| Municipal Bonds - 91.3% | | | |
| | | Principal Amount | Value |
| Guam - 0.2% | | | |
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.25% 10/1/34 (a) | | 700,000 | 743,484 |
| Pennsylvania - 89.8% | | | |
| Allegheny County Series C: | | | |
| 5% 12/1/28 | | $1,000,000 | $1,180,800 |
| 5% 12/1/30 | | 1,365,000 | 1,605,622 |
| Allegheny County Arpt. Auth. Rev. Series 2006 B, 5% 1/1/22 (Escrowed to Maturity) (a) | | 1,650,000 | 1,743,044 |
| Allegheny County Higher Ed. Bldg. Auth. Univ. Rev.: | | | |
| Series 2017, 5% 10/15/47 | | 1,660,000 | 1,750,487 |
| Series 2018: | | | |
| 5% 3/1/33 | | 1,570,000 | 1,915,761 |
| 5% 3/1/34 | | 2,250,000 | 2,735,798 |
| Series 2020 A, 5% 2/1/30 | | 2,270,000 | 3,090,877 |
| Allegheny County Hosp. Dev. Auth. Rev. Series 2019 A: | | | |
| 4% 7/15/37 | | 1,600,000 | 1,828,784 |
| 4% 7/15/38 | | 1,400,000 | 1,593,788 |
| 4% 7/15/39 | | 1,250,000 | 1,417,600 |
| Allegheny County Sanitation Auth. Swr. Rev. Series 2018, 5% 6/1/43 | | 4,750,000 | 5,756,953 |
| Berks County Muni. Auth. Rev. Bonds (Tower Health Proj.): | | | |
| Series 2020 B1, 5%, tender 2/1/25 (b) | | 2,000,000 | 2,169,140 |
| Series 2020 B2, 5%, tender 2/1/27 (b) | | 2,000,000 | 2,222,100 |
| Series 2020 B3, 5%, tender 2/1/30 (b) | | 2,000,000 | 2,256,240 |
| Bethlehem Area School District Series 2016 A, 5% 2/1/23 (FSA Insured) | | 1,000,000 | 1,107,840 |
| Butler County Hosp. Auth. Hosp. Rev. (Butler Health Sys. Proj.) Series 2015 A: | | | |
| 5% 7/1/26 | | 500,000 | 577,480 |
| 5% 7/1/27 | | 490,000 | 563,255 |
| 5% 7/1/28 | | 540,000 | 617,447 |
| 5% 7/1/29 | | 710,000 | 808,363 |
| 5% 7/1/30 | | 685,000 | 777,002 |
| 5% 7/1/35 | | 1,885,000 | 2,106,921 |
| 5% 7/1/39 | | 6,675,000 | 7,400,506 |
| Cap. Region Wtr. Wtr. Rev. Series 2018: | | | |
| 5% 7/15/28 | | 1,300,000 | 1,662,089 |
| 5% 7/15/30 | | 1,500,000 | 1,913,310 |
| 5% 7/15/31 | | 1,250,000 | 1,587,063 |
| Central Bradford Prog. Auth. Rev. Series 2011, 5.375% 12/1/41 (Pre-Refunded to 12/1/21 @ 100) | | 2,000,000 | 2,117,580 |
| Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.): | | | |
| Series 2016 A: | | | |
| 4% 11/15/32 | | 350,000 | 387,646 |
| 4% 11/15/34 | | 250,000 | 275,540 |
| 4% 11/15/35 | | 200,000 | 219,832 |
| 5% 11/15/28 | | 840,000 | 992,300 |
| 5% 11/15/29 | | 1,625,000 | 1,911,764 |
| 5% 11/15/30 | | 685,000 | 800,895 |
| 5% 11/15/46 | | 6,605,000 | 7,462,791 |
| Series 2016 B: | | | |
| 4% 11/15/40 | | 600,000 | 651,762 |
| 4% 11/15/47 | | 3,605,000 | 3,879,845 |
| Series 2018 A: | | | |
| 5% 11/15/26 | | 1,140,000 | 1,410,556 |
| 5% 11/15/27 | | 225,000 | 284,058 |
| 5% 11/15/28 | | 200,000 | 249,776 |
| 5% 11/15/29 | | 200,000 | 248,406 |
