1
Portfolio of Investments February 28, 2026
Georgia
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 98.1%   
X
144,049,203
MUNICIPAL BONDS - 98.1%  
X
–
CONSUMER DISCRETIONARY - 1.3%
$
2,200,000
Geo. L. Smith II Georgia World Congress Center Authority,
Georgia, Convention Center Hotel Revenue Bonds,  First Tier
Series 2021A
4.000
%
01/01/54
$
1,903,005
TOTAL CONSUMER DISCRETIONARY
1,903,005
EDUCATION AND CIVIC ORGANIZATIONS - 7.4%
1,250,000
Athens-Clarke County Unified Government Development
Authority, Georgia, Revenue Bonds, University of Georgia Project
- UGAREF West Precinct LLC, Series 2024
4.000
06/15/44
1,265,429
1,150,000
Athens-Clarke County Unified Government Development
Authority, Georgia, Revenue Bonds, University of Georgia Project
- UGAREF West Precinct LLC, Series 2024
4.000
06/15/49
1,096,244
750,000
Cobb County Development Authority, Georgia, Charter School
Revenue Bonds, Northwest Classical Academy, Inc. Project,
Series 2023A
6.375
06/15/58
749,346
815,000
Fulton County Development Authority, Georgia, Revenue Bonds,
Georgia Tech Athletic Association Project, Series 2019A
5.000
10/01/35
874,133
2,000,000
Fulton County Development Authority, Georgia, Revenue Bonds,
Robert W. Woodruff Arts Center, Inc. Project, Refunding Series
2015A
5.000
03/15/36
2,003,153
2,000,000
Fulton County Development Authority, Georgia, Revenue Bonds,
Robert W. Woodruff Arts Center, Inc. Project, Series 2019A
5.000
03/15/44
2,063,577
2,750,000
Gwinnett County Development Authority,  Georgia, Revenue
Bonds, Georgia Gwinnett College Student Housing Project,
Refunding Series 2017B
5.000
07/01/40
2,808,474
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
10,860,356
HEALTH CARE - 12.8%
3,590,000
Brookhaven Development Authority, Georgia, Revenue Bonds,
Children's Healthcare of Atlanta, Inc. Project, Series 2019A
4.000
07/01/49
3,372,663
1,880,000
Carroll City-County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Tanner Medical Center Inc. Project,
Series 2020
4.000
07/01/50
1,795,153
2,590,000
Carroll City-County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Tanner Medical Center Inc. Project,
Series 2025
5.000
07/01/40
2,934,535
455,000
Carroll City-County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Tanner Medical Center Inc. Project,
Series 2025
5.000
07/01/41
511,466
420,000
Cobb County Kennestone Hospital Authority, Georgia, Revenue
Anticipation Certificates, Wellstar Health System, Series 2017A
5.000
04/01/36
428,656
2,000,000
Columbia County Hospital Authority, Georgia, Revenue
Anticipation Certificates, WellStar Health System, Inc. Project,
Series 2023B
5.125
04/01/53
2,078,336
2,100,000
Columbia County Hospital Authority, Georgia, Revenue
Anticipation Certificates, WellStar Health System, Inc. Project,
Series 2023B
5.750
04/01/53
2,294,428
530,000
Dalton Development Authority, Georgia, Revenue Bonds,
Hamilton Health Care System Inc., Series 2024B
5.000
08/15/40
592,972
2,500,000
Fulton County Development Authority, Georgia, Revenue Bonds,
Piedmont Healthcare, Inc. Project, Series 2019A - BAM Insured
4.000
07/01/49
2,352,125
2,500,000
Savannah Hospital Authority, Georgia, Revenue Bonds, Saint
Joseph's/Candler Health System, Inc., Anticipation Certificate
Series 2019A
4.000
07/01/43
2,411,488
TOTAL HEALTH CARE
18,771,822
HOUSING/MULTIFAMILY - 3.0%
750,000
(a)
College Park Housing Authority, Georgia, Multifamily Housing
Revenue Bonds, Brad Blue Sky Apartments, LLC Project,  Series
2025, (Mandatory Put 4/01/28)
3.450
04/01/44
759,684
3,600,000
DeKalb County Housing Authority, Georgia, Multifamily Housing
Revenue Bonds, Kensington Station Project, Series 2023
4.000
12/01/33
3,716,216
TOTAL HOUSING/MULTIFAMILY
4,475,900
Portfolio of Investments February 28, 2026
(continued)
Georgia
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/SINGLE FAMILY - 1.1%
$
1,500,000
Georgia Housing and Finance Authority, Single Family Mortgage
Bonds, Series 2025C
5.050
%
12/01/45
$
1,551,639
TOTAL HOUSING/SINGLE FAMILY
1,551,639
INDUSTRIALS - 0.2%
250,000
Savannah-Georgia Convention Center Authority, Convention
Center Hotel Third Tier Revenue Bonds (HMT Pledge), Series
2025C
5.000
06/01/37
287,557
TOTAL INDUSTRIALS
287,557
TAX OBLIGATION/GENERAL - 14.5%
2,845,000
Atlanta, Georgia, General Obligation Bonds, Public Improvement
Social Series 2022A-1
5.000
12/01/41
3,167,363
850,000
Coweta County Public Facilities Authority, Georgia, Revenue
Bonds, Coweta County Project, Series 2022
5.000
09/01/42
935,442
1,815,000
Crisp County Hospital Authority, Georgia, Revenue Anticipation
Certificates, Crisp County Hospital Project, Series 2021
4.000
07/01/46
1,754,217
1,000,000
Dougherty County School District, Georgia, General Obligation
Bonds, Series 2026
5.000
06/01/34
1,193,691
1,100,000
East Point Building Authority, Georgia, Revenue Bonds, Water &
Sewer Project, Refunding Series 2017 - AGM Insured
5.000
02/01/34
1,124,485
4,000,000
Gainesville and Hall County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Northeast Georgia Health Services Inc.,
Series 2017B
5.250
02/15/45
4,053,973
1,120,000
Georgia State Road and Tollway Authority, Guaranteed Revenue
Bonds, Managed Lane System, Series 2021A
4.000
07/15/37
1,177,522
2,000,000
Georgia State Road and Tollway Authority, Guaranteed Revenue
Bonds, Managed Lane System, Series 2021A
4.000
07/15/39
2,082,879
750,000
Georgia State, General Obligation Bonds, Series 2022A
4.000
07/01/41
780,458
1,625,000
Greene County School District, Georgia, General Obligation
Bonds, Series 2023
4.000
06/01/48
1,581,384
1,000,000
Jackson County School District, Georgia, General Obligation
Bonds, School Series 2025
5.000
03/01/33
1,173,307
2,325,000
Walton County Water and Sewerage Authority, Georgia, Revenue
Bonds, Oconee-Hard Creek Reservoir Project, Series 2023
4.000
02/01/47
2,325,515
TOTAL TAX OBLIGATION/GENERAL
21,350,236
TAX OBLIGATION/LIMITED - 12.1%
1,500,000
Atlanta Development Authority, Georgia, Revenue Bonds, New
Downtown Atlanta Stadium Project, Second Lien Series 2015B
5.000
07/01/44
1,501,089
2,500,000
Atlanta Development Authority, Georgia, Revenue Bonds, New
Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1
5.250
07/01/44
2,502,510
630,000
Bulloch County Public Facilities Authority, Georgia, Revenue
Bonds, Series 2025
5.000
12/15/29
695,102
750,000
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,
Revenue Bonds, Galleria Centre Project Series 2025
5.000
10/01/34
897,353
1,250,000
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,
Revenue Bonds, Galleria Centre Project Series 2025
5.000
10/01/35
1,496,459
1,000,000
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,
Revenue Bonds, Galleria Centre Project Series 2025
5.000
10/01/36
1,186,331
40,000
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,
Revenue Bonds, Refunding Series 1993 - NPFG Insured
5.625
10/01/26
40,648
30,000
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,
Revenue Bonds, Refunding Series 2005 - NPFG Insured
5.500
10/01/26
30,522
1,671,000
Georgia Local Governments, Certificates of Participation, Georgia
Municipal Association, Series 1998A - NPFG Insured
4.750
06/01/28
1,723,856
1,000,000
Perry Public Facilities Authority, Georgia, Revenue Bonds, City of
Perry Projects, Series 2025
4.250
04/01/54
976,733
1,225,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0.000
07/01/33
952,572
1,825,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4.500
07/01/34
1,825,415
985,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.329
07/01/40
987,037
850,000
Rome Building Authority, Georgia, Revenue Bonds, Rome City
Schools Project, Series 2023
5.000
03/01/39
960,552
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
975,000
Savannah Economic Development Authority, Georgia, Revenue
Bonds, Forsyth Park Parking Project, Series 2026A
5.000
%
08/01/54
$
1,033,231
1,000,000
Savannah Economic Development Authority, Georgia, Revenue
Bonds, Forsyth Park Parking Project, Series 2026A
4.500
08/01/57
1,006,291
TOTAL TAX OBLIGATION/LIMITED
17,815,701
TRANSPORTATION - 12.2%
1,000,000
