spdr series trust - fixed income funds...for the 12-month period ended june 30, 2019 (the...

Annual ReportJune 30, 2019

SPDR® Series Trust - Fixed IncomeFundsSPDR Nuveen Bloomberg Barclays Municipal Bond ETFSPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities andExchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reportswill no longer be sent by mail, unless you specifically request paper copies of the reports fromthe Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, thereports will be made available on a Fund’s website (www.spdrs.com), and you will be notifiedby mail each time a report is posted, and provided with a website link to access the report. Ifyou already elected to receive reports electronically, you will not be affected by this changeand you need not take any action. You may elect to receive shareholder reports and othercommunications by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. If you invest through afinancial intermediary, you can contact your financial intermediary to request that youcontinue to receive paper copies of your shareholder reports. Your election to receive reportsin paper will apply to all funds held in your account.

The information contained in this report is intended for the general information ofshareholders of the Trust. This report is not authorized for distribution to prospectiveinvestors unless preceded or accompanied by a current Trust prospectus which containsimportant information concerning the Trust. You may obtain a current prospectus and SAIfrom the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read theprospectus carefully before you invest.

TA B L E O F C O N T E N T S

Notes to Performance Summaries (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . 1Management’s Discussion of Fund Performance, Performance Summaries

& Portfolio Statistics (Unaudited)SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) . . . . . . . . . . . . . 2SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) . . 6

Schedules of InvestmentsSPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) (Summary) . . . . 9SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM)(Summary). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . 59Other Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

The information contained in this report is intended for the general information ofshareholders of the Trust. This report is not authorized for distribution to prospectiveinvestors unless preceded or accompanied by a current Trust prospectus whichcontains important information concerning the Trust. You may obtain a currentprospectus and SAI from the Distributor by calling 1-866-787-2257 or visitingwww.spdrs.com. Please read the prospectus carefully before you invest.

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N O T E S T O P E R F O R M A N C E S U M M A R Y ( U N A U D I T E D )The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on marketprice and its benchmark index is provided for comparative purposes only and represents the periods noted.A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of totalassets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of aFund and the market return is based on the market price per share of a Fund. The market price used tocalculate the market return is determined by using the midpoint between the highest bid and the lowestoffer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAVis calculated. NAV and market returns assume that dividends and capital gain distributions have beenreinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable onsecondary market transactions. If brokerage commissions were included market returns would be lower.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold aportfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, aFund’s performance is negatively impacted by these deductions. Index returns reflect all items of income,gain, and loss and the reinvestment of dividends and other income.

The Bloomberg Barclays Municipal Managed Money 1-25 Years Index is designed to track the U.S. longterm tax-exempt bond market, including state and local general obligation bonds, revenue bonds,pre-refunded bonds, and insured bonds. The Index is comprised of tax-exempt municipal securities issuedby states, cities, counties, districts and their respective agencies.

The Bloomberg Barclays Managed Money Municipal Short Term Index tracks publicly traded municipalbonds that cover the US dollar denominated short-term tax exempt bond market, including state and localgeneral obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds.

See accompanying notes to financial statements.1

S P D R N U V E E N B L O O M B E R G B A R C L AY S M U N I C I PA L B O N D E T FM A N A G E M E N T ’ S D I S C U S S I O N O F F U N D P E R F O R M A N C E

( U N A U D I T E D )The SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (the “Fund”) seeks to provide investmentresults that, before fees and expenses, correspond generally to the price and yield performance of an indexthat tracks the U.S. municipal bond market and provides income that is exempt from federal income taxes.The Fund’s benchmark is the Bloomberg Barclays Municipal Managed Money 1-25 Years Index (the“Index”).*

For the 12-month period ended June 30, 2019 (the “Reporting Period”), the total return for the Fund was6.82%, and the Index was 7.11%. The Fund and Index returns reflect the reinvestment of dividends andother income. The Fund’s performance reflects the expenses of managing the Fund, including brokerageand advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of anykind, which would have a negative impact on returns. Fees and expenses as well as a change to theunderlying index during the Reporting Period contributed to the difference between the Fund’sperformance and that of the Index.

Interest rate movement in the tax exempt market, the shape of the municipal yield curve and the relativeperformance of certain States and Sectors were the primary drivers of Fund performance during theReporting Period.

Interest Rates moved lower over the Reporting Period. Municipal rates fell by approximately 39 basis pointsin the 2-year maturity range, by 68 basis points in 5-years, 83 basis points for 10-year maturities and 63 basispoints in 30-years. These interest rate movements had a positive effect on Fund performance.

The shape of the municipal yield curve became flatter by 24 basis points during the Reporting Period. TheFederal Reserve’s actions to raise the Federal Funds Target Rate came to an end during the ReportingPeriod. Inflation has appeared to be well controlled and yield curves have been pricing in a slowingeconomy. These developments had a positive effect on Fund performance.

State General Obligation, Transportation Revenue, Water/Sewer Revenue and Lease-backed bondsoutperformed during the Reporting Period relative to the overall Index.

The Fund did not invest in derivatives during the Reporting Period.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period,and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to changeat any time based upon market or other conditions and the Adviser disclaims any responsibility to updatesuch views. These views may not be relied on as investment advice and, because investment decisions fora fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf ofany fund.

*Effective January 2, 2019 the Fund changed its benchmark index from the Bloomberg Barclays MunicipalManaged Money Index to the Bloomberg Barclays Municipal Managed Money 1-25 Years Index.Performance of the Fund prior to January 2, 2019 is therefore based on the Fund’s investment strategy totrack an index different from the Bloomberg Barclays Municipal Managed Money 1-25 Years Index.


S P D R N U V E E N B L O O M B E R G B A R C L AY S M U N I C I PA L B O N D E T FP E R F O R M A N C E S U M M A R Y ( U N A U D I T E D )

Performance as of June 30, 2019

Cumulative Total Return Average Annual Total Return

NetAssetValue

MarketValue

BloombergBarclays MunicipalManaged Money1-25 Years Index

NetAssetValue

MarketValue

BloombergBarclays MunicipalManaged Money1-25 Years Index

ONE YEAR(1) (2) 6.82% 6.90% 7.11% 6.82% 6.90% 7.11%

FIVE YEARS(1) (2) 18.78% 18.66% 20.36% 3.50% 3.48% 3.78%

TEN YEARS(1) (2) 54.19% 53.55% 58.60% 4.43% 4.38% 4.72%

(1) Effective January 2, 2019, the Fund changed its benchmark index from the Bloomberg Barclays MunicipalManaged Money Index to the Bloomberg Barclays Municipal Managed Money 1-25 Years Index. The Fund’sperformance in the tables is based on the Fund’s prior investment strategy to track different benchmarkindex for periods prior to January 2, 2019.

(2) The Bloomberg Barclays Municipal Managed Money 1-25 Years Index inception date was November 1,2018. Index returns represents the Fund’s prior benchmark from June 30, 2009 through January 1, 2019 andthe Bloomberg Barclays Municipal Managed Money 1-25 Index from January 2, 2019 to June 30, 2019.

Comparison of Change in Value of a $10,000 Investment(Based on Net Asset Value)

SPDR Nuveen BloombergBarclays Municipal Bond ETF (a)

Bloomberg Barclays MunicipalManaged Money 1-25 YearsIndex (b)

$9,000

$10,000

$11,000

$12,000

$13,000

$14,000

$15,000

6/3

0/10

6/3

0/11

6/3

0/12

6/3

0/13

6/3

0/14

6/3

0/15

6/3

0/16

6/3

0/17

6/3

0/18

6/3

0/09

6/3

0/19

$15,860(b)$15,419(a)

Line graph is based on cumulative total return.


S P D R N U V E E N B L O O M B E R G B A R C L AY S M U N I C I PA L B O N D E T FP E R F O R M A N C E S U M M A R Y ( U N A U D I T E D ) ( C O N T I N U E D )

The total expense ratio for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF as stated in the Fees andExpenses table of the most recent prospectus is 0.30% (0.23% after fee waiver). SSGA Funds Management, Inc.(the “Adviser”) has contractually agreed to waive its management fee and reimburse certain expenses, untilOctober 31, 2019, so that the net annual Fund operating expenses, before application of any fees and expensesnot paid by the Adviser pursuant to the Investment Advisory Agreement, if any, are limited to 0.23% of the Fund’saverage daily net assets.Performance quoted represents past performance, which is no guarantee of future results. Investment return andprincipal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may behigher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns donot reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or saleof Fund shares. See Notes to Performance Summaries on Page 1 for more information.


S P D R N U V E E N B L O O M B E R G B A R C L AY S M U N I C I PA L B O N D E T FP O R T F O L I O S TAT I S T I C S ( U N A U D I T E D )

Top Five Holdings as of June 30, 2019

Description % of Net Assets

California, Bay Area Toll Authority Revenue VRN2.63% 4/1/2045 0.5%

Pennsylvania, State General Obligation5.00% 9/15/2028 0.5

New York, State Urban Development Corp.,Revenue5.00% 3/15/2035 0.5

State of Maryland Department of Transportation5.00% 11/1/2024 0.5

New York, NY, City Transitional Finance Authority,Future Tax Secured Revenue5.00% 8/1/2038 0.5

TOTAL 2.5%

(The five largest holdings are subject to change, and there are no guaranteesthe Fund will continue to remain invested in any particular company.)

Asset Allocation as of June 30, 2019

% of Net Assets

Municipal Bonds & Notes 99.5%Short-Term Investment 0.2Other Assets in Excess of Liabilities 0.3

TOTAL 100.0%

(The Fund’s asset allocation is expressed as a percentage of net assets andmay change over time.)

Top Ten States as of June 30, 2019

% of Total Investments

California 18.4%New York 17.6Texas 12.4Washington 4.8Massachusetts 4.5Maryland 3.7Florida 3.6Virginia 2.7Colorado 2.3Ohio 2.3

TOTAL 72.3%

(The Fund’s top ten states are expressed as a percentage total investmentsand may change over time.)


S P D R N U V E E N B L O O M B E R G B A R C L AY S S H O R T T E R M M U N I C I PA L

B O N D E T FM A N A G E M E N T ’ S D I S C U S S I O N O F F U N D P E R F O R M A N C E

( U N A U D I T E D )The SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (the “Fund”) seeks to provideinvestment results that, before fees and expenses, correspond generally to the price and yield performanceof an index that tracks the short term tax exempt municipal bond market and provides income that isexempt from federal income taxes. The Fund’s benchmark is the Bloomberg Barclays Managed MoneyMunicipal Short Term Index (the “Index”).

For the 12-month period ended June 30, 2019 (the “Reporting Period”), the total return for the Fund was3.34%, and the Index was 3.54%. The Fund and Index returns reflect the reinvestment of dividends andother income. The Fund’s performance reflects the expenses of managing the Fund, including brokerageand advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of anykind, which would have a negative impact on returns. Fees and expenses contributed to the differencebetween the Fund’s performance and that of the Index.

Interest rate movement in the tax exempt market, the shape of the municipal yield curve and the relativeperformance of certain States and Sectors were the primary drivers of Fund performance during theReporting Period.

Interest Rates moved lower over the Reporting Period. Municipal rates fell by approximately 39 basis pointsin the 2-year maturity range, by 68 basis points in 5-years, 83 basis points for 10-year maturities and 63 basispoints in 30-years.

The shape of the municipal yield curve became flatter by 24 basis points during the Reporting Period. TheFederal Reserve’s actions to raise the Federal Funds Target Rate came to an end during the ReportingPeriod. Inflation has appeared to be well controlled and yield curves have been pricing in a slowingeconomy.

State General Obligation, Transportation Revenue, Water/Sewer Revenue and Lease-backed bondsoutperformed during the Reporting Period relative to the overall Index.

The Fund did not invest in derivatives during the Reporting Period.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period,and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to changeat any time based upon market or other conditions and the Adviser disclaims any responsibility to updatesuch views. These views may not be relied on as investment advice and, because investment decisions fora fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf ofany fund.



B O N D E T FP E R F O R M A N C E S U M M A R Y ( U N A U D I T E D )

Performance as of June 30, 2019

Cumulative Total Return Average Annual Total Return

NetAssetValue

MarketValue

BloombergBarclays ManagedMoney MunicipalShort Term Index

NetAssetValue

MarketValue

BloombergBarclays ManagedMoney MunicipalShort Term Index

ONE YEAR 3.34% 3.35% 3.54% 3.34% 3.35% 3.54%

FIVE YEARS 5.92% 6.03% 7.24% 1.16% 1.18% 1.41%

TEN YEARS 16.78% 16.51% 20.88% 1.56% 1.54% 1.91%

Comparison of Change in Value of a $10,000 Investment(Based on Net Asset Value)

SPDR Nuveen BloombergBarclays Short Term MunicipalBond ETF (a)

Bloomberg Barclays ManagedMoney Municipal Short TermIndex (b)

$9,500

$10,000

$10,500

$11,000

$11,500

$12,000

6/3

0/10

6/3

0/11

6/3

0/12

6/3

0/13

6/3

0/14

6/3

0/15

6/3

0/16

6/3

0/17

6/3

0/18

6/3

0/09

6/3

0/19

$12,088(b)

$11,678(a)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF asstated in the Fees and Expenses table of the most recent prospectus is 0.20%.

Performance quoted represents past performance, which is no guarantee of future results. Investmentreturn and principal value will fluctuate, so you may have a gain or loss when shares are sold. Currentperformance may be higher or lower than that quoted. Visit www.spdrs.com for most recentmonth-end performance. The returns do not reflect the deduction of taxes that a shareholder wouldpay on Fund distributions or on the redemption or sale of Fund shares. See �Notes to PerformanceSummaries� on page 1 for more information.



B O N D E T FP O R T F O L I O S TAT I S T I C S ( U N A U D I T E D )

Top Five Holdings as of June 30, 2019

Description % of Net Assets

Connecticut, State Health & Educational FacilityAuthority Revenue VRN5.00% 7/1/2057 1.0%

San Antonio, TX, Water System Revenue VRN2.63% 5/1/2049 0.9

San Diego County, CA, Water Authority FinancingCorp., Revenue5.00% 5/1/2021 0.8

California, Bay Area Toll Authority, Toll BridgeRevenue VRN2.25% 4/1/2045 0.8

California, State General Obligation5.00% 11/1/2022 0.8

TOTAL 4.3%

(The five largest holdings are subject to change, and there are no guaranteesthe Fund will continue to remain invested in any particular company.)

Asset Allocation as of June 30, 2019

% of Net Assets

Municipal Bonds & Notes 98.7%Short-Term Investment 0.3Other Assets in Excess of Liabilities 1.0

TOTAL 100.0%

(The Fund’s asset allocation is expressed as a percentage of net assets andmay change over time.)

Top Ten States as of June 30, 2019

% of Total Investments

California 18.4%New York 14.7Texas 13.4Maryland 6.1Massachusetts 4.7Florida 3.4Washington 3.3Virginia 3.2Arizona 3.2Wisconsin 2.8

TOTAL 73.2%

(The Fund’s top ten states are expressed as a percentage total investmentsand may change over time.)


Security DescriptionPrincipalAmount Value

MUNICIPAL BONDS & NOTES — 99.5%ALABAMA — 0.9%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,542,405

ALASKA — 0.1%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,554,530

ARIZONA — 2.1%Phoenix, AZ, General Obligation

5.00%, 7/1/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,150,000 6,326,363Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,520,289

61,846,652

ARKANSAS — 0.1%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,273,603

CALIFORNIA — 18.3%California, Bay Area Toll Authority Revenue

Series A, 2.63%, 4/1/2045 (a) . . . . . . . . . . . . . . . . . . 13,510,000 14,351,133California, State General Obligation:

3.00%, 10/1/2027 . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 106,1573.25%, 3/1/2032 . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 261,2103.50%, 8/1/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . 175,000 198,8613.75%, 12/1/2035 . . . . . . . . . . . . . . . . . . . . . . . . . 280,000 293,9474.00%, 11/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . 160,000 178,6594.00%, 10/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 284,3054.00%, 9/1/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 289,0324.00%, 8/1/2033 . . . . . . . . . . . . . . . . . . . . . . . . . . 205,000 230,6544.00%, 9/1/2033 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,035,000 1,163,3924.00%, 11/1/2036 . . . . . . . . . . . . . . . . . . . . . . . . . 30,000 33,6184.00%, 11/1/2044 . . . . . . . . . . . . . . . . . . . . . . . . . 210,000 223,5284.50%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,107,9105.00%, 10/1/2019 . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 100,9485.00%, 9/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 156,6745.00%, 11/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . 1,285,000 1,350,2915.00%, 8/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,157,1205.00%, 9/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,290,000 2,476,9565.00%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 111,4915.00%, 9/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,025,000 2,263,6875.00%, 10/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . 2,845,000 3,188,7335.00%, 3/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 340,6535.00%, 8/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 600,000 690,0185.00%, 9/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 545,000 628,3365.00%, 10/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . 640,000 739,706

SPDR NUVEEN BLOOMBERG BARCLAYS MUNICIPAL BOND ETFSUMMARY SCHEDULE OF INVESTMENTSJune 30, 2019



5.00%, 11/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,745,000 $ 4,339,2195.00%, 3/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,920,000 2,243,7505.00%, 8/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 4,260,000 5,037,4075.00%, 9/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 720,000 853,3085.00%, 3/1/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . 435,000 521,8705.00%, 8/1/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . 455,000 551,6925.00%, 9/1/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . 235,000 285,5445.00%, 10/1/2025 . . . . . . . . . . . . . . . . . . . . . . . . . 420,000 499,1115.00%, 3/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,345,000 1,611,1625.00%, 8/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,990,000 3,700,8335.00%, 9/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,170,000 1,454,8605.00%, 10/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . 1,455,000 1,772,1715.00%, 11/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 178,3975.00%, 4/1/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 6,280,0005.00%, 8/1/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . 4,430,000 5,361,1555.00%, 9/1/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . 165,000 178,0655.00%, 10/1/2027 . . . . . . . . . . . . . . . . . . . . . . . . . 170,000 208,0925.00%, 11/1/2027 . . . . . . . . . . . . . . . . . . . . . . . . . 180,000 228,8345.00%, 8/1/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,845,000 2,233,8035.00%, 9/1/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,120,000 2,321,8025.00%, 10/1/2028 . . . . . . . . . . . . . . . . . . . . . . . . . 660,000 782,4765.00%, 4/1/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 6,500,5505.00%, 8/1/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . 765,000 933,1285.00%, 9/1/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,705,000 1,873,4065.00%, 10/1/2029 . . . . . . . . . . . . . . . . . . . . . . . . . 750,000 891,7775.00%, 8/1/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,930,000 2,301,6025.00%, 9/1/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . 620,000 757,5595.00%, 11/1/2030 . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 626,7155.00%, 4/1/2031 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,845,000 2,369,5155.00%, 9/1/2031 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,915,000 2,295,7895.00%, 3/1/2032 . . . . . . . . . . . . . . . . . . . . . . . . . . 280,000 328,8945.00%, 4/1/2032 . . . . . . . . . . . . . . . . . . . . . . . . . . 4,600,000 6,101,4465.00%, 8/1/2032 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,255,000 2,650,6875.00%, 10/1/2032 . . . . . . . . . . . . . . . . . . . . . . . . . 1,295,000 1,520,9395.00%, 8/1/2033 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,175,000 2,541,5295.00%, 10/1/2033 . . . . . . . . . . . . . . . . . . . . . . . . . 570,000 668,5075.00%, 8/1/2034 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,350,000 2,773,5405.00%, 9/1/2034 . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 348,5225.00%, 10/1/2034 . . . . . . . . . . . . . . . . . . . . . . . . . 155,000 181,7875.00%, 8/1/2035 . . . . . . . . . . . . . . . . . . . . . . . . . . 4,430,000 5,267,5045.00%, 9/1/2035 . . . . . . . . . . . . . . . . . . . . . . . . . . 230,000 275,625

SPDR NUVEEN BLOOMBERG BARCLAYS MUNICIPAL BOND ETFSUMMARY SCHEDULE OF INVESTMENTS (continued)June 30, 2019



5.00%, 10/1/2035 . . . . . . . . . . . . . . . . . . . . . . . . . $ 435,000 $ 516,4935.00%, 8/1/2036 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,370,000 1,634,8895.00%, 9/1/2036 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,390,000 1,661,2585.00%, 10/1/2037 . . . . . . . . . . . . . . . . . . . . . . . . . 90,000 104,6235.00%, 10/1/2039 . . . . . . . . . . . . . . . . . . . . . . . . . 990,000 1,154,9044.00%, 12/1/2030 (a) . . . . . . . . . . . . . . . . . . . . . . . 135,000 141,512Series B, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 1,040,000 1,082,983Series B, 5.00%, 9/1/2023 . . . . . . . . . . . . . . . . . . . . 2,900,000 3,343,439Series C, 5.00%, 9/1/2032 . . . . . . . . . . . . . . . . . . . . 1,350,000 1,603,435Series C, 5.00%, 9/1/2034 . . . . . . . . . . . . . . . . . . . . 155,000 183,257

East Bay, CA, Municipal Utility District, Water SystemRevenueSeries A, 5.00%, 6/1/2037 . . . . . . . . . . . . . . . . . . . . 7,160,000 8,492,548

Los Angeles, CA, Department of Water & Power Revenue:Series A, 5.00%, 7/1/2020 . . . . . . . . . . . . . . . . . . . . 135,000 140,276Series A, 5.00%, 7/1/2023 . . . . . . . . . . . . . . . . . . . . 875,000 1,006,705Series A, 5.00%, 7/1/2024 . . . . . . . . . . . . . . . . . . . . 250,000 296,422Series A, 5.00%, 7/1/2027 . . . . . . . . . . . . . . . . . . . . 150,000 184,749Series A, 5.00%, 7/1/2028 . . . . . . . . . . . . . . . . . . . . 250,000 314,785Series A, 5.00%, 7/1/2030 . . . . . . . . . . . . . . . . . . . . 520,000 619,642Series A, 5.00%, 7/1/2031 . . . . . . . . . . . . . . . . . . . . 390,000 485,320Series A, 5.00%, 7/1/2032 . . . . . . . . . . . . . . . . . . . . 715,000 891,952Series A, 5.00%, 7/1/2034 . . . . . . . . . . . . . . . . . . . . 275,000 322,624Series A, 5.00%, 7/1/2036 . . . . . . . . . . . . . . . . . . . . 3,000,000 3,649,860Series A, 5.00%, 7/1/2039 . . . . . . . . . . . . . . . . . . . . 1,420,000 1,646,973Series A, 5.00%, 7/1/2040 . . . . . . . . . . . . . . . . . . . . 1,670,000 1,951,796Series B, 5.00%, 7/1/2020 . . . . . . . . . . . . . . . . . . . . 250,000 259,770Series B, 5.00%, 7/1/2025 . . . . . . . . . . . . . . . . . . . . 100,000 121,766Series B, 5.00%, 7/1/2027 . . . . . . . . . . . . . . . . . . . . 100,000 114,799Series B, 5.00%, 7/1/2028 . . . . . . . . . . . . . . . . . . . . 320,000 392,566Series B, 5.00%, 7/1/2029 . . . . . . . . . . . . . . . . . . . . 100,000 122,538Series B, 5.00%, 7/1/2031 . . . . . . . . . . . . . . . . . . . . 8,000,000 10,301,280Series B, 5.00%, 7/1/2032 . . . . . . . . . . . . . . . . . . . . 3,590,000 4,482,899Series B, 5.00%, 7/1/2033 . . . . . . . . . . . . . . . . . . . . 1,500,000 1,918,080Series B, 5.00%, 7/1/2034 . . . . . . . . . . . . . . . . . . . . 555,000 665,018Series B, 5.00%, 7/1/2036 . . . . . . . . . . . . . . . . . . . . 100,000 119,013Series B, 5.00%, 7/1/2037 . . . . . . . . . . . . . . . . . . . . 100,000 120,431Series B, 5.00%, 7/1/2042 . . . . . . . . . . . . . . . . . . . . 230,000 267,575Series B, 5.00%, 7/1/2043 . . . . . . . . . . . . . . . . . . . . 210,000 237,735Series C, 5.00%, 7/1/2027 . . . . . . . . . . . . . . . . . . . . 175,000 206,841Series C, 5.00%, 7/1/2042 . . . . . . . . . . . . . . . . . . . . 595,000 712,679Series D, 4.00%, 7/1/2023 . . . . . . . . . . . . . . . . . . . . 445,000 494,270




Series D, 5.00%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . $ 300,000 $ 334,146Series D, 5.00%, 7/1/2027 . . . . . . . . . . . . . . . . . . . . 100,000 118,195Series D, 5.00%, 7/1/2029 . . . . . . . . . . . . . . . . . . . . 135,000 159,061Series D, 5.00%, 7/1/2030 . . . . . . . . . . . . . . . . . . . . 305,000 358,714Series D, 5.00%, 7/1/2032 . . . . . . . . . . . . . . . . . . . . 180,000 210,656Series D, 5.00%, 7/1/2033 . . . . . . . . . . . . . . . . . . . . 1,235,000 1,442,085Series D, 5.00%, 7/1/2039 . . . . . . . . . . . . . . . . . . . . 2,970,000 3,441,636Series D, 5.00%, 7/1/2044 . . . . . . . . . . . . . . . . . . . . 130,000 148,788Series E, 5.00%, 7/1/2039 . . . . . . . . . . . . . . . . . . . . 310,000 359,228

Los Angeles, CA, Metropolitan Transportation AuthorityRevenueSeries A, 4.00%, 7/1/2030 . . . . . . . . . . . . . . . . . . . . 7,525,000 8,391,504

Los Angeles, CA, Unified School District, GeneralObligationSeries A, 5.00%, 7/1/2031 . . . . . . . . . . . . . . . . . . . . 5,000,000 6,396,750

San Mateo Foster, CA, Public Financing Authority4.00%, 8/1/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000,000 8,896,320

University of California, Revenue:Series A, 3.00%, 11/1/2033 . . . . . . . . . . . . . . . . . . . 250,000 256,490Series A, 3.13%, 11/1/2036 . . . . . . . . . . . . . . . . . . . 225,000 230,582Series A, 3.20%, 11/1/2037 . . . . . . . . . . . . . . . . . . . 270,000 277,028Series A, 4.00%, 11/1/2035 . . . . . . . . . . . . . . . . . . . 300,000 335,088Series A, 4.00%, 11/1/2037 . . . . . . . . . . . . . . . . . . . 555,000 613,253Series A, 4.00%, 11/1/2038 . . . . . . . . . . . . . . . . . . . 1,580,000 1,735,851Series A, 4.00%, 11/1/2043 . . . . . . . . . . . . . . . . . . . 430,000 466,120Series A, 5.00%, 11/1/2020 . . . . . . . . . . . . . . . . . . . 345,000 362,954Series A, 5.00%, 11/1/2021 . . . . . . . . . . . . . . . . . . . 3,180,000 3,463,815Series A, 5.00%, 11/1/2025 . . . . . . . . . . . . . . . . . . . 250,000 307,437Series A, 5.00%, 11/1/2028 . . . . . . . . . . . . . . . . . . . 120,000 148,486Series A, 5.00%, 11/1/2029 . . . . . . . . . . . . . . . . . . . 270,000 321,421Series A, 5.00%, 11/1/2030 . . . . . . . . . . . . . . . . . . . 1,970,000 2,330,687Series A, 5.00%, 11/1/2031 . . . . . . . . . . . . . . . . . . . 205,000 254,190Series A, 5.00%, 11/1/2032 . . . . . . . . . . . . . . . . . . . 120,000 144,166Series A, 5.00%, 11/1/2033 . . . . . . . . . . . . . . . . . . . 350,000 409,538Series A, 5.00%, 11/1/2034 . . . . . . . . . . . . . . . . . . . 555,000 647,213Series A, 5.00%, 11/1/2035 . . . . . . . . . . . . . . . . . . . 5,450,000 6,814,390Series A, 5.00%, 11/1/2036 . . . . . . . . . . . . . . . . . . . 265,000 317,120Series A, 5.00%, 11/1/2037 . . . . . . . . . . . . . . . . . . . 400,000 472,092Series A, 5.00%, 11/1/2038 . . . . . . . . . . . . . . . . . . . 165,000 194,142Series A, 5.00%, 11/1/2041 . . . . . . . . . . . . . . . . . . . 1,940,000 2,276,415Series A, 5.00%, 11/1/2043 . . . . . . . . . . . . . . . . . . . 220,000 257,004Series AK, 5.00%, 5/15/2042 . . . . . . . . . . . . . . . . . . 2,065,000 2,464,536




Series AM, 5.00%, 5/15/2023 . . . . . . . . . . . . . . . . . . $ 130,000 $ 148,975Series AM, 5.00%, 5/15/2025 . . . . . . . . . . . . . . . . . . 250,000 295,442Series AM, 5.00%, 5/15/2027 . . . . . . . . . . . . . . . . . . 200,000 235,626Series AO, 5.00%, 5/15/2021 . . . . . . . . . . . . . . . . . . 395,000 423,803Series AO, 5.00%, 5/15/2025 . . . . . . . . . . . . . . . . . . 2,195,000 2,666,552Series AO, 5.00%, 5/15/2026 . . . . . . . . . . . . . . . . . . 110,000 133,354Series AO, 5.00%, 5/15/2028 . . . . . . . . . . . . . . . . . . 425,000 513,357Series AO, 5.00%, 5/15/2032 . . . . . . . . . . . . . . . . . . 100,000 118,984Series AO, 5.00%, 5/15/2040 . . . . . . . . . . . . . . . . . . 110,000 127,694Series AR, 4.00%, 5/15/2037 . . . . . . . . . . . . . . . . . . 570,000 622,873Series AR, 5.00%, 5/15/2030 . . . . . . . . . . . . . . . . . . 580,000 714,490Series AR, 5.00%, 5/15/2032 . . . . . . . . . . . . . . . . . . 120,000 146,020Series AR, 5.00%, 5/15/2041 . . . . . . . . . . . . . . . . . . 495,000 580,932Series AT, 1.40%, 5/15/2046 (a) . . . . . . . . . . . . . . . . 115,000 114,765Series AY, 4.00%, 5/15/2035 . . . . . . . . . . . . . . . . . . 100,000 111,566Series AZ, 5.00%, 5/15/2043 . . . . . . . . . . . . . . . . . . 5,200,000 6,316,180Series B-2, 4.00%, 11/1/2049 (a). . . . . . . . . . . . . . . . 100,000 104,840Series B-3, 4.00%, 11/1/2051 (a). . . . . . . . . . . . . . . . 350,000 384,475Series I, 4.00%, 5/15/2045. . . . . . . . . . . . . . . . . . . . 200,000 213,242Series I, 5.00%, 5/15/2027. . . . . . . . . . . . . . . . . . . . 145,000 175,146Series I, 5.00%, 5/15/2028. . . . . . . . . . . . . . . . . . . . 655,000 790,349Series I, 5.00%, 5/15/2030. . . . . . . . . . . . . . . . . . . . 180,000 215,620Series I, 5.00%, 5/15/2031. . . . . . . . . . . . . . . . . . . . 335,000 399,632Series I, 5.00%, 5/15/2032. . . . . . . . . . . . . . . . . . . . 145,000 172,347Series K, 4.00%, 5/15/2036 . . . . . . . . . . . . . . . . . . . 265,000 290,424Series K, 4.00%, 5/15/2046 . . . . . . . . . . . . . . . . . . . 315,000 338,786Series K, 5.00%, 5/15/2031 . . . . . . . . . . . . . . . . . . . 460,000 561,485Series K, 5.00%, 5/15/2033 . . . . . . . . . . . . . . . . . . . 300,000 362,418Series M, 5.00%, 5/15/2028 . . . . . . . . . . . . . . . . . . . 100,000 127,188Series M, 5.00%, 5/15/2030 . . . . . . . . . . . . . . . . . . . 200,000 251,906Series M, 5.00%, 5/15/2032 . . . . . . . . . . . . . . . . . . . 295,000 366,461Series M, 5.00%, 5/15/2036 . . . . . . . . . . . . . . . . . . . 250,000 303,495Series M, 5.00%, 5/15/2042 . . . . . . . . . . . . . . . . . . . 530,000 630,864Series O, 4.00%, 5/15/2048 . . . . . . . . . . . . . . . . . . . 250,000 272,635Series O, 5.00%, 5/15/2039 . . . . . . . . . . . . . . . . . . . 2,200,000 2,689,434

Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289,524,262

535,550,019

COLORADO — 2.3%Colorado, State

Series A, 5.00%, 12/15/2030 . . . . . . . . . . . . . . . . . . 5,000,000 6,285,350




University of California, RevenueSeries A, 5.00%, 6/1/2035 . . . . . . . . . . . . . . . . . . . . $ 275,000 $ 322,278


68,047,263

CONNECTICUT — 0.5%Connecticut, State Health & Educational Facility Authority

RevenueSeries A-4, 2.00%, 7/1/2049 (a) . . . . . . . . . . . . . . . . 7,000,000 7,110,600


15,511,335

DELAWARE — 0.3%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,506,531

DISTRICT OF COLUMBIA — 1.6%District of Columbia, General Obligation:

Series A, 4.00%, 6/1/2035 . . . . . . . . . . . . . . . . . . . . 225,000 249,752Series A, 4.00%, 6/1/2037 . . . . . . . . . . . . . . . . . . . . 285,000 316,111Series A, 4.00%, 6/1/2041 . . . . . . . . . . . . . . . . . . . . 325,000 354,302Series A, 5.00%, 6/1/2022 . . . . . . . . . . . . . . . . . . . . 390,000 431,172Series A, 5.00%, 10/15/2022 . . . . . . . . . . . . . . . . . . 7,260,000 8,119,729Series A, 5.00%, 6/1/2030 . . . . . . . . . . . . . . . . . . . . 1,085,000 1,340,366Series A, 5.00%, 6/1/2032 . . . . . . . . . . . . . . . . . . . . 330,000 403,739Series A, 5.00%, 6/1/2033 . . . . . . . . . . . . . . . . . . . . 300,000 366,024Series A, 5.00%, 6/1/2034 . . . . . . . . . . . . . . . . . . . . 225,000 273,557Series A, 5.00%, 6/1/2035 . . . . . . . . . . . . . . . . . . . . 2,280,000 2,763,201Series A, 5.00%, 6/1/2037 . . . . . . . . . . . . . . . . . . . . 2,435,000 2,921,178Series A, 5.00%, 6/1/2038 . . . . . . . . . . . . . . . . . . . . 500,000 579,945Series A, 5.00%, 6/1/2041 . . . . . . . . . . . . . . . . . . . . 285,000 333,957Series A, 5.00%, 6/1/2043 . . . . . . . . . . . . . . . . . . . . 5,380,000 6,486,935Series D, 4.00%, 6/1/2034 . . . . . . . . . . . . . . . . . . . . 400,000 448,516Series D, 5.00%, 6/1/2021 . . . . . . . . . . . . . . . . . . . . 310,000 331,793Series D, 5.00%, 6/1/2022 . . . . . . . . . . . . . . . . . . . . 320,000 353,782Series D, 5.00%, 6/1/2023 . . . . . . . . . . . . . . . . . . . . 100,000 113,971Series D, 5.00%, 6/1/2032 . . . . . . . . . . . . . . . . . . . . 505,000 617,842Series D, 5.00%, 6/1/2035 . . . . . . . . . . . . . . . . . . . . 1,000,000 1,211,930Series D, 5.00%, 6/1/2036 . . . . . . . . . . . . . . . . . . . . 2,555,000 3,082,287Series D, 5.00%, 6/1/2038 . . . . . . . . . . . . . . . . . . . . 1,000,000 1,199,160Series D, 5.00%, 6/1/2041 . . . . . . . . . . . . . . . . . . . . 500,000 591,595Series E, 5.00%, 6/1/2020 . . . . . . . . . . . . . . . . . . . . 125,000 129,221Series E, 5.00%, 6/1/2025 . . . . . . . . . . . . . . . . . . . . 170,000 204,612Series E, 5.00%, 6/1/2032 . . . . . . . . . . . . . . . . . . . . 145,000 175,718




Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 13,510,497

46,910,892

FLORIDA — 3.6%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,310,020

GEORGIA — 2.0%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,930,480

HAWAII — 1.4%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,825,227

IDAHO — 0.0% (b)Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404,546

ILLINOIS — 1.6%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,557,490

INDIANA — 0.9%Indiana, Finance Authority Revenue

Series A, 5.00%, 2/1/2026 . . . . . . . . . . . . . . . . . . . . $ 7,370,000 8,981,745Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,426,718

26,408,463

IOWA — 0.3%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,322,546

KANSAS — 0.5%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,893,011

KENTUCKY — 0.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,004,324

LOUISIANA — 0.6%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,327,196

MAINE — 0.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,874,788

MARYLAND — 3.7%Prince George’s County, MD, General Obligation

Series A, 5.00%, 7/15/2028 . . . . . . . . . . . . . . . . . . . 7,000,000 8,983,590State of Maryland Department of Transportation

5.00%, 11/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . 11,195,000 13,282,644Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,923,951

108,190,185

MASSACHUSETTS — 4.4%Massachusetts, State General Obligation:

3.50%, 5/1/2036 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,450,000 1,491,876




Series A, 5.00%, 1/1/2024 . . . . . . . . . . . . . . . . . . . . $ 3,675,000 $ 4,261,750Series A, 5.00%, 7/1/2026 . . . . . . . . . . . . . . . . . . . . 4,400,000 5,421,240Series A, 5.00%, 7/1/2029 . . . . . . . . . . . . . . . . . . . . 4,250,000 5,170,465Series A, 5.00%, 3/1/2032 . . . . . . . . . . . . . . . . . . . . 1,215,000 1,393,532Series A, 5.00%, 4/1/2034 . . . . . . . . . . . . . . . . . . . . 100,000 120,912Series A, 5.00%, 7/1/2035 . . . . . . . . . . . . . . . . . . . . 2,000,000 2,340,560Series A, 5.00%, 3/1/2036 . . . . . . . . . . . . . . . . . . . . 1,130,000 1,285,963Series A, 5.00%, 4/1/2036 . . . . . . . . . . . . . . . . . . . . 190,000 228,340Series A, 5.00%, 7/1/2036 . . . . . . . . . . . . . . . . . . . . 2,000,000 2,335,320Series A, 5.00%, 1/1/2037 . . . . . . . . . . . . . . . . . . . . 100,000 121,660Series A, 5.00%, 3/1/2037 . . . . . . . . . . . . . . . . . . . . 110,000 124,936Series A, 5.00%, 4/1/2037 . . . . . . . . . . . . . . . . . . . . 150,000 179,709Series A, 5.00%, 3/1/2038 . . . . . . . . . . . . . . . . . . . . 100,000 113,386Series A, 5.00%, 1/1/2042 . . . . . . . . . . . . . . . . . . . . 135,000 161,375Series A, 5.00%, 4/1/2042 . . . . . . . . . . . . . . . . . . . . 250,000 295,203Series B, 4.00%, 7/1/2026 . . . . . . . . . . . . . . . . . . . . 100,000 116,373Series B, 5.00%, 7/1/2023 . . . . . . . . . . . . . . . . . . . . 150,000 171,567Series B, 5.00%, 7/1/2025 . . . . . . . . . . . . . . . . . . . . 1,120,000 1,348,682Series B, 5.00%, 7/1/2027 . . . . . . . . . . . . . . . . . . . . 115,000 144,501Series B, 5.00%, 1/1/2028 . . . . . . . . . . . . . . . . . . . . 5,000,000 6,332,750Series B, 5.00%, 7/1/2028 . . . . . . . . . . . . . . . . . . . . 330,000 421,971Series B, 5.00%, 7/1/2030 . . . . . . . . . . . . . . . . . . . . 250,000 327,645Series B, 5.00%, 7/1/2033 . . . . . . . . . . . . . . . . . . . . 1,045,000 1,253,676Series B, 5.00%, 7/1/2036 . . . . . . . . . . . . . . . . . . . . 100,000 118,939Series B, 5.00%, 4/1/2037 . . . . . . . . . . . . . . . . . . . . 3,850,000 4,612,531Series C, 4.00%, 7/1/2031 . . . . . . . . . . . . . . . . . . . . 25,000 26,593Series C, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 400,000 416,044Series C, 5.00%, 10/1/2021 . . . . . . . . . . . . . . . . . . . 2,535,000 2,744,467Series C, 5.00%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . 665,000 739,699Series C, 5.00%, 7/1/2024 . . . . . . . . . . . . . . . . . . . . 340,000 377,179Series C, 5.00%, 7/1/2025 . . . . . . . . . . . . . . . . . . . . 2,480,000 2,751,188Series C, 5.00%, 10/1/2026 . . . . . . . . . . . . . . . . . . . 1,170,000 1,449,373Series C, 5.00%, 7/1/2027 . . . . . . . . . . . . . . . . . . . . 293,000 325,040Series C, 5.00%, 10/1/2027 . . . . . . . . . . . . . . . . . . . 350,000 442,025Series D, 3.13%, 9/1/2034 . . . . . . . . . . . . . . . . . . . . 180,000 185,078Series D, 5.00%, 7/1/2027 . . . . . . . . . . . . . . . . . . . . 250,000 314,133Series D-1-R, 1.05%, 8/1/2043 (a) . . . . . . . . . . . . . . . 1,940,000 1,932,725Series D-2-R, 1.70%, 8/1/2043 (a) . . . . . . . . . . . . . . . 355,000 357,023Series E, 3.00%, 4/1/2044 . . . . . . . . . . . . . . . . . . . . 180,000 179,741Series E, 3.25%, 9/1/2040 . . . . . . . . . . . . . . . . . . . . 1,325,000 1,348,545Series E, 4.00%, 9/1/2039 . . . . . . . . . . . . . . . . . . . . 2,750,000 2,992,110




Series E, 4.00%, 9/1/2041 . . . . . . . . . . . . . . . . . . . . $ 4,000,000 $ 4,320,840Series E, 4.00%, 4/1/2042 . . . . . . . . . . . . . . . . . . . . 1,980,000 2,127,530Series E, 5.00%, 9/1/2022 . . . . . . . . . . . . . . . . . . . . 100,000 111,522Series E, 5.00%, 9/1/2023 . . . . . . . . . . . . . . . . . . . . 205,000 228,421Series E, 5.00%, 9/1/2025 . . . . . . . . . . . . . . . . . . . . 110,000 122,502Series E, 5.00%, 9/1/2027 . . . . . . . . . . . . . . . . . . . . 360,000 401,508Series E, 5.00%, 11/1/2027 . . . . . . . . . . . . . . . . . . . 105,000 132,830Series E, 5.00%, 9/1/2029 . . . . . . . . . . . . . . . . . . . . 380,000 421,906Series E, 5.00%, 9/1/2030 . . . . . . . . . . . . . . . . . . . . 385,000 426,322Series F, 3.00%, 11/1/2028 . . . . . . . . . . . . . . . . . . . 100,000 104,257Series F, 5.00%, 11/1/2025 . . . . . . . . . . . . . . . . . . . 100,000 111,951Series F, 5.00%, 11/1/2026 . . . . . . . . . . . . . . . . . . . 525,000 588,651Series H, 5.00%, 12/1/2022 . . . . . . . . . . . . . . . . . . . 195,000 219,155Series I, 5.00%, 12/1/2034. . . . . . . . . . . . . . . . . . . . 395,000 476,034Series J, 4.00%, 12/1/2039. . . . . . . . . . . . . . . . . . . . 225,000 246,272Series J, 4.00%, 12/1/2045. . . . . . . . . . . . . . . . . . . . 150,000 163,049Series J, 5.00%, 12/1/2036. . . . . . . . . . . . . . . . . . . . 110,000 131,809Series J, 5.00%, 12/1/2037. . . . . . . . . . . . . . . . . . . . 2,710,000 3,238,369


130,157,143

MICHIGAN — 0.6%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,296,525

MINNESOTA — 1.3%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,578,564

MISSISSIPPI — 0.4%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,605,371

MISSOURI — 0.4%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,593,846

NEBRASKA — 0.8%University of Nebraska Facilities Corp. Revenue

5.00%, 7/15/2030 . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 6,325,550Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,673,662

21,999,212

NEVADA — 1.1%Clark County, NV, Department of Aviation, Revenue

Series B, 5.00%, 7/1/2033 (c) . . . . . . . . . . . . . . . . . . 5,000,000 6,293,750Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,286,061

31,579,811




NEW HAMPSHIRE — 0.0% (b)Other Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 711,861

NEW JERSEY — 0.4%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,033,244

NEW MEXICO — 0.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,742,568

NEW YORK — 17.5%Metropolitan New York, NY, Transportation Authority

Revenue:Series B, 5.00%, 11/15/2034 . . . . . . . . . . . . . . . . . . $ 7,615,000 9,337,208Series B2, 5.00%, 11/15/2026. . . . . . . . . . . . . . . . . . 5,045,000 6,325,875

New York & New Jersey, Port Authority RevenueSeries 205, 5.00%, 11/15/2032 . . . . . . . . . . . . . . . . . 5,510,000 6,874,386

New York, NY, City Municipal Water Finance Authority,Water & Sewer System Revenue:5.00%, 6/15/2033 . . . . . . . . . . . . . . . . . . . . . . . . . 4,500,000 5,711,355Series BB-2, 5.00%, 6/15/2031 . . . . . . . . . . . . . . . . . 530,000 653,686Series BB-2, 5.00%, 6/15/2032 . . . . . . . . . . . . . . . . . 310,000 380,305Series CC1, 4.00%, 6/15/2033 . . . . . . . . . . . . . . . . . 1,250,000 1,408,162Series CC-1, 4.00%, 6/15/2037 . . . . . . . . . . . . . . . . . 250,000 276,805Series DD, 5.00%, 6/15/2025 . . . . . . . . . . . . . . . . . . 7,135,000 8,277,028Series DD, 5.00%, 6/15/2036 . . . . . . . . . . . . . . . . . . 1,130,000 1,296,788Series EE, 5.00%, 6/15/2036 . . . . . . . . . . . . . . . . . . 460,000 527,896Series EE, 5.00%, 6/15/2040 . . . . . . . . . . . . . . . . . . 4,240,000 5,090,502Series EE 2, 5.00%, 6/15/2040 . . . . . . . . . . . . . . . . . 1,000,000 1,230,210Series FF, 5.00%, 6/15/2031. . . . . . . . . . . . . . . . . . . 335,000 398,318Series FF, 5.00%, 6/15/2034. . . . . . . . . . . . . . . . . . . 1,750,000 2,169,335Series FF, 5.00%, 6/15/2039. . . . . . . . . . . . . . . . . . . 2,500,000 3,035,425Series GG, 5.00%, 6/15/2037 . . . . . . . . . . . . . . . . . . 190,000 221,551Series GG, 5.00%, 6/15/2039 . . . . . . . . . . . . . . . . . . 350,000 406,196Series HH, 5.00%, 6/15/2037 . . . . . . . . . . . . . . . . . . 3,850,000 4,489,331Series HH, 5.00%, 6/15/2039 . . . . . . . . . . . . . . . . . . 155,000 179,887Sub-Series CC1, 5.00%, 6/15/2038 . . . . . . . . . . . . . . 145,000 173,194

New York, NY, City Transitional Finance AuthorityBuilding Aid RevenueSeries S-3-SUBSERIES S-3A, 5.00%, 7/15/2036 . . . . . 8,205,000 10,048,253

New York, NY, City Transitional Finance Authority, FutureTax Secured Revenue:5.00%, 5/1/2034 . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 298,0205.00%, 5/1/2036 . . . . . . . . . . . . . . . . . . . . . . . . . . 245,000 290,3155.25%, 8/1/2037 . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,980,680




Series A-1, 5.00%, 8/1/2023. . . . . . . . . . . . . . . . . . . $ 5,880,000 $ 6,754,591Series A-1, 5.00%, 8/1/2027. . . . . . . . . . . . . . . . . . . 400,000 477,241Series A-1, 5.00%, 8/1/2029. . . . . . . . . . . . . . . . . . . 520,000 612,322Series A-1, 5.00%, 8/1/2031. . . . . . . . . . . . . . . . . . . 150,000 174,627Series A-1, 5.00%, 8/1/2033. . . . . . . . . . . . . . . . . . . 2,915,000 3,621,596Series A-1, 5.00%, 8/1/2034. . . . . . . . . . . . . . . . . . . 1,200,000 1,481,628Series A-1, 5.00%, 8/1/2036. . . . . . . . . . . . . . . . . . . 2,000,000 2,447,220Series A-2, 5.00%, 8/1/2036. . . . . . . . . . . . . . . . . . . 1,640,000 1,972,592Series B, 5.00%, 8/1/2038 . . . . . . . . . . . . . . . . . . . . 11,095,000 13,141,029Series B-1, 4.00%, 8/1/2037. . . . . . . . . . . . . . . . . . . 105,000 116,057Series B-1, 5.00%, 8/1/2029. . . . . . . . . . . . . . . . . . . 1,060,000 1,241,287Series B-1, 5.00%, 8/1/2030. . . . . . . . . . . . . . . . . . . 295,000 359,670Series B-1, 5.00%, 8/1/2031. . . . . . . . . . . . . . . . . . . 175,000 203,732Series B-1, 5.00%, 8/1/2032. . . . . . . . . . . . . . . . . . . 1,225,000 1,420,449Series B-1, 5.00%, 8/1/2034. . . . . . . . . . . . . . . . . . . 1,975,000 2,310,474Series B-1, 5.00%, 8/1/2035. . . . . . . . . . . . . . . . . . . 515,000 593,074Series B-1, 5.00%, 11/1/2035 . . . . . . . . . . . . . . . . . . 160,000 188,827Series B-1, 5.00%, 8/1/2036. . . . . . . . . . . . . . . . . . . 520,000 598,203Series B-1, 5.00%, 8/1/2039. . . . . . . . . . . . . . . . . . . 4,555,000 5,219,256Series B-1, 5.00%, 8/1/2040. . . . . . . . . . . . . . . . . . . 3,800,000 4,482,974Series B-1, 5.00%, 8/1/2042. . . . . . . . . . . . . . . . . . . 3,105,000 3,549,388Series C, 5.00%, 11/1/2020 . . . . . . . . . . . . . . . . . . . 595,000 624,423Series C, 5.00%, 11/1/2022 . . . . . . . . . . . . . . . . . . . 100,000 112,273Series C, 5.00%, 11/1/2023 . . . . . . . . . . . . . . . . . . . 125,000 144,663Series C, 5.00%, 11/1/2025 . . . . . . . . . . . . . . . . . . . 10,395,000 12,654,325Series C, 5.00%, 11/1/2026 . . . . . . . . . . . . . . . . . . . 120,000 143,851Series C, 5.00%, 11/1/2027 . . . . . . . . . . . . . . . . . . . 150,000 179,109Series C1, 5.00%, 11/1/2034 . . . . . . . . . . . . . . . . . . 7,000,000 8,756,440Series D-1, 5.00%, 2/1/2026 . . . . . . . . . . . . . . . . . . 100,000 115,759Series E-1, 4.00%, 2/1/2041. . . . . . . . . . . . . . . . . . . 110,000 119,527Series E-1, 5.00%, 2/1/2030. . . . . . . . . . . . . . . . . . . 3,370,000 4,078,705Series E-1, 5.00%, 2/1/2041. . . . . . . . . . . . . . . . . . . 670,000 769,475Series F-1, 5.00%, 5/1/2032 . . . . . . . . . . . . . . . . . . . 5,500,000 6,714,235Series F-1, 5.00%, 5/1/2036 . . . . . . . . . . . . . . . . . . . 3,500,000 4,192,755Series F-1, 5.00%, 5/1/2039 . . . . . . . . . . . . . . . . . . . 115,000 136,580Series I, 5.00%, 5/1/2024 . . . . . . . . . . . . . . . . . . . . 135,000 153,266Series I, 5.00%, 5/1/2026 . . . . . . . . . . . . . . . . . . . . 140,000 158,718

New York, NY, General Obligation:Series A, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 360,000 374,599Series A, 5.00%, 8/1/2023 . . . . . . . . . . . . . . . . . . . . 5,000,000 5,728,650Series A, 5.00%, 8/1/2024 . . . . . . . . . . . . . . . . . . . . 3,500,000 4,125,520




Series A, 5.00%, 8/1/2026 . . . . . . . . . . . . . . . . . . . . $ 125,000 $ 150,581Series B, 5.00%, 8/1/2025 . . . . . . . . . . . . . . . . . . . . 150,000 176,324Series B, 5.00%, 12/1/2031 . . . . . . . . . . . . . . . . . . . 160,000 193,578Series B-1, 5.00%, 10/1/2036 . . . . . . . . . . . . . . . . . . 400,000 484,040Series B-1, 5.00%, 10/1/2037 . . . . . . . . . . . . . . . . . . 4,730,000 5,705,704Series B-1, 5.00%, 12/1/2037 . . . . . . . . . . . . . . . . . . 500,000 593,715Series B-1, 5.00%, 10/1/2038 . . . . . . . . . . . . . . . . . . 300,000 360,747Series B-1, 5.00%, 12/1/2038 . . . . . . . . . . . . . . . . . . 3,095,000 3,666,956Series C, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 235,000 244,530Series C, 5.00%, 4/15/2023 . . . . . . . . . . . . . . . . . . . 1,390,000 1,590,966Series C, 5.00%, 8/1/2024 . . . . . . . . . . . . . . . . . . . . 1,450,000 1,709,144Series C, 5.00%, 8/1/2025 . . . . . . . . . . . . . . . . . . . . 425,000 506,400Series C, 5.00%, 8/1/2026 . . . . . . . . . . . . . . . . . . . . 405,000 496,121Series C, 5.00%, 8/1/2027 . . . . . . . . . . . . . . . . . . . . 120,000 145,488Series C, 5.00%, 8/1/2028 . . . . . . . . . . . . . . . . . . . . 1,360,000 1,682,266Series C, 5.00%, 8/1/2034 . . . . . . . . . . . . . . . . . . . . 3,365,000 3,906,698Series D, 4.00%, 12/1/2042 . . . . . . . . . . . . . . . . . . . 255,000 284,756Series D1, 4.00%, 12/1/2043 . . . . . . . . . . . . . . . . . . 3,500,000 3,905,300Series E, 4.00%, 8/1/2026 . . . . . . . . . . . . . . . . . . . . 250,000 290,390Series E, 5.00%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . 260,000 289,039Series E, 5.00%, 8/1/2028 . . . . . . . . . . . . . . . . . . . . 160,000 195,917Series E, 5.00%, 8/1/2032 . . . . . . . . . . . . . . . . . . . . 2,500,000 3,161,450Series E-1, 4.00%, 3/1/2041. . . . . . . . . . . . . . . . . . . 500,000 555,905Series E-1, 5.00%, 3/1/2040. . . . . . . . . . . . . . . . . . . 4,000,000 4,809,720Series F-1, 5.00%, 6/1/2026 . . . . . . . . . . . . . . . . . . . 165,000 197,969Series I, 5.00%, 3/1/2022 . . . . . . . . . . . . . . . . . . . . 60,000 65,821Series J, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 1,120,000 1,165,416Series J-7, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . 350,000 364,192

New York, State Dormitory Authority Revenue, Non StateSupported Debt:5.00%, 10/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 230,262Series 1, 5.00%, 1/15/2029 . . . . . . . . . . . . . . . . . . . 400,000 505,316Series 1, 5.00%, 1/15/2030 . . . . . . . . . . . . . . . . . . . 250,000 313,215Series 1, 5.00%, 1/15/2031 . . . . . . . . . . . . . . . . . . . 500,000 621,675Series A, 2.13%, 7/1/2041 (a) . . . . . . . . . . . . . . . . . . 865,000 860,891Series A, 2.50%, 7/1/2041 (a) . . . . . . . . . . . . . . . . . . 530,000 530,625Series A, 3.00%, 7/1/2029 . . . . . . . . . . . . . . . . . . . . 315,000 335,595Series A, 4.00%, 7/1/2034 . . . . . . . . . . . . . . . . . . . . 100,000 112,595Series A, 4.00%, 7/1/2043 . . . . . . . . . . . . . . . . . . . . 1,350,000 1,469,245Series A, 5.00%, 7/1/2021 . . . . . . . . . . . . . . . . . . . . 190,000 204,520Series A, 5.00%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . 2,500,000 2,784,550Series A, 5.00%, 7/1/2026 . . . . . . . . . . . . . . . . . . . . 1,640,000 2,046,556




Series A, 5.00%, 7/1/2028 . . . . . . . . . . . . . . . . . . . . $ 2,000,000 $ 2,619,780Series A, 5.00%, 10/1/2028 (d) . . . . . . . . . . . . . . . . . 205,000 255,537Series A, 5.00%, 7/1/2029 . . . . . . . . . . . . . . . . . . . . 2,000,000 2,668,760Series A, 5.00%, 10/1/2029 . . . . . . . . . . . . . . . . . . . 4,540,000 5,666,102Series A, 5.00%, 10/1/2030 (d) . . . . . . . . . . . . . . . . . 3,040,000 3,744,611Series A, 5.00%, 10/1/2030 . . . . . . . . . . . . . . . . . . . 5,000,000 6,122,530Series A, 5.00%, 10/1/2031 . . . . . . . . . . . . . . . . . . . 3,000,000 3,643,020Series A, 5.00%, 7/1/2032 . . . . . . . . . . . . . . . . . . . . 125,000 152,065Series A, 5.00%, 10/1/2032 . . . . . . . . . . . . . . . . . . . 3,500,000 4,214,315Series A, 5.00%, 10/1/2033 . . . . . . . . . . . . . . . . . . . 5,000,000 6,007,800Series A, 5.00%, 7/1/2034 . . . . . . . . . . . . . . . . . . . . 5,040,000 6,203,333Series A, 5.00%, 7/1/2035 . . . . . . . . . . . . . . . . . . . . 100,000 120,038Series A, 5.00%, 7/1/2040 . . . . . . . . . . . . . . . . . . . . 200,000 239,746Series B, 5.00%, 10/1/2021 . . . . . . . . . . . . . . . . . . . 225,000 244,220Series B, 5.00%, 10/1/2030 . . . . . . . . . . . . . . . . . . . 260,000 317,915

New York, State Dormitory Authority, Personal Income TaxRevenue:Series A, 3.25%, 2/15/2040 . . . . . . . . . . . . . . . . . . . 100,000 102,054Series A, 5.00%, 2/15/2021 . . . . . . . . . . . . . . . . . . . 840,000 890,610Series A, 5.00%, 2/15/2022 . . . . . . . . . . . . . . . . . . . 3,265,000 3,577,526Series A, 5.00%, 3/15/2022 . . . . . . . . . . . . . . . . . . . 190,000 208,749Series A, 5.00%, 2/15/2023 . . . . . . . . . . . . . . . . . . . 355,000 401,491Series A, 5.00%, 3/15/2024 . . . . . . . . . . . . . . . . . . . 4,560,000 5,314,680Series A, 5.00%, 2/15/2025 . . . . . . . . . . . . . . . . . . . 3,280,000 3,913,237Series A, 5.00%, 3/15/2026 . . . . . . . . . . . . . . . . . . . 245,000 293,140Series A, 5.00%, 3/15/2029 . . . . . . . . . . . . . . . . . . . 1,380,000 1,637,218Series A, 5.00%, 2/15/2036 . . . . . . . . . . . . . . . . . . . 5,500,000 6,565,460Series B, 5.00%, 3/15/2027 . . . . . . . . . . . . . . . . . . . 110,000 127,709Series B, 5.00%, 3/15/2028 . . . . . . . . . . . . . . . . . . . 170,000 197,200Series B, 5.00%, 3/15/2031 . . . . . . . . . . . . . . . . . . . 500,000 574,940Series B, 5.00%, 3/15/2032 . . . . . . . . . . . . . . . . . . . 425,000 487,492Series B, 5.00%, 2/15/2039 . . . . . . . . . . . . . . . . . . . 200,000 230,544Series B, 5.00%, 2/15/2041 . . . . . . . . . . . . . . . . . . . 1,430,000 1,644,443Series B-BIDDING GROUP 3 BOND, 5.00%,

2/15/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 479,264Series C, 5.00%, 3/15/2035 . . . . . . . . . . . . . . . . . . . 725,000 828,037Series C, 5.00%, 3/15/2037 . . . . . . . . . . . . . . . . . . . 105,000 119,360Series C, 5.00%, 3/15/2038 . . . . . . . . . . . . . . . . . . . 270,000 306,669Series C, 5.00%, 3/15/2042 . . . . . . . . . . . . . . . . . . . 600,000 679,398Series C, 5.00%, 3/15/2044 . . . . . . . . . . . . . . . . . . . 625,000 707,006Series D, 5.00%, 2/15/2022 . . . . . . . . . . . . . . . . . . . 2,260,000 2,476,327Series D, 5.00%, 2/15/2026 . . . . . . . . . . . . . . . . . . . 235,000 287,344




Series D, 5.00%, 2/15/2027 . . . . . . . . . . . . . . . . . . . $ 100,000 $ 123,689Series D, 5.00%, 2/15/2028 . . . . . . . . . . . . . . . . . . . 165,000 203,420Series E, 5.00%, 3/15/2022 . . . . . . . . . . . . . . . . . . . 110,000 120,855Series E, 5.00%, 3/15/2023 . . . . . . . . . . . . . . . . . . . 180,000 204,086Series E, 5.00%, 3/15/2024 . . . . . . . . . . . . . . . . . . . 5,565,000 6,486,007Series E, 5.00%, 3/15/2036 . . . . . . . . . . . . . . . . . . . 1,745,000 2,050,532Series E, 5.25%, 3/15/2033 . . . . . . . . . . . . . . . . . . . 2,300,000 2,763,243

New York, State Dormitory Authority, Sales Tax Revenue:Series A, 4.00%, 3/15/2021 . . . . . . . . . . . . . . . . . . . 125,000 130,815Series A, 5.00%, 3/15/2021 . . . . . . . . . . . . . . . . . . . 1,370,000 1,456,748Series A, 5.00%, 3/15/2022 . . . . . . . . . . . . . . . . . . . 210,000 231,078Series A, 5.00%, 3/15/2023 . . . . . . . . . . . . . . . . . . . 2,650,000 3,009,737Series A, 5.00%, 3/15/2024 . . . . . . . . . . . . . . . . . . . 300,000 350,694Series A, 5.00%, 3/15/2025 . . . . . . . . . . . . . . . . . . . 3,250,000 3,897,367Series A, 5.00%, 3/15/2026 . . . . . . . . . . . . . . . . . . . 3,350,000 3,996,047Series A, 5.00%, 3/15/2028 . . . . . . . . . . . . . . . . . . . 300,000 382,923Series A, 5.00%, 3/15/2029 . . . . . . . . . . . . . . . . . . . 1,000,000 1,154,580Series A, 5.00%, 3/15/2030 . . . . . . . . . . . . . . . . . . . 705,000 878,323Series A, 5.00%, 3/15/2031 . . . . . . . . . . . . . . . . . . . 160,000 184,059Series A, 5.00%, 3/15/2032 . . . . . . . . . . . . . . . . . . . 1,210,000 1,456,780Series A, 5.00%, 3/15/2033 . . . . . . . . . . . . . . . . . . . 575,000 657,794Series A, 5.00%, 3/15/2037 . . . . . . . . . . . . . . . . . . . 2,365,000 2,704,066Series A, 5.00%, 3/15/2038 . . . . . . . . . . . . . . . . . . . 140,000 156,230Series A, 5.00%, 3/15/2039 . . . . . . . . . . . . . . . . . . . 400,000 484,148Series A, 5.00%, 3/15/2044 . . . . . . . . . . . . . . . . . . . 3,505,000 3,936,465Series A-GROUP B, 5.00%, 3/15/2028 . . . . . . . . . . . . 200,000 247,946Series A-GROUP B, 5.00%, 3/15/2030 . . . . . . . . . . . . 655,000 805,565Series A-GROUP B, 5.00%, 3/15/2037 . . . . . . . . . . . . 160,000 192,051Series A-GROUP C, 5.00%, 3/15/2043 . . . . . . . . . . . . 300,000 355,530Series B, 5.00%, 3/15/2031 . . . . . . . . . . . . . . . . . . . 795,000 945,088Series B-B, 5.00%, 3/15/2027. . . . . . . . . . . . . . . . . . 270,000 324,769Series B-B, 5.00%, 3/15/2029. . . . . . . . . . . . . . . . . . 40,000 47,791Series B-B, 5.00%, 3/15/2033. . . . . . . . . . . . . . . . . . 350,000 413,129Series B-B, 5.00%, 3/15/2034. . . . . . . . . . . . . . . . . . 275,000 324,079Series C, 5.00%, 3/15/2042 . . . . . . . . . . . . . . . . . . . 270,000 312,339Series E, 5.00%, 3/15/2034 . . . . . . . . . . . . . . . . . . . 5,000,000 6,244,250

New York, State Urban Development Corp., Revenue:5.00%, 3/15/2033 . . . . . . . . . . . . . . . . . . . . . . . . . 225,000 257,8375.00%, 3/15/2034 . . . . . . . . . . . . . . . . . . . . . . . . . 1,845,000 2,108,9095.00%, 3/15/2044 . . . . . . . . . . . . . . . . . . . . . . . . . 370,000 416,601Series A, 5.00%, 3/15/2022 . . . . . . . . . . . . . . . . . . . 460,000 505,393




Series A, 5.00%, 3/15/2023 . . . . . . . . . . . . . . . . . . . $ 2,005,000 $ 2,273,289Series A, 5.00%, 3/15/2024 . . . . . . . . . . . . . . . . . . . 4,595,000 5,355,472Series A, 5.00%, 3/15/2025 . . . . . . . . . . . . . . . . . . . 285,000 340,732Series A, 5.00%, 3/15/2026 . . . . . . . . . . . . . . . . . . . 6,295,000 7,712,445Series A, 5.00%, 3/15/2027 . . . . . . . . . . . . . . . . . . . 565,000 692,407Series A, 5.00%, 3/15/2035 . . . . . . . . . . . . . . . . . . . 11,000,000 13,582,360Series A, 5.00%, 3/15/2044 . . . . . . . . . . . . . . . . . . . 1,000,000 1,205,470Series A-, 5.00%, 3/15/2023. . . . . . . . . . . . . . . . . . . 765,000 867,365Series A-, 5.00%, 3/15/2024. . . . . . . . . . . . . . . . . . . 440,000 512,820Series A-, 5.00%, 3/15/2028. . . . . . . . . . . . . . . . . . . 225,000 271,048Series A-, 5.00%, 3/15/2029. . . . . . . . . . . . . . . . . . . 525,000 629,995Series A-, 5.00%, 3/15/2033. . . . . . . . . . . . . . . . . . . 3,610,000 4,272,724Series A-, 5.00%, 3/15/2038. . . . . . . . . . . . . . . . . . . 105,000 122,806Series A-, 5.00%, 3/15/2039. . . . . . . . . . . . . . . . . . . 530,000 618,717Series A-, 5.00%, 3/15/2042. . . . . . . . . . . . . . . . . . . 380,000 442,457Series C, 5.00%, 3/15/2030 . . . . . . . . . . . . . . . . . . . 160,000 180,110Series C-, 5.00%, 3/15/2027. . . . . . . . . . . . . . . . . . . 100,000 125,172Series C-, 5.00%, 3/15/2031. . . . . . . . . . . . . . . . . . . 4,250,000 5,267,280Series E, 5.00%, 3/15/2033 . . . . . . . . . . . . . . . . . . . 120,000 134,320

Triborough, NY, Bridge & Tunnel Authority RevenueSeries B, 5.00%, 11/15/2029 . . . . . . . . . . . . . . . . . . 5,000,000 6,619,850


512,202,410

NORTH CAROLINA — 1.5%Charlotte, NC, Water & Sewer System Revenue

5.00%, 7/1/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 6,316,950Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,703,764

