Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—98.0%
|
|
|
|
Pennsylvania—94.9%
|
|
$1,000,000
|
|
Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2021A),
4.000%, 1/1/2040
|
$941,929
|
1,000,000
|
|
Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2021A),
5.000%, 1/1/2051
|
1,018,625
|
1,000,000
|
|
Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2021A),
5.000%, 1/1/2056
|
1,013,527
|
530,000
|
|
Allegheny County, PA Higher Education Building Authority (Carnegie Mellon University), Revenue Bonds (Series 2019A),
5.000%, 8/1/2027
|
581,864
|
2,000,000
|
|
Allegheny County, PA Hospital Development Authority (Allegheny Health Network Obligated Group), Revenue Bonds
(Series 2018A), 5.000%, 4/1/2047
|
2,024,274
|
860,000
|
1
|
Allegheny County, PA Hospital Development Authority (UPMC Health System), Revenue Bonds (Series 2017D-2) FRNs,
2.600% (SIFMA 7-day +0.700%), Mandatory Tender 5/15/2027
|
836,600
|
1,000,000
|
|
Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2020), 5.000%, 3/1/2029
|
1,116,037
|
1,000,000
|
|
Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2040
|
1,043,099
|
2,000,000
|
|
Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2045
|
2,083,883
|
1,000,000
|
|
Allegheny County, PA, UT GO Bonds (Series C-77), 5.000%, 11/1/2043
|
1,071,038
|
2,000,000
|
|
Allegheny County, PA, UT GO Refunding Bonds (Series C-76), 5.000%, 11/1/2041
|
2,115,425
|
1,450,000
|
|
Bucks County, PA IDA (Pennswood Village), Revenue Bonds (Series 2018A), 5.000%, 10/1/2037
|
1,449,900
|
1,000,000
|
|
Canon McMillan, PA School District, GO Bonds (Series 2017), (Assured Guaranty Municipal Corp. INS)/(Pennsylvania
School District Intercept Program GTD), 5.000%, 12/1/2041
|
1,060,525
|
1,000,000
|
|
Capital Region Water, PA, Water Revenue Refunding Bonds (Series 2018), 5.000%, 7/15/2032
|
1,094,016
|
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
|
533,576
|
500,000
|
|
Centre County, PA Hospital Authority (Mount Nittany Medical Center), Hospital Revenue Bonds (Series 2018A),
5.000%, 11/15/2042
|
510,772
|
500,000
|
|
Centre County, PA, UT GO Bonds (Series 2022), 5.000%, 7/1/2035
|
553,986
|
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
|
1,054,615
|
1,000,000
|
|
Chester County, PA HEFA (Main Line Health Systems), Revenue Bonds (Series 2017A), 5.000%, 10/1/2052
|
1,033,024
|
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
|
1,236,391
|
2,000,000
|
|
Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), 5.000%, 12/1/2037
|
2,001,204
|
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
|
3,006,981
|
2,000,000
|
|
Commonwealth of Pennsylvania, UT GO Bonds (2nd Series 2016), 5.000%, 9/15/2026
|
2,162,349
|
2,000,000
|
|
Commonwealth of Pennsylvania, UT GO Refunding Bonds (Series 2019), 5.000%, 7/15/2027
|
2,190,368
|
1,000,000
|
|
Commonwealth of Pennsylvania, UT GO Refunding Bonds (Series 2019), 5.000%, 7/15/2029
|
1,130,341
|
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
|
94,158
|
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
|
381,862
|
450,000
|
|
Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015),
5.000%, 1/1/2038
|
453,427
|
1,000,000
|
|
Cumberland County, PA Municipal Authority (Dickinson College), Revenue Bonds (Series 2016), 5.000%, 5/1/2030
|
1,059,205
|
2,000,000
|
|
Cumberland County, PA Municipal Authority (Penn State Health Obligated Group), Revenue Bonds (Series 2019),
4.000%, 11/1/2044
|
1,862,007
|
1,700,000
|
|
Delaware County, PA Authority (Haverford College), Revenue Bonds (Series 2017A), 5.000%, 10/1/2042
|
1,790,435
|
1,000,000
|
|
Delaware County, PA Authority (Villanova University), Revenue Bonds (Series 2015), 5.000%, 8/1/2045
|
1,036,368
|
1,250,000
|
|
Delaware County, PA Regional Water Quality Control Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 5/1/2040
|
1,295,384
|
1,750,000
|
|
Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.000%, 7/1/2042
|
1,821,098
|
1,130,000
|
|
Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2033
|
1,244,130
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Pennsylvania—continued
|
|
$250,000
|
|
Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2038
|
$269,516
|
200,000
|
|
Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2039
|
214,909
|
500,000
|
|
Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2040
|
535,364
|
1,000,000
|
|
DuBois Hospital Authority (Penn Highlands Healthcare), Hospital Revenue Bonds (Series 2020), 4.000%, 7/15/2050
