UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-03942
LORD ABBETT MUNICIPAL INCOME FUND, INC.
(Exact name of Registrant as specified in charter)
90 Hudson Street, Jersey City, New Jersey 07302-3973
(Address of principal executive offices) (Zip code)
Randolph A. Stuzin, Esq.
Member, Chief Legal Officer of Lord, Abbett & Co. LLC
90 Hudson Street, Jersey City, New Jersey 07302-3973
(Name and address of agent for service)
Registrant’s telephone number, including area code: (888) 522-2388
Date of fiscal year end: 9/30
Date of reporting period: 9/30/2023
| Item 1: | Report(s) to Shareholders. |
LORD ABBETT
ANNUAL REPORT
Lord Abbett Municipal Income Fund
Short Duration Tax Free Fund
Intermediate Tax Free Fund
National Tax Free Fund
High Income Municipal Bond Fund
Short Duration High Income Municipal Bond Fund
Sustainable Municipal Bond Fund
California Tax Free Fund
New Jersey Tax Free Fund
New York Tax Free Fund
For the fiscal year ended September 30, 2023
Table of Contents
Lord Abbett Municipal Income Fund
Lord Abbett Short
Duration Tax Free Fund, Lord Abbett Intermediate Tax Free Fund, Lord Abbett National Tax Free Income Fund, Lord Abbett High Income
Municipal Bond Fund, Lord Abbett Short Duration High Income Municipal Bond Fund, Lord Abbett Sustainable Municipal Bond Fund,
Lord Abbett California Tax Free Income Fund, Lord Abbett New Jersey Tax Free Income Fund, and Lord Abbett New York Tax Free Income
Fund
Annual Report
For the fiscal year ended September 30, 2023
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From left to right: James L.L. Tullis, Chair of the Lord Abbett Funds and Douglas B. Sieg Director, President and Chief Executive Officer of the Lord Abbett Funds. |
Dear Shareholders: We are pleased to provide you with this overview of the performance of the Funds for the fiscal year ended September 30, 2023. On this page and the following pages, we discuss the major factors that influenced period performance. For detailed and timely information about the Funds, please visit our website at www.lordabbett.com, where you can also access the quarterly commentaries that provide updates on each Fund’s performance and other portfolio related updates. Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.
Best regards,
Douglas B. Sieg Director, President and Chief Executive Officer | |
Municipal Bond Market Review
The municipal bond market continued to be impacted by interest rate volatility, aggressive tightening of
monetary policy by the U.S. Federal Reserve (the Fed), and fluctuating inflation expectations over the fiscal year. However, municipal bonds generated positive returns, as measured
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by the Bloomberg Municipal Bond Index3, and outperformed Treasuries over the period. Demand stabilized from 2022’s record-setting redemptions with a deceleration in tax-loss selling, and the fundamental backdrop of the market remained strong as upgrades significantly outpaced downgrades and states’ rainy-day balances remained near record levels.
The fiscal year began with cautious sentiment due to persistently high inflation data and a hawkish tone from global central banks. Benchmark municipal yields increased dramatically and outflows from municipal bond funds intensified on the back of rising Treasury yields, while concerns emerged about a potential economic downturn.
The market shifted to a more positive tone with inflation showing signs of decelerating, resulting in a rally in November of 2022 and the best January performance for the Bloomberg Municipal Bond Index3 since 2009. A significantly inverted Treasury curve and strong demand for tax-free bonds maturing within 10 years led to the municipal yield curve becoming inverted from 2 to 10 years for the first time in history in December and remained inverted for the rest of the period. Turmoil in the regional banking sector dominated the headlines in the spring, with the focus on liquidity from increasing deposit withdrawals and the impact of the Fed’s aggressive tightening cycle. As a result, high quality municipal yields fell across the curve and credit spreads widened.
Optimism regarding a soft economic landing grew heading into the summer months given signs of disinflation and strong consumer data, and municipals benefitted from technical tailwinds from substantial reinvestment of coupons and maturity proceeds. However, by the close of the fiscal year, stronger-than-expected economic data and elevated inflation readings once again put upward pressure on interest rates. Consequently, benchmark municipal yields eclipsed the previous local highs set in October of 2022 amid the Treasury curve bear steepening at the close of the fiscal year.1
Overall, municipal yields rose across the curve over the period, while long maturities slightly outperformed bonds with shorter maturities. Lower-rated bonds outperformed higher-rated issues amid constrained supply and some compression of credit spreads. From a technical perspective, new issuance of municipal bonds from January to the end of September was $268 billion, representing a 11% decrease from the same period in 2022. Meanwhile, according to Lipper data, municipal bond funds experienced modest outflows overall from January to the end of September with year-to-date net flows of approximately -$12.0 billion.2
Short Duration Tax Free
The Short Duration Tax Free Fund returned 2.29%, reflecting performance at the net asset value (NAV) of class A Shares with all distributions reinvested,
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for the 12-month period ended September 30, 2023. The Fund’s benchmark, the Bloomberg Municipal Bond Short 1-5 Year Index6, returned 2.05% during the same period. The primary drivers of relative outperformance were the Fund’s duration and yield curve positioning. Municipal yields rose across the curve on the back of rising Treasury yields amid “higher-for-longer” messaging by the Fed and strong economic data releases. Therefore, the Fund’s shorter duration relative to the benchmark contributed to relative performance. Additionally, an underweight to short-term maturities, where yields rose most, and a slight overweight to intermediate maturities, where yields rose less, led to a positive impact on relative performance.
The Fund’s credit quality positioning also contributed to relative performance, mainly due to an overweight to bonds rated BBB and below. Lower rated, investment grade and non-investment grade bonds outperformed higher rated bonds over the period, partially due to lower supply of lower-rated bonds and a compression of credit spreads.
Security selection and the Fund’s sector allocation led to a negative impact on relative performance. In particular, an overweight to, as well as selection within, the Power, Industrial Development (IDR) and Health Care sectors detracted from relative returns. Within Health Care, an allocation to non-
investment grade Hospitals detracted from relative returns amid the selling pressures the segment faced due to negative financial results for 2022.
Intermediate Tax Free
The Intermediate Tax Free Fund returned 3.17%, reflecting performance at the net asset value (NAV) of class A Shares with all distributions reinvested, for the 12-month period ended September 30, 2023. The Fund’s benchmark, the Bloomberg 1-15 Year Municipal Bond Index7, returned 2.50% during the same period. The primary driver of relative performance over the period was the Fund’s credit quality positioning, specifically the Fund’s overweight to bonds rated BBB and below. Lower rated, investment grade and non-investment grade bonds outperformed, partially due to lower supply of lower-rated bonds and a compression of credit spreads.
Security selection also contributed to relative returns. In particular, selection within the General Obligation (GO), Leasing, Transportation and Special Tax sectors were contributors. Within the State GO sector, selection of Illinois State bonds contributed to relative returns as the issuer was upgraded amid the state government’s growing tax revenues, increased reserves and improvements in pension funding.
The Fund’s sector allocation detracted from relative performance, mainly from allocations to the IDR, Health Care and
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Education sectors. Within Health Care, an allocation to non-investment grade Hospitals detracted from relative returns amid the selling pressures the segment has faced given the negative financial results for 2022.
Duration positioning also detracted from relative performance. Overall, municipal yields rose across the curve on the back of rising Treasury yields amid “higher-for-longer” messaging by the Fed and strong economic data releases. Therefore, the Fund’s longer duration relative to the benchmark detracted from relative performance. However, some of this was offset by yield curve positioning. More specifically, an underweight to short maturity bonds, where yields rose most, and an overweight to intermediate-term bonds, where yields rose less, led to a positive impact on relative performance.
National Tax Free
The National Tax Free Fund returned 3.61%, reflecting performance at the net asset value (NAV) of class A Shares with all distributions reinvested, for the 12-month period ended September 30, 2023. The Fund’s benchmark, the Bloomberg Municipal Bond Index3, returned 2.66% during the same period. The primary driver of relative performance over the period was the Fund’s credit quality positioning, specifically the Fund’s overweight to bonds rated BBB and below. Lower-rated, investment grade and non-investment grade bonds outperformed higher-rated
bonds, partially due to lower supply of lower-rated bonds and a compression of credit spreads.
Security selection also contributed to relative returns. In particular, selection within the General Obligation, Leasing, IDR, Transportation and Special Tax sectors were contributors. The positive impact across many of these sectors was tied to selection of credits with favorable bond structures, including coupon, call protection and convexity profile.
The Fund’s sector allocation detracted from relative performance, mainly from allocations to the IDR, Health Care and Power sectors. Within Health Care, an allocation to non-investment grade Hospitals detracted from relative returns amid the selling pressures the segment has faced given the negative financial results for 2022.
Duration positioning also detracted from relative performance. Overall, municipal yields rose across the curve on the back of rising Treasury yields amid “higher-for-longer” messaging by the Fed and strong economic data releases. Therefore, the Fund’s longer duration relative to the benchmark detracted from relative performance. However, some of this was offset by yield curve positioning. More specifically, an underweight to short maturity bonds, where yields rose most, and an overweight to intermediate-term bonds, where yields rose less, led to a positive impact on relative performance.
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High Income Municipal Bond
The High Income Municipal Bond Fund returned 3.23%, reflecting performance at the net asset value (NAV) of class A Shares with all distributions reinvested, for the 12-month period ended September 30, 2023. The Fund’s benchmark, the Bloomberg High Yield Municipal Bond Index5, returned 3.48% during the same period. The primary drivers of relative underperformance over the period were security selection and the Fund’s sector allocation. In particular, allocations to, as well as selection within, the Education, Special Tax and IDR sectors detracted from relative performance. Within the Education sector, selection of lower-rated colleges, universities and charter schools experienced selling pressures and detracted from relative performance. Additionally, the Fund’s positioning within the Special Tax sector relative to the index, particularly its lesser weighting to various Puerto Rico bonds, led to a negative impact on relative performance.
The Fund’s credit quality positioning also detracted from relative performance. As high yield municipal bonds generally outperformed investment grade bonds over the period, the Fund’s modest exposure to AA and A-rated bonds, which the Fund maintains to enhance liquidity and provide diversification, compared to the fully non-investment grade benchmark, detracted from relative performance.
The Fund’s duration and yield curve positioning contributed to relative performance. An underweight to short maturity bonds, where yields rose most, and an overweight to intermediate-term bonds, where yields rose less, led to a positive impact on relative performance.
Short Duration High Income Municipal Bond
The Short Duration High Yield Municipal Bond Fund returned 3.27%, reflecting performance at the net asset value (NAV) of class A Shares with all distributions reinvested, for the 12-month period ended September 30, 2022. The Fund’s benchmark, the Bloomberg Municipal Bond 1-8 Year Index8, returned 2.08% during the same period. The primary drivers of relative performance were the Fund’s duration and yield curve positioning. In particular, an underweight to short-term maturities, where yields rose most, and a slight overweight to intermediate maturities, where yields rose less, led to a positive impact on relative performance.
The Fund’s credit quality positioning, specifically the Fund’s overweight to BBB-rated bonds, also contributed to relative performance. Lower-rated, investment grade bonds outperformed higher-rated bonds over the period, partially due to lower supply of lower-rated bonds and a compression of credit spreads.
Security selection led to a positive impact on relative performance, particularly within the IDR sector. More
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specifically, selection of various prepaid gas and commodity issuers outperformed and benefitted relative performance.
The Fund’s sector allocation detracted from relative returns. Most notably, an overweight to the Health Care sector and underweight to the Power sector dragged on relative performance. Within Health Care, an allocation to non-investment grade Hospitals detracted from relative returns amid the selling pressures the segment has faced given the negative financial results for 2022.
Sustainable Municipal Bond Fund
The Sustainable Municipal Bond Fund returned 3.57%, reflecting performance at the net asset value (NAV) of class A Shares with all distributions reinvested, for the 12-month period ended September 30, 2023. The Fund’s benchmark, the Bloomberg 1-15 Year Municipal Bond Index7, returned 2.50% during the same period. The primary driver of relative outperformance over the period was the Fund’s credit quality positioning. The Fund’s overweight to bonds rated BBB and below contributed to relative returns as lower rated, investment grade and non-investment grade bonds outperformed higher rated bonds over the period, partially due to lower supply and a compression of credit spreads.
Security selection also contributed to relative returns. In particular, selection within the Leasing, Education and Local GO sectors were contributors. The positive
impact across many of these sectors was tied to selection of credits with favorable bond structures, including coupon, call protection and convexity profile.
The Fund’s sector allocation had little impact on relative performance. While an overweight to the IDR and Housing sectors contributed to relative returns, this was offset by an overweight to the Education and Health Care sectors, which dragged on relative returns.
Duration positioning detracted from relative performance. The Fund’s longer duration relative to the benchmark detracted from relative performance as municipal yields rose across the curve on the back of rising Treasury yields amid “higher-for-longer” messaging by the Fed and strong economic data releases.
California Tax Free
The California Tax Free Fund returned 3.50%, reflecting performance at the net asset value (NAV) of class A Shares with all distributions reinvested, for the 12-month period ended September 30, 2023. The Fund’s benchmark, the Bloomberg Municipal Bond Index3, returned 2.66% during the same period. The primary driver of relative performance over the period was the Fund’s credit quality positioning, specifically the Fund’s overweight to bonds rated BBB and below. Lower-rated, investment grade and non-investment grade bonds outperformed higher-rated bonds, partially due to lower supply of lower-rated bonds and a compression of credit spreads.
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Security selection also contributed to relative returns. In particular, selection within the General Obligation, Health Care, Education, Transportation and Power sectors were contributors. The positive impact across many of these sectors was tied to selection of credits with favorable bond structures, including coupon, call protection and convexity profile.
Duration positioning detracted from relative performance. Municipal yields rose across the curve on the back of rising Treasury yields amid “higher-for-longer” messaging by the Fed and strong economic data releases. Therefore, the Fund’s longer duration detracted from relative performance. However, some of this was offset by yield curve positioning. More specifically, an underweight to short maturity bonds, where yields rose most, and an overweight to intermediate-term bonds, where yields rose less, led to a positive impact on relative performance.
The Fund’s sector allocation also detracted from relative performance. In particular, an overweight to the Education and Health Care sectors as well as an underweight to the Leasing sector led to a negative impact on relative performance. In regard to Health Care, an allocation to non-investment grade Hospitals detracted from relative returns amid the selling pressures the segment has faced given the negative financial results for 2022.
New Jersey Tax Free
The New Jersey Tax Free Fund returned 4.11%, reflecting performance at the net asset value (NAV) of class A Shares with all distributions reinvested, for the 12-month period ended September 30, 2023. The Fund’s benchmark, the Bloomberg Municipal Bond Index3, returned 2.66% during the same period. The primary driver of relative performance over the period was the Fund’s credit quality positioning. Lower-rated, investment grade and non-investment grade bonds outperformed higher-rated bonds over the period, partially due to lower supply of lower-rated bonds and a compression of credit spreads. Therefore, the Fund’s overweight to bonds rated BBB and below contributed to relative returns.
Security selection also contributed to relative returns. In particular, selection within the General Obligation, Health Care, Education, Leasing and Transportation sectors were contributors. Within the State GO sector, holdings of New Jersey state bonds led to a positive impact as the issuer was upgraded over the period amid its budget surplus and increasing pension payments.
The Fund’s sector allocation led to a positive impact on relative performance, particularly overweight allocations to the Tobacco and Leasing sectors.
New York Tax Free
The New York Tax Free Fund returned 3.93%, reflecting performance at the net asset value (NAV) of class A Shares with
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all distributions reinvested, for the 12-month period ended September 30, 2023. The Fund’s benchmark, the Bloomberg Municipal Bond Index3, returned 2.66% during the same period. The primary driver of relative outperformance over the period was the Fund’s credit quality positioning. Lower rated, investment grade and non-investment grade bonds outperformed higher rated bonds over the period, partially due to lower supply of lower-rated bonds and a compression of credit spreads. Therefore, the Fund’s overweight to bonds rated BBB and below contributed to relative returns.
Security selection also contributed to relative returns, mainly within the Transportation, Special Tax and Leasing sectors. The positive impact across many of these sectors was tied to selection of credits with favorable bond structures, including coupon, call protection and convexity profile.
Duration positioning detracted from relative performance. The Fund’s longer duration relative to the benchmark detracted from relative performance as municipal yields rose across the curve on the back of rising Treasury yields amid “higher-for-longer” messaging by the Fed and strong economic data releases.
The Fund’s sector allocation also detracted from relative performance. In particular, an overweight to the Health Care and Education sectors dragged on relative performance. Within Health Care, an allocation to non-investment grade Hospitals detracted from relative returns amid the selling pressures the segment has faced given the negative financial results for 2022 that were reported throughout the period.
Each Fund’s portfolio is actively managed and, therefore, holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.
1 Factset as of 9/30/2023
2 JPM as of 9/30/2023
3 The Bloomberg Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. Bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two ratings agencies. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.
4 Bloomberg BVAL AAA GO Municipal Yield Curve
5 The Bloomberg High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.
6 The Bloomberg Municipal Bond Short 1-5 Year Index is the Muni Short 1-5 year component of the Municipal Bond index. The Bloomberg Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at
8
least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.
7 The Bloomberg 1-15 Year Municipal Bond index is the 1-15 year component of the Municipal Bond index. The Bloomberg Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.
8 The Bloomberg Municipal Bond 1-8 Year Index is the 1-8 year component of the Municipal Bond index. The Bloomberg Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. Bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million.
Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.
Important Performance and Other Information
Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance
may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Funds will
fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain
performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.
Except where noted, comparative Fund performance does not account for the deduction of sales charges and would be different if sales charges were included. Each Fund offers classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see each Fund’s prospectus.
During certain periods shown, expense waivers and reimbursements were in place. Without such expense waivers and reimbursements, each Fund’s returns would have been lower.
The annual commentary above discusses the views of the Funds’ management and various portfolio holdings of the Funds as of September 30, 2023. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Funds’ portfolios are actively managed and may change significantly, the Funds may no longer own the securities described above or may have otherwise changed their positions in the securities. For more recent information about the Funds’ portfolio holdings, please visit www.lordabbett.com.
A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see the Fund’s prospectus.
Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.
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Short Duration Tax Free Fund
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Municipal Bond Short 1-5 Year Index and the Lipper Short Duration Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average
Annual Total Returns at Maximum Applicable | ||||||||
| 1 Year | 5 Year | 10 Year | Life of Class | |||||
| Class A4 | -0.01% | 0.21% | 0.51% | – | ||||
| Class C5 | 0.74% | 0.04% | 0.11% | – | ||||
| Class F6 | 2.39% | 0.77% | 0.83% | – | ||||
| Class F37 | 2.54% | 0.90% | – | 0.91% | ||||
| Class I6 | 2.50% | 0.87% | 0.94% | – | ||||
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions
reinvested for period shown ended September 30, 2023, is calculated using the SEC required uniform method to compute such return.
5 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
6 Performance is at net asset value.
7 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
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Intermediate Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg 1-15 Year Municipal Bond Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
| ||||||||
| 1 Year | 5 Year | 10 Year | Life of Class | |||||
| Class A3 | 0.89% | 0.33% | 1.69% | – | ||||
| Class C4 | 1.64% | 0.15% | 1.28% | – | ||||
| Class F5 | 3.38% | 0.88% | 2.02% | – | ||||
| Class F36 | 3.54% | 1.05% | – | 1.35% | ||||
| Class I5 | 3.48% | 0.98% | 2.12% | – | ||||
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2023, is calculated using the SEC required uniform method to compute such return.
4 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
5 Performance is at net asset value.
6 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
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National Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Municipal Bond Index and the Lipper General Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
| ||||||||
| 1 Year | 5 Year | 10 Year | Life of Class | |||||
| Class A4 | 1.24% | 0.08% | 2.30% | – | ||||
| Class C5 | 1.97% | -0.11% | 1.88% | – | ||||
| Class F6 | 3.72% | 0.63% | 2.63% | – | ||||
| Class F37 | 3.75% | 0.75% | – | 1.37% | ||||
| Class I6 | 3.72% | 0.72% | 2.71% | – | ||||
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2023, is calculated using the SEC required uniform method to compute such return.
5 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
6 Performance is at net asset value.
7 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
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High Income Municipal Bond Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg High Yield Municipal Bond Index, Bloomberg 65% High Yield Municipal Bond Index/35% Bloomberg Municipal Bond Index and the Lipper High Yield Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
| ||||||||
| 1 Year | 5 Year | 10 Year | Life of Class | |||||
| Class A4 | 0.86% | -0.08% | 3.11% | – | ||||
| Class C5 | 1.59% | -0.27% | 2.68% | – | ||||
| Class F6 | 3.33% | 0.49% | 3.44% | – | ||||
| Class F37 | 3.48% | 0.62% | – | 1.86% | ||||
| Class I6 | 3.43% | 0.58% | 3.51% | – | ||||
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for
periods shown ended September 30, 2023, is calculated using SEC required uniform method to compute such return.
5 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
6 Performance is at net asset value.
7 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
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Short Duration High Income Municipal Bond Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Municipal Bond 1-8 Year Index and the 50% Bloomberg Municipal Bond 1-8 Year Index/50% Bloomberg High Yield Municipal 1-8 Year Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
| ||||||||
| 1 Year | 5 Year | 10 Year | Life of Class | |||||
| Class A3 | 0.93% | 0.44% | – | 1.37% | ||||
| Class C4 | 1.59% | 0.22% | – | 0.95% | ||||
| Class F5 | 3.36% | 1.00% | – | 1.75% | ||||
| Class F36 | 3.55% | 1.16% | – | 1.70% | ||||
| Class I5 | 3.40% | 1.09% | – | 1.85% | ||||
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Class A shares commenced operations on June 1, 2015 and performance for the Class began on June 15, 2015. Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2023, is calculated using SEC required uniform method to compute such return.
4 Class C shares commenced operations on June 1, 2015 and performance for the Class began on June 15, 2015. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
5 Class F and Class I shares commenced operations on June 1, 2015 and performance for each class began on June 15, 2015. Performance is at net asset value.
6 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
14
Sustainable Municipal Bond Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg 1-15 Year Municipal Bond Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
| ||||||||
| 1 Year | 5 Year | 10 Year | Life of Class | |||||
| Class A3 | 1.27% | – | – | -5.88% | ||||
| Class C4 | 1.77% | – | – | -5.37% | ||||
| Class F5 | 3.67% | – | – | -4.50% | ||||
| Class F35 | 3.82% | – | – | -4.36% | ||||
| Class I5 | 3.78% | – | – | -4.40% | ||||
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Class A shares commenced operations on January 5, 2022 and performance for the Class began on January 20, 2022. Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods
shown ended September 30, 2023, is calculated using SEC required uniform method to compute such return.
4 Class C shares commenced operations on January 5, 2022 and performance for the Class began on January 20, 2022. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
5 Commenced operations on January 5, 2022 and performance for the Classes began on January 20, 2022. Performance is at net asset value.
15
California Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Municipal Bond Index and the Lipper California Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
| ||||||||
| 1 Year | 5 Year | 10 Year | Life of Class | |||||
| Class A5 | 1.16% | -0.21% | 2.20% | – | ||||
| Class C6 | 1.97% | -0.37% | 1.79% | – | ||||
| Class F7 | 3.61% | 0.36% | 2.53% | – | ||||
| Class F38 | 3.84% | 0.49% | – | 1.10% | ||||
| Class I7 | 3.71% | 0.44% | 2.63% | – | ||||
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
4 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
5 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions
reinvested for periods shown ended September 30, 2023, is calculated using the SEC required uniform method to compute such return.
6 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
7 Performance is at net asset value.
8 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
16
New Jersey Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Municipal Bond Index and the Lipper New Jersey Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of the other class will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
| ||||||||
| 1 Year | 5 Year | 10 Year | Life of Class | |||||
| Class A5 | 1.80% | 0.22% | 2.22% | – | ||||
| Class F6 | 4.21% | 0.76% | 2.56% | – | ||||
| Class F37 | 4.59% | 0.90% | – | 1.54% | ||||
| Class I6 | 4.32% | 0.82% | 2.67% | – | ||||
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
4 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
5 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25%
applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2023, is calculated using the SEC required uniform method to compute such return.
6 Performance is at net asset value.
7 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
17
New York Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Municipal Bond Index and the Lipper New York Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
| ||||||||
| 1 Year | 5 Year | 10 Year | Life of Class | |||||
| Class A5 | 1.57% | -0.05% | 1.89% | – | ||||
| Class C6 | 2.29% | -0.20% | 1.47% | – | ||||
| Class F7 | 4.04% | 0.52% | 2.22% | – | ||||
| Class F38 | 4.07% | 0.65% | – | 0.98% | ||||
| Class I7 | 4.04% | 0.61% | 2.31% | – | ||||
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
4 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
5 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions
reinvested for periods shown ended September 30, 2023, is calculated using the SEC required uniform method to compute such return.
6 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
7 Performance is at net asset value.
8 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
18
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees, distribution and service (12b-1) fees (these charges vary among the share classes), and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2023 through September 30, 2023).
Actual Expenses
For each class of each Fund, the first line of the applicable table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 4/1/23 – 9/30/23” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each Fund, the second line of the applicable table on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
19
Short Duration Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value | Ending Account Value | Expenses Paid During Period† |
|||||
| 4/1/23 | 9/30/23 | 4/1/23 - 9/30/23 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $ 996.10 | $3.25 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.81 | $3.29 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $ 993.70 | $6.30 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.75 | $6.38 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $ 996.60 | $2.75 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.31 | $2.79 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $ 997.30 | $2.05 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,023.01 | $2.08 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $ 997.10 | $2.25 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.81 | $2.28 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.65% for Class A, 1.26% for Class C, 0.55% for Class F, 0.41% for Class F3, and 0.45% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2023
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| AAA | 4.08 | % | |
| AA+ | 6.45 | % | |
| AA | 10.90 | % | |
| AA- | 9.10 | % | |
| A+ | 14.53 | % | |
| A | 18.57 | % | |
| A- | 10.10 | % | |
| BBB+ | 7.57 | % |
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| BBB | 1.16 | % | |
| BBB- | 5.55 | % | |
| BB+ | 0.34 | % | |
| BB | 0.41 | % | |
| BB- | 0.73 | % | |
| B | 0.21 | % | |
| NR | 10.30 | % | |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments, which excludes derivatives. |
20
Intermediate Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value | Ending Account Value | Expenses Paid During Period† |
|||||
| 4/1/23 | 9/30/23 | 4/1/23 - 9/30/23 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $ 974.20 | $3.51 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.51 | $3.60 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $ 971.20 | $6.52 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.45 | $6.68 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $ 974.70 | $2.97 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.06 | $3.04 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $ 976.40 | $2.23 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.81 | $2.28 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $ 975.20 | $2.53 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.51 | $2.59 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.71% for Class A, 1.32% for Class C, 0.60% for Class F, 0.45% for Class F3, and 0.51% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2023
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| AAA | 6.08 | % | |
| AA+ | 5.08 | % | |
| AA | 11.01 | % | |
| AA- | 9.50 | % | |
| A+ | 12.07 | % | |
| A | 12.89 | % | |
| A- | 9.46 | % | |
| BBB+ | 6.95 | % | |
| BBB | 4.54 | % |
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| BBB- | 7.17 | % | |
| BB+ | 1.95 | % | |
| BB | 0.80 | % | |
| BB- | 1.58 | % | |
| B+ | 0.52 | % | |
| B | 0.58 | % | |
| B- | 0.53 | % | |
| NR | 9.29 | % | |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments, which excludes derivatives. |
21
National Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value | Ending Account Value | Expenses Paid During Period† |
|||||
| 4/1/23 | 9/30/23 | 4/1/23 - 9/30/23 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $ 965.40 | $3.79 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.21 | $3.90 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $ 962.40 | $6.89 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.05 | $7.08 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $ 965.80 | $3.35 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.66 | $3.45 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $ 965.60 | $2.66 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.36 | $2.74 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $ 965.40 | $2.81 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.21 | $2.89 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.77% for Class A, 1.40% for Class C, 0.68% for Class F, 0.54% for Class F3, and 0.57% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2023
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| AAA | 2.73 | % | |
| AA+ | 4.74 | % | |
| AA | 13.04 | % | |
| AA- | 8.38 | % | |
| A+ | 11.39 | % | |
| A | 14.86 | % | |
| A- | 10.77 | % | |
| BBB+ | 7.79 | % | |
| BBB | 7.65 | % |
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| BBB- | 8.27 | % | |
| BB+ | 1.16 | % | |
| BB | 0.92 | % | |
| BB- | 1.15 | % | |
| B+ | 0.17 | % | |
| B | 0.79 | % | |
| B- | 0.59 | % | |
| NR | 5.60 | % | |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments, which excludes derivatives. |
22
High Income Municipal Bond Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value | Ending Account Value | Expenses Paid During Period† |
|||||
| 4/1/23 | 9/30/23 | 4/1/23 - 9/30/23 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $ 976.20 | $4.06 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.96 | $4.15 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $ 972.30 | $7.12 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.85 | $7.28 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $ 976.80 | $3.57 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.46 | $3.65 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $ 977.30 | $2.87 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.16 | $2.94 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $ 977.10 | $3.07 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.96 | $3.14 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.82% for Class A, 1.44% for Class C, 0.72% for Class F, 0.58% for Class F3, and 0.62% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2023
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| AAA | 0.12 | % | |
| AA+ | 0.51 | % | |
| AA | 2.86 | % | |
| AA- | 2.36 | % | |
| A+ | 2.66 | % | |
| A | 5.40 | % | |
| A- | 4.73 | % | |
| BBB+ | 3.22 | % | |
| BBB | 4.92 | % | |
| BBB- | 8.05 | % | |
| BB+ | 5.68 | % |
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| BB | 4.79 | % | |
| BB- | 6.77 | % | |
| B+ | 2.56 | % | |
| B | 2.19 | % | |
| B- | 3.49 | % | |
| CCC+ | 0.37 | % | |
| CCC | 0.09 | % | |
| CCC- | 1.06 | % | |
| D | 0.03 | % | |
| NR | 38.14 | % | |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments, which excludes derivatives. |
23
Short Duration High Income Municipal Bond Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value | Ending Account Value | Expenses Paid During Period† |
|||||
| 4/1/23 | 9/30/23 | 4/1/23 - 9/30/23 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $ 992.10 | $3.25 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.81 | $3.29 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $ 988.90 | $6.48 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.55 | $6.58 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $ 992.60 | $2.75 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.31 | $2.79 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $ 993.50 | $1.85 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,023.21 | $1.88 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $ 993.10 | $2.25 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.81 | $2.28 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.65% for Class A, 1.30% for Class C, 0.55% for Class F, 0.37% for Class F3, and 0.45% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2023
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| AAA | 0.15 | % | |
| AA+ | 0.61 | % | |
| AA | 3.46 | % | |
| AA- | 0.75 | % | |
| A+ | 4.27 | % | |
| A | 7.19 | % | |
| A- | 4.49 | % | |
| BBB+ | 6.15 | % | |
| BBB | 5.31 | % | |
| BBB- | 12.01 | % |
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| BB+ | 6.25 | % | |
| BB | 4.50 | % | |
| BB- | 9.61 | % | |
| B+ | 5.24 | % | |
| B | 3.08 | % | |
| B- | 2.32 | % | |
| CCC+ | 0.84 | % | |
| NR | 23.77 | % | |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments, which excludes derivatives. |
24
Sustainable Municipal Bond Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value | Ending Account Value | Expenses Paid During Period† |
|||||
| 4/1/23 | 9/30/23 | 4/1/23 - 9/30/23 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $ 977.00 | $3.12 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.91 | $3.19 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $ 973.20 | $6.93 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.05 | $7.08 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $ 977.50 | $2.63 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.41 | $2.69 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $ 978.20 | $1.93 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,023.11 | $1.98 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $ 978.00 | $2.13 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.91 | $2.18 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.63% for Class A, 1.40% for Class C, 0.53% for Class F, 0.39% for Class F3, and 0.43% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2023
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| AAA | 10.41 | % | |
| AA+ | 0.51 | % | |
| AA | 6.23 | % | |
| AA- | 5.13 | % | |
| A+ | 16.94 | % | |
| A | 18.95 | % | |
| BBB+ | 4.68 | % |
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| BBB | 4.83 | % | |
| BBB- | 10.57 | % | |
| BB+ | 4.04 | % | |
| BB | 6.10 | % | |
| NR | 11.61 | % | |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments, which excludes derivatives. |
25
California Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value | Ending Account Value | Expenses Paid During Period† |
|||||
| 4/1/23 | 9/30/23 | 4/1/23 - 9/30/23 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $ 961.40 | $3.74 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.26 | $3.85 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $ 959.40 | $6.78 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.15 | $6.98 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $ 961.90 | $3.25 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.76 | $3.35 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $ 963.50 | $2.66 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.36 | $2.74 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $ 962.30 | $2.75 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.26 | $2.84 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.76% for Class A, 1.38% for Class C, 0.66% for Class F, 0.54% for Class F3, and 0.56% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2023
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| AAA | 0.66 | % | |
| AA+ | 2.85 | % | |
| AA | 29.08 | % | |
| AA- | 10.80 | % | |
| A+ | 7.81 | % | |
| A | 11.57 | % | |
| A- | 6.81 | % | |
| BBB+ | 6.22 | % | |
| BBB | 5.44 | % |
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| BBB- | 6.21 | % | |
| BB | 1.82 | % | |
| BB- | 0.64 | % | |
| B+ | 0.09 | % | |
| B | 0.19 | % | |
| CCC | 0.04 | % | |
| CCC- | 0.08 | % | |
| NR | 9.69 | % | |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments, which excludes derivatives. |
26
New Jersey Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value | Ending Account Value | Expenses Paid During Period† |
|||||
| 4/1/23 | 9/30/23 | 4/1/23 - 9/30/23 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $ 965.20 | $4.04 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.96 | $4.15 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $ 965.60 | $3.55 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.46 | $3.65 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $ 966.40 | $2.86 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.16 | $2.94 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $ 964.10 | $3.05 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.96 | $3.14 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.82% for Class A, 0.72% for Class F, 0.58% for Class F3, and 0.62% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2023
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| AAA | 1.20 | % | |
| AA+ | 2.10 | % | |
| AA | 16.12 | % | |
| AA- | 19.33 | % | |
| A+ | 9.58 | % | |
| A | 24.90 | % | |
| A- | 2.43 | % |
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| BBB+ | 8.43 | % | |
| BBB | 3.98 | % | |
| BBB- | 3.83 | % | |
| BB+ | 0.21 | % | |
| BB- | 2.35 | % | |
| NR | 5.54 | % | |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments, which excludes derivatives. |
27
New York Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value | Ending Account Value | Expenses Paid During Period† |
|||||
| 4/1/23 | 9/30/23 | 4/1/23 - 9/30/23 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $ 962.10 | $3.84 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.16 | $3.95 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $ 959.00 | $6.83 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.10 | $7.03 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $ 962.60 | $3.35 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.66 | $3.45 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $ 962.30 | $2.66 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.36 | $2.74 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $ 962.10 | $2.85 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.16 | $2.94 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.78% for Class A, 1.39% for Class C, 0.68% for Class F, 0.54% for Class F3, and 0.58% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2023
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| AAA | 4.26 | % | |
| AA+ | 14.33 | % | |
| AA | 11.36 | % | |
| AA- | 9.44 | % | |
| A+ | 3.34 | % | |
| A | 6.59 | % | |
| A- | 13.95 | % | |
| BBB+ | 7.37 | % | |
| BBB | 8.17 | % | |
| BBB- | 8.92 | % |
| Credit Rating: S&P or Moody’s(a) |
%* | ||
| BB+ | 1.08 | % | |
| BB | 0.42 | % | |
| BB- | 0.68 | % | |
| B+ | 1.22 | % | |
| B | 0.35 | % | |
| B- | 0.83 | % | |
| CCC+ | 0.43 | % | |
| NR | 7.26 | % | |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments, which excludes derivatives. |
28
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount |
Fair Value |
|||||||||
| LONG-TERM INVESTMENTS 92.80% | ||||||||||||||
| MUNICIPAL BONDS 92.80% | ||||||||||||||
| Corporate-Backed 6.88% | ||||||||||||||
| Allegheny County Industrial Development Authority–US Steel Corporation PA | 4.875% | 11/1/2024 | BB- | $ | 4,500,000 | $ | 4,492,125 | |||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 10/1/2052 | A2 | 19,500,000 | 18,959,156 | ||||||||
| City of Farmington–Public Service Co of NM | 3.90% | #(b) | 6/1/2040 | BBB | 2,500,000 | 2,427,944 | ||||||||
| County of Nez Perce–Potlatchdeltic Corp ID | 2.75% | 10/1/2024 | BBB- | 11,310,000 | 11,109,200 | |||||||||
| Development Authority of Burke County–Oglethorpe Power Corp GA | 1.50% | #(b) | 1/1/2040 | BBB+ | 3,750,000 | 3,549,408 | ||||||||
| Downtown Doral South Community Development District FL† | 3.875% | 12/15/2023 | NR | 55,000 | 54,895 | |||||||||
| Industrial Development Board of the City of Mobile Alabama–Alabama Power Company | 1.00% | #(b) | 6/1/2034 | A1 | 3,100,000 | 2,923,586 | ||||||||
| Industrial Development Board of the City of Mobile Alabama–Alabama Power Company | 2.90% | #(b) | 7/15/2034 | A1 | 20,000,000 | 19,933,626 | ||||||||
| Matagorda County Navigation District No. 1–Aep Texas Inc (AMBAC) | 4.40% | 5/1/2030 | A- | 1,500,000 | 1,461,026 | |||||||||
| Niagara Area Development Corp.–Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B | 750,000 | 736,397 | |||||||||
| Ohio Air Quality Development Authority–American Electric Pwr Co | 1.90% | #(b) | 5/1/2026 | BBB+ | 2,000,000 | 1,928,305 | ||||||||
| Ohio Air Quality Development Authority–American Electric Pwr Co | 2.40% | #(b) | 12/1/2038 | BBB+ | 10,700,000 | 8,945,623 | ||||||||
| Ohio Air Quality Development Authority–Ohio valley Electric Corp | 1.50% | #(b) | 2/1/2026 | Baa3 | 1,000,000 | 909,462 | ||||||||
| Parish of St. James–Nustar Logistics LP LA† | 5.85% | #(b) | 8/1/2041 | BB- | 3,500,000 | 3,556,067 | ||||||||
| Parish of St. John the Baptist–Marathon Oil Corporation LA | 2.10% | #(b) | 6/1/2037 | BBB- | 8,000,000 | 7,853,311 | ||||||||
| Parish of St. John the Baptist–Marathon Oil Corporation LA | 2.125% | #(b) | 6/1/2037 | BBB- | 6,150,000 | 6,038,343 | ||||||||
| Parish of St. John the Baptist–Marathon Oil Corporation LA | 2.375% | #(b) | 6/1/2037 | BBB- | 4,575,000 | 4,275,960 | ||||||||
| See Notes to Financial Statements. | 29 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount |
Fair Value |
|||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Parish of St. John the Baptist–Marathon Oil Corporation LA | 4.05% | #(b) | 6/1/2037 | BBB- | $ | 4,650,000 | $ | 4,569,230 | ||||||
| Public Finance Authority–Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 1,455,000 | 1,322,900 | |||||||||
| Selma Industrial Development Board–International Paper Co AL | 2.00% | #(b) | 11/1/2033 | BBB | 2,625,000 | 2,565,093 | ||||||||
| State of Ohio–Republic Services Inc | 3.95% | #(b) | 11/1/2035 | BBB+ | 2,000,000 | 1,998,895 | ||||||||
| Total | 109,610,552 | |||||||||||||
| Education 6.38% | ||||||||||||||
| California Community Choice Financing Authority | 5.258% (SOFR * .67 + 1.70% | )# | 5/1/2053 | A1 | 15,000,000 | 14,986,123 | ||||||||
| California State University | 0.55% | #(b) | 11/1/2049 | Aa2 | 5,000,000 | 4,383,790 | ||||||||
| Capital Trust Agency, Inc.–Renaissance Chtr Sch 2019 FL† | 4.00% | 6/15/2029 | NR | 1,215,000 | 1,129,026 | |||||||||
| Connecticut State Health & Educational Facilities Authority | 2.80% | #(b) | 7/1/2057 | AAA | 9,850,000 | 9,498,423 | ||||||||
| Connecticut State Health & Educational Facilities Authority–Yale University | 3.95% | #(b) | 7/1/2042 | AAA | 9,700,000 | 9,700,000 | ||||||||
| Development Authority Of The City Of Marietta–Life University Inc GA† | 5.00% | 11/1/2023 | Ba3 | 2,280,000 | 2,277,975 | |||||||||
| Florida Higher Educational Facilities Financial Authority–St Leo Univ Inc Oblig Grp | 5.00% | 3/1/2024 | BB | 640,000 | 637,646 | |||||||||
| Florida Higher Educational Facilities Financial Authority–St Leo Univ Inc Oblig Grp | 5.00% | 3/1/2025 | BB | 675,000 | 666,674 | |||||||||
| Hospital Facilities Authority of Multnomah County Oregon–Mirabella So Waterfront | 5.00% | 10/1/2024 | NR | 335,000 | 336,516 | |||||||||
| Illinois Finance Authority–Illinois Inst of Tech | 5.00% | 9/1/2028 | Ba2 | 1,135,000 | 1,115,108 | |||||||||
| Illinois Finance Authority–Illinois Inst of Tech | 5.00% | 9/1/2029 | Ba2 | 630,000 | 616,116 | |||||||||
| Louisiana State Citizens Property Insurance Corp. | 5.00% | 6/1/2025 | A1 | 7,490,000 | 7,619,954 | |||||||||
| Louisiana State Citizens Property Insurance Corp. | 5.00% | 6/1/2026 | A1 | 6,740,000 | 6,932,201 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2028 | A2 | 3,000,000 | 3,140,282 | |||||||||
| Ohio Air Quality Development Authority–Duke Energy Corp | 4.00% | #(b) | 9/1/2030 | BBB | 1,300,000 | 1,272,158 | ||||||||
| 30 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Pennsylvania Higher Educational Facilities Authority–Thomas Jefferson Univ Oblig | 4.51% | #(b) | 9/1/2045 | A | $ | 12,925,000 | $ | 12,925,000 | ||||||
| Sauquoit Valley Central School District NY GO | 4.50% | 6/21/2024 | NR | 9,285,000 | 9,315,865 | |||||||||
| School District of Broward County FL | 5.00% | 7/1/2035 | Aa3 | 5,000,000 | 5,368,081 | |||||||||
| University of Colorado | 2.00% | #(b) | 6/1/2054 | Aa1 | 10,000,000 | 9,730,212 | ||||||||
| Total | 101,651,150 | |||||||||||||
| Energy 0.52% | ||||||||||||||
| New Mexico Municipal Energy Acquisition Authority | 5.00% | #(b) | 11/1/2039 | Aa1 | 8,300,000 | 8,305,998 | ||||||||
| General Obligation 20.59% | ||||||||||||||
| Borough of Riverdale NJ GO | 4.75% | 6/5/2024 | NR | 8,021,000 | 8,060,111 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2023 | BB+ | 3,330,000 | 3,335,064 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2033 | AA | 1,850,000 | 1,887,879 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2034 | AA | 4,300,000 | 4,379,710 | |||||||||
| City of Auburn NY GO | 4.75% | 8/15/2024 | NR | 11,813,815 | 11,868,304 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2026 | BBB+ | 6,890,000 | 7,007,926 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2028 | BBB+ | 4,900,000 | 5,034,175 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2029 | BBB+ | 10,420,000 | 10,760,747 | |||||||||
| City of Chicago IL GO | 5.25% | 1/1/2027 | BBB+ | 1,665,000 | 1,691,963 | |||||||||
| City of Newark NJ GO | 5.00% | 9/27/2024 | NR | 10,000,000 | 10,033,892 | |||||||||
| Commonwealth Financing Authority PA | 5.00% | 6/1/2025 | A1 | 2,895,000 | 2,941,963 | |||||||||
| Commonwealth of Pennsylvania | 5.00% | 10/1/2023 | Aa3 | 20,900,000 | 20,900,000 | |||||||||
| Commonwealth of Pennsylvania (AGM) GO | 5.00% | 9/15/2025 | AA | 7,670,000 | 7,847,674 | |||||||||
| County of Camden NJ GO | 4.50% | 5/22/2024 | NR | 9,000,000 | 9,024,201 | |||||||||
| County of Dane WI GO | 4.00% | 6/1/2025 | AAA | 6,385,000 | 6,417,609 | |||||||||
| County of Fairfax VA GO | 4.00% | 10/1/2026 | AAA | 9,335,000 | 9,444,403 | |||||||||
| Florida Insurance Assistance Interlocal Agency, Inc. | 4.40% | #(b) | 9/1/2032 | A2 | 10,000,000 | 10,000,000 | ||||||||
| Florida Insurance Assistance Interlocal Agency, Inc. | 5.00% | 9/1/2025 | A2 | 25,540,000 | 25,849,591 | |||||||||
| Hoosick Falls Central School District NY GO | 4.50% | 8/2/2024 | NR | 18,120,000 | 18,188,419 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2035 | A2 | 2,690,000 | 2,900,419 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2036 | A2 | 4,325,000 | 4,617,013 | |||||||||
| See Notes to Financial Statements. | 31 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2024 | A2 | $ | 1,500,000 | $ | 1,508,571 | |||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2024 | A2 | 4,000,000 | 4,023,130 | |||||||||
| Northside Independent School District TX GO (PSF GTD) | 1.60% | #(b) | 8/1/2049 | Aaa | 2,700,000 | 2,638,921 | ||||||||
| Portland Community College District OR GO | 5.00% | 6/15/2038 | NR | 3,500,000 | 3,746,210 | |||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2024 | A1 | 900,000 | 906,847 | |||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2025 | A1 | 1,200,000 | 1,218,754 | |||||||||
| State of Connecticut GO | 5.00% | 10/15/2026 | AA- | 5,000,000 | 5,198,118 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2023 | A- | 10,000,000 | 10,004,379 | |||||||||
| State of Illinois GO | 5.00% | 3/1/2025 | A- | 5,500,000 | 5,561,259 | |||||||||
| State of Illinois GO | 5.00% | 12/1/2025 | A- | 10,000,000 | 10,177,322 | |||||||||
| State of Illinois GO | 5.00% | 3/1/2027 | A- | 7,500,000 | 7,716,585 | |||||||||
| State of Illinois GO | 5.00% | 2/1/2028 | A- | 5,990,000 | 6,154,140 | |||||||||
| State of Illinois GO | 5.00% | 10/1/2029 | A- | 2,115,000 | 2,190,054 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2030 | A- | 7,200,000 | 7,326,442 | |||||||||
| State of Illinois GO | 5.25% | 2/1/2030 | A- | 3,000,000 | 3,001,922 | |||||||||
| Tender Option Bond Trust Receipts/Certificates AL† | 4.35% | # | 8/22/2035 | A1 | 9,495,000 | 9,495,000 | ||||||||
| Tennessee Energy Acquisition Corp. | 5.00% | #(b) | 5/1/2053 | A2 | 10,000,000 | 9,980,793 | ||||||||
| Town of Westborough MA GO | 5.00% | 3/28/2024 | NR | 15,000,000 | 15,093,222 | |||||||||
| Township of Barnegat NJ GO | 5.00% | 5/23/2024 | NR | 9,825,000 | 9,898,235 | |||||||||
| Township of Woodbridge NJ GO | 4.50% | 3/15/2024 | NR | 15,000,000 | 15,048,582 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2035 | NR | 1,000,000 | 1,095,542 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2036 | NR | 1,800,000 | 1,951,991 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2036 | AA | 5,000,000 | 5,309,988 | |||||||||
| Western Placer Unified School District CA Special Tax | 2.00% | 6/1/2025 | A2 | 2,000,000 | 1,906,114 | |||||||||
| Western Placer Unified School District CA Special Tax | 2.00% | 6/1/2025 | A3 | 4,750,000 | 4,512,543 | |||||||||
| Total | 327,855,727 | |||||||||||||
| 32 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care 16.95% | ||||||||||||||
| Allegheny County Hospital Development Authority PA | 5.00% | 4/1/2026 | A | $ | 2,500,000 | $ | 2,551,156 | |||||||
| Berks County Industrial Development Authority–Tower Health Oblig Group PA | 5.00% | 11/1/2026 | B | 875,000 | 594,371 | |||||||||
| Berks County Municipal Authority–Tower Health Oblig Group PA | 5.00% | #(b) | 2/1/2040 | B | 3,125,000 | 2,032,137 | ||||||||
| California Municipal Finance Authority–Eisenhower Medical Center | 5.00% | 7/1/2026 | Baa2 | 1,345,000 | 1,360,323 | |||||||||
| Charlotte-Mecklenburg Hospital Authority–Atrium Health Oblig Grp NC | 5.00% | #(b) | 1/15/2050 | AA | 4,275,000 | 4,501,708 | ||||||||
| Charlotte-Mecklenburg Hospital Authority–Atrium Health Oblig Grp NC | 5.00% | #(b) | 1/15/2050 | AA | 10,000,000 | 10,086,569 | ||||||||
| City of Lenexa–Lakeview Village Inc KS | 5.00% | 5/15/2025 | BB+ | (c) | 990,000 | 988,123 | ||||||||
| City of Seneca–Nemaha Valley Cmnty Hosp KS | 5.00% | 9/1/2025 | NR | 2,000,000 | 1,986,251 | |||||||||
| Colorado Health Facilities Authority–Adventhealth Oblig Group | 5.00% | #(b) | 11/15/2048 | AA | 13,525,000 | 13,782,040 | ||||||||
| Colorado Health Facilities Authority–Adventhealth Oblig Group | 5.00% | #(b) | 11/15/2049 | NR | 185,000 | 192,459 | ||||||||
| Colorado Health Facilities Authority–Adventhealth Oblig Group | 5.00% | #(b) | 11/15/2049 | AA | 1,825,000 | 1,872,839 | ||||||||
| County of Cuyahoga–The Metrohealth System OH | 5.00% | 2/15/2025 | BBB | 1,500,000 | 1,507,395 | |||||||||
| County of Lehigh–Lehigh VY Hlth Netwrk Oblig PA | 5.00% | 7/1/2026 | A+ | 1,755,000 | 1,790,880 | |||||||||
| County of Lehigh–St Luke’s Hosp Oblig Grp PA | 5.08% (MUNIPSA * 1 + 1.10% | )# | 8/15/2038 | A- | 14,605,000 | 14,434,260 | ||||||||
| County of Miami-Dade–Public Hlth Trust Miami FL | 5.00% | 6/1/2026 | Aa2 | 4,165,000 | 4,197,034 | |||||||||
| Franklin County Industrial Development Authority–Menno-Haven Inc Oblig Grp PA | 5.00% | 12/1/2023 | NR | 500,000 | 499,008 | |||||||||
| General Authority of Southcentral Pennsylvania–Wellspan Hlth Oblig Grp | 4.58% (MUNIPSA * 1 + .60% | )# | 6/1/2049 | Aa3 | 9,000,000 | 8,995,954 | ||||||||
| Harris County Cultural Education Facilities Finance Corp.–Memorial Hermann Hlth Oblig TX | 4.55% (MUNIPSA * 1 + .57% | )# | 12/1/2049 | Aa3 | 7,770,000 | 7,773,158 | ||||||||
| See Notes to Financial Statements. | 33 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Harris County Cultural Education Facilities Finance Corp.–Memorial Hermann Hlth Oblig TX | 4.83% (MUNIPSA * 1 + .85% | )# | 7/1/2049 | Aa3 | $ | 11,000,000 | $ | 10,992,236 | ||||||
| Harris County Cultural Education Facilities Finance Corp.–Memorial Hermann Hlth Oblig TX | 5.00% | #(b) | 7/1/2049 | Aa3 | 5,420,000 | 5,565,689 | ||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia–Temple Univ Hlth Oblig Grp PA | 5.00% | 7/1/2027 | BBB | 5,000,000 | 5,045,290 | |||||||||
| Illinois Finance Authority–Plymouth Place Oblig Group | 5.00% | 5/15/2025 | NR | 530,000 | 535,661 | |||||||||
| Illinois Finance Authority–Univ Chicago Med Ctr Og | 5.00% | #(b) | 8/15/2052 | AA- | 7,200,000 | 7,457,897 | ||||||||
| Industrial Development Authority of the County of Pima–La Posada Park Centre Oblig AZ† | 5.125% | 11/15/2029 | NR | 1,500,000 | 1,477,896 | |||||||||
| Kentucky Economic Development Finance Authority–Owensboro Health Inc Oblig | 5.00% | 6/1/2025 | Baa2 | 1,400,000 | 1,407,042 | |||||||||
| Lee Memorial Health System Oblig FL | 5.00% | 4/1/2025 | A+ | 2,625,000 | 2,654,338 | |||||||||
| Maricopa County Industrial Development Authority–Banner Health Oblig Group AZ | 4.55% (MUNIPSA * 1 + .57% | )# | 1/1/2035 | AA- | 4,410,000 | 4,399,720 | ||||||||
| Massachusetts Development Finance Agency–Mass General Brigham Inc | 5.00% | #(b) | 7/1/2038 | AA- | 2,000,000 | 2,004,460 | ||||||||
| Massachusetts Development Finance Agency–Wellforce Oblig Group | 5.00% | 7/1/2024 | BBB- | 2,030,000 | 2,039,202 | |||||||||
| Massachusetts Development Finance Agency–Wellforce Oblig Group | 5.00% | 7/1/2025 | BBB- | 800,000 | 802,037 | |||||||||
| Michigan Finance Authority–Trinity Hlth Corp Oblig | 5.00% | 12/1/2026 | AA- | 2,250,000 | 2,331,423 | |||||||||
| Monroeville Finance Authority–UPMC Oblig Group PA | 5.00% | 2/15/2024 | A | 1,015,000 | 1,017,955 | |||||||||
| Montgomery County Higher Education & Health Authority–Thomas Jefferson Univ Oblig PA | 5.00% | 9/1/2026 | A | 1,150,000 | 1,171,674 | |||||||||
| Montgomery County Higher Education & Health Authority–Thomas Jefferson Univ Oblig PA | 5.00% | 9/1/2027 | A | 1,500,000 | 1,541,153 | |||||||||
| Montgomery County Higher Education & Health Authority–Thomas Jefferson Univ Oblig PA | 5.00% | 9/1/2028 | A | 1,850,000 | 1,915,109 | |||||||||
| 34 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New Jersey Health Care Facilities Financing Authority–Hackensack Merdn Hlth Oblig | 5.00% | 7/1/2026 | AA- | $ | 3,900,000 | $ | 4,044,258 | |||||||
| New Jersey Health Care Facilities Financing Authority–St Joseph’s Hlthcr Oblig | 5.00% | 7/1/2025 | BBB- | 1,600,000 | 1,600,630 | |||||||||
| New Jersey Health Care Facilities Financing Authority–Valley Hlth Sys Oblig Grp | 5.00% | 7/1/2027 | A | 1,250,000 | 1,298,679 | |||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 5.00% | 8/1/2024 | BBB- | 1,500,000 | 1,493,699 | |||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 5.00% | 9/1/2027 | BBB- | 1,400,000 | 1,401,884 | |||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 5.00% | 9/1/2028 | BBB- | 1,500,000 | 1,505,202 | |||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 5.00% | 9/1/2029 | BBB- | 1,750,000 | 1,756,749 | |||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 5.00% | 9/1/2030 | BBB- | 1,000,000 | 1,003,941 | |||||||||
| North Carolina Medical Care Commission–Southminster Inc Oblig Grp | 5.00% | 10/1/2023 | NR | 750,000 | 750,000 | |||||||||
| Northampton County General Purpose Authority–St Luke’s Hosp Oblig Grp PA | 4.851% (1 mo. USD LIBOR * .70 + 1.04% | )# | 8/15/2048 | A- | 8,000,000 | 8,000,241 | ||||||||
| Oklahoma Development Finance Authority–Ou Medicine Oblig Grp | 5.00% | 8/15/2025 | BB- | 550,000 | 541,880 | |||||||||
| Oklahoma Development Finance Authority–Ou Medicine Oblig Grp | 5.00% | 8/15/2026 | BB- | 800,000 | 783,520 | |||||||||
| Oneida County Local Development Corp.–Mohawk Valley Hlth Oblig NY (AGM) | 5.00% | 12/1/2027 | AA | 1,400,000 | 1,402,521 | |||||||||
| Oneida County Local Development Corp.–Mohawk Valley Hlth Oblig NY (AGM) | 5.00% | 12/1/2028 | AA | 1,000,000 | 1,001,695 | |||||||||
| Orange County Health Facilities Authority–Orlando Hlth Oblig Group FL | 5.00% | 10/1/2027 | A+ | 1,000,000 | 1,042,557 | |||||||||
| Orange County Health Facilities Authority–Orlando Hlth Oblig Group FL | 5.00% | 10/1/2028 | A+ | 750,000 | 790,093 | |||||||||
| Pennsylvania Higher Educational Facilities Authority–Univ of Penn Hlth Sys Oblig | 5.00% | 8/15/2027 | AA | 1,250,000 | 1,304,063 | |||||||||
| Rib Floater Trust Various States–Morselife Oblig Group FL† | 4.33% | # | 10/1/2054 | A1 | 19,815,000 | 19,815,000 | ||||||||
| Rib Floater Trust Various States CO† | 4.28% | # | 2/1/2046 | NR | 20,000,000 | 20,000,000 | ||||||||
| Rib Floater Trust Various States TX† | 4.28% | # | 11/15/2046 | AA+ | 20,000,000 | 20,000,000 | ||||||||
| See Notes to Financial Statements. | 35 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| South Carolina Jobs-Economic Development Authority–Kiawah Life Plan Vlg Inc | 5.25% | 11/15/2028 | NR | $ | 2,850,000 | $ | 2,805,965 | |||||||
| State of Ohio–Univ Hosp Hlth Sys Oblig Gp | 4.00% | 1/15/2028 | A | 500,000 | 497,368 | |||||||||
| State of Ohio–Univ Hosp Hlth Sys Oblig Gp | 4.46% | #(b) | 1/15/2045 | A2 | 10,035,000 | 10,035,000 | ||||||||
| State of Ohio–Univ Hosp Hlth Sys Oblig Gp | 5.00% | 1/15/2026 | A | 500,000 | 508,036 | |||||||||
| State of Ohio–Univ Hosp Hlth Sys Oblig Gp | 5.00% | 1/15/2027 | A | 250,000 | 256,153 | |||||||||
| Tarrant County Cultural Education Facilities Finance Corp.–Baylor Scott & White Oblig TX | 5.00% | #(b) | 11/15/2052 | AA- | 2,180,000 | 2,220,812 | ||||||||
| Tulsa County Industrial Authority–Montereau Oblig Group OK | 5.00% | 11/15/2026 | BBB- | (c) | 500,000 | 502,836 | ||||||||
| Washington Health Care Facilities Authority–Commonspirit Hlth Oblig | 5.00% | #(b) | 8/1/2049 | A- | 7,515,000 | 7,613,888 | ||||||||
| Washington Health Care Facilities Authority–Commonspirit Hlth Oblig | 5.38% (MUNIPSA * 1 + 1.40% | )# | 1/1/2035 | A- | 2,000,000 | 2,000,702 | ||||||||
| Wisconsin Health & Educational Facilities Authority–Advocate Aurora Hlth Oblig | 5.00% | #(b) | 8/15/2054 | AA | 5,805,000 | 5,934,414 | ||||||||
| Wisconsin Health & Educational Facilities Authority–Marshfield Clinic Hlth Oblig | 5.36% | #(b) | 2/15/2053 | BBB+ | 16,475,000 | 16,475,000 | ||||||||
| Total | 269,891,233 | |||||||||||||
| Home Furnishings 0.63% | ||||||||||||||
| Rib Floater Trust Various States MD† | 4.33% | # | 11/15/2049 | A1 | 10,000,000 | 10,000,000 | ||||||||
| Housing 6.56% | ||||||||||||||
| California Housing Finance Agency | 4.00% | 3/20/2033 | BBB+ | 939,372 | 894,184 | |||||||||
| Connecticut Housing Finance Authority | 4.00% | 5/15/2049 | AAA | 3,620,000 | 3,515,285 | |||||||||
| Florida Housing Finance Corp. (GNMA/FNMA/FHLMC) | 3.00% | 1/1/2052 | Aaa | 2,375,000 | 2,247,828 | |||||||||
| Florida Housing Finance Corp. (GNMA/FNMA/FHLMC) | 3.00% | 7/1/2052 | Aaa | 3,195,000 | 3,001,671 | |||||||||
| Maryland Community Development Administration | 4.00% | 9/1/2049 | Aa1 | 2,205,000 | 2,154,701 | |||||||||
| Michigan State Housing Development Authority | 4.25% | 12/1/2049 | AA+ | 3,335,000 | 3,276,443 | |||||||||
| Minnesota Housing Finance Agency (GNMA/FNMA/FHLMC) | 4.25% | 7/1/2049 | AA+ | 2,600,000 | 2,551,144 | |||||||||
| 36 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Minnesota Housing Finance Agency (GNMA/FNMA/FHLMC) | 5.00% | 7/1/2053 | AA+ | $ | 7,065,000 | $ | 7,097,555 | |||||||
| Missouri Housing Development Commission (GNMA/FNMA/FHLMC) | 3.25% | 11/1/2052 | AA+ | 1,825,000 | 1,728,072 | |||||||||
| Missouri Housing Development Commission (GNMA/FNMA/FHLMC) | 4.25% | 5/1/2047 | AA+ | 2,840,000 | 2,790,370 | |||||||||
| New York City Housing Development Corp. NY (FHA) | 0.70% | #(b) | 5/1/2060 | AA+ | 2,000,000 | 1,903,405 | ||||||||
| New York State Housing Finance Agency (SONYMA) | 0.75% | 11/1/2025 | Aa2 | 11,530,000 | 10,543,642 | |||||||||
| New York State Housing Finance Agency (SONYMA) (FHA) | 0.75% | 11/1/2025 | Aa2 | 5,000,000 | 4,586,099 | |||||||||
| North Carolina Housing Finance Agency (GNMA/FNMA/FHLMC) | 4.00% | 1/1/2050 | AA+ | 2,755,000 | 2,697,470 | |||||||||
| North Dakota Housing Finance Agency | 4.00% | 1/1/2050 | Aa1 | 3,380,000 | 3,282,147 | |||||||||
| Ohio Housing Finance Agency | 4.50% | 3/1/2050 | Aaa | 3,165,000 | 3,127,624 | |||||||||
| South Carolina State Housing Finance & Development Authority | 4.00% | 1/1/2050 | Aaa | 3,075,000 | 2,990,873 | |||||||||
| State of New York Mortgage Agency | 3.50% | 4/1/2049 | Aa1 | 830,000 | 809,199 | |||||||||
| Tender Option Bond Trust Receipts/Certificates FL† | 4.35% | # | 11/1/2035 | A1 | 35,000,000 | 35,000,000 | ||||||||
| Wisconsin Housing & Economic Development Authority Housing Revenue (HUD SECT 8) | 0.61% | #(b) | 11/1/2042 | AA+ | 2,505,000 | 2,435,018 | ||||||||
| Wisconsin Housing & Economic Development Authority Housing Revenue (HUD SECT 8) | 0.81% | #(b) | 11/1/2052 | AA+ | 8,250,000 | 7,791,971 | ||||||||
| Total | 104,424,701 | |||||||||||||
| Lease Obligations 2.10% | ||||||||||||||
| California State Public Works Board | 5.00% | 10/1/2026 | Aa3 | 1,500,000 | 1,556,788 | |||||||||
| California State Public Works Board | 5.00% | 10/1/2027 | Aa3 | 3,300,000 | 3,476,671 | |||||||||
| Commonwealth of Pennsylvania COPS | 5.00% | 7/1/2025 | A | 500,000 | 508,977 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2025 | A2 | 1,250,000 | 1,268,122 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2026 | A2 | 4,000,000 | 4,096,174 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2027 | A2 | 410,000 | 424,508 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2028 | A2 | 400,000 | 418,704 | |||||||||
| See Notes to Financial Statements. | 37 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2029 | A2 | $ | 500,000 | $ | 527,676 | |||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2023 | A2 | 1,250,000 | 1,251,613 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2024 | A2 | 7,000,000 | 7,069,163 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2025 | A2 | 12,500,000 | 12,750,233 | |||||||||
| Total | 33,348,629 | |||||||||||||
| Multi-Family Housing 1.70% | ||||||||||||||
| Illinois Housing Development Authority (HUD SECT8) (FHA) | 4.00% | #(b) | 6/1/2026 | Aaa | 2,700,000 | 2,660,136 | ||||||||
| Tender Option Bond Trust Receipts/Certificates SC† | 4.35% | # | 7/1/2028 | A1 | 24,400,000 | 24,400,000 | ||||||||
| Total | 27,060,136 | |||||||||||||
| Other Revenue 4.97% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 12/1/2049 | A1 | 12,325,000 | 12,102,391 | ||||||||
| California Infrastructure & Economic Development Bank–Museum Associates | 4.68% (MUNIPSA * 1 + .70% | )# | 12/1/2050 | A3 | 6,500,000 | 6,319,132 | ||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX | 5.25% | 8/15/2026 | Baa3 | 1,605,000 | 1,593,646 | |||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX | 5.25% | 8/15/2028 | Baa3 | 1,920,000 | 1,906,791 | |||||||||
| Illinois Finance Authority–Field Museum Natural Hist | 4.917% (SOFR * .70 + 1.20% | )# | 11/1/2034 | A | 4,435,000 | 4,411,313 | ||||||||
| Industrial Development Authority of the County of Pima–Edkey Oblig Group AZ† | 3.50% | 7/1/2025 | NR | 830,000 | 801,231 | |||||||||
| Lower Alabama Gas District | 4.00% | #(b) | 12/1/2050 | A2 | 34,085,000 | 33,419,156 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2025 | A2 | 4,850,000 | 4,845,193 | |||||||||
| Patriots Energy Group Financing Agency SC | 4.00% | #(b) | 10/1/2048 | Aa1 | 8,000,000 | 7,976,607 | ||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | #(b) | 5/15/2051 | AA+ | 5,700,000 | 5,810,956 | ||||||||
| Total | 79,186,416 | |||||||||||||
| Pollution Control 0.75% | ||||||||||||||
| Port of Port Arthur Navigation District–Motiva Enterprises LLC TX | 5.15% | #(b) | 4/1/2040 | BBB+ | 11,900,000 | 11,900,000 | ||||||||
| 38 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Power 0.65% | ||||||||||||||
| Energy Northwest–Bonneville Power Admin WA | 5.00% | 7/1/2027 | Aa1 | $ | 10,000,000 | $ | 10,318,247 | |||||||
| Single-Family Housing 0.42% | ||||||||||||||
| Colorado Housing & Finance Authority (GNMA) | 3.00% | 5/1/2051 | AAA | 7,085,000 | 6,713,769 | |||||||||
| Special Tax 0.80% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2028 | NR | 3,050,000 | 3,055,319 | |||||||||
| New York City Industrial Development Agency–Yankee Stadium LLC NY (FGIC) | 4.058% (CPI YoY * 1 + .88% | ) | 3/1/2026 | Baa1 | 2,000,000 | 1,994,160 | ||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 1/1/2026 | AA | 5,000,000 | 5,138,984 | |||||||||
| Village Community Development District No. 13 FL† | 1.875% | 5/1/2025 | NR | 1,165,000 | 1,116,175 | |||||||||
| Village Community Development District No. 13 FL | 2.625% | 5/1/2024 | NR | 65,000 | 64,257 | |||||||||
| Village Community Development District No. 13 FL† | 2.625% | 5/1/2030 | NR | 1,465,000 | 1,292,075 | |||||||||
| Total | 12,660,970 | |||||||||||||
| Tax Revenue 1.77% | ||||||||||||||
| Anaheim Public Financing Authority CA (AGM) | 5.00% | 9/1/2026 | AA | 7,500,000 | 7,715,791 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba1 | 290,000 | 265,273 | |||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2026 | NR | 2,000,000 | 2,009,282 | |||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2024 | AA | 5,000 | 5,057 | |||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2024 | AA | 2,245,000 | 2,272,627 | |||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2025 | AA | 1,650,000 | 1,690,471 | |||||||||
| Sales Tax Securitization Corp. IL | 5.00% | 1/1/2025 | AA- | 5,000,000 | 5,054,408 | |||||||||
| State of Illinois Sales Tax Revenue | 5.00% | 6/15/2024 | A | 7,260,000 | 7,311,197 | |||||||||
| Territory of Guam | 5.00% | 1/1/2029 | Ba1 | 750,000 | 752,801 | |||||||||
| Virginia Small Business Financing Authority–NATL Senior Cmntys Oblig | 5.00% | 1/1/2028 | A | (c) | 1,100,000 | 1,116,443 | ||||||||
| Total | 28,193,350 | |||||||||||||
| See Notes to Financial Statements. | 39 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Taxable Revenue–Water & Sewer 2.40% | ||||||||||||||
| Jersey City Municipal Utilities Authority NJ | 4.00% | 5/3/2024 | NR | $ | 11,150,000 | $ | 11,145,664 | |||||||
| Louisville & Jefferson County Metropolitan Sewer District KY | 5.00% | 5/15/2035 | Aa3 | 5,000,000 | 5,511,522 | |||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2036 | A1 | 6,750,000 | 7,339,117 | |||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2037 | A1 | 4,750,000 | 5,100,951 | |||||||||
| San Francisco City & County Public Utilities Commission Wastewater Revenue CA | 4.00% | #(b) | 10/1/2048 | AA | 9,000,000 | 9,086,531 | ||||||||
| Total | 38,183,785 | |||||||||||||
| Tobacco 0.32% | ||||||||||||||
| Commonwealth Financing Authority PA | 5.00% | 6/1/2024 | A1 | 5,000,000 | 5,025,418 | |||||||||
| Transportation 5.77% | ||||||||||||||
| Bay Area Toll Authority CA | 5.23% (MUNIPSA * 1 + 1.25% | )# | 4/1/2036 | AA | 2,375,000 | 2,379,726 | ||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2025 | A- | 2,500,000 | 2,511,446 | |||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2027 | A- | 15,000,000 | 15,259,050 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2031 | A- | 4,500,000 | 4,497,139 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2031 | A+ | 4,750,000 | 4,744,621 | |||||||||
| Chicago Transit Authority IL | 5.00% | 6/1/2025 | A+ | 2,000,000 | 2,016,104 | |||||||||
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2026 | A+ | 1,750,000 | 1,812,287 | |||||||||
| E-470 Public Highway Authority CO | 3.908% (SOFR * .67 + .35% | )# | 9/1/2039 | A+ | 3,375,000 | 3,362,787 | ||||||||
| Louisiana Offshore Terminal Authority–Loop LLC | 1.65% | #(b) | 9/1/2027 | A3 | 3,500,000 | 3,478,262 | ||||||||
| Maryland Economic Development Corp.–Consol Marine Terminals L | 5.75% | 9/1/2025 | BB | 3,505,000 | 3,534,495 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2033 | A3 | 5,400,000 | 5,400,368 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2027 | AA- | 3,200,000 | 3,335,575 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2028 | AA- | 23,000,000 | 23,656,427 | |||||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC | 5.00% | 12/1/2028 | Baa1 | 1,390,000 | 1,448,512 | |||||||||
| North Carolina Turnpike Authority (AGM) | 5.00% | 1/1/2028 | AA | 1,500,000 | 1,549,445 | |||||||||
| Pennsylvania Turnpike Commission | 5.00% | 12/1/2026 | Aa3 | 400,000 | 415,806 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2025 | A- | 3,000,000 | 3,050,957 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp.–LBJ Infrastructure Group | 4.00% | 12/31/2030 | Baa2 | 3,000,000 | 2,865,472 | |||||||||
| 40 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Triborough Bridge & Tunnel Authority NY | 3.944%
(SOFR * .67 + .38% | )# | 1/1/2032 | AA- | $ | 6,610,000 | $ | 6,581,828 | ||||||
| Total | 91,900,307 | |||||||||||||
| Utilities 12.64% | ||||||||||||||
| Central Plains Energy Project NE | 5.00% | 9/1/2027 | BBB+ | 1,305,000 | 1,309,976 | |||||||||
| Central Plains Energy Project NE | 5.738% (SOFR * .67 + 2.18% | )# | 5/1/2053 | A2 | 20,000,000 | 19,991,440 | ||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2028 | AA | 2,500,000 | 2,571,620 | |||||||||
| City of Rockport–Indiana Michigan Pwr Co | 3.05% | 6/1/2025 | A- | 3,500,000 | 3,413,088 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% | 2/1/2024 | Aa2 | 1,250,000 | 1,253,937 | |||||||||
| Delaware State Economic Development Authority | 1.05% | #(b) | 1/1/2031 | A | 6,315,000 | 5,924,962 | ||||||||
| Delaware State Economic Development Authority–NRG Energy Inc | 1.25% | #(b) | 10/1/2040 | BBB- | 10,000,000 | 9,092,858 | ||||||||
| Delaware State Economic Development Authority–NRG Energy Inc | 1.25% | #(b) | 10/1/2045 | BBB- | 11,000,000 | 10,002,144 | ||||||||
| Development Authority of Appling County–Oglethorpe Power Corp GA | 1.50% | #(b) | 1/1/2038 | BBB+ | 1,250,000 | 1,183,136 | ||||||||
| Development Authority of Burke County–Georgia Power Company | 2.875% | #(b) | 12/1/2049 | BBB+ | 5,650,000 | 5,433,105 | ||||||||
| Development Authority of Burke County–Georgia Power Company | 3.875% | #(b) | 6/1/2042 | BBB+ | 6,000,000 | 5,876,138 | ||||||||
| Development Authority of Burke County–Georgia Power Company | 5.06% | #(b) | 9/1/2029 | BBB+ | 1,000,000 | 1,000,000 | ||||||||
| Development Authority of Monroe County–Oglethorpe Power Corp GA | 1.50% | #(b) | 1/1/2039 | BBB+ | 1,875,000 | 1,774,704 | ||||||||
| Indiana Finance Authority–Indianapolis Pwr & Lt Co | 0.65% | 8/1/2025 | A2 | 4,500,000 | 4,099,843 | |||||||||
| Intermountain Power Agency UT | 5.00% | 7/1/2036 | Aa3 | 4,000,000 | 4,303,287 | |||||||||
| Intermountain Power Agency UT | 5.00% | 7/1/2037 | Aa3 | 3,500,000 | 3,728,617 | |||||||||
| Kentucky Municipal Power Agency | 3.45% | #(b) | 9/1/2042 | Baa1 | 1,700,000 | 1,644,574 | ||||||||
| Kentucky Public Energy Authority | 4.00% | #(b) | 4/1/2048 | A1 | 3,110,000 | 3,097,925 | ||||||||
| Long Island Power Authority NY | 0.85% | #(b) | 9/1/2050 | A | 12,000,000 | 11,177,461 | ||||||||
| Long Island Power Authority NY | 1.65% | #(b) | 9/1/2049 | A | 4,000,000 | 3,898,374 | ||||||||
| Long Island Power Authority NY | 4.43% (MUNIPSA * 1 + .45% | )# | 9/1/2038 | A | 20,000,000 | 19,882,962 | ||||||||
| See Notes to Financial Statements. | 41 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||||
| Utilities (continued) | ||||||||||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2026 | A | $ | 500,000 | $ | 518,987 | |||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2027 | A | 500,000 | 526,795 | |||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority | 0.875% | #(b) | 2/1/2046 | A+ | 16,000,000 | 15,198,730 | ||||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(b) | 8/1/2052 | BBB- | 20,000,000 | 18,863,026 | ||||||||||
| New York City Municipal Water Finance Authority NY | 4.80% | #(b) | 6/15/2044 | AA+ | 2,000,000 | 2,000,000 | ||||||||||
| North Carolina Capital Facilities Finance Agency–Republic Services Inc | 3.95% | #(b) | 7/1/2034 | BBB+ | 10,000,000 | 10,000,000 | ||||||||||
| Northern California Energy Authority | 4.00% | #(b) | 7/1/2049 | A2 | 5,000,000 | 4,986,387 | ||||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2024 | A | 800,000 | 806,337 | |||||||||||
| Southeast Energy Authority A Cooperative District AL | 5.348% (SOFR * .67 + 1.79% | )# | 5/1/2053 | A2 | 18,000,000 | 17,831,792 | ||||||||||
| West Virginia Economic Development Authority–Appalachian Power Co | 0.625% | #(b) | 12/1/2038 | A- | 8,500,000 | 7,691,419 | ||||||||||
| West Virginia Economic Development Authority–Appalachian Power Co | 2.55% | #(b) | 3/1/2040 | A- | 2,200,000 | 2,171,328 | ||||||||||
| Total | 201,254,952 | |||||||||||||||
| Total Municipal Bonds (cost $1,519,174,499) | 1,477,485,340 | |||||||||||||||
| Interest Rate# | Interest Rate Reset Date(d) | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 7.18% | ||||||||||||||||
| VARIABLE RATE DEMAND NOTES 7.18% | ||||||||||||||||
| Corporate-Backed 0.57% | ||||||||||||||||
| Columbia Industrial Development Board – Alabama Power Company | 4.750% | 10/2/2023 | 12/1/2037 | A1 | 9,000,000 | 9,000,000 | ||||||||||
| General Obligation 3.57% | ||||||||||||||||
| City of New York NY GO | 4.170% | 10/2/2023 | 4/1/2042 | AA | 5,050,000 | 5,050,000 | ||||||||||
| City of New York NY GO | 4.170% | 10/2/2023 | 4/1/2042 | AA | 10,900,000 | 10,900,000 | ||||||||||
| City of New York NY GO | 4.250% | 10/2/2023 | 10/1/2046 | AA | 36,735,000 | 36,735,000 | ||||||||||
| City of New York NY GO | 4.750% | 10/2/2023 | 3/1/2040 | AA | 3,000,000 | 3,000,000 | ||||||||||
| City of New York NY GO | 4.800% | 10/2/2023 | 6/1/2044 | AA | 1,200,000 | 1,200,000 | ||||||||||
| Total | 56,885,000 | |||||||||||||||
| 42 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2023
| Investments | Interest Rate# | Interest Rate Reset Date(d) | Final Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Health Care 1.68% | ||||||||||||||||
| Health Care Authority for Baptist Health | 5.360% | 10/5/2023 | 11/1/2042 | A3 | $ | 16,769,000 | $ | 16,769,000 | ||||||||
| State of Ohio - Univ Hosp Hlth Sys Oblig Gp | 4.460% | 10/5/2023 | 1/15/2033 | A | 10,000,000 | 10,000,000 | ||||||||||
| Total | 26,769,000 | |||||||||||||||
| Tax Revenue 0.19% | ||||||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue | 4.800% | 10/2/2023 | 5/1/2034 | AAA | 3,000,000 | 3,000,000 | ||||||||||
| Utilities 1.17% | ||||||||||||||||
| Development Authority of Appling County - Georgia Power Company | 5.060% | 10/2/2023 | 9/1/2041 | BBB+ | 18,700,000 | 18,700,000 | ||||||||||
| Total Short-Term Investments (cost $114,354,000) | 114,354,000 | |||||||||||||||
| Total Investments in Securities 99.98% (cost $1,633,528,499) | 1,591,839,340 | |||||||||||||||
| Other Assets and Liabilities – Net(e) 0.02% | 372,297 | |||||||||||||||
| Net Assets 100.00% | $ | 1,592,211,637 | ||||||||||||||
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMBAC | Insured by–AMBAC Assurance Corporation. | |
| COPS | Certificates of Participation. | |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. | |
| FGIC | Insured by–Financial Guaranty Insurance Company. | |
| FHA | Insured by–Federal Housing Administration. | |
| FHLMC | Federal Home Loan Mortgage Corporation. | |
| FNMA | Federal National Mortgage Association. | |
| GNMA | Government National Mortgage Association. | |
| GTD | Guaranteed. | |
| HUD | Insured by–Department of Housing and Urban Development. | |
| LIBOR | London Interbank Offered Rate. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield. | |
| NR | Not Rated. | |
| PSF | Permanent School Fund. | |
| SIFMA | Insured by–Securities Industry and Financial Markets Association. | |
| SOFR | Secured Overnight Financing Rate. | |
| SONYMA | State of New York Mortgage Agency. | |
| YoY | Year on Year Inflation Rates. | |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2023. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2023, the total value of Rule 144A securities was $174,658,255, which represents 10.97% of net assets. | |
| (a) | Unaudited. | |
| (b) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (c) | This investment has been rated by Fitch IBCA. | |
| (d) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily or weekly based on the SIFMA Municipal Swap Index. | |
| (e) | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows: |
| See Notes to Financial Statements. | 43 |
Schedule of Investments (concluded)
SHORT DURATION TAX FREE FUND September 30, 2023
Futures Contracts at September 30, 2023:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
| U.S. 2-Year Treasury Note | December 2023 | 382 | Long | $ | 77,689,804 | $ | 77,435,578 | $(254,226 | ) | |||||||||
| U.S. 5-Year Treasury Note | December 2023 | 228 | Long | 24,255,612 | 24,021,938 | (233,674 | ) | |||||||||||
| Total Unrealized Depreciation on Futures Contracts | $(487,900 | ) | ||||||||||||||||
The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 1,447,485,340 | $ | – | $ | 1,447,485,340 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 114,354,000 | – | 114,354,000 | ||||||||||||
| Total | $ | – | $ | 1,591,839,340 | $ | – | $ | 1,591,839,340 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (487,900 | ) | – | – | (487,900 | ) | ||||||||||
| Total | $ | (487,900 | ) | $ | – | $ | – | $ | (487,900 | ) | ||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets.
