Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—96.3%
|
|
|
|
Pennsylvania—94.7%
|
|
$1,000,000
|
|
Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2021A),
4.000%, 1/1/2040
|
$1,004,991
|
1,000,000
|
|
Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2021A),
5.000%, 1/1/2056
|
1,063,271
|
1,000,000
|
|
Allegheny County, PA Higher Education Building Authority (Duquesne University), University Revenue Refunding Bonds
(Series 2021A), 4.000%, 3/1/2041
|
1,009,884
|
2,000,000
|
|
Allegheny County, PA Hospital Development Authority (Allegheny Health Network Obligated Group), Revenue Bonds
(Series 2018A), 5.000%, 4/1/2047
|
2,113,194
|
860,000
|
1
|
Allegheny County, PA Hospital Development Authority (UPMC Health System), Revenue Bonds (Series 2017D-2) FRNs,
1.490% (SIFMA 7-day +0.700%), Mandatory Tender 5/15/2027
|
851,017
|
1,000,000
|
|
Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2020), 5.000%, 3/1/2029
|
1,142,544
|
1,000,000
|
|
Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2040
|
1,065,970
|
2,000,000
|
|
Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2045
|
2,122,376
|
1,000,000
|
|
Allegheny County, PA, UT GO Bonds (Series C-77), 5.000%, 11/1/2043
|
1,121,394
|
2,000,000
|
|
Allegheny County, PA, UT GO Refunding Bonds (Series C-76), 5.000%, 11/1/2041
|
2,196,783
|
2,000,000
|
|
Bethlehem, PA Authority (Bethlehem, PA), Guaranteed Water Revenue Bonds (Series 2014), (Build America Mutual
Assurance INS), 5.000%, 11/15/2030
|
2,031,279
|
1,450,000
|
|
Bucks County, PA IDA (Pennswood Village), Revenue Bonds (Series 2018A), 5.000%, 10/1/2037
|
1,533,266
|
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
|
1,109,255
|
1,000,000
|
|
Capital Region Water, PA, Water Revenue Refunding Bonds (Series 2018), 5.000%, 7/15/2032
|
1,127,539
|
500,000
|
|
Centre County, PA Hospital Authority (Mount Nittany Medical Center), Hospital Revenue Bonds (Series 2016A),
(United States Treasury PRF 11/15/2025@100), 5.000%, 11/15/2046
|
548,322
|
500,000
|
|
Centre County, PA Hospital Authority (Mount Nittany Medical Center), Hospital Revenue Bonds (Series 2018A),
5.000%, 11/15/2042
|
529,832
|
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
|
1,083,468
|
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
|
2,592,328
|
1,000,000
|
|
Chester County, PA HEFA (Main Line Health Systems), Revenue Bonds (Series 2017A), 5.000%, 10/1/2052
|
1,063,974
|
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
|
1,274,479
|
2,000,000
|
|
Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), 5.000%, 12/1/2037
|
2,019,713
|
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
|
2,000,000
|
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
|
3,074,276
|
2,000,000
|
|
Commonwealth of Pennsylvania, UT GO Bonds (2nd Series 2016), 5.000%, 9/15/2026
|
2,223,803
|
2,000,000
|
|
Commonwealth of Pennsylvania, UT GO Refunding Bonds (Series 2019), 5.000%, 7/15/2027
|
2,255,626
|
1,000,000
|
|
Commonwealth of Pennsylvania, UT GO Refunding Bonds (Series 2019), 5.000%, 7/15/2029
|
1,161,286
|
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
|
96,489
|
365,000
|
|
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
|
391,317
|
450,000
|
|
Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015),
5.000%, 1/1/2038
|
466,054
|
1,000,000
|
|
Cumberland County, PA Municipal Authority (Dickinson College), Revenue Bonds (Series 2016), 5.000%, 5/1/2030
|
1,091,763
|
2,000,000
|
|
Cumberland County, PA Municipal Authority (Penn State Health Obligated Group), Revenue Bonds (Series 2019),
