|
MUNICIPAL BONDS - 99.3%
|
Par
|
Value
|
||||||
|
Arizona - 5.3%
|
||||||||
|
Arizona Industrial Development Authority
|
||||||||
|
5.10%, 10/01/2050
|
$
|
750,000
|
$
|
750,635
|
||||
|
5.15%, 10/01/2053
|
350,000
|
350,976
|
||||||
|
6.88%, 02/01/2065 (Obligor: San Tan Montessori Sch Ob) (a)
|
2,000,000
|
1,961,172
|
||||||
|
Industrial Development Authority of the County of Pima, 6.13%, 06/15/2047 (Obligor: Fit Kids Inc) (a)
|
360,000
|
360,115
|
||||||
|
La Paz County Industrial Development Authority, 5.00%, 02/15/2046 (Obligor: Albuquerque Sch Excellnce) (a)
|
245,000
|
215,375
|
||||||
|
Maricopa County Industrial Development Authority
|
||||||||
|
5.63%, 07/01/2045 (Obligor: Paragon Management Inc) (a)
|
535,000
|
525,957
|
||||||
|
5.88%, 07/01/2060 (Obligor: Paragon Management Inc) (a)
|
1,055,000
|
1,031,246
|
||||||
|
Sierra Vista Industrial Development Authority, 5.75%, 06/15/2064 (Obligor: Fit Kids Inc) (a)
|
2,250,000
|
2,098,591
|
||||||
|
Superstition Vistas Community Facilities District No 2
|
||||||||
|
5.70%, 07/01/2040
|
241,000
|
242,551
|
||||||
|
6.30%, 07/01/2049
|
430,000
|
431,769
|
||||||
|
7,968,387
|
||||||||
|
California - 14.2%
|
||||||||
|
California County Tobacco Securitization Agency, 6.00%, 06/01/2042 (Obligor: Alameda Cnty Tobacco Sec)
|
265,000
|
267,147
|
||||||
|
California Health Facilities Financing Authority, 5.00%, 10/01/2044 (Obligor: Providence St Joseph Obl)
|
100,000
|
99,966
|
||||||
|
California Infrastructure & Economic Development Bank, 9.50%, 01/01/2065 (Obligor: Desertxpress Enterprises) (a)(b)
|
3,185,000
|
3,020,026
|
||||||
|
California Municipal Finance Authority
|
||||||||
|
5.25%, 01/01/2045 (Obligor: Ascent 613) (a)
|
1,000,000
|
946,392
|
||||||
|
4.00%, 09/01/2050 (Obligor: Barlow Respiratory Hosp)
|
865,000
|
691,396
|
||||||
|
5.63%, 11/01/2054 (Obligor: California Baptist Univ) (a)
|
500,000
|
497,973
|
||||||
|
5.38%, 01/01/2055 (Obligor: Ascent 613) (a)
|
800,000
|
744,284
|
||||||
|
California Public Finance Authority
|
||||||||
|
6.38%, 06/01/2059 (Obligor: P3 Irvine Sl Holdings Obl) (a)
|
1,000,000
|
901,516
|
||||||
|
6.63%, 03/01/2065 (Obligor: Isf Ativo Portfolio Oblig) (a)
|
2,465,000
|
2,402,378
|
||||||
|
California Statewide Communities Development Authority
|
||||||||
|
5.25%, 12/01/2044 (Obligor: Loma Linda Univ Med Obl)
|
140,000
|
136,339
|
||||||
|
5.50%, 12/01/2054 (Obligor: Loma Linda Univ Med Obl)
|
25,000
|
24,608
|
||||||
|
California Statewide Financing Authority, 6.00%, 05/01/2043 (Obligor: Tsr Multi-county Spl Purp)
|
205,000
|
205,488
|
||||||
|
Golden State Tobacco Securitization Corp., Zero Coupon, 06/01/2066 (c)