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
| Investment Type | Municipal Bonds | |||
| Balance as of October 1, 2022 | $ | 28,124,780 | ||
| Accrued Discounts (Premiums) | (103,280 | ) | ||
| Realized Gain (Loss) | (1,010,988 | ) | ||
| Change in Unrealized Appreciation (Depreciation) | 1,489,115 | |||
| Purchases | 1,428,060 | |||
| Sales | (10,796,660 | ) | ||
| Transfers into Level 3 | – | |||
| Transfers out of Level 3(a) | (19,131,027 | ) | ||
| Balance as of September 30, 2023 | $ | – | ||
| Change in unrealized appreciation/depreciation for the year ended September 30, 2023, related to Level 3 investments held at September 30, 2023 | $ | – | ||
| (a) | The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology. |
| 44 | See Notes to Financial Statements. |
Schedule of Investments
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| LONG-TERM INVESTMENTS 98.43% | |||||||||||||||
| MUNICIPAL BONDS 98.43% | |||||||||||||||
| Building & Construction 0.13% | |||||||||||||||
| Virginia College Building Authority | 5.00% | 2/1/2036 | AA+ | $ | 2,250,000 | $ | 2,449,886 | ||||||||
| Virginia College Building Authority | 5.00% | 2/1/2038 | AA+ | 3,500,000 | 3,738,453 | ||||||||||
| Total | 6,188,339 | ||||||||||||||
| Corporate-Backed 11.46% | |||||||||||||||
| Allegheny County Industrial Development Authority–US Steel Corporation PA | 4.875% | 11/1/2024 | BB- | 4,300,000 | 4,292,475 | ||||||||||
| Arizona Industrial Development Authority | 3.625% | 5/20/2033 | BBB | 9,297,453 | 8,181,592 | ||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 10/1/2052 | A2 | 41,580,000 | 40,426,754 | |||||||||
| Build NYC Resource Corp.–Pratt Paper Inc NY AMT† | 4.50% | 1/1/2025 | NR | 1,565,000 | 1,567,403 | ||||||||||
| Build NYC Resource Corp.–Pratt Paper Inc NY AMT† | 5.00% | 1/1/2035 | NR | 550,000 | 554,049 | ||||||||||
| California Community Choice Financing Authority† | 4.25% | #(b) | 7/1/2043 | NR | 20,000,000 | 19,878,670 | |||||||||
| California Municipal Finance Authority–Waste Mgmt Inc AMT | 4.125% | #(b) | 10/1/2041 | A- | 7,250,000 | 7,201,393 | |||||||||
| California Pollution Control Financing Authority–Waste Mgmt Inc AMT | 3.00% | 11/1/2025 | A- | 9,850,000 | 9,506,862 | ||||||||||
| Chandler Industrial Development Authority–Intel Corporation AZ | 3.80% | #(b) | 12/1/2035 | A2 | 17,195,000 | 16,881,699 | |||||||||
| City of Farmington–Public Service Co of NM | 3.90% | #(b) | 6/1/2040 | BBB | 7,000,000 | 6,798,243 | |||||||||
| City of Granite City–Waste Mgmt of Inc IL AMT | 1.25% | 5/1/2027 | A- | 5,485,000 | 4,838,500 | ||||||||||
| City of Henderson–Pratt Paper LLC KY AMT† | 3.70% | 1/1/2032 | NR | 8,700,000 | 8,253,345 | ||||||||||
| City of Henderson–Pratt Paper LLC KY AMT† | 4.45% | 1/1/2042 | NR | 1,500,000 | 1,388,359 | ||||||||||
| City of Houston Airport System Revenue–United Airlines Inc TX AMT | 5.00% | 7/1/2029 | BB- | 2,295,000 | 2,261,096 | ||||||||||
| City of Valparaiso–Pratt Paper LLC IN AMT | 5.875% | 1/1/2024 | NR | 105,000 | 105,583 | ||||||||||
| City of Valparaiso–Pratt Paper LLC IN AMT | 6.75% | 1/1/2034 | NR | 5,000,000 | 5,031,088 | ||||||||||
| County of Nez Perce–Potlatchdeltic Corp ID | 2.75% | 10/1/2024 | BBB- | 10,500,000 | 10,313,581 | ||||||||||
| See Notes to Financial Statements. | 45 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Corporate-Backed (continued) | |||||||||||||||
| Development Authority of Burke County–Oglethorpe Power Corp GA | 1.50% | #(b) | 1/1/2040 | BBB+ | $ | 3,750,000 | $ | 3,549,408 | |||||||
| Development Authority of Rockdale County–Pratt Paper LLC GA AMT† | 4.00% | 1/1/2038 | NR | 5,205,000 | 4,788,714 | ||||||||||
| Downtown Doral South Community Development District FL† | 4.75% | 12/15/2038 | NR | 625,000 | 572,637 | ||||||||||
| Florida Development Finance Corp.–Waste pro USA Inc AMT† | 6.125% | #(b) | 7/1/2032 | NR | 7,430,000 | 7,394,970 | |||||||||
| Florida Development Finance Corp.–Waste Pro USA Inc AMT† | 5.00% | 5/1/2029 | NR | 2,640,000 | 2,465,236 | ||||||||||
| Greater Orlando Aviation Authority–Jetblue Airways Corp FL | 5.00% | 11/15/2026 | NR | 2,980,000 | 2,961,422 | ||||||||||
| Hoover Industrial Development Board–US Steel Corporation AL AMT | 6.375% | #(b) | 11/1/2050 | BB- | 8,525,000 | 9,054,414 | |||||||||
| Indiana Finance Authority–Ohio Valley Electric Corp | 2.50% | 11/1/2030 | Baa3 | 1,000,000 | 861,850 | ||||||||||
| Indiana Finance Authority–Ohio Valley Electric Corp | 3.00% | 11/1/2030 | Baa3 | 5,600,000 | 5,036,308 | ||||||||||
| Indiana Finance Authority–Ohio Valley Electric Corp | 3.00% | 11/1/2030 | Baa3 | 9,850,000 | 8,852,981 | ||||||||||
| Indiana Finance Authority–US Steel Corporation | 4.125% | 12/1/2026 | BB- | 1,625,000 | 1,588,907 | ||||||||||
| Indiana Finance Authority–US Steel Corporation AMT | 6.75% | 5/1/2039 | BB- | 1,500,000 | 1,616,813 | ||||||||||
| Indianapolis Local Public Improvement Bond Bank IN AMT | 5.00% | 1/1/2026 | A1 | 9,425,000 | 9,456,371 | ||||||||||
| Indianapolis Local Public Improvement Bond Bank IN AMT | 5.00% | 1/1/2027 | A1 | 8,300,000 | 8,326,887 | ||||||||||
| Industrial Development Authority of the County of Yavapai–Waste Mgmt Inc AZ AMT | 1.30% | 6/1/2027 | A- | 4,650,000 | 4,105,094 | ||||||||||
| Industrial Pollution Control Financing Authority of Gloucester County–Logan Generating Co LP NJ AMT | 5.00% | 12/1/2024 | NR | 570,000 | 571,017 | ||||||||||
| Iowa Finance Authority–Howmet Aerospace Inc | 4.75% | 8/1/2042 | BB+ | 1,250,000 | 1,149,077 | ||||||||||
| Iowa Finance Authority–Iowa Fertilizer Co LLC | 4.00% | #(b) | 12/1/2050 | BBB- | 11,050,000 | 10,322,408 | |||||||||
| Kansas City Industrial Development Authority MO AMT | 4.00% | 3/1/2037 | A2 | 4,125,000 | 3,806,347 | ||||||||||
| Kansas City Industrial Development Authority MO AMT | 5.00% | 3/1/2035 | A2 | 3,020,000 | 3,077,942 | ||||||||||
| 46 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Corporate-Backed (continued) | |||||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority–Westlake Chemical Corp | 3.50% | 11/1/2032 | BBB | $ | 16,525,000 | $ | 15,234,559 | ||||||||
| Maricopa County Pollution Control Corp.–Southern CA Edison Co AZ | 2.40% | 6/1/2035 | A2 | 7,500,000 | 5,550,964 | ||||||||||
| Maryland Economic Development Corp.(c) | 5.00% | 12/1/2016 | NR | 2,570,000 | 1,542,000 | ||||||||||
| Massachusetts Development Finance Agency–Waste Mgmt of MA Inc AMT† | 1.25% | 5/1/2027 | A- | 3,250,000 | 2,871,842 | ||||||||||
| Matagorda County Navigation District No. 1–Aep Texas Inc | 2.60% | 11/1/2029 | A- | 6,800,000 | 5,890,456 | ||||||||||
| Matagorda County Navigation District No. 1–Aep Texas Inc | 4.00% | 6/1/2030 | A- | 8,000,000 | 7,600,691 | ||||||||||
| Matagorda County Navigation District No. 1–Aep Texas Inc (AMBAC) | 4.40% | 5/1/2030 | A- | 3,500,000 | 3,409,060 | ||||||||||
| Michigan Strategic Fund–Graphic Packaging Intl AMT | 4.00% | #(b) | 10/1/2061 | BB | 5,640,000 | 5,538,604 | |||||||||
| Michigan Strategic Fund–Waste Mgmt of MI Inc | 0.58% | #(b) | 8/1/2027 | A- | 3,000,000 | 2,905,932 | |||||||||
| Mission Economic Development Corp.–Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 10,000,000 | 9,589,863 | ||||||||||
| Mississippi Business Finance Corp.–Enviva Inc AMT | 7.75% | #(b) | 7/15/2047 | B- | 9,200,000 | 6,839,187 | |||||||||
| New Hampshire Business Finance Authority | 4.125% | 1/20/2034 | BBB | 4,727,821 | 4,400,355 | ||||||||||
| New Hampshire Business Finance Authority–Covanta Holding Corp AMT† | 3.75% | #(b) | 7/1/2045 | B | 1,970,000 | 1,457,980 | |||||||||
| New Hampshire Business Finance Authority–Covanta Holding Corp AMT† | 4.00% | 11/1/2027 | B | 6,225,000 | 5,920,527 | ||||||||||
| New Hampshire Business Finance Authority–New York St Elec & Gas AMT | 4.00% | 12/1/2028 | A- | 2,500,000 | 2,408,741 | ||||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2033 | A2 | 2,000,000 | 2,103,071 | ||||||||||
| New Jersey Economic Development Authority–United Airlines Inc | 5.25% | 9/15/2029 | BB- | 18,645,000 | 18,597,381 | ||||||||||
| New Jersey Economic Development Authority–United Airlines Inc | 5.50% | 6/1/2033 | BB- | 1,500,000 | 1,507,526 | ||||||||||
| New York City Industrial Development Agency–TRIPS Oblig Group NY | 5.00% | 7/1/2028 | BBB+ | 3,020,000 | 2,984,912 | ||||||||||
| New York Liberty Development Corp. | 2.50% | 11/15/2036 | A+ | 2,500,000 | 1,915,415 | ||||||||||
| New York Liberty Development Corp.–3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 1,875,000 | 1,828,444 | ||||||||||
| See Notes to Financial Statements. | 47 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Corporate-Backed (continued) | |||||||||||||||
| New York Liberty Development Corp.–3 World Trade Center LLC† | 7.25% | 11/15/2044 | NR | $ | 1,920,000 | $ | 1,929,954 | ||||||||
| New York Liberty Development Corp.–Goldman Sachs Hdqtrs LLC | 5.25% | 10/1/2035 | A2 | 10,320,000 | 11,231,602 | ||||||||||
| New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT | 2.75% | #(b) | 9/1/2050 | B+ | 2,900,000 | 2,779,688 | |||||||||
| New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT† | 2.875% | #(b) | 12/1/2044 | B+ | 2,000,000 | 1,747,606 | |||||||||
| New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT† | 5.125% | #(b) | 9/1/2050 | B1 | 1,000,000 | 987,087 | |||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 5.00% | 8/1/2026 | B+ | 1,885,000 | 1,874,059 | ||||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 1,810,000 | 1,832,254 | ||||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 1,850,000 | 1,812,446 | ||||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2024 | Baa3 | 3,250,000 | 3,252,135 | ||||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2026 | Baa3 | 3,110,000 | 3,130,970 | ||||||||||
| Niagara Area Development Corp.–Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B | 4,650,000 | 4,565,662 | ||||||||||
| Niagara Area Development Corp.–Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B | 5,500,000 | 4,614,727 | ||||||||||
| Ohio Air Quality Development Authority–American Electric Pwr Co | 1.90% | #(b) | 5/1/2026 | BBB+ | 3,285,000 | 3,167,241 | |||||||||
| Ohio Air Quality Development Authority–American Electric Pwr Co | 2.40% | #(b) | 12/1/2038 | BBB+ | 5,685,000 | 4,752,885 | |||||||||
| Ohio Air Quality Development Authority–American Electric Pwr Co AMT | 2.50% | #(b) | 11/1/2042 | BBB+ | 8,800,000 | 7,353,511 | |||||||||
| Ohio Air Quality Development Authority–American Electric Pwr Co AMT | 2.60% | #(b) | 6/1/2041 | BBB+ | 18,210,000 | 15,307,901 | |||||||||
| Ohio Air Quality Development Authority–Pratt Paper Inc AMT† | 4.25% | 1/15/2038 | NR | 4,955,000 | 4,685,104 | ||||||||||
| Parish of St. James–Nustar Logistics LP LA† | 5.85% | #(b) | 8/1/2041 | BB- | 1,000,000 | 1,016,019 | |||||||||
| Parish of St. James–Nustar Logistics LP LA† | 6.10% | #(b) | 6/1/2038 | BB- | 1,500,000 | 1,585,428 | |||||||||
| Parish of St. James–Nustar Logistics LP LA† | 6.10% | #(b) | 12/1/2040 | BB- | 4,500,000 | 4,756,284 | |||||||||
| Parish of St. John the Baptist–Marathon Oil Corporation LA | 2.125% | #(b) | 6/1/2037 | BBB- | 6,850,000 | 6,725,634 | |||||||||
| Parish of St. John the Baptist–Marathon Oil Corporation LA | 2.20% | #(b) | 6/1/2037 | BBB- | 6,000,000 | 5,613,371 | |||||||||
| 48 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Corporate-Backed (continued) | |||||||||||||||
| Parish of St. John the Baptist–Marathon Oil Corporation LA | 2.375% | #(b) | 6/1/2037 | BBB- | $ | 12,480,000 | $ | 11,664,257 | |||||||
| Parish of St. John the Baptist–Marathon Oil Corporation LA | 4.05% | #(b) | 6/1/2037 | BBB- | 7,750,000 | 7,615,383 | |||||||||
| Pennsylvania Economic Development Financing Authority–Consol Energy Inc AMT† | 9.00% | #(b) | 4/1/2051 | BB | 2,375,000 | 2,595,967 | |||||||||
| Pennsylvania Economic Development Financing Authority–Covanta Holding Corp AMT† | 3.25% | 8/1/2039 | B | 1,035,000 | 725,701 | ||||||||||
| Pennsylvania Economic Development Financing Authority–Procter & Gamble Company | 5.375% | 3/1/2031 | AA- | 1,365,000 | 1,472,683 | ||||||||||
| Pennsylvania Economic Development Financing Authority–Waste Mgmt Inc AMT | 0.58% | #(b) | 8/1/2037 | A- | 5,500,000 | 5,278,343 | |||||||||
| Phenix City Industrial Development Board–Westrock Coated Baord LLC AL AMT | 4.125% | 5/15/2035 | BBB | 1,500,000 | 1,420,824 | ||||||||||
| Port Beaumont Navigation District–Jefferson 2020 Bond Oblig TX AMT† | 2.75% | 1/1/2036 | NR | 3,125,000 | 2,143,652 | ||||||||||
| Port Beaumont Navigation District–Jefferson 2020 Bond Oblig TX AMT† | 2.875% | 1/1/2041 | NR | 2,420,000 | 1,508,914 | ||||||||||
| Public Finance Authority–Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 5,820,000 | 5,291,600 | ||||||||||
| Public Finance Authority–Ameream LLC WI† | 6.75% | 12/1/2042 | NR | 5,000,000 | 4,467,031 | ||||||||||
| Public Finance Authority–Celanese US Holdings LLC WI AMT | 5.00% | 12/1/2025 | BBB- | 6,500,000 | 6,549,845 | (d) | |||||||||
| Public Finance Authority–Sky Harbour Cap Oblig WI AMT | 4.00% | 7/1/2036 | NR | 5,000,000 | 3,966,694 | ||||||||||
| Public Finance Authority–Sky Harbour Cap Oblig WI AMT | 4.00% | 7/1/2041 | NR | 2,500,000 | 1,784,115 | ||||||||||
| Public Finance Authority–TRIPS Oblig Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 7,650,000 | 7,092,706 | ||||||||||
| Public Finance Authority–TRIPS Oblig Group WI AMT | 5.25% | 7/1/2028 | BBB+ | 2,965,000 | 2,965,243 | ||||||||||
| Public Finance Authority–Waste Mgmt Inc WI AMT | 1.10% | #(b) | 7/1/2029 | A- | 8,000,000 | 7,291,053 | |||||||||
| Selma Industrial Development Board–International Paper Co AL | 2.00% | #(b) | 11/1/2033 | BBB | 1,000,000 | 977,178 | |||||||||
| Sumter County Industrial Development Authority–Enviva Inc AL AMT | 6.00% | #(b) | 7/15/2052 | B- | 15,000,000 | 10,555,335 | |||||||||
| Tuscaloosa County Industrial Development Authority–Hunt Refining Company AL† | 4.50% | 5/1/2032 | NR | 2,136,750 | 1,953,716 | ||||||||||
| See Notes to Financial Statements. | 49 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Corporate-Backed (continued) | |||||||||||||||
| Tuscaloosa County Industrial Development Authority–Hunt Refining Company AL† | 5.25% | 5/1/2044 | NR | $ | 3,950,000 | $ | 3,442,306 | ||||||||
| Vermont Economic Development Authority–Casella Waste Systems Inc AMT† | 5.00% | #(b) | 6/1/2052 | B+ | 5,500,000 | 5,472,407 | |||||||||
| Village Community Development District No. 15 FL† | 4.85% | 5/1/2038 | NR | 2,200,000 | 2,126,258 | ||||||||||
| Village Community Development District No. 15 FL† | 5.00% | 5/1/2043 | NR | 5,180,000 | 4,973,579 | ||||||||||
| Virginia Small Business Financing Authority–Covanta Holding Corp AMT† | 5.00% | #(b) | 1/1/2048 | B | 440,000 | 392,149 | |||||||||
| West Pace Cooperative District AL(c) | 9.125% | 5/1/2039 | NR | 4,900,000 | 3,724,000 | (d) | |||||||||
| West Virginia Economic Development Authority–Kentucky Power Co AMT | 4.70% | #(b) | 4/1/2036 | Baa3 | 5,800,000 | 5,748,847 | |||||||||
| Total | 555,058,359 | ||||||||||||||
| Education 6.97% | |||||||||||||||
| Ann Arbor School District MI GO | 4.00% | 5/1/2037 | Aa3 | 4,175,000 | 4,063,955 | ||||||||||
| California Community Choice Financing Authority | 4.00% | #(b) | 5/1/2053 | A1 | 10,000,000 | 9,684,932 | |||||||||
| California Community Choice Financing Authority | 5.258% (SOFR * .67 + 1.70% | )# | 5/1/2053 | A1 | 10,000,000 | 9,990,749 | |||||||||
| California School Finance Authority–Aspire Public Schools Oblig† | 5.00% | 8/1/2036 | NR | 125,000 | 127,828 | ||||||||||
| California School Finance Authority–Aspire Public Schools Oblig† | 5.00% | 8/1/2036 | BBB | 1,475,000 | 1,474,992 | ||||||||||
| California School Finance Authority–Green Dot Public Schs Oblig† | 5.00% | 8/1/2045 | BBB- | 1,805,000 | 1,670,152 | ||||||||||
| California State University | 0.55% | #(b) | 11/1/2049 | Aa2 | 6,750,000 | 5,918,116 | |||||||||
| Capital Trust Agency, Inc.–Renaissance Chtr Sch 2019 FL† | 5.00% | 6/15/2039 | NR | 2,160,000 | 1,940,081 | ||||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.00% | 4/1/2038 | A | (e) | 3,230,000 | 3,287,094 | |||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2034 | A | (e) | 1,625,000 | 1,745,365 | |||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2035 | A | (e) | 1,125,000 | 1,198,777 | |||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2036 | A | (e) | 2,175,000 | 2,295,333 | |||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2039 | A | (e) | 6,220,000 | 6,417,785 | |||||||||
| 50 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Education (continued) | |||||||||||||||
| Chicago Board of Education IL (AGM) | 5.00% | 12/1/2031 | AA | $ | 5,000,000 | $ | 5,104,591 | ||||||||
| Clark County School District NV GO | 5.00% | 6/15/2037 | A1 | 5,770,000 | 6,159,496 | ||||||||||
| Clark County School District NV GO | 5.00% | 6/15/2038 | A1 | 4,240,000 | 4,486,070 | ||||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX | 5.125% | 8/15/2030 | NR | 3,500,000 | 3,433,367 | ||||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX | 5.75% | 8/15/2038 | NR | 1,405,000 | 1,376,055 | ||||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX | 6.00% | 8/15/2038 | Baa3 | 19,860,000 | 19,737,887 | ||||||||||
| Clifton Higher Education Finance Corp. TX | 6.00% | 3/1/2029 | Baa3 | 2,000,000 | 2,004,203 | ||||||||||
| Connecticut State Health & Educational Facilities Authority | 2.80% | #(b) | 7/1/2057 | AAA | 15,030,000 | 14,493,533 | |||||||||
| Connecticut State Health & Educational Facilities Authority–Quinnipiac University | 5.00% | 7/1/2033 | A- | 8,230,000 | 8,337,994 | ||||||||||
| County of Frederick–Mount St Mary’s Univ MD† | 5.00% | 9/1/2027 | BB+ | 1,635,000 | 1,618,934 | ||||||||||
| County of Frederick–Mount St Mary’s Univ MD† | 5.00% | 9/1/2032 | BB+ | 2,400,000 | 2,344,280 | ||||||||||
| County of Lincoln–Augustana College Assn SD | 4.00% | 8/1/2041 | BBB- | 500,000 | 408,395 | ||||||||||
| Development Authority Of The City Of Marietta–Life University Inc GA† | 5.00% | 11/1/2027 | Ba3 | 2,000,000 | 1,946,772 | ||||||||||
| Development Authority Of The City Of Marietta–Life University Inc GA† | 5.00% | 11/1/2037 | Ba3 | 1,500,000 | 1,315,834 | ||||||||||
| Dutchess County Local Development Corp.–Bard College NY | 5.00% | 7/1/2040 | BBB- | 1,150,000 | 1,137,016 | ||||||||||
| Dutchess County Local Development Corp.–Bard College NY | 5.00% | 7/1/2045 | BBB- | 2,000,000 | 1,934,638 | ||||||||||
| Duval County Public Schools FL COPS (AGM) | 5.00% | 7/1/2035 | AA | 3,750,000 | 3,984,131 | ||||||||||
| Fort Bend Independent School District TX GO (PSF GTD) | 0.875% | #(b) | 8/1/2050 | AAA | 5,425,000 | 5,092,121 | |||||||||
| Illinois Finance Authority–Illinois Inst of Tech | 4.00% | 9/1/2035 | Ba2 | 2,600,000 | 2,181,479 | ||||||||||
| Illinois Finance Authority–Illinois Inst of Tech | 5.00% | 9/1/2030 | Ba2 | 625,000 | 608,952 | ||||||||||
| Illinois Finance Authority–Illinois Inst of Tech | 5.00% | 9/1/2031 | Ba2 | 1,100,000 | 1,066,417 | ||||||||||
| Illinois Finance Authority–Illinois Inst of Tech | 5.00% | 9/1/2032 | Ba2 | 1,000,000 | 963,054 | ||||||||||
| See Notes to Financial Statements. | 51 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Education (continued) | |||||||||||||||
| Illinois Finance Authority–Illinois Inst of Tech | 5.00% | 9/1/2033 | Ba2 | $ | 1,000,000 | $ | 956,250 | ||||||||
| Illinois Finance Authority–Illinois Inst of Tech | 5.00% | 9/1/2034 | Ba2 | 3,720,000 | 3,519,066 | ||||||||||
| Illinois Finance Authority–Illinois Inst of Tech | 5.00% | 9/1/2036 | Ba2 | 3,225,000 | 2,956,892 | ||||||||||
| Illinois Finance Authority–Noble Network charter Sch Oblig | 5.00% | 9/1/2025 | BBB | 640,000 | 631,634 | ||||||||||
| Illinois Finance Authority–University of Chicago | 5.00% | 10/1/2030 | Aa2 | 8,000,000 | 8,063,387 | ||||||||||
| Illinois Finance Authority–University of Chicago | 5.00% | 10/1/2034 | Aa2 | 5,000,000 | 5,076,431 | ||||||||||
| Indiana Finance Authority–Ohio Valley Electric Corp | 4.25% | 11/1/2030 | Baa3 | 11,300,000 | 11,011,607 | ||||||||||
| Industrial Development Authority of the City of Phoenix Arizona–Basis Schools Inc Oblig† | 5.00% | 7/1/2035 | BB | 2,350,000 | 2,296,759 | ||||||||||
| Louisiana Public Facilities Authority–Tulane University | 5.00% | 10/15/2037 | A+ | 2,850,000 | 2,980,484 | ||||||||||
| Massachusetts Development Finance Agency–Emerson College | 5.00% | 1/1/2026 | BBB+ | 5,135,000 | 5,173,712 | ||||||||||
| Massachusetts Development Finance Agency–Emerson College | 5.00% | 1/1/2027 | BBB+ | 2,700,000 | 2,722,395 | ||||||||||
| Massachusetts Development Finance Agency–Emerson College | 5.00% | 1/1/2028 | BBB+ | 1,810,000 | 1,826,247 | ||||||||||
| Massachusetts Development Finance Agency–Emmanuel College | 5.00% | 10/1/2032 | Baa2 | 5,000,000 | 5,055,247 | ||||||||||
| Massachusetts Development Finance Agency–Northeastern University | 5.00% | 10/1/2035 | A1 | 2,000,000 | 2,197,423 | ||||||||||
| Massachusetts Development Finance Agency–Northeastern University | 5.00% | 10/1/2036 | A1 | 1,500,000 | 1,630,132 | ||||||||||
| Massachusetts Development Finance Agency–Northeastern University | 5.00% | 10/1/2037 | A1 | 1,340,000 | 1,440,735 | ||||||||||
| Massachusetts Development Finance Agency–Northeastern University | 5.00% | 10/1/2038 | A1 | 2,250,000 | 2,405,794 | ||||||||||
| Miami-Dade County Educational Facilities Authority–University of Miami FL (AMBAC) | 5.25% | 4/1/2028 | A2 | 5,000,000 | 5,243,820 | ||||||||||
| New Hampshire Health & Education Facilities Authority Act–Univ Sys of New Hampshire | 5.00% | 7/1/2036 | Aa3 | 5,000,000 | 5,042,044 | ||||||||||
| 52 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Education (continued) | |||||||||||||||
| New York State Dormitory Authority–Icahn Sch of Med Mt Sinai | 5.00% | 7/1/2026 | A- | $ | 5,000,000 | $ | 5,068,504 | ||||||||
| New York State Dormitory Authority–Icahn Sch of Med Mt Sinai | 5.00% | 7/1/2027 | A- | 10,000,000 | 10,131,950 | ||||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 4.00% | 9/1/2039 | BBB- | 2,300,000 | 1,985,853 | ||||||||||
| New York State Dormitory Authority–Pace University | 5.00% | 5/1/2026 | BBB- | 980,000 | 980,072 | ||||||||||
| New York State Dormitory Authority–Yeshiva University | 5.00% | 7/15/2031 | BBB- | 2,705,000 | 2,750,360 | ||||||||||
| New York State Dormitory Authority–Yeshiva University | 5.00% | 7/15/2037 | BBB- | 11,000,000 | 10,839,690 | ||||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2031 | AA | 10,000 | 10,685 | ||||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2031 | AA | 5,360,000 | 5,652,780 | ||||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2037 | AA | 6,900,000 | 7,249,266 | ||||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2038 | AA | 2,400,000 | 2,507,279 | ||||||||||
| Ohio Air Quality Development Authority–Duke Energy Corp | 4.00% | #(b) | 9/1/2030 | BBB | 4,100,000 | 4,012,191 | |||||||||
| Ohio Air Quality Development Authority–Duke Energy Corp AMT | 4.25% | #(b) | 11/1/2039 | BBB | 10,500,000 | 10,276,168 | |||||||||
| Ohio Higher Educational Facility Commission–Oberlin College | 5.00% | 10/1/2040 | AA- | 3,355,000 | 3,507,416 | ||||||||||
| Ohio Higher Educational Facility Commission–Oberlin College | 5.00% | 10/1/2041 | AA- | 3,535,000 | 3,672,397 | ||||||||||
| Private Colleges & Universities Authority–Savannah Clg Art/Design GA | 5.00% | 4/1/2029 | A2 | 1,500,000 | 1,508,336 | ||||||||||
| Private Colleges & Universities Authority–Savannah Clg Art/Design GA | 5.00% | 4/1/2031 | A2 | 1,360,000 | 1,367,558 | ||||||||||
| School District of Broward County FL | 5.00% | 7/1/2036 | Aa3 | 2,685,000 | 2,845,795 | ||||||||||
| State of Nevada Department of Business & Industry–Somerset Acad Nlv Bldg 1† | 4.50% | 12/15/2029 | BB | 525,000 | 501,144 | ||||||||||
| State of Nevada Department of Business & Industry–Somerset Acad Nlv Bldg 1† | 5.00% | 12/15/2038 | BB | 1,000,000 | 922,676 | ||||||||||
| Town of Davie–Nova Southeastern Univ FL | 5.00% | 4/1/2037 | A- | 5,000,000 | 5,095,941 | ||||||||||
| Town of Davie–Nova Southeastern Univ FL | 5.00% | 4/1/2038 | A- | 2,500,000 | 2,532,603 | ||||||||||
| See Notes to Financial Statements. | 53 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Education (continued) | |||||||||||||||
| Troy Capital Resource Corp.–Rensselaer Polytech Inst NY | 5.00% | 8/1/2024 | A3 | $ | 1,000,000 | $ | 1,003,547 | ||||||||
| Troy Capital Resource Corp.–Rensselaer Polytech Inst NY | 5.00% | 8/1/2025 | A3 | 2,630,000 | 2,654,260 | ||||||||||
| Troy Capital Resource Corp.–Rensselaer Polytech Inst NY | 5.00% | 8/1/2026 | A3 | 1,000,000 | 1,011,817 | ||||||||||
| Troy Capital Resource Corp.–Rensselaer Polytech Inst NY | 5.00% | 8/1/2027 | A3 | 1,600,000 | 1,623,191 | ||||||||||
| University of Connecticut | 5.00% | 4/15/2035 | AA- | 5,350,000 | 5,597,650 | ||||||||||
| University of Houston TX | 2.00% | 2/15/2032 | AA | 6,095,000 | 4,893,136 | ||||||||||
| University of Houston TX | 5.00% | 2/15/2029 | AA | 10,280,000 | 10,464,211 | ||||||||||
| University of Illinois (AGM) | 4.00% | 4/1/2033 | AA | 4,905,000 | 4,738,417 | ||||||||||
| University of Illinois (AGM) | 4.00% | 4/1/2034 | AA | 5,100,000 | 4,872,246 | ||||||||||
| Wayne State University MI | 4.00% | 11/15/2034 | Aa3 | 3,900,000 | 3,801,614 | ||||||||||
| West Virginia Economic Development Authority–Wheeling Power Co AMT | 3.00% | #(b) | 6/1/2037 | A- | 4,200,000 | 3,862,674 | |||||||||
| Total | 337,721,864 | ||||||||||||||
| Financial Services 0.11% | |||||||||||||||
| Berks County Industrial Development Authority–Tower Health Oblig Group PA | 4.00% | 11/1/2031 | B | 2,280,000 | 1,312,388 | ||||||||||
| Berks County Industrial Development Authority–Tower Health Oblig Group PA | 5.00% | 11/1/2030 | B | 1,315,000 | 780,440 | ||||||||||
| Massachusetts Educational Financing Authority AMT | 3.625% | 7/1/2034 | AA | 415,000 | 404,208 | ||||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 3.75% | 12/1/2030 | Aaa | 845,000 | 806,997 | ||||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 4.00% | 12/1/2032 | Aaa | 970,000 | 961,012 | ||||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 4.00% | 12/1/2034 | Aaa | 875,000 | 867,519 | ||||||||||
| Total | 5,132,564 | ||||||||||||||
| General Obligation 22.19% | |||||||||||||||
| Adams County School District No. 1 CO GO | 5.00% | 12/1/2036 | Aa2 | 6,090,000 | 6,216,207 | ||||||||||
| Black Belt Energy Gas District AL | 5.25% | #(b) | 2/1/2053 | A1 | 23,000,000 | 23,350,755 | |||||||||
| California Community Choice Financing Authority | 5.00% | #(b) | 7/1/2053 | A1 | 24,875,000 | 25,102,885 | |||||||||
| California Community Choice Financing Authority | 5.00% | #(b) | 12/1/2053 | A2 | 11,335,000 | 11,421,659 | |||||||||
| 54 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| General Obligation (continued) | |||||||||||||||
| California Community Choice Financing Authority | 5.50% | #(b) | 5/1/2054 | A2 | $ | 10,000,000 | $ | 10,295,155 | |||||||
| Chabot-Las Positas Community College District CA GO | 3.00% | 8/1/2038 | AA | 2,500,000 | 2,004,581 | ||||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2037 | BB+ | 14,000,000 | 12,090,120 | ||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB+ | 8,000,000 | 8,138,947 | ||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB+ | 3,000,000 | 3,035,018 | ||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2031 | BB+ | 1,500,000 | 1,511,633 | ||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB+ | 4,845,000 | 4,873,122 | ||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB+ | 900,000 | 904,382 | ||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 475,000 | 476,224 | ||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 3,750,000 | 3,765,123 | ||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2035 | BB+ | 450,000 | 447,673 | ||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2036 | BB+ | 6,920,000 | 6,819,792 | ||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2039 | BB+ | 2,340,000 | 2,240,501 | ||||||||||
| Chicago Board of Education IL GO† | 6.75% | 12/1/2030 | BB+ | 5,000,000 | 5,392,593 | ||||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2027 | AA | 2,860,000 | 2,912,338 | ||||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2029 | AA | 4,220,000 | 4,309,254 | ||||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2030 | AA | 2,500,000 | 2,552,537 | ||||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2032 | AA | 1,250,000 | 1,276,049 | ||||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2035 | AA | 3,000,000 | 3,041,597 | ||||||||||
| City of Chicago IL GO | 4.00% | 1/1/2035 | BBB+ | 7,925,000 | 7,247,791 | ||||||||||
| City of Chicago IL GO | 4.00% | 1/1/2036 | BBB+ | 8,195,000 | 7,365,668 | ||||||||||
| City of Chicago IL GO | 5.00% | 1/1/2024 | BBB+ | 15,000,000 | 15,021,640 | ||||||||||
| City of Chicago IL GO | 5.00% | 1/1/2025 | BBB+ | 7,555,000 | 7,615,585 | ||||||||||
| City of Chicago IL GO | 5.00% | 1/1/2028 | BBB+ | 19,000,000 | 19,520,271 | ||||||||||
| City of Chicago IL GO | 5.00% | 1/1/2029 | BBB+ | 3,750,000 | 3,872,630 | ||||||||||
| City of Chicago IL GO | 5.00% | 1/1/2031 | BBB+ | 2,210,000 | 2,228,969 | ||||||||||
| City of Chicago IL GO | 5.00% | 1/1/2032 | BBB+ | 3,000,000 | 3,088,870 | ||||||||||
| City of Chicago IL GO | 5.125% | 1/1/2027 | NR | 1,130,000 | 1,147,289 | ||||||||||
| City of Chicago IL GO | 5.125% | 1/1/2027 | Baa3 | 1,970,000 | 1,985,612 | ||||||||||
| City of Chicago IL GO | 5.25% | 1/1/2028 | NR | 1,630,000 | 1,657,390 | ||||||||||
| City of Chicago IL GO | 5.25% | 1/1/2028 | Baa3 | 2,215,000 | 2,233,763 | ||||||||||
| City of Chicago IL GO | 5.25% | 1/1/2029 | BBB+ | 2,025,000 | 2,041,792 | ||||||||||
| City of Chicago IL GO | 5.50% | 1/1/2037 | BBB+ | 1,945,000 | 1,954,788 | ||||||||||
| City of Chicago IL GO | 5.50% | 1/1/2049 | BBB+ | 3,750,000 | 3,761,703 | ||||||||||
| City of Chicago IL GO | 5.625% | 1/1/2030 | BBB+ | 1,835,000 | 1,907,019 | ||||||||||
| City of Chicago IL GO | 5.75% | 1/1/2033 | BBB+ | 7,000,000 | 7,299,575 | ||||||||||
| See Notes to Financial Statements. | 55 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| General Obligation (continued) | |||||||||||||||
| City of Chicago IL GO | 6.00% | 1/1/2038 | BBB+ | $ | 15,890,000 | $ | 16,505,226 | ||||||||
| City of Columbus OH GO | 5.00% | 8/15/2037 | AAA | 1,480,000 | 1,597,156 | ||||||||||
| City of Columbus OH GO | 5.00% | 8/15/2038 | AAA | 1,315,000 | 1,408,813 | ||||||||||
| City of New Orleans LA GO | 4.00% | 10/1/2036 | A+ | 2,290,000 | 2,116,951 | ||||||||||
| City of New York NY GO | 5.00% | 8/1/2028 | AA | 25,000,000 | 26,590,307 | ||||||||||
| City of New York NY GO | 5.00% | 8/1/2033 | AA | 7,030,000 | 7,357,336 | ||||||||||
| City of New York NY GO | 5.00% | 10/1/2033 | AA | 1,250,000 | 1,370,974 | ||||||||||
| City of New York NY GO | 5.00% | 9/1/2035 | AA | 10,000,000 | 10,772,941 | ||||||||||
| City of New York NY GO | 5.00% | 10/1/2036 | AA | 1,250,000 | 1,331,048 | ||||||||||
| City of New York NY GO | 5.00% | 4/1/2037 | AA | 10,000,000 | 10,296,361 | ||||||||||
| City of New York NY GO | 5.00% | 12/1/2037 | AA | 7,500,000 | 7,589,068 | ||||||||||
| City of Ocean City NJ GO | 4.50% | 10/17/2023 | NR | 12,010,000 | 12,012,083 | ||||||||||
| Clear Creek Independent School District TX GO (PSF GTD) | 5.00% | 2/15/2039 | AAA | 7,250,000 | 7,259,231 | ||||||||||
| Commonwealth of Pennsylvania GO | 5.00% | 1/15/2028 | Aa3 | 10,000,000 | 10,389,771 | ||||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2024 | NR | 535,832 | 517,730 | ||||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 1,727,569 | 1,021,072 | ||||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(b) | 11/1/2043 | NR | 6,356,031 | 3,305,136 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 11,206,659 | 9,765,617 | ||||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 3,035,632 | 2,555,939 | ||||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2041 | NR | 5,000,000 | 4,034,423 | ||||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 1,917,657 | 1,484,512 | ||||||||||
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/2025 | NR | 34,225,245 | 34,593,772 | ||||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 6,481,543 | 6,657,820 | ||||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 5,309,508 | 5,494,401 | ||||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 1,415,665 | 1,481,178 | ||||||||||
| County of Baltimore MD GO | 4.00% | 3/1/2038 | AAA | 8,995,000 | 8,742,476 | ||||||||||
| County of Howard MD GO | 3.00% | 8/15/2037 | AAA | 2,255,000 | 1,852,952 | ||||||||||
| County of Lake IL GO | 3.50% | 11/30/2031 | AAA | 1,825,000 | 1,813,658 | ||||||||||
| County of Luzerne PA GO (AGM) | 5.00% | 11/15/2023 | AA | 2,500,000 | 2,502,795 | ||||||||||
| County of Luzerne PA GO (AGM) | 5.00% | 11/15/2024 | AA | 4,000,000 | 4,051,025 | ||||||||||
| County of Nassau NY GO | 5.00% | 4/1/2037 | AA- | 1,600,000 | 1,729,529 | ||||||||||
| County of Nassau NY GO | 5.00% | 4/1/2038 | AA- | 2,000,000 | 2,135,122 | ||||||||||
| County of Suffolk NY GO (BAM) | 2.00% | 6/15/2033 | AA | 7,555,000 | 5,839,222 | ||||||||||
| Denton Independent School District TX GO (PSF GTD) | 5.00% | 8/15/2038 | AAA | (e) | 2,750,000 | 2,934,685 | |||||||||
| 56 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| General Obligation (continued) | |||||||||||||||
| Denton Independent School District TX GO (PSF GTD) | 5.00% | 8/15/2039 | AAA | (e) | $ | 5,500,000 | $ | 5,843,419 | |||||||
| District of Columbia GO | 5.00% | 6/1/2038 | Aaa | 15,000,000 | 15,039,307 | ||||||||||
| Fresno Unified School District CA NPF GO (NATL) | 5.25% | 2/1/2024 | A+ | 3,285,000 | 3,296,910 | ||||||||||
| Gregory-Portland Independent School District TX GO (PSF GTD) | 5.00% | 2/15/2038 | Aaa | 6,790,000 | 7,163,864 | ||||||||||
| Houston Independent School District TX GO (PSF GTD) | 3.50% | #(b) | 6/1/2039 | AAA | 10,000,000 | 9,880,882 | |||||||||
| Illinois Finance Authority | 4.00% | 12/1/2039 | AAA | 2,000,000 | 1,844,388 | ||||||||||
| Kane County Community Unit School District No. 304 Geneva IL GO | 5.00% | 1/1/2030 | AA+ | 1,400,000 | 1,436,979 | ||||||||||
| Lamar Consolidated Independent School District TX GO | 5.00% | 2/15/2038 | AA | 1,750,000 | 1,837,605 | ||||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2037 | A2 | 3,125,000 | 3,300,570 | ||||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2038 | A2 | 7,345,000 | 7,685,411 | ||||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2039 | A2 | 6,550,000 | 6,815,906 | ||||||||||
| Metropolitan Water Reclamation District of Greater Chicago IL GO | 5.00% | 12/1/2027 | AA+ | 4,600,000 | 4,753,033 | ||||||||||
| Metropolitan Water Reclamation District of Greater Chicago IL GO | 5.00% | 12/1/2028 | AA+ | 6,715,000 | 6,924,269 | ||||||||||
| New Caney Independent School District TX GO (PSF GTD) | 1.25% | #(b) | 2/15/2050 | Aaa | 4,550,000 | 4,429,222 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2028 | A2 | 10,615,000 | 11,188,642 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2037 | A2 | 4,000,000 | 4,211,243 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2037 | A2 | 4,000,000 | 4,211,194 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2036 | A2 | 2,000,000 | 2,160,758 | ||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue | 4.00% | 8/1/2038 | AAA | 5,000,000 | 4,737,322 | ||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue | 5.00% | 2/1/2032 | AAA | 23,000,000 | 23,042,371 | ||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 2/1/2039 | AAA | 11,820,000 | 11,083,738 | ||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2036 | AAA | 8,250,000 | 8,832,284 | ||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2037 | AAA | 8,265,000 | 8,759,662 | ||||||||||
| See Notes to Financial Statements. | 57 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| General Obligation (continued) | |||||||||||||||
| New York State Dormitory Authority | 4.00% | 3/15/2037 | Aa1 | $ | 7,500,000 | $ | 7,229,498 | ||||||||
| New York State Dormitory Authority | 4.00% | 2/15/2038 | Aa1 | 13,305,000 | 12,607,111 | ||||||||||
| New York State Dormitory Authority | 4.00% | 3/15/2038 | AA+ | 5,000,000 | 4,733,296 | ||||||||||
| New York State Dormitory Authority | 4.00% | 3/15/2040 | AA+ | 13,750,000 | 12,792,380 | ||||||||||
| New York State Dormitory Authority | 5.00% | 3/15/2036 | Aa1 | 8,405,000 | 9,085,852 | ||||||||||
| New York State Dormitory Authority | 5.00% | 3/15/2040 | Aa1 | 12,765,000 | 13,369,374 | ||||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2023 | AA | 2,500,000 | 2,500,000 | ||||||||||
| New York State Dormitory Authority (BAM) | 5.00% | 10/1/2035 | AA | 5,000,000 | 5,318,227 | ||||||||||
| New York State Dormitory Authority NY | 4.00% | 3/15/2037 | AA+ | 5,195,000 | 5,007,632 | ||||||||||
| Northside Independent School District TX GO (PSF GTD) | 1.60% | #(b) | 8/1/2049 | Aaa | 7,985,000 | 7,804,365 | |||||||||
| Pasadena Independent School District TX GO (PSF GTD) | 5.00% | 2/15/2038 | AAA | 4,890,000 | 5,166,312 | ||||||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.25% | 6/30/2035 | Baa2 | 5,250,000 | 5,571,422 | ||||||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.25% | 6/30/2036 | Baa2 | 5,000,000 | 5,250,430 | ||||||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.50% | 6/30/2037 | Baa2 | 5,575,000 | 5,907,137 | ||||||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.50% | 6/30/2038 | Baa2 | 6,200,000 | 6,529,662 | ||||||||||
| Pflugerville Independent School District TX GO | 5.00% | 2/15/2036 | AA+ | 3,525,000 | 3,793,558 | ||||||||||
| Pflugerville Independent School District TX GO | 5.00% | 2/15/2037 | AA+ | 7,500,000 | 7,989,220 | ||||||||||
| Pflugerville Independent School District TX GO | 5.00% | 2/15/2038 | AA+ | 4,405,000 | 4,637,539 | ||||||||||
| Pflugerville Independent School District TX GO | 5.00% | 2/15/2039 | AA+ | 5,115,000 | 5,362,582 | ||||||||||
| Public Finance Authority–Ameream LLC WI† | 7.00% | 12/1/2050 | NR | 2,000,000 | 1,785,567 | ||||||||||
| Reedy Creek Improvement District FL GO | 4.00% | 6/1/2031 | AA- | 2,240,000 | 2,238,636 | ||||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2026 | A1 | 500,000 | 511,760 | ||||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2027 | A1 | 600,000 | 620,395 | ||||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2028 | A1 | 500,000 | 521,655 | ||||||||||
| State of California GO | 3.00% | 11/1/2034 | Aa2 | 5,900,000 | 5,283,779 | ||||||||||
| State of California GO | 4.00% | 3/1/2036 | Aa2 | 10,000,000 | 9,943,622 | ||||||||||
| State of California GO | 5.00% | 9/1/2035 | Aa2 | 14,000,000 | 15,324,179 | ||||||||||
| State of California GO | 5.00% | 10/1/2039 | Aa2 | 4,000,000 | 4,290,812 | ||||||||||
| State of Connecticut GO | 4.00% | 4/15/2037 | AA- | 1,825,000 | 1,770,337 | ||||||||||
| 58 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| General Obligation (continued) | |||||||||||||||
| State of Connecticut GO | 4.00% | 6/15/2037 | AA- | $ | 775,000 | $ | 751,321 | ||||||||
| State of Connecticut GO | 4.00% | 1/15/2038 | AA- | 4,000,000 | 3,811,568 | ||||||||||
| State of Connecticut GO | 5.00% | 6/15/2034 | AA- | 1,100,000 | 1,153,217 | ||||||||||
| State of Connecticut GO | 5.00% | 6/15/2035 | AA- | 1,125,000 | 1,173,584 | ||||||||||
| State of Connecticut GO | 5.00% | 4/15/2036 | AA- | 1,150,000 | 1,208,838 | ||||||||||
| State of Hawaii Harbor System Revenue AMT | 4.00% | 7/1/2035 | Aa3 | 3,025,000 | 2,847,693 | ||||||||||
| State of Illinois GO | 4.00% | 10/1/2034 | A- | 5,000,000 | 4,762,013 | ||||||||||
| State of Illinois GO | 4.00% | 10/1/2035 | A- | 5,000,000 | 4,701,214 | ||||||||||
| State of Illinois GO | 4.00% | 3/1/2038 | A- | 1,125,000 | 1,019,435 | ||||||||||
| State of Illinois GO | 5.00% | 2/1/2028 | A- | 13,620,000 | 13,993,219 | ||||||||||
| State of Illinois GO | 5.00% | 10/1/2029 | A- | 10,000,000 | 10,476,841 | ||||||||||
| State of Illinois GO | 5.00% | 11/1/2029 | A- | 2,800,000 | 2,856,039 | ||||||||||
| State of Illinois GO | 5.00% | 11/1/2032 | A- | 9,200,000 | 9,315,936 | ||||||||||
| State of Illinois GO | 5.00% | 10/1/2033 | A- | 5,000,000 | 5,118,438 | ||||||||||
| State of Illinois GO | 5.00% | 12/1/2033 | A- | 4,500,000 | 4,705,023 | ||||||||||
| State of Illinois GO | 5.00% | 3/1/2034 | A- | 9,715,000 | 10,078,087 | ||||||||||
| State of Illinois GO | 5.25% | 2/1/2034 | A- | 3,295,000 | 3,297,226 | ||||||||||
| State of Illinois GO | 5.25% | 10/1/2036 | A- | 17,500,000 | 18,314,128 | ||||||||||
| State of Illinois GO | 5.25% | 5/1/2038 | A- | 9,750,000 | 10,048,229 | ||||||||||
| State of Illinois GO | 5.50% | 5/1/2030 | A- | 6,470,000 | 6,897,342 | ||||||||||
| State of Illinois GO | 5.50% | 5/1/2039 | A- | 11,000,000 | 11,482,425 | ||||||||||
| State of Louisiana GO | 5.00% | 3/1/2036 | Aa2 | 4,475,000 | 4,769,421 | ||||||||||
| State of Maryland GO | 5.00% | 3/15/2036 | AAA | 10,000,000 | 11,000,429 | ||||||||||
| State of New Jersey GO | 2.00% | 6/1/2029 | A1 | 5,000,000 | 4,312,262 | ||||||||||
| State of Washington GO | 5.00% | 2/1/2037 | Aaa | 23,725,000 | 25,564,506 | ||||||||||
| State of Washington GO | 5.00% | 8/1/2037 | Aaa | 20,000,000 | 21,503,130 | ||||||||||
| State of Washington GO | 5.00% | 7/1/2038 | Aaa | 10,000,000 | 10,664,677 | ||||||||||
| State Public School Building Authority PA (AGM) | 5.00% | 6/1/2030 | AA | 5,000,000 | 5,140,842 | ||||||||||
| State Public School Building Authority PA (AGM) | 5.00% | 6/1/2031 | AA | 5,000,000 | 5,133,371 | ||||||||||
| Tennessee Energy Acquisition Corp. | 5.00% | #(b) | 5/1/2053 | A2 | 27,300,000 | 27,247,565 | |||||||||
| Town of Oyster Bay NY GO (AGM) | 2.00% | 3/1/2030 | AA | 2,125,000 | 1,816,287 | ||||||||||
| Town of Oyster Bay NY GO (AGM) | 2.00% | 3/1/2031 | AA | 2,040,000 | 1,703,221 | ||||||||||
| Village of Romeoville IL GO | 4.00% | 12/30/2036 | Aa2 | 4,725,000 | 4,507,523 | ||||||||||
| Village of Romeoville IL GO | 4.00% | 12/30/2037 | Aa2 | 3,800,000 | 3,534,101 | ||||||||||
| Village of Schaumburg IL GO | 3.00% | 12/1/2027 | AAA | 7,060,000 | 6,700,181 | ||||||||||
| See Notes to Financial Statements. | 59 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| General Obligation (continued) | |||||||||||||||
| Village of Schaumburg IL GO | 3.00% | 12/1/2031 | AAA | $ | 1,300,000 | $ | 1,220,169 | ||||||||
| Village of Skokie IL GO | 3.00% | 12/1/2029 | Aa2 | 1,080,000 | 1,012,910 | ||||||||||
| Virginia College Building Authority | 5.00% | 2/1/2037 | AA+ | 7,950,000 | 8,487,399 | ||||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue | 5.00% | 7/15/2038 | NR | 2,850,000 | 3,032,976 | ||||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue | 5.00% | 7/15/2039 | NR | 4,400,000 | 4,661,934 | ||||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue | 5.00% | 7/15/2040 | NR | 4,500,000 | 4,748,240 | ||||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue | 5.00% | 7/15/2041 | NR | 7,000,000 | 7,363,228 | ||||||||||
| Total | 1,074,800,336 | ||||||||||||||
| Health Care 11.27% | |||||||||||||||
| Allegheny County Hospital Development Authority PA | 5.00% | 4/1/2031 | A | 16,000,000 | 16,329,906 | ||||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2031 | BBB | 7,000,000 | 6,806,459 | ||||||||||
| Arizona Health Facilities Authority–Honorhealth Oblig Group | 5.00% | 12/1/2032 | A2 | 5,000,000 | 5,024,602 | ||||||||||
| Berks County Industrial Development Authority–Tower Health Oblig Group PA | 5.00% | 11/1/2025 | B | 2,405,000 | 1,665,621 | ||||||||||
| Berks County Industrial Development Authority–Tower Health Oblig Group PA | 5.00% | 11/1/2026 | B | 1,000,000 | 679,282 | ||||||||||
| Berks County Industrial Development Authority–Tower Health Oblig Group PA | 5.00% | 11/1/2036 | B | 1,835,000 | 1,052,407 | ||||||||||
| Berks County Industrial Development Authority–Tower Health Oblig Group PA | 5.00% | 11/1/2037 | B | 5,075,000 | 2,908,277 | ||||||||||
| Berks County Municipal Authority–Tower Health Oblig Group PA | 5.00% | #(b) | 2/1/2040 | B | 2,595,000 | 1,687,486 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.25% | 12/1/2035 | BB | 3,000,000 | 2,796,298 | ||||||||||
| Bucks County Industrial Development Authority–Grand View Hosp Oblig Grp PA | 5.00% | 7/1/2030 | BB | 2,075,000 | 1,997,092 | ||||||||||
| Bucks County Industrial Development Authority–Grand View Hosp Oblig Grp PA | 5.00% | 7/1/2031 | BB | 1,150,000 | 1,101,540 | ||||||||||
| Bucks County Industrial Development Authority–Grand View Hosp Oblig Grp PA | 5.00% | 7/1/2032 | BB | 1,000,000 | 953,534 | ||||||||||
| California Health Facilities Financing Authority–Lucile S Packard Chld Hsp | 5.00% | 8/15/2032 | A+ | 1,250,000 | 1,285,635 | ||||||||||
| California Health Facilities Financing Authority–Sutter Health Oblig Group | 5.00% | 11/15/2032 | A+ | 2,000,000 | 2,095,839 | ||||||||||
| 60 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Health Care (continued) | |||||||||||||||
| California Health Facilities Financing Authority–Sutter Health Oblig Group | 5.00% | 11/15/2033 | A+ | $ | 2,450,000 | $ | 2,565,809 | ||||||||
| California Health Facilities Financing Authority–Sutter Health Oblig Group | 5.00% | 11/15/2034 | A+ | 3,350,000 | 3,503,215 | ||||||||||
| California Municipal Finance Authority–Eisenhower Medical Center | 5.00% | 7/1/2029 | Baa2 | 1,000,000 | 1,019,003 | ||||||||||
| California Municipal Finance Authority–Eisenhower Medical Center | 5.00% | 7/1/2031 | Baa2 | 1,900,000 | 1,932,359 | ||||||||||
| California Municipal Finance Authority–Eisenhower Medical Center | 5.00% | 7/1/2033 | Baa2 | 1,000,000 | 1,015,506 | ||||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig† | 5.00% | 12/1/2033 | BB | 1,000,000 | 973,600 | ||||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig† | 5.25% | 12/1/2038 | BB | 1,500,000 | 1,440,429 | ||||||||||
| Camden County Improvement Authority–Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2024 | A- | 3,730,000 | 3,735,292 | ||||||||||
| Camden County Improvement Authority–Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2025 | A- | 1,250,000 | 1,254,022 | ||||||||||
| Camden County Improvement Authority–Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2027 | A- | 1,000,000 | 1,003,218 | ||||||||||
| City of Atlantic Beach–Naval Cont Care Ret Oblig FL | 5.00% | 11/15/2028 | BBB | (e) | 2,020,000 | 1,987,711 | |||||||||
| City of Blaine–Crest View Oblig Grp MN(c) | 5.125% | 7/1/2025 | NR | 770,000 | 500,500 | (d) | |||||||||
| City of Seneca–Nemaha Valley Cmnty Hosp KS | 5.00% | 9/1/2025 | NR | 5,500,000 | 5,462,191 | ||||||||||
| City of South Miami Health Facilities Authority, Inc.–Baptist Hlth South Oblig FL | 5.00% | 8/15/2026 | AA- | 3,000,000 | 3,074,015 | ||||||||||
| City of South Miami Health Facilities Authority, Inc.–Baptist Hlth South Oblig FL | 5.00% | 8/15/2027 | AA- | 3,620,000 | 3,754,137 | ||||||||||
| City of South Miami Health Facilities Authority, Inc.–Baptist Hlth South Oblig FL | 5.00% | 8/15/2028 | AA- | 2,625,000 | 2,722,223 | ||||||||||
| City of Tampa–H. Lee Moffitt Cancer Oblig FL | 4.00% | 7/1/2038 | A2 | 4,755,000 | 4,267,946 | ||||||||||
| Clarke County Hospital Authority–Piedmont Hlthcr Oblig Grp GA | 5.00% | 7/1/2029 | AA- | 7,090,000 | 7,225,147 | ||||||||||
| Clarke County Hospital Authority–Piedmont Hlthcr Oblig Grp GA | 5.00% | 7/1/2030 | AA- | 4,500,000 | 4,587,280 | ||||||||||
| Colorado Health Facilities Authority–Commonspirit Hlth Oblig | 5.25% | 11/1/2038 | A- | 2,095,000 | 2,148,378 | ||||||||||
| See Notes to Financial Statements. | 61 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Health Care (continued) | |||||||||||||||
| Colorado Health Facilities Authority–Intermountain Hlthcr Oblig | 5.00% | #(b) | 5/15/2062 | AA+ | $ | 10,255,000 | $ | 10,768,233 | |||||||
| Connecticut State Health & Educational Facilities Authority–Griffin Health Oblig Grp† | 5.00% | 7/1/2034 | BB+ | 225,000 | 208,494 | ||||||||||
| Connecticut State Health & Educational Facilities Authority–Griffin Health Oblig Grp† | 5.00% | 7/1/2039 | BB+ | 1,000,000 | 893,402 | ||||||||||
| Connecticut State Health & Educational Facilities Authority–Yale-New Haven Hlth Oblig | 1.80% | #(b) | 7/1/2049 | AA- | 5,390,000 | 5,265,514 | |||||||||
| County of Cuyahoga–The Metrohealth System OH | 5.00% | 2/15/2037 | BBB | 5,000,000 | 4,798,575 | ||||||||||
| County of Miami-Dade–Public Hlth Trust Miami FL | 5.00% | 6/1/2030 | Aa2 | 11,910,000 | 11,963,924 | ||||||||||
| County of Miami-Dade–Public Hlth Trust Miami FL | 5.00% | 6/1/2031 | Aa2 | 5,000,000 | 5,023,765 | ||||||||||
| County of Montgomery–Premier Hlth Partners Oblig OH | 4.00% | 11/15/2039 | Baa1 | 6,000,000 | 5,103,728 | ||||||||||
| County of Muskingum–Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2033 | BB+ | 12,355,000 | 11,535,823 | ||||||||||
| County of Washington–Marietta Area Hlthcr Oblig OH | 5.50% | 12/1/2027 | NR | 10,560,000 | 10,070,702 | ||||||||||
| County of Washington–Marietta Area Hlthcr Oblig OH | 6.375% | 12/1/2037 | NR | 10,000,000 | 9,495,099 | ||||||||||
| Crawford County Hospital Authority–Meadville Med Ctr Oblig PA | 6.00% | 6/1/2036 | NR | 3,830,000 | 3,879,968 | ||||||||||
| District of Columbia–Children’s NATL Med Oblig | 5.00% | 7/15/2026 | A1 | 1,700,000 | 1,728,452 | ||||||||||
| District of Columbia–Children’s NATL Med Oblig | 5.00% | 7/15/2034 | A1 | 5,000,000 | 5,057,397 | ||||||||||
| Florida Development Finance Corp.–Lakeland Regl Hlth Oblig | 4.00% | 11/15/2034 | A2 | 4,000,000 | 3,749,369 | ||||||||||
| Florida Development Finance Corp.–Lakeland Regl Hlth Oblig | 4.00% | 11/15/2035 | A2 | 5,530,000 | 5,109,404 | ||||||||||
| Florida Development Finance Corp.–Lakeland Regl Hlth Oblig | 4.00% | 11/15/2036 | A2 | 3,700,000 | 3,340,189 | ||||||||||
| Florida Development Finance Corp.–Lakeland Regl Hlth Oblig | 4.00% | 11/15/2038 | A2 | 2,265,000 | 1,976,004 | ||||||||||
| Franklin County Industrial Development Authority–Menno-Haven Inc Oblig Grp PA | 5.00% | 12/1/2031 | NR | 1,000,000 | 914,362 | ||||||||||
| 62 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Health Care (continued) | |||||||||||||||
| Franklin County Industrial Development Authority–Menno-Haven Inc Oblig Grp PA | 5.00% | 12/1/2033 | NR | $ | 1,000,000 | $ | 896,495 | ||||||||
| Glendale Industrial Development Authority–Beatitudes Campus Oblig AZ | 5.00% | 11/15/2036 | NR | 1,500,000 | 1,306,924 | ||||||||||
| Greeneville Health & Educational Facilities Board–Ballad Health Oblig Group TN | 5.00% | 7/1/2035 | A- | 3,300,000 | 3,353,564 | ||||||||||
| Greeneville Health & Educational Facilities Board–Ballad Health Oblig Group TN | 5.00% | 7/1/2036 | A- | 3,000,000 | 3,032,299 | ||||||||||
| Greeneville Health & Educational Facilities Board–Ballad Health Oblig Group TN | 5.00% | 7/1/2037 | A- | 10,000,000 | 10,049,457 | ||||||||||
| Harris County Cultural Education Facilities Finance Corp.–Memorial Hermann Hlth Oblig TX | 5.00% | #(b) | 6/1/2050 | Aa3 | 5,000,000 | 5,205,751 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. TX | 6.375% | 1/1/2033 | BB+ | (e) | 120,000 | 120,041 | |||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia–Temple Univ Hlth Oblig Grp PA | 5.00% | 7/1/2030 | BBB | 4,775,000 | 4,788,168 | ||||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia–Temple Univ Hlth Oblig Grp PA | 5.00% | 7/1/2032 | BBB | 4,055,000 | 4,058,758 | ||||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia–Temple Univ Hlth Oblig Grp PA | 5.00% | 7/1/2033 | BBB | 4,870,000 | 4,872,432 | ||||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota–Fairview Hlth Svcs Oblig | 5.00% | 11/15/2023 | NR | 3,735,000 | 3,738,366 | ||||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota–Fairview Hlth Svcs Oblig | 5.00% | 11/15/2024 | NR | 4,500,000 | 4,547,907 | ||||||||||
| Illinois Finance Authority–Ascension Hlth Credit Grp | 4.00% | 2/15/2033 | AA+ | 5,000,000 | 4,816,111 | ||||||||||
| Illinois Finance Authority–Plymouth Place Oblig Group | 5.00% | 5/15/2030 | NR | 1,690,000 | 1,720,801 | ||||||||||
| Illinois Finance Authority–Silver Cross Hosp Oblig | 5.00% | 8/15/2035 | A3 | 4,500,000 | 4,446,193 | ||||||||||
| Industrial Development Authority of the County of Pima–La Posada Park Centre Oblig AZ† | 5.125% | 11/15/2029 | NR | 3,000,000 | 2,955,791 | ||||||||||
| See Notes to Financial Statements. | 63 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Health Care (continued) | |||||||||||||||
| Karnes County Hospital District TX | 5.00% | 2/1/2024 | A | (e) | $ | 375,000 | $ | 375,605 | |||||||
| Karnes County Hospital District TX | 5.00% | 2/1/2034 | A | (e) | 1,000,000 | 1,001,085 | |||||||||
| Kentucky Economic Development Finance Authority–Masonic Homes Oblig | 5.375% | 11/15/2032 | NR | 1,185,000 | 1,048,676 | ||||||||||
| Kentucky Economic Development Finance Authority–Owensboro Health Inc Oblig | 5.00% | 6/1/2029 | Baa2 | 4,235,000 | 4,216,016 | ||||||||||
| Kentucky Economic Development Finance Authority–Owensboro Health Inc Oblig | 5.00% | 6/1/2032 | Baa2 | 6,000,000 | 5,916,674 | ||||||||||
| Lee Memorial Health System Oblig FL | 5.00% | 4/1/2036 | A+ | 4,535,000 | 4,676,631 | ||||||||||
| Louisville/Jefferson County Metropolitan Government–Norton Healthcare Oblig KY | 5.00% | 10/1/2040 | A+ | (e) | 3,500,000 | 3,551,513 | |||||||||
| Maricopa County Industrial Development Authority–Honorhealth Oblig Group AZ | 5.00% | 9/1/2033 | A2 | 500,000 | 517,731 | ||||||||||
| Maricopa County Industrial Development Authority–Honorhealth Oblig Group AZ | 5.00% | 9/1/2034 | A2 | 1,000,000 | 1,033,708 | ||||||||||
| Maricopa County Industrial Development Authority–Honorhealth Oblig Group AZ | 5.00% | 9/1/2035 | A2 | 1,000,000 | 1,029,729 | ||||||||||
| Maricopa County Industrial Development Authority–Honorhealth Oblig Group AZ | 5.00% | 9/1/2036 | A2 | 1,800,000 | 1,841,007 | ||||||||||
| Massachusetts Development Finance Agency–Beth Israel Lahey Oblig Grp | 5.00% | 7/1/2036 | A | 2,000,000 | 2,051,803 | ||||||||||
| Massachusetts Development Finance Agency–Wellforce Oblig Group | 4.00% | 7/1/2035 | BBB- | 2,000,000 | 1,751,374 | ||||||||||
| Massachusetts Development Finance Agency–Wellforce Oblig Group | 4.00% | 7/1/2037 | BBB- | 3,930,000 | 3,348,477 | ||||||||||
| Massachusetts Development Finance Agency–Wellforce Oblig Group | 5.00% | 7/1/2038 | BBB- | 1,100,000 | 1,025,624 | ||||||||||
| Massachusetts Development Finance Agency–Wellforce Oblig Group | 5.00% | 7/1/2039 | BBB- | 2,250,000 | 2,083,320 | ||||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd–Vanderbilt Univ Med Ctr TN | 5.00% | 7/1/2031 | A | 1,300,000 | 1,325,469 | ||||||||||
| Miami Beach Health Facilities Authority–Mt Sinai Medical Center FL Oblig | 5.00% | 11/15/2030 | A3 | 2,500,000 | 2,504,237 | ||||||||||
| Michigan Finance Authority–Mclaren Hlth Care Oblig | 5.00% | 5/15/2032 | A1 | 10,390,000 | 10,455,286 | ||||||||||
| Michigan Finance Authority–Mclaren Hlth Care Oblig | 5.00% | 5/15/2033 | A1 | 4,030,000 | 4,052,444 | ||||||||||
| Michigan Finance Authority–Trinity Hlth Corp Oblig | 5.00% | 12/1/2034 | AA- | 5,000,000 | 5,158,465 | ||||||||||
| 64 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Health Care (continued) | |||||||||||||||
| Michigan Finance Authority–Trinity Hlth Corp Oblig | 5.00% | 12/1/2035 | AA- | $ | 5,000,000 | $ | 5,134,705 | ||||||||
| Montgomery County Higher Education & Health Authority–Thomas Jefferson Univ Oblig PA | 4.00% | 9/1/2036 | A | 1,350,000 | 1,252,373 | ||||||||||
| Montgomery County Higher Education & Health Authority–Thomas Jefferson Univ Oblig PA | 4.00% | 9/1/2038 | A | 2,250,000 | 2,049,707 | ||||||||||
| Montgomery County Industrial Development Authority–Albert Einstein Hlthcr Oblig PA | 5.00% | 1/15/2024 | NR | 4,000,000 | 4,009,684 | ||||||||||
| Montgomery County Industrial Development Authority–Albert Einstein Hlthcr Oblig PA | 5.25% | 1/15/2026 | NR | 2,000,000 | 2,032,126 | ||||||||||
| Montgomery County Industrial Development Authority–Albert Einstein Hlthcr Oblig PA | 5.25% | 1/15/2028 | NR | 3,000,000 | 3,048,188 | ||||||||||
| Montgomery County Industrial Development Authority–Whitemarsh Cont Care Oblig PA | 5.00% | 1/1/2030 | NR | 2,000,000 | 1,904,921 | ||||||||||
| Moon Industrial Development Authority–Baptist Homes Society Oblig PA | 5.125% | 7/1/2025 | NR | 1,975,000 | 1,881,533 | ||||||||||
| New Jersey Health Care Facilities Financing Authority–Hackensack Merdn Hlth Oblig | 5.00% | 7/1/2028 | AA- | 5,500,000 | 5,742,026 | ||||||||||
| New Jersey Health Care Facilities Financing Authority–St Joseph’s Hlthcr Oblig | 5.00% | 7/1/2028 | BBB- | 1,300,000 | 1,303,928 | ||||||||||
| New Jersey Health Care Facilities Financing Authority–St Joseph’s Hlthcr Oblig | 5.00% | 7/1/2029 | BBB- | 1,605,000 | 1,608,075 | ||||||||||
| New Jersey Health Care Facilities Financing Authority–St Joseph’s Hlthcr Oblig | 5.00% | 7/1/2030 | BBB- | 1,100,000 | 1,100,579 | ||||||||||
| New Jersey Health Care Facilities Financing Authority–St Joseph’s Hlthcr Oblig | 5.00% | 7/1/2031 | BBB- | 1,110,000 | 1,107,894 | ||||||||||
| New Jersey Health Care Facilities Financing Authority–St Joseph’s Hlthcr Oblig | 5.00% | 7/1/2035 | BBB- | 3,185,000 | 3,127,656 | ||||||||||
| New Jersey Health Care Facilities Financing Authority–University Hospital (AGM) | 5.00% | 7/1/2028 | AA | 2,000,000 | 2,021,542 | ||||||||||
| See Notes to Financial Statements. | 65 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Health Care (continued) | |||||||||||||||
| New Jersey Health Care Facilities Financing Authority–Valley Hlth Sys Oblig Grp | 4.00% | 7/1/2036 | A | $ | 1,000,000 | $ | 918,815 | ||||||||
| New Jersey Health Care Facilities Financing Authority–Valley Hlth Sys Oblig Grp | 4.00% | 7/1/2037 | A | 1,000,000 | 909,380 | ||||||||||
| New York State Dormitory Authority–Catholic Hlth Sys Oblig | 4.00% | 7/1/2037 | B- | 1,100,000 | 815,566 | ||||||||||
| New York State Dormitory Authority–Catholic Hlth Sys Oblig | 4.00% | 7/1/2039 | B- | 1,000,000 | 722,530 | ||||||||||
| New York State Dormitory Authority–Catholic Hlth Sys Oblig | 4.00% | 7/1/2040 | B- | 850,000 | 602,737 | ||||||||||
| New York State Dormitory Authority–Catholic Hlth Sys Oblig | 5.00% | 7/1/2036 | B- | 1,945,000 | 1,598,829 | ||||||||||
| New York State Dormitory Authority–Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2026 | BBB- | 1,500,000 | 1,462,618 | ||||||||||
| New York State Dormitory Authority–Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2029 | BBB- | 2,700,000 | 2,587,848 | ||||||||||
| New York State Dormitory Authority–Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2030 | BBB- | 1,100,000 | 1,048,121 | ||||||||||
| New York State Dormitory Authority–Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2031 | BBB- | 1,600,000 | 1,516,018 | ||||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 4.00% | 8/1/2036 | BBB- | 1,780,000 | 1,614,999 | ||||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 4.00% | 9/1/2036 | BBB- | 1,555,000 | 1,408,605 | ||||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 4.00% | 8/1/2037 | BBB- | 650,000 | 578,208 | ||||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 4.00% | 8/1/2038 | BBB- | 4,000,000 | 3,499,406 | ||||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 4.00% | 9/1/2038 | BBB- | 2,940,000 | 2,570,750 | ||||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 4.00% | 9/1/2040 | BBB- | 3,150,000 | 2,686,033 | ||||||||||
| New York State Dormitory Authority–Northwell Hlth Oblig Grp | 5.00% | #(b) | 5/1/2048 | A- | 2,000,000 | 2,000,954 | |||||||||
| Norfolk Economic Development Authority–Sentara Hlthcr Oblig Gp VA | 5.00% | #(b) | 11/1/2048 | AA | 11,245,000 | 11,817,378 | |||||||||
| Oklahoma Development Finance Authority–OU Medicine Oblig Grp | 5.00% | 8/15/2033 | BB- | 2,045,000 | 1,879,441 | ||||||||||
| 66 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Health Care (continued) | |||||||||||||||
| Oklahoma Development Finance Authority–OU Medicine Oblig Grp | 5.00% | 8/15/2038 | BB- | $ | 6,160,000 | $ | 5,496,490 | ||||||||
| Oklahoma Development Finance Authority–OU Medicine Oblig Grp | 5.25% | 8/15/2043 | BB- | 6,710,000 | 6,015,043 | ||||||||||
| Oneida County Local Development Corp.–Mohawk Valley Hlth Oblig NY (AGM) | 4.00% | 12/1/2035 | AA | 1,000,000 | 937,949 | ||||||||||
| Oneida County Local Development Corp.–Mohawk Valley Hlth Oblig NY (AGM) | 4.00% | 12/1/2036 | AA | 1,250,000 | 1,155,787 | ||||||||||
| Oneida County Local Development Corp.–Mohawk Valley Hlth Oblig NY (AGM) | 4.00% | 12/1/2037 | AA | 2,210,000 | 2,003,382 | ||||||||||
| Orange County Health Facilities Authority–Orlando Hlth Oblig Group FL | 5.00% | 10/1/2035 | A+ | 1,730,000 | 1,836,087 | ||||||||||
| Orange County Health Facilities Authority–Orlando Hlth Oblig Group FL | 5.00% | 10/1/2037 | A+ | 2,350,000 | 2,435,060 | ||||||||||
| Orange County Health Facilities Authority–Orlando Hlth Oblig Group FL | 5.00% | 10/1/2038 | A+ | 1,530,000 | 1,573,935 | ||||||||||
| Orange County Health Facilities Authority–Orlando Hlth Oblig Group FL | 5.00% | 10/1/2039 | A+ | 1,500,000 | 1,536,506 | ||||||||||
| Orange County Health Facilities Authority–Orlando Hlth Oblig Group FL | 5.00% | 10/1/2040 | A+ | 1,500,000 | 1,530,374 | ||||||||||
| Palomar Health CA–Palomar Health Oblig Grp | 5.00% | 11/1/2036 | BBB | 5,280,000 | 5,199,631 | ||||||||||
| Pennsylvania Economic Development Financing Authority–UPMC Oblig Grp | 4.00% | 2/15/2040 | A | 2,820,000 | 2,526,656 | ||||||||||
| Public Finance Authority–Proton Intl Alabama LLC WI†(c) | 6.85% | 10/1/2047 | NR | 1,410,000 | 846,000 | (d) | |||||||||
| Rhode Island Health & Educational Building Corp.–Care New England Hlth Oblig | 5.00% | 9/1/2031 | B+ | 5,000,000 | 4,664,836 | ||||||||||
| South Carolina Jobs-Economic Development Authority–Kiawah Life Plan Vlg Inc | 5.25% | 11/15/2028 | NR | 5,700,000 | 5,611,930 | ||||||||||
| Southeastern Ohio Port Authority–Marietta Area Hlthcr Oblig | 5.00% | 12/1/2035 | B+ | (e) | 3,850,000 | 3,295,874 | |||||||||
| Southeastern Ohio Port Authority–Marietta Area Hlthcr Oblig | 5.50% | 12/1/2029 | B+ | (e) | 750,000 | 710,365 | |||||||||
| State of Ohio–Univ Hosp Hlth Sys Oblig Gp | 5.00% | 1/15/2036 | A | 3,295,000 | 3,380,325 | ||||||||||
| Tarrant County Cultural Education Facilities Finance Corp.–Baylor Scott & White Oblig TX | 5.00% | #(b) | 11/15/2052 | AA- | 4,000,000 | 4,245,154 | |||||||||
| Tarrant County Cultural Education Facilities Finance Corp.–Christus Health Oblig Group TX | 5.00% | #(b) | 7/1/2053 | A1 | 8,850,000 | 9,235,560 | |||||||||
| See Notes to Financial Statements. | 67 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Health Care (continued) | |||||||||||||||
| Tulsa County Industrial Authority–Montereau Oblig Group OK | 5.25% | 11/15/2037 | BBB- | (e) | $ | 1,250,000 | $ | 1,215,932 | |||||||
| University of Kansas Hospital Authority–Univ KS Hlth Sys Oblig Grp | 5.00% | 9/1/2034 | AA- | 5,000,000 | 5,046,684 | ||||||||||
| Washington Health Care Facilities Authority–Commonspirit Hlth Oblig | 5.00% | #(b) | 8/1/2049 | A- | 4,550,000 | 4,554,819 | |||||||||
| Washington Health Care Facilities Authority–Providence St Joseph Oblig | 4.00% | #(b) | 10/1/2042 | A | 24,690,000 | 23,560,593 | |||||||||
| Washington State Housing Finance Commission–Spokane United Method Hms† | 6.00% | 1/1/2024 | NR | 245,000 | 245,956 | ||||||||||
| West Virginia Hospital Finance Authority–WV United Hlth Sys Oblig | 4.00% | 6/1/2030 | A | 5,500,000 | 5,312,309 | ||||||||||
| West Virginia Hospital Finance Authority–WV United Hlth Sys Oblig | 4.00% | 6/1/2035 | A | 1,570,000 | 1,463,875 | ||||||||||
| Wisconsin Health & Educational Facilities Authority–Amer Baptist Homes Oblig | 5.00% | 8/1/2032 | NR | 1,375,000 | 1,166,101 | ||||||||||
| Wisconsin Health & Educational Facilities Authority–Amer Baptist Homes Oblig | 5.00% | 8/1/2037 | NR | 1,500,000 | 1,167,466 | ||||||||||
| Wisconsin Health & Educational Facilities Authority–Marshfield Clinic Hlth Oblig | 5.36% | # | 2/15/2053 | BBB+ | 40,000,000 | 40,000,000 | |||||||||
| Total | 545,846,147 | ||||||||||||||
| Housing 1.26% | |||||||||||||||
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB | 7,289,368 | 6,385,921 | ||||||||||
| California Housing Finance Agency | 3.50% | 11/20/2035 | BBB+ | 5,632,507 | 4,943,132 | ||||||||||
| California Housing Finance Agency | 4.00% | 3/20/2033 | BBB+ | 4,555,954 | 4,336,790 | ||||||||||
| California Housing Finance Agency | 4.25% | 1/15/2035 | BBB+ | 4,219,883 | 3,960,438 | ||||||||||
| California Municipal Finance Authority–Park Western Housing LP (FNMA) | 2.65% | 8/1/2036 | Aaa | 4,288,912 | 3,336,793 | ||||||||||
| California Statewide Communities Development Authority–Community Improvement Authority CA† | 3.00% | 6/1/2047 | NR | 5,000,000 | 3,341,503 | ||||||||||
| California Statewide Communities Development Authority–CHF-Irvine LLC | 5.00% | 5/15/2026 | Baa1 | 1,000,000 | 1,018,094 | ||||||||||
| California Statewide Communities Development Authority–CHF-Irvine LLC | 5.00% | 5/15/2027 | Baa1 | 750,000 | 765,620 | ||||||||||
| Florida Housing Finance Corp. (GNMA/FNMA/FHLMC) | 3.00% | 1/1/2052 | Aaa | 3,560,000 | 3,369,376 | ||||||||||
| Florida Housing Finance Corp. (GNMA/FNMA/FHLMC) | 3.00% | 7/1/2052 | Aaa | 4,805,000 | 4,514,250 | ||||||||||
| 68 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Housing (continued) | |||||||||||||||
| Indiana Finance Authority–Chf-Tippecanoe LLC | 5.00% | 6/1/2038 | NR | $ | 1,550,000 | $ | 1,551,072 | ||||||||
| Indiana Finance Authority–Chf-Tippecanoe LLC | 5.00% | 6/1/2043 | NR | 2,525,000 | 2,478,343 | ||||||||||
| Industrial Development Authority of the City of Phoenix Arizona–Downtown Phoenix Std Hsg AZ | 5.00% | 7/1/2032 | Baa3 | 1,080,000 | 1,099,071 | ||||||||||
| Maryland Community Development Administration | 3.00% | 9/1/2039 | Aa1 | 10,000,000 | 7,895,126 | ||||||||||
| Missouri Housing Development Commission (GNMA/FNMA/FHLMC) | 3.25% | 11/1/2052 | AA+ | 2,750,000 | 2,603,944 | ||||||||||
| Missouri Housing Development Commission (GNMA/FNMA/FHLMC) | 4.25% | 5/1/2047 | AA+ | 1,335,000 | 1,311,670 | ||||||||||
| New York City Housing Development Corp. NY | 2.10% | 11/1/2036 | AA+ | 5,725,000 | 4,051,150 | ||||||||||
| Washington State Housing Finance Commission | 3.50% | 12/20/2035 | BBB+ | 4,828,942 | 4,176,320 | ||||||||||
| Total | 61,138,613 | ||||||||||||||
| Lease Obligations 2.82% | |||||||||||||||
| County of Cuyahoga OH COPS | 5.00% | 12/1/2023 | AA- | 5,640,000 | 5,646,042 | ||||||||||
| Illinois Sports Facilities Authority (AGM) | 5.00% | 6/15/2027 | AA | 3,000,000 | 3,000,098 | ||||||||||
| Indiana Finance Authority | 5.25% | 2/1/2029 | AA+ | 2,500,000 | 2,554,533 | ||||||||||
| Michigan State Building Authority | 5.00% | 4/15/2034 | Aa2 | 6,525,000 | 6,656,126 | ||||||||||
| New Jersey Economic Development Authority | 4.00% | 11/1/2037 | A2 | 3,000,000 | 2,823,916 | ||||||||||
| New Jersey Economic Development Authority | 4.00% | 11/1/2038 | A2 | 3,000,000 | 2,786,098 | ||||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2025 | A2 | 5,085,000 | 5,158,721 | ||||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2033 | A2 | 7,215,000 | 7,472,489 | ||||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2034 | A2 | 3,000,000 | 3,154,606 | ||||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2034 | A2 | 13,645,000 | 14,104,811 | ||||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2035 | A2 | 4,925,000 | 5,023,759 | ||||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2035 | A2 | 1,000,000 | 1,051,535 | ||||||||||
| See Notes to Financial Statements. | 69 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Lease Obligations (continued) | |||||||||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2036 | A2 | $ | 1,320,000 | $ | 1,343,026 | ||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2042 | A2 | 1,400,000 | 1,472,150 | ||||||||||
| New Jersey Economic Development Authority† | 5.25% | 9/1/2027 | A- | 24,555,000 | 25,708,235 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 3.25% | 6/15/2039 | A2 | 2,000,000 | 1,663,779 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2035 | A2 | 3,750,000 | 3,665,927 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2036 | A2 | 2,770,000 | 2,656,250 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2030 | A+ | 3,000,000 | 3,056,643 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2031 | A+ | 2,400,000 | 2,442,222 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2033 | A2 | 25,410,000 | 26,291,158 | ||||||||||
| Redevelopment Authority of the City of Philadelphia PA | 5.00% | 4/15/2028 | A1 | 4,380,000 | 4,442,499 | ||||||||||
| School Board of Miami-Dade County FL GO | 4.00% | 3/15/2034 | AA- | 4,535,000 | 4,538,193 | ||||||||||
| Total | 136,712,816 | ||||||||||||||
| Multi-Family Housing 0.05% | |||||||||||||||
| Illinois Housing Development Authority (HUD SECT8) (FHA) | 4.00% | #(b) | 6/1/2026 | Aaa | 2,700,000 | 2,660,136 | |||||||||
| Other Revenue 2.55% | |||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 12/1/2049 | A1 | 12,675,000 | 12,446,069 | |||||||||
| Brooklyn Arena Local Development Corp.–Brooklyn Events Ctr LLC NY | 5.00% | 7/15/2042 | Ba1 | 7,600,000 | 7,226,128 | ||||||||||
| Brooklyn Arena Local Development Corp.–Brooklyn Events Ctr LLC NY (AGM) | 4.00% | 7/15/2029 | AA | 1,500,000 | 1,454,175 | ||||||||||
| Brooklyn Arena Local Development Corp.–Brooklyn Events Ctr LLC NY | 5.00% | 7/15/2024 | Ba1 | 3,550,000 | 3,563,543 | ||||||||||
| Cleveland-Cuyahoga County Port Authority–Playhouse Square Fdtn OH | 5.00% | 12/1/2033 | BB+ | 2,000,000 | 1,954,717 | ||||||||||
| Cleveland-Cuyahoga County Port Authority–Playhouse Square Fdtn OH | 5.25% | 12/1/2038 | BB+ | 1,650,000 | 1,594,652 | ||||||||||
| Commonwealth of Puerto Rico | 5.069% | #(b) | 11/1/2051 | NR | 17,586,280 | 9,056,934 | |||||||||
| Duval County Public Schools FL COPS (AGM) | 5.00% | 7/1/2034 | AA | 2,000,000 | 2,124,996 | ||||||||||
| 70 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Other Revenue (continued) | |||||||||||||||
| Illinois Finance Authority–Field Museum Natural Hist | 4.917% (SOFR * .70 + 1.20% | )# | 11/1/2034 | A | $ | 10,350,000 | $ | 10,294,721 | |||||||
| Industrial Development Authority of the County of Pima–Edkey Oblig Group AZ† | 5.00% | 7/1/2035 | NR | 5,000,000 | 4,738,075 | ||||||||||
| Lower Alabama Gas District | 4.00% | #(b) | 12/1/2050 | A2 | 30,995,000 | 30,389,519 | |||||||||
| Maricopa County Industrial Development Authority–Paragon Management Inc AZ† | 5.00% | 7/1/2036 | BB+ | 2,500,000 | 2,404,057 | ||||||||||
| Maricopa County Industrial Development Authority AZ† | 5.00% | 7/1/2039 | BB+ | 2,055,000 | 1,912,683 | ||||||||||
| Maryland Economic Development Corp.(c) | 5.00% | 12/1/2016 | NR | 700,000 | 420,000 | ||||||||||
| M-S-R Energy Authority CA | 6.125% | 11/1/2029 | BBB+ | 3,380,000 | 3,526,044 | ||||||||||
| Triborough Bridge & Tunnel Authority NY | 2.00% | #(b) | 5/15/2045 | AA+ | 5,000,000 | 4,913,390 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2032 | AA+ | 14,810,000 | 16,149,188 | ||||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2031 | NR | 10,180,000 | 9,385,015 | ||||||||||
| Total | 123,553,906 | ||||||||||||||
| Power 0.15% | |||||||||||||||
| Energy Northwest–Bonneville Power Admin WA | 5.00% | 7/1/2038 | Aa1 | 4,000,000 | 4,282,425 | ||||||||||
| York County Economic Development Authority–Virginia Elec & Pwr Co | 3.65% | #(b) | 5/1/2033 | A2 | 3,000,000 | 2,907,652 | |||||||||
| Total | 7,190,077 | ||||||||||||||
| Pre-Refunded 0.00% | |||||||||||||||
| New York State Dormitory Authority | 4.00% | 2/15/2034 | NR | 15,000 | 15,197 | ||||||||||
| Single-Family Housing 0.20% | |||||||||||||||
| Pennsylvania Housing Finance Agency | 5.50% | 10/1/2053 | AA+ | 9,500,000 | 9,770,736 | ||||||||||
| Special Tax 1.75% | |||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | 1,250,000 | 1,257,338 | ||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.375% | 5/1/2042 | NR | 5,500,000 | 5,320,479 | ||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 6.00% | 5/1/2042 | NR | 1,860,000 | 1,857,826 | ||||||||||
| Emeryville Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 9/1/2025 | AA | 2,650,000 | 2,678,385 | ||||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 3,955,000 | 3,043,557 | ||||||||||
| See Notes to Financial Statements. | 71 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Special Tax (continued) | |||||||||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | $ | 3,000,000 | $ | 2,089,376 | ||||||||
| Lakewood Ranch Stewardship District FL(f) | 6.125% | 5/1/2043 | NR | 2,250,000 | 2,257,963 | ||||||||||
| Miami World Center Community Development District FL | 4.75% | 11/1/2027 | NR | 750,000 | 749,730 | ||||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.50% | 8/1/2040 | NR | 1,250,000 | 1,023,706 | ||||||||||
| New York City Industrial Development Agency–Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2033 | AA | 1,750,000 | 1,509,636 | ||||||||||
| New York City Industrial Development Agency–Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2034 | AA | 1,000,000 | 848,526 | ||||||||||
| New York City Industrial Development Agency–Yankee Stadium LLC NY (AGM) | 3.00% | 3/1/2036 | AA | 5,500,000 | 4,514,818 | ||||||||||
| Orange County Community Facilities District CA Special Tax | 5.00% | 8/15/2033 | NR | 1,370,000 | 1,388,593 | ||||||||||
| Orange County Community Facilities District CA Special Tax | 5.00% | 8/15/2035 | NR | 975,000 | 986,237 | ||||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2028 | NR | 545,000 | 529,146 | ||||||||||
| Peninsula Town Center Community Development Authority VA† | 5.00% | 9/1/2037 | NR | 875,000 | 819,062 | ||||||||||
| River Islands Public Financing Authority CA Special Tax | 4.00% | 9/1/2051 | NR | 990,000 | 741,111 | ||||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.00% | 9/1/2042 | AA | 4,000,000 | 4,181,564 | ||||||||||
| State of Connecticut Special Tax Revenue | 4.00% | 9/1/2034 | AA | 8,075,000 | 8,031,154 | ||||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 10/1/2030 | AA | 9,000,000 | 9,542,951 | ||||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 1/1/2032 | AA | 14,375,000 | 15,053,270 | ||||||||||
| Village Community Development District No. 12 FL | 3.25% | 5/1/2026 | NR | 2,280,000 | 2,232,916 | ||||||||||
| Village Community Development District No. 12 FL | 3.80% | 5/1/2028 | NR | 2,055,000 | 2,010,122 | ||||||||||
| Village Community Development District No. 12 FL | 4.00% | 5/1/2033 | NR | 1,830,000 | 1,744,989 | ||||||||||
| Village Community Development District No. 13 FL | 1.80% | 5/1/2026 | NR | 535,000 | 499,215 | ||||||||||
| Village Community Development District No. 13 FL | 2.85% | 5/1/2036 | NR | 1,880,000 | 1,476,895 | ||||||||||
| Village Community Development District No. 13 FL | 3.00% | 5/1/2029 | NR | 475,000 | 434,493 | ||||||||||
| 72 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Special Tax (continued) | |||||||||||||||
| Village Community Development District No. 13 FL† | 3.00% | 5/1/2035 | NR | $ | 3,360,000 | $ | 2,758,909 | ||||||||
| Village Community Development District No. 13 FL† | 3.25% | 5/1/2040 | NR | 4,200,000 | 3,176,828 | ||||||||||
| Village Community Development District No. 13 FL | 3.375% | 5/1/2034 | NR | 2,465,000 | 2,169,493 | ||||||||||
| Total | 84,928,288 | ||||||||||||||
| Tax Revenue 2.51% | |||||||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB+ | 5,675,000 | 5,722,486 | ||||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba1 | 2,205,000 | 2,016,988 | ||||||||||
| Clear Creek Independent School District TX GO (PSF GTD) | 0.28% | #(b) | 2/15/2038 | AAA | 4,930,000 | 4,758,954 | |||||||||
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | 3,750,000 | 3,654,975 | ||||||||||
| County of Cook Sales Tax Revenue IL | 5.25% | 11/15/2036 | AA- | 10,000,000 | 10,318,097 | ||||||||||
| Metropolitan Atlanta Rapid Transit Authority GA | 5.00% | 7/1/2032 | AAA | 5,000,000 | 5,155,962 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2031 | A2 | 3,200,000 | 3,325,799 | ||||||||||
| New York City Transitional Finance Authority | 5.00% | 5/1/2039 | Aa1 | 5,000,000 | 5,250,586 | ||||||||||
| New York City Transitional Finance Authority | 5.50% | 5/1/2044 | Aa1 | 8,500,000 | 9,151,073 | ||||||||||
| New York City Transitional Finance Authority Building Aid Revenue NY | 5.25% | 7/15/2036 | AA | 11,700,000 | 12,262,623 | ||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 3.00% | 11/1/2037 | AAA | 2,500,000 | 2,004,960 | ||||||||||
| New York State Thruway Authority | 5.00% | 3/15/2035 | AA+ | 6,000,000 | 6,481,106 | ||||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2034 | Aa1 | 12,140,000 | 13,199,634 | ||||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2035 | Aa1 | 5,000,000 | 5,408,765 | ||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2029 | NR | 1,616,000 | 1,258,523 | ||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 1,774,000 | 1,258,968 | ||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 11,643,000 | 7,474,804 | ||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 5,223,000 | 4,691,108 | ||||||||||
| See Notes to Financial Statements. | 73 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Tax Revenue (continued) | |||||||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | $ | 12,051,000 | $ | 10,823,768 | ||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 81,000 | 69,298 | ||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 268,000 | 247,251 | ||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 1,967,000 | 1,743,867 | ||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 1,092,000 | 955,876 | ||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 4,974,000 | 4,511,833 | ||||||||||
| Total | 121,747,304 | ||||||||||||||
| Taxable Revenue–Water & Sewer 1.07% | |||||||||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2036 | AA | 1,500,000 | 1,586,626 | ||||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2037 | AA | 1,000,000 | 1,046,471 | ||||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2038 | AA | 1,500,000 | 1,562,860 | ||||||||||
| Louisville & Jefferson County Metropolitan Sewer District KY | 5.00% | 5/15/2035 | Aa3 | 10,000,000 | 11,023,043 | ||||||||||