| Chester County Health & Ed. Facilities Auth. Health Sys. Rev. Series 2017 A, 5% 10/1/35 | | 2,125,000 | 2,581,471 |
| Commonwealth Fing. Auth. Rev.: | | | |
| Series 2019 B: | | | |
| 5% 6/1/28 | | 1,000,000 | 1,281,620 |
| 5% 6/1/29 | | 1,000,000 | 1,307,610 |
| 5% 6/1/30 | | 1,000,000 | 1,332,740 |
| 5% 6/1/31 | | 1,150,000 | 1,561,298 |
| Series 2020 A: | | | |
| 5% 6/1/31 | | 3,500,000 | 4,630,885 |
| 5% 6/1/32 | | 3,500,000 | 4,597,775 |
| Cumberland County Muni. Auth. Rev. (Dickinson College Proj.): | | | |
| Series 2012, 5% 11/1/37 | | 1,520,000 | 1,635,596 |
| Series 2016: | | | |
| 5% 5/1/30 | | 1,000,000 | 1,201,900 |
| 5% 5/1/31 | | 500,000 | 598,525 |
| 5% 5/1/32 | | 750,000 | 893,865 |
| 5% 5/1/33 | | 2,210,000 | 2,623,403 |
| 5% 5/1/34 | | 1,000,000 | 1,184,110 |
| Dallas Area Muni. Auth. Univ. Rev. (Misericordia Univ. Proj.) Series 2019: | | | |
| 5% 5/1/39 | | 1,100,000 | 1,217,920 |
| 5% 5/1/48 | | 4,000,000 | 4,358,720 |
| Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A: | | | |
| 5% 6/1/34 | | 1,275,000 | 1,488,741 |
| 5% 6/1/35 | | 1,000,000 | 1,164,640 |
| 5% 6/1/36 | | 500,000 | 580,630 |
| Delaware County Auth. Rev. Series 2017, 5% 7/1/25 | | 1,000,000 | 1,078,440 |
| Delaware County Auth. Univ. Rev. Series 2012: | | | |
| 5% 8/1/21 | | 350,000 | 363,215 |
| 5% 8/1/22 | | 300,000 | 324,624 |
| Doylestown Hosp. Auth. Hosp. Rev.: | | | |
| Series 2013 A: | | | |
| 5% 7/1/23 | | 1,090,000 | 1,175,140 |
| 5% 7/1/27 | | 2,500,000 | 2,671,225 |
| Series 2016 A, 5% 7/1/46 | | 3,500,000 | 3,780,735 |
| Series 2019, 4% 7/1/45 | | 1,350,000 | 1,416,650 |
| Dubois Hosp. Auth. Hosp. Rev. (Penn Highlands Healthcare Proj.) Series 2018, 5% 7/15/25 | | 200,000 | 235,424 |
| Fox Chapel Area School District Series 2013: | | | |
| 5% 8/1/31 | | 3,080,000 | 3,400,012 |
| 5% 8/1/34 | | 1,000,000 | 1,102,420 |
| Geisinger Auth. Health Sys. Rev.: | | | |
| Series 2014 A, 4% 6/1/41 | | 2,000,000 | 2,135,220 |
| Series 2017 A2, 5% 2/15/39 | | 1,880,000 | 2,241,900 |
| Indiana County Hosp. Auth. Series 2014 A, 6% 6/1/39 | | 1,625,000 | 1,724,401 |
| Lackawanna County Indl. Dev. Auth. Rev. (Univ. of Scranton Proj.) Series 2017: | | | |
| 5% 11/1/24 | | 590,000 | 689,775 |
| 5% 11/1/25 | | 665,000 | 801,618 |
| 5% 11/1/27 | | 1,105,000 | 1,394,842 |
| Lancaster County Hosp. Auth. Health Ctr. Rev. Series 2016: | | | |
| 5% 8/15/31 | | 1,000,000 | 1,210,470 |
| 5% 8/15/33 | | 1,000,000 | 1,200,040 |
| 5% 8/15/34 | | 1,000,000 | 1,197,530 |
| 5% 8/15/36 | | 1,000,000 | 1,190,480 |
| Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39 | | 4,010,000 | 4,691,540 |
| Lehigh County Gen. Purp. Hosp. Rev. Series 2019 A: | | | |
| 5% 7/1/36 | | 2,905,000 | 3,622,012 |
| 5% 7/1/44 | | 5,000,000 | 6,092,050 |