|
10,000,000
|
1,060,421
|
||||||
|
Lompoc Unified School District, 5.25%, 08/01/2050
|
820,000
|
869,472
|
||||||
|
Los Angeles Department of Water & Power Water System Revenue, 3.00%, 07/01/2050 (d)
|
1,300,000
|
1,300,000
|
||||||
|
San Francisco City & County Airport Comm-San Francisco International Airport, 5.25%, 05/01/2055 (b)
|
2,250,000
|
2,280,865
|
||||||
|
Silicon Valley Tobacco Securitization Authority, Zero Coupon, 06/01/2041 (c)
|
2,500,000
|
886,628
|
||||||
|
Tender Option Bond Trust Receipts/Certificates
|
||||||||
|
15.06%, 05/15/2055 (a)(b)(d)
|
2,000,000
|
2,365,180
|
||||||
|
14.95%, 09/01/2059 (a)(d)
|
2,000,000
|
2,478,716
|
||||||
|
21,178,795
|
||||||||
|
Colorado - 8.3%
|
||||||||
|
Colorado Health Facilities Authority, 5.00%, 09/15/2053 (Obligor: Bslc Ii Obligated Group)
|
500,000
|
406,366
|
||||||
|
Colorado High Performance Transportation Enterprise, 5.00%, 12/31/2056
|
920,000
|
879,280
|
||||||
|
Creekwalk Marketplace Business Improvement District, 6.00%, 12/01/2054
|
875,000
|
814,244
|
||||||
|
Denver Health & Hospital Authority, 5.00%, 12/01/2039
|
25,000
|
25,039
|
||||||
|
Dominion Water & Sanitation District, 5.88%, 12/01/2052
|
1,400,000
|
1,407,053
|
||||||
|
Haymeadow Metropolitan District No 1, 6.13%, 12/01/2054
|
1,000,000
|
1,007,261
|
||||||
|
Mirabelle Metropolitan District No 2, 6.13%, 12/15/2049
|
1,000,000
|
966,541
|
||||||
|
Pinery Commercial Metropolitan District No 2, 5.75%, 12/01/2054
|
1,000,000
|
967,769
|
||||||
|
Red Barn Metropolitan District, 7.88%, 12/15/2055
|
650,000
|
654,507
|
||||||
|
Sojourn at Idlewild Metropolitan District, 6.13%, 12/01/2055 (a)
|
1,000,000
|
1,003,343
|
||||||
|
STC Metropolitan District No 2
|
||||||||
|
6.25%, 12/01/2055 (a)
|
2,000,000
|
2,027,228
|
||||||
|
8.00%, 12/15/2055 (a)
|
1,000,000
|
1,007,788
|
||||||
|
Vail Home Partners Corp., 5.88%, 10/01/2055 (a)
|
500,000
|
500,124
|
||||||
|
Weems Neighborhood Metropolitan District, 5.88%, 12/01/2055
|
700,000
|
702,367
|
||||||
|
12,368,910
|
||||||||
|
MUNICIPAL BONDS - 99.3% (continued)
|
Par
|
Value
|
||||||
|
Connecticut - 1.2%
|
||||||||
|
Stamford Housing Authority
|
||||||||
|
6.50%, 10/01/2055 (Obligor: Tjh Sr Lvg Llc Oblig Grp)
|
$
|
1,000,000
|
$
|
1,002,612
|
||||
|
6.25%, 10/01/2060 (Obligor: Tjh Sr Lvg Llc Oblig Grp)
|
750,000
|
728,102
|
||||||
|
1,730,714
|
||||||||
|
Delaware - 0.8%
|
||||||||
|
Delaware State Economic Development Authority, 6.00%, 07/01/2065 (Obligor: Academia Antonia Alonso I) (a)
|
1,250,000
|
1,235,020
|
||||||
|
Florida - 6.8%
|
||||||||
|
Capital Projects Finance Authority/FL
|
||||||||
|
