Lord Abbett
Quarterly Portfolio Holdings Report
Lord Abbett
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
California Tax Free Fund
New Jersey Tax Free Fund
New York Tax Free Fund
Sustainable Municipal Bond Fund
For the period ended June 30, 2022
Schedule of Investments (unaudited)
SHORT DURATION TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| LONG-TERM INVESTMENTS 84.87% | |||||||||||||||
| MUNICIPAL BONDS 84.87% | |||||||||||||||
| Corporate-Backed 7.82% | |||||||||||||||
| Allegheny Co IDA - US Steel | 4.875% | 11/1/2024 | BB- | $ | 4,500,000 | $ | 4,573,258 | ||||||||
| Black Belt Energy Gas Dist - Goldman Sachs | 4.00% | #(a) | 10/1/2052 | A2 | 9,500,000 | 9,618,742 | |||||||||
| Burke Co Dev - Oglethorpe Power | 1.50% | #(a) | 1/1/2040 | BBB+ | 3,750,000 | 3,596,642 | |||||||||
| Charles City EDA - Waste Mgmt | 2.875% | #(a) | 2/1/2029 | A- | 3,500,000 | 3,276,275 | |||||||||
| Downtown Doral CDD† | 3.875% | 12/15/2023 | NR | 105,000 | 104,551 | ||||||||||
| Farmington Poll Ctl - NM Pub Svc | 1.10% | #(a) | 6/1/2040 | BBB | 16,000,000 | 15,764,142 | |||||||||
| IN Fin Auth - Republic Services | 1.75% | #(a) | 5/1/2028 | NR | 15,000,000 | 14,999,117 | |||||||||
| LA St John Parish - Marathon Oil | 2.10% | #(a) | 6/1/2037 | BBB- | 8,000,000 | 7,740,285 | |||||||||
| LA St John Parish - Marathon Oil | 2.125% | #(a) | 6/1/2037 | BBB- | 6,150,000 | 5,953,262 | |||||||||
| LA St John Parish - Marathon Oil | 2.20% | #(a) | 6/1/2037 | BBB- | 2,000,000 | 1,861,466 | |||||||||
| LA St John Parish - Marathon Oil | 2.375% | #(a) | 6/1/2037 | BBB- | 2,575,000 | 2,413,064 | |||||||||
| Matagorda Co Nav Dist - AEP TX Central | 2.60% | 11/1/2029 | A- | 1,400,000 | 1,239,873 | ||||||||||
| Matagorda Co Nav Dist - AEP TX Central (AMBAC) | 4.40% | 5/1/2030 | A- | 1,500,000 | 1,556,115 | ||||||||||
| Mobile IDB - AL Power | 1.00% | #(a) | 6/1/2034 | A1 | 3,100,000 | 2,953,087 | |||||||||
| Mobile IDB - AL Power | 2.90% | #(a) | 7/15/2034 | A1 | 20,000,000 | 20,159,358 | |||||||||
| Nez Perce Co Poll Ctl - Potlatch | 2.75% | 10/1/2024 | BBB- | 11,310,000 | 11,229,552 | ||||||||||
| NH Bus Fin Auth- United Illuminating | 2.80% | #(a) | 10/1/2033 | A- | 5,000,000 | 5,029,648 | |||||||||
| Niagara Area Dev Corp - Covanta† | 3.50% | 11/1/2024 | B1 | 750,000 | 738,793 | ||||||||||
| OH Air Dev Auth - AEP | 1.90% | #(a) | 5/1/2026 | BBB+ | 2,000,000 | 1,935,048 | |||||||||
| OH Air Dev Auth - AEP | 2.40% | #(a) | 12/1/2038 | BBB+ | 10,700,000 | 9,689,966 | |||||||||
| OH Air Dev Auth - OVEC | 1.50% | #(a) | 2/1/2026 | Baa3 | 1,000,000 | 915,216 | |||||||||
| OH Wst Rev - Republic Services | 1.75% | #(a) | 11/1/2035 | NR | 18,500,000 | 18,498,923 | |||||||||
| OR Bus Dev Comn - Intel | 2.40% | #(a) | 12/1/2040 | A+ | 10,500,000 | 10,529,752 | |||||||||
| Selma IDB - Intl Paper | 2.00% | #(a) | 11/1/2033 | BBB | 2,625,000 | 2,562,628 | |||||||||
| St James Parish - Nustar Logistics† | 5.85% | #(a) | 8/1/2041 | BB- | 3,500,000 | 3,658,209 | |||||||||
| Warren Co - Intl Paper | 2.90% | #(a) | 9/1/2032 | BBB | 4,250,000 | 4,268,521 | |||||||||
| WI PFA - American Dream† | 5.00% | 12/1/2027 | NR | 1,455,000 | 1,307,609 | ||||||||||
| Wise Co IDA - VA Elec & Pwr | 1.20% | #(a) | 11/1/2040 | A2 | 5,470,000 | 5,283,131 | |||||||||
| Total | 171,456,233 | ||||||||||||||
| Education 2.41% | |||||||||||||||
| CA Choice Clean Energy – Morgan Stanley(b) | Zero Coupon | 5/1/2053 | NR | 15,000,000 | 14,999,991 | ||||||||||
| CA Muni Fin - William Jessup U | 5.00% | 8/1/2022 | NR | 750,000 | 750,510 | ||||||||||
| See Notes to Schedule of Investments. | 1 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Education (continued) | |||||||||||||||
| California State University | 0.55% | #(a) | 11/1/2049 | Aa2 | $ | 5,000,000 | $ | 4,376,985 | |||||||
| Cap Trust Agy - Renaissance Chtr Sch† | 4.00% | 6/15/2029 | NR | 1,325,000 | 1,285,833 | ||||||||||
| Central Plains Energy Proj | 4.00% | #(a) | 12/1/2049 | Aa1 | 10,000,000 | 10,275,705 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2022 | BB | 1,000,000 | 1,008,768 | ||||||||||
| FL HI Ed - Saint Leo Univ | 5.00% | 3/1/2023 | BB+ | 410,000 | 413,587 | ||||||||||
| FL HI Ed - Saint Leo Univ | 5.00% | 3/1/2024 | BB+ | 640,000 | 650,840 | ||||||||||
| FL HI Ed - Saint Leo Univ | 5.00% | 3/1/2025 | BB+ | 675,000 | 690,443 | ||||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2022 | Baa3 | 500,000 | 502,320 | ||||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2028 | Baa3 | 1,135,000 | 1,212,662 | ||||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2029 | Baa3 | 630,000 | 674,420 | ||||||||||
| MA DFA - Williams Clg | 0.45% | #(a) | 7/1/2041 | AA+ | 3,500,000 | 3,226,951 | |||||||||
| Multnomah Co Hsp - Mirabella | 5.00% | 10/1/2024 | NR | 965,000 | 976,197 | ||||||||||
| NC EDA - Campbell Univ | 5.00% | 10/1/2024 | Baa2 | 1,140,000 | 1,194,565 | ||||||||||
| NC EDA - Campbell Univ | 5.00% | 10/1/2025 | Baa2 | 1,700,000 | 1,809,185 | ||||||||||
| OH Air Dev Auth - Duke Energy | 4.00% | #(a) | 9/1/2030 | BBB | 1,300,000 | 1,314,980 | |||||||||
| OH HI Ed - Dayton Univ (AMBAC) | 6.49% (CPI Based | ) | 12/1/2022 | A+ | 2,000,000 | 2,016,711 | |||||||||
| Troy Cap Res Corp - RPI | 5.00% | 8/1/2022 | A3 | 1,000,000 | 1,002,746 | ||||||||||
| Univ of CA | 4.25% | 5/15/2039 | AA | 3,000,000 | 3,016,495 | ||||||||||
| Univ of CA | 5.00% | 5/15/2024 | AA- | 1,250,000 | 1,321,318 | ||||||||||
| Total | 52,721,212 | ||||||||||||||
| Energy 0.40% | |||||||||||||||
| KY Public Energy Auth - BP | 4.00% | #(a) | 12/1/2050 | A2 | 5,000,000 | 5,062,101 | |||||||||
| PEFA Gas - Goldman Sachs | 5.00% | #(a) | 9/1/2049 | A3 | 3,500,000 | 3,676,030 | |||||||||
| Total | 8,738,131 | ||||||||||||||
| General Obligation 11.59% | |||||||||||||||
| CA State GO | 5.00% | 8/1/2026 | Aa2 | 7,485,000 | 8,114,676 | ||||||||||
| Chicago Brd Ed | 4.00% | 12/1/2022 | BB | 4,000,000 | 4,019,074 | ||||||||||
| Chicago Brd Ed | 4.00% | 12/1/2022 | BB | 3,555,000 | 3,571,952 | ||||||||||
| Chicago Brd Ed | 5.00% | 12/1/2022 | BB | 3,670,000 | 3,702,178 | ||||||||||
| Chicago Brd Ed | 5.00% | 12/1/2023 | BB | 3,330,000 | 3,401,518 | ||||||||||
| Chicago Brd Ed | 5.00% | 12/1/2025 | BB | 10,000,000 | 10,383,816 | ||||||||||
| Chicago Brd Ed (AGM) | 5.00% | 12/1/2033 | AA | 1,850,000 | 1,959,060 | ||||||||||
| Chicago Brd Ed (AGM) | 5.00% | 12/1/2034 | AA | 4,300,000 | 4,545,470 | ||||||||||
| Chicago GO | 5.00% | 1/1/2028 | BBB+ | 4,900,000 | 5,210,317 | ||||||||||
| Chicago GO | 5.25% | 1/1/2023 | BBB+ | 1,235,000 | 1,249,372 | ||||||||||
| 2 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| General Obligation (continued) | |||||||||||||||
| Chicago GO | 5.25% | 1/1/2027 | BBB+ | $ | 1,665,000 | $ | 1,731,978 | ||||||||
| Chicago Met Water Reclmtn Dist | 5.00% | 12/1/2022 | AA | 5,000,000 | 5,070,502 | ||||||||||
| City of Cranston GO | 1.00% | 8/23/2022 | NR | 3,500,000 | 3,497,740 | ||||||||||
| Clark Co SD (AGM) | 3.00% | 6/15/2024 | AA | 575,000 | 585,338 | ||||||||||
| Clark Co SD (AGM) | 3.00% | 6/15/2025 | AA | 650,000 | 664,539 | ||||||||||
| Clark Co SD (AGM) | 5.00% | 6/15/2026 | AA | 500,000 | 549,159 | ||||||||||
| Clark Co SD (AGM) | 5.00% | 6/15/2027 | AA | 1,000,000 | 1,115,415 | ||||||||||
| Cook Co GO | 5.00% | 11/15/2027 | A+ | 2,000,000 | 2,217,520 | ||||||||||
| Cook Co GO | 5.00% | 11/15/2028 | A+ | 2,300,000 | 2,575,469 | ||||||||||
| CT State GO | 4.00% | 1/15/2026 | Aa3 | 8,245,000 | 8,683,444 | ||||||||||
| CT State GO | 4.00% | 1/15/2027 | Aa3 | 7,575,000 | 8,038,296 | ||||||||||
| CT State GO | 5.00% | 4/15/2025 | Aa3 | 7,000,000 | 7,534,713 | ||||||||||
| CT State GO | 5.00% | 10/15/2026 | Aa3 | 5,000,000 | 5,542,306 | ||||||||||
| CT State GO | 5.00% | 9/15/2030 | Aa3 | 1,725,000 | 1,737,468 | ||||||||||
| IL State GO | 5.00% | 11/1/2023 | BBB+ | 10,000,000 | 10,304,740 | ||||||||||
| IL State GO | 5.00% | 3/1/2025 | BBB+ | 5,500,000 | 5,780,819 | ||||||||||
| IL State GO | 5.00% | 3/1/2026 | BBB+ | 2,500,000 | 2,658,595 | ||||||||||
| IL State GO | 5.00% | 3/1/2027 | BBB+ | 4,000,000 | 4,298,128 | ||||||||||
| IL State GO | 5.00% | 3/1/2029 | BBB+ | 4,010,000 | 4,349,757 | ||||||||||
| IL State GO | 5.25% | 2/1/2030 | BBB+ | 3,000,000 | 3,080,135 | ||||||||||
| IL State GO | 5.375% | 5/1/2023 | BBB+ | 3,000,000 | 3,070,430 | ||||||||||
| Jersey City GO GTD | 4.00% | 12/15/2024 | Aa3 | 5,350,000 | 5,592,743 | ||||||||||
| Leicester GO | 1.50% | 8/25/2022 | NR | 18,830,000 | 18,837,521 | ||||||||||
| MA State GO | 5.00% | #(a) | 6/1/2044 | Aa1 | 5,000,000 | 5,147,166 | |||||||||
| New Caney ISD GTD | 1.25% | #(a) | 2/15/2050 | Aaa | 4,725,000 | 4,627,974 | |||||||||
| Newark GO | 1.25% | 10/3/2022 | NR | 7,000,000 | 6,999,685 | ||||||||||
| NJ State GO | 2.00% | 6/1/2027 | A2 | 5,000,000 | 4,722,152 | ||||||||||
| NJ State GO | 5.00% | 6/1/2026 | A2 | 8,000,000 | 8,693,196 | ||||||||||
| NY Dorm - Sch Dist (AGM) | 5.00% | 10/1/2024 | AA | 2,250,000 | 2,387,424 | ||||||||||
| NY Dorm - Sch Dist (AGM) | 5.00% | 10/1/2025 | AA | 1,650,000 | 1,787,344 | ||||||||||
| NYC GO | 5.00% | 10/1/2033 | AA | 3,190,000 | 3,218,390 | ||||||||||
| NYC GO | 5.00% | #(a) | 6/1/2044 | AA | 8,500,000 | 9,109,584 | |||||||||
| PA State GO | 5.00% | 5/1/2027 | Aa3 | 5,000,000 | 5,597,296 | ||||||||||
| Philadelphia GO | 5.00% | 2/1/2025 | A | 2,140,000 | 2,286,629 | ||||||||||
| Philadelphia GO | 5.00% | 2/1/2026 | A | 1,000,000 | 1,089,813 | ||||||||||
| Philadelphia GO | 5.00% | 2/1/2027 | A | 1,250,000 | 1,383,978 | ||||||||||
| Philadelphia GO | 5.00% | 2/1/2028 | A | 2,000,000 | 2,239,734 | ||||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2022 | A1 | 550,000 | 553,075 | ||||||||||
| See Notes to Schedule of Investments. | 3 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| General Obligation (continued) | |||||||||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2022 | A1 | $ | 1,150,000 | $ | 1,156,429 | ||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2023 | A1 | 500,000 | 517,193 | ||||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2023 | A1 | 1,250,000 | 1,292,982 | ||||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2024 | A1 | 900,000 | 951,045 | ||||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2025 | A1 | 1,200,000 | 1,292,821 | ||||||||||
| Prince Georges Co GO | 4.00% | 8/1/2031 | AAA | 7,690,000 | 7,877,296 | ||||||||||
| San Antonio GO | 5.00% | 2/1/2026 | AAA | 4,300,000 | 4,490,832 | ||||||||||
| Triborough Brdg & Tunl Auth | 5.00% | 11/1/2025 | A1 | 15,000,000 | 16,325,178 | ||||||||||
| Western Placer SD | 2.00% | 6/1/2025 | NR | 2,000,000 | 1,925,963 | ||||||||||
| Western Placer SD | 2.00% | 6/1/2025 | NR | 4,750,000 | 4,598,743 | ||||||||||
| Total | 253,946,110 | ||||||||||||||
| Health Care 14.11% | |||||||||||||||
| Allegheny Co Hsp - Allegheny Hlth | 5.00% | 4/1/2026 | A | 2,500,000 | 2,700,212 | ||||||||||
| Allegheny Co Hsp - Univ Pitt Med Ctr | 5.00% | 7/15/2029 | A | 4,000,000 | 4,439,057 | ||||||||||
| Berks Co IDA - Tower Hlth | 5.00% | #(a) | 2/1/2040 | BB- | 4,000,000 | 3,928,003 | |||||||||
| CA Muni Fin - Eisenhower Med Ctr | 5.00% | 7/1/2026 | Baa2 | 1,345,000 | 1,431,439 | ||||||||||
| CA Stwde - Viamonte | 3.00% | 7/1/2026 | AA- | 4,500,000 | 4,504,720 | ||||||||||
| CA Stwde - Viamonte | 3.00% | 7/1/2027 | AA- | 2,250,000 | 2,252,351 | ||||||||||
| Charlotte-Mecklenberg Hosp Auth-Atrium Health | 5.00% | #(a) | 1/15/2050 | AA- | 10,000,000 | 10,621,265 | |||||||||
| Cheyenne Regional Medical Center | 4.00% | 5/1/2025 | A+ | 290,000 | 302,446 | ||||||||||
| Cheyenne Regional Medical Center | 4.00% | 5/1/2026 | A+ | 200,000 | 209,895 | ||||||||||
| Cheyenne Regional Medical Center | 4.00% | 5/1/2027 | A+ | 355,000 | 375,502 | ||||||||||
| CO Hlth Facs - AdventHealth(b) | 5.00% | #(a) | 11/15/2048 | AA | 13,525,000 | 14,629,992 | |||||||||
| CO Hlth Facs - AdventHealth(b) | 5.00% | #(a) | 11/15/2049 | AA | 2,010,000 | 2,215,217 | |||||||||
| CO Hlth Facs - CommonSpirit | 5.00% | #(a) | 8/1/2049 | A- | 8,085,000 | 8,546,383 | |||||||||
| Cuyahoga Co Hsp - Metrohealth | 5.00% | 2/15/2025 | BBB- | 1,500,000 | 1,582,916 | ||||||||||
| Franklin Co IDA - Menno-Haven | 5.00% | 12/1/2023 | NR | 500,000 | 505,794 | ||||||||||
| Geisinger PA Hlth Auth - Geisinger Health | 5.00% | #(a) | 4/1/2043 | AA- | 17,000,000 | 18,402,478 | |||||||||
| Greeneville Hlth - Ballad Hlth | 5.00% | 7/1/2022 | A- | 2,000,000 | 2,000,000 | ||||||||||
| Greeneville Hlth - Ballad Hlth | 5.00% | 7/1/2023 | A- | 1,500,000 | 1,545,323 | ||||||||||
| Harris Co Edu Fac - Hermann Hlth | 1.48% | # | 12/1/2049 | A+ | 7,770,000 | 7,748,625 | |||||||||
| Harris Co Edu Fac - Hermann Hlth | 1.76% | # | 7/1/2049 | A+ | 11,000,000 | 11,003,534 | |||||||||
| IL Fin Auth - Mercy Hlth | 5.00% | 12/1/2025 | A3 | 5,830,000 | 6,252,612 | ||||||||||
| IL Fin Auth - Northshore Univ Hlth | 5.00% | 8/15/2028 | AA- | 2,000,000 | 2,262,257 | ||||||||||
| IL Fin Auth - Northshore Univ Hlth | 5.00% | 8/15/2029 | AA- | 2,000,000 | 2,282,120 | ||||||||||
| IL Fin Auth - Northwestern Mem Hlth | 5.00% | #(a) | 7/15/2057 | AA+ | 4,000,000 | 4,057,306 | |||||||||
| 4 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Health Care (continued) | |||||||||||||||
| IL Fin Auth - OSF Hlth | 5.00% | #(a) | 5/15/2050 | A | $ | 4,500,000 | $ | 4,850,437 | |||||||
| IL Fin Auth - Plymouth Place | 5.00% | 5/15/2025 | BB+ | (c) | 770,000 | 811,900 | |||||||||
| IN Fin Auth - Indiana Univ Hlth | 0.70% | #(a) | 12/1/2046 | AA | 7,000,000 | 6,587,417 | |||||||||
| KY EDFA - Owensboro Hlth | 5.00% | 6/1/2025 | Baa2 | 1,400,000 | 1,484,215 | ||||||||||
| Lakeland Regional Health | 5.00% | 11/15/2024 | A2 | 2,200,000 | 2,327,614 | ||||||||||
| Lakeland Regional Health | 5.00% | 11/15/2026 | A2 | 1,000,000 | 1,086,367 | ||||||||||
| Lee Memorial Hlth System | 5.00% | 4/1/2025 | A+ | 2,625,000 | 2,786,438 | ||||||||||
| Lehigh Co - Lehigh Valley Health Network | 5.00% | 7/1/2026 | A+ | 1,755,000 | 1,904,019 | ||||||||||
| Lehigh Co - St. Lukes Hlth | 2.01% | # | 8/15/2038 | A- | 15,000,000 | 14,809,036 | |||||||||
| Lenexa Hlth - Lakeview Village | 5.00% | 5/15/2025 | BB+ | (c) | 990,000 | 1,006,551 | |||||||||
| MA DFA - Beth Israel Lahey Hlth | 4.00% | 7/1/2022 | A | 500,000 | 500,000 | ||||||||||
| MA DFA - Beth Israel Lahey Hlth | 5.00% | 7/1/2023 | A | 600,000 | 618,968 | ||||||||||
| MA DFA - Partners Hlthcare | 1.41% | # | 7/1/2038 | AA- | 5,000,000 | 4,979,222 | |||||||||
| MA DFA - Partners Hlthcare | 5.00% | #(a) | 7/1/2038 | AA- | 2,000,000 | 2,078,309 | |||||||||
| MA DFA - Wellforce Hlth | 5.00% | 7/1/2022 | BBB+ | 1,225,000 | 1,225,000 | ||||||||||
| MA DFA - Wellforce Hlth | 5.00% | 7/1/2024 | BBB+ | 2,030,000 | 2,120,438 | ||||||||||
| MA DFA - Wellforce Hlth | 5.00% | 7/1/2025 | BBB+ | 800,000 | 848,966 | ||||||||||
| Maricopa Co IDA - Banner Health | 1.48% | # | 1/1/2035 | AA- | 4,575,000 | 4,547,115 | |||||||||
| Maricopa Co IDA - Honor Health | 5.00% | 9/1/2022 | A2 | 750,000 | 754,384 | ||||||||||
| MD Hlth & HI ED - Univ of MD Med | 5.00% | #(a) | 7/1/2045 | A | 6,250,000 | 6,607,402 | |||||||||
| MI Fin Auth - Trinity Health | 5.00% | 12/1/2026 | AA- | 2,250,000 | 2,498,017 | ||||||||||
| Miami-Dade Co Pub Facs - Jackson Health | 5.00% | 6/1/2026 | Aa3 | 4,165,000 | 4,470,808 | ||||||||||
| MO Hlth Ed - BJC Hlth | 4.00% | #(a) | 5/1/2051 | AA | 12,000,000 | 12,518,080 | |||||||||
| Monroeville Fin Auth - Univ Pitt Med Ctr | 3.00% | 2/15/2023 | A | 2,510,000 | 2,514,229 | ||||||||||
| Monroeville Fin Auth - Univ Pitt Med Ctr | 5.00% | 2/15/2024 | A | 1,015,000 | 1,057,294 | ||||||||||
| Montgomery Co Hgr Ed - Thomas Jeff U | 5.00% | 9/1/2026 | A | 1,150,000 | 1,247,083 | ||||||||||
| Montgomery Co Hgr Ed - Thomas Jeff U | 5.00% | 9/1/2027 | A | 1,500,000 | 1,634,726 | ||||||||||
| Montgomery Co Hgr Ed - Thomas Jeff U | 5.00% | 9/1/2028 | A | 1,850,000 | 2,025,533 | ||||||||||
| Montgomery Co Hgr Ed - Thomas Jeff U | 5.00% | 9/1/2029 | A | 1,000,000 | 1,102,696 | ||||||||||
| NC Med Care - Caromont Hlth | 5.00% | #(a) | 2/1/2051 | AA- | 6,190,000 | 6,717,163 | |||||||||
| NC Med Care - Southminster | 5.00% | 10/1/2023 | NR | 750,000 | 758,479 | ||||||||||
| NC Med Care - Wake Forest Baptist | 2.20% | #(a) | 12/1/2048 | AA- | 22,500,000 | 22,513,594 | |||||||||
| NJ Hlth - Hackensack Meridian Hlth | 5.00% | 7/1/2026 | AA- | 3,900,000 | 4,286,898 | ||||||||||
| NJ Hlth - St Peters Univ Hsp | 5.75% | 7/1/2037 | BBB- | 3,185,000 | 3,188,444 | ||||||||||
| NJ Hlth Fin Auth - Valley Health | 5.00% | 7/1/2026 | A | 1,800,000 | 1,941,533 | ||||||||||
| NJ Hlth Fin Auth - Valley Health | 5.00% | 7/1/2027 | A | 1,250,000 | 1,360,395 | ||||||||||
| Northampton Co - St. Lukes Univ Hlth | 1.783% | # | 8/15/2048 | A- | 8,000,000 | 8,034,064 | |||||||||
| NY Dorm - Montefiore | 5.00% | 8/1/2024 | BBB- | 1,500,000 | 1,557,484 | ||||||||||
| See Notes to Schedule of Investments. | 5 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Health Care (continued) | |||||||||||||||
| NY Dorm - Montefiore | 5.00% | 9/1/2027 | BBB- | $ | 1,400,000 | $ | 1,494,088 | ||||||||
| NY Dorm - Montefiore | 5.00% | 9/1/2028 | BBB- | 1,500,000 | 1,602,636 | ||||||||||
| NY Dorm - Montefiore | 5.00% | 9/1/2029 | BBB- | 1,750,000 | 1,858,770 | ||||||||||
| NY Dorm - Montefiore | 5.00% | 9/1/2030 | BBB- | 2,200,000 | 2,289,619 | ||||||||||
| NYC IDA - Yankee Stadium (AGM) | 5.00% | 3/1/2029 | AA | 2,000,000 | 2,228,391 | ||||||||||
| OH Hosp Rev - University Hospitals | 4.00% | 1/15/2028 | A | 500,000 | 520,012 | ||||||||||
| OH Hosp Rev - University Hospitals | 5.00% | 1/15/2026 | A | 500,000 | 535,865 | ||||||||||
| OH Hosp Rev - University Hospitals | 5.00% | 1/15/2027 | A | 250,000 | 270,572 | ||||||||||
| OK DFA - OU Med | 5.00% | 8/15/2025 | Ba2 | 550,000 | 547,586 | ||||||||||
| OK DFA - OU Med | 5.00% | 8/15/2026 | Ba2 | 800,000 | 795,327 | ||||||||||
| Oneida Co - Mohawk Valley Hlth (AGM) | 5.00% | 12/1/2027 | AA | 1,400,000 | 1,444,352 | ||||||||||
| Oneida Co - Mohawk Valley Hlth (AGM) | 5.00% | 12/1/2028 | AA | 1,000,000 | 1,030,004 | ||||||||||
| Oneida Co - Mohawk Valley Hlth (AGM) | 5.00% | 12/1/2029 | AA | 1,000,000 | 1,028,774 | ||||||||||
| PA HI Ed - UPenn Hlth Sys | 5.00% | 8/15/2027 | AA | 1,250,000 | 1,400,662 | ||||||||||
| PA HI Ed - UPenn Hlth Sys | 5.00% | 8/15/2028 | AA | 1,565,000 | 1,770,216 | ||||||||||
| Palomar Health† | 5.00% | 11/1/2027 | BBB | 5,230,000 | 5,590,740 | ||||||||||
| Philadelphia Hsps - Temple Univ Hlth | 5.00% | 7/1/2027 | BBB | 5,000,000 | 5,391,185 | ||||||||||
| SE Port Auth - Memorial Hlth | 5.00% | 12/1/2022 | BB- | (c) | 805,000 | 812,403 | |||||||||
| South Miami Hlth Fac - Baptist Hlth | 5.00% | 8/15/2022 | AA- | 1,000,000 | 1,004,019 | ||||||||||
| South Miami Hlth Fac - Baptist Hlth | 5.00% | 8/15/2023 | AA- | 1,350,000 | 1,396,380 | ||||||||||
| Southcentral PA Auth - Wellspan Hlth | 1.51% | # | 6/1/2049 | Aa3 | 9,000,000 | 8,971,645 | |||||||||
| Tulsa IDA - Montereau | 5.00% | 11/15/2026 | BBB- | (c) | 500,000 | 521,430 | |||||||||
| WA Hlth Facs - CommonSpirit | 2.31% | # | 1/1/2035 | A- | 2,000,000 | 2,008,270 | |||||||||
| WI Hlth & Ed - American Baptist | 3.50% | 8/1/2022 | NR | 95,000 | 94,877 | ||||||||||
| WI Hlth & Ed - Marshfield Hlth | 5.00% | #(a) | 2/15/2052 | A- | 9,000,000 | 9,491,788 | |||||||||
| Total | 309,259,376 | ||||||||||||||
| Housing 5.40% | |||||||||||||||
| CA HFA - MFH | 4.00% | 3/20/2033 | NR | 1,633,355 | 1,615,594 | ||||||||||
| CT HFA | 4.00% | 5/15/2049 | AAA | 4,155,000 | 4,216,511 | ||||||||||
| FL State Hsg Fin Auth (GNMA) | 3.00% | 1/1/2052 | Aaa | 2,655,000 | 2,600,902 | ||||||||||
| FL State Hsg Fin Auth (GNMA) | 3.00% | 7/1/2052 | Aaa | 3,510,000 | 3,422,936 | ||||||||||
| IA Fin Auth Mtg Rev (GNMA) | 3.00% | 1/1/2047 | AAA | 4,535,000 | 4,437,391 | ||||||||||
| IL HDA (GNMA) | 3.00% | 4/1/2051 | Aaa | 9,245,000 | 9,055,724 | ||||||||||
| MD State Hsg CDA | 3.50% | 3/1/2050 | Aa1 | 6,820,000 | 6,826,753 | ||||||||||
| MD State Hsg CDA | 4.00% | 9/1/2049 | Aa1 | 2,645,000 | 2,683,800 | ||||||||||
| MI State Hsg Dev Auth | 4.25% | 12/1/2049 | AA+ | 4,195,000 | 4,286,492 | ||||||||||
| MN HFA (GNMA) | 3.00% | 1/1/2052 | AA+ | 6,685,000 | 6,529,471 | ||||||||||
| 6 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Housing (continued) | |||||||||||||||
| MN HFA (GNMA) | 4.25% | 7/1/2049 | AA+ | $ | 3,315,000 | $ | 3,385,969 | ||||||||
| MO State Hsg Dev Cmmn (GNMA) | 3.25% | 11/1/2052 | AA+ | 2,000,000 | 1,969,246 | ||||||||||
| MO State Hsg Dev Cmmn (GNMA) | 4.25% | 5/1/2047 | AA+ | 3,570,000 | 3,648,108 | ||||||||||
| NC State Hsg Fin Agy (GNMA) | 4.00% | 1/1/2050 | AA+ | 3,550,000 | 3,600,251 | ||||||||||
| ND State Hsg Fin Agy | 3.00% | 7/1/2052 | Aa1 | 4,940,000 | 4,790,888 | ||||||||||
| ND State Hsg Fin Agy | 4.00% | 1/1/2050 | Aa1 | 3,985,000 | 4,044,149 | ||||||||||
| NM Mortgage Fin Auth (GNMA) | 3.00% | 7/1/2052 | Aaa | 7,430,000 | 7,244,101 | ||||||||||
| NYC HDC | 0.70% | #(a) | 5/1/2060 | AA+ | 2,000,000 | 1,887,679 | |||||||||
| NYS HFA L-2 | 0.75% | 11/1/2025 | Aa2 | 12,350,000 | 11,494,027 | ||||||||||
| NYS HFA M-2 | 0.75% | 11/1/2025 | Aa2 | 5,000,000 | 4,676,119 | ||||||||||
| NYS Mtg | 3.50% | 4/1/2049 | Aa1 | 1,365,000 | 1,370,232 | ||||||||||
| OH State Fin Agy | 4.50% | 3/1/2050 | Aaa | 4,075,000 | 4,187,922 | ||||||||||
| Phoenix IDA - ASU Std Hsg | 5.00% | 7/1/2023 | Baa3 | 100,000 | 101,640 | ||||||||||
| Phoenix IDA - ASU Std Hsg | 5.00% | 7/1/2026 | Baa3 | 175,000 | 182,638 | ||||||||||
| SC State Hsg Fin Auth | 4.00% | 1/1/2050 | Aaa | 3,700,000 | 3,756,832 | ||||||||||
| WI Hsg & EDA | 0.50% | #(a) | 11/1/2050 | AA | 2,250,000 | 2,087,409 | |||||||||
| WI Hsg & EDA | 0.61% | #(a) | 11/1/2042 | AA | 2,890,000 | 2,774,202 | |||||||||
| WI Hsg & EDA | 0.81% | #(a) | 11/1/2052 | AA | 8,250,000 | 7,754,531 | |||||||||
| WI St Hsg & Eco | 3.00% | 3/1/2052 | AA | 3,890,000 | 3,801,001 | ||||||||||
| Total | 118,432,518 | ||||||||||||||
| Lease Obligations 3.01% | |||||||||||||||
| CA Pub Wks - Lease Rev | 5.00% | 10/1/2026 | Aa3 | 1,500,000 | 1,662,765 | ||||||||||
