| Municipal Bonds - 97.6% | | | |
| | | Principal Amount | Value |
| Arizona - 97.3% | | | |
| Arizona Board of Regents Arizona State Univ. Rev.: | | | |
| Series 2012 A, 5% 7/1/26 (Pre-Refunded to 7/1/22 @ 100) | | $550,000 | $579,098 |
| Series 2015 A, 5% 7/1/35 | | 2,215,000 | 2,580,102 |
| Series 2015 B, 5% 7/1/31 | | 1,525,000 | 1,779,707 |
| Series 2015 D: | | | |
| 5% 7/1/34 | | 500,000 | 582,416 |
| 5% 7/1/35 | | 900,000 | 1,048,348 |
| 5% 7/1/41 | | 485,000 | 564,943 |
| Arizona Ctfs. of Prtn.: | | | |
| Series 2013 A, 5% 10/1/25 | | 1,870,000 | 1,986,939 |
| Series 2015, 5% 9/1/27 | | 1,500,000 | 1,770,390 |
| Arizona Game and Fish Dept. and Commission (AGF Administration Bldg. Proj.) Series 2006: | | | |
| 5% 7/1/21 | | 345,000 | 346,222 |
| 5% 7/1/32 | | 470,000 | 471,582 |
| Arizona Health Facilities Auth. Hosp. Sys. Rev. Series 2012 A, 5% 2/1/23 | | 1,285,000 | 1,325,800 |
| Arizona Health Facilities Auth. Rev.: | | | |
| (Banner Health Sys. Proj.) Series 2007 B, 3 month U.S. LIBOR + 0.810% 0.945%, tender 1/1/37 (a)(b) | | 1,000,000 | 1,011,091 |
| (Scottsdale Lincoln Hospitals Proj.) Series 2014 A: | | | |
| 5% 12/1/26 | | 2,000,000 | 2,306,666 |
| 5% 12/1/42 | | 2,270,000 | 2,585,847 |
| Arizona Indl. Dev. Auth. Hosp. Rev. Series 2020 A: | | | |
| 4% 2/1/50 | | 2,000,000 | 2,313,426 |
| 5% 2/1/40 | | 700,000 | 895,503 |
| Arizona Indl. Dev. Auth. Lease Rev. Series 2020 A: | | | |
| 4% 9/1/35 | | 200,000 | 239,870 |
| 4% 9/1/36 | | 355,000 | 424,500 |
| Arizona State Lottery Rev. Series 2019, 5% 7/1/29 | | 2,000,000 | 2,621,558 |
| Arizona State Trans. Board: | | | |
| Series 2017 A, 5% 7/1/32 | | 1,500,000 | 1,855,739 |
| Series 2017A, 5% 7/1/31 | | 385,000 | 477,307 |
| Arizona State Univ. Revs.: | | | |
| Series 2019 A, 5% 7/1/43 | | 1,000,000 | 1,273,118 |
| Series 2020 A: | | | |
| 4% 7/1/40 | | 1,300,000 | 1,567,076 |
| 5% 7/1/39 | | 390,000 | 508,945 |
| 5% 7/1/43 | | 2,925,000 | 3,784,821 |
| Series 2021 C, 5% 7/1/41 | | 1,000,000 | 1,324,230 |
| Buckeye Excise Tax Rev. Series 2015: | | | |
| 5% 7/1/27 | | 350,000 | 412,625 |
| 5% 7/1/28 | | 500,000 | 588,800 |
| 5% 7/1/29 | | 455,000 | 535,405 |
| Central Wtr. Conservation District (Central Arizona Proj.) Series 2016 A, 5% 1/1/36 | | 500,000 | 589,541 |
| Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.): | | | |
| Series 2007, 2.7%, tender 8/14/23 (a)(c) | | 2,000,000 | 2,097,627 |
| Series 2019, 5%, tender 6/3/24 (a)(c) | | 3,700,000 | 4,189,365 |
| Dysart Unified School District #89 Gen. Oblig. Series 2014: | | | |
| 5% 7/1/23 | | 700,000 | 766,736 |
| 5% 7/1/27 | | 1,300,000 | 1,473,799 |
| Glendale Union School District 205 Series A: | | | |
| 4% 7/1/38 (FSA Insured) | | 1,000,000 | 1,227,060 |
