Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—94.5%
|
|
|
|
Pennsylvania—92.0%
|
|
$1,550,000
|
|
Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2012A-1),
(United States Treasury PRF 1/1/2022@100), 5.000%, 1/1/2024
|
$1,555,780
|
1,000,000
|
|
Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2021A),
5.000%, 1/1/2056
|
1,237,390
|
2,000,000
|
|
Allegheny County, PA Hospital Development Authority (Allegheny Health Network Obligated Group), Revenue Bonds
(Series 2018A), 5.000%, 4/1/2047
|
2,394,283
|
1,000,000
|
|
Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2020), 5.000%, 3/1/2029
|
1,253,886
|
1,000,000
|
|
Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2040
|
1,155,759
|
2,000,000
|
|
Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2045
|
2,297,108
|
1,000,000
|
|
Allegheny County, PA, UT GO Bonds (Series C-77), 5.000%, 11/1/2043
|
1,236,694
|
2,000,000
|
|
Allegheny County, PA, UT GO Refunding Bonds (Series C-76), 5.000%, 11/1/2041
|
2,367,074
|
2,000,000
|
|
Bethlehem, PA Authority (Bethlehem, PA), Guaranteed Water Revenue Bonds (Series 2014), (Build America Mutual
Assurance INS), 5.000%, 11/15/2030
|
2,089,094
|
1,450,000
|
|
Bucks County, PA IDA (Pennswood Village), Revenue Bonds (Series 2018A), 5.000%, 10/1/2037
|
1,620,096
|
1,000,000
|
|
Canon McMillan, PA School District, General Obligation Bonds (Series 2017), (Assured Guaranty Municipal Corp. INS)/
(Pennsylvania School District Intercept Program GTD), 5.000%, 12/1/2041
|
1,202,886
|
1,000,000
|
|
Capital Region Water, PA, Water Revenue Refunding Bonds (Series 2018), 5.000%, 7/15/2032
|
1,250,967
|
500,000
|
|
Centre County, PA Hospital Authority (Mount Nittany Medical Center), Hospital Revenue Bonds (Series 2016A),
5.000%, 11/15/2046
|
575,040
|
500,000
|
|
Centre County, PA Hospital Authority (Mount Nittany Medical Center), Hospital Revenue Bonds (Series 2018A),
5.000%, 11/15/2042
|
604,644
|
1,000,000
|
|
Chartiers Valley, PA School District, UT GO Bonds (Series 2015B), (United States Treasury PRF 4/15/2025@100),
5.000%, 10/15/2040
|
1,149,433
|
2,530,000
|
|
Cheltenham Twp, PA School District, LT GO Bonds (Series 2014), (United States Treasury PRF 12/15/2023@100),
5.000%, 2/15/2040
|
2,674,145
|
1,000,000
|
|
Chester County, PA HEFA (Main Line Health Systems), Revenue Bonds (Series 2017A), 5.000%, 10/1/2052
|
1,205,036
|
1,250,000
|
|
Chester County, PA IDA (Avon Grove Charter School ), Revenue Bonds (Series 2017A), (Original Issue Yield: 4.820%),
4.750%, 12/15/2037
|
1,427,526
|
2,000,000
|
|
Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), 5.000%, 12/1/2037
|
2,071,001
|
2,000,000
|
|
Commonwealth Financing Authority of PA (Commonwealth of Pennsylvania), Revenue Bonds (Series 2013B), (United States
Treasury PRF 6/1/2022@100), 5.000%, 6/1/2036
|
2,048,118
|
3,000,000
|
|
Commonwealth Financing Authority of PA (Commonwealth of Pennsylvania), Tobacco Master Settlement Payment Revenue
Bonds (Series 2018), (Original Issue Yield: 4.035%), (Assured Guaranty Municipal Corp. INS), 4.000%, 6/1/2039
|
3,429,900
|
2,000,000
|
|
Commonwealth of Pennsylvania, UT GO Bonds (2nd Series 2016), 5.000%, 9/15/2026
