NPORT-P
    false
    
      
      
        
          0000926243
          XXXXXXXX
        
      
      
      
      
        S000010026
        C000027721
      
      
      
    
  
  
    
      COMMERCE FUNDS
      811-08598
      0000926243
      5493008VDCPHK1O3IK55
      922 Walnut Street, Suite 401
      KANSAS CITY
      
      64106-1809
      1-800-995-6365
      The Value Fund
      S000010026
      549300UPIP590J3Q8Z31
      2021-10-31
      2021-07-31
      N
    
    
      340901439.45
      438845.93
      340462593.52
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Cisco Systems Inc/Delaware
        549300LKFJ962MZ46593
        Cisco Systems Inc/Delaware
        17275R102
        
          
        
        123000.00000000
        NS
        USD
        6810510.00000000
        2.000369535339
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Parcel Service Inc
        D01LMJZU09ULLNCY6Z23
        United Parcel Service Inc
        911312106
        
          
        
        32000.00000000
        NS
        USD
        6123520.00000000
        1.798588190464
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Genuine Parts Co
        549300D46DQVEU651W04
        Genuine Parts Co
        372460105
        
          
        
        52500.00000000
        NS
        USD
        6663300.00000000
        1.957131305119
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dominion Energy Inc
        ILUL7B6Z54MRYCF6H308
        Dominion Energy Inc
        25746U109
        
          
        
        129500.00000000
        NS
        USD
        9695665.00000000
        2.847791559054
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Johnson & Johnson
        549300G0CFPGEF6X2043
        Johnson & Johnson
        478160104
        
          
        
        50000.00000000
        NS
        USD
        8610000.00000000
        2.528912181212
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McDonald's Corp
        UE2136O97NLB5BYP9H04
        McDonald's Corp
        580135101
        
          
        
        28000.00000000
        NS
        USD
        6795880.00000000
        1.996072440657
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        International Business Machines Corp
        VGRQXHF3J8VDLUA7XE92
        International Business Machines Corp
        459200101
        
          
        
        44500.00000000
        NS
        USD
        6272720.00000000
        1.842410919551
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northern Trust Corp
        549300GLF98S992BC502
        Northern Trust Corp
        665859104
        
          
        
        58000.00000000
        NS
        USD
        6545300.00000000
        1.922472578361
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WP Carey Inc
        54930042CRNE713E3Q67
        WP Carey Inc
        92936U109
        
          
        
        85000.00000000
        NS
        USD
        6858650.00000000
        2.014509120984
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Paychex Inc
        529900K900DW6SUBM174
        Paychex Inc
        704326107
        
          
        
        63000.00000000
        NS
        USD
        7170660.00000000
        2.106152081455
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        3M Co
        LUZQVYP4VS22CLWDAR65
        3M Co
        88579Y101
        
          
        
        33500.00000000
        NS
        USD
        6630990.00000000
        1.947641275783
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Dynamics Corp
        9C1X8XOOTYY2FNYTVH06
        General Dynamics Corp
        369550108
        
          
        
        34500.00000000
        NS
        USD
        6763035.00000000
        1.986425272179
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Truist Financial Corp
        549300DRQQI75D2JP341
        Truist Financial Corp
        89832Q109
        
          
        
        150000.00000000
        NS
        USD
        8164500.00000000
        2.398060801801
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hanesbrands Inc
        GX5LWVWZLL5S4W1L2F20
        Hanesbrands Inc
        410345102
        
          
        
        353000.00000000
        NS
        USD
        6445780.00000000
        1.893241760675
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PepsiCo Inc
        FJSUNZKFNQ5YPJ5OT455
        PepsiCo Inc
        713448108
        
          
        
        45000.00000000
        NS
        USD
        7062750.00000000
        2.074456969554
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Instruments Inc
        WDJNR2L6D8RWOEB8T652
        Texas Instruments Inc
        882508104
        
          
        
        35000.00000000
        NS
        USD
        6671700.00000000
        1.959598536515
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CME Group Inc
        LCZ7XYGSLJUHFXXNXD88
        CME Group Inc
        12572Q105
        
          
        
        23000.00000000
        NS
        USD
        4878990.00000000
        1.433047298840
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eastman Chemical Co
        FDPVHDGJ1IQZFK9KH630
        Eastman Chemical Co
        277432100
        
          
        
        55000.00000000
        NS
        USD
        6199600.00000000
        1.820934257682
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Archer-Daniels-Midland Co
        549300LO13MQ9HYSTR83
        Archer-Daniels-Midland Co
        039483102
        
          
        
        106000.00000000
        NS
        USD
        6330320.00000000
        1.859329077697
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Procter & Gamble Co/The
        2572IBTT8CCZW6AU4141
        Procter & Gamble Co/The
        742718109
        
          
        
        49000.00000000
        NS
        USD
        6969270.00000000
        2.047000208729
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lockheed Martin Corp
        DPRBOZP0K5RM2YE8UU08
        Lockheed Martin Corp
        539830109
        
          
        
        17000.00000000
        NS
        USD
        6318390.00000000
        1.855825021678
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chevron Corp
        N/A
        Chevron Corp
        166764100
        
          
        
        154500.00000000
        NS
        USD
        15729645.00000000
        4.620080237706
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVS Health Corp
        549300EJG376EN5NQE29
        CVS Health Corp
        126650100
        
          
        
        78000.00000000
        NS
        USD
        6424080.00000000
        1.886868079568
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Principal Financial Group Inc
        CUMYEZJOAF02RYZ1JJ85
        Principal Financial Group Inc
        74251V102
        
          
        
        119500.00000000
        NS
        USD
        7424535.00000000
        2.180719744638
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Public Storage
        549300LMZF40TKJ6DM64
        Public Storage
        74460D109
        
          
        
        21500.00000000
        NS
        USD
        6718320.00000000
        1.973291670764
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amgen Inc
        62QBXGPJ34PQ72Z12S66
        Amgen Inc
        031162100
        
          
        
        27000.00000000
        NS
        USD
        6521580.00000000
        1.915505586847
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US Bancorp
        N1GZ7BBF3NP8GI976H15
        US Bancorp
        902973304
        
          
        
        146000.00000000
        NS
        USD
        8108840.00000000
        2.381712456620
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home Depot Inc/The
        QEKMOTMBBKA8I816DO57
        Home Depot Inc/The
        437076102
        
          
        
        21000.00000000
        NS
        USD
        6891990.00000000
        2.024301679883
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        International Paper Co
        824LMFJDH41EY779Q875
        International Paper Co
        460146103
        
          
        
        107500.00000000
        NS
        USD
        6209200.00000000
        1.823753950706
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MetLife Inc
        C4BXATY60WC6XEOZDX54
        MetLife Inc
        59156R108
        
          
        
        123000.00000000
        NS
        USD
        7097100.00000000
        2.084546183656
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Illinois Tool Works Inc
        76NA4I14SZCFAYMNSV04
        Illinois Tool Works Inc
        452308109
        
          
        
        29500.00000000
        NS
        USD
        6686765.00000000
        1.964023398537
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Duke Energy Corp
        I1BZKREC126H0VB1BL91
        Duke Energy Corp
        26441C204
        
          
        
        97000.00000000
        NS
        USD
        10195670.00000000
        2.994652039329
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pfizer Inc
        765LHXWGK1KXCLTFYQ30
        Pfizer Inc
        717081103
        
          
        
        166000.00000000
        NS
        USD
        7106460.00000000
        2.087295384355
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Verizon Communications Inc
        2S72QS2UO2OESLG6Y829
        Verizon Communications Inc
        92343V104
        
          
        
        203000.00000000
        NS
        USD
        11323340.00000000
        3.325869042742
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cardinal Health Inc
        CCU46N3GJMF4OK4N7U60
        Cardinal Health Inc
        14149Y108
        
          
        
        115500.00000000
        NS
        USD
        6858390.00000000
        2.014432754298
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Emerson Electric Co
        FGLT0EWZSUIRRITFOA30
        Emerson Electric Co
        291011104
        
          
        
        69000.00000000
        NS
        USD
        6961410.00000000
        2.044691585065
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Morgan Stanley
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley
        617446448
        
          
        
        95000.00000000
        NS
        USD
        9118100.00000000
        2.678150308886
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Caterpillar Inc
        WRJR7GS4GTRECRRTVX92
        Caterpillar Inc
        149123101
        
          
        
        30500.00000000
        NS
        USD
        6305875.00000000
        1.852149140616
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sonoco Products Co
        GKOMIK4RDJGHEF0VNP11
        Sonoco Products Co
        835495102
        
          
        
        99500.00000000
        NS
        USD
        6347105.00000000
        1.864259134719
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iShares Russell 1000 Value ETF
        549300KLSYN5NN4YNM90
        iShares Russell 1000 Value ETF
        464287598
        
          
        
        45000.00000000
        NS
        USD
        7198650.00000000
        2.114373248929
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Interpublic Group of Cos Inc/The
        5493008IUOJ5VWTRC333
        Interpublic Group of Cos Inc/The
        460690100
        
          
        
        202500.00000000
        NS
        USD
        7160400.00000000
        2.103138534536
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        T Rowe Price Group Inc
        549300SIV6FPS9Y7IH33
        T Rowe Price Group Inc
        74144T108
        
          
        
        33500.00000000
        NS
        USD
        6839360.00000000
        2.008843300313
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Merck & Co Inc
        4YV9Y5M8S0BRK1RP0397
        Merck & Co Inc
        58933Y105
        
          
        
        85000.00000000
        NS
        USD
        6533950.00000000
        1.919138878796
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co
        46625H100
        
          
        
        76000.00000000
        NS
        USD
        11535280.00000000
        3.388119640615
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        549300BZ5TGIFZUZDZ37
        State Street Institutional US Government Money Market Fund
        857492706
        
          
        
        1182203.68000000
        NS
        USD
        1182203.68000000
        0.347234528109
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ONEOK Inc
        2T3D6M0JSY48PSZI1Q41
        ONEOK Inc
        682680103
        
          
        
        118000.00000000
        NS
        USD
        6132460.00000000
        1.801214029593
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eaton Corp PLC
        549300VDIGTMXUNT7H71
        Eaton Corp PLC
        000000000
        
          
        
        46000.00000000
        NS
        USD
        7270300.00000000
        2.135418145304
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-08-19
      COMMERCE FUNDS
      Bill Schuetter
      Bill Schuetter
      President
    
  
  XXXX




The Commerce Funds

THE GROWTH FUND

 

Schedule of Investments

July 31, 2021 (Unaudited)

 

Shares      Description   Value
Common Stocks – 96.1%
Automobiles* – 2.0%
  7,000      Tesla, Inc.   $    4,810,400

 

 

Beverages – 1.1%
  15,805      PepsiCo, Inc.   2,480,595

 

 

Biotechnology – 1.0%
  9,640      Amgen, Inc.   2,328,446

 

 

Capital Markets – 1.9%
  15,705      Raymond James Financial, Inc.   2,033,483
  11,880      T. Rowe Price Group, Inc.   2,425,421
    

 

     4,458,904

 

 

Chemicals – 2.6%
  21,095      RPM International, Inc.   1,826,616
  9,655      The Scotts Miracle-Gro Co.   1,708,549
  8,480      The Sherwin-Williams Co.   2,467,934
    

 

     6,003,099

 

 

Commercial Services & Supplies – 2.8%
  14,265      Copart, Inc.*   2,096,955
  55,730      Rollins, Inc.   2,136,131
  16,620      Waste Management, Inc.   2,464,081
    

 

     6,697,167

 

 

Containers & Packaging – 0.8%
  23,505      Ball Corp.   1,901,084

 

 

Electrical Equipment – 0.9%
  6,700      Rockwell Automation, Inc.   2,059,714

 

 

Electronic Equipment, Instruments & Components – 2.9%
  34,565      Amphenol Corp. Class A   2,505,617
  11,715      CDW Corp/DE   2,147,945
  23,685      Cognex Corp.   2,141,361
    

 

     6,794,923

 

 

Entertainment* – 2.6%
  4,660      Netflix, Inc.   2,411,876
  10,830      Take-Two Interactive Software, Inc.   1,878,139
  183,560      Zynga, Inc. Class A   1,853,956
    

 

     6,143,971

 

 

Equity Real Estate Investment Trusts (REITs) – 1.0%
  7,630      Public Storage   2,384,222

 

 

Health Care Equipment & Supplies – 2.1%
  20,790      Abbott Laboratories   2,515,174
  8,915      Stryker Corp.   2,415,430
    

 

     4,930,604

 

 

Health Care Providers & Services – 1.9%
  7,655      Amedisys, Inc.*   1,995,046
  5,820      UnitedHealth Group, Inc.   2,399,120
    

 

     4,394,166

 

 

Hotels, Restaurants & Leisure – 2.1%
  10,320      McDonald’s Corp.   2,504,767
  20,875      Starbucks Corp.   2,534,851
    

 

     5,039,618

 

 

Shares      Description   Value
Common Stocks – (continued)
Interactive Media & Services* – 8.5%
  4,580      Alphabet, Inc. Class A   $  12,340,947
  21,515      Facebook, Inc. Class A   7,665,795
    

 

     20,006,742

 

 

Internet & Direct Marketing Retail – 7.5%
  4,550      Amazon.com, Inc.*   15,140,534
  35,975      eBay, Inc.   2,453,855
    

 

     17,594,389

 

 

IT Services – 7.7%
  11,680      Broadridge Financial Solutions, Inc.   2,026,363
  21,350      Fiserv, Inc.*   2,457,599
  7,140      FleetCor Technologies, Inc.*   1,843,691
  11,260      Jack Henry & Associates, Inc.   1,960,253
  7,950      Mastercard, Inc. Class A   3,068,223
  10,425      PayPal Holdings, Inc.*   2,872,400
  15,590      Visa, Inc. Class A   3,841,220
    

 

     18,069,749

 

 

Life Sciences Tools & Services – 3.0%
  15,820      Agilent Technologies, Inc.   2,424,098
  1,380      Mettler-Toledo International, Inc.*   2,033,720
  4,790      Thermo Fisher Scientific, Inc.   2,586,648
    

 

     7,044,466

 

 

Machinery – 1.0%
  10,380      Illinois Tool Works, Inc.   2,352,835

 

 

Media* – 1.8%
  58,725      Altice USA, Inc. Class A   1,804,619
  3,430      Charter Communications, Inc. Class A   2,552,092
    

 

     4,356,711

 

 

Multiline Retail – 1.1%
  10,825      Dollar General Corp.   2,518,328

 

 

Personal Products – 1.1%
  7,685      The Estee Lauder Cos., Inc. Class A   2,565,484

 

 

Pharmaceuticals – 1.1%
  12,415      Zoetis, Inc.   2,516,521

 

 

Road & Rail – 1.0%
  10,650      Union Pacific Corp.   2,329,794

 

 

Semiconductors & Semiconductor Equipment – 4.7%
  31,210      Micron Technology, Inc.*   2,421,272
  21,460      NVIDIA Corp.   4,184,485
  11,670      Skyworks Solutions, Inc.   2,153,232
  12,445      Texas Instruments, Inc.   2,372,266
    

 

     11,131,255

 

 

Software – 16.1%
  5,575      ANSYS, Inc.*   2,054,165
  8,175      Autodesk, Inc.*   2,625,238
  17,535      Cadence Design Systems, Inc.*   2,589,043
  80,995      Microsoft Corp.   23,076,285
  6,365      Palo Alto Networks, Inc.*   2,539,953
  4,335      ServiceNow, Inc.*   2,548,503
  10,140      Workday, Inc.*   2,376,816
    

 

     37,810,003

 

 

Specialty Retail – 2.4%
  19,280      Floor & Decor Holdings, Inc. Class A*   2,352,353
  10,070      The Home Depot, Inc.   3,304,873
    

 

     5,657,226

 

 

 

THE GROWTH FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Shares      Description   Value
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 11.3%
  169,350      Apple, Inc.   $  24,701,391
  24,830      NetApp, Inc.   1,976,220
    

 

     26,677,611

 

 

Textiles, Apparel & Luxury Goods – 2.1%
  17,810      Nike, Inc. Class B   2,983,353
  23,325      VF Corp.   1,870,665
    

 

     4,854,018

 

 

 
TOTAL COMMON STOCKS
(Cost $128,357,439)
  $225,912,045

 

 

Exchange Traded Fund – 3.0%
    24,950      iShares Russell 1000 Growth ETF  
  (Cost $7,063,949)   $    7,002,467

 

 

 

Shares      Dividend
Rate
  Value
Investment Company – 0.0%
 
State Street Institutional US Government Money Market Fund -
Premier Class
  46,979      0.025%   $         46,979
  (Cost $46,979)

 

 

 
TOTAL INVESTMENTS – 99.1%
(Cost $135,468,367)
  $232,961,491

 

 

 

OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.9%

  2,119,789

 

 

  NET ASSETS – 100.0%   $235,081,280

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Non-income producing security.

 

 

THE VALUE FUND

 

Schedule of Investments

July 31, 2021 (Unaudited)

 

Shares      Description   Value
Common Stocks – 97.3%
Aerospace & Defense – 3.8%
  34,500      General Dynamics Corp.   $    6,763,035
  17,000      Lockheed Martin Corp.   6,318,390
    

 

     13,081,425

 

 

Air Freight & Logistics – 1.8%
  32,000      United Parcel Service, Inc. Class B   6,123,520

 

 

Banks – 8.2%
  76,000      JPMorgan Chase & Co.   11,535,280
  150,000      Truist Financial Corp.   8,164,500
  146,000      U.S. Bancorp.   8,108,840
    

 

     27,808,620

 

 

Beverages – 2.1%
  45,000      PepsiCo., Inc.   7,062,750

 

 

Biotechnology – 1.9%
  27,000      Amgen, Inc.   6,521,580

 

 

Capital Markets – 8.0%
  23,000      CME Group, Inc.   4,878,990
  95,000      Morgan Stanley   9,118,100
  58,000      Northern Trust Corp.   6,545,300
  33,500      T. Rowe Price Group, Inc.   6,839,360
    

 

     27,381,750

 

 

Chemicals – 1.8%
  55,000      Eastman Chemical Co.   6,199,600

 

 

Communications Equipment – 2.0%
  123,000      Cisco Systems, Inc.   6,810,510

 

 

Containers & Packaging – 3.7%
  107,500      International Paper Co.   6,209,200
  99,500      Sonoco Products Co.   6,347,105
    

 

     12,556,305

 

 

Distributors – 2.0%
  52,500      Genuine Parts Co.   6,663,300

 

 

Diversified Telecommunication Services – 3.3%
  203,000      Verizon Communications, Inc.   11,323,340

 

 

Electric Utilities – 3.0%
  97,000      Duke Energy Corp.   10,195,670

 

 

Electrical Equipment – 4.2%
  46,000      Eaton Corp. PLC   7,270,300
  69,000      Emerson Electric Co.   6,961,410
    

 

     14,231,710

 

 

Equity Real Estate Investment Trusts (REITs) – 4.0%
  21,500      Public Storage   6,718,320
  85,000      WP Carey, Inc.   6,858,650
    

 

     13,576,970

 

 

Food Products – 1.9%
  106,000      Archer-Daniels-Midland Co.   6,330,320

 

 

Health Care Providers & Services – 3.9%
  115,500      Cardinal Health, Inc.   6,858,390
  78,000      CVS Health Corp.   6,424,080
    

 

     13,282,470

 

 

Shares      Description   Value
Common Stocks – (continued)
Hotels, Restaurants & Leisure – 2.0%
  28,000      McDonald’s Corp.   $    6,795,880

 

 

Household Products – 2.0%
  49,000      The Procter & Gamble Co.   6,969,270

 

 

Industrial Conglomerates – 1.9%
  33,500      3M Co.   6,630,990

 

 

Insurance – 4.3%
  123,000      MetLife, Inc.   7,097,100
  119,500      Principal Financial Group, Inc.   7,424,535
    

 

     14,521,635

 

 

IT Services – 4.0%
  44,500      International Business Machines Corp.   6,272,720
  63,000      Paychex, Inc.   7,170,660
    

 

     13,443,380

 

 

Machinery – 3.8%
  30,500      Caterpillar, Inc.   6,305,875
  29,500      Illinois Tool Works, Inc.   6,686,765
    

 

     12,992,640

 

 

Media – 2.1%
  202,500      The Interpublic Group of Cos., Inc.   7,160,400

 

 

Multi-Utilities – 2.8%
  129,500      Dominion Energy, Inc.   9,695,665

 

 

Oil, Gas & Consumable Fuels – 6.4%
  154,500      Chevron Corp.   15,729,645
  118,000      ONEOK, Inc.   6,132,460
    

 

     21,862,105

 

 

Pharmaceuticals – 6.5%
  50,000      Johnson & Johnson   8,610,000
  85,000      Merck & Co., Inc.   6,533,950
  166,000      Pfizer, Inc.   7,106,460
    

 

     22,250,410

 

 

Semiconductors & Semiconductor Equipment – 2.0%
  35,000      Texas Instruments, Inc.   6,671,700

 

 

Specialty Retail – 2.0%
  21,000      The Home Depot, Inc.   6,891,990

 

 

Textiles, Apparel & Luxury Goods – 1.9%
  353,000      Hanesbrands, Inc.   6,445,780

 

 

 
TOTAL COMMON STOCKS
(Cost $252,560,261)
  $331,481,685

 

 

Exchange Traded Fund – 2.1%
  45,000      iShares Russell 1000 Value Index Fund  
  (Cost $7,041,401)   $    7,198,650

 

 

 

THE VALUE FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Shares     

Dividend

Rate

  Value
Investment Company – 0.4%
 
State Street Institutional US Government Money Market Fund -
Premier Class
  1,182,204      0.025%   $    1,182,204
  (Cost $1,182,204)

 

 

 
TOTAL INVESTMENTS – 99.8%
(Cost $260,783,866)
  $339,862,539

 

 

 

OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.2%

  710,693

 

 

  NET ASSETS – 100.0%   $340,573,232

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

 

 

THE MIDCAP GROWTH FUND

 

Schedule of Investments

July 31, 2021 (Unaudited)

 

Shares      Description   Value
Common Stocks – 98.3%
Air Freight & Logistics – 1.1%
  40,165      CH Robinson Worldwide, Inc.   $    3,581,513

 

 

Capital Markets – 5.0%
  11,460      FactSet Research Systems, Inc.   4,094,429
  15,385      Morningstar, Inc.   3,886,712
  7,105      MSCI, Inc.   4,234,296
  19,420      T. Rowe Price Group, Inc.   3,964,787
    

 

     16,180,224

 

 

Chemicals – 3.3%
  33,580      FMC Corp.   3,591,381
  43,015      RPM International, Inc.   3,724,669
  19,740      The Scotts Miracle-Gro Co.   3,493,190
    

 

     10,809,240

 

 

Commercial Services & Supplies – 1.3%
  111,790      Rollins, Inc.   4,284,911

 

 

Distributors – 1.2%
  8,255      Pool Corp.   3,944,404

 

 

Electrical Equipment – 1.3%
  13,270      Rockwell Automation, Inc.   4,079,463

 

 

Electronic Equipment, Instruments & Components – 6.3%
  55,700      Amphenol Corp. Class A   4,037,693
  22,255      CDW Corp.   4,080,454
  46,205      Cognex Corp.   4,177,394
  17,980      IPG Photonics Corp.*   3,922,517
  7,425      Zebra Technologies Corp. Class A*   4,102,164
    

 

     20,320,222

 

 

Entertainment* – 2.3%
  21,645      Take-Two Interactive Software, Inc.   3,753,676
  366,065      Zynga, Inc. Class A   3,697,256
    

 

     7,450,932

 

 

Equity Real Estate Investment Trusts (REITs) – 2.5%
  28,960      CoreSite Realty Corp.   4,002,562
  23,145      Extra Space Storage, Inc.   4,030,470
    

 

     8,033,032

 

 

Food Products – 1.2%
  21,980      The Hershey Co.   3,931,782

 

 

Health Care Equipment & Supplies – 6.2%
  12,150      ABIOMED, Inc.*   3,974,751
  51,060      Globus Medical, Inc. Class A*   4,246,660
  13,560      Penumbra, Inc.*   3,610,079
  9,455      Teleflex, Inc.   3,757,701
  10,540      West Pharmaceutical Services, Inc.   4,339,634
    

 

     19,928,825

 

 

Health Care Providers & Services – 6.0%
  15,565      Amedisys, Inc.*   4,056,551
  67,445      Cardinal Health, Inc.   4,004,884
  7,855      Chemed Corp.   3,739,137
  30,120      Guardant Health, Inc.*   3,307,176
  14,300      Laboratory Corp. of America Holdings*   4,234,945
    

 

     19,342,693

 

 

Hotels, Restaurants & Leisure – 2.8%
  2,540      Chipotle Mexican Grill, Inc.*   4,733,137
  8,240      Domino’s Pizza, Inc.   4,330,038
    

 

     9,063,175

 

 

Shares      Description   Value
Common Stocks – (continued)
Household Products – 2.5%
  45,560      Church & Dwight Co., Inc.   $    3,944,585
  21,975      The Clorox Co.   3,975,058
    

 

     7,919,643

 

 

Interactive Media & Services* – 1.1%
  23,070      Match Group, Inc.   3,674,359

 

 

IT Services – 8.9%
  23,635      Broadridge Financial Solutions, Inc.   4,100,436
  7,305      EPAM Systems, Inc.*   4,089,339
  30,150      Euronet Worldwide, Inc.*   4,306,023
  14,765      FleetCor Technologies, Inc.*   3,812,618
  83,770      Genpact Ltd.   4,172,584
  23,045      Jack Henry & Associates, Inc.   4,011,904
  36,340      Paychex, Inc.   4,136,219
    

 

     28,629,123

 

 

Leisure Equipment & Products – 2.4%
  38,825      Brunswick Corp.   4,053,330
  28,660      Polaris, Inc.   3,756,466
    

 

     7,809,796

 

 

Life Sciences Tools & Services – 6.5%
  25,835      Agilent Technologies, Inc.   3,958,697
  8,620      Bio-Techne Corp.   4,156,909
  15,730      IQVIA Holdings, Inc.*   3,896,321
  2,795      Mettler-Toledo International, Inc.*   4,119,019
  19,645      Repligen Corp.*   4,826,777
    

 

     20,957,723

 

 

Machinery – 5.0%
  61,085      Donaldson Co., Inc.   4,043,216
  51,190      Graco, Inc.   3,996,915
  17,375      Nordson Corp.   3,929,009
  35,190      The Toro Co.   4,002,511
    

 

     15,971,651

 

 

Professional Services – 2.4%
  43,825      Booz Allen Hamilton Holding Corp.   3,760,623
  43,150      CoStar Group, Inc.*   3,833,878
    

 

     7,594,501

 

 

Road & Rail – 2.4%
  23,610      JB Hunt Transport Services, Inc.   3,977,105
  23,885      Landstar System, Inc.   3,749,945
    

 

     7,727,050

 

 

Semiconductors & Semiconductor Equipment – 5.0%
  31,765      Entegris, Inc.   3,832,129
  10,545      Monolithic Power Systems, Inc.   4,737,447
  21,315      Skyworks Solutions, Inc.   3,932,831
  29,015      Teradyne, Inc.   3,684,905
    

 

     16,187,312

 

 

Software – 12.0%
  11,095      ANSYS, Inc.*   4,088,064
  28,020      Cadence Design Systems, Inc.*   4,137,153
  33,090      Citrix Systems, Inc.   3,333,817
  127,005      Dropbox, Inc. Class A*   3,999,387
  147,780      NortonLifeLock, Inc.   3,667,900
  10,170      Palo Alto Networks, Inc.*   4,058,338
  27,245      Pegasystems, Inc.   3,477,552
  27,510      PTC, Inc.*   3,726,229
  13,840      Synopsys, Inc.*   3,985,782

 

 

 

THE MIDCAP GROWTH FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Shares      Description   Value
Common Stocks – (continued)
Software – (continued)
  8,495      Tyler Technologies, Inc.*   $    4,184,977
    

 

     38,659,199

 

 

Specialty Retail – 4.9%
  34,025      Best Buy Co., Inc.   3,822,709
  19,065      Five Below, Inc.*   3,706,617
  37,070      Floor & Decor Holdings, Inc. Class A*   4,522,911
  20,940      Tractor Supply Co.   3,788,674
    

 

     15,840,911

 

 

Technology Hardware, Storage & Peripherals – 1.2%
  46,790      NetApp, Inc.   3,724,016

 

 

Textiles, Apparel & Luxury Goods – 2.3%
  37,785      Columbia Sportswear Co.   3,764,142
  46,575      VF Corp.   3,735,315
    

 

     7,499,457

 

 

Trading Companies & Distributors* – 1.2%
  22,505      SiteOne Landscape Supply, Inc.   3,933,424

 

 

 
TOTAL COMMON STOCKS
(Cost $219,249,771)
  $317,078,581

 

 

Exchange Traded Fund – 1.7%
  47,970      iShares Russell Midcap Growth Index Fund  
  (Cost $4,796,297)   $    5,482,491

 

 

Shares     

Dividend

Rate

  Value
Investment Company – 0.1%
 
State Street Institutional US Government Money Market Fund -
Premier Class
  222,613      0.025%   $       222,613
  (Cost $222,613)

 

 

 
TOTAL INVESTMENTS – 100.1%
(Cost $224,268,681)
  $322,783,685

 

 

 

LIABILITIES IN EXCESS OF
OTHER ASSETS – (0.1)%

  (443,259)

 

 

  NET ASSETS – 100.0%   $322,340,426

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Non-income producing security.