Atlanta, Georgia, Airport General Revenue Bonds, Green Series
2024A-1
5.000
07/01/54
1,044,613
1,000,000
Atlanta, Georgia, Airport General Revenue Bonds, Green Series
2025B-1, (AMT)
5.500
07/01/55
1,061,759
1,190,000
Atlanta, Georgia, Airport General Revenue Bonds, Refunding
Series 2021B
4.000
07/01/38
1,229,898
2,000,000
Atlanta, Georgia, Airport General Revenue Bonds, Series 2022A
5.000
07/01/47
2,103,250
2,000,000
Atlanta, Georgia, Airport Passenger Facilities Charge and
General Revenue Bonds, Subordinate Lien Series 2019D, (AMT)
4.000
07/01/38
2,018,682
160,000
Augusta, Georgia, Airport Revenue Bonds, Refunding General
Series 2015A
5.000
01/01/32
160,194
170,000
Augusta, Georgia, Airport Revenue Bonds, Refunding General
Series 2015A
5.000
01/01/33
170,196
100,000
Augusta, Georgia, Airport Revenue Bonds, Refunding General
Series 2015A
5.000
01/01/34
100,111
150,000
Augusta, Georgia, Airport Revenue Bonds, Refunding General
Series 2015A
5.000
01/01/35
150,168
3,625,000
Georgia Ports Authority, Revenue Bonds, Series 2021
4.000
07/01/46
3,574,319
2,000,000
Georgia Ports Authority, Revenue Bonds, Series 2021
4.000
07/01/51
1,901,875
1,000,000
Georgia Ports Authority, Revenue Bonds, Series 2022
4.000
07/01/47
979,438
3,200,000
Georgia Ports Authority, Revenue Bonds, Series 2022
5.000
07/01/47
3,383,498
TOTAL TRANSPORTATION
17,878,001
U.S. GUARANTEED - 2.1% (b)
1,000,000
Atlanta, Georgia, Water and Wastewater Revenue Bonds,
Refunding Series 2017A, (Pre-refunded 11/01/27)
5.000
11/01/37
1,048,010
2,000,000
Sandy Springs Public Facilities Authority, Georgia, Revenue
Bonds, Sandy Springs City Center Project, Series 2015, (Pre-
refunded 5/01/26)
5.000
05/01/47
2,009,586
TOTAL U.S. GUARANTEED
3,057,596
UTILITIES - 31.4%
1,000,000
Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series
2021 - BAM Insured
4.000
12/01/46
972,201
1,170,000
Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series
2021 - BAM Insured
4.000
12/01/51
1,105,117
2,000,000
(a)
Burke County Development Authority, Georgia, Pollution Control
Revenue Bonds, Georgia Power Company, Fifth Series 1994,
(Mandatory Put 6/13/28)
3.700
10/01/32
2,048,077
1,250,000
Burke County Development Authority, Georgia, Pollution Control
Revenue Bonds, Oglethorpe Power Corporation Vogtle Project,
Series 2017C
4.125
11/01/45
1,215,424
2,010,000
Burke County Development Authority, Georgia, Pollution Control
Revenue Bonds, Oglethorpe Power Corporation Vogtle Project,
Series 2017D
4.125
11/01/45
1,954,402
2,000,000
Cartersville, Georgia, Water and Sewer Revenue Bonds, Series
2018
5.000
06/01/48
2,037,874
1,000,000
Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020
4.000
03/01/41
1,005,741
1,150,000
DeKalb County, Georgia, Water and Sewerage Revenue Bonds,
Refunding Series 2006B - AGM Insured
5.250
10/01/32
1,169,833
3,850,000
DeKalb County, Georgia, Water and Sewerage Revenue Bonds,
Second Resolution Series  2022
5.000
10/01/47
4,060,254
3,000,000
DeKalb County, Georgia, Water and Sewerage Revenue Bonds,
Second Resolution Series 2022
5.000
10/01/52
3,124,489
3,000,000
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4
Project P Bonds, Series 2019B
5.000
01/01/48
3,017,071
2,630,000
Main Street Natural Gas Inc., Georgia, Gas Project Revenue
Bonds, Series 2007A
5.500
09/15/27
2,730,399
Portfolio of Investments February 28, 2026
(continued)
Georgia
4
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
500,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2019A
4.000
%
05/15/39
$
500,583
1,750,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2019A
5.000
05/15/43
1,793,035
1,000,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2024E
5.000
12/01/32
1,099,394
2,000,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2025B, (Mandatory Put 12/01/35)
5.000
12/01/55
2,181,731
3,500,000
Monroe, Georgia, Combined Utilities Revenue Bonds, Series
2020 - AGM Insured
4.000
12/01/50
3,327,693
3,500,000
Municipal Electric Authority of Georgia, Project One Revenue
Bonds, Subordinate Lien Series 2015A
0.000
01/01/32
2,884,679
2,000,000
Municipal Electric Authority of Georgia, Project One Revenue
Bonds, Subordinate Lien Series 2020A
5.000
01/01/45
2,071,213
2,500,000
Municipal Electric Authority of Georgia, Project One Revenue
Bonds, Subordinate Lien Series 2020A
5.000
01/01/50
2,539,941
1,255,000
Municipal Electric Authority of Georgia, Project One Revenue
Bonds, Subordinate Series 2024A - BAM Insured
5.250
01/01/54
1,315,209
750,000
Springfield, Georgia, Water and Sewer Revenue Bonds, Series
2025
4.500
09/01/55
752,981
2,000,000
Upper Oconee Basin Water Authority, Georgia, Water Revenue
Bonds, Series 2024
5.000
07/01/55
2,101,586
1,045,000
Walton County Water and Sewerage Authority, Georgia, Revenue
Bonds, Walton-Hard Labor Creek Reservoir Water Treatment
Facility Project, Series 2022
5.000
02/01/53
1,088,463
TOTAL UTILITIES
46,097,390
TOTAL MUNICIPAL BONDS
(Cost $142,135,701)
144,049,203
TOTAL LONG-TERM INVESTMENTS
(Cost $142,135,701)
144,049,203
OTHER ASSETS & LIABILITIES, NET - 1.9%
2,740,788
NET ASSETS - 100%
$
146,789,991
AMT
Alternative Minimum Tax
(a)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(b)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
5
them:
Georgia
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
144,049,203
$
–
$
144,049,203
Total
$
–
$
144,049,203
$
–
$
144,049,203
6
Portfolio of Investments February 28, 2026
Louisiana
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 98.3%   
X
217,090,779
MUNICIPAL BONDS - 98.3%  
X
–
CONSUMER DISCRETIONARY - 0.5%
$
1,000,000
Virgin Islands Hotel Development Financing Corporation, Hotel
Revenue Bonds Frenchmanas Reef Hotel Acquisition Project,
Senior Lien Series 2025A-1
6.000
%
12/01/55
$
1,004,167
TOTAL CONSUMER DISCRETIONARY
1,004,167
CONSUMER STAPLES - 1.3%
1,000,000
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco
Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien
Series 2020A-2 Class 1
3.000
06/01/48
726,779
585,000
Guam Economic Development & Commerce Authority, Tobacco
Settlement Asset-Backed Bonds, Series 2007A
5.250
06/01/32
579,585
315,000
New York Counties Tobacco Trust VI, New York, Tobacco
Settlement Pass-Through Bonds, Turbo Term Series 2016A.
Including 2016A-1, 2016A-2A and 2016A-2B
5.000
06/01/45
278,641
165,000
Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2018B
5.000
06/01/46
163,486
1,160,000
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006
5.000
06/01/48
1,069,219
TOTAL CONSUMER STAPLES
2,817,710
EDUCATION AND CIVIC ORGANIZATIONS - 24.4%
1,025,000
(a)
Jefferson Parish Economic Development and Port District,
Louisiana, Kenner Discovery Health Sciences Academy Project,
Series 2018A
5.500
06/15/38
1,037,466
1,500,000
(a)
Jefferson Parish Economic Development and Port District,
Louisiana, Kenner Discovery Health Sciences Academy Project,
Series 2018A
5.625
06/15/48
1,487,788
815,000
Lafayette Public Trust Financing Authority, Louisiana, Revenue
Bonds, Ragin' Cajun Facilities Inc. Project, Refunding Series 2012
- AGM Insured
5.000
10/01/27
816,581
500,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Ragin' Cajun Facilities Inc.- Athletic Facilities Project, Refunding
Series 2021 - AGM Insured
4.000
10/01/40
507,064
720,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Ragin' Cajun Facilities Inc.- Athletic Facilities Project, Refunding
Series 2021 - AGM Insured
4.000
10/01/42
723,661
3,000,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Ragin' Cajun Facilities Inc.- Student Housing & Parking Project,
Series 2018 - AGM Insured
5.000
10/01/48
3,023,154
1,030,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Ragin' Cajun Facilities Inc.- Student Union/University Facilities
Project, Series 2021 - AGM Insured
4.000
10/01/39
1,063,793
750,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Ragin Cajun Facilities, Inc. - Lewis Street Parking Garage Project,
Refunding Series 2021 - AGM Insured
4.000
10/01/42
753,813
1,000,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds, Louisiana
Tech University Student Housing/Innovative Student Facilities Inc.
