Nuveen Managed Accounts Portfolios Trust 披露截至2026年7月31日财年组合业绩

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Nuveen Managed Accounts Portfolios Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

901 Marquette Avenue

Minneapolis, Minnesota 55402

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: July 31

Date of reporting period: July 31, 2026

		Annual Shareholder Report July 31, 2026

Municipal Total Return Managed Accounts Portfolio

NMTRX

Annual Shareholder Report

This annual shareholder report contains important information about the Municipal Total Return Managed Accounts Portfolio for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

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

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

Performance Highlights

The Municipal Total Return Managed Accounts Portfolio returned 7.25% at net asset value (NAV) for the 12 months ended July 31, 2026. The Fund significantly outperformed the Bloomberg 7-Year Municipal Bond Index, which returned 2.43%.

Top contributors to relative performance

Top detractors from relative performance

How did the Fund perform over the last 10 years?

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

Fund Performance (August 1, 2016 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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

Fund Statistics (as of July 31, 2026)

What did the Fund invest in? (as of July 31, 2026)

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

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

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

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

67073H103_AR_0726 5824581

		Annual Shareholder Report July 31, 2026

Nuveen Impact Bond Completion Managed Accounts Portfolio

NCIRX

(Formerly known as Nuveen Core Impact Bond Managed Accounts Portfolio)

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Impact Bond Completion Managed Accounts Portfolio for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

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

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

The Nuveen Impact Bond Completion Managed Accounts Portfolio returned 3.78% at net asset value (NAV) for the 12 months ended July 31, 2026. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 2.71%.

Top contributors to relative performance

Top detractors from relative performance

How did the Fund perform over the period since inception?

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

Fund Performance (July 9, 2020 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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

Fund Statistics (as of July 31, 2026)

What did the Fund invest in? (as of July 31, 2026)

How has the Fund changed?

Investment policy change: Effective August 1, 2026, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 of the Investment Company Act of 1940 to invest at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in bonds to under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in impact bonds.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

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

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

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

67073H400_AR_0726 5824590

		Annual Shareholder Report July 31, 2026

Nuveen Emerging Markets Debt Managed Accounts Portfolio

NEMDX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Emerging Markets Debt Managed Accounts Portfolio for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

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

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

How did the Fund perform over the period since inception?

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

Fund Performance (November 1, 2022 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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

Fund Statistics (as of July 31, 2026)

What did the Fund invest in? (as of July 31, 2026)

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

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

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

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

67073H509_AR_0726 5824595

		Annual Shareholder Report July 31, 2026

Nuveen High Yield Managed Accounts Portfolio

NMYHX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen High Yield Managed Accounts Portfolio for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/ prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

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

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

How did the Fund perform over the period since inception?

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

Fund Performance (November 1, 2022 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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

Fund Statistics (as of July 31, 2026)

What did the Fund invest in? (as of July 31, 2026)

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

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

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

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

67073H608_AR_0726 5824602

		Annual Shareholder Report July 31, 2026

Nuveen Preferred Securities and Income Managed Accounts Portfolio

NISPX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Preferred Securities and Income Managed Accounts Portfolio for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en-us/ mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

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

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

How did the Fund perform over the period since inception?

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

Fund Performance (November 1, 2022 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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

Fund Statistics (as of July 31, 2026)

What did the Fund invest in? (as of July 31, 2026)

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

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

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

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

67073H707_AR_0726 5824613

		Annual Shareholder Report July 31, 2026

Nuveen Securitized Credit Managed Accounts Portfolio

NNSDX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Securitized Credit Managed Accounts Portfolio for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

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

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

Performance Highlights

The Nuveen Securitized Credit Managed Accounts Portfolio returned 4.30% at net asset value (NAV) for the 12 months ended July 31, 2026. The Fund performed in line with the Bloomberg U.S. Securitized Index, which returned 4.10%.

Top contributors to relative performance

Top detractors from relative performance

How did the Fund perform over the period since inception?

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

Fund Performance (November 1, 2022 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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

Fund Statistics (as of July 31, 2026)

What did the Fund invest in? (as of July 31, 2026)

How has the Fund changed?

Portfolio manager update(s): Effective March 13, 2026, Chris Jeltrup was added as a portfolio manager of the Fund and Peter Lewis was removed as a portfolio manager of the Fund.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

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

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

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

67073H806_AR_0726 5824617

		Annual Shareholder Report July 31, 2026

Nuveen Ultra Short Municipal Managed Accounts Portfolio

NUSMX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Ultra Short Municipal Managed Accounts Portfolio for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

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

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

How did the Fund perform over the period since inception?

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

Fund Performance (February 29, 2024 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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

Fund Statistics (as of July 31, 2026)

What did the Fund invest in? (as of July 31, 2026)

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

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

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

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

67073H889_AR_0726 5824623

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

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

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

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

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

Nuveen Managed Accounts Portfolios Trust

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

The Audit Committee has delegated certain pre-approval responsibilities to its Chair.

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

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

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Registrant’s audit is completed.

NON-AUDIT SERVICES

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

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

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

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant’s independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant’s independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

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

Not applicable to this registrant.

Report of Independent Registered

Public Accounting Firm

1

To the Board of Trustees of Nuveen Managed Accounts Portfolios Trust and Shareholders of Municipal Total Return

Managed Accounts Portfolio, Nuveen Impact Bond Completion Managed Accounts Portfolio, Nuveen Emerging

Markets Debt Managed Accounts Portfolio, Nuveen High Yield Managed Accounts Portfolio, Nuveen Preferred

Securities and Income Managed Accounts Portfolio, Nuveen Securitized Credit Managed Accounts Portfolio and

Nuveen Ultra Short Municipal Managed Accounts Portfolio

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of

Municipal Total Return Managed Accounts Portfolio, Nuveen Impact Bond Completion Managed Accounts Portfolio,

Nuveen Emerging Markets Debt Managed Accounts Portfolio, Nuveen High Yield Managed Accounts Portfolio,

Nuveen Preferred Securities and Income Managed Accounts Portfolio, Nuveen Securitized Credit Managed Accounts

Portfolio and Nuveen Ultra Short Municipal Managed Accounts Portfolio (constituting Nuveen Managed Accounts

Portfolios Trust, hereafter collectively referred to as the "Funds") as of July 31, 2026, the related statements of

operations for the year ended July 31, 2026, the statements of changes in net assets for each of the two years in the

period ended July 31, 2026, including the related notes, and the financial highlights for each of the periods indicated

therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly,

in all material respects, the financial position of each of the Funds as of July 31, 2026, the results of each of their

operations for the year then ended, the changes in each of their net assets for each of the two years in the period

ended July 31, 2026 and each of the financial highlights for each of the periods indicated therein in conformity with

accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion

on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public

Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to

the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities

and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those

standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements,

whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included

examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits

also included evaluating the accounting principles used and significant estimates made by management, as well as

evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities

owned as of July 31, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not

received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis

for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

September 25, 2026

Report of Independent Registered Public Accounting Firm

(continued)

2

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

3

Portfolio of Investments July 31, 2026

Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 106.1%

1668020861

MUNICIPAL BONDS - 106.1%

1668020861

ALABAMA - 1.2%

$

2,500,000

Alabama Community College System Board of Trustees,

Revenue Bonds, Coastal Alabama Community College Series

2025 - BAM Insured

5

.000

%

10/01/50

$

2,560,982

1,155,000

(a),(b)

Baldwin County Industrial Development Authority, Alabama,

Solid Waste Disposal Revenue Bonds, Novelis Corporation

Project, Series 2025A, (AMT), (Mandatory Put 6/01/32)

5

.000

06/01/55

1,190,683

1,000,000

Florence Public Educational Building Authority, Alabama,

Revenue Bonds, University of North Alabama Athletic Facilities

1830 Foundation Series 2024

5

.250

11/01/49

1,043,464

4,000,000

Homewood Educational Building Authority, Alabama, Revenue

Bonds, CHF-Horizons II, LLC Student Housing and Parking

Project at Samford University Series 2024C

5

.500

10/01/54

4,039,484

50,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

5

.000

10/01/34

54,464

250,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

5

.000

10/01/35

270,147

525,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

5

.000

10/01/38

556,432

400,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

5

.000

10/01/39

421,021

1,000,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

5

.250

10/01/40

1,072,096

250,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

5

.250

10/01/41

267,119

200,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

5

.250

10/01/42

213,017

75,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

5

.250

10/01/45

79,095

1,590,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

5

.250

10/01/49

1,641,993

1,455,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

5

.500

10/01/53

1,512,397

1,415,000

Madison Water and Wastewater Board, Alabama, Water and

Sewer Revenue Bonds, Series 2023

5

.250

12/01/48

1,481,492

1,205,000

The Public Educational Building Authority of Jacksonville,

Alabama, Jacksonville State University Foundation, Higher

Educational Facilities Revenue Bonds, Jackson State University

Project Series 2023A - AGM Insured

5

.000

08/01/54

1,190,665

1,250,000

Walker County Board of Education, Alabama, Special School

Tax Warrants, Series 2025

5

.000

03/01/47

1,279,756

TOTAL ALABAMA

18,874,307

ALASKA - 0.3%

1,030,000

Alaska Municipal Bond Bank, General Obligation Bonds, Three

Series 2023, (AMT)

5

.250

12/01/38

1,093,838

1,145,000

Alaska Municipal Bond Bank, General Obligation Bonds, Three

Series 2023, (AMT)

5

.250

12/01/40

1,204,757

2,310,000

Anchorage, Alaska, Solid Waste Services Revenue Bonds,

Refunding Series 2022A

5

.500

11/01/41

2,514,632

TOTAL ALASKA

4,813,227

ARIZONA - 2.6%

320,000

(b)

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Pinecrest Academy of Nevada Horizon,

Inspirada and St. Rose Campus Projects, Series 2018A

5

.000

07/15/28

320,147

1,625,000

(b)

Arizona Industrial Development Authority, Development First

Lien Revenue Bonds, Montanero Project, Alternative Minimum

Tax Series 2025, (AMT)

6

.750

12/01/55

1,658,058

4,105,000

Arizona Industrial Development Authority, Student Housing

Revenue Bonds, CHF - Arizona, L.L.C. - University of Arizona

Project, Series 2026A - BAM Insured

5

.250

07/01/56

4,231,405

Portfolio of Investments July 31, 2026

(continued)

Municipal Total Return

4

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ARIZONA

(continued)

$

1,010,000

Maricopa County and Phoenix City Industrial Development

Authority, Arizona, Single Family Mortgage Revenue Bonds,

Series 2024C

4

.750

%

09/01/49

$

992,926

1,605,000

(b)

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Sun Valley Academy, Series 2024A

6

.250

07/01/44

1,647,892

2,825,000

(c)

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Series 2026D

5

.000

01/01/38

3,080,913

3,785,000

Phoenix Civic Improvement Corporation, Arizona, Wastewater

System Revenue Bonds, Junior Lien Series 2023

5

.250

07/01/47

4,022,921

5,025,000

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Great Hearts Academies Project, Series

2014A

5

.000

07/01/44

5,027,847

410,000

(b)

Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, San Tan Montessori School

Project, Series 2017

6

.750

02/01/50

410,121

3,300,000

Salt River Project Agricultural Improvement and Power District,

Arizona, Electric System Revenue Bonds, Series 2023A

5

.000

01/01/47

3,424,234

2,855,000

(d)

Salt River Project Agricultural Improvement and Power District,

Arizona, Electric System Revenue Bonds, Series 2025, (UB)

5

.000

01/01/51

2,957,983

1,575,000

(b)

Sierra Vista Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, Desert Heights Charter

School Project, Refunding Series 2024

5

.875

06/01/44

1,546,293

1,255,000

(b)

Yavapai County Industrial Development Authority,  Arizona,

Education Revenue Bonds, Arizona Agribusiness and Equine

Center Inc Project, Refunding Series 2015A

5

.000

09/01/34

1,255,047

10,235,000

Yuma Industrial Development Authority, Arizona, Hospital

Revenue Bonds, Yuma Regional Medical Center, Series 2024A

5

.250

08/01/54

10,476,338

TOTAL ARIZONA

41,052,125

ARKANSAS - 0.3%

1,400,000

(b)

Arkansas Development Finance Authority, Charter School

Revenue Bonds, Academy of Math and Science - Little Rock

Project Series 2024A

7

.000

07/01/59

1,320,588

1,555,000

Fort Smith, Arkansas, Sales and Use Tax Revenue Bonds, Series

2025

5

.250

11/01/55

1,620,752

850,000

Hope, Arkansas, Sales and Use Tax Revenue Bonds, Series

2025 - BAM Insured

4

.500

06/01/46

836,249

1,000,000

Pulaski County, Arkansas, Hospital Revenue Bonds, Arkansas

Children's Hospital, Series 2023

5

.000

03/01/41

1,035,933

TOTAL ARKANSAS

4,813,522

CALIFORNIA - 2.3%

250,000

Burbank-Glendale-Pasadena Airport Authority, California,

Airport Revenue Bonds, Senior Series 2024B, (AMT)

5

.250

07/01/42

266,325

100,000

(b)