4.000%, 11/1/2044
|
2,007,984
|
2,500,000
|
|
Dauphin County, PA General Authority (Pinnacle Health System), Health System Revenue Bonds (Series 2012A),
(United States Treasury PRF 6/30/2022@100), 5.000%, 6/1/2042
|
2,500,000
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Pennsylvania—continued
|
|
$1,700,000
|
|
Delaware County, PA Authority (Haverford College), Revenue Bonds (Series 2017A), 5.000%, 10/1/2042
|
$1,861,494
|
1,000,000
|
|
Delaware County, PA Authority (Villanova University), Revenue Bonds (Series 2015), 5.000%, 8/1/2045
|
1,050,325
|
1,250,000
|
|
Delaware County, PA Regional Water Quality Control Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 5/1/2040
|
1,336,130
|
1,750,000
|
|
Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.000%, 7/1/2042
|
1,910,429
|
1,130,000
|
|
Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2033
|
1,266,353
|
250,000
|
|
Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2038
|
273,666
|
200,000
|
|
Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2039
|
217,514
|
500,000
|
|
Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2040
|
540,051
|
1,000,000
|
|
DuBois Hospital Authority (Penn Highlands Healthcare), Hospital Revenue Bonds (Series 2020), 4.000%, 7/15/2050
|
970,355
|
1,000,000
|
|
DuBois Hospital Authority (Penn Highlands Healthcare), Hospital Revenue Bonds (Series 2021), 4.000%, 7/15/2051
|
965,910
|
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
|
1,119,291
|
2,260,000
|
|
Geisinger Authority, PA Health System (Geisinger Health System), Revenue Bonds (Series 2014A), 5.000%, 6/1/2041
|
2,344,709
|
1,500,000
|
|
Great Valley School District, PA, GO Bonds (Series 2022), (Pennsylvania School District Intercept Program GTD),
4.000%, 9/1/2040
|
1,572,997
|
1,000,000
|
|
Greater Johnstown, PA Water Authority, Sewer Revenue Bonds (Series 2020), (Assured Guaranty Municipal Corp. GTD),
4.000%, 8/15/2048
|
1,019,464
|
785,000
|
|
Lancaster County, PA Hospital Authority (Masonic Villages), Health Center Revenue Bonds (Series 2015),
5.000%, 11/1/2035
|
822,240
|
500,000
|
|
Lancaster County, PA Hospital Authority (St. Anne's Retirement Community, Inc.), Revenue Bonds (Series 2020),
5.000%, 3/1/2050
|
477,588
|
1,000,000
|
|
Lancaster County, PA Solid Waste Management Authority, Guaranteed Authority Bonds (Series 2013B), (Dauphin County,
PA GTD), 5.000%, 12/15/2033
|
1,044,588
|
1,000,000
|
|
Lancaster, PA IDA (Landis Homes Retirement Community), Health Center Revenue Refunding Bonds (Series 2021),
4.000%, 7/1/2051
|
851,612
|
1,000,000
|
|
Lancaster, PA, UT GO Bonds (Series 2018), (Build America Mutual Assurance INS), 4.000%, 11/1/2043
|
1,026,106
|
1,000,000
|
|
Lehigh County, PA General Purpose Authority (Lehigh Valley Academy Regional Charter School), Charter School Revenue
Bonds (Series 2022), 4.000%, 6/1/2052
|
923,272
|
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
|
508,966
|
1,000,000
|
|
Luzerne County, PA, UT GO Guaranteed Bonds (Series 2017A), (Assured Guaranty Municipal Corp. INS),
5.000%, 12/15/2029
|
1,128,524
|
1,500,000
|
|
Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Refunding
Bonds (Series 2019), 4.000%, 9/1/2049
|
1,483,158
|
1,000,000
|
|
Montgomery County, PA IDA (ACTS Retirement Life Communities, Inc.), Retirement Communities Revenue Bonds
(Series 2020C), 5.000%, 11/15/2045
|
1,077,847
|
2,000,000
|
|
Montgomery County, PA, UT GO (Series 2019A), 5.000%, 7/1/2039
|
2,267,299
|
1,000,000
|
|
