NPORT-EX 2 NR04MN093023.htm

 

Investment Portfolio - September 30, 2023

(unaudited)

 

DIVERSIFIED TAX EXEMPT SERIES  PRINCIPAL     
   AMOUNT1 /      
   SHARES   VALUE 
           
MUNICIPAL BONDS - 90.1%          
ALABAMA - 0.4%          
Cullman Utilities Board Water Division, Revenue Bond, AGM, 4.000%, 9/1/2025   1,000,000   $998,800 
           
ALASKA - 0.7%          
Alaska Municipal Bond Bank Authority          
Electric Light & Power Impt., Revenue Bond, 5.000%, 12/1/2025   750,000    764,106 
Electric Light & Power Impt., Revenue Bond, 5.000%, 12/1/2030   875,000    934,734 
         1,698,840 
CALIFORNIA - 0.6%          
California, G.O. Bond, 5.000%, 8/1/2025   1,410,000    1,447,076 
           
COLORADO - 0.8%          
Denver Wastewater Management Division Department of Public Works, Public Impt., Revenue Bond, 5.000%, 11/1/2029   750,000    801,680 
E-470 Public Highway Authority, Senior Lien, Series A, Revenue Bond, 5.000%, 9/1/2026   1,000,000    1,033,689 
         1,835,369 
DISTRICT OF COLUMBIA - 3.2%          
District of Columbia          
Public Impt., Series A, G.O. Bond, 5.000%, 10/15/2036   1,265,000    1,329,351 
Public Impt., Series A, G.O. Bond, 5.000%, 1/1/2041   2,000,000    2,111,333 
School Impt., Series A, Revenue Bond, 5.000%, 7/1/2041   1,115,000    1,165,662 
School Impt., Series A, Revenue Bond, 5.000%, 7/1/2042   1,895,000    1,972,460 
District of Columbia Water & Sewer Authority, Water Utility Impt., Series B, Revenue Bond, 5.000%, 10/1/2047   1,000,000    1,024,466 
         7,603,272 
FLORIDA - 8.1%          
Broward County, Water & Sewer Utility, Sewer Impt., Series A, Revenue Bond, 5.000%, 10/1/2038   4,000,000    4,163,466 
Central Florida Expressway Authority          
Senior Lien, Revenue Bond, 5.000%, 7/1/2024   500,000    503,440 
Senior Lien, Revenue Bond, 5.000%, 7/1/2027   500,000    521,328 
Senior Lien, Revenue Bond, 5.000%, 7/1/2038   530,000    539,339 
Florida          
Series A, G.O. Bond, 5.000%, 6/1/2025   1,857,000    1,893,735 
Series B, G.O. Bond, 5.000%, 6/1/2024   930,000    936,991 
Florida Department of Transportation Turnpike System, Series B, Revenue Bond, 2.500%, 7/1/2026   505,000    480,018 
   PRINCIPAL     
   AMOUNT1 /      
   SHARES   VALUE 
           
MUNICIPAL BONDS (continued)          
FLORIDA (continued)          
Fort Lauderdale, Public Impt., Series A, G.O. Bond, 5.000%, 7/1/2043   1,010,000   $1,066,121 
JEA Electric System, Series A, Revenue Bond, 5.000%, 10/1/2028   1,000,000    1,050,525 
Miami-Dade County, Revenue Bond, 5.000%, 4/1/2028   1,015,000    1,073,832 
Miami-Dade County, Water & Sewer System, Sewer Impt., Revenue Bond, 5.000%, 10/1/2028   2,000,000    2,121,220 
Orlando Utilities Commission, Series C, Revenue Bond, 5.000%, 10/1/2025   665,000    680,775 
School District of Broward County, School Impt., G.O. Bond, 5.000%, 7/1/2032   1,895,000    2,068,947 
Tampa, Water & Wastewater System, Water Utility Impt., Series A, Revenue Bond, 5.000%, 10/1/2034   950,000    1,042,560 
Tampa-Hillsborough County Expressway Authority, Highway Impt., Series A, Revenue Bond, BAM, 5.000%, 7/1/2028   1,000,000    1,049,530 
         19,191,827 
GEORGIA - 2.7%          
Atlanta, Series A-1, G.O. Bond, 5.000%, 12/1/2042   800,000    833,234 
Georgia, School Impt., Series A, G.O. Bond, 5.000%, 7/1/2033   5,000,000    5,488,499 
         6,321,733 
HAWAII - 1.9%          
City & County of Honolulu, Transit Impt., Series E, G.O. Bond, 5.000%, 3/1/2027   2,000,000    2,086,281 
Hawaii          
Series FE, G.O. Bond, 5.000%, 10/1/2025   1,505,000    1,540,486 
Series GJ, G.O. Bond, 1.033%, 8/1/2025   500,000    463,187 
Honolulu County, Series E, G.O. Bond, 5.000%, 9/1/2028   500,000    525,077 
         4,615,031 
ILLINOIS - 3.3%          
Aurora, Waterworks & Sewerage, Series B, Revenue Bond, 3.000%, 12/1/2023   625,000    623,821 
Illinois, Public Impt., Series A, G.O. Bond, 5.000%, 11/1/2024   1,800,000    1,814,707 
Illinois Municipal Electric Agency          
Series A, Revenue Bond, 5.000%, 2/1/2025   2,000,000    2,024,895 
Series A, Revenue Bond, 5.000%, 2/1/2026   730,000    742,937 
Illinois State Toll Highway Authority          
Highway Impt., Series B, Revenue Bond, 5.000%, 1/1/2038   1,050,000    1,067,831 
Series B, Revenue Bond, 5.000%, 1/1/2031   1,500,000    1,602,952 
         7,877,143 


