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	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — 97.5%
Arizona — 2.6%
Phoenix Civic Improvement Corp. Revenue, Civic Plaza, Convertible CAB, OID, Series B, 5.50%, 07/01/31, (NATL-RE Insured)		5,000,000		6,995,600

California — 1.7%
Norwalk-La Mirada Unified School District GO, CAB, OID, Series B, 0.00%, 08/01/27, (AGM-CR, FGIC Insured)^(b)		5,000,000		4,683,800

Hawaii — 91.2%
Hawaii County GO, Series A, Refunding, Callable 03/01/27 at 100, 5.00%, 09/01/31		5,045,000		6,288,441
Hawaii County GO, Series A, Refunding, Callable 03/01/27 at 100, 5.00%, 09/01/34		4,775,000		5,897,412
Hawaii County GO, Series A, Refunding, Callable 09/01/30 at 100, 4.00%, 09/01/40		1,000,000		1,219,460
Hawaii Housing Finance & Development Corp. Revenue, Multi-Family Housing, Iwilei Apartments, Series A, Callable 07/01/22 at 100, 3.75%, 01/01/31		3,120,000		3,229,793


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii Housing Finance & Development Corp. Revenue, Series B, Callable 07/01/21 at 100, 3.88%, 07/01/25, (GNMA/FNMA/FHLMC Insured)		1,140,000		1,153,600
Hawaii State Airports System Revenue, AMT, OID, Callable 08/01/23 at 100, 5.00%, 08/01/28		400,000		437,188
Hawaii State Airports System Revenue, AMT, Refunding, Callable 07/01/21 at 100, 5.00%, 07/01/23		500,000		511,090
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100, 5.00%, 07/01/31		1,275,000		1,610,108
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100, 5.00%, 07/01/33		500,000		626,030
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/30 at 100, 4.00%, 07/01/35		2,000,000		2,374,400
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/25 at 100, 5.00%, 07/01/41		4,000,000		4,601,880
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100, 5.00%, 07/01/48		1,500,000		1,819,230


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, OID, Refunding, 4.00%, 07/01/23		500,000		543,480
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Refunding, Callable 07/01/23 at 100, 5.00%, 07/01/26		1,330,000		1,468,200
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Callable 10/01/24 at 100, 3.50%, 10/01/49		2,750,000		2,884,970
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding, 3.10%, 05/01/26		3,500,000		3,873,975
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding, Callable 03/01/27 at 100, 4.00%, 03/01/37		1,515,000		1,697,603
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, MWC, Refunding, Callable 07/01/29 at 100, 3.20%, 07/01/39		4,200,000		4,608,240


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Projects, Refunding, 4.00%, 01/01/30		225,000		257,877
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Projects, Refunding, Callable 01/01/30 at 100, 4.00%, 01/01/31		250,000		284,472
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, Callable 07/01/25 at 100, 5.00%, 07/01/35		10,000,000		11,621,100
Hawaii State Department of Budget & Finance Revenue, Special Purpose Revenue, Kahala Nui, Refunding, Callable 11/15/22 at 100, 5.00%, 11/15/27		1,790,000		1,926,684
Hawaii State Department of Budget & Finance Revenue, Special Purpose Revenue, Kahala Nui, Refunding, Callable 11/15/22 at 100, 5.13%, 11/15/32		550,000		588,324
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, 5.00%, 04/01/21		20,000		20,158


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, 5.00%, 04/01/24		500,000		573,320
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100, 5.00%, 04/01/28		945,000		1,187,109
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100, 5.00%, 04/01/32		335,000		413,239
Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, Callable 11/01/27 at 100, 5.00%, 11/01/28		1,170,000		1,496,652
Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, Callable 11/01/27 at 100, 5.00%, 11/01/30		800,000		1,012,368
Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, Callable 11/01/27 at 100, 5.00%, 11/01/31		815,000		1,024,447
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/22		155,000		161,251