|
2,406,839
|
2,000,000
|
|
Commonwealth of Pennsylvania, UT GO Refunding Bonds (Series 2019), 5.000%, 7/15/2027
|
2,461,032
|
1,000,000
|
|
Commonwealth of Pennsylvania, UT GO Refunding Bonds (Series 2019), 5.000%, 7/15/2029
|
1,283,730
|
90,000
|
|
Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015),
(United States Treasury PRF 1/1/2025@100), 5.000%, 1/1/2038
|
102,209
|
815,000
|
|
Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015),
5.000%, 1/1/2038
|
903,733
|
1,000,000
|
|
Cumberland County, PA Municipal Authority (Dickinson College), Revenue Bonds (Series 2016), 5.000%, 5/1/2030
|
1,171,381
|
2,000,000
|
|
Cumberland County, PA Municipal Authority (Penn State Health Obligated Group), Revenue Bonds (Series 2019),
4.000%, 11/1/2044
|
2,296,886
|
2,500,000
|
|
Dauphin County, PA General Authority (Pinnacle Health System), Health System Revenue Bonds (Series 2012A),
5.000%, 6/1/2042
|
2,555,956
|
1,700,000
|
|
Delaware County, PA Authority (Haverford College), Revenue Bonds (Series 2017A), 5.000%, 10/1/2042
|
2,040,240
|
1,000,000
|
|
Delaware County, PA Authority (Villanova University), Revenue Bonds (Series 2015), 5.000%, 8/1/2045
|
1,143,194
|
1,250,000
|
|
Delaware County, PA Regional Water Quality Control Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 5/1/2040
|
1,418,266
|
1,750,000
|
|
Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.000%, 7/1/2042
|
2,099,394
|
1,130,000
|
|
Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2033
|
1,425,406
|
250,000
|
|
Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2038
|
311,668
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Pennsylvania—continued
|
|
$200,000
|
|
Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2039
|
$248,922
|
500,000
|
|
Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2040
|
621,429
|
1,000,000
|
|
DuBois Hospital Authority (Penn Highlands Healthcare), Hospital Revenue Bonds (Series 2020), 4.000%, 7/15/2050
|
1,123,407
|
1,000,000
|
|
Erie, PA Water Authority, Water Revenue Bonds (Series 2016), (United States Treasury PRF 12/1/2026@100),
5.000%, 12/1/2043
|
1,217,221
|
2,260,000
|
|
Geisinger Authority, PA Health System (Geisinger Health System), Revenue Bonds (Series 2014A), 5.000%, 6/1/2041
|
2,505,140
|
1,000,000
|
|
Greater Johnstown, PA Water Authority, Sewer Revenue Bonds (Series 2020), (Assured Guaranty Municipal Corp. GTD),
4.000%, 8/15/2048
|
1,161,403
|
1,215,000
|
|
Lancaster County, PA Hospital Authority (Lancaster General Hospital), Health System Revenue Bonds (Series 2012B),
(United States Treasury PRF 1/1/2022@100), 5.000%, 7/1/2042
|
1,219,681
|
785,000
|
|
Lancaster County, PA Hospital Authority (Masonic Villages), Health Center Revenue Bonds (Series 2015),
5.000%, 11/1/2035
|
873,576
|
500,000
|
|
Lancaster County, PA Hospital Authority (St. Anne's Retirement Community, Inc.), Revenue Bonds (Series 2020),
5.000%, 3/1/2050
|
561,693
|
1,000,000
|
|
Lancaster County, PA Solid Waste Management Authority, Guaranteed Authority Bonds (Series 2013B), (Dauphin County,
PA GTD), 5.000%, 12/15/2033
|
1,090,666
|
1,000,000
|
|
