AQUILA TAX-FREE FUND FOR UTAH
SCHEDULE OF INVESTMENTS
December 31, 2020
(unaudited)
| Amount | General Obligation Bonds (12.1%) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| City and County (2.7%) | ||||||||
| Anchorage, Alaska | ||||||||
| $ 600,000 | 4.000%, 04/01/36 Series 2020 E | NR/AAA/AA+ | $ 736,932 | |||||
| Carson City, Nevada | ||||||||
| 1,000,000 | 5.000%, 05/01/28 | A1/AA-/NR | 1,186,700 | |||||
| Clark County, Nevada, Refunding | ||||||||
| 1,000,000 | 3.000%, 06/01/38 Series 2019 | Aa1/AA+/NR | 1,101,540 | |||||
| Henderson, Nevada Limited Tax Utility System | ||||||||
| 1,000,000 | 3.000%, 06/01/37 Series 2020A-1 | Aa2/AA+/NR | 1,120,640 | |||||
| Houston, Texas Public Improvement | ||||||||
| 1,000,000 | 5.000%, 03/01/35 Series A | Aa3/AA/NR | 1,202,540 | |||||
| North Las Vegas, Nevada Limited Tax | ||||||||
| 1,000,000 | 5.000%, 06/01/31 Series 2018 AGMC Insured | A2/AA/NR | 1,247,510 | |||||
| Port of Olympia, Washington Limited Tax | ||||||||
| 1,385,000 | 5.000%, 12/01/31 AMT Series B | Aa2/NR/NR | 1,738,646 | |||||
| Reno, Nevada Capital Improvement Refunding | ||||||||
| 1,000,000 | 5.000%, 06/01/28 | A1/A+/NR | 1,106,270 | |||||
| Rio Grande City, Texas Combination Tax Certificates of Obligation | ||||||||
| 855,000 | 4.000%, 02/15/33 Series 2020 AGMC Insured | NR/AA/NR | 1,014,107 | |||||
| San Antonio, Texas General Improvement Bonds | ||||||||
| 1,000,000 | 4.000%, 08/01/33 Series 2020 | Aaa/AAA/AA+ | 1,239,910 | |||||
| West Fargo, ND Refunding Improvement Bonds | ||||||||
| 1,000,000 | 2.000%, 05/01/27 Series 2020A | A1/NR/NR | 1,050,830 | |||||
| Total City and County | 12,745,625 | |||||||
| Healthcare (0.4%) | ||||||||
| Bexar County, Texas Hospital District Limited Tax | ||||||||
| 500,000 | 4.000%, 02/15/37 Series 2020 | Aa1/NR/AA+ | 605,235 | |||||
| King County, Washington Public Hospital District No. 001, Refunding, Valley Medical Center | ||||||||
| 1,000,000 | 5.000%, 12/01/28 | A2/NR/NR | 1,237,890 | |||||
| Total Healthcare | 1,843,125 | |||||||
| Local Public Property (0.6%) | ||||||||
| Alaska State Municipal Bond Bank | ||||||||
| 540,000 | 5.000%, 02/01/30 AMT | NR/A+/A | 661,149 | |||||
| 565,000 | 5.000%, 02/01/31 AMT | NR/A+/A | 689,176 | |||||
| 590,000 | 5.000%, 02/01/32 AMT | NR/A+/A | 716,750 | |||||
| 670,000 | 4.000%, 12/01/33 | A1/A+/NR | 794,392 | |||||
| Total Local Public Property | 2,861,467 |
| Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Public Schools (6.5%) | ||||||||
| Alvin, Texas Independent School District | ||||||||
| $ 1,000,000 | 4.000%, 02/15/34 PSF Guaranteed | Aaa/NR/AAA | $ 1,204,790 | |||||
| Austin, Texas Independent School District Unlimited Tax | ||||||||
| 1,000,000 | 4.000%, 08/01/33 Series 2020 PSF Guaranteed | Aaa/NR/NR | 1,262,350 | |||||
| Clark County, Nevada School District Limited Tax | ||||||||
| 2,000,000 | 5.000%, 06/15/29 Series B | A1/A+/NR | 2,579,920 | |||||
| 1,000,000 | 5.000%, 06/15/35 Series B | A1/A+/NR | 1,255,170 | |||||
| 1,500,000 | 3.000%, 06/15/37 Series B AGMC Insured | A1/AA/NR | 1,632,585 | |||||
| 1,645,000 | 5.000%, 06/15/28 Series D | A1/A+/NR | 1,971,565 | |||||
| 2,000,000 | 4.000%, 06/15/30 Series D | A1/A+/NR | 2,273,060 | |||||
| Crandall, Texas Independent School District Unlimited Tax | ||||||||
| 1,010,000 | 3.000%, 08/15/32 Series 2020 PSF Guaranteed | NR/AAA/NR | 1,167,196 | |||||
| Fort Bend, Texas Independent School District Unlimited Tax | ||||||||
| 1,000,000 | 4.000%, 08/15/34 Series 2020A PSF Guaranteed | NR/AAA/AAA | 1,247,090 | |||||
| Lewis County, Washington School District No. 302 Chehalis (School Board Guaranty Program) | ||||||||
| 1,000,000 | 5.000%, 12/01/34 | Aaa/NR/NR | 1,189,700 | |||||
| Lewis & Thurston Counties, Washington School District No. 401 Centalia (School Board Guaranty Program) | ||||||||
| 1,230,000 | 5.000%, 12/01/35 | Aaa/NR/NR | 1,516,209 | |||||
| Midlothian, Texas Independent School District Unlimited Tax | ||||||||
| 1,000,000 | 4.000%, 02/15/37 Series 2020 PSF Guaranteed | Aaa/AAA/NR | 1,224,270 | |||||
| Rio Grande City, Texas Independent School District Unlimited Tax | ||||||||
| 1,000,000 | 3.000%, 08/15/35 Series 2020 PSF Guaranteed | NR/AAA/AAA | 1,133,400 | |||||
| Washington County, Utah School District (School Board Guaranty Program) | ||||||||
| 2,880,000 | 5.000%, 03/01/30 Series B | Aaa/NR/AAA | 3,628,080 | |||||
| 3,020,000 | 5.000%, 03/01/31 Series B | Aaa/NR/AAA | 3,791,670 | |||||
| Washoe County, Nevada School Limited Tax Improvement | ||||||||
| 1,000,000 | 4.000%, 10/01/34 Series 2020A | Aa3/AA/NR | 1,214,840 | |||||
| Weatherford, Texas Independent School District Unlimited Tax Refunding | ||||||||
| 365,000 | zero coupon, 02/15/23 Series 2019 PSF Guaranteed | Aaa/NR/NR | 362,237 | |||||
| 530,000 | zero coupon, 02/15/28 Series 2019 PSF Guaranteed | Aaa/NR/NR | 496,753 | |||||
| West Texas Independent School District Unlimited Tax | ||||||||
| 1,360,000 | 3.000%, 08/15/32 Series 2020 PSF Guaranteed | NR/AAA/NR | 1,587,283 | |||||
| Total Public Schools | 30,738,168 | |||||||
| State (1.3%) | ||||||||
| Texas State Transportation Commission Mobility Fund | ||||||||
| 1,000,000 | 5.000%, 10/01/31 Series 2015A | Aaa/AAA/AAA | 1,210,300 |
| Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| State (continued) | ||||||||
| Texas State Water Financial Assistance | ||||||||
| $ 1,000,000 | 5.000%, 08/01/30 Series E | Aaa/AAA/AAA | $ 1,212,230 | |||||