| CA Pub Wks - Lease Rev | 5.00% | 10/1/2027 | Aa3 | 3,300,000 | 3,721,203 | ||||||||||
| Nassau Health Care Corp GTD | 5.00% | 8/1/2024 | AA- | 4,000,000 | 4,208,470 | ||||||||||
| Nassau Health Care Corp GTD | 5.00% | 8/1/2025 | AA- | 7,000,000 | 7,482,543 | ||||||||||
| NJ EDA - Sch Facs | 5.00% | 11/1/2022 | A3 | 3,275,000 | 3,312,951 | ||||||||||
| NJ EDA - Sch Facs | 5.00% | 3/1/2023 | BBB+ | 3,565,000 | 3,641,612 | ||||||||||
| NJ EDA - Sch Facs | 5.00% | 3/1/2025 | A3 | 5,205,000 | 5,298,502 | ||||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2025 | A3 | 1,250,000 | 1,317,599 | ||||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2026 | A3 | 4,000,000 | 4,271,122 | ||||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2027 | A3 | 410,000 | 442,645 | ||||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2028 | A3 | 400,000 | 434,479 | ||||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2029 | A3 | 500,000 | 546,759 | ||||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2023 | BBB+ | 1,250,000 | 1,300,122 | ||||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2024 | A3 | 7,000,000 | 7,328,084 | ||||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2025 | A3 | 12,500,000 | 13,260,863 | ||||||||||
| NYC Eductnl Const | 5.00% | 4/1/2025 | AA- | 3,510,000 | 3,763,382 | ||||||||||
| See Notes to Schedule of Investments. | 7 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Lease Obligations (continued) | |||||||||||||||
| NYC Eductnl Const | 5.00% | 4/1/2026 | AA- | $ | 2,690,000 | $ | 2,936,462 | ||||||||
| PA COPS | 5.00% | 7/1/2023 | A | 500,000 | 515,257 | ||||||||||
| PA COPS | 5.00% | 7/1/2025 | A | 500,000 | 536,992 | ||||||||||
| Total | 65,981,812 | ||||||||||||||
| Other Revenue 3.44% | |||||||||||||||
| Black Belt Energy Gas Dist - Morgan Stanley | 4.00% | #(a) | 12/1/2049 | A1 | 12,325,000 | 12,500,168 | |||||||||
| CA Infra & Econ Dev - Academy of Sciences | 1.26% | # | 8/1/2047 | A2 | 6,000,000 | 5,929,248 | |||||||||
| CA Infra & Econ Dev - Getty Trust | 3.00% | #(a) | 10/1/2047 | AAA | 5,000,000 | 5,076,064 | |||||||||
| CA Infra & Econ Dev - LA Co Museum of Art | 1.61% | # | 12/1/2050 | A3 | 6,500,000 | 6,411,586 | |||||||||
| Clifton Higher Ed - Intl Ldrshp Sch | 5.25% | 8/15/2026 | NR | 1,605,000 | 1,642,779 | ||||||||||
| Clifton Higher Ed - Intl Ldrshp Sch | 5.25% | 8/15/2028 | NR | 1,920,000 | 1,951,801 | ||||||||||
| IL Fin Auth - Field Museum | 1.665% | #(a) | 11/1/2034 | A | 4,500,000 | 4,465,620 | |||||||||
| Lower AL Gas Dist - Goldman Sachs | 4.00% | #(a) | 12/1/2050 | A2 | 22,250,000 | 22,585,719 | |||||||||
| Main St Nat Gas - Macquarie | 5.00% | 5/15/2025 | A3 | 4,850,000 | 5,071,516 | ||||||||||
| Maricopa Co IDA - Legacy Schools† | 4.00% | 7/1/2029 | BB+ | 500,000 | 481,950 | ||||||||||
| Patriots Energy Group Fing Agy | 4.00% | #(a) | 10/1/2048 | Aa1 | 8,000,000 | 8,147,458 | |||||||||
| Pima Co IDA - Edkey Chtr Sch† | 3.50% | 7/1/2025 | NR | 1,220,000 | 1,197,067 | ||||||||||
| Total | 75,460,976 | ||||||||||||||
| Special Tax 1.34% | |||||||||||||||
| Allentown Neighborhood Impt - City Center† | 5.00% | 5/1/2023 | Ba3 | 130,000 | 131,510 | ||||||||||
| Allentown Neighborhood Impt - City Center† | 5.00% | 5/1/2028 | NR | 3,575,000 | 3,670,695 | ||||||||||
| Atlanta Urban Dev Agency - Atlanta Beltline† | 2.375% | 7/1/2026 | NR | 275,000 | 260,719 | ||||||||||
| CT Spl Tax - Trans Infra | 5.00% | 10/1/2022 | AA- | 3,400,000 | 3,429,514 | ||||||||||
| CT Spl Tax - Trans Infra | 5.00% | 5/1/2025 | AA- | 2,250,000 | 2,424,186 | ||||||||||
| CT Spl Tax - Trans Infra | 5.00% | 1/1/2026 | AA- | 5,000,000 | 5,459,987 | ||||||||||
| CT Spl Tax - Trans Infra | 5.00% | 5/1/2026 | AA- | 2,250,000 | 2,472,716 | ||||||||||
| CT Spl Tax - Trans Infra | 5.00% | 5/1/2027 | AA- | 3,000,000 | 3,354,023 | ||||||||||
| NYC IDA - Queens Stadium (AGM) | 5.00% | 1/1/2027 | AA | 1,000,000 | 1,088,342 | ||||||||||
| NYC IDA - Queens Stadium (AGM) | 5.00% | 1/1/2028 | AA | 650,000 | 713,673 | ||||||||||
| NYC IDA - Queens Stadium (AGM) | 5.00% | 1/1/2029 | AA | 850,000 | 938,306 | ||||||||||
| NYC IDA - Yankee Stadium (FGIC) | 9.139% (CPI Based | ) | 3/1/2026 | Baa1 | 2,000,000 | 2,053,011 | (d) | ||||||||
| 8 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Special Tax (continued) | |||||||||||||||
| Peninsula Town Center† | 4.00% | 9/1/2023 | NR | $ | 140,000 | $ | 138,424 | ||||||||
| Village CDD #12† | 3.25% | 5/1/2023 | NR | 165,000 | 164,951 | ||||||||||
| Village CDD #13† | 1.875% | 5/1/2025 | NR | 1,765,000 | 1,657,710 | ||||||||||
| Village CDD #13 | 2.625% | 5/1/2024 | NR | 130,000 | 126,937 | ||||||||||
| Village CDD #13† | 2.625% | 5/1/2030 | NR | 1,490,000 | 1,300,812 | ||||||||||
| Total | 29,385,516 | ||||||||||||||
| Tax Revenue 8.04% | |||||||||||||||
| Anaheim PFA Lease Rev (AGM) | 5.00% | 9/1/2026 | AA | 7,500,000 | 8,170,024 | ||||||||||
| Burnt Hills-Ballston Lake Central School District | 3.25% | 6/22/2023 | NR | 10,000,000 | 10,102,068 | ||||||||||
| Carthage Central School District | 3.00% | 6/27/2023 | NR | 10,000,000 | 10,090,249 | ||||||||||
| CT Spl Tax - Trans Infra | 5.00% | 5/1/2025 | AA- | 850,000 | 915,804 | ||||||||||
| CT Spl Tax - Trans Infra | 5.00% | 5/1/2026 | AA- | 1,300,000 | 1,428,680 | ||||||||||
| East Ramapo Central Sch Dist | 3.00% | 5/31/2023 | NR | 20,000,000 | 20,156,952 | ||||||||||
| East Syracuse-Minoa Central School District | 3.00% | 6/28/2023 | NR | 20,000,000 | 20,190,164 | ||||||||||
| Geneva City SD | 3.25% | 6/23/2023 | NR | 11,155,000 | 11,298,076 | ||||||||||
| Gowanda Central School District | 3.00% | 6/20/2023 | NR | 10,000,000 | 10,066,789 | ||||||||||
| Guam - Business Privilege Tax | 5.00% | 1/1/2029 | Ba1 | 750,000 | 791,901 | ||||||||||
| Hampton Rds Trans | 5.00% | 7/1/2022 | Aa3 | 15,000,000 | 15,000,000 | ||||||||||
| Horseheads Central School District | 3.00% | 6/22/2023 | NR | 10,000,000 | 10,094,516 | ||||||||||
| IL State Sales Tax | 5.00% | 6/15/2024 | A- | 7,260,000 | 7,551,952 | ||||||||||
| Jefferson Co - Sch Warrant | 5.00% | 9/15/2023 | AA | 2,000,000 | 2,071,704 | ||||||||||
| Johnson City Central School District | 3.25% | 6/27/2023 | NR | 10,000,000 | 10,097,914 | ||||||||||
| MD Dept Trans | 4.00% | 9/1/2026 | AAA | 4,750,000 | 5,067,903 | ||||||||||
| Miami Dade Co Spl Oblig | 5.00% | 4/1/2025 | AA | 6,505,000 | 6,967,416 | ||||||||||
| Monticello Central School District | 3.25% | 6/28/2023 | NR | 15,000,000 | 15,152,675 | ||||||||||
| Newark Mass Transit - Access Tax | 2.00% | 12/8/2022 | NR | 6,000,000 | 6,011,446 | ||||||||||
| Sparks - Legends at Sparks Marina† | 2.50% | 6/15/2024 | Ba2 | 70,000 | 67,736 | ||||||||||
| Sparks - Legends at Sparks Marina† | 2.75% | 6/15/2028 | Ba2 | 300,000 | 269,164 | ||||||||||
| VA Small Bus Fing - NTL Senior Lvg | 5.00% | 1/1/2023 | A | (c) | 925,000 | 936,390 | |||||||||
| VA Small Bus Fing - NTL Senior Lvg | 5.00% | 1/1/2025 | A | (c) | 1,300,000 | 1,367,914 | |||||||||
| VA Small Bus Fing - NTL Senior Lvg | 5.00% | 1/1/2027 | A | (c) | 1,000,000 | 1,078,723 | |||||||||
| VA Small Bus Fing - NTL Senior Lvg | 5.00% | 1/1/2028 | A | (c) | 1,100,000 | 1,198,467 | |||||||||
| Total | 176,144,627 | ||||||||||||||
| See Notes to Schedule of Investments. | 9 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Tobacco 0.96% | |||||||||||||||
| Buckeye Ohio Tob Settlement Fing Auth | 5.00% | 6/1/2029 | A | $ | 11,210,000 | $ | 12,144,405 | ||||||||
| Los Angeles Co Tobacco | 5.00% | 6/1/2024 | A | 600,000 | 625,449 | ||||||||||
| Los Angeles Co Tobacco | 5.00% | 6/1/2025 | A | 650,000 | 682,892 | ||||||||||
| Los Angeles Co Tobacco | 5.00% | 6/1/2026 | A | 1,125,000 | 1,195,746 | ||||||||||
| PA Tob Settlement | 5.00% | 6/1/2023 | A | 1,125,000 | 1,155,026 | ||||||||||
| PA Tob Settlement | 5.00% | 6/1/2024 | A1 | 5,000,000 | 5,241,687 | ||||||||||
| Tobacco Settlement Fin Corp NJ | 3.20% | 6/1/2027 | BBB+ | 20,000 | 20,001 | ||||||||||
| Total | 21,065,206 | ||||||||||||||
| Transportation 8.07% | |||||||||||||||
| Bay Area Toll Auth | 2.16% | # | 4/1/2036 | AA | 2,375,000 | 2,393,742 | |||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2027 | BBB+ | 4,500,000 | 4,802,554 | ||||||||||
| Chesapeake Bay Bridge Dist | 5.00% | 11/1/2023 | BBB | 9,000,000 | 9,301,778 | ||||||||||
| Chicago O’Hare Arpt | 5.00% | 1/1/2029 | A | 2,500,000 | 2,504,514 | ||||||||||
| Chicago O’Hare Arpt | 5.00% | 1/1/2031 | A | 4,750,000 | 4,757,990 | ||||||||||
| Chicago Trans Auth | 5.00% | 6/1/2025 | A | 2,000,000 | 2,132,410 | ||||||||||
| Denver RTD - Eagle P3 | 3.00% | 1/15/2026 | Baa1 | 900,000 | 882,015 | ||||||||||
| Denver RTD - Eagle P3 | 5.00% | 7/15/2027 | Baa1 | 1,000,000 | 1,056,195 | ||||||||||
| E470 Pub Hwy Auth | 1.362% | #(a) | 9/1/2039 | A | 3,375,000 | 3,329,018 | |||||||||
| Grand Parkway Trans - BANs | 5.00% | 2/1/2023 | BBB | 10,030,000 | 10,196,845 | ||||||||||
| Hampton Rds Trans | 5.00% | 7/1/2026 | Aa2 | 15,120,000 | 16,644,193 | ||||||||||
| IL State GO | 5.00% | 11/1/2025 | BBB+ | 3,000,000 | 3,177,481 | ||||||||||
| IL Toll Hwy Auth | 5.00% | 1/1/2024 | AA- | 7,215,000 | 7,538,760 | ||||||||||
| LA Offshore Term Auth - LOOP | 1.65% | #(a) | 9/1/2027 | A3 | 3,500,000 | 3,462,864 | |||||||||
| LA Offshore Term Auth - LOOP | 2.00% | #(a) | 10/1/2040 | BBB+ | 2,000,000 | 2,000,012 | |||||||||
| MTA NY | 5.00% | 9/1/2022 | NR | 6,630,000 | 6,665,839 | ||||||||||
| MTA NY | 5.00% | 11/15/2030 | A3 | 11,075,000 | 11,206,289 | ||||||||||
| MTA NY | 5.00% | 11/15/2033 | A3 | 5,400,000 | 5,471,190 | ||||||||||
| MTA NY | 5.00% | #(a) | 11/15/2045 | A3 | 6,500,000 | 7,101,848 | |||||||||
| NC Tpk Auth - Triangle Exprs | 5.00% | 2/1/2024 | BBB | 20,180,000 | 21,011,759 | ||||||||||
| NC Tpk Auth - Triangle Exprs (AGM) | 5.00% | 1/1/2028 | AA | 1,500,000 | 1,646,374 | ||||||||||
| NJ Tpk Auth | 1.493% | # | 1/1/2030 | AA- | 2,500,000 | 2,500,510 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2027 | AA- | 3,200,000 | 3,528,045 | ||||||||||
| NJ Tpk Auth | 5.00% | 1/1/2028 | AA- | 8,000,000 | 8,720,410 | ||||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2023 | A+ | 7,210,000 | 7,409,574 | ||||||||||
| NY Trans Dev Corp - JFK IAT | 5.00% | 12/1/2024 | Baa1 | 1,000,000 | 1,052,943 | ||||||||||
| NY Trans Dev Corp - JFK IAT | 5.00% | 12/1/2025 | Baa1 | 400,000 | 423,647 | ||||||||||
| NY Trans Dev Corp - JFK IAT | 5.00% | 12/1/2026 | Baa1 | 1,795,000 | 1,919,044 | ||||||||||
| 10 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Transportation (continued) | |||||||||||||||
| NY Trans Dev Corp - JFK IAT | 5.00% | 12/1/2028 | Baa1 | $ | 1,390,000 | $ | 1,481,063 | ||||||||
| PA Tpk Commn | 5.00% | 12/1/2025 | A1 | 150,000 | 163,269 | ||||||||||
| PA Tpk Commn | 5.00% | 12/1/2025 | A | 750,000 | 809,184 | ||||||||||
| PA Tpk Commn | 5.00% | 12/1/2026 | A1 | 400,000 | 443,561 | ||||||||||
| Pennsylvania St Tpk Commn | 5.00% | 12/1/2026 | A | 750,000 | 821,476 | ||||||||||
| Triborough Brdg & Tunl Auth | 1.398% | #(a) | 1/1/2032 | AA- | 6,609,083 | 6,463,667 | |||||||||
| Triborough Brdg & Tunl Auth NY - Payroll Mobility Tax | 5.00% | #(a) | 5/15/2050 | AA+ | 10,000,000 | 10,928,069 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 12/31/2030 | Baa2 | 3,000,000 | 2,955,291 | ||||||||||
| Total | 176,903,423 | ||||||||||||||
| Utilities 18.28% | |||||||||||||||
| American Muni Pwr- AMP Inc | 1.00% | #(a) | 2/15/2048 | A1 | 10,500,000 | 10,081,600 | |||||||||
| Appling Co Dev - Oglethorpe Power | 1.50% | #(a) | 1/1/2038 | BBB+ | 1,250,000 | 1,198,881 | |||||||||
| Black Belt Energy Gas Dist – RBC(b) | 4.00% | #(a) | 7/1/2052 | Aa1 | 3,000,000 | 3,090,299 | |||||||||
| Central Plains - Goldman Sachs | 5.00% | 9/1/2027 | BBB+ | 1,305,000 | 1,388,276 | ||||||||||
| Chicago Water | 5.00% | 11/1/2022 | A | 5,680,000 | 5,734,129 | ||||||||||
| Chicago Water | 5.00% | 11/1/2022 | A | 1,000,000 | 1,009,530 | ||||||||||
| Chicago Water (AGM) | 5.00% | 11/1/2028 | Aa1 | 2,500,000 | 2,767,658 | ||||||||||
| Cleveland Public Pwr (AGM) | 5.00% | 11/15/2026 | AA | 1,190,000 | 1,314,356 | ||||||||||
| Cleveland Public Pwr (AGM) | 5.00% | 11/15/2027 | AA | 2,280,000 | 2,552,068 | ||||||||||
| Cleveland Public Pwr (AGM) | 5.00% | 11/15/2029 | AA | 1,000,000 | 1,140,367 | ||||||||||
| DE EDA - Delmarva Pwr & Light | 1.05% | #(a) | 1/1/2031 | A | 6,315,000 | 5,998,656 | |||||||||
| DE EDA - NRG Energy | 1.25% | #(a) | 10/1/2040 | BBB- | 10,000,000 | 9,323,415 | |||||||||
| DE EDA - NRG Energy | 1.25% | #(a) | 10/1/2045 | BBB- | 11,000,000 | 10,255,757 | |||||||||
| Detroit Water | 5.00% | 7/1/2022 | AA- | 500,000 | 500,000 | ||||||||||
| Escambia Co PCR - Gulf Power | 2.60% | 6/1/2023 | A1 | 3,000,000 | 3,019,848 | ||||||||||
| IN Fin Auth - Indy Power & Light | 0.65% | 8/1/2025 | A2 | 4,500,000 | 4,140,405 | ||||||||||
| Jersey City Sewer Proj | 3.75% | 5/5/2023 | NR | 15,000,000 | 15,115,921 | ||||||||||
| KY Muni Pwr - Prarie State Proj | 3.45% | #(a) | 9/1/2042 | Baa1 | 1,700,000 | 1,665,382 | |||||||||
| KY Public Energy Auth - BP | 4.00% | #(a) | 1/1/2049 | A2 | 1,775,000 | 1,796,717 | |||||||||
| KY Public Energy Auth - Morgan Stanley | 4.00% | #(a) | 4/1/2048 | A1 | 3,110,000 | 3,140,031 | |||||||||
| LA Env Facs - E Baton Rouge Swr | 0.875% | #(a) | 2/1/2046 | A+ | 15,000,000 | 13,671,212 | |||||||||
| Lansing MI Board of Water & Light | 2.00% | #(a) | 7/1/2051 | AA- | 10,000,000 | 9,479,426 | |||||||||
| Lehigh Co IDA - PPL Elec Util | 1.80% | #(a) | 2/15/2027 | A+ | 10,660,000 | 10,654,241 | |||||||||
| Long Island Power Auth | 0.85% | #(a) | 9/1/2050 | A | 10,500,000 | 9,877,365 | |||||||||
| Long Island Power Auth | 1.493% | # | 5/1/2033 | A | 10,000,000 | 9,998,800 | |||||||||
| Long Island Power Auth | 1.50% | #(a) | 9/1/2051 | A | 19,000,000 | 18,000,294 | |||||||||
| Long Island Power Auth | 1.65% | #(a) | 9/1/2049 | A | 4,000,000 | 3,928,464 | |||||||||
| See Notes to Schedule of Investments. | 11 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Utilities (continued) | |||||||||||||||
| Long Island Power Auth | 5.00% | 9/1/2026 | A | $ | 500,000 | $ | 550,248 | ||||||||
| Long Island Power Auth | 5.00% | 9/1/2027 | A | 500,000 | 558,030 | ||||||||||
| Louisa VA IDA - VA Elec & Pwr | 0.75% | #(a) | 11/1/2035 | A2 | 6,000,000 | 5,533,058 | |||||||||
| Louisa VA IDA - VA Elec & Pwr | 1.90% | #(a) | 11/1/2035 | A2 | 5,000,000 | 4,964,015 | |||||||||
| Main St Nat Gas - Citibank | 4.00% | #(a) | 3/1/2050 | A3 | 15,000,000 | 15,053,503 | |||||||||
| Main St Nat Gas - Citibank | 4.00% | #(a) | 5/1/2052 | A3 | 6,250,000 | 6,260,569 | |||||||||
| Main St Nat Gas- Citadel† | 4.00% | #(a) | 8/1/2052 | BBB- | 20,000,000 | 19,679,586 | |||||||||
| Mason Cnty Poll Ctrl - Appalachian Power | 2.75% | 10/1/2022 | A- | 27,500,000 | 27,524,557 | ||||||||||
| Monroe Dev Auth - Oglethorpe Power | 1.50% | #(a) | 1/1/2039 | BBB+ | 1,875,000 | 1,798,321 | |||||||||
| NC Wst Rev - Republic Services | 1.75% | #(a) | 7/1/2034 | BBB+ | 13,500,000 | 13,499,205 | |||||||||
| NE Public Power | 0.60% | #(a) | 1/1/2051 | A+ | 15,000,000 | 14,764,912 | |||||||||
| Northern CA Gas - Goldman Sachs | 4.00% | #(a) | 7/1/2049 | A2 | 5,000,000 | 5,084,937 | |||||||||
| Orlando Util Commn | 1.25% | #(a) | 10/1/2046 | AA | 10,000,000 | 8,405,354 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2023 | A | 850,000 | 876,931 | ||||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2024 | A | 800,000 | 843,524 | ||||||||||
| PIttsburgh Water & Swr Auth (AGM) | 1.56% | # | 9/1/2040 | AA | 17,500,000 | 17,510,307 | |||||||||
| PR Elec Pwr Auth(b)(e) | 5.25% | 7/1/2018 | NR | 2,000,000 | 1,695,000 | (d) | |||||||||
| Rockport IN Poll Ctl - IN MI Pwr | 3.05% | 6/1/2025 | A- | 3,500,000 | 3,559,693 | ||||||||||
| Rockport IN Wtr Pollution Ctl | 1.35% | #(a) | 7/1/2025 | A- | 2,000,000 | 1,999,436 | |||||||||
| Rockport IN Wtr Pollution Ctl | 1.35% | #(a) | 7/1/2025 | A- | 2,150,000 | 2,149,394 | |||||||||
| San Antonio Elec & Gas | 2.75% | #(a) | 2/1/2048 | Aa3 | 8,000,000 | 8,017,340 | |||||||||
| San Antonio Elec & Gas | 5.00% | 2/1/2024 | Aa2 | 1,250,000 | 1,310,638 | ||||||||||
| San Antonio Water | 2.625% | #(a) | 5/1/2049 | AA | 11,415,000 | 11,403,142 | |||||||||
| SE AL Gas Dist - Goldman Sachs | 2.802% | #(a) | 5/1/2053 | A2 | 18,000,000 | 17,908,913 | |||||||||
| Texas Municipal Power Agency (AGM) | 3.00% | 9/1/2024 | AA | 850,000 | 864,082 | ||||||||||
| Texas Municipal Power Agency (AGM) | 3.00% | 9/1/2025 | AA | 750,000 | 764,039 | ||||||||||
| Texas Municipal Power Agency (AGM) | 3.00% | 9/1/2026 | AA | 1,100,000 | 1,120,799 | ||||||||||
| TX Muni Gas Acq & Supply - Macquarie | 5.00% | 12/15/2023 | A3 | 3,000,000 | 3,087,388 | ||||||||||
| TX Muni Gas Acq & Supply - Macquarie | 5.00% | 12/15/2024 | A3 | 2,785,000 | 2,899,517 | ||||||||||
| TX Muni Gas Acq & Supply - Macquarie | 5.00% | 12/15/2025 | A3 | 4,000,000 | 4,206,423 | ||||||||||
| TX Muni Gas Acq & Supply - Macquarie | 5.00% | 12/15/2026 | A3 | 5,000,000 | 5,292,594 | ||||||||||
| TX Muni Gas Acq & Supply - Macquarie | 5.00% | 12/15/2027 | A3 | 5,875,000 | 6,241,794 | ||||||||||
| Wise Co IDA - VA Elec & Pwr | 0.75% | #(a) | 10/1/2040 | A2 | 12,000,000 | 11,066,116 | |||||||||
| WV EDA - Appalachian Pwr | 0.625% | #(a) | 12/1/2038 | A- | 6,500,000 | 5,769,849 | |||||||||
| WV EDA - Appalachian Pwr | 2.55% | #(a) | 3/1/2040 | A- | 2,200,000 | 2,166,562 | |||||||||
| York Co IDA - VA Elec & Pwr | 1.90% | #(a) | 5/1/2033 | A2 | 5,500,000 | 5,460,416 | |||||||||
| Total | 400,733,290 | ||||||||||||||
| Total Municipal Bonds (cost $1,921,670,713) | 1,860,228,430 | ||||||||||||||
| 12 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Interest Rate Reset Date | Final Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||||
| SHORT-TERM INVESTMENTS 12.85% | |||||||||||||||||
| Variable Rate Demand Notes 12.85% | |||||||||||||||||
| Corporate-Backed 1.91% | |||||||||||||||||
| Mobile IDB - AL Power | 0.690% | #(a) | 7/1/2022 | 12/1/2037 | A1 | $ | 40,965,000 | $ | 40,965,000 | ||||||||
| MS Business Fin Corp - PSL | 2.450% | #(a) | 7/7/2022 | 11/1/2032 | BBB- | 1,000,000 | 1,000,000 | ||||||||||
| Total | 41,965,000 | ||||||||||||||||
| General Obligation 1.99% | |||||||||||||||||
| NYC GO ARS | 1.190% | #(a) | 7/1/2022 | 4/1/2042 | AA | 10,000,000 | 10,000,000 | ||||||||||
| NYC GO ARS | 1.230% | #(a) | 7/1/2022 | 10/1/2046 | AA | 20,600,000 | 20,600,000 | ||||||||||
| NYC GO ARS | 1.250% | #(a) | 7/1/2022 | 4/1/2042 | AA | 13,000,000 | 13,000,000 | ||||||||||
| Total | 43,600,000 | ||||||||||||||||
| Health Care 3.05% | |||||||||||||||||
| AL Hlth Care Auth - Baptist Health | 1.380% | #(a) | 7/7/2022 | 11/1/2042 | A3 | 17,055,000 | 17,055,000 | ||||||||||
| AR DFA - Baptist Mem Hlth | 1.380% | #(a) | 7/7/2022 | 9/1/2044 | BBB+ | 26,906,000 | 26,906,000 | ||||||||||
| Lee Memorial Hlth System | 1.230% | #(a) | 7/7/2022 | 4/1/2049 | A+ | 18,780,000 | 18,780,000 | ||||||||||
| OH State - Univ Hosp | 1.150% | #(a) | 7/1/2022 | 1/15/2049 | A | 4,000,000 | 4,000,000 | ||||||||||
| Total | 66,741,000 | ||||||||||||||||
| Tax Revenue 4.39% | |||||||||||||||||
| DE Valley Regional Fin Auth | 1.230% | #(a) | 7/7/2022 | 11/1/2055 | A+ | 9,700,000 | 9,700,000 | ||||||||||
| NYC TFA - Future Tax | 0.620% | #(a) | 7/1/2022 | 5/1/2034 | AAA | 9,880,000 | 9,880,000 | ||||||||||
| NYC TFA - Future Tax | 0.620% | #(a) | 7/1/2022 | 11/1/2044 | AAA | 58,710,000 | 58,710,000 | ||||||||||
| NYC TFA - Future Tax | 0.650% | #(a) | 7/1/2022 | 2/1/2045 | AAA | 815,000 | 815,000 | ||||||||||
| NYC TFA - Future Tax | 0.650% | #(a) | 7/1/2022 | 2/1/2045 | AAA | 17,175,000 | 17,175,000 | ||||||||||
| Total | 96,280,000 | ||||||||||||||||
| Utilities 1.51% | |||||||||||||||||
| Appling Co Dev - GA Power | 0.920% | #(a) | 6/30/2022 | 9/1/2041 | BBB+ | 5,000,000 | 5,000,000 | ||||||||||
| NYC Muni Water | 0.650% | #(a) | 7/1/2022 | 6/15/2045 | AA+ | 27,990,000 | 27,990,000 | ||||||||||
| Total | 32,990,000 | ||||||||||||||||
| Total Short-Term Investments (cost $281,576,000) | 281,576,000 | ||||||||||||||||
| Total Investments in Securities 97.72% (cost $2,203,246,713) | 2,141,804,430 | ||||||||||||||||
| Other Assets and Liabilities – Net 2.28% | 49,937,708 | ||||||||||||||||
| Net Assets 100.00% | $ | 2,191,742,138 | |||||||||||||||
| See Notes to Schedule of Investments. | 13 |
Schedule of Investments (unaudited)(concluded)
SHORT DURATION TAX FREE FUND June 30, 2022
| AGM | Insured by - Assured Guaranty Municipal Corporation. | |
| AMBAC | Insured by - AMBAC Assurance Corporation. | |
| COP | Certificates of Participation. | |
| CPI | Consumer Price Index: Rate fluctuate based on CPI. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| GNMA | Government National Mortgage Association. | |
| GTD | Guaranteed. | |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2022. | |
| † | 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 June 30, 2022, the total value of Rule 144A securities was $41,706,059, which represents 1.90% of net assets. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | Securities purchased on a when-issued basis. | |
| (c) | This investment has been rated by Fitch IBCA. | |
| (d) | Level 3 Investment as described in Note 2(b) in the Notes to Schedule of Investments. 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) | Defaulted (non-income producing security). |
The following is a summary of the inputs used as of June 30, 2022 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 | ||||||||||||||||
| Special Tax | $ | – | $ | 27,332,505 | $ | 2,053,011 | $ | 29,385,516 | ||||||||
| Utilities | – | 399,038,290 | 1,695,000 | 400,733,290 | ||||||||||||
| Remaining Industries | – | 1,430,109,624 | – | 1,430,109,624 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 281,576,000 | – | 281,576,000 | ||||||||||||
| Total | $ | – | $ | 2,138,056,419 | $ | 3,748,011 | $ | 2,141,804,430 | ||||||||
| (1) | Refer to Note 2(b) 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 period 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 period.
