THE GROWTH FUND
Schedule of Investments
July 31, 2021 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 96.1% | ||||||
Automobiles* – 2.0% | ||||||
7,000 | Tesla, Inc. | $ 4,810,400 | ||||
|
| |||||
Beverages – 1.1% | ||||||
15,805 | PepsiCo, Inc. | 2,480,595 | ||||
|
| |||||
Biotechnology – 1.0% | ||||||
9,640 | Amgen, Inc. | 2,328,446 | ||||
|
| |||||
Capital Markets – 1.9% | ||||||
15,705 | Raymond James Financial, Inc. | 2,033,483 | ||||
11,880 | T. Rowe Price Group, Inc. | 2,425,421 | ||||
| ||||||
4,458,904 | ||||||
|
| |||||
Chemicals – 2.6% | ||||||
21,095 | RPM International, Inc. | 1,826,616 | ||||
9,655 | The Scotts Miracle-Gro Co. | 1,708,549 | ||||
8,480 | The Sherwin-Williams Co. | 2,467,934 | ||||
| ||||||
6,003,099 | ||||||
|
| |||||
Commercial Services & Supplies – 2.8% | ||||||
14,265 | Copart, Inc.* | 2,096,955 | ||||
55,730 | Rollins, Inc. | 2,136,131 | ||||
16,620 | Waste Management, Inc. | 2,464,081 | ||||
| ||||||
6,697,167 | ||||||
|
| |||||
Containers & Packaging – 0.8% | ||||||
23,505 | Ball Corp. | 1,901,084 | ||||
|
| |||||
Electrical Equipment – 0.9% | ||||||
6,700 | Rockwell Automation, Inc. | 2,059,714 | ||||
|
| |||||
Electronic Equipment, Instruments & Components – 2.9% | ||||||
34,565 | Amphenol Corp. Class A | 2,505,617 | ||||
11,715 | CDW Corp/DE | 2,147,945 | ||||
23,685 | Cognex Corp. | 2,141,361 | ||||
| ||||||
6,794,923 | ||||||
|
| |||||
Entertainment* – 2.6% | ||||||
4,660 | Netflix, Inc. | 2,411,876 | ||||
10,830 | Take-Two Interactive Software, Inc. | 1,878,139 | ||||
183,560 | Zynga, Inc. Class A | 1,853,956 | ||||
| ||||||
6,143,971 | ||||||
|
| |||||
Equity Real Estate Investment Trusts (REITs) – 1.0% | ||||||
7,630 | Public Storage | 2,384,222 | ||||
|
| |||||
Health Care Equipment & Supplies – 2.1% | ||||||
20,790 | Abbott Laboratories | 2,515,174 | ||||
8,915 | Stryker Corp. | 2,415,430 | ||||
| ||||||
4,930,604 | ||||||
|
| |||||
Health Care Providers & Services – 1.9% | ||||||
7,655 | Amedisys, Inc.* | 1,995,046 | ||||
5,820 | UnitedHealth Group, Inc. | 2,399,120 | ||||
| ||||||
4,394,166 | ||||||
|
| |||||
Hotels, Restaurants & Leisure – 2.1% | ||||||
10,320 | McDonald’s Corp. | 2,504,767 | ||||
20,875 | Starbucks Corp. | 2,534,851 | ||||
| ||||||
5,039,618 | ||||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Interactive Media & Services* – 8.5% | ||||||
4,580 | Alphabet, Inc. Class A | $ 12,340,947 | ||||
21,515 | Facebook, Inc. Class A | 7,665,795 | ||||
| ||||||
20,006,742 | ||||||
|
| |||||
Internet & Direct Marketing Retail – 7.5% | ||||||
4,550 | Amazon.com, Inc.* | 15,140,534 | ||||
35,975 | eBay, Inc. | 2,453,855 | ||||
| ||||||
17,594,389 | ||||||
|
| |||||
IT Services – 7.7% | ||||||
11,680 | Broadridge Financial Solutions, Inc. | 2,026,363 | ||||
21,350 | Fiserv, Inc.* | 2,457,599 | ||||
7,140 | FleetCor Technologies, Inc.* | 1,843,691 | ||||
11,260 | Jack Henry & Associates, Inc. | 1,960,253 | ||||
7,950 | Mastercard, Inc. Class A | 3,068,223 | ||||
10,425 | PayPal Holdings, Inc.* | 2,872,400 | ||||
15,590 | Visa, Inc. Class A | 3,841,220 | ||||
| ||||||
18,069,749 | ||||||
|
| |||||
Life Sciences Tools & Services – 3.0% | ||||||
15,820 | Agilent Technologies, Inc. | 2,424,098 | ||||
1,380 | Mettler-Toledo International, Inc.* | 2,033,720 | ||||
4,790 | Thermo Fisher Scientific, Inc. | 2,586,648 | ||||
| ||||||
7,044,466 | ||||||
|
| |||||
Machinery – 1.0% | ||||||
10,380 | Illinois Tool Works, Inc. | 2,352,835 | ||||
|
| |||||
Media* – 1.8% | ||||||
58,725 | Altice USA, Inc. Class A | 1,804,619 | ||||
3,430 | Charter Communications, Inc. Class A | 2,552,092 | ||||
| ||||||
4,356,711 | ||||||
|
| |||||
Multiline Retail – 1.1% | ||||||
10,825 | Dollar General Corp. | 2,518,328 | ||||
|
| |||||
Personal Products – 1.1% | ||||||
7,685 | The Estee Lauder Cos., Inc. Class A | 2,565,484 | ||||
|
| |||||
Pharmaceuticals – 1.1% | ||||||
12,415 | Zoetis, Inc. | 2,516,521 | ||||
|
| |||||
Road & Rail – 1.0% | ||||||
10,650 | Union Pacific Corp. | 2,329,794 | ||||
|
| |||||
Semiconductors & Semiconductor Equipment – 4.7% | ||||||
31,210 | Micron Technology, Inc.* | 2,421,272 | ||||
21,460 | NVIDIA Corp. | 4,184,485 | ||||
11,670 | Skyworks Solutions, Inc. | 2,153,232 | ||||
12,445 | Texas Instruments, Inc. | 2,372,266 | ||||
| ||||||
11,131,255 | ||||||
|
| |||||
Software – 16.1% | ||||||
5,575 | ANSYS, Inc.* | 2,054,165 | ||||
8,175 | Autodesk, Inc.* | 2,625,238 | ||||
17,535 | Cadence Design Systems, Inc.* | 2,589,043 | ||||
80,995 | Microsoft Corp. | 23,076,285 | ||||
6,365 | Palo Alto Networks, Inc.* | 2,539,953 | ||||
4,335 | ServiceNow, Inc.* | 2,548,503 | ||||
10,140 | Workday, Inc.* | 2,376,816 | ||||
| ||||||
37,810,003 | ||||||
|
| |||||
Specialty Retail – 2.4% | ||||||
19,280 | Floor & Decor Holdings, Inc. Class A* | 2,352,353 | ||||
10,070 | The Home Depot, Inc. | 3,304,873 | ||||
| ||||||
5,657,226 | ||||||
|
|
THE GROWTH FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Technology Hardware, Storage & Peripherals – 11.3% | ||||||
169,350 | Apple, Inc. | $ 24,701,391 | ||||
24,830 | NetApp, Inc. | 1,976,220 | ||||
| ||||||
26,677,611 | ||||||
|
| |||||
Textiles, Apparel & Luxury Goods – 2.1% | ||||||
17,810 | Nike, Inc. Class B | 2,983,353 | ||||
23,325 | VF Corp. | 1,870,665 | ||||
| ||||||
4,854,018 | ||||||
|
| |||||
| TOTAL COMMON STOCKS (Cost $128,357,439) | $225,912,045 | ||||
|
| |||||
Exchange Traded Fund – 3.0% | ||||||
24,950 | iShares Russell 1000 Growth ETF | |||||
(Cost $7,063,949) | $ 7,002,467 | |||||
|
|
Shares | Dividend Rate | Value | ||||
Investment Company – 0.0% | ||||||
| State Street Institutional US Government Money Market Fund - Premier Class | |||||
46,979 | 0.025% | $ 46,979 | ||||
(Cost $46,979) | ||||||
|
| |||||
| TOTAL INVESTMENTS – 99.1% (Cost $135,468,367) | $232,961,491 | ||||
|
| |||||
| OTHER ASSETS IN EXCESS OF | 2,119,789 | ||||
|
| |||||
NET ASSETS – 100.0% | $235,081,280 | |||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
|
THE VALUE FUND
Schedule of Investments
July 31, 2021 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 97.3% | ||||||
Aerospace & Defense – 3.8% | ||||||
34,500 | General Dynamics Corp. | $ 6,763,035 | ||||
17,000 | Lockheed Martin Corp. | 6,318,390 | ||||
| ||||||
13,081,425 | ||||||
|
| |||||
Air Freight & Logistics – 1.8% | ||||||
32,000 | United Parcel Service, Inc. Class B | 6,123,520 | ||||
|
| |||||
Banks – 8.2% | ||||||
76,000 | JPMorgan Chase & Co. | 11,535,280 | ||||
150,000 | Truist Financial Corp. | 8,164,500 | ||||
146,000 | U.S. Bancorp. | 8,108,840 | ||||
| ||||||
27,808,620 | ||||||
|
| |||||
Beverages – 2.1% | ||||||
45,000 | PepsiCo., Inc. | 7,062,750 | ||||
|
| |||||
Biotechnology – 1.9% | ||||||
27,000 | Amgen, Inc. | 6,521,580 | ||||
|
| |||||
Capital Markets – 8.0% | ||||||
23,000 | CME Group, Inc. | 4,878,990 | ||||
95,000 | Morgan Stanley | 9,118,100 | ||||
58,000 | Northern Trust Corp. | 6,545,300 | ||||
33,500 | T. Rowe Price Group, Inc. | 6,839,360 | ||||
| ||||||
27,381,750 | ||||||
|
| |||||
Chemicals – 1.8% | ||||||
55,000 | Eastman Chemical Co. | 6,199,600 | ||||
|
| |||||
Communications Equipment – 2.0% | ||||||
123,000 | Cisco Systems, Inc. | 6,810,510 | ||||
|
| |||||
Containers & Packaging – 3.7% | ||||||
107,500 | International Paper Co. | 6,209,200 | ||||
99,500 | Sonoco Products Co. | 6,347,105 | ||||
| ||||||
12,556,305 | ||||||
|
| |||||
Distributors – 2.0% | ||||||
52,500 | Genuine Parts Co. | 6,663,300 | ||||
|
| |||||
Diversified Telecommunication Services – 3.3% | ||||||
203,000 | Verizon Communications, Inc. | 11,323,340 | ||||
|
| |||||
Electric Utilities – 3.0% | ||||||
97,000 | Duke Energy Corp. | 10,195,670 | ||||
|
| |||||
Electrical Equipment – 4.2% | ||||||
46,000 | Eaton Corp. PLC | 7,270,300 | ||||
69,000 | Emerson Electric Co. | 6,961,410 | ||||
| ||||||
14,231,710 | ||||||
|
| |||||
Equity Real Estate Investment Trusts (REITs) – 4.0% | ||||||
21,500 | Public Storage | 6,718,320 | ||||
85,000 | WP Carey, Inc. | 6,858,650 | ||||
| ||||||
13,576,970 | ||||||
|
| |||||
Food Products – 1.9% | ||||||
106,000 | Archer-Daniels-Midland Co. | 6,330,320 | ||||
|
| |||||
Health Care Providers & Services – 3.9% | ||||||
115,500 | Cardinal Health, Inc. | 6,858,390 | ||||
78,000 | CVS Health Corp. | 6,424,080 | ||||
| ||||||
13,282,470 | ||||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Hotels, Restaurants & Leisure – 2.0% | ||||||
28,000 | McDonald’s Corp. | $ 6,795,880 | ||||
|
| |||||
Household Products – 2.0% | ||||||
49,000 | The Procter & Gamble Co. | 6,969,270 | ||||
|
| |||||
Industrial Conglomerates – 1.9% | ||||||
33,500 | 3M Co. | 6,630,990 | ||||
|
| |||||
Insurance – 4.3% | ||||||
123,000 | MetLife, Inc. | 7,097,100 | ||||
119,500 | Principal Financial Group, Inc. | 7,424,535 | ||||
| ||||||
14,521,635 | ||||||
|
| |||||
IT Services – 4.0% | ||||||
44,500 | International Business Machines Corp. | 6,272,720 | ||||
63,000 | Paychex, Inc. | 7,170,660 | ||||
| ||||||
13,443,380 | ||||||
|
| |||||
Machinery – 3.8% | ||||||
30,500 | Caterpillar, Inc. | 6,305,875 | ||||
29,500 | Illinois Tool Works, Inc. | 6,686,765 | ||||
| ||||||
12,992,640 | ||||||
|
| |||||
Media – 2.1% | ||||||
202,500 | The Interpublic Group of Cos., Inc. | 7,160,400 | ||||
|
| |||||
Multi-Utilities – 2.8% | ||||||
129,500 | Dominion Energy, Inc. | 9,695,665 | ||||
|
| |||||
Oil, Gas & Consumable Fuels – 6.4% | ||||||
154,500 | Chevron Corp. | 15,729,645 | ||||
118,000 | ONEOK, Inc. | 6,132,460 | ||||
| ||||||
21,862,105 | ||||||
|
| |||||
Pharmaceuticals – 6.5% | ||||||
50,000 | Johnson & Johnson | 8,610,000 | ||||
85,000 | Merck & Co., Inc. | 6,533,950 | ||||
166,000 | Pfizer, Inc. | 7,106,460 | ||||
| ||||||
22,250,410 | ||||||
|
| |||||
Semiconductors & Semiconductor Equipment – 2.0% | ||||||
35,000 | Texas Instruments, Inc. | 6,671,700 | ||||
|
| |||||
Specialty Retail – 2.0% | ||||||
21,000 | The Home Depot, Inc. | 6,891,990 | ||||
|
| |||||
Textiles, Apparel & Luxury Goods – 1.9% | ||||||
353,000 | Hanesbrands, Inc. | 6,445,780 | ||||
|
| |||||
| TOTAL COMMON STOCKS (Cost $252,560,261) | $331,481,685 | ||||
|
| |||||
Exchange Traded Fund – 2.1% | ||||||
45,000 | iShares Russell 1000 Value Index Fund | |||||
(Cost $7,041,401) | $ 7,198,650 | |||||
|
|
THE VALUE FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Shares | Dividend Rate | Value | ||||
Investment Company – 0.4% | ||||||
| State Street Institutional US Government Money Market Fund - Premier Class | |||||
1,182,204 | 0.025% | $ 1,182,204 | ||||
(Cost $1,182,204) | ||||||
|
| |||||
| TOTAL INVESTMENTS – 99.8% (Cost $260,783,866) | $339,862,539 | ||||
|
| |||||
| OTHER ASSETS IN EXCESS OF | 710,693 | ||||
|
| |||||
NET ASSETS – 100.0% | $340,573,232 | |||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
|
THE MIDCAP GROWTH FUND
Schedule of Investments
July 31, 2021 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 98.3% | ||||||
Air Freight & Logistics – 1.1% | ||||||
40,165 | CH Robinson Worldwide, Inc. | $ 3,581,513 | ||||
|
| |||||
Capital Markets – 5.0% | ||||||
11,460 | FactSet Research Systems, Inc. | 4,094,429 | ||||
15,385 | Morningstar, Inc. | 3,886,712 | ||||
7,105 | MSCI, Inc. | 4,234,296 | ||||
19,420 | T. Rowe Price Group, Inc. | 3,964,787 | ||||
| ||||||
16,180,224 | ||||||
|
| |||||
Chemicals – 3.3% | ||||||
33,580 | FMC Corp. | 3,591,381 | ||||
43,015 | RPM International, Inc. | 3,724,669 | ||||
19,740 | The Scotts Miracle-Gro Co. | 3,493,190 | ||||
| ||||||
10,809,240 | ||||||
|
| |||||
Commercial Services & Supplies – 1.3% | ||||||
111,790 | Rollins, Inc. | 4,284,911 | ||||
|
| |||||
Distributors – 1.2% | ||||||
8,255 | Pool Corp. | 3,944,404 | ||||
|
| |||||
Electrical Equipment – 1.3% | ||||||
13,270 | Rockwell Automation, Inc. | 4,079,463 | ||||
|
| |||||
Electronic Equipment, Instruments & Components – 6.3% | ||||||
55,700 | Amphenol Corp. Class A | 4,037,693 | ||||
22,255 | CDW Corp. | 4,080,454 | ||||
46,205 | Cognex Corp. | 4,177,394 | ||||
17,980 | IPG Photonics Corp.* | 3,922,517 | ||||
7,425 | Zebra Technologies Corp. Class A* | 4,102,164 | ||||
| ||||||
20,320,222 | ||||||
|
| |||||
Entertainment* – 2.3% | ||||||
21,645 | Take-Two Interactive Software, Inc. | 3,753,676 | ||||
366,065 | Zynga, Inc. Class A | 3,697,256 | ||||
| ||||||
7,450,932 | ||||||
|
| |||||
Equity Real Estate Investment Trusts (REITs) – 2.5% | ||||||
28,960 | CoreSite Realty Corp. | 4,002,562 | ||||
23,145 | Extra Space Storage, Inc. | 4,030,470 | ||||
| ||||||
8,033,032 | ||||||
|
| |||||
Food Products – 1.2% | ||||||
21,980 | The Hershey Co. | 3,931,782 | ||||
|
| |||||
Health Care Equipment & Supplies – 6.2% | ||||||
12,150 | ABIOMED, Inc.* | 3,974,751 | ||||
51,060 | Globus Medical, Inc. Class A* | 4,246,660 | ||||
13,560 | Penumbra, Inc.* | 3,610,079 | ||||
9,455 | Teleflex, Inc. | 3,757,701 | ||||
10,540 | West Pharmaceutical Services, Inc. | 4,339,634 | ||||
| ||||||
19,928,825 | ||||||
|
| |||||
Health Care Providers & Services – 6.0% | ||||||
15,565 | Amedisys, Inc.* | 4,056,551 | ||||
67,445 | Cardinal Health, Inc. | 4,004,884 | ||||
7,855 | Chemed Corp. | 3,739,137 | ||||
30,120 | Guardant Health, Inc.* | 3,307,176 | ||||
14,300 | Laboratory Corp. of America Holdings* | 4,234,945 | ||||
| ||||||
19,342,693 | ||||||
|
| |||||
Hotels, Restaurants & Leisure – 2.8% | ||||||
2,540 | Chipotle Mexican Grill, Inc.* | 4,733,137 | ||||
8,240 | Domino’s Pizza, Inc. | 4,330,038 | ||||
| ||||||
9,063,175 | ||||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Household Products – 2.5% | ||||||
45,560 | Church & Dwight Co., Inc. | $ 3,944,585 | ||||
21,975 | The Clorox Co. | 3,975,058 | ||||
| ||||||
7,919,643 | ||||||
|
| |||||
Interactive Media & Services* – 1.1% | ||||||
23,070 | Match Group, Inc. | 3,674,359 | ||||
|
| |||||
IT Services – 8.9% | ||||||
23,635 | Broadridge Financial Solutions, Inc. | 4,100,436 | ||||
7,305 | EPAM Systems, Inc.* | 4,089,339 | ||||
30,150 | Euronet Worldwide, Inc.* | 4,306,023 | ||||
14,765 | FleetCor Technologies, Inc.* | 3,812,618 | ||||
83,770 | Genpact Ltd. | 4,172,584 | ||||
23,045 | Jack Henry & Associates, Inc. | 4,011,904 | ||||
36,340 | Paychex, Inc. | 4,136,219 | ||||
| ||||||
28,629,123 | ||||||
|
| |||||
Leisure Equipment & Products – 2.4% | ||||||
38,825 | Brunswick Corp. | 4,053,330 | ||||
28,660 | Polaris, Inc. | 3,756,466 | ||||
| ||||||
7,809,796 | ||||||
|
| |||||
Life Sciences Tools & Services – 6.5% | ||||||
25,835 | Agilent Technologies, Inc. | 3,958,697 | ||||
8,620 | Bio-Techne Corp. | 4,156,909 | ||||
15,730 | IQVIA Holdings, Inc.* | 3,896,321 | ||||
2,795 | Mettler-Toledo International, Inc.* | 4,119,019 | ||||
19,645 | Repligen Corp.* | 4,826,777 | ||||
| ||||||
20,957,723 | ||||||
|
| |||||
Machinery – 5.0% | ||||||
61,085 | Donaldson Co., Inc. | 4,043,216 | ||||
51,190 | Graco, Inc. | 3,996,915 | ||||
17,375 | Nordson Corp. | 3,929,009 | ||||
35,190 | The Toro Co. | 4,002,511 | ||||
| ||||||
15,971,651 | ||||||
|
| |||||
Professional Services – 2.4% | ||||||
43,825 | Booz Allen Hamilton Holding Corp. | 3,760,623 | ||||
43,150 | CoStar Group, Inc.* | 3,833,878 | ||||
| ||||||
7,594,501 | ||||||
|
| |||||
Road & Rail – 2.4% | ||||||
23,610 | JB Hunt Transport Services, Inc. | 3,977,105 | ||||
23,885 | Landstar System, Inc. | 3,749,945 | ||||
| ||||||
7,727,050 | ||||||
|
| |||||
Semiconductors & Semiconductor Equipment – 5.0% | ||||||
31,765 | Entegris, Inc. | 3,832,129 | ||||
10,545 | Monolithic Power Systems, Inc. | 4,737,447 | ||||
21,315 | Skyworks Solutions, Inc. | 3,932,831 | ||||
29,015 | Teradyne, Inc. | 3,684,905 | ||||
| ||||||
16,187,312 | ||||||
|
| |||||
Software – 12.0% | ||||||
11,095 | ANSYS, Inc.* | 4,088,064 | ||||
28,020 | Cadence Design Systems, Inc.* | 4,137,153 | ||||
33,090 | Citrix Systems, Inc. | 3,333,817 | ||||
127,005 | Dropbox, Inc. Class A* | 3,999,387 | ||||
147,780 | NortonLifeLock, Inc. | 3,667,900 | ||||
10,170 | Palo Alto Networks, Inc.* | 4,058,338 | ||||
27,245 | Pegasystems, Inc. | 3,477,552 | ||||
27,510 | PTC, Inc.* | 3,726,229 | ||||
13,840 | Synopsys, Inc.* | 3,985,782 | ||||
|
|
THE MIDCAP GROWTH FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Software – (continued) | ||||||
8,495 | Tyler Technologies, Inc.* | $ 4,184,977 | ||||
| ||||||
38,659,199 | ||||||
|
| |||||
Specialty Retail – 4.9% | ||||||
34,025 | Best Buy Co., Inc. | 3,822,709 | ||||
19,065 | Five Below, Inc.* | 3,706,617 | ||||
37,070 | Floor & Decor Holdings, Inc. Class A* | 4,522,911 | ||||
20,940 | Tractor Supply Co. | 3,788,674 | ||||
| ||||||
15,840,911 | ||||||
|
| |||||
Technology Hardware, Storage & Peripherals – 1.2% | ||||||
46,790 | NetApp, Inc. | 3,724,016 | ||||
|
| |||||
Textiles, Apparel & Luxury Goods – 2.3% | ||||||
37,785 | Columbia Sportswear Co. | 3,764,142 | ||||
46,575 | VF Corp. | 3,735,315 | ||||
| ||||||
7,499,457 | ||||||
|
| |||||
Trading Companies & Distributors* – 1.2% | ||||||
22,505 | SiteOne Landscape Supply, Inc. | 3,933,424 | ||||
|
| |||||
| TOTAL COMMON STOCKS (Cost $219,249,771) | $317,078,581 | ||||
|
| |||||
Exchange Traded Fund – 1.7% | ||||||
47,970 | iShares Russell Midcap Growth Index Fund | |||||
(Cost $4,796,297) | $ 5,482,491 | |||||
|
| |||||
Shares | Dividend Rate | Value | ||||
Investment Company – 0.1% | ||||||
| State Street Institutional US Government Money Market Fund - Premier Class | |||||
222,613 | 0.025% | $ 222,613 | ||||
(Cost $222,613) | ||||||
|
| |||||
| TOTAL INVESTMENTS – 100.1% (Cost $224,268,681) | $322,783,685 | ||||
|
| |||||
| LIABILITIES IN EXCESS OF | (443,259) | ||||
|
| |||||
NET ASSETS – 100.0% | $322,340,426 | |||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
|
THE BOND FUND
Schedule of Investments
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Corporate Obligations – 50.7% | ||||||||
Aerospace/Defense – 0.8% | ||||||||
Boeing Co.(a) | ||||||||
$ 5,000,000 | 5.805 | % | 05/01/50 | $ 6,780,992 | ||||
Raytheon Technologies Corp. | ||||||||
2,000,000 | 5.700 | 04/15/40 | 2,826,680 | |||||
| ||||||||
9,607,672 | ||||||||
| ||||||||
Auto Manufacturers – 2.7% | ||||||||
BMW Finance NV(a)(b) | ||||||||
4,000,000 | 2.400 | 08/14/24 | 4,194,942 | |||||
BorgWarner, Inc.(a) | ||||||||
1,000,000 | 3.375 | 03/15/25 | 1,082,378 | |||||
Daimler Finance North America LLC(b) | ||||||||
3,485,000 | 0.750 | 03/01/24 | 3,493,875 | |||||
Ford Motor Co.(a) | ||||||||
2,000,000 | 4.346 | 12/08/26 | 2,158,650 | |||||
Ford Motor Credit Co. LLC | ||||||||
2,500,000 | 4.134 | 08/04/25 | 2,674,500 | |||||
General Motors Co.(a) | ||||||||
3,450,000 | 6.600 | 04/01/36 | 4,770,085 | |||||
General Motors Financial Co., Inc.(a) | ||||||||
2,000,000 | 3.950 | 04/13/24 | 2,152,922 | |||||
PACCAR Financial Corp. | ||||||||
5,000,000 | 2.150 | 08/15/24 | 5,211,048 | |||||
Toyota Motor Credit Corp. | ||||||||
1,800,000 | 0.350 | 10/14/22 | 1,803,479 | |||||
Volkswagen Group of America Finance LLC(b) | ||||||||
4,000,000 | 4.750 | 11/13/28 | 4,777,760 | |||||
| ||||||||
32,319,639 | ||||||||
| ||||||||
Banks – 7.1% | ||||||||
Bank of America Corp. | ||||||||
3,000,000 | 4.000 | 01/22/25 | 3,290,770 | |||||
(3M USD LIBOR + 1.040%), | ||||||||
6,749,000 | 3.419 | (a)(c) | 12/20/28 | 7,413,701 | ||||
Citigroup, Inc. | ||||||||
3,000,000 | 5.500 | 09/13/25 | 3,506,680 | |||||
3,500,000 | 4.450 | 09/29/27 | 4,036,482 | |||||
HSBC Holdings PLC | ||||||||
3,130,000 | 6.100 | 01/14/42 | 4,584,713 | |||||
JPMorgan Chase & Co. | ||||||||
2,520,000 | 5.600 | 07/15/41 | 3,546,599 | |||||
(3M USD LIBOR + 1.000%), | ||||||||
150,000 | 1.125 | (c) | 04/26/23 | 151,802 | ||||
(3M USD LIBOR + 1.160%), | ||||||||
1,650,000 | 3.702 | (a)(c) | 05/06/30 | 1,854,736 | ||||
(3M USD LIBOR + 1.330%), | ||||||||
2,000,000 | 4.452 | (a)(c) | 12/05/29 | 2,349,121 | ||||
(3M USD LIBOR + 3.470%), | ||||||||
2,222,000 | 3.599 | (a)(c) | 12/29/49 | 2,233,104 | ||||
(SOFR + 0.885%), | ||||||||
1,500,000 | 0.935 | (a)(c) | 04/22/27 | 1,521,036 | ||||
KeyBank NA | ||||||||
5,700,000 | 3.400 | 05/20/26 | 6,262,901 | |||||
Mitsubishi UFJ Financial Group, Inc. | ||||||||
3,000,000 | 3.777 | 03/02/25 | 3,298,041 | |||||
Northern Trust Corp.(a) | ||||||||
5,438,000 | 3.150 | 05/03/29 | 6,065,614 | |||||
PNC Bank NA | ||||||||
2,500,000 | 2.950 | (a) | 01/30/23 | 2,590,269 | ||||
3,830,000 | 4.050 | 07/26/28 | 4,464,956 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Corporate Obligations – (continued) | ||||||||
Banks – (continued) | ||||||||
The PNC Financial Services Group, Inc.(a)(c) (3M USD LIBOR + 3.678%) | ||||||||
$ 2,500,000 | 6.750 | % | 07/29/49 | $ 2,505,450 | ||||
Truist Financial Corp.(a) | ||||||||
5,455,000 | 2.500 | 08/01/24 | 5,759,172 | |||||
2,265,000 | 1.125 | 08/03/27 | 2,242,125 | |||||
U.S. Bancorp(a) | ||||||||
2,050,000 | 3.600 | 09/11/24 | 2,231,753 | |||||
UBS Group AG(a)(b)(c) (3M USD LIBOR + 0.954%) | ||||||||
2,750,000 | 2.859 | 08/15/23 | 2,817,629 | |||||
Wells Fargo & Co. | ||||||||
2,500,000 | 4.100 | 06/03/26 | 2,814,859 | |||||
1,500,000 | 4.650 | 11/04/44 | 1,883,369 | |||||
5,000,000 | 4.750 | 12/07/46 | 6,416,551 | |||||
Wells Fargo Bank NA(d) | ||||||||
2,000,000 | 6.180 | 02/15/36 | 2,707,110 | |||||
| ||||||||
86,548,543 | ||||||||
| ||||||||
Beverages(a) – 0.8% | ||||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
6,000,000 | 4.439 | 10/06/48 | 7,323,869 | |||||
PepsiCo, Inc. | ||||||||
2,190,000 | 4.450 | 04/14/46 | 2,880,762 | |||||
| ||||||||
10,204,631 | ||||||||
| ||||||||
Biotechnology(a) – 0.3% | ||||||||
Amgen, Inc. | ||||||||
3,175,000 | 2.770 | 09/01/53 | 3,086,433 | |||||
| ||||||||
Chemicals(a) – 0.4% | ||||||||
Linde, Inc. | ||||||||
2,000,000 | 3.200 | 01/30/26 | 2,197,626 | |||||
PPG Industries, Inc. | ||||||||
2,355,000 | 2.400 | 08/15/24 | 2,470,585 | |||||
| ||||||||
4,668,211 | ||||||||
| ||||||||
Commercial Services – 1.2% | ||||||||
Emory University(a) | ||||||||
2,000,000 | 1.566 | 09/01/25 | 2,060,060 | |||||
Henry J. Kaiser Family Foundation | ||||||||
6,250,000 | 3.356 | 12/01/25 | 6,560,568 | |||||
Northwestern University | ||||||||
1,000,000 | 4.643 | 12/01/44 | 1,342,630 | |||||
The Corp. of Gonzaga University | ||||||||
3,500,000 | 4.158 | 04/01/46 | 4,061,260 | |||||
| ||||||||
14,024,518 | ||||||||
| ||||||||
Distribution/Wholesale(a) – 0.4% | ||||||||
WW Grainger, Inc. | ||||||||
3,260,000 | 4.600 | 06/15/45 | 4,311,724 | |||||
| ||||||||
Diversified Financial Services – 3.9% | ||||||||
Air Lease Corp.(a) | ||||||||
2,500,000 | 3.000 | 09/15/23 | 2,612,634 | |||||
Aircastle Ltd.(a) | ||||||||
1,000,000 | 4.250 | 06/15/26 | 1,099,160 | |||||
American Express Co.(a) | ||||||||
3,115,000 | 3.125 | 05/20/26 | 3,415,050 | |||||
|
THE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Corporate Obligations – (continued) | ||||||||
Diversified Financial Services – (continued) | ||||||||
Blackstone Secured Lending Fund(a) | ||||||||
$ 4,200,000 | 3.625 | % | 01/15/26 | $ 4,475,357 | ||||
Brookfield Finance, Inc.(a) | ||||||||
2,100,000 | 4.700 | 09/20/47 | 2,628,995 | |||||
Capital One Bank USA NA(a)(c) (SOFR + 0.911%) | ||||||||
4,000,000 | 2.280 | 01/28/26 | 4,174,279 | |||||
CDP Financial, Inc.(b) | ||||||||
1,000,000 | 3.150 | 07/24/24 | 1,078,902 | |||||
CME Group, Inc. | ||||||||
1,685,000 | 3.000 | 09/15/22 | 1,736,408 | |||||
Franklin Resources, Inc. | ||||||||
5,000,000 | 2.850 | 03/30/25 | 5,360,953 | |||||
Invesco Finance PLC | ||||||||
6,509,000 | 3.125 | 11/30/22 | 6,742,984 | |||||
Janus Capital Group, Inc.(a) | ||||||||
3,000,000 | 4.875 | 08/01/25 | 3,394,366 | |||||
Legg Mason, Inc. | ||||||||
3,895,000 | 5.625 | 01/15/44 | 5,560,969 | |||||
Owl Rock Capital Corp.(a) | ||||||||
2,000,000 | 3.400 | 07/15/26 | 2,102,110 | |||||
The Charles Schwab Corp. | ||||||||
2,500,000 | 3.225 | 09/01/22 | 2,575,341 | |||||
| ||||||||
46,957,508 | ||||||||
| ||||||||
Electrical Equipment – 4.1% | ||||||||
Arizona Public Service Co. | ||||||||
2,150,000 | 6.875 | 08/01/36 | 3,217,170 | |||||
Consumers Energy Co.(a) | ||||||||
3,290,000 | 3.950 | 07/15/47 | 3,984,865 | |||||
Duke Energy Progress LLC(a) | ||||||||
2,000,000 | 2.800 | 05/15/22 | 2,027,360 | |||||
Emerson Electric Co. | ||||||||
2,545,000 | 0.875 | (a) | 10/15/26 | 2,533,906 | ||||
2,000,000 | 1.800 | (a) | 10/15/27 | 2,066,232 | ||||
1,000,000 | 6.125 | 04/15/39 | 1,470,175 | |||||
Entergy Louisiana LLC(a) | ||||||||
3,000,000 | 3.780 | 04/01/25 | 3,269,702 | |||||
Gulf Power Co.(a) | ||||||||
1,250,000 | 4.550 | 10/01/44 | 1,476,421 | |||||
Louisville Gas & Electric Co.(a) | ||||||||
1,850,000 | 4.650 | 11/15/43 | 2,347,948 | |||||
National Grid USA | ||||||||
3,375,000 | 8.000 | 11/15/30 | 4,727,647 | |||||
Ohio Power Co. | ||||||||
2,870,000 | 5.850 | 10/01/35 | 3,981,844 | |||||
Pacific Gas and Electric Co.(a) | ||||||||
1,000,000 | 4.550 | 07/01/30 | 1,066,165 | |||||
1,000,000 | 4.950 | 07/01/50 | 1,032,178 | |||||
PacifiCorp | ||||||||
1,900,000 | 6.100 | 08/01/36 | 2,685,224 | |||||
PPL Electric Utilities Corp.(a) | ||||||||
1,025,000 | 4.750 | 07/15/43 | 1,363,416 | |||||
Public Service Enterprise Group, Inc.(a)(b) | ||||||||
5,500,000 | 8.625 | 04/15/31 | 8,337,661 | |||||
Southern California Edison Co. | ||||||||
1,000,000 | 5.550 | 01/15/37 | 1,255,040 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Corporate Obligations – (continued) | ||||||||
Electrical Equipment – (continued) | ||||||||
Wisconsin Public Service Corp.(a) | ||||||||
$ 3,000,000 | 3.300 | % | 09/01/49 | $ 3,280,087 | ||||
| ||||||||
50,123,041 | ||||||||
| ||||||||
Electronics(a) – 0.2% | ||||||||
PerkinElmer, Inc. | ||||||||
2,410,000 | 3.300 | 09/15/29 | 2,631,753 | |||||
| ||||||||
Food(a)(b) – 0.3% | ||||||||
Nestle Holdings, Inc. | ||||||||
3,870,000 | 0.625 | 01/15/26 | 3,828,171 | |||||
| ||||||||
Gas(a) – 0.9% | ||||||||
Atmos Energy Corp. | ||||||||
1,400,000 | 4.125 | 03/15/49 | 1,751,516 | |||||
Boston Gas Co.(b) | ||||||||
1,000,000 | 3.001 | 08/01/29 | 1,063,252 | |||||
National Fuel Gas Co. | ||||||||
3,000,000 | 2.950 | 03/01/31 | 3,083,991 | |||||
Northwest Natural Gas Co. | ||||||||
4,650,000 | 3.869 | 06/15/49 | 5,406,938 | |||||
| ||||||||
11,305,697 | ||||||||
| ||||||||
Healthcare-Services – 2.6% | ||||||||
Adventist Health System(a) | ||||||||
7,000,000 | 2.952 | 03/01/29 | 7,470,823 | |||||
Ascension Health | ||||||||
3,000,000 | 2.532 | (a) | 11/15/29 | 3,202,638 | ||||
1,500,000 | 3.945 | 11/15/46 | 1,871,973 | |||||
Baptist Health South Florida, Inc. | ||||||||
3,695,000 | 4.342 | 11/15/41 | 4,515,007 | |||||
Community Health Network, Inc. | ||||||||