| 4% 7/1/39 (FSA Insured) | | 1,000,000 | 1,223,663 |
| Glendale Gen. Oblig. Series 2017: | | | |
| 5% 7/1/30 | | 2,310,000 | 2,839,155 |
| 5% 7/1/32 | | 1,000,000 | 1,222,607 |
| Glendale Indl. dev auth Sr Living Facilities Rev. (Royal Oaks Inspirata Pointe Proj.) Series 2020 A, 5% 5/15/56 | | 1,000,000 | 1,125,307 |
| Glendale Indl. Dev. Auth. (Terraces of Phoenix Proj.) Series 2018 A: | | | |
| 4% 7/1/28 | | 265,000 | 278,352 |
| 5% 7/1/33 | | 435,000 | 469,921 |
| Glendale Sr. Excise Tax Rev. Series 2015 A, 5% 7/1/28 | | 1,000,000 | 1,166,145 |
| Goodyear Pub. Impt. Corp. Facilities Rev. Series 2016 A, 5% 7/1/29 | | 1,000,000 | 1,211,771 |
| Maricopa County Indl. Dev. Auth.: | | | |
| (Creighton Univ. Proj.) Series 2020, 5% 7/1/47 | | 2,000,000 | 2,487,000 |
| Series 2019 A: | | | |
| 5% 9/1/29 | | 310,000 | 399,043 |
| 5% 9/1/33 | | 275,000 | 348,779 |
| 5% 9/1/34 | | 680,000 | 860,513 |
| 5% 9/1/35 | | 395,000 | 499,041 |
| Series 2021 A, 4% 9/1/51 | | 1,500,000 | 1,757,417 |
| Maricopa County Indl. Dev. Auth. Sr. Living Facilities Series 2016: | | | |
| 5.75% 1/1/36 (d) | | 500,000 | 518,781 |
| 6% 1/1/48 (d) | | 500,000 | 514,748 |
| Maricopa County Phoenix Union High School District #210 Series 2017 B: | | | |
| 5% 7/1/32 | | 1,180,000 | 1,493,240 |
| 5% 7/1/34 | | 585,000 | 736,588 |
| Maricopa County Rev.: | | | |
| Bonds: | | | |
| Series 2019 D, 5%, tender 5/15/26 (a) | | 200,000 | 242,440 |
| Series C, 5%, tender 10/18/24 (a) | | 125,000 | 144,452 |
| Series 2016 A: | | | |
| 4% 1/1/24 | | 255,000 | 279,254 |
| 5% 1/1/23 | | 40,000 | 43,050 |
| 5% 1/1/24 | | 275,000 | 308,221 |
| 5% 1/1/25 | | 105,000 | 122,086 |
| 5% 1/1/34 | | 2,935,000 | 3,546,416 |
| 5% 1/1/38 | | 2,040,000 | 2,453,398 |
| Series 2019 F, 4% 1/1/45 | | 1,000,000 | 1,178,249 |
| Maricopa County School District #214 Tolleson Series 2018 A, 5% 7/1/31 | | 350,000 | 433,915 |
| Maricopa County School District #28 Kyrene Elementary: | | | |
| Series 2015 C, 4% 7/1/29 | | 650,000 | 736,455 |
| Series 2019 A, 5% 7/1/37 | | 1,000,000 | 1,247,566 |
| Maricopa County Spl. Health Care District Gen. Oblig. Series 2018 C, 5% 7/1/36 | | 1,000,000 | 1,242,930 |
| Maricopa County Unified School District #48 Scottsdale: | | | |
| Series 2017 B, 5% 7/1/33 | | 3,000,000 | 3,700,897 |
| Series D, 4% 7/1/34 | | 350,000 | 429,847 |
| McAllister Academic Village LLC Rev.: | | | |
| (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2016: | | | |
| 5% 7/1/37 | | 2,000,000 | 2,391,448 |
| 5% 7/1/38 | | 3,850,000 | 4,603,112 |
| Series 2016, 5% 7/1/39 | | 2,270,000 | 2,711,243 |
| Mesa Util. Sys. Rev. Series 2019 A, 5% 7/1/43 | | 2,015,000 | 2,547,761 |
| Northern Arizona Univ. Ctfs. of Prtn. (Univ. Proj.) Series 2013, 5% 9/1/24 | | 1,000,000 | 1,054,276 |
