7/15/27) - AGM Insured

.000

07/15/32

262,235

145,000

Queen Creek, Arizona, Excise Tax & State Shared Revenue

Obligation Bonds, Refunding Series 2016, (Pre-refunded

8/01/26)

.000

08/01/33

146,678

155,000

Queen Creek, Arizona, Excise Tax & State Shared Revenue

Obligation Bonds, Refunding Series 2016, (Pre-refunded

8/01/26)

.000

08/01/35

156,793

880,000

Scottsdale Municipal Property Corporation, Arizona, Excise Tax

Revenue Bonds, Refunding Series 2017, (Pre-refunded 7/01/27)

.000

07/01/36

922,995

TOTAL U.S. GUARANTEED

1,488,701

UTILITIES - 18.8%

1,000,000

Carefree Utilities Community Facilities District, Arizona, Water

System Revenue Bonds, Series 2021

.000

07/01/51

831,742

1,285,000

Central Arizona Water Conservation District, Arizona, Water

Delivery O&M Revenue Bonds, Series 2016

.000

01/01/35

1,292,327

1,500,000

City of Mesa, Arizona, Utility System Revenue Bonds, Series

2022C

.000

07/01/36

1,681,330

1,200,000

Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding

Senior Lien Series 2025

.000

07/01/44

1,242,208

1,805,000

Glendale, Arizona, Water and Sewer Revenue Bonds, Senior Lien

Series 2022A

.000

07/01/41

1,890,740

790,000

Goodyear, Arizona, Water and Sewer Revenue Obligations,

Refunding Subordinate Lien Series 2016 - AGM Insured

.000

07/01/45

791,543

1,500,000

Goodyear, Arizona, Water and Sewer Revenue Obligations,

Subordinate Lien Series 2020 - AGM Insured

.000

07/01/45

1,345,687

1,215,000

Goodyear, Arizona, Water and Sewer Revenue Obligations,

Subordinate Lien Series 2025

.000

07/01/44

1,253,844

500,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2017

.000

07/01/40

501,887

735,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

.000

07/01/36

739,853

150,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

.000

10/01/42

151,427

500,000

Mesa, Arizona, Utility System Revenue Bonds, Series 2018

.000

07/01/42

505,225

1,000,000

Mesa, Arizona, Utility System Revenue Bonds, Series 2020

.000

07/01/44

736,897

1,830,000

Mesa, Arizona, Utility System Revenue Bonds, Series 2022A -

BAM Insured

.000

07/01/46

1,851,505

1,000,000

Phoenix Civic Improvement Corporation, Arizona, Wastewater

System Revenue Bonds, Junior Lien Series 2023

.250

07/01/47

1,044,870

585,000

Phoenix Civic Improvement Corporation, Arizona, Wastewater

System Revenue Bonds, Refunding Junior Lien Series 2014

.000

07/01/29

585,888

#### Portfolio of Investments August 31, 2025
(continued)

#### Arizona

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

2,185,000

Phoenix Civic Improvement Corporation, Arizona, Water System

Revenue Bonds, Junior Lien Sustainability Series 2020A

.000

%

07/01/44

$

2,225,217

1,000,000

(b) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

.000

07/01/33

1,044,755

1,000,000

(b) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

.000

07/01/37

1,026,653

2,500,000

Salt River Project Agricultural Improvement and Power District,

Arizona, Electric System Revenue Bonds, Series 2023A

.000

01/01/50

2,543,131

4,000,000

Salt River Project Agricultural Improvement and Power District,

Arizona, Electric System Revenue Bonds, Series 2024A

.250

01/01/54

4,158,413

1,805,000

Salt Verde Financial Corporation, Arizona, Senior Gas Revenue

Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series

2007

.000

12/01/37

1,888,259

1,000,000

Tucson, Arizona, Water System Revenue Bonds, Obligations

Series 2024

.000

07/01/44

1,039,771

TOTAL UTILITIES

30,373,172

TOTAL MUNICIPAL BONDS

(Cost $163,086,948)

155,538,654

TOTAL LONG-TERM INVESTMENTS

(Cost $163,086,948)

155,538,654

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 3.0%

X

4,800,000

MUNICIPAL BONDS - 3.0%

X

–

HEALTH CARE - 1.9%

$

1,450,000

(f),(g)

Arizona Health Facilities Authority, Hospital Revenue Bonds,

Banner Health Systems, Variable Rate Demand Obligations,

Series 2015C

.950

01/01/46

$

1,450,000

1,600,000

(f),(g)

Phoenix Industrial Development Authority, Arizona, Health Care

Facilities Revenue Bonds, Mayo Clinic, Series 2014B

.100

11/15/52

1,600,000

TOTAL HEALTH CARE

3,050,000

TAX OBLIGATION/LIMITED - 1.1%

350,000

Salt River Pima-Maricopa Indian Community, Arizona, Variable

Rate Demand Bonds, Series 2005

.810

10/01/25

350,000

1,400,000

(g) Salt River Pima-Maricopa Indian Community, Arizona, Variable

Rate Demand Bonds, Series 2006

.830

10/01/26

1,400,000

TOTAL TAX OBLIGATION/LIMITED

1,750,000

TOTAL MUNICIPAL BONDS

(Cost $4,800,000)

4,800,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $4,800,000)

4,800,000

TOTAL INVESTMENTS - 99.2%

(Cost $167,886,948)

160,338,654

OTHER ASSETS & LIABILITIES, NET - 0.8%

1,300,617

NET ASSETS - 100%

$

161,639,271

AMT

Alternative Minimum Tax

(a) When-issued or delayed delivery security.

(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 $10,346,931 or 6.5% 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) 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) 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) 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.

(g) 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.

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an

independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to

maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements

for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs

are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about

the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the

circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

Arizona

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

155,538,654

$

–

$

155,538,654

Short-Term Investments:

Municipal Bonds

–

4,800,000

–

4,800,000

Total

$

–

$

160,338,654

$

–

$

160,338,654

#### Portfolio of Investments August 31, 2025

#### Colorado
(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 96.0%

X

433,963,586

MUNICIPAL BONDS - 96.0%

X

–

CONSUMER DISCRETIONARY - 0.8%

$

500,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

.000

%

12/01/29

$

508,767

1,000,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

.000

12/01/32

1,011,929

2,000,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

.000

12/01/35

2,012,927

TOTAL CONSUMER DISCRETIONARY

3,533,623

EDUCATION AND CIVIC ORGANIZATIONS - 4.8%

720,000

Colorado Educational and Cultural Facilities Authority Charter

School Revenue Bonds, Monument Academy Charter School

Project, Refunding Series 2014

.625

10/01/29

719,981

2,000,000

(a) Colorado Educational and Cultural Facilities Authority

Education Revenue Bonds, Colorado, Rocky Mountain School of

Expeditionary Learning Project, Series 2019

.000

03/01/50

1,741,990

500,000

(a) Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Aspen Ridge School Project, Series

2015A

.000

07/01/36

500,008

500,000

(a) Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Aspen Ridge School Project, Series

2015A

.250

07/01/46

474,673

505,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Community Leadership Academy, Inc.

Second Campus Project, Series 2013

.350

08/01/43

505,571

215,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Douglas County School District RE-1 -

DCS Montessori School, Refunding & Improvement Series 2012

.000

07/15/27

215,130

385,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Littleton Preparatory Charter School,

Series 2013

.000

12/01/33

385,138

100,000

(a) Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, New Summit Charter Academy Project,

Series 2021A

.000

07/01/41

79,921

100,000

(a) Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, New Summit Charter Academy Project,

Series 2021A

.000

07/01/51

70,126

1,000,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, The Classical Academy Project,

Refunding Series 2015A

.000

12/01/38

1,000,128

705,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Twin Peaks Charter Academy, Series

2011B

.500

03/15/35

705,733

600,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Union Colony School Project, Series

2018

.000

04/01/38

607,290

1,000,000

(a) Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, University of Northern Colorado Lab

School, Refunding & Improvement Series 2015

.000

12/15/45

920,950

500,000

Colorado Educational and Cultural Facilities Authority,

Independent School Revenue Bonds, Kent Denver School

Project, Series 2016

.000

10/01/36

507,671

255,000

(a) Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, Rocky Mountain Classical Academy Project, Refunding

Series 2019

.000

10/01/49

223,838

1,000,000

(a) Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, Rocky Mountain Classical Academy Project, Refunding

Series 2019

.000

10/01/59

844,142

1,000,000

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, University of Denver, Series 2017A

.000

03/01/35

1,002,368

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

3,000,000

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, University of Denver, Series 2017A

.000

%

03/01/47

$

3,012,132

400,000

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, West Ridge Academy Charter School, Refunding &

Improvement Series 2019

.000

06/01/49

376,656

1,500,000

Colorado School of Mines Board of Trustees, Golden, Colorado,

Institutional Enterprise Revenue Bonds, Series 2023C

.250

12/01/53

1,524,831

1,335,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2017A

.000

03/01/34

1,345,685

2,000,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2017E

.000

03/01/43

1,794,915

1,000,000

(a) Falcon Area Water and Wastewater Authority (El Paso County,

Colorado), Tap Fee Revenue Bonds, Series 2022A

.750

12/01/34

988,754

2,000,000

University of Northern Colorado at Greeley, Institutional

Enterprise System Revenue Bonds, Refunding Series 2015A

.000

06/01/40

2,002,517

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

21,550,148

HEALTH CARE - 15.0%

1,760,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2019A

.000

11/15/37

1,839,552

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2019A

.000

11/15/43

887,763

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2021A

.000

11/15/46

867,458

2,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2023A-2, (Mandatory Put

11/15/33)

.000

11/15/57

2,207,449

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Adventist Health System/Sunbelt Obligated Group, Series 2016A

.000

11/15/46

862,509

3,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Adventist Health System/Sunbelt Obligated Group, Series 2018A

.000

11/15/48

3,001,245

7,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Children's Hospital Colorado Project, Series 2016A

.000

12/01/44

6,919,589

5,250,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-1

.000

08/01/44

4,544,798

270,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

.000

08/01/44

265,934

3,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

.000

08/01/49

2,478,889

500,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

.250

11/01/38

528,683

5,095,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

.500

11/01/47

5,184,260

4,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

.250

11/01/52

3,999,782

5,750,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2024A

.250

12/01/54

5,730,648

2,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Intermountain Healthcare, Series 2022A

.000

05/15/52

2,002,400

8,055,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Intermountain Healthcare, Series 2024A

.000

05/15/54

8,054,764

2,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Sanford Health, Series 2019A

.000

11/01/39

1,869,869

3,950,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Sanford Health, Series 2019A

.000

11/01/49

3,840,544

3,500,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

SCL Health System, Refunding Series 2019A

.000

01/01/35

3,508,618

1,590,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Valley View Hospital Association, Refunding Series 2017A

.000

05/15/34

1,595,903

1,050,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Valley View Hospital Association, Refunding Series 2017A

.000

05/15/35

1,051,562

2,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Valley View Hospital Association, Series 2015

.000

05/15/45

1,971,343

#### Portfolio of Investments August 31, 2025
(continued)

#### Colorado

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

375,000

Del Norte, Colorado, Healthcare Facilities Revenue Bonds, Rio

Grande Hospital Refunding Project, Refunding Series 2024

.700

%

12/01/49

$

347,618

185,000

Delta County Memorial Hospital District, Colorado, Enterprise

Revenue Bonds, Refunding Series 2010

.500

09/01/25

185,000

600,000

Delta County Memorial Hospital District, Colorado, Enterprise

Revenue Bonds, Refunding Series 2010

.500

09/01/30

581,256

475,000

Denver Health and Hospitals Authority, Colorado, Healthcare

Revenue Bonds, Series 2014A

.000

12/01/39

475,860

320,000

Denver Health and Hospitals Authority, Colorado, Healthcare

Revenue Bonds, Series 2025A

.125

12/01/50

310,797

440,000

Denver Health and Hospitals Authority, Colorado, Healthcare

Revenue Bonds, Series 2025A

.000

12/01/55

460,935

2,500,000

(a) Kremmling Memorial Hospital District, Colorado, Certificates of

Participation, Series 2024

.625

12/01/56

2,310,298

TOTAL HEALTH CARE

67,885,326

HOUSING/MULTIFAMILY - 0.5%

180,000

Denver City & County Housing Authority, Colorado, Capital Fund

Program Revenue Bonds, Three Tower Rehabilitation, Series

2007 - AGM Insured, (AMT)

.200

11/01/27

180,355

2,000,000

Denver City and County Housing Authority, Colorado, Multifamily

Housing Revenue Bonds, Flo Senior Apartments Project,

Sustainability Green Series 2023A

.500

07/01/41

1,948,229

TOTAL HOUSING/MULTIFAMILY

2,128,584

LONG-TERM CARE - 1.3%

500,000

(a),(b)

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

American Baptist Homes Project, Series 2016

.125

02/01/46

329,805

1,315,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Christian Living Neighborhoods Project, Refunding Series 2016

.000

01/01/31

1,317,449

3,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Christian Living Neighborhoods Project, Refunding Series 2016

.000

01/01/37

2,990,489

1,200,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Frasier Meadows Project, Refunding & Improvement Series

2017A

.250

05/15/47

1,143,780

TOTAL LONG-TERM CARE

5,781,523

TAX OBLIGATION/GENERAL - 9.1%

2,000,000

Delta County Joint School District 50 Delta, Gunnison, Montrose

and Mesa Counties, Colorado, General Obligation Bonds, Series

2023

.000

12/01/47

2,034,520

3,000,000

Denver School District 1, Colorado, General Obligation Bonds,

Series 2021

.000

12/01/41

2,851,377

4,625,000

Denver School District 1, Colorado, General Obligation Bonds,

Series 2022A

.000

12/01/45

4,735,294

480,000

Eagle River Water and Sanitation District, Eagle County,

Colorado, General Obligation Bonds, Series 2016

.500

12/01/36

488,467

2,500,000

Eagle River Water and Sanitation District, Eagle County,

Colorado, General Obligation Bonds, Series 2016

.000

12/01/45

2,507,164

1,220,000

El Paso County School District 20, Academy, Colorado, General

Obligation Bonds, Series 2017

.000

12/15/40

1,184,781

600,000

Foothills Park and Recreation District, Subdistrict A, Jefferson

County, Colorado, General Obligation Bonds, Refunding Series

2015 - AGM Insured

.250

12/01/29

600,873

440,000

Foothills Park and Recreation District, Subdistrict A, Jefferson

County, Colorado, General Obligation Bonds, Refunding Series

2015 - AGM Insured

.000

12/01/30

442,207

1,275,000

Foothills Park and Recreation District, Subdistrict A, Jefferson

County, Colorado, General Obligation Bonds, Refunding Series

2015 - AGM Insured

.000

12/01/31

1,281,206

3,000,000

Grand County School District 2 East Grand, Colorado, General

Obligation Bonds, Series 2022

.000

12/01/46

2,634,168

655,000

Grand River Hospital District, Garfield and Mesa Counties,

Colorado, General Obligation Bonds, Series 2018 - AGM Insured

.250

12/01/34

679,014

1,750,000

Grand River Hospital District, Garfield and Mesa Counties,

Colorado, General Obligation Bonds, Series 2018 - AGM Insured

.250

12/01/37

1,786,319

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

3,000,000

Gunnison Watershed School District RE1J, Gunnison and

Saguache Counties, Colorado, General Obligation Bonds, Series

2023

.000

%

12/01/47

$

3,051,780

2,000,000

Larimer and Weld Counties School District Re-5J, Colorado,

General Obligation Bonds, Series 2021

.000

12/01/40

1,929,933

750,000

Louisville, Boulder County, Colorado, General Obligation Bonds,

Limited Tax, Series 2017

.000

12/01/35

752,268

1,140,000

Roaring Fork Transportation Authority, Colorado, Property Tax

Revenue Bonds, Series 2021A

.000

12/01/46

1,000,984

2,410,000

Weld County School District 6, Greeley, Colorado, General

Obligation Bonds, Series 2020

.000

12/01/44

2,434,944

8,500,000

Weld County School District RE-4, Windsor, Colorado, General

Obligation Bonds, Series 2023

.250

12/01/47

8,781,125

2,000,000

Westminster Public Schools, Adams County, Colorado,

Certificates of Participation, Series 2019 - AGM Insured

.000

12/01/43

2,011,498

TOTAL TAX OBLIGATION/GENERAL

41,187,922

TAX OBLIGATION/LIMITED - 36.2%

3,690,000

Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2019

.000

12/01/51

3,205,257

368,328

Alpine Mountain Ranch Metropolitan District, Routt County,

Colorado, Special Assessment Revenue Bonds, Special

Improvement District 1, Refunding Series 2021

.000

12/01/40

321,526

1,650,000

Anthem West Metropolitan District, Colorado, General

Obligation Bonds, Refunding Series 2015 - BAM Insured

.000

12/01/35

1,653,838

1,020,000

Arista Metropolitan District, Broomfield County, Colorado,

General Obligation Limited Tax Bonds, Refunding Convertible to

Unlimited Tax Series 2023A - BAM Insured

.000

12/01/48

1,021,871

1,275,000

Arvada, Colorado, Sales and Use Tax Revenue Bonds, Series

2023

.000

12/01/41

1,350,312

1,335,000

Arvada, Colorado, Sales and Use Tax Revenue Bonds, Series

2023

.000

12/01/42

1,404,680

593,000

Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax

General Obligation Bonds, Series 2020A

.000

12/01/40

578,253

500,000

Aviation Station North Metropolitan District 2, Denver County,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2019A

.000

12/01/48

455,089

2,000,000

Baseline Metropolitan District 1, In the City and County of

Broomfield, Colorado, Special Revenue Bonds, Refunding and

Improvement Series 2024A

.250

12/01/54

1,810,636

4,000,000

Brighton Crossing Metropolitan District 4, Colorado, General

Obligation Bonds, Limited Tax Refunding Series 2024

.000

12/01/47

3,514,665

595,000

(a) Broadway Park North Metropolitan District 2, Denver,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2020

.375

12/01/26

585,178

5,055,000

Bromley Park Metropolitan District 3, Adams County, Colorado,

General Obligation Bonds, Limited Tax Refunding Series 2024

.000

12/01/44

4,370,687

2,500,000

Bromley Park Metropolitan District No. 2, In the City of Brighton,

Adams and Weld Counties, Colorado, Senior General Obligation

Limited Tax Refunding Bonds, Series 2023 - BAM Insured

.375

12/01/53

2,574,644

1,020,000

Buffalo Ridge Metropolitan District (In the City of Commerce

City), Adams County, Colorado, General Obligation Refunding

and Improvement Bonds, Series 2018A - BAM Insured

.000

12/01/34

1,064,550

1,000,000

Buffalo Ridge Metropolitan District (In the City of Commerce

City), Adams County, Colorado, General Obligation Refunding

and Improvement Bonds, Series 2018A - BAM Insured

.000

12/01/47

854,009

250,000

Canyons Metropolitan District 5, Douglas County, Colorado,

Limited Tax General Obligation and Special Revenue Bonds,

Refunding and Improvement Series 2024A - BAM Insured

.250

12/01/59

251,436

1,250,000

CCP Metropolitan District 3, Colorado, General Obligation

Bonds, Limited Tax Refunding Series 2024

.000

12/01/53

1,158,883

1,145,000

(a) Centerra Metropolitan District 1, Loveland, Colorado, Special

Revenue Bonds, Refunding & Improvement Series 2017

.000

12/01/47

1,065,712

500,000

Centerra Metropolitan District 1, Loveland, Colorado, Special

Revenue Improvement Bonds, Series 2022

.500

12/01/53

515,324

#### Portfolio of Investments August 31, 2025
(continued)

#### Colorado

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

480,000

Cherry Creek Corporate Center Metropolitan District, Arapahoe

County, Colorado, Revenue Bonds, Refunding Senior Lien Series

2015A

.000

%

06/01/37

$

480,007

1,725,000

Colorado International Center Metropolitan District 14, Denver,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2018

.875

12/01/46

1,644,136

2,000,000

Colorado State, Building Excellent Schools Today, Certificates of

Participation, Series 2017J

.250

03/15/42

2,027,940

1,000,000

Colorado State, Building Excellent Schools Today, Certificates of

Participation, Series 2021S

.000

03/15/41

931,849

5,000,000

Colorado State, Certificates of Participation, Higher Education

Health Sciences Facilities Series 2024A

.000

11/01/49

4,230,013

1,780,000

Colorado State, Certificates of Participation, Lease Purchase

Agreement Department of Transportation Second Amended &

Restated Headquarters Facilities, Refunding Series 2020

.000

06/15/38

1,732,645

2,000,000

Commerce City, Colorado, Sales and Use Tax Revenue Bonds,

Refunding Series 2015 - BAM Insured

.000

08/01/36

2,002,119

2,295,000

Copperleaf Metropolitan District 2, Arapahoe County, Colorado,

Limited Tax General Obligation Bonds, Refunding Convertible to

Unlimited Tax Series 2020 - BAM Insured

.000

12/01/45

2,035,037

1,250,000

Cottonwood Highlands Metropolitan District 1, Parker, Colorado,

Limited Tax General Obligation Bonds, Convertible to Unlimited

Tax Refunding Series 2024

.250

12/01/49

1,071,819

2,500,000

Cottonwood Highlands Metropolitan District 1, Parker, Colorado,

Limited Tax General Obligation Bonds, Convertible to Unlimited

Tax Refunding Series 2024

.250

12/01/54

2,090,998

1,000,000

Cross Creek Metropolitan District 2, Aurora, Colorado, Unlimited

Tax General Obligation Bonds, Refunding Series 2018 - AGM

Insured

.000

12/01/45

887,740

2,000,000

Crowfoot Valley Ranch Metropolitan District 2, Douglas County,

Colorado, Limited Tax General Obligation Bonds, Refunding

Series 2024A - BAM Insured

.375

12/01/54

1,714,144

1,250,000

Crystal Valley Metropolitan District 2, Douglas County,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2020A - AGM Insured