 1

 

 

Investment Portfolio - September 30, 2023

(unaudited)

 

DIVERSIFIED TAX EXEMPT SERIES  PRINCIPAL     
   AMOUNT1 /      
   SHARES   VALUE 
           
MUNICIPAL BONDS (continued)          
INDIANA - 0.4%          
South Bend Sewage Works, Revenue Bond, 3.000%, 12/1/2025   1,075,000   $1,056,145 
           
IOWA - 0.4%          
Des Moines, Stormwater Utility, Public Impt., Series B, Revenue Bond, 5.000%, 6/1/2031   865,000    939,714 
           
KANSAS - 0.2%          
Wichita, Water & Sewer Utility, Series A, Revenue Bond, 5.000%, 10/1/2024   500,000    505,034 
           
KENTUCKY - 1.7%          
Kentucky Municipal Power Agency, Series A, Revenue Bond, NATL, 5.000%, 9/1/2024   1,355,000    1,354,379 
Louisville/Jefferson County Metropolitan Government, Public Impt., G.O. Bond, 4.900%, 11/15/2023   2,760,000    2,757,512 
         4,111,891 
LOUISIANA - 0.2%          
New Orleans, Sewer Impt., Series B, Revenue Bond, 5.000%, 6/1/2027   500,000    517,880 
           
MAINE - 0.5%          
Maine Municipal Bond Bank, Highway Impt., Series A, Revenue Bond, 5.000%, 9/1/2027   675,000    701,726 
Maine Turnpike Authority, Highway Impt., Revenue Bond, 5.000%, 7/1/2033   550,000    594,926 
         1,296,652 
MARYLAND - 5.3%          
Baltimore County, G.O. Bond, 5.000%, 8/1/2028   1,000,000    1,066,338 
Frederick County, Public Impt., G.O. Bond, 5.000%, 4/1/2035   1,750,000    1,939,406 
Maryland          
School Impt., Series A, G.O. Bond, 5.000%, 8/1/2028   905,000    965,473 
School Impt., Series A, G.O. Bond, 5.000%, 3/1/2033   5,000,000    5,458,584 
School Impt., Series A, G.O. Bond, 5.000%, 8/1/2035   1,000,000    1,070,878 
Series B, G.O. Bond, 5.000%, 8/1/2025   1,000,000    1,022,149 
Maryland Health & Higher Educational Facilities Authority, Prerefunded Balance, Revenue Bond, 5.000%, 7/1/2030   1,010,000    1,029,829 
         12,552,657 
MASSACHUSETTS - 4.2%          
Commonwealth of Massachusetts          
Series B, G.O. Bond, 5.000%, 7/1/2029   775,000    837,170 
Transit Impt., Series C, G.O. Bond, 5.000%, 10/1/2047   5,000,000    5,182,772 
   PRINCIPAL     
   AMOUNT1 /      
   SHARES   VALUE 
           
