Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—97.5%
|
|
|
|
Ohio—92.6%
|
|
$1,000,000
|
|
Akron, Bath & Copley, OH Joint Township Hospital District (Children’s Hospital Medical Center, Akron), Hospital Refunding
Revenue Bonds (Series 2002A), (Original Issue Yield: 4.120%), 4.000%, 11/15/2042
|
$ 947,225
|
1,000,000
|
|
Akron, Bath & Copley, OH Joint Township Hospital District (Summa Health System), Hospital
Facilities Revenue Bonds
(Series 2016), 5.250%, 11/15/2041
|
1,012,844
|
900,000
|
|
Allen County, OH (Bon Secours Mercy Health), Hospital Facilities Revenue Refunding
Bonds, 4.000%, 8/1/2047
|
827,226
|
1,000,000
|
|
American Municipal Power-Ohio, Inc. (American Municipal Power, Prairie State Energy
Campus Project), Revenue Bonds
(Series 2019C), 4.000%, 2/15/2039
|
987,359
|
545,000
|
|
American Municipal Power-Ohio, Inc. (AMP - Greenup Hydroelectric Project), Revenue
Bonds (Series 2016A), 4.000%, 2/15/2036
|
535,582
|
750,000
|
|
American Municipal Power-Ohio, Inc. (AMP Fremont Energy), Revenue Refunding Bonds
(Series 2021A), 5.000%, 2/15/2034
|
815,770
|
635,000
|
|
Avon Lake, OH City School District, UT GO Refunding Bonds (Series 2014A), 3.500%,
12/1/2029
|
615,692
|
130,000
|
|
Bowling Green State University, OH, General Receipts Bonds (Series 2017B), 3.500%,
6/1/2037
|
121,617
|
255,000
|
|
Bowling Green State University, OH, General Receipts Bonds (Series 2020A), 4.000%,
6/1/2038
|
254,948
|
500,000
|
|
Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed
Refunding Bonds
(Series 2020A-2 Class 1), 3.000%, 6/1/2048
|
365,096
|
510,000
|
|
Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed
Refunding Bonds
(Series 2020A-2 Class 1), 4.000%, 6/1/2048
|
453,568
|
235,000
|
|
Cincinnati, OH Water System, Refunding Revenue Bonds (Series 2017A), 3.000%, 12/1/2035
|
211,152
|
250,000
|
|
Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%,
1/1/2033
|
271,462
|
1,000,000
|
|
Cleveland, OH Income Tax (Cleveland, OH), Subordinate Lien Income Tax Public Facilities
Improvements Refunding Bonds
(Series 2017B), 5.000%, 10/1/2030
|
1,052,938
|
125,000
|
|
Cleveland, OH, LT GO Various Purpose and Refunding Bonds (Series 2021A), 3.000%, 12/1/2031
|
115,704
|
155,000
|
|
Cleveland, OH, Various Purpose General Obligation Bonds (Series 2021A), 3.000%, 12/1/2033
|
139,561
|
220,000
|
|
Cleveland, OH, Various Purpose General Obligation Bonds (Series 2023A), 5.000%, 12/1/2043
|
237,692
|
235,000
|
|
Cleveland, OH, Various Purpose General Obligation Bonds (Series 2023A), 5.000%, 12/1/2045
|
251,528
|
2,000,000
|
|
Columbus, OH City School District, School Facilities Construction & Improvement UT
GO Bonds (Series 2017), (Ohio School
District Credit Enhancement GTD), 5.000%, 12/1/2047
|
2,021,411
|
1,000,000
|
|
Columbus, OH Sewer System, Revenue Refunding Bonds (Series 2014), 5.000%, 6/1/2031
|
1,005,101
|
1,270,000
|
|
Columbus, OH, UT GO Bonds (Series 2021A), 5.000%, 4/1/2039
|
1,376,873
|
500,000
|
|
Copley Fairlawn, OH School District, UT GO Classroom Facilities Construction and Improvement
Bonds (Series 2023),
4.000%, 12/1/2052
|
474,078
|
1,270,000
|
|
Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds
(Series 2017), 5.500%, 2/15/2057
|
1,283,221
|
250,000
|