| New Jersey Economic Development Authority–New Jersey Amern Wtr Co AMT | 3.75% | #(b) | 11/1/2034 | A+ | 5,500,000 | 5,227,943 | |||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2036 | A1 | 6,750,000 | 7,339,117 | ||||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2037 | A1 | 4,750,000 | 5,100,951 | ||||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2038 | A1 | 4,500,000 | 4,780,820 | ||||||||||
| San Francisco City & County Public Utilities Commission Wastewater Revenue CA | 4.00% | #(b) | 10/1/2048 | AA | 14,000,000 | 14,134,605 | |||||||||
| Total | 51,802,436 | ||||||||||||||
| Tobacco 1.40% | |||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 31,215,000 | 26,928,266 | ||||||||||
| Iowa Tobacco Settlement Authority | 4.00% | 6/1/2049 | BBB+ | 6,105,000 | 5,651,654 | ||||||||||
| Michigan Finance Authority | 4.00% | 6/1/2034 | A- | 1,000,000 | 995,413 | ||||||||||
| Michigan Finance Authority | 4.00% | 6/1/2035 | A- | 2,000,000 | 1,967,111 | ||||||||||
| 74 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Tobacco (continued) | |||||||||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | $ | 35,000,000 | $ | 1,722,165 | ||||||||
| Northern Tobacco Securitization Corp. AK | 4.00% | 6/1/2037 | A- | 1,500,000 | 1,410,410 | ||||||||||
| Northern Tobacco Securitization Corp. AK | 4.00% | 6/1/2050 | BBB- | 1,345,000 | 1,243,083 | ||||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BBB- | 9,600,000 | 8,934,778 | ||||||||||
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 5,100,000 | 5,128,927 | ||||||||||
| Tobacco Settlement Financing Corp. RI | 5.00% | 6/1/2027 | BBB | 2,500,000 | 2,523,969 | ||||||||||
| Tobacco Settlement Financing Corp. RI | 5.00% | 6/1/2028 | BBB | 2,000,000 | 2,020,730 | ||||||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 3,690,000 | 3,264,701 | ||||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2029 | A | 5,775,000 | 5,958,017 | ||||||||||
| Total | 67,749,224 | ||||||||||||||
| Transportation 20.88% | |||||||||||||||
| Alameda Corridor Transportation Authority CA (AGM) | 5.00% | 10/1/2034 | AA | 3,650,000 | 3,741,110 | ||||||||||
| California Municipal Finance Authority–Lax Integrated Express AMT | 5.00% | 6/30/2031 | BBB- | (e) | 3,250,000 | 3,317,265 | |||||||||
| California Municipal Finance Authority–Lax Integrated Express AMT | 5.00% | 12/31/2036 | BBB- | (e) | 3,215,000 | 3,239,853 | |||||||||
| California Municipal Finance Authority–Lax Integrated Express AMT | 5.00% | 12/31/2037 | BBB- | (e) | 7,000,000 | 7,018,299 | |||||||||
| Central Florida Expressway Authority | 4.00% | 7/1/2037 | A+ | 7,380,000 | 6,717,605 | ||||||||||
| Central Texas Regional Mobility Authority | 4.00% | 1/1/2034 | A | 4,750,000 | 4,659,036 | ||||||||||
| Central Texas Regional Mobility Authority | 4.00% | 1/1/2035 | A | 4,000,000 | 3,890,559 | ||||||||||
| Central Texas Regional Mobility Authority | 4.00% | 1/1/2036 | A | 4,510,000 | 4,330,199 | ||||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2025 | A- | 7,500,000 | 7,534,339 | ||||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2027 | A- | 15,000,000 | 15,259,050 | ||||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2030 | A | 800,000 | 814,499 | ||||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2031 | A | 1,675,000 | 1,705,356 | ||||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2032 | A | 2,000,000 | 2,036,246 | ||||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2025 | A- | 2,250,000 | 2,254,171 | ||||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2026 | A- | 2,500,000 | 2,499,353 | ||||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2027 | A- | 3,300,000 | 3,301,027 | ||||||||||
| See Notes to Financial Statements. | 75 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Transportation (continued) | |||||||||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2028 | A- | $ | 3,705,000 | $ | 3,707,232 | ||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2033 | A- | 7,650,000 | 7,612,281 | ||||||||||
| Chicago Midway International Airport IL | 4.00% | 1/1/2034 | A | 2,175,000 | 2,099,977 | ||||||||||
| Chicago Midway International Airport IL | 5.00% | 1/1/2026 | A | 6,075,000 | 6,073,846 | ||||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2026 | A | 4,605,000 | 4,600,260 | ||||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2030 | A | 5,000,000 | 4,985,125 | ||||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2031 | A | 2,000,000 | 2,011,329 | ||||||||||
| Chicago O’Hare International Airport IL | 4.00% | 1/1/2038 | A+ | 6,820,000 | 6,469,066 | ||||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2031 | A+ | 6,500,000 | 6,548,049 | ||||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.00% | 1/1/2036 | NR | 2,000,000 | 2,091,034 | ||||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.00% | 1/1/2037 | NR | 1,330,000 | 1,378,329 | ||||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.00% | 1/1/2038 | NR | 1,785,000 | 1,831,055 | ||||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2039 | NR | 1,190,000 | 1,242,237 | ||||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.00% | 11/15/2031 | AA- | 16,500,000 | 17,376,699 | ||||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.00% | 12/1/2031 | A+ | 15,000,000 | 15,355,354 | ||||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.00% | 12/1/2035 | A+ | 5,000,000 | 5,083,076 | ||||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.50% | 11/15/2033 | AA- | 8,365,000 | 9,156,168 | ||||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2034 | AA- | 3,500,000 | 3,933,383 | ||||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2035 | Aa3 | 3,250,000 | 3,626,268 | ||||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2037 | AA- | 2,000,000 | 2,187,327 | ||||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 4.00% | 7/1/2037 | AA- | 4,150,000 | 3,905,201 | ||||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 1/1/2029 | AA- | 2,500,000 | 2,499,043 | ||||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 7/1/2036 | Aa3 | 7,600,000 | 7,924,248 | ||||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 7/1/2037 | Aa3 | 3,750,000 | 3,874,627 | ||||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 7/1/2038 | Aa3 | 2,750,000 | 2,824,006 | ||||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.25% | 7/1/2041 | Aa3 | 6,000,000 | 6,268,303 | ||||||||||
| 76 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Transportation (continued) | |||||||||||||||
| City of Houston Airport System Revenue–United Airlines Inc TX AMT | 4.75% | 7/1/2024 | BB- | $ | 2,390,000 | $ | 2,385,511 | ||||||||
| City of Houston Airport System Revenue–United Airlines Inc TX AMT | 5.00% | 7/15/2027 | B- | (e) | 1,000,000 | 995,405 | |||||||||
| City of Houston Airport System Revenue (AGM) AMT | 5.00% | 7/1/2035 | A1 | 8,005,000 | 8,416,820 | ||||||||||
| City of Houston Airport System Revenue (AGM) AMT | 5.00% | 7/1/2036 | A1 | 2,850,000 | 2,969,304 | ||||||||||
| City of Houston Airport System Revenue (AGM) AMT | 5.00% | 7/1/2037 | A1 | 2,000,000 | 2,061,705 | ||||||||||
| City of Houston Airport System Revenue (AGM) AMT | 5.00% | 7/1/2038 | A1 | 2,000,000 | 2,044,380 | ||||||||||
| City of Houston Airport System Revenue (AGM) AMT | 5.25% | 7/1/2039 | A1 | 2,700,000 | 2,800,044 | ||||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2033 | AA | 4,500,000 | 4,779,407 | ||||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2034 | AA- | 2,930,000 | 3,070,923 | ||||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2034 | AA | 6,000,000 | 6,363,687 | ||||||||||
| City of Philadelphia Airport Revenue PA AMT | 5.00% | 7/1/2032 | A2 | 3,660,000 | 3,807,360 | ||||||||||
| City of Phoenix Civic Improvement Corp. AZ | 5.00% | 7/1/2036 | Aa2 | 4,045,000 | 4,182,047 | ||||||||||
| City of Phoenix Civic Improvement Corp. AZ | 5.00% | 7/1/2036 | Aa3 | 5,000,000 | 5,151,863 | ||||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2029 | A+ | 3,000,000 | 3,079,799 | ||||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2030 | A+ | 2,275,000 | 2,319,434 | ||||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2031 | A+ | 3,000,000 | 3,058,342 | ||||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2034 | A+ | 14,645,000 | 14,980,498 | ||||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2034 | A+ | 4,455,000 | 4,537,226 | ||||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2036 | A2 | 1,500,000 | 1,610,555 | ||||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2037 | A2 | 2,325,000 | 2,470,111 | ||||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2039 | A2 | 3,000,000 | 3,146,938 | ||||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2041 | A2 | 4,425,000 | 4,605,288 | ||||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2042 | A2 | 3,500,000 | 3,625,714 | ||||||||||
| County of Broward Airport System Revenue FL AMT | 5.00% | 10/1/2035 | A+ | 2,660,000 | 2,720,829 | ||||||||||
| County of Broward Airport System Revenue FL AMT | 5.00% | 10/1/2036 | A+ | 2,615,000 | 2,655,617 | ||||||||||
| County of Broward Airport System Revenue FL AMT | 5.00% | 10/1/2037 | A+ | 4,000,000 | 4,033,647 | ||||||||||
| See Notes to Financial Statements. | 77 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Transportation (continued) | |||||||||||||||
| County of Lee Airport Revenue FL AMT | 5.00% | 10/1/2029 | A2 | $ | 11,000,000 | $ | 11,365,548 | ||||||||
| County of Miami-Dade Aviation Revenue FL | 5.00% | 10/1/2025 | A1 | 3,690,000 | 3,716,211 | ||||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2027 | A1 | 5,145,000 | 5,143,043 | ||||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2028 | A1 | 3,500,000 | 3,497,804 | ||||||||||
| County of Sacramento Airport System Revenue CA AMT | 5.00% | 7/1/2027 | A+ | 5,950,000 | 6,110,671 | ||||||||||
| County of Sacramento Airport System Revenue CA AMT | 5.00% | 7/1/2034 | A+ | 4,000,000 | 4,119,218 | ||||||||||
| County of Sacramento Airport System Revenue CA AMT | 5.00% | 7/1/2036 | A+ | 5,645,000 | 5,755,623 | ||||||||||
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2033 | A+ | 2,000,000 | 2,001,350 | ||||||||||
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2038 | A+ | 3,000,000 | 3,132,854 | ||||||||||
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2039 | A1 | 2,750,000 | 2,869,587 | ||||||||||
| Delaware River Joint Toll Bridge Commission PA | 5.00% | 7/1/2030 | A+ | 1,920,000 | 1,988,140 | ||||||||||
| Delaware River Joint Toll Bridge Commission PA | 5.00% | 7/1/2032 | A+ | 2,025,000 | 2,095,863 | ||||||||||
| E-470 Public Highway Authority CO | 3.908% (SOFR * .67 + .35% | )# | 9/1/2039 | A+ | 1,690,000 | 1,683,884 | |||||||||
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2035 | AA- | 8,000,000 | 7,675,615 | ||||||||||
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2039 | AA- | 2,900,000 | 2,664,586 | ||||||||||
| Greater Orlando Aviation Authority FL AMT | 5.00% | 10/1/2029 | A+ | 3,000,000 | 3,108,553 | ||||||||||
| Illinois State Toll Highway Authority | 5.00% | 1/1/2027 | AA- | 1,000,000 | 1,001,848 | ||||||||||
| Illinois State Toll Highway Authority | 5.00% | 1/1/2028 | AA- | 2,535,000 | 2,539,725 | ||||||||||
| Kansas City Industrial Development Authority MO AMT | 5.00% | 3/1/2036 | A2 | 5,000,000 | 5,068,827 | ||||||||||
| Kansas City Industrial Development Authority MO AMT | 5.00% | 3/1/2038 | A2 | 6,205,000 | 6,203,177 | ||||||||||
| Maryland Economic Development Corp.–Consol Marine Terminals L | 5.75% | 9/1/2025 | BB | 5,000,000 | 5,042,075 | ||||||||||
| Maryland Economic Development Corp. Tax Allocation | 4.00% | 9/1/2040 | NR | 5,000,000 | 4,195,568 | ||||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.25% | 7/1/2034 | A1 | 1,250,000 | 1,339,725 | ||||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.25% | 7/1/2035 | A1 | 2,595,000 | 2,765,930 | ||||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2036 | A1 | 1,000,000 | 1,077,959 | ||||||||||
| 78 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Transportation (continued) | |||||||||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2037 | A1 | $ | 1,250,000 | $ | 1,334,547 | ||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2038 | A1 | 1,500,000 | 1,589,262 | ||||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2032 | A3 | 8,500,000 | 8,264,247 | ||||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2028 | A3 | 9,090,000 | 9,422,609 | ||||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2033 | A3 | 4,025,000 | 4,147,408 | ||||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2035 | A3 | 5,000,000 | 5,014,597 | ||||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2038 | A3 | 1,500,000 | 1,488,922 | ||||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2028 | A3 | 6,760,000 | 6,856,767 | ||||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2035 | A3 | 7,500,000 | 7,479,589 | ||||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2032 | AA- | 11,195,000 | 11,833,751 | ||||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2036 | AA- | 2,175,000 | 2,256,403 | ||||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2037 | AA- | 2,335,000 | 2,402,014 | ||||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2038 | AA- | 1,860,000 | 1,907,067 | ||||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.25% | 10/1/2039 | AA- | 4,305,000 | 4,506,262 | ||||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC | 4.00% | 10/1/2035 | A- | 1,000,000 | 969,409 | ||||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC | 4.00% | 10/1/2036 | A- | 1,500,000 | 1,429,707 | ||||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC | 4.00% | 10/1/2037 | A- | 1,500,000 | 1,403,954 | ||||||||||
| Minneapolis-St. Paul Metropolitan Airports Commission MN | 5.00% | 1/1/2028 | A+ | 3,500,000 | 3,508,115 | ||||||||||
| New Jersey Economic Development Authority–NYNJ Link Borrower LLC AMT | 5.125% | 1/1/2034 | BBB+ | 5,010,000 | 5,021,648 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2038 | A2 | 3,000,000 | 2,800,058 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2039 | A2 | 6,000,000 | 5,559,292 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2028 | A+ | 6,275,000 | 6,401,473 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2032 | A2 | 6,960,000 | 7,473,768 | ||||||||||
| See Notes to Financial Statements. | 79 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Transportation (continued) | |||||||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2034 | A2 | $ | 10,000,000 | $ | 10,675,703 | ||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2034 | A2 | 2,500,000 | 2,676,958 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2035 | A2 | 2,250,000 | 2,395,851 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2037 | A2 | 4,250,000 | 4,465,000 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2038 | A2 | 1,000,000 | 1,044,084 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2038 | A2 | 2,000,000 | 2,090,419 | ||||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2039 | A2 | 3,000,000 | 3,119,257 | ||||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2029 | AA- | 5,000,000 | 5,033,201 | ||||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2031 | AA- | 5,000,000 | 5,054,946 | ||||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2033 | AA- | 2,100,000 | 2,170,191 | ||||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2034 | AA- | 1,500,000 | 1,572,003 | ||||||||||
| New York State Dormitory Authority | 4.00% | 1/1/2038 | A1 | 13,000,000 | 12,254,709 | ||||||||||
| New York State Thruway Authority | 4.00% | 1/1/2037 | A1 | 11,770,000 | 11,336,042 | ||||||||||
| New York State Thruway Authority | 5.00% | 1/1/2026 | A1 | 5,115,000 | 5,177,155 | ||||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 4.00% | 10/1/2030 | Baa3 | 4,225,000 | 4,079,739 | ||||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa3 | 10,010,000 | 9,237,340 | ||||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2033 | Baa3 | 11,000,000 | 11,093,677 | ||||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2034 | Baa3 | 3,450,000 | 3,477,460 | ||||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa3 | 10,500,000 | 10,454,040 | ||||||||||
| New York Transportation Development Corp.–Empire St Thruway Partnrs AMT | 4.00% | 10/31/2034 | BBB- | (e) | 750,000 | 707,315 | |||||||||
| New York Transportation Development Corp.–Empire St Thruway Partnrs AMT | 4.00% | 10/31/2041 | BBB- | (e) | 3,000,000 | 2,574,170 | |||||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC | 5.00% | 12/1/2034 | Baa1 | 2,000,000 | 2,087,754 | ||||||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC AMT | 5.00% | 12/1/2024 | Baa1 | 2,000,000 | 2,009,603 | ||||||||||
| 80 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Transportation (continued) | |||||||||||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC AMT | 5.00% | 12/1/2030 | Baa1 | $ | 10,000,000 | $ | 10,273,412 | ||||||||
| New York Transportation Development Corp.–Laguardia Gateway Partner AMT | 4.00% | 7/1/2032 | Baa2 | 3,000,000 | 2,803,494 | ||||||||||
| New York Transportation Development Corp.–Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa2 | 6,480,000 | 6,016,326 | ||||||||||
| New York Transportation Development Corp.–Laguardia Gateway Partner AMT | 5.00% | 7/1/2034 | Baa2 | 2,250,000 | 2,230,043 | ||||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2027 | A3 | 3,185,000 | 3,184,795 | ||||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2030 | A3 | 365,000 | 372,452 | ||||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2031 | A3 | 300,000 | 306,087 | ||||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2032 | A3 | 775,000 | 790,654 | ||||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2034 | A3 | 865,000 | 881,649 | ||||||||||
| Norman Y Mineta San Jose International Airport SJC CA | 5.00% | 3/1/2026 | A | 1,200,000 | 1,205,172 | ||||||||||
| Norman Y Mineta San Jose International Airport SJC CA | 5.00% | 3/1/2027 | A | 2,260,000 | 2,270,803 | ||||||||||
| Norman Y Mineta San Jose International Airport SJC CA | 5.00% | 3/1/2028 | A | 1,655,000 | 1,662,744 | ||||||||||
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2035 | A | 1,500,000 | 1,526,040 | ||||||||||
| North Carolina Turnpike Authority | 5.00% | 1/1/2032 | BBB | 1,000,000 | 1,025,809 | ||||||||||
| North Carolina Turnpike Authority (AGM) | 4.00% | 1/1/2037 | AA | 12,895,000 | 12,108,985 | ||||||||||
| North Carolina Turnpike Authority (AGM) | 4.00% | 1/1/2038 | AA | 9,000,000 | 8,404,831 | ||||||||||
| North Carolina Turnpike Authority (AGM) | 5.00% | 1/1/2031 | AA | 1,000,000 | 1,032,312 | ||||||||||
| North Texas Tollway Authority | 4.00% | 1/1/2037 | AA- | 8,740,000 | 8,291,565 | ||||||||||
| North Texas Tollway Authority | 4.125% | 1/1/2040 | AA- | 5,000,000 | 4,678,146 | ||||||||||
| North Texas Tollway Authority | 5.00% | 1/1/2025 | AA- | 5,000,000 | 5,012,973 | ||||||||||
| North Texas Tollway Authority | 5.00% | 1/1/2031 | A+ | 8,085,000 | 8,084,124 | ||||||||||
| North Texas Tollway Authority | 5.00% | 1/1/2036 | AA- | 5,000,000 | 5,066,888 | ||||||||||
| Pennsylvania Turnpike Commission | 4.83% (MUNIPSA * 1 + .85% | )# | 7/15/2041 | A1 | 25,000,000 | 25,004,420 | |||||||||
| Port Authority of New York & New Jersey | 4.00% | 11/1/2037 | AA- | 3,540,000 | 3,391,085 | ||||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2023 | AA- | 5,300,000 | 5,309,133 | ||||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2025 | AA- | 10,000,000 | 10,018,615 | ||||||||||
| See Notes to Financial Statements. | 81 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Transportation (continued) | |||||||||||||||
| Port Authority of New York & New Jersey | 5.00% | 11/15/2036 | AA- | $ | 5,000,000 | $ | 5,150,164 | ||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2036 | Aa3 | 2,750,000 | 2,950,890 | ||||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2037 | Aa3 | 2,250,000 | 2,388,077 | ||||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2038 | Aa3 | 2,500,000 | 2,635,861 | ||||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2039 | Aa3 | 3,250,000 | 3,405,721 | ||||||||||
| Port Authority of New York & New Jersey AMT | 3.00% | 10/1/2027 | AA- | 6,405,000 | 5,959,967 | ||||||||||
| Port Authority of New York & New Jersey AMT | 4.00% | 7/15/2034 | AA- | 4,250,000 | 4,181,549 | ||||||||||
| Port Authority of New York & New Jersey AMT | 4.00% | 11/1/2034 | AA- | 13,705,000 | 13,446,890 | ||||||||||
| Port Authority of New York & New Jersey AMT | 4.00% | 7/15/2035 | AA- | 2,250,000 | 2,151,638 | ||||||||||
| Port Authority of New York & New Jersey AMT | 4.00% | 7/15/2036 | AA- | 1,500,000 | 1,416,943 | ||||||||||
| Port Authority of New York & New Jersey AMT | 4.00% | 7/15/2037 | AA- | 2,000,000 | 1,850,865 | ||||||||||
| Port Authority of New York & New Jersey AMT | 4.00% | 7/15/2038 | AA- | 3,000,000 | 2,728,638 | ||||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2028 | AA- | 4,000,000 | 4,109,534 | ||||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2034 | Aa3 | 10,000,000 | 10,736,597 | ||||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 10/15/2034 | AA- | 9,170,000 | 9,189,298 | ||||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2035 | Aa3 | 6,250,000 | 6,663,021 | ||||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 1/15/2036 | AA- | 2,000,000 | 2,115,477 | ||||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | Aa3 | 4,000,000 | 4,218,080 | ||||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2036 | Aa3 | 1,750,000 | 1,840,683 | ||||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 1/15/2037 | AA- | 2,000,000 | 2,093,703 | ||||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2037 | Aa3 | 3,250,000 | 3,390,804 | ||||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2037 | Aa3 | 2,250,000 | 2,342,795 | ||||||||||
| 82 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Transportation (continued) | |||||||||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 1/15/2038 | AA- | $ | 1,000,000 | $ | 1,033,510 | ||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2038 | Aa3 | 4,500,000 | 4,657,278 | ||||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2038 | Aa3 | 2,000,000 | 2,072,051 | ||||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 1/15/2039 | Aa3 | 1,500,000 | 1,543,772 | ||||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2039 | Aa3 | 5,250,000 | 5,409,773 | ||||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2037 | AA- | 2,420,000 | 2,443,554 | ||||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2037 | AA- | 4,000,000 | 4,123,409 | ||||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2038 | AA- | 3,250,000 | 3,263,847 | ||||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2039 | AA- | 3,330,000 | 3,334,827 | ||||||||||
| Port of Portland Airport Revenue OR AMT | 5.25% | 7/1/2039 | AA- | 3,500,000 | 3,635,219 | ||||||||||
| Port of Seattle WA | 4.00% | 6/1/2038 | AA- | 2,700,000 | 2,552,961 | ||||||||||
| Puerto Rico Highway & Transportation Authority | Zero Coupon | 7/1/2032 | NR | 520,276 | 336,228 | ||||||||||
| Puerto Rico Highway & Transportation Authority | 5.00% | 7/1/2053 | NR | 889,979 | 552,901 | ||||||||||
| Puerto Rico Highway & Transportation Authority | 5.00% | 7/1/2062 | NR | 800,592 | 766,567 | ||||||||||
| Regional Transportation District–Denver Transit Partners CO | 4.00% | 1/15/2033 | Baa1 | 850,000 | 831,144 | ||||||||||
| Regional Transportation District–Denver Transit Partners CO | 4.00% | 7/15/2034 | Baa1 | 7,650,000 | 7,441,254 | ||||||||||
| Regional Transportation District–Denver Transit Partners CO | 4.00% | 7/15/2036 | Baa1 | 700,000 | 664,240 | ||||||||||
| Regional Transportation District–Denver Transit Partners CO | 5.00% | 1/15/2032 | Baa1 | 950,000 | 992,376 | ||||||||||
| Riverside County Transportation Commission CA | 4.00% | 6/1/2040 | A | 2,000,000 | 1,813,011 | ||||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2036 | A+ | 3,195,000 | 3,275,878 | ||||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2037 | A+ | 4,065,000 | 4,140,098 | ||||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% | 1/15/2034 | A | 3,130,000 | 3,108,222 | ||||||||||
| See Notes to Financial Statements. | 83 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2026 | AA | $ | 1,250,000 | $ | 1,265,798 | |||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2027 | AA | 2,000,000 | 2,034,683 | |||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2028 | AA | 4,710,000 | 4,784,153 | |||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2029 | AA | 3,500,000 | 3,553,874 | |||||||||
| State of Alaska International Airports System | 5.00% | 10/1/2028 | A1 | 2,000,000 | 2,036,653 | |||||||||
| State of Alaska International Airports System | 5.00% | 10/1/2034 | A1 | 5,000,000 | 5,048,546 | |||||||||
| State of Connecticut Special Tax Revenue | 4.00% | 5/1/2039 | AA | 10,000,000 | 9,460,743 | |||||||||
| State of Hawaii Airports System Revenue AMT | 5.00% | 7/1/2031 | AA- | 1,275,000 | 1,305,779 | |||||||||
| State of Hawaii Airports System Revenue AMT | 5.00% | 7/1/2033 | AA- | 3,300,000 | 3,379,055 | |||||||||
| State of Hawaii Airports System Revenue AMT | 5.00% | 7/1/2034 | AA- | 2,000,000 | 2,045,817 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp.–LBJ Infrastructure Group | 4.00% | 12/31/2033 | Baa2 | 6,500,000 | 6,106,940 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp.–LBJ Infrastructure Group | 4.00% | 12/31/2034 | Baa2 | 6,500,000 | 6,073,853 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp.–LBJ Infrastructure Group | 4.00% | 12/31/2035 | Baa2 | 6,000,000 | 5,567,185 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp.–LBJ Infrastructure Group | 4.00% | 6/30/2036 | Baa2 | 4,125,000 | 3,807,485 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp.–LBJ Infrastructure Group | 4.00% | 12/31/2036 | Baa2 | 5,500,000 | 5,039,682 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2033 | Aa3 | 6,175,000 | 6,207,024 | |||||||||
| Virginia Small Business Financing Authority–95 Express Lanes LLC AMT | 5.00% | 1/1/2034 | BBB | 5,100,000 | 5,326,668 | |||||||||
| Virginia Small Business Financing Authority–95 Express Lanes LLC AMT | 5.00% | 7/1/2036 | BBB | 11,165,000 | 11,471,919 | |||||||||
| Virginia Small Business Financing Authority–95 Express Lanes LLC AMT | 5.00% | 1/1/2036 | BBB | 2,500,000 | 2,570,450 | |||||||||
| 84 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Wayne County Airport Authority MI† | 4.00% | 12/1/2027 | A1 | $ | 10,630,000 | $ | 10,504,758 | |||||||
| Wayne County Airport Authority MI | 5.00% | 12/1/2035 | A1 | 3,565,000 | 3,593,581 | |||||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2026 | A1 | 1,590,000 | 1,602,418 | |||||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2027 | A1 | 2,000,000 | 2,015,292 | |||||||||
| Total | 1,011,589,042 | |||||||||||||
| Utilities 11.66% | ||||||||||||||
| Amelia County Industrial Development Authority–Waste Mgmt Inc VA AMT | 1.45% | 4/1/2027 | A- | 2,500,000 | 2,231,259 | |||||||||
| Bartow County Development Authority–Georgia Power Company | 2.875% | #(b) | 8/1/2043 | BBB+ | 6,500,000 | 6,250,475 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 10/1/2052 | A2 | 23,270,000 | 22,624,593 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 12/1/2052 | Baa1 | 25,780,000 | 24,091,908 | ||||||||
| California Pollution Control Financing Authority–Poseidon Resources† | 5.00% | 7/1/2039 | Baa3 | 5,000,000 | 5,013,332 | |||||||||
| California Pollution Control Financing Authority–Poseidon Resources AMT† | 5.00% | 7/1/2037 | Baa3 | 5,570,000 | 5,569,822 | |||||||||
| Central Plains Energy Project NE | 2.50% | #(b) | 12/1/2049 | Aa1 | 8,650,000 | 8,256,364 | ||||||||
| Central Plains Energy Project NE | 5.00% | #(b) | 5/1/2054 | Aa2 | 7,500,000 | 7,591,180 | ||||||||
| Chautauqua County Capital Resource Corp.–NRG Energy Inc NY | 4.25% | #(b) | 4/1/2042 | BBB- | 7,250,000 | 6,998,835 | ||||||||
| City of Chicago Wastewater Transmission Revenue IL | 5.00% | 1/1/2029 | A+ | 4,335,000 | 4,396,271 | |||||||||
| City of Chicago Wastewater Transmission Revenue IL | 5.00% | 1/1/2030 | A+ | 6,500,000 | 6,600,107 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2034 | AA | 6,275,000 | 6,436,694 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2035 | AA | 5,000,000 | 5,110,287 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.25% | 11/1/2030 | AA | 5,510,000 | 5,756,466 | |||||||||
| City of Houston Combined Utility System Revenue TX | 5.00% | 11/15/2026 | AA | 5,355,000 | 5,407,141 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.25% | 2/1/2040 | Aa2 | 8,550,000 | 9,017,826 | |||||||||
| Cleveland Department of Public Utilities Division of Public Power OH (AGM) | 4.00% | 11/15/2036 | AA | 1,000,000 | 940,440 | |||||||||
| Delaware State Economic Development Authority–NRG Energy Inc | 1.25% | #(b) | 10/1/2040 | BBB- | 7,500,000 | 6,819,643 | ||||||||
| See Notes to Financial Statements. | 85 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Delaware State Economic Development Authority–NRG Energy Inc | 1.25% | #(b) | 10/1/2045 | BBB- | $ | 20,300,000 | $ | 18,458,502 | ||||||
| Development Authority of Appling County–Oglethorpe Power Corp GA | 1.50% | #(b) | 1/1/2038 | BBB+ | 1,250,000 | 1,183,136 | ||||||||
| Development Authority of Burke County–Georgia Power Company | 2.20% | 10/1/2032 | BBB+ | 1,000,000 | 768,264 | |||||||||
| Development Authority of Burke County–Georgia Power Company | 3.875% | #(b) | 10/1/2048 | BBB+ | 8,750,000 | 8,569,368 | ||||||||
| Development Authority of Burke County–Georgia Power Company | 5.06% | #(b) | 9/1/2029 | BBB+ | 1,500,000 | 1,500,000 | ||||||||
| Development Authority of Monroe County–Oglethorpe Power Corp GA | 1.50% | #(b) | 1/1/2039 | BBB+ | 1,875,000 | 1,774,704 | ||||||||
| Florida Development Finance Corp.–Waste Pro USA Inc AMT | 3.00% | 6/1/2032 | NR | 4,000,000 | 3,081,377 | |||||||||
| Guam Government Waterworks Authority | 5.00% | 7/1/2029 | A- | 1,000,000 | 1,001,941 | |||||||||
| Guam Government Waterworks Authority | 5.00% | 7/1/2036 | A- | 1,000,000 | 1,000,821 | |||||||||
| Illinois Municipal Electric Agency | 5.00% | 2/1/2032 | A1 | 3,900,000 | 3,941,412 | |||||||||
| Indiana Municipal Power Agency | 5.00% | 1/1/2034 | A+ | 4,000,000 | 4,184,016 | |||||||||
| Kansas Development Finance Authority | 5.00% | 5/1/2036 | Aaa | 9,765,000 | 10,754,748 | |||||||||
| Kentucky Municipal Power Agency | 3.45% | #(b) | 9/1/2042 | Baa1 | 5,935,000 | 5,741,498 | ||||||||
| Kentucky Public Energy Authority | 4.00% | #(b) | 4/1/2048 | A1 | 3,200,000 | 3,187,576 | ||||||||
| Kentucky Public Energy Authority | 4.00% | #(b) | 8/1/2052 | A1 | 18,770,000 | 17,739,281 | ||||||||
| Long Beach Bond Finance Authority CA | 5.20% (3 mo. USD LIBOR * .67 + 1.43% | )# | 11/15/2026 | A1 | 4,000,000 | 3,936,547 | ||||||||
| Long Island Power Authority NY | 0.85% | #(b) | 9/1/2050 | A | 6,000,000 | 5,588,731 | ||||||||
| Long Island Power Authority NY | 1.65% | #(b) | 9/1/2049 | A | 9,500,000 | 9,258,639 | ||||||||
| Long Island Power Authority NY | 5.00% | #(b) | 9/1/2052 | A | 8,000,000 | 8,261,902 | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority | 0.875% | #(b) | 2/1/2046 | A+ | 16,000,000 | 15,198,730 | ||||||||
| 86 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Lower Colorado River Authority TX (AGM) | 5.00% | 5/15/2036 | AA | $ | 7,175,000 | $ | 7,604,592 | |||||||
| Luzerne County Industrial Development Authority–Pennsylvania-Amern Wtr Co AMT | 2.45% | #(b) | 12/1/2039 | A+ | 4,000,000 | 3,467,454 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(b) | 8/1/2052 | BBB- | 58,250,000 | 54,938,563 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(b) | 9/1/2052 | A3 | 30,235,000 | 28,559,700 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(b) | 12/1/2052 | A3 | 19,240,000 | 19,213,476 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(b) | 12/1/2053 | Aa1 | 10,000,000 | 10,119,909 | ||||||||
| Maricopa County Pollution Control Corp.–El Paso Electric Company AZ | 3.60% | 2/1/2040 | Baa2 | 5,085,000 | 4,098,703 | |||||||||
| Maricopa County Pollution Control Corp.–El Paso Electric Company AZ | 3.60% | 4/1/2040 | Baa2 | 3,870,000 | 3,114,783 | |||||||||
| Michigan Finance Authority | 5.00% | 7/1/2034 | A+ | 4,200,000 | 4,250,259 | |||||||||
| Michigan Finance Authority | 5.00% | 7/1/2035 | A+ | 1,925,000 | 1,943,197 | |||||||||
| Michigan Finance Authority (AGM) | 5.00% | 7/1/2037 | AA | 5,000,000 | 5,013,930 | |||||||||
| Missouri Joint Municipal Electric Utility Commission | 5.00% | 1/1/2025 | A2 | 1,500,000 | 1,503,560 | |||||||||
| Montgomery County Industrial Development Authority–Constellation Energy Gen PA | 4.10% | #(b) | 4/1/2053 | BBB | 9,000,000 | 8,978,046 | ||||||||
| New York City Municipal Water Finance Authority NY | 4.00% | 6/15/2037 | AA+ | 3,630,000 | 3,500,847 | |||||||||
| Northern California Energy Authority | 4.00% | #(b) | 7/1/2049 | A2 | 7,500,000 | 7,479,580 | ||||||||
| Omaha Public Power District NE | 5.00% | 2/1/2029 | AA | 5,000,000 | 5,135,949 | |||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(b) | 10/1/2054 | A1 | 15,000,000 | 15,107,479 | ||||||||
| Pennsylvania Economic Development Financing Authority–Waste Mgmt Inc AMT | 1.10% | #(b) | 6/1/2031 | A- | 5,000,000 | 4,505,291 | ||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2026 | A | 1,000,000 | 1,012,723 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2027 | A | 1,000,000 | 1,011,846 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2029 | A | 1,700,000 | 1,748,384 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2030 | A | 1,425,000 | 1,464,757 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 10/1/2033 | A | 2,390,000 | 2,420,863 | |||||||||
| Piedmont Municipal Power Agency SC | 4.00% | 1/1/2033 | A- | 7,300,000 | 6,908,135 | |||||||||
| See Notes to Financial Statements. | 87 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | $ | 10,955,000 | $ | 9,137,442 | |||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2024 | NR | 3,430,000 | 3,436,695 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2033 | NR | 850,000 | 843,276 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2033 | NR | 5,000,000 | 4,960,450 | |||||||||
| Puerto Rico Electric Power Authority (AGM) | 4.227% (3 mo. USD LIBOR * .67 + .52% | )# | 7/1/2029 | AA | 5,720,000 | 5,374,848 | ||||||||
| Salt Verde Financial Corp. AZ | 5.50% | 12/1/2029 | A3 | 5,100,000 | 5,267,677 | |||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(b) | 1/1/2053 | A1 | 5,000,000 | 5,133,584 | ||||||||
| Stockton Public Financing Authority CA (BAM) | 5.00% | 9/1/2024 | AA | 1,000,000 | 1,009,930 | |||||||||
| Tennergy Corp. TN | 5.50% | #(b) | 10/1/2053 | Baa1 | 15,000,000 | 15,243,544 | ||||||||
| Tennessee Energy Acquisition Corp. | 5.25% | 9/1/2024 | A2 | 8,940,000 | 8,966,640 | |||||||||
| Tennessee Energy Acquisition Corp. | 5.625% | 9/1/2026 | BBB | (e) | 5,000,000 | 5,026,612 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. I | 5.25% | 12/15/2023 | A1 | 2,925,000 | 2,927,258 | |||||||||
| Texas Municipal Gas Acquisition & Supply Corp. I | 6.25% | 12/15/2026 | A1 | 9,825,000 | 10,032,257 | |||||||||
| Texas Municipal Power Agency (AGM) | 3.00% | 9/1/2034 | AA | 1,470,000 | 1,252,777 | |||||||||
| Texas Municipal Power Agency (AGM) | 3.00% | 9/1/2036 | AA | 5,250,000 | 4,267,416 | |||||||||
| Texas Water Development Board | 3.00% | 10/15/2033 | AAA | 4,000,000 | 3,592,109 | |||||||||
| Texas Water Development Board(f) | 5.00% | 10/15/2036 | AAA | 2,450,000 | 2,668,334 | |||||||||
| Texas Water Development Board(f) | 5.00% | 10/15/2038 | AAA | 5,000,000 | 5,373,828 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2032 | A- | (e) | 500,000 | 513,074 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2033 | A- | (e) | 900,000 | 923,372 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2035 | A- | (e) | 900,000 | 916,994 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2037 | A- | (e) | 675,000 | 681,082 | ||||||||
| Total | 564,895,061 | |||||||||||||
| Total Municipal Bonds (cost $5,042,027,479) | 4,768,500,445 | |||||||||||||
| 88 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2023
| Investments | Interest Rate# | Interest Rate Reset Date(g) | Final Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| SHORT-TERM INVESTMENTS 0.99% | ||||||||||||||||
| VARIABLE RATE DEMAND NOTES 0.99% | ||||||||||||||||
| Corporate-Backed 0.07% | ||||||||||||||||
| Columbia Industrial Development Board – Alabama Power Company | 4.750% | 10/2/2023 | 12/1/2037 | A1 | $ | 3,500,000 | $ | 3,500,000 | ||||||||
| General Obligation 0.67% | ||||||||||||||||
| City of New York NY GO | 4.170% | 10/2/2023 | 4/1/2042 | AA | 3,300,000 | 3,300,000 | ||||||||||
| City of New York NY GO | 4.170% | 10/2/2023 | 4/1/2042 | AA | 3,640,000 | 3,640,000 | ||||||||||
| City of New York NY GO | 4.250% | 10/2/2023 | 10/1/2046 | AA | 8,970,000 | 8,970,000 | ||||||||||
| City of New York NY GO | 4.750% | 10/2/2023 | 3/1/2040 | AA | 16,650,000 | 16,650,000 | ||||||||||
| Total | 32,560,000 | |||||||||||||||
| Tax Revenue 0.14% | ||||||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue | 4.800% | 10/2/2023 | 5/1/2034 | AAA | 6,600,000 | 6,600,000 | ||||||||||
| Utilities 0.11% | ||||||||||||||||
| Development Authority of Appling County – Georgia Power Company | 5.060% | 10/2/2023 | 9/1/2041 | BBB+ | 5,500,000 | 5,500,000 | ||||||||||
| Total Short-Term Investments (cost $48,160,000) | 48,160,000 | |||||||||||||||
| Total Investments in Securities 99.42% (cost $5,090,187,479) | 4,816,660,445 | |||||||||||||||
| Other Assets and Liabilities – Net 0.58% | 27,884,056 | |||||||||||||||
| Net Assets 100.00% | $ | 4,844,544,501 | ||||||||||||||
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMBAC | Insured by–AMBAC Assurance Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by–Build America Mutual. | |
| COPS | Certificates of Participation. | |
| FHA | Insured by–Federal Housing Administration. | |
| FHLMC | Federal Home Loan Mortgage Corporation. | |
| FNMA | Federal National Mortgage Association. | |
| GNMA | Government National Mortgage Association. | |
| GTD | Guaranteed. | |
| HUD | Insured by–Department of Housing and Urban Development. | |
| LIBOR | London Interbank Offered Rate. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield. | |
| NATL | National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| PSF | Permanent School Fund. | |
| SIFMA | Insured by–Securities Industry and Financial Markets Association. |
| See Notes to Financial Statements. | 89 |
Schedule of Investments (concluded)
INTERMEDIATE TAX FREE FUND September 30, 2023
| SOFR | Secured Overnight Financing Rate. | |
| TRIPS | Tax Refund Intercept Programs. | |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2023. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2023, the total value of Rule 144A securities was $318,298,252, which represents 6.57% of net assets. | |
| (a) | Unaudited. | |
| (b) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (c) | Defaulted (non-income producing security). | |
| (d) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. | |
| (e) | This investment has been rated by Fitch IBCA. | |
| (f) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (g) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| Corporate-Backed | $ | – | $ | 544,784,514 | $ | 10,273,845 | $ | 555,058,359 | ||||||||
| Health Care | – | 544,499,647 | 1,346,500 | 545,846,147 | ||||||||||||
| Remaining Industries | – | 3,667,595,939 | – | 3,667,595,939 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 48,160,000 | – | 48,160,000 | ||||||||||||
| Total | $ | – | $ | 4,805,040,100 | $ | 11,620,345 | $ | 4,816,660,445 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the year.
| 90 | See Notes to Financial Statements. |
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 100.36% | ||||||||||||||
| MUNICIPAL BONDS 100.36% | ||||||||||||||
| Building & Construction 0.28% | ||||||||||||||
| Virginia College Building Authority | 4.00% | 2/1/2043 | AA+ | $ | 11,000,000 | $ | 10,110,344 | |||||||
| Corporate-Backed 9.16% | ||||||||||||||
| Arkansas Development Finance Authority–Big River Steel LLC AMT† | 4.50% | 9/1/2049 | Ba2 | 11,000,000 | 9,982,986 | |||||||||
| Arkansas Development Finance Authority AMT | 5.70% | 5/1/2053 | BB- | 4,600,000 | 4,415,908 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 10/1/2052 | A2 | 5,300,000 | 5,153,001 | ||||||||
| California Pollution Control Financing Authority–Poseidon Resources AMT† | 5.00% | 11/21/2045 | Baa3 | 18,025,000 | 17,211,139 | |||||||||
| California Pollution Control Financing Authority–Waste Mgmt Inc AMT | 4.30% | 7/1/2040 | A- | 2,575,000 | 2,505,859 | |||||||||
| Chandler Industrial Development Authority–Intel Corporation AZ AMT | 5.00% | #(b) | 9/1/2052 | A | 11,000,000 | 11,126,230 | ||||||||
| Chandler Industrial Development Authority–Intel Corporation AZ AMT | 4.10% | #(b) | 12/1/2037 | A2 | 3,500,000 | 3,426,527 | ||||||||
| City of Farmington–Public Service Co of NM | 3.90% | #(b) | 6/1/2040 | BBB | 5,000,000 | 4,855,888 | ||||||||
| City of Valparaiso–Pratt Paper LLC IN AMT | 7.00% | 1/1/2044 | NR | 2,000,000 | 2,013,186 | |||||||||
| City of Whiting–BP Prods North America IN AMT | 3.00% | 11/1/2051 | A2 | 5,000,000 | 3,418,850 | |||||||||
| Florida Development Finance Corp.–Waste pro USA Inc AMT† | 6.125% | #(b) | 7/1/2032 | NR | 4,500,000 | 4,478,784 | ||||||||
| Hoover Industrial Development Board–US Steel Corporation AL AMT | 5.75% | 10/1/2049 | BB- | 1,100,000 | 1,079,631 | |||||||||
| Indiana Finance Authority–US Steel Corporation | 4.125% | 12/1/2026 | BB- | 1,625,000 | 1,588,907 | |||||||||
| Iowa Finance Authority–Howmet Aerospace Inc | 4.75% | 8/1/2042 | BB+ | 5,000,000 | 4,596,307 | |||||||||
| Iowa Finance Authority–Iowa Fertilizer Co LLC | 4.00% | #(b) | 12/1/2050 | BBB- | 4,600,000 | 4,297,111 | ||||||||
| Iowa Finance Authority–Iowa Fertilizer Co LLC | 5.00% | #(b) | 12/1/2050 | BBB- | 23,150,000 | 22,454,380 | ||||||||
| Iowa Finance Authority–Iowa Fertilizer Co LLC | 5.00% | 12/1/2050 | BBB- | 24,985,000 | 23,910,540 | |||||||||
| See Notes to Financial Statements. | 91 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority–Entergy Louisiana LLC | 2.50% | 4/1/2036 | A | $ | 8,390,000 | $ | 6,360,140 | |||||||
| Love Field Airport Modernization Corp.–Southwest Airlines Co TX | 5.00% | 11/1/2028 | Baa1 | 3,345,000 | 3,330,062 | |||||||||
| Maricopa County Pollution Control Corp.–Southern CA Edison Co AZ | 2.40% | 6/1/2035 | A2 | 13,755,000 | 10,180,468 | |||||||||
| Maryland Economic Development Corp.(c) | 5.00% | 12/1/2016 | NR | 855,000 | 513,000 | |||||||||
| Mission Economic Development Corp.–Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 5,250,000 | 5,034,678 | |||||||||
| New Hampshire Business Finance Authority–Covanta Holding Corp AMT† | 4.875% | 11/1/2042 | B | 5,000,000 | 4,264,558 | |||||||||
| New Hampshire Business Finance Authority–New York St Elec & Gas AMT | 4.00% | 12/1/2028 | A- | 5,000,000 | 4,817,482 | |||||||||
| New Jersey Economic Development Authority–United Airlines Inc | 5.25% | 9/15/2029 | BB- | 6,750,000 | 6,732,760 | |||||||||
| New York City Industrial Development Agency–TRIPS Oblig Group NY | 5.00% | 7/1/2028 | BBB+ | 9,490,000 | 9,379,739 | |||||||||
| New York Liberty Development Corp. | 3.00% | 11/15/2051 | A+ | 11,795,000 | 7,793,169 | |||||||||
| New York Liberty Development Corp.–7 World Trade Center Ii | 3.125% | 9/15/2050 | Aaa | 5,000,000 | 3,424,796 | |||||||||
| New York Liberty Development Corp.–7 World Trade Center II | 3.00% | 9/15/2043 | Aaa | 27,780,000 | 20,021,896 | |||||||||
| New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT† | 3.125% | #(b) | 12/1/2044 | B+ | 3,000,000 | 2,854,159 | ||||||||
| New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT† | 5.125% | #(b) | 9/1/2050 | B1 | 1,000,000 | 987,087 | ||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 885,000 | 895,881 | |||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 1,500,000 | 1,469,550 | |||||||||
| Niagara Area Development Corp.–Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B | 2,500,000 | 2,454,657 | |||||||||
| Niagara Area Development Corp.–Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B | 5,000,000 | 4,195,206 | |||||||||
| Ohio Air Quality Development Authority–American Electric Pwr Co AMT | 2.10% | #(b) | 4/1/2028 | BBB+ | 6,495,000 | 6,274,562 | ||||||||
| Ohio Air Quality Development Authority–American Electric Pwr Co AMT | 2.10% | #(b) | 7/1/2028 | BBB+ | 5,000,000 | 4,830,301 | ||||||||
| Ohio Air Quality Development Authority–AMG Vanadium LLC AMT† | 5.00% | 7/1/2049 | B- | 8,360,000 | 7,048,839 | |||||||||
| 92 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Parish of St. James–Nustar Logistics LP LA† | 5.85% | #(b) | 8/1/2041 | BB- | $ | 1,000,000 | $ | 1,016,019 | ||||||
| Parish of St. James–Nustar Logistics LP LA† | 6.10% | #(b) | 12/1/2040 | BB- | 3,250,000 | 3,435,094 | ||||||||
| Parish of St. James–Nustar Logistics LP LA† | 6.35% | 7/1/2040 | BB- | 3,250,000 | 3,461,634 | |||||||||
| Parish of St. James–Nustar Logistics LP LA† | 6.35% | 10/1/2040 | BB- | 2,500,000 | 2,662,796 | |||||||||
| Parish of St. John the Baptist–Marathon Oil Corporation LA | 2.10% | #(b) | 6/1/2037 | BBB- | 8,000,000 | 7,853,311 | ||||||||
| Parish of St. John the Baptist–Marathon Oil Corporation LA | 4.05% | #(b) | 6/1/2037 | BBB- | 7,750,000 | 7,615,383 | ||||||||
| Pennsylvania Economic Development Financing Authority–Covanta Holding Corp AMT† | 3.25% | 8/1/2039 | B | 5,535,000 | 3,880,921 | |||||||||
| Phenix City Industrial Development Board AL | 3.625% | 5/15/2030 | BBB | 3,050,000 | 2,903,667 | |||||||||
| Port Beaumont Navigation District–Jefferson 2020 Bond Oblig TX AMT† | 3.00% | 1/1/2050 | NR | 5,500,000 | 3,027,569 | |||||||||
| Port of Seattle Industrial Development Corp.–Delta Air Lines Inc WA AMT | 5.00% | 4/1/2030 | BB+ | 6,090,000 | 6,090,438 | |||||||||
| Public Finance Authority–Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 1,455,000 | 1,322,900 | |||||||||
| Public Finance Authority–Ameream LLC WI† | 6.50% | 12/1/2037 | NR | 3,000,000 | 2,666,981 | |||||||||
| Public Finance Authority–Celanese US Holdings LLC WI | 4.05% | 11/1/2030 | BBB- | 500,000 | 475,685 | |||||||||
| Public Finance Authority–Celanese US Holdings LLC WI AMT | 5.00% | 1/1/2024 | BBB- | 5,000,000 | 5,004,491 | |||||||||
| Public Finance Authority–TRIPS Oblig Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 15,055,000 | 13,958,260 | |||||||||
| Selma Industrial Development Board–International Paper Co AL | 2.00% | #(b) | 11/1/2033 | BBB | 2,000,000 | 1,954,357 | ||||||||
| South Carolina Jobs–Economic Development Authority–International Paper Co AMT | 4.00% | #(b) | 4/1/2033 | BBB | 5,250,000 | 5,204,549 | ||||||||
| Sumter County Industrial Development Authority–Enviva Inc AL AMT | 6.00% | #(b) | 7/15/2052 | B- | 10,000,000 | 7,036,890 | ||||||||
| Tuscaloosa County Industrial Development Authority–Hunt Refining Company AL† | 4.50% | 5/1/2032 | NR | 3,185,700 | 2,912,813 | |||||||||
| Tuscaloosa County Industrial Development Authority–Hunt Refining Company AL† | 5.25% | 5/1/2044 | NR | 5,000,000 | 4,357,349 | |||||||||
| Virginia Small Business Financing Authority–Covanta Holding Corp AMT† | 5.00% | #(b) | 1/1/2048 | B | 910,000 | 811,035 | ||||||||
| West Pace Cooperative District AL(c) | 9.125% | 5/1/2039 | NR | 4,900,000 | 3,724,000 | (d) | ||||||||
| West Virginia Economic Development Authority–Kentucky Power Co AMT | 4.70% | #(b) | 4/1/2036 | Baa3 | 3,000,000 | 2,973,542 | ||||||||
| Williamsburg Economic Development Authority VA | 5.25% | 7/1/2053 | NR | 2,500,000 | 2,603,049 | |||||||||
| Total | 336,330,957 | |||||||||||||
| See Notes to Financial Statements. | 93 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Education 7.95% | ||||||||||||||
| Brunswick City School District OH(e) | 5.50% | 12/1/2060 | A1 | $ | 11,000,000 | $ | 11,497,662 | |||||||
| Build NYC Resource Corp.–Kipp NYC Public Chtr Schs NY | 5.25% | 7/1/2052 | BBB- | 4,000,000 | 3,852,198 | |||||||||
| California Educational Facilities Authority–Chapman University | 5.00% | 4/1/2045 | A2 | 5,000,000 | 5,008,784 | |||||||||
| California School Finance Authority–Green Dot Public Schs Oblig† | 5.00% | 8/1/2045 | BBB- | 1,500,000 | 1,387,938 | |||||||||
| California School Finance Authority–Kipp Socal Pub Schs Oblig† | 5.00% | 7/1/2047 | BBB | 2,050,000 | 1,935,168 | |||||||||
| Camden County Improvement Authority–Kipp Cooper Norcross Oblig NJ | 6.00% | 6/15/2062 | BBB | 2,540,000 | 2,625,626 | |||||||||
| Capital Trust Agency, Inc.–Advantage Admy Oblig Grp FL | 5.00% | 12/15/2049 | Baa3 | 1,000,000 | 866,504 | |||||||||
| Capital Trust Agency, Inc.–Advantage Admy Oblig Grp FL | 5.00% | 12/15/2054 | Baa3 | 1,030,000 | 876,891 | |||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2048 | A | (f) | 7,250,000 | 7,601,106 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL TCRS (BAM) | 5.00% | 4/1/2045 | AA | 2,500,000 | 2,504,355 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB+ | 15,510,000 | 12,082,360 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2044 | BB+ | 1,750,000 | 1,606,827 | |||||||||
| City of Waltham MA GO | 2.00% | 10/15/2035 | Aa2 | 4,920,000 | 3,672,765 | |||||||||
| City of Waltham MA GO | 2.00% | 10/15/2036 | Aa2 | 5,015,000 | 3,619,704 | |||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX (PSF GTD) | 3.00% | 8/15/2051 | Aaa | 5,750,000 | 3,669,460 | |||||||||
| Connecticut State Health & Educational Facilities Authority–Quinnipiac University | 5.25% | 7/1/2053 | A- | 15,000,000 | 15,142,146 | |||||||||
| Dutchess County Local Development Corp.–Bard College NY | 5.00% | 7/1/2045 | BBB- | 1,000,000 | 967,319 | |||||||||
| Florida Higher Educational Facilities Financial Authority–Nova Southeastern Univ | 5.00% | 4/1/2033 | A- | 1,475,000 | 1,495,261 | |||||||||
| Florida Higher Educational Facilities Financial Authority–Nova Southeastern Univ | 5.00% | 4/1/2036 | A- | 2,000,000 | 2,022,884 | |||||||||
| Illinois Finance Authority | 4.00% | 9/1/2037 | Ba2 | 3,135,000 | 2,508,258 | |||||||||
| Illinois Finance Authority | 4.00% | 9/1/2039 | Ba2 | 4,295,000 | 3,314,835 | |||||||||
| Illinois Finance Authority–Illinois Inst of Tech | 5.00% | 9/1/2040 | Ba2 | 2,020,000 | 1,758,573 | |||||||||
| Illinois Finance Authority–University of Chicago | 5.25% | 5/15/2048 | Aa2 | 7,500,000 | 7,843,691 | |||||||||
| 94 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Illinois Finance Authority–University of Chicago | 5.25% | 5/15/2054 | Aa2 | $ | 16,350,000 | $ | 17,017,274 | |||||||
| Iowa Higher Education Loan Authority–Des Moines Univ Osteopath | 5.00% | 10/1/2038 | BBB+ | 2,730,000 | 2,700,929 | |||||||||
| Iowa Higher Education Loan Authority–Des Moines Univ Osteopath | 5.00% | 10/1/2039 | BBB+ | 2,870,000 | 2,820,660 | |||||||||
| Iowa Higher Education Loan Authority–Des Moines Univ Osteopath | 5.00% | 10/1/2040 | BBB+ | 3,535,000 | 3,451,025 | |||||||||
| Iowa Higher Education Loan Authority–Des Moines Univ Osteopath | 5.00% | 10/1/2047 | BBB+ | 1,800,000 | 1,687,328 | |||||||||
| Louisiana Public Facilities Authority | 4.00% | 4/1/2050 | A+ | 11,540,000 | 9,607,233 | |||||||||
| Massachusetts Development Finance Agency–Boston University | 5.00% | 10/1/2048 | Aa3 | 4,650,000 | 4,811,695 | |||||||||
| Massachusetts Development Finance Agency–Suffolk University | 5.00% | 7/1/2032 | Baa2 | 3,750,000 | 3,796,895 | |||||||||
| Massachusetts Development Finance Agency–Suffolk University | 5.00% | 7/1/2033 | Baa2 | 1,250,000 | 1,263,378 | |||||||||
| Massachusetts Development Finance Agency–Suffolk University | 5.00% | 7/1/2034 | Baa2 | 1,600,000 | 1,614,150 | |||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd–Lipscomb University Oblig TN | 5.25% | 10/1/2058 | BBB- | 6,065,000 | 5,445,990 | |||||||||
| Miami-Dade County Educational Facilities Authority–University of Miami FL | 5.00% | 4/1/2053 | A2 | 5,000,000 | 4,945,395 | |||||||||
| Middlesex County Improvement Authority NJ(e) | 5.00% | 8/15/2053 | Aa3 | 15,000,000 | 15,486,995 | |||||||||
| Montebello Unified School District CA GO (AGM) | 5.50% | 8/1/2047 | AA | 6,500,000 | 6,863,200 | |||||||||
| New Jersey Educational Facilities Authority(g) | 5.25% | 9/1/2053 | A2 | 2,100,000 | 2,165,021 | |||||||||
| New York State Dormitory Authority–Icahn Sch of Med Mt Sinai | 5.00% | 7/1/2040 | A- | 5,000,000 | 4,941,270 | |||||||||
| New York State Dormitory Authority–The New School | 4.00% | 7/1/2047 | A3 | 4,370,000 | 3,512,831 | |||||||||
| New York State Dormitory Authority–The New School | 4.00% | 7/1/2052 | A3 | 3,500,000 | 2,732,955 | |||||||||
| New York State Dormitory Authority–Touro Clg & Univ Sys Oblig | 5.50% | 1/1/2039 | NR | 2,450,000 | 2,479,135 | |||||||||
| New York State Dormitory Authority–Yeshiva University | 5.00% | 7/15/2042 | BBB- | 3,720,000 | 3,514,582 | |||||||||
| See Notes to Financial Statements. | 95 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New York State Dormitory Authority–Yeshiva University | 5.00% | 7/15/2050 | BBB- | $ | 8,000,000 | $ | 7,263,650 | |||||||
| Ohio Higher Educational Facility Commission(e) | 5.25% | 10/1/2053 | AA- | 11,500,000 | 11,900,988 | |||||||||
| Ohio Higher Educational Facility Commission–Oberlin College | 5.25% | 10/1/2053 | AA- | 2,680,000 | 2,773,448 | |||||||||
| Ohio State University | 4.00% | 12/1/2048 | Aa1 | 5,350,000 | 4,753,114 | |||||||||
| Onondaga County Trust for Cultural Resources–Syracuse University NY | 5.00% | 12/1/2043 | AA- | 8,000,000 | 8,270,195 | |||||||||
| Private Colleges & Universities Authority–Savannah Clg Art/Design GA | 4.00% | 4/1/2044 | A2 | 6,205,000 | 5,500,052 | |||||||||
| Public Finance Authority–Wingate University WI | 5.25% | 10/1/2038 | BBB- | 2,220,000 | 2,083,477 | |||||||||
| Public Finance Authority–Wingate University WI | 5.25% | 10/1/2043 | BBB- | 1,000,000 | 900,405 | |||||||||
| Rhode Island Health & Educational Building Corp.–Providence College | 5.00% | 11/1/2053 | A | 12,975,000 | 12,802,519 | |||||||||
| Town of Davie–Nova Southeastern Univ FL | 5.00% | 4/1/2048 | A- | 3,000,000 | 2,932,722 | |||||||||
| University of California | 3.00% | 5/15/2051 | AA- | 11,090,000 | 7,543,155 | |||||||||
| University of Connecticut | 5.25% | 11/15/2047 | Aa3 | 8,080,000 | 8,303,855 | |||||||||
| University of Illinois (AGM) | 4.00% | 4/1/2038 | AA | 4,965,000 | 4,519,709 | |||||||||
| University of North Carolina at Wilmington | 5.00% | 6/1/2037 | A1 | 7,055,000 | 7,094,584 | |||||||||
| Vermont Educational & Health Buildings Financing Agency–Middlebury College | 4.00% | 11/1/2050 | AA | 4,625,000 | 4,068,179 | |||||||||
| West Virginia Economic Development Authority–Wheeling Power Co AMT | 3.00% | #(b) | 6/1/2037 | A- | 2,800,000 | 2,575,116 | ||||||||
| Total | 292,003,424 | |||||||||||||
| Energy 0.98% | ||||||||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2038 | A2 | 3,745,000 | 3,631,481 | |||||||||
| New Mexico Municipal Energy Acquisition Authority | 5.00% | #(b) | 11/1/2039 | Aa1 | 10,000,000 | 10,007,227 | ||||||||
| PEFA, Inc. IA | 5.00% | #(b) | 9/1/2049 | A3 | 22,340,000 | 22,292,231 | ||||||||
| Total | 35,930,939 | |||||||||||||
| Financial Services 0.12% | ||||||||||||||
| Massachusetts Educational Financing Authority AMT | 4.125% | 7/1/2046 | BBB | 5,755,000 | 4,546,135 | |||||||||
| 96 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| General Obligation 17.04% | ||||||||||||||
| Black Belt Energy Gas District AL | 5.25% | #(b) | 2/1/2053 | A1 | $ | 7,500,000 | $ | 7,614,376 | ||||||
| California Community Choice Financing Authority | 5.25% | #(b) | 1/1/2054 | Baa1 | 27,425,000 | 27,377,991 | ||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2041 | BB+ | 5,000,000 | 4,118,927 | (d) | ||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB+ | 2,000,000 | 2,023,345 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2030 | BB+ | 2,070,000 | 2,090,056 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2031 | BB+ | 1,000,000 | 1,007,755 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB+ | 1,250,000 | 1,260,702 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2046 | BB+ | 2,000,000 | 1,813,901 | |||||||||
| Chicago Board of Education IL GO | 6.50% | 12/1/2046 | BB+ | 1,100,000 | 1,128,395 | |||||||||
| Chicago Board of Education IL GO† | 7.00% | 12/1/2046 | BB+ | 1,200,000 | 1,260,970 | |||||||||
| City of Chicago IL GO | 4.00% | 1/1/2032 | BBB+ | 9,500,000 | 8,999,169 | |||||||||
| City of Chicago IL GO | 4.00% | 1/1/2035 | BBB+ | 4,610,000 | 4,216,065 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2026 | BBB+ | 6,145,000 | 6,250,175 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2034 | BBB+ | 2,400,000 | 2,419,188 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2037 | BBB+ | 3,245,000 | 3,261,329 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2039 | BBB+ | 2,125,000 | 2,185,091 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2040 | BBB+ | 2,500,000 | 2,501,551 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2042 | BBB+ | 5,000,000 | 4,968,639 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2049 | BBB+ | 18,265,000 | 18,322,003 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2038 | BBB+ | 19,430,000 | 20,182,287 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2051 | Aa2 | 7,275,000 | 7,395,830 | |||||||||
| City of New York NY GO | 5.25% | 9/1/2043 | AA | 6,500,000 | 6,820,187 | |||||||||
| City of New York NY GO | 5.50% | 5/1/2046 | AA | 2,675,000 | 2,840,306 | |||||||||
| City of New York NY GO TCRS (BAM) | 3.00% | 3/1/2051 | AA | 5,000,000 | 3,426,329 | |||||||||
| City of Philadelphia PA GO | 5.00% | 8/1/2036 | A1 | 8,990,000 | 9,307,368 | |||||||||
| City of Philadelphia PA GO | 5.00% | 8/1/2037 | A1 | 3,250,000 | 3,348,696 | |||||||||
| Commonwealth of Pennsylvania GO | 4.00% | 9/15/2030 | Aa3 | 10,000,000 | 9,991,017 | |||||||||
| Commonwealth of Pennsylvania GO | 4.00% | 3/1/2037 | Aa3 | 4,255,000 | 4,144,073 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(b) | 11/1/2043 | NR | 1,744,953 | 907,376 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 5,034,693 | 4,239,106 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 15,000,000 | 11,611,917 | |||||||||
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/2025 | NR | 5,160,996 | 5,216,568 | |||||||||
| County of Anne Arundel MD GO | 3.00% | 10/1/2044 | AAA | 7,415,000 | 5,424,387 | |||||||||
| County of Cook IL GO | 5.00% | 11/15/2030 | A+ | 1,000,000 | 1,029,809 | |||||||||
| County of Cook IL GO | 5.00% | 11/15/2035 | A+ | 1,000,000 | 1,017,186 | |||||||||
| County of Luzerne PA GO (AGM) | 5.00% | 11/15/2029 | AA | 4,215,000 | 4,271,605 | |||||||||
| See Notes to Financial Statements. | 97 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| County of Pasco FL (AGM) | 5.75% | 9/1/2054 | AA | $ | 4,770,000 | $ | 5,077,537 | |||||||
| Forney Independent School District TX GO (PSF GTD) | 3.00% | 2/15/2045 | AAA | 6,050,000 | 4,249,018 | |||||||||
| Grant County Public Hospital District No. 1 WA GO | 5.125% | 12/1/2048 | Baa2 | 5,000,000 | 4,717,954 | |||||||||
| Hudson Yards Infrastructure Corp. NY | 4.00% | 2/15/2044 | AA | 9,400,000 | 8,378,518 | |||||||||
| Irvine Unified School District CA Special Tax (BAM) | 5.00% | 9/1/2056 | AA | 500,000 | 508,379 | |||||||||
| King County Public Hospital District No. 4 WA GO | 5.00% | 12/1/2038 | NR | 5,000,000 | 4,641,512 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2048 | A2 | 4,750,000 | 4,790,631 | |||||||||
| Louisiana Stadium & Exposition District | 5.25% | 7/1/2053 | A2 | 15,715,000 | 16,069,677 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2027 | A2 | 4,500,000 | 4,484,079 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2029 | A2 | 2,940,000 | 2,921,342 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(b) | 6/1/2053 | A3 | 9,000,000 | 8,930,810 | ||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2048 | A1 | 2,000,000 | 2,068,274 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2048 | A1 | 3,980,000 | 4,106,116 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2053 | A1 | 4,000,000 | 4,122,288 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2053 | A1 | 5,000,000 | 5,140,664 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 4.00% | 6/15/2050 | A | 17,665,000 | 14,334,252 | |||||||||
| New Jersey Economic Development Authority | 5.25% | 11/1/2047 | A2 | 7,835,000 | 8,117,713 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2029 | A2 | 15,365,000 | 11,777,853 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2048 | A2 | 5,000,000 | 5,064,847 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2041 | A2 | 6,250,000 | 6,600,549 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2042 | A2 | 2,000,000 | 2,100,908 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 2/1/2051 | AAA | 10,000,000 | 8,726,365 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2044 | AAA | 15,000,000 | 15,399,882 | |||||||||
| 98 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2045 | AAA | $ | 7,500,000 | $ | 8,026,787 | |||||||
| New York State Dormitory Authority | 4.00% | 3/15/2047 | AA+ | 5,705,000 | 5,063,789 | |||||||||
| New York State Thruway Authority | 3.00% | 3/15/2048 | AA+ | 14,435,000 | 10,276,223 | |||||||||
| New York State Thruway Authority | 3.00% | 3/15/2049 | AA+ | 7,085,000 | 4,996,039 | |||||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.25% | 6/30/2053 | Baa2 | 10,000,000 | 9,763,829 | |||||||||
| Pennsylvania Economic Development Financing Authority AMT | 6.00% | 6/30/2061 | Baa2 | 29,865,000 | 31,552,611 | |||||||||
| San Diego Public Facilities Financing Authority CA | 4.00% | 10/15/2048 | AA- | 4,600,000 | 4,241,308 | |||||||||
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue CA | 3.00% | 7/1/2044 | AA+ | 6,505,000 | 4,820,759 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% | 5/1/2042 | A+ | 4,000,000 | 4,031,763 | |||||||||
| School District of Philadelphia PA GO | 4.00% | 9/1/2038 | A1 | 2,200,000 | 1,966,217 | |||||||||
| School District of Philadelphia PA GO | 4.00% | 9/1/2039 | A1 | 5,600,000 | 5,011,434 | |||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2037 | A1 | 1,200,000 | 1,201,861 | |||||||||
| Southwest Local School District/Hamilton County OH GO | 4.00% | 1/15/2055 | Aa2 | 7,000,000 | 5,812,819 | |||||||||
| St. Louis County Reorganized School District No. R-6 MO GO | 3.35% | 2/1/2037 | NR | 6,350,000 | 5,401,683 | |||||||||
| St. Louis County Reorganized School District No. R-6 MO GO | 3.40% | 2/1/2038 | NR | 6,150,000 | 5,153,664 | |||||||||
| State of California GO | 4.00% | 9/1/2037 | Aa2 | 5,000,000 | 4,846,315 | |||||||||
| State of California GO | 5.00% | 8/1/2038 | Aa2 | 3,700,000 | 3,793,573 | |||||||||
| State of California GO | 5.25% | 8/1/2032 | Aa2 | 7,500,000 | 7,692,481 | |||||||||
| State of California GO | 5.25% | 10/1/2050 | Aa2 | 7,500,000 | 7,983,352 | |||||||||
| State of Connecticut GO | 3.00% | 1/15/2034 | AA- | 7,475,000 | 6,530,567 | |||||||||
| State of Connecticut GO | 4.00% | 6/15/2037 | AA- | 975,000 | 945,210 | |||||||||
| State of Connecticut GO | 5.00% | 4/15/2036 | AA- | 1,150,000 | 1,208,838 | |||||||||
| State of Connecticut GO | 5.00% | 6/15/2038 | AA- | 1,000,000 | 1,026,111 | |||||||||
| State of Connecticut GO | 5.00% | 4/15/2039 | AA- | 1,650,000 | 1,706,478 | |||||||||
| State of Illinois GO | 4.00% | 10/1/2032 | A- | 2,000,000 | 1,949,967 | |||||||||
| State of Illinois GO | 4.00% | 10/1/2033 | A- | 2,500,000 | 2,416,774 | |||||||||
| State of Illinois GO | 4.00% | 10/1/2038 | A- | 2,500,000 | 2,244,687 | |||||||||
| State of Illinois GO | 4.00% | 10/1/2039 | A- | 7,500,000 | 6,646,227 | |||||||||
| State of Illinois GO | 5.00% | 1/1/2035 | A- | 6,200,000 | 6,233,451 | |||||||||
| See Notes to Financial Statements. | 99 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| State of Illinois GO | 5.00% | 12/1/2035 | A- | $ | 2,145,000 | $ | 2,171,070 | |||||||
| State of Illinois GO | 5.00% | 5/1/2038 | A- | 4,515,000 | 4,527,116 | |||||||||
| State of Illinois GO | 5.00% | 1/1/2041 | A- | 3,580,000 | 3,432,053 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2030 | A- | 4,095,000 | 4,365,474 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2039 | A- | 8,250,000 | 8,611,819 | |||||||||
| State of Illinois GO | 5.50% | 10/1/2039 | A- | 6,000,000 | 6,328,264 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2042 | A- | 5,250,000 | 5,481,382 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2047 | A- | 10,950,000 | 11,356,074 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2047 | A- | 11,165,000 | 11,590,571 | |||||||||
| State of Illinois GO | 5.75% | 5/1/2045 | A- | 2,600,000 | 2,712,037 | |||||||||
| Tennessee Energy Acquisition Corp. | 5.00% | #(b) | 5/1/2053 | A2 | 17,600,000 | 17,566,196 | ||||||||
| Tuscaloosa City Board of Education AL | 5.00% | 8/1/2046 | AA- | 5,000,000 | 5,172,486 | |||||||||
| Union County Utilities Authority–Covanta Union LLC NJ GTD AMT | 4.75% | 12/1/2031 | AA+ | 3,920,000 | 3,922,322 | |||||||||
| Washington & Multnomah Counties School District No. 48J Beaverton OR GO | 5.00% | 6/15/2036 | AA+ | 8,000,000 | 8,263,670 | |||||||||
| Washington State Convention Center Public Facilities District | 5.00% | 7/1/2048 | Baa1 | 7,000,000 | 6,784,191 | |||||||||
| Washington Township Health Care District CA GO | 5.50% | 8/1/2053 | A2 | 2,000,000 | 2,149,912 | |||||||||
| Wilkes-Barre Area School District PA GO (BAM) | 5.00% | 4/15/2059 | AA | 2,500,000 | 2,480,836 | |||||||||
| Total | 625,783,133 | |||||||||||||
| Health Care 12.29% | ||||||||||||||
| Allegheny County Hospital Development Authority PA | 4.00% | 4/1/2037 | A | 3,120,000 | 2,776,497 | |||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2041 | BBB | 3,000,000 | 2,730,647 | (d) | ||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2046 | BBB | 2,615,000 | 2,271,903 | (d) | ||||||||
| Berks County Industrial Development Authority–Tower Health Oblig Group PA | 4.00% | 11/1/2038 | B | 5,000,000 | 2,858,223 | |||||||||
| Berks County Industrial Development Authority–Tower Health Oblig Group PA | 5.00% | 11/1/2036 | B | 5,000,000 | 2,867,594 | |||||||||
| Berks County Municipal Authority–Tower Health Oblig Group PA | 5.00% | #(b) | 2/1/2040 | B | 2,680,000 | 1,920,521 | ||||||||
| Berks County Municipal Authority–Tower Health Oblig Group PA | 5.00% | #(b) | 2/1/2040 | B | 605,000 | 360,109 | ||||||||
| Berks County Municipal Authority–Tower Health Oblig Group PA | 5.00% | 11/1/2044 | B | 10,055,000 | 5,739,703 | |||||||||
| 100 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2045 | BB | $ | 2,000,000 | $ | 1,661,061 | |||||||
| California Health Facilities Financing Authority–Children’s Hosp La Oblig | 5.00% | 8/15/2047 | BBB | 3,025,000 | 2,874,586 | |||||||||
| California Health Facilities Financing Authority–City of Hope Oblig Group | 4.00% | 11/15/2045 | A | 7,050,000 | 6,036,125 | |||||||||
| California Municipal Finance Authority–Cmnty Hosps Ctrl Grp | 5.00% | 2/1/2047 | A3 | 6,940,000 | 6,864,265 | |||||||||
| California Municipal Finance Authority–Cmnty Hosps Ctrl Grp (AGM) | 4.00% | 2/1/2051 | AA | 8,900,000 | 7,561,909 | |||||||||
| California Statewide Communities Development Authority–Cedars-Sinai Med Ctr Oblig | 4.00% | 7/1/2048 | AA- | 4,500,000 | 3,929,905 | |||||||||
| California Statewide Communities Development Authority–Eskaton Pptys Inc Oblig Gp | 5.25% | 11/15/2034 | BBB- | 1,875,000 | 1,816,592 | |||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig† | 5.25% | 12/1/2043 | BB | 4,510,000 | 4,273,296 | |||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig | 5.50% | 12/1/2054 | BB | 6,875,000 | 6,698,018 | |||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig† | 5.50% | 12/1/2058 | BB | 3,375,000 | 3,210,687 | |||||||||
| City of Minneapolis–Fairview Hlth Svcs Oblig MN | 5.00% | 11/15/2049 | BBB+ | 5,400,000 | 5,232,670 | |||||||||
| City of Seneca–Nemaha Valley Cmnty Hosp KS | 5.00% | 9/1/2025 | NR | 4,000,000 | 3,972,503 | |||||||||
| Colorado Health Facilities Authority–Adventhealth Oblig Group | 4.00% | 11/15/2043 | AA | 20,000,000 | 18,031,192 | |||||||||
| Colorado Health Facilities Authority–Commonspirit Hlth Oblig | 4.00% | 8/1/2038 | A- | 1,875,000 | 1,678,940 | |||||||||
| Colorado Health Facilities Authority–Commonspirit Hlth Oblig | 5.00% | 8/1/2044 | A- | 3,000,000 | 2,920,908 | |||||||||
| Connecticut State Health & Educational Facilities Authority–Nuvance Health Oblig Grp | 4.00% | 7/1/2041 | BBB | 10,920,000 | 8,935,410 | |||||||||
| County of Cuyahoga–The Metrohealth System OH | 5.00% | 2/15/2057 | BBB | 2,000,000 | 1,757,902 | |||||||||
| See Notes to Financial Statements. | 101 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| County of Cuyahoga–The Metrohealth System OH | 5.50% | 2/15/2052 | BBB | $ | 8,925,000 | $ | 8,450,867 | |||||||
| County of Cuyahoga–The Metrohealth System OH | 5.50% | 2/15/2057 | BBB | 5,250,000 | 4,903,994 | |||||||||
| County of Montgomery–Dayton Childrens Hosp Oblig OH | 4.00% | 8/1/2051 | A1 | 7,000,000 | 5,724,203 | |||||||||
| County of Montgomery–Premier Hlth Partners Oblig OH | 4.00% | 11/15/2042 | Baa1 | 10,800,000 | 8,860,690 | |||||||||
| County of Muskingum–Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2044 | BB+ | 2,650,000 | 2,278,297 | |||||||||
| Crawford County Hospital Authority–Meadville Med Ctr Oblig PA | 6.00% | 6/1/2046 | NR | 950,000 | 938,473 | |||||||||
| Crawford County Hospital Authority–Meadville Med Ctr Oblig PA | 6.00% | 6/1/2051 | NR | 1,115,000 | 1,070,590 | |||||||||
| Cumberland County Municipal Authority–Penn State Health Oblig Grp | 3.00% | 11/1/2038 | A | 4,315,000 | 3,200,579 | |||||||||
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 700,000 | 693,933 | |||||||||
| Duluth Economic Development Authority–Essentia Health Oblig Grp MN | 5.25% | 2/15/2053 | A- | 2,870,000 | 2,729,584 | |||||||||
| Duluth Economic Development Authority–Essentia Health Oblig Grp MN | 5.25% | 2/15/2058 | A- | 22,000,000 | 20,493,004 | |||||||||
| Duluth Economic Development Authority–St Lukes Hosp Duluth Oblig MN | 5.25% | 6/15/2052 | BBB- | 5,000,000 | 4,543,410 | |||||||||
| Genesee County Funding Corp.–Rochester Regl Health Oblig NY | 5.25% | 12/1/2052 | BBB+ | 4,000,000 | 3,856,986 | |||||||||
| Greenville Health System–Prisma Health Oblig Grp SC | 5.00% | 5/1/2034 | A | 3,970,000 | 3,886,239 | |||||||||
| Hampton Roads Transportation–Christus Health Oblig Group VA(e) | 5.00% | 7/1/2053 | A1 | 9,550,000 | 9,284,023 | |||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia–Temple Univ Hlth Oblig Grp PA | 5.00% | 7/1/2031 | BBB | 1,000,000 | 1,001,659 | |||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia–Temple Univ Hlth Oblig Grp PA | 5.00% | 7/1/2032 | BBB | 1,000,000 | 1,000,927 | |||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia–Temple Univ Hlth Oblig Grp PA | 5.00% | 7/1/2033 | BBB | 2,950,000 | 2,951,473 | |||||||||
| Illinois Finance Authority–Univ Chicago Med Ctr Og | 5.00% | 8/15/2052 | AA- | 15,000,000 | 14,672,787 | |||||||||
| Lee Memorial Hlth Sys Oblig FL | 4.00% | 4/1/2049 | A+ | 5,500,000 | 4,621,098 | |||||||||
| 102 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Louisville/Jefferson County Metropolitan Government–Norton Healthcare Oblig KY | 5.00% | 10/1/2041 | A+ | (f) | $ | 3,200,000 | $ | 3,236,920 | ||||||
| Martin County Health Facilities Authority–Cleveland Clinic Hlth Oblig FL | 4.00% | 1/1/2046 | AA | 5,000,000 | 4,348,412 | |||||||||
| Maryland Health & Higher Educational Facilities Authority–Adventist Hlthcare Oblig | 5.00% | 1/1/2036 | Baa3 | 3,290,000 | 3,235,177 | |||||||||
| Maryland Health & Higher Educational Facilities Authority–Adventist Hlthcare Oblig | 5.50% | 1/1/2046 | Baa3 | 16,615,000 | 16,159,270 | |||||||||
| Maryland Health & Higher Educational Facilities Authority–Doctors Hosp Inc Oblig Grp | 5.00% | 7/1/2038 | A3 | 7,080,000 | 6,762,313 | |||||||||
| Maryland Health & Higher Educational Facilities Authority–Mercy Medical Center Oblig | 5.00% | 7/1/2036 | BBB+ | 1,320,000 | 1,325,786 | |||||||||
| Maryland Health & Higher Educational Facilities Authority–Mercy Medical Center Oblig | 5.00% | 7/1/2038 | BBB+ | 2,250,000 | 2,194,280 | |||||||||
| Massachusetts Development Finance Agency–Boston Med Ctr Oblig Grp | 5.00% | 7/1/2031 | BBB | 1,980,000 | 2,030,930 | |||||||||
| Massachusetts Development Finance Agency–Boston Med Ctr Oblig Grp | 5.00% | 7/1/2035 | BBB | 5,115,000 | 5,160,800 | |||||||||
| Massachusetts Development Finance Agency–Boston Med Ctr Oblig Grp | 5.25% | 7/1/2048 | BBB | 2,600,000 | 2,563,350 | |||||||||
| Massachusetts Development Finance Agency–Boston Med Ctr Oblig Grp | 5.25% | 7/1/2052 | BBB | 2,500,000 | 2,442,891 | |||||||||
| Massachusetts Development Finance Agency–Wellforce Oblig Group | 4.00% | 7/1/2035 | BBB- | 2,000,000 | 1,751,374 | |||||||||
| Massachusetts Development Finance Agency–Wellforce Oblig Group | 5.00% | 7/1/2039 | BBB- | 2,685,000 | 2,486,095 | |||||||||
| Michigan State Hospital Finance Authority–Ascension Hlth Credit Grp | 5.00% | 11/15/2047 | AA+ | 4,000,000 | 3,975,164 | |||||||||
| Montana Facility Finance Authority–Kalispell Regl Med Ctr Oblig | 5.00% | 7/1/2043 | BBB | 4,000,000 | 3,687,098 | |||||||||
| Montana Facility Finance Authority–Kalispell Regl Med Ctr Oblig | 5.00% | 7/1/2048 | BBB | 5,760,000 | 5,160,093 | |||||||||
| Montgomery County Higher Education & Health Authority–Thomas Jefferson Univ Oblig PA | 4.00% | 9/1/2049 | A | 3,960,000 | 3,294,046 | |||||||||
| Nassau County Local Economic Assistance Corp.–Catholic Hlth Lng Isl Oblig NY | 5.00% | 7/1/2029 | A- | 1,000,000 | 1,004,779 | |||||||||
| Nassau County Local Economic Assistance Corp.–Catholic Hlth Lng Isl Oblig NY | 5.00% | 7/1/2030 | A- | 580,000 | 582,329 | |||||||||
| See Notes to Financial Statements. | 103 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Nassau County Local Economic Assistance Corp.–Catholic Hlth Lng Isl Oblig NY | 5.00% | 7/1/2031 | A- | $ | 1,620,000 | $ | 1,625,297 | |||||||
| Nassau County Local Economic Assistance Corp.–Catholic Hlth Lng Isl Oblig NY | 5.00% | 7/1/2034 | A- | 1,100,000 | 1,102,488 | |||||||||
| Nebraska Educational Health Cultural & Social Services Finance Authority–Immanuel Retire Comm Oblig | 4.00% | 1/1/2044 | AA | (f) | 3,500,000 | 2,934,826 | ||||||||
| Nebraska Educational Health Cultural & Social Services Finance Authority–Immanuel Retire Comm Oblig | 4.00% | 1/1/2049 | AA | (f) | 6,500,000 | 5,286,720 | ||||||||
| New Jersey Health Care Facilities Financing Authority–St Joseph’s Hlthcr Oblig | 4.00% | 7/1/2048 | BBB- | 8,000,000 | 6,348,305 | |||||||||
| New York State Dormitory Authority–Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2031 | BBB- | 1,300,000 | 1,231,765 | |||||||||
| New York State Dormitory Authority–Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2040 | BBB- | 1,300,000 | 1,164,047 | |||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 4.00% | 8/1/2036 | BBB- | 1,450,000 | 1,315,589 | |||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 4.00% | 8/1/2038 | BBB- | 4,725,000 | 4,133,674 | |||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 5.00% | 8/1/2028 | BBB- | 3,055,000 | 3,064,745 | |||||||||
| New York State Dormitory Authority–Northwell Hlth Oblig Grp | 5.00% | 5/1/2037 | A- | 7,450,000 | 7,460,715 | |||||||||
| New York State Dormitory Authority–Northwell Hlth Oblig Grp | 5.00% | 5/1/2052 | A- | 8,085,000 | 8,069,852 | |||||||||
| New York State Dormitory Authority–Northwell Hlth Oblig Grp(e) | 5.00% | 5/1/2052 | A- | 33,500,000 | 33,437,234 | |||||||||
| Niagara Area Development Corp.–Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2052 | B- | 1,500,000 | 1,120,265 | |||||||||
| Oklahoma Development Finance Authority–OU Medicine Oblig Grp | 5.50% | 8/15/2052 | BB- | 10,015,000 | 8,970,594 | |||||||||
| Orange County Health Facilities Authority–Orlando Hlth Oblig Group FL | 5.00% | 10/1/2053 | A+ | 4,000,000 | 3,959,191 | |||||||||
| Oregon State Facilities Authority–Providence St Joseph Oblig | 5.00% | 10/1/2045 | A | 7,000,000 | 6,688,296 | |||||||||
| Palomar Health CA–Palomar Health Oblig Grp | 5.00% | 11/1/2036 | BBB | 11,025,000 | 10,857,184 | |||||||||
| Palomar Health CA–Palomar Health Oblig Grp | 5.00% | 11/1/2039 | BBB | 8,240,000 | 7,778,511 | |||||||||
| Pennsylvania Economic Development Financing Authority–UPMC Oblig Group | 4.00% | 5/15/2048 | A | 3,500,000 | 2,965,655 | |||||||||
| 104 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Public Finance Authority–Moses Cone Hospital Oblig Gp WI | 5.00% | 10/1/2052 | AA- | $ | 8,750,000 | $ | 8,392,177 | |||||||
| Public Finance Authority–Proton Intl Alabama LLC WI†(c) | 6.85% | 10/1/2047 | NR | 1,410,000 | 846,000 | (d) | ||||||||
| Roanoke Economic Development Authority–Carilion Clinic VA Oblig Grp | 3.00% | 7/1/2045 | AA- | 12,950,000 | 9,057,844 | |||||||||
| Savannah Hospital Authority–St Joseph’s/Candler Oblig GA | 4.00% | 7/1/2043 | A2 | 5,000,000 | 4,306,961 | |||||||||
| South Broward Hospital District Oblig FL (BAM) | 3.00% | 5/1/2051 | Aa3 | 5,000,000 | 3,381,453 | |||||||||
| South Carolina Jobs-Economic Development Authority–Bon Secours Mercy Hlth | 5.00% | 12/1/2046 | A+ | 8,000,000 | 8,010,970 | |||||||||
| State of Ohio–Premier Hlth Partners Oblig | 4.00% | 11/15/2039 | Baa1 | 2,640,000 | 2,207,908 | |||||||||
| Vermont Educational & Health Buildings Financing Agency–Univ of VT Hlth Oblig Grp | 5.00% | 12/1/2035 | A | 4,500,000 | 4,543,604 | |||||||||
| Washington Health Care Facilities Authority–Overlake Hosp Med Ctr Oblig | 5.00% | 7/1/2038 | BBB+ | 4,000,000 | 3,619,972 | |||||||||
| Westchester County Healthcare Corp. Oblig NY | 6.00% | 11/1/2030 | BBB- | 105,000 | 105,110 | |||||||||
| Westchester County Healthcare Corp. Oblig NY | 6.125% | 11/1/2037 | BBB- | 30,000 | 30,058 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 5.00% | 11/1/2046 | BBB- | 1,470,000 | 1,269,672 | |||||||||
| Wisconsin Health & Educational Facilities Authority–Sauk-Prairie Mem Hosp Oblig | 5.375% | 2/1/2048 | Ba2 | 840,000 | 736,801 | |||||||||
| Total | 451,568,572 | |||||||||||||
| Housing 1.69% | ||||||||||||||
| California Municipal Finance Authority–Bowles Hall Foundation | 5.00% | 6/1/2050 | Baa3 | 1,410,000 | 1,355,632 | |||||||||
| California Municipal Finance Authority–Caritas Affordable Hsg | 5.25% | 8/15/2039 | A- | 650,000 | 653,462 | |||||||||
