Please wait
1
Portfolio
of
Investments
June
30,
2025
HYIF
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
141.1%
1014533758
MUNICIPAL
BONDS
-
141.1%
(100.0%
of
Total
Investments)
1014533758
ALABAMA
-
0.5%
$
650,000
(a)
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024,
(UB)
5.250
%
10/01/49
$
657,745
425,000
(a)
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024,
(UB)
5.500
10/01/53
436,024
250,000
MidCity
Improvement
District,
Alabama,
Special
Assessment
Revenue
Bonds,
Series
2022
4.750
11/01/49
207,687
500,000
MidCity
Improvement
District,
Alabama,
Special
Assessment
Revenue
Bonds,
Series
2024
6.500
11/01/44
465,697
550,000
MidCity
Improvement
District,
Alabama,
Special
Assessment
Revenue
Bonds,
Series
2024
6.750
11/01/53
505,323
2,220,000
(b)
Montgomery
Medical
Clinic
Board,
Alabama,
Health
Care
Facility
Revenue
Bonds,
Jackson
Hospital
&
Clinic,
Series
2015
5.000
03/01/36
1,393,050
TOTAL
ALABAMA
3,665,526
ARIZONA
-
3.3%
2,000,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Heritage
Academy
-
Gateway
and
Laveen
Pojects,
Series
2021B
5.000
07/01/51
1,683,390
1,800,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Heritage
Academy
-
Gateway
and
Laveen
Pojects,
Taxable
Series
2021A
5.000
07/01/51
1,515,051
2,000,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Leman
Academy
of
Excellence
-
Parker
Colorado
Campus
Project,
Series
2019A
5.000
07/01/49
1,771,873
3,530,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
San
Tab
Charter
Schools
Project,
Series
2025
6.875
02/01/65
3,461,468
2,500,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
Falcon
Properties
LLC,
Project,
Senior
Series
2022A-1
4.000
12/01/41
1,912,306
110,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
Falcon
Properties
LLC,
Project,
Senior
Series
2022A-1
4.150
12/01/57
72,134
100,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
Falcon
Properties
LLC,
Project,
Subordinate
Series
2022B
5.750
12/15/57
72,145
1,625,000
(c)
Arizona
Industrial
Development
Authority,
Development
First
Lien
Revenue
Bonds,
Montanero
Project,
Alternative
Minimum
Tax
Series
2025,
(AMT)
6.750
12/01/55
1,630,021
148,000
Estrella
Mountain
Ranch
Community
Facilities
District,
Goodyear,
Arizona,
Special
Assessment
Revenue
Bonds,
Montecito
Assessment
District
3,
Series
2021
3.750
07/01/46
104,221
1,055,000
(c)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Charter
School
Revenue
Bonds,
Paradise
Schools
Project,
Series
2025
5.875
07/01/60
1,031,247
3,100,000
(c)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Sun
Valley
Academy,
Series
2024A
6.625
07/01/59
3,126,616
1,000,000
(c)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Sun
Valley
Academy,
Series
2024A
6.750
07/01/63
1,012,250
1,655,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Villa
Montessori,
Inc
Project,
Series
2023A
5.500
07/01/53
1,585,303
1,450,000
(c),(d)
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2021A
0.000
10/01/56
1,138,002
1,500,000
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2022A
7.000
10/01/56
1,466,630
500,000
(c)
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Taxable
Series
2021B
6.250
10/01/36
424,406
Portfolio
of
Investments
June
30,
2025
(continued)
HYIF
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
500,000
(c)
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
American
Leadership
Academy
Project,
Series
2024
5.000
%
06/15/64
$
441,923
1,000,000
(c)
Tempe
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Mirabella
at
ASU
Project,
Series
2017A
6.125
10/01/47
655,870
1,400,000
(c)
Tempe
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Mirabella
at
ASU
Project,
Series
2017A
6.125
10/01/52
891,431
TOTAL
ARIZONA
23,996,287
ARKANSAS
-
0.6%
4,500,000
(c)
Arkansas
Development
Finance
Authority,
Charter
School
Revenue
Bonds,
Academy
of
Math
and
Science
-
Little
Rock
Project
Series
2024A
7.000
07/01/59
4,024,054
TOTAL
ARKANSAS
4,024,054
CALIFORNIA
-
10.0%
2,000,000
(c)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A
4.000
02/01/56
1,240,313
4,725,000
(c)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A
5.000
02/01/50
3,309,440
12,300,000
(c)
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A
5.000
04/01/49
9,967,358
250,000
(c)
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Norton
Science
&
Language
Academy
Project,
Series
2021
4.000
07/01/61
178,556
9,450,000
(c)
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Brightline
West
Passenger
Rail
Project,
Green
Bond
Series
2025A,
(AMT),
(Mandatory
Put
1/01/35)
9.500
01/01/65
8,960,517
550,000
(c)
California
Municipal
Finance
Authority,
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.
AMDA
Inc
Project,
Taxable
Series
2023B
9.500
07/01/30
559,221
1,400,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.,
Series
2023A
7.250
07/01/53
1,345,669
5,770,000
California
Public
Finance
Authority,
Senior
Living
Revenue
Bonds,
The
James,
Senior
Series
2024A
6.500
06/01/54
5,401,545
3,000,000
California
Public
Finance
Authority,
Senior
Living
Revenue
Bonds,
The
James,
Senior
Series
2024A
6.375
06/01/59
2,704,548
1,750,000
(c)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2024
5.875
06/01/54
1,558,703
1,925,000
(c)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2024
6.000
06/01/64
1,693,980
250,000
(c)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Girls
Athletic
Leadership
School
Los
Angeles
Project,
Series
2021A
4.000
06/01/51
176,370
1,360,000
(c)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Hayward
Twin
Oaks
Montessori
Charter
School
Project,
Series
2024A
6.000
06/15/54
1,229,564
2,765,000
(c)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Hayward
Twin
Oaks
Montessori
Charter
School
Project,
Series
2024A
6.125
06/15/64
2,486,568
5,000,000
(c)
California
School
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Pathways
to
College
Project,
Series
2023A
7.500
06/15/63
5,002,630
1,380,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A
5.000
06/01/30
1,362,706
500,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A
5.000
06/01/59
396,627
250,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Citizens
of
the
World
Charter,
Series
2022A
6.250
04/01/52
245,518
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
100,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Project,
Refunding
Social
Series
2023
5.500
%
08/01/47
$
98,993
250,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Academy
Obligated
Group,
Series
2021A
4.000
06/01/51
182,166
500,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
Obligated
Group,
Series
2023A
6.000
06/01/63
477,722
1,000,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Vibrant
Minds
Charter
School
Project,
Series
2025
6.750
04/15/45
995,936
1,000,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Vibrant
Minds
Charter
School
Project,
Series
2025
7.000
04/15/55
998,870
245,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2021C
4.000
09/02/51
197,858
500,000
(c)
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Subordinate
Series
2021B
8.000
04/01/56
360,723
250,000
(c)
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-2
4.000
12/01/45
189,866
290,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
1818
Platinum
Triangle-
Anaheim,
Mezzanine
Lien
Series
2021B
4.000
04/01/57
200,067
325,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
1818
Platinum
Triangle-
Anaheim,
Social
Bond
Series
2021A-2
3.250
04/01/57
224,672
250,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B
4.000
10/01/46
190,112
305,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A
4.000
10/01/56
237,808
3,000,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A
5.000
01/01/54
2,681,590
630,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-
Hawthorne,
Mezzanine
Lien
Series
2021B
4.000
07/01/58
352,281
250,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Series
2021B
4.000
07/01/58
162,826
250,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Mezzanine
Lien
Series
2021B
4.000
06/01/57
74,417
20,000,000
Inland
Empire
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007C-1.
Turbo
Capital
Appreciation
0.000
06/01/36
8,999,978
1,000,000
Kaweah
Delta
Health
Care
District,
California,
Revenue
Bonds,
Series
2015B
5.000
06/01/40
945,169
4,100,000
Oroville,
California,
Revenue
Bonds,
Oroville
Hospital
Series
2019
5.250
04/01/54
3,118,433
35,000
Palomar
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2017
5.000
11/01/42
26,635
15,000,000
Tobacco
Securitization
Authority
of
Southern
California,
Tobacco
Settlement
Asset-Backed
Bonds,
San
Diego
County
Tobacco
Asset
Securitization
Corporation,
First
Subordinate
CABs,
Series
2006B
0.000
06/01/46
3,571,430
TOTAL
CALIFORNIA
72,107,385
Portfolio
of
Investments
June
30,
2025
(continued)
HYIF
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
-
29.8%
$
2,725,000
(c)
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2024
5.750
%
12/01/54
$
2,674,139
3,025,000
Arista
Metropolitan
District,
Broomfield
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
and
Improvement
Series
2023B
8.250
12/15/39
3,064,220
4,500,000
Aurora
Highlands
Community
Authority
Board,
Adams
County,
Colorado,
Special
Tax
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A
5.750
12/01/51
4,137,956
1,200,000
Baseline
Metropolitan
District
1,
In
the
City
and
County
of
Broomfield,
Colorado,
Special
Revenue
Bonds,
Subordinate
Series
2024B
6.750
12/15/54
1,201,120
4,775,000
(c)
Bella
Mesa
Metropolitan
District,
Castle
Rock,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2024B
8.000
12/15/54
4,808,080
500,000
Berthoud-Heritage
Metropolitan
District
10,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2022A
4.750
12/01/52
400,583
1,750,000
Bradley
Heights
Metropolitan
District
2,
Colorado
Springs,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A-3
4.750
12/01/51
1,322,357
500,000
Broadway
Station
Metropolitan
District
2,
Denver
City
and
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Series
2019A
5.000
12/01/35
440,044
1,475,000
Broadway
Station
Metropolitan
District
2,
Denver
City
and
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Series
2019A
5.125
12/01/48
1,144,590
4,675,000
Broadway
Station
Metropolitan
District
3,
Denver
City
and
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Series
2019A
5.000
12/01/49
3,481,209
7,872,000
Broadway
Station
Metropolitan
District
3,
Denver
County,
Colorado,
Tax
Increment
Supported
Revenue
Bonds,
Series
2023A
7.000
12/15/32
7,872,039
446,000
Buffalo
Ridge
Metropolitan
District
(In
the
City
of
Commerce
City),
Adams
County,
Colorado,
General
Obligation
Refunding
and
Improvement
Bonds,
Series
2018B
7.375
12/15/47
446,649
500,000
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Improvement
Bonds,
Series
2022
6.500
12/01/53
518,113
1,000,000
Chambers
Highpoint
Metropolitan
District
No.
2,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2021
5.000
12/01/51
768,022
140,000
(c)
Cherry
Hills
City
Metropolitan
District,
Arapahoe
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Subordinate
Series
2020B-3
8.000
12/15/47
137,220
500,000
Citadel
on
Colfax
Business
Improvement
District,
Aurora,
Colorado,
Special
Revenue
and
Tax
Supported
Bonds,
Senior
Series
2020A
5.350
12/01/50
454,175
2,000,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Community
Leadership
Academy,
Inc.
Second
Campus
Project,
Series
2013
7.450
08/01/48
2,005,210
20,000,000
(c)
Colorado
Educational
and
Cultural
Facilities
Authority,
Cultural
Facilities
Revenue
Bonds,
Stanley
Project,
Senior
Lien
Series
2025A-1
6.875
02/01/59
20,384,278
1,170,000
(c)
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
Rocky
Mountain
Classical
Academy
Project,
Refunding
Series
2019
5.000
10/01/59
1,014,223
3,100,000
(b)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
American
Baptist
Homes
of
the
Midwest
Obligated
Group,
Series
2013
8.000
08/01/43
1,942,496
117,279
(b)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Ralston
Creek
at
Arvada
Project,
Series
2017A
5.250
11/01/32
1,818
349,229
(b)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Ralston
Creek
at
Arvada
Project,
Series
2017A
5.500
11/01/37
5,413
651,547
(b)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Ralston
Creek
at
Arvada
Project,
Series
2017A
5.750
11/01/47
10,099
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
435,233
(b)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Ralston
Creek
at
Arvada
Project,
Series
2017A
6.000
%
11/01/52
$
6,746
500,000
(b),(c)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sunny
Vista
Living
Center
Project,
Refunding
&
Improvement
Series
2015A
5.500
12/01/30
385,208
500,000
(b),(c)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sunny
Vista
Living
Center
Project,
Refunding
&
Improvement
Series
2015A
6.250
12/01/50
306,701
2,055,000
Conexus
Metropolitan
District
No.