|
850,243
|
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
|
1,088,418
|
2,260,000
|
|
Geisinger Authority, PA Health System (Geisinger Health System), Revenue Bonds (Series 2014A), 5.000%, 6/1/2041
|
2,281,311
|
1,500,000
|
|
Great Valley School District, PA, GO Bonds (Series 2022), (Pennsylvania School District Intercept Program GTD),
4.000%, 9/1/2040
|
1,519,401
|
785,000
|
|
Lancaster County, PA Hospital Authority (Masonic Villages), Health Center Revenue Bonds (Series 2015),
5.000%, 11/1/2035
|
797,248
|
1,000,000
|
|
Lancaster County, PA Solid Waste Management Authority, Guaranteed Authority Bonds (Series 2013B), (Dauphin County,
PA GTD), 5.000%, 12/15/2033
|
1,022,623
|
1,000,000
|
|
Lancaster, PA IDA (Landis Homes Retirement Community), Health Center Revenue Refunding Bonds (Series 2021),
4.000%, 7/1/2051
|
761,552
|
1,000,000
|
|
Lancaster, PA, UT GO Bonds (Series 2018), (Build America Mutual Assurance INS), 4.000%, 11/1/2043
|
980,412
|
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
|
852,688
|
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
|
500,411
|
1,000,000
|
|
Luzerne County, PA, UT GO Guaranteed Bonds (Series 2017A), (Assured Guaranty Municipal Corp. INS),
5.000%, 12/15/2029
|
1,101,078
|
1,260,000
|
|
Monroe County, PA, UT GO Bonds (Series 2021A), 4.000%, 7/15/2036
|
1,271,386
|
1,500,000
|
|
Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Refunding
Bonds (Series 2019), 4.000%, 9/1/2049
|
1,323,259
|
1,000,000
|
|
Montgomery County, PA IDA (ACTS Retirement Life Communities, Inc.), Retirement Communities Revenue Bonds
(Series 2020C), 5.000%, 11/15/2045
|
961,689
|
2,000,000
|
|
Montgomery County, PA, UT GO Bonds (Series 2019A), 5.000%, 7/1/2039
|
2,209,239
|
1,000,000
|
|
Montgomery County, PA, UT GO Bonds (Series 2022), 5.000%, 7/1/2033
|
1,175,850
|
1,000,000
|
|
Mount Lebanon, PA Hospital Authority (St. Clair Memorial Hospital), Hospital Revenue Bonds (Series 2018),
5.000%, 7/1/2038
|
1,051,056
|
1,750,000
|
|
Northampton County, PA General Purpose Authority (Lafayette College), College Refunding and Revenue Bonds
(Series 2017), 5.000%, 11/1/2047
|
1,817,161
|
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
|
923,375
|
1,000,000
|
|
Pennsylvania Economic Development Financing Authority (National Gypsum Co.), Exempt Facilities Refunding Revenue
Bonds (Series 2014), 5.500%, 11/1/2044
|
989,901
|
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
|
2,003,861
|
2,200,000
|
|
Pennsylvania Economic Development Financing Authority (Presbyterian Homes Obligated Group, PA), Revenue Refunding
Bonds (Series 2021), 4.000%, 7/1/2046
|
1,812,323
|
1,500,000
|
|
Pennsylvania Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2014A),
5.000%, 2/1/2045
|
1,512,530
|
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
|
2,048,629
|
1,950,000
|
|
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), Revenue Bonds
(Series 2017A), 5.000%, 8/15/2042
|
2,027,706
|
500,000
|
|
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2017A),
5.000%, 8/15/2046
|
525,298
|
1,000,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2015B), 5.000%, 12/1/2045
|
1,026,003
|
2,000,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2018A), 5.000%, 12/1/2048
|
2,071,606
|
1,000,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2019A), 5.000%, 12/1/2044
|
1,061,141
|
400,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2022B), 5.000%, 12/1/2036
|
449,168
|
500,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2022B), 5.000%, 12/1/2037
|
556,441
|
1,000,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2019A), (Assured Guaranty
Municipal Corp. GTD), 4.000%, 12/1/2049
|
958,466
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Pennsylvania—continued
|
|
$2,500,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021A), 4.000%, 12/1/2046
|
$2,381,954
|
1,970,000
|
|
Pennsylvania State University, Revenue Bonds (Series 2017A), 5.000%, 9/1/2037
|
2,114,811
|
1,000,000
|
|
Pennsylvania State University, Revenue Bonds (Series 2018), 5.000%, 9/1/2035
|
1,093,832
|
1,000,000
|
|
Philadelphia, PA Airport System, Airport Revenue and Refunding Bonds (Series 2017A), 5.000%, 7/1/2047
|
1,026,351
|
1,000,000
|
|
Philadelphia, PA Airport System, Airport Revenue Refunding Bonds (Series 2020A), 4.000%, 7/1/2040
|
966,797
|
2,000,000
|
|
Philadelphia, PA Airport System, Refunding Revenue Bonds (Series 2017B), 5.000%, 7/1/2047
