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1
Portfolio of Investments August 31, 2025
NOM
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 169.9% (100.0% of Total Investments)  
X
40,746,496
MUNICIPAL BONDS - 169.9%  (100.0% of Total Investments)
X
–
CONSUMER STAPLES - 4.7% (2.8% of Total Investments)
$
1,055,000
Missouri Development Finance Board, Solid Waste Disposal
Revenue Bonds, Procter and Gamble Inc., Series 1999, (AMT)
5
.200
%
03/15/29
$
1,126,287
TOTAL CONSUMER STAPLES
1,126,287
EDUCATION AND CIVIC ORGANIZATIONS - 13.7% (8.1% of Total Investments)
410,000
Missouri Health and Educational Facilities Authority, Educational
Facilities Revenue Bonds, Kansas City University of Medicine and
Biosciences, Series 2013A
5
.000
06/01/33
410,097
600,000
Missouri Health and Educational Facilities Authority, Educational
Facilities Revenue Bonds, Southwest Baptist University Project,
Series 2012
5
.000
10/01/33
577,742
500,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Maryville University of St. Louis Project, Series 2025A
5
.000
06/15/40
489,819
1,000,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Saint Louis University, Series 2015A
4
.000
10/01/42
929,541
500,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Saint Louis University, Series 2019A
5
.000
10/01/46
502,575
115,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Webster University, Refunding Series 2017
4
.000
04/01/34
91,943
210,000
Missouri Southern State University, Auxiliary Enterprise System
Revenue Bonds, Series 2019A - AGM Insured
4
.000
10/01/39
200,679
100,000
Saline County Industrial Development Authority, Missouri, First
Mortgage Revenue Bonds, Missouri Valley College, Series 2017
4
.500
10/01/40
82,788
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
3,285,184
HEALTH CARE - 35.8% (21.1% of Total Investments)
210,000
Bridgeton Industrial Development Authority, Missouri, Senior
Housing Revenue Bonds, The Sarah Community Project,
Refunding Series 2016
4
.000
05/01/33
210,071
400,000
Cape Girardeau County Industrial Development Authority,
Missouri, Health Facilities Revenue Bonds, Southeasthealth,
Series 2017A
5
.000
03/01/36
405,620
300,000
Hannibal Industrial Development Authority, Missouri, Health
Facilities Revenue Bonds, Hannibal Regional Healthcare System,
Series 2017
5
.000
10/01/42
276,638
340,000
Joplin Industrial Development Authority, Missouri, Health
Facilities Revenue Bonds, Freeman Health System, Series 2024
5
.000
02/15/41
346,308
250,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2015A
4
.000
01/01/45
215,390
750,000
(a)
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2025A, (UB)
4
.000
04/01/45
657,886
1,730,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, CoxHealth, Series 2013A
5
.000
11/15/44
1,729,512
500,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, CoxHealth, Series 2015A
5
.000
11/15/33
501,368
390,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2012
4
.000
11/15/42
347,218
550,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2014F
4
.250
11/15/48
482,826
650,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2017C
5
.000
11/15/42
648,243
1,000,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2023
5
.500
12/01/48
1,035,320
1,000,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mosaic Health System, Series 2019A
4
.000
02/15/54
795,969
350,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Children's Mercy Hospital, Series 2017A
4
.000
05/15/48
299,386
125,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lake Regional Health System, Series 2021
4
.000
02/15/51
99,236
600,000
Saint Louis County Industrial Development Authority, Missouri,
Health Facilities Revenue Bonds, Ranken-Jordan Project,
Refunding & Improvement Series 2016
5
.000
