| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| MUNICIPAL BONDS – 96.7% | ||||||||
| Arizona – 3.3% | ||||||||
| $780,000 | AZ St Indl Dev Auth Edu Rev Academics of Math & Science Proj (a) | 5.00% | 07/01/39 | $903,123 | ||||
| 750,000 | AZ St Indl Dev Auth Edu Rev Doral Academy NV Fire Mesa & Red Rock Campus Proj, Ser A (a) | 5.00% | 07/15/39 | 855,150 | ||||
| 400,000 | AZ St Indl Dev Auth Edu Rev Lone Mountain Campus Proj, Ser A (a) | 5.00% | 12/15/39 | 458,763 | ||||
| 1,255,000 | AZ St Indl Dev Auth Edu Rev Ref Basis Sch Projs, Ser D (a) | 4.00% | 07/01/27 | 1,370,791 | ||||
| 500,000 | AZ St Indl Dev Auth Edu Rev Somerset Acdmy of Lv Aliante & Skye Canyon Campus Proj, Ser A (a) | 4.00% | 12/15/41 | 542,836 | ||||
| 500,000 | AZ St Indl Dev Auth Edu Rev, Ser A (a) | 5.00% | 07/15/40 | 568,871 | ||||
| 500,000 | Glendale AZ Indl Dev Auth Sr Living Facs Rev Royal Oaks Inspirata Pointe Proj, Ser A | 5.00% | 05/15/41 | 566,382 | ||||
| 1,000,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Traditional Schs Proj Auth, Ser B (a) | 4.00% | 07/01/29 | 1,108,913 | ||||
| 100,000 | Phoenix AZ Indl Dev Auth Student Hsg Rev Ref Downtown Phoenix Student Hsg LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/27 | 118,125 | ||||
| 205,000 | Pima Cnty AZ Indl Dev Auth Edu Rev Fac American Leadership Academy Proj (a) | 4.00% | 06/15/22 | 207,302 | ||||
| 6,700,256 | ||||||||
| California – 5.3% | ||||||||
| 450,000 | CA St Muni Fin Auth Chrt Sch Rev, Ser A (a) | 5.50% | 06/01/38 | 501,687 | ||||
| 205,000 | CA St Muni Fin Auth Rev Ref Eisenhower Med Ctr, Ser A | 5.00% | 07/01/32 | 245,278 | ||||
| 250,000 | CA St Poll Control Fin Auth Sol Wst Disp Rev Rialto Bioenergy Fac LLC Proj Green Bond, AMT (a) | 6.75% | 12/01/28 | 259,418 | ||||
| 500,000 | CA St Poll Control Fin Auth Sol Wst Disp Rev Rialto Bioenergy Fac LLC Proj Green Bond, AMT (a) | 7.50% | 12/01/40 | 518,920 | ||||
| 750,000 | CA St Poll Control Fin Auth Wtr Furnishing Rev, AMT (a) | 5.00% | 07/01/37 | 794,852 | ||||
| 125,000 | CA St Stwd Cmntys Dev Auth Spl Tax Rev Impt Area No 1 | 4.00% | 09/01/28 | 143,085 | ||||
| 135,000 | CA St Stwd Cmntys Dev Auth Spl Tax Rev Impt Area No 1 | 4.00% | 09/01/29 | 155,611 | ||||
| 1,400,000 | CA St Stwd Cmntys Dev Auth Stwd Rev Dev Auth, Ser 2021A | 4.00% | 09/02/41 | 1,547,517 | ||||
| 550,000 | CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, Ser A (a) | 5.00% | 12/01/33 | 654,698 | ||||
| 465,000 | Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch | 4.00% | 09/01/46 | 510,301 | ||||
| 1,375,000 | Los Angeles CA Dept of Arpts Arpt Rev Subordinate Ref, Ser A, AMT | 4.00% | 05/15/44 | 1,582,635 | ||||
| 1,000,000 | Marysville CA Jt Unif Sch Dist Green Bond, 2021 Energy Efficiency Proj, COPS, BAM | 4.00% | 06/01/39 | 1,161,085 | ||||
| 300,000 | Morongo Band of Mission Indians CA Rev Ref, Ser B (a) | 5.00% | 10/01/42 | 348,885 | ||||
| 235,000 | Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II Spl Tax | 4.00% | 09/01/29 | 268,400 | ||||
| 285,000 | Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II Spl Tax | 4.00% | 09/01/34 | 319,339 | ||||
| 400,000 | Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt No. 1 | 4.00% | 09/01/41 | 443,494 | ||||
| 1,000,000 | Sacramento CA Spl Tax | 4.00% | 09/01/41 | 1,133,478 | ||||
| 10,588,683 | ||||||||
| Colorado – 14.1% | ||||||||
| 1,125,000 | Allison Vly Met Dist #2 CO Ref | 4.70% | 12/01/47 | 1,185,036 | ||||
| 1,000,000 | Bennett Ranch Met Dist #1 CO, Ser A | 5.00% | 12/01/51 | 1,076,059 | ||||
| 525,000 | Brighton Crossing Met Dist #6 CO, Ser A | 5.00% | 12/01/35 | 587,405 | ||||
| 1,030,000 | Brighton Crossing Met Dist #6 CO, Ser A | 5.00% | 12/01/40 | 1,142,270 | ||||
| 735,000 | Broadway Station Met Dist No 2 CO, Ser A | 5.00% | 12/01/35 | 806,928 | ||||
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| MUNICIPAL BONDS (Continued) | ||||||||
| Colorado (Continued) | ||||||||
| $150,000 | CO Eductnl & Cultural Auth Rev Ref West Ridge Academy Chrt Sch Proj, Ser A | 5.00% | 06/01/27 | $168,375 | ||||
| 1,000,000 | CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp | 5.00% | 12/15/45 | 1,089,655 | ||||
| 850,000 | CO St Hlth Facs Auth Hosp Rev Ref Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/38 | 980,279 | ||||