California Municipal Finance Authority Charter School Revenue

Bonds, River Charter Schools Project, Series 2018A

5

.500

06/01/38

100,006

3,000,000

California Municipal Finance Authority, Revenue Bonds,

Eisenhower Medical Center, Refunding Series 2017A

5

.000

07/01/47

2,965,506

6,000,000

California Municipal Finance Authority, Revenue Bonds, Linxs

APM Project, Senior Lien Series 2018A, (AMT)

5

.000

12/31/38

6,085,262

325,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Community Facilities District 2023-11 Improvement

Area A Hesperia Silverwood, Series 2024

5

.000

09/01/44

331,612

335,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Community Facilities District 2023-11 Improvement

Area A Hesperia Silverwood, Series 2024

5

.000

09/01/49

333,658

4,000,000

(b)

California Pollution Control Financing Authority, Water

Furnishing Revenue Bonds, Poseidon Resources Channelside

LP Desalination Project, Series 2012, (AMT)

5

.000

11/21/45

4,002,620

2,000,000

California Public Finance Authority, Senior Living Revenue

Bonds, The James, Senior Series 2024A

5

.875

06/01/39

1,972,256

305,000

California Public Finance Authority, Senior Living Revenue

Bonds, The James, Senior Series 2024A

6

.375

06/01/59

285,968

1,000,000

(b)

California School Finance Authority, Charter School Revenue

Bonds, Envision Education, Series 2024A

5

.000

06/01/44

922,993

5

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

1,815,000

California State, General Obligation Bonds, Various Purpose

Refunding Series 2025

5

.000

%

08/01/35

$

2,067,483

280,000

(b)

California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2016A

5

.000

12/01/46

280,013

750,000

California Statewide Community Development Authority,

Health Revenue Bonds, Enloe Medical Center, Refunding

Series 2022A - AGM Insured

5

.125

08/15/47

757,943

1,250,000

El Rancho Unified School District, Los Angeles County,

California, General Obligation Bonds, Election 2016 Series

2023D - BAM Insured

5

.750

08/01/48

1,371,178

1,500,000

Irvine, California, Special Tax Bonds, Community Facilities

District 2013-3 Great Park, Improvement Area 4, Series 2016

4

.000

09/01/41

1,400,752

1,200,000

Rancho Mirage, California, Special Tax Bonds, Community

Facilities District 5 Section 31, Improvement Area 1 Series

2024A

5

.000

09/01/44

1,214,755

1,000,000

Sacramento County, California, Airport System Revenue Bonds,

Senior Series 2025A, (AMT)

5

.000

07/01/38

1,065,845

1,900,000

San Diego County Regional Airport Authority, California,

Airport Revenue Bonds, Senior Series 2025B, (AMT)

5

.250

07/01/41

2,052,295

1,780,000

San Diego County Regional Airport Authority, California,

Airport Revenue Bonds, Senior Series 2025B, (AMT)

5

.250

07/01/42

1,915,194

1,500,000

San Diego County Regional Airport Authority, California,

Airport Revenue Bonds, Senior Series 2025B, (AMT)

5

.250

07/01/43

1,607,442

3,000,000

San Francisco Airport Commission, California, Revenue Bonds,

San Francisco International Airport, Refunding Second Series

2023C, (AMT)

5

.500

05/01/38

3,292,618

1,550,000

University of California, General Revenue Bonds, Series

2025CD

5

.250

05/15/40

1,794,487

TOTAL CALIFORNIA

36,086,211

COLORADO - 8.6%

4,000,000

Adams 12 Five Star Schools, Adams County, Colorado, General

Obligation Bonds, Series 2025

5

.250

12/15/44

4,364,828

1,170,000

Adams and Arapahoe Counties Joint School District 28J,

Aurora, Colorado, General Obligation Bonds, Series 2025

5

.500

12/01/46

1,285,538

1,000,000

Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2021

4

.250

12/01/41

928,895

500,000

(b)

Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2024

5

.500

12/01/44

508,892

2,500,000

(b)

Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2024

5

.750

12/01/54

2,512,404

1,630,000

Arista Metropolitan District, Broomfield County, Colorado,

General Obligation Limited Tax Bonds, Refunding Convertible

to Unlimited Tax Series 2023A - BAM Insured

5

.000

12/01/48

1,659,296

2,250,000

Aurora Crossroads Metropolitan District 2, Colorado, Limited

Tax General Obligation Bonds, Series 2025A-3

6

.125

12/01/55

2,293,488

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

5

.500

12/01/43

537,088

250,000

Buckhorn Valley Metropolitan District 2, Gypsum, Eagle

County, Colorado, General Obligation Limited Tax Refunding

Series 2025

5

.000

12/01/37

264,814

500,000

Buckhorn Valley Metropolitan District 2, Gypsum, Eagle

County, Colorado, General Obligation Limited Tax Refunding

Series 2025

5

.000

12/01/50

510,111

575,000

Buckhorn Valley Metropolitan District 2, Gypsum, Eagle

County, Colorado, General Obligation Limited Tax Refunding

Series 2025

5

.000

12/01/55

577,088

500,000

Canyons Metropolitan District 5, Douglas County, Colorado,

Limited Tax General Obligation and Special Revenue Bonds,

Subordinate Refunding Series 2024B - BAM Insured

6

.500

12/15/54

491,267

Portfolio of Investments July 31, 2026

(continued)

Municipal Total Return

6

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

692,000

CCP Metropolitan District 3, Colorado, General Obligation

Bonds, Limited Tax Refunding Series 2024

5

.000

%

12/01/53

$

673,619

2,450,000

Centennial Water and Sanitation District, Douglas County,

Colorado, Water and Wastewater Revenue Bonds, Series 2024

5

.250

12/01/53

2,559,991

1,000,000

(b)

Centerra South Metro District 1, Loveland, Colorado, Special

Revenue Bonds, Improvement Senior Series 2026A

6

.250

12/01/55

1,005,672

1,890,000

Colorado Bridge and Tunnel Enterprise, Colorado, Senior

Infrastructure Revenue Bonds, Series 2024A - AGM Insured

5

.500

12/01/54

2,009,510

1,000,000

Colorado Bridge and Tunnel Enterprise, Colorado, Senior

Infrastructure Revenue Bonds, Series 2025A

5

.250

12/01/44

1,078,518

1,500,000

Colorado Bridge and Tunnel Enterprise, Colorado, Senior

Infrastructure Revenue Bonds, Series 2025A

5

.250

12/01/45

1,611,261

500,000

(b)

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Aspen Ridge School Project, Series

2015A

5

.000

07/01/36

500,068

350,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Littleton Preparatory Charter School,

Series 2013

5

.000

12/01/33

350,089

845,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Littleton Preparatory Charter School,

Series 2013

5

.000

12/01/42

811,394

1,555,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Adventist Health System/Sunbelt Obligated Group, Series

2016A

5

.000

11/15/41

1,556,132

4,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

5

.000

08/01/44

4,063,940

1,155,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

5

.250

11/01/36

1,239,188

5,800,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

5

.250

11/01/52

5,942,426

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2025A

5

.000

09/01/35

1,082,137

870,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Craig Hospital Project, Immediate Delivery Series 2022A

5

.000

12/01/52

872,749

1,220,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Craig Hospital Project, Series 2025A

5

.250

12/01/50

1,252,507

4,050,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Intermountain Healthcare, Series 2022A

4

.000

05/15/52

3,546,683

4,000,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2023A

5

.250

11/15/48

4,236,732

480,000

Crowfoot Valley Ranch Metropolitan District No. 2,  Douglas

County, Colorado, Limited Tax General Obligation Bonds,

Refunding Series 2024A - BAM Insured

5

.000

12/01/44

499,075

3,190,000

(e)

Dawson Trails Metropolitan District 1, Castle Rock, Colorado,

Limited Tax General Obligation Bonds, Special Revenue

Capital Appreciation Turbo, Refunding & Improvement Series

2026

0

.000

12/01/33

1,911,060

725,000

Del Norte, Colorado, Healthcare Facilities Revenue Bonds, Rio

Grande Hospital Refunding Project, Refunding Series 2024

4

.875

12/01/34

708,801

550,000

Del Norte, Colorado, Healthcare Facilities Revenue Bonds, Rio

Grande Hospital Refunding Project, Refunding Series 2024

5

.200

12/01/39

524,403

1,725,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

5

.750

11/15/34

1,939,599

805,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

5

.750

11/15/35

900,699

700,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2023B, (AMT)

5

.500

11/15/40

759,520

3,000,000

(b)

Falcon Area Water and Wastewater Authority (El Paso County,

Colorado), Tap Fee Revenue Bonds, Series 2022A

6

.750

12/01/34

2,961,892

300,000

Fiddler's Business Improvement District, Colorado, Limited Tax

General Obligation Bonds, Greenwood Village Project, Series

2022

5

.550

12/01/47

304,311

7

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

500,000

(b)

Granary Metropolitan District 9, Weld County, Colorado,

Special Assessment Revenue Bonds, Special Improvement

District 1, Series 2024

5

.450

%

12/01/44

$

506,212

500,000

Grandview Reserve Metropolitan District, El Paso County,

Colorado, Limited Tax General Obligation Senior Bonds, Series

2022A and Limited Tax General Obligation Subordinate Bonds,

Series 2022B(3)

6

.250

12/01/52

462,440

1,065,000

(b)

Hess Ranch Metropolitan District 5, Parker, Colorado, Special

Assessment Revenue Bonds, Special Improvement District 2,

Series 2024

5

.500

12/01/44

1,083,889

675,000

Hunters Overlook Metropolitan District 5, Severance, Weld

County, Colorado, Limited Tax General Obligation Bonds,

Refunding Series 2024

5

.000

12/01/49

684,037

1,000,000

Jefferson Center Metropolitan District 2, Arvada, Jefferson

County, Colorado, Special Revenue Bonds, Refunding Series

2026A

5

.750

12/01/46

997,661

3,000,000

Jefferson Center Metropolitan District 2, Arvada, Jefferson

County, Colorado, Special Revenue Bonds, Refunding Series

2026A

6

.000

12/01/56

2,993,737

2,000,000

Lakes at Centerra Metropolitan District 2, Loveland, Colorado,

Limited Tax General Obligation Bonds, Refunding Series

2024A - AGM Insured

5

.000

12/01/49

2,013,655

2,550,000

(b)

Ledge Rock Center Commercial Metropolitan District (In the

Town of Johnstown, Weld County, Colorado), Limited Tax

General Obligation Bonds, Series 2022

7

.125

11/01/42

2,699,968

500,000

Meridian Ranch Metropolitan District 2018, Subdistrict, El Paso

County, Colorado, General Obligation Limited Tax Bonds,

Series 2022

6

.250

12/01/37

517,404

4,000,000

Mesa County Valley School District 51, Grand Junction,

Colorado, General Obligation Bonds, Series 2025

5

.250

12/01/49

4,225,516

500,000

(b)

Mineral Business Improvement District, Arapahoe County,

Colorado, General Obligation and Special Revenue Bonds,

Limited Tax Series 2024A

5

.750

12/01/54

491,451

750,000

(b)

Orchard Park Place South Metropolitan District, Adams County,

Colorado, General Obligation Bonds, Limited Tax Series 2024

6

.000

12/01/54

740,476

1,330,000

Peak Metropolitan District 3, Colorado Springs, El Paso County,

Colorado, Limited Tax General Obligation Bonds, Series

2022A-1

7

.500

12/01/52

1,343,435

2,300,000

(d)

Platte River Power Authority, Colorado, Power Revenue Bonds,

Series 2026LL, (UB)

5

.000

06/01/49

2,390,528

2,000,000

(d)

Platte River Power Authority, Colorado, Power Revenue Bonds,

Series 2026LL, (UB)

5

.000

06/01/51

2,065,024

3,250,000

(d)

Platte River Power Authority, Colorado, Power Revenue Bonds,

Series 2026LL, (UB)

5

.000

06/01/56

3,327,284

1,035,000

(b)

Plaza Metropolitan District 1, Lakewood, Colorado, Tax

Increment Revenue Bonds, Refunding Series 2013

5

.000

12/01/40

1,035,312

500,000

Prairie Point Community Authority Board, Aurora, Arapahoe

County, Colorado, Special Assessment Revenue Bonds, Special

Improvement District 1, Series 2026

5

.750

12/01/45

506,286

4,000,000

Rampart Range Metropolitan District 1, Lone Tree, Colorado,

Limited Tax Supported and Special Revenue Bonds, Refunding

& Improvement Series 2017

5

.000

12/01/42

4,021,618

1,400,000

Ravenna Metropolitan District, Douglas County, Colorado,

General Obligation Bonds, Refunding Limited Tax Series 2023

- AGM Insured

5

.000

12/01/38

1,471,236

690,000

Ravenna Metropolitan District, Douglas County, Colorado,

General Obligation Bonds, Refunding Limited Tax Series 2023

- AGM Insured

5

.000

12/01/43

716,187

1,450,000

(b)

Reagan Ranch Metropolitan District 1, Colorado Springs,

Colorado, General Obligation Bonds, Limited Tax & Special

Revenue, Series 2025

6

.125

12/01/54

1,453,940

1,000,000

(e)

Redtail Ridge Metropolitan District, City of Louisville, Boulder

County, Colorado, General Obligation Limited Tax Capital

Appreciation Turbo Bonds, Series 2025

0

.000

12/01/32

649,810

Portfolio of Investments July 31, 2026

(continued)

Municipal Total Return

8

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

1,145,839

(b)