 

 

THE BOND FUND

 

Schedule of Investments

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – 50.7%
Aerospace/Defense – 0.8%
Boeing Co.(a)
$  5,000,000     5.805   05/01/50   $       6,780,992
Raytheon Technologies Corp.
2,000,000     5.700     04/15/40   2,826,680
     

 

      9,607,672

 

Auto Manufacturers – 2.7%
BMW Finance NV(a)(b)
4,000,000     2.400     08/14/24   4,194,942
BorgWarner, Inc.(a)
1,000,000     3.375     03/15/25   1,082,378
Daimler Finance North America LLC(b)
3,485,000     0.750     03/01/24   3,493,875
Ford Motor Co.(a)
2,000,000     4.346     12/08/26   2,158,650
Ford Motor Credit Co. LLC
2,500,000     4.134     08/04/25   2,674,500
General Motors Co.(a)
3,450,000     6.600     04/01/36   4,770,085
General Motors Financial Co., Inc.(a)
2,000,000     3.950     04/13/24   2,152,922
PACCAR Financial Corp.
5,000,000     2.150     08/15/24   5,211,048
Toyota Motor Credit Corp.
1,800,000     0.350     10/14/22   1,803,479
Volkswagen Group of America Finance LLC(b)
4,000,000     4.750     11/13/28   4,777,760
     

 

      32,319,639

 

Banks – 7.1%
Bank of America Corp.
3,000,000     4.000     01/22/25   3,290,770
(3M USD LIBOR + 1.040%),
6,749,000     3.419 (a)(c)    12/20/28   7,413,701
Citigroup, Inc.
3,000,000     5.500     09/13/25   3,506,680
3,500,000     4.450     09/29/27   4,036,482
HSBC Holdings PLC
3,130,000     6.100     01/14/42   4,584,713
JPMorgan Chase & Co.
2,520,000     5.600     07/15/41   3,546,599
(3M USD LIBOR + 1.000%),
150,000     1.125 (c)    04/26/23   151,802
(3M USD LIBOR + 1.160%),
1,650,000     3.702 (a)(c)    05/06/30   1,854,736
(3M USD LIBOR + 1.330%),
2,000,000     4.452 (a)(c)    12/05/29   2,349,121
(3M USD LIBOR + 3.470%),
2,222,000     3.599 (a)(c)    12/29/49   2,233,104
(SOFR + 0.885%),
1,500,000     0.935 (a)(c)    04/22/27   1,521,036
KeyBank NA
5,700,000     3.400     05/20/26   6,262,901
Mitsubishi UFJ Financial Group, Inc.
3,000,000     3.777     03/02/25   3,298,041
Northern Trust Corp.(a)
5,438,000     3.150     05/03/29   6,065,614
PNC Bank NA
2,500,000     2.950 (a)    01/30/23   2,590,269
3,830,000     4.050     07/26/28   4,464,956

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)
Banks – (continued)
The PNC Financial Services Group, Inc.(a)(c)
(3M USD LIBOR + 3.678%)
$  2,500,000     6.750   07/29/49   $       2,505,450
Truist Financial Corp.(a)
5,455,000     2.500     08/01/24   5,759,172
2,265,000     1.125     08/03/27   2,242,125
U.S. Bancorp(a)
2,050,000     3.600     09/11/24   2,231,753
UBS Group AG(a)(b)(c)
(3M USD LIBOR + 0.954%)
2,750,000     2.859     08/15/23   2,817,629
Wells Fargo & Co.
2,500,000     4.100     06/03/26   2,814,859
1,500,000     4.650     11/04/44   1,883,369
5,000,000     4.750     12/07/46   6,416,551
Wells Fargo Bank NA(d)
2,000,000     6.180     02/15/36   2,707,110
     

 

      86,548,543

 

Beverages(a) – 0.8%
Anheuser-Busch InBev Worldwide, Inc.
6,000,000     4.439     10/06/48   7,323,869
PepsiCo, Inc.
2,190,000     4.450     04/14/46   2,880,762
     

 

      10,204,631

 

Biotechnology(a) – 0.3%
Amgen, Inc.
3,175,000     2.770     09/01/53   3,086,433

 

Chemicals(a) – 0.4%
Linde, Inc.
2,000,000     3.200     01/30/26   2,197,626
PPG Industries, Inc.
2,355,000     2.400     08/15/24   2,470,585
     

 

      4,668,211

 

Commercial Services – 1.2%
Emory University(a)
2,000,000     1.566     09/01/25   2,060,060
Henry J. Kaiser Family Foundation
6,250,000     3.356     12/01/25   6,560,568
Northwestern University
1,000,000     4.643     12/01/44   1,342,630
The Corp. of Gonzaga University
3,500,000     4.158     04/01/46   4,061,260
     

 

      14,024,518

 

Distribution/Wholesale(a) – 0.4%
WW Grainger, Inc.
3,260,000     4.600     06/15/45   4,311,724

 

Diversified Financial Services – 3.9%
Air Lease Corp.(a)
2,500,000     3.000     09/15/23   2,612,634
Aircastle Ltd.(a)
1,000,000     4.250     06/15/26   1,099,160
American Express Co.(a)
3,115,000     3.125     05/20/26   3,415,050

 

 

THE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Blackstone Secured Lending Fund(a)
$  4,200,000     3.625   01/15/26   $       4,475,357
Brookfield Finance, Inc.(a)
2,100,000     4.700     09/20/47   2,628,995
Capital One Bank USA NA(a)(c)
(SOFR + 0.911%)
4,000,000     2.280     01/28/26   4,174,279
CDP Financial, Inc.(b)
1,000,000     3.150     07/24/24   1,078,902
CME Group, Inc.
1,685,000     3.000     09/15/22   1,736,408
Franklin Resources, Inc.
5,000,000     2.850     03/30/25   5,360,953
Invesco Finance PLC
6,509,000     3.125     11/30/22   6,742,984
Janus Capital Group, Inc.(a)
3,000,000     4.875     08/01/25   3,394,366
Legg Mason, Inc.
3,895,000     5.625     01/15/44   5,560,969
Owl Rock Capital Corp.(a)
2,000,000     3.400     07/15/26   2,102,110
The Charles Schwab Corp.
2,500,000     3.225     09/01/22   2,575,341
     

 

      46,957,508

 

Electrical Equipment – 4.1%
Arizona Public Service Co.
2,150,000     6.875     08/01/36   3,217,170
Consumers Energy Co.(a)
3,290,000     3.950     07/15/47   3,984,865
Duke Energy Progress LLC(a)
2,000,000     2.800     05/15/22   2,027,360
Emerson Electric Co.
2,545,000     0.875 (a)    10/15/26   2,533,906
2,000,000     1.800 (a)    10/15/27   2,066,232
1,000,000     6.125     04/15/39   1,470,175
Entergy Louisiana LLC(a)
3,000,000     3.780     04/01/25   3,269,702
Gulf Power Co.(a)
1,250,000     4.550     10/01/44   1,476,421
Louisville Gas & Electric Co.(a)
1,850,000     4.650     11/15/43   2,347,948
National Grid USA
3,375,000     8.000     11/15/30   4,727,647
Ohio Power Co.
2,870,000     5.850     10/01/35   3,981,844
Pacific Gas and Electric Co.(a)
1,000,000     4.550     07/01/30   1,066,165
1,000,000     4.950     07/01/50   1,032,178
PacifiCorp
1,900,000     6.100     08/01/36   2,685,224
PPL Electric Utilities Corp.(a)
1,025,000     4.750     07/15/43   1,363,416
Public Service Enterprise Group, Inc.(a)(b)
5,500,000     8.625     04/15/31   8,337,661
Southern California Edison Co.
1,000,000     5.550     01/15/37   1,255,040

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)
Electrical Equipment – (continued)
Wisconsin Public Service Corp.(a)
$  3,000,000     3.300   09/01/49   $       3,280,087
     

 

      50,123,041

 

Electronics(a) – 0.2%
PerkinElmer, Inc.
2,410,000     3.300     09/15/29   2,631,753

 

Food(a)(b) – 0.3%
Nestle Holdings, Inc.
3,870,000     0.625     01/15/26   3,828,171

 

Gas(a) – 0.9%
Atmos Energy Corp.
1,400,000     4.125     03/15/49   1,751,516
Boston Gas Co.(b)
1,000,000     3.001     08/01/29   1,063,252
National Fuel Gas Co.
3,000,000     2.950     03/01/31   3,083,991
Northwest Natural Gas Co.
4,650,000     3.869     06/15/49   5,406,938
     

 

      11,305,697

 

Healthcare-Services – 2.6%
Adventist Health System(a)
7,000,000     2.952     03/01/29   7,470,823
Ascension Health
3,000,000     2.532 (a)    11/15/29   3,202,638
1,500,000     3.945     11/15/46   1,871,973
Baptist Health South Florida, Inc.
3,695,000     4.342     11/15/41   4,515,007
Community Health Network, Inc.
2,225,000     4.237     05/01/25   2,475,383
Mayo Clinic
2,600,000     3.774     11/15/43   3,095,935
SSM Health Care Corp.(a)
3,000,000     3.688     06/01/23   3,156,315
4,990,000     3.823     06/01/27   5,657,704
     

 

      31,445,778

 

Insurance – 5.9%
Americo Life, Inc.(b)
5,206,000     3.450     04/15/31   5,367,631
Arch Capital Group Ltd.
2,149,000     7.350     05/01/34   3,228,132
Assured Guaranty US Holdings, Inc.(a)
1,000,000     3.150     06/15/31   1,063,634
AXIS Specialty Finance LLC(a)
3,000,000     3.900     07/15/29   3,334,438
Berkshire Hathaway Finance Corp.(a)
4,220,000     4.200     08/15/48   5,312,227
Equitable Financial Life Global Funding(b)
3,000,000     1.300     07/12/26   3,008,669
5,000,000     1.750     11/15/30   4,874,772
Guardian Life Global Funding(b)
5,000,000     1.250     11/19/27   4,945,333
Jackson National Life Global Funding(b)
2,600,000     3.250     01/30/24   2,767,827
Loews Corp.
3,000,000     6.000     02/01/35   4,174,698

 

 

THE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)
Insurance – (continued)
MassMutual Global Funding II(b)
$  6,150,000     2.950   01/11/25   $       6,597,215
MetLife, Inc.(a)
2,055,000     10.750     08/01/39   3,537,386
Metropolitan Life Global Funding I(b)
1,360,000     2.400     06/17/22   1,386,182
Principal Life Global Funding II(b)
1,340,000     0.500     01/08/24   1,340,817
Prudential Financial, Inc.(a)(c)
(3M USD LIBOR + 4.175%)
2,000,000     5.875     09/15/42   2,107,814
Reinsurance Group of America, Inc.(a)
2,000,000     3.950     09/15/26   2,243,886
2,500,000     3.150     06/15/30   2,708,564
Reliance Standard Life Global Funding II(b)
1,750,000     2.750     01/21/27   1,863,936
Teachers Insurance & Annuity Association of America(a)(b)
3,000,000     4.270     05/15/47   3,684,992
The Prudential Insurance Co. of America(b)
2,775,000     8.300     07/01/25   3,489,313
The Travelers Cos., Inc.(a)
2,000,000     4.100     03/04/49   2,518,728
Travelers Property Casualty Corp.
1,493,000     7.750     04/15/26   1,935,431
     

 

      71,491,625

 

Internet(a) – 0.3%
Booking Holdings, Inc.
1,750,000     3.600     06/01/26   1,946,871
TD Ameritrade Holding Corp.
1,225,000     2.750     10/01/29   1,329,234
     

 

      3,276,105

 

Machinery-Diversified(a) – 0.3%
Rockwell Automation, Inc.
3,000,000     3.500     03/01/29   3,392,905

 

Media – 0.6%
Comcast Corp.
1,250,000     6.400     05/15/38   1,856,227
1,500,000     2.450 (a)    08/15/52   1,399,152
The Walt Disney Co.
1,000,000     7.125     04/08/28   1,331,692
ViacomCBS, Inc.
2,500,000     7.875     09/01/23   2,893,616
     

 

      7,480,687

 

Metals & Mining – 0.7%
Caterpillar Financial Services Corp.
4,680,000     0.450     09/14/23   4,693,273
The Timken Co.
2,750,000     6.875     05/08/28   3,428,793
     

 

      8,122,066

 

Miscellaneous Manufacturing – 0.7%
General Electric Co.
1,500,000     4.500     03/11/44   1,849,901
(3M USD LIBOR + 3.330%),
3,748,000     3.449 (a)(c)    12/29/49   3,668,355

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)
Miscellaneous Manufacturing – (continued)
Siemens Financieringsmaatschappij NV(b)
$  3,000,000     2.700   03/16/22   $       3,046,211
     

 

      8,564,467

 

Oil-Field Services – 3.4%
Apache Corp.
2,835,000     5.100 (a)    09/01/40   3,040,537
1,360,000     7.375     08/15/47   1,635,400
BP Capital Markets America, Inc.
3,250,000     2.750     05/10/23   3,385,507
4,000,000     3.543 (a)    04/06/27   4,451,486
Equinor ASA
1,795,000     6.800     01/15/28   2,302,685
HollyFrontier Corp.(a)
3,850,000     5.875     04/01/26   4,457,971
Phillips 66(a)
3,000,000     4.650     11/15/34   3,592,945
Saudi Arabian Oil Co.(b)
5,000,000     3.500     04/16/29   5,463,240
Schlumberger Investment SA(a)
3,600,000     2.650     06/26/30   3,829,275
Tosco Corp.
2,095,000     8.125     02/15/30   3,072,807
Valero Energy Corp.(a)
6,000,000     2.850     04/15/25   6,360,726
     

 

      41,592,579

 

Paper and Forest Products – 1.0%
Georgia-Pacific LLC(b)
2,225,000     0.625     05/15/24   2,230,528
5,000,000     2.100 (a)    04/30/27   5,219,644
International Paper Co.
2,925,000     8.700     06/15/38   4,966,617
     

 

      12,416,789

 

Pharmaceuticals – 1.6%
Bristol-Myers Squibb Co.(a)
3,250,000     3.900     02/20/28   3,767,875
CVS Pass-Through Trust(b)
2,398,168     7.507     01/10/32   3,049,461
Johnson & Johnson
4,970,000     5.950     08/15/37   7,386,227
Pfizer, Inc.
2,900,000     7.200     03/15/39   4,787,986
     

 

      18,991,549

 

Pipelines – 2.3%
DCP Midstream Operating LP
3,397,000     8.125     08/16/30   4,526,502
Energy Transfer LP(a)
3,000,000     4.900     03/15/35   3,496,975
Kinder Morgan Energy Partners LP
4,175,000     5.800     03/15/35   5,480,494
Magellan Midstream Partners LP(a)
2,635,000     3.950     03/01/50   2,895,305
Tennessee Gas Pipeline Co. LLC
628,000     8.375     06/15/32   935,317
1,450,000     7.625     04/01/37   2,133,381
TransCanada PipeLines Ltd.(a)
2,500,000     4.875     01/15/26   2,885,017

 

 

THE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)
Pipelines – (continued)
Transcanada Trust(a)(c)
(3M USD LIBOR + 3.208%)
$  4,660,000     5.300   03/15/77   $       5,002,976
     

 

      27,355,967

 

Real Estate(a) – 4.3%
Columbia Property Trust Operating Partnership LP
2,485,000     4.150     04/01/25   2,695,468
ERP Operating LP
1,505,000     2.850     11/01/26   1,619,111
Healthcare Realty Trust, Inc.
1,075,000     2.050     03/15/31   1,062,474
Mid-America Apartments LP
1,860,000     4.300     10/15/23   1,992,479
1,700,000     3.600     06/01/27   1,910,270
National Retail Properties, Inc.
1,000,000     3.900     06/15/24   1,080,037
Office Properties Income Trust
4,000,000     4.250     05/15/24   4,288,652
Omega Healthcare Investors, Inc.
4,500,000     4.750     01/15/28   5,145,194
Piedmont Operating Partnership LP
1,290,000     3.400     06/01/23   1,338,730
2,800,000     4.450     03/15/24   3,022,677
Post Apartment Homes LP
1,500,000     3.375     12/01/22   1,546,715
Realty Income Corp.
2,400,000     0.750     03/15/26   2,376,482
SBA Tower Trust(b)
3,520,000     3.448     03/15/23   3,584,925
1,575,000     2.836     01/15/25   1,642,749
Scentre Group Trust 1/Scentre Group Trust 2(b)
4,000,000     3.750     03/23/27   4,434,921
Simon Property Group LP
2,815,000     3.750     02/01/24   3,013,983
STORE Capital Corp.
2,000,000     4.500     03/15/28   2,287,367
Sun Communities Operating LP
1,000,000     2.700     07/15/31   1,023,260
Ventas Realty LP
2,910,000     3.500     02/01/25   3,135,557
VEREIT Operating Partnership LP
2,400,000     3.950     08/15/27   2,734,756
Washington Real Estate Investment Trust
1,580,000     3.950     10/15/22   1,628,442
Weingarten Realty Investors
1,000,000     3.850     06/01/25   1,084,170
     

 

      52,648,419

 

Retail(a) – 0.1%
Advance Auto Parts, Inc.
1,135,000     1.750     10/01/27   1,141,064

 

Semiconductors(a) – 1.4%
Broadcom, Inc.(b)
1,000,000     1.950     02/15/28   1,007,751
3,500,000     3.469     04/15/34   3,722,207
Maxim Integrated Products, Inc.
5,016,000     3.375     03/15/23   5,217,034

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)
Semiconductors(a) – (continued)
QUALCOMM, Inc.
$  2,930,000     3.250   05/20/27   $       3,238,532
Texas Instruments, Inc.
2,925,000     3.875     03/15/39   3,571,479
     

 

      16,757,003

 

Software(a) – 0.6%
Adobe, Inc.
2,000,000     2.150     02/01/27   2,106,081
Fidelity National Information Services, Inc.
2,500,000     1.150     03/01/26   2,503,032
salesforce.com, Inc.
2,850,000     1.950     07/15/31   2,897,884
     

 

      7,506,997

 

Telecommunications – 0.6%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC(b)
1,875,000     4.738     03/20/25   2,005,444
Verizon Communications, Inc.
4,748,000     4.329     09/21/28   5,564,199
     

 

      7,569,643

 

Transportation – 1.2%
Burlington Northern Santa Fe LLC(a)
1,220,000     4.950     09/15/41   1,634,425
Canadian National Railway Co.
1,190,000     6.200     06/01/36   1,725,478
1,310,000     2.450 (a)    05/01/50   1,214,499
Canadian Pacific Railway Co.
1,980,000     5.750     01/15/42   2,763,375
2,500,000     6.125 (a)(e)    09/15/15   3,981,161
Kansas City Southern(a)
1,000,000     4.950     08/15/45   1,299,365
1,500,000     4.700     05/01/48   1,909,329
The Kansas City Southern Railway Co.(a)
500,000     4.950     08/15/45   661,453
     

 

      15,189,085

 

TOTAL CORPORATE OBLIGATIONS
(Cost $562,507,897)
  $   614,560,269

 

          
Asset-Backed Securities – 17.6%
Automotive(b) – 2.9%
Avis Budget Rental Car Funding AESOP LLC Series 2017-2A, Class A
$  2,180,000     2.970   03/20/24   $       2,259,911
Avis Budget Rental Car Funding AESOP LLC Series 2018-1A, Class A
4,150,000     3.700     09/20/24   4,404,117
Avis Budget Rental Car Funding AESOP LLC Series 2019-3A, Class A
11,100,000     2.360     03/20/26   11,629,655
Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class A
4,150,000     1.380     08/20/27   4,160,186

 

 

THE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities – (continued)
Automotive(b) – (continued)
Avis Budget Rental Car Funding AESOP LLC Series2020-2A, Class A
$  2,080,000     2.020   02/20/27   $       2,149,039
Ford Credit Auto Owner Trust Series 2017-1, Class A
2,500,000     2.620     08/15/28   2,533,038
Ford Credit Auto Owner Trust Series 2018-1, Class A
5,000,000     3.190     07/15/31   5,407,241
Hertz Vehicle Financing III LP Series 2021-2A, Class A
2,800,000     1.680     12/27/27   2,835,902
     

 

      35,379,089

 

Home Equity – 0.5%
Accredited Mortgage Loan Trust Series 2004-4, Class A1B(c)
(1M USD LIBOR + 0.780%)
626,933     0.869     01/25/35   625,371
Ameriquest Mortgage Securities, Inc. Series 2004-FR1W,
Class A6(f)
374,296     4.044     05/25/34   381,608
EquiFirst Mortgage Loan Trust Series 2003-2, Class 2A2(f)
162,084     4.250     09/25/33   169,115
Morgan Stanley ABS Capital I, Inc. Trust Series 2005-HE1, Class M1(c)
(1M USD LIBOR + 0.675%)
2,366,014     0.764     12/25/34   2,318,521
Renaissance Home Equity Loan Trust Series 2005-3, Class AF4(f)
662,128     5.140     11/25/35   712,427
Southern Pacific Secured Asset Corp. Series 1998-2, Class A7(f)
1,020,287     7.490     07/25/29   1,058,678
     

 

      5,265,720

 

Manufactured Housing – 0.0%
Green Tree Financial Corp. Series 1998-3, Class A5
6,302     6.220     03/01/30   6,302
Green Tree Financial Corp. Series 1998-3, Class A6(c)(g)
787     6.760     03/01/30   787
Mid-State Trust Series 2011, Class A1
133,087     4.864     07/15/38   140,205
     

 

      147,294

 

Other – 12.7%
AFN LLC Series 2019-1A, Class A1(b)
4,895,876     3.780     05/20/49   5,202,398
CAL Funding IV Ltd. Series 2020-1A, Class A(b)
5,575,000     2.220     09/25/45   5,659,977
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2002-3, Class 1A5(f)
915,541     5.907     06/25/32   918,253
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-1, Class 2A2(c)
(1M USD LIBOR + 0.460%)
3,580,627     0.549     12/25/33   3,450,314
CMFT Net Lease Master Issuer LLC Series 2021-1, Class A1(a)(b)
3,250,000     2.090     07/20/51   3,249,622
Countrywide Asset-Backed Certificates Series 2007-QH1,
Class A1(b)(c)
(1M USD LIBOR + 0.400%)
423,487     0.489     02/25/37   404,350
Diamond Infrastructure Funding LLC Series 2021-1A, Class A(b)
4,000,000     1.760     04/15/49   4,025,280

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities – (continued)
Other – (continued)
Domino’s Pizza Master Issuer LLC Series 2017-1A, Class A23(b)
$  6,272,500     4.118   07/25/47   $       6,771,415
FCI Funding LLC Series 2021-1A, Class A(b)
2,014,468     1.130     04/15/33   2,017,070
Global SC Finance VII S.r.l. Series 2020-2A, Class A(b)
4,880,897     2.260     11/19/40   4,957,224
Harvest SBA Loan Trust Series 2018-1, Class A(b)(c)
(1M USD LIBOR + 2.250%)
2,553,256     2.342     08/25/44   2,476,819
Home Partners of America Trust Series 2019-1, Class A(b)
7,163,584     2.908     09/17/39   7,414,115
Invitation Homes Trust Series 2018-SFR2, Class A(b)(c)
(1M USD LIBOR + 0.900%)
4,032,407     0.993     06/17/37   4,040,135
LFS LLC Series 2021-A, Class A(b)
1,376,854     2.460     04/15/33   1,378,150
Long Beach Mortgage Loan Trust Series 2003-4, Class AV1(c)
(1M USD LIBOR + 0.620%)
160,670     0.709     08/25/33   158,233
Longtrain Leasing III LLC Series 2015-1A, Class A1(b)
2,149,956     2.980     01/15/45   2,196,841
Longtrain Leasing III LLC Series 2015-1A, Class A2(b)
4,900,951     4.060     01/15/45   4,987,465
NP SPE II LLC Series 2016-1A, Class A1(b)
1,983,148     4.164     04/20/46   2,074,157
OnDeck Asset Securitization Trust LLC Series 2021-1A, Class A(b)
1,500,000     1.590     05/17/27   1,512,955
PEAR Series 2020-1, Class A(b)
4,392,217     3.750     12/15/32   4,394,986
Progress Residential Trust Series 2020-SFR2, Class A(b)
1,000,000     2.078     06/17/37   1,032,147
Sabey Data Center Issuer LLC Series 2021-1, Class A2(b)
3,000,000     1.881     06/20/46   3,028,828
ServiceMaster Funding LLC Series 2020-1, Class A2I(b)
3,990,000     2.841     01/30/51   4,168,034
SERVPRO Master Issuer LLC Series 21-1A, Class A2(b)
1,995,000     2.394     04/25/51   2,035,020
Sierra Timeshare Receivables Funding LLC Series 2021-1A,
Class A(b)
813,309     0.990     11/20/37   813,438
STAR Trust Series 2021-SFR1, Class A(b)(c)
(1M USD LIBOR + 0.600%)
3,324,227     0.690     04/17/38   3,324,227
State of Hawaii Department of Business Economic Development & Tourism Series 2014-A, Class A2
6,985,804     3.242     01/01/31   7,548,223
Structured Asset Investment Loan Trust Series 2003-BC5, Class M1(c)
(1M USD LIBOR + 1.125%)
232,084     1.214     06/25/33   233,785
Structured Asset Securities Corp. Series 2005-9XS, Class 1A3A(f)
67,823     5.750     06/25/35   71,561
Thrust Engine Leasing 2021 DAC Series 2021-1A, Class A(b)
5,000,000     4.163     07/15/40   5,038,048
Tif Funding II LLC Series 2020-1A, Class A(b)
2,141,875     2.090     08/20/45   2,165,299
Towd Point Mortgage Trust Series 2015-1, Class 1A2(b)(c)(g)
4,091,574     3.250     11/25/60   4,119,291