1,
Monument,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2025A
6.250
12/01/55
2,000,334
500,000
Copperleaf
Metropolitan
District
6,
Arapahoe
County,
Colorado,
Limited
Tax,
General
Obligation
Bonds,
Subordinate
Series
2022B
6.000
12/15/41
500,093
1,658,000
Crossroads
Metropolitan
District
1,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2022
6.500
12/01/51
1,567,297
1,400,000
Dawson
Trails
Metropolitan
District
1,
Colorado,
In
The
Town
of
Castle
Rock,
Limited
Tax
General
Obligation
Capital
Appreciation
Turbo
Bonds,
Series
2024
0.000
12/01/31
866,484
2,000,000
DC
Metropolitan
District,
Denver
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2024A
5.875
12/01/54
1,833,500
1,250,000
DC
Metropolitan
District,
Denver
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2024B
8.000
12/15/54
1,257,184
5,465,000
Elora
Metropolitan
District,
Elbert
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Series
2025A
6.000
12/01/55
5,488,504
600,000
(c)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A
6.750
12/01/34
584,654
500,000
(c)
Glen
Metropolitan
District
3,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021
4.250
12/01/51
388,324
1,277,000
Grand
Avenue
Metropolitan
District,
In
the
City
of
Aurora,
Arapahoe
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2023
8.125
12/01/52
1,276,396
7,325,000
Green
Valley
Ranch
East
Metropolitan
District
6,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-3
5.875
12/01/50
7,426,307
1,185,000
Haymeadow
Metropolitan
District
1,
Eagle
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Subordinate
Series
2025B
8.375
12/15/49
1,191,298
1,000,000
Haymeadow
Metropolitan
District
1,
Eagle
County,
Colorado,
General
Obligation
Bonds,
Subordinate
Limited
Tax
Series
2025A
6.125
12/01/54
1,007,261
982,204
Hess
Ranch
Metropolitan
District
5,
Parker,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
1,
Series
2024A-1
6.000
12/01/43
985,088
1,000,000
(c)
Kremmling
Memorial
Hospital
District,
Colorado,
Certificates
of
Participation,
Series
2024
6.625
12/01/56
936,913
2,000,000
Lakota
Pointe
Metropolitan
District
1,
Winter
Park,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2025A
6.000
12/01/55
1,999,819
1,185,000
Lakota
Pointe
Metropolitan
District
1,
Winter
Park,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2025B
8.250
12/15/55
1,194,800
2,000,000
(c)
Ledge
Rock
Center
Commercial
Metropolitan
District
(In
the
Town
of
Johnstown,
Weld
County,
Colorado),
Limited
Tax
General
Obligation
Bonds,
Series
2022
7.375
11/01/52
2,065,536
1,000,000
(c)
Ledge
Rock
Center
Commercial
Metropolitan
District,
In
the
Town
of
Johnstown,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A
7.000
11/01/52
1,011,234
500,000
Ledge
Rock
Center
Residential
Metropolitan
District
1,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2024A
6.375
12/01/54
483,947
Portfolio
of
Investments
June
30,
2025
(continued)
HYIF
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
1,000,000
Legato
Community
Authority,
Colorado,
Commerce
City
Colorado
Limited
Tax
Supported
Revenue
Bonds
District
12
3
&
7
Convertible
Capital
Appreciation
Series
2021A-2
5.000
%
12/01/51
$
738,572
535,000
Lochbuie
Station
Metropolitan
District,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Subordinate
General
Obligation
Limited
Tax
Bonds,
Series
2020B
6.250
12/15/44
532,572
500,000
(c)
Mineral
Business
Improvement
District,
Arapahoe
County,
Colorado,
General
Obligation
and
Special
Revenue
Bonds,
Limited
Tax
Series
2024A
5.750
12/01/54
484,556
1,000,000
Mirabelle
Metropolitan
District
2,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2025B
6.125
12/15/49
966,540
500,000
Mountain
Brook
Metropolitan
District,
Longmont,
Boulder
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021
4.750
12/01/51
381,749
1,000,000
Mulberry
Metropolitan
District
2,
Fort
Collins,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A
7.000
12/01/52
1,010,258
500,000
North
Pine
Vistas
Metropolitan
District
3,
Castle
Pines,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2021B
-
AGM
Insured
4.625
12/15/51
422,966
2,175,000
(c)
Old
Towne
Metropolitan
District,
Douglas
County,
Colorado,
General
Obligation
Bonds,
Refunding
and
Improvement
Limited
Tax
Series
2024
6.000
12/01/53
1,991,481
2,500,000
(c)
Orchard
Park
Place
South
Metropolitan
District,
Adams
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2024
6.000
12/01/54
2,320,281
1,500,000
Painted
Prairie
Public
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Series
2019
5.000
12/01/49
1,269,270
2,005,000
(c)
Palisade
Metropolitan
District
2,
Broomfield
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
Subordinate
Convertible
Capital
Appreciation
Series
2024B
5.875
12/15/54
1,853,243
1,215,000
(c)
Palisade
Metropolitan
District
2,
Broomfield
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Second
Subordinate
Series
2024C
8.000
12/15/37
1,231,032
1,150,000
Parterre
Metropolitan
District
5,
Thornton,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2025A
6.125
12/01/55
1,183,664
2,500,000
Peak
Metropolitan
District
3,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A-1
7.500
12/01/52
2,491,450
500,000
Pinery
Commercial
Metropolitan
District
2,
Douglas
County,
Colorado,
Special
Revenue
Bonds,
Series
2025
5.750
12/01/54
483,885
500,000
Pinon
Pines
Metropolitan
District
No.
3,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Convertible
Capital
Appreciation
Bonds,
Series
2025
5.875
12/01/54
425,982
2,486,000
Pioneer
Community
Authority
Board
(Weld
County,
Colorado),
Special
Revenue
Bonds,
Series
2022
6.500
12/01/34
2,354,268
500,000
(c)
Prairie
Song
Metropolitan
District
4,
Windsor,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021
6.000
12/01/51
477,964
4,015,000
(c)
Pueblo
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
EVRAZ
Project,
Series
2021A
4.750
12/01/45
3,490,232
1,100,000
(c)
Reagan
Ranch
Metropolitan
District
1,
Colorado
Springs,
Colorado,
General
Obligation
Bonds,
Limited
Tax
&
Special
Revenue,
Series
2025
6.125
12/01/54
1,044,234
1,000,000
Reagan
Ranch
Metropolitan
District
1,
Colorado
Springs,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2021-3
5.375
12/01/51
853,253
1,000,000
Red
Barn
Metropolitan
District,
Mead,
Colorado,
Weld
County,
Colorado,
General
Obligation
Bond,
Limited
Tax
Convertible
to
Unlimited
Tax,
Refunding
and
Improvement,
Series
2025A
5.500
12/01/55
971,185
1,000,000
Redtail
Ridge
Metropolitan
District,
City
of
Louisville,
Boulder
County,
Colorado,
General
Obligation
Limited
Tax
Capital
Appreciation
Turbo
Bonds,
Series
2025
0.000
12/01/32
593,678
1,070,000
(c)
Ridge
at
Johnstown
Metropolitan
District
8,
Larimer
County,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
1,
Series
2024
5.875
12/01/44
978,673
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
657,000
Ritoro
Metropolitan
District
In
the
Town
of
Elizabeth,
Elbert
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Refunding
Series
2025B
6.250
%
12/15/57
$
645,962
1,150,000
Riverpark
Metropolitan
District,
Arapahoe
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2024
6.375
12/01/54
1,139,546
1,250,000
Riverwalk
Metropolitan
District
2,
Glendale,
Arapahoe
County,
Colorado,
Special
Revenue
Bonds,
Series
2022A
5.000
12/01/42
1,083,175
500,000
RRC
Metropolitan
District
2,
Jefferson
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021
5.250
12/01/51
424,919
750,000
Sagebrush
Farm
Metropolitan
District
1,
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022A
6.375
12/01/42
768,858
2,545,000
Sagebrush
Farm
Metropolitan
District
1,
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Subordinate
Series
2024
8.000
12/15/54
2,566,204
1,000,000
(c)
Saint
Vrain
Lakes
Metropolitan
District
4,
Weld
County,
Colorado,
General
Obligation
Bonds,
Firestone
Subordinate
Limited
Tax
Series
2024B
8.750
09/20/54
1,005,629
500,000
Senac
South
Metropolitan
District
No.
1,
Aurora,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2021A(3)
5.250
12/01/51
436,244
500,000
Siena
Lake
Metropolitan
District,
Gypsum,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021
4.000
12/01/51
347,755
1,500,000
(c)
Sky
Ranch
Community
Authority
Board
(Arapahoe
County,
Colorado),
Limited
Tax
Supported
District
No.
3
Senior
Bonds
(Tax-Exempt
Fixed
Rate),
Series
2022A
and
Subordinate
Bonds
(Tax-Exempt
Fixed
Rate),
Series
2022B(3)
5.750
12/01/52
1,380,286
830,000
(c)
Sojourn
at
Idlewild
Metropolitan
District,
Grand
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Winter
Park
Series
2025A
6.125
12/01/55
832,775
7,370,000
South
Aurora
Regional
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Refunding
Improvement
Series
2025
6.750
12/01/55
7,394,842
500,000
(c),(d)
St.
Vrain
Lakes
Metropolitan
District
4,
Weld
County,
Colorado,
General
Obligation
Bonds,
Firestone
Convertible
Capital
Appreciation
Limited
Tax
Series
2024A
0.000
09/20/54
337,103
675,000
St.
Vrain
Lakes
Metropolitan
District
No.
2,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
and
Improvement
Series
2024B
6.375
11/15/54
677,870
3,000,000
(c)
STC
Metropolitan
District
2,
Superior,
Boulder
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
Second
Lien
Series
2025A-2
6.250
12/01/55
3,040,842
4,925,000
(c)
STC
Metropolitan
District
2,
Superior,
Boulder
County,
Colorado,
Subordinate
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
&
improvement
Series
2025B
8.000
12/15/55
4,963,357
1,600,000
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Special
District
4,
Series
2024A
6.500
12/01/54
1,624,426
975,000
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Special
District
4,
Series
2024B
8.750
12/15/54
977,473
648,000
(c)
Sunset
Parks
Metropolitan
District,
Weld
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Subordinate
Series
2024B
7.625
12/15/54
651,896
500,000
(c)
Third
Creek
Metropolitan
District
1,
Commerce
City,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A-1
4.750
12/01/51
374,776
500,000
Trails
at
Crowfoot
Metropolitan
District
3,
Parker,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2024B
6.875
12/15/52
498,234
1,000,000
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Series
2021A-1
4.125
12/01/31
907,547
Portfolio
of
Investments
June
30,
2025
(continued)
HYIF
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
6,550,000
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Series
2021A-1
5.000
%
12/01/41
$
5,404,713
8,710,000
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Series
2021A-1
5.000
12/01/51
6,463,227
3,000,000
(c)
Tree
Farm
Metropolitan
District,
Eagle
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021
4.750
12/01/50
2,456,419
3,000,000
(c)
USAFA
Visitor's
Center
Business
Improvement
District,
Colorado
Springs,
Colorado,
Special
Revenue
Bonds,
Series
2022A,
5.000
12/01/52
2,613,627
1,000,000
(c)
Vail
Home
Partners
Corporation,
Colorado,
Housing
Facilities
Revenue
Bonds,
Series
2025
6.000
10/01/64
1,002,071
500,000
(d)
Verve
Metropolitan
District
1,
Jefferson
County
and
the
City
and
County
of
Broomfield,
Colorado,
General
Obligation
Bonds,
Convertible
Capital
Appreciation
Improvement
Series
2024A
0.000
12/01/54
356,473
2,250,000
Verve
Metropolitan
District
1,
Jefferson
County
and
the
City
and
County
of
Broomfield,
Colorado,
General
Obligation
Bonds,
Refunding
and
Improvement
Limited
Tax
Series
2021
5.000
12/01/41
2,029,719
500,000
Villages
at
Johnstown
Metropolitan
District
7,
Johnstown,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A(3)
6.250
12/01/52
469,588
1,500,000
(c)
Weems
Neighborhood
Metropolitan
District,
Lafayette,
Boulder
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax,
Series
2025A
5.875
12/01/55
1,505,071
500,000
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022
6.750
12/01/52
484,880
3,000,000
(c)
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2024A-2
8.000
12/01/54
1,873,239
1,625,000
Westerly
Metropolitan
District
4,
Weld
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A-1
5.000
12/01/50
1,481,087
2,500,000
Westgate
Metropolitan
District,
Colorado
Springs,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022
5.125
12/01/51
2,070,079
500,000
(c)
Westwood
Metropolitan
District,
Thornton,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2021A
4.000
12/01/51
432,736
1,146,000
(c)
Willow
Springs
Ranch
Metropolitan
District,
Monument,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2024B
6.500
10/15/54
1,143,680
32,685,000
(c)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2021A-2
4.625
12/01/51
20,888,791
2,250,000
(c)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1
4.000
12/01/36
1,999,053
3,000,000
(c)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1
4.000
12/01/41
2,418,933
6,750,000
(c)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1
4.125
12/01/51
5,250,058
TOTAL
COLORADO
213,971,832
CONNECTICUT
-
1.1%
3,550,000
Connecticut
Development
Authority,
Airport
Facilities
Revenue
Bonds,
Learjet
Inc.,
Series
2004,
(AMT)
7.950
04/01/26
3,550,710
4,000,000
(c)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mary
Wade
Home
Issue,
Series
2019A-1
5.000
10/01/54
2,981,127
1,500,000
Stamford
Housing
Authority,
Connecticut,
Revenue
Bonds,
Mozaic
Concierge
Living
Project,
Series
2025A
6.250
10/01/60
1,456,204
100,000
(c)
Steel
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Steelpointe
Harbor
Project,
Series
2024
6.000
04/01/52
104,274
TOTAL
CONNECTICUT
8,092,315
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
DELAWARE
-
0.1%
$
1,100,000
Delaware
Economic
Development
Authority,
Revenue
Bonds,
ASPIRA
of
Delaware
Charter
Operations,
Inc.
