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| Putnam Municipal Opportunities Trust |
|
| The fund's portfolio |
| 7/31/17 (Unaudited) |
|
|
| Key to holding's abbreviations |
| ABAG — Association Of Bay Area Governments | | | |
| AGC — Assured Guaranty Corp. | | | |
| AGM — Assured Guaranty Municipal Corporation | | | |
| AMBAC — AMBAC Indemnity Corporation | | | |
| BAM — Build America Mutual | | | |
| COP — Certificates of Participation | | | |
| FGIC — Financial Guaranty Insurance Company | | | |
| FRB — Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period | | | |
| FRN — Floating Rate Notes: the rate shown is the current interest rate or yield at the close of the reporting period | | | |
| G.O. Bonds — General Obligation Bonds | | | |
| IFB — Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely to changes in the market interest rates. As interest rates rise, inverse floaters produce less current income. The rate shown is the current interest rate at the close of the reporting period. | | | |
| NATL — National Public Finance Guarantee Corp. | | | |
| PSFG — Permanent School Fund Guaranteed | | | |
| U.S. Govt. Coll. — U.S. Government Collateralized | | | |
| VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period. | | | |
|
| MUNICIPAL BONDS AND NOTES (142.0%)(a) |
|
| | | Rating(RAT) | | Principal amount | Value |
|
|
|
| Alabama (2.0%) |
|
| Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6.50%, 10/1/53 | | BBB- | | $2,000,000 | $2,405,560 |
|
| Jefferson, Cnty. Rev. Bonds (Warrents) | | | | | |
| 5.00%, 9/15/34 | | AA | | 2,075,000 | 2,415,611 |
| 5.00%, 9/15/33 | | AA | | 275,000 | 321,393 |
|
| Lower AL Gas Dist. Rev. Bonds (Gas Project), Ser. A, 5.00%, 9/1/46 | | A3 | | 3,150,000 | 3,960,653 |
|
| Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.80%, 5/1/34 | | Baa2 | | 750,000 | 830,595 |
|
|
| |
9,933,812 |
|
| Arizona (3.1%) |
|
| Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7.625%, 12/1/29 (escrow)(F) | | D/P | | 3,025,000 | 9,042 |
|
| Glendale, Excise Tax Rev. Bonds, 5.00%, 7/1/30(FWC) | | AA | | 1,700,000 | 2,008,924 |
|
| Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5.125%, 5/15/40 | | A | | 2,125,000 | 2,303,840 |
|
| Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds (Reid Traditional Schools Painted Rock Academy), 5.00%, 7/1/36 | | Baa3 | | 350,000 | 379,285 |
|
| Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7.25%, 2/1/40 | | Baa1 | | 2,400,000 | 2,588,304 |
|
| Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5.00%, 7/1/40 | | A1 | | 1,000,000 | 1,099,920 |
|
| Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds (Great Hearts Academies), 3.75%, 7/1/24 | | BBB- | | 645,000 | 679,508 |
|
| Pinal Cnty., Elec. Rev. Bonds, 5.00%, 7/1/35 | | A | | 550,000 | 636,372 |
|
| Salt Verde, Fin. Corp. Gas Rev. Bonds, 5.50%, 12/1/29 | | Baa1 | | 1,350,000 | 1,662,633 |
|
| U. Med. Ctr. Corp. Hosp. Rev. Bonds, U.S. Govt. Coll., 6.50%, 7/1/39 (Prerefunded 7/1/19) | | AAA/P | | 1,000,000 | 1,101,030 |
|
| Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34 | | Baa1 | | 500,000 | 556,220 |
|
| Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds (Yuma Regl. Med. Ctr.), Ser. A, 5.00%, 8/1/32 | | A- | | 2,065,000 | 2,314,142 |
|
|
| |
15,339,220 |
|
| California (20.8%) |
|
| ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmntys.), Ser. A, 5.00%, 7/1/32 | | BBB+/F | | 550,000 | 588,709 |
|
| Bay Area Toll Auth. of CA Rev. Bonds (Toll Bridge), Ser. S-4, 5.00%, 4/1/33 | | AA- | | 1,200,000 | 1,374,456 |
|
| Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23 | | AA- | | 1,000,000 | 882,820 |
|
| CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.), Ser. E, 4.80%, 8/1/37 | | AA- | | 970,000 | 970,000 |
|
| CA Muni. Fin. Auth. Rev. Bonds | | | | | |
| (Biola U.), 5.00%, 10/1/42 | | Baa1 | | 500,000 | 542,375 |
| (Eisenhower Med. Ctr.), Ser. A, 5.00%, 7/1/42 | | Baa2 | | 200,000 | 224,402 |
| (Cmnty. Med. Ctrs.), Ser. A, 5.00%, 2/1/40 | | A- | | 650,000 | 722,839 |
|
| CA State G.O. Bonds | | | | | |
| 5.50%, 3/1/40 | | Aa3 | | 7,450,000 | 8,238,583 |
| 5.00%, 4/1/42 | | Aa3 | | 4,000,000 | 4,560,120 |
|
| CA State Edl. Fac. Auth. Rev. Bonds (Loyola-Marymount U.), NATL, zero %, 10/1/21 | | A2 | | 1,300,000 | 1,189,318 |
|
| CA State Hlth. Fac. Fin. Auth. Rev. Bonds (Children's Hosp. Los Angeles), Ser. A, 5.00%, 8/15/42 | | BBB+ | | 2,000,000 | 2,261,000 |
|
| CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds (Caritas Affordable Hsg., Inc.), 5.25%, 8/15/39 | | BBB | | 400,000 | 445,412 |
|
| CA State Poll. Control Fin. Auth. Rev. Bonds (San Jose Wtr. Co.) | | | | | |
| 5.10%, 6/1/40 | | A | | 3,500,000 | 3,801,805 |
| 4.75%, 11/1/46 | | A | | 750,000 | 810,533 |
|
| CA State Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5.25%, 8/1/40 | | A | | 1,000,000 | 1,104,760 |
|
| CA State Pub. Wks. Board Rev. Bonds | | | | | |
| Ser. I-1, 6.125%, 11/1/29 (Prerefunded 11/1/19) | | Aaa | | 1,000,000 | 1,115,580 |
| (Dept. of Forestry & Fire), Ser. E, 5.00%, 11/1/32 | | A1 | | 1,575,000 | 1,589,254 |
| (Capital Projects), Ser. A, 5.00%, 4/1/29 | | A1 | | 2,000,000 | 2,293,540 |
|
| CA State U. Rev. Bonds (Systemwide), Ser. A | | | | | |
| 5.00%, 11/1/41 | | Aa2 | | 3,500,000 | 4,096,365 |
| 5.00%, 11/1/36 | | Aa2 | | 3,000,000 | 3,593,280 |
|
| CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5.375%, 4/1/30 | | A- | | 1,415,000 | 1,417,080 |
|
| CA Statewide Cmnty. Dev. Auth. Rev. Bonds (899 Charleston, LLC), Ser. A, 5.25%, 11/1/44 | | BB/P | | 450,000 | 466,691 |