Ridge at Johnstown Metropolitan District 8, Larimer County,

Colorado, Special Assessment Revenue Bonds, Special

Improvement District 1, Series 2024

5

.875

%

12/01/44

$

1,133,009

1,345,000

Silverstone Metropolitan District 3, Weld County, Colorado,

General Obligation and Special Revenue Bonds, Limited Tax

Series 2023

7

.750

12/01/45

1,378,339

835,000

(b)

Sojourn at Idlewild Metropolitan District, Grand County,

Colorado, Limited Tax General Obligation Bonds, Winter Park

Series 2025A

6

.125

12/01/55

854,010

2,950,000

South Aurora Regional Improvement Authority, Aurora,

Colorado, Special Revenue Bonds, Refunding Improvement

Series 2025

6

.750

12/01/55

3,009,232

3,000,000

(b)

Southern Ute Indian Tribe of the Southern Ute Indian

Reservation, Colorado, General Obligation Bonds, Series

2025A

5

.000

04/01/35

3,180,560

500,000

(b),(f)

St. Vrain Lakes Metropolitan District 4, Weld County, Colorado,

General Obligation Bonds, Firestone Convertible Capital

Appreciation Limited Tax Series 2024A

0

.000

09/20/54

374,608

2,060,000

State of Colorado, Rural Colorado, Certificates of Participation,

Series 2022

6

.000

12/15/39

2,325,850

7,870,000

State of Colorado, Rural Colorado, Certificates of Participation,

Series 2022

6

.000

12/15/40

8,868,715

1,000,000

STC Metropolitan District 2, Superior, Boulder County,

Colorado, Limited Tax General Obligation and Special Revenue

Bonds, Refunding First Lien Series 2025A-1

5

.250

12/01/45

1,044,896

1,000,000

STC Metropolitan District 2, Superior, Boulder County,

Colorado, Limited Tax General Obligation and Special Revenue

Bonds, Refunding First Lien Series 2025A-1

5

.000

12/01/55

1,000,168

600,000

(b)

STC Metropolitan District 2, Superior, Boulder County,

Colorado, Limited Tax General Obligation and Special Revenue

Bonds, Refunding Second Lien Series 2025A-2

6

.250

12/01/55

606,373

900,000

Thompson Crossing Metropolitan District 4, Johnstown,

Larimer County, Colorado, General Obligation Bonds, Limited

Tax Convertible to Unlimited Tax, Refunding & Improvement

Series 2019

5

.000

12/01/39

902,717

5,250,000

Vale, Colorado, Certificates of Participation, Series 2025

5

.500

12/01/64

5,544,687

500,000

(f)

Verve Metropolitan District 1, Jefferson County and the City

and County of Broomfield, Colorado, General Obligation

Bonds, Convertible Capital Appreciation Improvement Series

2024A

0

.000

12/01/54

391,922

1,000,000

Verve Metropolitan District 1, Jefferson County and the City

and County of Broomfield, Colorado, General Obligation

Bonds, Refunding and Improvement Limited Tax Series 2021

5

.000

12/01/41

939,196

1,250,000

Village Metropolitan District In the Town of Avon, Eagle County,

Colorado, Special Revenue and Limited Property Tax Bonds,

Refunding & Improvement Series 2020

5

.000

12/01/40

1,243,449

1,000,000

West Globeville Metropolitan District 1, Denver, Colorado,

General Obligation Limited Tax Bonds, Series 2022

6

.750

12/01/52

1,002,931

2,870,000

(b),(f)

West Globeville Metropolitan District 1, Denver, Colorado,

General Obligation Limited Tax Bonds, Series 2024A-2

8

.000

12/01/54

1,924,105

1,000,000

(b)

West Globeville Metropolitan District 1, Denver, Colorado,

Special Assessment Revenue Bonds, Special Improvement

District 1, Series 2024

5

.750

12/01/44

1,005,407

750,000

Wildwing Metropolitan District 5, Larimer County, Colorado,

Limited Tax General Obligation Bonds, Refunding and

Improvement Series 2024 - AGM Insured

4

.500

12/01/53

693,110

TOTAL COLORADO

134,656,075

9

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONNECTICUT - 0.2%

$

1,000,000

Aquarion Water Authority, Connecticut, Water System Revenue

Bonds, Subordinate Series 2026D - BAM Insured

5

.250

%

08/01/40

$

1,097,415

750,000

Aquarion Water Authority, Connecticut, Water System Revenue

Bonds, Subordinate Series 2026D - BAM Insured

5

.250

08/01/41

820,548

775,000

University of Connecticut, General Obligation Bonds, Series

2023A

5

.000

08/15/41

827,188

TOTAL CONNECTICUT

2,745,151

DELAWARE - 0.7%

375,000

(b)

Bridgeville, Delaware, Special Obligation Bonds, Heritage

Shores Special Development District, Series 2024

5

.250

07/01/44

375,880

6,500,000

(d)

Delaware Health Facilities Authority, Delaware, Revenue Bonds,

Christiana Care Health System, Series 2026, (UB)

5

.250

10/01/51

6,785,581

2,500,000

Delaware Health Facilities Authority, Revenue Bonds, Beebe

Medical Center Project, Series 2018 - BAM Insured

5

.000

06/01/48

2,501,494

705,000

Delaware State Housing Authority, Senior Single Family

Mortgage Revenue Bonds, Series 2024A

4

.625

07/01/49

683,476

750,000

Kent County, Delaware, Student Housing & Dining Facility

Revenue Bonds, Collegiate Housing Foundation - Dover LLC

Delaware State University Project, Series 2018A

5

.000

07/01/31

755,050

TOTAL DELAWARE

11,101,481

DISTRICT OF COLUMBIA - 1.3%

4,400,000

(d)

District of Columbia Water and Sewer Authority, Public Utility

Revenue Bonds, Subordinate Lien Refunding Green Series

2025B, (UB)

5

.250

10/01/50

4,649,512

4,645,000

(d)

District of Columbia Water and Sewer Authority, Public Utility

Revenue Bonds, Subordinate Lien Refunding Green Series

2025B, (UB)

5

.250

10/01/54

4,871,870

10,000,000

(c),(d)

District of Columbia, Income Tax Secured Revenue Bonds,

Series 2026A, (UB)

5

.250

06/01/51

10,569,510

TOTAL DISTRICT OF COLUMBIA

20,090,892

FLORIDA - 9.7%

1,000,000

Babcock Ranch Community Independent Special District,

Charlotte County, Florida, Special Assessment Bonds, 2022

Project Series 2022

5

.000

05/01/42

1,004,773

4,890,000

Canaveral Port Authority, Florida, Port Improvement Revenue

Refunding Bonds, Series 2018B

5

.000

06/01/48

4,922,652

2,095,000

(b)

Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter

School Project, Series 2019

5

.000

07/01/54

1,902,290

2,010,000

(b)

Capital Trust Authority, Florida, Charter School Revenue Bonds,

Mason Classical Academy Project Series 2024A

5

.000

06/01/39

1,976,117

1,525,000

(b)

Capital Trust Authority, Florida, Charter School Revenue Bonds,

Mason Classical Academy Project Series 2024A

5

.000

06/01/44

1,460,242

1,270,000

(b)

Capital Trust Authority, Florida, Educational Facilities Revenue

Bonds, Babcock Neighborhood School Inc Project, Series 2024

5

.750

08/15/49

1,232,013

500,000

(b)

Charlotte County Industrial Development Authority, Florida,

Utility System Revenue Bonds, Town & Country Utilities Project,

Series 2025, (AMT)

6

.125

10/01/55

511,606

2,235,000

Collier County Educational Facilities Authority, Florida,

Revenue Bonds, Ave Maria University, Refunding Series 2023

5

.500

06/01/30

2,327,985

2,490,000

Collier County Educational Facilities Authority, Florida,

Revenue Bonds, Ave Maria University, Refunding Series 2023

5

.500

06/01/32

2,605,515

435,000

Collier County Educational Facilities Authority, Florida,

Revenue Bonds, Ave Maria University, Refunding Series 2023

5

.000

06/01/43

406,561

500,000

Corkscrew Crossing Community Development District, Florida,

Special Assessment Bonds, Series 2023

4

.300

05/01/33

504,424

1,000,000

Corkscrew Crossing Community Development District, Florida,

Special Assessment Bonds, Series 2023

5

.100

05/01/43

1,011,837

2,375,000

Escambia County Health Facilities Authority Health Care

Facilities Revenue Bonds, Florida, Series 2020A (Baptist Health

Care Corporation Obligated Group)

5

.000

08/15/32

2,462,013

2,950,000

Escambia County Health Facilities Authority, Florida, Health

Care Facilities Revenue Bonds, Baptist Health Care Corporation

Obligated, Series 2020A

5

.000

08/15/33

3,043,543

Portfolio of Investments July 31, 2026

(continued)

Municipal Total Return

10

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

925,000

(b)

Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Cornerstone Charter Schools Project,

Series 2022

5

.000

%

10/01/32

$

932,732

175,000

(b)

Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Downtown Doral Charter Upper

School Project, Series 2017C

5

.150

07/01/27

176,345

385,000

(b)

Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Downtown Doral Charter Upper

School Project, Series 2017C

5

.750

07/01/47

384,408

1,210,000

Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Saint Andrews School of Boca Raton

Inc Project Series 2024A

5

.250

06/01/44

1,222,758

1,215,000

Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Saint Andrews School of Boca Raton

Inc Project Series 2024A

5

.250

06/01/54

1,185,392

700,000

(b)

Florida Development Finance Corporation, Educational

Facilities Revenue Refunding Bonds, Central Charter School,

Series 2022

5

.250

08/15/37

669,213

500,000

(b)

Florida Development Finance Corporation, Student Housing

Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series

2024A-1

5

.000

06/01/44

494,588

5,460,000

Greater Orlando Aviation Authority, Florida, Special Purpose

Airport Facilities Revenue Bonds, United Airlines, Inc. Project,

Series 2025, (AMT)

5

.250

11/01/35

5,755,103

445,000

Hammock Oaks Community Development District, Lady Lake,

Florida, Special Assessment Revenue Bonds, Area 2, Series

2024

6

.150

05/01/54

447,746

300,000

Hobe-Saint Lucie Conservancy District, Florida, Special

Assessment Revenue Bonds, Improvement Unit 1A, Series

2024

5

.600

05/01/44

307,991

1,870,000

Julington Creek Plantation Community Development District,

Florida, Special Assessment Revenue Bonds, Series 2023 -

AGM Insured

5

.500

05/01/43

1,981,574

1,665,000

Lakeland, Florida, Energy System Revenue Bonds, Refunding

Series 2023

5

.000

10/01/42

1,764,761

10,000,000

Lakeland, Florida, Energy System Revenue Bonds, Series 2021

5

.000

10/01/48

10,481,267

1,100,000

Lakewood Ranch Stewardship District, Florida, Special

Assessment Revenue Bonds, Calusa Project, Series 2025

5

.700

05/01/45

1,156,914

1,000,000

Lakewood Ranch Stewardship District, Florida, Special

Assessment Revenue Bonds, Calusa Project, Series 2025

5

.900

05/01/55

1,032,368

1,080,000

(b)

Lakewood Ranch Stewardship District, Florida, Special

Assessment Revenue Bonds, Lorraine Lakes Project, Series

2020

3

.625

05/01/40

946,710

725,000

Lakewood Ranch Stewardship District, Florida, Special

Assessment Revenue Bonds, Palm Grove Project, Series 2024

5

.500

05/01/55

729,076

255,000

Lee County Industrial Development Authority, Florida, Charter

School Revenue Bonds, Lee County Community Charter

Schools, Series 2007A

5

.250

06/15/27

255,109

940,000

(b)

Lee County Industrial Development Authority, Florida, Charter

School Revenue Bonds, Lee County Community Charter

Schools, Series 2024A

6

.000

06/15/38

942,587

1,000,000

(b)

Lee County Industrial Development Authority, Florida, Charter

School Revenue Bonds, Lee County Community Charter

Schools, Series 2024A

6

.250

06/15/42

1,006,678

1,585,000

Lee County Industrial Development Authority, Florida,

Healthcare Facilities Revenue Bonds, Shell Point/Alliance

Obligated Group, Shell Point Project, Refunding Series 2024C

5

.000

11/15/54

1,560,477

1,065,000

Lee County Industrial Development Authority, Florida,

Healthcare Facilities Revenue Bonds, Shell Point/Alliance

Obligated Group, Shell Point Project, Series 2024A

5

.250

11/15/54

1,074,837

960,000

(b)

Magnolia Island Community Development District, Pasco

County, Florida, Capital Improvement Revenue Bonds,

Assessment Area 1, series 2025

5

.750

05/01/55

941,551

11

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

1,000,000

Miami Beach Health Facilities Authority, Florida, Hospital

Revenue Bonds, Mount Sinai Medical Center of Florida Project,

Series 2021B

4

.000

%

11/15/51

$

845,414

1,250,000

(a),(b)

Miami-Dade County Industrial Development Authority, Florida,

Student Housing Revenue Bonds, PRG - Casa Properties LLC

Project, Senior Series 2026A-1, (Mandatory Put 7/01/36)

5

.375

07/01/65

1,288,756

2,000,000

Miami-Dade County, Florida, Aviation Revenue Bonds,

Refunding Series 2017B, (AMT)

5

.000

10/01/40

2,015,434

670,000

(b)

Miromar Lakes Community Development District, Lee County,

Florida, Capital Improvement Revenue Bonds, Refunding

Series 2025

5

.000

05/01/35

707,211

1,430,000

Monroe County, Florida, Airport Revenue Bonds, Key West

International Airport, Series 2022, (AMT)

5

.000

10/01/39

1,460,931

1,575,000

Monroe County, Florida, Airport Revenue Bonds, Key West

International Airport, Series 2022, (AMT)

5

.000

10/01/41

1,598,780

8,000,000

Orange County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Orlando Health Obligated Group, Inc. Series

2025A

5

.000

10/01/47

8,110,972

5,000,000

Orange County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Orlando Health Obligated Group, Inc. Series

2025A

5

.250

10/01/56

5,116,888

3,000,000

Orange County, Florida, Tourist Development Tax Revenue

Bonds, Series 2026A

4

.000

10/01/45

2,783,199

620,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2022

5

.000

11/01/34

651,103

750,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2022

5

.000

11/01/36

779,522

5,310,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2022

5

.000

11/01/47

5,227,903

2,175,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2022

5

.000

11/01/52

2,069,390

1,600,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2025

5

.250

11/01/39

1,682,765

1,685,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2025

5

.250

11/01/40

1,758,593

5,000,000

(b)

Palm Beach County, Florida, Revenue Bonds, Provident Group

- PBAU Properties II LLC - Palm Beach Atlantic University

Housing Project, Senior Series 2025A

5

.750

10/01/55

5,141,587

185,000

(b)

Parrish Lakes Community Development District, Manatee

County, Florida, Capital Improvement Revenue Bonds,

Assessment Area 3, Series 2024

5

.800

05/01/54

185,015

1,000,000

Pasco County, Florida, Cigarette Tax Allocation Bonds, H.