| 625,000 | CO St Hlth Facs Auth Hosp Rev Sr Living Ralston Creek Arvada Proj, Ser A | 5.25% | 11/01/32 | 572,377 | ||||
| 500,000 | Denver CO Intl Business Ctr CO Met Dist #1 Subordinate, Ser B | 6.00% | 12/01/48 | 543,786 | ||||
| 1,700,000 | Elbert & Highway 86 CO Commercial Spl Rev & Tax Supported Ref Sr Bonds, Ser A (a) | 5.00% | 12/01/41 | 1,846,795 | ||||
| 1,000,000 | Elbert & Highway 86 CO Commercial Spl Rev & Tax Supported Ref Sr Bonds, Ser A (a) | 5.00% | 12/01/51 | 1,076,713 | ||||
| 650,000 | Highlands Met Dist #1 CO | 4.00% | 12/01/31 | 672,010 | ||||
| 540,000 | Highlands Met Dist #1 CO | 5.00% | 12/01/41 | 580,183 | ||||
| 900,000 | Hunters Overlook Metro Dist #5 CO Sr Bonds, Ser A | 5.00% | 12/01/39 | 980,040 | ||||
| 500,000 | Independence Met Dist #3 CO, Ser A | 6.25% | 12/01/49 | 542,417 | ||||
| 575,000 | Jefferson Ctr CO Met Dist #1 Spl Rev, Ser A-2 | 4.13% | 12/01/40 | 610,338 | ||||
| 875,000 | Lanterns Met Dist #1 CO, Ser A | 5.00% | 12/01/39 | 949,900 | ||||
| 1,000,000 | Painted Prairie Pub Impt Auth CO | 4.00% | 12/01/29 | 1,082,034 | ||||
| 500,000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A | 5.00% | 12/01/34 | 584,181 | ||||
| 500,000 | Peak Met Dist #1 CO, Ser A (a) | 4.00% | 12/01/35 | 533,546 | ||||
| 500,000 | Peak Met Dist #1 CO, Ser A (a) | 5.00% | 12/01/41 | 552,077 | ||||
| 900,000 | Prairie Ctr Met Dist #7 CO | 4.13% | 12/15/36 | 972,080 | ||||
| 1,500,000 | Pueblo CO Urban Renewal Auth Tax Incr Rev Auth Evraz Proj Tax Incr Rev, Ser A, CIBS (a) | 4.75% | 12/01/45 | 1,679,324 | ||||
| 500,000 | Regl CO Transprtn Dist Priv Activity Rev Ref Denver Transit Partners Eagle P3 Proj, Ser A | 5.00% | 07/15/27 | 616,708 | ||||
| 325,000 | Regl CO Transprtn Dist Priv Activity Rev Ref Denver Transit Partners Eagle P3 Proj, Ser A | 5.00% | 07/15/28 | 409,382 | ||||
| 300,000 | Regl CO Transprtn Dist Priv Activity Rev Ref Denver Transit Partners Eagle P3 Proj, Ser A | 5.00% | 07/15/29 | 384,564 | ||||
| 560,000 | Stc Met Dist #2 CO Ref, Ser A | 3.00% | 12/01/25 | 585,211 | ||||
| 1,000,000 | Stc Met Dist #2 CO Ref, Ser A | 5.00% | 12/01/38 | 1,094,269 | ||||
| 1,000,000 | Sterling Ranch Met Dist #1 CO | 5.00% | 12/01/40 | 1,103,679 | ||||
| 500,000 | Trails at Crowfoot Met Dist #3 CO Sr Series, Ser A | 5.00% | 12/01/39 | 540,985 | ||||
| 1,200,000 | Transport Met Dist #3 CO MDD, Ser 2021-A-1 | 5.00% | 12/01/41 | 1,330,709 | ||||
| 650,000 | Westerly Met Dist #4 CO Sr, Ser A | 5.00% | 12/01/40 | 717,482 | ||||
| 740,000 | Willow Bend Met Dist CO Sr, Ser A | 5.00% | 12/01/39 | 801,642 | ||||
| 28,398,439 | ||||||||
| Connecticut – 2.2% | ||||||||
| 250,000 | Bridgeport CT, Ser A, BAM | 5.00% | 02/01/31 | 314,153 | ||||
| 540,000 | CT St Hlth & Eductnl Facs Auth Rev Mclean Issue, Ser A (a) | 5.00% | 01/01/55 | 594,266 | ||||
| 250,000 | CT St Hlth & Eductnl Facs Auth Rev Quinnipiac Univ Ref, Ser M | 5.00% | 07/01/36 | 293,749 | ||||
| 250,000 | CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L | 5.00% | 07/01/31 | 288,480 | ||||
| 1,500,000 | Harbor Point CT Infrastructure Impt Dist Spl Oblig Rev Ref Harbor Point Proj Ltd (a) | 5.00% | 04/01/39 | 1,726,095 | ||||
| 1,000,000 | Univ of CT CT, Ser A | 5.00% | 11/01/35 | 1,256,246 | ||||
| 4,472,989 | ||||||||
| Delaware – 0.3% | ||||||||
| 562,000 | Millsboro DE Spl Oblig Ref Plantation Lakes Spl Dev Dist (a) | 5.00% | 07/01/28 | 614,665 | ||||
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| MUNICIPAL BONDS (Continued) | ||||||||
| District of Columbia – 0.9% | ||||||||
| $1,500,000 | DC Rev Rocketship DC Oblig Grp, Ser A (a) | 5.00% | 06/01/51 | $1,711,382 | ||||
| Florida – 9.0% | ||||||||
| 300,000 | Capital Region FL CDD Rev Ref Capital Impt, Ser A-1 | 4.13% | 05/01/23 | 304,648 | ||||
| 200,000 | Capital Trust Agy FL Eductnl Facs Rev Liza Jackson Preparatory Sch Inc Proj, Ser A | 4.00% | 08/01/30 | 226,324 | ||||
| 300,000 | Capital Trust Agy FL Eductnl Facs Rev Liza Jackson Preparatory Sch Inc Proj, Ser A | 5.00% | 08/01/40 | 359,188 | ||||
| 1,500,000 | Capital Trust Agy FL Rev Sr Edu Growth Fund LLC Chrtr Sch Port Proj, Ser A-1 (a) | 5.00% | 07/01/56 | 1,691,970 | ||||
| 650,000 | Coco Palms FL CDD Spl Assmnt | 4.50% | 05/01/32 | 714,485 | ||||