2,225,000 | 4.237 | 05/01/25 | 2,475,383 | |||||
Mayo Clinic | ||||||||
2,600,000 | 3.774 | 11/15/43 | 3,095,935 | |||||
SSM Health Care Corp.(a) | ||||||||
3,000,000 | 3.688 | 06/01/23 | 3,156,315 | |||||
4,990,000 | 3.823 | 06/01/27 | 5,657,704 | |||||
| ||||||||
31,445,778 | ||||||||
| ||||||||
Insurance – 5.9% | ||||||||
Americo Life, Inc.(b) | ||||||||
5,206,000 | 3.450 | 04/15/31 | 5,367,631 | |||||
Arch Capital Group Ltd. | ||||||||
2,149,000 | 7.350 | 05/01/34 | 3,228,132 | |||||
Assured Guaranty US Holdings, Inc.(a) | ||||||||
1,000,000 | 3.150 | 06/15/31 | 1,063,634 | |||||
AXIS Specialty Finance LLC(a) | ||||||||
3,000,000 | 3.900 | 07/15/29 | 3,334,438 | |||||
Berkshire Hathaway Finance Corp.(a) | ||||||||
4,220,000 | 4.200 | 08/15/48 | 5,312,227 | |||||
Equitable Financial Life Global Funding(b) | ||||||||
3,000,000 | 1.300 | 07/12/26 | 3,008,669 | |||||
5,000,000 | 1.750 | 11/15/30 | 4,874,772 | |||||
Guardian Life Global Funding(b) | ||||||||
5,000,000 | 1.250 | 11/19/27 | 4,945,333 | |||||
Jackson National Life Global Funding(b) | ||||||||
2,600,000 | 3.250 | 01/30/24 | 2,767,827 | |||||
Loews Corp. | ||||||||
3,000,000 | 6.000 | 02/01/35 | 4,174,698 | |||||
|
THE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Corporate Obligations – (continued) | ||||||||
Insurance – (continued) | ||||||||
MassMutual Global Funding II(b) | ||||||||
$ 6,150,000 | 2.950 | % | 01/11/25 | $ 6,597,215 | ||||
MetLife, Inc.(a) | ||||||||
2,055,000 | 10.750 | 08/01/39 | 3,537,386 | |||||
Metropolitan Life Global Funding I(b) | ||||||||
1,360,000 | 2.400 | 06/17/22 | 1,386,182 | |||||
Principal Life Global Funding II(b) | ||||||||
1,340,000 | 0.500 | 01/08/24 | 1,340,817 | |||||
Prudential Financial, Inc.(a)(c) (3M USD LIBOR + 4.175%) | ||||||||
2,000,000 | 5.875 | 09/15/42 | 2,107,814 | |||||
Reinsurance Group of America, Inc.(a) | ||||||||
2,000,000 | 3.950 | 09/15/26 | 2,243,886 | |||||
2,500,000 | 3.150 | 06/15/30 | 2,708,564 | |||||
Reliance Standard Life Global Funding II(b) | ||||||||
1,750,000 | 2.750 | 01/21/27 | 1,863,936 | |||||
Teachers Insurance & Annuity Association of America(a)(b) | ||||||||
3,000,000 | 4.270 | 05/15/47 | 3,684,992 | |||||
The Prudential Insurance Co. of America(b) | ||||||||
2,775,000 | 8.300 | 07/01/25 | 3,489,313 | |||||
The Travelers Cos., Inc.(a) | ||||||||
2,000,000 | 4.100 | 03/04/49 | 2,518,728 | |||||
Travelers Property Casualty Corp. | ||||||||
1,493,000 | 7.750 | 04/15/26 | 1,935,431 | |||||
| ||||||||
71,491,625 | ||||||||
| ||||||||
Internet(a) – 0.3% | ||||||||
Booking Holdings, Inc. | ||||||||
1,750,000 | 3.600 | 06/01/26 | 1,946,871 | |||||
TD Ameritrade Holding Corp. | ||||||||
1,225,000 | 2.750 | 10/01/29 | 1,329,234 | |||||
| ||||||||
3,276,105 | ||||||||
| ||||||||
Machinery-Diversified(a) – 0.3% | ||||||||
Rockwell Automation, Inc. | ||||||||
3,000,000 | 3.500 | 03/01/29 | 3,392,905 | |||||
| ||||||||
Media – 0.6% | ||||||||
Comcast Corp. | ||||||||
1,250,000 | 6.400 | 05/15/38 | 1,856,227 | |||||
1,500,000 | 2.450 | (a) | 08/15/52 | 1,399,152 | ||||
The Walt Disney Co. | ||||||||
1,000,000 | 7.125 | 04/08/28 | 1,331,692 | |||||
ViacomCBS, Inc. | ||||||||
2,500,000 | 7.875 | 09/01/23 | 2,893,616 | |||||
| ||||||||
7,480,687 | ||||||||
| ||||||||
Metals & Mining – 0.7% | ||||||||
Caterpillar Financial Services Corp. | ||||||||
4,680,000 | 0.450 | 09/14/23 | 4,693,273 | |||||
The Timken Co. | ||||||||
2,750,000 | 6.875 | 05/08/28 | 3,428,793 | |||||
| ||||||||
8,122,066 | ||||||||
| ||||||||
Miscellaneous Manufacturing – 0.7% | ||||||||
General Electric Co. | ||||||||
1,500,000 | 4.500 | 03/11/44 | 1,849,901 | |||||
(3M USD LIBOR + 3.330%), | ||||||||
3,748,000 | 3.449 | (a)(c) | 12/29/49 | 3,668,355 | ||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Corporate Obligations – (continued) | ||||||||
Miscellaneous Manufacturing – (continued) | ||||||||
Siemens Financieringsmaatschappij NV(b) | ||||||||
$ 3,000,000 | 2.700 | % | 03/16/22 | $ 3,046,211 | ||||
| ||||||||
8,564,467 | ||||||||
| ||||||||
Oil-Field Services – 3.4% | ||||||||
Apache Corp. | ||||||||
2,835,000 | 5.100 | (a) | 09/01/40 | 3,040,537 | ||||
1,360,000 | 7.375 | 08/15/47 | 1,635,400 | |||||
BP Capital Markets America, Inc. | ||||||||
3,250,000 | 2.750 | 05/10/23 | 3,385,507 | |||||
4,000,000 | 3.543 | (a) | 04/06/27 | 4,451,486 | ||||
Equinor ASA | ||||||||
1,795,000 | 6.800 | 01/15/28 | 2,302,685 | |||||
HollyFrontier Corp.(a) | ||||||||
3,850,000 | 5.875 | 04/01/26 | 4,457,971 | |||||
Phillips 66(a) | ||||||||
3,000,000 | 4.650 | 11/15/34 | 3,592,945 | |||||
Saudi Arabian Oil Co.(b) | ||||||||
5,000,000 | 3.500 | 04/16/29 | 5,463,240 | |||||
Schlumberger Investment SA(a) | ||||||||
3,600,000 | 2.650 | 06/26/30 | 3,829,275 | |||||
Tosco Corp. | ||||||||
2,095,000 | 8.125 | 02/15/30 | 3,072,807 | |||||
Valero Energy Corp.(a) | ||||||||
6,000,000 | 2.850 | 04/15/25 | 6,360,726 | |||||
| ||||||||
41,592,579 | ||||||||
| ||||||||
Paper and Forest Products – 1.0% | ||||||||
Georgia-Pacific LLC(b) | ||||||||
2,225,000 | 0.625 | 05/15/24 | 2,230,528 | |||||
5,000,000 | 2.100 | (a) | 04/30/27 | 5,219,644 | ||||
International Paper Co. | ||||||||
2,925,000 | 8.700 | 06/15/38 | 4,966,617 | |||||
| ||||||||
12,416,789 | ||||||||
| ||||||||
Pharmaceuticals – 1.6% | ||||||||
Bristol-Myers Squibb Co.(a) | ||||||||
3,250,000 | 3.900 | 02/20/28 | 3,767,875 | |||||
CVS Pass-Through Trust(b) | ||||||||
2,398,168 | 7.507 | 01/10/32 | 3,049,461 | |||||
Johnson & Johnson | ||||||||
4,970,000 | 5.950 | 08/15/37 | 7,386,227 | |||||
Pfizer, Inc. | ||||||||
2,900,000 | 7.200 | 03/15/39 | 4,787,986 | |||||
| ||||||||
18,991,549 | ||||||||
| ||||||||
Pipelines – 2.3% | ||||||||
DCP Midstream Operating LP | ||||||||
3,397,000 | 8.125 | 08/16/30 | 4,526,502 | |||||
Energy Transfer LP(a) | ||||||||
3,000,000 | 4.900 | 03/15/35 | 3,496,975 | |||||
Kinder Morgan Energy Partners LP | ||||||||
4,175,000 | 5.800 | 03/15/35 | 5,480,494 | |||||
Magellan Midstream Partners LP(a) | ||||||||
2,635,000 | 3.950 | 03/01/50 | 2,895,305 | |||||
Tennessee Gas Pipeline Co. LLC | ||||||||
628,000 | 8.375 | 06/15/32 | 935,317 | |||||
1,450,000 | 7.625 | 04/01/37 | 2,133,381 | |||||
TransCanada PipeLines Ltd.(a) | ||||||||
2,500,000 | 4.875 | 01/15/26 | 2,885,017 | |||||
|
THE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Corporate Obligations – (continued) | ||||||||
Pipelines – (continued) | ||||||||
Transcanada Trust(a)(c) (3M USD LIBOR + 3.208%) | ||||||||
$ 4,660,000 | 5.300 | % | 03/15/77 | $ 5,002,976 | ||||
| ||||||||
27,355,967 | ||||||||
| ||||||||
Real Estate(a) – 4.3% | ||||||||
Columbia Property Trust Operating Partnership LP | ||||||||
2,485,000 | 4.150 | 04/01/25 | 2,695,468 | |||||
ERP Operating LP | ||||||||
1,505,000 | 2.850 | 11/01/26 | 1,619,111 | |||||
Healthcare Realty Trust, Inc. | ||||||||
1,075,000 | 2.050 | 03/15/31 | 1,062,474 | |||||
Mid-America Apartments LP | ||||||||
1,860,000 | 4.300 | 10/15/23 | 1,992,479 | |||||
1,700,000 | 3.600 | 06/01/27 | 1,910,270 | |||||
National Retail Properties, Inc. | ||||||||
1,000,000 | 3.900 | 06/15/24 | 1,080,037 | |||||
Office Properties Income Trust | ||||||||
4,000,000 | 4.250 | 05/15/24 | 4,288,652 | |||||
Omega Healthcare Investors, Inc. | ||||||||
4,500,000 | 4.750 | 01/15/28 | 5,145,194 | |||||
Piedmont Operating Partnership LP | ||||||||
1,290,000 | 3.400 | 06/01/23 | 1,338,730 | |||||
2,800,000 | 4.450 | 03/15/24 | 3,022,677 | |||||
Post Apartment Homes LP | ||||||||
1,500,000 | 3.375 | 12/01/22 | 1,546,715 | |||||
Realty Income Corp. | ||||||||
2,400,000 | 0.750 | 03/15/26 | 2,376,482 | |||||
SBA Tower Trust(b) | ||||||||
3,520,000 | 3.448 | 03/15/23 | 3,584,925 | |||||
1,575,000 | 2.836 | 01/15/25 | 1,642,749 | |||||
Scentre Group Trust 1/Scentre Group Trust 2(b) | ||||||||
4,000,000 | 3.750 | 03/23/27 | 4,434,921 | |||||
Simon Property Group LP | ||||||||
2,815,000 | 3.750 | 02/01/24 | 3,013,983 | |||||
STORE Capital Corp. | ||||||||
2,000,000 | 4.500 | 03/15/28 | 2,287,367 | |||||
Sun Communities Operating LP | ||||||||
1,000,000 | 2.700 | 07/15/31 | 1,023,260 | |||||
Ventas Realty LP | ||||||||
2,910,000 | 3.500 | 02/01/25 | 3,135,557 | |||||
VEREIT Operating Partnership LP | ||||||||
2,400,000 | 3.950 | 08/15/27 | 2,734,756 | |||||
Washington Real Estate Investment Trust | ||||||||
1,580,000 | 3.950 | 10/15/22 | 1,628,442 | |||||
Weingarten Realty Investors | ||||||||
1,000,000 | 3.850 | 06/01/25 | 1,084,170 | |||||
| ||||||||
52,648,419 | ||||||||
| ||||||||
Retail(a) – 0.1% | ||||||||
Advance Auto Parts, Inc. | ||||||||
1,135,000 | 1.750 | 10/01/27 | 1,141,064 | |||||
| ||||||||
Semiconductors(a) – 1.4% | ||||||||
Broadcom, Inc.(b) | ||||||||
1,000,000 | 1.950 | 02/15/28 | 1,007,751 | |||||
3,500,000 | 3.469 | 04/15/34 | 3,722,207 | |||||
Maxim Integrated Products, Inc. | ||||||||
5,016,000 | 3.375 | 03/15/23 | 5,217,034 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Corporate Obligations – (continued) | ||||||||
Semiconductors(a) – (continued) | ||||||||
QUALCOMM, Inc. | ||||||||
$ 2,930,000 | 3.250 | % | 05/20/27 | $ 3,238,532 | ||||
Texas Instruments, Inc. | ||||||||
2,925,000 | 3.875 | 03/15/39 | 3,571,479 | |||||
| ||||||||
16,757,003 | ||||||||
| ||||||||
Software(a) – 0.6% | ||||||||
Adobe, Inc. | ||||||||
2,000,000 | 2.150 | 02/01/27 | 2,106,081 | |||||
Fidelity National Information Services, Inc. | ||||||||
2,500,000 | 1.150 | 03/01/26 | 2,503,032 | |||||
salesforce.com, Inc. | ||||||||
2,850,000 | 1.950 | 07/15/31 | 2,897,884 | |||||
| ||||||||
7,506,997 | ||||||||
| ||||||||
Telecommunications – 0.6% | ||||||||
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC(b) | ||||||||
1,875,000 | 4.738 | 03/20/25 | 2,005,444 | |||||
Verizon Communications, Inc. | ||||||||
4,748,000 | 4.329 | 09/21/28 | 5,564,199 | |||||
| ||||||||
7,569,643 | ||||||||
| ||||||||
Transportation – 1.2% | ||||||||
Burlington Northern Santa Fe LLC(a) | ||||||||
1,220,000 | 4.950 | 09/15/41 | 1,634,425 | |||||
Canadian National Railway Co. | ||||||||
1,190,000 | 6.200 | 06/01/36 | 1,725,478 | |||||
1,310,000 | 2.450 | (a) | 05/01/50 | 1,214,499 | ||||
Canadian Pacific Railway Co. | ||||||||
1,980,000 | 5.750 | 01/15/42 | 2,763,375 | |||||
2,500,000 | 6.125 | (a)(e) | 09/15/15 | 3,981,161 | ||||
Kansas City Southern(a) | ||||||||
1,000,000 | 4.950 | 08/15/45 | 1,299,365 | |||||
1,500,000 | 4.700 | 05/01/48 | 1,909,329 | |||||
The Kansas City Southern Railway Co.(a) | ||||||||
500,000 | 4.950 | 08/15/45 | 661,453 | |||||
| ||||||||
15,189,085 | ||||||||
| ||||||||
TOTAL CORPORATE OBLIGATIONS (Cost $562,507,897) | $ 614,560,269 | |||||||
| ||||||||
Asset-Backed Securities – 17.6% | ||||||||
Automotive(b) – 2.9% | ||||||||
Avis Budget Rental Car Funding AESOP LLC Series 2017-2A, Class A | ||||||||
$ 2,180,000 | 2.970 | % | 03/20/24 | $ 2,259,911 | ||||
Avis Budget Rental Car Funding AESOP LLC Series 2018-1A, Class A | ||||||||
4,150,000 | 3.700 | 09/20/24 | 4,404,117 | |||||
Avis Budget Rental Car Funding AESOP LLC Series 2019-3A, Class A | ||||||||
11,100,000 | 2.360 | 03/20/26 | 11,629,655 | |||||
Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class A | ||||||||
4,150,000 | 1.380 | 08/20/27 | 4,160,186 | |||||
|
THE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Asset-Backed Securities – (continued) | ||||||||
Automotive(b) – (continued) | ||||||||
Avis Budget Rental Car Funding AESOP LLC Series2020-2A, Class A | ||||||||
$ 2,080,000 | 2.020 | % | 02/20/27 | $ 2,149,039 | ||||
Ford Credit Auto Owner Trust Series 2017-1, Class A | ||||||||
2,500,000 | 2.620 | 08/15/28 | 2,533,038 | |||||
Ford Credit Auto Owner Trust Series 2018-1, Class A | ||||||||
5,000,000 | 3.190 | 07/15/31 | 5,407,241 | |||||
Hertz Vehicle Financing III LP Series 2021-2A, Class A | ||||||||
2,800,000 | 1.680 | 12/27/27 | 2,835,902 | |||||
| ||||||||
35,379,089 | ||||||||
| ||||||||
Home Equity – 0.5% | ||||||||
Accredited Mortgage Loan Trust Series 2004-4, Class A1B(c) (1M USD LIBOR + 0.780%) | ||||||||
626,933 | 0.869 | 01/25/35 | 625,371 | |||||
Ameriquest Mortgage Securities, Inc. Series 2004-FR1W, Class A6(f) | ||||||||
374,296 | 4.044 | 05/25/34 | 381,608 | |||||
EquiFirst Mortgage Loan Trust Series 2003-2, Class 2A2(f) | ||||||||
162,084 | 4.250 | 09/25/33 | 169,115 | |||||
Morgan Stanley ABS Capital I, Inc. Trust Series 2005-HE1, Class M1(c) (1M USD LIBOR + 0.675%) | ||||||||
2,366,014 | 0.764 | 12/25/34 | 2,318,521 | |||||
Renaissance Home Equity Loan Trust Series 2005-3, Class AF4(f) | ||||||||
662,128 | 5.140 | 11/25/35 | 712,427 | |||||
Southern Pacific Secured Asset Corp. Series 1998-2, Class A7(f) | ||||||||
1,020,287 | 7.490 | 07/25/29 | 1,058,678 | |||||
| ||||||||
5,265,720 | ||||||||
| ||||||||
Manufactured Housing – 0.0% | ||||||||
Green Tree Financial Corp. Series 1998-3, Class A5 | ||||||||
6,302 | 6.220 | 03/01/30 | 6,302 | |||||
Green Tree Financial Corp. Series 1998-3, Class A6(c)(g) | ||||||||
787 | 6.760 | 03/01/30 | 787 | |||||
Mid-State Trust Series 2011, Class A1 | ||||||||
133,087 | 4.864 | 07/15/38 | 140,205 | |||||
| ||||||||
147,294 | ||||||||
| ||||||||
Other – 12.7% | ||||||||
AFN LLC Series 2019-1A, Class A1(b) | ||||||||
4,895,876 | 3.780 | 05/20/49 | 5,202,398 | |||||
CAL Funding IV Ltd. Series 2020-1A, Class A(b) | ||||||||
5,575,000 | 2.220 | 09/25/45 | 5,659,977 | |||||
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2002-3, Class 1A5(f) | ||||||||
915,541 | 5.907 | 06/25/32 | 918,253 | |||||
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-1, Class 2A2(c) (1M USD LIBOR + 0.460%) | ||||||||
3,580,627 | 0.549 | 12/25/33 | 3,450,314 | |||||
CMFT Net Lease Master Issuer LLC Series 2021-1, Class A1(a)(b) | ||||||||
3,250,000 | 2.090 | 07/20/51 | 3,249,622 | |||||
Countrywide Asset-Backed Certificates Series 2007-QH1, Class A1(b)(c) (1M USD LIBOR + 0.400%) | ||||||||
423,487 | 0.489 | 02/25/37 | 404,350 | |||||
Diamond Infrastructure Funding LLC Series 2021-1A, Class A(b) | ||||||||
4,000,000 | 1.760 | 04/15/49 | 4,025,280 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Asset-Backed Securities – (continued) | ||||||||
Other – (continued) | ||||||||
Domino’s Pizza Master Issuer LLC Series 2017-1A, Class A23(b) | ||||||||
$ 6,272,500 | 4.118 | % | 07/25/47 | $ 6,771,415 | ||||
FCI Funding LLC Series 2021-1A, Class A(b) | ||||||||
2,014,468 | 1.130 | 04/15/33 | 2,017,070 | |||||
Global SC Finance VII S.r.l. Series 2020-2A, Class A(b) | ||||||||
4,880,897 | 2.260 | 11/19/40 | 4,957,224 | |||||
Harvest SBA Loan Trust Series 2018-1, Class A(b)(c) (1M USD LIBOR + 2.250%) | ||||||||
2,553,256 | 2.342 | 08/25/44 | 2,476,819 | |||||
Home Partners of America Trust Series 2019-1, Class A(b) | ||||||||
7,163,584 | 2.908 | 09/17/39 | 7,414,115 | |||||
Invitation Homes Trust Series 2018-SFR2, Class A(b)(c) (1M USD LIBOR + 0.900%) | ||||||||
4,032,407 | 0.993 | 06/17/37 | 4,040,135 | |||||
LFS LLC Series 2021-A, Class A(b) | ||||||||
1,376,854 | 2.460 | 04/15/33 | 1,378,150 | |||||
Long Beach Mortgage Loan Trust Series 2003-4, Class AV1(c) (1M USD LIBOR + 0.620%) | ||||||||
160,670 | 0.709 | 08/25/33 | 158,233 | |||||
Longtrain Leasing III LLC Series 2015-1A, Class A1(b) | ||||||||
2,149,956 | 2.980 | 01/15/45 | 2,196,841 | |||||
Longtrain Leasing III LLC Series 2015-1A, Class A2(b) | ||||||||
4,900,951 | 4.060 | 01/15/45 | 4,987,465 | |||||
NP SPE II LLC Series 2016-1A, Class A1(b) | ||||||||
1,983,148 | 4.164 | 04/20/46 | 2,074,157 | |||||
OnDeck Asset Securitization Trust LLC Series 2021-1A, Class A(b) | ||||||||
1,500,000 | 1.590 | 05/17/27 | 1,512,955 | |||||
PEAR Series 2020-1, Class A(b) | ||||||||
4,392,217 | 3.750 | 12/15/32 | 4,394,986 | |||||
Progress Residential Trust Series 2020-SFR2, Class A(b) | ||||||||
1,000,000 | 2.078 | 06/17/37 | 1,032,147 | |||||
Sabey Data Center Issuer LLC Series 2021-1, Class A2(b) | ||||||||
3,000,000 | 1.881 | 06/20/46 | 3,028,828 | |||||
ServiceMaster Funding LLC Series 2020-1, Class A2I(b) | ||||||||
3,990,000 | 2.841 | 01/30/51 | 4,168,034 | |||||
SERVPRO Master Issuer LLC Series 21-1A, Class A2(b) | ||||||||
1,995,000 | 2.394 | 04/25/51 | 2,035,020 | |||||
Sierra Timeshare Receivables Funding LLC Series 2021-1A, Class A(b) | ||||||||
813,309 | 0.990 | 11/20/37 | 813,438 | |||||
STAR Trust Series 2021-SFR1, Class A(b)(c) (1M USD LIBOR + 0.600%) | ||||||||
3,324,227 | 0.690 | 04/17/38 | 3,324,227 | |||||
State of Hawaii Department of Business Economic Development & Tourism Series 2014-A, Class A2 | ||||||||
6,985,804 | 3.242 | 01/01/31 | 7,548,223 | |||||
Structured Asset Investment Loan Trust Series 2003-BC5, Class M1(c) (1M USD LIBOR + 1.125%) | ||||||||
232,084 | 1.214 | 06/25/33 | 233,785 | |||||
Structured Asset Securities Corp. Series 2005-9XS, Class 1A3A(f) | ||||||||
67,823 | 5.750 | 06/25/35 | 71,561 | |||||
Thrust Engine Leasing 2021 DAC Series 2021-1A, Class A(b) | ||||||||
5,000,000 | 4.163 | 07/15/40 | 5,038,048 | |||||
Tif Funding II LLC Series 2020-1A, Class A(b) | ||||||||
2,141,875 | 2.090 | 08/20/45 | 2,165,299 | |||||
Towd Point Mortgage Trust Series 2015-1, Class 1A2(b)(c)(g) | ||||||||
4,091,574 | 3.250 | 11/25/60 | 4,119,291 | |||||
|
THE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Asset-Backed Securities – (continued) | ||||||||
Other – (continued) | ||||||||
Towd Point Mortgage Trust Series 2016-2, Class A1(b)(c)(g) | ||||||||
$ 250,118 | 3.000 | % | 08/25/55 | $ 252,366 | ||||
Towd Point Mortgage Trust Series 2016-3, Class A1(b)(c)(g) | ||||||||
496,517 | 2.250 | 04/25/56 | 498,144 | |||||
Towd Point Mortgage Trust Series 2017-3, Class A2(b)(c)(g) | ||||||||
1,850,000 | 3.000 | 07/25/57 | 1,922,272 | |||||
Towd Point Mortgage Trust Series 2018-2, Class A2(b)(c)(g) | ||||||||
5,500,000 | 3.500 | 03/25/58 | 5,894,926 | |||||
Trafigura Securitisation Finance PLC Series 2018-1A, Class A2(b) | ||||||||
4,335,000 | 3.730 | 03/15/22 | 4,349,886 | |||||
Trinity Rail Leasing 2020 LLC Series 2020-2A, Class A2(b) | ||||||||
10,315,000 | 2.560 | 11/19/50 | 10,679,155 | |||||
Trinity Rail Leasing LLC Series 2019-1A, Class A(b) | ||||||||
4,525,386 | 3.820 | 04/17/49 | 4,761,628 | |||||
Trinity Rail Leasing LLC Series 2019-2A, Class A2(b) | ||||||||
3,000,000 | 3.100 | 10/18/49 | 3,115,078 | |||||
Triton Container Finance VIII LLC Series 2020-1A, Class A(b) | ||||||||
5,807,292 | 2.110 | 09/20/45 | 5,891,846 | |||||
Triton Container Finance VIII LLC Series 2021-1A, Class A(b) | ||||||||
485,836 | 1.860 | 03/20/46 | 486,711 | |||||
TVEST 2021A LLC Series 2021-A, Class A(b) | ||||||||
3,000,000 | 2.350 | 09/15/33 | 3,000,000 | |||||
Vantage Data Centers LLC Series 2020-1A, Class A2(b) | ||||||||
8,250,000 | 1.645 | 09/15/45 | 8,323,191 | |||||
Wendy’s Funding LLC Series 2019-1A, Class A2I(b) | ||||||||
2,835,000 | 3.783 | 06/15/49 | 3,029,708 | |||||
Wendy’s Funding LLC Series 2021-1A, Class A2I(b) | ||||||||
1,250,000 | 2.370 | 06/15/51 | 1,271,400 | |||||
| ||||||||
154,343,971 | ||||||||
| ||||||||
Student Loan – 1.5% | ||||||||
DRB Prime Student Loan Trust Series 2016-B, Class A2(b) | ||||||||
350,236 | 2.890 | 06/25/40 | 351,739 | |||||
DRB Prime Student Loan Trust Series 2017-A, Class A2B(b) | ||||||||
799,168 | 2.850 | 05/27/42 | 809,192 | |||||
Massachusetts Educational Financing Authority Series 2018-A, Class A | ||||||||
2,152,898 | 3.850 | 05/25/33 | 2,294,015 | |||||
Navient Private Education Loan Trust Series 2015-AA, Class A2A(b) | ||||||||
2,058,057 | 2.650 | 12/15/28 | 2,094,504 | |||||
Navient Private Education Refi Loan Trust Series 2018-A, Class A2(b) | ||||||||
393,929 | 3.190 | 02/18/42 | 398,992 | |||||
Navient Private Education Refi Loan Trust Series 2020-HA, Class A(b) | ||||||||
3,544,941 | 1.310 | 01/15/69 | 3,575,360 | |||||
Sofi Professional Loan Program LLC Series 2016-B, Class A2B(b) | ||||||||
494,703 | 2.740 | 10/25/32 | 499,881 | |||||
Sofi Professional Loan Program LLC Series 2016-E, Class A2B(b) | ||||||||
655,441 | 2.490 | 01/25/36 | 660,944 | |||||
Sofi Professional Loan Program Trust Series 2018-C, Class A2FX(b) | ||||||||
4,134,947 | 3.590 | 01/25/48 | 4,271,251 | |||||
South Carolina Student Loan Corp. Series 2015-A, Class A(c) (1M USD LIBOR + 1.500%) | ||||||||
1,787,181 | 1.589 | 01/25/36 | 1,801,919 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Asset-Backed Securities – (continued) | ||||||||
Student Loan – (continued) | ||||||||
Towd Point Asset Trust Series 2018-SL1, Class A(b)(c) (1M USD LIBOR + 0.600%) | ||||||||
$ 1,342,276 | 0.689 | % | 01/25/46 | $ 1,334,674 | ||||
| ||||||||
18,092,471 | ||||||||
| ||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $206,353,899) | $ 213,228,545 | |||||||
| ||||||||
Mortgage-Backed Obligations – 10.8% | ||||||||
Collateralized Mortgage Obligations – 9.3% | ||||||||
Adjustable Rate Mortgage Trust Series 2004-5, Class 3A1(c)(g) | ||||||||
$ 3,779 | 2.419 | % | 04/25/35 | $ 3,774 | ||||
Agate Bay Mortgage Loan Trust Series 2014-3, Class A2(b)(c)(g) | ||||||||
559,979 | 3.500 | 11/25/44 | 564,948 | |||||
Agate Bay Mortgage Loan Trust Series 2016-2, Class A3(b)(c)(g) | ||||||||
291,206 | 3.500 | 03/25/46 | 295,557 | |||||
Banc of America Alternative Loan Trust Series 2005-10, Class 6A1 | ||||||||
7,374 | 5.500 | 11/25/20 | 6,542 | |||||
Bayview MSR Opportunity Master Fund Trust Series 2021-2, Class A2(b)(c)(g) | ||||||||
4,000,000 | 2.500 | 06/25/51 | 4,100,000 | |||||
Bear Stearns Alt-A Trust Series 2005-9, Class 25A1(c)(g) | ||||||||
1,069,606 | 2.873 | 11/25/35 | 876,428 | |||||
Bear Stearns Asset Backed Securities Trust Series 2003-AC7, Class A2(f) | ||||||||
201,082 | 5.750 | 01/25/34 | 203,407 | |||||
Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2, Class 1CB2 | ||||||||
443,950 | 6.750 | 08/25/34 | 473,949 | |||||
Citigroup Mortgage Loan Trust, Inc. Series 2005-10, Class 1A5A(c)(g) | ||||||||
66,825 | 2.908 | 12/25/35 | 63,285 | |||||
Citigroup Mortgage Loan Trust, Inc. Series 2007-AR5, Class 1A3A(c)(g) | ||||||||
48,983 | 2.917 | 04/25/37 | 46,938 | |||||
Citigroup Mortgage Loan Trust, Inc. Series 2015-A, Class A1(b)(c)(g) | ||||||||
222,308 | 3.500 | 06/25/58 | 224,864 | |||||
Countrywide Alternative Loan Trust Series 2004-18CB, Class 3A1 | ||||||||
12,243 | 5.250 | 09/25/19 | 12,264 | |||||
Countrywide Alternative Loan Trust Series 2005-J1, Class 3A1 | ||||||||
9,254 | 6.500 | 08/25/32 | 9,377 | |||||
Countrywide Home Loans Trust Series 2005-27, Class 2A1 | ||||||||
422,392 | 5.500 | 12/25/35 | 272,825 | |||||
Countrywide Home Loans Trust Series 2005-6, Class 2A1 | ||||||||
91,150 | 5.500 | 04/25/35 | 88,383 | |||||
Countrywide Home Loans Trust Series 2005-7, Class 1A1(c) (1M USD LIBOR + 0.540%) | ||||||||
587,584 | 0.629 | 03/25/35 | 571,782 | |||||
CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A4 | ||||||||
123,688 | 5.250 | 07/25/33 | 127,904 | |||||
CSMC Trust Series 2013-6, Class 1A1(b)(c)(g) | ||||||||
5,415,331 | 2.500 | 07/25/28 | 5,511,431 | |||||
CSMC Trust Series 2014-WIN2, Class A3(b)(c)(g) | ||||||||
571,089 | 3.500 | 10/25/44 | 581,174 | |||||
CSMC Trust Series 2017-HL2, Class A1(b)(c)(g) | ||||||||
800,324 | 3.500 | 10/25/47 | 816,962 | |||||
|
THE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Mortgage-Backed Obligations – (continued) | ||||||||
Collateralized Mortgage Obligations – (continued) | ||||||||
EverBank Mortgage Loan Trust Series 2013-2, Class A(b)(c)(g) | ||||||||
$ 824,883 | 3.000 | % | 06/25/43 | $ 842,134 | ||||
FHLMC REMIC Series 1579, Class PM | ||||||||
16,901 | 6.700 | 09/15/23 | 17,765 | |||||
FHLMC REMIC Series 2103, Class TE | ||||||||
26,414 | 6.000 | 12/15/28 | 30,163 | |||||
FHLMC REMIC Series 2110, Class PG | ||||||||
138,573 | 6.000 | 01/15/29 | 156,528 | |||||
FHLMC REMIC Series 2391, Class Z | ||||||||
389,480 | 6.000 | 12/15/31 | 447,377 | |||||
FHLMC REMIC Series 2603, Class C | ||||||||
48,077 | 5.500 | 04/15/23 | 49,264 | |||||
FHLMC REMIC Series 4088, Class EP | ||||||||
490,616 | 2.750 | 09/15/41 | 499,922 | |||||
FHLMC REMIC Series 4272, Class DG | ||||||||
379,038 | 3.000 | 04/15/43 | 389,150 | |||||
FHLMC REMIC Series 4370, Class PA | ||||||||
257,096 | 3.500 | 09/15/41 | 267,037 | |||||
FHLMC REMIC Series 4710, Class WA | ||||||||
38,337 | 3.500 | 03/15/44 | 38,550 | |||||
FHLMC REMIC Series 4729, Class AG | ||||||||
772,842 | 3.000 | 01/15/44 | 776,156 | |||||
FHLMC REMIC Series 4770, Class JH | ||||||||
330,966 | 4.500 | 10/15/45 | 338,217 | |||||
FHLMC REMIC Series 4792, Class AC | ||||||||
310,465 | 3.500 | 05/15/48 | 321,653 | |||||
FHLMC REMIC Series 4840, Class MB | ||||||||
7,526,438 | 4.500 | 09/15/46 | 7,712,608 | |||||
FHLMC REMIC Series 4841, Class VH | ||||||||
4,217,000 | 4.500 | 10/15/37 | 4,359,684 | |||||
FHLMC REMIC Series 5020, Class KW | ||||||||
6,000,000 | 2.000 | 09/25/45 | 6,296,306 | |||||
FHLMC REMIC Series 5081, Class QA | ||||||||
826,979 | 2.000 | 12/25/50 | 848,856 | |||||
First Horizon Alternative Mortgage Securities Series 2006-RE1, Class A1(c)(g) | ||||||||
771,609 | 5.500 | 05/25/35 | 666,153 | |||||
Flagstar Mortgage Trust Series 2018-2, Class A4(b)(c)(g) | ||||||||
937,625 | 3.500 | 04/25/48 | 941,047 | |||||
Flagstar Mortgage Trust Series 2019-1INV, Class A3(b)(c)(g) | ||||||||
1,950,357 | 3.500 | 10/25/49 | 1,993,173 | |||||
FNMA REMIC Series 2001-45, Class WG | ||||||||
33,734 | 6.500 | 09/25/31 | 38,239 | |||||
FNMA REMIC Series 2003-117, Class KB | ||||||||
1,670,328 | 6.000 | 12/25/33 | 1,962,642 | |||||
FNMA REMIC Series 2003-14, Class AP | ||||||||
13,984 | 4.000 | 03/25/33 | 14,571 | |||||
FNMA REMIC Series 2004-53, Class NC | ||||||||
77,521 | 5.500 | 07/25/24 | 80,392 | |||||
FNMA REMIC Series 2015-2, Class PA | ||||||||
1,801,091 | 2.250 | 03/25/44 | 1,860,944 | |||||
FNMA REMIC Series 2015-30, Class JA | ||||||||
1,379,539 | 2.000 | 05/25/45 | 1,426,372 | |||||
FNMA REMIC Series 2016-16, Class PD | ||||||||
1,054,582 | 3.000 | 12/25/44 | 1,087,404 | |||||
FNMA Series 2003-W6, Class 3A | ||||||||
66,317 | 6.500 | 09/25/42 | 77,398 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Mortgage-Backed Obligations – (continued) | ||||||||
Collateralized Mortgage Obligations – (continued) | ||||||||
GNMA REMIC Series 2015-167, Class KM | ||||||||
$ 117,129 | 3.000 | % | 12/20/43 | $ 124,185 | ||||
GNMA REMIC Series 2015-94, Class AT | ||||||||
625,442 | 2.250 | 07/16/45 | 653,536 | |||||
GNMA REMIC Series 2016-129, Class W | ||||||||
310,437 | 2.500 | 07/20/46 | 322,162 | |||||
GNMA REMIC Series 2018-37, Class KT | ||||||||
823,367 | 3.500 | 03/20/48 | 883,527 | |||||
GNMA REMIC Series 2021-116, Class LG | ||||||||