Project, Series 2016A
4.000
10/01/46
961,689
500,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds, McNeese
State University Student Parking - Cowboy Facilities, Inc. Project,
Refunding Series 2021
3.000
03/01/33
492,726
1,200,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds, McNeese
State University Student Parking - Cowboy Facilities, Inc. Project,
Refunding Series 2021
3.000
03/01/37
1,104,744
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
1,270,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds, McNeese
State University Student Parking - Cowboy Facilities, Inc. Project,
Refunding Series 2021
3.000
%
03/01/39
$
1,106,925
1,000,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds, McNeese
State University Student Parking - Cowboy Facilities, Inc. Project,
Refunding Series 2021
3.000
03/01/42
814,986
2,385,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds, Nicholls
State University Student Recreation Center/NSU Facilities
Corporation Project, Refunding Series 2021
4.000
10/01/38
2,264,386
2,000,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds, Ragin'
Cajun Facilities Inc.- Student Housing & Parking Project, Series
2017 - AGM Insured
5.000
10/01/39
2,039,398
1,500,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds,
Southeastern Louisiana University student Housing/University
Facilities Project, Series 2017 - AGM Insured
5.000
08/01/42
1,527,734
1,300,000
(a)
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Lake Charles College Prep Project, Series 2019A
5.000
06/01/39
1,303,705
220,000
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Tulane University, Refunding Series 2017A
5.000
12/15/30
229,887
1,680,000
(a)
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Young Audiences Charter School, Series 2019A
5.000
04/01/39
1,653,164
1,000,000
(a)
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Young Audiences Charter School, Series 2019A
5.000
04/01/57
854,789
200,000
Louisiana Public Facilities Authority, Lease Revenue Bonds,
Provident Group-Flagship Properties LLC - Louisiana State
University GreenHouse District Phase II Project, Series 2017
5.000
07/01/42
202,685
2,365,000
Louisiana Public Facilities Authority, Lease Revenue Bonds,
Provident Group-Flagship Properties LLC - Louisiana State
University GreenHouse District Phase III Project, Series 2019A -
BAM Insured
4.000
07/01/54
2,185,552
4,510,000
Louisiana Public Facilities Authority, Lease Revenue Bonds,
Provident Group-Flagship Properties LLC - Louisiana State
University GreenHouse District Phase III Project, Series 2019A -
BAM Insured
5.000
07/01/59
4,515,098
6,000,000
Louisiana Public Facilities Authority, Lease Revenue Bonds,
Provident Group-Flagship Properties LLC - Louisiana State
University Nicolson Gateway Project, Series 2016A
5.000
07/01/51
5,999,957
500,000
(a)
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Jefferson Rise Charter School Project, Series 2022A
6.250
06/01/52
502,986
540,000
(a)
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Jefferson Rise Charter School Project, Series 2022A
6.375
06/01/62
542,902
2,000,000
(a)
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Lake Charles Charter Academy Foundation Project, Refunding
Series 2024A
5.000
12/15/43
2,001,475
270,000
(a)
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Lincoln Preparatory School Project, Series 2022A
6.500
06/01/62
248,296
1,275,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Loyola University of New Orleans Project, Refunding Series 2021
4.000
10/01/40
1,224,815
20,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Loyola University of New Orleans Project, Refunding Series 2021
4.000
10/01/41
18,966
1,850,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Loyola University of New Orleans Project, Refunding Series 2021
4.000
10/01/51
1,540,082
2,000,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Loyola University of New Orleans Project, Refunding Series
2023A
5.250
10/01/48
2,010,916
250,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Loyola University of New Orleans Project, Series 2023A
5.000
10/01/27
257,113
250,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Loyola University of New Orleans Project, Series 2023A
5.000
10/01/28
260,834
Portfolio of Investments February 28, 2026
(continued)
Louisiana
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
3,000,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Tulane University, Refunding Series 2023A
5.000
%
10/15/48
$
3,134,963
1,000,000
(b)
Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese
of New Orleans, Refunding Series 2017
5.000
07/01/37
415,000
2,835,000
Louisiana Public Facilities Authority, Revenue Bonds, Loyola
University Project, Refunding Series 2017
5.250
10/01/31
3,097,688
2,040,000
Louisiana Public Facilities Authority, Revenue Bonds, Loyola
University Project, Refunding Series 2017
5.250
10/01/46
2,066,406
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
53,993,187
ENERGY - 1.5%
2,000,000
(a),(c)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2008, (Mandatory Put 6/01/30)
6.100
06/01/38
2,229,114
610,000
(a)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2010
6.350
07/01/40
674,909
205,000
(a),(c)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2010B, (Mandatory Put 6/01/30)
6.100
12/01/40
228,646
100,000
(c)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2011, (Mandatory Put 6/01/30)
3.700
08/01/41
102,927
TOTAL ENERGY
3,235,596
HEALTH CARE - 14.4%
715,000
Calcasieu Parish Memorial Hospital Service District, Louisiana,
Revenue Bonds, Lake Charles Memorial Hospital, Refunding
Series 2019
5.000
12/01/34
733,042
390,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5.000
08/01/39
407,969
420,000
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C
5.000
02/15/36
428,514
2,000,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Womans Hospital Foundation Project, Refunding Series 2017A
4.000
10/01/41
1,983,744
3,000,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Womans Hospital Foundation Project, Refunding Series 2017A
5.000
10/01/41
3,063,936
3,000,000
Louisiana Public Facilities Authority, Hospital Revenue Bonds,
Franciscan Missionaries of Our Lady Health System, Series 2017A
5.000
07/01/47
3,021,155
3,000,000
Louisiana Public Facilities Authority, Hospital Revenue Bonds,
Louisiana Children's Medical Center Hospital, Series 2015A-1.
Fixed Rate Mode
5.000
06/01/45
3,056,902
300,000
Louisiana Public Facilities Authority, Hospital Revenue Bonds,
Louisiana Children's Medical Center Hospital, Series 2020A
4.000
06/01/50
260,402
3,245,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Christus Health, Refunding Series 2019A
5.000
07/01/43
3,362,102
2,200,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2025A
5.250
05/15/55
2,306,005
3,980,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2025A
5.500
05/15/55
4,251,891
200,000
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Series 2015
5.000
05/15/47
200,083
310,000
Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Financing Authority, Hospital
Revenue Bonds, (Hospital Auxilio Mutuo Obligated Group
Project, Refunding Series 2021
5.000
07/01/31
337,610
1,000,000
Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Financing Authority, Hospital
Revenue Bonds, (Hospital Auxilio Mutuo Obligated Group
Project, Refunding Series 2021
5.000
07/01/32
1,084,494
1,715,000
Saint Tammany Parish Hospital Service District 1, Louisiana,
Hospital Revenue Bonds, St. Tammany Parish Hospital Project,
Refunding Series 2018A
5.000
07/01/36
1,786,193
1,400,000
Saint Tammany Parish Hospital Service District 1, Louisiana,
Hospital Revenue Bonds, St. Tammany Parish Hospital Project,
Refunding Series 2018A
5.000
07/01/37
1,454,489
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
1,000,000
Saint Tammany Parish Hospital Service District 1, Louisiana,
Hospital Revenue Bonds, St. Tammany Parish Hospital Project,
Refunding Series 2018A
4.000
%
07/01/43
$
987,098
1,000,000
Tangipahoa Parish Hospital Service District 1, Louisiana, Hospital
Revenue Bonds, North Oaks Health System Project, Refunding
Series 2021
4.000
02/01/39
1,012,766
2,000,000
Terrebonne Parish Hospital Service District 1, Louisiana, Hospital
Revenue Bonds, Terrebonne General Medical Center, Refunding
Series 2026
5.500
04/01/55
2,143,918
TOTAL HEALTH CARE
31,882,313
HOUSING/MULTIFAMILY - 1.2%
1,775,000
Louisiana Housing Finance Agency, Multifamily Housing Revenue
Bonds, Mallard Crossings Apartments, Series 2011
4.750
10/01/29
1,776,998
1,000,000
(a)
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Provident Group - HSC Properties Inc - LSU Health Foundation,
New Orleans Project, Senior Lien Series 2020A-1
5.500
01/01/50
769,383
TOTAL HOUSING/MULTIFAMILY
2,546,381
HOUSING/SINGLE FAMILY - 2.2%