43,020,714

NORTH DAKOTA — 0.0% (b)Other Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,226,988

OHIO — 2.3%Columbus, OH, General Obligation

Series A, 5.00%, 4/1/2030 . . . . . . . . . . . . . . . . . . . . 5,000,000 6,371,400Ohio, Water Development Authority Revenue

Series A, 5.00%, 6/1/2029 . . . . . . . . . . . . . . . . . . . . 10,000,000 12,901,700Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,165,499

67,438,599

OKLAHOMA — 0.3%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,559,542




OREGON — 1.7%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 49,116,318

PENNSYLVANIA — 2.0%Pennsylvania, State General Obligation:

3.00%, 9/15/2033 (d) . . . . . . . . . . . . . . . . . . . . . . . $ 500,000 514,8404.00%, 2/1/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 444,7604.00%, 3/1/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . 4,085,000 4,482,5525.00%, 3/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . . 120,000 123,1285.00%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 166,2755.00%, 9/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,788,9005.00%, 3/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . 120,000 135,8655.00%, 8/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . 1,275,000 1,461,3675.00%, 9/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . 600,000 689,3645.00%, 1/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 725,000 838,3545.00%, 3/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . 375,000 436,1145.00%, 6/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . 285,000 333,7325.00%, 7/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 340,000 398,6235.00%, 9/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . 175,000 206,2645.00%, 3/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . 325,000 387,1405.00%, 8/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . 275,000 330,7235.00%, 9/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . 1,570,000 1,892,9495.00%, 2/1/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,419,0805.00%, 3/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . 270,000 316,3025.00%, 9/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . 11,530,000 14,055,185Series D, 5.00%, 8/15/2032 . . . . . . . . . . . . . . . . . . . 800,000 934,096Series REF, 5.00%, 1/15/2020 . . . . . . . . . . . . . . . . . 195,000 198,884Series REF, 5.00%, 1/15/2022 . . . . . . . . . . . . . . . . . 1,480,000 1,616,486Series REF, 5.00%, 1/15/2025 . . . . . . . . . . . . . . . . . 1,250,000 1,482,937Series REF, 5.00%, 1/15/2027 . . . . . . . . . . . . . . . . . 4,760,000 5,871,841Series REF, 5.00%, 1/15/2028 . . . . . . . . . . . . . . . . . 2,410,000 2,956,853


58,701,338

RHODE ISLAND — 0.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,686,387

SOUTH CAROLINA — 0.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,660,552

TENNESSEE — 0.8%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,136,351




TEXAS — 12.3%Austin, TX, Independent School District, General

Obligation4.00%, 8/1/2034 (d) . . . . . . . . . . . . . . . . . . . . . . . . $ 6,000,000 $ 6,851,580

Dallas, TX, Area Rapid Transit, Sales Tax Revenue:5.00%, 12/1/2033 . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 6,405,3505.00%, 12/1/2034 . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 7,653,540

Texas, State Water Development Board Revenue:4.00%, 8/1/2036 . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 167,0434.00%, 10/15/2036 . . . . . . . . . . . . . . . . . . . . . . . . 2,925,000 3,250,1145.00%, 4/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . 220,000 256,5535.00%, 4/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . 135,000 165,2215.00%, 4/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . 2,990,000 3,688,4945.00%, 4/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . 340,000 416,9255.00%, 8/1/2033 . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,805,5905.00%, 10/15/2041 . . . . . . . . . . . . . . . . . . . . . . . . 4,050,000 4,801,680Series A, 4.00%, 10/15/2033 . . . . . . . . . . . . . . . . . . 2,020,000 2,244,826Series A, 4.00%, 10/15/2037 . . . . . . . . . . . . . . . . . . 180,000 200,617Series A, 4.00%, 10/15/2040 . . . . . . . . . . . . . . . . . . 115,000 124,383Series A, 4.00%, 10/15/2052 . . . . . . . . . . . . . . . . . . 125,000 135,809Series A, 5.00%, 4/15/2020 . . . . . . . . . . . . . . . . . . . 100,000 102,906Series A, 5.00%, 10/15/2020 . . . . . . . . . . . . . . . . . . 130,000 136,163Series A, 5.00%, 4/15/2021 . . . . . . . . . . . . . . . . . . . 100,000 106,565Series A, 5.00%, 4/15/2026 . . . . . . . . . . . . . . . . . . . 135,000 163,098Series A, 5.00%, 4/15/2027 . . . . . . . . . . . . . . . . . . . 120,000 149,840Series A, 5.00%, 10/15/2029 . . . . . . . . . . . . . . . . . . 125,000 150,155Series A, 5.00%, 10/15/2031 . . . . . . . . . . . . . . . . . . 575,000 685,003Series A, 5.00%, 10/15/2040 . . . . . . . . . . . . . . . . . . 600,000 700,218Series B, 5.00%, 10/15/2032 . . . . . . . . . . . . . . . . . . 6,870,000 8,617,797Series B, 5.00%, 10/15/2038 . . . . . . . . . . . . . . . . . . 2,020,000 2,473,167


360,340,326

UTAH — 0.6%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,056,549

VIRGINIA — 2.7%University of Virginia, Revenue

Series B, 5.00%, 8/1/2021 . . . . . . . . . . . . . . . . . . . . 8,500,000 9,162,320Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,666,740

77,829,060




WASHINGTON — 4.8%Pierce County, School District No. 3 Puyallup, General

Obligation5.00%, 12/1/2032 (c) . . . . . . . . . . . . . . . . . . . . . . . $ 5,250,000 $ 6,661,830

Seattle, WA, General ObligationSeries A, 5.00%, 6/1/2026 . . . . . . . . . . . . . . . . . . . . 7,170,000 8,611,672

Washington, State General Obligation:5.00%, 8/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 114,6165.00%, 8/1/2033 . . . . . . . . . . . . . . . . . . . . . . . . . . 255,000 310,978Series 201, 5.00%, 8/1/2040. . . . . . . . . . . . . . . . . . . 3,080,000 3,558,694Series 2016A, 5.00%, 7/1/2021. . . . . . . . . . . . . . . . . 165,000 177,099Series 2016A, 5.00%, 7/1/2024. . . . . . . . . . . . . . . . . 165,000 194,233Series 2017-A, 5.00%, 8/1/2041 . . . . . . . . . . . . . . . . 2,700,000 3,169,611Series A, 5.00%, 8/1/2019 . . . . . . . . . . . . . . . . . . . . 125,000 125,373Series A, 5.00%, 8/1/2027 . . . . . . . . . . . . . . . . . . . . 225,000 269,669Series A, 5.00%, 8/1/2031 . . . . . . . . . . . . . . . . . . . . 330,000 397,462Series A, 5.00%, 8/1/2034 . . . . . . . . . . . . . . . . . . . . 300,000 357,786Series A, 5.00%, 8/1/2035 . . . . . . . . . . . . . . . . . . . . 1,245,000 1,489,399Series A, 5.00%, 8/1/2037 . . . . . . . . . . . . . . . . . . . . 310,000 372,673Series A, 5.00%, 8/1/2041 . . . . . . . . . . . . . . . . . . . . 1,645,000 1,955,872Series A, 5.00%, 8/1/2043 . . . . . . . . . . . . . . . . . . . . 3,700,000 4,456,724Series A-1, 5.00%, 8/1/2024. . . . . . . . . . . . . . . . . . . 370,000 436,522Series A-1, 5.00%, 8/1/2033. . . . . . . . . . . . . . . . . . . 120,000 140,893Series A-1, 5.00%, 8/1/2034. . . . . . . . . . . . . . . . . . . 300,000 351,057Series A-1, 5.00%, 8/1/2036. . . . . . . . . . . . . . . . . . . 550,000 640,530Series A-1, 5.00%, 8/1/2040. . . . . . . . . . . . . . . . . . . 300,000 346,626Series B, 5.00%, 7/1/2024 . . . . . . . . . . . . . . . . . . . . 355,000 417,896Series B, 5.00%, 2/1/2028 . . . . . . . . . . . . . . . . . . . . 600,000 709,452Series B, 5.00%, 2/1/2029 . . . . . . . . . . . . . . . . . . . . 135,000 158,857Series B, 5.00%, 7/1/2029 . . . . . . . . . . . . . . . . . . . . 530,000 636,307Series B, 5.00%, 7/1/2031 . . . . . . . . . . . . . . . . . . . . 355,000 422,056Series B, 5.00%, 7/1/2033 . . . . . . . . . . . . . . . . . . . . 285,000 336,759Series B, 5.00%, 2/1/2037 . . . . . . . . . . . . . . . . . . . . 500,000 575,225Series C, 5.00%, 2/1/2022 . . . . . . . . . . . . . . . . . . . . 10,760,000 11,769,180Series C, 5.00%, 2/1/2023 . . . . . . . . . . . . . . . . . . . . 100,000 112,884Series C, 5.00%, 2/1/2032 . . . . . . . . . . . . . . . . . . . . 105,000 124,799Series C, 5.00%, 2/1/2035 . . . . . . . . . . . . . . . . . . . . 450,000 520,029Series C, 5.00%, 2/1/2039 . . . . . . . . . . . . . . . . . . . . 3,000,000 3,501,480Series D, 5.00%, 2/1/2021 . . . . . . . . . . . . . . . . . . . . 325,000 343,905Series D, 5.00%, 2/1/2025 . . . . . . . . . . . . . . . . . . . . 250,000 289,870Series D, 5.00%, 2/1/2027 . . . . . . . . . . . . . . . . . . . . 185,000 213,657Series D, 5.00%, 2/1/2029 . . . . . . . . . . . . . . . . . . . . 250,000 301,325




Series D, 5.00%, 2/1/2037 . . . . . . . . . . . . . . . . . . . . $ 100,000 $ 117,223Series R, 5.00%, 7/1/2026 . . . . . . . . . . . . . . . . . . . . 120,000 142,193Series R-2015, 4.00%, 7/1/2026 . . . . . . . . . . . . . . . . 450,000 504,792Series R-2015-C, 5.00%, 7/1/2021. . . . . . . . . . . . . . . 100,000 107,333Series R-2015-C, 5.00%, 7/1/2031. . . . . . . . . . . . . . . 4,740,000 5,520,725Series R-2015-D, 5.00%, 7/1/2027. . . . . . . . . . . . . . . 335,000 395,802Series R-2015E, 5.00%, 7/1/2021 . . . . . . . . . . . . . . . 125,000 134,166Series R-2015E, 5.00%, 7/1/2024 . . . . . . . . . . . . . . . 175,000 206,005Series R-2015E, 5.00%, 7/1/2025 . . . . . . . . . . . . . . . 315,000 373,981Series R-2015E, 5.00%, 7/1/2026 . . . . . . . . . . . . . . . 65,000 77,021Series R-2015E, 5.00%, 7/1/2033 . . . . . . . . . . . . . . . 1,645,000 1,905,815Series R-2017A, 4.00%, 8/1/2019 . . . . . . . . . . . . . . . 110,000 110,240Series R-2017A, 5.00%, 8/1/2022 . . . . . . . . . . . . . . . 255,000 283,481Series R-2017A, 5.00%, 8/1/2023 . . . . . . . . . . . . . . . 100,000 114,616Series R-2017A, 5.00%, 8/1/2027 . . . . . . . . . . . . . . . 500,000 614,960Series R-2017C, 5.00%, 8/1/2022 . . . . . . . . . . . . . . . 460,000 511,377Series R-2017C, 5.00%, 8/1/2024 . . . . . . . . . . . . . . . 350,000 412,926Series R-2017C, 5.00%, 8/1/2025 . . . . . . . . . . . . . . . 135,000 162,900Series R-2018D, 5.00%, 8/1/2029 . . . . . . . . . . . . . . . 290,000 360,705Series R-H, 5.00%, 7/1/2026 . . . . . . . . . . . . . . . . . . 110,000 130,343Series R-H, 5.00%, 7/1/2030 . . . . . . . . . . . . . . . . . . 2,165,000 2,530,582


140,921,109

WEST VIRGINIA — 0.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,039,808

WISCONSIN — 1.6%Wisconsin, Revenue


46,714,496

TOTAL MUNICIPAL BONDS & NOTES(Cost $2,799,227,644) . . . . . . . . . . . . . . . . . . . . . . . . 2,912,740,198



Security Description Shares Value

SHORT-TERM INVESTMENT — 0.2%State Street Institutional U.S. Government Money

Market Fund, Class G Shares 2.35% (e) (f)(Cost $4,244,002) . . . . . . . . . . . . . . . . . . . . . . . 4,244,002 $ 4,244,002

TOTAL INVESTMENTS — 99.7%(Cost $2,803,471,646) . . . . . . . . . . . . . . . . . . . . . . 2,916,984,200

OTHER ASSETS IN EXCESS OF LIABILITIES —0.3% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,383,090

NET ASSETS — 100.0% . . . . . . . . . . . . . . . . . . . . . $ 2,926,367,290

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “OtherSecurities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities andExchange Commission (“SEC”). In certain instances, securities for which footnotes listed below mayotherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings isavailable on the Fund’s website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257(toll-free) and on the SEC’s website at www.sec.gov.

(a) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2019. For securities based on apublished reference rate and spread, the reference rate and spread are indicated in the descriptionabove.

(b) Amount is less than 0.05% of net assets.(c) When-issued security.(d) Bond is insured by the following:

% ofNet

Assets

Permanent School Fund Guaranteed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3%Assured Guaranty Municipal Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1%

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc.Amounts related to these transactions during the period ended June 30, 2019 are shown in the AffiliateTable below.

(f) The rate shown is the annualized seven-day yield at June 30, 2019.



The following table summarizes the value of the Fund’s investments according to thefair value hierarchy as of June 30, 2019.

DescriptionLevel 1 –

Quoted Prices

Level 2 –Other SignificantObservable Inputs

Level 3 –Significant

Unobservable Inputs Total

ASSETS:INVESTMENTS:Municipal Bonds & Notes . . . . . . . . . . . . . . . $ — $2,912,740,198 $— $2,912,740,198

Short-Term Investment . . . . . . . . . . . . . . . . . 4,244,002 — — 4,244,002

TOTAL INVESTMENTS . . . . . . . . . . . . . . . $4,244,002 $2,912,740,198 $— $2,916,984,200

Affiliate Table

Number ofShares Held

at 6/30/18Value at6/30/18

Cost ofPurchases

Proceedsfrom

Shares SoldRealized

Gain (Loss)

Change inUnrealized

Appreciation/Depreciation


at 6/30/19Value at6/30/19

DividendIncome

State Street Institutional U.S. Government MoneyMarket Fund, Class G Shares . . . . . . . 1,567,027 $1,567,027 $464,138,231 $461,461,256 $— $— 4,244,002 $4,244,002 $218,455




MUNICIPAL BONDS & NOTES — 98.7%ALABAMA — 0.6%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,337,088

ALASKA — 0.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,419,601

ARIZONA — 3.1%Gilbert, AZ, General Obligation

5.00%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,580,000 16,171,115Phoenix, AZ, Civic Improvement Corp., Water System

RevenueSeries B, 5.00%, 7/1/2020 . . . . . . . . . . . . . . . . . . . . 18,550,000 19,235,422


113,270,422

ARKANSAS — 0.1%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,950,171

CALIFORNIA — 18.2%California, Bay Area Toll Authority, Toll Bridge Revenue:

2.25%, 4/1/2045 (a) . . . . . . . . . . . . . . . . . . . . . . . . 28,000,000 28,463,1204.00%, 4/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000 76,6312.10%, 4/1/2045 (a) . . . . . . . . . . . . . . . . . . . . . . . . 15,085,000 15,284,575

California, State General Obligation:4.00%, 9/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 159,0514.00%, 11/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . 3,655,000 4,081,2464.00%, 4/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 11,255,0005.00%, 8/1/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 250,7735.00%, 9/1/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 201,2565.00%, 3/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . 175,000 179,4525.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . 45,580,000 47,463,8225.00%, 9/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 104,4495.00%, 10/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,476,5005.00%, 8/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 107,8565.00%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 190,000 211,8335.00%, 9/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,355,000 2,632,5835.00%, 10/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . 110,000 123,2905.00%, 11/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . 32,235,000 36,225,0485.00%, 3/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 4,075,000 4,627,2035.00%, 8/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 4,125,000 4,743,8735.00%, 9/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 325,000 374,6965.00%, 10/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 288,9475.00%, 4/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,514,290

SPDR NUVEEN BLOOMBERG BARCLAYS SHORT TERM MUNICIPAL BOND ETFSUMMARY SCHEDULE OF INVESTMENTSJune 30, 2019



5.00%, 8/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19,620,000 $ 23,200,4545.00%, 9/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,962,8755.00%, 11/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,952,2504.00%, 12/1/2030 (a) . . . . . . . . . . . . . . . . . . . . . . . 14,115,000 14,795,908Series B, 5.00%, 9/1/2019 . . . . . . . . . . . . . . . . . . . . 150,000 150,942Series B, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 570,000 593,558Series B, 5.00%, 9/1/2020 . . . . . . . . . . . . . . . . . . . . 20,355,000 21,260,593Series B, 5.00%, 8/1/2021 . . . . . . . . . . . . . . . . . . . . 10,000,000 10,785,600Series B, 5.00%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . 2,680,000 2,987,959

Los Angeles, CA, Department of Water & Power PowerSystem Revenue:Series A, 5.00%, 7/1/2021 . . . . . . . . . . . . . . . . . . . . 300,000 322,953Series A, 5.00%, 7/1/2023 . . . . . . . . . . . . . . . . . . . . 2,360,000 2,713,245Series B, 5.00%, 7/1/2023 . . . . . . . . . . . . . . . . . . . . 11,000,000 12,646,480Series B, 5.00%, 7/1/2024 . . . . . . . . . . . . . . . . . . . . 19,000,000 22,507,780

Los Angeles, CA, Unified School District, GeneralObligation:Series A, 5.00%, 7/1/2020 . . . . . . . . . . . . . . . . . . . . 15,420,000 16,005,343Series A, 5.00%, 7/1/2021 . . . . . . . . . . . . . . . . . . . . 315,000 338,357Series A, 5.00%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . 25,530,000 28,268,348Series A, 5.00%, 7/1/2023 . . . . . . . . . . . . . . . . . . . . 20,450,000 23,330,178

Orange County, FL, Water District2.00%, 8/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . 18,000,000 18,501,480

San Diego County, CA, Regional TransportationCommission RevenueSeries A, 3.00%, 4/1/2021 . . . . . . . . . . . . . . . . . . . . 15,000,000 15,504,900

San Diego County, CA, Water Authority Financing Corp.,RevenueSeries S1, 5.00%, 5/1/2021 . . . . . . . . . . . . . . . . . . . 28,285,000 30,125,505

San Francisco, CA, City & County Public UtilitiesCommission Wastewater RevenueSeries C, 2.13%, 10/1/2048 (a) . . . . . . . . . . . . . . . . . 15,000,000 15,334,800

Southern California, Metropolitan Water District RevenueSeries B, 5.00%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . 12,150,000 13,544,334


657,259,901

COLORADO — 1.1%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,747,856

CONNECTICUT — 1.8%Connecticut, State Health & Educational Facility Authority

Revenue:

SPDR NUVEEN BLOOMBERG BARCLAYS SHORT TERM MUNICIPAL BOND ETFSUMMARY SCHEDULE OF INVESTMENTS (continued)June 30, 2019



Series A-2, 5.00%, 7/1/2042 (a) . . . . . . . . . . . . . . . . $ 13,625,000 $ 15,086,418Series A-4, 2.00%, 7/1/2049 (a) . . . . . . . . . . . . . . . . 5,000,000 5,079,000Series B-1, 5.00%, 7/1/2029 (a) . . . . . . . . . . . . . . . . 105,000 108,847Series C-2, 5.00%, 7/1/2057 (a) . . . . . . . . . . . . . . . . 32,130,000 36,161,672Series U-2, 2.00%, 7/1/2033 (a) . . . . . . . . . . . . . . . . 6,475,000 6,578,017


66,354,237

DELAWARE — 0.5%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,391,862

DISTRICT OF COLUMBIA — 1.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,325,605

FLORIDA — 3.4%Florida, State Board of Education, General Obligation:

Series A, 5.00%, 6/1/2020 . . . . . . . . . . . . . . . . . . . . 16,630,000 17,196,251Series A, 5.00%, 6/1/2023 . . . . . . . . . . . . . . . . . . . . 3,845,000 4,385,338Series A, 5.00%, 7/1/2023 . . . . . . . . . . . . . . . . . . . . 2,000,000 2,285,880Series B, 5.00%, 6/1/2020 . . . . . . . . . . . . . . . . . . . . 180,000 186,129Series B, 5.00%, 6/1/2021 . . . . . . . . . . . . . . . . . . . . 800,000 856,712Series B, 5.00%, 6/1/2023 . . . . . . . . . . . . . . . . . . . . 5,160,000 5,885,135Series B, 5.00%, 6/1/2024 . . . . . . . . . . . . . . . . . . . . 7,775,000 9,127,150Series C, 5.00%, 6/1/2020 . . . . . . . . . . . . . . . . . . . . 150,000 155,107Series C, 5.00%, 6/1/2021 . . . . . . . . . . . . . . . . . . . . 100,000 107,089Series D, 5.00%, 6/1/2021 . . . . . . . . . . . . . . . . . . . . 475,000 508,673Series D, 5.00%, 6/1/2024 . . . . . . . . . . . . . . . . . . . . 8,380,000 9,837,366Series E, 5.00%, 6/1/2022 . . . . . . . . . . . . . . . . . . . . 125,000 138,347

Florida, State Department of Management ServicesRevenueSeries A, 5.00%, 9/1/2022 . . . . . . . . . . . . . . . . . . . . 13,315,000 14,835,972

Palm Beach County, School DistrictSeries A, 5.00%, 8/1/2023 . . . . . . . . . . . . . . . . . . . . 12,045,000 13,764,183


121,908,923

GEORGIA — 2.4%Georgia, State General Obligation:

Series A, 5.00%, 2/1/2023 . . . . . . . . . . . . . . . . . . . . 5,000,000 5,647,950Series A-1, 5.00%, 2/1/2021. . . . . . . . . . . . . . . . . . . 225,000 238,163Series A-1, 5.00%, 2/1/2022. . . . . . . . . . . . . . . . . . . 11,635,000 12,735,554Series A-1, 5.00%, 2/1/2023. . . . . . . . . . . . . . . . . . . 500,000 564,796Series C, 5.00%, 7/1/2020 . . . . . . . . . . . . . . . . . . . . 325,000 337,041Series C, 5.00%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . 11,700,000 12,980,448




Series C-1, 5.00%, 1/1/2023. . . . . . . . . . . . . . . . . . . $ 4,000,000 $ 4,506,960Series C-1, 5.00%, 7/1/2023. . . . . . . . . . . . . . . . . . . 10,000,000 11,437,800

Metropolitan Atlanta Rapid Transit Authority RevenueSeries A, 3.00%, 7/1/2023 . . . . . . . . . . . . . . . . . . . . 15,000,000 15,955,500


87,548,342

HAWAII — 1.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,618,946

ILLINOIS — 1.1%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,085,184

INDIANA — 0.3%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,598,133

IOWA — 0.5%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,036,987

KANSAS — 0.5%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,249,144

KENTUCKY — 0.0% (b)Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 627,726

LOUISIANA — 0.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,169,943

MAINE — 0.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,877,071

MARYLAND — 6.1%Maryland, State Department of Transportation

5.00%, 12/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . 13,925,000 14,672,355Maryland, State Department of Transportation Revenue:

4.00%, 9/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,231,6405.00%, 12/1/2019 . . . . . . . . . . . . . . . . . . . . . . . . . 115,000 116,7635.00%, 6/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . 155,000 160,2505.00%, 9/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 104,3065.00%, 2/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,625,000 1,720,0625.00%, 5/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 9,705,000 10,706,6535.00%, 9/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 15,010,000 16,734,4995.00%, 5/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 8,105,000 9,221,1405.00%, 6/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,410,000 2,748,6775.00%, 11/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . 5,005,000 5,778,523

Maryland, State General Obligation:5.00%, 8/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . 155,000 166,811




5.00%, 6/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,200,000 $ 15,703,3545.00%, 3/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 106,1375.00%, 6/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 13,535,000 15,425,9755.00%, 3/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 106,1375.00%, 3/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 11,659,400Series A, 5.00%, 3/1/2020 . . . . . . . . . . . . . . . . . . . . 100,000 102,456Series A, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 135,000 140,385Series A, 5.00%, 8/1/2021 . . . . . . . . . . . . . . . . . . . . 1,535,000 1,651,967Series A, 5.00%, 3/1/2022 . . . . . . . . . . . . . . . . . . . . 5,075,000 5,567,326Series A, 5.00%, 3/15/2022 . . . . . . . . . . . . . . . . . . . 200,000 219,678Series A, 5.00%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . 5,015,000 5,575,125Series A, 5.00%, 3/1/2023 . . . . . . . . . . . . . . . . . . . . 1,420,000 1,606,418Series A, 5.00%, 3/15/2023 . . . . . . . . . . . . . . . . . . . 300,000 339,777Series A, 5.00%, 8/1/2023 . . . . . . . . . . . . . . . . . . . . 1,200,000 1,374,360Series B, 4.50%, 8/1/2021 . . . . . . . . . . . . . . . . . . . . 185,000 197,204Series B, 5.00%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . 10,000,000 11,116,900Series C, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 100,000 103,989Series C, 5.00%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . 1,690,000 1,878,756Series C, 5.00%, 8/1/2023 . . . . . . . . . . . . . . . . . . . . 250,000 286,325Series E -REF, 5.00%, 8/1/2019 . . . . . . . . . . . . . . . . 115,000 115,343

Montgomery County, MD, General ObligationSeries A, 5.00%, 11/1/2023 . . . . . . . . . . . . . . . . . . . 15,765,000 18,187,135

Prince George County, MD, General ObligationSeries A, 5.00%, 7/15/2024 . . . . . . . . . . . . . . . . . . . 14,860,000 17,487,099


218,745,201

MASSACHUSETTS — 4.6%Massachusetts, State Clean Water Trust, Revenue

5.00%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 13,995,000 15,567,058Massachusetts, State General Obligation:

5.00%, 7/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,287,560Series A, 5.00%, 3/1/2021 . . . . . . . . . . . . . . . . . . . . 10,135,000 10,756,985Series A, 5.00%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . 2,875,000 3,189,640Series A, 5.00%, 1/1/2024 . . . . . . . . . . . . . . . . . . . . 3,675,000 4,261,751Series B, 5.00%, 8/1/2019 . . . . . . . . . . . . . . . . . . . . 135,000 135,405Series B, 5.00%, 7/1/2023 . . . . . . . . . . . . . . . . . . . . 2,250,000 2,573,505Series C, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 150,000 156,017Series C, 5.00%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . 250,000 277,360Series C, 5.00%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . 210,000 233,589Series C, 5.00%, 10/1/2022 . . . . . . . . . . . . . . . . . . . 7,930,000 8,866,612Series C, 5.00%, 2/1/2023 . . . . . . . . . . . . . . . . . . . . 6,725,000 7,596,493




Series D-1-R, 1.05%, 8/1/2043 (a) . . . . . . . . . . . . . . . $ 185,000 $ 184,306Series D-2-R, 1.70%, 8/1/2043 (a) . . . . . . . . . . . . . . . 13,400,000 13,476,380Series E, 4.00%, 9/1/2021 . . . . . . . . . . . . . . . . . . . . 200,000 211,362Series E, 5.00%, 11/1/2019 . . . . . . . . . . . . . . . . . . . 200,000 202,462Series E, 5.00%, 11/1/2022 . . . . . . . . . . . . . . . . . . . 9,690,000 10,862,393Series E, 5.00%, 11/1/2023 . . . . . . . . . . . . . . . . . . . 1,410,000 1,628,564Series E, 5.00%, 9/1/2028 . . . . . . . . . . . . . . . . . . . . 7,805,000 8,704,916


166,150,945

MICHIGAN — 0.9%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,729,012

MINNESOTA — 1.5%Minnesota, State General Obligation


55,992,892

MISSISSIPPI — 0.0% (b)Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347,727

MISSOURI — 0.4%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,981,298

NEBRASKA — 0.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,995,531

NEVADA — 0.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,700,249

NEW JERSEY — 0.4%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,040,322

NEW MEXICO — 0.7%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,606,364

NEW YORK — 14.5%New York, NY, City Transitional Finance Authority, Future

Tax Secured Revenue:5.00%, 11/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 157,4185.00%, 11/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 16,840,9505.00%, 8/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300,000 4,939,582Series A-1, 5.00%, 8/1/2022. . . . . . . . . . . . . . . . . . . 100,000 111,394Series A-1, 5.00%, 8/1/2023. . . . . . . . . . . . . . . . . . . 6,120,000 7,030,289Series A-1, 5.00%, 8/1/2024. . . . . . . . . . . . . . . . . . . 1,000,000 1,179,790Series C, 5.00%, 11/1/2020 . . . . . . . . . . . . . . . . . . . 8,570,000 8,993,786




Series C, 5.00%, 11/1/2021 . . . . . . . . . . . . . . . . . . . $ 5,025,000 $ 5,460,115Series C, 5.00%, 11/1/2022 . . . . . . . . . . . . . . . . . . . 3,695,000 4,148,488Series C, 5.00%, 11/1/2023 . . . . . . . . . . . . . . . . . . . 4,560,000 5,277,288Series C-1, 5.00%, 5/1/2020. . . . . . . . . . . . . . . . . . . 105,000 108,251Series C-1, 5.00%, 11/1/2021 . . . . . . . . . . . . . . . . . . 7,000,000 7,606,130Series C-1, 5.00%, 5/1/2023. . . . . . . . . . . . . . . . . . . 16,000,000 18,241,920

New York, NY, General Obligation:Series A, 2.00%, 8/1/2021 . . . . . . . . . . . . . . . . . . . . 100,000 101,398Series A, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 90,000 93,650Series A, 5.00%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . 22,130,000 24,601,699Series A, 5.00%, 8/1/2023 . . . . . . . . . . . . . . . . . . . . 21,715,000 24,879,527Series C, 3.00%, 8/1/2019 . . . . . . . . . . . . . . . . . . . . 150,000 150,216Series C, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 135,000 140,474Series C, 5.00%, 8/1/2021 . . . . . . . . . . . . . . . . . . . . 1,500,000 1,613,970Series C, 5.00%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . 15,360,000 17,075,557Series C, 5.00%, 8/1/2023 . . . . . . . . . . . . . . . . . . . . 3,040,000 3,483,019Series E, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 275,000 286,151Series E, 5.00%, 8/1/2021 . . . . . . . . . . . . . . . . . . . . 11,180,000 12,029,456Series E, 5.00%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . 150,000 166,754Series E, 5.00%, 8/1/2023 . . . . . . . . . . . . . . . . . . . . 5,000,000 5,728,650Series E, 5.00%, 8/1/2024 . . . . . . . . . . . . . . . . . . . . 10,000,000 11,787,200Series G, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 120,000 124,866Series I, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 8,115,000 8,444,063Series I, 5.00%, 3/1/2021 . . . . . . . . . . . . . . . . . . . . 3,720,000 3,949,598Series J, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . . . . . . 135,000 140,474Series J, 5.00%, 8/1/2021 . . . . . . . . . . . . . . . . . . . . 225,000 242,096Series J, 5.00%, 8/1/2023 . . . . . . . . . . . . . . . . . . . . 4,705,000 5,390,660

New York, State Dormitory Authority, Personal Income TaxRevenue:Series A, 5.00%, 2/15/2021 . . . . . . . . . . . . . . . . . . . 4,865,000 5,158,116Series A, 5.00%, 2/15/2022 . . . . . . . . . . . . . . . . . . . 19,320,000 21,169,310Series A, 5.00%, 3/15/2022 . . . . . . . . . . . . . . . . . . . 330,000 362,564Series A, 5.00%, 3/15/2023 . . . . . . . . . . . . . . . . . . . 4,930,000 5,589,683Series A, 5.00%, 2/15/2024 . . . . . . . . . . . . . . . . . . . 9,500,000 11,046,315Series A, 5.00%, 3/15/2024 . . . . . . . . . . . . . . . . . . . 5,000,000 5,827,500Series B, 5.00%, 3/15/2021 . . . . . . . . . . . . . . . . . . . 100,000 106,332Series B, 5.00%, 2/15/2022 . . . . . . . . . . . . . . . . . . . 3,600,000 3,944,592Series B, 5.00%, 2/15/2023 . . . . . . . . . . . . . . . . . . . 1,500,000 1,696,440Series C, 5.00%, 6/15/2020 . . . . . . . . . . . . . . . . . . . 6,125,000 6,342,989Series D, 5.00%, 2/15/2021 . . . . . . . . . . . . . . . . . . . 5,255,000 5,571,614Series D, 5.00%, 2/15/2022 . . . . . . . . . . . . . . . . . . . 13,275,000 14,545,683Series D, 5.00%, 2/15/2023 . . . . . . . . . . . . . . . . . . . 8,900,000 10,065,544




Series E, 5.00%, 2/15/2022 . . . . . . . . . . . . . . . . . . . $ 5,220,000 $ 5,719,658Series E, 5.00%, 2/15/2023 . . . . . . . . . . . . . . . . . . . 5,510,000 6,231,590Series E, 5.00%, 3/15/2024 . . . . . . . . . . . . . . . . . . . 1,800,000 2,097,900

New York, State Dormitory Authority, Sales Tax Revenue:5.00%, 3/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . 23,020,000 26,144,965Series A, 5.00%, 3/15/2020 . . . . . . . . . . . . . . . . . . . 100,000 102,628Series A, 5.00%, 3/15/2021 . . . . . . . . . . . . . . . . . . . 15,345,000 16,316,645Series A, 5.00%, 3/15/2022 . . . . . . . . . . . . . . . . . . . 7,500,000 8,252,775Series A, 5.00%, 3/15/2023 . . . . . . . . . . . . . . . . . . . 3,915,000 4,446,462Series A, 5.00%, 3/15/2024 . . . . . . . . . . . . . . . . . . . 200,000 233,796Series C, 5.00%, 3/15/2023 . . . . . . . . . . . . . . . . . . . 255,000 289,616Series E-GROUP 1, 5.00%, 3/15/2024 . . . . . . . . . . . . 3,560,000 4,161,569

New York, State Urban Development Corp., Revenue:5.00%, 3/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . 6,475,000 7,113,953Series A, 5.00%, 3/15/2021 . . . . . . . . . . . . . . . . . . . 375,000 398,745Series A, 5.00%, 3/15/2022 . . . . . . . . . . . . . . . . . . . 23,740,000 26,082,663Series A, 5.00%, 3/15/2023 . . . . . . . . . . . . . . . . . . . 5,075,000 5,754,086Series A, 5.00%, 3/15/2024 . . . . . . . . . . . . . . . . . . . 5,000,000 5,827,500Series A-, 5.00%, 3/15/2021. . . . . . . . . . . . . . . . . . . 10,140,000 10,782,065Series A-, 5.00%, 3/15/2023. . . . . . . . . . . . . . . . . . . 5,880,000 6,666,803Series A-, 5.00%, 3/15/2024. . . . . . . . . . . . . . . . . . . 13,430,000 15,652,665Series C, 5.00%, 3/15/2020 . . . . . . . . . . . . . . . . . . . 100,000 102,628Series E, 5.00%, 3/15/2023 . . . . . . . . . . . . . . . . . . . 125,000 141,726


523,290,566

NORTH CAROLINA — 2.1%North Carolina, State General Obligation


74,224,305

OHIO — 2.5%Ohio, State General Obligation:

4.00%, 5/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 262,3555.00%, 9/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . 6,380,000 6,654,7235.00%, 9/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 215,746Series A, 5.00%, 5/1/2020 . . . . . . . . . . . . . . . . . . . . 145,000 149,464Series A, 5.00%, 3/15/2022 . . . . . . . . . . . . . . . . . . . 5,535,000 6,074,939Series A, 5.00%, 9/15/2022 . . . . . . . . . . . . . . . . . . . 125,000 139,362Series A, 5.00%, 9/1/2023 . . . . . . . . . . . . . . . . . . . . 325,000 373,126Series B, 5.00%, 9/15/2019 . . . . . . . . . . . . . . . . . . . 20,000 20,151




Series B, 5.00%, 8/1/2023 . . . . . . . . . . . . . . . . . . . . $ 130,000 $ 148,945Series B, 5.00%, 6/15/2026 . . . . . . . . . . . . . . . . . . . 4,415,000 4,890,760Series C, 3.00%, 11/1/2020 . . . . . . . . . . . . . . . . . . . 8,460,000 8,653,565Series C, 5.00%, 11/1/2022 . . . . . . . . . . . . . . . . . . . 6,475,000 7,249,410Series R, 5.00%, 5/1/2022 . . . . . . . . . . . . . . . . . . . . 9,315,000 10,279,196Series R, 5.00%, 5/1/2023 . . . . . . . . . . . . . . . . . . . . 1,900,000 2,163,169Series S, 5.00%, 5/1/2023 . . . . . . . . . . . . . . . . . . . . 105,000 119,544Series V, 5.00%, 5/1/2023 . . . . . . . . . . . . . . . . . . . . 5,725,000 6,517,970


88,737,248

OKLAHOMA — 0.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,850,847

OREGON — 1.0%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,753,169

PENNSYLVANIA — 2.4%Pennsylvania, State General Obligation:

5.00%, 9/15/2019 . . . . . . . . . . . . . . . . . . . . . . . . . 120,000 120,9045.00%, 9/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . . 265,000 276,7245.00%, 3/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . . 230,000 244,3615.00%, 7/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . 10,400,000 11,159,3045.00%, 9/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . . 15,565,000 16,815,4925.00%, 3/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,097,8305.00%, 8/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . 7,070,000 7,866,7895.00%, 8/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . 14,580,000 16,711,158Series D, 5.00%, 8/15/2019 . . . . . . . . . . . . . . . . . . . 125,000 125,554Series D, 5.00%, 8/15/2022 . . . . . . . . . . . . . . . . . . . 200,000 222,540Series REF, 5.00%, 7/1/2019 . . . . . . . . . . . . . . . . . . 275,000 275,000Series REF, 5.00%, 1/15/2021 . . . . . . . . . . . . . . . . . 13,470,000 14,229,708Series REF, 5.00%, 1/15/2023 . . . . . . . . . . . . . . . . . 9,500,000 10,702,605Series REF, 5.00%, 1/15/2024 . . . . . . . . . . . . . . . . . 5,260,000 6,088,976


88,056,050

RHODE ISLAND — 0.2%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,792,667

SOUTH CAROLINA — 0.3%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,908,445

TENNESSEE — 0.9%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,708,868




TEXAS — 13.2%Dallas, TX, General Obligation

5.00%, 2/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,100,000 $ 17,439,745Houston, TX, Independent School District, General

Obligation:2.25%, 6/1/2039 (a)(c) . . . . . . . . . . . . . . . . . . . . . . 6,320,000 6,440,7755.00%, 2/15/2020 (c) . . . . . . . . . . . . . . . . . . . . . . . 210,000 214,8155.00%, 2/15/2021 (c) . . . . . . . . . . . . . . . . . . . . . . . 400,000 423,8365.00%, 2/15/2022 (c) . . . . . . . . . . . . . . . . . . . . . . . 10,995,000 12,044,3635.00%, 2/15/2023 (c) . . . . . . . . . . . . . . . . . . . . . . . 10,735,000 12,124,1095.00%, 2/15/2024 (c) . . . . . . . . . . . . . . . . . . . . . . . 4,165,000 4,840,688Series A, 5.00%, 2/15/2021 (c) . . . . . . . . . . . . . . . . . 4,240,000 4,492,662Series A, 5.00%, 2/15/2022 (c) . . . . . . . . . . . . . . . . . 3,145,000 3,445,159

San Antonio, TX, Electric & Gas Revenue:5.00%, 2/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . 505,000 534,2955.00%, 2/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 4,410,000 4,820,3185.00%, 2/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 5,300,000 5,972,9415.00%, 2/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 8,505,000 9,861,633Series B-REMK 9/, 2.00%, 2/1/2033 (a) . . . . . . . . . . . 375,000 377,494Series D, VRN, 3.00%, 12/1/2045 (a) . . . . . . . . . . . . . 16,375,000 16,696,441

San Antonio, TX, Water System RevenueSeries A, 2.63%, 5/1/2049 (a) . . . . . . . . . . . . . . . . . . 30,000,000 31,324,500

Texas, State General Obligation:2.25%, 8/1/2029 (a) . . . . . . . . . . . . . . . . . . . . . . . . 5,890,000 5,938,3575.00%, 4/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . 135,000 138,7305.00%, 10/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 104,5995.00%, 10/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . 8,175,000 8,848,5385.00%, 4/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 55,0135.00%, 10/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . 3,660,000 4,210,5375.00%, 4/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,165,900Series A, 4.00%, 10/1/2019 . . . . . . . . . . . . . . . . . . . 230,000 231,541Series A, 4.00%, 10/1/2021 . . . . . . . . . . . . . . . . . . . 7,125,000 7,554,709Series A, 5.00%, 10/1/2020 . . . . . . . . . . . . . . . . . . . 250,000 261,497Series A, 5.00%, 10/1/2021 . . . . . . . . . . . . . . . . . . . 1,630,000 1,764,296Series A, 5.00%, 10/1/2022 . . . . . . . . . . . . . . . . . . . 1,360,000 1,520,167Series A, 5.00%, 10/1/2023 . . . . . . . . . . . . . . . . . . . 5,000,000 5,752,100

Texas, State Transportation Commission, Highway FundRevenueSeries A, 5.00%, 4/1/2023 . . . . . . . . . . . . . . . . . . . . 14,710,000 16,682,611


477,274,640




UTAH — 0.6%Other Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,393,286

VIRGINIA — 3.2%Virginia, State College Building Authority, Educational

Facilities Revenue:5.00%, 2/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,925,000 14,140,725Series A, 5.00%, 2/1/2021 . . . . . . . . . . . . . . . . . . . . 235,000 248,710Series A, 5.00%, 2/1/2022 . . . . . . . . . . . . . . . . . . . . 60,000 65,644Series A, 5.00%, 2/1/2023 . . . . . . . . . . . . . . . . . . . . 16,915,000 19,111,864Series B, 5.00%, 9/1/2022 . . . . . . . . . . . . . . . . . . . . 440,000 490,406Series B, 5.00%, 2/1/2023 . . . . . . . . . . . . . . . . . . . . 6,020,000 6,795,617Series D, 5.00%, 2/1/2022 . . . . . . . . . . . . . . . . . . . . 130,000 142,228Series E, 5.00%, 2/1/2023 . . . . . . . . . . . . . . . . . . . . 5,000,000 5,644,200


114,292,684

WASHINGTON — 3.2%Washington, State General Obligation:

4.00%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,390,000 2,580,0295.00%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 110,8825.00%, 7/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,030,000 2,321,021Series 2016A, 5.00%, 7/1/2021. . . . . . . . . . . . . . . . . 8,060,000 8,651,040Series 2016A, 5.00%, 7/1/2022. . . . . . . . . . . . . . . . . 17,135,000 18,999,631Series B, 5.00%, 8/1/2021 . . . . . . . . . . . . . . . . . . . . 1,490,000 1,603,538Series B, 5.00%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . 500,000 554,410Series B, 5.00%, 7/1/2023 . . . . . . . . . . . . . . . . . . . . 2,000,000 2,286,720Series C, 5.00%, 2/1/2024 . . . . . . . . . . . . . . . . . . . . 11,860,000 13,791,994Series D, 5.00%, 2/1/2021 . . . . . . . . . . . . . . . . . . . . 40,000 42,327Series E, 5.00%, 2/1/2022 . . . . . . . . . . . . . . . . . . . . 100,000 109,379Series R-2015, 5.00%, 7/1/2021 . . . . . . . . . . . . . . . . 285,000 305,899Series R-2015-C, 5.00%, 7/1/2022. . . . . . . . . . . . . . . 255,000 282,749Series R-2017A, 5.00%, 8/1/2020 . . . . . . . . . . . . . . . 270,000 280,770Series R-2017A, 5.00%, 8/1/2021 . . . . . . . . . . . . . . . 7,000,000 7,533,400Series R-C, 5.00%, 7/1/2019 . . . . . . . . . . . . . . . . . . 235,000 235,000Series R-C, 5.00%, 7/1/2020 . . . . . . . . . . . . . . . . . . 210,000 217,738Series R-F, 5.00%, 7/1/2021 . . . . . . . . . . . . . . . . . . . 100,000 107,333


117,234,914

WEST VIRGINIA — 0.0% (b)Other Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272,093




WISCONSIN — 2.8%Wisconsin, State General Obligation:

Series 1, 5.00%, 5/1/2021 . . . . . . . . . . . . . . . . . . . . $ 90,000 $ 96,037Series 1, 5.00%, 11/1/2021 . . . . . . . . . . . . . . . . . . . 185,000 200,707Series 1, 5.00%, 11/1/2022 . . . . . . . . . . . . . . . . . . . 250,000 279,988Series 1, 5.00%, 11/1/2023 . . . . . . . . . . . . . . . . . . . 2,500,000 2,884,100Series 2, 5.00%, 11/1/2022 . . . . . . . . . . . . . . . . . . . 14,070,000 15,757,696Series 2, 5.00%, 11/1/2023 . . . . . . . . . . . . . . . . . . . 13,745,000 15,856,781Series 3, 5.00%, 11/1/2021 . . . . . . . . . . . . . . . . . . . 5,435,000 5,896,431Series A, 5.00%, 5/1/2020 . . . . . . . . . . . . . . . . . . . . 205,000 211,277Series A, 5.00%, 5/1/2022 . . . . . . . . . . . . . . . . . . . . 125,000 137,828Series A, 5.00%, 5/1/2023 . . . . . . . . . . . . . . . . . . . . 8,685,000 9,867,772Series A, 5.00%, 5/1/2024 . . . . . . . . . . . . . . . . . . . . 130,000 143,437Series A, 5.00%, 5/1/2027 . . . . . . . . . . . . . . . . . . . . 2,500,000 2,847,525Series A, 5.00%, 5/1/2034 . . . . . . . . . . . . . . . . . . . . 645,000 734,661Series B, 5.00%, 5/1/2020 . . . . . . . . . . . . . . . . . . . . 5,045,000 5,199,478Series B, 5.00%, 5/1/2021 . . . . . . . . . . . . . . . . . . . . 175,000 186,739Series B, 5.00%, 5/1/2023 . . . . . . . . . . . . . . . . . . . . 130,000 138,646Series B, 5.00%, 5/1/2026 . . . . . . . . . . . . . . . . . . . . 195,000 200,938Series B, 5.00%, 5/1/2027 . . . . . . . . . . . . . . . . . . . . 2,500,000 2,758,400Series C, 5.00%, 5/1/2023 . . . . . . . . . . . . . . . . . . . . 2,700,000 3,069,630Series D, 5.00%, 5/1/2021 . . . . . . . . . . . . . . . . . . . . 8,065,000 8,606,000


99,377,353

TOTAL MUNICIPAL BONDS & NOTES(Cost $3,524,564,549) . . . . . . . . . . . . . . . . . . . . . . . . 3,565,233,818

Shares

SHORT-TERM INVESTMENT — 0.3%State Street Institutional U.S. Government Money

Market Fund, Class G Shares 2.35% (d) (e)(Cost $10,695,980). . . . . . . . . . . . . . . . . . . . . . . 10,695,980 10,695,980

TOTAL INVESTMENTS — 99.0%(Cost $3,535,260,529) . . . . . . . . . . . . . . . . . . . . . . 3,575,929,798

OTHER ASSETS IN EXCESS OF LIABILITIES —1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,584,410

NET ASSETS — 100.0% . . . . . . . . . . . . . . . . . . . . . $ 3,613,514,208



The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “OtherSecurities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities andExchange Commission (“SEC”). In certain instances, securities for which footnotes listed below mayotherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings isavailable on the Fund’s website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257(toll-free) and on the SEC’s website at www.sec.gov.

(a) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2019. For securities based on apublished reference rate and spread, the reference rate and spread are indicated in the descriptionabove.

(b) Amount is less than 0.05% of net assets.(c) Bond is insured by the following:

% ofNet

Assets

Permanent School Fund Guaranteed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1%

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc.Amounts related to these transactions during the period ended June 30, 2019 are shown in theAffiliate Table below.

(e) The rate shown is the annualized seven-day yield at June 30, 2019.VRN= Variable Rate Note

The following table summarizes the value of the Fund’s investments according to thefair value hierarchy as of June 30, 2019.


Quoted Prices




ASSETS:INVESTMENTS:Municipal Bonds & Notes . . . . . . . . . . . . . . . $ — $3,565,233,818 $— $3,565,233,818

Short-Term Investment . . . . . . . . . . . . . . . . . 10,695,980 — — 10,695,980

TOTAL INVESTMENTS . . . . . . . . . . . . . . . $10,695,980 $3,565,233,818 $— $3,575,929,798

Affiliate Table


at 6/30/18Value at6/30/18

Cost ofPurchases

Proceedsfrom

Shares SoldRealized

Gain (Loss)

Change inUnrealized



at 6/30/19Value at6/30/19

DividendIncome

State Street Institutional U.S. Government MoneyMarket Fund, Class G Shares. . . . . . . 7,594,151 $7,594,151 $571,670,328 $568,568,499 $— $— 10,695,980 $10,695,980 $240,525



SPDR NuveenBloomberg

BarclaysMunicipal Bond

ETF


Barclays ShortTerm Municipal

Bond ETF

ASSETSInvestments in unaffiliated issuers, at value . . . . . . . . . . . . $2,912,740,198 $3,565,233,818Investments in affiliated issuers, at value . . . . . . . . . . . . . . 4,244,002 10,695,980

Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,916,984,200 3,575,929,798Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 93Receivable for investments sold . . . . . . . . . . . . . . . . . . . . 832,075 215,000Receivable for fund shares sold. . . . . . . . . . . . . . . . . . . . . — 9,784,278Dividends receivable — affiliated issuers . . . . . . . . . . . . . 15,750 20,469Interest receivable — unaffiliated issuers. . . . . . . . . . . . . . 33,748,249 46,261,598Receivable from Adviser . . . . . . . . . . . . . . . . . . . . . . . . . 178,220 —Other Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385 39

TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . 2,951,758,941 3,632,211,275

LIABILITIESPayable for investments purchased . . . . . . . . . . . . . . . . . . 24,667,912 18,099,787Advisory fee payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 718,258 589,675Trustees’ fees and expenses payable . . . . . . . . . . . . . . . . . 5,481 7,605

TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . . . 25,391,651 18,697,067

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,926,367,290 $3,613,514,208

NET ASSETS CONSIST OF:Paid-in Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,811,742,763 $3,580,563,688Total distributable earnings (loss) . . . . . . . . . . . . . . . . . . . 114,624,527 32,950,520

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,926,367,290 $3,613,514,208

NET ASSET VALUE PER SHARENet asset value per share . . . . . . . . . . . . . . . . . . . . . . . . . $ 50.24 $ 48.93

Shares outstanding (unlimited amount authorized, $0.01 parvalue) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,251,036 73,851,082

COST OF INVESTMENTS:Investments in unaffiliated issuers. . . . . . . . . . . . . . . . . . . $2,799,227,644 $3,524,564,549Investments in affiliated issuers . . . . . . . . . . . . . . . . . . . . 4,244,002 10,695,980

Total cost of investments . . . . . . . . . . . . . . . . . . . . . . . . . $2,803,471,646 $3,535,260,529

SPDR SERIES TRUSTSTATEMENTS OF ASSETS AND LIABILITIESJune 30, 2019



BarclaysMunicipal Bond

ETF


Barclays ShortTerm Municipal

Bond ETF

INVESTMENT INCOMEInterest income — unaffiliated issuers . . . . . . . . . . . . . . . . $ 69,897,037 $ 56,464,485Dividend income — affiliated issuers . . . . . . . . . . . . . . . . 218,455 240,525

TOTAL INVESTMENT INCOME (LOSS). . . . . . . . . . . 70,115,492 56,705,010

EXPENSESAdvisory fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,426,608 7,279,994Trustees’ fees and expenses. . . . . . . . . . . . . . . . . . . . . . . . 40,437 52,880

TOTAL EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,467,045 7,332,874

Expenses waived/reimbursed by the Adviser. . . . . . . . . . . . (2,006,647) —

NET EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,460,398 7,332,874

NET INVESTMENT INCOME (LOSS) . . . . . . . . . . . . . 63,655,094 49,372,136

REALIZED AND UNREALIZED GAIN (LOSS)Net realized gain (loss) on:

Investments — unaffiliated issuers . . . . . . . . . . . . . . . . . (103,863) (7,113,093)In-kind redemptions — unaffiliated issuers . . . . . . . . . . . (3,670,101) (1,601,805)

Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . (3,773,964) (8,714,898)

Net change in unrealized appreciation/depreciation on:Investments — unaffiliated issuers . . . . . . . . . . . . . . . . . 126,315,005 78,817,800

NET REALIZED AND UNREALIZED GAIN (LOSS) . . 122,541,041 70,102,902

NET INCREASE (DECREASE) IN NET ASSETS FROMOPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $186,196,135 $119,475,038

SPDR SERIES TRUSTSTATEMENTS OF OPERATIONSFor theYear Ended June 30, 2019


SPDR Nuveen BloombergBarclays Municipal Bond ETF

Year Ended6/30/19

Year Ended6/30/18

INCREASE (DECREASE) IN NET ASSETS FROMOPERATIONS:Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . $ 63,655,094 $ 55,923,486Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . (3,773,964) 7,724,321Net change in unrealized appreciation/depreciation . . . . . . 126,315,005 (44,417,185)

Net increase (decrease) in net assets resulting fromoperations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186,196,135 19,230,622

Net equalization credits and charges . . . . . . . . . . . . . . . . . 155,355 282,310

Distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . (63,539,157) (55,387,765)

FROM BENEFICIAL INTEREST TRANSACTIONS:Proceeds from sale of shares sold . . . . . . . . . . . . . . . . . . . . . 733,712,318 1,227,745,603Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . (626,611,553) (906,862,807)Net income equalization . . . . . . . . . . . . . . . . . . . . . . . . . . . (155,355) (282,310)Other Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,066 20,661

Net increase (decrease) in net assets from beneficialinterest transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,961,476 320,621,147

Net increase (decrease) in net assets during the period . . . . 229,773,809 284,746,314Net assets at beginning of period. . . . . . . . . . . . . . . . . . . . 2,696,593,481 2,411,847,167

NET ASSETS AT END OF PERIOD . . . . . . . . . . . . . . . . . $2,926,367,290 $2,696,593,481

SHARES OF BENEFICIAL INTEREST:Shares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,300,000 25,300,000Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,100,000) (18,700,000)

Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,200,000 6,600,000

SPDR SERIES TRUSTSTATEMENTS OF CHANGES IN NET ASSETS


SPDR Nuveen BloombergBarclays Short Term Municipal Bond

ETF

Year Ended6/30/19

Year Ended6/30/18

INCREASE (DECREASE) IN NET ASSETS FROMOPERATIONS:Net investment income (loss) . . . . . . . . . . . . . . . . . . . . $ 49,372,136 $ 40,020,782Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . (8,714,898) (5,347,174)Net change in unrealized appreciation/depreciation . . . . . 78,817,800 (37,204,719)

Net increase (decrease) in net assets resulting fromoperations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,475,038 (2,531,111)

Net equalization credits and charges . . . . . . . . . . . . . . . (71,715) 160,374

Distributions to shareholders . . . . . . . . . . . . . . . . . . . . . (48,718,512) (39,494,976)

FROM BENEFICIAL INTEREST TRANSACTIONS:Proceeds from sale of shares sold . . . . . . . . . . . . . . . . . . . 283,155,623 549,634,104Cost of shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . (394,531,921) (312,283,159)Net income equalization. . . . . . . . . . . . . . . . . . . . . . . . . . 71,715 (160,374)Other Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,883 121,780

Net increase (decrease) in net assets from beneficialinterest transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . (111,265,700) 237,312,351

Net increase (decrease) in net assets during the period . . . (40,580,889) 195,446,638Net assets at beginning of period . . . . . . . . . . . . . . . . . . 3,654,095,097 3,458,648,459

NET ASSETS AT END OF PERIOD . . . . . . . . . . . . . . . $3,613,514,208 $3,654,095,097

SHARES OF BENEFICIAL INTEREST:Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,900,000 11,400,000Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,200,000) (6,500,000)

Net increase (decrease). . . . . . . . . . . . . . . . . . . . . . . . . . (2,300,000) 4,900,000

SPDR SERIES TRUSTSTATEMENTS OF CHANGES IN NET ASSETS (continued)


SPDR Nuveen Bloomberg Barclays Municipal Bond ETF

YearEnded6/30/19

YearEnded6/30/18

YearEnded6/30/17

YearEnded

6/30/16(a)

YearEnded

6/30/15(a)

Net asset value, beginning of period . . . . . . . . . . $ 48.11 $ 48.77 $ 50.59 $ 47.52 $ 47.44

Income (loss) from investment operations:Net investment income (loss) (b). . . . . . . . . . . . . 1.10 1.06 1.05 1.09 1.14Net realized and unrealized gain (loss) (c) . . . . . . . . 2.13 (0.67) (1.75) 3.11 0.06

Total from investment operations . . . . . . . . . . . . 3.23 0.39 (0.70) 4.20 1.20

Net equalization credits and charges (b) . . . . . . . . . 0.00(d) 0.01 0.01 0.02 0.02

Other capital (b) . . . . . . . . . . . . . . . . . . . . . 0.00(d) 0.00(d) 0.00(d) 0.00(d) 0.00(d)

Distributions to shareholders from:Net investment income. . . . . . . . . . . . . . . . . . (1.10) (1.06) (1.04) (1.10) (1.14)Net realized gains . . . . . . . . . . . . . . . . . . . . — — (0.09) (0.05) —

Total distributions . . . . . . . . . . . . . . . . . . . . (1.10) (1.06) (1.13) (1.15) (1.14)

Net asset value, end of period . . . . . . . . . . . . . $ 50.24 $ 48.11 $ 48.77 $ 50.59 $ 47.52

Total return (e) . . . . . . . . . . . . . . . . . . . . . 6.82% 0.81% (1.34)% 9.02% 2.56%Ratios and Supplemental Data:Net assets, end of period (in 000s) . . . . . . . . . . . . $2,926,367 $2,696,593 $2,411,847 $1,950,478 $1,304,277Ratios to average net assets:Total expenses . . . . . . . . . . . . . . . . . . . . . . 0.30% 0.30% 0.30% 0.30% 0.30%Net expenses . . . . . . . . . . . . . . . . . . . . . . . 0.23% 0.23% 0.23% 0.23% 0.23%Net investment income (loss) . . . . . . . . . . . . . . 2.27% 2.19% 2.15% 2.23% 2.37%Portfolio turnover rate (f) . . . . . . . . . . . . . . . . 22% 20% 23% 21% 20%

(a) On March 15, 2016, the SPDR Nuveen Bloomberg Barclays Municipal Bond ETF underwent a 1-for-2 reverseshare split. The per share data presented here have been retroactively adjusted to reflect this split.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents theper share data for the year.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains andlosses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relationto fluctuating market values for the Fund.

(d) Amount is less than $0.005 per share.(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset

value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to bereinvested at net asset value per share on the respective payment dates of each distribution. Broker commissioncharges are not included in this calculation.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations orredemptions.

SPDR SERIES TRUSTFINANCIAL HIGHLIGHTSSelected data for a share outstanding throughout each period


SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF

YearEnded6/30/19

YearEnded6/30/18

YearEnded6/30/17

YearEnded

6/30/16(a)

YearEnded

6/30/15(a)

Net asset value, beginning of period . . . . . . . . $ 47.98 $ 48.54 $ 49.07 $ 48.50 $ 48.72

Income (loss) from investment operations:Net investment income (loss) (b) . . . . . . . . . . . 0.65 0.54 0.49 0.46 0.44Net realized and unrealized gain (loss) (c) . . . . . . 0.94 (0.57) (0.52) 0.57 (0.22)

Total from investment operations . . . . . . . . . . . 1.59 (0.03) (0.03) 1.03 0.22

Net equalization credits and charges (b) . . . . . . . (0.00)(d) 0.00(d) 0.00(d) 0.00(d) 0.00(d)

Other capital (b) . . . . . . . . . . . . . . . . . . . 0.00(d) 0.00(d) 0.00(d) 0.00(d) 0.00(d)

Distributions to shareholders from:Net investment income . . . . . . . . . . . . . . . . (0.64) (0.53) (0.48) (0.46) (0.44)Net realized gains. . . . . . . . . . . . . . . . . . . — — (0.02) — (0.00)(d)

Total distributions . . . . . . . . . . . . . . . . . . (0.64) (0.53) (0.50) (0.46) (0.44)

Net asset value, end of period . . . . . . . . . . . . $ 48.93 $ 47.98 $ 48.54 $ 49.07 $ 48.50

Total return (e) . . . . . . . . . . . . . . . . . . . 3.34% (0.06)% (0.04)% 2.13% 0.46%Ratios and Supplemental Data:Net assets, end of period (in 000s) . . . . . . . . . . $3,613,514 $3,654,095 $3,458,648 $2,966,297 $2,609,387Ratios to average net assets:Total expenses . . . . . . . . . . . . . . . . . . . . 0.20% 0.20% 0.20% 0.20% 0.20%Net investment income (loss) . . . . . . . . . . . . . 1.36% 1.11% 1.01% 0.94% 0.91%Portfolio turnover rate (f) . . . . . . . . . . . . . . . 35% 27% 32% 23% 23%

(a) On March 15, 2016, the SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF underwent a1-for-2 reverse share split. The per share data presented here have been retroactively adjusted to reflect this split.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents theper share data for the year.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains andlosses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relationto fluctuating market values for the Fund.

(d) Amount is less than $0.005 per share.(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset

value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to bereinvested at net asset value per share on the respective payment dates of each distribution. Broker commissioncharges are not included in this calculation.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations orredemptions.

SPDR SERIES TRUSTFINANCIAL HIGHLIGHTS (continued)Selected data for a share outstanding throughout each period


1. Organization

SPDR Series Trust (the “Trust”), a Massachusetts business trust, registered under theInvestment Company Act of 1940, as amended (“1940 Act”), is an open-endmanagement investment company.

As of June 30, 2019, the Trust consists of eighty-one (81) series, each of whichrepresents a separate series of beneficial interest in the Trust. The Declaration of Trustpermits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of anunlimited number of shares of beneficial interest at $0.01 par value. The financialstatements herein relate to the following series (each a “Fund”, and collectively, the“Funds”):

SPDR Nuveen Bloomberg Barclays Municipal Bond ETFSPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF

Each Fund is classified as a non-diversified investment company under the 1940 Act.

Under the Trust’s organizational documents, its officers and trustees are indemnifiedagainst certain liabilities arising out of the performance of their duties to the Trust.Additionally, in the normal course of business, the Trust enters into contracts withservice providers that contain general indemnification clauses. The Trust’s maximumexposure under these arrangements is unknown as this would involve future claims thatmay be made against the Trust that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust inthe preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally acceptedaccounting principles (“U.S. GAAP”) requires management to make estimates andassumptions that affect the reported amounts and disclosures in the financial statements.Actual results could differ from those estimates. Each Fund is an investment companyunder U.S. GAAP and follows the accounting and reporting guidance applicable toinvestment companies.

Security Valuation

Each Fund’s investments are valued at fair value each day that the New York StockExchange (“NYSE”) is open and, for financial reporting purposes, as of the report dateshould the reporting period end on a day that the NYSE is not open. Fair value isgenerally defined as the price a fund would receive to sell an asset or pay to transfer aliability in an orderly transaction between market participants at the measurement date.

SPDR SERIES TRUSTNOTES TO FINANCIAL STATEMENTSJune 30, 2019

49

By its nature, a fair value price is a good faith estimate of the valuation in a current saleand may not reflect an actual market price. The investments of each Fund are valuedpursuant to the policy and procedures developed by the Oversight Committee (the“Committee”) and approved by the Board. The Committee provides oversight of thevaluation of investments for the Funds. The Board has responsibility for overseeing thedetermination of the fair value of investments.

Valuation techniques used to value each Fund’s investments by major category are asfollows:

• Investments in registered investment companies (including money market funds) orother unitized pooled investment vehicles that are not traded on an exchange arevalued at that day’s published net asset value (“NAV”) per share or unit.

• Government and municipal fixed income securities are generally valued usingquotations from independent pricing services or brokers. Certain governmentinflation-indexed securities may require a calculated fair valuation as the cumulativeinflation is contained within the price provided by the pricing service or broker. Forthese securities, the inflation component of the price is “cleaned” from the pricingservice or broker price utilizing the published inflation factors in order to ensureproper accrual of income.

• Debt obligations (including short-term investments and convertible debt securities) arevalued using quotations from independent pricing services or brokers or are generallyvalued at the last reported evaluated prices.

In the event prices or quotations are not readily available or that the application of thesevaluation methods results in a price for an investment that is deemed to be notrepresentative of the fair value of such investment, fair value will be determined in goodfaith by the Committee, in accordance with the valuation policy and proceduresapproved by the Board.

Fair value pricing could result in a difference between the prices used to calculate aFund’s NAV and the prices used by the Funds’ underlying benchmarks. Various inputsare used in determining the value of the Funds’ investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchyconsisting of three broad levels that prioritize the inputs to valuation techniques givingthe highest priority to readily available unadjusted quoted prices in active markets foridentical assets or liabilities (Level 1 measurements) and the lowest priority tounobservable inputs (Level 3 measurements) when market prices are not readilyavailable or reliable. The categorization of a value determined for an investment within

SPDR SERIES TRUSTNOTES TO FINANCIAL STATEMENTS (continued)June 30, 2019

50

the hierarchy is based upon the pricing transparency of the investment and is notnecessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observablefor the asset or liability either directly or indirectly, including quoted prices for similarassets or liabilities in active markets, quoted prices for identical or similar assets orliabilities in markets that are not considered to be active, inputs other than quotedprices that are observable for the asset or liability (such as exchange rates, financingterms, interest rates, yield curves, volatilities, prepayment speeds, loss severities,credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee’sassumptions used in determining the fair value of investments.

The value of each Fund’s investments, according to the fair value hierarchy as ofJune 30, 2019, is disclosed in each Fund’s respective Summary Schedule ofInvestments.

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes.Realized gains and losses from the sale or disposition of investments and foreignexchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, or when the information becomes available, net of any foreign taxeswithheld at source, if any. Non-cash dividends, received in the form of stock, if any, arerecorded as dividend income at fair value. Distributions received by the Funds mayinclude a return of capital that is estimated by management. Such amounts are recordedas a reduction of the cost of investments or reclassified to capital gains.

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to thatFund within the Trust. Other expenses which cannot be attributed to a specific Fund areallocated in such a manner as deemed equitable, taking into consideration the nature andtype of expense and the relative net assets of the Funds within the Trust.


51

Equalization

The Funds follow the accounting practice known as “Equalization” by which a portionof the proceeds from sales and costs of reacquiring Fund shares, equivalent on a pershare basis to the amount of distributable net investment income on the date of thetransaction, is credited or charged to undistributed net investment income. As a result,undistributed net investment income per share is unaffected by sales or reacquisition ofFund shares. Amounts related to Equalization can be found on the Statements ofChanges in Net Assets.

Distributions

Distributions from net investment income, if any, are declared and paid monthly. Netrealized capital gains, if any, are distributed annually. Dividends may be declared andpaid more frequently or at any other times to improve Index tracking or to comply withthe distribution requirements of the Internal Revenue Code of 1986, as amended (the“Internal Revenue Code”). The amount and character of income and capital gains to bedistributed are determined in accordance with applicable tax regulations which maydiffer from net investment income and realized gains recognized for U.S. GAAPpurposes.