MUNICIPAL BONDS (continued)          
MASSACHUSETTS (continued)          
Massachusetts          
Public Impt., Series D, G.O. Bond, 5.000%, 4/1/2026   1,095,000   $1,131,181 
Series B, G.O. Bond, 5.000%, 7/1/2024   410,000    413,637 
The Massachusetts Clean Water Trust, Water Utility Impt., Revenue Bond, 5.000%, 2/1/2030   2,100,000    2,272,343 
         9,837,103 
MINNESOTA - 0.4%          
Minnesota, Public Impt., Series A, G.O. Bond, 5.000%, 8/1/2026   1,030,000    1,053,960 
           
MISSISSIPPI - 0.2%          
Mississippi, Series E, G.O. Bond, 1.122%, 10/1/2025   500,000    461,079 
           
MISSOURI - 1.9%          
Clayton, G.O. Bond, 4.000%, 3/15/2028   510,000    521,142 
Columbia School District, Series B, G.O. Bond, 5.000%, 3/1/2026   1,635,000    1,686,422 
Kansas City, Sanitary Sewer System, Sewer Impt., Series A, Revenue Bond, 4.000%, 1/1/2025   750,000    751,471 
Missouri Joint Municipal Electric Utility Commission, Prairie Street Project, Revenue Bond, 5.000%, 1/1/2027   1,410,000    1,457,158 
         4,416,193 
NEBRASKA - 2.1%          
Lincoln Electric System Revenue, Series  A, Prerefunded Balance, Revenue Bond, 5.000%, 9/1/2030   1,000,000    1,022,387 
Nebraska Public Power District, Series  B, Revenue Bond, 5.000%, 1/1/2030   640,000    684,946 
Omaha Public Power District          
Series A, Revenue Bond, 5.000%, 2/1/2031   1,000,000    1,055,505 
Series A, Revenue Bond, 5.000%, 2/1/2046   2,065,000    2,124,881 
         4,887,719 
NEVADA - 0.5%          
Washoe County School District, School Impt., Series A, G.O. Bond, 5.000%, 10/1/2025   1,230,000    1,256,053 
           
NEW JERSEY - 1.3%          
New Jersey Economic Development Authority          
Revenue Bond, 5.000%, 6/15/2028   700,000    734,685 
School Impt., Revenue Bond, 5.000%, 6/15/2029   750,000    789,632 
New Jersey Transportation Trust Fund Authority, Transit Impt., Series AA, Revenue Bond, 5.000%, 6/15/2026   1,445,000    1,466,032 
         2,990,349 
           


 2

 

 

Investment Portfolio - September 30, 2023

(unaudited)

 

DIVERSIFIED TAX EXEMPT SERIES  PRINCIPAL     
   AMOUNT1 /      
   SHARES   VALUE 
           
MUNICIPAL BONDS (continued)          
NEW MEXICO - 0.8%          
Albuquerque, Series D, G.O. Bond, 5.000%, 7/1/2025   1,000,000   $1,020,152 
Bernalillo County, Public Impt., Recreational Facility Impt., G.O. Bond, 4.000%, 8/15/2024   785,000    786,410 
         1,806,562 
NEW YORK - 12.6%          
Metropolitan Transportation Authority, Transit Impt., Green Bond, Series C-1, Revenue Bond, 4.750%, 11/15/2045   2,000,000    1,859,473 
New York, Public Impt., Series D, G.O. Bond, 5.000%, 12/1/2042   1,500,000    1,530,817 
New York City          
Public Impt., Subseries F-3, G.O. Bond, 5.000%, 12/1/2024   825,000    835,503 
Series B-1, G.O. Bond, 5.000%, 8/1/2027   1,600,000    1,673,730 
Series D, G.O. Bond, 1.216%, 8/1/2026   1,200,000    1,072,877 
Series E, G.O. Bond, 5.000%, 8/1/2026   1,905,000    1,968,809 
New York City Municipal Water Finance Authority, Series EE, Revenue Bond, 5.000%, 6/15/2040   3,500,000    3,594,036 
New York City Transitional Finance Authority Future Tax Secured, Series A-1, Revenue Bond, 5.000%, 8/1/2044   3,500,000    3,595,586 
New York City Transitional Finance Authority, Future Tax Secured, Public Impt., Revenue Bond, 3.650%, 11/1/2024   635,000    621,563 
New York State Dormitory Authority          
Public Impt., Series C, Revenue Bond, 5.652%, 2/15/2030   1,000,000    1,012,174 
School Impt., Series E, Revenue Bond, AGM, 5.000%, 10/1/2025   860,000    860,329 
Series C, Prerefunded Balance, Revenue Bond, 0.887%, 3/15/2025   950,000    890,234 
Series C, Prerefunded Balance, Revenue Bond, 1.187%, 3/15/2026   1,110,000    1,005,924 
New York State Thruway Authority, Series B, Revenue Bond, 4.000%, 1/1/2038   2,390,000    2,220,751 
New York State Urban Development Corp.          
Correctional Facility Impt., Revenue Bond, 5.250%, 3/15/2038   5,000,000    5,369,895 
Economic Impt., Correctional Facility Impt., Series B, Revenue Bond, 2.020%, 3/15/2024   475,000    467,160 
Port Authority of New York & New Jersey, Airport & Marina Impt., Consolidated Series 222, Revenue Bond, 5.000%, 7/15/2032   1,185,000    1,273,444 
         29,852,305 
   PRINCIPAL     
   AMOUNT1 /      
   SHARES   VALUE 
           
