Principal
Amount
or Shares
|
|
|
Value
|
|
|
MUNICIPAL BONDS—96.0%
|
|
|
|
Arizona—3.7%
|
|
$3,000,000
|
|
Arizona Board of Regents (Arizona State University), (Series 2016B), 5.000%, 7/1/2047
|
$3,561,188
|
500,000
|
|
Arizona State IDA (Phoenix Children's Hospital), Hospital Revenue Bonds (Series 2020A), 4.000%, 2/1/2050
|
579,857
|
2,000,000
|
|
Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Line Airport Revenue Bonds (Series 2019A),
4.000%, 7/1/2044
|
2,341,481
|
1,740,000
|
|
Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2044
|
1,897,128
|
2,000,000
|
|
Salt River Project, AZ Agricultural Improvement & Power District, Electric System Revenue Bonds (Series 2019A),
5.000%, 1/1/2035
|
2,616,408
|
1,000,000
|
|
Salt River Project, AZ Agricultural Improvement & Power District, Electric System Revenue Refunding Bonds
(Series 2017A), 5.000%, 1/1/2038
|
1,237,782
|
|
|
TOTAL
|
12,233,844
|
|
|
California—6.3%
|
|
1,500,000
|
1
|
Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2001A)
FRNs, 1.280% (SIFMA 7-day +1.250%), Mandatory Tender 4/1/2027
|
1,556,520
|
2,000,000
|
|
California Health Facilities Financing Authority (Providence St. Joseph Health), Revenue Bonds (Series 2014B),
5.000%, 10/1/2044
|
2,265,443
|
1,000,000
|
|
California Health Facilities Financing Authority (Stanford Health Care), Revenue Bonds (Series 2015A), 5.000%, 8/15/2054
|
1,154,034
|
335,000
|
2
|
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds
(Series 2021A), 5.000%, 11/15/2056
|
384,360
|
2,000,000
|
|
Los Angeles Department of Water & Power (Los Angeles, CA Department of Water & Power (Water Works/System)),
Water System Revenue Bonds (Series 2013B), 5.000%, 7/1/2033
|
2,185,399
|
1,000,000
|
|
Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Bonds (Series 2018A),
5.000%, 5/15/2044
|
1,235,211
|
3,000,000
|
|
Roseville, CA Natural Gas Financing Authority, Gas Revenue Bonds (Series 2007), (Bank of America Corp. GTD),
5.000%, 2/15/2025
|
3,464,684
|
2,000,000
|
|
San Diego, CA Unified School District, UT GO Bonds (Election 2012 Series-I), 5.000%, 7/1/2047
|
2,459,507
|
2,000,000
|
|
San Francisco, CA City & County Airport Commission, Second Series Revenue Bonds (Series 2019A), 5.000%, 5/1/2035
|
2,528,135
|
1,500,000
|
|
San Francisco, CA City & County Airport Commission, Second Series Revenue Refunding Bonds (Series 2021A),
5.000%, 5/1/2031
|
1,998,563
|
1,000,000
|
|
Transbay Joint Powers Authority, CA, Senior Tax Allocation Bonds Green Bonds (Series 2020A), 5.000%, 10/1/2045
|
1,263,764
|
|
|
TOTAL
|
20,495,620
|
|
|
Colorado—4.9%
|
|
235,000
|
|
Colorado Educational & Cultural Facilities Authority (Aspen View Academy), Charter School Revenue Bonds (Series 2021),
4.000%, 5/1/2051
|
261,572
|
1,000,000
|
|
Colorado State Health Facilities Authority Revenue (CommonSpirit Health), Revenue Bonds (Series 2019A-1),
4.000%, 8/1/2037
|
1,162,530
|
1,000,000
|
|
Colorado State Health Facilities Authority Revenue (CommonSpirit Health), Revenue Bonds (Series 2019A-1),
5.000%, 8/1/2036
|
1,260,928
|
1,000,000
|
|
Denver, CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Airport System Revenue
Bonds (Series 2018A), 5.000%, 12/1/2048
|
1,221,270
|
2,000,000
|
|
Denver, CO Convention Center Hotel Authority, Senior Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2027
|
2,413,052
|
2,800,000
|
|
E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2040
|
3,167,671
|
2,500,000
|
|