Project,
Series
2016A
5.000
%
06/01/51
$
972,536
TOTAL
DELAWARE
972,536
DISTRICT
OF
COLUMBIA
-
2.0%
300,000
District
of
Columbia
Revenue
Bonds,
Rocketship
Education
DC
Public
Charter
School
Inc.,
Obligated
Group
-Issue
3,
Series
2024A
5.750
06/01/54
295,900
54,000,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A
0.000
06/15/46
13,461,817
3,335,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006C
0.000
06/15/55
323,680
TOTAL
DISTRICT
OF
COLUMBIA
14,081,397
FLORIDA
-
17.1%
250,000
(c)
Alachua
County
Health
Facilities
Authority,
Florida,
Health
Facilities
Revenue
Bonds,
Terraces
at
Bonita
Springs
Project,
Refunding
Series
2022A
5.000
11/15/61
180,153
200,000
Avenir
Community
Development
District,
Palm
Beach
Gardens,
Florida,
Special
Assessment
Bonds,
Area
3
-
Master
Infrastructure
Project,
Series
2023
5.625
05/01/54
199,642
250,000
(c)
Babcock
Ranch
Community
Independent
Special
District,
Charlotte
County,
Florida,
Special
Assessment
Bonds,
2024
Project
Series
2024
5.250
05/01/55
236,038
1,600,000
(c)
Capital
Projects
Finance
Authority,
Florida,
Senior
Living
Revenue
Bonds,
Millenia
Orlando
Project,
Series
2025A
7.250
01/01/55
1,604,757
2,715,000
(c)
Capital
Projects
Finance
Authority,
Florida,
Senior
Living
Revenue
Bonds,
Millenia
Orlando
Project,
Series
2025A
7.125
01/01/65
2,633,245
2,500,000
(c)
Capital
Trust
Agency,
Florida,
Educational
Facilities
Revenue
Bonds,
LLT  Academy
South
Bay
Project,
Series
2020A
6.000
06/15/55
2,435,620
15,020,000
(c)
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Educational
Growth
Fund,
LLC,
Charter
School
Portfolio
Projects,
Subordinate
Series
2021B
0.000
07/01/61
1,172,825
1,290,000
(b),(c)
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Tuscan
Gardens
of
Palm
Coast
Project,
Series
2017A
6.750
10/01/37
748,200
1,525,000
(b),(c)
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Tuscan
Gardens
of
Palm
Coast
Project,
Series
2017A
7.000
10/01/40
884,500
1,345,000
(c)
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Viera
Charter
School
Project,
Series
2019A
5.000
10/15/54
1,200,639
250,000
(c)
Capital
Trust
Agency,
Florida,
Senior
Living
Facilities
Revenue
Bonds,
Elim
Senior
Housing,
Inc.
Project,
Series
2017
5.375
08/01/32
237,661
175,000
(c)
Capital
Trust
Agency,
Florida,
Senior
Living
Facilities
Revenue
Bonds,
Elim
Senior
Housing,
Inc.
Project,
Series
2017
5.625
08/01/37
159,755
1,000,000
(c)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
Babcock
Neighborhood
School
Inc
Project,
Series
2024
6.000
08/15/63
903,881
500,000
(c)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
Imagine
School
at
West
Pasco
Project,
Series
2023A
6.500
12/15/53
480,473
4,100,000
(c)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
Imagine
School
at
West
Pasco
Project,
Series
2023A
6.500
12/15/58
3,901,965
1,750,000
(c)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
IPS
Enterprises,
Inc.
Projects,
Refunding
Series
2023A
6.250
06/15/53
1,771,760
2,600,000
(c)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
IPS
Enterprises,
Inc.
Projects,
Refunding
Series
2023A
6.375
06/15/58
2,640,038
1,890,000
(b)
Celebration
Pointe
Community
Development
District
1,
Alachua
County,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2021
4.000
05/01/53
1,512,000
250,000
(c)
Curiosity
Creek
Community
Development
District,
Manatee
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
1,
Series
2024
5.700
05/01/55
237,022
500,000
Edgewater
West
Community
Development
District,
Osceola
County,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
One
Series
2024
5.500
05/01/54
462,202
1,200,000
(c)
Everlands
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
2
Series
2024
5.500
06/15/54
1,133,927
Portfolio
of
Investments
June
30,
2025
(continued)
HYIF
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
1,000,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Creative
Inspiration
Journey
School
of
St.
Cloud,
Series
2021A
5.000
%
06/15/51
$
835,196
4,600,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Creative
Inspiration
Journey
School
of
St.
Cloud,
Series
2021A
5.000
06/15/56
3,747,178
1,420,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Discovery
High
School
Project,
Series
2020A
5.000
06/01/40
1,098,020
100,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Dreamers
Academy
Project,
Series
2022A
6.000
01/15/57
87,796
625,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Global
Outreach
Charter
Academy,
Series
2021A
4.000
06/30/36
523,659
765,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Global
Outreach
Charter
Academy,
Series
2021A
4.000
06/30/41
574,007
1,000,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Pepin
Academies
of
Pasco
County
Inc.,
Series
2020A
5.000
01/01/50
801,184
500,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Southwest
Charter
Foundation
Inc
Projects,
Series
2017A
6.125
06/15/47
482,971
1,400,000
(c)
Florida
Development
Finance
Corporation,
Florida,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Pro
USA,
Inc.
Project,
Series
2023,
(AMT),
(Mandatory
Put
7/01/26)
6.125
07/01/32
1,417,083
31,400,000
(c)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT),
(Mandatory
Put
7/15/28)
12.000
07/15/32
31,243,000
2,335,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT)
5.500
07/01/53
2,160,909
4,000,000
(c)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024A,
(AMT),
(Mandatory
Put
7/15/28)
10.000
07/15/59
3,809,053
12,000,000
(c)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2025A,
(AMT),
(Mandatory
Put
8/13/25)
8.250
07/01/57
12,333,902
3,040,000
(c)
Florida
Development
Finance
Corporation,
Student
Housing
Revenue
Bonds,
SPP
-
Tampa
I
-
LLC
The
Henry
Project,
Series
2024B
6.500
06/01/59
2,970,598
1,970,000
Florida
Housing
Finance
Corporation,
Multifamily
Mortgage
Revenue
Bonds,
Brookside
Square
Apartments,
Series
2015J,
(Mandatory
Put
6/01/32)
5.000
06/01/57
1,913,966
250,000
Hobe-Saint
Lucie
Conservancy
District,
Florida,
Special
Assessment
Revenue
Bonds,
Improvement
Unit
1A,
Series
2024
5.875
05/01/55
248,466
730,000
(c)
Kelly
Park
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
One
Project
Series
2023
6.250
11/01/53
738,394
1,210,000
Lake
County,
Florida
Retirement
Facility
Revenue
Bonds,
Lakeside
at
Waterman
Village
Project,
Series
2020A
5.750
08/15/50
1,129,040
1,000,000
Lake
County,
Florida
Retirement
Facility
Revenue
Bonds,
Lakeside
at
Waterman
Village
Project,
Series
2020A
5.750
08/15/55
917,285
1,405,000
Lakewood
Ranch
Stewardship
District,
Florida,
Special
Assessment
Revenue
Bonds,
Taylor
Ranch
Project,
Series
2023
6.300
05/01/54
1,448,851
2,850,000
(c)
Lee
County
Industrial
Development
Authority,
Florida,
Charter
School
Revenue
Bonds,
Lee
County
Community
Charter
Schools,
Series
2024A
6.250
06/15/42
2,795,193
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
405,000
(c)
LTC
Ranch
Residential
Community
Development
District,
Port
Saint
Lucie,
Florida,
Special
Assessment
Bonds,
Assessment
Area
4
Project,
Refunding
Series
2024AA4
5.650
%
05/01/54
$
381,568
870,000
(c)
Magnolia
Island
Community
Development
District,
Pasco
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
1,
series
2025
5.750
05/01/55
829,645
85,000
(c)
Mandarin
Grove
Community
Development
District,
Manatee
County,
Florida,
Special
Assessment
Revenue
Bonds,
2022
Project
Series
2022
6.625
05/01/53
94,764
3,000,000
(c)
Miami-Dade
County
Housing
Finance
Authority,
Florida,
Multifamily
Mortgage
Revenue
Bonds,
Wynwood
Works,
Series
2023B,
(Mandatory
Put
6/01/26)
5.780
06/01/27
3,012,727
1,000,000
(c)
Miami-Dade
County
Industrial
Development
Authority,
Florida,
Industrial
Development
Revenue
Bonds,
CFC-MB
I,
LLC
Collins
Park
Housing
Project
Series
2023
6.250
01/01/59
983,444
415,000
(c)
Middleton
Community
Development
District
A,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2022
6.200
05/01/53
429,509
120,000
(c)
Mirada
Community
Development
District,
Florida,
Capital
Improvement
Bonds,  Assessment
Area
3
Series
2024
6.000
05/01/55
116,928
70,000
(c)
North
Powerline
Road
Community
Development
District,
Polk
County,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2022
5.625
05/01/52
70,642
1,000,000
(c)
Ocean
and
Highway
Port
Authority,
Florida,
Port
Facilities
Revenue
Bonds,
Worldwide
Terminals
Fernandina,
LLC
Project,
Series
2019,
(AMT)
5.500
12/01/49
770,650
1,500,000
(c)
Palm
Beach
County,
Florida,
Revenue
Bonds,
Provident
Group
-
LU
Properties
LLC
Lynn
University
Housing
Project,
Series
2021A
5.000
06/01/57
1,272,836
2,560,000
Palm
Beach
County,
Florida,
Revenue
Bonds,
Provident
Group
-
LU
Properties
LLC
Lynn
University
Housing
Project,
Series
2024A
6.125
06/01/54
2,426,415
2,240,000
Palm
Beach
County,
Florida,
Revenue
Bonds,
Provident
Group
-
LU
Properties
LLC
Lynn
University
Housing
Project,
Series
2024A
6.250
06/01/59
2,142,873
1,725,000
(c)
Parrish
Lakes
Community
Development
District,
Manatee
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
2,
Series
2023A
5.625
05/01/53
1,691,780
235,000
(c)
Parrish
Lakes
Community
Development
District,
Manatee
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
3,
Series
2024
5.800
05/01/54
226,480
1,125,000
(c)
Peace
Creek
Village
Community
Development
District,
Winter
Haven,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2025
5.850
05/01/55
1,071,894
650,000
Pine
Island
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Bella
Collina,
Series
2004
5.750
05/01/35
652,915
1,470,000
(c)
Pioneer
Ranch
Community
Development
District,
Marion
County,
Florida,
Special
Assessment
Bonds,
Series
2024
5.300
05/01/55
1,339,427
1,000,000
(c)
Rye
Ranch
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Pod
B
-
Assessment
Area
1
Series
2023
6.000
11/01/53
1,008,996
1,000,000
(c)
Saltleaf
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2024
6.000
05/01/56
997,089
415,000
Seminole
County
Industrial
Development
Authority,
Florida,
Retirement
Facility
Revenue
Bonds,
Legacy
Pointe
At
UCF
Project,
Series
2019A
5.000
11/15/29
421,433
1,500,000
Seminole
County
Industrial
Development
Authority,
Florida,
Retirement
Facility
Revenue
Bonds,
Legacy
Pointe
At
UCF
Project,
Series
2019A
5.750
11/15/54
1,359,880
1,500,000
(c),(e)
Solaeris
Community
Development
District,
St.