MUNICIPAL BONDS (continued)          
NORTH CAROLINA - 2.9%          
Charlotte, Water & Sewer System, Revenue Bond, 5.000%, 7/1/2024   1,235,000   $1,245,980 
Mecklenburg County, School Impt., G.O. Bond, 5.000%, 3/1/2030   3,675,000    3,999,976 
North Carolina Turnpike Authority, Highway Impt., Prerefunded Balance, Revenue Bond, 5.000%, 2/1/2024   1,500,000    1,502,284 
         6,748,240 
NORTH DAKOTA - 2.1%          
Fargo          
Public Impt., Series A, G.O. Bond, 5.000%, 5/1/2038   2,235,000    2,375,137 
Public Impt., Series A, G.O. Bond, 5.000%, 5/1/2039   2,350,000    2,484,647 
         4,859,784 
OHIO - 3.6%          
Cincinnati, Public Impt., Series A, G.O. Bond, 5.000%, 12/1/2027   1,100,000    1,160,026 
Cincinnati, Water System, Water Utility Impt., Series A, Revenue Bond, 5.000%, 12/1/2032   1,410,000    1,550,517 
Hamilton County, Parking Facility Impt., Series A, G.O. Bond, 5.000%, 12/1/2037   1,000,000    1,048,894 
Mason          
Recreational Facility Impt., Series A, G.O. Bond, 3.000%, 12/1/2023   595,000    593,871 
Recreational Facility Impt., Series B, G.O. Bond, 2.000%, 12/1/2023   680,000    677,637 
Ohio          
Public Impt., Series A, G.O. Bond, 5.000%, 3/1/2041   1,845,000    1,946,039 
Series A, G.O. Bond, 5.000%, 6/15/2028   500,000    533,244 
Series A, G.O. Bond, 5.000%, 6/15/2029   1,000,000    1,078,927 
         8,589,155 
PENNSYLVANIA - 2.7%          
Pennsylvania Turnpike Commission          
Highway Impt., Series A, Revenue Bond, 5.000%, 12/1/2029   750,000    799,735 
Highway Impt., Series A, Revenue Bond, 5.000%, 12/1/2030   850,000    905,794 
Highway Impt., Series A-1, Revenue Bond, 5.000%, 12/1/2023   1,200,000    1,201,322 
Series A-2, Revenue Bond, 5.000%, 6/1/2028   590,000    608,487 
Philadelphia, Water & Wastewater, Water Utility Impt., Series A, Revenue Bond, 5.000%, 11/1/2040   2,450,000    2,485,046 
Pittsburgh Water & Sewer Authority, Series B, Revenue Bond, AGM, 5.000%, 9/1/2032   300,000    319,590 
         6,319,974 


 3

 

 

Investment Portfolio - September 30, 2023

(unaudited)

 

DIVERSIFIED TAX EXEMPT SERIES  PRINCIPAL     
   AMOUNT1 /      
   SHARES   VALUE 
           
MUNICIPAL BONDS (continued)          
SOUTH CAROLINA - 0.4%          
Charleston, Waterworks & Sewer System, Sewer Impt., Revenue Bond, 5.000%, 1/1/2044   850,000   $877,963 
           