| Northern Arizona Univ. Revs.: | | | |
| Series 2012, 5% 6/1/36 (Pre-Refunded to 6/1/21 @ 100) | | 860,000 | 860,000 |
| Series 2013, 5% 8/1/27 | | 1,000,000 | 1,086,289 |
| Series 2014, 5% 6/1/29 | | 500,000 | 558,604 |
| Series 2015, 5% 6/1/30 | | 1,000,000 | 1,161,889 |
| Series 2020 B, 5% 6/1/37 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,286,502 |
| Phoenix Civic Impt. Board Arpt. Rev.: | | | |
| Series 2013: | | | |
| 5% 7/1/26 (c) | | 1,100,000 | 1,205,113 |
| 5% 7/1/29 (c) | | 500,000 | 544,500 |
| Series 2015 A, 5% 7/1/45 | | 4,100,000 | 4,784,780 |
| Series 2017 A: | | | |
| 5% 7/1/35 (c) | | 2,425,000 | 2,959,228 |
| 5% 7/1/42 (c) | | 2,000,000 | 2,409,956 |
| Series 2017 D, 5% 7/1/31 | | 2,000,000 | 2,470,188 |
| Series 2019 A, 5% 7/1/49 | | 2,000,000 | 2,491,206 |
| Phoenix Civic Impt. Corp. Series 2019 A, 5% 7/1/35 | | 1,000,000 | 1,198,156 |
| Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 5.5% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 2,000,000 | 3,043,218 |
| Phoenix Civic Impt. Corp. Wastewtr. Sys. Rev. Series 2016, 5% 7/1/33 | | 1,000,000 | 1,205,670 |
| Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2021 A, 5% 7/1/45 (e) | | 2,000,000 | 2,640,025 |
| Phoenix Gen. Oblig. Series 2014, 4% 7/1/26 | | 2,000,000 | 2,219,269 |
| Phoenix IDA Student Hsg. Rev.: | | | |
| (Downtown Phoenix Student Hsg. II LLC Arizona State Univ. Proj.) Series 2019 A, 5% 7/1/36 | | 1,175,000 | 1,421,191 |
| Series 2018 A, (Downtown Phoenix Student Hsg., LLC AZ State Univ. Proj.) 5% 7/1/42 | | 1,500,000 | 1,760,000 |
| Phoenix-Mesa Gateway Arpt. Auth. (Mesa Proj.) Series 2012: | | | |
| 5% 7/1/24 (c) | | 380,000 | 399,604 |
| 5% 7/1/27 (c) | | 400,000 | 420,502 |
| Pima County Ctfs. of Prtn. Series 2014, 5% 12/1/27 | | 1,745,000 | 1,938,324 |
| Pima County Swr. Sys. Rev. Series 2012 A: | | | |
| 5% 7/1/23 | | 30,000 | 31,571 |
| 5% 7/1/25 | | 1,600,000 | 1,681,649 |
| Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.: | | | |
| Series 2015 A, 5% 12/1/34 | | 1,600,000 | 1,871,425 |
| Series A, 5% 1/1/37 | | 520,000 | 680,358 |
| Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007: | | | |
| 5% 12/1/37 | | 2,910,000 | 4,097,177 |
| 5.5% 12/1/29 | | 3,000,000 | 3,927,467 |
| Scottsdale Gen. Oblig. Series 2017, 4% 7/1/32 | | 400,000 | 470,786 |
| Tempe Excise Tax Rev.: | | | |
| Series 2012, 5% 7/1/25 | | 1,090,000 | 1,146,112 |
| Series 2016: | | | |
| 5% 7/1/28 | | 315,000 | 382,761 |
| 5% 7/1/29 | | 500,000 | 605,885 |
| 5% 7/1/30 | | 325,000 | 392,923 |
| 5% 7/1/31 | | 375,000 | 453,164 |
| Tucson Ctfs. of Prtn.: | | | |
| Series 2014, 5% 7/1/28 (Pre-Refunded to 7/1/24 @ 100) | | 1,000,000 | 1,145,672 |