| Capital Projects Finance Authority–Provident Group–Continu FL | 5.00% | 11/1/2039 | Baa3 | 1,000,000 | 999,959 | |||||||||
| Capital Projects Finance Authority–Provident Group–Continu FL | 5.00% | 11/1/2041 | Baa3 | 1,000,000 | 985,918 | |||||||||
| Capital Projects Finance Authority–Provident Group–Continu FL | 5.00% | 11/1/2048 | Baa3 | 1,350,000 | 1,281,552 | |||||||||
| Capital Projects Finance Authority–Provident Group–Continu FL | 5.00% | 11/1/2053 | Baa3 | 1,745,000 | 1,634,319 | |||||||||
| Capital Projects Finance Authority–Provident Group–Continu FL | 5.00% | 11/1/2058 | Baa3 | 1,750,000 | 1,619,647 | |||||||||
| CMFA Special Finance Agency CA† | 4.00% | 12/1/2045 | NR | 5,000,000 | 3,713,207 | |||||||||
| See Notes to Financial Statements. | 105 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| CSCDA Community Improvement Authority CA† | 3.125% | 8/1/2056 | NR | $ | 4,500,000 | $ | 2,874,123 | |||||||
| FHLMC Multifamily VRD Certificates VA | 4.60% | 12/15/2044 | AA+ | 5,415,000 | 5,275,521 | |||||||||
| Indiana Finance Authority–Chf-Tippecanoe LLC | 5.00% | 6/1/2053 | NR | 1,350,000 | 1,294,294 | |||||||||
| Indiana Finance Authority–Chf-Tippecanoe LLC | 5.125% | 6/1/2058 | NR | 1,700,000 | 1,646,015 | |||||||||
| Indiana Finance Authority–Chf-Tippecanoe LLC | 5.375% | 6/1/2064 | NR | 4,460,000 | 4,348,237 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona–Downtown Phoenix Std Hsg AZ | 5.00% | 7/1/2037 | Baa3 | 1,000,000 | 998,938 | |||||||||
| Maryland Economic Development Corp. | 5.75% | 7/1/2053 | BBB- | 2,000,000 | 2,087,748 | |||||||||
| Maryland Economic Development Corp. | 6.00% | 7/1/2058 | BBB- | 5,000,000 | 5,324,716 | |||||||||
| Michigan State Housing Development Authority | 3.60% | 10/1/2060 | AA+ | 6,115,000 | 4,502,042 | |||||||||
| New Hampshire Business Finance Authority | 4.00% | 10/20/2036 | BBB | 10,865,398 | 9,742,427 | |||||||||
| New Hampshire Business Finance Authority | 4.375% | 9/20/2036 | BBB | 5,413,448 | 5,016,730 | |||||||||
| New York State Dormitory Authority | 3.00% | 7/1/2045 | Aa3 | 5,037,000 | 3,475,688 | |||||||||
| Toledo-Lucas County Port Authority–CHF-Toledo LLC OH | 5.00% | 7/1/2034 | BBB- | 1,000,000 | 951,960 | |||||||||
| Toledo-Lucas County Port Authority–CHF-Toledo LLC OH | 5.00% | 7/1/2039 | BBB- | 1,500,000 | 1,390,222 | |||||||||
| Toledo-Lucas County Port Authority–CHF-Toledo LLC OH | 5.00% | 7/1/2046 | BBB- | 1,000,000 | 884,593 | |||||||||
| Total | 62,056,950 | |||||||||||||
| Lease Obligations 2.69% | ||||||||||||||
| Illinois Sports Facilities Authority (AGM) | 5.00% | 6/15/2027 | AA | 3,500,000 | 3,500,114 | |||||||||
| Indiana Finance Authority | 5.25% | 2/1/2032 | AA+ | 5,000,000 | 5,088,741 | |||||||||
| Kentucky Bond Development Corp. | 4.00% | 9/1/2048 | A+ | 6,645,000 | 5,472,684 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2036 | A2 | 1,285,000 | 1,307,415 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2041 | A2 | 5,050,000 | 5,267,362 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2042 | A2 | 4,930,000 | 5,184,070 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2043 | A2 | 4,500,000 | 4,523,451 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 11/1/2044 | A2 | 5,500,000 | 5,564,676 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2047 | A2 | 6,050,000 | 6,057,357 | |||||||||
| New Jersey Economic Development Authority–NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | BBB+ | 7,500,000 | 7,511,457 | |||||||||
| New Jersey Educational Facilities Authority | 4.00% | 9/1/2029 | A2 | 5,445,000 | 5,260,121 | |||||||||
| 106 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2028 | A2 | $ | 10,000,000 | $ | 8,045,462 | |||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2031 | A2 | 1,935,000 | 1,341,291 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2037 | A2 | 3,390,000 | 1,669,130 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2030 | A+ | 3,000,000 | 3,056,643 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2031 | A+ | 2,400,000 | 2,442,222 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2033 | A2 | 4,565,000 | 4,859,427 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2035 | A2 | 4,200,000 | 4,317,673 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2036 | A2 | 3,500,000 | 3,584,514 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2046 | A2 | 14,595,000 | 14,648,032 | |||||||||
| Total | 98,701,842 | |||||||||||||
| Multi-Family Housing 0.06% | ||||||||||||||
| New York City Housing Development Corp. NY | 2.40% | 11/1/2046 | AA+ | 3,800,000 | 2,328,282 | |||||||||
| Other Revenue 2.25% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 12/1/2049 | A1 | 4,125,000 | 4,050,496 | ||||||||
| California School Finance Authority–Green Dot Public Schs Oblig† | 5.00% | 8/1/2048 | BBB- | 1,650,000 | 1,502,975 | |||||||||
| City of Miami Beach Parking Revenue FL (BAM) | 5.00% | 9/1/2040 | AA | 2,000,000 | 2,001,168 | |||||||||
| Clifton Higher Education Finance Corp.–Idea Public Schools TX | 6.00% | 8/15/2043 | A- | 1,000,000 | 1,000,721 | |||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX | 6.125% | 8/15/2048 | Baa3 | 7,825,000 | 7,602,917 | |||||||||
| Commonwealth of Puerto Rico | Zero Coupon | #(b) | 11/1/2051 | NR | 5,142,778 | 2,648,531 | ||||||||
| District of Columbia–Friendship Pub Chtr Sch DC | 5.00% | 6/1/2041 | BBB | 1,935,000 | 1,803,130 | |||||||||
| Grand River Hospital District CO GO (AGM) | 5.25% | 12/1/2034 | AA | 1,000,000 | 1,027,595 | |||||||||
| Grand River Hospital District CO GO (AGM) | 5.25% | 12/1/2035 | AA | 1,000,000 | 1,022,826 | |||||||||
| Grand River Hospital District CO GO (AGM) | 5.25% | 12/1/2037 | AA | 1,160,000 | 1,169,240 | |||||||||
| Illinois Finance Authority–Noble Network Charter Sch | 6.125% | 9/1/2039 | BBB | 6,000,000 | 6,002,761 | |||||||||
| See Notes to Financial Statements. | 107 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Indianapolis Local Public Improvement Bond Bank | 5.00% | 2/1/2031 | AA- | $ | 7,120,000 | $ | 7,124,061 | |||||||
| Long Beach Bond Finance Authority CA | 5.22% (3 mo. USD LIBOR * .67 + 1.45% | )# | 11/15/2027 | A1 | 9,000,000 | 8,784,922 | ||||||||
| Lower Alabama Gas District | 4.00% | #(b) | 12/1/2050 | A2 | 2,000,000 | 1,960,930 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2037 | A2 | 2,990,000 | 2,903,598 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2043 | A2 | 3,250,000 | 3,131,777 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2049 | A2 | 1,500,000 | 1,435,214 | |||||||||
| Michigan Finance Authority–Bradford Academy | 4.30% | 9/1/2030 | NR | 260,000 | 228,545 | |||||||||
| Michigan Finance Authority–Bradford Academy | 4.80% | 9/1/2040 | NR | 565,000 | 442,864 | |||||||||
| Michigan Finance Authority–Bradford Academy | 5.00% | 9/1/2050 | NR | 925,000 | 680,104 | |||||||||
| Middlesex County Improvement Authority NJ | 6.125% | 1/1/2025 | NR | 1,250,000 | 15,625 | |||||||||
| Middlesex County Improvement Authority NJ | 6.25% | 1/1/2037 | NR | 1,700,000 | 21,250 | |||||||||
| M-S-R Energy Authority CA | 6.125% | 11/1/2029 | BBB+ | 1,965,000 | 2,049,904 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 11/1/2052 | A2 | 11,375,000 | 11,386,643 | |||||||||
| New Jersey Economic Development Authority–Friends of Team Acdmy Oblig | 6.00% | 10/1/2043 | BBB | 3,500,000 | 3,503,489 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2031 | NR | 10,000,000 | 9,219,072 | |||||||||
| Total | 82,720,358 | |||||||||||||
| Power 0.07% | ||||||||||||||
| Chesapeake Economic Development Authority–Virginia Elec & Pwr Co | 3.65% | #(b) | 2/1/2032 | A2 | 2,500,000 | 2,423,044 | ||||||||
| Pre-Refunded 0.03% | ||||||||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2038 | A1 | 995,000 | 995,208 | |||||||||
| Single-Family Housing 0.20% | ||||||||||||||
| Pennsylvania Housing Finance Agency | 5.00% | 10/1/2050 | AA+ | 7,725,000 | 7,424,409 | |||||||||
| Special Tax 2.06% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | 1,845,000 | 1,855,831 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.25% | 5/1/2042 | NR | 3,215,000 | 3,053,902 | |||||||||
| 108 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| City of Irvine CA Special Tax | 5.00% | 9/1/2044 | NR | $ | 500,000 | $ | 497,172 | |||||||
| Commonwealth of Pennsylvania COPS | 4.00% | 7/1/2046 | A | 2,375,000 | 1,990,807 | |||||||||
| Gramercy Farms Community Development District FL~ | Zero Coupon | 5/1/2039 | NR | 2,500,000 | 1,300,000 | |||||||||
| Gramercy Farms Community Development District FL(c) | 5.25% | 5/1/2039 | NR | 1,340,000 | 214 | (d) | ||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 3,000,000 | 2,089,376 | |||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A | 4,875,000 | 4,889,236 | |||||||||
| Irvine Facilities Financing Authority CA (BAM) | 5.25% | 9/1/2053 | AA | 8,000,000 | 8,484,054 | |||||||||
| New Jersey Economic Development Authority Mtromall Urban | 6.50% | 4/1/2028 | Baa2 | 1,944,245 | 1,904,376 | |||||||||
| New York City Industrial Development Agency–Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2046 | AA | 18,955,000 | 13,076,603 | |||||||||
| Rancho Cucamonga Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 9/1/2030 | AA | 1,500,000 | 1,515,178 | |||||||||
| Rancho Cucamonga Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 9/1/2031 | AA | 1,400,000 | 1,414,378 | |||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.25% | 9/1/2052 | AA | 2,500,000 | 2,612,765 | |||||||||
| Riverside County Redevelopment Successor Agency CA Tax Allocation | 8.50% | 10/1/2041 | A | 11,195,000 | 12,703,691 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 8/1/2034 | AA | 3,600,000 | 3,650,592 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 1/1/2037 | AA | 7,000,000 | 7,217,557 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 1/1/2038 | AA | 4,250,000 | 4,351,063 | |||||||||
| Stone Canyon Community Improvement District MO(c) | 5.70% | 4/1/2022 | NR | 1,000,000 | 90,000 | (d) | ||||||||
| Stone Canyon Community Improvement District MO(c) | 5.75% | 4/1/2027 | NR | 1,300,000 | 117,000 | (d) | ||||||||
| Village Community Development District No. 13 FL | 3.00% | 5/1/2041 | NR | 1,250,000 | 893,304 | |||||||||
| Village Community Development District No. 13 FL | 3.25% | 5/1/2052 | NR | 2,710,000 | 1,762,042 | |||||||||
| Total | 75,469,141 | |||||||||||||
| Tax Revenue 5.86% | ||||||||||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2039 | BBB+ | 3,300,000 | 3,300,907 | |||||||||
| See Notes to Financial Statements. | 109 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2044 | BBB+ | $ | 3,950,000 | $ | 3,854,561 | |||||||
| Chicago Board of Education IL | 5.00% | 4/1/2042 | A | (f) | 2,685,000 | 2,605,594 | ||||||||
| Chicago Transit Authority Sales Tax Receipts Fund IL | 4.00% | 12/1/2050 | A+ | 13,615,000 | 11,193,041 | |||||||||
| Chicago Transit Authority Sales Tax Receipts Fund IL | 5.25% | 12/1/2049 | AA | 33,245,000 | 33,320,204 | |||||||||
| City of Reno NV (AGM) | 4.00% | 6/1/2043 | AA | 4,725,000 | 4,036,925 | |||||||||
| City of Reno NV (AGM) | 4.00% | 6/1/2046 | AA | 6,800,000 | 5,686,242 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba1 | 730,000 | 667,756 | |||||||||
| Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 8/1/2042 | AA | 1,250,000 | 1,283,846 | |||||||||
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | 3,750,000 | 3,654,975 | |||||||||
| Lower Colorado River Authority TX | 6.00% | 5/15/2052 | A | 1,700,000 | 1,849,119 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 4.00% | 6/15/2052 | A | 4,055,000 | 3,252,892 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 5.50% | 6/15/2053 | A | 4,415,000 | 4,435,775 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2030 | A | 10,535,000 | 7,605,269 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2036 | A | 10,000,000 | 5,293,140 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2037 | A | 15,000,000 | 7,436,859 | |||||||||
| Metropolitan Pier & Exposition Authority IL TCRS (BAM) | 5.00% | 6/15/2053 | AA | 915,000 | 931,782 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 5/1/2037 | AAA | 3,000,000 | 2,890,204 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 8/1/2042 | AAA | 1,000,000 | 911,538 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 11/1/2042 | AAA | 5,720,000 | 5,209,950 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2036 | AAA | 1,000,000 | 1,001,418 | |||||||||
| New York State Dormitory Authority | 3.00% | 3/15/2050 | AA+ | 5,000,000 | 3,362,575 | |||||||||
| New York State Urban Development Corp. | 3.00% | 3/15/2047 | AA+ | 3,740,000 | 2,611,584 | |||||||||
| New York State Urban Development Corp. | 3.00% | 3/15/2048 | AA+ | 9,590,000 | 6,618,538 | |||||||||
| 110 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| New York State Urban Development Corp. | 3.00% | 3/15/2050 | AA+ | $ | 7,620,000 | $ | 5,169,607 | |||||||
| New York State Urban Development Corp. | 4.00% | 3/15/2042 | Aa1 | 5,000,000 | 4,533,661 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2029 | NR | 1,271,000 | 989,841 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 2,122,000 | 1,505,936 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 2,549,000 | 1,636,457 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 2,523,000 | 470,565 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 11,598,000 | 10,416,900 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 5,253,000 | 4,718,053 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 39,000 | 33,366 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 12,847,000 | 11,389,657 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 2,174,000 | 1,971,999 | |||||||||
| San Francisco Bay Area Rapid Transit District CA GO | 3.00% | 8/1/2042 | Aaa | 5,180,000 | 3,977,035 | |||||||||
| San Leandro Unified School District CA GO | 5.25% | 8/1/2048 | AA- | 10,500,000 | 11,060,476 | |||||||||
| Territory of Guam | 4.00% | 1/1/2042 | Ba1 | 1,500,000 | 1,218,353 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 5/15/2051 | AA+ | 6,555,000 | 6,656,141 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2052 | AA+ | 10,335,000 | 10,816,868 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2057 | AA+ | 2,500,000 | 2,607,183 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2062 | AA+ | 10,655,000 | 11,071,698 | |||||||||
| Vermont Student Assistance Corp. AMT | 3.375% | 6/15/2036 | A | 2,030,000 | 1,875,794 | |||||||||
| Total | 215,134,284 | |||||||||||||
| Taxable Revenue–Water & Sewer 0.76% | ||||||||||||||
| City of Chicago Waterworks Revenue IL (AGM)(e) | 5.50% | 11/1/2062 | AA | 20,300,000 | 21,195,317 | |||||||||
| New Jersey Economic Development Authority–New Jersey Amern Wtr Co AMT | 3.75% | #(b) | 11/1/2034 | A+ | 4,000,000 | 3,802,140 | ||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2048 | A1 | 3,000,000 | 3,086,632 | |||||||||
| Total | 28,084,089 | |||||||||||||
| See Notes to Financial Statements. | 111 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Tobacco 2.19% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | $ | 36,560,000 | $ | 31,539,241 | |||||||
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 30,000,000 | 2,606,235 | |||||||||
| Michigan Finance Authority | 4.00% | 6/1/2049 | BBB+ | 4,000,000 | 3,419,904 | |||||||||
| Michigan Finance Authority | 5.00% | 6/1/2049 | BBB+ | 3,775,000 | 3,781,501 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 984,094 | |||||||||
| Tobacco Securitization Authority of Northern California–Sacramento County Tobacco | 4.00% | 6/1/2049 | BBB+ | 2,850,000 | 2,429,357 | |||||||||
| Tobacco Securitization Authority of Southern California–San Diego County Tobacco | 5.00% | 6/1/2048 | BBB+ | 3,500,000 | 3,509,515 | |||||||||
| Tobacco Settlement Financing Corp. LA | 5.25% | 5/15/2035 | A- | 1,880,000 | 1,894,307 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2031 | A | 4,605,000 | 4,759,227 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BBB+ | 3,415,000 | 3,320,051 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 9,300,000 | 9,352,750 | |||||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 7,540,000 | 6,670,961 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2035 | A- | 1,390,000 | 1,417,986 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 5,550,000 | 4,818,028 | |||||||||
| Total | 80,503,157 | |||||||||||||
| Transportation 22.96% | ||||||||||||||
| Alameda Corridor Transportation Authority CA (AGM) | 5.00% | 10/1/2034 | AA | 3,650,000 | 3,741,110 | |||||||||
| Allegheny County Airport Authority PA AMT | 5.00% | 1/1/2056 | A2 | 5,505,000 | 5,378,302 | |||||||||
| California Municipal Finance Authority–Lax Integrated Express AMT | 4.00% | 12/31/2047 | BBB- | (f) | 9,450,000 | 7,637,894 | ||||||||
| California Municipal Finance Authority–Lax Integrated Express AMT | 5.00% | 12/31/2038 | BBB- | (f) | 5,000,000 | 5,001,193 | ||||||||
| Canaveral Port Authority FL | 5.00% | 6/1/2048 | A3 | 4,890,000 | 4,763,981 | |||||||||
| Canaveral Port Authority FL AMT | 5.00% | 6/1/2045 | A3 | 4,630,000 | 4,561,963 | |||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2045 | A | 4,500,000 | 4,581,554 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2033 | A- | 5,750,000 | 5,721,649 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2037 | A- | 2,500,000 | 2,458,243 | |||||||||
| Chicago Midway International Airport IL | 4.00% | 1/1/2034 | A | 1,000,000 | 965,507 | |||||||||
| Chicago O’Hare International Airport–Trips Oblig Group IL AMT | 5.00% | 7/1/2048 | BBB+ | 3,500,000 | 3,197,253 | |||||||||
| Chicago O’Hare International Airport IL | 4.00% | 1/1/2044 | A+ | 13,500,000 | 12,153,069 | |||||||||
| 112 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2053 | A+ | $ | 2,500,000 | $ | 2,501,349 | |||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2041 | NR | 1,950,000 | 2,020,271 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2042 | NR | 1,470,000 | 1,518,418 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2043 | NR | 1,660,000 | 1,710,087 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2047 | A+ | 9,375,000 | 9,172,507 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2048 | A+ | 20,000,000 | 19,851,754 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 4.00% | 12/1/2048 | A+ | 4,255,000 | 3,541,217 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.25% | 11/15/2043 | A+ | 8,000,000 | 8,000,532 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 1/1/2028 | AA- | 2,000,000 | 1,999,363 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 1/1/2031 | AA- | 4,000,000 | 3,995,470 | |||||||||
| City of Atlanta Department of Aviation GA | 5.00% | 7/1/2048 | Aa3 | 5,200,000 | 5,360,350 | |||||||||
| City of Burbank Electric Revenue NC | 4.00% | 7/1/2047 | Aa3 | 7,415,000 | 6,665,283 | |||||||||
| City of Charlotte Airport Revenue NC | 5.25% | 7/1/2053 | Aa3 | 15,000,000 | 15,725,847 | |||||||||
| City of Fresno Airport Revenue CA (BAM) | 5.00% | 7/1/2053 | AA | 2,000,000 | 1,982,557 | |||||||||
| City of Houston Airport System Revenue–United Airlines Inc TX AMT | 6.625% | 7/15/2038 | BB- | 2,500,000 | 2,500,494 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2041 | AA- | 3,595,000 | 3,250,509 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2049 | AA- | 5,000,000 | 4,257,438 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2039 | AA | 9,000,000 | 9,177,635 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2047 | AA | 6,440,000 | 6,703,878 | |||||||||
| City of Philadelphia Airport Revenue PA AMT | 5.00% | 7/1/2042 | A+ | 4,440,000 | 4,368,823 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2036 | A+ | 10,045,000 | 10,326,911 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.50% | 7/1/2053 | A2 | 2,500,000 | 2,582,325 | |||||||||
| City of San Antonio Airport System TX AMT | 5.00% | 7/1/2045 | A+ | 8,435,000 | 8,405,038 | |||||||||
| City of St. Louis Airport Revenue MO (AGM) | 5.00% | 7/1/2047 | AA | 7,500,000 | 7,506,615 | |||||||||
| County of Miami–Dade Aviation Revenue FL AMT | 5.00% | 10/1/2035 | A1 | 10,000,000 | 9,991,350 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2028 | A1 | 4,435,000 | 4,432,217 | |||||||||
| See Notes to Financial Statements. | 113 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2029 | A1 | $ | 2,500,000 | $ | 2,499,491 | |||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2034 | A1 | 10,000,000 | 9,995,361 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2044 | A | 6,000,000 | 5,897,608 | |||||||||
| County of Osceola Transportation Revenue FL | 5.00% | 10/1/2039 | BBB+ | 1,000,000 | 1,001,461 | |||||||||
| County of Sacramento Airport System Revenue CA | 5.00% | 7/1/2041 | A | 8,000,000 | 8,146,616 | |||||||||
| Delaware River Joint Toll Bridge Commission PA | 5.00% | 7/1/2047 | A+ | 11,100,000 | 11,207,167 | |||||||||
| E-470 Public Highway Authority CO (NATL) | Zero Coupon | 9/1/2032 | A+ | 4,200,000 | 2,829,855 | |||||||||
| E-470 Public Highway Authority CO (NATL) | Zero Coupon | 9/1/2037 | A+ | 7,720,000 | 3,856,314 | |||||||||
| Eagle County Airport Terminal Corp. CO AMT | 5.00% | 5/1/2037 | Baa2 | 1,000,000 | 963,702 | |||||||||
| Eagle County Airport Terminal Corp. CO AMT | 5.00% | 5/1/2041 | Baa2 | 3,000,000 | 2,808,944 | (d) | ||||||||
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2033 | A | 5,000,000 | 3,286,502 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.50% | 1/15/2053 | A | 7,190,000 | 5,534,590 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | 5,000,000 | 4,246,958 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2043 | A- | 16,123,000 | 14,511,080 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2046 | A | 10,000,000 | 8,951,460 | |||||||||
| Greater Asheville Regional Airport Authority NC (AGM) AMT | 5.25% | 7/1/2048 | AA | 1,250,000 | 1,263,886 | |||||||||
| Greater Asheville Regional Airport Authority NC (AGM) AMT | 5.25% | 7/1/2053 | AA | 2,000,000 | 2,012,493 | |||||||||
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2049 | AA- | 6,375,000 | 5,405,289 | |||||||||
| Hampton Roads Transportation VA(e) | 5.25% | 7/1/2060 | AA | 20,000,000 | 20,831,524 | |||||||||
| Kansas City Industrial Development Authority MO AMT | 4.00% | 3/1/2036 | A2 | 3,000,000 | 2,812,732 | |||||||||
| Maryland Economic Development Corp.–Purple Line Transit Ptr AMT | 5.25% | 6/30/2047 | Baa3 | 2,500,000 | 2,423,398 | |||||||||
| 114 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Maryland Economic Development Corp.–Purple Line Transit Ptr AMT | 5.25% | 6/30/2052 | Baa3 | $ | 2,500,000 | $ | 2,400,665 | |||||||
| Maryland Economic Development Corp.–Purple Line Transit Ptr AMT | 5.25% | 6/30/2055 | Baa3 | 12,500,000 | 11,930,432 | |||||||||
| Maryland Economic Development Corp. Tax Allocation | 4.00% | 9/1/2040 | NR | 2,000,000 | 1,678,227 | |||||||||
| Maryland State Transportation Authority | 5.00% | 7/1/2051 | Aa2 | 10,000,000 | 10,280,191 | |||||||||
| Maryland State Transportation Authority Passenger Facility Charge Revenue AMT | 3.00% | 6/1/2036 | A+ | 7,310,000 | 5,830,005 | |||||||||
| Massachusetts Port Authority AMT | 5.00% | 7/1/2040 | AA | 1,500,000 | 1,503,052 | |||||||||
| Massachusetts Port Authority AMT | 5.00% | 7/1/2045 | AA | 3,315,000 | 3,281,600 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.00% | 7/1/2049 | A2 | 5,000,000 | 4,908,528 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2052 | A1 | 6,500,000 | 6,677,851 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2048 | A3 | 9,825,000 | 8,164,772 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2049 | A3 | 6,605,000 | 5,462,869 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2050 | A3 | 6,500,000 | 5,352,452 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2035 | A3 | 4,265,000 | 4,313,988 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | #(b) | 11/15/2045 | A3 | 2,700,000 | 2,780,050 | ||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2050 | A3 | 4,680,000 | 4,564,400 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2044 | A3 | 12,180,000 | 12,142,706 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2055 | A3 | 10,850,000 | 10,928,556 | |||||||||
| Metropolitan Transportation Authority NY(e) | 5.25% | 11/15/2055 | A3 | 20,500,000 | 20,648,424 | |||||||||
| Metropolitan Washington Airports Authority DC AMT | 4.00% | 10/1/2039 | AA- | 5,445,000 | 5,002,989 | |||||||||
| Minneapolis–St. Paul Metropolitan Airports Commission MN | 5.00% | 1/1/2031 | A+ | 2,000,000 | 2,004,637 | |||||||||
| Minneapolis–St. Paul Metropolitan Airports Commission MN AMT | 5.00% | 1/1/2047 | A+ | 3,000,000 | 2,978,722 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2045 | A2 | 25,630,000 | 22,752,612 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2045 | A2 | 5,000,000 | 5,077,836 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.50% | 6/15/2050 | A2 | 2,000,000 | 2,108,760 | |||||||||
| New York State Thruway Authority | 5.25% | 1/1/2056 | A2 | 7,455,000 | 7,496,169 | |||||||||
| New York State Thruway Authority (AGM) | 4.00% | 1/1/2051 | AA | 2,725,000 | 2,341,607 | |||||||||
| See Notes to Financial Statements. | 115 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa3 | $ | 3,295,000 | $ | 3,040,663 | |||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2029 | Baa3 | 2,955,000 | 2,984,240 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2030 | Baa3 | 3,990,000 | 4,032,018 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2033 | Baa3 | 12,450,000 | 12,556,025 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2034 | Baa3 | 4,205,000 | 4,238,469 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa3 | 2,250,000 | 2,240,152 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa3 | 21,000,000 | 20,186,187 | |||||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC AMT | 5.00% | 12/1/2039 | Baa1 | 5,840,000 | 5,814,540 | |||||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC AMT | 5.00% | 12/1/2042 | Baa1 | 3,250,000 | 3,170,160 | |||||||||
| New York Transportation Development Corp.–Laguardia Gateway Partner (AGM) AMT | 4.00% | 7/1/2031 | AA | 5,000,000 | 4,797,077 | |||||||||
| New York Transportation Development Corp.–Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa2 | 12,365,000 | 10,438,341 | |||||||||
| New York Transportation Development Corp.–Laguardia Gateway Partner AMT | 4.00% | 7/1/2046 | Baa2 | 2,340,000 | 1,872,235 | |||||||||
| New York Transportation Development Corp.–Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa2 | 19,245,000 | 18,889,068 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2025 | A3 | 2,750,000 | 2,755,431 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA | 5.00% | 3/1/2047 | A | 750,000 | 762,616 | |||||||||
| North Carolina Turnpike Authority | 5.00% | 1/1/2043 | BBB | 1,150,000 | 1,163,422 | |||||||||
| North Carolina Turnpike Authority (AGM) | 4.00% | 1/1/2037 | AA | 14,255,000 | 13,386,086 | |||||||||
| North Carolina Turnpike Authority (AGM) | 4.00% | 1/1/2038 | AA | 1,000,000 | 933,870 | |||||||||
| North Texas Tollway Authority | 5.00% | 1/1/2048 | A+ | 5,000,000 | 5,000,175 | |||||||||
| Pennsylvania Turnpike Commission | 4.00% | 12/1/2038 | A2 | 3,425,000 | 3,158,127 | |||||||||
| Pennsylvania Turnpike Commission | 5.00% | 6/1/2029 | A2 | 9,000,000 | 9,154,046 | |||||||||
| 116 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Port Authority of New York & New Jersey | 5.25% | 10/15/2055 | AA- | $ | 3,965,000 | $ | 4,002,084 | |||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2035 | Aa3 | 6,250,000 | 6,663,021 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | Aa3 | 4,000,000 | 4,218,080 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2037 | Aa3 | 3,250,000 | 3,390,804 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2038 | Aa3 | 5,000,000 | 5,174,754 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 6,950,000 | 6,966,807 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 1/15/2052 | AA- | 13,855,000 | 13,798,027 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2053 | Aa3 | 7,100,000 | 7,059,541 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2039 | AA- | 2,000,000 | 1,978,558 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2049 | AA- | 5,000,000 | 4,957,955 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.50% | 7/1/2048 | AA- | 6,250,000 | 6,462,466 | |||||||||
| Puerto Rico Highway & Transportation Authority | Zero Coupon | 7/1/2032 | NR | 5,014,595 | 3,240,682 | |||||||||
| Puerto Rico Highway & Transportation Authority | Zero Coupon | 7/1/2053 | NR | 24,967 | 15,511 | |||||||||
| Puerto Rico Highway & Transportation Authority | 5.00% | 7/1/2062 | NR | 4,204,459 | 4,025,769 | |||||||||
| San Diego Cnty Regional Arpt Auth CA(e) | 5.00% | 7/1/2056 | A2 | 11,545,000 | 11,913,107 | |||||||||
| San Diego County Regional Airport Authority CA | 5.00% | 7/1/2044 | A | 4,500,000 | 4,664,625 | |||||||||
| San Diego County Regional Airport Authority CA | 5.00% | 7/1/2051 | A2 | 15,475,000 | 16,051,710 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 4.00% | 7/1/2046 | A2 | 4,500,000 | 3,843,978 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% | 5/1/2033 | A+ | 7,000,000 | 6,999,909 | |||||||||
| South Carolina Ports Authority AMT | 5.00% | 7/1/2044 | A+ | 5,000,000 | 4,877,477 | |||||||||
| State of Alabama Docks Department (AGM) | 5.00% | 10/1/2036 | AA | 750,000 | 762,210 | |||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2034 | AA | 2,000,000 | 2,024,119 | |||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2035 | AA | 2,000,000 | 2,017,294 | |||||||||
| State of Florida Department of Transportation Turnpike System Revenue | 3.00% | 7/1/2051 | AA | 10,705,000 | 7,094,590 | |||||||||
| State of Hawaii Airports System Revenue AMT | 5.00% | 7/1/2041 | AA- | 5,000,000 | 4,992,322 | |||||||||
| See Notes to Financial Statements. | 117 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| State of Michigan Trunk Line Revenue | 5.50% | 11/15/2049 | Aa2 | $ | 15,000,000 | $ | 16,197,088 | |||||||
| Texas Private Activity Bond Surface Transportation Corp.–LBJ Infrastructure Group | 4.00% | 6/30/2037 | Baa2 | 2,950,000 | 2,683,094 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp.–LBJ Infrastructure Group | 4.00% | 12/31/2037 | Baa2 | 2,125,000 | 1,925,200 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp.–LBJ Infrastructure Group | 4.00% | 6/30/2038 | Baa2 | 1,050,000 | 945,157 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp.–LBJ Infrastructure Group | 4.00% | 12/31/2038 | Baa2 | 1,375,000 | 1,234,554 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. AMT | 5.50% | 12/31/2058 | Baa1 | 5,000,000 | 5,099,022 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2042 | AA- | 1,640,000 | 1,670,821 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2058 | AA+ | 7,300,000 | 7,620,888 | |||||||||
| Virginia Small Business Financing Authority–95 Express Lanes LLC AMT | 5.00% | 1/1/2032 | BBB | 6,225,000 | 6,506,979 | |||||||||
| Virginia Small Business Financing Authority–95 Express Lanes LLC AMT | 5.00% | 7/1/2036 | BBB | 6,685,000 | 6,868,767 | |||||||||
| Virginia Small Business Financing Authority–Elizabeth River Crossings AMT | 4.00% | 1/1/2038 | BBB | 4,500,000 | 4,069,694 | |||||||||
| Virginia Small Business Financing Authority–Elizabeth River Crossings AMT | 4.00% | 1/1/2040 | BBB | 4,825,000 | 4,310,987 | |||||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2039 | A1 | 1,700,000 | 1,698,178 | |||||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2042 | A1 | 1,200,000 | 1,197,936 | |||||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2046 | A1 | 2,825,000 | 2,802,335 | |||||||||
| Total | 843,407,535 | |||||||||||||
| Utilities 11.73% | ||||||||||||||
| Adelanto Public Utility Authority CA (AGM) | 5.00% | 7/1/2039 | AA | 1,500,000 | 1,546,447 | |||||||||
| Baltimore Proj Revenue MD(e) | 5.25% | 7/1/2047 | AA- | 7,190,000 | 7,522,745 | |||||||||
| Baltimore Proj Revenue MD(e) | 5.25% | 7/1/2052 | AA- | 12,190,000 | 12,754,139 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 7/1/2052 | Aa1 | 6,000,000 | 5,844,809 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 10/1/2052 | A2 | 11,660,000 | 11,336,603 | ||||||||
| 118 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 12/1/2052 | Baa1 | $ | 18,600,000 | $ | 17,382,059 | ||||||
| Black Belt Energy Gas District AL | 5.50% | #(b) | 6/1/2049 | A2 | 9,450,000 | 9,642,120 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(b) | 11/1/2053 | A2 | 6,665,000 | 6,810,973 | ||||||||
| California Pollution Control Financing Authority–Poseidon Resources† | 5.00% | 7/1/2039 | Baa3 | 2,200,000 | 2,205,866 | |||||||||
| California Pollution Control Financing Authority–Poseidon Resources† | 5.00% | 11/21/2045 | Baa3 | 2,750,000 | 2,678,013 | |||||||||
| Casitas Municipal Water District CA Special Tax (BAM) | 5.25% | 9/1/2047 | AA | 500,000 | 513,835 | |||||||||
| Central Plains Energy Project NE | 5.00% | 9/1/2042 | BBB+ | 3,305,000 | 3,185,987 | |||||||||
| Chautauqua County Capital Resource Corp.–NRG Energy Inc NY | 4.25% | #(b) | 4/1/2042 | BBB- | 5,000,000 | 4,826,782 | ||||||||
| City of Baltimore MD | 5.00% | 7/1/2039 | A+ | 4,750,000 | 4,762,180 | |||||||||
| City of Baltimore MD | 5.00% | 7/1/2046 | Aa3 | 10,000,000 | 10,074,013 | |||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2036 | A+ | 1,775,000 | 1,814,169 | |||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2039 | A+ | 3,455,000 | 3,411,423 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2036 | AA | 3,000,000 | 3,055,190 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2037 | AA | 2,500,000 | 2,540,063 | |||||||||
| City of Colorado Springs Utilities System Revenue CO | 4.00% | 11/15/2046 | AA+ | 10,100,000 | 8,912,067 | |||||||||
| City of Compton Water Revenue CA | 6.00% | 8/1/2039 | NR | 5,500,000 | 5,117,546 | |||||||||
| City of Philadelphia Water & Wastewater Revenue PA | 5.00% | 7/1/2030 | A+ | 3,355,000 | 3,388,399 | |||||||||
| City of Philadelphia Water & Wastewater Revenue PA | 5.25% | 10/1/2052 | A+ | 6,610,000 | 6,674,634 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.50% | 2/1/2050 | Aa2 | 8,000,000 | 8,445,813 | |||||||||
| City of San Francisco Public Utilities Commission Water Revenue CA | 5.25% | 11/1/2052 | Aa2 | 7,000,000 | 7,429,001 | |||||||||
| County of Jefferson Sewer Revenue AL | Zero Coupon | 10/1/2039 | BBB | 350,000 | 368,004 | |||||||||
| County of Jefferson Sewer Revenue AL | 6.00% | 10/1/2042 | BBB | 5,000,000 | 5,197,647 | |||||||||
| County of Jefferson Sewer Revenue AL | 6.50% | 10/1/2053 | BBB | 7,700,000 | 8,087,722 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | Zero Coupon | 10/1/2026 | AA | 1,000,000 | 839,132 | |||||||||
| See Notes to Financial Statements. | 119 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| County of Jefferson Sewer Revenue AL (AGM) | Zero Coupon | 10/1/2027 | AA | $ | 4,875,000 | $ | 3,861,519 | |||||||
| County of Jefferson Sewer Revenue AL (AGM) | Zero Coupon | 10/1/2046 | AA | 6,000,000 | 6,302,115 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | 5.50% | 10/1/2053 | AA | 3,555,000 | 3,567,844 | |||||||||
| County of Trimble–Louisville Gas & Elec Co KY | 3.75% | 6/1/2033 | A1 | 12,500,000 | 11,696,739 | |||||||||
| Development Authority of Burke County–Georgia Power Company | 5.06% | #(b) | 9/1/2029 | BBB+ | 1,700,000 | 1,700,000 | ||||||||
| Great Lakes Water Authority Sewage Disposal System Revenue MI | 5.50% | 7/1/2052 | A+ | 12,000,000 | 12,450,746 | |||||||||
| Kentucky Municipal Power Agency (NATL) | 5.00% | 9/1/2035 | Baa1 | 5,000,000 | 5,001,777 | |||||||||
| Kentucky Municipal Power Agency (NATL) | 5.00% | 9/1/2036 | Baa1 | 5,000,000 | 4,930,978 | |||||||||
| Kentucky Public Energy Authority | 4.00% | #(b) | 8/1/2052 | A1 | 15,500,000 | 14,648,847 | ||||||||
| Lower Colorado River Authority TX | 5.00% | 5/15/2040 | A | 2,970,000 | 2,984,538 | |||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(b) | 3/1/2050 | A3 | 4,125,000 | 4,032,715 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(b) | 8/1/2052 | BBB- | 25,000,000 | 23,578,782 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(b) | 9/1/2052 | A3 | 14,205,000 | 13,417,911 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2035 | A2 | 2,000,000 | 1,987,008 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(b) | 12/1/2052 | A3 | 13,400,000 | 13,381,527 | ||||||||
| Maricopa County Pollution Control Corp.–El Paso Electric Company AZ | 3.60% | 2/1/2040 | Baa2 | 3,085,000 | 2,486,627 | |||||||||
| Maricopa County Pollution Control Corp.–El Paso Electric Company AZ | 3.60% | 4/1/2040 | Baa2 | 4,315,000 | 3,472,943 | |||||||||
| Michigan Finance Authority | 5.00% | 7/1/2034 | A+ | 1,980,000 | 2,003,694 | |||||||||
| Montgomery County Industrial Development Authority–Constellation Energy Gen PA | 4.10% | #(b) | 4/1/2053 | BBB | 8,000,000 | 7,980,486 | ||||||||
| Municipal Electric Authority of Georgia | 5.00% | 1/1/2033 | A2 | 1,910,000 | 1,915,990 | |||||||||
| Municipal Electric Authority of Georgia | 5.00% | 1/1/2048 | BBB+ | 5,000,000 | 4,794,345 | |||||||||
| Municipal Electric Authority of Georgia (AGM) | 5.00% | 7/1/2048 | AA | 1,100,000 | 1,111,864 | |||||||||
| Municipal Electric Authority of Georgia (AGM) | 5.00% | 7/1/2048 | AA | 1,750,000 | 1,768,874 | |||||||||
| Municipal Electric Authority of Georgia (AGM) | 5.00% | 7/1/2053 | AA | 2,300,000 | 2,313,956 | |||||||||
| Municipal Electric Authority of Georgia (AGM) | 5.00% | 7/1/2055 | AA | 2,350,000 | 2,362,524 | |||||||||
| New York City Municipal Water Finance Authority NY | 4.00% | 6/15/2051 | AA+ | 6,155,000 | 5,352,292 | |||||||||
| 120 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| New York City Municipal Water Finance Authority NY | 5.25% | 6/15/2047 | AA+ | $ | 4,500,000 | $ | 4,711,556 | |||||||
| New York Power Authority | 4.00% | 11/15/2050 | AA | 4,950,000 | 4,391,515 | |||||||||
| Omaha Public Power District NE | 4.00% | 2/1/2046 | AA | 8,500,000 | 7,674,231 | |||||||||
| Omaha Public Power District Nebraska City Station Unit 2 | 5.25% | 2/1/2042 | A+ | 4,000,000 | 4,019,386 | |||||||||
| Paducah Electric Plant Board KY (AGM) | 5.00% | 10/1/2035 | AA | 1,000,000 | 1,013,750 | |||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(b) | 10/1/2054 | A1 | 15,000,000 | 15,107,479 | ||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2029 | A | 2,000,000 | 2,016,340 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2030 | A | 1,500,000 | 1,510,162 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 5,000,000 | 4,170,444 | |||||||||
| Puerto Rico Electric Power Authority(c) | 4.407% (3 mo. USD LIBOR * .67 + .70% | )# | 7/1/2031 | NR | 4,000,000 | 1,010,000 | ||||||||
| Puerto Rico Electric Power Authority(c) | 5.00% | 7/1/2028 | NR | 270,000 | 68,175 | |||||||||
| Salt Verde Financial Corp. AZ | 5.25% | 12/1/2027 | A3 | 3,750,000 | 3,808,322 | |||||||||
| Southeast Alabama Gas Supply District | 4.00% | #(b) | 4/1/2049 | A3 | 2,500,000 | 2,489,988 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 4.00% | #(b) | 12/1/2051 | A1 | 11,955,000 | 11,126,761 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(b) | 1/1/2053 | A1 | 5,000,000 | 5,133,584 | ||||||||
| Southern California Public Power Authority | 5.244% (3 mo. USD LIBOR * .67 + 1.47% | )# | 11/1/2038 | A2 | 3,090,000 | 2,628,008 | ||||||||
| Tennergy Corp. TN | 5.50% | #(b) | 10/1/2053 | Baa1 | 6,000,000 | 6,097,418 | ||||||||
| Tennessee Energy Acquisition Corp. | 5.625% | 9/1/2026 | BBB | (f) | 10,550,000 | 10,606,151 | ||||||||
| Texas Water Development Board | 4.00% | 10/15/2037 | AAA | 7,760,000 | 7,460,951 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2049 | A- | (f) | 1,310,000 | 1,237,555 | ||||||||
| Washington Suburban Sanitary Commission MD | 4.00% | 6/1/2047 | AAA | 10,000,000 | 9,065,348 | |||||||||
| Total | 430,821,146 | |||||||||||||
| Total Municipal Bonds (cost $3,928,133,629) | 3,686,342,949 | |||||||||||||
| See Notes to Financial Statements. | 121 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2023
| Investments | Interest Rate# | Interest Rate Reset Date(h) | Final Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| SHORT-TERM INVESTMENTS 1.04% | ||||||||||||||||
| VARIABLE RATE DEMAND NOTES 1.04% | ||||||||||||||||
| Corporate-Backed 0.03% | ||||||||||||||||
| Columbia Industrial Development Board - Alabama Power Company | 4.750% | 10/2/2023 | 12/1/2037 | A1 | $ | 1,000,000 | $ | 1,000,000 | ||||||||
| General Obligation 0.87% | ||||||||||||||||
| City of New York NY GO | 4.170% | 10/2/2023 | 4/1/2042 | AA | 9,000,000 | 9,000,000 | ||||||||||
| City of New York NY GO | 4.170% | 10/2/2023 | 4/1/2042 | AA | 9,700,000 | 9,700,000 | ||||||||||
| City of New York NY GO | 4.750% | 10/2/2023 | 3/1/2040 | AA | 3,675,000 | 3,675,000 | ||||||||||
| City of New York NY GO | 4.800% | 10/2/2023 | 6/1/2044 | AA | 9,505,000 | 9,505,000 | ||||||||||
| Total | 31,880,000 | |||||||||||||||
| Tax Revenue 0.06% | ||||||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue | 4.800% | 10/2/2023 | 5/1/2034 | AAA | 2,200,000 | 2,200,000 | ||||||||||
| Utilities 0.08% | ||||||||||||||||
| Development Authority of Appling County - Georgia Power Company | 5.060% | 10/2/2023 | 9/1/2041 | BBB+ | 3,000,000 | 3,000,000 | ||||||||||
| Total Short-Term Investments (cost $38,080,000) | 38,080,000 | |||||||||||||||
| Total Investments in Securities 101.40% (cost $3,966,213,629) | 3,724,422,949 | |||||||||||||||
| Other Assets and Liabilities – Net(i) (1.40)% | (51,365,780 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 3,673,057,169 | ||||||||||||||
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by–Build America Mutual. | |
| COPS | Certificates of Participation. | |
| FHLMC | Insured by–Federal Home Loan Mortgage Corporation. | |
| GTD | Guaranteed. | |
| LIBOR | London Interbank Offered Rate. | |
| NATL | National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| PSF | Permanent School Fund. | |
| SIFMA | Insured by–Securities Industry and Financial Markets Association. | |
| TCRS | Transferable Custodial Receipts. | |
| TRIPS | Tax Refund Intercept Programs. |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2023, the total value of Rule 144A securities was $149,677,974, which represents 4.08% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2023. | |
| ~ | Deferred interest debentures pay no interest for a stipulated number of years, after which they pay a predetermined interest rate. |
| 122 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
NATIONAL TAX FREE FUND September 30, 2023
| (a) | Unaudited. | |
| (b) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (c) | Defaulted (non-income producing security). | |
| (d) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. | |
| (e) | Municipal Bonds Held in Trust–Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(h) to Financial Statements for details of Municipal Bonds Held in Trust. | |
| (f) | This investment has been rated by Fitch IBCA. | |
| (g) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (h) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. | |
| (i) | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows: |
Futures Contracts at September 30, 2023:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation | ||||||||||||
| U.S. Long Bond | December 2023 | 402 | Short | $(47,706,433 | ) | $(45,740,063 | ) | $1,966,370 | ||||||||||
The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds(3) | ||||||||||||||||
| Corporate-Backed | $ | – | $ | 332,606,957 | $ | 3,724,000 | $ | 336,330,957 | ||||||||
| General Obligation | – | 621,664,206 | 4,118,927 | 625,783,133 | ||||||||||||
| Health Care | – | 445,720,022 | 5,848,550 | 451,568,572 | ||||||||||||
| Special Tax | – | 75,261,927 | 207,214 | 75,469,141 | ||||||||||||
| Transportation | – | 840,598,591 | 2,808,944 | 843,407,535 | ||||||||||||
| Remaining Industries | – | 1,353,783,611 | – | 1,353,783,611 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 38,080,000 | – | 38,080,000 | ||||||||||||
| Total | $ | – | $ | 3,707,715,314 | $ | 16,707,635 | $ | 3,724,422,949 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 1,966,370 | $ | – | $ | – | $ | 1,966,370 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 1,966,370 | $ | – | $ | – | $ | 1,966,370 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. | |
| (3) | Includes Municipal Bonds held in the Trust (See Note 2(h)). |
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the year.
| See Notes to Financial Statements. | 123 |
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 99.90% | ||||||||||||||
| CORPORATE BONDS 0.09% | ||||||||||||||
| Health Care Services 0.09% | ||||||||||||||
| Care New England Health System (cost $2,750,217) |
5.50% | 9/1/2026 | $ | 3,000,000 | $ | 2,715,000 | ||||||||
| MUNICIPAL BONDS 99.81% | ||||||||||||||
| Corporate-Backed 20.74% | ||||||||||||||
| Allegheny County Industrial Development Authority–US Steel Corporation PA | 4.875% | 11/1/2024 | BB- | 1,000,000 | 998,250 | |||||||||
| Allegheny County Industrial Development Authority–US Steel Corporation PA | 5.125% | 5/1/2030 | BB- | 3,990,000 | 3,999,765 | |||||||||
| Arkansas Development Finance Authority–Big River Steel LLC AMT† | 4.50% | 9/1/2049 | Ba2 | 35,135,000 | 31,886,565 | |||||||||
| Arkansas Development Finance Authority–Hybar LLC† | 12.00% | 7/1/2048 | NR | 15,000,000 | 15,396,010 | |||||||||
| Arkansas Development Finance Authority–Hybar LLC AMT† | 6.875% | 7/1/2048 | NR | 9,250,000 | 9,264,908 | |||||||||
| Arkansas Development Finance Authority–US Steel Corporation AMT | 5.45% | 9/1/2052 | BB- | 18,000,000 | 16,810,936 | |||||||||
| Arkansas Development Finance Authority AMT | 5.70% | 5/1/2053 | BB- | 17,250,000 | 16,559,653 | |||||||||
| Avenir Community Development District FL | 5.375% | 5/1/2043 | NR | 4,000,000 | 3,780,045 | |||||||||
| Avenir Community Development District FL | 5.625% | 5/1/2054 | NR | 4,750,000 | 4,446,221 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 10/1/2052 | A2 | 17,240,000 | 16,761,838 | ||||||||
| Boggy Creek Improvement District FL | 5.125% | 5/1/2043 | NR | 1,775,000 | 1,668,610 | |||||||||
| Boggy Creek Improvement District FL | 5.375% | 5/1/2053 | NR | 4,300,000 | 3,994,849 | |||||||||
| Build NYC Resource Corp.–Pratt Paper Inc NY AMT† | 5.00% | 1/1/2035 | NR | 1,450,000 | 1,460,676 | |||||||||
| Calhoun County Navigation Industrial Development Authority–Max Midstream Texas LLC AMT† | 3.625% | 7/1/2026 | NR | 12,800,000 | 11,653,852 | |||||||||
| California Pollution Control Financing Authority–Poseidon Resources AMT† | 5.00% | 11/21/2045 | Baa3 | 3,025,000 | 2,888,416 | |||||||||
| Chandler Industrial Development Authority–Intel Corporation AZ AMT | 4.10% | #(b) | 12/1/2037 | A2 | 3,500,000 | 3,426,527 | ||||||||
| City of Henderson–Pratt Paper LLC KY AMT† | 4.70% | 1/1/2052 | NR | 15,475,000 | 14,142,841 | |||||||||
| City of Houston Airport System Revenue–United Airlines Inc TX AMT | 4.00% | 7/15/2041 | B- | (c) | 4,475,000 | 3,722,326 | ||||||||
| 124 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date |
Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| City of Houston Airport System Revenue–United Airlines Inc TX AMT | 5.00% | 7/1/2029 | BB- | $ | 18,325,000 | $ | 18,054,285 | |||||||
| City of Valparaiso–Pratt Paper LLC IN AMT | 5.875% | 1/1/2024 | NR | 105,000 | 105,583 | |||||||||
| City of Valparaiso–Pratt Paper LLC IN AMT | 7.00% | 1/1/2044 | NR | 4,000,000 | 4,026,372 | |||||||||
| Downtown Doral South Community Development District FL† | 4.75% | 12/15/2038 | NR | 625,000 | 572,637 | |||||||||
| Downtown Doral South Community Development District FL† | 5.00% | 12/15/2048 | NR | 1,500,000 | 1,338,590 | |||||||||
| Florida Development Finance Corp.–Waste pro USA Inc AMT† | 6.125% | #(b) | 7/1/2032 | NR | 9,000,000 | 8,957,568 | ||||||||
| Florida Development Finance Corp.–Waste Pro USA Inc AMT† | 5.00% | 5/1/2029 | NR | 4,500,000 | 4,202,107 | |||||||||
| Greater Orlando Aviation Authority–Jetblue Airways Corp FL | 5.00% | 11/15/2036 | NR | 5,070,000 | 4,853,275 | |||||||||
| Hoover Industrial Development Board–US Steel Corporation AL AMT | 5.75% | 10/1/2049 | BB- | 17,200,000 | 16,881,501 | |||||||||
| Indiana Finance Authority–US Steel Corporation | 4.125% | 12/1/2026 | BB- | 6,500,000 | 6,355,627 | |||||||||
| Indiana Finance Authority–US Steel Corporation AMT | 6.75% | 5/1/2039 | BB- | 3,500,000 | 3,772,564 | |||||||||
| Iowa Finance Authority–Howmet Aerospace Inc | 4.75% | 8/1/2042 | BB+ | 14,505,000 | 13,333,887 | |||||||||
| Iowa Finance Authority–Iowa Fertilizer Co LLC | 4.00% | #(b) | 12/1/2050 | BBB- | 10,590,000 | 9,892,697 | ||||||||
| Iowa Finance Authority–Iowa Fertilizer Co LLC | 5.00% | #(b) | 12/1/2050 | BBB- | 8,750,000 | 8,487,077 | ||||||||
| Iowa Finance Authority–Iowa Fertilizer Co LLC | 5.00% | 12/1/2050 | BBB- | 23,370,000 | 22,364,992 | |||||||||
| Jefferson County Port Authority–Jsw Steel USA Ohio Inc AMT† | 3.50% | 12/1/2051 | Ba1 | 10,000,000 | 6,531,747 | |||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority–Entergy Louisiana LLC | 2.50% | 4/1/2036 | A | 7,110,000 | 5,389,821 | |||||||||
| Maricopa County Pollution Control Corp.–Southern CA Edison Co AZ | 2.40% | 6/1/2035 | A2 | 4,470,000 | 3,308,374 | |||||||||
| Maricopa County Pollution Control Corp.–Southern CA Edison Co AZ | 2.40% | 6/1/2035 | A2 | 7,500,000 | 5,550,964 | |||||||||
| See Notes to Financial Statements. | 125 |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Maryland Economic Development Corp.(d) | 5.00% | 12/1/2016 | NR | $ | 3,430,000 | $ | 2,058,000 | |||||||
| Miami-Dade County Industrial Development Authority Cfc MB I LLC FL† | 6.25% | 1/1/2059 | NR | 8,000,000 | 7,348,667 | |||||||||
| Mission Economic Development Corp.–Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 5,000,000 | 4,794,932 | |||||||||
| Mississippi Business Finance Corp.–Enviva Inc AMT | 7.75% | #(b) | 7/15/2047 | B- | 8,005,000 | 5,950,836 | ||||||||
| New Hampshire Business Finance Authority–Covanta Holding Corp AMT† | 3.75% | #(b) | 7/1/2045 | B | 6,595,000 | 4,880,901 | ||||||||
| New Hampshire Business Finance Authority–Covanta Holding Corp AMT† | 4.00% | 11/1/2027 | B | 1,250,000 | 1,188,861 | |||||||||
| New Hampshire Business Finance Authority–Covanta Holding Corp AMT† | 4.875% | 11/1/2042 | B | 17,000,000 | 14,499,497 | |||||||||
| New Jersey Economic Development Authority–United Airlines Inc | 5.25% | 9/15/2029 | BB- | 17,210,000 | 17,166,046 | |||||||||
| New Jersey Economic Development Authority–United Airlines Inc | 5.50% | 6/1/2033 | BB- | 6,760,000 | 6,793,916 | |||||||||
| New York City Industrial Development Agency–TRIPS Oblig Group NY | 5.00% | 7/1/2028 | BBB+ | 5,290,000 | 5,228,538 | |||||||||
| New York Liberty Development Corp.–3 World Trade Center LLC† | 5.00% | 11/15/2044 | NR | 16,500,000 | 15,301,112 | |||||||||
| New York Liberty Development Corp.–3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 7,100,000 | 6,923,706 | |||||||||
| New York Liberty Development Corp.–7 World Trade Center II | 3.00% | 9/15/2043 | Aaa | 3,500,000 | 2,522,557 | |||||||||
| New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT† | 3.125% | #(b) | 12/1/2044 | B+ | 2,000,000 | 1,902,772 | ||||||||
| New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT† | 5.125% | #(b) | 9/1/2050 | B1 | 1,000,000 | 987,087 | ||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 3.00% | 8/1/2031 | BB- | (c) | 1,000,000 | 865,281 | ||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 5.00% | 8/1/2026 | B+ | 1,950,000 | 1,938,682 | |||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 5.00% | 8/1/2031 | B+ | 21,480,000 | 21,029,543 | |||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 6,135,000 | 6,210,430 | |||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 9,165,000 | 8,978,953 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2024 | Baa3 | 6,300,000 | 6,304,138 | |||||||||
| 126 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2026 | Baa3 | $ | 3,000,000 | $ | 3,020,228 | |||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 10/1/2035 | Baa3 | 5,000,000 | 5,025,909 | |||||||||
| Niagara Area Development Corp.–Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B | 10,000,000 | 8,390,412 | |||||||||
| Ohio Air Quality Development Authority–AMG Vanadium LLC AMT† | 5.00% | 7/1/2049 | B- | 33,290,000 | 28,068,883 | |||||||||
| Parish of Beauregard–Officemax Inc LA | 6.80% | 2/1/2027 | B1 | 5,000,000 | 5,008,262 | |||||||||
| Parish of St. James–Nustar Logistics LP LA† | 5.85% | #(b) | 8/1/2041 | BB- | 1,000,000 | 1,016,019 | ||||||||
| Parish of St. James–Nustar Logistics LP LA† | 6.10% | #(b) | 6/1/2038 | BB- | 6,375,000 | 6,738,068 | ||||||||
| Parish of St. James–Nustar Logistics LP LA† | 6.10% | #(b) | 12/1/2040 | BB- | 2,750,000 | 2,906,618 | ||||||||
| Parish of St. James–Nustar Logistics LP LA† | 6.35% | 7/1/2040 | BB- | 5,000,000 | 5,325,591 | |||||||||
| Parish of St. James–Nustar Logistics LP LA† | 6.35% | 10/1/2040 | BB- | 7,690,000 | 8,190,759 | |||||||||
| Parish of St. John the Baptist–Marathon Oil Corporation LA | 4.05% | #(b) | 6/1/2037 | BBB- | 7,750,000 | 7,615,383 | ||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2045 | NR | 1,395,000 | 1,157,998 | |||||||||
| Pennsylvania Economic Development Financing Authority–Consol Energy Inc AMT† | 9.00% | #(b) | 4/1/2051 | BB | 4,250,000 | 4,645,415 | ||||||||
| Pennsylvania Economic Development Financing Authority–Covanta Holding Corp AMT† | 3.25% | 8/1/2039 | B | 6,980,000 | 4,894,098 | |||||||||
| Pennsylvania Economic Development Financing Authority–New Ngc Inc AMT | 5.50% | 11/1/2044 | NR | 1,000,000 | 981,605 | |||||||||
| Polk County Industrial Development Authority–Mineral Development LLC FL† | 5.875% | 1/1/2033 | NR | 7,375,000 | 7,222,626 | |||||||||
| Port Beaumont Navigation District–Jefferson 2020 Bond Oblig TX† | 6.00% | 1/1/2025 | NR | 3,270,000 | 3,077,033 | |||||||||
| Port Beaumont Navigation District–Jefferson 2020 Bond Oblig TX AMT† | 3.00% | 1/1/2050 | NR | 7,250,000 | 3,990,887 | |||||||||
| Port Beaumont Navigation District–Jefferson 2020 Bond Oblig TX AMT† | 4.00% | 1/1/2050 | NR | 11,590,000 | 7,810,824 | |||||||||
| Public Finance Authority–Ameream LLC WI† | 6.75% | 12/1/2042 | NR | 1,000,000 | 893,406 | |||||||||
| Public Finance Authority–Celanese US Holdings LLC WI AMT | 4.30% | 11/1/2030 | BBB- | 4,000,000 | 3,864,737 | |||||||||
| Public Finance Authority–Celanese US Holdings LLC WI AMT | 5.00% | 1/1/2024 | BBB- | 6,750,000 | 6,756,064 | |||||||||
| Public Finance Authority–Celanese US Holdings LLC WI AMT | 5.00% | 12/1/2025 | BBB- | 1,950,000 | 1,964,954 | (e) | ||||||||
| See Notes to Financial Statements. | 127 |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Public Finance Authority–Sky Harbour Cap Oblig WI AMT | 4.25% | 7/1/2054 | NR | $ | 20,000,000 | $ | 12,916,008 | |||||||
| Public Finance Authority–TRIPS Oblig Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 11,000,000 | 10,198,662 | |||||||||
| Sumter County Industrial Development Authority–Enviva Inc AL AMT | 6.00% | #(b) | 7/15/2052 | B- | 30,000,000 | 21,110,670 | ||||||||
| Town of Rumford–Officemax Inc ME | 6.875% | 10/1/2026 | B1 | 1,500,000 | 1,502,519 | |||||||||
| Tulsa Airports Improvement Trust–American Airlines Inc OK AMT | 5.00% | #(b) | 6/1/2035 | B+ | 5,000,000 | 4,991,002 | ||||||||
| Tuscaloosa County Industrial Development Authority–Hunt Refining Company AL† | 4.50% | 5/1/2032 | NR | 4,467,750 | 4,085,043 | |||||||||
| Tuscaloosa County Industrial Development Authority–Hunt Refining Company AL† | 5.25% | 5/1/2044 | NR | 20,785,000 | 18,113,500 | |||||||||
| Vermont Economic Development Authority–Casella Waste Systems Inc AMT† | 5.00% | #(b) | 6/1/2052 | B+ | 9,000,000 | 8,954,848 | ||||||||
| Village Community Development District No. 15 FL† | 5.25% | 5/1/2054 | NR | 4,000,000 | 3,818,482 | |||||||||
| Virginia Small Business Financing Authority–Covanta Holding Corp AMT† | 5.00% | #(b) | 1/1/2048 | B | 3,150,000 | 2,807,427 | ||||||||
| West Pace Cooperative District AL(d) | 9.125% | 5/1/2039 | NR | 13,770,000 | 10,465,200 | (e) | ||||||||
| West Virginia Economic Development Authority–Kentucky Power Co AMT | 4.70% | #(b) | 4/1/2036 | Baa3 | 4,000,000 | 3,964,722 | ||||||||
| Total | 681,210,273 | |||||||||||||
| Education 7.39% | ||||||||||||||
| Arizona Industrial Development Authority–Academies Math & Sci Oblig† | 5.625% | 7/1/2048 | BB+ | 2,235,000 | 2,171,753 | |||||||||
| Arizona Industrial Development Authority–Academies Math & Sci Oblig† | 5.75% | 7/1/2053 | BB+ | 3,000,000 | 2,928,729 | |||||||||
| Arizona Industrial Development Authority–Basis Schools Inc Oblig† | 5.00% | 7/1/2047 | BB | 1,325,000 | 1,162,852 | |||||||||
| Arizona Industrial Development Authority–Basis Schools Inc Oblig† | 5.00% | 7/1/2051 | BB | 3,080,000 | 2,651,135 | |||||||||
| Arizona Industrial Development Authority–Odyssey Preparatory Acdmy† | 5.00% | 7/1/2049 | BB- | 2,000,000 | 1,690,832 | |||||||||
| Arizona Industrial Development Authority–Odyssey Preparatory Acdmy† | 5.00% | 7/1/2054 | BB- | 5,000,000 | 4,144,393 | |||||||||
| Build NYC Resource Corp.–E Harlem Scholars Oblig Gp NY† | 5.75% | 6/1/2052 | BB+ | 1,250,000 | 1,230,904 | |||||||||
| Build NYC Resource Corp.–E Harlem Scholars Oblig Gp NY† | 5.75% | 6/1/2062 | BB+ | 3,750,000 | 3,631,166 | |||||||||
| 128 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| California Municipal Finance Authority–Sdori Charter Sch Pptys† | 5.625% | 3/1/2045 | B+ | $ | 11,500,000 | $ | 10,187,382 | |||||||
| Camden County Improvement Authority–Kipp Cooper Norcross Oblig NJ | 6.00% | 6/15/2062 | BBB | 2,535,000 | 2,620,458 | |||||||||
| Capital Trust Agency, Inc.–Advantage Admy Oblig Grp FL | 5.00% | 12/15/2049 | Baa3 | 1,360,000 | 1,178,445 | |||||||||
| Capital Trust Agency, Inc.–Advantage Admy Oblig Grp FL | 5.00% | 12/15/2054 | Baa3 | 705,000 | 600,202 | |||||||||
| Capital Trust Agency, Inc.–Renaissance Chtr Sch 2019 FL† | 5.00% | 6/15/2039 | NR | 1,950,000 | 1,751,462 | |||||||||
| Capital Trust Agency, Inc.–Renaissance Chtr Sch 2019 FL† | 5.00% | 6/15/2049 | NR | 9,815,000 | 8,135,188 | |||||||||
| Capital Trust Agency, Inc.–Sestrn Univ Oblig Group FL† | 6.375% | 5/1/2053 | NR | 6,150,000 | 5,762,864 | |||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2048 | A | (c) | 7,250,000 | 7,601,106 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL TCRS (BAM) | 5.00% | 4/1/2045 | AA | 2,500,000 | 2,504,355 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB+ | 26,695,000 | 20,795,525 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2036 | BB+ | 4,000,000 | 3,903,123 | |||||||||
| City of Jacksonville–Jacksonville University FL† | 5.00% | 6/1/2053 | NR | 6,500,000 | 5,356,263 | |||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX | 5.75% | 8/15/2045 | NR | 6,500,000 | 6,085,460 | |||||||||
| Columbus-Franklin County Finance Authority–Ohio Dominican University | 6.50% | 3/1/2048 | NR | 5,010,000 | 3,448,094 | |||||||||
| Columbus-Franklin County Finance Authority–Ohio Dominican University | 6.50% | 3/1/2053 | NR | 3,500,000 | 2,353,453 | |||||||||
| County of Frederick–Mount St Mary’s Univ MD† | 5.00% | 9/1/2037 | BB+ | 1,500,000 | 1,387,772 | |||||||||
| County of Frederick–Mount St Mary’s Univ MD† | 5.00% | 9/1/2045 | BB+ | 10,145,000 | 8,761,456 | |||||||||
| County of Tuscarawas–Ashland University OH | 6.00% | 3/1/2045 | NR | 5,000,000 | 4,690,888 | |||||||||
| Development Authority of The City of Marietta–Life University Inc GA† | 5.00% | 11/1/2047 | Ba3 | 8,000,000 | 6,482,746 | |||||||||
| Development Authority of The City of Marietta–Life University Inc GA† | 5.00% | 11/1/2037 | Ba3 | 13,000,000 | 11,403,898 | |||||||||
| Florida Development Finance Corp.–Renaissance Chtr 2020 C/D† | 5.00% | 9/15/2040 | NR | 1,505,000 | 1,281,954 | |||||||||
| Florida Higher Educational Facilities Financial Authority–Jacksonville University† | 5.00% | 6/1/2048 | NR | 9,000,000 | 7,603,769 | |||||||||
| See Notes to Financial Statements. | 129 |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Illinois Finance Authority–Depaul College Prep† | 5.50% | 8/1/2043 | BB+ | $ | 1,360,000 | $ | 1,326,244 | |||||||
| Illinois Finance Authority–Depaul College Prep† | 5.625% | 8/1/2053 | BB+ | 4,500,000 | 4,302,492 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona–Basis Schools Inc Oblig† | 5.00% | 7/1/2045 | BB | 7,200,000 | 6,395,097 | |||||||||
| Iowa Higher Education Loan Authority–Des Moines Univ Osteopath | 5.375% | 10/1/2052 | BBB+ | 2,000,000 | 1,950,699 | |||||||||
| Maricopa County Industrial Development Authority–Ottawa University AZ† | 5.25% | 10/1/2040 | NR | 3,000,000 | 2,792,513 | |||||||||
| Maricopa County Industrial Development Authority–Ottawa University AZ† | 5.50% | 10/1/2051 | NR | 7,915,000 | 7,301,102 | |||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd–Lipscomb University Oblig TN | 5.25% | 10/1/2058 | BBB- | 10,000,000 | 8,979,373 | |||||||||
| Middlesex County Improvement Authority NJ(f) | 5.00% | 8/15/2053 | Aa3 | 15,000,000 | 15,486,995 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2043 | A2 | 3,145,000 | 3,161,390 | |||||||||
| New York State Dormitory Authority–St John’s University | 4.00% | 7/1/2048 | A- | 2,360,000 | 1,951,048 | |||||||||
| New York State Dormitory Authority–Yeshiva University | 5.00% | 7/15/2042 | BBB- | 3,725,000 | 3,519,306 | |||||||||
| New York State Dormitory Authority–Yeshiva University | 5.00% | 7/15/2050 | BBB- | 8,000,000 | 7,263,650 | |||||||||
| Public Finance Authority–Minnesota Medical Univ WI†(d) | 5.50% | 12/1/2048 | NR | 82,164 | 25,471 | (e) | ||||||||
| Public Finance Authority–Uma Education Inc† | 5.00% | 10/1/2039 | BB | 6,500,000 | 5,956,349 | |||||||||
| Public Finance Authority–Uma Education Inc WI† | 5.00% | 10/1/2034 | BB | 2,610,000 | 2,543,257 | |||||||||
| Public Finance Authority–Wingate University WI | 5.25% | 10/1/2043 | BBB- | 2,000,000 | 1,800,809 | |||||||||
| Sierra Vista Industrial Development Authority–American Leadership Acdmy AZ† | 5.75% | 6/15/2058 | NR | 19,000,000 | 17,810,300 | |||||||||
| State of Nevada Department of Business & Industry–Somerset Acad Nlv Bldg 1† | 5.00% | 12/15/2048 | BB | 1,500,000 | 1,275,239 | |||||||||
| University of Illinois (AGM) | 4.00% | 4/1/2037 | AA | 5,745,000 | 5,266,428 | |||||||||
| Total | 242,615,389 | |||||||||||||
| Energy 0.09% | ||||||||||||||
| PEFA, Inc. IA | 5.00% | #(b) | 9/1/2049 | A3 | 3,000,000 | 2,993,585 | ||||||||
| 130 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Financial Services 0.63% | ||||||||||||||
| Berks County Industrial Development Authority–Tower Health Oblig Group PA | 5.00% | 11/1/2047 | B | $ | 12,925,000 | $ | 7,370,543 | |||||||
| Berks County Industrial Development Authority–Tower Health Oblig Group PA | 5.00% | 11/1/2050 | B | 23,325,000 | 13,291,332 | |||||||||
| Total | 20,661,875 | |||||||||||||
| General Obligation 12.99% | ||||||||||||||
| Academical Village Community Development District FL | 3.625% | 5/1/2040 | NR | 2,320,000 | 1,784,098 | |||||||||
| Academical Village Community Development District FL | 4.00% | 5/1/2051 | NR | 4,500,000 | 3,265,435 | |||||||||
| American Samoa Economic Development Authority† | 5.00% | 9/1/2038 | Ba3 | 5,500,000 | 5,006,934 | |||||||||
| American Samoa Economic Development Authority | 6.625% | 9/1/2035 | Ba3 | 2,275,000 | 2,339,997 | |||||||||
| American Samoa Economic Development Authority† | 7.125% | 9/1/2038 | Ba3 | 7,020,000 | 7,435,891 | |||||||||
| Arlington Higher Education Finance Corp.–Brooks Collegiate Acad TX | 5.00% | 6/15/2041 | NR | 3,000,000 | 2,598,698 | |||||||||
| Arlington Higher Education Finance Corp.–Brooks Collegiate Acad TX | 5.00% | 6/15/2051 | NR | 4,230,000 | 3,401,074 | |||||||||
| Black Belt Energy Gas District AL | 5.25% | #(b) | 2/1/2053 | A1 | 7,500,000 | 7,614,377 | ||||||||
| California Community Choice Financing Authority | 5.25% | #(b) | 1/1/2054 | Baa1 | 16,500,000 | 16,471,717 | ||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2041 | BB+ | 5,000,000 | 4,118,927 | (e) | ||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB+ | 5,000,000 | 5,058,363 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2030 | BB+ | 5,170,000 | 5,220,091 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2031 | BB+ | 2,500,000 | 2,519,389 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB+ | 2,000,000 | 2,011,609 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB+ | 1,500,000 | 1,507,303 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 9,515,000 | 9,553,371 | |||||||||
| Chicago Board of Education IL GO | 5.25% | 12/1/2035 | BB+ | 9,015,000 | 8,746,096 | |||||||||
| Chicago Board of Education IL GO | 5.25% | 12/1/2039 | BB+ | 13,410,000 | 12,749,933 | |||||||||
| Chicago Board of Education IL GO | 6.50% | 12/1/2046 | BB+ | 5,000,000 | 5,129,069 | |||||||||
| Chicago Board of Education IL GO† | 6.75% | 12/1/2030 | BB+ | 2,000,000 | 2,157,037 | |||||||||
| Chicago Board of Education IL GO | 7.00% | 12/1/2044 | BB+ | 2,180,000 | 2,244,383 | |||||||||
| Chicago Board of Education IL GO† | 7.00% | 12/1/2046 | BB+ | 6,560,000 | 6,893,301 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2030 | BBB+ | 3,435,000 | 3,475,705 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2033 | BBB+ | 3,305,000 | 3,334,290 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2037 | BBB+ | 1,000,000 | 1,005,032 | |||||||||
| See Notes to Financial Statements. | 131 |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| City of Chicago IL GO | 5.50% | 1/1/2039 | BBB+ | $ | 2,125,000 | $ | 2,185,091 | |||||||
| City of Chicago IL GO | 5.50% | 1/1/2049 | BBB+ | 9,090,000 | 9,118,369 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2038 | BBB+ | 18,085,000 | 18,785,211 | |||||||||
| City of Coralville IA GO | 4.50% | 6/1/2032 | BB+ | 4,000,000 | 3,921,043 | |||||||||
| City of New Haven CT GO | 5.50% | 8/1/2033 | BBB+ | 1,000,000 | 1,049,386 | |||||||||
| City of New Haven CT GO | 5.50% | 8/1/2035 | BBB+ | 660,000 | 690,532 | |||||||||
| City of New Haven CT GO | 5.50% | 8/1/2037 | BBB+ | 1,280,000 | 1,325,689 | |||||||||
| City of Scranton PA GO† | 5.00% | 9/1/2028 | BBB- | 2,085,000 | 2,015,467 | |||||||||
| City of Scranton PA GO† | 5.00% | 9/1/2029 | BBB- | 1,000,000 | 960,723 | |||||||||
| City of Scranton PA GO | 5.00% | 11/15/2032 | BBB- | 10,920,000 | 10,328,864 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(b) | 11/1/2043 | NR | 19,500,000 | 10,140,000 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 5,086,075 | 4,282,369 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2041 | NR | 12,450,000 | 10,045,712 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 36,982,156 | 28,628,915 | |||||||||
| County of Pasco FL (AGM) | 5.75% | 9/1/2054 | AA | 2,000,000 | 2,128,946 | |||||||||
| Grant County Public Hospital District No. 1 WA GO | 5.125% | 12/1/2052 | Baa2 | 4,750,000 | 4,416,359 | |||||||||
| Idaho Falls Auditorium District COPS† | 5.25% | 5/15/2051 | NR | 11,500,000 | 10,321,695 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(b) | 6/1/2053 | A3 | 9,000,000 | 8,930,810 | ||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2048 | A1 | 2,000,000 | 2,068,274 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2048 | A1 | 3,975,000 | 4,100,957 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2053 | A1 | 4,000,000 | 4,122,288 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2053 | A1 | 3,000,000 | 3,084,399 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2041 | A2 | 1,500,000 | 1,584,132 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2042 | A2 | 1,000,000 | 1,050,454 | |||||||||
| New York State Urban Development Corp. | 3.00% | 3/15/2049 | Aa1 | 10,000,000 | 6,929,026 | |||||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.25% | 6/30/2053 | Baa2 | 15,000,000 | 14,645,743 | |||||||||
| Pennsylvania Economic Development Financing Authority AMT | 6.00% | 6/30/2061 | Baa2 | 23,480,000 | 24,806,808 | |||||||||
| Public Finance Authority–Ameream LLC WI† | 7.00% | 12/1/2050 | NR | 22,050,000 | 19,685,874 | |||||||||
| 132 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Puerto Rico Public Finance Corp. | Zero Coupon | 8/1/2031 | NR | $ | 12,250,000 | $ | 321,563 | (e) | ||||||
| State of Illinois GO | 3.50% | 6/1/2029 | A- | 4,520,000 | 4,255,631 | |||||||||
| State of Illinois GO | 4.00% | 6/1/2037 | A- | 7,040,000 | 6,455,529 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2030 | A- | 7,045,000 | 7,510,320 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2039 | A- | 8,280,000 | 8,643,134 | |||||||||
| State of Illinois GO | 5.50% | 10/1/2039 | A- | 4,000,000 | 4,218,842 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2042 | A- | 5,250,000 | 5,481,382 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2047 | A- | 15,270,000 | 15,836,279 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2047 | A- | 6,000,000 | 6,228,699 | |||||||||
| State of Illinois GO | 5.75% | 5/1/2045 | A- | 1,000,000 | 1,043,091 | |||||||||
| Tennessee Energy Acquisition Corp. | 5.00% | #(b) | 5/1/2053 | A2 | 17,600,000 | 17,566,196 | ||||||||
| University City Industrial Development Authority MO | 4.875% | 6/15/2036 | NR | 1,200,000 | 1,147,855 | |||||||||
| University City Industrial Development Authority MO | 5.50% | 6/15/2042 | NR | 6,000,000 | 5,677,824 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2043 | Baa3 | 6,245,000 | 5,326,303 | |||||||||
| Total | 426,707,904 | |||||||||||||
| Health Care 14.80% | ||||||||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2041 | BBB | 4,000,000 | 3,640,863 | (e) | ||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2046 | BBB | 3,300,000 | 2,867,029 | (e) | ||||||||
| Antelope Valley Healthcare District CA | 5.25% | 3/1/2036 | BBB | 1,000,000 | 993,832 | |||||||||
| Atlanta Development Authority The–Georgia Protoncare Ctr In(d) | 6.00% | 1/1/2023 | NR | 2,000,000 | 900,000 | (e) | ||||||||
| Atlanta Development Authority The–Georgia Protoncare Ctr In(d) | 6.75% | 1/1/2035 | NR | 1,500,000 | 675,000 | (e) | ||||||||
| Atlanta Development Authority The–Georgia Protoncare Ctr In(d) | 7.00% | 1/1/2040 | NR | 8,000,000 | 3,600,000 | (e) | ||||||||
| Berks County Industrial Development Authority–Tower Health Oblig Group PA | 4.00% | 11/1/2047 | B | 15,315,000 | 8,704,930 | |||||||||
| Berks County Industrial Development Authority–Tower Health Oblig Group PA | 4.00% | 11/1/2050 | B | 6,000,000 | 3,406,313 | |||||||||
| Berks County Industrial Development Authority–Tower Health Oblig Group PA | 5.00% | 11/1/2026 | B | 3,235,000 | 2,197,476 | |||||||||
| Berks County Municipal Authority–Tower Health Oblig Group PA | 5.00% | #(b) | 2/1/2040 | B | 1,505,000 | 895,807 | ||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2040 | BB | 4,880,000 | 4,223,429 | |||||||||
| See Notes to Financial Statements. | 133 |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2045 | BB | $ | 910,000 | $ | 755,783 | |||||||
| Bucks County Industrial Development Authority–Grand View Hosp Oblig Grp PA | 4.00% | 7/1/2046 | BB | 22,745,000 | 15,997,962 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp.–Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2040 | B- | 11,020,000 | 8,690,737 | |||||||||
| California Municipal Finance Authority–Cmnty Hosps Ctrl Grp | 3.00% | 2/1/2046 | A3 | 5,000,000 | 3,189,108 | |||||||||
| California Public Finance Authority–Kendal At Ventura† | 10.00% | 5/15/2028 | NR | 6,500,000 | 6,336,050 | (e) | ||||||||
| California Public Finance Authority–Kendal At Ventura† | 12.00% | 5/15/2028 | NR | 1,000,000 | 979,172 | (e) | ||||||||
| California Statewide Communities Development Authority–Eskaton Pptys Inc Oblig Gp | 5.25% | 11/15/2034 | BBB- | 1,640,000 | 1,588,912 | |||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig† | 5.00% | 12/1/2046 | BB | 6,000,000 | 5,478,478 | |||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig | 5.25% | 12/1/2044 | BB | 8,805,000 | 8,275,762 | |||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig† | 5.25% | 12/1/2056 | BB | 21,545,000 | 19,758,288 | |||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig | 5.50% | 12/1/2054 | BB | 13,255,000 | 12,913,779 | |||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig† | 5.50% | 12/1/2058 | BB | 17,750,000 | 16,885,836 | |||||||||
| California Statewide Communities Development Authority–Verity Hlth Sys Oblig | 5.50% | 7/1/2039 | NR | 58,817 | 55,288 | |||||||||
| California Statewide Communities Development Authority–Verity Hlth Sys Oblig | 5.75% | 7/1/2024 | NR | 14,402 | 13,538 | |||||||||
| California Statewide Communities Development Authority–Verity Hlth Sys Oblig | 5.75% | 7/1/2035 | NR | 28,804 | 27,075 | |||||||||
| Chester County Health & Education Facilities Authority–Immaculata University PA | 5.00% | 11/1/2037 | BB- | (c) | 4,000,000 | 3,334,861 | ||||||||
| Chester County Health & Education Facilities Authority–Immaculata University PA | 5.00% | 11/1/2046 | BB- | (c) | 4,100,000 | 3,084,412 | ||||||||
| 134 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| City of Blaine–Crest View Oblig Grp MN | 6.125% | 7/1/2050 | NR | $ | 5,000,000 | $ | 3,250,000 | |||||||
| City of Fruita Healthcare Revenue–Lower Vy Hosp Assoc Oblig CO† | 5.375% | 1/1/2033 | NR | 3,400,000 | 3,051,380 | |||||||||
| City of Fruita Healthcare Revenue–Lower Vy Hosp Assoc Oblig CO† | 5.50% | 1/1/2048 | NR | 16,350,000 | 13,273,528 | |||||||||
| County of Cuyahoga–The Metrohealth System OH | 5.50% | 2/15/2052 | BBB | 8,175,000 | 7,740,710 | |||||||||
| County of Cuyahoga–The Metrohealth System OH | 5.50% | 2/15/2057 | BBB | 4,900,000 | 4,577,061 | |||||||||
| County of Howard–Columbia Vantage Hse Corp MD | 5.00% | 4/1/2044 | NR | 2,955,000 | 2,327,596 | |||||||||
| County of Howard–Columbia Vantage Hse Corp MD | 5.00% | 4/1/2046 | NR | 7,000,000 | 5,412,375 | |||||||||
| County of Muskingum–Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2033 | BB+ | 2,765,000 | 2,581,671 | |||||||||
| County of Muskingum–Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2044 | BB+ | 20,190,000 | 17,358,046 | |||||||||
| County of Washington–Marietta Area Hlthcr Oblig OH | 6.75% | 12/1/2052 | NR | 15,100,000 | 14,582,476 | |||||||||
| County of Wilson–Wilson County Hospital KS | 5.60% | 9/1/2036 | NR | 3,530,000 | 2,762,985 | (e) | ||||||||
| Crawford County Hospital Authority–Meadville Med Ctr Oblig PA | 6.00% | 6/1/2046 | NR | 2,225,000 | 2,198,003 | |||||||||
| Crawford County Hospital Authority–Meadville Med Ctr Oblig PA | 6.00% | 6/1/2051 | NR | 2,600,000 | 2,496,443 | |||||||||
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 3,700,000 | 3,667,931 | |||||||||
| Doylestown Hospital Authority Oblig PA | 5.00% | 7/1/2049 | B3 | 235,000 | 252,409 | |||||||||
| Duluth Economic Development Authority–Essentia Health Oblig Grp MN | 5.25% | 2/15/2058 | A- | 18,000,000 | 16,767,004 | |||||||||
| Duluth Economic Development Authority–St Lukes Hosp Duluth Oblig MN | 5.25% | 6/15/2052 | BBB- | 5,000,000 | 4,543,410 | |||||||||
| Franklin Health & Educational Facilities Board–MTPC LLC Oblig Group TN†(d) | 7.50% | 6/1/2047 | NR | 7,635,000 | 1,603,350 | |||||||||
| Fulton County Industrial Development Authority Fulton County Medical Ctr PA | 5.00% | 7/1/2046 | NR | 4,450,000 | 3,649,279 | |||||||||
| Fulton County Industrial Development Authority Fulton County Medical Ctr PA | 5.00% | 7/1/2051 | NR | 5,000,000 | 4,011,343 | |||||||||
| Glendale Industrial Development Authority–Beatitudes Campus Oblig AZ | 5.00% | 11/15/2036 | NR | 1,500,000 | 1,306,924 | |||||||||
| See Notes to Financial Statements. | 135 |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Glendale Industrial Development Authority–Beatitudes Campus Oblig AZ | 5.00% | 11/15/2040 | NR | $ | 3,000,000 | $ | 2,466,377 | |||||||
| Glendale Industrial Development Authority–Beatitudes Campus Oblig AZ | 5.00% | 11/15/2053 | NR | 6,000,000 | 4,424,428 | |||||||||
| Hampton Roads Transportation–Christus Health Oblig Group VA(f) | 5.00% | 7/1/2053 | A1 | 9,550,000 | 9,284,023 | |||||||||
| Harris County Cultural Education Facilities Finance Corp.–Brazos Presbyterian Oblig TX | 5.125% | 1/1/2048 | BB+ | (c) | 1,655,000 | 1,306,402 | ||||||||
| Holmes County Hospital Corp. FL(d) | 5.75% | 11/1/2026 | NR | 3,760,000 | 3,510,345 | |||||||||
| Holmes County Hospital Corp. FL | 6.00% | 11/1/2038 | NR | 7,115,000 | 6,098,671 | |||||||||
| Industrial Development Authority of the County of Pima–La Posada Park Centre Oblig AZ† | 6.875% | 11/15/2052 | NR | 4,000,000 | 3,977,157 | |||||||||
| Industrial Development Authority of the County of Pima–La Posada Park Centre Oblig AZ† | 7.00% | 11/15/2057 | NR | 5,500,000 | 5,510,405 | |||||||||
| Kentucky Economic Development Finance Authority–Masonic Homes Oblig | 5.375% | 11/15/2032 | NR | 1,100,000 | 973,455 | |||||||||
| King County Public Hospital District No. 4 WA | 6.25% | 12/1/2045 | NR | 4,000,000 | 3,712,305 | |||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority–St James Place Oblig Grp | 6.25% | 11/15/2045 | NR | 6,100,000 | 5,569,429 | |||||||||
| Magnolia West Community Development District FL | 5.35% | 5/1/2037 | NR | 205,000 | 206,165 | |||||||||
| Maryland Health & Higher Educational Facilities Authority–Doctors Hosp Inc Oblig Grp | 5.00% | 7/1/2038 | A3 | 10,415,000 | 9,947,669 | |||||||||
| Massachusetts Development Finance Agency–Ascentria Care Alliance† | 5.00% | 7/1/2041 | NR | 3,500,000 | 2,840,468 | |||||||||
| Massachusetts Development Finance Agency–Ascentria Care Alliance† | 5.00% | 7/1/2051 | NR | 5,625,000 | 4,217,074 | |||||||||
| Massachusetts Development Finance Agency–Ascentria Care Alliance† | 5.00% | 7/1/2056 | NR | 2,310,000 | 1,691,530 | |||||||||
| Massachusetts Development Finance Agency–Boston Med Ctr Oblig Grp | 5.25% | 7/1/2048 | BBB | 2,600,000 | 2,563,350 | |||||||||
| Miami Beach Health Facilities Authority–Mt Sinai Med Ctr FL Oblig | 4.00% | 11/15/2051 | A3 | 5,000,000 | 4,008,382 | |||||||||
| Moon Industrial Development Authority–Baptist Homes Society Oblig PA | 6.00% | 7/1/2045 | NR | 9,250,000 | 6,512,527 | |||||||||
| New Hampshire Business Finance Authority–Ascentria Care Alliance† | 5.00% | 7/1/2041 | NR | 1,885,000 | 1,523,153 | |||||||||
| New Hampshire Business Finance Authority–Ascentria Care Alliance† | 5.00% | 7/1/2051 | NR | 3,225,000 | 2,389,915 | |||||||||
