| Municipal Bonds - 97.2% | | | |
| | | Principal Amount | Value |
| Connecticut - 96.9% | | | |
| Bridgeport Gen. Oblig.: | | | |
| Series 2012 A: | | $ | $ |
| 5% 2/15/23 | | 3,510,000 | 3,691,748 |
| 5% 2/15/24 | | 645,000 | 678,101 |
| Series 2016 D: | | | |
| 5% 8/15/31 (FSA Insured) | | 1,000,000 | 1,197,420 |
| 5% 8/15/32 (FSA Insured) | | 3,090,000 | 3,682,569 |
| Series 2019 A: | | | |
| 5% 2/1/32 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,250,990 |
| 5% 2/1/37 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,216,360 |
| 5% 2/1/39 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,209,300 |
| 5% 2/1/49 (Build America Mutual Assurance Insured) | | 1,285,000 | 1,520,027 |
| Connecticut Arpt. Auth. Customer Facility Charge Rev. (Ground Trans. Ctr. Proj.) Series 2019 A: | | | |
| 4% 7/1/49 (a) | | 2,000,000 | 2,172,300 |
| 5% 7/1/49 (a) | | 2,925,000 | 3,461,065 |
| Connecticut Gen. Oblig.: | | | |
| Series 2013 A: | | | |
| 5% 3/1/27 | | 5,480,000 | 6,051,126 |
| 5% 10/15/27 | | 1,000,000 | 1,128,010 |
| Series 2014 G, 5% 11/15/28 | | 7,000,000 | 8,164,590 |
| Series 2015 B: | | | |
| 5% 6/15/27 | | 4,825,000 | 5,766,406 |
| 5% 6/15/30 | | 1,290,000 | 1,523,438 |
| 5% 6/15/32 | | 5,500,000 | 6,446,385 |
| Series 2015 F, 5% 11/15/31 | | 4,000,000 | 4,758,760 |
| Series 2016 A, 5% 3/15/31 | | 6,950,000 | 8,340,487 |
| Series 2018 A: | | | |
| 5% 4/15/30 | | 2,500,000 | 3,176,725 |
| 5% 4/15/38 | | 1,700,000 | 2,087,923 |
| Series 2018 C, 5% 6/15/31 | | 725,000 | 918,205 |
| Series 2019 A: | | | |
| 4% 4/15/37 | | 1,825,000 | 2,123,406 |
| 5% 4/15/25 | | 1,140,000 | 1,367,407 |
| 5% 4/15/28 | | 7,450,000 | 9,601,933 |
| 5% 4/15/35 | | 2,000,000 | 2,527,960 |
| 5% 4/15/36 | | 2,300,000 | 2,895,079 |
| 5% 4/15/39 | | 2,450,000 | 3,054,979 |
| Connecticut Health & Edl. Facilities Auth. Rev.: | | | |
| (Fairfield Univ.): | | | |
| Series 2017 R: | | | |
| 5% 7/1/31 | | 1,825,000 | 2,218,142 |
| 5% 7/1/32 | | 1,000,000 | 1,206,540 |
| Series 2017, 5% 7/1/30 | | 2,400,000 | 2,936,256 |
| (Sacred Heart Univ., CT. Proj.) Series 2017 I-1: | | | |
| 5% 7/1/27 | | 80,000 | 98,542 |
| 5% 7/1/28 | | 600,000 | 730,296 |
| 5% 7/1/29 | | 350,000 | 422,587 |
| 5% 7/1/30 | | 1,100,000 | 1,317,382 |
| 5% 7/1/31 | | 1,300,000 | 1,549,483 |
| 5% 7/1/32 | | 1,050,000 | 1,244,597 |
| 5% 7/1/33 | | 700,000 | 826,063 |
| 5% 7/1/34 | | 750,000 | 882,878 |
| 5% 7/1/42 | | 2,000,000 | 2,306,160 |
| (Stamford Hosp. Proj.) Series I, 5% 7/1/30 | | 10,765,000 | 11,012,258 |
| (Trinity Health Proj.) Series 2010, 4.75% 11/15/29 (Pre-Refunded to 11/15/20 @ 100) | | 50,000 | 50,457 |
| Bonds: | | | |
| Series 2010 A4, 2%, tender 2/8/22 (b) | | 250,000 | 256,410 |
| Series 2014 B, 1.8%, tender 7/1/24 (b) | | 1,260,000 | 1,310,035 |
| Series 2013 N: | | | |
| 5% 7/1/24 | | 400,000 | 447,768 |