Regional Transportation District, CO (Denver Transit Partners Eagle P3 Project), Private Activity Bonds (Series 2020A),
4.000%, 7/15/2035
|
3,006,996
|
3,250,000
|
|
University of Colorado Hospital Authority, Revenue Bonds (Series 2012A), 5.000%, 11/15/2036
|
3,446,370
|
|
|
TOTAL
|
15,940,389
|
|
|
Connecticut—1.8%
|
|
3,000,000
|
|
Connecticut State HEFA (Trinity Healthcare Credit Group), Revenue Bonds (Series 2016CT), 5.000%, 12/1/2045
|
3,593,685
|
1,000,000
|
|
Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purpose
(Series 2018B), 5.000%, 10/1/2036
|
1,257,330
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Connecticut—continued
|
|
$750,000
|
|
Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes
(Series 2020A), 4.000%, 5/1/2036
|
$906,480
|
|
|
TOTAL
|
5,757,495
|
|
|
District of Columbia—2.3%
|
|
2,500,000
|
|
District of Columbia (KIPP DC), Refunding Revenue Bonds (Series 2017A), 5.000%, 7/1/2048
|
2,930,151
|
1,200,000
|
|
District of Columbia Revenue (District of Columbia International School), Revenue Bonds (Series 2019), 5.000%, 7/1/2049
|
1,391,303
|
1,800,000
|
|
District of Columbia Revenue (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2041
|
2,055,894
|
15,000
|
|
District of Columbia Revenue (Georgetown University), University Refunding Revenue Bonds (Series 2017),
(United States Treasury PRF 4/1/2027@100), 5.000%, 4/1/2036
|
18,579
|
985,000
|
|
District of Columbia Revenue (Georgetown University), University Refunding Revenue Bonds (Series 2017),
5.000%, 4/1/2036
|
1,183,055
|
|
|
TOTAL
|
7,578,982
|
|
|
Florida—8.2%
|
|
1,500,000
|
|
Broward County, FL Airport System, Airport System Revenue Bonds (Series 2012Q-1), (United States Treasury PRF
10/1/2022@100), 5.000%, 10/1/2037
|
1,590,808
|
1,000,000
|
|
Central Florida Expressway Authority, Senior Lien Revenue Refunding Bonds (Series 2017), 5.000%, 7/1/2038
|
1,224,668
|
1,000,000
|
2
|
Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds
(Series 2021), 5.000%, 6/1/2051
|
1,154,582
|
1,000,000
|
|
Florida State Mid-Bay Authority, First Senior Lien Revenue Bonds (Series 2015A), 5.000%, 10/1/2035
|
1,144,548
|
2,000,000
|
|
Greater Orlando, FL Aviation Authority, Subordinate Airport Facilities Revenue Bonds (Series 2017A), 5.000%, 10/1/2036
|
2,446,420
|
1,000,000
|
|
Jacksonville, FL (Brooks Rehabilitation), Health Care Facilities Revenue Bonds (Series 2020), 5.000%, 11/1/2050
|
1,228,455
|
1,000,000
|
|
Miami-Dade County, FL (Miami-Dade County, FL Seaport), Seaport Revenue Bonds (Series 2013A), 5.750%, 10/1/2030
|
1,113,733
|
1,000,000
|
|
Miami-Dade County, FL (Miami-Dade County, FL Seaport), Seaport Revenue Bonds (Series 2013A), 5.750%, 10/1/2032
|
1,111,351
|
2,000,000
|
|
Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2015A), 5.000%, 10/1/2038
|
2,326,924
|
380,000
|
|
Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 4.000%, 10/1/2041
|
451,929
|
2,000,000
|
|
Miami-Dade County, FL Expressway Authority, Toll System Refunding Revenue Bonds (Series 2016A), 5.000%, 7/1/2032
|
2,395,552
|
1,250,000
|
|
Miami-Dade County, FL Expressway Authority, Toll System Revenue Bonds (Series 2010), (Original Issue Yield: 5.100%),
5.000%, 7/1/2040
|
1,253,943
|
1,500,000
|
|
Miami-Dade County, FL HFA (Nicklaus Children's Hospital), Hospital Revenue Refunding Bonds (Series 2017),
5.000%, 8/1/2042
|
1,816,077
|
1,000,000
|
|
Miami-Dade County, FL IDA (Doral Academy), Industrial Development Revenue Bonds (Series 2017), 5.000%, 1/15/2048