7.25%, 01/01/2055 (Obligor: Trilogy Cmty Dev Oblig Gp) (a)
|
500,000
|
501,487
|
||||||
|
7.13%, 01/01/2065 (Obligor: Trilogy Cmty Dev Oblig Gp) (a)
|
2,500,000
|
2,424,719
|
||||||
|
Capital Trust Authority, 5.25%, 06/15/2059 (Obligor: St Johns Classical Acdmy) (a)
|
500,000
|
453,889
|
||||||
|
City of Miami Beach FL Stormwater Revenue, 5.00%, 09/01/2047
|
400,000
|
403,335
|
||||||
|
Florida Higher Educational Facilities Financing Authority, 6.25%, 07/01/2055 (Obligor: Keiser University Obligat) (a)
|
1,000,000
|
1,001,831
|
||||||
|
Gas Worx Community Development District, 6.00%, 05/01/2057 (a)
|
1,020,000
|
1,008,448
|
||||||
|
Langley South Community Development District, 5.40%, 05/01/2055
|
1,000,000
|
943,697
|
||||||
|
Miami Beach Health Facilities Authority, 5.00%, 11/15/2039 (Obligor: Mt Sinai Med Ctr Fl Obl)
|
70,000
|
70,003
|
||||||
|
Miami-Dade County Expressway Authority, 5.00%, 07/01/2040
|
2,005,000
|
2,005,004
|
||||||
|
Palm Beach County Health Facilities Authority, 5.00%, 05/15/2036 (Obligor: Lifespace Communities Obl)
|
100,000
|
100,647
|
||||||
|
V-Dana Community Development District, 5.55%, 05/01/2055
|
1,250,000
|
1,190,777
|
||||||
|
10,103,837
|
||||||||
|
Georgia - 0.2%
|
||||||||
|
Atlanta Development Authority, 5.25%, 07/01/2040
|
115,000
|
115,088
|
||||||
|
Augusta GA Airport Revenue, 5.00%, 01/01/2034
|
100,000
|
100,058
|
||||||
|
Municipal Electric Authority of Georgia, 5.50%, 07/01/2060
|
50,000
|
50,007
|
||||||
|
265,153
|
||||||||
|
Hawaii - 1.6%
|
||||||||
|
Tender Option Bond Trust Receipts/Certificates, 15.00%, 07/01/2054 (a)(b)(d)
|
2,000,000
|
2,350,731
|
||||||
|
Illinois - 3.2%
|
||||||||
|
City of Marion IL Sales Tax Revenue, 6.63%, 06/01/2055
|
1,000,000
|
1,013,385
|
||||||
|
Illinois State Toll Highway Authority, 5.00%, 01/01/2036
|
1,700,000
|
1,700,788
|
||||||
|
Upper Illinois River Valley Development Authority, 6.00%, 12/01/2055 (Obligor: Northern Kane Edu Corp) (a)
|
2,000,000
|
1,985,998
|
||||||
|
4,700,171
|
||||||||
|
Indiana - 3.3%
|
||||||||
|
City of Evansville IN, 5.45%, 01/01/2038 (Obligor: Evansville Rcf Lp)
|
1,000,000
|
924,519
|
||||||
|
City of Lafayette IN
|
||||||||
|
5.60%, 01/01/2033 (Obligor: Glasswtr Crk Of Lafayette)
|
130,000
|
127,394
|
||||||
|
5.80%, 01/01/2037 (Obligor: Glasswtr Crk Of Lafayette)
|
840,000
|
808,897
|
||||||
|
City of Valparaiso IN, 5.38%, 12/01/2041 (Obligor: Green Oaks Of Valparaiso) (a)
|
750,000
|
655,869
|
||||||
|
Richmond Hospital Authority, 5.00%, 01/01/2039 (Obligor: Reid Hosp & Hlthcr Oblig)
|
1,610,000
|
1,598,542
|
||||||
|
Town of Merrillville IN, 5.75%, 04/01/2036 (Obligor: Belvedere Slf Llc)
|
900,000
|
861,969
|