| Lower Paxton Township Series 2014: | | | |
| 5% 4/1/40 | | 3,420,000 | 3,897,158 |
| 5% 4/1/44 | | 1,295,000 | 1,469,449 |
| Monroe County Hosp. Auth. Rev. Series 2016, 5% 7/1/33 | | 3,675,000 | 4,321,874 |
| Montgomery County Higher Ed. & Health Auth. Rev.: | | | |
| Series 2014 A: | | | |
| 5% 10/1/20 | | 215,000 | 215,000 |
| 5% 10/1/21 | | 245,000 | 252,763 |
| 5% 10/1/22 | | 275,000 | 291,965 |
| 5% 10/1/23 | | 1,305,000 | 1,421,680 |
| 5% 10/1/24 | | 335,000 | 373,766 |
| 5% 10/1/25 | | 750,000 | 834,570 |
| 5% 10/1/26 | | 1,000,000 | 1,107,390 |
| 5% 10/1/27 | | 1,000,000 | 1,103,230 |
| Series 2016 A, 5% 10/1/40 | | 4,000,000 | 4,385,000 |
| Series 2018 A, 5% 9/1/26 | | 1,500,000 | 1,832,220 |
| Series 2019: | | | |
| 4% 9/1/34 | | 2,500,000 | 2,794,600 |
| 4% 9/1/35 | | 1,400,000 | 1,558,256 |
| 4% 9/1/36 | | 1,200,000 | 1,329,816 |
| 4% 9/1/37 | | 1,000,000 | 1,104,310 |
| Montgomery County Indl. Dev. Auth.: | | | |
| Series 2015 A, 5.25% 1/15/36 | | 2,000,000 | 2,120,560 |
| Series 2017: | | | |
| 5% 12/1/33 | | 2,150,000 | 2,645,575 |
| 5% 12/1/35 | | 1,000,000 | 1,223,490 |
| 5% 12/1/36 | | 2,660,000 | 3,243,976 |
| 5% 12/1/37 | | 1,515,000 | 1,842,801 |
| Montour School District Series 2015 A: | | | |
| 5% 4/1/41 | | 1,000,000 | 1,174,880 |
| 5% 4/1/42 | | 1,000,000 | 1,171,710 |
| Northampton County Gen. Purp. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2018 A: | | | |
| 4% 8/15/48 | | 4,500,000 | 4,876,875 |
| 5% 8/15/43 | | 2,000,000 | 2,363,380 |
| 5% 8/15/48 | | 2,500,000 | 2,931,000 |
| Northampton County Gen. Purp. College Rev. (Lafayette College Proj.) Series 2017, 5% 11/1/47 | | 2,170,000 | 2,565,222 |
| Pennsylvania Ctfs. Prtn. Series 2018 A: | | | |
| 5% 7/1/28 | | 400,000 | 511,436 |
| 5% 7/1/29 | | 300,000 | 381,156 |
| 5% 7/1/30 | | 375,000 | 473,828 |
| 5% 7/1/31 | | 425,000 | 534,297 |
| Pennsylvania Higher Edl. Facilities Auth. Rev.: | | | |
| (Drexel Univ. Proj.) Series 2016, 5% 5/1/35 | | 2,000,000 | 2,326,420 |
| (Thomas Jefferson Univ. Proj.) Series 2012: | | | |
| 5% 3/1/22 | | 275,000 | 292,292 |
| 5% 3/1/23 | | 585,000 | 633,303 |
| First Series 2012: | | | |
| 5% 4/1/21 | | 500,000 | 511,667 |
| 5% 4/1/22 | | 600,000 | 641,718 |
| 5% 4/1/23 (Pre-Refunded to 4/1/22 @ 100) | | 800,000 | 857,880 |
| 5% 4/1/24 (Pre-Refunded to 4/1/22 @ 100) | | 1,100,000 | 1,179,585 |
| Series 2016, 5% 5/1/33 | | 2,200,000 | 2,571,712 |
| Series 2018 A, 5% 2/15/48 | | 4,000,000 | 4,833,440 |
| Series 2019 A: | | | |
| 4% 3/1/37 | | 750,000 | 857,873 |
| 5% 3/1/36 | | 1,000,000 | 1,233,720 |
| 5% 3/1/38 | | 1,000,000 | 1,225,320 |
| 5% 3/1/39 | | 1,000,000 | 1,221,710 |
| Series 2019: | | | |
| 4% 12/1/44 | | 1,000,000 | 1,160,130 |