| Utah State | ||||||||
| 1,000,000 | 5.000%, 07/01/28 | Aaa/AAA/AAA | 1,292,810 | |||||
| 1,000,000 | 5.000%, 07/01/29 | Aaa/AAA/AAA | 1,285,310 | |||||
| 1,000,000 | 3.000%, 07/01/34 | Aaa/AAA/AAA | 1,149,400 | |||||
| Total State | 6,150,050 | |||||||
| Water and Sewer (0.6%) | ||||||||
| Central Utah Water Conservancy District Refunding | ||||||||
| 765,000 | 5.000%, 04/01/28 Series B | NR/AA+/AA+ | 773,446 | |||||
| Las Vegas Valley, Nevada Water District Refunding | ||||||||
| 1,200,000 | 5.000%, 06/01/30 Series C | Aa1/AA/NR | 1,221,600 | |||||
| Magna Water District, Utah | ||||||||
| 540,000 | 4.000%, 06/01/21 | NR/AA/NR | 548,494 | |||||
| 490,000 | 4.000%, 06/01/22 | NR/AA/NR | 516,548 | |||||
| Total Water and Sewer | 3,060,088 | |||||||
| Total General Obligation Bonds | 57,398,523 | |||||||
| Revenue Bonds (65.1%) | ||||||||
| Airport (5.7%) | ||||||||
| Brownsville, Texas Combination Tax and Airport, Certificates of Obligation | ||||||||
| 500,000 | 5.000%, 02/15/28 AMT Series 2018 | Aa3/AA/NR | 606,570 | |||||
| Broward County, Florida Port Facilities | ||||||||
| 1,000,000 | 4.000%, 09/01/38 AMT Series B | A1/A/NR | 1,127,890 | |||||
| Houston, Texas Airport System Subordinate Lien Refunding | ||||||||
| 1,000,000 | 5.000%, 07/01/29 AMT Series C | A1/NR/A | 1,264,650 | |||||
| Metropolitan Washington District of Columbia Airport Authority System, Revenue Refunding | ||||||||
| 1,000,000 | 5.000%, 10/01/36 AMT Series A | Aa3/A+/AA- | 1,278,510 | |||||
| Salt Lake City, Utah Airport Revenue, Salt Lake City International Airport | ||||||||
| 1,000,000 | 5.000%, 07/01/26 AMT Series A | A2/A/NR | 1,217,080 | |||||
| 3,750,000 | 5.000%, 07/01/27 AMT Series A | A2/A/NR | 4,664,850 | |||||
| 1,000,000 | 5.000%, 07/01/27 AMT Series A | A2/A/NR | 1,243,960 | |||||
| 1,000,000 | 5.000%, 07/01/28 AMT Series A | A2/A/NR | 1,265,590 | |||||
| 1,000,000 | 5.000%, 07/01/29 AMT Series A | A2/A/NR | 1,255,720 | |||||
| 3,100,000 | 5.000%, 07/01/30 AMT Series A | A2/A/NR | 3,795,578 | |||||
| 410,000 | 5.000%, 07/01/34 AMT Series A | A2/A/NR | 495,149 | |||||
| 1,000,000 | 5.000%, 07/01/47 AMT Series A | A2/A/NR | 1,187,110 | |||||
| 1,240,000 | 5.000%, 07/01/30 Series B | A2/A/NR | 1,544,370 | |||||
| 850,000 | 5.000%, 07/01/31 Series B | A2/A/NR | 1,054,850 | |||||
| 500,000 | 5.000%, 07/01/31 Series B | A2/A/NR | 634,190 | |||||
| 1,525,000 | 5.000%, 07/01/37 Series B | A2/A/NR | 1,860,668 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Airport (continued) | ||||||||
| Williston City, North Dakota Airport Revenue Infrastructure Sales Tax | ||||||||
| $ 2,365,000 | 4.000%, 11/01/28 | NR/A+/NR | $ 2,568,532 | |||||
| Total Airport | 27,065,267 | |||||||
| Charter Schools (8.5%) | ||||||||
| Utah State Charter School Finance Authority Entheos Academy (School Board Guaranty Program) | ||||||||
| 1,375,000 | 4.000%, 10/15/30 Series 2020A | Aa2/NR/NR | 1,662,678 | |||||
| Utah State Charter School Finance Authority George Washington Academy | ||||||||
| 1,500,000 | 5.000%, 04/15/35 Series 2015 | NR/AA/NR | 1,671,195 | |||||
| Utah State Charter School Finance Authority Good Foundations Academy | ||||||||
| 450,000 | 4.750%, 11/15/24 Series A 144A | NR/NR/NR* | 450,531 | |||||
| 1,655,000 | 5.550%, 11/15/34 Series A 144A | NR/NR/NR* | 1,657,168 | |||||
| 3,280,000 | 5.850%, 11/15/44 Series A 144A | NR/NR/NR* | 3,284,034 | |||||
| Utah State Charter School Finance Authority Hawthorn Academy Project | ||||||||
| 2,165,000 | 5.000%, 10/15/29 Series 2014 | NR/AA/NR | 2,486,286 | |||||
| Utah State Charter School Finance Authority Lakeview Academy | ||||||||
| 1,300,000 | 5.000%, 10/15/35 Series 2015 | NR/AA/NR | 1,513,954 | |||||
| Utah State Charter School Finance Authority Legacy Preparatory Academy | ||||||||
| 405,000 | 4.000%, 04/15/22 | NR/AA/NR | 422,869 | |||||
| 440,000 | 4.000%, 04/15/24 | NR/AA/NR | 485,109 | |||||
| 2,530,000 | 5.000%, 04/15/29 | NR/AA/NR | 2,909,525 | |||||
| Utah State Charter School Finance Authority Monticello Academy (School Board Guaranty Program) | ||||||||
| 1,000,000 | 5.000%, 04/15/37 Series 2014 | NR/AA/NR | 1,110,730 | |||||
| Utah State Charter School Finance Authority Ogden Preparatory Academy (School Board Guaranty Program) | ||||||||
| 475,000 | 4.000%, 10/15/22 | NR/AA/NR | 504,037 | |||||
| 505,000 | 4.000%, 10/15/23 | NR/AA/NR | 533,785 | |||||
| 525,000 | 4.000%, 10/15/24 | NR/AA/NR | 555,282 | |||||
| Utah State Charter School Finance Authority Providence Hall Elementary School (School Board Guaranty Program) | ||||||||
| 1,000,000 | 5.250%, 10/15/28 Series 2013A | NR/AA/NR | 1,119,780 | |||||
| 1,000,000 | 5.000%, 10/15/33 Series 2013A | NR/AA/NR | 1,103,050 | |||||
| Utah State Charter School Finance Authority Quest Academy | ||||||||
| 500,000 | 5.000%, 04/15/37 | NR/AA/NR | 579,640 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Charter Schools (continued) | ||||||||
| Utah State Charter School Finance Authority Salt Lake Arts Academy (School Board Guaranty Program) | ||||||||
| $ 1,000,000 | 3.000%, 04/15/40 Series 2020A | NR/AA/NR | $ 1,074,940 | |||||
| Utah State Charter School Finance Authority Utah Charter Academies | ||||||||
| 500,000 | 5.000%, 10/15/25 Series 2018 | NR/AA/NR | 595,805 | |||||
| 500,000 | 5.000%, 10/15/27 Series 2018 | NR/AA/NR | 623,420 | |||||
| 475,000 | 5.000%, 10/15/28 Series 2018 | NR/AA/NR | 592,149 | |||||