||||||
|
4,977,190
|
||||||||
|
Kansas - 0.9%
|
||||||||
|
City of Hutchinson KS, 5.00%, 12/01/2041 (Obligor: Hutchinson Regl Med Oblig)
|
100,000
|
82,440
|
||||||
|
City of Topeka KS, 6.50%, 12/01/2052 (Obligor: Congregational Home Oblig)
|
1,000,000
|
1,006,416
|
||||||
|
Sedgwick County Public Building Commission, 5.00%, 02/01/2054
|
200,000
|
200,229
|
||||||
|
Wyandotte County-Kansas City Unified Government Utility System Revenue, 5.00%, 09/01/2044
|
55,000
|
54,807
|
||||||
|
1,343,892
|
||||||||
|
MUNICIPAL BONDS - 99.3% (continued)
|
Par
|
Value
|
||||||
|
Kentucky - 1.4%
|
||||||||
|
Kenton County Airport Board, 5.25%, 01/01/2054 (b)
|
$
|
2,000,000
|
$
|
2,021,975
|
||||
|
Kentucky Economic Development Finance Authority, 5.00%, 07/01/2040 (Obligor: Kentucky Wired Infras Inc)
|
20,000
|
20,002
|
||||||
|
2,041,977
|
||||||||
|
Maryland - 0.5%
|
||||||||
|
City of Rockville MD, 5.00%, 11/01/2047 (Obligor: King Farm Presbyterian Ob)
|
645,000
|
575,213
|
||||||
|
Maryland Economic Development Corp., 5.00%, 06/01/2027 (Obligor: Salisbury University Project)
|
30,000
|
30,018
|
||||||
|
Maryland Health & Higher Educational Facilities Authority, 5.00%, 07/01/2040 (Obligor: Meritus Med Ctr Oblig Grp)
|
100,000
|
100,000
|
||||||
|
705,231
|
||||||||
|
Massachusetts - 1.1%
|
||||||||
|
Massachusetts Development Finance Agency
|
||||||||
|
5.00%, 07/01/2044 (Obligor: Wellforce Obligated Group)
|
750,000
|
710,375
|
||||||
|
5.88%, 12/01/2060 (Obligor: Ginger Care Inc Oblig Grp) (a)
|
1,050,000
|
964,829
|
||||||
|
1,675,204
|
||||||||
|
Minnesota - 1.3%
|
||||||||
|
City of Apple Valley MN, 5.63%, 09/01/2065 (Obligor: Phs Apple Vly Senior Hsg)
|
750,000
|
744,592
|
||||||
|
City of Eagan MN
|
||||||||
|
6.25%, 02/01/2045 (Obligor: Great Oaks Academy) (a)
|
250,000
|
243,272
|
||||||
|
6.38%, 02/01/2055 (Obligor: Great Oaks Academy) (a)
|
350,000
|
334,306
|
||||||
|
6.50%, 02/01/2065 (Obligor: Great Oaks Academy) (a)
|
625,000
|
596,857
|
||||||
|
1,919,027
|
||||||||
|
Missouri - 2.4%
|
||||||||
|
Health & Educational Facilities Authority of the State of Missouri
|
||||||||
|
5.00%, 06/01/2033 (Obligor: Ks City Univ)
|
1,025,000
|
1,025,100
|
||||||
|
5.00%, 11/15/2044 (Obligor: Coxhealth Obligated Group)
|
65,000
|
64,059
|
||||||
|
5.00%, 11/15/2045 (Obligor: Mercy Health)
|
50,000
|
49,998
|
||||||
|
Missouri Housing Development Commission, 5.00%, 11/01/2055
|
2,500,000
|
2,472,805
|
||||||
|
3,611,962
|
||||||||
|
Montana - 0.8%
|
||||||||
|
City of Kalispell MT, 6.00%, 05/15/2060 (Obligor: Immanuel Living Oblig Grp)
|
1,250,000
|
1,250,801
|
||||||
|
Nebraska - 0.1%
|
||||||||
|