|
1,138,984
|
2,875,000
|
|
Miami-Dade County, FL Transit System, Sales Surtax Revenue Bonds (Series 2012), (United States Treasury PRF
7/1/2022@100), 5.000%, 7/1/2042
|
3,014,191
|
470,000
|
|
St. Johns County, FL IDA (Vicar's Landing), Senior Living Revenue Bonds (Series 2021A), 4.000%, 12/15/2041
|
523,179
|
1,500,000
|
|
Tallahassee, FL Energy System, Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2036
|
1,767,087
|
1,000,000
|
|
Tampa, FL (H. Lee Moffitt Cancer Center), Hospital Revenue Bonds (Series 2020B), 4.000%, 7/1/2045
|
1,163,362
|
|
|
TOTAL
|
26,865,793
|
|
|
Georgia—2.1%
|
|
3,000,000
|
|
Atlanta, GA Water & Wastewater, Revenue Refunding Bonds (Series 2015), 5.000%, 11/1/2040
|
3,486,813
|
335,000
|
|
Geo. L. Smith II Georgia World Congress Center Authority, Convention Center Hotel First Tier Revenue Bonds
(Series 2021A), 4.000%, 1/1/2054
|
390,572
|
3,000,000
|
1
|
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018D) FRNs, (Royal Bank of Canada GTD), 0.892%
(1-month USLIBOR x 0.67 +0.830%), Mandatory Tender 12/1/2023
|
3,023,197
|
|
|
TOTAL
|
6,900,582
|
|
|
Illinois—5.3%
|
|
1,000,000
|
|
Chicago, IL Board of Education, UT GO Bonds (Series 2021A), 5.000%, 12/1/2040
|
1,280,140
|
770,000
|
|
Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2021B), 5.000%, 12/1/2030
|
1,014,603
|
310,000
|
|
Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016B),
5.000%, 1/1/2041
|
365,272
|
2,000,000
|
|
Chicago, IL O'Hare International Airport, Passenger Facility Charge Revenue Refunding Bonds (Series 2012A),
5.000%, 1/1/2031
|
2,049,122
|
1,500,000
|
|
Chicago, IL Sales Tax, Revenue Bonds (Series 2011A), (United States Treasury PRF 1/1/2022@100), 5.250%, 1/1/2038
|
1,538,315
|
750,000
|
|
Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2014), 5.000%, 11/1/2044
|
846,521
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Illinois—continued
|
|
$3,000,000
|
|
Illinois Finance Authority (Northwestern Memorial Healthcare), Revenue Bonds (Series 2017A), 5.000%, 7/15/2042
|
$3,683,762
|
890,000
|
|
Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028
|
1,090,074
|
1,110,000
|
|
Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2026
|
1,339,905
|
2,000,000
|
|
Illinois State, UT GO Bonds (Series 2020C), (Original Issue Yield: 4.340%), 4.000%, 10/1/2041
|
2,330,082
|
1,000,000
|
|
Illinois State, UT GO Bonds (Series June 2013), (Original Issue Yield: 5.280%), 5.250%, 7/1/2028
|
1,088,622
|
460,000
|
|
Illinois State, UT GO Refunding Bonds (Series 2021A), 4.000%, 3/1/2041
|
539,018
|
|
|
TOTAL
|
17,165,436
|
|
|
Indiana—0.8%
|
|
1,155,000
|
|
Indiana Municipal Power Agency, Power Supply System Refunding Revenue Bonds (Series 2012A), 5.000%, 1/1/2028
|
1,208,189
|
1,300,000
|
|
Indiana Municipal Power Agency, Power Supply System Revenue Bonds (Series 2013A), (United States Treasury PRF
7/1/2023@100), 5.250%, 1/1/2030
|
1,429,690
|
|
|
TOTAL
|
2,637,879
|
|
|
Massachusetts—3.1%
|
|
3,000,000
|
|
Commonwealth of Massachusetts, UT GO Bonds (Series 2018C), 5.250%, 9/1/2043
|
3,836,342
|
250,000
|
|
Massachusetts Development Finance Agency (Southcoast Health System Obligated Group), Revenue Bonds
(Series 2021G), 4.000%, 7/1/2046
|
295,403
|
3,000,000
|
|
Massachusetts Port Authority, Revenue Bonds (Series 2015A), 5.000%, 7/1/2045
|
3,513,263
|
2,000,000
|
|
Massachusetts School Building Authority, Subordinated Dedicated Sales Tax Revenue Bonds (Series 2018A),
5.250%, 2/15/2048
|