Mount Lebanon, PA Hospital Authority (St. Clair Memorial Hospital), Hospital Revenue Bonds (Series 2018),
5.000%, 7/1/2038
|
1,076,785
|
750,000
|
|
Northampton County, PA General Purpose Authority (Lafayette College), College Refunding and Revenue Bonds
(Series 2017), 5.000%, 11/1/2047
|
822,295
|
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
|
964,384
|
1,000,000
|
|
Pennsylvania Economic Development Financing Authority (Amtrak), Exempt Facilities Revenue Bonds (Series 2012A),
5.000%, 11/1/2041
|
1,004,120
|
1,000,000
|
|
Pennsylvania Economic Development Financing Authority (National Gypsum Co.), Exempt Facilities Refunding Revenue
Bonds (Series 2014), 5.500%, 11/1/2044
|
1,014,593
|
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
|
2,064,732
|
2,200,000
|
|
Pennsylvania Economic Development Financing Authority (Presbyterian Homes Obligated Group), Revenue Refunding
Bonds (Series 2021), 4.000%, 7/1/2046
|
2,208,029
|
1,500,000
|
|
Pennsylvania Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2014A),
5.000%, 2/1/2045
|
1,551,028
|
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
|
2,089,027
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Pennsylvania—continued
|
|
$1,950,000
|
|
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), Revenue Bonds
(Series 2017A), 5.000%, 8/15/2042
|
$2,100,569
|
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
|
1,093,481
|
500,000
|
|
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2017A),
5.000%, 8/15/2046
|
547,654
|
1,000,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2015B), 5.000%, 12/1/2045
|
1,051,503
|
2,000,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2018A), 5.000%, 12/1/2048
|
2,175,933
|
1,000,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2019A), 5.000%, 12/1/2044
|
1,104,619
|
1,000,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2019A), (Assured Guaranty
Municipal Corp. GTD), 4.000%, 12/1/2049
|
1,021,572
|
2,500,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021A), 4.000%, 12/1/2046
|
2,449,926
|
1,970,000
|
|
Pennsylvania State University, Revenue Bonds (Series 2017A), 5.000%, 9/1/2037
|
2,176,220
|
1,000,000
|
|
Pennsylvania State University, Revenue Bonds (Series 2018), 5.000%, 9/1/2035
|
1,122,455
|
2,000,000
|
|
Philadelphia, PA Airport System, Refunding Revenue Bonds (Series 2017B), 5.000%, 7/1/2047
|
2,109,482
|
1,040,000
|
|
Philadelphia, PA Authority for Industrial Development (Children's Hospital of Philadelphia), Hospital Revenue Bonds
(Series 2014A), 5.000%, 7/1/2042
|
1,103,317
|
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
|
1,243,423
|
1,325,000
|
|
Philadelphia, PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue
Bonds (Series 2005A), 5.625%, 7/1/2035
|
1,353,008
|
1,000,000
|
|
Philadelphia, PA Gas Works, 1998 General Ordinance-Fifteenth Series Revenue Refunding Bonds, 5.000%, 8/1/2042
|
1,093,048
|
1,000,000
|
|
Philadelphia, PA School District, LT GO Bonds (Series 2018B), (Pennsylvania School District Intercept Program GTD),
5.000%, 9/1/2043
|
1,098,708
|
1,000,000
|
|
Philadelphia, PA Water & Wastewater System, Revenue Bonds (Series 2019B), 5.000%, 11/1/2049
|
1,113,175
|
1,010,000
|
|
Philadelphia, PA Water & Wastewater System, Revenue Bonds (Series 2020A), 5.000%, 11/1/2040
|
1,141,514
|
500,000
|
|
Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2038
|
563,915
|
1,000,000
|
|
Philadelphia, PA, UT GO Bonds (Series 2017A), 5.000%, 8/1/2033
|
1,099,700
|
1,000,000
|
|
Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, Hotel Room Excise Tax Revenue Refunding Bonds