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/25		895,000		931,095
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/27		1,120,000		1,165,170
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/27		805,000		837,466
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/30		805,000		837,466
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/31		1,730,000		1,799,771
Hawaii State GO, Series DZ, Unrefunded portion, Callable 12/01/21 at 100, 5.00%, 12/01/29		300,000		312,225
Hawaii State GO, Series DZ, Unrefunded portion, Callable 12/01/21 at 100, 5.00%, 12/01/30		1,235,000		1,285,326
Hawaii State GO, Series DZ, Unrefunded portion, Prerefunded, Callable 12/01/21 at 100, 5.00%, 12/01/31		1,095,000		1,139,621
Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100, 5.00%, 11/01/24		55,000		59,704
Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100, 5.00%, 11/01/26		90,000		97,697


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100, 5.00%, 11/01/27		1,000,000		1,085,520
Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100, 5.00%, 11/01/27		90,000		97,697
Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100, 5.00%, 11/01/28		740,000		803,285
Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100, 5.00%, 11/01/28		20,000		21,710
Hawaii State GO, Series EE, Unrefunded portion, Callable 11/01/22 at 100, 5.00%, 11/01/24		100,000		108,552
Hawaii State GO, Series EE, Unrefunded portion, Callable 11/01/22 at 100, 5.00%, 11/01/26		1,365,000		1,481,735
Hawaii State GO, Series EE, Unrefunded portion, Callable 11/01/22 at 100, 5.00%, 11/01/27		345,000		374,504
Hawaii State GO, Series EE, Unrefunded portion, Callable 11/01/22 at 100, 5.00%, 11/01/28		340,000		369,077
Hawaii State GO, Series EH, Prerefunded 08/01/23 at 100, 5.00%, 08/01/24		305,000		341,533
Hawaii State GO, Series EH, Prerefunded, ETM, 5.00%, 08/01/23		445,000		498,302


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series EH, Prerefunded, ETM, 5.00%, 08/01/23		120,000		134,374
Hawaii State GO, Series EH, Unrefunded portion, 5.00%, 08/01/23		345,000		386,514
Hawaii State GO, Series EH, Unrefunded portion, Callable 08/01/23 at 100, 5.00%, 08/01/24		895,000		1,002,212
Hawaii State GO, Series EL, Refunding, 5.00%, 08/01/23		1,000,000		1,120,330
Hawaii State GO, Series EO, Callable 08/01/24 at 100, 5.00%, 08/01/32		1,285,000		1,481,464
Hawaii State GO, Series EO, Prerefunded 08/01/24 at 100, 5.00%, 08/01/26		140,000		163,300
Hawaii State GO, Series EO, Unrefunded portion, Callable 08/01/24 at 100, 5.00%, 08/01/26		2,660,000		3,095,868
Hawaii State GO, Series EP, Refunding, 5.00%, 08/01/24		1,000,000		1,167,290
Hawaii State GO, Series EY, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/27		3,040,000		3,678,552
Hawaii State GO, Series EZ, Refunding, 5.00%, 10/01/21		340,000		351,169
Hawaii State GO, Series FB, 5.00%, 04/01/25		5,000,000		5,978,750


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series FB, Callable 04/01/26 at 100, 4.00%, 04/01/29		2,000,000		2,329,420
Hawaii State GO, Series FG, Callable 10/01/26 at 100, 5.00%, 10/01/30		10,000,000		12,438,200
Hawaii State GO, Series FG, Callable 10/01/26 at 100, 4.00%, 10/01/35		1,000,000		1,155,970
Hawaii State GO, Series FK, Callable 05/01/27 at 100, 5.00%, 05/01/33		2,500,000		3,130,100
Hawaii State GO, Series FK, Callable 05/01/27 at 100, 4.00%, 05/01/37		2,000,000		2,327,160
Hawaii State GO, Series FN, Refunding, 5.00%, 10/01/26		2,500,000		3,144,450
Hawaii State GO, Series FT, Callable 01/01/28 at 100, 5.00%, 01/01/36		4,000,000		5,048,280
Hawaii State GO, Series FT, Callable 01/01/28 at 100, 5.00%, 01/01/38		1,950,000		2,448,732
Hawaii State GO, Series FW, Callable 01/01/29 at 100, 4.00%, 01/01/34		2,000,000		2,424,360
Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100, 4.00%, 07/01/37		5,000,000		6,008,950