| 136 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New Hampshire Business Finance Authority–Ascentria Care Alliance† | 5.00% | 7/1/2056 | NR | $ | 1,910,000 | $ | 1,380,075 | |||||||
| New Jersey Economic Development Authority–Bancroft Neurohealth Oblig | 5.00% | 6/1/2036 | NR | 1,500,000 | 1,364,425 | |||||||||
| New York City Industrial Development Agency–Yankee Stadium LLC NY | 3.00% | 3/1/2049 | Baa1 | 3,750,000 | 2,407,069 | |||||||||
| New York State Dormitory Authority | 4.00% | 3/15/2049 | AA+ | 6,290,000 | 5,521,480 | |||||||||
| New York State Dormitory Authority–Catholic Hlth Sys Oblig | 4.00% | 7/1/2045 | B- | 5,500,000 | 3,763,925 | |||||||||
| Niagara Area Development Corp.–Catholic Hlth Sys Oblig NY | 4.50% | 7/1/2052 | B- | 3,240,000 | 2,282,331 | |||||||||
| Niagara Area Development Corp.–Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2052 | B- | 8,545,000 | 6,381,773 | |||||||||
| Oconee County Industrial Development Authority–Westminster Presbytrn Oblig GA | 6.25% | 12/1/2048 | NR | 1,000,000 | 826,354 | |||||||||
| Oconee County Industrial Development Authority–Westminster Presbytrn Oblig GA | 6.375% | 12/1/2053 | NR | 3,000,000 | 2,470,589 | |||||||||
| Oklahoma Development Finance Authority–OU Medicine Oblig Grp | 5.00% | 8/15/2038 | BB- | 4,515,000 | 4,028,677 | |||||||||
| Oklahoma Development Finance Authority–OU Medicine Oblig Grp | 5.25% | 8/15/2048 | BB- | 5,810,000 | 5,053,000 | |||||||||
| Oklahoma Development Finance Authority–OU Medicine Oblig Grp | 5.45% | 8/15/2028 | BB- | 3,000,000 | 2,582,212 | |||||||||
| Oklahoma Development Finance Authority–OU Medicine Oblig Grp | 5.50% | 8/15/2052 | BB- | 15,000,000 | 13,435,737 | |||||||||
| Oklahoma Development Finance Authority–OU Medicine Oblig Grp | 5.50% | 8/15/2057 | BB- | 6,500,000 | 5,745,127 | |||||||||
| Philadelphia Authority for Industrial Development–Gtr Phila Hlth Action Inc PA | 6.50% | 6/1/2045 | NR | 2,485,000 | 2,355,119 | |||||||||
| Philadelphia Authority for Industrial Development–Gtr Phila Hlth Action Inc PA | 6.625% | 6/1/2050 | NR | 3,415,000 | 3,245,084 | |||||||||
| Public Finance Authority–Bancroft Neurohealth Oblig WI† | 4.625% | 6/1/2036 | NR | 4,330,000 | 3,730,592 | |||||||||
| Public Finance Authority–Bancroft Neurohealth Oblig WI† | 5.125% | 6/1/2048 | NR | 7,060,000 | 5,904,546 | |||||||||
| Public Finance Authority–Lehigh VY Hlth Network WI† | 7.25% | 12/1/2042 | NR | 8,750,000 | 8,408,219 | |||||||||
| Public Finance Authority–Lehigh VY Hlth Network WI† | 7.50% | 12/1/2052 | NR | 8,650,000 | 8,409,726 | |||||||||
| Public Finance Authority–Proton Intl–Delray LLC WI†(d) | 6.85% | 11/1/2046 | NR | 2,000,000 | 1,200,000 | (e) | ||||||||
| See Notes to Financial Statements. | 137 |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Public Finance Authority–Proton Intl Alabama LLC WI†(d) | 6.85% | 10/1/2047 | NR | $ | 3,000,000 | $ | 1,800,000 | (e) | ||||||
| Public Finance Authority–Rose Villa Inc Oblig Grp WI† | 5.75% | 11/15/2044 | NR | 2,035,000 | 2,064,251 | |||||||||
| Rhode Island Health & Educational Building Corp.–Care New England Hlth Oblig | 5.00% | 9/1/2036 | B+ | 7,000,000 | 6,182,158 | |||||||||
| Shelby County Health Educational & Housing Facilities Board–Luke Inc Oblig Group TN | 5.75% | 10/1/2059 | NR | 10,000,000 | 6,975,336 | |||||||||
| South Carolina Jobs-Economic Development Authority–Hampton Regl Med Ctr Oblig | 5.00% | 11/1/2042 | NR | 3,815,000 | 3,226,137 | (e) | ||||||||
| South Carolina Jobs-Economic Development Authority–Hampton Regl Med Ctr Oblig | 5.00% | 11/1/2046 | NR | 6,070,000 | 5,008,640 | |||||||||
| South Carolina Jobs-Economic Development Authority–Kiawah Life Plan Vlg Inc | 7.50% | 11/15/2053 | NR | 9,000,000 | 8,637,036 | |||||||||
| South Carolina Jobs-Economic Development Authority–Kiawah Life Plan Vlg Inc | 7.75% | 11/15/2058 | NR | 9,000,000 | 8,633,794 | |||||||||
| Southeastern Ohio Port Authority–Marietta Area Hlthcr Oblig | 5.50% | 12/1/2043 | B+ | (c) | 5,025,000 | 4,174,059 | ||||||||
| Upper San Juan Health Service District Medical Center Revenue CO | 6.00% | 6/1/2041 | NR | 2,225,000 | 2,039,854 | (e) | ||||||||
| Upper San Juan Health Service District Medical Center Revenue CO | 6.125% | 6/1/2046 | NR | 3,015,000 | 2,734,447 | (e) | ||||||||
| Wisconsin Health & Educational Facilities Authority–Amer Baptist Homes Oblig | 5.00% | 8/1/2039 | NR | 1,625,000 | 1,224,921 | |||||||||
| Wisconsin Health & Educational Facilities Authority–Sauk-Prairie Mem Hosp Oblig | 5.375% | 2/1/2048 | Ba2 | 4,000,000 | 3,508,574 | |||||||||
| Total | 486,322,141 | |||||||||||||
| Housing 4.47% | ||||||||||||||
| Arizona Industrial Development Authority–Provident Grp-Nccu Pptys (BAM) | 5.00% | 6/1/2058 | AA | 2,500,000 | 2,507,591 | |||||||||
| California Community Housing Agency† | 3.00% | 2/1/2057 | NR | 14,105,000 | 8,669,001 | |||||||||
| California Community Housing Agency† | 4.00% | 2/1/2050 | NR | 21,045,000 | 14,715,929 | |||||||||
| California Community Housing Agency† | 5.00% | 8/1/2050 | NR | 11,000,000 | 9,516,218 | |||||||||
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB | 2,429,789 | 2,128,640 | |||||||||
| California Municipal Finance Authority–Caritas Affordable Hsg | 5.25% | 8/15/2039 | A- | 550,000 | 552,929 | |||||||||
| California Statewide Communities Development Authority† | 3.00% | 6/1/2047 | NR | 16,640,000 | 11,120,524 | |||||||||
| Capital Projects Finance Authority–Provident Group–Continu FL | 5.00% | 11/1/2038 | Baa3 | 1,000,000 | 1,005,467 | |||||||||
| 138 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Capital Projects Finance Authority–Provident Group–Continu FL | 5.00% | 11/1/2040 | Baa3 | $ | 1,000,000 | $ | 993,152 | |||||||
| Capital Projects Finance Authority–Provident Group–Continu FL | 5.00% | 11/1/2048 | Baa3 | 1,350,000 | 1,281,552 | |||||||||
| Capital Projects Finance Authority–Provident Group–Continu FL | 5.00% | 11/1/2053 | Baa3 | 1,770,000 | 1,657,733 | |||||||||
| Capital Projects Finance Authority–Provident Group–Continu FL | 5.00% | 11/1/2058 | Baa3 | 1,750,000 | 1,619,647 | |||||||||
| CMFA Special Finance Agency CA† | 4.00% | 12/1/2045 | NR | 9,650,000 | 7,166,489 | |||||||||
| CSCDA Community Improvement Authority CA† | 3.00% | 3/1/2057 | NR | 7,000,000 | 4,367,385 | |||||||||
| CSCDA Community Improvement Authority CA† | 3.125% | 8/1/2056 | NR | 14,500,000 | 9,261,063 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 8/1/2056 | NR | 4,445,000 | 3,132,108 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 12/1/2056 | NR | 13,250,000 | 8,816,156 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 2/1/2057 | NR | 4,500,000 | 2,996,429 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 3/1/2057 | NR | 3,500,000 | 2,329,799 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 6/1/2057 | NR | 13,980,000 | 8,554,326 | |||||||||
| Indiana Finance Authority–Chf-Tippecanoe LLC | 5.00% | 6/1/2053 | NR | 1,850,000 | 1,773,662 | |||||||||
| Indiana Finance Authority–Chf-Tippecanoe LLC | 5.375% | 6/1/2064 | NR | 5,450,000 | 5,313,429 | |||||||||
| Maryland Economic Development Corp. | 5.75% | 7/1/2053 | BBB- | 2,000,000 | 2,087,748 | |||||||||
| Maryland Economic Development Corp. | 6.00% | 7/1/2058 | BBB- | 5,000,000 | 5,324,715 | |||||||||
| New Hampshire Business Finance Authority | 4.375% | 9/20/2036 | BBB | 5,413,448 | 5,016,730 | |||||||||
| New York State Housing Finance Agency (SONYMA/FNMA) | 3.25% | 11/1/2052 | Aa2 | 5,000,000 | 3,455,632 | |||||||||
| Public Finance Authority–Chf Manoa LLC WI† | 5.75% | 7/1/2053 | NR | 1,185,000 | 1,152,007 | |||||||||
| Public Finance Authority–Chf Manoa LLC WI† | 5.75% | 7/1/2063 | NR | 8,370,000 | 7,956,833 | |||||||||
| Roanoke County Economic Development Authority–Richfield Living Oblig VA(d) | 5.25% | 9/1/2049 | NR | 15,000,000 | 9,000,009 | |||||||||
| Roanoke County Economic Development Authority–Richfield Living Oblig VA(d) | 5.375% | 9/1/2054 | NR | 5,500,000 | 3,300,004 | |||||||||
| Total | 146,772,907 | |||||||||||||
| See Notes to Financial Statements. | 139 |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Lease Obligations 0.57% | ||||||||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2043 | A2 | $ | 3,800,000 | $ | 3,819,803 | |||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2047 | A2 | 5,450,000 | 5,456,628 | |||||||||
| New Jersey Economic Development Authority–NYNJ Link Borrower LLC AMT | 5.375% | 1/1/2043 | BBB+ | 1,175,000 | 1,176,449 | |||||||||
| New Jersey Economic Development Authority–NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | BBB+ | 5,000,000 | 5,007,638 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2035 | A2 | 3,250,000 | 3,341,057 | |||||||||
| Total | 18,801,575 | |||||||||||||
| Other Revenue 5.23% | ||||||||||||||
| Anson Education Facilities Corp.–Arlington Classics Acdmy TX | 5.00% | 8/15/2045 | BBB- | 2,250,000 | 2,084,449 | |||||||||
| Arizona Industrial Development Authority–American Chtr Schs Fndtn† | 6.00% | 7/1/2047 | BB+ | 2,460,000 | 2,438,214 | |||||||||
| Arizona Industrial Development Authority–Odyssey Preparatory Academy† | 5.50% | 7/1/2052 | BB- | 750,000 | 676,185 | |||||||||
| Arlington Higher Education Finance Corp.–Newman Internantional Acdmy TX | 5.50% | 8/15/2046 | NR | 5,000,000 | 4,381,641 | |||||||||
| California School Finance Authority–Kipp Socal Pub Schs Oblig† | 5.125% | 7/1/2044 | BBB | 2,390,000 | 2,357,152 | |||||||||
| Capital Trust Agency, Inc.–Educational Growth Fund FL† | 5.00% | 7/1/2056 | NR | 13,350,000 | 11,354,232 | |||||||||
| Capital Trust Agency, Inc.–Franklin Acad Ser 2020 Oblig FL† | 5.00% | 12/15/2050 | NR | 14,700,000 | 11,747,621 | |||||||||
| Chester County Industrial Development Authority–Collegium Charter School PA | 5.125% | 10/15/2037 | BB | 1,000,000 | 937,593 | |||||||||
| Chester County Industrial Development Authority–Collegium Charter School PA | 5.25% | 10/15/2047 | BB | 2,500,000 | 2,216,551 | |||||||||
| Cleveland-Cuyahoga County Port Authority–Playhouse Square Fdtn OH | 5.25% | 12/1/2038 | BB+ | 1,400,000 | 1,353,038 | |||||||||
| Cleveland-Cuyahoga County Port Authority–Playhouse Square Fdtn OH | 5.50% | 12/1/2043 | BB+ | 1,850,000 | 1,777,997 | |||||||||
| Cleveland-Cuyahoga County Port Authority–Playhouse Square Fdtn OH | 5.50% | 12/1/2053 | BB+ | 11,485,000 | 10,597,974 | |||||||||
| Clifton Higher Education Finance Corp.–Idea Public Schools TX | 6.00% | 8/15/2043 | A- | 1,000,000 | 1,000,721 | |||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX | 6.125% | 8/15/2048 | Baa3 | 22,025,000 | 21,399,904 | |||||||||
| Commonwealth of Puerto Rico | Zero Coupon | #(b) | 11/1/2051 | NR | 796,127 | 125,390 | ||||||||
| Commonwealth of Puerto Rico | 5.069% | #(b) | 11/1/2051 | NR | 26,469,353 | 13,631,717 | ||||||||
| 140 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Florida Development Finance Corp.–Franklin Acad Ser 2016 Oblig† | 5.00% | 7/15/2046 | NR | $ | 4,000,000 | $ | 3,448,586 | (e) | ||||||
| Florida Development Finance Corp.–Palm Bay Academy Inc† | Zero Coupon | 5/15/2037 | NR | 940,000 | 9 | |||||||||
| Florida Development Finance Corp.–Palm Bay Academy Inc† | 6.375% | 5/15/2037 | NR | 2,620,000 | 2,159,032 | |||||||||
| Florida Development Finance Corp.–Palm Bay Academy Inc† | 6.375% | 5/15/2037 | NR | 1,220,000 | 244,000 | |||||||||
| Florida Development Finance Corp.–Renaissance Chtr 2020 C/D† | 5.00% | 9/15/2050 | NR | 3,505,000 | 2,744,424 | |||||||||
| Florida Development Finance Corp.–Renaissance Chtr Sch 2015† | 6.125% | 6/15/2046 | NR | 5,000,000 | 4,824,406 | |||||||||
| George L Smith II Congress Center Authority–Signia Hotel Mgmt LLC GA† | 5.00% | 1/1/2054 | NR | 10,000,000 | 7,623,214 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona–Basis Schools Inc Oblig† | 5.00% | 7/1/2046 | BB | 2,000,000 | 1,764,644 | |||||||||
| Industrial Development Authority of the County of Pima–Edkey Oblig Group AZ† | 5.00% | 7/1/2049 | NR | 6,000,000 | 5,007,493 | |||||||||
| Industrial Development Authority of the County of Pima–Edkey Oblig Group AZ† | 5.00% | 7/1/2055 | NR | 4,000,000 | 3,263,494 | |||||||||
| Jefferson Parish Economic Development & Port District–Kenner Discovery Hlth Sci LA† | 5.50% | 6/15/2038 | NR | 3,200,000 | 3,059,892 | (e) | ||||||||
| Jefferson Parish Economic Development & Port District–Kenner Discovery Hlth Sci LA† | 5.625% | 6/15/2048 | NR | 4,350,000 | 3,974,042 | (e) | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2043 | A2 | 1,900,000 | 1,830,885 | |||||||||
| Maricopa County Industrial Development Authority–Paragon Management Inc AZ† | 5.00% | 7/1/2047 | BB+ | 4,000,000 | 3,552,200 | |||||||||
| Maryland Economic Development Corp.(d) | 5.00% | 12/1/2031 | NR | 10,700,000 | 6,420,000 | |||||||||
| Maryland Economic Development Corp.(d) | 5.25% | 12/1/2031 | NR | 3,000,000 | 1,800,000 | |||||||||
| Michigan Finance Authority–Bradford Academy | 4.30% | 9/1/2030 | NR | 845,000 | 742,770 | |||||||||
| Michigan Finance Authority–Bradford Academy | 4.80% | 9/1/2040 | NR | 1,845,000 | 1,446,168 | |||||||||
| Michigan Finance Authority–Bradford Academy | 5.00% | 9/1/2050 | NR | 3,010,000 | 2,213,095 | |||||||||
| Michigan Public Educational Facilities Authority–Crescent Academy | 7.00% | 10/1/2036 | NR | 607,500 | 607,536 | |||||||||
| Middlesex County Improvement Authority NJ | 6.125% | 1/1/2025 | NR | 2,790,000 | 34,875 | |||||||||
| Middlesex County Improvement Authority NJ | 6.25% | 1/1/2037 | NR | 5,755,000 | 71,938 | |||||||||
| See Notes to Financial Statements. | 141 |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| New Jersey Economic Development Authority | 5.00% | 11/1/2052 | A2 | $ | 10,370,000 | $ | 10,380,615 | |||||||
| Plymouth Educational Center Charter School MI | 5.375% | 11/1/2030 | D | 1,425,000 | 869,250 | |||||||||
| Utah Charter School Finance Authority–Freedom Academy Fndtn† | 5.00% | 6/15/2041 | NR | 1,020,000 | 885,526 | |||||||||
| Utah Charter School Finance Authority–Freedom Academy Fndtn† | 5.00% | 6/15/2052 | NR | 1,300,000 | 1,057,343 | |||||||||
| Utah Charter School Finance Authority–Freedom Academy Fndtn† | 5.375% | 6/15/2048 | NR | 5,150,000 | 4,515,979 | |||||||||
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2043 | Baa3 | 4,375,000 | 3,083,998 | |||||||||
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2058 | Baa3 | 2,400,000 | 1,432,565 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2058 | Baa3 | 6,000,000 | 4,714,439 | |||||||||
| Total | 171,852,797 | |||||||||||||
| Special Tax 4.16% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | 2,425,000 | 2,439,236 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.25% | 5/1/2042 | NR | 3,215,000 | 3,053,902 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 6.00% | 5/1/2042 | NR | 11,375,000 | 11,361,707 | |||||||||
| Anne Arundel County Consolidated Special Taxing District MD Special Tax | 5.125% | 7/1/2036 | NR | 1,030,000 | 1,029,961 | |||||||||
| Anne Arundel County Consolidated Special Taxing District MD Special Tax | 5.25% | 7/1/2044 | NR | 2,150,000 | 2,074,514 | |||||||||
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | 610,000 | 599,417 | |||||||||
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | 50,000 | 48,249 | |||||||||
| Babcock Ranch Community Independent Special District FL | 5.00% | 5/1/2042 | NR | 4,000,000 | 3,703,092 | |||||||||
| Babcock Ranch Community Independent Special District FL | 5.00% | 5/1/2053 | NR | 4,000,000 | 3,473,900 | |||||||||
| Celebration Pointe Community Development District No. 1 FL | 3.375% | 5/1/2041 | NR | 3,970,000 | 2,928,299 | |||||||||
| Celebration Pointe Community Development District No. 1 FL | 5.00% | 5/1/2048 | NR | 6,555,000 | 5,872,347 | |||||||||
| City of Baltimore MD | 4.875% | 6/1/2042 | NR | 1,275,000 | 1,171,499 | |||||||||
| 142 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| City of Baltimore MD | 5.00% | 6/1/2051 | NR | $ | 1,600,000 | $ | 1,442,846 | |||||||
| City of North Las Vegas NV | 4.50% | 6/1/2039 | NR | 470,000 | 426,566 | |||||||||
| City of North Las Vegas NV | 4.625% | 6/1/2043 | NR | 470,000 | 418,334 | |||||||||
| City of North Las Vegas NV | 4.625% | 6/1/2049 | NR | 715,000 | 616,286 | |||||||||
| County of Prince George’s MD Tax Allocation† | 5.125% | 7/1/2039 | NR | 1,100,000 | 1,034,738 | |||||||||
| County of Prince George’s MD Tax Allocation† | 5.25% | 7/1/2048 | NR | 5,125,000 | 4,733,243 | |||||||||
| Grandview Industrial Development Authority MO Tax Allocation(d) | 5.75% | 12/1/2028 | NR | 1,000,000 | 220,000 | (e) | ||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 3,500,000 | 2,693,413 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 8,975,000 | 6,250,717 | |||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A | 3,375,000 | 3,384,856 | |||||||||
| Lakewood Ranch Stewardship District FL(g) | 6.30% | 5/1/2054 | NR | 4,500,000 | 4,509,378 | |||||||||
| Miami World Center Community Development District FL | 5.25% | 11/1/2049 | NR | 4,500,000 | 4,219,028 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.00% | 8/1/2050 | NR | 8,500,000 | 6,017,310 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.25% | 8/1/2035 | NR | 3,290,000 | 2,881,859 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.50% | 8/1/2040 | NR | 1,250,000 | 1,023,705 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 5.00% | 8/1/2050 | NR | 3,500,000 | 2,814,546 | |||||||||
| Military Installation Development Authority UT | 4.00% | 6/1/2052 | NR | 11,485,000 | 7,817,702 | |||||||||
| Northern Palm Beach County Improvement District FL | 5.00% | 8/1/2046 | NR | 5,000,000 | 4,585,622 | |||||||||
| Orange County Community Facilities District CA Special Tax | 5.00% | 8/15/2042 | NR | 2,000,000 | 1,946,642 | |||||||||
| Orange County Community Facilities District CA Special Tax | 5.00% | 8/15/2047 | NR | 2,000,000 | 1,905,720 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 5.00% | 9/1/2037 | NR | 875,000 | 819,062 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 5.00% | 9/1/2045 | NR | 6,050,000 | 5,317,430 | |||||||||
| See Notes to Financial Statements. | 143 |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Plaza at Noah’s Ark Community Improvement District MO | 3.00% | 5/1/2030 | NR | $ | 725,000 | $ | 638,195 | |||||||
| Prince George’s County Revenue Authority MD Tax Allocation† | 5.00% | 7/1/2046 | NR | 5,000,000 | 4,758,298 | |||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.25% | 9/1/2052 | AA | 2,500,000 | 2,612,764 | |||||||||
| Rocky Mountain Rail Park Metropolitan District CO GO† | 5.00% | 12/1/2041 | NR | 2,000,000 | 1,297,467 | |||||||||
| Rocky Mountain Rail Park Metropolitan District CO GO† | 5.00% | 12/1/2051 | NR | 6,520,000 | 3,612,263 | |||||||||
| Scranton Redevelopment Authority PA GTD | 5.00% | 11/15/2028 | BBB- | 4,385,000 | 4,332,246 | |||||||||
| Stone Canyon Community Improvement District MO(d) | 5.70% | 4/1/2022 | NR | 1,485,000 | 133,650 | (e) | ||||||||
| Tern Bay Community Development District FL | 5.375% | 5/1/2037 | NR | 350,000 | 349,981 | |||||||||
| Village Metropolitan District CO GO | 5.00% | 12/1/2040 | NR | 2,000,000 | 1,826,583 | |||||||||
| Village Metropolitan District CO GO | 5.00% | 12/1/2049 | NR | 4,085,000 | 3,583,453 | |||||||||
| West Villages Improvement District FL | 4.75% | 5/1/2039 | NR | 1,750,000 | 1,586,557 | |||||||||
| West Villages Improvement District FL | 5.00% | 5/1/2050 | NR | 3,090,000 | 2,715,609 | |||||||||
| Westview South Community Development District FL | 5.375% | 5/1/2043 | NR | 2,000,000 | 1,865,831 | |||||||||
| Westview South Community Development District FL | 5.375% | 5/1/2043 | NR | 1,000,000 | 938,363 | |||||||||
| Westview South Community Development District FL | 5.60% | 5/1/2053 | NR | 3,000,000 | 2,766,853 | |||||||||
| Westview South Community Development District FL | 5.625% | 5/1/2053 | NR | 1,000,000 | 932,663 | |||||||||
| Total | 136,785,902 | |||||||||||||
| Tax Revenue 4.35% | ||||||||||||||
| American Samoa Economic Development Authority† | 6.50% | 9/1/2028 | Ba3 | 2,750,000 | 2,847,768 | |||||||||
| City of Reno NV† | Zero Coupon | 7/1/2058 | NR | 18,500,000 | 1,834,974 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba1 | 730,000 | 667,756 | |||||||||
| County of Monongalia WV† | 5.00% | 6/1/2033 | NR | 500,000 | 498,451 | |||||||||
| County of Monongalia WV† | 5.75% | 6/1/2043 | NR | 1,000,000 | 1,012,551 | |||||||||
| County of Monongalia WV† | 6.00% | 6/1/2053 | NR | 1,750,000 | 1,794,572 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 5.50% | 6/15/2053 | A | 9,150,000 | 9,193,055 | |||||||||
| 144 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2037 | A | $ | 10,000,000 | $ | 4,957,906 | |||||||
| Monongalia County Commission Excise Tax District WV† | 4.125% | 6/1/2043 | NR | 5,380,000 | 4,560,776 | |||||||||
| New York Liberty Development Corp. TCRS (BAM) | 3.00% | 2/15/2042 | AA | 4,000,000 | 2,878,555 | |||||||||
| New York State Dormitory Authority | 3.00% | 3/15/2050 | AA+ | 2,500,000 | 1,681,287 | |||||||||
| New York State Urban Development Corp. | 3.00% | 3/15/2047 | AA+ | 3,740,000 | 2,611,584 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 3,965,000 | 2,545,529 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 17,225,000 | 15,470,866 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 2,010,000 | 1,805,309 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 47,484,000 | 42,097,491 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 5,800,000 | 5,076,995 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 36,356,000 | 32,977,924 | |||||||||
| Territory of Guam | 4.00% | 1/1/2042 | Ba1 | 5,000,000 | 4,061,177 | |||||||||
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2048 | Baa3 | 6,710,000 | 4,373,356 | |||||||||
| Total | 142,947,882 | |||||||||||||
| Taxable Revenue–Water & Sewer 0.64% | ||||||||||||||
| City of Chicago Waterworks Revenue IL (AGM)(f) | 5.50% | 11/1/2062 | AA | 20,290,000 | 21,184,876 | |||||||||
| Tobacco 7.34% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | Zero Coupon | 6/1/2057 | NR | 63,000,000 | 6,155,818 | |||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 80,275,000 | 69,250,890 | |||||||||
| California Statewide Financing Authority | Zero Coupon | 6/1/2046 | NR | 26,325,000 | 5,964,787 | |||||||||
| California Statewide Financing Authority† | Zero Coupon | 6/1/2055 | NR | 42,500,000 | 1,871,691 | |||||||||
| See Notes to Financial Statements. | 145 |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2046 | NR | $ | 4,780,000 | $ | 856,395 | |||||||
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2055 | NR | 21,000,000 | 1,843,376 | |||||||||
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2055 | NR | 100,000,000 | 7,887,330 | |||||||||
| Erie Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2060 | NR | 30,000,000 | 1,554,096 | |||||||||
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 240,000,000 | 20,849,880 | |||||||||
| Inland Empire Tobacco Securitization Corp. CA† | Zero Coupon | 6/1/2057 | CCC | 47,000,000 | 2,889,259 | |||||||||
| Iowa Tobacco Settlement Authority | 4.00% | 6/1/2049 | BBB+ | 4,000,000 | 3,425,010 | |||||||||
| Michigan Finance Authority | 4.00% | 6/1/2049 | BBB+ | 4,005,000 | 3,424,179 | |||||||||
| Michigan Finance Authority | 5.00% | 6/1/2049 | BBB+ | 2,350,000 | 2,354,047 | |||||||||
| Michigan Tobacco Settlement Finance Authority | Zero Coupon | 6/1/2058 | NR | 103,300,000 | 3,773,198 | |||||||||
| Monroe Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2061 | NR | 22,900,000 | 936,798 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 50,000,000 | 2,460,235 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CCC+ | 3,170,000 | 2,837,783 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CCC+ | 3,305,108 | 3,238,349 | |||||||||
| Rockland Tobacco Asset Securitization Corp. NY† | Zero Coupon | 8/15/2060 | NR | 41,035,000 | 2,506,869 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2036 | NR | 10,000,000 | 4,678,745 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2056 | NR | 20,000,000 | 1,509,958 | |||||||||
| Tobacco Securitization Authority of Southern California–San Diego County Tobacco | Zero Coupon | 6/1/2046 | CCC- | 15,000,000 | 2,507,581 | |||||||||
| Tobacco Securitization Authority of Southern California–San Diego County Tobacco | Zero Coupon | 6/1/2054 | NR | 16,000,000 | 2,924,746 | |||||||||
| Tobacco Settlement Financing Corp. RI | Zero Coupon | 6/1/2052 | CCC- | 25,885,000 | 3,861,164 | |||||||||
| Tobacco Settlement Financing Corp. VA | Zero Coupon | 6/1/2047 | CCC- | 9,500,000 | 2,224,868 | |||||||||
| 146 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Tobacco Settlement Financing Corp. VA | Zero Coupon | 6/1/2047 | CCC- | $ | 110,695,000 | $ | 26,526,286 | |||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 39,860,000 | 35,265,852 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2045 | CCC+ | 7,170,000 | 6,338,164 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 12,835,000 | 11,142,232 | |||||||||
| Total | 241,059,586 | |||||||||||||
| Transportation 8.94% | ||||||||||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2047 | A+ | 5,000,000 | 4,892,003 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.50% | 11/15/2025 | A+ | 3,410,000 | 3,411,524 | |||||||||
| City of Houston Airport System Revenue–United Airlines Inc TX AMT | 4.75% | 7/1/2024 | BB- | 1,410,000 | 1,407,352 | |||||||||
| City of Houston Airport System Revenue–United Airlines Inc TX AMT | 5.00% | 7/15/2028 | BB- | 3,500,000 | 3,488,493 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2049 | AA- | 5,000,000 | 4,257,438 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2040 | AA | 8,495,000 | 8,498,134 | |||||||||
| City of Reno NV† | Zero Coupon | 7/1/2058 | NR | 26,000,000 | 2,837,146 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.50% | 7/1/2053 | A2 | 2,500,000 | 2,582,325 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2044 | A | 5,000,000 | 4,914,673 | |||||||||
| E-470 Public Highway Authority CO (NATL) | Zero Coupon | 9/1/2031 | A+ | 20,000,000 | 14,142,292 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | 5,500,000 | 4,671,654 | |||||||||
| Greater Asheville Regional Airport Authority NC (AGM) AMT | 5.25% | 7/1/2048 | AA | 1,250,000 | 1,263,886 | |||||||||
| Greater Asheville Regional Airport Authority NC (AGM) AMT | 5.25% | 7/1/2053 | AA | 2,000,000 | 2,012,493 | |||||||||
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2049 | AA- | 6,370,000 | 5,401,050 | |||||||||
| Maryland Economic Development Corp.–Consol Marine Terminals L | 5.75% | 9/1/2025 | BB | 9,000,000 | 9,075,735 | |||||||||
| Maryland Economic Development Corp.–Purple Line Transit Ptr AMT | 5.25% | 6/30/2047 | Baa3 | 2,500,000 | 2,423,398 | |||||||||
| Maryland Economic Development Corp.–Purple Line Transit Ptr AMT | 5.25% | 6/30/2055 | Baa3 | 12,610,000 | 12,035,420 | |||||||||
| See Notes to Financial Statements. | 147 |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Maryland Economic Development Corp. Tax Allocation | 4.00% | 9/1/2050 | NR | $ | 12,350,000 | $ | 9,408,305 | |||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2052 | A1 | 9,150,000 | 9,400,360 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2044 | A3 | 12,500,000 | 12,461,726 | |||||||||
| Metropolitan Transportation Authority NY(f) | 5.25% | 11/15/2055 | A3 | 21,710,000 | 21,867,185 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.50% | 6/15/2050 | A2 | 2,000,000 | 2,108,760 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa3 | 9,305,000 | 8,586,758 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 4.375% | 10/1/2045 | Baa3 | 19,765,000 | 17,244,443 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa3 | 1,195,000 | 1,189,769 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa3 | 8,480,000 | 8,151,375 | |||||||||
| New York Transportation Development Corp.–Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa2 | 5,000,000 | 4,220,923 | |||||||||
| New York Transportation Development Corp.–Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa2 | 13,730,000 | 13,476,066 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 4.75% | 9/15/2041 | NR | 2,930,000 | 2,598,408 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 5.00% | 9/15/2051 | NR | 4,875,000 | 4,173,907 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 10,500,000 | 10,525,392 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2053 | Aa3 | 7,075,000 | 7,034,683 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.25% | 8/1/2047 | AA- | 5,000,000 | 5,119,657 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 3,500,000 | 3,644,478 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.50% | 7/1/2048 | AA- | 6,250,000 | 6,462,466 | |||||||||
| Puerto Rico Highway & Transportation Authority | Zero Coupon | 7/1/2032 | NR | 462,833 | 299,106 | |||||||||
| Puerto Rico Highway & Transportation Authority | 5.00% | 7/1/2053 | NR | 791,717 | 491,856 | |||||||||
| Puerto Rico Highway & Transportation Authority | 5.00% | 7/1/2062 | NR | 15,712,199 | 15,044,431 | |||||||||
| Regional Transportation District–Denver Transit Partners CO | 3.00% | 7/15/2037 | Baa1 | 3,825,000 | 3,046,967 | |||||||||
| 148 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| San Diego Cnty Regional Arpt Auth CA(f) | 5.00% | 7/1/2056 | A2 | $ | 17,000,000 | $ | 17,542,273 | |||||||
| San Diego County Regional Airport Authority CA AMT | 4.00% | 7/1/2046 | A2 | 4,500,000 | 3,843,978 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 5.00% | 7/1/2056 | A2 | 5,000,000 | 4,899,744 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. AMT | 5.50% | 12/31/2058 | Baa1 | 5,000,000 | 5,099,021 | |||||||||
| Virginia Small Business Financing Authority–95 Express Lanes LLC AMT | 4.00% | 1/1/2048 | BBB | 7,205,000 | 6,000,947 | |||||||||
| Virginia Small Business Financing Authority–95 Express Lanes LLC AMT | 5.00% | 7/1/2037 | BBB | 2,355,000 | 2,395,794 | |||||||||
| Total | 293,653,794 | |||||||||||||
| Utilities 7.47% | ||||||||||||||
| Baltimore Proj Revenue MD(f) | 5.25% | 7/1/2047 | AA- | 7,195,000 | 7,526,034 | |||||||||
| Baltimore Proj Revenue MD(f) | 5.25% | 7/1/2052 | AA- | 12,190,000 | 12,750,849 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 10/1/2052 | A2 | 4,100,000 | 3,986,284 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 12/1/2052 | Baa1 | 6,100,000 | 5,700,568 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(b) | 6/1/2049 | A2 | 9,450,000 | 9,642,120 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(b) | 11/1/2053 | A2 | 16,335,000 | 16,692,761 | ||||||||
| Charlotte County Industrial Development Authority–Mskp Town And Cntry Util FL† | 5.00% | 10/1/2034 | NR | 1,000,000 | 951,586 | |||||||||
| Charlotte County Industrial Development Authority–Mskp Town And Cntry Util FL† | 5.00% | 10/1/2049 | NR | 5,500,000 | 4,834,002 | |||||||||
| City of Compton Water Revenue CA | 6.00% | 8/1/2039 | NR | 3,710,000 | 3,452,018 | |||||||||
| County of Jefferson Sewer Revenue AL | Zero Coupon | 10/1/2039 | BBB | 5,000,000 | 5,257,196 | |||||||||
| County of Jefferson Sewer Revenue AL | Zero Coupon | 10/1/2046 | BBB | 5,445,000 | 5,725,573 | |||||||||
| County of Jefferson Sewer Revenue AL | 6.00% | 10/1/2042 | BBB | 7,175,000 | 7,458,623 | |||||||||
| County of Jefferson Sewer Revenue AL | 6.50% | 10/1/2053 | BBB | 26,800,000 | 28,149,474 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | Zero Coupon | 10/1/2028 | AA | 4,035,000 | 3,004,238 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | 5.00% | 10/1/2044 | AA | 5,070,000 | 4,983,478 | |||||||||
| Florida Development Finance Corp.–Waste Pro Usa Inc AMT† | 5.25% | 8/1/2029 | NR | 7,000,000 | 6,603,101 | |||||||||
| Florida Development Finance Corp.–Waste Pro USA Inc AMT | 3.00% | 6/1/2032 | NR | 4,250,000 | 3,273,963 | |||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(b) | 5/1/2052 | A3 | 2,115,000 | 2,020,929 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(b) | 8/1/2052 | BBB- | 33,000,000 | 31,123,993 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(b) | 9/1/2052 | A3 | 2,165,000 | 2,045,039 | ||||||||
| See Notes to Financial Statements. | 149 |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(b) | 12/1/2052 | A3 | $ | 9,000,000 | $ | 8,987,593 | ||||||
| Montgomery County Industrial Development Authority–Constellation Energy Gen PA | 4.10% | #(b) | 4/1/2053 | BBB | 8,000,000 | 7,980,486 | ||||||||
| Municipal Electric Authority of Georgia (AGM) | 5.00% | 7/1/2048 | AA | 1,100,000 | 1,111,864 | |||||||||
| Municipal Electric Authority of Georgia (AGM) | 5.00% | 7/1/2048 | AA | 1,750,000 | 1,768,874 | |||||||||
| Municipal Electric Authority of Georgia (AGM) | 5.00% | 7/1/2053 | AA | 2,300,000 | 2,313,956 | |||||||||
| Municipal Electric Authority of Georgia (AGM) | 5.00% | 7/1/2055 | AA | 2,350,000 | 2,362,524 | |||||||||
| Northern Palm Beach County Improvement District FL | 5.00% | 8/1/2034 | NR | 2,000,000 | 1,970,305 | |||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(b) | 10/1/2054 | A1 | 15,000,000 | 15,107,479 | ||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 11,250,000 | 9,383,498 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2047 | NR | 11,500,000 | 10,713,025 | |||||||||
| Puerto Rico Electric Power Authority(d) | 5.25% | 7/1/2026 | NR | 7,500,000 | 1,893,750 | |||||||||
| Puerto Rico Electric Power Authority(d) | 5.25% | 7/1/2031 | NR | 5,895,000 | 1,488,488 | |||||||||
| Puerto Rico Electric Power Authority(d) | 5.25% | 7/1/2040 | NR | 7,500,000 | 1,893,750 | |||||||||
| Puerto Rico Electric Power Authority(d) | 6.75% | 7/1/2036 | NR | 10,000,000 | 2,525,000 | |||||||||
| Southeast Energy Authority A Cooperative District AL | 4.00% | #(b) | 12/1/2051 | A1 | 6,000,000 | 5,584,322 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(b) | 1/1/2053 | A1 | 5,000,000 | 5,133,584 | ||||||||
| Total | 245,400,327 | |||||||||||||
| Total Municipal Bonds (cost $3,639,680,641) | 3,278,970,813 | |||||||||||||
| 150 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate# | Interest Rate Reset Date(h) | Final Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||||
| SHORT-TERM INVESTMENTS 0.79% | |||||||||||||||||
| VARIABLE RATE DEMAND NOTES 0.79% | |||||||||||||||||
| General Obligation 0.75% | |||||||||||||||||
| City of New York NY GO | 4.170% | 10/2/2023 | 4/1/2042 | AA | $ | 7,030,000 | $ | 7,030,000 | |||||||||
| City of New York NY GO | 4.170% | 10/2/2023 | 4/1/2042 | AA | 5,900,000 | 5,900,000 | |||||||||||
| City of New York NY GO | 4.250% | 10/2/2023 | 10/1/2046 | AA | 7,830,000 | 7,830,000 | |||||||||||
| City of New York NY GO | 4.800% | 10/2/2023 | 6/1/2044 | AA | 3,865,000 | 3,865,000 | |||||||||||
| Total | 24,625,000 | ||||||||||||||||
| Tax Revenue 0.04% | |||||||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue | 4.800% | 10/2/2023 | 5/1/2034 | AAA | 1,425,000 | 1,425,000 | |||||||||||
| Total Short-Term Investments (cost $26,050,000) | 26,050,000 | ||||||||||||||||
| Total Investments in Securities 100.69% (cost $3,668,480,858) | 3,307,735,813 | ||||||||||||||||
| Other Assets and Liabilities – Net(i) (0.69)% | (22,596,006 | ) | |||||||||||||||
| Net Assets 100.00% | $ | 3,285,139,807 | |||||||||||||||
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by–Build America Mutual. | |
| COPS | Certificates of Participation. | |
| FNMA | Federal National Mortgage Association. | |
| GTD | Guaranteed. | |
| NATL | National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| SIFMA | Insured by–Securities Industry and Financial Markets Association. | |
| SONYMA | State of New York Mortgage Association. | |
| TCRS | Transferable Custodial Receipts. | |
| TRIPS | Tax Refund Intercept Programs. |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2023, the total value of Rule 144A securities was $936,387,035, which represents 28.50% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2023. | |
| (a) | Unaudited. | |
| (b) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (c) | This investment has been rated by Fitch IBCA. | |
| (d) | Defaulted (non-income producing security). | |
| (e) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. | |
| (f) | Municipal Bonds Held in Trust–Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(h) to Financial Statements for details of Municipal Bonds Held in Trust. | |
| (g) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (h) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. | |
| (i) | Other Assets and Liabilities–Net include net unrealized appreciation/depreciation on futures contracts as follows: |
| See Notes to Financial Statements. | 151 |
Schedule of Investments (continued)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
Futures Contracts at September 30, 2023:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation |
|||||||
| U.S. Long Bond | December 2023 | 394 | Short | $(46,691,507 | ) | $(44,829,813 | ) | $1,861,694 |
The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Corporate Bonds | $ | – | $ | 2,715,000 | $ | – | $ | 2,715,000 | ||||||||
| Municipal Bonds(3) | ||||||||||||||||
| Corporate-Backed | – | 668,780,119 | 12,430,154 | 681,210,273 | ||||||||||||
| Education | – | 242,589,918 | 25,471 | 242,615,389 | ||||||||||||
| General Obligation | – | 422,267,414 | 4,440,490 | 426,707,904 | ||||||||||||
| Health Care | – | 453,560,604 | 32,761,537 | 486,322,141 | ||||||||||||
| Other Revenue | – | 161,370,277 | 10,482,520 | 171,852,797 | ||||||||||||
| Special Tax | – | 136,432,252 | 353,650 | 136,785,902 | ||||||||||||
| Remaining Industries | – | 1,133,476,407 | – | 1,133,476,407 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 26,050,000 | – | 26,050,000 | ||||||||||||
| Total | $ | – | $ | 3,247,241,991 | $ | 60,493,822 | $ | 3,307,735,813 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 1,861,694 | $ | – | $ | – | $ | 1,861,694 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 1,861,694 | $ | – | $ | – | $ | 1,861,694 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. | |
| (3) | Includes Municipal Bonds held in the Trust (See Note 2(h)). |
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets.
| 152 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
| Investment Type | Municipal Bonds | |||
| Balance as of October 1, 2022 | $ | 99,330,812 | ||
| Accrued Discounts (Premiums) | (41,172 | ) | ||
| Realized Gain (Loss) | (4,078,009 | ) | ||
| Change in Unrealized Appreciation (Depreciation) | (633,862 | ) | ||
| Purchases | 12,363,787 | |||
| Sales | (20,475,803 | ) | ||
| Transfers into Level 3(a) | 24,176,503 | |||
| Transfers out of Level 3(a) | (50,148,434 | ) | ||
| Balance as of September 30, 2023 | $ | 60,493,822 | ||
| Change in unrealized appreciation/depreciation for the year ended September 30, 2023, related to Level 3 investments held at September 30, 2023 | $ | (3,681,046 | ) | |
| (a) | The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology. |
| See Notes to Financial Statements. | 153 |
Schedule of Investments
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 98.01% | ||||||||||||||
| CORPORATE BONDS 0.20% | ||||||||||||||
| Health Care Services 0.20% | ||||||||||||||
| Care New England Health System (cost $1,833,478) |
5.50% | 9/1/2026 | $ | 2,000,000 | $ | 1,810,000 | ||||||||
| MUNICIPAL BONDS 97.81% | ||||||||||||||
| Airlines 0.62% | ||||||||||||||
| New Jersey Economic Development Authority–Port Newark Container AMT | 5.00% | 10/1/2026 | Baa2 | 2,135,000 | 2,154,471 | |||||||||
| New Jersey Economic Development Authority–Port Newark Container AMT | 5.00% | 10/1/2027 | Baa2 | 3,355,000 | 3,404,675 | |||||||||
| Total | 5,559,146 | |||||||||||||
| Corporate-Backed 31.61% | ||||||||||||||
| Allegheny County Industrial Development Authority–US Steel Corporation PA | 5.125% | 5/1/2030 | BB- | 10,485,000 | 10,510,661 | |||||||||
| Avenir Community Development District FL | 4.50% | 5/1/2030 | NR | 2,000,000 | 1,949,921 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 10/1/2052 | A2 | 19,670,000 | 19,124,441 | ||||||||
| Boggy Creek Improvement District FL | 4.50% | 5/1/2033 | NR | 1,075,000 | 1,033,720 | |||||||||
| Calhoun County Navigation Industrial Development Authority–Max Midstream Texas LLC AMT† | 3.625% | 7/1/2026 | NR | 2,500,000 | 2,276,143 | |||||||||
| California Municipal Finance Authority AMT | 4.00% | 7/15/2029 | BB- | 7,700,000 | 7,380,398 | |||||||||
| Chandler Industrial Development Authority–Intel Corporation AZ AMT | 5.00% | #(b) | 6/1/2049 | A | 3,155,000 | 3,158,030 | ||||||||
| Chandler Industrial Development Authority–Intel Corporation AZ AMT | 5.00% | #(b) | 9/1/2052 | A | 11,000,000 | 11,126,230 | ||||||||
| City of Farmington–Public Service Co of NM | 3.90% | #(b) | 6/1/2040 | BBB | 4,500,000 | 4,370,299 | ||||||||
| City of Henderson–Pratt Paper LLC KY AMT† | 3.70% | 1/1/2032 | NR | 5,230,000 | 4,961,494 | |||||||||
| City of Houston Airport System Revenue–United Airlines Inc TX AMT | 5.00% | 7/1/2029 | BB- | 2,465,000 | 2,428,585 | |||||||||
| City of Houston Airport System Revenue–United Airlines Inc TX AMT | 6.50% | 7/15/2030 | BB- | 4,000,000 | 4,000,415 | |||||||||
| City of Valparaiso–Pratt Paper LLC IN AMT | 5.875% | 1/1/2024 | NR | 170,000 | 170,944 | |||||||||
| County of Clark–Southern CA Edison Co NV | 2.10% | 6/1/2031 | A2 | 5,060,000 | 3,947,538 | |||||||||
| 154 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Downtown Doral South Community Development District FL† | 3.875% | 12/15/2023 | NR | $ | 50,000 | $ | 49,904 | |||||||
| Florida Development Finance Corp.–Waste pro USA Inc AMT† | 6.125% | #(b) | 7/1/2032 | NR | 3,375,000 | 3,359,088 | ||||||||
| Florida Development Finance Corp.–Waste Pro USA Inc AMT† | 5.00% | 5/1/2029 | NR | 1,410,000 | 1,316,660 | |||||||||
| Greater Orlando Aviation Authority–Jetblue Airways Corp FL | 5.00% | 11/15/2026 | NR | 2,600,000 | 2,583,791 | |||||||||
| Hoover Industrial Development Board–US Steel Corporation AL AMT | 6.375% | #(b) | 11/1/2050 | BB- | 1,570,000 | 1,667,499 | ||||||||
| Iowa Finance Authority–Iowa Fertilizer Co LLC | 4.00% | #(b) | 12/1/2050 | BBB- | 7,600,000 | 7,099,575 | ||||||||
| Love Field Airport Modernization Corp.–Southwest Airlines Co TX | 5.00% | 11/1/2028 | Baa1 | 3,500,000 | 3,484,370 | |||||||||
| Maryland Industrial Development Financing Authority–Occidental Petroleum Corp | 5.61% | #(b) | 3/1/2030 | Baa3 | 5,645,000 | 5,645,000 | ||||||||
| Michigan Strategic Fund–Graphic Packaging Intl AMT | 4.00% | #(b) | 10/1/2061 | BB | 5,635,000 | 5,533,693 | ||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 9,900,000 | 9,493,964 | |||||||||
| Mississippi Business Finance Corp.–Enviva Inc AMT | 7.75% | #(b) | 7/15/2047 | B- | 3,600,000 | 2,676,204 | ||||||||
| Mississippi Business Finance Corp.–Huntington Ingalls Inds | 4.55% | 12/1/2028 | BBB- | 2,000,000 | 1,943,445 | |||||||||
| New Hampshire Business Finance Authority–Casella Waste Systems Inc† | 2.95% | 4/1/2029 | B+ | 3,300,000 | 2,934,485 | |||||||||
| New Hampshire Business Finance Authority–Covanta Holding Corp AMT† | 4.00% | 11/1/2027 | B | 1,525,000 | 1,450,410 | |||||||||
| New Hampshire Business Finance Authority–New York St Elec & Gas AMT | 4.00% | 12/1/2028 | A- | 5,050,000 | 4,865,657 | |||||||||
| New Hampshire Business Finance Authority–Waste Mgmt Inc AMT | 2.15% | #(b) | 7/1/2027 | A- | 3,160,000 | 3,106,583 | (c) | |||||||
| New Jersey Economic Development Authority–United Airlines Inc | 5.25% | 9/15/2029 | BB- | 8,365,000 | 8,343,636 | |||||||||
| New Jersey Economic Development Authority–United Airlines Inc | 5.75% | 9/15/2027 | BB- | 6,450,000 | 6,454,240 | |||||||||
| See Notes to Financial Statements. | 155 |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| New York City Industrial Development Agency–TRIPS Oblig Group NY | 5.00% | 7/1/2028 | BBB+ | $ | 860,000 | $ | 850,008 | |||||||
| New York Liberty Development Corp.–3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 6,555,000 | 6,392,239 | |||||||||
| New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT | 2.75% | #(b) | 9/1/2050 | B+ | 2,475,000 | 2,372,320 | ||||||||
| New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT† | 2.875% | #(b) | 12/1/2044 | B+ | 1,000,000 | 873,803 | ||||||||
| New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT† | 3.125% | #(b) | 12/1/2044 | B+ | 4,500,000 | 4,281,238 | ||||||||
| New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT† | 5.125% | #(b) | 9/1/2050 | B1 | 1,000,000 | 987,087 | ||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 5.00% | 8/1/2026 | B+ | 1,630,000 | 1,620,539 | |||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 5.00% | 8/1/2031 | B+ | 13,000,000 | 12,727,377 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2024 | Baa3 | 3,200,000 | 3,202,102 | |||||||||
| Niagara Area Development Corp.–Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B | 6,100,000 | 5,989,362 | |||||||||
| Ohio Air Quality Development Authority–American Electric Pwr Co AMT | 2.50% | #(b) | 8/1/2040 | BBB+ | 2,500,000 | 2,089,066 | ||||||||
| Parish of St. James–Nustar Logistics LP LA† | 5.85% | #(b) | 8/1/2041 | BB- | 4,125,000 | 4,191,079 | ||||||||
| Parish of St. James–Nustar Logistics LP LA† | 6.10% | #(b) | 6/1/2038 | BB- | 7,595,000 | 8,027,550 | ||||||||
| Parish of St. James–Nustar Logistics LP LA† | 6.10% | #(b) | 12/1/2040 | BB- | 2,250,000 | 2,378,142 | ||||||||
| Parish of St. John the Baptist–Marathon Oil Corporation LA | 4.05% | #(b) | 6/1/2037 | BBB- | 3,100,000 | 3,046,153 | ||||||||
| Pennsylvania Economic Development Financing Authority–Consol Energy Inc AMT† | 9.00% | #(b) | 4/1/2051 | BB | 3,125,000 | 3,415,747 | ||||||||
| Pennsylvania Economic Development Financing Authority–Covanta Holding Corp AMT† | 3.25% | 8/1/2039 | B | 7,700,000 | 5,398,933 | |||||||||
| Polk County Industrial Development Authority–Mineral Development LLC FL† | 5.875% | 1/1/2033 | NR | 1,375,000 | 1,346,591 | |||||||||
| Port Beaumont Navigation District–Jefferson 2020 Bond Oblig TX† | 6.00% | 1/1/2025 | NR | 3,230,000 | 3,039,394 | |||||||||
| Port Beaumont Navigation District–Jefferson 2020 Bond Oblig TX AMT† | 1.875% | 1/1/2026 | NR | 2,710,000 | 2,474,680 | |||||||||
| 156 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Port Beaumont Navigation District–Jefferson 2020 Bond Oblig TX AMT† | 2.00% | 1/1/2027 | NR | $ | 1,250,000 | $ | 1,100,464 | |||||||
| Port Beaumont Navigation District–Jefferson 2020 Bond Oblig TX AMT† | 2.125% | 1/1/2028 | NR | 775,000 | 659,458 | |||||||||
| Port Beaumont Navigation District–Jefferson 2020 Bond Oblig TX AMT† | 2.25% | 1/1/2029 | NR | 1,300,000 | 1,071,975 | |||||||||
| Port Beaumont Navigation District–Jefferson 2020 Bond Oblig TX AMT† | 2.625% | 1/1/2031 | NR | 1,600,000 | 1,260,485 | |||||||||
| Public Finance Authority–Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 1,275,000 | 1,159,242 | |||||||||
| Public Finance Authority–Ameream LLC WI† | 6.50% | 12/1/2037 | NR | 2,000,000 | 1,777,987 | |||||||||
| Public Finance Authority–Celanese US Holdings LLC WI AMT | 5.00% | 1/1/2024 | BBB- | 5,970,000 | 5,975,363 | |||||||||
| Public Finance Authority–Celanese US Holdings LLC WI AMT | 5.00% | 12/1/2025 | BBB- | 5,000,000 | 5,038,342 | (c) | ||||||||
| Public Finance Authority–Sky Harbour Cap Oblig WI AMT | 4.00% | 7/1/2036 | NR | 9,585,000 | 7,604,151 | |||||||||
| South Carolina Jobs–Economic Development Authority–International Paper Co AMT | 4.00% | #(b) | 4/1/2033 | BBB | 2,130,000 | 2,111,560 | ||||||||
| Sumter County Industrial Development Authority–Enviva Inc AL AMT | 6.00% | #(b) | 7/15/2052 | B- | 16,750,000 | 11,786,791 | ||||||||
| Tulsa Airports Improvement Trust–American Airlines Inc OK AMT | 5.00% | #(b) | 6/1/2035 | B+ | 3,150,000 | 3,144,331 | ||||||||
| Tuscaloosa County Industrial Development Authority–Hunt Refining Company AL† | 4.50% | 5/1/2032 | NR | 9,949,485 | 9,097,213 | |||||||||
| Vermont Economic Development Authority–Casella Waste Systems Inc AMT† | 5.00% | #(b) | 6/1/2052 | B+ | 5,500,000 | 5,472,407 | ||||||||
| Village Community Development District No. 15 FL† | 4.25% | 5/1/2028 | NR | 1,000,000 | 984,858 | |||||||||
| Village Community Development District No. 15 FL† | 4.375% | 5/1/2033 | NR | 1,500,000 | 1,461,570 | |||||||||
| West Virginia Economic Development Authority–Kentucky Power Co AMT | 4.70% | #(b) | 4/1/2036 | Baa3 | 1,700,000 | 1,685,007 | ||||||||
| Total | 284,541,637 | |||||||||||||
| See Notes to Financial Statements. | 157 |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Education 8.28% | ||||||||||||||
| Arizona Industrial Development Authority–Academies Math & Sci Oblig† | 5.00% | 7/1/2029 | BB+ | $ | 1,500,000 | $ | 1,505,675 | |||||||
| Arizona Industrial Development Authority–Odyssey Preparatory Acdmy† | 4.00% | 7/1/2029 | BB- | 385,000 | 358,656 | |||||||||
| Build NYC Resource Corp.–E Harlem Scholars Oblig Gp NY† | 5.00% | 6/1/2032 | BB+ | 275,000 | 274,790 | |||||||||
| California Community Choice Financing Authority | 5.258% (SOFR * .67 + 1.70% |
)# | 5/1/2053 | A1 | 10,000,000 | 9,990,749 | ||||||||
| California Municipal Finance Authority–Sdori Charter Sch Pptys† | 5.00% | 3/1/2025 | B+ | 530,000 | 522,972 | |||||||||
| Capital Trust Agency, Inc.–Advantage Admy Oblig Grp FL | 4.00% | 12/15/2024 | Baa3 | 220,000 | 216,773 | |||||||||
| Capital Trust Agency, Inc.–Advantage Admy Oblig Grp FL | 5.00% | 12/15/2029 | Baa3 | 805,000 | 800,092 | |||||||||
| Capital Trust Agency, Inc.–Renaissance Chtr Sch 2019 FL† | 4.00% | 6/15/2029 | NR | 850,000 | 789,853 | |||||||||
| Chester County Health & Education Facilities Authority–Immaculata University PA | 4.25% | 11/1/2032 | BB- | (d) | 1,755,000 | 1,493,808 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2033 | A | (d) | 1,250,000 | 1,335,584 | ||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB+ | 1,355,000 | 1,302,694 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 7,625,000 | 7,644,944 | |||||||||
| Chicago Board of Education IL GO | 5.125% | 12/1/2032 | BB+ | 4,580,000 | 4,501,278 | |||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX | 4.625% | 8/15/2025 | NR | 1,340,000 | 1,315,671 | |||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX | 5.75% | 8/15/2038 | NR | 1,405,000 | 1,376,055 | |||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX | 6.00% | 8/15/2038 | Baa3 | 3,000,000 | 2,981,554 | |||||||||
| County of Frederick–Mount St Mary’s Univ MD† | 5.00% | 9/1/2032 | BB+ | 3,150,000 | 3,076,867 | |||||||||
| Development Authority Of The City Of Marietta–Life University Inc GA† | 5.00% | 11/1/2027 | Ba3 | 3,000,000 | 2,920,158 | |||||||||
| Development Authority Of The City Of Marietta–Life University Inc GA† | 5.00% | 11/1/2037 | Ba3 | 1,000,000 | 877,223 | |||||||||
| Florida Higher Educational Facilities Financial Authority–Jacksonville University† | 4.50% | 6/1/2033 | NR | 2,900,000 | 2,709,481 | |||||||||
| 158 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Industrial Development Authority of the City of Phoenix Arizona–Basis Schools Inc Oblig† | 5.00% | 7/1/2035 | BB | $ | 2,125,000 | $ | 2,076,857 | |||||||
| Maricopa County Industrial Development Authority–Ottawa University AZ† | 5.00% | 10/1/2026 | NR | 190,000 | 187,615 | |||||||||
| Maricopa County Industrial Development Authority–Ottawa University AZ† | 5.125% | 10/1/2030 | NR | 425,000 | 416,088 | |||||||||
| New York City Industrial Development Agency–Yankee Stadium LLC NY (FGIC) | 4.068% (CPI YoY * 1 + 0.89% |
) | 3/1/2027 | Baa1 | 2,500,000 | 2,499,822 | ||||||||
| New York State Dormitory Authority–Yeshiva University | 5.00% | 7/15/2028 | BBB- | 1,140,000 | 1,157,551 | |||||||||
| New York State Dormitory Authority–Yeshiva University | 5.00% | 7/15/2029 | BBB- | 1,545,000 | 1,570,321 | |||||||||
| New York State Dormitory Authority–Yeshiva University | 5.00% | 7/15/2030 | BBB- | 2,200,000 | 2,236,989 | |||||||||
| New York State Dormitory Authority–Yeshiva University | 5.00% | 7/15/2032 | BBB- | 1,960,000 | 1,991,849 | |||||||||
| Ohio Air Quality Development Authority–Duke Energy Corp AMT | 4.25% | #(b) | 11/1/2039 | BBB | 2,000,000 | 1,957,365 | ||||||||
| Public Finance Authority–Uma Education Inc WI† | 5.00% | 10/1/2034 | BB | 2,610,000 | 2,543,257 | |||||||||
| Sierra Vista Industrial Development Authority–American Leadership Acdmy AZ† | 5.00% | 6/15/2033 | NR | 7,000,000 | 6,904,336 | |||||||||
| State Public School Building Authority PA (BAM) | 5.00% | 6/1/2024 | AA | 5,000,000 | 5,026,068 | |||||||||
| Total | 74,562,995 | |||||||||||||
| Energy 0.55% | ||||||||||||||
| PEFA, Inc. IA | 5.00% | #(b) | 9/1/2049 | A3 | 5,000,000 | 4,989,308 | ||||||||
| General Obligation 14.97% | ||||||||||||||
| Academical Village Community Development District FL | 2.875% | 5/1/2025 | NR | 615,000 | 594,969 | |||||||||
| Academical Village Community Development District FL | 3.25% | 5/1/2031 | NR | 4,265,000 | 3,737,379 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.125% | 5/1/2032 | NR | 1,685,000 | 1,683,886 | |||||||||
| California Community Choice Financing Authority | 5.25% | #(b) | 1/1/2054 | Baa1 | 6,000,000 | 5,989,715 | ||||||||
| See Notes to Financial Statements. | 159 |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| California Community Choice Financing Authority | 5.50% | #(b) | 5/1/2054 | A2 | $ | 7,500,000 | $ | 7,721,366 | ||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2030 | BB+ | 4,000,000 | 4,024,028 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 7,325,000 | 7,343,870 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 2,000,000 | 2,005,231 | |||||||||
| Chicago Board of Education IL GO† | 6.75% | 12/1/2030 | BB+ | 2,135,000 | 2,302,637 | |||||||||
| Chicago Board of Education IL GO | 7.00% | 12/1/2026 | BB+ | 1,100,000 | 1,157,654 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2024 | BBB+ | 2,930,000 | 2,934,227 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2024 | BBB+ | 2,640,000 | 2,643,809 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2030 | BBB+ | 4,780,000 | 4,952,426 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2031 | BBB+ | 1,000,000 | 1,024,942 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2031 | BBB+ | 2,595,000 | 2,623,047 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2033 | BBB+ | 5,555,000 | 5,610,923 | |||||||||
| City of Coralville IA GO | 4.50% | 6/1/2032 | BB+ | 1,215,000 | 1,191,017 | |||||||||
| City of Coralville IA GO | 5.00% | 5/1/2030 | BBB+ | (d) | 920,000 | 931,156 | ||||||||
| City of New Haven CT GO | 5.00% | 8/1/2025 | BBB+ | 580,000 | 587,383 | |||||||||
| City of Scranton PA GO† | 5.00% | 9/1/2024 | BBB- | 1,745,000 | 1,728,348 | |||||||||
| City of Scranton PA GO | 5.00% | 11/15/2026 | BBB- | 1,855,000 | 1,806,015 | |||||||||
| City of Scranton PA GO† | 5.00% | 9/1/2029 | BBB- | 3,650,000 | 3,506,639 | |||||||||
| City of Scranton PA GO | 5.00% | 11/15/2032 | BBB- | 8,610,000 | 8,143,912 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 2,500,000 | 1,477,614 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(b) | 11/1/2043 | NR | 6,103,513 | 3,173,827 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 92,716 | 78,065 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 4,972,004 | 5,107,226 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 12,177,161 | 12,740,690 | |||||||||
| Florida Insurance Assistance Interlocal Agency, Inc. | 5.00% | 9/1/2024 | A2 | 5,000,000 | 5,035,368 | |||||||||
| New York Liberty Development Corp. | 1.20% | 11/15/2028 | A+ | 2,870,000 | 2,375,947 | |||||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.00% | 6/30/2032 | Baa2 | 3,270,000 | 3,436,462 | |||||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.00% | 12/31/2032 | Baa2 | 5,565,000 | 5,857,595 | |||||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.25% | 6/30/2035 | Baa2 | 5,000,000 | 5,306,116 | |||||||||
| State of Illinois GO | 5.00% | 7/1/2024 | A- | 1,500,000 | 1,508,387 | |||||||||
| State of Illinois GO | 5.00% | 10/1/2024 | A- | 6,960,000 | 7,013,447 | |||||||||
| 160 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| State of Illinois GO | 5.00% | 11/1/2025 | A- | $ | 2,000,000 | $ | 2,033,971 | |||||||
| State of Illinois GO | 5.00% | 12/1/2026 | A- | 3,000,000 | 3,079,976 | |||||||||
| State of Illinois GO | 5.25% | 2/1/2029 | A- | 1,150,000 | 1,151,396 | |||||||||
| University City Industrial Development Authority MO | 4.875% | 6/15/2036 | NR | 1,200,000 | 1,147,855 | |||||||||
| Total | 134,768,521 | |||||||||||||
| Health Care 11.78% | ||||||||||||||
| Atlanta Development Authority The–Georgia Protoncare Ctr In(e) | 6.00% | 1/1/2023 | NR | 2,000,000 | 900,000 | (c) | ||||||||
| Berks County Municipal Authority–Tower Health Oblig Group PA | 5.00% | 2/1/2029 | B | 1,500,000 | 923,226 | |||||||||
| Berks County Municipal Authority–Tower Health Oblig Group PA | 5.00% | 2/1/2032 | B | 850,000 | 496,656 | |||||||||
| Berks County Municipal Authority–Tower Health Oblig Group PA | 5.00% | #(b) | 2/1/2040 | B | 16,710,000 | 11,974,593 | ||||||||
| Board of Managers Joint Guadalupe County–City of Seguin Hospital TX | 5.00% | 12/1/2024 | BB | 600,000 | 590,901 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 4.00% | 12/1/2026 | BB | 1,255,000 | 1,174,983 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2023 | BB | 1,280,000 | 1,276,536 | |||||||||
| Bucks County Industrial Development Authority–Grand View Hosp Oblig Grp PA | 5.00% | 7/1/2038 | BB | 1,000,000 | 892,816 | |||||||||
| California Public Finance Authority–Kendal At Ventura† | 10.00% | 5/15/2028 | NR | 3,500,000 | 3,411,719 | (c) | ||||||||
| California Public Finance Authority–Kendal At Ventura† | 12.00% | 5/15/2028 | NR | 375,000 | 367,189 | (c) | ||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig† | 5.00% | 12/1/2031 | BB | 1,000,000 | 1,000,192 | |||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig | 5.25% | 12/1/2029 | BB | 2,500,000 | 2,515,915 | |||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig | 5.25% | 12/1/2034 | BB | 4,430,000 | 4,440,982 | |||||||||
| California Statewide Communities Development Authority–Verity Hlth Sys Oblig(e) | 5.50% | 7/1/2022 | NR | 1,154 | 1,085 | |||||||||
| See Notes to Financial Statements. | 161 |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Statewide Communities Development Authority–Verity Hlth Sys Oblig | 5.75% | 7/1/2024 | NR | $ | 7,201 | $ | 6,769 | |||||||
| City of Blaine–Crest View Oblig Grp MN(e) | 5.125% | 7/1/2025 | NR | 60,000 | 39,000 | (c) | ||||||||
| City of Fruita Healthcare Revenue–Lower Vy Hosp Assoc Oblig CO† | 5.375% | 1/1/2033 | NR | 2,000,000 | 1,794,929 | |||||||||
| City of Oroville–Oroville Hospital CA | 5.00% | 4/1/2026 | B | 1,255,000 | 859,834 | |||||||||
| City of Oroville–Oroville Hospital CA | 5.00% | 4/1/2029 | B | 900,000 | 563,763 | |||||||||
| City of Seneca–Nemaha Valley Cmnty Hosp KS | 5.00% | 9/1/2025 | NR | 1,500,000 | 1,489,689 | |||||||||
| County of Cuyahoga–The Metrohealth System OH | 5.00% | 2/15/2030 | BBB | 1,900,000 | 1,904,254 | |||||||||
| County of Muskingum–Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2027 | BB+ | 2,750,000 | 2,687,735 | |||||||||
| County of Muskingum–Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2033 | BB+ | 8,465,000 | 7,903,743 | |||||||||
| County of Muskingum–Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2044 | BB+ | 2,000,000 | 1,719,470 | |||||||||
| County of Washington–Marietta Area Hlthcr Oblig OH | 5.50% | 12/1/2027 | NR | 8,715,000 | 8,311,190 | |||||||||
| Fulton County Industrial Development Authority Fulton County Medical Ctr PA | 4.00% | 7/1/2028 | NR | 2,780,000 | 2,633,519 | |||||||||
| Glendale Industrial Development Authority–Beatitudes Campus Oblig AZ | 4.00% | 11/15/2027 | NR | 385,000 | 358,054 | |||||||||
| Glendale Industrial Development Authority–Beatitudes Campus Oblig AZ | 5.00% | 11/15/2023 | NR | 1,715,000 | 1,713,311 | |||||||||
| Illinois Finance Authority–Plymouth Place Oblig Group | 5.00% | 5/15/2025 | NR | 50,000 | 50,534 | |||||||||
| Indiana Finance Authority–Indiana Univ Hlth Oblig Grp | 0.70% | #(b) | 12/1/2046 | AA | 7,025,000 | 6,352,894 | ||||||||
| Industrial Development Authority of the County of Pima–La Posada Park Centre Oblig AZ† | 5.125% | 11/15/2029 | NR | 1,500,000 | 1,477,896 | |||||||||
| King County Public Hospital District No. 4 WA | 5.00% | 12/1/2025 | NR | 70,000 | 68,378 | |||||||||
| Massachusetts Development Finance Agency–Boston Med Ctr Oblig Grp | 5.00% | 7/1/2035 | BBB | 1,000,000 | 1,008,954 | |||||||||
| 162 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Massachusetts Health & Educational Facilities Authority–Trinity Hlth Corp Oblig | 4.59% (3 mo. USD LIBOR * .67 +.82% |
)# | 11/15/2032 | AA- | $ | 1,395,000 | $ | 1,317,099 | ||||||
| Nassau County Local Economic Assistance Corp.–Catholic Hlth Lng Isl Oblig NY | 5.00% | 7/1/2032 | A- | 1,250,000 | 1,253,164 | |||||||||
| New Hope Cultural Education Facilities Finance Corp.–Wesleyan Homes Oblig Group TX | 3.00% | 1/1/2024 | NR | 75,000 | 74,390 | |||||||||
| New York State Dormitory Authority–Catholic Hlth Sys Oblig | 5.00% | 7/1/2028 | B- | 1,000,000 | 920,506 | |||||||||
| New York State Dormitory Authority–Catholic Hlth Sys Oblig | 5.00% | 7/1/2030 | B- | 1,750,000 | 1,555,530 | |||||||||
| Oklahoma Development Finance Authority–Ou Medicine Oblig Grp | 5.00% | 8/15/2024 | BB- | 1,400,000 | 1,388,782 | |||||||||
| Oklahoma Development Finance Authority–Ou Medicine Oblig Grp | 5.45% | 8/15/2028 | BB- | 3,000,000 | 2,582,212 | |||||||||
| Palomar Health CA–Palomar Health Oblig Grp | 5.00% | 11/1/2031 | BBB | 750,000 | 753,591 | |||||||||
| Public Finance Authority–Bancroft Neurohealth Oblig WI† | 5.00% | 6/1/2026 | NR | 470,000 | 458,222 | (c) | ||||||||
| Public Finance Authority–Lehigh VY Hlth Network WI† | 6.625% | 12/1/2032 | NR | 2,975,000 | 2,871,225 | |||||||||
| Rhode Island Health & Educational Building Corp.–Care New England Hlth Oblig | 5.00% | 9/1/2036 | B+ | 10,500,000 | 9,273,238 | |||||||||
| Roanoke Economic Development Authority–Richfield Living Oblig VA(e) | 4.30% | 9/1/2030 | NR | 770,000 | 462,000 | |||||||||
| South Carolina Jobs-Economic Development Authority–Hampton Regl Med Ctr Oblig | 5.00% | 11/1/2023 | NR | 740,000 | 739,921 | |||||||||
| South Carolina Jobs-Economic Development Authority–Kiawah Life Plan Vlg Inc | 5.25% | 11/15/2028 | NR | 2,850,000 | 2,805,965 | |||||||||
| South Carolina Jobs-Economic Development Authority–Kiawah Life Plan Vlg Inc | 5.75% | 11/15/2029 | NR | 5,000,000 | 4,669,299 | |||||||||
| Southeastern Ohio Port Authority–Marietta Area Hlthcr Oblig | 5.00% | 12/1/2023 | B+ | (d) | 100,000 | 99,918 | ||||||||
| See Notes to Financial Statements. | 163 |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Southeastern Ohio Port Authority–Marietta Area Hlthcr Oblig | 5.50% | 12/1/2029 | B+ | (d) | $ | 1,000,000 | $ | 947,153 | ||||||
| Washington Health Care Facilities Authority–Providence St Joseph Oblig | 5.00% | 10/1/2038 | A | 3,000,000 | 2,937,166 | |||||||||
| Total | 106,020,090 | |||||||||||||
| Housing 0.09% | ||||||||||||||
| California Housing Finance Agency | 4.00% | 3/20/2033 | BBB+ | 1,188 | 1,130 | |||||||||
| Montgomery County Housing Opportunities Commission MD | 4.00% | 7/1/2048 | Aa2 | 315,000 | 309,900 | |||||||||
| North Carolina Housing Finance Agency | 4.00% | 7/1/2047 | AA+ | 305,000 | 300,031 | |||||||||
| Pennsylvania Housing Finance Agency AMT | 4.00% | 4/1/2039 | AA+ | 180,000 | 178,130 | |||||||||
| Total | 789,191 | |||||||||||||
| Lease Obligations 0.81% | ||||||||||||||
| City of Coralville IA COPS | 4.00% | 6/1/2031 | BB | 1,000,000 | 915,495 | |||||||||
| New Jersey Economic Development Authority | 5.23% (MUNIPSA * 1 + 1.25% |
)# | 9/1/2025 | A2 | 2,280,000 | 2,285,591 | ||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 12/15/2031 | A2 | 4,110,000 | 4,075,388 | |||||||||
| Total | 7,276,474 | |||||||||||||
| Multi-Family Housing 0.15% | ||||||||||||||
| Illinois Housing Development Authority (HUD SECT8) (FHA) | 4.00% | #(b) | 6/1/2026 | Aaa | 1,350,000 | 1,330,068 | ||||||||
| Other Revenue 2.88% | ||||||||||||||
| Arlington Higher Education Finance Corp.–Newman Internantional Acdmy TX | 4.00% | 8/15/2031 | NR | 360,000 | 320,560 | |||||||||
| Capital Trust Agency, Inc.–Franklin Acad Ser 2020 Oblig FL† | 4.00% | 12/15/2023 | NR | 370,000 | 368,881 | |||||||||
| Capital Trust Agency, Inc.–Franklin Acad Ser 2020 Oblig FL† | 4.00% | 12/15/2025 | NR | 300,000 | 289,717 | |||||||||
| Capital Trust Agency, Inc.–Franklin Acad Ser 2020 Oblig FL† | 5.00% | 12/15/2026 | NR | 300,000 | 293,428 | |||||||||
| Capital Trust Agency, Inc.–Franklin Acad Ser 2020 Oblig FL† | 5.00% | 12/15/2027 | NR | 660,000 | 645,063 | |||||||||
| Capital Trust Agency, Inc.–Franklin Acad Ser 2020 Oblig FL† | 5.00% | 12/15/2028 | NR | 690,000 | 673,254 | |||||||||
| 164 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Capital Trust Agency, Inc.–Franklin Acad Ser 2020 Oblig FL† | 5.00% | 12/15/2029 | NR | $ | 730,000 | $ | 709,834 | |||||||
| Cleveland-Cuyahoga County Port Authority–Playhouse Square Fdtn OH | 5.00% | 12/1/2028 | BB+ | 3,045,000 | 3,027,038 | |||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX | 5.25% | 8/15/2026 | Baa3 | 1,600,000 | 1,588,682 | |||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX | 5.25% | 8/15/2028 | Baa3 | 3,040,000 | 3,019,086 | |||||||||
| Florida Development Finance Corp.–Renaissance Chtr 2020 C/D† | 4.00% | 9/15/2030 | NR | 470,000 | 421,407 | |||||||||
| Florida Development Finance Corp.–Renaissance Chtr Sch 2015† | 5.00% | 6/15/2025 | NR | 130,000 | 128,638 | |||||||||
| George L Smith II Congress Center Authority–Signia Hotel Mgmt LLC GA† | 3.625% | 1/1/2031 | NR | 1,850,000 | 1,560,967 | (c) | ||||||||
| Industrial Development Authority of the County of Pima–Edkey Oblig Group AZ† | 3.50% | 7/1/2025 | NR | 515,000 | 497,149 | |||||||||
| Jefferson Parish Economic Development & Port District–Kenner Discovery Hlth Sci LA† | 4.80% | 6/15/2029 | NR | 2,225,000 | 2,150,550 | |||||||||
| Maryland Economic Development Corp.(e) | 5.00% | 12/1/2031 | NR | 1,500,000 | 900,000 | |||||||||
| Puerto Rico Electric Power Authority(e) | 5.00% | 7/1/2018 | NR | 50,000 | 12,500 | |||||||||
| Utah Charter School Finance Authority–Freedom Academy Fndtn† | 3.25% | 6/15/2031 | NR | 540,000 | 466,997 | |||||||||
| Utah Charter School Finance Authority–Freedom Academy Fndtn† | 4.50% | 6/15/2027 | NR | 1,945,000 | 1,874,870 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2031 | NR | 7,600,000 | 7,006,495 | |||||||||
| Total | 25,955,116 | |||||||||||||
| Pollution Control 0.26% | ||||||||||||||
| Matagorda County Navigation District No. 1–Aep Texas Inc | 4.00% | 6/1/2030 | A- | 1,000,000 | 950,086 | |||||||||
| Mississippi Business Finance Corp.–Waste Pro USA Inc AMT† | 5.00% | #(b) | 2/1/2036 | NR | 1,500,000 | 1,428,052 | ||||||||
| Total | 2,378,138 | |||||||||||||
| Power 0.16% | ||||||||||||||
| Chesapeake Economic Development Authority–Virginia Elec & Pwr Co | 3.65% | #(b) | 2/1/2032 | A2 | 1,520,000 | 1,473,211 | ||||||||
| See Notes to Financial Statements. | 165 |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Special Tax 3.40% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2028 | NR | $ | 1,220,000 | $ | 1,222,127 | |||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | 2,000,000 | 2,011,741 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 6.00% | 5/1/2042 | NR | 3,850,000 | 3,845,501 | |||||||||
| Babcock Ranch Community Independent Special District FL | 4.125% | 5/1/2027 | NR | 1,225,000 | 1,195,955 | |||||||||
| Babcock Ranch Community Independent Special District FL | 4.25% | 5/1/2032 | NR | 2,000,000 | 1,890,464 | |||||||||
| Celebration Pointe Community Development District No. 1 FL | 2.375% | 5/1/2026 | NR | 430,000 | 403,007 | |||||||||
| Celebration Pointe Community Development District No. 1 FL | 3.00% | 5/1/2031 | NR | 665,000 | 575,071 | |||||||||
| City of Baltimore MD | 4.50% | 6/1/2033 | NR | 400,000 | 379,301 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 3.875% | 11/15/2029 | NR | 1,090,000 | 926,330 | |||||||||
| Lakewood Ranch Stewardship District FL(f) | 5.40% | 5/1/2028 | NR | 1,000,000 | 1,001,354 | |||||||||
| Lakewood Ranch Stewardship District FL(f) | 5.45% | 5/1/2033 | NR | 2,680,000 | 2,688,105 | |||||||||
| Military Installation Development Authority UT | 4.00% | 6/1/2036 | NR | 2,750,000 | 2,213,997 | |||||||||
| New York City Industrial Development Agency–Yankee Stadium LLC NY (FGIC) | 4.048% (CPI YoY * 1 + 0.87% |
) | 3/1/2025 | Baa1 | 1,585,000 | 1,580,086 | ||||||||
| New York City Industrial Development Agency–Yankee Stadium LLC NY (FGIC) | 4.058% (CPI YoY * 1 + .88% |
) | 3/1/2026 | Baa1 | 1,350,000 | 1,346,058 | ||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2028 | NR | 680,000 | 660,219 | |||||||||
| Plaza at Noah’s Ark Community Improvement District MO | 3.00% | 5/1/2030 | NR | 2,200,000 | 1,936,591 | |||||||||
| Scranton Redevelopment Authority PA GTD | 5.00% | 11/15/2028 | BBB- | 225,000 | 222,293 | |||||||||
| Village Community Development District No. 12 FL | 4.00% | 5/1/2033 | NR | 1,335,000 | 1,272,984 | |||||||||
| Village Metropolitan District CO GO | 4.15% | 12/1/2030 | NR | 3,510,000 | 3,242,015 | |||||||||
| West Villages Improvement District FL | 4.00% | 5/1/2024 | NR | 190,000 | 189,154 | |||||||||
| West Villages Improvement District FL | 4.25% | 5/1/2029 | NR | 940,000 | 912,884 | |||||||||
| 166 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Westview South Community Development District FL | 4.75% | 5/1/2028 | NR | $ | 225,000 | $ | 220,286 | |||||||
| Westview South Community Development District FL | 4.875% | 5/1/2028 | NR | 705,000 | 692,294 | |||||||||
| Total | 30,627,817 | |||||||||||||
| Tax Revenue 1.89% | ||||||||||||||
| American Samoa Economic Development Authority† | 6.50% | 9/1/2028 | Ba3 | 1,000,000 | 1,035,552 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba1 | 4,900,000 | 4,482,197 | |||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2026 | NR | 3,930,000 | 3,948,239 | |||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2027 | NR | 1,000,000 | 1,004,038 | |||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2028 | NR | 1,050,000 | 1,051,958 | |||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2032 | NR | 2,535,000 | 2,515,307 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 27,000 | 24,250 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.50% | 7/1/2034 | NR | 3,030,000 | 2,924,570 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 1,000 | 855 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 19,000 | 16,845 | |||||||||
| Total | 17,003,811 | |||||||||||||
| Taxable Revenue–Water & Sewer 0.49% | ||||||||||||||
| Jersey City Municipal Utilities Authority NJ | 4.00% | 5/3/2024 | NR | 3,000,000 | 2,998,833 | |||||||||
| New Jersey Economic Development Authority–New Jersey Amern Wtr Co AMT | 3.75% | #(b) | 11/1/2034 | A+ | 1,500,000 | 1,425,803 | ||||||||
| Total | 4,424,636 | |||||||||||||
| Tobacco 1.27% | ||||||||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CCC+ | 850,000 | 760,920 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CCC+ | 6,895,281 | 6,756,005 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2025 | B- | 3,850,000 | 3,880,247 | |||||||||
| Total | 11,397,172 | |||||||||||||
| See Notes to Financial Statements. | 167 |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation 10.64% | ||||||||||||||
| 91 Express Lanes Toll Road CA | 5.00% | 8/15/2029 | AA- | $ | 1,550,000 | $ | 1,550,039 | |||||||
| Central Texas Turnpike System | 5.00% | 8/15/2031 | A- | 3,000,000 | 2,998,093 | |||||||||
| City & County of Denver–United Airlines Inc CO AMT | 5.00% | 10/1/2032 | BB- | 9,040,000 | 8,797,542 | |||||||||
| County of Miami–Dade Aviation Revenue FL AMT | 5.00% | 10/1/2032 | A3 | 2,905,000 | 3,048,575 | |||||||||
| County of Miami–Dade Aviation Revenue FL AMT | 5.00% | 10/1/2036 | A3 | 1,300,000 | 1,328,369 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2032 | A1 | 7,650,000 | 7,644,123 | |||||||||
| E-470 Public Highway Authority CO | 3.908% (SOFR * .67 + .35% |
)# | 9/1/2039 | A+ | 1,800,000 | 1,793,486 | ||||||||
| Maryland Economic Development Corp.–Consol Marine Terminals L | 5.75% | 9/1/2025 | BB | 13,890,000 | 14,006,884 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2031 | A3 | 1,850,000 | 1,862,426 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 4.00% | 10/1/2030 | Baa3 | 13,945,000 | 13,465,553 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa3 | 5,000,000 | 4,978,114 | |||||||||
| New York Transportation Development Corp.–Empire St Thruway Partnrs AMT | 2.50% | 10/31/2031 | BBB- | (d) | 1,365,000 | 1,096,934 | ||||||||
| New York Transportation Development Corp.–Laguardia Gateway Partner (AGM) AMT | 4.00% | 7/1/2031 | AA | 3,925,000 | 3,765,705 | |||||||||
| New York Transportation Development Corp.–Laguardia Gateway Partner AMT | 5.00% | 7/1/2034 | Baa2 | 5,000,000 | 4,955,651 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 3.625% | 9/15/2026 | NR | 500,000 | 473,806 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 4.25% | 9/15/2031 | NR | 1,500,000 | 1,398,930 | |||||||||
| Pennsylvania Turnpike Commission | 4.83% (MUNIPSA * 1 + .85% |
)# | 7/15/2041 | A1 | 5,000,000 | 5,000,884 | ||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2029 | AA- | 3,745,000 | 3,882,429 | |||||||||
| Public Finance Authority–Air Cargo Oblig Group WI AMT | 5.00% | 7/1/2032 | BBB | 1,845,000 | 1,848,707 | |||||||||
| Puerto Rico Highway & Transportation Authority | Zero Coupon | 7/1/2032 | NR | 5,133,000 | 3,317,201 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp.–NTE Mobility Partners Segm AMT | 7.00% | 12/31/2038 | Baa2 | 8,560,000 | 8,576,460 | |||||||||
| Total | 95,789,911 | |||||||||||||
| 168 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| Utilities 7.97% | |||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(b) | 12/1/2052 | Baa1 | $ | 2,875,000 | $ | 2,686,743 | |||||||
| Black Belt Energy Gas District AL | 5.50% | #(b) | 6/1/2049 | A2 | 2,350,000 | 2,397,776 | |||||||||
| Charlotte County Industrial Development Authority–Mskp Town And Cntry Util FL† | 5.00% | 10/1/2029 | NR | 785,000 | 764,250 | ||||||||||
| Charlotte County Industrial Development Authority–Mskp Town And Cntry Util FL† | 5.00% | 10/1/2034 | NR | 1,000,000 | 951,586 | ||||||||||
| Chautauqua County Capital Resource Corp.–NRG Energy Inc NY | 4.25% | #(b) | 4/1/2042 | BBB- | 1,500,000 | 1,448,035 | |||||||||
| Florida Development Finance Corp.–Waste Pro USA Inc AMT | 3.00% | 6/1/2032 | NR | 7,910,000 | 6,093,423 | ||||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(b) | 8/1/2052 | BBB- | 23,600,000 | 22,258,371 | |||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(b) | 9/1/2052 | A3 | 1,190,000 | 1,124,063 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.258% (SOFR * .67 + 1.70% |
)# | 12/1/2053 | Aa1 | 5,000,000 | 4,967,879 | |||||||||
| Northern Palm Beach County Improvement District FL | 5.00% | 8/1/2034 | NR | 2,700,000 | 2,659,912 | ||||||||||
| Puerto Rico Electric Power Authority(e) | 4.10% | 7/1/2019 | NR | 240,000 | 60,000 | ||||||||||
| Puerto Rico Electric Power Authority(e) | 4.25% | 7/1/2020 | NR | 970,000 | 242,500 | ||||||||||
| Puerto Rico Electric Power Authority(e) | 5.25% | 7/1/2026 | NR | 10,000,000 | 2,525,000 | ||||||||||
| Southeast Energy Authority A Cooperative District AL | 5.978% (SOFR * .67 + 2.42% |
)# | 1/1/2053 | A1 | 10,000,000 | 10,115,961 | |||||||||
| Tennergy Corp. TN | 5.50% | #(b) | 10/1/2053 | Baa1 | 13,195,000 | 13,409,238 | |||||||||
| Total | 71,704,737 | ||||||||||||||
| Total Municipal Bonds (cost $914,481,909) | 880,591,979 | ||||||||||||||
| Interest Rate# |
Interest Rate Reset Date(g) |
Final Maturity Date | |||||||||||||
| SHORT-TERM INVESTMENTS 1.74% | |||||||||||||||
| VARIABLE RATE DEMAND NOTES 1.74% | |||||||||||||||
| General Obligation | |||||||||||||||
| City of New York NY GO | 4.170% | 10/2/2023 | 4/1/2042 | AA | 1,400,000 | 1,400,000 | |||||||||
| City of New York NY GO | 4.750% | 10/2/2023 | 3/1/2040 | AA | 14,215,000 | 14,215,000 | |||||||||
| Total Short-Term Investments (cost $15,615,000) | 15,615,000 | ||||||||||||||
| Total Investments in Securities 99.75% (cost $931,930,387) | 898,016,979 | ||||||||||||||
| Other Assets and Liabilities – Net 0.25% | 2,262,293 | ||||||||||||||
| Net Assets 100.00% | $ | 900,279,272 | |||||||||||||
| See Notes to Financial Statements. | 169 |
Schedule of Investments (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by–Build America Mutual. | |
| COPS | Certificates of Participation. | |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. | |
| FGIC | Insured by–Financial Guaranty Insurance Company. | |
| FHA | Insured by–Federal Housing Administration. | |
| GTD | Guaranteed. | |
| HUD | Insured by–Department of Housing and Urban Development. | |
| LIBOR | London Interbank Offered Rate. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield | |
| NR | Not Rated. | |
| SIFMA | Insured by–Securities Industry and Financial Markets Association. | |
| SOFR | Secured Overnight Financing Rate. | |
| TRIPS | Tax Refund Intercept Programs. | |
| YoY | Year on Year Inflation Rates. |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2023. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2023, the total value of Rule 144A securities was $195,063,449, which represents 21.67% of net assets. | |
| (a) | Unaudited. | |
| (b) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (c) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. | |
| (d) | This investment has been rated by Fitch IBCA. | |
| (e) | Defaulted (non-income producing security). | |
| (f) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (g) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Corporate Bonds | $ | – | $ | 1,810,000 | $ | – | $ | 1,810,000 | ||||||||
| Municipal Bonds | ||||||||||||||||
| Corporate-Backed | – | 276,396,712 | 8,144,925 | 284,541,637 | ||||||||||||
| Health Care | – | 100,843,960 | 5,176,130 | 106,020,090 | ||||||||||||
| Other Revenue | – | 24,394,149 | 1,560,967 | 25,955,116 | ||||||||||||
| Remaining Industries | – | 464,075,136 | – | 464,075,136 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 15,615,000 | – | 15,615,000 | ||||||||||||
| Total | $ | – | $ | 883,134,957 | $ | 14,882,022 | $ | 898,016,979 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets.