| Utah State Charter School Finance Authority Venture Academy | ||||||||
| 550,000 | 4.000%, 10/15/24 | NR/AA/NR | 590,040 | |||||
| 855,000 | 5.000%, 10/15/29 | NR/AA/NR | 981,882 | |||||
| 1,095,000 | 5.000%, 10/15/34 | NR/AA/NR | 1,241,785 | |||||
| 1,095,000 | 5.000%, 10/15/38 | NR/AA/NR | 1,233,156 | |||||
| Utah State Charter School Finance Authority Vista School | ||||||||
| 1,080,000 | 4.000%, 10/15/35 | Aa2/NR/NR | 1,303,798 | |||||
| Utah State Charter School Finance Authority Voyage Academy | ||||||||
| 1,095,000 | 5.000%, 03/15/27 144A | NR/NR/NR* | 1,095,909 | |||||
| 2,440,000 | 5.500%, 03/15/37 144A | NR/NR/NR* | 2,441,757 | |||||
| 4,785,000 | 5.600%, 03/15/47 144A | NR/NR/NR* | 4,787,967 | |||||
| Utah State Charter School Finance Authority Wasatch Peak Academy Project (School Board Guaranty Program) | ||||||||
| 740,000 | 5.000%, 10/15/29 | NR/AA/NR | 805,890 | |||||
| 700,000 | 5.000%, 10/15/36 | NR/AA/NR | 756,714 | |||||
| Total Charter Schools | 40,174,865 | |||||||
| Electric (4.4%) | ||||||||
| Consolidated Wyoming Municipalities Electric Facilities Improvement Lease, Gillette | ||||||||
| 1,000,000 | 5.000%, 06/01/31 | A1/AA-/NR | 1,140,300 | |||||
| Heber Light & Power Co., Utah Electric Revenue Refunding | ||||||||
| 500,000 | 4.000%, 12/15/36 Series 2019 AGMC Insured | A2/AA/AA- | 612,450 | |||||
| 645,000 | 4.000%, 12/15/38 Series 2019 AGMC Insured | A2/AA/AA- | 785,642 | |||||
| Jacksonville Electric Authority, Florida Electric System Revenue | ||||||||
| 35,000 | 4.500%, 10/01/32 Series Three 2012A | A2/A+/AA | 35,324 | |||||
| Lehi, Utah Electric Utility Revenue | ||||||||
| 520,000 | 5.000%, 06/01/29 | NR/A+/NR | 667,519 | |||||
| 850,000 | 5.000%, 06/01/31 | NR/A+/NR | 1,080,886 | |||||
| Lower Colorado River Authority, Texas Revenue Refunding | ||||||||
| 1,000,000 | 5.000%, 05/15/36 Series 2020 | NR/A/AA- | 1,325,290 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Electric (continued) | ||||||||
| Lower Colorado River Authority, Texas Transmission Contract Revenue | ||||||||
| $ 1,000,000 | 5.000%, 05/15/30 | NR/A/A+ | $ 1,181,690 | |||||
| San Antonio, Texas Electric & Gas Revenue System | ||||||||
| 1,250,000 | 4.000%, 02/01/33 | Aa1/AA/AA+ | 1,435,188 | |||||
| Southeast Alaska Power Agency Electric Refunding & Improvement | ||||||||
| 1,170,000 | 5.250%, 06/01/30 | NR/A/NR | 1,368,362 | |||||
| St. George, Utah Electric Revenue | ||||||||
| 1,620,000 | 4.000%, 06/01/32 AGMC Insured | A2/AA/NR | 1,830,001 | |||||
| Utah Associated Municipal Power System Revenue, Horse Butte Wind Project | ||||||||
| 750,000 | 5.000%, 09/01/24 Series A | NR/A-/AA- | 875,768 | |||||
| 445,000 | 5.000%, 09/01/25 Series A | NR/A-/AA- | 538,361 | |||||
| 375,000 | 5.000%, 09/01/30 Series 2017B | NR/A-/AA- | 476,434 | |||||
| Utah Associated Municipal Power System Revenue, Veyo Heat Recovery Project | ||||||||
| 795,000 | 5.000%, 03/01/30 | NR/A/AA- | 929,673 | |||||
| 905,000 | 5.000%, 03/01/32 | NR/A/AA- | 1,053,465 | |||||
| 745,000 | 5.000%, 03/01/34 | NR/A/AA- | 865,891 | |||||
| Utah State Municipal Power Agency Power Supply System Revenue | ||||||||
| 330,000 | 5.000%, 07/01/23 | NR/A+/AA- | 368,353 | |||||
| 3,000,000 | 5.000%, 07/01/38 Series B | NR/A+/AA- | 3,604,920 | |||||
| Wyoming Municipal Power Agency Power Supply System Revenue | ||||||||
| 665,000 | 5.000%, 01/01/27 Series A BAMI Insured | A2/AA/NR | 834,229 | |||||
| Total Electric | 21,009,746 | |||||||
| Healthcare (2.1%) | ||||||||
| Brevard County, Florida Health Facilities Authority Health First Inc. Project | ||||||||
| 750,000 | 5.000%, 04/01/30 | A2/A/NR | 843,608 | |||||
| Harris County, Texas Health Facilities Development Corp., Christus Health | ||||||||
| 540,000 | 4.750%, 07/01/30 AGMC Insured | A1/AA/NR | 541,350 | |||||
| Miami-Dade County, Florida Public Facilities, Jackson Health System | ||||||||
| 1,000,000 | 5.000%, 06/01/29 Series A | Aa3/A+/AA- | 1,176,990 | |||||
| Murray City, Utah Hospital Revenue, IHC Health Services, Inc. VRDN*** | ||||||||
| 7,670,000 | 0.100%, 05/15/37 (daily floating rate) | Aa1/AA+/NR | 7,670,000 | |||||
| Total Healthcare | 10,231,948 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Higher Education (7.0%) | ||||||||
| Salt Lake County, Utah Westminster College Project | ||||||||
| $ 555,000 | 5.000%, 10/01/21 | NR/BBB/NR | $ 566,844 | |||||
| 790,000 | 5.000%, 10/01/22 | NR/BBB/NR | 829,034 | |||||
| 1,970,000 | 5.000%, 10/01/25 | NR/BBB/NR | 2,200,923 | |||||
| 955,000 | 5.000%, 10/01/28 | NR/BBB/NR | 1,055,447 | |||||
| 1,845,000 | 5.000%, 10/01/29 | NR/BBB/NR | 2,087,156 | |||||
| 1,005,000 | 5.000%, 10/01/29 | NR/BBB/NR | 1,106,354 | |||||
| 1,055,000 | 5.000%, 10/01/30 | NR/BBB/NR | 1,158,232 | |||||
| South Dakota Board of Regents, Housing & Auxiliary Facilities System | ||||||||
| 500,000 | 5.000%, 04/01/28 | Aa3/NR/NR | 616,430 | |||||
| University of South Florida Financing Corp., Florida COP Refunding Master Lease Program | ||||||||
| 1,000,000 | 5.000%, 07/01/31 Series A | A1/A+/NR | 1,171,950 | |||||
| Utah State Board of Regents, Dixie State University | ||||||||
| 1,800,000 | 5.000%, 06/01/30 AGMC Insured | NR/AA/NR | 2,124,144 | |||||
| 660,000 | 5.000%, 06/01/35 Series B AGMC Insured | NR/AA/NR | 814,427 | |||||
| 690,000 | 5.000%, 06/01/36 Series B AGMC Insured | NR/AA/NR | 849,266 | |||||
| 1,375,000 | 3.000%, 06/01/36 Series 2019 | NR/AA/NR | 1,513,284 | |||||
