Investment Portfolio - September 30, 2023
(unaudited)
DIVERSIFIED TAX EXEMPT SERIES | PRINCIPAL | |||||||
AMOUNT1 / | ||||||||
SHARES | VALUE | |||||||
MUNICIPAL BONDS - 90.1% | ||||||||
ALABAMA - 0.4% | ||||||||
Cullman Utilities Board Water Division, Revenue Bond, AGM, 4.000%, 9/1/2025 | 1,000,000 | $ | 998,800 | |||||
ALASKA - 0.7% | ||||||||
Alaska Municipal Bond Bank Authority | ||||||||
Electric Light & Power Impt., Revenue Bond, 5.000%, 12/1/2025 | 750,000 | 764,106 | ||||||
Electric Light & Power Impt., Revenue Bond, 5.000%, 12/1/2030 | 875,000 | 934,734 | ||||||
1,698,840 | ||||||||
CALIFORNIA - 0.6% | ||||||||
California, G.O. Bond, 5.000%, 8/1/2025 | 1,410,000 | 1,447,076 | ||||||
COLORADO - 0.8% | ||||||||
Denver Wastewater Management Division Department of Public Works, Public Impt., Revenue Bond, 5.000%, 11/1/2029 | 750,000 | 801,680 | ||||||
E-470 Public Highway Authority, Senior Lien, Series A, Revenue Bond, 5.000%, 9/1/2026 | 1,000,000 | 1,033,689 | ||||||
1,835,369 | ||||||||
DISTRICT OF COLUMBIA - 3.2% | ||||||||
District of Columbia | ||||||||
Public Impt., Series A, G.O. Bond, 5.000%, 10/15/2036 | 1,265,000 | 1,329,351 | ||||||
Public Impt., Series A, G.O. Bond, 5.000%, 1/1/2041 | 2,000,000 | 2,111,333 | ||||||
School Impt., Series A, Revenue Bond, 5.000%, 7/1/2041 | 1,115,000 | 1,165,662 | ||||||
School Impt., Series A, Revenue Bond, 5.000%, 7/1/2042 | 1,895,000 | 1,972,460 | ||||||
District of Columbia Water & Sewer Authority, Water Utility Impt., Series B, Revenue Bond, 5.000%, 10/1/2047 | 1,000,000 | 1,024,466 | ||||||
7,603,272 | ||||||||
FLORIDA - 8.1% | ||||||||
Broward County, Water & Sewer Utility, Sewer Impt., Series A, Revenue Bond, 5.000%, 10/1/2038 | 4,000,000 | 4,163,466 | ||||||
Central Florida Expressway Authority | ||||||||
Senior Lien, Revenue Bond, 5.000%, 7/1/2024 | 500,000 | 503,440 | ||||||
Senior Lien, Revenue Bond, 5.000%, 7/1/2027 | 500,000 | 521,328 | ||||||
Senior Lien, Revenue Bond, 5.000%, 7/1/2038 | 530,000 | 539,339 | ||||||
Florida | ||||||||
Series A, G.O. Bond, 5.000%, 6/1/2025 | 1,857,000 | 1,893,735 | ||||||
Series B, G.O. Bond, 5.000%, 6/1/2024 | 930,000 | 936,991 | ||||||
Florida Department of Transportation Turnpike System, Series B, Revenue Bond, 2.500%, 7/1/2026 | 505,000 | 480,018 |
PRINCIPAL | ||||||||
AMOUNT1 / | ||||||||
SHARES | VALUE | |||||||
MUNICIPAL BONDS (continued) | ||||||||
FLORIDA (continued) | ||||||||
Fort Lauderdale, Public Impt., Series A, G.O. Bond, 5.000%, 7/1/2043 | 1,010,000 | $ | 1,066,121 | |||||
JEA Electric System, Series A, Revenue Bond, 5.000%, 10/1/2028 | 1,000,000 | 1,050,525 | ||||||
Miami-Dade County, Revenue Bond, 5.000%, 4/1/2028 | 1,015,000 | 1,073,832 | ||||||
Miami-Dade County, Water & Sewer System, Sewer Impt., Revenue Bond, 5.000%, 10/1/2028 | 2,000,000 | 2,121,220 | ||||||
Orlando Utilities Commission, Series C, Revenue Bond, 5.000%, 10/1/2025 | 665,000 | 680,775 | ||||||
School District of Broward County, School Impt., G.O. Bond, 5.000%, 7/1/2032 | 1,895,000 | 2,068,947 | ||||||