|
| Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A | | | | | |
| 6.00%, 1/15/53 | | Baa3 | | 1,500,000 | 1,736,370 |
| zero %, 1/1/28 (Escrowed to maturity) | | AA+ | | 10,000,000 | 7,954,700 |
|
| Golden State Tobacco Securitization Corp. Rev. Bonds | | | | | |
| Ser. A-1, 5.75%, 6/1/47 | | B3 | | 1,510,000 | 1,510,000 |
| Ser. A-2, 5.30%, 6/1/37 | | B | | 1,000,000 | 1,016,080 |
| Ser. A-1, 5.125%, 6/1/47 | | B3 | | 3,970,000 | 3,970,079 |
| Ser. A-1, 5.00%, 6/1/33 | | B+ | | 100,000 | 100,000 |
| Ser. A-1, 5.00%, 6/1/29 | | BBB | | 1,000,000 | 1,175,620 |
|
| Los Angeles, Dept. of Arpt Rev. Bonds (Los Angeles Intl. Arpt.), Ser. B, 5.00%, 5/15/41 | | AA- | | 1,000,000 | 1,150,050 |
|
| Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.) | | | | | |
| Ser. D, 5.00%, 5/15/40 | | AA | | 3,500,000 | 3,837,680 |
| 5.00%, 5/15/30 | | AA | | 1,000,000 | 1,151,240 |
|
| Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4.50%, 1/1/27 | | A | | 600,000 | 661,422 |
|
| M-S-R Energy Auth. Rev. Bonds | | | | | |
| Ser. A, 6.50%, 11/1/39 | | BBB+ | | 3,000,000 | 4,306,170 |
| Ser. B, 6.50%, 11/1/39 | | BBB+ | | 3,000,000 | 4,306,170 |
|
| Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5.75%, 8/10/18 | | AAA | | 2,050,000 | 2,095,715 |
|
| North Natomas, Cmnty. Fac. Special Tax Bonds (Dist. No. 4), Ser. E, 5.00%, 9/1/30 | | BBB+ | | 1,250,000 | 1,363,250 |
|
| Oakland, Alameda Cnty. Unified School Dist. G.O. Bonds (Election of 2012), 6.625%, 8/1/38 (Prerefunded 8/1/21) | | Aa3 | | 500,000 | 606,795 |
|
| Orange Cnty., Trans. Auth Toll Road Rev. Bonds (91 Express Lanes), 5.00%, 8/15/30 | | AA- | | 635,000 | 738,448 |
|
| Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21 | | A+ | | 1,990,000 | 1,833,586 |
|
| Sacramento, Regl. Trans. Dist. Rev. Bonds (Farebox), 5.00%, 3/1/42 | | A3 | | 1,320,000 | 1,435,144 |
|
| San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, NATL, 6.50%, 8/1/17 | | | | 860,000 | 860,000 |
|
| San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 7/1/40 | | A2 | | 3,750,000 | 4,124,700 |
|
| San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C | | | | | |
| zero %, 7/1/40 | | Aa2 | | 5,000,000 | 2,082,350 |
| zero %, 7/1/38 | | Aa2 | | 5,000,000 | 2,289,700 |
|
| Stockton, Pub. Wtr. Fin. Auth. Rev. Bonds (Delta Wtr. Supply), Ser. A, 6.25%, 10/1/40 | | A | | 875,000 | 1,075,279 |
|
| Sunnyvale, Cmnty. Fac. Dist. Special Tax Bonds, 7.65%, 8/1/21 | | B+/P | | 285,000 | 285,869 |
|
| Univ. of CA Rev. Bonds, Ser. AF, 5.00%, 5/15/36(T) | | AA | | 9,000,000 | 10,448,431 |
|
|
| |
104,403,770 |
|
| Colorado (2.8%) |
|
| CO State Hlth. Fac. Auth. Rev. Bonds | | | | | |
| (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.625%, 6/1/43 | | BBB+ | | 600,000 | 656,400 |
| (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), Ser. A, 5.00%, 6/1/40 | | Baa1 | | 1,750,000 | 1,895,880 |
| (Valley View Hosp. Assn.), 5.00%, 5/15/40 | | A- | | 1,000,000 | 1,117,260 |
| (Covenant Retirement Cmnty.), Ser. A, 5.00%, 12/1/35 | | BBB+/F | | 1,000,000 | 1,074,240 |
| (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.00%, 12/1/33 | | BBB+ | | 1,650,000 | 1,759,742 |
| (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.00%, 6/1/29 | | BBB+ | | 315,000 | 315,422 |
|
| CO State Hlth. Fac. Auth. Hosp. Rev. Bonds (Christian Living Neighborhood), 5.00%, 1/1/37 | | BB/P | | 550,000 | 567,892 |
|
| Denver City & Cnty., Arpt. Rev. Bonds (Sub. Syst.), Ser. A, 5.50%, 11/15/31 | | A2 | | 950,000 | 1,122,606 |
|
| E-470 CO Pub. Hwy. Auth. | | | | | |
| FRN Mandatory Put Bonds (9/1/21) (Sr. Libor Index) Ser. B, 1.876%, 9/1/39 | | A3 | | 1,400,000 | 1,415,820 |
| FRN Mandatory Put Bonds (9/1/19) (Sr. Libor Index) Ser. A, 1.727%, 9/1/39 | | A3 | | 500,000 | 502,300 |
|
| Park Creek, Metro. Dist. Tax Allocation Bonds (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45 | | BBB/F | | 200,000 | 214,036 |
|
| Pub. Auth. for CO Energy Rev. Bonds (Natural Gas Purchase), 6.50%, 11/15/38 | | Baa1 | | 2,250,000 | 3,201,525 |
|
|
| |
13,843,123 |
|
| Delaware (0.6%) |
|
| DE State Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.40%, 2/1/31 | | Baa1 | | 1,100,000 | 1,195,799 |
|
| DE State Hlth. Fac. Auth. VRDN (Christiana Care), Ser. A, 0.75%, 10/1/38 | | VMIG1 | | 1,650,000 | 1,650,000 |
|
|
| |
2,845,799 |
|
| District of Columbia (1.8%) |
|
| DC Rev. Bonds (Howard U.), Ser. A | | | | | |
| 6.50%, 10/1/41 | | BBB | | 1,575,000 | 1,675,202 |
| U.S. Govt. Coll., 6.50%, 10/1/41 (Prerefunded 4/1/21) | | AAA/P | | 25,000 | 29,781 |
|
| DC U. Rev. Bonds (Gallaudet U.), 5.50%, 4/1/34 | | A+ | | 1,000,000 | 1,132,780 |
|
| DC, Wtr. & Swr. Auth. Pub. Util. Rev. Bonds, Ser. C, 5.00%, 10/1/39 | | AA+ | | 2,000,000 | 2,311,720 |
|
| Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds | | | | | |
| Ser. A, 5.00%, 10/1/39 | | A2 | | 2,000,000 | 2,131,940 |
| (Metrorail), Ser. A, zero %, 10/1/37 | | Baa1 | | 3,700,000 | 1,496,687 |
|
|
| |
8,778,110 |
|
| Florida (5.9%) |
|
| Brevard Cnty., Hlth. Care Fac. Auth. Rev. Bonds (Health First, Inc.), U.S. Govt. Coll., 7.00%, 4/1/39 (Prerefunded 4/1/19) | | A2 | | 3,000,000 | 3,295,200 |
|
| FL State Muni. Pwr. Agcy. Rev. Bonds (All Requirements Pwr. Supply), Ser. A, 5.00%, 10/1/31 | | A2 | | 255,000 | 265,320 |
|
| Greater Orlando Aviation Auth. Rev. Bonds (Arpt. Fac.), Ser. A, 5.00%, 10/1/46 | | Aa3 | | 3,000,000 | 3,412,950 |
|
| Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 | | A- | | 2,250,000 | 2,491,695 |