Lancaster, PA IDA (Landis Homes Retirement Community), Health Center Revenue Refunding Bonds (Series 2021),
4.000%, 7/1/2051
|
1,077,646
|
1,000,000
|
|
Lancaster, PA, UT GO Bonds (Series 2018), (Build America Mutual Assurance INS), 4.000%, 11/1/2043
|
1,149,667
|
500,000
|
|
Luzerne County, PA IDA (Luzerne County, PA), Guaranteed Lease Revenue Bonds (Series 2017), (Assured Guaranty
Municipal Corp. INS), 5.000%, 12/15/2022
|
522,048
|
1,000,000
|
|
Luzerne County, PA, UT GO Guaranteed Bonds (Series 2017A), (Assured Guaranty Municipal Corp. INS),
5.000%, 12/15/2029
|
1,232,345
|
1,500,000
|
|
Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Refunding
Bonds (Series 2019), 4.000%, 9/1/2049
|
1,701,971
|
1,000,000
|
|
Montgomery County, PA IDA (ACTS Retirement Life Communities, Inc.), Retirement Communities Revenue Bonds
(Series 2020C), 5.000%, 11/15/2045
|
1,204,292
|
2,000,000
|
|
Montgomery County, PA, UT GO (Series 2019A), 5.000%, 7/1/2039
|
2,543,471
|
1,000,000
|
|
Mount Lebanon, PA Hospital Authority (St. Clair Memorial Hospital), Hospital Revenue Bonds (Series 2018),
5.000%, 7/1/2038
|
1,217,343
|
750,000
|
|
Northampton County, PA General Purpose Authority (Lafayette College), College Refunding and Revenue Bonds
(Series 2017), 5.000%, 11/1/2047
|
909,767
|
1,000,000
|
|
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
|
1,130,686
|
1,000,000
|
|
Pennsylvania Economic Development Financing Authority (Amtrak), Exempt Facilities Revenue Bonds (Series 2012A),
5.000%, 11/1/2041
|
1,035,813
|
1,000,000
|
|
Pennsylvania Economic Development Financing Authority (National Gypsum Co.), Exempt Facilities Refunding Revenue
Bonds (Series 2014), 5.500%, 11/1/2044
|
1,056,905
|
2,000,000
|
|
Pennsylvania Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private
Activity Revenue Bonds (Series 2015), 5.000%, 6/30/2042
|
2,333,514
|
2,200,000
|
|
Pennsylvania Economic Development Financing Authority (Presbyterian Homes Obligated Group), Revenue Refunding
Bonds (Series 2021), 4.000%, 7/1/2046
|
2,445,703
|
1,500,000
|
|
Pennsylvania Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2014A),
5.000%, 2/1/2045
|
1,662,755
|
2,000,000
|
|
Pennsylvania Economic Development Financing Authority, Junior Guaranteed Parking Revenue Bonds (Series 2013B-1),
(Dauphin County, PA GTD), 6.000%, 7/1/2053
|
2,173,621
|
2,000,000
|
|
Pennsylvania State Higher Education Facilities Authority (Temple University), Revenue Bonds (First Series of 2012),
(United States Treasury PRF 4/1/2022@100), 5.000%, 4/1/2035
|
2,032,056
|
1,950,000
|
|
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), Revenue Bonds
(Series 2017A), 5.000%, 8/15/2042
|
2,361,866
|
1,000,000
|
|
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Refunding Revenue Bonds
(Series 2015A), (United States Treasury PRF 10/1/2025@100), 5.000%, 10/1/2036
|
1,171,182
|
500,000
|
|
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2017A),
5.000%, 8/15/2046
|
595,640
|
1,000,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2011E), (United States Treasury
PRF 12/1/2021@100), 5.000%, 12/1/2030
|
1,000,000
|
1,000,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2015B), 5.000%, 12/1/2045