Lucie
County,
Florida,
Special
Assessment
Bonds,
Area
2
Project,
Series
2025
6.300
05/01/56
1,503,188
465,000
(c)
Three
Rivers
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
South
Assessment
Area
Series
2021B
4.625
05/01/36
449,131
Portfolio
of
Investments
June
30,
2025
(continued)
HYIF
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
2,000,000
Tradition
Community
Development
District
1,
Port
Saint
Lucie,
Florida,
Irrigation
System
Revenue
Bonds,
Existing
System
Series
2017
4.500
%
10/01/47
$
1,779,431
880,000
Tradition
Community
Development
District
9,
Port
Saint
Lucie,
Florida,
Special
Assessment
Bonds,
Series
2025
5.650
05/01/56
839,230
225,000
(c)
Village
Community
Development
District
15,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2023
5.250
05/01/54
220,818
665,000
West
Villages
Improvement
District,
Florida,
Special
Assessment
Revenue
Bonds,
Unit
of
Development
7
Villages
F-3
and
G-1B
Series
2023
6.250
05/01/54
688,784
TOTAL
FLORIDA
122,794,531
GEORGIA
-
1.9%
9,910,000
Atlanta
Development
Authority,
Georgia,
Economic
Development
Certificates,
Gulch
Enterprise
Zone
Project,
Convertible
Capital
Appreciation
Series
2024A-1
Class
A
6.500
12/15/48
8,668,091
1,950,000
(b)
Atlanta
Development
Authority,
Georgia,
Senior
Health
Care
Facilities
Revenue
Bonds,
Georgia
Proton
Treatment
Center
Project,
Current
Interest
Series
2017A-1
7.000
01/01/40
1,014,000
1,750,000
(c)
Bulloch
County
Development
Authority,
Georgia,
Charter
School
Revenue
Bonds,
Statesboro
Steam
Academy
Project
Series
2024
6.750
06/15/64
1,680,421
500,000
Cobb
County
Development
Authority,
Georgia,
Charter
School
Revenue
Bonds,
Northwest
Classical
Academy,
Inc.
Project,
Series
2023A
6.375
06/15/58
480,399
1,670,000
Fayette
County
Development
Authority,
Georgia,
Revenue
Bonds,
United
States
Soccer
Federation,
Inc.
Project
Series
2024
5.250
10/01/54
1,683,354
TOTAL
GEORGIA
13,526,265
HAWAII
-
0.1%
1,000,000
(c)
Hawaii
County,
Hawaii,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
1-2021,
Kaloko
Heights
Project,
Series
2023
7.250
05/15/52
986,885
TOTAL
HAWAII
986,885
IDAHO
-
1.1%
186,000
(c)
Eagle
Avimor
Community
Infrastructure
District
1,
Ada,
Boise,
and
Gem
Counties,
Idaho,
Special
Assessment
Revenue
Bonds,
Assessment
Area
5
Series
2024
5.875
09/01/53
187,529
500,000
(c)
Eagle
Avimor
Community
Infrastructure
District
1,
Ada,
Boise,
and
Gem
Counties,
Idaho,
Special
Assessment
Revenue
Bonds,
Assessment
Area
6
Series
2024B
5.500
09/01/53
486,127
1,980,000
(c)
Idaho
Falls
Auditorium
District,
Idaho,
Certifications
of
Participation,  Annual
Appropriation
Series
2021
5.250
05/15/51
1,846,258
730,000
(c)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Doral
Academy
of
Idaho,
Series
2021A
5.000
07/15/41
610,041
250,000
(c)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Doral
Academy
of
Idaho,
Series
2021A
5.000
07/15/56
186,751
250,000
(c)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Gem
Prep
Meridian
South
Charter
School
Project,
Series
2021
4.000
05/01/56
169,170
3,900,000
(c),(e)
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Assessment
Area
Two,
Series
2025
6.250
09/01/54
3,911,687
500,000
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2024
6.250
09/01/53
501,610
TOTAL
IDAHO
7,899,173
ILLINOIS
-
2.7%
346,166
(c)
Chicago,
Illinois,
Certificates
of
Participation,
Tax
Increment
Allocation
Revenue
Note,
North
Pullman
Chicago
Neighborhood
Initiative,
Inc.Redevelopement
Project-Whole
Foods
Warehouse
&
Distribution
Facility,
Series
2016A
5.000
03/15/34
346,310
830,000
(c)
Illinois
Finance
Authority,
Charter
School
Revenue
Bonds,
Art
in
Motion
AIM
Project,
Series
2021A
4.000
07/01/31
727,516
1,500,000
(c)
Illinois
Finance
Authority,
Charter
School
Revenue
Bonds,
Art
in
Motion
AIM
Project,
Series
2021A
5.000
07/01/51
1,044,202
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
2,750,000
(c)
Illinois
Finance
Authority,
Charter
School
Revenue
Bonds,
Art
in
Motion
AIM
Project,
Series
2021A
5.000
%
07/01/56
$
1,861,869
250,000
Illinois
Finance
Authority,
Revenue
Bonds,
Admiral
at
the
Lake
Project,
Refunding
Series
2017
5.500
05/15/54
188,506
499,046
(b)
Illinois
Finance
Authority,
Revenue
Bonds,
Christian
Homes
Inc.
Obligated
Group,
Refunding
Series
2016
5.000
05/15/31
144,723
1,091,662
(b)
Illinois
Finance
Authority,
Revenue
Bonds,
Christian
Homes
Inc.
Obligated
Group,
Refunding
Series
2016
5.000
05/15/36
316,582
194,939
(b)
Illinois
Finance
Authority,
Revenue
Bonds,
Christian
Horizons
Obligated
Group,
Series
2021A
4.000
05/15/41
56,532
215,000
(c)
Illinois
Finance
Authority,
Revenue
Bonds,
Goodman
Theatre
Project,
Refunding
Series
2025A
6.125
10/01/50
214,055
2,720,000
(c)
Illinois
Finance
Authority,
Revenue
Bonds,
Illinois
Institute
of
Technology,
Series
2025A
5.875
09/01/46
2,641,977
7,375,000
(c)
Illinois
Finance
Authority,
Revenue
Bonds,
Roosevelt
University,
Series
2019A
6.125
04/01/58
7,029,550
2,000,000
(c)
Illinois
Finance
Authority,
Solid
Waste
Revenue
Bonds,
LRS
Holdings
LLC
Project,
Series
2023B,
(Mandatory
Put
9/01/33)
7.375
09/01/42
2,208,588
3,000,000
Palos
Heights,
Illinois,
Revenue
Bonds,
Trinity
Christian
College
Association,
Series
2024A
7.000
01/01/50
2,695,660
TOTAL
ILLINOIS
19,476,070
INDIANA
-
0.5%
85,000
(c)
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Circle
City
Preparatory
Inc.
Project,
Series
2021A
5.000
12/01/30
84,909
700,000
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Seven
Oaks
Classical
School
Project,
Series
2021A
5.000
06/01/51
580,142
775,000
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
University
of
Evansville
Project,
Series
2022A
5.250
09/01/57
719,475
1,250,000
Indiana
Housing
and
Community
Development
Authority,
Multifamily
Housing
Revenue
Bonds,
Vita
of
New
Whiteland
Project,
Series
2022
6.750
01/01/43
1,159,797
1,000,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Subordinate
Series
2023F-1
7.750
03/01/67
1,087,594
TOTAL
INDIANA
3,631,917
IOWA
-
0.1%
1,000,000
Iowa
Finance
Authority
Senior
Living
Facilities
Revenue
Bonds,
Sunrise
Retirement
Community
Project,
Refunding
Series
2021
5.000
09/01/51
729,369
TOTAL
IOWA
729,369
KANSAS
-
0.8%
1,060,000
Hutchinson,
Kansas,
Hospital
Facilities
Revenue
Bonds,
Hutchinson
Regional
Medical
Center,
Inc.,
Series
2016
5.000
12/01/41
873,860
1,725,000
Kansas
Development
Finance
Authority
Revenue
Bonds,
Village
Shalom
Project,
Series
2018A
5.250
11/15/53
1,067,445
100,000
Overland
Park
Development
Corporation,
Kansas,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
&
improvement
Series
2019
5.000
03/01/49
94,729
6,250,000
(b)
Overland
Park,
Kansas,
Sales
Tax
Special
Obligation
Revenue
Bonds,
Prairiefire
at
Lionsgate
Project,
Series
2012
5.250
12/15/29
3,125,000
1,000,000
Wichita,
Kansas,
Health
Care
Facilities
Revenue
Bonds,
Presbyterian
Manors,
Series
2024VIII
6.000
05/15/54
945,348
TOTAL
KANSAS
6,106,382
LOUISIANA
-
3.3%
300,000
(c)
Lakeshore
Villages
Master
Community
Development
District,
St.