Lee Moffitt Cancer Center and Research Institute Capital

Improvement Series 2023A - AGM Insured

5

.500

09/01/41

1,076,488

860,000

Pensacola, Florida, Airport Revenue Bonds, Series 2025, (AMT)

5

.500

10/01/55

887,942

1,000,000

Poitras East Community Development District, Osceola County,

Florida, Special Assessment Revenue Bonds, Series 2023

4

.200

05/01/33

1,007,565

5,000,000

Sarasota County Public Hospital District, Florida, Hospital

Revenue Bonds, Sarasota Memorial Hospital Project, Series

2018

5

.000

07/01/38

5,102,064

4,440,000

Sarasota County, Florida, Utility System Revenue Bonds, Series

2023

5

.000

10/01/48

4,577,170

2,250,000

Sarasota County, Florida, Utility System Revenue Bonds, Series

2025

5

.000

10/01/47

2,345,648

6,500,000

Sarasota County, Florida, Utility System Revenue Bonds, Series

2025

5

.250

10/01/55

6,796,926

2,000,000

St. Johns County School Board, Florida, Certificates of

Participation, Series 2024A - AGM Insured

5

.500

07/01/49

2,112,084

1,350,000

Sumter County School Board, Florida, Certificates of

Participation, Series 2024 - AGM Insured

5

.250

01/01/49

1,425,903

8,000,000

Tampa, Florida, Hospital Revenue Bonds, H. Lee Moffitt Cancer

Center Project, Series 2020B

4

.000

07/01/45

7,242,910

2,780,000

(b)

Village Community Development District 14, Leesburg, Florida,

Special Assessment Bonds, Series 2022

4

.750

05/01/32

2,841,951

Portfolio of Investments July 31, 2026

(continued)

Municipal Total Return

12

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

6,535,000

(b)

Village Community Development District 15, Florida, Special

Assessment Revenue Bonds, Series 2023

5

.250

%

05/01/54

$

6,489,891

2,750,000

Village Community Development District 16, Wildwood,

Florida, Special Assessment Revenue Bonds, Series 2025

4

.500

05/01/40

2,687,406

6,500,000

Village Community Development District 16, Wildwood,

Florida, Special Assessment Revenue Bonds, Series 2025

5

.125

05/01/56

6,348,021

TOTAL FLORIDA

153,187,188

GEORGIA - 2.5%

750,000

(b)

Atlanta Development Authority, Georgia, Revenue Bonds,

Westside Gulch Area Project, Senior Series 2024A-1

5

.000

04/01/34

761,245

12,260,000

(b)

Atlanta Development Authority, Georgia, Revenue Bonds,

Westside Gulch Area Project, Senior Series 2024A-2

5

.500

04/01/39

12,444,444

3,875,000

Atlanta, Georgia, Water and Wastewater Revenue Bonds,

Subordinate Lien Green Series 2026

5

.000

11/01/49

4,055,300

5,000,000

(d)

Atlanta, Georgia, Water and Wastewater Revenue Bonds,

Subordinate Lien Green Series 2026, (UB)

5

.250

11/01/56

5,290,279

3,000,000

(d)

Cartersville, Georgia, Water and Sewer Revenue, Series 2026,

(UB)

5

.000

06/01/50

3,128,217

1,500,000

(d)

Cartersville, Georgia, Water and Sewer Revenue, Series 2026,

(UB)

5

.000

06/01/51

1,559,607

3,500,000

(d)

Cartersville, Georgia, Water and Sewer Revenue, Series 2026,

(UB)

5

.000

06/01/56

3,608,262

1,000,000

Columbia County Hospital Authority, Georgia, Revenue

Anticipation Certificates, WellStar Health System, Inc. Project,

Series 2023B

5

.750

04/01/53

1,059,139

5,000,000

Fulton County Development Authority, Georgia, Revenue

Bonds, Piedmont Healthcare, Inc. Project, Series 2019A

4

.000

07/01/49

4,405,214

2,310,000

(b)

Geo. L. Smith II Georgia World Congress Center Authority,

Georgia, Convention Center Hotel Revenue Bonds,  Second

Tier Series 2021B

5

.000

01/01/36

2,320,982

250,000

Savannah-Georgia Convention Center Authority, Convention

Center Hotel First Tier Revenue Bonds, Series 2025A

5

.250

06/01/61

242,431

500,000

Savannah-Georgia Convention Center Authority, Convention

Center Hotel Third Tier Revenue Bonds (HMT Pledge), Series

2025C

5

.000

06/01/58

501,583

TOTAL GEORGIA

39,376,703

GUAM - 1.3%

500,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

5

.000

01/01/28

510,844

1,000,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

5

.000

01/01/31

1,052,898

1,000,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

5

.000

01/01/32

1,059,386

1,365,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

5

.000

01/01/33

1,452,972

1,105,000

Guam Government Waterworks Authority, Water and

Wastewater System Revenue Bonds, Series 2025A

5

.250

07/01/40

1,169,513

9,500,000

Guam Government Waterworks Authority, Water and

Wastewater System Revenue Bonds, Series 2025A

5

.250

07/01/50

9,658,871

1,535,000

Guam Power Authority, Revenue Bonds, Refunding Series

2017A

5

.000

10/01/37

1,545,771

4,050,000

Guam Power Authority, Revenue Bonds, Refunding Series

2022A

5

.000

10/01/42

4,145,053

TOTAL GUAM

20,595,308

HAWAII - 0.4%

750,000

(b)

Hawaii Department of Budget and Finance, Special Purpose

Revenue Bonds, Hawaii Pacific University Project, Refunding

Series 2024

5

.000

07/01/34

755,753

4,750,000

Honolulu City and County, Hawaii, Wastewater System Revenue

Bonds, First Bond Resolution, Green Senior Series 2025B

5

.250

07/01/48

5,059,462

TOTAL HAWAII

5,815,215

13

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

IDAHO - 0.2%

$

3,100,000

(b)

Spring Valley Community Infrastructure District 1, Eagle, Idaho,

Special Assessment Bonds, Assessment Area Two, Series 2025

6

.250

%

09/01/54

$

3,156,294

750,000

Spring Valley Community Infrastructure District 1, Eagle, Idaho,

Special Assessment Bonds, Series 2024

6

.250

09/01/53

761,589

TOTAL IDAHO

3,917,883

ILLINOIS - 2.6%

479,800

Chicago, Illinois, Certificates of Participation, Tax Increment

Allocation Revenue Bonds, Pullman Park/Chicago

Redevelopement Project, Series 2013A

7

.125

03/15/33

479,885

1,125,000

DuPage County High School District 87, Glenbard Township,

Illinois, General Obligation Bonds, Series 2025

5

.250

01/01/46

1,179,473

3,060,000

Galesburg, Knox County, Illinois, Revenue Bonds, Knox College

Project, Series 2025A

5

.500

10/01/45

2,894,154

3,500,000

Galesburg, Knox County, Illinois, Revenue Bonds, Knox College

Project, Series 2025A

6

.000

10/01/45

3,504,549

635,000

(b)

Illinois Finance Authority, Revenue Bonds, DePaul College Prep

Foundation, Series 2023A

4

.300

08/01/28

638,515

1,275,000

(b)

Illinois Finance Authority, Revenue Bonds, DePaul College Prep

Foundation, Series 2023A

4

.500

08/01/33

1,300,239

1,000,000

(b)

Illinois Finance Authority, Revenue Bonds, DePaul College Prep

Foundation, Series 2023A

5

.250

08/01/38

1,045,935

2,815,000

(a),(b)

Illinois Finance Authority, Surface Freight Transfer Facilities

Revenue Bonds, CenterPoint Joliet Terminal Railroad Project,

Series 2017, (AMT), (Mandatory Put 7/02/35)

4

.800

12/01/43

2,859,779

2,255,000

(a),(b)

Illinois Finance Authority, Surface Freight Transfer Facilities

Revenue Bonds, CenterPointJoliet Terminal Railroad Project,

Series 2020, (AMT), (Mandatory Put 12/31/34)

4

.125

12/01/50

2,204,687

965,000

Illinois Housing Development Authority, Revenue Bonds, Social

Series 2022G

6

.250

10/01/52

1,027,366

4,000,000

Illinois State, General Obligation Bonds, April Series 2026C

5

.250

04/01/43

4,261,268

1,500,000

Illinois State, General Obligation Bonds, May Series 2024B

5

.250

05/01/45

1,563,614

5,000,000

Illinois State, General Obligation Bonds, October Series 2024C

- BAM Insured

4

.000

10/01/40

4,756,651

1,000,000

Joliet, Illinois, Waterworks and Sewer Revenue Bonds, Senior

Lien Series 2025 - BAM Insured

5

.250

01/01/50

1,033,520

1,100,000

Lake County Consolidated High School District 120 Mundelein,

Illinois, General Obligation Bonds, School Series 2022A

5

.500

12/01/40

1,185,779

10,000,000

Metropolitan Pier and Exposition Authority, Illinois, McCormick

Place Expansion Project Bonds, Refunding Series 2020A

5

.000

06/15/50

9,926,748

1,000,000

Sangamon County School District 186 Springfield, Illinois,

General Obligation Bonds, Alternate Revenue Source Series

2023 - AGM Insured

5

.500

06/01/48

1,049,990

TOTAL ILLINOIS

40,912,152

INDIANA - 3.6%

1,000,000

Avon Community School Building Corporation, Hendricks

County, Indiana, First Mortgage Bonds, Ad Valorem Property

Tax Series 2023

5

.500

07/15/41

1,082,418

1,625,000

Avon Community School Building Corporation, Hendricks

County, Indiana, First Mortgage Bonds, Ad Valorem Property

Tax Series 2023

5

.500

01/15/43

1,747,665

3,500,000

Brownsburg 1999 School Building Corporation, Indiana, First

Mortgage Bonds, Series 2023

5

.500

07/15/40

3,725,227

1,000,000

(b)

Gary Local Public Improvement Bond Bank, Indiana, Economic

Development Revenue Bonds, Drexel Foundation for

Educational Excellence Project, Refunding Series 2020A

5

.875

06/01/55

887,121

4,000,000

Indiana Finance Authority, Educational Facilities Revenue

Bonds, DePauw University Project, Series 2022A

5

.000

07/01/40

4,081,935

520,000

Indiana Finance Authority, Educational Facilities Revenue

Bonds, Seven Oaks Classical School Project, Series 2021A

5

.000

06/01/51

440,341

5,260,000

Indiana Finance Authority, Health Facilities Revenue Bonds,

Hendricks Regional Health, Series 2024

5

.250

03/01/54

5,313,714

1,700,000

Indiana Finance Authority, Hospital Revenue Bonds, Reid

Health Series 2022 - AGM Insured

5

.000

01/01/52

1,701,375

Portfolio of Investments July 31, 2026

(continued)

Municipal Total Return

14

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDIANA

(continued)

$

1,635,000

Indiana Finance Authority, Indiana, Health Facilities Project

Revenue Bonds, Margaret Mary Health Project, Series 2024A

5

.000

%

03/01/32

$

1,710,111

1,805,000

Indiana Finance Authority, Indiana, Health Facilities Project

Revenue Bonds, Margaret Mary Health Project, Series 2024A

5

.000

03/01/34

1,895,037

2,485,000

Indiana Finance Authority, Indiana, Health Facilities Project

Revenue Bonds, Margaret Mary Health Project, Series 2024A

5

.500

03/01/44

2,565,015

3,845,000

Indiana Finance Authority, Indiana, Health Facilities Project

Revenue Bonds, Margaret Mary Health Project, Series 2024A

5

.750

03/01/54

3,915,626

1,500,000

(d)