|
Cuyahoga County, OH, Capital Improvement and Refunding Bonds (Series 2019), 3.000%,
12/1/2032
|
224,186
|
275,000
|
|
Cuyahoga County, OH, Quicken Loans Arena Sales Tax Revenue Bonds (Series 2017A), (Original
Issue Yield: 3.100%),
3.000%, 1/1/2032
|
256,877
|
1,000,000
|
|
Franklin County, OH (Trinity Healthcare Credit Group), Revenue Bonds (Series 2017),
4.000%, 12/1/2046
|
928,357
|
1,000,000
|
|
Franklin County, OH (Trinity Healthcare Credit Group), Revenue Bonds (Series 2017A),
5.000%, 12/1/2047
|
1,014,160
|
1,000,000
|
|
Franklin County, OH Convention Facilities Authority (Greater Columbus Convention Center
Hotel), Hotel Project Revenue Bonds
(Series 2019), 5.000%, 12/1/2044
|
964,968
|
2,000,000
|
|
Franklin County, OH Convention Facilities Authority, Tax & Lease Revenue Anticipation
& Refunding Bonds (Series 2014),
(United States Treasury PRF 12/1/2024@100), 5.000%, 12/1/2035
|
2,010,585
|
1,000,000
|
|
Franklin County, OH Health Care Facilities (Friendship Village of Dublin, OH, Inc.),
Refunding & Improvement Bonds
(Series 2014), 5.000%, 11/15/2044
|
1,000,033
|
1,000,000
|
|
Franklin County, OH Hospital Facility Authority (Nationwide Children’s Hospital), Hospital Improvement Revenue Bonds
(Series 2017A), 5.000%, 11/1/2029
|
1,044,073
|
240,000
|
|
Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit Group), Revenue Bonds
(Series 2019A), 4.000%, 12/1/2044
|
224,311
|
3,015,000
|
|
Franklin County, OH Sales Tax Revenue, Various Purpose Sales Tax Revenue Bonds (Series
2018), 5.000%, 6/1/2048
|
3,114,414
|
615,000
|
|
Green, OH School District, School Facilities Construction and Improvement Bonds (Series
2019), (Ohio School District Credit
Enhancement INS), 3.000%, 11/1/2033
|
556,307
|
2,000,000
|
|
Hamilton County, OH (Cincinnati Children’s Hospital Medical Center), Hospital Facilities Revenue Bonds (Series 2019CC),
5.000%, 11/15/2041
|
2,244,371
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Ohio—continued
|
|
$ 500,000
|
|
Hamilton County, OH (Life Enriching Communities), Healthcare Improvement and Refunding
Revenue Bonds (Series 2016),
5.000%, 1/1/2036
|
$ 500,655
|
500,000
|
|
Hamilton County, OH (Life Enriching Communities), Healthcare Improvement and Refunding
Revenue Bonds (Series 2016),
5.000%, 1/1/2051
|
456,819
|
500,000
|
|
Hamilton County, OH (Life Enriching Communities), Hospital Revenue Bonds (Series 2023A),
5.750%, 1/1/2053
|
513,590
|
500,000
|
|
Hamilton County, OH Sewer System, Sewer System Revenue and Refunding Revenue Bonds
(Series 2024A), 5.000%, 12/1/2053
|
534,797
|
1,075,000
|
|
Hamilton County, OH, LT GO Improvement and Refunding Bonds (Series 2017A), 5.000%,
12/1/2033
|
1,125,187
|
1,000,000
|
|
Hamilton County, OH, LT GO Refunding Bonds (Series 2017A), 5.000%, 12/1/2037
|
1,027,807
|
1,000,000
|
|
Kent State University, OH, General Receipts Bonds (Series 2020A), 5.000%, 5/1/2050
|
1,035,632
|
135,000
|
|
Licking Heights, OH Local School District, School Facilities Construction and Improvement
Bonds (Series 2017A), (Ohio School
District Credit Enhancement INS), 3.375%, 10/1/2047
|
110,893
|
155,000
|
|
Little Miami, OH Local School District, UT GO Bonds (Series 2018A), (Ohio School District
Credit Enhancement GTD),