Tammany
Parish,
Louisiana,
Special
Assessment
Revenue
Bonds,
Series
2025
6.000
06/01/54
301,805
1,500,000
(c)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Lincoln
Preparatory
School
Project,
Series
2021A
5.250
06/01/60
1,132,532
2,635,000
(c)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Young
Audiences
Charter
School,
Series
2019A
5.000
04/01/49
2,154,730
Portfolio
of
Investments
June
30,
2025
(continued)
HYIF
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
(continued)
$
2,210,000
(c)
Louisiana
Public
Facilities
Authority,
Dock
and
Wharf
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013,
(AMT)
6.500
%
07/01/36
$
2,210,544
480,000
(c)
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Jefferson
Rise
Charter
School
Project,
Series
2022A
6.000
06/01/37
481,578
1,000,000
(c)
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Jefferson
Rise
Charter
School
Project,
Series
2022A
6.250
06/01/52
961,931
950,000
(c)
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Lincoln
Preparatory
School
Project,
Series
2022A
6.375
06/01/52
866,456
2,850,000
(c)
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Young
Audiences
Charter
School,
Series
2019A
5.000
04/01/39
2,537,871
1,000,000
(c)
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Young
Audiences
Charter
School,
Series
2019A
5.000
04/01/57
782,849
2,000,000
(c)
Louisiana
Public
Facilities
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Pro
USA
Inc
Project
Series
2023,
(AMT),
(Mandatory
Put
10/01/28)
6.750
10/01/53
2,111,984
500,000
Louisiana
Public
Facilities
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Pro
USA
Inc
Project
Series
2023R-2,
(AMT),
(Mandatory
Put
10/01/28)
6.500
10/01/53
524,532
10,000,000
(a)
Louisiana
Publics
Facilities
Authority,
Louisiana,
Revenue
Bonds,
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project,
Senior
Lien
Series
2024,
(AMT),
(UB)
5.000
09/01/66
9,419,233
500,000
(c)
Plaquemines
Port,
Louisiana,
Harbor
and
Terminal
District
Facilities
Revenue
Bonds
NOLA
Terminal
LLC
Project
Dock
and
Wharf
Series
2024A
9.000
12/01/44
424,409
TOTAL
LOUISIANA
23,910,454
MAINE
-
0.2%
2,000,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2016A
5.000
07/01/46
1,791,182
TOTAL
MAINE
1,791,182
MARYLAND
-
0.2%
135,000
(c)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Imagine
Andrews
Public
Charter
School,
Series
2022A
5.500
05/01/52
122,690
1,000,000
(c)
Prince
George's
County,
Maryland,
Special
Obligation
Bonds,
Westphalia
Town
Center
Project,
Series
2018
5.250
07/01/48
998,504
TOTAL
MARYLAND
1,121,194
MASSACHUSETTS
-
0.1%
1,000,000
Massachusetts
Development
Finance
Agency
Revenue
Bonds,
Lawrence
General
Hospital
Issue,
Series
2017
5.000
07/01/42
871,009
TOTAL
MASSACHUSETTS
871,009
MICHIGAN
-
1.1%
5,525,000
Detroit
City
&
General
Retirement
System
Service
Corporation,
Michigan,
Certificates
of
Participation,
Taxable
Series
2005A
-
FGIC
Insured
3.000
06/15/26
5,801,250
330,000
Michigan
Finance
Authority,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Holly
Academy
Project,
Refunding
Series
2021
4.000
12/01/51
246,068
290,000
Michigan
Finance
Authority,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Madison
Academy
Project,
Refunding
Series
2021
5.000
12/01/46
239,875
40,000,000
Michigan
Tobacco
Settlement
Finance
Authority,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Capital
Appreciation
Turbo
Term
Series
2008C
0.000
06/01/58
1,106,060
185,000
Trillium
Academy,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2019
5.750
11/01/40
175,764
TOTAL
MICHIGAN
7,569,017
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
-
1.0%
$
500,000
Bethel,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Level
Up
Academy,
Series
2021A
5.000
%
06/15/56
$
348,577
1,000,000
(c)
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Seven
Hills
Preparatory
Academy
Project,
Series
2024A
6.125
06/15/61
901,055
770,000
(c)
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Spero
Academy
Project,
Series
2017A
6.500
07/01/48
770,266
2,000,000
Rochester,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Rochester
Math
&
Science
Academy
Project,
Series
2018A
5.125
09/01/38
1,680,149
1,000,000
(b),(c)
Saint
Cloud,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Athlos
Academy,
Series
2022A
5.875
06/01/57
725,000
1,000,000
(c)
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
School
of
Excellence,
Series
2023
5.250
03/01/43
953,230
2,015,000
(c)
Woodbury,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Math
and
Science
Academy
Building
Company,
Refunding
Series
2025A
5.500
06/01/63
1,823,293
TOTAL
MINNESOTA
7,201,570
MISSOURI
-
1.1%
2,000,000
Independence
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Tax
Increment
and
Special
Districts,
Hub
Drive
Redevelopment
Project
Series
2023
6.750
11/01/53
1,974,750
250,000
(c)
Kansas
City
Industrial
Development
Authority,
Missouri,
Economic
Activity
Tax
Revenue
Bonds,
Historic
Northeast
Redevelopment
Plan
Series
2024A-1
5.000
06/01/54
223,448
1,000,000
Kirkwood
Industrial
Development
Authority,
Missouri,
Retirement
Community
Revenue
Bonds,
Aberdeen
Heights
Project,
Refunding
Series
2017A
5.000
05/15/26
1,001,284
800,000
Kirkwood
Industrial
Development
Authority,
Missouri,
Retirement
Community
Revenue
Bonds,
Aberdeen
Heights
Project,
Refunding
Series
2017A
5.000
05/15/27
804,405
2,000,000
Kirkwood
Industrial
Development
Authority,
Missouri,
Retirement
Community
Revenue
Bonds,
Aberdeen
Heights
Project,
Refunding
Series
2017A
5.250
05/15/42
1,832,665
1,000,000
Kirkwood
Industrial
Development
Authority,
Missouri,
Retirement
Community
Revenue
Bonds,
Aberdeen
Heights
Project,
Refunding
Series
2017A
5.250
05/15/50
851,624
250,000
(c)
Land
Clearance
for
Redevelopment
Authority
of
Kansas
City,
Missouri,
Project
Revenue
Bonds,
Convention
Center
Hotel
Project
-
TIF
Financing,
Series
2018B
5.000
02/01/40
244,806
606,262
(b)
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Christian
Homes
Inc.,
Senior
Living
Facilities
Series
2018
5.000
05/15/32
175,816
888,925
(b)
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Christian
Homes
Inc.,
Senior
Living
Facilities
Series
2018
5.000
05/15/36
257,788
770,012
(b)
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Christian
Homes
Inc.,
Senior
Living
Facilities
Series
2018
5.000
05/15/40
223,304
100,000
Missouri
Southern
State
University,
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2021
4.000
10/01/34
93,993
100,000
Missouri
Southern
State
University,
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2021
4.000
10/01/44
82,165
234,199
(c)
North
Outer
Forty
Transportation
Development
District,
Chesterfield,
Missouri,
Transportation
Development
Revenue
Notes,
Refunding
Series
2021A
4.000
12/01/46
166,862
TOTAL
MISSOURI
7,932,910
Portfolio
of
Investments
June
30,
2025
(continued)
HYIF
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEVADA
-
0.4%
$
895,855
(b),(c)
Director
of
Nevada
State
Department
of
Business
&
Industry,
Environmental
Improvement
Revenue
Bonds,
Fulcrum
Sierra
BioFuels
LLC
Project,
Green
Series
2018,
(AMT)
6.950
%
02/15/38
$
9
2,600,000
(c)
Director
of
Nevada
State
Department
of
Business
and
Industry,
Revenue
Bonds,
Brightline
West
Passenger
Rail
Project,
Series
2025A,
(AMT),
(Mandatory
Put
1/01/33)
9.500
01/01/65
2,463,500
305,000
Neveda
State
Director
of
the
Department
of
Business
and
Industry,
Charter
School
Revenue
Bonds,
Doral
Academy
of
Nevada,
Series
2017A
5.000
07/15/47
273,201
TOTAL
NEVADA
2,736,710
NEW
HAMPSHIRE
-
2.0%
4,135,000
(c)
National
Finance
Authority,
New
Hampshire,
Special
Revenue
Bonds,
Bridgeland
Water
&
Utility
Districts
418,489,492,493,157
&
159,
Series
2025
5.875
12/15/33
4,149,512
11,980,000
(c)
National
Finance
Authority,
New
Hampshire,
Special
Revenue
Bonds,
The
Chambers
Creek
Project,
Montgomery
County,
Texas
Municipal
Utility
Districts,
Capital
Appreciation
Series
2025
0.000
12/15/32
7,398,629
5,000,000
(c)
New
Hampshire
National
Finance
Authority,
Travis
and
Burnet
Counties,
Special
Revenue
Bonds,
Thomas
Ranch
Project
Capital
Appreciation
Improvement
Districts
Series
2024
0.000
12/01/34
2,689,075
TOTAL
NEW
HAMPSHIRE
14,237,216
NEW
JERSEY
-
1.6%
11,000,000
(c)
New
Jersey
Economic
Development
Authority,
New
Jersey,
Dock
and
Wharf
Facility
Revenue
Bonds,
Repauno
Port
&
Rail
Terminal
Project,
Series
2025,
(AMT)
6.625
01/01/45
11,236,533
TOTAL
NEW
JERSEY
11,236,533
NEW
YORK
-
6.5%
6,550,000
(c)
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.,
Series
2023A
7.250
07/01/53
6,295,808
1,500,000
(c)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5.000
12/01/37
1,419,445
10,000,000
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
1st
Subordinate
Series
2005B
0.000
06/01/47
2,014,902
4,760,000
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016B
0.000
01/01/45
1,249,185
8,500,000
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016C
5.625
01/01/55
7,336,517
2,000,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Saint
Ann's
Community
Project,
Series
2019
5.000
01/01/50
1,658,889
1,000,000
New
York
City
Housing
Development
Corporation,
New
York,
Multifamily
Housing
Revenue
Bonds,
Sustainable
Neighborhood
Green
Series
2020D-1B
2.400
11/01/50
598,326
750,000
(b)
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Bronx
Parking
Development
Company,
LLC
Project,
Series
2007
2.350
10/01/46
480,000
2,500,000
(c)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
3
Series
2014
7.250
11/15/44
2,501,617
12,235,000
(a)
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Revenue
Bonds,
Terminal
6
John
F
Kennedy
International
Airport
Redevelopment
Project,
Senior
Green
Series
2024A,
(AMT),
(UB)
5.250
12/31/54
12,253,904
750,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/28
614,661
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
1,450,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
%
01/01/29
$
1,156,570
150,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/30
117,437
4,135,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/31
3,195,832
1,010,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/32
771,930
3,050,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/33
2,311,886
630,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/34
474,341
2,200,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/35
1,647,229
650,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/36
484,402
250,000
(c)
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bond,
Purchase
Senior
Learning
Community,
Inc.
Project,
Accd
Inv
Series
2021A
5.000
07/01/56
219,107
TOTAL
NEW
YORK
46,801,988
NORTH
CAROLINA
-
0.1%
745,000
North
Carolina
Medical
Care
Commission,
Retirement
Facility
Revenue
Bonds,
Penick
Village
Project
First
Mortgage
Series
2024A
5.500
09/01/54
716,605
TOTAL
NORTH
CAROLINA
716,605
NORTH
DAKOTA
-
0.6%
3,725,000
(a)
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Social
Series
2024A,
(UB)
4.700
07/01/49
3,603,157
1,000,000
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C
5.000
06/01/53
908,391
TOTAL
NORTH
DAKOTA
4,511,548
OHIO
-
1.7%
245,000
(c)
Brecksville,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Valor
Acres
Project,
Series
2022
5.625
12/01/53
226,836
63,000,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2
0.000
06/01/57
5,862,465
1,000,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2
5.000
06/01/55
853,742
2,000,000
(c)
Cleveland-Cuyahoga
County
Port
Authority,
Ohio,
Lease
Revenue
Bonds,
Constellation
Schools
Project,
Refunding
&
improvement
Series
2024A
5.875
01/01/49
1,938,704
140,000
(c)
Cleveland-Cuyahoga
County
Port
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Flats
East
Bank
Project,
Refunding
Senior
Series
2021A
4.000
12/01/55
106,121
95,000
Cleveland-Cuyahoga
County
Port
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Flats
East
Bank
Project,
Refunding
Subordinate
Series
2021B
4.500
12/01/55
75,958
665,000
Franklin
County
Convention
Facilities
Authority,
Ohio,
Hotel
Project
Revenue
Bonds,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
Series
2019
5.000
12/01/51
590,661
1,135,000
(c)
Ohio
Housing
Finance
Agency,  Multifamily
Housing
Revenue
Bonds,