2,525,770
|
|
|
TOTAL
|
10,170,778
|
|
|
Michigan—1.5%
|
|
1,000,000
|
|
Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2045
|
1,254,330
|
2,000,000
|
|
Michigan Strategic Fund (I-75 Improvement Project), Limited Obligation Revenue Bonds (Series 2018),
5.000%, 12/31/2043
|
2,428,216
|
1,000,000
|
|
Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group), Refunding Revenue Bonds (Series 2014D),
5.000%, 9/1/2039
|
1,112,301
|
|
|
TOTAL
|
4,794,847
|
|
|
Mississippi—0.3%
|
|
940,000
|
|
Warren County, MS Gulf Opportunity Zone (International Paper Co.), Gulf Opportunity Zone Bonds (Series 2011A),
5.375%, 12/1/2035
|
958,004
|
|
|
Missouri—0.2%
|
|
600,000
|
|
Cape Girardeau County, MO IDA (Southeast HEALTH Obligated Group), Health Facilities Revenue Bonds (Series 2021),
4.000%, 3/1/2046
|
688,598
|
|
|
Nebraska—0.6%
|
|
2,000,000
|
|
Central Plains Energy Project, NE, Gas Project Revenue Bonds (Project No. 3) (Series 2012), (Original Issue Yield: 5.050%),
(Goldman Sachs Group, Inc. GTD), 5.000%, 9/1/2042
|
2,108,741
|
|
|
Nevada—0.9%
|
|
2,000,000
|
|
Clark County, NV, Limited Tax General Obligation Detention Center Bonds (Series 2019), 5.000%, 6/1/2032
|
2,574,469
|
305,000
|
2
|
Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada CS), Charter School
Revenue Bonds (Series 2017A), 5.000%, 7/15/2047
|
332,750
|
|
|
TOTAL
|
2,907,219
|
|
|
New Hampshire—0.5%
|
|
100,000
|
|
National Finance Authority, NH (Covanta Energy Corp.), Resource Recovery Revenue Refunding Bonds (Series 2020B)
TOBs, 3.750%, Mandatory Tender 7/2/2040
|
107,208
|
1,500,000
|
|
National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021),
4.000%, 1/1/2051
|
1,662,661
|
|
|
TOTAL
|
1,769,869
|
|
|
New Jersey—7.1%
|
|
1,500,000
|
|
New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 4.000%, 6/15/2046
|
1,748,639
|
155,000
|
|
New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), (United States Treasury PRF
6/15/2025@100), 5.250%, 6/15/2040
|
184,452
|
2,725,000
|
|
New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), 5.250%, 6/15/2040
|
3,177,366
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
New Jersey—continued
|
|
$665,000
|
|
New Jersey EDA (Port Newark Container Terminal LLC), Special Facilities Revenue and Refunding Bonds (Series 2017),
5.000%, 10/1/2047
|
$769,323
|
1,250,000
|
|
New Jersey Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Revenue Bonds
(Series 2014A), 5.000%, 7/1/2043
|
1,416,018
|
1,500,000
|
|
New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation Program Bonds (Series 2020AA),
4.000%, 6/15/2045
|
1,750,283
|
1,500,000
|
|
New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A),
5.000%, 12/15/2035
|
1,870,632
|
2,000,000
|
|
New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2015E), 5.000%, 1/1/2034
|
2,301,344
|
1,000,000
|
|
New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017A), 5.000%, 1/1/2029
|
1,219,382
|
2,000,000
|
|
Rutgers, The State University of New Jersey, General Obligation Refunding Bonds (Series 2013J), (United States Treasury
PRF 5/1/2023@100), 5.000%, 5/1/2030
|
2,176,091
|
850,000
|
|
South Jersey Transportation Authority, Transportation System Revenue Bonds (Series 2020A), 5.000%, 11/1/2045
|
1,069,635
|
4,700,000
|
|
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B),
5.000%, 6/1/2046
|
5,586,020
|
|
|
TOTAL
|
23,269,185
|
|
|
New Mexico—0.8%
|
|
2,175,000
|
|
New Mexico State Hospital Equipment Loan Council (Presbyterian Healthcare Services), Hospital System Revenue Bonds