(2022A), (Assured Guaranty Municipal Corp. INS), 5.000%, 2/1/2035
|
1,143,663
|
655,000
|
|
Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, Parking System Revenue Bonds (Series 2017),
5.000%, 12/15/2037
|
734,563
|
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
|
422,562
|
610,000
|
|
Pittsburgh, PA Public Parking Authority, Parking System Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2025
|
650,668
|
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
|
1,696,440
|
1,000,000
|
|
Pittsburgh, PA, UT GO Bonds (Series 2012B), (United States Treasury PRF 9/1/2022@100), 5.000%, 9/1/2026
|
1,009,399
|
1,000,000
|
|
Scranton, PA School District, GO Bonds (Series 2017E), (Build America Mutual Assurance INS), 5.000%, 12/1/2035
|
1,106,538
|
1,140,000
|
|
Southcentral PA, General Authority (Wellspan Health Obligated Group), Revenue Bonds (Series 2014A), (United States
Treasury PRF 6/1/2024@100), 5.000%, 6/1/2026
|
1,203,466
|
1,750,000
|
|
St. Mary Hospital Authority, PA (Trinity Healthcare Credit Group), Revenue Refunding Bonds (Remarket 1/9/18),
5.000%, 11/15/2028
|
1,943,752
|
1,000,000
|
|
Swarthmore Borough Authority, PA (Swarthmore College), Revenue Bonds (Series 2018), 5.000%, 9/15/2048
|
1,111,595
|
1,000,000
|
|
Union County, PA Higher Educational Facilities Financing Authority (Bucknell University), University Revenue Bonds
(Series 2015B), 5.000%, 4/1/2032
|
1,062,464
|
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
|
1,071,827
|
1,685,000
|
|
Wilkes-Barre, PA Finance Authority (University of Scranton), Revenue Bonds (Series 2015A), 5.000%, 11/1/2033
|
1,784,343
|
825,000
|
|
Wilkes-Barre, PA Finance Authority (University of Scranton), Revenue Bonds (Series 2015A), 5.000%, 11/1/2034
|
871,006
|
1,895,000
|
|
York County, PA, UT GO Bonds (Series 2013), (United States Treasury PRF 6/1/2023@100), 5.000%, 6/1/2037
|
1,959,296
|
|
|
TOTAL
|
131,263,162
|
|
|
Puerto Rico—1.1%
|
|
1,000,000
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%),
5.000%, 7/1/2058
|
1,016,715
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Puerto Rico—continued
|
|
$500,000
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053
|
$501,801
|
|
|
TOTAL
|
1,518,516
|
|
|
Virgin Islands—0.5%
|
|
750,000
|
|
Matching Fund Special Purpose Securitization Corporation, VI, Matching Fund Securitization Bonds (Series 2022A),
5.000%, 10/1/2032
|
776,212
|
|
|
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $135,564,978)
|
133,557,890
|
|
1
|
SHORT-TERM MUNICIPALS—2.3%
|
|
|
|
Pennsylvania—2.3%
|
|
2,300,000
|
|
Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD),
0.700%, 6/1/2022
|
2,300,000
|
100,000
|
|
Lancaster County, PA Hospital Authority (Masonic Villages), (Series D of 2008) Daily VRDNs, (JPMorgan Chase Bank, N.A.
LOC), 0.600%, 6/1/2022
|
100,000
|
400,000
|
|
Philadelphia, PA, (Series 2009B) Weekly VRDNs, (Barclays Bank PLC LOC), 0.800%, 6/2/2022
|
400,000
|
350,000
|
|
Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ),
0.670%, 6/1/2022
|
350,000
|
|
|
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $3,150,000)
|
3,150,000
|
|
|
TOTAL INVESTMENT IN SECURITIES—98.6%
(IDENTIFIED COST $138,714,978)
|
$136,707,890
|
|
|
OTHER ASSETS AND LIABILITIES - NET—1.4%2
|
1,921,477
|
|
|
TOTAL NET ASSETS—100%
|
$138,629,367
|
FRNs
|
—Floating Rate Notes
|
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
|
SIFMA
|
—Securities Industry and Financial Markets Association
|
UT
|
—Unlimited Tax
|
VRDNs
|
—Variable Rate Demand Notes
|