Tampa, Water & Wastewater System, Water Utility Impt., Series A, Revenue Bond, 5.000%, 10/1/2034 | 950,000 | 1,042,560 | ||||||
Tampa-Hillsborough County Expressway Authority, Highway Impt., Series A, Revenue Bond, BAM, 5.000%, 7/1/2028 | 1,000,000 | 1,049,530 | ||||||
19,191,827 | ||||||||
GEORGIA - 2.7% | ||||||||
Atlanta, Series A-1, G.O. Bond, 5.000%, 12/1/2042 | 800,000 | 833,234 | ||||||
Georgia, School Impt., Series A, G.O. Bond, 5.000%, 7/1/2033 | 5,000,000 | 5,488,499 | ||||||
6,321,733 | ||||||||
HAWAII - 1.9% | ||||||||
City & County of Honolulu, Transit Impt., Series E, G.O. Bond, 5.000%, 3/1/2027 | 2,000,000 | 2,086,281 | ||||||
Hawaii | ||||||||
Series FE, G.O. Bond, 5.000%, 10/1/2025 | 1,505,000 | 1,540,486 | ||||||
Series GJ, G.O. Bond, 1.033%, 8/1/2025 | 500,000 | 463,187 | �� | |||||
Honolulu County, Series E, G.O. Bond, 5.000%, 9/1/2028 | 500,000 | 525,077 | ||||||
4,615,031 | ||||||||
ILLINOIS - 3.3% | ||||||||
Aurora, Waterworks & Sewerage, Series B, Revenue Bond, 3.000%, 12/1/2023 | 625,000 | 623,821 | ||||||
Illinois, Public Impt., Series A, G.O. Bond, 5.000%, 11/1/2024 | 1,800,000 | 1,814,707 | ||||||
Illinois Municipal Electric Agency | ||||||||
Series A, Revenue Bond, 5.000%, 2/1/2025 | 2,000,000 | 2,024,895 | ||||||
Series A, Revenue Bond, 5.000%, 2/1/2026 | 730,000 | 742,937 | ||||||
Illinois State Toll Highway Authority | ||||||||
Highway Impt., Series B, Revenue Bond, 5.000%, 1/1/2038 | 1,050,000 | 1,067,831 | ||||||
Series B, Revenue Bond, 5.000%, 1/1/2031 | 1,500,000 | 1,602,952 | ||||||
7,877,143 |
1
Investment Portfolio - September 30, 2023
(unaudited)
DIVERSIFIED TAX EXEMPT SERIES | PRINCIPAL | |||||||
AMOUNT1 / | ||||||||
SHARES | VALUE | |||||||
MUNICIPAL BONDS (continued) | ||||||||
INDIANA - 0.4% | ||||||||
South Bend Sewage Works, Revenue Bond, 3.000%, 12/1/2025 | 1,075,000 | $ | 1,056,145 | |||||
IOWA - 0.4% | ||||||||
Des Moines, Stormwater Utility, Public Impt., Series B, Revenue Bond, 5.000%, 6/1/2031 | 865,000 | 939,714 | ||||||
KANSAS - 0.2% | ||||||||
Wichita, Water & Sewer Utility, Series A, Revenue Bond, 5.000%, 10/1/2024 | 500,000 | 505,034 | ||||||
KENTUCKY - 1.7% | ||||||||
Kentucky Municipal Power Agency, Series A, Revenue Bond, NATL, 5.000%, 9/1/2024 | 1,355,000 | 1,354,379 | ||||||
Louisville/Jefferson County Metropolitan Government, Public Impt., G.O. Bond, 4.900%, 11/15/2023 | 2,760,000 | 2,757,512 | ||||||
4,111,891 | ||||||||
LOUISIANA - 0.2% | ||||||||
New Orleans, Sewer Impt., Series B, Revenue Bond, 5.000%, 6/1/2027 | 500,000 | 517,880 | ||||||
MAINE - 0.5% | ||||||||
Maine Municipal Bond Bank, Highway Impt., Series A, Revenue Bond, 5.000%, 9/1/2027 | 675,000 | 701,726 | ||||||
Maine Turnpike Authority, Highway Impt., Revenue Bond, 5.000%, 7/1/2033 | 550,000 | 594,926 | ||||||
1,296,652 | ||||||||
MARYLAND - 5.3% | ||||||||
Baltimore County, G.O. Bond, 5.000%, 8/1/2028 | 1,000,000 | 1,066,338 | ||||||
Frederick County, Public Impt., G.O. Bond, 5.000%, 4/1/2035 | 1,750,000 | 1,939,406 | ||||||
Maryland | ||||||||
School Impt., Series A, G.O. Bond, 5.000%, 8/1/2028 | 905,000 | 965,473 | ||||||