| Utah State Board of Regents Lease Revenue | ||||||||
| 425,000 | 4.500%, 05/01/21 AMBAC Insured | NR/AA/NR | 426,343 | |||||
| 450,000 | 4.625%, 05/01/22 AMBAC Insured | NR/AA/NR | 451,458 | |||||
| 120,000 | 4.650%, 05/01/23 AMBAC Insured | NR/AA/NR | 120,386 | |||||
| Utah State Board of Regents, Student Building Fee, Salt Lake Community College | ||||||||
| 1,295,000 | 5.000%, 03/01/26 Series 2018 | NR/AA/NR | 1,546,580 | |||||
| 1,000,000 | 5.000%, 03/01/27 Series 2018 | NR/AA/NR | 1,192,900 | |||||
| Utah State Board of Regents, Student Facilities System Revenue, Weber State University | ||||||||
| 750,000 | 5.000%, 04/01/29 AGMC Insured | NR/AA/NR | 1,006,553 | |||||
| 200,000 | 5.000%, 04/01/30 AGMC Insured | NR/AA/NR | 274,478 | |||||
| Utah State Board of Regents, University of Utah | ||||||||
| 500,000 | 5.000%, 08/01/29 Series A | Aa1/AA+/NR | 641,160 | |||||
| 480,000 | 5.000%, 08/01/33 Series A | Aa1/AA+/NR | 568,570 | |||||
| 600,000 | 5.000%, 08/01/35 Series A | Aa1/AA+/NR | 708,702 | |||||
| 500,000 | 4.000%, 08/01/36 Series A | Aa1/AA+/NR | 560,490 | |||||
| 650,000 | 4.000%, 08/01/37 Series A | Aa1/AA+/NR | 789,666 | |||||
| 1,000,000 | 5.000%, 08/01/35 Series B-1 | Aa1/AA+/NR | 1,218,550 | |||||
| 1,500,000 | 5.000%, 08/01/36 Series B-1 | Aa1/AA+/NR | 1,823,670 | |||||
| Utah State Board of Regents, Utah State University | ||||||||
| 1,105,000 | 4.000%, 12/01/30 Series B | NR/AA/NR | 1,266,197 | |||||
| 2,055,000 | 3.000%, 12/01/36 Series B | NR/AA/NR | 2,194,617 | |||||
| Washington State Higher Education Facilities Authority Revenue, Whitman College Project | ||||||||
| 2,070,000 | 5.000%, 01/01/32 | Aa3/NR/NR | 2,420,348 | |||||
| Total Higher Education | 33,304,159 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Housing (2.9%) | ||||||||
| King County, Washington Housing Authority Pooled Refunding | ||||||||
| $ 2,060,000 | 4.000%, 11/01/34 Series 2019 | NR/AA/NR | $ 2,455,438 | |||||
| 910,000 | 4.000%, 11/01/36 Series 2019 | NR/AAA/NR | 1,098,197 | |||||
| 500,000 | 4.000%, 06/01/35 Series 2020 | NR/AA/NR | 595,990 | |||||
| North Dakota Housing Finance Agency, Home Mortgage Finance Program | ||||||||
| 400,000 | 3.000%, 07/01/27 Series A | Aa1/NR/NR | 448,404 | |||||
| South Dakota Housing Development Authority Homeownership Mortgage | ||||||||
| 250,000 | 1.000%, 05/01/26 Series 2020C | Aaa/AAA/NR | 254,105 | |||||
| 500,000 | 1.350%, 05/01/28 Series 2020C | Aaa/AAA/NR | 508,625 | |||||
| 500,000 | 1.400%, 11/01/28 Series 2020C | Aaa/AAA/NR | 507,275 | |||||
| Texas Department of Housing & Community Affair, Single Family Mortgage | ||||||||
| 955,000 | 2.000%, 03/01/30 Series 2020A GNMA Insured | Aaa/AA+/NR | 1,000,248 | |||||
| Utah Housing Corporation Single Family Mortgage | ||||||||
| 20,000 | 4.950%, 01/01/32 Series A Class II | Aa2/AA/AA | 20,031 | |||||
| 60,000 | 4.500%, 01/01/24 Series A Class III | Aa3/AA-/AA- | 60,086 | |||||
| 1,315,000 | 4.600%, 07/01/34 Series B-1 Class I | Aaa/AAA/AAA | 1,316,552 | |||||
| 40,000 | 4.625%, 07/01/32 Series B-1 Class II | Aa2/AA/AA | 40,051 | |||||
| 35,000 | 4.500%, 07/01/23 Series C | Aa3/AA-/AA- | 35,059 | |||||
| 1,630,000 | 3.850%, 01/01/31 AMT Series D Class III FHA Insured | Aa3/AA-/AA- | 1,738,558 | |||||
| 735,000 | 4.000%, 01/01/36 Series D FHA Insured | Aa3/AA-/AA- | 790,235 | |||||
| Vancouver, Washington Housing Authority, Anthem Park and Columbia House Projects | ||||||||
| 500,000 | 4.000%, 06/01/35 Series 2020 | NR/AA/NR | 581,865 | |||||
| 500,000 | 3.000%, 06/01/38 Series 2020 | NR/AA/NR | 527,340 | |||||
| Wyoming Community Development Authority Housing Revenue | ||||||||
| 820,000 | 2.550%, 12/01/23 Series 1 | Aa1/AA+/NR | 863,107 | |||||
| 500,000 | 3.000%, 12/01/27 Series 1 | Aa1/AA+/NR | 562,605 | |||||
| 150,000 | 2.450%, 06/01/26 Series 5 | Aa1/AA+/NR | 162,699 | |||||
| Total Housing | 13,566,470 | |||||||
| Local Public Property (12.8%) | ||||||||
| Bluffdale, Utah Local Building Authority Lease Revenue | ||||||||
| 1,215,000 | 4.000%, 03/01/35 | A1/NR/NR | 1,346,572 | |||||
| Brigham, Utah Special Assessment Voluntary Assessment Area | ||||||||
| 505,000 | 5.250%, 08/01/23 | A1/NR/NR | 506,742 | |||||
| City of Cape Coral, Florida Special Obligation Refunding Revenue | ||||||||
| 1,000,000 | 5.000%, 10/01/37 Series 2017 | AA3/AA/NR | 1,239,830 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Local Public Property (continued) | ||||||||
| CIVICVentures, Alaska Revenue Refunding, Anchorage Convention Center | ||||||||
| $ 1,000,000 | 5.000%, 09/01/28 | NR/A+/AA- | $ 1,086,170 | |||||
| 1,000,000 | 5.000%, 09/01/29 | NR/A+/AA- | 1,081,660 | |||||
| 1,000,000 | 5.000%, 09/01/30 | NR/A+/AA- | 1,078,500 | |||||
| Clark County, Nevada Improvement District Special Local Improvement #128 (Summerlin) | ||||||||
| 445,000 | 5.000%, 02/01/21 Series A | NR/NR/NR* | 445,908 | |||||
| Downtown Redevelopment Authority, Texas Tax Increment Contract Revenue | ||||||||
| 1,000,000 | 5.000%, 09/01/30 BAMI Insured | NR/AA/NR | 1,197,030 | |||||
| Eagle Mountain, Utah Special Assessment Area | ||||||||
| 260,000 | 5.250%, 05/01/28 Series 2013 | NR/A+/NR | 284,261 | |||||
| Harris County, Texas Sports Refunding Senior Lien | ||||||||
| 500,000 | 5.000%, 11/15/30 Series A | A3/BBB/NR | 557,100 | |||||
| Hillsborough County, Florida Capital Improvement Non-Ad Valorem Revenue Bonds | ||||||||
| 1,000,000 | 4.000%, 08/01/35 | Aa1/AAA/Aa+ | 1,230,900 | |||||