11/15/46
532,065
TOTAL HEALTH CARE
8,583,056
Portfolio of Investments August 31, 2025
(continued)
NOM
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/SINGLE FAMILY - 0.2% (0.1% of Total Investments)
$
40,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Homeownership Loan
Program, Series 2017A-2
3
.800
%
11/01/37
$
38,461
TOTAL HOUSING/SINGLE FAMILY
38,461
LONG-TERM CARE - 10.6% (6.2% of Total Investments)
100,000
Kirkwood Industrial Development Authority, Missouri, Retirement
Community Revenue Bonds, Aberdeen Heights Project, Series
2017A
5
.250
05/15/37
97,061
400,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2016A
5
.000
02/01/36
400,121
500,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2016A
5
.000
02/01/46
451,189
100,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2019C
4
.000
02/01/48
77,688
250,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2024A
5
.000
02/01/42
242,598
350,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2024A
5
.250
02/01/54
329,201
200,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village of Sunset Hills, Series 2012
5
.000
09/01/32
200,083
250,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village of Sunset Hills, Series 2012
5
.000
09/01/42
232,383
430,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A
5
.875
09/01/43
429,958
100,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Saint Andrew's Resources for Seniors, Series
2015A
5
.125
12/01/45
86,407
TOTAL LONG-TERM CARE
2,546,689
TAX OBLIGATION/GENERAL - 29.1% (17.1% of Total Investments)
515,000
Carl Junction School District R-1, Jasper County, Missouri,
General Obligation Bonds, Series 2024
5
.000
03/01/44
523,705
1,000,000
Clay County Public School District 53, Liberty, Missouri, General
Obligation Bonds, Series 2018
4
.000
03/01/34
1,002,044
335,000
Clay County Public School District 53, Liberty, Missouri, General
Obligation Bonds, Series 2018
4
.000
03/01/36
335,149
340,000
Clay County Reorganized School District R-II Smithville, Missouri,
General Obligation Bonds, Refunding Series 2015
4
.000
03/01/36
341,135
500,000
Jackson County Consolidated School District 4, Missouri,
General Obligation Bonds, School Building Series 2024
5
.750
03/01/43
541,471
500,000
Jefferson City School District, Missouri, General Obligation
Bonds, Series 2023A
5
.500
03/01/43
527,771
225,000
Jefferson County School District R-1 Northwest, Missouri,
General Obligation Bonds, Direct Deposit Program Series 2023
5
.000
03/01/43
228,515
300,000
Kansas City, Missouri, General Obligation Bonds, Refunding &
Improvement Series 2018A
4
.000
02/01/35
302,983
500,000
Lebanon School District R3, LaClede County, Missouri, General
Obligation Bonds, Missouri Direct Deposit Program, Series 2024
4
.000
03/01/44
454,852
425,000
(b)
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Truman Medical Center, Inc., Pass-
Through Certificate Series 2017B
4
.250
12/01/42
360,615
335,000
Orchard Farm R-V School District, St. Charles County, Missouri,
General Obligation Bonds, Missouri Direct Deposit Program,
School Series 2024A
5
.500
03/01/44
360,085
500,000
Pulaski County Reorganized-6 District Lessee, Missouri,
Certificate of Participation, Series 2025
4
.625
04/15/50
460,424
1,000,000
Saint Louis County Pattonville School District R3, Missouri,
General Obligation Bonds, Series 2023
5
.250
03/01/43
1,037,921
500,000
Webster Groves School District, Missouri, Crossover General
Obligation Bonds, Series 2024
5
.000
03/01/43
514,959
TOTAL TAX OBLIGATION/GENERAL
6,991,629
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED - 42.2% (24.8% of Total Investments)
$
1,500,000
Bi-State Development Agency of the Missouri-Illinois
Metropolitan District, Mass Transit Sales Tax Appropriation
Bonds, Refunding Combined Lien Series 2019