.000

12/01/44

1,126,388

920,000

Cumberland Green Metropolitan District, El Paso County,

Colorado, General Obligation Limited Tax Bonds, Refunding &

Improvement Series 2015

.250

12/01/45

849,391

1,185,000

Denver City and County School District 1, Colorado, Lease

Purchase Program Certificates of Participation, Series 2015B

.000

12/15/45

1,185,669

2,955,000

Denver City and County, Colorado, Dedicated Tax Revenue

Bonds, Refunding & Improvement Series 2016A

.000

08/01/42

2,969,831

1,000,000

Denver City and County, Colorado, Dedicated Tax Revenue

Bonds, Series 2021A

.000

08/01/35

1,027,642

1,785,000

Denver City and County, Colorado, Dedicated Tax Revenue

Bonds, Series 2021A

.000

08/01/40

1,697,254

120,000

(a) Denver Urban Renewal Authority, Colorado, Tax Increment

Revenue Bonds, 9th and Colorado Urban Redevelopment Area,

Series 2018A

.250

12/01/39

115,944

2,580,000

Douglas County School District, Number RE1, Douglas and

Elbert Counties. Colorado, General Obligation Bonds, Series

2024

.000

12/15/44

2,674,596

5,500,000

Ebert Metropolitan District, Denver Colorado, Limited Tax

General Obligation Bonds, Refunding Series 2018A-1 - BAM

Insured

.000

12/01/43

5,534,905

2,000,000

El Paso County School District 49 Falcon, Colorado, Certificates

of Participation, Series 2017B

.000

12/15/42

2,013,873

575,000

Erie Farm Metropolitan District, Erie, Boulder County,

Colorado, General Obligation Limited Tax Bonds, Refunding &

Improvement, Series 2021 - AGM Insured

.000

12/01/41

591,852

1,000,000

Erie, Colorado, Certificates of Participation, Series 2010

.000

11/01/37

1,000,401

500,000

Foothills Metropolitan District, Fort Collins, Colorado, Special

Revenue Bonds, Series 2014

.000

12/01/38

468,673

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,525,000

Foothills Park and Recreation District, Jefferson County,

Colorado, Lease Revenue Bonds, Certificates of Participation,

Series 2021

.000

%

12/01/33

$

1,571,704

890,000

Four Corners Business Improvement District, Erie, Boulder

County, Colorado, Limited Tax Supported Revenue Bonds, Series

2022

.000

12/01/52

863,153

500,000

Future Legends Sports Park Business Improvement District, Weld

County, Colorado, Limited Tax General Obligation Bonds, Series

2022A

.000

12/01/52

400,301

800,000

Glen Metropolitan District 1, El Paso County, Colorado, General

Obligation Limited Tax Bonds, Series 2016A - BAM Insured

.500

12/01/45

800,056

600,000

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

.500

12/01/47

620,253

675,000

Green Gables Metropolitan District 2, Jefferson County,

Colorado, Limited Tax General Obligation Bonds, Special

Revenue Refunding Improvement Senior Series 2023A - BAM

Insured

.125

12/01/53

657,856

231,756

Hess Ranch Metropolitan District 5, Parker, Colorado, Special

Assessment Revenue Bonds, Special Improvement District 1,

Series 2024A-1

.000

12/01/43

230,732

330,000

(a) Hess Ranch Metropolitan District 5, Parker, Colorado, Special

Assessment Revenue Bonds, Special Improvement District 2,

Series 2024

.500

12/01/44

318,346

1,125,000

High Plains Metropolitan District, Arapahoe County, Colorado,

General Obligation Bonds, Refunding Series 2017 - NPFG

Insured

.000

12/01/35

1,167,071

1,250,000

Hunters Overlook Metropolitan District 5, Severance, Weld

County, Colorado, Limited Tax General Obligation Bonds,

Refunding Series 2024

.250

12/01/54

1,118,620

380,000

Jefferson Center Metropolitan District 1, Arvada, Jefferson

County, Colorado, Special Revenue Bonds, Series 2020-A2

.125

12/01/40

335,933

3,000,000

Lanterns Metropolitan District 1, Castle Rock, Douglas County,

Colorado, Limited Tax General Obligation Bonds, Refunding and

Improvement Series 2024

.250

12/01/53

2,524,268

460,000

Lincoln Park Metropolitan District, Douglas County, Colorado,

Limited Tax General Obligation and Improvement Bonds,

Refunding Series 2018 - AGM Insured

.000

12/01/42

466,616

2,000,000

Lincoln Park Metropolitan District, Douglas County, Colorado,

Limited Tax General Obligation and Improvement Bonds,

Refunding Series 2018 - AGM Insured

.000

12/01/46

2,011,733

1,330,000

Littleton Village Metropolitan District 2, Arapahoe County,

Colorado, General Obligation Bonds, Limited Tax Refunding

Series 2023 - AGM Insured

.000

12/01/53

1,275,807

825,000

Lorson Ranch Metropolitan District 2, El Paso County, Colorado,

Limited Tax General Obligation Bonds, Series 2016

.000

12/01/36

831,380

1,805,000

Lorson Ranch Metropolitan District 2, El Paso County, Colorado,

Limited Tax General Obligation Bonds, Series 2016

.000

12/01/41

1,792,186

1,000,000

Meridian Metropolitan District, Douglas County, Colorado,

General Obligation Bonds, Series 2023 - AGM Insured

.250

12/01/48

907,707

650,000

Meridian Metropolitan District, Douglas County, Colorado,

General Obligation Refunding Bonds, Series 2017 - AGM Insured

.000

12/01/42

659,349

1,000,000

Midtown at Clear Creek Metropolitan District, Adams County,

Colorado, General Obligation Bonds, Refunding Limited Tax

Series 2023A - BAM Insured

.500

12/01/43

1,065,497

1,000,000

Monument, El Paso County, Colorado, Certificate of Participation,

Series 2020 - AGM Insured

.000

12/01/40

958,311

489,000

Mountain Shadows Metropolitan District, Colorado, General

Obligation Limited Tax Bonds, Refunding Series 2016

.000

12/01/46

454,690

494,000

Mountain Shadows Metropolitan District, Weld County,

Colorado, Limited Tax General Obligation Bonds, Series 2015

.500

12/01/44

493,937

570,000

Nexus North at DIA Metropolitan District, Adams County,

Colorado, Limited Tax General Obligation Bonds, Series 2021

.000

12/01/51

499,198

#### Portfolio of Investments August 31, 2025
(continued)

#### Colorado

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

709,000

North Range Metropolitan District 2, Adams County, Colorado,

Limited Tax General Obligation Bonds, Refunding Special

Revenue & Improvement Series 2017A

.625

%

12/01/37

$

698,300

1,000,000

North Range Metropolitan District 3, Adams County, Colorado,

Limited Tax General Obligation Bonds, Series 2020A-3

.250

12/01/50

956,942

4,000,000

Northern Colorado Water Conservancy District, Certificates of

Participation, Series 2022

.250

07/01/52

4,062,689

755,000

(b) Painted Prairie Public Improvement Authority, Aurora, Colorado,

Special Revenue Bonds, Series 2019

.000

12/01/49

642,390

1,500,000

Park 70 Metropolitan District, Aurora, Colorado, General

Obligation Bonds, Limited Tax Refunding & Improvement Series

2016

.000

12/01/36

1,505,991

2,380,000

Park Creek Metropolitan District, Colorado, Senior Limited

Property Tax Supported Revenue Bonds, Refunding Series 2015A

.000

12/01/45

2,332,687

1,650,000

Park Creek Metropolitan District, Colorado, Senior Limited

Property Tax Supported Revenue Bonds, Series 2019A - AGM

Insured

.000

12/01/36

1,643,899

827,000

(a) Platte River Metropolitan District, Weld County, Colorado,

General Obligation Bonds, Limited Tax Refunding Series 2023A

.500

08/01/53

817,725

2,500,000

(a) Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment

Revenue Bonds, Refunding Series 2013

.000

12/01/40

2,448,105

500,000

(a) 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

.000

12/15/41

484,042

680,000

Prairie Center Metropolitan District No. 3, In the City of Brighton,

Adams County, Colorado, Limited Property Tax Supported

Primary Improvements Revenue Bonds, Series 2024A

.875

12/15/46

695,441

500,000

Prairiestar Metropolitan District 2, Larimer County, Colorado,

Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2021A - BAM Insured

.000

12/01/46

504,256

1,550,000

Pueblo County, Colorado, Certificates of Participation,

Community Improvement Projects, Series 2023A

.000

07/01/43

1,373,028

235,000

(a) Pueblo Urban Renewal Authority, Colorado, Tax Increment

Revenue Bonds, EVRAZ Project, Series 2021A

.750

12/01/45

207,494

2,516,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.500

07/01/34

2,515,888

1,864,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.536

07/01/53

1,607,708

2,500,000

Rampart Range Metropolitan District 1, Lone Tree, Colorado,

Limited Tax Supported and Special Revenue Bonds, Refunding &

Improvement Series 2017

.000

12/01/42

2,535,960

1,060,000

Ravenna Metropolitan District, Douglas County, Colorado,

General Obligation Bonds, Refunding Limited Tax Series 2023 -

AGM Insured

.000

12/01/43

1,070,140

400,000

Red Sky Ranch Metropolitan District, Eagle County, Colorado,

General Obligation Bonds, Refunding & Improvement Series

2015

.000

12/01/44

362,019

2,385,000

Regional Transportation District, Colorado, Sales Tax Revenue

Bonds, Fastracks Project, Series 2017B

.000

11/01/35

2,402,136

490,000

Reserve Metropolitan District 2, Mount Crested Butte, Colorado,

Limited Tax General Obligation Bonds, Refunding Series 2016A

.000

12/01/45

448,305

555,000

Riverview Metropolitan District, Steamboat Springs, Routt

County, Colorado, General Obligation Limited Tax Bonds,

Convertible to Unlimited Tax Refunding Series 2021

.000

12/01/41

504,897

1,000,000

Roaring Fork School District RE-1, Garfield, Pitkin, and Eagle

Counties, Colorado, Certificates of Participation, Series 2023 -

BAM Insured

.000

12/15/43

1,013,117

1,000,000

Sand Creek Metropolitan District, Colorado, General Obligation

Limited Tax Bonds, Refunding Series 2023 - AGM Insured

.000

12/01/37

1,056,830

1,995,000

Sierra Ridge Metropolitan District 2, Douglas County, Colorado,

General Obligation Bonds, Refunding Limited Tax Series 2022 -

AGM Insured

.000

12/01/46

1,746,266

275,000

Sierra Ridge Metropolitan District 2, Douglas County, Colorado,

Limited Tax General Obligation Bonds, Refunding Bonds, Series

2022 - AGM Insured

.000

12/01/52

272,232

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

532,000

Silver Peaks Metropolitan District 3, Colorado, Limited Tax

Obligation Bonds, Senior Lien Series 2020A

.000

%

12/01/50

$

476,610

5,515,000

Sky Ranch Community Authority Board, Arapahoe County,

Colorado, Limited Tax Supported District 1 Revenue Bonds,

Refunding Improvement Senior Series 2024A

.250

12/01/54

4,612,741

200,000

Southlands Metropolitan District 1, Colorado, Limited Tax

General Obligation Bonds, Series 2017A-1

.000

12/01/37

196,258

350,000

Southlands Metropolitan District 1, Colorado, Limited Tax

General Obligation Bonds, Series 2017A-2

.000

12/01/47

319,920

1,000,000

Southshore Metropolitan District 2 Aurora, Arapahoe County,

Colorado, General Obligation Bonds, Limited Tax Improvement

Series 2020A-2 - BAM Insured

.000

12/01/46

874,291

495,000

Southwest Timnath Metropolitan District 4, Timnath, Larimer

County, Colorado, Limited Tax General Obligation Bonds, Series

2017A

.375

12/01/47

479,976

750,000

Sterling Hills West Metropolitan District, Arapahoe County,

Colorado, General Obligation Bonds, Refunding Series 2017

.000

12/01/39

759,897

415,000

Sterling Ranch Community Authority Board, Douglas County,

Colorado, Limited Tax Supported District 2, Refunding &

Improvement Senior Series 2020A

.375

12/01/30

400,650

595,000

Sterling Ranch Metropolitan District 2, El Paso County, Colorado,

General Obligation Bonds, Limited Tax Convertible Capital

Appreciation Series 22

.500

12/01/42

587,449

615,000

(a) Sunset Parks Metropolitan District, Weld County, Colorado,

General Obligation Bonds, Limited Tax Series 2024A

.125

12/01/54

559,854

750,000

Thompson Crossing Metropolitan District 2, Johnstown, Larimer

County, Colorado, General Obligation Bonds, Limited Tax

Convertible to Unlimited Tax, Series 2016B - AGM Insured

.000

12/01/46

752,420

1,640,000

(a) Thompson Crossing Metropolitan District 6, Larimer County,

Colorado, General Obligation Limited Tax Bonds, Refunding &

Improvement Convertible to Unlimited Tax Series 2020

.000

12/01/40

1,577,558

770,000

Thornton Development Authority, Colorado, Tax Increment

Revenue Bonds, North Washington Street Corridor Project,

Refunding Series 2015

.250

12/01/28

770,163

2,000,000

Thornton, Colorado, Certificates of Participation, Series 2018

.000

12/01/39

1,949,208

3,000,000

Trailside Metropolitan District 4, Colorado, Limited Tax General

Obligation Bonds, Refunding and Improvement Series 2024A -

BAM Insured

.250

12/01/56

2,489,310

2,000,000

(a) Triview Metropolitan District 4, Colorado, El Paso County,

General Obligation Bonds Limited Tax Series 2018

.750

12/01/48

1,986,745

4,000,000

(a) Ventana Metropolitan District, El Paso County, Colorado, General

Obligation Bonds, Limited Tax Refunding and Improvement

Series 2023A

.500

09/01/53

4,041,686

525,000

Vista Ridge Metropolitan District, In the Town of Erie, Weld

County, Colorado, General Obligation Refunding Bonds, Series

2016A - BAM Insured

.000

12/01/28

539,595

1,250,000

Vista Ridge Metropolitan District, In the Town of Erie, Weld

County, Colorado, General Obligation Refunding Bonds, Series

2016A - BAM Insured

.000

12/01/31

1,281,337

500,000

Vista Ridge Metropolitan District, In the Town of Erie, Weld

County, Colorado, General Obligation Refunding Bonds, Series

2016A - BAM Insured

.000

12/01/36

500,318

1,375,000

Water Valley Metropolitan District 1, Colorado, General

Obligation Bonds, Refunding Series 2016

.000

12/01/33

1,272,377

400,000

Water Valley Metropolitan District 1, Colorado, General

Obligation Bonds, Refunding Series 2016

.000

12/01/35

393,808

1,190,000

Water Valley Metropolitan District 1, Colorado, General

Obligation Bonds, Refunding Series 2016

.250

12/01/40

1,164,491

500,000

Waterview II Metropolitan District, El Paso County, Colorado,

Limited Tax General Obligation Bonds, Series 2022A

.000

12/01/41

478,574

1,500,000

Waterview II Metropolitan District, El Paso County, Colorado,

Limited Tax General Obligation Bonds, Series 2022A

.000

12/01/51

1,361,701

1,000,000

West Globeville Metropolitan District 1, Denver, Colorado,

General Obligation Limited Tax Bonds, Series 2022

.750

12/01/52

957,859

#### Portfolio of Investments August 31, 2025
(continued)

#### Colorado

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

600,000

Westerly Metropolitan District 4, Weld County, Colorado, General

Obligation Limited Tax Bonds, Series 2021A-1

.125

%

12/01/31

$

578,331

1,500,000

Westminster, Colorado, Certificates of Participation, Series 2015A

.000

12/01/35

1,505,878

1,000,000

Westminster, Colorado, Certificates of Participation, Series 2015A

.000

12/01/38

971,346

1,000,000

Wheatlands Metropolitan District 2, Aurora, Arapahoe County,

Colorado, General Obligation Bonds, Refunding Series 2015 -

BAM Insured

.000

12/01/30

1,005,017

1,595,000

Wheatlands Metropolitan District 2, Aurora, Arapahoe County,

Colorado, General Obligation Bonds, Refunding Series 2015 -

BAM Insured

.000

12/01/38

1,571,493

1,400,000

Whispering Pines Metropolitan District No.1, In the City of

Aurora, Colorado, Limited Tax Convertible to Unlimited Tax,

General Obligation Refunding Series 2023 - AGM Insured

.000

12/01/52

1,396,214

TOTAL TAX OBLIGATION/LIMITED

163,607,682

TRANSPORTATION - 9.3%

1,000,000

Colorado High Performance Transportation Enterprise, C-470

Express Lanes Revenue Bonds, Senior Lien Series 2017

.000

12/31/56

928,444

500,000

Colorado High Performance Transportation Enterprise, US 36

and I-25 Managed Lanes Revenue Bonds, Senior Lien Series

2014, (AMT)

.750

01/01/44

500,177

3,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022A, (AMT)

.000

11/15/25

3,013,877

2,115,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022A, (AMT)

.000

11/15/26

2,172,388

1,995,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022A, (AMT)

.000

11/15/39

2,047,113

3,340,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022A, (AMT)

.000

11/15/41

3,381,271

3,585,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022A, (AMT)

.500

11/15/53

3,679,237

500,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022B

.000

11/15/47

506,056

1,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

.750

11/15/45

1,047,924

1,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

.000

11/15/53

985,260

2,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT)

.000

12/01/27

2,098,079

1,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT)

.000

12/01/30

1,086,474

6,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT)

.000

12/01/43

5,242,551

10,305,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT)

.000

12/01/43

10,197,266

1,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018B

.000

12/01/37

1,020,784

500,000

Denver City and County, Colorado, Special Facilities Airport

Revenue Bonds, United Airlines, Inc. Project, Refunding Series

2017, (AMT)

.000

10/01/32

499,981

330,000

Eagle County Air Terminal Corporation, Colorado, Airport

Terminal Project Revenue Bonds, Refunding Series 2011A, (AMT)

.000

05/01/27

330,494

1,215,000

Grand Junction Regional Airport Authority, Colorado, General

Airport Revenue Bonds, Refunding Series 2016A

.000

12/01/32

1,234,573

1,275,000

Grand Junction Regional Airport Authority, Colorado, General

Airport Revenue Bonds, Refunding Series 2016A

.000

12/01/33

1,293,278

1,000,000

Grand Junction Regional Airport Authority, Colorado, General

Airport Revenue Bonds, Refunding Series 2016A

.000

12/01/34

1,012,756

TOTAL TRANSPORTATION

42,277,983

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. GUARANTEED - 4.4% (c)

$

150,000

Boulder Larimer & Weld Counties School District RE-1J Saint

Vrain Valley, Colorado, General Obligation Bonds, Series 2016C,

(Pre-refunded 12/15/26)

.000

%

12/15/34

$

153,234

50,000

Colorado Health Facilities Authority, Colorado, Health Facilities

Revenue Bonds, The Evangelical Lutheran Good Samaritan

Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)

.000

06/01/37

52,111

1,585,000

Colorado Health Facilities Authority, Colorado, Health Facilities

Revenue Bonds, The Evangelical Lutheran Good Samaritan

Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)

.000

06/01/42

1,651,920

3,535,000

Colorado Health Facilities Authority, Colorado, Hospital Revenue

Bonds, NCMC Inc., Series 2016, (Pre-refunded 5/15/26)

.000

05/15/32

3,569,440

1,250,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Parkview Medical Center, Series 2020A, (Pre-refunded 9/01/30)

.000

09/01/50

1,340,571

500,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2016B, (Pre-refunded 3/01/27)

.000

03/01/34

519,947

500,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2016B, (Pre-refunded 3/01/27)

.000

03/01/41

519,946

1,200,000

Commerce City, Colorado, Sales and Use Tax Revenue Bonds,

Series 2016, (Pre-refunded 8/01/26)

.000

08/01/41

1,228,479

6,000,000

Commerce City, Colorado, Sales and Use Tax Revenue Bonds,

Series 2016, (Pre-refunded 8/01/26)

.000

08/01/46

6,142,394

1,000,000

Metropolitan State University of Denver, Colorado, Institutional

Enterprise Revenue Bonds, Aerospace and Engineering Sciences

Building Project, Series 2016, (Pre-refunded 12/01/25)

.000

12/01/40

1,003,749

3,410,000

University of Colorado, Enterprise System Revenue Bonds,

Refunding Series 2017A-2, (Pre-refunded 6/01/28)

.000

06/01/36

3,567,291

TOTAL U.S. GUARANTEED

19,749,082

UTILITIES - 14.6%

2,000,000

Arapahoe County Water and Wastewater Authority, Colorado,

Revenue Bonds, Refunding Series 2019

.000

12/01/37

1,993,170

1,845,000

Arapahoe County Water and Wastewater Authority, Colorado,

Revenue Bonds, Refunding Series 2019

.000

12/01/38

1,815,959

3,250,000

Bennett, Colorado, Wastewater Revenue Bonds, Series 2024

.125

12/01/54

2,760,251

13,130,000

Brighton, Colorado, Water Activity Enterprise Revenue Bonds,

Water System Project, Series 2022

.000

06/01/47

13,350,633

3,550,000

Brighton, Colorado, Water Activity Enterprise Revenue Bonds,

Water System Project, Series 2022

.000

06/01/52

3,580,582

500,000

Cherokee Metropolitan District, Colorado, Water and Wastewater

Revenue Bonds, Series 2020 - BAM Insured

.000

08/01/50

428,019

4,435,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2022B

.250

11/15/52

4,560,988

3,270,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2023A

.250

11/15/48

3,399,943

4,000,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2023A

.250

11/15/53

4,123,640

8,200,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2024A

.250

11/15/54

8,453,182

500,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Refunding Series 2015A

.000

11/15/35

501,469

1,000,000

Colorado Water Resources and Power Development Authority,

Water Resources Revenue Bonds, City of Sterling Wastewater

Utility Enterprise Project, Series 2023A - AGM Insured

.000

09/01/48

1,011,480

345,000

Colorado Water Resources and Power Development Authority,

Water Resources Revenue Bonds, Steamboat Springs Utilities

Fund, Series 2011B

.125

08/01/26

346,917

7,000,000

Denver City and County Board of Water Commissioners,

Colorado, Water Revenue Bonds, Series 2022A

.000

12/15/52

7,101,489

650,000

East Cherry Creek Valley Water and Sanitation District, Arapahoe

County, Colorado, Water Revenue Bonds, Refunding Series 2015

.000

11/15/32

652,496

1,500,000

East Cherry Creek Valley Water and Sanitation District, Arapahoe

County, Colorado, Water Revenue Bonds, Refunding Series 2015

.000

11/15/35

1,500,472

#### Portfolio of Investments August 31, 2025
(continued)

#### Colorado

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an

independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to

maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements

for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs

are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about

the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the

circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

500,000

Erie, Boulder and Weld Counties, Colorado, Water Enterprise

Revenue Bonds, Refunding Series 2015

.000

%

12/01/29

$

500,422

1,140,000

Fort Lupton, Colorado, Water System Revenue Bonds, Refunding

& Improvement Series 2017 - AGM Insured

.000

12/01/42

1,063,509

8,805,000

Parker Water and Sanitation District, Douglas County, Colorado,

Water and Sewer Enterprise Revenue Bonds, Refunding &

Improvement Series 2022

.000

11/01/47

7,654,757

1,080,000

Public Authority for Colorado Energy, Natural Gas Purchase

Revenue Bonds, Colorado Springs Utilities, Series 2008

.250

11/15/28

1,132,981

280,000

Public Authority for Colorado Energy, Natural Gas Purchase

Revenue Bonds, Colorado Springs Utilities, Series 2008

.500

11/15/38

329,354

TOTAL UTILITIES

66,261,713

TOTAL MUNICIPAL BONDS

(Cost $449,983,348)

433,963,586

TOTAL LONG-TERM INVESTMENTS

(Cost $449,983,348)

433,963,586

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 2.4%

X

11,000,000

MUNICIPAL BONDS - 2.4%

X

–

HEALTH CARE - 2.4%

$

11,000,000

(d),(e)

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Intermountain Healthcare, Series 2024E

.900

05/15/64

$

11,000,000

TOTAL HEALTH CARE

11,000,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $11,000,000)

11,000,000

TOTAL INVESTMENTS - 98.4%

(Cost $460,983,348)

444,963,586

OTHER ASSETS & LIABILITIES, NET - 1.6%

7,082,434

NET ASSETS - 100%

$

452,046,020

AMT

Alternative Minimum Tax

(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 $22,692,894 or 5.1% of Total Investments.

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

bankruptcy.

(c) 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.

(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.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

Colorado

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

433,963,586

$

–

$

433,963,586

Short-Term Investments:

Municipal Bonds

–

11,000,000

–

11,000,000

Total

$

–

$

444,963,586

$

–

$

444,963,586

#### Portfolio of Investments August 31, 2025

#### Maryland
(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.0%

X

227,243,566

MUNICIPAL BONDS - 98.0%

X

–

CONSUMER DISCRETIONARY - 2.3%

$

715,000

Baltimore, Maryland, Convention Center Hotel Revenue Bonds,

Refunding Series 2017

.000

%

09/01/34

$

720,420

4,000,000

Baltimore, Maryland, Convention Center Hotel Revenue Bonds,

Refunding Series 2017

.000

09/01/39

3,880,288

1,000,000

(a) Maryland Economic Development Corporation, Revenue Bonds,

Chesapeake Bay Hyatt Conference Center, Series 2006A

.000

12/01/31

670,000

TOTAL CONSUMER DISCRETIONARY

5,270,708

CONSUMER STAPLES - 1.4%

335,000

Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-

Backed Bonds, Refunding Series 2002

.500

05/15/39

339,365

1,005,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

.250

06/01/32

974,130

355,000

New York Counties Tobacco Trust VI, New York, Tobacco

Settlement Pass-Through Bonds, Series 2016A-1

.625

06/01/35

360,582

1,900,000

TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006

.000

06/01/48

1,613,530

TOTAL CONSUMER STAPLES

3,287,607

EDUCATION AND CIVIC ORGANIZATIONS - 6.3%

1,000,000

Chestertown, Maryland, Economic Development Project Revenue

Bonds, Washington College, Refunding Series 2021A

.000

03/01/36

934,752

1,500,000

(b) Frederick County, Maryland, Educational Facilities Revenue

Bonds, Mount Saint Mary's University Inc., Series 2017A

.000

09/01/45

1,315,593

645,000

(b) Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Imagine Andrews Public Charter School, Series

2022A

.500

05/01/52

572,338

500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Johns Hopkins University, Series 2013B

.000

07/01/38

500,253

2,625,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Johns Hopkins University, Series 2013B

.250

07/01/41

2,521,763

500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Loyola University Maryland, Series 2014

.000

10/01/39

469,733

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Loyola University Maryland, Series 2025

.000

10/01/50

1,959,534

700,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Maryland Institute College of Art, Series 2016

.000

06/01/33

702,973

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Maryland Institute College of Art, Series 2024

.500

06/01/47

1,958,126

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Stevenson University, Series 2021A

.000

06/01/38

920,343

2,010,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Stevenson University, Series 2021A

.000

06/01/46

1,666,599

1,100,000

Maryland Industrial Development Financing Authority, Economic

Development Revenue Bonds, McDonogh School Inc., Sereis

2019

.000

09/01/43

994,990

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

14,516,997

ENERGY - 0.4%

1,000,000

(b) Maryland Economic Development Corporation, Port Facilities

Revenue Bonds, Core Natural Resources Inc. Project, Refunding

Series 2025, (Mandatory Put 3/27/35)

.000

07/01/48

1,007,892

TOTAL ENERGY

1,007,892

HEALTH CARE - 20.5%

1,455,000

Maryland Health and Higher Educational Facilities

Authority, Revenue Bonds, University of Maryland Medical

Systems, Series 2025A

.250

07/01/52

1,475,246

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds Doctors Community Hospital, Series 2017B

.000

07/01/34

1,014,326

500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds Doctors Community Hospital, Series 2017B

.000

07/01/38

502,229

90,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Mercy Medical Center, Series 2016A

.000

07/01/36

90,791

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

1,250,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Mercy Medical Center, Series 2016A

.000

%

07/01/38

$

1,257,236

440,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Mercy Medical Center, Series 2016A

.000

07/01/42

390,247

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Adventist HealthCare Issue, Series 2021B

.000

01/01/51

803,619

1,600,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Adventist Healthcare, Series 2016A

.500

01/01/36

1,626,476

2,020,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Adventist Healthcare, Series 2016A

.500

01/01/46

2,023,787

2,650,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Frederick Health System Issue Series 2023

.250

07/01/53

2,612,185

740,000

Maryland Health and HIgher Educational Facilities Authority,

Revenue Bonds, Frederick Health System Issue; Series 2020

.250

07/01/39

580,451

175,000

Maryland Health and HIgher Educational Facilities Authority,

Revenue Bonds, Frederick Health System Issue; Series 2020

.000

07/01/40

158,555

1,165,000

Maryland Health and HIgher Educational Facilities Authority,

Revenue Bonds, Greater Baltimore Medical Center, Series 2021A

.000

07/01/46

826,307

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health Issue Series 2024

.000

07/01/54

991,226

2,080,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health Issue Series 2024