| Houston, Texas Hotel Occupancy Tax and Special Revenue | ||||||||
| 500,000 | 5.000%, 09/01/31 | A2/A/NR | 545,270 | |||||
| Jacksonville, Florida Special Revenue and Refunding Bonds | ||||||||
| 1,015,000 | 5.250%, 10/01/32 Series A | A1/AA/AA- | 1,141,692 | |||||
| Matanuska-Susitna Borough, Alaska Lease Revenue Refunding, Goose Creek Correctional Center | ||||||||
| 1,085,000 | 5.000%, 09/01/32 Series 2015 | A1/A+/A | 1,247,642 | |||||
| Mesquite, Nevada New Special Improvement District | ||||||||
| 225,000 | 5.500%, 08/01/25 | NR/NR/NR* | 225,448 | |||||
| Midvale, Utah Redevelopment Agency Tax Increment & Sales Tax Revenue Refunding | ||||||||
| 750,000 | 5.000%, 05/01/28 | NR/AA+/NR | 951,540 | |||||
| 1,230,000 | 5.000%, 05/01/31 | NR/AA+/AA | 1,585,974 | |||||
| 1,000,000 | 5.000%, 05/01/32 | NR/AA+/NR | 1,246,020 | |||||
| Murray City, Utah Municipal Building Authority Lease Revenue | ||||||||
| 380,000 | 4.000%, 12/01/30 Series 2020 | Aa3/NR/NR | 475,901 | |||||
| 480,000 | 4.000%, 12/01/31 Series 2020 | Aa3/NR/NR | 592,867 | |||||
| 300,000 | 4.000%, 12/01/32 Series 2020 | Aa3/NR/NR | 366,417 | |||||
| Old Spanish Trail/Almeda Corridors Redevelopment Authority, Texas Tax Increment Contract Revenue | ||||||||
| 1,000,000 | 4.000%, 09/01/35 BAMI Insured | NR/AA/NR | 1,173,370 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Local Public Property (continued) | ||||||||
| Orange County, Florida Tourist Development Tax Revenue Refunding | ||||||||
| $ 1,000,000 | 5.000%, 10/01/30 | Aa2/AA-/AA | $ 1,178,620 | |||||
| Saint George Place, Texas Redevelopment Authority Tax Increment Contract | ||||||||
| 605,000 | 4.000%, 09/01/30 AGMC Insured | A2/AA/NR | 675,591 | |||||
| Salt Lake City, Utah Local Building Authority Lease Revenue | ||||||||
| 955,000 | 4.000%, 10/15/23 Series A | Aa1/NR/AA+ | 1,017,400 | |||||
| 600,000 | 5.000%, 04/15/32 Series A | Aa1/NR/NR | 748,824 | |||||
| 395,000 | 4.000%, 04/15/32 Series A | Aa1/NR/NR | 454,143 | |||||
| 425,000 | 4.000%, 04/15/34 Series A | Aa1/NR/NR | 485,873 | |||||
| 1,075,000 | 5.000%, 04/15/35 Series A | Aa1/NR/NR | 1,330,904 | |||||
| 460,000 | 4.000%, 04/15/36 Series A | Aa1/NR/NR | 524,041 | |||||
| Salt Lake City, Utah Mosquito Abatement District Local Building Authority Lease Revenue | ||||||||
| 730,000 | 5.000%, 02/15/29 | Aa3/NR/NR | 915,252 | |||||
| 810,000 | 5.000%, 02/15/31 | Aa3/NR/NR | 1,006,895 | |||||
| South Jordan, Utah Special Assessment (Daybreak Assessment Area No. 1) | ||||||||
| 1,125,000 | 4.000%, 11/01/27 | NR/AA+/NR | 1,329,255 | |||||
| 1,420,000 | 4.000%, 11/01/28 | NR/AA+/NR | 1,664,339 | |||||
| 1,230,000 | 4.000%, 11/01/30 | NR/AA+/NR | 1,421,290 | |||||
| South Salt Lake, Utah Redevelopment Agency Excise Tax & Tax Increment Revenue Refunding | ||||||||
| 1,000,000 | 4.000%, 11/01/28 Series 2020 | NR/AA/NR | 1,220,590 | |||||
| 1,035,000 | 4.000%, 11/01/29 Series 2020 | NR/AA/NR | 1,281,154 | |||||
| 1,080,000 | 4.000%, 11/01/30 Series 2020 | NR/AA/NR | 1,356,642 | |||||
| St. Augustine, Florida Capital Improvement Refunding | ||||||||
| 500,000 | 5.000%, 10/01/34 | Aa3/AA/AA- | 559,025 | |||||
| St. Lucie County, Florida School Board COP Master Lease Program | ||||||||
| 500,000 | 5.000%, 07/01/30 Series A | A1/A/A+ | 552,185 | |||||
| Tooele County, Utah Municipal Building Authority Lease Revenue Cross-Over | ||||||||
| 850,000 | 4.000%, 12/15/28 | NR/AA-/NR | 1,022,117 | |||||
| 885,000 | 4.000%, 12/15/29 | NR/AA-/NR | 1,055,548 | |||||
| 920,000 | 4.000%, 12/15/30 | NR/AA-/NR | 1,088,342 | |||||
| Unified Utah Fire Service Area Local Building Authority Lease Revenue | ||||||||
| 2,350,000 | 4.000%, 04/01/32 | Aa2/NR/NR | 2,644,079 | |||||
| Washington County, Utah Municipal Building Authority Lease Revenue | ||||||||
| 500,000 | 5.000%, 10/01/32 | Aa3/NR/NR | 615,930 | |||||
| 500,000 | 5.000%, 10/01/37 | Aa3/NR/NR | 609,350 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Local Public Property (continued) | ||||||||
| Weber County, Utah Special Assessment Summit Mountain Area | ||||||||
| $ 1,560,000 | 5.500%, 01/15/28 | NR/AA/NR | $ 1,715,563 | |||||
| 4,055,000 | 5.750%, 01/15/33 | NR/AA/NR | 4,475,422 | |||||
| West Jordan, Utah Municipal Building Authority Lease Revenue | ||||||||
| 1,000,000 | 5.000%, 10/01/29 | Aa3/NR/NR | 1,231,230 | |||||
| 1,000,000 | 5.000%, 10/01/34 | Aa3/NR/NR | 1,217,450 | |||||
| West Palm Beach, Florida Community Redevelopment Agency Tax Increment Revenue Refunding | ||||||||
| 1,500,000 | 5.250%, 03/01/31 | NR/A/AA- | 1,786,860 | |||||
| West Valley City, Utah Municipal Building Authority Lease Revenue Refunding | ||||||||
| 900,000 | 4.000%, 02/01/33 AGMC Insured | NR/AA/AA- | 1,012,383 | |||||
| 1,000,000 | 5.000%, 02/01/34 AGMC Insured | NR/AA/AA- | 1,222,710 | |||||
| 300,000 | 5.000%, 02/01/34 AGMC Insured | NR/AA/AA- | 383,808 | |||||
| 810,000 | 4.000%, 02/01/38 AGMC Insured | NR/AA/AA- | 904,908 | |||||
| West Valley City, Utah Redevelopment Agency Revenue Refunding | ||||||||
| 1,885,000 | 5.000%, 11/01/36 | NR/AA/NR | 2,324,714 | |||||
| Total Local Public Property | 60,639,251 | |||||||
| Public Schools (1.6%) | ||||||||
| Alpine, Utah Local Building Authority School District Lease Revenue | ||||||||
| 985,000 | 4.000%, 03/15/28 | Aa1/NR/NR | 1,185,595 | |||||
| Davis County, Utah Municipal Building Authority Crossover Refunding Lease Revenue | ||||||||