10,000,000 | 2.000 | 06/20/51 | 10,214,062 | |||||
GSR Mortgage Loan Trust Series 2004-12, Class 1A1(c) (1M USD LIBOR + 0.340%) | ||||||||
314,198 | 0.429 | 12/25/34 | 317,153 | |||||
GSR Mortgage Loan Trust Series 2004-7, Class 1A1(c)(g) | ||||||||
72,156 | 2.119 | 06/25/34 | 73,410 | |||||
Impac CMB Trust Series 2003-2F, Class A(f) | ||||||||
126,956 | 5.730 | 01/25/33 | 132,464 | |||||
Impac CMB Trust Series 2004-4, Class 1A1(c) (1M USD LIBOR + 0.640%) | ||||||||
299,990 | 0.729 | 09/25/34 | 293,357 | |||||
Impac CMB Trust Series 2004-4, Class 2A2(f) | ||||||||
1,387,906 | 5.176 | 09/25/34 | 1,453,887 | |||||
Impac Secured Assets Corp. Series 2004-2, Class A6(f) | ||||||||
2,673 | 4.558 | 08/25/34 | 2,697 | |||||
JPMorgan Alternative Loan Trust Series 2006-S1, Class 1A16 | ||||||||
859,324 | 6.000 | 03/25/36 | 662,935 | |||||
JPMorgan Mortgage Trust Series 2007-A2, Class 4A2(c)(g) | ||||||||
147,332 | 3.012 | 04/25/37 | 138,663 | |||||
JPMorgan Mortgage Trust Series 2013-3, Class A3(b)(c)(g) | ||||||||
802,219 | 3.359 | 07/25/43 | 823,261 | |||||
JPMorgan Mortgage Trust Series 2014-2, Class 1A1(b)(c)(g) | ||||||||
931,701 | 3.000 | 06/25/29 | 952,405 | |||||
JPMorgan Mortgage Trust Series 2017-3, Class 1A3(b)(c)(g) | ||||||||
2,055,211 | 3.500 | 08/25/47 | 2,086,093 | |||||
JPMorgan Mortgage Trust Series 2017-4, Class A3(b)(c)(g) | ||||||||
443,328 | 3.500 | 11/25/48 | 448,052 | |||||
JPMorgan Mortgage Trust Series 2017-6, Class A3(b)(c)(g) | ||||||||
1,402,909 | 3.500 | 12/25/48 | 1,418,002 | |||||
JPMorgan Mortgage Trust Series 2021-10, Class A3(b)(c)(g) | ||||||||
3,000,000 | 2.500 | 12/25/51 | 3,056,719 | |||||
JPMorgan Mortgage Trust Series 2021-7, Class A4(b)(c)(g) | ||||||||
4,900,672 | 2.500 | 11/25/51 | 5,030,304 | |||||
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 6A1(c)(g) | ||||||||
220,314 | 1.603 | 07/25/33 | 221,865 | |||||
Master Alternative Loans Trust Series 2004-4, Class 1A1 | ||||||||
65,247 | 5.500 | 05/25/34 | 67,263 | |||||
Master Alternative Loans Trust Series 2004-4, Class 8A1 | ||||||||
475,122 | 6.500 | 05/25/34 | 494,420 | |||||
Master Alternative Loans Trust Series 2004-9, Class A6(f) | ||||||||
58 | 5.643 | 08/25/34 | 58 | |||||
Mello Mortgage Capital Acceptance Series 2018-MTG1, Class A1(b)(c)(g) | ||||||||
373,842 | 3.500 | 03/25/48 | 376,525 | |||||
Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1, Class A3(c)(g) | ||||||||
103,304 | 1.580 | 03/25/33 | 105,391 | |||||
|
THE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Mortgage-Backed Obligations – (continued) | ||||||||
Collateralized Mortgage Obligations – (continued) | ||||||||
Morgan Stanley Mortgage Loan Trust Series 2005-7, Class 2A1(c)(g) | ||||||||
$ 497,347 | 5.326 | % | 11/25/35 | $ 422,598 | ||||
Morgan Stanley Mortgage Loan Trust Series 2007-12, Class 3A22 | ||||||||
558,280 | 6.000 | 08/25/37 | 344,456 | |||||
New Residential Mortgage Loan Trust Series 2017-6A, Class A1(b)(c)(g) | ||||||||
3,346,896 | 4.000 | 08/27/57 | 3,582,823 | |||||
OBX Trust Series 2019-INV2, Class A5(b)(c)(g) | ||||||||
326,373 | 4.000 | 05/27/49 | 332,352 | |||||
Oceanview Mortgage Trust Series 2021-3, Class A4(b)(c)(g) | ||||||||
5,000,000 | 2.500 | 06/25/51 | 5,133,815 | |||||
PHH Mortgage Pass-Through Certificates Series 2008-CIM1, Class 11A1(c) (1M USD LIBOR + 2.250%) | ||||||||
53,658 | 2.350 | 05/25/38 | 53,486 | |||||
Rate Mortgage Trust Series 2021-J1, Class A7(b)(c)(g) | ||||||||
5,144,987 | 2.500 | 07/25/51 | 5,276,184 | |||||
RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 2A1(c)(g) | ||||||||
191,337 | 4.218 | 11/25/21 | 160,127 | |||||
RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 3A1(c)(g) | ||||||||
7,737 | 3.824 | 07/25/35 | 7,779 | |||||
Residential Accredit Loans, Inc. Series 2005-QS11, Class A2(c) (1M USD LIBOR + 0.500%) | ||||||||
137,087 | 0.589 | 07/25/35 | 103,683 | |||||
Residential Asset Securitization Trust Series 2004-A6, Class A1 | ||||||||
5,811 | 5.000 | 08/25/19 | 5,981 | |||||
Residential Funding Mortgage Securities I, Inc. Series 2005-S7, Class A5 | ||||||||
77,930 | 5.500 | 11/25/35 | 76,375 | |||||
Seasoned Credit Risk Transfer Trust Series 2017-3, Class MA | ||||||||
2,752,552 | 3.000 | 07/25/56 | 2,888,430 | |||||
Seasoned Loans Structured Transaction Series 2018-1, Class A2 | ||||||||
1,245,000 | 3.500 | 06/25/28 | 1,316,562 | |||||
Sequoia Mortgage Trust Series 2004-10, Class A1A(c) (1M USD LIBOR + 0.620%) | ||||||||
239,103 | 0.704 | 11/20/34 | 236,323 | |||||
Sequoia Mortgage Trust Series 2013-2, Class A1(c)(g) | ||||||||
848,434 | 1.874 | 02/25/43 | 854,046 | |||||
Sequoia Mortgage Trust Series 2013-6, Class A1(c)(g) | ||||||||
1,686,487 | 2.500 | 05/25/43 | 1,719,452 | |||||
Sequoia Mortgage Trust Series 2015-4, Class A1(b)(c)(g) | ||||||||
890,497 | 3.000 | 11/25/30 | 911,151 | |||||
Sequoia Mortgage Trust Series 2016-3, Class A1(b)(c)(g) | ||||||||
968,293 | 3.500 | 11/25/46 | 989,150 | |||||
Sequoia Mortgage Trust Series 2017-1, Class A4(b)(c)(g) | ||||||||
366,707 | 3.500 | 02/25/47 | 366,910 | |||||
Sequoia Mortgage Trust Series 2017-5, Class A1(b)(c)(g) | ||||||||
847,130 | 3.500 | 08/25/47 | 864,231 | |||||
Sequoia Mortgage Trust Series 2017-6, Class A1(b)(c)(g) | ||||||||
2,184,043 | 3.500 | 09/25/47 | 2,228,098 | |||||
Sequoia Mortgage Trust Series 2018-2, Class A1(b)(c)(g) | ||||||||
746,774 | 3.500 | 02/25/48 | 760,816 | |||||
Shellpoint Co-Originator Trust Series 2017-2, Class A1(b)(c)(g) | ||||||||
1,447,354 | 3.500 | 10/25/47 | 1,468,861 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Mortgage-Backed Obligations – (continued) | ||||||||
Collateralized Mortgage Obligations – (continued) | ||||||||
Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A(c)(g) | ||||||||
$ 290,074 | 2.659 | % | 10/25/34 | $ 303,014 | ||||
Structured Adjustable Rate Mortgage Loan Trust Series 2004-4, Class 3A4(c)(g) | ||||||||
60,772 | 2.386 | 04/25/34 | 60,920 | |||||
Structured Asset Securities Corp. Series 2003-31A, Class 2A7(c)(g) | ||||||||
147,276 | 2.379 | 10/25/33 | 150,901 | |||||
Structured Asset Securities Corp. Series 2003-34A, Class 3A3(c)(g) | ||||||||
133,281 | 2.744 | 11/25/33 | 136,822 | |||||
Structured Asset Securities Corp. Series 2003-34A, Class 6A(c)(g) | ||||||||
92,682 | 2.464 | 11/25/33 | 91,926 | |||||
WinWater Mortgage Loan Trust Series 2015-5, Class A3(b)(c)(g) | ||||||||
2,087,847 | 3.500 | 08/20/45 | 2,119,042 | |||||
WinWater Mortgage Loan Trust Series 2016-1, Class 1A5(b)(c)(g) | ||||||||
1,394,052 | 3.500 | 01/20/46 | 1,416,325 | |||||
| ||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $111,563,410) | $ 113,126,534 | |||||||
| ||||||||
Commercial Mortgage Obligations – 0.6% | ||||||||
Commercial Mortgage Pass-Through Certificates Series 2014-CR14, Class A2 | ||||||||
$ 889,873 | 3.147 | % | 02/10/47 | $ 899,038 | ||||
GNMA REMIC Series 2013-68, Class B(c)(g) | ||||||||
1,040,000 | 2.500 | 08/16/43 | 1,067,430 | |||||
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2(b) | ||||||||
2,603,726 | 2.579 | 03/10/49 | 2,641,304 | |||||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class A2 | ||||||||
2,530,666 | 2.739 | 04/15/48 | 2,529,998 | |||||
| ||||||||
TOTAL COMMERCIAL MORTGAGE OBLIGATIONS (Cost $7,084,104) | $ 7,137,770 | |||||||
| ||||||||
Federal Agencies – 0.9% | ||||||||
FHLMC | ||||||||
$ 73,956 | 7.000 | % | 05/01/26 | $ 79,719 | ||||
14,027 | 7.500 | 12/01/30 | 16,767 | |||||
22,107 | 7.500 | 01/01/31 | 26,035 | |||||
42,885 | 7.000 | 08/01/31 | 50,344 | |||||
494,051 | 5.000 | 05/01/33 | 562,913 | |||||
721,668 | 4.000 | 06/01/42 | 800,132 | |||||
555,465 | 3.000 | 06/01/45 | 574,925 | |||||
(1 Year CMT + 2.229%), | ||||||||
61,384 | 2.354 | (c) | 05/01/34 | 65,365 | ||||
(12M USD LIBOR + 1.600%), | ||||||||
1,262,672 | 2.743 | (c) | 07/01/45 | 1,323,867 | ||||
(12M USD LIBOR + 1.841%), | ||||||||
73,359 | 2.268 | (c) | 01/01/36 | 73,644 | ||||
FNMA | ||||||||
7,522 | 9.000 | 02/01/25 | 7,591 | |||||
581,623 | 2.500 | 05/01/28 | 613,587 | |||||
3,001 | 8.000 | 07/01/28 | 3,026 | |||||
236,447 | 4.500 | 01/01/48 | 249,063 | |||||
1,092,934 | 2.500 | 06/01/51 | 1,123,968 | |||||
(12M USD LIBOR + 1.590%), | ||||||||
307,590 | 2.679 | (c) | 12/01/45 | 321,734 | ||||
(12M USD LIBOR + 1.740%), | ||||||||
40,974 | 2.240 | (c) | 10/01/34 | 40,946 | ||||
|
THE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Mortgage-Backed Obligations – (continued) | ||||||||
Federal Agencies – (continued) | ||||||||
FNMA – (continued) | ||||||||
(12M USD LIBOR + 1.760%), | ||||||||
$ 61,951 | 2.135 | %(c) | 02/01/35 | $ 62,151 | ||||
(6M USD LIBOR + 1.413%), | ||||||||
15,742 | 1.663 | (c) | 02/01/33 | 15,815 | ||||
GNMA | ||||||||
3,185 | 8.000 | 02/15/22 | 3,205 | |||||
11,186 | 7.500 | 08/20/25 | 12,032 | |||||
47,390 | 7.500 | 07/20/26 | 52,464 | |||||
29,790 | 6.500 | 04/15/31 | 33,305 | |||||
70,401 | 6.500 | 05/15/31 | 78,707 | |||||
1,352,438 | 2.500 | 06/20/31 | 1,392,225 | |||||
172,359 | 5.000 | 02/20/49 | 181,589 | |||||
UMBS | ||||||||
5,408 | 6.500 | 03/01/26 | 6,079 | |||||
12,737 | 6.500 | 10/01/28 | 14,319 | |||||
9,525 | 7.500 | 09/01/29 | 9,625 | |||||
22,428 | 7.000 | 03/01/31 | 23,501 | |||||
4,183 | 7.500 | 03/01/31 | 4,684 | |||||
14,425 | 7.000 | 11/01/31 | 15,011 | |||||
25,726 | 7.000 | 01/01/32 | 26,171 | |||||
39,457 | 6.000 | 12/01/32 | 44,275 | |||||
1,304,724 | 3.500 | 08/01/35 | 1,404,594 | |||||
1,776,221 | 5.000 | 08/01/48 | 1,981,610 | |||||
| ||||||||
11,294,988 | ||||||||
| ||||||||
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $129,585,040) | $ 131,559,292 | |||||||
| ||||||||
Municipal Bond Obligations – 9.4% | ||||||||
Alaska(a) – 0.1% | ||||||||
Anchorage AK Certificate Participation (Taxable) Series A | ||||||||
$ 1,290,000 | 2.765 | % | 07/01/22 | $ 1,319,021 | ||||
| ||||||||
California – 1.9% | ||||||||
Anaheim California Public Financing Authority Revenue Bonds Build America Bonds(a) | ||||||||
4,000,000 | 5.685 | 10/01/40 | 5,733,066 | |||||
Beverly Hills CA Unified School District GO Bonds (Capital Appreciation) (Refunding) Series 2016(a)(h) | ||||||||
5,000,000 | 0.000 | 08/01/38 | 3,074,776 | |||||
California State Municipal Finance Authority Refunding Revenue Bonds (Taxable-Refunding-University Of San Diego) Series B | ||||||||
3,130,000 | 2.536 | 10/01/29 | 3,321,516 | |||||
Foothill-De Anza CA Community College District GO Bonds (Taxable - Election of 2006) Series E(a) | ||||||||
1,730,000 | 3.223 | 08/01/38 | 1,972,916 | |||||
Napa Valley Unified School District GO Bonds (Build America Bonds-Taxable) Series B(a) | ||||||||
3,000,000 | 6.507 | 08/01/43 | 4,679,714 | |||||
Poway CA Unified School District GO Bonds (Taxable-Refunding-Improvement Date 2002-1) Series 2019 | ||||||||
3,750,000 | 2.414 | 08/01/27 | 3,894,262 | |||||
| ||||||||
22,676,250 | ||||||||
| ||||||||
Colorado – 0.1% | ||||||||
County of El Paso, Colorado Revenue Bonds (Taxable-Refunding) Series 2020 B | ||||||||
730,000 | 0.800 | 06/01/23 | 734,606 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Connecticut – 0.3% | ||||||||
Connecticut State GO Bonds Unlimited (Taxable) Series A | ||||||||
$ 3,500,000 | 3.743 | % | 09/15/25 | $ 3,918,752 | ||||
| ||||||||
Hawaii(a) – 0.2% | ||||||||
State of Hawaii GO Bonds Series 2020 | ||||||||
2,960,000 | 0.571 | 10/01/23 | 2,971,954 | |||||
| ||||||||
Idaho(a) – 0.5% | ||||||||
Idaho Housing & Finance Association Economic Development Revenue Bonds Taxable (Facilities Project) Series 2011(b) | ||||||||
4,100,000 | 7.000 | 01/01/31 | 4,114,584 | |||||
Idaho State Building Authority Revenue Bonds Taxable (Idaho Board of Education Project) Series A | ||||||||
1,500,000 | 3.120 | 09/01/24 | 1,621,318 | |||||
| ||||||||
5,735,902 | ||||||||
| ||||||||
Illinois – 0.4% | ||||||||
Will County Elementary School District No 122 GO Bonds (Taxable-Refunding) Series A | ||||||||
2,750,000 | 2.111 | 10/01/27 | 2,866,487 | |||||
Will County Forest Preservation District GO Bonds Build America Bonds Direct Payment Series 2009 | ||||||||
1,000,000 | 5.700 | 12/15/27 | 1,256,051 | |||||
Winnebago County IL GO Bonds Series 2018 | ||||||||
1,035,000 | 3.900 | 12/30/25 | 1,151,181 | |||||
| ||||||||
5,273,719 | ||||||||
| ||||||||
Indiana(a) – 0.1% | ||||||||
Indiana University Revenue Bonds (Taxable-Refunding) Series B | ||||||||
1,000,000 | 2.767 | 06/01/37 | 1,092,339 | |||||
| ||||||||
Kentucky – 0.7% | ||||||||
Kentucky State Property & Buildings Commission Revenue Bonds (Taxable-Refunding) Series D | ||||||||
5,000,000 | 2.522 | 11/01/27 | 5,330,009 | |||||
River City, Inc. KY Parking Authority Revenue Bonds (Refunding) Series B(a) | ||||||||
2,890,000 | 2.750 | 12/01/33 | 3,043,830 | |||||
| ||||||||
8,373,839 | ||||||||
| ||||||||
Michigan – 0.5% | ||||||||
Dearborn MI GO Bonds (Taxable) Series B | ||||||||
1,750,000 | 3.879 | 05/01/27 | 2,008,873 | |||||
Fraser MI Public School District GO Bonds (Taxable-Refunding) Series 2019 (Q-SBLF) | ||||||||
2,150,000 | 2.380 | 05/01/29 | 2,259,942 | |||||
Utica Community Schools GO Bonds (Taxable-Qualified School Construction-Direct Payment) (Q-SBLF)(a) | ||||||||
1,500,000 | 5.875 | 05/01/22 | 1,505,366 | |||||
| ||||||||
5,774,181 | ||||||||
| ||||||||
Mississippi(a) – 0.4% | ||||||||
Mississippi Medical Center Educational Building Corp. Revenue Bonds (Taxable-Refunding-University) Series B | ||||||||
1,465,000 | 3.000 | 06/01/23 | 1,530,099 | |||||
State of Mississippi GO (Taxable-Refunding-Bonds) Series 2020 | ||||||||
3,000,000 | 1.282 | 11/01/28 | 3,005,851 | |||||
| ||||||||
4,535,950 | ||||||||
|
THE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Missouri(a) – 0.6% | ||||||||
Curators University of Missouri System Facilities Revenue Bonds Build America Bonds | ||||||||
$ 2,500,000 | 5.792 | % | 11/01/41 | $ 3,755,979 | ||||
Missouri State Highways & Transit Commission State Road Revenue Bonds Build America Bonds Series 2010 | ||||||||
2,800,000 | 4.820 | 05/01/23 | 3,019,928 | |||||
| ||||||||
6,775,907 | ||||||||
| ||||||||
Nebraska – 0.3% | ||||||||
University of Nebraska Facilities Corp. Revenue Bonds (Taxable-Refunding) Series A | ||||||||
3,750,000 | 2.175 | 10/01/26 | 3,998,427 | |||||
| ||||||||
New Jersey(a) – 0.3% | ||||||||
Rutgers New Jersey State University Revenue Bonds (Taxable-Refunding) Series R | ||||||||
4,000,000 | 2.588 | 05/01/27 | 4,319,827 | |||||
| ||||||||
New York(a) – 0.5% | ||||||||
New York GO Build America Bonds Series 2010 | ||||||||
1,055,000 | 5.008 | 06/01/22 | 1,094,795 | |||||
New York State Thruway Authority Revenue Bonds (Taxable-Refunding) Series M | ||||||||
2,755,000 | 2.500 | 01/01/27 | 2,946,280 | |||||
New York State Urban Development Corp. Revenue Bonds Series B | ||||||||
1,950,000 | 3.350 | 03/15/26 | 2,141,599 | |||||
| ||||||||
6,182,674 | ||||||||
| ||||||||
Ohio – 0.8% | ||||||||
City of Cincinnati OH GO Bonds (Taxable-Refunding) Series A(a) | ||||||||
2,865,000 | 1.880 | 12/01/31 | 2,938,864 | |||||
Kent OH State University Revenue Bonds (Taxable-Refunding) Series B(a) | ||||||||
1,700,000 | 2.221 | 05/01/26 | 1,795,996 | |||||
South-Western City OH School District Franklin & Pickaway Countries GO Bonds (CABS-Taxable-Refunding) Series C(h) | ||||||||
2,740,000 | 0.000 | 12/01/28 | 2,426,957 | |||||
University of Cincinnati Revenue Bonds (Taxable-Refunding) Series B | ||||||||
3,000,000 | 1.775 | 06/01/29 | 3,069,481 | |||||
| ||||||||
10,231,298 | ||||||||
| ||||||||
Oregon – 0.2% | ||||||||
Oregon Education Districts Full Faith & Credit Pension Obligations GO Bonds (Taxable) Series 2018(a) | ||||||||
495,000 | 4.220 | 06/30/30 | 580,466 | |||||
Portland OR Community College District GO Bonds Series 2018 | ||||||||
1,250,000 | 3.970 | 06/01/27 | 1,461,254 | |||||
| ||||||||
2,041,720 | ||||||||
| ||||||||
Pennsylvania(a) – 0.5% | ||||||||
County of Allegheny PA GO (Taxable-Refunding-Bonds) Series C-79 | ||||||||
1,650,000 | 0.973 | 11/01/25 | 1,665,669 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Pennsylvania(a) – (continued) | ||||||||
State Public School Building Authority Revenue Bonds (Qualified School Construction Bonds) | ||||||||
$ 3,000,000 | 6.495 | % | 09/15/28 | $ 3,984,089 | ||||
| ||||||||
5,649,758 | ||||||||
| ||||||||
Rhode Island – 0.2% | ||||||||
Rhode Island State Student Loan Authority Loan Revenue Bonds (Taxable) Series 1 | ||||||||
2,000,000 | 2.530 | 12/01/25 | 2,122,347 | |||||
| ||||||||
Texas – 0.6% | ||||||||
Austin TX Community College District GO (Taxable-Refunding) Series 2020 | ||||||||
2,120,000 | 5.000 | 08/01/23 | 2,316,345 | |||||
City of Houston TX GO Bonds (Taxable-Refunding) Series B(a) | ||||||||
5,000,000 | 2.130 | 03/01/26 | 5,295,760 | |||||
| ||||||||
7,612,105 | ||||||||
| ||||||||
Washington(a) – 0.2% | ||||||||
Seattle Municipal Light & Power Revenue Bonds Taxable Clean Renewable Energy Bonds Series C | ||||||||
2,000,000 | 3.750 | 06/01/33 | 2,303,961 | |||||
| ||||||||
TOTAL MUNICIPAL BOND OBLIGATIONS (Cost $101,589,248) | $ 113,644,537 | |||||||
| ||||||||
U.S. Treasury Obligations – 7.7% | ||||||||
United States Treasury Bonds | ||||||||
$ 5,000,000 | 2.500 | % | 02/15/45 | $ 5,592,969 | ||||
5,000,000 | 2.500 | 02/15/46 | 5,605,078 | |||||
United States Treasury Inflation Indexed Bond | ||||||||
8,337,210 | 0.750 | 02/15/42 | 10,478,831 | |||||
United States Treasury Inflation Indexed Note | ||||||||
5,570,600 | 0.375 | 01/15/27 | 6,287,887 | |||||
United States Treasury Notes | ||||||||
2,000,000 | 2.375 | 01/31/23 | 2,066,797 | |||||
10,000,000 | 1.625 | 04/30/23 | 10,254,297 | |||||
5,000,000 | 1.375 | 08/31/23 | 5,121,875 | |||||
12,500,000 | 0.125 | 09/15/23 | 12,478,516 | |||||
2,500,000 | 0.250 | 11/15/23 | 2,501,270 | |||||
5,000,000 | 2.250 | 01/31/24 | 5,247,070 | |||||
10,000,000 | 2.125 | 03/31/24 | 10,485,156 | |||||
6,000,000 | 2.875 | 05/31/25 | 6,538,125 | |||||
8,000,000 | 1.500 | 08/15/26 | 8,310,937 | |||||
2,000,000 | 2.250 | 02/15/27 | 2,158,281 | |||||
| ||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $89,399,908) | $ 93,127,089 | |||||||
| ||||||||
Agency Debentures – 2.3% | ||||||||
FHLMC | ||||||||
$10,000,000 | 0.250 | % | 11/06/23 | $ 10,000,934 | ||||
FNMA | ||||||||
5,550,000 | 1.625 | 10/15/24 | 5,768,713 | |||||
6,400,000 | 0.420 | (a) | 11/18/24 | 6,405,098 | ||||
1,500,000 | 0.400 | (a) | 11/25/24 | 1,500,827 | ||||
|
THE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Agency Debentures – (continued) | ||||||||
FNMA – (continued) | ||||||||
$ 5,000,000 | 0.750 | % | 10/08/27 | $ 4,943,665 | ||||
| ||||||||
TOTAL AGENCY DEBENTURES (Cost $28,418,849) | $ 28,619,237 | |||||||
| ||||||||
Shares | �� | Dividend Rate | Value | |||||
Investment Company – 1.1% | ||||||||
State Street Institutional US Government Money Market Fund - Premier Class | ||||||||
(Cost $13,194,768) | 0.025% | $ 13,194,768 | ||||||
| ||||||||
TOTAL INVESTMENTS – 99.6% (Cost $1,131,049,609) | $1,207,933,737 | |||||||
| ||||||||
OTHER ASSETS IN EXCESS OF | 5,122,995 | |||||||
| ||||||||
NET ASSETS – 100.0% | $1,213,056,732 | |||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Security with “Call” features with resetting interest rates. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers in transactions exempt from registration. | |
(c) | Variable rate security. The interest rate shown reflects the rate as of April 30, 2021. | |
(d) | Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates. | |
(e) | Actual maturity date is September 15, 2115. | |
(f) | Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of July 31, 2021. Maturity date disclosed is the ultimate maturity. | |
(g) | Rate shown is that which is in effect on July 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. | |
(h) | Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount. | |
|
| ||
Investment Abbreviations: | ||
ASA | — Allmennaksjeselskap (Norwegian Public Company) | |
AG | — Aktiengesellschaft (German Corporation) | |
CMT | — Constant Maturity Treasury Indexes | |
FHLMC | — Federal Home Loan Mortgage Corp. | |
FNMA | — Federal National Mortgage Association | |
GNMA | — Government National Mortgage Association | |
GO | — General Obligation | |
LIBOR | — London Interbank Offered Rate | |
LLC | — Limited Liability Company | |
LP | — Limited Partnership | |
NA | — National Association | |
NV | — Naamloze Vennootschap (Dutch Public Company) | |
PLC | — Public Limited Company | |
Q-SBLF | — Qualified School Bond Loan Fund | |
REMIC | — Real Estate Mortgage Investment Conduit | |
SOFR | — Secured Overnight Funding Rate | |
UMBS | — Uniform Mortgage Backed Securities | |
|
THE SHORT-TERM GOVERNMENT FUND
Schedule of Investments
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Mortgage-Backed Obligations – 44.0% | ||||||||
Collateralized Mortgage Obligations – 30.4% | ||||||||
Adjustable Rate Mortgage Trust Series 2004-5, Class 3A1(a)(b) | ||||||||
$ 542 | 2.419 | % | 04/25/35 | $ 541 | ||||
Banc of America Funding Corp. Series 2004-A, Class 1A3(a)(b) | ||||||||
2,850 | 2.809 | 09/20/34 | 2,895 | |||||
Banc of America Mortgage Securities, Inc. Series 2003-J, Class 2A1(a)(b) | ||||||||
72,869 | 2.626 | 11/25/33 | 71,325 | |||||
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-9, Class 24A1(a)(b) | ||||||||
32,355 | 3.241 | 11/25/34 | 31,645 | |||||
BRAVO Residential Funding Trust Series 2021-NQM1, Class A1(a)(b)(c) | ||||||||
434,377 | 0.941 | 02/25/49 | 434,975 | |||||
Bunker Hill Loan Depositary Trust Series 2020-1, Class A1(a)(b)(c) | ||||||||
361,391 | 1.724 | 02/25/55 | 365,604 | |||||
Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB3, Class A1(a)(b) | ||||||||
15,425 | 2.723 | 09/25/34 | 15,343 | |||||
Credit Suisse Mortgage Capital Certificates Series 2021-NQM5, Class A1(a)(b)(c) | ||||||||
500,000 | 0.938 | 05/25/66 | 499,996 | |||||
Fannie Mae Grantor Trust Series 2011-T2, Class A1 | ||||||||
561,144 | 2.500 | 08/25/51 | 579,434 | |||||
FHLMC REMIC Series 3753, Class AS | ||||||||
419,494 | 3.500 | 11/15/25 | 441,141 | |||||
FHLMC REMIC Series 3786, Class HL | ||||||||
84,846 | 3.500 | 03/15/38 | 85,379 | |||||
FHLMC REMIC Series 4636, Class EA | ||||||||
84,595 | 3.000 | 03/15/41 | 84,859 | |||||
FHLMC REMIC Series 5072, Class MY | ||||||||
945,757 | 1.000 | 12/25/50 | 931,860 | |||||
FHLMC REMIC PAC Series 2022, Class PE | ||||||||
7,367 | 6.500 | 01/15/28 | 8,263 | |||||
FHLMC REMIC PAC Series 2109, Class PE | ||||||||
18,700 | 6.000 | 12/15/28 | 21,259 | |||||
FHLMC REMIC PAC Series 23, Class PK | ||||||||
18,569 | 6.000 | 11/25/23 | 19,457 | |||||
FHLMC REMIC PAC Series 4689, Class HA | ||||||||
37,059 | 3.500 | 06/15/43 | 37,171 | |||||
FHLMC REMIC Series 2010-109, Class M | ||||||||
498,566 | 3.000 | 09/25/40 | 525,221 | |||||
FHLMC REMIC Series 2012-112, Class AP | ||||||||
76,581 | 2.000 | 09/25/40 | 76,857 | |||||
FHLMC REMIC Series 3816, Class HA | ||||||||
1,035,710 | 3.500 | 11/15/25 | 1,091,710 | |||||
FHLMC REMIC Series 4640, Class LD | ||||||||
76,916 | 4.000 | 09/15/43 | 77,674 | |||||
FHLMC REMIC Series 4713, Class DV | ||||||||
516 | 3.500 | 11/15/28 | 516 | |||||
FHLMC REMIC Series 4879, Class A | ||||||||
15,647 | 4.000 | 10/15/46 | 15,664 | |||||
FHLMC REMIC Series 5005, Class CA | ||||||||
308,859 | 2.000 | 04/25/41 | 312,847 | |||||
FNMA REMIC PAC Series 1992-129, Class L | ||||||||
1,940 | 6.000 | 07/25/22 | 1,964 | |||||
FNMA REMIC PAC Series 1992-89, Class MA(d) | ||||||||
452 | 0.000 | 06/25/22 | 451 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Mortgage-Backed Obligations – (continued) | ||||||||
Collateralized Mortgage Obligations – (continued) | ||||||||
FNMA REMIC Series 1991-137, Class H | ||||||||
$ 120 | 7.000 | % | 10/25/21 | $ 121 | ||||
FNMA REMIC Series 1993-182, Class FA(a) (10 Year CMT – 0.650%) | ||||||||
1,524 | 0.710 | 09/25/23 | 1,522 | |||||
FNMA REMIC Series 2003-117, Class KB | ||||||||
309,567 | 6.000 | 12/25/33 | 363,743 | |||||
FNMA REMIC Series 2003-14, Class AP | ||||||||
18,802 | 4.000 | 03/25/33 | 19,591 | |||||
FNMA REMIC Series 2011-146, Class NB | ||||||||
125,476 | 4.000 | 09/25/41 | 129,371 | |||||
FNMA REMIC Series 2012-100, Class WA | ||||||||
368,118 | 1.500 | 09/25/27 | 374,672 | |||||
FNMA REMIC Series 2012-110, Class CA | ||||||||
317,269 | 3.000 | 10/25/42 | 338,461 | |||||
FNMA REMIC Series 2012-118, Class EB | ||||||||
384,093 | 1.500 | 11/25/27 | 392,359 | |||||
FNMA REMIC Series 2013-112, Class G | ||||||||
279,349 | 2.125 | 07/25/40 | 286,129 | |||||
FNMA REMIC Series 2013-135, Class GA | ||||||||
568,969 | 3.000 | 07/25/32 | 589,792 | |||||
FNMA REMIC Series 2013-74, Class YA | ||||||||
380,203 | 3.000 | 05/25/42 | 393,978 | |||||
FNMA REMIC Series 2015-15, Class CA | ||||||||
553,903 | 3.500 | 04/25/35 | 602,595 | |||||
FNMA REMIC Series 2015-19, Class CA | ||||||||
311,593 | 3.500 | 01/25/43 | 320,669 | |||||
FNMA REMIC Series 2015-2, Class PA | ||||||||
280,074 | 2.250 | 03/25/44 | 289,381 | |||||
FNMA REMIC Series 2016-104, Class BA | ||||||||
361,273 | 3.000 | 01/25/47 | 386,391 | |||||
FNMA REMIC Series 2016-24, Class TA | ||||||||
190,063 | 3.000 | 04/25/42 | 193,452 | |||||
FNMA REMIC Series 2016-53, Class BV | ||||||||
620,806 | 3.500 | 11/25/27 | 661,380 | |||||
FNMA REMIC Series 2016-96, Class A | ||||||||
413,811 | 1.750 | 12/25/46 | 421,867 | |||||
FNMA REMIC Series 2017-46, Class EA | ||||||||
350,860 | 3.500 | 12/25/50 | 361,349 | |||||
FNMA REMIC Series 2017-51, Class EA | ||||||||
43,509 | 3.000 | 11/25/42 | 43,794 | |||||
FNMA REMIC Series 2017-7, Class JA | ||||||||
268,795 | 2.000 | 02/25/47 | 274,151 | |||||
FNMA REMIC Series 2019-10, Class PT | ||||||||
399,007 | 3.500 | 03/25/49 | 436,172 | |||||
FNMA REMIC Series 2019-68, Class B | ||||||||
506,594 | 3.000 | 11/25/49 | 537,827 | |||||
FNMA REMIC Series 2020-35, Class MA | ||||||||
510,827 | 2.000 | 12/25/43 | 524,277 | |||||
FNMA REMIC Series 2020-56, Class AH | ||||||||
1,081,308 | 2.000 | 05/25/45 | 1,110,054 | |||||
GNMA REMIC Series 2009-65, Class AF | ||||||||
20,389 | 4.000 | 07/20/39 | 21,248 | |||||
GNMA REMIC Series 2010-14, Class PA | ||||||||
7,825 | 3.000 | 02/20/40 | 8,028 | |||||
GNMA REMIC Series 2012-13, Class EG | ||||||||
491,073 | 2.000 | 10/20/40 | 499,218 | |||||
|
THE SHORT-TERM GOVERNMENT FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Mortgage-Backed Obligations – (continued) | ||||||||
Collateralized Mortgage Obligations – (continued) | ||||||||
GNMA REMIC Series 2013-188, Class LE | ||||||||