Indiana Finance Authority, State Revolving Fund Program

Bonds, Green Series 2026A, (UB)

5

.000

02/01/46

1,590,966

5,000,000

(d)

Indiana Finance Authority, State Revolving Fund Program

Bonds, Green Series 2026A, (UB)

5

.000

02/01/51

5,189,650

785,000

Indiana Housing and Community Development Authority,

Single Family Mortgage Revenue Bonds, Social Series 2024A-1

4

.650

07/01/49

761,701

500,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Airport Authority Project Revenue Bonds, Series 2023I-2, (AMT)

5

.250

01/01/42

522,416

500,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Airport Authority Project Revenue Bonds, Series 2023I-2, (AMT)

5

.250

01/01/43

520,821

1,030,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Airport Authority Project Revenue Bonds, Series 2023I-2, (AMT)

5

.250

01/01/48

1,050,757

1,000,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Local Income Tax Revenue Bonds, Indianapolis Public

Transportation Corporation Project, Green Series 2025A

5

.000

07/15/42

1,050,913

5,850,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Revenue Bonds, Ad Valorem Property Tax Funded Project

Series 2023D

6

.000

02/01/48

6,391,253

3,000,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Revenue Bonds, Convention Center Hotel Senior Series 2023E

6

.000

03/01/53

3,086,170

1,280,000

Lake Ridge Multi-School Building Corporation, Lake County,

Indiana, First Mortgage Bonds, Ad Valorem Property Tax Series

2022

5

.500

07/15/40

1,376,419

1,150,000

Mount Vernon of Hancock County Multi-School Building

Corporation, Indiana, First Mortgage Bonds, Series 2022

5

.500

01/15/42

1,224,693

1,565,000

(a)

Rockport, Indiana, Pollution Control Revenue Refunding Bonds,

Indiana Michigan Power Company Project, Series 2025A,

(Mandatory Put 6/01/29)

3

.700

06/01/47

1,580,045

1,325,000

Tippecanoe County NSE08 School Building Corporation,

Indiana, Ad Valorem Property Tax First Mortgage Bonds, Series

2023B

6

.000

01/15/43

1,478,047

1,250,000

(a)

Whiting, Indiana, Environmental Facilities Revenue Bonds, BP

Products North America Inc. Project, Refunding Series 2019A,

(AMT), (Mandatory Put 6/10/33)

4

.000

12/01/44

1,248,800

TOTAL INDIANA

56,138,236

IOWA - 0.2%

1,200,000

Iowa Finance Authority, Healthcare Revenue Bonds, Pella

Regional Health Center, Series 2025

5

.250

12/01/50

1,169,761

2,030,000

Iowa Finance Authority, Single Family Mortgage Revenue

Bonds, Social Series 2025A

4

.550

07/01/45

2,003,827

TOTAL IOWA

3,173,588

KANSAS - 0.6%

2,000,000

(d)

University of Kansas Hospital Authority, Health Facilities

Revenue Bonds, University of Kansas Health System, Series

2026A, (UB)

5

.250

03/01/46

2,127,097

3,000,000

(d)

University of Kansas Hospital Authority, Health Facilities

Revenue Bonds, University of Kansas Health System, Series

2026A, (UB)

5

.500

03/01/51

3,198,867

4,000,000

(d)

University of Kansas Hospital Authority, Health Facilities

Revenue Bonds, University of Kansas Health System, Series

2026A, (UB)

5

.500

03/01/54

4,244,340

TOTAL KANSAS

9,570,304

15

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

KENTUCKY - 0.2%

$

795,000

Kentucky Economic Development Finance Authority, Revenue

Bonds, Next Generation Kentucky Information Highway Project,

Senior Series 2015A

5

.000

%

01/01/45

$

795,189

1,690,000

University of Kentucky, Lease Purchase Obligations Bonds,

University of Kentucky Parking Structure 7 & Johnson Center

Expansion, Series 2025A

5

.250

04/01/50

1,752,064

TOTAL KENTUCKY

2,547,253

LOUISIANA - 3.2%

3,000,000

Ernest N. Morial-New Orleans Exhibition Hall Authority,

Louisiana, Special Tax Bonds, Series 2025

5

.500

07/15/50

3,112,037

2,500,000

Ernest N. Morial-New Orleans Exhibition Hall Authority,

Louisiana, Special Tax Bonds, Series 2025

5

.500

07/15/54

2,581,942

2,690,000

Lafayette Parish School Board, Louisiana, Sales Tax Revenue

Bonds, Series 2025

5

.750

04/01/50

2,907,282

3,515,000

Lafayette Parish School Board, Louisiana, Sales Tax Revenue

Bonds, Series 2025

5

.750

04/01/55

3,787,429

3,255,000

Lafayette, Louisiana, Utilities Revenue Bonds, Electric Projects

Series 2024

5

.000

11/01/49

3,352,450

500,000

Lake Charles Harbor and Terminal District, Louisiana, Revenue

Bonds, Refunding Series 2024B, (AMT)

5

.000

01/01/36

526,552

180,000

(b)

Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Lincoln Preparatory School Project, Series 2021A

5

.000

06/01/31

170,734

1,000,000

Louisiana Public Facilities Authority, Lease Revenue Bonds,

South Quad L3C - Louisiana State University South Quad Phase

IV Project, Series 2025

5

.250

07/01/55

1,024,936

3,250,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Ochsner Clinic Foundation Project, Refunding Series 2025A

5

.500

05/15/55

3,399,081

2,000,000

Louisiana Publics Facilities Authority, Louisiana, Revenue

Bonds, I-10 Calcasieu River Bridge Public-Private Partnership

Project, Senior Lien Series 2024, (AMT)

5

.500

09/01/59

2,026,659

12,500,000

Louisiana Publics Facilities Authority, Louisiana, Revenue

Bonds, I-10 Calcasieu River Bridge Public-Private Partnership

Project, Senior Lien Series 2024, (AMT)

5

.750

09/01/64

12,869,831

500,000

(b)

Plaquemines Port, Louisiana, Harbor and Terminal District

Facilities Revenue Bonds NOLA Terminal LLC Project Dock and

Wharf Series 2024A

9

.000

12/01/44

250,000

1,000,000

Port New Orleans Board of Commissioners, Louisiana, Revenue

Bonds, Port Facilities, AMT Series 2025B, (AMT)

5

.500

04/01/54

1,031,178

4,900,000

Saint John the Baptist Parish School District 1, Louisiana,

General Obligation Bonds, Series 2023

5

.250

03/01/37

5,264,057

7,000,000

Saint John the Baptist Parish School District 1, Louisiana,

General Obligation Bonds, Series 2023

5

.250

03/01/43

7,401,441

TOTAL LOUISIANA

49,705,609

MAINE - 0.0%

700,000

Maine Health and Higher Educational Facilities Authority,

Revenue Bonds, Series 2023A - AGM Insured

5

.000

07/01/42

733,962

TOTAL MAINE

733,962

MARYLAND - 0.6%

500,000

Maryland Community Development Administration

Department of Housing and Community Development,

Residential Revenue Bonds, Social Series 2026B

4

.700

09/01/46

498,415

2,000,000

Maryland Economic Development Corporation, Student

Housing Revenue Bonds, Morgan State University, Harper-

Tubman Project, Series 2025A

5

.750

07/01/64

2,140,192

1,385,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Lifebridge Health Issue Series 2023

5

.250

07/01/54

1,427,484

5,365,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Meritus Medical Center Inc Series 2025

5

.000

07/01/55

5,383,659

TOTAL MARYLAND

9,449,750

Portfolio of Investments July 31, 2026

(continued)

Municipal Total Return

16

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MASSACHUSETTS - 2.2%

$

10,000,000

(d)

Massachusetts Bay Transportation Authority, Sales Tax Revenue

Bonds, Senior Series 2026A, (UB)

5

.000

%

07/01/56

$

10,295,573

10,000,000

(d)

Massachusetts Clean Water Trust, State Revolving Fund Bonds,

Green 27 Series 2026, (UB)

5

.000

02/01/56

10,395,146

500,000

Massachusetts Development Finance Agency, Revenue Bonds,

Baystate Medical Center Issue, Series 2014N

5

.000

07/01/44

500,175

6,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Lifespan Corporation dba Brown University Health, Series

2025A

5

.250

08/15/42

6,322,668

7,980,000

Massachusetts Development Finance Agency, Revenue Bonds,

Southcoast Health System Obligated Group Issue, Series

2021G

5

.000

07/01/50

7,691,378

TOTAL MASSACHUSETTS

35,204,940

MICHIGAN - 3.3%

1,200,000

Board of Control of Saginaw Valley State University, Michigan,

General Revenue Bonds, Series 2026A - BAM Insured

5

.250

07/01/56

1,231,348

2,000,000

Ferndale Public School District, Oakland County, Michigan,

General Obligation Bonds, School Building & Site Series 2025

5

.250

05/01/50

2,087,026

5,000,000

Flat Rock Community School District, Wayne County, Michigan,

General Obligation Bonds, Refunding School Building and Site

Series 2023

5

.250

05/01/52

5,178,520

1,750,000

Four Lakes Special Assessment District, Gladwin and Midland

Counties, Michigan, Special Assessment Bond, General

Obligation Limited Tax series 2025

5

.250

06/01/50

1,798,224

1,700,000

Four Lakes Special Assessment District, Gladwin and Midland

Counties, Michigan, Special Assessment Bond, General

Obligation Limited Tax series 2025

5

.000

06/01/55

1,711,642

1,200,000

Gerald R. Ford International Airport Authority, Kent County,

Michigan, Revenue Bonds, Limited Tax General Obligation

Series 2021, (AMT)

5

.000

01/01/41

1,245,782

3,905,000

Gerald R. Ford International Airport Authority, Kent County,

Michigan, Revenue Bonds, Limited Tax General Obligation

Series 2024, (AMT)

5

.000

01/01/42

4,087,337

1,830,000

Great Lakes Water Authority, Michigan, Water Supply Revenue

Bonds, Second Lien Series 2025D

5

.500

07/01/50

1,953,574

3,975,000

(g)

Michigan Finance Authority, Hospital Revenue Bonds, Sparrow

Obligated Group, Refunding Series 2022A, (Pre-refunded

11/15/32)

5

.000

11/15/35

4,392,494

1,100,000

Michigan Finance Authority, Local Government Loan Program

Revenue Bonds, Public Lighting Authority Refunding Local

Project, Refunding Series 2025A - BAM Insured

5

.000

07/01/44

1,151,624

1,000,000

Michigan Mathematics & Science Initiative, Michigan, Public

School Academy Revenue Bonds, Series 2021

4

.000

01/01/51

774,832

11,000,000

Michigan Strategic Fund, Limited Obligation Revenue Bonds,

I-75 Improvement Project, Series 2018, (AMT)

5

.000

12/31/43

11,062,798

150,000

(b)

Michigan Strategic Fund, Limited Obligation Tax Capture

Revenue Bonds, Bedrock Detroit Transformational Brownfield

Plan Project, Series 2026

4

.250

10/01/36

148,928

850,000

Northern Michigan University, General Revenue Bonds, Series

2025A

5

.250

06/01/45

905,579

1,000,000

Northwest Regional Airport Authority, Grand Traverse and

Leelanau Counties, Michigan, Airport Revenue Bonds, General

Obligation Bonds, Cherry Capital Airport, Limited Tax Series

2026, (AMT)

5

.250

01/01/51

1,030,308

1,125,000

Northwest Regional Airport Authority, Grand Traverse and

Leelanau Counties, Michigan, Airport Revenue Bonds, General

Obligation Bonds, Cherry Capital Airport, Limited Tax Series

2026, (AMT)

5

.250

01/01/56

1,151,427

6,525,000

(d)

Okemos Public School District, Ingham County, Michigan,

General Obligation Bonds, School Building & Site Series 2026-

III, (UB)

5

.000

11/01/55

6,680,492

5,000,000

(d)

Troy School District, Oakland County, Michigan, General

Obligation Bonds, School Building & Site Refunding Series

2026, (UB)

5

.000

05/01/55

5,123,084

17

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MICHIGAN

(continued)

$

715,000

Wayne County Airport Authority, Michigan, Revenue Bonds,

Detroit Metropolitan Wayne County Airport, Series 2025A

5

.500

%

12/01/50

$

761,225

TOTAL MICHIGAN

52,476,244

MINNESOTA - 1.8%

2,000,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

4

.250

02/15/48

1,765,783

11,415,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

5

.250

02/15/58

11,448,995

4,580,000

Forest Lake, Minnesota Charter School Lease Revenue Bonds,

North Lakes Academy, Refunding Series 2021A

5

.000

07/01/41

4,167,391

910,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2022M

5

.100

07/01/42

949,487

8,965,000

(d)

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Series 2025A, (UB)

4

.375

11/15/53

8,480,967

750,000

St. Paul Housing and Redevelopment Authority, Minnesota,

Charter School Revenue Bonds, Higher Ground Academy

Charter School, Series 2023

5

.500

12/01/38

767,683

TOTAL MINNESOTA

27,580,306

MISSISSIPPI - 0.3%

2,725,000

(a),(b)

Mississippi Business Finance Corporation, Solid Waste

Disposal Revenue Bonds, Waste Pro USA, Inc. Project, Series

2025A, (AMT), (Mandatory Put 8/02/27)