 

 

THE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities – (continued)
Other – (continued)
Towd Point Mortgage Trust Series 2016-2, Class A1(b)(c)(g)
$    250,118     3.000   08/25/55   $          252,366
Towd Point Mortgage Trust Series 2016-3, Class A1(b)(c)(g)
496,517     2.250     04/25/56   498,144
Towd Point Mortgage Trust Series 2017-3, Class A2(b)(c)(g)
1,850,000     3.000     07/25/57   1,922,272
Towd Point Mortgage Trust Series 2018-2, Class A2(b)(c)(g)
5,500,000     3.500     03/25/58   5,894,926
Trafigura Securitisation Finance PLC Series 2018-1A, Class A2(b)
4,335,000     3.730     03/15/22   4,349,886
Trinity Rail Leasing 2020 LLC Series 2020-2A, Class A2(b)
10,315,000     2.560     11/19/50   10,679,155
Trinity Rail Leasing LLC Series 2019-1A, Class A(b)
4,525,386     3.820     04/17/49   4,761,628
Trinity Rail Leasing LLC Series 2019-2A, Class A2(b)
3,000,000     3.100     10/18/49   3,115,078
Triton Container Finance VIII LLC Series 2020-1A, Class A(b)
5,807,292     2.110     09/20/45   5,891,846
Triton Container Finance VIII LLC Series 2021-1A, Class A(b)
485,836     1.860     03/20/46   486,711
TVEST 2021A LLC Series 2021-A, Class A(b)
3,000,000     2.350     09/15/33   3,000,000
Vantage Data Centers LLC Series 2020-1A, Class A2(b)
8,250,000     1.645     09/15/45   8,323,191
Wendy’s Funding LLC Series 2019-1A, Class A2I(b)
2,835,000     3.783     06/15/49   3,029,708
Wendy’s Funding LLC Series 2021-1A, Class A2I(b)
1,250,000     2.370     06/15/51   1,271,400
     

 

      154,343,971

 

Student Loan – 1.5%
DRB Prime Student Loan Trust Series 2016-B, Class A2(b)
350,236     2.890     06/25/40   351,739
DRB Prime Student Loan Trust Series 2017-A, Class A2B(b)
799,168     2.850     05/27/42   809,192
Massachusetts Educational Financing Authority Series 2018-A, Class A
2,152,898     3.850     05/25/33   2,294,015
Navient Private Education Loan Trust Series 2015-AA, Class A2A(b)
2,058,057     2.650     12/15/28   2,094,504
Navient Private Education Refi Loan Trust Series 2018-A,
Class A2(b)
393,929     3.190     02/18/42   398,992
Navient Private Education Refi Loan Trust Series 2020-HA,
Class A(b)
3,544,941     1.310     01/15/69   3,575,360
Sofi Professional Loan Program LLC Series 2016-B, Class A2B(b)
494,703     2.740     10/25/32   499,881
Sofi Professional Loan Program LLC Series 2016-E, Class A2B(b)
655,441     2.490     01/25/36   660,944
Sofi Professional Loan Program Trust Series 2018-C, Class A2FX(b)
4,134,947     3.590     01/25/48   4,271,251
South Carolina Student Loan Corp. Series 2015-A, Class A(c)
(1M USD LIBOR + 1.500%)
1,787,181     1.589     01/25/36   1,801,919

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities – (continued)
Student Loan – (continued)
Towd Point Asset Trust Series 2018-SL1, Class A(b)(c)
(1M USD LIBOR + 0.600%)
$  1,342,276     0.689   01/25/46   $       1,334,674
     

 

      18,092,471

 

TOTAL ASSET-BACKED SECURITIES
(Cost $206,353,899)
  $   213,228,545

 

Mortgage-Backed Obligations – 10.8%
Collateralized Mortgage Obligations – 9.3%
Adjustable Rate Mortgage Trust Series 2004-5, Class 3A1(c)(g)
$         3,779     2.419   04/25/35   $              3,774
Agate Bay Mortgage Loan Trust Series 2014-3, Class A2(b)(c)(g)
559,979     3.500     11/25/44   564,948
Agate Bay Mortgage Loan Trust Series 2016-2, Class A3(b)(c)(g)
291,206     3.500     03/25/46   295,557
Banc of America Alternative Loan Trust Series 2005-10, Class 6A1
7,374     5.500     11/25/20   6,542
Bayview MSR Opportunity Master Fund Trust Series 2021-2, Class A2(b)(c)(g)
4,000,000     2.500     06/25/51   4,100,000
Bear Stearns Alt-A Trust Series 2005-9, Class 25A1(c)(g)
1,069,606     2.873     11/25/35   876,428
Bear Stearns Asset Backed Securities Trust Series 2003-AC7, Class A2(f)
201,082     5.750     01/25/34   203,407
Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2, Class 1CB2
443,950     6.750     08/25/34   473,949
Citigroup Mortgage Loan Trust, Inc. Series 2005-10, Class 1A5A(c)(g)
66,825     2.908     12/25/35   63,285
Citigroup Mortgage Loan Trust, Inc. Series 2007-AR5,
Class 1A3A(c)(g)
48,983     2.917     04/25/37   46,938
Citigroup Mortgage Loan Trust, Inc. Series 2015-A, Class A1(b)(c)(g)
222,308     3.500     06/25/58   224,864
Countrywide Alternative Loan Trust Series 2004-18CB, Class 3A1
12,243     5.250     09/25/19   12,264
Countrywide Alternative Loan Trust Series 2005-J1, Class 3A1
9,254     6.500     08/25/32   9,377
Countrywide Home Loans Trust Series 2005-27, Class 2A1
422,392     5.500     12/25/35   272,825
Countrywide Home Loans Trust Series 2005-6, Class 2A1
91,150     5.500     04/25/35   88,383
Countrywide Home Loans Trust Series 2005-7, Class 1A1(c)
(1M USD LIBOR + 0.540%)
587,584     0.629     03/25/35   571,782
CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A4
123,688     5.250     07/25/33   127,904
CSMC Trust Series 2013-6, Class 1A1(b)(c)(g)
5,415,331     2.500     07/25/28   5,511,431
CSMC Trust Series 2014-WIN2, Class A3(b)(c)(g)
571,089     3.500     10/25/44   581,174
CSMC Trust Series 2017-HL2, Class A1(b)(c)(g)
800,324     3.500     10/25/47   816,962

 

 

THE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
EverBank Mortgage Loan Trust Series 2013-2, Class A(b)(c)(g)
$   824,883     3.000   06/25/43   $          842,134
FHLMC REMIC Series 1579, Class PM
16,901     6.700     09/15/23   17,765
FHLMC REMIC Series 2103, Class TE
26,414     6.000     12/15/28   30,163
FHLMC REMIC Series 2110, Class PG
138,573     6.000     01/15/29   156,528
FHLMC REMIC Series 2391, Class Z
389,480     6.000     12/15/31   447,377
FHLMC REMIC Series 2603, Class C
48,077     5.500     04/15/23   49,264
FHLMC REMIC Series 4088, Class EP
490,616     2.750     09/15/41   499,922
FHLMC REMIC Series 4272, Class DG
379,038     3.000     04/15/43   389,150
FHLMC REMIC Series 4370, Class PA
257,096     3.500     09/15/41   267,037
FHLMC REMIC Series 4710, Class WA
38,337     3.500     03/15/44   38,550
FHLMC REMIC Series 4729, Class AG
772,842     3.000     01/15/44   776,156
FHLMC REMIC Series 4770, Class JH
330,966     4.500     10/15/45   338,217
FHLMC REMIC Series 4792, Class AC
310,465     3.500     05/15/48   321,653
FHLMC REMIC Series 4840, Class MB
7,526,438     4.500     09/15/46   7,712,608
FHLMC REMIC Series 4841, Class VH
4,217,000     4.500     10/15/37   4,359,684
FHLMC REMIC Series 5020, Class KW
6,000,000     2.000     09/25/45   6,296,306
FHLMC REMIC Series 5081, Class QA
826,979     2.000     12/25/50   848,856
First Horizon Alternative Mortgage Securities Series 2006-RE1, Class A1(c)(g)
771,609     5.500     05/25/35   666,153
Flagstar Mortgage Trust Series 2018-2, Class A4(b)(c)(g)
937,625     3.500     04/25/48   941,047
Flagstar Mortgage Trust Series 2019-1INV, Class A3(b)(c)(g)
1,950,357     3.500     10/25/49   1,993,173
FNMA REMIC Series 2001-45, Class WG
33,734     6.500     09/25/31   38,239
FNMA REMIC Series 2003-117, Class KB
1,670,328     6.000     12/25/33   1,962,642
FNMA REMIC Series 2003-14, Class AP
13,984     4.000     03/25/33   14,571
FNMA REMIC Series 2004-53, Class NC
77,521     5.500     07/25/24   80,392
FNMA REMIC Series 2015-2, Class PA
1,801,091     2.250     03/25/44   1,860,944
FNMA REMIC Series 2015-30, Class JA
1,379,539     2.000     05/25/45   1,426,372
FNMA REMIC Series 2016-16, Class PD
1,054,582     3.000     12/25/44   1,087,404
FNMA Series 2003-W6, Class 3A
66,317     6.500     09/25/42   77,398

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
GNMA REMIC Series 2015-167, Class KM
$   117,129     3.000   12/20/43   $          124,185
GNMA REMIC Series 2015-94, Class AT
625,442     2.250     07/16/45   653,536
GNMA REMIC Series 2016-129, Class W
310,437     2.500     07/20/46   322,162
GNMA REMIC Series 2018-37, Class KT
823,367     3.500     03/20/48   883,527
GNMA REMIC Series 2021-116, Class LG
10,000,000     2.000     06/20/51   10,214,062
GSR Mortgage Loan Trust Series 2004-12, Class 1A1(c)
(1M USD LIBOR + 0.340%)
314,198     0.429     12/25/34   317,153
GSR Mortgage Loan Trust Series 2004-7, Class 1A1(c)(g)
72,156     2.119     06/25/34   73,410
Impac CMB Trust Series 2003-2F, Class A(f)
126,956     5.730     01/25/33   132,464
Impac CMB Trust Series 2004-4, Class 1A1(c)
(1M USD LIBOR + 0.640%)
299,990     0.729     09/25/34   293,357
Impac CMB Trust Series 2004-4, Class 2A2(f)
1,387,906     5.176     09/25/34   1,453,887
Impac Secured Assets Corp. Series 2004-2, Class A6(f)
2,673     4.558     08/25/34   2,697
JPMorgan Alternative Loan Trust Series 2006-S1, Class 1A16
859,324     6.000     03/25/36   662,935
JPMorgan Mortgage Trust Series 2007-A2, Class 4A2(c)(g)
147,332     3.012     04/25/37   138,663
JPMorgan Mortgage Trust Series 2013-3, Class A3(b)(c)(g)
802,219     3.359     07/25/43   823,261
JPMorgan Mortgage Trust Series 2014-2, Class 1A1(b)(c)(g)
931,701     3.000     06/25/29   952,405
JPMorgan Mortgage Trust Series 2017-3, Class 1A3(b)(c)(g)
2,055,211     3.500     08/25/47   2,086,093
JPMorgan Mortgage Trust Series 2017-4, Class A3(b)(c)(g)
443,328     3.500     11/25/48   448,052
JPMorgan Mortgage Trust Series 2017-6, Class A3(b)(c)(g)
1,402,909     3.500     12/25/48   1,418,002
JPMorgan Mortgage Trust Series 2021-10, Class A3(b)(c)(g)
3,000,000     2.500     12/25/51   3,056,719
JPMorgan Mortgage Trust Series 2021-7, Class A4(b)(c)(g)
4,900,672     2.500     11/25/51   5,030,304
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 6A1(c)(g)
220,314     1.603     07/25/33   221,865
Master Alternative Loans Trust Series 2004-4, Class 1A1
65,247     5.500     05/25/34   67,263
Master Alternative Loans Trust Series 2004-4, Class 8A1
475,122     6.500     05/25/34   494,420
Master Alternative Loans Trust Series 2004-9, Class A6(f)
58     5.643     08/25/34   58
Mello Mortgage Capital Acceptance Series 2018-MTG1,
Class A1(b)(c)(g)
373,842     3.500     03/25/48   376,525
Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1, Class A3(c)(g)
103,304     1.580     03/25/33   105,391

 

 

THE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Morgan Stanley Mortgage Loan Trust Series 2005-7, Class 2A1(c)(g)
$     497,347     5.326   11/25/35   $          422,598
Morgan Stanley Mortgage Loan Trust Series 2007-12, Class 3A22
558,280     6.000     08/25/37   344,456
New Residential Mortgage Loan Trust Series 2017-6A,
Class A1(b)(c)(g)
3,346,896     4.000     08/27/57   3,582,823
OBX Trust Series 2019-INV2, Class A5(b)(c)(g)
326,373     4.000     05/27/49   332,352
Oceanview Mortgage Trust Series 2021-3, Class A4(b)(c)(g)
5,000,000     2.500     06/25/51   5,133,815
PHH Mortgage Pass-Through Certificates Series 2008-CIM1, Class 11A1(c)
(1M USD LIBOR + 2.250%)
53,658     2.350     05/25/38   53,486
Rate Mortgage Trust Series 2021-J1, Class A7(b)(c)(g)
5,144,987     2.500     07/25/51   5,276,184
RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 2A1(c)(g)
191,337     4.218     11/25/21   160,127
RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 3A1(c)(g)
7,737     3.824     07/25/35   7,779
Residential Accredit Loans, Inc. Series 2005-QS11, Class A2(c)
(1M USD LIBOR + 0.500%)
137,087     0.589     07/25/35   103,683
Residential Asset Securitization Trust Series 2004-A6, Class A1
5,811     5.000     08/25/19   5,981
Residential Funding Mortgage Securities I, Inc. Series 2005-S7, Class A5
77,930     5.500     11/25/35   76,375
Seasoned Credit Risk Transfer Trust Series 2017-3, Class MA
2,752,552     3.000     07/25/56   2,888,430
Seasoned Loans Structured Transaction Series 2018-1, Class A2
1,245,000     3.500     06/25/28   1,316,562
Sequoia Mortgage Trust Series 2004-10, Class A1A(c)
(1M USD LIBOR + 0.620%)
239,103     0.704     11/20/34   236,323
Sequoia Mortgage Trust Series 2013-2, Class A1(c)(g)
848,434     1.874     02/25/43   854,046
Sequoia Mortgage Trust Series 2013-6, Class A1(c)(g)
1,686,487     2.500     05/25/43   1,719,452
Sequoia Mortgage Trust Series 2015-4, Class A1(b)(c)(g)
890,497     3.000     11/25/30   911,151
Sequoia Mortgage Trust Series 2016-3, Class A1(b)(c)(g)
968,293     3.500     11/25/46   989,150
Sequoia Mortgage Trust Series 2017-1, Class A4(b)(c)(g)
366,707     3.500     02/25/47   366,910
Sequoia Mortgage Trust Series 2017-5, Class A1(b)(c)(g)
847,130     3.500     08/25/47   864,231
Sequoia Mortgage Trust Series 2017-6, Class A1(b)(c)(g)
2,184,043     3.500     09/25/47   2,228,098
Sequoia Mortgage Trust Series 2018-2, Class A1(b)(c)(g)
746,774     3.500     02/25/48   760,816
Shellpoint Co-Originator Trust Series 2017-2, Class A1(b)(c)(g)
1,447,354     3.500     10/25/47   1,468,861

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A(c)(g)
$     290,074     2.659   10/25/34   $          303,014
Structured Adjustable Rate Mortgage Loan Trust Series 2004-4, Class 3A4(c)(g)
60,772     2.386     04/25/34   60,920
Structured Asset Securities Corp. Series 2003-31A, Class 2A7(c)(g)
147,276     2.379     10/25/33   150,901
Structured Asset Securities Corp. Series 2003-34A, Class 3A3(c)(g)
133,281     2.744     11/25/33   136,822
Structured Asset Securities Corp. Series 2003-34A, Class 6A(c)(g)
92,682     2.464     11/25/33   91,926
WinWater Mortgage Loan Trust Series 2015-5, Class A3(b)(c)(g)
2,087,847     3.500     08/20/45   2,119,042
WinWater Mortgage Loan Trust Series 2016-1, Class 1A5(b)(c)(g)
1,394,052     3.500     01/20/46   1,416,325

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $111,563,410)
  $   113,126,534

 

Commercial Mortgage Obligations – 0.6%
Commercial Mortgage Pass-Through Certificates Series 2014-CR14, Class A2
$     889,873     3.147   02/10/47   $         899,038
GNMA REMIC Series 2013-68, Class B(c)(g)
1,040,000     2.500     08/16/43   1,067,430
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2(b)
2,603,726     2.579     03/10/49   2,641,304
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class A2
2,530,666     2.739     04/15/48   2,529,998

 

TOTAL COMMERCIAL MORTGAGE OBLIGATIONS
(Cost $7,084,104)
  $       7,137,770

 

Federal Agencies – 0.9%
FHLMC
$       73,956     7.000   05/01/26   $            79,719
14,027     7.500     12/01/30   16,767
22,107     7.500     01/01/31   26,035
42,885     7.000     08/01/31   50,344
494,051     5.000     05/01/33   562,913
721,668     4.000     06/01/42   800,132
555,465     3.000     06/01/45   574,925
(1 Year CMT + 2.229%),
61,384     2.354 (c)    05/01/34   65,365
(12M USD LIBOR + 1.600%),
1,262,672     2.743 (c)    07/01/45   1,323,867
(12M USD LIBOR + 1.841%),
73,359     2.268 (c)    01/01/36   73,644
FNMA
7,522     9.000     02/01/25   7,591
581,623     2.500     05/01/28   613,587
3,001     8.000     07/01/28   3,026
236,447     4.500     01/01/48   249,063
1,092,934     2.500     06/01/51   1,123,968
(12M USD LIBOR + 1.590%),
307,590     2.679 (c)    12/01/45   321,734
(12M USD LIBOR + 1.740%),
40,974     2.240 (c)    10/01/34   40,946

 

 

THE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – (continued)
FNMA – (continued)
(12M USD LIBOR + 1.760%),
$       61,951     2.135 %(c)    02/01/35   $            62,151
(6M USD LIBOR + 1.413%),
15,742     1.663 (c)    02/01/33   15,815
GNMA
3,185     8.000     02/15/22   3,205
11,186     7.500     08/20/25   12,032
47,390     7.500     07/20/26   52,464
29,790     6.500     04/15/31   33,305
70,401     6.500     05/15/31   78,707
1,352,438     2.500     06/20/31   1,392,225
172,359     5.000     02/20/49   181,589
UMBS
5,408     6.500     03/01/26   6,079
12,737     6.500     10/01/28   14,319
9,525     7.500     09/01/29   9,625
22,428     7.000     03/01/31   23,501
4,183     7.500     03/01/31   4,684
14,425     7.000     11/01/31   15,011
25,726     7.000     01/01/32   26,171
39,457     6.000     12/01/32   44,275
1,304,724     3.500     08/01/35   1,404,594
1,776,221     5.000     08/01/48   1,981,610
     

 

      11,294,988

 

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $129,585,040)
  $   131,559,292

 

Municipal Bond Obligations – 9.4%
Alaska(a) – 0.1%
Anchorage AK Certificate Participation (Taxable) Series A
$  1,290,000     2.765   07/01/22   $       1,319,021

 

California – 1.9%
Anaheim California Public Financing Authority Revenue Bonds Build America Bonds(a)
4,000,000     5.685     10/01/40   5,733,066
Beverly Hills CA Unified School District GO Bonds (Capital Appreciation) (Refunding) Series 2016(a)(h)
5,000,000     0.000     08/01/38   3,074,776
California State Municipal Finance Authority Refunding Revenue Bonds (Taxable-Refunding-University Of San Diego) Series B
3,130,000     2.536     10/01/29   3,321,516
Foothill-De Anza CA Community College District GO Bonds (Taxable - Election of 2006) Series E(a)
1,730,000     3.223     08/01/38   1,972,916
Napa Valley Unified School District GO Bonds (Build America Bonds-Taxable) Series B(a)
3,000,000     6.507     08/01/43   4,679,714
Poway CA Unified School District GO Bonds (Taxable-Refunding-Improvement Date 2002-1) Series 2019
3,750,000     2.414     08/01/27   3,894,262
     

 

      22,676,250

 

Colorado – 0.1%
County of El Paso, Colorado Revenue Bonds (Taxable-Refunding) Series 2020 B
730,000     0.800     06/01/23   734,606

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Connecticut – 0.3%
Connecticut State GO Bonds Unlimited (Taxable) Series A
$  3,500,000     3.743   09/15/25   $       3,918,752

 

Hawaii(a) – 0.2%
State of Hawaii GO Bonds Series 2020
2,960,000     0.571     10/01/23   2,971,954

 

Idaho(a) – 0.5%
Idaho Housing & Finance Association Economic Development Revenue Bonds Taxable (Facilities Project) Series 2011(b)
4,100,000     7.000     01/01/31   4,114,584
Idaho State Building Authority Revenue Bonds Taxable (Idaho Board of Education Project) Series A
1,500,000     3.120     09/01/24   1,621,318
     

 

      5,735,902

 

Illinois – 0.4%
Will County Elementary School District No 122 GO Bonds (Taxable-Refunding) Series A
2,750,000     2.111     10/01/27   2,866,487
Will County Forest Preservation District GO Bonds Build America Bonds Direct Payment Series 2009
1,000,000     5.700     12/15/27   1,256,051
Winnebago County IL GO Bonds Series 2018
1,035,000     3.900     12/30/25   1,151,181
     

 

      5,273,719

 

Indiana(a) – 0.1%
Indiana University Revenue Bonds (Taxable-Refunding) Series B
1,000,000     2.767     06/01/37   1,092,339

 

Kentucky – 0.7%
Kentucky State Property & Buildings Commission Revenue Bonds (Taxable-Refunding) Series D
5,000,000     2.522     11/01/27   5,330,009
River City, Inc. KY Parking Authority Revenue Bonds (Refunding) Series B(a)
2,890,000     2.750     12/01/33   3,043,830
     

 

      8,373,839

 

Michigan – 0.5%
Dearborn MI GO Bonds (Taxable) Series B
1,750,000     3.879     05/01/27   2,008,873
Fraser MI Public School District GO Bonds (Taxable-Refunding) Series 2019 (Q-SBLF)
2,150,000     2.380     05/01/29   2,259,942
Utica Community Schools GO Bonds (Taxable-Qualified School Construction-Direct Payment) (Q-SBLF)(a)
1,500,000     5.875     05/01/22   1,505,366
     

 

      5,774,181

 

Mississippi(a) – 0.4%
Mississippi Medical Center Educational Building Corp. Revenue Bonds (Taxable-Refunding-University) Series B
1,465,000     3.000     06/01/23   1,530,099
State of Mississippi GO (Taxable-Refunding-Bonds) Series 2020
3,000,000     1.282     11/01/28   3,005,851
     

 

      4,535,950

 

 

THE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Missouri(a) – 0.6%
Curators University of Missouri System Facilities Revenue Bonds Build America Bonds
$  2,500,000     5.792   11/01/41   $       3,755,979
Missouri State Highways & Transit Commission State Road Revenue Bonds Build America Bonds Series 2010
2,800,000     4.820     05/01/23   3,019,928
     

 

      6,775,907

 

Nebraska – 0.3%
University of Nebraska Facilities Corp. Revenue Bonds (Taxable-Refunding) Series A
3,750,000     2.175     10/01/26   3,998,427

 

New Jersey(a) – 0.3%
Rutgers New Jersey State University Revenue Bonds (Taxable-Refunding) Series R
4,000,000     2.588     05/01/27   4,319,827

 

New York(a) – 0.5%
New York GO Build America Bonds Series 2010
1,055,000     5.008     06/01/22   1,094,795
New York State Thruway Authority Revenue Bonds (Taxable-Refunding) Series M
2,755,000     2.500     01/01/27   2,946,280
New York State Urban Development Corp. Revenue Bonds Series B
1,950,000     3.350     03/15/26   2,141,599
     

 

      6,182,674

 

Ohio – 0.8%
City of Cincinnati OH GO Bonds (Taxable-Refunding) Series A(a)
2,865,000     1.880     12/01/31   2,938,864
Kent OH State University Revenue Bonds (Taxable-Refunding) Series B(a)
1,700,000     2.221     05/01/26   1,795,996
South-Western City OH School District Franklin & Pickaway Countries GO Bonds (CABS-Taxable-Refunding) Series C(h)
2,740,000     0.000     12/01/28   2,426,957
University of Cincinnati Revenue Bonds (Taxable-Refunding) Series B
3,000,000     1.775     06/01/29   3,069,481
     

 

      10,231,298

 

Oregon – 0.2%
Oregon Education Districts Full Faith & Credit Pension Obligations GO Bonds (Taxable) Series 2018(a)
495,000     4.220     06/30/30   580,466
Portland OR Community College District GO Bonds Series 2018
1,250,000     3.970     06/01/27   1,461,254
     

 

      2,041,720

 

Pennsylvania(a) – 0.5%
County of Allegheny PA GO (Taxable-Refunding-Bonds) Series C-79
1,650,000     0.973     11/01/25   1,665,669

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Pennsylvania(a) – (continued)
State Public School Building Authority Revenue Bonds (Qualified School Construction Bonds)
$  3,000,000     6.495   09/15/28   $       3,984,089
     

 

      5,649,758

 

Rhode Island – 0.2%
Rhode Island State Student Loan Authority Loan Revenue Bonds (Taxable) Series 1
2,000,000     2.530     12/01/25   2,122,347

 

Texas – 0.6%
Austin TX Community College District GO (Taxable-Refunding) Series 2020
2,120,000     5.000     08/01/23   2,316,345
City of Houston TX GO Bonds (Taxable-Refunding) Series B(a)
5,000,000     2.130     03/01/26   5,295,760
     

 

      7,612,105

 

Washington(a) – 0.2%
Seattle Municipal Light & Power Revenue Bonds Taxable Clean Renewable Energy Bonds Series C
2,000,000     3.750     06/01/33   2,303,961

 

TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $101,589,248)
  $   113,644,537

 

U.S. Treasury Obligations – 7.7%
United States Treasury Bonds
$  5,000,000     2.500   02/15/45   $       5,592,969
5,000,000     2.500     02/15/46   5,605,078
United States Treasury Inflation Indexed Bond
8,337,210     0.750     02/15/42   10,478,831
United States Treasury Inflation Indexed Note
5,570,600     0.375     01/15/27   6,287,887
United States Treasury Notes
2,000,000     2.375     01/31/23   2,066,797
10,000,000     1.625     04/30/23   10,254,297
5,000,000     1.375     08/31/23   5,121,875
12,500,000     0.125     09/15/23   12,478,516
2,500,000     0.250     11/15/23   2,501,270
5,000,000     2.250     01/31/24   5,247,070
10,000,000     2.125     03/31/24   10,485,156
6,000,000     2.875     05/31/25   6,538,125
8,000,000     1.500     08/15/26   8,310,937
2,000,000     2.250     02/15/27   2,158,281

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $89,399,908)
  $     93,127,089

 

Agency Debentures – 2.3%
FHLMC
$10,000,000     0.250   11/06/23   $     10,000,934
FNMA
5,550,000     1.625     10/15/24   5,768,713
6,400,000     0.420 (a)    11/18/24   6,405,098
1,500,000     0.400 (a)    11/25/24   1,500,827

 

 

THE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Agency Debentures – (continued)
FNMA – (continued)
$  5,000,000     0.750   10/08/27   $       4,943,665

 

TOTAL AGENCY DEBENTURES
(Cost $28,418,849)
  $     28,619,237

 

Shares        

Dividend

Rate

  Value
Investment Company – 1.1%
State Street Institutional US Government Money Market Fund - Premier Class

(Cost $13,194,768)

    0.025%   $     13,194,768

 

TOTAL INVESTMENTS – 99.6%
(Cost $1,131,049,609)
  $1,207,933,737

 

OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.4%

  5,122,995

 

NET ASSETS – 100.0%   $1,213,056,732

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Security with “Call” features with resetting interest rates.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(c)   Variable rate security. The interest rate shown reflects the rate as of April 30, 2021.
(d)   Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates.
(e)   Actual maturity date is September 15, 2115.
(f)   Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of July 31, 2021. Maturity date disclosed is the ultimate maturity.
(g)   Rate shown is that which is in effect on July 31, 2021. 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.
(h)   Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount.