|
| Jacksonville, Port Auth. Rev. Bonds, 5.00%, 11/1/38 | | A2 | | 600,000 | 654,456 |
|
| Lakeland, Hosp. Syst. Rev. Bonds (Lakeland Regl. Hlth.), 5.00%, 11/15/40 | | A2 | | 1,350,000 | 1,507,626 |
|
| Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6.375%, 1/1/43 | | BBB-/F | | 340,000 | 351,951 |
|
| Martin Cnty., Rev. Bonds (Indiantown Cogeneration), 4.20%, 12/15/25 | | Baa2 | | 1,400,000 | 1,437,632 |
|
| Miami-Dade Cnty., Rev. Bonds (Tran. Syst. Sales Surtax), 5.00%, 7/1/42 | | AA | | 3,000,000 | 3,396,420 |
|
| Miami-Dade Cnty., Aviation Rev. Bonds | | | | | |
| (Miami Intl. Arpt.), Ser. A-1, 5.375%, 10/1/41 | | A2 | | 3,000,000 | 3,344,730 |
| Ser. A, 5.00%, 10/1/38 | | A | | 2,000,000 | 2,265,900 |
| 5.00%, 10/1/28 | | A2 | | 500,000 | 581,480 |
|
| Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5.00%, 7/1/40 | | A2 | | 1,000,000 | 1,089,160 |
|
| Orange Cnty., Hlth. Fac. Auth. Rev. Bonds (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 | | A-/F | | 1,350,000 | 1,471,176 |
|
| Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds | | | | | |
| (Acts Retirement-Life Cmnty.), 5.50%, 11/15/33 (Prerefunded 11/15/20) | | A-/F | | 1,000,000 | 1,139,400 |
| (Lifespace Cmntys, Inc.), Ser. C, 5.00%, 5/15/38 | | A/F | | 2,000,000 | 2,197,040 |
|
| Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 | | BBB+ | | 360,000 | 401,000 |
|
| Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.40%, 5/1/37 | | B+/P | | 340,000 | 340,343 |
|
|
| |
29,643,479 |
|
| Georgia (6.5%) |
|
| Atlanta, Tax Allocation Bonds (Beltline), Ser. B, 5.00%, 1/1/30 | | A2 | | 1,715,000 | 2,002,040 |
|
| Atlanta, Arpt. Rev. Bonds (Hartsfield-Jackson Intl. Arpt.), Ser. A, 5.00%, 1/1/35 | | Aa3 | | 1,250,000 | 1,353,825 |
|
| Atlanta, Arpt. Passenger Fac. Charge Rev. Bonds | | | | | |
| 5.00%, 1/1/34 | | Aa3 | | 1,550,000 | 1,769,325 |
| 5.00%, 1/1/33 | | Aa3 | | 1,500,000 | 1,717,965 |
|
| Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6.25%, 11/1/39 (Prerefunded 11/1/19) | | Aa2 | | 4,500,000 | 5,021,910 |
|
| Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech Athletic Assn.), Ser. A, 5.00%, 10/1/42 | | A2 | | 1,350,000 | 1,535,544 |
|
| Gainesville & Hall Cnty., Dev. Auth. Edl. Fac. Rev. Bonds (Riverside Military Academy) | | | | | |
| 5.00%, 3/1/47 | | BBB-/F | | 1,050,000 | 1,099,571 |
| 5.00%, 3/1/37 | | BBB-/F | | 1,100,000 | 1,175,229 |
|
| Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds | | | | | |
| (Northeast GA Hlth. Care), Ser. S, 5.50%, 8/15/54 | | AA- | | 925,000 | 1,086,015 |
| (Northeast GA Hlth. Syst.), Ser. B, 5.25%, 2/15/45 | | AA- | | 1,535,000 | 1,630,600 |
| (Northeast GA Hlth. Syst.), Ser. B, U.S. Govt. Coll., 5.25%, 2/15/45 (Prerefunded 2/15/20) | | AAA/P | | 4,965,000 | 5,479,672 |
|
| Marietta, Dev. Auth. Rev. Bonds (Fac. of Life U., Inc.), 7.00%, 6/15/39 (Prerefunded 6/15/18) | | Ba3 | | 1,400,000 | 1,472,912 |
|
| Muni. Election Auth. of GA Rev. Bonds (Plant Voltage Units 3 & 4), Ser. A, 5.50%, 7/1/60 | | A+ | | 3,500,000 | 3,946,460 |
|
| Richmond Cnty., Hosp. Auth. Rev. Bonds (U. Hlth. Svcs., Inc.) | | | | | |
| 5.00%, 1/1/31 | | A1 | | 2,175,000 | 2,529,503 |
| 5.00%, 1/1/30 | | A1 | | 770,000 | 900,777 |
|
|
| |
32,721,348 |
|
| Hawaii (0.5%) |
|
| HI State G.O. Bonds, Ser. FK, 5.00%, 5/1/34 | | Aa1 | | 2,000,000 | 2,393,640 |
|
|
| |
2,393,640 |
|
| Illinois (16.5%) |
|
| Chicago, G.O. Bonds | | | | | |
| Ser. A, 6.00%, 1/1/38 | | BBB+ | | 1,920,000 | 2,064,134 |
| Ser. A, 5.50%, 1/1/39 | | BBB+ | | 500,000 | 511,880 |
| Ser. D-05, 5.50%, 1/1/37 | | BBB+ | | 750,000 | 767,820 |
| Ser. G-07, 5.50%, 1/1/35 | | BBB+ | | 3,175,000 | 3,252,407 |
| Ser. D-05, 5.50%, 1/1/34 | | BBB+ | | 1,000,000 | 1,025,000 |
| Ser. A, 5.25%, 1/1/33 | | BBB+ | | 1,250,000 | 1,262,813 |
| Ser. C, 5.00%, 1/1/38 | | BBB+ | | 1,500,000 | 1,499,880 |
|
| Chicago, Board of Ed. G.O. Bonds | | | | | |
| Ser. C, 5.25%, 12/1/39 | | B | | 2,250,000 | 1,963,800 |
| (School Reform), Ser. B-1, NATL, zero %, 12/1/21 | | A | | 3,500,000 | 3,014,550 |
|
| Chicago, Motor Fuel Tax Rev. Bonds, 5.00%, 1/1/29 | | Ba1 | | 500,000 | 509,030 |
|
| Chicago, O'Hare Intl. Arpt. Rev. Bonds | | | | | |
| Ser. A, 5.75%, 1/1/39 | | A | | 640,000 | 722,586 |
| Ser. A, U.S. Govt. Coll., 5.75%, 1/1/39 (Prerefunded 1/1/21) | | AAA/P | | 3,360,000 | 3,873,072 |
| Ser. C, 5.375%, 1/1/39 | | A2 | | 1,250,000 | 1,399,213 |
| Ser. C, 5.25%, 1/1/28 | | A2 | | 1,320,000 | 1,501,183 |
| Ser. C, 5.25%, 1/1/27 | | A2 | | 2,125,000 | 2,430,554 |
| Ser. D, 5.00%, 1/1/42 | | A | | 850,000 | 957,270 |
| Ser. G, 5.00%, 1/1/37 | | A | | 400,000 | 452,888 |
|
| Chicago, Sales Tax Rev. Bonds, 5.00%, 1/1/34 | | AA | | 1,500,000 | 1,571,790 |
|
| Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5.25%, 12/1/49 | | AA | | 3,000,000 | 3,304,020 |
|
| Chicago, Waste Wtr. Transmission Rev. Bonds | | | | | |
| Ser. C, 5.00%, 1/1/39 | | A | | 900,000 | 975,816 |
| (2nd Lien), 5.00%, 1/1/39 | | A | | 1,835,000 | 1,978,681 |
| Ser. A, NATL, zero %, 1/1/24 | | A+ | | 1,600,000 | 1,317,776 |
|
| Chicago, Wtr. Wks Rev. Bonds | | | | | |
| 5.00%, 11/1/42 | | A | | 645,000 | 678,946 |
| 5.00%, 11/1/39 | | A | | 1,080,000 | 1,174,165 |
|
| Cicero, G.O. Bonds, Ser. A, AGM, 5.00%, 1/1/21 | | AA | | 2,000,000 | 2,217,800 |
|
| IL Fin. Auth. Rev. Bonds | | | | | |
| (Silver Cross Hosp. & Med. Ctr.), 7.00%, 8/15/44 (Prerefunded 8/15/19) | | AAA/P | | 2,500,000 | 2,795,775 |