|
2,020,429
|
1,040,000
|
|
Philadelphia, PA Authority for Industrial Development (Children's Hospital of Philadelphia), Hospital Revenue Bonds
(Series 2014A), (United States Treasury PRF 7/1/2024@100), 5.000%, 7/1/2042
|
1,076,397
|
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
|
1,211,771
|
1,295,000
|
|
Philadelphia, PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue
Bonds (Series 2005A), 5.625%, 7/1/2035
|
1,321,323
|
2,000,000
|
|
Philadelphia, PA Gas Works, 1998 General Ordinance-Fifteenth Series Revenue Refunding Bonds, 5.000%, 8/1/2042
|
2,079,970
|
1,000,000
|
|
Philadelphia, PA School District, LT GO Bonds (Series 2018B), (Pennsylvania School District Intercept Program GTD),
5.000%, 9/1/2043
|
1,050,680
|
1,000,000
|
|
Philadelphia, PA Water & Wastewater System, Revenue Bonds (Series 2019B), 5.000%, 11/1/2049
|
1,045,683
|
1,010,000
|
|
Philadelphia, PA Water & Wastewater System, Revenue Bonds (Series 2020A), 5.000%, 11/1/2040
|
1,092,837
|
500,000
|
|
Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2038
|
531,364
|
1,000,000
|
|
Philadelphia, PA, GO Bonds (Series 2021A), 5.000%, 5/1/2034
|
1,109,201
|
1,000,000
|
|
Philadelphia, PA, UT GO Bonds (Series 2017A), 5.000%, 8/1/2033
|
1,069,247
|
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
|
1,090,749
|
655,000
|
|
Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, Parking System Revenue Bonds (Series 2017),
5.000%, 12/15/2037
|
698,044
|
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
|
411,415
|
610,000
|
|
Pittsburgh, PA Public Parking Authority, Parking System Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2025
|
635,244
|
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
|
1,590,584
|
1,000,000
|
|
Scranton, PA School District, GO Bonds (Series 2017E), (Build America Mutual Assurance INS), 5.000%, 12/1/2035
|
1,074,542
|
1,750,000
|
|
St. Mary Hospital Authority, PA (Trinity Healthcare Credit Group), Revenue Refunding Bonds (Remarket 1/9/18),
5.000%, 11/15/2028
|
1,912,674
|
1,000,000
|
|
Swarthmore Borough Authority, PA (Swarthmore College), Revenue Bonds (Series 2018), 5.000%, 9/15/2048
|
1,079,750
|
1,000,000
|
|
Union County, PA Higher Educational Facilities Financing Authority (Bucknell University), University Revenue Bonds
(Series 2015B), 5.000%, 4/1/2032
|
1,037,862
|
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
|
1,044,713
|
740,000
|
|
Westmoreland County, PA Municipal Authority, Municipal Service Revenue Bonds (Series 2016), (Build America Mutual
Assurance INS), 5.000%, 8/15/2042
|
761,488
|
1,685,000
|
|
Wilkes-Barre, PA Finance Authority (University of Scranton), Revenue Bonds (Series 2015A), 5.000%, 11/1/2033
|
1,750,645
|
825,000
|
|
Wilkes-Barre, PA Finance Authority (University of Scranton), Revenue Bonds (Series 2015A), 5.000%, 11/1/2034
|
854,219
|
1,895,000
|
|
York County, PA, UT GO Bonds (Series 2013), (United States Treasury PRF 6/1/2023@100), 5.000%, 6/1/2037
|
1,918,697
|
|
|
TOTAL
|
121,506,958
|
|
|
Puerto Rico—2.5%
|
|
1,000,000
|
|
Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2037
|
833,143
|
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
|
946,311
|
500,000
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053
|
455,602
|
1,000,000
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-2), 4.784%, 7/1/2058
|
911,607
|
|
|
TOTAL
|
3,146,663
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Virgin Islands—0.6%
|
|
$750,000
|
|
Matching Fund Special Purpose Securitization Corporation, VI, Matching Fund Securitization Bonds (Series 2022A),
5.000%, 10/1/2032
|
$771,496
|
|
|
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $130,937,878)
|
125,425,117
|
|
1
|
SHORT-TERM MUNICIPALS—1.5%
|
|
|
|
Pennsylvania—1.5%
|
|
1,200,000
|
|
Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD),
1.100%, 12/1/2022
|
1,200,000
|
400,000
|
|
Philadelphia, PA, (Series 2009B) Weekly VRDNs, (Barclays Bank PLC LOC), 1.870%, 12/1/2022
|
400,000
|
350,000
|
|
Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ),
1.070%, 12/1/2022
|
350,000
|
|
|
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $1,950,000)
|
1,950,000
|
|
|
TOTAL INVESTMENT IN SECURITIES—99.5%
(IDENTIFIED COST $132,887,878)
|
127,375,117
|
|
|
OTHER ASSETS AND LIABILITIES - NET—0.5%2
|
624,925
|
|
|
TOTAL NET ASSETS—100%
|
$128,000,042
|
FRN
|
—Floating Rates 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
|