Sanctuary
at
Springboro
Project,
Series
2017
5.450
01/01/38
1,116,530
Portfolio
of
Investments
June
30,
2025
(continued)
HYIF
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
1,360,000
(c)
Ohio
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Silver
Birch
Bedford
Heights,
Series
2025
6.375
%
01/01/45
$
1,365,552
250,000
(c)
Ohio
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Silver
Birch
of
Mansfield
Project,
Series
2024
6.000
01/01/45
237,104
200,000
(c)
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Multifamily
Housing
Revenue
Bonds,
Vivera
Northbrook
Project,
Series
2025A
6.500
01/01/45
201,912
TOTAL
OHIO
12,575,585
OKLAHOMA
-
0.2%
1,000,000
Osage
County
Industrial
Authority,
Oklahoma,
Sales
and
Use
Tax
Revenue
Bonds,
Refunding
Series
2023
5.750
09/01/53
954,590
100,000
(c)
Tulsa
Authority
for
Economic
Opportunity,
Tulsa
County,
Oklahoma,
Tax
Apportionment
Revenue
Bonds,
Santa
Fe
Square
Project,
Series
2021
4.375
12/01/41
88,317
230,000
(c)
Tulsa
Authority
for
Economic
Opportunity,
Tulsa
County,
Oklahoma,
Tax
Apportionment
Revenue
Bonds,
Vast
Bank
Project,
Series
2021
4.000
12/01/43
193,325
TOTAL
OKLAHOMA
1,236,232
OREGON
-
1.4%
4,250,000
(c)
Oregon
Facilities
Authority
Charter
School
Revenue
Bonds,
Oregon,
Portland
Village
School
Project,
Series
2024
7.000
12/15/60
3,982,221
730,000
Port
of
Saint
Helens,
Oregon,
Pollution
Control
Revenue
Bonds,
Boise
Cascade
Project,
Series
1997
5.650
12/01/27
730,947
3,250,000
Yamhill
County
Hospital
Authority,
Oregon,
Revenue
Bonds,
Friendsview
Retirement
Community,
Refunding
Series
2016A
5.000
11/15/46
2,738,741
2,830,000
Yamhill
County
Hospital
Authority,
Oregon,
Revenue
Bonds,
Friendsview
Retirement
Community,
Refunding
Series
2021A
5.000
11/15/46
2,384,811
250,000
Yamhill
County
Hospital
Authority,
Oregon,
Revenue
Bonds,
Friendsview
Retirement
Community,
Refunding
Series
2021A
5.000
11/15/56
198,097
TOTAL
OREGON
10,034,817
PENNSYLVANIA
-
2.8%
500,000
Allegheny
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
Hills
Charter
School
of
Entrepreneurship,
Series
2021A
4.000
06/15/51
373,120
1,610,000
(c)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
Neuweiler
Lofts
Project,
Series
2023
6.250
05/01/42
1,554,265
26,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-2
6.000
06/30/34
27,534
175,000
(d)
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024B-1
0.000
06/30/44
126,800
1,215,000
(c)
Erie
County,
Industrial
Development
Authority,
Pennsylvania,
Essential
Housing
Revenue
Bonds,
Senior-CFC-Erie
I
LLC
Erie
Apartments,
Series
2024A
6.750
09/01/61
1,153,698
11,500,000
(c)
Lehigh
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Provident
Group
-Lehigh
Valley
International
Airport
Hotel
Project
First
Tier
Series
2025A-2
5.750
01/01/65
10,629,235
1,065,000
(c)
Lehigh
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Provident
Group
-Lehigh
Valley
International
Airport
Hotel
Project
Second
Tier
Series
2025C
6.750
01/01/65
992,045
4,000,000
McCandless
IDA,
Pennsylvania,
University
Revenue
Bonds
Series
A
and
B
of
2022
La
Roche
University
6.750
12/01/46
3,570,846
370,000
Montgomery
County
Redevelopment
Authority,
Pennsylvania,
Special
Obligation
Revenue
Bonds,
River
Pointe
Project
Series
2023
6.500
09/01/43
366,284
495,000
(b),(f)
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2021A
10.000
12/01/31
49
1,100,000
(c)
Quakertown
General
Authority,
Pennsylvania,
Special
Assessment
Obligation
Bonds,
Milford
Village
Project,
Series
2025
6.500
03/01/55
1,083,307
TOTAL
PENNSYLVANIA
19,877,183
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO
RICO
-
0.5%
$
20,000,000
Children's
Trust
Fund,
Puerto
Rico,
Tobacco
Settlement
Asset-
Backed
Bonds,
Series
2008B
0.000
%
05/15/57
$
527,312
450,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007TT
5.000
01/01/26
205,211
160,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA
5.250
07/01/27
72,086
4,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5.000
07/01/24
1,825
325,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5.000
07/01/26
148,256
115,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5.250
07/01/26
52,581
105,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2013A
5.000
07/01/29
48,160
190,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2007TT
5.000
07/01/32
85,937
250,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2007TT
5.000
07/01/37
113,074
115,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2008WW
5.500
01/01/26
52,110
100,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Taxable
Series
2010EEE
5.950
07/01/30
47,997
100,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Taxable
Series
2010EEE
6.250
07/01/40
47,960
365,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5.000
07/01/58
343,682
888,827
Puerto
Rico,
General
Obligation
Bonds,
Clawback
Highway
Transportation
Authority
Claims
Taxable
Series
2022
0.000
11/01/51
562,183
81,740
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5.625
07/01/27
84,138
78,106
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5.750
07/01/31
84,299
74,065
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4.000
07/01/33
72,316
57,138
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4.000
07/01/37
54,494
247,059
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4.000
07/01/46
211,375
877,518
Puerto
Rico,
General
Obligation
Bonds,
Vintage
CW
NT
Claims
Taxable
Series
2022
1.000
11/01/51
470,569
TOTAL
PUERTO
RICO
3,285,565
SOUTH
CAROLINA
-
1.7%
2,920,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Hilton
Head
Christian
Academy,
Series
2020
5.000
01/01/40
2,638,661
5,000,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Palmera
Apartments
Project,
Series
2025A
6.750
12/01/60
4,855,617
500,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Palmetto
Scholars
Academy
Project,
Series
2015A
5.125
08/15/35
474,028
2,000,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Lowcountry
Leadership
Charter
School
Project,
Series
2019A
5.000
12/01/49
1,703,525
200,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Virtus
Academy
Project,
Series
2021A
4.000
06/15/31
184,117
1,840,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Virtus
Academy
Project,
Series
2021A
5.000
06/15/41
1,532,271
330,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Virtus
Academy
Project,
Series
2021A
5.000
06/15/51
250,330
Portfolio
of
Investments
June
30,
2025
(continued)
HYIF
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH
CAROLINA
(continued)
$
250,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Virtus
Academy
Project,
Series
2023A
7.000
%
06/15/53
$
248,299
250,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Virtus
Academy
Project,
Series
2023A
7.125
06/15/58
250,405
TOTAL
SOUTH
CAROLINA
12,137,253
TENNESSEE
-
0.0%
100,000
(c)
Metropolitan
Government
of
Nashville-Davidson
County
Industrial
Development
Board,
Tennessee,
Special
Assessment
Revenue
Bonds,
South
Nashville
Central
Business
Improvement
District,
Series
2021A
4.000
06/01/51
81,598
TOTAL
TENNESSEE
81,598
TEXAS
-
11.3%
1,295,000
Abilene
Convention
Center
Hotel
Development
Corporation,
Texas,
Hotel
Revenue
Bonds,
First-Lien
Series
2021A
4.000
10/01/50
967,592
1,250,000
(c)
Abilene
Convention
Center
Hotel
Development
Corporation,
Texas,
Hotel
Revenue
Bonds,
Second-Lien
Series
2021B
5.000
10/01/50
1,019,293
200,000
(c)
Anna,
Texas,
Special
Assessment
Revenue
Bonds,
Meadow
Vista
Public
Improvement
District
Area
1
Project,
Series
2024
5.750
09/15/54
188,121
1,190,000
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
-
Texas
Project,
Refunding
Series
2021A
4.125
02/15/41
932,975
250,000
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
-
Texas
Project,
Refunding
Series
2021A
4.500
02/15/56
176,575
3,330,000
(c)
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
-
Texas
Project,
Refunding
Series
2022A
6.750
02/15/62
3,267,573
1,640,000
(c)
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
-
Texas
Project,
Series
2022A
6.375
02/15/52
1,566,653
1,825,000
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Odyssey
Academy
Inc
Series
2023A
6.000
02/15/43
1,780,623
250,000
Austin
Convention
Enterprises
Inc.,
Texas,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Second
Tier
Series
2017B
5.000
01/01/34
249,600
2,635,000
Baytown
Municipal
Development
District,
Texas,
Hotel
Revenue
Bonds,
Baytown
Convention
Center
Hotel,
First-Lien
Series
2021A
4.000
10/01/50
1,952,203
100,000
(c)
Bee
Cave,
Travis
County,
Texas,
Special
Assessment
Revenue
Bonds,
Backyard
Public
Improvement
District
Project,
Series
2021
5.250
09/01/51
91,247
250,000
(c)
Buda,
Texas,
Special
Assessment
Revenue
Bonds,
Persimmon
Public
improvement
District
Major
Improvement
Area
Project,
Series
2025
6.750
09/01/55
236,479
1,600,000
(c)
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Cross
Creek
Meadows
Public
Improvement
District,
Major
Improvement
Area
District
Series
2023
6.125
09/01/53
1,561,409
1,000,000
(c)
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Parvin
Public
Improvement
District
Project,
Series
2023
6.750
09/01/53
973,086
3,000,000
(c)
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Valor
Education
Foundation,
Series
2023A
6.250
06/15/53
2,868,274
300,000
(c)
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Valor
Education
Foundation,
Series
2024A
6.000
06/15/54
276,563
2,050,000
Conroe
Local
Government
Corporation,
Texas,
Hotel
Revenue
Bonds,
Conroe
Convention
Center
Hotel,
First-Lien
Series
2021A
4.000
10/01/50
1,520,934
7,390,000
Conroe
Local
Government
Corporation,
Texas,
Hotel
Revenue
Bonds,
Conroe
Convention
Center
Hotel,
Second-Lien
Series
2021B
5.000
10/01/50
5,464,578
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
1,250,000
(c)
Corpus
Christi,
Nueces,
Aransas,
San
Patricio,
ad
Kleberg
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Whitecap
Public
Improvement
District
1
Improvement
Area
1
Project
Series
2024
6.125
%
09/15/44
$
1,198,550
1,000,000
(c)
Corpus
Christi,
Nueces,
Aransas,
San
Patricio,
ad
Kleberg
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Whitecap
Public
Improvement
District
1
Improvement
Area
1
Project
Series
2024
6.500
09/15/54
959,385
700,000
(c)
Denton
County,
Texas,
Special
Assessment
Revenue
Bonds,
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
Project,
Series
2025
6.125
12/31/55
705,651
1,500,000
Denton
County,
Texas,
Special
Assessment
Revenue
Bonds,
Tabor
Ranch
Public
Improvement
District
Improvement
Area
1
Project,
Junior
Lien
Series
2024B
5.750
12/31/44
1,430,860
2,000,000
Denton
County,
Texas,
Special
Assessment
Revenue
Bonds,
Tabor
Ranch
Public
Improvement
District
Improvement
Area
1
Project,
Junior
Lien
Series
2024B
6.125
12/31/54
1,913,525
2,150,000
(c)
Denton
County,
Texas,
Special
Assessment
Revenue
Bonds,
Tabor
Ranch
Public
Improvement
District
Major
Improvement
Area
Project,
Series
2024
6.000
12/31/44
2,075,989
1,320,000
(c)
Denton
County,
Texas,
Special
Assessment
Revenue
Bonds,
Tabor
Ranch
Public
Improvement
District
Major
Improvement
Area
Project,
Series
2024
6.250
12/31/54
1,243,276
1,070,000
(c)
Dorchester,
Texas,
Special
Assessment
Revenue
Bonds,
Cottonwood
Public
Improvement
District
Improvement
Area
1
Project
Series
2024
6.000
09/15/44
998,103
1,993,000
(c)
Forney,
Texas,
Special
Assessment
Revenue
Bonds,
Bellagio
Public
Improvement
District
1
Phase
I
Project
Series
2023
6.500
09/15/53
1,866,438
3,490,000
Friendswood,
Harris
and
Galveston
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
City
Center
Public
Improvement
District,
Initial
Major
Improvements
Project
Series
2024
7.000
09/15/54
3,379,451
1,650,000
(c)
Granbury,
Hood
County,
Texas,
Special
Assessment
Revenue
Bonds,
Lakeview
Landing
Public
Improvement
District
Project,
Series
2025
7.250
09/15/45
1,656,863
1,000,000
(c)
Granbury,
Hood
County,
Texas,
Special
Assessment
Revenue
Bonds,
Lakeview
Landing
Public
Improvement
District
Project,
Series
2025
7.500
09/15/55
1,004,769
4,005,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.
-
Terminal
Improvement
Project,
Refunding
Series
2011,
(AMT)
6.500
07/15/30
4,016,053
500,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.