3. Fees and Transactions with Affiliates

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreementwith SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”). For its advisoryservices to the Funds, facilities furnished, and expenses borne by the Adviser, each Fundpays the Adviser a fee (“Management/Advisory fee”) accrued daily and paid monthly,based on a percentage of each Fund’s average daily net assets as shown in the followingtable:

Annual Rate

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF . . . . . . . . . . . . . . . . . 0.30%

SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF. . . . . . . . . 0.20

The Adviser pays all the expenses of each Fund other than the management fee,brokerage expenses, taxes, interest, fees and expenses of the Trust’s IndependentTrustees (including any Trustees’ counsel fees), acquired fund fees and expenses,litigation expenses, and other extraordinary expenses.


52

The Adviser has contractually agreed to waive a portion of its management fee and/orreimburse expenses in an amount equal to any acquired fund fees and expenses(excluding holdings in acquired funds for cash management purposes, if any) for eachFund until October 31, 2019.

For the SPDR Nuveen Bloomberg Barclays Municipal Bond ETF, the Adviser hascontractually agreed to waive a portion of its management fee and/or reimburse certainexpenses, until October 31, 2019, so that the net annual fund operating expenses of theFund will be limited to 0.23% of the Fund’s average daily net assets before applicationof any fees and expenses not paid by the Adviser under the Agreement (except foracquired fund fees and expenses from holdings in acquired funds for non-cashmanagement purposes), if any. The contractual fee waiver and/or reimbursement doesnot provide for the recoupment by the Adviser of any fees the Adviser previouslywaived. The Adviser may continue the waiver and/or reimbursement from year to year,but there is no guarantee that the Adviser will do so and the waiver and/orreimbursement may be canceled or modified at any time after October 31, 2019. Thiswaiver and/or reimbursement may not be terminated prior to October 31, 2019 exceptwith the approval of the Fund’s Board of Trustees. The total amount of expenses waivedfor the SPDR Nuveen Bloomberg Barclays Municipal Bond ETF for the period endedJune 30, 2019 have been disclosed in the Statements of Operations.

Nuveen Asset Management receives fees from the Adviser for its services as thesub-adviser to the Funds.

Administrator, Custodian, Sub-Administrator and Transfer Agent Fees

SSGA FM serves as administrator and State Street Bank and Trust Company (“StateStreet”), an affiliate of the Adviser, serves as custodian, sub-administrator and transferagent. State Street receives fees for its services as custodian, sub-administrator andtransfer agent from the Adviser.

Distributor

State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the“Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust.

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State StreetCorporation, affiliated funds, or entities deemed to be affiliates as a result of the Fundsowning more than five percent of the entity’s voting securities or outstanding shares.Amounts relating to these transactions during the period ended June 30, 2019 aredisclosed in the Schedules of Investments.


53

4. Trustees’ Fees

The fees and expenses of the Trust’s trustees, who are not “interested persons” of theTrust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by theFunds. The Independent Trustees are reimbursed for travel and other out-of-pocketexpenses in connection with meeting attendance and industry seminars.

5. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short terminvestments) for the period ended June 30, 2019, were as follows:

Purchases Sales

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF . . . . . . . . $ 711,859,388 $ 627,599,980

SPDR Nuveen Bloomberg Barclays Short Term Municipal BondETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,437,877,235 1,266,341,995

For the period ended June 30, 2019, Funds had in-kind contributions, redemptions andnet realized gains/losses in the amounts as follows:

In-kindContributions

In-kindRedemptions

In-kind NetRealized

Gains/(Losses)

SPDR Nuveen Bloomberg Barclays Municipal BondETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $716,507,428 $628,063,098 $(3,670,101)

SPDR Nuveen Bloomberg Barclays Short TermMunicipal Bond ETF . . . . . . . . . . . . . . . . . . . . . 204,727,888 396,559,824 (1,601,805)

6. Shareholder Transactions

Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations ofa specified number of shares or multiples thereof (“Creation Units”). Except whenaggregated in Creation Units, shares of each Fund are not redeemable. Transactions incapital shares for each Fund are disclosed in detail in the Statements of Changes in NetAssets.

The consideration for the purchase of Creation Units of a Fund may consist of thein-kind deposit of a designated portfolio of securities and a specified amount of cash.Investors purchasing and redeeming Creation Units may pay a purchase transaction feeand a redemption transaction fee directly to the Trust and/or custodian to offset transferand other transaction costs associated with the issuance and redemption of CreationUnits, including Creation Units for cash. An additional variable fee may be charged for


54

certain transactions. Such variable charges, if any, are included in “Other Capital” on theStatements of Changes in Net Assets.

7. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investmentcompanies under Subchapter M of the Internal Revenue Code. Each Fund will not besubject to federal income taxes to the extent it distributes its taxable income, includingany net realized capital gains, for each fiscal year. Therefore, no provision for federalincome tax is required.

The Funds file federal and various state and local tax returns as required. No income taxreturns are currently under examination. Generally, the federal returns are subject toexamination by the Internal Revenue Service for a period of three years from date offiling, while the state returns may remain open for an additional year depending uponjurisdiction. SSGA FM has analyzed each Funds’ tax positions taken on tax returns forall open years and does not believe there are any uncertain tax positions that wouldrequire recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends andgain distributions are determined in accordance with income tax rules and regulations,which may differ from generally accepted accounting principles.

Certain capital accounts in the financial statements have been adjusted for permanentbook- tax differences. These adjustments have no impact on NAV or results ofoperations. Temporary book-tax differences will reverse in the future. These book-taxdifferences are primarily due to in-kind transactions, amortization and accretion ofpremium and discount for financial statement purposes, and wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2019, was asfollows:

OrdinaryIncome

Tax ExemptIncome

Long-TermCapital Gains Total

SPDR Nuveen Bloomberg Barclays MunicipalBond ETF . . . . . . . . . . . . . . . . . . . . . . . $235,111 $63,304,046 $— $63,539,157

SPDR Nuveen Bloomberg Barclays ShortTerm Municipal Bond ETF. . . . . . . . . . . . 222,187 48,496,325 — 48,718,512


55

The tax character of distributions paid during the year ended June 30, 2018, was asfollows:

OrdinaryIncome

Tax ExemptIncome

Long-TermCapital Gains Total

SPDR Nuveen Bloomberg Barclays MunicipalBond ETF . . . . . . . . . . . . . . . . . . . . . . . $192,891 $55,194,874 $— $55,387,765

SPDR Nuveen Bloomberg Barclays ShortTerm Municipal Bond ETF. . . . . . . . . . . . 149,192 39,345,784 — 39,494,976

At June 30, 2019, the components of distributable earnings on a tax basis were asfollows:

UndistributedOrdinary Income

UndistributedTax Exempt

IncomeCapital Loss

Carryforwards

UndistributedLong-Term

Capital GainsNet UnrealizedGains (Losses)

QualifiedLate-Year

Losses Total

SPDR Nuveen Bloomberg BarclaysMunicipal Bond ETF . . . . . . $— $2,215,581 $ (1,637,810) $— $114,046,942 $— $114,624,713

SPDR Nuveen Bloomberg BarclaysShort Term Municipal Bond ETF . — 2,497,058 (10,437,386) — 40,890,848 — 32,950,520

As of June 30, 2019, the following Funds had capital loss carryforwards available tooffset future realized capital gains as follows:

Non-ExpiringShort Term

Non-ExpiringLong Term

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF . . . . . . . . . $1,637,810 $ —

SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF . 1,013,343 9,424,043

As of June 30, 2019, gross unrealized appreciation and gross unrealized depreciation ofinvestments based on cost for federal income tax purposes were as follows:

TaxCost

GrossUnrealized

Appreciation

GrossUnrealized

Depreciation

Net UnrealizedAppreciation

(Depreciation)

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF . . . . . . . . $2,802,937,258 $114,103,441 $ 56,499 $114,046,942

SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF. . 3,535,038,950 41,654,507 763,659 40,890,848

8. Line of Credit

Certain Funds and other affiliated funds (each a “Participant” and, collectively, the“Participants”) participate in a $500 million revolving credit facility provided by asyndication of banks under which the Participants may borrow to fund shareholderredemptions. This agreement expires in October 2019 unless extended or renewed.


56

The following Funds participate in the credit facility as of June 30, 2019:

SPDR Nuveen Bloomberg Barclays Municipal Bond ETFSPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF

The Participants are charged an annual commitment fee which is calculated based onthe unused portion of the shared credit line. Commitment fees are allocated among eachof the Participants based on relative net assets. Commitment fees are ordinary fundoperating expenses paid by the Adviser. A Participant incurs and pays the interestexpense related to its borrowing. Interest is calculated at a rate per annum equal to thesum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The Funds had no outstanding loans as of June 30, 2019.

9. Risks

Concentration Risk

As a result of the Funds’ ability to invest a large percentage of their assets in obligationsof issuers within the same country, state, region, currency or economic sector, anadverse economic, business or political development may affect the value of the Funds’investments more than if the Funds were more broadly diversified.

Market and Credit Risk

In the normal course of business, the Funds trade financial instruments and enter intofinancial transactions where risk of potential loss exists due to changes in the generaleconomic conditions and fluctuations of the market (market risk). Additionally, a Fundmay also be exposed to credit risk in the event that an issuer or guarantor fails toperform or that an institution or entity with which the Fund has unsettled or opentransactions defaults.

10. New Accounting Pronouncements

In August 2018, the U.S. Securities and Exchange Commission (the “SEC”) released itsFinal Rule on Disclosure Update and Simplification (the “Final Rule”) which isintended to simplify an issuer’s disclosure compliance efforts by removing redundant oroutdated disclosure requirements without significantly altering the mix of informationprovided to investors. The Funds have adopted the Final Rule for the current period withthe most notable impacts being that the Funds are no longer required to presentcomponents of distributable earnings on the Statements of Assets and Liabilities or thesources of distributions to shareholders and the amount of undistributed net investmentincome on the Statements of Changes in Net Assets.


57

For the period ended June 30, 2018, distributions to shareholders and undistributed(distributions in excess of) net investment income were as follows:

NetInvestment

IncomeNet Realized

GainsTotal

Distributions

UndistributedNet InvestmentIncome (Loss)

SPDR Nuveen Bloomberg BarclaysMunicipal Bond ETF . . . . . . . . . . $55,387,765 $— $55,387,765 $2,141,683

SPDR Nuveen Bloomberg BarclaysShort Term Municipal Bond ETF . . 39,494,976 — 39,494,976 1,846,857

11. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through thedate the financial statements were issued and has determined that there were nosubsequent events requiring adjustment or disclosure in the financial statements.


58

To the Shareholders of SPDR Nuveen Bloomberg Barclays Municipal Bond ETF andSPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF and the Board ofTrustees of SPDR® Series Trust

Opinion on the Financial Statements and Schedules of Investments in Securities

We have audited the accompanying statements of assets and liabilities of SPDR NuveenBloomberg Barclays Municipal Bond ETF and SPDR Nuveen Bloomberg BarclaysShort Term Municipal Bond ETF (collectively referred to as the “Funds”) (two of thefunds constituting SPDR® Series Trust (the “Trust”)), including the summary schedulesof investments, as of June 30, 2019, and the related statements of operations for the yearthen ended, the statements of changes in net assets for each of the two years in theperiod then ended, the financial highlights for each of the five years in the period thenended and the related notes (collectively referred to as the “financial statements”) (thefinancial statements are included in Item 1 of this Form N-CSR), and the schedules ofinvestments in securities as of June 30, 2019 (included in Item 6 of this Form N-CSR).In our opinion, the financial statements and schedules of investments in securitiespresent fairly, in all material respects, the financial position of each of the Funds (two ofthe funds constituting SPDR® Series Trust) at June 30, 2019, and the results of theiroperations for the year then ended, the changes in their net assets for each of the twoyears in the period then ended and their financial highlights for each of the five years inthe period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and schedules of investments in securities are theresponsibility of the Trust’s management. Our responsibility is to express an opinion onthe Funds’ financial statements and schedules of investments in securities based on ouraudits. We are a public accounting firm registered with the Public Company AccountingOversight Board (United States) (“PCAOB”) and are required to be independent withrespect to the Trust in accordance with the U.S. federal securities laws and theapplicable rules and regulations of the Securities and Exchange Commission and thePCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Thosestandards require that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements and schedules of investments in securities arefree of material misstatement, whether due to error or fraud. The Trust is not required tohave, nor were we engaged to perform, an audit of the Trust’s internal control overfinancial reporting. As part of our audits, we are required to obtain an understanding ofinternal control over financial reporting, but not for the purpose of expressing an

SPDR SERIES TRUSTREPORT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM

59

opinion on the effectiveness of the Trust’s internal control over financial reporting.Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatementof the financial statements and schedules of investments in securities, whether due toerror or fraud, and performing procedures that respond to those risks. Such proceduresincluded examining, on a test basis, evidence regarding the amounts and disclosures inthe financial statements and schedules of investments in securities. Our proceduresincluded confirmation of securities owned as of June 30, 2019, by correspondence withthe custodian, brokers and others or by other appropriate auditing procedures wherereplies from brokers and others were not received. Our audits also included evaluatingthe accounting principles used and significant estimates made by management, as wellas evaluating the overall presentation of the financial statements and schedules ofinvestments in securities. We believe that our audits provide a reasonable basis for ouropinion.

We have served as the auditor of one or more State Street Global Advisors investmentcompanies since 2000.

Boston, MassachusettsAugust 26, 2019

SPDR SERIES TRUSTREPORT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM

60

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, includingsales charges (loads), if applicable, on purchase payments, reinvested dividends, or otherdistributions and (2) ongoing costs, including advisory fees and other Fund expenses.This example is intended to help you understand your ongoing costs (in dollars) ofinvesting in the Fund and to compare these costs with the ongoing costs of investing inother mutual funds. It is based on an investment of $1,000 made at the beginning of theperiod shown and held for the entire period from January 1, 2019 to June 30, 2019.

The table below illustrates your Fund’s cost in two ways:

Based on actual fund return ——This section helps you to estimate the actualexpenses that you paid over the period. The “Ending Account Value” shown is derivedfrom each Fund’s actual return, and the third column shows the dollar amount thatwould have been paid by an investor who started with $1,000 in the Fund. You may usethe information here, together with the amount you invested, to estimate the expensesthat you paid over the period. To do so, simply divide your account value by $1,000 (forexample, an $8,600 account value divided by $1,000 = 8.6), then multiply the result bythe number given for the Fund under the heading “Expenses Paid During Period”.

Based on hypothetical 5% return ——This section is intended to help you compareyour Fund’s costs with those of other mutual funds. It assumes that the Fund had ayearly return of 5% before expenses, but that the expense ratio is unchanged. In thiscase, because the return used is not the Fund’s actual return, the results do not apply toyour investment. The example is useful in making comparisons because the SECrequires all mutual funds to calculate expenses based on a 5% return. You can assessyour Fund’s costs by comparing this hypothetical example with the hypotheticalexamples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoingcosts only and do not reflect any transaction costs, such as sales load charges (loads).Therefore, the hypothetical 5% return section of the table is useful in comparingongoing costs only, and will not help you determine the relative total costs of owningdifferent funds. In addition, if these transaction costs were included, your costs wouldhave been higher.

SPDR SERIES TRUSTOTHER INFORMATIONJune 30, 2019 (Unaudited)

61


BarclaysMunicipalBond ETF


Barclays ShortTerm

MunicipalBond ETF

Annualized Expense Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.23% 0.20%

Actual:

Ending Account Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,053.20 $1,024.20

Expenses Paid During Period(a). . . . . . . . . . . . . . . . . . . . . . . . . 1.17 1.00

Hypothetical (assuming a 5% return before expenses):

Ending Account Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,023.70 1,023.80

Expenses Paid During Period(a). . . . . . . . . . . . . . . . . . . . . . . . . 1.15 1.00

(a) Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of theperiod, multiplied by 181, then divided by 365.

SPDR SERIES TRUSTOTHER INFORMATION (continued)June 30, 2019 (Unaudited)

62

Tax Information

For federal income tax purposes, the following information is furnished with respect tothe distributions of the Trust for its fiscal year ended June 30, 2019.

Qualified Interest Income

Each Fund reports the maximum amount allowable of its net taxable income andshort-term capital gain as qualified interest income.

Tax-Exempt Income

The percentage of distributions paid by the Funds that are exempt-interest distributionsare as follows:

Percentage

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF. . . . . . . . . . . . . . . . . . . . . . . 99.63%

SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF. . . . . . . . . . . . . . . 99.54%

Premium/Discount Information

Information regarding how often the Shares of each Fund traded on the exchange at aprice above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund duringthe past calendar year can be found at www.spdrs.com.

Proxy Voting Policies and Procedures and Records

A description of the Trust’s proxy voting policies and procedures that are used by theFunds’ investment adviser to vote proxies relating to the Funds’ portfolio of securitiesare available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or(ii) on the SEC’s website at www.sec.gov.

Information regarding how the investment adviser voted for the 12-month period endedJune 30, is available by August 31 of each year by calling the same number, on theSEC’s website at www.sec.gov, and on the Funds’ website at www.spdrs.com.

Quarterly Portfolio Schedule

Following the Funds’ first and third fiscal quarter-ends, a complete schedule ofinvestments is filed with the SEC as an exhibit on Form N-PORT, which can be foundon the SEC’s website at www.sec.gov. The Funds’ schedules of investments are availableupon request, without charge, by calling 1-866-787-2257 (toll free) and on the Funds’website at www.spdrs.com.


63

http://www.spdrs.com.

Full Portfolio Schedule

The complete schedule of portfolio holdings for the following Funds is available on theFunds’ website at www.spdrs.com, without charge, upon request by calling1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF

SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF

Approval of Advisory Agreement

At an in-person meeting held prior to June 30, 2019, the Board of Trustees of the Trust(the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the“Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or“SSGA FM”) with respect to the fixed income series of the Trust (collectively, the“SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within themeaning of the Investment Company Act of 1940, as amended (the “IndependentTrustees”), also met separately to consider the Agreement. The Independent Trusteeswere advised by their independent legal counsel throughout the process.

To evaluate the Agreement, the Board requested and SSGA FM, the Trust’s investmentadviser and administrator, and State Street Bank and Trust Company, the Trust’ssub-administrator, transfer agent and custodian (“State Street”) provided, such materialsas the Board, with the advice of counsel, deemed reasonably necessary. In decidingwhether to approve the Agreement, the Board considered various factors, including the(i) nature, extent and quality of services provided by the Adviser with respect to theSPDR ETFs under the Agreement, (ii) investment performance of the SPDR ETFs, (iii)profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv)fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent towhich economies of scale would be shared as the SPDR ETFs grow.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided by the Adviser.In doing so, the Trustees relied on their prior experience in overseeing the managementof the Trust and materials provided prior to and at the meeting. The Board reviewed theAgreement and the Adviser’s responsibilities for managing investment operations ofeach of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives andpolicies, and applicable legal and regulatory requirements. The Board appreciated thenature of the SPDR ETFs as exchange-traded funds, and the experience and expertise ofthe Adviser with exchange-traded funds. The Board considered the background andexperience of the Adviser’s senior management, including those individuals responsible


64

for portfolio management, oversight of sub-advisers and regulatory compliance of theSPDR ETFs. The Board also considered the portfolio management resources, structuresand practices of the Adviser, including those associated with monitoring and securingeach SPDR ETF’s compliance with its investment objectives and policies and withapplicable laws and regulations. The Board also considered information about theAdviser’s best execution procedures and overall investment management business,noting that the Adviser serves a wide range of clients across a broad spectrum of assetclasses. The Board looked at the Adviser’s general knowledge of the investmentmanagement business and that of its affiliates which make up State Street GlobalAdvisors, through which the Adviser shares all of its senior personnel. The Boardconsidered that the Adviser and its affiliates constitute one of the world’s largestinvestment management enterprises for indexed products generally and exchange-tradedfunds in particular. The Board specifically considered the Adviser’s experience inmanaging fixed income exchange-traded funds with index-based investment objectivesand overseeing third-party sub-advisers, as applicable.

Investment Performance

The Board then reviewed the SPDR ETFs’ performance, noting that the distinctiveindexed investment objective of each of the SPDR ETFs made analysis of investmentperformance, in absolute terms, less of a priority than that which normally attaches tothe performance of actively-managed funds. Instead, the Board focused on the extent towhich each SPDR ETF achieved its objective as a passively-managed index fund. TheBoard reviewed information regarding the SPDR ETFs’ index tracking.

Profits Realized by the Adviser

The Board considered the profitability of the advisory arrangement with the SPDRETFs to the Adviser, including data on the SPDR ETFs’ historical profitability to theAdviser. The Board, including the Independent Trustees, with their independent legalcounsel, had the opportunity to discuss, with representatives of the Adviser and StateStreet, methodologies used in computing costs that formed the bases of profitabilitycalculations.

Fees Charged to Comparable Funds

The Board evaluated each SPDR ETF’s unitary fee through review of comparativeinformation with respect to fees paid by similar funds – i.e., exchange-traded fundstracking similar fixed income indexes. The Board reviewed the universe of similarexchange-traded funds for each SPDR ETF based upon data independently obtainedfrom Broadridge Financial Solutions, Inc. (formerly Lipper Analytical Services) and


65

related comparative information for similar exchange-traded funds. In doing so, theBoard used a fund by fund analysis of the data.

Other Benefits

The Board also considered whether the Adviser or its affiliates benefited in other waysfrom its relationship with the Trust, noting that the Adviser does not maintain soft-dollararrangements in connection with the Trust’s brokerage transactions.

Economies of Scale

The Board reviewed information regarding economies of scale or other efficiencies thatmay result as each SPDR ETF’s assets grow in size. The Board noted that theAgreement did not provide for breakpoints in each SPDR ETF’s advisory fee rates asassets of a SPDR ETF increase. However, the Board further noted the Adviser’sassertion that future economies of scale (among several factors) had been taken intoconsideration for the SPDR ETFs by fixing relatively low advisory fees, effectivelysharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser alsoasserted that one of the benefits of the unitary fee was to provide an unvarying expensestructure, which could be lost or diluted with the addition of breakpoints. The Boardnoted that it intends to continue to monitor fees as the SPDR ETFs grow in size andassess whether fee breakpoints may be warranted.

Conclusion

After weighing the foregoing factors, none of which was dispositive in itself and mayhave been weighed differently by each Trustee, the Board, including the independentTrustees voting separately, approved the Agreement for each SPDR ETF. The Board’sconclusions with respect to the factors were as follows: (a) the nature and extent of theservices provided by the Adviser with respect to the SPDR ETFs were appropriate; (b)the performance and, more importantly, the index tracking, of each SPDR ETF had beensatisfactory; (c) the Adviser’s unitary fee for each SPDR ETF considered in relation toservices provided, and in relation to fees charged to comparable funds, was fair andreasonable; (d) the profitability of the Trust’s relationships with the Adviser was notexcessive; (e) any additional potential benefits to the Adviser or its affiliates were not ofa magnitude to materially affect the Board’s conclusions; and (f) the fees paid to theAdviser adequately shared the economies of scale with respect to the SPDR ETFs byway of the relatively low fee structure of the Trust.


66

Approval of Nuveen Asset Management Sub-Advisory Agreement

At an in-person meeting held prior to June 30, 2019, the Board also evaluated aproposal to continue the Sub-Advisory Agreement (the “Nuveen Sub-AdvisoryAgreement”) between the Adviser and Nuveen Asset Management (“Nuveen”), withrespect to the ETFs sub-advised by Nuveen (the “Municipal Bond ETFs”). TheIndependent Trustees also met separately to consider the Nuveen Sub-AdvisoryAgreement. The Independent Trustees were advised by their independent legal counselthroughout the process.

To evaluate the Nuveen Sub-Advisory Agreement, the Board requested and Nuveen andthe Adviser provided, such materials as the Board, with the advice of counsel, deemedreasonably necessary. In deciding whether to approve the Nuveen Sub-AdvisoryAgreement, the Board considered various factors, including the (i) nature, extent andquality of services provided by Nuveen with respect to the Municipal Bond ETFs underthe Nuveen Sub-Advisory Agreement and (ii) investment performance of the MunicipalBond ETFs. The Board was informed of the portion of the current advisory fee that theAdviser would pay to Nuveen under the Nuveen Sub-Advisory Agreement and alsoconsidered that such fees would be paid directly by the Adviser and would not result inincreased fees payable by the Municipal Bond ETFs.

The Board considered the background and experience of Nuveen’s senior managementand, in particular, Nuveen’s experience in investing in municipal securities. The Boardreviewed each Municipal Bond ETF’s performance, noting that each Municipal BondETF satisfactorily tracked its benchmark index. The Board also considered the unitaryfee paid to the Adviser by each Municipal Bond ETF and Nuveen’s fees paid by theAdviser. The Board also considered whether Nuveen benefited in other ways from itsrelationship with the Trust.

After weighing the foregoing factors as well as the relevant factors discussed in relationto the Agreement between the Trust and the Adviser, none of which was dispositive initself and may have been weighed differently by each Trustee, the Board, including theindependent Trustees voting separately, approved the Nuveen Sub-Advisory Agreementfor the Municipal Bond ETFs. The Board’s conclusions with respect to the factors wereas follows: (a) the nature and extent of the services provided by Nuveen with respect tothe Municipal Bond ETFs were appropriate; (b) the performance and, more importantly,the index tracking, of each Municipal Bond ETF had been satisfactory; (c) Nuveen’sfees for each Municipal Bond ETF and the unitary fee, considered in relation to theservices provided, were fair and reasonable; (d) any additional potential benefits toNuveen were not of a magnitude to materially affect the Board’s conclusions; and (e)fees paid to Nuveen adequately shared the economies of scale with each applicableMunicipal Bond ETF by way of the relatively low fee structure of the Trust.


67

TRUSTEES AND OFFICERS INFORMATION

Name, Addressand Year of Birth

Position(s)with Funds

Term ofOffice andLength of

Time Served

PrincipalOccupation(s)During Past

5 Years

Numberof

Portfoliosin FundComplexOverseen

byTrustee†

OtherDirectorships

Held by TrusteeDuring thePast 5 Years

TrusteesIndependent TrusteesFRANK NESVET

c/o SPDR Series TrustOne Iron StreetBoston, MA 022101943

IndependentTrustee,Chairman,TrusteeCommitteeChair

Term: UnlimitedServed: sinceSeptember 2000

Retired. 128 None.

BONNY EUGENIA BOATMANc/o SPDR Series TrustOne Iron StreetBoston, MA 022101950

IndependentTrustee

Term: UnlimitedServed: sinceApril 2010

Retired. 128 None.

DWIGHT D. CHURCHILLc/o SPDR Series TrustOne Iron StreetBoston, MA 022101953

IndependentTrustee


Self-employedconsultant since 2010;CEO and President,CFA Institute (June2014-January 2015).

128 AffiliatedManagers Group,Inc. (Director).

CARL G. VERBONCOEURc/o SPDR Series TrustOne Iron StreetBoston, MA 022101952

IndependentTrustee,AuditCommitteeChair


Self-employedconsultant since 2009.

128 The Motley FoolFunds Trust(Trustee).

CLARE S. RICHERc/o SPDR Series TrustOne Iron StreetBoston, MA 022101958

IndependentTrustee

Term: UnlimitedServed: sinceJuly 2018

Chief FinancialOfficer, PutnamInvestments LLC(December 2008-May 2017).

128 Putnam AcquisitionFinancing Inc.(Director);Putnam AcquisitionFinancing LLC(Director); PutnamGPInc. (Director);Putnam InvestorServices, Inc.(Director); PutnamInvestments Limited(Director); PutnamInvestments Limited(Director); Universityof Notre Dame(Trustee).


68




Time Served

PrincipalOccupation(s)During Past

5 Years

Numberof

Portfoliosin FundComplexOverseen

byTrustee†

OtherDirectorships

Held by TrusteeDuring thePast 5 Years

SANDRA G. SPONEMc/o SPDR Series TrustOne Iron StreetBoston, MA 022101958

IndependentTrustee

Term: UnlimitedServed: sinceJuly 2018

Chief FinancialOfficer, M.A.MortensonCompanies, Inc.(February 2007-April 2017).

128 Guggenheim/RydexFunds (Trustee).

Interested TrusteeJAMES E. ROSS*

SSGA Funds Management, Inc.One Iron StreetBoston, MA 022101965

InterestedTrustee

Term: UnlimitedServed asTrustee: sinceApril 2010

Chairman andDirector,SSGA FundsManagement, Inc.(2005-present);Executive VicePresident,State StreetGlobal Advisors(2006-present);Chief ExecutiveOfficer and Director,State Street GlobalAdvisors FundsDistributors, LLC(May 2017- present);Director,State Street GlobalMarkets, LLC(2013-April 2017);President, SSGAFundsManagement, Inc.(2005-2012);Principal, State StreetGlobal Advisors(2000 - 2005).

189 SSGA SPDRETFs Europe I plc(Director)(November 2016-present); SSGASPDR ETFsEurope II plc(Director)(November 2016-present).

† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investmentcompanies for which SSGA Funds Management, Inc. serves as investment adviser.

* Mr. Ross is an Interested Trustee because of his employment with the Adviser and ownership interest in an affiliate of the Adviser.Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.


69




Time ServedPrincipal Occupation(s) During the Past 5

Years

Officers

ELLEN M. NEEDHAMSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101967

President Term: UnlimitedServed: sinceOctober 2012

President and Director, SSGA FundsManagement, Inc. (2001 - present)*; SeniorManaging Director, State Street GlobalAdvisors (1992 - present)*; Director, StateStreet Global Advisors Funds Distributors, LLC(May 2017 - present).

BRUCE S. ROSENBERGSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101961

Treasurer Term: UnlimitedServed: sinceFebruary 2016

Managing Director, State Street GlobalAdvisors and SSGA Funds Management, Inc.(July 2015 - present); Director, Credit Suisse(April 2008 - July 2015).

ANN M. CARPENTERSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101966

VicePresident;DeputyTreasurer

Term: UnlimitedServed: sinceAugust 2012

Chief Operating Officer, SSGA FundsManagement, Inc. (2005 - Present)*; ManagingDirector, State Street Global Advisors (2005 -present).*

MICHAEL P. RILEYSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101969

VicePresident

Term: UnlimitedServed: sinceFebruary 2005

Managing Director, State Street GlobalAdvisors (2005 - present).*

CHAD C. HALLETTSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101969

DeputyTreasurer


Vice President, State Street Global Advisorsand SSGA Funds Management, Inc. (November2014 - present); Vice President, State StreetBank and Trust Company (2001 - November2014).*

DARLENE ANDERSON-VASQUEZSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101968

DeputyTreasurer

Term: UnlimitedServed: sinceNovember 2016

Managing Director, State Street GlobalAdvisors and SSGA Funds Management, Inc.(May 2016 - present); Senior Vice President,John Hancock Investments (September 2007 -May 2016).

ARTHUR A. JENSENSSGA Funds Management, Inc.1600 Summer StreetStamford, CT 069051966

DeputyTreasurer

Term: UnlimitedServed: SinceAugust 2017

Vice President at State Street Global Advisors(July 2016 – present); Mutual Funds Controllerof GE Asset Management Incorporated (April2011 - July 2016).


70





Years

SUJATA UPRETISSGA Funds Management, Inc.One Iron StreetBoston, MA 022101974

AssistantTreasurer


Vice President, State Street Global Advisorsand SSGA Funds Management, Inc. (May 2015- present); Assistant Director, CambridgeAssociates, LLC (July 2014 - January 2015);Vice President, Bank of New York Mellon (July2012 - August 2013); Manager,PricewaterhouseCoopers, LLP (September 2003- July 2012).

DANIEL FOLEYSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101972

AssistantTreasurer


Vice President, State Street Global Advisorsand SSGA Funds Management, Inc. (April2007 - present).*

DANIEL G. PLOURDESSGA Funds Management, Inc.One Iron StreetBoston, MA 022101980

AssistantTreasurer

Term: UnlimitedServed: sinceMay 2017

Vice President, State Street Global Advisorsand SSGA Funds Management, Inc. (May 2015- present); Officer, State Street Bank and TrustCompany (March 2009 - May 2015).

BRIAN HARRISSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101973

ChiefComplianceOfficer;Anti-MoneyLaunderingOfficer; CodeofEthicsComplianceOfficer

Term: UnlimitedServed: sinceNovember 2013

Managing Director, State Street GlobalAdvisors and SSGA Funds Management, Inc.(June 2013 - present)*; Senior Vice Presidentand Global Head of Investment Compliance,BofA Global Capital Management (2010 -2013).

SEAN O’MALLEYSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101969

Chief LegalOfficer

Term: UnlimitedServed:sinceAugust 2019

Senior Vice President and Deputy GeneralCounsel, State Street Global Advisors(November 2013-Present).

ANDREW DELORMESSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101975

Secretary Term: UnlimitedServed:sinceAugust 2019

Vice President and Senior Counsel, State StreetGlobal Advisors (April 2016 - present); VicePresident and Counsel, State Street GlobalAdvisors (August 2014 - March 2016).


71





Years

JAMES GOUNDREYSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101977

AssistantSecretary

Term: UnlimitedServed:sinceAugust 2019

Vice President and Senior Counsel, State StreetGlobal Advisors (April 2019-Present); VicePresident and Counsel, State Street GlobalAdvisors (August 2015-April 2019); Attorney,MFS Investment Management (March2012-August 2015).

KEVIN MORRISSSGA Funds Management, IncOne Iron StreetBoston, MA 022101982

AssistantSecretary

Term:UnlimitedServed:sinceAugust 2019

Vice President and Senior Counsel, State StreetGlobal Advisors (April 2019-Present); VicePresident and Counsel, State Street GlobalAdvisors (January 2016-April 2019); Director,Asset Management Compliance, FidelityInvestments (June 2015-January 2016); SeniorCompliance Advisor, Asset ManagementCompliance, Fidelity Investments (June2012-June 2015).

DAVID URMANSSGA Funds Management, IncOne Iron StreetBoston, MA 022101985

AssistantSecretary

Term:UnlimitedServed:sinceAugust 2019

Vice President and Senior Counsel, State StreetGlobal Advisors (April 2019-Present); VicePresident and Counsel, State Street GlobalAdvisors (August 2015-April 2019); Associate,Ropes & Gray LLP (November 2012-August2015).

* Served in various capacities and/or with various affiliated entities during noted time period.

The Statement of Additional Information (SAI) includes additional information about the Funds’ directors and is available,without charge, upon request and by calling 1-866-787-2257.


72

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SPDR Series Trust

TrusteesBonny E. BoatmanDwight D. ChurchillFrank Nesvet, ChairmanClare S. RicherJames E. RossSandra G. SponemCarl G. Verboncoeur

Investment Manager andAdministratorSSGA Funds Management, Inc.One Iron StreetBoston, MA 02210

DistributorState Street Global Advisors FundsDistributors, LLCOne Iron StreetBoston, MA 02210

Custodian, Sub-Administratorand Transfer AgentState Street Bank and Trust CompanyOne Lincoln StreetBoston, MA 02111

Legal CounselMorgan, Lewis & Bockius LLP1111 Pennsylvania Avenue, NWWashington, DC 20004

Independent Registered PublicAccounting FirmErnst & Young LLP200 Clarendon StreetBoston, MA 02116

The information contained in this report is intended for the general informationof shareholders of the Trust. This report is not authorized for distribution toprospective investors unless preceded or accompanied by a current Trustprospectus which contains important information concerning the Trust. Youmay obtain a current prospectus and SAI from the Distributor by calling1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefullybefore you invest.

SPDR® Series Trust - Fixed Income Funds

For more complete information, please call1.866.787.2257 or visit www.spdrs.com today.

State Street Global AdvisorsOne Iron StreetBoston, MA 02210

ETFs trade like stocks, are subject to investment risk,fluctuate in market value and may trade at pricesabove or below the ETF's net asset value. Brokeragecommissions and ETF expenses will reduce returns.

Bonds generally present less short-term risk andvolatility than stocks, but contain interest rate risk(as interest rates rise bond prices usually fall); issuerdefault risk; issuer credit risk; liquidity risk; andinflation risk. These effects are usually pronouncedfor longer-term securities. Any fixed income securitysold or redeemed prior to maturity may be subjectto a substantial gain or loss.

BLOOMBERG®, a trademark and service mark ofBloomberg Finance L.P. and its affiliates, andBARCLAYS®, a trademark and service mark ofBarclays Bank Plc, have each been licensed for use in

connection with the listing and trading of the SPDRBloomberg Barclays ETFs.

Distributor: State Street Global Advisors FundsDistributors, LLC, member FINRA, SIPC, an indirectwholly owned subsidiary of State StreetCorporation. References to State Street may includeState Street Corporation and its affiliates. CertainState Street affiliates provide services and receivefees from the SPDR ETFs.

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MUNICIPAL BONDS & NOTES — 99.5%ALABAMA — 0.9%Alabama, Federal Aid Highway

Finance Authority Revenue:5.00%, 9/1/2025. . . . . . . . . $ 775,000 $ 915,0895.00%, 9/1/2027. . . . . . . . . 485,000 570,287Series A, 5.00%, 9/1/2020. . . 50,000 52,153Series A, 5.00%, 9/1/2024. . . 100,000 118,021Series A, 5.00%, 9/1/2025. . . 300,000 362,943Series A, 5.00%, 9/1/2030. . . 190,000 235,520Series A, 5.00%, 9/1/2033. . . 1,025,000 1,228,216Series A, 5.00%, 9/1/2036. . . 1,615,000 1,949,306Series B, 5.00%, 9/1/2025. . . 465,000 562,562

Alabama, Public School &College Authority Revenue:Series A, 5.00%, 2/1/2023. . . 150,000 169,213Series A, 5.00%, 2/1/2025. . . 285,000 330,050Series B, 5.00%, 1/1/2022. . . 245,000 267,383Series B, 5.00%, 1/1/2024. . . 85,000 98,410Series B, 5.00%, 1/1/2025. . . 495,000 580,868Series B, 5.00%, 1/1/2026. . . 170,000 199,043Series C, 5.00%, 9/1/2019. . . 120,000 120,728

Alabama, State GeneralObligation:Series A, 5.00%, 8/1/2019. . . 100,000 100,299Series A, 5.00%, 8/1/2024. . . 135,000 158,836Series A, 5.00%, 8/1/2025. . . 175,000 205,245Series C, 5.00%, 8/1/2027. . . 110,000 135,291

Auburn, AL, UniversityRevenue:Series A, 4.00%, 6/1/2032. . . 300,000 334,653Series A, 4.00%, 6/1/2041. . . 1,775,000 1,937,377Series A, 5.00%, 6/1/2027. . . 195,000 238,534Series A, 5.00%, 6/1/2028. . . 260,000 316,896Series A, 5.00%, 6/1/2037. . . 2,310,000 2,819,909Series A, 5.00%, 6/1/2038. . . 1,455,000 1,771,332Series A, 5.00%, 6/1/2043. . . 2,000,000 2,413,280

Baldwin County, AL, Board ofEducation Revenue3.13%, 6/1/2033. . . . . . . . . 110,000 112,386

Birmingham, AL, WaterworksBoard Revenue:Series A, 4.00%, 1/1/2037. . . 235,000 257,579Series A, 4.00%, 1/1/2038. . . 145,000 158,080Series A, 5.00%, 1/1/2032. . . 100,000 120,325Series A, 5.00%, 1/1/2042. . . 255,000 288,951Series B, 3.00%, 1/1/2043. . . 165,000 164,295Series B, 4.00%, 1/1/2036. . . 250,000 273,052Series B, 5.00%, 1/1/2030. . . 750,000 911,257Series B, 5.00%, 1/1/2036. . . 1,000,000 1,185,980Series B, 5.00%, 1/1/2043. . . 1,585,000 1,846,652

City of Homewood, AL, GeneralObligation5.00%, 9/1/2041. . . . . . . . . 315,000 367,397


Jefferson, AL, GeneralObligationSeries A, 5.00%, 4/1/2023. . . $ 135,000 $ 151,261

Tuscaloosa, AL, Board ofEducation Revenue5.00%, 8/1/2041. . . . . . . . . 255,000 296,639

University of Alabama, AL,General Revenue:Series B, 3.00%, 7/1/2034. . . 1,050,000 1,077,237Series B, 5.00%, 7/1/2025. . . 120,000 139,870

25,542,405

ALASKA — 0.1%Alaska, State General

Obligation:Series A, 5.00%, 8/1/2031. . . 90,000 105,665Series B, 5.00%, 8/1/2026. . . 245,000 294,350

Anchorage, AK, Water Revenue:Series B, 5.00%, 5/1/2036. . . 250,000 299,682Series B, 5.00%, 5/1/2037. . . 500,000 597,465

Matanuska Susitna Boro, AK,Leas Revenue5.25%, 9/1/2027. . . . . . . . . 215,000 257,368

1,554,530

ARIZONA — 2.1%Arizona School Facilities Board

Series A, 5.00%, 9/1/2020. . . 150,000 156,405Arizona, Board of Regents,

University System Revenue:5.00%, 6/1/2026. . . . . . . . . 315,000 387,1295.00%, 6/1/2027. . . . . . . . . 2,280,000 2,789,0105.00%, 6/1/2028. . . . . . . . . 205,000 249,7115.00%, 6/1/2029. . . . . . . . . 420,000 509,2295.00%, 6/1/2032. . . . . . . . . 385,000 461,6965.00%, 6/1/2033. . . . . . . . . 270,000 322,9935.00%, 6/1/2038. . . . . . . . . 230,000 271,260

Arizona, Salt River Project,Agricultural Improvement &Power District Revenue:5.00%, 1/1/2022. . . . . . . . . 200,000 218,2725.00%, 1/1/2024. . . . . . . . . 170,000 197,304Series A, 5.00%, 1/1/2021. . . 190,000 200,507Series A, 5.00%, 1/1/2027. . . 400,000 498,476Series A, 5.00%, 1/1/2029. . . 575,000 710,159Series A, 5.00%, 12/1/2034 . . 300,000 351,642Series A, 5.00%, 12/1/2036 . . 510,000 594,986

Arizona, State:5.00%, 9/1/2022. . . . . . . . . 100,000 111,1275.00%, 10/1/2022 . . . . . . . . 145,000 161,5375.00%, 10/1/2023 . . . . . . . . 500,000 573,870

Arizona, State TransportationBoard, Highway Revenue:5.00%, 7/1/2020. . . . . . . . . 250,000 259,2635.00%, 7/1/2024. . . . . . . . . 120,000 141,1335.00%, 7/1/2025. . . . . . . . . 320,000 375,5045.00%, 7/1/2026. . . . . . . . . 540,000 632,534

SPDR NUVEEN BLOOMBERG BARCLAYS MUNICIPAL BOND ETFSCHEDULE OF INVESTMENTSJune 30, 2019

1


5.00%, 7/1/2027. . . . . . . . . $ 310,000 $ 380,3485.00%, 7/1/2028. . . . . . . . . 395,000 483,7605.00%, 7/1/2031. . . . . . . . . 350,000 404,8135.00%, 7/1/2035. . . . . . . . . 5,000,000 5,962,250

Arizona, State TransportationBoard, Sales Tax Revenue:5.00%, 7/1/2022. . . . . . . . . 130,000 144,1475.00%, 7/1/2023. . . . . . . . . 415,000 474,6695.00%, 7/1/2024. . . . . . . . . 125,000 147,014

Arizona, State UniversityRevenue:Series A, 5.00%, 7/1/2040. . . 3,000,000 3,708,060Series B, 5.00%, 7/1/2022. . . 390,000 432,315Series B, 5.00%, 7/1/2041. . . 200,000 229,968Series B, 5.00%, 7/1/2042. . . 2,990,000 3,550,117Series C, 5.00%, 7/1/2042. . . 390,000 457,688

Arizona, Transportation BoardRevenue:5.00%, 7/1/2025. . . . . . . . . 200,000 240,9645.00%, 7/1/2026. . . . . . . . . 150,000 184,926

Arizona, Water InfrastructureFinance Authority RevenueSeries A, 5.00%, 10/1/2029 . . 150,000 177,725

Chandler, AZ, GeneralObligation5.00%, 7/1/2026. . . . . . . . . 175,000 204,988

Maricopa County, AZ, SpecialHealth Care District, GeneralObligation4.00%, 7/1/2038. . . . . . . . . 430,000 470,338

Maricopa, AZ, CommunityCollege District, GeneralObligation:5.00%, 7/1/2023. . . . . . . . . 230,000 262,5865.00%, 7/1/2024. . . . . . . . . 225,000 264,269

Maricopa, AZ, High SchoolDistrict No. 210-Phoenix,General Obligation5.00%, 7/1/2030. . . . . . . . . 510,000 628,340

Mesa, AZ, Utility SystemRevenue5.00%, 7/1/2042. . . . . . . . . 2,625,000 3,169,504

Phoenix, AZ, CivicImprovement Corp., WaterSystem Revenue:5.00%, 7/1/2020. . . . . . . . . 70,000 72,5875.00%, 7/1/2024. . . . . . . . . 160,000 187,9255.00%, 7/1/2026. . . . . . . . . 100,000 123,3595.00%, 7/1/2029. . . . . . . . . 455,000 554,549Series A, 5.00%, 7/1/2025. . . 145,000 174,792Series A, 5.00%, 7/1/2026. . . 235,000 282,839Series A, 5.00%, 7/1/2037. . . 390,000 476,681Series B, 5.00%, 7/1/2020. . . 550,000 570,322Series B, 5.00%, 7/1/2024. . . 3,145,000 3,695,564Series B, 5.00%, 7/1/2026. . . 6,715,000 8,271,689Series B, 5.00%, 7/1/2027. . . 1,420,000 1,658,901Series B, 5.00%, 7/1/2037. . . 500,000 598,240


Phoenix, AZ, GeneralObligation:4.00%, 7/1/2022. . . . . . . . . $ 355,000 $ 383,3334.00%, 7/1/2026. . . . . . . . . 460,000 535,9785.00%, 7/1/2025. . . . . . . . . 205,000 247,1195.00%, 7/1/2026. . . . . . . . . 300,000 370,3025.00%, 7/1/2027. . . . . . . . . 5,150,000 6,326,363

Pima County, AZ, Sewer SystemRevenue5.00%, 7/1/2023. . . . . . . . . 2,835,000 3,236,663

Pima County, RegionalTransportation AuthorityRevenue:5.00%, 6/1/2022. . . . . . . . . 100,000 110,5265.00%, 6/1/2025. . . . . . . . . 385,000 436,740

Pima, AZ, Sewer SystemRevenue5.00%, 7/1/2026. . . . . . . . . 200,000 246,568

Regional, AZ, PublicTransportation AuthorityRevenue5.25%, 7/1/2025. . . . . . . . . 100,000 118,335

Scottsdale, AZ, GeneralObligation:4.00%, 7/1/2019. . . . . . . . . 215,000 215,0004.00%, 7/1/2024. . . . . . . . . 200,000 225,588

University of Arizona, ReveuneSeries B, 5.00%, 6/1/2042. . . 490,000 574,153

61,846,652

ARKANSAS — 0.1%Arkansas, State General

Obligation:5.00%, 4/1/2021. . . . . . . . . 175,000 186,2095.00%, 4/1/2024. . . . . . . . . 165,000 192,4565.00%, 4/1/2026. . . . . . . . . 270,000 318,792

Little Rock, AR, SchoolDistrict, General Obligation3.00%, 2/1/2024. . . . . . . . . 2,105,000 2,149,373

Little Rock, AR, WaterReclamation System Revenue3.50%, 10/1/2037 . . . . . . . . 240,000 248,654

Rogers, AR, Sales Tax RevenueSeries B, 3.88%, 11/1/2039 . . 350,000 372,445

Springdale, AR, Sales & UseTax Revenue5.00%, 4/1/2037. . . . . . . . . 220,000 246,200

University of Arkansas,RevenueSeries A, 5.00%, 9/15/2035 . . 470,000 559,474

4,273,603

CALIFORNIA — 18.3%Alameda, CA, Unified School

District, General ObligationSeries A, 5.00%, 8/1/2039. . . 500,000 585,495


2


Anaheim, Housing & PublicImprovements AuthorityRevenue:5.00%, 10/1/2031 . . . . . . . . $ 1,695,000 $ 1,833,8715.00%, 10/1/2032 . . . . . . . . 590,000 637,9265.00%, 10/1/2036 . . . . . . . . 395,000 424,9885.00%, 10/1/2041 . . . . . . . . 1,300,000 1,396,694

Anaheim, Public FinancingAuthority Revenue:Series A, 5.00%, 5/1/2031. . . 540,000 627,480Series A, 5.00%, 5/1/2034. . . 245,000 282,588Series A, 5.00%, 5/1/2039. . . 2,870,000 3,274,326

Anaheim, RedevelopmentSuccessor Agency, TaxAllocationSeries A, 5.00%, 2/1/2029. . . 2,015,000 2,580,792

Arcadia, CA, Unified SchoolDistrict, General Obligation:3.25%, 8/1/2036. . . . . . . . . 365,000 377,0963.25%, 8/1/2037. . . . . . . . . 240,000 246,430

Bakersfield, CA, WastewaterRevenue:Series A, 5.00%, 9/15/2025 . . 150,000 183,842Series A, 5.00%, 9/15/2029 . . 2,750,000 3,315,675Series A, 5.00%, 9/15/2031 . . 1,000,000 1,043,740Series A, 5.00%, 9/15/2032 . . 2,100,000 2,191,077

California Educational FacilitiesAuthority Revenue5.00%, 9/1/2040. . . . . . . . . 1,325,000 1,548,355

California, Bay Area TollAuthority Revenue:2.00%, 4/1/2053 (a). . . . . . . 350,000 356,0972.13%, 4/1/2053 (a). . . . . . . 575,000 589,3465.00%, 4/1/2024. . . . . . . . . 250,000 293,740Series A, 2.63%, 4/1/2045

(a) . . . . . . . . . . . . . . . . 13,510,000 14,351,133California, Bay Area Toll

Authority, Toll BridgeRevenue:4.00%, 4/1/2042. . . . . . . . . 125,000 135,874Series A, 2.95%, 4/1/2047

(a) . . . . . . . . . . . . . . . . 1,225,000 1,317,291California, Bay Area Water

Supply & ConservationAgency RevenueSeries A, 4.00%, 10/1/2019 . . 120,000 120,870

California, Infrastructure &Economic DevelopmentBank Revenue:5.00%, 10/1/2025 . . . . . . . . 295,000 362,3815.00%, 10/1/2026 . . . . . . . . 300,000 375,7305.00%, 10/1/2027 . . . . . . . . 295,000 365,5855.00%, 10/1/2028 . . . . . . . . 490,000 606,2625.00%, 10/1/2029 . . . . . . . . 115,000 148,5775.00%, 10/1/2031 . . . . . . . . 410,000 511,2415.00%, 10/1/2032 . . . . . . . . 3,470,000 4,211,8765.00%, 10/1/2033 . . . . . . . . 3,810,000 4,603,280


5.00%, 10/1/2034 . . . . . . . . $ 2,400,000 $ 2,889,2405.00%, 10/1/2035 . . . . . . . . 2,225,000 2,663,547

California, Municipal FinanceAuthority Revenue:4.00%, 1/1/2043. . . . . . . . . 4,750,000 5,236,732Series A, 4.00%, 10/1/2040 . . 4,000,000 4,278,480Series A, 5.00%, 10/1/2025 . . 145,000 177,435Series A, 5.00%, 6/1/2042. . . 250,000 295,232

California, State Department ofWater Resources CenterValley Project Revenue:Series AS, 5.00%, 12/1/2021 . 100,000 109,288Series AS, 5.00%, 12/1/2024 . 335,000 402,208Series AW, 5.00%, 12/1/2028. 330,000 415,318Series AW, 5.00%, 12/1/2029. 285,000 357,672Series AW, 5.00%, 12/1/2032. 255,000 315,358Series AX, 5.00%, 12/1/2019. 345,000 350,610Series AX, 5.00%, 12/1/2029. 300,000 385,959

California, State Department ofWater Resources PowerSupply Revenue:Series AR, 5.00%, 12/1/2023. 120,000 139,948Series AS, 5.00%, 12/1/2026 . 220,000 263,881Series AS, 5.00%, 12/1/2029 . 205,000 244,346Series AX, 5.00%, 12/1/2032. 100,000 126,564Series O, 5.00%, 5/1/2021 . . 355,000 380,354Series O, 5.00%, 5/1/2022 . . 575,000 637,060

California, State GeneralObligation:3.00%, 10/1/2027 . . . . . . . . 100,000 106,1573.25%, 3/1/2032. . . . . . . . . 250,000 261,2103.50%, 8/1/2027. . . . . . . . . 175,000 198,8613.75%, 12/1/2035 . . . . . . . . 280,000 293,9474.00%, 11/1/2023 . . . . . . . . 160,000 178,6594.00%, 10/1/2024 . . . . . . . . 250,000 284,3054.00%, 9/1/2025. . . . . . . . . 250,000 289,0324.00%, 8/1/2033. . . . . . . . . 205,000 230,6544.00%, 9/1/2033. . . . . . . . . 1,035,000 1,163,3924.00%, 11/1/2036 . . . . . . . . 30,000 33,6184.00%, 11/1/2044 . . . . . . . . 210,000 223,5284.50%, 8/1/2020. . . . . . . . . 3,000,000 3,107,9105.00%, 10/1/2019 . . . . . . . . 100,000 100,9485.00%, 9/1/2020. . . . . . . . . 150,000 156,6745.00%, 11/1/2020 . . . . . . . . 1,285,000 1,350,2915.00%, 8/1/2021. . . . . . . . . 2,000,000 2,157,1205.00%, 9/1/2021. . . . . . . . . 2,290,000 2,476,9565.00%, 8/1/2022. . . . . . . . . 100,000 111,4915.00%, 9/1/2022. . . . . . . . . 2,025,000 2,263,6875.00%, 10/1/2022 . . . . . . . . 2,845,000 3,188,7335.00%, 3/1/2023. . . . . . . . . 300,000 340,6535.00%, 8/1/2023. . . . . . . . . 600,000 690,0185.00%, 9/1/2023. . . . . . . . . 545,000 628,3365.00%, 10/1/2023 . . . . . . . . 640,000 739,7065.00%, 11/1/2023 . . . . . . . . 3,745,000 4,339,2195.00%, 3/1/2024. . . . . . . . . 1,920,000 2,243,7505.00%, 8/1/2024. . . . . . . . . 4,260,000 5,037,407


3


5.00%, 9/1/2024. . . . . . . . . $ 720,000 $ 853,3085.00%, 3/1/2025. . . . . . . . . 435,000 521,8705.00%, 8/1/2025. . . . . . . . . 455,000 551,6925.00%, 9/1/2025. . . . . . . . . 235,000 285,5445.00%, 10/1/2025 . . . . . . . . 420,000 499,1115.00%, 3/1/2026. . . . . . . . . 1,345,000 1,611,1625.00%, 8/1/2026. . . . . . . . . 2,990,000 3,700,8335.00%, 9/1/2026. . . . . . . . . 1,170,000 1,454,8605.00%, 10/1/2026 . . . . . . . . 1,455,000 1,772,1715.00%, 11/1/2026 . . . . . . . . 150,000 178,3975.00%, 4/1/2027. . . . . . . . . 5,000,000 6,280,0005.00%, 8/1/2027. . . . . . . . . 4,430,000 5,361,1555.00%, 9/1/2027. . . . . . . . . 165,000 178,0655.00%, 10/1/2027 . . . . . . . . 170,000 208,0925.00%, 11/1/2027 . . . . . . . . 180,000 228,8345.00%, 8/1/2028. . . . . . . . . 1,845,000 2,233,8035.00%, 9/1/2028. . . . . . . . . 2,120,000 2,321,8025.00%, 10/1/2028 . . . . . . . . 660,000 782,4765.00%, 4/1/2029. . . . . . . . . 5,000,000 6,500,5505.00%, 8/1/2029. . . . . . . . . 765,000 933,1285.00%, 9/1/2029. . . . . . . . . 1,705,000 1,873,4065.00%, 10/1/2029 . . . . . . . . 750,000 891,7775.00%, 8/1/2030. . . . . . . . . 1,930,000 2,301,6025.00%, 9/1/2030. . . . . . . . . 620,000 757,5595.00%, 11/1/2030 . . . . . . . . 500,000 626,7155.00%, 4/1/2031. . . . . . . . . 1,845,000 2,369,5155.00%, 9/1/2031. . . . . . . . . 1,915,000 2,295,7895.00%, 3/1/2032. . . . . . . . . 280,000 328,8945.00%, 4/1/2032. . . . . . . . . 4,600,000 6,101,4465.00%, 8/1/2032. . . . . . . . . 2,255,000 2,650,6875.00%, 10/1/2032 . . . . . . . . 1,295,000 1,520,9395.00%, 8/1/2033. . . . . . . . . 2,175,000 2,541,5295.00%, 10/1/2033 . . . . . . . . 570,000 668,5075.00%, 8/1/2034. . . . . . . . . 2,350,000 2,773,5405.00%, 9/1/2034. . . . . . . . . 290,000 348,5225.00%, 10/1/2034 . . . . . . . . 155,000 181,7875.00%, 8/1/2035. . . . . . . . . 4,430,000 5,267,5045.00%, 9/1/2035. . . . . . . . . 230,000 275,6255.00%, 10/1/2035 . . . . . . . . 435,000 516,4935.00%, 8/1/2036. . . . . . . . . 1,370,000 1,634,8895.00%, 9/1/2036. . . . . . . . . 1,390,000 1,661,2585.00%, 10/1/2037 . . . . . . . . 90,000 104,6235.00%, 10/1/2039 . . . . . . . . 990,000 1,154,9044.00%, 12/1/2030 (a) . . . . . . 135,000 141,512Series B, 5.00%, 8/1/2020. . . 1,040,000 1,082,983Series B, 5.00%, 9/1/2023. . . 2,900,000 3,343,439Series C, 5.00%, 9/1/2032. . . 1,350,000 1,603,435Series C, 5.00%, 9/1/2034. . . 155,000 183,257

Campbell Union High SchoolDistrict, RevenueSeries B, 5.00%, 8/1/2036. . . 150,000 179,658

Capistrano, Unified SchoolDistrict, Special Tax3.00%, 9/1/2025. . . . . . . . . 110,000 110,267


Centinela Valley, CA, UnionHigh School District, GeneralObligationSeries B, 4.00%, 8/1/2050(b) . . . . . . . . . . . . . . . . . $ 100,000 $ 106,929

Cerritos, CA, CommunityCollege District, GeneralObligation:Series B, 4.00%, 8/1/2043. . . 250,000 275,138Series B, 5.00%, 8/1/2020. . . 100,000 104,276

Chabot-Las Positas, CA,Community College District,General Obligation:4.00%, 8/1/2033. . . . . . . . . 1,015,000 1,129,989Series A, 4.00%, 8/1/2042. . . 500,000 544,195

Coast, CA, Community CollegeDistrict, General Obligation:5.00%, 8/1/2029. . . . . . . . . 410,000 492,8815.00%, 8/1/2033. . . . . . . . . 145,000 172,351

Contra Costa, CA,Transportation AuthoritySales Tax Revenue:Series A, 5.00%, 3/1/2032. . . 270,000 317,301Series B, 5.00%, 3/1/2026. . . 2,400,000 2,977,008Series B, 5.00%, 3/1/2028. . . 3,000,000 3,800,460

Coronado, CommunityDevelopment AgencySuccessor AgencySeries A, 5.00%, 9/1/2033. . . 5,000,000 5,886,700

Corona-Norco, CA, UnifiedSchool District, GeneralObligationSeries B, 4.00%, 8/1/2043. . . 150,000 165,083

Desert Sands, CA, UnifiedSchool District, GeneralObligation5.00%, 8/1/2042. . . . . . . . . 3,300,000 3,812,721

Desert, CA, CommunityCollege District, GeneralObligation5.00%, 8/1/2035. . . . . . . . . 360,000 428,504

East Bay, CA, Municipal UtilityDistrict, Water SystemRevenue:Series A, 4.00%, 6/1/2033. . . 250,000 276,558Series A, 5.00%, 6/1/2029. . . 350,000 412,695Series A, 5.00%, 6/1/2032. . . 100,000 117,443Series A, 5.00%, 6/1/2033. . . 120,000 140,620Series A, 5.00%, 6/1/2035. . . 760,000 924,181Series A, 5.00%, 6/1/2037. . . 7,160,000 8,492,548Series A, 5.00%, 6/1/2044. . . 735,000 911,503Series B, 5.00%, 6/1/2022. . . 195,000 216,772Series B, 5.00%, 6/1/2030. . . 160,000 188,576Series B, 5.00%, 6/1/2034. . . 100,000 124,056


4


East Side, CA, Union HighSchool District, GeneralObligationSeries E, 5.00%, 8/1/2028. . . $ 125,000 $ 154,661

Eastern, CA, Municipal WaterDistrict Financing AuthorityRevenueSeries B, 5.00%, 7/1/2032. . . 230,000 279,123

Eastern, CA, Municipal WaterDistrict Revenue:Series A, 5.00%, 7/1/2042. . . 1,000,000 1,175,680Series A, 5.00%, 7/1/2045. . . 315,000 369,662

El Dorado, CA, IrrigationDistrict, Water AgencyRevenue:Series C, 5.00%, 3/1/2032. . . 390,000 467,805Series C, 5.00%, 3/1/2035. . . 570,000 676,584

Elk Grove, Unified SchoolDistrict3.00%, 2/1/2034. . . . . . . . . 100,000 101,882

Emeryville, CA, RedevelopmentAgency Successor Agency,Tax AllocationSeries A, 5.00%, 9/1/2023(b) . . . . . . . . . . . . . . . . . 100,000 115,071

Folsom Cordova, CA, UnifiedSchool District SchoolFacilities ImprovementDistrict No. 5, GeneralObligationSeries C, 4.00%, 10/1/2043 . . 715,000 785,485

Fontana, CA, RedevelopmentAgency Successor Agency,Tax Allocation:Series A, 5.00%, 10/1/2028 . . 100,000 127,736Series A, 5.00%, 10/1/2031 . . 340,000 424,561Series A, 5.00%, 10/1/2032 . . 250,000 310,307

Foothill-De Anza CommunityCollege District, GeneralObligation:2.13%, 8/1/2040 (a). . . . . . . 2,570,000 2,569,5375.00%, 8/1/2027. . . . . . . . . 230,000 279,4785.00%, 8/1/2028. . . . . . . . . 140,000 169,9335.00%, 8/1/2035. . . . . . . . . 1,005,000 1,169,569

Fremont, CA, Union HighSchool District, GeneralObligation5.00%, 8/1/2022. . . . . . . . . 175,000 195,617

Grossmont-Cuyamaca, CA,Community College DistrictGeneral Obligation4.00%, 8/1/2020. . . . . . . . . 100,000 103,161

Imperial, CA, Irrigation DistrictElectric System RevenueSeries C, 5.00%, 11/1/2036 . . 100,000 118,472


Livermore Valley, CA, JointUnified School District,General Obligation3.00%, 8/1/2046. . . . . . . . . $ 230,000 $ 226,741

Long Beach, CA, CommunityCollege District, GeneralObligationSeries B, 4.00%, 8/1/2041. . . 4,640,000 5,019,552

Long Beach, CA, HarborRevenueSeries A, 5.00%, 12/15/2020 . 735,000 776,748

Long Beach, CA, UnifiedSchool District, GeneralObligation5.00%, 8/1/2027. . . . . . . . . 300,000 375,363

Los Angeles CountyMetropolitan TransportationAuthoritySeries A, 5.00%, 7/1/2041. . . 1,100,000 1,322,948

Los Angeles, CA, CommunityCollege District, GeneralObligation:4.00%, 8/1/2038. . . . . . . . . 500,000 551,2755.00%, 8/1/2036. . . . . . . . . 430,000 515,647Series A, 5.00%, 8/1/2023. . . 235,000 271,068Series A, 5.00%, 8/1/2026. . . 215,000 255,285Series A, 5.00%, 8/1/2028. . . 515,000 607,870Series A, 5.00%, 8/1/2029. . . 670,000 788,657Series A, 5.00%, 8/1/2030. . . 3,570,000 4,192,679Series A, 5.00%, 8/1/2031. . . 3,000,000 3,516,810Series G, 4.00%, 8/1/2039 . . 350,000 377,513Series J, 4.00%, 8/1/2036 . . . 400,000 450,448Series J, 4.00%, 8/1/2039 . . . 480,000 532,406

Los Angeles, CA, Departmentof Airports Revenue:5.00%, 5/15/2031 . . . . . . . . 1,000,000 1,283,0905.00%, 5/15/2032 . . . . . . . . 3,250,000 4,130,652Series C, 5.00%, 5/15/2038 . . 465,000 538,312

Los Angeles, CA, Departmentof Water & Power Revenue:Series A, 5.00%, 7/1/2020. . . 135,000 140,276Series A, 5.00%, 7/1/2023. . . 875,000 1,006,705Series A, 5.00%, 7/1/2024. . . 250,000 296,422Series A, 5.00%, 7/1/2027. . . 150,000 184,749Series A, 5.00%, 7/1/2028. . . 250,000 314,785Series A, 5.00%, 7/1/2030. . . 520,000 619,642Series A, 5.00%, 7/1/2031. . . 390,000 485,320Series A, 5.00%, 7/1/2032. . . 715,000 891,952Series A, 5.00%, 7/1/2034. . . 275,000 322,624Series A, 5.00%, 7/1/2036. . . 3,000,000 3,649,860Series A, 5.00%, 7/1/2039. . . 1,420,000 1,646,973Series A, 5.00%, 7/1/2040. . . 1,670,000 1,951,796Series B, 5.00%, 7/1/2020. . . 250,000 259,770Series B, 5.00%, 7/1/2025. . . 100,000 121,766Series B, 5.00%, 7/1/2027. . . 100,000 114,799Series B, 5.00%, 7/1/2028. . . 320,000 392,566Series B, 5.00%, 7/1/2029. . . 100,000 122,538


5


Series B, 5.00%, 7/1/2031. . . $ 8,000,000 $ 10,301,280Series B, 5.00%, 7/1/2032. . . 3,590,000 4,482,899Series B, 5.00%, 7/1/2033. . . 1,500,000 1,918,080Series B, 5.00%, 7/1/2034. . . 555,000 665,018Series B, 5.00%, 7/1/2036. . . 100,000 119,013Series B, 5.00%, 7/1/2037. . . 100,000 120,431Series B, 5.00%, 7/1/2042. . . 230,000 267,575Series B, 5.00%, 7/1/2043. . . 210,000 237,735Series C, 5.00%, 7/1/2027. . . 175,000 206,841Series C, 5.00%, 7/1/2042. . . 595,000 712,679Series D, 4.00%, 7/1/2023. . . 445,000 494,270Series D, 5.00%, 7/1/2022. . . 300,000 334,146Series D, 5.00%, 7/1/2027. . . 100,000 118,195Series D, 5.00%, 7/1/2029. . . 135,000 159,061Series D, 5.00%, 7/1/2030. . . 305,000 358,714Series D, 5.00%, 7/1/2032. . . 180,000 210,656Series D, 5.00%, 7/1/2033. . . 1,235,000 1,442,085Series D, 5.00%, 7/1/2039. . . 2,970,000 3,441,636Series D, 5.00%, 7/1/2044. . . 130,000 148,788Series E, 5.00%, 7/1/2039. . . 310,000 359,228

Los Angeles, CA, Facilities, Inc.Revenue:Series A, 5.00%, 12/1/2033 . . 250,000 313,887Series A, 5.00%, 12/1/2035 . . 1,405,000 1,737,437Series A, 5.00%, 12/1/2037 . . 350,000 428,526Series A, 5.00%, 12/1/2038 . . 1,925,000 2,343,245