| 14 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 97.74% | ||||||||||||||
| MUNICIPAL BONDS 97.74% | ||||||||||||||
| Corporate-Backed 9.26% | ||||||||||||||
| Allegheny Co IDA - US Steel | 4.875% | 11/1/2024 | BB- | $ | 4,300,000 | $ | 4,370,002 | |||||||
| AZ IDA | 3.625% | 5/20/2033 | BBB | 14,302,977 | 14,119,984 | |||||||||
| Black Belt Energy Gas Dist - Goldman Sachs | 4.00% | #(a) | 10/1/2052 | A2 | 41,000,000 | 41,512,467 | ||||||||
| Build NYC Res Corp - Pratt Paper AMT† | 4.50% | 1/1/2025 | NR | 2,560,000 | 2,598,811 | |||||||||
| Build NYC Res Corp - Pratt Paper AMT† | 5.00% | 1/1/2035 | NR | 550,000 | 559,512 | |||||||||
| Burke Co Dev - Oglethorpe Power | 1.50% | #(a) | 1/1/2040 | BBB+ | 3,750,000 | 3,596,642 | ||||||||
| CA Muni Fin - Waste Mgmt AMT | 2.40% | #(a) | 10/1/2044 | A- | 9,850,000 | 9,001,755 | ||||||||
| CA Poll Ctl - Waste Mgmt AMT | 3.00% | 11/1/2025 | A- | 9,850,000 | 9,645,041 | |||||||||
| Downtown Doral CDD† | 4.25% | 12/15/2028 | NR | 250,000 | 248,140 | |||||||||
| Downtown Doral CDD† | 4.75% | 12/15/2038 | NR | 625,000 | 610,675 | (b) | ||||||||
| FL DFC - Waste Pro AMT† | 5.00% | 5/1/2029 | NR | 2,640,000 | 2,567,006 | |||||||||
| Gloucester Co Poll Ctl - Logan AMT | 5.00% | 12/1/2024 | NR | 885,000 | 925,650 | |||||||||
| Granite City IL - Waste Mgmt AMT | 1.25% | #(a) | 5/1/2027 | A- | 5,485,000 | 4,765,482 | ||||||||
| Greater Orlando Aviation - Jet Blue | 5.00% | 11/15/2026 | NR | 2,980,000 | 3,012,334 | |||||||||
| Henderson Facs - Pratt Paper AMT† | 3.70% | 1/1/2032 | NR | 4,000,000 | 3,844,783 | |||||||||
| Henderson Facs - Pratt Paper AMT† | 4.45% | 1/1/2042 | NR | 1,500,000 | 1,414,064 | |||||||||
| Hoover IDA - US Steel AMT | 6.375% | #(a) | 11/1/2050 | BB- | 8,525,000 | 9,636,335 | ||||||||
| Houston Arpt - United Airlines AMT | 4.00% | 7/1/2041 | B- | (c) | 2,450,000 | 2,095,253 | ||||||||
| Houston Arpt - United Airlines AMT | 4.00% | 7/15/2041 | B- | (c) | 5,700,000 | 4,873,628 | ||||||||
| Houston Arpt - United Airlines AMT | 5.00% | 7/1/2029 | Ba3 | 2,295,000 | 2,300,027 | |||||||||
| IA Fin Auth - Alcoa | 4.75% | 8/1/2042 | BB+ | 1,250,000 | 1,204,513 | |||||||||
| IA Fin Auth - Iowa Fertilizer Co | 4.00% | #(a) | 12/1/2050 | BBB- | 6,210,000 | 6,204,571 | ||||||||
| IN Fin Auth - OVEC | 2.50% | 11/1/2030 | Baa3 | 1,000,000 | 872,015 | |||||||||
| IN Fin Auth - OVEC | 3.00% | 11/1/2030 | Baa3 | 3,000,000 | 2,719,831 | |||||||||
| IN Fin Auth - OVEC | 3.00% | 11/1/2030 | Baa3 | 9,850,000 | 8,930,113 | |||||||||
| IN Fin Auth - US Steel | 4.125% | 12/1/2026 | BB- | 1,625,000 | 1,615,236 | |||||||||
| IN Fin Auth - US Steel AMT | 6.75% | 5/1/2039 | BB- | 1,500,000 | 1,719,666 | |||||||||
| Indianapolis Local Pub Impt - IND Arpt AMT | 5.00% | 1/1/2026 | A1 | 9,425,000 | 9,937,863 | |||||||||
| Indianapolis Local Pub Impt - IND Arpt AMT | 5.00% | 1/1/2027 | A1 | 8,300,000 | 8,701,850 | |||||||||
| LA Env Facs - Westlake Chem | 3.50% | 11/1/2032 | BBB | 14,525,000 | 13,679,843 | |||||||||
| LA St John Parish - Marathon Oil | 2.125% | #(a) | 6/1/2037 | BBB- | 6,850,000 | 6,630,869 | ||||||||
| LA St John Parish - Marathon Oil | 2.20% | #(a) | 6/1/2037 | BBB- | 12,500,000 | 11,634,161 | ||||||||
| LA St John Parish - Marathon Oil | 2.375% | #(a) | 6/1/2037 | BBB- | 5,975,000 | 5,599,247 | ||||||||
| See Notes to Schedule of Investments. | 15 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Liberty Dev Corp - Goldman Sachs | 5.25% | 10/1/2035 | A2 | $ | 11,050,000 | $ | 12,416,242 | |||||||
| MA DFA - Waste Mgmt AMT† | 1.25% | #(a) | 5/1/2027 | A- | 3,250,000 | 2,823,667 | ||||||||
| Maricopa Co IDA - Commercial Metals AMT† | 4.00% | 10/15/2047 | BB+ | 2,000,000 | 1,706,998 | |||||||||
| Matagorda Co Nav Dist - AEP TX Central | 2.60% | 11/1/2029 | A- | 5,800,000 | 5,136,615 | |||||||||
| Matagorda Co Nav Dist - AEP TX Central | 4.00% | 6/1/2030 | A- | 8,000,000 | 8,011,244 | |||||||||
| Matagorda Co Nav Dist - AEP TX Central (AMBAC) | 4.40% | 5/1/2030 | A- | 3,500,000 | 3,630,936 | |||||||||
| MD EDC - Chesapeake Bay Hyatt(d) | 5.00% | 12/1/2016 | NR | 2,570,000 | 1,542,000 | |||||||||
| MI Strategic Fd - Waste Mgmt | 0.58% | #(a) | 8/1/2027 | A- | 3,000,000 | 2,798,450 | ||||||||
| MI Strategic Fund - GPK AMT | 4.00% | #(a) | 10/1/2061 | BB | 7,140,000 | 7,073,777 | ||||||||
| Mission Econ Dev Corp - Natgasoline AMT† | 4.625% | 10/1/2031 | BB- | 10,000,000 | 10,174,526 | |||||||||
| Nez Perce Co Poll Ctl - Potlatch | 2.75% | 10/1/2024 | BBB- | 10,500,000 | 10,425,313 | |||||||||
| NH National Fin Auth - Covanta† | 3.625% | #(a) | 7/1/2043 | B | 980,000 | 795,070 | ||||||||
| NH National Fin Auth - Covanta AMT† | 3.75% | #(a) | 7/1/2045 | B | 1,970,000 | 1,608,707 | ||||||||
| NH National Fin Auth - Covanta AMT† | 4.00% | 11/1/2027 | B | 4,225,000 | 4,094,670 | |||||||||
| NH National Fin Auth - Hsg Sec | 4.125% | 1/20/2034 | NR | 4,829,345 | 4,754,264 | |||||||||
| NH National Fin Auth - NY Electric & Gas AMT | 4.00% | 12/1/2028 | A- | 2,500,000 | 2,506,085 | |||||||||
| Niagara Area Dev Corp - Covanta† | 3.50% | 11/1/2024 | B1 | 4,650,000 | 4,580,517 | |||||||||
| Niagara Area Dev Corp - Covanta AMT† | 4.75% | 11/1/2042 | B1 | 5,500,000 | 5,061,751 | |||||||||
| NJ EDA - Continental Airlines | 5.25% | 9/15/2029 | Ba3 | 11,320,000 | 11,450,724 | |||||||||
| NJ EDA - Continental Airlines | 5.50% | 6/1/2033 | Ba3 | 1,500,000 | 1,511,312 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2030 | A3 | 2,000,000 | 2,242,037 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2033 | A3 | 2,000,000 | 2,099,038 | |||||||||
| NY Energy RDA - NYSEGC | 3.50% | 10/1/2029 | A- | 8,200,000 | 7,919,423 | |||||||||
| NY Env Facs - Casella Waste AMT | 2.75% | #(a) | 9/1/2050 | B | 1,600,000 | 1,517,910 | ||||||||
| NY Env Facs - Casella Waste AMT† | 2.875% | #(a) | 12/1/2044 | B | 2,000,000 | 1,738,295 | ||||||||
| NY Liberty Dev Corp - 3 WTC† | 5.15% | 11/15/2034 | NR | 1,875,000 | 1,890,620 | |||||||||
| NY Liberty Dev Corp - 3 WTC† | 7.25% | 11/15/2044 | NR | 1,920,000 | 1,935,421 | |||||||||
| NY Liberty Dev Corp - 4 WTC | 2.50% | 11/15/2036 | A+ | 2,500,000 | 1,993,954 | |||||||||
| NY Trans Dev Corp - American Airlines AMT | 5.00% | 8/1/2026 | B- | 3,000,000 | 2,984,701 | |||||||||
| NY Trans Dev Corp - American Airlines AMT | 5.25% | 8/1/2031 | B- | 2,160,000 | 2,250,986 | |||||||||
| NY Trans Dev Corp - American Airlines AMT | 5.375% | 8/1/2036 | B- | 1,850,000 | 1,970,816 | |||||||||
| NYC IDA - TRIPS | 5.00% | 7/1/2022 | BBB+ | 2,330,000 | 2,330,000 | |||||||||
| NYC IDA - TRIPS | 5.00% | 7/1/2028 | BBB+ | 3,500,000 | 3,503,878 | |||||||||
| OH Air Dev Auth - AEP | 1.90% | #(a) | 5/1/2026 | BBB+ | 3,285,000 | 3,178,317 | ||||||||
| OH Air Dev Auth - AEP | 2.40% | #(a) | 12/1/2038 | BBB+ | 4,500,000 | 4,075,219 | ||||||||
| 16 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| OH Air Dev Auth - AEP AMT | 2.50% | #(a) | 11/1/2042 | BBB+ | $ | 5,800,000 | $ | 5,240,832 | ||||||
| OH Air Dev Auth - AEP AMT | 2.60% | #(a) | 6/1/2041 | BBB+ | 19,250,000 | 17,513,860 | ||||||||
| OH Air Dev Auth - OVEC | 3.25% | 9/1/2029 | Baa3 | 1,500,000 | 1,408,052 | |||||||||
| OH Air Quality - Pratt Paper AMT† | 3.75% | 1/15/2028 | NR | 1,290,000 | 1,310,486 | |||||||||
| OH Air Quality - Pratt Paper AMT† | 4.25% | 1/15/2038 | NR | 4,955,000 | 4,664,182 | |||||||||
| PA Econ Dev - Waste Mgmt AMT | 0.58% | #(a) | 8/1/2037 | A- | 5,500,000 | 5,130,492 | ||||||||
| PA EDA - Consol Energy AMT† | 9.00% | #(a) | 4/1/2051 | B- | 2,375,000 | 2,724,158 | ||||||||
| PA EDA - Covanta AMT† | 3.25% | 8/1/2039 | B | 1,035,000 | 813,409 | |||||||||
| PA EDA - Procter & Gamble | 5.375% | 3/1/2031 | AA- | 1,365,000 | 1,563,172 | |||||||||
| Parish of St James - Nustar Logistics† | 6.10% | #(a) | 6/1/2038 | BB- | 2,860,000 | 3,165,453 | ||||||||
| Parish of St James - Nustar Logistics† | 6.10% | #(a) | 12/1/2040 | BB- | 3,000,000 | 3,320,405 | ||||||||
| Phenix City - Meadwestvaco AMT | 4.125% | 5/15/2035 | BBB | 1,500,000 | 1,501,083 | |||||||||
| Port Beaumont Nav Dis- Jefferson Rail AMT† | 2.75% | 1/1/2036 | NR | 3,125,000 | 2,371,501 | |||||||||
| Port Beaumont Nav Dis- Jefferson Rail AMT† | 2.875% | 1/1/2041 | NR | 2,420,000 | 1,692,996 | |||||||||
| Prattville IDB - Intl Paper | 5.30% | 9/1/2028 | Baa2 | 7,750,000 | 8,527,764 | |||||||||
| Rockdale Co Dev Auth - Pratt Paper AMT† | 4.00% | 1/1/2038 | NR | 5,205,000 | 4,758,911 | |||||||||
| Salem Co Poll Ctl - Chambers AMT | 5.00% | 12/1/2023 | NR | 2,990,000 | 3,075,004 | |||||||||
| Selma IDB - Intl Paper | 2.00% | #(a) | 11/1/2033 | BBB | 1,000,000 | 976,239 | ||||||||
| Sky Harbour Capital Aviation AMT | 4.00% | 7/1/2036 | NR | 5,000,000 | 4,362,020 | |||||||||
| St James Parish - Nustar Logistics† | 5.85% | #(a) | 8/1/2041 | BB- | 1,000,000 | 1,045,203 | ||||||||
| Tuscaloosa IDA - Hunt Refining† | 5.25% | 5/1/2044 | NR | 3,950,000 | 3,538,802 | |||||||||
| VA Small Bus Fing - Covanta AMT† | 5.00% | #(a) | 1/1/2048 | B | 440,000 | 430,989 | ||||||||
| Valparaiso Facs - Pratt Paper AMT | 5.875% | 1/1/2024 | NR | 325,000 | 331,371 | |||||||||
| Valparaiso Facs - Pratt Paper AMT | 6.75% | 1/1/2034 | NR | 5,000,000 | 5,179,939 | |||||||||
| VT EDA - Casella Waste AMT† | 5.00% | #(a) | 6/1/2052 | B | 5,500,000 | 5,497,367 | ||||||||
| Warren Co - Intl Paper | 2.90% | #(a) | 9/1/2032 | BBB | 7,500,000 | 7,532,683 | ||||||||
| West Pace Coop Dist(d) | 9.125% | 5/1/2039 | NR | 4,900,000 | 3,724,000 | (b) | ||||||||
| Whiting Env Facs - BP AMT | 5.00% | #(a) | 11/1/2045 | A2 | 6,855,000 | 6,911,522 | ||||||||
| WI PFA - American Dream† | 5.00% | 12/1/2027 | NR | 5,820,000 | 5,230,436 | |||||||||
| WI PFA - American Dream† | 6.75% | 12/1/2042 | NR | 5,000,000 | 4,519,387 | |||||||||
| WI PFA - Celanese AMT | 5.00% | 12/1/2025 | BBB | 6,500,000 | 6,842,274 | |||||||||
| WI PFA - Sky Harbour AMT | 4.00% | 7/1/2041 | NR | 2,500,000 | 2,049,902 | |||||||||
| WI PFA - TRIPS AMT | 5.00% | 7/1/2042 | BBB+ | 7,650,000 | 7,676,786 | |||||||||
| WI PFA - TRIPS AMT | 5.25% | 7/1/2028 | BBB+ | 3,750,000 | 3,754,738 | |||||||||
| WI PFA- Waste Mgmt AMT | 1.10% | #(a) | 7/1/2029 | A- | 8,000,000 | 7,144,557 | ||||||||
| Yavapai Co IDA - Waste Mgmt AMT | 1.30% | #(a) | 6/1/2027 | A- | 4,650,000 | 4,040,744 | ||||||||
| Total | 494,451,571 | |||||||||||||
| See Notes to Schedule of Investments. | 17 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education 5.27% | ||||||||||||||
| Barrington Cmnty Unit Sch Dist No 220 | 3.00% | 12/1/2032 | AAA | $ | 6,310,000 | $ | 6,125,575 | |||||||
| CA Choice Clean Energy - Morgan Stanley(e) | Zero Coupon | # | 5/1/2053 | A1 | 10,000,000 | 9,999,994 | ||||||||
| CA Choice Clean Energy - Morgan Stanley(e) | 4.00% | #(a) | 5/1/2053 | A1 | 13,000,000 | 13,152,607 | ||||||||
| CA Fin Auth - Biola Univ | 5.00% | 10/1/2028 | Baa1 | 420,000 | 428,877 | |||||||||
| CA Fin Auth - Biola Univ | 5.00% | 10/1/2030 | Baa1 | 430,000 | 438,029 | |||||||||
| CA Sch Fin - Aspire† | 5.00% | 8/1/2036 | NR | 125,000 | 135,425 | |||||||||
| CA Sch Fin - Aspire† | 5.00% | 8/1/2036 | BBB | 1,475,000 | 1,516,507 | |||||||||
| CA Sch Fin - Green Dot Charter† | 5.00% | 8/1/2045 | BBB- | 1,805,000 | 1,831,667 | |||||||||
| CA State Univ Sys | 5.00% | 11/1/2026 | Aa2 | 2,750,000 | 2,984,768 | |||||||||
| California State University | 0.55% | #(a) | 11/1/2049 | Aa2 | 6,750,000 | 5,908,930 | ||||||||
| Cap Trust Ed - Renaissance Charter† | 5.00% | 6/15/2039 | NR | 2,160,000 | 2,165,296 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2034 | BB | 3,000,000 | 3,086,128 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2036 | BB | 9,000,000 | 9,243,051 | |||||||||
| Clifton Higher Ed - Intl Ldrshp Sch | 5.125% | 8/15/2030 | NR | 3,500,000 | 3,518,273 | |||||||||
| Clifton Higher Ed - Intl Ldrshp Sch | 5.75% | 8/15/2038 | NR | 1,405,000 | 1,424,030 | |||||||||
| CT Hlth & Ed - Quinnipiac Univ | 5.00% | 7/1/2033 | A- | 8,230,000 | 8,578,671 | |||||||||
| Dutchess Co LDC - Bard College† | 5.00% | 7/1/2040 | BB+ | 1,150,000 | 1,166,631 | |||||||||
| Dutchess Co LDC - Bard College† | 5.00% | 7/1/2045 | BB+ | 2,000,000 | 2,010,452 | |||||||||
| Frederick Co Ed Fac - Mount St Mary’s Univ† | 5.00% | 9/1/2027 | BB+ | 2,000,000 | 2,049,308 | |||||||||
| Frederick Co Ed Fac - Mount St Mary’s Univ† | 5.00% | 9/1/2032 | BB+ | 2,400,000 | 2,441,269 | |||||||||
| Fulton Co Dev - GA Tech Athletic Assoc | 5.00% | 10/1/2022 | A2 | 215,000 | 216,845 | |||||||||
| IL Fin Auth - IL Inst of Tech | 4.00% | 9/1/2035 | Baa3 | 2,600,000 | 2,436,742 | |||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2030 | Baa3 | 625,000 | 663,632 | |||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2031 | Baa3 | 600,000 | 632,616 | |||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2032 | Baa3 | 500,000 | 524,196 | |||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2033 | Baa3 | 1,000,000 | 1,042,648 | |||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2034 | Baa3 | 2,620,000 | 2,716,541 | |||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2036 | Baa3 | 3,225,000 | 3,332,713 | |||||||||
| IL Fin Auth - Noble Chtr Sch | 5.00% | 9/1/2025 | BBB | 1,225,000 | 1,260,565 | |||||||||
| IL Fin Auth - Univ Chicago | 5.00% | 10/1/2030 | Aa2 | 8,000,000 | 8,418,560 | |||||||||
| IN Fin Auth - OVEC | 4.25% | 11/1/2030 | Baa3 | 4,800,000 | 4,737,206 | |||||||||
| Lincoln Co - Augustana College | 4.00% | 8/1/2041 | BBB- | 500,000 | 447,189 | |||||||||
| MA DFA - Emerson Clg | 5.00% | 1/1/2026 | BBB+ | 5,135,000 | 5,360,214 | |||||||||
| MA DFA - Emerson Clg | 5.00% | 1/1/2027 | BBB+ | 2,700,000 | 2,811,596 | |||||||||
| MA DFA - Emerson Clg | 5.00% | 1/1/2028 | BBB+ | 1,810,000 | 1,878,625 | |||||||||
| MA DFA - Emmanuel College | 5.00% | 10/1/2032 | Baa2 | 5,000,000 | 5,202,092 | |||||||||
| Marietta Dev Auth - Life Univ† | 5.00% | 11/1/2027 | Ba3 | 2,000,000 | 2,074,760 | |||||||||
| 18 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Marietta Dev Auth - Life Univ† | 5.00% | 11/1/2037 | Ba3 | $ | 1,500,000 | $ | 1,518,057 | |||||||
| Nova Southeastern Univ | 5.00% | 4/1/2037 | A- | 5,000,000 | 5,288,917 | |||||||||
| Nova Southeastern Univ | 5.00% | 4/1/2038 | A- | 2,500,000 | 2,633,394 | |||||||||
| NV Dept of Bus & Ind - Somerset Academy† | 4.50% | 12/15/2029 | BB | 585,000 | 587,394 | |||||||||
| NV Dept of Bus & Ind - Somerset Academy† | 5.00% | 12/15/2038 | BB | 1,000,000 | 1,006,251 | |||||||||
| NY Dorm - Montefiore | 4.00% | 9/1/2039 | BBB- | 2,300,000 | 2,089,362 | |||||||||
| NY Dorm - Mt Sinai Sch Med | 5.00% | 7/1/2026 | A- | 5,000,000 | 5,303,198 | |||||||||
| NY Dorm - Mt Sinai Sch Med | 5.00% | 7/1/2027 | A- | 10,000,000 | 10,583,298 | |||||||||
| NY Dorm - Pace Univ | 5.00% | 5/1/2023 | BBB- | 980,000 | 999,335 | |||||||||
| NY Dorm - Pace Univ | 5.00% | 5/1/2026 | BBB- | 980,000 | 992,161 | |||||||||
| NY Dorm - SUNY | 5.00% | 7/1/2026 | Aa3 | 2,000,000 | 2,159,983 | |||||||||
| NY Dorm - SUNY | 5.00% | 7/1/2027 | Aa3 | 4,880,000 | 5,263,011 | |||||||||
| NY Dorm - SUNY | 5.00% | 7/1/2027 | Aa3 | 500,000 | 539,694 | |||||||||
| NY Dorm - Yeshiva(e) | Zero Coupon | 7/15/2031 | BBB- | 2,705,000 | 2,906,368 | |||||||||
| NY Dorm - Yeshiva(e) | Zero Coupon | 7/15/2037 | BBB- | 11,000,000 | 11,273,922 | |||||||||
| OH Air Dev Auth - Duke Energy | 4.00% | #(a) | 9/1/2030 | BBB | 4,100,000 | 4,147,246 | ||||||||
| OH Air Dev Auth - Duke Energy AMT | 4.25% | #(a) | 11/1/2039 | BBB | 9,500,000 | 9,629,876 | ||||||||
| Penn State Univ | 5.00% | 9/1/2037 | Aa1 | 2,545,000 | 2,830,663 | |||||||||
| Private Clgs & Univs Auth - SCAD | 5.00% | 4/1/2029 | A2 | 1,500,000 | 1,578,159 | |||||||||
| Private Clgs & Univs Auth - SCAD | 5.00% | 4/1/2031 | A2 | 1,360,000 | 1,430,865 | |||||||||
| Troy Cap Res Corp - RPI | 5.00% | 8/1/2024 | A3 | 1,000,000 | 1,048,182 | |||||||||
| Troy Cap Res Corp - RPI | 5.00% | 8/1/2025 | A3 | 2,630,000 | 2,793,701 | |||||||||
| Troy Cap Res Corp - RPI | 5.00% | 8/1/2026 | A3 | 1,000,000 | 1,069,531 | |||||||||
| Troy Cap Res Corp - RPI | 5.00% | 8/1/2027 | A3 | 1,600,000 | 1,703,203 | |||||||||
| Univ of Connecticut | 5.00% | 11/1/2032 | Aa3 | 3,740,000 | 4,125,096 | |||||||||
| Univ of CT | 5.00% | 4/15/2031 | Aa3 | 8,605,000 | 9,462,992 | |||||||||
| Univ of CT | 5.00% | 4/15/2035 | Aa3 | 5,350,000 | 5,829,835 | |||||||||
| Univ of Houston | 5.00% | 2/15/2029 | AA | 10,280,000 | 11,114,643 | |||||||||
| Univ of Illinois (AGM) | 4.00% | 4/1/2033 | AA | 4,905,000 | 4,782,946 | |||||||||
| Univ of Illinois (AGM) | 4.00% | 4/1/2034 | AA | 5,100,000 | 4,959,896 | |||||||||
| Univ of North Carolina - Wilmington | 5.00% | 6/1/2023 | A1 | 2,435,000 | 2,507,339 | |||||||||
| Univ of North Carolina - Wilmington | 5.00% | 6/1/2024 | A1 | 2,560,000 | 2,695,021 | |||||||||
| University of CA | 4.00% | 5/15/2038 | AA- | 7,500,000 | 7,521,633 | |||||||||
| University of CA | 4.00% | 5/15/2040 | AA | 10,000,000 | 10,020,359 | |||||||||
| VA Clg Bldg Auth | 4.00% | 9/1/2035 | AA+ | 8,795,000 | 8,986,060 | |||||||||
| Wayne State Univ | 4.00% | 11/15/2034 | Aa3 | 3,900,000 | 3,929,067 | |||||||||
| WV EDA - Wheeling Pwr AMT | 3.00% | #(a) | 6/1/2037 | A- | 4,200,000 | 4,111,497 | ||||||||
| Total | 281,384,383 | |||||||||||||
| See Notes to Schedule of Investments. | 19 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Financial Services 0.20% | ||||||||||||||
| Berks Co IDA - Tower Hlth | 4.00% | 11/1/2031 | BB- | $ | 2,280,000 | $ | 2,115,906 | |||||||
| Berks Co IDA - Tower Hlth | 5.00% | 11/1/2030 | BB- | 1,315,000 | 1,322,904 | |||||||||
| MA Ed Fin Auth AMT | 3.625% | 7/1/2034 | AA | 1,340,000 | 1,315,014 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 3.75% | 12/1/2030 | Aaa | 1,775,000 | 1,760,105 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 4.00% | 12/1/2032 | Aaa | 2,030,000 | 2,056,336 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 4.00% | 12/1/2034 | Aaa | 1,815,000 | 1,838,547 | |||||||||
| Total | 10,408,812 | |||||||||||||
| General Obligation 16.52% | ||||||||||||||
| Barrington SD | 4.00% | 12/1/2036 | AAA | 2,650,000 | 2,701,387 | |||||||||
| Barrington SD | 4.00% | 12/1/2038 | AAA | 6,415,000 | 6,483,313 | |||||||||
| Barrington SD | 4.00% | 12/1/2039 | AAA | 2,000,000 | 2,018,146 | |||||||||
| CA State GO | 3.00% | 10/1/2033 | Aa2 | 14,150,000 | 13,033,609 | |||||||||
| CA State GO | 5.00% | 10/1/2027 | Aa2 | 10,000,000 | 10,226,407 | |||||||||
| CA State GO | 5.00% | 9/1/2030 | Aa2 | 10,000,000 | 10,735,659 | |||||||||
| Chabot/Las Positas CCD | 5.00% | 8/1/2023 | AA | 3,000,000 | 3,105,780 | |||||||||
| Chabot-Las Positas CCD | 3.00% | 8/1/2038 | AA | 2,500,000 | 2,165,666 | |||||||||
| Chicago Brd Ed | 4.00% | 12/1/2037 | BB | 14,000,000 | 13,085,757 | |||||||||
| Chicago Brd Ed | 4.00% | 12/1/2038 | BB | 9,225,000 | 8,560,846 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2029 | BB | 3,000,000 | 3,124,900 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2030 | BB | 3,500,000 | 3,644,828 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2030 | BB | 5,100,000 | 5,294,256 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2030 | BB | 5,000,000 | 5,257,714 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2030 | BB | 5,000,000 | 5,167,021 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2031 | BB | 1,500,000 | 1,551,675 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2032 | BB | 4,845,000 | 4,997,656 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2033 | BB | 900,000 | 926,248 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2033 | BB | 3,275,000 | 3,391,002 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2034 | BB | 475,000 | 487,956 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2034 | BB | 3,750,000 | 3,874,133 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2035 | BB | 450,000 | 461,539 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2036 | BB | 1,000,000 | 1,029,062 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2039 | BB | 2,340,000 | 2,393,931 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2046 | BB | 7,500,000 | 7,610,452 | |||||||||
| Chicago Brd Ed† | 6.75% | 12/1/2030 | BB | 5,000,000 | 5,603,025 | |||||||||
| Chicago Brd Ed (AGM) | 5.00% | 12/1/2027 | AA | 2,560,000 | 2,778,219 | |||||||||
| Chicago Brd Ed (AGM) | 5.00% | 12/1/2027 | AA | 2,860,000 | 3,103,791 | |||||||||
| Chicago Brd Ed (AGM) | 5.00% | 12/1/2029 | AA | 4,220,000 | 4,536,629 | |||||||||
| 20 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Chicago Brd Ed (AGM) | 5.00% | 12/1/2030 | AA | $ | 2,500,000 | $ | 2,671,296 | |||||||
| Chicago Brd Ed (AGM) | 5.00% | 12/1/2032 | AA | 1,250,000 | 1,327,039 | |||||||||
| Chicago Brd Ed (AGM) | 5.00% | 12/1/2035 | AA | 3,000,000 | 3,166,401 | |||||||||
| Chicago GO | 4.00% | 1/1/2035 | BBB+ | 15,425,000 | 14,757,574 | |||||||||
| Chicago GO | 4.00% | 1/1/2036 | BBB+ | 8,195,000 | 7,795,218 | |||||||||
| Chicago GO | 5.00% | 1/1/2024 | BBB+ | 15,000,000 | 15,391,483 | |||||||||
| Chicago GO | 5.00% | 1/1/2025 | BBB+ | 7,000,000 | 7,271,019 | |||||||||
| Chicago GO | 5.00% | 1/1/2028 | BBB+ | 9,000,000 | 9,569,969 | |||||||||
| Chicago GO | 5.00% | 1/1/2029 | BBB+ | 7,750,000 | 8,228,342 | |||||||||
| Chicago GO | 5.00% | 1/1/2030 | BBB+ | 2,000,000 | 2,113,619 | |||||||||
| Chicago GO | 5.00% | 1/1/2031 | BBB+ | 2,210,000 | 2,273,650 | |||||||||
| Chicago GO | 5.00% | 1/1/2032 | BBB+ | 3,000,000 | 3,144,603 | |||||||||
| Chicago GO | 5.125% | 1/1/2027 | BBB+ | 3,100,000 | 3,215,551 | |||||||||
| Chicago GO | 5.25% | 1/1/2028 | BBB+ | 3,845,000 | 3,982,622 | |||||||||
| Chicago GO | 5.25% | 1/1/2029 | BBB+ | 2,025,000 | 2,092,029 | |||||||||
| Chicago GO | 5.50% | 1/1/2037 | BBB+ | 1,250,000 | 1,288,618 | |||||||||
| Chicago GO | 5.50% | 1/1/2049 | BBB+ | 3,750,000 | 3,936,355 | |||||||||
| Chicago GO | 5.625% | 1/1/2030 | BBB+ | 1,835,000 | 1,954,261 | |||||||||
| Chicago GO | 5.75% | 1/1/2033 | BBB+ | 7,000,000 | 7,445,458 | |||||||||
| Chicago GO | 6.00% | 1/1/2038 | BBB+ | 15,890,000 | 17,071,399 | |||||||||
| Chicago Met Water Reclmtn Dist | 5.00% | 12/1/2027 | AA | 4,600,000 | 5,109,093 | |||||||||
| Chicago Met Water Reclmtn Dist | 5.00% | 12/1/2028 | AA | 6,715,000 | 7,410,768 | |||||||||
| City of Schaumburg | 3.00% | 12/1/2031 | AAA | 1,300,000 | 1,301,539 | |||||||||
| City of Skokie | 3.00% | 12/1/2029 | Aa2 | 1,080,000 | 1,082,734 | |||||||||
| Clackamas Co Sch Dist - North Clackamas | 5.00% | 6/15/2025 | AA+ | 1,450,000 | 1,534,284 | |||||||||
| Clark Co GO | 5.00% | 11/1/2027 | AA+ | 10,775,000 | 11,550,961 | |||||||||
| Clark Co SD (AGM) | 4.00% | 6/15/2036 | AA | 1,250,000 | 1,298,073 | |||||||||
| Clark Co SD (AGM) | 5.00% | 6/15/2033 | AA | 1,380,000 | 1,552,760 | |||||||||
| Cook Co GO | 5.00% | 11/15/2025 | A+ | 6,000,000 | 6,063,244 | |||||||||
| CT State GO | 4.00% | 1/15/2034 | Aa3 | 7,230,000 | 7,408,180 | |||||||||
| CT State GO | 4.00% | 1/15/2035 | Aa3 | 5,900,000 | 6,015,005 | |||||||||
| CT State GO | 4.00% | 1/15/2036 | Aa3 | 20,000,000 | 20,126,668 | |||||||||
| CT State GO | 4.00% | 4/15/2037 | Aa3 | 1,825,000 | 1,830,674 | |||||||||
| CT State GO | 4.00% | 6/15/2037 | Aa3 | 775,000 | 777,165 | |||||||||
| CT State GO | 5.00% | 10/15/2028 | Aa3 | 12,500,000 | 13,682,759 | |||||||||
| CT State GO | 5.00% | 1/15/2030 | Aa3 | 5,500,000 | 6,289,981 | |||||||||
| CT State GO | 5.00% | 6/15/2032 | Aa3 | 2,000,000 | 2,205,119 | |||||||||
| CT State GO | 5.00% | 6/15/2034 | Aa3 | 1,100,000 | 1,202,846 | |||||||||
| See Notes to Schedule of Investments. | 21 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| CT State GO | 5.00% | 6/15/2035 | Aa3 | $ | 1,125,000 | $ | 1,225,718 | |||||||
| CT State GO | 5.00% | 4/15/2036 | Aa3 | 1,150,000 | 1,262,815 | |||||||||
| Fresno USD (NPFGC)(FGIC) | 5.25% | 2/1/2024 | A+ | 3,285,000 | 3,446,551 | |||||||||
| Geneva USD | 5.00% | 1/1/2028 | AA+ | 1,125,000 | 1,249,871 | |||||||||
| Geneva USD | 5.00% | 1/1/2029 | AA+ | 2,200,000 | 2,433,801 | |||||||||
| Geneva USD | 5.00% | 1/1/2030 | AA+ | 1,400,000 | 1,542,641 | |||||||||