TENNESSEE - 3.1%          
Clarksville, Electric System, Revenue Bond, 5.000%, 9/1/2029   1,015,000    1,067,275 
Knoxville, Wastewater System, Sewer Impt., Series A, Revenue Bond, 5.000%, 4/1/2032   2,500,000    2,741,732 
Metropolitan Government of Nashville & Davidson County, Water & Sewer, Series B, Revenue Bond, 1.031%, 7/1/2025   650,000    600,567 
Putnam County, G.O. Bond, 5.000%, 4/1/2025   500,000    508,927 
Shelby County, Series A, G.O. Bond, 5.000%, 4/1/2035   1,250,000    1,300,496 
Sullivan County, Correctional Facility Impt., G.O. Bond, 5.000%, 5/1/2027   1,000,000    1,047,629 
         7,266,626 
TEXAS - 8.6%          
Central Texas Turnpike System, Series C, Revenue Bond, 5.000%, 8/15/2027   1,470,000    1,472,549 
Dallas, Waterworks & Sewer System, Series C, Revenue Bond, 5.000%, 10/1/2028   1,715,000    1,832,058 
Houston, Combined Utility System, Series A, Revenue Bond, 5.000%, 11/15/2031   1,140,000    1,237,315 
Irving, Public Impt., G.O. Bond, 5.000%, 9/15/2032   3,030,000    3,296,206 
North Texas Municipal Water District Water System, Series A, Revenue Bond, 5.000%, 9/1/2027   1,500,000    1,569,932 
North Texas Tollway Authority          
Series A, Revenue Bond, 5.000%, 1/1/2026   500,000    500,739 
Series A, Revenue Bond, 5.000%, 1/1/2027   2,000,000    2,051,832 
Series B, Revenue Bond, 5.000%, 1/1/2029   925,000    978,120 
San Antonio Water System, Water Utility Impt., Series A, Revenue Bond, 5.000%, 5/15/2032   1,075,000    1,130,818 
Tarrant County, Highway Impt., G.O. Bond, 5.000%, 7/15/2036   2,300,000    2,440,803 
Texas Municipal Gas Acquisition & Supply Corp. III          
Revenue Bond, 5.000%, 12/15/2026   200,000    198,890 
Revenue Bond, 5.000%, 12/15/2027   600,000    595,339 
Revenue Bond, 5.000%, 12/15/2028   250,000    247,472 
Texas Water Development Board          
Water Utility Impt., Revenue Bond, 5.000%, 10/15/2025   1,000,000    1,025,008 
   PRINCIPAL     
   AMOUNT1 /      
   SHARES   VALUE 
           
MUNICIPAL BONDS (continued)          
TEXAS (continued)          
Texas Water Development Board (continued)          
Water Utility Impt., Series B, Revenue Bond, 5.000%, 10/15/2025   1,845,000   $1,891,139 
         20,468,220 
UTAH - 0.4%          
Salt Lake City Corp., Series B, G.O. Bond, 5.000%, 6/15/2026   830,000    859,459 
           
VIRGINIA - 1.8%          
Fairfax County, Public Impt., Series A, Prerefunded Balance, G.O. Bond, 5.000%, 10/1/2035   3,580,000    3,692,653 
Richmond, Public Utility, Series B, Revenue Bond, 2.086%, 1/15/2025   515,000    492,782 
         4,185,435 
WASHINGTON - 8.0%          
King, Sewer County, Revenue Bond, 5.000%, 7/1/2035   2,050,000    2,129,633 
Seattle, Municipal Light & Power, Revenue Bond, 5.000%, 7/1/2041   1,040,000    1,092,805 
Seattle, Water System, Water Utility Impt., Revenue Bond, 5.000%, 9/1/2025   3,000,000    3,069,355 
Tacoma, Electric System, Revenue Bond, 5.000%, 1/1/2046   1,030,000    1,063,271 
Washington          
School Impt., Series 2, G.O. Bond, 5.000%, 8/1/2043   1,000,000    1,040,592 
School Impt., Series 2020A, G.O. Bond, 5.000%, 8/1/2032   4,255,000    4,571,311 
School Impt., Series C, G.O. Bond, 5.000%, 2/1/2037   3,690,000    3,941,888 
Series R, G.O. Bond, 5.000%, 8/1/2027   2,000,000    2,101,283 
         19,010,138 
WEST VIRGINIA - 0.8%          
West Virginia, Series A, G.O. Bond, 5.000%, 6/1/2025   1,860,000    1,895,586 
           