$ 705,588 | 2.500 | % | 11/16/43 | $ 739,628 | ||||
GNMA REMIC Series 2014-131, Class DM | ||||||||
128,057 | 3.000 | 02/20/44 | 132,369 | |||||
GNMA REMIC Series 2015-65, Class BD | ||||||||
345,778 | 2.250 | 05/20/45 | 360,503 | |||||
GNMA REMIC Series 2015-94, Class AT | ||||||||
279,407 | 2.250 | 07/16/45 | 291,958 | |||||
GNMA REMIC Series 2019-21, Class MA | ||||||||
455,971 | 3.500 | 09/20/47 | 491,833 | |||||
GS Mortgage-Backed Securities Trust Series 2020-NQM1, Class A1(a)(b)(c) | ||||||||
344,727 | 1.382 | 09/27/60 | 346,289 | |||||
840,455 | 1.017 | 07/25/61 | 842,045 | |||||
GSR Mortgage Loan Trust Series 2005-AR3, Class 2A1(a) (1M USD LIBOR + 0.440%) | ||||||||
40,603 | 0.529 | 05/25/35 | 38,580 | |||||
GSR Mortgage Loan Trust Series 2006-AR1, Class 2A4(a)(b) | ||||||||
231,203 | 2.935 | 01/25/36 | 235,345 | |||||
Homeward Opportunities Fund I Trust Series 2020-2, Class A1(a)(b)(c) | ||||||||
297,497 | 1.657 | 05/25/65 | 299,330 | |||||
Impac CMB Trust Series 2003-2F, Class A(e) | ||||||||
78,592 | 5.730 | 01/25/33 | 82,002 | |||||
Impac CMB Trust Series 2003-8, Class 2A1(a) (1M USD LIBOR + 0.900%) | ||||||||
4,203 | 0.989 | 10/25/33 | 4,228 | |||||
Impac CMB Trust Series 2004-7, Class 1A1(a) (1M USD LIBOR + 0.740%) | ||||||||
37,318 | 0.829 | 11/25/34 | 37,692 | |||||
Impac CMB Trust Series 2005-2, Class 2A2(a) (1M USD LIBOR + 0.800%) | ||||||||
45,200 | 0.889 | 04/25/35 | 44,454 | |||||
Impac Secured Assets Corp. Series 2006-1, Class 2A1(a) (1M USD LIBOR + 0.700%) | ||||||||
106,222 | 0.789 | 05/25/36 | 105,932 | |||||
IndyMac Index Mortgage Loan Trust Series 2004-AR6, Class 6A1(a)(b) | ||||||||
37,452 | 2.869 | 10/25/34 | 36,975 | |||||
JPMorgan Mortgage Trust Series 2016-4, Class A3(a)(b)(c) | ||||||||
195,501 | 3.500 | 10/25/46 | 199,593 | |||||
Lehman XS Trust Series 2005-7N, Class 1A1A(a) (1M USD LIBOR + 0.540%) | ||||||||
86,056 | 0.629 | 12/25/35 | 84,518 | |||||
Master Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1(a)(b) | ||||||||
40,798 | 2.699 | 04/21/34 | 40,872 | |||||
Master Alternative Loans Trust Series 2004-9, Class A6(e) | ||||||||
12 | 5.643 | 08/25/34 | 13 | |||||
MFA Trust Series 2021-NQM1, Class A1(a)(b)(c) | ||||||||
610,644 | 1.153 | 04/25/65 | 610,086 | |||||
MortgageIT Trust Series 2005-1, Class 1A1(a) (1M USD LIBOR + 0.640%) | ||||||||
257,893 | 0.729 | 02/25/35 | 258,079 | |||||
MortgageIT Trust Series 2005-1, Class 1A2(a) (1M USD LIBOR + 0.780%) | ||||||||
221,826 | 0.869 | 02/25/35 | 222,646 | |||||
Residential Accredit Loans, Inc. Series 2004-QA4, Class NB21(a)(b) | ||||||||
13,142 | 3.217 | 09/25/34 | 13,532 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Mortgage-Backed Obligations – (continued) | ||||||||
Collateralized Mortgage Obligations – (continued) | ||||||||
Securitized Asset Sales, Inc. Series 1993-7, Class TA6 | ||||||||
$ 7 | 6.250 | % | 12/25/23 | $ 7 | ||||
Sequoia Mortgage Trust Series 10, Class 1A(a) (1M USD LIBOR + 0.800%) | ||||||||
15,749 | 0.884 | 10/20/27 | 15,922 | |||||
Sequoia Mortgage Trust Series 2003-2, Class A1(a) (1M USD LIBOR + 0.660%) | ||||||||
29,406 | 0.744 | 06/20/33 | 29,280 | |||||
Sequoia Mortgage Trust Series 2013-1, Class 2A1(a)(b) | ||||||||
325,616 | 1.855 | 02/25/43 | 325,854 | |||||
Sequoia Mortgage Trust Series 2017-1, Class A4(a)(b)(c) | ||||||||
11,259 | 3.500 | 02/25/47 | 11,265 | |||||
Structured Asset Securities Corp. Series 2003-31A, Class 2A7(a)(b) | ||||||||
133,605 | 2.379 | 10/25/33 | 136,894 | |||||
Vendee Mortgage Trust Series 1996-2, Class 1Z | ||||||||
33,044 | 6.750 | 06/15/26 | 36,814 | |||||
Verus Securitization Trust Series 2021-2, Class A1(a)(b)(c) | ||||||||
669,826 | 1.031 | 02/25/66 | 670,054 | |||||
| ||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $21,350,553) | $22,060,235 | |||||||
| ||||||||
Commercial Mortgage Obligation – 0.3% | ||||||||
GNMA REMIC Series 2010-141, Class B | ||||||||
$ 179,473 | 2.717 | % | 02/16/44 | $ 181,991 | ||||
| ||||||||
TOTAL COMMERCIAL MORTGAGE OBLIGATIONS (Cost $176,977) | $ 181,991 | |||||||
| ||||||||
Federal Agencies – 13.3% | ||||||||
FHLMC | ||||||||
$ 2,624 | 6.000 | % | 10/01/23 | $ 2,942 | ||||
13,643 | 5.000 | 05/01/27 | 14,913 | |||||
171,152 | 2.500 | 04/01/28 | 179,326 | |||||
(12M USD LIBOR + 1.599%), | ||||||||
249,758 | 2.637 | (a) | 07/01/46 | 261,104 | ||||
(12M USD LIBOR + 1.600%), | ||||||||
254,891 | 2.743 | (a) | 07/01/45 | 267,244 | ||||
FNMA | ||||||||
608,702 | 3.500 | 10/01/26 | 643,886 | |||||
295,905 | 3.500 | 12/01/27 | 316,731 | |||||
312,815 | 2.500 | 03/01/28 | 330,001 | |||||
637,077 | 2.500 | 05/01/28 | 672,083 | |||||
367,183 | 2.500 | 07/01/28 | 383,721 | |||||
331,214 | 3.000 | 09/01/28 | 348,545 | |||||
206,348 | 2.500 | 01/01/30 | 213,441 | |||||
271,616 | 3.500 | 10/01/32 | 293,497 | |||||
452,968 | 3.000 | 08/01/33 | 470,130 | |||||
(12M USD LIBOR + 1.590%), | ||||||||
156,534 | 2.679 | (a) | 12/01/45 | 163,732 | ||||
(12M USD LIBOR + 1.740%), | ||||||||
19,106 | 2.240 | (a) | 10/01/34 | 19,093 | ||||
GNMA, | ||||||||
(1 Year CMT + 1.500%) | ||||||||
44 | 2.125 | (a) | 11/20/24 | 45 | ||||
121 | 3.000 | (a) | 12/20/24 | 122 | ||||
2,623 | 2.875 | (a) | 04/20/26 | 2,662 | ||||
1,738 | 2.250 | (a) | 08/20/26 | 1,751 | ||||
3,070 | 2.000 | (a) | 01/20/28 | 3,166 | ||||
UMBS | ||||||||
349,334 | 3.000 | 11/01/26 | 367,741 | |||||
297,499 | 3.000 | 12/01/26 | 313,467 | |||||
574,174 | 2.500 | 01/01/28 | 604,201 | |||||
4,371 | 7.000 | 11/01/31 | 4,549 | |||||
338,140 | 5.000 | 02/01/32 | 370,158 | |||||
|
THE SHORT-TERM GOVERNMENT FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Mortgage-Backed Obligations – (continued) | ||||||||
Federal Agencies – (continued) | ||||||||
UMBS – (continued) | ||||||||
$ 80,416 | 6.000 | % | 07/01/33 | $ 90,547 | ||||
519,719 | 3.500 | 07/01/34 | 563,321 | |||||
1,122,342 | 2.500 | 07/01/35 | 1,175,684 | |||||
299,937 | 3.500 | 08/01/35 | 322,895 | |||||
1,191,935 | 2.000 | 10/01/35 | 1,238,555 | |||||
| ||||||||
TOTAL FEDERAL AGENCIES (Cost $9,445,294) | $ 9,639,253 | |||||||
| ||||||||
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $30,972,824) | $31,881,479 | |||||||
| ||||||||
U.S. Treasury Obligations – 30.5% | ||||||||
United States Treasury Inflation Indexed Notes | ||||||||
$1,161,951 | 0.125 | % | 04/15/22 | $ 1,190,432 | ||||
1,083,470 | 0.625 | 04/15/23 | 1,146,637 | |||||
1,153,410 | 0.625 | 01/15/24 | 1,246,832 | |||||
United States Treasury Notes | ||||||||
500,000 | 1.375 | 10/15/22 | 507,656 | |||||
1,000,000 | 0.125 | 01/15/24 | 996,719 | |||||
1,000,000 | 2.250 | 11/15/24 | 1,059,883 | |||||
1,000,000 | 1.500 | 11/30/24 | 1,035,703 | |||||
1,750,000 | 2.125 | 11/30/24 | 1,848,506 | |||||
500,000 | 1.125 | 02/28/25 | 511,543 | |||||
3,000,000 | 0.500 | 03/31/25 | 3,001,172 | |||||
5,250,000 | 0.375 | 04/30/25 | 5,224,775 | |||||
1,000,000 | 0.250 | 05/31/25 | 989,649 | |||||
1,275,000 | 0.250 | 06/30/25 | 1,260,756 | |||||
1,000,000 | 2.875 | 07/31/25 | 1,092,031 | |||||
1,000,000 | 0.250 | 09/30/25 | 986,367 | |||||
| ||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $21,969,357) | $22,098,661 | |||||||
| ||||||||
U.S. Government Agency Obligations – 11.6% | ||||||||
FHLB | ||||||||
$ 600,000 | 3.000 | % | 12/09/22 | $ 623,246 | ||||
1,775,000 | 0.500 | 04/14/25 | 1,775,717 | |||||
FHLMC | ||||||||
1,000,000 | 0.250 | 06/08/22 | 1,001,528 | |||||
1,000,000 | 0.375 | 07/21/25 | 992,729 | |||||
1,000,000 | 0.375 | 09/23/25 | 991,185 | |||||
FNMA | ||||||||
500,000 | 2.000 | 10/05/22 | 511,044 | |||||
1,000,000 | 0.625 | 04/22/25 | 1,004,449 | |||||
1,500,000 | 0.500 | 06/17/25 | 1,497,602 | |||||
| ||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $8,379,494) | $ 8,397,500 | |||||||
| ||||||||
Asset-Backed Securities(a) – 1.6% | ||||||||
Home Equity – 0.7% | ||||||||
Morgan Stanley Capital, Inc. Series 2002-HE3, Class A2 (1M USD LIBOR + 1.080%) | ||||||||
$ 301,327 | 1.169 | % | 03/25/33 | $ 299,549 | ||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Asset-Backed Securities(a) – (continued) | ||||||||
Home Equity – (continued) | ||||||||
Terwin Mortgage Trust Series 2004-7HE, Class A3(c) (1M USD LIBOR + 1.400%) | ||||||||
$ 154,817 | 1.489 | % | 07/25/34 | $ 154,919 | ||||
Terwin Mortgage Trust Series 2004-9HE, Class A1(c) (1M USD LIBOR + 0.800%) | ||||||||
58,253 | 0.889 | 09/25/34 | 57,503 | |||||
| ||||||||
511,971 | ||||||||
| ||||||||
Other – 0.9% | ||||||||
Countrywide Asset-Backed Certificates Series 2004-6, Class 2A4 (1M USD LIBOR + 0.900%) | ||||||||
128,504 | 0.989 | 11/25/34 | 126,031 | |||||
Towd Point Mortgage Trust Series 2016-3, Class A1(b)(c) | ||||||||
124,129 | 2.250 | 04/25/56 | 124,536 | |||||
Towd Point Mortgage Trust Series 2017-2, Class A1(b)(c) | ||||||||
413,403 | 2.750 | 04/25/57 | 418,894 | |||||
| ||||||||
669,461 | ||||||||
| ||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $1,133,454) | $ 1,181,432 | |||||||
| ||||||||
Agency Debenture – 1.1% | ||||||||
FNMA | ||||||||
$ 750,000 | 1.625 | % | 10/15/24 | $ 779,556 | ||||
| ||||||||
TOTAL AGENCY DEBENTURE (Cost $748,717) | $ 779,656 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||
Investment Company – 11.2% | ||||||
| State Street Institutional US Government Money Market Fund - Premier Class | |||||
8,141,676 | 0.025% | $ 8,141,676 | ||||
(Cost $8,141,676) | ||||||
|
| |||||
| TOTAL INVESTMENTS – 100.0% (Cost $71,345,522) | $72,480,304 | ||||
|
| |||||
| OTHER ASSETS IN EXCESS OF | 32,629 | ||||
|
| |||||
NET ASSETS – 100.0% | $72,512,933 | |||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Variable rate security. The interest rate shown reflects the rate as of July 31, 2021. | |
(b) | Rate shown is that which is in effect on July 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. | |
(c) | Exempt from registration under Rule 144A of the Securities Act 1933. Such securities may be resold, normally to qualified institutional buyers in transactions exempt from registration. | |
(d) | Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount. | |
|
THE SHORT-TERM GOVERNMENT FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
(e) | Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of July 31, 2021. Maturity date disclosed is the ultimate maturity. |
| ||
Investment Abbreviations: | ||
CMT | — Constant Maturity Treasury Indexes | |
FHLB | — Federal Home Loan Bank | |
FHLMC | — Federal Home Loan Mortgage Corp. | |
FNMA | — Federal National Mortgage Association | |
GNMA | — Government National Mortgage Association | |
LIBOR | — London Interbank Offered Rate | |
PAC | — Planned Amortization Class | |
REMIC | — Real Estate Mortgage Investment Conduit | |
|
THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – 97.6% | ||||||||
Alabama – 0.9% | ||||||||
Millbrook AL GO Bonds (Refunding) Series 2019 (AA-/NR) | ||||||||
$1,625,000 | 5.000 | % | 09/01/25 | $ 1,927,169 | ||||
1,705,000 | 5.000 | 09/01/26 | 2,088,632 | |||||
| ||||||||
4,015,801 | ||||||||
| ||||||||
Alaska – 1.2% | ||||||||
Alaska State Housing Finance Corp. Revenue Bonds (Refunding) Series A (AA+/Aa2)(a) | ||||||||
1,000,000 | 5.000 | 12/01/29 | 1,250,262 | |||||
Alaska State Municipal Bond Bank Authority Revenue Bonds (Master Resolution) Series A (A+/NR) | ||||||||
1,000,000 | 4.000 | 10/01/24 | 1,117,169 | |||||
1,000,000 | 5.000 | 10/01/25 | 1,189,307 | |||||
1,000,000 | 5.000 | (a) | 10/01/28 | 1,249,142 | ||||
Alaska State Municipal Bond Bank Authority Revenue Bonds Series B (AMT) (A+/NR)(a) | ||||||||
450,000 | 5.000 | 03/01/27 | 518,476 | |||||
| ||||||||
5,324,356 | ||||||||
| ||||||||
Arizona – 1.3% | ||||||||
Arizona Industrial Development Authority Revenue Bonds Series 2020 (NR/Aa2) | ||||||||
1,000,000 | 5.000 | 05/01/31 | 1,355,930 | |||||
McAllister Academic Village LLC AZ Revenue Bonds (Arizona State University) (Refunding) Series 2016 (AA-/Aa3)(a) | ||||||||
1,000,000 | 5.000 | 07/01/27 | 1,209,533 | |||||
Pima County AZ Regional Transportation Excise Tax Revenue Bonds (Pima County Regional Transportation Fund) (AA+/NR) | ||||||||
1,000,000 | 5.000 | 06/01/22 | 1,040,753 | |||||
1,000,000 | 5.000 | 06/01/23 | 1,089,262 | |||||
Yuma AZ Municipal Property Corp. Excise Tax Revenue Bonds (Refunding-Senior Lien) Series 2015 (AA-/A1)(a) | ||||||||
1,050,000 | 4.000 | 07/01/26 | 1,197,513 | |||||
| ||||||||
5,892,991 | ||||||||
| ||||||||
Arkansas – 2.0% | ||||||||
Arkansas State Development Finance Authority State Agency Facilities Revenue Bonds (Department of Community Correction Project) Series 2018 (AA-/NR)(a) | ||||||||
980,000 | 4.000 | 11/01/31 | 1,170,483 | |||||
1,000,000 | 4.000 | 11/01/35 | 1,178,640 | |||||
City of Benton AR Public Utilities Revenue Bonds (Taxable-Refunding) Series 2020 (NR/A1) | ||||||||
375,000 | 1.950 | 09/01/23 | 384,339 | |||||
650,000 | 2.050 | 09/01/24 | 671,636 | |||||
500,000 | 2.280 | 09/01/26 | 522,592 | |||||
250,000 | 2.400 | (a) | 09/01/27 | 261,741 | ||||
City of Forrest City AR Sales & Use Tax Revenue Bonds Series 2021 (A-/NR) | ||||||||
635,000 | 3.000 | 11/01/28 | 719,677 | |||||
650,000 | 3.000 | 11/01/29 | 743,113 | |||||
675,000 | 3.000 | (a) | 11/01/30 | 762,958 | ||||
690,000 | 3.000 | (a) | 11/01/31 | 773,880 | ||||
Fort Smith AR Water & Sewer Revenue Bonds (Refunding) Series 2018 (A/NR)(a) | ||||||||
500,000 | 5.000 | 10/01/31 | 640,342 | |||||
National Park AR Community College District GO Bonds (Refunding) Series 2018 (A+/NR)(a) | ||||||||
645,000 | 4.000 | 03/01/30 | 739,873 | |||||
635,000 | 4.000 | 03/01/32 | 724,778 | |||||
| ||||||||
9,294,052 | ||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
California – 1.9% | ||||||||
Corona-Norca CA Unified School District GO Bonds Series E (AA-/Aa3) | ||||||||
$ 450,000 | 0.000 | % | 08/01/26 | $ 555,567 | ||||
Placentia-Yorba Linda Unified School District (Refunding) Series A (AA-/Aa2)(a) | ||||||||
1,345,000 | 3.000 | 08/01/36 | 1,544,381 | |||||
San Bernardino County Flood Control District (Refunding) Series 2021 (AA+/Aa1)(a)(b)(c) | ||||||||
5,000,000 | 0.050 | 08/01/37 | 5,000,000 | |||||
State of California (AA-/Aa2)(a) | ||||||||
1,395,000 | 5.000 | 10/01/27 | 1,507,751 | |||||
| ||||||||
8,607,699 | ||||||||
| ||||||||
Colorado – 1.9% | ||||||||
Adams County CO Certificates of Participation Series 2021 (A/NR)(a) | ||||||||
550,000 | 4.000 | 12/01/36 | 656,848 | |||||
Colorado State Board for Community Colleges & Occupational Educational System Revenue Bonds (Refunding-Arapahoe Community College - Castle Rock Collaboration Campus) Series A (NR/Aa3)(a) | ||||||||
450,000 | 4.000 | 11/01/31 | 532,077 | |||||
850,000 | 4.000 | 11/01/32 | 1,002,707 | |||||
Colorado State Health Facilities Authority Revenue Bonds Series A (A+/NR) | ||||||||
1,000,000 | 5.000 | 11/01/23 | 1,107,400 | |||||
Colorado State Housing & Finance Authority Revenue Bonds (Taxable) Series C-1 (GNMA) (AAA/Aaa) | ||||||||
310,000 | 2.025 | 05/01/24 | 319,368 | |||||
280,000 | 2.075 | 11/01/24 | 289,581 | |||||
250,000 | 2.125 | 05/01/25 | 259,015 | |||||
250,000 | 2.175 | 11/01/25 | 259,789 | |||||
Colorado State School of Mines Institutional Enterprise (Refunding) Series 2018-A (NR/A1)(a)(b)(c) | ||||||||
2,460,000 | 0.567 | 02/01/23 | 2,455,477 | |||||
Denver City & County School District No. 1 GO Bonds Series 2021 (AA+/Aa1)(a) | ||||||||
500,000 | 3.000 | 12/01/36 | 577,522 | |||||
El Paso County School District No 49 Falcon Cops Certificates of Participation (Refunding) Series 2021 (NR/Aa3)(a)(d) | ||||||||
1,145,000 | 4.000 | 12/15/33 | 1,418,131 | |||||
| ||||||||
8,877,915 | ||||||||
| ||||||||
Connecticut – 2.0% | ||||||||
Connecticut State Health & Educational Facilities Authority Revenue Bonds (Refunding Fairfield University) Series S (A-/A3) | ||||||||
1,000,000 | 5.000 | 07/01/28 | 1,269,263 | |||||
1,000,000 | 5.000 | (a) | 07/01/29 | 1,264,459 | ||||
Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series A (AMT) (NR/Aa3)(a) | ||||||||
560,000 | 3.250 | 11/15/24 | 586,891 | |||||
830,000 | 3.750 | 11/15/27 | 872,296 | |||||
Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series B (AMT) (NR/Aa3) | ||||||||
330,000 | 5.000 | 11/15/27 | 409,273 | |||||
450,000 | 5.000 | 11/15/28 | 568,699 | |||||
450,000 | 5.000 | 11/15/29 | 578,453 | |||||
385,000 | 5.000 | 11/15/30 | 501,801 | |||||
Connecticut State Housing Finance Authority Housing Finance Mortgage Program Revenue Bonds (Taxable Refunding) Series A-4 (AAA/Aaa) | ||||||||
770,000 | 1.810 | 05/15/24 | 788,249 | |||||
330,000 | 1.860 | 11/15/24 | 336,263 | |||||
|
THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Connecticut – (continued) | ||||||||
Connecticut State Housing Finance Authority Housing Finance Mortgage Program Revenue Bonds (Taxable Refunding) Series A-4 (AAA/Aaa) (continued) | ||||||||
$ 530,000 | 1.900 | % | 05/15/25 | $ 540,013 | ||||
765,000 | 1.950 | 11/15/25 | 779,152 | |||||
500,000 | 2.090 | 05/15/26 | 511,090 | |||||
| ||||||||
9,005,902 | ||||||||
| ||||||||
District of Columbia(a)(b)(c) – 0.4% | ||||||||
Metropolitan Washington Airports Authority Series B-REMK (AA+/NR) | ||||||||
2,050,000 | 0.020 | 10/01/40 | 2,050,000 | |||||
| ||||||||
Florida – 1.8% | ||||||||
County of Broward FL Port Facilities Revenue Bond (Refunding) Series A (A/A1) | ||||||||
870,000 | 5.000 | 09/01/24 | 995,285 | |||||
County of Broward FL Port Facilities Revenue Bond Series A (A/A1) | ||||||||
620,000 | 5.000 | 09/01/28 | 801,184 | |||||
Florida State Housing Finance Corp. Revenue Bonds Series 1 (GNMA/FNMA/FHLMC) (NR/Aaa) | ||||||||
750,000 | 2.000 | 07/01/27 | 789,215 | |||||
695,000 | 2.050 | 01/01/28 | 733,332 | |||||
725,000 | 2.100 | 07/01/28 | 767,491 | |||||
735,000 | 2.125 | (a) | 01/01/29 | 776,455 | ||||
Lake County FL School Board Certificates of Participation (Refunding-Master Lease Program) Series A (A/NR)(a) | ||||||||
725,000 | 5.000 | 06/01/24 | 786,504 | |||||
Orange County FL Tourist Development Tax Revenue Bonds (Refunding) Series 2010 (AA-/NR) | ||||||||
2,000,000 | 5.000 | 10/01/23 | 2,203,462 | |||||
Seminole County FL School Board Certificates of Participation Series B (AA-/Aa3)(a)(e) | ||||||||
500,000 | 5.000 | 07/01/22 | 522,306 | |||||
| ||||||||
8,375,234 | ||||||||
| ||||||||
Georgia – 1.0% | ||||||||
Cherokee County GA Water & Sewer Authority Revenue Bonds (Refunding & Improvement) Series 1993 (NPFG) (NR/Aa1) | ||||||||
35,000 | 5.500 | 08/01/23 | 36,522 | |||||
Fulton County GA Development Authority Revenue Bonds (Refunding-Robert W Woodruff Arts Center, Inc.) Series A (NR/A2) | ||||||||
1,000,000 | 5.000 | 03/15/26 | 1,194,680 | |||||
Milledgeville & Baldwin County Development Authority Revenue Bonds(Refunding) Series 2021 (A+/NR) | ||||||||
500,000 | 5.000 | 06/15/30 | 667,890 | |||||
500,000 | 5.000 | 06/15/31 | 682,195 | |||||
600,000 | 5.000 | (a) | 06/15/32 | 815,772 | ||||
700,000 | 5.000 | (a) | 06/15/33 | 948,354 | ||||
| ||||||||
4,345,413 | ||||||||
| ||||||||
Idaho(a) – 0.3% | ||||||||
Idaho Housing & Finance Association (Refunding Garvee) Series A (NR/A2) | ||||||||
500,000 | 4.000 | 07/15/36 | 615,913 | |||||
750,000 | 4.000 | 07/15/37 | 920,940 | |||||
| ||||||||
1,536,853 | ||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Illinois – 11.9% | ||||||||
Champaign County IL Community Unit School District No. 4 GO Bonds (Refunding) Series 2019 (AA/Aa2) | ||||||||
$ 630,000 | 4.000 | % | 06/01/28 | $ 753,349 | ||||
Cook County IL School District No. 63 East Maine GO Bonds (Refunding) Series 2019 (NR/Aa2)(a) | ||||||||
1,460,000 | 4.000 | 12/01/34 | 1,724,462 | |||||
Cook County IL Township High School District No. 208 Riverside-Brookfield GO Bonds (Refunding) Series B (AA+/NR) | ||||||||
1,090,000 | 5.000 | 12/15/25 | 1,287,632 | |||||
Countryside IL GO Bonds (Taxable-Refunding) Series 2014 (NR/Aa2) | ||||||||
500,000 | 3.300 | 01/01/24 | 532,807 | |||||
Du Page & Cook County Community School District No. 181 GO Bonds (School Building) Series 2017 (AAA/Aaa)(a) | ||||||||
2,220,000 | 4.000 | 01/15/30 | 2,606,677 | |||||
Du Page & Will County Community School District No. 204 Indian Prairie (Refunding) Series 2016 (NR/Aa1) | ||||||||
5,000,000 | 2.000 | 12/30/22 | 5,136,988 | |||||
DuPage County School District No 62 Gower Series 2021 (NR/Aa2) | ||||||||
500,000 | 4.000 | 12/30/30 | 627,432 | |||||
1,365,000 | 3.000 | (a) | 12/30/38 | 1,544,933 | ||||
Elk Grove Village GO Bonds Series 2017 (AA+/NR) | ||||||||
530,000 | 3.000 | 01/01/24 | 562,189 | |||||
550,000 | 3.000 | 01/01/25 | 595,472 | |||||
1,140,000 | 5.000 | 01/01/26 | 1,355,614 | |||||
525,000 | 5.000 | (a) | 01/01/28 | 649,860 | ||||
Illinois Finance Authority Revenue Bonds (Refunding-The Carle Foundation) Series A (AA-/NR)(a) | ||||||||
1,550,000 | 4.000 | 08/15/37 | 1,915,760 | |||||
Illinois Finance Authority Revenue Bonds (Rush University Medical Center Obligated Group) Series A (A+/A1) | ||||||||
500,000 | 5.000 | 11/15/24 | 574,638 | |||||
Kane County IL Forest Preservation District GO Bonds Series A (AA+/NR)(a) | ||||||||
1,695,000 | 3.000 | 12/15/26 | 1,874,101 | |||||
Kendall Kane & Will Counties IL Community Unit School District No. 308 GO Bonds (Refunding) Series 2016 (NR/A2) | ||||||||
1,115,000 | 5.000 | 02/01/24 | 1,233,346 | |||||
1,000,000 | 5.000 | 02/01/25 | 1,144,878 | |||||
Lake County IL Community Consolidated School District No. 46 Grayslake GO Bonds (Refunding) Series 2015 (AA+/NR) | ||||||||
1,000,000 | 5.000 | 11/01/23 | 1,101,216 | |||||
Lake County IL Community Consolidated School District No. 73 Hawthorn GO Bonds (Refunding) Series B (AA+/NR)(a) | ||||||||
2,450,000 | 4.000 | 01/01/33 | 2,872,090 | |||||
Mount Prospect IL GO Bonds (Refunding) Series A (AA+/NR)(a) | ||||||||
1,000,000 | 3.000 | 12/01/28 | 1,092,028 | |||||
Peoria IL GO Bonds (Refunding) Series B (A+/A2) | ||||||||
1,205,000 | 5.000 | 01/01/24 | 1,334,669 | |||||
Rolling Meadows IL GO Bonds Series 2019 (AA+/NR)(a) | ||||||||
495,000 | 4.000 | 12/15/34 | 585,315 | |||||
515,000 | 4.000 | 12/15/35 | 607,117 | |||||
535,000 | 4.000 | 12/15/36 | 630,189 | |||||
555,000 | 4.000 | 12/15/37 | 651,728 | |||||
580,000 | 4.000 | 12/15/38 | 680,191 | |||||
600,000 | 4.000 | 12/15/39 | 702,206 | |||||
Round Lake IL GO Bonds (Refunding) Series 2019 (NR/Aa2) | ||||||||
815,000 | 4.000 | 01/01/24 | 885,042 | |||||
765,000 | 4.000 | 01/01/25 | 855,167 | |||||
|
THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Illinois – (continued) | ||||||||
Saint Clair County IL High School District No. 203 O’Fallon GO Bonds (Refunding) Series 2017 (NR/Aa2) | ||||||||
$ 845,000 | 4.000 | % | 12/01/23 | $ 915,455 | ||||
685,000 | 4.000 | 12/01/24 | 764,225 | |||||
735,000 | 4.000 | 12/01/25 | 841,424 | |||||
Stark Knox Marshall Henry & Peoria Counties Community Unit School Dist No 100 (Refunding) Series 2021 BAM (AA/A1)(a) | ||||||||
860,000 | 4.000 | 12/01/38 | 1,032,983 | |||||
Westchester Village of IL GO Bonds Series 2021 (BAM) (AA/A2)(a) | ||||||||
1,000,000 | 4.000 | 12/01/34 | 1,183,410 | |||||
1,825,000 | 4.000 | 12/01/38 | 2,144,530 | |||||
Will County IL Community Unit School District No. 365 Valley View GO Bonds (Prerefunded-Capital Appreciation) Series 2003 (AGM) (AA/Aa2)(f) | ||||||||
4,770,000 | 0.000 | 11/01/23 | 4,748,647 | |||||
Winnebago County IL GO Bonds (Refunding) Series C (NR/Aa3) | ||||||||
765,000 | 5.000 | 12/30/25 | 910,712 | |||||
905,000 | 5.000 | 12/30/28 | 1,156,947 | |||||
960,000 | 5.000 | 12/30/29 | 1,251,888 | |||||
Woodford Lasalle Livingston Etc. Counties Community Unit School District GO Bonds Series A (AA/NR)(a) | ||||||||
650,000 | 4.000 | 12/01/30 | 782,335 | |||||
700,000 | 4.000 | 12/01/31 | 837,436 | |||||
700,000 | 4.000 | 12/01/32 | 834,924 | |||||
725,000 | 4.000 | 12/01/33 | 862,033 | |||||
| ||||||||
54,384,045 | ||||||||
| ||||||||
Indiana – 6.9% | ||||||||
Brownsburg 1999 School Building Corp. Series 2021 (NR/NR)(a)(g) | ||||||||
2,000,000 | 1.500 | 05/13/22 | 2,004,907 | |||||
Carmel IN Local Public Improvement Bank Revenue Bonds Series B-1 (AA/NR)(a) | ||||||||
1,810,000 | 4.000 | 01/15/34 | 2,139,546 | |||||
Decatur Township IN Multi-School Building Corp. Revenue Bonds (Refunding-First Mortgage) (Multi Purpose) Series 2015 (AA+/NR) | ||||||||
2,315,000 | 5.000 | 07/15/23 | 2,528,674 | |||||
Eastern Pulaski IN Multi-School Building Corp. Revenue Bonds (First Mortgage) Series 2015 (AA+/NR)(a) | ||||||||
840,000 | 4.000 | 07/15/28 | 899,224 | |||||
Greater Clark In Building Corp. Revenue bonds (1st Mortgage) Series 2018 (AA+/NR)(a) | ||||||||
1,000,000 | 4.000 | 07/15/32 | 1,188,377 | |||||
Indiana Finance Authority Revenue Bonds (Educational Facilities-Butler University Project) Series A (A-/NR)(a) | ||||||||
540,000 | 5.000 | 02/01/25 | 597,766 | |||||
425,000 | 5.000 | 02/01/27 | 468,869 | |||||
700,000 | 5.000 | 02/01/28 | 771,282 | |||||
600,000 | 5.000 | 02/01/29 | 660,556 | |||||
Indiana State Finance Authority Revenue Bond (Refunding-Educational Facilities-Indianapolis Museum of Art) Series B (NR/A2)(a) | ||||||||
815,000 | 5.000 | 02/01/28 | 872,015 | |||||
Indiana State Finance Authority Revenue Bond (Refunding-Marion Hospital, Inc. Obligated Group) Series 2021 (A/NR) | ||||||||
830,000 | 4.000 | 07/01/31 | 1,038,080 | |||||
700,000 | 4.000 | (a) | 07/01/32 | 865,085 | ||||
700,000 | 4.000 | (a) | 07/01/36 | 850,897 | ||||
Indiana State University Revenue Bonds (Build America Bonds) (NR/A1)(a) | ||||||||
530,000 | 5.310 | 04/01/25 | 530,758 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Indiana – (continued) | ||||||||
Jefferson County Jail Building Corp Revenue Bonds Series 2021 (BAM) (AA/NR)(a) | ||||||||
$1,955,000 | 4.000 | % | 07/15/33 | $ 2,412,474 | ||||
Lake Central Multi-District School Building Corp. Revenue Bonds (Refunding-First Mortgage) Series B (AA+/NR) | ||||||||
1,000,000 | 5.000 | 07/15/24 | 1,123,814 | |||||
Martinsville Redevelopment Authority Series 2021 BAM (AA/NR)(a) | ||||||||
565,000 | 3.000 | 08/01/33 | 636,248 | |||||
400,000 | 3.000 | 08/01/35 | 447,302 | |||||
700,000 | 3.000 | 08/01/37 | 777,356 | |||||
Plainfield IN High School Building Corp. Revenue Bonds (Refunding-First Mortgage) Series 2014 (AA+/NR)(a) | ||||||||
1,000,000 | 4.000 | 01/15/26 | 1,104,897 | |||||
Portage IN Redevelopment Authority Lease Rent Revenue Bonds Series 2015 (A/NR)(a) | ||||||||
1,665,000 | 4.000 | 08/01/30 | 1,875,377 | |||||
Shelbyville IN Redevelopment Authority Series 2021 (A+/NR)(a) | ||||||||
885,000 | 3.000 | 08/01/29 | 991,731 | |||||
910,000 | 3.000 | 08/01/30 | 1,011,807 | |||||