| 4% 12/1/48 | | 1,000,000 | 1,153,940 |
| Series AT-1 5% 6/15/31 | | 5,000,000 | 5,984,800 |
| Pennsylvania Hsg. Fin. Agcy.: | | | |
| Series 2019 130A, 4% 10/1/49 | | 1,965,000 | 2,150,221 |
| Series 2019 131, 3.5% 4/1/49 | | 4,950,000 | 5,372,780 |
| Series 2020 13 2A, 3.5% 4/1/51 | | 2,000,000 | 2,189,220 |
| Series 2020 133: | | | |
| 5% 10/1/22 | | 350,000 | 382,428 |
| 5% 10/1/23 | | 400,000 | 454,300 |
| 5% 10/1/24 | | 850,000 | 996,948 |
| 5% 10/1/27 | | 650,000 | 822,114 |
| 5% 10/1/28 | | 950,000 | 1,219,173 |
| 5% 4/1/29 | | 100,000 | 129,036 |
| 5% 10/1/29 | | 450,000 | 585,464 |
| Pennsylvania Pub. School Bldg. Auth. School Rev. (The School District of Harrisburg Proj.) Series 2014 B2: | | | |
| 5% 12/1/24 (Build America Mutual Assurance Insured) | | 1,250,000 | 1,459,700 |
| 5% 12/1/25 (Build America Mutual Assurance Insured) | | 1,250,000 | 1,453,575 |
| 5% 12/1/26 (Build America Mutual Assurance Insured) | | 1,250,000 | 1,447,475 |
| 5% 12/1/27 (Build America Mutual Assurance Insured) | | 1,010,000 | 1,166,883 |
| Pennsylvania State Univ.: | | | |
| Series 2015 A: | | | |
| 5% 9/1/30 | | 1,100,000 | 1,321,507 |
| 5% 9/1/31 | | 1,415,000 | 1,693,897 |
| Series 2019 A, 5% 9/1/48 | | 6,390,000 | 8,050,953 |
| Pennsylvania Tpk. Commission Series 2020 B, 5% 12/1/50 (c) | | 5,000,000 | 6,255,850 |
| Pennsylvania Tpk. Commission Tpk. Rev.: | | | |
| (Sub Lien Proj.) Series 2017 B-1, 5% 6/1/34 | | 5,000,000 | 5,984,150 |
| Series 2013 A2: | | | |
| 5% 12/1/28 | | 500,000 | 605,505 |
| 5% 12/1/38 | | 2,500,000 | 3,032,925 |
| Series 2014 A, 5% 12/1/31 | | 865,000 | 994,932 |
| Series 2014 A2, 0% 12/1/40 (d) | | 5,500,000 | 5,632,825 |
| Series 2017 A1: | | | |
| 5% 12/1/30 | | 3,500,000 | 4,393,235 |
| 5% 12/1/31 | | 2,000,000 | 2,500,980 |
| 5% 12/1/33 | | 1,500,000 | 1,853,160 |
| Series 2018 A2, 5% 12/1/43 | | 5,000,000 | 6,105,050 |
| Philadelphia Arpt. Rev.: | | | |
| Series 2017 A, 5% 7/1/42 | | 350,000 | 408,111 |
| Series 2017 B: | | | |
| 5% 7/1/25 (a) | | 5,500,000 | 6,453,370 |
| 5% 7/1/31 (a) | | 1,000,000 | 1,192,770 |
| 5% 7/1/33 (a) | | 2,250,000 | 2,657,610 |
| 5% 7/1/37 (a) | | 5,065,000 | 5,908,424 |
| 5% 7/1/42 (a) | | 4,000,000 | 4,607,480 |
| 5% 7/1/47 (a) | | 3,035,000 | 3,470,219 |
| Philadelphia Auth. for Indl. Dev.: | | | |
| Series 2017, 5% 11/1/47 | | 5,000,000 | 5,247,000 |
| Series 2020 A, 4% 11/1/45 | | 3,825,000 | 4,245,138 |
| Series 2020 C: | | | |
| 4% 11/1/35 | | 1,750,000 | 1,999,865 |
| 4% 11/1/36 | | 1,500,000 | 1,706,700 |
| series 2020 C, 4% 11/1/37 | | 1,255,000 | 1,422,982 |
| Series 2020 C, 4% 11/1/38 | | 1,000,000 | 1,130,140 |
| Philadelphia Gas Works Rev.: | | | |
| Series 9, 5.25% 8/1/40 | | 5,300,000 | 5,320,776 |