Los Angeles, CA, HarborDepartment RevenueSeries B, 5.00%, 8/1/2039. . . 125,000 143,099

Los Angeles, CA, MetropolitanTransportation AuthorityRevenue:Series A, 4.00%, 7/1/2030. . . 7,525,000 8,391,504Series A, 4.00%, 6/1/2034. . . 110,000 122,756Series A, 5.00%, 6/1/2021. . . 165,000 177,316Series A, 5.00%, 7/1/2023. . . 325,000 373,646Series A, 5.00%, 6/1/2026. . . 100,000 124,607Series A, 5.00%, 6/1/2029. . . 250,000 309,355Series A, 5.00%, 7/1/2030. . . 100,000 126,254Series A, 5.00%, 6/1/2033. . . 350,000 425,509Series A, 5.00%, 6/1/2034. . . 245,000 296,570Series A, 5.00%, 6/1/2037. . . 405,000 485,032Series A, 5.00%, 6/1/2038. . . 850,000 1,013,302

Los Angeles, CA, Public WorksFinancing AuthorityRevenue:Series A, 5.00%, 12/1/2039 . . 715,000 819,790Series D, 4.00%, 12/1/2034 . . 215,000 238,059Series D, 4.00%, 12/1/2036 . . 665,000 728,381Series D, 4.00%, 12/1/2040 . . 325,000 351,162Series D, 5.00%, 12/1/2028 . . 1,975,000 2,408,177Series D, 5.00%, 12/1/2029 . . 100,000 121,318Series D, 5.00%, 12/1/2030 . . 330,000 397,660

Los Angeles, CA,Redevelopment Authority,Tax Allocation:


Series A-LONG BEACHPROJ AREA, 4.00%,8/1/2040 . . . . . . . . . . . . $ 220,000 $ 235,673

Series C, 5.00%, 12/1/2027(b). . . . . . . . . . . . . . . . 225,000 267,667

Series C, 5.25%, 12/1/2025(b). . . . . . . . . . . . . . . . 3,505,000 4,233,549

Los Angeles, CA, SanitationDistricts Financing AuthorityRevenueSeries A, 5.00%, 10/1/2029 . . 100,000 120,303

Los Angeles, CA, Solid WasteResources Revenue:Series A, 4.00%, 2/1/2032. . . 405,000 466,009Series A, 5.50%, 2/1/2020. . . 105,000 107,684

Los Angeles, CA, UnifiedSchool District, GeneralObligation:Series A, 3.50%, 7/1/2036. . . 160,000 166,702Series A, 4.00%, 7/1/2021. . . 185,000 195,079Series A, 4.00%, 7/1/2040. . . 2,035,000 2,193,588Series A, 5.00%, 7/1/2021. . . 125,000 134,269Series A, 5.00%, 7/1/2022. . . 565,000 625,602Series A, 5.00%, 7/1/2023. . . 3,565,000 4,067,095Series A, 5.00%, 7/1/2024. . . 310,000 363,122Series A, 5.00%, 7/1/2025. . . 350,000 420,350Series A, 5.00%, 7/1/2026. . . 265,000 325,913Series A, 5.00%, 7/1/2027. . . 270,000 339,034Series A, 5.00%, 7/1/2029. . . 225,000 240,734Series A, 5.00%, 7/1/2030. . . 385,000 442,152Series A, 5.00%, 7/1/2031. . . 5,645,000 7,085,668Series A, 5.00%, 7/1/2032. . . 460,000 491,041Series A, 5.00%, 7/1/2040. . . 970,000 1,121,301Series B, 3.00%, 7/1/2031. . . 520,000 543,530Series B, 5.00%, 7/1/2022. . . 250,000 276,815Series B, 5.00%, 7/1/2028. . . 250,000 305,622Series B-1, 5.00%, 7/1/2027 . 485,000 609,005Series B-1, 5.00%, 7/1/2029 . 250,000 313,815Series B-1, 5.00%, 7/1/2032 . 300,000 371,484Series B-1, 5.00%, 7/1/2033 . 255,000 314,846Series B-1, 5.00%, 7/1/2034 . 270,000 332,105Series B-1, 5.00%, 7/1/2036 . 1,000,000 1,223,060Series B-1, 5.00%, 7/1/2037 . 500,000 608,545Series C, 5.00%, 7/1/2023. . . 155,000 176,830Series C, 5.00%, 7/1/2025. . . 205,000 240,346Series C, 5.00%, 7/1/2026. . . 300,000 351,408

Los Angeles, CA, WastewaterSystem Revenue:Series B, 5.00%, 6/1/2033. . . 250,000 297,147Series B, 5.00%, 6/1/2039. . . 240,000 290,429Series D, 5.00%, 6/1/2023. . . 1,215,000 1,394,771

Los Rios, CA, CommunityCollege District, GeneralObligation4.00%, 8/1/2035. . . . . . . . . 250,000 281,983


6


Marin, CA, Healthcare District,General ObligationSeries A, 3.00%, 8/1/2037. . . $ 325,000 $ 328,503

Metropolitan Water District ofSouthern California Revenue:Series A, 2.25%, 7/1/2024. . . 845,000 883,963Series A, 2.50%, 7/1/2025. . . 250,000 266,588Series A, 5.00%, 7/1/2024. . . 5,000,000 5,931,100Series A, 5.00%, 7/1/2034. . . 140,000 167,752Series B, 5.00%, 8/1/2023. . . 135,000 155,435Series B, 5.00%, 8/1/2024. . . 150,000 178,014

Milpitas, CA, RedevelopmentAgency Successor Agency,Tax Allocation:5.00%, 9/1/2022. . . . . . . . . 160,000 179,0185.00%, 9/1/2023. . . . . . . . . 440,000 508,2535.00%, 9/1/2027. . . . . . . . . 385,000 466,031

Monterey Peninsula, CA,Community College District,General Obligation:Zero Coupon, 8/1/2029 . . . . 240,000 188,0420.01%, 8/1/2027. . . . . . . . . 205,000 173,3520.01%, 8/1/2030. . . . . . . . . 300,000 225,948

Mountain, CA, View Los AltosUnion High School District,General ObligationSeries A, 4.00%, 8/1/2034. . . 1,245,000 1,407,560

Newport Mesa, Unified SchoolDistrict, General Obligation:Zero Coupon, 8/1/2039 . . . . 100,000 49,280Zero Coupon, 8/1/2043 . . . . 5,000,000 2,065,650

North Orange County, CA,Community College District,General ObligationSeries B, 4.00%, 8/1/2044. . . 5,000,000 5,592,900

Oakland Alameda County, CA,Unified School District,General Obligation:5.00%, 8/1/2020. . . . . . . . . 185,000 192,3195.00%, 8/1/2023 (b) . . . . . . 100,000 114,4025.00%, 8/1/2025 (b) . . . . . . 150,000 180,323Series A, 5.00%, 8/1/2030. . . 175,000 205,130Series A, 5.00%, 8/1/2031. . . 150,000 174,705Series A, 5.00%, 8/1/2032. . . 150,000 174,080Series A, 5.00%, 8/1/2040. . . 100,000 113,533

Oakland, CA, RedevelopmentAgency Successor AgencySeries TE, 5.00%, 9/1/2035(b) . . . . . . . . . . . . . . . . . 750,000 873,120

Orange County, CA, SanitationDistrict Wastewater Revenue:Series A, 5.00%, 2/1/2030. . . 120,000 147,185Series A, 5.00%, 2/1/2035. . . 1,955,000 2,283,440Series A, 5.00%, 2/1/2037. . . 300,000 349,284

Orange County, CA, WaterDistrict RevenueSeries A, 5.00%, 8/15/2034 . . 130,000 159,245


Orange County, FL, Sales TaxRevenue:5.00%, 2/15/2021 . . . . . . . . $ 2,000,000 $ 2,126,5005.00%, 2/15/2022 . . . . . . . . 2,000,000 2,200,680

Oxnard, CA, School District,General ObligationSeries A, 5.00%, 8/1/2041. . . 350,000 417,844

Palomar, CA, CommunityCollege District, GeneralObligation5.00%, 5/1/2030. . . . . . . . . 125,000 148,748

Peralta, CA, CommunityCollege District, GeneralObligation:Series A, 5.00%, 8/1/2028. . . 100,000 117,281Series A, 5.00%, 8/1/2029. . . 120,000 140,480

Peralta, CA, CommunityCollege District, GeneralObligation, Election of 2006Series D, 4.00%, 8/1/2039. . . 5,400,000 5,810,238

Rancho CucamongaRedevelopment AgencySuccessor Agency5.00%, 9/1/2028 (b) . . . . . . 425,000 497,195

Riverside County, CA,Transportation Commission,Sales Tax Revenue:Series A, 2.00%, 6/1/2029. . . 175,000 175,434Series A, 5.00%, 6/1/2036. . . 4,055,000 4,973,133

Riverside, CA, CommunityCollege District Foundation,General Obligation5.00%, 8/1/2029. . . . . . . . . 1,255,000 1,518,437

Sacramento, CA, CountySanitation Districts FinancingAuthority Revenue:Series A, 5.00%, 12/1/2031 . . 375,000 438,270Series A, 5.00%, 12/1/2032 . . 260,000 303,194Series A, 5.00%, 12/1/2033 . . 690,000 802,498Series A, 5.00%, 12/1/2034 . . 840,000 973,501

Sacramento, CA, MunicipalUtility District, ElectricityRevenueSeries D, 5.00%, 8/15/2023 . . 2,740,000 3,164,316

Sacramento, CA, MunicipalUtility District, FinancingAuthority Revenue:5.00%, 7/1/2020. . . . . . . . . 105,000 109,103Series F, 5.00%, 8/15/2024 . . 170,000 202,256

San Antonio, CA, CommunityCollege District, GeneralObligationSeries B, 4.00%, 8/1/2043. . . 190,000 209,264

San Bernardino, CA, CountySeries A, 5.00%, 10/1/2023(c). . . . . . . . . . . . . . . . . . 5,000,000 5,763,250


7


San Diego County, CA, PublicFacilities FinancingAuthority, Revenue:5.00%, 10/15/2026 . . . . . . . $ 620,000 $ 760,2875.00%, 10/15/2027 . . . . . . . 1,065,000 1,307,4265.00%, 10/15/2028 . . . . . . . 255,000 312,0085.00%, 10/15/2029 . . . . . . . 250,000 304,3725.00%, 10/15/2031 . . . . . . . 345,000 415,880

San Diego County, CA, PublicFacilities FinancingAuthority, Sewer Revenue:4.00%, 5/15/2026 . . . . . . . . 200,000 231,2885.00%, 5/15/2023 . . . . . . . . 160,000 183,2885.00%, 5/15/2027 . . . . . . . . 175,000 212,707Series A, 4.00%, 5/15/2021 . . 590,000 621,795Series A, 5.00%, 5/15/2027 . . 320,000 397,891Series A, 5.00%, 5/15/2029 . . 185,000 229,111Series A, 5.00%, 5/15/2033 . . 560,000 682,584Series A, 5.00%, 5/15/2034 . . 3,020,000 3,669,753Series A, 5.00%, 5/15/2039 . . 100,000 118,725Series B, 5.00%, 8/1/2022. . . 330,000 368,343Series B, 5.00%, 8/1/2029. . . 100,000 124,103

San Diego County, CA,Regional Building AuthorityRevenueSeries A, 5.00%, 10/15/2035 . 450,000 531,760

San Diego County, CA,Regional TransportationCommission, Sales TaxRevenue:Series A, 5.00%, 4/1/2026. . . 185,000 218,023Series A, 5.00%, 4/1/2027. . . 270,000 335,140Series A, 5.00%, 4/1/2028. . . 125,000 146,303Series A, 5.00%, 4/1/2030. . . 120,000 147,017Series A, 5.00%, 4/1/2032. . . 145,000 175,559Series A, 5.00%, 4/1/2033. . . 125,000 150,793Series A, 5.00%, 4/1/2034. . . 100,000 115,111Series A, 5.00%, 4/1/2037. . . 375,000 428,539Series A, 5.00%, 4/1/2039. . . 155,000 176,196Series A, 5.00%, 4/1/2041. . . 125,000 147,564

San Diego County, CA, WaterAuthority Financing Corp.,Revenue:Series A-GREEN BOND,

5.00%, 5/1/2031 . . . . . . . 350,000 427,140Series B, 5.00%, 5/1/2035. . . 4,000,000 4,819,880Series B, 5.00%, 5/1/2036. . . 100,000 120,189Series B, 5.00%, 5/1/2037. . . 100,000 119,849

San Diego County, CA, WaterAuthority Revenue:Series A, 5.00%, 10/15/2044 . 215,000 250,931Series A-GREEN BOND,

5.00%, 5/1/2033 . . . . . . . 1,015,000 1,231,723San Diego Redevelopment

Agency Successor Agency,Tax Allocation:Series A, 5.00%, 9/1/2021. . . 100,000 108,343


Series A, 5.00%, 9/1/2025. . . $ 110,000 $ 134,680San Diego, CA

Series A, 5.00%, 10/15/2027 . 220,000 260,968San Diego, CA, Community

College District, GeneralObligation:4.00%, 8/1/2028. . . . . . . . . 175,000 204,4114.00%, 8/1/2029. . . . . . . . . 400,000 463,7005.00%, 8/1/2027. . . . . . . . . 160,000 199,9495.00%, 8/1/2029. . . . . . . . . 235,000 291,2825.00%, 8/1/2031. . . . . . . . . 160,000 196,1555.00%, 8/1/2041. . . . . . . . . 190,000 226,463

San Diego, CA, Public FacilitiesFinancing Authority, SewerRevenueSeries A, 5.00%, 5/15/2021 . . 355,000 380,681

San Diego, CA, Unified SchoolDistrict, General Obligation:Series F, 5.00%, 7/1/2040 . . . 1,725,000 1,998,274Series F, 5.00%, 7/1/2045 . . . 150,000 173,015Series I, Zero Coupon,

7/1/2036 . . . . . . . . . . . . 2,865,000 1,571,452Series I, Zero Coupon,

7/1/2037 . . . . . . . . . . . . 405,000 211,455Series I, Zero Coupon,

7/1/2039 . . . . . . . . . . . . 310,000 147,572Series R-3, 5.00%, 7/1/2020 . 150,000 155,726Series R-4, 5.00%, 7/1/2024 . 235,000 278,261Series R-4, 5.00%, 7/1/2028 . 250,000 303,770Series R-5, 5.00%, 7/1/2029 . 260,000 322,702Series SENIOR-1, 4.00%,

7/1/2033 . . . . . . . . . . . . 100,000 113,104San Francisco, CA, Bay Area

Rapid Transit District,General ObligationSeries D, 5.00%, 8/1/2029. . . 160,000 193,690

San Francisco, CA, City &County:Series A, 4.00%, 4/1/2045. . . 115,000 120,256Series B, 4.00%, 4/1/2038. . . 530,000 573,672Series B, 5.00%, 4/1/2020. . . 110,000 113,182Series R1, 4.00%, 9/1/2039 . . 535,000 564,104

San Francisco, CA, City &County Public UtilitiesCommission WastewaterRevenue:Series A, 4.00%, 10/1/2043 . . 535,000 592,229Series A, 5.00%, 10/1/2029 . . 100,000 121,765Series C, 2.13%, 10/1/2048

(a) . . . . . . . . . . . . . . . . 3,000,000 3,066,960San Francisco, CA, City &

County, General Obligation:Series A, 4.00%, 6/15/2034 . . 1,990,000 2,158,573Series A, 4.00%, 6/15/2035 . . 1,350,000 1,457,284Series A, 5.00%, 6/15/2023 . . 200,000 222,620Series R1, 4.00%, 6/15/2030 . 650,000 708,740Series R1, 5.00%, 6/15/2027 . 325,000 372,996


8


San Francisco, CA, PublicUtilities Commission, WaterRevenue:4.00%, 11/1/2030 . . . . . . . . $ 105,000 $ 122,5135.00%, 11/1/2019 . . . . . . . . 125,000 126,6235.00%, 11/1/2020 . . . . . . . . 160,000 168,3265.00%, 11/1/2024 . . . . . . . . 235,000 280,8255.00%, 11/1/2028 . . . . . . . . 170,000 213,1655.00%, 11/1/2032 . . . . . . . . 100,000 119,1835.00%, 11/1/2033 . . . . . . . . 680,000 834,9455.00%, 11/1/2034 . . . . . . . . 335,000 408,978Series B, 5.00%, 11/1/2041 . . 1,400,000 1,621,550Series B, 5.00%, 11/1/2042 . . 350,000 405,058Series B, 5.00%, 11/1/2043 . . 1,070,000 1,237,733Series D, 5.00%, 11/1/2033 . . 260,000 324,714Series D, 5.00%, 11/1/2034 . . 330,000 410,659

San Francisco, CA,Transportation AuthorityRevenue3.00%, 2/1/2034. . . . . . . . . 1,845,000 1,904,981

San Francisco, CA, UnifiedSchool District, GeneralObligation:Series B, 5.00%, 6/15/2021 . . 135,000 145,198Series F&C, 5.00%,

6/15/2028 . . . . . . . . . . . 100,000 118,044San Joaquin, CA

4.00%, 11/15/2030 (b) . . . . . 125,000 142,783San Joaquin, CA, Delta

Community College District,General Obligation:Series A, 5.00%, 8/1/2026. . . 140,000 170,666Series A, 5.00%, 8/1/2027. . . 270,000 328,082

San Joaquin, CA, TransportationAuthority Revenue5.00%, 3/1/2036. . . . . . . . . 180,000 217,994

San Jose, CA, EvergreenCommunity College District,General Obligation5.00%, 9/1/2024. . . . . . . . . 130,000 155,002

San Jose, RedevelopmentAgency Successor Agency,Tax AllocationSeries B, 5.00%, 8/1/2026. . . 3,785,000 4,741,242

San Marcos, CA, UnifiedSchool District, GeneralObligation:4.00%, 8/1/2037. . . . . . . . . 200,000 221,0605.00%, 8/1/2035. . . . . . . . . 350,000 429,1875.00%, 8/1/2036. . . . . . . . . 350,000 427,339

San Mateo County, CA,Community College District,General Obligation:5.00%, 9/1/2029. . . . . . . . . 130,000 152,9315.00%, 9/1/2034. . . . . . . . . 100,000 116,609Series A, 2.50%, 9/1/2040

(a) . . . . . . . . . . . . . . . . 100,000 100,216


San Mateo County, CA, JointPowers Financing AuthorityRevenue5.00%, 6/15/2024 . . . . . . . . $ 280,000 $ 331,559

San Mateo County, CA,Transportation AuthorityRevenue:Series A, 5.00%, 6/1/2027. . . 230,000 277,990Series A, 5.00%, 6/1/2029. . . 130,000 155,652Series A, 5.00%, 6/1/2030. . . 160,000 190,971

San Mateo Foster, CA, PublicFinancing Authority:4.00%, 8/1/2039. . . . . . . . . 1,250,000 1,410,3004.00%, 8/1/2044. . . . . . . . . 8,000,000 8,896,320

Santa Clara County, CA,Financing AuthorityRevenue:Series A, 3.25%, 4/1/2036. . . 4,520,000 4,652,933Series A, 3.50%, 4/1/2041. . . 600,000 618,960Series Q, 2.50%, 5/15/2029. . 140,000 143,832Series Q, 4.00%, 5/15/2031. . 1,815,000 2,020,803Series Q, 4.00%, 5/15/2033. . 300,000 332,370

Santa Clara County, CA,General Obligation:Series C, 3.00%, 8/1/2035. . . 260,000 267,748Series C, 3.25%, 8/1/2039. . . 150,000 155,409Series C, 5.00%, 8/1/2030. . . 125,000 157,629

Santa Clara, CA, UnifiedSchool District, GeneralObligation3.00%, 7/1/2036. . . . . . . . . 250,000 256,235

Santa Monica CommunityCollege District, GeneralObligation:Series A, 4.00%, 8/1/2039. . . 2,350,000 2,608,688Series A, 5.00%, 8/1/2043. . . 1,750,000 2,146,217Series D, 5.00%, 8/1/2043. . . 1,025,000 1,161,274

Sequoia, CA, Union HighSchool District, GeneralObligation:3.00%, 7/1/2043. . . . . . . . . 260,000 261,6255.00%, 7/1/2027. . . . . . . . . 150,000 187,079

Southern California WaterReplenishment DistrictFinancing Authority Revenue5.00%, 8/1/2041. . . . . . . . . 260,000 302,799

Southern, CA, Public PowerAuthority Revenue:Series A, 5.00%, 7/1/2025. . . 545,000 585,237Series A, 5.00%, 7/1/2027. . . 130,000 139,091Series C, 5.00%, 7/1/2027. . . 110,000 131,916

Sweetwater, CA, Union HighSchool District, GeneralObligationSeries B, 3.38%, 8/1/2040(b) . . . . . . . . . . . . . . . . . 125,000 127,625


9


University of California,Revenue:Series A, 3.00%, 11/1/2033 . . $ 250,000 $ 256,490Series A, 3.13%, 11/1/2036 . . 225,000 230,582Series A, 3.20%, 11/1/2037 . . 270,000 277,028Series A, 4.00%, 11/1/2035 . . 300,000 335,088Series A, 4.00%, 11/1/2037 . . 555,000 613,253Series A, 4.00%, 11/1/2038 . . 1,580,000 1,735,851Series A, 4.00%, 11/1/2043 . . 430,000 466,120Series A, 5.00%, 11/1/2020 . . 345,000 362,954Series A, 5.00%, 11/1/2021 . . 3,180,000 3,463,815Series A, 5.00%, 11/1/2025 . . 250,000 307,437Series A, 5.00%, 11/1/2028 . . 120,000 148,486Series A, 5.00%, 11/1/2029 . . 270,000 321,421Series A, 5.00%, 11/1/2030 . . 1,970,000 2,330,687Series A, 5.00%, 11/1/2031 . . 205,000 254,190Series A, 5.00%, 11/1/2032 . . 120,000 144,166Series A, 5.00%, 11/1/2033 . . 350,000 409,538Series A, 5.00%, 11/1/2034 . . 555,000 647,213Series A, 5.00%, 11/1/2035 . . 5,450,000 6,814,390Series A, 5.00%, 11/1/2036 . . 265,000 317,120Series A, 5.00%, 11/1/2037 . . 400,000 472,092Series A, 5.00%, 11/1/2038 . . 165,000 194,142Series A, 5.00%, 11/1/2041 . . 1,940,000 2,276,415Series A, 5.00%, 11/1/2043 . . 220,000 257,004Series AK, 5.00%, 5/15/2042. 2,065,000 2,464,536Series AM, 5.00%,

5/15/2023 . . . . . . . . . . . 130,000 148,975Series AM, 5.00%,

5/15/2025 . . . . . . . . . . . 250,000 295,442Series AM, 5.00%,

5/15/2027 . . . . . . . . . . . 200,000 235,626Series AO, 5.00%, 5/15/2021 . 395,000 423,803Series AO, 5.00%, 5/15/2025 . 2,195,000 2,666,552Series AO, 5.00%, 5/15/2026 . 110,000 133,354Series AO, 5.00%, 5/15/2028 . 425,000 513,357Series AO, 5.00%, 5/15/2032 . 100,000 118,984Series AO, 5.00%, 5/15/2040 . 110,000 127,694Series AR, 4.00%, 5/15/2037. 570,000 622,873Series AR, 5.00%, 5/15/2030. 580,000 714,490Series AR, 5.00%, 5/15/2032. 120,000 146,020Series AR, 5.00%, 5/15/2041. 495,000 580,932Series AT, 1.40%, 5/15/2046

(a) . . . . . . . . . . . . . . . . 115,000 114,765Series AY, 4.00%, 5/15/2035 . 100,000 111,566Series AZ, 5.00%, 5/15/2043 . 5,200,000 6,316,180Series B-2, 4.00%, 11/1/2049

(a) . . . . . . . . . . . . . . . . 100,000 104,840Series B-3, 4.00%, 11/1/2051

(a) . . . . . . . . . . . . . . . . 350,000 384,475Series I, 4.00%, 5/15/2045 . . 200,000 213,242Series I, 5.00%, 5/15/2027 . . 145,000 175,146Series I, 5.00%, 5/15/2028 . . 655,000 790,349Series I, 5.00%, 5/15/2030 . . 180,000 215,620Series I, 5.00%, 5/15/2031 . . 335,000 399,632Series I, 5.00%, 5/15/2032 . . 145,000 172,347


Series K, 4.00%, 5/15/2036. . $ 265,000 $ 290,424Series K, 4.00%, 5/15/2046. . 315,000 338,786Series K, 5.00%, 5/15/2031. . 460,000 561,485Series K, 5.00%, 5/15/2033. . 300,000 362,418Series M, 5.00%, 5/15/2028 . 100,000 127,188Series M, 5.00%, 5/15/2030 . 200,000 251,906Series M, 5.00%, 5/15/2032 . 295,000 366,461Series M, 5.00%, 5/15/2036 . 250,000 303,495Series M, 5.00%, 5/15/2042 . 530,000 630,864Series O, 4.00%, 5/15/2048. . 250,000 272,635Series O, 5.00%, 5/15/2039. . 2,200,000 2,689,434

Ventura County, CA,Community College District,General Obligation3.13%, 8/1/2031. . . . . . . . . 290,000 304,001

Victor Valley, CA, CommunityCollege District, GeneralObligationSeries C, 4.00%, 8/1/2032. . . 450,000 507,312

Washington CA, TownshipHealth Care District, GeneralObligationSeries B, 3.75%, 8/1/2040. . . 275,000 283,745

West Basin, CA, MunicipalWater District RevenueSeries A, 5.00%, 8/1/2029. . . 165,000 201,856

West Contra, CA, Costa UnifiedSchool District, GeneralObligation:Series A, 5.00%, 8/1/2030. . . 200,000 238,124Series A, 5.00%, 8/1/2031. . . 295,000 350,439Series A, 5.00%, 8/1/2035. . . 265,000 311,314Series A, 5.00%, 8/1/2042. . . 100,000 113,083

West Valley-MissionCommunity College District,CA, General Obligation:Series B, 4.00%, 8/1/2034. . . 250,000 275,748Series C, 4.00%, 8/1/2032. . . 5,000,000 5,668,500Series C, 4.00%, 8/1/2034. . . 3,065,000 3,426,578

Yosemite, CA, CommunityCollege District, GeneralObligation5.00%, 8/1/2028. . . . . . . . . 195,000 235,301

535,550,019

COLORADO — 2.3%Adams & Arapahoe, Joint

School District 28J Aurora,General Obligation:Series A, 5.00%, 12/1/2030 . . 1,145,000 1,395,721Series A, 5.00%, 12/1/2031 . . 485,000 588,649

Adams & Weld Counties, CO,School District No. 27J,General Obligation5.00%, 12/1/2033 . . . . . . . . 270,000 320,188

Adams, CO, 12 Five StarSchools, General Obligation:


10


Series B, 5.00%, 12/15/2027 . $ 1,920,000 $ 2,374,426Series B, 5.00%, 12/15/2029 . 190,000 233,497

Adams, CO, County SchoolDistrict No.1, GeneralObligation5.00%, 12/1/2036 . . . . . . . . 350,000 419,125

Arapahoe County, CO, SchoolDistrict No. 6, GeneralObligation:Series A, 5.00%, 12/1/2025 . . 925,000 1,127,880Series A, 5.00%, 12/1/2026 . . 5,000,000 6,235,800Series A, 5.50%, 12/1/2027 . . 2,780,000 3,639,409Series A, 5.50%, 12/1/2028 . . 2,525,000 3,372,819

Aurora, CO, Water Revenue:2.00%, 8/1/2046 (a). . . . . . . 1,805,000 1,794,6575.00%, 8/1/2036. . . . . . . . . 125,000 148,896

Boulder Larimer & WeldCounties, State Vrain ValleySchool District Re1J, GeneralObligation:Series A, 5.00%, 12/15/2028 . 140,000 168,881Series C, 5.00%, 12/15/2028 . 1,800,000 2,224,080

Boulder Valley, School DistrictNo Re-2 Boulder, GeneralObligation:Series A, 5.00%, 12/1/2038 . . 1,195,000 1,439,031Series A, 5.00%, 12/1/2042 . . 245,000 292,126Series B, 4.00%, 12/1/2027 . . 130,000 153,377

Colorado Springs, CO, UtilitiesSystem Revenue:Series A, 5.00%, 11/15/2044 . 110,000 125,548Series A-1, 5.00%,

11/15/2023 . . . . . . . . . . 530,000 613,088Series A-2, 5.00%,

11/15/2039 . . . . . . . . . . 100,000 114,604Colorado, Higher Education

Series A, 5.00%, 11/1/2025 . . 505,000 608,384Colorado, State:

Series A, 4.00%, 12/15/2037 . 4,800,000 5,320,416Series A, 5.00%, 12/15/2030 . 5,000,000 6,285,350

Colorado, State Board ofGovernors UniversityEnterprise System RevenueSeries A, 4.00%, 3/1/2044. . . 500,000 550,125

Colorado, State BuildingExcellent Schools Today:Series K, 5.00%, 3/15/2031. . 275,000 333,349Series L, 5.00%, 3/15/2025 . . 150,000 178,951Series M, 5.00%, 3/15/2029 . 1,000,000 1,256,690Series M, 5.00%, 3/15/2030 . 190,000 237,084Series M, 5.00%, 3/15/2031 . 500,000 618,705

Colorado, State HigherEducation CapitalConstruction Lease PurchaseProgram:Series A, 5.00%, 11/1/2020 . . 125,000 131,096Series A, 5.00%, 11/1/2024 . . 190,000 224,037


Danver, CO, City & County,Revenue:Series A, 5.00%, 8/1/2024. . . $ 360,000 $ 422,982Series A, 5.00%, 8/1/2027. . . 150,000 183,474Series A, 5.00%, 8/1/2042. . . 1,025,000 1,199,660Series A-2, 0.01%, 8/1/2034 . 1,800,000 1,103,544Series A-2, 0.01%, 8/1/2038 . 3,000,000 1,497,660Series A-2, 0.01%, 8/1/2039 . 3,000,000 1,431,450

Denver, CO, City & CountySchool District No. 1,General Obligation:5.00%, 12/1/2029 . . . . . . . . 255,000 313,362Series A, 5.50%, 12/1/2024 . . 260,000 315,461Series A, 5.50%, 12/1/2028 . . 100,000 130,432

Douglas & Elbert County, CO,School District No. Re-1,General Obligation5.00%, 12/15/2022 . . . . . . . 5,000,000 5,622,450

El Paso, CO, County SchoolDistrict No. 20 Academy,General Obligation5.00%, 12/15/2029 . . . . . . . 115,000 141,236

Mesa County, CO, ValleySchool District No. 51 GrandJunction, General Obligation:5.00%, 12/1/2029 . . . . . . . . 200,000 250,0965.00%, 12/1/2030 . . . . . . . . 160,000 198,5655.25%, 12/1/2032 . . . . . . . . 100,000 125,3935.25%, 12/1/2033 . . . . . . . . 250,000 312,9125.50%, 12/1/2035 . . . . . . . . 160,000 202,6995.50%, 12/1/2037 . . . . . . . . 500,000 626,900

Platte River Power AuthorityRevenueSeries JJ, 4.00%, 6/1/2026 . . 355,000 412,805

Regional, CO, TransportationDistrict:4.00%, 6/1/2040. . . . . . . . . 230,000 245,2515.00%, 6/1/2023. . . . . . . . . 320,000 330,717

Regional, CO, TransportationDistrict, Revenue:Series B, 4.00%, 11/1/2036 . . 600,000 665,190Series B, 5.00%, 11/1/2034 . . 100,000 122,880

University of California,RevenueSeries A, 5.00%, 6/1/2035. . . 275,000 322,278

University of Colorado,Revenue:Series A, 5.00%, 6/1/2027. . . 140,000 167,537Series A, 5.00%, 6/1/2038. . . 265,000 310,559Series A, 5.00%, 6/1/2039. . . 235,000 275,401Series A-2, 3.00%, 6/1/2033 . 75,000 76,405Series A-2, 3.25%, 6/1/2037 . 340,000 346,776Series A-2, 4.00%, 6/1/2035 . 2,500,000 2,825,375Series A-2, 4.00%, 6/1/2038 . 505,000 565,201Series A-2, 4.00%, 6/1/2043 . 310,000 343,812Series A-2, 5.00%, 6/1/2023 . 275,000 313,874Series A-2, 5.00%, 6/1/2026 . 450,000 555,367


11


Series A-2, 5.00%, 6/1/2027 . $ 250,000 $ 315,302Series B-1, 2.25%, 6/1/2027 . 2,000,000 2,045,320Series B-1, 2.50%, 6/1/2028 . 175,000 180,404Series B-1, 2.75%, 6/1/2029 . 320,000 332,550Series B-1, 4.00%, 6/1/2036 . 105,000 115,753Series B-1, 4.00%, 6/1/2038 . 415,000 454,305

Weld County, CO, SchoolDistrict No. RE-4, GeneralObligation5.25%, 12/1/2041 . . . . . . . . 100,000 119,936

68,047,263

CONNECTICUT — 0.5%Connecticut, State Clean Water

Fund, Revenue:Series A, 5.00%, 3/1/2029. . . 50,000 59,176Series B, 5.00%, 6/1/2026. . . 2,080,000 2,557,797

Connecticut, State Health &Educational FacilityAuthority Revenue:Series A-2, 5.00%, 7/1/2042

(a) . . . . . . . . . . . . . . . . 800,000 885,808Series A-3-REMK 0, 1.80%,

7/1/2049 (a). . . . . . . . . . 355,000 357,016Series A-4, 2.00%, 7/1/2049

(a) . . . . . . . . . . . . . . . . 7,000,000 7,110,600Series B-1, 5.00%, 7/1/2029

(a) . . . . . . . . . . . . . . . . 485,000 502,770Series U-1-, 2.00%, 7/1/2033

(a) . . . . . . . . . . . . . . . . 800,000 812,728Hartford County, CT, General

ObligationSeries C, 4.00%, 11/1/2034(b) . . . . . . . . . . . . . . . . . 430,000 473,439

Hartford County, CT,Metropolitan District CleanWater Project RevenueSeries A, 5.00%, 11/1/2042 . . 1,000,000 1,129,130

South Central ConnecticutRegional Water AuthorityRevenue:Series B, 4.00%, 8/1/2026. . . 600,000 690,426Series B, 4.00%, 8/1/2036. . . 295,000 324,715Series B, 5.00%, 8/1/2029. . . 500,000 607,730

15,511,335

DELAWARE — 0.3%Delaware, State General

Obligation:3.00%, 3/1/2031. . . . . . . . . 1,035,000 1,089,4303.00%, 3/1/2032. . . . . . . . . 50,000 52,2723.13%, 3/1/2033. . . . . . . . . 345,000 362,3783.25%, 3/1/2035. . . . . . . . . 385,000 404,2043.25%, 3/1/2037. . . . . . . . . 135,000 140,6735.00%, 3/1/2021. . . . . . . . . 145,000 153,974Series A, 5.00%, 1/1/2025. . . 75,000 89,503Series A, 5.00%, 2/1/2029. . . 495,000 628,972


Series A, 5.00%, 2/1/2032. . . $ 300,000 $ 375,351Series A, 5.00%, 2/1/2036. . . 1,000,000 1,234,550Series B, 5.00%, 7/1/2020. . . 2,000,000 2,074,500Series B, 5.00%, 7/1/2024. . . 400,000 471,080

Delaware, State TransportationAuthority System Revenue5.00%, 7/1/2027. . . . . . . . . 320,000 393,331

New Castle County, DE,General Obligation:5.00%, 10/1/2021 . . . . . . . . 1,030,000 1,115,3465.00%, 10/1/2027 . . . . . . . . 595,000 721,7175.00%, 10/1/2038 . . . . . . . . 170,000 199,250

9,506,531

DISTRICT OF COLUMBIA— 1.6%

District of Columbia, GeneralObligation:Series A, 4.00%, 6/1/2035. . . 225,000 249,752Series A, 4.00%, 6/1/2037. . . 285,000 316,111Series A, 4.00%, 6/1/2041. . . 325,000 354,302Series A, 5.00%, 6/1/2022. . . 390,000 431,172Series A, 5.00%, 10/15/2022 . 7,260,000 8,119,729Series A, 5.00%, 6/1/2030. . . 1,085,000 1,340,366Series A, 5.00%, 6/1/2032. . . 330,000 403,739Series A, 5.00%, 6/1/2033. . . 300,000 366,024Series A, 5.00%, 6/1/2034. . . 225,000 273,557Series A, 5.00%, 6/1/2035. . . 2,280,000 2,763,201Series A, 5.00%, 6/1/2037. . . 2,435,000 2,921,178Series A, 5.00%, 6/1/2038. . . 500,000 579,945Series A, 5.00%, 6/1/2041. . . 285,000 333,957Series A, 5.00%, 6/1/2043. . . 5,380,000 6,486,935Series D, 4.00%, 6/1/2034. . . 400,000 448,516Series D, 5.00%, 6/1/2021. . . 310,000 331,793Series D, 5.00%, 6/1/2022. . . 320,000 353,782Series D, 5.00%, 6/1/2023. . . 100,000 113,971Series D, 5.00%, 6/1/2032. . . 505,000 617,842Series D, 5.00%, 6/1/2035. . . 1,000,000 1,211,930Series D, 5.00%, 6/1/2036. . . 2,555,000 3,082,287Series D, 5.00%, 6/1/2038. . . 1,000,000 1,199,160Series D, 5.00%, 6/1/2041. . . 500,000 591,595Series E, 5.00%, 6/1/2020. . . 125,000 129,221Series E, 5.00%, 6/1/2025. . . 170,000 204,612Series E, 5.00%, 6/1/2032. . . 145,000 175,718

District of Columbia, Water &Sewer Authority Revenue:Series A, 3.25%, 10/1/2037 . . 180,000 185,328Series A, 5.00%, 10/1/2032 . . 300,000 357,276Series A, 5.00%, 10/1/2035 . . 675,000 796,325Series A, 5.00%, 10/1/2036 . . 470,000 553,049Series A, 5.00%, 10/1/2039 . . 485,000 566,902Series B, 5.00%, 10/1/2034 . . 290,000 341,594Series B, 5.00%, 10/1/2043 . . 550,000 661,573Series B, 5.25%, 10/1/2044 . . 120,000 141,149Series C, 5.00%, 10/1/2022 . . 125,000 139,679Series C, 5.00%, 10/1/2025 . . 110,000 129,922


12


Series C, 5.00%, 10/1/2030 . . $ 250,000 $ 291,010Series C, 5.00%, 10/1/2031 . . 455,000 528,150Series C, 5.00%, 10/1/2039 . . 2,235,000 2,559,343Series C, 5.00%, 10/1/2044 . . 265,000 302,463

Washington Metropolitan AreaTransit Authority, Revenue:Series A-1, 5.00%, 7/1/2020 . 295,000 305,809Series A-1, 5.00%, 7/1/2024 . 170,000 199,670Series A-1, 5.00%, 7/1/2026 . 250,000 308,210Series B, 5.00%, 7/1/2020. . . 90,000 93,298Series B, 5.00%, 7/1/2024. . . 280,000 328,868Series B, 5.00%, 7/1/2029. . . 150,000 186,570Series B, 5.00%, 7/1/2030. . . 350,000 431,799Series B, 5.00%, 7/1/2035. . . 2,900,000 3,503,055Series B, 5.00%, 7/1/2037. . . 500,000 599,455

46,910,892

FLORIDA — 3.6%Broward County, FL, School

District, General Obligation5.00%, 7/1/2042. . . . . . . . . 970,000 1,171,207

East Central RegionalWastewater TreatmentFacilities Operation BoardRevenue5.00%, 10/1/2039 . . . . . . . . 220,000 260,663

Florida, State Board ofEducation, GeneralObligation:Series A, 5.00%, 7/1/2023. . . 340,000 388,600Series B, 5.00%, 6/1/2023. . . 195,000 222,403Series B, 5.00%, 6/1/2024. . . 475,000 557,607Series E, 5.00%, 6/1/2022. . . 100,000 110,678

Florida, State Board ofEducation, Lottery Revenue:Series A, 5.00%, 7/1/2019. . . 105,000 105,000Series A, 5.00%, 7/1/2020. . . 125,000 129,593Series A, 5.00%, 7/1/2023. . . 335,000 382,463Series A, 5.00%, 7/1/2024. . . 740,000 869,152Series A, 5.00%, 7/1/2025. . . 430,000 518,073Series A, 5.00%, 7/1/2026. . . 245,000 302,046Series A, 5.00%, 7/1/2028. . . 220,000 282,161Series B, 5.00%, 7/1/2020. . . 140,000 145,144Series B, 5.00%, 7/1/2023. . . 485,000 553,715Series B, 5.00%, 7/1/2024. . . 355,000 416,958Series B, 5.00%, 7/1/2025. . . 320,000 385,542

Florida, State Department ofEnvironmental ProtectionRevenue:5.00%, 7/1/2020. . . . . . . . . 155,000 160,6955.00%, 7/1/2021. . . . . . . . . 205,000 219,8405.00%, 7/1/2026. . . . . . . . . 130,000 151,867Series A, 5.00%, 7/1/2023. . . 270,000 307,687Series A, 5.00%, 7/1/2025. . . 105,000 126,038Series A, 5.00%, 7/1/2026. . . 350,000 419,016Series A, 5.00%, 7/1/2027. . . 545,000 682,487


Series A, 5.00%, 7/1/2028. . . $ 275,000 $ 350,589Florida, State Department of

Management Services:Series A, 5.00%, 8/1/2023. . . 195,000 222,667Series A, 5.00%, 8/1/2025. . . 170,000 204,476

Florida, State Department ofManagement ServicesRevenue:Series A, 5.00%, 9/1/2019. . . 220,000 221,342Series A, 5.00%, 8/1/2021. . . 380,000 408,549Series A, 5.00%, 9/1/2025. . . 160,000 193,466

Florida, State GeneralObligation:Series A, 3.50%, 7/1/2043. . . 160,000 168,320Series A, 4.00%, 6/1/2037. . . 225,000 254,068Series A, 4.00%, 6/1/2038. . . 475,000 535,268Series A, 5.00%, 7/1/2020. . . 200,000 207,348Series A, 5.00%, 7/1/2021. . . 575,000 617,216Series A, 5.00%, 6/1/2022. . . 105,000 116,212Series A, 5.00%, 6/1/2023. . . 130,000 148,269Series A, 5.00%, 6/1/2024. . . 170,000 199,565Series A, 5.00%, 7/1/2024. . . 425,000 499,400Series A, 5.00%, 6/1/2027. . . 500,000 600,540Series A, 5.00%, 7/1/2027. . . 125,000 154,299Series B, 5.00%, 6/1/2020. . . 250,000 258,513Series B, 5.00%, 6/1/2022. . . 517,000 572,205Series B, 5.00%, 6/1/2027. . . 100,000 116,923Series B, 5.00%, 6/1/2028. . . 170,000 198,682Series B, 5.00%, 6/1/2030. . . 135,000 168,921Series C, 2.63%, 6/1/2037. . . 300,000 296,289Series C, 3.00%, 6/1/2031. . . 110,000 113,715Series C, 4.00%, 6/1/2025. . . 10,000 10,722Series C, 4.00%, 6/1/2031. . . 2,855,000 3,279,297Series C, 5.00%, 6/1/2023. . . 100,000 114,053Series C, 5.00%, 6/1/2025. . . 60,000 70,310Series C, 5.00%, 6/1/2026. . . 175,000 204,979Series E, 2.38%, 6/1/2031. . . 295,000 297,920Series E, 5.00%, 6/1/2024. . . 225,000 264,130Series F, 5.00%, 6/1/2024 . . . 110,000 129,130Series F, 5.00%, 6/1/2027 . . . 135,000 166,331Series F, 5.00%, 6/1/2029 . . . 125,000 153,568

Florida’s Turnpike EnterpriseRevenue:Series B, 5.00%, 7/1/2020. . . 100,000 103,695Series B, 5.00%, 7/1/2024. . . 225,000 264,744Series C, 5.00%, 7/1/2030. . . 300,000 363,651

Fort Lauderdale, FL, Water &Sewer Revenue4.00%, 9/1/2043. . . . . . . . . 325,000 356,954

Gainesville, FL, UtilitiesSystem Revenue:Series A, 5.00%, 10/1/2023 . . 110,000 126,349Series A, 5.00%, 10/1/2024 . . 125,000 147,570Series A, 5.00%, 10/1/2027 . . 2,820,000 3,556,471Series A, 5.00%, 10/1/2031 . . 790,000 974,868Series A, 5.00%, 10/1/2032 . . 270,000 331,654


13


Series A, 5.00%, 10/1/2034 . . $ 250,000 $ 305,057Series A, 5.00%, 10/1/2035 . . 500,000 609,015Series A, 5.00%, 10/1/2036 . . 500,000 607,150Series A, 5.00%, 10/1/2037 . . 500,000 603,560

Greater Orlando, FL, AviationAuthority, Airport FacilitiesRevenueSeries B, 5.00%, 10/1/2042 . . 290,000 340,019

Hillsborough County, FL,School Board5.00%, 7/1/2020. . . . . . . . . 1,300,000 1,347,112

Hillsborough, FL, CommunityInvestment Tax Revenue5.00%, 11/1/2024 . . . . . . . . 730,000 860,363

Jacksonville, FL, SpecialRevenue:5.00%, 10/1/2031 . . . . . . . . 270,000 311,048Series A, 5.00%, 10/1/2030 . . 270,000 320,692Series B, 5.00%, 10/1/2024 . . 580,000 675,781Series B, 5.00%, 10/1/2025 . . 245,000 291,369Series B, 5.00%, 10/1/2027 . . 795,000 983,932Series B, 5.00%, 10/1/2029 . . 1,175,000 1,407,650

Jacksonville, FL, TransitRevenue:3.00%, 10/1/2031 . . . . . . . . 265,000 272,4863.25%, 10/1/2032 . . . . . . . . 795,000 823,0005.00%, 10/1/2024 . . . . . . . . 430,000 504,0765.00%, 10/1/2027 . . . . . . . . 395,000 470,5325.00%, 10/1/2029 . . . . . . . . 685,000 811,910

Jacksonville, FL, TransportationAuthority Revenue:5.00%, 8/1/2035. . . . . . . . . 385,000 451,3245.00%, 8/1/2036. . . . . . . . . 1,655,000 1,939,776

JEA, FL, Electric SystemRevenue:Series A, 4.00%, 10/1/2020 . . 240,000 247,956Series A, 5.00%, 10/1/2033 . . 65,000 74,615Series B, 5.00%, 10/1/2029 . . 215,000 264,065Series B, 5.00%, 10/1/2030 . . 125,000 152,906Series III B, 3.38%,

10/1/2034 . . . . . . . . . . . 150,000 151,539Series III B, 5.00%,

10/1/2026 . . . . . . . . . . . 265,000 319,985JEA, FL, State Johns River

Power Park RevenueSeries 7, 3.25%, 10/1/2027 . . 125,000 125,428

JEA, FL, Water & SewerSystem Revenue:Series A, 3.25%, 10/1/2035 . . 100,000 100,994Series A, 3.25%, 10/1/2036 . . 250,000 252,145Series A, 3.38%, 10/1/2037 . . 535,000 539,735Series A, 3.38%, 10/1/2041 . . 615,000 617,798Series A, 4.00%, 10/1/2039 . . 425,000 465,770Series A, 4.00%, 10/1/2040 . . 415,000 444,150Series A, 5.00%, 10/1/2023 . . 35,000 39,027Series A, 5.00%, 10/1/2026 . . 360,000 417,568


Series A, 5.00%, 10/1/2028 . . $ 185,000 $ 227,892Series A, 5.00%, 10/1/2029 . . 295,000 362,322

Lakeland, FL, Department ofElectric Utilities Revenue:2.88%, 10/1/2029 . . . . . . . . 610,000 635,4435.00%, 10/1/2021 . . . . . . . . 230,000 248,5775.00%, 10/1/2025 . . . . . . . . 125,000 151,123

Miami Beach, FL, StormwaterRevenue5.00%, 9/1/2041. . . . . . . . . 770,000 884,838

Miami Beach, FL, Water &Sewer Revenue4.00%, 9/1/2042. . . . . . . . . 475,000 515,888

Miami-Dade County, FL,General Obligation:5.00%, 7/1/2029. . . . . . . . . 130,000 154,8245.00%, 7/1/2045. . . . . . . . . 100,000 116,091Series A, 3.38%, 7/1/2035. . . 5,710,000 6,041,694Series A, 3.38%, 7/1/2036. . . 2,510,000 2,642,930Series A, 5.00%, 7/1/2023. . . 200,000 228,336Series A, 5.00%, 7/1/2024. . . 580,000 681,227Series A, 5.00%, 7/1/2025. . . 605,000 728,916Series A, 5.00%, 7/1/2029. . . 210,000 255,946Series B, 4.00%, 7/1/2035. . . 100,000 108,054Series B, 5.00%, 7/1/2020. . . 550,000 570,322Series B, 5.00%, 7/1/2025. . . 625,000 730,787Series B, 5.00%, 7/1/2027. . . 1,470,000 1,715,725Series B, 5.00%, 7/1/2028. . . 1,490,000 1,737,504Series B, 5.00%, 7/1/2029. . . 405,000 470,383Series D, 5.00%, 7/1/2034. . . 515,000 614,745

Miami-Dade County, FL,Revenue:Series B, 3.13%, 4/1/2037. . . 230,000 234,782Series B, 5.00%, 4/1/2020. . . 250,000 256,700Series B, 5.00%, 4/1/2021. . . 135,000 143,551Series B, 5.00%, 4/1/2022. . . 320,000 351,622Series B, 5.00%, 4/1/2025. . . 890,000 1,063,488Series B, 5.00%, 4/1/2027. . . 305,000 370,877Series B, 5.00%, 4/1/2028. . . 565,000 684,938Series B, 5.00%, 4/1/2029. . . 450,000 543,528

Miami-Dade County, FL,School Board, GeneralObligation:3.25%, 3/15/2033 . . . . . . . . 270,000 282,6935.00%, 3/15/2030 . . . . . . . . 250,000 306,7475.00%, 3/15/2036 . . . . . . . . 505,000 592,1335.00%, 3/15/2041 . . . . . . . . 115,000 133,378

Miami-Dade County, FL,Transit System Sales SurtaxRevenue:3.00%, 7/1/2028. . . . . . . . . 150,000 159,8163.00%, 7/1/2038. . . . . . . . . 585,000 587,8903.13%, 7/1/2029. . . . . . . . . 130,000 138,8614.00%, 7/1/2036. . . . . . . . . 125,000 135,5444.00%, 7/1/2038. . . . . . . . . 2,155,000 2,332,1635.00%, 7/1/2024. . . . . . . . . 295,000 346,017


14


5.00%, 7/1/2025. . . . . . . . . $ 420,000 $ 504,1515.00%, 7/1/2043. . . . . . . . . 1,630,000 1,956,424

Orange County, FL, SchoolBoard:Series C, 3.38%, 8/1/2034. . . 420,000 440,034Series C, 5.00%, 8/1/2028. . . 500,000 594,040Series C, 5.00%, 8/1/2029. . . 500,000 591,725Series C, 5.00%, 8/1/2033. . . 450,000 536,112Series C, 5.00%, 8/1/2034. . . 175,000 207,819Series D, 5.00%, 8/1/2029. . . 310,000 366,869Series D, 5.00%, 8/1/2031. . . 450,000 527,760Series D, 5.00%, 8/1/2032. . . 110,000 128,614

Orange County, FL, TouristDevelopment Tax Revenue:5.00%, 10/1/2020 . . . . . . . . 810,000 847,3575.00%, 10/1/2021 . . . . . . . . 550,000 595,0615.00%, 10/1/2022 . . . . . . . . 2,090,000 2,333,2975.00%, 10/1/2028 . . . . . . . . 100,000 119,2525.00%, 10/1/2030 . . . . . . . . 280,000 366,716

Orlando County, FL, ContractTourist Development TaxPayments RevenueSeries B, 5.00%, 10/1/2041 . . 1,195,000 1,379,460

Orlando County, FL, UtilitiesCommission Revenue:Series A, 5.00%, 10/1/2019 . . 130,000 131,193Series A, 5.00%, 10/1/2032 . . 65,000 76,057

Palm Beach County, FL, SchoolBoard:Series A, 5.00%, 8/1/2026. . . 150,000 184,470Series A, 5.00%, 8/1/2027. . . 230,000 288,305Series B, 5.00%, 8/1/2022. . . 370,000 410,496Series B, 5.00%, 8/1/2023. . . 115,000 131,414Series B, 5.00%, 8/1/2024. . . 695,000 815,847Series B, 5.00%, 8/1/2028. . . 500,000 638,280Series C, 5.00%, 8/1/2029. . . 250,000 317,435Series D, 5.00%, 8/1/2025. . . 350,000 421,204Series D, 5.00%, 8/1/2028. . . 100,000 118,935

Palm Beach, FL, Revenue:5.00%, 5/1/2036. . . . . . . . . 395,000 468,0595.00%, 5/1/2038. . . . . . . . . 450,000 529,911

Port State Lucie, FL, SpecialAssessment:3.00%, 7/1/2037. . . . . . . . . 410,000 415,7893.25%, 7/1/2045. . . . . . . . . 125,000 126,558

Reedy Creek, FL, ImprovementDistrict, General Obligation:Series A, 4.00%, 6/1/2031. . . 500,000 565,440Series A, 4.00%, 6/1/2035. . . 375,000 415,969Series A, 5.00%, 6/1/2026. . . 125,000 141,493Series A, 5.00%, 6/1/2033. . . 500,000 604,745Series A, 5.00%, 6/1/2036. . . 500,000 597,790Series A, 5.00%, 6/1/2037. . . 450,000 536,274

Seminole, FL, Water & SewerRevenueSeries A, 5.00%, 10/1/2027 . . 535,000 643,621


South Florida WaterManagement District:3.00%, 10/1/2031 . . . . . . . . $ 315,000 $ 325,9405.00%, 10/1/2022 . . . . . . . . 660,000 736,1645.00%, 10/1/2027 . . . . . . . . 165,000 200,2015.00%, 10/1/2031 . . . . . . . . 175,000 207,6345.00%, 10/1/2032 . . . . . . . . 300,000 354,1595.00%, 10/1/2035 . . . . . . . . 105,000 122,8655.00%, 10/1/2036 . . . . . . . . 370,000 431,842

Tallahassee, FL, Energy SystemRevenue:5.00%, 10/1/2029 . . . . . . . . 225,000 262,1685.00%, 10/1/2031 . . . . . . . . 220,000 249,8725.00%, 10/1/2032 . . . . . . . . 195,000 230,5155.00%, 10/1/2036 . . . . . . . . 100,000 116,701

Tallahassee, FL, Utility SystemRevenue:5.00%, 10/1/2033 . . . . . . . . 225,000 259,6935.00%, 10/1/2036 . . . . . . . . 600,000 689,220

Tampa, FL, Bay Water Revenue:Series A, 5.00%, 10/1/2036 . . 125,000 149,434Series A, 5.00%, 10/1/2037 . . 2,715,000 3,240,543

Tohopekaliga, FL, WaterAuthority Utility SystemRevenue:3.00%, 10/1/2030 . . . . . . . . 500,000 525,4754.00%, 10/1/2034 . . . . . . . . 110,000 122,0275.00%, 10/1/2023 . . . . . . . . 125,000 143,690

University of Miami, Revenue4.00%, 9/1/2039. . . . . . . . . 2,465,000 2,618,200

104,310,020

GEORGIA — 2.0%Athens-Clarke County GA

Unified Gov’t Water &Sewerage Revenue5.00%, 1/1/2025. . . . . . . . . 130,000 154,683

Atlanta, GA, GeneralObligation:5.00%, 12/1/2022 . . . . . . . . 1,550,000 1,741,4415.00%, 12/1/2031 . . . . . . . . 1,000,000 1,176,480

Atlanta, GA, Water &Wastewater System Revenue:5.00%, 11/1/2025 . . . . . . . . 210,000 252,080Series A, 5.00%, 11/1/2034 . . 425,000 521,144Series A, 5.00%, 11/1/2037 . . 5,000,000 6,073,550Series B, 3.50%, 11/1/2043 . . 225,000 232,661Series B, 5.00%, 11/1/2028 . . 560,000 707,431Series B, 5.00%, 11/1/2033 . . 3,000,000 3,691,890Series C, 4.00%, 11/1/2038 . . 3,140,000 3,478,712

DeKalb, GA, Water & SewerageRevenue5.00%, 10/1/2023 . . . . . . . . 100,000 115,042

Georgia, State GeneralObligation:5.00%, 2/1/2030. . . . . . . . . 800,000 965,576Series A, 4.00%, 2/1/2031. . . 100,000 112,589


15


Series A, 5.00%, 2/1/2025. . . $ 485,000 $ 579,163Series A, 5.00%, 7/1/2026. . . 295,000 364,794Series A, 5.00%, 2/1/2027. . . 2,650,000 3,201,817Series A, 5.00%, 7/1/2031. . . 165,000 208,423Series A-1, 5.00%, 2/1/2026 . 215,000 263,227Series A-2, 5.00%, 2/1/2025 . 250,000 290,725Series A-2, 5.00%, 2/1/2031 . 505,000 621,362Series A-2, 5.00%, 2/1/2033 . 1,850,000 2,260,700Series C, 5.00%, 7/1/2025. . . 4,000,000 4,826,920Series C, 5.00%, 7/1/2030. . . 510,000 634,766Series C-1, 4.00%, 1/1/2025 . 300,000 341,310Series C-1, 4.00%, 7/1/2025 . 1,805,000 2,072,411Series E, 5.00%, 12/1/2025 . . 360,000 438,959Series F, 5.00%, 1/1/2024 . . . 545,000 632,532Series F, 5.00%, 1/1/2027 . . . 1,005,000 1,254,843Series F, 5.00%, 1/1/2028 . . . 4,000,000 4,970,520

Georgia, State Private Colleges& Universities AuthorityRevenue:Series B, 3.00%, 10/1/2043 . . 155,000 155,797Series B, 4.00%, 10/1/2038 . . 315,000 348,311Series B, 5.00%, 10/1/2038 . . 2,600,000 3,102,242

Gwinnett County, GA, SchoolDistrict, General Obligation:5.00%, 2/1/2021. . . . . . . . . 2,400,000 2,540,4005.00%, 2/1/2031. . . . . . . . . 2,455,000 2,921,4255.00%, 2/1/2035. . . . . . . . . 3,385,000 3,998,091

Metropolitan Atlanta, GA,Rapid Transit AuthorityRevenueSeries A, 5.00%, 7/1/2024. . . 100,000 114,181

Sandy Springs, GA, PublicFacilities Authority Revenue5.00%, 5/1/2041. . . . . . . . . 2,175,000 2,564,282

57,930,480

HAWAII — 1.4%City & County of Honolulu, HI,

General ObligationSeries A, 5.00%, 10/1/2019 . . 125,000 126,156

Hawaii, State GeneralObligation:Series DZ, 5.00%, 12/1/2024. 35,000 38,041Series DZ, 5.00%, 12/1/2026. 85,000 92,279Series DZ-2016, 5.00%,

12/1/2024 . . . . . . . . . . . 65,000 70,697Series DZ-2016, 5.00%,

12/1/2026 . . . . . . . . . . . 115,000 125,086Series EH, 5.00%, 8/1/2020 . 105,000 109,235Series EO, 5.00%, 8/1/2019. . 100,000 100,301Series EO, 5.00%, 8/1/2020. . 100,000 104,033Series EO, 5.00%, 8/1/2026. . 185,000 217,061Series EO, 5.00%, 8/1/2030. . 215,000 249,727Series EO, 5.00%, 8/1/2032. . 100,000 115,481Series ET, 4.00%, 10/1/2021 . 300,000 318,024Series EY, 5.00%, 10/1/2026 . 640,000 773,978Series EY, 5.00%, 10/1/2027 . 675,000 815,103


Series EZ, 5.00%, 10/1/2024 . $ 1,060,000 $ 1,253,747Series FB, 4.00%, 4/1/2029. . 495,000 563,775Series FE, 5.00%, 10/1/2024 . 260,000 307,523Series FE, 5.00%, 10/1/2026 . 450,000 557,798Series FG, 4.00%, 10/1/2032 . 300,000 337,173Series FG, 5.00%, 10/1/2022 . 110,000 122,880Series FG, 5.00%, 10/1/2029 . 395,000 483,638Series FH, 4.00%, 10/1/2031 . 285,000 321,460Series FH, 5.00%, 10/1/2023 . 2,050,000 2,361,108Series FH, 5.00%, 10/1/2027 . 370,000 457,579Series FK, 4.00%, 5/1/2020. . 300,000 306,843Series FK, 4.00%, 5/1/2023. . 110,000 121,051Series FK, 5.00%, 5/1/2034. . 480,000 581,587Series FN, 5.00%, 10/1/2022 . 300,000 335,127Series FN, 5.00%, 10/1/2025 . 335,000 406,124Series FT, 4.00%, 1/1/2037 . . 100,000 111,807Series FT, 5.00%, 1/1/2027 . . 115,000 143,312Series FT, 5.00%, 1/1/2029 . . 1,000,000 1,259,760Series FT, 5.00%, 1/1/2031 . . 1,145,000 1,424,849Series FT, 5.00%, 1/1/2036 . . 250,000 304,925Series FW, 5.00%, 1/1/2023 . 1,500,000 1,689,015

Hawaii, State HighwayRevenue:Series A, 5.00%, 1/1/2032. . . 125,000 144,226Series A, 5.00%, 1/1/2034. . . 535,000 614,768Series B, 5.00%, 1/1/2025. . . 200,000 237,392Series B, 5.00%, 1/1/2027. . . 215,000 264,906Series B, 5.00%, 1/1/2029. . . 265,000 323,764

Honolulu, HI, City & CountyBoard of Water SupplyRevenueSeries A, 5.00%, 7/1/2029. . . 65,000 75,460

Honolulu, HI, City & CountyWastewater System Revenue:Series A, 4.00%, 7/1/2042. . . 305,000 336,866Series A, 5.00%, 7/1/2035. . . 500,000 608,600Series A, 5.00%, 7/1/2036. . . 255,000 302,017Series A, 5.00%, 7/1/2037. . . 2,115,000 2,557,733Series A, 5.00%, 7/1/2040. . . 525,000 606,254Series B, 4.00%, 7/1/2032. . . 5,560,000 6,159,662Series B, 4.00%, 7/1/2033. . . 1,810,000 2,009,697Series B, 5.00%, 7/1/2021. . . 60,000 64,449Series B, 5.00%, 7/1/2022. . . 100,000 110,788Series B, 5.00%, 7/1/2024. . . 170,000 199,490

Honolulu, HI, City & County,General Obligation:Series A, 4.00%, 10/1/2034 . . 500,000 550,720Series A, 5.00%, 10/1/2021 . . 335,000 362,601Series A, 5.00%, 10/1/2025 . . 260,000 315,026Series A, 5.00%, 10/1/2028 . . 150,000 180,069Series A, 5.00%, 10/1/2029 . . 635,000 758,850Series A, 5.00%, 10/1/2032 . . 185,000 219,173Series A, 5.00%, 9/1/2034. . . 1,750,000 2,170,035Series A, 5.00%, 10/1/2036 . . 590,000 691,551Series A, 5.00%, 10/1/2038 . . 440,000 512,340Series A, 5.00%, 10/1/2039 . . 120,000 139,474


16


Series B, 5.00%, 10/1/2029 . . $ 530,000 $ 633,371Series B, 5.00%, 10/1/2030 . . 210,000 249,885Series C, 4.00%, 10/1/2033 . . 650,000 718,796Series D, 5.00%, 9/1/2023. . . 320,000 367,248

University of Hawaii, RevenueSeries E, 5.00%, 10/1/2030 . . 525,000 633,733

39,825,227

IDAHO — 0.0% (d)Ada & Boise Counties,

Independent School DistrictBoise, General Obligation:5.00%, 8/1/2029. . . . . . . . . 80,000 98,5035.00%, 8/1/2030. . . . . . . . . 250,000 306,043

404,546

ILLINOIS — 1.6%Champaign County, IL,

Community Unit SchoolDistrict No. 4, GeneralObligation5.00%, 1/1/2021. . . . . . . . . 100,000 105,331

Chicago, IL, Park District,General Obligation:Series A, 5.00%, 1/1/2039. . . 365,000 398,719Series B, 5.00%, 1/1/2024. . . 300,000 335,694

Chicago, IL, WaterworksRevenue, General Obligation5.25%, 11/1/2031 (b). . . . . . 250,000 300,733

Cook County, IL, Revenue4.00%, 11/15/2039 . . . . . . . 690,000 742,378

Illinois, State Finance AuthorityRevenue:4.00%, 1/1/2023. . . . . . . . . 275,000 299,3954.00%, 1/1/2025. . . . . . . . . 350,000 395,2274.00%, 7/1/2025. . . . . . . . . 385,000 438,4735.00%, 7/1/2020. . . . . . . . . 150,000 155,4055.00%, 1/1/2021. . . . . . . . . 490,000 516,4215.00%, 1/1/2022. . . . . . . . . 170,000 185,0935.00%, 1/1/2023. . . . . . . . . 1,020,000 1,145,1855.00%, 7/1/2023. . . . . . . . . 165,000 187,9615.00%, 1/1/2024. . . . . . . . . 455,000 525,0615.00%, 7/1/2024. . . . . . . . . 1,720,000 2,012,0215.00%, 7/1/2025. . . . . . . . . 150,000 179,3885.00%, 7/1/2026. . . . . . . . . 390,000 475,8825.00%, 1/1/2027. . . . . . . . . 1,660,000 2,039,5705.00%, 7/1/2027. . . . . . . . . 565,000 698,2505.00%, 1/1/2028. . . . . . . . . 250,000 308,4675.00%, 7/1/2028. . . . . . . . . 125,000 150,4995.00%, 7/1/2029. . . . . . . . . 165,000 197,7595.00%, 1/1/2030. . . . . . . . . 350,000 418,4215.00%, 7/1/2031. . . . . . . . . 2,000,000 2,531,6605.00%, 7/1/2036. . . . . . . . . 125,000 148,899Series A, 5.00%, 10/1/2022 . . 200,000 222,674Series A, 5.00%, 10/1/2026 . . 355,000 414,207Series A, 5.00%, 10/1/2029 . . 125,000 144,628Series A, 5.00%, 10/1/2033 . . 100,000 114,988


Series A, 5.00%, 10/1/2038 . . $ 380,000 $ 435,058Illinois, State Sales Tax

Revenue:Series C, 4.00%, 6/15/2021 . . 130,000 134,598Series C, 5.00%, 6/15/2022 . . 205,000 221,595

Illinois, State Toll HighwayAuthority Revenue:Series A, 4.00%, 12/1/2031 . . 2,210,000 2,409,563Series A, 5.00%, 12/1/2019 . . 260,000 263,801Series A, 5.00%, 12/1/2021 . . 260,000 281,746Series A, 5.00%, 12/1/2031 . . 1,010,000 1,177,933Series A, 5.00%, 12/1/2032 . . 60,000 69,917Series A, 5.00%, 1/1/2035. . . 480,000 575,755Series B, 5.00%, 1/1/2032. . . 605,000 682,960Series B, 5.00%, 1/1/2036. . . 1,060,000 1,230,402Series B, 5.00%, 1/1/2037. . . 445,000 500,898Series B, 5.00%, 1/1/2038. . . 2,050,000 2,332,072Series B, 5.00%, 1/1/2039. . . 1,065,000 1,179,051Series B, 5.00%, 1/1/2040. . . 335,000 384,881Series C, 5.00%, 1/1/2028. . . 315,000 368,622Series C, 5.00%, 1/1/2036. . . 215,000 244,262Series D, 5.00%, 1/1/2021. . . 100,000 105,254Series D, 5.00%, 1/1/2022. . . 185,000 200,995