940,000 | 3.000 | 08/01/31 | 1,040,211 | |||||
485,000 | 4.000 | 08/01/32 | 576,256 | |||||
Vinton-Tecumseh IN School Building Corporation Revenue Bonds (First Mortgage) Series A (AA+/NR)(a) | ||||||||
625,000 | 5.000 | 07/15/30 | 776,549 | |||||
500,000 | 5.000 | 07/15/31 | 619,202 | |||||
500,000 | 5.000 | 07/15/32 | 618,183 | |||||
Westfield High School 1995 Building Corp. Revenue Bonds (1st Mortgage) Series B (AA+/NR)(a) | ||||||||
1,000,000 | 5.000 | 01/15/31 | 1,187,658 | |||||
750,000 | 5.000 | 07/15/31 | 891,102 | |||||
| ||||||||
31,506,203 | ||||||||
| ||||||||
Iowa – 1.1% | ||||||||
County of Woodbury IA GO Bonds Series 2021 (NR/Aa3)(d) | ||||||||
620,000 | 4.000 | 06/01/25 | 703,609 | |||||
525,000 | 3.000 | (a) | 06/01/31 | 591,522 | ||||
555,000 | 3.000 | (a) | 06/01/32 | 620,807 | ||||
Dubuque Community School District Revenue Bonds(Refunding) Series 2021(BAM) (AA/NR)(a) | ||||||||
1,450,000 | 3.000 | 07/01/35 | 1,606,245 | |||||
1,200,000 | 3.000 | 07/01/36 | 1,323,892 | |||||
| ||||||||
4,846,075 | ||||||||
| ||||||||
Kansas(a) – 1.2% | ||||||||
Geary County KS Unified School District No. 475 GO Bonds Series A (NR/Aa3)(e) | ||||||||
1,400,000 | 4.000 | 09/01/25 | 1,589,677 | |||||
Scott County KS Unified School District No. 466 GO Bonds Series A (NR/A2)(e) | ||||||||
1,015,000 | 5.000 | 09/01/25 | 1,207,744 | |||||
Wichita KS Sales Tax Special Obligation Revenue Bonds (River District Stadium Star Bond Project) Series 2018 (NR/A1) | ||||||||
1,000,000 | 5.000 | 09/01/30 | 1,254,334 | |||||
1,000,000 | 5.000 | 09/01/31 | 1,249,705 | |||||
| ||||||||
5,301,460 | ||||||||
| ||||||||
Kentucky – 3.6% | ||||||||
Appalachian Regional Healthcare Obligated Group Revenue Bonds(Refunding) Series 2021 (A/NR) | ||||||||
1,695,000 | 5.000 | 07/01/30 | 2,244,112 | |||||
855,000 | 5.000 | 07/01/31 | 1,151,457 | |||||
|
THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Kentucky – (continued) | ||||||||
Appalachian Regional Healthcare Obligated Group Revenue Bonds(Refunding) Series 2021 (A/NR) (continued) | ||||||||
$1,275,000 | 5.000 | %(a) | 07/01/32 | $ 1,712,592 | ||||
Barren County KY School District Finance Corp. Revenue Bonds (Refunding) Series 2015 (NR/A1)(a) | ||||||||
1,000,000 | 5.000 | 08/01/26 | 1,153,174 | |||||
Kentucky State Property & Building Commission Revenue Bonds (Project No. 112) Series B (A-/A1)(a) | ||||||||
400,000 | 5.000 | 11/01/27 | 490,601 | |||||
Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series B (NR/A1) | ||||||||
1,000,000 | 5.000 | 05/01/26 | 1,207,587 | |||||
750,000 | 5.000 | (a) | 05/01/28 | 925,370 | ||||
915,000 | 5.000 | (a) | 05/01/29 | 1,125,279 | ||||
Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series D (NR/A1) | ||||||||
750,000 | 5.000 | 05/01/27 | 930,361 | |||||
Kentucky State Property & Building Commission Series 2018 (AA/A2) | ||||||||
885,000 | 5.000 | 04/01/28 | 1,123,393 | |||||
Kentucky State Property & Building Commission Series A (AA/A1) | ||||||||
960,000 | 5.000 | 02/01/26 | 1,152,561 | |||||
Oldham County KY School District Finance Corp. (Refunding) Series 2016 (NR/A1) | ||||||||
590,000 | 5.000 | 06/01/22 | 612,482 | |||||
610,000 | 5.000 | 06/01/23 | 659,761 | |||||
690,000 | 5.000 | 06/01/24 | 778,630 | |||||
Owensboro KY GO Bonds Series A (NR/A1)(a) | ||||||||
1,200,000 | 5.000 | 05/01/25 | 1,299,398 | |||||
| ||||||||
16,566,758 | ||||||||
| ||||||||
Louisiana – 1.1% | ||||||||
Iberia Parish LA Parish wide School District GO Bonds Series 2017 (AA-/NR) | ||||||||
510,000 | 3.000 | 03/01/24 | 543,476 | |||||
530,000 | 4.000 | 03/01/25 | 595,756 | |||||
550,000 | 4.000 | 03/01/26 | 634,258 | |||||
570,000 | 4.000 | 03/01/27 | 675,438 | |||||
450,000 | 4.000 | (a) | 03/01/28 | 533,141 | ||||
Louisiana Public Facilities Authority Revenue Bonds (Refunding-Ochsner Clinic Foundation Project) Series 2015 (A/A3)(a) | ||||||||
800,000 | 5.000 | 05/15/30 | 918,891 | |||||
St. Tammany LA Parish Wide School District No 12 GO Bonds (Refunding) Series 2017 (AA/NR)(a) | ||||||||
980,000 | 4.000 | 03/01/28 | 1,163,429 | |||||
| ||||||||
5,064,389 | ||||||||
| ||||||||
Maine – 2.5% | ||||||||
Maine Municipal Bond Bank Revenue Bonds Series A (AA+/Aa2)(a) | ||||||||
1,000,000 | 3.000 | 11/01/37 | 1,138,608 | |||||
Maine State Governmental Facilities Authority Revenue Bonds Series A (AA-/Aa3)(a) | ||||||||
2,485,000 | 4.000 | 10/01/32 | 2,968,796 | |||||
Maine State Health & Higher Educational Facilities Authority Revenue Bonds Series A (NR/A1)(a) | ||||||||
115,000 | 5.000 | 07/01/24 | 115,375 | |||||
Maine State Housing Authority Mortgage Purchase Revenue Bonds Series B (AA+/Aa1) | ||||||||
1,300,000 | 1.950 | 11/15/24 | 1,357,950 | |||||
835,000 | 2.050 | 11/15/25 | 882,460 | |||||
1,000,000 | 2.100 | 11/15/26 | 1,067,717 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Maine – (continued) | ||||||||
Maine State Housing Authority Mortgage Purchase Revenue Bonds Series E (AA+/Aa1)(a) | ||||||||
$ 840,000 | 2.150 | % | 11/15/29 | $ 890,345 | ||||
870,000 | 2.250 | 11/15/30 | 917,190 | |||||
905,000 | 2.350 | 11/15/31 | 953,649 | |||||
Portland ME Airport Revenue Bonds (Refunding-General) Series 2016 (BBB+/Baa1) | ||||||||
145,000 | 5.000 | 01/01/23 | 154,474 | |||||
470,000 | 5.000 | 01/01/24 | 521,296 | |||||
215,000 | 5.000 | (a) | 01/01/34 | 249,965 | ||||
330,000 | 5.000 | (a) | 01/01/35 | 383,148 | ||||
| ||||||||
11,600,973 | ||||||||
| ||||||||
Maryland(a) – 0.5% | ||||||||
Maryland State Water Quality Financing Administration Bay Restoration Fund Revenue Bonds Series 2015 (AA/Aa2) | ||||||||
2,000,000 | 2.800 | 03/01/26 | 2,110,687 | |||||
| ||||||||
Massachusetts – 0.5% | ||||||||
Massachusetts Housing Finance Agency Revenue Bonds Series 2021 (AA+/Aa1)(a) | ||||||||
960,000 | 1.850 | 06/01/32 | 961,950 | |||||
710,000 | 1.900 | 12/01/32 | 711,360 | |||||
Massachusetts State Housing Finance Agency Revenue Bonds Series B (AMT) (AA/Aa2) | ||||||||
300,000 | 3.050 | 06/01/22 | 305,620 | |||||
310,000 | 3.250 | 06/01/23 | 319,631 | |||||
| ||||||||
2,298,561 | ||||||||
| ||||||||
Michigan – 6.3% | ||||||||
Comstock Park MI Public Schools GO Bonds (Refunding) Series 2015 (Q-SBLF) (AA/NR) | ||||||||
730,000 | 5.000 | 05/01/24 | 825,659 | |||||
Grand Blanc Community Schools (Taxable-Refunding) Series 2021 (Q-SBLF) (AA/NR) | ||||||||
500,000 | 2.000 | 05/01/25 | 526,863 | |||||
1,475,000 | 2.000 | 11/01/25 | 1,562,349 | |||||
500,000 | 2.000 | 05/01/26 | 529,815 | |||||
1,875,000 | 2.000 | 11/01/26 | 1,995,889 | |||||
Grand Traverse County MI Hospital Finance Authority Revenue Bonds (Munson Healthcare Obligated Group) Series A (NR/A1)(a) | ||||||||
445,000 | 5.000 | 07/01/30 | 566,560 | |||||
495,000 | 5.000 | 07/01/32 | 626,207 | |||||
Grand Traverse County MI Hospital Finance Authority Revenue Bonds (Munson Healthcare Obligated Group) Series B (NR/A1)(a) | ||||||||
380,000 | 5.000 | 07/01/31 | 481,942 | |||||
Grand Valley MI State University Revenue Bonds (Refunding) Series A (A+/A1)(a) | ||||||||
1,500,000 | 4.000 | 12/01/29 | 1,723,727 | |||||
1,375,000 | 4.000 | 12/01/30 | 1,573,741 | |||||
Jackson College MI GO Bonds (Refunding) Series 2016 (NR/Aa2) | ||||||||
940,000 | 3.000 | 05/01/25 | 1,025,092 | |||||
Jenison MI Public Schools GO Bonds (Refunding) Series 2017 (NR/Aa3) | ||||||||
1,110,000 | 4.000 | 05/01/23 | 1,185,456 | |||||
Kalamazoo MI Public Schools GO Bonds Series 2018 (NR/A1)(a) | ||||||||
2,370,000 | 4.000 | 05/01/31 | 2,817,892 | |||||
Kenowa Hills MI Public School GO Bonds (School Building & Site) Series II (Q-SBLF) (AA/NR)(a) | ||||||||
1,000,000 | 4.000 | 11/01/30 | 1,191,145 | |||||
Mattawan MI Consolidated School District GO Bonds Series I (Q-SBLF) (AA/NR)(a)(e) | ||||||||
750,000 | 5.000 | 05/01/25 | 881,459 | |||||
|
THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Michigan – (continued) | ||||||||
Michigan State Finance Authority Revenue Bonds (Refunding-Beaumont Health Credit Group) Series 2015 (A+/A1)(a) | ||||||||
$1,215,000 | 5.000 | % | 08/01/31 | $ 1,381,673 | ||||
Michigan State Housing Development Authority Revenue Bond Series B (AA+/Aa2)(a) | ||||||||
1,750,000 | 3.000 | 06/01/29 | 1,905,768 | |||||
Michigan State Housing Development Authority Revenue Bonds (Taxable-Refunding) Series B (AA/NR) | ||||||||
500,000 | 2.816 | 04/01/25 | 532,856 | |||||
1,000,000 | 2.866 | 10/01/25 | 1,070,753 | |||||
Michigan State Housing Development Authority Revenue Bonds Series A (AA/NR) | ||||||||
400,000 | 2.150 | 04/01/25 | 420,996 | |||||
470,000 | 2.550 | (a) | 04/01/28 | 499,733 | ||||
410,000 | 2.600 | (a) | 10/01/28 | 435,775 | ||||
Northwest Community Schools GO Bonds (School Building & Site) Series 2013 (Q-SBLF) (AA/NR)(a) | ||||||||
1,000,000 | 4.000 | 05/01/24 | 1,068,157 | |||||
Portland MI Public Schools GO Bonds (Refunding) Series 2016 (Q-SBLF) (AA/NR)(a) | ||||||||
1,150,000 | 4.000 | 05/01/27 | 1,336,779 | |||||
Saginaw Township MI Community School District (Refunding) Series 2015 (Q-SBLF) (NR/Aa1)(a) | ||||||||
750,000 | 4.000 | 05/01/28 | 862,701 | |||||
Washtenaw MI Community College GO Bonds (Refunding) Series 2015 (NR/Aa1) | ||||||||
645,000 | 4.000 | 04/01/25 | 729,170 | |||||
Zeeland Public Schools GO Bonds Series I (AA/NR)(a) | ||||||||
1,000,000 | 3.000 | 05/01/33 | 1,145,794 | |||||
| ||||||||
28,903,951 | ||||||||
| ||||||||
Minnesota – 0.1% | ||||||||
Minnesota State Housing & Finance Agency Revenue Bonds Series A (GNMA/FNMA/FHLMC) (AA+/Aa1) | ||||||||
290,000 | 1.700 | 07/01/26 | 299,875 | |||||
| ||||||||
Mississippi – 1.3% | ||||||||
Alcorn State University Educational Building Corp. (Refunding-Facilities) (Re-Financing Project) Series 2016 (NR/Aa2)(a) | ||||||||
1,560,000 | 4.000 | 09/01/33 | 1,801,259 | |||||
Mississippi State Development Bank Special Obligation (Pearl Public School District) Series 2016 (NR/Aa3)(a) | ||||||||
600,000 | 4.000 | 04/01/34 | 687,554 | |||||
Mississippi State Development Bank Special Obligation Revenue Bonds (Hinds County Project) Series 2017 (NR/Aa3)(a) | ||||||||
300,000 | 5.000 | 11/01/29 | 374,274 | |||||
400,000 | 5.000 | 11/01/30 | 498,919 | |||||
500,000 | 5.000 | 11/01/31 | 623,812 | |||||
400,000 | 5.000 | 11/01/32 | 499,291 | |||||
Mississippi State Gaming Tax Revenue Bonds Series 2015-E (A-/A3) | ||||||||
1,055,000 | 5.000 | 10/15/25 | 1,251,508 | |||||
| ||||||||
5,736,617 | ||||||||
| ||||||||
Missouri – 1.6% | ||||||||
Greene County MO GO Bonds Limited-Wilson Creek Marketplace NID Project (Refunding) Series A (NR/Aa2)(a)(e) | ||||||||
500,000 | 5.000 | 04/01/22 | 516,391 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Missouri – (continued) | ||||||||
Jackson County MO Special Obligation Revenue Bonds (Harry S. Truman Sports Complex) Series 2014 (NR/Aa3)(a) | ||||||||
$2,300,000 | 5.000 | % | 12/01/26 | $ 2,657,390 | ||||
Kansas City MO Industrial Development Authority Apartments Special Obligation Revenue Bonds(Kansas City International Apartments Terminal Modified Project) Series B (A-/A2) | ||||||||
1,155,000 | 5.000 | 03/01/27 | 1,427,588 | |||||
St Charles School District GO Bonds Series 2021 (AA+/NR)(a) | ||||||||
700,000 | 3.000 | 03/01/34 | 779,916 | |||||
St Louis Land Clearance for Redevelopment Authority Revenue Bonds (Refunding) Series A (A/NR)(a) | ||||||||
2,000,000 | 2.125 | 04/01/39 | 2,005,291 | |||||
| ||||||||
7,386,576 | ||||||||
| ||||||||
Nebraska – 0.4% | ||||||||
Nebraska Public Power Generation Agency Revenue Bonds (Refunding) (Whelan Energy Center Unit 2) Series A (NR/A2) | ||||||||
1,750,000 | 5.000 | 01/01/23 | 1,865,376 | |||||
Sarpy County NE Hospital Authority No.1 Revenue Bonds (Refunding-Nebraska Medicine) Series 2016 (AA-/NR)(a) | ||||||||
35,000 | 3.000 | 05/15/46 | 37,166 | |||||
| ||||||||
1,902,542 | ||||||||
| ||||||||
Nevada – 1.4% | ||||||||
City of Las Vegas NV GO Series C (AA/Aa2)(a) | ||||||||
1,335,000 | 4.000 | 06/01/29 | 1,587,244 | |||||
Clark County NV School District GO Bonds (Refunding) Series C (AGM) (AA/A1) | ||||||||
4,010,000 | 5.000 | 06/15/27 | 5,027,534 | |||||
| ||||||||
6,614,778 | ||||||||
| ||||||||
New Jersey – 2.7% | ||||||||
Middlesex County NJ Cops Certificates of Participation (Refunding) Series 2017 (AA+/NR) | ||||||||
705,000 | 4.000 | 06/15/26 | 820,405 | |||||
500,000 | 4.000 | 06/15/27 | 594,909 | |||||
500,000 | 4.000 | (a) | 06/15/28 | 592,511 | ||||
760,000 | 4.000 | (a) | 06/15/29 | 895,689 | ||||
New Jersey Housing & Mortgage Finance Agency MF Conduit Revenue Bonds (Lexington Manor Apartments Project) Series B (NR/Aaa) | ||||||||
645,000 | 3.150 | 06/15/25 | 679,528 | |||||
New Jersey State Transportation Trust Fund Authority Revenue Bonds (Capital Appreciation) Transportation System Series 2006 (AMBAC) (AA+/Aa1)(f) | ||||||||
1,255,000 | 0.000 | 12/15/26 | 1,201,864 | |||||
New Jersey Transportation Trust Fund Authority Revenue Bonds (Refunding-Highway Reimbursment-Garvee NTS) Series A (A+/Baa1)(a) | ||||||||
1,500,000 | 5.000 | 06/15/31 | 1,774,596 | |||||
Ventnor City NJ GO Bonds (Refunding) Series 2017 (AA/NR) | ||||||||
1,470,000 | 4.000 | 12/01/22 | 1,545,396 | |||||
1,530,000 | 4.000 | 12/01/23 | 1,665,412 | |||||
690,000 | 4.000 | 12/01/26 | 807,556 | |||||
705,000 | 4.000 | 12/01/27 | 841,754 | |||||
730,000 | 4.000 | (a) | 12/01/28 | 865,896 | ||||
| ||||||||
12,285,516 | ||||||||
|
THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
New Mexico(a) – 1.8% | ||||||||
Las Cruces NM Joint Utility Revenue Bonds (Subordinate Line System Improvement) Series 2018 (NR/Aa3) | ||||||||
$ 845,000 | 4.000 | % | 06/01/29 | $ 976,408 | ||||
500,000 | 4.000 | 06/01/30 | 576,554 | |||||
500,000 | 4.000 | 06/01/33 | 573,619 | |||||
The University of New Mexico Series 2001 (AA-/Aa3)(b)(c) | ||||||||
4,265,000 | 0.020 | 06/01/26 | 4,265,000 | |||||
University of New Mexico NM Revenue Bonds (Refunding & Improvement-Subordinate Lien) Series A (AA-/Aa3) | ||||||||
1,685,000 | 2.250 | 06/01/27 | 1,809,758 | |||||
| ||||||||
8,201,339 | ||||||||
| ||||||||
New York(a) – 0.2% | ||||||||
Monroe Country NY Development Corp. Revenue Bonds (Refunding John Fisher College) Series A (A-/NR) | ||||||||
500,000 | 5.000 | 06/01/29 | 554,777 | |||||
New York City Housing Development Corp. Revenue Bonds (Multi Family Development) Series G (AA+/Aa2) | ||||||||
250,000 | 3.800 | 11/01/37 | 251,285 | |||||
| ||||||||
806,062 | ||||||||
| ||||||||
North Carolina – 1.2% | ||||||||
County of Hoke NC Revenue Bonds(Refunding) Series 2021 (A+/Aa3)(a) | ||||||||
865,000 | 3.000 | 06/01/35 | 982,658 | |||||
1,750,000 | 3.000 | 06/01/36 | 1,976,206 | |||||
North Carolina State Housing Finance Agency Homeownership Revenue Bonds Series 39-B (GNMA/FNMA/FHLMC) (AA+/Aa1)(a) | ||||||||
1,005,000 | 3.200 | 01/01/29 | 1,113,305 | |||||
Western Carolina University Revenue Bonds (Refunding-Limited Obligation-Student Housing) (A/NR) | ||||||||
330,000 | 4.000 | 06/01/22 | 339,292 | |||||
350,000 | 4.000 | 06/01/23 | 372,524 | |||||
480,000 | 4.000 | (a) | 06/01/25 | 509,417 | ||||
| ||||||||
5,293,402 | ||||||||
| ||||||||
Ohio – 7.2% | ||||||||
Akron OH Certificates of Participation (District Energy Project) Series 2018 (A/NR)(a) | ||||||||
885,000 | 4.000 | 12/01/29 | 1,006,586 | |||||
960,000 | 4.000 | 12/01/31 | 1,084,289 | |||||
Akron OH GO Bonds (Refunding) (A+/NR)(a) | ||||||||
545,000 | 5.000 | 12/01/26 | 625,999 | |||||
Cloverleaf Local School District COPS Certificates of Participation Series 2021 BAM (AA/A1)(a) | ||||||||
650,000 | 2.500 | 12/01/50 | 659,916 | |||||
Cuyahoga Metropolitan Housing Authority Revenue Bonds Series 2021 (A+/NR)(a) | ||||||||
2,500,000 | 2.000 | 12/01/31 | 2,559,320 | |||||
Dayton-Montgomery County Port Authority Revenue Bonds Series 2021 (A-/NR) | ||||||||
430,000 | 2.000 | 11/15/31 | 433,089 | |||||
Kent OH State University Revenue Bonds (Taxable-Refunding) Series B (A+/Aa3)(a) | ||||||||
880,000 | 2.321 | 05/01/27 | 935,316 | |||||
Licking Heights OH Local School District GO Bonds (Refunding) Series C (NR/Aa3) | ||||||||
765,000 | 5.000 | 10/01/27 | 966,931 | |||||
1,115,000 | 5.000 | (a) | 10/01/28 | 1,404,243 | ||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Ohio – (continued) | ||||||||
Mahoning County OH Career & Technical Center Board of Education Certificates of Participation (Refunding) Series 2017 (AA-/NR)(a) | ||||||||
$ 630,000 | 4.000 | % | 12/01/26 | $ 700,833 | ||||
500,000 | 4.000 | 12/01/29 | 555,561 | |||||
Miami Valley Career Technology Center OH GO Bonds Series 2018 (NR/Aa3)(a) | ||||||||
725,000 | 4.000 | 12/01/34 | 861,083 | |||||
2,245,000 | 4.000 | 12/01/36 | 2,658,292 | |||||
2,170,000 | 4.000 | 12/01/37 | 2,563,605 | |||||
Middletown OH GO Bonds (Refunding-Various Purpose) Series 2017 (NR/A1) | ||||||||
1,095,000 | 4.000 | 12/01/25 | 1,257,599 | |||||
1,045,000 | 5.000 | 12/01/27 | 1,319,311 | |||||
Ohio Higher Educational Facility Commission (Refunding-Cleveland Health System) Series 2013 (AA/Aa2)(a)(b)(c) | ||||||||
5,000,000 | 0.010 | 01/01/39 | 5,000,000 | |||||
Ohio State Higher Educational Facility Commission Revenue Bonds (Xavier University-Refunding) Series C (NR/A3)(a) | ||||||||
1,000,000 | 5.000 | 05/01/27 | 1,158,678 | |||||
1,000,000 | 5.000 | 05/01/28 | 1,156,872 | |||||
Ohio State Hospital Refunding Revenue Bonds (Cleveland Clinic Health System Obligated Group) Series A (AA/Aa2) | ||||||||
1,000,000 | 5.000 | 01/01/24 | 1,116,581 | |||||
Ohio State Hospital Revenue Bonds (University Hospitals Health System, Inc.) Series A (A/A2)(a) | ||||||||
1,000,000 | 5.000 | 01/15/24 | 1,068,944 | |||||
Toledo-Lucas County Port Authority Revenue Bonds Series 2021 (A-/NR) | ||||||||
430,000 | 2.000 | 11/15/31 | 432,824 | |||||
Triway Local School District COPS Certificates of Participation Series 2021 BAM (AA/NR)(a) | ||||||||
1,000,000 | 4.000 | 12/01/30 | 1,194,206 | |||||
1,060,000 | 4.000 | 12/01/31 | 1,261,474 | |||||
University of Toledo OH Revenue Bonds (Refunding-General Receipt) Series A (A/A2)(a) | ||||||||
700,000 | 4.000 | 06/01/36 | 797,924 | |||||
| ||||||||
32,779,476 | ||||||||
| ||||||||
Oklahoma – 1.5% | ||||||||
Bryan County School Finance Authority (A/NR) | ||||||||
895,000 | 4.000 | 09/01/24 | 992,695 | |||||
Leflore County OK Public Facility Authority Educational Facility Lease Revenue Bonds (Poteau Public School Project) Series 2019 (A-/NR) | ||||||||
1,350,000 | 4.000 | 12/01/28 | 1,614,330 | |||||
1,770,000 | 4.000 | (a) | 12/01/30 | 2,121,130 | ||||
Oklahoma State Capitol Improvement Authority Facility Revenue Bonds (Department of Correction) Series D (AA-/NR)(a) | ||||||||
2,000,000 | 4.000 | 07/01/38 | 2,342,403 | |||||
| ||||||||
7,070,558 | ||||||||
| ||||||||
Pennsylvania – 11.9% | ||||||||
Brandywine Heights PA Area School District GO Bonds (Refunding) Series A (AA-/NR) | ||||||||
1,650,000 | 5.000 | 02/01/26 | 1,961,520 | |||||
Brandywine Heights PA Area School District GO Bonds (Refunding) Series B (AA-/NR) | ||||||||
1,365,000 | 4.000 | 02/01/23 | 1,442,258 | |||||
Centre County PA Hospital Authority Revenue Bonds (Refunding Hospital Mount Nittany Medical Center Project) Series A (A+/NR) | ||||||||
1,000,000 | 5.000 | 11/15/26 | 1,232,062 | |||||
|
THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Pennsylvania – (continued) | ||||||||
Columbia Borough PA School District GO Bonds (Refunding) Series 2019 (A+/NR) | ||||||||
$1,500,000 | 4.000 | % | 02/15/22 | $ 1,529,690 | ||||
1,790,000 | 4.000 | 02/15/23 | 1,885,416 | |||||
Delaware Valley PA Regional Financial Authority Revenue Bonds Series A (CNTY-GTD) (A+/A1) | ||||||||
2,100,000 | 5.000 | 09/01/33 | 2,983,406 | |||||
Easton Area School District Revenue Bonds Series 2021 (NR/Aa2)(a) | ||||||||
1,100,000 | 4.000 | 04/01/33 | 1,344,406 | |||||
Gateway School District Alleghany County GO Bonds Series 2021 (AA/A1)(a) | ||||||||
795,000 | 3.000 | 10/15/35 | 902,017 | |||||
1,300,000 | 3.000 | 10/15/36 | 1,468,676 | |||||
Gateway School District Alleghany County GO Bonds Series 2021 (BAM) (AA/A1)(a) | ||||||||
1,000,000 | 3.000 | 10/15/34 | 1,139,098 | |||||
Hamburg Area School District PA Series 2021 (AA-/NR)(a) | ||||||||
1,000,000 | 3.000 | 04/01/34 | 1,105,461 | |||||
1,400,000 | 3.000 | 04/01/35 | 1,543,303 | |||||
Pennsylvania Higher Education Assistance Agency Revenue Bonds Series A (A/A1) | ||||||||
500,000 | 5.000 | 06/01/26 | 596,137 | |||||
525,000 | 5.000 | 06/01/27 | 640,330 | |||||
525,000 | 5.000 | 06/01/28 | 652,925 | |||||
535,000 | 5.000 | 06/01/29 | 677,006 | |||||
425,000 | 5.000 | 06/01/30 | 545,789 | |||||
Pennsylvania State Economic Development Financing Authority Governmental Lease Revenue Bonds (Taxable-Refunding-Forum Place Project) Series 2020 (A/A2) | ||||||||
1,250,000 | 2.082 | 03/01/24 | 1,278,656 | |||||
Pennsylvania State Higher Educational Facilities Authority Revenue Bonds Series 2022 (AA/Aa3)(a)(d) | ||||||||
475,000 | 4.000 | 08/15/42 | 550,349 | |||||
Pennsylvania State Housing Finance Agency SF Mortgage Revenue Bonds Series 130A (AA+/Aa1)(a) | ||||||||
795,000 | 2.100 | 10/01/30 | 832,728 | |||||
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds (Refunding-Subordinated) Series B (NR/A3)(a) | ||||||||
1,500,000 | 5.000 | 06/01/29 | 1,805,109 | |||||
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds (Taxable-Refunding-1st) Series 2020 (NR/A1) | ||||||||
335,000 | 2.355 | 12/01/26 | 358,531 | |||||
400,000 | 2.533 | 12/01/27 | 432,245 | |||||
350,000 | 2.633 | 12/01/29 | 380,311 | |||||
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds Series A-2 (NR/A1)(a) | ||||||||
3,000,000 | 5.000 | 12/01/35 | 3,835,761 | |||||
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds Series C (A+/A1)(a) | ||||||||
500,000 | 5.000 | 12/01/26 | 577,513 | |||||
Peters Township PA School District Washington County GO Bonds Series C (NR/Aa2)(a) | ||||||||
1,000,000 | 4.000 | 09/01/36 | 1,180,146 | |||||
Phoenixville Area School District GO Bonds (Refunding) Series 2020 (NR/Aa2) | ||||||||
1,045,000 | 3.000 | 11/15/21 | 1,053,452 | |||||
Plum Boro PA Municipal Authority Sewer Revenue Bonds (Refunding) Series C (AA/NR) | ||||||||
1,175,000 | 3.000 | 11/15/27 | 1,331,525 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Pennsylvania – (continued) | ||||||||
Salisbury Township PA School District GO Bonds Series A (A/NR)(a) | ||||||||
$1,390,000 | 4.000 | % | 02/15/27 | $ 1,557,759 | ||||
Scranton PA School District GO Bonds (Refunding) Series E (AA/A2)(a) | ||||||||
1,000,000 | 5.000 | 12/01/32 | 1,238,004 | |||||
Shikellamy School District PA GO Bonds Series 2020 (AA/NR)(a) | ||||||||
1,945,000 | 2.000 | 09/01/28 | 2,024,185 | |||||
1,610,000 | 2.000 | 09/01/29 | 1,666,190 | |||||
Southcentral PA General Authority Revenue Bond Series TT2 (A-/NR) | ||||||||
225,000 | 5.000 | 05/01/28 | 285,336 | |||||
225,000 | 5.000 | 05/01/29 | 291,761 | |||||
400,000 | 5.000 | 05/01/30 | 527,185 | |||||
375,000 | 5.000 | 05/01/31 | 504,191 | |||||
325,000 | 4.000 | (a) | 05/01/32 | 395,718 | ||||
325,000 | 4.000 | (a) | 05/01/33 | 394,312 | ||||
300,000 | 4.000 | (a) | 05/01/34 | 362,692 | ||||
State Public School Building Authority Revenue Bonds (Refunding-Montgomery County Community College) (NR/A1)(a) | ||||||||
1,065,000 | 5.000 | 05/01/29 | 1,228,071 | |||||
Wayne County PA Hospital & Health Facilities Authority Revenue Bond (Memorial Hospital Project) Series A (CNTY-GTD) (A/NR) | ||||||||
550,000 | 4.000 | 07/01/25 | 626,053 | |||||
520,000 | 4.000 | 07/01/27 | 619,287 | |||||
400,000 | 5.000 | (a) | 07/01/28 | 494,894 | ||||
500,000 | 4.000 | (a) | 07/01/33 | 575,895 | ||||
Wilkes-Barre PA Finance Authority Revenue Bonds (Refunding-University of Scranton) Series A (A-/NR) | ||||||||
1,000,000 | 5.000 | 11/01/24 | 1,144,178 | |||||
2,205,000 | 4.000 | (a) | 11/01/29 | 2,482,924 | ||||
Wilson PA School District GO Bonds Series A (AA/NR) | ||||||||
650,000 | 4.000 | 05/15/26 | 757,250 | |||||
840,000 | 4.000 | (a) | 05/15/27 | 979,075 | ||||
York PA GO Bonds (Refunding) Series A (NR/NR) | ||||||||
640,000 | 5.000 | 11/15/26 | 757,688 | |||||
| ||||||||
54,178,474 | ||||||||
| ||||||||
Rhode Island(a) – 1.2% | ||||||||
Rhode Island State & Providence Plantations Lease Certificates of Participation (Eleanor Slater Hospital Project) Series B (AA-/Aa3) | ||||||||
1,600,000 | 5.000 | 11/01/30 | 2,068,651 | |||||
760,000 | 4.000 | 11/01/32 | 918,788 | |||||
980,000 | 4.000 | 11/01/33 | 1,181,443 | |||||
Rhode Island State & Providence Plantations Lease Certificates of Participation (Refunding) (School Deafening Project) Series D (AA-/Aa3) | ||||||||
1,000,000 | 5.000 | 04/01/29 | 1,241,512 | |||||
| ||||||||
5,410,394 | ||||||||
| ||||||||
South Carolina – 0.2% | ||||||||
Laurens County SC School District No. 055 Installment Purchase Revenue Bonds (Refunding) Series 2015 (A-/A2) | ||||||||
1,000,000 | 5.000 | 12/01/24 | 1,149,339 | |||||
| ||||||||
South Dakota – 1.1% | ||||||||
South Dakota Board of Regents Housing & Auxiliary Facilities System Series 2017 (NR/Aa3)(a) | ||||||||
2,000,000 | 5.000 | 04/01/30 | 2,497,713 | |||||
South Dakota Housing Development Authority Revenue Bonds (Home Ownership Mortgage) Series D (AAA/Aaa) | ||||||||
30,000 | 2.700 | 05/01/25 | 31,857 | |||||
|
THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
South Dakota – (continued) | ||||||||
South Dakota State Health & Educational Facilities Authority Revenue Bonds Series 2017 (NR/A1) | ||||||||
$ 750,000 | 5.000 | % | 09/01/23 | $ 823,798 | ||||
825,000 | 5.000 | 09/01/24 | 940,253 | |||||
605,000 | 5.000 | 09/01/25 | 713,998 | |||||
| ||||||||
5,007,619 | ||||||||
| ||||||||
Tennessee – 0.6% | ||||||||
Greeneville TN Health & Educational Facilities Board Hospital Revenue Bonds (Refunding-Ballad Health Obligated Group) Series A (A-/A3) | ||||||||
500,000 | 5.000 | 07/01/28 | 638,472 | |||||
600,000 | 5.000 | (a) | 07/01/29 | 763,263 | ||||
500,000 | 5.000 | (a) | 07/01/30 | 631,995 | ||||
Tennessee Housing Development Agency Revenue Bonds Homeownership Program Series 1C (Non-AMT) (GO of Agency) (AA+/Aa1)(a) | ||||||||
525,000 | 3.500 | 07/01/27 | 529,721 | |||||
Tennessee Housing Development Agency Revenue Bonds Residential Financing Program Series 1C (Non-AMT-Non ACE-Issue) (AA+/Aa1)(a) | ||||||||
225,000 | 4.050 | 01/01/38 | 237,637 | |||||
| ||||||||
2,801,088 | ||||||||
| ||||||||
Texas – 9.1% | ||||||||
Arlington Higher Education Finance Corp. Revenue Bonds (Harmony Public Schools) Series 2021 (PSF-GTD) (AAA/Aaa)(a)(d) | ||||||||
2,590,000 | 3.000 | 02/15/32 | 2,957,636 | |||||