 

 

 

 

 

Investment Abbreviations:
ASA  

— Allmennaksjeselskap (Norwegian Public Company)

AG  

— Aktiengesellschaft (German Corporation)

CMT  

— Constant Maturity Treasury Indexes

FHLMC  

— Federal Home Loan Mortgage Corp.

FNMA  

— Federal National Mortgage Association

GNMA  

— Government National Mortgage Association

GO  

— General Obligation

LIBOR  

— London Interbank Offered Rate

LLC  

— Limited Liability Company

LP  

— Limited Partnership

NA  

— National Association

NV  

— Naamloze Vennootschap (Dutch Public Company)

PLC  

— Public Limited Company

Q-SBLF  

— Qualified School Bond Loan Fund

REMIC  

— Real Estate Mortgage Investment Conduit

SOFR  

— Secured Overnight Funding Rate

UMBS  

— Uniform Mortgage Backed Securities

 

 

THE SHORT-TERM GOVERNMENT FUND

 

Schedule of Investments

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – 44.0%
Collateralized Mortgage Obligations – 30.4%
Adjustable Rate Mortgage Trust Series 2004-5, Class 3A1(a)(b)
$          542     2.419   04/25/35   $            541
Banc of America Funding Corp. Series 2004-A, Class 1A3(a)(b)
2,850     2.809     09/20/34   2,895
Banc of America Mortgage Securities, Inc. Series 2003-J,
Class 2A1(a)(b)
72,869     2.626     11/25/33   71,325
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-9, Class 24A1(a)(b)
32,355     3.241     11/25/34   31,645
BRAVO Residential Funding Trust Series 2021-NQM1,
Class A1(a)(b)(c)
434,377     0.941     02/25/49   434,975
Bunker Hill Loan Depositary Trust Series 2020-1, Class A1(a)(b)(c)
361,391     1.724     02/25/55   365,604
Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB3,
Class A1(a)(b)
15,425     2.723     09/25/34   15,343
Credit Suisse Mortgage Capital Certificates Series 2021-NQM5, Class A1(a)(b)(c)
500,000     0.938     05/25/66   499,996
Fannie Mae Grantor Trust Series 2011-T2, Class A1
561,144     2.500     08/25/51   579,434
FHLMC REMIC Series 3753, Class AS
419,494     3.500     11/15/25   441,141
FHLMC REMIC Series 3786, Class HL
84,846     3.500     03/15/38   85,379
FHLMC REMIC Series 4636, Class EA
84,595     3.000     03/15/41   84,859
FHLMC REMIC Series 5072, Class MY
945,757     1.000     12/25/50   931,860
FHLMC REMIC PAC Series 2022, Class PE
7,367     6.500     01/15/28   8,263
FHLMC REMIC PAC Series 2109, Class PE
18,700     6.000     12/15/28   21,259
FHLMC REMIC PAC Series 23, Class PK
18,569     6.000     11/25/23   19,457
FHLMC REMIC PAC Series 4689, Class HA
37,059     3.500     06/15/43   37,171
FHLMC REMIC Series 2010-109, Class M
498,566     3.000     09/25/40   525,221
FHLMC REMIC Series 2012-112, Class AP
76,581     2.000     09/25/40   76,857
FHLMC REMIC Series 3816, Class HA
1,035,710     3.500     11/15/25   1,091,710
FHLMC REMIC Series 4640, Class LD
76,916     4.000     09/15/43   77,674
FHLMC REMIC Series 4713, Class DV
516     3.500     11/15/28   516
FHLMC REMIC Series 4879, Class A
15,647     4.000     10/15/46   15,664
FHLMC REMIC Series 5005, Class CA
308,859     2.000     04/25/41   312,847
FNMA REMIC PAC Series 1992-129, Class L
1,940     6.000     07/25/22   1,964
FNMA REMIC PAC Series 1992-89, Class MA(d)
452     0.000     06/25/22   451

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
FNMA REMIC Series 1991-137, Class H
$          120     7.000   10/25/21   $            121
FNMA REMIC Series 1993-182, Class FA(a)
(10 Year CMT – 0.650%)
1,524     0.710     09/25/23   1,522
FNMA REMIC Series 2003-117, Class KB
309,567     6.000     12/25/33   363,743
FNMA REMIC Series 2003-14, Class AP
18,802     4.000     03/25/33   19,591
FNMA REMIC Series 2011-146, Class NB
125,476     4.000     09/25/41   129,371
FNMA REMIC Series 2012-100, Class WA
368,118     1.500     09/25/27   374,672
FNMA REMIC Series 2012-110, Class CA
317,269     3.000     10/25/42   338,461
FNMA REMIC Series 2012-118, Class EB
384,093     1.500     11/25/27   392,359
FNMA REMIC Series 2013-112, Class G
279,349     2.125     07/25/40   286,129
FNMA REMIC Series 2013-135, Class GA
568,969     3.000     07/25/32   589,792
FNMA REMIC Series 2013-74, Class YA
380,203     3.000     05/25/42   393,978
FNMA REMIC Series 2015-15, Class CA
553,903     3.500     04/25/35   602,595
FNMA REMIC Series 2015-19, Class CA
311,593     3.500     01/25/43   320,669
FNMA REMIC Series 2015-2, Class PA
280,074     2.250     03/25/44   289,381
FNMA REMIC Series 2016-104, Class BA
361,273     3.000     01/25/47   386,391
FNMA REMIC Series 2016-24, Class TA
190,063     3.000     04/25/42   193,452
FNMA REMIC Series 2016-53, Class BV
620,806     3.500     11/25/27   661,380
FNMA REMIC Series 2016-96, Class A
413,811     1.750     12/25/46   421,867
FNMA REMIC Series 2017-46, Class EA
350,860     3.500     12/25/50   361,349
FNMA REMIC Series 2017-51, Class EA
43,509     3.000     11/25/42   43,794
FNMA REMIC Series 2017-7, Class JA
268,795     2.000     02/25/47   274,151
FNMA REMIC Series 2019-10, Class PT
399,007     3.500     03/25/49   436,172
FNMA REMIC Series 2019-68, Class B
506,594     3.000     11/25/49   537,827
FNMA REMIC Series 2020-35, Class MA
510,827     2.000     12/25/43   524,277
FNMA REMIC Series 2020-56, Class AH
1,081,308     2.000     05/25/45   1,110,054
GNMA REMIC Series 2009-65, Class AF
20,389     4.000     07/20/39   21,248
GNMA REMIC Series 2010-14, Class PA
7,825     3.000     02/20/40   8,028
GNMA REMIC Series 2012-13, Class EG
491,073     2.000     10/20/40   499,218

 

 

THE SHORT-TERM GOVERNMENT FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
GNMA REMIC Series 2013-188, Class LE
$   705,588     2.500   11/16/43   $     739,628
GNMA REMIC Series 2014-131, Class DM
128,057     3.000     02/20/44   132,369
GNMA REMIC Series 2015-65, Class BD
345,778     2.250     05/20/45   360,503
GNMA REMIC Series 2015-94, Class AT
279,407     2.250     07/16/45   291,958
GNMA REMIC Series 2019-21, Class MA
455,971     3.500     09/20/47   491,833
GS Mortgage-Backed Securities Trust Series 2020-NQM1,
Class A1(a)(b)(c)
344,727     1.382     09/27/60   346,289
840,455     1.017     07/25/61   842,045
GSR Mortgage Loan Trust Series 2005-AR3, Class 2A1(a)
(1M USD LIBOR + 0.440%)
40,603     0.529     05/25/35   38,580
GSR Mortgage Loan Trust Series 2006-AR1, Class 2A4(a)(b)
231,203     2.935     01/25/36   235,345
Homeward Opportunities Fund I Trust Series 2020-2, Class A1(a)(b)(c)
297,497     1.657     05/25/65   299,330
Impac CMB Trust Series 2003-2F, Class A(e)
78,592     5.730     01/25/33   82,002
Impac CMB Trust Series 2003-8, Class 2A1(a)
(1M USD LIBOR + 0.900%)
4,203     0.989     10/25/33   4,228
Impac CMB Trust Series 2004-7, Class 1A1(a)
(1M USD LIBOR + 0.740%)
37,318     0.829     11/25/34   37,692
Impac CMB Trust Series 2005-2, Class 2A2(a)
(1M USD LIBOR + 0.800%)
45,200     0.889     04/25/35   44,454
Impac Secured Assets Corp. Series 2006-1, Class 2A1(a)
(1M USD LIBOR + 0.700%)
106,222     0.789     05/25/36   105,932
IndyMac Index Mortgage Loan Trust Series 2004-AR6,
Class 6A1(a)(b)
37,452     2.869     10/25/34   36,975
JPMorgan Mortgage Trust Series 2016-4, Class A3(a)(b)(c)
195,501     3.500     10/25/46   199,593
Lehman XS Trust Series 2005-7N, Class 1A1A(a)
(1M USD LIBOR + 0.540%)
86,056     0.629     12/25/35   84,518
Master Adjustable Rate Mortgages Trust Series 2004-13,
Class 2A1(a)(b)
40,798     2.699     04/21/34   40,872
Master Alternative Loans Trust Series 2004-9, Class A6(e)
12     5.643     08/25/34   13
MFA Trust Series 2021-NQM1, Class A1(a)(b)(c)
610,644     1.153     04/25/65   610,086
MortgageIT Trust Series 2005-1, Class 1A1(a)
(1M USD LIBOR + 0.640%)
257,893     0.729     02/25/35   258,079
MortgageIT Trust Series 2005-1, Class 1A2(a)
(1M USD LIBOR + 0.780%)
221,826     0.869     02/25/35   222,646
Residential Accredit Loans, Inc. Series 2004-QA4, Class NB21(a)(b)
13,142     3.217     09/25/34   13,532

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Securitized Asset Sales, Inc. Series 1993-7, Class TA6
$              7     6.250   12/25/23   $                7
Sequoia Mortgage Trust Series 10, Class 1A(a)
(1M USD LIBOR + 0.800%)
15,749     0.884     10/20/27   15,922
Sequoia Mortgage Trust Series 2003-2, Class A1(a)
(1M USD LIBOR + 0.660%)
29,406     0.744     06/20/33   29,280
Sequoia Mortgage Trust Series 2013-1, Class 2A1(a)(b)
325,616     1.855     02/25/43   325,854
Sequoia Mortgage Trust Series 2017-1, Class A4(a)(b)(c)
11,259     3.500     02/25/47   11,265
Structured Asset Securities Corp. Series 2003-31A, Class 2A7(a)(b)
133,605     2.379     10/25/33   136,894
Vendee Mortgage Trust Series 1996-2, Class 1Z
33,044     6.750     06/15/26   36,814
Verus Securitization Trust Series 2021-2, Class A1(a)(b)(c)
669,826     1.031     02/25/66   670,054

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $21,350,553)
  $22,060,235

 

Commercial Mortgage Obligation – 0.3%
GNMA REMIC Series 2010-141, Class B
$   179,473     2.717   02/16/44   $     181,991

 

TOTAL COMMERCIAL MORTGAGE OBLIGATIONS
(Cost $176,977)
  $     181,991

 

Federal Agencies – 13.3%
FHLMC
$       2,624     6.000   10/01/23   $         2,942
13,643     5.000     05/01/27   14,913
171,152     2.500     04/01/28   179,326
(12M USD LIBOR + 1.599%),
249,758     2.637 (a)    07/01/46   261,104
(12M USD LIBOR + 1.600%),
254,891     2.743 (a)    07/01/45   267,244
FNMA
608,702     3.500     10/01/26   643,886
295,905     3.500     12/01/27   316,731
312,815     2.500     03/01/28   330,001
637,077     2.500     05/01/28   672,083
367,183     2.500     07/01/28   383,721
331,214     3.000     09/01/28   348,545
206,348     2.500     01/01/30   213,441
271,616     3.500     10/01/32   293,497
452,968     3.000     08/01/33   470,130
(12M USD LIBOR + 1.590%),
156,534     2.679 (a)    12/01/45   163,732
(12M USD LIBOR + 1.740%),
19,106     2.240 (a)    10/01/34   19,093
GNMA,
(1 Year CMT + 1.500%)
44     2.125 (a)    11/20/24   45
121     3.000 (a)    12/20/24   122
2,623     2.875 (a)    04/20/26   2,662
1,738     2.250 (a)    08/20/26   1,751
3,070     2.000 (a)    01/20/28   3,166
UMBS
349,334     3.000     11/01/26   367,741
297,499     3.000     12/01/26   313,467
574,174     2.500     01/01/28   604,201
4,371     7.000     11/01/31   4,549
338,140     5.000     02/01/32   370,158

 

 

THE SHORT-TERM GOVERNMENT FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – (continued)
UMBS – (continued)
$     80,416     6.000   07/01/33   $       90,547
519,719     3.500     07/01/34   563,321
1,122,342     2.500     07/01/35   1,175,684
299,937     3.500     08/01/35   322,895
1,191,935     2.000     10/01/35   1,238,555

 

TOTAL FEDERAL AGENCIES
(Cost $9,445,294)
  $  9,639,253

 

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $30,972,824)
  $31,881,479

 

U.S. Treasury Obligations – 30.5%
United States Treasury Inflation Indexed Notes
$1,161,951     0.125   04/15/22   $  1,190,432
1,083,470     0.625     04/15/23   1,146,637
1,153,410     0.625     01/15/24   1,246,832
United States Treasury Notes
500,000     1.375     10/15/22   507,656
1,000,000     0.125     01/15/24   996,719
1,000,000     2.250     11/15/24   1,059,883
1,000,000     1.500     11/30/24   1,035,703
1,750,000     2.125     11/30/24   1,848,506
500,000     1.125     02/28/25   511,543
3,000,000     0.500     03/31/25   3,001,172
5,250,000     0.375     04/30/25   5,224,775
1,000,000     0.250     05/31/25   989,649
1,275,000     0.250     06/30/25   1,260,756
1,000,000     2.875     07/31/25   1,092,031
1,000,000     0.250     09/30/25   986,367

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $21,969,357)
  $22,098,661

 

U.S. Government Agency Obligations – 11.6%
FHLB
$   600,000     3.000   12/09/22   $     623,246
1,775,000     0.500     04/14/25   1,775,717
FHLMC
1,000,000     0.250     06/08/22   1,001,528
1,000,000     0.375     07/21/25   992,729
1,000,000     0.375     09/23/25   991,185
FNMA
500,000     2.000     10/05/22   511,044
1,000,000     0.625     04/22/25   1,004,449
1,500,000     0.500     06/17/25   1,497,602

 

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $8,379,494)
  $  8,397,500

 

Asset-Backed Securities(a) – 1.6%
Home Equity – 0.7%
Morgan Stanley Capital, Inc. Series 2002-HE3, Class A2
(1M USD LIBOR + 1.080%)
$   301,327     1.169   03/25/33   $     299,549

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities(a) – (continued)
Home Equity – (continued)
Terwin Mortgage Trust Series 2004-7HE, Class A3(c)
(1M USD LIBOR + 1.400%)
$   154,817     1.489   07/25/34   $     154,919
Terwin Mortgage Trust Series 2004-9HE, Class A1(c)
(1M USD LIBOR + 0.800%)
58,253     0.889     09/25/34   57,503
     

 

      511,971

 

Other – 0.9%
Countrywide Asset-Backed Certificates Series 2004-6, Class 2A4
(1M USD LIBOR + 0.900%)
128,504     0.989     11/25/34   126,031
Towd Point Mortgage Trust Series 2016-3, Class A1(b)(c)
124,129     2.250     04/25/56   124,536
Towd Point Mortgage Trust Series 2017-2, Class A1(b)(c)
413,403     2.750     04/25/57   418,894
     

 

      669,461

 

TOTAL ASSET-BACKED SECURITIES
(Cost $1,133,454)
  $  1,181,432

 

Agency Debenture – 1.1%
FNMA
$   750,000     1.625   10/15/24   $     779,556

 

TOTAL AGENCY DEBENTURE
(Cost $748,717)
  $     779,656

 

Shares      Dividend
Rate
  Value
Investment Company – 11.2%
 
State Street Institutional US Government Money Market Fund -
Premier Class
  8,141,676      0.025%   $  8,141,676
  (Cost $8,141,676)

 

 

 
TOTAL INVESTMENTS – 100.0%
(Cost $71,345,522)
  $72,480,304

 

 

 

OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.0%

  32,629

 

 

  NET ASSETS – 100.0%   $72,512,933

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Variable rate security. The interest rate shown reflects the rate as of July 31, 2021.
(b)   Rate shown is that which is in effect on July 31, 2021. 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.
(c)   Exempt from registration under Rule 144A of the Securities Act 1933. Such securities may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(d)   Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount.

 

 

THE SHORT-TERM GOVERNMENT FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

(e)   Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of July 31, 2021. Maturity date disclosed is the ultimate maturity.

 

 

Investment Abbreviations:
CMT  

— Constant Maturity Treasury Indexes

FHLB  

— Federal Home Loan Bank

FHLMC  

— Federal Home Loan Mortgage Corp.

FNMA  

— Federal National Mortgage Association

GNMA  

— Government National Mortgage Association

LIBOR  

— London Interbank Offered Rate

PAC  

— Planned Amortization Class

REMIC  

— Real Estate Mortgage Investment Conduit

 

 

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – 97.6%
Alabama – 0.9%
Millbrook AL GO Bonds (Refunding) Series 2019 (AA-/NR)
$1,625,000     5.000   09/01/25   $    1,927,169
1,705,000     5.000     09/01/26  

2,088,632

     

 

      4,015,801

 

Alaska – 1.2%
Alaska State Housing Finance Corp. Revenue Bonds (Refunding) Series A (AA+/Aa2)(a)
1,000,000     5.000     12/01/29   1,250,262
Alaska State Municipal Bond Bank Authority Revenue Bonds (Master Resolution) Series A (A+/NR)
1,000,000     4.000     10/01/24   1,117,169
1,000,000     5.000     10/01/25   1,189,307
1,000,000     5.000 (a)    10/01/28   1,249,142
Alaska State Municipal Bond Bank Authority Revenue Bonds
Series B (AMT) (A+/NR)(a)
450,000     5.000     03/01/27   518,476
     

 

      5,324,356

 

Arizona – 1.3%
Arizona Industrial Development Authority Revenue Bonds Series 2020 (NR/Aa2)
1,000,000     5.000     05/01/31   1,355,930
McAllister Academic Village LLC AZ Revenue Bonds (Arizona State University) (Refunding) Series 2016 (AA-/Aa3)(a)
1,000,000     5.000     07/01/27   1,209,533
Pima County AZ Regional Transportation Excise Tax Revenue Bonds (Pima County Regional Transportation Fund) (AA+/NR)
1,000,000     5.000     06/01/22   1,040,753
1,000,000     5.000     06/01/23   1,089,262
Yuma AZ Municipal Property Corp. Excise Tax Revenue Bonds (Refunding-Senior Lien) Series 2015 (AA-/A1)(a)
1,050,000     4.000     07/01/26   1,197,513
     

 

      5,892,991

 

Arkansas – 2.0%
Arkansas State Development Finance Authority State Agency Facilities Revenue Bonds (Department of Community Correction Project) Series 2018 (AA-/NR)(a)
980,000     4.000     11/01/31   1,170,483
1,000,000     4.000     11/01/35   1,178,640
City of Benton AR Public Utilities Revenue Bonds (Taxable-Refunding) Series 2020 (NR/A1)
375,000     1.950     09/01/23   384,339
650,000     2.050     09/01/24   671,636
500,000     2.280     09/01/26   522,592
250,000     2.400 (a)    09/01/27   261,741
City of Forrest City AR Sales & Use Tax Revenue Bonds Series 2021 (A-/NR)
635,000     3.000     11/01/28   719,677
650,000     3.000     11/01/29   743,113
675,000     3.000 (a)    11/01/30   762,958
690,000     3.000 (a)    11/01/31   773,880
Fort Smith AR Water & Sewer Revenue Bonds (Refunding) Series 2018 (A/NR)(a)
500,000     5.000     10/01/31   640,342
National Park AR Community College District GO Bonds (Refunding) Series 2018 (A+/NR)(a)
645,000     4.000     03/01/30   739,873
635,000     4.000     03/01/32   724,778
     

 

      9,294,052

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
California – 1.9%
Corona-Norca CA Unified School District GO Bonds Series E (AA-/Aa3)
$   450,000     0.000   08/01/26   $       555,567
Placentia-Yorba Linda Unified School District (Refunding) Series A (AA-/Aa2)(a)
1,345,000     3.000     08/01/36   1,544,381
San Bernardino County Flood Control District (Refunding) Series 2021 (AA+/Aa1)(a)(b)(c)
5,000,000     0.050     08/01/37   5,000,000
State of California (AA-/Aa2)(a)
1,395,000     5.000     10/01/27   1,507,751
     

 

      8,607,699

 

Colorado – 1.9%
Adams County CO Certificates of Participation Series 2021 (A/NR)(a)
550,000     4.000     12/01/36   656,848
Colorado State Board for Community Colleges & Occupational Educational System Revenue Bonds (Refunding-Arapahoe Community College - Castle Rock Collaboration Campus) Series A (NR/Aa3)(a)
450,000     4.000     11/01/31   532,077
850,000     4.000     11/01/32   1,002,707
Colorado State Health Facilities Authority Revenue Bonds Series A (A+/NR)
1,000,000     5.000     11/01/23   1,107,400
Colorado State Housing & Finance Authority Revenue Bonds (Taxable) Series C-1 (GNMA) (AAA/Aaa)
310,000     2.025     05/01/24   319,368
280,000     2.075     11/01/24   289,581
250,000     2.125     05/01/25   259,015
250,000     2.175     11/01/25   259,789
Colorado State School of Mines Institutional Enterprise (Refunding) Series 2018-A (NR/A1)(a)(b)(c)
2,460,000     0.567     02/01/23   2,455,477
Denver City & County School District No. 1 GO Bonds Series 2021 (AA+/Aa1)(a)
500,000     3.000     12/01/36   577,522
El Paso County School District No 49 Falcon Cops Certificates of Participation (Refunding) Series 2021 (NR/Aa3)(a)(d)
1,145,000     4.000     12/15/33   1,418,131
     

 

      8,877,915

 

Connecticut – 2.0%
Connecticut State Health & Educational Facilities Authority Revenue Bonds (Refunding Fairfield University) Series S (A-/A3)
1,000,000     5.000     07/01/28   1,269,263
1,000,000     5.000 (a)    07/01/29   1,264,459
Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series A (AMT) (NR/Aa3)(a)
560,000     3.250     11/15/24   586,891
830,000     3.750     11/15/27   872,296
Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series B (AMT) (NR/Aa3)
330,000     5.000     11/15/27   409,273
450,000     5.000     11/15/28   568,699
450,000     5.000     11/15/29   578,453
385,000     5.000     11/15/30   501,801
Connecticut State Housing Finance Authority Housing Finance Mortgage Program Revenue Bonds (Taxable Refunding) Series A-4 (AAA/Aaa)
770,000     1.810     05/15/24   788,249
330,000     1.860     11/15/24   336,263

 

 

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Connecticut – (continued)
Connecticut State Housing Finance Authority Housing Finance Mortgage Program Revenue Bonds (Taxable Refunding) Series A-4 (AAA/Aaa) (continued)
$   530,000     1.900   05/15/25   $       540,013
765,000     1.950     11/15/25   779,152
500,000     2.090     05/15/26   511,090
     

 

      9,005,902

 

District of Columbia(a)(b)(c) – 0.4%
Metropolitan Washington Airports Authority Series B-REMK (AA+/NR)
2,050,000     0.020     10/01/40   2,050,000

 

Florida – 1.8%
County of Broward FL Port Facilities Revenue Bond (Refunding) Series A (A/A1)
870,000     5.000     09/01/24   995,285
County of Broward FL Port Facilities Revenue Bond Series A (A/A1)
620,000     5.000     09/01/28   801,184
Florida State Housing Finance Corp. Revenue Bonds Series 1 (GNMA/FNMA/FHLMC) (NR/Aaa)
750,000     2.000     07/01/27   789,215
695,000     2.050     01/01/28   733,332
725,000     2.100     07/01/28   767,491
735,000     2.125 (a)    01/01/29   776,455
Lake County FL School Board Certificates of Participation (Refunding-Master Lease Program) Series A (A/NR)(a)
725,000     5.000     06/01/24   786,504
Orange County FL Tourist Development Tax Revenue Bonds (Refunding) Series 2010 (AA-/NR)
2,000,000     5.000     10/01/23   2,203,462
Seminole County FL School Board Certificates of Participation Series B (AA-/Aa3)(a)(e)
500,000     5.000     07/01/22   522,306
     

 

      8,375,234

 

Georgia – 1.0%
Cherokee County GA Water & Sewer Authority Revenue Bonds (Refunding & Improvement) Series 1993 (NPFG) (NR/Aa1)
35,000     5.500     08/01/23   36,522
Fulton County GA Development Authority Revenue Bonds (Refunding-Robert W Woodruff Arts Center, Inc.) Series A (NR/A2)
1,000,000     5.000     03/15/26   1,194,680
Milledgeville & Baldwin County Development Authority Revenue Bonds(Refunding) Series 2021 (A+/NR)
500,000     5.000     06/15/30   667,890
500,000     5.000     06/15/31   682,195
600,000     5.000 (a)    06/15/32   815,772
700,000     5.000 (a)    06/15/33   948,354
     

 

      4,345,413

 

Idaho(a) – 0.3%
Idaho Housing & Finance Association (Refunding Garvee) Series A (NR/A2)
500,000     4.000     07/15/36   615,913
750,000     4.000     07/15/37   920,940
     

 