| 1,085,000 | 4.000%, 11/01/32 Series 2020 | NR/AA/NR | 1,353,266 | |||||
| Grand City, Utah Local Building Authority School District Lease Revenue | ||||||||
| 1,665,000 | 5.000%, 12/15/34 AGMC Insured | A1/AA/NR | 1,991,090 | |||||
| Ogden City, Utah Municipal Building Authority School District Lease Revenue | ||||||||
| 1,125,000 | 5.000%, 01/15/30 | A1/NR/NR | 1,410,064 | |||||
| 1,315,000 | 5.000%, 01/15/31 | A1/NR/NR | 1,480,282 | |||||
| Uintah County, Utah School District Municipal Building Authority Lease Revenue Refunding | ||||||||
| 358,000 | 2.000%, 08/01/22 | NR/NR/NR* | 358,440 | |||||
| Total Public Schools | 7,778,737 | |||||||
| Sales Tax (9.1%) | ||||||||
| Central Puget Sound, Washington Regional Transit Authority Sales & Use Tax Improvement & Refunding | ||||||||
| 1,000,000 | 5.000%, 11/01/31 | Aa1/AAA/NR | 1,208,560 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Sales Tax (continued) | ||||||||
| Cottonwood Heights, Utah Sales Tax Revenue | ||||||||
| $ 2,000,000 | 5.000%, 07/01/32 Series 2014 | NR/AA+/NR | $ 2,307,500 | |||||
| Herriman City, Utah Sales & Franchise Tax Revenue Refunding | ||||||||
| 1,735,000 | 4.000%, 08/01/25 Series B | NR/AA+/NR | 1,900,103 | |||||
| 2,135,000 | 4.000%, 08/01/30 Series B | NR/AA+/NR | 2,435,032 | |||||
| 1,515,000 | 5.000%, 08/01/33 Series B | NR/AA+/NR | 1,804,592 | |||||
| Lehi, Utah Sales Tax Revenue | ||||||||
| 1,220,000 | 4.000%, 06/01/35 Series 2019 | NR/AA+/NR | 1,454,240 | |||||
| 420,000 | 4.000%, 06/01/36 Series 2019 | NR/AA+/NR | 499,153 | |||||
| Miami-Dade County, Florida Transit System Sales Surtax Revenue | ||||||||
| 1,000,000 | 5.000%, 07/01/34 | A1/AA/AA | 1,171,850 | |||||
| Ogden City, Utah Franchise Tax Revenue | ||||||||
| 1,625,000 | 3.000%, 01/15/31 | NR/AA/NR | 1,881,848 | |||||
| Reno, Nevada Sales Tax Revenue, First Lien, ReTRAC-Reno Transportation Rail Access Corridor Project | ||||||||
| 500,000 | 5.000%, 06/01/26 | A3/NR/NR | 583,615 | |||||
| Riverton City, Utah Franchise & Sales Tax Revenue | ||||||||
| 750,000 | 4.000%, 06/01/30 | NR/AA+/AAA | 851,985 | |||||
| Salt Lake County, Utah Sales & Excise Tax Revenue Refunding | ||||||||
| 525,000 | 4.000%, 04/01/21 Series A | Aa1/AAA/NR | 529,862 | |||||
| Salt Lake County, Utah Sales Tax Revenue | ||||||||
| 525,000 | 5.000%, 02/01/24 Series 2012A | NR/AAA/AAA | 551,906 | |||||
| 1,655,000 | 4.000%, 02/01/34 Series B | NR/AAA/AAA | 1,921,654 | |||||
| South Jordan, Utah Redevelopment Agency Subordinated Sales Tax & Tax Increment Revenue | ||||||||
| 1,000,000 | 5.000%, 04/01/29 | NR/AA/AAA | 1,190,150 | |||||
| Summit County, Utah Transportation Sales Tax Revenue | ||||||||
| 1,200,000 | 4.000%, 12/15/28 Series 2018 | NR/AA/NR | 1,372,008 | |||||
| 1,450,000 | 4.000%, 12/15/29 Series 2018 | NR/AA/NR | 1,649,477 | |||||
| Utah County, Utah Excise Tax Revenue Refunding | ||||||||
| 1,690,000 | 4.000%, 12/01/36 Series 2020 | NR/AA+/NR | 2,041,993 | |||||
| Utah Transit Authority Sales Tax Revenue | ||||||||
| 2,950,000 | 4.000%, 12/15/34 Series A | Aa2/AA/AA | 3,605,166 | |||||
| 3,440,000 | 4.000%, 12/15/37 Series A | Aa2/AA/AA | 4,163,088 | |||||
| 1,560,000 | 5.000%, 06/15/37 Series A | A1/A+/AA | 1,792,580 | |||||
| 3,580,000 | 4.000%, 12/15/38 Series A | Aa2/AA/AA | 4,320,523 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Sales Tax (continued) | ||||||||
| Utah Transit Authority Sales Tax Revenue Subordinated | ||||||||
| $ 1,000,000 | 5.000%, 12/15/32 | A1/A+/AA | $ 1,259,270 | |||||
| Utah Transit Authority Sales Tax Revenue Subordinated, Capital Appreciation | ||||||||
| 1,000,000 | zero coupon, 12/15/32 | A1/A+/AA | 737,030 | |||||
| West Valley City, Utah Sales Tax Revenue Capital Appreciation Bonds, Refunding | ||||||||
| 3,500,000 | zero coupon, 07/15/35 | NR/AA+/NR | 2,060,940 | |||||
| Total Sales Tax | 43,294,125 | |||||||
| State Agency (1.8%) | ||||||||
| Utah Infrastructure Agency Telecommunications & Franchise Tax, Clearfield City | ||||||||
| 315,000 | 5.000%, 10/15/25 Series 2020 | NR/A+/NR | 376,173 | |||||
| 335,000 | 5.000%, 10/15/26 Series 2020 | NR/A+/NR | 411,393 | |||||
| 350,000 | 5.000%, 10/15/27 Series 2020 | NR/A+/NR | 437,689 | |||||
| Utah Infrastructure Agency Telecommunications & Franchise Tax, Layton City | ||||||||
| 500,000 | 5.000%, 10/15/30 Series 2018 | NR/A+/NR | 635,510 | |||||
| Utah Infrastructure Agency Telecommunications & Franchise Tax, Payson City | ||||||||
| 485,000 | 5.000%, 10/01/29 Series 2019 | NR/A+/NR | 607,875 | |||||
| 640,000 | 4.000%, 10/01/34 Series 2019 | NR/A+/NR | 753,325 | |||||
| Utah Infrastructure Agency Telecommunications Revenue & Refunding Bonds | ||||||||
| 610,000 | 5.000%, 10/15/21 Series A | NR/NR/BBB- | 629,331 | |||||
| 640,000 | 5.000%, 10/15/22 Series A | NR/NR/BBB- | 677,606 | |||||
| 750,000 | 4.000%, 10/15/22 Series A | NR/NR/BBB- | 780,983 | |||||
| Utah State Building Ownership Authority Lease Revenue Refunding State Facilities Master Lease Program | ||||||||
| 1,000,000 | 5.000%, 05/15/24 | Aa1/AA+/NR | 1,158,010 | |||||
| 905,000 | 4.000%, 05/15/29 | Aa1/AA+/NR | 1,104,073 | |||||
| 940,000 | 4.000%, 05/15/30 | Aa1/AA+/NR | 1,137,203 | |||||
| Total State Agency | 8,709,171 | |||||||
| Transportation (0.9%) | ||||||||
| Clark County, Nevada Highway Improvement Revenue Indexed Fuel Tax & Subordinate Motor Vehicle Fuel Tax | ||||||||
| 2,000,000 | 5.000%, 07/01/31 | Aa3/AA-/NR | 2,360,060 | |||||