School Impt., Series A, G.O. Bond, 5.000%, 3/1/2033 | 5,000,000 | 5,458,584 | ||||||
School Impt., Series A, G.O. Bond, 5.000%, 8/1/2035 | 1,000,000 | 1,070,878 | ||||||
Series B, G.O. Bond, 5.000%, 8/1/2025 | 1,000,000 | 1,022,149 | ||||||
Maryland Health & Higher Educational Facilities Authority, Prerefunded Balance, Revenue Bond, 5.000%, 7/1/2030 | 1,010,000 | 1,029,829 | ||||||
12,552,657 | ||||||||
MASSACHUSETTS - 4.2% | ||||||||
Commonwealth of Massachusetts | ||||||||
Series B, G.O. Bond, 5.000%, 7/1/2029 | 775,000 | 837,170 | ||||||
Transit Impt., Series C, G.O. Bond, 5.000%, 10/1/2047 | 5,000,000 | 5,182,772 |
PRINCIPAL | ||||||||
AMOUNT1 / | ||||||||
SHARES | VALUE | |||||||
MUNICIPAL BONDS (continued) | ||||||||
MASSACHUSETTS (continued) | ||||||||
Massachusetts | ||||||||
Public Impt., Series D, G.O. Bond, 5.000%, 4/1/2026 | 1,095,000 | $ | 1,131,181 | |||||
Series B, G.O. Bond, 5.000%, 7/1/2024 | 410,000 | 413,637 | ||||||
The Massachusetts Clean Water Trust, Water Utility Impt., Revenue Bond, 5.000%, 2/1/2030 | 2,100,000 | 2,272,343 | ||||||
9,837,103 | ||||||||
MINNESOTA - 0.4% | ||||||||
Minnesota, Public Impt., Series A, G.O. Bond, 5.000%, 8/1/2026 | 1,030,000 | 1,053,960 | ||||||
MISSISSIPPI - 0.2% | ||||||||
Mississippi, Series E, G.O. Bond, 1.122%, 10/1/2025 | 500,000 | 461,079 | ||||||
MISSOURI - 1.9% | ||||||||
Clayton, G.O. Bond, 4.000%, 3/15/2028 | 510,000 | 521,142 | ||||||
Columbia School District, Series B, G.O. Bond, 5.000%, 3/1/2026 | 1,635,000 | 1,686,422 | ||||||
Kansas City, Sanitary Sewer System, Sewer Impt., Series A, Revenue Bond, 4.000%, 1/1/2025 | 750,000 | 751,471 | ||||||
Missouri Joint Municipal Electric Utility Commission, Prairie Street Project, Revenue Bond, 5.000%, 1/1/2027 | 1,410,000 | 1,457,158 | ||||||
4,416,193 | ||||||||
NEBRASKA - 2.1% | ||||||||
Lincoln Electric System Revenue, Series A, Prerefunded Balance, Revenue Bond, 5.000%, 9/1/2030 | 1,000,000 | 1,022,387 | ||||||
Nebraska Public Power District, Series B, Revenue Bond, 5.000%, 1/1/2030 | 640,000 | 684,946 | ||||||
Omaha Public Power District | ||||||||
Series A, Revenue Bond, 5.000%, 2/1/2031 | 1,000,000 | 1,055,505 | ||||||
Series A, Revenue Bond, 5.000%, 2/1/2046 | 2,065,000 | 2,124,881 | ||||||
4,887,719 | ||||||||
NEVADA - 0.5% | ||||||||
Washoe County School District, School Impt., Series A, G.O. Bond, 5.000%, 10/1/2025 | 1,230,000 | 1,256,053 | ||||||
NEW JERSEY - 1.3% | ||||||||
New Jersey Economic Development Authority | ||||||||
Revenue Bond, 5.000%, 6/15/2028 | 700,000 | 734,685 | ||||||
School Impt., Revenue Bond, 5.000%, 6/15/2029 | 750,000 | 789,632 | ||||||
New Jersey Transportation Trust Fund Authority, Transit Impt., Series AA, Revenue Bond, 5.000%, 6/15/2026 | 1,445,000 | 1,466,032 | ||||||
2,990,349 | ||||||||
2
Investment Portfolio - September 30, 2023
(unaudited)
DIVERSIFIED TAX EXEMPT SERIES | PRINCIPAL | |||||||
AMOUNT1 / | ||||||||
SHARES | VALUE | |||||||
MUNICIPAL BONDS (continued) | ||||||||
NEW MEXICO - 0.8% | ||||||||
Albuquerque, Series D, G.O. Bond, 5.000%, 7/1/2025 | 1,000,000 | $ | 1,020,152 | |||||