4.000%, 11/1/2055
|
142,063
|
335,000
|
|
Lucas County, OH, Capital Facility Improvement Bonds (Series 2020), 3.000%, 12/1/2037
|
287,816
|
200,000
|
|
Mason, OH, LT GO Bonds (Series 2020A), 2.000%, 12/1/2032
|
164,050
|
415,000
|
|
Miami County, OH Hospital Facility (Kettering Health Network Obligated Group), Hospital
Facilities Improvement and
Refunding Revenue Bonds (Series 2019), 5.000%, 8/1/2034
|
431,018
|
725,000
|
|
Miami University, OH, General Receipts Revenue and Refunding Bonds (Series 2024A),
5.000%, 9/1/2039
|
811,381
|
1,000,000
|
|
Middleburg Heights, OH (Southwest General Health Center), Hospital Facilities Improvement
and Revenue Refunding Bonds
(Series 2020A), 4.000%, 8/1/2047
|
908,486
|
1,000,000
|
|
Montgomery County, OH Hospital Authority (Kettering Health Network Obligated Group),
Hospital Facilities Improvement and
Refunding Revenue Bonds (Series 2021), 4.000%, 8/1/2051
|
883,510
|
1,200,000
|
1
|
Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue
Bonds (Series 2019),
5.000%, 7/1/2049
|
1,066,647
|
500,000
|
|
Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue
Bonds (Series 2017), 4.250%, 1/15/2038
|
493,366
|
500,000
|
|
Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue
Bonds (Series 2017), 4.500%, 1/15/2048
|
485,108
|
500,000
|
|
Ohio HFA, Residential Mortgage Revenue Bonds (Series 2024A), 4.650%, 9/1/2054
|
497,217
|
1,000,000
|
|
Ohio State Air Quality Development Authority (American Electric Power Co., Inc.),
Air Quality Revenue Bonds (Series 2007B),
2.500%, Mandatory Tender 10/1/2029
|
859,998
|
200,000
|
|
Ohio State Higher Educational Facility Commission (Ashtabula County Medical Center),
Healthcare Facility Revenue Bonds
(Series 2022), 5.250%, 1/1/2052
|
204,594
|
100,000
|
|
Ohio State Higher Educational Facility Commission (Case Western Reserve University,
OH), Higher Educational Facility Revenue
Bonds (Series 2016), 3.250%, 12/1/2035
|
91,680
|
1,000,000
|
|
Ohio State Higher Educational Facility Commission (Case Western Reserve University,
OH), Higher Educational Facility Revenue
Bonds (Series 2016), 5.000%, 12/1/2040
|
1,019,913
|
115,000
|
|
Ohio State Higher Educational Facility Commission (Case Western Reserve University,
OH), Revenue Refunding Bonds
(Series 2021A), 4.000%, 12/1/2044
|
110,977
|
250,000
|
|
Ohio State Higher Educational Facility Commission (Cleveland Clinic), Hospital Revenue
Refunding Bonds (Series 2017A),
3.250%, 1/1/2037
|
222,466
|
1,000,000
|
|
Ohio State Higher Educational Facility Commission (Denison University), Revenue Bonds
(Series 2019), 5.000%, 11/1/2044
|
1,036,322
|
1,000,000
|
|
Ohio State Higher Educational Facility Commission (Judson Obligated Group), Healthcare
Facility Revenue Bonds
(Series 2020A), 5.000%, 12/1/2050
|
909,870
|
1,000,000
|
|
Ohio State Higher Educational Facility Commission (University of Dayton), Revenue
Bonds (Series 2022A), (Original Issue Yield:
4.240%), 4.000%, 2/1/2052
|
919,335
|
350,000
|
|
Ohio State Turnpike & Infrastructure Commission, Revenue Refunding Bonds (Series 2017A),
5.000%, 2/15/2028
|
364,937
|
1,000,000
|
|
Ohio State Turnpike & Infrastructure Commission, Senior Lien Revenue Bonds (Series
2021A), 5.000%, 2/15/2046
|
1,053,377
|
1,400,000
|
|