| 500,000 | 5.000%, 07/01/36 | Aa3/AA-/NR | 617,425 | |||||
| Salt Lake County, Utah Excise Tax Road Revenue | ||||||||
| 1,000,000 | 4.000%, 08/15/31 Series 2017 | NR/AAA/AAA | 1,200,320 | |||||
| Utah Transit Authority Sales Tax & Transportation Revenue | ||||||||
| 195,000 | 5.250%, 06/15/32 AGMC Insured | Aa2/AA/AA | 276,342 | |||||
| Total Transportation | 4,454,147 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Water and Sewer (8.3%) | ||||||||
| Anacortes, WA Utility System Improvement and Refunding | ||||||||
| $ 1,025,000 | 4.000%, 12/01/33 Series 2020 BAMI Insured | NR/AA/NR | $ 1,276,289 | |||||
| Central Utah Water Conservancy District Refunding | ||||||||
| 1,785,000 | 5.000%, 10/01/37 Series 2020D | NR/AA+/AA+ | 2,401,914 | |||||
| 1,000,000 | 4.000%, 10/01/38 Series 2020D | NR/AA+/AA+ | 1,234,840 | |||||
| Central Utah Water Conservancy District Refunding, Jordanelle Hydrant | ||||||||
| 1,125,000 | 4.500%, 10/01/27 Series A | NR/AA/AA+ | 1,159,054 | |||||
| Eagle Mountain, Utah Water & Sewer Revenue Refunding | ||||||||
| 420,000 | 4.000%, 11/15/24 Series A BAMI Insured | NR/AA/NR | 478,762 | |||||
| El Paso, Texas Water & Sewer Revenue Refunding | ||||||||
| 1,000,000 | 4.500%, 03/01/31 Series C | NR/AA+/AA+ | 1,158,350 | |||||
| Florida State Governmental Utility Authority Refunding Revenue Bonds (Lehigh Utility System) | ||||||||
| 500,000 | 5.000%, 10/01/31 Series 2014 AGMC Insured | A1/AA/NR | 580,255 | |||||
| Hooper, Utah Water Improvement District Revenue Refunding | ||||||||
| 1,000,000 | 4.000%, 06/15/34 Series 2019 | NR/AA-/NR | 1,183,590 | |||||
| 220,000 | 4.000%, 06/15/39 Series 2019 | NR/AA-/NR | 257,226 | |||||
| Jordan Valley, Utah Water Conservancy District Revenue | ||||||||
| 1,000,000 | 5.000%, 10/01/26 Series B | NR/AA+/AA+ | 1,265,160 | |||||
| 1,000,000 | 4.000%, 10/01/32 Series B | NR/AA+/AA+ | 1,186,930 | |||||
| Jordanelle, Utah Special Service District | ||||||||
| 268,000 | 5.700%, 11/15/21 | NR/NR/NR* | 268,437 | |||||
| 283,000 | 5.800%, 11/15/22 | NR/NR/NR* | 283,549 | |||||
| 299,000 | 6.000%, 11/15/23 | NR/NR/NR* | 299,768 | |||||
| Lakewood, WA Water District | ||||||||
| 750,000 | 4.000%, 12/01/37 AMT | NR/AA-/NR | 860,325 | |||||
| Miami-Dade County, Florida Water and Sewer Revenue System | ||||||||
| 2,000,000 | 5.000%, 10/01/26 | Aa3/AA-/A+ | 2,432,120 | |||||
| Okaloosa County, Florida Water and Sewer Revenue | ||||||||
| 1,000,000 | 5.000%, 07/01/30 | Aa3/NR/AA+ | 1,193,660 | |||||
| Park City, Utah Water Revenue Green Bonds | ||||||||
| 5,175,000 | 3.000%, 12/15/33 Series 2020 | Aa2/AA/NR | 5,992,598 | |||||
| Pleasant Grove City, Utah Storm Water Revenue Refunding | ||||||||
| 205,000 | 4.000%, 07/15/27 Series 2020 BAMI Insured | NR/AA/NR | 245,641 | |||||
| 370,000 | 4.000%, 07/15/28 Series 2020 BAMI Insured | NR/AA/NR | 450,149 | |||||
| 485,000 | 4.000%, 07/15/29 Series 2020 BAMI Insured | NR/AA/NR | 600,236 | |||||
| 510,000 | 4.000%, 07/15/30 Series 2020 BAMI Insured | NR/AA/NR | 643,630 | |||||
| 525,000 | 4.000%, 07/15/31 Series 2020 BAMI Insured | NR/AA/NR | 658,082 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Water and Sewer (continued) | ||||||||
| Salt Lake City, Utah Public Utilities Revenue | ||||||||
| $ 1,000,000 | 5.000%, 02/01/32 | Aa1/AAA/NR | $ 1,216,280 | |||||
| 1,400,000 | 5.000%, 02/01/33 | Aa1/AAA/NR | 1,700,454 | |||||
| 1,000,000 | 5.000%, 02/01/35 | Aa1/AAA/NR | 1,209,060 | |||||
| 500,000 | 4.000%, 02/01/38 | Aa1/AAA/NR | 605,840 | |||||
| San Antonio, Texas Water Revenue System Junior Lien | ||||||||
| 500,000 | 4.000%, 05/15/37 Series 2020C | Aa2/AA/AA | 623,570 | |||||
| San Jacinto, Texas River Authority Woodlands Waste Disposal | ||||||||
| 1,000,000 | 5.000%, 10/01/30 BAMI Insured | NR/AA/NR | 1,117,180 | |||||
| Texas Water Development Board | ||||||||
| 1,000,000 | 5.000%, 10/15/28 Series 2018 A | NR/AAA/AAA | 1,315,350 | |||||
| Utah Water Finance Agency Revenue | ||||||||
| 950,000 | 4.000%, 03/01/33 | NR/AA/AA | 1,117,077 | |||||
| 1,000,000 | 4.000%, 03/01/34 | NR/AA/AA | 1,222,200 | |||||
| 1,000,000 | 5.000%, 03/01/35 | NR/AA/AA | 1,233,940 | |||||
| Weber Basin, Utah Water Conservancy District Refunding | ||||||||
| 915,000 | 4.000%, 10/01/31 Series A | NR/AA+/AAA | 998,796 | |||||
| West Harris County, Texas Regional Water Authority | ||||||||
| 815,000 | 5.000%, 12/15/26 Series A | A1/AA-/A+ | 992,238 | |||||
| Total Water and Sewer | 39,462,550 | |||||||
| Total Revenue Bonds | 309,690,436 | |||||||
| Pre-Refunded Bonds (15.7%)†† | ||||||||
| Pre-Refunded General Obligation Bonds (2.4%) | ||||||||
| City and County (1.5%) | ||||||||
| Reedy Creek, Florida Improvement District | ||||||||
| 1,000,000 | 5.250%, 06/01/29 Series A | Aa3/AA-/AA- | 1,122,160 | |||||
| Henderson, Nevada Refunding Various Purpose | ||||||||
| 1,000,000 | 5.000%, 06/01/33 Series B | Aa2/AA+/NR | 1,114,870 | |||||
| 750,000 | 5.000%, 06/01/30 Series 2014 | Aa2/AA+/NR | 871,013 | |||||
| 750,000 | 5.000%, 06/01/35 Series 2014 | Aa2/AA+/NR | 871,013 | |||||
| Miami Gardens, Florida | ||||||||
| 1,000,000 | 5.000%, 07/01/29 | A1/A+/NR | 1,165,280 | |||||
| Washoe County, Nevada Refunding Reno Sparks Convention | ||||||||
| 2,000,000 | 5.000%, 07/01/28 | Aa2/AA/NR | 2,047,280 | |||||
| Total City and County | 7,191,616 | |||||||
| Public Schools (0.9%) | ||||||||
| Granite School District, Utah, Salt Lake County School Building (School Board Guaranty Program) | ||||||||