| 1,000,000 | Epperson N CDD FL Capital Impt Rev Assmnt Area #2 | 4.00% | 05/01/51 | 1,031,620 | ||||
| 580,000 | Epperson Ranch CDD FL Capital Impt Rev, Ser A-1 | 5.00% | 11/01/28 | 624,633 | ||||
| 2,000,000 | FL Dev Fin Corp Surface Tranprtn Fac Rev Green Bond-Brightline Passenger Rail Remk, Ser B, AMT (a) | 7.38% | 01/01/49 | 2,080,000 | ||||
| 1,000,000 | Hills Minneola Cmnty Dev Dist FL Spl Assmnt Rev South Parcel Assmnt Area (a) | 4.00% | 05/01/40 | 1,063,164 | ||||
| 85,000 | Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ Miami, Ser A | 5.00% | 04/01/31 | 98,600 | ||||
| 1,250,000 | Mirada II Cmnty Dev Dist FL Cap Impt Rev | 4.00% | 05/01/51 | 1,290,585 | ||||
| 200,000 | North Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One | 4.50% | 05/01/40 | 216,397 | ||||
| 210,000 | Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Inc, Ser A | 5.00% | 10/01/36 | 249,174 | ||||
| 1,000,000 | Palm Beach Cnty FL Rev Lynn Univ Hsg Proj, Ser A | 5.00% | 06/01/57 | 1,011,800 | ||||
| 465,000 | Parkland Preserve CDD FL Spl Assmnt Rev, Ser A | 5.25% | 05/01/39 | 534,310 | ||||
| 1,500,000 | Polk Cnty FL Indl Dev Auth Mineral Dev LLC Secondary Phosphate Tailings Recovery Proj (a) | 5.88% | 01/01/33 | 1,596,163 | ||||
| 250,000 | SE Overtown Park W Cmnty Redev Agy FL Tax, Ser A-1 (a) | 5.00% | 03/01/30 | 276,021 | ||||
| 1,000,000 | Seminole Cnty FL Indl Dev Auth Ref Legacy Pointe at UCF Proj, Ser A | 5.00% | 11/15/29 | 1,020,163 | ||||
| 500,000 | Shell Point Cmnty Dev Dist FL Spl Assmnt (a) | 5.25% | 11/01/39 | 568,497 | ||||
| 1,000,000 | Shingle Creek at Bronson CDD FL Spl Assmnt | 4.00% | 06/15/51 | 1,042,250 | ||||
| 750,000 | Six Mile Creek FL CDD Capital Impt Rev Assmnt Area 3 Phase 1 | 4.00% | 05/01/51 | 771,177 | ||||
| 1,000,000 | V-Dana CDD FL Spl Assmnt CDD Assmnt Area One 2021 Proj | 4.00% | 05/01/52 | 1,033,317 | ||||
| 230,000 | Villamar CDD FL Spl Assmnt (b) | 4.00% | 05/01/29 | 246,292 | ||||
| 18,050,778 | ||||||||
| Georgia – 1.4% | ||||||||
| 1,000,000 | Atlanta GA Arpt Passenger Fac Charge Rev Arpt Rev Subordinate, Ser D, AMT | 4.00% | 07/01/38 | 1,166,838 | ||||
| 55,000 | Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt Fac Rev Ref Lenbrook Sq Fdtn Inc | 5.00% | 07/01/31 | 59,458 | ||||
| 500,000 | Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt Fac Rev Ref Lenbrook Sq Fdtn Inc | 5.00% | 07/01/42 | 534,686 | ||||
| 500,000 | Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel Second Tier, Ser B (a) | 5.00% | 01/01/36 | 584,944 | ||||
| 400,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A | 5.00% | 05/15/30 | 502,756 | ||||
| 2,848,682 | ||||||||
| Guam – 0.6% | ||||||||
| 250,000 | Guam Govt Business Privilege Tax Rev Ref, Ser-D | 5.00% | 11/15/35 | 281,882 | ||||
| 235,000 | Guam Govt Business Privilege Tax Rev, Ser B-1 | 5.00% | 01/01/37 | 241,566 | ||||
| 500,000 | Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A | 5.00% | 01/01/50 | 609,274 | ||||
| 1,132,722 | ||||||||
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| MUNICIPAL BONDS (Continued) | ||||||||
| Idaho – 0.1% | ||||||||
| $260,000 | ID St Hlth Facs Auth Rev Ref Vly Vista Care Corp, Ser A | 4.00% | 11/15/27 | $265,608 | ||||
| Illinois – 6.0% | ||||||||
| 275,000 | Chicago IL Brd of Edu Cap Apprec Sch Reform, Ser B-1, NATL-RE | (c) | 12/01/22 | 271,560 | ||||
| 300,000 | Chicago IL Brd of Edu Ref Dedicated, Ser C | 5.00% | 12/01/30 | 358,138 | ||||
| 1,250,000 | Chicago IL Brd of Edu Ref, Ser B | 5.00% | 12/01/36 | 1,545,711 | ||||
| 1,000,000 | Chicago IL Brd of Edu, Ser A | 5.00% | 12/01/34 | 1,240,115 | ||||
| 250,000 | Chicago IL Brd of Edu, Ser A | 5.00% | 12/01/35 | 309,648 | ||||
| 100,000 | Chicago IL Brd of Edu, Ser A | 5.50% | 12/01/39 | 102,085 | ||||
| 400,000 | Chicago IL O’Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT | 5.00% | 01/01/37 | 491,611 | ||||
| 400,000 | Chicago IL Ref 2003B Remk | 5.25% | 01/01/29 | 451,991 | ||||
| 20,000 | Chicago IL Ref, Ser C | 5.00% | 01/01/25 | 20,525 | ||||
| 515,000 | Chicago IL Ref, Ser C, CABS | (c) | 01/01/25 | 481,093 | ||||
| 360,000 | Hillside IL Tax Incr Rev Ref | 5.00% | 01/01/24 | 373,308 | ||||
| 100,000 | IL St | 5.00% | 04/01/24 | 112,450 | ||||
| 500,000 | IL St | 5.50% | 05/01/26 | 608,282 | ||||