| 5% 7/1/25 | | 300,000 | 335,193 |
| Series 2014 E: | | | |
| 5% 7/1/28 | | 3,260,000 | 3,753,108 |
| 5% 7/1/29 | | 3,840,000 | 4,407,437 |
| Series 2015 L, 5% 7/1/29 | | 1,500,000 | 1,723,815 |
| Series 2016 K, 4% 7/1/46 | | 7,000,000 | 7,411,740 |
| Series 2017 B, 5% 7/1/29 | | 5,150,000 | 7,014,918 |
| Series 2018 K3, 5% 7/1/38 | | 985,000 | 1,061,446 |
| Series 2019 A: | | | |
| 4% 7/1/49 | | 2,625,000 | 2,832,008 |
| 5% 7/1/49 (c) | | 6,000,000 | 6,208,560 |
| Series 2020 A, 4% 7/1/40 | | 1,250,000 | 1,426,713 |
| Series 2020 C, 4% 7/1/45 | | 1,800,000 | 2,028,744 |
| Series E: | | | |
| 5% 7/1/28 | | 1,250,000 | 1,431,463 |
| 5% 7/1/42 | | 5,000,000 | 5,553,500 |
| Series F, 5% 7/1/45 | | 4,890,000 | 5,534,062 |
| Series G: | | | |
| 5% 7/1/29 (c) | | 1,055,000 | 1,267,097 |
| 5% 7/1/30 (c) | | 275,000 | 321,778 |
| 5% 7/1/34 (c) | | 695,000 | 784,697 |
| 5% 7/1/39 (c) | | 2,600,000 | 2,840,058 |
| 5% 7/1/50 (c) | | 1,000,000 | 1,059,320 |
| Series H1, 5% 7/1/41 (Pre-Refunded to 7/1/21 @ 100) | | 1,250,000 | 1,299,975 |
| Series K1: | | | |
| 5% 7/1/24 | | 600,000 | 651,264 |
| 5% 7/1/25 | | 1,240,000 | 1,364,781 |
| 5% 7/1/27 | | 250,000 | 279,575 |
| Series K3, 5% 7/1/48 | | 3,695,000 | 3,916,035 |
| Series L: | | | |
| 5% 7/1/26 | | 1,000,000 | 1,173,570 |
| 5% 7/1/27 | | 2,000,000 | 2,330,400 |
| Series N: | | | |
| 4% 7/1/39 | | 1,850,000 | 1,852,553 |
| 5% 7/1/21 | | 100,000 | 102,122 |
| 5% 7/1/22 | | 400,000 | 418,432 |
| 5% 7/1/23 | | 415,000 | 443,535 |
| 5% 7/1/24 | | 375,000 | 407,753 |
| 5% 7/1/25 | | 340,000 | 374,697 |
| 5% 7/1/27 | | 430,000 | 481,991 |
| 5% 7/1/31 | | 500,000 | 559,280 |
| 5% 7/1/32 | | 550,000 | 610,176 |
| 5% 7/1/33 | | 720,000 | 791,604 |
| 5% 7/1/34 | | 675,000 | 739,895 |
| Series O, 5% 7/1/23 | | 235,000 | 261,177 |
| Series R: | | | |
| 5% 6/1/37 | | 1,000,000 | 1,263,760 |
| 5% 6/1/38 | | 1,045,000 | 1,316,219 |
| 5% 6/1/39 | | 1,595,000 | 2,002,730 |
| 5% 6/1/40 | | 1,125,000 | 1,408,478 |
| Connecticut Higher Ed. Supplemental Ln. Auth. Rev.: | | | |
| (Chesla Ln. Prog.): | | | |
| Series 2017 A: | | | |
| 5% 11/15/20 (a) | | 950,000 | 957,032 |
| 5% 11/15/23 (a) | | 1,100,000 | 1,213,740 |
| Series 2017 B: | | | |
| 5% 11/15/22 (a) | | 975,000 | 1,047,794 |
| 5% 11/15/24 (a) | | 1,065,000 | 1,203,205 |
| (Chesla Loan Prog.): | | | |
| Series B: | | | |
| 5% 11/15/24 (a) | | 300,000 | 338,931 |
| 5% 11/15/25 (a) | | 400,000 | 460,492 |
| 5% 11/15/26 (a) | | 600,000 | 699,834 |
| 5% 11/15/27 (a) | | 610,000 | 720,386 |
| 5% 11/15/28 (a) | | 525,000 | 625,123 |
| 5% 11/15/29 (a) | | 550,000 | 662,112 |
| Series C: | | | |
| 5% 11/15/24 | | 225,000 | 256,453 |
| 5% 11/15/25 | | 240,000 | 279,396 |
| 5% 11/15/26 | | 200,000 | 236,594 |
| 5% 11/15/27 | | 125,000 | 146,908 |
| Series D: | | | |
| 5% 11/15/21 | | 300,000 | 313,374 |
| 5% 11/15/22 | | 450,000 | 485,636 |