(Series 2017A), 5.000%, 8/1/2046
|
2,627,526
|
|
|
New York—9.2%
|
|
1,000,000
|
|
Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue Bonds (Series 2017A), 5.000%, 2/15/2045
|
1,195,288
|
2,000,000
|
|
Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014A), 5.000%, 9/1/2044
|
2,253,357
|
480,000
|
|
Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020A), 4.000%, 9/1/2039
|
578,392
|
2,000,000
|
|
Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Green Bonds
(Series 2020C-1), 5.250%, 11/15/2055
|
2,552,648
|
1,000,000
|
|
Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Refunding Bonds
(Series 2017B), 5.000%, 11/15/2024
|
1,148,996
|
3,000,000
|
|
New York City, NY Transitional Finance Authority, Building Aid Revenue Bonds (Series 2015S-2), 5.000%, 7/15/2041
|
3,500,718
|
3,255,000
|
|
New York City, NY, UT GO Bonds (Fiscal 2016 Series C), 5.000%, 8/1/2033
|
3,886,154
|
300,000
|
|
New York City, NY, UT GO Bonds (Fiscal 2016 Series E), 5.000%, 8/1/2032
|
363,790
|
2,470,000
|
|
New York Liberty Development Corporation (7 World Trade Center LLC), Revenue Refunding Bonds (Series 2012 Class 2),
5.000%, 9/15/2043
|
2,545,547
|
400,000
|
|
New York Liberty Development Corporation (7 World Trade Center LLC), Revenue Refunding Bonds (Series 2012 Class 3),
5.000%, 3/15/2044
|
411,806
|
2,000,000
|
|
New York State Dormitory Authority (New York State Personal Income Tax Revenue Bond Fund), General Purpose Revenue
Bonds (Series 2016A), 5.000%, 2/15/2043
|
2,393,432
|
2,000,000
|
|
New York State Dormitory Authority (New York State Sales Tax Revenue Bond Fund), Revenue Bonds (Series 2018C),
5.000%, 3/15/2038
|
2,507,562
|
1,000,000
|
|
New York Transportation Development Corporation (Empire State Thruway Partners LLC), Exempt Facility Revenue Bonds
(Series 2021), 4.000%, 10/31/2046
|
1,171,762
|
825,000
|
|
New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds
(Series 2020A), 4.000%, 12/1/2039
|
978,576
|
1,800,000
|
|
New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds
(Series 2020C), 4.000%, 12/1/2041
|
2,160,192
|
1,930,000
|
|
Port Authority of New York and New Jersey, Revenue Bonds (194th Series ), 5.000%, 10/15/2041
|
2,267,408
|
|
|
TOTAL
|
29,915,628
|
|
|
North Carolina—0.9%
|
|
715,000
|
|
North Carolina Medical Care Commission (Forest at Duke), Retirement Facilities First Mortgage Revenue Bonds
(Series 2021), 4.000%, 9/1/2046
|
828,586
|
1,000,000
|
|
North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds
(Series 2017A), 5.000%, 10/1/2037
|
1,101,076
|
1,000,000
|
|
North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds
(Series 2017A), 5.000%, 10/1/2047
|
1,092,624
|
|
|
TOTAL
|
3,022,286
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Ohio—5.6%
|
|
$2,000,000
|
|
Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds
(Series 2020B-2 Class 2), 5.000%, 6/1/2055
|
$2,336,316
|
1,000,000
|
|
Cincinnati, OH, UT GO Various Purpose Improvement Bonds (Series 2019), 5.000%, 12/1/2032
|
1,307,283
|
3,180,000
|
|
Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017),
(Original Issue Yield: 5.030%), 5.000%, 2/15/2057
|
3,666,840
|
1,500,000
|
|
Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017),
4.500%, 1/15/2048
|
1,759,780
|
2,000,000
|
|
Ohio State Higher Educational Facility Commission (Cleveland Clinic), Revenue Bonds (Series 2012),
(United States Treasury PRF 1/1/2022@100), 5.000%, 1/1/2038