| HI Harbor System AMT | 4.00% | 7/1/2035 | Aa3 | 1,325,000 | 1,350,569 | |||||||||
| Houston GO | 5.00% | 3/1/2024 | AA | 2,000,000 | 2,101,187 | |||||||||
| Howard Co GO | 3.00% | 8/15/2036 | AAA | 1,910,000 | 1,776,098 | |||||||||
| Howard Co GO | 3.00% | 8/15/2037 | AAA | 2,255,000 | 2,050,048 | |||||||||
| IL State GO | 4.00% | 10/1/2033 | BBB+ | 3,000,000 | 2,921,596 | |||||||||
| IL State GO | 4.00% | 10/1/2034 | BBB+ | 5,000,000 | 4,841,549 | |||||||||
| IL State GO | 4.00% | 12/1/2034 | BBB+ | 9,500,000 | 9,191,569 | |||||||||
| IL State GO | 4.00% | 10/1/2035 | BBB+ | 5,000,000 | 4,812,945 | |||||||||
| IL State GO | 4.00% | 3/1/2038 | BBB+ | 1,125,000 | 1,063,369 | |||||||||
| IL State GO | 4.00% | 3/1/2039 | BBB+ | 2,100,000 | 1,971,100 | |||||||||
| IL State GO | 5.00% | 7/1/2022 | BBB+ | 6,500,000 | 6,500,000 | |||||||||
| IL State GO | 5.00% | 8/1/2023 | BBB+ | 5,350,000 | 5,487,051 | |||||||||
| IL State GO | 5.00% | 8/1/2024 | BBB+ | 14,565,000 | 14,599,720 | |||||||||
| IL State GO | 5.00% | 11/1/2027 | BBB+ | 5,000,000 | 5,346,698 | |||||||||
| IL State GO | 5.00% | 2/1/2028 | BBB+ | 13,620,000 | 14,600,854 | |||||||||
| IL State GO | 5.00% | 3/1/2028 | BBB+ | 6,500,000 | 7,016,084 | |||||||||
| IL State GO | 5.00% | 11/1/2029 | BBB+ | 2,800,000 | 2,953,856 | |||||||||
| IL State GO | 5.00% | 12/1/2030 | BBB+ | 10,000,000 | 10,844,677 | |||||||||
| IL State GO | 5.00% | 3/1/2032 | BBB+ | 3,450,000 | 3,702,738 | |||||||||
| IL State GO | 5.00% | 10/1/2032 | BBB+ | 6,300,000 | 6,636,102 | |||||||||
| IL State GO(e) | 5.00% | 11/1/2032 | BBB+ | 9,200,000 | 9,553,942 | |||||||||
| IL State GO | 5.00% | 10/1/2033 | BBB+ | 5,000,000 | 5,254,717 | |||||||||
| IL State GO | 5.00% | 3/1/2034 | BBB+ | 4,000,000 | 4,253,881 | |||||||||
| IL State GO | 5.00% | 3/1/2036 | BBB+ | 3,250,000 | 3,424,019 | |||||||||
| IL State GO | 5.00% | 5/1/2036 | BBB+ | 7,480,000 | 7,775,443 | |||||||||
| IL State GO | 5.25% | 5/1/2023 | BBB+ | 5,000,000 | 5,112,330 | |||||||||
| IL State GO | 5.25% | 7/1/2030 | BBB+ | 5,430,000 | 5,546,877 | |||||||||
| IL State GO | 5.25% | 2/1/2034 | BBB+ | 3,295,000 | 3,360,062 | |||||||||
| IL State GO | 5.50% | 5/1/2030 | BBB+ | 6,395,000 | 7,074,193 | |||||||||
| IL State GO | 5.50% | 7/1/2038 | BBB+ | 5,000,000 | 5,105,158 | |||||||||
| IL State GO | 5.50% | 5/1/2039 | BBB+ | 11,000,000 | 11,806,036 | |||||||||
| 22 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| LA State GO | 5.00% | 5/1/2028 | Aa2 | $ | 11,180,000 | $ | 11,975,626 | |||||||
| LA State GO | 5.00% | 3/1/2031 | Aa2 | 5,000,000 | 5,685,603 | |||||||||
| Lake Co GO | 3.50% | 11/30/2031 | AAA | 1,825,000 | 1,847,322 | |||||||||
| Lubbock GO | 5.00% | 2/15/2026 | AA+ | 11,810,000 | 12,672,702 | |||||||||
| Luzerne Co GO (AGM) | 5.00% | 11/15/2022 | AA | 2,250,000 | 2,278,157 | |||||||||
| Luzerne Co GO (AGM) | 5.00% | 11/15/2023 | AA | 2,500,000 | 2,600,538 | |||||||||
| Luzerne Co GO (AGM) | 5.00% | 11/15/2024 | AA | 4,000,000 | 4,229,191 | |||||||||
| MI Strategic Fund - I-75 AMT (AGM) | 4.25% | 12/31/2038 | AA | 2,500,000 | 2,402,272 | |||||||||
| Miami-Dade Co GO | 5.00% | 7/1/2038 | AA | 4,830,000 | 5,325,894 | |||||||||
| Mississippi GO | 5.00% | 10/1/2034 | AA | 3,845,000 | 4,280,373 | |||||||||
| Mississippi GO | 5.00% | 10/1/2035 | AA | 6,500,000 | 7,213,008 | |||||||||
| Mississippi GO | 5.00% | 10/1/2036 | AA | 5,000,000 | 5,540,396 | |||||||||
| Nassau Co GO (AGM) | 4.00% | 4/1/2034 | AA | 3,130,000 | 3,136,745 | |||||||||
| Nassau Co GO (AGM) | 4.00% | 4/1/2035 | AA | 2,415,000 | 2,418,245 | |||||||||
| Nassau Co GO (AGM) | 4.00% | 4/1/2036 | AA | 4,030,000 | 4,033,593 | |||||||||
| Nassau Co GO (AGM) | 4.00% | 4/1/2037 | AA | 4,680,000 | 4,676,431 | |||||||||
| Nassau Co GO CR (AGM) | 5.00% | 1/1/2026 | AA | 10,000,000 | 10,898,894 | |||||||||
| New Orleans GO | 4.00% | 10/1/2032 | A+ | 2,580,000 | 2,657,639 | |||||||||
| New Orleans GO | 4.00% | 10/1/2033 | A+ | 2,680,000 | 2,739,543 | |||||||||
| New York State Dormitory Authority (BAM) | 5.00% | 10/1/2032 | AA | 3,500,000 | 3,970,990 | |||||||||
| New York State Dormitory Authority (BAM) | 5.00% | 10/1/2035 | AA | 5,000,000 | 5,553,416 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 3/1/2027 | NR | 6,545,000 | 6,693,035 | |||||||||
| NJ State GO | 2.00% | 6/1/2027 | A2 | 12,635,000 | 11,932,877 | |||||||||
| NJ State GO | 4.00% | 6/1/2031 | A2 | 15,255,000 | 16,109,539 | |||||||||
| NJ State GO | 4.00% | 6/1/2032 | A2 | 12,680,000 | 13,353,081 | |||||||||
| NJ State GO | 5.00% | 6/1/2029 | A2 | 5,000,000 | 5,455,282 | |||||||||
| NV State GO | 5.00% | 11/1/2026 | AA+ | 7,500,000 | 8,074,208 | |||||||||
| NY Dorm - Sch Dist (AGM) | 5.00% | 10/1/2023 | AA | 2,500,000 | 2,597,841 | |||||||||
| NY Dorm - Sch Dist (AGM) | 5.00% | 10/1/2031 | AA | 5,370,000 | 6,012,737 | |||||||||
| NYC GO | 4.00% | 8/1/2036 | AA | 6,000,000 | 5,995,918 | |||||||||
| NYC GO | 4.00% | 8/1/2037 | AA | 2,500,000 | 2,492,520 | |||||||||
| NYC GO | 5.00% | 8/1/2025 | AA | 12,000,000 | 12,397,082 | |||||||||
| NYC GO | 5.00% | 8/1/2032 | AA | 1,750,000 | 1,949,131 | |||||||||
| NYC GO | 5.00% | 10/1/2032 | AA | 3,500,000 | 3,932,079 | |||||||||
| NYC GO | 5.00% | 10/1/2033 | AA | 4,500,000 | 5,033,941 | |||||||||
| NYC IDA - Yankee Stadium (AGM) | 3.00% | 3/1/2040 | AA | 5,000,000 | 4,179,253 | |||||||||
| Oyster Bay GO (AGM) | 2.00% | 3/1/2030 | AA | 2,125,000 | 1,897,862 | |||||||||
| See Notes to Schedule of Investments. | 23 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Oyster Bay GO (AGM) | 2.00% | 3/1/2031 | AA | $ | 2,040,000 | $ | 1,779,783 | |||||||
| Oyster Bay GO (AGM) | 2.00% | 3/1/2033 | AA | 1,415,000 | 1,174,062 | |||||||||
| PA State GO | 4.00% | 3/1/2035 | Aa3 | 12,500,000 | 12,685,981 | |||||||||
| PA State GO | 4.00% | 3/1/2038 | Aa3 | 8,020,000 | 8,068,249 | |||||||||
| PA State GO | 5.00% | 1/15/2028 | Aa3 | 10,000,000 | 10,932,045 | |||||||||
| Perris UHSD (AGM) | 4.00% | 9/1/2037 | AA | 2,000,000 | 2,009,015 | |||||||||
| Perris UHSD (AGM) | 4.00% | 9/1/2039 | AA | 5,050,000 | 5,038,365 | |||||||||
| Perris UHSD (AGM) | 4.00% | 9/1/2040 | AA | 1,935,000 | 1,917,893 | |||||||||
| Philadelphia GO | 5.00% | 2/1/2030 | A | 2,750,000 | 3,081,536 | |||||||||
| Philadelphia GO | 5.00% | 2/1/2031 | A | 2,500,000 | 2,788,371 | |||||||||
| Philadelphia GO | 5.00% | 2/1/2032 | A | 1,750,000 | 1,944,757 | |||||||||
| Philadelphia GO | 5.00% | 2/1/2033 | A | 2,500,000 | 2,769,089 | |||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2026 | A1 | 500,000 | 547,346 | |||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2027 | A1 | 600,000 | 665,963 | |||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2028 | A1 | 500,000 | 558,960 | |||||||||
| Philadelphia Sch Dist (AGM) | 5.00% | 6/1/2030 | AA | 5,000,000 | 5,461,282 | |||||||||
| Philadelphia Sch Dist (AGM) | 5.00% | 6/1/2031 | AA | 5,000,000 | 5,448,275 | |||||||||
| PR Comwlth GO | Zero Coupon | 7/1/2024 | NR | 1,098,853 | 1,006,265 | |||||||||
| PR Comwlth GO | Zero Coupon | 7/1/2033 | NR | 1,727,569 | 972,902 | |||||||||
| PR Comwlth GO | Zero Coupon | #(a) | 11/1/2043 | NR | 6,702,858 | 3,343,050 | ||||||||
| PR Comwlth GO | 4.00% | 7/1/2033 | NR | 1,342,423 | 1,233,176 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2035 | NR | 1,206,659 | 1,083,828 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2037 | NR | 1,035,632 | 919,255 | |||||||||
| PR Comwlth GO | 5.25% | 7/1/2023 | NR | 749,622 | 763,425 | |||||||||
| PR Comwlth GO | 5.375% | 7/1/2025 | NR | 1,495,085 | 1,553,604 | |||||||||
| PR Comwlth GO | 5.625% | 7/1/2027 | NR | 1,481,543 | 1,578,071 | |||||||||
| PR Comwlth GO | 5.625% | 7/1/2029 | NR | 1,457,508 | 1,567,734 | |||||||||
| PR Comwlth GO | 5.75% | 7/1/2031 | NR | 1,415,665 | 1,549,284 | |||||||||
| Reedy Creek Impt Dist GO | 4.00% | 6/1/2031 | AA- | 2,240,000 | 2,354,825 | |||||||||
| RI State GO | 5.00% | 8/1/2029 | AA | 7,500,000 | 8,370,978 | |||||||||
| Romeoville GO | 4.00% | 12/30/2036 | Aa2 | 4,725,000 | 4,805,261 | |||||||||
| Romeoville GO | 4.00% | 12/30/2037 | Aa2 | 3,800,000 | 3,840,411 | |||||||||
| Suffolk Co GO (BAM) | 2.00% | 6/15/2033 | AA | 7,555,000 | 6,107,929 | |||||||||
| VT EDA - Casella Waste AMT† | 4.625% | #(a) | 4/1/2036 | B | 750,000 | 735,686 | ||||||||
| Wake Co Ltd Ob | 4.00% | 12/1/2031 | AA+ | 5,000,000 | 5,211,524 | |||||||||
| Washoe Co GO | 5.00% | 7/1/2030 | AA | 7,365,000 | 8,508,685 | |||||||||
| WI PFA - American Dream† | 7.00% | 12/1/2050 | NR | 4,000,000 | 3,632,398 | |||||||||
| Total | 881,937,058 | |||||||||||||
| 24 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care 11.75% | ||||||||||||||
| Allegheny Co Hosp Auth - UPMC | 4.00% | 7/15/2038 | A | $ | 4,950,000 | $ | 4,823,713 | |||||||
| Allegheny County Health Network | 5.00% | 4/1/2030 | A | 4,750,000 | 5,124,043 | |||||||||
| Allegheny County Health Network | 5.00% | 4/1/2031 | A | 6,000,000 | 6,432,361 | |||||||||
| Antelope Valley Hlth | 5.00% | 3/1/2031 | BBB | 7,000,000 | 7,249,441 | |||||||||
| Atlantic Beach Hlth Facs - Fleet Landing | 5.00% | 11/15/2028 | BBB | (c) | 2,020,000 | 2,051,228 | ||||||||
| Berks Co IDA - Tower Hlth | 5.00% | 11/1/2036 | BB- | 1,835,000 | 1,744,733 | |||||||||
| Berks Co IDA - Tower Hlth | 5.00% | 11/1/2037 | BB- | 5,075,000 | 4,804,091 | |||||||||
| Berks Co IDA - Tower Hlth | 5.00% | #(a) | 2/1/2040 | BB- | 6,000,000 | 5,892,004 | ||||||||
| Blaine Sr Hsg & Hlthcare - Crest View | 5.125% | 7/1/2025 | NR | 770,000 | 718,522 | |||||||||
| Bucks Co IDA - Grand View Hosp | 5.00% | 7/1/2030 | BB+ | 2,075,000 | 2,201,737 | |||||||||
| Bucks Co IDA - Grand View Hosp | 5.00% | 7/1/2031 | BB+ | 1,150,000 | 1,216,932 | |||||||||
| Bucks Co IDA - Grand View Hosp | 5.00% | 7/1/2032 | BB+ | 1,000,000 | 1,042,664 | |||||||||
| CA Hlth - Childrens Hsp Los Angeles | 5.00% | 11/15/2022 | BBB+ | 1,540,000 | 1,554,774 | |||||||||
| CA Hlth - Childrens Hsp Los Angeles | 5.00% | 11/15/2023 | BBB+ | 1,000,000 | 1,010,930 | |||||||||
| CA Hlth - Childrens Hsp Los Angeles | 5.00% | 11/15/2024 | BBB+ | 2,000,000 | 2,016,789 | |||||||||
| CA Hlth - Childrens Hsp Los Angeles | 5.00% | 11/15/2025 | BBB+ | 4,880,000 | 4,916,979 | |||||||||
| CA Hlth - Childrens Hsp Los Angeles | 5.00% | 11/15/2026 | BBB+ | 3,705,000 | 3,730,422 | |||||||||
| CA Hlth - Childrens Hsp Los Angeles | 5.00% | 11/15/2029 | BBB+ | 1,300,000 | 1,306,276 | |||||||||
| CA Hlth - CommonSpirit | 4.00% | 4/1/2035 | A- | 3,065,000 | 3,004,553 | |||||||||
| CA Hlth - CommonSpirit | 4.00% | 4/1/2036 | A- | 5,000,000 | 4,882,293 | |||||||||
| CA Hlth - Lucile Packard Childrens Hsp | 5.00% | 8/15/2032 | A+ | 1,250,000 | 1,324,785 | |||||||||
| CA Hlth - Sutter Hlth | 5.00% | 11/15/2032 | A1 | 2,000,000 | 2,144,362 | |||||||||
| CA Hlth - Sutter Hlth | 5.00% | 11/15/2033 | A1 | 2,450,000 | 2,617,333 | |||||||||
| CA Hlth - Sutter Hlth | 5.00% | 11/15/2034 | A1 | 3,350,000 | 3,568,321 | |||||||||
| CA Hlth Facs - Cedars-Sinai Med Ctr | 5.00% | 11/15/2026 | Aa3 | 5,000,000 | 5,415,945 | |||||||||
| CA Muni Fin - Cmnty Med Ctrs | 5.00% | 2/1/2030 | A- | 3,305,000 | 3,538,309 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr† | 5.00% | 12/1/2033 | BB- | 1,000,000 | 1,007,643 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr† | 5.00% | 12/1/2041 | BB- | 1,000,000 | 1,000,120 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr† | 5.25% | 12/1/2038 | BB- | 1,500,000 | 1,518,091 | |||||||||
| Camden Co Impt Auth - Cooper Hlth | 5.00% | 2/15/2023 | BBB+ | 3,000,000 | 3,051,306 | |||||||||
| Camden Co Impt Auth - Cooper Hlth | 5.00% | 2/15/2024 | BBB+ | 3,730,000 | 3,875,193 | |||||||||
| Camden Co Impt Auth - Cooper Hlth | 5.00% | 2/15/2025 | BBB+ | 1,250,000 | 1,293,209 | |||||||||
| Camden Co Impt Auth - Cooper Hlth | 5.00% | 2/15/2027 | BBB+ | 1,000,000 | 1,028,053 | |||||||||
| City of Oroville- Oroville Hsp | 5.25% | 4/1/2034 | B+ | 2,300,000 | 2,369,506 | |||||||||
| Clarke Co Hsp - Piedmont Hlth | 5.00% | 7/1/2029 | AA- | 7,090,000 | 7,661,670 | |||||||||
| Clarke Co Hsp - Piedmont Hlth | 5.00% | 7/1/2030 | AA- | 4,500,000 | 4,847,244 | |||||||||
| CO Hlth Fac Auth - CommonSpirit | 4.00% | 8/1/2039 | A- | 2,500,000 | 2,407,425 | |||||||||
| See Notes to Schedule of Investments. | 25 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| CO Hlth Facs - Valley View Hosp | 2.80% | #(a) | 5/15/2042 | A | $ | 2,245,000 | $ | 2,253,280 | ||||||
| CO Hlth Facs Auth - Commonspirit | 5.00% | 8/1/2031 | A- | 3,000,000 | 3,190,756 | |||||||||
| Cobb Co Kennestone - Wellstar Hlth Sys | 4.00% | 4/1/2041 | A+ | 1,375,000 | 1,340,331 | |||||||||
| Cobb Co Kennestone - Wellstar Hlth Sys | 5.00% | 4/1/2042 | A+ | 2,400,000 | 2,602,331 | |||||||||
| CT Hlth & Ed - Griffin Hosp† | 5.00% | 7/1/2032 | BB+ | 370,000 | 385,272 | |||||||||
| CT Hlth & Ed - Griffin Hosp† | 5.00% | 7/1/2034 | BB+ | 225,000 | 233,069 | |||||||||
| CT Hlth & Ed - Griffin Hosp† | 5.00% | 7/1/2039 | BB+ | 1,000,000 | 1,026,775 | |||||||||
| CT Hlth & Ed - Trinity Hlth Corp | 5.00% | 12/1/2041 | AA- | 5,360,000 | 5,586,238 | |||||||||
| CT Hlth & Ed Fac Auth - Nuvance Hlt | 4.00% | 7/1/2034 | A- | 1,750,000 | 1,676,607 | |||||||||
| CT Hlth & Ed Fac Auth - Nuvance Hlt | 4.00% | 7/1/2035 | A- | 2,500,000 | 2,360,307 | |||||||||
| CT Hlth & Ed Fac Auth - Nuvance Hlt | 5.00% | 7/1/2028 | A- | 5,000,000 | 5,376,991 | |||||||||
| CT Hlth & Ed Fac Auth - Nuvance Hlt | 5.00% | 7/1/2029 | A- | 5,250,000 | 5,667,845 | |||||||||
| Cuyahoga Co Hsp - Metrohealth | 5.00% | 2/15/2037 | BBB- | 5,000,000 | 5,118,198 | |||||||||
| DC Hsp - Childrens Ntl Hsp | 5.00% | 7/15/2026 | A1 | 1,700,000 | 1,818,794 | |||||||||
| District Columbia Hosp- Childrens Hosp | 5.00% | 7/15/2034 | A1 | 5,000,000 | 5,177,995 | |||||||||
| Eisenhower Med Ctr | 5.00% | 7/1/2029 | Baa2 | 1,000,000 | 1,058,386 | |||||||||
| Eisenhower Med Ctr | 5.00% | 7/1/2031 | Baa2 | 1,900,000 | 1,987,311 | |||||||||
| Eisenhower Med Ctr | 5.00% | 7/1/2033 | Baa2 | 1,000,000 | 1,036,817 | |||||||||
| Franklin Co IDA - Menno-Haven | 5.00% | 12/1/2031 | NR | 1,000,000 | 981,580 | |||||||||
| Franklin Co IDA - Menno-Haven | 5.00% | 12/1/2033 | NR | 1,000,000 | 970,355 | |||||||||
| Gainesville & Hall Co Hsp - NE GA Hlth | 5.00% | 2/15/2033 | A | 9,630,000 | 10,384,377 | |||||||||
| Geisinger Health | 4.00% | 4/1/2039 | AA- | 8,000,000 | 7,895,402 | |||||||||
| Geisinger Health | 5.00% | #(a) | 4/1/2043 | AA- | 13,050,000 | 14,257,172 | ||||||||
| Glendale IDA - Beatitudes | 5.00% | 11/15/2036 | NR | 1,500,000 | 1,417,551 | |||||||||
| Greeneville Hlth - Ballad Hlth | 5.00% | 7/1/2035 | A- | 3,300,000 | 3,476,252 | |||||||||
| Greeneville Hlth - Ballad Hlth | 5.00% | 7/1/2036 | A- | 3,000,000 | 3,156,171 | |||||||||
| Greeneville Hlth - Ballad Hlth | 5.00% | 7/1/2037 | A- | 10,000,000 | 10,502,606 | |||||||||
| Guadalupe Co - Seguin City Hospital | 5.25% | 12/1/2035 | BB | 3,000,000 | 3,071,238 | |||||||||
| Harris Co Cultural Ed - Brazos | 4.00% | 1/1/2023 | BBB- | (c) | 255,000 | 254,546 | ||||||||
| Harris Co Cultural Ed - Brazos | 6.375% | 1/1/2033 | BBB- | (c) | 1,385,000 | 1,397,803 | ||||||||
| Harris Co Edu Fac - Hermann Hlth | 5.00% | #(a) | 6/1/2050 | A+ | 5,000,000 | 5,525,516 | ||||||||
| HI Dept Budget - Kahala Nui | 5.00% | 11/15/2027 | A+ | (c) | 1,500,000 | 1,515,564 | ||||||||
| IL Fin Auth - Ascension Health | 4.00% | 2/15/2033 | AA+ | 5,000,000 | 5,034,556 | |||||||||
| IL Fin Auth - Northshore Univ Hlth | 5.00% | 8/15/2031 | AA- | 2,000,000 | 2,262,647 | |||||||||
| IL Fin Auth - Northshore Univ Hlth | 5.00% | 8/15/2033 | AA- | 1,250,000 | 1,387,057 | |||||||||
| IL Fin Auth - Northwestern Mem Hlth | 5.00% | 7/15/2029 | AA+ | 1,000,000 | 1,112,434 | |||||||||
| IL Fin Auth - Plymouth Place | 5.00% | 5/15/2030 | BB+ | (c) | 1,690,000 | 1,816,737 | ||||||||
| 26 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| IL Fin Auth - Silver Cross Hsp | 5.00% | 8/15/2035 | A3 | $ | 4,500,000 | $ | 4,643,311 | |||||||
| Jefferson Co Hlth - Norton Healthcare | 4.00% | 10/1/2039 | A | 1,185,000 | 1,123,614 | |||||||||
| Karnes Co Hsp Dist | 5.00% | 2/1/2024 | A | (c) | 730,000 | 750,021 | ||||||||
| Karnes Co Hsp Dist | 5.00% | 2/1/2034 | A | (c) | 1,000,000 | 1,014,386 | ||||||||
| Kirkwood IDA - Aberdeen Heights | 5.25% | 5/15/2037 | BB- | (c) | 2,000,000 | 1,929,866 | ||||||||
| KY EDFA - Masonic Homes | 5.375% | 11/15/2032 | NR | 1,185,000 | 1,131,006 | |||||||||
| KY EDFA - Owensboro Hlth | 5.00% | 6/1/2029 | Baa2 | 4,235,000 | 4,499,319 | |||||||||
| KY EDFA - Owensboro Hlth | 5.00% | 6/1/2032 | Baa2 | 6,000,000 | 6,274,133 | |||||||||
| Lakeland Regional Health | 4.00% | 11/15/2034 | A2 | 4,000,000 | 3,988,391 | |||||||||
| Lakeland Regional Health | 4.00% | 11/15/2035 | A2 | 3,530,000 | 3,498,181 | |||||||||
| Lakeland Regional Health | 4.00% | 11/15/2036 | A2 | 3,700,000 | 3,641,901 | |||||||||
| Lakeland Regional Health | 4.00% | 11/15/2037 | A2 | 2,400,000 | 2,346,911 | |||||||||
| Lakeland Regional Health | 4.00% | 11/15/2038 | A2 | 2,265,000 | 2,195,881 | |||||||||
| Lakeland Regional Health | 4.00% | 11/15/2039 | A2 | 2,000,000 | 1,932,188 | |||||||||
| Lee Memorial Hlth System | 5.00% | 4/1/2036 | A+ | 4,535,000 | 4,823,120 | |||||||||
| Lehigh Co - Lehigh Valley Health Network | 5.00% | 7/1/2029 | A+ | 4,345,000 | 4,849,398 | |||||||||
| MA DFA - Beth Israel Lahey Hlth | 5.00% | 7/1/2034 | A | 1,000,000 | 1,069,354 | |||||||||
| MA DFA - Beth Israel Lahey Hlth | 5.00% | 7/1/2036 | A | 2,000,000 | 2,131,758 | |||||||||
| MA DFA - Atrius Hlth | 5.00% | 6/1/2039 | BBB | 1,250,000 | 1,432,540 | |||||||||
| MA DFA - Partners Hlthcare Sys | 5.00% | 7/1/2030 | AA- | 9,660,000 | 10,669,225 | |||||||||
| MA DFA - Wellforce Hlth | 4.00% | 7/1/2035 | BBB+ | 2,000,000 | 1,855,952 | |||||||||
| MA DFA - Wellforce Hlth | 4.00% | 7/1/2037 | BBB+ | 3,930,000 | 3,599,720 | |||||||||
| MA DFA - Wellforce Hlth | 5.00% | 7/1/2038 | BBB+ | 1,000,000 | 1,051,368 | |||||||||
| MA DFA - Wellforce Hlth | 5.00% | 7/1/2039 | BBB+ | 2,250,000 | 2,361,940 | |||||||||
| Maricopa Cnty AZ IDA - Banner Health | 5.00% | 1/1/2028 | AA- | 5,000,000 | 5,616,046 | |||||||||
| Maricopa Co IDA - Honor Health | 5.00% | 9/1/2033 | A2 | 500,000 | 533,754 | |||||||||
| Maricopa Co IDA - Honor Health | 5.00% | 9/1/2034 | A2 | 1,000,000 | 1,065,641 | |||||||||
| Maricopa Co IDA - Honor Health | 5.00% | 9/1/2035 | A2 | 1,000,000 | 1,063,985 | |||||||||
| Maricopa Co IDA - Honor Health | 5.00% | 9/1/2036 | A2 | 1,800,000 | 1,912,509 | |||||||||
| MD Hlth & HI ED - Univ of MD Med | 5.00% | #(a) | 7/1/2045 | A | 6,500,000 | 7,085,659 | ||||||||
| Meadville Med Center | 6.00% | 6/1/2036 | NR | 3,830,000 | 3,998,458 | |||||||||
| Met Nash/Davidson Hlth - Vanderbilt Med | 5.00% | 7/1/2031 | A3 | 1,300,000 | 1,384,699 | |||||||||
| MI Fin Auth - Trinity Health | 4.00% | 12/1/2039 | AA- | 7,065,000 | 6,783,150 | |||||||||
| MI Fin Auth - Trinity Health | 5.00% | 12/1/2035 | AA- | 5,000,000 | 5,338,660 | |||||||||
| Miami Beach Hlth - Mt Sinai Med Ctr | 5.00% | 11/15/2030 | Baa1 | 1,500,000 | 1,538,785 | |||||||||
| Miami Dade Co Hlth - Miami Childrens Hsp | 5.125% | 8/1/2037 | A | 12,150,000 | 12,586,553 | |||||||||
| Monroeville Fin Auth - Univ Pitt Med Ctr | 5.00% | 2/15/2028 | A | 1,600,000 | 1,755,732 | |||||||||
| Montgomery Co IDA - Einstein Hlthcare | 5.00% | 1/15/2024 | NR | 4,000,000 | 4,179,159 | |||||||||
| See Notes to Schedule of Investments. | 27 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Montgomery Co IDA - Einstein Hlthcare | 5.25% | 1/15/2026 | NR | $ | 2,000,000 | $ | 2,142,446 | |||||||
| Montgomery Co IDA - Einstein Hlthcare | 5.25% | 1/15/2028 | NR | 3,000,000 | 3,213,669 | |||||||||
| Montgomery Co IDA - Jefferson Hlth | 4.00% | 9/1/2036 | A | 1,350,000 | 1,348,653 | |||||||||
| Montgomery Co IDA - Jefferson Hlth | 4.00% | 9/1/2038 | A | 2,250,000 | 2,231,242 | |||||||||
| Montgomery Co IDA - Jefferson Hlth | 4.00% | 9/1/2039 | A | 4,140,000 | 4,089,995 | |||||||||
| Montgomery Co IDA - Whitemarsh | 5.00% | 1/1/2030 | NR | 2,000,000 | 2,013,927 | |||||||||
| Moon IDC - Baptist Homes Soc | 5.125% | 7/1/2025 | NR | 2,895,000 | 2,852,153 | |||||||||
| Muskingum Co Hsp - Genesis Hlthcare | 5.00% | 2/15/2033 | BB+ | 10,500,000 | 10,521,102 | |||||||||
| NC Med - Southminster | 5.00% | 10/1/2031 | NR | 1,750,000 | 1,756,494 | |||||||||
| New Hope Ed Facs - Childrens Hlth | 5.00% | 8/15/2026 | Aa3 | 2,000,000 | 2,203,355 | |||||||||
| New Hope Ed Facs - Childrens Hlth | 5.00% | 8/15/2028 | Aa3 | 3,170,000 | 3,522,153 | |||||||||
| NJ Hlth - Hackensack Meridian Hlth | 5.00% | 7/1/2028 | AA- | 5,500,000 | 6,100,398 | |||||||||
| NJ Hlth - St Josephs Hlth | 4.00% | 7/1/2048 | BBB- | 15,000,000 | 13,386,037 | |||||||||
| NJ Hlth - St Josephs Hlth | 5.00% | 7/1/2028 | BBB- | 1,300,000 | 1,373,516 | |||||||||
| NJ Hlth - St Josephs Hlth | 5.00% | 7/1/2029 | BBB- | 1,605,000 | 1,687,354 | |||||||||
| NJ Hlth - St Josephs Hlth | 5.00% | 7/1/2030 | BBB- | 1,100,000 | 1,152,752 | |||||||||
| NJ Hlth - St Josephs Hlth | 5.00% | 7/1/2031 | BBB- | 1,110,000 | 1,158,227 | |||||||||
| NJ Hlth - St Peters Univ Hsp | 5.75% | 7/1/2037 | BBB- | 6,370,000 | 6,376,887 | |||||||||
| NJ Hlth - St Peters Univ Hsp | 6.00% | 7/1/2026 | BBB- | 4,525,000 | 4,532,293 | |||||||||
| NJ Hlth - St Peters Univ Hsp | 6.25% | 7/1/2035 | BBB- | 2,050,000 | 2,053,454 | |||||||||
| NJ Hlth - Univ Hosp (AGM) | 5.00% | 7/1/2028 | AA | 2,000,000 | 2,107,791 | |||||||||
| NJ Hlth Fin Auth - Valley Health | 4.00% | 7/1/2036 | A | 1,000,000 | 986,979 | |||||||||
| NJ Hlth Fin Auth - Valley Health | 4.00% | 7/1/2037 | A | 1,000,000 | 982,672 | |||||||||
| NJ Hlth Fin Auth - Valley Health | 5.00% | 7/1/2029 | A | 1,000,000 | 1,101,578 | |||||||||
| Norfolk EDA - Sentara Hlth | 5.00% | #(a) | 11/1/2048 | AA | 5,500,000 | 6,207,050 | ||||||||
| NY Dorm - Catholic Hlth | 4.00% | 7/1/2037 | BB+ | 1,100,000 | 923,540 | |||||||||
| NY Dorm - Catholic Hlth | 4.00% | 7/1/2039 | BB+ | 1,000,000 | 822,520 | |||||||||
| NY Dorm - Catholic Hlth | 4.00% | 7/1/2040 | BB+ | 850,000 | 689,334 | |||||||||
| NY Dorm - Catholic Hlth | 5.00% | 7/1/2036 | BB+ | 1,945,000 | 1,925,056 | |||||||||
| NY Dorm - Montefiore | 4.00% | 8/1/2036 | BBB- | 1,780,000 | 1,644,734 | |||||||||
| NY Dorm - Montefiore | 4.00% | 9/1/2036 | BBB- | 1,555,000 | 1,435,888 | |||||||||
| NY Dorm - Montefiore | 4.00% | 8/1/2037 | BBB- | 650,000 | 596,848 | |||||||||
| NY Dorm - Montefiore | 4.00% | 8/1/2038 | BBB- | 4,000,000 | 3,652,424 | |||||||||
| NY Dorm - Montefiore | 4.00% | 9/1/2038 | BBB- | 2,940,000 | 2,683,586 | |||||||||
| NY Dorm - Montefiore | 4.00% | 9/1/2040 | BBB- | 3,150,000 | 2,843,542 | |||||||||
| NY Dorm - Montefiore | 5.00% | 9/1/2031 | BBB- | 800,000 | 826,434 | |||||||||
| NY Dorm - Montefiore | 5.00% | 9/1/2032 | BBB- | 1,300,000 | 1,334,101 | |||||||||
| 28 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| NY Dorm - Montefiore | 5.00% | 8/1/2033 | BBB- | $ | 1,045,000 | $ | 1,070,364 | |||||||
| NY Dorm - Montefiore | 5.00% | 9/1/2033 | BBB- | 1,000,000 | 1,022,893 | |||||||||
| NY Dorm - Montefiore | 5.00% | 8/1/2034 | BBB- | 500,000 | 511,250 | |||||||||
| NY Dorm - Montefiore | 5.00% | 9/1/2034 | BBB- | 2,680,000 | 2,735,638 | |||||||||
| NY Dorm - Montefiore | 5.00% | 8/1/2035 | BBB- | 900,000 | 918,825 | |||||||||
| NY Dorm - Montefiore | 5.00% | 9/1/2035 | BBB- | 2,620,000 | 2,669,439 | |||||||||
| NY Dorm - Orange Reg Med Ctr† | 5.00% | 12/1/2030 | BBB- | 1,100,000 | 1,162,326 | |||||||||
| NY Dorm - Orange Reg Med Ctr† | 5.00% | 12/1/2031 | BBB- | 1,600,000 | 1,682,362 | |||||||||
| NY Dorm - Orange Regl Med Ctr† | 5.00% | 12/1/2026 | BBB- | 1,500,000 | 1,624,131 | |||||||||
| NY Dorm - Orange Regl Med Ctr† | 5.00% | 12/1/2027 | BBB- | 1,300,000 | 1,400,134 | |||||||||
| NY Dorm - Orange Regl Med Ctr† | 5.00% | 12/1/2028 | BBB- | 2,000,000 | 2,133,522 | |||||||||
| NY Dorm - Orange Regl Med Ctr† | 5.00% | 12/1/2029 | BBB- | 2,700,000 | 2,863,002 | |||||||||