4
.000
%
10/01/36
$
1,491,158
760,000
Bi-State Development Agency of the Missouri-Illinois
Metropolitan District, Mass Transit Sales Tax Appropriation
Bonds, Refunding Combined Lien Series 2019
4
.000
10/01/48
651,050
145,000
Clay, Jackson & Platte Counties Consolidated Public Library
District 3, Missouri, Certificates of Participation, Mid-Continent
Public Library Project, Series 2018
4
.000
03/01/35
145,091
135,000
Conley Road Transportation District, Missouri, Transportation
Sales Tax Revenue Bonds, Series 2017
5
.125
05/01/41
133,021
262,451
(c)
Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons
Redevelopment Project, Series 2006
5
.000
06/01/28
55,115
250,000
Howard Bend Levee District, St. Louis County, Missouri, Levee
District Improvement Bonds, Series 2013B
4
.875
03/01/33
248,459
200,000
Howard Bend Levee District, St. Louis County, Missouri, Levee
District Improvement Bonds, Series 2013B
5
.000
03/01/38
190,444
300,000
Kansas City Industrial Development Authority, Missouri,
Downtown Redevelopment District Revenue Bonds, Refunding
Series 2011A
5
.000
09/01/32
301,097
75,000
(b)
Kansas City Industrial Development Authority, Missouri, Sales Tax
Revenue Bonds, Ward Parkway Center Community Improvement
District, Senior Refunding & Improvement Series 2016
4
.250
04/01/26
74,939
325,000
Kansas City, Missouri, Special Obligation Bonds, Downtown
Redevelopment District, Refunding Series 2014C
5
.000
09/01/33
325,439
400,000
Kansas City, Missouri, Special Obligation Bonds, Kansas City
Missouri Projects, Series 2024B
4
.000
09/01/45
348,626
500,000
Kansas City, Missouri, Special Obligation Bonds, Kansas City
Missouri Projects, Series 2025B
5
.500
04/01/50
523,750
100,000
(b)
Land Clearance for Redevelopment Authority of Kansas City,
Missouri, Project Revenue Bonds, Convention Center Hotel
Project - TIF Financing, Series 2018B
5
.000
02/01/40
96,539
100,000
(b)
Land Clearance for Redevelopment Authority of Kansas City,
Missouri, Project Revenue Bonds, Convention Center Hotel
Project - TIF Financing, Series 2018B
5
.000
02/01/50
92,316
250,000
Marshall School District, Missouri, Certificates of Participation,
Series 2023 - BAM Insured
5
.000
03/01/49
251,277
245,000
Missouri Development Finance Board, Infrastructure Facilities
Revenue Bonds, City of Branson - Branson Landing Project,
Series 2015A
4
.000
06/01/34
245,020
155,000
Ozark R-6 School District, Christian County, Missouri, Certificates
of Participation, Series 2023
5
.000
04/01/45
155,700
97,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/51
22,641
500,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4
.750
07/01/53
449,014
742,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
680,606
200,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.329
07/01/40
185,488
50,000
(b)
Saint Charles County Industrial Development Authority,
Missouri, Sales Tax Revenue Bonds, Wentzville Parkway Regional
Community Improvement District Project, Series 2019B
4
.250
11/01/49
39,804
250,000
(b)
Saint Louis County Industrial Development Authority, Missouri,
Sales Tax Revenue Bonds, Chesterfield Blue Valley Community
Improvement District Project, Series 2014A
5
.250
07/01/44
213,944
500,000
Saint Louis Land Clearance for Redevelopment Authority,
Missouri, Annual Appropriation Redevelopment Revenue Bonds,
National Geospatial-Intelligence Agency Offsite Improvements,
Series 2022C
5
.125
06/01/46
464,329
1,000,000
Saint Louis Municipal Finance Corporation, Missouri, Leasehold
Revenue Bonds, Convention Center, Expansion & Improvement
Projects Series 2020 - AGM Insured
5
.000
10/01/49
1,001,199
600,000
Springfield, Missouri, Special Obligation Bonds, Sewer System
Improvements Project, Series 2015
4
.000
04/01/35
599,985
Portfolio of Investments August 31, 2025