| 5% 8/1/29 | | 2,000,000 | 2,363,320 |
| 5% 8/1/30 | | 1,500,000 | 1,767,075 |
| 5% 8/1/31 | | 1,100,000 | 1,292,456 |
| 5% 10/1/33 | | 1,500,000 | 1,798,140 |
| 5% 10/1/34 | | 500,000 | 598,110 |
| Philadelphia Gen. Oblig.: | | | |
| Series 2017 A, 5% 8/1/30 | | 1,500,000 | 1,856,595 |
| Series 2019 B: | | | |
| 5% 2/1/38 | | 3,000,000 | 3,740,340 |
| 5% 2/1/39 | | 2,500,000 | 3,109,625 |
| Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev.: | | | |
| (Children's Hosp. of Philadelphia Proj.) Series 2011 D, 5% 7/1/32 | | 2,500,000 | 2,575,950 |
| Series 2012 A, 5.625% 7/1/36 | | 4,045,000 | 4,284,585 |
| Philadelphia Redev. Auth. Rev.: | | | |
| Series 2012: | | | |
| 5% 4/15/21 | | 1,000,000 | 1,020,949 |
| 5% 4/15/25 | | 2,230,000 | 2,383,156 |
| Series 2015 A, 5% 4/15/29 | | 3,000,000 | 3,518,610 |
| Philadelphia School District: | | | |
| Series 2016 F, 5% 9/1/34 | | 4,000,000 | 4,792,160 |
| Series 2018 A: | | | |
| 5% 9/1/29 | | 1,250,000 | 1,585,338 |
| 5% 9/1/30 | | 1,000,000 | 1,263,450 |
| 5% 9/1/33 | | 1,000,000 | 1,241,950 |
| Series 2019 A: | | | |
| 4% 9/1/37 | | 2,100,000 | 2,397,738 |
| 4% 9/1/38 | | 2,300,000 | 2,613,536 |
| 4% 9/1/39 | | 2,000,000 | 2,263,920 |
| Philadelphia Wtr. & Wastewtr. Rev.: | | | |
| Series 2011 A, 5% 1/1/41 | | 2,715,000 | 2,737,670 |
| Series 2015 B, 5% 7/1/30 | | 3,500,000 | 4,161,885 |
| Series 2017 B: | | | |
| 5% 11/1/29 | | 3,000,000 | 3,818,130 |
| 5% 11/1/30 | | 3,700,000 | 4,684,348 |
| Pittsburgh & Allegheny County Parking Sys. Series 2017: | | | |
| 5% 12/15/31 | | 1,000,000 | 1,187,950 |
| 5% 12/15/32 | | 500,000 | 590,680 |
| 5% 12/15/33 | | 500,000 | 588,390 |
| Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2012, 5% 2/1/25 (FSA Insured) | | 2,250,000 | 2,406,465 |
| Pittsburgh Gen. Oblig. Series 2014: | | | |
| 5% 9/1/23 (Build America Mutual Assurance Insured) | | 575,000 | 653,453 |
| 5% 9/1/28 (Pre-Refunded to 9/1/24 @ 100) | | 1,300,000 | 1,542,034 |
| 5% 9/1/29 (Pre-Refunded to 9/1/24 @ 100) | | 1,015,000 | 1,203,973 |
| 5% 9/1/31 (Pre-Refunded to 9/1/24 @ 100) | | 1,165,000 | 1,381,900 |
| 5% 9/1/32 (Pre-Refunded to 9/1/24 @ 100) | | 1,000,000 | 1,186,180 |
| Pittsburgh School District Series 2015, 5% 9/1/23 (FSA Insured) | | 1,085,000 | 1,233,721 |
| Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev.: | | | |
| Series 2019 A, 5% 9/1/44 (FSA Insured) | | 3,600,000 | 4,483,548 |
| Series 2019 B: | | | |
| 4% 9/1/34 (FSA Insured) | | 2,000,000 | 2,368,840 |
| 4% 9/1/35 (FSA Insured) | | 400,000 | 471,712 |
| Reading School District Series 2017: | | | |
| 5% 3/1/35 (FSA Insured) | | 1,000,000 | 1,208,950 |
| 5% 3/1/36 (FSA Insured) | | 1,050,000 | 1,260,294 |