| (IL Rush U. Med. Ctr.), Ser. D, U.S. Govt. Coll., 6.625%, 11/1/39 (Prerefunded 5/1/19) | | Aaa | | 1,490,000 | 1,634,009 |
| (Rush U. Med. Ctr.), Ser. C, U.S. Govt. Coll., 6.625%, 11/1/39 (Prerefunded 5/1/19) | | Aaa | | 1,425,000 | 1,562,726 |
| (Alexian), Ser. A, AGM, 5.25%, 1/1/22 (Prerefunded 4/14/18) | | A2 | | 3,775,000 | 3,889,383 |
|
| IL State G.O. Bonds | | | | | |
| 5.00%, 11/1/41 | | Baa3 | | 1,000,000 | 1,040,480 |
| 5.00%, 1/1/41 | | Baa3 | | 500,000 | 518,745 |
| 5.00%, 2/1/39 | | Baa3 | | 300,000 | 309,729 |
| 5.00%, 11/1/36 | | Baa3 | | 6,000,000 | 6,289,200 |
| 5.00%, 11/1/34 | | Baa3 | | 1,000,000 | 1,052,870 |
| 5.00%, 1/1/32 | | Baa3 | | 800,000 | 846,088 |
|
| IL State Fin. Auth. Rev. Bonds | | | | | |
| (Three Crowns Park), 5.25%, 2/15/47 | | BB-/P | | 700,000 | 728,749 |
| (Three Crowns Park), 5.25%, 2/15/37 | | BB-/P | | 375,000 | 394,523 |
| (Presence Hlth. Network), Ser. C, 5.00%, 2/15/36 | | Baa3 | | 400,000 | 431,112 |
| (Lifespace Cmntys, Inc.), Ser. A, 5.00%, 5/15/35 | | A/F | | 1,025,000 | 1,131,846 |
| (Riverside Hlth.Syst.), 4.00%, 11/15/34 | | A+ | | 500,000 | 508,130 |
|
| Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21 | | Aa3 | | 1,075,000 | 1,018,810 |
|
| Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn) | | | | | |
| NATL, FGIC, zero %, 12/1/21 | | AA+ | | 1,805,000 | 1,644,030 |
| U.S. Govt. Coll., NATL, zero %, 12/1/21 (Escrowed to maturity) | | AA+ | | 145,000 | 136,739 |
| NATL, FGIC, zero %, 12/1/20 | | AA+ | | 1,495,000 | 1,398,274 |
| U.S. Govt. Coll., NATL, zero %, 12/1/20 (Escrowed to maturity) | | AA+ | | 155,000 | 148,606 |
|
| Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick), Ser. A, NATL, zero %, 12/15/30 | | A | | 12,000,000 | 6,984,720 |
|
| Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds (Green Bond), Ser. E, 5.00%, 12/1/30 | | AA+ | | 1,310,000 | 1,535,700 |
|
| Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6.00%, 6/1/28 | | A- | | 4,150,000 | 4,714,276 |
|
| Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25 | | A | | 1,870,000 | 1,421,686 |
|
|
| |
82,563,280 |
|
| Indiana (0.7%) |
|
| IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5.25%, 10/15/21 | | A3 | | 180,000 | 203,837 |
|
| IN State Fin. Auth. Rev. Bonds | | | | | |
| (BHI Sr. Living), 5.75%, 11/15/41 | | BBB+/F | | 1,000,000 | 1,094,130 |
| (Duke Energy Ind.), Ser. C, 4.95%, 10/1/40 | | Aa3 | | 1,000,000 | 1,056,400 |
|
| U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGC, 5.75%, 10/1/28 (Prerefunded 10/1/19) | | AA | | 1,000,000 | 1,101,060 |
|
|
| |
3,455,427 |
|
| Kentucky (1.2%) |
|
| KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53 | | Baa3 | | 1,000,000 | 1,133,560 |
|
| Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6.00%, 5/1/38 | | Baa3 | | 290,000 | 295,220 |
|
| Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds (Norton Healthcare, Inc.), Ser. A, 5.00%, 10/1/32 | | A- | | 2,750,000 | 3,204,355 |
|
| Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A | | | | | |
| 5.00%, 7/1/32 | | A+ | | 1,030,000 | 1,149,521 |
| 5.00%, 7/1/31 | | A+ | | 385,000 | 431,200 |
|
|
| |
6,213,856 |
|
| Louisiana (0.1%) |
|
| LA State Pub. Fac. Auth. Rev. Bonds (Ochsner Clinic Foundation), 5.00%, 5/15/47 | | A3 | | 650,000 | 719,160 |
|
|
| |
719,160 |
|
| Maryland (0.1%) |
|
| MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.20%, 9/1/22 | | A2 | | 650,000 | 701,279 |
|
|
| |
701,279 |
|
| Massachusetts (6.6%) |
|
| MA State G.O. Bonds | | | | | |
| Ser. I, 5.00%, 12/1/35 | | Aa1 | | 1,500,000 | 1,784,115 |
| Ser. G, 4.00%, 9/1/42 | | Aa1 | | 3,400,000 | 3,582,580 |
|
| MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5.00%, 1/1/37 | | A+ | | 2,500,000 | 2,678,075 |
|
| MA State Dev. Fin. Agcy. Rev. Bonds | | | | | |
| (Sabis Intl.), Ser. A, 8.00%, 4/15/39 (Prerefunded 10/15/19) | | BBB | | 575,000 | 660,169 |
| (Linden Ponds, Inc. Fac.), Ser. A-1, 6.25%, 11/15/26 | | B-/P | | 960,369 | 991,475 |
| (Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5.75%, 7/15/43 | | Baa3 | | 500,000 | 556,540 |
| (Suffolk U.), Ser. A, 5.75%, 7/1/39 | | Baa2 | | 395,000 | 424,329 |
| (Suffolk U.), Ser. A, U.S. Govt. Coll., 5.75%, 7/1/39 (Prerefunded 7/1/19) | | AAA/P | | 780,000 | 850,106 |
| (Loomis Cmntys.), Ser. A, 5.75%, 1/1/28 | | BBB- | | 1,100,000 | 1,227,325 |
| (Carleton-Willard Village), 5.625%, 12/1/30 | | A- | | 750,000 | 804,240 |
| (Linden Ponds, Inc.), Ser. A-2 , 5.50%, 11/15/46 | | B-/P | | 51,190 | 51,193 |
| (Berklee College of Music), 5.25%, 10/1/41 | | A2 | | 2,000,000 | 2,271,080 |
| (Emerson College), Ser. A, 5.00%, 1/1/40 | | BBB+ | | 3,000,000 | 3,133,500 |
| (Dana-Farber Cancer Inst.), Ser. N, 5.00%, 12/1/36 | | A1 | | 1,900,000 | 2,198,737 |
| (Suffolk U.), 5.00%, 7/1/34 | | Baa2 | | 625,000 | 705,375 |
| (Intl. Charter School), 5.00%, 4/15/33 | | BBB | | 1,000,000 | 1,095,480 |
| (Linden Ponds, Inc.), Ser. B, zero %, 11/15/56 | | B-/P | | 254,614 | 6,429 |
|
| MA State Edl. Fin. Auth. Rev. Bonds (Ed. Loan - Issue 1) | | | | | |
| 5.00%, 1/1/27 | | AA | | 800,000 | 903,328 |
| 4.375%, 1/1/32 | | AA | | 445,000 | 459,636 |
|
| MA State Hlth. & Edl. Fac. Auth. Rev. Bonds | | | | | |
| (Care Group), Ser. B-2, NATL, 5.375%, 2/1/26 (Prerefunded 8/1/18) | | A | | 700,000 | 730,870 |
| (Northeastern U.), Ser. A, 5.00%, 10/1/35 | | A2 | | 3,250,000 | 3,573,375 |
|
| MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. C, 5.35%, 12/1/42 | | Aa2 | | 1,010,000 | 1,061,924 |
|
| MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5.125%, 7/1/41 | | A | | 2,855,000 | 3,161,741 |