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Highway Fund Revenue, Series A, Callable 07/01/24 at 100, 5.00%, 01/01/31		1,085,000		1,249,063
Hawaii State Highway Fund Revenue, Series A, Callable 01/01/29 at 100, 5.00%, 01/01/37		3,500,000		4,469,325
Hawaii State Highway Fund Revenue, Series A, Prerefunded 01/01/22 at 100, 5.00%, 01/01/27		5,490,000		5,736,172
Hawaii State Highway Fund Revenue, Series A, Prerefunded 01/01/22 at 100, 5.00%, 01/01/28		1,120,000		1,170,221
Hawaii State Highway Fund Revenue, Series B, Refunding, Callable 07/01/26 at 100, 5.00%, 01/01/29		5,000,000		6,190,100
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/30 at 100, 4.00%, 07/01/35		1,770,000		2,203,420
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100, 5.00%, 07/01/25		1,500,000		1,741,785


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/22 at 100, 5.00%, 07/01/25		250,000		267,302
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/22 at 100, 5.00%, 07/01/26		3,125,000		3,341,281
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100, 5.00%, 07/01/27		850,000		985,745
Honolulu City & County GO, Series A, Callable 11/01/22 at 100, 5.00%, 11/01/25		1,355,000		1,470,880
Honolulu City & County GO, Series A, Callable 11/01/22 at 100, 5.00%, 11/01/26		1,000,000		1,085,520
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/01/31		2,175,000		2,615,111
Honolulu City & County GO, Series A, Callable 11/01/22 at 100, 5.00%, 11/01/31		450,000		488,484


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Series A, Callable 11/01/22 at 100, 5.00%, 11/01/32		1,970,000		2,138,474
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/01/35		3,000,000		3,588,720
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/01/37		1,000,000		1,193,190
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/01/38		1,040,000		1,240,387
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/01/39		1,000,000		1,191,170
Honolulu City & County GO, Series A, Callable 09/01/27 at 100, 5.00%, 09/01/41		1,235,000		1,533,586
Honolulu City & County GO, Series A, ETM, 5.00%, 11/01/22		2,000,000		2,171,040
Honolulu City & County GO, Series A, Refunding, Callable 11/01/22 at 100, 4.00%, 11/01/37		1,000,000		1,054,750
Honolulu City & County GO, Series B, Callable 11/01/22 at 100, 5.00%, 11/01/23		2,050,000		2,224,434


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Series B, Refunding, 5.00%, 10/01/22		1,000,000		1,081,440
Honolulu City & County GO, Series B, Refunding, 5.00%, 10/01/25		2,300,000		2,804,551
Honolulu City & County GO, Series B, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/26		500,000		607,870
Honolulu City & County GO, Series B, Refunding, Honolulu Rail Transit Project, 4.00%, 09/01/26		1,215,000		1,460,357
Honolulu City & County GO, Series C, Callable 08/01/29 at 100, 4.00%, 08/01/36		1,400,000		1,711,234
Honolulu City & County GO, Series C, Callable 07/01/30 at 100, 4.00%, 07/01/39		1,050,000		1,290,807
Honolulu City & County GO, Series C, Callable 08/01/29 at 100, 4.00%, 08/01/43		2,000,000		2,380,820
Honolulu City & County GO, Series C, Callable 07/01/30 at 100, 5.00%, 07/01/45		500,000		655,030
Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/27		2,000,000		2,421,140