Kane, Cook & DuPage CountiesSchool District No. U-46Elgin, General Obligation:Series A, 5.00%, 1/1/2030. . . 385,000 432,879Series D, 5.00%, 1/1/2029. . . 1,600,000 1,800,816Series D, 5.00%, 1/1/2032. . . 410,000 458,150Series D, 5.00%, 1/1/2035. . . 485,000 536,235

Kane, McHenry Cook & DeKalb Counties Unit SchoolDistrict No. 300, GeneralObligation:5.00%, 1/1/2024. . . . . . . . . 465,000 530,0725.00%, 1/1/2027. . . . . . . . . 300,000 347,412

Kendall Kane & Will Counties,IL, Community Unit SchoolDistrict No. 308, GeneralObligation4.00%, 2/1/2032. . . . . . . . . 510,000 546,404

McHenry County ConservationDistrict, General Obligation5.00%, 2/1/2024. . . . . . . . . 300,000 344,976

McHenry County ConservationDistrict, Genral Obligation5.00%, 2/1/2025. . . . . . . . . 175,000 206,502

Metropolitan Water ReclamationDistrict of Greater Chicago,General Obligation:Series A, 5.00%, 12/1/2024 . . 470,000 550,812Series A, 5.00%, 12/1/2025 . . 1,300,000 1,556,035Series A, 5.00%, 12/1/2026 . . 500,000 580,905Series A, 5.00%, 12/1/2028 . . 350,000 421,561Series A, 5.00%, 12/1/2030 . . 570,000 677,844Series B, 5.00%, 12/1/2039 . . 190,000 213,704Series D, 5.00%, 12/1/2019 . . 100,000 101,458


17


Series D, 5.00%, 12/1/2020 . . $ 520,000 $ 545,735Sales Tax Securitization Corp.,

Revenue:Series A, 5.00%, 1/1/2028. . . 2,000,000 2,390,580Series A, 5.00%, 1/1/2029. . . 375,000 444,697Series A, 5.00%, 1/1/2030. . . 1,950,000 2,290,372Series A, 5.00%, 1/1/2036. . . 500,000 572,765Series A, 5.00%, 1/1/2038. . . 1,015,000 1,155,659

University of Illinois RevenueSeries A, 4.00%, 4/1/2035. . . 250,000 264,165

45,557,490

INDIANA — 0.9%Hammond, Multi-School

Building Corp. Revenue5.00%, 7/15/2038 . . . . . . . . 3,105,000 3,593,882

Indiana, Finance AuthorityRevenue:4.00%, 8/1/2041. . . . . . . . . 300,000 328,9985.00%, 2/1/2027. . . . . . . . . 110,000 135,281Series A, 5.00%, 2/1/2026. . . 7,370,000 8,981,745Series A, 5.00%, 6/1/2028. . . 145,000 183,154Series A, 5.00%, 6/1/2035. . . 145,000 176,632Series B, 5.00%, 2/1/2021. . . 445,000 471,033Series C, 5.00%, 12/1/2023 . . 145,000 167,613Series C, 5.00%, 12/1/2024 . . 380,000 451,185Series C, 5.00%, 12/1/2025 . . 385,000 468,125Series C, 5.00%, 6/1/2027. . . 225,000 278,478Series C, 5.00%, 6/1/2028. . . 270,000 333,104Series C, 5.00%, 6/1/2029. . . 1,600,000 2,070,240Series C, 5.00%, 2/1/2030. . . 2,310,000 2,904,456

Indiana, University Revenue:Series A, 4.00%, 6/1/2042. . . 1,525,000 1,639,680Series A, 5.00%, 6/1/2023. . . 100,000 114,053Series A, 5.00%, 6/1/2041. . . 2,510,000 2,964,034Series W-2, 5.00%, 8/1/2026 . 340,000 398,755

Indianapolis, IN, Local PublicImprovement Bond BankRevenue4.00%, 1/1/2037. . . . . . . . . 670,000 748,015

26,408,463

IOWA — 0.3%Iowa, Finance Authority

Revenue:5.00%, 8/1/2023. . . . . . . . . 5,275,000 6,050,5305.00%, 8/1/2024. . . . . . . . . 625,000 737,7065.00%, 8/1/2026. . . . . . . . . 110,000 136,0265.00%, 8/1/2034. . . . . . . . . 225,000 265,4105.00%, 8/1/2037. . . . . . . . . 350,000 423,637

Iowa, Higher Education LoanAuthority Revenue5.00%, 12/1/2041 . . . . . . . . 400,000 473,564

Iowa, State Revenue:5.00%, 6/15/2023 . . . . . . . . 100,000 113,936


Series A, 5.00%, 6/1/2028. . . $ 100,000 $ 121,737

8,322,546

KANSAS — 0.5%Butler County, KS, Unified

School District No. 385Andover, General Obligation5.00%, 9/1/2034. . . . . . . . . 350,000 422,684

Johnson & Miami Counties, KS,Unified School District No.230 Spring Hills, GeneralObligation:Series B, 4.00%, 9/1/2035. . . 1,200,000 1,317,996Series B, 4.00%, 9/1/2036. . . 575,000 629,815

Johnson County, KS, UnifiedSchool District No. 233Olathe, General Obligation:Series A, 5.00%, 9/1/2020. . . 150,000 156,335Series B, 5.00%, 9/1/2023. . . 200,000 229,530Series C, 5.00%, 9/1/2027. . . 125,000 134,473

Johnson County, KS, UnifiedSchool District No. 512Shawnee Mission, GeneralObligationSeries B, 4.00%, 10/1/2036 . . 420,000 466,217

Kansas, Development FinanceAuthority RevenueSeries D-2, 4.00%, 4/1/2038 . 275,000 284,001

Kansas, State Department ofTransportation, HighwayRevenue:5.00%, 9/1/2025. . . . . . . . . 435,000 526,5545.00%, 9/1/2026. . . . . . . . . 490,000 590,1515.00%, 9/1/2027. . . . . . . . . 390,000 468,7535.00%, 9/1/2030. . . . . . . . . 660,000 784,9185.00%, 9/1/2034. . . . . . . . . 270,000 317,5015.00%, 9/1/2035. . . . . . . . . 1,365,000 1,601,131Series A, 3.00%, 9/1/2024. . . 150,000 162,361Series A, 5.00%, 9/1/2021. . . 265,000 285,983Series A, 5.00%, 9/1/2026. . . 1,700,000 2,103,444Series A, 5.00%, 9/1/2029. . . 290,000 338,543Series A, 5.00%, 9/1/2035. . . 1,280,000 1,556,877Series A, 5.00%, 9/1/2037. . . 275,000 331,501

Sedgwick County UnifiedSchool District No. 259Wichita, General ObligationSeries A, 4.00%, 10/1/2024 . . 105,000 118,668

Wyandotte, County UnifiedSchool District No 500Kansas City, GeneralObligationSeries A, 4.13%, 9/1/2037. . . 1,875,000 2,065,575

14,893,011

KENTUCKY — 0.2%Kentucky, State Turnpike

Authority Revenue:Series A, 5.00%, 7/1/2021. . . 300,000 320,487


18


Series A, 5.00%, 7/1/2024. . . $ 385,000 $ 445,337Series A, 5.00%, 7/1/2025. . . 160,000 188,638Series A, 5.00%, 7/1/2030. . . 145,000 162,797Series B, 5.00%, 7/1/2021. . . 195,000 208,317Series B, 5.00%, 7/1/2023. . . 125,000 141,303Series B, 5.00%, 7/1/2024. . . 125,000 144,590Series B, 5.00%, 7/1/2025. . . 230,000 271,168Series B, 5.00%, 7/1/2026. . . 120,000 144,403

Louisville & Jefferson County,KY, Metropolitan SewerDistrict RevenueSeries A, 5.00%, 5/15/2020 . . 100,000 103,152

University of Kentucky, GeneralReceipts Revenue:Series A, 3.13%, 10/1/2037 . . 360,000 367,236Series A, 3.25%, 4/1/2039. . . 255,000 260,256Series A, 5.00%, 10/1/2026 . . 150,000 183,037Series D, 5.00%, 10/1/2021 . . 2,600,000 2,811,198Series D, 5.25%, 10/1/2019 . . 250,000 252,405

6,004,324

LOUISIANA — 0.6%East Baton Rouge, LA, Sewer

Commission RevenueSeries B, 5.00%, 2/1/2039. . . 4,295,000 4,915,370

Greater New Orleans,Expressway CommissionRevenue5.00%, 11/1/2047 (b). . . . . . 305,000 351,744

Louisiana State, LocalGovernment EnvironmentalFacilities & CommunityDevelopment AuthorityRevenue:4.00%, 10/1/2041 (b). . . . . . 100,000 106,3885.00%, 10/1/2035 . . . . . . . . 125,000 142,220

Louisiana, State Gas & FuelsTax Revenue:Series A, 4.50%, 5/1/2039. . . 185,000 203,469Series B, 5.00%, 5/1/2023. . . 265,000 300,218Series B, 5.00%, 5/1/2025. . . 635,000 757,987Series B, 5.00%, 5/1/2026. . . 100,000 122,150Series B, 5.00%, 5/1/2027. . . 475,000 548,972Series B, 5.00%, 5/1/2028. . . 460,000 530,449Series B, 5.00%, 5/1/2030. . . 350,000 401,611Series B, 5.00%, 5/1/2033. . . 115,000 131,389Series B, 5.00%, 5/1/2036. . . 160,000 182,384Series C, 5.00%, 5/1/2028. . . 250,000 313,275Series C, 5.00%, 5/1/2030. . . 405,000 501,706Series C, 5.00%, 5/1/2034. . . 1,395,000 1,695,622Series C, 5.00%, 5/1/2037. . . 325,000 390,390

Louisiana, State GeneralObligation:5.00%, 5/1/2021. . . . . . . . . 100,000 106,670Series A, 4.00%, 9/1/2021. . . 570,000 601,880Series A, 5.00%, 3/1/2035. . . 740,000 913,700Series A, 5.00%, 3/1/2036. . . 680,000 836,040


Series B, 4.00%, 10/1/2034 . . $ 285,000 $ 316,675Series B, 4.00%, 10/1/2035 . . 230,000 254,732Series B, 4.00%, 10/1/2036 . . 250,000 275,822Series B, 5.00%, 8/1/2027. . . 280,000 342,065Series C, 5.00%, 8/1/2023. . . 210,000 239,614Series D, 5.00%, 9/1/2029. . . 390,000 472,688Series D-1, 5.00%,

12/1/2024 . . . . . . . . . . . 1,425,000 1,684,592Series D-1, 5.00%,

12/1/2028 . . . . . . . . . . . 350,000 408,768Louisiana, State Highway

Improvement Revenue:Series A, 5.00%, 6/15/2022 . . 180,000 198,477Series A, 5.00%, 6/15/2031 . . 70,000 80,129

18,327,196

MAINE — 0.2%Maine, Municipal Bond Bank

RevenueSeries C, 5.00%, 11/1/2027 . . 130,000 152,851

Maine, State GeneralObligation:Series D, 5.00%, 6/1/2026. . . 110,000 135,431Series D, 5.00%, 6/1/2028. . . 3,435,000 4,398,621

Maine, State Turnpike AuthorityRevenueSeries C, 5.00%, 11/1/2037 . . 155,000 187,885

4,874,788

MARYLAND — 3.7%Baltimore, MD, Revenue:

4.00%, 3/1/2034. . . . . . . . . 565,000 649,8864.00%, 3/1/2035. . . . . . . . . 1,000,000 1,141,920Series A, 5.00%, 7/1/2046. . . 230,000 267,787Series B, 4.00%, 7/1/2035. . . 330,000 365,429Series C, 5.00%, 7/1/2043. . . 120,000 134,911

Baltimore, MD, State GeneralObligation:Series B, 5.00%, 10/15/2023 . 1,300,000 1,497,223Series B, 5.00%, 10/15/2024 . 250,000 295,992Series B, 5.00%, 10/15/2025 . 2,290,000 2,775,755

Howard County, MD, GeneralObligation:Series A, 5.00%, 2/15/2024 . . 280,000 325,696Series A, 5.00%, 2/15/2031 . . 4,000,000 5,001,120Series D, 5.00%, 2/15/2029 . . 1,970,000 2,492,109

Maryland, Stadium AuthorityRevenue:5.00%, 5/1/2025. . . . . . . . . 180,000 214,7515.00%, 5/1/2031. . . . . . . . . 4,925,000 6,060,4595.00%, 5/1/2034. . . . . . . . . 2,000,000 2,429,4005.00%, 5/1/2037. . . . . . . . . 1,920,000 2,308,5315.00%, 5/1/2038. . . . . . . . . 200,000 239,6285.00%, 5/1/2041. . . . . . . . . 450,000 522,787

Maryland, State Department ofTransportation Revenue:2.80%, 2/1/2026. . . . . . . . . 1,390,000 1,436,621


19


3.00%, 12/15/2030 . . . . . . . $ 2,365,000 $ 2,441,6263.50%, 10/1/2033 . . . . . . . . 3,220,000 3,461,3074.00%, 9/1/2025. . . . . . . . . 445,000 511,6394.00%, 12/15/2025 . . . . . . . 290,000 322,2684.00%, 11/1/2027 . . . . . . . . 850,000 956,1314.00%, 5/1/2028. . . . . . . . . 1,225,000 1,387,6684.00%, 11/1/2029 . . . . . . . . 1,265,000 1,413,0935.00%, 9/1/2020. . . . . . . . . 225,000 234,6885.00%, 2/15/2023 . . . . . . . . 1,565,000 1,769,2795.00%, 12/15/2023 . . . . . . . 175,000 202,7645.00%, 2/1/2024. . . . . . . . . 345,000 389,4505.00%, 11/1/2026 . . . . . . . . 105,000 123,9695.00%, 5/1/2027. . . . . . . . . 1,435,000 1,712,271

Maryland, State GeneralObligation:4.00%, 6/1/2027. . . . . . . . . 1,060,000 1,183,0134.00%, 6/1/2028. . . . . . . . . 1,245,000 1,383,8424.00%, 6/1/2030. . . . . . . . . 100,000 110,3205.00%, 6/1/2020. . . . . . . . . 150,000 155,0655.00%, 6/1/2026. . . . . . . . . 2,100,000 2,453,325Series A, 4.00%, 3/1/2027. . . 2,900,000 3,177,037Series A, 4.00%, 3/15/2030 . . 1,760,000 2,021,307Series A, 5.00%, 3/15/2022 . . 100,000 109,839Series A, 5.00%, 3/1/2023. . . 450,000 509,076Series A, 5.00%, 8/1/2023. . . 1,390,000 1,591,967Series A, 5.00%, 3/1/2024. . . 545,000 616,493Series A, 5.00%, 8/1/2024. . . 835,000 965,121Series A, 5.00%, 3/1/2025. . . 210,000 237,548Series A, 5.00%, 3/15/2025 . . 315,000 376,942Series A, 5.00%, 8/1/2025. . . 360,000 434,869Series A, 5.00%, 3/1/2026. . . 225,000 254,515Series A, 5.00%, 8/1/2027. . . 4,160,000 5,243,264Series B, 3.00%, 8/1/2028. . . 1,410,000 1,460,464Series B, 4.00%, 8/1/2025. . . 180,000 206,532Series B, 5.00%, 8/1/2021. . . 225,000 242,145Series B, 5.00%, 8/1/2022. . . 360,000 400,208Series B, 5.00%, 8/1/2026. . . 2,030,000 2,258,030Series C, 5.00%, 8/1/2020. . . 135,000 140,385Series C, 5.00%, 8/1/2021. . . 1,615,000 1,738,063Series C, 5.00%, 8/1/2022. . . 120,000 133,403Series C, 5.00%, 8/1/2023. . . 240,000 274,872

Maryland, State Health &Higher Educational FacilitiesAuthority RevenueSeries B, 5.00%, 7/1/2022. . . 100,000 110,913

Maryland, State TransportationAuthority Revenue3.25%, 7/1/2036. . . . . . . . . 150,000 154,830

Maryland, State Water QualityFinancing Admin BayRestoration Fund Revenue:3.00%, 3/1/2027. . . . . . . . . 1,365,000 1,439,5845.00%, 3/1/2021. . . . . . . . . 50,000 53,060

Montgomery, MD, State GeneralObligation:Series A, 5.00%, 11/1/2019 . . 120,000 121,481


Series A, 5.00%, 11/1/2022 . . $ 3,100,000 $ 3,472,899Series A, 5.00%, 11/1/2025 . . 110,000 130,581Series A, 5.00%, 11/1/2028 . . 575,000 676,746Series B, 4.00%, 12/1/2025 . . 355,000 394,352Series B, 5.00%, 12/1/2024 . . 105,000 121,375Series B, 5.00%, 11/1/2025 . . 1,890,000 2,236,380Series B, 5.00%, 11/1/2027 . . 305,000 359,998Series C, 4.00%, 10/1/2030 . . 410,000 474,267Series C, 5.00%, 10/1/2020 . . 600,000 627,822

Prince George’s County, MD,General Obligation:Series A, 4.00%, 9/1/2025. . . 135,000 152,200Series A, 5.00%, 7/1/2023. . . 500,000 571,260Series A, 5.00%, 7/1/2024. . . 1,015,000 1,193,224Series A, 5.00%, 7/15/2028 . . 7,000,000 8,983,590

State of Maryland Departmentof Transportation5.00%, 11/1/2024 . . . . . . . . 11,195,000 13,282,644

Washington, MD, SuburbanSanitary Commission,General Obligation:2.65%, 6/1/2026. . . . . . . . . 500,000 522,2803.00%, 6/1/2029. . . . . . . . . 1,310,000 1,369,9593.00%, 6/15/2034 . . . . . . . . 285,000 292,3995.00%, 6/1/2021. . . . . . . . . 420,000 449,6065.00%, 6/15/2024 . . . . . . . . 200,000 234,932

108,190,185

MASSACHUSETTS — 4.4%Boston, MA, General

Obligation:5.00%, 3/1/2023. . . . . . . . . 810,000 921,019Series A, 5.00%, 5/1/2023. . . 3,000,000 3,428,850

Commonwealth ofMassachusetts TransportationFund Revenue:5.25%, 6/1/2043. . . . . . . . . 3,000,000 3,690,570Series A, 4.00%, 6/1/2036. . . 450,000 506,223Series A, 5.00%, 6/1/2023. . . 335,000 382,215Series A, 5.00%, 6/1/2024. . . 120,000 140,807Series A, 5.00%, 6/1/2026. . . 105,000 129,275Series A, 5.00%, 6/1/2027. . . 160,000 187,104Series A, 5.00%, 6/1/2032. . . 275,000 317,320Series A, 5.00%, 6/1/2040. . . 3,380,000 3,917,082Series A, 5.00%, 6/1/2043. . . 105,000 125,776

Massachusetts, BayTransportation Authority,Revenue:4.00%, 12/1/2021 . . . . . . . . 425,000 451,860Series A, Zero Coupon,

7/1/2029 . . . . . . . . . . . . 2,500,000 1,999,625Series A, Zero Coupon,

7/1/2032 . . . . . . . . . . . . 7,000,000 5,030,830Series A, 2.00%, 7/1/2028. . . 140,000 142,079Series A, 4.00%, 7/1/2035. . . 380,000 415,655Series A, 5.00%, 7/1/2040. . . 115,000 133,288


20


Series A-2, 5.00%, 7/1/2042 . $ 2,295,000 $ 2,734,125Series B, 5.00%, 7/1/2025. . . 2,090,000 2,515,399Series B, 5.00%, 7/1/2026. . . 250,000 300,415Series B, 5.00%, 7/1/2030. . . 145,000 172,232

Massachusetts, State CleanWater Trust Revenue:5.00%, 2/1/2024. . . . . . . . . 175,000 203,7615.00%, 8/1/2024. . . . . . . . . 20,000 20,7985.00%, 8/1/2025. . . . . . . . . 1,065,000 1,289,2465.00%, 2/1/2026. . . . . . . . . 170,000 191,9675.00%, 2/1/2031. . . . . . . . . 250,000 300,775Series 20, 5.00%, 2/1/2042 . . 50,000 57,649

Massachusetts, State CollegeBuilding Authority Revenue:Series A, 4.00%, 5/1/2027. . . 1,200,000 1,353,012Series A, 4.00%, 5/1/2029. . . 1,975,000 2,216,760Series A, 5.00%, 5/1/2037. . . 250,000 288,863Series B, 5.00%, 5/1/2039. . . 415,000 467,946

Massachusetts, StateDevelopment FinanceAgency Revenue:5.00%, 4/1/2032. . . . . . . . . 130,000 160,265Series A, 5.00%, 7/15/2027 . . 100,000 124,000Series A, 5.00%, 7/15/2028 . . 115,000 141,896Series A, 5.00%, 7/15/2030 . . 140,000 171,693Series A, 5.00%, 7/15/2033 . . 1,135,000 1,377,606Series T, 4.00%, 7/1/2042 . . . 100,000 108,991

Massachusetts, State GeneralObligation:3.50%, 5/1/2036. . . . . . . . . 1,450,000 1,491,876Series A, 5.00%, 1/1/2024. . . 3,675,000 4,261,750Series A, 5.00%, 7/1/2026. . . 4,400,000 5,421,240Series A, 5.00%, 7/1/2029. . . 4,250,000 5,170,465Series A, 5.00%, 3/1/2032. . . 1,215,000 1,393,532Series A, 5.00%, 4/1/2034. . . 100,000 120,912Series A, 5.00%, 7/1/2035. . . 2,000,000 2,340,560Series A, 5.00%, 3/1/2036. . . 1,130,000 1,285,963Series A, 5.00%, 4/1/2036. . . 190,000 228,340Series A, 5.00%, 7/1/2036. . . 2,000,000 2,335,320Series A, 5.00%, 1/1/2037. . . 100,000 121,660Series A, 5.00%, 3/1/2037. . . 110,000 124,936Series A, 5.00%, 4/1/2037. . . 150,000 179,709Series A, 5.00%, 3/1/2038. . . 100,000 113,386Series A, 5.00%, 1/1/2042. . . 135,000 161,375Series A, 5.00%, 4/1/2042. . . 250,000 295,203Series B, 4.00%, 7/1/2026. . . 100,000 116,373Series B, 5.00%, 7/1/2023. . . 150,000 171,567Series B, 5.00%, 7/1/2025. . . 1,120,000 1,348,682Series B, 5.00%, 7/1/2027. . . 115,000 144,501Series B, 5.00%, 1/1/2028. . . 5,000,000 6,332,750Series B, 5.00%, 7/1/2028. . . 330,000 421,971Series B, 5.00%, 7/1/2030. . . 250,000 327,645Series B, 5.00%, 7/1/2033. . . 1,045,000 1,253,676Series B, 5.00%, 7/1/2036. . . 100,000 118,939Series B, 5.00%, 4/1/2037. . . 3,850,000 4,612,531Series C, 4.00%, 7/1/2031. . . 25,000 26,593


Series C, 5.00%, 8/1/2020. . . $ 400,000 $ 416,044Series C, 5.00%, 10/1/2021 . . 2,535,000 2,744,467Series C, 5.00%, 8/1/2022. . . 665,000 739,699Series C, 5.00%, 7/1/2024. . . 340,000 377,179Series C, 5.00%, 7/1/2025. . . 2,480,000 2,751,188Series C, 5.00%, 10/1/2026 . . 1,170,000 1,449,373Series C, 5.00%, 7/1/2027. . . 293,000 325,040Series C, 5.00%, 10/1/2027 . . 350,000 442,025Series D, 3.13%, 9/1/2034. . . 180,000 185,078Series D, 5.00%, 7/1/2027. . . 250,000 314,133Series D-1-R, 1.05%,

8/1/2043 (a). . . . . . . . . . 1,940,000 1,932,725Series D-2-R, 1.70%,

8/1/2043 (a). . . . . . . . . . 355,000 357,023Series E, 3.00%, 4/1/2044. . . 180,000 179,741Series E, 3.25%, 9/1/2040. . . 1,325,000 1,348,545Series E, 4.00%, 9/1/2039. . . 2,750,000 2,992,110Series E, 4.00%, 9/1/2041. . . 4,000,000 4,320,840Series E, 4.00%, 4/1/2042. . . 1,980,000 2,127,530Series E, 5.00%, 9/1/2022. . . 100,000 111,522Series E, 5.00%, 9/1/2023. . . 205,000 228,421Series E, 5.00%, 9/1/2025. . . 110,000 122,502Series E, 5.00%, 9/1/2027. . . 360,000 401,508Series E, 5.00%, 11/1/2027 . . 105,000 132,830Series E, 5.00%, 9/1/2029. . . 380,000 421,906Series E, 5.00%, 9/1/2030. . . 385,000 426,322Series F, 3.00%, 11/1/2028 . . 100,000 104,257Series F, 5.00%, 11/1/2025 . . 100,000 111,951Series F, 5.00%, 11/1/2026 . . 525,000 588,651Series H, 5.00%, 12/1/2022. . 195,000 219,155Series I, 5.00%, 12/1/2034 . . 395,000 476,034Series J, 4.00%, 12/1/2039 . . 225,000 246,272Series J, 4.00%, 12/1/2045 . . 150,000 163,049Series J, 5.00%, 12/1/2036 . . 110,000 131,809Series J, 5.00%, 12/1/2037 . . 2,710,000 3,238,369

Massachusetts, State PortAuthority RevenueSeries A, 5.00%, 7/1/2040. . . 245,000 283,962

Massachusetts, State SchoolBuilding Authority, Sales TaxRevenue:Series A, 5.00%, 2/15/2033 . . 110,000 125,512Series A, 5.00%, 2/15/2035 . . 200,000 227,728Series A, 5.00%, 2/15/2036 . . 1,655,000 1,882,083Series B, 4.00%, 2/15/2040 . . 400,000 424,816Series B, 5.00%, 11/15/2029 . 125,000 153,386Series C, 5.00%, 8/15/2025 . . 135,000 163,409Series C, 5.00%, 11/15/2034 . 420,000 506,062Series C, 5.00%, 8/15/2037 . . 1,065,000 1,242,727

Massachusetts, State WaterResources AuthorityRevenue:Series B, 5.00%, 8/1/2027. . . 4,450,000 5,624,221Series C-GREEN BOND,

4.00%, 8/1/2040 . . . . . . . 160,000 174,610


21


Series C-GREEN BOND,5.00%, 8/1/2031 . . . . . . . $ 2,050,000 $ 2,532,529

Series C-GREEN BOND,5.00%, 8/1/2040 . . . . . . . 3,340,000 3,959,537

Series F, 5.00%, 8/1/2026 . . . 2,750,000 3,232,487Massachusetts, Transportation

Trust Fund, MetropolitanHighway System RevenueSeries A, 5.00%, 1/1/2028. . . 2,000,000 2,536,720

University of MassachusettsBuilding Authority Revenue:5.00%, 11/1/2037 . . . . . . . . 140,000 169,940Series 1, 5.00%, 11/1/2032 . . 170,000 202,433Series 1, 5.00%, 11/1/2039 . . 210,000 242,075Series 1, 5.00%, 11/1/2040 . . 130,000 152,270Series 1, 5.00%, 11/1/2044 . . 135,000 154,906

130,157,143

MICHIGAN — 0.6%Macomb, MI, Interceptor Drain

Drainage DistrictSeries A, 5.00%, 5/1/2032. . . 335,000 405,169

Michigan, State BuildingAuthority Revenue:Series A, 5.00%, 8/15/2040 . . 1,300,000 1,494,350Series I, 4.00%, 4/15/2040 . . 135,000 144,096Series I, 5.00%, 10/15/2021 . 140,000 151,598Series I, 5.00%, 10/15/2028 . 100,000 122,395Series I, 5.00%, 10/15/2030 . 390,000 471,666Series I, 5.00%, 4/15/2031 . . 545,000 645,029Series I, 5.00%, 10/15/2032 . 255,000 305,169Series I, 5.00%, 10/15/2033 . 330,000 393,832Series I, 5.00%, 4/15/2038 . . 295,000 342,578Series I, 5.00%, 4/15/2041 . . 130,000 151,563

Michigan, State FinanceAuthority Revenue:5.00%, 11/1/2034 . . . . . . . . 285,000 348,3735.00%, 11/1/2036 . . . . . . . . 250,000 303,480Series A, 5.00%, 5/1/2025. . . 375,000 443,490Series B, 5.00%, 10/1/2025 . . 230,000 279,597Series B, 5.00%, 10/1/2028 . . 250,000 306,915Series I, 4.00%, 10/15/2035 . 225,000 245,504Series I, 5.00%, 4/15/2022 . . 295,000 324,496Series I, 5.00%, 4/15/2028 . . 175,000 209,911Series I, 5.00%, 4/15/2030 . . 155,000 183,594

Michigan, State GeneralObligation:3.00%, 5/1/2030. . . . . . . . . 250,000 262,640Series A, 5.00%, 12/1/2021 . . 110,000 119,831Series B, 5.00%, 11/1/2022 . . 150,000 168,148

Michigan, State Trunk LineRevenue5.00%, 11/15/2021 . . . . . . . 100,000 108,629

Portage, MI, Public School,General Obligation5.00%, 11/1/2028 . . . . . . . . 145,000 175,418


University of Michigan,Revenue:4.00%, 4/1/2035. . . . . . . . . $ 300,000 $ 330,6425.00%, 4/1/2040. . . . . . . . . 465,000 548,105Series A, 5.00%, 4/1/2021. . . 2,500,000 2,661,025Series A, 5.00%, 4/1/2022. . . 4,705,000 5,180,723Series A, 5.00%, 4/1/2025. . . 225,000 270,097Series A, 5.00%, 4/1/2034. . . 450,000 547,699Series A, 5.00%, 4/1/2042. . . 545,000 650,763

18,296,525

MINNESOTA — 1.3%Duluth, Independent School

District No. 709:Series A, 4.00%, 2/1/2027. . . 115,000 127,773Series A, 4.00%, 2/1/2028. . . 100,000 110,889Series A, 5.00%, 2/1/2026. . . 500,000 595,525

Hennepin, MN, GeneralObligationSeries A, 5.00%, 12/1/2041 . . 1,420,000 1,698,263

Hennepin, MN, Sales TaxRevenue:5.00%, 12/15/2026 . . . . . . . 525,000 607,3045.00%, 12/15/2029 . . . . . . . 225,000 259,326

Metropolitan Council,Minneapolis-Saint Paul, MN,Metropolitan Area, GeneralObligation:Series C, 3.00%, 3/1/2027. . . 360,000 388,800Series C, 5.00%, 3/1/2025. . . 125,000 149,510

Minneapolis, St. PaulMetropolitan AirportsCommission Revenue:Series A, 5.00%, 1/1/2031. . . 3,840,000 4,666,675Series C, 5.00%, 1/1/2036. . . 100,000 119,282

Minnesota, State General FundRevenueSeries A, 5.00%, 6/1/2027. . . 105,000 119,180

Minnesota, State GeneralObligation:Series A, 5.00%, 8/1/2019. . . 450,000 451,350Series A, 5.00%, 8/1/2020. . . 610,000 634,467Series A, 5.00%, 10/1/2021 . . 315,000 341,028Series A, 5.00%, 8/1/2027. . . 800,000 939,536Series A, 5.00%, 8/1/2028. . . 150,000 179,916Series A, 5.00%, 10/1/2028 . . 205,000 258,585Series A, 5.00%, 8/1/2038. . . 1,000,000 1,233,450Series B, 3.00%, 8/1/2030. . . 120,000 124,939Series B, 3.38%, 8/1/2035. . . 200,000 208,792Series B, 5.00%, 8/1/2019. . . 115,000 115,345Series B, 5.00%, 8/1/2023. . . 185,000 212,199Series B, 5.00%, 8/1/2025. . . 140,000 169,296Series D, 5.00%, 8/1/2020. . . 115,000 119,613Series D, 5.00%, 8/1/2022. . . 5,460,000 6,073,322Series D, 5.00%, 8/1/2023. . . 2,745,000 3,148,570Series D, 5.00%, 8/1/2025. . . 530,000 640,908Series E, 3.00%, 8/1/2021. . . 140,000 144,997


22


Series E, 3.00%, 8/1/2023. . . $ 185,000 $ 196,853Series E, 3.00%, 8/1/2024. . . 140,000 150,388Series E, 4.00%, 10/1/2020 . . 390,000 403,225Series E, 5.00%, 10/1/2027 . . 100,000 126,646Series F, 5.00%, 10/1/2020 . . 100,000 104,625

Minnesota, State PublicFacilities Authority Revenue:Series B, 3.00%, 3/1/2023. . . 100,000 105,961Series B, 4.00%, 3/1/2026. . . 130,000 150,617

Mississippi, State GeneralObligationSeries D, 5.00%, 10/1/2026 . . 325,000 403,611

Rosemount-AppleValley-Eagan, IndependentSchool District No. 196,General ObligationSeries A, 5.00%, 2/1/2025. . . 900,000 1,071,540

South Washington County, MN,Independent School DistrictNo. 833, General ObligationSeries A, 4.00%, 2/1/2029. . . 325,000 366,811

University of Minnesota,Revenue:Series A, 5.00%, 9/1/2040. . . 485,000 584,663Series A, 5.00%, 4/1/2041. . . 350,000 410,536Series A, 5.00%, 9/1/2041. . . 200,000 240,748Series B, 4.00%, 1/1/2044. . . 2,635,000 2,786,539Series B, 5.00%, 12/1/2027 . . 2,965,000 3,770,501Series B, 5.00%, 10/1/2028 . . 3,000,000 3,866,460

38,578,564

MISSISSIPPI — 0.4%Mississippi, State Development

Bank Revenue:5.00%, 8/1/2027. . . . . . . . . 415,000 506,159Series A, 5.00%, 8/1/2027. . . 250,000 304,915

Mississippi, State GeneralObligation:Series A, 5.00%, 10/1/2027 . . 330,000 397,402Series A, 5.00%, 10/1/2031 . . 2,850,000 3,514,477Series A, 5.00%, 10/1/2032 . . 415,000 510,118Series A, 5.00%, 10/1/2034 . . 135,000 164,731Series B, 5.00%, 12/1/2026 . . 110,000 136,664Series B, 5.00%, 12/1/2028 . . 250,000 308,278Series B, 5.00%, 12/1/2030 . . 1,880,000 2,288,768Series B, 5.00%, 12/1/2031 . . 150,000 182,057Series B, 5.00%, 12/1/2032 . . 1,235,000 1,495,610Series B, 5.00%, 12/1/2033 . . 120,000 135,848Series B, 5.00%, 12/1/2034 . . 100,000 120,515Series B, 5.00%, 12/1/2036 . . 100,000 119,826Series C, 5.00%, 10/1/2020 . . 125,000 130,701Series C, 5.00%, 10/1/2024 . . 300,000 354,501Series C, 5.00%, 10/1/2026 . . 1,050,000 1,268,421Series C, 5.00%, 10/1/2027 . . 195,000 234,829Series F, 5.00%, 11/1/2029 . . 150,000 179,951


Mississippi, State UniversityEducational Building Corp.,Revenue:Series A, 4.00%, 8/1/2041. . . $ 100,000 $ 105,685Series A, 4.00%, 8/1/2043. . . 135,000 145,915

12,605,371

MISSOURI — 0.4%Kansas City, MO, General

Obligation:Series A, 5.00%, 2/1/2027. . . 530,000 657,773Series A, 5.00%, 2/1/2028. . . 225,000 283,995

Kansas City, MO, SanitarySewer System Revenue:Series A, 4.00%, 1/1/2025. . . 190,000 215,517Series A, 4.00%, 1/1/2040. . . 320,000 343,446Series A, 5.00%, 1/1/2029. . . 120,000 140,951Series A, 5.00%, 1/1/2032. . . 100,000 123,598

Metropolitan St. Louis, MO,Sewer District WastewaterSystem Revenue:Series A, 5.00%, 5/1/2028. . . 305,000 380,649Series A, 5.00%, 5/1/2037. . . 350,000 421,008Series A, 5.00%, 5/1/2042. . . 4,865,000 5,790,810Series B, 5.00%, 5/1/2033. . . 100,000 117,465Series B, 5.00%, 5/1/2034. . . 220,000 257,743Series B, 5.00%, 5/1/2036. . . 170,000 198,230Series C, 4.00%, 5/1/2041. . . 1,790,000 1,945,104

Missouri State, EnvironmentalImprovement & ResourcesAuthority RevenueSeries B, 5.00%, 1/1/2025. . . 115,000 137,036

Missouri, State Board of PublicBuildings RevenueSeries A, 4.00%, 4/1/2024. . . 150,000 167,796

Missouri, State Highways &Transit Commission, StateRoad Revenue, First Lien:Series A, 5.00%, 5/1/2021. . . 250,000 267,005Series A, 5.00%, 5/1/2025. . . 405,000 474,178

North Kansas City, MO, SchoolDistrict No. 74, GeneralObligation4.00%, 3/1/2029. . . . . . . . . 25,000 28,461

Springfield, MO, State PublicUtility Revenue:5.00%, 8/1/2019. . . . . . . . . 100,000 100,2995.00%, 8/1/2020. . . . . . . . . 100,000 104,0005.00%, 8/1/2023. . . . . . . . . 200,000 228,974

University of Missouri RevenueSeries A, 5.00%, 11/1/2020 . . 200,000 209,808

12,593,846

NEBRASKA — 0.8%Lincoln City, NE, Electric

System Revenue:2.70%, 9/1/2023. . . . . . . . . 140,000 147,382


23


5.00%, 9/1/2030. . . . . . . . . $ 2,000,000 $ 2,448,6205.00%, 9/1/2032. . . . . . . . . 310,000 375,9905.00%, 9/1/2034. . . . . . . . . 310,000 372,694

Omaha, NE, Sanitation SewerRevenue5.00%, 11/15/2034 . . . . . . . 1,300,000 1,507,233

Omaha, NE, State Public PowerDistrict Electric Revenue:Series A, 5.00%, 2/1/2024. . . 155,000 179,650Series A, 5.00%, 2/1/2028. . . 465,000 563,287Series B, 5.00%, 2/1/2020. . . 50,000 51,069Series C, 5.00%, 2/1/2043. . . 4,720,000 5,408,695Series CC, 4.00%, 2/1/2038 . 175,000 186,076

Omaha, NE, State SchoolDistrict, General Obligation:3.13%, 12/15/2033 . . . . . . . 170,000 174,6043.25%, 12/15/2034 . . . . . . . 315,000 324,7024.00%, 12/15/2038 . . . . . . . 500,000 537,265

University of NebraskaFacilities Corp. Revenue:5.00%, 7/15/2030 . . . . . . . . 5,000,000 6,325,550Series A, 4.00%, 7/15/2030 . . 500,000 574,420

University of NebraskaFacilities Corp., RevenueSeries A, 4.00%, 7/15/2024 . . 2,500,000 2,821,975

21,999,212

NEVADA — 1.1%Clark County, NV, Department

of Aviation, RevenueSeries B, 5.00%, 7/1/2033(c). . . . . . . . . . . . . . . . . . 5,000,000 6,293,750

Clark County, NV, GeneralObligation:3.00%, 11/1/2029 . . . . . . . . 105,000 110,1393.00%, 7/1/2035. . . . . . . . . 800,000 809,3684.00%, 7/1/2031. . . . . . . . . 150,000 170,3345.00%, 6/1/2021. . . . . . . . . 355,000 379,9575.00%, 6/1/2022. . . . . . . . . 300,000 331,3985.00%, 6/1/2025. . . . . . . . . 430,000 515,6565.00%, 6/1/2026. . . . . . . . . 150,000 184,2365.00%, 6/1/2027. . . . . . . . . 110,000 137,8005.00%, 11/1/2028 . . . . . . . . 145,000 171,7155.00%, 11/1/2032 . . . . . . . . 1,475,000 1,722,844Series A, 5.00%, 7/1/2019. . . 100,000 100,000Series A, 5.00%, 11/1/2020 . . 155,000 162,601Series A, 5.00%, 11/1/2022 . . 290,000 324,481Series A, 5.00%, 11/1/2023 . . 195,000 224,782Series A, 5.00%, 11/1/2024 . . 180,000 213,260Series A, 5.00%, 11/1/2026 . . 420,000 514,051Series A, 5.00%, 6/1/2027. . . 140,000 175,382Series A, 5.00%, 6/1/2031. . . 2,165,000 2,698,932Series B, 5.00%, 11/1/2023 . . 110,000 126,800Series B, 5.00%, 11/1/2024 . . 170,000 201,413Series B, 5.00%, 11/1/2025 . . 100,000 121,142Series B, 5.00%, 11/1/2026 . . 180,000 223,096


Series B, 5.00%, 11/1/2028 . . $ 120,000 $ 147,367Clark County, NV, Revenue:

5.00%, 7/1/2024. . . . . . . . . 105,000 123,1045.00%, 7/1/2036. . . . . . . . . 125,000 150,053

Clark County, NV, SchoolDistrict, General ObligationSeries A, 5.00%, 6/15/2024 . . 100,000 116,163

Clark County, WaterReclamation District, GeneralObligation:5.00%, 7/1/2023. . . . . . . . . 130,000 148,5285.00%, 7/1/2025. . . . . . . . . 250,000 300,8855.00%, 7/1/2026. . . . . . . . . 200,000 246,5685.00%, 7/1/2027. . . . . . . . . 200,000 245,684

Las Vegas Valley, NV, WaterDistrict, General Obligation:5.00%, 6/1/2039. . . . . . . . . 4,135,000 4,747,021Series A, 5.00%, 6/1/2027. . . 175,000 214,197Series A, 5.00%, 6/1/2031. . . 125,000 150,086Series A, 5.00%, 6/1/2032. . . 100,000 119,706Series A, 5.00%, 6/1/2037. . . 200,000 235,414Series A, 5.00%, 6/1/2041. . . 2,675,000 3,119,638Series B, 5.00%, 12/1/2025 . . 150,000 179,687

Los Angeles, NV, GeneralObligation:Series C, 4.00%, 9/1/2036. . . 300,000 325,806Series C, 4.00%, 9/1/2037. . . 140,000 151,627

Nevada, State HighwayImprovement Revenue:3.38%, 12/1/2034 . . . . . . . . 750,000 789,3904.00%, 12/1/2032 . . . . . . . . 910,000 1,024,0595.00%, 12/1/2020 . . . . . . . . 450,000 473,4415.00%, 12/1/2021 . . . . . . . . 320,000 348,1985.00%, 12/1/2026 . . . . . . . . 310,000 380,7955.00%, 12/1/2028 . . . . . . . . 560,000 681,0055.00%, 12/1/2030 . . . . . . . . 185,000 227,439

Truckee Meadows, NV, WaterAuthority Revenue:5.00%, 7/1/2021. . . . . . . . . 125,000 134,1665.00%, 7/1/2031. . . . . . . . . 105,000 126,1095.00%, 7/1/2034. . . . . . . . . 145,000 172,5635.00%, 7/1/2037. . . . . . . . . 500,000 587,975

31,579,811

NEW HAMPSHIRE — 0.0%New Hampshire Municipal

Bond Bank, RevenueSeries D, 4.00%, 8/15/2039 . . 650,000 711,861

NEW JERSEY — 0.4%Bergen County, NJ, General

Obligation:4.00%, 10/15/2023 . . . . . . . 100,000 111,1965.00%, 10/15/2022 . . . . . . . 160,000 179,222


24


Hudson County, NJ,Improvement AuthorityRevenue5.00%, 5/1/2041. . . . . . . . . $ 500,000 $ 580,875

New Brunswick, NJ, ParkingAuthority Revenue:Series A, 3.00%, 9/1/2034. . . 200,000 204,720Series A, 5.00%, 9/1/2032. . . 120,000 142,933Series A, 5.00%, 9/1/2036. . . 1,335,000 1,570,240

New Jersey, EnvironmentalInfrastructure Trust Revenue5.00%, 9/1/2026. . . . . . . . . 510,000 633,777

New Jersey, State EducationalFacilities Authority Revenue:Series A, 4.00%, 7/1/2027. . . 110,000 123,624Series A, 5.00%, 7/1/2024. . . 540,000 637,681Series B, 5.00%, 7/1/2020. . . 250,000 259,465Series B, 5.00%, 7/1/2030. . . 2,615,000 3,288,075Series B, 5.00%, 7/1/2031. . . 1,030,000 1,287,850Series D, 4.00%, 7/1/2045. . . 220,000 240,959Series I-PRINCETON

UNIVERSITY, 4.00%,7/1/2040 . . . . . . . . . . . . 235,000 265,520

Union County, NJ, GeneralObligationSeries A & B, 3.00%,3/1/2027. . . . . . . . . . . . . . 1,410,000 1,507,107

11,033,244

NEW MEXICO — 0.2%Albuquerque Bernalillo County,

NM, Water Utility Authority,Water & Sewer SystemRevenue:5.00%, 7/1/2021. . . . . . . . . 140,000 150,2095.00%, 7/1/2022. . . . . . . . . 555,000 615,217Series A, 5.00%, 7/1/2020. . . 450,000 466,488Series A, 5.00%, 7/1/2023. . . 125,000 142,710Series B, 5.00%, 7/1/2023. . . 165,000 187,961

Albuquerque, NM, MunicipalSchool District No. 12,General Obligation:Series 2017, 5.00%,

8/1/2024 . . . . . . . . . . . . 210,000 246,740Series 2017, 5.00%,

8/1/2025 . . . . . . . . . . . . 230,000 276,941Series 2017, 5.00%,

8/1/2027 . . . . . . . . . . . . 145,000 178,228New Mexico, State Finance

Authority RevenueSeries B1, 5.00%, 6/15/2027 . 115,000 134,196

New Mexico, State GeneralObligation:5.00%, 3/1/2024. . . . . . . . . 255,000 296,930Series A, 5.00%, 3/1/2020. . . 100,000 102,470Series A, 5.00%, 3/1/2021. . . 135,000 143,262Series A, 5.00%, 3/1/2022. . . 100,000 109,701


New Mexico, State SeveranceTax Permanent FundRevenue:Series A, 5.00%, 7/1/2019. . . $ 200,000 $ 200,000Series A, 5.00%, 7/1/2020. . . 250,000 250,000Series A, 5.00%, 7/1/2021. . . 140,000 150,266Series A, 5.00%, 7/1/2022. . . 170,000 170,000Series A, 5.00%, 7/1/2024. . . 175,000 175,000Series A, 5.00%, 7/1/2025. . . 120,000 144,196Series B, 4.00%, 7/1/2021. . . 120,000 126,440Series B, 4.00%, 7/1/2022. . . 340,000 366,721Series B, 4.00%, 7/1/2023. . . 100,000 110,207

New Mexico, State SeveranceTax Revenue:Series A, 5.00%, 7/1/2023. . . 365,000 416,407Series A, 5.00%, 7/1/2025. . . 645,000 775,051Series B, 4.00%, 7/1/2024. . . 200,000 224,250Series B, 5.00%, 7/1/2026. . . 100,000 122,986

University of New Mexico,RevenueSeries A, 2.25%, 6/1/2027. . . 455,000 459,991

6,742,568

NEW YORK — 17.5%Battery Park City, NY, Authority

RevenueSeries A, 5.00%, 11/1/2028 . . 120,000 138,163

Brookhaven, NY, GeneralObligation:5.00%, 5/1/2026. . . . . . . . . 120,000 145,848Series A, 3.00%, 2/1/2025. . . 250,000 264,608

Erie County, NY, IndustrialDevelopment AgencyRevenueSeries A, 5.00%, 5/1/2027. . . 220,000 268,356

Metropolitan New York, NY,Transportation AuthorityRevenue:Series A, 5.00%, 11/15/2035 . 2,700,000 3,264,894Series A, 5.00%, 11/15/2045 . 230,000 261,248Series A, 5.25%, 11/15/2035 . 250,000 305,580Series B, 5.00%, 11/15/2034 . 7,615,000 9,337,208Series B-1, 5.00%,

11/15/2036 . . . . . . . . . . 350,000 418,005Series B2, 4.00%,

11/15/2033 . . . . . . . . . . 330,000 371,550Series B2, 5.00%,

11/15/2025 . . . . . . . . . . 2,520,000 3,084,808Series B2, 5.00%,

11/15/2026 . . . . . . . . . . 5,045,000 6,325,875Monroe County, NY, Industrial

Development Corp.,Revenue:4.00%, 7/1/2043. . . . . . . . . 155,000 169,049Series A, 3.88%, 7/1/2042. . . 200,000 211,334Series A, 5.00%, 7/1/2030. . . 205,000 256,367Series C, 5.00%, 7/1/2028. . . 200,000 253,542


25


Nassau County, NY, Sewer &Storm Water FinanceAuthority RevenueSeries A, 5.00%, 10/1/2028 . . $ 3,570,000 $ 4,200,748

New York & New Jersey, PortAuthority Revenue:4.00%, 12/15/2038 . . . . . . . 100,000 108,7544.00%, 6/15/2044 . . . . . . . . 180,000 194,7695.00%, 7/15/2030 . . . . . . . . 500,000 636,8555.00%, 7/15/2032 . . . . . . . . 1,625,000 2,046,6875.00%, 7/15/2033 . . . . . . . . 1,915,000 2,402,6745.00%, 7/15/2035 . . . . . . . . 360,000 447,6285.00%, 10/15/2041 . . . . . . . 3,995,000 4,677,426Series 189, 5.00%, 5/1/2040 . 5,000,000 5,805,550Series 190, 5.00%, 5/1/2032 . 1,075,000 1,107,003Series 190, 5.00%, 5/1/2035 . 1,375,000 1,414,889Series 198, 5.00%,

11/15/2036 . . . . . . . . . . 145,000 174,268Series 198, 5.00%,

11/15/2041 . . . . . . . . . . 160,000 190,229Series 205, 5.00%,

11/15/2032 . . . . . . . . . . 5,510,000 6,874,386Series 205, 5.00%,

11/15/2035 . . . . . . . . . . 160,000 196,802New York, NY, City Municipal

Water Finance Authority,Water & Sewer SystemRevenue:5.00%, 6/15/2033 . . . . . . . . 4,500,000 5,711,355Series BB-2, 5.00%,

6/15/2031 . . . . . . . . . . . 530,000 653,686Series BB-2, 5.00%,

6/15/2032 . . . . . . . . . . . 310,000 380,305Series CC1, 4.00%,

6/15/2033 . . . . . . . . . . . 1,250,000 1,408,162Series CC-1, 4.00%,

6/15/2037 . . . . . . . . . . . 250,000 276,805Series DD, 5.00%, 6/15/2025. 7,135,000 8,277,028Series DD, 5.00%, 6/15/2036. 1,130,000 1,296,788Series EE, 5.00%, 6/15/2036 . 460,000 527,896Series EE, 5.00%, 6/15/2040 . 4,240,000 5,090,502Series EE 2, 5.00%,

6/15/2040 . . . . . . . . . . . 1,000,000 1,230,210Series FF, 5.00%, 6/15/2031 . 335,000 398,318Series FF, 5.00%, 6/15/2034 . 1,750,000 2,169,335Series FF, 5.00%, 6/15/2039 . 2,500,000 3,035,425Series GG, 5.00%,

6/15/2037 . . . . . . . . . . . 190,000 221,551Series GG, 5.00%,

6/15/2039 . . . . . . . . . . . 350,000 406,196Series HH, 5.00%,

6/15/2037 . . . . . . . . . . . 3,850,000 4,489,331Series HH, 5.00%,

6/15/2039 . . . . . . . . . . . 155,000 179,887Sub-Series CC1, 5.00%,

6/15/2038 . . . . . . . . . . . 145,000 173,194


New York, NY, City TransitionalFinance Authority BuildingAid Revenue:Series S-, 5.00%, 7/15/2021 . $ 365,000 $ 393,506Series S1, 4.00%, 7/15/2040 . 1,760,000 1,900,677Series S1, 5.00%, 7/15/2022 . 145,000 161,748Series S1, 5.00%, 7/15/2043 . 1,885,000 2,192,085Series S-1, 4.00%, 7/15/2036. 255,000 282,889Series S-1, 5.00%, 7/15/2021. 60,000 64,547Series S-1, 5.00%, 7/15/2022. 100,000 111,550Series S-1, 5.00%, 7/15/2028. 160,000 189,021Series S-1, 5.00%, 7/15/2033. 5,000,000 6,212,350Series S-1, 5.00%, 7/15/2043. 220,000 251,436Series S-3-SUBSERIES

S-3A, 5.00%, 7/15/2035 . . 3,000,000 3,688,530Series S-3-SUBSERIES

S-3A, 5.00%, 7/15/2036 . . 8,205,000 10,048,253Series S-4A, 5.00%,

7/15/2033 . . . . . . . . . . . 250,000 310,617New York, NY, City Transitional

Finance Authority, Future TaxSecured Revenue:5.00%, 5/1/2034. . . . . . . . . 250,000 298,0205.00%, 5/1/2036. . . . . . . . . 245,000 290,3155.25%, 8/1/2037. . . . . . . . . 4,000,000 4,980,680Series A-1, 5.00%, 8/1/2023 . 5,880,000 6,754,591Series A-1, 5.00%, 8/1/2027 . 400,000 477,241Series A-1, 5.00%, 8/1/2029 . 520,000 612,322Series A-1, 5.00%, 8/1/2031 . 150,000 174,627Series A-1, 5.00%, 8/1/2033 . 2,915,000 3,621,596Series A-1, 5.00%, 8/1/2034 . 1,200,000 1,481,628Series A-1, 5.00%, 8/1/2036 . 2,000,000 2,447,220Series A-2, 5.00%, 8/1/2036 . 1,640,000 1,972,592Series B, 5.00%, 8/1/2038. . . 11,095,000 13,141,029Series B-1, 4.00%, 8/1/2037 . 105,000 116,057Series B-1, 5.00%, 8/1/2029 . 1,060,000 1,241,287Series B-1, 5.00%, 8/1/2030 . 295,000 359,670Series B-1, 5.00%, 8/1/2031 . 175,000 203,732Series B-1, 5.00%, 8/1/2032 . 1,225,000 1,420,449Series B-1, 5.00%, 8/1/2034 . 1,975,000 2,310,474Series B-1, 5.00%, 8/1/2035 . 515,000 593,074Series B-1, 5.00%,

11/1/2035 . . . . . . . . . . . 160,000 188,827Series B-1, 5.00%, 8/1/2036 . 520,000 598,203Series B-1, 5.00%, 8/1/2039 . 4,555,000 5,219,256Series B-1, 5.00%, 8/1/2040 . 3,800,000 4,482,974Series B-1, 5.00%, 8/1/2042 . 3,105,000 3,549,388Series C, 5.00%, 11/1/2020 . . 595,000 624,423Series C, 5.00%, 11/1/2022 . . 100,000 112,273Series C, 5.00%, 11/1/2023 . . 125,000 144,663Series C, 5.00%, 11/1/2025 . . 10,395,000 12,654,325Series C, 5.00%, 11/1/2026 . . 120,000 143,851Series C, 5.00%, 11/1/2027 . . 150,000 179,109Series C1, 5.00%, 11/1/2034 . 7,000,000 8,756,440Series D-1, 5.00%, 2/1/2026 . 100,000 115,759Series E-1, 4.00%, 2/1/2041 . 110,000 119,527


26


Series E-1, 5.00%, 2/1/2030 . $ 3,370,000 $ 4,078,705Series E-1, 5.00%, 2/1/2041 . 670,000 769,475Series F-1, 5.00%, 5/1/2032 . 5,500,000 6,714,235Series F-1, 5.00%, 5/1/2036 . 3,500,000 4,192,755Series F-1, 5.00%, 5/1/2039 . 115,000 136,580Series I, 5.00%, 5/1/2024 . . . 135,000 153,266Series I, 5.00%, 5/1/2026 . . . 140,000 158,718

New York, NY, GeneralObligation:Series A, 5.00%, 8/1/2020. . . 360,000 374,599Series A, 5.00%, 8/1/2023. . . 5,000,000 5,728,650Series A, 5.00%, 8/1/2024. . . 3,500,000 4,125,520Series A, 5.00%, 8/1/2026. . . 125,000 150,581Series B, 5.00%, 8/1/2025. . . 150,000 176,324Series B, 5.00%, 12/1/2031 . . 160,000 193,578Series B-1, 5.00%,

10/1/2036 . . . . . . . . . . . 400,000 484,040Series B-1, 5.00%,

10/1/2037 . . . . . . . . . . . 4,730,000 5,705,704Series B-1, 5.00%,

12/1/2037 . . . . . . . . . . . 500,000 593,715Series B-1, 5.00%,

10/1/2038 . . . . . . . . . . . 300,000 360,747Series B-1, 5.00%,

12/1/2038 . . . . . . . . . . . 3,095,000 3,666,956Series C, 5.00%, 8/1/2020. . . 235,000 244,530Series C, 5.00%, 4/15/2023 . . 1,390,000 1,590,966Series C, 5.00%, 8/1/2024. . . 1,450,000 1,709,144Series C, 5.00%, 8/1/2025. . . 425,000 506,400Series C, 5.00%, 8/1/2026. . . 405,000 496,121Series C, 5.00%, 8/1/2027. . . 120,000 145,488Series C, 5.00%, 8/1/2028. . . 1,360,000 1,682,266Series C, 5.00%, 8/1/2034. . . 3,365,000 3,906,698Series D, 4.00%, 12/1/2042 . . 255,000 284,756Series D1, 4.00%, 12/1/2043 . 3,500,000 3,905,300Series E, 4.00%, 8/1/2026. . . 250,000 290,390Series E, 5.00%, 8/1/2022. . . 260,000 289,039Series E, 5.00%, 8/1/2028. . . 160,000 195,917Series E, 5.00%, 8/1/2032. . . 2,500,000 3,161,450Series E-1, 4.00%, 3/1/2041 . 500,000 555,905Series E-1, 5.00%, 3/1/2040 . 4,000,000 4,809,720Series F-1, 5.00%, 6/1/2026 . 165,000 197,969Series I, 5.00%, 3/1/2022 . . . 60,000 65,821Series J, 5.00%, 8/1/2020 . . . 1,120,000 1,165,416Series J-7, 5.00%, 8/1/2020. . 350,000 364,192

New York, NY, MetropolitanTransportation Authority,Dedicated Tax FundRevenue:Series A, 5.25%, 11/15/2027 . 250,000 315,127Series A, 5.25%, 11/15/2034 . 560,000 686,454Series B2, 4.00%,

11/15/2038 . . . . . . . . . . 255,000 279,597New York, NY, Sales Tax Asset

Receivables Corp., Revenue:Series A, 4.00%, 10/15/2032 . 4,415,000 4,941,400


Series A, 5.00%, 10/15/2025 . $ 175,000 $ 207,785Series A, 5.00%, 10/15/2026 . 4,445,000 5,272,748Series A, 5.00%, 10/15/2029 . 565,000 667,050Series A, 5.00%, 10/15/2030 . 1,110,000 1,307,391Series A, 5.00%, 10/15/2031 . 1,945,000 2,277,770

New York, NY, Trust forCultural Resources, WildlifeConservation SocietyRevenue:4.00%, 2/1/2023. . . . . . . . . 1,430,000 1,574,9454.00%, 4/1/2030. . . . . . . . . 400,000 463,0364.00%, 4/1/2031. . . . . . . . . 230,000 264,808

New York, State ConventionCenter Development Corp.,Revenue:4.00%, 11/15/2045 . . . . . . . 120,000 128,0085.00%, 11/15/2022 . . . . . . . 240,000 268,769

New York, State DormitoryAuthority RevenueSeries A, 5.00%, 10/1/2020 . . 1,000,000 1,046,880

New York, State DormitoryAuthority Revenue, NonState Supported Debt:5.00%, 10/1/2023 . . . . . . . . 200,000 230,262Series 1, 5.00%, 1/15/2029 . . 400,000 505,316Series 1, 5.00%, 1/15/2030 . . 250,000 313,215Series 1, 5.00%, 1/15/2031 . . 500,000 621,675Series A, 2.13%, 7/1/2041

(a) . . . . . . . . . . . . . . . . 865,000 860,891Series A, 2.50%, 7/1/2041

(a) . . . . . . . . . . . . . . . . 530,000 530,625Series A, 3.00%, 7/1/2029. . . 315,000 335,595Series A, 4.00%, 7/1/2034. . . 100,000 112,595Series A, 4.00%, 7/1/2043. . . 1,350,000 1,469,245Series A, 5.00%, 7/1/2021. . . 190,000 204,520Series A, 5.00%, 7/1/2022. . . 2,500,000 2,784,550Series A, 5.00%, 7/1/2026. . . 1,640,000 2,046,556Series A, 5.00%, 7/1/2028. . . 2,000,000 2,619,780Series A, 5.00%, 10/1/2028

(b). . . . . . . . . . . . . . . . 205,000 255,537Series A, 5.00%, 7/1/2029. . . 2,000,000 2,668,760Series A, 5.00%, 10/1/2029 . . 4,540,000 5,666,102Series A, 5.00%, 10/1/2030

(b). . . . . . . . . . . . . . . . 3,040,000 3,744,611Series A, 5.00%, 10/1/2030 . . 5,000,000 6,122,530Series A, 5.00%, 10/1/2031 . . 3,000,000 3,643,020Series A, 5.00%, 7/1/2032. . . 125,000 152,065Series A, 5.00%, 10/1/2032 . . 3,500,000 4,214,315Series A, 5.00%, 10/1/2033 . . 5,000,000 6,007,800Series A, 5.00%, 7/1/2034. . . 5,040,000 6,203,333Series A, 5.00%, 7/1/2035. . . 100,000 120,038Series A, 5.00%, 7/1/2040. . . 200,000 239,746Series B, 5.00%, 10/1/2021 . . 225,000 244,220Series B, 5.00%, 10/1/2030 . . 260,000 317,915


27


New York, State DormitoryAuthority Revenue, StateSupported Debt:Series A, 5.00%, 10/1/2021

(b). . . . . . . . . . . . . . . . $ 200,000 $ 216,898Series A, 5.00%, 10/1/2026

(b). . . . . . . . . . . . . . . . 125,000 147,431New York, State Dormitory

Authority, Personal IncomeTax Revenue:Series A, 3.25%, 2/15/2040 . . 100,000 102,054Series A, 5.00%, 2/15/2021 . . 840,000 890,610Series A, 5.00%, 2/15/2022 . . 3,265,000 3,577,526Series A, 5.00%, 3/15/2022 . . 190,000 208,749Series A, 5.00%, 2/15/2023 . . 355,000 401,491Series A, 5.00%, 3/15/2024 . . 4,560,000 5,314,680Series A, 5.00%, 2/15/2025 . . 3,280,000 3,913,237Series A, 5.00%, 3/15/2026 . . 245,000 293,140Series A, 5.00%, 3/15/2029 . . 1,380,000 1,637,218Series A, 5.00%, 2/15/2036 . . 5,500,000 6,565,460Series B, 5.00%, 3/15/2027 . . 110,000 127,709Series B, 5.00%, 3/15/2028 . . 170,000 197,200Series B, 5.00%, 3/15/2031 . . 500,000 574,940Series B, 5.00%, 3/15/2032 . . 425,000 487,492Series B, 5.00%, 2/15/2039 . . 200,000 230,544Series B, 5.00%, 2/15/2041 . . 1,430,000 1,644,443Series B-BIDDING GROUP

3 BOND, 5.00%,2/15/2038 . . . . . . . . . . . 400,000 479,264

Series C, 5.00%, 3/15/2035 . . 725,000 828,037Series C, 5.00%, 3/15/2037 . . 105,000 119,360Series C, 5.00%, 3/15/2038 . . 270,000 306,669Series C, 5.00%, 3/15/2042 . . 600,000 679,398Series C, 5.00%, 3/15/2044 . . 625,000 707,006Series D, 5.00%, 2/15/2022 . . 2,260,000 2,476,327Series D, 5.00%, 2/15/2026 . . 235,000 287,344Series D, 5.00%, 2/15/2027 . . 100,000 123,689Series D, 5.00%, 2/15/2028 . . 165,000 203,420Series E, 5.00%, 3/15/2022 . . 110,000 120,855Series E, 5.00%, 3/15/2023 . . 180,000 204,086Series E, 5.00%, 3/15/2024 . . 5,565,000 6,486,007Series E, 5.00%, 3/15/2036 . . 1,745,000 2,050,532Series E, 5.25%, 3/15/2033 . . 2,300,000 2,763,243

New York, State DormitoryAuthority, Sales TaxRevenue:Series A, 4.00%, 3/15/2021 . . 125,000 130,815Series A, 5.00%, 3/15/2021 . . 1,370,000 1,456,748Series A, 5.00%, 3/15/2022 . . 210,000 231,078Series A, 5.00%, 3/15/2023 . . 2,650,000 3,009,737Series A, 5.00%, 3/15/2024 . . 300,000 350,694Series A, 5.00%, 3/15/2025 . . 3,250,000 3,897,367Series A, 5.00%, 3/15/2026 . . 3,350,000 3,996,047Series A, 5.00%, 3/15/2028 . . 300,000 382,923Series A, 5.00%, 3/15/2029 . . 1,000,000 1,154,580Series A, 5.00%, 3/15/2030 . . 705,000 878,323


Series A, 5.00%, 3/15/2031 . . $ 160,000 $ 184,059Series A, 5.00%, 3/15/2032 . . 1,210,000 1,456,780Series A, 5.00%, 3/15/2033 . . 575,000 657,794Series A, 5.00%, 3/15/2037 . . 2,365,000 2,704,066Series A, 5.00%, 3/15/2038 . . 140,000 156,230Series A, 5.00%, 3/15/2039 . . 400,000 484,148Series A, 5.00%, 3/15/2044 . . 3,505,000 3,936,465Series A-GROUP B, 5.00%,

3/15/2028 . . . . . . . . . . . 200,000 247,946Series A-GROUP B, 5.00%,

3/15/2030 . . . . . . . . . . . 655,000 805,565Series A-GROUP B, 5.00%,

3/15/2037 . . . . . . . . . . . 160,000 192,051Series A-GROUP C, 5.00%,

3/15/2043 . . . . . . . . . . . 300,000 355,530Series B, 5.00%, 3/15/2031 . . 795,000 945,088Series B-B, 5.00%,

3/15/2027 . . . . . . . . . . . 270,000 324,769Series B-B, 5.00%,

3/15/2029 . . . . . . . . . . . 40,000 47,791Series B-B, 5.00%,

3/15/2033 . . . . . . . . . . . 350,000 413,129Series B-B, 5.00%,

3/15/2034 . . . . . . . . . . . 275,000 324,079Series C, 5.00%, 3/15/2042 . . 270,000 312,339Series E, 5.00%, 3/15/2034 . . 5,000,000 6,244,250

New York, State EnvironmentalFacilities Corp., Revenue:4.00%, 6/15/2036 . . . . . . . . 450,000 499,6215.00%, 6/15/2028 . . . . . . . . 550,000 681,0985.00%, 11/15/2039 . . . . . . . 505,000 577,2555.00%, 6/15/2041 . . . . . . . . 3,940,000 4,667,403Series A, 5.00%, 6/15/2040 . . 320,000 372,304Series B, 5.00%, 8/15/2041 . . 1,210,000 1,438,024Series E, 5.00%, 6/15/2034 . . 3,200,000 3,927,424