.250

07/01/54

2,118,437

1,250,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health Issue, Series 2016

.000

07/01/41

1,150,986

500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health Issue, Series 2016

.000

07/01/47

493,249

1,015,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health System, Series 2015

.125

07/01/47

901,551

1,020,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Medstar Health Issue, Series 2013B

.000

08/15/38

1,020,487

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, MedStar Health Issue, Series 2017A

.000

05/15/42

1,000,490

5,625,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, MedStar Health Issue, Series 2017A

.000

05/15/45

5,525,821

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Meritus Medical Center Inc Series 2025

.000

07/01/43

2,049,243

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Meritus Medical Center Inc Series 2025

.000

07/01/44

2,035,699

3,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Meritus Medical Center Inc Series 2025

.250

07/01/50

2,999,931

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Peninsula Regional Medical Center Issue, Series

2020A

.000

07/01/48

1,680,753

835,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Trinity Health Credit Group, Series 2017MD

.000

12/01/46

829,632

2,500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, University of Maryland Medical System Issue,

Series 2017B

.000

07/01/39

2,527,145

3,250,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, University of Pittsburgh Medical Center, Series

2020B

.000

04/15/45

2,822,462

7,000,000

Montgomery County, Maryland, Revenue Bonds, Trinity Health

Credit Group, Series 2015

.000

12/01/44

6,129,926

TOTAL HEALTH CARE

47,638,493

HOUSING/MULTIFAMILY - 12.9%

2,000,000

Howard County Housing Commission, Maryland, Revenue

Bonds, Columbia Commons Apartments, Series 2014A

.000

06/01/44

1,982,789

2,000,000

Howard County Housing Commission, Maryland, Revenue

Bonds, Columbia Landing Project, Refunding Series 2021A

.600

06/01/29

1,861,691

3,000,000

Howard County Housing Commission, Maryland, Revenue

Bonds, Orchard Meadows Apartments, Social Series 2024

.000

12/01/43

3,002,434

1,655,000

Howard County Housing Commission, Maryland, Revenue

Bonds, The Verona at Oakland Mills Project, Series 2013

.000

10/01/28

1,657,603

#### Portfolio of Investments August 31, 2025
(continued)

#### Maryland

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

$

1,310,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Green Series 2021A

.200

%

07/01/41

$

900,050

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Green Series 2021B

.100

01/01/41

679,151

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Green Series 2021C

.600

01/01/42

728,707

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Green Sustainability Series 2024B

.600

07/01/49

933,839

935,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2000A

.600

07/01/40

693,409

1,430,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2014D

.000

07/01/45

1,239,663

235,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2017C

.550

07/01/42

207,775

1,480,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2018A

.950

07/01/43

1,335,402

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2019D

.200

07/01/44

794,327

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2020E

.150

07/01/40

698,196

1,750,000

Maryland Community Development Administration, Department

of Housing and Community Development, Multifamily

Development Revenue Bonds, Marlborough Apartments, Series

2014I

.450

12/15/31

1,750,111

1,000,000

Maryland Community Development Administration, Multifamily

Development Revenue Bonds, Sustainability Villages at Marley

Station Green Series 2024D-1

.350

02/01/44

917,997

1,000,000

Maryland Economic Development Corporation, Senior Revenue

Bonds, Provident Group - Towson Place Properties LLC Project,

Series 2024A-1

.000

06/01/39

1,010,777

575,000

Maryland Economic Development Corporation, Senior Student

Housing Revenue Bonds, Towson University Project, Refunding

Series 2017

.000

07/01/32

585,011

1,000,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Morgan State University Project, Senior Series

2022

.000

07/01/58

1,041,340

200,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Morgan State University Project, Series 2020

.000

07/01/40

181,797

1,150,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Morgan State University Project, Series 2020

.000

07/01/50

1,099,066

500,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Salisbury University Project, Refunding Series

2013

.000

06/01/34

500,073

525,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Sheppard Pratt University Village, Series 2012

.000

07/01/27

525,123

1,140,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, University of Maryland, Baltimore County

Project, Refunding Series 2016 - AGM Insured

.600

07/01/35

1,081,608

2,000,000

Maryland Economic Development Corporation, Student

Housing Revenue Bonds, University of Maryland, College Park -

Leonardtown Project, Series 2024 - AGM Insured

.000

07/01/54

1,964,063

1,250,000

Montgomery County Housing Opportunities Commission,

Maryland, Multifamily Housing Development Bonds, Series

2014A

.650

07/01/34

1,239,624

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

$

750,000

Montgomery County Housing Opportunities Commission,

Maryland, Multifamily Housing Development Bonds, Series

2021B

.250

%

07/01/41

$

520,388

1,000,000

Montgomery County Housing Opportunities Commission,

Maryland, Multifamily Housing Development Bonds, Series

2021C

.200

07/01/36

792,968

TOTAL HOUSING/MULTIFAMILY

29,924,982

HOUSING/SINGLE FAMILY - 3.6%

2,500,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2014C

.200

09/01/28

2,500,505

2,500,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2019B

.200

09/01/39

2,125,654

725,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2019C

.000

03/01/42

586,629

500,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2021B

.100

09/01/41

333,282

2,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2021C

.450

09/01/41

1,449,734

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Social Series 2024C

.500

09/01/44

968,743

420,000

Montgomery County Housing Opportunities Commission,

Maryland, Program Revenue Bonds, Series 2019C, (AMT)

.300

07/01/39

359,513

TOTAL HOUSING/SINGLE FAMILY

8,324,060

LONG-TERM CARE - 4.7%

1,750,000

Baltimore County, Maryland, Revenue Bonds, Oak Crest Village,

Series 2020

.000

01/01/45

1,490,142

2,000,000

Baltimore County, Maryland, Revenue Bonds, Riderwood Village

Inc Facility, Series 2020

.000

01/01/50

1,608,597

1,200,000

Gaithersburg, Maryland, Economic Development Revenue

Bonds, Asbury Methodist Obligated Group Project, Refunding

Series 2018A

.000

01/01/33

1,218,688

1,250,000

Howard County, Maryland, Retirement Community Revenue

Bonds, Vantage House, Refunding Series 2017

.000

04/01/44

1,068,935

700,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Charlestown Community Issue, Series 2016A

.000

01/01/36

706,291

835,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Charlestown Community Issue, Series 2016A

.000

01/01/45

835,417

575,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Ingleside King Farm Project, Series 2017A-1

.000

11/01/30

584,556

950,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Ingleside King Farm Project, Series 2017A-1

.000

11/01/32

959,212

100,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Ingleside King Farm Project, Series 2017A-1

.000

11/01/37

97,837

1,500,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Series 2017B

.000

11/01/42

1,371,022

1,100,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Series 2017B

.000

11/01/47

956,008

TOTAL LONG-TERM CARE

10,896,705

TAX OBLIGATION/GENERAL - 11.1%

1,005,000

Anne Arundel County, Maryland, General Obligation Bonds,

Consolidated Water & Sewer, Series 2018

.000

10/01/27

1,062,078

1,000,000

Howard County, Maryland, General Obligation Bonds,

Consolidated Public Improvement Project, Series 2020A

.000

08/15/39

990,429

3,000,000

Maryland State, General Obligation Bonds, State and Local

Facilities Loan of 2022, First Series 2025A

.000

06/01/40

3,230,395

5,290,000

Maryland State, General Obligation Bonds, State and Local

Facilities Loan, First Series 2020A-1

.000

03/15/27

5,507,347

#### Portfolio of Investments August 31, 2025
(continued)

#### Maryland

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

2,000,000

Maryland State, General Obligation Bonds, State and Local

Facilities Loan, First Series 2024A

.000

%

06/01/37

$

2,215,719

1,500,000

Montgomery County, Maryland, General Obligation Bonds,

Consolidated Public Improvement Series 2019A

.000

11/01/37

1,332,110

1,000,000

Montgomery County, Maryland, General Obligation Bonds,

Refunding Consolidated Public Improvement Series 2024B

.000

12/01/27

1,061,184

5,645,000

Murrieta Valley Unified School District, Riverside County,

California, General Obligation Bonds, Election 2006 Series 2008

- AGM Insured

.000

09/01/32

4,517,315

2,000,000

Prince George's County, Maryland, General Obligation Bonds,

Consolidated Public Improvement Series 2024A

.000

08/01/39

2,164,896

1,000,000

Prince George's County, Maryland, General Obligation Bonds,

Consolidated Public Improvement Series 2025A

.000

08/01/41

1,067,309

1,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.625

07/01/29

1,065,766

2,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/33

1,400,566

TOTAL TAX OBLIGATION/GENERAL

25,615,114

TAX OBLIGATION/LIMITED - 17.2%

1,000,000

Baltimore, Maryland, Special Obligation Bonds, Center/West

Development Project, Series 2017A

.375

06/01/36

964,607

385,000

Baltimore, Maryland, Special Obligation Bonds, East Baltimore

Research Park Project, Series 2017A

.000

09/01/27

386,449

1,825,000

Baltimore, Maryland, Special Obligation Bonds, East Baltimore

Research Park Project, Series 2017A

.500

09/01/33

1,826,248

1,220,000

Baltimore, Maryland, Special Obligation Bonds, East Baltimore

Research Park Project, Series 2017A

.000

09/01/38

1,220,490

755,000

Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2016

.000

06/01/36

758,180

1,300,000

(b) Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2019A

.500

06/01/39

1,130,812

250,000

(b) Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2019B

.700

06/01/39

218,091

3,150,000

(b) Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2022

.000

06/01/51

2,950,355

315,000

Brunswick, Frederick County, Maryland, Special Obligation

Bonds, Brunswick Crossing Special Taxing District, Refunding

Series 2019

.000

07/01/29

314,835

334,000

Brunswick, Frederick County, Maryland, Special Obligation

Bonds, Brunswick Crossing Special Taxing District, Refunding

Series 2019

.000

07/01/36

335,851

62,000

Frederick County, Maryland, Special Obligation Bonds, Lake

Linganore Village Community Development Series 2001A - RAAI

Insured

.700

07/01/29

62,126

1,010,000

Frederick County, Maryland, Special Obligation Bonds, Urbana

Community Development Authority, Refunding Series 2020A

.000

07/01/38

969,791

500,000

Frederick County, Maryland, Special Obligation Bonds, Urbana

Community Development Authority, Refunding Series 2020A

.000

07/01/39

472,661

295,000

Frederick County, Maryland, Special Obligation Bonds, Urbana

Community Development Authority, Refunding Series 2020B

.000

07/01/40

269,902

55,000

(b) Frederick County, Maryland, Special Obligation Bonds, Urbana

Community Development Authority, Refunding Series 2020C

.000

07/01/50

45,456

1,585,000

(b) Frederick County, Maryland, Special Tax Limited Obligation

Bonds, Jefferson Technology Park Project, Refunding Series

2020A

.000

07/01/43

1,510,756

170,000

Frederick County, Maryland, Tax Increment and Special Tax B

Limited Obligation Bonds, Oakdale-Lake Linganore Project,

Series 2019

.750

07/01/39

149,822

100,000

(b) Frederick County, Maryland, Tax Increment and Special Tax

Limited Obligation Bonds, Jefferson Technology Park Project,

Refunding Series 2020B

.625

07/01/43

91,597

1,015,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/33

1,021,510

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

500,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

%

12/01/46

$

491,195

750,000

Howard County, Maryland, Special Obligation Bonds, Annapolis

Junction Town Center Project, Series 2024

.000

02/15/44

759,220

600,000

(b) Howard County, Maryland, Special Obligation Bonds, Downtown

Columbia Project, Series 2017A

.125

02/15/34

581,426

550,000

(b) Howard County, Maryland, Special Obligation Bonds, Downtown

Columbia Project, Series 2017A

.375

02/15/39

514,711

570,000

Hyattsville, Maryland, Special Obligation Bonds, University Town

Center Project, Series 2016

.000

07/01/27

569,994

1,285,000

Hyattsville, Maryland, Special Obligation Bonds, University Town

Center Project, Series 2016

.000

07/01/34

1,284,992

2,000,000

Maryland Economic Development Corporation, Maryland, Lease

Revenue Bonds, Reservoir Square Project, Series 2024

.000

07/01/56

1,941,742

790,000

Maryland Economic Development Corporation, Special

Obligation Bonds, Metro Centre Owings Mills Project, Series

2017

.500

07/01/44

694,810

1,000,000

Maryland Economic Development Corporation, Special

Obligation Bonds, Port Covington Project, Series 2020

.000

09/01/50

793,724

965,000

Maryland Stadium Authority, Lease Revenue Bonds, Built To

Learn, Series 2022A

.000

06/01/34

1,061,958

3,000,000

Maryland Stadium Authority, Lease Revenue Bonds, Built To

Learn, Series 2024

.250

06/01/51

3,080,943

50,000

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Series

2016

.000

05/01/33

50,553

1,000,000

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Series

2018A

.000

05/01/47

1,003,444

1,500,000

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Taxable

Refunding Series 2022C

.000

05/01/51

376,773

1,500,000

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Taxable

Refunding Series 2022C

.000

05/01/52

356,903

575,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/32

590,950

525,000

(b) Prince George's County Revenue Authority, Maryland, Special

Obligation Bonds, Suitland-Naylor Road Project, Series 2016

.000

07/01/46

500,993

304,000

Prince George's County, Maryland, Special Tax District Bonds,

Victoria Falls Project, Series 2005

.250

07/01/35

304,941

39,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/27

36,732

54,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/29

47,415

70,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/31

56,313

78,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/33

57,125

2,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/51

466,831

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.750

07/01/53

898,028

4,615,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

4,233,147

500,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.329

07/01/40

463,721

3,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.536

07/01/53

2,588

47,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.784

07/01/58

41,521

1,000,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2006 - FGIC Insured

.000

10/01/28

1,002,904

#### Portfolio of Investments August 31, 2025
(continued)

#### Maryland

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

500,000

(b) Virgin Islands Public Finance Authority, Revenue Bonds,

Frenchman's Reef Hotel Development Hotel Occupancy Series

2024A

.000

%

04/01/53

$

495,037

1,000,000

Washington Metropolitan Area Transit Authority, Dedicated

Revenue Bonds, Green Series 2021A

.000

07/15/46

883,140

1,500,000

Washington Metropolitan Area Transit Authority, Second Lien

Dedicated Revenue Bonds, Sustainability- Climate Transition,

Green Series 2024A

.250

07/15/59

1,531,904

TOTAL TAX OBLIGATION/LIMITED

39,875,217

TRANSPORTATION - 11.4%

120,000

Guam Port Authority, Port Revenue Bonds, Private Activity Series

2018B, (AMT)

.000

07/01/33

122,796

425,000

Guam Port Authority, Port Revenue Bonds, Private Activity Series

2018B, (AMT)

.000

07/01/34

433,459

1,500,000

Maryland Department of Transportation, Special Transportation

Project Revenue Bonds, Baltimore/Washington International

Thurgood Marshall Airport, Series 2021B, (AMT)

.000

08/01/46

1,475,903

7,000,000

Maryland Department of Transportation, Special Transportation

Project Revenue Bonds, Baltimore/Washington International

Thurgood Marshall Airport, Series 2024A, (AMT)

.250

08/01/54

7,084,417

800,000

Maryland Economic Development Corporation Economic

Development Revenue Bonds, Terminal Project, Series 2019A,

(AMT)

.000

06/01/44

766,006

1,940,000

Maryland Economic Development Corporation Economic

Development Revenue Bonds, Transportation Facilities Project,

Refunding Series 2017A

.000

06/01/35

1,979,035

1,500,000

Maryland Economic Development Corporation, Air Cargo

Obligated Group Revenue Bonds, AFCO Airport Real Estate

Group, Series 2019, (AMT)

.000

07/01/44

1,259,662

1,500,000

Maryland Economic Development Corporation, Economic

Development Revenue Bonds, Annapolis Mobility and Resilience

Project, Senior Series 2022A

.250

06/30/53

1,489,335

500,000

Maryland Economic Development Corporation, Parking Facilities

Revenue Bonds Baltimore City Project, Subordinate Parking

Facilities Revenue Bonds, Series 2018C

.000

06/01/38

435,985

305,000

Maryland Economic Development Corporation, Parking Facilities

Revenue Bonds Baltimore City Project, Subordinate Parking

Facilities Revenue Bonds, Series 2018C

.000

06/01/58

214,985

1,275,000

Maryland Economic Development Corporation, Parking Facilities

Revenue Bonds, Baltimore City Project, Senior Parking Facilities

Revenue Bonds, Series 2018A

.000

06/01/58

1,198,816

2,915,000

Maryland Economic Development Corporation, Private Activity

Revenue Bonds, Purple Line Light Rail Project, Green Series

2022B, (AMT)

.250

06/30/52

2,770,956

2,000,000

Maryland Transportation Authority, Passenger Facility Charge

Revenue Bonds, Baltimore/Washington International Thurgood

Marshall Airport Project, Series 2019, (AMT)

.000

06/01/39

1,875,451

1,000,000

Maryland Transportation Authority, Revenue Bonds,

Transportation Facilities Projects, Series 2021A

.000

07/01/46

1,009,710

3,000,000

Maryland Transportation Authority, Revenue Bonds,

Transportation Facilities Projects, Series 2021A

.000

07/01/51

3,010,861

20,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, American Airlines, Inc. John F

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

.000

08/01/26

20,000

340,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, American Airlines, Inc. John F

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

.000

08/01/31

340,003

1,260,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/41

967,967

TOTAL TRANSPORTATION

26,455,347

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. GUARANTEED - 1.1% (c)

$

305,000

Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding

Series 1998A - FGIC Insured, (ETM)

.000

%

07/01/28

$

316,772

455,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Helix Health, Series 1997 - AMBAC Insured,

(ETM)

.000

07/01/27

466,994

235,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Maryland Institute College of Art, Series 2017,

(Pre-refunded 6/01/26)

.000

06/01/42

239,354

1,500,000

Washington County Commissioners, Maryland, Revenue Bonds,

Diakon Lutheran Social Ministries Project, Series 2019B, (Pre-

refunded 1/01/29)

.000

01/01/30

1,619,991

TOTAL U.S. GUARANTEED

2,643,111

UTILITIES - 5.1%

1,500,000

Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series

2019A

.000

07/01/49

1,504,040

2,000,000

Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series

2022A

.250

07/01/47

2,077,953

1,500,000

Baltimore, Maryland, Revenue Bonds, Water Projects,

Subordinate Series 2014A

.000

07/01/44

1,496,013

2,150,000

Beaver County Industrial Development Authority, Pennsylvania,

Pollution Control Revenue Bonds, FirstEnergy Generation Project,

Refunding Series 2006A, (Mandatory Put 7/01/33)

.750

01/01/35

2,212,243

2,000,000

Maryland Economic Development Corporation, Revenue Bonds,

Constellation Energy Group, Inc. Projects, Adjustable Mode,

Refunding Series 2006B, (Mandatory Put 4/03/28)

.100

10/01/36

2,046,930

1,000,000

(b) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2020A

.000

07/01/30

1,046,929

1,500,000

(b) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2020A

.000

07/01/47

1,403,225

TOTAL UTILITIES

11,787,333

TOTAL MUNICIPAL BONDS

(Cost $238,475,116)

227,243,566

TOTAL LONG-TERM INVESTMENTS

(Cost $238,475,116)

227,243,566

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.4%

X

3,300,000

MUNICIPAL BONDS - 1.4%

X

–

TAX OBLIGATION/GENERAL - 1.4%

$

3,300,000

(d),(e)

Washington Suburban Sanitary District, Montgomery and Prince

George's Counties, Maryland, General Obligation Bonds, Multi-

Modal Bond Anticipation Note Series 2013B

.880

06/01/27

$

3,300,000

TOTAL TAX OBLIGATION/GENERAL

3,300,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $3,300,000)

3,300,000

TOTAL INVESTMENTS - 99.4%

(Cost $241,775,116)

230,543,566

OTHER ASSETS & LIABILITIES, NET - 0.6%

1,405,096

NET ASSETS - 100%

$

231,948,662

AMT

Alternative Minimum Tax

ETM

Escrowed to maturity

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

bankruptcy.

(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 $13,385,211 or 5.8% of Total Investments.

(c) 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.

(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.

#### Portfolio of Investments August 31, 2025
(continued)

#### Maryland

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an

independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to

maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements

for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs

are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about

the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the

circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

Maryland

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

227,243,566

$

–

$

227,243,566

Short-Term Investments:

Municipal Bonds

–

3,300,000

–

3,300,000

Total

$

–

$

230,543,566

$

–

$

230,543,566

#### Portfolio of Investments August 31, 2025

#### New Mexico
(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.7%

X

65,064,347

MUNICIPAL BONDS - 98.7%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 9.3%