| 200,000 | IL St | 5.00% | 06/01/27 | 237,580 | ||||
| 250,000 | IL St Fin Auth Chrt Sch Rev Ref & Impt Chicago Intl Chrt Sch Proj | 5.00% | 12/01/30 | 289,512 | ||||
| 250,000 | IL St Fin Auth Chrt Sch Rev Ref & Impt Chicago Intl Chrt Sch Proj | 5.00% | 12/01/31 | 287,925 | ||||
| 100,000 | IL St Fin Auth Student Hsg & Academic Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A | 5.00% | 02/15/26 | 111,147 | ||||
| 300,000 | IL St Fin Auth Student Hsg & Academic Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A | 5.00% | 02/15/27 | 338,572 | ||||
| 145,000 | IL St Fin Auth Student Hsg & Academic Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A | 5.00% | 02/15/28 | 164,590 | ||||
| 2,500,000 | IL St, Ser C | 5.00% | 11/01/29 | 2,979,625 | ||||
| 650,000 | IL St, Ser D | 5.00% | 11/01/24 | 739,959 | ||||
| 500,000 | Morton Grove IL Tax Incr Rev Sawmill Station Redev Proj | 5.00% | 01/01/39 | 512,483 | ||||
| 12,027,910 | ||||||||
| Indiana – 3.3% | ||||||||
| 1,370,000 | Anderson IN Mf Rev Sweet Galilee at the Wigwam Proj, Ser A | 5.38% | 01/01/40 | 1,420,782 | ||||
| 1,000,000 | Evansville IN Mf Hsg Rev Silver Birch Evansville Proj | 5.45% | 01/01/38 | 1,018,912 | ||||
| 250,000 | Fort Wayne IN Mf Hsg Rev Silver Birch at Cook Road (a) | 5.30% | 01/01/32 | 257,540 | ||||
| 1,500,000 | IN St Fin Auth Envrnmntl Rev Ref US Steel Corporation Proj, Ser A | 4.13% | 12/01/26 | 1,633,427 | ||||
| 665,000 | IN St Fin Auth Hosp Rev Goshen Hlth, Ser A | 4.00% | 11/01/37 | 752,347 | ||||
| 200,000 | IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Academy Proj, Ser A (d) | 5.25% | 07/01/28 | 223,729 | ||||
| 600,000 | Plainfield IN Mf Hsg Rev Glasswater Creek Proj | 5.38% | 09/01/38 | 611,645 | ||||
| 700,000 | Terre Haute IN Mf Hsg Rev Silver Birch of Terre Haute Proj | 5.10% | 01/01/32 | 710,671 | ||||
| 6,629,053 | ||||||||
| Iowa – 1.1% | ||||||||
| 2,000,000 | Tobacco Settlement Auth LA Tobacco Settlement Rev Ref Subordinate Sr, Class 2, Ser B-1 | 4.00% | 06/01/49 | 2,296,421 | ||||
| Kansas – 0.6% | ||||||||
| 1,175,000 | Goddard KS Sales Tax Spl Oblg Rev Ref Olympic Park Star Bond Proj | 3.60% | 06/01/30 | 1,187,736 | ||||
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| MUNICIPAL BONDS (Continued) | ||||||||
| Kentucky – 0.4% | ||||||||
| $750,000 | KY St Pub Energy Auth Gas Sply Rev Gas Sply, Ser B (Mandatory put 01/01/25) | 4.00% | 01/01/49 | $836,617 | ||||
| Louisiana – 1.6% | ||||||||
| 200,000 | Monroe LA Wtr Rev, BAM | 5.00% | 11/01/32 | 255,288 | ||||
| 900,000 | New Orleans LA Aviation Brd Gen Arpt N Term, Ser B, AMT | 5.00% | 01/01/30 | 1,082,760 | ||||
| 1,000,000 | Saint James Parish LA Rev NuStar Logistics LP Proj Remk, Ser 2010 (a) | 6.35% | 07/01/40 | 1,292,015 | ||||
| 500,000 | Saint James Parish LA Rev Variable NuStar Logistics LP Proj Remk, Ser 2010B (Mandatory put 06/01/30) (a) | 6.10% | 12/01/40 | 636,006 | ||||
| 3,266,069 | ||||||||
| Maryland – 2.4% | ||||||||
| 175,000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (a) | 2.95% | 06/01/27 | 182,830 | ||||
| 185,000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (a) | 3.05% | 06/01/28 | 192,535 | ||||
| 200,000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (a) | 3.15% | 06/01/29 | 209,450 | ||||
| 190,000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (a) | 3.20% | 06/01/30 | 197,971 | ||||
| 1,000,000 | Frederick Cnty MD Tax Incr & Spl Tax Ref Jefferson Technology Park Proj, Ser B (a) | 4.63% | 07/01/43 | 1,160,234 | ||||
| 1,000,000 | MD St Econ Dev Corp Spl Oblig Port Covington Proj | 4.00% | 09/01/50 | 1,103,036 | ||||
| 1,150,000 | MD St Econ Dev Corp Student Hsg Rev Morgan St Univ Proj | 5.00% | 07/01/50 | 1,380,869 | ||||
| 300,000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Adventist Healthcare | 4.00% | 01/01/38 | 334,717 | ||||
| 4,761,642 | ||||||||
| Massachusetts – 1.5% | ||||||||
| 1,000,000 | MA St Bay Transprtn Auth Sales Tax Rev Ref Sr, Ser B | 5.25% | 07/01/30 | 1,311,739 | ||||
| 500,000 | MA St Dev Fin Agy Rev Linden Ponds Inc Fac (a) | 5.00% | 11/15/28 | 565,932 | ||||
| 1,000,000 | MA St Dev Fin Agy Rev Umass Dartmouth Student Hsg Proj | 5.00% | 10/01/48 | 1,090,297 | ||||
| 2,967,968 | ||||||||
| Michigan – 1.0% | ||||||||