| 170 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2023
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
| Investment Type | Municipal Bonds | |||
| Balance as of October 1, 2022 | $ | 21,044,477 | ||
| Accrued Discounts (Premiums) | (44,379 | ) | ||
| Realized Gain (Loss) | (346,002 | ) | ||
| Change in Unrealized Appreciation (Depreciation) | 96,712 | |||
| Purchases | 6,424,808 | |||
| Sales | (6,804,766 | ) | ||
| Transfers into Level 3(a) | 8,705,222 | |||
| Transfers out of Level 3(a) | (14,194,050 | ) | ||
| Balance as of September 30, 2023 | $ | 14,882,022 | ||
| Change in unrealized appreciation/depreciation for the year ended September 30, 2023, related to Level 3 investments held at September 30, 2023 | $ | (287,311 | ) | |
| (a) | The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology. |
| See Notes to Financial Statements. | 171 |
Schedule of Investments
SUSTAINABLE MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 98.69% | ||||||||||||||
| MUNICIPAL BONDS 98.69% | ||||||||||||||
| Corporate-Backed 2.38% | ||||||||||||||
| Michigan Strategic Fund–Graphic Packaging Intl AMT | 4.00% | #(b) | 10/1/2061 | BB | $ | 125,000 | $ | 122,753 | ||||||
| Education 27.64% | ||||||||||||||
| Build NYC Resource Corp.–E Harlem Scholars Oblig Gp NY† | 5.00% | 6/1/2032 | BB+ | 100,000 | 99,924 | |||||||||
| California Community Choice Financing Authority | 4.00% | #(b) | 5/1/2053 | A1 | 150,000 | 145,274 | ||||||||
| Cleveland State University OH | 5.00% | 6/1/2031 | A+ | 100,000 | 102,129 | |||||||||
| Clifton Higher Education Finance Corp.–Intl American Edu Fed TX | 6.00% | 8/15/2038 | Baa3 | 110,000 | 109,324 | |||||||||
| Connecticut State Health & Educational Facilities Authority | 2.80% | #(b) | 7/1/2057 | AAA | 150,000 | 144,646 | ||||||||
| Duval County Public Schools FL COPs (AGM) | 5.00% | 7/1/2035 | AA | 150,000 | 159,365 | |||||||||
| Florida Development Finance Corp.–Renaissance Chtr 2020 C/D† | 5.00% | 9/15/2040 | NR | 100,000 | 85,180 | |||||||||
| Fort Bend Independent School District TX GO (PSF GTD) | 0.875% | #(b) | 8/1/2050 | AAA | 150,000 | 140,796 | ||||||||
| Louisiana Public Facilities Authority–Tulane University | 5.00% | 10/15/2036 | A+ | 150,000 | 158,530 | |||||||||
| Massachusetts Development Finance Agency–Franklin W Olin College | 5.00% | 11/1/2039 | A2 | 140,000 | 145,897 | |||||||||
| Stephen F Austin State University TX | 5.00% | 10/15/2028 | Aa1 | 25,000 | 25,735 | |||||||||
| Wayne State University MI | 4.00% | 11/15/2034 | Aa3 | 110,000 | 107,225 | |||||||||
| Total | 1,424,025 | |||||||||||||
| General Obligation 21.58% | ||||||||||||||
| California Community Choice Financing Authority | 5.00% | #(b) | 12/1/2053 | A2 | 150,000 | 151,147 | ||||||||
| California Community Choice Financing Authority | 5.50% | #(b) | 5/1/2054 | A2 | 100,000 | 102,952 | ||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2039 | BB+ | 125,000 | 105,680 | |||||||||
| New Caney Independent School District TX GO (PSF GTD) | 1.25% | #(b) | 2/15/2050 | Aaa | 150,000 | 146,018 | ||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2036 | A2 | 200,000 | 216,076 | |||||||||
| 172 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SUSTAINABLE MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Northside Independent School District TX GO (PSF GTD) | 1.60% | #(b) | 8/1/2049 | Aaa | $ | 100,000 | $ | 97,738 | ||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.50% | 6/30/2037 | Baa2 | 125,000 | 132,447 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue | 5.00% | 7/15/2038 | NR | 150,000 | 159,630 | |||||||||
| Total | 1,111,688 | |||||||||||||
| Health Care 31.88% | ||||||||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2026 | BBB | 115,000 | 113,371 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 4.00% | 12/1/2026 | BB | 200,000 | 187,248 | |||||||||
| Connecticut State Health & Educational Facilities Authority–Hartford Healthcare Oblig Gp | 5.00% | 7/1/2028 | A | 185,000 | 191,794 | |||||||||
| County of Franklin–Trinity Hlth Corp Oblig OH | 5.00% | 12/1/2036 | AA- | 150,000 | 153,414 | |||||||||
| Lee Memorial Hlth Sys Oblig FL | 5.00% | 4/1/2029 | A+ | 50,000 | 52,396 | |||||||||
| Maryland Health & Higher Educational Facilities Authority–Adventist Hlthcare Oblig | 5.50% | 1/1/2046 | Baa3 | 125,000 | 121,572 | |||||||||
| New Jersey Health Care Facilities Financing Authority–St Joseph’s Hlthcr Oblig | 5.00% | 7/1/2025 | BBB- | 150,000 | 150,059 | |||||||||
| Norfolk Economic Development Authority–Sentara Hlthcr Oblig Gp VA | 5.00% | #(b) | 11/1/2048 | AA | 150,000 | 157,635 | ||||||||
| South Carolina Jobs-Economic Development Authority–Kiawah Life Plan Vlg Inc | 5.25% | 11/15/2028 | NR | 100,000 | 98,455 | |||||||||
| State of Ohio–Univ Hosp Hlth Sys Oblig Gp | 5.00% | 1/15/2032 | A | 150,000 | 155,396 | |||||||||
| Tarrant County Cultural Education Facilities Finance Corp.–Christus Health Oblig Group TX | 5.00% | #(b) | 7/1/2053 | A1 | 250,000 | 260,892 | ||||||||
| Total | 1,642,232 | |||||||||||||
| Housing 8.50% | ||||||||||||||
| California Housing Finance Agency | 4.00% | 3/20/2033 | BBB+ | 140,906 | 134,128 | |||||||||
| Indiana Finance Authority-Chf-Tippecanoe LLC | 5.00% | 6/1/2043 | NR | 150,000 | 147,228 | |||||||||
| Maryland Economic Development Corp. | 5.375% | 7/1/2038 | BBB- | 150,000 | 156,633 | |||||||||
| Total | 437,989 | |||||||||||||
| See Notes to Financial Statements. | 173 |
Schedule of Investments (continued)
SUSTAINABLE MUNICIPAL BOND FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Taxable Revenue–Water & Sewer 1.94% | ||||||||||||||
| Jersey City Municipal Utilities Authority NJ | 4.00% | 5/3/2024 | NR | $ | 100,000 | $ | 99,961 | |||||||
| Transportation 2.01% | ||||||||||||||
| County of Osceola Transportation Revenue FL | 5.00% | 10/1/2028 | BBB+ | 100,000 | 103,567 | |||||||||
| Utilities 2.76% | ||||||||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2029 | A+ | 140,000 | 141,959 | |||||||||
| Total Investments in Securities 98.69% (cost $5,233,555) | 5,084,174 | |||||||||||||
| Other Assets and Liabilities – Net 1.31% | 67,402 | |||||||||||||
| Net Assets 100.00% | $ | 5,151,576 | ||||||||||||
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| COP | Certificates of Participation. | |
| GTD | Guaranteed. | |
| NR | Not Rated. | |
| PSF | Permanent School Fund. | |
| VA | Insured by–Department of Veteran Affairs. |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2023. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2023, the total value of Rule 144A securities was $185,104, which represents 3.59% of net assets. | |
| (a) | Unaudited. | |
| (b) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 5,084,174 | $ | – | $ | 5,084,174 | ||||||||
| Total | $ | – | $ | 5,084,174 | $ | – | $ | 5,084,174 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets.
| 174 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
SUSTAINABLE MUNICIPAL BOND FUND September 30, 2023
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
| Investment Type | Municipal Bonds | ||||
| Balance as of October 1, 2022 | $ | 81,853 | |||
| Accrued Discounts (Premiums) | 15 | ||||
| Realized Gain (Loss) | (13,964 | ) | |||
| Change in Unrealized Appreciation (Depreciation) | 17,681 | ||||
| Purchases | – | ||||
| Sales | (85,585 | ) | |||
| Transfers into Level 3 | – | ||||
| Transfers out of Level 3 | – | ||||
| Balance as of September 30, 2023 | $ | – | |||
| Change in unrealized appreciation/depreciation for the year ended September 30, 2023, related to Level 3 investments held at September 30, 2023 | $ | – | |||
| See Notes to Financial Statements. | 175 |
Schedule of Investments
CALIFORNIA TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 100.26% | ||||||||||||||
| MUNICIPAL BONDS 100.26% | ||||||||||||||
| Corporate-Backed 1.83% | ||||||||||||||
| California Municipal Finance Authority AMT | 4.00% | 7/15/2029 | BB- | $ | 3,450,000 | $ | 3,306,801 | |||||||
| California Pollution Control Financing Authority–Poseidon Resources AMT† | 5.00% | 11/21/2045 | Baa3 | 4,410,000 | 4,210,881 | |||||||||
| California Pollution Control Financing Authority–Waste Mgmt Inc AMT | 4.30% | 7/1/2040 | A- | 185,000 | 180,033 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport–SFO Fuel Co LLC CA AMT | 5.00% | 1/1/2038 | A+ | 1,715,000 | 1,730,417 | |||||||||
| Total | 9,428,132 | |||||||||||||
| Education 13.95% | ||||||||||||||
| Alvord Unified School District CA GO (BAM) | 5.00% | 8/1/2052 | NR | 4,000,000 | 4,145,323 | |||||||||
| Brentwood Union School District CA GO | 5.25% | 8/1/2052 | Aa3 | 2,125,000 | 2,218,656 | |||||||||
| California Community Choice Financing Authority | 4.00% | #(b) | 5/1/2053 | A1 | 4,350,000 | 4,212,945 | ||||||||
| California Educational Facilities Authority–Art Center Clg of Design | 5.00% | 12/1/2030 | Baa1 | 1,175,000 | 1,212,785 | |||||||||
| California Educational Facilities Authority–Art Center Clg of Design | 5.00% | 12/1/2044 | Baa1 | 3,500,000 | 3,348,369 | |||||||||
| California Educational Facilities Authority–Chapman University | 5.00% | 4/1/2040 | A2 | 1,000,000 | 1,004,673 | |||||||||
| California Educational Facilities Authority–Loyola Marymount Univ | 5.00% | 10/1/2048 | A2 | 1,000,000 | 1,004,256 | |||||||||
| California Educational Facilities Authority–Santa Clara University | 5.00% | 4/1/2039 | Aa3 | 1,000,000 | 1,012,031 | |||||||||
| California Educational Facilities Authority–Univ of San Francisco | 5.00% | 10/1/2053 | A2 | 2,000,000 | 2,002,925 | |||||||||
| California Educational Facilities Authority–University of The Pacific | 5.00% | 11/1/2053 | A2 | 2,900,000 | 2,937,356 | |||||||||
| California Municipal Finance Authority–Biola University | 5.00% | 10/1/2032 | Baa1 | 400,000 | 407,666 | |||||||||
| California Municipal Finance Authority–Emerson College | 5.00% | 1/1/2042 | BBB+ | 4,245,000 | 4,100,012 | |||||||||
| California Municipal Finance Authority–Samuel Merritt University | 5.25% | 6/1/2053 | A3 | 3,000,000 | 3,061,782 | |||||||||
| California Municipal Finance Authority–Sdori Charter Sch Pptys† | 5.625% | 3/1/2045 | B+ | 500,000 | 442,930 | |||||||||
| 176 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| California Municipal Finance Authority–Touro Clg & Univ Sys Oblig | 5.25% | 1/1/2040 | NR | $ | 1,085,000 | $ | 1,097,131 | |||||||
| California Municipal Finance Authority–University of San Diego | 3.00% | 11/1/2048 | A2 | 2,000,000 | 1,259,566 | |||||||||
| California School Finance Authority–Aspire Public Schools Oblig† | 5.00% | 8/1/2046 | NR | 85,000 | 86,923 | |||||||||
| California School Finance Authority–Aspire Public Schools Oblig† | 5.00% | 8/1/2046 | BBB | 2,285,000 | 2,112,520 | |||||||||
| California School Finance Authority–Green Dot Public Schs Oblig† | 5.00% | 8/1/2045 | BBB- | 620,000 | 573,681 | |||||||||
| California School Finance Authority–Kipp Socal Pub Schs Oblig† | 5.00% | 7/1/2045 | BBB | 540,000 | 514,739 | |||||||||
| California School Finance Authority–Kipp Socal Pub Schs Oblig† | 5.00% | 7/1/2047 | BBB | 2,915,000 | 2,751,715 | |||||||||
| California State University | 5.25% | 11/1/2053 | Aa2 | 8,075,000 | 8,610,632 | |||||||||
| California Statewide Communities Development Authority–Culinary Inst of America | 5.00% | 7/1/2046 | Baa2 | 1,010,000 | 938,801 | |||||||||
| Central Unified School District CA GO | 5.25% | 8/1/2052 | Aa3 | 2,940,000 | 3,078,428 | |||||||||
| Montebello Unified School District CA GO (AGM) | 5.50% | 8/1/2047 | AA | 2,000,000 | 2,111,754 | |||||||||
| Morgan Hill Unified School District CA GO | 5.25% | 8/1/2040 | Aa1 | 1,000,000 | 1,088,094 | |||||||||
| Ripon Unified School District CA GO (BAM) | 5.50% | 8/1/2043 | AA | 1,000,000 | 1,034,068 | |||||||||
| Santa Clarita Community College District CA GO | 5.25% | 8/1/2045 | AA | 1,500,000 | 1,584,344 | |||||||||
| University of California | 4.00% | 5/15/2041 | AA | 1,635,000 | 1,570,102 | |||||||||
| University of California | 5.00% | 5/15/2035 | Aa2 | 3,000,000 | 3,381,880 | |||||||||
| University of California | 5.00% | 5/15/2036 | AA- | 1,500,000 | 1,655,860 | |||||||||
| University of California | 5.00% | 5/15/2052 | AA | 4,640,000 | 4,813,169 | |||||||||
| University of California | 5.25% | 5/15/2058 | AA | 2,500,000 | 2,589,211 | |||||||||
| Total | 71,964,327 | |||||||||||||
| General Obligation 15.36% | ||||||||||||||
| Banning Unified School District CA GO (AGM) | 5.25% | 8/1/2042 | AA | 1,115,000 | 1,150,611 | |||||||||
| California Community Choice Financing Authority | 5.00% | #(b) | 7/1/2053 | A1 | 3,000,000 | 3,027,484 | ||||||||
| California Community Choice Financing Authority | 5.00% | #(b) | 12/1/2053 | A2 | 1,750,000 | 1,763,379 | ||||||||
| See Notes to Financial Statements. | 177 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| California Community Choice Financing Authority | 5.25% | #(b) | 1/1/2054 | Baa1 | $ | 5,905,000 | $ | 5,894,878 | ||||||
| California Community Choice Financing Authority | 5.50% | #(b) | 5/1/2054 | A2 | 4,500,000 | 4,632,820 | ||||||||
| California State Public Works Board | 4.00% | 5/1/2046 | Aa3 | 3,765,000 | 3,444,449 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2024 | NR | 25,521 | 24,659 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(b) | 11/1/2043 | NR | 739,145 | 384,356 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 20,754 | 17,474 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 2,000,000 | 1,548,256 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 165,067 | 172,706 | |||||||||
| Cupertino Union School District CA GO | 2.50% | 8/1/2033 | Aa1 | 740,000 | 631,611 | |||||||||
| Dublin Unified School District CA GO | 3.00% | 8/1/2041 | AA+ | 2,425,000 | 1,869,219 | |||||||||
| Grossmont Union High School District CA GO (AGM) | Zero Coupon | 6/1/2040 | AA | 2,000,000 | 826,499 | |||||||||
| Imperial Community College District CA GO (AGM) | 5.25% | 8/1/2053 | NR | 1,620,000 | 1,709,415 | |||||||||
| Imperial Unified School District CA GO (BAM) | 5.25% | 8/1/2043 | AA | 2,000,000 | 2,132,338 | |||||||||
| Irvine Unified School District CA Special Tax (BAM) | 5.00% | 9/1/2038 | AA | 1,000,000 | 1,011,966 | |||||||||
| Irvine Unified School District CA Special Tax (BAM) | 5.00% | 9/1/2056 | AA | 995,000 | 1,011,675 | |||||||||
| Local Public Schools Funding Authority School Improvement District No. 2016-1 CA GO (BAM) | 5.00% | 8/1/2052 | AA | 2,000,000 | 2,033,720 | |||||||||
| Newport Mesa Unified School District CA GO | Zero Coupon | 8/1/2041 | Aaa | 1,325,000 | 560,785 | (c) | ||||||||
| Newport Mesa Unified School District CA GO | Zero Coupon | 8/1/2045 | Aaa | 1,000,000 | 336,287 | |||||||||
| North Orange County Community College District CA GO | 2.75% | 8/1/2036 | AA+ | 2,000,000 | 1,649,888 | |||||||||
| San Benito High School District CA GO | Zero Coupon | 8/1/2042 | Aa3 | 1,795,000 | 674,971 | |||||||||
| San Benito High School District CA GO | Zero Coupon | 8/1/2043 | Aa3 | 2,600,000 | 921,085 | |||||||||
| San Diego Public Facilities Financing Authority CA | 5.25% | 10/15/2052 | AA- | 4,125,000 | 4,353,813 | |||||||||
| San Diego Unified School District CA GO(d) | 5.00% | 7/1/2048 | Aa2 | 3,000,000 | 3,150,190 | |||||||||
| 178 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| San Francisco Bay Area Rapid Transit District CA GO | 5.25% | 8/1/2047 | Aaa | $ | 2,345,000 | $ | 2,532,135 | |||||||
| San Leandro Unified School District CA GO (BAM) | 5.25% | 8/1/2046 | AA | 1,750,000 | 1,800,307 | |||||||||
| Santa Barbara Unified School District CA GO | 4.00% | 8/1/2036 | Aa1 | 750,000 | 744,413 | |||||||||
| Santa Monica–Malibu Unified School District CA GO | 3.00% | 8/1/2044 | AA+ | 1,515,000 | 1,121,539 | |||||||||
| Santa Rita Union School District CA GO | 2.50% | 8/1/2031 | AA- | 1,235,000 | 1,073,708 | |||||||||
| Simi Valley Unified School District CA GO | 5.25% | 8/1/2051 | Aa2 | 3,000,000 | 3,152,302 | |||||||||
| Southwestern Community College District CA GO | Zero Coupon | 8/1/2041 | Aa2 | 1,100,000 | 455,602 | |||||||||
| State of California GO | 4.00% | 11/1/2037 | Aa2 | 3,000,000 | 2,938,835 | |||||||||
| State of California GO | 4.00% | 10/1/2041 | Aa2 | 3,000,000 | 2,894,414 | |||||||||
| State of California GO | 5.00% | 10/1/2041 | Aa2 | 1,000,000 | 1,052,786 | |||||||||
| State of California GO | 5.00% | 4/1/2042 | Aa2 | 2,000,000 | 2,112,802 | |||||||||
| State of California GO | 5.25% | 8/1/2032 | Aa2 | 2,500,000 | 2,564,160 | |||||||||
| State of California GO | 5.25% | 9/1/2047 | Aa2 | 3,000,000 | 3,201,772 | |||||||||
| State of California GO | 5.25% | 10/1/2050 | Aa2 | 2,500,000 | 2,661,117 | |||||||||
| State of California GO | 5.25% | 9/1/2053 | Aa2 | 3,000,000 | 3,186,456 | |||||||||
| Washington Township Health Care District CA GO | 5.25% | 8/1/2048 | A2 | 1,625,000 | 1,699,879 | |||||||||
| West Contra Costa Unified School District CA GO | 6.00% | 8/1/2027 | AA- | 1,000,000 | 1,088,750 | |||||||||
| Total | 79,215,511 | |||||||||||||
| Health Care 12.85% | ||||||||||||||
| Abag Finance Authority for Nonprofit Corps–Sharp Healthcare Oblig CA | 5.00% | 8/1/2043 | AA | 1,000,000 | 1,001,002 | |||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2026 | BBB | 650,000 | 640,794 | |||||||||
| Antelope Valley Healthcare District CA | 5.25% | 3/1/2036 | BBB | 1,000,000 | 993,832 | |||||||||
| California Community Choice Financing Authority–Providence St Joseph Oblig | 3.00% | 10/1/2041 | A | 1,180,000 | 843,201 | |||||||||
| California Community Choice Financing Authority–Providence St Joseph Oblig | 3.00% | 10/1/2047 | A2 | 1,295,000 | 862,341 | |||||||||
| California Community Choice Financing Authority–Providence St Joseph Oblig | 5.00% | 10/1/2044 | A | 2,410,000 | 2,353,655 | |||||||||
| See Notes to Financial Statements. | 179 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Health Facilities Financing Authority–Cedars-Sinai Med Ctr Oblig | 3.00% | 8/15/2051 | AA- | $ | 2,705,000 | $ | 1,882,371 | |||||||
| California Health Facilities Financing Authority–Children’s Hosp La Oblig | 5.00% | 8/15/2047 | BBB | 4,000,000 | 3,801,105 | |||||||||
| California Health Facilities Financing Authority–Childrens Hosp Orange Oblig | 3.00% | 11/1/2038 | AA- | 3,000,000 | 2,319,445 | |||||||||
| California Health Facilities Financing Authority–City of Hope Oblig Group | 4.00% | 11/15/2045 | A | 3,370,000 | 2,885,353 | |||||||||
| California Health Facilities Financing Authority–Commonspirit Hlth Oblig | 4.00% | 4/1/2035 | A- | 3,350,000 | 3,216,188 | |||||||||
| California Health Facilities Financing Authority–Commonspirit Hlth Oblig | 4.00% | 4/1/2044 | A- | 1,250,000 | 1,075,414 | |||||||||
| California Health Facilities Financing Authority–Commonspirit Hlth Oblig | 4.00% | 4/1/2045 | A- | 1,250,000 | 1,070,219 | |||||||||
| California Health Facilities Financing Authority–Lucile S Packard Chld Hsp | 4.00% | 5/15/2051 | A+ | 2,000,000 | 1,734,418 | |||||||||
| California Health Facilities Financing Authority–Sutter Health Oblig Group | 4.00% | 11/15/2048 | A+ | 1,750,000 | 1,527,255 | |||||||||
| California Municipal Finance Authority | 4.00% | 8/15/2037 | A- | 1,000,000 | 922,530 | |||||||||
| California Municipal Finance Authority–Cmnty Hosps Ctrl Grp | 5.00% | 2/1/2037 | A3 | 2,000,000 | 1,994,319 | |||||||||
| California Municipal Finance Authority–Cmnty Hosps Ctrl Grp | 5.00% | 2/1/2040 | A3 | 500,000 | 508,694 | |||||||||
| California Municipal Finance Authority–Cmnty Hosps Ctrl Grp (AGM) | 4.00% | 2/1/2051 | AA | 1,455,000 | 1,236,245 | |||||||||
| California Municipal Finance Authority–Palomar Health Oblig Grp (AGM) | 5.25% | 11/1/2052 | AA | 1,000,000 | 1,032,247 | |||||||||
| California Public Finance Authority–Hoag Mem Hosp Oblig Grp | 4.00% | 7/15/2051 | AA | 1,000,000 | 866,503 | |||||||||
| California Public Finance Authority–Kendal At Ventura† | 10.00% | 5/15/2028 | NR | 500,000 | 487,389 | (c) | ||||||||
| California Statewide Communities Development Authority–Cedars-Sinai Med Ctr Oblig | 4.00% | 7/1/2048 | AA- | 1,000,000 | 873,312 | |||||||||
| California Statewide Communities Development Authority–Humangood Oblig Group | 5.00% | 10/1/2045 | A- | (e) | 1,000,000 | 938,293 | (c) | |||||||
| California Statewide Communities Development Authority–Kaiser Fdtn Hospitals | 5.00% | #(b) | 5/1/2033 | AA- | 1,030,000 | 1,102,013 | ||||||||
| 180 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig† | 5.00% | 12/1/2026 | BB | $ | 1,735,000 | $ | 1,736,462 | |||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig | 5.25% | 12/1/2034 | BB | 2,150,000 | 2,155,330 | |||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig† | 5.25% | 12/1/2056 | BB | 1,015,000 | 930,827 | |||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig | 5.50% | 12/1/2054 | BB | 2,225,000 | 2,167,722 | |||||||||
| California Statewide Communities Development Authority–Loma Linda Univ Med Oblig† | 5.50% | 12/1/2058 | BB | 2,555,000 | 2,430,609 | |||||||||
| California Statewide Communities Development Authority–Verity Hlth Sys Oblig | 5.50% | 7/1/2039 | NR | 5,057 | 4,754 | |||||||||
| City of Oroville–Oroville Hospital CA | 5.25% | 4/1/2049 | B | 1,695,000 | 971,011 | |||||||||
| Palomar Health CA–Palomar Health Oblig Grp | 5.00% | 11/1/2036 | BBB | 3,555,000 | 3,500,888 | |||||||||
| Palomar Health CA–Palomar Health Oblig Grp | 5.00% | 11/1/2039 | BBB | 4,750,000 | 4,483,972 | |||||||||
| Regents of the University of California Medical Center Pooled Revenue | 3.50% | 5/15/2054 | AA- | 3,000,000 | 2,312,025 | |||||||||
| Regents of the University of California Medical Center Pooled Revenue | 5.00% | 5/15/2035 | AA- | 2,000,000 | 2,211,968 | |||||||||
| Regents of the University of California Medical Center Pooled Revenue | 5.00% | 5/15/2047 | AA- | 2,000,000 | 2,068,781 | |||||||||
| Regents of the University of California Medical Center Pooled Revenue CA | 5.00% | 5/15/2047 | AA- | 3,000,000 | 3,045,139 | |||||||||
| Washington Township Health Care District CA | 5.75% | 7/1/2053 | Baa3 | 2,100,000 | 2,115,909 | |||||||||
| Total | 66,303,535 | |||||||||||||
| Housing 6.08% | ||||||||||||||
| California Community Housing Agency† | 4.00% | 2/1/2050 | NR | 4,495,000 | 3,143,174 | |||||||||
| California Community Housing Agency† | 5.00% | 8/1/2050 | NR | 1,000,000 | 865,111 | |||||||||
| California Enterprise Development Authority–Provident Grp-Sdsu Pptys | 5.00% | 8/1/2040 | Baa3 | 1,625,000 | 1,633,287 | |||||||||
| See Notes to Financial Statements. | 181 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| California Enterprise Development Authority–Provident Grp-Sdsu Pptys | 5.00% | 8/1/2050 | Baa3 | $ | 1,030,000 | $ | 1,013,481 | |||||||
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB | 7,289,368 | 6,385,921 | |||||||||
| California Housing Finance Agency | 3.50% | 11/20/2035 | BBB+ | 3,283,222 | 2,881,381 | |||||||||
| California Municipal Finance Authority–Biola University | 5.00% | 10/1/2034 | Baa1 | 1,000,000 | 1,018,623 | |||||||||
| California Municipal Finance Authority–Bowles Hall Foundation | 5.00% | 6/1/2050 | Baa3 | 500,000 | 480,721 | |||||||||
| California Municipal Finance Authority–Caritas Affordable Hsg | 5.00% | 8/15/2030 | A- | 1,050,000 | 1,060,357 | |||||||||
| California Municipal Finance Authority–CHF-Davis II LLC (BAM) | 4.00% | 5/15/2046 | AA | 4,625,000 | 3,886,996 | |||||||||
| California Statewide Communities Development Authority–CHF-Irvine LLC | 5.00% | 5/15/2035 | Baa1 | 1,100,000 | 1,115,278 | |||||||||
| California Statewide Communities Development Authority–CHF-Irvine LLC (BAM) | 4.00% | 5/15/2046 | AA | 1,000,000 | 852,278 | |||||||||
| CSCDA Community Improvement Authority CA† | 2.65% | 12/1/2046 | NR | 3,445,000 | 2,419,980 | |||||||||
| CSCDA Community Improvement Authority CA† | 3.00% | 6/1/2047 | NR | 3,000,000 | 2,004,902 | |||||||||
| CSCDA Community Improvement Authority CA† | 3.00% | 3/1/2057 | NR | 2,000,000 | 1,247,824 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 8/1/2056 | NR | 1,000,000 | 704,636 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 12/1/2056 | NR | 1,000,000 | 665,370 | |||||||||
| Total | 31,379,320 | |||||||||||||
| Lease Obligations 1.12% | ||||||||||||||
| California State Public Works Board | 4.00% | 11/1/2046 | Aa3 | 2,500,000 | 2,285,150 | |||||||||
| County of Santa Barbara CA COPS AMT | 5.00% | 12/1/2036 | AA | 3,395,000 | 3,468,945 | |||||||||
| Total | 5,754,095 | |||||||||||||
| Other Revenue 1.33% | ||||||||||||||
| California Infrastructure & Economic Development Bank–Los Angeles Cnty Museum | 4.00% | 7/1/2050 | A2 | 4,000,000 | 3,387,666 | |||||||||
| California School Finance Authority–Aspire Public Schools Oblig† | 4.00% | 8/1/2051 | BBB | 785,000 | 594,012 | |||||||||
| 182 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| California School Finance Authority–Green Dot Public Schs Oblig† | 5.00% | 8/1/2038 | BBB- | $ | 1,000,000 | $ | 970,138 | |||||||
| California School Finance Authority–Kipp Socal Pub Schs Oblig† | 5.00% | 7/1/2034 | BBB | 600,000 | 602,536 | |||||||||
| Commonwealth of Puerto Rico | 5.069% | #(b) | 11/1/2051 | NR | 2,500,000 | 1,287,500 | ||||||||
| Total | 6,841,852 | |||||||||||||
| Power 1.21% | ||||||||||||||
| Southern California Public Power Authority | 5.25% | 7/1/2053 | Aa2 | 2,700,000 | 2,878,660 | |||||||||
| Southern California Public Power Authority | 5.25% | 7/1/2053 | Aa2 | 3,180,000 | 3,390,422 | |||||||||
| Total | 6,269,082 | |||||||||||||
| Pre-Refunded 0.12% | ||||||||||||||
| M-S-R Energy Authority CA | 6.50% | 11/1/2039 | BBB+ | 555,000 | 629,731 | |||||||||
| Special Tax 3.31% | ||||||||||||||
| City of Irvine CA | 5.00% | 9/2/2028 | NR | 1,000,000 | 1,013,824 | |||||||||
| City of Irvine CA (BAM) | 5.25% | 9/1/2053 | NR | 3,000,000 | 3,186,456 | |||||||||
| City of Irvine CA Special Tax | 5.00% | 9/1/2044 | NR | 500,000 | 497,172 | |||||||||
| City of Roseville CA Special Tax | 5.00% | 9/1/2031 | NR | 1,000,000 | 1,011,410 | |||||||||
| County of Los Angeles Community Facilities District No. CA Special Tax | 5.00% | 9/1/2052 | NR | 1,500,000 | 1,378,405 | |||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A | 1,325,000 | 1,328,869 | |||||||||
| Irvine Facilities Financing Authority CA (BAM) | 5.25% | 9/1/2053 | AA | 3,160,000 | 3,351,201 | |||||||||
| Orange County Community Facilities District CA Special Tax | 5.00% | 8/15/2047 | NR | 1,000,000 | 952,860 | |||||||||
| Poway Unified School District Public Financing Authority CA Special Tax (BAM) | 5.00% | 9/1/2035 | AA+ | 1,770,000 | 1,806,720 | |||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.25% | 9/1/2052 | AA | 1,000,000 | 1,045,106 | |||||||||
| Temecula Valley Unified School District Financing Authority CA Special Tax (BAM) | 5.00% | 9/1/2035 | AA | 1,505,000 | 1,530,540 | |||||||||
| Total | 17,102,563 | |||||||||||||
| Tax Revenue 4.12% | ||||||||||||||
| City of Sacramento Transient Occupancy Tax Revenue CA | 5.00% | 6/1/2048 | A1 | 1,000,000 | 1,014,208 | |||||||||
| Compton Community Redevelopment Agency Successor Agency CA (AGM) | 5.00% | 8/1/2037 | AA | 1,700,000 | 1,773,336 | |||||||||
| See Notes to Financial Statements. | 183 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Fresno Unified School District CA GO | 5.00% | 8/1/2046 | Aa3 | $ | 1,000,000 | $ | 1,025,888 | |||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2026 | NR | 1,925,000 | 1,933,934 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 501,000 | 93,442 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 350,000 | 314,357 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 3,971,000 | 3,566,607 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 7,000 | 5,989 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 4,298,854 | 3,811,199 | |||||||||
| San Diego Unified School District CA GO | 3.00% | 7/1/2044 | Aa2 | 4,400,000 | 3,208,177 | |||||||||
| San Leandro Unified School District CA GO | 5.25% | 8/1/2048 | AA- | 2,100,000 | 2,212,095 | |||||||||
| San Rafael City High School District CA GO | 5.25% | 8/1/2052 | Aa2 | 1,215,000 | 1,278,553 | |||||||||
| Tustin Community Facilities District CA Special Tax | 5.00% | 9/1/2037 | A- | 1,000,000 | 1,012,206 | |||||||||
| Total | 21,249,991 | |||||||||||||
| Taxable Revenue–Water & Sewer 1.49% | ||||||||||||||
| California Pollution Control Financing Authority–Poseidon Resources AMT† | 5.00% | 11/21/2045 | Baa3 | 1,100,000 | 1,071,205 | |||||||||
| Los Angeles Department of Water & Power Water System Revenue CA | 3.00% | #(b) | 7/1/2045 | Aa2 | 6,620,000 | 6,620,000 | ||||||||
| Total | 7,691,205 | |||||||||||||
| Tobacco 2.99% | ||||||||||||||
| California County Tobacco Securitization Agency | Zero Coupon | 6/1/2055 | NR | 3,000,000 | 444,861 | |||||||||
| California Statewide Financing Authority | Zero Coupon | 6/1/2046 | NR | 8,675,000 | 1,965,604 | |||||||||
| California Statewide Financing Authority† | Zero Coupon | 6/1/2055 | NR | 10,000,000 | 440,398 | |||||||||
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 7,000,000 | 608,121 | |||||||||
| Golden State Tobacco Securitization Corp. CA | 5.00% | 6/1/2034 | NR | 1,050,000 | 1,122,611 | |||||||||
| Inland Empire Tobacco Securitization Corp. CA† | Zero Coupon | 6/1/2057 | CCC | 3,000,000 | 184,421 | |||||||||
| 184 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2041 | NR | $ | 5,000,000 | $ | 1,689,153 | |||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2056 | NR | 2,250,000 | 169,870 | |||||||||
| Tobacco Securitization Authority of Northern California–Sacramento County Tobacco | 4.00% | 6/1/2036 | A- | 1,050,000 | 1,018,444 | |||||||||
| Tobacco Securitization Authority of Northern California–Sacramento County Tobacco | 4.00% | 6/1/2049 | BBB+ | 3,250,000 | 2,770,319 | |||||||||
| Tobacco Securitization Authority of Southern California–San Diego County Tobacco | Zero Coupon | 6/1/2046 | CCC- | 2,500,000 | 417,930 | |||||||||
| Tobacco Securitization Authority of Southern California–San Diego County Tobacco | Zero Coupon | 6/1/2054 | NR | 4,800,000 | 877,424 | |||||||||
| Tobacco Securitization Authority of Southern California–San Diego County Tobacco | 5.00% | 6/1/2038 | A- | 1,000,000 | 1,025,735 | |||||||||
| Tobacco Securitization Authority of Southern California–San Diego County Tobacco | 5.00% | 6/1/2039 | A- | 1,000,000 | 1,022,173 | |||||||||
| Tobacco Securitization Authority of Southern California–San Diego County Tobacco | 5.00% | 6/1/2048 | BBB+ | 1,675,000 | 1,679,553 | |||||||||
| Total | 15,436,617 | |||||||||||||
| Transportation 22.61% | ||||||||||||||
| Alameda Corridor Transportation Authority CA (AGM) | 5.00% | 10/1/2052 | AA | 9,000,000 | 9,158,539 | |||||||||
| Bay Area Toll Authority CA | 5.00% | 4/1/2054 | AA | 2,720,000 | 2,831,286 | |||||||||
| California Municipal Finance Authority–Lax Integrated Express AMT | 4.00% | 12/31/2047 | BBB- | (e) | 5,590,000 | 4,518,077 | ||||||||
| California Municipal Finance Authority–Lax Integrated Express AMT | 5.00% | 12/31/2034 | BBB- | (e) | 1,700,000 | 1,730,804 | ||||||||
| California Municipal Finance Authority–Lax Integrated Express AMT | 5.00% | 12/31/2035 | BBB- | (e) | 1,205,000 | 1,221,416 | ||||||||
| California Municipal Finance Authority–Lax Integrated Express AMT | 5.00% | 12/31/2043 | BBB- | (e) | 1,395,000 | 1,368,734 | ||||||||
| California Municipal Finance Authority–Lax Integrated Express AMT | 5.00% | 12/31/2047 | BBB- | (e) | 6,500,000 | 6,337,560 | ||||||||
| See Notes to Financial Statements. | 185 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| City of Fresno Airport Revenue CA (BAM) AMT | 5.00% | 7/1/2048 | AA | $ | 3,220,000 | $ | 3,195,885 | |||||||
| City of Long Beach Airport System Revenue CA AMT (AGM) | 5.25% | 6/1/2047 | AA | 1,250,000 | 1,273,279 | |||||||||
| City of Long Beach Harbor Revenue CA AMT | 5.00% | 5/15/2028 | AA+ | 1,000,000 | 1,014,515 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2049 | AA- | 2,000,000 | 1,702,975 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2032 | NR | 105,000 | 111,395 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2032 | AA- | 1,895,000 | 2,002,262 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2043 | AA- | 1,000,000 | 1,001,874 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2051 | AA- | 1,000,000 | 991,757 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2047 | AA | 3,000,000 | 3,073,164 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2048 | AA- | 2,000,000 | 2,012,672 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2036 | AA | 1,000,000 | 1,082,367 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2047 | AA | 7,000,000 | 7,286,824 | |||||||||
| County of Sacramento Airport System Revenue CA | 5.00% | 7/1/2041 | A | 1,130,000 | 1,150,710 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2033 | A | 1,500,000 | 985,950 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2042 | A | 1,150,000 | 1,304,761 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2043 | A- | 8,110,000 | 7,299,191 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2046 | A | 4,010,000 | 3,589,535 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2031 | A | 1,750,000 | 1,829,468 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2047 | A | 4,000,000 | 3,928,548 | |||||||||
| Port Commission of the City & County of San Francisco CA AMT | 5.00% | 3/1/2030 | Aa3 | 1,415,000 | 1,420,880 | |||||||||
| 186 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Puerto Rico Highway & Transportation Authority | 5.00% | 7/1/2062 | NR | $ | 2,000,000 | $ | 1,915,000 | |||||||
| Riverside County Transportation Commission CA | Zero Coupon | 6/1/2028 | NR | 465,000 | 391,011 | |||||||||
| Riverside County Transportation Commission CA | Zero Coupon | 6/1/2028 | A | 535,000 | 430,390 | |||||||||
| Riverside County Transportation Commission CA | 4.00% | 6/1/2047 | A- | 3,520,000 | 2,990,495 | |||||||||
| San Diego County Regional Airport Authority CA | 4.00% | 7/1/2046 | A2 | 2,005,000 | 1,826,104 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 4.00% | 7/1/2046 | A2 | 1,750,000 | 1,494,880 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 5.00% | 7/1/2051 | A2 | 3,500,000 | 3,435,161 | |||||||||
| San Francisco City & County Airport Comm–San Francisco International Airport CA AMT | 5.00% | 5/1/2041 | A+ | 3,500,000 | 3,494,783 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA | 5.00% | 5/1/2052 | A1 | 1,025,000 | 1,066,512 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2031 | A1 | 6,500,000 | 6,822,124 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2032 | A+ | 1,500,000 | 1,575,153 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2045 | A+ | 1,515,000 | 1,509,697 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2052 | A1 | 7,100,000 | 7,039,000 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% | 1/15/2050 | A | 1,825,000 | 1,578,326 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2044 | A- | 4,880,000 | 4,906,421 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2049 | A- | 1,930,000 | 1,938,434 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA (NATL) | Zero Coupon | 1/15/2036 | Baa2 | 1,450,000 | 798,120 | |||||||||
| Total | 116,636,039 | |||||||||||||
| See Notes to Financial Statements. | 187 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Utilities 11.89% | ||||||||||||||
| Adelanto Public Utility Authority CA (AGM) | 5.00% | 7/1/2039 | AA | $ | 1,335,000 | $ | 1,376,338 | |||||||
| California Community Choice Financing Authority | 4.00% | #(b) | 10/1/2052 | A2 | 2,350,000 | 2,278,269 | ||||||||
| California Community Choice Financing Authority | 5.00% | #(b) | 2/1/2054 | A1 | 1,500,000 | 1,514,128 | ||||||||
| California Pollution Control Financing Authority–Poseidon Resources† | 5.00% | 7/1/2039 | Baa3 | 1,120,000 | 1,122,986 | |||||||||
| California Pollution Control Financing Authority–Poseidon Resources† | 5.00% | 11/21/2045 | Baa3 | 3,870,000 | 3,768,694 | |||||||||
| Casitas Municipal Water District CA Special Tax (BAM) | 5.25% | 9/1/2047 | AA | 1,525,000 | 1,567,197 | |||||||||
| City of Burbank Electric Revenue CA | 5.00% | 6/1/2053 | AA- | 3,750,000 | 3,842,451 | |||||||||
| City of Los Angeles Wastewater System Revenue CA | 5.00% | 6/1/2043 | AA+ | 3,000,000 | 3,000,094 | |||||||||
| City of San Francisco Public Utilities Commission Water Revenue CA | 5.25% | 11/1/2052 | Aa2 | 1,000,000 | 1,061,286 | |||||||||
| Guam Power Authority (AGM) | 5.00% | 10/1/2034 | AA | 705,000 | 710,329 | |||||||||
| Long Beach Bond Finance Authority CA | 5.20% (3 mo. USD LIBOR * .67 +1.43% | )# | 11/15/2026 | A1 | 1,000,000 | 984,137 | ||||||||
| Los Angeles Department of Water & Power CA | 3.00% | #(b) | 7/1/2034 | Aa2 | 2,450,000 | 2,450,000 | ||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2043 | Aa2 | 2,000,000 | 2,115,585 | |||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2048 | Aa2 | 2,000,000 | 2,071,404 | |||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2051 | Aa2 | 1,200,000 | 1,243,392 | |||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2052 | Aa2 | 4,645,000 | 4,823,283 | |||||||||
| Los Angeles Department of Water & Power CA | 5.25% | 7/1/2037 | Aa2 | 1,500,000 | 1,557,231 | |||||||||
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% | 7/1/2052 | AA+ | 1,745,000 | 1,817,107 | |||||||||
| Modesto Irrigation District CA | 5.25% | 10/1/2048 | A+ | 3,000,000 | 3,166,422 | |||||||||
| M-S-R Energy Authority CA | 6.50% | 11/1/2039 | BBB+ | 2,625,000 | 2,972,318 | |||||||||
| Northern California Energy Authority | 4.00% | #(b) | 7/1/2049 | A2 | 3,750,000 | 3,739,790 | ||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 700,000 | 583,862 | |||||||||
| 188 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| San Diego Public Facilities Financing Authority CA | 5.00% | 8/1/2043 | Aa3 | $ | 1,000,000 | $ | 1,036,522 | |||||||
| San Francisco City & County Public Utilities Commission Wastewater Revenue CA | 5.00% | 10/1/2046 | AA | 2,000,000 | 2,083,036 | |||||||||
| Southern California Public Power Authority | 5.00% | 11/1/2033 | A2 | 3,575,000 | 3,595,544 | |||||||||
| Southern California Public Power Authority | 5.00% | 7/1/2038 | AA- | 1,000,000 | 1,004,460 | |||||||||
| Southern California Public Power Authority | 5.244% (3 mo. USD LIBOR * .67 + 1.47% | )# | 11/1/2038 | A2 | 815,000 | 693,148 | ||||||||
| Stockton Public Financing Authority CA (BAM) | 5.00% | 9/1/2029 | AA | 1,000,000 | 1,006,790 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2025 | BBB+ | (e) | 1,130,000 | 1,137,820 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2031 | BBB+ | (e) | 765,000 | 766,712 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2032 | BBB+ | (e) | 1,090,000 | 1,105,640 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2034 | BBB+ | (e) | 300,000 | 303,555 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2035 | BBB+ | (e) | 200,000 | 201,215 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2038 | BBB+ | (e) | 650,000 | 632,458 | ||||||||
| Total | 61,333,203 | |||||||||||||
| Total Investments in Securities 100.26% (cost $548,847,043) | 517,235,203 | |||||||||||||
| Other Assets and Liabilities – Net(f) (0.26)% | (1,364,711 | ) | ||||||||||||
| Net Assets 100.00% | $ | 515,870,492 | ||||||||||||
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by–Build America Mutual. | |
| COPS | Certificates of Participation. | |
| LIBOR | London Interbank Offered Rate. | |
| NATL | National Public Finance Guarantee Corporation. | |
| NR | Not Rated. |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2023, the total value of Rule 144A securities was $36,667,925, which represents 7.11% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2023. | |
| (a) | Unaudited. | |
| (b) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (c) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. | |
| (d) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (e) | This investment has been rated by Fitch IBCA. | |
| (f) | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows: |
| See Notes to Financial Statements. | 189 |
Schedule of Investments (concluded)
CALIFORNIA TAX FREE FUND September 30, 2023
Futures Contracts at September 30, 2023:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation | ||||||||||||
| U.S. Long Bond | December 2023 | 75 | Short | $(8,887,977 | ) | $(8,533,594 | ) | $354,383 | ||||||||||
The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| General Obligation | $ | – | $ | 78,654,726 | $ | 560,785 | $ | 79,215,511 | ||||||||
| Health Care | – | 64,877,853 | 1,425,682 | 66,303,535 | ||||||||||||
| Remaining Industries | – | 371,716,157 | – | 371,716,157 | ||||||||||||
| Total | $ | – | $ | 515,248,736 | $ | 1,986,467 | $ | 517,235,203 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 354,383 | $ | – | $ | – | $ | 354,383 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 354,383 | $ | – | $ | – | $ | 354,383 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the year.
| 190 | See Notes to Financial Statements. |
Schedule of Investments
NEW JERSEY TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 97.81% | ||||||||||||||
| MUNICIPAL BONDS 97.81% | ||||||||||||||
| Corporate-Backed 3.92% | ||||||||||||||
| Industrial Pollution Control Financing Authority of Gloucester County–Logan Generating Co LP NJ AMT | 5.00% | 12/1/2024 | NR | $ | 85,000 | $ | 85,152 | |||||||
| New Jersey Economic Development Authority–NYNJ Link Borrower LLC (AGM) AMT | 5.00% | 1/1/2031 | AA | 225,000 | 225,480 | |||||||||
| New Jersey Economic Development Authority–NYNJ Link Borrower LLC AMT | 5.00% | 1/1/2028 | BBB+ | 100,000 | 100,200 | |||||||||
| New Jersey Economic Development Authority–United Airlines Inc | 5.25% | 9/15/2029 | BB- | 1,675,000 | 1,670,722 | |||||||||
| New Jersey Economic Development Authority–United Airlines Inc | 5.50% | 6/1/2033 | BB- | 650,000 | 653,261 | |||||||||
| New Jersey Infrastructure Bank | 2.125% | 9/1/2046 | AAA | 400,000 | 231,070 | |||||||||
| Salem County Pollution Control Financing Authority–Constellation Energy Gen NJ AMT | 4.45% | 3/1/2025 | Baa2 | 1,015,000 | 1,008,669 | |||||||||
| Total | 3,974,554 | |||||||||||||
| Education 10.34% | ||||||||||||||
| Camden County Improvement Authority–Kipp Cooper Norcross Oblig NJ | 6.00% | 6/15/2047 | BBB | 500,000 | 522,148 | |||||||||
| Hudson County Improvement Authority NJ | 4.00% | 6/1/2049 | AA | 500,000 | 435,189 | |||||||||
| Middlesex County Improvement Authority NJ | 5.00% | 8/15/2053 | Aa3 | 1,360,000 | 1,404,154 | |||||||||
| Middlesex County Improvement Authority NJ GTD | 4.00% | 8/15/2053 | NR | 1,000,000 | 871,741 | |||||||||
| New Jersey Economic Development Authority–Provident Group-Montclair (AGM) | 5.00% | 6/1/2042 | AA | 500,000 | 500,239 | |||||||||
| New Jersey Educational Facilities Authority(b) | 5.00% | 9/1/2036 | A2 | 285,000 | 301,274 | |||||||||
| New Jersey Educational Facilities Authority(b) | 5.25% | 9/1/2053 | A2 | 750,000 | 773,222 | |||||||||
| New Jersey Educational Facilities Authority–New Jersey City Univ Inc (AGM) | 4.00% | 7/1/2036 | AA | 745,000 | 692,356 | |||||||||
| New Jersey Educational Facilities Authority–Ramapo College of NJ (AGM) | 4.00% | 7/1/2041 | AA | 545,000 | 483,384 | |||||||||
| New Jersey Educational Facilities Authority–Seton Hall University | 4.00% | 7/1/2046 | BBB+ | 545,000 | 437,257 | |||||||||
| See Notes to Financial Statements. | 191 |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New Jersey Educational Facilities Authority–Seton Hall University | 5.00% | 7/1/2034 | BBB+ | $ | 325,000 | $ | 329,654 | |||||||
| New Jersey Educational Facilities Authority–Seton Hall University (AGM) | 3.25% | 7/1/2049 | AA | 400,000 | 280,458 | |||||||||
| New Jersey Educational Facilities Authority–Stevens Inst of Tech | 3.00% | 7/1/2050 | BBB+ | 1,005,000 | 622,807 | |||||||||
| New Jersey Educational Facilities Authority–Stevens Inst of Tech | 4.00% | 7/1/2050 | BBB+ | 200,000 | 156,311 | |||||||||
| New Jersey Educational Facilities Authority–Stevens Inst of Tech | 5.00% | 7/1/2030 | BBB+ | 530,000 | 540,169 | |||||||||
| New Jersey Educational Facilities Authority–Stockton University | 5.00% | 7/1/2041 | A3 | 800,000 | 786,287 | |||||||||
| New Jersey Educational Facilities Authority–William Paterson Univ (AGM) | 3.00% | 7/1/2039 | AA | 250,000 | 197,465 | |||||||||
| New Jersey Educational Facilities Authority–William Paterson Univ (AGM) | 3.00% | 7/1/2040 | AA | 250,000 | 194,165 | |||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 2.50% | 12/1/2040 | AA | 500,000 | 395,197 | |||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 3.25% | 12/1/2039 | Aa1 | 405,000 | 366,404 | |||||||||
| New Jersey Institute of Technology | 5.00% | 7/1/2033 | A1 | 170,000 | 179,975 | |||||||||
| Total | 10,469,856 | |||||||||||||
| Financial Services 0.20% | ||||||||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 5.00% | 12/1/2028 | Aaa | 200,000 | 203,790 | |||||||||
| General Obligation 11.84% | ||||||||||||||
| City of Atlantic City NJ GO (AGM) | 5.00% | 3/1/2037 | AA | 540,000 | 550,607 | |||||||||
| City of Atlantic City NJ GO (BAM) | 5.00% | 3/1/2042 | AA | 750,000 | 755,615 | |||||||||
| City of Jersey City NJ GO | 4.00% | 2/15/2036 | A1 | 750,000 | 732,516 | |||||||||
| City of Newark Mass Transit Access Tax Revenue NJ (AGM) | 5.375% | 11/15/2052 | AA | 710,000 | 753,445 | |||||||||
| City of Summit NJ GO | 4.00% | 7/15/2041 | AAA | 500,000 | 463,848 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2024 | NR | 6,674 | 6,448 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 52,676 | 31,134 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(c) | 11/1/2043 | NR | 192,940 | 100,329 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2033 | NR | 40,933 | 36,776 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 36,793 | 32,062 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 31,578 | 26,588 | |||||||||
| 192 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/2025 | NR | $ | 45,588 | $ | 46,079 | |||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 45,175 | 46,404 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 44,442 | 45,990 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 43,166 | 45,164 | |||||||||
| County of Atlantic NJ GO | 4.00% | 3/15/2039 | Aa2 | 450,000 | 433,454 | |||||||||
| County of Hudson NJ GO | 2.00% | 11/15/2035 | AA | 935,000 | 683,169 | |||||||||
| Cumberland County Improvement Authority NJ GTD (BAM) | 4.00% | 10/1/2048 | AA | 750,000 | 644,969 | |||||||||
| New Jersey Economic Development Authority | 5.25% | 11/1/2047 | A2 | 750,000 | 777,063 | |||||||||
| New Jersey Health Care Facilities Financing Authority | 5.00% | 10/1/2037 | A2 | 500,000 | 509,007 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.25% | 6/15/2044 | A2 | 500,000 | 460,239 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2046 | A2 | 750,000 | 776,595 | |||||||||
| Rutherford Board of Education NJ GO | 2.50% | 12/15/2034 | AA- | 1,000,000 | 811,843 | |||||||||
| State of New Jersey GO | 2.50% | 6/1/2038 | A1 | 1,020,000 | 734,981 | (d) | ||||||||
| State of New Jersey GO | 5.00% | 6/1/2040 | A1 | 750,000 | 778,175 | |||||||||
| Township of Berkeley Heights NJ GO | 4.00% | 7/1/2041 | Aa1 | 785,000 | 729,373 | |||||||||
| Union County Utilities Authority–Covanta Union LLC NJ GTD AMT | 4.75% | 12/1/2031 | AA+ | 980,000 | 980,580 | |||||||||
| Total | 11,992,453 | |||||||||||||
| Health Care 12.53% | ||||||||||||||
| Camden County Improvement Authority–Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2030 | A- | 530,000 | 531,705 | |||||||||
| Camden County Improvement Authority–Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2032 | A- | 500,000 | 501,609 | |||||||||
| New Jersey Economic Development Authority–Bancroft Neurohealth Oblig | 5.00% | 6/1/2036 | NR | 220,000 | 200,116 | |||||||||
| New Jersey Health Care Facilities Financing Authority–Atlanticare Hlth Sys Oblig | 2.375% | 7/1/2046 | AA- | 695,000 | 398,000 | (d) | ||||||||
| New Jersey Health Care Facilities Financing Authority–Inspira Health Oblig Grp | 4.00% | 7/1/2047 | A2 | 885,000 | 741,495 | |||||||||
| New Jersey Health Care Facilities Financing Authority–Inspira Health Oblig Grp | 5.00% | 7/1/2035 | A2 | 460,000 | 469,506 | |||||||||
| New Jersey Health Care Facilities Financing Authority–Inspira Health Oblig Grp | 5.00% | 7/1/2042 | A2 | 1,000,000 | 990,781 | |||||||||
| See Notes to Financial Statements. | 193 |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New Jersey Health Care Facilities Financing Authority–RWJ Barnabas Health Oblig | 3.00% | 7/1/2051 | AA- | $ | 1,190,000 | $ | 791,649 | |||||||
| New Jersey Health Care Facilities Financing Authority–RWJ Barnabas Health Oblig | 4.00% | 7/1/2051 | AA- | 1,350,000 | 1,166,317 | |||||||||
| New Jersey Health Care Facilities Financing Authority–RWJ Barnabas Health Oblig | 5.00% | 7/1/2043 | AA- | 1,925,000 | 1,931,521 | |||||||||
| New Jersey Health Care Facilities Financing Authority–St Joseph’s Hlthcr Oblig | 4.00% | 7/1/2048 | BBB- | 1,200,000 | 952,246 | |||||||||
| New Jersey Health Care Facilities Financing Authority–St Joseph’s Hlthcr Oblig | 5.00% | 7/1/2027 | BBB- | 100,000 | 100,371 | |||||||||
| New Jersey Health Care Facilities Financing Authority–St Joseph’s Hlthcr Oblig | 5.00% | 7/1/2041 | BBB- | 750,000 | 705,966 | |||||||||
| New Jersey Health Care Facilities Financing Authority–Univ of Penn Hlth Sys Oblig | 5.00% | 7/1/2039 | AA | 1,000,000 | 1,012,311 | |||||||||
| New Jersey Health Care Facilities Financing Authority–University Hospital (AGM) | 5.00% | 7/1/2046 | AA | 1,000,000 | 970,895 | |||||||||
| New Jersey Health Care Facilities Financing Authority–Valley Hlth Sys Oblig Grp | 4.00% | 7/1/2044 | A | 1,055,000 | 894,036 | |||||||||
| New Jersey Health Care Facilities Financing Authority–Valley Hlth Sys Oblig Grp | 5.00% | 7/1/2030 | A | 315,000 | 328,559 | |||||||||
| Total | 12,687,083 | |||||||||||||
| Housing 0.07% | ||||||||||||||
| New Jersey Housing & Mortgage Finance Agency (HUD SECT 8) | 3.15% | 5/1/2053 | AA- | 100,000 | 66,261 | |||||||||
| Lease Obligations 19.24% | ||||||||||||||
| Gloucester County Improvement Authority–Rowan University NJ (AGM) | 5.00% | 11/1/2029 | AA | 250,000 | 256,895 | |||||||||
| Gloucester County Improvement Authority–Rowan University NJ (AGM) | 5.00% | 11/1/2030 | AA | 290,000 | 297,660 | |||||||||
| New Jersey Economic Development Authority | 4.00% | 6/15/2049 | A2 | 1,390,000 | 1,202,285 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2029 | A2 | 500,000 | 516,900 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2034 | A2 | 390,000 | 391,909 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2035 | A2 | 750,000 | 772,614 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2035 | A2 | 640,000 | 648,547 | |||||||||
| 194 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2042 | A2 | $ | 505,000 | $ | 531,025 | |||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2047 | A2 | 540,000 | 540,657 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2048 | A2 | 500,000 | 498,611 | |||||||||
| New Jersey Economic Development Authority–NYNJ Link Borrower LLC AMT | 5.375% | 1/1/2043 | BBB+ | 1,660,000 | 1,662,048 | |||||||||
| New Jersey Economic Development Authority–NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | BBB+ | 210,000 | 210,321 | |||||||||
| New Jersey Educational Facilities Authority | 5.00% | 9/1/2033 | A2 | 1,060,000 | 1,066,016 | |||||||||
| New Jersey Educational Facilities Authority | 5.00% | 9/1/2036 | A2 | 535,000 | 540,922 | |||||||||
| New Jersey Educational Facilities Authority | 5.50% | 9/1/2033 | A2 | 410,000 | 422,254 | |||||||||
| New Jersey Health Care Facilities Financing Authority | 5.00% | 10/1/2038 | A2 | 520,000 | 527,618 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2031 | A2 | 1,980,000 | 1,372,483 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2038 | A2 | 1,120,000 | 519,963 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 12/15/2039 | A2 | 1,160,000 | 1,069,059 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2050 | A2 | 1,360,000 | 1,153,216 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.25% | 12/15/2038 | A2 | 470,000 | 447,203 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.75% | 6/15/2038 | A2 | 980,000 | 983,730 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2030 | A+ | 545,000 | 555,290 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2031 | A+ | 400,000 | 407,037 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2036 | A2 | 555,000 | 568,402 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2038 | A2 | 1,380,000 | 1,380,735 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2041 | A2 | 205,000 | 205,815 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2043 | A2 | 720,000 | 733,583 | |||||||||
| Total | 19,482,798 | |||||||||||||
| See Notes to Financial Statements. | 195 |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Other Revenue 0.31% | ||||||||||||||
| Middlesex County Improvement Authority NJ | 6.25% | 1/1/2037 | NR | $ | 1,300,000 | $ | 16,250 | |||||||
| New Jersey Economic Development Authority–Bancroft Neurohealth Oblig | 5.00% | 6/1/2041 | NR | 350,000 | 302,568 | |||||||||
| Total | 318,818 | |||||||||||||
| Special Tax 0.83% | ||||||||||||||
| New Jersey Economic Development Authority Mtromall Urban | 6.50% | 4/1/2028 | Baa2 | 564,458 | 552,883 | |||||||||
| New Jersey Infrastructure Bank | 2.00% | 9/1/2046 | AAA | 520,000 | 291,597 | |||||||||
| Total | 844,480 | |||||||||||||
| Tax Revenue 5.38% | ||||||||||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2039 | BBB+ | 525,000 | 525,144 | |||||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2044 | BBB+ | 310,000 | 302,510 | |||||||||
| Casino Reinvestment Development Authority, Inc. NJ (AGM) | 5.00% | 11/1/2032 | AA | 500,000 | 503,783 | |||||||||
| Garden State Preservation Trust NJ (AGM) | 5.75% | 11/1/2028 | AA | 1,205,000 | 1,265,168 | |||||||||
| New Jersey Transportation Trust Fund Authority | 3.00% | 6/15/2050 | A2 | 540,000 | 368,141 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2029 | NR | 18,000 | 14,018 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 235,000 | 166,774 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 646,000 | 414,732 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 2,675,000 | 498,915 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 96,000 | 86,224 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 492,000 | 441,897 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 18,000 | 15,400 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 19,000 | 17,529 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 380,000 | 350,580 | |||||||||
| 196 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | $ | 267,000 | $ | 236,712 | |||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 40,000 | 35,014 | |||||||||
| Territory of Guam | 4.00% | 1/1/2042 | Ba1 | 250,000 | 203,059 | |||||||||
| Total | 5,445,600 | |||||||||||||
| Taxable Revenue–Water & Sewer 1.21% | ||||||||||||||
| Jersey City Municipal Utilities Authority NJ | 4.00% | 5/3/2024 | NR | 750,000 | 749,708 | |||||||||
| New Jersey Economic Development Authority–New Jersey Amern Wtr Co AMT | 3.75% | #(c) | 11/1/2034 | A+ | 500,000 | 475,268 | ||||||||
| Total | 1,224,976 | |||||||||||||
| Tobacco 3.01% | ||||||||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BBB- | 2,190,000 | 2,038,246 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 1,000,000 | 1,005,672 | |||||||||
| Total | 3,043,918 | |||||||||||||
| Transportation 23.37% | ||||||||||||||
| Delaware River & Bay Authority DE | 5.00% | 1/1/2039 | A1 | 500,000 | 522,652 | |||||||||
| Delaware River Joint Toll Bridge Commission PA | 3.00% | 7/1/2049 | A+ | 1,025,000 | 655,335 | |||||||||
| Delaware River Port Authority PA | 5.00% | 1/1/2040 | A+ | 600,000 | 619,839 | |||||||||
| New Jersey Economic Development Authority | 4.00% | 11/1/2044 | A2 | 275,000 | 245,215 | |||||||||
| New Jersey Economic Development Authority–NYNJ Link Borrower LLC (AGM) AMT | 5.125% | 1/1/2039 | AA | 925,000 | 926,028 | |||||||||
| New Jersey Economic Development Authority–Port Newark Container AMT | 5.00% | 10/1/2047 | Baa2 | 930,000 | 886,296 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2050 | A2 | 1,080,000 | 940,093 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2028 | A+ | 1,000,000 | 1,020,155 | |||||||||
| New Jersey Turnpike Authority | 4.00% | 1/1/2043 | AA- | 610,000 | 567,597 | |||||||||
| New Jersey Turnpike Authority | 4.00% | 1/1/2048 | AA- | 1,000,000 | 878,053 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2030 | AA- | 715,000 | 740,700 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2034 | AA- | 510,000 | 515,657 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2034 | AA- | 615,000 | 635,362 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2046 | AA- | 750,000 | 770,926 | |||||||||
| See Notes to Financial Statements. | 197 |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New Jersey Turnpike Authority | 5.25% | 1/1/2052 | AA- | $ | 1,110,000 | $ | 1,154,567 | |||||||
| New Jersey Turnpike Authority (AGM) | 5.25% | 1/1/2028 | AA | 810,000 | 866,194 | |||||||||
| Port Authority of New York & New Jersey | 4.00% | 9/1/2043 | AA- | 870,000 | 793,995 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2035 | Aa3 | 500,000 | 543,434 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2038 | AA- | 420,000 | 432,517 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | Aa3 | 250,000 | 253,527 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | Aa3 | 500,000 | 507,055 | |||||||||
| Port Authority of New York & New Jersey | 5.25% | 8/1/2052 | AA- | 250,000 | 258,785 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2032 | AA- | 590,000 | 604,617 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2033 | AA- | 850,000 | 870,607 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2034 | AA- | 275,000 | 281,328 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | Aa3 | 545,000 | 574,713 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 10/15/2036 | AA- | 1,190,000 | 1,191,317 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 500,000 | 501,209 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2044 | Aa3 | 500,000 | 505,379 | |||||||||
| South Jersey Port Corp. NJ AMT | 5.00% | 1/1/2048 | A3 | 500,000 | 490,384 | |||||||||
| South Jersey Transportation Authority NJ | 5.00% | 11/1/2039 | BBB+ | 1,320,000 | 1,263,796 | |||||||||
| South Jersey Transportation Authority NJ | 5.25% | 11/1/2052 | BBB+ | 1,200,000 | 1,195,175 | |||||||||
| South Jersey Transportation Authority NJ (BAM) | 4.00% | 11/1/2050 | AA | 1,080,000 | 952,513 | |||||||||
| South Jersey Transportation Authority NJ (BAM) | 5.00% | 11/1/2045 | AA | 500,000 | 508,128 | |||||||||
| Total | 23,673,148 | |||||||||||||
| Utilities 5.56% | ||||||||||||||
| Guam Government Waterworks Authority | 5.00% | 7/1/2036 | A- | 100,000 | 100,082 | |||||||||
| Guam Power Authority (AGM) | 5.00% | 10/1/2034 | AA | 400,000 | 403,024 | |||||||||
| New Jersey Economic Development Authority–Middlesex Water Co AMT | 4.00% | 8/1/2059 | A+ | 500,000 | 389,813 | |||||||||
| New Jersey Economic Development Authority–New Jersey Amern Wtr Co AMT | 2.20% | #(c) | 10/1/2039 | A+ | 500,000 | 412,993 | ||||||||
| New Jersey Economic Development Authority–New Jersey Natural Gas Co | 3.50% | 4/1/2042 | A1 | 1,655,000 | 1,295,039 | |||||||||
| 198 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2023
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| New Jersey Economic Development Authority–New Jersey Natural Gas Co AMT | 3.00% | 8/1/2041 | A1 | $ | 1,000,000 | $ | 714,031 | |||||||
| New Jersey Economic Development Authority–Umm Energy Partners LLC AMT | 4.75% | 6/15/2032 | Baa2 | 1,000,000 | 975,565 | |||||||||
| Passaic Valley Sewerage Commission NJ (AGM) | 3.00% | 12/1/2038 | AA | 1,000,000 | 776,061 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 380,000 | 316,954 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2030 | NR | 250,000 | 249,698 | |||||||||
| Total | 5,633,260 | |||||||||||||
| Total Investments in Securities 97.81% (cost $109,678,487) | 99,060,995 | |||||||||||||
| Other Assets and Liabilities – Net(e) 2.19% | 2,222,478 | |||||||||||||
| Net Assets 100.00% | $ | 101,283,473 | ||||||||||||
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by–Build America Mutual. | |
| GTD | Guaranteed. | |
| HUD | Insured by–Department of Housing and Urban Development. | |
| NR | Not Rated. |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2023. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2023, the total value of Rule 144A securities was $ 566,652, which represents 0.56% of net assets. | |
| (a) | Unaudited. | |
| (b) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (c) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (d) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. | |
| (e) | Other Assets and Liabilities–Net include net unrealized appreciation/depreciation on futures contracts as follows: |
Futures Contracts at September 30, 2023:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation | |||||||||||
| U.S. Long Bond | December 2023 | 9 | Short | $(1,066,557 | ) | $(1,024,031 | ) | $42,526 | |||||||||
| See Notes to Financial Statements. | 199 |
Schedule of Investments (concluded)
NEW JERSEY TAX FREE FUND September 30, 2023
The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| General Obligation | $ | – | $ | 11,257,472 | $ | 734,981 | $ | 11,992,453 | ||||||||
| Health Care | – | 12,289,083 | 398,000 | 12,687,083 | ||||||||||||
| Remaining Industries | – | 74,381,459 | – | 74,381,459 | ||||||||||||
| Total | $ | – | $ | 97,928,014 | $ | 1,132,981 | $ | 99,060,995 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 42,526 | $ | – | $ | – | $ | 42,526 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 42,526 | $ | – | $ | – | $ | 42,526 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets.