| 1,000,000 | 5.000%, 06/01/31 | Aaa/NR/AAA | 1,019,700 |
| Amount | Pre-Refunded Bonds (continued)†† | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Pre-Refunded General Obligation Bonds (continued) | ||||||||
| Public Schools (continued) | ||||||||
| Leander Independent School District, Texas (Williamson & Travis Counties) Unlimited Tax School Building | ||||||||
| $ 2,035,000 | zero coupon, 08/15/47 Series 2014 C PSF Guaranteed | NR/NR/NR* | $ 574,542 | |||||
| Washoe County, Nevada School District Refunding & School Improvement | ||||||||
| 2,000,000 | 5.000%, 06/01/30 Series A | Aa3/AA/NR | 2,039,800 | |||||
| Wylie, Texas Independent School District Capital Appreciation | ||||||||
| 1,000,000 | zero coupon, 08/15/32 PSF Guaranteed | Aaa/NR/NR | 758,310 | |||||
| Total Public Schools | 4,392,352 | |||||||
| Total Pre-Refunded General Obligation Bonds | 11,583,968 | |||||||
| Pre-Refunded Revenue Bonds (13.3%) | ||||||||
| Airport (0.4%) | ||||||||
| Miami-Dade County, Florida Aviation Miami International Airport | ||||||||
| 1,675,000 | 5.000%, 10/01/22 Series A-1 | A2/A-/A | 1,675,000 | |||||
| Charter Schools (0.2%) | ||||||||
| Utah State Charter School Finance Authority DaVinci Academy, Refunding & Improvement | ||||||||
| 940,000 | 7.050%, 09/15/26 Series 2011A | NR/BBB-/NR | 952,399 | |||||
| Electric (2.4%) | ||||||||
| Eagle Mountain, Utah Gas & Electric | ||||||||
| 325,000 | 5.000%, 06/01/24 AGMC Insured | NR/AA/NR | 331,403 | |||||
| Jacksonville Electric Authority, Florida Electric System Revenue | ||||||||
| 465,000 | 4.500%, 10/01/32 Series Three 2012A | NR/NR/NR* | 469,850 | |||||
| Utah Associated Municipal Power System Revenue, Horse Butte Wind Project | ||||||||
| 1,005,000 | 5.000%, 09/01/32 Series A | NR/A-/NR | 1,085,742 | |||||
| Utah Associated Municipal Power System Revenue Refunding, Payson Power Project | ||||||||
| 2,000,000 | 5.000%, 04/01/24 | NR/A-/NR | 2,072,220 | |||||
| 1,000,000 | 5.000%, 04/01/25 | NR/A-/NR | 1,036,110 | |||||
| 6,375,000 | 5.000%, 04/01/26 | NR/A-/NR | 6,605,201 | |||||
| Total Electric | 11,600,526 | |||||||
| Healthcare (0.8%) | ||||||||
| Utah County, Utah Hospital Revenue, IHC Health Services, Inc. | ||||||||
| 1,205,000 | 5.000%, 05/15/25 | Aa1/AA+/NR | 1,226,172 | |||||
| 1,200,000 | 5.000%, 05/15/26 | Aa1/AA+/NR | 1,221,084 | |||||
| 880,000 | 5.000%, 05/15/28 | Aa1/AA+/NR | 895,462 | |||||
| 500,000 | 5.000%, 05/15/29 | Aa1/AA+/NR | 508,785 | |||||
| Total Healthcare | 3,851,503 |
| Amount | Pre-Refunded Bonds (continued)†† | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Pre-Refunded Revenue Bonds (continued) | ||||||||
| Higher Education (0.9%) | ||||||||
| Florida Higher Education Facilities Authority Revenue, Refunding, Rollins College Project | ||||||||
| $ 1,000,000 | 5.000%, 12/01/37 Series A | A2/NR/NR | $ 1,091,250 | |||||
| Utah State University Student Building Fee | ||||||||
| 1,285,000 | 5.000%, 12/01/29 Series B | NR/AA/NR | 1,434,266 | |||||
| 1,355,000 | 5.000%, 12/01/30 Series B | NR/AA/NR | 1,512,397 | |||||
| Total Higher Education | 4,037,913 | |||||||
| Sales Tax (0.8%) | ||||||||
| Riverton City, Utah Franchise & Sales Tax Revenue | ||||||||
| 1,000,000 | 5.250%, 12/01/36 | NR/AA+/AAA | 1,122,160 | |||||
| Salt Lake County, Utah Sales Tax Revenue Refunding | ||||||||
| 1,475,000 | 5.000%, 02/01/24 Series 2012A | NR/NR/NR* | 1,549,311 | |||||
| Utah Transit Authority Sales Tax Revenue | ||||||||
| 1,000,000 | 5.000%, 06/15/32 | A1/A+/AA | 1,070,100 | |||||
| Total Sales Tax | 3,741,571 | |||||||
| State Agency (1.7%) | ||||||||
| Utah Infrastructure Agency Telecommunications & Franchise Tax | ||||||||
| 1,970,000 | 5.250%, 10/15/30 | A2/NR/NR | 2,433,285 | |||||
| 1,000,000 | 5.000%, 10/15/33 | A2/NR/NR | 1,132,300 | |||||
| 1,630,000 | 5.250%, 10/15/38 | A2/NR/NR | 1,856,929 | |||||
| 1,000,000 | 5.500%, 10/15/30 Series A AGMC Insured | A2/NR/NR | 1,041,490 | |||||
| 1,475,000 | 5.250%, 10/15/33 Series A AGMC Insured | A2/NR/NR | 1,533,336 | |||||
| Total State Agency | 7,997,340 | |||||||
| Transportation (2.1%) | ||||||||
| Utah Transit Authority Sales Tax Revenue Refunding | ||||||||
| 3,440,000 | 5.000%, 06/15/37 Series A | NR/NR/NR* | 4,163,432 | |||||
| Utah Transit Authority Sales Tax Revenue Subordinated | ||||||||
| 5,000,000 | 5.000%, 06/15/34 Series A | A1/A+/AA | 6,051,500 | |||||
| Total Transportation | 10,214,932 | |||||||
| Water and Sewer (4.0%) | ||||||||
| Davie, Florida Water & Sewer Revenue | ||||||||
| 1,000,000 | 5.000%, 10/01/32 AGMC Insured | A1/AA/NR | 1,036,110 | |||||
| Jordan Valley, Utah Water Conservancy District Revenue | ||||||||
| 6,000,000 | 5.000%, 10/01/35 Series B | NR/AA+/NR | 6,070,500 | |||||
| Miami-Dade County, Florida Water and Sewer Revenue System | ||||||||
| 1,000,000 | 5.000%, 10/01/31 Series A | Aa3/AA-/A+ | 1,084,380 | |||||
| Mountain Regional Water Special Service District, Utah Water Revenue Refunding | ||||||||
| 3,000,000 | 5.000%, 12/15/33 AGMC Insured | NR/AA/AA | 3,137,850 |
| Amount | Pre-Refunded Bonds (continued)†† | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Pre-Refunded Revenue Bonds (continued) | ||||||||
| Water and Sewer (continued) | ||||||||
| North Slope Borough, Alaska Service Area 10 Water & Wastewater Facilities | ||||||||
| $ 1,000,000 | 5.250%, 06/30/27 | NR/NR/NR* | $ 1,020,710 | |||||
| 1,000,000 | 5.250%, 06/30/28 | NR/NR/NR* | 1,020,710 |