WISCONSIN - 1.3%          
Mid-St. Technical College District, G.O. Bond, 2.000%, 3/1/2024   600,000    594,447 
Milwaukee Metropolitan Sewerage District, Sewer Impt., Series A, G.O. Bond, 4.000%, 10/1/2026   1,900,000    1,917,711 
Western Technical College District, Series A, G.O. Bond, 3.000%, 4/1/2025   600,000    592,708 
         3,104,866 
TOTAL MUNICIPAL BONDS          
(Identified Cost $229,149,296)        213,315,833 
           
MUTUAL FUND - 2.7%          
iShares National Muni Bond ETF          
(Identified Cost $7,083,058)   62,191    6,377,065 


 4

 

 

Investment Portfolio - September 30, 2023  

(unaudited)

 

DIVERSIFIED TAX EXEMPT SERIES  PRINCIPAL     
   AMOUNT1 /      
   SHARES   VALUE 
           
U.S. TREASURY SECURITIES - 2.5%          
           
U.S. Treasury Notes - 2.5%          
U.S. Treasury Note          
0.125%, 1/15/2024   1,000,000   $984,883 
0.875%, 1/31/2024   1,000,000    985,078 
2.25%, 1/31/2024   1,000,000    989,492 
2.50%, 1/31/2024   1,000,000    990,273 
0.125%, 2/15/2024   1,000,000    980,586 
2.75%, 2/15/2024   1,000,000    989,883 
           
TOTAL U.S. TREASURY SECURITIES          
(Identified Cost $5,934,672)        5,920,195 
           
U.S. GOVERNMENT SECURITIES - 2.1%          
           
U.S. Treasury Bills - 2.1%          
U.S. Treasury Bill          
4.948%, 1/25/20242   1,000,000    983,061 
5.058%, 2/22/20242   1,000,000    978,930 
5.336%, 4/18/20242   1,000,000    970,949 
5.379%, 6/13/20242   1,000,000    962,978 
5.391%, 8/8/20242   1,000,000    955,107 
           
TOTAL U.S. GOVERNMENT SECURITIES          
(Identified Cost $4,855,566)        4,851,025 
           
SHORT-TERM INVESTMENT - 1.6%          
Dreyfus Government Cash Management, Institutional Shares, 5.22%3          
(Identified Cost $3,764,088)   3,764,088    3,764,088 
           
TOTAL INVESTMENTS - 99.0%          
(Identified Cost $250,786,680)        234,228,206 
OTHER ASSETS, LESS LIABILITIES - 1.0%        2,456,043 
NET ASSETS - 100.0%       $236,684,249 


ETF - Exchange-Traded Fund

G.O. Bond - General Obligation Bond

Impt. - Improvement

 

Scheduled principal and interest payments are guaranteed by: 

AGM (Assurance Guaranty Municipal Corp.)

BAM (Build America Mutual Assurance Co.)

NATL (National Public Finance Guarantee Corp.)

The insurance does not guarantee the market value of the municipal bonds.

 

1Amount is stated in USD unless otherwise noted.

2Represents the annualized yield at time of purchase.

3Rate shown is the current yield as of September 30, 2023.

 

Fair Value Information:

 

Various inputs are used in determining the value of the Series’ assets or liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant

 

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Investment Portfolio - September 30, 2023

(unaudited)

 

observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the valuation levels used for major security types as of September 30, 2023 in valuing the Series’ assets or liabilities carried at fair value:

 

DESCRIPTION  TOTAL   LEVEL 1   LEVEL 2   LEVEL 3 
Assets:                
Debt securities:                    
Municipal Bonds  $213,315,833   $   $213,315,833   $ 
U.S. Treasury and other U.S. Government agencies   10,771,220        10,771,220     
Mutual fund   6,377,065    6,377,065         
Short-Term Investment   3,764,088    3,764,088         
Total assets  $234,228,206   $10,141,153   $224,087,053   $ 

 

There were no Level 3 securities held by the Series as of December 31, 2022 or September 30, 2023.

 

The Investment Portfolio should be read in conjunction with the financial statements and notes to financial statements, which are included in the Series’ audited annual report or unaudited semi-annual report. These reports include additional information about the Series’ security valuation policies and about certain security types invested in by the Series.

 

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