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/29		4,115,000		4,954,007
Honolulu City & County GO, Series E, Refunding, Callable 09/01/27 at 100, 5.00%, 09/01/30		1,500,000		1,911,750
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series A, Callable 07/01/29 at 100, 4.00%, 07/01/34		2,130,000		2,644,374
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series B, Refunding, 5.00%, 07/01/29		250,000		337,913
Honolulu City & County Wastewater System Revenue, Junior Series A, Refunding, Callable 07/01/25 at 100, 5.00%, 07/01/30		4,000,000		4,752,640
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Refunding, Callable 07/01/25 at 100, 5.00%, 07/01/26		1,000,000		1,203,650
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Refunding, Callable 07/01/25 at 100, 5.00%, 07/01/27		325,000		390,078


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series A, Callable 07/01/25 at 100, 5.00%, 07/01/29		395,000		476,342
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series A, Callable 01/01/28 at 100, 5.00%, 07/01/36		2,000,000		2,528,240
Honolulu City & County Wastewater System Revenue, Senior Series B, Refunding, Callable 07/01/26 at 100, 5.00%, 07/01/35		125,000		152,808
Kauai County GO, 5.00%, 08/01/23		395,000		442,530
Kauai County GO, 5.00%, 08/01/27		250,000		321,500
Kauai County GO, Callable 08/01/27 at 100, 5.00%, 08/01/31		250,000		315,828
Kauai County GO, Callable 08/01/27 at 100, 4.00%, 08/01/33		270,000		317,822
Kauai County GO, Callable 08/01/27 at 100, 5.00%, 08/01/42		775,000		952,529
Kauai County GO, OID, Series A, Callable 08/01/21 at 100, 3.25%, 08/01/23		1,195,000		1,213,594


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Kauai County GO, OID, Series A, Callable 08/01/22 at 100, 3.13%, 08/01/27		1,300,000		1,353,469
Kauai County GO, Series A, Refunding, 5.00%, 08/01/22		400,000		429,316
Maui County GO, Refunding, 5.00%, 06/01/21		150,000		152,439
Maui County GO, Refunding, 5.00%, 06/01/23		300,000		333,723
Maui County GO, Refunding, 5.00%, 09/01/28		975,000		1,292,275
Maui County GO, Refunding, Callable 03/01/30 at 100, 3.00%, 03/01/31		500,000		584,140
Maui County GO, Refunding, Callable 09/01/28 at 100, 4.00%, 09/01/31		5,305,000		6,470,827
Maui County GO, Refunding, Callable 09/01/25 at 100, 3.00%, 09/01/32		195,000		210,553
University of Hawaii Revenue, Series B, Refunding, 4.00%, 10/01/24		165,000		187,725
University of Hawaii Revenue, Series B, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/35		1,000,000		1,182,430
University of Hawaii Revenue, Series E, Refunding, 5.00%, 10/01/24		3,000,000		3,522,600
University of Hawaii Revenue, Series E, Refunding, Callable 10/01/26 at 100, 5.00%, 10/01/31		1,000,000		1,232,130


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100, 5.00%, 10/01/36		3,000,000		3,757,740
University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100, 5.00%, 10/01/37		2,000,000		2,499,380
				247,962,763
Illinois — 0.4%
Illinois Municipal Electric Agency Power Supply Revenue, Series C, Refunding, 5.25%, 02/01/21, (NATL-RE Insured)		1,000,000		1,000,000
Texas — 1.6%
Galveston County GO, CAB, OID, Series RD, 0.00%, 02/01/24, (NATL-RE Insured)^(b)		2,630,000		2,591,628
Houston Combined Utility System Revenue, Unrefunded Balance CAB, OID, Junior Series A, Refunding, 0.00%, 12/01/27, (AGM Insured)^(b)		2,000,000		1,881,660
				4,473,288
TOTAL MUNICIPAL BONDS (Cost $244,752,507)				265,115,451


	Shares		Value ($)

REGISTERED INVESTMENT COMPANY — 1.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%^(a)		4,664,483		4,664,483
TOTAL REGISTERED INVESTMENT COMPANY (Cost $4,664,483)				4,664,483

TOTAL INVESTMENTS - 99.2% (Cost $249,416,990)				269,779,934
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%				2,144,507

NET ASSETS - 100.0%			$	271,924,441

^(a)	Rate periodically changes. Rate disclosed is the 7-day yield at January 31, 2021.