New York, State UrbanDevelopment Corp.,Revenue:5.00%, 3/15/2033 . . . . . . . . 225,000 257,8375.00%, 3/15/2034 . . . . . . . . 1,845,000 2,108,9095.00%, 3/15/2044 . . . . . . . . 370,000 416,601Series A, 5.00%, 3/15/2022 . . 460,000 505,393Series A, 5.00%, 3/15/2023 . . 2,005,000 2,273,289Series A, 5.00%, 3/15/2024 . . 4,595,000 5,355,472Series A, 5.00%, 3/15/2025 . . 285,000 340,732Series A, 5.00%, 3/15/2026 . . 6,295,000 7,712,445Series A, 5.00%, 3/15/2027 . . 565,000 692,407Series A, 5.00%, 3/15/2035 . . 11,000,000 13,582,360Series A, 5.00%, 3/15/2044 . . 1,000,000 1,205,470Series A-, 5.00%, 3/15/2023 . 765,000 867,365Series A-, 5.00%, 3/15/2024 . 440,000 512,820Series A-, 5.00%, 3/15/2028 . 225,000 271,048Series A-, 5.00%, 3/15/2029 . 525,000 629,995Series A-, 5.00%, 3/15/2033 . 3,610,000 4,272,724Series A-, 5.00%, 3/15/2038 . 105,000 122,806Series A-, 5.00%, 3/15/2039 . 530,000 618,717


28


Series A-, 5.00%, 3/15/2042 . $ 380,000 $ 442,457Series C, 5.00%, 3/15/2030 . . 160,000 180,110Series C-, 5.00%, 3/15/2027 . 100,000 125,172Series C-, 5.00%, 3/15/2031 . 4,250,000 5,267,280Series E, 5.00%, 3/15/2033 . . 120,000 134,320

Oyster Bay, NY, GeneralObligation:3.25%, 8/1/2021 (b) . . . . . . 115,000 119,0424.00%, 8/1/2029 (b) . . . . . . 385,000 411,3304.00%, 8/1/2031 (b) . . . . . . 255,000 271,338

Suffolk, NY, County WaterAuthority Revenue:Series A, 5.00%, 6/1/2037. . . 860,000 1,021,177Series B, 4.00%, 6/1/2040. . . 370,000 400,925

Triborough, NY, Bridge &Tunnel Authority Revenue:5.00%, 11/15/2023 . . . . . . . 200,000 232,186Series A, 5.00%, 11/15/2040 . 435,000 504,135Series A, 5.00%, 11/15/2041 . 350,000 411,481Series B, 5.00%, 11/15/2029 . 5,000,000 6,619,850Series C-1, 5.00%,

11/15/2025 . . . . . . . . . . 1,050,000 1,287,489Series C-2, 5.00%,

11/15/2042 . . . . . . . . . . 2,915,000 3,500,128Utility Debt Securitization

Authority Revenue:3.00%, 12/15/2032 . . . . . . . 510,000 535,5874.00%, 12/15/2037 . . . . . . . 195,000 213,2665.00%, 12/15/2025 . . . . . . . 1,940,000 2,250,5165.00%, 6/15/2027 . . . . . . . . 425,000 509,9115.00%, 12/15/2032 . . . . . . . 605,000 728,0515.00%, 12/15/2033 . . . . . . . 3,900,000 4,678,2845.00%, 12/15/2036 . . . . . . . 250,000 296,3505.00%, 12/15/2037 . . . . . . . 4,170,000 4,925,6875.00%, 12/15/2038 . . . . . . . 200,000 244,5665.00%, 12/15/2040 . . . . . . . 300,000 365,283Series A, 5.00%, 12/15/2026 . 350,000 415,775Series A, 5.00%, 6/15/2028 . . 255,000 314,451Series A, 5.00%, 12/15/2032 . 260,000 314,847Series A, 5.00%, 12/15/2033 . 500,000 604,150Series A, 5.00%, 12/15/2034 . 2,335,000 2,812,834Series A, 5.00%, 12/15/2035 . 1,975,000 2,372,745Series B, 5.00%, 12/15/2023 . 280,000 305,421Series B, 5.00%, 6/15/2024 . . 480,000 532,066Series B, 5.00%, 12/15/2024 . 1,070,000 1,204,745Series B, 5.00%, 12/15/2025 . 315,000 365,419

Westchester, NY, GeneralObligationSeries A, 5.00%, 1/1/2024. . . 1,530,000 1,785,938

512,202,410

NORTH CAROLINA — 1.5%Buncombe County, NC, Limited

Obligation Revenue:5.00%, 6/1/2025. . . . . . . . . 1,940,000 2,332,5405.00%, 6/1/2026. . . . . . . . . 100,000 119,981


Charlotte, NC, GeneralObligation5.00%, 12/1/2021 . . . . . . . . $ 100,000 $ 108,862

Charlotte, NC, Water & SewerSystem Revenue:5.00%, 7/1/2027. . . . . . . . . 5,000,000 6,316,9505.00%, 7/1/2028. . . . . . . . . 165,000 198,0735.00%, 7/1/2044. . . . . . . . . 125,000 152,964

Guilford County, NC, GeneralObligation5.00%, 3/1/2025. . . . . . . . . 1,050,000 1,256,514

Mecklenburg County, NC,General Obligation:Series A, 5.00%, 9/1/2021. . . 160,000 172,741Series A, 5.00%, 9/1/2023. . . 110,000 126,434Series A, 5.00%, 4/1/2027. . . 550,000 692,175

Mecklenburg County, NC,Public Facilities Corp.,Revenue5.00%, 2/1/2024. . . . . . . . . 165,000 191,718

North Carolina, CapitalFacilities Finance AgencyRevenue:4.00%, 1/1/2037. . . . . . . . . 230,000 252,9174.00%, 1/1/2038. . . . . . . . . 200,000 219,3564.00%, 1/1/2039. . . . . . . . . 570,000 623,8255.00%, 1/1/2028. . . . . . . . . 130,000 159,5525.00%, 1/1/2043. . . . . . . . . 3,000,000 3,589,860Series B, 4.00%, 10/1/2039 . . 245,000 268,797Series B, 5.00%, 10/1/2041 . . 1,900,000 2,214,298

North Carolina, State GeneralObligation:5.00%, 6/1/2027. . . . . . . . . 360,000 443,020Series A, 3.00%, 6/1/2034. . . 380,000 394,672Series A, 5.00%, 6/1/2020. . . 100,000 103,396Series A, 5.00%, 6/1/2021. . . 260,000 278,379Series A, 5.00%, 6/1/2023. . . 5,100,000 5,818,794

North Carolina, State Revenue:Series B, 5.00%, 5/1/2025. . . 2,530,000 3,029,371Series B, 5.00%, 5/1/2027. . . 215,000 268,348Series C, 5.00%, 5/1/2021. . . 2,725,000 2,908,283Series C, 5.00%, 5/1/2025. . . 240,000 279,650Series C, 5.00%, 5/1/2027. . . 100,000 116,179

Raleigh, NC, CombinedEnterprise System Revenue:Series A, 4.00%, 12/1/2035 . . 225,000 249,025Series A, 4.00%, 3/1/2041. . . 100,000 110,305

Wake, NC, General Obligation:3.00%, 9/1/2025. . . . . . . . . 245,000 263,304Series A, 5.00%, 3/1/2024. . . 100,000 116,615Series A, 5.00%, 3/1/2026. . . 400,000 490,996

Wake, NC, Limited ObligationRevenue:5.00%, 9/1/2026. . . . . . . . . 5,000,000 6,175,150Series A, 3.13%, 8/1/2034. . . 150,000 156,431Series A, 5.00%, 12/1/2020 . . 360,000 378,702


29


Series A, 5.00%, 12/1/2035 . . $ 2,030,000 $ 2,442,537

43,020,714

NORTH DAKOTA — 0.0%(d)

North Dakota, Public FinanceAuthority RevenueSeries A, 5.00%, 10/1/2030 . . 1,050,000 1,226,988

OHIO — 2.3%Cincinnati, OH, General

ObligationSeries A, 4.00%, 12/1/2023 . . 150,000 166,646

Columbus, OH, GeneralObligation:Series 1, 5.00%, 7/1/2025 . . . 165,000 198,901Series 2017-1, 4.00%,

4/1/2023 . . . . . . . . . . . . 510,000 560,000Series A, 3.00%, 8/15/2023 . . 555,000 592,474Series A, 3.00%, 2/15/2026 . . 300,000 318,636Series A, 3.00%, 7/1/2029. . . 1,400,000 1,476,846Series A, 3.00%, 8/15/2031 . . 350,000 363,860Series A, 3.10%, 7/1/2030. . . 535,000 563,039Series A, 5.00%, 2/15/2025 . . 110,000 127,782Series A, 5.00%, 4/1/2025. . . 5,000,000 5,992,950Series A, 5.00%, 4/1/2030. . . 5,000,000 6,371,400

Columbus, OH, Sewer Revenue:5.00%, 6/1/2025. . . . . . . . . 205,000 243,4585.00%, 6/1/2028. . . . . . . . . 1,815,000 2,140,0665.00%, 6/1/2030. . . . . . . . . 100,000 121,250

Columbus, School District,General ObligationSeries A, 5.00%, 12/1/2026 . . 100,000 118,025

Cuyahoga County, OH, GeneralObligation:4.00%, 12/1/2035 . . . . . . . . 2,785,000 3,062,9995.00%, 12/1/2027 . . . . . . . . 400,000 489,4285.00%, 12/1/2028 . . . . . . . . 300,000 365,9195.00%, 12/1/2029 . . . . . . . . 1,015,000 1,231,7945.00%, 12/1/2037 . . . . . . . . 600,000 705,864

Cuyahoga County, OH, SalesTax Revenue:5.00%, 12/1/2033 . . . . . . . . 685,000 795,3885.00%, 12/1/2034 . . . . . . . . 290,000 335,913

Franklin County, OH,Convention FacilitiesAuthority Revenue5.00%, 12/1/2029 . . . . . . . . 125,000 145,818

Hamilton County, OH, SewerSystem RevenueSeries A, 5.00%, 12/1/2031 . . 285,000 332,381

North Olmsted City SchoolDistrict, General ObligationSeries A, 5.00%, 12/1/2040 . . 340,000 393,791

Northeast Ohio, Regional SewerDistrict Revenue:3.25%, 11/15/2040 . . . . . . . 100,000 102,8234.00%, 11/15/2043 . . . . . . . 250,000 275,593


5.00%, 11/15/2039 . . . . . . . $ 430,000 $ 493,5025.00%, 11/15/2044 . . . . . . . 245,000 279,631

Ohio, State Adult CorrectionalCapital Facilities RevenueSeries A, 5.00%, 10/1/2037 . . 1,435,000 1,720,264

Ohio, State General Obligation:Series A, 5.00%, 12/15/2022 . 410,000 460,746Series A, 5.00%, 9/1/2023. . . 150,000 172,212Series A, 5.00%, 12/15/2023 . 320,000 370,618Series A, 5.00%, 9/1/2024. . . 505,000 596,284Series A, 5.00%, 9/15/2024 . . 100,000 118,196Series A, 5.00%, 9/15/2025 . . 350,000 424,070Series A, 5.00%, 5/1/2027. . . 100,000 110,336Series A, 5.00%, 3/15/2028 . . 1,275,000 1,472,561Series A, 5.00%, 5/1/2028. . . 265,000 292,390Series A, 5.00%, 3/15/2031 . . 440,000 504,874Series A, 5.00%, 3/15/2033 . . 135,000 154,243Series A, 5.00%, 3/15/2035 . . 200,000 227,554Series B, 5.00%, 6/15/2025 . . 165,000 176,865Series B, 5.00%, 6/15/2027 . . 200,000 221,552Series B, 5.00%, 9/1/2032. . . 175,000 195,508Series B, 5.00%, 9/1/2034. . . 170,000 189,474Series B, 5.00%, 6/15/2035 . . 200,000 219,250Series C, 5.00%, 11/1/2030 . . 140,000 165,187Series C, 5.00%, 11/1/2033 . . 400,000 468,060Series R, 5.00%, 5/1/2025. . . 110,000 128,994Series S, 5.00%, 5/1/2021 . . . 245,000 261,525Series S, 5.00%, 5/1/2029 . . . 1,835,000 2,229,195Series S, 5.00%, 5/1/2030 . . . 1,350,000 1,634,323Series S, 5.00%, 5/1/2031 . . . 1,200,000 1,447,224Series T, 5.00%, 11/1/2028 . . 400,000 497,712Series T, 5.00%, 5/1/2031 . . . 250,000 307,305Series V, 5.00%, 5/1/2024 . . . 500,000 585,835

Ohio, State InfrastructureProject Revenue:Series 1A, 5.00%,

12/15/2021 . . . . . . . . . . 115,000 125,265Series 2016-1, 5.00%,

12/15/2021 . . . . . . . . . . 170,000 185,174Ohio, State Revenue:

Series A, 5.00%, 12/1/2038 . . 5,000,000 6,076,950Series C, 5.00%, 12/1/2030 . . 165,000 200,239

Ohio, State Special ObligationRevenueSeries C, 5.00%, 12/1/2028 . . 230,000 282,176

Ohio, State Water DevelopmentAuthority Revenue:Series A, 5.00%, 6/1/2021. . . 100,000 107,069Series A, 5.00%, 6/1/2028. . . 175,000 213,295Series A, 5.00%, 12/1/2028 . . 825,000 1,003,868

Ohio, State Water DevelopmentAuthority, Water PollutionControl Revenue5.00%, 6/1/2025. . . . . . . . . 75,000 90,223


30


Ohio, Turnpike & InfrastructureCommission, RevenueSeries A, 5.00%, 2/15/2028 . . $ 350,000 $ 432,925

Ohio, Water DevelopmentAuthority Revenue:Series A, 5.00%, 6/1/2029. . . 10,000,000 12,901,700Series B, 5.00%, 12/1/2033 . . 115,000 139,038

Ohio, Water DevelopmentAuthority Water PollutionControl Loan Fund Revenue:Series A, 5.00%, 12/1/2029 . . 240,000 297,806Series A, 5.00%, 12/1/2031 . . 500,000 615,860Series B, 5.00%, 6/1/2026. . . 500,000 606,600

University of Cincinnati,Revenue:Series A, 5.00%, 6/1/2044. . . 275,000 328,174Series C, 5.00%, 6/1/2039. . . 100,000 113,703

67,438,599

OKLAHOMA — 0.3%Canadian County, OK,

Educational FacilitiesAuthority Revenue3.00%, 9/1/2029. . . . . . . . . 250,000 262,362

Oklahoma, CapitalImprovement Authority, StateFacilities Revenue:5.00%, 7/1/2027. . . . . . . . . 160,000 195,5975.00%, 7/1/2029. . . . . . . . . 2,000,000 2,428,760Series A, 3.00%, 7/1/2024. . . 145,000 155,114Series A, 5.00%, 7/1/2024. . . 190,000 222,159Series A, 5.00%, 7/1/2025. . . 280,000 326,063Series A, 5.00%, 7/1/2027. . . 265,000 307,366Series A, 5.00%, 7/1/2028. . . 200,000 231,560Series A, 5.00%, 7/1/2030. . . 170,000 196,561

Oklahoma, DevelopmentFinance Authority RevenueSeries D, 3.00%, 6/1/2046. . . 145,000 141,201

Oklahoma, State TurnpikeAuthority Revenue:Series A, 4.00%, 1/1/2033. . . 260,000 288,946Series C, 4.00%, 1/1/2042. . . 1,585,000 1,725,098Series C, 5.00%, 1/1/2037. . . 125,000 148,953

Oklahoma, State WaterResources Board Revenue5.00%, 4/1/2021. . . . . . . . . 115,000 122,386

Tulsa County, OK, IndustrialAuthority Revenue:5.00%, 9/1/2022. . . . . . . . . 60,000 66,6565.00%, 9/1/2024. . . . . . . . . 110,000 128,805

Tulsa, OK, Public FacilitiesAuthority Revenue:3.00%, 6/1/2026. . . . . . . . . 325,000 346,7683.00%, 6/1/2027. . . . . . . . . 250,000 265,187

7,559,542


OREGON — 1.7%Clackamas & Washington

Counties, OR, School DistrictNo. 3, General Obligation5.00%, 6/15/2029 . . . . . . . . $ 200,000 $ 238,588

Clackamas County, OR, SchoolDistrict No. 12, GeneralObligation:5.00%, 6/15/2022 . . . . . . . . 100,000 110,7555.00%, 6/15/2026 . . . . . . . . 75,000 87,7485.00%, 6/15/2027 . . . . . . . . 660,000 770,167Series A, Zero Coupon,

6/15/2036 . . . . . . . . . . . 115,000 62,145Series A, Zero Coupon,

6/15/2038 . . . . . . . . . . . 300,000 146,622Series A, 0.01%, 6/15/2042 . . 440,000 176,264Series B, 5.00%, 6/15/2037 . . 1,770,000 2,126,248

Linn & Benton Counties, OR,School District No. 8JGreater Albany, GeneralObligation:5.00%, 6/15/2024 . . . . . . . . 3,235,000 3,796,6285.00%, 6/15/2037 . . . . . . . . 100,000 120,288

Multnomah & ClackamasCounties, School District No10JT Gresham-Barlow,General ObligationSeries B, 5.00%, 6/15/2029 . . 135,000 167,779

Multnomah County SchoolDistrict No. 7 Reynolds,General ObligationSeries A, 5.00%, 6/15/2029 . . 805,000 956,292

Oregon, State Department ofAdministration Services,Lottery Revenue:Series C, 5.00%, 4/1/2025. . . 220,000 263,421Series C, 5.00%, 4/1/2026. . . 510,000 609,348

Oregon, State Department ofAuthority Services LotteryRevenueSeries C, 5.00%, 4/1/2022. . . 510,000 561,128

Oregon, State Department ofTransportation, HighwayUser Tax Revenue:Series A, 5.00%, 11/15/2024 . 125,000 148,388Series A, 5.00%, 11/15/2028 . 290,000 342,113

Oregon, State Department ofTransportation, Sales TaxRevenue:Series A, 5.00%, 11/15/2022 . 225,000 252,367Series A, 5.00%, 11/15/2029 . 2,575,000 3,029,899Series A, 5.00%, 11/15/2030 . 530,000 621,028Series B, 5.00%, 11/15/2019 . 125,000 126,725Series B, 5.00%, 11/15/2020 . 150,000 157,634Series C, 5.00%, 11/15/2025 . 170,000 206,825

Oregon, State GeneralObligation:


31


Series A, 5.00%, 5/1/2021. . . $ 5,000,000 $ 5,339,150Series A, 5.00%, 5/1/2022. . . 5,000,000 5,517,550Series C, 5.00%, 8/1/2041. . . 1,065,000 1,254,794Series F, 5.00%, 5/1/2028 . . . 180,000 219,643Series F, 5.00%, 5/1/2030 . . . 145,000 175,747Series F, 5.00%, 5/1/2035 . . . 100,000 119,080Series F, 5.00%, 5/1/2039 . . . 200,000 231,182Series I, 5.00%, 8/1/2024 . . . 125,000 147,541Series I, 5.00%, 8/1/2029 . . . 195,000 243,709Series L, 5.00%, 8/1/2029. . . 3,370,000 4,211,792Series L, 5.00%, 8/1/2030. . . 1,250,000 1,552,688

Oregon, State Health & ScienceUniversity Revenue:Series B, 4.00%, 7/1/2046. . . 155,000 166,682Series B, 5.00%, 7/1/2033. . . 400,000 476,128Series B, 5.00%, 7/1/2035. . . 1,335,000 1,578,544Series B, 5.00%, 7/1/2036. . . 235,000 276,828Series B, 5.00%, 7/1/2038. . . 285,000 333,216

Oregon, State RevenueSeries C, 5.00%, 12/1/2029 . . 180,000 219,654

Portland Community CollegeDistrict, General Obligation:5.00%, 6/15/2025 . . . . . . . . 430,000 517,5015.00%, 6/15/2027 . . . . . . . . 1,440,000 1,769,3285.00%, 6/15/2029 . . . . . . . . 500,000 610,6955.00%, 6/15/2030 . . . . . . . . 660,000 801,7815.00%, 6/15/2031 . . . . . . . . 500,000 602,5655.00%, 6/15/2032 . . . . . . . . 500,000 600,7805.00%, 6/15/2033 . . . . . . . . 500,000 598,950

Portland, OR, Sewer SystemRevenue:Series A, 2.50%, 6/15/2033 . . 325,000 326,173Series A, 5.00%, 6/1/2020. . . 50,000 51,703Series A, 5.00%, 8/1/2020. . . 165,000 171,636

Tri-County MetropolitanTransportation District ofOregon RevenueSeries A, 5.00%, 9/1/2041. . . 570,000 675,091

Washington & ClackamasCounties School District No.23J Tigard-Tualatin, GeneralObligationSeries J, 5.00%, 6/15/2026 . . 650,000 799,071

Washington & MultnomahCounties School District No.48J Beaverton, GeneralObligation:5.00%, 6/15/2022 . . . . . . . . 145,000 160,4165.00%, 6/15/2027 . . . . . . . . 120,000 140,155Series B, Zero Coupon,

6/15/2029 . . . . . . . . . . . 200,000 155,336Series B, Zero Coupon,

6/15/2034 . . . . . . . . . . . 330,000 196,360Series B, 0.01%, 6/15/2032 . . 200,000 132,220


Washington County, OR, SchoolDistrict No. 1, GeneralObligation5.00%, 6/15/2035 . . . . . . . . $ 390,000 $ 471,377

Washington County, OR, SchoolDistrict No. 48J Beaverton,General Obligation5.00%, 6/15/2028 . . . . . . . . 2,555,000 2,974,812

Yamhill County, OR, SchoolDistrict No. 40 McMinnville,General Obligation4.00%, 6/15/2037 . . . . . . . . 200,000 218,040

49,116,318

PENNSYLVANIA — 2.0%Abington, PA, School District

Series A, 4.00%, 10/1/2035 . . 535,000 590,431Allegheny, PA, General

Obligation:Series C-73, 5.00%,

12/1/2019 . . . . . . . . . . . 165,000 167,503Series C-75, 5.00%,

11/1/2026 . . . . . . . . . . . 315,000 389,434Bensalem, PA, Township School

District, General Obligation5.00%, 6/1/2028. . . . . . . . . 135,000 153,936

Chester, PA, General ObligationSeries A, 4.00%, 7/15/2029 . . 185,000 213,142

Delaware, State AuthorityRevenue:Series A, 3.75%, 10/1/2046 . . 120,000 126,347Series A, 5.00%, 10/1/2042 . . 295,000 347,253

Luzerne, PA, General ObligationSeries A, 5.00%, 11/15/2029(b) . . . . . . . . . . . . . . . . . 375,000 438,604

Montour, PA, School District,General ObligationSeries A, 5.00%, 4/1/2040(b) . . . . . . . . . . . . . . . . . 200,000 227,250

Neshaminy, PA, School District,General ObligationSeries B, 5.00%, 11/1/2034 . . 1,040,000 1,177,384

Pennsylvania TurnpikeCommission Revenue:Series A, 5.00%, 12/1/2028 . . 105,000 128,329Series A, 5.00%, 12/1/2030 . . 160,000 193,432

Pennsylvania, State CollegeArea School District, GeneralObligation5.00%, 3/15/2040 . . . . . . . . 280,000 320,998

Pennsylvania, State GeneralObligation:3.00%, 9/15/2033 (b). . . . . . 500,000 514,8404.00%, 2/1/2030. . . . . . . . . 400,000 444,7604.00%, 3/1/2038. . . . . . . . . 4,085,000 4,482,5525.00%, 3/15/2020 . . . . . . . . 120,000 123,1285.00%, 7/1/2022. . . . . . . . . 150,000 166,2755.00%, 9/15/2022 . . . . . . . . 2,500,000 2,788,900


32


5.00%, 3/15/2023 . . . . . . . . $ 120,000 $ 135,8655.00%, 8/15/2023 . . . . . . . . 1,275,000 1,461,3675.00%, 9/15/2023 . . . . . . . . 600,000 689,3645.00%, 1/1/2024. . . . . . . . . 725,000 838,3545.00%, 3/15/2024 . . . . . . . . 375,000 436,1145.00%, 6/15/2024 . . . . . . . . 285,000 333,7325.00%, 7/1/2024. . . . . . . . . 340,000 398,6235.00%, 9/15/2024 . . . . . . . . 175,000 206,2645.00%, 3/15/2025 . . . . . . . . 325,000 387,1405.00%, 8/15/2025 . . . . . . . . 275,000 330,7235.00%, 9/15/2025 . . . . . . . . 1,570,000 1,892,9495.00%, 2/1/2027. . . . . . . . . 2,000,000 2,419,0805.00%, 3/15/2028 . . . . . . . . 270,000 316,3025.00%, 9/15/2028 . . . . . . . . 11,530,000 14,055,185Series D, 5.00%, 8/15/2032 . . 800,000 934,096Series REF, 5.00%,

1/15/2020 . . . . . . . . . . . 195,000 198,884Series REF, 5.00%,

1/15/2022 . . . . . . . . . . . 1,480,000 1,616,486Series REF, 5.00%,

1/15/2025 . . . . . . . . . . . 1,250,000 1,482,937Series REF, 5.00%,

1/15/2027 . . . . . . . . . . . 4,760,000 5,871,841Series REF, 5.00%,

1/15/2028 . . . . . . . . . . . 2,410,000 2,956,853Pennsylvania, State Higher

Educational FacilitiesAuthority Revenue:Series A, 2.25%, 8/15/2041

(a) . . . . . . . . . . . . . . . . 685,000 681,164Series A, 2.50%, 10/1/2045

(a) . . . . . . . . . . . . . . . . 1,025,000 1,025,676Series A, 4.00%, 8/15/2033 . . 190,000 211,341Series A, 4.00%, 8/15/2034 . . 145,000 160,759Series A, 4.00%, 8/15/2035 . . 470,000 519,566Series AQ, 5.00%, 6/15/2021. 150,000 160,547Series AT-1, 5.00%,

6/15/2024 . . . . . . . . . . . 200,000 232,534Series AT-1, 5.00%,

6/15/2025 . . . . . . . . . . . 100,000 118,715Series AT-1, 5.00%,

6/15/2030 . . . . . . . . . . . 100,000 118,741Series B, 4.00%, 10/1/2038 . . 210,000 227,842Series B, 5.00%, 10/1/2025 . . 200,000 242,594

Pennsylvania, State University,Revenue:Series A, 5.00%, 9/1/2041. . . 150,000 177,437Series A, 5.00%, 9/1/2042. . . 270,000 324,146Series B, 4.00%, 9/1/2036. . . 490,000 540,426Series B, 5.00%, 9/1/2023. . . 1,385,000 1,590,700

West View, PA, MunicipalAuthority Water Revenue5.00%, 11/15/2039 . . . . . . . 2,030,000 2,412,493

58,701,338


RHODE ISLAND — 0.2%Rhode Island Health &

Educational Building Corp.,Revenue:Series A, 4.00%, 5/15/2028 . . $ 485,000 $ 547,730Series A, 5.00%, 5/15/2027 . . 270,000 323,541

Rhode Island, Health &Educational Building Corp.Revenue4.00%, 5/15/2020 (b). . . . . . 295,000 301,396

Rhode Island, State &Providence Plantations,Consolidated CapitalDevelopment, GeneralObligationSeries D, 5.00%, 8/1/2024. . . 250,000 294,140

Rhode Island, State &Providence Plantations,General Obligation:Series B, 5.00%, 8/1/2031. . . 1,195,000 1,464,222Series D, 5.00%, 8/1/2020. . . 115,000 119,587

Rhode Island, State GeneralObligation:5.00%, 8/1/2021. . . . . . . . . 135,000 145,199Series A, 5.00%, 8/1/2019. . . 125,000 125,372Series D, 5.00%, 8/1/2027. . . 2,025,000 2,365,200

5,686,387

SOUTH CAROLINA — 0.2%Aiken County, SC, Consolidated

School District, GeneralObligationSeries A, 5.00%, 3/1/2026. . . 450,000 549,486

Charleston, SC, EducationalExcellence Finance Corp.Revenue5.00%, 12/1/2023 . . . . . . . . 100,000 115,316

Charleston, SC, GeneralObligationSeries C, 5.00%, 11/1/2024 . . 350,000 415,663

Clemson University, SC,RevenueSeries B, 4.00%, 5/1/2038. . . 100,000 109,385

Lexington County, SC, SchoolDistrict No. 2, GeneralObligation:3.00%, 3/1/2038. . . . . . . . . 125,000 126,124Series C, 3.00%, 3/1/2038. . . 325,000 328,315

South Carolina, GeneralObligation:Series A, 4.00%, 4/1/2031. . . 2,085,000 2,413,283Series A, 5.00%, 10/1/2019 . . 125,000 126,154Series A, 5.00%, 4/1/2030. . . 120,000 150,654

York, SC, General Obligation5.00%, 4/1/2027. . . . . . . . . 280,000 326,172

4,660,552


33


TENNESSEE — 0.8%Chattanooga, TN, Electric

RevenueSeries A, 5.00%, 9/1/2024. . . $ 390,000 $ 460,496

City of Clarksville, TN, WaterSewer & Gas Revenue5.00%, 2/1/2041. . . . . . . . . 2,075,000 2,427,563

Knoxville, TN, WastewaterSystem RevenueSeries A, 3.50%, 4/1/2040. . . 100,000 102,289

Memphis, TN, GeneralObligation:4.00%, 6/1/2032. . . . . . . . . 2,320,000 2,597,4494.00%, 6/1/2043. . . . . . . . . 2,425,000 2,622,6134.00%, 6/1/2044. . . . . . . . . 500,000 538,450Series A, 5.00%, 4/1/2026. . . 320,000 381,792

Metropolitan GovernmentNashville & DavidsonCounty, General Obligation:4.00%, 7/1/2028. . . . . . . . . 360,000 422,1544.00%, 7/1/2031. . . . . . . . . 750,000 854,0325.00%, 7/1/2024. . . . . . . . . 110,000 129,430

Metropolitan GovernmentNashville & DavidsonCounty, TN, ElectricRevenue:Series A, 5.00%, 5/15/2020 . . 100,000 103,196Series A, 5.00%, 7/1/2042. . . 540,000 643,324Series B, 5.00%, 5/15/2026 . . 345,000 423,808

Metropolitan GovernmentNashville & DavidsonCounty, TN, GeneralObligation:4.00%, 7/1/2033. . . . . . . . . 1,130,000 1,278,8665.00%, 7/1/2021. . . . . . . . . 135,000 144,9285.00%, 1/1/2024. . . . . . . . . 105,000 121,8145.00%, 1/1/2025. . . . . . . . . 535,000 636,8915.00%, 1/1/2026. . . . . . . . . 170,000 207,3585.00%, 1/1/2027. . . . . . . . . 100,000 123,063Series C, 5.00%, 7/1/2020. . . 200,000 207,328Series C, 5.00%, 7/1/2023. . . 115,000 131,486Series C, 5.00%, 7/1/2027. . . 1,605,000 1,922,501

Shelby, TN, General Obligation:Series A, 5.00%, 4/1/2021. . . 200,000 212,882Series A, 5.00%, 4/1/2025. . . 285,000 341,077

Tennessee, State GeneralObligation:Series A, 5.00%, 8/1/2022. . . 150,000 166,850Series A, 5.00%, 2/1/2026. . . 160,000 195,890

Tennessee, State School BondAuthority Revenue:5.00%, 11/1/2021 . . . . . . . . 295,000 320,0455.00%, 11/1/2026 . . . . . . . . 250,000 295,208Series A, 5.00%, 11/1/2027 . . 100,000 126,862Series A, 5.00%, 11/1/2032 . . 125,000 154,639Series A, 5.00%, 11/1/2034 . . 3,610,000 4,435,968Series A, 5.00%, 11/1/2035 . . 520,000 636,938


Series A, 5.00%, 11/1/2037 . . $ 435,000 $ 529,508Series B, 5.00%, 11/1/2022 . . 100,000 112,029Series B, 5.00%, 11/1/2025 . . 105,000 127,624

24,136,351

TEXAS — 12.3%Alamo, TX, Community

College District, GeneralObligation:5.00%, 8/15/2026 . . . . . . . . 125,000 153,7585.00%, 8/15/2027 . . . . . . . . 575,000 721,3145.00%, 8/15/2038 . . . . . . . . 1,000,000 1,208,230

Alamo, TX, Regional MobilityAuthority Revenue5.00%, 6/15/2039 . . . . . . . . 100,000 114,849

Aldine, TX, Independent SchoolDistrict, General Obligation:5.00%, 2/15/2020 (b). . . . . . 100,000 102,2935.00%, 2/15/2022 (b). . . . . . 3,030,000 3,316,6995.00%, 2/15/2024 (b). . . . . . 220,000 255,0485.00%, 2/15/2026 (b). . . . . . 150,000 177,6625.00%, 2/15/2029 (b). . . . . . 300,000 352,9505.00%, 2/15/2030 (b). . . . . . 215,000 262,408

Allen, TX, Independent SchoolDistrict, General Obligation5.00%, 2/15/2027 (b). . . . . . 320,000 388,262

Alvin, TX, Independent SchoolDistrict, General Obligation:5.00%, 2/15/2027 (b). . . . . . 345,000 417,871Series A, 4.00%, 2/15/2039

(b). . . . . . . . . . . . . . . . 255,000 277,647Series A, 5.00%, 2/15/2030

(b). . . . . . . . . . . . . . . . 165,000 196,898Series C, 5.00%, 2/15/2028

(b). . . . . . . . . . . . . . . . 3,000,000 3,435,870Arlington, TX, Independent

School District, GeneralObligation:Series A, 5.00%, 2/15/2026

(b). . . . . . . . . . . . . . . . 225,000 253,010Series B, 5.00%, 2/15/2025

(b). . . . . . . . . . . . . . . . 75,000 89,246Austin, TX, Community College

District, General Obligation:4.00%, 8/1/2043. . . . . . . . . 2,000,000 2,198,0405.00%, 8/1/2035. . . . . . . . . 1,175,000 1,373,739

Austin, TX, Electric UtilitySystem Revenue:5.00%, 11/15/2033 . . . . . . . 250,000 299,353Series A, 5.00%, 11/15/2021 . 100,000 108,335Series A, 5.00%, 11/15/2022 . 100,000 111,706

Austin, TX, General Obligation:5.00%, 9/1/2021. . . . . . . . . 115,000 124,0545.00%, 9/1/2032. . . . . . . . . 640,000 742,9065.00%, 9/1/2034. . . . . . . . . 420,000 484,726

Austin, TX, Independent SchoolDistrict, General Obligation:


34


4.00%, 8/1/2033 (b) . . . . . . $ 3,700,000 $ 4,248,9324.00%, 8/1/2034 (b) . . . . . . 6,000,000 6,851,5805.00%, 8/1/2028 (b) . . . . . . 1,000,000 1,224,480Series B, 5.00%, 8/1/2019. . . 150,000 150,447Series B, 5.00%, 8/1/2031

(b). . . . . . . . . . . . . . . . 125,000 150,279Austin, TX, Water & Wastewater

System Revenue:5.00%, 11/15/2027 . . . . . . . 265,000 334,0755.00%, 11/15/2034 . . . . . . . 375,000 430,0245.00%, 11/15/2039 . . . . . . . 4,230,000 4,812,0065.00%, 11/15/2043 . . . . . . . 100,000 113,482Series A, 5.00%, 5/15/2022 . . 600,000 661,506Series A, 5.00%, 5/15/2026 . . 300,000 362,760

Bexar County, TX, GeneralObligation:4.00%, 6/15/2041 . . . . . . . . 350,000 380,3035.00%, 6/15/2026 . . . . . . . . 80,000 96,2295.00%, 6/15/2027 . . . . . . . . 355,000 425,925

Bexar County, TX, HospitalDistrict, General Obligation:4.00%, 2/15/2036 . . . . . . . . 300,000 328,2124.00%, 2/15/2043 . . . . . . . . 3,755,000 4,095,3165.00%, 2/15/2022 . . . . . . . . 2,250,000 2,458,6205.00%, 2/15/2023 . . . . . . . . 125,000 140,7495.00%, 2/15/2026 . . . . . . . . 140,000 169,9845.00%, 2/15/2027 . . . . . . . . 265,000 321,1595.00%, 2/15/2029 . . . . . . . . 130,000 156,0855.00%, 2/15/2032 . . . . . . . . 3,000,000 3,471,510

Birdville, TX, IndependentSchool District, GeneralObligation:Series B, 5.00%, 2/15/2025

(b). . . . . . . . . . . . . . . . 250,000 297,785Series B, 5.00%, 2/15/2028

(b). . . . . . . . . . . . . . . . 200,000 235,758Series B, 5.00%, 2/15/2030

(b). . . . . . . . . . . . . . . . 550,000 648,807Brazoria County, TX, Toll Road

Authority RevenueSeries B, 1.45%, 3/1/2020. . . 100,000 99,999

City of Houston TXSeries A, 5.00%, 3/1/2030. . . 445,000 541,400

Clear Creek, TX, IndependentSchool District, GeneralObligation:5.00%, 2/15/2032 (b). . . . . . 1,000,000 1,210,5205.00%, 2/15/2034 (b). . . . . . 1,000,000 1,203,3205.00%, 2/15/2037 (b). . . . . . 2,555,000 3,042,7245.00%, 2/15/2041 (b). . . . . . 1,000,000 1,179,120

Cleburne, TX, IndependentSchool District, GeneralObligationSeries B, 5.00%, 2/15/2041(b) . . . . . . . . . . . . . . . . . 1,400,000 1,624,112


Clint, TX, Independent SchoolDistrict, General ObligationSeries B, 5.00%, 8/15/2045(b) . . . . . . . . . . . . . . . . . $ 250,000 $ 287,815

Collin County, TX, CommunityCollege District, GeneralObligation:4.00%, 8/15/2020 . . . . . . . . 1,280,000 1,318,7074.00%, 8/15/2031 . . . . . . . . 495,000 563,9834.00%, 8/15/2032 . . . . . . . . 280,000 317,2994.00%, 8/15/2034 . . . . . . . . 190,000 213,7375.00%, 8/15/2025 . . . . . . . . 390,000 468,523

Collin County, TX, Revenue3.13%, 2/15/2035 . . . . . . . . 720,000 742,946

Colorado River, TX, MunicipalWater District Revenue5.00%, 1/1/2025. . . . . . . . . 500,000 592,895

Comal, TX, Independent SchoolDistrict, General ObligationSeries B, 5.00%, 2/1/2024(b) . . . . . . . . . . . . . . . . . 395,000 457,438

Conroe, TX, IndependentSchool District, GeneralObligation:5.00%, 2/15/2025 (b). . . . . . 350,000 416,066Series A, 5.00%, 2/15/2025

(b). . . . . . . . . . . . . . . . 205,000 243,696Coppell, TX, Independent

School District, GeneralObligation5.00%, 8/15/2042 (b). . . . . . 1,000,000 1,213,460

Crowley, Independent SchoolDistrict, General Obligation:Series B, 4.00%, 8/1/2037

(b). . . . . . . . . . . . . . . . 140,000 151,697Series B, 5.00%, 8/1/2036

(b). . . . . . . . . . . . . . . . 100,000 116,522Cypress-Fairbanks, TX,

Independent School District,General Obligation:4.00%, 2/15/2037 (b). . . . . . 235,000 257,7534.00%, 2/15/2041 (b). . . . . . 100,000 108,3855.00%, 2/15/2021 (b). . . . . . 3,200,000 3,390,6885.00%, 2/15/2022 (b). . . . . . 2,000,000 2,190,8805.00%, 2/15/2023 (b). . . . . . 150,000 169,2965.00%, 2/15/2028 (b). . . . . . 435,000 513,5445.00%, 2/15/2029 (b). . . . . . 165,000 194,2205.00%, 2/15/2033 (b). . . . . . 2,635,000 3,248,639Series B-1, 3.00%, 2/15/2036

(a) (b) . . . . . . . . . . . . . 170,000 170,309Series C, 5.00%, 2/15/2023

(b). . . . . . . . . . . . . . . . 450,000 507,888Series C, 5.00%, 2/15/2024

(b). . . . . . . . . . . . . . . . 130,000 150,963Series C, 5.00%, 2/15/2028

(b). . . . . . . . . . . . . . . . 120,000 137,838


35


Series C, 5.00%, 2/15/2044(b). . . . . . . . . . . . . . . . $ 2,245,000 $ 2,521,000

Dallas County, TX, GeneralObligation5.00%, 8/15/2025 . . . . . . . . 100,000 120,393

Dallas, TX, Area Rapid Transit,Sales Tax Revenue:5.00%, 12/1/2033 . . . . . . . . 5,000,000 6,405,3505.00%, 12/1/2034 . . . . . . . . 6,000,000 7,653,540Series A, 5.00%, 12/1/2021 . . 230,000 249,982Series A, 5.00%, 12/1/2028 . . 295,000 354,687Series A, 5.00%, 12/1/2029 . . 255,000 305,564Series A, 5.00%, 12/1/2030 . . 160,000 190,976Series A, 5.00%, 12/1/2033 . . 100,000 116,283Series A, 5.00%, 12/1/2034 . . 175,000 206,133Series A, 5.00%, 12/1/2035 . . 810,000 941,331Series A, 5.00%, 12/1/2036 . . 295,000 344,089Series A, 5.00%, 12/1/2041 . . 1,065,000 1,234,271Series B, 5.00%, 12/1/2019 . . 100,000 101,521Series B, 5.00%, 12/1/2020 . . 155,000 163,007

Dallas, TX, General Obligation:5.00%, 2/15/2021 . . . . . . . . 110,000 116,4815.00%, 2/15/2022 . . . . . . . . 2,445,000 2,671,0405.00%, 2/15/2023 . . . . . . . . 2,280,000 2,565,5475.00%, 2/15/2024 . . . . . . . . 1,650,000 1,905,6675.00%, 2/15/2025 . . . . . . . . 210,000 242,9265.00%, 2/15/2026 . . . . . . . . 1,000,000 1,152,7605.00%, 2/15/2027 . . . . . . . . 250,000 287,2005.00%, 2/15/2030 . . . . . . . . 275,000 321,3465.00%, 2/15/2031 . . . . . . . . 2,050,000 2,497,863Series B, 3.00%, 2/15/2036 . . 540,000 543,051

Dallas, TX, Independent SchoolDistrict, General Obligation:4.00%, 2/15/2032 (b). . . . . . 160,000 176,690Series A, 3.00%, 2/15/2036

(b). . . . . . . . . . . . . . . . 345,000 349,064Series A, 4.00%, 2/15/2030

(b). . . . . . . . . . . . . . . . 2,965,000 3,300,341Series A, 4.00%, 2/15/2031

(b). . . . . . . . . . . . . . . . 255,000 282,469Series A, 5.00%, 8/15/2021

(b). . . . . . . . . . . . . . . . 355,000 382,544Series A, 5.00%, 8/15/2024

(b). . . . . . . . . . . . . . . . 210,000 247,328Series A, 5.00%, 2/15/2026

(b). . . . . . . . . . . . . . . . 1,045,000 1,238,942Series A, 5.00%, 8/15/2027

(b). . . . . . . . . . . . . . . . 875,000 1,023,960Series A, 5.00%, 8/15/2032

(b). . . . . . . . . . . . . . . . 1,000,000 1,156,910Series B, 5.00%, 2/15/2036

(b). . . . . . . . . . . . . . . . 60,000 65,584Series B, 5.00%, 2/15/2036

(a) (b) . . . . . . . . . . . . . 250,000 272,168Dallas, TX, Waterworks &

Sewer System Revenue:


Series A, 4.00%, 10/1/2034 . . $ 300,000 $ 329,148Series A, 5.00%, 10/1/2027 . . 110,000 132,468Series A, 5.00%, 10/1/2028 . . 300,000 360,732Series A, 5.00%, 10/1/2029 . . 100,000 122,135Series A, 5.00%, 10/1/2033 . . 410,000 492,336Series A, 5.00%, 10/1/2034 . . 800,000 957,576Series A, 5.00%, 10/1/2036 . . 680,000 809,390

Denton, TX, General Obligation4.00%, 2/15/2039 . . . . . . . . 360,000 385,524

Denton, TX, IndependentSchool District, GeneralObligation:5.00%, 8/15/2025 (b). . . . . . 290,000 343,8185.00%, 8/15/2028 (b). . . . . . 175,000 206,5095.00%, 8/15/2030 (b). . . . . . 115,000 137,677Series B, 5.00%, 8/15/2043

(b). . . . . . . . . . . . . . . . 2,225,000 2,645,480Dripping Springs, TX,

Independent School District,General Obligation:5.00%, 2/15/2026 (b). . . . . . 360,000 415,3395.00%, 2/15/2027 (b). . . . . . 1,355,000 1,559,890

Eagle Mountain & SaginawIndependent School District5.00%, 8/15/2030 (b). . . . . . 125,000 149,219

El Paso, Independent SchoolDistrict, General Obligation3.00%, 8/15/2030 (b). . . . . . 150,000 156,975

El Paso, TX, General Obligation4.00%, 8/15/2042 . . . . . . . . 210,000 224,595

El Paso, TX, Water & SewerRevenue5.00%, 3/1/2026. . . . . . . . . 165,000 190,427

Forney, TX, Independent SchoolDistrict, General Obligation5.00%, 8/15/2029 (b). . . . . . 125,000 148,200

Fort Bend County, TX, GeneralObligation:Series B, 4.00%, 3/1/2029. . . 150,000 169,860Series B, 5.00%, 3/1/2026. . . 250,000 296,278Series B, 5.00%, 3/1/2028. . . 520,000 627,427

Fort Bend, TX, IndependentSchool District, GeneralObligation4.00%, 8/15/2032 (b). . . . . . 275,000 312,730

Fort Worth, TX, GeneralObligation:Series A, 5.00%, 3/1/2023. . . 50,000 56,392Series A, 5.00%, 3/1/2026. . . 110,000 130,166

Fort Worth, TX, IndependentSchool District, GeneralObligation:5.00%, 2/15/2021 (b). . . . . . 135,000 143,0455.00%, 2/15/2022 (b). . . . . . 675,000 739,0515.00%, 2/15/2023 (b). . . . . . 50,000 56,4325.00%, 2/15/2025 (b). . . . . . 195,000 232,157


36


Fort Worth, TX, Water & SewerSystem Revenue:5.00%, 2/15/2028 . . . . . . . . $ 130,000 $ 149,387Series A, 5.00%, 2/15/2023 . . 1,860,000 2,099,270Series A, 5.00%, 2/15/2027 . . 140,000 165,469

Frisco, TX, General Obligation:5.00%, 2/15/2024 . . . . . . . . 125,000 145,035Series A, 5.00%, 2/15/2024 . . 150,000 174,042Series A, 5.00%, 2/15/2026 . . 260,000 308,716

Frisco, TX, Independent SchoolDistrict, General Obligation:Series A, 4.00%, 8/15/2032

(b). . . . . . . . . . . . . . . . 510,000 566,278Series A, 5.00%, 8/15/2022

(b). . . . . . . . . . . . . . . . 300,000 333,909Galena Park, TX, Independent

School District, GeneralObligation4.00%, 8/15/2034 (b). . . . . . 375,000 423,517

Garland, TX, IndependentSchool District, GeneralObligation:Series B, 5.00%, 2/15/2029

(b). . . . . . . . . . . . . . . . 1,000,000 1,176,500Series B, 5.00%, 2/15/2030

(b). . . . . . . . . . . . . . . . 260,000 305,336Georgetown, TX, Independent

School District, GeneralObligationSeries A, 5.00%, 8/15/2037(b) . . . . . . . . . . . . . . . . . 110,000 128,357

Grand Parkway, TX,Transportation Corp.,RevenueSeries A, 5.00%, 10/1/2043 . . 1,300,000 1,547,910

Grand Prairie, TX, IndependentSchool District, GeneralObligation4.00%, 8/15/2030 (b). . . . . . 100,000 112,646

Grapevine-Colleyville, TX,Independent School District,General Obligation5.00%, 8/15/2031 (b). . . . . . 500,000 590,335

Harris County, TX, CulturalEducation Facilities FinanceCorp., Revenue:4.00%, 11/15/2036 . . . . . . . 395,000 437,4034.00%, 11/15/2037 . . . . . . . 335,000 369,7965.00%, 11/15/2025 . . . . . . . 275,000 329,9375.00%, 11/15/2030 . . . . . . . 350,000 427,084

Harris County, TX, FloodControl District Revenue:Series A, 5.00%, 10/1/2027 . . 285,000 340,704Series A, 5.00%, 10/1/2029 . . 530,000 659,617Series A, 5.00%, 10/1/2030 . . 1,000,000 1,236,070Series A, 5.00%, 10/1/2032 . . 455,000 556,961Series A, 5.00%, 10/1/2033 . . 250,000 304,880


Series A, 5.00%, 10/1/2034 . . $ 500,000 $ 607,155Harris County, TX, General

Obligation:Series A, 5.00%, 10/1/2025 . . 1,495,000 1,809,413Series A, 5.00%, 10/1/2027 . . 1,230,000 1,462,348Series A, 5.00%, 10/1/2029 . . 3,090,000 3,688,626Series A, 5.00%, 10/1/2034 . . 440,000 509,951Series A, 5.00%, 10/1/2035 . . 155,000 182,216

Harris County, TX,Metropolitan TransitAuthority, Sales TaxRevenue:5.00%, 11/1/2026 . . . . . . . . 150,000 177,6415.00%, 11/1/2027 . . . . . . . . 130,000 153,9555.00%, 11/1/2028 . . . . . . . . 120,000 140,959Series A, 5.00%, 11/1/2024 . . 4,805,000 5,687,438Series A, 5.00%, 11/1/2026 . . 380,000 469,794Series A, 5.00%, 11/1/2028 . . 200,000 245,302Series A, 5.00%, 11/1/2029 . . 300,000 365,565Series B, 5.00%, 11/1/2022 . . 2,000,000 2,240,580Series B, 5.00%, 11/1/2024 . . 225,000 266,321

Harris County, TX, Revenue:5.00%, 8/15/2025 . . . . . . . . 275,000 330,544Series A, 5.00%, 8/15/2024 . . 375,000 440,036Series A, 5.00%, 8/15/2026 . . 185,000 227,421Series A, 5.00%, 8/15/2030 . . 480,000 579,926Series A, 5.00%, 8/15/2032 . . 540,000 647,023Series A, 5.00%, 8/15/2035 . . 490,000 581,703Series A, 5.00%, 8/15/2036 . . 270,000 319,486

Harris County, TX, Toll RoadAuthority Revenue:Series A, 4.00%, 8/15/2037 . . 300,000 335,160Series A, 5.00%, 8/15/2022 . . 195,000 216,345Series A, 5.00%, 8/15/2032 . . 1,635,000 2,014,369

Hidalgo, TX, GeneralObligationSeries A, 5.00%, 8/15/2036 . . 645,000 781,379

Houston of Harris County, TX,Port Authority GeneralObligationSeries A, 5.00%, 10/1/2022 . . 255,000 284,340

Houston, TX, Combined UtilitySystem Revenue:Series B, 4.00%, 11/15/2037 . 250,000 275,268Series B, 5.00%, 11/15/2025 . 200,000 241,700Series B, 5.00%, 11/15/2026 . 300,000 370,482Series B, 5.00%, 11/15/2032 . 275,000 330,855Series B, 5.00%, 11/15/2036 . 555,000 658,258Series C, 4.00%, 5/15/2021 . . 200,000 209,900Series C, 5.00%, 5/15/2021 . . 175,000 186,884Series D, 5.00%, 11/15/2020 . 2,775,000 2,915,026Series D, 5.00%, 11/15/2021 . 100,000 108,384Series D, 5.00%, 11/15/2022 . 200,000 223,552Series D, 5.00%, 11/15/2028 . 130,000 151,971

Houston, TX, GeneralObligation:


37


Series A, 4.00%, 3/1/2035. . . $ 765,000 $ 840,666Series A, 4.00%, 3/1/2036. . . 395,000 428,535Series A, 5.00%, 3/1/2021. . . 350,000 371,182Series A, 5.00%, 3/1/2022. . . 185,000 202,538Series A, 5.00%, 3/1/2024. . . 300,000 347,337Series A, 5.00%, 3/1/2025. . . 925,000 1,096,948Series A, 5.00%, 3/1/2026. . . 780,000 944,190Series A, 5.00%, 3/1/2029. . . 135,000 154,586Series A, 5.00%, 3/1/2030. . . 250,000 298,573Series A, 5.00%, 3/1/2031. . . 100,000 118,772

Houston, TX, IndependentSchool District, GeneralObligation:5.00%, 2/15/2020 (b). . . . . . 50,000 51,1475.00%, 2/15/2022 (b). . . . . . 100,000 109,5445.00%, 2/15/2023 (b). . . . . . 270,000 304,9385.00%, 2/15/2024 (b). . . . . . 650,000 755,4495.00%, 2/15/2025 (b). . . . . . 3,100,000 3,696,2235.00%, 2/15/2035 . . . . . . . . 2,500,000 3,002,5755.00%, 2/15/2042 (b). . . . . . 315,000 371,643Series A, 4.00%, 2/15/2033

(b). . . . . . . . . . . . . . . . 700,000 776,314Series A, 4.00%, 2/15/2040

(b). . . . . . . . . . . . . . . . 130,000 141,027Series A, 5.00%, 2/15/2020

(b). . . . . . . . . . . . . . . . 195,000 199,471Series A, 5.00%, 2/15/2022

(b). . . . . . . . . . . . . . . . 390,000 427,222Series A, 5.00%, 2/15/2027

(b). . . . . . . . . . . . . . . . 555,000 671,067Series A, 5.00%, 2/15/2030

(b). . . . . . . . . . . . . . . . 395,000 472,175Series A, 5.00%, 2/15/2031

(b). . . . . . . . . . . . . . . . 445,000 529,942Humble, TX, Independent

School District, GeneralObligation:Series A, 5.50%, 2/15/2025

(b). . . . . . . . . . . . . . . . 110,000 133,718Series B, 5.00%, 2/15/2020

(b). . . . . . . . . . . . . . . . 200,000 204,586Hurst-Euless-Bedford, TX,

Independent School District,General ObligationSeries A, 5.00%, 8/15/2028 . . 140,000 174,857

Hutto, TX, General Obligation4.00%, 8/1/2043. . . . . . . . . 250,000 271,153

Irving Independent, CA, SchoolDistrict, General ObligationSeries A, 5.00%, 2/15/2023(b) . . . . . . . . . . . . . . . . . 175,000 197,379

Judson, TX, Independent SchoolDistrict, General Obligation:Series B, 4.00%, 2/1/2041

(b). . . . . . . . . . . . . . . . 300,000 323,532Series B, 5.00%, 2/1/2025

(b). . . . . . . . . . . . . . . . 225,000 266,823


Katy, TX, Independent SchoolDistrict, General Obligation:4.00%, 2/15/2037 (b). . . . . . $ 185,000 $ 205,3805.00%, 2/15/2042 (b). . . . . . 230,000 271,5335.00%, 2/15/2043 (b). . . . . . 1,285,000 1,542,951Series A, 5.00%, 2/15/2027

(b). . . . . . . . . . . . . . . . 635,000 751,643Series A, 5.00%, 2/15/2028

(b). . . . . . . . . . . . . . . . 1,015,000 1,197,071Series D, 5.00%, 2/15/2024

(b). . . . . . . . . . . . . . . . 3,065,000 3,554,756Series D, 5.00%, 2/15/2025

(b). . . . . . . . . . . . . . . . 405,000 480,966Keller, TX, Independent School

District, General Obligation:4.00%, 8/15/2040 (b). . . . . . 565,000 608,432Series A, 5.00%, 8/15/2027

(b). . . . . . . . . . . . . . . . 145,000 175,140Klein, TX, Independent School

District, General Obligation4.00%, 8/1/2046 (b) . . . . . . 100,000 108,008

Lake Travis, TX, IndependentSchool District, GeneralObligationSeries A, 5.00%, 2/15/2043(b) . . . . . . . . . . . . . . . . . 5,095,000 6,009,654

Lamar, TX, ConsolidatedIndependent School District,General Obligation:4.00%, 2/15/2045 (b). . . . . . 140,000 149,2235.00%, 2/15/2021 (b). . . . . . 600,000 635,5505.00%, 2/15/2022 (b). . . . . . 110,000 120,408

Leander, TX, IndependentSchool District, GeneralObligation:0.01%, 8/15/2036 (b). . . . . . 335,000 177,2182.50%, 8/15/2040 (a) (b) . . . 100,000 100,016Series A, Zero Coupon,

8/16/2044 (b) . . . . . . . . . 100,000 38,469Series A, 2.25%, 8/15/2045

(a) (b) . . . . . . . . . . . . . 150,000 149,936Series A, 5.00%, 8/15/2026

(b). . . . . . . . . . . . . . . . 640,000 768,774Series A, 5.00%, 8/15/2038

(b). . . . . . . . . . . . . . . . 100,000 115,781Series A, 5.00%, 8/15/2040

(b). . . . . . . . . . . . . . . . 355,000 409,166Series D, Zero Coupon,

8/15/2023 (b) . . . . . . . . . 100,000 93,605Series D, Zero Coupon,




8/15/2039 (b) . . . . . . . . . 585,000 252,293


38


Series D, Zero Coupon,8/15/2041 (b) . . . . . . . . . $ 40,000 $ 16,262

Series D, 0.01%, 8/15/2040(b). . . . . . . . . . . . . . . . 615,000 251,670

Lewisville, TX, IndependentSchool District, GeneralObligation:Series A, 4.00%, 8/15/2026

(b). . . . . . . . . . . . . . . . 180,000 205,067Series A, 4.00%, 8/15/2027

(b). . . . . . . . . . . . . . . . 110,000 125,057Series A, 5.00%, 8/15/2021

(b). . . . . . . . . . . . . . . . 105,000 113,147Series A, 5.00%, 8/15/2022

(b). . . . . . . . . . . . . . . . 560,000 623,297Series B, 3.25%, 8/15/2036

(b). . . . . . . . . . . . . . . . 100,000 103,120Series B, 5.00%, 8/15/2023

(b). . . . . . . . . . . . . . . . 300,000 343,980Series B, 5.00%, 8/15/2024

(b). . . . . . . . . . . . . . . . 135,000 159,143Series B, 5.00%, 8/15/2026

(b). . . . . . . . . . . . . . . . 300,000 369,927Series B, 5.00%, 8/15/2028 . . 525,000 626,850

Little Elm, TX, IndependentSchool District, GeneralObligationSeries B, 5.00%, 8/15/2042(b) . . . . . . . . . . . . . . . . . 3,000,000 3,600,960

Lone Star, TX, College System,General Obligation:5.00%, 2/15/2033 . . . . . . . . 400,000 474,324Series B, 5.00%, 2/15/2021 . . 585,000 619,860Series B, 5.00%, 2/15/2023 . . 290,000 327,085Series B, 5.00%, 2/15/2024 . . 295,000 342,427Series B, 5.00%, 2/15/2025 . . 355,000 422,645

Lubbock, TX, GeneralObligation:5.00%, 2/15/2022 . . . . . . . . 160,000 175,0965.00%, 2/15/2024 . . . . . . . . 410,000 474,9195.00%, 2/15/2025 . . . . . . . . 2,575,000 3,057,9935.00%, 2/15/2029 . . . . . . . . 100,000 128,415

Manor, TX, Independent SchoolDistrict, General Obligation4.00%, 8/1/2044 (b) . . . . . . 355,000 376,048

Montgomery IndependentSchool District5.00%, 2/15/2028 (b). . . . . . 245,000 288,804

Montgomery, MD, State GeneralObligation5.00%, 3/1/2028. . . . . . . . . 415,000 502,482

Montgomery, TX, IndependentSchool District5.00%, 2/15/2036 (b). . . . . . 300,000 346,881

Montgomery, TX, State GeneralObligationSeries A, 4.00%, 3/1/2042. . . 405,000 439,121


North East, TX, IndependentSchool District, GeneralObligation:4.00%, 8/1/2032 (b) . . . . . . $ 230,000 $ 255,1305.00%, 8/1/2024 (b) . . . . . . 370,000 435,3275.00%, 8/1/2043 (b) . . . . . . 5,000,000 5,932,900

North Texas, TX, MunicipalWater District, Water SystemRevenue:5.00%, 9/1/2024. . . . . . . . . 640,000 743,5905.00%, 9/1/2027. . . . . . . . . 200,000 239,3465.00%, 9/1/2028. . . . . . . . . 4,020,000 4,804,342

Northside, TX, IndependentSchool District, GeneralObligation:4.00%, 8/15/2040 (b). . . . . . 190,000 205,1644.00%, 8/15/2045 (b). . . . . . 275,000 295,796VRN, 1.45%, 6/1/2047

(a) (b) . . . . . . . . . . . . . 135,000 135,036Northwest, TX, Independent

School District, GeneralObligation:5.00%, 2/15/2029 (b). . . . . . 275,000 322,8945.00%, 2/15/2042 (b). . . . . . 380,000 441,062Series A, 5.00%, 2/15/2025

(b). . . . . . . . . . . . . . . . 55,000 65,480Series B, 5.00%, 2/15/2023

(b). . . . . . . . . . . . . . . . 230,000 259,675Series B, 5.00%, 2/15/2026

(b). . . . . . . . . . . . . . . . 260,000 308,253Pasadena, TX, Independent

School District, GeneralObligationSeries B, 3.00%, 2/15/2044(a) (b) . . . . . . . . . . . . . . . 100,000 100,182

Pearland, TX, IndependentSchool District, GeneralObligationSeries B, 5.00%, 2/15/2030(b) . . . . . . . . . . . . . . . . . 490,000 586,412

Pflugerville, TX, IndependentSchool District, GeneralObligation:5.00%, 2/15/2024 (b). . . . . . 250,000 289,9485.00%, 2/15/2028 (b). . . . . . 135,000 155,197

Plano, TX, Independent SchoolDistrict, General Obligation:5.00%, 2/15/2021 (b). . . . . . 600,000 635,550Series A, 5.00%, 2/15/2028

(b). . . . . . . . . . . . . . . . 200,000 241,922Port Arthur, TX, Independent

School District, GeneralObligationSeries A, 5.00%, 2/15/2045(b) . . . . . . . . . . . . . . . . . 165,000 188,663


39


Round Rock, TX, IndependentSchool District, GeneralObligation5.00%, 8/1/2026. . . . . . . . . $ 150,000 $ 183,908

San Antonio, TX, Electric &Gas Revenue:5.00%, 2/1/2024. . . . . . . . . 280,000 324,6635.00%, 2/1/2025. . . . . . . . . 125,000 148,7515.00%, 2/1/2026. . . . . . . . . 2,645,000 3,221,5845.00%, 2/1/2027. . . . . . . . . 375,000 461,4675.00%, 2/1/2028. . . . . . . . . 515,000 632,4465.00%, 2/1/2041. . . . . . . . . 260,000 309,7805.00%, 2/1/2042. . . . . . . . . 260,000 309,130

San Antonio, TX, GeneralObligation:5.00%, 2/1/2020. . . . . . . . . 100,000 102,1385.00%, 2/1/2025. . . . . . . . . 170,000 197,4405.00%, 2/1/2027. . . . . . . . . 925,000 1,099,3815.00%, 2/1/2031. . . . . . . . . 950,000 1,113,9035.00%, 8/1/2037. . . . . . . . . 320,000 392,509

San Antonio, TX, IndependentSchool District, GeneralObligation:5.00%, 2/15/2022 (b). . . . . . 335,000 366,6985.00%, 2/15/2023 (b). . . . . . 2,080,000 2,347,5715.00%, 2/15/2024 (b). . . . . . 315,000 365,6435.00%, 2/15/2027 (b). . . . . . 510,000 603,682Series B, 5.00%, 8/15/2043

(b). . . . . . . . . . . . . . . . 620,000 719,956San Antonio, TX, Water System

Revenue:Series A, 5.00%, 5/15/2024 . . 255,000 292,403Series A, 5.00%, 5/15/2029 . . 210,000 253,940Series A, 5.00%, 5/15/2030 . . 500,000 601,790Series C, 4.00%, 5/15/2037 . . 130,000 143,319Series C, 5.00%, 5/15/2026 . . 200,000 244,080Series C, 5.00%, 5/15/2030 . . 160,000 194,789

San Jacinto, TX, CommunityCollege District, GeneralObligationSeries A, 4.00%, 2/15/2041 . . 515,000 558,832

Schertz-Cibolo-Universal CityIndependent School District,General Obligation4.00%, 2/1/2036 (b) . . . . . . 110,000 117,049

Sherman, TX, IndependentSchool District, GeneralObligationSeries A, 5.00%, 2/15/2041(b) . . . . . . . . . . . . . . . . . 550,000 661,111

Spring Independent SchoolDistrict, General Obligation:5.00%, 8/15/2022 (b). . . . . . 200,000 222,4105.00%, 8/15/2025 (b). . . . . . 280,000 336,5545.00%, 8/15/2026 (b). . . . . . 550,000 659,950

Tarrant, TX, Regional WaterDistrict Revenue:


5.00%, 3/1/2024. . . . . . . . . $ 240,000 $ 278,6955.00%, 3/1/2025. . . . . . . . . 250,000 297,6685.00%, 3/1/2026. . . . . . . . . 580,000 690,484

Texas, State A&M UniversityRevenue:Series B, 4.00%, 5/15/2044 . . 265,000 279,673Series B, 5.00%, 5/15/2029 . . 150,000 171,059Series C, 5.00%, 5/15/2025 . . 220,000 263,811Series D, 5.00%, 5/15/2026 . . 140,000 159,655Series E, 5.00%, 5/15/2027 . . 160,000 200,795

Texas, State General Obligation:5.00%, 10/1/2019 . . . . . . . . 100,000 100,9155.00%, 10/1/2023 . . . . . . . . 825,000 949,0975.00%, 4/1/2025. . . . . . . . . 685,000 817,6915.00%, 4/1/2026. . . . . . . . . 310,000 360,0845.00%, 4/1/2028. . . . . . . . . 160,000 185,3185.00%, 4/1/2043. . . . . . . . . 1,450,000 1,695,499Series A, 4.00%, 10/1/2033 . . 130,000 146,115Series A, 5.00%, 10/1/2019 . . 185,000 186,693Series A, 5.00%, 10/1/2021 . . 200,000 216,478Series A, 5.00%, 10/1/2022 . . 560,000 625,951Series A, 5.00%, 4/1/2023. . . 375,000 425,137Series A, 5.00%, 10/1/2023 . . 1,400,000 1,610,588Series A, 5.00%, 10/1/2024 . . 355,000 419,493Series A, 5.00%, 4/1/2025. . . 160,000 190,994Series A, 5.00%, 10/1/2025 . . 1,105,000 1,302,209Series A, 5.00%, 4/1/2026. . . 100,000 122,132Series A, 5.00%, 10/1/2026 . . 400,000 477,626Series A, 5.00%, 10/1/2027 . . 280,000 336,820Series A, 5.00%, 10/1/2028 . . 445,000 521,745Series A, 5.00%, 4/1/2029. . . 100,000 121,210Series A, 5.00%, 10/1/2030 . . 3,055,000 3,571,122Series A, 5.00%, 10/1/2032 . . 200,000 246,696Series A, 5.00%, 4/1/2033. . . 1,025,000 1,223,532Series A, 5.00%, 4/1/2044. . . 500,000 584,315Series B, 5.00%, 10/1/2029 . . 100,000 124,891Series B, 5.00%, 10/1/2033 . . 360,000 442,087