-
Terminal
Improvement
Project,
Refunding
Series
2011,
(AMT)
6.625
07/15/38
501,166
2,205,000
(c)
Kyle,
Texas,
Special
Assessment
Revenue
Bonds,
Porter
County
Public
Improvement
District
Improvement
Area
1
Project,
Series
2023
6.000
09/01/53
2,115,727
1,205,000
(c)
Kyle,
Texas,
Special
Assessment
Revenue
Bonds,
Southwest
Kyle
Public
Improvement
District
1
Improvement
Area
2
Project,
Series
2023
6.750
09/01/48
1,234,045
1,625,000
(c)
Lewisville,
Denton
and
Dallas
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Lakeside
Crossing
Public
Improvement
District
Series
2023
8.000
09/01/53
1,657,978
250,000
(c)
Manor,
Texas,
Special
Assessment
Revenue
Bonds,
Entradaglen
Public
Improvement
District
Improvement
Area
1
Project,
Series
2025
7.000
09/15/55
251,045
1,000,000
(c)
Marble
Falls,
Burnet
County,
Texas,
Special
Assessment
Revenue
Bonds,
Thunder
Rock
Public
Improvement
District
Remainder
Area
Project,
Series
2024
7.625
09/01/54
958,690
250,000
(c)
Mesquite,
Texas,
Special
Assessment
Revenue
Bonds,
Solterra
Public
Improvement
District
Improvement
Area
A-1
Projects,
Series
2023
5.750
09/01/53
250,165
770,000
(c)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Beta
Academy,
Series
2019A
5.000
08/15/49
682,542
Portfolio
of
Investments
June
30,
2025
(continued)
HYIF
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
70,000
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021A-1
7.500
%
11/15/37
$
55,006
435,000
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021A-2
7.500
11/15/36
356,097
3,197,706
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021B
5.625
11/15/61
807,356
4,310,000
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Senior
Living
Revenue
Bonds,
Sanctuary
LTC
LLC
Project,
Series
2021A-1
5.500
01/01/57
3,989,387
650,000
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project,  Series
2015A
5.000
07/01/25
650,000
250,000
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project,  Series
2015A
5.000
08/01/25
247,500
500,000
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project,  Series
2015A
5.000
07/01/30
494,117
652,440
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project,  Series
2015A
5.000
07/01/33
645,916
1,000,000
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project,  Series
2015A
5.000
07/01/35
984,309
2,500,000
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project,  Series
2015A
5.000
07/01/47
2,369,858
1,275,000
(c)
New
Hope
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Southwest
Preparatory
School
Series
2023A
6.375
08/15/53
1,312,883
100,000
(c)
New
Hope
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Southwest
Preparatory
School
Taxable
Series
2023A
8.000
08/15/30
102,004
1,000,000
(c)
Oak
Point,
Denton
County,
Texas,
Special
Assessment
Revenue
Bonds,
Chaparral
Park
Public
Improvement
District
Improvement
Area
1
Project,
Series
2024
5.250
09/15/54
916,190
500,000
(c)
Pilot
Point,
Denton,
Grayson,
and
Cooke
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
1
Project,
Series
2025
6.375
09/15/55
505,726
250,000
(c)
Pilot
Point,
Denton,
Grayson,
and
Cooke
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
1
Project,
Series
2025
6.375
09/15/55
253,051
250,000
(c)
Pilot
Point,
Denton,
Grayson,
and
Cooke
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
1
Project,
Series
2025
7.125
09/15/55
252,757
215,000
(c)
Pilot
Point,
Denton,
Grayson,
and
Cooke
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
1
Project,
Series
2025
7.125
09/15/55
217,527
465,000
(c)
Plano,
Collin
and
Denton
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Haggard
Farm
Public
Improvement
District
Project,
Area
1
Project
Series
2023
7.500
09/15/53
478,704
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
1,000,000
(c)
Plano,
Collin
and
Denton
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Haggard
Farm
Public
Improvement
District
Project,
Major
Improvement
Area
Project
Series
2023
8.500
%
09/15/53
$
1,028,320
2,000,000
(c)
Port
Beaumont
Industrial
Development
Authority,
Texas,
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2021B
4.100
01/01/28
1,770,926
1,000,000
(c)
Port
Beaumont
Navigation
District,
Jefferson
County,
Texas,
Dock
and
Wharf
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2021A,
(AMT)
3.000
01/01/50
636,540
250,000
(c)
Princeton,
Texas,
Special
Assessment
Revenue
Bonds,
Sicily
Public
Improvement
District
Improvement
Area
1
Project,
Series
2023
7.000
09/01/53
249,406
500,000
(c)
Princeton,
Texas,
Special
Assessment
Revenue
Bonds,
Sicily
Public
Improvement
District
Major
Improvement
Area
Project,
Series
2023
7.875
09/01/53
504,296
125,000
(b)
Red
River
Health
Facilities
Development
Corporation,
Texas,
First
Mortgage
Revenue
Bonds,
Eden
Home
Inc.,
Series
2012
3.000
12/15/32
57,500
500,000
(b)
Red
River
Health
Facilities
Development
Corporation,
Texas,
First
Mortgage
Revenue
Bonds,
Eden
Home
Inc.,
Series
2012
3.000
12/15/42
230,000
305,000
(b)
Red
River
Health
Facilities
Development
Corporation,
Texas,
First
Mortgage
Revenue
Bonds,
Eden
Home
Inc.,
Series
2012
3.000
12/15/47
140,300
2,000,000
(c)
Rockdale,
Milam
County,
Texas,
Special
Assessment
Revenue
Bonds,
Cornerstone
Public
Improvement
District
Improvement
Area
1,
Series
2023
7.500
09/15/54
2,028,782
610,000
(c)
Sachse,
Texas,
Special
Assessment
Bonds,
Sachse
Public
Improvement
District
1
Improvement
Areas
2-3
Project,
Series
2022
7.000
09/15/52
653,794
720,000
Salado,
Bell
County,
Texas,
Special
Assessment
Revenue
Bonds,
Sanctuary
East
Public
Improvement
District
Improvement
Area
1
Project
Series
2024
6.250
09/01/44
698,071
1,500,000
(c)
San
Marcos
City,
Hays,
Caldwell
and
Guadalupe
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
San
Marcos
Trace
Public
Improvement
District
Series
2024
6.000
09/01/48
1,432,210
100,000
(c)
Sinton,
San
Patricio
County,
Texas,
Special
Assessment
Revenue
Bonds,
Somerset
Public
Improvement
District
1
Series
2022
5.250
09/01/51
93,643
500,000
(b)
Tarrant
County
Cultural
Education
Facilities
Finance
Corporaton,
Texas,
Retirement
Facility
Revenue
Bonds,
C.C.
Young
Memorial
Home
Project,
Series
2016A
3.750
02/15/37
325,000
800,000
(c)
Venus,
Johnson
County,
Texas,
Special
Assessment
Revenue
Bonds,
Brahman
Ranch
Public
Improvement
District,
Series
2022
6.500
09/15/52
785,271
80,000
Viridian
Municipal
Management
District,
Texas,
Assessment
Revenue
Bonds,
Series
2017
4.250
12/01/44
68,545
900,000
(c)
Vista
Lago,
Travis
County,
Texas,
Special
Assessment
Revenue
Bonds,
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
#3
Project,
Series
2024
6.000
09/01/54
872,113
TOTAL
TEXAS
81,407,154
UTAH
-
8.4%
500,000
(c)
Arrowhead
Springs
Public
Infrastructure
District,
Utah,
Special
Assessment
Bonds,
Arrowhead
Springs
Assessment
Area,
Series
2025
5.625
12/01/54
485,375
500,000
(c)
Black
Desert
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds
Subordinate
Series
2021B
7.375
09/15/51
432,541
1,615,000
(c)
Chelsey
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds
Series
2024
7.250
03/01/54
1,621,133
5,550,000
(c)
Chelsey
Public
Infrastructure
District
1,
Utah,
Special
Assessment
Bonds
Chelsey
Assessment
Area
1
Series
2024
7.000
12/01/42
5,646,676
500,000
Coral
Junction
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2022A-1
6.500
03/01/53
464,853
1,255,000
(c)
Courtyards
at
Shurtz
Canyon
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025A-1
7.000
03/01/55
1,270,029
776,000
(c)
Courtyards
at
Shurtz
Canyon
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2025B
9.500
03/15/55
783,891
Portfolio
of
Investments
June
30,
2025
(continued)
HYIF
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTAH
(continued)
$
2,945,000
(c)
Courtyards
at
Shurtz
Canyon
Public
Infrastructure
District,
Utah,
Special
Assessment
Bonds,
Courtyards
at
Shurtz
Canyon
Assessment
Area,
Series
2025A-2
6.875
%
12/01/45
$
2,983,119
1,137,000
(c)
Desert
Edge
Public
Infrastructure
District
No.
1,
Grantsville,
Tooele
County,
Utah,
General
Obligation
Bonds,
Limited
Tax
Subordinate
Series
2025B
8.500
03/15/55
1,149,082
4,000,000
(c)
Desert
Edge
Public
Infrastructure
District
No.
1,
Grantsville,
Tooele
County,
Utah,
Limited
Tax
General
Obligation
Convertible
Capital
Appreciation
Bonds,
Series
2025A
6.750
03/01/55
2,991,408
1,000,000
(c)
Downtown
East
Streetcar
Sewer
Public
Infrastructure
District,
South
Salt
Lake,
Salt
Lake
County,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2022A
5.750
03/01/42
975,574
1,000,000
(c)
Downtown
East
Streetcar
Sewer
Public
Infrastructure
District,
South
Salt
Lake,
Salt
Lake
County,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2022A
6.000
03/01/53
958,003
825,000
(c)
Fields
Estates
Public
Infrastructure
District,
Utah,
General
Obligation
Bonds,
Limited
Tax
Series
2024A-1
6.125
03/01/55
803,707
1,000,000
(c)
Gateway
at
Sand
Hollow,
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2021A
5.500
03/01/51
752,102
1,715,000
(c)
GLH
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025
6.875
03/01/55
1,724,799
1,595,000
(c)
Jordanelle
Ridge
Public
Infrastructure
District
2,
Utah,
General
Obligation
Bonds,
Limited
Tax
Series
2023A
7.750
03/01/54
1,641,478
2,180,000
(c)
Medical
School
Campus
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2020A
5.250
02/01/40
1,852,768
4,415,000
(c)
Medical
School
Campus
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2020A
5.500
02/01/50
3,468,977
500,000
(c)
Mida
Cormont
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025A-1
6.250
06/01/55
512,976
500,000
(c)
Mida
Cormont
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025A-2
6.750
06/01/55
407,466
3,747,000
(c)
Mida
Cormont
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2025B
8.500
06/15/55
3,762,915
650,000
(c)
MIDA
Mountain
Village
Public
Infrastructure
District,
Utah,
Subordinate
Tax
Allocation
Revenue
Bonds,
Series
2024-2
6.000
06/15/54
653,872
660,000
(c)
Moonlight
Village,
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025A
6.000
03/01/56
630,547
4,800,000
(c)
Nordic
Village
Public
Infrastructure
District
1,
Weber
County,
Utah,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2025
6.500
03/01/55
4,814,797
951,000
Olympia
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2024B
8.000
03/15/55
945,398
865,000
(c)
Sienna
Hills
Public
Infrastructure
District
No.
1
Limited
Tax
General
Obligation
and
Sales
Tax
Revenue
Bonds,
Utah,
Series
2023A
6.750
07/01/35
867,780
690,000
(c)
Soleil
Hills
Public
Infrastructure
District
No.