Bernalillo County, Public Impt., Recreational Facility Impt., G.O. Bond, 4.000%, 8/15/2024 | 785,000 | 786,410 | ||||||
1,806,562 | ||||||||
NEW YORK - 12.6% | ||||||||
Metropolitan Transportation Authority, Transit Impt., Green Bond, Series C-1, Revenue Bond, 4.750%, 11/15/2045 | 2,000,000 | 1,859,473 | ||||||
New York, Public Impt., Series D, G.O. Bond, 5.000%, 12/1/2042 | 1,500,000 | 1,530,817 | ||||||
New York City | ||||||||
Public Impt., Subseries F-3, G.O. Bond, 5.000%, 12/1/2024 | 825,000 | 835,503 | ||||||
Series B-1, G.O. Bond, 5.000%, 8/1/2027 | 1,600,000 | 1,673,730 | ||||||
Series D, G.O. Bond, 1.216%, 8/1/2026 | 1,200,000 | 1,072,877 | ||||||
Series E, G.O. Bond, 5.000%, 8/1/2026 | 1,905,000 | 1,968,809 | ||||||
New York City Municipal Water Finance Authority, Series EE, Revenue Bond, 5.000%, 6/15/2040 | 3,500,000 | 3,594,036 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Series A-1, Revenue Bond, 5.000%, 8/1/2044 | 3,500,000 | 3,595,586 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Public Impt., Revenue Bond, 3.650%, 11/1/2024 | 635,000 | 621,563 | ||||||
New York State Dormitory Authority | ||||||||
Public Impt., Series C, Revenue Bond, 5.652%, 2/15/2030 | 1,000,000 | 1,012,174 | ||||||
School Impt., Series E, Revenue Bond, AGM, 5.000%, 10/1/2025 | 860,000 | 860,329 | ||||||
Series C, Prerefunded Balance, Revenue Bond, 0.887%, 3/15/2025 | 950,000 | 890,234 | ||||||
Series C, Prerefunded Balance, Revenue Bond, 1.187%, 3/15/2026 | 1,110,000 | 1,005,924 | ||||||
New York State Thruway Authority, Series B, Revenue Bond, 4.000%, 1/1/2038 | 2,390,000 | 2,220,751 | ||||||
New York State Urban Development Corp. | ||||||||
Correctional Facility Impt., Revenue Bond, 5.250%, 3/15/2038 | 5,000,000 | 5,369,895 | ||||||
Economic Impt., Correctional Facility Impt., Series B, Revenue Bond, 2.020%, 3/15/2024 | 475,000 | 467,160 | ||||||
Port Authority of New York & New Jersey, Airport & Marina Impt., Consolidated Series 222, Revenue Bond, 5.000%, 7/15/2032 | 1,185,000 | 1,273,444 | ||||||
29,852,305 |
PRINCIPAL | ||||||||
AMOUNT1 / | ||||||||
SHARES | VALUE | |||||||
MUNICIPAL BONDS (continued) | ||||||||
NORTH CAROLINA - 2.9% | ||||||||
Charlotte, Water & Sewer System, Revenue Bond, 5.000%, 7/1/2024 | 1,235,000 | $ | 1,245,980 | |||||
Mecklenburg County, School Impt., G.O. Bond, 5.000%, 3/1/2030 | 3,675,000 | 3,999,976 | ||||||
North Carolina Turnpike Authority, Highway Impt., Prerefunded Balance, Revenue Bond, 5.000%, 2/1/2024 | 1,500,000 | 1,502,284 | ||||||
6,748,240 | ||||||||
NORTH DAKOTA - 2.1% | ||||||||
Fargo | ||||||||
Public Impt., Series A, G.O. Bond, 5.000%, 5/1/2038 | 2,235,000 | 2,375,137 | ||||||
Public Impt., Series A, G.O. Bond, 5.000%, 5/1/2039 | 2,350,000 | 2,484,647 | ||||||
4,859,784 | ||||||||
OHIO - 3.6% | ||||||||
Cincinnati, Public Impt., Series A, G.O. Bond, 5.000%, 12/1/2027 | 1,100,000 | 1,160,026 | ||||||
Cincinnati, Water System, Water Utility Impt., Series A, Revenue Bond, 5.000%, 12/1/2032 | 1,410,000 | 1,550,517 | ||||||
Hamilton County, Parking Facility Impt., Series A, G.O. Bond, 5.000%, 12/1/2037 | 1,000,000 | 1,048,894 | ||||||