Ohio State Turnpike & Infrastructure Commission, Senior Lien Revenue Bonds (Series
2021A), 5.000%, 2/15/2051
|
1,470,277
|
2,000,000
|
|
Ohio State University, General Receipts Bonds (Series 2021A), 4.000%, 12/1/2048
|
1,899,976
|
175,000
|
|
Ohio State Water Development Authority Pollution Control Facilities (Ohio State Water
Development Authority), Water
Pollution Control Loan Fund Refunding Revenue and Revenue Bonds (Series 2019B), 3.000%,
12/1/2034
|
157,796
|
470,000
|
|
Ohio State Water Development Authority Pollution Control Facilities (Ohio State Water
Development Authority), Water
Pollution Control Loan Fund Revenue Bonds (Series 2019B), 5.000%, 12/1/2035
|
509,605
|
1,260,000
|
|
Ohio State Water Development Authority Pollution Control Facilities (Ohio State Water
Development Authority), Water
Pollution Control Loan Fund Revenue Bonds (Series 2021A), 5.000%, 12/1/2046
|
1,347,358
|
500,000
|
|
Ohio State Water Development Authority, Water Development Revenue Bonds (Fresh Water
Series 2023A), 5.000%, 12/1/2041
|
552,573
|
750,000
|
|
Ohio State, Capital Facilities Lease-Appropriation Bonds Adult Correctional Building
Fund (Series 2017A), 5.000%, 10/1/2034
|
777,599
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Ohio—continued
|
|
$1,460,000
|
|
Ohio State, Capital Facilities Lease-Appropriation Bonds Adult Correctional Building
Fund (Series 2017A), 5.000%, 10/1/2035
|
$ 1,509,110
|
1,835,000
|
|
Ohio State, Common Schools UT GO Bonds (Series 2019A), 5.000%, 6/15/2033
|
1,976,171
|
1,000,000
|
|
Ohio State, Higher Education UT GO Bonds (Series 2015C), 5.000%, 11/1/2033
|
1,011,983
|
2,000,000
|
|
Ohio State, Higher Education UT GO Bonds (Series 2019A), 5.000%, 5/1/2035
|
2,072,690
|
465,000
|
|
Ohio State, Higher Education UT GO Bonds (Series 2019A), 5.000%, 5/1/2036
|
481,121
|
600,000
|
|
Ohio State, Higher Education UT GO Bonds (Series 2021A), 4.000%, 5/1/2036
|
616,260
|
1,465,000
|
|
Ohio State, UT GO Bonds (Series 2022A), 5.000%, 3/1/2040
|
1,615,121
|
1,210,000
|
1
|
Ohio State, UT GO Higher Education Bonds (Series 2019A), 5.000%, 5/1/2032
|
1,256,350
|
1,500,000
|
|
Olentangy, OH Local School District, UT GO Refunding Bonds (Series 2016), 5.000%,
12/1/2030
|
1,530,376
|
205,000
|
|
Perry, OH Local School District, UT GO School Improvement Bonds (Series 2020), (Ohio
School District Credit Enhancement
INS), 3.000%, 11/1/2035
|
180,948
|
750,000
|
|
Port of Greater Cincinnati, OH Development Authority (Duke Energy Convention Center),
First Subordinate Development
Revenue and Refunding Bonds (Series 2024B), 5.000%, 12/1/2063
|
770,877
|
120,000
|
|
Revere, OH Local School District, School Facilities Improvement Refunding Bonds (Series
2017), 3.250%, 12/1/2045
|
98,045
|
500,000
|
|
Shaker Heights, OH, School Facilities Improvement Bonds (Series 2024), 4.375%, 12/15/2061
|
486,193
|
1,135,000
|
|
Shaker Heights, OH, UT GO Bonds, 4.000%, 12/1/2052
|
1,072,686
|
555,000
|
|
Toledo, OH, LT GO Various Purpose Improvement Bonds (Series 2022), (Assured Guaranty
Municipal Corp. INS),
5.500%, 12/1/2042
|
613,294
|
1,000,000
|
|
University of Akron, OH, General Receipts Bonds (Series 2016A), 5.000%, 1/1/2036
|
1,016,170
|
1,000,000
|
|