$

2,235,000

Los Ranchos de Albuquerque, New Mexico, Educational Facilities

Revenue Bonds, Albuquerque Academy Project, Refunding

Series 2020

.000

%

09/01/40

$

2,076,732

685,000

New Mexico Institute of Mining and Technology, Revenue Bonds,

Series 2019 - AGM Insured

.000

12/01/37

677,440

535,000

New Mexico State University, Revenue Bonds, Refunding &

Improvement Series 2017A

.000

04/01/42

537,835

1,000,000

University of New Mexico, Revenue Bonds, System Improvement

Series 2023 - AGM Insured

.250

06/01/49

1,031,106

1,700,000

University of New Mexico, Revenue Bonds, System Improvement

Series 2023 - AGM Insured

.500

06/01/53

1,771,812

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

6,094,925

HEALTH CARE - 11.5%

400,000

Arizona Industrial Development Authority, Hospital Revenue

Bonds, Phoenix Children's Hospital, Series 2020A

.000

02/01/50

328,768

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2 - BAM Insured

.000

08/01/49

843,087

1,000,000

New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2017A

.000

08/01/36

977,466

1,000,000

New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2017A

.000

08/01/46

859,263

1,010,000

New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2017A

.000

08/01/46

982,958

240,000

New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2019A

.000

08/01/44

235,771

1,300,000

New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2019A

.000

08/01/48

1,099,614

1,500,000

New Mexico Hospital Equipment Loan Council, Hospital

Revenue Bonds, San Juan Regional Medical Center, Refunding &

Improvement Series 2020

.000

06/01/34

1,463,716

785,000

New Mexico Hospital Equipment Loan Council, Hospital

Revenue Bonds, San Juan Regional Medical Center, Refunding &

Improvement Series 2020

.000

06/01/35

755,211

TOTAL HEALTH CARE

7,545,854

HOUSING/SINGLE FAMILY - 4.3%

295,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2018C

.875

07/01/43

266,136

1,380,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2019C

.600

07/01/44

1,155,718

745,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2021A

.300

07/01/46

484,798

115,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2021C

.250

07/01/46

72,178

1,235,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2022A

.550

09/01/42

884,302

TOTAL HOUSING/SINGLE FAMILY

2,863,132

LONG-TERM CARE - 1.9%

1,365,000

Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL

Castillo Retirement Residences Project, Series 2012

.000

05/15/42

1,282,300

TOTAL LONG-TERM CARE

1,282,300

TAX OBLIGATION/GENERAL - 10.6%

1,000,000

Albuquerque Municipal School District 12, Bernalillo and

Sandoval Counties, New Mexico, General Obligation Bonds,

School Building Series 2018

.000

08/01/36

1,032,238

200,000

Albuquerque Municipal School District 12, Bernalillo and

Sandoval Counties, New Mexico, General Obligation Bonds,

School Series 2025A

.000

08/01/40

211,219

250,000

Albuquerque, New Mexico, General Obligation Bonds, Storm

Sewer Series 2025B

.000

07/01/41

265,144

#### Portfolio of Investments August 31, 2025
(continued)

#### New Mexico

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

2,400,000

Central New Mexico Community College, Bernalillo and

Sandoval Counties, New Mexico, General Obligation Bonds,

Limited Tax Series 2023

.000

%

08/15/37

$

2,400,586

1,000,000

New Mexico State, General Obligation Bonds, Capital Projects

Series 2025

.000

03/01/35

1,075,821

1,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/46

826,491

515,000

Silver City Consolidated School District 1, Grant County, New

Mexico, General Obligation Bonds, School Building Series 2017

.000

08/01/37

515,124

675,000

Silver Consolidated School District 1, Grant County, New Mexico,

General Obligation Bonds, School Building Series 2019

.000

08/01/37

679,448

TOTAL TAX OBLIGATION/GENERAL

7,006,071

TAX OBLIGATION/LIMITED - 35.7%

1,195,000

Albuquerque, New Mexico, Gross Receipts Tax Revenue Bonds,

Improvement Series 2015A

.000

07/01/37

1,196,312

755,000

Albuquerque, New Mexico, Gross Receipts Tax Revenue Bonds,

Improvement Series 2022B

.000

07/01/41

791,321

825,000

Aspire Public Improvement District, Albuquerque, New Mexico,

Special Levy Revenue Bonds, Series 2024

.300

10/01/53

736,070

515,000

Bernalillo County, New Mexico, Gross Receipts Tax Revenue

Bonds, Series 1996B - NPFG Insured

.700

04/01/27

542,585

415,000

Boulders Public Improvement District, Albuquerque, New

Mexico, Special Levy Revenue Bonds, Series 2013

.250

10/01/43

415,325

200,000

Boulders Public Improvement District, Albuquerque, New

Mexico, Special Levy Revenue Bonds, Series 2015

.750

10/01/44

192,016

600,000

Colfax County, New Mexico, Gross Receipts Tax Revenue Bonds,

Improvement Series 2015 - BAM Insured

.000

08/01/35

596,218

500,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2015D

.000

11/15/39

502,470

250,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.250

01/01/40

260,690

780,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/46

766,264

1,000,000

Los Diamantes Public Improvement District, New Mexico,

Revenue Bonds, Rio Rancho Special Levy Improvement Series

2024 - BAM Insured

.125

10/01/53

865,529

125,000

Los Lunas, Valencia County, New Mexico, Gross Receipts Tax

Revenue Bonds, Improvement Series 2016

.000

04/01/41

100,564

500,000

Lower Petroglyphs Public Improvements District, Albuquerque,

New Mexico, Special Levy Revenue Bonds, Refunding Series

2018

.000

10/01/38

480,069

230,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/39

229,165

675,000

McKinley County, New Mexico, Gross Receipts Revenue Bonds,

Tax Improvement Series 2023 - BAM Insured

.250

06/01/47

607,414

805,000

Mesa Del Sol Public Improvement District 1, Albuquerque, New

Mexico, Special Levy Revenue Bonds, Series 2013

.000

10/01/33

805,014

1,000,000

Montecito Estates Public Improvement District, Albuquerque,

New Mexico, Special Levy Revenue Bonds, Refunding Series

2016

.000

10/01/37

987,201

3,850,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/46

1,216,821

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.750

07/01/53

898,028

700,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

642,081

500,000

Rio Rancho, New Mexico, Gross Receipts Tax Revenue Bonds,

Shared Gross Receipts Improvement Series 2025

.000

06/01/43

512,337

500,000

Rio Rancho, New Mexico, Gross Receipts Tax Revenue Bonds,

Shared Gross Receipts Improvement Series 2025

.000

06/01/44

510,475

770,000

Roswell, New Mexico, Gross Receipts Tax Improvement Revenue

Bonds, Series 2017

.000

08/01/34

776,426

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

970,000

Saltillo Public Improvement District, Albuquerque, New Mexico,

Special Levy Revenue Bonds, Refunding Series 2018 - BAM

Insured

.000

%

10/01/37

$

960,314

1,015,000

San Juan County, New Mexico, Gross Receipts Tax Revenue

Bonds, Improvement Series 2015B

.000

06/15/33

1,016,401

1,080,000

Santa Fe County, New Mexico, Correctional System Gross

Receipts Tax Revenue Bonds, Series 1997 - AGM Insured

.000

02/01/27

1,112,219

500,000

Santa Fe, New Mexico, Gross Receipts Tax Revenue Bonds

Improvement Senior Lien Series 2018A

.000

06/01/36

517,413

400,000

Santa Fe, New Mexico, Gross Receipts Tax Revenue Bonds

Improvement Senior Lien Series 2018A

.000

06/01/37

412,689

1,000,000

Ventana West Public Improvement District, New Mexico, Special

Levy Revenue Bonds, Refunding Series 2015 - BAM Insured

.000

08/01/33

1,000,110

1,760,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2012A - AGM Insured

.000

10/01/32

1,764,629

1,000,000

Volterra Public Improvement District, Albuquerque, New Mexico,

Special Levy Revenue Bonds, Refunding Series 2024 - BAM

Insured

.000

10/01/43

892,075

5,000

(a) Winrock Town Center Tax Increment Development District 1,

Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds,

Senior Lien Series 2022

.750

05/01/28

5,001

500,000

(a) Winrock Town Center Tax Increment Development District 1,

Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds,

Senior Lien Series 2022

.000

05/01/33

481,693

752,000

(a) Winrock Town Center Tax Increment Development District 1,

Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds,

Subordinate Lien Series 2020

.000

05/01/40

737,179

TOTAL TAX OBLIGATION/LIMITED

23,530,118

U.S. GUARANTEED - 1.5% (b)

1,000,000

Clayton, New Mexico, Jail Project Revenue Bonds, Refunding &

Improvement Series 2015, (Pre-refunded 11/01/25)

.000

11/01/29

1,003,656

TOTAL U.S. GUARANTEED

1,003,656

UTILITIES - 23.9%

1,000,000

Albuquerque Bernalillo County Water Utility Authority, New

Mexico, Joint Water and Sewer System Revenue Bonds,

Refunding & Improvement Senior Lien Series 2017

.000

07/01/32

1,036,161

1,970,000

Albuquerque, New Mexico, Refuse Removal and Disposal

Revenue Bonds, Improvement Series 2020

.000

07/01/43

1,812,635

750,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2017

.000

07/01/37

757,992

1,015,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

.000

07/01/36

1,021,702

500,000

Guam Power Authority, Revenue Bonds, Refunding Series 2022A

.000

10/01/44

500,671

550,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

.000

10/01/35

601,277

450,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2018D

.000

06/01/37

465,197

975,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2020B

.000

06/01/40

815,932

1,000,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2022C

.000

06/01/42

1,035,276

1,305,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2023A-1

.000

06/01/41

1,371,521

1,000,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2023B

.250

06/01/48

1,036,053

1,000,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2025A-1

.000

06/01/49

1,019,522

715,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Subordinate Lien Series 2024A

.000

06/15/44

741,895

800,000

(a) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

.000

07/01/33

835,804

705,000

Roswell, New Mexico, Joint Water and Sewerage Revenue Bonds,

Improvement Series 2017 - BAM Insured

.000

06/01/37

712,542

#### Portfolio of Investments August 31, 2025
(continued)

#### New Mexico

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an

independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to

maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements

for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs

are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about

the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the

circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

500,000

Santa Fe, New Mexico, Net Wastewater Utility System

Environmental Services Gross Receipts Tax Improvement

Revenue Bonds, Climate Certified Green Series 2019

.000

%

06/01/37

$

500,474

1,500,000

Santa Fe, New Mexico, Water Utility System Revenue Bonds,

Refunding Series 2016

.000

06/01/39

1,473,637

TOTAL UTILITIES

15,738,291

TOTAL MUNICIPAL BONDS

(Cost $68,504,329)

65,064,347

TOTAL LONG-TERM INVESTMENTS

(Cost $68,504,329)

65,064,347

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.6%

X

385,000

MUNICIPAL BONDS - 0.6%

X

–

HEALTH CARE - 0.6%

$

385,000

(c),(d)

New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2008B

.950

08/01/34

$

385,000

TOTAL HEALTH CARE

385,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $385,000)

385,000

TOTAL INVESTMENTS - 99.3%

(Cost $68,889,329)

65,449,347

OTHER ASSETS & LIABILITIES, NET - 0.7%

465,428

NET ASSETS - 100%

$

65,914,775

(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 $2,059,677 or 3.1% 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) 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.

(d) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term

investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the

reporting period. This rate changes periodically based on market conditions or a specified market index.

New Mexico

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

65,064,347

$

–

$

65,064,347

Short-Term Investments:

Municipal Bonds

–

385,000

–

385,000

Total

$

–

$

65,449,347

$

–

$

65,449,347

#### Portfolio of Investments August 31, 2025

#### Pennsylvania
(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.5%

X

331,806,397

MUNICIPAL BONDS - 97.5%

X

–

CONSUMER STAPLES - 0.5%

$

1,345,000

Pennsylvania Economic Development Financing Authority, Solid

Waste Disposal Revenue Bonds, Procter & Gamble Paper Project,

Series 2001, (AMT)

.375

%

03/01/31

$

1,499,209

TOTAL CONSUMER STAPLES

1,499,209

EDUCATION AND CIVIC ORGANIZATIONS - 11.6%

1,300,000

Allegheny County Higher Education Building Authority,

Pennsylvania, University Revenue Bonds, Duquesne University,

Series 2024

.000

03/01/43

1,320,286

2,000,000

Bucks County Industrial Development Authority, Pennsylvania,

Revenue Bonds, George School Project, Series 2019

.000

09/15/49

1,466,549

1,205,000

Bucks County Industrial Development Authority, Pennsylvania,

Revenue Bonds, School Lane Charter School Project, Series 2016

.125

03/15/36

1,210,982

305,000

Chester County Industrial Development Authority, Pennsylvania,

Avon Grove Charter School Revenue Bonds, Series 2017A

.000

12/15/47

278,655

785,000

Crawford County Industrial Development Authority, Pennsylvania,

College Revenue Bonds, Allegheny College, Series 2016

.000

05/01/34

685,404

220,000

Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds,

Misericordia University, Series 2014

.000

05/01/37

210,393

1,430,000

Erie Higher Education Building Authority, Pennsylvania, Revenue

Bonds, Gannon University, Series 2016

.000

05/01/46

1,114,231

290,000

Huntingdon County General Authority, Pennsylvania, Revenue

Bonds, Juniata College, Series 2016OO2

.125

05/01/34

260,994

210,000

Huntingdon County General Authority, Pennsylvania, Revenue

Bonds, Juniata College, Series 2016OO2

.250

05/01/36

183,653

355,000

Huntingdon County General Authority, Pennsylvania, Revenue

Bonds, Juniata College, Series 2016OO2

.500

05/01/41

280,948

1,095,000

Lackawanna County Industrial Development Authority,

Pennsylvania, Revenue Bonds, University of Scranton, Series 2017

.000

11/01/40

987,324

985,000

Lehigh County, Pennsylvania, Revenue Bonds, Lehigh Valley Dual

Language Charter School, General Purpose Authority, Series

2023

.000

06/01/53

1,025,649

1,920,000

Lycoming County Authority, Pennsylvania, Revenue Bonds,

Pennsylvania College of Technology, Series 2016

.000

10/01/37

1,650,274

1,250,000

McCandless Industrial Development Authority, Pennsylvania,

University Revenue Bonds, La Roche university, Series 2022A

.750

12/01/46

1,097,520

1,000,000

Montgomery County Industrial Development Authority,

Pennsylvania, Revenue Bonds, Germantown Academy Project,

Series 2021A

.000

10/01/41

864,960

1,000,000

Pennsylvania Economic Development Financing Authority,

Pennsylvania, Revenue Bonds, Villanova University Project, Series

2024

.000

08/01/54

849,470

2,100,000

Pennsylvania Higher Education Assistance Agency, Education

Loan Revenue Bonds, Senior Series 2020A, (AMT)

.450

06/01/41

1,892,158

1,020,000

Pennsylvania Higher Education Assistance Agency, Education

Loan Revenue Bonds, Senior Series 2021A, (AMT)

.625

06/01/42

904,434

435,000

Pennsylvania Higher Education Assistance Agency, Education

Loan Revenue Bonds, Senior Series 2023A, (AMT)

.000

06/01/44

426,549

630,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, AICUP Financing Program-Mount Aloysius College, Series

2016-004

.625

11/01/31

564,003

690,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, AICUP Financing Program-Mount Aloysius College, Series

2016-004

.000

11/01/42

468,892

250,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, AICUP Financing Program-Mount Aloysius College, Series

2016-004

.000

11/01/46

223,658

815,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Bryn Mawr College, Refunding Series 2014

.000

12/01/38

815,577

670,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Bryn Mawr College, Refunding Series 2014

.000

12/01/44

670,218

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

450,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Drexel University, Refunding Series 2016

.000

%

05/01/36

$

429,114

300,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, LaSalle University, Series 2012

.000

05/01/32

247,156

1,240,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, LaSalle University, Series 2012

.000

05/01/42

864,886

240,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of the Sciences in Philadelphia, Series 2012

.000

11/01/39

211,933

1,200,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of the Sciences in Philadelphia, Series 2012

.000

11/01/42

1,168,912

1,405,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of the Sciences in Philadelphia, Series 2015A

.000

11/01/36

1,405,416

2,350,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Widener University, Series 2021A

.000

07/15/51

1,762,134

2,000,000

Pennsylvania State University, Revenue Bonds, Series 2022A

.000

09/01/47

2,035,654

1,000,000

Pennsylvania State University, Revenue Bonds, Series 2023

.250

09/01/53

1,031,026

2,000,000

Pennsylvania State University, Revenue Bonds, Series 2024

.000

09/01/49

2,040,662

1,010,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, La Salle University, Series 2017

.000

05/01/37

781,027

1,430,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, Saint Joseph's University Project, Refunding

Series 2020A

.000

11/01/45

1,161,597

2,000,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, Saint Joseph's University Project, Series 2022

.500

11/01/60

2,027,003

349,757

(a),(b)

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, University of the Arts, Series 2017

.750

03/15/45

174,879

835,000

Scranton-Lackawanna Health and Welfare Authority,

Pennsylvania, Revenue Bonds, University of Scranton, Series 2016

.000

11/01/37

839,315

1,895,000

Scranton-Lackawanna Health and Welfare Authority,

Pennsylvania, University Revenue Bonds, Marywood University,

Series 2016

.000

06/01/46

1,534,317

1,590,000

Washington County Industrial Development Authority,

Pennsylvania, College Revenue Bonds, AICUP Financing

Program-Washington and Jefferson College Project, Series

2017-PP5

.375

11/01/36

1,377,294

665,000

Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds,

University of Scranton, Series 2015A

.000

11/01/32

667,743

260,000

Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds,

University of Scranton, Series 2015A

.000

11/01/33

261,072

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

39,473,921

ENERGY - 0.1%

400,000

(b) Pennsylvania Economic Development Financing Authority, Solid

Waste Disposal Revenue Bonds, Core Natural Resources Inc.,

Project, Series 2025, (AMT), (Mandatory Put 3/27/35)

.450

01/01/51

407,404

TOTAL ENERGY

407,404

HEALTH CARE - 18.0%

910,000

Allegheny County Hospital Development Authority, Pennsylvania,

Revenue Bonds, Allegheny Health Network Obligated Group

Issue, Series 2018A

.000

04/01/44

786,396

5,105,000

Allegheny County Hospital Development Authority, Pennsylvania,

Revenue Bonds, Allegheny Health Network Obligated Group

Issue, Series 2018A

.000

04/01/44

4,528,391

403,000

Berks County Municipal Authority, Pennsylvania, Revenue Bonds,

Tower Health Project, Series 2024A-2

.000

06/30/34

419,400

4,209,000

Berks County Municipal Authority, Pennsylvania, Revenue Bonds,

Tower Health Project, Series 2024A-3

.000

06/30/39

3,771,036

2,702,000

(c) Berks County Municipal Authority, Pennsylvania, Revenue Bonds,

Tower Health Project, Series 2024B-1

.000

06/30/44

1,895,782

447,000

Berks County Municipal Authority, Pennsylvania, Revenue Bonds,

Tower Health Project, Taxable Series 2024A-1

.000

06/30/34

457,426

5,215,000

Bucks County Industrial Development Authority, Pennsylvania,

Hospital Revenue Bonds, Saint Luke's University Health Network

Project, Series 2021 - BAM Insured

.000

08/15/53

3,546,476

#### Portfolio of Investments August 31, 2025
(continued)

#### Pennsylvania

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

2,400,000

Butler County Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Butler Health System Project, Series 2015A

.000

%

07/01/39

$

2,162,579

1,130,000

Central Bradford Progress Authority, Pennsylvania, Revenue

Bonds, Guthrie Health, Series 2021B

.000

12/01/51

934,570

1,000,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Health System Revenue Bonds, Main Line Health

System, Series 2017A

.000

10/01/37

976,968

1,000,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Health System Revenue Bonds, Main Line Health

System, Series 2017A

.000

10/01/47

847,043

1,000,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Penn State Health, Series 2019

.000

11/01/49

807,137

965,000

Dauphin County General Authority, Pennsylvania, Health System

Revenue Bonds, Pinnacle Health System Project, Refunding

Series 2016A

.000

06/01/33

919,705

1,370,000

Doylestown Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Series 2019A. Enhanced Cusips

.000

07/01/49

1,361,222

300,000

Dubois Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Penn Highlands Healthcare, Series 2018

.000

07/15/48

255,821

1,000,000

Geisinger Authority, Montour County, Pennsylvania, Health

System Revenue Bonds, Geisinger Health System, Series 2014A

.000

06/01/41

1,000,078

2,625,000

Geisinger Authority, Montour County, Pennsylvania, Health

System Revenue Bonds, Geisinger Health System, Series

2017A-1

.000

02/15/45

2,626,270

1,000,000

Lancaster County Hospital Authority, Pennsylvania, Revenue

Bonds, Penn State Health, Series 2021

.000

11/01/38

1,025,165

1,000,000

Lancaster County Hospital Authority, Pennsylvania, Revenue

Bonds, Penn State Health, Series 2021

.000

11/01/51

971,969

1,730,000

Lancaster County Hospital Authority, Revenue Bonds, University

of Pennsylvania Health System, Refunding Series 2016B

.000

08/15/46

1,730,069

1,195,000

Lancaster County Hospital Authority, Revenue Bonds, University

of Pennsylvania Health System, Series 2016A

.000

08/15/42

1,197,775

1,000,000

Lehigh County General Purpose Authority, Pennsylvania, Hospital

Revenue Bonds, Lehigh Valley Health Network, Series 2019A

.000

07/01/44

975,161

415,000

Lehigh County General Purpose Authority, Pennsylvania, Revenue

Bonds, Good Shepherd Group, Refunding Series 2016

.000

11/01/36

342,918

3,435,000

Lehigh County General Purpose Authority, Pennsylvania, Revenue

Bonds, Good Shepherd Group, Refunding Series 2016

.000

11/01/46

2,710,350

1,950,000

Lehigh County General Purpose Authority, Pennsylvania, Revenue

Bonds, Good Shepherd Group, Series 2021A

.000

11/01/41

1,619,568

1,000,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2018A

.000

09/01/38

932,632

1,000,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2019 - BAM Insured

.000

09/01/44

911,303

625,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2019

.000

09/01/49

502,317

1,600,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2022B

.000

05/01/56

1,262,054

2,000,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2022B - AGM Insured

.000

05/01/56

1,570,098

1,000,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2022B

.000

05/01/57

952,663

2,500,000

Northampton County General Purpose Authority, Pennsylvania,

Hospital Revenue Bonds, Saint Luke's University Health Network

Project, Series 2024A-1 - AGM Insured

.000

08/15/49

2,469,302

2,750,000

Pennsylvania Economic Development Financing Authority,

Revenue Bonds, University of Pittsburgh Medical Center, Series

2020A

.000

04/15/50

2,289,721

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

900,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Thomas Jefferson University, Series 2024B-1

.250

%

11/01/51

$

796,230

3,310,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of Pennsylvania Health System, Series 2019

.000

08/15/49

2,797,898

2,000,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of Pennsylvania Health System, Series 2025

.000

08/15/55

2,004,623

2,000,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Hospital Revenue Bonds, The Children's Hospital of Philadelphia,

Series 2024A

.250

07/01/49

2,067,514

555,000

Philadelphia Hospitals and Higher Education Facilities Authority,

Pennsylvania, Hospital Revenue Bonds, Temple University Health

System Obligated Group, Series of 2017

.000

07/01/30

567,339

895,000

Pottsville Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Lehigh Valley Health Network, Series 2016B

.000

07/01/45

877,101

1,205,000

Southcentral Pennsylvania General Authority, Revenue Bonds,

Wellspan Health Obligated Group, Refunding Series 2023A

.000

06/01/34

1,353,207

1,500,000

Union County Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Evangelical Community Hospital Project, Series 2018B

.000

08/01/48

1,434,312

700,000

Westmoreland County Industrial Development Authority,

Pennsylvania, Revenue Bonds, Excela Health Project, Series

2020A

.000

07/01/37

648,307

TOTAL HEALTH CARE

61,305,896

HOUSING/MULTIFAMILY - 0.4%

1,000,000

(b) Erie County, Industrial Development Authority, Pennsylvania,

Essential Housing Revenue Bonds, Senior-CFC-Erie I LLC Erie

Apartments, Series 2024A

.750

09/01/61

936,350

100,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University Properties Inc. Student Housing Project at East

Stroudsburg University of Pennsylvania, Series 2016A

.000

07/01/35

95,307

161,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Multifamily Housing Revenue Bonds, Presbyterian Homes

Germantown - Morrisville Project, Series 2005A

.625

07/01/35

164,036

TOTAL HOUSING/MULTIFAMILY

1,195,693

HOUSING/SINGLE FAMILY - 12.9%

3,600,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2016-120

.200

04/01/40

2,989,950

5,820,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2016-121

.200

10/01/41

4,746,525

1,520,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2017-123B

.450

10/01/32

1,521,569

3,000,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2017-124B

.500

10/01/37

2,771,567

180,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2017-125B

.700

10/01/47

147,106

5,000,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2019-129

.150

10/01/39

4,161,244

4,025,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2019-130A

.000

10/01/46

2,888,326

1,405,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2020-133

.350

10/01/40

1,030,825

5,255,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2020-133

.500

10/01/45

3,507,411

5,320,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-134A

.850

04/01/36

3,999,567

3,145,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-134A

.050

04/01/41

2,154,173

1,930,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-134A

.100

10/01/43

1,245,621

3,040,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-135A

.250

10/01/41

2,136,921

3,435,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-135A

.375

10/01/46

2,271,178

3,925,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-135A

.500

10/01/50

2,518,157

#### Portfolio of Investments August 31, 2025
(continued)

#### Pennsylvania

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/SINGLE FAMILY

(continued)

$

1,250,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-136

.550

%

10/01/51

$

794,840

2,250,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-137

.600

04/01/46

1,518,175

1,665,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2022-138A

.000

04/01/42

1,320,574

2,000,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2023-142A

.900

10/01/46

1,976,511

135,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2024-144A

.600

10/01/49

128,170

TOTAL HOUSING/SINGLE FAMILY

43,828,410

INDUSTRIALS - 1.6%

250,000

(a),(b),(d)

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills

LLC Project, Series 2020A-1

.000

12/01/40

250,000

(a),(b),(d)

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills

LLC Project, Series 2020A-2, (AMT)

.000

12/01/40

2,525,000

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, National Gypsum Company,

Refunding Series 2014, (AMT)

.500

11/01/44

2,524,828

3,000,000

Pennsylvania Economic Development Financing Authority, Solid

Waste Disposal Revenue Bonds, Waste Management Inc., Project,

Series 2011, (AMT), (Mandatory Put 7/01/27)

.250

07/01/41

3,014,085

TOTAL INDUSTRIALS

5,538,963

LONG-TERM CARE - 9.4%

1,035,000

Adams County General Authority, Pennsylvania, Revenue Bonds,

The Brethren Home Community Project, Series 2024A

.000

06/01/54

930,810

1,000,000

Adams County General Authority, Pennsylvania, Revenue Bonds,

The Brethren Home Community Project, Series 2024A

.000

06/01/59

886,041

1,510,000

Berks County Industrial Development Authority, Pennsylvania,

Healthcare Facilities Revenue Bonds, Highlands at Wyomissing,

Series 2017A

.000

05/15/42

1,458,332

90,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Revenue Bonds, Simpson Senior Services Project,

Series 2015A

.000

12/01/35

79,419

860,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Revenue Bonds, Simpson Senior Services Project,

Series 2019

.000

12/01/51

648,760

3,440,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Revenue Bonds, Simpson Senior Services Project,

Series 2021A

.000

12/01/44

2,324,408

3,490,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Asbury Pennsylvania Obligated Group, Refunding Series