|
|
| |
32,911,622 |
|
| Michigan (7.2%) |
|
| Detroit, G.O. Bonds, AMBAC, 5.25%, 4/1/24 | | A-/P | | 222,425 | 217,289 |
|
| Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6.00%, 5/1/29 | | Aa1 | | 1,000,000 | 1,240,100 |
|
| Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B | | | | | |
| AGM, 6.25%, 7/1/36 | | AA | | 5,000 | 5,437 |
| AGM, U.S. Govt. Coll., 6.25%, 7/1/36 (Prerefunded 7/1/19) | | AA | | 1,420,000 | 1,561,034 |
|
| Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7.50%, 7/1/39 | | Ba1 | | 500,000 | 556,635 |
|
| Great Lakes, Wtr. Auth. Swr. Rev. Bonds (Brazos Presbyterian Homes, Inc.), Ser. C, 5.00%, 7/1/36 | | Baa1 | | 910,000 | 1,015,906 |
|
| Karegnondi, Wtr. Auth. Rev. Bonds (Wtr. Supply Syst.), Ser. A, 5.25%, 11/1/31 | | A2 | | 2,445,000 | 2,790,405 |
|
| Kentwood, Economic Dev. Rev. Bonds (Holland Home Oblig. Group), 5.00%, 11/15/37 | | BBB-/F | | 1,750,000 | 1,837,378 |
|
| MI State Fin. Auth. Rev. Bonds | | | | | |
| (Henry Ford Hlth. Syst.), 5.00%, 11/15/41 | | A | | 1,800,000 | 2,006,298 |
| Ser. H-1, 5.00%, 10/1/39 | | AA- | | 1,575,000 | 1,763,654 |
| (MidMichigan Hlth.), 5.00%, 6/1/39 | | A1 | | 1,000,000 | 1,115,420 |
| (Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/35 | | Baa1 | | 1,100,000 | 1,199,627 |
| (Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/34 | | Baa1 | | 1,900,000 | 2,078,923 |
| (Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34 | | Baa1 | | 1,000,000 | 1,094,170 |
| (Local Govt. Program Detroit Wtr. & Swr.), Ser. D4, 5.00%, 7/1/34 | | A3 | | 100,000 | 111,407 |
| (Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33 | | A3 | | 850,000 | 948,634 |
| (Detroit), Ser. C-3, 5.00%, 4/1/27 | | A2 | | 750,000 | 878,520 |
|
| MI State Hosp. Fin. Auth. Rev. Bonds | | | | | |
| Ser. A, 6.125%, 6/1/39 (Prerefunded 6/1/19) | | AA+ | | 2,500,000 | 2,732,400 |
| (Henry Ford Hlth.), 5.75%, 11/15/39 (Prerefunded 11/15/19) | | A | | 2,000,000 | 2,213,420 |
| (Sparrow Hlth. Oblig. Group), 5.00%, 11/15/31 | | A1 | | 390,000 | 394,013 |
|
| MI State Hsg. Dev. Auth. Rev. Bonds (Rental Hsg.), Ser. D, 3.95%, 10/1/37 | | AA | | 1,050,000 | 1,082,666 |
|
| MI State Strategic Fund Ltd. Rev. Bonds (Worthington Armstrong Venture), 5.75%, 10/1/22 (Escrowed to maturity) | | AAA/P | | 1,650,000 | 1,978,812 |
|
| MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Evangelical Homes of MI) | | | | | |
| 5.50%, 6/1/47 | | BB+/F | | 675,000 | 691,301 |
| 5.25%, 6/1/32 | | BB+/F | | 320,000 | 330,429 |
|
| MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6.00%, 6/1/34 | | B- | | 575,000 | 576,811 |
|
| Wayne Cnty., Arpt. Auth. Rev. Bonds | | | | | |
| Ser. D, 5.00%, 12/1/40 | | A2 | | 2,890,000 | 3,272,058 |
| Ser. A, 5.00%, 12/1/21 | | A2 | | 2,000,000 | 2,275,100 |
|
|
| |
35,967,847 |
|
| Minnesota (0.6%) |
|
| Moorhead, Edl. Fac. Rev. Bonds (Concordia College Corp.), 5.00%, 12/1/40 | | Baa1 | | 500,000 | 545,075 |
|
| St. Cloud, Hlth. Care Rev. Bonds (CentraCare Hlth. Syst.), Ser. A, 5.125%, 5/1/30 | | A1 | | 160,000 | 173,909 |
|
| St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds (HealthPartners Oblig. Group), Ser. A, 5.00%, 7/1/33 | | A2 | | 2,000,000 | 2,270,740 |
|
|
| |
2,989,724 |
|
| Mississippi (0.7%) |
|
| MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy Resources, Inc.), 5.875%, 4/1/22 | | BBB+ | | 1,445,000 | 1,449,364 |
|
| Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6.50%, 9/1/32 | | Baa2 | | 2,000,000 | 2,108,260 |
|
|
| |
3,557,624 |
|
| Nebraska (0.2%) |
|
| Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5.625%, 1/1/40 | | AA/F | | 925,000 | 996,493 |
|
|
| |
996,493 |
|
| Nevada (0.5%) |
|
| Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5.00%, 7/1/33 | | Aa3 | | 1,565,000 | 1,781,001 |
|
| Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5.00%, 9/1/25 | | BBB-/P | | 550,000 | 555,011 |
|
|
| |
2,336,012 |
|
| New Hampshire (0.7%) |
|
| NH State Hlth. & Ed. Fac. Auth. Rev. Bonds | | | | | |
| (Elliot Hosp.), 5.00%, 10/1/38 | | Baa1 | | 500,000 | 554,600 |
| (Southern NH Med. Ctr.), 5.00%, 10/1/37 | | A- | | 2,500,000 | 2,779,200 |
|
|
| |
3,333,800 |
|
| New Jersey (8.5%) |
|
| Bayonne, G.O. Bonds (Qualified Gen. Impt.), BAM, 5.00%, 7/1/39 | | AA | | 1,300,000 | 1,461,902 |
|
| NJ State Econ. Dev. Auth. Rev. Bonds | | | | | |
| (NYNJ Link Borrower, LLC), 5.375%, 1/1/43 | | BBB- | | 500,000 | 558,575 |
| Ser. WW, 5.25%, 6/15/32 | | Baa1 | | 1,500,000 | 1,595,205 |
| Ser. AAA, 5.00%, 6/15/36 | | Baa1 | | 750,000 | 778,365 |
| (Biomedical Research), Ser. A, 5.00%, 7/15/29 | | Baa1 | | 400,000 | 418,792 |
| Ser. B, 5.00%, 11/1/26 | | Baa1 | | 4,500,000 | 4,848,255 |
| 5.00%, 6/15/26 | | Baa1 | | 500,000 | 539,310 |
|
| NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.) | | | | | |
| Ser. A, 5.70%, 10/1/39 | | A1 | | 3,900,000 | 4,203,615 |
| Ser. B, 5.60%, 11/1/34 | | A1 | | 500,000 | 544,320 |
|
| NJ State Edl. Fac. Auth. Rev. Bonds (Georgian Court U.), Ser. D | | | | | |
| 5.25%, 7/1/37 | | Baa3 | | 1,000,000 | 1,001,390 |
| 5.25%, 7/1/27 | | Baa3 | | 500,000 | 501,060 |
|
| NJ State Higher Ed. Assistance Auth. Rev. Bonds (Student Loan), Ser. 1A, 5.00%, 12/1/22 | | Aaa | | 2,500,000 | 2,832,550 |
|
| NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds | | | | | |
| (St. Joseph Hlth. Care Syst.), 6.625%, 7/1/38 (Prerefunded 7/1/18) | | Baa3 | | 2,750,000 | 2,891,213 |
| (St. Peter's U. Hosp.), 5.75%, 7/1/37 | | Ba1 | | 1,500,000 | 1,541,265 |