Texas, State TransportationCommission, Highway FundRevenue:5.00%, 10/1/2021 . . . . . . . . 230,000 249,0055.00%, 10/1/2023 . . . . . . . . 240,000 276,2065.00%, 10/1/2024 . . . . . . . . 265,000 313,4375.00%, 10/1/2025 . . . . . . . . 2,160,000 2,617,142Series A, 3.00%, 10/1/2021 . . 100,000 103,846Series A, 5.00%, 4/1/2023. . . 155,000 175,786Series A, 5.00%, 10/1/2024 . . 545,000 644,615Series A, 5.00%, 10/1/2025 . . 635,000 769,391Series A, 5.00%, 10/1/2026 . . 275,000 340,876Series A, 5.00%, 4/1/2033. . . 260,000 297,882

Texas, State University SystemRevenue:Series A, 5.00%, 3/15/2022 . . 250,000 274,458Series A, 5.00%, 3/15/2023 . . 200,000 226,286Series A, 5.00%, 3/15/2025 . . 880,000 1,051,978


40


Series A, 5.00%, 3/15/2026 . . $ 735,000 $ 887,989Series A, 5.00%, 3/15/2028 . . 1,245,000 1,538,534Series A, 5.00%, 3/15/2029 . . 140,000 172,199Series A, 5.00%, 3/15/2030 . . 2,335,000 2,855,635Series A, 5.00%, 3/15/2031 . . 3,395,000 4,128,863

Texas, State Water DevelopmentBoard Revenue:4.00%, 8/1/2036. . . . . . . . . 150,000 167,0434.00%, 10/15/2036 . . . . . . . 2,925,000 3,250,1145.00%, 4/15/2024 . . . . . . . . 220,000 256,5535.00%, 4/15/2026 . . . . . . . . 135,000 165,2215.00%, 4/15/2027 . . . . . . . . 2,990,000 3,688,4945.00%, 4/15/2029 . . . . . . . . 340,000 416,9255.00%, 8/1/2033. . . . . . . . . 3,000,000 3,805,5905.00%, 10/15/2041 . . . . . . . 4,050,000 4,801,680Series A, 4.00%, 10/15/2033 . 2,020,000 2,244,826Series A, 4.00%, 10/15/2037 . 180,000 200,617Series A, 4.00%, 10/15/2040 . 115,000 124,383Series A, 4.00%, 10/15/2052 . 125,000 135,809Series A, 5.00%, 4/15/2020 . . 100,000 102,906Series A, 5.00%, 10/15/2020 . 130,000 136,163Series A, 5.00%, 4/15/2021 . . 100,000 106,565Series A, 5.00%, 4/15/2026 . . 135,000 163,098Series A, 5.00%, 4/15/2027 . . 120,000 149,840Series A, 5.00%, 10/15/2029 . 125,000 150,155Series A, 5.00%, 10/15/2031 . 575,000 685,003Series A, 5.00%, 10/15/2040 . 600,000 700,218Series B, 5.00%, 10/15/2032 . 6,870,000 8,617,797Series B, 5.00%, 10/15/2038 . 2,020,000 2,473,167

Tomball, TX, IndependentSchool District, GeneralObligation:5.00%, 2/15/2025 (b). . . . . . 115,000 136,7075.00%, 2/15/2043 (b). . . . . . 2,400,000 2,736,048

Travis County, TX, GeneralObligationSeries A, 5.00%, 3/1/2023. . . 120,000 135,341

Trinity River, TX, AuthorityRegional Wastewater SystemRevenue5.00%, 8/1/2020. . . . . . . . . 215,000 223,340

Trinity, TX, River AuthorityCentral Regional WastewaterSystem Revenue:5.00%, 8/1/2024. . . . . . . . . 295,000 346,6105.00%, 8/1/2025. . . . . . . . . 335,000 403,1525.00%, 8/1/2029. . . . . . . . . 4,115,000 5,107,7855.00%, 8/1/2030. . . . . . . . . 100,000 123,2845.00%, 8/1/2037. . . . . . . . . 595,000 714,315

University of Houston,Revenue:Series A, 4.00%, 2/15/2025 . . 265,000 300,176Series A, 5.00%, 2/15/2024 . . 1,300,000 1,506,466Series A, 5.00%, 2/15/2025 . . 380,000 451,505Series A, 5.00%, 2/15/2030 . . 175,000 208,831Series C, 4.00%, 2/15/2039 . . 1,025,000 1,116,686


University of North TexasRevenue:Series A, 5.00%, 4/15/2025 . . $ 200,000 $ 238,844Series A, 5.00%, 4/15/2027 . . 1,250,000 1,552,562Series A, 5.00%, 4/15/2029 . . 285,000 349,424Series A, 5.00%, 4/15/2030 . . 120,000 146,174Series A, 5.00%, 4/15/2031 . . 115,000 139,303

University of Texas, PermanentUniversity Fund Revenue:Series A, 5.00%, 7/1/2030. . . 120,000 142,010Series A, 5.00%, 7/1/2032. . . 120,000 141,407Series A, 5.25%, 7/1/2029. . . 85,000 101,689Series A, 5.50%, 7/1/2025. . . 180,000 221,674Series A, 5.50%, 7/1/2026. . . 125,000 153,055Series A-BOARD OF

REGENTS, 3.00%,7/1/2031 . . . . . . . . . . . . 375,000 394,462

Series B, 4.00%, 7/1/2034. . . 300,000 332,010Series B, 5.00%, 7/1/2021. . . 150,000 161,061Series B, 5.00%, 7/1/2024. . . 175,000 205,357Series B, 5.00%, 7/1/2025. . . 265,000 310,970Series B, 5.00%, 7/1/2027. . . 60,000 70,061Series B, 5.00%, 7/1/2029. . . 145,000 172,141

University of Texas, Revenue:Series B, 2.50%, 8/15/2036

(a) . . . . . . . . . . . . . . . . 535,000 538,146Series B, 2.50%, 8/15/2046

(a) . . . . . . . . . . . . . . . . 455,000 456,042Series B, 4.00%, 8/15/2036 . . 350,000 383,544Series B, 5.00%, 8/15/2026 . . 340,000 419,764Series B, 5.00%, 8/15/2027 . . 405,000 472,627Series C, 3.00%, 8/15/2035 . . 470,000 474,738Series E, 5.00%, 8/15/2026 . . 140,000 172,844Series E, 5.00%, 8/15/2027 . . 100,000 126,053Series F, 2.00%, 8/15/2041

(a) . . . . . . . . . . . . . . . . 3,745,000 3,690,660Series H, 5.00%, 8/15/2019. . 210,000 210,941Series H, 5.00%, 8/15/2020. . 115,000 119,817Series H, 5.00%, 8/15/2022. . 255,000 284,073Series I, 5.00%, 8/15/2024 . . 3,055,000 3,607,986Series J, 5.00%, 8/15/2024 . . 315,000 372,018Series J, 5.00%, 8/15/2025 . . 260,000 314,205Series J, 5.00%, 8/15/2026 . . 200,000 246,314Series J, 5.00%, 8/15/2027 . . 425,000 522,512

Via, TX, Metropolitan TransitRevenue:5.00%, 7/15/2025 . . . . . . . . 180,000 215,1225.00%, 7/15/2026 . . . . . . . . 280,000 342,1405.00%, 7/15/2028 . . . . . . . . 505,000 616,943

Waco, TX, General Obligation:5.00%, 2/1/2023. . . . . . . . . 145,000 163,0325.00%, 2/1/2024. . . . . . . . . 125,000 144,398

Waxahachie, TX, IndependentSchool District, GeneralObligation4.00%, 8/15/2045 (b). . . . . . 170,000 180,965


41


Ysleta, TX, Independent SchoolDistrict, General Obligation5.00%, 8/15/2027 (b). . . . . . $ 300,000 $ 349,944

360,340,326

UTAH — 0.6%Alpine, UT, School District,

General Obligation5.00%, 3/15/2024 . . . . . . . . 100,000 116,545

Central Utah, WaterConservancy DistrictRevenue:Series B, 4.00%, 10/1/2037 . . 1,250,000 1,390,338Series B, 5.00%, 10/1/2027 . . 145,000 183,252

University of Utah, Revenue:Series A, 5.00%, 8/1/2030. . . 2,365,000 2,937,685Series B-1, 5.00%, 8/1/2023 . 170,000 194,555Series B-1, 5.00%, 8/1/2028 . 100,000 125,501

Utah, State General Obligation:5.00%, 7/1/2023. . . . . . . . . 2,800,000 3,204,9365.00%, 7/1/2025. . . . . . . . . 30,000 36,3375.00%, 7/1/2026. . . . . . . . . 2,430,000 3,004,9145.00%, 7/1/2027. . . . . . . . . 360,000 448,6395.00%, 7/1/2029. . . . . . . . . 2,655,000 3,432,968

Utah, State Transit Authority,Sales Tax Revenue:5.00%, 12/15/2033 . . . . . . . 2,585,000 3,203,616Series A, 5.00%, 6/15/2028 . . 160,000 191,059Series A, 5.00%, 6/15/2038 . . 505,000 586,204

19,056,549

VIRGINIA — 2.7%Arlington County, VA, General

Obligation:5.00%, 8/15/2021 . . . . . . . . 250,000 269,5625.00%, 8/15/2032 . . . . . . . . 4,690,000 5,983,502Series B, 5.00%, 8/15/2027 . . 165,000 204,361

Fairfax County, VA, EconomicDevelopment Authority,Improvement Revenue5.00%, 4/1/2025. . . . . . . . . 335,000 401,119

Fairfax County, VA, GeneralObligation:Series A, 4.00%, 10/1/2027 . . 500,000 579,015Series A, 4.00%, 10/1/2036 . . 305,000 344,363Series A, 5.00%, 10/1/2025 . . 185,000 218,918Series A, 5.00%, 10/1/2032 . . 100,000 121,132Series B, 4.00%, 10/1/2025 . . 400,000 461,056Series B, 5.00%, 10/1/2022 . . 240,000 268,670Series B, 5.00%, 10/1/2025 . . 200,000 241,196Series C, 5.00%, 10/1/2020 . . 100,000 104,676

Fairfax County, VA, SewerRevenueSeries A, 3.50%, 7/15/2036 . . 3,500,000 3,676,050

Fairfax County, VA, WaterAuthority Revenue5.00%, 4/1/2041. . . . . . . . . 675,000 809,743


Hampton Roads, VA, SanitationDistrict Wastewater RevenueSeries A, 5.00%, 7/1/2023. . . $ 330,000 $ 377,032

Hampton Roads, VA, SanitationDistrict, WastewaterRevenue:Series A, 3.00%, 8/1/2035. . . 250,000 255,307Series A, 3.00%, 8/1/2036. . . 250,000 254,608

Hampton Roads, VA,TransportationAccountability CommissionRevenue:Series A, 5.00%, 7/1/2033. . . 1,000,000 1,239,100Series A, 5.00%, 7/1/2036. . . 1,000,000 1,226,550Series A, 5.00%, 7/1/2038. . . 650,000 791,336Series A, 5.00%, 7/1/2042. . . 2,495,000 3,010,043

Lynchburg, VA, GeneralObligation4.00%, 6/1/2044. . . . . . . . . 160,000 169,965

Richmond, VA, GeneralObligationSeries A, 5.00%, 3/1/2025. . . 105,000 118,976

Richmond, VA, Public UtilityRevenue4.00%, 1/15/2036 . . . . . . . . 300,000 328,908

University of Virginia, Revenue:Series A, 5.00%, 4/1/2042. . . 500,000 601,755Series B, 5.00%, 8/1/2021. . . 8,500,000 9,162,320Series B, 5.00%, 4/1/2044. . . 5,000,000 6,016,500

Virginia, Beach GeneralObligationSeries B, 5.00%, 9/15/2024 . . 375,000 443,441

Virginia, CommonwealthTransportation BoardRevenue:3.00%, 5/15/2041 . . . . . . . . 300,000 298,6924.00%, 5/15/2038 . . . . . . . . 3,680,000 4,076,7065.00%, 9/15/2019 . . . . . . . . 100,000 100,7635.00%, 3/15/2020 . . . . . . . . 270,000 277,1335.00%, 3/15/2021 . . . . . . . . 130,000 138,2775.00%, 3/15/2022 . . . . . . . . 150,000 164,9695.00%, 9/15/2023 . . . . . . . . 1,800,000 2,073,6545.00%, 3/15/2025 . . . . . . . . 2,875,000 3,445,5725.00%, 9/15/2027 . . . . . . . . 2,425,000 3,001,6415.00%, 9/15/2028 . . . . . . . . 250,000 308,3675.00%, 3/15/2032 . . . . . . . . 130,000 160,693Series A, 5.00%, 5/15/2020 . . 150,000 154,901Series A, 5.00%, 5/15/2029 . . 4,695,000 5,905,840Series B, 5.00%, 5/15/2022 . . 200,000 221,158

Virginia, State College BuildingAuthority, EducationalFacilities Revenue:5.00%, 2/1/2024. . . . . . . . . 320,000 371,8185.00%, 2/1/2025. . . . . . . . . 155,000 184,7265.00%, 2/1/2031. . . . . . . . . 410,000 502,512Series A, 5.00%, 2/1/2021. . . 380,000 402,169Series A, 5.00%, 2/1/2022. . . 305,000 333,806


42


Series A, 5.00%, 2/1/2023. . . $ 150,000 $ 169,326Series A, 5.00%, 2/1/2024. . . 160,000 185,909Series A, 5.00%, 9/1/2028. . . 1,835,000 2,256,114Series A, 5.00%, 2/1/2031. . . 500,000 597,485Series B, 5.00%, 2/1/2022. . . 100,000 109,406Series D, 5.00%, 2/1/2020. . . 50,000 51,078Series D, 5.00%, 2/1/2022. . . 330,000 361,040Series D, 5.00%, 2/1/2023. . . 250,000 282,210Series D, 5.00%, 2/1/2024. . . 210,000 244,005

Virginia, State GeneralObligation:Series B, 5.00%, 6/1/2022. . . 710,000 786,247Series B, 5.00%, 6/1/2026. . . 200,000 241,098Series B, 5.00%, 6/1/2028. . . 3,495,000 4,182,432

Virginia, State Public BuildingAuthority Revenue:Series A, 3.00%, 8/1/2029. . . 490,000 515,960Series A, 3.00%, 8/1/2032. . . 210,000 216,806Series A, 4.00%, 8/1/2034. . . 820,000 939,056Series A, 4.00%, 8/1/2035. . . 260,000 296,577Series A, 5.00%, 8/1/2025. . . 100,000 120,797Series A, 5.00%, 8/1/2029. . . 150,000 187,725Series B, 5.00%, 8/1/2022. . . 485,000 539,325Series B, 5.00%, 8/1/2024. . . 740,000 871,454Series C, 4.00%, 8/1/2025. . . 415,000 466,261

Virginia, State Public SchoolAuthority Revenue:4.00%, 8/1/2019. . . . . . . . . 100,000 100,2185.00%, 8/1/2025. . . . . . . . . 175,000 212,076

Virginia, State ResourceAuthority InfrastructureRevenue:5.00%, 10/1/2026 . . . . . . . . 250,000 303,4105.00%, 10/1/2027 . . . . . . . . 515,000 624,6805.00%, 11/1/2040 . . . . . . . . 2,500,000 2,954,2755.00%, 11/1/2045 . . . . . . . . 160,000 189,806Series B, 5.00%, 11/1/2023 . . 20,000 21,683

77,829,060

WASHINGTON — 4.8%Auburn, WA, School District No

408 of King & PierceCounties, General Obligation5.00%, 12/1/2029 . . . . . . . . 150,000 188,105

Central Puget Sound, WA,Regional Transit AuthorityRevenue:Series S1, 5.00%, 11/1/2025 . 185,000 224,862Series S1, 5.00%, 11/1/2035 . 335,000 401,447Series S-1, 5.00%, 11/1/2025. 160,000 194,475Series S-1, 5.00%, 11/1/2027. 85,000 102,558Series S-1, 5.00%, 11/1/2030. 385,000 459,124Series S-1, 5.00%, 11/1/2035. 105,000 123,644


Central Puget Sound, WA,Regional TransportationAuthority, Sales & Use TaxRevenueSeries S-1, 5.00%, 11/1/2036. $ 2,825,000 $ 3,309,261

Energy Northwest, WA, ElectricRevenue:5.00%, 7/1/2025. . . . . . . . . 180,000 216,6375.00%, 7/1/2026. . . . . . . . . 535,000 640,5135.00%, 7/1/2028. . . . . . . . . 145,000 184,994Series A, 5.00%, 7/1/2022. . . 130,000 144,105Series A, 5.00%, 7/1/2025. . . 205,000 246,726Series A, 5.00%, 7/1/2026. . . 930,000 996,560Series A, 5.00%, 7/1/2027. . . 3,290,000 3,624,484Series A, 5.00%, 7/1/2028. . . 1,460,000 1,670,993Series A, 5.00%, 7/1/2033. . . 545,000 665,963Series A, 5.00%, 7/1/2036. . . 1,370,000 1,721,268Series A, 5.00%, 7/1/2038. . . 175,000 202,682Series C, 5.00%, 7/1/2025. . . 605,000 709,617Series C, 5.00%, 7/1/2027. . . 125,000 145,834Series C, 5.00%, 7/1/2030. . . 290,000 366,395Series C-PROJ 1 ELEC REV,

5.00%, 7/1/2025 . . . . . . . 180,000 216,637Series C-PROJECT 3 ELEC

REV, 5.00%, 7/1/2026 . . . 465,000 556,707Energy Northwest, WA,

Electricity RevenueSeries A, 5.00%, 7/1/2021. . . 360,000 386,546

King & Snohomish CountiesSchool District No. 417Northshore, GeneralObligation:4.00%, 12/1/2019 . . . . . . . . 100,000 101,1315.00%, 12/1/2035 . . . . . . . . 3,000,000 3,681,1505.00%, 12/1/2036 . . . . . . . . 3,000,000 3,663,420

King County, School DistrictNo. 401 Highline, GeneralObligation:3.13%, 12/1/2032 . . . . . . . . 470,000 490,3704.00%, 12/1/2035 . . . . . . . . 1,300,000 1,435,551

King County, School DistrictNo. 405 Bellevue, GeneralObligation:5.00%, 12/1/2026 . . . . . . . . 130,000 161,6155.00%, 12/1/2029 . . . . . . . . 300,000 368,190

King County, School DistrictNo. 411 Issaquah, GeneralObligation:3.00%, 12/1/2030 . . . . . . . . 775,000 817,1995.00%, 12/1/2028 . . . . . . . . 100,000 123,0765.00%, 12/1/2031 . . . . . . . . 100,000 123,8565.00%, 12/1/2032 . . . . . . . . 300,000 370,389

King County, School DistrictNo. 414, Lake Washington,General Obligation:4.00%, 12/1/2026 . . . . . . . . 110,000 127,6904.00%, 12/1/2030 . . . . . . . . 2,500,000 2,830,275


43


5.00%, 12/1/2019 . . . . . . . . $ 200,000 $ 203,0845.00%, 12/1/2022 . . . . . . . . 1,040,000 1,167,7125.00%, 12/1/2030 . . . . . . . . 2,665,000 3,280,7485.00%, 12/1/2031 . . . . . . . . 2,035,000 2,493,730

King County, WA, GeneralObligation:5.00%, 7/1/2025. . . . . . . . . 170,000 202,1275.00%, 7/1/2027. . . . . . . . . 160,000 188,7635.00%, 7/1/2029. . . . . . . . . 560,000 659,0585.00%, 7/1/2031. . . . . . . . . 225,000 262,573Series E, 5.00%, 12/1/2028 . . 225,000 271,046Series E, 5.00%, 12/1/2029 . . 305,000 366,714

King County, WA, SewerRevenue:5.00%, 7/1/2038. . . . . . . . . 1,785,000 2,046,1815.00%, 7/1/2042. . . . . . . . . 200,000 237,306Series A, 4.00%, 7/1/2035. . . 1,765,000 1,930,045Series B, 5.00%, 7/1/2027. . . 125,000 145,965Series B, 5.00%, 7/1/2039. . . 3,525,000 3,936,861Series B, 5.00%, 7/1/2041. . . 100,000 117,218

Pierce County, School DistrictNo. 10 Tacoma, GeneralObligation:5.00%, 12/1/2027 . . . . . . . . 120,000 145,1475.00%, 12/1/2034 . . . . . . . . 100,000 115,5545.00%, 12/1/2039 . . . . . . . . 180,000 209,2915.25%, 12/1/2038 . . . . . . . . 500,000 586,435

Pierce County, School DistrictNo. 3 Puyallup, GeneralObligation:5.00%, 12/1/2030 . . . . . . . . 495,000 609,3705.00%, 12/1/2031 (c) . . . . . . 4,750,000 6,059,1475.00%, 12/1/2032 (c) . . . . . . 5,250,000 6,661,830

Seattle, WA, Drainage &Wastewater Revenue:4.00%, 7/1/2036. . . . . . . . . 200,000 222,7304.00%, 4/1/2041. . . . . . . . . 200,000 216,002

Seattle, WA, GeneralObligation:5.00%, 6/1/2026. . . . . . . . . 100,000 117,0845.00%, 1/1/2038. . . . . . . . . 2,040,000 2,433,659Series A, 5.00%, 6/1/2020. . . 135,000 139,585Series A, 5.00%, 6/1/2023. . . 100,000 114,012Series A, 5.00%, 6/1/2024. . . 225,000 263,896Series A, 5.00%, 6/1/2025. . . 1,760,000 2,118,336Series A, 5.00%, 6/1/2026. . . 7,170,000 8,611,672

Seattle, WA, Municipal Light &Power RevenueSeries B, 4.00%, 5/1/2045. . . 175,000 186,228

Seattle, WA, Water SystemRevenue:5.00%, 5/1/2024. . . . . . . . . 100,000 116,9125.00%, 8/1/2030. . . . . . . . . 200,000 245,630


Snohomish County, SchoolDistrict No. 201 Snohomish,General Obligation5.00%, 12/1/2027 . . . . . . . . $ 2,500,000 $ 3,017,125

Spokane, WA, Water &Wastewater System Revenue5.00%, 12/1/2023 . . . . . . . . 215,000 248,428

Tacoma, WA, GeneralObligation:Series A, 5.00%, 12/1/2031 . . 295,000 357,590Series A, 5.00%, 12/1/2032 . . 360,000 434,588

University of Washington,Revenue:Series A, 4.00%, 12/1/2041 . . 300,000 328,182Series B, 5.00%, 6/1/2027. . . 120,000 143,004Series B, 5.00%, 6/1/2037. . . 3,090,000 3,590,982

Washington, State5.00%, 7/1/2020. . . . . . . . . 105,000 108,826

Washington, State GeneralObligation:5.00%, 8/1/2023. . . . . . . . . 100,000 114,6165.00%, 8/1/2033. . . . . . . . . 255,000 310,978Series 201, 5.00%, 8/1/2040 . 3,080,000 3,558,694Series 2016A, 5.00%,

7/1/2021 . . . . . . . . . . . . 165,000 177,099Series 2016A, 5.00%,

7/1/2024 . . . . . . . . . . . . 165,000 194,233Series 2017-A, 5.00%,

8/1/2041 . . . . . . . . . . . . 2,700,000 3,169,611Series A, 5.00%, 8/1/2019. . . 125,000 125,373Series A, 5.00%, 8/1/2027. . . 225,000 269,669Series A, 5.00%, 8/1/2031. . . 330,000 397,462Series A, 5.00%, 8/1/2034. . . 300,000 357,786Series A, 5.00%, 8/1/2035. . . 1,245,000 1,489,399Series A, 5.00%, 8/1/2037. . . 310,000 372,673Series A, 5.00%, 8/1/2041. . . 1,645,000 1,955,872Series A, 5.00%, 8/1/2043. . . 3,700,000 4,456,724Series A-1, 5.00%, 8/1/2024 . 370,000 436,522Series A-1, 5.00%, 8/1/2033 . 120,000 140,893Series A-1, 5.00%, 8/1/2034 . 300,000 351,057Series A-1, 5.00%, 8/1/2036 . 550,000 640,530Series A-1, 5.00%, 8/1/2040 . 300,000 346,626Series B, 5.00%, 7/1/2024. . . 355,000 417,896Series B, 5.00%, 2/1/2028. . . 600,000 709,452Series B, 5.00%, 2/1/2029. . . 135,000 158,857Series B, 5.00%, 7/1/2029. . . 530,000 636,307Series B, 5.00%, 7/1/2031. . . 355,000 422,056Series B, 5.00%, 7/1/2033. . . 285,000 336,759Series B, 5.00%, 2/1/2037. . . 500,000 575,225Series C, 5.00%, 2/1/2022. . . 10,760,000 11,769,180Series C, 5.00%, 2/1/2023. . . 100,000 112,884Series C, 5.00%, 2/1/2032. . . 105,000 124,799Series C, 5.00%, 2/1/2035. . . 450,000 520,029Series C, 5.00%, 2/1/2039. . . 3,000,000 3,501,480Series D, 5.00%, 2/1/2021. . . 325,000 343,905Series D, 5.00%, 2/1/2025. . . 250,000 289,870


44


Series D, 5.00%, 2/1/2027. . . $ 185,000 $ 213,657Series D, 5.00%, 2/1/2029. . . 250,000 301,325Series D, 5.00%, 2/1/2037. . . 100,000 117,223Series R, 5.00%, 7/1/2026. . . 120,000 142,193Series R-2015, 4.00%,

7/1/2026 . . . . . . . . . . . . 450,000 504,792Series R-2015-C, 5.00%,

7/1/2021 . . . . . . . . . . . . 100,000 107,333Series R-2015-C, 5.00%,

7/1/2031 . . . . . . . . . . . . 4,740,000 5,520,725Series R-2015-D, 5.00%,

7/1/2027 . . . . . . . . . . . . 335,000 395,802Series R-2015E, 5.00%,

7/1/2021 . . . . . . . . . . . . 125,000 134,166Series R-2015E, 5.00%,

7/1/2024 . . . . . . . . . . . . 175,000 206,005Series R-2015E, 5.00%,

7/1/2025 . . . . . . . . . . . . 315,000 373,981Series R-2015E, 5.00%,

7/1/2026 . . . . . . . . . . . . 65,000 77,021Series R-2015E, 5.00%,

7/1/2033 . . . . . . . . . . . . 1,645,000 1,905,815Series R-2017A, 4.00%,

8/1/2019 . . . . . . . . . . . . 110,000 110,240Series R-2017A, 5.00%,

8/1/2022 . . . . . . . . . . . . 255,000 283,481Series R-2017A, 5.00%,

8/1/2023 . . . . . . . . . . . . 100,000 114,616Series R-2017A, 5.00%,

8/1/2027 . . . . . . . . . . . . 500,000 614,960Series R-2017C, 5.00%,

8/1/2022 . . . . . . . . . . . . 460,000 511,377Series R-2017C, 5.00%,

8/1/2024 . . . . . . . . . . . . 350,000 412,926Series R-2017C, 5.00%,

8/1/2025 . . . . . . . . . . . . 135,000 162,900Series R-2018D, 5.00%,

8/1/2029 . . . . . . . . . . . . 290,000 360,705Series R-H, 5.00%, 7/1/2026 . 110,000 130,343Series R-H, 5.00%, 7/1/2030 . 2,165,000 2,530,582

140,921,109

WEST VIRGINIA — 0.2%West Virginia, Parkways

Authority Revenue5.00%, 6/1/2043. . . . . . . . . 2,000,000 2,407,940

West Virginia, State GeneralObligation:Series A, 5.00%, 11/1/2022 . . 680,000 761,797Series A, 5.00%, 6/1/2024. . . 140,000 164,056Series A, 5.00%, 6/1/2025. . . 230,000 276,248Series A, 5.00%, 6/1/2026. . . 130,000 159,671Series B-GROUP 2, 4.00%,

6/1/2042 . . . . . . . . . . . . 750,000 832,493Series B-GROUP 2, 4.00%,

12/1/2042 . . . . . . . . . . . 475,000 527,013


Series B-GROUP 2, 5.00%,6/1/2040 . . . . . . . . . . . . $ 750,000 $ 910,590

6,039,808

WISCONSIN — 1.6%Madison, WI, General

ObligationSeries A, 4.00%, 10/1/2023 . . 110,000 122,261

Milwaukee, WI, GeneralObligation:Series N2, 4.00%, 3/1/2022. . 200,000 214,182Series N4 & B5 CORP,

5.00%, 4/1/2024 . . . . . . . 125,000 145,863Series N4 & B5 CORP,

5.00%, 4/1/2027 . . . . . . . 895,000 1,116,700Public Finance Authority, WI,

Lease Development Revenue5.00%, 3/1/2029. . . . . . . . . 300,000 362,607

Wisconsin, Revenue:Series A, 5.00%, 5/1/2028. . . 7,000,000 8,736,195Series B, 5.00%, 5/1/2031. . . 105,000 126,034Series B, 5.00%, 5/1/2032. . . 550,000 658,086Series B, 5.00%, 5/1/2033. . . 115,000 137,018Series B, 5.00%, 5/1/2034. . . 275,000 326,662Series B, 5.00%, 5/1/2035. . . 350,000 413,595

Wisconsin, State Clean WaterRevenue:5.00%, 6/1/2028. . . . . . . . . 535,000 626,9775.00%, 6/1/2029. . . . . . . . . 1,610,000 1,886,7915.00%, 6/1/2030. . . . . . . . . 1,785,000 2,091,8775.00%, 6/1/2031. . . . . . . . . 1,330,000 1,558,654

Wisconsin, State Department ofTransportation Revenue:Series 1, 5.00%, 7/1/2019 . . . 145,000 145,000Series 1, 5.00%, 7/1/2022 . . . 315,000 315,000Series 1, 5.00%, 7/1/2024 . . . 205,000 240,887Series 1, 5.00%, 7/1/2026 . . . 1,270,000 1,565,707Series 1, 5.00%, 7/1/2031 . . . 235,000 260,697Series A, 5.00%, 7/1/2031. . . 320,000 370,115

Wisconsin, State EnvironmentalImprovement Fund Revenue:Series A, 5.00%, 6/1/2026. . . 140,000 168,416Series A, 5.00%, 6/1/2027. . . 330,000 396,356Series A, 5.00%, 6/1/2034. . . 965,000 1,139,047

Wisconsin, State GeneralObligation:5.00%, 5/1/2024. . . . . . . . . 735,000 860,4285.00%, 5/1/2025. . . . . . . . . 85,000 102,0415.00%, 5/1/2027. . . . . . . . . 135,000 161,3135.00%, 11/1/2028 . . . . . . . . 205,000 254,9075.00%, 5/1/2029. . . . . . . . . 160,000 189,870Series 1, 5.00%, 11/1/2022 . . 435,000 487,178Series 1, 5.00%, 5/1/2024 . . . 110,000 125,059Series 1, 5.00%, 11/1/2025 . . 290,000 347,780Series 1, 5.00%, 11/1/2027 . . 275,000 328,262Series 2, 5.00%, 11/1/2022 . . 500,000 559,975


45


Series 2, 5.00%, 11/1/2024 . . $ 1,145,000 $ 1,358,520Series 2, 5.00%, 11/1/2026 . . 1,295,000 1,605,049Series 2, 5.00%, 11/1/2027 . . 1,780,000 2,222,223Series 3, 5.00%, 11/1/2021 . . 210,000 227,829Series 3, 5.00%, 11/1/2022 . . 195,000 218,390Series 3, 5.00%, 11/1/2023 . . 180,000 201,528Series 3, 5.00%, 11/1/2025 . . 335,000 374,600Series 3, 5.00%, 11/1/2031 . . 530,000 651,508Series 4, 5.00%, 5/1/2025 . . . 375,000 444,292Series 4, 5.00%, 5/1/2026 . . . 645,000 762,364Series A, 5.00%, 5/1/2023. . . 190,000 209,638Series A, 5.00%, 5/1/2026. . . 355,000 414,967Series A, 5.00%, 5/1/2027. . . 4,045,000 4,659,710Series A, 5.00%, 5/1/2028. . . 920,000 1,042,268Series A, 5.00%, 5/1/2035. . . 130,000 151,847Series B, 4.00%, 5/1/2023. . . 355,000 390,386Series B, 5.00%, 5/1/2030. . . 2,900,000 3,199,744Series C, 5.00%, 5/1/2029. . . 300,000 351,801Series D, 4.00%, 5/1/2029. . . 105,000 116,101Series D, 5.00%, 5/1/2032. . . 120,000 138,611Series D, 5.00%, 5/1/2033. . . 1,240,000 1,431,580

46,714,496

TOTAL MUNICIPAL BONDS & NOTES(Cost $2,799,227,644). . . . . . . . . . . . . . . . . . 2,912,740,198

Shares

SHORT-TERM INVESTMENT — 0.2%State Street Institutional

U.S. Government MoneyMarket Fund, Class GShares 2.35% (e) (f)(Cost $4,244,002) . . . . . . 4,244,002 4,244,002

TOTAL INVESTMENTS — 99.7%(Cost $2,803,471,646). . . . . . . . . . . . . . . . . . 2,916,984,200

OTHER ASSETS IN EXCESS OFLIABILITIES — 0.3% . . . . . . . . . . . . . . . . 9,383,090

NET ASSETS — 100.0%. . . . . . . . . . . . . . . . . $ 2,926,367,290

(a) Variable Rate Security - Interest rate shown is rate in effect atJune 30, 2019. For securities based on a published reference rateand spread, the reference rate and spread are indicated in thedescription above.

(b) Bond is insured by the following:% ofNet

Assets

Permanent School Fund Guaranteed . . . . . . . . . . . . . . . . . . 4.2%Assured Guaranty Municipal Corp. . . . . . . . . . . . . . . . . . . . 0.4%

(c) When-issued security.(d) Amount is less than 0.05% of net assets.(e) The Fund invested in certain money market funds managed by

SSGA Funds Management, Inc. Amounts related to thesetransactions during the period ended June 30, 2019 are shown inthe Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at June 30,2019.

VRN = Variable Rate Note

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of June 30, 2019.


Quoted Prices




ASSETS:INVESTMENTS:Municipal Bonds & Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $2,912,740,198 $— $2,912,740,198

Short-Term Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,244,002 — — 4,244,002

TOTAL INVESTMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,244,002 $2,912,740,198 $— $2,916,984,200


46

Affiliate Table


at6/30/18

Value at6/30/18

Cost ofPurchases

Proceedsfrom

Shares SoldRealized

Gain (Loss)

Change inUnrealized



at6/30/19

Value at6/30/19

DividendIncome

State Street Institutional U.S. Government Money Market Fund,Class G Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,567,027 $1,567,027 $464,138,231 $461,461,256 $— $— 4,244,002 $4,244,002 $218,455


47 ARTFI


MUNICIPAL BONDS & NOTES — 98.7%ALABAMA — 0.6%Alabama, Federal Aid Highway

Finance Authority Revenue:Series A, 5.00%, 9/1/2020. . . $ 275,000 $ 286,841Series A, 5.00%, 9/1/2021. . . 205,000 221,232Series A, 5.00%, 9/1/2022. . . 3,090,000 3,441,951Series A, 5.00%, 9/1/2023. . . 3,950,000 4,533,217Series B, 5.00%, 9/1/2023. . . 5,000,000 5,738,250Series B, 5.00%, 9/1/2024. . . 3,560,000 4,201,548

Alabama, Public School &College Authority Revenue:Series B, 5.00%, 1/1/2021. . . 405,000 427,336Series B, 5.00%, 1/1/2023. . . 250,000 281,320

Alabama, State GeneralObligation:Series A, 5.00%, 8/1/2021. . . 320,000 344,384Series A, 5.00%, 8/1/2022. . . 1,675,000 1,861,009

21,337,088

ALASKA — 0.2%Anchorage, AK, General

Obligation:Series B, 5.00%, 9/1/2020. . . 5,100,000 5,318,994Series C, 5.00%, 9/1/2019. . . 100,000 100,607

5,419,601

ARIZONA — 3.1%Arizona School Facilities Board

Series A, 5.00%, 9/1/2021. . . 250,000 269,627Arizona, Phoenix Civic

Improvement Corp., LeaseRevenue:Series B, 5.00%, 7/1/2022. . . 1,510,000 1,673,367Series B, 5.00%, 7/1/2023. . . 8,000,000 9,143,520

Arizona, Phoenix CivicImprovement Corp., WaterSystem Revenue:Series A, 5.00%, 7/1/2020. . . 250,000 259,238Series A, 5.00%, 7/1/2021. . . 100,000 107,333

Arizona, Salt River Project,Agricultural Improvement &Power District Revenue:5.00%, 1/1/2023. . . . . . . . . 210,000 236,5405.00%, 1/1/2024. . . . . . . . . 3,530,000 4,096,953Series A, 5.00%, 1/1/2023. . . 4,355,000 4,905,385Series A, 5.00%, 1/1/2024. . . 1,965,000 2,280,599

Arizona, State:5.00%, 9/1/2020. . . . . . . . . 250,000 260,6185.00%, 10/1/2021 . . . . . . . . 6,015,000 6,502,2155.00%, 9/1/2022. . . . . . . . . 185,000 205,585

Arizona, State TransportationBoard, Highway Revenue:5.00%, 7/1/2023. . . . . . . . . 7,625,000 8,721,322Series A, 5.00%, 7/1/2021. . . 205,000 220,033

Arizona, State TransportationBoard, Sales Tax Revenue:


5.00%, 7/1/2021. . . . . . . . . $ 265,000 $ 284,4885.00%, 7/1/2022. . . . . . . . . 3,195,000 3,542,680

Arizona, State UniversityRevenueSeries B, 5.00%, 7/1/2022. . . 100,000 110,850

Chandler, AZ, GeneralObligation3.00%, 7/1/2019. . . . . . . . . 85,000 85,000

Gilbert, AZ, General Obligation5.00%, 7/1/2022. . . . . . . . . 14,580,000 16,171,115

Maricopa CountySeries A, 5.00%, 7/1/2023. . . 1,725,000 1,966,500

Maricopa County, AZ,Community College District,General Obligation:5.00%, 7/1/2021. . . . . . . . . 290,000 311,3275.00%, 7/1/2022. . . . . . . . . 355,000 393,851

Maricopa County, AZ, SpecialHealth Care District, GeneralObligation5.00%, 7/1/2022. . . . . . . . . 250,000 276,425

Maricopa County, AZ, UnifiedSchool District No. 4 Mesa,General Obligation4.00%, 7/1/2019. . . . . . . . . 85,000 85,000

Phoenix, AZ, CivicImprovement Corp., WaterSystem RevenueSeries B, 5.00%, 7/1/2020. . . 18,550,000 19,235,422

Phoenix, AZ, GeneralObligation:4.00%, 7/1/2020. . . . . . . . . 200,000 205,4144.00%, 7/1/2021. . . . . . . . . 415,000 437,3564.00%, 7/1/2022. . . . . . . . . 115,000 124,178

Pima County, AZ, GeneralObligation4.00%, 7/1/2021. . . . . . . . . 6,125,000 6,452,504

Pima County, AZ, RegionalPublic TransportationAuthority, Excise TaxRevenue5.00%, 6/1/2020. . . . . . . . . 190,000 196,399

Pima County, AZ, Sewer SystemRevenue:5.00%, 7/1/2020. . . . . . . . . 175,000 181,4305.00%, 7/1/2023. . . . . . . . . 4,900,000 5,594,2325.00%, 7/1/2024. . . . . . . . . 6,200,000 7,282,086

Scottsdale, AZ, GeneralObligation4.00%, 7/1/2020. . . . . . . . . 11,150,000 11,451,830

113,270,422

ARKANSAS — 0.1%Arkansas, State General

Obligation:4.00%, 6/1/2024. . . . . . . . . 3,000,000 3,370,3804.25%, 6/1/2023. . . . . . . . . 1,305,000 1,449,059

SPDR NUVEEN BLOOMBERG BARCLAYS SHORT TERM MUNICIPAL BOND ETFSCHEDULE OF INVESTMENTSJune 30, 2019

1


5.00%, 10/1/2020 . . . . . . . . $ 125,000 $ 130,732

4,950,171

CALIFORNIA — 18.2%Bakersfield, CA, Wastewater

RevenueSeries A, 5.00%, 9/15/2021 . . 100,000 108,467

Beverly Hills, CA, UnifiedSchool District, GeneralObligation3.00%, 8/1/2021. . . . . . . . . 3,000,000 3,117,120

California Educational FacilitiesAuthority RevenueSeries U-5, 5.00%, 5/1/2021 . 350,000 374,997

California Infrastructure &Economic DevelopmentBank:5.00%, 10/1/2019 . . . . . . . . 160,000 161,5495.00%, 10/1/2021 . . . . . . . . 12,430,000 13,506,189

California Infrastructure &Economic DevelopmentBank Revenue5.00%, 10/1/2022 . . . . . . . . 155,000 174,203

California Municipal FinanceAuthority Revenue:5.00%, 10/1/2020 . . . . . . . . 320,000 335,6165.00%, 10/1/2022 . . . . . . . . 245,000 274,937

California, Bay Area TollAuthority, Toll BridgeRevenue:2.25%, 4/1/2045 (a). . . . . . . 28,000,000 28,463,1204.00%, 4/1/2020. . . . . . . . . 75,000 76,6312.10%, 4/1/2045 (a). . . . . . . 15,085,000 15,284,575

California, East Bay MunicipalUtility District, Water SystemRevenue:Series A, 4.00%, 6/1/2023. . . 125,000 138,773Series B, 5.00%, 6/1/2021. . . 165,000 177,446

California, State Department ofWater Resources CenterValley Project Revenue:Series AS, 5.00%, 12/1/2021 . 1,635,000 1,786,859Series AW, 5.00%, 12/1/2022. 375,000 423,735Series AX, 5.00%, 12/1/2022. 3,000,000 3,389,880

California, State Department ofWater Resources PowerSupply RevenueSeries O, 5.00%, 5/1/2021 . . 3,640,000 3,899,969

California, State GeneralObligation:4.00%, 9/1/2021. . . . . . . . . 150,000 159,0514.00%, 11/1/2023 . . . . . . . . 3,655,000 4,081,2464.00%, 4/1/2024. . . . . . . . . 10,000,000 11,255,0005.00%, 8/1/2019. . . . . . . . . 250,000 250,7735.00%, 9/1/2019. . . . . . . . . 200,000 201,2565.00%, 3/1/2020. . . . . . . . . 175,000 179,4525.00%, 8/1/2020. . . . . . . . . 45,580,000 47,463,822


5.00%, 9/1/2020. . . . . . . . . $ 100,000 $ 104,4495.00%, 10/1/2020 . . . . . . . . 10,000,000 10,476,5005.00%, 8/1/2021. . . . . . . . . 100,000 107,8565.00%, 8/1/2022. . . . . . . . . 190,000 211,8335.00%, 9/1/2022. . . . . . . . . 2,355,000 2,632,5835.00%, 10/1/2022 . . . . . . . . 110,000 123,2905.00%, 11/1/2022 . . . . . . . . 32,235,000 36,225,0485.00%, 3/1/2023. . . . . . . . . 4,075,000 4,627,2035.00%, 8/1/2023. . . . . . . . . 4,125,000 4,743,8735.00%, 9/1/2023. . . . . . . . . 325,000 374,6965.00%, 10/1/2023 . . . . . . . . 250,000 288,9475.00%, 4/1/2024. . . . . . . . . 3,000,000 3,514,2905.00%, 8/1/2024. . . . . . . . . 19,620,000 23,200,4545.00%, 9/1/2024. . . . . . . . . 2,500,000 2,962,8755.00%, 11/1/2024 . . . . . . . . 5,000,000 5,952,2504.00%, 12/1/2030 (a) . . . . . . 14,115,000 14,795,908Series B, 5.00%, 9/1/2019. . . 150,000 150,942Series B, 5.00%, 8/1/2020. . . 570,000 593,558Series B, 5.00%, 9/1/2020. . . 20,355,000 21,260,593Series B, 5.00%, 8/1/2021. . . 10,000,000 10,785,600Series B, 5.00%, 8/1/2022. . . 2,680,000 2,987,959

California, State UniversityRevenue:Series A, 4.00%, 11/1/2019 . . 160,000 161,550Series A, 4.00%, 11/1/2020 . . 2,150,000 2,233,570Series A, 5.00%, 11/1/2020 . . 6,045,000 6,359,582Series A, 5.00%, 11/1/2021 . . 4,095,000 4,460,479Series A, 5.00%, 11/1/2022 . . 4,460,000 5,026,108Series A, 5.00%, 11/1/2023 . . 1,000,000 1,162,340

Campbell, CA, Union HighSchool District, GeneralObligationSeries B, 4.00%, 8/1/2021. . . 250,000 264,943

Contra Costa, CA,Transportation AuthorityRevenueSeries B, 5.00%, 3/1/2025. . . 100,000 102,591

Contra Costa, CA,Transportation AuthoritySales Tax Revenue:Series A, 5.00%, 3/1/2021. . . 325,000 346,115Series B, 5.00%, 3/1/2024. . . 100,000 102,591

Coronado, CA, CommunityDevelopment AgencySuccessor Agency, TaxAllocationSeries A, 5.00%, 9/1/2023. . . 1,200,000 1,387,200

Culver, CA, RedevelopmentAgency Successor Agency,Tax Allocation5.00%, 11/1/2022 . . . . . . . . 2,425,000 2,732,805

East Bay, CA, Municipal UtilityDistrict, Water SystemRevenueSeries B, 5.00%, 6/1/2022. . . 390,000 433,543


2


Fontana, CA, RedevelopmentAgency Successor Agency,Tax Allocation:Series A, 4.00%, 10/1/2019 . . $ 205,000 $ 206,486Series A, 5.00%, 10/1/2022 . . 4,300,000 4,831,265

Grossmont-Cuyamaca, CA,Community College DistrictGeneral Obligation:4.00%, 8/1/2020. . . . . . . . . 100,000 103,1615.00%, 8/1/2023. . . . . . . . . 3,750,000 4,325,550

Los Angeles County, CA,Metropolitan TransportationAuthority Revenue:5.00%, 7/1/2023. . . . . . . . . 3,675,000 4,225,074Series A, 5.00%, 7/1/2021. . . 400,000 430,688Series A, 5.00%, 7/1/2023. . . 2,485,000 2,856,955Series B, 5.00%, 7/1/2022. . . 300,000 334,146

Los Angeles, CA, CommunityCollege District, GeneralObligationSeries I, 3.00%, 8/1/2023 . . . 250,000 268,490

Los Angeles, CA, Departmentof Water & Power PowerSystem Revenue:Series A, 5.00%, 7/1/2021. . . 300,000 322,953Series A, 5.00%, 7/1/2023. . . 2,360,000 2,713,245Series B, 5.00%, 7/1/2023. . . 11,000,000 12,646,480Series B, 5.00%, 7/1/2024. . . 19,000,000 22,507,780

Los Angeles, CA, Departmentof Water & Power RevenueSeries A, 5.00%, 7/1/2023. . . 1,720,000 1,978,894

Los Angeles, CA, MetropolitanTransportation AuthorityRevenueSeries A, 5.00%, 6/1/2021. . . 215,000 231,048

Los Angeles, CA, MunicipalImprovement Corp. Revenue:Series A, 5.00%, 11/1/2023 . . 4,410,000 5,125,919Series A, 5.00%, 11/1/2024 . . 7,210,000 8,499,581

Los Angeles, CA, UnifiedSchool District, GeneralObligation:Series A, 5.00%, 7/1/2020. . . 15,420,000 16,005,343Series A, 5.00%, 7/1/2021. . . 315,000 338,357Series A, 5.00%, 7/1/2022. . . 25,530,000 28,268,348Series A, 5.00%, 7/1/2023. . . 20,450,000 23,330,178

Los Angeles, CA, WastewaterSystem Revenue:Series B, 5.00%, 6/1/2022. . . 1,570,000 1,743,846Series D, 5.00%, 6/1/2020. . . 3,660,000 3,791,101

Miracosta, CA, CommunityCollege District, GeneralObligationSeries A, 4.00%, 8/1/2019. . . 120,000 120,283


North Orange, CA, CountyCommunity College District,General ObligationSeries B, 4.00%, 8/1/2021. . . $ 7,000,000 $ 7,416,850

Oakland Alameda County, CA,Unified School District,General Obligation5.00%, 8/1/2020. . . . . . . . . 230,000 239,099

Oakland-Alameda County, CA,Unified School District,General ObligationSeries A, 5.00%, 8/1/2020. . . 125,000 129,945

Orange County, FL, TouristDevelopment Tax Revenue:5.00%, 2/15/2023 . . . . . . . . 6,000,000 6,822,0005.00%, 2/15/2024 . . . . . . . . 6,300,000 7,386,813

Orange County, FL, WaterDistrict2.00%, 8/15/2023 . . . . . . . . 18,000,000 18,501,480

Sacramento, CA, FinancingAuthority Revenue5.00%, 12/1/2021 . . . . . . . . 250,000 272,908

Sacramento, CA, MunicipalUtility District, FinancingAuthority Revenue:5.00%, 7/1/2020. . . . . . . . . 2,290,000 2,379,493Series D, 5.00%, 8/15/2021 . . 2,420,000 2,617,303Series E, 5.00%, 8/15/2019 . . 125,000 125,580Series E, 5.00%, 8/15/2020 . . 90,000 93,903Series E, 5.00%, 8/15/2022 . . 3,860,000 4,318,954

San Diego County, CA, PublicFacilities FinancingAuthority, Sewer RevenueSeries A, 4.00%, 5/15/2021 . . 2,255,000 2,376,522

San Diego County, CA,Regional TransportationCommission RevenueSeries A, 3.00%, 4/1/2021. . . 15,000,000 15,504,900

San Diego County, CA, WaterAuthority Financing Corp.,Revenue:5.00%, 5/1/2020. . . . . . . . . 1,555,000 1,605,631Series S1, 5.00%, 5/1/2021 . . 28,285,000 30,125,505

San Diego RedevelopmentAgency Successor Agency,Tax Allocation:Series A, 5.00%, 9/1/2019. . . 150,000 150,963Series A, 5.00%, 9/1/2020. . . 1,060,000 1,108,166

San Diego, CA, Public FacilitiesFinancing Authority, SewerRevenue:Series A, 5.00%, 5/15/2020 . . 300,000 310,146Series A, 5.00%, 5/15/2021 . . 3,510,000 3,763,913

San Diego, CA, Unified SchoolDistrict, General ObligationSeries H-2, 5.00%, 7/1/2019 . 100,000 100,000


3


San Francisco, CA, Bay AreaRapid Transit District,General Obligation:Series C, 4.00%, 8/1/2019. . . $ 285,000 $ 285,673Series C, 5.00%, 8/1/2020. . . 100,000 104,232

San Francisco, CA, City &County Public UtilitiesCommission WastewaterRevenue:Series A, 5.00%, 10/1/2023 . . 2,000,000 2,314,280Series C, 2.13%, 10/1/2048

(a) . . . . . . . . . . . . . . . . 15,000,000 15,334,800San Francisco, CA, City &

County Public UtilitiesCommission, Water Revenue:5.00%, 11/1/2020 . . . . . . . . 295,000 310,3525.00%, 11/1/2023 . . . . . . . . 3,280,000 3,804,964

San Francisco, CA, PublicUtilities Commission WaterRevenue:5.00%, 11/1/2021 . . . . . . . . 100,000 108,8045.00%, 11/1/2023 . . . . . . . . 2,170,000 2,517,308

San Jose Evergreen CommunityCollege District, GeneralObligationSeries B, 5.00%, 9/1/2019. . . 275,000 276,768

San Jose RedevelopmentAgency Successor Agency,Tax Allocation:Series B, 5.00%, 8/1/2021. . . 300,000 324,084Series B, 5.00%, 8/1/2022. . . 3,260,000 3,644,061

San Jose Unified SchoolDistrict, General Obligation5.00%, 8/1/2020. . . . . . . . . 310,000 323,119

Santa Clara Valley, CA,Transportation Authority,Sales Tax Revenue:Series A, 5.00%, 6/1/2022. . . 4,690,000 5,213,638Series A, 5.00%, 6/1/2023. . . 4,385,000 5,035,602

Southern California,Metropolitan Water DistrictRevenue:Series A, 2.00%, 7/1/2021. . . 500,000 508,965Series A, 5.00%, 7/1/2021. . . 10,010,000 10,781,170Series B, 4.00%, 8/1/2023. . . 255,000 283,634Series B, 5.00%, 8/1/2022. . . 12,150,000 13,544,334Series E, 5.00%, 7/1/2021. . . 210,000 226,197

Southern California, StatePublic Power AuthorityRevenue:Series 1, 2.00%, 7/1/2036 (a). 150,000 150,465Series A, 5.00%, 7/1/2022. . . 415,000 446,752

Southwestern CommunityCollege District, GeneralObligationSeries A, 4.00%, 8/1/2020. . . 2,550,000 2,629,764


University of California,Revenue:Series A, 5.00%, 11/1/2020 . . $ 2,040,000 $ 2,146,162Series A, 5.00%, 11/1/2021 . . 5,180,000 5,642,315Series A, 5.00%, 11/1/2023 . . 6,245,000 7,258,814Series AO, 5.00%, 5/15/2020 . 4,500,000 4,653,405Series AO, 5.00%, 5/15/2021 . 230,000 246,772Series AT, 1.40%, 5/15/2046

(a) . . . . . . . . . . . . . . . . 3,260,000 3,253,350Series B-2, 4.00%, 11/1/2049

(a) . . . . . . . . . . . . . . . . 100,000 104,840Series I, 5.00%, 5/15/2020 . . 8,355,000 8,638,318Series I, 5.00%, 5/15/2021 . . 385,000 412,924

657,259,901

COLORADO — 1.1%Arapahoe County, CO, School

District No. 6, GeneralObligationSeries A, 5.00%, 12/1/2023 . . 1,750,000 2,024,540

Colorado Springs, CO, UtilitiesSystem Revenue:Series A-1, 5.00%,

11/15/2023 . . . . . . . . . . 1,500,000 1,735,155Series A-3, 5.00%,

11/15/2022 . . . . . . . . . . 8,700,000 9,764,271County of Denver, CO, General

Obligation:Series A, 5.00%, 8/1/2021. . . 100,000 107,663Series B, 5.00%, 8/1/2023. . . 10,825,000 12,416,491

Denver, CO, City & CountySchool District No. 1,General Obligation:5.00%, 12/1/2023 . . . . . . . . 5,150,000 5,957,932Series B, 4.00%, 12/1/2020 . . 120,000 124,627

Douglas County, CO, SchoolDistrict No. Re-1, GeneralObligation5.00%, 12/15/2023 . . . . . . . 5,250,000 6,075,510

Platte River, CO, PowerAuthority RevenueSeries JJ, 5.00%, 6/1/2020 . . 420,000 434,146

University of Colorado,Revenue5.25%, 6/1/2036. . . . . . . . . 100,000 107,521

38,747,856

CONNECTICUT — 1.8%Connecticut, State Health &

Educational FacilityAuthority Revenue:Series A-2, 5.00%, 7/1/2042

(a) . . . . . . . . . . . . . . . . 13,625,000 15,086,418Series A-4, 2.00%, 7/1/2049

(a) . . . . . . . . . . . . . . . . 5,000,000 5,079,000Series B-1, 5.00%, 7/1/2029

(a) . . . . . . . . . . . . . . . . 105,000 108,847


4


Series C-2, 5.00%, 7/1/2057(a) . . . . . . . . . . . . . . . . $ 32,130,000 $ 36,161,672

Series U-2, 2.00%, 7/1/2033(a) . . . . . . . . . . . . . . . . 6,475,000 6,578,017

Connecticut, State RevolvingFunding RevenueSeries A, 5.00%, 3/1/2021. . . 3,025,000 3,210,130

South Central, ConnecticutRegional Water AuthorityRevenueSeries B, 5.00%, 8/1/2020. . . 125,000 130,153

66,354,237

DELAWARE — 0.5%Delaware, State General

Obligation:5.00%, 3/1/2021. . . . . . . . . 425,000 451,3035.00%, 3/1/2024. . . . . . . . . 880,000 1,026,643Series A, 5.00%, 2/1/2022. . . 375,000 410,573Series B, 5.00%, 7/1/2022. . . 3,615,000 4,010,816

Delaware, State TransportationAuthority System Revenue:5.00%, 7/1/2020. . . . . . . . . 7,765,000 8,051,9175.00%, 7/1/2021. . . . . . . . . 2,005,000 2,152,447

New Castle, DE, GeneralObligation5.00%, 10/1/2023 . . . . . . . . 250,000 288,163

16,391,862

DISTRICT OF COLUMBIA— 1.2%

District of Columbia, GeneralObligation:Series A, 5.00%, 6/1/2020. . . 2,725,000 2,817,024Series A, 5.00%, 6/1/2021. . . 1,740,000 1,862,322Series A, 5.00%, 6/1/2023. . . 7,950,000 9,060,694Series A, 5.00%, 10/15/2023 . 9,000,000 10,369,440Series D, 5.00%, 6/1/2020. . . 100,000 103,377Series D, 5.00%, 6/1/2021. . . 305,000 326,441Series D, 5.00%, 6/1/2023. . . 2,325,000 2,649,826Series E, 5.00%, 6/1/2020. . . 275,000 284,287

Washington Metropolitan AreaTransit Authority, RevenueSeries A-1, 5.00%, 7/1/2020 . 50,000 51,832

Washington, Convention &Sports Authority RevenueSeries A, 5.00%, 10/1/2022 . . 3,000,000 3,338,100

Washington, MetropolitanAirports Authority Revenue:Series B, 5.00%, 10/1/2022 . . 2,335,000 2,599,859Series B, 5.00%, 10/1/2023

(b). . . . . . . . . . . . . . . . 3,000,000 3,450,960Series B, 5.00%, 10/1/2024

(b). . . . . . . . . . . . . . . . 2,000,000 2,362,040Washington, Metropolitan Area

Transit Authority:Series A-1, 5.00%, 7/1/2021 . 260,000 278,928


Series B, 5.00%, 7/1/2022. . . $ 2,500,000 $ 2,770,475

42,325,605

FLORIDA — 3.4%Florida, State Board of

Education, GeneralObligation:Series A, 5.00%, 6/1/2020. . . 16,630,000 17,196,251Series A, 5.00%, 6/1/2023. . . 3,845,000 4,385,338Series A, 5.00%, 7/1/2023. . . 2,000,000 2,285,880Series B, 5.00%, 6/1/2020. . . 180,000 186,129Series B, 5.00%, 6/1/2021. . . 800,000 856,712Series B, 5.00%, 6/1/2023. . . 5,160,000 5,885,135Series B, 5.00%, 6/1/2024. . . 7,775,000 9,127,150Series C, 5.00%, 6/1/2020. . . 150,000 155,107Series C, 5.00%, 6/1/2021. . . 100,000 107,089Series D, 5.00%, 6/1/2021. . . 475,000 508,673Series D, 5.00%, 6/1/2024. . . 8,380,000 9,837,366Series E, 5.00%, 6/1/2022. . . 125,000 138,347

Florida, State Board ofEducation, Lottery Revenue:Series A, 5.00%, 7/1/2019. . . 210,000 210,000Series B, 5.00%, 7/1/2019. . . 175,000 175,000Series B, 5.00%, 7/1/2020. . . 330,000 342,124Series B, 5.00%, 7/1/2021. . . 1,345,000 1,442,916

Florida, State Department ofEnvironmental ProtectionRevenue:5.00%, 7/1/2020. . . . . . . . . 1,640,000 1,700,254Series A, 5.00%, 7/1/2022. . . 2,700,000 2,989,602

Florida, State Department ofManagement ServicesRevenue:Series A, 5.00%, 9/1/2019. . . 225,000 226,372Series A, 5.00%, 8/1/2021. . . 240,000 258,031Series A, 5.00%, 9/1/2022. . . 13,315,000 14,835,972

Florida, State GeneralObligationSeries A, 5.00%, 7/1/2020. . . 7,175,000 7,438,609

Florida, State TurnpikeAuthority Revenue:Series A, 5.00%, 7/1/2020. . . 165,000 171,097Series B, 5.00%, 7/1/2019. . . 100,000 100,000Series B, 5.00%, 7/1/2022. . . 150,000 166,369

Florida’s Turnpike EnterpriseRevenue:Series B, 5.00%, 7/1/2020. . . 185,000 191,836Series B, 5.00%, 7/1/2021. . . 125,000 134,178

Gainesville, FL, UtilitiesSystem RevenueSeries A, 5.00%, 10/1/2022 . . 2,625,000 2,927,925

Hillsborough County, FL,School Board:5.00%, 7/1/2022. . . . . . . . . 275,000 304,3235.00%, 7/1/2023. . . . . . . . . 6,855,000 7,814,700


5


Jacksonville, FL, SpecialRevenueSeries C, 5.00%, 10/1/2019 . . $ 100,000 $ 100,873

JEA, FL, Electric SystemRevenue:Series A, 3.50%, 10/1/2019 . . 285,000 286,280Series A, 4.00%, 10/1/2020 . . 160,000 165,304

Miami-Dade County, FL,General Obligation:Series A, 5.00%, 7/1/2020. . . 200,000 207,390Series A, 5.00%, 7/1/2021. . . 3,560,000 3,820,628Series B, 5.00%, 7/1/2020. . . 220,000 228,129

Miami-Dade County, FL,Transit System Revenue:5.00%, 7/1/2020. . . . . . . . . 180,000 186,7415.00%, 7/1/2022. . . . . . . . . 200,000 221,390

Miami-Dade County, FL, Water& Sewer Revenue5.00%, 10/1/2019 . . . . . . . . 125,000 126,123

Orange County, FL, TouristDevelopment Tax Revenue:5.00%, 10/1/2020 . . . . . . . . 340,000 355,6815.00%, 10/1/2022 . . . . . . . . 125,000 139,551

Orlando County, FL, UtilitiesCommission Revenue:Series A, 3.00%, 10/1/2027

(a) . . . . . . . . . . . . . . . . 100,000 102,045Series A, 5.00%, 10/1/2019 . . 220,000 222,020

Palm Beach County, FL, SchoolBoard:5.00%, 8/1/2020. . . . . . . . . 1,000,000 1,039,230Series B, 5.00%, 8/1/2021. . . 105,000 112,889

Palm Beach County, SchoolDistrict:Series A, 5.00%, 8/1/2023. . . 12,045,000 13,764,183Series B, 5.00%, 8/1/2019. . . 215,000 215,630Series B, 5.00%, 8/1/2021. . . 100,000 107,513

Palm Beach County, SchoolDistrict Lease RevenueSeries A, 5.00%, 8/1/2021. . . 345,000 370,920

Polk, County School District,Revenue:5.00%, 10/1/2023 . . . . . . . . 1,500,000 1,726,2905.00%, 10/1/2024 . . . . . . . . 1,250,000 1,477,087

South Florida WaterManagement District:5.00%, 10/1/2019 . . . . . . . . 160,000 161,4485.00%, 10/1/2023 . . . . . . . . 4,070,000 4,673,093

121,908,923

GEORGIA — 2.4%City of Atlanta, GA, General

Obligation5.00%, 12/1/2021 . . . . . . . . 3,525,000 3,836,504

DeKalb County, GA, GeneralObligation:4.00%, 10/1/2020 . . . . . . . . 250,000 258,415


5.00%, 12/1/2020 . . . . . . . . $ 4,220,000 $ 4,439,229Georgia, State General

Obligation:Series A, 5.00%, 2/1/2023. . . 5,000,000 5,647,950Series A-1, 5.00%, 2/1/2021 . 225,000 238,163Series A-1, 5.00%, 2/1/2022 . 11,635,000 12,735,554Series A-1, 5.00%, 2/1/2023 . 500,000 564,796Series C, 5.00%, 7/1/2020. . . 325,000 337,041Series C, 5.00%, 7/1/2022. . . 11,700,000 12,980,448Series C-1, 5.00%, 1/1/2023 . 4,000,000 4,506,960Series C-1, 5.00%, 7/1/2023 . 10,000,000 11,437,800

Gwinnett County, GA, SchoolDistrict, General Obligation5.00%, 2/1/2022. . . . . . . . . 8,515,000 9,318,220

Metropolitan Atlanta RapidTransit Authority RevenueSeries A, 3.00%, 7/1/2023. . . 15,000,000 15,955,500

Richmond County, GA, Boardof Education, GeneralObligation5.00%, 10/1/2021 . . . . . . . . 4,890,000 5,291,762

87,548,342

HAWAII — 1.2%City & County of Honolulu, HI,

General Obligation:Series A, 5.00%, 10/1/2019 . . 250,000 252,312Series A, 5.00%, 10/1/2022 . . 2,285,000 2,554,104Series D, 5.00%, 9/1/2022. . . 4,710,000 5,246,469

Hawaii, State GeneralObligation:5.00%, 1/1/2024. . . . . . . . . 1,200,000 1,390,452Series EH, 5.00%, 8/1/2019 . 150,000 150,452Series EH-2017, 5.00%,

8/1/2021 . . . . . . . . . . . . 135,000 145,287Series EL, 4.00%, 8/1/2020. . 125,000 128,704Series EY, 5.00%, 10/1/2020 . 5,540,000 5,797,610Series EY, 5.00%, 10/1/2021 . 140,000 151,502Series EY, 5.00%, 10/1/2023 . 7,000,000 8,062,320Series EZ, 5.00%, 10/1/2019 . 240,000 242,220Series EZ, 5.00%, 10/1/2020 . 6,000,000 6,279,000Series EZ, 5.00%, 10/1/2022 . 150,000 167,564Series FB, 5.00%, 4/1/2021. . 1,075,000 1,144,821Series FB, 5.00%, 4/1/2022. . 110,000 120,965Series FE, 5.00%, 10/1/2022 . 120,000 134,051Series FG, 5.00%, 10/1/2022 . 2,260,000 2,524,623Series FH, 3.00%, 10/1/2021 . 3,500,000 3,633,000Series FK, 4.00%, 5/1/2022. . 3,250,000 3,493,490

41,618,946

ILLINOIS — 1.1%Cook Kane Lake & McHenry

Counties, IL, CommunityCollege District No. 512,General Obligation5.00%, 12/1/2021 . . . . . . . . 7,385,000 8,011,839


6


Greater Chicago, MetropolitanWater Reclamation DistrictRevenueSeries D, 5.00%, 12/1/2021 . . $ 500,000 $ 541,075

Illinois, State Finance AuthorityRevenue:5.00%, 1/1/2021. . . . . . . . . 245,000 258,2105.00%, 1/1/2022. . . . . . . . . 395,000 430,0685.00%, 1/1/2024. . . . . . . . . 7,995,000 9,226,070Series A, 5.00%, 10/1/2020 . . 380,000 397,089Series A, 5.00%, 10/1/2023 . . 5,020,000 5,748,251

Illinois, State RegionalTransportation AuthorityRevenueSeries A, 5.00%, 7/1/2022. . . 9,250,000 10,153,355

Illinois, State Sales Tax RevenueSeries C, 5.00%, 6/15/2022 . . 180,000 194,571

Illinois, State Toll HighwayAuthority Revenue:Series A, 5.00%, 12/1/2019 . . 250,000 253,655Series A, 5.00%, 1/1/2024. . . 2,000,000 2,291,060Series D, 5.00%, 1/1/2020. . . 165,000 167,899

McHenry County, IL,Conservation District,General Obligation:5.00%, 2/1/2021. . . . . . . . . 125,000 132,0695.00%, 2/1/2023. . . . . . . . . 250,000 279,973

38,085,184

INDIANA — 0.3%Ball State University Revenue

Series R, 5.00%, 7/1/2021. . . 370,000 397,054Indiana, State Finance Authority

Revenue:Series A, 5.00%, 12/1/2022 . . 125,000 140,083Series B, 5.00%, 2/1/2020. . . 250,000 255,390Series B, 5.00%, 2/1/2021. . . 3,070,000 3,249,595