University of Cincinnati, OH, General Receipts Bonds (Series 2014C), 5.000%, 6/1/2041
|
1,001,505
|
235,000
|
|
Willoughby-Eastlake, OH CSD, UT GO School Improvement Bonds (Series 2016), 3.375%,
12/1/2036
|
210,845
|
760,000
|
|
Winton Woods, OH School District, UT GO Classroom Facilities Refunding Bonds (Series
2022), (Build America Mutual
Assurance INS), 4.000%, 11/1/2049
|
715,368
|
500,000
|
|
Worthington City, OH City School District, UT GO Bonds (Series 2023), 5.500%, 12/1/2054
|
552,859
|
|
|
TOTAL
|
72,732,957
|
|
|
Puerto Rico—4.9%
|
|
1,000,000
|
|
Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2033
|
997,712
|
1,000,000
|
|
Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2037
|
967,283
|
1,000,000
|
|
Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2041
|
926,170
|
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
|
996,711
|
|
|
TOTAL
|
3,887,876
|
|
|
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $79,956,264)
|
76,620,833
|
|
2
|
SHORT-TERM MUNICIPALS—2.8%
|
|
|
|
Ohio—2.8%
|
|
1,050,000
|
|
Allen County, OH (Bon Secours Mercy Health), (Series 2010C) Daily VRDNs, (BMO Bank,
N.A. LOC), 3.900%, 6/3/2024
|
1,050,000
|
380,000
|
|
Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008
B-4) Daily VRDNs, (Barclays Bank plc LIQ),
3.950%, 6/3/2024
|
380,000
|
750,000
|
|
Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2)
Daily VRDNs, (Bank of New York Mellon,
N.A. LIQ), 4.000%, 6/3/2024
|
750,000
|
|
|
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $2,180,000)
|
2,180,000
|
|
|
TOTAL INVESTMENT IN SECURITIES—100.3%
(IDENTIFIED COST $82,136,264)
|
78,800,833
|
|
|
OTHER ASSETS AND LIABILITIES - NET—(0.3%)3
|
(263,810)
|
|
|
TOTAL NET ASSETS—100%
|
$78,537,023
|
1
|
Denotes a restricted security that either: (a) cannot be offered for public sale without
first being registered, or availing of an exemption from registration, under
the Securities Act of 1933; or (b) is subject to a contractual restriction on public
sales. At May 31, 2024, these restricted securities amounted to $2,322,997, which
represented 3.0% of total net assets.
|
2
|
Current rate and current maturity or next reset date shown for floating rate notes
and variable rate notes/demand instruments. Certain variable rate securities are
not based on a published reference rate and spread but are determined by the issuer
or agent and are based on current market conditions. These securities do
not indicate a reference rate and spread in their description above.
|
3
|
Assets, other than investments in securities, less liabilities.
|
Security
|
Acquisition
Date
|
Acquisition
Cost
|
Value
|
Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue
Bonds (Series 2019),
5.000%, 7/1/2049
|
06/27/2019
|
$1,239,077
|
$1,066,647
|
Ohio State, UT GO Higher Education Bonds (Series 2019A), 5.000%, 5/1/2032
|
11/07/2023
|
$1,255,120
|
$1,256,350
|
The following acronym(s) are used throughout this portfolio:
|
|
|
CSD
|
—Central School District
|
|
GO
|
—General Obligation
|
|
GTD
|
—Guaranteed
|
|
HFA
|
—Housing Finance Authority
|
|
INS
|
—Insured
|
|
LIQ
|
—Liquidity Agreement
|
|
LOC
|
—Letter of Credit
|
|
LT
|
—Limited Tax
|
|
PRF
|
—Pre-refunded
|
|
UT
|
—Unlimited Tax
|
|
VRDNs
|
—Variable Rate Demand Notes
|