| (Hackensack Meridian Hlth.), Ser. A, 5.00%, 7/1/37 | | A+ | | 1,000,000 | 1,151,820 |
| (Hackensack Meridian Hlth.), Ser. A, 5.00%, 7/1/35 | | A+ | | 700,000 | 809,494 |
|
| NJ State Trans. Trust Fund Auth. Rev. Bonds | | | | | |
| (Federal Hwy. Reimbursement Notes), 5.00%, 6/15/30 | | A+ | | 1,900,000 | 2,036,173 |
| (Federal Hwy. Reimbursement Notes), 5.00%, 6/15/28 | | A+ | | 1,000,000 | 1,088,780 |
| (Trans. Syst.), Ser. A, zero %, 12/15/30 | | Baa1 | | 10,000,000 | 5,290,700 |
|
| South Jersey, Port Corp. Rev. Bonds (Marine Term.), Ser. S-1, 5.00%, 1/1/34 | | Baa1 | | 1,000,000 | 1,020,600 |
|
| Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A | | | | | |
| 5.00%, 6/1/41 | | B | | 2,000,000 | 1,911,380 |
| 4.75%, 6/1/34 | | BB- | | 3,000,000 | 2,872,320 |
|
| Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5.25%, 12/1/31 | | AA+ | | 2,300,000 | 2,524,135 |
|
|
| |
42,421,219 |
|
| New Mexico (0.3%) |
|
| Sante Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Res.), 5.00%, 5/15/42 | | BBB- | | 1,460,000 | 1,495,420 |
|
|
| |
1,495,420 |
|
| New York (7.9%) |
|
| Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, U.S. Govt. Coll., 6.875%, 7/1/40 (Prerefunded 7/1/18) | | AAA/P | | 320,000 | 337,248 |
|
| Liberty, Dev. Corp. Rev. Bonds (Goldman Sachs Headquarters), 5.25%, 10/1/35 | | A3 | | 2,000,000 | 2,513,780 |
|
| Metro. Trans. Auth. Rev. Bonds, Ser. D-1, 5.00%, 11/15/39 | | AA- | | 2,000,000 | 2,300,800 |
|
| Metro. Trans. Auth. Dedicated Tax Fund FRN Mandatory Put Bonds (6/1/22), Ser. A-2A, 1.27%, 11/1/26 | | AA | | 4,000,000 | 4,000,600 |
|
| MTA Hudson Rail Yards Trust Oblig. Rev. Bonds, Ser. A, 5.00%, 11/15/46 | | A2 | | 3,000,000 | 3,224,910 |
|
| NY City, Muni. Wtr. & Swr. Fin. Auth. Rev Bonds, 5.00%, 6/15/31(T) | | AA+ | | 10,000,000 | 11,316,996 |
|
| NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6.00%, 6/1/43 | | Aa3 | | 120,000 | 120,194 |
|
| NY State Dorm. Auth. Rev. Bonds, Ser. A, 5.00%, 3/15/43 | | AAA | | 4,000,000 | 4,584,080 |
|
| NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5.00%, 7/1/35 | | Aa2 | | 1,000,000 | 1,123,130 |
|
| NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6.25%, 12/1/37 (Prerefunded 12/1/18) | | Baa3 | | 1,800,000 | 1,926,540 |
|
| NY State Dorm. Auth. Rev. Bonds, Ser. C, 5.00%, 3/15/31(T) | | AAA | | 5,000,000 | 5,621,900 |
|
| NY State Trans. Special Fac. Dev. Corp. Rev. Bonds (Laguardia Arpt. Term. B Redev. Program), Ser. A | | | | | |
| 5.25%, 1/1/50 | | Baa3 | | 1,500,000 | 1,648,260 |
| 5.00%, 7/1/41 | | Baa3 | | 1,000,000 | 1,090,380 |
|
|
| |
39,808,818 |
|
| North Carolina (0.9%) |
|
| NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6.75%, 1/1/24 (Prerefunded 1/1/19) | | AAA/F | | 1,000,000 | 1,081,240 |
|
| NC State Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds (Deerfield), Ser. A, 6.00%, 11/1/33 (Prerefunded 11/1/18) | | A-/F | | 805,000 | 854,846 |
|
| NC State Med. Care Comm. Hlth. Fac. Rev. Bonds (Presbyterian Homes), Ser. C, 5.00%, 10/1/36 | | A-/F | | 550,000 | 611,897 |
|
| NC State Med. Care Comm. Retirement Fac. Rev. Bonds (Salemtowne), 5.25%, 10/1/37 | | BB/P | | 2,000,000 | 2,108,380 |
|
|
| |
4,656,363 |
|
| Ohio (6.6%) |
|
| American Muni. Pwr., Inc. Rev. Bonds (Meldahl Hydroelectric (Green Bond)), Ser. A, 5.00%, 2/15/30 | | A | | 1,250,000 | 1,456,413 |
|
| Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds | | | | | |
| Ser. A-2, 6.50%, 6/1/47 | | B3 | | 1,160,000 | 1,144,816 |
| Ser. A-3, 6.25%, 6/1/37 | | B- | | 2,225,000 | 2,199,858 |
| Ser. A-2, 5.875%, 6/1/30 | | B- | | 1,450,000 | 1,366,988 |
| Ser. A-2, 5.75%, 6/1/34 | | B- | | 8,825,000 | 8,221,086 |
|
| Franklin Cnty., Hlth. Care Fac. Rev. Bonds (OH Presbyterian Retirement Svcs. (OPRS) Cmntys. Oblig. Group), Ser. A, 6.00%, 7/1/35 | | BBB- | | 1,125,000 | 1,246,039 |
|
| Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst., Inc.), Ser. C | | | | | |
| 6.00%, 8/15/43 | | A3 | | 495,000 | 516,132 |
| U.S. Govt. Coll., 6.00%, 8/15/43 (Prerefunded 8/15/18) | | AAA/P | | 2,605,000 | 2,739,652 |
|
| OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.80%, 12/1/38 | | A2 | | 2,000,000 | 2,151,100 |
|
| OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College) | | | | | |
| 5.00%, 7/1/44 | | A+ | | 3,265,000 | 3,540,599 |
| U.S. Govt. Coll., 5.00%, 7/1/44 (Prerefunded 7/1/20) | | AAA/P | | 1,735,000 | 1,926,214 |
|
| OH State Hosp. Rev. Bonds (U. Hosp. Hlth. Syst.), Ser. A, 5.00%, 1/15/41 | | A2 | | 700,000 | 781,102 |
|
| OH State Private Activity Rev. Bonds (Portsmouth Bypass), AGM, 5.00%, 12/31/35 | | AA | | 1,125,000 | 1,256,310 |
|
| OH State Tpk. Comm. Rev. Bonds (Infrastructure), Ser. A-1 | | | | | |
| 5.25%, 2/15/33 | | A1 | | 225,000 | 263,122 |
| 5.25%, 2/15/32 | | A1 | | 950,000 | 1,114,768 |
|
| Scioto Cnty., Hosp. Rev. Bonds (Southern OH Med. Ctr.) | | | | | |
| 5.00%, 2/15/33 | | A2 | | 605,000 | 691,092 |
| 5.00%, 2/15/32 | | A2 | | 745,000 | 854,627 |
|
| Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds | | | | | |
| 5.75%, 12/1/32 | | BB/F | | 625,000 | 689,900 |
| (Memorial Hlth. Syst. Oblig. Group), 5.50%, 12/1/43 | | BB/F | | 120,000 | 130,060 |
|
| Warren Cnty., Hlth. Care Fac. Rev. Bonds (Otterbein Homes Oblig. Group) | | | | | |
| 5.00%, 7/1/33 | | A | | 500,000 | 550,505 |
| 5.00%, 7/1/32 | | A | | 250,000 | 276,390 |
|
|
| |
33,116,773 |
|
| Oregon (1.1%) |
|
| Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.20%, 6/1/31 | | Aa3 | | 1,705,000 | 1,759,543 |