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
| Investment Type | Municipal Bonds | |||
| Balance as of October 1, 2022 | $ | – | ||
| Accrued Discounts (Premiums) | 1,141 | |||
| Realized Gain (Loss) | – | |||
| Change in Unrealized Appreciation (Depreciation) | (11,710 | ) | ||
| Purchases | – | |||
| Sales | – | |||
| Transfers into Level 3(a) | 1,143,550 | |||
| Transfers out of Level 3 | – | |||
| Balance as of September 30, 2023 | $ | 1,132,981 | ||
| Change in unrealized appreciation/ depreciation for the year ended September 30, 2023, related to Level 3 investments held at September 30, 2023 | $ | (11,710 | ) | |
| (a) | The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of mark quotations in accordance with valuation methodology. |
| 200 | See Notes to Financial Statements. |
Schedule of Investments
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 98.58% | ||||||||||||||
| MUNICIPAL BONDS 98.58% | ||||||||||||||
| Corporate-Backed 11.17% | ||||||||||||||
| Brooklyn Arena Local Development Corp.–Brooklyn Events Ctr LLC NY | Zero Coupon | 7/15/2047 | Ba1 | $ | 250,000 | $ | 65,375 | |||||||
| Build NYC Resource Corp.–Pratt Paper Inc NY AMT† | 4.50% | 1/1/2025 | NR | 100,000 | 100,154 | |||||||||
| Build NYC Resource Corp.–Pratt Paper Inc NY AMT† | 5.00% | 1/1/2035 | NR | 250,000 | 251,841 | |||||||||
| New York City Industrial Development Agency–TRIPS Oblig Group NY | 5.00% | 7/1/2028 | BBB+ | 1,575,000 | 1,556,701 | |||||||||
| New York Liberty Development Corp. | 2.10% | 11/15/2032 | A+ | 2,720,000 | 2,187,885 | |||||||||
| New York Liberty Development Corp. | 2.875% | 11/15/2046 | A+ | 7,345,000 | 4,953,581 | |||||||||
| New York Liberty Development Corp.–3 World Trade Center LLC† | 5.00% | 11/15/2044 | NR | 8,655,000 | 8,026,128 | |||||||||
| New York Liberty Development Corp.–3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 750,000 | 731,377 | |||||||||
| New York Liberty Development Corp.–3 World Trade Center LLC† | 7.25% | 11/15/2044 | NR | 1,000,000 | 1,005,185 | |||||||||
| New York Liberty Development Corp.–Goldman Sachs Hdqtrs LLC | 5.25% | 10/1/2035 | A2 | 7,215,000 | 7,852,326 | |||||||||
| New York Liberty Development Corp.–Goldman Sachs Hdqtrs LLC | 5.50% | 10/1/2037 | A2 | 3,650,000 | 3,952,199 | |||||||||
| New York Liberty Development Corp.–One Bryant Park LLC | 2.80% | 9/15/2069 | Baa1 | 4,630,000 | 3,988,644 | |||||||||
| New York State Energy Research & Development Authority–New york ST Elec & Gas(b) | 4.00% | 4/1/2034 | Baa1 | 2,000,000 | 1,896,271 | |||||||||
| New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT | 2.75% | #(c) | 9/1/2050 | B+ | 500,000 | 479,256 | ||||||||
| New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT† | 2.875% | #(c) | 12/1/2044 | B+ | 1,500,000 | 1,310,705 | ||||||||
| New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT† | 5.125% | #(c) | 9/1/2050 | B1 | 1,000,000 | 987,087 | ||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 2.25% | 8/1/2026 | BB- | (d) | 155,000 | 146,316 | ||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 3.00% | 8/1/2031 | BB- | (d) | 1,000,000 | 865,281 | ||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 1,300,000 | 1,315,984 | |||||||||
| See Notes to Financial Statements. | 201 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| New York Transportation Development Corp.–American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | $ | 1,025,000 | $ | 1,004,193 | |||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC AMT | 4.00% | 12/1/2038 | Baa1 | 2,570,000 | 2,295,823 | |||||||||
| Niagara Area Development Corp.–Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B | 1,750,000 | 1,468,322 | |||||||||
| Westchester County Local Development Corp.–Miriam Osborn Mem Home Oblig NY | 5.00% | 7/1/2034 | A | (d) | 200,000 | 204,153 | ||||||||
| Total | 46,644,787 | |||||||||||||
| Education 9.64% | ||||||||||||||
| Build NYC Resource Corp.–E Harlem Scholars Oblig Gp NY† | 5.75% | 6/1/2042 | BB+ | 1,000,000 | 1,005,951 | |||||||||
| Build NYC Resource Corp.–Kipp NYC Public Chtr Schs NY | 5.25% | 7/1/2052 | BBB- | 1,250,000 | 1,203,812 | |||||||||
| Build NYC Resource Corp.–Manhattan College NY | 5.00% | 8/1/2033 | BBB+ | 1,125,000 | 1,147,552 | |||||||||
| Build NYC Resource Corp.–New York Law School | 5.00% | 7/1/2041 | BBB- | 1,175,000 | 1,082,286 | |||||||||
| Build NYC Resource Corp.–Packer Collegiate Inst NY | 5.00% | 6/1/2040 | A2 | 1,000,000 | 999,963 | |||||||||
| City of New Rochelle–Iona College NY | 5.00% | 7/1/2028 | BBB | 205,000 | 207,483 | |||||||||
| City of New Rochelle–Iona College NY | 5.00% | 7/1/2029 | BBB | 250,000 | 252,888 | |||||||||
| City of New Rochelle–Iona College NY | 5.00% | 7/1/2030 | BBB | 220,000 | 222,377 | |||||||||
| City of New Rochelle–Iona College NY | 5.00% | 7/1/2031 | BBB | 200,000 | 202,052 | |||||||||
| Dutchess County Local Development Corp.–Bard College NY | 5.00% | 7/1/2045 | BBB- | 1,000,000 | 967,319 | |||||||||
| Dutchess County Local Development Corp.–Bard College NY | 5.00% | 7/1/2051 | BBB- | 1,000,000 | 946,639 | |||||||||
| Dutchess County Local Development Corp.–Culinary Inst of America NY | 4.00% | 7/1/2035 | Baa2 | 1,145,000 | 1,041,679 | |||||||||
| Dutchess County Local Development Corp.–Culinary Inst of America NY | 4.00% | 7/1/2037 | Baa2 | 965,000 | 841,631 | |||||||||
| Dutchess County Local Development Corp.–Culinary Inst of America NY | 4.00% | 7/1/2040 | Baa2 | 425,000 | 353,640 | |||||||||
| Dutchess County Local Development Corp.–Culinary Inst of America NY | 5.00% | 7/1/2033 | Baa2 | 390,000 | 392,423 | |||||||||
| Dutchess County Local Development Corp.–Culinary Inst of America NY | 5.00% | 7/1/2041 | Baa2 | 200,000 | 190,869 | |||||||||
| 202 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Dutchess County Local Development Corp.–Culinary Inst of America NY | 5.00% | 7/1/2046 | Baa2 | $ | 275,000 | $ | 255,614 | |||||||
| Dutchess County Local Development Corp.–Millbrook School NY | 4.00% | 9/1/2051 | A | 1,500,000 | 1,201,502 | |||||||||
| Dutchess County Local Development Corp.–Vassar College NY | 5.00% | 7/1/2034 | Aa3 | 275,000 | 285,089 | |||||||||
| Hempstead Town Local Development Corp.–Adelphi University NY | 4.00% | 2/1/2039 | A- | 2,240,000 | 1,929,426 | |||||||||
| Hempstead Town Local Development Corp.–Adelphi University NY | 5.00% | 6/1/2029 | A- | 500,000 | 521,457 | |||||||||
| Hempstead Town Local Development Corp.–Adelphi University NY | 5.00% | 6/1/2030 | A- | 200,000 | 209,605 | |||||||||
| Hempstead Town Local Development Corp.–Adelphi University NY | 5.00% | 6/1/2031 | A- | 565,000 | 595,510 | |||||||||
| Hempstead Town Local Development Corp.–Adelphi University NY | 5.00% | 6/1/2032 | A- | 330,000 | 347,558 | |||||||||
| Hempstead Town Local Development Corp.–Hofstra University NY | 5.00% | 7/1/2042 | A | 545,000 | 552,267 | |||||||||
| Hempstead Town Local Development Corp.–Molloy College NY | 5.00% | 7/1/2034 | BBB | 825,000 | 826,406 | |||||||||
| Hempstead Town Local Development Corp.–Molloy College NY | 5.00% | 7/1/2037 | BBB | 630,000 | 612,705 | |||||||||
| Hempstead Town Local Development Corp.–Molloy College NY | 5.00% | 7/1/2039 | BBB | 555,000 | 528,830 | |||||||||
| Monroe County Industrial Development Corp.–University of Rochester NY | 5.00% | 7/1/2031 | AA- | 350,000 | 363,566 | |||||||||
| New York City Industrial Development Agency–Yankee Stadium LLLC NY (AGM) | 3.00% | 3/1/2049 | AA | 2,050,000 | 1,355,089 | |||||||||
| New York State Dormitory Authority | 5.00% | 2/15/2041 | NR | 5,000 | 5,265 | |||||||||
| New York State Dormitory Authority–Barnard College | 4.00% | 7/1/2034 | A3 | 460,000 | 437,307 | |||||||||
| New York State Dormitory Authority–Barnard College | 4.00% | 7/1/2036 | A3 | 325,000 | 301,148 | |||||||||
| New York State Dormitory Authority–Barnard College | 4.00% | 7/1/2037 | A3 | 710,000 | 644,848 | |||||||||
| New York State Dormitory Authority–Fordham University | 5.00% | 7/1/2035 | A | 550,000 | 562,533 | |||||||||
| New York State Dormitory Authority–Icahn Sch of Med Mt Sinai | 5.00% | 7/1/2040 | A- | 2,200,000 | 2,174,159 | |||||||||
| See Notes to Financial Statements. | 203 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New York State Dormitory Authority–Iona College | 5.00% | 7/1/2046 | BBB | $ | 375,000 | $ | 354,581 | |||||||
| New York State Dormitory Authority–Pratt Institute | 5.00% | 7/1/2039 | A2 | 1,045,000 | 1,047,298 | |||||||||
| New York State Dormitory Authority–St John’s University | 5.00% | 7/1/2027 | A- | 250,000 | 252,879 | |||||||||
| New York State Dormitory Authority–The New School | 4.00% | 7/1/2047 | A3 | 1,000,000 | 803,851 | |||||||||
| New York State Dormitory Authority–The New School | 5.00% | 7/1/2028 | A3 | 780,000 | 797,071 | |||||||||
| New York State Dormitory Authority–Yeshiva University | 5.00% | 7/15/2037 | BBB- | 1,000,000 | 985,426 | |||||||||
| New York State Dormitory Authority–Yeshiva University | 5.00% | 7/15/2042 | BBB- | 1,000,000 | 944,780 | |||||||||
| Onondaga Civic Development Corp.–Le Moyne College NY | 4.00% | 7/1/2038 | Baa2 | 150,000 | 129,899 | |||||||||
| Onondaga Civic Development Corp.–Le Moyne College NY | 4.00% | 7/1/2040 | Baa2 | 300,000 | 253,119 | |||||||||
| Onondaga Civic Development Corp.–Le Moyne College NY | 4.00% | 7/1/2041 | Baa2 | 415,000 | 345,732 | |||||||||
| Onondaga Civic Development Corp.–Le Moyne College NY | 5.00% | 7/1/2035 | Baa2 | 365,000 | 369,038 | |||||||||
| Onondaga Civic Development Corp.–Le Moyne College NY | 5.00% | 7/1/2036 | Baa2 | 465,000 | 466,308 | |||||||||
| Onondaga Civic Development Corp.–Le Moyne College NY | 5.00% | 7/1/2046 | Baa2 | 600,000 | 559,170 | |||||||||
| Schenectady County Capital Resource Corp.–Union College NY | 5.25% | 7/1/2052 | A1 | 545,000 | 566,089 | |||||||||
| St. Lawrence County Industrial Development Agency–Clarkson University NY | 5.00% | 9/1/2037 | Baa1 | 455,000 | 450,686 | |||||||||
| St. Lawrence County Industrial Development Agency–Clarkson University NY | 5.00% | 9/1/2038 | Baa1 | 475,000 | 466,053 | |||||||||
| St. Lawrence County Industrial Development Agency–Clarkson University NY | 5.00% | 9/1/2041 | Baa1 | 160,000 | 153,724 | |||||||||
| Troy Capital Resource Corp.–Rensselaer Polytech Inst NY | 4.00% | 9/1/2040 | A3 | 1,000,000 | 864,360 | |||||||||
| Troy Capital Resource Corp.–Rensselaer Polytech Inst NY | 5.00% | 8/1/2032 | A3 | 1,415,000 | 1,437,086 | |||||||||
| Troy Capital Resource Corp. NY | 4.00% | 9/1/2034 | A3 | 855,000 | 797,818 | |||||||||
| Troy Capital Resource Corp. NY | 4.00% | 9/1/2035 | A3 | 395,000 | 370,972 | |||||||||
| 204 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Troy Capital Resource Corp. NY | 4.00% | 9/1/2036 | A3 | $ | 1,140,000 | $ | 1,044,541 | |||||||
| Westchester County Local Development Corp.–Miriam Osborn Mem Home Oblig NY | 5.00% | 7/1/2042 | A | (d) | 450,000 | 448,149 | ||||||||
| Westchester County Local Development Corp.–Sarah Lawrence College NY | 4.00% | 6/1/2033 | BBB- | 1,710,000 | 1,604,802 | |||||||||
| Total | 40,281,880 | |||||||||||||
| General Obligation 10.91% | ||||||||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2034 | AA | 510,000 | 541,644 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2035 | AA | 400,000 | 422,856 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2036 | AA | 300,000 | 313,894 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2037 | AA | 810,000 | 839,934 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2042 | AA | 500,000 | 506,115 | |||||||||
| City of New York GO | 4.00% | 4/1/2050 | AA | 2,455,000 | 2,127,898 | |||||||||
| City of New York NY GO | 4.125% | 8/1/2053 | Aa2 | 2,230,000 | 1,941,440 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2027 | AA | 1,750,000 | 1,774,815 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2037 | Aa2 | 1,000,000 | 1,060,173 | |||||||||
| City of New York NY GO | 5.00% | 10/1/2037 | AA | 2,500,000 | 2,588,960 | |||||||||
| City of New York NY GO | 5.00% | 3/1/2044 | AA | 3,000,000 | 3,064,363 | |||||||||
| City of New York NY GO | 5.25% | 9/1/2043 | AA | 1,150,000 | 1,206,648 | |||||||||
| City of New York NY GO | 5.25% | 10/1/2047 | AA | 1,860,000 | 1,934,108 | |||||||||
| City of New York NY GO | 5.50% | 5/1/2044 | AA | 2,085,000 | 2,223,727 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2024 | NR | 30,952 | 29,906 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 244,309 | 144,398 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(c) | 11/1/2043 | NR | 894,821 | 465,307 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2033 | NR | 189,842 | 170,563 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 170,642 | 148,700 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 146,457 | 123,314 | |||||||||
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/2025 | NR | 211,432 | 213,709 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 209,517 | 215,215 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 206,118 | 213,296 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 200,202 | 209,467 | |||||||||
| County of Nassau NY GO | 4.00% | 4/1/2053 | AA- | 2,000,000 | 1,703,790 | |||||||||
| Jefferson County Civic Facility Development Corp.–Samaritan Med Ctr Oblig NY | 5.00% | 11/1/2037 | BB | 2,000,000 | 1,743,150 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue | 5.00% | 2/1/2044 | AAA | 2,700,000 | 2,765,637 | |||||||||
| See Notes to Financial Statements. | 205 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| New York City Transitional Finance | ||||||||||||||
| Authority Future Tax Secured Revenue NY | 4.00% | 2/1/2051 | AAA | $ | 3,200,000 | $ | 2,792,437 | |||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2040 | AAA | 2,000,000 | 2,125,660 | |||||||||
| New York State Dormitory Authority | 4.00% | 3/15/2044 | AA+ | 2,500,000 | 2,257,649 | |||||||||
| New York State Dormitory Authority | 5.00% | 3/15/2053 | Aa1 | 2,500,000 | 2,551,565 | |||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2027 | AA | 1,000,000 | 1,008,894 | |||||||||
| New York State Thruway Authority | 5.00% | 3/15/2053 | AA+ | 1,550,000 | 1,565,949 | |||||||||
| New York State Urban Development Corp. | 4.00% | 3/15/2047 | AA+ | 2,295,000 | 2,028,200 | |||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2050 | Aa1 | 2,500,000 | 2,541,105 | |||||||||
| Total | 45,564,486 | |||||||||||||
| Health Care 13.05% | ||||||||||||||
| Brookhaven Local Development Corp.–Active Ret Cmnty Oblig Gp NY | 4.00% | 11/1/2045 | BBB | (d) | 1,000,000 | 794,350 | ||||||||
| Brookhaven Local Development Corp.–Active Ret Cmnty Oblig Gp NY | 4.00% | 11/1/2055 | BBB | (d) | 1,000,000 | 732,327 | ||||||||
| Brookhaven Local Development Corp.–Long Island Cmnty Hosp Oblig NY | 3.375% | 10/1/2040 | A | 365,000 | 272,934 | |||||||||
| Brookhaven Local Development Corp.–Long Island Cmnty Hosp Oblig NY | 4.00% | 10/1/2045 | A | 1,865,000 | 1,549,221 | |||||||||
| Brookhaven Local Development Corp.–Long Island Cmnty Hosp Oblig NY | 5.00% | 10/1/2050 | A | 1,000,000 | 966,675 | |||||||||
| Broome County Local Development Corp.–United Hlth Svcs Hosps Oblig NY (AGM) | 3.00% | 4/1/2036 | AA | 1,030,000 | 811,363 | |||||||||
| Broome County Local Development Corp.–United Hlth Svcs Hosps Oblig NY (AGM) | 3.00% | 4/1/2037 | AA | 1,500,000 | 1,146,595 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp.–Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2025 | B- | 300,000 | 289,941 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp.–Orchard Park Ccrc Inc NY | 5.00% | 11/15/2037 | BBB | (d) | 1,000,000 | 969,420 | ||||||||
| Dutchess County Local Development Corp.–Nuvance Health Oblig Grp NY | 4.00% | 7/1/2044 | BBB | 1,250,000 | 1,017,786 | |||||||||
| Dutchess County Local Development Corp.–Nuvance Health Oblig Grp NY | 4.00% | 7/1/2049 | BBB | 2,120,000 | 1,613,310 | |||||||||
| Dutchess County Local Development Corp.–Nuvance Health Oblig Grp NY | 5.00% | 7/1/2035 | BBB | 1,765,000 | 1,748,501 | |||||||||
| 206 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Genesee County Funding Corp.–Rochester Regl Health Oblig NY | 5.25% | 12/1/2052 | BBB+ | $ | 1,000,000 | $ | 964,246 | |||||||
| Monroe County Industrial Development Corp.–Rochester General Hosp Oblig NY | 5.00% | 12/1/2034 | BBB+ | 250,000 | 252,301 | |||||||||
| Monroe County Industrial Development Corp.–Rochester Regl Health Oblig NY | 4.00% | 12/1/2035 | BBB+ | 600,000 | 543,317 | |||||||||
| Monroe County Industrial Development Corp.–Rochester Regl Health Oblig NY | 4.00% | 12/1/2036 | BBB+ | 450,000 | 408,076 | |||||||||
| Nassau County Local Economic Assistance Corp.–Catholic Hlth Lng Isl Oblig NY | 5.00% | 7/1/2027 | A- | 625,000 | 628,536 | |||||||||
| Nassau County Local Economic Assistance Corp.–Catholic Hlth Lng Isl Oblig NY | 5.00% | 7/1/2028 | A- | 2,045,000 | 2,056,167 | |||||||||
| Nassau County Local Economic Assistance Corp.–Catholic Hlth Lng Isl Oblig NY | 5.00% | 7/1/2033 | A- | 905,000 | 907,142 | |||||||||
| New York City Industrial Development Agency–Yankee Stadium LLC NY | 3.00% | 3/1/2049 | Baa1 | 2,115,000 | 1,357,587 | |||||||||
| New York State Dormitory Authority–Catholic Hlth Sys Oblig | 4.00% | 7/1/2045 | B- | 2,895,000 | 1,981,193 | |||||||||
| New York State Dormitory Authority–Catholic Hlth Sys Oblig | 5.00% | 7/1/2032 | B- | 500,000 | 431,817 | |||||||||
| New York State Dormitory Authority–Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2026 | BBB- | 1,000,000 | 975,079 | |||||||||
| New York State Dormitory Authority–Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2029 | BBB- | 1,900,000 | 1,821,078 | |||||||||
| New York State Dormitory Authority–Icahn Sch of Med Mt Sinai | 5.00% | 7/1/2033 | A- | 4,015,000 | 4,035,456 | |||||||||
| New York State Dormitory Authority–Icahn Sch of Med Mt Sinai | 5.00% | 7/1/2034 | A- | 1,750,000 | 1,758,569 | |||||||||
| New York State Dormitory Authority–Maimonides Medical Ctr (FHA) | 3.00% | 2/1/2050 | AA+ | 1,000,000 | 659,252 | |||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 4.00% | 8/1/2036 | BBB- | 475,000 | 430,969 | |||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 4.00% | 8/1/2037 | BBB- | 1,820,000 | 1,618,983 | |||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 4.00% | 8/1/2038 | BBB- | 1,520,000 | 1,329,774 | |||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 4.00% | 9/1/2050 | BBB- | 5,500,000 | 4,257,377 | |||||||||
| New York State Dormitory Authority–Montefiore Oblig Grp | 5.00% | 8/1/2035 | BBB- | 525,000 | 512,885 | |||||||||
| See Notes to Financial Statements. | 207 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New York State Dormitory Authority–Northwell Hlth Oblig Grp | 4.00% | 5/1/2045 | A- | $ | 2,120,000 | $ | 1,801,357 | |||||||
| New York State Dormitory Authority–Northwell Hlth Oblig Grp | 5.00% | 5/1/2028 | A- | 1,000,000 | 1,008,998 | |||||||||
| New York State Dormitory Authority–Northwell Hlth Oblig Grp | 5.00% | 5/1/2038 | A- | 1,005,000 | 1,031,552 | |||||||||
| New York State Dormitory Authority–NYU Langone Hosps Oblig | 5.00% | 7/1/2032 | A+ | 810,000 | 827,150 | |||||||||
| New York State Dormitory Authority–NYU Langone Hosps Oblig | 5.00% | 7/1/2033 | A+ | 760,000 | 775,991 | |||||||||
| Niagara Area Development Corp.–Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2052 | B- | 1,000,000 | 746,843 | |||||||||
| Oneida County Local Development Corp.–Mohawk Valley Hlth Oblig NY (AGM) | 4.00% | 12/1/2049 | AA | 4,645,000 | 3,761,789 | (e) | ||||||||
| Southold Local Development Corp.–Peconic Lndg At Southold NY | 5.00% | 12/1/2045 | BBB- | (d) | 1,000,000 | 887,170 | ||||||||
| Tompkins County Development Corp.–Kendal At Ithaca Inc NY | 5.00% | 7/1/2044 | BBB+ | 920,000 | 827,680 | |||||||||
| Westchester County Healthcare Corp. Oblig NY | 6.00% | 11/1/2030 | BBB- | 105,000 | 105,110 | |||||||||
| Westchester County Healthcare Corp. Oblig NY | 6.125% | 11/1/2037 | BBB- | 40,000 | 40,077 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 5.00% | 11/1/2033 | BBB- | 1,000,000 | 940,528 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 5.00% | 11/1/2034 | BBB- | 1,065,000 | 989,987 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 5.00% | 11/1/2046 | BBB- | 2,240,000 | 1,934,739 | |||||||||
| Total | 54,521,198 | |||||||||||||
| Housing 1.57% | ||||||||||||||
| New York City Housing Development Corp. NY | 3.35% | 11/1/2065 | AA+ | 1,375,000 | 899,239 | |||||||||
| New York City Housing Development Corp. NY | 4.50% | 2/15/2048 | NR | 1,000,000 | 981,112 | |||||||||
| New York State Dormitory Authority | 5.00% | 7/1/2048 | Aa3 | 1,000,000 | 1,019,028 | |||||||||
| New York State Dormitory Authority | 5.00% | 7/1/2053 | Aa3 | 2,060,000 | 2,087,371 | |||||||||
| New York State Housing Finance Agency | 3.15% | 11/1/2054 | Aa2 | 1,000,000 | 640,403 | |||||||||
| Westchester County Local Development Corp.–Purchase Housing Corp Ii NY | 5.00% | 6/1/2047 | BBB | 1,000,000 | 935,452 | |||||||||
| Total | 6,562,605 | |||||||||||||
| 208 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Lease Obligations 0.76% | ||||||||||||||
| Hudson Yards Infrastructure Corp. NY | 5.00% | 2/15/2033 | AA | $ | 1,075,000 | $ | 1,117,019 | |||||||
| New York City Transitional Finance Authority Building Aid Revenue NY | 5.00% | 7/15/2035 | AA | 2,005,000 | 2,068,963 | |||||||||
| Total | 3,185,982 | |||||||||||||
| Other 0.55% | ||||||||||||||
| Build NYC Resource Corp.–Children’s Aid Society NY | 4.00% | 7/1/2049 | A+ | 2,775,000 | 2,281,020 | |||||||||
| Other Revenue 3.65% | ||||||||||||||
| Brooklyn Arena Local Development Corp.–Brooklyn Events Ctr LLC NY | 5.00% | 7/15/2042 | Ba1 | 3,000,000 | 2,852,419 | |||||||||
| Build NYC Resource Corp.–Shefa School NY† | 5.00% | 6/15/2051 | NR | 1,315,000 | 1,040,492 | |||||||||
| New York State Thruway Authority | 5.00% | 3/15/2046 | AA+ | 2,500,000 | 2,552,625 | |||||||||
| New York State Thruway Authority | 5.00% | 3/15/2048 | AA+ | 2,070,000 | 2,103,877 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2032 | AA+ | 1,250,000 | 1,363,031 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.50% | 5/15/2052 | AA+ | 5,020,000 | 5,315,918 | |||||||||
| Total | 15,228,362 | |||||||||||||
| Special Tax 2.59% | ||||||||||||||
| New York City Industrial Development Agency–Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2040 | AA | 1,975,000 | 1,508,102 | |||||||||
| New York City Industrial Development Agency–Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2046 | AA | 3,100,000 | 2,138,616 | |||||||||
| New York City Industrial Development Agency–Yankee Stadium LLC NY | 4.00% | 3/1/2045 | Baa1 | 1,950,000 | 1,650,396 | |||||||||
| New York City Industrial Development Agency–Yankee Stadium LLC NY (AGC) | Zero Coupon | 3/1/2043 | AA | 425,000 | 154,245 | |||||||||
| New York City Industrial Development Agency–Yankee Stadium LLC NY (AGC) | Zero Coupon | 3/1/2044 | AA | 640,000 | 218,995 | |||||||||
| New York City Industrial Development Agency–Yankee Stadium LLC NY (AGC) | Zero Coupon | 3/1/2047 | AA | 385,000 | 110,295 | |||||||||
| New York City Industrial Development Agency–Yankee Stadium LLC NY (FGIC) | 4.058% (CPI YoY * 1 + .88% | ) | 3/1/2026 | Baa1 | 3,590,000 | 3,579,517 | ||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2037 | AAA | 1,370,000 | 1,478,355 | |||||||||
| Total | 10,838,521 | |||||||||||||
| See Notes to Financial Statements. | 209 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Tax Revenue 8.69% | ||||||||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2034 | AA | $ | 1,085,000 | $ | 1,135,043 | |||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2047 | AA | 2,060,000 | 2,116,069 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2032 | AA | 670,000 | 696,085 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2034 | AA | 455,000 | 471,784 | |||||||||
| New York City Transitional Finance Authority | 5.50% | 5/1/2047 | Aa1 | 5,000,000 | 5,342,140 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue | 4.00% | 5/1/2053 | Aa1 | 1,000,000 | 853,972 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue | 5.00% | 5/1/2053 | Aa1 | 2,500,000 | 2,532,855 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2032 | AAA | 1,555,000 | 1,590,640 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2035 | AAA | 1,290,000 | 1,317,449 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2047 | AAA | 2,180,000 | 2,216,740 | |||||||||
| New York State Dormitory Authority | 4.00% | 3/15/2043 | AA+ | 2,000,000 | 1,818,981 | |||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2033 | AA+ | 2,010,000 | 2,014,399 | |||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2036 | AA+ | 1,500,000 | 1,505,082 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2029 | NR | 163,000 | 126,943 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 708,000 | 502,452 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 710,000 | 455,820 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 7,476,000 | 1,394,350 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 489,000 | 439,202 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 858,000 | 770,624 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 64,000 | 54,754 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 153,000 | 141,155 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 380,000 | 350,580 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 1,199,000 | 1,062,987 | |||||||||
| 210 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | $ | 180,000 | $ | 157,562 | |||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 1,922,000 | 1,743,414 | |||||||||
| Territory of Guam | 4.00% | 1/1/2042 | Ba1 | 750,000 | 609,176 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 4.00% | 5/15/2046 | AA+ | 2,015,000 | 1,782,064 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.00% | 5/15/2047 | AA+ | 3,000,000 | 3,083,521 | |||||||||
| Total | 36,285,843 | |||||||||||||
| Tobacco 3.27% | ||||||||||||||
| Erie Tobacco Asset Securitization Corp. NY | Zero Coupon | 6/1/2055 | NR | 8,000,000 | 501,765 | |||||||||
| Erie Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 1,036,064 | |||||||||
| Monroe Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2061 | NR | 10,000,000 | 409,082 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 15,000,000 | 738,071 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.125% | 6/1/2046 | CCC+ | 2,085,000 | 1,818,500 | |||||||||
| New York Counties Tobacco Trust IV | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 1,107,782 | |||||||||
| Rockland Tobacco Asset Securitization Corp. NY† | Zero Coupon | 8/15/2060 | NR | 10,575,000 | 646,037 | |||||||||
| Suffolk Tobacco Asset Securitization Corp. NY | Zero Coupon | 6/1/2066 | NR | 7,700,000 | 717,799 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2034 | A- | 1,000,000 | 1,023,752 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2035 | A- | 300,000 | 306,040 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2036 | A- | 100,000 | 101,587 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2041 | A- | 545,000 | 545,685 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 3,300,000 | 2,864,773 | |||||||||
| Westchester Tobacco Asset Securitization Corp. NY | 5.125% | 6/1/2051 | BB- | 1,845,000 | 1,822,023 | |||||||||
| Total | 13,638,960 | |||||||||||||
| Transportation 25.67% | ||||||||||||||
| Buffalo & Fort Erie Public Bridge Authority NY | 5.00% | 1/1/2034 | A+ | 600,000 | 617,467 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2051 | A3 | 3,190,000 | 2,611,742 | |||||||||
| Metropolitan Transportation Authority NY | 4.75% | 11/15/2045 | A3 | 3,255,000 | 3,035,293 | |||||||||
| See Notes to Financial Statements. | 211 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2029 | A3 | $ | 2,450,000 | $ | 2,537,609 | |||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2029 | A3 | 1,730,000 | 1,744,395 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2030 | A3 | 1,885,000 | 1,917,050 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2030 | A3 | 700,000 | 724,091 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2033 | A3 | 1,900,000 | 1,957,783 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | #(c) | 11/15/2045 | A3 | 2,995,000 | 3,083,796 | ||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2050 | A3 | 2,115,000 | 2,062,758 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2028 | A3 | 3,740,000 | 3,793,537 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2035 | A3 | 1,170,000 | 1,166,816 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2038 | A3 | 1,640,000 | 1,640,073 | |||||||||
| New York State Thruway Authority | 4.00% | 1/1/2050 | A2 | 1,920,000 | 1,630,564 | |||||||||
| New York State Thruway Authority | 5.00% | 1/1/2036 | A1 | 1,760,000 | 1,762,093 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa3 | 3,625,000 | 3,345,191 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa3 | 2,295,000 | 2,284,955 | |||||||||
| New York Transportation Development Corp.–Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa3 | 2,645,000 | 2,542,498 | |||||||||
| New York Transportation Development Corp.–Empire St Thruway Partnrs AMT | 4.00% | 10/31/2041 | BBB- | (d) | 860,000 | 737,929 | ||||||||
| New York Transportation Development Corp.–Empire St Thruway Partnrs AMT | 4.00% | 4/30/2053 | BBB- | (d) | 4,910,000 | 3,841,927 | ||||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC | 4.00% | 12/1/2041 | Baa1 | 1,180,000 | 1,037,291 | |||||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC | 4.00% | 12/1/2042 | Baa1 | 1,800,000 | 1,562,866 | |||||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC AMT | 4.00% | 12/1/2039 | Baa1 | 345,000 | 305,668 | |||||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC AMT | 4.00% | 12/1/2040 | Baa1 | 1,380,000 | 1,208,792 | |||||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC AMT | 4.00% | 12/1/2041 | Baa1 | 2,875,000 | 2,490,111 | |||||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC AMT | 5.00% | 12/1/2034 | Baa1 | 565,000 | 578,582 | |||||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC AMT | 5.00% | 12/1/2039 | Baa1 | 1,190,000 | 1,184,812 | |||||||||
| New York Transportation Development Corp.–JFK Intl Air Terminal LLC AMT | 5.00% | 12/1/2042 | Baa1 | 930,000 | 907,153 | |||||||||
| 212 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New York Transportation Development Corp.–Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa2 | $ | 2,840,000 | $ | 2,636,785 | |||||||
| New York Transportation Development Corp.–Laguardia Gateway Partner AMT | 4.00% | 7/1/2046 | Baa2 | 2,210,000 | 1,768,222 | |||||||||
| New York Transportation Development Corp.–Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa2 | 13,805,000 | 13,549,679 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2027 | A3 | 1,000,000 | 999,936 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2036 | A3 | 850,000 | 861,003 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2038 | A3 | 725,000 | 724,076 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2039 | A3 | 350,000 | 347,423 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | Aa3 | 1,000,000 | 1,014,109 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | Aa3 | 2,000,000 | 2,028,219 | |||||||||
| Port Authority of New York & New Jersey AMT | 4.00% | 9/1/2043 | AA- | 3,000,000 | 2,599,101 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2029 | AA- | 600,000 | 615,769 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2031 | AA- | 3,430,000 | 3,507,931 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2032 | AA- | 805,000 | 834,935 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2033 | AA- | 5,335,000 | 5,464,341 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 10/15/2033 | AA- | 1,000,000 | 1,017,289 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 10/15/2033 | AA- | 1,595,000 | 1,699,679 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2034 | AA- | 1,030,000 | 1,053,702 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | Aa3 | 2,500,000 | 2,636,300 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 2,000,000 | 2,004,837 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2048 | AA- | 365,000 | 352,240 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 4,225,000 | 4,399,405 | |||||||||
| See Notes to Financial Statements. | 213 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Triborough Bridge & Tunnel Authority NY | 5.25% | 11/15/2053 | Aa3 | $ | 2,600,000 | $ | 2,697,718 | |||||||
| Triborough Bridge & Tunnel Authority NY | 5.50% | 11/15/2057 | AA- | 2,000,000 | 2,102,806 | |||||||||
| Total | 107,228,347 | |||||||||||||
| Utilities 7.06% | ||||||||||||||
| Chautauqua County Capital Resource | ||||||||||||||
| Corp.–NRG Energy Inc NY | 4.25% | #(c) | 4/1/2042 | BBB- | 1,000,000 | 965,357 | ||||||||
| Guam Government Waterworks Authority | 5.00% | 7/1/2036 | A- | 400,000 | 400,328 | |||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2034 | A | 2,000,000 | 2,014,293 | |||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2039 | A | 2,265,000 | 2,275,347 | |||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2053 | A2 | 2,000,000 | 2,046,104 | |||||||||
| New York City Municipal Water Finance Authority(b) | 5.25% | 6/15/2048 | AA+ | 1,750,000 | 1,839,755 | |||||||||
| New York City Municipal Water Finance Authority(b) | 5.25% | 6/15/2053 | AA+ | 3,000,000 | 3,138,035 | |||||||||
| New York City Municipal Water Finance Authority NY | 5.00% | 6/15/2035 | AA+ | 1,700,000 | 1,706,562 | |||||||||
| New York City Municipal Water Finance Authority NY | 5.00% | 6/15/2036 | AA+ | 2,775,000 | 2,783,429 | |||||||||
| New York City Municipal Water Finance Authority NY | 5.00% | 6/15/2036 | AA+ | 2,250,000 | 2,256,834 | |||||||||
| New York City Municipal Water Finance Authority NY | 5.25% | 6/15/2052 | AA+ | 5,220,000 | 5,449,161 | |||||||||
| New York State Environmental Facilities Corp. | 5.25% | 9/15/2052 | AAA | 3,335,000 | 3,518,302 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 700,000 | 583,862 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2030 | NR | 500,000 | 499,395 | |||||||||
| Total | 29,476,764 | |||||||||||||
| Total Municipal Bonds (cost $456,381,100) | 411,738,755 | |||||||||||||
| 214 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2023
| Investments | Interest Rate# | Interest Rate Reset Date(f) | Final Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount | Fair Value | ||||||||||
| SHORT-TERM INVESTMENTS 1.55% | ||||||||||||||||
| VARIABLE RATE DEMAND NOTES 1.55% | ||||||||||||||||
| General Obligation | ||||||||||||||||
| City of New York NY GO | 4.750% | 10/2/2023 | 3/1/2040 | AA | $ | 6,500,000 | $ | 6,500,000 | ||||||||
| Total Short-Term Investments (cost $6,500,000) | 6,500,000 | |||||||||||||||
| Total Investments in Securities 100.13% (cost $462,881,100) | 418,238,755 | |||||||||||||||
| Other Assets and Liabilities – Net(g) (0.13)% | (559,622 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 417,679,133 | ||||||||||||||
| AGC | Insured by–Assured Guarantee Corp. | |
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by–Build America Mutual. | |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. | |
| FGIC | Insured by–Financial Guaranty Insurance Company. | |
| FHA | Insured by–Federal Housing Administration. | |
| NR | Not Rated. | |
| SIFMA | Insured by–Securities Industry and Financial Markets Association. | |
| TRIPS | Tax Refund Intercept Programs. | |
| YoY | Year on Year Inflation Rates. |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2023, the total value of Rule 144A securities was $21,897,839, which represents 5.24% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2023. | |
| (a) | Unaudited. | |
| (b) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (c) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (d) | This investment has been rated by Fitch IBCA. | |
| (e) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. | |
| (f) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. | |
| (g) | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows: |
| See Notes to Financial Statements. | 215 |
Schedule of Investments (concluded)
NEW YORK TAX FREE FUND September 30, 2023
Futures Contracts at September 30, 2023:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation | ||||||||||||
| U.S. Long Bond | December 2023 | 67 | Short | $(7,966,786 | ) | $(7,623,344 | ) | $343,442 | ||||||||||
The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| Health Care | $ | – | $ | 50,759,409 | $ | 3,761,789 | $ | 54,521,198 | ||||||||
| Remaining Industries | – | 357,217,557 | – | 357,217,557 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 6,500,000 | – | 6,500,000 | ||||||||||||
| Total | $ | – | $ | 414,476,966 | $ | 3,761,789 | $ | 418,238,755 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 343,442 | $ | – | $ | – | $ | 343,442 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 343,442 | $ | – | $ | – | $ | 343,442 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the year.
| 216 | See Notes to Financial Statements. |
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217
Statements of Assets and Liabilities
September 30, 2023
| Short Duration | Intermediate | National | ||||||||||
| ASSETS: | ||||||||||||
| Investments in securities, at cost | $ | 1,633,528,499 | $ | 5,090,187,479 | $ | 3,966,213,629 | ||||||
| Investments in securities, at fair value | $ | 1,591,839,340 | $ | 4,816,660,445 | $ | 3,724,422,949 | ||||||
| Cash | 1,089,400 | 1,069,688 | 1,128,665 | |||||||||
| Deposits with brokers for futures collateral | 741,400 | – | 1,567,800 | |||||||||
| Receivables: | ||||||||||||
| Interest | 15,105,827 | 60,185,342 | 51,697,496 | |||||||||
| Capital shares sold | 7,795,275 | 18,564,337 | 18,711,728 | |||||||||
| Investment securities sold | 6,400,343 | 905,745 | 5,304,627 | |||||||||
| Variation margin for futures contracts | 93,519 | – | – | |||||||||
| From advisor (See Note 3) | 5,131 | – | – | |||||||||
| Prepaid expenses and other assets | 37,506 | 131,937 | 113,027 | |||||||||
| Total assets | 1,623,107,741 | 4,897,517,494 | 3,802,946,292 | |||||||||
| LIABILITIES: | ||||||||||||
| Payables: | ||||||||||||
| Investment securities purchased | 22,925,000 | 23,362,853 | 15,628,715 | |||||||||
| Capital shares reacquired | 3,028,345 | 13,407,297 | 12,915,043 | |||||||||
| Management fee | 449,731 | 1,562,811 | 1,198,863 | |||||||||
| Directors’ fees | 264,486 | 618,250 | 476,923 | |||||||||
| 12b-1 distribution plan | 174,401 | 684,275 | 600,553 | |||||||||
| Fund administration | 52,910 | 162,316 | 122,923 | |||||||||
| Trust certificates (See Note 2(h)) | – | – | 86,140,000 | |||||||||
| Interest expense and fees | – | – | 1,017,584 | |||||||||
| Variation margin for futures contracts | – | – | 112,423 | |||||||||
| Distributions payable | 3,779,835 | 12,446,713 | 11,188,850 | |||||||||
| Accrued expenses | 221,396 | 728,478 | 487,246 | |||||||||
| Total liabilities | 30,896,104 | 52,972,993 | 129,889,123 | |||||||||
| NET ASSETS | $ | 1,592,211,637 | $ | 4,844,544,501 | $ | 3,673,057,169 | ||||||
| COMPOSITION OF NET ASSETS: | ||||||||||||
| Paid-in capital | $ | 1,724,551,892 | $ | 5,460,570,532 | $ | 4,253,228,782 | ||||||
| Total distributable earnings (loss) | (132,340,255 | ) | (616,026,031 | ) | (580,171,613 | ) | ||||||
| Net Assets | $ | 1,592,211,637 | $ | 4,844,544,501 | $ | 3,673,057,169 | ||||||
| 218 | See Notes to Financial Statements. |
| High Income | Short Duration High Income | Sustainable | California | New Jersey | New York | |||||||||||||||||
| $ | 3,668,480,858 | $ | 931,930,387 | $ | 5,233,555 | $ | 548,847,043 | $ | 109,678,487 | $ | 462,881,100 | |||||||||||
| $ | 3,307,735,813 | $ | 898,016,979 | $ | 5,084,174 | $ | 517,235,203 | $ | 99,060,995 | $ | 418,238,755 | |||||||||||
| 1,108,065 | 1,118,328 | 17,633 | 1,029,575 | 2,546,337 | 687,863 | |||||||||||||||||
| 1,536,600 | – | – | 292,500 | 35,100 | 261,300 | |||||||||||||||||
| 49,594,583 | 12,111,361 | 61,652 | 6,654,576 | 1,248,254 | 5,306,283 | |||||||||||||||||
| 14,714,213 | 9,256,906 | 1,942 | 2,749,896 | 286,731 | 1,325,545 | |||||||||||||||||
| 4,781,845 | 7,441,593 | – | 2,526,274 | – | – | |||||||||||||||||
| – | – | – | – | – | – | |||||||||||||||||
| – | 29,221 | 13,997 | – | 2,676 | – | |||||||||||||||||
| 81,040 | 53,720 | 28,240 | 29,968 | 22,490 | 29,260 | |||||||||||||||||
| 3,379,552,159 | 928,028,108 | 5,207,638 | 530,517,992 | 103,202,583 | 425,849,006 | |||||||||||||||||
| 11,489,618 | 21,225,757 | – | 11,705,415 | 1,409,140 | 6,031,810 | |||||||||||||||||
| 15,866,997 | 2,935,350 | 937 | 1,014,663 | 113,082 | 553,212 | |||||||||||||||||
| 1,234,795 | 257,726 | 1,378 | 193,852 | 37,955 | 158,482 | |||||||||||||||||
| 381,723 | 43,872 | 355 | 81,209 | 23,950 | 81,678 | |||||||||||||||||
| 384,006 | 72,659 | 969 | 84,537 | 20,509 | 89,901 | |||||||||||||||||
| 111,151 | 29,454 | 172 | 17,231 | 3,374 | 14,087 | |||||||||||||||||
| 51,465,000 | – | – | – | – | – | |||||||||||||||||
| 531,240 | – | – | – | – | – | |||||||||||||||||
| 110,137 | – | – | 20,905 | 2,467 | 18,643 | |||||||||||||||||
| 12,152,403 | 2,956,793 | 14,130 | 1,454,228 | 264,189 | 1,133,174 | |||||||||||||||||
| 685,282 | 227,225 | 38,121 | 75,460 | 44,444 | 88,886 | |||||||||||||||||
| 94,412,352 | 27,748,836 | 56,062 | 14,647,500 | 1,919,110 | 8,169,873 | |||||||||||||||||
| $ | 3,285,139,807 | $ | 900,279,272 | $ | 5,151,576 | $ | 515,870,492 | $ | 101,283,473 | $ | 417,679,133 | |||||||||||
| $ | 4,146,884,506 | $ | 1,043,295,957 | $ | 5,742,816 | $ | 584,940,181 | $ | 114,762,554 | $ | 480,190,376 | |||||||||||
| (861,744,699 | ) | (143,016,685 | ) | (591,240 | ) | (69,069,689 | ) | (13,479,081 | ) | (62,511,243 | ) | |||||||||||
| $ | 3,285,139,807 | $ | 900,279,272 | $ | 5,151,576 | $ | 515,870,492 | $ | 101,283,473 | $ | 417,679,133 | |||||||||||
| See Notes to Financial Statements. | 219 |
Statements of Assets and Liabilities (concluded)
September 30, 2023
| Short Duration | Intermediate | National | ||||||||||
| Net Assets by class: | ||||||||||||
| Class A Shares | $ | 758,930,814 | $ | 1,935,887,234 | $ | 2,257,591,450 | ||||||
| Class C Shares | $ | 17,796,310 | $ | 86,956,042 | $ | 70,892,057 | ||||||
| Class F Shares | $ | 33,366,569 | $ | 113,056,456 | $ | 79,394,239 | ||||||
| Class F3 Shares | $ | 264,658,455 | $ | 274,934,426 | $ | 346,878,853 | ||||||
| Class I Shares | $ | 517,459,489 | $ | 2,433,710,343 | $ | 918,300,570 | ||||||
| Outstanding shares by class*: | ||||||||||||
| Class A Shares | 51,251,329 | 198,311,212 | 229,301,396 | |||||||||
| Class C Shares | 1,201,823 | 8,918,672 | 7,193,177 | |||||||||
| Class F Shares | 2,253,065 | 11,586,568 | 8,072,607 | |||||||||
| Class F3 Shares | 17,866,258 | 28,152,136 | 35,251,264 | |||||||||
| Class I Shares | 34,934,085 | 249,330,624 | 93,323,645 | |||||||||
| Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares): | ||||||||||||
| Class A Shares-Net asset value | $14.81 | $9.76 | $ 9.85 | |||||||||
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%) | $15.15 | $9.98 | $10.08 | |||||||||
| Class C Shares-Net asset value | $14.81 | $9.75 | $ 9.86 | |||||||||
| Class F Shares-Net asset value | $14.81 | $9.76 | $ 9.84 | |||||||||
| Class F3 Shares-Net asset value | $14.81 | $9.77 | $ 9.84 | |||||||||
| Class I Shares-Net asset value | $14.81 | $9.76 | $ 9.84 | |||||||||
| * | Lord Abbett Municipal Income Fund, Inc. has 11,757,501,500 authorized shares of capital stock (par value $.001), which are designated as follows: 1,950,001,500 to Short Duration, 2,445,000,000 to Intermediate, 1,250,000,000 to National, 1,987,500,000 to High Income, 1,950,000,000 to Short Duration High Income, 750,000,000 to Sustainable, 450,000,000 to California, 525,000,000 to New Jersey and 450,000,000 to New York (as of September 30, 2023). |
| 220 | See Notes to Financial Statements. |
| High Income | Short Duration High Income | Sustainable | California | New Jersey | New York | |||||||||||||||||
| $ | 1,680,507,492 | $ | 261,115,317 | $ | 2,910,121 | $ | 341,314,157 | $ | 77,949,644 | $ | 303,557,041 | |||||||||||
| $ | 141,950,130 | $ | 19,626,306 | $ | 169,428 | $ | 18,912,350 | $ | – | $ | 17,453,358 | |||||||||||
| $ | 112,452,031 | $ | 17,572,813 | $ | 66,441 | $ | 7,929,080 | $ | 3,693,175 | $ | 6,898,315 | |||||||||||
| $ | 122,429,230 | $ | 35,447,051 | $ | 88,587 | $ | 45,076,723 | $ | 1,697,485 | $ | 2,290,176 | |||||||||||
| $ | 1,227,800,924 | $ | 566,517,785 | $ | 1,916,999 | $ | 102,638,182 | $ | 17,943,169 | $ | 87,480,243 | |||||||||||
| 166,076,107 | 18,937,031 | 328,509 | 35,735,385 | 17,438,453 | 30,392,901 | |||||||||||||||||
| 14,023,633 | 1,423,140 | 19,124 | 1,979,250 | – | 1,749,726 | |||||||||||||||||
| 11,104,516 | 1,274,484 | 7,500 | 830,099 | 825,768 | 689,999 | |||||||||||||||||
| 12,122,928 | 2,570,671 | 10,000 | 4,721,289 | 379,285 | 229,183 | |||||||||||||||||
| 121,562,795 | 41,081,218 | 216,397 | 10,753,557 | 4,010,435 | 8,754,441 | |||||||||||||||||
| $10.12 | $13.79 | $8.86 | $9.55 | $4.47 | $ 9.99 | |||||||||||||||||
| $10.35 | $14.11 | $9.06 | $9.77 | $4.57 | $10.22 | |||||||||||||||||
| $10.12 | $13.79 | $8.86 | $9.56 | $ – | $ 9.97 | |||||||||||||||||
| $10.13 | $13.79 | $8.86 | $9.55 | $4.47 | $10.00 | |||||||||||||||||
| $10.10 | $13.79 | $8.86 | $9.55 | $4.48 | $ 9.99 | |||||||||||||||||
| $10.10 | $13.79 | $8.86 | $9.54 | $4.47 | $ 9.99 | |||||||||||||||||
See Notes to Financial Statements. |
221 |
For the Year Ended September 30, 2023
| Short Duration | Intermediate | National | ||||||||||
| Investment income: | ||||||||||||
| Interest and other | $ | 49,824,795 | $ | 172,006,641 | $ | 150,372,904 | ||||||
| Interest earned from Interfund Lending (See Note 11) | – | – | – | |||||||||
| Total investment income | 49,824,795 | 172,006,641 | 150,372,904 | |||||||||
| Expenses: | ||||||||||||
| Management fee | 6,135,521 | 19,216,181 | 14,079,047 | |||||||||
| 12b-1 distribution plan–Class A | 1,662,614 | 4,090,095 | 4,620,563 | |||||||||
| 12b-1 distribution plan–Class C | 175,572 | 878,552 | 666,484 | |||||||||
| 12b-1 distribution plan–Class F | 104,557 | 278,564 | 143,466 | |||||||||
| Shareholder servicing | 763,223 | 3,053,632 | 1,569,768 | |||||||||
| Fund administration | 721,895 | 1,996,970 | 1,437,605 | |||||||||
| Registration | 221,318 | 323,930 | 341,583 | |||||||||
| Reports to shareholders | 75,796 | 223,552 | 140,740 | |||||||||
| Professional | 51,550 | 79,948 | 82,513 | |||||||||
| Directors’ fees | 47,171 | 127,902 | 90,810 | |||||||||
| Custody | 25,183 | 59,261 | 37,659 | |||||||||
| Interest expense and fees (See Note 2(h)) | – | – | 2,458,636 | |||||||||
| Other | 125,810 | 179,812 | 149,502 | |||||||||
| Gross expenses | 10,110,210 | 30,508,399 | 25,818,376 | |||||||||
| Expense reductions (See Note 9) | (29,190 | ) | (88,331 | ) | (59,112 | ) | ||||||
| Fees waived and expenses reimbursed (See Note 3) | (139,804 | ) | (59,261 | ) | (37,659 | ) | ||||||
| Net expenses | 9,941,216 | 30,360,807 | 25,721,605 | |||||||||
| Net investment income | 39,883,579 | 141,645,834 | 124,651,299 | |||||||||
| Net realized and unrealized gain (loss): | ||||||||||||
| Net realized gain (loss) on investments | (39,903,246 | ) | (138,140,578 | ) | (141,447,091 | ) | ||||||
| Net realized gain (loss) on futures contracts | 348 | 5,016,849 | 6,858,094 | |||||||||
| Net change in unrealized appreciation/depreciation on investments | 47,692,605 | 157,004,027 | 118,518,205 | |||||||||
| Net change in unrealized appreciation/depreciation on futures contracts | (487,900 | ) | (5,391,392 | ) | (2,395,380 | ) | ||||||
| Net realized and unrealized gain (loss) | 7,301,807 | 18,488,906 | (18,466,172 | ) | ||||||||
| Net Increase in Net Assets Resulting From Operations | $ | 47,185,386 | $ | 160,134,740 | $ | 106,185,127 | ||||||
| 222 | See Notes to Financial Statements. |
| High Income | Short Duration High Income | Sustainable | California | New Jersey | New York | |||||||||||||||||
| $ | 171,173,907 | $ | 39,205,898 | $ | 171,645 | $ | 19,089,010 | $ | 3,846,912 | $ | 16,216,304 | |||||||||||
| – | 1,650 | – | – | – | – | |||||||||||||||||
| 171,173,907 | 39,207,548 | 171,645 | 19,089,010 | 3,846,912 | 16,216,304 | |||||||||||||||||
| 15,021,497 | 3,197,302 | 16,260 | 2,231,684 | 464,704 | 1,942,518 | |||||||||||||||||
| 3,505,351 | 591,273 | 5,877 | 664,985 | 162,904 | 630,766 | |||||||||||||||||
| 1,336,331 | 179,547 | 1,425 | 172,258 | – | 165,449 | |||||||||||||||||
| 226,010 | 72,173 | 69 | 13,516 | 4,583 | 11,479 | |||||||||||||||||
| 1,768,580 | 550,557 | 2,114 | 150,256 | 44,751 | 191,423 | |||||||||||||||||
| 1,352,150 | 356,218 | 2,033 | 198,372 | 41,307 | 172,668 | |||||||||||||||||
| 287,819 | 151,861 | 62,332 | 77,972 | 61,995 | 77,684 | |||||||||||||||||
| 149,198 | 30,128 | 3,720 | 14,706 | 5,561 | 13,937 | |||||||||||||||||
| 62,096 | 63,928 | 40,416 | 47,787 | 39,902 | 48,446 | |||||||||||||||||
| 86,437 | 22,839 | 469 | 12,446 | 2,638 | 11,004 | |||||||||||||||||
| 38,526 | 19,371 | 577 | 9,086 | 3,906 | 12,594 | |||||||||||||||||
| 1,462,318 | – | – | – | – | – | |||||||||||||||||
| 435,926 | 88,566 | 10,728 | 66,026 | 21,128 | 64,089 | |||||||||||||||||
| 25,732,239 | 5,323,763 | 146,020 | 3,659,094 | 853,379 | 3,342,057 | |||||||||||||||||
| (59,539 | ) | (15,830 | ) | (91 | ) | (8,262 | ) | (1,872 | ) | (7,885 | ) | |||||||||||
| (38,526 | ) | (401,542 | ) | (116,745 | ) | (9,086 | ) | (44,404 | ) | (12,595 | ) | |||||||||||
| 25,634,174 | 4,906,391 | 29,184 | 3,641,746 | 807,103 | 3,321,577 | |||||||||||||||||
| 145,539,733 | 34,301,157 | 142,461 | 15,447,264 | 3,039,809 | 12,894,727 | |||||||||||||||||
| (212,889,647 | ) | (37,319,525 | ) | (155,523 | ) | (19,241,902 | ) | (1,835,430 | ) | (7,262,572 | ) | |||||||||||
| 8,220,733 | 3,580,393 | – | 1,010,750 | 192,614 | 869,162 | |||||||||||||||||
| 164,701,549 | 30,181,217 | 169,162 | 17,206,484 | 2,973,152 | 9,778,893 | |||||||||||||||||
| (4,053,996 | ) | (2,720,831 | ) | – | (229,470 | ) | (64,642 | ) | (106,665 | ) | ||||||||||||
| (44,021,361 | ) | (6,278,746 | ) | 13,639 | (1,254,138 | ) | 1,265,694 | 3,278,818 | ||||||||||||||
| $ | 101,518,372 | $ | 28,022,411 | $ | 156,100 | $ | 14,193,126 | $ | 4,305,503 | $ | 16,173,545 | |||||||||||
| See Notes to Financial Statements. | 223 |
Statements of Changes in Net Assets
| Short Duration | ||||||||
| INCREASE (DECREASE) IN NET ASSETS | For the Year Ended September 30, 2023 | For the Year Ended September 30, 2022 | ||||||
| Operations: | ||||||||
| Net investment income | $ | 39,883,579 | $ | 24,201,636 | ||||
| Net realized gain (loss) on investments and futures contracts | (39,902,898 | ) | (22,970,656 | ) | ||||
| Net change in unrealized appreciation/depreciation on investments and futures contracts | 47,204,705 | (129,113,613 | ) | |||||
| Net increase (decrease) in net assets resulting from operations | 47,185,386 | (127,882,633 | ) | |||||
| Distributions to shareholders:(1) | ||||||||
| Class A | (17,584,763 | ) | (9,685,207 | ) | ||||
| Class C | (324,642 | ) | (94,961 | ) | ||||
| Class F | (2,101,757 | ) | (4,881,413 | ) | ||||
| Class F3 | (7,188,716 | ) | (4,336,314 | ) | ||||
| Class I | (12,588,098 | ) | (5,165,908 | ) | ||||
| Total distributions to shareholders | (39,787,976 | ) | (24,163,803 | ) | ||||
| Capital share transactions (See Note 15): | ||||||||
| Net proceeds from sales of shares | 783,794,119 | 1,763,864,555 | ||||||
| Reinvestment of distributions | 29,953,750 | 16,863,725 | ||||||
| Cost of shares reacquired | (1,300,105,517 | ) | (1,931,244,877 | ) | ||||
| Net increase (decrease) in net assets resulting from capital share transactions | (486,357,648 | ) | (150,516,597 | ) | ||||
| Net increase (decrease) in net assets | (478,960,238 | ) | (302,563,033 | ) | ||||
| NET ASSETS: | ||||||||
| Beginning of year | $ | 2,071,171,875 | $ | 2,373,734,908 | ||||
| End of year | $ | 1,592,211,637 | $ | 2,071,171,875 | ||||
| (1) | Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions. |
| 224 | See Notes to Financial Statements. |
| Intermediate | National | |||||||||||||
| For the Year Ended September 30, 2023 | For the Year Ended September 30, 2022 | For the Year Ended September 30, 2023 | For the Year Ended September 30, 2022 | |||||||||||
| $ | 141,645,834 | $ | 131,446,925 | $ | 124,651,299 | $ | 110,639,910 | |||||||
| (133,123,729 | ) | (152,425,906 | ) | (134,588,997 | ) | (164,615,349 | ) | |||||||
| 151,612,635 | (771,236,486 | ) | 116,122,825 | (657,682,785 | ) | |||||||||
| 160,134,740 | (792,215,467 | ) | 106,185,127 | (711,658,224 | ) | |||||||||
| (55,377,086 | ) | (51,244,377 | ) | (77,238,597 | ) | (70,690,253 | ) | |||||||
| (2,236,636 | ) | (2,324,854 | ) | (2,184,343 | ) | (2,256,462 | ) | |||||||
| (7,640,736 | ) | (38,501,878 | ) | (4,878,775 | ) | (17,459,525 | ) | |||||||
| (7,471,644 | ) | (4,596,185 | ) | (11,071,073 | ) | (8,742,056 | ) | |||||||
| (67,416,716 | ) | (34,327,561 | ) | (26,764,425 | ) | (10,879,330 | ) | |||||||
| (140,142,818 | ) | (130,994,855 | ) | (122,137,213 | ) | (110,027,626 | ) | |||||||
| 2,440,944,276 | 3,855,743,096 | 1,660,801,824 | 1,818,078,604 | |||||||||||
| 104,469,308 | 99,272,234 | 110,830,832 | 99,822,938 | |||||||||||
| (2,768,876,136 | ) | (4,596,451,995 | ) | (1,461,281,131 | ) | (2,261,223,177 | ) | |||||||
| (223,462,552 | ) | (641,436,665 | ) | 310,351,525 | (343,321,635 | ) | ||||||||
| (203,470,630 | ) | (1,564,646,987 | ) | 294,399,439 | (1,165,007,485 | ) | ||||||||
| $ | 5,048,015,131 | $ | 6,612,662,118 | $ | 3,378,657,730 | $ | 4,543,665,215 | |||||||
| $ | 4,844,544,501 | $ | 5,048,015,131 | $ | 3,673,057,169 | $ | 3,378,657,730 | |||||||
| See Notes to Financial Statements. | 225 |
Statements of Changes in Net Assets (continued)
| High Income | ||||||||
| INCREASE (DECREASE) IN NET ASSETS | For the Year Ended September 30, 2023 | For the Year Ended September 30, 2022 | ||||||
| Operations: | ||||||||
| Net investment income | $ | 145,539,733 | $ | 140,772,751 | ||||
| Net realized gain (loss) on investments and futures contracts | (204,668,914 | ) | (168,245,743 | ) | ||||
| Net change in unrealized appreciation/depreciation on investments and futures contracts | 160,647,553 | (803,283,390 | ) | |||||
| Net increase (decrease) in net assets resulting from operations | 101,518,372 | (830,756,382 | ) | |||||
| Distributions to shareholders:(1) | ||||||||
| Class A | (72,790,503 | ) | (71,083,164 | ) | ||||
| Class C | (5,689,822 | ) | (5,926,875 | ) | ||||
| Class F | (9,499,288 | ) | (32,027,041 | ) | ||||
| Class F3 | (5,375,725 | ) | (4,432,261 | ) | ||||
| Class I | (48,818,252 | ) | (25,551,036 | ) | ||||
| Total distributions to shareholders | (142,173,590 | ) | (139,020,377 | ) | ||||
| Capital share transactions (See Note 15): | ||||||||
| Net proceeds from sales of shares | 1,594,496,427 | 2,559,922,817 | ||||||
| Reinvestment of distributions | 128,033,512 | 121,604,651 | ||||||
| Cost of shares reacquired | (1,803,019,789 | ) | (3,018,619,337 | ) | ||||
| Net increase (decrease) in net assets resulting from capital share transactions | (80,489,850 | ) | (337,091,869 | ) | ||||
| Net increase (decrease) in net assets | (121,145,068 | ) | (1,306,868,628 | ) | ||||
| NET ASSETS: | ||||||||
| Beginning of year | $ | 3,406,284,875 | $ | 4,713,153,503 | ||||
| End of year | $ | 3,285,139,807 | $ | 3,406,284,875 | ||||
| (1) | Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions. |
| (2) | For the period January 5, 2022, commencement of operations, to September 30, 2022. |
| 226 | See Notes to Financial Statements. |
| Short Duration High Income | Sustainable | |||||||||||||
| For the Year Ended September 30, 2023 | For the Year Ended September 30, 2022 | For the Year Ended September 30, 2023 | For the Year Ended September 30, 2022(2) | |||||||||||
| $ | 34,301,157 | $ | 26,141,378 | $ | 142,461 | $ | 53,715 | |||||||
| (33,739,132 | ) | (57,214,461 | ) | (155,523 | ) | (289,439 | ) | |||||||
| 27,460,386 | (98,425,537 | ) | 169,162 | (318,543 | ) | |||||||||
| 28,022,411 | (129,498,620 | ) | 156,100 | (554,267 | ) | |||||||||
| (10,532,484 | ) | (8,688,573 | ) | (79,924 | ) | (30,845 | ) | |||||||
| (607,265 | ) | (392,609 | ) | (2,896 | ) | (348 | ) | |||||||
| (2,560,295 | ) | (7,267,298 | ) | (1,919 | ) | (814 | ) | |||||||
| (1,231,546 | ) | (799,544 | ) | (2,685 | ) | (1,181 | ) | |||||||
| (17,898,923 | ) | (8,379,287 | ) | (53,809 | ) | (20,220 | ) | |||||||
| (32,830,513 | ) | (25,527,311 | ) | (141,233 | ) | (53,408 | ) | |||||||
| 685,583,676 | 960,334,431 | 588,055 | 5,147,500 | |||||||||||
| 31,503,674 | 24,955,977 | 14,916 | 399 | |||||||||||
| (689,567,706 | ) | (1,159,684,331 | ) | (6,445 | ) | (41 | ) | |||||||
| 27,519,644 | (174,393,923 | ) | 596,526 | 5,147,858 | ||||||||||
| 22,711,542 | (329,419,854 | ) | 611,393 | 4,540,183 | ||||||||||
| $ | 877,567,730 | $ | 1,206,987,584 | $ | 4,540,183 | $ | – | |||||||
| $ | 900,279,272 | $ | 877,567,730 | $ | 5,151,576 | $ | 4,540,183 | |||||||
| . | See Notes to Financial Statements. | 227 |
Statements of Changes in Net Assets (concluded)
| California | ||||||||
| INCREASE (DECREASE) IN NET ASSETS | For the Year Ended September 30, 2023 | For the Year Ended September 30, 2022 | ||||||
| Operations: | ||||||||
| Net investment income | $ | 15,447,264 | $ | 12,740,026 | ||||
| Net realized gain (loss) on investments and futures contracts | (18,231,152 | ) | (18,545,763 | ) | ||||
| Net change in unrealized appreciation/depreciation on investments and futures contracts | 16,977,014 | (85,281,685 | ) | |||||
| Net increase (decrease) in net assets resulting from operations | 14,193,126 | (91,087,422 | ) | |||||
| Distributions to shareholders:(1) | ||||||||
| Class A | (10,048,395 | ) | (8,047,205 | ) | ||||
| Class C | (498,898 | ) | (479,633 | ) | ||||
| Class F | (413,866 | ) | (1,872,942 | ) | ||||
| Class F3 | (1,268,786 | ) | (635,428 | ) | ||||
| Class I | (2,913,247 | ) | (1,550,729 | ) | ||||
| Total distributions to shareholders | (15,143,192 | ) | (12,585,937 | ) | ||||
| Capital share transactions (See Note 15): | ||||||||
| Net proceeds from sales of shares | 220,080,799 | 276,101,921 | ||||||
| Reinvestment of distributions | 13,735,450 | 10,926,214 | ||||||
| Cost of shares reacquired | (171,125,316 | ) | (333,545,364 | ) | ||||
| Net increase (decrease) in net assets resulting from capital share transactions | 62,690,933 | (46,517,229 | ) | |||||
| Net increase (decrease) in net assets | 61,740,867 | (150,190,588 | ) | |||||
| NET ASSETS: | ||||||||
| Beginning of year | $ | 454,129,625 | $ | 604,320,213 | ||||
| End of year | $ | 515,870,492 | $ | 454,129,625 | ||||
| (1) | Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions. |
| 228 | See Notes to Financial Statements. |
| New Jersey | New York | |||||||||||||
| For the Year Ended September 30, 2023 | For the Year Ended September 30, 2022 | For the Year Ended September 30, 2023 | For the Year Ended September 30, 2022 | |||||||||||
| $ | 3,039,809 | $ | 2,987,944 | $ | 12,894,727 | $ | 11,831,388 | |||||||
| (1,642,816 | ) | (1,232,431 | ) | (6,393,410 | ) | (7,372,893 | ) | |||||||
| 2,908,510 | (21,488,579 | ) | 9,672,228 | (87,732,773 | ) | |||||||||
| 4,305,503 | (19,733,066 | ) | 16,173,545 | (83,274,278 | ) | |||||||||
| (2,358,640 | ) | (2,225,957 | ) | (9,296,202 | ) | (8,459,566 | ) | |||||||
| – | – | (471,328 | ) | (479,877 | ) | |||||||||
| (136,716 | ) | (425,020 | ) | (347,324 | ) | (1,152,222 | ) | |||||||
| (50,515 | ) | (37,239 | ) | (78,854 | ) | (61,174 | ) | |||||||
| (484,548 | ) | (291,769 | ) | (2,587,779 | ) | (1,587,444 | ) | |||||||
| (3,030,419 | ) | (2,979,985 | ) | (12,781,487 | ) | (11,740,283 | ) | |||||||
| 28,363,257 | 36,024,111 | 124,898,947 | 169,981,763 | |||||||||||
| 2,409,229 | 2,450,485 | 10,761,359 | 9,730,316 | |||||||||||
| (32,259,812 | ) | (49,773,261 | ) | (156,382,096 | ) | (189,584,632 | ) | |||||||
| (1,487,326 | ) | (11,298,665 | ) | (20,721,790 | ) | (9,872,553 | ) | |||||||
| (212,242 | ) | (34,011,716 | ) | (17,329,732 | ) | (104,887,114 | ) | |||||||
| $ | 101,495,715 | $ | 135,507,431 | $ | 435,008,865 | $ | 539,895,979 | |||||||
| $ | 101,283,473 | $ | 101,495,715 | $ | 417,679,133 | $ | 435,008,865 | |||||||
| See Notes to Financial Statements. | 229 |
SHORT DURATION TAX FREE FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net asset value, end of period | |||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 9/30/2023 | $14.78 | $0.32 | $ 0.03 | $ 0.35 | $(0.32 | ) | $14.81 | |||||||||||||||||
| 9/30/2022 | 15.84 | 0.15 | (1.06 | ) | (0.91 | ) | (0.15 | ) | 14.78 | |||||||||||||||
| 9/30/2021 | 15.80 | 0.15 | 0.04 | 0.19 | (0.15 | ) | 15.84 | |||||||||||||||||
| 9/30/2020 | 15.78 | 0.24 | 0.02 | 0.26 | (0.24 | ) | 15.80 | |||||||||||||||||
| 9/30/2019 | 15.43 | 0.29 | 0.34 | 0.63 | (0.28 | ) | 15.78 | |||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 9/30/2023 | 14.78 | 0.23 | 0.03 | 0.26 | (0.23 | ) | 14.81 | |||||||||||||||||
| 9/30/2022 | 15.84 | 0.05 | (1.05 | ) | (1.00 | ) | (0.06 | ) | 14.78 | |||||||||||||||
| 9/30/2021 | 15.80 | 0.05 | 0.04 | 0.09 | (0.05 | ) | 15.84 | |||||||||||||||||
| 9/30/2020 | 15.78 | 0.15 | 0.01 | 0.16 | (0.14 | ) | 15.80 | |||||||||||||||||
| 9/30/2019 | 15.43 | 0.19 | 0.35 | 0.54 | (0.19 | ) | 15.78 | |||||||||||||||||
| Class F | ||||||||||||||||||||||||
| 9/30/2023 | 14.79 | 0.30 | 0.05 | 0.35 | (0.33 | ) | 14.81 | |||||||||||||||||
| 9/30/2022 | 15.85 | 0.16 | (1.05 | ) | (0.89 | ) | (0.17 | ) | 14.79 | |||||||||||||||
| 9/30/2021 | 15.80 | 0.16 | 0.05 | 0.21 | (0.16 | ) | 15.85 | |||||||||||||||||
| 9/30/2020 | 15.78 | 0.26 | 0.02 | 0.28 | (0.26 | ) | 15.80 | |||||||||||||||||
| 9/30/2019 | 15.43 | 0.30 | 0.35 | 0.65 | (0.30 | ) | 15.78 | |||||||||||||||||
| Class F3 | ||||||||||||||||||||||||
| 9/30/2023 | 14.79 | 0.35 | 0.02 | 0.37 | (0.35 | ) | 14.81 | |||||||||||||||||
| 9/30/2022 | 15.85 | 0.19 | (1.06 | ) | (0.87 | ) | (0.19 | ) | 14.79 | |||||||||||||||
| 9/30/2021 | 15.80 | 0.18 | 0.06 | 0.24 | (0.19 | ) | 15.85 | |||||||||||||||||
| 9/30/2020 | 15.79 | 0.27 | 0.02 | 0.29 | (0.28 | ) | 15.80 | |||||||||||||||||
| 9/30/2019 | 15.43 | 0.32 | 0.36 | 0.68 | (0.32 | ) | 15.79 | |||||||||||||||||
| Class I | ||||||||||||||||||||||||
| 9/30/2023 | 14.79 | 0.35 | 0.02 | 0.37 | (0.35 | ) | 14.81 | |||||||||||||||||
| 9/30/2022 | 15.85 | 0.20 | (1.08 | ) | (0.88 | ) | (0.18 | ) | 14.79 | |||||||||||||||
| 9/30/2021 | 15.80 | 0.18 | 0.05 | 0.23 | (0.18 | ) | 15.85 | |||||||||||||||||
| 9/30/2020 | 15.78 | 0.27 | 0.02 | 0.29 | (0.27 | ) | 15.80 | |||||||||||||||||
| 9/30/2019 | 15.43 | 0.32 | 0.35 | 0.67 | (0.32 | ) | 15.78 | |||||||||||||||||
| (a) | Calculated based on average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| 230 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||
| Total return (%)(b) | Total expenses after waivers and/or reim- bursements (%) | Total expenses (%) | Net investment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | |||||||||||||||||
| 2.29 | 0.65 | 0.66 | 2.12 | $ | 758,931 | 59 | ||||||||||||||||
| (5.68 | ) | 0.65 | 0.65 | 0.99 | 875,792 | 43 | ||||||||||||||||
| 1.20 | 0.65 | 0.65 | 0.93 | 1,067,651 | 26 | |||||||||||||||||
| 1.68 | 0.65 | 0.66 | 1.52 | 895,461 | 28 | |||||||||||||||||
| 4.15 | 0.65 | 0.66 | 1.83 | 632,983 | 33 | |||||||||||||||||
| 1.74 | 1.26 | 1.27 | 1.51 | 17,796 | 59 | |||||||||||||||||
| (6.34 | ) | 1.29 | 1.29 | 0.35 | 23,284 | 43 | ||||||||||||||||
| 0.54 | 1.30 | 1.31 | 0.30 | 31,450 | 26 | |||||||||||||||||
| 1.05 | 1.27 | 1.28 | 0.96 | 39,779 | 28 | |||||||||||||||||
| 3.52 | 1.26 | 1.28 | 1.22 | 86,435 | 33 | |||||||||||||||||
| 2.39 | 0.55 | 0.56 | 2.03 | 33,367 | 59 | |||||||||||||||||
| (5.65 | ) | 0.55 | 0.55 | 1.01 | 246,974 | 43 | ||||||||||||||||
| 1.36 | 0.55 | 0.55 | 1.03 | 736,826 | 26 | |||||||||||||||||
| 1.77 | 0.55 | 0.56 | 1.62 | 587,635 | 28 | |||||||||||||||||
| 4.25 | 0.55 | 0.56 | 1.92 | 577,258 | 33 | |||||||||||||||||
| 2.54 | 0.41 | 0.42 | 2.35 | 264,658 | 59 | |||||||||||||||||
| (5.52 | ) | 0.41 | 0.41 | 1.25 | 361,359 | 43 | ||||||||||||||||
| 1.50 | 0.42 | 0.42 | 1.16 | 331,257 | 26 | |||||||||||||||||
| 1.84 | 0.42 | 0.43 | 1.74 | 246,193 | 28 | |||||||||||||||||
| 4.44 | 0.42 | 0.43 | 2.04 | 46,899 | 33 | |||||||||||||||||
| 2.50 | 0.45 | 0.46 | 2.34 | 517,459 | 59 | |||||||||||||||||
| (5.55 | ) | 0.45 | 0.46 | 1.30 | 563,762 | 43 | ||||||||||||||||
| 1.46 | 0.45 | 0.45 | 1.13 | 206,551 | 26 | |||||||||||||||||
| 1.87 | 0.45 | 0.46 | 1.70 | 177,634 | 28 | |||||||||||||||||
| 4.35 | 0.45 | 0.46 | 2.02 | 108,949 | 33 | |||||||||||||||||
| See Notes to Financial Statements. | 231 |
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net asset value, end of period | |||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 9/30/2023 | $ | 9.71 | $0.27 | $ 0.05 | $ 0.32 | $(0.27 | ) | $ | 9.76 | |||||||||||||||
| 9/30/2022 | 11.33 | 0.23 | (1.63 | ) | (1.40 | ) | (0.22 | ) | 9.71 | |||||||||||||||
| 9/30/2021 | 11.11 | 0.24 | 0.22 | 0.46 | (0.24 | ) | 11.33 | |||||||||||||||||
| 9/30/2020 | 11.17 | 0.27 | (0.06 | ) | 0.21 | (0.27 | ) | 11.11 | ||||||||||||||||
| 9/30/2019 | 10.60 | 0.30 | 0.57 | 0.87 | (0.30 | ) | 11.17 | |||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 9/30/2023 | 9.70 | 0.21 | 0.05 | 0.26 | (0.21 | ) | 9.75 | |||||||||||||||||
| 9/30/2022 | 11.32 | 0.16 | (1.62 | ) | (1.46 | ) | (0.16 | ) | 9.70 | |||||||||||||||
| 9/30/2021 | 11.10 | 0.17 | 0.22 | 0.39 | (0.17 | ) | 11.32 | |||||||||||||||||
| 9/30/2020 | 11.16 | 0.21 | (0.07 | ) | 0.14 | (0.20 | ) | 11.10 | ||||||||||||||||
| 9/30/2019 | 10.59 | 0.23 | 0.57 | 0.80 | (0.23 | ) | 11.16 | |||||||||||||||||
| Class F | ||||||||||||||||||||||||
| 9/30/2023 | 9.71 | 0.28 | 0.05 | 0.33 | (0.28 | ) | 9.76 | |||||||||||||||||
| 9/30/2022 | 11.33 | 0.23 | (1.61 | ) | (1.38 | ) | (0.24 | ) | 9.71 | |||||||||||||||
| 9/30/2021 | 11.11 | 0.25 | 0.22 | 0.47 | (0.25 | ) | 11.33 | |||||||||||||||||
| 9/30/2020 | 11.17 | 0.28 | (0.06 | ) | 0.22 | (0.28 | ) | 11.11 | ||||||||||||||||
| 9/30/2019 | 10.60 | 0.31 | 0.57 | 0.88 | (0.31 | ) | 11.17 | |||||||||||||||||
| Class F3 | ||||||||||||||||||||||||
| 9/30/2023 | 9.72 | 0.30 | 0.05 | 0.35 | (0.30 | ) | 9.77 | |||||||||||||||||
| 9/30/2022 | 11.34 | 0.25 | (1.62 | ) | (1.37 | ) | (0.25 | ) | 9.72 | |||||||||||||||
| 9/30/2021 | 11.12 | 0.27 | 0.22 | 0.49 | (0.27 | ) | 11.34 | |||||||||||||||||
| 9/30/2020 | 11.18 | 0.30 | (0.06 | ) | 0.24 | (0.30 | ) | 11.12 | ||||||||||||||||
| 9/30/2019 | 10.60 | 0.32 | 0.58 | 0.90 | (0.32 | ) | 11.18 | |||||||||||||||||
| Class I | ||||||||||||||||||||||||
| 9/30/2023 | 9.71 | 0.30 | 0.04 | 0.34 | (0.29 | ) | 9.76 | |||||||||||||||||
| 9/30/2022 | 11.33 | 0.25 | (1.62 | ) | (1.37 | ) | (0.25 | ) | 9.71 | |||||||||||||||
| 9/30/2021 | 11.12 | 0.27 | 0.21 | 0.48 | (0.27 | ) | 11.33 | |||||||||||||||||
| 9/30/2020 | 11.17 | 0.29 | (0.05 | ) | 0.24 | (0.29 | ) | 11.12 | ||||||||||||||||
| 9/30/2019 | 10.60 | 0.32 | 0.57 | 0.89 | (0.32 | ) | 11.17 | |||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| 232 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||
| Total return (%)(b) | Total expenses after waivers and/or reim- bursements (includes interest expense) (%)(c) | Total expenses after waivers and/or reim- bursements (excludes interest expense) (%)(c) | Total expenses (%) | Net investment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
| 3.17 | 0.71 | 0.71 | 0.71 | 2.74 | $ | 1,935,887 | 44 | |||||||||||||||||||
| (12.36 | ) | 0.71 | 0.71 | 0.71 | 2.11 | 2,075,394 | 33 | |||||||||||||||||||
| 4.19 | 0.70 | 0.70 | 0.70 | 2.15 | 2,656,030 | 13 | ||||||||||||||||||||
| 1.93 | 0.70 | 0.70 | 0.70 | 2.45 | 2,239,629 | 14 | ||||||||||||||||||||
| 8.27 | 0.70 | 0.70 | 0.71 | 2.73 | 1,704,883 | 19 | ||||||||||||||||||||
| 2.64 | 1.32 | 1.32 | 1.32 | 2.12 | 86,956 | 44 | ||||||||||||||||||||
| (13.02 | ) | 1.35 | 1.35 | 1.35 | 1.47 | 123,238 | 33 | |||||||||||||||||||
| 3.53 | 1.33 | 1.33 | 1.33 | 1.52 | 190,855 | 13 | ||||||||||||||||||||
| 1.30 | 1.32 | 1.32 | 1.32 | 1.86 | 215,475 | 14 | ||||||||||||||||||||
| 7.62 | 1.31 | 1.31 | 1.32 | 2.13 | 390,735 | 19 | ||||||||||||||||||||
| 3.38 | 0.60 | 0.60 | 0.60 | 2.78 | 113,056 | 44 | ||||||||||||||||||||
| (12.37 | ) | 0.60 | 0.60 | 0.60 | 2.13 | 522,922 | 33 | |||||||||||||||||||
| 4.30 | 0.60 | 0.60 | 0.60 | 2.24 | 2,697,578 | 13 | ||||||||||||||||||||
| 2.03 | 0.60 | 0.60 | 0.60 | 2.56 | 2,140,068 | 14 | ||||||||||||||||||||
| 8.38 | 0.60 | 0.60 | 0.61 | 2.83 | 1,871,641 | 19 | ||||||||||||||||||||
| 3.54 | 0.45 | 0.45 | 0.45 | 3.00 | 274,934 | 44 | ||||||||||||||||||||
| (12.21 | ) | 0.45 | 0.45 | 0.45 | 2.39 | 194,787 | 33 | |||||||||||||||||||
| 4.45 | 0.45 | 0.45 | 0.45 | 2.36 | 171,655 | 13 | ||||||||||||||||||||
| 2.17 | 0.46 | 0.46 | 0.46 | 2.68 | 85,559 | 14 | ||||||||||||||||||||
| 8.62 | 0.46 | 0.46 | 0.47 | 2.94 | 43,659 | 19 | ||||||||||||||||||||
| 3.48 | 0.51 | 0.51 | 0.51 | 2.95 | 2,433,710 | 44 | ||||||||||||||||||||
| (12.28 | ) | 0.52 | 0.52 | 0.52 | 2.39 | 2,131,673 | 33 | |||||||||||||||||||
| 4.31 | 0.50 | 0.50 | 0.50 | 2.35 | 896,545 | 13 | ||||||||||||||||||||
| 2.22 | 0.50 | 0.50 | 0.50 | 2.65 | 870,771 | 14 | ||||||||||||||||||||
| 8.48 | 0.50 | 0.50 | 0.51 | 2.92 | 652,729 | 19 | ||||||||||||||||||||
| See Notes to Financial Statements. | 233 |
Financial Highlights (continued)
NATIONAL TAX FREE FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net asset value, end of period | |||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 9/30/2023 | $ | 9.83 | $ | 0.35 | $ 0.01 | (d) | $ 0.36 | $(0.34 | ) | $ | 9.85 | |||||||||||||
| 9/30/2022 | 12.06 | 0.30 | (2.23 | ) | (1.93 | ) | (0.30 | ) | 9.83 | |||||||||||||||
| 9/30/2021 | 11.70 | 0.31 | 0.36 | 0.67 | (0.31 | ) | 12.06 | |||||||||||||||||
| 9/30/2020 | 11.80 | 0.34 | (0.10 | ) | 0.24 | (0.34 | ) | 11.70 | ||||||||||||||||
| 9/30/2019 | 11.11 | 0.37 | 0.69 | 1.06 | (0.37 | ) | 11.80 | |||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 9/30/2023 | 9.84 | 0.29 | 0.01 | (d) | 0.30 | (0.28 | ) | 9.86 | ||||||||||||||||
| 9/30/2022 | 12.08 | 0.23 | (2.24 | ) | (2.01 | ) | (0.23 | ) | 9.84 | |||||||||||||||
| 9/30/2021 | 11.71 | 0.23 | 0.37 | 0.60 | (0.23 | ) | 12.08 | |||||||||||||||||
| 9/30/2020 | 11.82 | 0.26 | (0.11 | ) | 0.15 | (0.26 | ) | 11.71 | ||||||||||||||||
| 9/30/2019 | 11.13 | 0.30 | 0.69 | 0.99 | (0.30 | ) | 11.82 | |||||||||||||||||
| Class F | ||||||||||||||||||||||||
| 9/30/2023 | 9.82 | 0.35 | 0.02 | (d) | 0.37 | (0.35 | ) | 9.84 | ||||||||||||||||
| 9/30/2022 | 12.05 | 0.31 | (2.23 | ) | (1.92 | ) | (0.31 | ) | 9.82 | |||||||||||||||
| 9/30/2021 | 11.69 | 0.32 | 0.36 | 0.68 | (0.32 | ) | 12.05 | |||||||||||||||||
| 9/30/2020 | 11.79 | 0.35 | (0.10 | ) | 0.25 | (0.35 | ) | 11.69 | ||||||||||||||||
| 9/30/2019 | 11.10 | 0.38 | 0.69 | 1.07 | (0.38 | ) | 11.79 | |||||||||||||||||
| Class F3 | ||||||||||||||||||||||||
| 9/30/2023 | 9.83 | 0.37 | 0.01 | (d) | 0.38 | (0.37 | ) | 9.84 | ||||||||||||||||
| 9/30/2022 | 12.06 | 0.32 | (2.23 | ) | (1.91 | ) | (0.32 | ) | 9.83 | |||||||||||||||
| 9/30/2021 | 11.69 | 0.34 | 0.37 | 0.71 | (0.34 | ) | 12.06 | |||||||||||||||||
| 9/30/2020 | 11.80 | 0.36 | (0.11 | ) | 0.25 | (0.36 | ) | 11.69 | ||||||||||||||||
| 9/30/2019 | 11.11 | 0.39 | 0.70 | 1.09 | (0.40 | ) | 11.80 | |||||||||||||||||
| Class I | ||||||||||||||||||||||||
| 9/30/2023 | 9.83 | 0.37 | – | (d)(e) | 0.37 | (0.36 | ) | 9.84 | ||||||||||||||||
| 9/30/2022 | 12.06 | 0.32 | (2.23 | ) | (1.91 | ) | (0.32 | ) | 9.83 | |||||||||||||||
| 9/30/2021 | 11.69 | 0.34 | 0.36 | 0.70 | (0.33 | ) | 12.06 | |||||||||||||||||
| 9/30/2020 | 11.80 | 0.36 | (0.11 | ) | 0.25 | (0.36 | ) | 11.69 | ||||||||||||||||
| 9/30/2019 | 11.11 | 0.39 | 0.69 | 1.08 | (0.39 | ) | 11.80 | |||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (d) | Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the period ended September 30, 2023, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio. |
| (e) | Amount less than $0.01. |
| 234 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||
| Total return (%)(b) | Total expenses after waivers and/or reim- bursements (includes interest expense) (%)(c) | Total expenses after waivers and/or reim- bursements (excludes interest expense) (%)(c) | Total expenses (%) | Net investment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
| 3.61 | 0.77 | 0.70 | 0.77 | 3.41 | $ | 2,257,591 | 41 | |||||||||||||||||||
| (16.27 | ) | 0.71 | 0.70 | 0.71 | 2.66 | 2,235,687 | 40 | |||||||||||||||||||
| 5.77 | 0.70 | 0.70 | 0.70 | 2.58 | 2,925,529 | 18 | ||||||||||||||||||||
| 2.06 | 0.71 | 0.71 | 0.71 | 2.90 | 2,504,023 | 24 | ||||||||||||||||||||
| 9.70 | 0.77 | 0.75 | 0.77 | 3.25 | 2,011,535 | 11 | ||||||||||||||||||||
| 2.97 | 1.40 | 1.33 | 1.40 | 2.78 | 70,892 | 41 | ||||||||||||||||||||
| (16.86 | ) | 1.35 | 1.34 | 1.35 | 2.01 | 83,743 | 40 | |||||||||||||||||||
| 5.16 | 1.35 | 1.35 | 1.35 | 1.94 | 135,544 | 18 | ||||||||||||||||||||
| 1.32 | 1.35 | 1.35 | 1.35 | 2.27 | 138,705 | 24 | ||||||||||||||||||||
| 9.01 | 1.39 | 1.37 | 1.39 | 2.63 | 165,263 | 11 | ||||||||||||||||||||
| 3.72 | 0.67 | 0.60 | 0.67 | 3.48 | 79,394 | 41 | ||||||||||||||||||||
| (16.20 | ) | 0.61 | 0.60 | 0.61 | 2.66 | 222,942 | 40 | |||||||||||||||||||
| 5.88 | 0.60 | 0.60 | 0.60 | 2.68 | 984,235 | 18 | ||||||||||||||||||||
| 2.15 | 0.61 | 0.61 | 0.61 | 2.99 | 871,094 | 24 | ||||||||||||||||||||
| 9.80 | 0.67 | 0.65 | 0.67 | 3.32 | 594,320 | 11 | ||||||||||||||||||||
| 3.75 | 0.53 | 0.46 | 0.53 | 3.65 | 346,879 | 41 | ||||||||||||||||||||
| (16.07 | ) | 0.47 | 0.46 | 0.47 | 2.91 | 268,560 | 40 | |||||||||||||||||||
| 6.10 | 0.45 | 0.45 | 0.45 | 2.78 | 288,718 | 18 | ||||||||||||||||||||
| 2.19 | 0.48 | 0.48 | 0.48 | 3.10 | 140,730 | 24 | ||||||||||||||||||||
| 9.95 | 0.53 | 0.50 | 0.53 | 3.42 | 59,942 | 11 | ||||||||||||||||||||
| 3.72 | 0.57 | 0.50 | 0.57 | 3.63 | 918,301 | 41 | ||||||||||||||||||||
| (16.10 | ) | 0.52 | 0.51 | 0.52 | 2.99 | 567,725 | 40 | |||||||||||||||||||
| 6.07 | 0.50 | 0.50 | 0.50 | 2.78 | 209,640 | 18 | ||||||||||||||||||||
| 2.17 | 0.51 | 0.51 | 0.51 | 3.09 | 155,620 | 24 | ||||||||||||||||||||
| 9.91 | 0.57 | 0.55 | 0.57 | 3.40 | 111,141 | 11 | ||||||||||||||||||||
| See Notes to Financial Statements. | 235 |
Financial Highlights (continued)
HIGH INCOME MUNICIPAL BOND FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net asset value, end of period | |||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 9/30/2023 | $ | 10.22 | $ | 0.45 | $ | (0.11 | ) | $ | 0.34 | $ | (0.44 | ) | $ | 10.12 | ||||||||||
| 9/30/2022 | 12.91 | 0.39 | (2.69 | ) | (2.30 | ) | (0.39 | ) | 10.22 | |||||||||||||||
| 9/30/2021 | 12.14 | 0.41 | 0.77 | 1.18 | (0.41 | ) | 12.91 | |||||||||||||||||
| 9/30/2020 | 12.60 | 0.45 | (0.47 | ) | (0.02 | ) | (0.44 | ) | 12.14 | |||||||||||||||
| 9/30/2019 | 11.93 | 0.50 | 0.66 | 1.16 | (0.49 | ) | 12.60 | |||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 9/30/2023 | 10.22 | 0.38 | (0.11 | ) | 0.27 | (0.37 | ) | 10.12 | ||||||||||||||||
| 9/30/2022 | 12.92 | 0.31 | (2.70 | ) | (2.39 | ) | (0.31 | ) | 10.22 | |||||||||||||||
| 9/30/2021 | 12.14 | 0.33 | 0.78 | 1.11 | (0.33 | ) | 12.92 | |||||||||||||||||
| 9/30/2020 | 12.61 | 0.37 | (0.48 | ) | (0.11 | ) | (0.36 | ) | 12.14 | |||||||||||||||
| 9/30/2019 | 11.93 | 0.42 | 0.67 | 1.09 | (0.41 | ) | 12.61 | |||||||||||||||||
| Class F | ||||||||||||||||||||||||
| 9/30/2023 | 10.23 | 0.45 | (0.10 | ) | 0.35 | (0.45 | ) | 10.13 | ||||||||||||||||
| 9/30/2022 | 12.92 | 0.40 | (2.69 | ) | (2.29 | ) | (0.40 | ) | 10.23 | |||||||||||||||
| 9/30/2021 | 12.15 | 0.42 | 0.77 | 1.19 | (0.42 | ) | 12.92 | |||||||||||||||||
| 9/30/2020 | 12.61 | 0.46 | (0.47 | ) | (0.01 | ) | (0.45 | ) | 12.15 | |||||||||||||||
| 9/30/2019 | 11.93 | 0.51 | 0.67 | 1.18 | (0.50 | ) | 12.61 | |||||||||||||||||
| Class F3 | ||||||||||||||||||||||||
| 9/30/2023 | 10.20 | 0.47 | (0.11 | ) | 0.36 | (0.46 | ) | 10.10 | ||||||||||||||||
| 9/30/2022 | 12.89 | 0.42 | (2.70 | ) | (2.28 | ) | (0.41 | ) | 10.20 | |||||||||||||||
| 9/30/2021 | 12.12 | 0.44 | 0.77 | 1.21 | (0.44 | ) | 12.89 | |||||||||||||||||
| 9/30/2020 | 12.58 | 0.47 | (0.46 | ) | 0.01 | (0.47 | ) | 12.12 | ||||||||||||||||
| 9/30/2019 | 11.90 | 0.52 | 0.67 | 1.19 | (0.51 | ) | 12.58 | |||||||||||||||||
| Class I | ||||||||||||||||||||||||
| 9/30/2023 | 10.20 | 0.47 | (0.11 | ) | 0.36 | (0.46 | ) | 10.10 | ||||||||||||||||
| 9/30/2022 | 12.89 | 0.42 | (2.70 | ) | (2.28 | ) | (0.41 | ) | 10.20 | |||||||||||||||
| 9/30/2021 | 12.12 | 0.44 | 0.76 | 1.20 | (0.43 | ) | 12.89 | |||||||||||||||||
| 9/30/2020 | 12.58 | 0.47 | (0.47 | ) | – | (d) | (0.46 | ) | 12.12 | |||||||||||||||
| 9/30/2019 | 11.90 | 0.51 | 0.68 | 1.19 | (0.51 | ) | 12.58 | |||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (d) | Amount less than $0.01. |
| 236 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||
| Total return (%)(b) | Total expenses after waivers and/or reim- bursements (includes interest expense) (%)(c) | Total expenses after waivers and/or reim- bursements (excludes interest expense) (%)(c) | Total expenses (%) | Net investment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
| 3.23 | 0.81 | 0.77 | 0.81 | 4.26 | $ | 1,680,507 | 42 | |||||||||||||||||||
| (18.19 | ) | 0.77 | 0.77 | 0.77 | 3.28 | 1,787,225 | 40 | |||||||||||||||||||
| 9.81 | 0.75 | 0.75 | 0.75 | 3.23 | 2,388,758 | 15 | ||||||||||||||||||||
| (0.09 | ) | 0.77 | 0.77 | 0.77 | 3.69 | 1,822,069 | 43 | |||||||||||||||||||
| 9.94 | 0.79 | 0.79 | 0.79 | 4.09 | 1,728,665 | 11 | ||||||||||||||||||||
| 2.58 | 1.44 | 1.40 | 1.44 | 3.63 | 141,950 | 42 | ||||||||||||||||||||
| (18.78 | ) | 1.41 | 1.41 | 1.41 | 2.63 | 174,127 | 40 | |||||||||||||||||||
| 9.19 | 1.40 | 1.40 | 1.40 | 2.60 | 267,871 | 15 | ||||||||||||||||||||
| (0.81 | ) | 1.42 | 1.42 | 1.42 | 3.06 | 242,392 | 43 | |||||||||||||||||||
| 9.34 | 1.42 | 1.42 | 1.42 | 3.48 | 346,925 | 11 | ||||||||||||||||||||
| 3.33 | 0.71 | 0.67 | 0.71 | 4.31 | 112,452 | 42 | ||||||||||||||||||||
| (18.09 | ) | 0.66 | 0.66 | 0.66 | 3.27 | 369,471 | 40 | |||||||||||||||||||
| 9.90 | 0.65 | 0.65 | 0.65 | 3.30 | 1,450,736 | 15 | ||||||||||||||||||||
| 0.00 | 0.67 | 0.67 | 0.67 | 3.78 | 861,795 | 43 | ||||||||||||||||||||
| 10.13 | 0.69 | 0.69 | 0.69 | 4.16 | 895,691 | 11 | ||||||||||||||||||||
| 3.48 | 0.57 | 0.53 | 0.57 | 4.50 | 122,429 | 42 | ||||||||||||||||||||
| (18.01 | ) | 0.51 | 0.51 | 0.51 | 3.55 | 114,134 | 40 | |||||||||||||||||||
| 10.07 | 0.52 | 0.51 | 0.51 | 3.42 | 118,100 | 15 | ||||||||||||||||||||
| 0.14 | 0.53 | 0.53 | 0.53 | 3.92 | 55,503 | 43 | ||||||||||||||||||||
| 10.28 | 0.55 | 0.55 | 0.55 | 4.24 | 32,101 | 11 | ||||||||||||||||||||
| 3.43 | 0.61 | 0.57 | 0.61 | 4.46 | 1,227,801 | 42 | ||||||||||||||||||||
| (18.06 | ) | 0.57 | 0.57 | 0.57 | 3.59 | 961,328 | 40 | |||||||||||||||||||
| 10.03 | 0.56 | 0.55 | 0.55 | 3.41 | 487,688 | 15 | ||||||||||||||||||||
| 0.09 | 0.57 | 0.57 | 0.57 | 3.88 | 301,236 | 43 | ||||||||||||||||||||
| 10.25 | 0.59 | 0.59 | 0.59 | 4.22 | 282,296 | 11 | ||||||||||||||||||||
| See Notes to Financial Statements. | 237 |
Financial Highlights (continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net asset value, end of period | |||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 9/30/2023 | $ | 13.84 | $ | 0.53 | $ | (0.08 | ) | $ | 0.45 | $ | (0.50 | ) | $ | 13.79 | ||||||||||
| 9/30/2022 | 15.88 | 0.34 | (2.05 | ) | (1.71 | ) | (0.33 | ) | 13.84 | |||||||||||||||
| 9/30/2021 | 15.20 | 0.33 | 0.69 | 1.02 | (0.34 | ) | 15.88 | |||||||||||||||||
| 9/30/2020 | 15.64 | 0.43 | (0.45 | ) | (0.02 | ) | (0.42 | ) | 15.20 | |||||||||||||||
| 9/30/2019 | 15.10 | 0.46 | 0.52 | 0.98 | (0.44 | ) | 15.64 | |||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 9/30/2023 | 13.84 | 0.43 | (0.07 | ) | 0.36 | (0.41 | ) | 13.79 | ||||||||||||||||
| 9/30/2022 | 15.88 | 0.23 | (2.04 | ) | (1.81 | ) | (0.23 | ) | 13.84 | |||||||||||||||
| 9/30/2021 | 15.20 | 0.23 | 0.68 | 0.91 | (0.23 | ) | 15.88 | |||||||||||||||||
| 9/30/2020 | 15.65 | 0.33 | (0.46 | ) | (0.13 | ) | (0.32 | ) | 15.20 | |||||||||||||||
| 9/30/2019 | 15.11 | 0.36 | 0.52 | 0.88 | (0.34 | ) | 15.65 | |||||||||||||||||
| Class F | ||||||||||||||||||||||||
| 9/30/2023 | 13.84 | 0.52 | (0.05 | ) | 0.47 | (0.52 | ) | 13.79 | ||||||||||||||||
| 9/30/2022 | 15.88 | 0.33 | (2.02 | ) | (1.69 | ) | (0.35 | ) | 13.84 | |||||||||||||||
| 9/30/2021 | 15.20 | 0.34 | 0.69 | 1.03 | (0.35 | ) | 15.88 | |||||||||||||||||
| 9/30/2020 | 15.64 | 0.45 | (0.46 | ) | (0.01 | ) | (0.43 | ) | 15.20 | |||||||||||||||
| 9/30/2019 | 15.10 | 0.47 | 0.53 | 1.00 | (0.46 | ) | 15.64 | |||||||||||||||||
| Class F3 | ||||||||||||||||||||||||
| 9/30/2023 | 13.84 | 0.57 | (0.08 | ) | 0.49 | (0.54 | ) | 13.79 | ||||||||||||||||
| 9/30/2022 | 15.88 | 0.38 | (2.05 | ) | (1.67 | ) | (0.37 | ) | 13.84 | |||||||||||||||
| 9/30/2021 | 15.20 | 0.37 | 0.69 | 1.06 | (0.38 | ) | 15.88 | |||||||||||||||||
| 9/30/2020 | 15.65 | 0.47 | (0.46 | ) | 0.01 | (0.46 | ) | 15.20 | ||||||||||||||||
| 9/30/2019 | 15.11 | 0.50 | 0.52 | 1.02 | (0.48 | ) | 15.65 | |||||||||||||||||
| Class I | ||||||||||||||||||||||||
| 9/30/2023 | 13.84 | 0.56 | (0.08 | ) | 0.48 | (0.53 | ) | 13.79 | ||||||||||||||||
| 9/30/2022 | 15.88 | 0.38 | (2.06 | ) | (1.68 | ) | (0.36 | ) | 13.84 | |||||||||||||||
| 9/30/2021 | 15.20 | 0.36 | 0.69 | 1.05 | (0.37 | ) | 15.88 | |||||||||||||||||
| 9/30/2020 | 15.65 | 0.46 | (0.46 | ) | – | (0.45 | ) | 15.20 | ||||||||||||||||
| 9/30/2019 | 15.11 | 0.49 | 0.52 | 1.01 | (0.47 | ) | 15.65 | |||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| 238 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||
| Total return (%)(b) | Total expenses after waivers and/or reim- bursements (%) | Total expenses (%) | Net investment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | |||||||||||||||||
| 3.27 | 0.66 | 0.71 | 3.73 | $ | 261,115 | 71 | ||||||||||||||||
| (10.85 | ) | 0.70 | 0.77 | 2.27 | 325,756 | 81 | ||||||||||||||||
| 6.74 | 0.69 | 0.75 | 2.09 | 409,286 | 14 | |||||||||||||||||
| (0.12 | ) | 0.62 | 0.78 | 2.83 | 176,351 | 61 | ||||||||||||||||
| 6.59 | 0.55 | 0.78 | 2.99 | 176,214 | 29 | |||||||||||||||||
| 2.59 | 1.32 | 1.37 | 3.08 | 19,626 | 71 | |||||||||||||||||
| (11.48 | ) | 1.40 | 1.47 | 1.56 | 21,392 | 81 | ||||||||||||||||
| 6.03 | 1.36 | 1.43 | 1.43 | 26,412 | 14 | |||||||||||||||||
| (0.85 | ) | 1.28 | 1.45 | 2.18 | 12,758 | 61 | ||||||||||||||||
| 5.90 | 1.21 | 1.44 | 2.34 | 12,303 | 29 | |||||||||||||||||
| 3.36 | 0.57 | 0.62 | 3.72 | 17,573 | 71 | |||||||||||||||||
| (10.77 | ) | 0.60 | 0.66 | 2.18 | 139,299 | 81 | ||||||||||||||||
| 6.84 | 0.59 | 0.65 | 2.17 | 495,439 | 14 | |||||||||||||||||
| (0.03 | ) | 0.52 | 0.68 | 2.92 | 171,092 | 61 | ||||||||||||||||
| 6.70 | 0.45 | 0.68 | 3.08 | 156,308 | 29 | |||||||||||||||||
| 3.55 | 0.38 | 0.45 | 4.03 | 35,447 | 71 | |||||||||||||||||
| (10.62 | ) | 0.44 | 0.50 | 2.56 | 28,251 | 81 | ||||||||||||||||
| 7.02 | 0.43 | 0.49 | 2.31 | 31,122 | 14 | |||||||||||||||||
| 0.07 | 0.36 | 0.52 | 3.10 | 8,538 | 61 | |||||||||||||||||
| 6.86 | 0.30 | 0.53 | 3.24 | 6,546 | 29 | |||||||||||||||||
| 3.40 | 0.46 | 0.50 | 3.97 | 566,518 | 71 | |||||||||||||||||
| (10.61 | ) | 0.50 | 0.58 | 2.59 | 362,870 | 81 | ||||||||||||||||
| 6.95 | 0.50 | 0.55 | 2.28 | 244,728 | 14 | |||||||||||||||||
| 0.01 | 0.42 | 0.59 | 3.03 | 93,013 | 61 | |||||||||||||||||
| 6.80 | 0.35 | 0.59 | 3.18 | 65,005 | 29 | |||||||||||||||||
| See Notes to Financial Statements. | 239 |
Financial Highlights (continued)
SUSTAINABLE MUNICIPAL BOND FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net asset value, end of period | |||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 9/30/2023 | $ | 8.79 | $ | 0.25 | $ | 0.07 | $ | 0.32 | $ | (0.25 | ) | $ | 8.86 | |||||||||||
| 1/5/2022 to 9/30/2022(c) | 10.00 | 0.10 | (1.21 | ) | (1.11 | ) | (0.10 | ) | 8.79 | |||||||||||||||
| Class C | ||||||||||||||||||||||||
| 9/30/2023 | 8.79 | 0.18 | 0.07 | 0.25 | (0.18 | ) | 8.86 | |||||||||||||||||
| 1/5/2022 to 9/30/2022(c) | 10.00 | 0.05 | (1.21 | ) | (1.16 | ) | (0.05 | ) | 8.79 | |||||||||||||||
| Class F | ||||||||||||||||||||||||
| 9/30/2023 | 8.79 | 0.26 | 0.07 | 0.33 | (0.26 | ) | 8.86 | |||||||||||||||||
| 1/5/2022 to 9/30/2022(c) | 10.00 | 0.11 | (1.21 | ) | (1.10 | ) | (0.11 | ) | 8.79 | |||||||||||||||
| Class F3 | ||||||||||||||||||||||||
| 9/30/2023 | 8.79 | 0.27 | 0.07 | 0.34 | (0.27 | ) | 8.86 | |||||||||||||||||
| 1/5/2022 to 9/30/2022(c) | 10.00 | 0.12 | (1.21 | ) | (1.09 | ) | (0.12 | ) | 8.79 | |||||||||||||||
| Class I | ||||||||||||||||||||||||
| 9/30/2023 | 8.79 | 0.27 | 0.06 | 0.33 | (0.26 | ) | 8.86 | |||||||||||||||||
| 1/5/2022 to 9/30/2022(c) | 10.00 | 0.12 | (1.21 | ) | (1.09 | ) | (0.12 | ) | 8.79 | |||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Commenced on January 5, 2022. |
| (d) | Not annualized. |
| (e) | Annualized. |
| 240 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||
| Total return (%)(b) | Total expenses after waivers and/or reim- bursements (%) | Total expenses (%) | Net investment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | |||||||||||||||||
| 3.57 | 0.63 | 2.92 | 2.74 | $ | 2,910 | 58 | ||||||||||||||||
| (11.11 | )(d) | 0.63 | (e) | 2.16 | (e) | 1.48 | (e) | 2,682 | 90 | (d) | ||||||||||||
| 2.77 | 1.41 | 3.86 | 2.01 | 169 | 58 | |||||||||||||||||
| (11.64 | )(d) | 1.43 | (e) | 2.96 | (e) | 0.68 | (e) | 66 | 90 | (d) | ||||||||||||
| 3.67 | 0.53 | 2.80 | 2.84 | 66 | 58 | |||||||||||||||||
| (11.05 | )(d) | 0.53 | (e) | 2.06 | (e) | 1.58 | (e) | 66 | 90 | (d) | ||||||||||||
| 3.82 | 0.39 | 2.67 | 2.97 | 89 | 58 | |||||||||||||||||
| (10.95 | )(d) | 0.39 | (e) | 1.91 | (e) | 1.72 | (e) | 88 | 90 | (d) | ||||||||||||
| 3.78 | 0.43 | 2.74 | 2.95 | 1,917 | 58 | |||||||||||||||||
| (10.98 | )(d) | 0.43 | (e) | 1.96 | (e) | 1.68 | (e) | 1,638 | 90 | (d) | ||||||||||||
| See Notes to Financial Statements. | 241 |
Financial Highlights (continued)
CALIFORNIA TAX FREE FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net asset value, end of period | |||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 9/30/2023 | $ | 9.50 | $ | 0.31 | $ | 0.04 | $ | 0.35 | $ | (0.30 | ) | $ | 9.55 | |||||||||||
| 9/30/2022 | 11.61 | 0.26 | (2.11 | ) | (1.85 | ) | (0.26 | ) | 9.50 | |||||||||||||||
| 9/30/2021 | 11.40 | 0.26 | 0.21 | 0.47 | (0.26 | ) | 11.61 | |||||||||||||||||
| 9/30/2020 | 11.42 | 0.29 | (0.03 | ) | 0.26 | (0.28 | ) | 11.40 | ||||||||||||||||
| 9/30/2019 | 10.76 | 0.33 | 0.66 | 0.99 | (0.33 | ) | 11.42 | |||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 9/30/2023 | 9.51 | 0.24 | 0.05 | 0.29 | (0.24 | ) | 9.56 | |||||||||||||||||
| 9/30/2022 | 11.62 | 0.19 | (2.11 | ) | (1.92 | ) | (0.19 | ) | 9.51 | |||||||||||||||
| 9/30/2021 | 11.41 | 0.19 | 0.21 | 0.40 | (0.19 | ) | 11.62 | |||||||||||||||||
| 9/30/2020 | 11.42 | 0.21 | (0.01 | ) | 0.20 | (0.21 | ) | 11.41 | ||||||||||||||||
| 9/30/2019 | 10.76 | 0.26 | 0.66 | 0.92 | (0.26 | ) | 11.42 | |||||||||||||||||
| Class F | ||||||||||||||||||||||||
| 9/30/2023 | 9.50 | 0.31 | 0.05 | 0.36 | (0.31 | ) | 9.55 | |||||||||||||||||
| 9/30/2022 | 11.61 | 0.26 | (2.10 | ) | (1.84 | ) | (0.27 | ) | 9.50 | |||||||||||||||
| 9/30/2021 | 11.40 | 0.28 | 0.20 | 0.48 | (0.27 | ) | 11.61 | |||||||||||||||||
| 9/30/2020 | 11.42 | 0.30 | (0.02 | ) | 0.28 | (0.30 | ) | 11.40 | ||||||||||||||||
| 9/30/2019 | 10.75 | 0.34 | 0.67 | 1.01 | (0.34 | ) | 11.42 | |||||||||||||||||
| Class F3 | ||||||||||||||||||||||||
| 9/30/2023 | 9.50 | 0.33 | 0.04 | 0.37 | (0.32 | ) | 9.55 | |||||||||||||||||
| 9/30/2022 | 11.61 | 0.28 | (2.11 | ) | (1.83 | ) | (0.28 | ) | 9.50 | |||||||||||||||
| 9/30/2021 | 11.40 | 0.29 | 0.21 | 0.50 | (0.29 | ) | 11.61 | |||||||||||||||||
| 9/30/2020 | 11.41 | 0.31 | (0.01 | ) | 0.30 | (0.31 | ) | 11.40 | ||||||||||||||||
| 9/30/2019 | 10.75 | 0.35 | 0.66 | 1.01 | (0.35 | ) | 11.41 | |||||||||||||||||
| Class I | ||||||||||||||||||||||||
| 9/30/2023 | 9.50 | 0.33 | 0.03 | 0.36 | (0.32 | ) | 9.54 | |||||||||||||||||
| 9/30/2022 | 11.61 | 0.28 | (2.11 | ) | (1.83 | ) | (0.28 | ) | 9.50 | |||||||||||||||
| 9/30/2021 | 11.40 | 0.29 | 0.21 | 0.50 | (0.29 | ) | 11.61 | |||||||||||||||||
| 9/30/2020 | 11.41 | 0.31 | (0.01 | ) | 0.30 | (0.31 | ) | 11.40 | ||||||||||||||||
| 9/30/2019 | 10.75 | 0.35 | 0.66 | 1.01 | (0.35 | ) | 11.41 | |||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| 242 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||
| Total return (%)(b) | Total expenses after waivers and/or reim- bursements (%) | Total expenses (%) | Net investment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | |||||||||||||||||
| 3.50 | 0.76 | 0.76 | 3.08 | $ | 341,314 | 57 | ||||||||||||||||
| (16.10 | ) | 0.77 | 0.77 | 2.39 | 303,455 | 44 | ||||||||||||||||
| 4.16 | 0.77 | 0.77 | 2.27 | 381,200 | 14 | |||||||||||||||||
| 2.36 | 0.78 | 0.78 | 2.53 | 342,426 | 18 | |||||||||||||||||
| 9.34 | 0.79 | 0.79 | 3.00 | 289,148 | 15 | |||||||||||||||||
| 2.97 | 1.38 | 1.38 | 2.45 | 18,912 | 57 | |||||||||||||||||
| (16.70 | ) | 1.40 | 1.40 | 1.75 | 21,221 | 44 | ||||||||||||||||
| 3.49 | 1.41 | 1.41 | 1.63 | 33,274 | 14 | |||||||||||||||||
| 1.78 | 1.44 | 1.44 | 1.88 | 37,078 | 18 | |||||||||||||||||
| 8.68 | 1.40 | 1.40 | 2.39 | 42,957 | 15 | |||||||||||||||||
| 3.61 | 0.66 | 0.66 | 3.13 | 7,929 | 57 | |||||||||||||||||
| (16.02 | ) | 0.67 | 0.67 | 2.37 | 20,964 | 44 | ||||||||||||||||
| 4.26 | 0.67 | 0.67 | 2.36 | 130,104 | 14 | |||||||||||||||||
| 2.46 | 0.68 | 0.68 | 2.61 | 112,378 | 18 | |||||||||||||||||
| 9.55 | 0.69 | 0.69 | 3.08 | 73,687 | 15 | |||||||||||||||||
| 3.84 | 0.54 | 0.54 | 3.31 | 45,077 | 57 | |||||||||||||||||
| (16.00 | ) | 0.54 | 0.54 | 2.64 | 29,694 | 44 | ||||||||||||||||
| 4.39 | 0.54 | 0.54 | 2.48 | 20,625 | 14 | |||||||||||||||||
| 2.67 | 0.56 | 0.56 | 2.73 | 13,170 | 18 | |||||||||||||||||
| 9.59 | 0.56 | 0.56 | 3.19 | 8,373 | 15 | |||||||||||||||||
| 3.71 | 0.56 | 0.56 | 3.29 | 102,638 | 57 | |||||||||||||||||
| (16.02 | ) | 0.58 | 0.58 | 2.69 | 78,796 | 44 | ||||||||||||||||
| 4.37 | 0.57 | 0.57 | 2.46 | 39,117 | 14 | |||||||||||||||||
| 2.65 | 0.58 | 0.58 | 2.73 | 30,880 | 18 | |||||||||||||||||
| 9.56 | 0.58 | 0.58 | 3.18 | 29,782 | 15 | |||||||||||||||||
| See Notes to Financial Statements. | 243 |
Financial Highlights (continued)
NEW JERSEY TAX FREE FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net asset value, end of period | |||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 9/30/2023 | $ | 4.42 | $ | 0.13 | $ | 0.05 | $ | 0.18 | $ | (0.13 | ) | $ | 4.47 | |||||||||||
| 9/30/2022 | 5.35 | 0.12 | (0.93 | ) | (0.81 | ) | (0.12 | ) | 4.42 | |||||||||||||||
| 9/30/2021 | 5.18 | 0.12 | 0.17 | 0.29 | (0.12 | ) | 5.35 | |||||||||||||||||
| 9/30/2020 | 5.21 | 0.13 | (0.03 | ) | 0.10 | (0.13 | ) | 5.18 | ||||||||||||||||
| 9/30/2019 | 4.91 | 0.14 | 0.30 | 0.44 | (0.14 | ) | 5.21 | |||||||||||||||||
| Class F | ||||||||||||||||||||||||
| 9/30/2023 | 4.42 | 0.14 | 0.05 | 0.19 | (0.14 | ) | 4.47 | |||||||||||||||||
| 9/30/2022 | 5.35 | 0.12 | (0.93 | ) | (0.81 | ) | (0.12 | ) | 4.42 | |||||||||||||||
| 9/30/2021 | 5.18 | 0.12 | 0.17 | 0.29 | (0.12 | ) | 5.35 | |||||||||||||||||
| 9/30/2020 | 5.21 | 0.13 | (0.03 | ) | 0.10 | (0.13 | ) | 5.18 | ||||||||||||||||
| 9/30/2019 | 4.91 | 0.14 | 0.30 | 0.44 | (0.14 | ) | 5.21 | |||||||||||||||||
| Class F3 | ||||||||||||||||||||||||
| 9/30/2023 | 4.42 | 0.15 | 0.06 | 0.21 | (0.15 | ) | 4.48 | |||||||||||||||||
| 9/30/2022 | 5.35 | 0.13 | (0.93 | ) | (0.80 | ) | (0.13 | ) | 4.42 | |||||||||||||||
| 9/30/2021 | 5.18 | 0.13 | 0.17 | 0.30 | (0.13 | ) | 5.35 | |||||||||||||||||
| 9/30/2020 | 5.22 | 0.14 | (0.04 | ) | 0.10 | (0.14 | ) | 5.18 | ||||||||||||||||
| 9/30/2019 | 4.92 | 0.14 | 0.31 | 0.45 | (0.15 | ) | 5.22 | |||||||||||||||||
| Class I | ||||||||||||||||||||||||
| 9/30/2023 | 4.42 | 0.14 | 0.05 | 0.19 | (0.14 | ) | 4.47 | |||||||||||||||||
| 9/30/2022 | 5.35 | 0.13 | (0.93 | ) | (0.80 | ) | (0.13 | ) | 4.42 | |||||||||||||||
| 9/30/2021 | 5.18 | 0.13 | 0.17 | 0.30 | (0.13 | ) | 5.35 | |||||||||||||||||
| 9/30/2020 | 5.22 | 0.14 | (0.04 | ) | 0.10 | (0.14 | ) | 5.18 | ||||||||||||||||
| 9/30/2019 | 4.92 | 0.14 | 0.31 | 0.45 | (0.15 | ) | 5.22 | |||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Class A does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| 244 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||
| Total return (%)(b) | Total expenses after waivers and/or reim- bursements (%) | Total expenses (%) | Net investment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | |||||||||||||||||
| 4.11 | 0.82 | 0.87 | 2.91 | $ | 77,950 | 23 | ||||||||||||||||
| (15.36 | ) | 0.82 | 0.84 | 2.39 | 80,854 | 11 | ||||||||||||||||
| 5.58 | 0.82 | 0.84 | 2.21 | 99,356 | 13 | |||||||||||||||||
| 1.92 | 0.82 | 0.85 | 2.48 | 101,085 | 15 | |||||||||||||||||
| 9.00 | 0.82 | 0.86 | 2.69 | 99,027 | 4 | |||||||||||||||||
| 4.21 | 0.72 | 0.77 | 3.00 | 3,693 | 23 | |||||||||||||||||
| (15.28 | ) | 0.72 | 0.74 | 2.40 | 5,885 | 11 | ||||||||||||||||
| 5.68 | 0.72 | 0.74 | 2.30 | 28,097 | 13 | |||||||||||||||||
| 2.02 | 0.72 | 0.75 | 2.58 | 23,903 | 15 | |||||||||||||||||
| 9.10 | 0.72 | 0.76 | 2.77 | 20,893 | 4 | |||||||||||||||||
| 4.59 | 0.58 | 0.63 | 3.15 | 1,697 | 23 | |||||||||||||||||
| (15.16 | ) | 0.58 | 0.60 | 2.65 | 1,342 | 11 | ||||||||||||||||
| 5.82 | 0.59 | 0.60 | 2.40 | 1,148 | 13 | |||||||||||||||||
| 1.96 | 0.59 | 0.62 | 2.71 | 618 | 15 | |||||||||||||||||
| 9.22 | 0.58 | 0.63 | 2.79 | 531 | 4 | |||||||||||||||||
| 4.32 | 0.62 | 0.66 | 3.11 | 17,943 | 23 | |||||||||||||||||
| (15.19 | ) | 0.62 | 0.65 | 2.68 | 13,415 | 11 | ||||||||||||||||
| 5.79 | 0.62 | 0.64 | 2.38 | 6,905 | 13 | |||||||||||||||||
| 1.93 | 0.62 | 0.65 | 2.68 | 3,746 | 15 | |||||||||||||||||
| 9.20 | 0.62 | 0.66 | 2.86 | 2,593 | 4 | |||||||||||||||||
| See Notes to Financial Statements. | 245 |
Financial Highlights (concluded)
NEW YORK TAX FREE FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net invest- ment income (loss)(a) | Net realized and unrealized gain (loss) | Total from invest- ment opera- tions | Net investment income | Net realized gain | Total distri- butions | ||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 9/30/2023 | $ | 9.90 | $ | 0.31 | $ | 0.09 | $ | 0.40 | $ | (0.31 | ) | $ | – | $ | (0.31 | ) | ||||||||||||
| 9/30/2022 | 12.06 | 0.27 | (2.16 | ) | (1.89 | ) | (0.27 | ) | – | (0.27 | ) | |||||||||||||||||
| 9/30/2021 | 11.64 | 0.27 | 0.41 | 0.68 | (0.26 | ) | – | (0.26 | ) | |||||||||||||||||||
| 9/30/2020 | 11.77 | 0.27 | (0.13 | ) | 0.14 | (0.27 | ) | – | (0.27 | ) | ||||||||||||||||||
| 9/30/2019 | 11.08 | 0.29 | 0.69 | 0.98 | (0.29 | ) | – | (c) | (0.29 | ) | ||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 9/30/2023 | 9.89 | 0.24 | 0.08 | 0.32 | (0.24 | ) | – | (0.24 | ) | |||||||||||||||||||
| 9/30/2022 | 12.04 | 0.20 | (2.15 | ) | (1.95 | ) | (0.20 | ) | – | (0.20 | ) | |||||||||||||||||
| 9/30/2021 | 11.63 | 0.19 | 0.41 | 0.60 | (0.19 | ) | – | (0.19 | ) | |||||||||||||||||||
| 9/30/2020 | 11.75 | 0.20 | (0.13 | ) | 0.07 | (0.19 | ) | – | (0.19 | ) | ||||||||||||||||||
| 9/30/2019 | 11.06 | 0.22 | 0.69 | 0.91 | (0.22 | ) | – | (c) | (0.22 | ) | ||||||||||||||||||
| Class F | ||||||||||||||||||||||||||||
| 9/30/2023 | 9.91 | 0.32 | 0.09 | 0.41 | (0.32 | ) | – | (0.32 | ) | |||||||||||||||||||
| 9/30/2022 | 12.07 | 0.28 | (2.16 | ) | (1.88 | ) | (0.28 | ) | – | (0.28 | ) | |||||||||||||||||
| 9/30/2021 | 11.66 | 0.28 | 0.41 | 0.69 | (0.28 | ) | – | (0.28 | ) | |||||||||||||||||||
| 9/30/2020 | 11.78 | 0.28 | (0.12 | ) | 0.16 | (0.28 | ) | – | (0.28 | ) | ||||||||||||||||||
| 9/30/2019 | 11.09 | 0.30 | 0.69 | 0.99 | (0.30 | ) | – | (c) | (0.30 | ) | ||||||||||||||||||
| Class F3 | ||||||||||||||||||||||||||||
| 9/30/2023 | 9.91 | 0.33 | 0.08 | 0.41 | (0.33 | ) | – | (0.33 | ) | |||||||||||||||||||
| 9/30/2022 | 12.07 | 0.30 | (2.17 | ) | (1.87 | ) | (0.29 | ) | – | (0.29 | ) | |||||||||||||||||
| 9/30/2021 | 11.65 | 0.29 | 0.42 | 0.71 | (0.29 | ) | – | (0.29 | ) | |||||||||||||||||||
| 9/30/2020 | 11.78 | 0.30 | (0.13 | ) | 0.17 | (0.30 | ) | – | (0.30 | ) | ||||||||||||||||||
| 9/30/2019 | 11.08 | 0.31 | 0.70 | 1.01 | (0.31 | ) | – | (c) | (0.31 | ) | ||||||||||||||||||
| Class I | ||||||||||||||||||||||||||||
| 9/30/2023 | 9.91 | 0.33 | 0.08 | 0.41 | (0.33 | ) | – | (0.33 | ) | |||||||||||||||||||
| 9/30/2022 | 12.07 | 0.29 | (2.16 | ) | (1.87 | ) | (0.29 | ) | – | (0.29 | ) | |||||||||||||||||
| 9/30/2021 | 11.65 | 0.29 | 0.42 | 0.71 | (0.29 | ) | – | (0.29 | ) | |||||||||||||||||||
| 9/30/2020 | 11.78 | 0.29 | (0.13 | ) | 0.16 | (0.29 | ) | – | (0.29 | ) | ||||||||||||||||||
| 9/30/2019 | 11.08 | 0.31 | 0.70 | 1.01 | (0.31 | ) | – | (c) | (0.31 | ) | ||||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Amount less than $0.01. |
| 246 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||
| Net asset value, end of period | Total return (%)(b) | Total expenses after waivers and/or reim- bursements (%) | Total expenses (%) | Net investment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
| $ | 9.99 | 3.93 | 0.78 | 0.78 | 2.98 | $ | 303,557 | 24 | ||||||||||||||||||
| 9.90 | (15.91 | ) | 0.78 | 0.78 | 2.39 | 322,138 | 23 | |||||||||||||||||||
| 12.06 | 5.90 | 0.77 | 0.77 | 2.20 | 390,194 | 13 | ||||||||||||||||||||
| 11.64 | 1.21 | 0.78 | 0.78 | 2.33 | 357,909 | 22 | ||||||||||||||||||||
| 11.77 | 8.98 | 0.79 | 0.79 | 2.52 | 332,822 | 7 | ||||||||||||||||||||
| 9.97 | 3.29 | 1.40 | 1.40 | 2.36 | 17,453 | 24 | ||||||||||||||||||||
| 9.89 | (16.39 | ) | 1.42 | 1.42 | 1.74 | 20,927 | 23 | |||||||||||||||||||
| 12.04 | 5.13 | 1.42 | 1.42 | 1.56 | 32,845 | 13 | ||||||||||||||||||||
| 11.63 | 0.64 | 1.44 | 1.44 | 1.68 | 34,749 | 22 | ||||||||||||||||||||
| 11.75 | 8.33 | 1.40 | 1.40 | 1.92 | 45,213 | 7 | ||||||||||||||||||||
| 10.00 | 4.04 | 0.68 | 0.68 | 3.06 | 6,898 | 24 | ||||||||||||||||||||
| 9.91 | (15.81 | ) | 0.68 | 0.68 | 2.40 | 19,360 | 23 | |||||||||||||||||||
| 12.07 | 6.00 | 0.67 | 0.67 | 2.30 | 71,401 | 13 | ||||||||||||||||||||
| 11.66 | 1.31 | 0.68 | 0.68 | 2.43 | 63,388 | 22 | ||||||||||||||||||||
| 11.78 | 9.08 | 0.69 | 0.69 | 2.62 | 55,301 | 7 | ||||||||||||||||||||
| 9.99 | 4.07 | 0.55 | 0.55 | 3.21 | 2,290 | 24 | ||||||||||||||||||||
| 9.91 | (15.70 | ) | 0.54 | 0.54 | 2.65 | 2,364 | 23 | |||||||||||||||||||
| 12.07 | 6.14 | 0.54 | 0.54 | 2.41 | 2,071 | 13 | ||||||||||||||||||||
| 11.65 | 1.44 | 0.56 | 0.56 | 2.56 | 1,366 | 22 | ||||||||||||||||||||
| 11.78 | 9.32 | 0.56 | 0.56 | 2.74 | 1,234 | 7 | ||||||||||||||||||||
| 9.99 | 4.04 | 0.58 | 0.58 | 3.18 | 87,480 | 24 | ||||||||||||||||||||
| 9.91 | (15.73 | ) | 0.58 | 0.58 | 2.66 | 70,220 | 23 | |||||||||||||||||||
| 12.07 | 6.11 | 0.57 | 0.57 | 2.38 | 43,385 | 13 | ||||||||||||||||||||
| 11.65 | 1.41 | 0.59 | 0.59 | 2.51 | 29,600 | 22 | ||||||||||||||||||||
| 11.78 | 9.29 | 0.59 | 0.59 | 2.72 | 12,674 | 7 | ||||||||||||||||||||
| See Notes to Financial Statements. | 247 |
| 1. | ORGANIZATION |
Lord Abbett Municipal Income Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Company was organized as a Maryland corporation on December 27, 1983.