Indiana, University RevenueSeries A, 5.00%, 6/1/2023. . . 6,625,000 7,556,011

11,598,133

IOWA — 0.5%Iowa, State Finance Authority

Revenue5.00%, 8/1/2022. . . . . . . . . 4,455,000 4,956,856

Iowa, State Revenue:5.00%, 6/15/2022 . . . . . . . . 210,000 232,3925.00%, 6/15/2023 . . . . . . . . 2,255,000 2,569,257Series A, 5.00%, 6/1/2023. . . 9,025,000 10,278,482

18,036,987

KANSAS — 0.5%Johnson County, Public

Building CommissionRevenue:5.00%, 9/1/2021. . . . . . . . . 345,000 372,241Series A, 5.00%, 9/1/2023. . . 7,500,000 8,594,250


Johnson County, Unified SchoolDistrict No. 233, GeneralObligation5.00%, 9/1/2021. . . . . . . . . $ 1,620,000 $ 1,747,915

Kansas, State Department ofTransportation, HighwayRevenue:5.00%, 9/1/2023. . . . . . . . . 2,400,000 2,757,504Series A, 5.00%, 9/1/2021. . . 3,295,000 3,555,898Series B, 5.00%, 9/1/2019. . . 220,000 221,336

17,249,144

KENTUCKY — 0.0% (c)Kentucky, State Turnpike

Authority RevenueSeries A, 5.00%, 7/1/2023. . . 100,000 113,042

Louisville & Jefferson County,KY, Metropolitan SewerDistrict RevenueSeries A, 5.00%, 5/15/2020 . . 250,000 257,880

University of Kentucky,RevenueSeries D, 5.25%, 10/1/2020 . . 245,000 256,804

627,726

LOUISIANA — 0.2%Louisiana, State General

Obligation:Series B, 5.00%, 10/1/2021 . . 7,000,000 7,558,880Series B, 5.00%, 8/1/2022. . . 160,000 177,358Series C, 5.00%, 8/1/2020. . . 280,000 291,077Series C, 5.00%, 8/1/2023. . . 125,000 142,628

8,169,943

MAINE — 0.2%Maine, State General

Obligation:Series B, 5.00%, 6/1/2020. . . 1,455,000 1,504,135Series B, 5.00%, 6/1/2022. . . 175,000 193,527Series B, 5.00%, 6/1/2023. . . 50,000 57,006Series D, 5.00%, 6/1/2023. . . 4,250,000 4,845,510

Maine, State Turnpike AuthorityRevenue5.00%, 7/1/2022. . . . . . . . . 250,000 276,893

6,877,071

MARYLAND — 6.1%Anne Arundel County, MD,

General Obligation5.00%, 10/1/2023 . . . . . . . . 2,205,000 2,537,646

Baltimore County, MD, GeneralObligation:5.00%, 8/1/2019. . . . . . . . . 100,000 100,3005.00%, 3/1/2024. . . . . . . . . 8,310,000 9,609,102Series B, 5.00%, 10/15/2022 . 555,000 620,534

Charles, MD, GeneralObligation5.00%, 10/1/2022 . . . . . . . . 5,000,000 5,587,150


7


Maryland, State Department ofTransportation:5.00%, 12/15/2020 . . . . . . . $ 13,925,000 $ 14,672,3555.00%, 5/1/2023. . . . . . . . . 135,000 153,591

Maryland, State Department ofTransportation Revenue:4.00%, 9/1/2021. . . . . . . . . 4,000,000 4,231,6405.00%, 12/1/2019 . . . . . . . . 115,000 116,7635.00%, 6/1/2020. . . . . . . . . 155,000 160,2505.00%, 9/1/2020. . . . . . . . . 100,000 104,3065.00%, 2/1/2021. . . . . . . . . 1,625,000 1,720,0625.00%, 5/1/2022. . . . . . . . . 9,705,000 10,706,6535.00%, 9/1/2022. . . . . . . . . 15,010,000 16,734,4995.00%, 5/1/2023. . . . . . . . . 8,105,000 9,221,1405.00%, 6/1/2023. . . . . . . . . 2,410,000 2,748,6775.00%, 11/1/2023 . . . . . . . . 5,005,000 5,778,523

Maryland, State GeneralObligation:5.00%, 8/1/2021. . . . . . . . . 155,000 166,8115.00%, 6/1/2022. . . . . . . . . 14,200,000 15,703,3545.00%, 3/1/2023. . . . . . . . . 100,000 106,1375.00%, 6/1/2023. . . . . . . . . 13,535,000 15,425,9755.00%, 3/1/2024. . . . . . . . . 100,000 106,1375.00%, 3/15/2024 . . . . . . . . 10,000,000 11,659,400Series A, 5.00%, 3/1/2020. . . 100,000 102,456Series A, 5.00%, 8/1/2020. . . 135,000 140,385Series A, 5.00%, 8/1/2021. . . 1,535,000 1,651,967Series A, 5.00%, 3/1/2022. . . 5,075,000 5,567,326Series A, 5.00%, 3/15/2022 . . 200,000 219,678Series A, 5.00%, 8/1/2022. . . 5,015,000 5,575,125Series A, 5.00%, 3/1/2023. . . 1,420,000 1,606,418Series A, 5.00%, 3/15/2023 . . 300,000 339,777Series A, 5.00%, 8/1/2023. . . 1,200,000 1,374,360Series B, 4.50%, 8/1/2021. . . 185,000 197,204Series B, 5.00%, 8/1/2022. . . 10,000,000 11,116,900Series C, 5.00%, 8/1/2020. . . 100,000 103,989Series C, 5.00%, 8/1/2022. . . 1,690,000 1,878,756Series C, 5.00%, 8/1/2023. . . 250,000 286,325Series E -REF, 5.00%,

8/1/2019 . . . . . . . . . . . . 115,000 115,343Maryland, State Stadium

Authority Revenue:5.00%, 5/1/2022. . . . . . . . . 250,000 275,2885.00%, 5/1/2023. . . . . . . . . 1,500,000 1,698,750

Montgomery County, MD,General Obligation:5.00%, 11/1/2021 . . . . . . . . 500,000 542,570Series A, 5.00%, 11/1/2020 . . 365,000 383,049Series A, 5.00%, 11/1/2023 . . 15,765,000 18,187,135Series B, 5.00%, 11/1/2021 . . 125,000 135,643

Prince George County, MD,General Obligation:Series A, 5.00%, 9/15/2020 . . 255,000 266,312Series A, 5.00%, 7/15/2023 . . 10,020,000 11,460,976Series A, 5.00%, 9/15/2023 . . 5,000,000 5,746,900Series A, 5.00%, 7/15/2024 . . 14,860,000 17,487,099


Series B, 4.00%, 7/15/2020 . . $ 40,000 $ 41,120Series B, 4.00%, 7/15/2022 . . 105,000 113,516

Washington, MD, SuburbanSanitary Commission,General Obligation:4.00%, 6/1/2020. . . . . . . . . 210,000 215,2105.00%, 6/1/2020. . . . . . . . . 300,000 310,1615.00%, 6/1/2021. . . . . . . . . 200,000 214,0985.00%, 6/1/2023. . . . . . . . . 3,000,000 3,420,360

218,745,201

MASSACHUSETTS — 4.6%Boston, MA, General

Obligation:Series A, 5.00%, 3/1/2020. . . 150,000 153,846Series A, 5.00%, 4/1/2022. . . 1,685,000 1,860,189Series A, 5.00%, 5/1/2023. . . 3,000,000 3,428,850

Massachusetts, BayTransportation Authority,Revenue:4.00%, 12/1/2021 . . . . . . . . 1,390,000 1,477,848Series B, 5.00%, 7/1/2024. . . 2,000,000 2,349,060

Massachusetts, DevelopmentFinance Agency RevenueSeries A, 5.00%, 7/15/2021 . . 3,700,000 3,985,862

Massachusetts, State CleanWater Trust, Revenue:5.00%, 2/1/2021. . . . . . . . . 7,750,000 8,207,0955.00%, 8/1/2022. . . . . . . . . 13,995,000 15,567,058Series 2017, 5.00%,

8/1/2021 . . . . . . . . . . . . 100,000 107,749Series 2017, 5.00%,

8/1/2022 . . . . . . . . . . . . 1,545,000 1,720,049Massachusetts, State Federal

Highway Revenue:5.00%, 6/15/2022 . . . . . . . . 150,000 160,7705.00%, 6/15/2024 . . . . . . . . 3,500,000 3,991,120Series A, 5.00%, 6/15/2020 . . 140,000 144,929Series A, 5.00%, 6/15/2021 . . 6,000,000 6,214,140Series A, 5.00%, 6/15/2022 . . 9,675,000 10,369,665

Massachusetts, State GeneralObligation:5.00%, 7/1/2023. . . . . . . . . 2,000,000 2,287,560Series A, 5.00%, 3/1/2021. . . 10,135,000 10,756,985Series A, 5.00%, 7/1/2022. . . 2,875,000 3,189,640Series A, 5.00%, 1/1/2024. . . 3,675,000 4,261,751Series B, 5.00%, 8/1/2019. . . 135,000 135,405Series B, 5.00%, 7/1/2023. . . 2,250,000 2,573,505Series C, 5.00%, 8/1/2020. . . 150,000 156,017Series C, 5.00%, 7/1/2022. . . 250,000 277,360Series C, 5.00%, 8/1/2022. . . 210,000 233,589Series C, 5.00%, 10/1/2022 . . 7,930,000 8,866,612Series C, 5.00%, 2/1/2023. . . 6,725,000 7,596,493Series D-1-R, 1.05%,

8/1/2043 (a). . . . . . . . . . 185,000 184,306Series D-2-R, 1.70%,

8/1/2043 (a). . . . . . . . . . 13,400,000 13,476,380


8


Series E, 4.00%, 9/1/2021. . . $ 200,000 $ 211,362Series E, 5.00%, 11/1/2019 . . 200,000 202,462Series E, 5.00%, 11/1/2022 . . 9,690,000 10,862,393Series E, 5.00%, 11/1/2023 . . 1,410,000 1,628,564Series E, 5.00%, 9/1/2028. . . 7,805,000 8,704,916

Massachusetts, StateTransportation FundRevenue:5.00%, 6/1/2020. . . . . . . . . 175,000 180,9435.00%, 6/1/2021. . . . . . . . . 2,290,000 2,453,2315.00%, 6/1/2024. . . . . . . . . 2,865,000 3,361,762Series A, 5.00%, 6/1/2023. . . 5,780,000 6,594,633

Massachusetts, State WaterPollution Abatement TrustRevenue5.00%, 8/1/2019. . . . . . . . . 125,000 125,378

Massachusetts, State WaterResources AuthorityRevenue:Series C-GREEN BOND,

4.00%, 8/1/2022 . . . . . . . 8,430,000 9,123,115Series C-GREEN BOND,

5.00%, 8/1/2023 . . . . . . . 260,000 298,113University of Massachusetts,

Building Authority Revenue:5.00%, 11/1/2019 . . . . . . . . 150,000 151,832Series 2, 5.00%, 11/1/2021 . . 6,055,000 6,573,490Series 2, 5.00%, 11/1/2022 . . 1,735,000 1,944,918

166,150,945

MICHIGAN — 0.9%Michigan, State Building

Authority Revenue:Series I, 5.00%, 4/15/2020 . . 3,215,000 3,307,431Series I-A, 5.00%,

10/15/2022 . . . . . . . . . . 200,000 223,342Michigan, State Finance

Authority Revenue:5.00%, 10/1/2019 . . . . . . . . 245,000 247,2495.00%, 10/1/2021 . . . . . . . . 2,575,000 2,788,3655.00%, 10/1/2023 . . . . . . . . 3,500,000 4,032,700Series I, 5.00%, 4/15/2022 . . 50,000 55,009Series I, 5.00%, 4/15/2023 . . 1,500,000 1,700,130

Michigan, State GeneralObligation:Series A, 5.00%, 12/1/2019 . . 120,000 121,855Series A, 5.00%, 12/1/2020 . . 2,890,000 3,041,812Series A, 5.00%, 12/1/2021 . . 3,000,000 3,268,110

Michigan, State Trunk LineRevenue5.00%, 11/15/2020 . . . . . . . 150,000 157,548

University of Michigan,Revenue:5.00%, 4/1/2020. . . . . . . . . 1,345,000 1,382,162Series A, 5.00%, 4/1/2020. . . 1,735,000 1,782,938Series A, 5.00%, 4/1/2022. . . 1,420,000 1,563,576Series A, 5.00%, 4/1/2023. . . 3,745,000 4,254,545


Series A, 5.00%, 4/1/2024. . . $ 3,250,000 $ 3,802,240

31,729,012

MINNESOTA — 1.5%Minneapolis, MN, Special

School District No. 1Series D, 5.00%, 2/1/2020. . . 110,000 112,359

Minnesota, State 911 ServicesRevenue5.00%, 6/1/2021. . . . . . . . . 210,000 224,639

Minnesota, State General FundRevenueSeries A, 5.00%, 6/1/2020. . . 155,000 160,191

Minnesota, State GeneralObligation:Series A, 5.00%, 8/1/2020. . . 1,020,000 1,060,912Series A, 5.00%, 8/1/2021. . . 300,000 322,989Series A, 5.00%, 10/1/2021 . . 100,000 108,263Series A, 5.00%, 8/1/2022. . . 13,070,000 14,538,153Series A, 5.00%, 8/1/2023. . . 350,000 401,457Series E, 2.50%, 8/1/2020. . . 125,000 126,671Series E, 3.00%, 8/1/2021. . . 125,000 129,461Series E, 5.00%, 10/1/2023 . . 3,685,000 4,247,515

Minnesota, State PublicFacilities AuthoritySeries A, 5.00%, 3/1/2022. . . 5,140,000 5,635,805

Rosemount-Apple Valley-EaganIndependent School DistrictNo. 196, General Obligation:Series A, 5.00%, 2/1/2020. . . 240,000 245,215Series A, 5.00%, 2/1/2021. . . 5,000,000 5,292,500Series A, 5.00%, 2/1/2022. . . 3,000,000 3,282,180Series A, 5.00%, 2/1/2024. . . 5,000,000 5,802,400

Shakopee, MN, IndependentSchool District No. 720,General ObligationSeries A, 5.00%, 2/1/2021. . . 4,835,000 5,100,635

University of Minnesota,RevenueSeries B, 5.00%, 12/1/2022 . . 8,190,000 9,201,547

55,992,892

MISSISSIPPI — 0.0% (c)Mississippi, State General

Obligation:Series C, 5.00%, 10/1/2019 . . 70,000 70,640Series C, 5.00%, 10/1/2020 . . 265,000 277,087

347,727

MISSOURI — 0.4%Bi-State Development Agency

of the Missouri-IllinoisMetropolitan District, MassTransit Sales Tax AuthorityRevenueSeries A, 5.00%, 10/1/2020 . . 140,000 146,457


9


Kansas, MO, Sanitary SewerSystem RevenueSeries A, 4.00%, 1/1/2023. . . $ 175,000 $ 190,775

Missouri, State Highways &Transportation CommissionRevenueSeries B, 5.00%, 5/1/2023. . . 6,000,000 6,828,660

Springfield, MO, State PublicUtility Revenue:5.00%, 8/1/2019. . . . . . . . . 100,000 100,2995.00%, 8/1/2020. . . . . . . . . 6,930,000 7,207,2005.00%, 8/1/2021. . . . . . . . . 225,000 242,048

University of Missouri, RevenueSeries A, 5.00%, 11/1/2021 . . 245,000 265,859

14,981,298

NEBRASKA — 0.2%Omaha, NE, Metropolitan

Utilities District Revenue:5.00%, 12/1/2021 . . . . . . . . 200,000 217,3265.00%, 12/1/2022 . . . . . . . . 200,000 224,346

University of NebraskaFacilities Corp., Revenue:5.00%, 7/15/2023 . . . . . . . . 5,500,000 6,283,970Series A, 4.00%, 7/15/2024 . . 1,125,000 1,269,889

7,995,531

NEVADA — 0.2%Clark County, NV, General

Obligation:5.00%, 11/1/2019 . . . . . . . . 300,000 303,6725.00%, 6/1/2020. . . . . . . . . 330,000 341,1445.00%, 11/1/2020 . . . . . . . . 380,000 398,6355.00%, 11/1/2021 . . . . . . . . 415,000 450,3335.00%, 6/1/2022. . . . . . . . . 120,000 132,559Series A, 5.00%, 11/1/2023 . . 260,000 299,710

Clark County, NV, Revenue:5.00%, 7/1/2020. . . . . . . . . 280,000 290,2315.00%, 7/1/2021. . . . . . . . . 270,000 289,632

Las Vegas Valley, NV, WaterDistrict, General Obligation:Series A, 4.00%, 6/1/2020. . . 170,000 174,202Series A, 5.00%, 6/1/2020. . . 125,000 129,221Series A, 5.00%, 6/1/2021. . . 3,525,000 3,772,808

Truckee Meadows, NV, WaterAuthority Revenue4.00%, 7/1/2020. . . . . . . . . 115,000 118,102

6,700,249

NEW JERSEY — 0.4%Bergen County, NJ, General

Obligation:4.00%, 10/15/2023 . . . . . . . 1,505,000 1,673,5005.00%, 10/15/2020 . . . . . . . 205,000 215,043

New Jersey, EducationalFacilities Authority Revenue:Series A, 5.00%, 7/1/2020. . . 105,000 108,975


Series B, 4.00%, 7/1/2019. . . $ 80,000 $ 80,000Series B, 5.00%, 7/1/2022. . . 5,095,000 5,662,124Series B, 5.00%, 7/1/2023. . . 1,630,000 1,868,469Series B, 5.00%, 7/1/2024. . . 4,305,000 5,081,450

Rutgers, NJ, State UniversityRevenue:Series J, 5.00%, 5/1/2020 . . . 190,000 195,898Series J, 5.00%, 5/1/2021 . . . 145,000 154,863

15,040,322

NEW MEXICO — 0.7%Albuquerque Bernalillo County,

NM, Water Utility Authority,Water & Sewer SystemRevenueSeries A, 5.00%, 7/1/2020. . . 95,000 98,481

New Mexico, State FinanceAuthority Revenue:Series A, 5.00%, 6/15/2023 . . 5,000,000 5,696,800Series D, 5.00%, 6/1/2022. . . 250,000 276,165

New Mexico, State GeneralObligation:Series A, 5.00%, 3/1/2022. . . 100,000 109,701Series B, 5.00%, 3/1/2022. . . 6,750,000 7,404,817

New Mexico, State SeveranceTax Permanent FundRevenue:5.00%, 7/1/2021. . . . . . . . . 1,405,000 1,508,029Series A, 5.00%, 7/1/2021. . . 1,585,000 1,690,228Series A, 5.00%, 7/1/2022. . . 8,295,000 9,175,301Series B, 4.00%, 7/1/2021. . . 135,000 142,245Series B, 4.00%, 7/1/2022. . . 335,000 361,328Series B, 4.00%, 7/1/2023. . . 130,000 143,269

26,606,364

NEW YORK — 14.5%Erie County, NY, Industrial

Development Agency SchoolFacility Revenue5.00%, 5/1/2021. . . . . . . . . 3,275,000 3,500,844

Metropolitan TransportationAuthority Revenue:Series A, 5.00%, 11/15/2021 . 215,000 234,344Series A, 5.00%, 11/15/2022 . 6,095,000 6,870,772

Monroe County, NY, IndustrialDevelopment AgencyRevenue5.00%, 5/1/2023. . . . . . . . . 3,850,000 4,394,120

New York & New Jersey, NY,Port Authority Revenue:5.00%, 10/15/2019 . . . . . . . 150,000 151,6295.00%, 10/15/2021 . . . . . . . 155,000 168,280Series 180, 5.00%, 6/1/2021 . 125,000 134,009

New York City Water & SewerSystem Revenue:4.00%, 6/15/2021 . . . . . . . . 100,000 105,467Series A, 5.00%, 6/15/2023 . . 140,000 160,558


10


Series CC, 5.00%, 6/15/2023. $ 880,000 $ 961,462Series DD2, 5.00%,

6/15/2024 . . . . . . . . . . . 12,000,000 13,511,160New York, NY, City Transitional

Finance Authority BuildingAid RevenueSeries S-1, 5.00%, 7/15/2022. 160,000 178,480

New York, NY, City TransitionalFinance Authority, BuildingAid Revenue:Series S, 5.00%, 7/15/2020 . . 85,000 88,387Series S, 5.00%, 7/15/2022 . . 40,000 44,620Series S-1, 5.00%, 7/15/2020. 265,000 275,409Series S-1, 5.00%, 7/15/2021. 400,000 431,240Series S-1, 5.00%, 7/15/2022. 200,000 222,418Series S-2, 5.00%, 7/15/2020. 1,500,000 1,558,980

New York, NY, City TransitionalFinance Authority, Future TaxSecured Revenue:5.00%, 11/1/2020 . . . . . . . . 150,000 157,4185.00%, 11/1/2022 . . . . . . . . 15,000,000 16,840,9505.00%, 8/1/2023. . . . . . . . . 4,300,000 4,939,582Series A-1, 5.00%, 8/1/2022 . 100,000 111,394Series A-1, 5.00%, 8/1/2023 . 6,120,000 7,030,289Series A-1, 5.00%, 8/1/2024 . 1,000,000 1,179,790Series C, 5.00%, 11/1/2020 . . 8,570,000 8,993,786Series C, 5.00%, 11/1/2021 . . 5,025,000 5,460,115Series C, 5.00%, 11/1/2022 . . 3,695,000 4,148,488Series C, 5.00%, 11/1/2023 . . 4,560,000 5,277,288Series C-1, 5.00%, 5/1/2020 . 105,000 108,251Series C-1, 5.00%,

11/1/2021 . . . . . . . . . . . 7,000,000 7,606,130Series C-1, 5.00%, 5/1/2023 . 16,000,000 18,241,920

New York, NY, GeneralObligation:Series A, 2.00%, 8/1/2021. . . 100,000 101,398Series A, 5.00%, 8/1/2020. . . 90,000 93,650Series A, 5.00%, 8/1/2022. . . 22,130,000 24,601,699Series A, 5.00%, 8/1/2023. . . 21,715,000 24,879,527Series C, 3.00%, 8/1/2019. . . 150,000 150,216Series C, 5.00%, 8/1/2020. . . 135,000 140,474Series C, 5.00%, 8/1/2021. . . 1,500,000 1,613,970Series C, 5.00%, 8/1/2022. . . 15,360,000 17,075,557Series C, 5.00%, 8/1/2023. . . 3,040,000 3,483,019Series E, 5.00%, 8/1/2020. . . 275,000 286,151Series E, 5.00%, 8/1/2021. . . 11,180,000 12,029,456Series E, 5.00%, 8/1/2022. . . 150,000 166,754Series E, 5.00%, 8/1/2023. . . 5,000,000 5,728,650Series E, 5.00%, 8/1/2024. . . 10,000,000 11,787,200Series G, 5.00%, 8/1/2020 . . 120,000 124,866Series I, 5.00%, 8/1/2020 . . . 8,115,000 8,444,063Series I, 5.00%, 3/1/2021 . . . 3,720,000 3,949,598Series J, 5.00%, 8/1/2020 . . . 135,000 140,474Series J, 5.00%, 8/1/2021 . . . 225,000 242,096Series J, 5.00%, 8/1/2023 . . . 4,705,000 5,390,660


New York, NY, Local Gov’tAssistance Corp., RevenueSeries A, 5.00%, 4/1/2021. . . $ 7,495,000 $ 7,995,291

New York, NY, Sales Tax AssetReceivables Corp., Revenue:Series A, 4.00%, 10/15/2023 . 100,000 111,551Series A, 5.00%, 10/15/2022 . 700,000 787,717

New York, NY, Sales TaxSecuritization Corp.,RevenueSeries A, 5.00%, 1/1/2023. . . 180,000 197,449

New York, State DormitoryAuthority Revenue:5.00%, 10/1/2020 . . . . . . . . 100,000 104,6885.00%, 10/1/2023 . . . . . . . . 4,585,000 5,278,756Series A, 5.00%, 7/1/2020. . . 170,000 176,540Series A, 5.00%, 10/1/2020 . . 2,290,000 2,397,355Series A, 5.00%, 7/1/2022. . . 1,220,000 1,358,860Series A, 5.00%, 10/1/2023 . . 4,200,000 4,835,502Series A, 5.00%, 10/1/2024 . . 1,025,000 1,214,635

New York, State DormitoryAuthority Revenue, NonState Supported DebtSeries A, 4.00%, 7/1/2020. . . 3,765,000 3,872,604

New York, State DormitoryAuthority Revenue, StateSupported DebtSeries A, 5.00%, 10/1/2021(d) . . . . . . . . . . . . . . . . . 215,000 233,165

New York, State DormitoryAuthority, Personal IncomeTax Revenue:Series A, 5.00%, 2/15/2021 . . 4,865,000 5,158,116Series A, 5.00%, 2/15/2022 . . 19,320,000 21,169,310Series A, 5.00%, 3/15/2022 . . 330,000 362,564Series A, 5.00%, 3/15/2023 . . 4,930,000 5,589,683Series A, 5.00%, 2/15/2024 . . 9,500,000 11,046,315Series A, 5.00%, 3/15/2024 . . 5,000,000 5,827,500Series B, 5.00%, 3/15/2021 . . 100,000 106,332Series B, 5.00%, 2/15/2022 . . 3,600,000 3,944,592Series B, 5.00%, 2/15/2023 . . 1,500,000 1,696,440Series C, 5.00%, 6/15/2020 . . 6,125,000 6,342,989Series D, 5.00%, 2/15/2021 . . 5,255,000 5,571,614Series D, 5.00%, 2/15/2022 . . 13,275,000 14,545,683Series D, 5.00%, 2/15/2023 . . 8,900,000 10,065,544Series E, 5.00%, 2/15/2022 . . 5,220,000 5,719,658Series E, 5.00%, 2/15/2023 . . 5,510,000 6,231,590Series E, 5.00%, 3/15/2024 . . 1,800,000 2,097,900

New York, State DormitoryAuthority, Sales TaxRevenue:5.00%, 3/15/2023 . . . . . . . . 23,020,000 26,144,965Series A, 5.00%, 3/15/2020 . . 100,000 102,628Series A, 5.00%, 3/15/2021 . . 15,345,000 16,316,645Series A, 5.00%, 3/15/2022 . . 7,500,000 8,252,775Series A, 5.00%, 3/15/2023 . . 3,915,000 4,446,462Series A, 5.00%, 3/15/2024 . . 200,000 233,796


11


Series C, 5.00%, 3/15/2023 . . $ 255,000 $ 289,616Series E-GROUP 1, 5.00%,

3/15/2024 . . . . . . . . . . . 3,560,000 4,161,569New York, State Environmental

Facilities Corp., Revenue:5.00%, 3/15/2020 . . . . . . . . 210,000 215,6705.00%, 6/15/2020 . . . . . . . . 580,000 601,2115.00%, 6/15/2022 . . . . . . . . 6,220,000 6,913,841Series A, 5.00%, 6/15/2021 . . 205,000 220,279Series A, 5.00%, 6/15/2023 . . 3,655,000 4,199,339

New York, State UrbanDevelopment Corp.,Revenue:5.00%, 3/15/2022 . . . . . . . . 6,475,000 7,113,953Series A, 5.00%, 3/15/2021 . . 375,000 398,745Series A, 5.00%, 3/15/2022 . . 23,740,000 26,082,663Series A, 5.00%, 3/15/2023 . . 5,075,000 5,754,086Series A, 5.00%, 3/15/2024 . . 5,000,000 5,827,500Series A-, 5.00%, 3/15/2021 . 10,140,000 10,782,065Series A-, 5.00%, 3/15/2023 . 5,880,000 6,666,803Series A-, 5.00%, 3/15/2024 . 13,430,000 15,652,665Series C, 5.00%, 3/15/2020 . . 100,000 102,628Series E, 5.00%, 3/15/2023 . . 125,000 141,726

Town of Oyster Bay NY3.25%, 8/1/2020 (d) . . . . . . 825,000 842,111

Utility Debt SecuritizationAuthority RevenueSeries B, 5.00%, 6/15/2023 . . 1,000,000 1,072,610

Westchester County, NY,General ObligationSeries A, 5.00%, 1/1/2021. . . 3,020,000 3,197,214

523,290,566

NORTH CAROLINA — 2.1%Charlotte, NC, General

Obligation5.00%, 12/1/2021 . . . . . . . . 250,000 272,155

Mecklenburg County, NC,General Obligation:5.00%, 3/1/2023. . . . . . . . . 7,500,000 8,493,225Series A, 5.00%, 9/1/2019. . . 200,000 201,226Series A, 5.00%, 9/1/2022. . . 3,345,000 3,730,411

Mecklenburg County, NC,Public Facilities Corp.5.00%, 2/1/2023. . . . . . . . . 4,760,000 5,375,087

Mecklenburg County, NC,Revenue:Series A, 5.00%, 10/1/2020 . . 655,000 685,457Series A, 5.00%, 10/1/2021 . . 280,000 303,069Series A, 5.00%, 10/1/2024 . . 2,150,000 2,541,794

North Carolina, Revenue:Series A, 5.00%, 5/1/2020. . . 135,000 139,145Series B, 5.00%, 11/1/2020 . . 150,000 157,356Series B, 5.00%, 6/1/2021. . . 195,000 208,709Series B, 5.00%, 6/1/2022. . . 115,000 127,175

North Carolina, State GeneralObligation:


5.00%, 6/1/2022. . . . . . . . . $ 4,000,000 $ 4,424,680Series A, 5.00%, 6/1/2020. . . 250,000 258,490Series A, 5.00%, 6/1/2021. . . 225,000 240,905Series A, 5.00%, 6/1/2022. . . 6,000,000 6,637,020Series A, 5.00%, 6/1/2023. . . 19,150,000 21,849,001

North Carolina, State Revenue:Series C, 5.00%, 5/1/2021. . . 100,000 106,726Series C, 5.00%, 5/1/2023. . . 8,000,000 9,095,200

North Carolina, State Universityat Raleigh Revenue:5.00%, 10/1/2021 . . . . . . . . 145,000 156,9475.00%, 10/1/2023 . . . . . . . . 1,250,000 1,440,250

Wake County, NC, Revenue:5.00%, 9/1/2020. . . . . . . . . 100,000 104,318Series A, 5.00%, 12/1/2021 . . 1,665,000 1,811,304Series A, 5.00%, 12/1/2022 . . 125,000 140,305Series A, 5.00%, 8/1/2023. . . 5,000,000 5,724,350

74,224,305

OHIO — 2.5%Cincinnati, OH, General

Obligation5.00%, 12/1/2019 . . . . . . . . 100,000 101,529

Columbus, OH, GeneralObligation:Series 2017-1, 5.00%,

4/1/2024 . . . . . . . . . . . . 5,000,000 5,839,550Series A, 4.00%, 4/1/2022. . . 1,735,000 1,861,759Series A, 5.00%, 2/15/2024 . . 3,740,000 4,352,201

Hamilton County, OH, SewerSystem RevenueSeries A, 5.00%, 12/1/2022 . . 100,000 112,209

Ohio, State General Obligation:4.00%, 5/1/2022. . . . . . . . . 250,000 262,3555.00%, 9/1/2020. . . . . . . . . 6,380,000 6,654,7235.00%, 9/1/2021. . . . . . . . . 200,000 215,746Series A, 5.00%, 5/1/2020. . . 145,000 149,464Series A, 5.00%, 3/15/2022 . . 5,535,000 6,074,939Series A, 5.00%, 9/15/2022 . . 125,000 139,362Series A, 5.00%, 9/1/2023. . . 325,000 373,126Series B, 5.00%, 9/15/2019 . . 20,000 20,151Series B, 5.00%, 8/1/2023. . . 130,000 148,945Series B, 5.00%, 6/15/2026 . . 4,415,000 4,890,760Series C, 3.00%, 11/1/2020 . . 8,460,000 8,653,565Series C, 5.00%, 11/1/2022 . . 6,475,000 7,249,410Series R, 5.00%, 5/1/2022. . . 9,315,000 10,279,196Series R, 5.00%, 5/1/2023. . . 1,900,000 2,163,169Series S, 5.00%, 5/1/2023 . . . 105,000 119,544Series V, 5.00%, 5/1/2023 . . . 5,725,000 6,517,970

Ohio, State InfrastructureProject RevenueSeries 2016-1, 5.00%,12/15/2021 . . . . . . . . . . . . 2,550,000 2,777,613

Ohio, State Turnpike &Infrastructure CommissionRevenueSeries A, 3.00%, 2/15/2022 . . 6,495,000 6,776,168


12


Ohio, State Water DevelopmentAuthority RevenueSeries A, 5.00%, 6/1/2020. . . $ 100,000 $ 103,387

Ohio, State Water DevelopmentAuthority, Water PollutionControl Revenue:5.00%, 12/1/2022 . . . . . . . . 2,635,000 2,962,3465.00%, 12/1/2023 . . . . . . . . 300,000 347,484Series B, 5.00%, 12/1/2020 . . 1,680,000 1,767,763Series B, 5.00%, 6/1/2022. . . 7,070,000 7,822,814

88,737,248

OKLAHOMA — 0.2%Oklahoma, State Capitol

Improvement AuthorityRevenueSeries A, 5.00%, 7/1/2022. . . 150,000 166,043

Oklahoma, State TurnpikeAuthority Revenue:Series D, 4.00%, 1/1/2020. . . 100,000 101,349Series D, 4.00%, 1/1/2023. . . 125,000 136,178

Oklahoma, State WaterResources Board Revenue:5.00%, 4/1/2022. . . . . . . . . 3,815,000 4,198,5605.00%, 4/1/2023. . . . . . . . . 2,500,000 2,836,225

Tulsa County, OK, IndustrialAuthority Revenue5.00%, 9/1/2022. . . . . . . . . 160,000 177,750

Tulsa, OK, Public FacilitiesAuthority Revenue3.00%, 6/1/2022. . . . . . . . . 225,000 234,742

7,850,847

OREGON — 1.0%Oregon, State Department of

Authority Services LotteryRevenue:Series C, 5.00%, 4/1/2022. . . 250,000 275,063Series D, 5.00%, 4/1/2020. . . 85,000 87,368

Oregon, State Department ofTransportation, HighwayUser Tax Revenue:Series A, 5.00%, 11/15/2019 . 140,000 141,932Series A, 5.00%, 11/15/2021 . 125,000 135,848

Oregon, State GeneralObligation:Series A, 5.00%, 5/1/2022. . . 8,830,000 9,743,993Series A, 5.00%, 5/1/2024. . . 11,000,000 12,888,370

Portland, OR, CommunityCollege District, GeneralObligation:5.00%, 6/15/2020 . . . . . . . . 390,000 403,8455.00%, 6/15/2022 . . . . . . . . 7,500,000 8,306,625

Portland, OR, Sewer SystemRevenue:Series A, 5.00%, 6/1/2020. . . 100,000 103,405Series A, 5.00%, 6/1/2021. . . 660,000 706,787Series A, 5.00%, 6/15/2021 . . 120,000 128,677


Series B, 5.00%, 6/15/2022 . . $ 4,250,000 $ 4,703,177Washington County, OR,

General Obligation5.00%, 3/1/2020. . . . . . . . . 125,000 128,079

37,753,169

PENNSYLVANIA — 2.4%Pennsylvania, State General

Obligation:5.00%, 9/15/2019 . . . . . . . . 120,000 120,9045.00%, 9/15/2020 . . . . . . . . 265,000 276,7245.00%, 3/15/2021 . . . . . . . . 230,000 244,3615.00%, 7/1/2021. . . . . . . . . 10,400,000 11,159,3045.00%, 9/15/2021 . . . . . . . . 15,565,000 16,815,4925.00%, 3/15/2022 . . . . . . . . 1,000,000 1,097,8305.00%, 8/15/2022 . . . . . . . . 7,070,000 7,866,7895.00%, 8/15/2023 . . . . . . . . 14,580,000 16,711,158Series D, 5.00%, 8/15/2019 . . 125,000 125,554Series D, 5.00%, 8/15/2022 . . 200,000 222,540Series REF, 5.00%, 7/1/2019 . 275,000 275,000Series REF, 5.00%,

1/15/2021 . . . . . . . . . . . 13,470,000 14,229,708Series REF, 5.00%,

1/15/2023 . . . . . . . . . . . 9,500,000 10,702,605Series REF, 5.00%,

1/15/2024 . . . . . . . . . . . 5,260,000 6,088,976Pennsylvania, State Higher

Educational FacilitiesAuthority RevenueSeries AT-1, 5.00%,6/15/2023 . . . . . . . . . . . . . 275,000 311,847

Pennsylvania, State UniversityRevenueSeries B, 5.00%, 9/1/2021. . . 1,675,000 1,807,258

88,056,050

RHODE ISLAND — 0.2%Rhode Island Health &

Educational Building Corp.,RevenueSeries A, 4.00%, 5/15/2021 . . 3,070,000 3,219,662

Rhode Island, State GeneralObligation:5.00%, 8/1/2021. . . . . . . . . 4,000,000 4,302,200Series A, 5.00%, 8/1/2019. . . 270,000 270,805

7,792,667

SOUTH CAROLINA — 0.3%Aiken County, SC, Consolidated

School District, GeneralObligationSeries A, 5.00%, 3/1/2022. . . 3,495,000 3,834,050

Beaufort County, SC, SchoolDistrict, General Obligation:Series A, 5.00%, 3/1/2021. . . 205,000 217,687Series A, 5.00%, 3/1/2024. . . 1,610,000 1,872,736

South Carolina, State GeneralObligation:


13


Series A, 5.00%, 10/1/2020 . . $ 150,000 $ 156,956Series A, 5.00%, 4/1/2024. . . 4,985,000 5,827,016

11,908,445

TENNESSEE — 0.9%Hamilton, TN, General

ObligationSeries A, 5.00%, 4/1/2023. . . 3,500,000 3,973,445

Nashville & Davidson County,TN, MetropolitanGovernment GeneralObligation:5.00%, 7/1/2020. . . . . . . . . 5,005,000 5,188,3835.00%, 7/1/2022. . . . . . . . . 4,665,000 5,174,091Series A, 5.00%, 1/1/2021. . . 165,000 174,049Series A, 5.00%, 7/1/2021. . . 150,000 161,031Series C, 5.00%, 7/1/2021. . . 145,000 155,663

Nashville & Davidson County,TN, MetropolitanGovernment RevenueSeries B, 5.00%, 5/15/2023 . . 1,200,000 1,365,372

Tennessee, State GeneralObligation:Series A, 5.00%, 8/1/2020. . . 140,000 145,600Series A, 5.00%, 8/1/2021. . . 3,735,000 4,020,391Series A, 5.00%, 8/1/2022. . . 6,430,000 7,152,282Series A, 5.00%, 2/1/2023. . . 4,970,000 5,612,223

Tennessee, State School BondAuthority Revenue:5.00%, 11/1/2019 . . . . . . . . 165,000 167,0205.00%, 11/1/2020 . . . . . . . . 105,000 110,1215.00%, 11/1/2021 . . . . . . . . 285,000 309,197

33,708,868

TEXAS — 13.2%Aldine, TX, Independent School

District, General Obligation5.00%, 2/15/2021 (d). . . . . . 145,000 153,641

Alvin, TX, Independent SchoolDistrict, General ObligationSeries C, 5.00%, 2/15/2021(d) . . . . . . . . . . . . . . . . . 2,400,000 2,543,016

Austin, TX, Electric UtilitySystem RevenueSeries A, 5.00%, 11/15/2021 . 325,000 352,089

Austin, TX, General Obligation:5.00%, 9/1/2020. . . . . . . . . 2,980,000 3,107,9615.00%, 9/1/2021. . . . . . . . . 1,375,000 1,483,2545.00%, 9/1/2023. . . . . . . . . 5,000,000 5,738,250

Austin, TX, Independent SchoolDistrict, General Obligation:5.00%, 8/1/2019 (d) . . . . . . 280,000 280,8345.00%, 8/1/2024 (d) . . . . . . 5,910,000 6,947,146Series B, 5.00%, 8/1/2019. . . 110,000 110,328Series B, 5.00%, 8/1/2022

(d). . . . . . . . . . . . . . . . 4,500,000 5,002,605


Austin, TX, Water & WastewaterSystem Revenue:5.00%, 11/15/2021 . . . . . . . $ 165,000 $ 179,1165.00%, 11/15/2023 . . . . . . . 3,315,000 3,817,919Series A, 5.00%, 11/15/2020 . 1,660,000 1,743,764Series A, 5.00%, 11/15/2023 . 4,880,000 5,620,345

Bexar County, TX, HospitalDistrict, General Obligation:5.00%, 2/15/2021 . . . . . . . . 4,040,000 4,278,0375.00%, 2/15/2024 . . . . . . . . 1,325,000 1,534,151

Birdville, Independent SchoolDistrict, General Obligation:Series A, 5.00%, 2/15/2022

(d). . . . . . . . . . . . . . . . 245,000 268,248Series A, 5.00%, 2/15/2023

(d). . . . . . . . . . . . . . . . 5,000,000 5,650,750Series A, 5.00%, 2/15/2024

(d). . . . . . . . . . . . . . . . 3,710,000 4,317,290Series B, 5.00%, 2/15/2024

(d). . . . . . . . . . . . . . . . 2,590,000 3,013,957Brazoria County, TX, Toll Road

Authority RevenueSeries B, 1.45%, 3/1/2020. . . 100,000 99,999

Clear Creek, TX, IndependentSchool District, GeneralObligationSeries B, 3.00%, 2/15/2032(a) (d) . . . . . . . . . . . . . . . 250,000 250,442

Collin County, TX, CommunityCollege District, GeneralObligation:4.00%, 8/15/2021 . . . . . . . . 100,000 105,5025.00%, 8/15/2023 . . . . . . . . 8,955,000 10,232,968

Cypress-Fairbanks, TX,Independent School District,General Obligation:5.00%, 2/15/2020 (d). . . . . . 260,000 265,962Series A, 5.00%, 2/15/2024

(d). . . . . . . . . . . . . . . . 3,455,000 4,012,119Series B-2, 1.40%, 2/15/2040

(a) (d) . . . . . . . . . . . . . 200,000 199,954Series B-3, 4.00%, 2/15/2040

(a) (d) . . . . . . . . . . . . . 150,000 150,450Series C, 5.00%, 2/15/2023

(d). . . . . . . . . . . . . . . . 1,380,000 1,557,523Series C, 5.00%, 2/15/2024

(d). . . . . . . . . . . . . . . . 2,885,000 3,350,206Dallas, TX, Area Rapid Transit

Revenue:5.00%, 12/1/2023 . . . . . . . . 9,000,000 10,386,810Series B, 5.00%, 12/1/2021 . . 2,840,000 3,086,739

Dallas, TX, Area Rapid Transit,Sales Tax RevenueSeries A, 5.00%, 12/1/2020 . . 3,025,000 3,181,271

Dallas, TX, General Obligation:5.00%, 2/15/2021 . . . . . . . . 4,475,000 4,738,6675.00%, 2/15/2022 . . . . . . . . 250,000 273,112


14


5.00%, 2/15/2023 . . . . . . . . $ 1,850,000 $ 2,081,6945.00%, 2/15/2024 . . . . . . . . 15,100,000 17,439,745

Dallas, TX, Independent SchoolDistrict, General ObligationSeries A, 5.00%, 8/15/2021(d) . . . . . . . . . . . . . . . . . 350,000 377,156

Dallas, TX, Waterworks &Sewer System RevenueSeries A, 5.00%, 10/1/2023 . . 1,210,000 1,389,298

Denton, TX, IndependentSchool District, GeneralObligation0.01%, 8/15/2022 (c) (d) . . . 115,000 109,861

El Paso, TX, Water & SewerRevenue5.00%, 3/1/2023. . . . . . . . . 250,000 281,960

Fort Bend, TX, IndependentSchool District, GeneralObligationSeries E, 5.00%, 2/15/2022(d) . . . . . . . . . . . . . . . . . 4,295,000 4,704,915

Fort Worth, TX, GeneralObligationSeries A, 5.00%, 3/1/2024. . . 4,740,000 5,490,247

Fort Worth, TX, IndependentSchool District, GeneralObligation:5.00%, 2/15/2021 (d). . . . . . 135,000 143,0455.00%, 2/15/2022 (d). . . . . . 2,560,000 2,802,9195.00%, 2/15/2023 (d). . . . . . 2,000,000 2,257,280

Fort Worth, TX, Water & SewerSystem RevenueSeries A, 5.00%, 2/15/2021 . . 3,640,000 3,854,469

Frisco, TX, General ObligationSeries A, 5.00%, 2/15/2023 . . 2,650,000 2,989,889

Frisco, TX, Independent SchoolDistrict, General ObligationSeries A, 5.00%, 8/15/2021(d) . . . . . . . . . . . . . . . . . 3,350,000 3,609,926

Harris County, TX,Metropolitan TransitAuthority, Sales TaxRevenue:5.00%, 11/1/2019 . . . . . . . . 100,000 101,2145.00%, 11/1/2021 . . . . . . . . 105,000 113,940Series A, 5.00%, 8/15/2020 . . 100,000 104,074Series B, 5.00%, 11/1/2020 . . 5,210,000 5,461,956Series B, 5.00%, 11/1/2023 . . 1,475,000 1,702,297

Houston of Harris County, TX,Port Authority GeneralObligationSeries A, 5.00%, 10/1/2022 . . 2,700,000 3,010,662

Houston, TX, Combined UtilitySystem RevenueSeries D, 5.00%, 11/15/2020 . 200,000 210,092

Houston, TX, GeneralObligationSeries A, 5.00%, 3/1/2021. . . 9,125,000 9,677,245


Houston, TX, IndependentSchool District PublicFacility Corp.5.00%, 9/15/2020 . . . . . . . . $ 2,870,000 $ 2,997,313

Houston, TX, IndependentSchool District, GeneralObligation:2.25%, 6/1/2039 (a) (d) . . . . 6,320,000 6,440,7755.00%, 2/15/2020 (d). . . . . . 210,000 214,8155.00%, 2/15/2021 (d). . . . . . 400,000 423,8365.00%, 2/15/2022 (d). . . . . . 10,995,000 12,044,3635.00%, 2/15/2023 (d). . . . . . 10,735,000 12,124,1095.00%, 2/15/2024 (d). . . . . . 4,165,000 4,840,688Series A, 5.00%, 2/15/2021

(d). . . . . . . . . . . . . . . . 4,240,000 4,492,662Series A, 5.00%, 2/15/2022

(d). . . . . . . . . . . . . . . . 3,145,000 3,445,159Houston, TX, Utilities System

Revenue:Series B, 5.00%, 11/15/2020 . 115,000 120,803Series D, 5.00%, 11/15/2019 . 210,000 212,875

Humble, TX, IndependentSchool District, GeneralObligationSeries B, 5.00%, 2/15/2024(d) . . . . . . . . . . . . . . . . . 1,505,000 1,745,484

Irving, TX, Independent SchoolDistrict, General Obligation:Series A, 5.00%, 2/15/2022

(d). . . . . . . . . . . . . . . . 145,000 158,839Series A, 5.00%, 2/15/2024

(d). . . . . . . . . . . . . . . . 520,000 603,346Katy, TX, Independent School

District, General Obligation:5.00%, 2/15/2020 (d). . . . . . 100,000 102,293Series A, 5.00%, 2/15/2021

(d). . . . . . . . . . . . . . . . 330,000 349,717Series A, 5.00%, 2/15/2022

(d). . . . . . . . . . . . . . . . 3,130,000 3,427,006Series D, 5.00%, 2/15/2020

(d). . . . . . . . . . . . . . . . 150,000 153,440Lamar, TX, Consolidated

Independent School District,General Obligation:5.00%, 2/15/2022 (d). . . . . . 170,000 186,0855.00%, 2/15/2023 (d). . . . . . 4,000,000 4,510,040

Lewisville, TX, IndependentSchool District, GeneralObligation:Series A, 5.00%, 8/15/2019

(d). . . . . . . . . . . . . . . . 290,000 291,282Series A, 5.00%, 8/15/2021

(d). . . . . . . . . . . . . . . . 210,000 226,294Series A, 5.00%, 8/15/2023

(d). . . . . . . . . . . . . . . . 3,300,000 3,783,780


15


Lone Star, TX, College System,General ObligationSeries B, 5.00%, 2/15/2023 . . $ 115,000 $ 129,706

Lubbock, TX, GeneralObligation:5.00%, 2/15/2020 . . . . . . . . 145,000 148,3155.00%, 2/15/2023 . . . . . . . . 1,400,000 1,577,450

North Texas, TX, MunicipalWater District, Water SystemRevenue:5.00%, 9/1/2021. . . . . . . . . 130,000 140,2065.00%, 9/1/2022. . . . . . . . . 400,000 445,296

Northside, TX, IndependentSchool District, GeneralObligation5.00%, 8/1/2021 (d) . . . . . . 2,670,000 2,873,454

Northwest, Independent SchoolDistrict, General ObligationSeries B, 5.00%, 2/15/2024(d) . . . . . . . . . . . . . . . . . 4,100,000 4,763,134

Pasadena, TX, IndependentSchool District, GeneralObligationSeries B, 3.00%, 2/15/2044(a) (d) . . . . . . . . . . . . . . . 110,000 110,200

Plano, TX, Independent SchoolDistrict, General Obligation:5.00%, 2/15/2021 (d). . . . . . 110,000 116,518Series A, 5.00%, 2/15/2022

(d). . . . . . . . . . . . . . . . 6,355,000 6,961,521Series A, 5.00%, 2/15/2023

(d). . . . . . . . . . . . . . . . 4,085,000 4,607,390San Antonio, TX, Independent

School District, GeneralObligation5.00%, 2/15/2021 (d). . . . . . 2,930,000 3,104,599

San Antonio, TX, Electric &Gas Revenue:5.00%, 2/1/2021. . . . . . . . . 505,000 534,2955.00%, 2/1/2022. . . . . . . . . 4,410,000 4,820,3185.00%, 2/1/2023. . . . . . . . . 5,300,000 5,972,9415.00%, 2/1/2024. . . . . . . . . 8,505,000 9,861,633Series B-REMK 9/, 2.00%,

2/1/2033 (a). . . . . . . . . . 375,000 377,494Series D, VRN, 3.00%,

12/1/2045 (a) . . . . . . . . . 16,375,000 16,696,441San Antonio, TX, General

Obligation5.00%, 2/1/2022. . . . . . . . . 4,000,000 4,371,960

San Antonio, TX, Water SystemRevenueSeries A, 2.63%, 5/1/2049(a). . . . . . . . . . . . . . . . . . 30,000,000 31,324,500

Tarrant, TX, Regional WaterDistrict Revenue5.00%, 3/1/2022. . . . . . . . . 135,000 147,874


Texas TransportationCommission State HighwayFundSeries A, 5.00%, 10/1/2020 . . $ 150,000 $ 156,899

Texas, State A&M UniversityRevenue:Series C, 5.00%, 5/15/2020 . . 315,000 325,149Series C, 5.00%, 5/15/2022 . . 6,815,000 7,521,715Series D, 5.00%, 5/15/2021 . . 160,000 171,019

Texas, State General Obligation:2.25%, 8/1/2029 (a). . . . . . . 5,890,000 5,938,3575.00%, 4/1/2020. . . . . . . . . 135,000 138,7305.00%, 10/1/2020 . . . . . . . . 100,000 104,5995.00%, 10/1/2021 . . . . . . . . 8,175,000 8,848,5385.00%, 4/1/2022. . . . . . . . . 50,000 55,0135.00%, 10/1/2023 . . . . . . . . 3,660,000 4,210,5375.00%, 4/1/2024. . . . . . . . . 1,000,000 1,165,900Series A, 4.00%, 10/1/2019 . . 230,000 231,541Series A, 4.00%, 10/1/2021 . . 7,125,000 7,554,709Series A, 5.00%, 10/1/2020 . . 250,000 261,497Series A, 5.00%, 10/1/2021 . . 1,630,000 1,764,296Series A, 5.00%, 10/1/2022 . . 1,360,000 1,520,167Series A, 5.00%, 10/1/2023 . . 5,000,000 5,752,100

Texas, State Public FinanceAuthority Revenue:Series A, 5.00%, 2/1/2023. . . 1,500,000 1,687,650Series A, 5.00%, 2/1/2024. . . 1,500,000 1,734,945

Texas, State TransportationCommission, Highway FundRevenue:5.00%, 10/1/2020 . . . . . . . . 455,000 475,9255.00%, 10/1/2021 . . . . . . . . 5,090,000 5,510,5875.00%, 10/1/2023 . . . . . . . . 3,200,000 3,682,752Series A, 3.00%, 10/1/2021 . . 3,025,000 3,141,341Series A, 5.00%, 4/1/2021. . . 170,000 180,919Series A, 5.00%, 10/1/2021 . . 4,065,000 4,400,891Series A, 5.00%, 4/1/2023. . . 14,710,000 16,682,611Series A, 5.00%, 10/1/2023 . . 100,000 115,086

Texas, State University SystemRevenue:Series A, 5.00%, 3/15/2023 . . 135,000 152,743Series A, 5.00%, 3/15/2024 . . 7,000,000 8,158,150

Texas, State Water DevelopmentBoard Revenue:4.00%, 4/15/2020 . . . . . . . . 2,350,000 2,399,9845.00%, 8/1/2023. . . . . . . . . 3,750,000 4,290,0755.00%, 8/1/2024. . . . . . . . . 6,070,000 7,135,224Series A, 5.00%, 10/15/2020 . 110,000 115,215Series A, 5.00%, 4/15/2021 . . 380,000 404,947Series B, 5.00%, 10/15/2023 . 2,000,000 2,301,600

Trinity River, TX, AuthorityRegional Wastewater SystemRevenue:5.00%, 8/1/2020. . . . . . . . . 420,000 436,2925.00%, 8/1/2021. . . . . . . . . 240,000 257,9285.00%, 8/1/2022. . . . . . . . . 160,000 177,512


16


University of North Texas,RevenueSeries A, 5.00%, 4/15/2020 . . $ 1,685,000 $ 1,733,444

University of Texas, PermanentUniversity Fund Revenue:5.00%, 7/1/2022. . . . . . . . . 200,000 221,8265.00%, 7/1/2023. . . . . . . . . 3,380,000 3,856,039

University of Texas, Revenue:Series C, 5.00%, 8/15/2021 . . 5,050,000 5,444,051Series C, 5.00%, 8/15/2022 . . 150,000 167,101Series D, 5.00%, 8/15/2020 . . 120,000 125,027Series D, 5.00%, 8/15/2021 . . 135,000 145,534Series D, 5.00%, 8/15/2022 . . 1,725,000 1,921,667Series E, 5.00%, 8/15/2020 . . 195,000 203,169Series E, 5.00%, 8/15/2021 . . 330,000 355,750Series E, 5.00%, 8/15/2022 . . 415,000 462,314Series H, 5.00%, 8/15/2020. . 2,960,000 3,083,994Series H, 5.00%, 8/15/2021. . 2,500,000 2,695,075Series H, 5.00%, 8/15/2022. . 5,770,000 6,427,838Series H, 5.00%, 8/15/2023. . 1,800,000 2,067,786Series I, 5.00%, 8/15/2021 . . 7,470,000 8,052,884Series J, 5.00%, 8/15/2020 . . 3,090,000 3,219,440

477,274,640

UTAH — 0.6%University of Utah, Revenue

Series B-1, 5.00%, 8/1/2023 . 225,000 257,499Utah, State General Obligation:

5.00%, 7/1/2019. . . . . . . . . 100,000 100,0005.00%, 7/1/2020. . . . . . . . . 100,000 103,7255.00%, 7/1/2021. . . . . . . . . 3,000,000 3,220,6205.00%, 7/1/2022. . . . . . . . . 15,815,000 17,545,794

Utah, Transit Authority SalesTax RevenueSeries A, 5.00%, 6/15/2020 . . 160,000 165,648

21,393,286

VIRGINIA — 3.2%Arlington County, VA, General

Obligation5.00%, 8/15/2021 . . . . . . . . 5,570,000 6,005,852

Fairfax County, VA, EconomicDevelopment Authority,Transportation District,Improvement Revenue5.00%, 4/1/2021. . . . . . . . . 6,360,000 6,775,372

Fairfax County, VA, GeneralObligation:Series A, 4.00%, 10/1/2019 . . 100,000 100,685Series A, 4.00%, 10/1/2023 . . 5,250,000 5,837,475Series A, 5.00%, 10/1/2021 . . 9,435,000 10,232,163Series A, 5.00%, 10/1/2022 . . 215,000 240,684Series B, 4.00%, 10/1/2021 . . 105,000 111,550Series C, 5.00%, 10/1/2021 . . 175,000 189,786

Loudoun, VA, GeneralObligation:Series A, 5.00%, 12/1/2020 . . 200,000 210,476


Series A, 5.00%, 12/1/2023 . . $ 3,475,000 $ 4,029,888Richmond, VA, General

ObligationSeries B, 5.00%, 7/15/2022 . . 10,965,000 12,190,229

Richmond, VA, Public UtilityRevenue5.00%, 1/15/2023 . . . . . . . . 175,000 197,283

Virginia, State College BuildingAuthority, EducationalFacilities Revenue:5.00%, 2/1/2022. . . . . . . . . 12,925,000 14,140,725Series A, 5.00%, 2/1/2021. . . 235,000 248,710Series A, 5.00%, 2/1/2022. . . 60,000 65,644Series A, 5.00%, 2/1/2023. . . 16,915,000 19,111,864Series B, 5.00%, 9/1/2022. . . 440,000 490,406Series B, 5.00%, 2/1/2023. . . 6,020,000 6,795,617Series D, 5.00%, 2/1/2022. . . 130,000 142,228Series E, 5.00%, 2/1/2023. . . 5,000,000 5,644,200

Virginia, State CommonwealthTransportation BoardRevenue:5.00%, 5/15/2020 . . . . . . . . 140,000 144,5745.00%, 9/15/2022 . . . . . . . . 100,000 111,7575.00%, 9/15/2024 . . . . . . . . 1,850,000 2,190,714Series A, 5.00%, 5/15/2022 . . 1,200,000 1,326,948Series C, 5.00%, 5/15/2023 . . 250,000 285,163

Virginia, State GeneralObligation:5.00%, 6/1/2021. . . . . . . . . 1,000,000 1,071,080Series B, 5.00%, 6/1/2022. . . 9,055,000 10,027,416

Virginia, State Public BuildingAuthority Revenue:Series B, 5.00%, 8/1/2022. . . 100,000 111,201Series B, 5.00%, 8/1/2023. . . 3,830,000 4,388,146

Virginia, State Public SchoolAuthority Revenue:5.00%, 8/1/2022. . . . . . . . . 860,000 957,9885.00%, 8/1/2023. . . . . . . . . 545,000 626,063

Virginia, State ResourcesAuthority Revenue5.00%, 10/1/2022 . . . . . . . . 260,000 290,797

114,292,684

WASHINGTON — 3.2%Central Puget Sound, WA,

Regional Transit AuthorityRevenueSeries P-1, 5.00%, 2/1/2021 . 210,000 222,251

Energy Northwest, WA, ElectricRevenueSeries A, 5.00%, 7/1/2022. . . 3,065,000 3,397,552

Energy Northwest, WA,Electricity Revenue:5.00%, 7/1/2020. . . . . . . . . 150,000 155,558Series A, 5.00%, 7/1/2021. . . 330,000 354,334Series A, 5.00%, 7/1/2023. . . 10,850,000 12,400,899


17


King County, School DistrictNo. 414, Lake Washington,General Obligation5.00%, 12/1/2019 . . . . . . . . $ 255,000 $ 258,932

King County, WA, SchoolDistrict No. 412, GeneralObligation5.00%, 12/1/2023 . . . . . . . . 7,310,000 8,446,559

King County, WA, SchoolDistrict No. 414, GeneralObligation:5.00%, 12/1/2020 . . . . . . . . 265,000 278,8815.00%, 12/1/2021 . . . . . . . . 7,230,000 7,865,300

Pierce County, WA, SchoolDistrict No. 10, GeneralObligation:5.00%, 12/1/2019 . . . . . . . . 200,000 203,0765.00%, 12/1/2020 . . . . . . . . 3,650,000 3,840,676

Seattle, WA, Municipal Light &Power Revenue:5.00%, 9/1/2020. . . . . . . . . 105,000 109,509Series B, 5.00%, 4/1/2021. . . 8,825,000 9,391,830

Snohomish County, WA, SchoolDistrict No. 15 Edmonds,General Obligation5.00%, 12/1/2020 . . . . . . . . 100,000 105,224

Spokane, WA, Water &Wastewater Revenue5.00%, 12/1/2020 . . . . . . . . 2,210,000 2,325,450

University of Washington,RevenueSeries A, 5.00%, 5/1/2048(a). . . . . . . . . . . . . . . . . . 7,000,000 7,560,700

Washington, State5.00%, 7/1/2022. . . . . . . . . 275,000 304,323

Washington, State GeneralObligation:4.00%, 7/1/2022. . . . . . . . . 2,390,000 2,580,0295.00%, 7/1/2022. . . . . . . . . 100,000 110,8825.00%, 7/1/2023. . . . . . . . . 2,030,000 2,321,021Series 2016A, 5.00%,

7/1/2021 . . . . . . . . . . . . 8,060,000 8,651,040Series 2016A, 5.00%,

7/1/2022 . . . . . . . . . . . . 17,135,000 18,999,631Series B, 5.00%, 8/1/2021. . . 1,490,000 1,603,538Series B, 5.00%, 7/1/2022. . . 500,000 554,410Series B, 5.00%, 7/1/2023. . . 2,000,000 2,286,720Series C, 5.00%, 2/1/2024. . . 11,860,000 13,791,994Series D, 5.00%, 2/1/2021. . . 40,000 42,327Series E, 5.00%, 2/1/2022. . . 100,000 109,379Series R-2015, 5.00%,

7/1/2021 . . . . . . . . . . . . 285,000 305,899Series R-2015-C, 5.00%,

7/1/2022 . . . . . . . . . . . . 255,000 282,749Series R-2017A, 5.00%,

8/1/2020 . . . . . . . . . . . . 270,000 280,770


Series R-2017A, 5.00%,8/1/2021 . . . . . . . . . . . . $ 7,000,000 $ 7,533,400

Series R-C, 5.00%, 7/1/2019 . 235,000 235,000Series R-C, 5.00%, 7/1/2020 . 210,000 217,738Series R-F, 5.00%, 7/1/2021 . 100,000 107,333

117,234,914

WEST VIRGINIA — 0.0% (c)West Virginia, State General

ObligationSeries B, 5.00%, 12/1/2021 . . 250,000 272,093

WISCONSIN — 2.8%Madison, WI, General

Obligation:Series A, 1.25%, 10/1/2019 . . 100,000 99,991Series A, 3.00%, 10/1/2019 . . 100,000 100,424Series A, 4.00%, 10/1/2023 . . 125,000 138,933

Milwaukee, WI, GeneralObligation:Series N2, 4.00%, 3/15/2023 . 415,000 455,238Series N4, 5.00%, 4/1/2021. . 11,765,000 12,520,666Series N4, 5.00%, 4/1/2022. . 110,000 120,997

Wisconsin, State Clean WaterFund Leveraged LoanPortfolio Revenue:Series 1, 5.00%, 6/1/2020 . . . 300,000 309,909Series 1, 5.00%, 6/1/2021 . . . 190,000 203,207Series 1, 5.00%, 6/1/2022 . . . 2,795,000 3,088,028

Wisconsin, State Department ofTransportation Revenue:Series 1, 5.00%, 7/1/2022 . . . 100,000 100,000Series 1, 5.00%, 7/1/2028 . . . 100,000 110,935Series 2, 5.00%, 7/1/2020 . . . 375,000 388,856Series 2, 5.00%, 7/1/2021 . . . 145,000 155,646Series 2, 5.00%, 7/1/2022 . . . 65,000 72,053Series A, 5.00%, 7/1/2022. . . 4,525,000 5,015,962Series A, 5.00%, 7/1/2023. . . 1,245,000 1,422,437

Wisconsin, State GeneralObligation:Series 1, 5.00%, 5/1/2021 . . . 90,000 96,037Series 1, 5.00%, 11/1/2021 . . 185,000 200,707Series 1, 5.00%, 11/1/2022 . . 250,000 279,988Series 1, 5.00%, 11/1/2023 . . 2,500,000 2,884,100Series 2, 5.00%, 11/1/2022 . . 14,070,000 15,757,696Series 2, 5.00%, 11/1/2023 . . 13,745,000 15,856,781Series 3, 5.00%, 11/1/2021 . . 5,435,000 5,896,431Series A, 5.00%, 5/1/2020. . . 205,000 211,277Series A, 5.00%, 5/1/2022. . . 125,000 137,828Series A, 5.00%, 5/1/2023. . . 8,685,000 9,867,772Series A, 5.00%, 5/1/2024. . . 130,000 143,437Series A, 5.00%, 5/1/2027. . . 2,500,000 2,847,525Series A, 5.00%, 5/1/2034. . . 645,000 734,661Series B, 5.00%, 5/1/2020. . . 5,045,000 5,199,478Series B, 5.00%, 5/1/2021. . . 175,000 186,739Series B, 5.00%, 5/1/2023. . . 130,000 138,646Series B, 5.00%, 5/1/2026. . . 195,000 200,938


18


Series B, 5.00%, 5/1/2027. . . $ 2,500,000 $ 2,758,400Series C, 5.00%, 5/1/2023. . . 2,700,000 3,069,630Series D, 5.00%, 5/1/2021. . . 8,065,000 8,606,000

99,377,353

TOTAL MUNICIPAL BONDS & NOTES(Cost $3,524,564,549). . . . . . . . . . . . . . . . . . 3,565,233,818

Shares

SHORT-TERM INVESTMENT — 0.3%State Street Institutional

U.S. Government MoneyMarket Fund, Class GShares 2.35% (e) (f)(Cost $10,695,980) . . . . . 10,695,980 10,695,980

TOTAL INVESTMENTS — 99.0%(Cost $3,535,260,529). . . . . . . . . . . . . . . . . . 3,575,929,798

OTHER ASSETS IN EXCESS OFLIABILITIES — 1.0% . . . . . . . . . . . . . . . . 37,584,410

NET ASSETS — 100.0%. . . . . . . . . . . . . . . . . $ 3,613,514,208

(a) Variable Rate Security - Interest rate shown is rate in effect atJune 30, 2019. For securities based on a published reference rateand spread, the reference rate and spread are indicated in thedescription above.

(b) When-issued security.(c) Amount is less than 0.05% of net assets.(d) Bond is insured by the following:

% ofNet

Assets

Permanent School Fund Guaranteed . . . . . . . . . . . . . . . . . . 3.5%

(e) The Fund invested in certain money market funds managed bySSGA Funds Management, Inc. Amounts related to thesetransactions during the period ended June 30, 2019 are shown inthe Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at June 30, 2019.

VRN = Variable Rate Note

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of June 30, 2019.


Quoted Prices




ASSETS:INVESTMENTS:Municipal Bonds & Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $3,565,233,818 $— $3,565,233,818

Short-Term Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,695,980 — — 10,695,980

TOTAL INVESTMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,695,980 $3,565,233,818 $— $3,575,929,798

Affiliate Table


at6/30/18

Value at6/30/18

Cost ofPurchases

Proceedsfrom

Shares SoldRealized

Gain (Loss)

Change inUnrealized



at6/30/19

Value at6/30/19

DividendIncome

State Street Institutional U.S. Government Money Market Fund,Class G Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,594,151 $7,594,151 $571,670,328 $568,568,499 $— $— 10,695,980 $10,695,980 $240,525


19 ARSHM

spdr series trust - fixed income funds...for the 12-month period ended june 30, 2019 (the...

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