750,000
Capital Area Finance Authority, Louisiana, Single Family
Mortgage Revenue Bonds, Series 2025B
5.050
10/01/55
760,332
1,125,000
Louisiana Housing Corporation, Single Family Mortgage Revenue
Bonds, Home Ownership Program, Series 2020B
3.500
06/01/50
1,130,347
1,905,000
Louisiana Housing Corporation, Single Family Mortgage Revenue
Bonds, Home Ownership Program, Series 2021D
3.250
06/01/52
1,906,062
1,075,000
Louisiana Housing Corporation, Single Family Mortgage Revenue
Bonds, Home Ownership Program, Series 2024A
4.650
12/01/54
1,077,723
TOTAL HOUSING/SINGLE FAMILY
4,874,464
INDUSTRIALS - 5.3%
470,000
(a)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Cameron Parish GOMESA Project, Green Series 2018
5.650
11/01/37
495,502
2,835,000
(a)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Jefferson Parish GOMESA Project, Series 2019
4.000
11/01/44
2,724,275
900,000
(a)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
New Orleans GOMESA Project, Series 2021
4.000
11/01/46
836,899
2,000,000
(a)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Saint Bernard Parish GOMESA Project, Series 2025
5.125
11/01/50
2,018,978
70,000
(a)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Saint John the Baptist Parish GOMESA Project, Series 2019
3.900
11/01/44
66,374
1,025,000
(a)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Saint Martin Parish GOMESA Project, Series 2019
4.400
11/01/44
1,027,341
1,020,000
(a)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Saint Mary Parish GOMESA Project, Series 2019
4.400
11/01/44
1,022,584
1,680,000
(a)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Saint Tammany Parish GOMESA Project, Series 2020
3.875
11/01/45
1,555,222
100,000
(a)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Terrebonne Parish GOMESA Project, Series 2018
5.375
11/01/38
104,501
300,000
(a)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Terrebonne Parish GOMESA Project, Series 2018
5.500
11/01/39
313,737
1,275,000
(a)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Vermilion Parish GOMESA Project, Green Series 2019
4.625
11/01/38
1,308,311
1,000,000
(a),(b)
Louisiana Public Facilities Authority, Solid Waste Disposal Facility
Revenue Bonds,  Lousiana Pellets Inc Project, Series 2015, (AMT)
7.000
07/01/26
10
Portfolio of Investments February 28, 2026
(continued)
Louisiana
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIALS
(continued)
$
250,000
(a)
Saint Paul Port Authority, Minnesota, Solid Waste Disposal
Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-
7, (AMT)
4.500
%
10/01/37
$
250,012
TOTAL INDUSTRIALS
11,723,746
LONG-TERM CARE - 1.4%
850,000
(a)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds, Christwood
Project, Refunding Series 2024
5.250
11/15/59
809,936
2,800,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds, The Glen
Retirement System Project, Series 2019A
5.000
01/01/49
2,216,262
TOTAL LONG-TERM CARE
3,026,198
TAX OBLIGATION/GENERAL - 9.1%
1,055,000
Calcasieu Parish School District 23, Louisiana, General Obligation
Bonds, Public School Improvement Series 2019 - BAM Insured
4.000
09/01/37
1,082,815
1,600,000
Calcasieu Parish School District 23, Louisiana, General Obligation
Bonds, Public School Improvement Series 2019 - BAM Insured
4.000
09/01/38
1,634,906
265,000
Cameron Parish School District 15, Louisiana, General Obligtion
Bonds, Series 2021
4.000
10/01/37
271,381
350,000
Cameron Parish School District 15, Louisiana, General Obligtion
Bonds, Series 2021
4.000
10/01/39
356,756
425,000
Cameron Parish School District 15, Louisiana, General Obligtion
Bonds, Series 2021
4.000
10/01/40
432,047
1,125,000
Central Community School System, East Baton Rouge Parish,
Louisiana, General Obligation Bonds, Series 2020
4.000
03/01/39
1,149,576
545,000
Livingston Parish School District 1, Louisiana, General Obligation
Bonds, Series 2021 - BAM Insured
4.000
05/01/39
558,381
1,000,000
Livingston Parish School District 1, Louisiana, General Obligation
Bonds, Series 2021 - BAM Insured
4.000
05/01/41
1,018,368
980,000
Louisiana State, General Obligation Bonds, Series 2021A
5.000
03/01/41
1,053,118
2,000,000
New Orleans, Louisiana, General Obligation Bonds, Public
Improvement Series 2021A - BAM Insured
5.000
12/01/46
2,065,189
125,000
New Orleans, Louisiana, General Obligation Bonds, Refunding
Series 2015
5.000
12/01/27
125,209
1,835,000
New Orleans, Louisiana, General Obligation Bonds, Refunding
Series 2022
5.250
12/01/38
2,042,165
1,125,000
(d)
Saint John Baptist Parish, Louisiana, General Obligation Bonds,
Series 2026
5.000
03/01/45
1,213,047
1,800,000
Saint Tammany Parish Hospital Service District 2, Louisiana,
General Obligation Bonds, Series 2025 - BAM Insured
5.000
03/01/41
1,972,837
2,155,000
Saint Tammany Parish Hospital Service District 2, Louisiana,
General Obligation Bonds, Series 2025 - BAM Insured
5.000
03/01/42
2,338,516
1,305,000
Saint Tammany Parish Hospital Service District 2, Louisiana,
Hospital Revenue Bonds, Series 2021 - BAM Insured
4.000
03/01/38
1,348,793
1,430,000
Saint Tammany Parish Hospital Service District 2, Louisiana,
Hospital Revenue Bonds, Series 2021 - BAM Insured
4.000
03/01/40
1,467,067
TOTAL TAX OBLIGATION/GENERAL
20,130,171
TAX OBLIGATION/LIMITED - 11.8%
170,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2015D
4.000
11/15/39
164,721
3,000,000
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special
Sales Tax Revenue Bonds, Series 2017B - AGM Insured
5.000
12/01/42
3,067,582
2,000,000
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special
Sales Tax Revenue Bonds, Series 2019B - AGM Insured
4.000
12/01/38
2,036,694
3,000,000
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special
Sales Tax Revenue Bonds, Series 2019B - AGM Insured
4.000
12/01/39
3,043,057
1,575,000
Juban Crossing Economic Development District, Louisiana,
Revenue Bonds, General Infrastructure Projects, Subordinate Lien
Series 2025C
6.000
09/15/55
1,631,822
1,000,000
(a)
Juban Trails Community Development District, Livingston Parish,
Louisiana, Special Assessment  Revenue Bonds, Series 2022
4.250
06/01/51
857,459
1,000,000
Lakeshore Villages Master Community Development District,
Louisiana, Special Assessment Revenue Bonds, Series 2022
5.500
06/01/52
1,022,430
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
2,325,000
Louisiana Stadium and Exposition District, Revenue Bonds,
Senior Series 2023A
5.000
%
07/01/48
$
2,424,647
1,735,000
Louisiana Stadium and Exposition District, Revenue Bonds,
Senior Series 2023A
5.250
07/01/53
1,814,697
725,000
Louisiana State Correctional Facilities Corporation, Lease
Revenue Bonds, Correctional Institution for Women Series 2023
4.000
10/01/41
736,228
1,000,000
Louisiana State Correctional Facilities Corporation, Lease
Revenue Bonds, Correctional Institution for Women Series 2023
4.000
10/01/43
1,004,344
1,435,000
Louisiana State Correctional Facilities Corporation, Lease
Revenue Bonds, Office of Juvenile Justice Project, Series 2021
4.000
10/01/38
1,461,592
1,305,000
Louisiana State Correctional Facilities Corporation, Lease
Revenue Bonds, Office of Juvenile Justice Project, Series 2021
4.000
10/01/40
1,317,399
3,505,000
Louisiana State, Gasoline and Fuels Tax Revenue Bonds,
Refunding Second Lien Series 2024A
4.000
05/01/44
3,512,256
160,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5.000
10/01/39
169,654
365,000
(a)
Public Finance Authority of Wisconsin, Limited Obligation PILOT
Revenue Bonds, American Dream @ Meadowlands Project, Series
2017
5.000
12/01/27
284,700
344,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0.000
07/01/46
123,740
750,000
Saint Charles Parish School Board, Louisiana, Sales & Use Tax
Bonds, Series 2019
4.000
08/01/37
770,086
680,000
Saint Charles Parish School Board, Louisiana, Sales & Use Tax
Bonds, Series 2019
4.000
08/01/39
693,415
TOTAL TAX OBLIGATION/LIMITED
26,136,523
TRANSPORTATION - 12.6%
2,000,000
Board of Commissioners of the Port of New Orleans Port Facility
Revenue Bonds, Louisiana, Series 2020 D (Non-AMT) and Series
2020E (AMT)
5.000
04/01/50
2,042,139
785,000
Colorado High Performance Transportation Enterprise, C-470
Express Lanes Revenue Bonds, Senior Lien Series 2017
5.000
12/31/51
784,960
1,085,000
Greater New Orleans Expressway Commission, Louisiana, Toll
Revenue Bonds, Subordinate Lien Refunding Series 2025
5.000
11/01/46
1,146,967
100,000
Guam A.B. Won Pat  International Airport Authority, Revenue
Bonds, Series 2024A, (AMT)
5.000
10/01/34
111,557
100,000
Guam A.B. Won Pat  International Airport Authority, Revenue
Bonds, Series 2024A, (AMT)
5.250
10/01/35
113,115
175,000
Guam A.B. Won Pat  International Airport Authority, Revenue
Bonds, Series 2024A, (AMT)
5.250
10/01/37
195,505
100,000
Guam A.B. Won Pat  International Airport Authority, Revenue
Bonds, Series 2024A, (AMT)