Douglas County Sanitary & Improvement District No 608, 5.75%, 12/15/2037
|
50,000
|
45,337
|
||||||
|
Municipal Energy Agency of Nebraska, 5.00%, 04/01/2036
|
25,000
|
25,037
|
||||||
|
Omaha Public Power District Nebraska City Station Unit 2, 5.25%, 02/01/2046
|
140,000
|
140,061
|
||||||
|
210,435
|
||||||||
|
Nevada - 1.0%
|
||||||||
|
City of Las Vegas NV Special Improvement District No 613, 5.25%, 12/01/2047
|
650,000
|
624,535
|
||||||
|
City of Reno NV, 5.25%, 06/01/2054 (a)
|
1,000,000
|
928,797
|
||||||
|
1,553,332
|
||||||||
|
New Hampshire - 0.8%
|
||||||||
|
New Hampshire Business Finance Authority
|
||||||||
|
Zero Coupon, 12/01/2031 (a)(c)
|
1,000,000
|
678,186
|
||||||
|
5.88%, 04/01/2060 (Obligor: Pennichuck Water Works) (b)
|
500,000
|
498,831
|
||||||
|
1,177,017
|
||||||||
|
New York - 11.5%
|
||||||||
|
Albany Capital Resource Corp., 5.00%, 12/01/2029 (Obligor: Albany Clg Of Pharmacy)
|
240,000
|
240,176
|
||||||
|
Build NYC Resource Corp., 5.00%, 09/01/2059 (Obligor: Bay Ridge Preparatory Sch) (a)
|
500,000
|
441,433
|
||||||
|
MUNICIPAL BONDS - 99.3% (continued)
|
Par
|
Value
|
||||||
|
New York - 11.5% (continued)
|
||||||||
|
Clinton County Capital Resource Corp., 5.00%, 07/01/2046 (a)
|
$
|
300,000
|
$
|
288,618
|
||||
|
New York City Housing Development Corp., 5.30%, 11/01/2060
|
1,215,000
|
1,236,709
|
||||||
|
New York City Transitional Finance Authority, 5.25%, 02/01/2053
|
3,500,000
|
3,624,299
|
||||||
|
New York Transportation Development Corp.
|
||||||||
|
5.00%, 07/01/2041 (Obligor: Laguardia Gateway Partner) (b)
|
2,005,000
|
2,005,070
|
||||||
|
5.00%, 07/01/2046 (Obligor: Laguardia Gateway Partner) (b)
|
230,000
|
222,976
|
||||||
|
5.25%, 01/01/2050 (Obligor: Laguardia Gateway Partner) (b)
|
275,000
|
271,320
|
||||||
|
5.00%, 06/30/2060 (Obligor: Jfk Nto Llc) (b)
|
1,000,000
|
940,359
|
||||||
|
5.50%, 06/30/2060 (Obligor: Jfk Nto Llc) (b)
|
1,000,000
|
1,000,628
|
||||||
|
Port Authority of New York & New Jersey, 5.00%, 01/15/2052 (b)
|
1,500,000
|
1,501,504
|
||||||
|
Tender Option Bond Trust Receipts/Certificates
|
||||||||
|
13.94%, 06/15/2054 (a)(d)
|
2,000,000
|
2,300,914
|
||||||
|
14.95%, 12/01/2056 (Obligor: Syracuse University) (a)(d)
|
2,500,000
|
3,119,618
|
||||||
|
17,193,624
|
||||||||
|
Ohio - 8.7%
|
||||||||
|
Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/01/2055
|
3,915,000
|
3,342,402
|
||||||
|
Columbus Regional Airport Authority, 5.50%, 01/01/2050 (b)
|
3,000,000
|
3,112,654
|
||||||
|
Ohio Housing Finance Agency
|
||||||||
|
5.70%, 08/01/2043 (Obligor: Havens Edge Apts Llc) (a)
|
1,000,000
|
1,012,611
|
||||||
|
6.00%, 01/01/2045 (Obligor: Mansfield Aal Lp) (a)