| NYC Hlth & Hsp Corp | 5.00% | 2/15/2023 | Aa3 | 4,000,000 | 4,078,505 | |||||||||
| OH Hosp Fac - Premier Hlt | 4.00% | 11/15/2039 | Baa1 | 6,000,000 | 5,360,793 | |||||||||
| OH State - Univ Hosp | 4.00% | 1/15/2037 | A | 1,900,000 | 1,884,172 | |||||||||
| OH State - Univ Hosp | 4.00% | 1/15/2041 | A | 3,825,000 | 3,719,819 | |||||||||
| OH State - Univ Hosp | 5.00% | 1/15/2036 | A | 3,295,000 | 3,535,055 | |||||||||
| OK DFA - OU Med | 5.00% | 8/15/2033 | Ba2 | 5,045,000 | 4,833,125 | |||||||||
| OK DFA - OU Med | 5.00% | 8/15/2038 | Ba2 | 2,645,000 | 2,461,917 | |||||||||
| OK DFA - OU Med | 5.25% | 8/15/2043 | Ba2 | 6,710,000 | 6,175,918 | |||||||||
| Oneida Co - Mohawk Valley Hlth (AGM) | 4.00% | 12/1/2035 | AA | 1,000,000 | 1,011,560 | |||||||||
| Oneida Co - Mohawk Valley Hlth (AGM) | 4.00% | 12/1/2036 | AA | 1,250,000 | 1,263,779 | |||||||||
| Oneida Co - Mohawk Valley Hlth (AGM) | 4.00% | 12/1/2037 | AA | 2,210,000 | 2,233,045 | |||||||||
| OR Hosp Fac - Salem Health | 5.00% | 5/15/2029 | A+ | 3,275,000 | 3,672,688 | |||||||||
| OR Hosp Fac - Salem Health | 5.00% | 5/15/2030 | A+ | 4,660,000 | 5,087,453 | |||||||||
| Oroville - Oroville Hsp | 5.25% | 4/1/2039 | B+ | 440,000 | 449,514 | |||||||||
| Palomar Hlth | 5.00% | 11/1/2036 | BBB | 2,980,000 | 3,082,160 | |||||||||
| Philadelphia Hsps - Temple Univ Hlth | 5.00% | 7/1/2029 | BBB | 3,985,000 | 4,236,327 | |||||||||
| Philadelphia Hsps - Temple Univ Hlth | 5.00% | 7/1/2030 | BBB | 4,775,000 | 5,056,351 | |||||||||
| Philadelphia Hsps - Temple Univ Hlth | 5.00% | 7/1/2032 | BBB | 4,055,000 | 4,242,405 | |||||||||
| Philadelphia Hsps - Temple Univ Hlth | 5.00% | 7/1/2033 | BBB | 4,870,000 | 5,082,724 | |||||||||
| RI Hlth & Ed - Care New England | 5.00% | 9/1/2031 | B+ | 5,000,000 | 5,223,626 | |||||||||
| SE Port Auth - Memorial Hlth | 5.00% | 12/1/2035 | BB- | (c) | 3,850,000 | 3,886,371 | ||||||||
| SE Port Auth - Memorial Hlth | 5.50% | 12/1/2029 | BB- | (c) | 750,000 | 773,717 | ||||||||
| South Miami Hlth Fac - Baptist Hlth | 5.00% | 8/15/2026 | AA- | 3,000,000 | 3,263,291 | |||||||||
| South Miami Hlth Fac - Baptist Hlth | 5.00% | 8/15/2027 | AA- | 3,620,000 | 3,988,648 | |||||||||
| South Miami Hlth Fac - Baptist Hlth | 5.00% | 8/15/2028 | AA- | 2,625,000 | 2,916,609 | |||||||||
| See Notes to Schedule of Investments. | 29 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| St Paul Hsg - HlthEast Care Sys | 5.00% | 11/15/2023 | NR | $ | 3,735,000 | $ | 3,892,044 | |||||||
| St Paul Hsg - HlthEast Care Sys | 5.00% | 11/15/2024 | NR | 4,500,000 | 4,797,957 | |||||||||
| Tampa Hlth & Ed - Lee Moffit Cancer Center | 4.00% | 7/1/2039 | A2 | 2,650,000 | 2,580,306 | |||||||||
| Tampa Hlth & Ed - Moffit Cancer | 4.00% | 7/1/2038 | A2 | 4,755,000 | 4,650,165 | |||||||||
| Tulsa Co Industrial Auth - Montereau | 5.25% | 11/15/2037 | BBB- | (c) | 1,250,000 | 1,291,140 | ||||||||
| Univ of CA | 5.00% | 5/15/2034 | AA- | 12,250,000 | 13,347,752 | |||||||||
| WA HFC - Rockwood† | 6.00% | 1/1/2024 | NR | 470,000 | 475,011 | |||||||||
| WI Hlth & Ed - American Baptist | 5.00% | 8/1/2032 | NR | 1,375,000 | 1,277,028 | |||||||||
| WI Hlth & Ed - American Baptist | 5.00% | 8/1/2037 | NR | 1,500,000 | 1,325,272 | |||||||||
| WI Hlth & Ed - Marshfield Hlth | 5.00% | #(a) | 2/15/2051 | A- | 5,000,000 | 5,436,788 | ||||||||
| WI PFA - Alabama Proton† | 6.85% | 10/1/2047 | NR | 1,410,000 | 1,181,594 | |||||||||
| Wood Co Hsp Facs - Wood Co Hsp | 5.00% | 12/1/2027 | NR | 1,155,000 | 1,171,855 | |||||||||
| Wood Co Hsp Facs - Wood Co Hsp | 5.00% | 12/1/2032 | NR | 760,000 | 771,091 | |||||||||
| WV Hsp - WV United Health Sys | 4.00% | 6/1/2030 | A | 5,500,000 | 5,597,732 | |||||||||
| WV Hsp - WV United Health Sys | 4.00% | 6/1/2035 | A | 1,570,000 | 1,564,308 | |||||||||
| Total | 627,519,826 | |||||||||||||
| Housing 1.57% | ||||||||||||||
| Alachua Co Hlth - Oak Hammock | 8.00% | 10/1/2032 | NR | 500,000 | 517,604 | |||||||||
| CA HFA - MFH | 3.25% | 8/20/2036 | BBB | 7,434,543 | 6,776,724 | |||||||||
| CA HFA - MFH | 3.50% | 11/20/2035 | BBB+ | 5,744,209 | 5,364,114 | |||||||||
| CA HFA - MFH | 4.00% | 3/20/2033 | NR | 6,773,617 | 6,699,964 | |||||||||
| CA HFA - MFH | 4.25% | 1/15/2035 | BBB+ | 4,311,472 | 4,254,258 | |||||||||
| CA Muni Fin - Park Wstrn Apts (FNMA) | 2.65% | 8/1/2036 | Aaa | 4,356,798 | 3,844,366 | |||||||||
| CA State GO | 5.00% | 11/1/2031 | Aa2 | 10,000,000 | 11,151,957 | |||||||||
| CA Stwde - CHF-Irvine LLC | 5.00% | 5/15/2026 | Baa1 | 1,000,000 | 1,053,840 | |||||||||
| CA Stwde - CHF-Irvine LLC | 5.00% | 5/15/2027 | Baa1 | 750,000 | 790,269 | |||||||||
| CA Stwde - Lancer Student Hsg† | 5.00% | 6/1/2034 | NR | 380,000 | 390,247 | |||||||||
| CA Stwde - Lancer Student Hsg† | 5.00% | 6/1/2039 | NR | 650,000 | 662,894 | |||||||||
| CSCDA - Senior Lien† | 3.00% | 6/1/2047 | NR | 5,000,000 | 3,700,237 | |||||||||
| FL State Hsg Fin Auth (GNMA) | 3.00% | 1/1/2052 | Aaa | 3,985,000 | 3,903,802 | |||||||||
| FL State Hsg Fin Auth (GNMA) | 3.00% | 7/1/2052 | Aaa | 5,270,000 | 5,139,280 | |||||||||
| MD State Hsg CDA | 3.00% | 9/1/2039 | Aa1 | 10,000,000 | 9,011,779 | |||||||||
| MO State Hsg Dev Cmmn (GNMA) | 3.25% | 11/1/2052 | AA+ | 3,000,000 | 2,953,869 | |||||||||
| MO State Hsg Dev Cmmn (GNMA) | 4.25% | 5/1/2047 | AA+ | 1,675,000 | 1,711,647 | |||||||||
| ND State Hsg Fin Agy | 3.00% | 7/1/2052 | Aa1 | 4,935,000 | 4,786,039 | |||||||||
| NYC HDC (FHA) | 2.10% | 11/1/2036 | AA+ | 5,725,000 | 4,518,236 | |||||||||
| 30 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Phoenix IDA - ASU Std Hsg | 5.00% | 7/1/2032 | Baa3 | $ | 1,080,000 | $ | 1,108,068 | |||||||
| WA Hsg - Emerald Heights | 5.00% | 7/1/2022 | A- | (c) | 1,000,000 | 1,000,000 | ||||||||
| WA St HFC | 3.50% | 12/20/2035 | BBB+ | 4,922,838 | 4,505,649 | |||||||||
| Total | 83,844,843 | |||||||||||||
| Lease Obligations 5.05% | ||||||||||||||
| Alachua Cnty School Brd COP (AGM) | 5.00% | 7/1/2029 | AA | 7,530,000 | 8,535,441 | |||||||||
| CA Pub Wks - Dept Hsps | 5.00% | 6/1/2023 | Aa3 | 3,000,000 | 3,089,949 | |||||||||
| CA St Pub Wks Brd Lease | 5.00% | 5/1/2034 | Aa3 | 9,525,000 | 10,974,875 | |||||||||
| Cuyahoga Co COP - Conv Hotel Proj | 5.00% | 12/1/2023 | AA- | 5,640,000 | 5,861,120 | |||||||||
| Hudson Yards | 5.00% | 2/15/2029 | Aa2 | 3,500,000 | 3,852,370 | |||||||||
| IL Sports Facs Auth (AGM) | 5.00% | 6/15/2027 | AA | 3,000,000 | 3,133,192 | |||||||||
| IN Fin Auth - Stadium | 5.25% | 2/1/2029 | AA+ | 2,500,000 | 2,709,903 | |||||||||
| LA PFA - Hurricane Recovery | 5.00% | 6/1/2023 | Aa3 | 3,200,000 | 3,290,378 | |||||||||
| Los Angeles Co COP - Disney Concert Hall | 5.00% | 9/1/2022 | AA+ | 1,250,000 | 1,257,127 | |||||||||
| MI St Bldg Auth | 5.00% | 4/15/2036 | Aa2 | 3,000,000 | 3,336,001 | |||||||||
| Miami Dade Co Sch Dist GO | 4.00% | 3/15/2034 | AA- | 4,535,000 | 4,662,348 | |||||||||
| Nassau Health Care Corp GTD | 5.00% | 8/1/2028 | AA- | 5,250,000 | 5,789,926 | |||||||||
| Nassau Health Care Corp GTD | 5.00% | 8/1/2029 | AA- | 5,590,000 | 6,179,498 | |||||||||
| NJ EDA - Bldgs | 5.00% | 6/15/2036 | A3 | 1,320,000 | 1,383,765 | |||||||||
| NJ EDA - Sch Facs | 2.51% | #(a) | 3/1/2028 | A3 | 5,000,000 | 5,033,055 | ||||||||
| NJ EDA - Sch Facs | 4.00% | 6/15/2034 | A3 | 500,000 | 500,820 | |||||||||
| NJ EDA - Sch Facs | 4.00% | 6/15/2035 | A3 | 400,000 | 399,646 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2025 | A3 | 5,085,000 | 5,359,993 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 3/1/2027 | BBB+ | 355,000 | 360,927 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 3/1/2029 | A3 | 7,500,000 | 7,669,635 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2034 | A3 | 3,000,000 | 3,140,472 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2035 | A3 | 4,925,000 | 5,063,575 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2035 | A3 | 1,000,000 | 1,045,486 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2042 | A3 | 1,400,000 | 1,452,157 | |||||||||
| NJ EDA - Sch Facs† | 5.25% | 9/1/2027 | BBB+ | 24,555,000 | 26,583,714 | |||||||||
| NJ EDA - Sch Facs | 5.25% | 6/15/2032 | A3 | 2,865,000 | 3,118,090 | |||||||||
| NJ EDA - Sch Facs | 5.50% | 6/15/2029 | A3 | 3,500,000 | 3,979,933 | |||||||||
| NJ EDA - State House Proj | 5.00% | 6/15/2033 | A3 | 7,215,000 | 7,667,933 | |||||||||
| NJ EDA - State House Proj | 5.00% | 6/15/2034 | A3 | 13,645,000 | 14,434,223 | |||||||||
| NJ EDA - Transit | 4.00% | 11/1/2037 | A3 | 3,000,000 | 2,976,456 | |||||||||
| NJ EDA - Transit | 4.00% | 11/1/2038 | A3 | 3,000,000 | 2,955,565 | |||||||||
| NJ EDA - Transit | 5.00% | 11/1/2033 | A3 | 3,845,000 | 4,110,622 | |||||||||
| See Notes to Schedule of Investments. | 31 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| NJ Trans Trust Fund | 3.25% | 6/15/2039 | A3 | $ | 2,000,000 | $ | 1,693,995 | |||||||
| NJ Trans Trust Fund | 4.00% | 6/15/2036 | A3 | 2,770,000 | 2,759,929 | |||||||||
| NJ Trans Trust Fund | 4.00% | 6/15/2044 | A3 | 1,500,000 | 1,398,736 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2030 | A+ | 3,000,000 | 3,197,174 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2031 | A+ | 2,400,000 | 2,549,475 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2031 | A3 | 8,000,000 | 8,573,634 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2033 | A3 | 1,425,000 | 1,514,457 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2033 | A3 | 35,410,000 | 37,596,780 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2034 | A3 | 8,995,000 | 9,507,196 | |||||||||
| NJ Trans Trust Fund | 5.25% | 6/15/2043 | A3 | 4,580,000 | 4,819,402 | |||||||||
| NYC Eductnl Const | 4.00% | 4/1/2036 | AA- | 2,335,000 | 2,313,652 | |||||||||
| NYC Eductnl Const | 4.00% | 4/1/2037 | AA- | 6,070,000 | 5,806,261 | |||||||||
| NYC Eductnl Const | 4.00% | 4/1/2038 | AA- | 2,305,000 | 2,246,848 | |||||||||
| NYC TFA - Bldg Aid Sch Dist | 5.00% | 7/15/2028 | AA | 1,500,000 | 1,595,573 | |||||||||
| NYC TFA Sch Dist | 5.00% | 7/15/2035 | AA | 10,000,000 | 10,648,078 | |||||||||
| Philadelphia Redev Auth | 5.00% | 4/15/2028 | A | 4,380,000 | 4,692,511 | |||||||||
| San Jose Fing Auth - Civic Ctr | 5.00% | 6/1/2023 | Aa2 | 1,000,000 | 1,030,075 | |||||||||
| South Florida Wtr Mgt Dist | 5.00% | 10/1/2027 | AA | 2,000,000 | 2,186,242 | |||||||||
| VA Pub Bldg Auth | 4.00% | 8/1/2036 | AA+ | 5,255,000 | 5,413,134 | |||||||||
| Total | 269,451,347 | |||||||||||||
| Other Revenue 3.51% | ||||||||||||||
| Black Belt Energy Gas Dist - Morgan Stanley | 4.00% | #(a) | 12/1/2049 | A1 | 12,675,000 | 12,855,142 | ||||||||
| Brooklyn Arena LDC - Barclays Ctr | 5.00% | 7/15/2042 | Ba1 | 7,600,000 | 7,648,796 | |||||||||
| Brooklyn Arena LDC - Barclays Ctr (AGM) | 4.00% | 7/15/2029 | AA | 1,500,000 | 1,573,390 | |||||||||
| Chester Co IDA - Collegium Chtr Sch | 5.25% | 10/15/2032 | BB | 6,410,000 | 6,433,336 | |||||||||
| Cleveland Co Port Auth - Playhouse Sq | 5.00% | 12/1/2033 | BB+ | 2,000,000 | 2,055,032 | |||||||||
| Cleveland Co Port Auth - Playhouse Sq | 5.25% | 12/1/2038 | BB+ | 1,650,000 | 1,702,382 | |||||||||
| Clifton Higher Ed - Idea Pub Schs | 3.75% | 8/15/2022 | A- | 595,000 | 596,335 | |||||||||
| Clifton Higher Ed - Intl Ldrshp Sch | 6.00% | 8/15/2038 | NR | 13,970,000 | 14,278,273 | |||||||||
| CT State Revolving Fund | 4.00% | 2/1/2038 | AAA | 3,000,000 | 3,050,165 | |||||||||
| Florence Twn IDA - Legacy Trad Sch | 5.75% | 7/1/2033 | BB+ | 3,000,000 | 3,115,594 | |||||||||
| HI Dept Budget - Hawaiian Electric AMT | 3.25% | 1/1/2025 | Baa1 | 5,000,000 | 5,018,794 | |||||||||
| HI Harbor System AMT | 4.00% | 7/1/2034 | Aa3 | 1,625,000 | 1,671,108 | |||||||||
| IL Fin Auth - Field Museum | 1.665% | #(a) | 11/1/2034 | A | 10,500,000 | 10,419,781 | ||||||||
| KS DFA - Revolving Fund | 5.00% | 5/1/2031 | AAA | 5,465,000 | 6,230,855 | |||||||||
| KY Public Energy Auth - Peak Energy | 4.00% | #(a) | 2/1/2050 | A1 | 28,995,000 | 29,246,674 | ||||||||
| 32 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Lower AL Gas Dist - Goldman Sachs | 4.00% | #(a) | 12/1/2050 | A2 | $ | 30,995,000 | $ | 31,462,668 | ||||||
| Lower AL Gas Dist - Goldman Sachs | 5.00% | 9/1/2027 | A2 | 5,000,000 | 5,319,065 | |||||||||
| Maricopa Co - Legacy Schools† | 5.00% | 7/1/2039 | BB+ | 2,055,000 | 2,060,995 | |||||||||
| Maricopa Co IDA - Paradise Schools† | 5.00% | 7/1/2036 | BB+ | 2,500,000 | 2,505,355 | |||||||||
| MD EDC - Chesapeake Bay Hyatt(d) | 5.00% | 12/1/2016 | NR | 700,000 | 420,000 | |||||||||
| MSR Energy Auth - Citi | 6.125% | 11/1/2029 | BBB+ | 3,595,000 | 4,013,002 | |||||||||
| NYC Cultural - Lincoln Center | 4.00% | 12/1/2033 | A | 2,000,000 | 2,053,328 | |||||||||
| NYC Cultural - Lincoln Center | 5.00% | 12/1/2031 | A | 1,250,000 | 1,432,694 | |||||||||
| NYC Cultural - Lincoln Center | 5.00% | 12/1/2032 | A | 3,500,000 | 3,982,391 | |||||||||
| Phoenix IDA - Basis Schs† | 5.00% | 7/1/2035 | BB | 2,350,000 | 2,358,388 | |||||||||
| Pima Co IDA - Edkey Chtr Sch† | 5.00% | 7/1/2035 | NR | 5,000,000 | 4,831,832 | |||||||||
| SA Energy Acquisition Pub Fac - Goldman Sachs | 5.50% | 8/1/2023 | A2 | 9,365,000 | 9,639,369 | |||||||||
| St Louis Fin Corp - Convention Center (AGM) | 5.00% | 10/1/2040 | AA | 1,750,000 | 1,940,479 | |||||||||
| Washington St Convention Ctr Pub Facs | 4.00% | 7/1/2031 | NR | 10,180,000 | 9,737,777 | |||||||||
| Total | 187,653,000 | |||||||||||||
| Pre-Refunded 0.07% | ||||||||||||||
| NY Dorm - PIT | 4.00% | 2/15/2034 | NR | 15,000 | 16,093 | |||||||||
| Wood Co Hsp Facs - Wood Co Hsp | 5.00% | 12/1/2027 | NR | 2,295,000 | 2,328,492 | |||||||||
| Wood Co Hsp Facs - Wood Co Hsp | 5.00% | 12/1/2032 | NR | 1,515,000 | 1,537,109 | |||||||||
| Total | 3,881,694 | |||||||||||||
| Special Tax 2.37% | ||||||||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2032 | Ba3 | 1,250,000 | 1,270,243 | |||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2033 | Ba3 | 1,000,000 | 1,016,486 | |||||||||
| Allentown Neighborhood Impt† | 5.375% | 5/1/2042 | NR | 5,500,000 | 5,587,118 | |||||||||
| Allentown Neighborhood Impt - Wtrfrnt Proj† | 6.00% | 5/1/2042 | NR | 1,910,000 | 1,993,505 | |||||||||
| Atlanta Urban Dev Agency- Atlanta Beltline† | 2.375% | 7/1/2026 | NR | 415,000 | 393,449 | |||||||||
| Atlanta Urban Dev Agency- Atlanta Beltline† | 2.875% | 7/1/2031 | NR | 965,000 | 851,417 | |||||||||
| Atlanta Urban Redevelopment Agency† | 3.625% | 7/1/2042 | NR | 1,880,000 | 1,583,069 | |||||||||
| CA Reassmt Dist 12/1 Irvine | 4.00% | 9/2/2022 | A+ | 1,500,000 | 1,506,531 | |||||||||
| Connecticut Special Transportation Fund: Debt Service | 4.00% | 9/1/2034 | AA- | 8,075,000 | 8,184,827 | |||||||||
| CT Spl Tax - Trans Infra | 5.00% | 10/1/2030 | AA- | 9,000,000 | 10,058,545 | |||||||||
| See Notes to Schedule of Investments. | 33 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| CT Spl Tax - Trans Infra | 5.00% | 1/1/2032 | AA- | $ | 14,375,000 | $ | 15,764,713 | |||||||
| Douglas Co - Sterling Ranch | 3.375% | 12/1/2030 | NR | 600,000 | 521,314 | |||||||||
| Douglas Co - Sterling Ranch | 3.75% | 12/1/2040 | NR | 1,250,000 | 1,007,850 | |||||||||
| Emeryville Redev Agy (AGM) | 5.00% | 9/1/2024 | AA | 1,950,000 | 2,066,101 | |||||||||
| Emeryville Redev Agy (AGM) | 5.00% | 9/1/2025 | AA | 2,650,000 | 2,806,606 | |||||||||
| Hinsdale Township High School District #86 | 4.00% | 7/15/2039 | AAA | 6,820,000 | 6,874,368 | |||||||||
| Miami World Ctr CDD | 4.75% | 11/1/2027 | NR | 750,000 | 766,483 | |||||||||
| MIDA Mount Village PID | 4.50% | 8/1/2040 | NR | 1,250,000 | 1,183,959 | |||||||||
| NYC IDA - Queens Stadium (AGM) | 3.00% | 1/1/2033 | AA | 1,750,000 | 1,634,960 | |||||||||
| NYC IDA - Queens Stadium (AGM) | 3.00% | 1/1/2034 | AA | 1,000,000 | 915,602 | |||||||||
| NYC IDA - Queens Stadium (AGM) | 4.00% | 1/1/2032 | AA | 1,000,000 | 1,027,374 | |||||||||
| NYC IDA - Queens Stadium (AGM) | 5.00% | 1/1/2030 | AA | 2,500,000 | 2,770,945 | |||||||||
| NYC IDA - Queens Stadium (AGM) | 5.00% | 1/1/2031 | AA | 1,250,000 | 1,390,496 | |||||||||
| NYC IDA - Yankee Stadium (AGM) | 2.50% | 3/1/2037 | AA | 10,435,000 | 8,209,875 | |||||||||
| NYC IDA - Yankee Stadium (AGM) | 3.00% | 3/1/2036 | AA | 5,500,000 | 4,865,836 | |||||||||
| NYC IDA - Yankee Stadium (AGM) | 3.00% | 3/1/2039 | AA | 7,000,000 | 5,921,101 | |||||||||
| Orange Co CFD - Esencia | 5.00% | 8/15/2033 | NR | 1,370,000 | 1,415,363 | |||||||||
| Orange Co CFD - Esencia | 5.00% | 8/15/2035 | NR | 975,000 | 1,004,321 | |||||||||
| Peninsula Town Center† | 4.50% | 9/1/2028 | NR | 545,000 | 518,469 | |||||||||
| Peninsula Town Center† | 5.00% | 9/1/2037 | NR | 875,000 | 833,024 | |||||||||
| Pittsburg Redev Agy - Los Medanos (AGM) | 5.00% | 9/1/2025 | AA | 3,500,000 | 3,747,595 | |||||||||
| Plaza Met Dist #1† | 4.50% | 12/1/2030 | NR | 4,300,000 | 4,185,402 | |||||||||
| River Islands PFA - CFD 2003 | 5.375% | 9/1/2031 | NR | 2,000,000 | 2,044,115 | |||||||||
| River Islands PFA - CFD 2021 | 4.00% | 9/1/2051 | NR | 995,000 | 805,663 | |||||||||
| St Louis IDA - Ballpark Vlg | 4.375% | 11/15/2035 | NR | 3,955,000 | 3,360,152 | |||||||||
| Village CDD #12 | 3.25% | 5/1/2026 | NR | 3,040,000 | 2,976,692 | |||||||||
| Village CDD #12† | 3.80% | 5/1/2028 | NR | 2,085,000 | 2,064,421 | |||||||||
| Village CDD #12† | 4.00% | 5/1/2033 | NR | 1,855,000 | 1,809,274 | |||||||||
| Village CDD #13 | 1.80% | 5/1/2026 | NR | 600,000 | 546,047 | |||||||||
| Village CDD #13 | 2.55% | 5/1/2031 | NR | 750,000 | 633,152 | |||||||||
| Village CDD #13 | 2.85% | 5/1/2036 | NR | 1,885,000 | 1,519,995 | |||||||||
| Village CDD #13 | 3.00% | 5/1/2029 | NR | 485,000 | 447,230 | (b) | ||||||||
| Village CDD #13† | 3.00% | 5/1/2035 | NR | 3,420,000 | 2,855,877 | |||||||||
| Village CDD #13† | 3.25% | 5/1/2040 | NR | 4,285,000 | 3,446,042 | |||||||||
| Village CDD #13 | 3.375% | 5/1/2034 | NR | 2,495,000 | 2,203,741 | |||||||||
| Total | 126,589,348 | |||||||||||||
| 34 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue 3.88% | ||||||||||||||
| Bay Area Rapid Transit Dist | 5.00% | 7/1/2026 | AA+ | $ | 1,000,000 | $ | 1,081,220 | |||||||
| Cook Co Sales Tax | 4.00% | 11/15/2034 | AA- | 3,750,000 | 3,804,746 | |||||||||
| CT Spl Tax - Trans Infra | 5.00% | 5/1/2032 | AA- | 2,750,000 | 3,112,272 | |||||||||
| CT Spl Tax - Trans Infra | 5.00% | 5/1/2033 | AA- | 3,000,000 | 3,371,913 | |||||||||
| Dallas Area Rapid Trans | 5.00% | 12/1/2026 | AA+ | 7,245,000 | 7,740,397 | |||||||||
| El Paso Dev Corp - Downtown Ballpark | 6.25% | 8/15/2023 | AA- | 5,000,000 | 5,184,458 | |||||||||
| Guam - Business Privilege Tax | 4.00% | 1/1/2036 | Ba1 | 2,865,000 | 2,644,433 | |||||||||
| Guam - Business Privilege Tax | 5.00% | 1/1/2031 | Ba1 | 750,000 | 793,536 | |||||||||
| Jefferson Co - Sch Warrant | 5.00% | 9/15/2026 | AA | 2,400,000 | 2,642,998 | |||||||||
| MA Sch Bldg Auth - Sales Tax | 5.00% | 8/15/2030 | AA+ | 5,665,000 | 5,689,063 | |||||||||
| MBTA - Sales Tax | 5.00% | 7/1/2036 | AA | 4,145,000 | 4,479,870 | |||||||||
| MD Dept Trans | 4.00% | 7/1/2037 | Aa2 | 4,660,000 | 4,715,198 | |||||||||
| MD St Trans Auth | 3.00% | 10/1/2034 | AAA | 5,510,000 | 5,300,502 | |||||||||
| Met Atlanta Rapid Trans Auth | 5.00% | 7/1/2032 | AA+ | 5,000,000 | 5,404,644 | |||||||||
| Met Govt Nashville - Cnty Conv Ctr | 5.00% | 7/1/2022 | A+ | 3,245,000 | 3,245,000 | |||||||||
| Met Pier & Expo Auth - McCormick Place | 4.00% | 12/15/2042 | A- | 8,000,000 | 7,172,054 | |||||||||
| Met Pier & Expo Auth - McCormick Place | 5.00% | 12/15/2022 | A- | 5,020,000 | 5,081,246 | |||||||||
| Miami Dade Co - Transit Rev | 5.00% | 7/1/2032 | AA | 7,500,000 | 8,515,460 | |||||||||
| MTA NY - Dedicated Tax | 5.00% | 11/15/2027 | AA | 5,700,000 | 5,766,463 | |||||||||
| MTA NY - Dedicated Tax | 5.00% | 11/15/2036 | AA | 7,900,000 | 8,331,484 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2031 | A3 | 3,200,000 | 3,429,453 | |||||||||
| NY Dorm - Sales Tax | 5.00% | 3/15/2028 | AA+ | 11,645,000 | 12,580,797 | |||||||||
| NYC TFA - Future Tax | 4.00% | 8/1/2038 | AAA | 5,530,000 | 5,529,502 | |||||||||
| NYC TFA - Future Tax | 5.00% | 2/1/2041 | AAA | 14,940,000 | 15,492,614 | |||||||||
| NYC TFA - Future Tax | 3.00% | 11/1/2037 | AAA | 2,500,000 | 2,210,667 | |||||||||
| NYC TFA - Future Tax | 5.00% | 11/1/2032 | AAA | 5,000,000 | 5,790,664 | |||||||||
| NYC TFA - Future Tax | 5.00% | 2/1/2043 | AAA | 5,515,000 | 5,846,790 | |||||||||
| Phoenix Excise Tax | 5.00% | 7/1/2026 | AAA | 13,000,000 | 14,051,645 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2029 | NR | 1,616,000 | 1,219,858 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2031 | NR | 21,064,000 | 14,290,902 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2033 | NR | 2,346,000 | 1,413,798 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 5,223,000 | 4,917,820 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 12,051,000 | 11,346,860 | |||||||||
| PR Corp Sales Tax | 4.50% | 7/1/2034 | NR | 4,560,000 | 4,590,949 | |||||||||
| PR Corp Sales Tax | 4.536% | 7/1/2053 | NR | 81,000 | 75,794 | |||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 268,000 | 258,822 | |||||||||
| PR Corp Sales Tax | 4.75% | 7/1/2053 | NR | 1,967,000 | 1,894,840 | |||||||||
| PR Corp Sales Tax | 4.784% | 7/1/2058 | NR | 1,092,000 | 1,045,774 | |||||||||
| See Notes to Schedule of Investments. | 35 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| PR Corp Sales Tax | 5.00% | 7/1/2058 | NR | $ | 4,974,000 | $ | 4,901,776 | |||||||
| Sparks - Legends at Sparks Marina† | 2.50% | 6/15/2024 | Ba2 | 210,000 | 203,208 | |||||||||
| Sparks - Legends at Sparks Marina† | 2.75% | 6/15/2028 | Ba2 | 2,265,000 | 2,032,191 | |||||||||
| Total | 207,201,681 | |||||||||||||
| Tobacco 1.87% | ||||||||||||||
| Buckeye Tobacco | 5.00% | 6/1/2055 | NR | 21,180,000 | 19,974,788 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2027 | NR | 4,000,000 | 4,506,117 | |||||||||
| Los Angeles Co Tobacco | 4.00% | 6/1/2034 | A- | 980,000 | 968,917 | |||||||||
| Los Angeles Co Tobacco | 4.00% | 6/1/2035 | A- | 1,300,000 | 1,280,129 | |||||||||
| Los Angeles Co Tobacco | 4.00% | 6/1/2036 | A- | 1,195,000 | 1,171,022 | |||||||||
| Los Angeles Co Tobacco | 4.00% | 6/1/2037 | A- | 895,000 | 871,571 | |||||||||
| Los Angeles Co Tobacco | 5.00% | 6/1/2049 | BBB- | 195,000 | 199,334 | |||||||||
| MI Tob Settlement | 4.00% | 6/1/2034 | A- | 1,000,000 | 992,217 | |||||||||
| MI Tob Settlement | 4.00% | 6/1/2035 | A- | 2,000,000 | 1,975,063 | |||||||||
| Nassau Co Tobacco | Zero Coupon | 6/1/2060 | NR | 35,000,000 | 1,766,121 | |||||||||
| Northern Tobacco | 4.00% | 6/1/2037 | A- | 1,500,000 | 1,443,012 | |||||||||
| Nthrn AK Tobacco | 4.00% | 6/1/2050 | BBB- | 1,750,000 | 1,753,795 | |||||||||
| PA Tob Settlement | 5.00% | 6/1/2032 | A1 | 8,350,000 | 9,033,538 | |||||||||
| Railsplitter Tobacco Settlement Auth | 5.00% | 6/1/2027 | A | 3,325,000 | 3,575,886 | |||||||||
| RI Tob Settlement | 5.00% | 6/1/2027 | BBB | 2,500,000 | 2,584,368 | |||||||||
| RI Tob Settlement | 5.00% | 6/1/2028 | BBB | 2,000,000 | 2,060,860 | |||||||||
| SD Edu Enhancement Fding Corp | 5.00% | 6/1/2023 | NR | 1,000,000 | 1,029,800 | |||||||||
| SD Edu Enhancement Fding Corp | 5.00% | 6/1/2024 | NR | 1,000,000 | 1,029,800 | |||||||||
| SD Edu Enhancement Fding Corp | 5.00% | 6/1/2025 | NR | 1,040,000 | 1,070,992 | |||||||||
| Tobacco Settlement Auth IA | 4.00% | 6/1/2049 | BBB | 7,090,000 | 6,845,943 | |||||||||
| Tobacco Settlement Auth WA | 5.00% | 6/1/2023 | A | 6,250,000 | 6,394,566 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2029 | A | 3,575,000 | 3,835,834 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2046 | BB+ | 10,300,000 | 10,304,728 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.25% | 6/1/2046 | BBB+ | 5,100,000 | 5,306,942 | |||||||||
| Tobacco Settlement Fin Corp VA | 5.00% | 6/1/2047 | B- | 3,690,000 | 3,684,175 | |||||||||
| TSASC | 5.00% | 6/1/2029 | A | 5,775,000 | 6,078,347 | |||||||||
| Total | 99,737,865 | |||||||||||||
| Transportation 23.53% | ||||||||||||||