5.250
10/01/38
110,935
100,000
Guam A.B. Won Pat  International Airport Authority, Revenue
Bonds, Series 2024A, (AMT)
5.250
10/01/39
110,227
100,000
Guam A.B. Won Pat  International Airport Authority, Revenue
Bonds, Series 2024A, (AMT)
5.250
10/01/40
109,430
5,465,000
Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds,
I-10 Calcasieu River Bridge Public-Private Partnership Project,
Senior Lien Series 2024, (AMT)
5.000
09/01/66
5,316,606
200,000
New Orleans Aviation Board, Louisiana, General Airport Revenue
Bonds, Gilf Opportunity Zone Project, Refunding Series 2019
4.000
01/01/37
203,496
1,000,000
New Orleans Aviation Board, Louisiana, General Airport Revenue
Bonds, Gilf Opportunity Zone Project, Refunding Series 2019
4.000
01/01/38
1,014,983
1,015,000
New Orleans Aviation Board, Louisiana, General Airport Revenue
Bonds, Gilf Opportunity Zone Project, Refunding Series 2019
4.000
01/01/39
1,028,115
1,880,000
New Orleans Aviation Board, Louisiana, General Airport Revenue
Bonds, North Terminal Project, Series 2017B, (AMT)
5.000
01/01/48
1,884,629
1,000,000
New Orleans Aviation Board, Louisiana, General Airport Revenue
Bonds, Series 2024C-2, (AMT)
5.250
01/01/49
1,040,346
1,250,000
New Orleans Aviation Board, Louisiana, General Airport Revenue
Bonds, Series 2024C-2, (AMT)
5.250
01/01/51
1,293,678
Portfolio of Investments February 28, 2026
(continued)
Louisiana
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
1,800,000
New Orleans Aviation Board, Louisiana, Special Facility Revenue
Bonds, Parking Facilities Corporation Consolidated Garage
System, Series 2018A - AGM Insured
5.000
%
10/01/43
$
1,851,462
840,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5.000
07/01/46
840,334
1,115,000
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
06/30/59
1,190,061
500,000
(a)
Plaquemines Port, Louisiana, Harbor and Terminal District
Facilities Revenue Bonds NOLA Terminal LLC Project Dock and
Wharf Series 2024A
9.000
12/01/44
442,632
4,000,000
Port New Orleans Board of Commissioners, Louisiana, Revenue
Bonds, Port Facilities, AMT Series 2025B, (AMT)
5.500
04/01/54
4,229,655
2,750,000
Port New Orleans Board of Commissioners, Louisiana, Revenue
Bonds, Port Facilities, Refunding Series 2018B - AGM Insured,
(AMT)
5.000
04/01/45
2,780,889
TOTAL TRANSPORTATION
27,841,721
U.S. GUARANTEED - 0.2% (e)
85,000
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C, (Pre-refunded 2/15/27)
5.000
02/15/36
87,276
355,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Tulane University, Refunding Series 2020A, (Pre-refunded
4/01/30)
4.000
04/01/50
376,240
TOTAL U.S. GUARANTEED
463,516
UTILITIES - 12.4%
1,665,000
East Baton Rouge Sewerage Commission, Louisiana, Revenue
Bonds, Refunding Series 2019A
4.000
02/01/45
1,666,868
505,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds,  Refunding Series 2024A
5.000
07/01/35
576,640
1,000,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Series 2020A
5.000
01/01/50
1,020,661
1,150,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Series 2025A
5.500
07/01/55
1,208,793
535,000
Guam Power Authority, Revenue Bonds, Refunding Series 2024A
5.000
10/01/39
589,885
1,750,000
Lafourche Parish Water District 1, Louisiana, Water Revenue
Bonds, Series 2025
4.375
01/01/50
1,714,203
1,525,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
East Baton Rouge Sewerage Commission Projects, Refunding
Subordinate Lien Series 2024 - BAM Insured
5.000
02/01/41
1,679,268
1,000,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue Bonds,
Entergy Lousiana, LLC Project, Refunding Series 2021B
2.500
04/01/36
897,168
7,315,000
Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power
LLC Project, Series 2008
4.250
12/01/38
7,317,369
1,085,000
New Orleans, Louisiana, Sewerage Service Revenue Bonds,
Series 2020B
5.000
06/01/45
1,117,744
1,000,000
New Orleans, Louisiana, Sewerage Service Revenue Bonds,
Series 2020B
4.000
06/01/50
893,905
1,000,000
Ohio Water Development Authority, Pollution Control Revenue
Refunding Bonds, FirstEnergy Nuclear Generating Corporation
Project, Series 2009A
4.750
06/01/33
1,070,482
1,505,000
Pineville, Louisiana, Utility Revenue Bonds, Series 2022 - BAM
Insured
4.000
05/01/42
1,536,854
1,000,000
Pineville, Louisiana, Utility Revenue Bonds, Series 2022 - BAM
Insured
4.000
05/01/47
979,437
365,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior
Lien Series 2019B - AGM Insured
4.000
12/01/49
336,592
1,500,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds,
Refunding Series 2020B
3.000
12/01/50
1,085,997
2,000,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Series
2016B - BAM Insured
5.000
12/01/41
2,014,284
13
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,000,000
Tangipahoa Water District, Tangipahoa, Louisiana, Water
Revenue Bonds, Refunding Series 2024
4.000
%
12/01/44
$
956,703
295,000
Tangipahoa Water District, Tangipahoa, Louisiana, Water
Revenue Bonds, Series 2021 - BAM Insured
4.000
12/01/38
305,919
500,000
Virgin Islands Water and Power Authority, Electric System
Revenue Bonds, Series 2007B
5.000
07/01/31
446,314
TOTAL UTILITIES
27,415,086
TOTAL MUNICIPAL BONDS
(Cost $220,680,455)
217,090,779
TOTAL LONG-TERM INVESTMENTS
(Cost $220,680,455)
217,090,779
OTHER ASSETS & LIABILITIES, NET - 1.7%
3,750,658
NET ASSETS - 100%
$
220,841,437
AMT
Alternative Minimum Tax
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $27,653,096 or 12.7% of Total Investments.
(b)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(c)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(d)
When-issued or delayed delivery security.
(e)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
Louisiana
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
217,090,779
$
–
$
217,090,779
Total
$
–
$
217,090,779
$
–
$
217,090,779
14
Portfolio of Investments February 28, 2026
North Carolina
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 99.6%   
X
493,923,883
MUNICIPAL BONDS - 99.6%  
X
–
EDUCATION AND CIVIC ORGANIZATIONS - 15.6%
$
1,995,000
Appalachian State University, North Carolina, General Revenue
Bonds, Millennial Campus End Zone Project, Series 2018
5
.000
%
05/01/44
$
2,058,960
3,415,000
Appalachian State University, North Carolina, General Revenue
Bonds, Series 2019
4
.000
10/01/48
3,253,717
225,000
Appalachian State University, North Carolina, Revenue Bonds,
Millennial Campus Indoor Facilities Project Series 2024
5
.000
11/01/34
262,184
425,000
Elizabeth City State University, North Carolina, General Revenue
Bonds, Series 2019 - AGM Insured
5
.000
04/01/28
444,666
465,000
Elizabeth City State University, North Carolina, General Revenue
Bonds, Series 2019 - AGM Insured
5
.000
04/01/29
495,625
745,000
Elizabeth City State University, North Carolina, General Revenue
Bonds, Series 2019 - AGM Insured
5
.000
04/01/30
796,907
1,500,000
Elizabeth City State University, North Carolina, General Revenue
Bonds, Series 2019 - AGM Insured
5
.000
04/01/40
1,561,045
1,000,000
North Carolina Capital Facilities Finance Agency, Educational
Facilities Revenue Bonds, Campbell University, Refunding Series
2021A
5
.000
10/01/33
1,071,486
800,000
North Carolina Capital Facilities Financing Agency, Educational
Facilities Revenue Bond, Meredith College, Refunding Series
2016
4
.000
06/01/33
782,149
685,000
North Carolina Capital Facilities Financing Agency, Educational
Facilities Revenue Bond, Meredith College, Refunding Series
2016
4
.000
06/01/34
663,089
5,000,000
North Carolina Capital Facilities Financing Agency, Educational
Facilities Revenue Bond, Meredith College, Refunding Series
2018
5
.000
06/01/38
5,001,205
5,000,000
North Carolina Capital Facilities Financing Agency, Educational
Facility Revenue Bonds, Wake Forest University, Refunding Series
2016
4
.000
01/01/35
5,018,619
3,000,000
North Carolina Capital Facilities Financing Agency, Educational
Facility Revenue Bonds, Wake Forest University, Series 2018
4
.000
01/01/48
2,873,896
1,035,000
North Carolina Central University, General Revenue Bonds,
Series 2019
5
.000
04/01/38
1,082,878
3,600,000
North Carolina State Education Assistance Authority, Student
Loan Revenue Bonds, Refunding Senior Series 2025A, (AMT)
5
.000
06/01/33
3,899,312
1,000,000
North Carolina State Education Assistance Authority, Student
Loan Revenue Bonds, Senior Series 2020A, (AMT)
5
.000
06/01/28
1,039,206
1,700,000
North Carolina State University at Raleigh, General Revenue
Bonds, Refunding Series 2018
4
.000
10/01/40
1,775,117
1,790,000
North Carolina State University at Raleigh, General Revenue
Bonds, Refunding Series 2018
4
.000
10/01/41
1,853,271
3,660,000
North Carolina State University at Raleigh, General Revenue
Bonds, Series 2024B
4
.000
10/01/45
3,663,861
1,250,000
North Carolina State University at Raleigh, General Revenue
Bonds, Series 2024B
4
.000
10/01/46
1,232,409