(continued)
NOM
4
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
125,000
(b)
Taney County Industrial Development Authority, Missouri, Sales
Tax Revenue Improvement Bonds, Big Cedar Infrastructure
Project Series 2023
6
.000
%
10/01/49
$
117,986
450,000
The Industrial Development Authority of the City of Saint Louis,
Missouri, Development Financing Revenue Bonds, Ballpark
Village Development Project, Series 2017A
4
.750
11/15/47
378,528
100,000
Transportation Development District, Missouri, Transportation
Sales Tax Revenue Bonds, Series 2017
4
.500
06/01/36
99,184
195,000
Universal City Industrial Development Authority, Missouri,
Revenue Bonds, Tax Increment and Special District Markets at
Olive Project Series 2023A
5
.500
06/15/42
187,901
320,000
Wentzville, Missouri, Certificates of Participation, Series 2023
5
.000
03/01/37
344,475
TOTAL TAX OBLIGATION/LIMITED
10,114,125
TRANSPORTATION - 17.5% (10.3% of Total Investments)
450,000
Kansas City Industrial Development Authority, Missouri, Airport
Special Obligation Bonds, Kansas City International Airport
Terminal Modernization Project, Series 2019A, (AMT)
5
.000
03/01/44
442,989
1,500,000
Kansas City Industrial Development Authority, Missouri, Airport
Special Obligation Bonds, Kansas City International Airport
Terminal Modernization Project, Series 2019B, (AMT)
5
.000
03/01/46
1,465,083
1,265,000
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis
International Airport, Series 2017C - AGM Insured
5
.000
07/01/47
1,267,808
1,000,000
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis
International Airport, Series 2024A - AGM Insured
5
.250
07/01/54
1,026,258
TOTAL TRANSPORTATION
4,202,138
UTILITIES - 16.1% (9.5% of Total Investments)
500,000
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds,
Improvement Series 2023A
4
.000
01/01/48
441,570
500,000
Kansas City, Missouri, Water Revenue Bonds, Series 2025A
5
.000
12/01/45
514,911
500,000
Metropolitan St. Louis Sewerage District, Missouri, Wastewater
System Revenue Bonds, Refunding Improvement Series 2022B
5
.000
05/01/47
512,949
500,000
Missouri Joint Municipal Electric Utility Commission, Power
Project Revenue Bonds, Plum Point Project, Refunding Series
2015A
4
.000
01/01/35
496,774
500,000
Missouri Joint Municipal Electric Utility Commission, Power
Supply System Revenue Bonds, MoPEP Facilities, Series 2018
5
.000
12/01/43
500,879
250,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5
.000
07/01/47
233,871
500,000
Saint Charles County Public Water Supply District 2, Missouri,
Certificates of Participation, Missouri Project, Series 2022
5
.000
12/01/44
506,431
500,000
Saint Charles County Public Water Supply District 2, Missouri,
Certificates of Participation, Missouri Project, Series 2024
4
.000
12/01/44
448,646
260,000
Stone County Public Water Supply District 2, Missouri,
Certificates of Participation, Series 2021B
4
.000
12/01/51
202,896
TOTAL UTILITIES
3,858,927
TOTAL MUNICIPAL BONDS
(Cost $42,531,901)
40,746,496
TOTAL LONG-TERM INVESTMENTS
(Cost $42,531,901)
40,746,496
FLOATING RATE OBLIGATIONS - (2.5)%  
(
600,000
)
MFP SHARES, NET - (70.2)% (d)
(
16,831,525
)
OTHER ASSETS & LIABILITIES, NET - 2.8%
665,607
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
23,980,578
AMT
Alternative Minimum Tax
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust
unless otherwise noted.
5
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
(a)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $1,230,014 or 3.0% of Total Investments.
(c)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(d)
MFP Shares, Net as a percentage of Total Investments is 41.3%.
NOM
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
40,746,496
$
–
$
40,746,496
Total
$
–
$
40,746,496
$
–
$
40,746,496