      1,536,853

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Illinois – 11.9%
Champaign County IL Community Unit School District No. 4 GO Bonds (Refunding) Series 2019 (AA/Aa2)
$   630,000     4.000   06/01/28   $       753,349
Cook County IL School District No. 63 East Maine GO Bonds (Refunding) Series 2019 (NR/Aa2)(a)
1,460,000     4.000     12/01/34   1,724,462
Cook County IL Township High School District No. 208 Riverside-Brookfield GO Bonds (Refunding) Series B (AA+/NR)
1,090,000     5.000     12/15/25   1,287,632
Countryside IL GO Bonds (Taxable-Refunding) Series 2014 (NR/Aa2)
500,000     3.300     01/01/24   532,807
Du Page & Cook County Community School District No. 181 GO Bonds (School Building) Series 2017 (AAA/Aaa)(a)
2,220,000     4.000     01/15/30   2,606,677
Du Page & Will County Community School District No. 204 Indian Prairie (Refunding) Series 2016 (NR/Aa1)
5,000,000     2.000     12/30/22   5,136,988
DuPage County School District No 62 Gower Series 2021 (NR/Aa2)
500,000     4.000     12/30/30   627,432
1,365,000     3.000 (a)    12/30/38   1,544,933
Elk Grove Village GO Bonds Series 2017 (AA+/NR)
530,000     3.000     01/01/24   562,189
550,000     3.000     01/01/25   595,472
1,140,000     5.000     01/01/26   1,355,614
525,000     5.000 (a)    01/01/28   649,860
Illinois Finance Authority Revenue Bonds (Refunding-The Carle Foundation) Series A (AA-/NR)(a)
1,550,000     4.000     08/15/37   1,915,760
Illinois Finance Authority Revenue Bonds (Rush University Medical Center Obligated Group) Series A (A+/A1)
500,000     5.000     11/15/24   574,638
Kane County IL Forest Preservation District GO Bonds Series A (AA+/NR)(a)
1,695,000     3.000     12/15/26   1,874,101
Kendall Kane & Will Counties IL Community Unit School District No. 308 GO Bonds (Refunding) Series 2016 (NR/A2)
1,115,000     5.000     02/01/24   1,233,346
1,000,000     5.000     02/01/25   1,144,878
Lake County IL Community Consolidated School District No. 46 Grayslake GO Bonds (Refunding) Series 2015 (AA+/NR)
1,000,000     5.000     11/01/23   1,101,216
Lake County IL Community Consolidated School District No. 73 Hawthorn GO Bonds (Refunding) Series B (AA+/NR)(a)
2,450,000     4.000     01/01/33   2,872,090
Mount Prospect IL GO Bonds (Refunding) Series A (AA+/NR)(a)
1,000,000     3.000     12/01/28   1,092,028
Peoria IL GO Bonds (Refunding) Series B (A+/A2)
1,205,000     5.000     01/01/24   1,334,669
Rolling Meadows IL GO Bonds Series 2019 (AA+/NR)(a)
495,000     4.000     12/15/34   585,315
515,000     4.000     12/15/35   607,117
535,000     4.000     12/15/36   630,189
555,000     4.000     12/15/37   651,728
580,000     4.000     12/15/38   680,191
600,000     4.000     12/15/39   702,206
Round Lake IL GO Bonds (Refunding) Series 2019 (NR/Aa2)
815,000     4.000     01/01/24   885,042
765,000     4.000     01/01/25   855,167

 

 

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Illinois – (continued)
Saint Clair County IL High School District No. 203 O’Fallon GO Bonds (Refunding) Series 2017 (NR/Aa2)
$   845,000     4.000   12/01/23   $       915,455
685,000     4.000     12/01/24   764,225
735,000     4.000     12/01/25   841,424
Stark Knox Marshall Henry & Peoria Counties Community Unit School Dist No 100 (Refunding) Series 2021 BAM (AA/A1)(a)
860,000     4.000     12/01/38   1,032,983
Westchester Village of IL GO Bonds Series 2021 (BAM) (AA/A2)(a)
1,000,000     4.000     12/01/34   1,183,410
1,825,000     4.000     12/01/38   2,144,530
Will County IL Community Unit School District No. 365 Valley View GO Bonds (Prerefunded-Capital Appreciation) Series 2003 (AGM) (AA/Aa2)(f)
4,770,000     0.000     11/01/23   4,748,647
Winnebago County IL GO Bonds (Refunding) Series C (NR/Aa3)
765,000     5.000     12/30/25   910,712
905,000     5.000     12/30/28   1,156,947
960,000     5.000     12/30/29   1,251,888
Woodford Lasalle Livingston Etc. Counties Community Unit School District GO Bonds Series A (AA/NR)(a)
650,000     4.000     12/01/30   782,335
700,000     4.000     12/01/31   837,436
700,000     4.000     12/01/32   834,924
725,000     4.000     12/01/33   862,033
     

 

      54,384,045

 

Indiana – 6.9%
Brownsburg 1999 School Building Corp. Series 2021 (NR/NR)(a)(g)
2,000,000     1.500     05/13/22   2,004,907
Carmel IN Local Public Improvement Bank Revenue Bonds
Series B-1 (AA/NR)(a)
1,810,000     4.000     01/15/34   2,139,546
Decatur Township IN Multi-School Building Corp. Revenue Bonds (Refunding-First Mortgage) (Multi Purpose) Series 2015 (AA+/NR)
2,315,000     5.000     07/15/23   2,528,674
Eastern Pulaski IN Multi-School Building Corp. Revenue Bonds (First Mortgage) Series 2015 (AA+/NR)(a)
840,000     4.000     07/15/28   899,224
Greater Clark In Building Corp. Revenue bonds (1st Mortgage) Series 2018 (AA+/NR)(a)
1,000,000     4.000     07/15/32   1,188,377
Indiana Finance Authority Revenue Bonds (Educational Facilities-Butler University Project) Series A (A-/NR)(a)
540,000     5.000     02/01/25   597,766
425,000     5.000     02/01/27   468,869
700,000     5.000     02/01/28   771,282
600,000     5.000     02/01/29   660,556
Indiana State Finance Authority Revenue Bond (Refunding-Educational Facilities-Indianapolis Museum of Art) Series B (NR/A2)(a)
815,000     5.000     02/01/28   872,015
Indiana State Finance Authority Revenue Bond (Refunding-Marion Hospital, Inc. Obligated Group) Series 2021 (A/NR)
830,000     4.000     07/01/31   1,038,080
700,000     4.000 (a)    07/01/32   865,085
700,000     4.000 (a)    07/01/36   850,897
Indiana State University Revenue Bonds (Build America Bonds) (NR/A1)(a)
530,000     5.310     04/01/25   530,758

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Indiana – (continued)
Jefferson County Jail Building Corp Revenue Bonds Series 2021 (BAM) (AA/NR)(a)
$1,955,000     4.000   07/15/33   $    2,412,474
Lake Central Multi-District School Building Corp. Revenue Bonds (Refunding-First Mortgage) Series B (AA+/NR)
1,000,000     5.000     07/15/24   1,123,814
Martinsville Redevelopment Authority Series 2021 BAM (AA/NR)(a)
565,000     3.000     08/01/33   636,248
400,000     3.000     08/01/35   447,302
700,000     3.000     08/01/37   777,356
Plainfield IN High School Building Corp. Revenue Bonds (Refunding-First Mortgage) Series 2014 (AA+/NR)(a)
1,000,000     4.000     01/15/26   1,104,897
Portage IN Redevelopment Authority Lease Rent Revenue Bonds Series 2015 (A/NR)(a)
1,665,000     4.000     08/01/30   1,875,377
Shelbyville IN Redevelopment Authority Series 2021 (A+/NR)(a)
885,000     3.000     08/01/29   991,731
910,000     3.000     08/01/30   1,011,807
940,000     3.000     08/01/31   1,040,211
485,000     4.000     08/01/32   576,256
Vinton-Tecumseh IN School Building Corporation Revenue Bonds (First Mortgage) Series A (AA+/NR)(a)
625,000     5.000     07/15/30   776,549
500,000     5.000     07/15/31   619,202
500,000     5.000     07/15/32   618,183
Westfield High School 1995 Building Corp. Revenue Bonds (1st Mortgage) Series B (AA+/NR)(a)
1,000,000     5.000     01/15/31   1,187,658
750,000     5.000     07/15/31   891,102
     

 

      31,506,203

 

Iowa – 1.1%
County of Woodbury IA GO Bonds Series 2021 (NR/Aa3)(d)
620,000     4.000     06/01/25   703,609
525,000     3.000 (a)    06/01/31   591,522
555,000     3.000 (a)    06/01/32   620,807
Dubuque Community School District Revenue Bonds(Refunding) Series 2021(BAM) (AA/NR)(a)
1,450,000     3.000     07/01/35   1,606,245
1,200,000     3.000     07/01/36   1,323,892
     

 

      4,846,075

 

Kansas(a) – 1.2%
Geary County KS Unified School District No. 475 GO Bonds Series A (NR/Aa3)(e)
1,400,000     4.000     09/01/25   1,589,677
Scott County KS Unified School District No. 466 GO Bonds Series A (NR/A2)(e)
1,015,000     5.000     09/01/25   1,207,744
Wichita KS Sales Tax Special Obligation Revenue Bonds (River District Stadium Star Bond Project) Series 2018 (NR/A1)
1,000,000     5.000     09/01/30   1,254,334
1,000,000     5.000     09/01/31   1,249,705
     

 

      5,301,460

 

Kentucky – 3.6%
Appalachian Regional Healthcare Obligated Group Revenue Bonds(Refunding) Series 2021 (A/NR)
1,695,000     5.000     07/01/30   2,244,112
855,000     5.000     07/01/31   1,151,457

 

 

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Kentucky – (continued)
Appalachian Regional Healthcare Obligated Group Revenue Bonds(Refunding) Series 2021 (A/NR) (continued)
$1,275,000     5.000 %(a)    07/01/32   $    1,712,592
Barren County KY School District Finance Corp. Revenue Bonds (Refunding) Series 2015 (NR/A1)(a)
1,000,000     5.000     08/01/26   1,153,174
Kentucky State Property & Building Commission Revenue Bonds (Project No. 112) Series B (A-/A1)(a)
400,000     5.000     11/01/27   490,601
Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series B (NR/A1)
1,000,000     5.000     05/01/26   1,207,587
750,000     5.000 (a)    05/01/28   925,370
915,000     5.000 (a)    05/01/29   1,125,279
Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series D (NR/A1)
750,000     5.000     05/01/27   930,361
Kentucky State Property & Building Commission Series 2018 (AA/A2)
885,000     5.000     04/01/28   1,123,393
Kentucky State Property & Building Commission Series A (AA/A1)
960,000     5.000     02/01/26   1,152,561
Oldham County KY School District Finance Corp. (Refunding) Series 2016 (NR/A1)
590,000     5.000     06/01/22   612,482
610,000     5.000     06/01/23   659,761
690,000     5.000     06/01/24   778,630
Owensboro KY GO Bonds Series A (NR/A1)(a)
1,200,000     5.000     05/01/25   1,299,398
     

 

      16,566,758

 

Louisiana – 1.1%
Iberia Parish LA Parish wide School District GO Bonds Series 2017 (AA-/NR)
510,000     3.000     03/01/24   543,476
530,000     4.000     03/01/25   595,756
550,000     4.000     03/01/26   634,258
570,000     4.000     03/01/27   675,438
450,000     4.000 (a)    03/01/28   533,141
Louisiana Public Facilities Authority Revenue Bonds (Refunding-Ochsner Clinic Foundation Project) Series 2015 (A/A3)(a)
800,000     5.000     05/15/30   918,891
St. Tammany LA Parish Wide School District No 12 GO Bonds (Refunding) Series 2017 (AA/NR)(a)
980,000     4.000     03/01/28   1,163,429
     

 

      5,064,389

 

Maine – 2.5%
Maine Municipal Bond Bank Revenue Bonds Series A (AA+/Aa2)(a)
1,000,000     3.000     11/01/37   1,138,608
Maine State Governmental Facilities Authority Revenue Bonds Series A (AA-/Aa3)(a)
2,485,000     4.000     10/01/32   2,968,796
Maine State Health & Higher Educational Facilities Authority Revenue Bonds Series A (NR/A1)(a)
115,000     5.000     07/01/24   115,375
Maine State Housing Authority Mortgage Purchase Revenue Bonds Series B (AA+/Aa1)
1,300,000     1.950     11/15/24   1,357,950
835,000     2.050     11/15/25   882,460
1,000,000     2.100     11/15/26   1,067,717

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Maine – (continued)
Maine State Housing Authority Mortgage Purchase Revenue Bonds Series E (AA+/Aa1)(a)
$   840,000     2.150   11/15/29   $       890,345
870,000     2.250     11/15/30   917,190
905,000     2.350     11/15/31   953,649
Portland ME Airport Revenue Bonds (Refunding-General) Series 2016 (BBB+/Baa1)
145,000     5.000     01/01/23   154,474
470,000     5.000     01/01/24   521,296
215,000     5.000 (a)    01/01/34   249,965
330,000     5.000 (a)    01/01/35   383,148
     

 

      11,600,973

 

Maryland(a) – 0.5%
Maryland State Water Quality Financing Administration Bay Restoration Fund Revenue Bonds Series 2015 (AA/Aa2)
2,000,000     2.800     03/01/26   2,110,687

 

Massachusetts – 0.5%
Massachusetts Housing Finance Agency Revenue Bonds Series 2021 (AA+/Aa1)(a)
960,000     1.850     06/01/32   961,950
710,000     1.900     12/01/32   711,360
Massachusetts State Housing Finance Agency Revenue Bonds
Series B (AMT) (AA/Aa2)
300,000     3.050     06/01/22   305,620
310,000     3.250     06/01/23   319,631
     

 

      2,298,561

 

Michigan – 6.3%
Comstock Park MI Public Schools GO Bonds (Refunding)
Series 2015 (Q-SBLF) (AA/NR)
730,000     5.000     05/01/24   825,659
Grand Blanc Community Schools (Taxable-Refunding) Series 2021 (Q-SBLF) (AA/NR)
500,000     2.000     05/01/25   526,863
1,475,000     2.000     11/01/25   1,562,349
500,000     2.000     05/01/26   529,815
1,875,000     2.000     11/01/26   1,995,889
Grand Traverse County MI Hospital Finance Authority Revenue Bonds (Munson Healthcare Obligated Group) Series A (NR/A1)(a)
445,000     5.000     07/01/30   566,560
495,000     5.000     07/01/32   626,207
Grand Traverse County MI Hospital Finance Authority Revenue Bonds (Munson Healthcare Obligated Group) Series B (NR/A1)(a)
380,000     5.000     07/01/31   481,942
Grand Valley MI State University Revenue Bonds (Refunding)
Series A (A+/A1)(a)
1,500,000     4.000     12/01/29   1,723,727
1,375,000     4.000     12/01/30   1,573,741
Jackson College MI GO Bonds (Refunding) Series 2016 (NR/Aa2)
940,000     3.000     05/01/25   1,025,092
Jenison MI Public Schools GO Bonds (Refunding) Series 2017 (NR/Aa3)
1,110,000     4.000     05/01/23   1,185,456
Kalamazoo MI Public Schools GO Bonds Series 2018 (NR/A1)(a)
2,370,000     4.000     05/01/31   2,817,892
Kenowa Hills MI Public School GO Bonds (School Building & Site) Series II (Q-SBLF) (AA/NR)(a)
1,000,000     4.000     11/01/30   1,191,145
Mattawan MI Consolidated School District GO Bonds Series I (Q-SBLF) (AA/NR)(a)(e)
750,000     5.000     05/01/25   881,459

 

 

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Michigan – (continued)
Michigan State Finance Authority Revenue Bonds (Refunding-Beaumont Health Credit Group) Series 2015 (A+/A1)(a)
$1,215,000     5.000   08/01/31   $    1,381,673
Michigan State Housing Development Authority Revenue Bond Series B (AA+/Aa2)(a)
1,750,000     3.000     06/01/29   1,905,768
Michigan State Housing Development Authority Revenue Bonds (Taxable-Refunding) Series B (AA/NR)
500,000     2.816     04/01/25   532,856
1,000,000     2.866     10/01/25   1,070,753
Michigan State Housing Development Authority Revenue Bonds Series A (AA/NR)
400,000     2.150     04/01/25   420,996
470,000     2.550 (a)    04/01/28   499,733
410,000     2.600 (a)    10/01/28   435,775
Northwest Community Schools GO Bonds (School Building & Site) Series 2013 (Q-SBLF) (AA/NR)(a)
1,000,000     4.000     05/01/24   1,068,157
Portland MI Public Schools GO Bonds (Refunding) Series 2016 (Q-SBLF) (AA/NR)(a)
1,150,000     4.000     05/01/27   1,336,779
Saginaw Township MI Community School District (Refunding) Series 2015 (Q-SBLF) (NR/Aa1)(a)
750,000     4.000     05/01/28   862,701
Washtenaw MI Community College GO Bonds (Refunding) Series 2015 (NR/Aa1)
645,000     4.000     04/01/25   729,170
Zeeland Public Schools GO Bonds Series I (AA/NR)(a)
1,000,000     3.000     05/01/33   1,145,794
     

 

      28,903,951

 

Minnesota – 0.1%
Minnesota State Housing & Finance Agency Revenue Bonds
Series A (GNMA/FNMA/FHLMC) (AA+/Aa1)
290,000     1.700     07/01/26   299,875

 

Mississippi – 1.3%
Alcorn State University Educational Building Corp. (Refunding-Facilities) (Re-Financing Project) Series 2016 (NR/Aa2)(a)
1,560,000     4.000     09/01/33   1,801,259
Mississippi State Development Bank Special Obligation (Pearl Public School District) Series 2016 (NR/Aa3)(a)
600,000     4.000     04/01/34   687,554
Mississippi State Development Bank Special Obligation Revenue Bonds (Hinds County Project) Series 2017 (NR/Aa3)(a)
300,000     5.000     11/01/29   374,274
400,000     5.000     11/01/30   498,919
500,000     5.000     11/01/31   623,812
400,000     5.000     11/01/32   499,291
Mississippi State Gaming Tax Revenue Bonds Series 2015-E (A-/A3)
1,055,000     5.000     10/15/25   1,251,508
     

 

      5,736,617

 

Missouri – 1.6%
Greene County MO GO Bonds Limited-Wilson Creek Marketplace NID Project (Refunding) Series A (NR/Aa2)(a)(e)
500,000     5.000     04/01/22   516,391

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Jackson County MO Special Obligation Revenue Bonds (Harry S. Truman Sports Complex) Series 2014 (NR/Aa3)(a)
$2,300,000     5.000   12/01/26   $    2,657,390
Kansas City MO Industrial Development Authority Apartments Special Obligation Revenue Bonds(Kansas City International Apartments Terminal Modified Project) Series B (A-/A2)
1,155,000     5.000     03/01/27   1,427,588
St Charles School District GO Bonds Series 2021 (AA+/NR)(a)
700,000     3.000     03/01/34   779,916
St Louis Land Clearance for Redevelopment Authority Revenue Bonds (Refunding) Series A (A/NR)(a)
2,000,000     2.125     04/01/39   2,005,291
     

 

      7,386,576

 

Nebraska – 0.4%
Nebraska Public Power Generation Agency Revenue Bonds (Refunding) (Whelan Energy Center Unit 2) Series A (NR/A2)
1,750,000     5.000     01/01/23   1,865,376
Sarpy County NE Hospital Authority No.1 Revenue Bonds (Refunding-Nebraska Medicine) Series 2016 (AA-/NR)(a)
35,000     3.000     05/15/46   37,166
     

 

      1,902,542

 

Nevada – 1.4%
City of Las Vegas NV GO Series C (AA/Aa2)(a)
1,335,000     4.000     06/01/29   1,587,244
Clark County NV School District GO Bonds (Refunding) Series C (AGM) (AA/A1)
4,010,000     5.000     06/15/27   5,027,534
     

 

      6,614,778

 

New Jersey – 2.7%
Middlesex County NJ Cops Certificates of Participation (Refunding) Series 2017 (AA+/NR)
705,000     4.000     06/15/26   820,405
500,000     4.000     06/15/27   594,909
500,000     4.000 (a)    06/15/28   592,511
760,000     4.000 (a)    06/15/29   895,689
New Jersey Housing & Mortgage Finance Agency MF Conduit Revenue Bonds (Lexington Manor Apartments Project) Series B (NR/Aaa)
645,000     3.150     06/15/25   679,528
New Jersey State Transportation Trust Fund Authority Revenue Bonds (Capital Appreciation) Transportation System Series 2006 (AMBAC) (AA+/Aa1)(f)
1,255,000     0.000     12/15/26   1,201,864
New Jersey Transportation Trust Fund Authority Revenue Bonds (Refunding-Highway Reimbursment-Garvee NTS) Series A (A+/Baa1)(a)
1,500,000     5.000     06/15/31   1,774,596
Ventnor City NJ GO Bonds (Refunding) Series 2017 (AA/NR)
1,470,000     4.000     12/01/22   1,545,396
1,530,000     4.000     12/01/23   1,665,412
690,000     4.000     12/01/26   807,556
705,000     4.000     12/01/27   841,754
730,000     4.000 (a)    12/01/28   865,896
     

 

      12,285,516

 

 

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
New Mexico(a) – 1.8%
Las Cruces NM Joint Utility Revenue Bonds (Subordinate Line System Improvement) Series 2018 (NR/Aa3)
$   845,000     4.000   06/01/29   $       976,408
500,000     4.000     06/01/30   576,554
500,000     4.000     06/01/33   573,619
The University of New Mexico Series 2001 (AA-/Aa3)(b)(c)
4,265,000     0.020     06/01/26   4,265,000
University of New Mexico NM Revenue Bonds (Refunding & Improvement-Subordinate Lien) Series A (AA-/Aa3)
1,685,000     2.250     06/01/27   1,809,758
     

 

      8,201,339

 

New York(a) – 0.2%
Monroe Country NY Development Corp. Revenue Bonds (Refunding John Fisher College) Series A (A-/NR)
500,000     5.000     06/01/29   554,777
New York City Housing Development Corp. Revenue Bonds (Multi Family Development) Series G (AA+/Aa2)
250,000     3.800     11/01/37   251,285
     

 

      806,062

 

North Carolina – 1.2%
County of Hoke NC Revenue Bonds(Refunding) Series 2021 (A+/Aa3)(a)
865,000     3.000     06/01/35   982,658
1,750,000     3.000     06/01/36   1,976,206
North Carolina State Housing Finance Agency Homeownership Revenue Bonds Series 39-B (GNMA/FNMA/FHLMC) (AA+/Aa1)(a)
1,005,000     3.200     01/01/29   1,113,305
Western Carolina University Revenue Bonds (Refunding-Limited Obligation-Student Housing) (A/NR)
330,000     4.000     06/01/22   339,292
350,000     4.000     06/01/23   372,524
480,000     4.000 (a)    06/01/25   509,417
     

 

      5,293,402

 

Ohio – 7.2%
Akron OH Certificates of Participation (District Energy Project) Series 2018 (A/NR)(a)
885,000     4.000     12/01/29   1,006,586
960,000     4.000     12/01/31   1,084,289
Akron OH GO Bonds (Refunding) (A+/NR)(a)
545,000     5.000     12/01/26   625,999
Cloverleaf Local School District COPS Certificates of Participation Series 2021 BAM (AA/A1)(a)
650,000     2.500     12/01/50   659,916
Cuyahoga Metropolitan Housing Authority Revenue Bonds Series 2021 (A+/NR)(a)
2,500,000     2.000     12/01/31   2,559,320
Dayton-Montgomery County Port Authority Revenue Bonds Series 2021 (A-/NR)
430,000     2.000     11/15/31   433,089
Kent OH State University Revenue Bonds (Taxable-Refunding) Series B (A+/Aa3)(a)
880,000     2.321     05/01/27   935,316
Licking Heights OH Local School District GO Bonds (Refunding) Series C (NR/Aa3)
765,000     5.000     10/01/27   966,931
1,115,000     5.000 (a)    10/01/28   1,404,243

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Ohio – (continued)
Mahoning County OH Career & Technical Center Board of Education Certificates of Participation (Refunding) Series 2017 (AA-/NR)(a)
$   630,000     4.000   12/01/26   $       700,833
500,000     4.000     12/01/29   555,561
Miami Valley Career Technology Center OH GO Bonds Series 2018 (NR/Aa3)(a)
725,000     4.000     12/01/34   861,083
2,245,000     4.000     12/01/36   2,658,292
2,170,000     4.000     12/01/37   2,563,605
Middletown OH GO Bonds (Refunding-Various Purpose) Series 2017 (NR/A1)
1,095,000     4.000     12/01/25   1,257,599
1,045,000     5.000     12/01/27   1,319,311
Ohio Higher Educational Facility Commission (Refunding-Cleveland Health System) Series 2013 (AA/Aa2)(a)(b)(c)
5,000,000     0.010     01/01/39   5,000,000
Ohio State Higher Educational Facility Commission Revenue Bonds (Xavier University-Refunding) Series C (NR/A3)(a)
1,000,000     5.000     05/01/27   1,158,678
1,000,000     5.000     05/01/28   1,156,872
Ohio State Hospital Refunding Revenue Bonds (Cleveland Clinic Health System Obligated Group) Series A (AA/Aa2)
1,000,000     5.000     01/01/24   1,116,581
Ohio State Hospital Revenue Bonds (University Hospitals Health System, Inc.) Series A (A/A2)(a)
1,000,000     5.000     01/15/24   1,068,944
Toledo-Lucas County Port Authority Revenue Bonds Series 2021 (A-/NR)
430,000     2.000     11/15/31   432,824
Triway Local School District COPS Certificates of Participation Series 2021 BAM (AA/NR)(a)
1,000,000     4.000     12/01/30   1,194,206
1,060,000     4.000     12/01/31   1,261,474
University of Toledo OH Revenue Bonds (Refunding-General Receipt) Series A (A/A2)(a)
700,000     4.000     06/01/36   797,924
     

 

      32,779,476

 

Oklahoma – 1.5%
Bryan County School Finance Authority (A/NR)
895,000     4.000     09/01/24   992,695
Leflore County OK Public Facility Authority Educational Facility Lease Revenue Bonds (Poteau Public School Project) Series 2019 (A-/NR)
1,350,000     4.000     12/01/28   1,614,330
1,770,000     4.000 (a)    12/01/30   2,121,130
Oklahoma State Capitol Improvement Authority Facility Revenue Bonds (Department of Correction) Series D (AA-/NR)(a)
2,000,000     4.000     07/01/38   2,342,403
     

 

      7,070,558

 

Pennsylvania – 11.9%
Brandywine Heights PA Area School District GO Bonds (Refunding) Series A (AA-/NR)
1,650,000     5.000     02/01/26   1,961,520
Brandywine Heights PA Area School District GO Bonds (Refunding) Series B (AA-/NR)
1,365,000     4.000     02/01/23   1,442,258
Centre County PA Hospital Authority Revenue Bonds (Refunding Hospital Mount Nittany Medical Center Project) Series A (A+/NR)
1,000,000     5.000     11/15/26   1,232,062

 

 