2019

.000

01/01/45

3,014,276

500,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2015

.000

01/01/33

482,149

760,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2015

.000

01/01/38

750,772

355,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016

.000

01/01/28

355,860

1,000,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016

.000

01/01/29

1,002,288

910,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016

.000

01/01/30

911,789

135,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016

.250

01/01/36

117,104

1,430,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016

.250

01/01/39

1,160,472

285,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2019A

.125

01/01/38

260,187

105,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2019A

.000

01/01/39

103,180

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

635,000

East Hempfield Township Industrial Development Authority,

Pennsylvania, Revenue Bonds, Willow Valley Communities

Project, Refunding Series 2016

.000

%

12/01/39

$

634,701

610,000

Lancaster County Hospital Authority, Pennsylvania, Health Center

Revenue Bonds, Saint Anne's Retirement Community, Inc., Series

2020

.000

03/01/45

501,451

245,000

Lancaster County Hospital Authority, Pennsylvania, Health Center

Revenue Bonds, Saint Anne's Retirement Community, Inc., Series

2020

.000

03/01/50

192,225

1,000,000

Lancaster County Hospital Authority, Pennsylvania, Revenue

Bonds, Landis Homes Retirement Community Project, Refunding

Series 2015A

.000

07/01/45

910,752

910,000

Lancaster Industrial Development Authority, Pennsylvania, Health

Center Revenue Bonds, Landis Homes Retirement Community

Project, Refunding Series 2021

.000

07/01/51

690,756

1,400,000

Lancaster Industrial Development Authority, Pennsylvania, Health

Center Revenue Bonds, Landis Homes Retirement Community

Project, Refunding Series 2021

.000

07/01/56

1,028,856

2,000,000

Montgomery County Industrial Development Authority,

Pennsylvania, Revenue Bonds Meadowood Senior Living Project

Series 2018A

.000

12/01/48

1,881,637

2,750,000

Montgomery County Industrial Development Authority,

Pennsylvania, Revenue Bonds, ACTS Retirement-Life

Communities, Inc. Obligated Group, Series 2016

.000

11/15/36

2,769,692

500,000

Montgomery County Industrial Development Authority,

Pennsylvania, Revenue Bonds, ACTS Retirement-Life

Communities, Inc. Obligated Group, Series 2023A

.250

11/15/53

481,393

1,100,000

Northampton County Industrial Development Authority,

Pennsylvania, Revenue Bonds, Morningstar Senior Living, Inc.,

Series 2019

.000

11/01/49

910,150

1,800,000

Pennsylvania Economic Development Finance Authority Revenue

Bonds Presbyterian Senior Living Project, Series 2021

.000

07/01/41

1,604,841

500,000

Pennsylvania Economic Development Finance Authority Revenue

Bonds Presbyterian Senior Living Project, Series 2021

.000

07/01/46

411,610

1,000,000

Pennsylvania Economic Development Finance Authority,

Revenue Bonds, Presbyterian Senior Living Project, Series

2023B-2

.000

07/01/42

986,724

2,655,000

Westmoreland County Industrial Development Authority,

Pennsylvania, Retirement Community Revenue Bonds, Redstone

Presbyterian SeniorCare Obligated Group, Refunding Bonds,

Series 2021

.000

05/15/41

2,108,223

3,345,000

Westmoreland County Industrial Development Authority,

Pennsylvania, Retirement Community Revenue Bonds, Redstone

Presbyterian SeniorCare Obligated Group, Refunding Bonds,

Series 2021

.000

05/15/47

2,389,681

TOTAL LONG-TERM CARE

31,988,539

TAX OBLIGATION/GENERAL - 15.5%

2,040,000

Allegheny County, Pennsylvania, General Obligation Bonds,

Series 2018C-77

.000

11/01/43

2,066,709

1,080,000

Allegheny County, Pennsylvania, General Obligation Bonds,

Series 2024C-80

.000

12/01/41

1,124,112

1,355,000

Allegheny County, Pennsylvania, General Obligation Bonds,

Series 2024C-80

.000

12/01/42

1,397,053

1,795,000

Allegheny County, Pennsylvania, General Obligation Bonds,

Series 2024C-80

.000

12/01/49

1,824,766

495,000

Allentown City School District, Lehigh County, Pennsylvania,

General Obligation Bonds, Limited Tax Series 2019C - BAM

Insured

.000

02/01/36

493,971

1,000,000

Bethel Park School District, Allegheny County, Pennsylvania,

General Obligation Bonds, Limited Tax Series 2024

.000

08/01/43

1,026,882

1,695,000

Bethel Park School District, Allegheny County, Pennsylvania,

General Obligation Bonds, Limited Tax Series 2024

.000

08/01/44

1,727,728

3,125,000

Chichester School District, Delaware County, Pennsylvania,

General Obligation Bonds, Series 1999 - FGIC Insured

.000

03/01/26

3,076,955

#### Portfolio of Investments August 31, 2025
(continued)

#### Pennsylvania

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

4,000,000

Coatesville Area School District, Chester County, Pennsylvania,

General Obligation Bonds, Series 2020A - BAM Insured

.000

%

10/01/35

$

2,523,921

1,950,000

Coatesville Area School District, Chester County, Pennsylvania,

General Obligation Bonds, Series 2020A - BAM Insured

.000

10/01/37

1,083,291

735,000

Delaware County, Pennsylvania, General Obligation Bonds,

Series 2024

.000

08/01/46

749,572

1,000,000

Delaware County, Pennsylvania, General Obligation Bonds,

Series 2024

.000

08/01/48

1,012,606

855,000

Fayette County, Pennsylvania, General Obligation Bonds, Notes

Series 2021A - AGM Insured

.000

11/15/43

501,705

1,635,000

Girard School District, Erie County, Pennsylvania, General

Obligation Bonds, Series 1999B - FGIC Insured

.000

11/15/28

1,470,721

1,250,000

Hatboro-Horsham School District, Montgomery County,

Pennsylvania, General Obligation Bonds, Series 2023A

.250

09/15/51

1,282,012

900,000

Haverford Township School District, Delaware County,

Pennsylvania, General Obligation Bonds, Series 2025

.000

03/15/43

925,326

1,000,000

Lancaster County, Pennsylvania, General Obligation Bonds,

Series 2024

.000

11/01/36

1,075,096

1,000,000

Lancaster, Pennsylvania, General Obligation Bonds, Series 2016

- AGM Insured

.000

11/01/27

1,014,935

1,000,000

Littlestown Area School District, Adams County, Pennsylvania,

General Obligation Bonds, Series 2023A - BAM Insured

.000

10/01/50

1,002,259

1,500,000

Middletown Area School District, Dauphin County, Pennsylvania,

General Obligation Bonds, Series 2023 - BAM Insured

.000

03/01/38

1,530,318

600,000

Muhlenberg School District, Berks County, Pennsylvania, General

Obligation Bonds, Series 2025

.000

05/15/50

605,823

690,000

(e) Northampton County, Pennsylvania, General Obligation Bonds,

Series 2025

.000

10/01/36

753,817

3,180,000

Pennsylvania State, General Obligation Bonds, First Series 2023

.000

09/01/35

3,516,575

10,000,000

Pennsylvania State, General Obligation Bonds, First Series 2023

.000

09/01/40

9,586,508

1,500,000

Philadelphia School District, Pennsylvania, General Obligation

Bonds, Green Series 2023B

.000

09/01/48

1,494,870

2,785,000

Philadelphia School District, Pennsylvania, General Obligation

Bonds, Refunding Series 2007A - NPFG Insured

.000

06/01/34

3,102,964

1,000,000

Pittsburgh, Pennsylvania, General Obligation Bonds, Capital

Improvement Series 2025

.250

09/01/44

908,219

315,000

Rose Tree Media School District, Delaware County, Pennsylvania,

General Obligation Bonds, Series 2025

.000

04/01/33

356,700

2,000,000

State College Area School District, Centre County, Pennsylvania,

General Obligation Bonds, Series 2015

.000

03/15/40

2,000,636

40,000

The Redevelopment Authority of the City of Scranton,

Lackawanna county, Pennsylvania, Guaranteed Lease Revenue

Bonds, Series 2016A

.000

11/15/28

40,025

1,600,000

Washington County, Pennsylvania, General Obligation Bonds,

Series 2024

.000

09/01/35

1,605,697

1,010,000

West Allegheny School District, Allegheny County, Pennsylvania,

General Obligation Bonds, Series 2021B

.000

09/01/26

999,543

900,000

West Mifflin Area School District, Allegheny County, Pennsylvania,

General Obligation Bonds, Limited Tax Series 2019 - BAM

Insured

.000

04/01/34

847,189

TOTAL TAX OBLIGATION/GENERAL

52,728,504

TAX OBLIGATION/LIMITED - 4.8%

100,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront

Project, Senior Series 2021

.000

05/01/42

102,175

100,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center Project,

Series 2018

.000

05/01/33

102,292

925,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center Project,

Subordinate Series 2022

.250

05/01/42

919,315

505,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center

Refunding Project, Series 2017

.000

05/01/42

488,046

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,000,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts

Project, Series 2023

.250

%

05/01/42

$

959,442

250,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, Waterfront-30 E

Allen Street Project, Senior Series 2024A

.250

05/01/42

236,813

100,000

(b) Chester County Industrial Development Authority, Pennsylvania,

Special Obligation Bonds, Woodlands at Greystone Project,

Series 2018

.000

03/01/38

96,709

5,310,000

Commonwealth Financing Authority, Pennsylvania, State

Appropriation Lease Bonds, Master Settlement, Series 2018 -

AGM Insured

.000

06/01/39

5,078,441

1,000,000

Delaware County Vocational-Technical School Authority,

Pennsylvania, Lease Revenue Bonds, Intermediate Unit Project,

Series 2025 - BAM Insured

.500

11/01/50

1,027,906

1,500,000

Pennsylvania Turnpike Commission, Motor License Fund-

Enhanced Turnpike Special Revenue Bonds, Subordinate Series

2014A

.750

12/01/37

1,519,490

1,000,000

Pennsylvania Turnpike Commission, Motor License Fund-

Enhanced Turnpike Special Revenue Bonds, Subordinate Series

2014A

.900

12/01/44

1,003,362

1,500,000

Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue

Bonds, Senior Lien Series 2021A

.000

12/01/51

1,267,446

1,000,000

Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue

Bonds, Senior Series 2018A

.250

12/01/44

1,005,654

1,012,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.750

07/01/53

908,805

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

917,258

355,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.784

07/01/58

313,616

530,000

Washington County Redevelopment Authority, Pennsylvania,

Tanger Outlet Victory Center Tax Increment Bonds, Series 2018

.000

07/01/35

522,597

TOTAL TAX OBLIGATION/LIMITED

16,469,367

TRANSPORTATION - 11.0%

1,175,000

Allegheny County Airport Authority, Pennsylvania, Airport

Revenue Bonds, Pittsburgh International Airport, Series 2021A,

(AMT)

.000

01/01/51

1,142,035

5,530,000

Allegheny County Airport Authority, Pennsylvania, Airport

Revenue Bonds, Pittsburgh International Airport, Series 2021A,

(AMT)

.000

01/01/56

5,320,952

4,000,000

Allegheny County Airport Authority, Pennsylvania, Airport

Revenue Bonds, Pittsburgh International Airport, Series 2025A,

(AMT)

.500

01/01/50

4,140,442

1,955,000

Delaware River Joint Toll Bridge Commission, New Jersey and

Pennsylvania, Bridge System Revenue Bonds, Refunding Series

2015 - BAM Insured

.000

07/01/35

1,955,343

1,000,000

Delaware River Joint Toll Bridge Commission, New Jersey and

Pennsylvania, Bridge System Revenue Bonds, Series 2017

.000

07/01/47

1,001,241

1,715,000

Delaware River Port Authority, New Jersey and Pennsylvania,

Revenue Bonds, Refunding Series 2025

.000

01/01/36

1,923,526

1,945,000

Delaware River Port Authority, New Jersey and Pennsylvania,

Revenue Bonds, Series 2018A

.000

01/01/37

2,017,702

2,115,000

Pennsylvania Economic Development Financing Authority,

Private Activity Revenue Bonds, Pennsylvania Rapid Bridge

Replacement Project, Series 2015, (AMT)

.000

12/31/38

2,107,218

4,375,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Capital Appreciation Series 2009E

.375

12/01/38

4,582,638

665,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2023A

.250

12/01/44

626,225

3,000,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2023A

.000

12/01/48

3,023,679

1,000,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2024A

.000

12/01/42

1,027,651

#### Portfolio of Investments August 31, 2025
(continued)

#### Pennsylvania

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

1,500,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2024C

.000

%

12/01/49

$

1,516,492

2,000,000

(e) Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2025B

.250

12/01/45

2,098,355

2,180,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Subordinate Series 2009C - AGM Insured

.250

06/01/33

2,229,119

1,250,000

Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding

Series 2020C, (AMT)

.000

07/01/50

1,034,044

1,625,000

Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding

Series 2025B, (AMT)

.000

07/01/35

1,752,219

TOTAL TRANSPORTATION

37,498,881

U.S. GUARANTEED - 1.8% (f)

730,000

Allegheny County Higher Education Building Authority,

Pennsylvania, Revenue Bonds, Robert Morris University, Series

2016, (Pre-refunded 10/15/26)

.000

10/15/34

749,227

480,000

Allegheny County Higher Education Building Authority,

Pennsylvania, Revenue Bonds, Robert Morris University, Series

2017, (Pre-refunded 10/15/27)

.000

10/15/37

504,083

625,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016,

(Pre-refunded 1/01/26)

.250

01/01/39

626,166

70,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2019A,

(Pre-refunded 1/01/29)

.000

01/01/39

75,367

570,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2019A,

(Pre-refunded 1/01/29)

.000

01/01/39

613,703

155,000

Doylestown Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Series 2019A, (Pre-refunded 7/01/29)

.000

07/01/49

167,807

835,000

Monroe County Hospital Authority, Pennsylvania, Hospital

Revenue Bonds, Pocono Medical Center, Series 2016, (Pre-

refunded 7/01/26)

.000

07/01/41

852,950

50,000

(a),(b)

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, University of the Arts, Series 2017, (Pre-refunded

3/15/28)

.000

03/15/45

53,236

2,445,000

Pottsville Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Lehigh Valley Health Network, Series 2016B, (Pre-

refunded 1/01/27)

.000

07/01/45

2,531,503

TOTAL U.S. GUARANTEED

6,174,042

UTILITIES - 9.9%

1,840,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Refunding Series 2015

.000

12/01/40

1,848,083

1,365,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Refunding Series 2015

.000

12/01/45

1,368,820

2,170,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2018

.000

06/01/43

2,195,136

935,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2022

.000

06/01/53

930,977

1,000,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2024

.000

12/01/42

1,040,447

50,000

Beaver County Industrial Development Authority, Pennsylvania,

Pollution Control Revenue Bonds, FirstEnergy Generation Project,

Refunding Series 2006A, (Mandatory Put 7/01/33)

.750

01/01/35

51,448

1,000,000

Bucks County Water and Sewer Authority, Pennsylvania, Sewer

System Revenue Bonds, Series 2022A - AGM Insured

.250

12/01/47

1,043,053

605,000

Bucks County Water and Sewer Authority, Pennsylvania, Water

System Revenue Bonds, Series 2021 - AGM Insured

.250

12/01/44

366,566

1,250,000

Clairton Municipal Authority, Allegheny County, Pennsylvania,

Sewer Revenue Bonds, Refunding Series 2024B

.375

12/01/42

1,142,184

430,000

Delaware County Regional Water Quality Control Authority,

Pennsylvania, Sewer Revenue Bonds, Series 2015

.000

05/01/40

430,557

1,000,000

Lehigh County Authority, Pennsylvania, Water and Sewer

Revenue Bonds, Allentown Concession, Series 2024 - BAM

Insured

.000

12/01/46

875,654

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

1,325,000

Luzerne County Industrial Development Authority, Pennsylvania,

Revenue Bonds, Pennsylvania-American Water Company Project,

Refunding Series 2019, (AMT), (Mandatory Put 12/03/29)

.450

%

12/01/39

$

1,221,519

1,765,000

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, York Water Company Project,

Refunding Series 2019A, (AMT)

.000

10/01/36

1,573,761

3,635,000

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, York Water Company Project,

Refunding Series 2019B, (AMT)

.100

11/01/38

3,106,751

10,450,000

Pennsylvania Economic Development Financing Authority,

Revenue Bonds, Pennsylvania-American Water Company,

Refunding Series 2019

.000

04/01/39

8,683,870

1,000,000

Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 1998

General Ordinance, Fifteenth Series 2017

.000

08/01/37

1,015,681

1,500,000

Philadelphia, Pennsylvania, Water and Wastewater Revenue

Bonds, Series 2019B

.000

11/01/54

1,495,437

1,000,000

Philadelphia, Pennsylvania, Water and Wastewater Revenue

Bonds, Series 2022C

.000

06/01/38

1,060,275

1,510,000

Pittsburgh Water and Sewer Authority, Pennsylvania, Water and

Sewer System Revenue Bonds, First Lien Series 2023A - AGM

Insured

.000

09/01/42

1,564,304

1,000,000

Pittsburgh Water and Sewer Authority, Pennsylvania, Water and

Sewer System Revenue Bonds, First Lien Series 2023A - AGM

Insured

.250

09/01/53

878,413

1,000,000

Pittsburgh Water and Sewer Authority, Pennsylvania, Water and

Sewer System Revenue Bonds, First Lien Series 2025A

.250

09/01/50

1,030,352

1,000,000

Upper Allegheny Joint Sanitary Authority, Allegheny County,

Pennsylvania, Sewer Revenue Bonds, Refunding Series 2019A -

AGM Insured

.000

09/01/44

774,280

TOTAL UTILITIES

33,697,568

TOTAL MUNICIPAL BONDS

(Cost $366,682,646)

331,806,397

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

X

VARIABLE RATE SENIOR LOAN INTERESTS - 0.0%

X

–

CAPITAL GOODS - 0.0%

$

64,338

(a),(d)

KDC Agribusiness Fairless Hills LLC

.000

09/17/25

$

TOTAL CAPITAL GOODS

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $64,338)

TOTAL LONG-TERM INVESTMENTS

(Cost $366,746,984)

331,806,404

OTHER ASSETS & LIABILITIES, NET - 2.5%

8,567,554

NET ASSETS - 100%

$

340,373,958

AMT

Alternative Minimum Tax

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

bankruptcy.

(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 $4,476,711 or 1.3% of Total Investments.

(c) Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.

The rate shown is the coupon as of the end of the reporting period.

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

(e) When-issued or delayed delivery security.

(f) 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.

#### Portfolio of Investments August 31, 2025
(continued)

#### Pennsylvania

Fair Value Measurements

The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an

independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to

maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements

for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs

are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about

the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the

circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

Pennsylvania

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

331,806,347

$

$

331,806,397

Variable Rate Senior Loan Interests

–

–

Total

$

–

$

331,806,347

$

$

331,806,404

#### Portfolio of Investments August 31, 2025

#### Virginia
(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.8%

X

512,730,930

MUNICIPAL BONDS - 98.8%

X

–

CONSUMER STAPLES - 1.8%

$

235,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

.250

%

06/01/32

$

227,782

600,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

.625

06/01/47

536,379

6,155,000

Tobacco Settlement Financing Corporation of Virginia, Tobacco

Settlement Asset Backed Bonds, Series 2007B1

.000

06/01/47

5,124,897

4,055,000

Tobacco Settlement Financing Corporation of Virginia, Tobacco

Settlement Asset-Backed Bonds, Series 2007B2

.200

06/01/46

3,512,571

TOTAL CONSUMER STAPLES

9,401,629

EDUCATION AND CIVIC ORGANIZATIONS - 8.2%

1,685,000

Alexandria Industrial Development Authority, Virginia,

Educational Facilities Revenue Bonds, Episcopal High School,

Series 2017

.000

01/01/40

1,576,581

1,460,000

Farmville Industrial Development Authority, Virginia, Educational

Facilities Revenue Bonds, Convocation Center Project, Series

2021 - AGM Insured, (Mandatory Put 7/01/43)

.375

07/01/53

1,534,053

1,455,000

Industrial Development Authority of the City of Lexington,

Virginia, Washington and Lee University, Educational Facility

Revenue Bonds, Refunding Series 2018A

.000

01/01/48

1,459,221

1,500,000

Loudoun County Industrial Development Authority, Virginia,

Multi-Modal Revenue Bonds, Howard Hughes Medical Institute,

Series 2022A

.000

10/01/52

1,291,781

2,000,000

Madison County Industrial Development Authority, Virginia,

Educational Facilities Revenue Bonds, Woodberry Forest School,

Series 2021

.000

10/01/50

1,424,478

500,000

Montgomery County Economic Development Authority, Virginia,

Revenue Bonds, Virginia Tech Foundation, Refunding Series

2017A

.000

06/01/37

498,870

750,000

Roanoke Economic Development Authority, Virginia, Educational

Facilities Revenue Bonds, Lynchburg College, Series 2018A

.000

09/01/43

682,898

600,000

Salem Economic Development Authority, Virginia, Educational

Facilities Revenue Bonds, Roanoke College, Series 2025

.000

04/01/50

610,765

2,500,000

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Green Series 2015A-2

.000

04/01/45

2,503,375

9,355,000

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Refunding Series 2017A

.000

04/01/39

9,520,640

5,000,000

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Refunding Series 2017A

.000

04/01/47

5,034,466

5,000,000

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Refunding Series 2017B

.000

04/01/46

5,036,588

1,000,000

(a) Virginia College Building Authority, Educational Facilities

Revenue Bonds, Marymount University Project, Green Series

2015B

.000

07/01/45

767,752

3,000,000

(a) Virginia College Building Authority, Educational Facilities

Revenue Bonds, Marymount University Project, Refunding Series

2015A

.000

07/01/35

2,617,126

4,465,000

(a) Virginia College Building Authority, Educational Facilities

Revenue Bonds, Marymount University Project, Refunding Series

2015A

.000

07/01/45

3,428,011

1,000,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, Regent University Project, Series 2025

.000

06/01/50

1,045,451

1,575,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, Washington and Lee University, Series 1998 -

NPFG Insured

.250

01/01/31

1,712,786

1,790,000

Virginia College Building Authority, Educational Facility Revenue

Bonds, University of Richmond, Refunding Series 2024

.000

03/01/49

1,849,083

175,000

Virginia Commonwealth University, General Pledge Revenue

Bonds, Refunding Series 2018A

.000

11/01/38

180,346

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

42,774,271

#### Portfolio of Investments August 31, 2025
(continued)

#### Virginia

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE - 18.7%

$

1,200,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

.000

%

07/01/31

$

1,314,474

1,050,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

.000

07/01/32

1,140,971

1,195,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

.000

07/01/38

1,178,716

1,075,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

.000

07/01/45

952,677

1,465,000

Arlington County Industrial Development Authority, Virginia,

Hospital Revenue Bonds, Virginia Hospital Center, Series 2023A,

(Mandatory Put 7/01/31)

.000

07/01/53

1,595,149

1,920,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-1

.000

08/01/44

1,662,097

3,000,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Refunding

Series 2022

.000

05/15/44

2,707,105

4,000,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Series 2018A

.000

05/15/48

3,484,974

5,000,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Series 2024

.000

05/15/51

5,041,872

3,000,000

Front Royal and Warren County Industrial Development

Authority, Virginia, Hospital Revenue Bonds, Valley Health System

Obligated Group, Series 2018

.000

01/01/50

2,582,379

2,750,000

Henrico County Economic Development Authority, Virginia,

Health Facilities Revenue Bonds, Bon Secours Mercy Health,

Series 2025A-VA

.000

11/01/48

2,735,101

3,500,000

(a) Industrial Development Authority of the City of Newport News,

Virginia, Health System Revenue Bonds, Riverside Health System,

Series 2015A

.330

07/01/45

3,347,258

5,000,000

(a) Industrial Development Authority of the City of Newport News,

Virginia, Health System Revenue Bonds, Riverside Health System,

Series 2017A

.000

07/01/46

4,676,740

1,000,000

Isle Economic Development Authority, Wight County, Virginia,

Health System Revenue Bonds, Riverside Health System Series

2023 - AGM Insured

.250

07/01/43

1,030,085

4,000,000

Lynchburg Economic Development Authority, Virginia, Hospital

Revenue Bonds, Centra Health Obligated Group, Refunding

Series 2017A

.000

01/01/47

3,883,322

4,050,000

Lynchburg Economic Development Authority, Virginia, Hospital

Revenue Bonds, Centra Health Obligated Group, Refunding

Series 2021

.000

01/01/47

3,428,776

3,000,000

Lynchburg Economic Development Authority, Virginia, Hospital

Revenue Bonds, Centra Health Obligated Group, Refunding

Series 2021 - BAM Insured

.000

01/01/51

1,997,776

5,250,000

Roanoke Economic Development Authority, Virginia, Hospital

Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A

.000

07/01/47

5,399,417

6,000,000

Roanoke Economic Development Authority, Virginia, Hospital

Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A

.000

07/01/51

5,140,460

1,000,000

Stafford County Economic Development Authority, Virginia,

Hospital Facilities Revenue Bonds, Mary Washington Healthcare

Obligated Group, Refunding Series 2016

.000

06/15/32

1,013,434

1,440,000

Stafford County Economic Development Authority, Virginia,

Hospital Facilities Revenue Bonds, Mary Washington Healthcare

Obligated Group, Refunding Series 2016

.000

06/15/35

1,453,662

1,600,000

Stafford County Economic Development Authority, Virginia,

Hospital Facilities Revenue Bonds, Mary Washington Healthcare

Obligated Group, Refunding Series 2016

.000

06/15/36

1,613,518

1,360,000

Stafford County Economic Development Authority, Virginia,

Hospital Facilities Revenue Bonds, Mary Washington Healthcare

Obligated Group, Refunding Series 2016

.000

06/15/37

1,285,726

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

6,500,000

Virginia Commonwealth University Health System Authority,

General Revenue Bonds, Series 2017B

.000

%

07/01/46

$

6,477,317

8,500,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2020A

.000

12/01/49

7,138,075

5,000,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2022A

.000

10/01/41

5,105,570

1,415,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2022A

.000

10/01/42

1,433,651

2,800,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Mary Washington Healthcare, Refunding Series

2025A-1

.250

06/15/50

2,825,727

1,400,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Mary Washington Healthcare, Refunding Series

2025A-1

.250

06/15/55

1,402,240

4,000,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Sentara Healthcare, Refunding Series 2020

.000

11/01/38

3,850,410

1,150,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Sentara Healthcare, Refunding Series 2020

.000

11/01/39

1,091,238

1,250,000

Winchester Economic Development Authority, Virginia, Hospital

Revenue Bonds, Valley Health System Obligated Group,

Refunding Series 2015

.000

01/01/32

1,256,961

1,230,000

Winchester Economic Development Authority, Virginia, Hospital

Revenue Bonds, Valley Health System Obligated Group,

Refunding Series 2015

.000

01/01/34

1,235,386

5,000,000

Winchester Economic Development Authority, Virginia, Hospital

Revenue Bonds, Valley Health System Obligated Group,

Refunding Series 2015

.000

01/01/37

4,862,122

1,215,000

Winchester Economic Development Authority, Virginia, Hospital

Revenue Bonds, Valley Health System Obligated Group,

Refunding Series 2015

.000

01/01/44

1,209,685

500,000

Winchester Economic Development Authority, Virginia, Revenue

Bonds, Valley Health System Obligated Group Series 2024A

.000

01/01/42

510,901

TOTAL HEALTH CARE

97,064,972

HOUSING/MULTIFAMILY - 5.9%

2,000,000

Fairfax County Redevelopment and Housing Authority, Virginia,

Multifamily Housing Revenue Bonds, Dominion Square North

Project, Series 2023, (Mandatory Put 1/01/28)