|
2,048,602
|
3,000,000
|
|
Ohio State Treasurer Private Activity (Portsmouth Gateway Group LLC), Revenue Bonds (Series 2015), 5.000%, 12/31/2039
|
3,382,585
|
1,000,000
|
|
Ohio State University, Special Purpose General Receipts Bonds (Series 2013A), 5.000%, 6/1/2038
|
1,082,490
|
2,000,000
|
|
Ohio State, Common Schools UT GO Bonds (Series 2019A), 5.000%, 6/15/2036
|
2,579,791
|
|
|
TOTAL
|
18,163,687
|
|
|
Oklahoma—1.8%
|
|
2,000,000
|
|
Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057
|
2,465,706
|
2,795,000
|
|
Oklahoma State Turnpike Authority, Second Senior Revenue Bonds (Series 2017C), 5.000%, 1/1/2047
|
3,358,629
|
|
|
TOTAL
|
5,824,335
|
|
|
Oregon—0.4%
|
|
1,000,000
|
|
Medford, OR Hospital Facilities Authority (Asante Health System), Revenue and Refunding Bonds (Series 2020A),
5.000%, 8/15/2050
|
1,275,938
|
|
|
Pennsylvania—7.2%
|
|
1,000,000
|
|
Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2040
|
1,174,511
|
450,000
|
|
Berks County, PA IDA (Highlands at Wyomissing), Healthcare Facilities Revenue Bonds (Series 2017A), 5.000%, 5/15/2032
|
528,215
|
500,000
|
|
Berks County, PA IDA (Highlands at Wyomissing), Healthcare Facilities Revenue Bonds (Series 2017A), 5.000%, 5/15/2042
|
578,171
|
1,500,000
|
|
Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.000%, 7/1/2042
|
1,819,637
|
2,000,000
|
|
Delaware River Port Authority, Revenue Bonds (Series 2013), 5.000%, 1/1/2030
|
2,235,374
|
2,000,000
|
|
Geisinger Authority, PA Health System (Geisinger Health System), Revenue Refunding Bonds (Series 2017A-1),
5.000%, 2/15/2045
|
2,382,225
|
2,000,000
|
|
Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Hospital Revenue Bonds
(Series 2018A), (Original Issue Yield: 4.090%), 4.000%, 8/15/2048
|
2,244,623
|
2,970,000
|
|
Pennsylvania Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private
Activity Revenue Bonds (Series 2015), 5.000%, 12/31/2034
|
3,476,562
|
2,000,000
|
|
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), 4.000%, 8/15/2042
|
2,286,811
|
1,000,000
|
|
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2018A),
5.000%, 2/15/2048
|
1,221,974
|
2,500,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021A), 4.000%, 12/1/2050
|
2,951,082
|
2,000,000
|
|
Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2037
|
2,543,507
|
|
|
TOTAL
|
23,442,692
|
|
|
Puerto Rico—2.5%
|
|
2,000,000
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%),
5.000%, 7/1/2058
|
2,305,234
|
3,000,000
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053
|
3,408,115
|
2,065,000
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-2), 4.784%, 7/1/2058
|
2,351,776
|
|
|
TOTAL
|
8,065,125
|
|
|
South Carolina—1.4%
|
|
2,000,000
|
|
Greenville, SC Health System, Hospital Revenue Bonds (Series 2014B), 5.000%, 5/1/2034
|
2,238,723
|
615,000
|
|
Greenville, SC Health System, Hospital Revenue Bonds (Series 2014B), 5.000%, 5/1/2039
|
686,568
|
1,500,000
|
|
South Carolina Jobs-EDA (Prisma Health Obligated Group), Hospital Revenue Bonds (Series 2018A), 5.000%, 5/1/2048
|
1,797,743
|
|
|
TOTAL
|
4,723,034
|
|
|
Tennessee—1.6%
|
|
1,335,000
|
|
Metropolitan Government of Nashville & Davidson County, TN Health & Educational Facilities Board (Vanderbilt University
Medical Center), Revenue Bonds (Series 2016A), 5.000%, 7/1/2046
|
1,590,501
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Tennessee—continued
|
|
$1,000,000
|
|
Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019A), 5.000%, 7/1/2054