5,000,000
University of North Carolina, Asheville, General Revenue Bonds,
Refunding Series 2017
5
.000
06/01/42
5,011,476
230,000
University of North Carolina, Charlotte, General Revenue Bonds,
Refunding Series 2017A
5
.000
10/01/31
239,867
4,415,000
University of North Carolina, Charlotte, General Revenue Bonds,
Refunding Series 2017A
4
.000
10/01/40
4,431,167
2,165,000
University of North Carolina, Charlotte, General Revenue Bonds,
Series 2017
5
.000
10/01/42
2,222,213
6,600,000
University of North Carolina, Charlotte, General Revenue Bonds,
Series 2017
5
.000
10/01/47
6,719,810
1,000,000
University of North Carolina, Charlotte, General Revenue Bonds,
Series 2020A
4
.000
10/01/37
1,022,796
1,000,000
University of North Carolina, Greensboro, General Revenue
Bonds, Refunding Series 2017
5
.000
04/01/30
1,056,015
6,000,000
University of North Carolina, Greensboro, General Revenue
Bonds, Series 2018
5
.000
04/01/43
6,192,836
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
4,500,000
Western Carolina University, North Carolina, General Revenue
Bonds, Series 2018
5
.000
%
10/01/43
$
4,615,553
6,000,000
Western Carolina University, North Carolina, General Revenue
Bonds, Series 2020B
4
.000
04/01/45
6,015,799
1,050,000
Western Carolina University, North Carolina, General Revenue
Bonds, Series 2025
4
.250
04/01/43
1,096,994
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
77,454,128
HEALTH CARE - 12.7%
3,000,000
Charlotte-Mecklenburg Hospital Authority, North Carolina,
Health Care Revenue Bonds, DBA Carolinas HealthCare System,
Refunding Series 2016A
5
.000
01/15/36
3,005,158
1,685,000
Charlotte-Mecklenburg Hospital Authority, North Carolina,
Health Care Revenue Bonds, DBA Carolinas HealthCare System,
Refunding Series 2016A
5
.000
01/15/40
1,687,214
3,750,000
Charlotte-Mecklenburg Hospital Authority, North Carolina,
Health Care Revenue Bonds, Doing Business as Atrium Health,
Refunding Series 2018A
4
.000
01/15/39
3,807,273
500,000
(a)
Charlotte-Mecklenburg Hospital Authority, North Carolina,
Health Care Revenue Bonds, Doing Business as Atrium Health,
Refunding Series 2018D, (Mandatory Put 6/15/27)
3
.625
01/15/48
507,314
1,470,000
Nash Health Care Systems, North Carolina, Health Care Facilities
Revenue Bonds, Series 2025
5
.000
02/01/32
1,650,400
1,500,000
Nash Health Care Systems, North Carolina, Health Care Facilities
Revenue Bonds, Series 2025
5
.750
02/01/50
1,625,408
3,000,000
National Finance Authority, New Hampshire, Revenue Bonds,
Winston-Salem Sustainable Energy Partners Series 2025A
5
.000
12/01/35
3,451,795
28,995,000
North Carolina Medical Care Commission, Health Care Facilities
Revenue Bonds, Novant Health Obligated Group, Series 2019A
4
.000
11/01/49
26,709,136
5,860,000
North Carolina Medical Care Commission, Health Care Facilities
Revenue Bonds, Vidant Health, Refunding Series 2015
5
.000
06/01/40
5,865,867
3,000,000
North Carolina Medical Care Commission, Health Care Facilities
Revenue Bonds, Vidant Health, Refunding Series 2015
5
.000
06/01/45
3,001,857
1,000,000
North Carolina Medical Care Commission, Health Care Facilities
Revenues Bonds, Wake Forest Baptist Obligated Group, Series
2019A
5
.000
12/01/31
1,065,998
1,000,000
North Carolina Medical Care Commission, Health Care Facilities
Revenues Bonds, Wake Forest Baptist Obligated Group, Series
2019A
5
.000
12/01/33
1,061,165
8,010,000
University of North Carolina, Chapel Hill, Revenue Bonds,
Hospital System, Series 2019
5
.000
02/01/45
9,349,034
TOTAL HEALTH CARE
62,787,619
HOUSING/MULTIFAMILY - 1.6%
3,250,000
Gastonia Housing Authority, North Carolina, Multifamily Housing
Revenue Bonds, Hoffman Homes, Series 2025
4
.550
12/01/41
3,492,013
4,125,000
Raleigh Housing Authority, North Carolina, Multifamily Housing
Revenue Bonds, Parkside Apartments Project Series 2024A
4
.400
12/01/43
4,257,992
TOTAL HOUSING/MULTIFAMILY
7,750,005
HOUSING/SINGLE FAMILY - 1.7%
4,905,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, Series 52-A
4
.900
07/01/43
5,125,826
1,990,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, Series 57-A
6
.250
01/01/56
2,286,079
985,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, Social Series 52-A
5
.000
07/01/46
1,009,947
TOTAL HOUSING/SINGLE FAMILY
8,421,852
LONG-TERM CARE - 3.6%
105,000
North Carolina Medical Care Commission, Health Care Facilities
Revenue Bonds, Deerfield Episcopal Retirement Community,
Refunding First Mortgage Series 2016
5
.000
11/01/37
105,964
285,000
North Carolina Medical Care Commission, Health Care Facilities
Revenue Bonds, Lutheran Services for the Aging, Series 2021A
4
.000
03/01/30
294,723
295,000
North Carolina Medical Care Commission, Health Care Facilities
Revenue Bonds, Lutheran Services for the Aging, Series 2021A
4
.000
03/01/31
306,729
Portfolio of Investments February 28, 2026
(continued)
North Carolina
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM CARE
(continued)
$
550,000
North Carolina Medical Care Commission, Health Care Facilities
Revenue Bonds, Lutheran Services for the Aging, Series 2021A
4
.000
%
03/01/41
$
546,602
1,000,000
North Carolina Medical Care Commission, Retirement Facilities
First Mortgage Revenue Bonds, Deerfield Episcopal Retirement
Community Inc., Series 2026A
5
.250
11/01/56
1,016,222
2,970,000
North Carolina Medical Care Commission, Retirement Facilities
First Mortgage Revenue Bonds, EveryAge, Series 2021A
4
.000
09/01/47
2,689,920
1,105,000
North Carolina Medical Care Commission, Retirement Facilities
First Mortgage Revenue Bonds, Sharon Towers, Series 2019A
5
.000
07/01/44
1,110,517
1,250,000
North Carolina Medical Care Commission, Retirement Facilities
First Mortgage Revenue Bonds, Twin Lakes Community, Series
2025A
5
.250
01/01/55
1,266,998
550,000
North Carolina Medical Care Commission, Retirement Facilities
First Mortgage Revenue Bonds, United Methodist Retirement
Homes, Refunding Series 2016A
5
.000
10/01/30
556,647
225,000
North Carolina Medical Care Commission, Retirement Facilities
First Mortgage Revenue Bonds, United Methodist Retirement
Homes, Refunding Series 2016A
5
.000
10/01/31
227,677
265,000
North Carolina Medical Care Commission, Retirement Facilities
First Mortgage Revenue Bonds, United Methodist Retirement
Homes, Series 2025A
5
.125
10/01/45
281,731
1,600,000
North Carolina Medical Care Commission, Retirement Facilities
First Mortgage Revenue Bonds, United Methodist Retirement
Homes, Series 2025A
5
.125
10/01/56
1,649,354
505,000
North Carolina Medical Care Commission, Retirement Facility
First Mortgage Revenue Bonds, Carol Woods Project, Series 2025
5
.000
12/01/37
563,860
2,400,000
North Carolina Medical Care Commission, Retirement Facility
First Mortgage Revenue Bonds, Carol Woods Project, Series 2025
5
.000
12/01/41
2,616,238
1,250,000
North Carolina Medical Care Commission, Retirement Facility
First Mortgage Revenue Bonds, Carol Woods Project, Series 2025
5
.250
12/01/55
1,291,556
1,260,000
North Carolina Medical Care Commission, Retirement Facility
First Mortgage Revenue Bonds, Everyage, Series 2024B
5
.000
09/01/44
1,314,023
900,000
North Carolina Medical Care Commission, Retirement Facility
Revenue Bonds, Penick Village Project First Mortgage Series
2024A
5
.000
09/01/34
977,673
1,225,000
North Carolina Medical Care Commission, Revenue Bonds, First
Mortgage Galloway Ridge Project, Refunding Series 2019A
5
.000
01/01/39
1,222,225
TOTAL LONG-TERM CARE
18,038,659
TAX OBLIGATION/GENERAL - 11.1%
500,000
Asheville, North Carolina, General Obligation Bonds, Refunding
Series 2023
4
.000
06/01/39
527,553
1,750,000
Charlotte, North Carolina, General Obligation Bonds, Refunding
Series 2016A
4
.000
07/01/36
1,756,749
1,000,000
Charlotte, North Carolina, General Obligation Bonds, Refunding
Series 2024
5
.000
07/01/32
1,166,558
1,250,000
Charlotte, North Carolina, General Obligation Bonds, Refunding
Series 2025B
5
.000
07/01/31
1,431,198
2,020,000
County of Durham, North Carolina, General Obligation Bonds,
Refunding Series 2023
4
.000
06/01/40
2,118,423
1,000,000
County of Durham, North Carolina, General Obligation Bonds,
Refunding Series 2023
4
.000
06/01/41
1,050,440
1,870,000
County of Durham, North Carolina, General Obligation Bonds,
Refunding Series 2023
4
.000
06/01/42
1,937,790
500,000
Fuquay-Varina, North Carolina, General Obligation Bonds,
Transportation Series 2025
4
.000
08/01/41
531,710
500,000
Fuquay-Varina, North Carolina, General Obligation Bonds,
Transportation Series 2025
4
.000
08/01/42
524,801
1,510,000
Garner, North Carolina, General Obligation Bonds, Public
Improvement Series 2025B
4
.000
02/01/41
1,588,198
1,510,000
Garner, North Carolina, General Obligation Bonds, Public
Improvement Series 2025B
4
.000
02/01/42
1,573,213
3,000,000
Guilford County, North Carolina, General Obligation Bonds,
School Series 2024
4
.000
03/01/41