|
1,000,000
|
948,417
|
||||||
|
6.38%, 01/01/2045 (Obligor: Bedford Heights Aal Lp) (a)
|
1,500,000
|
1,506,124
|
||||||
|
Port of Greater Cincinnati Development Authority, 6.50%, 01/01/2045 (Obligor: Vivera Northbrook Llc) (a)
|
1,500,000
|
1,514,338
|
||||||
|
State of Ohio
|
||||||||
|
5.00%, 12/31/2035 (b)
|
1,400,000
|
1,400,667
|
||||||
|
5.00%, 06/30/2053 (b)
|
180,000
|
172,263
|
||||||
|
13,009,476
|
||||||||
|
Oklahoma - 0.0%(e)
|
||||||||
|
Norman Regional Hospital Authority, 4.00%, 09/01/2037 (Obligor: Norman Regl Hosp Auth Obl)
|
35,000
|
28,104
|
||||||
|
Oregon - 0.7%
|
||||||||
|
Oregon State Facilities Authority, 6.00%, 06/15/2065 (Obligor: Personalized Learning Inc) (a)
|
1,000,000
|
1,004,763
|
||||||
|
Pennsylvania - 2.1%
|
||||||||
|
Lancaster County Hospital Authority/PA, 5.00%, 07/01/2035 (Obligor: Landis Homes Oblig Grp)
|
20,000
|
20,001
|
||||||
|
Northeastern Pennsylvania Hospital and Education Authority, 5.25%, 03/01/2037 (Obligor: Wilkes University)
|
495,000
|
491,472
|
||||||
|
Pennsylvania Housing Finance Agency
|
||||||||
|
5.15%, 10/01/2050
|
500,000
|
500,089
|
||||||
|
5.20%, 04/01/2053
|
2,000,000
|
1,998,950
|
||||||
|
West Shore Area Authority, 5.00%, 07/01/2030 (Obligor: Messiah Lifeways Obl Grp)
|
70,000
|
70,017
|
||||||
|
3,080,529
|
||||||||
|
Puerto Rico - 0.7%
|
||||||||
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Zero Coupon, 07/01/2051 (c)
|
4,492,000
|
1,050,272
|
||||||
|
South Carolina - 3.2%
|
||||||||
|
South Carolina Jobs-Economic Development Authority
|
||||||||
|
5.00%, 06/15/2051 (Obligor: Virtus Academy) (a)
|
625,000
|
474,110
|
||||||
|
5.00%, 06/15/2056 (Obligor: Virtus Academy) (a)
|
1,505,000
|
1,115,568
|
||||||
|
7.75%, 10/01/2057 (Obligor: Cr River Park LLC)
|
3,150,000
|
3,179,157
|
||||||
|
4,768,835
|
||||||||
|
Tennessee - 1.4%
|
||||||||
|
Tender Option Bond Trust Receipts/Certificates, 19.78%, 07/01/2055 (a)(d)
|
1,875,000
|
2,157,880
|
||||||
|
MUNICIPAL BONDS - 99.3% (continued)
|
Par
|
Value
|
||||||
|
Texas - 6.6%
|
||||||||
|
City of Buda TX
|
||||||||
|
6.00%, 09/01/2055 (a)
|
$
|
1,750,000
|
$
|
1,647,881
|
||||
|
6.75%, 09/01/2055 (a)
|
1,000,000
|
945,917
|
||||||
|
City of Corpus Christi TX Utility System Revenue, 5.00%, 07/15/2040
|
450,000
|
450,110
|
||||||
|
City of Fort Worth TX, 5.25%, 03/01/2043
|
105,000
|
105,048
|
||||||
|
City of Granbury TX
|
||||||||
|
7.25%, 09/15/2045
|
1,000,000
|
1,004,159
|
||||||
|
7.50%, 09/15/2055
|
1,000,000
|
1,004,769
|
||||||
|
County of Denton TX, 5.63%, 12/31/2055 (a)
|
1,000,000
|
1,009,857
|
||||||
|
New Hope Cultural Education Facilities Finance Corp.