|
| Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza, Inc.), 5.00%, 12/1/36 | | BBB/F | | 650,000 | 716,112 |
|
| OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5.75%, 7/1/39 (Prerefunded 7/1/19) | | Aa3 | | 1,250,000 | 1,362,350 |
|
| Salem, Hosp. Fac. Auth. Rev. Bonds (Salem Hlth.), Ser. A, 5.00%, 5/15/33 | | A+ | | 1,500,000 | 1,710,180 |
|
|
| |
5,548,185 |
|
| Pennsylvania (5.6%) |
|
| Cumberland Cnty., Muni. Auth. Rev. Bonds (Diakon Lutheran Social Ministries) | | | | | |
| 5.00%, 1/1/32 | | BBB+/F | | 200,000 | 223,698 |
| 5.00%, 1/1/31 | | BBB+/F | | 1,000,000 | 1,124,730 |
|
| Dauphin Cnty., Gen. Auth. Hlth. Syst. Rev. Bonds (Pinnacle Hlth. Syst.), Ser. A, 5.00%, 6/1/34 | | A | | 450,000 | 510,363 |
|
| Delaware River Port Auth. PA & NJ Rev. Bonds | | | | | |
| Ser. D, 5.00%, 1/1/40 | | A | | 1,200,000 | 1,292,256 |
| 5.00%, 1/1/31 | | A | | 2,500,000 | 2,890,500 |
|
| Doylestown, Hosp. Auth. Rev. Bonds (Doylestown Hosp.), Ser. A, 5.00%, 7/1/41 | | Baa2 | | 1,650,000 | 1,797,131 |
|
| Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5.50%, 3/15/38 (Prerefunded 9/15/18) | | BBB- | | 725,000 | 761,381 |
|
| Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5.375%, 7/1/42 | | A2 | | 1,000,000 | 1,073,800 |
|
| Geisinger, Auth. Rev. Bonds (Geisinger Hlth. Syst.), Ser. A-2, 5.00%, 2/15/39 | | Aa2 | | 250,000 | 287,608 |
|
| Northampton Cnty., Hosp. Auth. Rev. Bonds (St. Luke's Hosp. - Bethlehem), Ser. A, 5.50%, 8/15/40 (Prerefunded 8/15/18) | | A3 | | 1,250,000 | 1,308,213 |
|
| PA State Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Amtrak), Ser. A, 5.00%, 11/1/32 | | A1 | | 1,000,000 | 1,116,910 |
|
| PA State Higher Edl. Fac. Auth. Rev. Bonds | | | | | |
| (Gwynedd Mercy College), Ser. KK1, 5.375%, 5/1/42 | | BBB | | 500,000 | 524,345 |
| (St. Joseph's U.), Ser. A, 5.00%, 11/1/40 | | A- | | 3,000,000 | 3,280,290 |
| (Philadelphia U.), 5.00%, 6/1/30 | | BBB+ | | 2,250,000 | 2,256,165 |
| (Philadelphia U.), 5.00%, 6/1/22 | | BBB+ | | 860,000 | 862,468 |
|
| PA State Hsg. Fin. Agcy. Rev. Bonds, Ser. 15-117A, 3.95%, 10/1/30 | | AA+ | | 900,000 | 936,720 |
|
| PA State Pub. School Bldg. Auth. Rev. Bonds (Northampton Cnty. Area Cmnty. College Foundation), BAM, 5.00%, 6/15/32 | | AA | | 2,030,000 | 2,306,994 |
|
| PA State Tpk. Comm. Rev. Bonds | | | | | |
| Ser. B-1, 5.00%, 6/1/42 | | A3 | | 1,350,000 | 1,513,526 |
| Ser. A, 5.00%, 12/1/38 | | A1 | | 1,000,000 | 1,127,840 |
|
| Philadelphia, Gas Wks. Rev. Bonds, 5.00%, 8/1/32 | | A | | 1,000,000 | 1,145,050 |
|
| Pittsburgh & Allegheny Cnty., Sports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5.00%, 2/1/35 | | AA | | 1,225,000 | 1,336,524 |
|
| Westmoreland Cnty., Muni. Auth. Rev. Bonds, BAM, 5.00%, 8/15/27 | | AA | | 450,000 | 537,557 |
|
|
| |
28,214,069 |
|
| Rhode Island (0.6%) |
|
| Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 | | BBB-/P | | 2,750,000 | 2,799,720 |
|
|
| |
2,799,720 |
|
| South Carolina (2.0%) |
|
| SC State Pub. Svc. Auth. Rev. Bonds | | | | | |
| (Santee Cooper), Ser. A, 5.75%, 12/1/43 | | AA- | | 3,000,000 | 3,401,850 |
| Ser. A, 5.50%, 12/1/54 | | AA- | | 3,000,000 | 3,398,430 |
| Ser. A, 5.00%, 12/1/55 | | AA- | | 2,000,000 | 2,183,720 |
|
| SC State Pub. Svcs. Auth. Rev. Bonds, Ser. E, 5.25%, 12/1/55 | | AA- | | 1,000,000 | 1,114,720 |
|
|
| |
10,098,720 |
|
| Tennessee (0.7%) |
|
| Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6.00%, 7/1/38 | | Baa1 | | 3,450,000 | 3,745,389 |
|
|
| |
3,745,389 |
|
| Texas (21.0%) |
|
| Arlington, Higher Ed. Fin. Corp. Rev. Bonds (Uplift Ed.), Ser. A | | | | | |
| 5.00%, 12/1/36 | | BBB- | | 500,000 | 549,465 |
| PSFG, 5.00%, 12/1/36 | | AAA | | 915,000 | 1,075,692 |
| PSFG, 5.00%, 12/1/35 | | AAA | | 500,000 | 589,210 |
|
| Brazos River Harbor Naval Dist. Env. Rev. Bonds (Dow Chemical Co.), Ser. A-4, 5.95%, 5/15/33 | | BBB | | 400,000 | 420,212 |
|
| Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.90%, 5/1/38 | | BBB | | 2,850,000 | 2,929,031 |
|
| Central TX Regl. Mobility Auth. Rev. Bonds | | | | | |
| Ser. A, 5.00%, 1/1/45 | | BBB+ | | 250,000 | 281,225 |
| Ser. A, 5.00%, 1/1/40 | | BBB+ | | 500,000 | 565,435 |
| (Sr. Lien), Ser. A, 5.00%, 1/1/33 | | BBB+ | | 425,000 | 473,216 |
|
| Clifton, Higher Ed. Fin. Corp. Rev. Bonds (IDEA Pub. Schools), 5.00%, 8/15/28 | | BBB | | 300,000 | 340,878 |
|
| Dallas, Area Rapid Transit Rev. Bonds (Sr. Lien), 5.00%, 12/1/33(T) | | AA+ | | 26,000,000 | 27,417,000 |
|
| Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds, Ser. A, 5.25%, 11/1/30 | | A+ | | 3,000,000 | 3,502,440 |
|
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds | | | | | |
| (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | | BB+/F | | 1,000,000 | 1,042,660 |
| (YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33 | | Baa3 | | 800,000 | 858,368 |
|
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 0.75%, 12/1/24 | | A-1+ | | 5,500,000 | 5,500,000 |
|
| Houston, Arpt. Syst. Rev. Bonds (United Airlines, Inc.), 4.75%, 7/1/24 | | Ba3 | | 2,000,000 | 2,172,280 |
|
| Houston, Util. Syst. Rev. Bonds, Ser. A, 5.00%, 11/15/33 | | AA | | 1,500,000 | 1,673,175 |
|
| Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5.25%, 11/1/40 | | A3 | | 1,750,000 | 1,934,153 |
|
| Love Field, Gen. Arpt. Modernization Corp. Rev. Bonds | | | | | |
| 5.00%, 11/1/36 | | A1 | | 1,000,000 | 1,148,190 |
| 5.00%, 11/1/35 | | A1 | | 1,000,000 | 1,140,370 |
|
| Lower CO River Auth. Transmission Svcs. Contract Corp. Rev. Bonds, 5.00%, 5/15/33 | | A | | 700,000 | 801,549 |