3,165,202
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
2,095,000
Guilford County, North Carolina, General Obligation Bonds,
School Series 2024
4
.000
%
03/01/44
$
2,128,082
1,000,000
Guilford County, North Carolina, General Obligation Bonds,
School Series 2025
4
.000
03/01/43
1,031,308
1,450,000
Huntersville, North Carolina, General Obligation Bonds, Public
Improvement Series 2024
5
.000
12/01/37
1,707,071
1,270,000
Huntersville, North Carolina, General Obligation Bonds, Public
Improvement Series 2024
4
.000
12/01/39
1,352,089
1,450,000
Huntersville, North Carolina, General Obligation Bonds, Public
Improvement Series 2024
4
.000
12/01/40
1,539,376
1,500,000
Iredell County, North Carolina, General Obligation Bonds, School
Series 2025
4
.000
04/01/42
1,562,609
2,000,000
Pender County, North Carolina, General Obligation Bonds,
School Series 2024
4
.000
03/01/43
2,031,543
1,000,000
Pender County, North Carolina, Limited General Obligation
Bonds, Series 2024A
5
.000
04/01/36
1,168,141
1,000,000
Pender County, North Carolina, Limited General Obligation
Bonds, Series 2024A
5
.000
04/01/38
1,150,712
1,000,000
Pender County, North Carolina, Limited General Obligation
Bonds, Series 2024A
5
.000
04/01/40
1,127,956
1,000,000
Pender County, North Carolina, Limited General Obligation
Bonds, Series 2024A
5
.000
04/01/41
1,120,170
3,000,000
(b)
Raleigh, North Carolina, Limited Obligation Bonds, Series 2026A
5
.000
10/01/34
3,582,604
1,260,000
Sampson County Water & Sewer District II, North Carolina,
General Obligation Bonds, Refunding Series 2015
5
.000
06/01/40
1,261,604
4,060,000
Union County, North Carolina, General Obligation Bonds, School
Series 2023
5
.000
09/01/42
4,552,296
810,000
Wake County, North Carolina, General Obligation Bonds, Parks,
Greenways, Recreation and Open Space, Series 2022C
5
.000
02/01/29
877,869
5,000,000
Wake County, North Carolina, General Obligation Bonds, Public
Improvement Series 2023A
5
.000
05/01/39
5,693,466
500,000
Wake County, North Carolina, Limited Obligation Bonds,
Refunding Series 2016A
5
.000
12/01/35
509,280
2,000,000
Wake County, North Carolina, Limited Obligation Bonds, Series
2024
5
.000
05/01/36
2,350,516
2,570,000
Wake County, North Carolina, Limited Obligation Bonds, Series
2025B
5
.000
05/01/38
3,014,503
TOTAL TAX OBLIGATION/GENERAL
55,133,030
TAX OBLIGATION/LIMITED - 21.2%
875,000
Ashe County, North Carolina, Limited Obligation Bonds, Series
2025
4
.125
06/01/43
896,819
400,000
Burke County, North Carolina, Limited Obligation Bonds, Series
2018
5
.000
04/01/29
411,607
100,000
Burke County, North Carolina, Limited Obligation Bonds, Series
2018
5
.000
04/01/31
102,833
3,000,000
Cabarrus County, North Carolina, Limited Obligation Installment
Financing Contract Bonds, Refunding Series 2022A
5
.000
06/01/40
3,326,795
3,750,000
Cabarrus County, North Carolina, Limited Obligation Installment
Financing Contract Bonds, Refunding Series 2024A
5
.000
08/01/41
4,258,085
6,850,000
Cabarrus County, North Carolina, Limited Obligation Installment
Financing Contract Bonds, Refunding Series 2024A
5
.000
08/01/42
7,688,507
1,500,000
Cabarrus County, North Carolina, Limited Obligation Installment
Financing Contract Bonds, Refunding Series 2024A
5
.000
08/01/43
1,666,213
500,000
Cabarrus County, North Carolina, Limited Obligation Installment
Financing Contract Bonds, Refunding Series 2024A
5
.000
08/01/44
549,290
310,000
Charlotte, North Carolina, Certificates of Participation,
Convention Facilities Project, Series 2019A
5
.000
06/01/33
335,614
1,000,000
Charlotte, North Carolina, Certificates of Participation,
Convention Facilities Project, Series 2019A
5
.000
06/01/44
1,043,130
1,465,000
Charlotte, North Carolina, Certificates of Participation, Nascar
Hall of Fame Public Facilities, Refunding Series 2019C
4
.000
06/01/37
1,513,888
1,930,000
Charlotte, North Carolina, Certificates of Participation, Refunding
Cultural Arts Facilities Series 2019B
5
.000
06/01/37
2,063,670
Portfolio of Investments February 28, 2026
(continued)
North Carolina
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
1,000,000
Charlotte, North Carolina, Storm Water Fee Revenue Bonds,
Refunding Series 2024
4
.000
%
12/01/49
$
994,054
3,000,000
Charlotte, North Carolina, Storm Water Fee Revenue Bonds,
Refunding Series 2024
4
.000
12/01/54
2,932,177
250,000
Dare County, North Carolina, Limited Obligation Bonds, Series
2025A
5
.000
06/01/34
298,010
1,000,000
Davidson County, North Carolina, General Obligation Bonds,
Limited Obligation Series 2016
5
.000
06/01/28
1,006,475
1,795,000
Davidson County, North Carolina, General Obligation Bonds,
Limited Obligation Series 2016
5
.000
06/01/30
1,806,300
1,475,000
Duplin County, North Carolina, Limited Obligation Bonds,
County Water Districts, Series 2016
5
.000
04/01/32
1,478,247
1,265,000
Durham Capital Financing Corporation, Durham County, North
Carolina, Limited Obligation Bonds, Refunding Series 2016
5
.000
12/01/30
1,292,187
900,000
Greensboro, North Carolina Limited Obligation Bonds, Series
2024
4
.000
10/01/44
911,114
930,000
Harnett County, North Carolina, Limited Obligation Bonds, Series
2025
5
.000
04/01/33
1,080,012
600,000
Lee County, North Carolina, Limited Obligation Bonds, Series
2018
4
.000
05/01/36
608,521
2,000,000
Mecklenburg County, North Carolina, Limited Obligation Bonds,
Series 2025
4
.000
02/01/43
2,049,784
350,000
(c)
Mooresville, North Carolina, Special Assessment Revenue Bonds,
Series 2015
5
.375
03/01/40
350,368
660,000
Nags Head, North Carolina, Limited Obligation Bonds, Series
2023
5
.000
06/01/37
755,346
920,000
Nags Head, North Carolina, Limited Obligation Bonds, Series
2023
5
.000
06/01/39
1,038,805
930,000
Nags Head, North Carolina, Limited Obligation Bonds, Series
2023
5
.000
06/01/41
1,035,329
935,000
Nags Head, North Carolina, Limited Obligation Bonds, Series
2023
5
.000
06/01/42
1,030,955
1,000,000
New Hanover County, North Carolina, Limited Obligation Bonds,
Series 2024
5
.000
10/01/40
1,140,745
680,000
New Hanover County, North Carolina, Limited Obligation Bonds,
Series 2024
5
.000
10/01/42
764,667
260,000
North Carolina State, Limited Obligation Bonds, Refunding
Series 2017B
5
.000
05/01/28
268,628
3,275,000
North Carolina State, Limited Obligation Bonds, Refunding
Series 2017B
5
.000
05/01/29
3,383,714
900,000
North Carolina State, Limited Obligation Bonds, Series 2020B
3
.000
05/01/32
906,803
2,165,000
North Carolina State, Limited Obligation Bonds, Series 2020B
5
.000
05/01/32
2,403,437
1,785,000
North Carolina State, Limited Obligation Bonds, Series 2022A
5
.000
05/01/32
2,073,161
5,150,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Capital Appreciation Series 2019
0
.000
01/01/42
2,683,661
15,500,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Capital Appreciation Series 2019
0
.000
01/01/47
5,810,894
6,000,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Capital Appreciation Series 2019
0
.000
01/01/48
2,127,484
2,600,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Capital Appreciation Series 2019
0
.000
01/01/49
874,728
4,875,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Refunding Series 2018A
4
.000
01/01/36
4,975,696
2,950,000
Orange County, North Carolina, Limited Obligation Bonds, Series
2025
5
.000
10/01/33
3,490,996
1,975,000
Orange County, North Carolina, Limited Obligation Bonds, Series
2025
5
.000
10/01/34
2,366,410
3,554,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/33
2,763,625
5,296,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4
.500
07/01/34
5,297,205
2,200,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured Cofina Project Series 2019A-2A
4
.550
07/01/40
2,214,742
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
7,405,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.329
%
07/01/40
$
7,420,316
1,000,000
Rocky Mount, North Carolina, Special Obligation Bonds, Series
2016
5
.000
05/01/29
1,004,453
1,360,000
Rowan County, North Carolina, Limited Obligation Bonds, Series
2024
4
.000
04/01/44
1,364,682
3,570,000
Sampson County, North Carolina, Limited Obligaiton Bonds,
Refunding Series 2017
5
.000
09/01/40
3,656,998
500,000
Scotland County, North Carolina, Limited Obligation Bonds,
Series 2017
5
.000
12/01/30
520,942
250,000
Scotland County, North Carolina, Limited Obligation Bonds,
Series 2017
5
.000
12/01/33
259,188
660,000
Scotland County, North Carolina, Limited Obligation Bonds,
Series 2018
5
.000
12/01/33
697,629
690,000
Scotland County, North Carolina, Limited Obligation Bonds,
Series 2018
5
.000
12/01/35
726,237
500,000
Wilmington, North Carolina, Limited Obligation Bonds, Series
2023D
5
.000
09/01/40
562,831
1,250,000
Wilmington, North Carolina, Limited Obligation Bonds, Series
2023D
5
.000
09/01/41
1,400,372
1,250,000
Wilmington, North Carolina, Limited Obligation Bonds, Series