| AK Intl Airports Sys | 5.00% | 10/1/2024 | A1 | 750,000 | 793,611 | |||||||||
| AK Intl Airports Sys | 5.00% | 10/1/2027 | A1 | 1,000,000 | 1,068,185 | |||||||||
| AK Intl Airports Sys | 5.00% | 10/1/2028 | A1 | 2,000,000 | 2,125,581 | |||||||||
| AL Port Auth AMT (AGM) | 5.00% | 10/1/2026 | AA | 1,250,000 | 1,356,650 | |||||||||
| 36 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| AL Port Auth AMT (AGM) | 5.00% | 10/1/2027 | AA | $ | 2,000,000 | $ | 2,198,348 | |||||||
| AL Port Auth AMT (AGM) | 5.00% | 10/1/2028 | AA | 4,710,000 | 5,136,723 | |||||||||
| AL Port Auth AMT (AGM) | 5.00% | 10/1/2029 | AA | 3,500,000 | 3,801,595 | |||||||||
| Alameda Corridor Trsp Auth | 5.00% | 10/1/2026 | A- | 4,075,000 | 4,229,881 | |||||||||
| Alameda Corridor Trsp Auth CR (AGM) | 5.00% | 10/1/2034 | AA | 3,650,000 | 3,868,799 | |||||||||
| Allegheny Co Arpt Auth - Pittsburgh Arpt AMT | 5.00% | 1/1/2032 | A2 | 3,940,000 | 4,312,476 | |||||||||
| Atlanta Arpt - PFC | 5.00% | 1/1/2029 | Aa3 | 2,500,000 | 2,585,453 | |||||||||
| Atlanta Arpt - PFC AMT | 4.00% | 7/1/2034 | Aa3 | 20,615,000 | 20,629,517 | |||||||||
| Atlanta Arpt AMT | 4.00% | 7/1/2039 | Aa3 | 3,250,000 | 3,183,843 | |||||||||
| Broward Co Arpt AMT | 5.00% | 10/1/2029 | A1 | 1,120,000 | 1,237,151 | |||||||||
| Broward Co Arpt AMT | 5.00% | 10/1/2033 | A1 | 6,130,000 | 6,372,104 | |||||||||
| Broward Co Arpt AMT | 5.00% | 10/1/2035 | A1 | 2,660,000 | 2,838,562 | |||||||||
| Broward Co Arpt AMT | 5.00% | 10/1/2036 | A1 | 2,615,000 | 2,785,971 | |||||||||
| Broward Co Arpt AMT | 5.00% | 10/1/2037 | A1 | 4,000,000 | 4,242,186 | |||||||||
| CA Muni Fin - LINXS AMT | 5.00% | 6/30/2031 | BBB- | (c) | 3,195,000 | 3,329,860 | ||||||||
| CA Muni Fin Auth - LINXS APM Proj AMT | 5.00% | 12/31/2036 | BBB- | (c) | 3,215,000 | 3,296,826 | ||||||||
| CA Muni Fin Auth - LINXS APM Proj AMT | 5.00% | 12/31/2037 | BBB- | (c) | 7,000,000 | 7,157,344 | ||||||||
| CA Sacramento Arpt AMT | 5.00% | 7/1/2036 | A+ | 5,645,000 | 5,945,004 | |||||||||
| Central FL Expressway Auth | 4.00% | 7/1/2037 | A+ | 7,380,000 | 7,391,720 | |||||||||
| Central TX Mobility Auth | 4.00% | 1/1/2034 | A- | 4,750,000 | 4,736,322 | |||||||||
| Central TX Mobility Auth | 4.00% | 1/1/2035 | A- | 4,000,000 | 3,975,332 | |||||||||
| Central TX Mobility Auth | 4.00% | 1/1/2036 | A- | 4,510,000 | 4,449,377 | |||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2027 | BBB+ | 7,500,000 | 8,004,257 | |||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2030 | A- | 800,000 | 865,683 | |||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2031 | A- | 1,675,000 | 1,812,523 | |||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2032 | A- | 2,000,000 | 2,164,206 | |||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2033 | BBB+ | 3,010,000 | 3,060,082 | |||||||||
| Central TX Tpk | 5.00% | 8/15/2025 | A- | 2,250,000 | 2,343,544 | |||||||||
| Central TX Tpk | 5.00% | 8/15/2026 | A- | 2,500,000 | 2,597,407 | |||||||||
| Central TX Tpk | 5.00% | 8/15/2027 | A- | 3,300,000 | 3,422,650 | |||||||||
| Central TX Tpk | 5.00% | 8/15/2028 | A- | 3,705,000 | 3,830,737 | |||||||||
| Central TX Tpk | 5.00% | 8/15/2033 | A- | 7,650,000 | 7,840,666 | |||||||||
| Chicago Midway Arpt | 4.00% | 1/1/2034 | A- | 2,175,000 | 2,160,831 | |||||||||
| Chicago Midway Arpt | 5.00% | 1/1/2026 | A- | 6,075,000 | 6,280,817 | |||||||||
| Chicago Midway Arpt AMT | 5.00% | 1/1/2023 | A- | 3,000,000 | 3,042,973 | |||||||||
| Chicago Midway Arpt AMT | 5.00% | 1/1/2026 | A- | 4,605,000 | 4,743,297 | |||||||||
| Chicago Midway Arpt AMT | 5.00% | 1/1/2030 | A- | 5,000,000 | 5,120,183 | |||||||||
| See Notes to Schedule of Investments. | 37 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Chicago Midway Arpt AMT | 5.00% | 1/1/2031 | A- | $ | 2,000,000 | $ | 2,078,347 | |||||||
| Chicago O’Hare Arpt | 4.00% | 1/1/2035 | A | 15,000,000 | 14,951,146 | |||||||||
| Chicago O’Hare Arpt | 5.00% | 1/1/2031 | A | 6,500,000 | 6,783,998 | |||||||||
| Chicago O’Hare Arpt | 5.00% | 1/1/2035 | A | 7,000,000 | 7,670,318 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2029 | A | 7,000,000 | 7,274,709 | |||||||||
| Chicago Trans Auth | 4.00% | 12/1/2050 | A+ | 3,500,000 | 3,353,516 | |||||||||
| Cleveland Arpt (AGM) | 5.00% | 1/1/2027 | AA | 2,175,000 | 2,297,995 | |||||||||
| Delaware River & Bay Auth | 4.00% | 1/1/2044 | A1 | 5,000,000 | 4,979,528 | |||||||||
| Delaware River Port Auth | 5.00% | 1/1/2027 | A | 1,835,000 | 1,857,257 | |||||||||
| Delaware River Port Auth | 5.00% | 1/1/2028 | A+ | 7,500,000 | 7,850,110 | |||||||||
| Delaware River Toll Brdg Commn | 5.00% | 7/1/2029 | A1 | 1,000,000 | 1,104,356 | |||||||||
| Delaware River Toll Brdg Commn | 5.00% | 7/1/2030 | A1 | 1,920,000 | 2,111,099 | |||||||||
| Delaware River Toll Brdg Commn | 5.00% | 7/1/2032 | A1 | 2,025,000 | 2,215,322 | |||||||||
| Denver City & Co Arpt AMT | 5.00% | 12/1/2031 | A1 | 15,000,000 | 16,210,968 | |||||||||
| Denver City & Co Arpt AMT | 5.00% | 12/1/2035 | A1 | 5,000,000 | 5,300,522 | |||||||||
| Denver RTD - Eagle P3 | 4.00% | 1/15/2033 | Baa1 | 850,000 | 814,013 | |||||||||
| Denver RTD - Eagle P3 | 4.00% | 7/15/2034 | Baa1 | 7,650,000 | 7,243,397 | |||||||||
| Denver RTD - Eagle P3 | 4.00% | 7/15/2036 | Baa1 | 700,000 | 654,538 | |||||||||
| Denver RTD - Eagle P3 | 5.00% | 1/15/2032 | Baa1 | 950,000 | 1,000,187 | |||||||||
| E470 Pub Hwy Auth | 1.362% | #(a) | 9/1/2039 | A | 1,690,000 | 1,666,975 | ||||||||
| Foothill / Eastern Corridor Toll Rd | 4.00% | 1/15/2043 | A- | 10,000,000 | 9,281,412 | |||||||||
| GA Atlanta Arpt AMT | 4.00% | 7/1/2038 | Aa3 | 5,200,000 | 5,121,104 | |||||||||
| Greater Orlando Aviation AMT | 5.00% | 10/1/2029 | A+ | 3,000,000 | 3,353,123 | |||||||||
| Greater Orlando Aviation Auth AMT | 4.00% | 10/1/2035 | AA- | 3,000,000 | 2,980,120 | |||||||||
| Greater Orlando Aviation Auth AMT | 4.00% | 10/1/2037 | AA- | 4,000,000 | 3,951,916 | |||||||||
| Greater Orlando Aviation Auth AMT | 4.00% | 10/1/2039 | AA- | 2,900,000 | 2,850,745 | |||||||||
| Hampton Roads Trans Commn | 5.00% | 7/1/2032 | AA | 1,180,000 | 1,332,476 | |||||||||
| Hampton Roads Trans Commn | 5.00% | 7/1/2033 | AA | 1,000,000 | 1,129,217 | |||||||||
| Harris Co Toll Rd | 5.00% | 8/15/2029 | Aa1 | 2,500,000 | 2,812,959 | |||||||||
| Harris Co Toll Rd | 5.00% | 8/15/2030 | Aa1 | 1,000,000 | 1,117,087 | |||||||||
| Harris Co Toll Rd | 5.00% | 8/15/2031 | Aa1 | 3,000,000 | 3,323,653 | |||||||||
| HI Airport Sys AMT | 5.00% | 7/1/2031 | A+ | 1,275,000 | 1,373,570 | |||||||||
| HI Airport Sys AMT | 5.00% | 7/1/2033 | A+ | 3,300,000 | 3,518,558 | |||||||||
| HI Airport Sys AMT | 5.00% | 7/1/2034 | A+ | 2,000,000 | 2,123,254 | |||||||||
| HI Airport Sys AMT | 5.00% | 7/1/2036 | A+ | 5,000,000 | 5,282,084 | |||||||||
| Houston Arpt - Continental Airlines AMT | 4.75% | 7/1/2024 | Ba3 | 4,655,000 | 4,663,390 | |||||||||
| Houston Arpt - United Airlines AMT | 5.00% | 7/15/2027 | B- | (c) | 1,000,000 | 1,015,352 | ||||||||
| 38 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Houston Arpt - United Airlines AMT | 5.00% | 7/15/2035 | B | $ | 1,455,000 | $ | 1,434,447 | |||||||
| Houston Arpt AMT | 5.00% | 7/1/2032 | A1 | 2,300,000 | 2,534,332 | |||||||||
| Houston Arpt AMT | 5.00% | 7/1/2034 | A1 | 4,850,000 | 5,148,890 | |||||||||
| IL State GO | 5.00% | 11/1/2025 | BBB+ | 2,000,000 | 2,118,321 | |||||||||
| IL Toll Hwy Auth | 5.00% | 1/1/2027 | AA- | 1,000,000 | 1,040,679 | |||||||||
| IL Toll Hwy Auth | 5.00% | 1/1/2028 | AA- | 2,535,000 | 2,633,921 | |||||||||
| Kansas City Dev Auth Arpt- Terminal Modernization AMT | 5.00% | 3/1/2036 | A2 | 5,000,000 | 5,284,867 | |||||||||
| Kansas City Dev Auth Arpt- Terminal Modernization AMT | 5.00% | 3/1/2038 | A2 | 6,205,000 | 6,530,567 | |||||||||
| Kansas City IDA - Kansas City Intl Airport AMT | 5.00% | 3/1/2038 | A2 | 13,500,000 | 14,208,325 | |||||||||
| Kansas City IDA - Kansas City Intl Airport AMT | 5.00% | 3/1/2039 | A2 | 6,180,000 | 6,494,032 | |||||||||
| Los Angeles Dept Arpts - LAX | 5.00% | 5/15/2027 | AA- | 2,000,000 | 2,140,221 | |||||||||
| Los Angeles Dept Arpts - LAX | 5.00% | 5/15/2032 | AA- | 5,870,000 | 6,182,320 | |||||||||
| Los Angeles Dept Arpts - LAX AMT | 5.00% | 5/15/2033 | AA | 6,675,000 | 7,183,612 | |||||||||
| Los Angeles Dept Arpts - LAX AMT | 5.00% | 5/15/2034 | AA- | 2,930,000 | 3,230,765 | |||||||||
| Los Angeles Dept Arpts - LAX AMT | 5.00% | 5/15/2035 | AA- | 11,410,000 | 12,290,514 | |||||||||
| Los Angeles Dept Arpts - LAX AMT | 5.00% | 5/15/2036 | AA- | 10,640,000 | 11,410,794 | |||||||||
| Louisville Regl Airport AMT | 5.00% | 7/1/2022 | A+ | 1,625,000 | 1,625,000 | |||||||||
| Louisville Regl Airport AMT | 5.00% | 7/1/2023 | A+ | 2,250,000 | 2,313,055 | |||||||||
| MA Port Auth AMT | 5.00% | 7/1/2031 | AA | 7,500,000 | 8,189,521 | |||||||||
| MD EDC - CNX Marine Terminals | 5.75% | 9/1/2025 | BB | 5,000,000 | 5,011,271 | |||||||||
| MD EDC - Port Covington | 3.25% | 9/1/2030 | NR | 500,000 | 451,965 | |||||||||
| MD EDC - Port Covington | 4.00% | 9/1/2040 | NR | 1,000,000 | 876,966 | |||||||||
| MD EDC - Ports America Chesapeake AMT | 5.00% | 6/1/2044 | Baa2 | 125,000 | 129,505 | |||||||||
| MD EDC - Purple Line AMT | 5.00% | 11/12/2028 | Baa3 | 7,500,000 | 7,900,611 | |||||||||
| Met Airpt Auth - Dulles Metrorail | 4.00% | 10/1/2035 | A- | 1,000,000 | 968,456 | |||||||||
| Met Airpt Auth - Dulles Metrorail | 4.00% | 10/1/2036 | A- | 1,500,000 | 1,445,913 | |||||||||
| Met Airpt Auth - Dulles Metrorail | 4.00% | 10/1/2037 | A- | 1,500,000 | 1,439,212 | |||||||||
| Met DC Arpt AMT | 5.00% | 10/1/2031 | AA- | 5,000,000 | 5,311,270 | |||||||||
| Met Nashville Arpt Auth AMT | 5.00% | 7/1/2036 | A2 | 7,500,000 | 8,054,475 | |||||||||
| Met Nashville Arpt Auth AMT | 5.00% | 7/1/2037 | A2 | 8,750,000 | 9,376,373 | |||||||||
| Met Nashville Arpt Auth AMT | 5.00% | 7/1/2038 | A2 | 5,000,000 | 5,345,873 | |||||||||
| Met Nashville Arpt Auth AMT | 5.00% | 7/1/2039 | A2 | 5,000,000 | 5,336,067 | |||||||||
| Metropolitan DC Arpts AMT | 5.00% | 10/1/2031 | AA- | 4,000,000 | 4,438,442 | |||||||||
| Miami Dade Co Aviation - MIA | 5.00% | 10/1/2025 | A2 | 3,690,000 | 3,891,460 | |||||||||
| See Notes to Schedule of Investments. | 39 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Miami Dade Co Aviation - MIA AMT | 5.00% | 10/1/2022 | A2 | $ | 1,550,000 | $ | 1,561,798 | |||||||
| Miami Dade Co Aviation - MIA AMT | 5.00% | 10/1/2027 | A2 | 5,145,000 | 5,354,343 | |||||||||
| Miami Dade Co Aviation - MIA AMT | 5.00% | 10/1/2028 | A2 | 3,500,000 | 3,632,484 | |||||||||
| Miami Dade Co Aviation - MIA AMT | 5.00% | 10/1/2033 | A2 | 4,240,000 | 4,383,627 | |||||||||
| Miami Dade Co Aviation - MIA AMT | 5.00% | 10/1/2034 | A2 | 17,070,000 | 17,598,823 | |||||||||
| Miami Dade Co Expwy Auth | 5.00% | 7/1/2022 | A | 1,750,000 | 1,750,000 | |||||||||
| Miami Dade Co Expwy Auth | 5.00% | 7/1/2023 | A | 2,500,000 | 2,572,548 | |||||||||
| Miami Dade Co Expwy Auth | 5.00% | 7/1/2023 | A | 2,000,000 | 2,005,239 | |||||||||
| Miami Dade Co Expwy Auth | 5.00% | 7/1/2024 | A | 3,500,000 | 3,543,516 | |||||||||
| Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2028 | A | 3,500,000 | 3,610,050 | |||||||||
| Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2029 | A+ | 5,000,000 | 5,429,432 | |||||||||
| Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2030 | A+ | 5,000,000 | 5,410,157 | |||||||||
| MTA NY | 4.00% | 11/15/2032 | A3 | 8,500,000 | 8,274,363 | |||||||||
| MTA NY | 4.75% | 11/15/2045 | A3 | 14,000,000 | 14,182,479 | |||||||||
| MTA NY | 5.00% | 11/1/2023 | A3 | 5,640,000 | 5,692,150 | |||||||||
| MTA NY | 5.00% | 11/15/2028 | A3 | 9,090,000 | 9,782,383 | |||||||||
| MTA NY | 5.00% | 11/15/2029 | A3 | 5,000,000 | 5,338,528 | |||||||||
| MTA NY | 5.00% | 11/15/2031 | A3 | 12,180,000 | 12,328,843 | |||||||||
| MTA NY | 5.00% | 11/15/2033 | A3 | 4,025,000 | 4,225,437 | |||||||||
| MTA NY | 5.00% | 11/15/2035 | A3 | 5,000,000 | 5,155,999 | |||||||||
| MTA NY | 5.00% | 11/15/2038 | A3 | 1,500,000 | 1,520,990 | |||||||||
| MTA NY | 5.25% | 11/15/2028 | A3 | 6,760,000 | 7,202,857 | |||||||||
| MTA NY | 5.25% | 11/15/2035 | A3 | 7,500,000 | 7,739,562 | |||||||||
| NC Tpk Auth - Triangle Exprs | 5.00% | 1/1/2032 | BBB | 1,000,000 | 1,046,047 | |||||||||
| NC Tpk Auth - Triangle Exprs (AGM) | 4.00% | 1/1/2037 | AA | 12,895,000 | 12,760,042 | |||||||||
| NC Tpk Auth - Triangle Exprs (AGM) | 4.00% | 1/1/2038 | AA | 9,000,000 | 8,805,992 | |||||||||
| NC Tpk Auth - Triangle Exprs (AGM) | 5.00% | 1/1/2031 | AA | 1,000,000 | 1,085,134 | |||||||||
| New York St Twy Auth Gen Rev Bds O | 4.00% | 1/1/2037 | A1 | 11,770,000 | 11,621,483 | (b) | ||||||||
| Niagara Frontier Trsp - Buffalo Intl Arpt AMT | 5.00% | 4/1/2023 | A3 | 3,000,000 | 3,064,123 | |||||||||
| Niagara Frontier Trsp - Buffalo Intl Arpt AMT | 5.00% | 4/1/2027 | A3 | 3,185,000 | 3,288,876 | |||||||||
| Niagara Frontier Trsp - Buffalo Intl Arpt AMT | 5.00% | 4/1/2030 | A3 | 365,000 | 392,970 | |||||||||
| Niagara Frontier Trsp - Buffalo Intl Arpt AMT | 5.00% | 4/1/2031 | A3 | 300,000 | 320,694 | |||||||||
| Niagara Frontier Trsp - Buffalo Intl Arpt AMT | 5.00% | 4/1/2032 | A3 | 775,000 | 825,707 | |||||||||
| 40 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Niagara Frontier Trsp - Buffalo Intl Arpt AMT | 5.00% | 4/1/2034 | A3 | $ | 865,000 | $ | 916,656 | |||||||
| NJ EDA - Goethals Brdg AMT | 5.125% | 1/1/2034 | BBB+ | 5,010,000 | 5,090,421 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2029 | AA- | 5,000,000 | 5,248,669 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2031 | AA- | 5,000,000 | 5,283,600 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2031 | AA- | 5,000,000 | 5,361,377 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2033 | AA- | 2,100,000 | 2,263,514 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2034 | AA- | 1,500,000 | 1,634,804 | |||||||||
| NJ Trans Trust Fund | 4.00% | 6/15/2038 | A3 | 3,000,000 | 2,956,372 | |||||||||
| NJ Trans Trust Fund | 4.00% | 6/15/2039 | A3 | 6,000,000 | 5,874,680 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2028 | A+ | 6,275,000 | 6,749,692 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2034 | A3 | 2,625,000 | 2,825,157 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2035 | A3 | 3,425,000 | 3,677,533 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2036 | A3 | 5,000,000 | 5,358,262 | |||||||||
| North TX Twy Auth | 4.00% | 1/1/2037 | A+ | 8,740,000 | 8,952,651 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2023 | NR | 1,985,000 | 2,019,302 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2023 | A+ | 3,015,000 | 3,064,867 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2025 | A+ | 5,000,000 | 5,219,103 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2031 | A | 8,085,000 | 8,326,994 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2035 | A+ | 3,500,000 | 3,762,471 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2035 | A+ | 1,500,000 | 1,775,588 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2036 | A+ | 5,000,000 | 5,296,398 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2043 | A | 5,250,000 | 5,556,184 | |||||||||
| NV State Highway Rev | 5.00% | 12/1/2030 | AAA | 10,000,000 | 11,127,627 | |||||||||
| NY Trans Dev Corp - Delta Airlines AMT | 4.00% | 1/1/2036 | Baa3 | 10,010,000 | 9,324,390 | |||||||||
| NY Trans Dev Corp - Delta Airlines AMT | 5.00% | 1/1/2036 | Baa3 | 10,500,000 | 10,619,937 | |||||||||
| NY Trans Dev Corp - Delta Airlines AMT | 5.00% | 10/1/2040 | Baa3 | 6,750,000 | 6,804,543 | |||||||||
| NY Trans Dev Corp - Delta AMT | 4.375% | 10/1/2045 | Baa3 | 6,750,000 | 6,199,255 | |||||||||
| NY Trans Dev Corp - Delta AMT | 5.00% | 1/1/2031 | Baa3 | 4,225,000 | 4,318,352 | |||||||||
| NY Trans Dev Corp - Delta AMT | 5.00% | 1/1/2033 | Baa3 | 11,000,000 | 11,180,726 | |||||||||
| NY Trans Dev Corp - Delta AMT | 5.00% | 1/1/2034 | Baa3 | 3,450,000 | 3,499,291 | |||||||||
| NY Trans Dev Corp - JFK IAT | 4.00% | 12/1/2041 | Baa1 | 3,200,000 | 3,004,035 | |||||||||
| NY Trans Dev Corp - JFK IAT | 5.00% | 12/1/2030 | Baa1 | 3,000,000 | 3,217,846 | |||||||||
| NY Trans Dev Corp - JFK IAT | 5.00% | 12/1/2031 | Baa1 | 2,160,000 | 2,325,937 | |||||||||
| NY Trans Dev Corp - JFK IAT | 5.00% | 12/1/2032 | Baa1 | 5,045,000 | 5,345,534 | |||||||||
| NY Trans Dev Corp - JFK IAT | 5.00% | 12/1/2035 | Baa1 | 1,500,000 | 1,582,139 | |||||||||
| NY Trans Dev Corp - JFK IAT | 5.00% | 12/1/2037 | Baa1 | 1,000,000 | 1,049,158 | |||||||||
| See Notes to Schedule of Investments. | 41 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2024 | Baa1 | $ | 750,000 | $ | 783,110 | |||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2027 | Baa1 | 1,025,000 | 1,086,289 | |||||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2030 | Baa1 | 10,000,000 | 10,616,009 | |||||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2031 | Baa1 | 2,150,000 | 2,269,434 | |||||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2033 | Baa1 | 1,800,000 | 1,884,311 | |||||||||
| NY Trans Dev Corp - LaGuardia Airport AMT | 4.00% | 7/1/2031 | Baa3 | 3,000,000 | 2,941,071 | |||||||||
| NY Trans Dev Corp - LaGuardia Airport AMT | 4.00% | 7/1/2032 | Baa3 | 3,000,000 | 2,901,563 | |||||||||
| NY Trans Dev Corp - LaGuardia Airport AMT | 4.00% | 7/1/2033 | Baa3 | 3,500,000 | 3,359,925 | |||||||||
| NY Trans Dev Corp - LaGuardia Airport AMT | 5.00% | 7/1/2034 | Baa3 | 2,250,000 | 2,313,056 | |||||||||
| NY Trans Dev Corp - LaGuardia Airport AMT | 5.25% | 1/1/2050 | Baa3 | 20,000,000 | 20,505,992 | |||||||||
| NY Trans Dev Corp - TOGA AMT | 5.00% | 1/1/2023 | Baa3 | 750,000 | 758,246 | |||||||||
| NY Twy Auth | 5.00% | 1/1/2024 | A1 | 1,960,000 | 2,047,657 | |||||||||
| NY Twy Auth | 5.00% | 1/1/2026 | A1 | 5,115,000 | 5,453,374 | |||||||||
| NY Twy Auth | 5.00% | 1/1/2033 | A1 | 3,405,000 | 3,735,129 | |||||||||
| NYS Thruway - Service Area AMT | 4.00% | 10/31/2041 | BBB- | (c) | 3,000,000 | 2,635,902 | ||||||||
| NYS Thruway - Service Area Proj AMT | 4.00% | 10/31/2034 | BBB- | (c) | 750,000 | 695,402 | ||||||||
| Orlando & Orange Co Expwy Auth | 5.00% | 7/1/2030 | A+ | 10,000,000 | 10,327,134 | |||||||||
| PA Tpk Commn | 4.00% | 12/1/2036 | A | 1,000,000 | 988,400 | |||||||||
| PA Tpk Commn | 4.00% | 12/1/2037 | A | 2,500,000 | 2,464,144 | |||||||||
| PA Tpk Commn | 4.00% | 12/1/2038 | A | 4,250,000 | 4,169,318 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2022 | A+ | 3,500,000 | 3,548,058 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2032 | A1 | 1,500,000 | 1,679,603 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2033 | A1 | 1,300,000 | 1,442,424 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2034 | A1 | 1,200,000 | 1,324,656 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2035 | A1 | 1,800,000 | 1,977,345 | |||||||||
| Philadelphia Arpt AMT | 5.00% | 7/1/2032 | A2 | 3,660,000 | 4,015,258 | |||||||||
| Philadelphia Arpt AMT | 5.00% | 7/1/2033 | A2 | 4,050,000 | 4,415,604 | |||||||||
| Phoenix Arpt | 5.00% | 7/1/2036 | Aa3 | 4,045,000 | 4,352,481 | |||||||||
| Phoenix Arpt | 5.00% | 7/1/2038 | Aa3 | 5,000,000 | 5,364,109 | |||||||||
| Phoenix Arpt AMT | 5.00% | 7/1/2022 | Aa3 | 1,500,000 | 1,500,000 | |||||||||
| Phoenix Arpt AMT | 5.00% | 7/1/2029 | A1 | 1,500,000 | 1,654,332 | |||||||||
| Phoenix Arpt AMT | 5.00% | 7/1/2030 | A1 | 4,245,000 | 4,643,405 | |||||||||
| Phoenix Civic Impt Corp AR | 5.00% | 7/1/2036 | A1 | 5,000,000 | 5,337,422 | |||||||||
| 42 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Pittsburgh Intl Airport AMT | 4.00% | 1/1/2037 | A2 | $ | 5,000,000 | $ | 4,825,620 | |||||||
| Port Auth NY & NJ | 4.00% | 11/1/2037 | AA- | 3,540,000 | 3,529,208 | |||||||||
| Port Auth NY & NJ | 5.00% | 12/1/2023 | AA- | 5,300,000 | 5,537,901 | |||||||||
| Port Auth NY & NJ | 5.00% | 12/1/2025 | AA- | 10,000,000 | 10,414,731 | |||||||||
| Port Auth NY & NJ | 5.00% | 10/15/2026 | AA- | 5,605,000 | 6,065,067 | |||||||||
| Port Auth NY & NJ | 5.00% | 10/15/2027 | AA- | 4,750,000 | 5,124,296 | |||||||||
| Port Auth NY & NJ AMT | 4.00% | 7/15/2034 | AA- | 2,250,000 | 2,239,453 | |||||||||
| Port Auth NY & NJ AMT | 4.00% | 7/15/2035 | AA- | 2,250,000 | 2,223,074 | |||||||||
| Port Auth NY & NJ AMT | 4.00% | 7/15/2036 | AA- | 1,500,000 | 1,469,249 | |||||||||
| Port Auth NY & NJ AMT | 4.00% | 7/15/2037 | AA- | 2,000,000 | 1,941,303 | |||||||||
| Port Auth NY & NJ AMT | 4.00% | 7/15/2038 | AA- | 3,000,000 | 2,868,644 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2028 | AA- | 4,000,000 | 4,383,302 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 11/1/2030 | AA- | 4,100,000 | 4,584,137 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 10/15/2034 | AA- | 9,170,000 | 9,428,903 | |||||||||
| Port of Portland - Portland Intl Arpt AMT | 5.00% | 7/1/2029 | AA- | 5,000,000 | 5,498,084 | |||||||||
| Port of Portland - Portland Intl Arpt AMT | 5.00% | 7/1/2033 | AA- | 6,920,000 | 7,632,242 | |||||||||
| Port of Portland - Portland Intl Arpt AMT | 5.00% | 7/1/2037 | AA- | 2,420,000 | 2,585,060 | |||||||||
| Port of Portland - Portland Intl Arpt AMT | 5.00% | 7/1/2038 | AA- | 3,250,000 | 3,464,685 | |||||||||
| Port of Portland - Portland Intl Arpt AMT | 5.00% | 7/1/2039 | AA- | 3,330,000 | 3,544,143 | |||||||||
| Port Seattle AMT | 5.00% | 5/1/2033 | A+ | 4,045,000 | 4,369,003 | |||||||||
| Port Seattle AMT | 5.00% | 4/1/2044 | A+ | 14,870,000 | 15,615,619 | |||||||||
| PR Hwy & Trans Auth(d) | 5.00% | 7/1/2033 | NR | 1,215,000 | 671,288 | |||||||||
| PR Hwy & Trans Auth(d) | 5.50% | 7/1/2023 | NR | 4,305,000 | 2,378,513 | |||||||||
| PR Hwy & Trans Auth(d) | 5.50% | 7/1/2024 | NR | 3,000,000 | 1,657,500 | |||||||||
| PR Hwy & Trans Auth (AGC) | 5.25% | 7/1/2036 | AA | 1,560,000 | 1,592,836 | |||||||||
| PR Hwy & Trans Auth (AGM) | 5.25% | 7/1/2032 | AA | 1,000,000 | 1,023,258 | |||||||||
| Riverside Co Trsp Comm | 4.00% | 6/1/2038 | A | 4,225,000 | 4,146,518 | |||||||||
| Riverside Co Trsp Comm | 4.00% | 6/1/2039 | A | 3,275,000 | 3,200,693 | |||||||||
| Riverside Co Trsp Comm | 4.00% | 6/1/2040 | A | 2,000,000 | 1,942,825 | |||||||||
| Sacramento Co Arpt AMT | 5.00% | 7/1/2027 | A+ | 5,950,000 | 6,481,224 | |||||||||
| Sacramento Co Arpt AMT | 5.00% | 7/1/2034 | A+ | 4,000,000 | 4,235,535 | |||||||||
| Salt Lake City Arpt AMT | 5.00% | 7/1/2037 | A | 2,000,000 | 2,091,802 | |||||||||
| Salt Lake City Arpt AMT | 5.00% | 7/1/2029 | A | 3,000,000 | 3,277,262 | |||||||||
| Salt Lake City Arpt AMT | 5.00% | 7/1/2030 | A | 2,275,000 | 2,437,951 | |||||||||
| Salt Lake City Arpt AMT | 5.00% | 7/1/2031 | A | 3,000,000 | 3,197,936 | |||||||||
| Salt Lake City Arpt AMT | 5.00% | 7/1/2032 | A | 8,750,000 | 9,284,452 | |||||||||
| Salt Lake City Arpt AMT | 5.00% | 7/1/2034 | A | 14,645,000 | 15,547,526 | |||||||||
| See Notes to Schedule of Investments. | 43 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Salt Lake City Arpt AMT | 5.00% | 7/1/2034 | A | $ | 4,455,000 | $ | 4,687,937 | |||||||
| San Diego Arpt | 4.00% | 7/1/2037 | A | 2,000,000 | 2,001,630 | |||||||||
| San Diego Arpt | 4.00% | 7/1/2038 | A | 2,000,000 | 1,997,517 | |||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2036 | A1 | 4,245,000 | 4,511,867 | |||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2036 | A1 | 3,195,000 | 3,395,858 | |||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2037 | A1 | 15,565,000 | 16,460,255 | |||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2038 | A1 | 6,015,000 | 6,348,441 | |||||||||
| San Joaquin Hills Trsp | 4.00% | 1/15/2034 | A | 3,250,000 | 3,187,301 | |||||||||
| San Joaquin Hills Trsp | 4.00% | 1/15/2035 | A | 1,730,000 | 1,687,544 | |||||||||
| San Joaquin Hills Trsp | 4.00% | 1/15/2036 | A | 1,400,000 | 1,359,771 | |||||||||
| San Jose Arpt | 5.00% | 3/1/2026 | A | 1,200,000 | 1,247,484 | |||||||||
| San Jose Arpt | 5.00% | 3/1/2027 | A | 2,260,000 | 2,342,765 | |||||||||
| San Jose Arpt | 5.00% | 3/1/2028 | A | 1,655,000 | 1,712,025 | |||||||||