Arlington TX Higher Education Finance Corp. Revenue Bonds (KIPP Texas, Inc.) Series 2018 (PSF-GTD) (AAA/NR)(a) | ||||||||
1,000,000 | 4.000 | 08/15/30 | 1,203,751 | |||||
1,000,000 | 4.000 | 08/15/31 | 1,199,284 | |||||
Arlington TX Higher Education Finance Corp. Revenue Bonds (Responsive Education Solutions) Series A (PSF-GTD) (AAA/NR) | ||||||||
725,000 | 5.000 | 08/15/25 | 858,186 | |||||
Arlington TX Higher Education Finance Corp. Revenue Bonds (Uplift Education) Series B (PSF-GTD) (AAA/NR)(a) | ||||||||
540,000 | 4.000 | 12/01/30 | 629,117 | |||||
485,000 | 4.000 | 12/01/32 | 563,994 | |||||
Arlington TX Higher Education Finance Corp. Revenue Bonds Series A (PSF-GTD) (AAA/NR)(a) | ||||||||
1,075,000 | 3.000 | 08/15/33 | 1,246,686 | |||||
1,000,000 | 4.000 | 08/15/34 | 1,266,219 | |||||
1,000,000 | 4.000 | 08/15/35 | 1,260,623 | |||||
Celina TX GO Bonds (Certificates of Obligation) (Waterworks & Sewer System) Series 2015 (AA/Aa3)(a) | ||||||||
930,000 | 5.000 | 09/01/27 | 1,102,103 | |||||
980,000 | 5.000 | 09/01/28 | 1,159,173 | |||||
City of Bryan TX Electric System Revenue Bonds (Refunding) Series 2021 (A+/NR)(a) | ||||||||
960,000 | 4.000 | 07/01/31 | 1,105,752 | |||||
City of Dallas TX GO Bonds (Refunding & Improvement) Series 2017 (AA-/NR) | ||||||||
2,000,000 | 5.000 | 02/15/26 | 2,409,111 | |||||
City of Houston TX Airport System Revenue Bonds Series 2021 (NR/A1) | ||||||||
1,000,000 | 5.000 | 07/01/29 | 1,305,621 | |||||
900,000 | 5.000 | 07/01/30 | 1,194,250 | |||||
1,200,000 | 5.000 | 07/01/31 | 1,618,733 | |||||
1,000,000 | 5.000 | (a) | 07/01/32 | 1,339,911 | ||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Texas – (continued) | ||||||||
Clifton TX Higher Education Finance Corp. Revenue Bond (Refunding-Idea Public Schools) Series 2017 (PSF-GTD) (AAA/NR)(a) | ||||||||
$2,500,000 | 4.000 | % | 08/15/28 | $ 2,985,318 | ||||
El Paso County TX Community College District Revenue Bonds Series 2016 (AGM) (AA/NR)(a) | ||||||||
2,000,000 | 4.000 | 04/01/31 | 2,289,168 | |||||
EL Paso TX GO Bonds Series 2016 (AA/NR)(a) | ||||||||
5,000,000 | 5.000 | 08/15/28 | 6,144,591 | |||||
Forney Independent School District GO Bonds Series A (AAA/NR)(a) | ||||||||
1,950,000 | 3.000 | 02/15/46 | 2,150,764 | |||||
Katy TX Independent School District GO Bonds (Refunding) Series A (PSF-GTD) (AAA/Aaa) | ||||||||
300,000 | 5.000 | 02/15/25 | 349,600 | |||||
Kyle TX GO Bonds (Refunding) Series 2015 (AA-/NR)(a) | ||||||||
1,000,000 | 4.000 | 08/15/26 | 1,128,324 | |||||
McGregor TX Independent School District GO Bonds (Capital Appreciation) Series 2001 (PSF-GTD) (AAA/NR)(f) | ||||||||
1,000,000 | 0.000 | 02/15/25 | 903,894 | |||||
Round Rock Transportation & Economic Development Corp. (Taxable) Series 2021 BAM (AA/NR) | ||||||||
910,000 | 1.250 | 08/15/26 | 921,199 | |||||
Wichita Falls TX GO Bonds Series A (AA/Aa2)(a) | ||||||||
880,000 | 4.000 | 09/01/31 | 1,047,037 | |||||
870,000 | 4.000 | 09/01/32 | 1,033,396 | |||||
| ||||||||
41,373,441 | ||||||||
| ||||||||
Utah – 0.4% | ||||||||
Salt Lake City UT Airport Revenue Bonds Series A (A/A2) | ||||||||
1,000,000 | 5.000 | 07/01/26 | 1,215,979 | |||||
Salt Lake City UT Airport Revenue Bonds Series B (A/A2)(a) | ||||||||
500,000 | 5.000 | 07/01/34 | 615,661 | |||||
| ||||||||
1,831,640 | ||||||||
| ||||||||
Vermont – 0.9% | ||||||||
Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (A/NR) | ||||||||
300,000 | 5.000 | 06/15/24 | 336,379 | |||||
400,000 | 5.000 | 06/15/25 | 462,569 | |||||
400,000 | 5.000 | 06/15/26 | 475,113 | |||||
780,000 | 5.000 | 06/15/27 | 948,272 | |||||
Vermont Student Assistance Corp Revenue Bonds Series 2021 (A/NR) | ||||||||
400,000 | 5.000 | 06/15/29 | 499,089 | |||||
455,000 | 5.000 | 06/15/30 | 574,760 | |||||
475,000 | 5.000 | 06/15/31 | 607,207 | |||||
| ||||||||
3,903,389 | ||||||||
| ||||||||
Washington(a) – 1.1% | ||||||||
Chelan County Public Utility District No 1 Revenue Bonds (Variable Refunding) Series B (AA+/Aa3)(b)(c) | ||||||||
1,505,000 | 0.020 | 07/01/32 | 1,505,000 | |||||
Port of Seattle WA Special Facilities Revenue Bonds (Refunding) Series 2013 (A-/A1) | ||||||||
900,000 | 3.600 | 06/01/26 | 945,140 | |||||
Washington State GO Bonds (Built America) Series D (AA+/Aaa) | ||||||||
1,485,000 | 4.586 | 08/01/21 | 1,485,000 | |||||
|
THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Washington(a) – (continued) | ||||||||
Washington State Health Care Facilities Authority Revenue Bonds (Multicare Health System) Series A (AA-/Aa3) | ||||||||
$ 495,000 | 5.000 | % | 08/15/27 | $ 585,497 | ||||
Washington State Health Care Facilities Authority Revenue Bonds (Refunding-Providence St. Joseph Health) Series B (AA-/Aa3) | ||||||||
150,000 | 5.000 | 10/01/30 | 192,305 | |||||
Washington State Housing Finance Commission Revenue Bonds (Refunding-Non-AMT-Single Family Program) Series 1N (NR/Aaa) | ||||||||
350,000 | 3.450 | 12/01/30 | 369,313 | |||||
| ||||||||
5,082,255 | ||||||||
| ||||||||
West Virginia(a) – 0.6% | ||||||||
West Virginia State Higher Education Policy Commission Revenue Bonds (Refunding Community & Technical College Capital Improvement) Series 2017 (AAA/A1) | ||||||||
2,065,000 | 5.000 | 07/01/30 | 2,550,989 | |||||
| ||||||||
Wisconsin(a) – 0.8% | ||||||||
Luxemburg-Casco WI School District Brown & Kewaunee Counties GO Notes (Refunding) Series 2018 (AA-/NR) | ||||||||
520,000 | 4.000 | 03/01/30 | 609,133 | |||||
765,000 | 4.000 | 03/01/31 | 889,822 | |||||
540,000 | 4.000 | 03/01/32 | 625,610 | |||||
Wisconsin Public Finance Authority Revenue Bonds (Taxable Refunding Hawai Pacific Health Obligated Group) Series A (NR/A1) | ||||||||
1,170,000 | 4.082 | 07/01/29 | 1,349,448 | |||||
| ||||||||
3,474,013 | ||||||||
| ||||||||
TOTAL MUNICIPAL BOND OBLIGATIONS (Cost $419,380,233) | $445,048,700 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Corporate Obligations(a) – 1.2% | ||||||||
Healthcare-Services – 1.2% | ||||||||
Sutter Health (A/A1) | ||||||||
4,700,000 | 3.695 | % | 08/15/28 | $ 5,293,658 | ||||
| ||||||||
TOTAL CORPORATE OBLIGATIONS (Cost $5,055,038) | $ 5,293,658 | |||||||
| ||||||||
Investment Company – 2.1% | ||||||||
State Street Institutional US Government Money Market Fund - Premier Class (NR/NR) | ||||||||
9,827,294 | 0.025 | % | $ 9,827,294 | |||||
(Cost $9,827,294) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 100.9% (Cost $434,262,565) | $460,169,652 | |||||||
| ||||||||
LIABILITIES IN EXCESS OF | (3,965,125) | |||||||
| ||||||||
NET ASSETS – 100.0% | $456,204,527 | |||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Security with “Call” features with resetting interest rates. | |
(b) | Variable rate security. The interest rate shown reflects the rate as of July 31, 2021. | |
(c) | Rate shown is that which is in effect on July 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. | |
(d) | All or portion represents a forward commitment. | |
(e) | Prerefunded security. Maturity date disclosed is prerefunding date. | |
(f) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
(g) | 144A securities are those that are exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers. | |
Security ratings disclosed, if any, are issued by Standard & Poor’s Ratings Services/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information. |
| ||
Investment Abbreviations: | ||
AGM | — Insured by Assured Guaranty Municipal Corp. | |
AMBAC | — Insured by American Municipal Bond Assurance Corp. | |
AMT | — Alternative Minimum Tax | |
COPS | — Certificates of Participation | |
FHLMC | — Federal Home Loan Mortgage Corp. | |
FNMA | — Federal National Mortgage Association | |
GNMA | — Government National Mortgage Association | |
GO | — General Obligation | |
NR | — Not Rated | |
PSF-GTD | — Guaranteed by Permanent School Fund | |
Q-SBLF | — Qualified School Bond Loan Fund | |
|
THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – 99.3% | ||||||||
California(a) – 1.7% | ||||||||
Burbank CA Unified School District GO Bonds Capital Appreciation Election of 1997 Series C (NPFG) (A+/Baa2) | ||||||||
$2,000,000 | 0.000 | % | 07/01/27 | $ 1,864,852 | ||||
Manteca CA Unified School District GO Bonds Capital Appreciation Election 2004 Series 2006 (NPFG) (NR/Aa2) | ||||||||
3,180,000 | 0.000 | 08/01/28 | 2,899,823 | |||||
Washington CA Unified School District GO Bonds Capital Appreciation Election of 2004 (Yolo County) Series A (NPFG) (A+/Baa2) | ||||||||
2,400,000 | 0.000 | 08/01/29 | 2,150,881 | |||||
| ||||||||
6,915,556 | ||||||||
| ||||||||
Florida(b) – 0.6% | ||||||||
Orange County FL Tourist Development Tax Revenue Bonds Series A (AA-/Aa2) | ||||||||
2,000,000 | 4.000 | 10/01/33 | 2,317,160 | |||||
| ||||||||
Illinois(b) – 3.2% | ||||||||
Illinois Finance Authority Revenue Bonds (OSF Healthcare System) Series 2016 (A/A3) | ||||||||
2,500,000 | 3.250 | 05/15/39 | 2,705,451 | |||||
Illinois Housing Development Authority Revenue Bonds (Refunding Homeowner Mortgage) Series C (AA/Aa2) | ||||||||
3,000,000 | 2.900 | 08/01/31 | 3,187,097 | |||||
Kendall Kane & Will Counties IL Community Unit School District No. 308 Series 2014 (NR/A2) | ||||||||
2,000,000 | 4.125 | 02/01/30 | 2,151,623 | |||||
Village of Westchester IL County GO Bonds Series 2021 (AA/A2) | ||||||||
1,980,000 | 4.000 | 12/01/40 | 2,313,835 | |||||
Woodford Lasalle Livingston Etc. Counties IL Community Unit School District GO Bonds Series A (AA/NR) | ||||||||
500,000 | 4.000 | 12/01/34 | 592,988 | |||||
500,000 | 4.000 | 12/01/35 | 591,868 | |||||
500,000 | 4.000 | 12/01/36 | 590,853 | |||||
515,000 | 4.000 | 12/01/37 | 606,927 | |||||
| ||||||||
12,740,642 | ||||||||
| ||||||||
Indiana – 1.1% | ||||||||
Carmel IN Local Public Improvement Bond Bank Revenue Bonds Series B-1 (AA/NR)(b) | ||||||||
2,000,000 | 4.000 | 01/15/35 | 2,361,241 | |||||
Shelbyville Redevelopment Authority Revenue Bonds Series 2021 (A+/NR) | ||||||||
505,000 | 3.000 | 08/01/27 | 561,279 | |||||
860,000 | 3.000 | 08/01/28 | 961,040 | |||||
500,000 | 3.000 | (b) | 08/01/33 | 550,534 | ||||
| ||||||||
4,434,094 | ||||||||
| ||||||||
Kansas(b) – 0.4% | ||||||||
Dickinson County KS Public Building Commission Revenue Bonds Series 2018 (AA-/NR) | ||||||||
1,280,000 | 5.000 | 08/01/44 | 1,594,003 | |||||
| ||||||||
Maine(b) – 1.3% | ||||||||
Maine Governmental Facilities Authority Revenue Bonds Series A (AA-/Aa3) | ||||||||
2,640,000 | 4.000 | 10/01/33 | 3,145,241 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Maine(b) – (continued) | ||||||||
Maine Municipal Bond Bank Revenue Bonds Series A (AA+/Aa2) | ||||||||
$1,700,000 | 3.000 | % | 11/01/35 | $ 1,962,541 | ||||
| ||||||||
5,107,782 | ||||||||
| ||||||||
Michigan(b) – 1.3% | ||||||||
Michigan State Housing Development Authority Revenue Bonds (Non-ACE) Series B (AA+/Aa2) | ||||||||
1,705,000 | 2.950 | 12/01/28 | 1,857,560 | |||||
Michigan State Housing Development Authority Revenue Bonds (Non-AMT) (Non-ACE) Series B (AA+/Aa2) | ||||||||
2,920,000 | 2.550 | 06/01/27 | 3,141,646 | |||||
| ||||||||
4,999,206 | ||||||||
| ||||||||
Missouri – 87.5% | ||||||||
Arnold MO Certificates of Participation (Refunding) Series 2019 (A+/NR)(b) | ||||||||
760,000 | 4.000 | 08/15/28 | 898,662 | |||||
645,000 | 4.000 | 08/15/29 | 757,612 | |||||
825,000 | 4.000 | 08/15/30 | 962,010 | |||||
555,000 | 4.000 | 08/15/31 | 645,081 | |||||
Bi-State Development Agency MO Metro District Revenue Bonds (Refunding-Combined Lien) Series A (NR/Aa2)(b)(c) | ||||||||
1,000,000 | 5.000 | 10/01/22 | 1,057,330 | |||||
Boone County MO R-1 Reorganized School District GO Bonds (Direct Deposit Program) Series R (AA+/NR)(b) | ||||||||
1,150,000 | 4.000 | 03/01/39 | 1,438,141 | |||||
1,000,000 | 4.000 | 03/01/40 | 1,248,938 | |||||
750,000 | 4.000 | 03/01/41 | 934,095 | |||||
Branson MO Reorganized School District No. R-4 GO Bonds Series 2012 (A+/NR)(b) | ||||||||
2,000,000 | 4.000 | 03/01/27 | 2,043,945 | |||||
Brentwood MO Certificates of Participation Series 2018 (AA-/NR)(b) | ||||||||
2,070,000 | 4.000 | 10/01/33 | 2,328,385 | |||||
1,655,000 | 4.000 | 10/01/34 | 1,858,850 | |||||
Cape Girardeau County MO Industrial Development Authority Revenue Bonds (St. Francis Medical Center) Series A (A+/NR)(b) | ||||||||
750,000 | 5.000 | 06/01/26 | 780,079 | |||||
Cape Girardeau County MO Reorganized School District No. R-2 GO Bonds (Kearney Direct Deposit Program) Series 2018 (AA+/NR)(b) | ||||||||
900,000 | 4.000 | 03/01/31 | 1,081,227 | |||||
750,000 | 4.000 | 03/01/37 | 886,459 | |||||
Chesterfield MO Certificates of Participation (AMBAC) (NR/Aa1) | ||||||||
600,000 | 5.000 | 02/15/22 | 615,596 | |||||
City of Brentwood MO Certificates of Participation Series 2019 (AA-/NR)(b) | ||||||||
1,415,000 | 4.000 | 10/01/36 | 1,606,438 | |||||
1,735,000 | 4.000 | 10/01/38 | 1,950,894 | |||||
City of Columbia MO Water & Electric System Revenue Bonds (Refunding) Series B (A+/NR) | ||||||||
3,015,000 | 5.000 | 10/01/27 | 3,821,273 | |||||
1,850,000 | 4.000 | (b) | 10/01/30 | 2,192,824 | ||||
City of Florissant MO Certificates of Participation (Refunding) Series 2021 (NR/Aa3)(b) | ||||||||
505,000 | 3.000 | 10/01/30 | 570,386 | |||||
520,000 | 3.000 | 10/01/31 | 583,608 | |||||
550,000 | 3.000 | 10/01/33 | 611,686 | |||||
570,000 | 3.000 | 10/01/34 | 631,209 | |||||
City of Jennings MO Certificates of Participation Series 2021 (A-/NR)(b) | ||||||||
1,095,000 | 4.000 | 03/01/31 | 1,258,729 | |||||
1,230,000 | 4.000 | 03/01/34 | 1,398,751 | |||||
750,000 | 4.000 | 03/01/37 | 844,837 | |||||
|
THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Missouri – (continued) | ||||||||
City of Jennings MO Certificates of Participation Series 2021 (A-/NR)(b) (continued) | ||||||||
$ 530,000 | 4.000 | % | 03/01/40 | $ 593,647 | ||||
City of Kansas City MO Special Obligation Revenue Bonds Series 2021 (AA-/A2)(b) | ||||||||
1,000,000 | 5.000 | 04/01/35 | 1,317,653 | |||||
760,000 | 5.000 | 04/01/36 | 997,987 | |||||
1,435,000 | 5.000 | 04/01/37 | 1,878,690 | |||||
Clay County MO Public School District No. 53 Liberty GO Bonds (Refunding) Series 2016 (AA/NR)(b) | ||||||||
1,000,000 | 4.000 | 03/01/34 | 1,144,023 | |||||
1,000,000 | 4.000 | 03/01/35 | 1,140,630 | |||||
1,000,000 | 4.000 | 03/01/36 | 1,136,066 | |||||
Clay County MO Public School District No. 53 Liberty GO Bonds Series 2018 (AA/NR)(b) | ||||||||
1,000,000 | 4.000 | 03/01/33 | 1,146,115 | |||||
1,000,000 | 4.000 | 03/01/34 | 1,144,023 | |||||
Clay County MO Public School District No. R-II GO Bonds (Refunding) Series A (AA+/NR)(b) | ||||||||
1,735,000 | 4.000 | 03/01/30 | 2,047,954 | |||||
Clay Jackson & Platte County MO Consolidated Public Library District No. 3 Certificates of Participation Series 2018 (NR/Aa3) | ||||||||
3,125,000 | 5.000 | 03/01/23 | 3,361,884 | |||||
Columbia MO Water & Electric Revenue Bonds (Refunding & Improvement System) Series 2015 (A+/NR)(b) | ||||||||
500,000 | 4.000 | 10/01/42 | 533,025 | |||||
County of Cass MO GO Bonds (Refunding) Series A (AA/NR) | ||||||||
515,000 | 5.000 | 09/01/24 | 587,456 | |||||
505,000 | 5.000 | 09/01/25 | 595,757 | |||||
County of Cole MO Reorganized School District No. 2 GO Series 2019 (AA+/NR)(b) | ||||||||
3,370,000 | 5.000 | 03/01/36 | 3,884,099 | |||||
County of Franklin MO Certificates of Participation (Refunding) Series B (A+/NR) | ||||||||
1,075,000 | 4.000 | 04/01/27 | 1,263,728 | |||||
1,100,000 | 4.000 | (b) | 04/01/28 | 1,288,841 | ||||
County of Greene MO Certificate of Participation Series 2018 (NR/Aa3)(b) | ||||||||
1,000,000 | 4.000 | 09/01/31 | 1,195,091 | |||||
County of St Charles MO Special Obligation Revenue Bonds (Refunding) Series 2020 (AA/NR) | ||||||||
1,485,000 | 3.000 | 10/01/25 | 1,637,228 | |||||
1,240,000 | 3.000 | 10/01/26 | 1,386,647 | |||||
Duckett Creek MO Sewer District Revenue Bonds (Refunding-System) Series 2015 (NR/Aa3) | ||||||||
1,300,000 | 5.000 | 12/01/24 | 1,495,072 | |||||
1,215,000 | 5.000 | 12/01/25 | 1,445,614 | |||||
Fenton MO Fire Protection District GO Bonds Series 2019 (AA+/NR)(b) | ||||||||
1,150,000 | 4.000 | 03/01/32 | 1,345,230 | |||||
1,200,000 | 4.000 | 03/01/33 | 1,400,697 | |||||
625,000 | 4.000 | 03/01/34 | 727,935 | |||||
Festus MO School District No. R-VI Lease Certificates of Participation (School District Project) Series 2019 (A+/NR) | ||||||||
700,000 | 5.000 | 04/01/28 | 880,294 | |||||
830,000 | 5.000 | (b) | 04/01/30 | 1,068,884 | ||||
905,000 | 5.000 | (b) | 04/01/31 | 1,158,178 | ||||
Great Rivers Greenway Metropolitan Park & Recreation District (Gateway Arch Project) Series 2014 (A+/A1)(b) | ||||||||
1,000,000 | 5.000 | 12/30/26 | 1,113,113 | |||||
Great Rivers Greenway Metropolitan Park & Recreation District (Gateway Arch Project) Series A (A+/NR)(b) | ||||||||
715,000 | 4.000 | 12/30/32 | 892,913 | |||||
1,780,000 | 3.000 | 12/30/33 | 2,012,007 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Missouri – (continued) | ||||||||
Greene County MO Certificates of Participation Series 2018 (NR/Aa3)(b) | ||||||||
$1,130,000 | 5.000 | % | 09/01/36 | $ 1,417,474 | ||||
1,000,000 | 5.000 | 09/01/37 | 1,251,504 | |||||
Greene County MO GO Bonds Limited-Jamestown NID Project Series B (NR/Aa2)(b)(c) | ||||||||
4,280,000 | 5.000 | 04/01/22 | 4,420,311 | |||||
Greene County MO Reorganized School District No. R-2 GO Bonds Series 2018 (Liberty School Building Direct Deposit Program) (AA+/NR)(b) | ||||||||
875,000 | 5.000 | 03/01/38 | 1,068,509 | |||||
Greene County MO Reorganized School District No. R-3 GO Bonds Series B (Direct Deposit Program) (AA+/NR)(b) | ||||||||
905,000 | 4.000 | 03/01/30 | 1,068,241 | |||||
985,000 | 4.000 | 03/01/32 | 1,158,090 | |||||
Greenwood MO GO Build America Bonds Taxable Series B (AA-/NR)(b) | ||||||||
350,000 | 5.625 | 03/01/25 | 351,178 | |||||
Hannibal MO Industrial Development Authority Revenue Bonds (Hannibal Regional Hospital Healthcare System, Inc.) Series 2017 (BBB+/NR)(b) | ||||||||
3,225,000 | 5.000 | 10/01/37 | 3,918,027 | |||||
Hazelwood MO School District GO Bonds (Direct Deposit Program) (Refunding) Series A (AA+/NR)(b) | ||||||||
2,000,000 | 4.000 | 03/01/28 | 2,321,889 | |||||
Independence MO School District (Refunding) (Direct Deposit Program) Series 2016 (AA+/NR)(b) | ||||||||
1,500,000 | 4.000 | 03/01/30 | 1,726,485 | |||||
Independence MO School District GO Bonds (Direct Deposit Program) Series 2021 (AA+/NR)(b) | ||||||||
1,500,000 | 3.250 | 03/01/38 | 1,742,692 | |||||
Independence MO School District Lease Certificates of Participation (Refunding) Series 2016 (A+/NR) | ||||||||
600,000 | 3.000 | 04/01/22 | 610,921 | |||||
875,000 | 3.000 | 04/01/23 | 914,750 | |||||
500,000 | 3.000 | 04/01/24 | 534,200 | |||||
960,000 | 3.000 | (b) | 04/01/26 | 1,022,808 | ||||
Jackson County MO Reorganized School District No. 7 Certificates of Participation Series 2016 (AA/NR) | ||||||||
500,000 | 4.000 | 05/01/24 | 547,940 | |||||
900,000 | 4.000 | 05/01/25 | 1,013,705 | |||||
700,000 | 4.000 | (b) | 05/01/27 | 810,839 | ||||
630,000 | 4.000 | (b) | 05/01/29 | 724,064 | ||||
675,000 | 4.000 | (b) | 05/01/30 | 775,535 | ||||
Jackson County MO Reorganized School District No. 7 GO Bonds (Refunding) (AA+/NR)(b) | ||||||||
840,000 | 4.000 | 03/01/28 | 997,225 | |||||
580,000 | 4.000 | 03/01/30 | 681,146 | |||||
Jackson County MO Reorganized School District No.4 Blue Springs GO Bonds (Direct Deposit Program) Series A (AA+/NR)(b) | ||||||||
1,000,000 | 5.500 | 03/01/35 | 1,329,289 | |||||
1,000,000 | 5.500 | 03/01/36 | 1,327,173 | |||||
Jackson County MO Revenue Bonds (Refunding) Series 2014 (NR/Aa3) | ||||||||
550,000 | 5.000 | 12/01/23 | 602,657 | |||||
Jackson County MO School District Hickman Mills C-1 Certificates of Participation (Energy Conservation Project) Series 2015 (BBB+/NR)(b) | ||||||||
475,000 | 3.000 | 04/15/28 | 488,061 | |||||
575,000 | 3.250 | 04/15/30 | 590,878 | |||||
550,000 | 3.300 | 04/15/31 | 564,834 | |||||
700,000 | 3.375 | 04/15/32 | 719,392 | |||||
|
THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Missouri – (continued) | ||||||||
Jackson County MO School District Hickman Mills C-1 GO Bonds (Refunding) Series 2020 (AA+/NR) | ||||||||
$ 550,000 | 4.000 | % | 03/01/22 | $ 562,604 | ||||
525,000 | 4.000 | 03/01/23 | 557,735 | |||||
480,000 | 4.000 | 03/01/24 | 524,186 | |||||
100,000 | 3.000 | 03/01/27 | 112,497 | |||||
200,000 | 4.000 | (b) | 03/01/30 | 239,128 | ||||
165,000 | 4.000 | (b) | 03/01/31 | 197,176 | ||||
180,000 | 4.000 | (b) | 03/01/32 | 214,612 | ||||
200,000 | 4.000 | (b) | 03/01/33 | 238,002 | ||||
Jackson County MO School District No. 58 GO Bonds Series B (NR/A1) | ||||||||
2,020,000 | 4.000 | 03/01/26 | 2,350,333 | |||||
1,365,000 | 4.000 | (b) | 03/01/28 | 1,620,490 | ||||
Jackson County MO Special Obligation Revenue Bonds (Refunding-Truman Sports Complex Project) Series 2014 (NR/Aa3)(b) | ||||||||
1,000,000 | 5.000 | 12/01/25 | 1,157,490 | |||||
Jackson County MO Special Obligation Revenue Bonds (Right of Way Project) (NR/Aa3)(b) | ||||||||
1,345,000 | 4.000 | 12/01/26 | 1,556,719 | |||||
1,455,000 | 4.000 | 12/01/28 | 1,675,413 | |||||
Jackson County MO Special Obligation Revenue Bonds (Truman Medical Center Projects) (NR/Aa2)(b) | ||||||||
595,000 | 4.250 | 12/01/23 | 626,219 | |||||
Jackson County MO Special Obligation Revenue Bonds (Truman Medical Control Project) Series B (NR/Aa2)(b) | ||||||||
500,000 | 4.350 | 12/01/23 | 506,438 | |||||
820,000 | 4.500 | 12/01/24 | 830,577 | |||||
Jasper County MO Reorganized School District No. R-9 Carthage GO Bonds (Refunding) Series B (AA+/NR)(b) | ||||||||
675,000 | 4.000 | 03/01/31 | 829,264 | |||||
1,575,000 | 4.000 | 03/01/32 | 1,918,369 | |||||
Jefferson City MO School District Certificate of Participation Series 2021 (A+/NR)(b) | ||||||||
1,220,000 | 4.000 | 04/01/35 | 1,425,307 | |||||
Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2017 (AA+/NR)(b) | ||||||||
15,000 | 4.000 | 03/01/30 | 17,272 | |||||
Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2018 (AA+/NR)(b) | ||||||||
1,525,000 | 4.000 | 03/01/29 | 1,801,769 | |||||
Jefferson County School District No R-VI Festus Certificate of Participation (Refunding)Series 2021 (A+/NR)(b) | ||||||||
585,000 | 3.000 | 04/01/29 | 656,701 | |||||
605,000 | 3.000 | 04/01/30 | 672,654 | |||||
420,000 | 3.000 | 04/01/31 | 462,584 | |||||
460,000 | 3.000 | 04/01/33 | 503,050 | |||||
Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Refunding-Freeman Health System Project) Series 2014 (A/NR)(b) | ||||||||
1,895,000 | 5.000 | 02/15/27 | 2,084,971 | |||||
Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Taxable-Refunding-Freeman Health System Project) Series B (A/NR) | ||||||||
480,000 | 2.200 | 02/15/23 | 488,754 | |||||
450,000 | 2.318 | 02/15/24 | 462,751 | |||||
500,000 | 2.378 | 02/15/25 | 516,576 | |||||
1,020,000 | 2.558 | 02/15/26 | 1,065,523 | |||||
815,000 | 2.844 | 02/15/28 | 859,190 | |||||
825,000 | 2.894 | 02/15/29 | 867,246 | |||||
Joplin MO Schools GO Buildings–Series 2020 (AA+/NR)(b) | ||||||||
3,285,000 | 3.000 | 03/01/35 | 3,607,576 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Missouri – (continued) | ||||||||
Kansas City MO GO Bonds (Refunding & Improvement) Series A (AA/Aa3)(b) | ||||||||
$5,425,000 | 4.500 | % | 02/01/24 | $ 5,541,042 | ||||
Kansas City MO Industrial Development Authority Apartments Special Obligation Revenue Bonds(Kansas City International Apartments Terminal Modified Project) Series B (A-/A2) | ||||||||
2,540,000 | 5.000 | 03/01/28 | 3,217,693 | |||||
1,370,000 | 5.000 | 03/01/29 | 1,776,055 | |||||
Kansas City MO Industrial Development Authority Revenue Bonds (Refunding & Downtown Redevelopment District) Series A (AA-/A2)(b) | ||||||||
2,130,000 | 5.500 | 09/01/29 | 2,138,700 | |||||
Kansas City MO Sanitary Sewer System Revenue Bonds (Refunding) Series A (AA/Aa2)(b) | ||||||||
1,895,000 | 4.000 | 01/01/33 | 2,114,948 | |||||
Kansas City MO Special Obligation Revenue Bonds (Downtown Streetcar Project) Series A (AA-/A2)(b) | ||||||||
760,000 | 5.000 | 09/01/31 | 762,650 | |||||
Kansas City MO Special Obligation Revenue Bonds (Refunding) Series C (AA-/A2) | ||||||||
1,000,000 | 5.000 | 09/01/27 | 1,261,124 | |||||
1,000,000 | 5.000 | (b) | 09/01/31 | 1,247,686 | ||||
Liberty MO Public School District No. 53 Lease Participation Certificates (Refunding) (School Board Association) Series 2016 (AA-/NR)(b) | ||||||||
1,040,000 | 3.000 | 04/01/27 | 1,103,807 | |||||
Maplewood Richmond Heights Mosch District GO Bonds (Refunding) Series 2019 (AA-/NR)(b) | ||||||||
940,000 | 4.000 | 03/01/28 | 1,105,768 | |||||
1,055,000 | 4.000 | 03/01/29 | 1,236,369 | |||||
500,000 | 4.000 | 03/01/30 | 582,441 | |||||
Maplewood-Richmond Heights MO School District GO Bonds (Refunding) Series A (AA-/NR)(b) | ||||||||
1,000,000 | 3.000 | 03/01/40 | 1,075,542 | |||||
Metropolitan St. Louis MO Sewer District Wastewater System Revenue Bonds (Taxable-Refunding) Series C (AAA/NR)(b) | ||||||||
3,000,000 | 2.514 | 05/01/28 | 3,249,871 | |||||
Metropolitan St. Louis MO Sewer District Wastewater System Revenue Bonds Series A (AAA/Aa1)(b)(c) | ||||||||
485,000 | 5.000 | 05/01/22 | 502,904 | |||||
Missouri Development Finance Board Annual Appropriation Revenue Bonds (Fulton State Hospital Project) Series 2014 (AA+/Aa1) | ||||||||
1,000,000 | 5.000 | 10/01/22 | 1,056,848 | |||||
Missouri Joint Municipal Electric Utility Commission Power Project Revenue Bonds (Refunding) Series 2014 (A-/A3) | ||||||||
640,000 | 5.000 | 01/01/25 | 737,753 | |||||
Missouri Joint Municipal Electric Utility Commission Power Project Revenue Bonds (Refunding-Iatan 2 Project) Series A (NR/A2)(b) | ||||||||
3,115,000 | 5.000 | 01/01/31 | 3,467,562 | |||||
Missouri School Board Association Lease Certificates of Participation for Liberty Public School District No. 53 (AA-/NR)(b) | ||||||||
400,000 | 4.000 | 04/01/28 | 409,593 | |||||
425,000 | 5.000 | 04/01/31 | 438,351 | |||||
475,000 | 5.000 | 04/01/32 | 489,931 | |||||
500,000 | 5.000 | 04/01/33 | 515,708 | |||||
500,000 | 5.000 | 04/01/34 | 515,664 | |||||
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series A (AA+/Aa1)(b) | ||||||||
1,015,000 | 4.000 | 04/01/26 | 1,115,574 | |||||
635,000 | 2.000 | 04/01/27 | 664,084 | |||||
|
THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Missouri – (continued) | ||||||||
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series B (AA+/Aa1)(b) | ||||||||
$ 800,000 | 4.000 | % | 04/01/28 | $ 877,182 | ||||