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Pennsylvania – (continued)
Columbia Borough PA School District GO Bonds (Refunding) Series 2019 (A+/NR)
$1,500,000     4.000   02/15/22   $    1,529,690
1,790,000     4.000     02/15/23   1,885,416
Delaware Valley PA Regional Financial Authority Revenue Bonds Series A (CNTY-GTD) (A+/A1)
2,100,000     5.000     09/01/33   2,983,406
Easton Area School District Revenue Bonds Series 2021 (NR/Aa2)(a)
1,100,000     4.000     04/01/33   1,344,406
Gateway School District Alleghany County GO Bonds Series 2021 (AA/A1)(a)
795,000     3.000     10/15/35   902,017
1,300,000     3.000     10/15/36   1,468,676
Gateway School District Alleghany County GO Bonds Series 2021 (BAM) (AA/A1)(a)
1,000,000     3.000     10/15/34   1,139,098
Hamburg Area School District PA Series 2021 (AA-/NR)(a)
1,000,000     3.000     04/01/34   1,105,461
1,400,000     3.000     04/01/35   1,543,303
Pennsylvania Higher Education Assistance Agency Revenue Bonds Series A (A/A1)
500,000     5.000     06/01/26   596,137
525,000     5.000     06/01/27   640,330
525,000     5.000     06/01/28   652,925
535,000     5.000     06/01/29   677,006
425,000     5.000     06/01/30   545,789
Pennsylvania State Economic Development Financing Authority Governmental Lease Revenue Bonds (Taxable-Refunding-Forum Place Project) Series 2020 (A/A2)
1,250,000     2.082     03/01/24   1,278,656
Pennsylvania State Higher Educational Facilities Authority Revenue Bonds Series 2022 (AA/Aa3)(a)(d)
475,000     4.000     08/15/42   550,349
Pennsylvania State Housing Finance Agency SF Mortgage Revenue Bonds Series 130A (AA+/Aa1)(a)
795,000     2.100     10/01/30   832,728
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds (Refunding-Subordinated) Series B (NR/A3)(a)
1,500,000     5.000     06/01/29   1,805,109
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds (Taxable-Refunding-1st) Series 2020 (NR/A1)
335,000     2.355     12/01/26   358,531
400,000     2.533     12/01/27   432,245
350,000     2.633     12/01/29   380,311
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds Series A-2 (NR/A1)(a)
3,000,000     5.000     12/01/35   3,835,761
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds Series C (A+/A1)(a)
500,000     5.000     12/01/26   577,513
Peters Township PA School District Washington County GO Bonds Series C (NR/Aa2)(a)
1,000,000     4.000     09/01/36   1,180,146
Phoenixville Area School District GO Bonds (Refunding) Series 2020 (NR/Aa2)
1,045,000     3.000     11/15/21   1,053,452
Plum Boro PA Municipal Authority Sewer Revenue Bonds (Refunding) Series C (AA/NR)
1,175,000     3.000     11/15/27   1,331,525

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Pennsylvania – (continued)
Salisbury Township PA School District GO Bonds Series A (A/NR)(a)
$1,390,000     4.000   02/15/27   $    1,557,759
Scranton PA School District GO Bonds (Refunding) Series E (AA/A2)(a)
1,000,000     5.000     12/01/32   1,238,004
Shikellamy School District PA GO Bonds Series 2020 (AA/NR)(a)
1,945,000     2.000     09/01/28   2,024,185
1,610,000     2.000     09/01/29   1,666,190
Southcentral PA General Authority Revenue Bond Series TT2 (A-/NR)
225,000     5.000     05/01/28   285,336
225,000     5.000     05/01/29   291,761
400,000     5.000     05/01/30   527,185
375,000     5.000     05/01/31   504,191
325,000     4.000 (a)    05/01/32   395,718
325,000     4.000 (a)    05/01/33   394,312
300,000     4.000 (a)    05/01/34   362,692
State Public School Building Authority Revenue Bonds (Refunding-Montgomery County Community College) (NR/A1)(a)
1,065,000     5.000     05/01/29   1,228,071
Wayne County PA Hospital & Health Facilities Authority Revenue Bond (Memorial Hospital Project) Series A (CNTY-GTD) (A/NR)
550,000     4.000     07/01/25   626,053
520,000     4.000     07/01/27   619,287
400,000     5.000 (a)    07/01/28   494,894
500,000     4.000 (a)    07/01/33   575,895
Wilkes-Barre PA Finance Authority Revenue Bonds (Refunding-University of Scranton) Series A (A-/NR)
1,000,000     5.000     11/01/24   1,144,178
2,205,000     4.000 (a)    11/01/29   2,482,924
Wilson PA School District GO Bonds Series A (AA/NR)
650,000     4.000     05/15/26   757,250
840,000     4.000 (a)    05/15/27   979,075
York PA GO Bonds (Refunding) Series A (NR/NR)
640,000     5.000     11/15/26   757,688
     

 

      54,178,474

 

Rhode Island(a) – 1.2%
Rhode Island State & Providence Plantations Lease Certificates of Participation (Eleanor Slater Hospital Project) Series B (AA-/Aa3)
1,600,000     5.000     11/01/30   2,068,651
760,000     4.000     11/01/32   918,788
980,000     4.000     11/01/33   1,181,443
Rhode Island State & Providence Plantations Lease Certificates of Participation (Refunding) (School Deafening Project) Series D (AA-/Aa3)
1,000,000     5.000     04/01/29   1,241,512
     

 

      5,410,394

 

South Carolina – 0.2%
Laurens County SC School District No. 055 Installment Purchase Revenue Bonds (Refunding) Series 2015 (A-/A2)
1,000,000     5.000     12/01/24   1,149,339

 

South Dakota – 1.1%
South Dakota Board of Regents Housing & Auxiliary Facilities System Series 2017 (NR/Aa3)(a)
2,000,000     5.000     04/01/30   2,497,713
South Dakota Housing Development Authority Revenue Bonds (Home Ownership Mortgage) Series D (AAA/Aaa)
30,000     2.700     05/01/25   31,857

 

 

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
South Dakota – (continued)
South Dakota State Health & Educational Facilities Authority Revenue Bonds Series 2017 (NR/A1)
$   750,000     5.000   09/01/23   $       823,798
825,000     5.000     09/01/24   940,253
605,000     5.000     09/01/25   713,998
     

 

      5,007,619

 

Tennessee – 0.6%
Greeneville TN Health & Educational Facilities Board Hospital Revenue Bonds (Refunding-Ballad Health Obligated Group)
Series A (A-/A3)
500,000     5.000     07/01/28   638,472
600,000     5.000 (a)    07/01/29   763,263
500,000     5.000 (a)    07/01/30   631,995
Tennessee Housing Development Agency Revenue Bonds Homeownership Program Series 1C (Non-AMT) (GO of Agency) (AA+/Aa1)(a)
525,000     3.500     07/01/27   529,721
Tennessee Housing Development Agency Revenue Bonds Residential Financing Program Series 1C (Non-AMT-Non ACE-Issue) (AA+/Aa1)(a)
225,000     4.050     01/01/38   237,637
     

 

      2,801,088

 

Texas – 9.1%
Arlington Higher Education Finance Corp. Revenue Bonds (Harmony Public Schools) Series 2021 (PSF-GTD) (AAA/Aaa)(a)(d)
2,590,000     3.000     02/15/32   2,957,636
Arlington TX Higher Education Finance Corp. Revenue Bonds (KIPP Texas, Inc.) Series 2018 (PSF-GTD) (AAA/NR)(a)
1,000,000     4.000     08/15/30   1,203,751
1,000,000     4.000     08/15/31   1,199,284
Arlington TX Higher Education Finance Corp. Revenue Bonds (Responsive Education Solutions) Series A (PSF-GTD) (AAA/NR)
725,000     5.000     08/15/25   858,186
Arlington TX Higher Education Finance Corp. Revenue Bonds (Uplift Education) Series B (PSF-GTD) (AAA/NR)(a)
540,000     4.000     12/01/30   629,117
485,000     4.000     12/01/32   563,994
Arlington TX Higher Education Finance Corp. Revenue Bonds Series A (PSF-GTD) (AAA/NR)(a)
1,075,000     3.000     08/15/33   1,246,686
1,000,000     4.000     08/15/34   1,266,219
1,000,000     4.000     08/15/35   1,260,623
Celina TX GO Bonds (Certificates of Obligation) (Waterworks & Sewer System) Series 2015 (AA/Aa3)(a)
930,000     5.000     09/01/27   1,102,103
980,000     5.000     09/01/28   1,159,173
City of Bryan TX Electric System Revenue Bonds (Refunding) Series 2021 (A+/NR)(a)
960,000     4.000     07/01/31   1,105,752
City of Dallas TX GO Bonds (Refunding & Improvement) Series 2017 (AA-/NR)
2,000,000     5.000     02/15/26   2,409,111
City of Houston TX Airport System Revenue Bonds Series 2021 (NR/A1)
1,000,000     5.000     07/01/29   1,305,621
900,000     5.000     07/01/30   1,194,250
1,200,000     5.000     07/01/31   1,618,733
1,000,000     5.000 (a)    07/01/32   1,339,911

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Texas – (continued)
Clifton TX Higher Education Finance Corp. Revenue Bond (Refunding-Idea Public Schools) Series 2017 (PSF-GTD)
(AAA/NR)(a)
$2,500,000     4.000   08/15/28   $    2,985,318
El Paso County TX Community College District Revenue Bonds Series 2016 (AGM) (AA/NR)(a)
2,000,000     4.000     04/01/31   2,289,168
EL Paso TX GO Bonds Series 2016 (AA/NR)(a)
5,000,000     5.000     08/15/28   6,144,591
Forney Independent School District GO Bonds Series A (AAA/NR)(a)
1,950,000     3.000     02/15/46   2,150,764
Katy TX Independent School District GO Bonds (Refunding) Series A (PSF-GTD) (AAA/Aaa)
300,000     5.000     02/15/25   349,600
Kyle TX GO Bonds (Refunding) Series 2015 (AA-/NR)(a)
1,000,000     4.000     08/15/26   1,128,324
McGregor TX Independent School District GO Bonds (Capital Appreciation) Series 2001 (PSF-GTD) (AAA/NR)(f)
1,000,000     0.000     02/15/25   903,894
Round Rock Transportation & Economic Development Corp. (Taxable) Series 2021 BAM (AA/NR)
910,000     1.250     08/15/26   921,199
Wichita Falls TX GO Bonds Series A (AA/Aa2)(a)
880,000     4.000     09/01/31   1,047,037
870,000     4.000     09/01/32   1,033,396
     

 

      41,373,441

 

Utah – 0.4%
Salt Lake City UT Airport Revenue Bonds Series A (A/A2)
1,000,000     5.000     07/01/26   1,215,979
Salt Lake City UT Airport Revenue Bonds Series B (A/A2)(a)
500,000     5.000     07/01/34   615,661
     

 

      1,831,640

 

Vermont – 0.9%
Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (A/NR)
300,000     5.000     06/15/24   336,379
400,000     5.000     06/15/25   462,569
400,000     5.000     06/15/26   475,113
780,000     5.000     06/15/27   948,272
Vermont Student Assistance Corp Revenue Bonds Series 2021 (A/NR)
400,000     5.000     06/15/29   499,089
455,000     5.000     06/15/30   574,760
475,000     5.000     06/15/31   607,207
     

 

      3,903,389

 

Washington(a) – 1.1%
Chelan County Public Utility District No 1 Revenue Bonds (Variable Refunding) Series B (AA+/Aa3)(b)(c)
1,505,000     0.020     07/01/32   1,505,000
Port of Seattle WA Special Facilities Revenue Bonds (Refunding) Series 2013 (A-/A1)
900,000     3.600     06/01/26   945,140
Washington State GO Bonds (Built America) Series D (AA+/Aaa)
1,485,000     4.586     08/01/21   1,485,000

 

 

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Washington(a) – (continued)
Washington State Health Care Facilities Authority Revenue Bonds (Multicare Health System) Series A (AA-/Aa3)
$   495,000     5.000   08/15/27   $       585,497
Washington State Health Care Facilities Authority Revenue Bonds (Refunding-Providence St. Joseph Health) Series B (AA-/Aa3)
150,000     5.000     10/01/30   192,305
Washington State Housing Finance Commission Revenue Bonds (Refunding-Non-AMT-Single Family Program) Series 1N (NR/Aaa)
350,000     3.450     12/01/30   369,313
     

 

      5,082,255

 

West Virginia(a) – 0.6%
West Virginia State Higher Education Policy Commission Revenue Bonds (Refunding Community & Technical College Capital Improvement) Series 2017 (AAA/A1)
2,065,000     5.000     07/01/30   2,550,989

 

Wisconsin(a) – 0.8%
Luxemburg-Casco WI School District Brown & Kewaunee Counties GO Notes (Refunding) Series 2018 (AA-/NR)
520,000     4.000     03/01/30   609,133
765,000     4.000     03/01/31   889,822
540,000     4.000     03/01/32   625,610
Wisconsin Public Finance Authority Revenue Bonds (Taxable Refunding Hawai Pacific Health Obligated Group) Series A (NR/A1)
1,170,000     4.082     07/01/29   1,349,448
     

 

      3,474,013

 

TOTAL MUNICIPAL BOND OBLIGATIONS (Cost $419,380,233)   $445,048,700

 

Shares  

Dividend

Rate

        Value
Corporate Obligations(a) – 1.2%
Healthcare-Services – 1.2%
Sutter Health (A/A1)
4,700,000     3.695   08/15/28   $    5,293,658

 

TOTAL CORPORATE OBLIGATIONS
(Cost $5,055,038)
  $    5,293,658

 

Investment Company – 2.1%
State Street Institutional US Government Money Market Fund - Premier Class (NR/NR)
9,827,294     0.025     $    9,827,294
(Cost $9,827,294)  

 

TOTAL INVESTMENTS – 100.9%
(Cost $434,262,565)
  $460,169,652

 

LIABILITIES IN EXCESS OF
OTHER ASSETS – (0.9)%

  (3,965,125)

 

NET ASSETS – 100.0%   $456,204,527

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Security with “Call” features with resetting interest rates.
(b)   Variable rate security. The interest rate shown reflects the rate as of July 31, 2021.
(c)   Rate shown is that which is in effect on July 31, 2021. 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.
(d)   All or portion represents a forward commitment.
(e)   Prerefunded security. Maturity date disclosed is prerefunding date.
(f)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)   144A securities are those that are exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
Security ratings disclosed, if any, are issued by Standard & Poor’s Ratings Services/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

 

 

Investment Abbreviations:
AGM  

— Insured by Assured Guaranty Municipal Corp.

AMBAC  

— Insured by American Municipal Bond Assurance Corp.

AMT  

— Alternative Minimum Tax

COPS  

— Certificates of Participation

FHLMC  

— Federal Home Loan Mortgage Corp.

FNMA  

— Federal National Mortgage Association

GNMA  

— Government National Mortgage Association

GO  

— General Obligation

NR  

— Not Rated

PSF-GTD  

— Guaranteed by Permanent School Fund

Q-SBLF  

— Qualified School Bond Loan Fund

 

 

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – 99.3%
California(a) – 1.7%
Burbank CA Unified School District GO Bonds Capital Appreciation Election of 1997 Series C (NPFG) (A+/Baa2)
$2,000,000     0.000   07/01/27   $    1,864,852
Manteca CA Unified School District GO Bonds Capital Appreciation Election 2004 Series 2006 (NPFG) (NR/Aa2)
3,180,000     0.000     08/01/28   2,899,823
Washington CA Unified School District GO Bonds Capital Appreciation Election of 2004 (Yolo County) Series A (NPFG) (A+/Baa2)
2,400,000     0.000     08/01/29   2,150,881
     

 

      6,915,556

 

Florida(b) – 0.6%
Orange County FL Tourist Development Tax Revenue Bonds
Series A (AA-/Aa2)
2,000,000     4.000     10/01/33   2,317,160

 

Illinois(b) – 3.2%
Illinois Finance Authority Revenue Bonds (OSF Healthcare System) Series 2016 (A/A3)
2,500,000     3.250     05/15/39   2,705,451
Illinois Housing Development Authority Revenue Bonds (Refunding Homeowner Mortgage) Series C (AA/Aa2)
3,000,000     2.900     08/01/31   3,187,097
Kendall Kane & Will Counties IL Community Unit School District No. 308 Series 2014 (NR/A2)
2,000,000     4.125     02/01/30   2,151,623
Village of Westchester IL County GO Bonds Series 2021 (AA/A2)
1,980,000     4.000     12/01/40   2,313,835
Woodford Lasalle Livingston Etc. Counties IL Community Unit School District GO Bonds Series A (AA/NR)
500,000     4.000     12/01/34   592,988
500,000     4.000     12/01/35   591,868
500,000     4.000     12/01/36   590,853
515,000     4.000     12/01/37   606,927
     

 

      12,740,642

 

Indiana – 1.1%
Carmel IN Local Public Improvement Bond Bank Revenue Bonds Series B-1 (AA/NR)(b)
2,000,000     4.000     01/15/35   2,361,241
Shelbyville Redevelopment Authority Revenue Bonds Series 2021 (A+/NR)
505,000     3.000     08/01/27   561,279
860,000     3.000     08/01/28   961,040
500,000     3.000 (b)    08/01/33   550,534
     

 

      4,434,094

 

Kansas(b) – 0.4%
Dickinson County KS Public Building Commission Revenue Bonds Series 2018 (AA-/NR)
1,280,000     5.000     08/01/44   1,594,003

 

Maine(b) – 1.3%
Maine Governmental Facilities Authority Revenue Bonds Series A (AA-/Aa3)
2,640,000     4.000     10/01/33   3,145,241

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Maine(b) – (continued)
Maine Municipal Bond Bank Revenue Bonds Series A (AA+/Aa2)
$1,700,000     3.000   11/01/35   $    1,962,541
     

 

      5,107,782

 

Michigan(b) – 1.3%
Michigan State Housing Development Authority Revenue Bonds (Non-ACE) Series B (AA+/Aa2)
1,705,000     2.950     12/01/28   1,857,560
Michigan State Housing Development Authority Revenue Bonds (Non-AMT) (Non-ACE) Series B (AA+/Aa2)
2,920,000     2.550     06/01/27   3,141,646
     

 

      4,999,206

 

Missouri – 87.5%
Arnold MO Certificates of Participation (Refunding) Series 2019 (A+/NR)(b)
760,000     4.000     08/15/28   898,662
645,000     4.000     08/15/29   757,612
825,000     4.000     08/15/30   962,010
555,000     4.000     08/15/31   645,081
Bi-State Development Agency MO Metro District Revenue Bonds (Refunding-Combined Lien) Series A (NR/Aa2)(b)(c)
1,000,000     5.000     10/01/22   1,057,330
Boone County MO R-1 Reorganized School District GO Bonds (Direct Deposit Program) Series R (AA+/NR)(b)
1,150,000     4.000     03/01/39   1,438,141
1,000,000     4.000     03/01/40   1,248,938
750,000     4.000     03/01/41   934,095
Branson MO Reorganized School District No. R-4 GO Bonds Series 2012 (A+/NR)(b)
2,000,000     4.000     03/01/27   2,043,945
Brentwood MO Certificates of Participation Series 2018 (AA-/NR)(b)
2,070,000     4.000     10/01/33   2,328,385
1,655,000     4.000     10/01/34   1,858,850
Cape Girardeau County MO Industrial Development Authority Revenue Bonds (St. Francis Medical Center) Series A (A+/NR)(b)
750,000     5.000     06/01/26   780,079
Cape Girardeau County MO Reorganized School District No. R-2 GO Bonds (Kearney Direct Deposit Program) Series 2018 (AA+/NR)(b)
900,000     4.000     03/01/31   1,081,227
750,000     4.000     03/01/37   886,459
Chesterfield MO Certificates of Participation (AMBAC) (NR/Aa1)
600,000     5.000     02/15/22   615,596
City of Brentwood MO Certificates of Participation Series 2019 (AA-/NR)(b)
1,415,000     4.000     10/01/36   1,606,438
1,735,000     4.000     10/01/38   1,950,894
City of Columbia MO Water & Electric System Revenue Bonds (Refunding) Series B (A+/NR)
3,015,000     5.000     10/01/27   3,821,273
1,850,000     4.000 (b)    10/01/30   2,192,824
City of Florissant MO Certificates of Participation (Refunding) Series 2021 (NR/Aa3)(b)
505,000     3.000     10/01/30   570,386
520,000     3.000     10/01/31   583,608
550,000     3.000     10/01/33   611,686
570,000     3.000     10/01/34   631,209
City of Jennings MO Certificates of Participation Series 2021 (A-/NR)(b)
1,095,000     4.000     03/01/31   1,258,729
1,230,000     4.000     03/01/34   1,398,751
750,000     4.000     03/01/37   844,837

 

 

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
   

Maturity

Date

  Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
City of Jennings MO Certificates of Participation Series 2021 (A-/NR)(b) (continued)
$   530,000     4.000   03/01/40   $       593,647
City of Kansas City MO Special Obligation Revenue Bonds Series 2021 (AA-/A2)(b)
1,000,000     5.000     04/01/35   1,317,653
760,000     5.000     04/01/36   997,987
1,435,000     5.000     04/01/37   1,878,690
Clay County MO Public School District No. 53 Liberty GO Bonds (Refunding) Series 2016 (AA/NR)(b)
1,000,000     4.000     03/01/34   1,144,023
1,000,000     4.000     03/01/35   1,140,630
1,000,000     4.000     03/01/36   1,136,066
Clay County MO Public School District No. 53 Liberty GO Bonds Series 2018 (AA/NR)(b)
1,000,000     4.000     03/01/33   1,146,115
1,000,000     4.000     03/01/34   1,144,023
Clay County MO Public School District No. R-II GO Bonds (Refunding) Series A (AA+/NR)(b)
1,735,000     4.000     03/01/30   2,047,954
Clay Jackson & Platte County MO Consolidated Public Library District No. 3 Certificates of Participation Series 2018 (NR/Aa3)
3,125,000     5.000     03/01/23   3,361,884
Columbia MO Water & Electric Revenue Bonds (Refunding & Improvement System) Series 2015 (A+/NR)(b)
500,000     4.000     10/01/42   533,025
County of Cass MO GO Bonds (Refunding) Series A (AA/NR)
515,000     5.000     09/01/24   587,456
505,000     5.000     09/01/25   595,757
County of Cole MO Reorganized School District No. 2 GO Series 2019 (AA+/NR)(b)
3,370,000     5.000     03/01/36   3,884,099
County of Franklin MO Certificates of Participation (Refunding) Series B (A+/NR)
1,075,000     4.000     04/01/27   1,263,728
1,100,000     4.000 (b)    04/01/28   1,288,841
County of Greene MO Certificate of Participation Series 2018 (NR/Aa3)(b)
1,000,000     4.000     09/01/31   1,195,091
County of St Charles MO Special Obligation Revenue Bonds (Refunding) Series 2020 (AA/NR)
1,485,000     3.000     10/01/25   1,637,228
1,240,000     3.000     10/01/26   1,386,647
Duckett Creek MO Sewer District Revenue Bonds (Refunding-System) Series 2015 (NR/Aa3)
1,300,000     5.000     12/01/24   1,495,072
1,215,000     5.000     12/01/25   1,445,614
Fenton MO Fire Protection District GO Bonds Series 2019 (AA+/NR)(b)
1,150,000     4.000     03/01/32   1,345,230
1,200,000     4.000     03/01/33   1,400,697
625,000     4.000     03/01/34   727,935
Festus MO School District No. R-VI Lease Certificates of Participation (School District Project) Series 2019 (A+/NR)
700,000     5.000     04/01/28   880,294
830,000     5.000 (b)    04/01/30   1,068,884
905,000     5.000 (b)    04/01/31   1,158,178
Great Rivers Greenway Metropolitan Park & Recreation District (Gateway Arch Project) Series 2014 (A+/A1)(b)
1,000,000     5.000     12/30/26   1,113,113
Great Rivers Greenway Metropolitan Park & Recreation District (Gateway Arch Project) Series A (A+/NR)(b)
715,000     4.000     12/30/32   892,913
1,780,000     3.000     12/30/33   2,012,007

 

Principal
Amount
  Interest
Rate
   

Maturity

Date

  Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Greene County MO Certificates of Participation Series 2018 (NR/Aa3)(b)
$1,130,000     5.000   09/01/36   $    1,417,474
1,000,000     5.000     09/01/37   1,251,504
Greene County MO GO Bonds Limited-Jamestown NID Project Series B (NR/Aa2)(b)(c)
4,280,000     5.000     04/01/22   4,420,311
Greene County MO Reorganized School District No. R-2 GO Bonds Series 2018 (Liberty School Building Direct Deposit Program) (AA+/NR)(b)
875,000     5.000     03/01/38   1,068,509
Greene County MO Reorganized School District No. R-3 GO Bonds Series B (Direct Deposit Program) (AA+/NR)(b)
905,000     4.000     03/01/30   1,068,241
985,000     4.000     03/01/32   1,158,090
Greenwood MO GO Build America Bonds Taxable Series B (AA-/NR)(b)
350,000     5.625     03/01/25   351,178
Hannibal MO Industrial Development Authority Revenue Bonds (Hannibal Regional Hospital Healthcare System, Inc.) Series 2017 (BBB+/NR)(b)
3,225,000     5.000     10/01/37   3,918,027
Hazelwood MO School District GO Bonds (Direct Deposit Program) (Refunding) Series A (AA+/NR)(b)
2,000,000     4.000     03/01/28   2,321,889
Independence MO School District (Refunding) (Direct Deposit Program) Series 2016 (AA+/NR)(b)
1,500,000     4.000     03/01/30   1,726,485
Independence MO School District GO Bonds (Direct Deposit Program) Series 2021 (AA+/NR)(b)
1,500,000     3.250     03/01/38   1,742,692
Independence MO School District Lease Certificates of Participation (Refunding) Series 2016 (A+/NR)
600,000     3.000     04/01/22   610,921
875,000     3.000     04/01/23   914,750
500,000     3.000     04/01/24   534,200
960,000     3.000 (b)    04/01/26   1,022,808
Jackson County MO Reorganized School District No. 7 Certificates of Participation Series 2016 (AA/NR)
500,000     4.000     05/01/24   547,940
900,000     4.000     05/01/25   1,013,705
700,000     4.000 (b)    05/01/27   810,839
630,000     4.000 (b)    05/01/29   724,064
675,000     4.000 (b)    05/01/30   775,535
Jackson County MO Reorganized School District No. 7 GO Bonds (Refunding) (AA+/NR)(b)
840,000     4.000     03/01/28   997,225
580,000     4.000     03/01/30   681,146
Jackson County MO Reorganized School District No.4 Blue Springs GO Bonds (Direct Deposit Program) Series A (AA+/NR)(b)
1,000,000     5.500     03/01/35   1,329,289
1,000,000     5.500     03/01/36   1,327,173
Jackson County MO Revenue Bonds (Refunding) Series 2014 (NR/Aa3)
550,000     5.000     12/01/23   602,657
Jackson County MO School District Hickman Mills C-1 Certificates of Participation (Energy Conservation Project) Series 2015 (BBB+/NR)(b)
475,000     3.000     04/15/28   488,061
575,000     3.250     04/15/30   590,878
550,000     3.300     04/15/31   564,834
700,000     3.375     04/15/32   719,392

 

 