| San Jose Arpt AMT | 5.00% | 3/1/2035 | A | 1,500,000 | 1,565,756 | |||||||||
| South Carolina Ports AMT | 5.00% | 7/1/2032 | A+ | 4,225,000 | 4,574,140 | |||||||||
| Triborough Brdg & Tunl Auth | 5.00% | 11/15/2029 | AA- | 5,650,000 | 6,221,743 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 12/31/2033 | Baa2 | 6,500,000 | 6,249,561 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 12/31/2034 | Baa2 | 6,500,000 | 6,189,997 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 12/31/2035 | Baa2 | 6,000,000 | 5,681,073 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 6/30/2036 | Baa2 | 4,125,000 | 3,894,860 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 12/31/2036 | Baa2 | 5,500,000 | 5,176,013 | |||||||||
| VA Small Bus Fing - 95 Express AMT | 5.00% | 7/1/2032 | BBB- | 7,050,000 | 7,672,007 | |||||||||
| VA Small Bus Fing - 95 Express AMT | 5.00% | 1/1/2034 | BBB- | 9,105,000 | 9,750,046 | |||||||||
| VA Small Bus Fing - 95 Express AMT | 5.00% | 1/1/2038 | BBB- | 7,465,000 | 7,874,225 | |||||||||
| Wayne Co Arpt AMT | 5.00% | 12/1/2026 | A1 | 1,590,000 | 1,702,245 | |||||||||
| Wayne Co Arpt AMT | 5.00% | 12/1/2027 | A1 | 2,000,000 | 2,124,102 | |||||||||
| Total | 1,256,595,550 | |||||||||||||
| Utilities 12.89% | ||||||||||||||
| Albuquerque Bernalillo Co Wtr Util | 5.00% | 7/1/2024 | AA | 2,645,000 | 2,799,785 | |||||||||
| Albuquerque Bernalillo Co Wtr Util | 5.00% | 7/1/2025 | AA | 4,000,000 | 4,227,645 | |||||||||
| Amelia Co IDA - Waste Mgmt AMT | 1.45% | #(a) | 4/1/2027 | A- | 2,500,000 | 2,198,394 | ||||||||
| Appling Co Dev - Oglethorpe Power | 1.50% | #(a) | 1/1/2038 | BBB+ | 1,250,000 | 1,198,881 | ||||||||
| Black Belt Energy Gas Dist | 4.00% | #(a) | 12/1/2052 | Baa1 | 11,100,000 | 11,121,342 | ||||||||
| Black Belt Energy Gas Dist - RBC(e) | 4.00% | #(a) | 7/1/2052 | Aa1 | 6,000,000 | 6,180,597 | ||||||||
| Burke Co Dev - Vogtle Proj | 2.20% | 10/1/2032 | BBB+ | 1,000,000 | 931,156 | |||||||||
| CA Choice Clean Energy - Morgan Stanley | 4.00% | #(a) | 2/1/2052 | A1 | 7,105,000 | 7,105,197 | ||||||||
| CA Poll Ctl - Poseidon Res† | 5.00% | 7/1/2039 | Baa3 | 5,000,000 | 5,176,286 | |||||||||
| 44 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| CA Poll Ctl - Poseidon Res AMT† | 5.00% | 7/1/2037 | Baa3 | $ | 5,570,000 | $ | 5,589,677 | |||||||
| Central Plains - Goldman Sachs | 5.00% | 9/1/2027 | A2 | 7,525,000 | 7,565,399 | |||||||||
| Central Plains - Goldman Sachs | 5.00% | 9/1/2035 | BBB+ | 3,435,000 | 3,680,679 | |||||||||
| Chicago Wastewater | 5.00% | 1/1/2029 | A | 4,335,000 | 4,701,621 | |||||||||
| Chicago Wastewater | 5.00% | 1/1/2030 | A | 6,500,000 | 7,024,698 | |||||||||
| Chicago Water | 5.00% | 11/1/2025 | A | 2,625,000 | 2,775,612 | |||||||||
| Chicago Water (AGM) | 5.00% | 11/1/2034 | AA | 6,275,000 | 6,763,426 | |||||||||
| Chicago Water (AGM) | 5.00% | 11/1/2035 | AA | 5,000,000 | 5,382,009 | |||||||||
| Chicago Water (AGM) | 5.25% | 11/1/2030 | AA | 5,510,000 | 6,061,613 | |||||||||
| Clarion Co IDA - American Wtr AMT | 2.45% | #(a) | 12/1/2039 | A+ | 2,250,000 | 2,099,433 | ||||||||
| Cleveland Public Pwr (AGM) | 4.00% | 11/15/2034 | AA | 1,000,000 | 1,052,092 | |||||||||
| Cleveland Public Pwr (AGM) | 4.00% | 11/15/2036 | AA | 1,000,000 | 1,018,765 | |||||||||
| Cleveland Public Pwr (AGM) | 4.00% | 11/15/2038 | AA | 1,000,000 | 1,012,023 | |||||||||
| Cleveland Public Pwr (AGM) | 5.00% | 11/15/2033 | AA | 2,000,000 | 2,259,929 | |||||||||
| DE EDA - NRG Energy | 1.25% | #(a) | 10/1/2040 | BBB- | 7,500,000 | 6,992,561 | ||||||||
| DE EDA - NRG Energy | 1.25% | #(a) | 10/1/2045 | BBB- | 20,300,000 | 18,926,532 | ||||||||
| Detroit Sewer | 5.00% | 7/1/2034 | A+ | 4,200,000 | 4,395,641 | |||||||||
| Detroit Sewer | 5.00% | 7/1/2035 | A+ | 1,835,000 | 1,918,349 | |||||||||
| Detroit Water (AGM) | 5.00% | 7/1/2037 | AA | 5,000,000 | 5,174,563 | |||||||||
| FL DFC - Waste Pro AMT | 3.00% | 6/1/2032 | NR | 5,000,000 | 4,058,272 | |||||||||
| Guam Waterworks | 5.00% | 7/1/2036 | A- | 1,000,000 | 1,044,274 | |||||||||
| Guam Waterworks Auth | 5.00% | 7/1/2029 | A- | 1,000,000 | 1,030,959 | |||||||||
| HI Dept Budget - Hawaiian Electric | 3.20% | 7/1/2039 | Baa1 | 11,120,000 | 9,277,116 | |||||||||
| HI Dept Budget - Hawaiian Electric AMT | 4.00% | 3/1/2037 | Baa1 | 3,000,000 | 2,913,425 | |||||||||
| Houston Util Sys | 5.00% | 11/15/2023 | AA | 4,000,000 | 4,171,877 | |||||||||
| Houston Util Sys | 5.00% | 11/15/2026 | AA | 5,355,000 | 5,711,407 | |||||||||
| Imperial Irrigation Dist | 5.00% | 11/1/2032 | AA- | 2,000,000 | 2,160,776 | |||||||||
| IN Muni Pwr | 5.00% | 1/1/2033 | A+ | 5,210,000 | 5,706,862 | |||||||||
| IN Muni Pwr | 5.00% | 1/1/2034 | A+ | 4,000,000 | 4,365,788 | |||||||||
| KY Muni Pwr - Prarie State Proj | 3.45% | #(a) | 9/1/2042 | Baa1 | 5,935,000 | 5,814,144 | ||||||||
| KY Public Energy Auth - BP | 4.00% | #(a) | 1/1/2049 | A2 | 6,375,000 | 6,452,998 | ||||||||
| KY Public Energy Auth - Morgan Stanley | 4.00% | #(a) | 4/1/2048 | A1 | 3,200,000 | 3,230,900 | ||||||||
| LA Env Facs - E Baton Rouge Swr | 0.875% | #(a) | 2/1/2046 | A+ | 15,000,000 | 13,671,211 | ||||||||
| Long Beach Nat Gas - ML | 2.376% | #(a) | 11/15/2026 | A2 | 4,000,000 | 3,927,168 | ||||||||
| Long Island Power Auth | 0.85% | #(a) | 9/1/2050 | A | 6,000,000 | 5,644,208 | ||||||||
| Long Island Power Auth | 5.00% | 9/1/2034 | A | 2,250,000 | 2,466,387 | |||||||||
| Lower AL Gas Dist - Goldman Sachs | 5.00% | 9/1/2031 | A2 | 4,005,000 | 4,288,887 | |||||||||
| Lower Colo Riv Auth - Transmn Contract | 5.00% | 5/15/2034 | A | 3,190,000 | 3,523,696 | |||||||||
| See Notes to Schedule of Investments. | 45 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Lower Colo Riv Auth - Transmn Contract | 5.00% | 5/15/2035 | A | $ | 4,860,000 | $ | 5,358,766 | |||||||
| Lower Colo Riv Auth - Transmn Contract | 5.00% | 5/15/2036 | A | 5,055,000 | 5,549,216 | |||||||||
| Lower Colorado River Authority Transmission Services Corp | 5.00% | 5/15/2036 | A | 3,020,000 | 3,315,258 | |||||||||
| Luzerne Co IDA - American Wtr AMT | 2.45% | #(a) | 12/1/2039 | A+ | 4,000,000 | 3,788,170 | ||||||||
| Main St Nat Gas - Citibank | 4.00% | #(a) | 3/1/2050 | A3 | 18,170,000 | 18,234,811 | ||||||||
| Main St Nat Gas - Citibank | 4.00% | #(a) | 5/1/2052 | A3 | 9,985,000 | 10,001,885 | ||||||||
| Main St Nat Gas - Citibank | 4.00% | #(a) | 9/1/2052 | A3 | 10,000,000 | 9,930,504 | ||||||||
| Main St Nat Gas- Citadel† | 4.00% | #(a) | 8/1/2052 | BBB- | 72,500,000 | 71,338,499 | ||||||||
| Maricopa Co Poll Cntrl - El Paso Elec | 3.60% | 2/1/2040 | Baa2 | 5,085,000 | 4,516,639 | |||||||||
| Maricopa Co Poll Cntrl - El Paso Elec | 3.60% | 4/1/2040 | Baa2 | 3,870,000 | 3,434,657 | |||||||||
| Miami Dade Co Wtr & Swr | 5.00% | 10/1/2043 | AA- | 6,485,000 | 7,043,860 | |||||||||
| Miami-Dade Co Wtr & Swr | 4.00% | 10/1/2035 | AA- | 5,000,000 | 5,043,940 | |||||||||
| MO Joint Muni Elec Util Commn | 5.00% | 1/1/2023 | A2 | 2,000,000 | 2,033,079 | |||||||||
| MO Joint Muni Elec Util Commn | 5.00% | 1/1/2025 | A2 | 1,500,000 | 1,564,829 | |||||||||
| Modesto Irrigation Dist | 5.00% | 7/1/2023 | A+ | 1,780,000 | 1,838,586 | |||||||||
| Modesto Irrigation Dist | 5.00% | 7/1/2024 | A+ | 3,720,000 | 3,838,956 | |||||||||
| Modesto Irrigation Dist | 5.00% | 7/1/2025 | A+ | 8,410,000 | 8,679,229 | |||||||||
| Monroe Dev Auth - Oglethorpe Power | 1.50% | #(a) | 1/1/2039 | BBB+ | 1,875,000 | 1,798,321 | ||||||||
| North Sumter Co Util Dep Dist | 5.00% | 10/1/2032 | A | 8,000,000 | 8,064,582 | |||||||||
| Northern CA Gas - Goldman Sachs | 4.00% | #(a) | 7/1/2049 | A2 | 7,500,000 | 7,627,405 | ||||||||
| NYC Muni Water | 4.00% | 6/15/2037 | AA+ | 3,630,000 | 3,641,636 | |||||||||
| Omaha Pub Pwr Dist | 5.00% | 2/1/2029 | AA | 5,000,000 | 5,436,533 | |||||||||
| Orlando Util Commn | 1.25% | #(a) | 10/1/2046 | AA | 10,000,000 | 8,405,354 | ||||||||
| Pennsylvania Economic Development Financing Authority AMT | 1.10% | #(a) | 6/1/2031 | A- | 5,000,000 | 4,412,780 | ||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2026 | A | 1,000,000 | 1,071,380 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2027 | A | 1,000,000 | 1,069,546 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2028 | A | 1,250,000 | 1,370,067 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2029 | A | 1,700,000 | 1,855,106 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2030 | A | 1,425,000 | 1,548,246 | |||||||||
| Philadelphia Gas Works | 5.00% | 10/1/2033 | A | 2,390,000 | 2,578,050 | |||||||||
| Philadelphia Water & Wastewater | 5.00% | 11/1/2029 | A+ | 3,185,000 | 3,534,645 | |||||||||
| Phoenix Civic Impt Corp - Water Sys | 5.00% | 7/1/2027 | AAA | 5,010,000 | 5,284,071 | |||||||||
| Piedmont Muni Pwr Agency | 4.00% | 1/1/2033 | A- | 7,300,000 | 7,369,551 | |||||||||
| Piedmont Muni Pwr Agency | 5.00% | 1/1/2034 | A- | 13,660,000 | 14,579,448 | |||||||||
| PR Aqueduct & Swr Auth† | 4.00% | 7/1/2042 | NR | 13,455,000 | 11,874,950 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2022 | NR | 4,735,000 | 4,735,000 | |||||||||
| 46 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2022 | NR | $ | 4,500,000 | $ | 4,500,000 | |||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2025 | NR | 3,500,000 | 3,597,664 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2030 | NR | 10,670,000 | 11,126,460 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2033 | NR | 850,000 | 870,959 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2033 | NR | 5,000,000 | 5,129,939 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2037 | NR | 6,000,000 | 6,108,610 | |||||||||
| PR Elec Pwr Auth(d)(e) | 5.00% | 7/1/2037 | D | (c) | 1,035,000 | 879,750 | (b) | |||||||
| PR Elec Pwr Auth(d)(e) | 5.00% | 7/1/2042 | D | (c) | 2,390,000 | 2,031,500 | (b) | |||||||
| PR Elec Pwr Auth(d)(e) | 5.50% | 7/1/2038 | D | (c) | 2,350,000 | 2,006,313 | (b) | |||||||
| PR Elec Pwr Auth(d)(e) | 7.00% | 7/1/2033 | D | (c) | 4,000,000 | 3,540,000 | ||||||||
| PR Elec Pwr Auth(d)(e) | 7.00% | 7/1/2040 | D | (c) | 725,000 | 641,625 | ||||||||
| PR Elec Pwr Auth (AGM) | 1.168% | #(a) | 7/1/2029 | AA | 5,720,000 | 5,932,671 | ||||||||
| Riverside Elec | 5.00% | 10/1/2037 | AA- | 4,000,000 | 4,398,418 | |||||||||
| Riverside Elec | 5.00% | 10/1/2038 | AA- | 5,000,000 | 5,487,234 | |||||||||
| Salt Verde Fin Corp - Citi | 5.00% | 12/1/2037 | A3 | 7,165,000 | 7,703,295 | |||||||||
| Salt Verde Fin Corp - Citi | 5.25% | 12/1/2026 | A3 | 7,500,000 | 8,097,768 | |||||||||
| Salt Verde Fin Corp - Citi | 5.50% | 12/1/2029 | A3 | 5,100,000 | 5,674,311 | |||||||||
| San Antonio Elec & Gas | 5.00% | 2/1/2029 | Aa2 | 7,340,000 | 8,019,150 | |||||||||
| SC Pub Service Auth - Santee Cooper | 5.00% | 12/1/2032 | A | 2,670,000 | 2,914,140 | |||||||||
| SE AL Gas Dist | 4.00% | #(a) | 12/1/2051 | A1 | 12,255,000 | 12,210,166 | ||||||||
| Seminole Co Wtr & Swr | 5.00% | 10/1/2024 | AA+ | 4,000,000 | 4,259,692 | |||||||||
| Stockton PFA - Wastewater (BAM) | 5.00% | 9/1/2024 | AA | 1,000,000 | 1,058,887 | |||||||||
| TEAC - Goldman Sachs | 5.25% | 9/1/2024 | A2 | 8,940,000 | 9,307,612 | |||||||||
| TEAC - Goldman Sachs | 5.625% | 9/1/2026 | BBB | (c) | 5,000,000 | 5,427,227 | ||||||||
| Texas Municipal Power Agency (AGM) | 3.00% | 9/1/2034 | AA | 1,470,000 | 1,362,462 | |||||||||
| Texas Municipal Power Agency (AGM) | 3.00% | 9/1/2036 | AA | 5,250,000 | 4,774,343 | |||||||||
| Texas Water Dev Brd | 3.00% | 10/15/2033 | AAA | 4,000,000 | 3,806,805 | |||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2030 | A- | (c) | 300,000 | 342,414 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2031 | A- | (c) | 300,000 | 340,952 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2032 | A- | (c) | 500,000 | 564,405 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2033 | A- | (c) | 900,000 | 1,012,654 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2034 | A- | (c) | 970,000 | 1,089,100 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2035 | A- | (c) | 900,000 | 1,005,346 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2037 | A- | (c) | 675,000 | 746,632 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2039 | A- | (c) | 1,400,000 | 1,532,437 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2040 | A- | (c) | 1,500,000 | 1,633,367 | ||||||||
| TX Muni Gas Acq & Supply - Macquarie | 5.00% | 12/15/2027 | A3 | 4,375,000 | 4,648,145 | |||||||||
| See Notes to Schedule of Investments. | 47 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||||
| Utilities (continued) | ||||||||||||||||
| TX Muni Gas Acq & Supply - Macquarie | 5.00% | 12/15/2029 | A3 | $ | 25,600,000 | $ | 27,271,429 | |||||||||
| TX Muni Gas Acq & Supply - Macquarie | 5.00% | 12/15/2030 | A3 | 6,500,000 | 6,929,351 | |||||||||||
| TX Muni Gas Acq & Supply - Macquarie | 5.00% | 12/15/2031 | A3 | 6,000,000 | 6,399,765 | |||||||||||
| TX Muni Gas Acq & Supply - ML | 5.25% | 12/15/2023 | A2 | 2,925,000 | 3,026,359 | |||||||||||
| TX Muni Gas Acq & Supply - ML | 6.25% | 12/15/2026 | A2 | 11,780,000 | 12,602,833 | |||||||||||
| Western MN Muni Pwr Agy | 5.00% | 1/1/2023 | Aa3 | 1,500,000 | 1,525,476 | |||||||||||
| Total | 688,099,481 | |||||||||||||||
| Total Municipal Bonds (cost $5,508,426,718) | 5,218,756,459 | |||||||||||||||
| Interest Rate# | Interest Rate Reset Date(f) | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 0.27% | ||||||||||||||||
| Variable Rate Demand Notes 0.27% | ||||||||||||||||
| Utilities | ||||||||||||||||
| Appling Co Dev - GA Power | 0.920% | # | 7/1/2022 | 9/1/2041 | BBB+ | 6,100,000 | 6,100,000 | |||||||||
| NYC Muni Water | 0.650% | # | 7/1/2022 | 6/15/2045 | AA+ | 8,500,000 | 8,500,000 | |||||||||
| Total Short-Term Investments (cost $14,600,000) | 14,600,000 | |||||||||||||||
| Total Investments in Securities 98.01% (cost $5,523,026,718) | 5,233,356,459 | |||||||||||||||
| Other Assets and Liabilities– Net(g) 1.99% | 106,300,388 | |||||||||||||||
| Net Assets 100.00% | $ | 5,339,656,847 | ||||||||||||||
| AGC | Insured by - Assured Guarantee Corp. | |
| 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. | |
| COP | Certificates of Participation. | |
| CR | Custodian Receipt. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| FHA | Insured by - Federal Housing Administration. | |
| FNMA | Federal National Mortgage Association. | |
| GNMA | Government National Mortgage Association. | |
| GTD | Guaranteed. | |
| NPFGC | Insured by - National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. | |
| TRIPS | Tax Refund Intercept Programs. |
| 48 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
INTERMEDIATE TAX FREE FUND June 30, 2022
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2022. | |
| † | 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 June 30, 2022, the total value of Rule 144A securities was $343,288,997, which represents 6.43% of net assets. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | Level 3 Investment as described in Note 2(b) in the Notes to Schedule of Investments. 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. | |
| (c) | This investment has been rated by Fitch IBCA. | |
| (d) | Defaulted (non-income producing security). | |
| (e) | Securities purchased on a when-issued basis. | |
| (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 depreciation on futures contracts as follows: |
Open Futures Contracts at June 30, 2022:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
| U.S. Long Bond | September 2022 | 504 | Short | $(68,387,047 | ) | $(69,867,000 | ) | $(1,479,953 | ) | |||||||||
The following is a summary of the inputs used as of June 30, 2022 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 | $ | – | $ | 490,116,896 | $ | 4,334,675 | $ | 494,451,571 | ||||||||
| Special Tax | – | 126,142,118 | 447,230 | 126,589,348 | ||||||||||||
| Transportation | – | 1,244,974,067 | 11,621,483 | 1,256,595,550 | ||||||||||||
| Utilities | – | 683,181,918 | 4,917,563 | 688,099,481 | ||||||||||||
| Remaining Industries | – | 2,653,020,509 | – | 2,653,020,509 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 14,600,000 | – | 14,600,000 | ||||||||||||
| Total | $ | – | $ | 5,212,035,508 | $ | 21,320,951 | $ | 5,233,356,459 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (1,479,953 | ) | – | – | (1,479,953 | ) | ||||||||||
| Total | $ | (1,479,953 | ) | $ | – | $ | – | $ | (1,479,953 | ) | ||||||
| (1) | Refer to Note 2(b) 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 period 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 period.
| See Notes to Schedule of Investments. | 49 |
Schedule of Investments (unaudited)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 99.78% | ||||||||||||||
| MUNICIPAL BONDS 99.78% | ||||||||||||||
| Corporate-Backed 8.47% | ||||||||||||||
| AR DFA - Big River Steel AMT† | 4.75% | 9/1/2049 | Ba2 | $ | 8,500,000 | $ | 8,516,591 | |||||||
| AZ IDA | 3.625% | 5/20/2033 | BBB | 8,534,109 | 8,424,924 | |||||||||
| CA Poll Ctl - Poseidon Res AMT† | 5.00% | 11/21/2045 | Baa3 | 15,775,000 | 15,814,056 | |||||||||
| CA Poll Ctl - Waste Mgmt AMT | 4.30% | 7/1/2040 | A- | 2,575,000 | 2,646,232 | |||||||||
| Fort Bend IDC - NRG Energy | 4.75% | 5/1/2038 | Baa2 | 3,500,000 | 3,507,631 | |||||||||
| Gloucester Co Poll Ctl - Logan AMT | 5.00% | 12/1/2024 | NR | 500,000 | 522,966 | |||||||||
| Hoover IDA - US Steel AMT | 5.75% | 10/1/2049 | BB- | 1,100,000 | 1,155,485 | |||||||||
| IA Fin Auth - Alcoa | 4.75% | 8/1/2042 | BB+ | 5,000,000 | 4,818,052 | |||||||||
| IA Fin Auth - Iowa Fertilizer Co | 4.00% | #(a) | 12/1/2050 | BBB- | 4,600,000 | 4,595,978 | ||||||||
| IL State GO | 5.00% | 12/1/2036 | BBB+ | 6,700,000 | 6,948,335 | |||||||||
| IN Fin Auth - OVEC | 2.50% | 11/1/2030 | Baa3 | 1,000,000 | 872,015 | |||||||||
| IN Fin Auth - OVEC | 3.00% | 11/1/2030 | Baa3 | 1,000,000 | 906,611 | |||||||||
| IN Fin Auth - OVEC | 3.00% | 11/1/2030 | Baa3 | 3,600,000 | 3,263,798 | |||||||||
| IN Fin Auth - US Steel | 4.125% | 12/1/2026 | BB- | 1,625,000 | 1,615,236 | |||||||||
| LA Env Facs - Entergy | 2.50% | 4/1/2036 | A | 12,890,000 | 10,481,128 | |||||||||
| LA Env Facs - Westlake Chem | 3.50% | 11/1/2032 | BBB | 26,455,000 | 24,915,679 | |||||||||
| LA St John Parish - Marathon Oil | 2.00% | #(a) | 6/1/2037 | BBB- | 9,555,000 | 9,443,609 | ||||||||
| LA St John Parish - Marathon Oil | 2.10% | #(a) | 6/1/2037 | BBB- | 8,000,000 | 7,740,285 | ||||||||
| LA St John Parish - Marathon Oil | 2.125% | #(a) | 6/1/2037 | BBB- | 2,750,000 | 2,662,028 | ||||||||
| LA St John Parish - Marathon Oil | 2.20% | #(a) | 6/1/2037 | BBB- | 1,810,000 | 1,684,627 | ||||||||
| LA St John Parish - Marathon Oil | 2.375% | #(a) | 6/1/2037 | BBB- | 3,125,000 | 2,928,476 | ||||||||
| Love Field Arpt - Southwest Airlines | 5.00% | 11/1/2028 | Baa1 | 2,845,000 | 2,870,124 | |||||||||
| Maricopa Co IDA - Commercial Metals AMT† | 4.00% | 10/15/2047 | BB+ | 2,000,000 | 1,706,998 | |||||||||
| Matagorda Co Nav Dist - AEP TX Central | 2.60% | 11/1/2029 | A- | 11,100,000 | 9,830,418 | |||||||||
| MD EDC - AFCO AMT | 4.00% | 7/1/2039 | BBB | 5,625,000 | 5,119,478 | |||||||||
| MD EDC - Chesapeake Bay Hyatt(b) | 5.00% | 12/1/2016 | NR | 855,000 | 513,000 | |||||||||
| MI Strategic Fund - GPK AMT | 4.00% | #(a) | 10/1/2061 | BB | 2,100,000 | 2,080,523 | ||||||||
| Mission Econ Dev Corp - Natgasoline AMT† | 4.625% | 10/1/2031 | BB- | 5,250,000 | 5,341,626 | |||||||||
| National Fin Auth NH - Covanta† | 4.625% | 11/1/2042 | B | 1,500,000 | 1,357,516 | |||||||||
| NH National Fin Auth - Covanta† | 3.625% | #(a) | 7/1/2043 | B | 690,000 | 559,794 | ||||||||
| NH National Fin Auth - Covanta AMT† | 3.75% | #(a) | 7/1/2045 | B | 1,315,000 | 1,073,832 | ||||||||
| NH National Fin Auth - Covanta AMT† | 4.875% | 11/1/2042 | B | 5,000,000 | 4,713,438 | |||||||||
| NH National Fin Auth - Hsg Sec | 4.125% | 1/20/2034 | NR | 6,954,509 | 6,846,388 | |||||||||
| 50 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| NH National Fin Auth - NY Electric & Gas AMT | 4.00% | 12/1/2028 | A- | $ | 5,000,000 | $ | 5,012,169 | |||||||
| Niagara Area Dev Corp - Covanta† | 3.50% | 11/1/2024 | B | 2,500,000 | 2,462,644 | |||||||||
| Niagara Area Dev Corp - Covanta AMT† | 4.75% | 11/1/2042 | B | 5,000,000 | 4,601,592 | |||||||||
| NY Energy RDA - NYSEGC | 3.50% | 10/1/2029 | A- | 1,200,000 | 1,158,940 | |||||||||
| NY Env Facs - Casella Waste AMT | 2.75% | #(a) | 9/1/2050 | B | 1,300,000 | 1,233,302 | ||||||||
| NY Env Facs - Casella Waste AMT† | 3.125% | #(a) | 12/1/2044 | B | 3,000,000 | 2,832,080 | ||||||||
| NY Liberty Dev Corp - 7 WTC | 3.00% | 9/15/2043 | Aaa | 13,500,000 | 11,139,501 | |||||||||
| NY Trans Dev Corp - American Airlines AMT | 5.25% | 8/1/2031 | B- | 1,050,000 | 1,094,229 | |||||||||
| NY Trans Dev Corp - American Airlines AMT | 5.375% | 8/1/2036 | B- | 1,500,000 | 1,597,959 | |||||||||
| NYC IDA - TRIPS | 5.00% | 7/1/2028 | BBB+ | 11,005,000 | 11,017,194 | |||||||||
| OH Air Dev Auth - AEP | 2.40% | #(a) | 12/1/2038 | BBB+ | 1,665,000 | 1,507,831 | ||||||||
| OH Air Dev Auth - AEP AMT | 2.10% | #(a) | 7/1/2028 | BBB+ | 5,000,000 | 4,853,740 | ||||||||
| OH Air Dev Auth - AEP AMT | 2.50% | #(a) | 8/1/2040 | BBB+ | 2,500,000 | 2,258,980 | ||||||||
| OH Air Dev Auth - AEP AMT | 2.60% | #(a) | 6/1/2041 | BBB+ | 1,960,000 | 1,783,229 | ||||||||
| OH Air Dev Auth - OVEC | 3.25% | 9/1/2029 | Baa3 | 3,450,000 | 3,238,519 | |||||||||
| OH Air Quality - AMG Vanadium AMT† | 5.00% | 7/1/2049 | B- | 4,630,000 | 4,203,842 | |||||||||
| PA EDA - Covanta AMT† | 3.25% | 8/1/2039 | B | 5,535,000 | 4,349,970 | |||||||||
| Parish of St James - Nustar Logistics† | 6.10% | #(a) | 12/1/2040 | BB- | 1,750,000 | 1,936,903 | ||||||||
| Parish of St James - Nustar Logistics† | 6.35% | 7/1/2040 | BB- | 3,250,000 | 3,605,042 | |||||||||
| Parish of St James - Nustar Logistics† | 6.35% | 10/1/2040 | BB- | 2,500,000 | 2,773,109 | |||||||||
| Phenix City - Meadwestvaco AMT | 4.125% | 5/15/2035 | BBB | 2,600,000 | 2,601,876 | |||||||||
| Phenix City IDB - Meadwestvaco | 3.625% | 5/15/2030 | BBB | 3,050,000 | 3,049,856 | |||||||||
| Port Beaumont Nav Dis - Jefferson Rail AMT† | 4.00% | 1/1/2050 | NR | 3,150,000 | 2,592,349 | |||||||||
| Port Beaumont Nav Dis- Jefferson Rail AMT† | 3.00% | 1/1/2050 | NR | 5,500,000 | 3,608,851 | |||||||||
| Public Finance Authority AMT | 4.00% | 9/30/2051 | Baa3 | 15,750,000 | 12,709,363 | |||||||||
| Public Finance Authority AMT | 4.00% | 3/31/2056 | Baa3 | 6,500,000 | 5,110,910 | |||||||||
| Richland Co Env Impt - Intl Paper | 3.875% | 4/1/2023 | BBB | 6,625,000 | 6,670,889 | |||||||||
| Salem Co Poll Ctl - Chambers AMT | 5.00% | 12/1/2023 | NR | 4,965,000 | 5,106,153 | |||||||||
| Selma IDB - Intl Paper | 2.00% | #(a) | 11/1/2033 | BBB | 2,000,000 | 1,952,479 | ||||||||
| Spring Valley Community Infrastructure District No. 1† | 3.75% | 9/1/2051 | NR | 4,375,000 | 3,149,288 | |||||||||
| St James Parish - Nustar Logistics† | 5.85% | #(a) | 8/1/2041 | BB- | 1,000,000 | 1,045,203 | ||||||||
| Tuscaloosa IDA - Hunt Refining† | 4.50% | 5/1/2032 | NR | 3,503,450 | 3,160,892 | |||||||||
| VA Small Bus Fing - Covanta AMT† | 5.00% | #(a) | 1/1/2048 | B | 910,000 | 891,363 | ||||||||
| See Notes to Schedule of Investments. | 51 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Valparaiso Facs - Pratt Paper AMT | 7.00% | 1/1/2044 | NR | $ | 2,000,000 | $ | 2,078,530 | |||||||
| West Pace Coop Dist(b) | 9.125% | 5/1/2039 | NR | 4,900,000 | 3,724,000 | (c) | ||||||||
| WI PFA - American Dream† | 5.00% | 12/1/2027 | NR | 1,455,000 | 1,307,609 | |||||||||
| WI PFA - American Dream† | 6.50% | 12/1/2037 | NR | 3,000,000 | 2,693,102 | |||||||||
| WI PFA - Celanese AMT | 4.30% | 11/1/2030 | BBB | 1,035,000 | 1,045,854 | |||||||||
| WI PFA - TRIPS AMT | 5.00% | 7/1/2042 | BBB+ | 5,250,000 | 5,268,383 | |||||||||
| WI Pub Fin Auth - Celanese | 4.05% | 11/1/2030 | BBB | 500,000 | 496,835 | |||||||||
| Total | 306,401,437 | |||||||||||||
| Education 5.07% | ||||||||||||||
| Build NYC Res Corp - CUNY | 5.00% | 6/1/2034 | Aa2 | 325,000 | 337,931 | |||||||||