4

.375

02/01/48

2,729,635

100,000

Mississippi Development Bank, Special Obligation Bonds,

Lamar County School District Series 2025

5

.250

06/01/44

105,977

1,145,000

Mississippi Development Bank, Special Obligation Bonds,

Lamar County School District Series 2025

5

.000

06/01/50

1,154,895

TOTAL MISSISSIPPI

3,990,507

MISSOURI - 1.8%

3,425,000

Hannibal Industrial Development Authority, Missouri, Health

Facilities Revenue Bonds, Hannibal Regional Healthcare

System, Series 2017

5

.000

10/01/42

3,201,833

1,900,000

Jefferson City School District, Missouri, General Obligation

Bonds, Series 2025

5

.500

03/01/45

2,038,181

1,455,000

(b)

Kansas City Industrial Development Authority, Missouri,

Economic Activity Tax Revenue Bonds, Historic Northeast

Redevelopment Plan Series 2024A-1

5

.000

06/01/54

1,408,575

2,435,000

(b)

Lee's Summit, Missouri, Special Obligation Tax Increment

and Special District Improvement Bonds, Summit Fair Project,

Refunding Series 2017

4

.875

11/01/37

2,328,636

4,000,000

Missouri Development Finance Board, Revenue Bonds, Zoo

Projects, Series 2022

5

.500

05/01/42

4,278,042

1,850,000

Missouri Joint Municipal Electric Utility Commission, Power

Project Revenue Bonds, Marshall Energy Center Project, Series

2025

5

.000

01/01/46

1,909,976

10,000,000

Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis

International Airport, Series 2024A - AGM Insured

5

.250

07/01/54

10,319,415

245,000

Saint Louis, Missouri, Tax Increment Financing Revenue Notes,

Marquette Building Redevelopment Project, Series 2008-A

6

.500

01/23/28

85,750

510,000

(b)

Taney County Industrial Development Authority, Missouri, Sales

Tax Revenue Improvement Bonds, Big Cedar Infrastructure

Project Series 2023

6

.000

10/01/49

508,957

2,000,000

Universal City Industrial Development Authority, Missouri,

Revenue Bonds, Tax Increment and Special District Markets at

Olive Project Series 2023A

4

.875

06/15/36

2,031,577

TOTAL MISSOURI

28,110,942

Portfolio of Investments July 31, 2026

(continued)

Municipal Total Return

18

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MONTANA - 0.5%

$

2,250,000

Montana Facility Finance Authority, Montana, Health Facilities

Revenue Bonds, Bozeman Deaconess Health Services

Obligated Group, Series 2026A

5

.250

%

06/01/50

$

2,331,635

2,500,000

Montana Facility Finance Authority, Montana, Health Facilities

Revenue Bonds, Bozeman Deaconess Health Services

Obligated Group, Series 2026A

5

.250

06/01/53

2,567,282

1,025,000

Montana Facility Finance Authority, Revenue Bonds, Benefis

Health System Obligated Group, Series 2025A

5

.500

02/15/50

1,069,292

1,625,000

Montana Facility Finance Authority, Revenue Bonds, Benefis

Health System Obligated Group, Series 2025A

5

.500

02/15/55

1,676,192

TOTAL MONTANA

7,644,401

NEBRASKA - 1.4%

2,000,000

Douglas County Nebraska, Sanitary and Improvement, District

Number 608, General Obligation Bonds, North Streams, Series

2022

6

.000

12/15/37

1,948,389

1,750,000

Douglas County Sanitary and Improvement District 608 North

Streams, Nebraska, General Obligation Bonds, Series 2022

5

.750

12/15/37

1,669,751

1,045,000

Douglas County Sanitary and Improvement District 608 North

Streams, Nebraska, General Obligation Bonds, Series 2023

7

.000

10/15/38

1,054,756

2,500,000

Nebraska Investment Finance Authority, Single Family Housing

Revenue Bonds, Social Series 2023G

5

.150

09/01/43

2,593,502

3,000,000

Nebraska Investment Finance Authority, Single Family Housing

Revenue Bonds, Social Series 2024A

4

.500

09/01/44

2,952,701

5,000,000

Nebraska Public Power District, General Revenue Bonds, Series

2026A

5

.250

01/01/55

5,212,844

3,000,000

Omaha Airport Authority, Nebraska, Airport Facilities Revenue

Bonds, Series 2024, (AMT)

5

.250

12/15/49

3,090,021

1,350,000

Omaha Airport Authority, Nebraska, Airport Facilities Revenue

Bonds, Series 2024, (AMT)

5

.250

12/15/54

1,380,167

1,335,000

Omaha Airport Authority, Nebraska, Airport Facilities Revenue

Bonds, Series 2026A, (AMT)

5

.500

12/15/51

1,412,265

1,000,000

Omaha Airport Authority, Nebraska, Airport Facilities Revenue

Bonds, Series 2026B

5

.000

12/15/51

1,026,442

TOTAL NEBRASKA

22,340,838

NEVADA - 1.7%

3,000,000

Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe

Regional Healthcare Project, Series 2017A

5

.000

09/01/42

3,004,149

12,335,000

Clark County Water Reclamation District, Nevada, General

Obligation Water Bonds, Limited Tax Series 2023

5

.000

07/01/47

12,814,473

745,000

Henderson, Nevada, Local Improvement Bonds, Local

Improvement District T-22 Rainbow Canyon Phase II, Series

2023

5

.000

03/01/38

762,018

590,000

Las Vegas Special Improvement District 613, Nevada, Local

Improvement Bonds, Sunstone Phases III and IV Series 2024

5

.500

12/01/53

594,956

325,000

Las Vegas Special Improvement District 819, Nevada, Local

Improvement Bonds, Summerlin Village 30A Series 2025

5

.250

06/01/45

334,279

990,000

Las Vegas, Nevada, Local Improvement Revenue Bonds,

Special Improvement District 818 Summerlin Village 27, Series

2024

5

.000

12/01/39

1,024,995

925,000

Las Vegas, Nevada, Local Improvement Revenue Bonds,

Special Improvement District 818 Summerlin Village 27, Series

2024

5

.000

12/01/44

940,980

2,570,000

Reno-Tahoe Airport Authority, Nevada, Airport Revenue Bonds,

Series 2024B

5

.000

07/01/49

2,617,072

4,450,000

Tahoe-Douglas Visitors Authority, Nevada, Stateline Revenue

Bonds, Series 2020

5

.000

07/01/51

4,325,340

TOTAL NEVADA

26,418,262

19

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW HAMPSHIRE - 1.3%

$

15,000,000

National Finance Authority, New Hampshire, Revenue Bonds,

Winston-Salem Sustainable Energy Partners Series 2025A

5

.500

%

06/01/50

$

15,590,992

368,000

(b),(e)

National Finance Authority, New Hampshire, Special Revenue

Bonds, Wildflower Project, Denton County, Texas, Capital

Appreciation Series 2025

0

.000

12/15/33

235,207

4,055,000

New Hampshire Health and Education Facilities Authority,

Revenue Bonds, Concord Hospital, Series 2017

5

.000

10/01/42

4,089,437

TOTAL NEW HAMPSHIRE

19,915,636

NEW JERSEY - 2.4%

100,000

Jersey City Municipal Utilities Authority, Hudson County, New

Jersey, Sewer Revenue Bonds, Series 2025E - BAM Insured

5

.750

10/15/48

110,440

5,300,000

New Jersey Economic Development Authority, New Jersey,

Transit Transportation Project Revenue Bonds, Portal North

Bridge Project Series 2022A

5

.000

11/01/37

5,642,464

3,500,000

New Jersey Economic Development Authority, Special Facility

Revenue Bonds, Port Newark Container Terminal LLC Project,

Refunding Series 2017, (AMT)

5

.000

10/01/37

3,530,881

2,235,000

New Jersey Economic Development Authority, Special Facility

Revenue Bonds, Port Newark Container Terminal LLC Project,

Refunding Series 2017, (AMT)

5

.000

10/01/47

2,236,310

1,000,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, RWJ Barnabas Health Obligated Group, Refunding

Series 2026A

5

.250

07/01/38

1,134,804

2,000,000

New Jersey Housing and Mortgage Finance Agency, Single

Family Housing Revenue Bonds, Series 2018B, (AMT)

3

.800

10/01/32

1,940,377

7,000,000

(e)

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2008A

0

.000

12/15/37

4,375,577

7,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2024A

5

.250

06/15/39

7,677,724

3,735,000

New Jersey Turnpike Authority, Turnpike Revenue Bonds,

Series 2025A

5

.250

01/01/50

3,968,148

4,325,000

South Jersey Port Corporation, New Jersey, Marine Terminal

Revenue Bonds, Subordinate Series 2017B, (AMT)

5

.000

01/01/42

4,345,629

3,000,000

South Jersey Port Corporation, New Jersey, Marine Terminal

Revenue Bonds, Subordinate Series 2017B, (AMT)

5

.000

01/01/48

2,959,326

TOTAL NEW JERSEY

37,921,680

NEW MEXICO - 0.1%

1,940,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2023D

5

.150

09/01/43

2,021,999

TOTAL NEW MEXICO

2,021,999

NEW YORK - 6.0%

1,095,000

Albany Capital Resource Corporation, New York, Revenue

Bonds, Albany Medical Center Hospital Series 2025A

5

.250

05/01/43

1,180,800

935,000

Albany Capital Resource Corporation, New York, Revenue

Bonds, Albany Medical Center Hospital Series 2025A

5

.250

05/01/44

1,002,864

370,000

Build New York City Resource Corporation, New York, Revenue

Bonds, Global Community Charter School Project, Series

2022A

4

.000

06/15/32

349,321

1,000,000

Build NYC Resource Corporation, New York, Airport Facilities

Revenue Bonds. TrIPs Obligated Group, Senior Series 2025,

(AMT)

5

.500

07/01/44

1,052,157

1,000,000

Build NYC Resource Corporation, New York, Airport Facilities

Revenue Bonds. TrIPs Obligated Group, Senior Series 2025,

(AMT)

5

.500

07/01/45

1,047,407

1,020,000

Build NYC Resource Corporation, New York, Airport Facilities

Revenue Bonds. TrIPs Obligated Group, Senior Series 2025,

(AMT)

5

.500

07/01/50

1,046,129

6,610,000

Dormitory Authority of the State of New York, State Personal

Income Tax Revenue Bonds, General Purpose Series 2024A

5

.250

03/15/49

6,921,769

4,500,000

(c),(d)

Long Island Power Authority, New York, Electric System General

Revenue Bonds, Series 2026B - BAM Insured, (UB)

5

.000

09/01/51

4,651,515

Portfolio of Investments July 31, 2026

(continued)

Municipal Total Return

20

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW YORK

(continued)

$

2,011,369

Nassau County Tobacco Settlement Corporation, New York,

Tobacco Settlement Asset-Backed Bonds, Refunding Series

2006A-2

5

.250

%

06/01/27

$

1,005,684

4,500,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2023D-1

5

.500

11/01/45

4,848,588

4,035,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2024A-1

5

.000

05/01/44

4,212,057

4,250,000

(b)

New York Liberty Development Corporation, New York, Liberty

Revenue Bonds, 3 World Trade Center Project, Class 1 Series

2014

5

.000

11/15/44

4,255,854

500,000

(g)

New York State Environmental Facilities Corporation, State

Clean Water and Drinking Water Revolving Funds Revenue

Bonds, Pooled Loan Issue, Series 2005B, (ETM)

5

.500

10/15/27

515,311

5,000,000

New York Transportation Development Corporation, New

York, Special Facilities Bonds, LaGuardia Airport Terminal B

Redevelopment Project, Series 2016A, (AMT)

5

.000

07/01/46

4,920,390

1,785,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport New Terminal 1 Project, Green Series 2024, (AMT)

5

.250

06/30/43

1,838,611

2,600,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport New Terminal 1 Project, Green Series 2024 - BAM

Insured, (AMT)

5

.500

06/30/54

2,670,435

10,000,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport Terminal One Project, Green Series 2025, (AMT)

6

.000

06/30/50

10,587,579

1,980,000

New York Transportation Development Corporation, New

York, Special Facility Revenue Bonds, New Terminal 1 John

F Kennedy International Airport Project, Green Series 2023 -

AGM Insured, (AMT)

5

.500

06/30/44

2,061,480

5,000,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, Terminal 4 John F Kennedy

International Airport Project, Series 2022, (AMT)

5

.000

12/01/34

5,303,201

1,660,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, Terminal 4 John F Kennedy

International Airport Project, Series 2022, (AMT)

5

.000

12/01/42

1,698,912

13,500,000

New York Transportation Development Corporation, Special

Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport

Terminals C&D Redevelopment Project, Series 2020, (AMT)

5

.000

10/01/40

13,763,398

4,000,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Eighteen Series 2019, (AMT)

5

.000

11/01/44

4,088,538

11,505,000

Triborough Bridge and Tunnel Authority, New York, Sales

Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital

Lockbox-City Sales Tax Series 2023A

5

.500

05/15/63

11,962,763

1,360,000

Westchester County Local Development Corporation, New

York, Revenue Bonds, Westchester Medical Center Obligated

Group Project, Series 2023 - AGM Insured

5

.750

11/01/48

1,450,209

1,250,000

Westchester County Local Development Corporation, New

York, Revenue Bonds, Westchester Medical Center Obligated

Group Project, Series 2023

6

.250

11/01/52

1,293,522

915,000

Yonkers Industrial Development Agency, New York, School

Facility Revenue Bonds, New Community School Project Series

2022

5

.250

05/01/51

948,145

TOTAL NEW YORK

94,676,639

NORTH CAROLINA - 2.6%

4,310,000

Charlotte, North Carolina, General Obligation Bonds,

Refunding Series 2025B

5

.000

07/01/38

4,787,337

1,500,000

(d)