|
$1,256,465
|
2,000,000
|
|
Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019B), 4.000%, 7/1/2054
|
2,294,648
|
|
|
TOTAL
|
5,141,614
|
|
|
Texas—7.1%
|
|
1,130,000
|
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds (Series 2021B), 5.000%, 1/1/2031
|
1,512,615
|
2,225,000
|
|
Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Refunding Bonds (Series 2016A), 5.000%, 12/1/2048
|
2,611,181
|
1,250,000
|
|
Dallas-Fort Worth, TX International Airport, Joint Revenue Revenue Refunding Bonds (Series 2020A), 4.000%, 11/1/2035
|
1,538,400
|
2,000,000
|
|
Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds
(Series 2014A), (United States Treasury PRF 12/1/2024@100), 5.000%, 12/1/2029
|
2,316,062
|
2,000,000
|
|
Houston, TX Combined Utility System, First Lien Revenue & Refunding Bonds (Series 2016B), 4.000%, 11/15/2037
|
2,282,207
|
1,000,000
|
|
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2020A), 5.000%, 5/15/2045
|
1,272,836
|
1,330,000
|
|
North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2021B), 4.000%, 1/1/2041
|
1,595,748
|
1,500,000
|
|
San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (New Series 2015), 5.000%, 2/1/2032
|
1,777,994
|
2,000,000
|
|
San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (Series 2016), 4.000%, 2/1/2034
|
2,288,048
|
2,030,000
|
|
Texas Municipal Gas Acquisition & Supply Corp. I, Gas Supply Senior Lien Revenue Bonds (Series 2006A),
(Bank of America Corp. GTD), 5.250%, 12/15/2026
|
2,491,298
|
3,000,000
|
|
Texas Private Activity Bonds Surface Transportation Corporation (LBJ Infrastructure Group LLC), Senior Lien Revenue
Refunding Bonds I-635 Managed Lanes Project (Series 2020A), 4.000%, 12/31/2039
|
3,548,681
|
|
|
TOTAL
|
23,235,070
|
|
|
Utah—0.7%
|
|
2,000,000
|
|
Salt Lake City, UT Airport Revenue, Airport Revenue Bonds (Series 2018A), 5.000%, 7/1/2048
|
2,422,151
|
|
|
Virginia—1.0%
|
|
1,200,000
|
|
Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds (Series 2016),
5.000%, 7/1/2051
|
1,426,485
|
1,500,000
|
|
Hampton Roads, VA Sanitation District, Subordinate Wastewater Revenue Bonds (Series 2016A), (United States Treasury
PRF 8/1/2026@100), 5.000%, 8/1/2043
|
1,829,763
|
|
|
TOTAL
|
3,256,248
|
|
|
Washington—4.4%
|
|
2,000,000
|
|
Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2018A), 5.000%, 5/1/2043
|
2,355,110
|
1,875,000
|
1,2
|
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226A) MUNINVs, 7.518%
(SIFMA 7-day +0.000%), 1/1/2046
|
2,417,122
|
1,680,000
|
1,2
|
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226B) MUNINVs, 7.518%
(SIFMA 7-day +0.000%), 1/1/2047
|
2,163,376
|
1,250,000
|
|
Washington State Health Care Facilities Authority (Providence St. Joseph Health), Health Care Facilities Revenue Bonds
(Series 2014C), 5.000%, 10/1/2044
|
1,408,605
|
2,070,000
|
2
|
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue &
Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041
|
2,353,923
|
3,000,000
|
|
Washington State, UT GO Bonds (Series 2015A-1), 5.000%, 8/1/2040
|
3,504,173
|
|
|
TOTAL
|
14,202,309
|
|
|
West Virginia—0.8%
|
|
2,000,000
|
|
West Virginia State, GO State Road Bonds (Series 2019A), 5.000%, 12/1/2036
|
2,577,077
|
|
|
Wisconsin—1.0%
|
|
800,000
|
|
Wisconsin State HEFA (ProHealth Care, Inc.), Revenue Refunding Bonds (Series 2015), 5.000%, 8/15/2039
|
900,075
|
2,000,000
|
|
Wisconsin State, UT GO Bonds (Series 2018A), 4.000%, 5/1/2034
|
2,290,164
|
|
|
TOTAL