1,
Utah,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2025A
5.875
03/01/55
659,943
1,000,000
(c)
Sun
Stone
Infrastructure
Financing
District,
Utah,
Special
Assessment
Bonds,
Assessment
Area
1,
Series
2024
6.750
06/01/54
928,620
1,810,000
(c)
Trails
at
Shurtz
Canyon
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025A-1
6.750
03/01/55
1,831,910
1,815,000
(c)
Trails
at
Shurtz
Canyon
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2025B
9.000
03/15/55
1,833,868
3,995,000
(c)
Trails
at
Shurtz
Canyon
Public
Infrastructure
District,
Utah,
Special
Assessment
Bonds,
Series
2025A-2
6.625
12/01/45
4,047,222
375,000
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Bridge
Elementary
Project,
Series
2021A
4.000
06/15/41
297,515
245,000
(c)
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Saint
George
Academy
Project,
Series
2021A
5.000
06/15/56
179,451
7,000,000
(c)
Ventana
Resort
Village
Public
Infrastructure
District,
Utah,
General
Obligation
Bonds,
Limited
Tax
Series
2024
5.500
03/01/54
6,483,842
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTAH
(continued)
$
500,000
(c)
Wakara
Ridge
Public
Infrastructure
District,
Utah,
Special
Assessment
Bonds,
Wakara
Ridge
Assessment
Area,
Series
2025
5.625
%
12/01/54
$
500,012
1,015,000
(c)
Wohali
Public
Infrastructure
District
1,
Utah,
Special
Assessment
Revenue
Bonds,
Assessment
Area
1
Series
2023
7.000
12/01/42
991,049
TOTAL
UTAH
60,354,698
VIRGIN
ISLANDS
-
0.7%
1,000,000
(c)
Virgin
Islands
Public
Finance
Authority,
Revenue
Bonds,
Frenchman's
Reef
Hotel
Development
Hotel
Occupancy
Series
2024A
6.000
04/01/53
991,472
200,000
(c)
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Bond
Anticipation
Notes,
Senior
Series
2021A
6.750
07/01/26
197,278
1,070,000
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Series
2007B
5.000
07/01/26
1,049,518
2,745,000
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Series
2007B
5.000
07/01/31
2,593,910
250,000
(c)
West
Indian
Company
Limited,
Virgin
Islands,
Port
Facilities
Revenue
Bonds
WICO
Financing
Series
2022B,
(AMT)
6.500
04/01/52
233,525
TOTAL
VIRGIN
ISLANDS
5,065,703
VIRGINIA
-
0.8%
300,000
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Series
2024A
6.875
12/01/58
318,142
1,000,000
Norfolk
Redevelopment
and
Housing
Authority,
Virginia,
Fort
Norfolk
Retirement
Community,
Inc.,
Harbor's
Edge
Project,
Series
2019A
5.000
01/01/49
880,283
4,145,000
Virginia
Beach
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
on
Chesapeake
Bay,
Series
2023A
7.000
09/01/59
4,512,874
TOTAL
VIRGINIA
5,711,299
WASHINGTON
-
1.0%
1,135,000
Tacoma
Consolidated
Local
Improvement
District
65,
Washington,
Special
Assessment
Bonds,
Series
2013
5.750
04/01/43
1,111,047
6,000,000
(c)
Washington
State
Housing
Finance
Commission,
Nonprofit
Revenue
Bonds,
Provident
Group
SH
II
Properties
LLC,
Blakeley
&
Laurel
Villages
Portfolio,
Series
2025A
7.000
07/01/64
6,107,736
TOTAL
WASHINGTON
7,218,783
WEST
VIRGINIA
-
0.4%
480,000
Huntington,
West
Virginia,
Tax
Increment
Revenue
Bonds,
Kinetic
Park
Project
3,
Refunding
Series
2024
5.625
05/01/50
457,188
935,000
(c)
Monongalia
County
Commission,
West
Virginia,
Special
District
Excise
Tax
Revenue
Bonds,
University
Town
Centre
Economic
Opportunity
Development
District,
Subordinate
Improvement
and
Refunding
Series
2023B
8.000
06/01/53
193,732
440,000
(c)
Monongalia
County,
West
Virginia,
Tax
Increment
Revenue
Bonds,
University
Town
Centre
Development
District
4,
Senior
Refunding
and
Improvement
Series
2023A
6.000
06/01/53
453,227
185,000
(c)
South
Charleston,
West
Virginia,
Special
District
Excise
Tax
Revenue
Improvement
Bonds,
South
Charleston
Park
Place
Project,
Series
2022A
4.250
06/01/42
145,505
250,000
(c)
South
Charleston,
West
Virginia,
Special
District
Excise
Tax
Revenue
Improvement
Bonds,
South
Charleston
Park
Place
Project,
Series
2022A
4.500
06/01/50
197,565
2,285,000
(c)
West
Virginia
Economic
Development
Authority,
Dock
and
Wharf
Facilities
Revenue
Bonds,
Empire
Trimodal
Terminal,
LLC
Project,
Series
2020
7.625
12/01/40
1,684,418
TOTAL
WEST
VIRGINIA
3,131,635
Portfolio
of
Investments
June
30,
2025
(continued)
HYIF
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
-
20.3%
$
3,020,000
(a)
Ashwaubenon
Community
Development
Authority,
Wisconsin,
Lease
Revenue
Bonds,
Brown
County
Expo
Center
Project,
Series
2019
0.000
%
06/01/54
$
652,562
255,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Alamance
Community
School,
Series
2021A
5.000
06/15/51
204,178
2,775,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Corvian
Community
School
Bonds,
North
Carolina,
Series
2019A
5.000
06/15/49
2,274,861
900,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Discovery
Charter
School
Project,
Series
2022A
6.625
06/01/52
849,715
1,425,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Discovery
Charter
School
Project,
Series
2022A
6.750
06/01/62
1,342,332
2,070,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Eno
River
Academy
Project,
Series
2020A
5.000
06/15/54
1,839,312
600,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Founders
Academy
of
Las
Vegas,
Series
2023A
6.625
07/01/53
605,862
550,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Founders
Academy
of
Las
Vegas,
Series
2023A
6.750
07/01/58
557,281
1,000,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Freedom
Classical
Academy
Inc.,
Series
2020A
5.000
01/01/42
897,949
1,000,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Freedom
Classical
Academy
Inc.,
Series
2020A
5.000
01/01/56
815,534
2,385,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Hapeville
Charter
Project,
Series
2025A
6.875
06/15/54
2,336,916
1,255,000
(c),(g)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
North
Carolina
Charter
Educational
Foundation
Project,
Series
2016A,
(Pre-refunded
6/15/26)
5.000
06/15/36
1,280,520
2,495,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
North
Carolina
Charter
Educational
Foundation
Project,
Series
2016A
5.000
06/15/36
2,233,026
210,000
(c),(g)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
North
Carolina
Charter
Educational
Foundation
Project,
Series
2016A,
(Pre-refunded
6/15/26)
5.000
06/15/46
214,270
415,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
North
Carolina
Charter
Educational
Foundation
Project,
Series
2016A
5.000
06/15/46
321,455
500,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Phoenix
Academy
Charter
School,
North
Carolina,
Series
2017A
5.875
06/15/47
455,781
1,110,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Quality
Education
Academy
Project,
Series
2023A
6.250
07/15/53
1,136,209
1,175,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Quality
Education
Academy
Project,
Series
2023A
6.500
07/15/63
1,213,496
7,125,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Vegas
Vista
Academy,
Series
2024A
7.000
06/01/59
6,409,356
1,250,000
(c)
Public
Finance
Authority
of
Wisconsin,
Contract
Revenue
Bonds,
Mercer
Crossing
Public
Improvement
District
Project,
Series
2017
7.000
03/01/47
1,270,085
300,000
(c)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Casa
Esperanza
Montessori,
Series
2021A
4.375
06/01/46
230,557
100,000
(c)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Casa
Esperanza
Montessori,
Series
2021A
4.500
06/01/56
73,274
1,000,000
(c)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Corvian
Community
School,
North
Carolina
Series
2023A
6.250
06/15/53
964,731
500,000
(c)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Mater
Academy
of
Nevada,
-
East
Las
Vegas
Campus
Project,
Series
2024A
5.000
12/15/54
430,386
750,000
Public
Finance
Authority
of
Wisconsin,
Educational
Facilities
Revenue
Bonds,
Cincinnati
Classical
Academy,
Series
2024A
5.875
06/15/54
702,239
1,000,000
(c)
Public
Finance
Authority
of
Wisconsin,
Hotel
Revenue
Bonds,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Subordinate
Lien
Series
2022B
6.000
02/01/62
1,020,054
27
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
1,105,000
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
Grant
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017A
6.250
%
08/01/27
$
1,069,088
80,000
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
Grant
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017A
6.750
08/01/31
71,800
500,000
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
Grant
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017B
5.625
08/01/27
483,750
2,000,000
(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
5.000
12/01/27
1,900,000
5,935,000
(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
6.500
12/01/37
5,638,250
4,500,000
(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
6.750
12/01/42
4,275,000
55,300,000
(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
7.000
12/01/50
52,535,000
4,035,000
(c)
Public
Finance
Authority
of
Wisconsin,
Multifamily
Housing
Revenue
Bonds,
Promenade
Apartments
Project,
Series
2024
6.250
02/01/39
4,049,052
1,000,000
(c)
Public
Finance
Authority
of
Wisconsin,
Multifamily
Housing
Revenue
Bonds,
Renaissance
Hall
at
Old
Course
LLC
Project,
Subordinate
Series
2024
8.000
06/01/67
917,543
250,000
(c)
Public
Finance
Authority
of
Wisconsin,
Retirement
Facility
Revenue
Bonds,
Penick
Village,
Series
2019
5.000
09/01/54
218,183
13,650,000
(c)
Public
Finance
Authority
of
Wisconsin,
Revenue
Anticipation
Capital
Appreciation
Bonds,
Texas
Infrastructure
Authority
Program,
Myrtle
Creek
Project,
Series
2025
0.000
12/15/41
4,818,457
2,700,000
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Procure
Proton
Therapy
Center,
Senior
Series
2018A
7.000
07/01/48
1,890,000
700,000
(c)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Revolution
Academy,
Refunding
Series
2023A
6.250
10/01/58
706,024
250,000
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
SearStone
Retirement
Community,
Series
2023A
5.000
06/01/37
249,056
1,250,000
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
SearStone
Retirement
Community,
Series
2023A
5.000
06/01/52
1,098,774
250,000
(c)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Senior
Revenue
Bonds,
Proton
International
Arkansas,
LLC,
Series
2021A
6.850
01/01/51
171,582
5,095,000
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Sky
Harbour
LLC
Obligated
Group
Aviation
Facilities
Project,
Series
2021,
(AMT)
4.000
07/01/41
4,406,265
4,245,000
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Sky
Harbour
LLC
Obligated
Group
Aviation
Facilities
Project,
Series
2021,
(AMT)
4.250
07/01/54
3,362,026
1,000,000
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Senior
Revenue
Bonds,
Maryland
Proton
Treatment
Center,
Series
2018A-1
6.375
01/01/48
450,000
100,000
(b),(f)
Public
Finance
Authority
of
Wisconsin,
Wisconsin
Revenue
Note,
KDC
Agribusiness
LLC
Project,
Series
2022B
15.000
12/31/25
10
1,730,000
(c)
Public
Finance
Authority,
Wisconsin,
Revenue
Bonds,
Two
Step
Project,
Series
2024
0.000
12/15/34
981,129
500,000
(c)
Public
Finance
Authority,
Wisconsin,
Tax
Increment
Revenue
Senior
Bonds,
World
Center
Project
Series
2024A
5.000
06/01/41
496,234
7,635,000
(c)
Public
Finance
Authority,
Wisconsin,
Tax
Increment
Revenue
Subordinate
Bonds,
World
Center
Project
Series
2024B
8.000
06/15/42
7,580,294
100,000
(c)
Saint
Croix
Chippewa
Indians
of
Wisconsin,
Revenue
Bonds,
Refunding
Senior
Series
2021
5.000
09/30/41
86,512
290,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Covenant
Communities
Inc,
Second
Tier
Series
2018B
4.375
07/01/38
258,420
Portfolio
of
Investments
June
30,
2025
(continued)
HYIF
28
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
250,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Dickson
Hollow
Phase
2
Project,
Series
2024
6.125
%
10/01/59
$
251,106
450,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Hope
Christian
Schools
Obligated
Group,
Series
2021
3.000
12/01/31
379,291
1,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Oakwood
Lutheran
Senior
Ministries,
Series
2021
4.000
01/01/57
736,307
8,500,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Senior
Living
Revenue
Bonds,
Chiara
Housing
and
Services,
Inc.
Project,
Series
2024
5.875
07/01/55
8,215,306
6,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Senior
Living
Revenue
Bonds,
Chiara
Housing
and
Services,
Inc.
Project,
Series
2024
6.000
07/01/60
5,845,866
2,500,000
(c)
Wisconsin
Housing
and
Economic
Development
Authority,
Multifamily
Housing
Bonds,
Meadow
Village
Project
Series
2020A
5.000
07/01/37
2,244,127
TOTAL
WISCONSIN
145,716,393
TOTAL
MUNICIPAL
BONDS
(Cost
$1,041,479,268)
1,014,533,758
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
107881
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
0.0%
(0.0%
of
Total
Investments)
107881
CAPITAL
GOODS
-
0.0%
128,676
(b),(f)
KDC
Agribusiness
Fairless
Hills
LLC
12.000
09/17/25
13
TOTAL
CAPITAL
GOODS
13
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.0%
45,154
(f)
Jackson
Hospital
13.000
11/04/25
45,154
62,714
(f)
Jackson
Hospital,
Inc.
and
Jackson
Hospital
Financing,
LLC
13.000
12/16/25
62,714
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
107,868
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$235,312)
107,881
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,041,714,580)
1,014,641,639
BORROWINGS
-
(0.8)%
(h)
(5,800,000)
FLOATING
RATE
OBLIGATIONS
-
(2.9)%
(21,065,000)
MFP
SHARES,
NET
-
(38.0)%(i)
(273,471,432)
OTHER
ASSETS
&
LIABILITIES,
NET
-  0.6%
4,588,363
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
718,893,570
AMT
Alternative
Minimum
Tax
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
Inverse
floating
rate
trust
is
a
Recourse
Trust
unless
otherwise
noted.
(a)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(b)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$634,969,023
or
62.6%
of
Total
Investments.
(d)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(e)
When-issued
or
delayed
delivery
security.
(f)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(g)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(h)
Borrowings
as
a
percentage
of
Total
Investments
is
0.6%.
(i)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
27.0%.
29
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Enhanced
High
Yield
Municipal
Bond
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
1,014,533,699
$
59
$
1,014,533,758
Variable
Rate
Senior
Loan
Interests
–
–
107,881
107,881
Unfunded
Commitments*
–
–
117,233
117,233
Total
$
–
$
1,014,533,699
$
225,173
$
1,014,758,872
*
Unfunded
commitments
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.