Durham, North Carolina, Utility System Revenue Bonds,

Refunding Series 2026, (UB)

5

.000

08/01/48

1,580,918

1,000,000

(d)

Durham, North Carolina, Utility System Revenue Bonds,

Refunding Series 2026, (UB)

5

.000

08/01/49

1,049,810

6,500,000

(d)

Durham, North Carolina, Utility System Revenue Bonds,

Refunding Series 2026, (UB)

5

.000

08/01/55

6,758,448

21

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NORTH CAROLINA

(continued)

$

1,300,000

Greater Asheville Regional Airport Authority, North Carolina,

Airport System Revenue Bonds Series 2022A - AGM Insured,

(AMT)

5

.250

%

07/01/39

$

1,372,707

430,000

Greater Asheville Regional Airport Authority, North Carolina,

Airport System Revenue Bonds Series 2023 - AGM Insured,

(AMT)

5

.250

07/01/41

453,826

1,090,000

Greater Asheville Regional Airport Authority, North Carolina,

Airport System Revenue Bonds Series 2023 - AGM Insured,

(AMT)

5

.250

07/01/42

1,146,771

620,000

Greater Asheville Regional Airport Authority, North Carolina,

Airport System Revenue Bonds Series 2023 - AGM Insured,

(AMT)

5

.250

07/01/43

650,168

1,130,000

Nash Health Care Systems, North Carolina, Health Care

Facilities Revenue Bonds, Series 2025

5

.500

02/01/43

1,215,282

995,000

Nash Health Care Systems, North Carolina, Health Care

Facilities Revenue Bonds, Series 2025

5

.500

02/01/44

1,065,042

1,300,000

Nash Health Care Systems, North Carolina, Health Care

Facilities Revenue Bonds, Series 2025

5

.000

02/01/45

1,335,472

790,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, United Methodist Retirement

Homes Project, Series 2024A

5

.125

10/01/54

790,405

1,000,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, United Methodist Retirement

Homes, Series 2025A

5

.000

10/01/50

1,002,580

1,095,000

North Carolina Medical Care Commission, Retirement Facility

First Mortgage Revenue Bonds, Everyage, Series 2024B

5

.000

09/01/49

1,101,280

25,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2019

5

.000

01/01/49

25,139

15,740,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2024A

5

.000

01/01/58

15,949,057

TOTAL NORTH CAROLINA

40,284,242

NORTH DAKOTA - 0.3%

5,000,000

North Dakota Housing Finance Agency, Home Mortgage

Finance Program Bonds, Social Series 2024C

4

.650

07/01/44

4,951,903

TOTAL NORTH DAKOTA

4,951,903

OHIO - 3.8%

2,000,000

Columbus Regional Airport Authority, Ohio, Revenue Bonds,

John Glenn Columbus International Airport, Series 2025A,

(AMT)

5

.250

01/01/42

2,115,750

3,700,000

(b)

Columbus-Franklin County Finance Authority, Ohio, Revenue

Bonds, Bridge Park G Block Project, Public Infrastructure Series

2022

5

.000

12/01/53

3,638,905

4,000,000

County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica

Healthcare Obligated Group, Series 2018A

5

.250

11/15/48

3,984,410

1,000,000

Dayton, Ohio, Water System Revenue Bonds, Series 2022

5

.500

12/01/42

1,057,500

2,500,000

Franklin County, Ohio, Hospital Revenue Bonds, Nationwide

Children's Hospital Project, Refunding & Improvement Series

2025A

5

.250

11/01/55

2,605,463

10,000,000

(d)

Franklin County, Ohio, Hospital Revenue Bonds, Nationwide

Children's Hospital Project, Refunding & Improvement Series

2025A, (UB)

5

.250

11/01/55

10,421,854

9,615,000

Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC

Health, Series 2020

5

.000

09/15/50

9,102,462

4,000,000

(d)

JobsOhio Beverage System, Ohio, Statewide Liquor Profits

Revenue Bonds, Refunding Senior Lien & New Money, Series

2025A, (UB)

5

.000

01/01/48

4,149,017

1,165,000

(d)

JobsOhio Beverage System, Ohio, Statewide Liquor Profits

Revenue Bonds, Refunding Senior Lien & New Money, Series

2025A, (UB)

5

.000

01/01/50

1,200,459

1,055,000

(d)

JobsOhio Beverage System, Ohio, Statewide Liquor Profits

Revenue Bonds, Refunding Senior Lien & New Money, Series

2025A, (UB)

5

.000

01/01/53

1,079,739

Portfolio of Investments July 31, 2026

(continued)

Municipal Total Return

22

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OHIO

(continued)

$

400,000

Montgomery County, Ohio, Health Care Facilities Revenue

Bonds, Solvita Project Refunding and Improvement Series 2024

5

.250

%

09/01/54

$

392,491

145,000

Muskingum County, Ohio, Hospital Facilities Revenue Bonds,

Genesis HealthCare System Obligated Group Project, Series

2013

5

.000

02/15/27

145,260

2,000,000

Muskingum County, Ohio, Hospital Facilities Revenue Bonds,

Genesis HealthCare System Obligated Group Project, Series

2013

5

.000

02/15/44

1,955,685

1,150,000

Ohio Air Quality Development Authority, Ohio, Pollution

Control Revenue Bonds, FirstEnergy Generation Corporation

Project, Refunding Series 2009D

3

.375

08/01/29

1,128,649

1,100,000

Ohio Higher Educational Facility Commission, Higher

Educational Facility Revenue Bonds, John Carroll University

2025 Project, Series 2025

5

.500

10/01/50

1,071,604

2,250,000

Ohio Higher Educational Facility Commission, Higher

Educational Facility Revenue Bonds, John Carroll University

2025 Project, Series 2025

5

.500

10/01/57

2,161,051

250,000

(b)

Ohio Housing Finance Agency, Multifamily Housing Revenue

Bonds, Silver Birch of Mansfield Project, Series 2024

6

.000

01/01/45

253,594

1,730,000

Ohio State, Hospital Revenue Bonds, Children's Hospital

Medical Center of Akron, Series 2024A

5

.250

08/15/48

1,818,841

1,900,000

Springboro Community City School District, Warren County,

Ohio, General Obligation Bonds, School Improvement Series

2026 - BAM Insured

5

.000

12/01/56

1,938,216

1,160,000

Springboro Community City School District, Warren County,

Ohio, General Obligation Bonds, School Improvement Series

2026 - BAM Insured

5

.250

12/01/61

1,197,471

1,700,000

Summit County Development Finance Authority, Ohio, Parking

System Revenue Bonds, University of Akron Parking Project

Series 2023

5

.500

12/01/43

1,813,993

1,000,000

Summit County Development Finance Authority, Ohio, Parking

System Revenue Bonds, University of Akron Parking Project

Series 2023

5

.625

12/01/48

1,049,374

5,000,000

Washington County, Ohio, Hospital Facilities Revenue Bonds,

Memorial Health System Obligated Group, Series 2022

6

.375

12/01/37

5,284,529

TOTAL OHIO

59,566,317

OKLAHOMA - 1.5%

1,925,000

Clinton Public Works Authority,  Oklahoma, Educational

Facilities, Lease Revenue Bonds, Series 2022

5

.000

10/01/35

2,022,743

10,000,000

(d)

Oklahoma City Water Utilities Trust, Oklahoma, Utility System

Revenue Bonds, Refunding & Improvement, Series 2024, (UB)

5

.250

07/01/64

10,416,908

750,000

Oklahoma Development Finance Authority, Health System

Revenue Bonds, OU Medicine Project, Taxable Series 2022

5

.500

08/15/37

767,570

10,000,000

Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds,

American Airlines Inc., Series 2025, (AMT)

6

.250

12/01/35

11,188,876

TOTAL OKLAHOMA

24,396,097

OREGON - 1.3%

1,625,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

5

.250

08/01/41

1,686,769

1,635,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

5

.250

08/01/42

1,691,449

1,375,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

5

.250

08/01/43

1,417,538

1,355,000

Deschutes and Jefferson Counties School District 2J Redmond,

Oregon, General Obligation Bonds, Series 2025

5

.000

06/15/44

1,449,465

915,000

Deschutes and Jefferson Counties School District 2J Redmond,

Oregon, General Obligation Bonds, Series 2025

5

.000

06/15/45

974,938

2,500,000

Medford Hospital Facilities Authority, Oregon, Hospital

Revenue Bonds, Asante Health System, Refunding Series

2020A

5

.000

08/15/45

2,540,763

525,000

(f)

Oregon Coast Community College District, Lincoln County,

Oregon, General Obligation Bonds, Convertible Deferred

Interest Series 2024

5

.000

06/15/43

561,663

23

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OREGON

(continued)

$

1,600,000

(b)

Oregon Facilities Authority Charter School Revenue Bonds,

Oregon, Portland Village School Project, Series 2024

6

.500

%

12/15/44

$

1,553,488

1,300,000

(b)

Oregon Facilities Authority Charter School Revenue Bonds,

Oregon, Portland Village School Project, Series 2024

6

.750

12/15/54

1,212,610

540,000

Oregon Housing and Community Services Department, Single

Family Mortgage Program Revenue Bonds, Series 2017G,

(AMT)

3

.450

01/01/33

514,017

4,475,000

Oregon Housing and Community Services Department, Single

Family Mortgage Program Revenue Bonds, Series 2025A

5

.050

07/01/50

4,541,442

2,000,000

Oregon State, General Obligation Bonds, Article XI-Q State

Projects, Refunding & New Money Series 2025A

5

.250

05/01/44

2,181,785

500,000

(b)

Port of Morrow, Morrow County Oregon, Full Faith and Credit

Obligations, Series 2024A

5

.150

10/01/26

500,072

TOTAL OREGON

20,825,999

PENNSYLVANIA - 3.7%

100,000

(b)

Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center

Project, Series 2018

5

.000

05/01/33

101,925

2,885,000

(b)

Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center

Project, Subordinate Series 2022

5

.250

05/01/42

2,967,931

5,355,000

(b)

Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center

Refunding Project, Series 2017

5

.000

05/01/42

5,363,427

4,600,000

Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, Refunding

Forward Delivery Series 2022

5

.000

05/01/42

4,723,846

11,000

Berks County Municipal Authority, Pennsylvania, Revenue

Bonds, Tower Health Project, Series 2024A-2

6

.000

06/30/34

11,514

147,000

Berks County Municipal Authority, Pennsylvania, Revenue

Bonds, Tower Health Project, Series 2024A-3

5

.000

06/30/39

138,164

73,000

(f)

Berks County Municipal Authority, Pennsylvania, Revenue

Bonds, Tower Health Project, Series 2024B-1

6

.000

06/30/44

55,526

23,000

Berks County Municipal Authority, Pennsylvania, Revenue

Bonds, Tower Health Project, Taxable Series 2024A-1

8

.000

06/30/34

23,111

2,100,000

Bucks County Industrial Development Authority, Pennsylvania,

Revenue Bonds, Grand View Hospital, Series 2021

5

.000

07/01/40

2,132,824

6,000,000

Pennsylvania Economic Development Financing Authority,

Pennsylvania, Private Activity Revenue Bonds, The PennDOT

Major Bridges Package One Project, Series 2022, (AMT)

5

.000

06/30/33

6,374,801

4,500,000

Pennsylvania Economic Development Financing Authority,

Pennsylvania, Private Activity Revenue Bonds, The PennDOT

Major Bridges Package One Project, Series 2022, (AMT)

5

.250

06/30/35

4,799,365

7,000,000

Pennsylvania Economic Development Financing Authority,

Pennsylvania, Private Activity Revenue Bonds, The PennDOT

Major Bridges Package One Project, Series 2022, (AMT)

5

.250

06/30/53

7,060,852

10,000,000

Pennsylvania Economic Development Financing Authority,

Private Activity Revenue Bonds, Pennsylvania Rapid Bridge

Replacement Project, Series 2015, (AMT)

5

.000

06/30/42

9,882,781

3,695,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Thomas Jefferson University, Series 2024B-1

5

.250

11/01/38

3,933,968

1,000,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2023-143A

4

.800

04/01/35

1,038,951

2,500,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2026-153A

4

.550

10/01/43

2,446,078

1,215,000

South Western School District of York County, Pennsylvania,

General Obligation Bonds, Series 2023

5

.250

02/15/50

1,247,231

5,625,000

Westmoreland County Municipal Authority, Pennsylvania,

Municipal Service Revenue Bonds, Series 2025

5

.000

08/15/47

5,819,242

TOTAL PENNSYLVANIA

58,121,537

Portfolio of Investments July 31, 2026

(continued)