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
   

Maturity

Date

  Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Jackson County MO School District Hickman Mills C-1 GO Bonds (Refunding) Series 2020 (AA+/NR)
$   550,000     4.000   03/01/22   $       562,604
525,000     4.000     03/01/23   557,735
480,000     4.000     03/01/24   524,186
100,000     3.000     03/01/27   112,497
200,000     4.000 (b)    03/01/30   239,128
165,000     4.000 (b)    03/01/31   197,176
180,000     4.000 (b)    03/01/32   214,612
200,000     4.000 (b)    03/01/33   238,002
Jackson County MO School District No. 58 GO Bonds Series B (NR/A1)
2,020,000     4.000     03/01/26   2,350,333
1,365,000     4.000 (b)    03/01/28   1,620,490
Jackson County MO Special Obligation Revenue Bonds (Refunding-Truman Sports Complex Project) Series 2014 (NR/Aa3)(b)
1,000,000     5.000     12/01/25   1,157,490
Jackson County MO Special Obligation Revenue Bonds (Right of Way Project) (NR/Aa3)(b)
1,345,000     4.000     12/01/26   1,556,719
1,455,000     4.000     12/01/28   1,675,413
Jackson County MO Special Obligation Revenue Bonds (Truman Medical Center Projects) (NR/Aa2)(b)
595,000     4.250     12/01/23   626,219
Jackson County MO Special Obligation Revenue Bonds (Truman Medical Control Project) Series B (NR/Aa2)(b)
500,000     4.350     12/01/23   506,438
820,000     4.500     12/01/24   830,577
Jasper County MO Reorganized School District No. R-9 Carthage GO Bonds (Refunding) Series B (AA+/NR)(b)
675,000     4.000     03/01/31   829,264
1,575,000     4.000     03/01/32   1,918,369
Jefferson City MO School District Certificate of Participation Series 2021 (A+/NR)(b)
1,220,000     4.000     04/01/35   1,425,307
Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2017 (AA+/NR)(b)
15,000     4.000     03/01/30   17,272
Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2018 (AA+/NR)(b)
1,525,000     4.000     03/01/29   1,801,769
Jefferson County School District No R-VI Festus Certificate of Participation (Refunding)Series 2021 (A+/NR)(b)
585,000     3.000     04/01/29   656,701
605,000     3.000     04/01/30   672,654
420,000     3.000     04/01/31   462,584
460,000     3.000     04/01/33   503,050
Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Refunding-Freeman Health System Project) Series 2014 (A/NR)(b)
1,895,000     5.000     02/15/27   2,084,971
Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Taxable-Refunding-Freeman Health System Project) Series B (A/NR)
480,000     2.200     02/15/23   488,754
450,000     2.318     02/15/24   462,751
500,000     2.378     02/15/25   516,576
1,020,000     2.558     02/15/26   1,065,523
815,000     2.844     02/15/28   859,190
825,000     2.894     02/15/29   867,246
Joplin MO Schools GO Buildings–Series 2020 (AA+/NR)(b)
3,285,000     3.000     03/01/35   3,607,576

 

Principal
Amount
  Interest
Rate
   

Maturity

Date

  Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Kansas City MO GO Bonds (Refunding & Improvement) Series A (AA/Aa3)(b)
$5,425,000     4.500   02/01/24   $    5,541,042
Kansas City MO Industrial Development Authority Apartments Special Obligation Revenue Bonds(Kansas City International Apartments Terminal Modified Project) Series B (A-/A2)
2,540,000     5.000     03/01/28   3,217,693
1,370,000     5.000     03/01/29   1,776,055
Kansas City MO Industrial Development Authority Revenue Bonds (Refunding & Downtown Redevelopment District) Series A (AA-/A2)(b)
2,130,000     5.500     09/01/29   2,138,700
Kansas City MO Sanitary Sewer System Revenue Bonds (Refunding) Series A (AA/Aa2)(b)
1,895,000     4.000     01/01/33   2,114,948
Kansas City MO Special Obligation Revenue Bonds (Downtown Streetcar Project) Series A (AA-/A2)(b)
760,000     5.000     09/01/31   762,650
Kansas City MO Special Obligation Revenue Bonds (Refunding) Series C (AA-/A2)
1,000,000     5.000     09/01/27   1,261,124
1,000,000     5.000 (b)    09/01/31   1,247,686
Liberty MO Public School District No. 53 Lease Participation Certificates (Refunding) (School Board Association) Series 2016 (AA-/NR)(b)
1,040,000     3.000     04/01/27   1,103,807
Maplewood Richmond Heights Mosch District GO Bonds (Refunding) Series 2019 (AA-/NR)(b)
940,000     4.000     03/01/28   1,105,768
1,055,000     4.000     03/01/29   1,236,369
500,000     4.000     03/01/30   582,441
Maplewood-Richmond Heights MO School District GO Bonds (Refunding) Series A (AA-/NR)(b)
1,000,000     3.000     03/01/40   1,075,542
Metropolitan St. Louis MO Sewer District Wastewater System Revenue Bonds (Taxable-Refunding) Series C (AAA/NR)(b)
3,000,000     2.514     05/01/28   3,249,871
Metropolitan St. Louis MO Sewer District Wastewater System Revenue Bonds Series A (AAA/Aa1)(b)(c)
485,000     5.000     05/01/22   502,904
Missouri Development Finance Board Annual Appropriation Revenue Bonds (Fulton State Hospital Project) Series 2014 (AA+/Aa1)
1,000,000     5.000     10/01/22   1,056,848
Missouri Joint Municipal Electric Utility Commission Power Project Revenue Bonds (Refunding) Series 2014 (A-/A3)
640,000     5.000     01/01/25   737,753
Missouri Joint Municipal Electric Utility Commission Power Project Revenue Bonds (Refunding-Iatan 2 Project) Series A (NR/A2)(b)
3,115,000     5.000     01/01/31   3,467,562
Missouri School Board Association Lease Certificates of Participation for Liberty Public School District No. 53 (AA-/NR)(b)
400,000     4.000     04/01/28   409,593
425,000     5.000     04/01/31   438,351
475,000     5.000     04/01/32   489,931
500,000     5.000     04/01/33   515,708
500,000     5.000     04/01/34   515,664
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series A (AA+/Aa1)(b)
1,015,000     4.000     04/01/26   1,115,574
635,000     2.000     04/01/27   664,084

 

 

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
   

Maturity

Date

  Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series B (AA+/Aa1)(b)
$   800,000     4.000   04/01/28   $       877,182
Missouri State Environmental Improvement & Energy Resources Authority Revenue Bonds (Tri-County Water Authority Project) (NR/Aa3)(b)
595,000     5.000     01/01/30   686,547
775,000     5.000     01/01/31   893,769
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (A.T. Still University of Health Sciences) Series 2011 (A-/NR)
400,000     3.500     10/01/21   402,223
1,850,000     5.250 (b)(c)    10/01/21   1,865,556
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Kansas City University of Medicine And Biosciences) Series A (NR/A1)(b)
1,440,000     4.500     06/01/28   1,550,331
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding- Southeast MO State University) Series 2019 (A/NR)
600,000     5.000     10/01/25   706,779
640,000     5.000     10/01/26   776,894
2,030,000     5.000     10/01/27   2,531,065
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding-Kansas City Art Institute) Series 2018 (A-/NR)(b)
670,000     5.000     09/01/33   837,666
800,000     5.000     09/01/38   994,456
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (University of Central Missouri) Series C (A+/NR)(b)
2,400,000     5.000     10/01/26   2,644,704
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-Cox Health) Series A
(NR/A2)(b)
2,500,000     5.000     11/15/35   2,862,688
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-St. Luke’s Episcopal-Presbyterian Hospitals) Series B (A/NR)(b)
1,000,000     5.000     12/01/33   1,128,022
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (St. Lukes Episcopal) Series 2011 (NR/NR)(b)(c)
2,270,000     5.000     12/01/21   2,305,831
Missouri State Health & Educational Facilities Authority Health Facllities Revenue Bonds (Refunding-St. Luke’s Episcopal-Presbyterian Hospitals) Series B (A/NR)(b)
1,375,000     5.000     12/01/31   1,551,031
Missouri State Health & Educational Facilities Authority Revenue Bonds (Kansas City University of Medicine & Biosciences) Series A (NR/A1)(b)
950,000     5.000     06/01/34   1,173,023
1,100,000     5.000     06/01/37   1,351,087
Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding-Children’s Mercy Hospital) Series 2016
(A+/NR)(b)
1,250,000     4.000     05/15/33   1,407,477
Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding-The Children’s Mercy Hospital) Series 2016 (A+/NR)(b)
1,250,000     4.000     05/15/39   1,403,262

 

Principal
Amount
  Interest
Rate
   

Maturity

Date

  Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series B (GNMA/FNMA/FHLMC) (AA+/NR)(b)
$   490,000     2.400   11/01/30   $       518,221
470,000     2.500     05/01/31   502,604
490,000     2.550     11/01/31   524,794
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program)
Series B-2 (GNMA/FNMA/FHLMC) (AA+/NR)(b)
495,000     3.550     11/01/30   516,523
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series D (GNMA/FNMA/FHLMC) (AA+/NR)
410,000     2.000     11/01/21   411,556
370,000     3.050 (b)    11/01/28   405,055
325,000     3.150 (b)    11/01/29   354,555
370,000     3.250 (b)    11/01/30   403,669
Missouri State of Health & Educational Facilities Authority Revenue Bonds (Refunding) Series A (NR/A2)(b)
3,750,000     5.000     11/15/32   4,317,613
Missouri State University Auxiliary Enterprise System Revenue Bonds (Refunding) Series A (A+/A2)(b)(c)
2,835,000     4.000     04/01/22   2,907,283
Nixa MO Public Schools Certificates of Participation Series 2021 (A/NR)(b)
1,465,000     3.000     04/01/39   1,560,561
1,000,000     3.000     04/01/41   1,061,016
Nixa MO Public Schools GO Bonds (Direct Deposit Program) (Refunding) Series 2019 (AA+/NR)(b)
500,000     4.000     03/01/33   586,895
800,000     4.000     03/01/34   937,454
North Kansas City MO School District No. 74 GO Bonds Series 2020 (AA+/Aa1)(b)
2,445,000     3.000     03/01/30   2,779,386
Northwest Missouri State University Revenue Bonds (Housing System) (NR/A3)(b)
2,750,000     4.000     06/01/26   2,832,677
2,925,000     4.000     06/01/27   3,012,960
1,000,000     4.000     06/01/28   1,030,110
Ozark MO Certificates of Participation Series 2014 (A+/NR)(b)
500,000     5.000     09/01/44   544,300
Ozark MO Reorganized School District No. R-6 GO Bonds (Direct Deposit Program) (Refunding & Improvement) Series 2015 (AA+/NR)(b)
1,000,000     4.000     03/01/30   1,060,368
1,000,000     4.000     03/01/34   1,058,516
1,500,000     4.000     03/01/35   1,586,302
Platte County MO R-3 School District Building Corp. GO Bonds (School Project) Series 2021 (AA/NR)(b)
1,995,000     5.000     03/01/33   2,735,899
Platte County MO R-3 School District Building Corp. Leasehold Revenue Bonds (School Project) (AA-/NR)(b)
1,000,000     4.000     04/01/23   1,026,123
550,000     4.000     04/01/28   563,939
800,000     4.000     04/01/29   819,219
1,475,000     4.000     04/01/30   1,512,480
Rolla MO Certificates of Participation Series B (A+/NR)(b)
225,000     3.150     07/01/27   229,615
410,000     3.450     07/01/32   417,188
Saint Louis MO Airport Revenue Bonds (Lambert-St. Louis International Airport) Series 2005 (NPFG) (A-/A2)
2,135,000     5.500     07/01/28   2,821,265

 

 

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
   

Maturity

Date

  Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Saint Louis MO Airport Revenue Bonds (Refunding -St. Louis Lambert International Airport) Series C (A-/A2)
$   500,000     5.000   07/01/27   $       628,662
1,000,000     5.000     07/01/28   1,287,790
Saint Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series 2012 (AA+/NR)(b)
3,000,000     4.000     04/01/23   3,078,369
Saint Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series A (AA+/NR)(b)
1,300,000     4.000     04/01/23   1,333,960
Southern Platte MO Fire Protection District Series 2018 (NR/Aa2)(b)
540,000     4.000     03/01/38   604,004
Springfield MO Public Utility Revenue Bonds (Refunding) Series 2015 (AA+/NR)(b)
1,310,000     4.000     08/01/31   1,492,709
Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (AMT) (NR/Aa2)
2,275,000     5.000     07/01/27   2,840,899
1,220,000     5.000 (b)    07/01/28   1,515,786
1,400,000     5.000 (b)    07/01/30   1,739,512
Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (NR/Aa3)(b)
1,000,000     4.000     05/01/26   1,065,231
1,405,000     4.000     05/01/27   1,495,912
Springfield MO Special Obligation Revenue Bonds (Sewer Systems Improvement Project) Series 2012 (NR/Aa2)
1,275,000     5.000     04/01/22   1,316,601
1,340,000     5.000 (b)    04/01/23   1,383,587
Springfield MO Special Obligation Revenue Bonds Series 2020 (NR/Aa2)(b)
470,000     4.000     11/01/34   564,535
475,000     4.000     11/01/35   569,627
815,000     4.000     11/01/36   975,683
845,000     4.000     11/01/37   1,009,156
920,000     4.000     11/01/38   1,096,599
St Louis Land Clearance for Redevelopment Authority Revenue Bonds (Refunding) Series A (A/NR)(b)
2,850,000     2.125     04/01/39   2,857,539
St Louis Land Clearance for Redevelopment Authority Revenue Bonds Series 2021 (AA-/NR)(b)
1,570,000     3.000     07/15/32   1,796,300
1,615,000     3.000     07/15/33   1,837,553
1,665,000     3.000     07/15/34   1,885,799
St. Charles County MO Public Water Supply District No. 2 Certificates of Participation (Refunding) Series 2016 (AA+/NR)(b)
1,000,000     4.000     12/01/31   1,143,890
St. Joseph MO Industrial Development Authority Special Obligation Revenue Bonds (Refunding) (Sewer System Improvements Project) Series B (A+/NR)(b)
1,085,000     5.000     04/01/26   1,267,462
St. Louis County MO Community College District Certificates of Participation Series 2017 (AA/NR)(b)
1,000,000     4.000     04/01/35   1,159,794
2,000,000     4.000     04/01/36   2,313,294
2,515,000     4.000     04/01/37   2,898,871
St. Louis County MO Library District Certificates of Participation (AA/Aa2)(b)
1,855,000     4.000     04/01/25   1,968,464
1,930,000     4.000     04/01/26   2,046,204
2,010,000     4.000     04/01/27   2,130,024

 

Principal
Amount
  Interest
Rate
   

Maturity

Date

  Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
St. Louis County MO Parkway School District No. C-2 GO Bonds Series B (AAA/NR)(b)
$1,000,000     4.000   03/01/32   $    1,124,150
St. Louis County MO Special School District Certificates of Participation (Lease) Series B (AA/NR)(b)
1,735,000     4.000     04/01/26   1,776,998
St. Louis MO Airport Revenue Bonds (Refunding-Lambert International Airport) Series 2012 (AMT) (A-/A2)(b)
1,280,000     5.000     07/01/23   1,335,761
St. Louis MO Junior College District Building Corp. Leasehold Revenue Bonds (Refunding) (AA/NR)
800,000     3.000     04/01/22   815,152
800,000     3.000 (b)    04/01/23   814,052
St. Louis MO Muni Finance Corp. (Refunding-Carnahan Court House) Series A (A/NR)
2,710,000     5.000     02/15/27   3,332,042
St. Louis MO Municipal Finance Corporation Revenue Bonds
Series A (A/NR)
1,320,000     5.000     04/15/25   1,536,972
1,390,000     5.000     04/15/26   1,671,898
St. Louis MO Municipal Finance Corporation Sales Tax Leasehold Revenue Bonds (Refunding) Series 2016 (A/NR)
1,000,000     5.000     02/15/24   1,115,735
2,595,000     4.000 (b)    02/15/35   2,904,956
St. Louis MO Municipal Library District Revenue Bonds (Refunding) Series 2020 (AA/NR)(b)
1,900,000     3.000     03/15/39   2,044,296
St. Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series 2017 (AA+/NR)(b)
1,000,000     4.000     04/01/29   1,154,148
1,000,000     4.000     04/01/30   1,153,755
Stone County MO Reorganized School District No. 4 (Refunding - MO Direct Deposit Program) Series 2016 (AA+/NR)(b)
1,725,000     4.000     03/01/33   1,985,453
1,840,000     4.000     03/01/34   2,113,948
Truman MO State University Housing Society Revenue Bonds (Refunding-Revenue) Series 2016 (NR/A2)(b)
865,000     3.000     06/01/25   916,291
University MO School District GO Bonds (Refunding) (Direct Deposit Program) Series 2017 (AA+/NR)
1,760,000     4.000     02/15/26   2,041,964
Valley Park MO Fire Protection District GO Bonds Series 2019 (AA/NR)
360,000     4.000     03/01/25   406,308
535,000     4.000     03/01/26   619,323
555,000     4.000     03/01/27   657,999
450,000     4.000 (b)    03/01/35   516,198
500,000     4.000 (b)    03/01/37   567,424
755,000     4.000 (b)    03/01/39   854,138
Warrensburg MO School District No R-VI GO Bonds (Direct Deposit Program) Series 2020 (AA+/NR)(b)
500,000     3.000     03/01/36   543,478
560,000     3.000     03/01/37   607,513
Washington MO School District GO Bonds (Direct Deposit Program) Series 2021 (AA+/NR)(b)
2,400,000     4.000     03/01/38   2,806,279
Webster County MO Marshfield School District No. R-1 GO Bonds (Direct Deposit Program) Series A (AA+/NR)(b)
500,000     4.000     03/01/32   597,903
890,000     4.000     03/01/33   1,061,609
Wentzville MO Certificates of Participation (Refunding) Series 2015 (NR/A1)
1,160,000     4.000     08/01/25   1,314,985

 

 

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal
Amount
  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Missouri  – (continued)
Wentzville MO Certificates of Participation (Refunding) Series 2015 (NR/A1) (continued)
$1,000,000     4.000 %(b)    08/01/26   $    1,135,404
Wentzville MO School District No. 4 (Refunding) (Direct Deposit Program) Series 2016 (AA+/Aa1)(a)(b)
2,000,000     0.000     03/01/26   1,870,367
2,095,000     0.000     03/01/27   1,888,596
Wentzville MO School District No. 4 (Refunding) (Direct Deposit Program) Series 2017 (AA+/Aa1)(b)
3,200,000     4.000     03/01/29   3,684,494
Wentzville R-IV School District MO Lease Certificates of Participation (Refunding & Improvement Certificates) Series 2016 (NR/A1)(b)
1,810,000     4.000     04/01/32   2,023,551
1,800,000     4.000     04/01/33   2,010,104
1,800,000     4.000     04/01/34   2,007,132
Wentzville R-IV School District MO Lease Certificates of Participation Series 2015 (NR/A1)
565,000     5.000     04/01/24   634,483
990,000     4.000 (b)    04/01/25   1,083,815
     

 

      346,084,416

 

North Dakota(b) – 0.7%
North Dakota State Housing Finance Agency Homeownership Revenue Bonds (Home Mortgage Finance Program) Series C (NR/Aa1)
2,310,000     2.600     07/01/28   2,447,170
320,000     3.150     01/01/36   335,667
     

 

      2,782,837

 

Ohio(b) – 1.0%
Cuyahoga Metropolitan Housing Authority Revenue Bonds Series 2021 (A+/NR)
1,500,000     2.000     12/01/31   1,535,592
Northeast Ohio Regional Sewer District Revenue Bonds (Refunding) Series 2019 (AA+/Aa1)
2,000,000     3.000     11/15/38   2,257,289
     

 

      3,792,881

 

Texas(b)(d) – 0.5%
Arlington TX Higher Education Finance Corp. Revenue Bonds Series 2021 (PSF-GTD) (AAA/Aaa)
1,700,000     3.000     02/15/32   1,941,306

 

TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $370,327,740)
  $392,709,883

 

Shares   

Dividend

Rate

  Value
Investment Company – 0.2%
State Street Institutional US Government Money Market Fund - Premier Class
     731,606    0.025%   $       731,606
(Cost $731,606)  

 

TOTAL INVESTMENTS – 99.5%
(Cost $371,059,346)
  $393,441,489

 

OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.5%

  1,871,089

 

NET ASSETS – 100.0%   $395,312,578

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount.
(b)   Security with “Call” features with resetting interest rates.
(c)   Prerefunded security. Maturity date disclosed is prerefunding date.
(d)   All or portion represents a forward commitment.
Security ratings disclosed, if any, are issued by S&P Global Ratings/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

 

 

Investment Abbreviations:
AMBAC  

— Insured by American Municipal Bond Assurance Corp.

AMT  

— Alternative Minimum Tax

FHLMC  

— Federal Home Loan Mortgage Corp.

FNMA  

— Federal National Mortgage Association

GNMA  

— Government National Mortgage Association

GO  

— General Obligation

Non-ACE  

— Non-Adjust Current Earnings

Non-AMT  

— Non-Alternative Minimum Tax

NR  

— Not Rated

PSF-GTD  

— Guaranteed by Permanent School Fund

 

 

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments

July 31, 2021 (Unaudited)

 

Principal

Amount

  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – 97.9%
Alabama(a) – 0.6%
Homewood AL Educational Building Authority Revenue Bonds (Refunding Educational Facilities Samford University) Series A (NR/A3)
$1,000,000     4.000   12/01/35   $    1,126,416

 

California(b) – 2.6%
Burbank CA Unified School District GO Bonds Capital Appreciation Election of 1997 Series C (NPFG) (A+/Baa2)
670,000     0.000     07/01/27   624,726
Manteca CA Unified School District GO Bonds Capital Appreciation Election 2004 Series 2006 (NPFG) (NR/Aa2)
2,000,000     0.000     08/01/28   1,823,788
San Marcos Unified School District GO Bonds (Capital Appreciation) (AA-/Aa3)
2,275,000     0.000     08/01/24   2,243,393
     

 

      4,691,907

 

Georgia(a) – 0.5%
University Of GA Milledgeville & Baldwin Development Authority Revenue Bonds (Refunding-State of Georgia University Project) (A+/NR)
745,000     5.000     06/15/34   1,005,802

 

Illinois(a) – 2.0%
Illinois State Housing Development Authority Revenue Bonds (Homeowner Mortgage) Subseries A-1 (GNMA/FNMA/FHLMC) (AA/Aa2)
415,000     3.500     08/01/31   415,000
Lake County IL Community Consolidated School District No. 73 Hawthorn GO Bonds (Refunding) Series B (AA+/NR)
1,000,000     4.000     01/01/33   1,172,281
Westchester Village GO Bonds Series 2021 (BAM) (AA/A2)
1,690,000     4.000     12/01/36   1,995,643
     

 

      3,582,924

 

Indiana(a) – 1.3%
Carmel IN Local Public Improvement Bond Bank Revenue Bonds Series B-1 (AA/NR)
440,000     4.000     01/15/35   519,473
Shelbyville IN Redevelopment Authority Lease Rental Revenue Bonds Series 2021 (A+/NR)
550,000     3.000     08/01/34   603,039
Wabash City IN Schools Building Corp. Revenue Bonds Series 2019 (AA+/NR)
1,050,000     4.000     07/15/30   1,262,028
     

 

      2,384,540

 

Kansas – 86.1%
Allen County KS Public Building Community Revenue Bonds (Allen County Hospital Project) Series 2012 (A/NR)(a)(c)
3,425,000     5.000     12/01/22   3,647,151
Arkansas City KS Public Building Commission Revenue Bonds (Refunding) Series 2019 (A/NR)
560,000     5.000     09/01/27   691,168
585,000     5.000     09/01/28   736,202
415,000     5.000 (a)    09/01/29   534,559
Blue Valley KS Recreation Commission Certificates of Participation (Recreation Facilities) (AGM) (AA/Aa2)(a)
800,000     4.000     10/01/27   914,601

 

Principal

Amount

  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Bourbon County KS Unified School District No. 234-Fort Scott GO Bonds Series 2014 (A/NR)
$   900,000     5.000   09/01/23   $       985,595
Butler County KS Unified School District No. 375 GO Bonds (School Building Improvements) Series 2021 (AGM) (AA/NR)(a)
1,400,000     3.000     09/01/33   1,617,100
1,600,000     3.000     09/01/34   1,839,871
Butler County KS Unified School District No. 385 GO Bonds (Refunding-School Building) Series 2017 (AA-/Aa3)(a)
1,000,000     4.000     09/01/30   1,185,153
500,000     4.000     09/01/31   588,732
Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding – Bel Aire & Park City Project) Series 2017 (AGM) (AA/NR)
1,315,000     5.000     09/01/26   1,593,223
1,305,000     4.000 (a)    09/01/28   1,558,029
Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding) (AMBAC) (NR/WR)
1,000,000     5.250     09/01/24   1,142,373
City of Abilene KS Public Building Commission Revenue Bonds (Refunding-Hospital District No. 1) Series 2017 (AA-/NR)(a)
560,000     5.000     12/01/28   707,183
600,000     4.000     12/01/29   715,343
650,000     4.000     12/01/30   768,786
City of Dodge KS GO Bonds (Refunding) Series B (A+/NR)
670,000     4.000     09/01/26   785,370
740,000     4.000 (a)    09/01/28   888,354
City of Emporia KS GO Bonds (Refunding) Series 2020 (AA/NR)
300,000     3.000     09/01/21   300,659
305,000     3.000     09/01/22   314,127
525,000     3.000     09/01/23   554,350
City of Garden KS GO Bonds (Refunding) Series 2020-A (NR/Aa3)(a)
1,255,000     3.000     11/01/29   1,411,097
1,000,000     3.000     11/01/30   1,115,247
City of Manhattan KS Hospital Revenue Bonds (Refunding-Mercy Regional Hospital Center, Inc.) Series 2013 (NR/NR)(a)(c)
2,000,000     5.000     11/15/22   2,124,045
City of Mulvane KS GO Bonds (Refunding) Series A (AA-/NR)
500,000     5.000     09/01/25   596,111
City of Salina KS Water & Sewage System Revenue Bonds (Refunding) Series A (NR/Aa3)(a)
495,000     3.000     10/01/27   549,267
350,000     3.000     10/01/28   385,647
300,000     3.000     10/01/29   328,787
City of Topeka KS Combined Utility Revenue Bonds (Refunding) Series A (NR/Aa3)(a)
545,000     4.000     08/01/27   639,083
445,000     3.000     08/01/28   501,827
525,000     3.000     08/01/29   589,016
650,000     3.000     08/01/32   732,381
City of Topeka KS GO Bonds (Refunding) Series A (AA/NR)(a)
2,000,000     2.000     08/15/28   2,081,486
City of Wichita KS GO Bonds (Refunding & Improvement) Series 2020-32 (SP-1+/MIG1)
3,000,000     3.500     10/15/21   3,021,142
Dickinson County KS Public Building Commission Revenue Bonds Series 2018 (AA-/NR)(a)
1,550,000     3.250     08/01/33   1,747,530
1,000,000     5.000     08/01/44   1,245,315
Dickinson County KS Unified School District No. 435 GO Bonds (Taxable-Refunding) Series 2019 (A+/NR)(a)
375,000     2.950     09/01/32   415,928

 

 