.000

01/01/45

2,074,725

1,110,000

(a) Richmond Redevelopment and Housing Authority, Virginia, Multi-

Family Housing Revenue Bonds, American Tobacco Apartments,

Series 2017

.550

01/01/37

1,053,842

1,510,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015A

.500

03/01/35

1,462,476

1,790,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015A

.625

03/01/39

1,598,160

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015C

.000

08/01/45

870,697

2,585,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015E

.750

12/01/40

2,327,616

1,500,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2016B

.350

05/01/36

1,423,029

1,710,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2017A

.875

03/01/47

1,494,242

3,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2019A

.600

09/01/39

2,676,603

1,250,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2020E

.300

07/01/40

897,469

1,745,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2020G

.200

09/01/40

1,226,663

2,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2021B

.400

03/01/46

1,303,831

2,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2021K

.375

12/01/41

1,413,514

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2022F

.000

10/01/52

1,000,069

#### Portfolio of Investments August 31, 2025
(continued)

#### Virginia

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

$

1,895,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2023E

.250

%

10/01/63

$

1,902,700

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2024A

.450

09/01/44

966,169

2,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2024D

.500

08/01/54

1,825,137

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2025C

.200

07/01/62

1,006,263

2,750,000

Williamsburg Economic Development Authority, Virginia, Student

Housing Revenue Bonds, Provident Group - Williamsburg

Properties LLC - William and Mary Project Series 2023A - AGM

Insured

.250

07/01/53

2,833,668

1,500,000

Williamsburg Economic Development Authority, Virginia, Student

Housing Revenue Bonds, Provident Group - Williamsburg

Properties LLC - William and Mary Project Series 2023A - AGM

Insured

.375

07/01/63

1,336,730

TOTAL HOUSING/MULTIFAMILY

30,693,603

HOUSING/SINGLE FAMILY - 1.4%

1,000,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-4

.450

07/01/45

943,972

1,650,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-I

.600

10/01/54

1,534,922

850,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-II

.400

10/01/44

810,093

1,150,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2024D

.500

07/01/45

1,097,826

1,000,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2024F-1

.950

07/01/45

994,917

2,000,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2024F-2

.000

07/01/45

1,987,554

TOTAL HOUSING/SINGLE FAMILY

7,369,284

INDUSTRIALS - 0.4%

2,050,000

Amelia County Industrial Development Authority, Virginia, Solid

Waste Disposal Revenue Bonds, Waste Management Inc., Series

2002, (AMT)

.450

04/01/27

1,982,538

TOTAL INDUSTRIALS

1,982,538

LONG-TERM CARE - 4.7%

2,800,000

Albemarle County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster-

Canterbury of the Blue Ridge, Refunding Series 2022A

.000

06/01/49

2,339,931

1,650,000

Henrico County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster Canterbury

of Richmond, Refunding Series 2020

.000

10/01/31

1,703,066

1,000,000

Henrico County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster Canterbury

of Richmond, Refunding Series 2020

.000

10/01/50

841,153

1,000,000

Henrico County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster Canterbury

of Richmond, Series 2022A

.000

10/01/52

975,643

1,000,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Refunding Series 2021A

.000

12/01/50

734,364

250,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Series 2024A

.875

12/01/58

264,204

615,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, WindsorMeade, Series

2021A

.000

06/01/41

505,786

1,615,000

Lexington Industrial Development Authority, Virginia, Residential

Care Facility Revenue Bonds, Kendal at Lexington Retirement

Community Inc., Refunding Series 2022. Forward Delivery

.000

01/01/42

1,408,227

1,000,000

Lexington Industrial Development Authority, Virginia, Residential

Care Facility Revenue Bonds, Kendal at Lexington Retirement

Community Inc., Refunding Series 2022. Forward Delivery

.000

01/01/48

799,945

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

2,180,000

Norfolk Redevelopment and Housing Authority, Virginia, Fort

Norfolk Retirement Community, Inc., Harbor's Edge Project,

Series 2019A

.000

%

01/01/49

$

1,868,122

2,665,000

Norfolk Redevelopment and Housing Authority, Virginia, Fort

Norfolk Retirement Community, Inc., Harbor's Edge Project,

Series 2019A

.250

01/01/54

2,324,906

2,500,000

Norfolk Redevelopment and Housing Authority, Virginia,

Revenue Bonds, Fort Norfolk Retirement Community, Inc. -

Harbor's Edge Project, Refunding Series 2014

.000

01/01/46

2,190,149

1,000,000

Prince William County Industrial Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster at Lake

Ridge, Refunding Series 2016

.000

01/01/37

984,121

1,500,000

Prince William County Industrial Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster at Lake

Ridge, Refunding Series 2016

.000

01/01/46

1,312,503

2,110,000

Suffolk Economic Development Authority, Virginia, Retirement

Facilities First Mortgage Revenue Bonds, Lake Prince Center, Inc./

United Church Homes and Services Obligated Group, Refunding

Series 2016

.000

09/01/26

2,118,965

500,000

Suffolk Economic Development Authority, Virginia, Retirement

Facilities First Mortgage Revenue Bonds, Lake Prince Center, Inc./

United Church Homes and Services Obligated Group, Refunding

Series 2016

.000

09/01/31

500,377

525,000

Virginia Beach Development Authority, Virginia, Residential Care

Facility Revenue Bonds, Westminster Canterbury on Chesapeake

Bay, Series 2023A

.000

09/01/53

569,118

1,000,000

Virginia Beach Development Authority, Virginia, Residential Care

Facility Revenue Bonds, Westminster Canterbury on Chesapeake

Bay, Series 2023A

.000

09/01/59

1,078,500

2,000,000

Virginia Small Business Financing Authority, Virginia, Residential

Care Facility Revenue Bonds, Lifespire, Refunding Series 2024A

.500

12/01/54

1,948,155

TOTAL LONG-TERM CARE

24,467,235

TAX OBLIGATION/GENERAL - 5.3%

5,000,000

Arlington County, Virginia, General Obligation Bonds, Public

Improvement Series 2023

.000

06/15/38

5,383,032

2,000,000

Loudoun County, Virginia, General Obligation Bonds, Public

Improvement Series 2023A

.000

12/01/39

2,134,498

1,335,000

Newport News, Virginia, General Obligation Bonds, Refunding &

Improvement Series 2015

.000

07/15/33

1,282,461

1,000,000

Norfolk, Virginia, General Obligation Bonds, Capital

Improvement Series 2023A

.000

09/01/40

1,067,487

6,715,000

Patterson Joint Unified School District, Stanislaus County,

California, General Obligation Bonds, 2008 Election Series

2009B - AGM Insured

.000

08/01/45

2,561,008

2,919,572

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.625

07/01/29

3,111,580

4,500,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/33

3,151,273

1,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/33

978,403

3,000,000

Richmond, Virginia, General Obligation Bonds, Public

Improvement Series 2024C

.000

03/01/57

2,591,909

2,710,000

Virginia State, General Obligation Bonds, Series 2020A

.000

06/01/30

2,902,268

7,110,000

Wylie Independent School District, Collin County, Texas, General

Obligation Bonds, School Building Series 2015B

.000

08/15/48

2,185,989

TOTAL TAX OBLIGATION/GENERAL

27,349,908

TAX OBLIGATION/LIMITED - 17.8%

1,485,000

Arlington County Industrial Development Authority, Virginia,

Revenue Bonds, Refunding County Projects, Series 2017

.000

02/15/34

1,535,329

1,495,000

(a) Cherry Hill Community Development Authority, Virginia, Special

Assessment Bonds, Potomac Shores Project, Series 2015

.400

03/01/45

1,495,398

3,000,000

Chesterfield County Economic Development Authority, Virginia,

Revenue Bonds, County Mobility Projects, Series 2024

.000

04/01/48

3,059,877

#### Portfolio of Investments August 31, 2025
(continued)

#### Virginia

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

2,000,000

Chesterfield County Economic Development Authority, Virginia,

Revenue Bonds, County Mobility Projects, Series 2024

.000

%

04/01/50

$

1,737,621

1,500,000

(a) Cutalong II Community Development Authority, Louisa County,

Virginia, Special Assessment Revenue Bonds, Cutalong II Project,

Series 2022

.500

03/01/55

1,167,139

1,000,000

Fairfax County Economic Development Authority, Virginia,

Revenue Bonds, Metrorail Parking System Project, Series 2017

.000

04/01/37

1,016,409

870,000

(a) Farms of New Kent Community Development Authority, Virginia,

Special Assessment Bonds, Refunding Series 2021A

.750

03/01/36

819,465

3,000,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2015D

.000

11/15/33

3,014,821

1,000,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2015D

.000

11/15/35

1,004,940

750,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.250

01/01/38

795,952

1,000,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/30

1,019,282

1,000,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/34

1,011,203

3,000,000

Hampton Roads Transportation Accountability Commission,

Virginia, Hampton Roads Transportation Fund Revenue Bonds,

Senior Lien Series 2018A

.000

07/01/48

3,008,795

3,000,000

Hampton Roads Transportation Accountability Commission,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2020A

.000

07/01/50

3,011,373

2,000,000

Hampton Roads Transportation Accountability Commission,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2020A

.250

07/01/60

2,016,816

3,000,000

Hampton Roads Transportation Accountability Commission,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2022A

.000

07/01/52

2,571,425

2,405,000

Hampton Roads Transportation Accountability Commission,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2024A

.250

07/01/59

2,483,747

3,000,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A - AGM

Insured

.000

11/15/51

719,049

3,365,000

(a) Lower Magnolia Green Community Development Authority,

Virginia, Special Assessment Bonds, Series 2015

.000

03/01/45

3,078,500

765,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/32

786,220

240,000

(a) Peninsula Town Center Community Development Authority,

Virginia, Special Obligation Bonds, Refunding Series 2018

.500

09/01/28

242,599

1,300,000

(a) Peninsula Town Center Community Development Authority,

Virginia, Special Obligation Bonds, Refunding Series 2018

.000

09/01/37

1,302,429

2,785,000

(a) Peninsula Town Center Community Development Authority,

Virginia, Special Obligation Bonds, Refunding Series 2018

.000

09/01/45

2,604,617

58,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/27

54,626

317,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/29

278,347

210,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/31

168,939

432,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/33

316,385

2,350,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/51

548,527

2,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.750

07/01/53

1,796,056

9,345,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

8,571,778

2,180,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.329

07/01/40

2,021,824

61,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.536

07/01/53

52,613

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

31,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.784

%

07/01/58

$

27,386

1,000,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2006 - FGIC Insured

.000

10/01/28

1,002,904

2,240,000

(a) Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Working Capital Series 2014A - AGM Insured

.000

10/01/34

2,245,659

2,000,000

(a) Virgin Islands Public Finance Authority, Revenue Bonds,

Frenchman's Reef Hotel Development Hotel Occupancy Series

2024A

.000

04/01/53

1,980,148

800,000

Virgin Islands Transportation & Infrastructure Corporation, Virgin

Islands, Grant Anticipation Revenue Bonds, Federal Highway

Grant Anticipation Revenue Loan Note, Series 2025

.000

09/01/43

810,179

2,000,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, 21st Century Collage & Equipment Programs,

Series 2023A

.000

02/01/41

2,108,050

1,000,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, 21st Century College & Equipment Programs,

Series 2016A

.000

02/01/28

1,001,551

2,000,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, 21st Century College & Equipment Programs,

Series 2024A

.000

02/01/44

1,813,330

500,000

Virginia Gateway Community Development Authority, Prince

William County, Virginia, Special Assessment Refunding Bonds,

Series 2012

.000

03/01/30

500,588

4,000,000

Virginia Port Authority, Commonwealth Port Fund Revenue

Bonds, Series 2023A

.250

07/01/48

4,152,898

1,250,000

Virginia Public Building Authority, Public Facilities Revenue

Bonds, Series 2019B, (AMT)

.000

08/01/31

1,333,385

2,500,000

Virginia Public Building Authority, Public Facilities Revenue

Bonds, Series 2019B, (AMT)

.000

08/01/35

2,502,771

2,500,000

Virginia Public School Authority, School Financing Bonds, 1997

Resolution, Series 2022B

.000

08/01/52

2,547,032

1,000,000

Virginia Resources Authority, Infrastructure and State Moral

Obligation Revenue Bonds, Pooled Loan Bond Program,

Infrastructure Series 2024A

.250

11/01/49

917,188

25,000

Virginia Resources Authority, Infrastructure Revenue Bonds,

Pooled Financing Program, Series 2012A

.000

11/01/42

25,008

1,330,000

(a) Virginia Small Business Financing Authority, Tourism

Development Financing Program Revenue Bonds, Virginia Beach

Oceanfront South Hotel Project, Senior Series 2020A-1

.000

10/01/43

1,267,176

1,000,000

Virginia Transportation Board, Transportation Revenue Bonds,

Capital Projects, Series 2017

.000

05/15/42

925,209

2,000,000

Washington Metropolitan Area Transit Authority, Dedicated

Revenue Bonds, Green Series 2021A

.000

07/15/43

1,829,972

2,000,000

Washington Metropolitan Area Transit Authority, Dedicated

Revenue Bonds, Second Lien Series 2025A

.250

07/15/50

2,066,318

9,530,000

Washington Metropolitan Area Transit Authority, Second Lien

Dedicated Revenue Bonds, Sustainability- Climate Transition,

Green Series 2024A

.250

07/15/59

9,732,694

TOTAL TAX OBLIGATION/LIMITED

92,101,547

TRANSPORTATION - 23.2%

350,000

Capital Region Airport Commission, Virginia, Airport Revenue

Bonds, Refunding Series 2016A

.000

07/01/36

350,044

3,580,000

Chesapeake Bay Bridge and Tunnel District, Virginia, General

Resolution Revenue Bonds, First Tier Series 2016 - AGM Insured

.000

07/01/41

3,591,199

4,830,000

Chesapeake Bay Bridge and Tunnel District, Virginia, General

Resolution Revenue Bonds, First Tier Series 2016

.000

07/01/46

4,734,284

3,000,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B

.750

07/15/32

3,121,963

1,055,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B

.875

07/15/40

1,062,880

1,755,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B - AGM

Insured

.875

07/15/40

1,780,245

#### Portfolio of Investments August 31, 2025
(continued)

#### Virginia

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

2,695,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Refunding Series 2024 - AGM Insured

.000

%

07/15/47

$

2,392,067

1,610,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Refunding & Subordinate Lien Series 2019B

.000

10/01/49

1,334,738

2,500,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Refunding & Subordinate Lien Series 2019B - AGM

Insured

.000

10/01/53

2,057,447

2,000,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital Improvement

Projects, Refunding Second Senior Lien Series 2022A - AGM

Insured

.000

10/01/52

1,678,251

4,200,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009B - AGC Insured

.000

10/01/26

4,081,124

5,850,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009B - AGC Insured

.000

10/01/34

4,148,475

13,000,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009B - AGC Insured

.000

10/01/36

8,214,262

3,300,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail Capital Appreciation,

Second Senior Lien Series 2010B

.500

10/01/44

3,458,578

1,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Forward Delivery Refunding Series 2020A,

(AMT)

.000

10/01/32

1,067,441

4,100,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2016A, (AMT)

.000

10/01/35

4,137,378

625,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2017, (AMT)

.000

10/01/34

638,327

3,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2017, (AMT)

.000

10/01/42

3,004,575

3,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2018A, (AMT)

.000

10/01/31

3,135,309

3,345,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2018A, (AMT)

.000

10/01/37

3,405,450

2,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2018A, (AMT)

.000

10/01/48

1,950,422

4,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2019A, (AMT)

.000

10/01/38

4,064,972

1,450,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2023A, (AMT)

.250

10/01/42

1,490,480

2,985,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2023A, (AMT)

.250

10/01/48

3,012,063

35,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, American Airlines, Inc. John F

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

.000

08/01/26

35,001

595,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, American Airlines, Inc. John F

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

.000

08/01/31

595,005

1,000,000

Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series

2019

.000

07/01/37

1,040,688

2,740,000

Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series

2019

.000

07/01/43

2,758,028

2,000,000

Virginia Port Authority, Port Facilities Revenue Bonds, Series 2025

.000

07/01/44

2,054,669

5,825,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

.000

12/31/49

5,503,564

3,750,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

.000

12/31/52

3,502,347

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

3,975,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

.000

%

12/31/56

$

3,679,395

1,265,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

07/01/34

1,325,281

1,000,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

07/01/35

1,039,105

3,200,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

01/01/37

3,284,814

1,640,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

07/01/37

1,675,936

2,000,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

01/01/42

1,741,951

2,500,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

12/31/47

2,396,657

4,500,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

12/31/52

4,263,834

1,000,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

12/31/57

939,090

2,365,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/33

2,390,682

1,000,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/38

948,486

2,500,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/39

2,321,513

5,000,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/41

3,841,138

1,000,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/41

782,638

400,000

Washington Metropolitan Area Transit Authority, District of

Columbia, Gross Revenue Bonds, Series 2017B

.000

07/01/37

407,814

1,000,000

Washington Metropolitan Area Transit Authority, District of

Columbia, Gross Revenue Bonds, Series 2018

.000

07/01/37

1,019,534

5,000,000

Washington Metropolitan Area Transit Authority, District of

Columbia, Gross Revenue Bonds, Series 2018

.000

07/01/43

5,031,466

TOTAL TRANSPORTATION

120,490,610

U.S. GUARANTEED - 3.5% (b)

1,000,000

Fairfax County Economic Development Authority, Virginia,

County Facilities Revenue Bonds, Refunding Series 2017B, (Pre-

refunded 10/01/27)

.000

10/01/34

1,055,538

1,400,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)

.000

10/01/40

1,478,925

2,100,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)

.000

10/01/42

2,218,388

1,770,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)

.000

10/01/43

1,869,784

1,760,000

Hampton Roads Transportation Accountability Commission,

Virginia, Hampton Roads Transportation Fund Revenue Bonds,

Senior Lien Series 2018A, (Pre-refunded 1/01/28)

.500

07/01/57

1,893,101

#### Portfolio of Investments August 31, 2025
(continued)

#### Virginia

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. GUARANTEED (b)

(continued)

$

5,250,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009C, (Pre-refunded

10/01/26) - AGC Insured

.500

%

10/01/41

$

5,470,364

2,045,000

Virginia Port Authority, Port Facilities Revenue Bonds, Refunding

Series 2016B, (Pre-refunded 5/02/26), (AMT)

.000

07/01/34

2,080,469

2,000,000

Virginia Port Authority, Port Facilities Revenue Bonds, Refunding

Series 2016B, (Pre-refunded 5/02/26), (AMT)

.000

07/01/41

2,034,689

TOTAL U.S. GUARANTEED

18,101,258

UTILITIES - 7.9%

770,000

Alexandria Sanitation Authority, Virginia, Wastewater Revenue

Bonds, Alexrenew Green Series 2024

.000

07/15/54

787,782

4,300,000

Beaver County Industrial Development Authority, Pennsylvania,

Pollution Control Revenue Bonds, FirstEnergy Generation Project,

Refunding Series 2006A, (Mandatory Put 7/01/33)

.750

01/01/35

4,424,487

1,000,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Refunding Series 2024A

.000

11/01/39

1,083,666

2,250,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Series 2024B

.000

07/01/49

2,298,833

2,000,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Subordinate Series 2025A

.000

07/15/26

2,041,769

3,765,000

Loudoun County Sanitation Authority, Virginia, Water and Sewer

System Revenue Bonds, Refunding Series 2021

.000

01/01/33

3,979,866

1,000,000

Loudoun County Sanitation Authority, Virginia, Water and Sewer

System Revenue Bonds, Refunding Series 2024

.000

01/01/42

830,415

2,715,000

Norfolk, Virginia, Water Revenue Bonds, Refunding Series 2017

.000

11/01/42

2,748,949

3,000,000

Norfolk, Virginia, Water Revenue Bonds, Refunding Series 2024

.000

11/01/44

3,129,444

1,000,000

Prince William County Service Authority, Virginia, Water and

Sewer System Revenue Bonds, Refunding Series 2025

.000

07/15/42

1,057,425

1,290,000

Prince William County Service Authority, Virginia, Water and

Sewer System Revenue Bonds, Refunding Series 2025

.000

07/15/45

1,340,933

4,500,000

(a) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2020A

.000

07/01/47

4,209,676

2,000,000

(a) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

.000

07/01/42

1,727,200

1,000,000

Richmond, Virginia, Public Utility Revenue Bonds, Refunding

Series 2016A

.000

01/15/40

945,703

1,000,000

Richmond, Virginia, Public Utility Revenue Bonds, Refunding

Series 2023C

.000

01/15/47

1,034,812

3,925,000

Virginia Resources Authority, Clean Water State Revolving Fund

Revenue Bonds, Refunding Series 2014B

.000

10/01/27

3,929,669

1,655,000

Virginia Small Business Financing Authority, Environmental

Facilities Revenue Bonds (Pure Salmon Virginia LLC Project),

Escrow Refinancing Series 2022, (AMT), (Mandatory Put

11/20/25)

.000

11/01/52

1,656,139

3,500,000

(a) Virginia Small Business Financing Authority, Solid Waste Disposal

Revenue Bonds, Covanta Project, Series 2018, (AMT), (Mandatory

Put 7/01/38)

.000

01/01/48

3,276,725

430,000

(c) Wise County Industrial Development Authority, Virginia, Solid

Waste and Sewage Disposal Revenue Bonds, Virginia Electric

and Power Company, Series 2009A, (Mandatory Put 10/01/30)

.000

10/01/40

430,582

TOTAL UTILITIES

40,934,075

TOTAL MUNICIPAL BONDS

(Cost $529,325,162)

512,730,930

TOTAL LONG-TERM INVESTMENTS

(Cost $529,325,162)

512,730,930

OTHER ASSETS & LIABILITIES, NET - 1.2%

6,485,322

NET ASSETS - 100%

$

519,216,252

AMT

Alternative Minimum Tax

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an

independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to

maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements

for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs

are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about

the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the

circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

(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 $41,307,460 or 8.1% 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.

