Issues
Maturity
Date
Principal
Amount
Value
MUNICIPAL
BONDS
(continued)
Maryland
—
0.28%
City
of
Baltimore
General
Obligation,
School
Improvements,
Series
C
5.00%
10/15/25
$
80,000
$
80,254
New
York
—
0.49%
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Series
A2
2.15%
05/01/25
150,000
141,239
Total
Municipal
Bonds
(Cost
$375,077)
351,880
Total
Bonds
—
79.33%
(Cost
$24,176,246)
22,709,303
Issues
Shares
Value
COMMON
STOCK
—
0.07%
Communications
—
0.07%
Intelsat
Emergence
SA
3,5,6,8
(Luxembourg)
772
18,682
Total
Common
Stock
(Cost
$25,862)
RIGHTS
—
0.00%
Communications
—
0.00%
Intelsat
Jackson
Holdings
SA,
Series
A
†,3,5,6,8
(Luxembourg)
80
—
Intelsat
Jackson
Holdings
SA,
Series
B
†,3,5,6,8
(Luxembourg)
80
—
—
Total
Rights
(Cost
$–)
—
Issues
Shares
Value
MUTUAL
FUNDS
—
0.12%
Mutual
Funds
—
0.12%
SPDR
S&P
500
ETF
Trust
10
91
34,801
Total
Mutual
Funds
(Cost
$34,970)
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
20.55%
Money
Market
Funds
—
3.74%
Dreyfus
Government
Cash
Management
Fund
4.19%
11
575,000
575,000
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.06%
11
495,947
495,947
1,070,947
Issues
Maturity
Date
Principal
Amount/Shares
Value
SHORT-TERM
INVESTMENTS
(continued)
U.S.
Agency
Discount
Notes
—
3.65%
Federal
Home
Loan
Bank
1.04%
12
06/14/24
$
500,000
$
473,722
1.20%
12
12/23/24
495,000
462,424
1.61%
12
09/04/24
115,000
109,235
1,045,381
U.S.
Treasury
Bills
—
13.16%
U.S.
Treasury
Bills
2.83%
12
01/05/23
1,800,000
1,799,637
4.50%
12
05/11/23
2,000,000
1,968,018
3,767,655
Total
Short-Term
Investments
(Cost
$5,949,229)
5,883,983
Total
Investments
-
100.07%
(Cost
$30,186,307)
28,646,769
Liabilities
in
Excess
of
Other
Assets
-
(0.07)%
(18,722)
Net
Assets
-
100.00%
$
28,628,047
1
Securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
The
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
2
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
December
31,
2022.
3
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
4
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
5
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
6
Non-income producing
security.
7
Security
is
currently
in
default
with
regard
to
scheduled
interest
or
principal
payments.
8
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$52,085,
which
is
0.18%
of
total
net
assets.
9
Zero
coupon
bond.
The
rate
shown
is
the
effective
yield
as
of
December
31,
2022.
10
SPDR
S&P
500
ETF
Trust
(the
“S&P
500
ETF”)
is
a
unit
investment
trust
created
under
the
laws
of
the
State
of
New
York
and
registered
under
the
Investment
Company
Act
of
1940,
as
amended.
The
S&P
500
ETF
was
created
to
provide
investors
with
the
opportunity
to
purchase
a
security
representing
a
proportionate
undivided
interest
in
a
portfolio
of
securities
consisting
of
substantially
all
of
the
component
common
stocks,
in
substantially
the
same
weighting,
which
comprise
the
Standard
&
Poor’s
500
Index
(the
“S&P
500
Index”).
Each
unit
of
fractional
undivided
interest
in
the
S&P
500
ETF
is
referred
to
as
a
“Unit”.
The
S&P
500
ETF
seeks
to
provide
investment
results
that,
before
expenses,
correspond
generally
to
the
price
and
yield
performance
of
the
S&P
500
Index.
You
can
access
the
financial
statements
of
this
ETF
by
going
to
its
homepage
at
https://us.spdrs.com/en/etf/spdr-sp-500-etf-SPY.
11
Represents
the
current
yield
as
of
December
31,
2022.
12
Represents
annualized
yield
at
date
of
purchase.
†
Fair
valued
security.
The
aggregate
value
of
fair
valued
securities
is
$0,
which
is
0.00%
of
total
net
assets.
Fair
valued
securities
were
not
valued
utilizing
an
independent
quote
but
were
valued
pursuant
to
guidelines
approved
by
the
Board
of
Trustees.
See
Notes
to
Financial
Statements.
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
**
Securities
backed
by
mortgage
or
consumer
loans
where
payment
is
periodically
made
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity
date.