Mason | ||||||||
Recreational Facility Impt., Series A, G.O. Bond, 3.000%, 12/1/2023 | 595,000 | 593,871 | ||||||
Recreational Facility Impt., Series B, G.O. Bond, 2.000%, 12/1/2023 | 680,000 | 677,637 | ||||||
Ohio | ||||||||
Public Impt., Series A, G.O. Bond, 5.000%, 3/1/2041 | 1,845,000 | 1,946,039 | ||||||
Series A, G.O. Bond, 5.000%, 6/15/2028 | 500,000 | 533,244 | ||||||
Series A, G.O. Bond, 5.000%, 6/15/2029 | 1,000,000 | 1,078,927 | ||||||
8,589,155 | ||||||||
PENNSYLVANIA - 2.7% | ||||||||
Pennsylvania Turnpike Commission | ||||||||
Highway Impt., Series A, Revenue Bond, 5.000%, 12/1/2029 | 750,000 | 799,735 | ||||||
Highway Impt., Series A, Revenue Bond, 5.000%, 12/1/2030 | 850,000 | 905,794 | ||||||
Highway Impt., Series A-1, Revenue Bond, 5.000%, 12/1/2023 | 1,200,000 | 1,201,322 | ||||||
Series A-2, Revenue Bond, 5.000%, 6/1/2028 | 590,000 | 608,487 | ||||||
Philadelphia, Water & Wastewater, Water Utility Impt., Series A, Revenue Bond, 5.000%, 11/1/2040 | 2,450,000 | 2,485,046 | ||||||
Pittsburgh Water & Sewer Authority, Series B, Revenue Bond, AGM, 5.000%, 9/1/2032 | 300,000 | 319,590 | ||||||
6,319,974 |
3
Investment Portfolio - September 30, 2023
(unaudited)
DIVERSIFIED TAX EXEMPT SERIES | PRINCIPAL | |||||||
AMOUNT1 / | ||||||||
SHARES | VALUE | |||||||
MUNICIPAL BONDS (continued) | ||||||||
SOUTH CAROLINA - 0.4% | ||||||||
Charleston, Waterworks & Sewer System, Sewer Impt., Revenue Bond, 5.000%, 1/1/2044 | 850,000 | $ | 877,963 | |||||
TENNESSEE - 3.1% | ||||||||
Clarksville, Electric System, Revenue Bond, 5.000%, 9/1/2029 | 1,015,000 | 1,067,275 | ||||||
Knoxville, Wastewater System, Sewer Impt., Series A, Revenue Bond, 5.000%, 4/1/2032 | 2,500,000 | 2,741,732 | ||||||
Metropolitan Government of Nashville & Davidson County, Water & Sewer, Series B, Revenue Bond, 1.031%, 7/1/2025 | 650,000 | 600,567 | ||||||
Putnam County, G.O. Bond, 5.000%, 4/1/2025 | 500,000 | 508,927 | ||||||
Shelby County, Series A, G.O. Bond, 5.000%, 4/1/2035 | 1,250,000 | 1,300,496 | ||||||
Sullivan County, Correctional Facility Impt., G.O. Bond, 5.000%, 5/1/2027 | 1,000,000 | 1,047,629 | ||||||
7,266,626 | ||||||||
TEXAS - 8.6% | ||||||||
Central Texas Turnpike System, Series C, Revenue Bond, 5.000%, 8/15/2027 | 1,470,000 | 1,472,549 | ||||||
Dallas, Waterworks & Sewer System, Series C, Revenue Bond, 5.000%, 10/1/2028 | 1,715,000 | 1,832,058 | ||||||
Houston, Combined Utility System, Series A, Revenue Bond, 5.000%, 11/15/2031 | 1,140,000 | 1,237,315 | ||||||
Irving, Public Impt., G.O. Bond, 5.000%, 9/15/2032 | 3,030,000 | 3,296,206 | ||||||
North Texas Municipal Water District Water System, Series A, Revenue Bond, 5.000%, 9/1/2027 | 1,500,000 | 1,569,932 | ||||||
North Texas Tollway Authority | ||||||||
Series A, Revenue Bond, 5.000%, 1/1/2026 | 500,000 | 500,739 | ||||||
Series A, Revenue Bond, 5.000%, 1/1/2027 | 2,000,000 | 2,051,832 | ||||||
Series B, Revenue Bond, 5.000%, 1/1/2029 | 925,000 | 978,120 | ||||||
San Antonio Water System, Water Utility Impt., Series A, Revenue Bond, 5.000%, 5/15/2032 | 1,075,000 | 1,130,818 | ||||||