| 300,000 | Detroit MI Downtown Dev Auth Tax Incr Rev Ref Catalyst Dev Proj, Ser A, AGM | 5.00% | 07/01/31 | 338,826 | ||||
| 860,000 | Detroit MI Social Bonds, Ser A | 5.00% | 04/01/38 | 1,049,023 | ||||
| 635,000 | MI St Fin Auth Rev Ref Henry Ford Hlth Sys | 4.00% | 11/15/46 | 709,602 | ||||
| 2,097,451 | ||||||||
| Minnesota – 0.4% | ||||||||
| 350,000 | Duluth MN Indep Sch Dist #709 Ref, Ser B, COPS | 5.00% | 02/01/28 | 435,041 | ||||
| 150,000 | Minneapolis MN Student Hsg Rev Riverton Cmnty Hsg Proj (a) | 3.80% | 08/01/27 | 155,627 | ||||
| 105,000 | Saint Paul MN Hsg & Redev Auth Chrt Sch Lease Rev Ref, Ser A | 5.00% | 12/01/30 | 114,833 | ||||
| 705,501 | ||||||||
| Missouri – 0.1% | ||||||||
| 80,000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs | 5.00% | 02/01/35 | 86,593 | ||||
| 10,000 | MO St Hlth & Eductnl Facs Auth Med Research Lutheran Svcs, Ser A | 5.00% | 02/01/29 | 11,546 | ||||
| 98,139 | ||||||||
| Nevada – 1.2% | ||||||||
| 315,000 | Carson City NV Hosp Rev Ref Carson Tahoe Regl Med Ctr, Ser A | 5.00% | 09/01/25 | 371,151 | ||||
| 210,000 | North Las Vegas NV Loc Impt Valley Vista Spl Impt Dist #64 | 4.00% | 06/01/29 | 234,840 | ||||
| 700,000 | NV Dept of Business & Industry NV Doral Academy, Ser A (a) | 5.00% | 07/15/37 | 767,536 | ||||
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| MUNICIPAL BONDS (Continued) | ||||||||
| Nevada (Continued) | ||||||||
| $1,000,000 | Sparks NV Tourism Impt Dist #1 Rev Ref Sales Tax Sr, Ser A (a) | 2.75% | 06/15/28 | $1,030,160 | ||||
| 2,403,687 | ||||||||
| New Hampshire – 0.8% | ||||||||
| 1,000,000 | National Fin Auth NH Rev Ref Green Bond, Ser B, AMT (Mandatory put 07/02/40) (a) | 3.75% | 07/01/45 | 1,037,816 | ||||
| 500,000 | NH St Hlth & Edu Facs Auth Rev Ref Sthrn NH Med Ctr | 5.00% | 10/01/37 | 572,496 | ||||
| 1,610,312 | ||||||||
| New Jersey – 3.5% | ||||||||
| 1,000,000 | NJ St Covid-19 Go Emergency Bonds, Ser A | 4.00% | 06/01/30 | 1,228,110 | ||||
| 500,000 | NJ St Econ Dev Auth Rev Self Designated Social Bonds, Ser QQQ | 4.00% | 06/15/36 | 587,983 | ||||
| 100,000 | NJ St Econ Dev Auth Spl Fac Rev Ref Port Newark Container Terminal LLC Proj, AMT | 5.00% | 10/01/25 | 115,755 | ||||
| 850,000 | NJ St Transprtn Trust Fund Auth Cap Apprec Transprtn Sys, Ser C, AMBAC | (c) | 12/15/25 | 815,852 | ||||
| 500,000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys, Ser A | 5.00% | 12/15/30 | 629,047 | ||||
| 1,500,000 | NJ St Transprtn Trust Fund Auth Ref, Ser A | 4.00% | 06/15/36 | 1,776,001 | ||||
| 500,000 | Tobacco Settlement Fing Corp NJ Ref, Ser A | 5.00% | 06/01/27 | 621,399 | ||||
| 1,000,000 | Tobacco Settlement Fing Corp NJ Ref, Subser B | 5.00% | 06/01/46 | 1,171,786 | ||||
| 6,945,933 | ||||||||
| New York – 7.6% | ||||||||
| 1,250,000 | Dutchess Cnty NY Loc Dev Corp Rev Ref Bard Clg Proj, Ser A (a) | 5.00% | 07/01/40 | 1,512,312 | ||||
| 1,500,000 | Huntington NY Loc Dev Corp Rev Fountaingate Garden Proj, Ser A | 5.25% | 07/01/56 | 1,590,522 | ||||
| 425,000 | Met Transprtn Auth NY Rev Ref, Ser C-2A | 4.00% | 11/15/38 | 472,042 | ||||
| 1,250,000 | Met Transprtn Auth NY Rev, Ser A-2S, BANS | 4.00% | 02/01/22 | 1,284,034 | ||||
| 2,000,000 | New York City NY Transitional Fin Auth Rev Sub Future Tax Secured, Ser C-1 | 4.00% | 11/01/40 | 2,341,632 | ||||
| 500,000 | NY St Transprtn Dev Corp Exempt Fac Rev NY St Thruway Srvc Areas Proj, AMT | 4.00% | 10/31/46 | 571,784 | ||||
| 1,000,000 | NY St Transprtn Dev Corpspl Fac Rev Delta Air Lines Inc Laguardia Arpt Terminals C&D Redev, AMT | 5.00% | 10/01/35 | 1,277,063 | ||||
| 1,000,000 | NY St Transprtn Dev Corpspl Fac Rev Ref John F. Kennedy Intl Arpt Proj, AMT | 5.25% | 08/01/31 | 1,251,447 | ||||
| 400,000 | NY St Transprtn Dev Corpspl Fac Rev Ref Terminal 4 JFK Intl Arpt Proj, Ser A, AMT | 5.00% | 12/01/31 | 516,403 | ||||
| 450,000 | NY St Transprtn Dev Corpspl Fac Rev Ref Terminal 4 JFK Intl Arpt Proj, Ser A, AMT | 5.00% | 12/01/32 | 578,689 | ||||
| 450,000 | NY St Transprtn Dev Corpspl Fac Rev Ref Terminal 4 JFK Intl Arpt Proj, Ser A, AMT | 5.00% | 12/01/33 | 576,985 | ||||
| 2,000,000 | Tsasc Inc NY Tsasc Inc Rev Ref Turbo, Subser B | 5.00% | 06/01/45 | 2,189,187 | ||||
| 100,000 | Westchester Co NY Local Dev Corp Rev Ref Miriam Osborn Memorial Home Assn Proj | 5.00% | 07/01/34 | 112,644 | ||||