Virginia

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

512,730,930

$

–

$

512,730,930

Total

$

–

$

512,730,930

$

–

$

512,730,930

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Nuveen Multistate Trust I

- **b. Investment Company Act file number:** 811-07747

- **c. CIK number of Registrant:** 0001018972

- **d. LEI of Registrant:** 5493009S8VE2WF4QD160

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 333 W. Wacker Dr

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-917-7700

**Item A.2. Information about the Series.**

- **a. Name of Series:** Nuveen Colorado Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000000546

- **c. LEI of Series:** 549300C7C8NFH3JT7H84

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $453586315.00

**Total Liabilities:** $1810448.00

**Net Assets:** $451775867.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -283.26000000 | **1-Year:** -2405.91000000 | **5-Year:** -4684.44000000 | **10-Year:** -123899.60000000 | **30-Year:** -187989.98000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -0.11000000 | **1-Year:** -66.83000000 | **5-Year:** -447.88000000 | **10-Year:** -8270.41000000 | **30-Year:** -18427.57000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000001478 | 0.51%                | -0.82%               | 0.83%                |
| Class ID C000001481 | 0.53%                | -0.70%               | 0.95%                |
| Class ID C000137694 | 0.45%                | -0.79%               | 0.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-273685.08              | $1336647.63                                |
| Month 2  | $-56849.83               | $-4958815.96                               |
| Month 3  | $37833.58                | $1878561.87                                |

### Schedule of Portfolio Investments

| Name                                                                                                                                                   | Title                                                                                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Denver Health and Hospitals Authority, Colorado, Healthcare Revenue Bonds, Series 2014A                                                                | Denver Health and Hospitals Authority, Colorado, Healthcare Revenue Bonds, Series 2014A                                                                | CUSIP: 24918EDN7<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    475000 | PA      | $475859.61    | 0.11%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Aspen Ridge School Project, Series 2015A                         | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Aspen Ridge School Project, Series 2015A                         | CUSIP: 19645RC74<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500007.75    | 0.11%             | 2036-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2015                                           | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2015                                           | CUSIP: 19648A5G6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1971343.40   | 0.44%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado High Performance Transportation Enterprise, US 36 and I-25 Managed Lanes Revenue Bonds, Senior Lien Series 2014                               | Colorado High Performance Transportation Enterprise, US 36 and I-25 Managed Lanes Revenue Bonds, Senior Lien Series 2014                               | CUSIP: 19648DAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500176.60    | 0.11%             | 2044-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Refunding & Improvement Series 2016A                                                    | Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Refunding & Improvement Series 2016A                                                    | CUSIP: 24917DAS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2955000 | PA      | $2969830.85   | 0.66%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016                          | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016                          | CUSIP: 249189DH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508766.40    | 0.11%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lorson Ranch Metropolitan District 2, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2016                                      | Lorson Ranch Metropolitan District 2, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2016                                      | CUSIP: 544186AR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1792186.49   | 0.40%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Park 70 Metropolitan District, Aurora, Colorado, General Obligation Bonds, Limited Tax Refunding & Improvement Series 2016                             | Park 70 Metropolitan District, Aurora, Colorado, General Obligation Bonds, Limited Tax Refunding & Improvement Series 2016                             | CUSIP: 70014RAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505990.55   | 0.33%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds,  Colorado Springs Utilities, Series 2008                                     | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds,  Colorado Springs Utilities, Series 2008                                     | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    280000 | PA      | $329353.81    | 0.07%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014                                                            | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014                                                            | CUSIP: 34512KAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $468672.70    | 0.10%             | 2038-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015                                                           | Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015                                                           | CUSIP: 03675EAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1653838.40   | 0.37%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boulder Larimer & Weld Counties School District RE-1J Saint Vrain Valley, Colorado, General Obligation Bonds, Series 2016C                             | Boulder Larimer & Weld Counties School District RE-1J Saint Vrain Valley, Colorado, General Obligation Bonds, Series 2016C                             | CUSIP: 101565J59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153234.48    | 0.03%             | 2034-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, Refunding Senior Lien Series 2015A                      | Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, Refunding Senior Lien Series 2015A                      | CUSIP: 164562AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $480007.44    | 0.11%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Independent School Revenue Bonds, Kent Denver School Project, Series 2016                      | Colorado Educational and Cultural Facilities Authority, Independent School Revenue Bonds, Kent Denver School Project, Series 2016                      | CUSIP: 19645DCV2<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507670.85    | 0.11%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, The Classical Academy Project, Refunding Series 2015A            | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, The Classical Academy Project, Refunding Series 2015A            | CUSIP: 19645RA43<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000128.40   | 0.22%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, University of Northern Colorado Lab School, Refunding & Improvem | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, University of Northern Colorado Lab School, Refunding & Improvem | CUSIP: 19645RB42<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $920949.90    | 0.20%             | 2045-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Aspen Ridge School Project, Series 2015A                         | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Aspen Ridge School Project, Series 2015A                         | CUSIP: 19645RC82<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $474673.05    | 0.11%             | 2046-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Twin Peaks Charter Academy, Series 2011B                         | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Twin Peaks Charter Academy, Series 2011B                         | CUSIP: 19645RNK3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    705000 | PA      | $705733.41    | 0.16%             | 2035-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Douglas County School District RE-1 - DCS Montessori School, Ref | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Douglas County School District RE-1 - DCS Montessori School, Ref | CUSIP: 19645RRB9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215130.31    | 0.05%             | 2027-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Littleton Preparatory Charter School, Series 2013                | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Littleton Preparatory Charter School, Series 2013                | CUSIP: 19645RRG8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    385000 | PA      | $385137.75    | 0.09%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy, Inc. Second Campus Project, Series | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy, Inc. Second Campus Project, Series | CUSIP: 19645RTU5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    505000 | PA      | $505570.55    | 0.11%             | 2043-08-01      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds, Monument Academy Charter School Project, Refunding Series 2014    | Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds, Monument Academy Charter School Project, Refunding Series 2014    | CUSIP: 19645RZR5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    720000 | PA      | $719980.99    | 0.16%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2016                                             | Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2016                                             | CUSIP: 19648A5R2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $329804.70    | 0.07%             | 2046-02-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Hospital Revenue Bonds, NCMC Inc., Series 2016                                                         | Colorado Health Facilities Authority, Colorado, Hospital Revenue Bonds, NCMC Inc., Series 2016                                                         | CUSIP: 19648A6E0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3535000 | PA      | $3569440.44   | 0.79%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016                           | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016                           | CUSIP: 19648FAZ7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2990488.80   | 0.66%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A                           | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A                           | CUSIP: 19648FBX1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1143780.12   | 0.25%             | 2047-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Springs, Colorado, Utilities System Revenue Bonds, Refunding Series 2015A                                                                     | Colorado Springs, Colorado, Utilities System Revenue Bonds, Refunding Series 2015A                                                                     | CUSIP: 196632WP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501468.95    | 0.11%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2016B                         | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2016B                         | CUSIP: 196707VC4<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519946.25    | 0.12%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2016B                         | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2016B                         | CUSIP: 196707VF7<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519946.25    | 0.12%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Water Resources and Power Development Authority, Water Resources Revenue Bonds, Steamboat Springs Utilities Fund, Series 2011B                | Colorado Water Resources and Power Development Authority, Water Resources Revenue Bonds, Steamboat Springs Utilities Fund, Series 2011B                | CUSIP: 19679RPS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $346916.82    | 0.08%             | 2026-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Refunding Series 2015                                                                        | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Refunding Series 2015                                                                        | CUSIP: 200588NL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002118.80   | 0.44%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016                                                                                  | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016                                                                                  | CUSIP: 200588PE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1228478.76   | 0.27%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016                                                                                  | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016                                                                                  | CUSIP: 200588PF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6142393.80   | 1.36%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland Green Metropolitan District, El Paso County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Series 2015            | Cumberland Green Metropolitan District, El Paso County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Series 2015            | CUSIP: 23063BAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $849391.20    | 0.19%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delta County Memorial Hospital District, Colorado, Enterprise Revenue Bonds, Refunding Series 2010                                                     | Delta County Memorial Hospital District, Colorado, Enterprise Revenue Bonds, Refunding Series 2010                                                     | CUSIP: 247536DP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185000.00    | 0.04%             | 2025-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Delta County Memorial Hospital District, Colorado, Enterprise Revenue Bonds, Refunding Series 2010                                                     | Delta County Memorial Hospital District, Colorado, Enterprise Revenue Bonds, Refunding Series 2010                                                     | CUSIP: 247536DQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $581255.76    | 0.13%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Denver City & County Housing Authority, Colorado, Capital Fund Program Revenue Bonds, Three Tower Rehabilitation, Series 2007                          | Denver City & County Housing Authority, Colorado, Capital Fund Program Revenue Bonds, Three Tower Rehabilitation, Series 2007                          | CUSIP: 24917PBM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180355.10    | 0.04%             | 2027-11-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016                          | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016                          | CUSIP: 249189DL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011929.30   | 0.22%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016                          | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016                          | CUSIP: 249189DP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012927.20   | 0.45%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County School District 1, Colorado, Lease Purchase Program Certificates of Participation, Series 2015B                                 | Denver City and County School District 1, Colorado, Lease Purchase Program Certificates of Participation, Series 2015B                                 | CUSIP: 24919PJN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1185669.05   | 0.26%             | 2045-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Refunding Series 2011A                                        | Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Refunding Series 2011A                                        | CUSIP: 26947EAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330494.54    | 0.07%             | 2027-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds,  Colorado Springs Utilities, Series 2008                                     | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds,  Colorado Springs Utilities, Series 2008                                     | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1132981.67   | 0.25%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Eagle River Water and Sanitation District, Eagle County, Colorado, General Obligation Bonds, Series 2016                                               | Eagle River Water and Sanitation District, Eagle County, Colorado, General Obligation Bonds, Series 2016                                               | CUSIP: 26983AAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $488466.62    | 0.11%             | 2036-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Eagle River Water and Sanitation District, Eagle County, Colorado, General Obligation Bonds, Series 2016                                               | Eagle River Water and Sanitation District, Eagle County, Colorado, General Obligation Bonds, Series 2016                                               | CUSIP: 26983ABF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2507164.25   | 0.55%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Cherry Creek Valley Water and Sanitation District, Arapahoe County, Colorado, Water Revenue Bonds, Refunding Series 2015                          | East Cherry Creek Valley Water and Sanitation District, Arapahoe County, Colorado, Water Revenue Bonds, Refunding Series 2015                          | CUSIP: 271579CV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $652496.13    | 0.14%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Cherry Creek Valley Water and Sanitation District, Arapahoe County, Colorado, Water Revenue Bonds, Refunding Series 2015                          | East Cherry Creek Valley Water and Sanitation District, Arapahoe County, Colorado, Water Revenue Bonds, Refunding Series 2015                          | CUSIP: 271579CY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500471.60   | 0.33%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| El Paso County School District 20, Academy, Colorado, General Obligation Bonds, Series 2017                                                            | El Paso County School District 20, Academy, Colorado, General Obligation Bonds, Series 2017                                                            | CUSIP: 283461G88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1184781.04   | 0.26%             | 2040-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| El Paso County School District 49 Falcon, Colorado, Certificates of Participation, Series 2017B                                                        | El Paso County School District 49 Falcon, Colorado, Certificates of Participation, Series 2017B                                                        | CUSIP: 283484EN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013873.00   | 0.45%             | 2042-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Erie, Boulder and Weld Counties, Colorado, Water Enterprise Revenue Bonds, Refunding Series 2015                                                       | Erie, Boulder and Weld Counties, Colorado, Water Enterprise Revenue Bonds, Refunding Series 2015                                                       | CUSIP: 295017EF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500422.50    | 0.11%             | 2029-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Erie, Colorado, Certificates of Participation, Series 2010                                                                                             | Erie, Colorado, Certificates of Participation, Series 2010                                                                                             | CUSIP: 29502MAZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000400.90   | 0.22%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothills Park and Recreation District, Subdistrict A, Jefferson County, Colorado, General Obligation Bonds, Refunding Series 2015                     | Foothills Park and Recreation District, Subdistrict A, Jefferson County, Colorado, General Obligation Bonds, Refunding Series 2015                     | CUSIP: 34511PBP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600873.00    | 0.13%             | 2029-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Foothills Park and Recreation District, Subdistrict A, Jefferson County, Colorado, General Obligation Bonds, Refunding Series 2015                     | Foothills Park and Recreation District, Subdistrict A, Jefferson County, Colorado, General Obligation Bonds, Refunding Series 2015                     | CUSIP: 34511PBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $442207.39    | 0.10%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothills Park and Recreation District, Subdistrict A, Jefferson County, Colorado, General Obligation Bonds, Refunding Series 2015                     | Foothills Park and Recreation District, Subdistrict A, Jefferson County, Colorado, General Obligation Bonds, Refunding Series 2015                     | CUSIP: 34511PBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1281205.43   | 0.28%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glen Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2016A                                             | Glen Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2016A                                             | CUSIP: 377675AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800055.60    | 0.18%             | 2045-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Grand Junction Regional Airport Authority, Colorado, General Airport Revenue Bonds, Refunding Series 2016A                                             | Grand Junction Regional Airport Authority, Colorado, General Airport Revenue Bonds, Refunding Series 2016A                                             | CUSIP: 385785AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1234572.56   | 0.27%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Junction Regional Airport Authority, Colorado, General Airport Revenue Bonds, Refunding Series 2016A                                             | Grand Junction Regional Airport Authority, Colorado, General Airport Revenue Bonds, Refunding Series 2016A                                             | CUSIP: 385785AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1293278.02   | 0.29%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Junction Regional Airport Authority, Colorado, General Airport Revenue Bonds, Refunding Series 2016A                                             | Grand Junction Regional Airport Authority, Colorado, General Airport Revenue Bonds, Refunding Series 2016A                                             | CUSIP: 385785AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012756.20   | 0.22%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lorson Ranch Metropolitan District 2, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2016                                      | Lorson Ranch Metropolitan District 2, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2016                                      | CUSIP: 544186AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $831379.89    | 0.18%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville, Boulder County, Colorado, General Obligation Bonds, Limited Tax, Series 2017                                                               | Louisville, Boulder County, Colorado, General Obligation Bonds, Limited Tax, Series 2017                                                               | CUSIP: 546659FP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752267.93    | 0.17%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan State University of Denver, Colorado, Institutional Enterprise Revenue Bonds, Aerospace and Engineering Sciences Building Project, Series | Metropolitan State University of Denver, Colorado, Institutional Enterprise Revenue Bonds, Aerospace and Engineering Sciences Building Project, Series | CUSIP: 592573AW9<br>LEI: 549300N1SATRVUALT408 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003748.80   | 0.22%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mountain Shadows Metropolitan District, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2015                                       | Mountain Shadows Metropolitan District, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2015                                       | CUSIP: 62426NAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    494000 | PA      | $493936.87    | 0.11%             | 2044-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016                                          | Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016                                          | CUSIP: 62426NAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    489000 | PA      | $454690.10    | 0.10%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A                                | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A                                | CUSIP: 700387DM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2332686.79   | 0.52%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013                                                  | Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013                                                  | CUSIP: 72818QAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2448104.75   | 0.54%             | 2040-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Red Sky Ranch Metropolitan District, Eagle County, Colorado, General Obligation Bonds, Refunding & Improvement Series 2015                             | Red Sky Ranch Metropolitan District, Eagle County, Colorado, General Obligation Bonds, Refunding & Improvement Series 2015                             | CUSIP: 757022AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $362019.24    | 0.08%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016A                           | Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016A                           | CUSIP: 76106RAA1<br>LEI: 549300G0BX5H6M52J851 | Long             | DBT              | MUN               | US        |    490000 | PA      | $448304.48    | 0.10%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Se | Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Se | CUSIP: 884769BR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752419.65    | 0.17%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Thornton Development Authority, Colorado, Tax Increment Revenue Bonds, North Washington Street Corridor Project, Refunding Series 2015                 | Thornton Development Authority, Colorado, Tax Increment Revenue Bonds, North Washington Street Corridor Project, Refunding Series 2015                 | CUSIP: 885277DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $770163.09    | 0.17%             | 2028-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| University of Northern Colorado at Greeley, Institutional Enterprise System Revenue Bonds, Refunding Series 2015A                                      | University of Northern Colorado at Greeley, Institutional Enterprise System Revenue Bonds, Refunding Series 2015A                                      | CUSIP: 914733BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002516.60   | 0.44%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General Obligation Refunding Bonds, Series 2016A                        | Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General Obligation Refunding Bonds, Series 2016A                        | CUSIP: 92838EBA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $539595.32    | 0.12%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General Obligation Refunding Bonds, Series 2016A                        | Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General Obligation Refunding Bonds, Series 2016A                        | CUSIP: 92838EBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1281337.00   | 0.28%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding Series 2016                                                        | Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding Series 2016                                                        | CUSIP: 941144BM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1272377.01   | 0.28%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding Series 2016                                                        | Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding Series 2016                                                        | CUSIP: 941144BN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1164491.28   | 0.26%             | 2040-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding Series 2016                                                        | Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding Series 2016                                                        | CUSIP: 941144BP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $393807.56    | 0.09%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westminster, Colorado, Certificates of Participation, Series 2015A                                                                                     | Westminster, Colorado, Certificates of Participation, Series 2015A                                                                                     | CUSIP: 96065PGP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505878.50   | 0.33%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westminster, Colorado, Certificates of Participation, Series 2015A                                                                                     | Westminster, Colorado, Certificates of Participation, Series 2015A                                                                                     | CUSIP: 96065PGS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971345.80    | 0.22%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wheatlands Metropolitan District 2, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Refunding Series 2015                                 | Wheatlands Metropolitan District 2, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Refunding Series 2015                                 | CUSIP: 962714AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005016.80   | 0.22%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wheatlands Metropolitan District 2, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Refunding Series 2015                                 | Wheatlands Metropolitan District 2, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Refunding Series 2015                                 | CUSIP: 962714AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1571492.73   | 0.35%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017                                       | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017                                       | CUSIP: 15200XAG8<br>LEI: 549300SHE5ZPSMGZH793 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1065712.30   | 0.24%             | 2047-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General Obligation Bonds, Refunding Special Revenue & Improvement Series 201 | North Range Metropolitan District 2, Adams County, Colorado, Limited Tax General Obligation Bonds, Refunding Special Revenue & Improvement Series 2017 | CUSIP: 66176MAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    709000 | PA      | $698300.41    | 0.15%             | 2037-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University of Denver, Series 2017A                                              | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University of Denver, Series 2017A                                              | CUSIP: 19645R5Y3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002367.40   | 0.22%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017                                        | Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017                                        | CUSIP: 19648DAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $928443.90    | 0.21%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| High Plains Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Refunding Series 2017                                          | High Plains Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Refunding Series 2017                                          | CUSIP: 42970NAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1167071.18   | 0.26%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwest Timnath Metropolitan District 4, Timnath, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2017A                       | Southwest Timnath Metropolitan District 4, Timnath, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2017A                       | CUSIP: 845314AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $479976.30    | 0.11%             | 2047-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Se | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Se | CUSIP: 19648FDK7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1651919.81   | 0.37%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sterling Hills West Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Refunding Series 2017                                  | Sterling Hills West Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Refunding Series 2017                                  | CUSIP: 85933MBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $759896.48    | 0.17%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Se | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Se | CUSIP: 19648FDJ0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52111.04     | 0.01%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General Obligation Refunding Bonds, Series 2016A                        | Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General Obligation Refunding Bonds, Series 2016A                        | CUSIP: 92838EBC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500317.80    | 0.11%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fort Lupton, Colorado, Water System Revenue Bonds, Refunding & Improvement Series 2017                                                                 | Fort Lupton, Colorado, Water System Revenue Bonds, Refunding & Improvement Series 2017                                                                 | CUSIP: 347818BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1063508.51   | 0.24%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Airlines, Inc. Project, Refunding Series 2017                       | Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Airlines, Inc. Project, Refunding Series 2017                       | CUSIP: 249271GV3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499980.65    | 0.11%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Reven | Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Reven | CUSIP: 739476AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $484041.60    | 0.11%             | 2041-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special Revenue Bonds, Refunding & Improvement Series 2017       | Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special Revenue Bonds, Refunding & Improvement Series 2017       | CUSIP: 75157TAA7<br>LEI: 549300YG458KQEHMQF33 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2535959.50   | 0.56%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2017                                              | Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2017                                              | CUSIP: 589659EK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $659349.47    | 0.15%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2017A-1                                                     | Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2017A-1                                                     | CUSIP: 84454RBA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $196258.02    | 0.04%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2017A-2                                                     | Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2017A-2                                                     | CUSIP: 84454RBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $319919.81    | 0.07%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2017J                                                          | Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2017J                                                          | CUSIP: 19668QHQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027940.00   | 0.45%             | 2042-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Colorado, Enterprise System Revenue Bonds, Refunding Series 2017A-2                                                                      | University of Colorado, Enterprise System Revenue Bonds, Refunding Series 2017A-2                                                                      | CUSIP: 91417KY39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3410000 | PA      | $3567291.37   | 0.79%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Refunding Series 2017A                                | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Refunding Series 2017A                                | CUSIP: 19648FFQ2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1595903.51   | 0.35%             | 2034-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Refunding Series 2017A                                | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Refunding Series 2017A                                | CUSIP: 19648FFR0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1051561.88   | 0.23%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand River Hospital District, Garfield and Mesa Counties, Colorado, General Obligation Bonds, Series 2018                                             | Grand River Hospital District, Garfield and Mesa Counties, Colorado, General Obligation Bonds, Series 2018                                             | CUSIP: 386448EQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1786319.15   | 0.40%             | 2037-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children's Hospital Colorado Project, Series 2016A                                      | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children's Hospital Colorado Project, Series 2016A                                      | CUSIP: 19648A7J8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6919588.90   | 1.53%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017E                         | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017E                         | CUSIP: 196707ZV8<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1794914.60   | 0.40%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, Series 2017B                                                   | Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, Series 2017B                                                   | CUSIP: 759136UQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2385000 | PA      | $2402135.51   | 0.53%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017A                         | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017A                         | CUSIP: 196707VZ3<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1345685.47   | 0.30%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Union Colony School Project, Series 2018                         | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Union Colony School Project, Series 2018                         | CUSIP: 19645R7A3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    600000 | PA      | $607289.82    | 0.13%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018    | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018    | CUSIP: 196502AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1644135.80   | 0.36%             | 2046-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Lincoln Park Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation and Improvement Bonds, Refunding Series 2018              | Lincoln Park Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation and Improvement Bonds, Refunding Series 2018              | CUSIP: 534550BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011732.80   | 0.45%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lincoln Park Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation and Improvement Bonds, Refunding Series 2018              | Lincoln Park Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation and Improvement Bonds, Refunding Series 2018              | CUSIP: 534550BE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $466616.55    | 0.10%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buffalo Ridge Metropolitan District (In the City of Commerce City), Adams County, Colorado, General Obligation Refunding and Improvement Bonds, Series | Buffalo Ridge Metropolitan District (In the City of Commerce City), Adams County, Colorado, General Obligation Refunding and Improvement Bonds, Series | CUSIP: 119802AW6<br>LEI: 549300NCEVFYCC5JD730 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1064549.62   | 0.24%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buffalo Ridge Metropolitan District (In the City of Commerce City), Adams County, Colorado, General Obligation Refunding and Improvement Bonds, Series | Buffalo Ridge Metropolitan District (In the City of Commerce City), Adams County, Colorado, General Obligation Refunding and Improvement Bonds, Series | CUSIP: 119802AE6<br>LEI: 549300NCEVFYCC5JD730 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $854009.00    | 0.19%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2018A                           | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2018A                           | CUSIP: 19648FGP3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001244.70   | 0.66%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A                                                          | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A                                                          | CUSIP: 249182LV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10305000 | PA      | $10197265.35  | 2.26%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A                                                          | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A                                                          | CUSIP: 249182LA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2098079.20   | 0.46%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018B                                                          | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018B                                                          | CUSIP: 249182MZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020784.00   | 0.23%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A                                                          | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A                                                          | CUSIP: 249182LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5242551.00   | 1.16%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cross Creek Metropolitan District 2, Aurora, Colorado, Unlimited Tax General Obligation Bonds, Refunding Series 2018                                   | Cross Creek Metropolitan District 2, Aurora, Colorado, Unlimited Tax General Obligation Bonds, Refunding Series 2018                                   | CUSIP: 227516AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $887739.70    | 0.20%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A                         | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A                         | CUSIP: 249301FX5<br>LEI: 54930040L61W75KRAG79 | Long             | DBT              | MUN               | US        |    120000 | PA      | $115944.05    | 0.03%             | 2039-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Triview Metropolitan District 4, El Paso County, Colorado, General Obligation Bonds, Limited Tax Series 2018                                           | Triview Metropolitan District 4, Colorado, El Paso County, General Obligation Bonds Limited Tax Series 2018                                            | CUSIP: 89685YAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1986745.40   | 0.44%             | 2048-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Grand River Hospital District, Garfield and Mesa Counties, Colorado, General Obligation Bonds, Series 2018                                             | Grand River Hospital District, Garfield and Mesa Counties, Colorado, General Obligation Bonds, Series 2018                                             | CUSIP: 386448EM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $679013.81    | 0.15%             | 2034-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2016A                           | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2016A                           | CUSIP: 19648FAB0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $862508.90    | 0.19%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ebert Metropolitan District, Denver Colorado, Limited Tax General Obligation Bonds, Refunding Series 2018A-1                                           | Ebert Metropolitan District, Denver Colorado, Limited Tax General Obligation Bonds, Refunding Series 2018A-1                                           | CUSIP: 278698AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5534905.20   | 1.23%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westminster Public Schools, Adams County, Colorado, Certificates of Participation, Series 2019                                                         | Westminster Public Schools, Adams County, Colorado, Certificates of Participation, Series 2019                                                         | CUSIP: 960667AX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011498.20   | 0.45%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1                                                             | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1                                                             | CUSIP: 74529JPU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2516000 | PA      | $2515887.79   | 0.56%             | 2034-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016                           | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016                           | CUSIP: 19648FAY0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1317449.58   | 0.29%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Revenue Bonds, West Ridge Academy Charter School, Refunding & Improvement Series 2019          | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, West Ridge Academy Charter School, Refunding & Improvement Series 2019          | CUSIP: 19645UAR5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    400000 | PA      | $376656.28    | 0.08%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2019                                                           | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2019                                                           | CUSIP: 008051AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3690000 | PA      | $3205257.25   | 0.71%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A    | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A    | CUSIP: 05369KAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $455089.45    | 0.10%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2019A                                              | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2019A                                              | CUSIP: 19648FJE5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $887763.20    | 0.20%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2019A                                              | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2019A                                              | CUSIP: 19648FJB1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1839551.30   | 0.41%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2                               | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2                               | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1864000 | PA      | $1607708.20   | 0.36%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2                                                     | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2                                                     | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2478889.20   | 0.55%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-1                                                     | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-1                                                     | CUSIP: 19648FKA1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $4544797.43   | 1.01%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2                                                     | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2                                                     | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    270000 | PA      | $265933.58    | 0.06%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, Refunding Series 2019A                                               | Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, Refunding Series 2019A                                               | CUSIP: 19648FLL6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3508618.05   | 0.78%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County Water and Wastewater Authority, Colorado, Revenue Bonds, Refunding Series 2019                                                         | Arapahoe County Water and Wastewater Authority, Colorado, Revenue Bonds, Refunding Series 2019                                                         | CUSIP: 038716GT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1815959.52   | 0.40%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain Classical Academy Project, Refunding Series 2019                 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain Classical Academy Project, Refunding Series 2019                 | CUSIP: 19645UBH6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    255000 | PA      | $223838.03    | 0.05%             | 2049-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain Classical Academy Project, Refunding Series 2019                 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain Classical Academy Project, Refunding Series 2019                 | CUSIP: 19645UBJ2<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $844142.00    | 0.19%             | 2059-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series 2019A                                                            | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series 2019A                                                            | CUSIP: 19648FPP3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1869868.80   | 0.41%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Series 2019A                                          | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Series 2019A                                          | CUSIP: 700387GY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1643899.46   | 0.36%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019                                                     | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019                                                     | CUSIP: 69578NAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $642390.32    | 0.14%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series 2019A                                                            | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series 2019A                                                            | CUSIP: 19648FPR9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $3840543.92   | 0.85%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Weld County School District 6, Greeley, Colorado, General Obligation Bonds, Series 2020                                                                | Weld County School District 6, Greeley, Colorado, General Obligation Bonds, Series 2020                                                                | CUSIP: 949289PX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2434943.98   | 0.54%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2020A                                                   | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2020A                                                   | CUSIP: 19648FPY4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1340571.50   | 0.30%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special Revenue Bonds, Series 2020-A2                                    | Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special Revenue Bonds, Series 2020-A2                                    | CUSIP: 47248EAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $335933.45    | 0.07%             | 2040-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Colorado State, Certificates of Participation, Lease Purchase Agreement Department of Transportation Second Amended & Restated Headquarters Facilities | Colorado State, Certificates of Participation, Lease Purchase Agreement Department of Transportation Second Amended & Restated Headquarters Facilities | CUSIP: 196711SM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1732645.24   | 0.38%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southshore Metropolitan District 2 Aurora, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Improvement Series 2020A-2                 | Southshore Metropolitan District 2 Aurora, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Improvement Series 2020A-2                 | CUSIP: 84467PAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $874291.40    | 0.19%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A                                                | Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A                                                | CUSIP: 05162QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    593000 | PA      | $578253.10    | 0.13%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broadway Park North Metropolitan District 2, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2020               | Broadway Park North Metropolitan District 2, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2020               | CUSIP: 111561AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $585178.28    | 0.13%             | 2026-12-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Cherokee Metropolitan District, Colorado, Water and Wastewater Revenue Bonds, Series 2020                                                              | Cherokee Metropolitan District, Colorado, Water and Wastewater Revenue Bonds, Series 2020                                                              | CUSIP: 16415TBZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $428019.15    | 0.09%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported District 2, Refunding & Improvement Senior Series 2020A      | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported District 2, Refunding & Improvement Senior Series 2020A      | CUSIP: 85950NAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $400649.51    | 0.09%             | 2030-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3                                      | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3                                      | CUSIP: 66176NAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956942.20    | 0.21%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Thompson Crossing Metropolitan District 6, Larimer County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Convertible to Unli | Thompson Crossing Metropolitan District 6, Larimer County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Convertible to Unli | CUSIP: 88476PAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1577557.49   | 0.35%             | 2040-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Silver Peaks Metropolitan District 3, Colorado, Limited Tax Obligation Bonds, Senior Lien Series 2020A                                                 | Silver Peaks Metropolitan District 3, Colorado, Limited Tax Obligation Bonds, Senior Lien Series 2020A                                                 | CUSIP: 82807QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    532000 | PA      | $476610.18    | 0.11%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westerly Metropolitan District 4, Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-1                                          | Westerly Metropolitan District 4, Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-1                                          | CUSIP: 957568AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $578331.24    | 0.13%             | 2031-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Pueblo Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, EVRAZ Project, Series 2021A                                                     | Pueblo Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, EVRAZ Project, Series 2021A                                                     | CUSIP: 744826AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $207493.98    | 0.05%             | 2045-12-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Nexus North at DIA Metropolitan District, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2021                                    | Nexus North at DIA Metropolitan District, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2021                                    | CUSIP: 65344KAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $499197.91    | 0.11%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roaring Fork Transportation Authority, Colorado, Property Tax Revenue Bonds, Series 2021A                                                              | Roaring Fork Transportation Authority, Colorado, Property Tax Revenue Bonds, Series 2021A                                                              | CUSIP: 77016CAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1000983.84   | 0.22%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2021A                                              | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2021A                                              | CUSIP: 19648FSG0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $867458.00    | 0.19%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Riverview Metropolitan District, Steamboat Springs, Routt County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Refundi | Riverview Metropolitan District, Steamboat Springs, Routt County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Refundi | CUSIP: 769432AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $504897.43    | 0.11%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Series 2021A                                                                            | Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Series 2021A                                                                            | CUSIP: 24917DCG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027642.30   | 0.23%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A                 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A                 | CUSIP: 19645UHK3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    100000 | PA      | $79920.65     | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A                 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A                 | CUSIP: 19645UHL1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    100000 | PA      | $70126.07     | 0.02%             | 2051-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Alpine Mountain Ranch Metropolitan District, Routt County, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Refunding Serie | Alpine Mountain Ranch Metropolitan District, Routt County, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Refunding Serie | CUSIP: 020853AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    368328 | PA      | $321526.07    | 0.07%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Erie Farm Metropolitan District, Erie, Boulder County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement, Series 2021            | Erie Farm Metropolitan District, Erie, Boulder County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement, Series 2021            | CUSIP: 295244AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $591851.53    | 0.13%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prairiestar Metropolitan District 2, Larimer County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2021A              | Prairiestar Metropolitan District 2, Larimer County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2021A              | CUSIP: 73973AAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504256.25    | 0.11%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand County School District 2 East Grand, Colorado, General Obligation Bonds, Series 2022                                                             | Grand County School District 2 East Grand, Colorado, General Obligation Bonds, Series 2022                                                             | CUSIP: 385334GE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2634168.00   | 0.58%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monument, El Paso County,  Colorado, Certificate of Participation, Series 2020                                                                         | Monument, El Paso County,  Colorado, Certificate of Participation, Series 2020                                                                         | CUSIP: 61531AAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $958310.90    | 0.21%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A                                       | Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A                                       | CUSIP: 94222GAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1361701.05   | 0.30%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A                                       | Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A                                       | CUSIP: 94222GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478574.35    | 0.11%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Metropolitan District 2, El Paso County, Colorado, General Obligation Bonds, Limited Tax Convertible Capital Appreciation Series 22     | Sterling Ranch Metropolitan District 2, El Paso County, Colorado, General Obligation Bonds, Limited Tax Convertible Capital Appreciation Series 22     | CUSIP: 85950PAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $587449.33    | 0.13%             | 2042-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Parker Water and Sanitation District, Douglas County, Colorado, Water and Sewer Enterprise Revenue Bonds, Refunding & Improvement Series 2022          | Parker Water and Sanitation District, Douglas County, Colorado, Water and Sewer Enterprise Revenue Bonds, Refunding & Improvement Series 2022          | CUSIP: 70105RDR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8805000 | PA      | $7654757.06   | 1.69%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Colorado Water Conservancy District, Certificates of Participation, Series 2022                                                               | Northern Colorado Water Conservancy District, Certificates of Participation, Series 2022                                                               | CUSIP: 665018DS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4062688.80   | 0.90%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Gold Hill Mesa Metropolitan District 2, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refundin | Gold Hill Mesa Metropolitan District 2, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refundin | CUSIP: 38060PAN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $620252.64    | 0.14%             | 2047-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Denver School District 1, Colorado, General Obligation Bonds, Series 2022A                                                                             | Denver School District 1, Colorado, General Obligation Bonds, Series 2022A                                                                             | CUSIP: 249174YP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4625000 | PA      | $4735294.23   | 1.05%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothills Park and Recreation District, Jefferson County, Colorado, Lease Revenue Bonds, Certificates of Participation, Series 2021                    | Foothills Park and Recreation District, Jefferson County, Colorado, Lease Revenue Bonds, Certificates of Participation, Series 2021                    | CUSIP: 34511PCE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1571704.35   | 0.35%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A                                                                           | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A                                                                           | CUSIP: 249182QA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3013877.40   | 0.67%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A                                                                           | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A                                                                           | CUSIP: 249182QB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2172387.78   | 0.48%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A                                                                           | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A                                                                           | CUSIP: 249182QX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3585000 | PA      | $3679236.74   | 0.81%             | 2053-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022B                                                                           | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022B                                                                           | CUSIP: 249182RS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506056.45    | 0.11%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Future Legends Sports Park Business Improvement District, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2022A                    | Future Legends Sports Park Business Improvement District, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2022A                    | CUSIP: 36118PAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $400300.90    | 0.09%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, Refunding Limited Tax Series 2022                            | Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, Refunding Limited Tax Series 2022                            | CUSIP: 82648CAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1995000 | PA      | $1746266.39   | 0.39%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Copperleaf Metropolitan District 2, Arapahoe County, Colorado, Limited Tax General Obligation Bonds, Refunding Convertible to Unlimited Tax Series 202 | Copperleaf Metropolitan District 2, Arapahoe County, Colorado, Limited Tax General Obligation Bonds, Refunding Convertible to Unlimited Tax Series 202 | CUSIP: 217658BB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2035036.86   | 0.45%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2022A                                                  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2022A                                                  | CUSIP: 19648FVH4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002400.40   | 0.44%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Larimer and Weld Counties School District Re-5J, Colorado, General Obligation Bonds, Series 2021                                                       | Larimer and Weld Counties School District Re-5J, Colorado, General Obligation Bonds, Series 2021                                                       | CUSIP: 517131HC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1929932.80   | 0.43%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Four Corners Business Improvement District, Erie, Boulder County, Colorado, Limited Tax Supported Revenue Bonds, Series 2022                           | Four Corners Business Improvement District, Erie, Boulder County, Colorado, Limited Tax Supported Revenue Bonds, Series 2022                           | CUSIP: 35084NAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $863152.97    | 0.19%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Thornton, Colorado, Certificates of Participation, Series 2018                                                                                         | Thornton, Colorado, Certificates of Participation, Series 2018                                                                                         | CUSIP: 885275DE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1949208.40   | 0.43%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A                                             | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A                                             | CUSIP: 30607HAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988754.50    | 0.22%             | 2034-12-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2022                                           | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2022                                           | CUSIP: 952866AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957858.50    | 0.21%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Series 2021A                                                                            | Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Series 2021A                                                                            | CUSIP: 24917DCM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1697253.51   | 0.38%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A                                                       | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A                                                       | CUSIP: 19648FWN0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528683.40    | 0.12%             | 2038-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A                                                       | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A                                                       | CUSIP: 19648FWU4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3999781.60   | 0.89%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A                                                       | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A                                                       | CUSIP: 19648FWT7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   5095000 | PA      | $5184260.32   | 1.15%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D                                                                           | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D                                                                           | CUSIP: 249182TM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047924.60   | 0.23%             | 2045-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D                                                                           | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D                                                                           | CUSIP: 249182TN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985259.60    | 0.22%             | 2053-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A                                                          | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A                                                          | CUSIP: 249182LD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086474.20   | 0.24%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A                                                                           | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A                                                                           | CUSIP: 249182QQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1995000 | PA      | $2047112.99   | 0.45%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A                                                                           | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A                                                                           | CUSIP: 249182QT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3340000 | PA      | $3381271.38   | 0.75%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County Board of Water Commissioners, Colorado, Water Revenue Bonds, Series 2022A                                                       | Denver City and County Board of Water Commissioners, Colorado, Water Revenue Bonds, Series 2022A                                                       | CUSIP: 24916PLL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7101489.50   | 1.57%             | 2052-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2022B                                                                   | Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2022B                                                                   | CUSIP: 1966324F7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4435000 | PA      | $4560987.71   | 1.01%             | 2052-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Improvement Bonds, Series 2022                                                   | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Improvement Bonds, Series 2022                                                   | CUSIP: 15200XAL7<br>LEI: 549300SHE5ZPSMGZH793 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515323.75    | 0.11%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2021S                                                          | Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2021S                                                          | CUSIP: 19668QNW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931848.90    | 0.21%             | 2041-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County Water and Wastewater Authority, Colorado, Revenue Bonds, Refunding Series 2019                                                         | Arapahoe County Water and Wastewater Authority, Colorado, Revenue Bonds, Refunding Series 2019                                                         | CUSIP: 038716GS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1993169.60   | 0.44%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sierra Ridge Metropolitan District 2, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Bonds, Series 2022                     | Sierra Ridge Metropolitan District 2, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Bonds, Series 2022                     | CUSIP: 661557AP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $272232.26    | 0.06%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver School District 1, Colorado, General Obligation Bonds, Series 2021                                                                              | Denver School District 1, Colorado, General Obligation Bonds, Series 2021                                                                              | CUSIP: 249174XX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2851377.00   | 0.63%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brighton, Colorado, Water Activity Enterprise Revenue Bonds, Water System Project, Series 2022                                                         | Brighton, Colorado, Water Activity Enterprise Revenue Bonds, Water System Project, Series 2022                                                         | CUSIP: 10932PGY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3580582.19   | 0.79%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brighton, Colorado, Water Activity Enterprise Revenue Bonds, Water System Project, Series 2022                                                         | Brighton, Colorado, Water Activity Enterprise Revenue Bonds, Water System Project, Series 2022                                                         | CUSIP: 10932PGT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13130000 | PA      | $13350632.58  | 2.96%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sand Creek Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2023                                                | Sand Creek Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2023                                                | CUSIP: 799712JL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056830.30   | 0.23%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gunnison Watershed School District RE1J, Gunnison and Saguache Counties, Colorado, General Obligation Bonds, Series 2023                               | Gunnison Watershed School District RE1J, Gunnison and Saguache Counties, Colorado, General Obligation Bonds, Series 2023                               | CUSIP: 402892EP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3051780.00   | 0.68%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pueblo County, Colorado, Certificates of Participation, Community Improvement Projects, Series 2023A                                                   | Pueblo County, Colorado, Certificates of Participation, Community Improvement Projects, Series 2023A                                                   | CUSIP: 744829GR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1373027.82   | 0.30%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delta County Joint School District 50 Delta, Gunnison, Montrose and Mesa Counties, Colorado, General Obligation Bonds, Series 2023                     | Delta County Joint School District 50 Delta, Gunnison, Montrose and Mesa Counties, Colorado, General Obligation Bonds, Series 2023                     | CUSIP: 247541HM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034520.00   | 0.45%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Whispering Pines Metropolitan District No.1, In the City of Aurora, Colorado, Limited Tax Convertible to Unlimited Tax, General Obligation Refunding S | Whispering Pines Metropolitan District No.1, In the City of Aurora, Colorado, Limited Tax Convertible to Unlimited Tax, General Obligation Refunding S | CUSIP: 96337CAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1396213.98   | 0.31%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crystal Valley Metropolitan District 2, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2020A           | Crystal Valley Metropolitan District 2, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2020A           | CUSIP: 22941LAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1126387.88   | 0.25%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arvada, Colorado, Sales and Use Tax Revenue Bonds, Series 2023                                                                                         | Arvada, Colorado, Sales and Use Tax Revenue Bonds, Series 2023                                                                                         | CUSIP: 043229FU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1350312.21   | 0.30%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arvada, Colorado, Sales and Use Tax Revenue Bonds, Series 2023                                                                                         | Arvada, Colorado, Sales and Use Tax Revenue Bonds, Series 2023                                                                                         | CUSIP: 043229FV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1404679.66   | 0.31%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2023A-2                                            | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2023A-2                                            | CUSIP: 19648FXE9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2207449.00   | 0.49%             | 2057-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roaring Fork School District RE-1, Garfield, Pitkin, and Eagle Counties, Colorado, Certificates of Participation, Series 2023                          | Roaring Fork School District RE-1, Garfield, Pitkin, and Eagle Counties, Colorado, Certificates of Participation, Series 2023                          | CUSIP: 365894BW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013116.80   | 0.22%             | 2043-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County Housing Authority, Colorado, Multifamily Housing Revenue Bonds, Flo Senior Apartments Project, Sustainability Green Series 2023 | Denver City and County Housing Authority, Colorado, Multifamily Housing Revenue Bonds, Flo Senior Apartments Project, Sustainability Green Series 2023 | CUSIP: 24917QBJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1948228.80   | 0.43%             | 2041-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Meridian Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Series 2023                                                        | Meridian Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Series 2023                                                        | CUSIP: 589662AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907706.90    | 0.20%             | 2048-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2023A                                                                   | Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2023A                                                                   | CUSIP: 1966324Z3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4123639.60   | 0.91%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2023A                                                                   | Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2023A                                                                   | CUSIP: 1966324Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3270000 | PA      | $3399943.59   | 0.75%             | 2048-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Green Gables Metropolitan District 2, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Special Revenue Refunding Improvement Senior S | Green Gables Metropolitan District 2, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Special Revenue Refunding Improvement Senior S | CUSIP: 39305PAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $657855.54    | 0.15%             | 2053-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Ventana Metropolitan District, El Paso County, Colorado, General Obligation Bonds, Limited Tax Refunding and Improvement Series 2023A                  | Ventana Metropolitan District, El Paso County, Colorado, General Obligation Bonds, Limited Tax Refunding and Improvement Series 2023A                  | CUSIP: 92276QAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4041685.60   | 0.89%             | 2053-09-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue Bonds, Series 2023C                                     | Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue Bonds, Series 2023C                                     | CUSIP: 19658QHD2<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524830.55   | 0.34%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Water Resources and Power Development Authority, Water Resources Revenue Bonds, City of Sterling Wastewater Utility Enterprise Project, Serie | Colorado Water Resources and Power Development Authority, Water Resources Revenue Bonds, City of Sterling Wastewater Utility Enterprise Project, Serie | CUSIP: 19679RTN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011480.40   | 0.22%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Platte River Metropolitan District, Weld County, Colorado, General Obligation Bonds, Limited Tax Refunding Series 2023A                                | Platte River Metropolitan District, Weld County, Colorado, General Obligation Bonds, Limited Tax Refunding Series 2023A                                | CUSIP: 727810AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    827000 | PA      | $817725.11    | 0.18%             | 2053-08-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Bromley Park Metropolitan District No. 2, In the City of Brighton, Adams and Weld Counties, Colorado, Senior General Obligation Limited Tax Refunding  | Bromley Park Metropolitan District No. 2, In the City of Brighton, Adams and Weld Counties, Colorado, Senior General Obligation Limited Tax Refunding  | CUSIP: 112206CF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2574643.50   | 0.57%             | 2053-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University of Denver, Series 2017A                                              | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University of Denver, Series 2017A                                              | CUSIP: 19645R6D8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3012132.30   | 0.67%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Weld County School District RE-4, Windsor, Colorado, General Obligation Bonds, Series 2023                                                             | Weld County School District RE-4, Windsor, Colorado, General Obligation Bonds, Series 2023                                                             | CUSIP: 949232FB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8781125.60   | 1.94%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Midtown at Clear Creek Metropolitan District, Adams County, Colorado, General Obligation Bonds, Refunding Limited Tax Series 2023A                     | Midtown at Clear Creek Metropolitan District, Adams County, Colorado, General Obligation Bonds, Refunding Limited Tax Series 2023A                     | CUSIP: 59809CAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065497.40   | 0.24%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Littleton Village Metropolitan District 2, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Refunding Series 2023                      | Littleton Village Metropolitan District 2, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Refunding Series 2023                      | CUSIP: 53800DAP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1275806.89   | 0.28%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ravenna Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding Limited Tax Series 2023                                   | Ravenna Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding Limited Tax Series 2023                                   | CUSIP: 754252BL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1070140.17   | 0.24%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arista Metropolitan District, Broomfield County, Colorado, General Obligation Limited Tax Bonds, Refunding Convertible to Unlimited Tax Series 2023A   | Arista Metropolitan District, Broomfield County, Colorado, General Obligation Limited Tax Bonds, Refunding Convertible to Unlimited Tax Series 2023A   | CUSIP: 04041AAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1021870.99   | 0.23%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024                                                             | Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024                                                             | CUSIP: 500795AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2310298.00   | 0.51%             | 2056-12-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Colorado Educational and Cultural Facilities Authority Education Revenue Bonds, Colorado, Rocky Mountain School of Expeditionary Learning Project, Ser | Colorado Educational and Cultural Facilities Authority Education Revenue Bonds, Colorado, Rocky Mountain School of Expeditionary Learning Project, Ser | CUSIP: 19645UBE3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1741990.40   | 0.39%             | 2050-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2024A                                                       | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2024A                                                       | CUSIP: 19648FXU3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5730648.38   | 1.27%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024A-1                 | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024A-1                 | CUSIP: 428111AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    231756 | PA      | $230731.57    | 0.05%             | 2043-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Reven | Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Reven | CUSIP: 739476AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $695440.96    | 0.15%             | 2046-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2024A                                                  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2024A                                                  | CUSIP: 19648FYJ7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   8055000 | PA      | $8054763.99   | 1.78%             | 2054-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024                    | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024                    | CUSIP: 428111AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $318346.02    | 0.07%             | 2044-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2024A                                                                   | Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2024A                                                                   | CUSIP: 1966326P3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8200000 | PA      | $8453181.56   | 1.87%             | 2054-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Baseline Metropolitan District 1, In the City and County of Broomfield, Colorado, Special Revenue Bonds, Refunding and Improvement Series 2024A        | Baseline Metropolitan District 1, In the City and County of Broomfield, Colorado, Special Revenue Bonds, Refunding and Improvement Series 2024A        | CUSIP: 069826AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1810636.20   | 0.40%             | 2054-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Trailside Metropolitan District 4, Colorado, Limited Tax General Obligation Bonds, Refunding and Improvement Series 2024A                              | Trailside Metropolitan District 4, Colorado, Limited Tax General Obligation Bonds, Refunding and Improvement Series 2024A                              | CUSIP: 89287MAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2489309.70   | 0.55%             | 2056-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding and Improvement Series  | Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding and Improvement Series  | CUSIP: 139071AY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251435.65    | 0.06%             | 2059-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax  Refunding Series 2024                                      | Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax  Refunding Series 2024                                      | CUSIP: 109330BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3514665.20   | 0.78%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CCP Metropolitan District 3, Colorado, General Obligation Bonds, Limited Tax Refunding Series 2024                                                     | CCP Metropolitan District 3, Colorado, General Obligation Bonds, Limited Tax Refunding Series 2024                                                     | CUSIP: 12520DAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1158882.75   | 0.26%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado State, Certificates of Participation, Higher Education Health Sciences Facilities Series 2024A                                                | Colorado State, Certificates of Participation, Higher Education Health Sciences Facilities Series 2024A                                                | CUSIP: 196711VU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4230013.00   | 0.94%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hunters Overlook Metropolitan District 5, Severance, Weld County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2024                | Hunters Overlook Metropolitan District 5, Severance, Weld County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2024                | CUSIP: 445788AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1118619.75   | 0.25%             | 2054-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Sky Ranch Community Authority Board, Arapahoe County, Colorado, Limited Tax Supported District 1 Revenue Bonds, Refunding Improvement Senior Series 20 | Sky Ranch Community Authority Board, Arapahoe County, Colorado, Limited Tax Supported District 1 Revenue Bonds, Refunding Improvement Senior Series 20 | CUSIP: 83086FAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5515000 | PA      | $4612741.04   | 1.02%             | 2054-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Sunset Parks Metropolitan District, Weld County, Colorado, General Obligation Bonds, Limited Tax Series 2024A                                          | Sunset Parks Metropolitan District, Weld County, Colorado, General Obligation Bonds, Limited Tax Series 2024A                                          | CUSIP: 86777VAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $559854.06    | 0.12%             | 2054-12-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Crowfoot Valley Ranch Metropolitan District 2,  Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2024A                 | Crowfoot Valley Ranch Metropolitan District 2,  Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2024A                 | CUSIP: 22802CAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1714144.20   | 0.38%             | 2054-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Cottonwood Highlands Metropolitan District 1, Parker, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Refunding Series 20 | Cottonwood Highlands Metropolitan District 1, Parker, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Refunding Series 20 | CUSIP: 221865AU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1071819.63   | 0.24%             | 2049-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cottonwood Highlands Metropolitan District 1, Parker, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Refunding Series 20 | Cottonwood Highlands Metropolitan District 1, Parker, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Refunding Series 20 | CUSIP: 221865AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2090997.75   | 0.46%             | 2054-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bennett, Colorado, Wastewater Revenue Bonds, Series 2024                                                                                               | Bennett, Colorado, Wastewater Revenue Bonds, Series 2024                                                                                               | CUSIP: 082162AU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2760251.00   | 0.61%             | 2054-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Del Norte, Colorado, Healthcare Facilities Revenue Bonds, Rio Grande Hospital Refunding Project, Refunding Series 2024                                 | Del Norte, Colorado, Healthcare Facilities Revenue Bonds, Rio Grande Hospital Refunding Project, Refunding Series 2024                                 | CUSIP: 245256AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $347618.18    | 0.08%             | 2049-12-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Lanterns Metropolitan District 1, Castle Rock, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding and Improvement Series 2024   | Lanterns Metropolitan District 1, Castle Rock, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding and Improvement Series 2024   | CUSIP: 51654AAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2524267.80   | 0.56%             | 2053-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bromley Park Metropolitan District 3, Adams County, Colorado, General Obligation Bonds, Limited Tax Refunding Series 2024                              | Bromley Park Metropolitan District 3, Adams County, Colorado, General Obligation Bonds, Limited Tax Refunding Series 2024                              | CUSIP: 11222PAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5055000 | PA      | $4370687.46   | 0.97%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Douglas County School District, Number RE1, Douglas and Elbert Counties. Colorado, General Obligation Bonds, Series 2024                               | Douglas County School District, Number RE1, Douglas and Elbert Counties. Colorado, General Obligation Bonds, Series 2024                               | CUSIP: 258885S78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2674595.96   | 0.59%             | 2044-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Health and Hospitals Authority, Colorado, Healthcare Revenue Bonds, Series 2025A                                                                | Denver Health and Hospitals Authority, Colorado, Healthcare Revenue Bonds, Series 2025A                                                                | CUSIP: 24918EEN6<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    320000 | PA      | $310796.93    | 0.07%             | 2050-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Denver Health and Hospitals Authority, Colorado, Healthcare Revenue Bonds, Series 2025A                                                                | Denver Health and Hospitals Authority, Colorado, Healthcare Revenue Bonds, Series 2025A                                                                | CUSIP: 24918EEP1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    440000 | PA      | $460935.33    | 0.10%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2024E                                                  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2024E                                                  | CUSIP: 19648FYR9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11000000.00  | 2.43%             | 2064-05-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-31

**Name of Applicant:** Nuveen Multistate Trust I

**Signature:** Gina Spunder

**Name of Signer:** Gina Spunder

**Title:** Director, Fund Financial Reporting