|
| Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 | | A- | | 1,500,000 | 1,657,290 |
|
| New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds | | | | | |
| (Wesleyan Homes, Inc.), 5.50%, 1/1/43 | | BB-/P | | 500,000 | 523,175 |
| (Collegiate Hsg.-College Station I, LLC), AGM, 5.00%, 4/1/46 | | AA | | 2,100,000 | 2,315,796 |
| (Collegiate Hsg.-Tarleton St.), 5.00%, 4/1/34 | | Baa3 | | 1,000,000 | 1,074,990 |
|
| North East TX, Regl. Mobility Auth. Rev. Bonds, 5.00%, 1/1/46 | | Baa2 | | 2,500,000 | 2,769,200 |
|
| North TX, Thruway Auth. Rev. Bonds, Ser. B, zero %, 9/1/43 | | AA+ | | 2,000,000 | 489,720 |
|
| North TX, Tollway Auth. Rev. Bonds | | | | | |
| (1st Tier), Ser. I, 6.50%, 1/1/43 | | A1 | | 4,000,000 | 5,094,840 |
| (1st Tier), Ser. A, 6.00%, 1/1/25 | | A1 | | 160,000 | 163,312 |
| Ser. A, 5.00%, 1/1/39 | | A1 | | 2,000,000 | 2,295,360 |
| Ser. D, AGC, zero %, 1/1/28 | | AA | | 7,800,000 | 5,803,590 |
|
| Red River, Hlth. Retirement Fac. Dev. Corp. Rev. Bonds (Sears Methodist Retirement Syst. Oblig. Group) | | | | | |
| Ser. B, 6.15%, 11/15/49 (In default)(NON) | | D/P | | 282,000 | 6,063 |
| Ser. A, 5.45%, 11/15/38 (In default)(NON) | | D/P | | 814,000 | 17,501 |
|
| Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (Trinity Terrace), Ser. A-1, 5.00%, 10/1/44 | | BBB+/F | | 1,300,000 | 1,378,520 |
|
| Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds (Buckner Retirement Svcs., Inc.) | | | | | |
| 5.25%, 11/15/37 | | A/F | | 615,000 | 618,426 |
| Ser. B, 5.00%, 11/15/46 | | A/F | | 2,000,000 | 2,242,680 |
|
| Houston Independent School District (Harris County Texas) Ltd. Tax Bonds | | | | | |
| 5.00%, 2/15/34(T) | | ? | | 5,000,000 | 5,971,630 |
| 5.00%, 2/15/35(T) | | ? | | 5,000,000 | 5,963,354 |
| 5.00%, 2/15/42(T) | | ? | | 5,000,000 | 5,915,766 |
|
| TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5.00%, 12/15/28 | | A3 | | 1,500,000 | 1,672,830 |
|
| TX State Private Activity Bond Surface Trans. Corp. Rev. Bonds (Blueridge Trans. Group, LLC (SH 288 Toll Lane)), 5.00%, 12/31/55 | | Baa3 | | 2,000,000 | 2,175,840 |
|
| TX State Trans. Comm. Tpk. Syst. Rev. Bonds (1st Tier), Ser. A, 5.00%, 8/15/41 | | A3 | | 2,500,000 | 2,795,100 |
|
|
| |
105,359,532 |
|
| Utah (0.9%) |
|
| Murray City, Hosp. VRDN (IHC Hlth. Svcs., Inc.), Ser. A, 0.72%, 5/15/37 | | VMIG1 | | 3,500,000 | 3,500,000 |
|
| Salt Lake City, Hosp. Rev. Bonds, AMBAC, U.S. Govt. Coll., 6.75%, 5/15/20 (Escrowed to maturity) | | AAA/P | | 1,000,000 | 1,016,090 |
|
|
| |
4,516,090 |
|
| Vermont (0.3%) |
|
| VT State Edl. & Hlth. Bldg. Fin. Agcy. Rev. Bonds (U. of VT Med. Ctr.), Ser. A, 5.00%, 12/1/36 | | A3 | | 1,250,000 | 1,412,550 |
|
|
| |
1,412,550 |
|
| Virginia (0.5%) |
|
| Fairfax Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds (Goodwin House, Inc.), Ser. A, 5.00%, 10/1/36 | | BBB/F | | 425,000 | 472,545 |
|
| Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Mountain States Hlth. Alliance), Ser. C, 7.75%, 7/1/38 | | Baa1 | | 2,100,000 | 2,254,287 |
|
|
| |
2,726,832 |
|
| Washington (3.4%) |
|
| Port of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40 | | A1 | | 875,000 | 986,983 |
|
| Port Seattle, Port Indl. Dev. Corp. Rev. Bonds (Delta Airlines, Inc.), 5.00%, 4/1/30 | | BB+ | | 1,300,000 | 1,418,118 |
|
| WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5.00%, 6/1/28(T) | | AA+ | | 5,000,000 | 5,693,341 |
|
| Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32 | | A- | | 2,125,000 | 2,303,798 |
|
| WA State G.O. Bonds, Ser. 17-A, 5.00%, 8/1/39 | | Aa1 | | 3,000,000 | 3,521,580 |
|
| WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec Med. Ctr.), 5.50%, 12/1/39 (Prerefunded 12/1/20) | | AAA/P | | 1,200,000 | 1,369,080 |
|
| WA State Hlth. Care Fac. Auth. FRN Mandatory Put Bonds (7/1/22) (Fred Hutchinson Cancer Research Ctr.), Ser. B, 1.93%, 1/1/42 | | A | | 1,500,000 | 1,506,660 |
|
| WA State Hsg. Fin. Comm. 144A Rev. Bonds (Bayview Manor Homes), Ser. A, 5.00%, 7/1/36 | | BB+/P | | 375,000 | 385,849 |
|
|
| |
17,185,409 |
|
| West Virginia (0.9%) |
|
| Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds (Allegheny Energy), Ser. D, 5.50%, 10/15/37 | | Baa2 | | 3,450,000 | 3,461,420 |
|
| WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6.75%, 10/1/43 | | B+/P | | 935,000 | 958,141 |
|
|
| |
4,419,561 |
|
| Wisconsin (1.3%) |
|
| Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5.25%, 7/1/28 | | BBB | | 350,000 | 379,544 |
|
| WI State Rev. Bonds, Ser. A | | | | | |
| 6.00%, 5/1/27 | | Aa3 | | 2,265,000 | 2,462,802 |
| U.S. Govt. Coll., 6.00%, 5/1/27 (Prerefunded 5/1/19) | | AAA/P | | 235,000 | 255,179 |
|
| WI State Hlth. & Edl. Fac. Auth. Rev. Bonds | | | | | |
| (Prohealth Care, Inc.), 6.625%, 2/15/39 (Prerefunded 2/15/19) | | AAA/P | | 1,500,000 | 1,628,070 |
| (Prohealth Care, Inc.), 5.00%, 8/15/39 | | A1 | | 750,000 | 835,913 |
| (Three Pillars Sr. Living), 5.00%, 8/15/33 | | A/F | | 430,000 | 470,923 |
|
| WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds (Mary's Woods at Marylhurst), Ser. A | | | | | |
| 5.25%, 5/15/42 | | BB/F | | 250,000 | 268,995 |
| 5.25%, 5/15/37 | | BB/F | | 250,000 | 270,865 |
|
|
| |
6,572,291 |
|
| Wyoming (0.4%) |
|
| Campbell Cnty., Solid Waste Fac. Rev. Bonds (Basin Elec. Pwr. Co-op), Ser. A, 5.75%, 7/15/39 | | A | | 2,000,000 | 2,145,500 |
|
|
| |
2,145,500 |
|
| TOTAL INVESTMENTS |
|
|
| Total investments (cost $663,192,054)(b) |
$711,890,866 |
|