| 840,000 | Yonkers NY Econ Dev Corp Eductnl Rev Chrt Sch Edu Excellence Proj, Ser A | 5.00% | 10/15/39 | 970,628 | ||||
| 15,245,372 | ||||||||
| North Carolina – 1.0% | ||||||||
| 1,000,000 | NC St Agric & Tech Univ Ref Gen, Ser A | 5.00% | 10/01/40 | 1,166,817 | ||||
| 690,000 | NC St Med Care Commn Retmnt Facs Rev Pennybyrn at Maryfield Proj, Ser A | 5.00% | 10/01/45 | 765,084 | ||||
| 1,931,901 | ||||||||
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| MUNICIPAL BONDS (Continued) | ||||||||
| Ohio – 6.1% | ||||||||
| $750,000 | Allen Cnty OH Hosp Facs Rev Ref Bon Secours Mercy Hlth Inc, Ser A | 5.00% | 12/01/35 | $972,638 | ||||
| 3,500,000 | Buckeye OH Tobacco Settlement Fing Auth Ref Sr, Class 2, Ser B-2 | 5.00% | 06/01/55 | 3,934,622 | ||||
| 415,000 | Franklin Cnty OH Convention Facs Auth Hotel Proj Rev Grtr Columbus Convention Cntr Hotel Exp Proj | 5.00% | 12/01/32 | 498,742 | ||||
| 750,000 | OH St Air Quality Dev Auth Exempt Facs Rev AMG Vanadium Proj, AMT (a) | 5.00% | 07/01/49 | 830,892 | ||||
| 1,200,000 | OH St Air Quality Dev Auth Ref OH Vly Elec Corp Proj, Ser A | 3.25% | 09/01/29 | 1,287,803 | ||||
| 1,000,000 | OH St Hgr Eductnl Fac Commn Ref Rev Judson Oblig Grp 2020 Proj, Ser A | 5.00% | 12/01/45 | 1,126,940 | ||||
| 750,000 | OH St Hgr Eductnl Fac Commn Ref Univ of Dayton 2020 Proj | 4.00% | 02/01/36 | 879,759 | ||||
| 490,000 | Port of Gtr Cincinnati Dev Auth OH Rev (a) | 3.75% | 12/01/31 | 496,408 | ||||
| 2,000,000 | Sthrn OH Port Exempt Fac Rev Purecycle Proj, Ser A, AMT (a) | 7.00% | 12/01/42 | 2,266,273 | ||||
| 12,294,077 | ||||||||
| Oklahoma – 1.1% | ||||||||
| 150,000 | OK St Dev Fin Auth Hlthsys Rev Ou Medicine Proj, Ser B | 5.00% | 08/15/26 | 178,918 | ||||
| 2,000,000 | OK St Dev Fin Auth Sr OK Proton Ctr, Ser A1 (a) | 7.25% | 09/01/51 | 2,020,671 | ||||
| 2,199,589 | ||||||||
| Oregon – 1.1% | ||||||||
| 290,000 | Clackamas Cnty OR Hosp Fac Auth Rev Mary’s Woods at Marylhurst Inc Proj, Ser A | 5.00% | 05/15/26 | 317,176 | ||||
| 500,000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, Ser A | 5.13% | 11/15/40 | 542,528 | ||||
| 1,150,000 | OR St Facs Auth Rev Ref Samaritan Hlth Svcs Proj, Ser A | 5.00% | 10/01/40 | 1,435,393 | ||||
| 2,295,097 | ||||||||
| Pennsylvania – 4.9% | ||||||||
| 300,000 | Allegheny Cnty PA Hosp Dev Auth Ref Allegheny Hlth Network Oblig Grp Issue, Ser A | 5.00% | 04/01/32 | 371,751 | ||||
| 1,280,000 | Berks Cnty PA Muni Auth Univ Rev Alvernia Univ Proj | 5.00% | 10/01/39 | 1,395,397 | ||||
| 100,000 | Chester Cnty PA Indl Dev Auth Renaissance Academy Chrt Sch | 5.00% | 10/01/34 | 108,012 | ||||
| 240,000 | Erie PA Hgr Edu Bldg Auth Aicup Fing Prog Gannon Univ Proj Ref, Ser TT1 | 4.00% | 05/01/36 | 272,616 | ||||
| 250,000 | Lancaster Cnty PA Hosp Auth Healthcare Facs Rev Moravian Manors Inc Proj, Ser A | 5.00% | 06/15/28 | 286,035 | ||||
| 515,000 | Lancaster Cnty PA Hosp Auth Healthcare Facs Rev Moravian Manors Inc Proj, Ser A | 5.00% | 06/15/31 | 580,433 | ||||
| 300,000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ | 4.00% | 03/01/37 | 331,711 | ||||
| 250,000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ | 4.00% | 03/01/38 | 275,590 | ||||
| 1,700,000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ | 4.00% | 03/01/46 | 1,849,459 | ||||
| 665,000 | Northampton Cnty PA Gen Purpose Auth Clg Rev Ref Moravian Clg | 5.00% | 10/01/36 | 747,516 | ||||
| 350,000 | PA St Turnpike Commn Oil Franchise Tax Rev Ref Sub, Ser B | 5.00% | 12/01/30 | 429,179 | ||||
| 10,000 | PA St Turnpike Commn Turnpike Rev Ref Sub, Ser B | 5.00% | 06/01/39 | 11,880 | ||||
| 900,000 | Philadelphia PA Auth for Indl Dev Chrt Sch Rev Ref String Theory Chrt Sch Proj (a) | 5.00% | 06/15/40 | 1,051,529 | ||||
| 215,000 | Philadelphia PA Auth for Indl Dev Revs Kipp Philadelphia Chrt Sch Proj, Ser A | 5.00% | 04/01/36 | 237,999 | ||||
| 125,000 | W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home Proj, Ser A | 4.00% | 11/15/41 | 140,907 | ||||
| 1,595,000 | Wilkes-Barre PA Area Sch Dist, BAM | 4.00% | 04/15/49 | 1,821,431 | ||||
| 9,911,445 | ||||||||
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| MUNICIPAL BONDS (Continued) | ||||||||