| Series 2015, 5% 7/1/23 (FSA Insured) | | 555,000 | 607,304 |
| Series 2016, 5% 7/1/27 (FSA Insured) | | 1,245,000 | 1,490,090 |
| Tucson Wtr. Rev.: | | | |
| Series 2015, 5% 7/1/31 (Pre-Refunded to 7/1/25 @ 100) | | 1,000,000 | 1,185,994 |
| Series 2017, 5% 7/1/34 | | 1,000,000 | 1,220,534 |
| Univ. Med. Ctr. Corp. Hosp. Rev. Series 2013, 5.625% 7/1/36 (Pre-Refunded to 7/1/23 @ 100) | | 1,000,000 | 1,112,800 |
| Univ. of Arizona Univ. Revs.: | | | |
| Series 2014, 5% 8/1/28 | | 1,000,000 | 1,140,045 |
| Series 2015 A 5% 6/1/30 | | 2,500,000 | 2,914,414 |
| Series 2016, 5% 6/1/38 | | 1,000,000 | 1,195,340 |
| Series 2019 A, 5% 6/1/41 | | 1,965,000 | 2,490,657 |
| Series 2020 C: | | | |
| 5% 8/1/22 | | 920,000 | 972,751 |
| 5% 8/1/24 | | 800,000 | 918,773 |
| 5% 8/1/26 | | 800,000 | 979,892 |
| 5% 8/1/28 | | 900,000 | 1,156,857 |
| Western Maricopa Ed. Ctr. District Series 2019 B: | | | |
| 5% 7/1/27 | | 1,000,000 | 1,252,115 |
| 5% 7/1/28 | | 1,315,000 | 1,687,102 |
| Yavapai County Indl. Dev. Auth.: | | | |
| Series 2012 A, 5.25% 8/1/33 | | 2,000,000 | 2,175,484 |
| Series 2016, 5% 8/1/36 | | 1,305,000 | 1,543,995 |
| Series 2019: | | | |
| 4% 8/1/43 | | 350,000 | 403,786 |
| 5% 8/1/24 | | 325,000 | 370,926 |
| 5% 8/1/25 | | 400,000 | 471,951 |
| 5% 8/1/26 | | 600,000 | 729,797 |
| 5% 8/1/27 | | 625,000 | 779,557 |
| 5% 8/1/39 | | 1,060,000 | 1,335,533 |
| Yavapai County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2002, 2.8%, tender 6/1/21 (a)(c) | | 350,000 | 350,000 |
| Yuma Indl. Dev. Auth. Hosp. Rev. Series 2014 A, 5% 8/1/27 | | 2,000,000 | 2,275,844 |
|
| TOTAL ARIZONA | | | 182,387,994 |
|
| Guam - 0.3% | | | |
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.375% 10/1/43 (c) | | 200,000 | 216,159 |
| Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured) | | 400,000 | 406,079 |
|
| TOTAL GUAM | | | 622,238 |
|
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $170,103,615) | | | 183,010,232 |
|
| Municipal Notes - 0.5% | | | |
| Arizona - 0.5% | | | |
| Arizona Health Facilities Auth. Rev. Series 2015 C, 0.01% 6/1/21, LOC Bank of America NA, VRDN (a) | | | |
| (Cost $1,000,000) | | 1,000,000 | 1,000,000 |
| TOTAL INVESTMENT IN SECURITIES - 98.1% | | | |
| (Cost $171,103,615) | | | 184,010,232 |
| NET OTHER ASSETS (LIABILITIES) - 1.9% | | | 3,558,754 |
| NET ASSETS - 100% | | | $187,568,986 |
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(d) 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 $1,033,529 or 0.6% of net assets.
(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
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 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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