| 5% 11/15/23 | | 450,000 | 499,955 |
| 5% 11/15/24 | | 425,000 | 484,598 |
| 5% 11/15/25 | | 250,000 | 291,173 |
| 5% 11/15/26 | | 180,000 | 213,052 |
| Connecticut Hsg. Fin. Auth.: | | | |
| Series 2012 F, 2.75% 11/15/35 (a) | | 380,000 | 388,352 |
| Series 2013 B2, 4% 11/15/32 | | 970,000 | 994,570 |
| Series 2014 C, 4% 11/15/44 | | 450,000 | 471,303 |
| Series 2016 F, 3.5% 5/15/39 (a) | | 1,550,000 | 1,636,816 |
| Series 2019 B1, 4% 5/15/49 | | 3,930,000 | 4,469,117 |
| Series 2019 F, 3.5% 11/15/43 | | 4,000,000 | 4,406,760 |
| Series A2: | | | |
| 5% 11/15/26 (a) | | 840,000 | 1,029,546 |
| 5% 5/15/27 (a) | | 1,890,000 | 2,336,702 |
| 5% 11/15/27 (a) | | 860,000 | 1,074,561 |
| 5% 5/15/28 (a) | | 615,000 | 773,338 |
| 5% 11/15/28 (a) | | 225,000 | 285,523 |
| Series C: | | | |
| 5% 5/15/26 (a) | | 1,820,000 | 2,205,021 |
| 5% 5/15/27 (a) | | 800,000 | 986,192 |
| 5% 11/15/28 (a) | | 580,000 | 724,345 |
| 5% 5/15/29 (a) | | 1,115,000 | 1,396,805 |
| Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev. Series 2013 A, 5% 1/1/28 | | 1,000,000 | 1,106,530 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | | | |
| Series 2012 A: | | | |
| 5% 1/1/26 | | 5,000,000 | 5,516,650 |
| 5% 1/1/28 | | 1,000,000 | 1,101,360 |
| 5% 1/1/31 | | 5,000,000 | 5,492,100 |
| Series 2015 A, 5% 8/1/34 | | 6,000,000 | 7,101,660 |
| Series A: | | | |
| 5% 5/1/28 | | 1,000,000 | 1,287,550 |
| 5% 9/1/33 | | 1,000,000 | 1,155,740 |
| Greater New Haven Wtr. Poll. Cont. Auth. Reg'l. Wastewtr. Sys. Rev.: | | | |
| Series 2005 A, 5% 8/15/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 10,000 | 10,039 |
| Series 2014 B: | | | |
| 5% 8/15/25 | | 450,000 | 529,677 |
| 5% 8/15/26 | | 700,000 | 821,240 |
| 5% 8/15/27 | | 750,000 | 877,013 |
| 5% 8/15/28 | | 385,000 | 449,869 |
| Hartford County Metropolitan District (Connecticut Clean Wtr. Proj.): | | | |
| Series 2013 A, 5% 4/1/32 (Pre-Refunded to 4/1/22 @ 100) | | 5,550,000 | 5,965,584 |
| Series 2014 A: | | | |
| 5% 11/1/28 | | 1,000,000 | 1,174,010 |
| 5% 11/1/29 | | 1,850,000 | 2,164,445 |
| 5% 11/1/30 | | 2,480,000 | 2,891,556 |
| 5% 11/1/31 | | 2,905,000 | 3,376,743 |
| 5% 11/1/42 | | 2,115,000 | 2,424,890 |
| Hartford County Metropolitan District Gen. Oblig. Series 2018: | | | |
| 5% 7/15/31 | | 1,000,000 | 1,260,990 |
| 5% 7/15/32 | | 1,250,000 | 1,566,275 |
| 5% 7/15/33 | | 1,000,000 | 1,246,810 |
| 5% 7/15/34 | | 1,000,000 | 1,243,430 |
| Hartford Gen. Oblig.: | | | |
| Series 2012 A, 5% 4/1/22 (FSA Insured) | | 1,000,000 | 1,066,480 |
| Series 2014 C, 5% 8/15/24 (Build America Mutual Assurance Insured) | | 1,835,000 | 2,155,189 |
| Series 2015 A: | | | |
| 5% 7/1/28 (FSA Insured) | | 1,000,000 | 1,174,340 |
| 5% 7/1/29 (FSA Insured) | | 1,000,000 | 1,169,940 |
| Hbr. Point Infrastructure Impt. District Series 2017, 5% 4/1/39 (c) | | 2,000,000 | 2,144,540 |