|
3,190,239
|
|
|
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $289,533,627)
|
313,328,220
|
|
1
|
SHORT-TERM MUNICIPALS—1.2%
|
|
|
|
Alabama—0.6%
|
|
975,000
|
|
West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.060%, 7/1/2021
|
975,000
|
Principal
Amount
or Shares
|
|
|
Value
|
|
1
|
SHORT-TERM MUNICIPALS—continued
|
|
|
|
Alabama—continued
|
|
$1,050,000
|
|
Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.060%, 7/1/2021
|
$1,050,000
|
|
|
TOTAL
|
2,025,000
|
|
|
Georgia—0.6%
|
|
1,700,000
|
|
Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2017) Daily VRDNs, 0.060%, 7/1/2021
|
1,700,000
|
|
|
Pennsylvania—0.0%
|
|
50,000
|
|
Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD),
0.040%, 7/1/2021
|
50,000
|
|
|
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $3,775,000)
|
3,775,000
|
|
|
EXCHANGE-TRADED FUND—1.9%
|
|
|
|
Wyoming—1.9%
|
|
97,820
|
|
VanEck Vectors High-Yield Municipal Index ETF
(IDENTIFIED COST $6,015,868)
|
6,222,330
|
|
|
TOTAL INVESTMENT IN SECURITIES—99.1%
(IDENTIFIED COST $299,324,495)
|
323,325,550
|
|
|
OTHER ASSETS AND LIABILITIES - NET—0.9%3
|
3,007,785
|
|
|
TOTAL NET ASSETS—100%
|
$326,333,335
|
Description
|
Number of
Contracts
|
Notional
Value
|
Expiration
Date
|
Value and
Unrealized
(Depreciation)
|
Short Futures
|
|
|
|
|
4United States Treasury Ultra Long Bond
|
15
|
$2,411,250
|
September 2021
|
$(76,212)
|
Security
|
Acquisition
Date
|
Acquisition
Cost
|
Value
|
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds
(Series 2021A), 5.000%, 11/15/2056
|
5/27/2021
|
$350,749
|
$ 384,360
|
Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada CS),
Charter School Revenue Bonds (Series 2017A), 5.000%, 7/15/2047
|
8/31/2017
|
$309,158
|
$ 332,750
|
Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds
(Series 2021), 5.000%, 6/1/2051
|
5/13/2021
|
$1,120,544
|
$ 1,154,582
|
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226A) MUNINVs, 7.518%
(SIFMA 7-day +0.000%), 1/1/2046
|
2/1/2019
|
$1,957,074
|
$ 2,417,122
|
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226B) MUNINVs, 7.518%
(SIFMA 7-day +0.000%), 1/1/2047
|
2/1/2019
|
$1,751,677
|
$ 2,163,376
|
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue
& Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041
|
1/14/2021
|
$2,185,328
|
$2,353,923
|
Valuation Inputs
|
||||
|
Level 1—
Quoted
Prices
|
Level 2—
Other
Significant
Observable
Inputs
|
Level 3—
Significant
Unobservable
Inputs
|
Total
|
Debt Securities:
|
|
|
|
|
Municipal Bonds
|
$—
|
$313,328,220
|
$—
|
$313,328,220
|
Short-Term Municipals
|
—
|
3,775,000
|
—
|
3,775,000
|
Exchange-Traded Fund
|
6,222,330
|
—
|
—
|
6,222,330
|
TOTAL SECURITIES
|
$6,222,330
|
$317,103,220
|
$—
|
$323,325,550
|
Other Financial Instruments:1
|
|
|
|
|
Liabilities
|
$(76,212)
|
$—
|
$—
|
$(76,212)
|
TOTAL OTHER FINANCIAL INSTRUMENTS
|
$(76,212)
|
$—
|
$—
|
$(76,212)
|
EDA
|
—Economic Development Authority
|
ETF
|
—Exchange-Traded Fund
|
FRNs
|
—Floating Rate Notes
|
GO
|
—General Obligation
|
GTD
|
—Guaranteed
|
HEFA
|
—Health and Education Facilities Authority
|
HFA
|
—Housing Finance Authority
|
IDA
|
—Industrial Development Authority
|
IDB
|
—Industrial Development Bond
|
LIBOR
|
—London Interbank Offered Rate
|
MUNINVs
|
—Municipal Inverse Floater
|
PRF
|
—Pre-refunded
|
SIFMA
|
—Securities Industry and Financial Markets Association
|
TOBs
|
—Tender Option Bonds
|
UT
|
—Unlimited Tax
|
VRDNs
|
—Variable Rate Demand Notes
|