Missouri State Environmental Improvement & Energy Resources Authority Revenue Bonds (Tri-County Water Authority Project) (NR/Aa3)(b) | ||||||||
595,000 | 5.000 | 01/01/30 | 686,547 | |||||
775,000 | 5.000 | 01/01/31 | 893,769 | |||||
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (A.T. Still University of Health Sciences) Series 2011 (A-/NR) | ||||||||
400,000 | 3.500 | 10/01/21 | 402,223 | |||||
1,850,000 | 5.250 | (b)(c) | 10/01/21 | 1,865,556 | ||||
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Kansas City University of Medicine And Biosciences) Series A (NR/A1)(b) | ||||||||
1,440,000 | 4.500 | 06/01/28 | 1,550,331 | |||||
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding- Southeast MO State University) Series 2019 (A/NR) | ||||||||
600,000 | 5.000 | 10/01/25 | 706,779 | |||||
640,000 | 5.000 | 10/01/26 | 776,894 | |||||
2,030,000 | 5.000 | 10/01/27 | 2,531,065 | |||||
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding-Kansas City Art Institute) Series 2018 (A-/NR)(b) | ||||||||
670,000 | 5.000 | 09/01/33 | 837,666 | |||||
800,000 | 5.000 | 09/01/38 | 994,456 | |||||
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (University of Central Missouri) Series C (A+/NR)(b) | ||||||||
2,400,000 | 5.000 | 10/01/26 | 2,644,704 | |||||
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-Cox Health) Series A (NR/A2)(b) | ||||||||
2,500,000 | 5.000 | 11/15/35 | 2,862,688 | |||||
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-St. Luke’s Episcopal-Presbyterian Hospitals) Series B (A/NR)(b) | ||||||||
1,000,000 | 5.000 | 12/01/33 | 1,128,022 | |||||
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (St. Lukes Episcopal) Series 2011 (NR/NR)(b)(c) | ||||||||
2,270,000 | 5.000 | 12/01/21 | 2,305,831 | |||||
Missouri State Health & Educational Facilities Authority Health Facllities Revenue Bonds (Refunding-St. Luke’s Episcopal-Presbyterian Hospitals) Series B (A/NR)(b) | ||||||||
1,375,000 | 5.000 | 12/01/31 | 1,551,031 | |||||
Missouri State Health & Educational Facilities Authority Revenue Bonds (Kansas City University of Medicine & Biosciences) Series A (NR/A1)(b) | ||||||||
950,000 | 5.000 | 06/01/34 | 1,173,023 | |||||
1,100,000 | 5.000 | 06/01/37 | 1,351,087 | |||||
Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding-Children’s Mercy Hospital) Series 2016 (A+/NR)(b) | ||||||||
1,250,000 | 4.000 | 05/15/33 | 1,407,477 | |||||
Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding-The Children’s Mercy Hospital) Series 2016 (A+/NR)(b) | ||||||||
1,250,000 | 4.000 | 05/15/39 | 1,403,262 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Missouri – (continued) | ||||||||
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series B (GNMA/FNMA/FHLMC) (AA+/NR)(b) | ||||||||
$ 490,000 | 2.400 | % | 11/01/30 | $ 518,221 | ||||
470,000 | 2.500 | 05/01/31 | 502,604 | |||||
490,000 | 2.550 | 11/01/31 | 524,794 | |||||
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series B-2 (GNMA/FNMA/FHLMC) (AA+/NR)(b) | ||||||||
495,000 | 3.550 | 11/01/30 | 516,523 | |||||
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series D (GNMA/FNMA/FHLMC) (AA+/NR) | ||||||||
410,000 | 2.000 | 11/01/21 | 411,556 | |||||
370,000 | 3.050 | (b) | 11/01/28 | 405,055 | ||||
325,000 | 3.150 | (b) | 11/01/29 | 354,555 | ||||
370,000 | 3.250 | (b) | 11/01/30 | 403,669 | ||||
Missouri State of Health & Educational Facilities Authority Revenue Bonds (Refunding) Series A (NR/A2)(b) | ||||||||
3,750,000 | 5.000 | 11/15/32 | 4,317,613 | |||||
Missouri State University Auxiliary Enterprise System Revenue Bonds (Refunding) Series A (A+/A2)(b)(c) | ||||||||
2,835,000 | 4.000 | 04/01/22 | 2,907,283 | |||||
Nixa MO Public Schools Certificates of Participation Series 2021 (A/NR)(b) | ||||||||
1,465,000 | 3.000 | 04/01/39 | 1,560,561 | |||||
1,000,000 | 3.000 | 04/01/41 | 1,061,016 | |||||
Nixa MO Public Schools GO Bonds (Direct Deposit Program) (Refunding) Series 2019 (AA+/NR)(b) | ||||||||
500,000 | 4.000 | 03/01/33 | 586,895 | |||||
800,000 | 4.000 | 03/01/34 | 937,454 | |||||
North Kansas City MO School District No. 74 GO Bonds Series 2020 (AA+/Aa1)(b) | ||||||||
2,445,000 | 3.000 | 03/01/30 | 2,779,386 | |||||
Northwest Missouri State University Revenue Bonds (Housing System) (NR/A3)(b) | ||||||||
2,750,000 | 4.000 | 06/01/26 | 2,832,677 | |||||
2,925,000 | 4.000 | 06/01/27 | 3,012,960 | |||||
1,000,000 | 4.000 | 06/01/28 | 1,030,110 | |||||
Ozark MO Certificates of Participation Series 2014 (A+/NR)(b) | ||||||||
500,000 | 5.000 | 09/01/44 | 544,300 | |||||
Ozark MO Reorganized School District No. R-6 GO Bonds (Direct Deposit Program) (Refunding & Improvement) Series 2015 (AA+/NR)(b) | ||||||||
1,000,000 | 4.000 | 03/01/30 | 1,060,368 | |||||
1,000,000 | 4.000 | 03/01/34 | 1,058,516 | |||||
1,500,000 | 4.000 | 03/01/35 | 1,586,302 | |||||
Platte County MO R-3 School District Building Corp. GO Bonds (School Project) Series 2021 (AA/NR)(b) | ||||||||
1,995,000 | 5.000 | 03/01/33 | 2,735,899 | |||||
Platte County MO R-3 School District Building Corp. Leasehold Revenue Bonds (School Project) (AA-/NR)(b) | ||||||||
1,000,000 | 4.000 | 04/01/23 | 1,026,123 | |||||
550,000 | 4.000 | 04/01/28 | 563,939 | |||||
800,000 | 4.000 | 04/01/29 | 819,219 | |||||
1,475,000 | 4.000 | 04/01/30 | 1,512,480 | |||||
Rolla MO Certificates of Participation Series B (A+/NR)(b) | ||||||||
225,000 | 3.150 | 07/01/27 | 229,615 | |||||
410,000 | 3.450 | 07/01/32 | 417,188 | |||||
Saint Louis MO Airport Revenue Bonds (Lambert-St. Louis International Airport) Series 2005 (NPFG) (A-/A2) | ||||||||
2,135,000 | 5.500 | 07/01/28 | 2,821,265 | |||||
|
THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Missouri – (continued) | ||||||||
Saint Louis MO Airport Revenue Bonds (Refunding -St. Louis Lambert International Airport) Series C (A-/A2) | ||||||||
$ 500,000 | 5.000 | % | 07/01/27 | $ 628,662 | ||||
1,000,000 | 5.000 | 07/01/28 | 1,287,790 | |||||
Saint Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series 2012 (AA+/NR)(b) | ||||||||
3,000,000 | 4.000 | 04/01/23 | 3,078,369 | |||||
Saint Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series A (AA+/NR)(b) | ||||||||
1,300,000 | 4.000 | 04/01/23 | 1,333,960 | |||||
Southern Platte MO Fire Protection District Series 2018 (NR/Aa2)(b) | ||||||||
540,000 | 4.000 | 03/01/38 | 604,004 | |||||
Springfield MO Public Utility Revenue Bonds (Refunding) Series 2015 (AA+/NR)(b) | ||||||||
1,310,000 | 4.000 | 08/01/31 | 1,492,709 | |||||
Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (AMT) (NR/Aa2) | ||||||||
2,275,000 | 5.000 | 07/01/27 | 2,840,899 | |||||
1,220,000 | 5.000 | (b) | 07/01/28 | 1,515,786 | ||||
1,400,000 | 5.000 | (b) | 07/01/30 | 1,739,512 | ||||
Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (NR/Aa3)(b) | ||||||||
1,000,000 | 4.000 | 05/01/26 | 1,065,231 | |||||
1,405,000 | 4.000 | 05/01/27 | 1,495,912 | |||||
Springfield MO Special Obligation Revenue Bonds (Sewer Systems Improvement Project) Series 2012 (NR/Aa2) | ||||||||
1,275,000 | 5.000 | 04/01/22 | 1,316,601 | |||||
1,340,000 | 5.000 | (b) | 04/01/23 | 1,383,587 | ||||
Springfield MO Special Obligation Revenue Bonds Series 2020 (NR/Aa2)(b) | ||||||||
470,000 | 4.000 | 11/01/34 | 564,535 | |||||
475,000 | 4.000 | 11/01/35 | 569,627 | |||||
815,000 | 4.000 | 11/01/36 | 975,683 | |||||
845,000 | 4.000 | 11/01/37 | 1,009,156 | |||||
920,000 | 4.000 | 11/01/38 | 1,096,599 | |||||
St Louis Land Clearance for Redevelopment Authority Revenue Bonds (Refunding) Series A (A/NR)(b) | ||||||||
2,850,000 | 2.125 | 04/01/39 | 2,857,539 | |||||
St Louis Land Clearance for Redevelopment Authority Revenue Bonds Series 2021 (AA-/NR)(b) | ||||||||
1,570,000 | 3.000 | 07/15/32 | 1,796,300 | |||||
1,615,000 | 3.000 | 07/15/33 | 1,837,553 | |||||
1,665,000 | 3.000 | 07/15/34 | 1,885,799 | |||||
St. Charles County MO Public Water Supply District No. 2 Certificates of Participation (Refunding) Series 2016 (AA+/NR)(b) | ||||||||
1,000,000 | 4.000 | 12/01/31 | 1,143,890 | |||||
St. Joseph MO Industrial Development Authority Special Obligation Revenue Bonds (Refunding) (Sewer System Improvements Project) Series B (A+/NR)(b) | ||||||||
1,085,000 | 5.000 | 04/01/26 | 1,267,462 | |||||
St. Louis County MO Community College District Certificates of Participation Series 2017 (AA/NR)(b) | ||||||||
1,000,000 | 4.000 | 04/01/35 | 1,159,794 | |||||
2,000,000 | 4.000 | 04/01/36 | 2,313,294 | |||||
2,515,000 | 4.000 | 04/01/37 | 2,898,871 | |||||
St. Louis County MO Library District Certificates of Participation (AA/Aa2)(b) | ||||||||
1,855,000 | 4.000 | 04/01/25 | 1,968,464 | |||||
1,930,000 | 4.000 | 04/01/26 | 2,046,204 | |||||
2,010,000 | 4.000 | 04/01/27 | 2,130,024 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Missouri – (continued) | ||||||||
St. Louis County MO Parkway School District No. C-2 GO Bonds Series B (AAA/NR)(b) | ||||||||
$1,000,000 | 4.000 | % | 03/01/32 | $ 1,124,150 | ||||
St. Louis County MO Special School District Certificates of Participation (Lease) Series B (AA/NR)(b) | ||||||||
1,735,000 | 4.000 | 04/01/26 | 1,776,998 | |||||
St. Louis MO Airport Revenue Bonds (Refunding-Lambert International Airport) Series 2012 (AMT) (A-/A2)(b) | ||||||||
1,280,000 | 5.000 | 07/01/23 | 1,335,761 | |||||
St. Louis MO Junior College District Building Corp. Leasehold Revenue Bonds (Refunding) (AA/NR) | ||||||||
800,000 | 3.000 | 04/01/22 | 815,152 | |||||
800,000 | 3.000 | (b) | 04/01/23 | 814,052 | ||||
St. Louis MO Muni Finance Corp. (Refunding-Carnahan Court House) Series A (A/NR) | ||||||||
2,710,000 | 5.000 | 02/15/27 | 3,332,042 | |||||
St. Louis MO Municipal Finance Corporation Revenue Bonds Series A (A/NR) | ||||||||
1,320,000 | 5.000 | 04/15/25 | 1,536,972 | |||||
1,390,000 | 5.000 | 04/15/26 | 1,671,898 | |||||
St. Louis MO Municipal Finance Corporation Sales Tax Leasehold Revenue Bonds (Refunding) Series 2016 (A/NR) | ||||||||
1,000,000 | 5.000 | 02/15/24 | 1,115,735 | |||||
2,595,000 | 4.000 | (b) | 02/15/35 | 2,904,956 | ||||
St. Louis MO Municipal Library District Revenue Bonds (Refunding) Series 2020 (AA/NR)(b) | ||||||||
1,900,000 | 3.000 | 03/15/39 | 2,044,296 | |||||
St. Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series 2017 (AA+/NR)(b) | ||||||||
1,000,000 | 4.000 | 04/01/29 | 1,154,148 | |||||
1,000,000 | 4.000 | 04/01/30 | 1,153,755 | |||||
Stone County MO Reorganized School District No. 4 (Refunding - MO Direct Deposit Program) Series 2016 (AA+/NR)(b) | ||||||||
1,725,000 | 4.000 | 03/01/33 | 1,985,453 | |||||
1,840,000 | 4.000 | 03/01/34 | 2,113,948 | |||||
Truman MO State University Housing Society Revenue Bonds (Refunding-Revenue) Series 2016 (NR/A2)(b) | ||||||||
865,000 | 3.000 | 06/01/25 | 916,291 | |||||
University MO School District GO Bonds (Refunding) (Direct Deposit Program) Series 2017 (AA+/NR) | ||||||||
1,760,000 | 4.000 | 02/15/26 | 2,041,964 | |||||
Valley Park MO Fire Protection District GO Bonds Series 2019 (AA/NR) | ||||||||
360,000 | 4.000 | 03/01/25 | 406,308 | |||||
535,000 | 4.000 | 03/01/26 | 619,323 | |||||
555,000 | 4.000 | 03/01/27 | 657,999 | |||||
450,000 | 4.000 | (b) | 03/01/35 | 516,198 | ||||
500,000 | 4.000 | (b) | 03/01/37 | 567,424 | ||||
755,000 | 4.000 | (b) | 03/01/39 | 854,138 | ||||
Warrensburg MO School District No R-VI GO Bonds (Direct Deposit Program) Series 2020 (AA+/NR)(b) | ||||||||
500,000 | 3.000 | 03/01/36 | 543,478 | |||||
560,000 | 3.000 | 03/01/37 | 607,513 | |||||
Washington MO School District GO Bonds (Direct Deposit Program) Series 2021 (AA+/NR)(b) | ||||||||
2,400,000 | 4.000 | 03/01/38 | 2,806,279 | |||||
Webster County MO Marshfield School District No. R-1 GO Bonds (Direct Deposit Program) Series A (AA+/NR)(b) | ||||||||
500,000 | 4.000 | 03/01/32 | 597,903 | |||||
890,000 | 4.000 | 03/01/33 | 1,061,609 | |||||
Wentzville MO Certificates of Participation (Refunding) Series 2015 (NR/A1) | ||||||||
1,160,000 | 4.000 | 08/01/25 | 1,314,985 | |||||
|
THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Missouri – (continued) | ||||||||
Wentzville MO Certificates of Participation (Refunding) Series 2015 (NR/A1) (continued) | ||||||||
$1,000,000 | 4.000 | %(b) | 08/01/26 | $ 1,135,404 | ||||
Wentzville MO School District No. 4 (Refunding) (Direct Deposit Program) Series 2016 (AA+/Aa1)(a)(b) | ||||||||
2,000,000 | 0.000 | 03/01/26 | 1,870,367 | |||||
2,095,000 | 0.000 | 03/01/27 | 1,888,596 | |||||
Wentzville MO School District No. 4 (Refunding) (Direct Deposit Program) Series 2017 (AA+/Aa1)(b) | ||||||||
3,200,000 | 4.000 | 03/01/29 | 3,684,494 | |||||
Wentzville R-IV School District MO Lease Certificates of Participation (Refunding & Improvement Certificates) Series 2016 (NR/A1)(b) | ||||||||
1,810,000 | 4.000 | 04/01/32 | 2,023,551 | |||||
1,800,000 | 4.000 | 04/01/33 | 2,010,104 | |||||
1,800,000 | 4.000 | 04/01/34 | 2,007,132 | |||||
Wentzville R-IV School District MO Lease Certificates of Participation Series 2015 (NR/A1) | ||||||||
565,000 | 5.000 | 04/01/24 | 634,483 | |||||
990,000 | 4.000 | (b) | 04/01/25 | 1,083,815 | ||||
| ||||||||
346,084,416 | ||||||||
| ||||||||
North Dakota(b) – 0.7% | ||||||||
North Dakota State Housing Finance Agency Homeownership Revenue Bonds (Home Mortgage Finance Program) Series C (NR/Aa1) | ||||||||
2,310,000 | 2.600 | 07/01/28 | 2,447,170 | |||||
320,000 | 3.150 | 01/01/36 | 335,667 | |||||
| ||||||||
2,782,837 | ||||||||
| ||||||||
Ohio(b) – 1.0% | ||||||||
Cuyahoga Metropolitan Housing Authority Revenue Bonds Series 2021 (A+/NR) | ||||||||
1,500,000 | 2.000 | 12/01/31 | 1,535,592 | |||||
Northeast Ohio Regional Sewer District Revenue Bonds (Refunding) Series 2019 (AA+/Aa1) | ||||||||
2,000,000 | 3.000 | 11/15/38 | 2,257,289 | |||||
| ||||||||
3,792,881 | ||||||||
| ||||||||
Texas(b)(d) – 0.5% | ||||||||
Arlington TX Higher Education Finance Corp. Revenue Bonds Series 2021 (PSF-GTD) (AAA/Aaa) | ||||||||
1,700,000 | 3.000 | 02/15/32 | 1,941,306 | |||||
| ||||||||
TOTAL MUNICIPAL BOND OBLIGATIONS (Cost $370,327,740) | $392,709,883 | |||||||
|
Shares | Dividend Rate | Value | ||
Investment Company – 0.2% | ||||
State Street Institutional US Government Money Market Fund - Premier Class | ||||
731,606 | 0.025% | $ 731,606 | ||
(Cost $731,606) | ||||
| ||||
TOTAL INVESTMENTS – 99.5% (Cost $371,059,346) | $393,441,489 | |||
| ||||
OTHER ASSETS IN EXCESS OF | 1,871,089 | |||
| ||||
NET ASSETS – 100.0% | $395,312,578 | |||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount. | |
(b) | Security with “Call” features with resetting interest rates. | |
(c) | Prerefunded security. Maturity date disclosed is prerefunding date. | |
(d) | All or portion represents a forward commitment. | |
Security ratings disclosed, if any, are issued by S&P Global Ratings/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information. |
| ||
Investment Abbreviations: | ||
AMBAC | — Insured by American Municipal Bond Assurance Corp. | |
AMT | — Alternative Minimum Tax | |
FHLMC | — Federal Home Loan Mortgage Corp. | |
FNMA | — Federal National Mortgage Association | |
GNMA | — Government National Mortgage Association | |
GO | — General Obligation | |
Non-ACE | — Non-Adjust Current Earnings | |
Non-AMT | — Non-Alternative Minimum Tax | |
NR | — Not Rated | |
PSF-GTD | — Guaranteed by Permanent School Fund | |
|
THE KANSAS TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – 97.9% | ||||||||
Alabama(a) – 0.6% | ||||||||
Homewood AL Educational Building Authority Revenue Bonds (Refunding Educational Facilities Samford University) Series A (NR/A3) | ||||||||
$1,000,000 | 4.000 | % | 12/01/35 | $ 1,126,416 | ||||
| ||||||||
California(b) – 2.6% | ||||||||
Burbank CA Unified School District GO Bonds Capital Appreciation Election of 1997 Series C (NPFG) (A+/Baa2) | ||||||||
670,000 | 0.000 | 07/01/27 | 624,726 | |||||
Manteca CA Unified School District GO Bonds Capital Appreciation Election 2004 Series 2006 (NPFG) (NR/Aa2) | ||||||||
2,000,000 | 0.000 | 08/01/28 | 1,823,788 | |||||
San Marcos Unified School District GO Bonds (Capital Appreciation) (AA-/Aa3) | ||||||||
2,275,000 | 0.000 | 08/01/24 | 2,243,393 | |||||
| ||||||||
4,691,907 | ||||||||
| ||||||||
Georgia(a) – 0.5% | ||||||||
University Of GA Milledgeville & Baldwin Development Authority Revenue Bonds (Refunding-State of Georgia University Project) (A+/NR) | ||||||||
745,000 | 5.000 | 06/15/34 | 1,005,802 | |||||
| ||||||||
Illinois(a) – 2.0% | ||||||||
Illinois State Housing Development Authority Revenue Bonds (Homeowner Mortgage) Subseries A-1 (GNMA/FNMA/FHLMC) (AA/Aa2) | ||||||||
415,000 | 3.500 | 08/01/31 | 415,000 | |||||
Lake County IL Community Consolidated School District No. 73 Hawthorn GO Bonds (Refunding) Series B (AA+/NR) | ||||||||
1,000,000 | 4.000 | 01/01/33 | 1,172,281 | |||||
Westchester Village GO Bonds Series 2021 (BAM) (AA/A2) | ||||||||
1,690,000 | 4.000 | 12/01/36 | 1,995,643 | |||||
| ||||||||
3,582,924 | ||||||||
| ||||||||
Indiana(a) – 1.3% | ||||||||
Carmel IN Local Public Improvement Bond Bank Revenue Bonds Series B-1 (AA/NR) | ||||||||
440,000 | 4.000 | 01/15/35 | 519,473 | |||||
Shelbyville IN Redevelopment Authority Lease Rental Revenue Bonds Series 2021 (A+/NR) | ||||||||
550,000 | 3.000 | 08/01/34 | 603,039 | |||||
Wabash City IN Schools Building Corp. Revenue Bonds Series 2019 (AA+/NR) | ||||||||
1,050,000 | 4.000 | 07/15/30 | 1,262,028 | |||||
| ||||||||
2,384,540 | ||||||||
| ||||||||
Kansas – 86.1% | ||||||||
Allen County KS Public Building Community Revenue Bonds (Allen County Hospital Project) Series 2012 (A/NR)(a)(c) | ||||||||
3,425,000 | 5.000 | 12/01/22 | 3,647,151 | |||||
Arkansas City KS Public Building Commission Revenue Bonds (Refunding) Series 2019 (A/NR) | ||||||||
560,000 | 5.000 | 09/01/27 | 691,168 | |||||
585,000 | 5.000 | 09/01/28 | 736,202 | |||||
415,000 | 5.000 | (a) | 09/01/29 | 534,559 | ||||
Blue Valley KS Recreation Commission Certificates of Participation (Recreation Facilities) (AGM) (AA/Aa2)(a) | ||||||||
800,000 | 4.000 | 10/01/27 | 914,601 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Kansas – (continued) | ||||||||
Bourbon County KS Unified School District No. 234-Fort Scott GO Bonds Series 2014 (A/NR) | ||||||||
$ 900,000 | 5.000 | % | 09/01/23 | $ 985,595 | ||||
Butler County KS Unified School District No. 375 GO Bonds (School Building Improvements) Series 2021 (AGM) (AA/NR)(a) | ||||||||
1,400,000 | 3.000 | 09/01/33 | 1,617,100 | |||||
1,600,000 | 3.000 | 09/01/34 | 1,839,871 | |||||
Butler County KS Unified School District No. 385 GO Bonds (Refunding-School Building) Series 2017 (AA-/Aa3)(a) | ||||||||
1,000,000 | 4.000 | 09/01/30 | 1,185,153 | |||||
500,000 | 4.000 | 09/01/31 | 588,732 | |||||
Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding – Bel Aire & Park City Project) Series 2017 (AGM) (AA/NR) | ||||||||
1,315,000 | 5.000 | 09/01/26 | 1,593,223 | |||||
1,305,000 | 4.000 | (a) | 09/01/28 | 1,558,029 | ||||
Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding) (AMBAC) (NR/WR) | ||||||||
1,000,000 | 5.250 | 09/01/24 | 1,142,373 | |||||
City of Abilene KS Public Building Commission Revenue Bonds (Refunding-Hospital District No. 1) Series 2017 (AA-/NR)(a) | ||||||||
560,000 | 5.000 | 12/01/28 | 707,183 | |||||
600,000 | 4.000 | 12/01/29 | 715,343 | |||||
650,000 | 4.000 | 12/01/30 | 768,786 | |||||
City of Dodge KS GO Bonds (Refunding) Series B (A+/NR) | ||||||||
670,000 | 4.000 | 09/01/26 | 785,370 | |||||
740,000 | 4.000 | (a) | 09/01/28 | 888,354 | ||||
City of Emporia KS GO Bonds (Refunding) Series 2020 (AA/NR) | ||||||||
300,000 | 3.000 | 09/01/21 | 300,659 | |||||
305,000 | 3.000 | 09/01/22 | 314,127 | |||||
525,000 | 3.000 | 09/01/23 | 554,350 | |||||
City of Garden KS GO Bonds (Refunding) Series 2020-A (NR/Aa3)(a) | ||||||||
1,255,000 | 3.000 | 11/01/29 | 1,411,097 | |||||
1,000,000 | 3.000 | 11/01/30 | 1,115,247 | |||||
City of Manhattan KS Hospital Revenue Bonds (Refunding-Mercy Regional Hospital Center, Inc.) Series 2013 (NR/NR)(a)(c) | ||||||||
2,000,000 | 5.000 | 11/15/22 | 2,124,045 | |||||
City of Mulvane KS GO Bonds (Refunding) Series A (AA-/NR) | ||||||||
500,000 | 5.000 | 09/01/25 | 596,111 | |||||
City of Salina KS Water & Sewage System Revenue Bonds (Refunding) Series A (NR/Aa3)(a) | ||||||||
495,000 | 3.000 | 10/01/27 | 549,267 | |||||
350,000 | 3.000 | 10/01/28 | 385,647 | |||||
300,000 | 3.000 | 10/01/29 | 328,787 | |||||
City of Topeka KS Combined Utility Revenue Bonds (Refunding) Series A (NR/Aa3)(a) | ||||||||
545,000 | 4.000 | 08/01/27 | 639,083 | |||||
445,000 | 3.000 | 08/01/28 | 501,827 | |||||
525,000 | 3.000 | 08/01/29 | 589,016 | |||||
650,000 | 3.000 | 08/01/32 | 732,381 | |||||
City of Topeka KS GO Bonds (Refunding) Series A (AA/NR)(a) | ||||||||
2,000,000 | 2.000 | 08/15/28 | 2,081,486 | |||||
City of Wichita KS GO Bonds (Refunding & Improvement) Series 2020-32 (SP-1+/MIG1) | ||||||||
3,000,000 | 3.500 | 10/15/21 | 3,021,142 | |||||
Dickinson County KS Public Building Commission Revenue Bonds Series 2018 (AA-/NR)(a) | ||||||||
1,550,000 | 3.250 | 08/01/33 | 1,747,530 | |||||
1,000,000 | 5.000 | 08/01/44 | 1,245,315 | |||||
Dickinson County KS Unified School District No. 435 GO Bonds (Taxable-Refunding) Series 2019 (A+/NR)(a) | ||||||||
375,000 | 2.950 | 09/01/32 | 415,928 | |||||
|
THE KANSAS TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Kansas – (continued) | ||||||||
Douglas County KS Unified School District No. 491 GO Bonds (Edora-Refunding) Series B-2019 BAM (AA/A2) | ||||||||
$1,010,000 | 4.000 | % | 09/01/29 | $ 1,245,061 | ||||
Finney County Unified School District No. 457 GO Bonds (Refunding) Series A (A+/NR)(a) | ||||||||
1,530,000 | 4.000 | 09/01/30 | 1,778,441 | |||||
Franklin County KS Unified School District No. 290 GO Bonds Series A (NR/A1)(a)(c) | ||||||||
2,470,000 | 5.000 | 09/01/25 | 2,939,041 | |||||
Geary Country KS GO Bonds (Refunding) Series 2016 (A/NR)(a) | ||||||||
1,000,000 | 4.000 | 09/01/29 | 1,159,222 | |||||
Geary County KS Unified Government GO Bonds (Refunding & Improvement) Series B (AA-/NR)(a) | ||||||||
380,000 | 4.000 | 12/01/26 | 439,817 | |||||
310,000 | 5.000 | 12/01/37 | 368,289 | |||||
Geary County KS Unified School District No. 475 (Taxable) Series C (NR/Aa3)(a)(c) | ||||||||
865,000 | 3.661 | 09/01/25 | 948,752 | |||||
Goddard KS GO Bonds Series 2019-1 (SP-1+/NR)(a) | ||||||||
1,000,000 | 3.000 | 12/01/22 | 1,009,161 | |||||
Johnson & Miami Counties KS Unified School District No. 230 GO Bonds Series A (NR/A1)(a) | ||||||||
1,000,000 | 4.000 | 09/01/32 | 1,180,657 | |||||
Johnson & Miami County KS Unified School District No. 230 GO Bonds (Refunding) Series 2016 (NR/A1) | ||||||||
1,000,000 | 5.000 | 09/01/26 | 1,223,317 | |||||
1,000,000 | 3.500 | (a) 09/01/30 | 1,104,333 | |||||
Johnson & Miami County KS Unified School District No. 230 GO Bonds Series B (NR/A1)(a) | ||||||||
1,000,000 | 4.000 | 09/01/33 | 1,153,577 | |||||
Johnson County KS Improvement GO Bond Series A (AAA/Aaa)(a) | ||||||||
2,000,000 | 4.000 | 09/01/34 | 2,385,507 | |||||
Johnson County KS Park & Recreation District Certificates of Participation Series A (NR/Aa2)(a) | ||||||||
1,000,000 | 4.000 | 09/01/23 | 1,040,458 | |||||
Johnson County KS Unified School District No. 231 GO Bonds (Improvement) Series 2013-A (AA-/NR) | ||||||||
2,395,000 | 5.000 | 10/01/22 | 2,532,889 | |||||
Johnson County KS Unified School District No. 231 GO Bonds (Refunding & Improvement) Series A (AA-/NR)(a) | ||||||||
1,500,000 | 4.000 | 10/01/36 | 1,698,351 | |||||
Johnson County KS Unified School District No. 233 GO Bonds (Refunding & Improvement) Series C (AA/Aa2)(a) | ||||||||
500,000 | 5.000 | 09/01/27 | 501,880 | |||||
Johnson County KS Unified School District No. 233 GO Bonds (Refunding) Series B (AA/Aa2)(a) | ||||||||
1,000,000 | 4.000 | 09/01/31 | 1,165,174 | |||||
Johnson County KS Unified School District No. 233 GO Bonds (Refunding) Series C (AA/Aa2)(a) | ||||||||
1,000,000 | 4.000 | 09/01/29 | 1,167,911 | |||||
Johnson County KS Unified School District No. 512 Shawnee Mission GO Bonds (Refunding & Improvement) Series B (NR/Aaa)(a) | ||||||||
630,000 | 4.000 | 10/01/30 | 738,305 | |||||
Johnson County KS Unified School District No. 512 Shawnee Mission GO Bonds (Refunding) Series A (NR/Aaa)(a)(c) | ||||||||
1,000,000 | 4.000 | 10/01/25 | 1,154,234 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Kansas – (continued) | ||||||||
Junction City KS GO Bonds (Refunding Water & Sewer System) Series B (NR/NR)(a)(c) | ||||||||
$ 825,000 | 5.500 | % | 09/01/21 | $ 828,443 | ||||
Junction City KS GO Bonds (Refunding) Series A (A+/NR)(a) | ||||||||
600,000 | 5.000 | 09/01/33 | 602,295 | |||||
600,000 | 5.000 | 09/01/34 | 602,295 | |||||
Kansas City KS Community College District Certificates of Participation (Refunding) Series A (AA-/NR) | ||||||||
700,000 | 4.000 | 04/01/22 | 717,456 | |||||
945,000 | 4.000 | 04/01/23 | 1,002,118 | |||||
545,000 | 4.000 | 04/01/24 | 596,230 | |||||
1,000,000 | 4.000 | 04/01/25 | 1,123,111 | |||||
350,000 | 4.000 | 04/01/26 | 402,856 | |||||
Kansas City KS Community College District Certificates of Participation (Taxable-Refunding) Series B (AA-/NR) | ||||||||
605,000 | 2.450 | 04/01/27 | 635,660 | |||||
Kansas Development Finance Authority Hospital Revenue Bonds (Refunding-Adventist Health Sunbelt Obligation Group) Series A (AA/Aa2)(a) | ||||||||
2,770,000 | 5.000 | 11/15/32 | 2,875,038 | |||||
Kansas Development Finance Authority Revenue Bonds (Refunding-State of Kansas University Project) Series A (NR/Aa3)(a) | ||||||||
1,910,000 | 2.000 | 05/01/31 | 2,018,856 | |||||
Kansas Development Finance Authority Revenue Bonds (Refunding-Wichita State University Project) Series L (NR/Aa3)(a) | ||||||||
2,685,000 | 3.000 | 06/01/35 | 2,997,002 | |||||
Kansas Economic Development Authority Revenue Bonds Series 2020-T (A+/A1) | ||||||||
4,000,000 | 5.000 | 12/01/21 | 4,063,494 | |||||
Kansas State Department of Transportation Highway Revenue Bonds Series 2015 (AA/Aa2)(a) | ||||||||
1,250,000 | 5.000 | 09/01/29 | 1,481,535 | |||||
1,110,000 | 5.000 | 09/01/34 | 1,311,876 | |||||
Kansas State Development Finance Authority Revenue Bonds (Refunding-State of Kansas Project) Series F (A+/Aa3)(a) | ||||||||
1,895,000 | 3.000 | 11/01/32 | 2,042,367 | |||||
Kansas State Development Finance Authority Revenue Bonds (University Projects) Series A (A+/Aa3)(a) | ||||||||
2,000,000 | 4.000 | 03/01/31 | 2,159,956 | |||||
Kansas State Development Finance Authority Revenue Bonds Series G (A+/Aa3)(a) | ||||||||