| Naugatuck Ctfs. of Prtn. (Naugatuck Incineration Facilities Proj.) Series 2014 A, 5% 6/15/22 (a) | | 1,000,000 | 1,076,000 |
| Naugatuck Gen. Oblig. 5.875% 2/15/21 (AMBAC Insured) | | 220,000 | 225,473 |
| New Britain Gen. Oblig.: | | | |
| Series 2015 A: | | | |
| 5% 3/1/27 (Build America Mutual Assurance Insured) | | 1,605,000 | 1,897,993 |
| 5% 3/1/29 (Build America Mutual Assurance Insured) | | 1,770,000 | 2,083,697 |
| 5% 3/1/30 (Build America Mutual Assurance Insured) | | 1,860,000 | 2,183,361 |
| 5% 3/1/31 (Build America Mutual Assurance Insured) | | 1,955,000 | 2,289,246 |
| Series 2017 C: | | | |
| 5% 3/1/32 (FSA Insured) | | 1,635,000 | 1,998,967 |
| 5% 3/1/33 (FSA Insured) | | 1,900,000 | 2,311,939 |
| New Haven Gen. Oblig.: | | | |
| Series 2015 B: | | | |
| 5% 8/15/26 (Build America Mutual Assurance Insured) | | 615,000 | 721,561 |
| 5% 8/15/26 (Pre-Refunded to 8/15/25 @ 100) | | 635,000 | 778,453 |
| 5% 8/15/27 (Build America Mutual Assurance Insured) | | 765,000 | 894,346 |
| Series 2016 A: | | | |
| 5% 8/15/27 (Pre-Refunded to 8/15/26 @ 100) | | 35,000 | 44,320 |
| 5% 8/15/28 (FSA Insured) | | 1,500,000 | 1,796,130 |
| 5% 8/15/30 (FSA Insured) | | 1,000,000 | 1,195,540 |
| 5% 8/15/34 (FSA Insured) | | 1,000,000 | 1,178,710 |
| 5% 8/15/35 (FSA Insured) | | 1,000,000 | 1,175,630 |
| 5% 9/1/29 (FSA Insured) | | 2,655,000 | 3,093,394 |
| 5% 9/1/31 (FSA Insured) | | 1,430,000 | 1,661,646 |
| South Central Reg'l. Wtr. Auth. Wtr. Sys. Rev. Series 32 B: | | | |
| 5% 8/1/32 | | 1,000,000 | 1,225,050 |
| 5% 8/1/33 | | 1,150,000 | 1,403,644 |
| 5% 8/1/37 | | 3,000,000 | 3,625,410 |
| 5% 8/1/38 | | 1,000,000 | 1,205,940 |
| Stratford Gen. Oblig.: | | | |
| Series 2017, 5% 7/1/30 (FSA Insured) | | 1,000,000 | 1,193,380 |
| Series 2019, 5% 1/1/27 | | 1,990,000 | 2,491,898 |
| Univ. of Connecticut Gen. Oblig.: | | | |
| Series 2018 A, 5% 4/15/28 | | 4,400,000 | 5,630,152 |
| Series A, 5% 8/15/27 | | 1,335,000 | 1,495,694 |
| West Haven Gen. Oblig.: | | | |
| Series 2017 A: | | | |
| 5% 11/1/22 | | 800,000 | 855,888 |
| 5% 11/1/25 | | 635,000 | 730,872 |
| 5% 11/1/26 | | 635,000 | 743,788 |
| Series 2017 B, 5% 11/1/32 | | 400,000 | 463,972 |
|
| TOTAL CONNECTICUT | | | 338,335,695 |
|
| Guam - 0.3% | | | |
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.375% 10/1/43 (a) | | 800,000 | 824,504 |
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $321,871,041) | | | 339,160,199 |
| TOTAL INVESTMENT IN SECURITIES - 97.2% | | | |
| (Cost $321,871,041) | | | 339,160,199 |
| NET OTHER ASSETS (LIABILITIES) - 2.8% | | | 9,925,088 |
| NET ASSETS - 100% | | | $349,085,287 |
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $14,626,050 or 4.2% of net assets.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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