Tarrant County, Highway Impt., G.O. Bond, 5.000%, 7/15/2036 | 2,300,000 | 2,440,803 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III | ||||||||
Revenue Bond, 5.000%, 12/15/2026 | 200,000 | 198,890 | ||||||
Revenue Bond, 5.000%, 12/15/2027 | 600,000 | 595,339 | ||||||
Revenue Bond, 5.000%, 12/15/2028 | 250,000 | 247,472 | ||||||
Texas Water Development Board | ||||||||
Water Utility Impt., Revenue Bond, 5.000%, 10/15/2025 | 1,000,000 | 1,025,008 |
PRINCIPAL | ||||||||
AMOUNT1 / | ||||||||
SHARES | VALUE | |||||||
MUNICIPAL BONDS (continued) | ||||||||
TEXAS (continued) | ||||||||
Texas Water Development Board (continued) | ||||||||
Water Utility Impt., Series B, Revenue Bond, 5.000%, 10/15/2025 | 1,845,000 | $ | 1,891,139 | |||||
20,468,220 | ||||||||
UTAH - 0.4% | ||||||||
Salt Lake City Corp., Series B, G.O. Bond, 5.000%, 6/15/2026 | 830,000 | 859,459 | ||||||
VIRGINIA - 1.8% | ||||||||
Fairfax County, Public Impt., Series A, Prerefunded Balance, G.O. Bond, 5.000%, 10/1/2035 | 3,580,000 | 3,692,653 | ||||||
Richmond, Public Utility, Series B, Revenue Bond, 2.086%, 1/15/2025 | 515,000 | 492,782 | ||||||
4,185,435 | ||||||||
WASHINGTON - 8.0% | ||||||||
King, Sewer County, Revenue Bond, 5.000%, 7/1/2035 | 2,050,000 | 2,129,633 | ||||||
Seattle, Municipal Light & Power, Revenue Bond, 5.000%, 7/1/2041 | 1,040,000 | 1,092,805 | ||||||
Seattle, Water System, Water Utility Impt., Revenue Bond, 5.000%, 9/1/2025 | 3,000,000 | 3,069,355 | ||||||
Tacoma, Electric System, Revenue Bond, 5.000%, 1/1/2046 | 1,030,000 | 1,063,271 | ||||||
Washington | ||||||||
School Impt., Series 2, G.O. Bond, 5.000%, 8/1/2043 | 1,000,000 | 1,040,592 | ||||||
School Impt., Series 2020A, G.O. Bond, 5.000%, 8/1/2032 | 4,255,000 | 4,571,311 | ||||||
School Impt., Series C, G.O. Bond, 5.000%, 2/1/2037 | 3,690,000 | 3,941,888 | ||||||
Series R, G.O. Bond, 5.000%, 8/1/2027 | 2,000,000 | 2,101,283 | ||||||
19,010,138 | ||||||||
WEST VIRGINIA - 0.8% | ||||||||
West Virginia, Series A, G.O. Bond, 5.000%, 6/1/2025 | 1,860,000 | 1,895,586 | ||||||
WISCONSIN - 1.3% | ||||||||
Mid-St. Technical College District, G.O. Bond, 2.000%, 3/1/2024 | 600,000 | 594,447 | ||||||
Milwaukee Metropolitan Sewerage District, Sewer Impt., Series A, G.O. Bond, 4.000%, 10/1/2026 | 1,900,000 | 1,917,711 | ||||||
Western Technical College District, Series A, G.O. Bond, 3.000%, 4/1/2025 | 600,000 | 592,708 | ||||||
3,104,866 | ||||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Identified Cost $229,149,296) | 213,315,833 | |||||||
MUTUAL FUND - 2.7% | ||||||||
iShares National Muni Bond ETF | ||||||||
(Identified Cost $7,083,058) | 62,191 | 6,377,065 |
4
Investment Portfolio - September 30, 2023
(unaudited)
DIVERSIFIED TAX EXEMPT SERIES | PRINCIPAL | |||||||
AMOUNT1 / | ||||||||
SHARES | VALUE | |||||||
U.S. TREASURY SECURITIES - 2.5% | ||||||||
U.S. Treasury Notes - 2.5% | ||||||||
U.S. Treasury Note | ||||||||
0.125%, 1/15/2024 | 1,000,000 | $ | 984,883 | |||||
0.875%, 1/31/2024 | 1,000,000 | 985,078 | ||||||