| Puerto Rico – 1.6% | ||||||||
| $250,000 | Puerto Rico Cmwlth Ref Pub Impt, Ser A, AGM | 5.00% | 07/01/35 | $260,088 | ||||
| 297,000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured Converted, Ser A-2 | 4.33% | 07/01/40 | 325,394 | ||||
| 1,195,000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured Ser A-1, CABS | (c) | 07/01/33 | 865,833 | ||||
| 1,559,000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1 | 4.50% | 07/01/34 | 1,704,954 | ||||
| 177,000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1, CABS | (c) | 07/01/29 | 149,109 | ||||
| 3,305,378 | ||||||||
| South Carolina – 0.7% | ||||||||
| 425,000 | Berkeley Cnty SC Assmnt Rev Nexton Impt Dist | 4.00% | 11/01/30 | 480,759 | ||||
| 230,000 | Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, Ser A-1 | 5.00% | 12/01/31 | 241,706 | ||||
| 580,000 | SC St Jobs Econ Dev Auth Econ Dev Rev Woodlands at Furman Proj, Ser A | 5.00% | 11/15/42 | 636,007 | ||||
| 135,000 | SC St Jobs Econ Dev Auth Hlth Facs Rev Ref Lutheran Homes of SC Inc | 5.00% | 05/01/42 | 140,016 | ||||
| 1,498,488 | ||||||||
| Tennessee – 1.6% | ||||||||
| 25,000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Student Hsg CDFI Phase I | 5.00% | 10/01/23 | 27,342 | ||||
| 440,000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Ref Lipscomb Univ Proj, Ser A | 5.00% | 10/01/36 | 516,175 | ||||
| 1,000,000 | Tennergy Corp TN Gas Rev, Ser A (Mandatory put 09/01/28) | 4.00% | 12/01/51 | 1,186,762 | ||||
| 500,000 | TN St Energy Acquisition Corp Gas Rev Proj, Ser A (Mandatory put 05/01/23) | 4.00% | 05/01/48 | 533,833 | ||||
| 730,000 | TN St Energy Acquisition Corp Gas Rev, Ser A | 5.25% | 09/01/26 | 888,612 | ||||
| 3,152,724 | ||||||||
| Texas – 3.8% | ||||||||
| 50,000 | Centrl TX Regl Mobility Auth Rev Ref Sub Lien | 5.00% | 01/01/33 | 54,058 | ||||
| 420,000 | Harris-Brazoria Cntys TX Muni Utility Dist #509, AGM | 3.00% | 09/01/32 | 431,915 | ||||
| 1,250,000 | Houston TX Arpt Sys Rev Ref United Airls Inc Terminal E Proj, Ser A, AMT | 5.00% | 07/01/27 | 1,479,065 | ||||
| 125,000 | Houston TX Arpt Sys Rev Ref United Airls Inc Terminal Improv Proj, Ser B-2, AMT | 5.00% | 07/15/27 | 148,001 | ||||
| 250,000 | Kyle TX Spl Assmnt Rev 6 Creeks Pid #1 (d) | 4.13% | 09/01/29 | 278,475 | ||||
| 500,000 | Kyle TX Spl Assmnt Rev 6 Creeks Pid #1 (a) | 4.63% | 09/01/39 | 564,118 | ||||
| 375,000 | La Vernia TX Hgr Edu Fin Corp Edu Rev Meridian World Sch (a) | 4.35% | 08/15/25 | 395,783 | ||||
| 1,250,000 | Lago Vista TX Spl Assmt Rev Ref Tessera On Lake Travis, Ser B (a) | 4.88% | 09/01/50 | 1,326,867 | ||||
| 445,000 | Leander TX Spl Assmnt Rev Crystal Springs Pub Impt Dist Proj Accd Inv (d) | 4.50% | 09/01/28 | 459,821 | ||||
| 1,285,000 | Lower Colorado River TX Auth Transmission Contract Rev Ref LCRA Transmission Svcs Corp Proj | 5.00% | 05/15/39 | 1,617,144 | ||||
| 285,000 | New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref Longhorn Vlg Proj | 5.00% | 01/01/32 | 309,890 | ||||
| 205,000 | New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref Wesleyan Homes Inc Proj Fin Corp | 5.00% | 01/01/39 | 215,223 | ||||
| 250,000 | TX St Transprtn Commn Central TX Turnpike Sys Rev Ref, Ser B | 5.00% | 08/15/37 | 281,378 | ||||
| 7,561,738 | ||||||||
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| MUNICIPAL BONDS (Continued) | ||||||||
| Utah – 1.1% | ||||||||
| $1,000,000 | Med Sch Campus Pub Infrastructure Dist UT, Ser A (a) | 5.25% | 02/01/40 | $1,034,901 | ||||
| 475,000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Mountain West Montessori Academy Proj, Ser A (a) | 5.00% | 06/15/39 | 535,480 | ||||
| 675,000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Wallace Stegner Academy Proj, Ser A (a) | 5.00% | 06/15/39 | 736,868 | ||||
| 2,307,249 | ||||||||
| Virginia – 0.4% | ||||||||
| 500,000 | Norfolk VA Redev & Hsg Auth Rev Ft Norfolk Retmnt Cmnty Harbors Edge Proj, Ser A | 5.00% | 01/01/34 | 535,229 | ||||
| 300,000 | Norfolk VA Redev & Hsg Auth Rev Ft Norfolk Retmnt Cmnty Harbors Edge Proj, Ser A | 4.38% | 01/01/39 | 308,982 | ||||
| 844,211 | ||||||||
| Washington – 2.6% | ||||||||
| 560,000 | Kalispel Tribe of Indians Priority Dist WA Rev, Ser A (a) | 5.00% | 01/01/32 | 645,363 | ||||