1,000,000 | 5.000 | 04/01/30 | 1,078,932 | |||||
Lawrence KS Hospital Revenue Bonds (Refunding) (Lawrence Memorial Hospital) Series A (A/NR)(a) | ||||||||
1,715,000 | 5.000 | 07/01/32 | 2,128,209 | |||||
1,335,000 | 4.000 | 07/01/37 | 1,545,463 | |||||
Leavenworth County KS Unified School District No. 453 GO Bonds Series A (NR/Aa3)(a) | ||||||||
500,000 | 4.000 | (c) | 09/01/26 | 590,387 | ||||
1,165,000 | 4.000 | 09/01/31 | 1,353,631 | |||||
Leavenworth County KS Unified School District No. 464 GO Bonds (Refunding & Improvement) Series B (NR/A1)(a)(c) | ||||||||
500,000 | 4.000 | 09/01/22 | 520,667 | |||||
Leavenworth County KS Unified School District No. 469 Lansing GO Bonds (Refunding) Series 2016 (NR/A3) | ||||||||
1,000,000 | 4.000 | 09/01/26 | 1,164,011 | |||||
Lyon County KS Unified School District No. 253 Emporia GO Bonds Series 2019 (NR/A1)(a) | ||||||||
1,050,000 | 4.000 | 09/01/33 | 1,222,555 | |||||
|
THE KANSAS TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Kansas – (continued) | ||||||||
Miami County Unified School District No. 416 GO Bonds (Refunding) Series 2020 (AA-/NR)(a) | ||||||||
$ 500,000 | 3.000 | % | 09/01/38 | $ 549,373 | ||||
250,000 | 3.000 | 09/01/39 | 273,955 | |||||
380,000 | 3.000 | 09/01/40 | 415,473 | |||||
400,000 | 3.000 | 09/01/41 | 436,146 | |||||
Newton KS GO Bonds (Refunding) Series A (AA-/NR)(a) | ||||||||
1,555,000 | 3.000 | 09/01/27 | 1,630,752 | |||||
1,180,000 | 3.000 | 09/01/28 | 1,234,073 | |||||
Osage County KS GO Bonds (Refunding) Series A (AA-/NR)(a) | ||||||||
570,000 | 3.000 | 09/01/36 | 631,855 | |||||
350,000 | 3.000 | 09/01/38 | 385,055 | |||||
575,000 | 3.000 | 09/01/41 | 628,973 | |||||
Reno County KS Unified School District No. 313 GO Bonds Series A (NR/A2)(a)(c) | ||||||||
1,930,000 | 4.000 | 09/01/22 | 2,010,845 | |||||
Riley County KS Unified School District No. 383 GO Bonds (Prerefunded-Refunding) Series 2016 (NR/NR)(a)(c) | ||||||||
170,000 | 3.000 | 09/01/26 | 192,012 | |||||
Riley County KS Unified School District No. 383 GO Bonds (Unrerefunded-Refunding) Series 2016 (NR/Aa2)(a) | ||||||||
1,830,000 | 3.000 | 09/01/30 | 2,020,700 | |||||
Scott County KS Unified School District No. 466 GO Bonds Series A (NR/A2)(a)(c) | ||||||||
1,885,000 | 5.000 | 09/01/25 | 2,242,953 | |||||
Sedgwick County KS Unified School District No. 260 GO Bonds (Refunding) Series 2016 (NR/Aa3) | ||||||||
1,000,000 | 4.000 | 10/01/30 | 1,241,131 | |||||
1,000,000 | 4.000 | 10/01/31 | 1,256,430 | |||||
Sedgwick County KS Unified School District No. 261 GO Bonds Series 2016 (NR/A2)(a) | ||||||||
985,000 | 3.000 | 11/01/32 | 1,057,042 | |||||
Sedgwick County KS Unified School District No. 262 GO Bonds (Refunding) Series 2015 (A+/NR)(a) | ||||||||
1,500,000 | 4.000 | (c) | 09/01/24 | 1,674,314 | ||||
800,000 | 4.000 | 09/01/25 | 891,445 | |||||
Sedgwick County KS Unified School District No. 262 GO Bonds Series 2016 (A+/NR)(a)(c) | ||||||||
1,425,000 | 5.000 | 09/01/24 | 1,634,292 | |||||
Sedgwick County KS Unified School District No. 265 GO Bonds (Refunding) Series B (NR/Aa3)(a) | ||||||||
1,300,000 | 4.000 | 10/01/29 | 1,518,289 | |||||
Sedgwick County KS Unified School District No. 266 GO Bonds Series A (AA/NR) | ||||||||
300,000 | 3.000 | 09/01/26 | 337,461 | |||||
715,000 | 4.000 | (a) | 09/01/29 | 856,362 | ||||
Sedgwick County KS Unified School District No. 268 GO Bond (Refunding) Series B (A+/NR) | ||||||||
885,000 | 3.000 | 09/01/28 | 1,008,744 | |||||
Sedgwick County KS Unified School District No. 268 GO Bond (Taxable-Refunding) Series A (A+/NR) | ||||||||
440,000 | 1.740 | 09/01/28 | 450,497 | |||||
Seward County KS Unified School District No. 480 GO Bonds (Refunding & Improvement) (A+/A1)(a)(c) | ||||||||
1,000,000 | 5.000 | 09/01/22 | 1,053,217 | |||||
Seward County KS Unified School District No. 480 GO Bonds (Refunding) Series 2017 (NR/A1)(a) | ||||||||
1,000,000 | 4.000 | 09/01/28 | 1,182,790 | |||||
Seward County KS Unified School District No. 480 GO Bonds (Refunding) Series B (A+/A1)(a)(c) | ||||||||
700,000 | 4.000 | 09/01/25 | 804,584 | |||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Kansas – (continued) | ||||||||
Shawnee County KS Certificates of Participation Series 2015 (NR/Aa2)(a) | ||||||||
$ 485,000 | 4.000 | % | 09/01/30 | $ 551,410 | ||||
1,000,000 | 4.000 | 09/01/31 | 1,135,690 | |||||
1,065,000 | 5.000 | 09/01/32 | 1,254,177 | |||||
Shawnee County KS GO Bonds (Refunding) Series 2015 (NR/Aa1) | ||||||||
435,000 | 3.000 | 09/01/22 | 448,688 | |||||
450,000 | 3.000 | 09/01/23 | 476,896 | |||||
490,000 | 3.000 | 09/01/25 | 542,566 | |||||
Shawnee County KS Public Building Commission Revenue Bond (Expocentre Project) Series 2018 (NR/Aa1)(a) | ||||||||
600,000 | 4.000 | 09/01/29 | 712,722 | |||||
650,000 | 4.000 | 09/01/30 | 766,552 | |||||
Shawnee County KS Unified School District No. 345 Seaman GO Bonds (Commercial Mortgage Backed Securities-Refunding-Improvement) Series A (NR/Aa3)(a)(b) | ||||||||
2,000,000 | 0.000 | 09/01/23 | 1,942,740 | |||||
Shawnee County KS Unified School District No. 437 GO Bonds (Refunding) Series 2015 (AA/NR)(a) | ||||||||
910,000 | 4.000 | 09/01/27 | 1,033,029 | |||||
State of Kansas Department of Transportation High Way Revenue Bonds Series A (AA/Aa2) | ||||||||
1,000,000 | 5.000 | 09/01/27 | 1,261,124 | |||||
1,250,000 | 5.000 | (a) | 09/01/32 | 1,562,919 | ||||
University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series A (AA-/NR) | ||||||||
1,500,000 | 5.000 | 03/01/28 | 1,915,664 | |||||
1,930,000 | 5.000 | (a) | 09/01/48 | 2,365,705 | ||||
Washburn University KS Revenue Bonds Series 2014 (Refunding) (NR/A1) | ||||||||
460,000 | 3.000 | 07/01/22 | 472,017 | |||||
Washburn University KS Revenue Bonds Series A (Refunding) (AGM) (AA/A1) | ||||||||
490,000 | 4.000 | 07/01/26 | 567,724 | |||||
515,000 | 4.000 | 07/01/27 | 607,118 | |||||
555,000 | 4.000 | 07/01/29 | 671,191 | |||||
Wichita KS GO Bonds (AMT-Airport) Series C (AA+/Aa2) | ||||||||
590,000 | 5.000 | 12/01/25 | 701,428 | |||||
Wichita KS GO Bonds Series B (AMT) (AA+/Aa2)(a) | ||||||||
940,000 | 4.000 | 12/01/42 | 1,073,635 | |||||
Wichita KS Sales Tax Special Obligation Revenue Bonds (River District Stadium Star Bond Project) Series 2018 (NR/A1)(a) | ||||||||
1,000,000 | 5.000 | 09/01/32 | 1,247,642 | |||||
Wichita KS Water & Sewer Utility Revenue Bonds (Refunding) Series B (AA-/NR)(a) | ||||||||
415,000 | 4.000 | 10/01/26 | 463,201 | |||||
Wichita KS Water & Sewer Utility Revenue Bonds Series A (AA-/NR)(a) | ||||||||
1,560,000 | 4.000 | 10/01/29 | 1,867,480 | |||||
Wyandotte County Kansas City KS Unified Government Utility System Revenue Bonds (Public Utilities) Series A (A/A2)(a)(c) | ||||||||
525,000 | 5.000 | 09/01/22 | 552,645 | |||||
Wyandotte County Kansas City KS Unified Government Utility System Revenue Bonds (Refunding & Improvement) Series A (A/A2)(a) | ||||||||
1,000,000 | 5.000 | 09/01/26 | 1,141,031 | |||||
1,000,000 | 4.250 | 09/01/39 | 1,104,530 | |||||
Wyandotte County KS School District No. 204 GO Bonds Series A (NR/Aa3)(a) | ||||||||
1,000,000 | 3.000 | 09/01/37 | 1,070,412 | |||||
|
THE KANSAS TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||
Municipal Bond Obligations – (continued) | ||||||||
Kansas – (continued) | ||||||||
Wyandotte County KS School District No. 500 GO Bonds Series A (AA-/Aa3)(a)(c) | ||||||||
$ 500,000 | 5.500 | % | 09/01/26 | $ 623,766 | ||||
| ||||||||
157,303,123 | ||||||||
| ||||||||
Michigan(a) – 1.0% | ||||||||
Michigan State Housing Development Authority, SF Mortgage Revenue Bonds (Non-ACE) Series B (AA+/Aa2) | ||||||||
1,665,000 | 2.900 | 06/01/28 | 1,819,336 | |||||
| ||||||||
Nevada(a) – 0.6% | ||||||||
Clark County NV GO Bonds (Refunding Las Vegas Convention & Visitors Authority) Series C (AA+/Aa1) | ||||||||
1,000,000 | 3.000 | 07/01/35 | 1,090,609 | |||||
| ||||||||
Ohio(a) – 0.6% | ||||||||
Elyria OH Library Improvement Revenue Bonds Series 2018 (A+/NR) | ||||||||
1,000,000 | 4.000 | 12/01/42 | 1,126,098 | |||||
| ||||||||
Texas(a) – 1.3% | ||||||||
Arlington TX Higher Education Finance Corp. Revenue Bonds (KIPP Texas, Inc.) Series 2018 (PSF-GTD) (AAA/NR) | ||||||||
1,000,000 | 4.000 | 08/15/32 | 1,196,251 | |||||
Austin TX Community College District Public Facility Corp. Lease Revenue Bonds Series C (AA/Aa2) | ||||||||
1,090,000 | 4.000 | 08/01/35 | 1,255,161 | |||||
| ||||||||
2,451,412 | ||||||||
| ||||||||
Utah(a) – 0.7% | ||||||||
Unified Fire Service Area Local Building Authority Lease Revenue Bonds (Refunding) Series 2016 (NR/Aa2) | ||||||||
675,000 | 3.000 | 04/01/34 | 719,521 | |||||
Utah State Building Ownership Authority Lease Revenue Bonds (State Facilities Master Lease Program) Series 2016 (AA+/Aa1) | ||||||||
500,000 | 3.000 | 05/15/34 | 529,960 | |||||
| ||||||||
1,249,481 | ||||||||
| ||||||||
Wisconsin(a) – 0.6% | ||||||||
Wisconsin State Health & Educational Facilities Authority Revenue Bonds (Refunding-Ascension Health Credit Group) Series A (AA+/Aa2) | ||||||||
1,000,000 | 4.000 | 11/15/34 | 1,154,239 | |||||
| ||||||||
TOTAL MUNICIPAL BOND OBLIGATIONS (Cost $168,137,657) | $178,985,887 | |||||||
|
Shares | Dividend Rate | Value | ||
Investment Company – 1.1% | ||||
State Street Institutional US Government Money Market Fund - Premier Class | ||||
1,992,130 | 0.025% | $ 1,992,130 | ||
(Cost $1,992,130) | ||||
| ||||
TOTAL INVESTMENTS – 99.0% (Cost $170,129,787) | $180,978,017 | |||
| ||||
OTHER ASSETS IN EXCESS OF | 1,761,253 | |||
| ||||
NET ASSETS – 100.0% | $182,739,270 | |||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Security with “Call” features with resetting interest rates. | |
(b) | Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount. | |
(c) | Prerefunded security. Maturity date disclosed is prerefunding date. | |
Security ratings disclosed, if any, are issued by Standard & Poor’s Ratings Services/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information. |
| ||
Investment Abbreviations: | ||
AGM | — Insured by Assured Guaranty Municipal Corp. | |
AMBAC | — Insured by American Municipal Bond Assurance Corp. | |
AMT | — Alternative Minimum Tax | |
FHLMC | — Federal Home Loan Mortgage Corp. | |
FNMA | — Federal National Mortgage Association | |
GNMA | — Government National Mortgage Association | |
GO | — General Obligation | |
PSF-GTD | — Guaranteed by Permanent School Fund | |
|
THE COMMERCE FUNDS
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
Investments and Fair Value Measurements — U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risk), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including the Adviser’s assumptions in determining fair value measurement).
The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures (“Valuation Procedures”) that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Board has delegated to Commerce day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, Commerce regularly performs price verifications and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by the Adviser to not represent fair value, equity securities may be valued at the closing bid price. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, and are generally classified as Level 2.
Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies in which the Funds may invest. Investments in the Underlying Funds are valued at the NAV per share on the day of valuation. Because the Funds invests in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in characteristics such as rating, interest rate and maturity date, to determine current value.
THE COMMERCE FUNDS
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
i. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.
Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.
Collateralized mortgage-backed securities (“CMOs”) may exhibit even more price volatility and interest rate risk than other mortgage-backed securities. They may lose liquidity as CMO market makers may choose not to repurchase, or may offer prices, based on current market conditions, that are unacceptable to a Fund based on the Adviser’s analysis of the market value of the security.
ii. Treasury Inflation Indexed Securities — These are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government. The value of U.S. Treasury inflation protected public obligations will generally fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Inflation-protected bonds typically have lower yields than conventional fixed-rate bonds because of their inflation adjustment feature.
Short Term Investments — Short-term investments, except for Government obligations, having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair market value. Government obligations maturing in less than 60 days shall be valued at their market price. With the exception of treasury securities, which are generally classified as Level 1, these investments are classified as Level 2 of the fair value hierarchy.
When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
B. Level 3 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 3 are as follows:
To the extent that the aforementioned significant inputs are unobservable, or if quotations are not readily available, or if Commerce believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under valuation procedures approved by the Board. Commerce, consistent with the Funds’ procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events that could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buyouts; ratings downgrades; and bankruptcies.
THE COMMERCE FUNDS
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of July 31, 2021:
GROWTH Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments | $ | 225,912,045 | $ | — | $ | — | ||||||
Exchange Traded Fund | 7,002,467 | — | — | |||||||||
Investment Company | 46,979 | — | — | |||||||||
Total | $ | 232,961,491 | $ | — | $ | — | ||||||
VALUE Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments | $ | 331,481,685 | $ | — | $ | — | ||||||
Exchange Traded Fund | 7,198,650 | — | — | |||||||||
Investment Company | 1,182,204 | — | — | |||||||||
Total | $ | 339,862,539 | $ | — | $ | — | ||||||
MIDCAP GROWTH Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments | $ | 317,078,581 | $ | — | $ | — | ||||||
Exchange Traded Fund | 5,482,491 | — | — | |||||||||
Investment Company | 222,613 | — | — | |||||||||
Total | $ | 322,783,685 | $ | — | $ | — | ||||||
BOND Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Corporate Obligations | $ | 1,078,902 | $ | 613,481,367 | $ | — | ||||||
Mortgage-Backed Obligations | — | 131,559,292 | — | |||||||||
Asset-Backed Securities | — | 213,228,545 | — | |||||||||
Municipal Bond Obligations | — | 113,644,537 | — | |||||||||
U.S. Treasury and/or Other U.S. Government Agencies | 93,127,089 | 28,619,237 | — | |||||||||
Investment Company | 13,194,768 | — | — | |||||||||
Total | $ | 107,400,759 | $ | 1,100,532,978 | $ | — | ||||||
SHORT-TERM GOVERNMENT Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Asset-Backed Securities | $ | — | $ | 1,181,432 | $ | — | ||||||
Mortgage-Backed Obligations | — | 31,881,479 | — | |||||||||
U.S. Treasury Obligations and/or Other U.S. Government Agencies | 22,098,661 | 9,177,056 | — | |||||||||
Investment Company | 8,141,676 | — | — | |||||||||
Total | $ | 30,240,337 | $ | 42,239,967 | $ | — | ||||||
NATIONAL TAX-FREE INTERMEDIATE BOND Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Municipal Bond Obligations | $ | — | $ | 445,048,700 | $ | — | ||||||
Corporate Obligations | — | 5,293,658 | — | |||||||||
Investment Company | 9,827,294 | — | — | |||||||||
Total | $ | 9,827,294 | $ | 450,342,358 | $ | — |
THE COMMERCE FUNDS
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
MISSOURI TAX-FREE INTERMEDIATE BOND Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Municipal Bond Obligations | $ | — | $ | 392,709,883 | $ | — | ||||||
Investment Company | 731,606 | — | — | |||||||||
Total | $ | 731,606 | $ | 392,709,883 | $ | — | ||||||
KANSAS TAX-FREE INTERMEDIATE BOND Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Municipal Bond Obligations | $ | — | $ | 178,985,887 | $ | — | ||||||
Investment Company | 1,992,130 | — | — | |||||||||
Total | $ | 1,992,130 | $ | 178,985,887 | $ | — |
For further information regarding security characteristics, see the Schedules of Investments.
The Funds’ risks include, but are not limited to, the following:
Credit Risk — The fixed income Funds are subject to credit risk because an issuer or guarantor of a fixed income security may be unable or unwilling to make interest and principal payments when due. A bond’s value could decline because of concerns about an issuer’s willingness to make such payments. This may impair a Fund’s liquidity or cause a deterioration in the Fund’s NAV. In addition, a Fund may incur expenses in an effort to protect the Fund’s interests or enforce its rights against an issuer, guarantor or counterparty or may be hindered or delayed in exercising these rights.
High Yield Risk — The Bond Fund is subject to high yield risk. High yield securities are subject to greater levels of credit and liquidity risk. High yield securities are considered speculative with respect to an issuer’s ability to make principal and interest payments and may be more volatile than higher-rated securities of similar maturity.
Interest Rate Risk — The fixed income Funds are subject to interest rate risk. Interest rate risk is the risk that the value of the Fund’s portfolio will decline because of rising interest rates. The magnitude of this decline will often be greater for longer-term, fixed-income securities than shorter-term securities. Changing interest rates may have unpredictable effects on the markets and on a Fund’s investments. Recent and any future declines in interest rate levels could cause a Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price.
Investment Companies Risk — The Funds may invest, consistent with their respective investment objectives and strategies, in securities of other investment companies subject to statutory limitations prescribed by the Act. These limitations include a prohibition on any Fund acquiring more than 3% of the voting shares of any other investment company, and a prohibition on investing more than 5% of the Fund’s total assets in securities of any one investment company or more than 10% of its total assets in securities of all investment companies (except money market funds). The Funds will indirectly bear their proportionate share of any management fees and other expenses paid by such other investment companies.
LIBOR Risk — The London Interbank Offered Rate (“LIBOR”) is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives.
THE COMMERCE FUNDS
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
In July of 2017, the head of the UK Financial Conduct Authority (“FCA”) announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and ICE Benchmark Administrator have since announced that most LIBOR settings will no longer be published after December 31, 2021 and a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing SOFR that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new reference rates. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will depend on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. For example, current information technology systems may be unable to accommodate new instruments and rates with features that differ from LIBOR. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled.
Liquidity Risk — The fixed income Funds are subject to liquidity risk. Each fixed income Fund may not be able to pay redemption proceeds within the time periods described in the Funds’ prospectus because of unusual market conditions, an unusually high number of redemption requests or other reasons. Liquidity risk may result from the lack of an active market or reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity. Certain portfolio securities held by the fixed income funds may be less liquid than others, which may make those securities difficult or impossible to sell at an advantageous time or price.
Market Risk — Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility. in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or’ other public health issues, recessions or other events or adverse investor sentiment. There is also a risk that a particular style of investing, such as growth, may underperform other styles of investing or the market generally.
General economic conditions and/or the activities of individual companies may cause the value of the securities in a Fund to increase or decrease, sometimes rapidly or unpredictably. Your shares at redemption may be worth more or less than your initial investment. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities.
Credit ratings downgrades may also negatively affect securities held by a Fund. Even when markets perform well, there is no assurance that the investments held by a Fund will increase in value along with the broader market. In addition, market risk includes the risk that geopolitical events will disrupt the economy on a national or global level. For instance, local or regional events such as war, terrorism, market manipulation, government defaults, government shutdowns, natural/environmental disasters, the spread of infectious illness (including epidemics or pandemics) or other public health issues, recessions or other events can, all negatively impact the securities markets, which could cause the Funds to lose value. Any market disruptions could also prevent a Fund from executing advantageous investment decisions in a timely manner. Funds that have focused their investments in a region enduring geopolitical market disruption will face higher risks of loss. Thus, investors should closely monitor current market conditions to determine whether a specific Fund meets their individual financial needs and tolerance for risk.
THE COMMERCE FUNDS
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Mid-Cap and Small-Cap Risk — The Growth, Value and MidCap Growth Funds are subject to the risks associated with investing in equity securities of mid- and small-cap companies. Investing in securities of smaller and mid-sized companies may be riskier than investing in larger, more established companies. Smaller and mid-sized companies are more vulnerable to adverse developments because of more limited product lines, markets or financial resources. Also, these stocks may trade less often and in limited volume compared to larger cap stocks trading on a national securities exchange. The prices of these stocks may be more volatile than the prices of larger company stocks. As a result, the Fund’s net asset value may be subject to rapid and substantial changes.
Non-Diversified Risk — Non-diversified funds typically hold fewer securities than diversified funds do. Consequently, a change in value of any one security may affect the overall value of a non-diversified portfolio more than it would a diversified portfolio.
Portfolio Concentration Risk — The Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds invest a large percentage of their assets in obligations of issuers within Missouri and Kansas, respectively. Therefore, they are subject to possible concentration risks associated with economic, political or legal developments or industrial or regional matters specifically affecting those states.
Under normal market conditions, the Missouri Tax-Free Intermediate Bond Fund and the Kansas Tax-Free Intermediate Bond Fund invest at least 80% of their assets plus any borrowings for investment purposes (measured at the time of purchase) in Missouri and Kansas municipal securities, respectively, the income from which, in the opinion of bond counsel, is exempt from regular federal income tax, federal alternative minimum taxes and Missouri and Kansas state taxes, respectively. Alternatively, at least 80% of a Fund’s distributed income must be exempt from such taxes. For each of the Missouri and Kansas Tax-Free Funds, the actual payment of principal and interest on Missouri and Kansas municipal securities is dependent on the Missouri General Assembly and the Kansas legislature, respectively, allotting money each fiscal year for these payments.
The investments of the Growth, Value and MidCap Growth Funds may be concentrated in securities of technology companies. At times, securities of technology companies may experience significant price fluctuations. The Value Fund’s performance may be adversely affected by events affecting the financial sectors, if it invests a relatively large percentage of its assets in those sectors. The financial sectors can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital. The MidCap Growth Fund concentrates in mid-cap stocks. Investing in smaller and mid-sized companies may be riskier than investing in larger, more established companies.
The Bond and Short-Term Government Funds may invest 80% and 100%, respectively, of their total assets in mortgage-related securities and the Bond Fund may invest 80% of its total assets in asset-backed securities. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility, liquidity, and enhanced sensitivity to interest rates. As a result, mortgage-backed securities may be more difficult to value and liquidate, if necessary. Mortgage-backed securities are also subject to prepayment risk, which may result in a decreased rate of return and a decline in the value of the securities. Asset-backed securities are dependent upon payment of the underlying consumer loans or receivables by individuals, and the certificate holder frequently has no recourse against the entity that originated the loans or receivables. Asset-backed securities have a greater risk of default during periods of economic downturn than other securities. Also, asset-backed securities may be less liquid than other securities and therefore more difficult to value and liquidate, if necessary.
Quantitative Model Risk — The Growth, Value and MidCap Growth Funds are subject to the risk that securities selected using quantitative models may perform differently from the market as a whole for many reasons, including the factors used in building the model and the weights placed on each factor, among others. The quantitative models used by the Adviser to manage the Growth, Value and MidCap Growth Funds may not perform as expected, particularly in volatile markets.