2.25%, 1/31/2024 | 1,000,000 | 989,492 | ||||||
2.50%, 1/31/2024 | 1,000,000 | 990,273 | ||||||
0.125%, 2/15/2024 | 1,000,000 | 980,586 | ||||||
2.75%, 2/15/2024 | 1,000,000 | 989,883 | ||||||
TOTAL U.S. TREASURY SECURITIES | ||||||||
(Identified Cost $5,934,672) | 5,920,195 | |||||||
U.S. GOVERNMENT SECURITIES - 2.1% | ||||||||
U.S. Treasury Bills - 2.1% | ||||||||
U.S. Treasury Bill | ||||||||
4.948%, 1/25/20242 | 1,000,000 | 983,061 | ||||||
5.058%, 2/22/20242 | 1,000,000 | 978,930 | ||||||
5.336%, 4/18/20242 | 1,000,000 | 970,949 | ||||||
5.379%, 6/13/20242 | 1,000,000 | 962,978 | ||||||
5.391%, 8/8/20242 | 1,000,000 | 955,107 | ||||||
TOTAL U.S. GOVERNMENT SECURITIES | ||||||||
(Identified Cost $4,855,566) | 4,851,025 | |||||||
SHORT-TERM INVESTMENT - 1.6% | ||||||||
Dreyfus Government Cash Management, Institutional Shares, 5.22%3 | ||||||||
(Identified Cost $3,764,088) | 3,764,088 | 3,764,088 | ||||||
TOTAL INVESTMENTS - 99.0% | ||||||||
(Identified Cost $250,786,680) | 234,228,206 | |||||||
OTHER ASSETS, LESS LIABILITIES - 1.0% | 2,456,043 | |||||||
NET ASSETS - 100.0% | $ | 236,684,249 |
ETF - Exchange-Traded Fund
G.O. Bond - General Obligation Bond
Impt. - Improvement
Scheduled principal and interest payments are guaranteed by:
AGM (Assurance Guaranty Municipal Corp.)
BAM (Build America Mutual Assurance Co.)
NATL (National Public Finance Guarantee Corp.)
The insurance does not guarantee the market value of the municipal bonds.
1Amount is stated in USD unless otherwise noted.
2Represents the annualized yield at time of purchase.
3Rate shown is the current yield as of September 30, 2023.
Fair Value Information:
Various inputs are used in determining the value of the Series’ assets or liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant
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Investment Portfolio - September 30, 2023
(unaudited)
observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuation levels used for major security types as of September 30, 2023 in valuing the Series’ assets or liabilities carried at fair value:
DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||
Assets: | ||||||||||||||||
Debt securities: | ||||||||||||||||
Municipal Bonds | $ | 213,315,833 | $ | — | $ | 213,315,833 | $ | — | ||||||||
U.S. Treasury and other U.S. Government agencies | 10,771,220 | — | 10,771,220 | — | ||||||||||||
Mutual fund | 6,377,065 | 6,377,065 | — | — | ||||||||||||
Short-Term Investment | 3,764,088 | 3,764,088 | — | — | ||||||||||||
Total assets | $ | 234,228,206 | $ | 10,141,153 | $ | 224,087,053 | $ | — |
There were no Level 3 securities held by the Series as of December 31, 2022 or September 30, 2023.
The Investment Portfolio should be read in conjunction with the financial statements and notes to financial statements, which are included in the Series’ audited annual report or unaudited semi-annual report. These reports include additional information about the Series’ security valuation policies and about certain security types invested in by the Series.
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