Municipal Total Return

24

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

RHODE ISLAND - 0.3%

$

4,000,000

Rhode Island Infrastructure Bank, State Revolving Fund

Revenue Bonds, Master Trust Green Series 2025A

5

.250

%

10/01/50

$

4,232,992

TOTAL RHODE ISLAND

4,232,992

SOUTH CAROLINA - 1.7%

3,000,000

South Carolina Housing Finance and Development Authority,

Multifamily Housing Revenue Bonds, Edgewood Place

Apartments Series 2023A

4

.800

07/01/45

2,935,662

5,000,000

South Carolina Jobs-Economic Development Authority, Health

Care Facilities Revenue Bonds, Novant Health Group, Series

2024A

5

.500

11/01/45

5,357,850

4,000,000

South Carolina Jobs-Economic Development Authority, Health

Care Facilities Revenue Bonds, Novant Health Group, Series

2024A

5

.500

11/01/46

4,267,239

3,265,000

South Carolina Jobs-Economic Development Authority, Health

Care Facilities Revenue Bonds, Novant Health Group, Series

2024A

5

.500

11/01/50

3,433,363

250,000

South Carolina Jobs-Economic Development Authority,

Healthcare Revenue Bonds, Beaufort Memorial Hospital &

South of Broad Healthcare Project, Series 2024

5

.250

11/15/39

254,691

750,000

(b)

South Carolina Jobs-Economic Development Authority,

Revenue Bonds, Wesley Commons Project, Series 2025A

5

.500

10/01/45

765,082

2,000,000

South Carolina Public Service Authority, Santee Cooper

Revenue Obligations, Improvement Series 2025A

5

.000

12/01/55

2,033,913

7,380,000

South Carolina State Ports Authority, Revenue Bonds, Series

2019A

5

.000

07/01/44

7,531,026

TOTAL SOUTH CAROLINA

26,578,826

TENNESSEE - 0.3%

2,050,000

Chattanooga Health, Educational and Housing Facility Board,

Tennessee, Revenue Bonds, CommonSpirit Health, Series

2019A-2

5

.000

08/01/49

2,061,908

665,000

Knox County Health, Educational, and Housing Facilities

Board, Revenue Bonds, Provident Group - UTK Properties

LLC - University of Tennessee Project, Student Housing Series

2024A-1 - BAM Insured

5

.000

07/01/44

688,775

1,300,000

Metropolitan Nashville Airport Authority, Tennessee, Airport

Improvement Revenue Bonds, Series 2022A, (AMT)

5

.500

07/01/37

1,412,965

TOTAL TENNESSEE

4,163,648

TEXAS - 9.6%

685,000

(b)

Arlington Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Legacy Traditional Schools - Texas

Project, Refunding Series 2022A

6

.000

02/15/42

676,215

645,000

Arlington Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Uplift Education, Series 2016A

5

.000

12/01/51

613,445

3,000,000

Austin Independent School District, Travis County, Texas,

General Obligation Bonds, School Building Series 2024

5

.250

08/01/49

3,149,806

4,250,000

(d)

Austin, Texas, Water and Wastewater System Revenue Bonds,

Refunding & Improvement Series 2026, (UB)

5

.000

11/15/48

4,413,775

4,105,000

(d)

Austin, Texas, Water and Wastewater System Revenue Bonds,

Refunding & Improvement Series 2026, (UB)

5

.000

11/15/51

4,232,577

560,000

(b)

Austin, Travis, Williamson and Hays Counties, Texas,

Special Assessment Revenue Bonds, Whisper Valley Public

Improvement District Improvement Area 3, Series 2024

5

.000

11/01/44

560,846

1,500,000

Carrollton-Farmers Branch Independent School District, Dallas

County, Texas, General Obligation Bonds, School Building

Series 2025

5

.250

02/15/55

1,563,164

550,000

(b)

City of Midlothian, Texas, Westside Preserve Public

Improvement District Improvement Area #1 Project Special

Assessment Revenue Bonds Series 2022

5

.250

09/15/42

550,101

5,000,000

(d)

Conroe Independent School District, Montgomery County,

Texas, General Obligation Bonds, School Building Series 2026,

(UB)

4

.500

02/15/51

4,874,942

1,500,000

Dallas Fort Worth International Airport, Texas, Joint Revenue

Bonds, Refunding & Improvement Series 2025A-1, (AMT)

5

.250

11/01/39

1,609,015

25

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

276,000

(g)

Decatur Hospital Authority, Texas, Revenue Bonds, Wise

Regional Health System, Series 2021C, (Pre-refunded 9/01/31)

4

.000

%

09/01/44

$

283,709

750,000

(b)

Denton County, Texas, Special Assessment Revenue Bonds,

Tabor Ranch Public Improvement District Improvement Area 1

Project, Senior Lien Series 2024A

5

.250

12/31/44

760,924

1,350,000

Dripping Springs Independent School District, Hays County,

Texas, General Obligation Bonds, School Building Series 2025

5

.250

02/15/55

1,406,848

2,500,000

Fort Bend County, Texas, Toll Road Revenue Bonds, Senior Lien

Series 2025

5

.250

03/01/50

2,600,548

3,500,000

Fort Bend County, Texas, Toll Road Revenue Bonds, Senior Lien

Series 2025

5

.250

03/01/55

3,617,852

1,000,000

Fort Worth, Tarrant, Denton, Parker, Johnson, and Wise

Counties, Texas, Special Tax Revenue Bonds, Multipurpose

Arena Venue Project, Refunding Series 2025

5

.500

03/01/42

1,094,907

750,000

Fort Worth, Tarrant, Denton, Parker, Johnson, and Wise

Counties, Texas, Special Tax Revenue Bonds, Multipurpose

Arena Venue Project, Refunding Series 2025

5

.500

03/01/43

818,605

650,000

Galveston, Texas, Wharves and Terminal First Lien Revenue

Bonds, Series 2024A, (AMT)

5

.500

08/01/40

694,872

600,000

Galveston, Texas, Wharves and Terminal First Lien Revenue

Bonds, Series 2024A, (AMT)

5

.500

08/01/41

638,490

2,500,000

Georgetown Independent School District, Williamson County,

Texas, General Obligation Bonds, School Building Series 2024

4

.500

02/15/49

2,464,713

1,230,000

Hackberry, Texas, Combination Special Assessment and

Contract Revenue Road and Utility Bonds, Hidden Cove

Improvement District 2, Series 2017

4

.500

09/01/32

1,227,836

5,000,000

Harris County Hospital District, Texas, General Obligation

Bonds, Limited Tax Series 2025

5

.250

02/15/50

5,258,239

2,340,000

Highland Park Independent School District, Potter County,

Texas, General Obligation Bonds, School Building Series 2023

5

.250

02/15/42

2,515,947

5,000,000

Houston, Texas, Airport System Revenue Bonds, Refunding

Subordinate Lien Series 2023A - AGM Insured, (AMT)

5

.250

07/01/41

5,270,937

2,475,000

Houston, Texas, Airport System Special Facilities Revenue

Bonds, United Airlines, Inc. Terminal Improvements Project,

Series 2024B, (AMT)

5

.500

07/15/35

2,688,332

8,000,000

(d)

Houston, Texas, Combined Utility System Revenue Bonds,

Combined First Lien Refunding Series 2024A, (UB)

5

.250

11/15/49

8,413,235

2,690,000

Houston, Texas, Hotel Occupancy Tax and Special Revenue

Bonds, Convention and Entertainment Facilities Department,

Refunding First Lien Series 2026C

5

.250

09/01/51

2,804,701

6,000,000

Kerrville Public Utility Board Public Facility Corporation, Texas,

Power Supply Revenue Bonds, Series 2025A - BAM Insured

5

.250

04/15/46

6,367,288

250,000

(b)

Lavon, Texas, Special Assessment Revenue Bonds, Lavon Trails

Public Improvement District Project, Series 2025

6

.000

09/15/54

256,352

2,145,000

Lower Colorado River Authority, Texas, Transmission Contract

Revenue Bonds, LCRA Transmission Services Corporation

Project, Refunding & Improvement Series 2026

5

.250

05/15/56

2,212,967

1,500,000

Memorial City Redevelopment Authority, Texas, Tax Increment

Contract Revenue Bonds, Series 2025

5

.000

09/01/45

1,542,594

1,300,000

(b)

Mission Economic Development Corporation, Texas, Revenue

Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT)

4

.625

10/01/31

1,300,817

150,000

(a)

Mission Economic Development Corporation, Texas,

Solid Waste Disposal Revenue Bonds, Graphic Packaging

International, LLC Project, Green Series 2025, (AMT),

(Mandatory Put 6/01/30)

5

.000

12/01/64

154,867

750,000

(h)

New Hope Cultural Education Facilities Finance Corporation,

Texas, Student Housing Revenue Bonds, NCCD - College

Station Properties LLC - Texas A&M University Project,  Series

2015A

5

.000

07/01/30

731,774

1,500,000

North East Regional Mobility Authority, Texas, Revenue Bonds,

Refunding Senior Lien Series 2025A

5

.250

01/01/45

1,573,910

915,000

North East Regional Mobility Authority, Texas, Revenue Bonds,

Refunding Senior Lien Series 2025A

5

.250

01/01/46

956,176

Portfolio of Investments July 31, 2026

(continued)

Municipal Total Return

26

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

1,880,000

North Texas Municipal Water District, Water System Revenue

Bonds, Refunding & Improvement Series 2025

5

.000

%

09/01/55

$

1,937,689

6,595,000

(d)

Northwest Independent School District, Denton, Tarrant and

Wise Counties, Texas, General Obligation Bonds, School

Building Series 2025, (UB)

5

.250

02/15/55

6,915,331

800,000

Reagan Hospital District of Reagan County, Texas, Limited Tax

Revenue Bonds, Series 2014A

5

.000

02/01/29

800,052

2,185,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Hospital Revenue Bonds, Scott & White

Healthcare Project, Series 2022D

5

.500

11/15/47

2,304,121

3,850,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Retirement Facility Revenue Bonds,

Buckner Senior Living Ventana Project, Series 2017A

6

.625

11/15/37

3,884,352

5,000,000

(d)

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Revenue Bonds, Texas Health Resources

System, Series 2025A, (UB)

5

.000

11/15/49

5,119,296

5,000,000

Texas Department of Housing and Community Affairs, Single

Family Mortgage Revenue Bonds, Series 2022B

5

.250

09/01/52

5,017,522

4,255,000

Texas Department of Housing and Community Affairs, Single

Family Mortgage Revenue Bonds, Series 2022B

6

.000

03/01/53

4,601,244

2,700,000

Texas Private Activity Bond Surface Transpiration Corporation,

Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3

LLC Refunding Series 2023, (AMT)

5

.250

12/31/36

2,821,914

7,000,000

Texas Private Activity Bond Surface Transporation Corporation,

Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3

LLC Segments 3C Project, Series 2019, (AMT)

5

.000

06/30/58

6,831,397

2,450,000

Texas Private Activity Bond Surface Transportation Corporation,

Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-

635 Managed Lanes Project, Refunding  Series 2020A

4

.000

12/31/32

2,461,228

2,000,000

Texas State Technical College System, Financing System

Revenue Bonds, Improvement Series 2022A - AGM Insured

6

.000

08/01/54

2,147,399

6,500,000

Texas Transportation Finance Corporation, Toll Revenue Bonds,

SH 288 System TELA Toll Equity Loan Agreement Supported,

Refunding Subordinate Tier Series 2025A

5

.250

10/01/50

6,866,785

10,000,000

(d)

Texas Water Development Board, State Water Implementation

Revenue Fund Bonds, Master Trust Series 2025, (UB)

4

.750

10/15/55

9,810,983

1,500,000

(d)

Texas Water Development Board, State Water Implementation

Revenue Fund Bonds, Master Trust Series 2025, (UB)

4

.800

10/15/56

1,480,029

400,000

(b)

Town of Lakewood Village, Texas, Lakewood Village Public

Improvement District Improvement District No. 1 Project

Special Assessment Revenue Bonds Series 2022

5

.250

09/15/42

409,096

2,125,000

Upper Trinity Regional Water District, Texas, Regional Treated

Water Supply System Revenue Bonds, Refunding Series 2025 -

BAM Insured

5

.500

08/01/50

2,240,497

5,000,000

Willis Independent School District, Montgomery County, Texas,

General Obligation Bonds, School Building Series 2025

4

.750

02/15/55

4,971,789

TOTAL TEXAS

150,522,050

UTAH - 4.3%

1,500,000

(b)

Black Desert Public Infrastructure District, Utah, Limited Tax

General Obligation Bonds Series 2021A

4

.000

03/01/51

1,223,219

258,193

(b)

Black Desert Public Infrastructure District, Washington County,

Utah, Special Assessment Bonds, Black Desert Assessment

Area 1, Series 2024

5

.625

12/01/53

261,657

750,000

(b)

Deseret Public Infrastructure District 2, Tooele County, Utah,

Special Assessment Bonds, Deseret Assessment Area 1, Series

2026

6

.500

12/01/55

764,828

2,000,000

Downtown Revitalization Public Infrastructure District, Utah,

Sales Tax Revenue Bonds, Seg Redevelopment Project, First

Lien Series 2025A

5

.500

06/01/50

2,140,820

1,000,000

Downtown Revitalization Public Infrastructure District, Utah,

Sales Tax Revenue Bonds, Seg Redevelopment Project, First

Lien Series 2025A

5

.500

06/01/55

1,058,697

27

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTAH

(continued)

$

1,400,000

Downtown Revitalization Public Infrastructure District, Utah,

Sales Tax Revenue Bonds, SEG Redevelopment Project, Second

Lien Series 2025B

5

.250