2023D
5
.000
09/01/43
1,375,325
TOTAL TAX OBLIGATION/LIMITED
105,059,704
TRANSPORTATION - 16.3%
1,925,000
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte
Douglas International, Refunding Series 2017A
5
.000
07/01/42
1,965,402
6,610,000
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte
Douglas International, Refunding Series 2017A
5
.000
07/01/47
6,680,274
6,000,000
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte
Douglas International, Series 2023A
5
.000
07/01/53
6,249,229
1,500,000
North Carolina Department of Transportation, Private Activity
Revenue Bonds, I-77 Hot Lanes Project, Series 2015, (AMT)
5
.000
12/31/37
1,501,613
10,170,000
North Carolina Department of Transportation, Private Activity
Revenue Bonds, I-77 Hot Lanes Project, Series 2015, (AMT)
5
.000
06/30/54
10,169,290
865,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/27
822,413
880,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/29
763,982
175,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/32
131,026
1,500,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/34
1,013,564
2,905,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/35
1,863,006
3,735,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/38
2,052,290
3,995,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/39
2,087,320
2,385,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/40
1,184,656
1,200,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Series 2017A
5
.000
07/01/47
1,201,782
70,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0
.000
01/01/34
55,004
3,760,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0
.000
01/01/35
2,843,281
20,000,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0
.000
01/01/36
14,494,106
19,150,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0
.000
01/01/37
13,255,058
15,615,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0
.000
01/01/38
10,311,551
2,000,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2024A - AGM Insured
5
.000
01/01/58
2,046,629
Portfolio of Investments February 28, 2026
(continued)
North Carolina
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
300,000
Raleigh Durham Airport Authority, North Carolina, Airport
Revenue Bonds, Refunding Series 2015A
5
.000
%
05/01/30
$
300,648
TOTAL TRANSPORTATION
80,992,124
U.S. GUARANTEED - 2.1% (d)
400,000
Cary, North Carolina, Combined Enterprise System Revenue
Bonds, Series 2017, (Pre-refunded 12/01/26)
4
.000
12/01/38
405,438
1,700,000
Cary, North Carolina, Combined Enterprise System Revenue
Bonds, Series 2017, (Pre-refunded 12/01/26)
5
.000
12/01/41
1,735,637
1,000,000
Duplin County, North Carolina, Limited Obligation Bonds,
County Water Districts, Series 2016, (Pre-refunded 4/01/26)
5
.000
04/01/34
1,002,201
2,895,000
New Hanover County, North Carolina, Hospital Revenue Bonds,
New Hanover Regional Medical Center, Series 2017, (Pre-
refunded 10/01/27)
5
.000
10/01/35
3,022,997
2,990,000
New Hanover County, North Carolina, Hospital Revenue Bonds,
New Hanover Regional Medical Center, Series 2017, (Pre-
refunded 10/01/27)
5
.000
10/01/42
3,122,197
960,000
New Hanover County, North Carolina, Hospital Revenue Bonds,
New Hanover Regional Medical Center, Series 2017, (Pre-
refunded 10/01/27)
5
.000
10/01/47
1,002,445
TOTAL U.S. GUARANTEED
10,290,915
UTILITIES - 13.7%
1,800,000
Brunswick County, North Carolina, Enterprise System Revenue
Bonds, Series 2020
3
.000
04/01/46
1,436,993
1,895,000
Cape Fear Public Utility Authority, North Carolina,  Water and
Sewer System Revenue Bonds, Refunding Series 2019A
4
.000
08/01/38
1,942,022
4,615,000
Cape Fear Public Utility Authority, North Carolina,  Water and
Sewer System Revenue Bonds, Refunding Series 2019A
4
.000
08/01/44
4,639,843
1,000,000
Charlotte, North Carolina, Water and Sewer System Revenue
Bonds, Series 2024
5
.000
07/01/35
1,193,221
3,875,000
City of Raleigh, North Carolina, Combined Enterprise System
Revenue and Refunding Bonds, Series 2023
5
.000
09/01/48
4,145,563
1,900,000
Clayton, North Carolina, Water and Sewer System Revenue
Bonds, Series 2022
5
.000
08/01/45
2,020,072
4,045,000
Fayetteville Public Works Commission, North Carolina, Revenue
Bonds, Series 2023
5
.000
03/01/40
4,530,189
1,130,000
Fuquay-Varina, North Carolina, Combined Utilities Revenue
Bonds, Series 2024C
5
.000
06/01/32
1,309,224
1,250,000
Fuquay-Varina, North Carolina, Combined Utilities Revenue
Bonds, Series 2024C
4
.125
06/01/49
1,230,840
5,000,000
Greensboro, North Carolina, Combined Enterprise System
Revenue Bonds, Series 2017A
4
.000
06/01/47
4,981,425
1,000,000
Greensboro, North Carolina, Combined Enterprise System
Revenue Bonds, Series 2024B
5
.000
06/01/49
1,064,623
3,000,000
Greensboro, North Carolina, Combined Enterprise System
Revenue Bonds, Series 2024B
5
.000
06/01/54
3,164,606
330,000
Greenville Utilities Commission, North Carolina, Combined
Enterprise System Revenue Bonds, Series 2022
4
.000
12/01/41
342,164
325,000
Greenville Utilities Commission, North Carolina, Combined
Enterprise System Revenue Bonds, Series 2022
4
.000
12/01/42
334,280
300,000
Greenville Utilities Commission, North Carolina, Combined
Enterprise System Revenue Bonds, Series 2022
4
.125
12/01/43
308,808
330,000
Greenville Utilities Commission, North Carolina, Combined
Enterprise System Revenue Bonds, Series 2022
4
.125
12/01/44
336,326
725,000
Greenville Utilities Commission, North Carolina, Combined
Enterprise System Revenue Bonds, Series 2022
5
.000
12/01/46
770,909
340,000
Greenville Utilities Commission, North Carolina, Combined
Enterprise System Revenue Bonds, Series 2025
5
.000
09/01/30
381,793
275,000
Greenville Utilities Commission, North Carolina, Combined
Enterprise System Revenue Bonds, Series 2025
5
.000
09/01/31
315,003
3,330,000
Greenville, North Carolina, Combined Enterprise System
Revenue Bonds, Series 2016
4
.000
04/01/46
3,329,126
3,500,000
Johnston County, North Carolina, Water and Sewer Revenue
Bonds, Series 2023
4
.000
04/01/48
3,466,332
21
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
4,125,000
Johnston County, North Carolina, Water and Sewer Revenue
Bonds, Series 2023
4
.000
%
04/01/53
$
3,997,635
3,335,000
Johnston County, North Carolina, Water and Sewer Revenue
Bonds, Series 2024
5
.000
04/01/49
3,521,055
2,870,000
Mebane, North Carolina, Combined Utilities Revenue Bonds,
Series 2024
5
.000
08/01/41
3,227,252
1,750,000
Metropolitan Sewerage District of Buncombe County, North
Carolina, Sewerage System Revenue Bonds, Series 2014
5
.000
07/01/39
1,752,851
1,430,000
Monroe, North Carolina, Combined Enterprise System Revenue
Bonds, Refunding Series 2017
5
.000
03/01/43
1,448,600
295,000
North Carolina Municipal Power Agency 1, Catawba Electric
Revenue Bonds, Refunding Series 2015A
5
.000
01/01/27
295,720
740,000
North Carolina Municipal Power Agency 1, Catawba Electric
Revenue Bonds, Refunding Series 2016A
5
.000
01/01/30
746,524
1,215,000
Oak Island, North Carolina, Enterprise System Revenue Bonds,
Refunding Series 2017
5
.000
06/01/27
1,257,494
1,335,000
Oak Island, North Carolina, Enterprise System Revenue Bonds,
Refunding Series 2017
5
.000
06/01/28
1,379,585
1,000,000
Oak Island, North Carolina, Enterprise System Revenue Bonds,
Refunding Series 2017
5
.000
06/01/33
1,030,828
760,000
Oak Island, North Carolina, Enterprise System Revenue Bonds,
Refunding Series 2025
5
.000
06/01/32
876,233
885,000
Oak Island, North Carolina, Enterprise System Revenue Bonds,
Refunding Series 2025
5
.000
06/01/34
1,048,415
1,800,000
Onslow County, North Carolina, Combined Enterprise System
Revenue Bonds, Series 2023
5
.000
12/01/53
1,872,336
1,805,000
Sanford, North Carolina, Enterprise Systems Revenue Bonds,
Refunding Series 2019
4
.000
06/01/45
1,807,798
1,020,000
Union County, North Carolina, Enterprise System Revenue
Bonds, Series 2015
5
.000
06/01/31
1,022,176
500,000
Union County, North Carolina, Enterprise System Revenue
Bonds, Series 2015
5
.000
06/01/32
501,044
1,275,000
Union County, North Carolina, Enterprise System Revenue
Bonds, Series 2021
3
.000
06/01/51
966,939
TOTAL UTILITIES
67,995,847
TOTAL MUNICIPAL BONDS
(Cost $477,431,928)
493,923,883
TOTAL LONG-TERM INVESTMENTS
(Cost $477,431,928)
493,923,883
OTHER ASSETS & LIABILITIES, NET - 0.4%
2,140,696
NET ASSETS - 100%
$
496,064,579
AMT
Alternative Minimum Tax
(a)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(b)
When-issued or delayed delivery security.
(c)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $350,368 or 0.1% of Total Investments.
(d)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
Portfolio of Investments February 28, 2026
(continued)
North Carolina
22
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
North Carolina
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
493,923,883
$
–
$
493,923,883
Total
$
–
$
493,923,883
$
–
$
493,923,883