^(b)	Zero coupon bond.

Portfolio holdings are subject to change at any time.


AGM		Assured Guaranty Municipal Corp.
AGM-CR		Assured Guaranty Municipal Corp.
		Custodial Receipts
AMT		Alternative Minimum Tax
CAB		Capital Appreciation Bond
ETM		Escrowed to Maturity
FGIC		Financial Guaranty Insurance Co.
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
MWC		Make Whole Callable
NATL-RE		National Reinsurance Corp.
OID		Original Issue Discount


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — 97.2%
Arizona — 1.8%
Tempe City Excise Tax Revenue, Series A, Callable 07/01/21 at 100, 5.00%, 07/01/22		900,000		918,243
Hawaii — 93.1%
Hawaii County GO, Series A, Callable 03/01/26 at 100, 5.00%, 09/01/26		200,000		246,058
Hawaii County GO, Series A, Refunding, 5.00%, 09/01/24		320,000		373,517
Hawaii County GO, Series D, Refunding, 4.00%, 09/01/26		500,000		598,825
Hawaii State Airports System Revenue, AMT, Callable 08/01/23 at 100, 5.00%, 08/01/27		295,000		323,037
Hawaii State Airports System Revenue, AMT, ETM, Refunding, 5.00%, 07/01/21		2,000,000		2,039,360
Hawaii State Airports System Revenue, AMT, OID, Refunding, Callable 07/01/21 at 100, 4.13%, 07/01/24		500,000		507,355
Hawaii State Airports System Revenue, Series A, AMT, 5.00%, 07/01/30		1,000,000		1,328,800
Hawaii State Airports System Revenue, Series B, 5.00%, 07/01/27		1,010,000		1,290,760


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding, 3.25%, 01/01/25		500,000		544,045
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding, 3.10%, 05/01/26		2,610,000		2,888,878
Hawaii State Department of Budget & Finance Revenue, Pacific Health Obligation, Refunding, 5.00%, 07/01/22		320,000		340,262
Hawaii State Department of Budget & Finance Revenue, Pacific Health Obligation, Refunding, 5.00%, 07/01/22		220,000		233,930
Hawaii State Department of Budget & Finance Revenue, Pacific Health Obligation, Refunding, Callable 07/01/23 at 100, 5.00%, 07/01/26		200,000		220,782
Hawaii State Department of Budget & Finance Revenue, Series A, Queens Health System, Refunding, 5.00%, 07/01/21		120,000		122,239
Hawaii State Department of Budget & Finance Revenue, Series A, Queens Health System, Refunding, 5.00%, 07/01/22		255,000		271,147


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Department of Budget & Finance Revenue, Series A, Queens Health System, Refunding, 5.00%, 07/01/24		525,000		605,740
Hawaii State Department of Budget & Finance Revenue, Series A, Queens Health System, Refunding, 5.00%, 07/01/25		510,000		610,388
Hawaii State Department of Budget & Finance Revenue, Series A, Queens Health System, Refunding, Callable 07/01/25 at 100, 5.00%, 07/01/27		550,000		654,230
Hawaii State GO, Series DZ, Prerefunded, Callable 12/01/21 at 100, 5.00%, 12/01/22		290,000		301,696
Hawaii State GO, Series DZ, Prerefunded, Callable 12/01/21 at 100, 5.00%, 12/01/23		190,000		197,663
Hawaii State GO, Series DZ, Prerefunded, Callable 12/01/21 at 100, 5.00%, 12/01/30		1,110,000		1,154,766
Hawaii State GO, Series DZ, Unrefunded portion, Prerefunded, Callable 12/01/21 at 100, 5.00%, 12/01/31		360,000		374,670