|
1,153,426
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Pennsylvania—continued
|
|
$2,000,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2018A), 5.000%, 12/1/2048
|
$2,473,368
|
1,000,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2019A), 5.000%, 12/1/2044
|
1,257,243
|
1,000,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2019A), (Assured Guaranty
Municipal Corp. GTD), 4.000%, 12/1/2049
|
1,169,931
|
2,500,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021A), 4.000%, 12/1/2045
|
2,907,862
|
1,970,000
|
|
Pennsylvania State University, Revenue Bonds (Series 2017A), 5.000%, 9/1/2037
|
2,401,310
|
1,000,000
|
|
Pennsylvania State University, Revenue Bonds (Series 2018), 5.000%, 9/1/2035
|
1,256,790
|
2,000,000
|
|
Philadelphia, PA Airport System, Refunding Revenue Bonds (Series 2017B), 5.000%, 7/1/2047
|
2,373,190
|
1,040,000
|
|
Philadelphia, PA Authority for Industrial Development (Children's Hospital of Philadelphia), Hospital Revenue Bonds
(Series 2014A), 5.000%, 7/1/2042
|
1,157,759
|
1,210,000
|
|
Philadelphia, PA Authority for Industrial Development (New Foundations Charter School), Revenue Bonds (Series 2012),
(United States Treasury PRF 12/15/2022@100), 6.625%, 12/15/2041
|
1,289,214
|
1,355,000
|
|
Philadelphia, PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue
Bonds (Series 2005A), 5.625%, 7/1/2035
|
1,385,778
|
1,000,000
|
|
Philadelphia, PA Authority for Industrial Development (St. Joseph's University), University Refunding Revenue Bonds
(Series 2020A), 4.000%, 11/1/2045
|
1,149,740
|
1,000,000
|
|
Philadelphia, PA Gas Works, 1998 General Ordinance-Fifteenth Series Revenue Refunding Bonds, 5.000%, 8/1/2042
|
1,194,071
|
1,000,000
|
|
Philadelphia, PA School District, LT GO Bonds (Series 2018B), (Pennsylvania School District Intercept Program GTD),
5.000%, 9/1/2043
|
1,220,439
|
1,000,000
|
|
Philadelphia, PA Water & Wastewater System, Revenue Bonds (Series 2019B), 5.000%, 11/1/2049
|
1,248,675
|
1,010,000
|
|
Philadelphia, PA Water & Wastewater System, Revenue Bonds (Series 2020A), 5.000%, 11/1/2040
|
1,301,290
|
500,000
|
|
Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2038
|
623,497
|
1,000,000
|
|
Philadelphia, PA, UT GO Bonds (Series 2017A), 5.000%, 8/1/2033
|
1,208,777
|
655,000
|
|
Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, Parking System Revenue Bonds (Series 2017),
5.000%, 12/15/2037
|
801,103
|
390,000
|
|
Pittsburgh, PA Public Parking Authority, Parking System Revenue Refunding Bonds (Series 2015A), (United States Treasury
PRF 6/1/2025@100), 5.000%, 12/1/2025
|
450,296
|
610,000
|
|
Pittsburgh, PA Public Parking Authority, Parking System Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2025
|
690,637
|
1,500,000
|
|
Pittsburgh, PA Water & Sewer Authority, Water and Sewer System First Lien Revenue Bonds (Series 2019A), (Assured
Guaranty Municipal Corp. INS), 5.000%, 9/1/2044
|
1,876,965
|
1,000,000
|
|
Pittsburgh, PA, UT GO Bonds (Series 2012B), (United States Treasury PRF 9/1/2022@100), 5.000%, 9/1/2026
|
1,036,038
|
1,075,000
|
|
Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), (Original Issue Yield: 5.080%), (United States
Treasury PRF 12/1/2021@100), 5.000%, 12/1/2031
|
1,075,000
|
1,500,000
|
|
Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), (Original Issue Yield: 5.270%), (United States
Treasury PRF 12/1/2021@100), 5.250%, 12/1/2036
|
1,500,000
|
1,000,000
|
|
Scranton, PA School District, GO Bonds (Series 2017E), (Build America Mutual Assurance INS), 5.000%, 12/1/2035
|
1,203,703
|
1,140,000
|
|
Southcentral PA, General Authority (Wellspan Health Obligated Group), Revenue Bonds (Series 2014A), 5.000%, 6/1/2026
|
1,266,363
|
1,750,000
|
|
St. Mary Hospital Authority, PA (Trinity Healthcare Credit Group), Revenue Refunding Bonds (Remarket 1/9/18),
5.000%, 11/15/2028
|
2,158,845
|
1,000,000
|
|
Swarthmore Boro Authority PA (Swarthmore College), Revenue Bonds (Series 2018), 5.000%, 9/15/2048
|
1,236,421
|
1,000,000
|
|
Union County, PA Higher Educational Facilities Financing Authority (Bucknell University), University Revenue Bonds
(Series 2015B), 5.000%, 4/1/2032
|
1,137,914
|
1,000,000
|
|
West View, PA Municipal Authority Water Revenue, Revenue Bonds (Series 2014), (United States Treasury
PRF 11/15/2024@100), 5.000%, 11/15/2039
|
1,136,124
|
1,685,000
|
|
Wilkes-Barre, PA Finance Authority (University of Scranton), Revenue Bonds (Series 2015A), 5.000%, 11/1/2033
|
1,944,183
|
825,000
|
|
Wilkes-Barre, PA Finance Authority (University of Scranton), Revenue Bonds (Series 2015A), 5.000%, 11/1/2034
|
951,606
|
1,895,000
|
|
York County, PA, UT GO Bonds (Series 2013), (United States Treasury PRF 6/1/2023@100), 5.000%, 6/1/2037
|
2,029,869
|
|
|
TOTAL
|
144,914,650
|
|
|
Puerto Rico—2.5%
|
|
2,983,000
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%),
5.000%, 7/1/2058
|
3,417,197
|
500,000
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053
|
565,410
|
|
|
TOTAL
|
3,982,607
|
|
|
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $139,118,875)
|
148,897,257
|
Principal
Amount
|
|
|
Value
|
|
1
|
SHORT-TERM MUNICIPALS—4.2%
|
|
|
|
Pennsylvania—4.2%
|
|
$4,450,000
|
|
Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD),
0.050%, 12/1/2021
|
$4,450,000
|
200,000
|
|
Lancaster County, PA Hospital Authority (Masonic Villages), (Series D of 2008) Daily VRDNs, (JPMorgan Chase Bank, N.A.
LOC), 0.030%, 12/1/2021
|
200,000
|
400,000
|
|
Philadelphia, PA, (Series 2009B) Weekly VRDNs, (Barclays Bank plc LOC), 0.040%, 12/2/2021
|
400,000
|
1,600,000
|
|
Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ),
0.020%, 12/1/2021
|
1,600,000
|
|
|
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $6,650,000)
|
6,650,000
|
|
|
TOTAL INVESTMENT IN SECURITIES—98.7%
(IDENTIFIED COST $145,768,875)
|
155,547,257
|
|
|
OTHER ASSETS AND LIABILITIES - NET—1.3%2
|
1,976,875
|
|
|
TOTAL NET ASSETS—100%
|
$157,524,132
|
COL
|
—Collateralized
|
GO
|
—General Obligation
|
GTD
|
—Guaranteed
|
HEFA
|
—Health and Education Facilities Authority
|
IDA
|
—Industrial Development Authority
|
INS
|
—Insured
|
LIQ
|
—Liquidity Agreement
|
LOC
|
—Letter of Credit
|
LT
|
—Limited Tax
|
PRF
|
—Pre-refunded
|
UT
|
—Unlimited Tax
|
VRDNs
|
—Variable Rate Demand Notes
|