|
||||||||
|
5.25%, 10/01/2055 (Obligor: Presbyterian Vlg North Ob)
|
1,000,000
|
879,434
|
||||||
|
6.50%, 10/01/2055 (Obligor: Bella Vida Forefront Livi)
|
1,830,000
|
1,782,530
|
||||||
|
6.50%, 10/01/2060 (Obligor: Bella Vida Forefront Livi)
|
865,000
|
837,040
|
||||||
|
Tarrant County Cultural Education Facilities Finance Corp., 5.00%, 11/15/2035 (Obligor: Barton Creek Sr Living Ob)
|
135,000
|
135,027
|
||||||
|
9,801,772
|
||||||||
|
Utah - 4.9%
|
||||||||
|
County of Utah UT, 5.00%, 05/15/2041 (Obligor: Intermountain Hlthcr Oblg)
|
125,000
|
125,166
|
||||||
|
Desert Edge Public Infrastructure District No 1, Zero Coupon, 03/01/2055 (a)(c)
|
1,000,000
|
747,852
|
||||||
|
Jordanelle Ridge Public Infrastructure District No 2, 7.88%, 03/15/2055 (a)
|
1,988,000
|
1,992,218
|
||||||
|
Mida Cormont Public Infrastructure District
|
||||||||
|
Zero Coupon, 06/01/2055 (a)(c)
|
1,000,000
|
814,932
|
||||||
|
6.25%, 06/01/2055 (a)
|
600,000
|
615,571
|
||||||
|
Soleil Hills Public Infrastructure District No 1, 5.88%, 03/01/2055 (a)
|
1,000,000
|
956,439
|
||||||
|
Tech Ridge Public Infrastructure District, 6.25%, 12/01/2054 (a)
|
1,000,000
|
1,006,516
|
||||||
|
Wakara Ridge Public Infrastructure District, 5.63%, 12/01/2054 (a)
|
1,000,000
|
1,000,024
|
||||||
|
7,258,718
|
||||||||
|
Wisconsin - 4.3%
|
||||||||
|
Public Finance Authority
|
||||||||
|
Zero Coupon, 12/15/2034 (a)(c)
|
2,000,000
|
1,145,754
|
||||||
|
5.50%, 09/01/2051 (Obligor: Discovery Charter Sch Grp)
|
150,000
|
122,302
|
||||||
|
5.25%, 12/01/2054
|
1,000,000
|
934,257
|
||||||
|
5.50%, 06/01/2055 (Obligor: Campus Real Estate Hldg)
|
600,000
|
592,150
|
||||||
|
4.75%, 06/15/2056 (Obligor: Gray Collegiate Academy) (a)
|
740,000
|
570,645
|
||||||
|
6.45%, 04/01/2060 (Obligor: Sheboygan Christian Sch A) (a)
|
1,000,000
|
934,597
|
||||||
|
5.75%, 07/01/2062
|
500,000
|
501,660
|
||||||
|
5.25%, 06/15/2065 (Obligor: Triad Math & Science Acad)
|
1,000,000
|
935,296
|
||||||
|
Wisconsin Health & Educational Facilities Authority
|
||||||||
|
4.50%, 07/01/2043 (Obligor: Chiara Communities Inc)
|
140,000
|
117,328
|
||||||
|
6.63%, 07/01/2060 (Obligor: Chiara Hsg & Svcs Obl Grp)
|
600,000
|
618,215
|
||||||
|
6,472,204
|
||||||||
|
TOTAL MUNICIPAL BONDS (Cost $149,447,994)
|
148,193,963
|
|||||||
|
TOTAL INVESTMENTS - 99.3% (Cost $149,447,994)
|
148,193,963
|
|||||||
|
Other Assets in Excess of Liabilities - 0.7%
|
1,055,001
|
|||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
149,248,964
|
||||||
|
two
|
–
|
%
|
||||||
|
Percentages are stated as a percent of net assets.
|
–
|
%
|
||||||
|
(a)
|
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
institutional investors. As of June 30, 2025, the value of these securities total $68,724,240 or 46.0% of the Fund’s net assets.
|
|
(b)
|
Security subject to the Alternative Minimum Tax ("AMT"). As of June 30, 2025, the total value of securities subject to the AMT was $23,165,049 or 15.5% of net assets.
|
|
(c)
|
Zero coupon bonds make no periodic interest payments.
|
|
(d)
|
Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate
disclosed is as of June 30, 2025.
|
|
(e)
|
Represents less than 0.05% of net assets.
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Assets:
|
||||||||||||||||
|
Investments:
|
||||||||||||||||
|
Municipal Bonds
|
–
|
148,193,963
|
–
|
148,193,963
|
||||||||||||
|
Total Investments
|
–
|
148,193,963
|
–
|
148,193,963
|
||||||||||||
|
Refer to the Schedule of Investments for further disaggregation of investment categories.
|
||||||||||||||||