| 5% 3/1/37 (FSA Insured) | | 1,600,000 | 1,911,600 |
| Saint Mary Hosp. Auth. Health Sys. Rev. (Trinity Health Proj.) Series 2012 B, 5% 11/15/26 | | 1,000,000 | 1,233,990 |
| Southcentral Pennsylvania Gen. Auth. Rev.: | | | |
| Series 2015: | | | |
| 4% 12/1/30 | | 1,040,000 | 1,152,185 |
| 5% 12/1/20 | | 30,000 | 30,215 |
| 5% 12/1/22 | | 30,000 | 32,803 |
| 5% 12/1/27 | | 1,480,000 | 1,756,272 |
| 5% 12/1/29 | | 1,000,000 | 1,172,300 |
| Series 2019 A, 4% 6/1/49 | | 4,650,000 | 5,243,387 |
| Susquehanna Area Reg'l. Arp Auth. Series 2017: | | | |
| 5% 1/1/35 (a) | | 1,000,000 | 1,051,170 |
| 5% 1/1/38 (a) | | 1,125,000 | 1,167,761 |
| Union County Hosp. Auth. Rev. Series 2018 B, 5% 8/1/48 | | 6,000,000 | 6,803,760 |
| West Mifflin Area School District Series 2016: | | | |
| 5% 4/1/24 (FSA Insured) | | 1,250,000 | 1,433,250 |
| 5% 4/1/26 (FSA Insured) | | 1,000,000 | 1,218,590 |
| 5% 4/1/28 (FSA Insured) | | 1,390,000 | 1,711,048 |
| West Shore Area Auth. Hosp. Rev. Series 2011 B, 5.75% 1/1/41 (Pre-Refunded to 1/1/22 @ 100) | | 1,500,000 | 1,603,455 |
| Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 A, 5% 7/1/25 | | 4,465,000 | 4,478,842 |
| Westmoreland County Muni. Auth. Muni. Svc. Rev. Series 2001 A, 0% 8/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 6,550,000 | 6,497,666 |
|
| TOTAL PENNSYLVANIA | | | 468,461,267 |
|
| Pennsylvania, New Jersey - 1.3% | | | |
| Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev. Series 2012 A: | | | |
| 5% 7/1/22 | | 500,000 | 541,105 |
| 5% 7/1/23 | | 1,000,000 | 1,082,050 |
| Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2018 A: | | | |
| 5% 1/1/37 | | 1,000,000 | 1,219,670 |
| 5% 1/1/38 | | 1,300,000 | 1,575,197 |
| 5% 1/1/39 | | 1,000,000 | 1,208,150 |
| 5% 1/1/40 | | 1,100,000 | 1,325,280 |
|
| TOTAL PENNSYLVANIA, NEW JERSEY | | | 6,951,452 |
|
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $448,786,414) | | | 476,156,203 |
|
| Municipal Notes - 1.8% | | | |
| Pennsylvania - 1.8% | | | |
| Southcentral Pennsylvania Gen. Auth. Rev. Series 2019 E, 0.1% 10/1/20 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (b) | | | |
| (Cost $9,600,001) | | 9,600,000 | 9,599,991 |
| TOTAL INVESTMENT IN SECURITIES - 93.1% | | | |
| (Cost $458,386,415) | | | 485,756,194 |
| NET OTHER ASSETS (LIABILITIES) - 6.9% | | | 35,845,832 |
| NET ASSETS - 100% | | | $521,602,026 |
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
(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 or a portion of the security purchased on a delayed delivery or when-issued basis.
(d) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.
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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