The Company currently consists of the following nine funds (separately, a “Fund” and collectively, the “Funds”) and their respective active share classes:
| Funds | Classes |
| Lord Abbett Short Duration Tax Free Fund (“Short Duration”) | A,C,F,F3 and I |
| Lord Abbett Intermediate Tax Free Fund (“Intermediate”) | A,C,F,F3 and I |
| Lord Abbett National Tax-Free Income Fund (“National”) | A,C,F,F3 and I |
| Lord Abbett High Income Municipal Bond Fund (“High Income”) | A,C,F,F3 and I |
| Lord Abbett Short Duration High Income Municipal Bond Fund (“Short Duration High Income”) | A,C,F,F3 and I |
| Lord Abbett Sustainable Municipal Bond Fund (“Sustainable”) | A,C,F,F3 and I |
| Lord Abbett California Tax-Free Income Fund (“California”) | A,C,F,F3 and I |
| Lord Abbett New Jersey Tax-Free Income Fund (“New Jersey”) | A,F,F3 and I |
| Lord Abbett New York Tax-Free Income Fund (“New York”) | A,C,F,F3 and I |
Short Duration, Intermediate, National, High Income, Short Duration High Income, Sustainable and California are diversified as defined in the Act. New Jersey and New York are non-diversified as defined in the Act.
The investment objective of each Fund (except for High Income and Short Duration High Income) is to seek the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk. The investment objective of High Income and Short Duration High Income is to seek a high level of income exempt from federal income tax. Each of California, New Jersey and New York also seeks as high a level of interest income exempt from the personal income tax of its corresponding state as is consistent with reasonable risk. In addition, New York seeks as high a level of interest income exempt from New York City personal income tax as is consistent with reasonable risk.
Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class C, F, F3 and I shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the eighteen-month anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Funds or financial intermediary through which a shareholder purchased Class C shares has records verifying that the Class C shares have been held at least eight years.
Sustainable commenced operations on January 5, 2022.
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
248
Notes to Financial Statements (continued)
of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
| (a) | Investment Valuation–Under procedures approved by the Funds’ Board of Directors (the “Board”), the Board has designated the determination of fair value of the Funds’ portfolio investments to Lord, Abbett & Co. LLC (“Lord Abbett”) as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
| Securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. | |
| Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. | |
| Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. | |
| (b) | Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (c) | Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (d) | Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
249
Notes to Financial Statements (continued)
| Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s, except Sustainable, filed U.S. federal tax returns remains open for the fiscal years ended September 30, 2020 through September 30, 2023. The statute of limitation for Sustainable filed U.S. federal tax return remains open for the period ended September 30, 2022 through September 30, 2023. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the Fund’s jurisdiction. | |
| (e) | Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the Funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 bear their class-specific share of shareholder servicing expenses. Class A, C and F shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan. |
| (f) | Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by the Funds called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract. |
| (g) | When-Issued Municipal Bonds–Each Fund may purchase new issues of municipal bonds, which are generally offered on a when-issued basis. Payment and delivery may take place after customary settlement period for that security. |
| (h) | Municipal Bonds Held in Trust–Each Fund may invest in leveraged residual certificates (“TOB Residuals”) issued by tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity into which a Fund, or an agent on behalf of the Fund, transfers municipal securities. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates (trust certificates), which are sold to third party investors, and residual certificates, which are generally issued to the Fund which made the transfer or to affiliates of the Fund. Each Fund’s transfer of the municipal securities to a TOB is accounted for as a secured borrowing, therefore the municipal securities deposited into a TOB are presented as investments in a Fund’s Schedule of Investments and the proceeds from the transactions are reported as a liability for Trust certificates in the Statements of Assets and Liabilities. Similarly, proceeds from residual certificates issued to affiliates, if any, from the transaction are included in the liability for Trust certificates. Interest income from the underlying security is recorded by a Fund on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of a Fund. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. The residual interests held by a Fund include the right of the Fund (1) to cause the holders of a proportional share of floating rate certificates to tender their certificates at par and (2) to transfer a corresponding |
250
Notes to Financial Statements (continued)
| share of the municipal securities from the TOB to the Fund. The TOB may also be terminated without the consent of the Fund upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bond or the inability to remarket the short-term floating rate certificates to third party investors. | |
| The following is a summary of TOBs as of and during the fiscal year ended September 30, 2023: |
| Fund | Liability for Trust Certificates | Interest Rate or Range of Interest Rates | Underlying Municipal Bonds Transferred to TOBs | Average Trust Certificates Outstanding | |||||||||||||
| Short Duration | $ | – | – | $ | – | $ | – | ||||||||||
| Intermediate | – | – | – | – | |||||||||||||
| National | 86,140,000 | 4.01%–4.65% | 176,472,158 | 68,797,000 | |||||||||||||
| High Income | 51,465,000 | 4.01%–4.65% | 105,642,234 | 40,878,000 | |||||||||||||
| Short Duration High Income | – | – | – | – | |||||||||||||
| Sustainable | – | – | – | – | |||||||||||||
| California | – | – | – | – | |||||||||||||
| New Jersey | – | – | – | – | |||||||||||||
| New York | – | – | – | – | |||||||||||||
| Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate municipal bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, a Fund’s investment in TOB Residuals likely will adversely affect a Fund’s net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect a Fund’s NAV per share. The carrying value of each Fund’s liability for Trust certificates approximates its fair value. | |
| While the Funds’ investment policies and restrictions expressly permit investments in inverse floating rate securities such as TOB Residuals, they generally do not allow the Funds to borrow money for purposes of making investments. The Funds’ management believes that the Funds’ restrictions on borrowings do not apply to TOB transactions, accounted for as secured borrowings. | |
| (i) | Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy 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. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. 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 the reporting entity’s own assumptions about the assumptions market participants |
251
Notes to Financial Statements (continued)
would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:
| ● | Level 1 – | unadjusted quoted prices in active markets for identical investments; | |
| ● | Level 2 – | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and | |
| ● | Level 3 – | significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). |
| A summary of inputs used in valuing each Fund’s investments and other financial instruments as of September 30, 2023 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in each Fund’s Schedule of Investments. | |
| Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| 3. | MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES |
Management Fee
The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio. The management fee is accrued daily and payable monthly.
The management fee for Short Duration is based on the Fund’s average daily net assets at the following annual rates:
| First $2 billion | .34% |
| Next $3 billion | .32% |
| Over $5 billion | .29% |
The management fee for Intermediate is based on the Fund’s average daily net assets at the following annual rates:
| First $2 billion | .40% |
| Next $3 billion | .375% |
| Next $5 billion | .35% |
| Over $10 billion | .32% |
The management fee for each of National, California, New Jersey and New York is based on the Fund’s average daily net assets at the following annual rates:
| First $1 billion | .45% |
| Next $1 billion | .40% |
| Over $2 billion | .35% |
The management fee for High Income is based on the Fund’s average daily net assets at the following annual rates:
| First $1 billion | .50% |
| Next $1 billion | .45% |
| Over $2 billion | .40% |
252
Notes to Financial Statements (continued)
The management fee for Short Duration High Income is based on the Fund’s average daily net assets at the following annual rates:(1)
| First $1 billion | .35% |
| Over $1 billion | .31% |
The management fee for Sustainable is based on the Fund’s average daily net assets at the following annual rates:
| First $1 billion | .32% |
| Over $1 billion | .29% |
| (1) | Prior to December 9, 2022, the management fee is based on the Fund’s average daily net assets at the following annual rate: |
| First $2 billion | .40% | |
| Next $1 billion | .375% | |
| Over $3 billion | .35% |
For the fiscal year ended September 30, 2023, the effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund’s average daily net assets:
| Net Effective Management Fee | |
| Short Duration | .33% |
| Intermediate | .38% |
| National | .39% |
| High Income | .44% |
| Short Duration High Income | .32% |
| Sustainable | .00% |
| California | .45% |
| New Jersey | .41% |
| New York | .45% |
In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund’s average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived the following fund administration fees during the fiscal year ended September 30, 2023:
| Fund | Fund Administration Fee |
| Short Duration | $25,183 |
| Intermediate | 59,261 |
| National | 37,659 |
| High Income | 38,526 |
| Short Duration High Income | 19,371 |
| Sustainable | 577 |
| California | 9,086 |
| New Jersey | 3,906 |
| New York | 12,594 |
253
Notes to Financial Statements (continued)
For the fiscal year ended September 30, 2023 and continuing through January 31, 2024 Lord Abbett has contractually agreed to waive its fees and reimburse expenses to limit the total net annual operating expenses for each class, excluding certain of the Funds’ expenses, and interest related expenses, to the following annual rates:
| Effective December 9, 2022 | Prior to December 9, 2022 | |||||||
| Classes* | Classes* | |||||||
| Fund | A,C,F and I | F3 | A,C,F and I | F3 | ||||
| Short Duration | .45% | .41% | .45% | .41% | ||||
| Short Duration High Income | .45% | .37% | .50% | .44% | ||||
| Sustainable | .43% | .39% | .43% | .39% | ||||
| New Jersey | .62% | .58% | .62% | .58% | ||||
| * | If applicable. |
All contractual fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Board.
12b-1 Distribution Plan
Each Fund has adopted a distribution plan with respect to Class A, C and F shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:
| Fees | Class A | Class C(1) | Class F(2) |
| Service | .15% | .75% | – |
| Distribution | .05% | .25% | .10% |
| (1) | The Rule 12b-1 fee each applicable Fund pays on Class C shares is a blended rate based on 1.00% of each Fund’s daily net assets attributable to Class C shares held less than 1 year and .80% (25% service and 55% distribution) of each Fund’s daily net assets attributable to Class C for 1 year or more. All Class C shareholders will bear Rule 12b-1 fees at the same rate. |
| (2) | The Class F share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus. |
Class F3 and Class I Shares do not have a distribution plan.
Commissions
Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, during the fiscal year ended September 30, 2023:
| Distributor Commissions | Dealers’ Concessions | |||||||
| Short Duration | $ | 15,935 | $ | 517,735 | ||||
| Intermediate | 40,745 | 1,057,402 | ||||||
| National | 80,384 | 2,085,650 | ||||||
| High Income | 52,384 | 1,382,275 | ||||||
| Short Duration High Income | 5,942 | 249,993 | ||||||
| Sustainable | 8 | 60 | ||||||
| California | 9,646 | 495,485 | ||||||
| New Jersey | 3,274 | 52,422 | ||||||
| New York | 4,390 | 266,587 | ||||||
254
Notes to Financial Statements (continued)
Distributor received the following amount of CDSCs during the fiscal year ended September 30, 2023:
| Class A | Class C | |||||||
| Short Duration | $ | 110,837 | $ | 2,015 | ||||
| Intermediate | 158,172 | 2,697 | ||||||
| National | 141,764 | 3,817 | ||||||
| High Income | 177,256 | 7,543 | ||||||
| Short Duration High Income | 35,355 | 289 | ||||||
| Sustainable | – | – | ||||||
| California | 30,995 | 1,129 | ||||||
| New Jersey | 25,257 | 50 | ||||||
| New York | 22,547 | 177 | ||||||
One Director and certain of the Funds’ officers have an interest in Lord Abbett.
| 4. | DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS |
Dividends from net investment income, if any, are declared daily and paid monthly. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.
The tax character of distributions paid during the fiscal year ended September 30, 2023 and period ended September 30, 2022 was as follows:
| Short Duration Tax Free Fund | Intermediate Tax Free Fund | |||||||||||||||
| Year Ended 9/30/2023 | Year Ended 9/30/2022 | Year Ended 9/30/2023 | Year Ended 9/30/2022 | |||||||||||||
| Distributions paid from: | ||||||||||||||||
| Tax-exempt income | $ | 39,787,976 | $ | 24,078,685 | $ | 139,976,590 | $ | 130,537,335 | ||||||||
| Ordinary income | – | 85,118 | 166,228 | 457,520 | ||||||||||||
| Total distributions paid | $ | 39,787,976 | $ | 24,163,803 | $ | 140,142,818 | $ | 130,994,855 | ||||||||
| National Tax Free Fund | High Income Municipal Bond Fund | |||||||||||||||
| Year Ended 9/30/2023 | Year Ended 9/30/2022 | Year Ended 9/30/2023 | Year Ended 9/30/2022 | |||||||||||||
| Distributions paid from: | ||||||||||||||||
| Tax-exempt income | $ | 121,933,970 | $ | 109,477,825 | $ | 141,937,657 | $ | 137,361,933 | ||||||||
| Ordinary income | 203,243 | 549,801 | 235,933 | 1,658,444 | ||||||||||||
| Total distributions paid | $ | 122,137,213 | $ | 110,027,626 | $ | 142,173,590 | $ | 139,020,377 | ||||||||
255
Notes to Financial Statements (continued)
| Short Duration High Income Municipal Bond Fund | Sustainable Municipal Bond Fund | |||||||||||||||||||
| Year Ended 9/30/2023 | Year Ended 9/30/2022 | Year Ended 9/30/2023 | Period Ended 9/30/2022 | |||||||||||||||||
| Distributions paid from: | ||||||||||||||||||||
| Tax-exempt income | $ | 32,629,085 | $ | 24,801,277 | $ | 141,231 | $ | 53,408 | ||||||||||||
| Ordinary income | 201,428 | 726,034 | 2 | — | ||||||||||||||||
| Total distributions paid | $ | 32,830,513 | $ | 25,527,311 | $ | 141,233 | $ | 53,408 | ||||||||||||
| California Tax Free Fund | New Jersey Tax Free Fund | |||||||||||||||||||
| Year Ended 9/30/2023 | Year Ended 9/30/2022 | Year Ended 9/30/2023 | Year Ended 9/30/2022 | |||||||||||||||||
| Distributions paid from: | ||||||||||||||||||||
| Tax-exempt income | $ | 15,142,551 | $ | 12,532,074 | $ | 3,029,991 | $ | 2,977,642 | ||||||||||||
| Ordinary income | 641 | 53,863 | 428 | 2,343 | ||||||||||||||||
| Total distributions paid | $ | 15,143,192 | $ | 12,585,937 | $ | 3,030,419 | $ | 2,979,985 | ||||||||||||
| New York Tax Free Fund | ||||||||||||||||||||
| Year Ended 9/30/2023 | Year Ended 9/30/2022 | |||||||||||||||||||
| Distributions paid from: | ||||||||||||||||||||
| Tax-exempt income | $ | 12,781,487 | $ | 11,731,906 | ||||||||||||||||
| Ordinary income | – | 8,377 | ||||||||||||||||||
| Total distributions paid | $ | 12,781,487 | $ | 11,740,283 | ||||||||||||||||
As of September 30, 2023, the components of accumulated gains (losses) on a tax-basis were as follows:
| Short Duration | Intermediate | National | |||||||||||||
| Undistributed tax-exempt income – net | $ | 4,865,112 | $ | 25,522,773 | $ | 19,137,658 | |||||||||
| Total undistributed earnings | 4,865,112 | 25,522,773 | 19,137,658 | ||||||||||||
| Capital loss carryforwards* | (91,674,622 | ) | (356,216,466 | ) | (351,441,220 | ) | |||||||||
| Other temporary differences | (4,044,321 | ) | (13,064,963 | ) | (11,665,773 | ) | |||||||||
| Unrealized gains (losses) - net | (41,486,424 | ) | (272,267,375 | ) | (236,202,278 | ) | |||||||||
| Total accumulated gains (losses) - net | $ | (132,340,255 | ) | $ | (616,026,031 | ) | $ | (580,171,613 | ) | ||||||
| High Income | Short
Duration High Income | Sustainable | |||||||||||||
| Undistributed tax-exempt income – net | $ | 36,741,908 | $ | 4,889,768 | $ | 16,131 | |||||||||
| Total undistributed earnings | 36,741,908 | 4,889,768 | 16,131 | ||||||||||||
| Capital loss carryforwards* | (530,820,153 | ) | (111,432,262 | ) | (444,874 | ) | |||||||||
| Other temporary differences | (12,534,126 | ) | (3,000,665 | ) | (14,485 | ) | |||||||||
| Unrealized gains (losses) - net | (355,132,328 | ) | (33,473,526 | ) | (148,012 | ) | |||||||||
| Total accumulated gains (losses) - net | $ | (861,744,699 | ) | $ | (143,016,685 | ) | $ | (591,240 | ) | ||||||
| California | New Jersey | New York | |||||||||||||
| Undistributed tax-exempt income – net | $ | 1,852,285 | $ | 256,875 | $ | 708,409 | |||||||||
| Total undistributed earnings | 1,852,285 | 256,875 | 708,409 | ||||||||||||
| Capital loss carryforwards* | (38,413,391 | ) | (2,853,476 | ) | (17,800,373 | ) | |||||||||
| Other temporary differences | (1,535,437 | ) | (288,139 | ) | (1,214,852 | ) | |||||||||
| Unrealized gains (losses) - net | (30,973,146 | ) | (10,594,341 | ) | (44,204,427 | ) | |||||||||
| Total accumulated gains (losses) - net | $ | (69,069,689 | ) | $ | (13,479,081 | ) | $ | (62,511,243 | ) | ||||||
| * | The capital losses will carry forward indefinitely |
As of September 30, 2023, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:
256
Notes to Financial Statements (continued)
| Tax Cost | Gross Unrealized Gain | Gross Unrealized Loss | Net Unrealized Gain/(Loss) | |||||||||||||
| Short Duration | $ | 1,632,837,864 | $ | 245,079 | $ | (41,731,503 | ) | $ | (41,486,424 | ) | ||||||
| Intermediate | 5,088,927,820 | 9,688,645 | (281,956,020 | ) | (272,267,375 | ) | ||||||||||
| National | 3,876,451,597 | 16,902,182 | (253,104,460 | ) | (236,202,278 | ) | ||||||||||
| High Income | 3,613,264,830 | 20,991,971 | (376,124,294 | ) | (355,132,323 | ) | ||||||||||
| Short Duration High Income | 931,490,505 | 1,585,469 | (35,058,995 | ) | (33,473,526 | ) | ||||||||||
| Sustainable | 5,232,186 | 14,576 | (162,588 | ) | (148,012 | ) | ||||||||||
| California | 548,562,732 | 757,406 | (31,730,552 | ) | (30,973,146 | ) | ||||||||||
| New Jersey | 109,697,862 | 323,546 | (10,917,887 | ) | (10,594,341 | ) | ||||||||||
| New York | 462,786,624 | 930,187 | (45,134,614 | ) | (44,204,427 | ) | ||||||||||
The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of accretion on market discount, tender option bond trusts, other financial instruments and wash sales.
| 5. | PORTFOLIO SECURITIES TRANSACTIONS |
Purchases and sales of investment securities (excluding short-term investments) during the fiscal year ended September 30, 2023 were as follows:
| Purchases | Sales | |||||||
| Short Duration | $ | 940,289,544 | $ | 1,297,706,205 | ||||
| Intermediate | 2,135,080,778 | 2,189,138,737 | ||||||
| National | 1,756,137,448 | 1,402,723,348 | ||||||
| High Income | 1,369,176,611 | 1,400,078,251 | ||||||
| Short Duration High Income | 645,939,576 | 617,717,536 | ||||||
| Sustainable | 3,804,455 | 2,809,317 | ||||||
| California | 357,829,424 | 278,841,579 | ||||||
| New Jersey | 23,285,154 | 25,586,303 | ||||||
| New York | 101,913,417 | 117,774,801 | ||||||
There were no purchases or sales of U.S. Government securities during the fiscal year ended September 30, 2023.
| 6. | DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
Each Fund except Sustainable, entered into U.S. Treasury futures contracts during the fiscal year ended September 30, 2023 (as described in Note 2(f)) to economically hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.
As of September 30, 2023, the Funds had interest rate futures contracts with cumulative net unrealized appreciation/depreciation which are included in the Schedules of Investments. Only the current day’s variation margin is included in the Statements of Assets and Liabilities. The net realized gain (loss) on futures contracts and change in unrealized appreciation/depreciation on futures contracts are included in the Statements of Operations under the captions Net realized gain (loss) on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively.
257
Notes to Financial Statements (continued)
The following is a summary of U.S. Treasury futures contracts as of and during the fiscal year ended September 30, 2023:
| Net Unrealized Appreciation (Depreciation) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Average Number of Contracts* | |||||||||||||
| Short Duration | $ | (487,900 | ) | $ | 348 | $ | (487,900 | ) | 47 | |||||||
| Intermediate | – | 5,016,849 | (5,391,392 | ) | 102 | |||||||||||
| National | 1,966,370 | 6,858,094 | (2,395,380 | ) | 360 | |||||||||||
| High Income | 1,861,694 | 8,220,733 | (4,053,996 | ) | 472 | |||||||||||
| Short Duration High Income | – | 3,580,393 | (2,720,831 | ) | 410 | |||||||||||
| California | 354,383 | 1,010,750 | (229,470 | ) | 75 | |||||||||||
| New Jersey | 42,526 | 192,614 | (64,642 | ) | 9 | |||||||||||
| New York | 343,442 | 869,162 | (106,665 | ) | 45 | |||||||||||
| * | Calculated based on the number of contracts for the fiscal year ended September 30, 2023. |
| 7. | DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES |
The Financial Accounting Standards Board (“FASB”) requires disclosure intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. These requirements include the disclosure of gross and net information about recognized assets and liabilities eligible for offset in the Statement of Assets and Liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by the counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between a Fund and the applicable counterparty. As of September 30, 2023, the Funds did not have assets or liabilities subject to the FASB disclosure requirements.
| 8. | DIRECTORS’ REMUNERATION |
The Company’s officers and the one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Funds. Such amounts and earnings accrued thereon are included in Directors’ fees in the Statements of Operations and in Directors’ fees payable in the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.
258
Notes to Financial Statements (continued)
| 9. | EXPENSE REDUCTIONS |
The Company has entered into an arrangement with its prior transfer agent and its custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses. The arrangement with the Funds’ prior transfer agent was discontinued effective March 6, 2023.
| 10. | LINE OF CREDIT |
For the period ended August 2, 2023, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) were party to a syndicated line of credit facility with various lenders for $1.625 billion (the “Syndicated Facility”) under which State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.
Effective August 3, 2023, the Participating Funds renewed the Syndicated Facility for $1.6 billion. The Participating Funds remain subject to the same borrowing limits as before.
For the period ended August 2, 2023, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the “Bilateral Facility”). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), or $250 million based on past borrowings and likelihood of future borrowings, among other factors.
Effective August 3, 2023, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as before.
These credit facilities are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.
For the fiscal year ended September 30, 2023, the Funds did not utilize the Syndicated Facility or Bilateral Facility.
| 11. | INTERFUND LENDING PROGRAM |
Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”) certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.
For the fiscal year ended September 30, 2023, the following Fund participated as a lender in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount loaned, interest rate and interest income were as follows:
| Fund | Average Amount Loaned | Average Interest Rate | Interest Income* | |||||||||
| Short Duration High Income | $ | 15,442,539 | 3.90% | $1,650 | ||||||||
| * | Included in the Statements of Operations. |
259
Notes to Financial Statements (continued)
| 12. | CUSTODIAN AND ACCOUNTING AGENT |
SSB is the Company’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.
| 13. | SECURITIES LENDING AGREEMENT |
The Funds have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds’ securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in securities lending net income in the Statements of Operations.
The initial collateral received by the Funds is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Funds will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Funds continue to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.
As of September 30, 2023, the Funds did not loan any securities.
| 14. | INVESTMENT RISKS |
Each Fund’s performance and the fair value of its investments will vary in response to changes in interest rates and other market factors. As interest rates rise, a Fund’s investments typically will lose value. This risk is usually greater for long-term bonds and particularly for TOB Residuals. As a result, each Fund, to the extent it invests in long-term bonds and TOB Residuals, is subject to such greater market risk. During periods of falling interest rates, a Fund’s investments may gain value; however, because Short Duration and Short Duration High Income typically invest in shorter term bonds, those Funds are subject to the risk that they will underperform funds invested in longer-term bonds during such periods.
Additional risks that could reduce each Fund’s performance or increase volatility include call risk, credit risk, defaulted bonds risk (High Income and Short Duration High Income only), derivatives risk, distressed debt risk (High Income and Short Duration High Income only), extension risk, fixed income securities risk, governmental risk, industry risk, liquidity risk, market and portfolio management risks, market disruption and geopolitical risk, state and territory risks, taxability risk and zero coupon, deferred interest, pay-in-kind, and capital appreciation bonds risk (all Funds except Short Duration, Intermediate, and Short Duration High Income). Credit risk varies among states based upon the economic and fiscal conditions of each state and the municipalities within the state.
There is the risk that an issuer of a municipal bond may fail to make timely payments of principal or interest to a Fund, a risk that is greater with municipal bonds rated below investment grade (sometimes called “lower rated bonds” or “junk bonds”). High Income, Short Duration High Income,
260
Notes to Financial Statements (continued)
Sustainable and, to a lesser extent, other Funds invest a portion of its assets in such bonds. Some issuers, particularly of junk bonds, may default as to principal and/or interest payments after a Fund purchases their securities. A default, or concerns in the market about an increase in risk of default or the deterioration in the creditworthiness of an issuer, may result in losses to a Fund. Junk bonds are considered predominantly speculative by traditional investment standards. In addition, the market for lower rated municipal bonds generally is less liquid and more volatile than the market for higher rated bonds, subjecting them to greater price fluctuations which could result in losses.
New Jersey and New York are non-diversified, which means that they may invest a greater portion of their assets in a single issuer than a diversified fund. Thus, they may be exposed to greater risk.
Because each of California, New Jersey, and New York focuses on a particular state or territory, the Fund’s performance may be more affected by local, state and regional factors than a Fund that invests in municipal bonds issued in many states. These factors may include, for example, economic or political developments, erosion of the tax base and the possibility of credit problems. In addition, downturns or developments in the U.S. economy or in foreign economies or significant world events may harm the performance of any of the Funds (including Short Duration, Intermediate, National, High Income, Short Duration High Income and Sustainable), and may do so disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies.
Because Sustainable considers sustainability factors when evaluating an investment, the Fund may underperform funds that do not take sustainability-related factors into account. There is no guarantee that Lord Abbett will successfully implement and make investments in issuers that create a positive environmental, social or governance impact while achieving the desired financial returns. In evaluating an issuer, Lord Abbett may be dependent on data or information that may be incomplete, inaccurate or unavailable. Sustainable is a newly organized fund and there can be no assurance that it will reach or maintain a sufficient asset size to effectively implement its investment strategy.
Each Fund may invest in private activity bonds (sometimes called “AMT paper”). The credit quality of AMT paper usually is directly related to the credit standing of the private user of the facilities.
High Income, National, Short Duration High Income and, to a lesser extent, other Funds may invest in TOB Residuals. A TOB Residual, sometimes referred to as an inverse floater or a residual interest bond (“RIB”), is a type of derivative debt instrument with a floating or variable interest rate that moves in the opposite direction of the interest rate on another specific fixed-rate security. Changes in the interest rate on the specific fixed-rate security inversely affect the residual interest paid on the TOB Residual, with the result that when interest rates rise, TOB Residuals’ interest payments are lowered and their value falls faster than securities similar to the specific fixed-rate security. When interest rates fall, not only do TOB Residuals generally provide interest payments that are higher than securities similar to the specific fixed-rate security, but their values generally also rise faster than such similar securities.
In addition, loss may result from a Fund’s investments in certain derivative transactions such as futures contracts, swap transactions, interest rate caps, TOB Residuals and similar transactions. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to a Fund. They also may increase a Fund’s interest rate risk.
Each Fund may purchase securities on a forward commitment or when-issued basis. Delivery and payment for such securities can take place a month or more after the transaction date. During this period such securities are subject to market fluctuations.
261
Notes to Financial Statements (continued)
Geopolitical and other events (e.g., wars, terrorism, natural disasters, epidemics or pandemics,) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of each Fund’s investments. Market disruptions can also prevent the Funds from implementing their investment strategies and achieving their investment objectives.
In March 2023, the shut-down of certain financial institutions raised economic concerns over disruption in the U.S. banking system. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system objective.
The impact of the COVID-19 outbreak, and the effects of other infectious illness outbreaks, epidemics, or pandemics, may be short term or may continue for an extended period of time. For example, a global pandemic or other widespread health crises could negatively affect the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. Health crises caused by outbreaks of disease may also exacerbate other pre-existing political, social, and economic risks in certain countries or globally. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund’s investments, and negatively impact each Fund’s performance and your investment in the Fund.
| 15. | SUMMARY OF CAPITAL TRANSACTIONS |
Transactions in shares of capital stock were as follows:
| Short Duration | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 18,770,106 | $ | 280,029,821 | 27,929,872 | $ | 427,766,947 | ||||||||||
| Reinvestment of distributions | 984,630 | 14,707,986 | 505,852 | 7,720,199 | ||||||||||||
| Shares reacquired | (27,741,560 | ) | (414,525,176 | ) | (36,579,371 | ) | (560,984,644 | ) | ||||||||
| Decrease | (7,986,824 | ) | $ | (119,787,369 | ) | (8,143,647 | ) | $ | (125,497,498 | ) | ||||||
| Class C Shares | ||||||||||||||||
| Shares sold | 500,473 | $ | 7,481,248 | 486,705 | $ | 7,451,767 | ||||||||||
| Reinvestment of distributions | 18,679 | 279,015 | 5,212 | 78,840 | ||||||||||||
| Shares reacquired | (892,335 | ) | (13,327,281 | ) | (901,801 | ) | (13,852,116 | ) | ||||||||
| Decrease | (373,183 | ) | $ | (5,567,018 | ) | (409,884 | ) | $ | (6,321,509 | ) | ||||||
| Class F Shares | ||||||||||||||||
| Shares sold | 2,003,418 | $ | 29,862,090 | 23,585,488 | $ | 362,962,189 | ||||||||||
| Reinvestment of distributions | 135,914 | 2,029,051 | 226,476 | 3,474,114 | ||||||||||||
| Shares reacquired | (16,589,985 | ) | (248,233,169 | ) | (53,603,175 | ) | (822,067,362 | ) | ||||||||
| Decrease | (14,450,653 | ) | $ | (216,342,028 | ) | (29,791,211 | ) | $ | (455,631,059 | ) | ||||||
262
Notes to Financial Statements (continued)
| Short Duration | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||||
| Class F3 Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 8,782,648 | $ | 131,150,210 | 16,986,800 | $ | 259,774,089 | ||||||||||
| Reinvestment of distributions | 268,196 | 4,007,378 | 123,424 | 1,879,203 | ||||||||||||
| Shares reacquired | (15,617,826 | ) | (233,120,113 | ) | (13,574,621 | ) | (207,668,141 | ) | ||||||||
| Increase (decrease) | (6,566,982 | ) | $ | (97,962,525 | ) | 3,535,603 | $ | 53,985,151 | ||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 22,391,479 | $ | 335,270,750 | 46,559,487 | $ | 709,825,767 | ||||||||||
| Reinvestment of distributions | 597,701 | 8,930,320 | 244,174 | 3,711,369 | ||||||||||||
| Shares reacquired | (26,175,013 | ) | (390,899,778 | ) | (21,715,386 | ) | (330,588,818 | ) | ||||||||
| Increase (decrease) | (3,185,833 | ) | $ | (46,698,708 | ) | 25,088,275 | $ | 382,948,318 | ||||||||
| Year Ended | Year Ended | |||||||||||||||
| Intermediate | September 30, 2023 | September 30, 2022 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 49,174,165 | $ | 492,503,761 | 54,726,114 | $ | 581,579,427 | ||||||||||
| Reinvestment of distributions | 4,828,479 | 48,337,760 | 4,160,439 | 43,941,102 | ||||||||||||
| Shares reacquired | (69,325,924 | ) | (692,617,725 | ) | (79,626,277 | ) | (835,050,076 | ) | ||||||||
| Decrease | (15,323,280 | ) | $ | (151,776,204 | ) | (20,739,724 | ) | $ | (209,529,547 | ) | ||||||
| Class C Shares | ||||||||||||||||
| Shares sold | 1,102,429 | $ | 11,030,272 | 1,420,669 | $ | 15,106,194 | ||||||||||
| Reinvestment of distributions | 181,800 | 1,817,681 | 175,963 | 1,856,840 | ||||||||||||
| Shares reacquired | (5,066,758 | ) | (50,621,023 | ) | (5,757,620 | ) | (60,765,016 | ) | ||||||||
| Decrease | (3,782,529 | ) | $ | (37,773,070 | ) | (4,160,988 | ) | $ | (43,801,982 | ) | ||||||
| Class F Shares | ||||||||||||||||
| Shares sold | 10,483,265 | $ | 104,175,251 | 62,145,003 | $ | 672,104,399 | ||||||||||
| Reinvestment of distributions | 722,128 | 7,207,593 | 2,423,374 | 25,919,024 | ||||||||||||
| Shares reacquired | (53,473,167 | ) | (538,192,977 | ) | (248,827,572 | ) | (2,593,667,356 | ) | ||||||||
| Decrease | (42,267,774 | ) | $ | (426,810,133 | ) | (184,259,195 | ) | $ | (1,895,643,933 | ) | ||||||
| Class F3 Shares | ||||||||||||||||
| Shares sold | 17,855,155 | $ | 177,891,929 | 15,426,863 | $ | 162,911,001 | ||||||||||
| Reinvestment of distributions | 591,824 | 5,928,632 | 420,880 | 4,427,409 | ||||||||||||
| Shares reacquired | (10,335,665 | ) | (103,204,790 | ) | (10,946,063 | ) | (113,845,957 | ) | ||||||||
| Increase | 8,111,314 | $ | 80,615,771 | 4,901,680 | $ | 53,492,453 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 164,710,208 | $ | 1,655,343,063 | 236,204,233 | $ | 2,441,772,747 | ||||||||||
| Reinvestment of distributions | 4,112,613 | 41,177,642 | 2,214,271 | 23,127,859 | ||||||||||||
| Shares reacquired | (138,932,589 | ) | (1,384,239,621 | ) | (98,080,911 | ) | (1,010,854,262 | ) | ||||||||
| Increase | 29,890,232 | $ | 312,281,084 | 140,337,593 | $ | 1,454,046,344 | ||||||||||
263
Notes to Financial Statements (continued)
| National | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 60,088,538 | $ | 614,813,100 | 50,178,282 | $ | 555,416,467 | ||||||||||
| Reinvestment of distributions | 7,019,689 | 71,670,379 | 5,916,818 | 65,326,061 | ||||||||||||
| Shares reacquired | (65,161,550 | ) | (661,976,768 | ) | (71,253,096 | ) | (776,390,605 | ) | ||||||||
| Increase (decrease) | 1,946,677 | $ | 24,506,711 | (15,157,996 | ) | $ | (155,648,077 | ) | ||||||||
| Class C Shares | ||||||||||||||||
| Shares sold | 1,515,238 | $ | 15,488,288 | 1,212,720 | $ | 13,592,731 | ||||||||||
| Reinvestment of distributions | 191,119 | 1,952,996 | 180,935 | 2,003,649 | ||||||||||||
| Shares reacquired | (3,020,841 | ) | (30,840,554 | ) | (4,110,806 | ) | (45,245,126 | ) | ||||||||
| Decrease | (1,314,484 | ) | $ | (13,399,270 | ) | (2,717,151 | ) | $ | (29,648,746 | ) | ||||||
| Class F Shares | ||||||||||||||||
| Shares sold | 5,080,629 | $ | 52,023,332 | 22,343,150 | $ | 252,636,831 | ||||||||||
| Reinvestment of distributions | 465,880 | 4,742,198 | 1,296,695 | 14,601,779 | ||||||||||||
| Shares reacquired | (20,167,972 | ) | (206,545,983 | ) | (82,597,556 | ) | (904,741,426 | ) | ||||||||
| Decrease | (14,621,463 | ) | $ | (149,780,453 | ) | (58,957,711 | ) | $ | (637,502,816 | ) | ||||||
| Class F3 Shares | ||||||||||||||||
| Shares sold | 19,758,267 | $ | 201,800,808 | 19,250,148 | $ | 213,368,948 | ||||||||||
| Reinvestment of distributions | 1,084,751 | 11,068,830 | 794,371 | 8,742,056 | ||||||||||||
| Shares reacquired | (12,916,088 | ) | (131,080,515 | ) | (16,664,587 | ) | (180,063,515 | ) | ||||||||
| Increase | 7,926,930 | $ | 81,789,123 | 3,379,932 | $ | 42,047,489 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 75,819,727 | $ | 776,676,296 | 73,940,091 | $ | 792,826,906 | ||||||||||
| Reinvestment of distributions | 2,095,587 | 21,396,429 | 849,840 | 9,149,393 | ||||||||||||
| Shares reacquired | (42,356,376 | ) | (430,837,311 | ) | (34,412,635 | ) | (364,545,784 | ) | ||||||||
| Increase | 35,558,938 | $ | 367,235,414 | 40,377,296 | $ | 437,430,515 | ||||||||||
| High Income | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 43,175,387 | $ | 455,701,191 | 55,554,656 | $ | 659,872,446 | ||||||||||
| Reinvestment of distributions | 6,304,263 | 66,202,615 | 5,438,271 | 63,720,375 | ||||||||||||
| Shares reacquired | (58,270,465 | ) | (611,695,648 | ) | (71,107,986 | ) | (826,335,850 | ) | ||||||||
| Decrease | (8,790,815 | ) | $ | (89,791,842 | ) | (10,115,059 | ) | $ | (102,743,029 | ) | ||||||
| Class C Shares | ||||||||||||||||
| Shares sold | 2,009,353 | $ | 21,245,804 | 2,746,793 | $ | 32,964,823 | ||||||||||
| Reinvestment of distributions | 500,249 | 5,255,523 | 461,133 | 5,408,574 | ||||||||||||
| Shares reacquired | (5,517,532 | ) | (57,995,411 | ) | (6,913,279 | ) | (80,993,296 | ) | ||||||||
| Decrease | (3,007,930 | ) | $ | (31,494,084 | ) | (3,705,353 | ) | $ | (42,619,899 | ) | ||||||
| Class F Shares | ||||||||||||||||
| Shares sold | 8,919,354 | $ | 93,789,815 | 40,725,267 | $ | 498,388,960 | ||||||||||
| Reinvestment of distributions | 889,451 | 9,334,333 | 2,209,756 | 26,435,132 | ||||||||||||
| Shares reacquired | (34,828,395 | ) | (369,484,678 | ) | (119,065,773 | ) | (1,395,866,809 | ) | ||||||||
| Decrease | (25,019,590 | ) | $ | (266,360,530 | ) | (76,130,750 | ) | $ | (871,042,717 | ) | ||||||
264
Notes to Financial Statements (continued)
| High Income | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||||
| Class F3 Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 6,739,512 | $ | 70,945,394 | 8,209,512 | $ | 96,241,910 | ||||||||||
| Reinvestment of distributions | 512,731 | 5,375,304 | 380,805 | 4,431,135 | ||||||||||||
| Shares reacquired | (6,318,034 | ) | (66,175,713 | ) | (6,564,018 | ) | (74,887,060 | ) | ||||||||
| Increase | 934,209 | $ | 10,144,985 | 2,026,299 | $ | 25,785,985 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 90,058,661 | $ | 952,814,223 | 112,854,562 | $ | 1,289,014,098 | ||||||||||
| Reinvestment of distributions | 3,991,925 | 41,865,737 | 1,883,209 | 21,609,435 | ||||||||||||
| Shares reacquired | (66,709,134 | ) | (697,668,339 | ) | (58,348,142 | ) | (657,095,742 | ) | ||||||||
| Increase | 27,341,452 | $ | 297,011,621 | 56,389,629 | $ | 653,527,791 | ||||||||||
| Short Duration High Income | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 6,812,042 | $ | 95,722,989 | 10,907,124 | $ | 165,602,425 | ||||||||||
| Reinvestment of distributions | 727,887 | 10,222,070 | 576,692 | 8,541,073 | ||||||||||||
| Shares reacquired | (12,136,845 | ) | (170,439,304 | ) | (13,720,715 | ) | (203,780,390 | ) | ||||||||
| Decrease | (4,596,916 | ) | $ | (64,494,245 | ) | (2,236,899 | ) | $ | (29,636,892 | ) | ||||||
| Class C Shares | ||||||||||||||||
| Shares sold | 470,549 | $ | 6,605,568 | 554,590 | $ | 8,531,204 | ||||||||||
| Reinvestment of distributions | 41,977 | 589,760 | 26,289 | 387,852 | ||||||||||||
| Shares reacquired | (634,589 | ) | (8,936,164 | ) | (698,527 | ) | (10,331,324 | ) | ||||||||
| Decrease | (122,063 | ) | $ | (1,740,836 | ) | (117,648 | ) | $ | (1,412,268 | ) | ||||||
| Class F Shares | ||||||||||||||||
| Shares sold | 3,946,365 | $ | 55,097,018 | 18,007,811 | $ | 275,931,312 | ||||||||||
| Reinvestment of distributions | 179,679 | 2,523,527 | 478,068 | 7,201,066 | ||||||||||||
| Shares reacquired | (12,914,805 | ) | (182,516,643 | ) | (39,621,077 | ) | (595,140,802 | ) | ||||||||
| Decrease | (8,788,761 | ) | $ | (124,896,098 | ) | (21,135,198 | ) | $ | (312,008,424 | ) | ||||||
| Class F3 Shares | ||||||||||||||||
| Shares sold | 1,695,166 | $ | 23,937,717 | 1,471,688 | $ | 21,965,315 | ||||||||||
| Reinvestment of distributions | 87,418 | 1,227,833 | 53,900 | 797,173 | ||||||||||||
| Shares reacquired | (1,252,638 | ) | (17,587,532 | ) | (1,444,184 | ) | (21,130,565 | ) | ||||||||
| Increase | 529,946 | $ | 7,578,018 | 81,404 | $ | 1,631,923 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 35,782,001 | $ | 504,220,384 | 32,825,243 | $ | 488,939,553 | ||||||||||
| Reinvestment of distributions | 1,206,000 | 16,940,484 | 546,776 | 8,028,813 | ||||||||||||
| Shares reacquired | (22,116,692 | ) | (310,088,063 | ) | (22,568,457 | ) | (329,936,628 | ) | ||||||||
| Increase | 14,871,309 | $ | 211,072,805 | 10,803,562 | $ | 167,031,738 | ||||||||||
| Sustainable | Year Ended September 30, 2023 | For the period Ended September 30, 2022(a) | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 22,877 | $ | 208,187 | 304,943 | $ | 3,047,500 | ||||||||||
| Reinvestment of distributions | 648 | 5,894 | 41 | 372 | ||||||||||||
| Increase | 23,525 | $ | 214,081 | 304,984 | $ | 3,047,872 | ||||||||||
265
Notes to Financial Statements (continued)
| Sustainable | Year Ended September 30, 2023 | For the period ended September 30, 2022(a) | ||||||||||||||
| Class C Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 11,460 | $ | 104,753 | 7,500 | $ | 75,000 | ||||||||||
| Reinvestment of distributions | 173 | 1,578 | – | – | ||||||||||||
| Shares reacquired | (9 | ) | (83 | ) | – | – | ||||||||||
| Increase | 11,624 | $ | 106,248 | 7,500 | $ | 75,000 | ||||||||||
| Class F Shares | ||||||||||||||||
| Shares sold | – | $ | – | 7,500 | $ | 75,000 | ||||||||||
| Increase | – | $ | – | 7,500 | $ | 75,000 | ||||||||||
| Class F3 Shares | ||||||||||||||||
| Shares sold | – | $ | – | 10,000 | $ | 100,000 | ||||||||||
| Increase | – | $ | – | 10,000 | $ | 100,000 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 29,967 | $ | 275,115 | 186,313 | $ | 1,850,000 | ||||||||||
| Reinvestment of distributions | 820 | 7,444 | 3 | 27 | ||||||||||||
| Shares reacquired | (701 | ) | (6,362 | ) | (5 | ) | (41 | ) | ||||||||
| Increase | 30,086 | $ | 276,197 | 186,311 | $ | 1,849,986 | ||||||||||
| California | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 11,208,367 | $ | 111,038,999 | 9,952,420 | $ | 105,270,092 | ||||||||||
| Reinvestment of distributions | 940,809 | 9,324,002 | 686,472 | 7,300,515 | ||||||||||||
| Shares reacquired | (8,345,793 | ) | (82,402,978 | ) | (11,528,626 | ) | (123,722,571 | ) | ||||||||
| Increase (decrease) | 3,803,383 | $ | 37,960,023 | (889,734 | ) | $ | (11,151,964 | ) | ||||||||
| Class C Shares | ||||||||||||||||
| Shares sold | 387,190 | $ | 3,861,120 | 409,728 | $ | 4,413,910 | ||||||||||
| Reinvestment of distributions | 46,040 | 456,338 | 40,742 | 433,795 | ||||||||||||
| Shares reacquired | (686,018 | ) | (6,812,975 | ) | (1,082,285 | ) | (11,552,855 | ) | ||||||||
| Decrease | (252,788 | ) | $ | (2,495,517 | ) | (631,815 | ) | $ | (6,705,150 | ) | ||||||
| Class F Shares | ||||||||||||||||
| Shares sold | 269,732 | $ | 2,620,114 | 3,531,708 | $ | 38,386,295 | ||||||||||
| Reinvestment of distributions | 38,798 | 383,623 | 123,708 | 1,353,557 | ||||||||||||
| Shares reacquired | (1,684,119 | ) | (16,876,219 | ) | (12,651,669 | ) | (134,354,919 | ) | ||||||||
| Decrease | (1,375,589 | ) | $ | (13,872,482 | ) | (8,996,253 | ) | $ | (94,615,067 | ) | ||||||
| Class F3 Shares | ||||||||||||||||
| Shares sold | 2,730,663 | $ | 27,105,849 | 2,732,124 | $ | 28,646,820 | ||||||||||
| Reinvestment of distributions | 128,028 | 1,268,743 | 60,399 | 635,428 | ||||||||||||
| Shares reacquired | (1,263,307 | ) | (12,461,095 | ) | (1,442,987 | ) | (15,152,394 | ) | ||||||||
| Increase | 1,595,384 | $ | 15,913,497 | 1,349,536 | $ | 14,129,854 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 7,564,129 | $ | 75,454,717 | 9,758,019 | $ | 101,943,212 | ||||||||||
| Reinvestment of distributions | 232,500 | 2,302,744 | 114,578 | 1,202,919 | ||||||||||||
| Shares reacquired | (5,340,054 | ) | (52,572,049 | ) | (4,946,127 | ) | (51,321,033 | ) | ||||||||
| Increase | 2,456,575 | $ | 25,185,412 | 4,926,470 | $ | 51,825,098 | ||||||||||
266
Notes to Financial Statements (concluded)
| New Jersey | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 2,800,538 | $ | 12,920,067 | 2,767,063 | $ | 13,514,049 | ||||||||||
| Reinvestment of distributions | 403,987 | 1,865,997 | 367,992 | 1,817,051 | ||||||||||||
| Shares reacquired | (4,072,862 | ) | (18,751,446 | ) | (3,416,025 | ) | (16,598,593 | ) | ||||||||
| Decrease | (868,337 | ) | $ | (3,965,382 | ) | (280,970 | ) | $ | (1,267,493 | ) | ||||||
| Class F Shares | ||||||||||||||||
| Shares sold | 354,525 | $ | 1,619,038 | 931,336 | $ | 4,823,229 | ||||||||||
| Reinvestment of distributions | 28,480 | 131,187 | 69,563 | 351,154 | ||||||||||||
| Shares reacquired | (889,706 | ) | (4,134,346 | ) | (4,924,806 | ) | (24,332,270 | ) | ||||||||
| Decrease | (506,701 | ) | $ | (2,384,121 | ) | (3,923,907 | ) | $ | (19,157,887 | ) | ||||||
| Class F3 Shares | ||||||||||||||||
| Shares sold | 194,925 | $ | 880,635 | 211,945 | $ | 1,051,022 | ||||||||||
| Reinvestment of distributions | 10,920 | 50,515 | 7,587 | 37,239 | ||||||||||||
| Shares reacquired | (130,090 | ) | (597,879 | ) | (130,591 | ) | (620,915 | ) | ||||||||
| Increase | 75,755 | $ | 333,271 | 88,941 | $ | 467,346 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 2,798,519 | $ | 12,943,517 | 3,426,486 | $ | 16,635,811 | ||||||||||
| Reinvestment of distributions | 78,209 | 361,530 | 50,354 | 245,041 | ||||||||||||
| Shares reacquired | (1,900,516 | ) | (8,776,141 | ) | (1,733,364 | ) | (8,221,483 | ) | ||||||||
| Increase | 976,212 | $ | 4,528,906 | 1,743,476 | $ | 8,659,369 | ||||||||||
| New York | Year Ended September 30, 2023 | Year
Ended September 30, 2022 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 6,385,398 | $ | 66,001,310 | 7,514,861 | $ | 81,864,284 | ||||||||||
| Reinvestment of distributions | 770,866 | 7,974,668 | 650,952 | 7,216,866 | ||||||||||||
| Shares reacquired | (9,299,195 | ) | (95,454,500 | ) | (7,984,467 | ) | (88,420,625 | ) | ||||||||
| Increase (decrease) | (2,142,931 | ) | $ | (21,478,522 | ) | 181,346 | $ | 660,525 | ||||||||
| Class C Shares | ||||||||||||||||
| Shares sold | 341,562 | $ | 3,519,754 | 227,831 | $ | 2,615,587 | ||||||||||
| Reinvestment of distributions | 40,695 | 420,468 | 39,269 | 435,328 | ||||||||||||
| Shares reacquired | (748,800 | ) | (7,720,191 | ) | (877,823 | ) | (9,735,032 | ) | ||||||||
| Decrease | (366,543 | ) | $ | (3,779,969 | ) | (610,723 | ) | $ | (6,684,117 | ) | ||||||
| Class F Shares | ||||||||||||||||
| Shares sold | 318,808 | $ | 3,262,153 | 1,352,775 | $ | 15,718,470 | ||||||||||
| Reinvestment of distributions | 28,697 | 295,966 | 72,464 | 816,787 | ||||||||||||
| Shares reacquired | (1,611,382 | ) | (16,699,767 | ) | (5,386,852 | ) | (59,765,477 | ) | ||||||||
| Decrease | (1,263,877 | ) | $ | (13,141,648 | ) | (3,961,613 | ) | $ | (43,230,220 | ) | ||||||
| Class F3 Shares | ||||||||||||||||
| Shares sold | 164,383 | $ | 1,657,672 | 172,387 | $ | 1,898,630 | ||||||||||
| Reinvestment of distributions | 7,620 | 78,852 | 5,557 | 61,174 | ||||||||||||
| Shares reacquired | (181,489 | ) | (1,879,392 | ) | (110,926 | ) | (1,192,434 | ) | ||||||||
| Increase (decrease) | (9,486 | ) | $ | (142,868 | ) | 67,018 | $ | 767,370 | ||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 4,841,720 | $ | 50,458,058 | 6,493,470 | $ | 70,567,286 | ||||||||||
| Reinvestment of distributions | 192,194 | 1,991,405 | 109,516 | 1,200,161 | ||||||||||||
| Shares reacquired | (3,368,217 | ) | (34,628,246 | ) | (3,109,286 | ) | (33,153,558 | ) | ||||||||
| Increase | 1,665,697 | $ | 17,821,217 | 3,493,700 | $ | 38,613,889 | ||||||||||
| (a) | For the period January 5, 2022, commencement of operations, to September 30, 2022. |
267
Report of Independent Registered Public Accounting Firm
To the shareholders and the Board of Directors of Lord Abbett Municipal Income Fund, Inc.
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Lord Abbett Municipal Income Fund, Inc. comprising the Lord Abbett Short Duration Tax Free Fund, Lord Abbett Intermediate Tax Free Fund, Lord Abbett National Tax-Free Income Fund, Lord Abbett High Income Municipal Bond Fund, Lord Abbett Short Duration High Income Municipal Bond Fund, Lord Abbett Sustainable Municipal Bond Fund, Lord Abbett California Tax-Free Income Fund, Lord Abbett New Jersey Tax-Free Income Fund, and Lord Abbett New York Tax-Free Income Fund (the “Funds”), including the schedules of investments, as of September 30, 2023; the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for each of the funds constituting the Lord Abbett Municipal Income Fund, Inc., except Lord Abbett Sustainable Municipal Bond Fund; the related statement of operations for the year then ended, and the statements of changes in net assets and financial highlights for the year then ended, and the period from January 5, 2022 (commencement of operations) to September 30, 2022; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Lord Abbett Municipal Income Fund, Inc., except Lord Abbett Sustainable Municipal Bond Fund, as of September 30, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Lord Abbett Sustainable Municipal Bond Fund as of September 30, 2023, the results of its operations for the year then ended, and the changes in its net assets and financial highlights for the year then ended, and the period from January 5, 2022 (commencement of operations) to September 30, 2022, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche
LLP
New York, New York
November 22, 2023
We have served as the auditor of one or more Lord Abbett Family of Funds’ investment companies since 1932.
268
Basic Information About Management
The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the state of organization. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Board member holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund’s organizational documents.
Lord, Abbett & Co. LLC (“Lord Abbett”), a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.
Independent Board Members
The following Independent Board Members also are board members of each of the 15 investment companies in the Lord Abbett Family of Funds, which consist of 64 investment portfolios.
| Name, Address and Year of Birth |
Current Position and Length of Service with the Fund |
Principal Occupation and Other Directorships During the Past Five Years | ||
| Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955) |
Board member since 2011; Vice Chair since 2023 |
Principal Occupation: None. Other Directorships: None. | ||
| Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946) |
Board member since 2004 | Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Columbia Care (CCHW) (since 2021). Previously served as director of Anthem, Inc., a health benefits company (1994–2021). | ||
| Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963) |
Board member since 2017 | Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since
2006). Other Directorships: None. | ||
| James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947) |
Board member since 2012 | Principal Occupation: Owner of McTaggart LLC (since 2011). Other Directorships: None. | ||
| Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950) |
Board member since 2019 | Principal Occupation: None. Formerly Chair and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Previously served as director of Johnson & Johnson (2005–2022). Director of Xerox Corporation (2007–2018). |
269
Basic Information About Management (continued)
| Name, Address and Year of Birth |
Current Position and Length of Service with the Fund |
Principal Occupation and Other Directorships During the Past Five Years | ||
| Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959) |
Board member since 2017 | Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017);
President of Wells Fargo Funds (2003–2016). Other Directorships: None. | ||
| Lorin Patrick Taylor Radtke Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1968) |
Board member since 2021 | Principal Occupation: Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital
firm (since 2016). Formerly Partner, Goldman Sachs (1992–2016). Other Directorships: Currently serves as director of Assured Guaranty (since 2021); Virtual Combine (since 2018). Previously served as director of SummerMoon Coffee (2022); Mariposa Family Learning Center (2021-2022). | ||
| Leah Song Richardson Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1966) |
Board member since 2021 | Principal Occupation: President of Colorado College (since 2021) and was formerly Dean at
University of California, Irvine – School of Law (2017–2021); Professor of Law at University of California, Irvine
(2014–2017). Other Directorships: None. | ||
| Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959) |
Board member since 2016 | Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago
(2009–2021). Other Directorships: Currently serves as director of Underwriters Laboratories Research Institute (since 2022). | ||
| James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947) |
Board member since 2006; Chairman since 2017 |
Principal Occupation: Chair of Tullis Health Investors – FL LLC (since 2019, CEO from
2012–2018); Formerly CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as Chair of Crane Co. (since 2020, Director since 1998), Director of Crane NXT, Co. (since 2023), Director of Alphatec Spine (since 2018). Previously served as Director of Exagen Inc. (2019–2023); Director of electroCore, Inc. (2018–2020). |
270
Basic Information About Management (continued)
Interested Board Members
Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 15 investment companies in the Lord Abbett Family of Funds, which consist of 64 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.
| Name, Address and Year of Birth |
Current Position and Length of Service with the Fund |
Principal Occupation and Other
Directorships During the Past Five Years | ||
| Douglas B. Sieg Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969) |
Board member since 2016 | Principal Occupation: Managing Partner of Lord
Abbett (since 2018); Formerly Head of Client
Services, joined Lord Abbett in 1994. Other Directorships: None. |
Officers
None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).
| Name
and Year of Birth |
Current
Position with the Fund |
Length
of Service of Current Position |
Principal
Occupation During the Past Five Years | |||
| Douglas B. Sieg (1969) |
President and Chief Executive Officer | Elected as President and Chief Executive Officer in 2018 | Managing Partner of Lord Abbett (since 2018). Formerly Head of Client Services, joined Lord Abbett in 1994. | |||
| Jackson C. Chan (1964) |
AML Compliance Officer | Elected in 2018 | Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014. | |||
| Nicholas D. Emguschowa (1986) |
Data Protection Officer | Elected in 2022 | Assistant General Counsel, joined Lord Abbett in 2018 and was formerly Associate at Shearman & Sterling (2014–2018). | |||
| Brooke A. Fapohunda (1975) |
Vice President, Secretary and Chief Legal Officer | Elected in 2023 | Partner and Senior Counsel, joined Lord Abbett in 2006. |
271
Basic Information About Management (concluded)
| Name and Year of Birth |
Current Position with the Fund |
Length of Service of Current Position |
Principal Occupation During the Past Five Years | |||
| Michael J. Hebert (1976) |
Chief Financial Officer and Treasurer | Elected as Chief Financial Officer and Treasurer in 2021 | Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014–2021) and Calvert Research & Management (CRM) (2016–2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years. | |||
| Parker J. Milender (1989) |
Vice President and Assistant Secretary | Elected in 2023 | Counsel, joined Lord Abbett in 2021 and was formerly an Associate at Milbank LLP (2017–2021). | |||
| Mary Ann Picciotto (1973) |
Chief Compliance Officer | Elected in 2023 | Managing Director and Global Chief Compliance Officer, joined Lord Abbett in 2023 and was formerly Vice President and Head of Global Compliance at T. Rowe Price (2019–2023) and Senior Vice President, Head of Compliance at OppenheimerFunds, Inc. (2014–2019). | |||
| Matthew A. Press (1987) |
Vice President and Assistant Secretary | Elected in 2023 | Counsel, joined Lord Abbett in 2022 and was formerly an Associate at Clifford Chance US LLP (2014–2022). | |||
| Victoria Zozulya (1983) |
Vice President and Assistant Secretary | Elected in 2022 | Counsel, joined Lord Abbett in 2022 and was formerly Senior Director and Counsel at Equitable (2018–2022) and Assistant General Counsel at Neuberger Berman (2014–2018). |
Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund’s Board members. It is available free upon request.
272
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, each Fund has adopted a Liquidity Risk Management Program and Policy (“Program”). The Program is designed to assess, manage and periodically review each Fund’s liquidity risk. Liquidity risk is defined under Rule 22e-4 as the risk that each Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board has appointed Lord Abbett as the administrator for each Fund’s Program. At the May 17, 2023 meeting, Lord Abbett provided the Board with a report addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the period April 1, 2022 through March 31, 2023. Lord Abbett reported that the Program operated effectively during the period. In particular, Lord Abbett reported that: no Fund breached its 15% limit on illiquid investments at any point during the period and all regulatory reporting related to Rule 22e-4 was completed on time and without issue during the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds’ prospectus for more information regarding each Fund’s exposure to liquidity risk and other principal risks to which an investment in each Fund may be subject.
Householding
The Company has adopted a policy that allows it to send only one copy of each Fund’s prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Funds Service Center, P.O. Box 534489, Pittsburgh, PA 15253-4489 (regular mail) or 500 Ross Street 154-0520, Attention: 534489, Pittsburgh, PA 15262 (overnight mail).
Proxy Voting Policies, Procedures and Records
A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund’s portfolio securities, and information on how Lord Abbett voted each Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Funds are required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.
273
Tax Information (unaudited)
The percentages below reflect the portion of ordinary income distributions paid during the fiscal year ended September 30, 2023 that is tax-exempt dividend income.
| Short Duration | 100 | % | ||
| Intermediate | 100 | % | ||
| National | 100 | % | ||
| High Income | 100 | % | ||
| Short Duration High Income | 99 | % | ||
| Sustainable | 100 | % | ||
| California | 100 | % | ||
| New Jersey | 100 | % | ||
| New York | 100 | % |
274
 |
Lord Abbett Municipal Income Fund, Inc.
Lord Abbett Short Duration Tax Free Fund
Lord Abbett Intermediate Tax Free Fund
Lord Abbett National Tax-Free Income Fund
Lord Abbett High Income Municipal Bond Fund
Lord Abbett Short Duration High Income Municipal Bond Fund
Lord Abbett Sustainable Municipal Bond Fund
Lord Abbett California Tax-Free Income Fund
Lord Abbett New Jersey Tax-Free Income Fund
Lord Abbett New York Tax-Free Income Fund |
|||
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. | ||||
| Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC. |
LATFI-2 (11/23) |
| Item 2: | Code of Ethics. |
| (a) | In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”). The Code of Ethics was in effect during the fiscal year ended September 30, 2023 (the “Period”). |
| (b) | Not applicable. |
| (c) | The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period. |
| (d) | The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the Period. |
| (e) | Not applicable. |
| (f) | See Item 13(a)(1) concerning the filing of the Code of Ethics. |
| Item 3: | Audit Committee Financial Expert. |
The Registrant’s board of directors has determined that each of the following independent directors who are members of the audit committee is an audit committee financial expert: Evelyn E. Guernsey, Karla M. Rabusch and Mark A. Schmid. Each of these persons is independent within the meaning of the Form N-CSR.
| Item 4: | Principal Accountant Fees and Services. |
In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended September 30, 2023 and 2022 by the Registrant’s principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, “Deloitte”) were as follows:
| Fiscal year ended: | ||
| 2023 | 2022 | |
| Audit Fees {a} | $385,000 | $366,000 |
| Audit-Related Fees | - 0 - | - 0 - |
| Total audit and audit-related fees | $385,000 | $366,000 |
| Tax Fees | - 0 - | - 0 - |
| All Other Fees | - 0 - | - 0 - |
| Total Fees | $385,000 | $366,000 |
{a} Consists of fees for audits of the Registrant’s annual financial statements.
(e) (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant’s Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve:
| · | any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds, including the Registrant, and |
| · | any audit-related, tax, and other services to be provided to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a Fund, by the independent auditor to assure that the provision of such services does not impair the auditor’s independence. |
The Audit Committee has delegated pre-approval authority to its Chair, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chair will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
(e) (2) The Registrant’s Audit Committee has approved 100% of the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant are shown above in the response to Item 4 (a), (b), (c) and (d) as “All Other Fees”.
The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant’s investment adviser, Lord, Abbett & Co. LLC (“Lord Abbett”), for the fiscal years ended September 30, 2023 and 2022 were:
| Fiscal year ended: | ||
| 2023 | 2022 | |
| All Other Fees {a} | $230,000 | $270,000 |
{a} Consist of fees for Independent Services Auditors’ Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett’s Asset Management Services (“SOC-1 Report”).
The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended September 30, 2023 and 2022 were:
| Fiscal year ended: | ||
| 2023 | 2022 | |
| All Other Fees | $ - 0 - | $ - 0- |
(h) The Registrant’s Audit Committee has considered the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte’s independence.
(i) Not Applicable.
(j) Not Applicable.
| Item 5: | Audit Committee of Listed Registrants. |
Not applicable.
| Item 6: | Investments. |
The Schedule of Investments is included as part of the Reports to Shareholders under Item 1.
| Item 7: | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 8: | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
| Item 9: | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 10: | Submission of Matters to a Vote of Security Holders. |
Not applicable.
| Item 11: | Controls and Procedures. |
| (a) | The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
| Item 12: | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
| Item 13: | Exhibits. |
| (a)(1) | The Lord Abbett Family of Funds Sarbanes-Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of EX-99.CODEETH. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| LORD ABBETT MUNICIPAL INCOME FUND, INC. | |||
| By: | /s/ Douglas B. Sieg | ||
| Douglas B. Sieg | |||
| President and Chief Executive Officer | |||
| Date: November 22, 2023 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Douglas B. Sieg | |
| Douglas B. Sieg | ||
| President and Chief Executive Officer | ||
| Date: November 22, 2023 | ||
| By: | /s/ Michael J. Hebert | |
| Michael J. Hebert | ||
| Chief Financial Officer and Treasurer | ||
| Date: November 22, 2023 |