| 1,000,000 | WA St Convention Ctr Pub Facs Dist Junior Lodging Tax Notes Green Bond | 4.00% | 07/01/31 | 1,140,128 | ||||
| 230,000 | WA St Healthcare Facs Auth Ref Fred Hutchinson Cancer Research Ctr | 5.00% | 01/01/26 | 270,359 | ||||
| 1,000,000 | WA St Hgr Edu Facs Auth Seattle Univ Proj Rev | 4.00% | 05/01/45 | 1,136,519 | ||||
| 245,000 | WA St Hlth Care Facs Auth Seattle Cancer Care Alliance (a) | 5.00% | 12/01/33 | 323,231 | ||||
| 855,000 | WA St Hlth Care Facs Auth Seattle Cancer Care Alliance (a) | 4.00% | 12/01/40 | 1,014,996 | ||||
| 710,000 | WA St Hsg Fin Commn Nonprofit Rev Spokane Int Acad Proj, Ser A (a) | 5.00% | 07/01/50 | 790,714 | ||||
| 5,321,310 | ||||||||
| West Virginia – 0.5% | ||||||||
| 1,000,000 | WV St Econ Dev Auth Sol Wst Disp Facs Var Arch Resources Proj, AMT (Mandatory put 07/01/25) | 4.13% | 07/01/45 | 1,026,786 | ||||
| Wisconsin – 1.5% | ||||||||
| 470,000 | Pub Fin Auth WI Chrt Sch Rev Eno River Academy Proj, Ser A (a) | 4.00% | 06/15/30 | 516,668 | ||||
| 810,000 | Pub Fin Auth WI Chrt Sch Rev Eno River Academy Proj, Ser A (a) | 5.00% | 06/15/40 | 923,755 | ||||
| 500,000 | Pub Fin Auth WI Chrt Sch Rev Founders of Academy Las Vegas Proj, Ser A (a) | 4.00% | 07/01/30 | 527,687 | ||||
| 500,000 | Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Academy Las Vegas Proj, Ser A (a) | 4.20% | 07/15/27 | 531,076 | ||||
| 375,000 | Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Academy Las Vegas Proj, Ser A (a) | 5.13% | 07/15/37 | 415,938 | ||||
| 160,000 | Pub Fin Auth WI Eductnl Rev Piedmont Cmnty Chrt Sch | 5.00% | 06/15/27 | 191,423 | ||||
| 3,106,547 | ||||||||
Total Investments – 96.7% |
194,620,555 | ||
| (Cost $182,875,265) (e) | |||
Net Other Assets and Liabilities – 3.3% |
6,624,468 | ||
Net Assets – 100.0% |
$201,245,023 |
| Futures Contracts | Position | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation (Depreciation)/ Value | |||||
| U.S. Treasury Long Bonds | Short | 18 | Jun 2021 | $ (2,830,500) | $3,844 | |||||
| U.S. Treasury Ultra 10-Year Notes | Short | 31 | Jun 2021 | (4,511,953) | 37,890 | |||||
| Total Futures Contracts | $(7,342,453) | $41,734 |
| (a) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (the “Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At April 30, 2021, securities noted as such amounted to $53,437,013 or 26.6% of net assets. |
| (b) | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor. |
| (c) | Zero coupon bond. |
| (d) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A under the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. See Restricted Securities table. |
| (e) | Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of April 30, 2021, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $11,900,417 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $113,393. The net unrealized appreciation was $11,787,024. The unrealized amounts presented are inclusive of derivative contracts. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAM | Build America Mutual |
| BANS | Bond Anticipation Notes |
| CABS | Capital Appreciation Bonds |
| CIBS | Current Interest Bonds |
| COPS | Certificates of Participation |
| NATL-RE | National Public Finance Guarantee Corp. |
| • | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. |
| • | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.) |
| • | Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
| Total Value at 4/30/2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Municipal Bonds* | $ 194,620,555 | $ — | $ 194,620,555 | $ — |
Futures Contracts | 41,734 | 41,734 | — | — |
Total | $ 194,662,289 | $ 41,734 | $ 194,620,555 | $— |
| * | See Portfolio of Investments for state breakout. |
| Security | Acquisition Date | Principal Value | Current Price | Carrying Cost | Value | % of Net Assets | ||
| IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Academy Proj, Ser A, 5.25%, 07/01/28 | 08/31/18 | $200,000 | $111.86 | $201,771 | $223,729 | 0.11% | ||
| Kyle TX Spl Assmnt Rev 6 Creeks Pid #1, 4.13%, 09/01/29 | 05/08/19 | 250,000 | 111.39 | 250,000 | 278,475 | 0.14 | ||
| Leander TX Spl Assmnt Rev Crystal Springs Pub Impt Dist Proj Accd Inv, 4.50%, 09/01/28 | 05/04/18 | 445,000 | 103.33 | 441,535 | 459,821 | 0.23 | ||
| $893,306 | $962,025 | 0.48% |