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal

Amount

  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Douglas County KS Unified School District No. 491 GO Bonds (Edora-Refunding) Series B-2019 BAM (AA/A2)
$1,010,000     4.000   09/01/29   $    1,245,061
Finney County Unified School District No. 457 GO Bonds (Refunding) Series A (A+/NR)(a)
1,530,000     4.000     09/01/30   1,778,441
Franklin County KS Unified School District No. 290 GO Bonds Series A (NR/A1)(a)(c)
2,470,000     5.000     09/01/25   2,939,041
Geary Country KS GO Bonds (Refunding) Series 2016 (A/NR)(a)
1,000,000     4.000     09/01/29   1,159,222
Geary County KS Unified Government GO Bonds (Refunding & Improvement) Series B (AA-/NR)(a)
380,000     4.000     12/01/26   439,817
310,000     5.000     12/01/37   368,289
Geary County KS Unified School District No. 475 (Taxable)
Series C (NR/Aa3)(a)(c)
865,000     3.661     09/01/25   948,752
Goddard KS GO Bonds Series 2019-1 (SP-1+/NR)(a)
1,000,000     3.000     12/01/22   1,009,161
Johnson & Miami Counties KS Unified School District No. 230 GO Bonds Series A (NR/A1)(a)
1,000,000     4.000     09/01/32   1,180,657
Johnson & Miami County KS Unified School District No. 230 GO Bonds (Refunding) Series 2016 (NR/A1)
1,000,000     5.000     09/01/26   1,223,317
1,000,000     3.500     (a) 09/01/30   1,104,333
Johnson & Miami County KS Unified School District No. 230 GO Bonds Series B (NR/A1)(a)
1,000,000     4.000     09/01/33   1,153,577
Johnson County KS Improvement GO Bond Series A (AAA/Aaa)(a)
2,000,000     4.000     09/01/34   2,385,507
Johnson County KS Park & Recreation District Certificates of Participation Series A (NR/Aa2)(a)
1,000,000     4.000     09/01/23   1,040,458
Johnson County KS Unified School District No. 231 GO Bonds (Improvement) Series 2013-A (AA-/NR)
2,395,000     5.000     10/01/22   2,532,889
Johnson County KS Unified School District No. 231 GO Bonds (Refunding & Improvement) Series A (AA-/NR)(a)
1,500,000     4.000     10/01/36   1,698,351
Johnson County KS Unified School District No. 233 GO Bonds (Refunding & Improvement) Series C (AA/Aa2)(a)
500,000     5.000     09/01/27   501,880
Johnson County KS Unified School District No. 233 GO Bonds (Refunding) Series B (AA/Aa2)(a)
1,000,000     4.000     09/01/31   1,165,174
Johnson County KS Unified School District No. 233 GO Bonds (Refunding) Series C (AA/Aa2)(a)
1,000,000     4.000     09/01/29   1,167,911
Johnson County KS Unified School District No. 512 Shawnee Mission GO Bonds (Refunding & Improvement) Series B
(NR/Aaa)(a)
630,000     4.000     10/01/30   738,305
Johnson County KS Unified School District No. 512 Shawnee Mission GO Bonds (Refunding) Series A (NR/Aaa)(a)(c)
1,000,000     4.000     10/01/25   1,154,234

 

Principal

Amount

  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Junction City KS GO Bonds (Refunding Water & Sewer System) Series B (NR/NR)(a)(c)
$   825,000     5.500   09/01/21   $       828,443
Junction City KS GO Bonds (Refunding) Series A (A+/NR)(a)
600,000     5.000     09/01/33   602,295
600,000     5.000     09/01/34   602,295
Kansas City KS Community College District Certificates of Participation (Refunding) Series A (AA-/NR)
700,000     4.000     04/01/22   717,456
945,000     4.000     04/01/23   1,002,118
545,000     4.000     04/01/24   596,230
1,000,000     4.000     04/01/25   1,123,111
350,000     4.000     04/01/26   402,856
Kansas City KS Community College District Certificates of Participation (Taxable-Refunding) Series B (AA-/NR)
605,000     2.450     04/01/27   635,660
Kansas Development Finance Authority Hospital Revenue Bonds (Refunding-Adventist Health Sunbelt Obligation Group) Series A (AA/Aa2)(a)
2,770,000     5.000     11/15/32   2,875,038
Kansas Development Finance Authority Revenue Bonds (Refunding-State of Kansas University Project) Series A (NR/Aa3)(a)
1,910,000     2.000     05/01/31   2,018,856
Kansas Development Finance Authority Revenue Bonds (Refunding-Wichita State University Project) Series L (NR/Aa3)(a)
2,685,000     3.000     06/01/35   2,997,002
Kansas Economic Development Authority Revenue Bonds Series 2020-T (A+/A1)
4,000,000     5.000     12/01/21   4,063,494
Kansas State Department of Transportation Highway Revenue Bonds Series 2015 (AA/Aa2)(a)
1,250,000     5.000     09/01/29   1,481,535
1,110,000     5.000     09/01/34   1,311,876
Kansas State Development Finance Authority Revenue Bonds (Refunding-State of Kansas Project) Series F (A+/Aa3)(a)
1,895,000     3.000     11/01/32   2,042,367
Kansas State Development Finance Authority Revenue Bonds (University Projects) Series A (A+/Aa3)(a)
2,000,000     4.000     03/01/31   2,159,956
Kansas State Development Finance Authority Revenue Bonds
Series G (A+/Aa3)(a)
1,000,000     5.000     04/01/30   1,078,932
Lawrence KS Hospital Revenue Bonds (Refunding) (Lawrence Memorial Hospital) Series A (A/NR)(a)
1,715,000     5.000     07/01/32   2,128,209
1,335,000     4.000     07/01/37   1,545,463
Leavenworth County KS Unified School District No. 453 GO Bonds Series A (NR/Aa3)(a)
500,000     4.000 (c)    09/01/26   590,387
1,165,000     4.000     09/01/31   1,353,631
Leavenworth County KS Unified School District No. 464 GO Bonds (Refunding & Improvement) Series B (NR/A1)(a)(c)
500,000     4.000     09/01/22   520,667
Leavenworth County KS Unified School District No. 469 Lansing GO Bonds (Refunding) Series 2016 (NR/A3)
1,000,000     4.000     09/01/26   1,164,011
Lyon County KS Unified School District No. 253 Emporia GO Bonds Series 2019 (NR/A1)(a)
1,050,000     4.000     09/01/33   1,222,555

 

 

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal

Amount

  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Miami County Unified School District No. 416 GO Bonds (Refunding) Series 2020 (AA-/NR)(a)
$   500,000     3.000   09/01/38   $       549,373
250,000     3.000     09/01/39   273,955
380,000     3.000     09/01/40   415,473
400,000     3.000     09/01/41   436,146
Newton KS GO Bonds (Refunding) Series A (AA-/NR)(a)
1,555,000     3.000     09/01/27   1,630,752
1,180,000     3.000     09/01/28   1,234,073
Osage County KS GO Bonds (Refunding) Series A (AA-/NR)(a)
570,000     3.000     09/01/36   631,855
350,000     3.000     09/01/38   385,055
575,000     3.000     09/01/41   628,973
Reno County KS Unified School District No. 313 GO Bonds
Series A (NR/A2)(a)(c)
1,930,000     4.000     09/01/22   2,010,845
Riley County KS Unified School District No. 383 GO Bonds (Prerefunded-Refunding) Series 2016 (NR/NR)(a)(c)
170,000     3.000     09/01/26   192,012
Riley County KS Unified School District No. 383 GO Bonds (Unrerefunded-Refunding) Series 2016 (NR/Aa2)(a)
1,830,000     3.000     09/01/30   2,020,700
Scott County KS Unified School District No. 466 GO Bonds
Series A (NR/A2)(a)(c)
1,885,000     5.000     09/01/25   2,242,953
Sedgwick County KS Unified School District No. 260 GO Bonds (Refunding) Series 2016 (NR/Aa3)
1,000,000     4.000     10/01/30   1,241,131
1,000,000     4.000     10/01/31   1,256,430
Sedgwick County KS Unified School District No. 261 GO Bonds Series 2016 (NR/A2)(a)
985,000     3.000     11/01/32   1,057,042
Sedgwick County KS Unified School District No. 262 GO Bonds (Refunding) Series 2015 (A+/NR)(a)
1,500,000     4.000 (c)    09/01/24   1,674,314
800,000     4.000     09/01/25   891,445
Sedgwick County KS Unified School District No. 262 GO Bonds Series 2016 (A+/NR)(a)(c)
1,425,000     5.000     09/01/24   1,634,292
Sedgwick County KS Unified School District No. 265 GO Bonds (Refunding) Series B (NR/Aa3)(a)
1,300,000     4.000     10/01/29   1,518,289
Sedgwick County KS Unified School District No. 266 GO Bonds Series A (AA/NR)
300,000     3.000     09/01/26   337,461
715,000     4.000 (a)    09/01/29   856,362
Sedgwick County KS Unified School District No. 268 GO Bond (Refunding) Series B (A+/NR)
885,000     3.000     09/01/28   1,008,744
Sedgwick County KS Unified School District No. 268 GO Bond (Taxable-Refunding) Series A (A+/NR)
440,000     1.740     09/01/28   450,497
Seward County KS Unified School District No. 480 GO Bonds (Refunding & Improvement) (A+/A1)(a)(c)
1,000,000     5.000     09/01/22   1,053,217
Seward County KS Unified School District No. 480 GO Bonds (Refunding) Series 2017 (NR/A1)(a)
1,000,000     4.000     09/01/28   1,182,790
Seward County KS Unified School District No. 480 GO Bonds (Refunding) Series B (A+/A1)(a)(c)
700,000     4.000     09/01/25   804,584

 

Principal

Amount

  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Shawnee County KS Certificates of Participation Series 2015 (NR/Aa2)(a)
$   485,000     4.000   09/01/30   $       551,410
1,000,000     4.000     09/01/31   1,135,690
1,065,000     5.000     09/01/32   1,254,177
Shawnee County KS GO Bonds (Refunding) Series 2015 (NR/Aa1)
435,000     3.000     09/01/22   448,688
450,000     3.000     09/01/23   476,896
490,000     3.000     09/01/25   542,566
Shawnee County KS Public Building Commission Revenue Bond (Expocentre Project) Series 2018 (NR/Aa1)(a)
600,000     4.000     09/01/29   712,722
650,000     4.000     09/01/30   766,552
Shawnee County KS Unified School District No. 345 Seaman GO Bonds (Commercial Mortgage Backed Securities-Refunding-Improvement) Series A (NR/Aa3)(a)(b)
2,000,000     0.000     09/01/23   1,942,740
Shawnee County KS Unified School District No. 437 GO Bonds (Refunding) Series 2015 (AA/NR)(a)
910,000     4.000     09/01/27   1,033,029
State of Kansas Department of Transportation High Way Revenue Bonds Series A (AA/Aa2)
1,000,000     5.000     09/01/27   1,261,124
1,250,000     5.000 (a)    09/01/32   1,562,919
University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series A (AA-/NR)
1,500,000     5.000     03/01/28   1,915,664
1,930,000     5.000 (a)    09/01/48   2,365,705
Washburn University KS Revenue Bonds Series 2014 (Refunding) (NR/A1)
460,000     3.000     07/01/22   472,017
Washburn University KS Revenue Bonds Series A (Refunding) (AGM) (AA/A1)
490,000     4.000     07/01/26   567,724
515,000     4.000     07/01/27   607,118
555,000     4.000     07/01/29   671,191
Wichita KS GO Bonds (AMT-Airport) Series C (AA+/Aa2)
590,000     5.000     12/01/25   701,428
Wichita KS GO Bonds Series B (AMT) (AA+/Aa2)(a)
940,000     4.000     12/01/42   1,073,635
Wichita KS Sales Tax Special Obligation Revenue Bonds (River District Stadium Star Bond Project) Series 2018 (NR/A1)(a)
1,000,000     5.000     09/01/32   1,247,642
Wichita KS Water & Sewer Utility Revenue Bonds (Refunding) Series B (AA-/NR)(a)
415,000     4.000     10/01/26   463,201
Wichita KS Water & Sewer Utility Revenue Bonds Series A (AA-/NR)(a)
1,560,000     4.000     10/01/29   1,867,480
Wyandotte County Kansas City KS Unified Government Utility System Revenue Bonds (Public Utilities) Series A (A/A2)(a)(c)
525,000     5.000     09/01/22   552,645
Wyandotte County Kansas City KS Unified Government Utility System Revenue Bonds (Refunding & Improvement) Series A
(A/A2)(a)
1,000,000     5.000     09/01/26   1,141,031
1,000,000     4.250     09/01/39   1,104,530
Wyandotte County KS School District No. 204 GO Bonds Series A (NR/Aa3)(a)
1,000,000     3.000     09/01/37   1,070,412

 

 

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Principal

Amount

  Interest
Rate
    Maturity
Date
  Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Wyandotte County KS School District No. 500 GO Bonds Series A (AA-/Aa3)(a)(c)
$   500,000     5.500   09/01/26   $       623,766
     

 

      157,303,123

 

Michigan(a) – 1.0%
Michigan State Housing Development Authority, SF Mortgage Revenue Bonds (Non-ACE) Series B (AA+/Aa2)
1,665,000     2.900     06/01/28   1,819,336

 

Nevada(a) – 0.6%
Clark County NV GO Bonds (Refunding Las Vegas Convention & Visitors Authority) Series C (AA+/Aa1)
1,000,000     3.000     07/01/35   1,090,609

 

Ohio(a) – 0.6%
Elyria OH Library Improvement Revenue Bonds Series 2018 (A+/NR)
1,000,000     4.000     12/01/42   1,126,098

 

Texas(a) – 1.3%
Arlington TX Higher Education Finance Corp. Revenue Bonds (KIPP Texas, Inc.) Series 2018 (PSF-GTD) (AAA/NR)
1,000,000     4.000     08/15/32   1,196,251
Austin TX Community College District Public Facility Corp. Lease Revenue Bonds Series C (AA/Aa2)
1,090,000     4.000     08/01/35   1,255,161
     

 

      2,451,412

 

Utah(a) – 0.7%
Unified Fire Service Area Local Building Authority Lease Revenue Bonds (Refunding) Series 2016 (NR/Aa2)
675,000     3.000     04/01/34   719,521
Utah State Building Ownership Authority Lease Revenue Bonds (State Facilities Master Lease Program) Series 2016 (AA+/Aa1)
500,000     3.000     05/15/34   529,960
     

 

      1,249,481

 

Wisconsin(a) – 0.6%
Wisconsin State Health & Educational Facilities Authority Revenue Bonds (Refunding-Ascension Health Credit Group) Series A (AA+/Aa2)
1,000,000     4.000     11/15/34   1,154,239

 

TOTAL MUNICIPAL BOND OBLIGATIONS

(Cost $168,137,657)

  $178,985,887

 

Shares   

Dividend

Rate

  Value
Investment Company – 1.1%
State Street Institutional US Government Money Market Fund - Premier Class
   1,992,130    0.025%   $    1,992,130
(Cost $1,992,130)

 

TOTAL INVESTMENTS – 99.0%

(Cost $170,129,787)

  $180,978,017

 

OTHER ASSETS IN EXCESS OF
LIABILITIES – 1.0%

  1,761,253

 

NET ASSETS – 100.0%   $182,739,270

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Security with “Call” features with resetting interest rates.
(b)   Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount.
(c)   Prerefunded security. Maturity date disclosed is prerefunding date.
Security ratings disclosed, if any, are issued by Standard & Poor’s Ratings Services/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

 

 

Investment Abbreviations:
AGM  

— Insured by Assured Guaranty Municipal Corp.

AMBAC  

— Insured by American Municipal Bond Assurance Corp.

AMT  

— Alternative Minimum Tax

FHLMC  

— Federal Home Loan Mortgage Corp.

FNMA  

— Federal National Mortgage Association

GNMA  

— Government National Mortgage Association

GO  

— General Obligation

PSF-GTD  

— Guaranteed by Permanent School Fund

 

 

THE COMMERCE FUNDS

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

Investments and Fair Value Measurements — U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risk), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including the Adviser’s assumptions in determining fair value measurement).

The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures (“Valuation Procedures”) that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Board has delegated to Commerce day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, Commerce regularly performs price verifications and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by the Adviser to not represent fair value, equity securities may be valued at the closing bid price. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies in which the Funds may invest. Investments in the Underlying Funds are valued at the NAV per share on the day of valuation. Because the Funds invests in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in characteristics such as rating, interest rate and maturity date, to determine current value.

THE COMMERCE FUNDS

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

i. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Collateralized mortgage-backed securities (“CMOs”) may exhibit even more price volatility and interest rate risk than other mortgage-backed securities. They may lose liquidity as CMO market makers may choose not to repurchase, or may offer prices, based on current market conditions, that are unacceptable to a Fund based on the Adviser’s analysis of the market value of the security.

ii. Treasury Inflation Indexed Securities — These are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government. The value of U.S. Treasury inflation protected public obligations will generally fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Inflation-protected bonds typically have lower yields than conventional fixed-rate bonds because of their inflation adjustment feature.

Short Term Investments — Short-term investments, except for Government obligations, having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair market value. Government obligations maturing in less than 60 days shall be valued at their market price. With the exception of treasury securities, which are generally classified as Level 1, these investments are classified as Level 2 of the fair value hierarchy.

When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

B. Level 3 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 3 are as follows:

To the extent that the aforementioned significant inputs are unobservable, or if quotations are not readily available, or if Commerce believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under valuation procedures approved by the Board. Commerce, consistent with the Funds’ procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events that could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buyouts; ratings downgrades; and bankruptcies.

THE COMMERCE FUNDS

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of July 31, 2021:

 

GROWTH

Investment Type

     Level 1        Level 2        Level 3  

Assets

              

Common Stock and/or Other Equity Investments

     $ 225,912,045        $        $         —  

Exchange Traded Fund

       7,002,467                    

Investment Company

       46,979                    

Total

     $ 232,961,491        $        $  

VALUE

Investment Type

     Level 1        Level 2        Level 3  

Assets

              

Common Stock and/or Other Equity Investments

     $ 331,481,685        $        $  

Exchange Traded Fund

       7,198,650                    

Investment Company

       1,182,204                    

Total

     $ 339,862,539        $        $  

MIDCAP GROWTH

Investment Type

     Level 1        Level 2        Level 3  

Assets

              

Common Stock and/or Other Equity Investments

     $ 317,078,581        $        $  

Exchange Traded Fund

       5,482,491                    

Investment Company

       222,613                    

Total

     $ 322,783,685        $        $  

BOND

Investment Type

     Level 1        Level 2        Level 3  

Assets

              

Fixed Income

              

Corporate Obligations

     $ 1,078,902        $ 613,481,367        $  

Mortgage-Backed Obligations

                131,559,292           

Asset-Backed Securities

                213,228,545           

Municipal Bond Obligations

                113,644,537           

U.S. Treasury and/or Other U.S. Government Agencies

       93,127,089          28,619,237           

Investment Company

       13,194,768                    

Total

     $ 107,400,759        $ 1,100,532,978        $  

SHORT-TERM GOVERNMENT

Investment Type

     Level 1        Level 2        Level 3  

Assets

              

Fixed Income

              

Asset-Backed Securities

     $        $ 1,181,432        $  

Mortgage-Backed Obligations

                31,881,479           

U.S. Treasury Obligations and/or Other U.S. Government Agencies

       22,098,661          9,177,056           

Investment Company

       8,141,676                    

Total

     $ 30,240,337        $ 42,239,967        $  

NATIONAL TAX-FREE INTERMEDIATE BOND

Investment Type

     Level 1        Level 2        Level 3  

Assets

              

Fixed Income

              

Municipal Bond Obligations

     $        $ 445,048,700        $  

Corporate Obligations

                5,293,658           

Investment Company

       9,827,294                    

Total

     $ 9,827,294        $ 450,342,358        $  

THE COMMERCE FUNDS

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

MISSOURI TAX-FREE INTERMEDIATE BOND

Investment Type

     Level 1        Level 2        Level 3  

Assets

              

Fixed Income

              

Municipal Bond Obligations

     $        $ 392,709,883        $         —  

Investment Company

       731,606                    

Total

     $ 731,606        $ 392,709,883        $  

KANSAS TAX-FREE INTERMEDIATE BOND

Investment Type

     Level 1        Level 2        Level 3  

Assets

              

Fixed Income

              

Municipal Bond Obligations

     $        $ 178,985,887        $  

Investment Company

       1,992,130                    

Total

     $ 1,992,130        $ 178,985,887        $  

For further information regarding security characteristics, see the Schedules of Investments.

The Funds’ risks include, but are not limited to, the following:

Credit Risk — The fixed income Funds are subject to credit risk because an issuer or guarantor of a fixed income security may be unable or unwilling to make interest and principal payments when due. A bond’s value could decline because of concerns about an issuer’s willingness to make such payments. This may impair a Fund’s liquidity or cause a deterioration in the Fund’s NAV. In addition, a Fund may incur expenses in an effort to protect the Fund’s interests or enforce its rights against an issuer, guarantor or counterparty or may be hindered or delayed in exercising these rights.

High Yield Risk — The Bond Fund is subject to high yield risk. High yield securities are subject to greater levels of credit and liquidity risk. High yield securities are considered speculative with respect to an issuer’s ability to make principal and interest payments and may be more volatile than higher-rated securities of similar maturity.

Interest Rate Risk — The fixed income Funds are subject to interest rate risk. Interest rate risk is the risk that the value of the Fund’s portfolio will decline because of rising interest rates. The magnitude of this decline will often be greater for longer-term, fixed-income securities than shorter-term securities. Changing interest rates may have unpredictable effects on the markets and on a Fund’s investments. Recent and any future declines in interest rate levels could cause a Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price.

Investment Companies Risk — The Funds may invest, consistent with their respective investment objectives and strategies, in securities of other investment companies subject to statutory limitations prescribed by the Act. These limitations include a prohibition on any Fund acquiring more than 3% of the voting shares of any other investment company, and a prohibition on investing more than 5% of the Fund’s total assets in securities of any one investment company or more than 10% of its total assets in securities of all investment companies (except money market funds). The Funds will indirectly bear their proportionate share of any management fees and other expenses paid by such other investment companies.

LIBOR Risk — The London Interbank Offered Rate (“LIBOR”) is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives.

THE COMMERCE FUNDS

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

In July of 2017, the head of the UK Financial Conduct Authority (“FCA”) announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and ICE Benchmark Administrator have since announced that most LIBOR settings will no longer be published after December 31, 2021 and a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing SOFR that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new reference rates. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will depend on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. For example, current information technology systems may be unable to accommodate new instruments and rates with features that differ from LIBOR. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled.

Liquidity Risk — The fixed income Funds are subject to liquidity risk. Each fixed income Fund may not be able to pay redemption proceeds within the time periods described in the Funds’ prospectus because of unusual market conditions, an unusually high number of redemption requests or other reasons. Liquidity risk may result from the lack of an active market or reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity. Certain portfolio securities held by the fixed income funds may be less liquid than others, which may make those securities difficult or impossible to sell at an advantageous time or price.

Market Risk — Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility. in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or’ other public health issues, recessions or other events or adverse investor sentiment. There is also a risk that a particular style of investing, such as growth, may underperform other styles of investing or the market generally.

General economic conditions and/or the activities of individual companies may cause the value of the securities in a Fund to increase or decrease, sometimes rapidly or unpredictably. Your shares at redemption may be worth more or less than your initial investment. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities.

Credit ratings downgrades may also negatively affect securities held by a Fund. Even when markets perform well, there is no assurance that the investments held by a Fund will increase in value along with the broader market. In addition, market risk includes the risk that geopolitical events will disrupt the economy on a national or global level. For instance, local or regional events such as war, terrorism, market manipulation, government defaults, government shutdowns, natural/environmental disasters, the spread of infectious illness (including epidemics or pandemics) or other public health issues, recessions or other events can, all negatively impact the securities markets, which could cause the Funds to lose value. Any market disruptions could also prevent a Fund from executing advantageous investment decisions in a timely manner. Funds that have focused their investments in a region enduring geopolitical market disruption will face higher risks of loss. Thus, investors should closely monitor current market conditions to determine whether a specific Fund meets their individual financial needs and tolerance for risk.

THE COMMERCE FUNDS

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

Mid-Cap and Small-Cap Risk — The Growth, Value and MidCap Growth Funds are subject to the risks associated with investing in equity securities of mid- and small-cap companies. Investing in securities of smaller and mid-sized companies may be riskier than investing in larger, more established companies. Smaller and mid-sized companies are more vulnerable to adverse developments because of more limited product lines, markets or financial resources. Also, these stocks may trade less often and in limited volume compared to larger cap stocks trading on a national securities exchange. The prices of these stocks may be more volatile than the prices of larger company stocks. As a result, the Fund’s net asset value may be subject to rapid and substantial changes.

Non-Diversified Risk — Non-diversified funds typically hold fewer securities than diversified funds do. Consequently, a change in value of any one security may affect the overall value of a non-diversified portfolio more than it would a diversified portfolio.

Portfolio Concentration Risk — The Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds invest a large percentage of their assets in obligations of issuers within Missouri and Kansas, respectively. Therefore, they are subject to possible concentration risks associated with economic, political or legal developments or industrial or regional matters specifically affecting those states.

Under normal market conditions, the Missouri Tax-Free Intermediate Bond Fund and the Kansas Tax-Free Intermediate Bond Fund invest at least 80% of their assets plus any borrowings for investment purposes (measured at the time of purchase) in Missouri and Kansas municipal securities, respectively, the income from which, in the opinion of bond counsel, is exempt from regular federal income tax, federal alternative minimum taxes and Missouri and Kansas state taxes, respectively. Alternatively, at least 80% of a Fund’s distributed income must be exempt from such taxes. For each of the Missouri and Kansas Tax-Free Funds, the actual payment of principal and interest on Missouri and Kansas municipal securities is dependent on the Missouri General Assembly and the Kansas legislature, respectively, allotting money each fiscal year for these payments.

The investments of the Growth, Value and MidCap Growth Funds may be concentrated in securities of technology companies. At times, securities of technology companies may experience significant price fluctuations. The Value Fund’s performance may be adversely affected by events affecting the financial sectors, if it invests a relatively large percentage of its assets in those sectors. The financial sectors can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital. The MidCap Growth Fund concentrates in mid-cap stocks. Investing in smaller and mid-sized companies may be riskier than investing in larger, more established companies.

The Bond and Short-Term Government Funds may invest 80% and 100%, respectively, of their total assets in mortgage-related securities and the Bond Fund may invest 80% of its total assets in asset-backed securities. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility, liquidity, and enhanced sensitivity to interest rates. As a result, mortgage-backed securities may be more difficult to value and liquidate, if necessary. Mortgage-backed securities are also subject to prepayment risk, which may result in a decreased rate of return and a decline in the value of the securities. Asset-backed securities are dependent upon payment of the underlying consumer loans or receivables by individuals, and the certificate holder frequently has no recourse against the entity that originated the loans or receivables. Asset-backed securities have a greater risk of default during periods of economic downturn than other securities. Also, asset-backed securities may be less liquid than other securities and therefore more difficult to value and liquidate, if necessary.

Quantitative Model Risk The Growth, Value and MidCap Growth Funds are subject to the risk that securities selected using quantitative models may perform differently from the market as a whole for many reasons, including the factors used in building the model and the weights placed on each factor, among others. The quantitative models used by the Adviser to manage the Growth, Value and MidCap Growth Funds may not perform as expected, particularly in volatile markets.