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series EA, Refunding, Callable 12/01/21 at 100, 5.00%, 12/01/23		1,380,000		1,435,296
Hawaii State GO, Series EE, ETM, 4.00%, 11/01/22		1,335,000		1,425,860
Hawaii State GO, Series EE, Prerefunded, Callable 11/01/22 at 100, 5.00%, 11/01/24		45,000		48,848
Hawaii State GO, Series EE, Prerefunded, Callable 11/01/22 at 100, 5.00%, 11/01/24		25,000		27,138
Hawaii State GO, Series EE, Prerefunded, Callable 11/01/22 at 100, 5.00%, 11/01/27		785,000		852,133
Hawaii State GO, Series EF, Refunding, Callable 11/01/22 at 100, 5.00%, 11/01/23		100,000		108,490
Hawaii State GO, Series EF, Refunding, Callable 11/01/22 at 100, 5.00%, 11/01/24		1,130,000		1,225,519
Hawaii State GO, Series EH, Prerefunded, Callable 08/01/23 at 100, 5.00%, 08/01/24		270,000		302,341
Hawaii State GO, Series EH, Unrefunded portion, Callable 08/01/23 at 100, 5.00%, 08/01/24		830,000		929,426


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series EP,Refunding, 5.00%, 08/01/22		1,140,000		1,223,733
Hawaii State GO, Series FG, 5.00%, 10/01/22		445,000		481,321
Hawaii State GO, Series FT, 3.00%, 01/01/23		1,000,000		1,055,440
Hawaii State GO, Series FW, 5.00%, 01/01/23		510,000		557,772
Hawaii State Harbor System Revenue, Series A, Refunding, AMT, 5.00%, 07/01/26		500,000		611,230
Hawaii State Harbor System Revenue, Series A, Refunding, AMT, Callable 07/01/30 at 100, 4.00%, 07/01/31		1,000,000		1,231,180
Hawaii State Highway Fund Revenue, Series A, 4.00%, 01/01/24		500,000		553,185
Hawaii State Highway Fund Revenue, Series A, Callable 07/01/24 at 100, 5.00%, 01/01/25		555,000		644,666
Hawaii State Highway Fund Revenue, Series A, Callable 01/01/22 at 100, 4.00%, 01/01/25		500,000		517,285
Hawaii State Highway Fund Revenue, Series A, Callable 01/01/22 at 100, 4.00%, 01/01/26		300,000		310,146


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Board of Water Supply System Revenue, Series A, 5.00%, 07/01/24		500,000		578,925
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, 5.00%, 07/01/22		720,000		769,831
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, 5.00%, 07/01/23		515,000		573,602
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100, 5.00%, 07/01/26		125,000		145,009
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100, 5.00%, 07/01/27		245,000		284,126
Honolulu City & County GO, Honolulu Rail Transit Project, Series A, 5.00%, 09/01/24		615,000		719,538
Honolulu City & County GO, Honolulu Rail Transit Project, Series B, Refunding, 5.00%, 09/01/22		500,000		538,685


	Principal Amount ($)		Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Honolulu Rail Transit Project, Series B, Refunding, 5.00%, 03/01/25		1,000,000		1,192,860
Honolulu City & County GO, Series A, OID, Prerefunded, Callable 08/01/21 at 100, 4.00%, 08/01/29		20,000		20,387
Honolulu City & County GO, Series B, 5.00%, 09/01/22		1,010,000		1,088,144
Honolulu City & County GO, Series B, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/26		665,000		808,467
Honolulu City & County GO, Series C, 4.00%, 08/01/22		800,000		846,664
Honolulu City & County GO, Series C, 4.00%, 07/01/23		500,000		546,145
Honolulu City & County GO, Series C, 4.00%, 08/01/23		1,235,000		1,352,844
Honolulu City & County GO, Series C, 4.00%, 07/01/24		690,000		778,534
Honolulu City & County GO, Series C, 4.00%, 07/01/26		115,000		137,670
Honolulu City & County GO, Series D, Refunding, 5.00%, 09/01/23		500,000		562,140


	Principal Amount ($)		Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Senior Series A, Prerefunded, Callable 07/01/22 at 100, 5.00%, 07/01/23		500,000		534,235
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series A, 5.00%, 07/01/22		500,000		534,605
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series A, 5.00%, 07/01/23		1,000,000		1,116,370
Honolulu City & County Wastewater System Revenue, Junior Series A, Refunding, 5.00%, 07/01/24		500,000		580,780
Honolulu City & County Wastewater System Revenue, Senior Series A, Prerefunded, Callable 07/01/21 at 100, 5.25%, 07/01/36		35,000		35,744
Maui County GO, Refunding, 5.00%, 09/01/21		35,000		35,999
Maui County GO, Refunding, 5.00%, 09/01/23		1,010,000		1,135,523
Maui County GO, Refunding, 5.00%, 03/01/26		250,000		309,847


	Principal Amount ($)		Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
University of Hawaii Revenue, Series B, Refunding, 4.00%, 10/01/23		525,000		578,224
University of Hawaii Revenue, Series B, Refunding, 4.00%, 10/01/24		505,000		574,554
University of Hawaii Revenue, Series B, Refunding, 5.00%, 10/01/25		500,000		609,945
University of Hawaii Revenue, Series F, Refunding, 5.00%, 10/01/21		500,000		515,640

				46,274,194

Texas — 2.3%
Houston Independent School District GO, Refunding, Callable 02/15/24 at 100, 4.00%, 02/15/25, (PSF-GTD)		600,000		667,578
Pflugerville Independent School District GO, Refunding, Callable 02/15/24 at 100, 5.00%, 02/15/26, (PSF-GTD)		400,000		457,268

				1,124,846


TOTAL MUNICIPAL BONDS (Cost $46,742,439)				48,317,283


	Shares		Value ($)

REGISTERED INVESTMENT COMPANY — 2.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%^(a)		1,018,440		1,018,440

TOTAL REGISTERED INVESTMENT COMPANY (Cost $1,018,440)				1,018,440


TOTAL INVESTMENTS - 99.2% (Cost $47,760,879)				49,335,723
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%				379,596

NET ASSETS - 100.0%			$	49,715,319

^(a)	Rate periodically changes. Rate disclosed is the 7-day yield at January 31, 2021.

Portfolio holdings are subject to change at any time.


AMT		Alternative Minimum Tax
ETM		Escrowed To Maturity
GO		General Obligation
MWC		Make Whole Callable
OID		Original Issue Discount
PSF-GTD		Permanent School Fund Guaranteed

Portfolio Valuation – The Pacific Capital Tax-Free Securities Fund and the Pacific Capital Tax-Free Short Intermediate Securities Fund’s (each a “Fund” and together the “Funds”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. Investments in other open-end investment companies are valued based on the NAV of such investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Trust’s Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements – The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

The fair value of a Fund’s bonds is generally based on quotes received from brokers or independent pricing services. Bonds with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out are recognized at the value at the end of the period.

The following is a summary of the inputs used, as of January 31, 2021, in valuing the Funds’ investments carried at fair value:

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values a Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Funds have an amount of Level 3 investments at the end of the reporting

period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Funds have an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended January 31, 2021, there were no transfers in or out of Level 3.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


Funds	Total Value at 01/31/21		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Capital Tax-Free Securities Fund
Municipal Bonds	$	265,115,451	$	—	$	265,115,451	$	—
Registered Investment Company		4,664,483		4,664,483		—		—

Total	$	269,779,934	$	4,664,483	$	265,115,451	$	—

Pacific Capital Tax-Free Short Intermediate Securities Fund
Municipal Bonds	$	48,317,283	$	—	$	48,317,283	$	—
Registered Investment Company		1,018,440		1,018,440		—		—

Total	$	49,335,723	$	1,018,440	$	48,317,283	$	—