| CA Ed Facs - Chapman Univ | 5.00% | 4/1/2045 | A2 | 5,000,000 | 5,140,127 | |||||||||
| CA Sch Fin - Green Dot Charter† | 5.00% | 8/1/2045 | BBB- | 1,500,000 | 1,522,161 | |||||||||
| Cap Trust Ed - Advantage Charter Scho | 5.00% | 12/15/2049 | Baa3 | 1,000,000 | 1,006,639 | |||||||||
| Cap Trust Ed - Advantage Charter Scho | 5.00% | 12/15/2054 | Baa3 | 1,030,000 | 1,034,748 | |||||||||
| Carroll Co - KY Util Comp AMT | 2.125% | 10/1/2034 | A1 | 7,500,000 | 6,081,901 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2044 | BB | 1,750,000 | 1,781,591 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2046 | BB | 3,500,000 | 3,554,168 | |||||||||
| Dutchess Co LDC - Bard College† | 5.00% | 7/1/2045 | BB+ | 1,000,000 | 1,005,226 | |||||||||
| Dutchess Co LDC - Bard College† | 5.00% | 7/1/2051 | BB+ | 1,500,000 | 1,499,891 | |||||||||
| FL HI Ed - Nova Southeastern Univ | 5.00% | 4/1/2033 | A- | 1,475,000 | 1,547,029 | |||||||||
| FL HI Ed - Nova Southeastern Univ | 5.00% | 4/1/2036 | A- | 2,000,000 | 2,084,421 | |||||||||
| IA HI Ed - Des Moines Univ | 5.00% | 10/1/2038 | BBB+ | 2,730,000 | 2,819,014 | |||||||||
| IA Higher Ed - Des Moines Univ | 5.00% | 10/1/2039 | BBB+ | 2,870,000 | 2,958,038 | |||||||||
| IA Higher Ed - Des Moines Univ | 5.00% | 10/1/2040 | BBB+ | 3,535,000 | 3,635,937 | |||||||||
| IL Fin Auth - IL Inst of Tech | 4.00% | 9/1/2037 | Baa3 | 3,135,000 | 2,899,989 | |||||||||
| IL Fin Auth - IL Inst of Tech | 4.00% | 9/1/2039 | Baa3 | 3,295,000 | 3,004,062 | |||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2040 | Baa3 | 2,020,000 | 2,071,269 | |||||||||
| IN Fin Auth - OVEC | 4.25% | 11/1/2030 | Baa3 | 5,695,000 | 5,620,497 | |||||||||
| Iowa St Hi Ed - Des Moines Univ(d) | 5.00% | 10/1/2047 | Baa1 | 1,800,000 | 1,821,844 | |||||||||
| LA PDA - Tulane Univ | 5.00% | 4/1/2045 | A+ | 5,000,000 | 5,313,004 | |||||||||
| LA PFA - Tulane Univ | 4.00% | 4/1/2050 | NR | 710,000 | 765,111 | |||||||||
| LA PFA - Tulane Univ | 4.00% | 4/1/2050 | A+ | 5,290,000 | 4,761,618 | |||||||||
| Lincoln Co - Augustana College | 4.00% | 8/1/2051 | BBB- | 1,410,000 | 1,182,404 | |||||||||
| MA Dfa - Olin Clg | 5.00% | 11/1/2038 | A | 5,000,000 | 5,077,653 | |||||||||
| MA DFA - Springfield Clg | 4.00% | 6/1/2035 | BBB | 1,900,000 | 1,822,809 | |||||||||
| MA DFA - Suffolk Univ | 5.00% | 7/1/2030 | Baa2 | 1,500,000 | 1,577,910 | |||||||||
| 52 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| MA DFA - Suffolk Univ | 5.00% | 7/1/2032 | Baa2 | $ | 3,750,000 | $ | 3,912,960 | |||||||
| MA DFA - Suffolk Univ | 5.00% | 7/1/2033 | Baa2 | 1,250,000 | 1,301,161 | |||||||||
| MA DFA - Suffolk Univ | 5.00% | 7/1/2034 | Baa2 | 1,600,000 | 1,663,030 | |||||||||
| Maricopa Co Poll Cntrl - El Paso Elec | 2.40% | 6/1/2035 | A- | 6,500,000 | 5,056,878 | |||||||||
| Miami Dade Cnty Ed Facs - Univ of Miami FL | 5.00% | 4/1/2053 | A2 | 5,000,000 | 5,222,713 | |||||||||
| Nashville Hlth & Ed - Lipscomb U | 5.25% | 10/1/2058 | BBB | 6,065,000 | 6,320,379 | |||||||||
| NY Dorm - Mt Sinai Sch Med | 5.00% | 7/1/2040 | A- | 5,000,000 | 5,156,724 | |||||||||
| NY Dorm - New School | 4.00% | 7/1/2052 | A3 | 3,500,000 | 3,082,275 | |||||||||
| NY Dorm - Pace Univ | 5.00% | 5/1/2029 | BBB- | 245,000 | 247,419 | |||||||||
| NY Dorm - The New School | 4.00% | 7/1/2047 | A3 | 3,500,000 | 3,140,816 | |||||||||
| NY Dorm - Touro Clg | 5.00% | 1/1/2047 | BBB- | (e) | 6,600,000 | 6,599,504 | ||||||||
| NY Dorm - Touro Clg | 5.50% | 1/1/2039 | BBB- | (e) | 2,450,000 | 2,494,701 | ||||||||
| NY Dorm - Yeshiva(d) | 5.00% | 7/15/2042 | BBB- | 3,720,000 | 3,785,215 | |||||||||
| NY Dorm - Yeshiva(d) | 5.00% | 7/15/2050 | BBB- | 8,000,000 | 8,065,432 | |||||||||
| OH Air Dev Auth - Duke Energy | 4.00% | #(a) | 9/1/2030 | BBB | 4,600,000 | 4,653,008 | ||||||||
| Onondaga CO NY - Syracuse Univ | 5.00% | 12/1/2043 | AA- | 8,000,000 | 8,608,000 | |||||||||
| OR Facs Auth - Willamette Univ | 4.00% | 10/1/2051 | BBB | 2,500,000 | 2,242,723 | |||||||||
| PA HI Ed - Drexel Univ (AGM) | 4.00% | 5/1/2041 | AA | 3,425,000 | 3,269,627 | |||||||||
| Univ of CT | 5.25% | 11/15/2047 | A+ | 8,080,000 | 8,856,316 | |||||||||
| Univ of Illinois (AGM) | 4.00% | 4/1/2038 | AA | 4,965,000 | 4,756,940 | |||||||||
| Univ of New England | 4.00% | 7/1/2046 | A3 | 2,865,000 | 2,616,346 | |||||||||
| Univ of New England | 4.00% | 7/1/2051 | A3 | 7,750,000 | 6,949,569 | |||||||||
| Univ of North Carolina - Wilmington | 5.00% | 6/1/2037 | A1 | 7,055,000 | 7,435,272 | |||||||||
| WI PFA - Wingate Univ | 5.25% | 10/1/2038 | BBB- | 2,220,000 | 2,268,273 | |||||||||
| WI PFA - Wingate Univ | 5.25% | 10/1/2043 | BBB- | 1,000,000 | 1,010,943 | |||||||||
| WV EDA - Wheeling Pwr AMT | 3.00% | #(a) | 6/1/2037 | A- | 2,800,000 | 2,740,998 | ||||||||
| Total | 183,384,214 | |||||||||||||
| Energy 0.55% | ||||||||||||||
| Main St Nat Gas - Macquarie | 5.00% | 5/15/2038 | A3 | 3,745,000 | 3,981,518 | |||||||||
| New Mexico Energy Acq Auth - RBC | 5.00% | #(a) | 11/1/2039 | Aa1 | 10,000,000 | 10,540,160 | ||||||||
| PEFA Gas - Goldman Sachs | 5.00% | #(a) | 9/1/2049 | A3 | 5,125,000 | 5,382,758 | ||||||||
| Total | 19,904,436 | |||||||||||||
| Financial Services 0.19% | ||||||||||||||
| MA Ed Fin Auth AMT | 4.125% | 7/1/2046 | BBB | 5,755,000 | 5,110,892 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 3.75% | 12/1/2031 | Aaa | 1,890,000 | 1,873,401 | |||||||||
| Total | 6,984,293 | |||||||||||||
| See Notes to Schedule of Investments. | 53 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation 12.08% | ||||||||||||||
| Beaverton Sch Dist | 5.00% | 6/15/2036 | AA+ | $ | 8,000,000 | $ | 8,747,942 | |||||||
| CA State GO | 4.00% | 9/1/2037 | Aa2 | 5,000,000 | 5,023,294 | |||||||||
| CA State GO | 5.00% | 4/1/2032 | Aa2 | 2,450,000 | 2,905,173 | |||||||||
| CA State GO | 5.00% | 8/1/2038 | Aa2 | 3,700,000 | 3,971,235 | |||||||||
| CA State GO | 5.25% | 8/1/2032 | Aa2 | 7,500,000 | 8,070,587 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2029 | BB | 2,000,000 | 2,083,267 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2030 | BB | 2,070,000 | 2,148,845 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2031 | BB | 1,000,000 | 1,034,450 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2032 | BB | 1,250,000 | 1,292,556 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2033 | BB | 1,750,000 | 1,804,930 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2036 | BB | 1,000,000 | 1,029,062 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2039 | BB | 1,415,000 | 1,447,612 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2046 | BB | 2,000,000 | 2,029,454 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2047 | BB | 6,250,000 | 6,310,362 | |||||||||
| Chicago Brd Ed | 6.50% | 12/1/2046 | BB | 1,100,000 | 1,188,797 | |||||||||
| Chicago Brd Ed† | 7.00% | 12/1/2046 | BB | 1,200,000 | 1,335,773 | |||||||||
| Chicago Brd Ed (AGM) | 5.00% | 12/1/2027 | AA | 1,850,000 | 2,007,697 | |||||||||
| Chicago Brd Ed (NPFGC)(FGIC) | Zero Coupon | 12/1/2030 | Baa2 | 1,765,000 | 1,244,061 | |||||||||
| Chicago GO | 4.00% | 1/1/2032 | BBB+ | 9,500,000 | 9,326,462 | |||||||||
| Chicago GO | 4.00% | 1/1/2035 | BBB+ | 7,110,000 | 6,802,357 | |||||||||
| Chicago GO | 4.00% | 1/1/2036 | BBB+ | 10,945,000 | 10,411,062 | |||||||||
| Chicago GO | 5.00% | 1/1/2026 | BBB+ | 6,145,000 | 6,446,147 | |||||||||
| Chicago GO | 5.00% | 1/1/2029 | BBB+ | 3,000,000 | 3,185,164 | |||||||||
| Chicago GO | 5.00% | 1/1/2030 | BBB+ | 2,400,000 | 2,536,343 | |||||||||
| Chicago GO | 5.50% | 1/1/2033 | BBB+ | 2,255,000 | 2,330,774 | |||||||||
| Chicago GO | 5.50% | 1/1/2034 | BBB+ | 2,400,000 | 2,478,259 | |||||||||
| Chicago GO | 5.50% | 1/1/2037 | BBB+ | 2,745,000 | 2,829,804 | |||||||||
| Chicago GO | 5.50% | 1/1/2040 | BBB+ | 2,500,000 | 2,575,719 | |||||||||
| Chicago GO | 5.50% | 1/1/2042 | BBB+ | 5,000,000 | 5,145,538 | |||||||||
| Chicago GO | 5.50% | 1/1/2049 | BBB+ | 13,265,000 | 13,924,199 | |||||||||
| Chicago GO | 5.625% | 1/1/2030 | BBB+ | 525,000 | 559,121 | |||||||||
| Chicago GO | 6.00% | 1/1/2038 | BBB+ | 19,430,000 | 20,874,593 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2052 | A | 9,375,000 | 9,617,445 | |||||||||
| Clark Co SD (AGM) | 4.00% | 6/15/2038 | AA | 1,200,000 | 1,219,553 | |||||||||
| Clark Co SD (AGM) | 4.00% | 6/15/2040 | AA | 1,975,000 | 1,979,098 | |||||||||
| Cook Co GO | 5.00% | 11/15/2030 | A+ | 1,000,000 | 1,078,703 | |||||||||
| Cook Co GO | 5.00% | 11/15/2031 | A+ | 2,150,000 | 2,312,841 | |||||||||
| 54 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Cook Co GO | 5.00% | 11/15/2034 | A+ | $ | 500,000 | $ | 535,341 | |||||||
| Cook Co GO | 5.00% | 11/15/2035 | A+ | 1,000,000 | 1,069,423 | |||||||||
| Cook Co GO TCRS (BAM) | 5.00% | 11/15/2024 | AA | 10,000,000 | 10,114,168 | |||||||||
| CT State GO | 3.00% | 1/15/2034 | Aa3 | 7,475,000 | 6,995,002 | |||||||||
| CT State GO | 3.00% | 1/15/2038 | Aa3 | 11,425,000 | 9,913,666 | |||||||||
| CT State GO | 3.00% | 6/1/2038 | Aa3 | 1,875,000 | 1,616,317 | |||||||||
| CT State GO | 3.00% | 6/1/2039 | Aa3 | 2,190,000 | 1,845,523 | |||||||||
| CT State GO | 3.00% | 6/1/2040 | Aa3 | 1,625,000 | 1,348,871 | |||||||||
| CT State GO | 4.00% | 6/1/2037 | Aa3 | 1,000,000 | 1,003,576 | |||||||||
| CT State GO | 4.00% | 6/15/2037 | Aa3 | 975,000 | 977,724 | |||||||||
| CT State GO | 4.00% | 6/1/2038 | Aa3 | 750,000 | 750,958 | |||||||||
| CT State GO | 4.00% | 6/1/2039 | Aa3 | 600,000 | 599,370 | |||||||||
| CT State GO | 5.00% | 6/15/2032 | Aa3 | 1,250,000 | 1,378,199 | |||||||||
| CT State GO | 5.00% | 6/15/2033 | Aa3 | 1,250,000 | 1,372,142 | |||||||||
| CT State GO | 5.00% | 4/15/2036 | Aa3 | 1,150,000 | 1,262,815 | |||||||||
| CT State GO | 5.00% | 6/15/2038 | Aa3 | 1,000,000 | 1,084,290 | |||||||||
| CT State GO | 5.00% | 4/15/2039 | Aa3 | 1,650,000 | 1,798,273 | |||||||||
| Hamilton Co Sch Dist GO | 4.00% | 1/15/2055 | Aa2 | 7,000,000 | 6,802,083 | |||||||||
| Hillsborough Co | 3.25% | 8/1/2048 | AAA | 7,690,000 | 6,628,948 | |||||||||
| IL State GO | 4.00% | 10/1/2032 | BBB+ | 2,000,000 | 1,969,317 | |||||||||
| IL State GO | 4.00% | 10/1/2038 | BBB+ | 2,500,000 | 2,359,538 | |||||||||
| IL State GO | 4.00% | 10/1/2039 | BBB+ | 7,500,000 | 7,028,881 | |||||||||
| IL State GO | 4.00% | 11/1/2043 | BBB+ | 1,470,000 | 1,339,350 | |||||||||
| IL State GO | 4.00% | 11/1/2044 | BBB+ | 2,745,000 | 2,484,974 | |||||||||
| IL State GO | 4.25% | 10/1/2045 | BBB+ | 6,000,000 | 5,613,310 | |||||||||
| IL State GO | 5.00% | 3/1/2033 | BBB+ | 5,000,000 | 5,344,996 | |||||||||
| IL State GO | 5.00% | 1/1/2035 | BBB+ | 6,200,000 | 6,370,343 | |||||||||
| IL State GO | 5.00% | 3/1/2035 | BBB+ | 2,700,000 | 2,854,077 | |||||||||
| IL State GO | 5.00% | 3/1/2037 | BBB+ | 2,850,000 | 2,994,862 | |||||||||
| IL State GO | 5.00% | 5/1/2038 | BBB+ | 4,515,000 | 4,673,716 | |||||||||
| IL State GO | 5.00% | 1/1/2041 | BBB+ | 3,580,000 | 3,645,278 | |||||||||
| IL State GO | 5.50% | 5/1/2030 | BBB+ | 5,195,000 | 5,746,745 | |||||||||
| IL State GO | 5.50% | 7/1/2033 | BBB+ | 9,470,000 | 9,669,179 | |||||||||
| IL State GO | 5.50% | 7/1/2038 | BBB+ | 5,345,000 | 5,457,413 | |||||||||
| IL State GO | 5.50% | 5/1/2039 | BBB+ | 8,250,000 | 8,854,527 | |||||||||
| IL State GO | 5.50% | 3/1/2042 | BBB+ | 5,250,000 | 5,708,610 | |||||||||
| IL State GO | 5.50% | 3/1/2047 | BBB+ | 4,250,000 | 4,614,282 | |||||||||
| See Notes to Schedule of Investments. | 55 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| IL State GO | 5.75% | 5/1/2045 | BBB+ | $ | 2,600,000 | $ | 2,831,791 | |||||||
| Irvine USD - Spl Tax (BAM) | 5.00% | 9/1/2056 | AA | 500,000 | 531,454 | |||||||||
| King Co Pub Hsp - Snoqualmie Vly Hsp | 5.00% | 12/1/2038 | NR | 5,000,000 | 4,971,793 | |||||||||
| Los Angeles USD | 4.00% | 7/1/2032 | Aa3 | 3,750,000 | 3,992,773 | |||||||||
| Luzerne Co GO (AGM) | 5.00% | 11/15/2029 | AA | 4,215,000 | 4,514,536 | |||||||||
| MA State GO | 3.00% | 2/1/2048 | Aa1 | 12,500,000 | 10,102,204 | |||||||||
| MI Strategic Fund - I-75 AMT (AGM) | 4.25% | 12/31/2038 | AA | 2,500,000 | 2,402,271 | |||||||||
| NJ State GO | 4.00% | 6/1/2031 | A2 | 6,825,000 | 7,207,316 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2029 | BBB+ | 15,365,000 | 11,527,332 | |||||||||
| NYC GO | 5.00% | 8/1/2027 | AA | 6,575,000 | 6,792,568 | |||||||||
| NYC GO | 5.50% | 5/1/2046 | AA | 2,675,000 | 3,057,632 | |||||||||
| PA State GO | 4.00% | 9/15/2030 | Aa3 | 10,000,000 | 10,393,048 | |||||||||
| PA State GO | 4.00% | 3/1/2037 | Aa3 | 4,255,000 | 4,291,221 | |||||||||
| Philadelphia GO | 5.00% | 8/1/2036 | A | 8,990,000 | 9,656,417 | |||||||||
| Philadelphia GO | 5.00% | 8/1/2037 | A | 3,250,000 | 3,486,171 | |||||||||
| Philadelphia Sch Dist | 4.00% | 9/1/2038 | A1 | 2,200,000 | 2,218,931 | |||||||||
| Philadelphia Sch Dist | 4.00% | 9/1/2039 | A1 | 5,600,000 | 5,635,009 | |||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2037 | A1 | 1,200,000 | 1,258,986 | |||||||||
| PR Comwlth GO | Zero Coupon | 7/1/2024 | NR | 123,388 | 112,992 | |||||||||
| PR Comwlth GO | Zero Coupon | 7/1/2033 | NR | 74,906 | 42,184 | |||||||||
| PR Comwlth GO | Zero Coupon | #(a) | 11/1/2043 | NR | 1,840,169 | 917,784 | ||||||||
| PR Comwlth GO | 4.00% | 7/1/2033 | NR | 2,069,029 | 1,900,650 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2035 | NR | 1,031,707 | 926,685 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2037 | NR | 5,034,693 | 4,468,931 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2046 | NR | 5,000,000 | 4,213,163 | |||||||||
| PR Comwlth GO | 5.25% | 7/1/2023 | NR | 1,706,025 | 1,737,439 | |||||||||
| PR Comwlth GO | 5.375% | 7/1/2025 | NR | 5,160,996 | 5,363,003 | |||||||||
| PR Comwlth GO | 5.625% | 7/1/2027 | NR | 407,273 | 433,808 | |||||||||
| PR Comwlth GO | 5.625% | 7/1/2029 | NR | 400,666 | 430,967 | |||||||||
| PR Comwlth GO | 5.75% | 7/1/2031 | NR | 389,162 | 425,894 | |||||||||
| San Francisco Arpt AMT | 5.25% | 5/1/2042 | A1 | 4,000,000 | 4,185,266 | |||||||||
| Stockton USD (AGM) | 5.00% | 7/1/2028 | AA | 750,000 | 751,622 | |||||||||
| Sweetwater UHSD (BAM) | 5.00% | 8/1/2027 | AA | 500,000 | 527,306 | |||||||||
| Tuscaloosa Co Brd of Ed | 5.00% | 8/1/2046 | AA- | 5,000,000 | 5,539,335 | |||||||||
| Union Co Util Auth - Covanta GTD AMT | 4.75% | 12/1/2031 | AA+ | 3,970,000 | 3,975,219 | |||||||||
| Wilkes Barre PA School District (BAM) | 5.00% | 4/15/2059 | AA | 2,500,000 | 2,715,079 | |||||||||
| Total | 436,673,146 | |||||||||||||
| 56 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care 15.04% | ||||||||||||||
| Allegheny County Health Network | 4.00% | 4/1/2037 | A | $ | 3,120,000 | $ | 3,073,208 | |||||||
| Allen Co - Bon Secours Mercy Hlth | 5.00% | 12/1/2046 | A+ | 8,000,000 | 8,407,053 | |||||||||
| Antelope Valley Hlth | 5.00% | 3/1/2041 | BBB | 3,000,000 | 3,043,277 | |||||||||
| Antelope Valley Hlth | 5.00% | 3/1/2046 | BBB | 2,615,000 | 2,640,443 | |||||||||
| Appalachian Regl Hlth | 4.00% | 7/1/2046 | BBB | 1,380,000 | 1,219,164 | |||||||||
| Appalachian Regl Hlth | 4.00% | 7/1/2056 | BBB | 1,125,000 | 951,796 | |||||||||
| Baltimore Co - Riderwood Village | 4.00% | 1/1/2045 | A | (e) | 5,250,000 | 5,250,412 | ||||||||
| Baltimore Co - Riderwood Village | 4.00% | 1/1/2050 | A | (e) | 1,500,000 | 1,479,030 | ||||||||
| Berks Co IDA - Tower Hlth | 4.00% | 11/1/2038 | BB- | 5,000,000 | 4,246,372 | |||||||||
| Berks Co IDA - Tower Hlth | 5.00% | 11/1/2036 | BB- | 5,000,000 | 4,754,041 | |||||||||
| Berks Co IDA - Tower Hlth | 5.00% | #(a) | 2/1/2040 | BB- | 2,680,000 | 2,665,299 | ||||||||
| Berks Co IDA - Tower Hlth | 5.00% | #(a) | 2/1/2040 | BB- | 605,000 | 577,825 | ||||||||
| Berks Co IDA - Tower Hlth | 5.00% | 11/1/2044 | BB- | 10,000,000 | 9,029,543 | |||||||||
| CA Hlth - Cedars-Sinai Med Ctr | 3.00% | 8/15/2051 | AA- | 7,545,000 | 6,063,744 | |||||||||
| CA Hlth - CommonSpirit | 4.00% | 4/1/2044 | A- | 3,750,000 | 3,572,239 | |||||||||
| CA Hlth - CommonSpirit | 4.00% | 4/1/2045 | A- | 3,750,000 | 3,551,768 | |||||||||
| CA Hlth - Sutter Hlth | 4.00% | 11/15/2042 | A1 | 2,000,000 | 1,946,038 | |||||||||
| CA Htlh - Emante Hlth | 4.00% | 4/1/2045 | A | 6,050,000 | 5,647,391 | |||||||||
| CA Muni Fin - Cmnty Med Ctrs | 5.00% | 2/1/2047 | A- | 6,940,000 | 7,177,734 | |||||||||
| CA Stwde - Eskaton Pptys | 5.25% | 11/15/2034 | BBB- | 1,875,000 | 1,877,899 | |||||||||
| CA Stwde - Huntington Memorial Hosp | 4.00% | 7/1/2048 | AA- | 4,500,000 | 4,324,010 | |||||||||
| CA Stwde - John Muir Hlth | 4.00% | 12/1/2057 | A+ | 2,500,000 | 2,300,612 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr† | 5.25% | 12/1/2043 | BB- | 4,510,000 | 4,518,420 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr | 5.50% | 12/1/2054 | BB- | 6,875,000 | 6,957,970 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr† | 5.50% | 12/1/2058 | BB- | 3,375,000 | 3,398,580 | |||||||||
| City of Grand Forks- Altru Health | 4.00% | 12/1/2046 | Baa2 | 1,125,000 | 1,014,554 | |||||||||
| City of Grand Forks- Altru Health | 4.00% | 12/1/2051 | Baa2 | 1,185,000 | 1,052,447 | |||||||||
| CO Hlth Fac Auth - CommonSpirit | 4.00% | 8/1/2038 | A- | 1,875,000 | 1,807,930 | |||||||||
| CO Hlth Facs- Adventhealth Obligated | 4.00% | 11/15/2043 | AA | 20,000,000 | 19,767,354 | |||||||||
| CO Hlth Facs - CommonSpirit | 5.00% | 8/1/2044 | A- | 3,000,000 | 3,066,441 | |||||||||
| Cobb Co Kennestone - Wellstar Hlth Sys | 4.00% | 4/1/2052 | A+ | 5,250,000 | 4,887,352 | |||||||||
| Crawford Hsp Auth - Meadville Med | 6.00% | 6/1/2046 | NR | 950,000 | 981,735 | |||||||||
| Crawford Hsp Auth - Meadville Med | 6.00% | 6/1/2051 | NR | 1,115,000 | 1,149,799 | |||||||||
| CT Hlth - Nuvance | 4.00% | 7/1/2049 | A- | 9,325,000 | 7,756,764 | |||||||||
| CT Hlth & Ed - Nuvance Hlth | 4.00% | 7/1/2041 | A- | 10,920,000 | 9,812,212 | |||||||||
| CT Hlth & Ed - Yale New Haven Hsp | 5.00% | 7/1/2028 | AA- | 500,000 | 522,621 | |||||||||
| Cuyahoga Co Hsp - Metrohealth | 5.00% | 2/15/2057 | BBB- | 1,000,000 | 1,001,606 | |||||||||
| See Notes to Schedule of Investments. | 57 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Cuyahoga Co Hsp - Metrohealth | 5.50% | 2/15/2052 | BBB- | $ | 8,925,000 | $ | 9,213,962 | |||||||
| Cuyahoga Co Hsp - Metrohealth | 5.50% | 2/15/2057 | BBB- | 5,250,000 | 5,419,978 | |||||||||
| Denver Hlth & Hsp Auth | 5.25% | 12/1/2045 | BBB | 700,000 | 707,721 | |||||||||
| Duluth Econ Dev Auth - Essentia Health | 5.25% | 2/15/2053 | A- | 2,870,000 | 3,001,705 | |||||||||
| Duluth Econ Dev Auth - Essentia Health | 5.25% | 2/15/2058 | A- | 22,000,000 | 22,854,066 | |||||||||
| Duluth EDA - Essentia Hlth | 5.00% | 2/15/2053 | A- | 5,000,000 | 5,157,706 | |||||||||
| Duluth EDA - St Lukes Hsp | 5.25% | 6/15/2052 | BBB- | 5,000,000 | 5,128,657 | |||||||||
| Fairview Health Services | 5.00% | 11/15/2049 | A | 5,400,000 | 5,586,149 | |||||||||
| FL DFC - UF Health Jacksonville (AGM) | 4.00% | 2/1/2046 | AA | 2,360,000 | 2,200,568 | |||||||||
| Gainesville & Hall Co Hsp - NE GA Hlth | 5.00% | 2/15/2030 | A | 3,345,000 | 3,724,183 | |||||||||
| Gainesville & Hall Co Hsp - NE GA Hlth | 5.00% | 2/15/2032 | A | 5,545,000 | 6,000,294 | |||||||||
| Genesee Co- Rochester Reg Hlth | 5.25% | 12/1/2052 | BBB+ | 4,000,000 | 4,136,181 | |||||||||
| Greenville Hlth Sys | 5.00% | 5/1/2034 | A | 3,970,000 | 4,044,991 | |||||||||
| Guadalupe Co - Seguin City Hsp | 5.00% | 12/1/2045 | BB | 2,000,000 | 1,997,520 | |||||||||
| Hillsborough Co IDA - Tampa General | 4.00% | 8/1/2045 | Baa1 | 9,280,000 | 8,623,734 | |||||||||
| IL Fin Auth - Univ of Illinois Hlth | 4.00% | 10/1/2040 | BBB+ | 1,030,000 | 936,528 | |||||||||
| IL Fin Auth - Univ of Illinois Hlth | 4.00% | 10/1/2055 | BBB+ | 2,785,000 | 2,357,875 | |||||||||
| Lee Memorial Hlth System | 4.00% | 4/1/2049 | A+ | 5,500,000 | 5,153,899 | |||||||||
| MA DFA - Atrius Hlth | 4.00% | 6/1/2049 | BBB | 4,480,000 | 4,847,548 | |||||||||
| MA DFA - Atrius Hlth | 5.00% | 6/1/2039 | BBB | 2,000,000 | 2,292,065 | |||||||||
| MA DFA - Boston Med Ctr | 5.00% | 7/1/2031 | BBB | 1,980,000 | 2,066,027 | |||||||||
| MA DFA - Boston Med Ctr | 5.00% | 7/1/2035 | BBB | 5,115,000 | 5,304,034 | |||||||||
| MA DFA - CareGroup | 5.00% | 7/1/2048 | A | 4,000,000 | 4,169,865 | |||||||||
| MA DFA - Partners Hlth | 4.00% | 7/1/2041 | AA- | 5,000,000 | 4,944,057 | |||||||||
| MA DFA - Wellforce Hlth | 4.00% | 7/1/2035 | BBB+ | 2,000,000 | 1,855,952 | |||||||||
| MA DFA - Wellforce Hlth | 5.00% | 7/1/2039 | BBB+ | 2,685,000 | 2,818,581 | |||||||||
| MA DFA - Wellforce Hlth (AGM) | 4.00% | 10/1/2045 | AA | 1,685,000 | 1,599,512 | |||||||||
| Martin Co Hlth - Cleveland Clinic | 4.00% | 1/1/2046 | AA | 5,000,000 | 4,869,581 | |||||||||
| MD Hlth & HI Ed - Adventist | 5.50% | 1/1/2046 | Baa3 | 16,615,000 | 17,191,145 | |||||||||
| MD Hlth & HI Ed - Doctors | 5.00% | 7/1/2038 | A3 | 7,080,000 | 7,367,887 | |||||||||
| MD Hlth & HI Ed - Mercy Med Ctr | 5.00% | 7/1/2036 | BBB+ | 1,320,000 | 1,362,645 | |||||||||
| MD Hlth & HI Ed - Mercy Med Ctr | 5.00% | 7/1/2038 | BBB+ | 2,250,000 | 2,317,085 | |||||||||
| MI Fin Auth - Trinity Health | 4.00% | 12/1/2049 | AA- | 6,000,000 | 5,590,529 | |||||||||
| MI Hosp Fin Auth - Ascension Hlth | 5.00% | 11/15/2047 | AA+ | 4,000,000 | 4,240,032 | |||||||||
| Montgomery Co - Dayton Childrens Hosp | 4.00% | 8/1/2051 | A1 | 7,000,000 | 6,344,495 | |||||||||
| Montgomery Co Hgr Ed - Thomas Jeff U | 4.00% | 9/1/2049 | A | 3,960,000 | 3,696,906 | |||||||||
| Montgomery Co Hosp - Premier | 4.00% | 11/15/2042 | Baa1 | 8,440,000 | 7,312,830 | |||||||||
| 58 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Montgomery Co IDA - Whitemarsh | 5.375% | 1/1/2050 | NR | $ | 1,070,000 | $ | 1,072,581 | |||||||
| MT St Fac Fin Auth - Kalispell Med Ctr | 5.00% | 7/1/2043 | BBB | 4,000,000 | 4,128,992 | |||||||||
| MT St Fac Fin Auth - Kalispell Med Ctr | 5.00% | 7/1/2048 | BBB | 5,760,000 | 5,915,554 | |||||||||
| Muskingum Co Hsp - Genesis Hlthcare | 5.00% | 2/15/2044 | BB+ | 2,650,000 | 2,605,641 | |||||||||
| Nassau Co LEAC - Catholic Hlth LI | 5.00% | 7/1/2034 | A- | 1,100,000 | 1,122,761 | |||||||||
| Nassau Co LEAC - Catholic Hlth Svcs | 5.00% | 7/1/2029 | A- | 1,000,000 | 1,032,322 | |||||||||
| Nassau Co LEAC - Catholic Hlth Svcs | 5.00% | 7/1/2030 | A- | 580,000 | 596,620 | |||||||||
| Nassau Co LEAC - Catholic Hlth Svcs | 5.00% | 7/1/2031 | A- | 1,620,000 | 1,662,670 | |||||||||
| NE Ed Hlth - Immanuel | 4.00% | 1/1/2049 | AA | (e) | 10,000,000 | 9,231,064 | ||||||||
| Niagara Area Dev Corp - Catholic Hlth | 5.00% | 7/1/2052 | BB+ | 1,500,000 | 1,400,975 | |||||||||
| NJ Hlth - St Josephs Hlth | 4.00% | 7/1/2048 | BBB- | 5,000,000 | 4,462,013 | |||||||||
| NJ Hlth - St Peters Univ Hsp | 5.75% | 7/1/2037 | BBB- | 4,900,000 | 4,905,298 | |||||||||
| NJ Hlth - Univ Hosp (AGM) | 5.00% | 7/1/2029 | AA | 135,000 | 141,930 | |||||||||
| NY Dorm - Montefiore | 4.00% | 8/1/2036 | BBB- | 1,450,000 | 1,339,812 | |||||||||
| NY Dorm - Montefiore | 4.00% | 8/1/2038 | BBB- | 4,725,000 | 4,314,426 | |||||||||
| NY Dorm - Montefiore | 5.00% | 8/1/2033 | BBB- | 1,140,000 | 1,167,670 | |||||||||
| NY Dorm - Montefiore | 5.00% | 8/1/2034 | BBB- | 1,010,000 | 1,032,725 | |||||||||
| NY Dorm - Montefiore | 5.00% | 8/1/2035 | BBB- | 1,000,000 | 1,020,917 | |||||||||
| NY Dorm - Montefiore Ob Group | 5.00% | 8/1/2030 | BBB- | 3,040,000 | 3,158,898 | |||||||||
| NY Dorm - Northwell Health | 4.00% | 5/1/2045 | A- | 5,600,000 | 5,287,886 | |||||||||
| NY Dorm - Northwell Health(f) | 5.00% | 5/1/2052 | A3 | 33,500,000 | 34,763,828 | |||||||||
| NY Dorm - Orange Reg Med Ctr† | 5.00% | 12/1/2031 | BBB- | 1,300,000 | 1,366,919 | |||||||||
| NY Dorm - Orange Reg Med Ctr† | 5.00% | 12/1/2036 | BBB- | 1,000,000 | 1,038,365 | |||||||||
| NY Dorm - Orange Reg Med Ctr† | 5.00% | 12/1/2040 | BBB- | 1,300,000 | 1,316,087 | |||||||||
| NY Dorm - Orange Regl Med Ctr† | 5.00% | 12/1/2037 | BBB- | 1,000,000 | 1,037,498 | |||||||||
| NY Dorm- Montefiore Medical Center | 5.00% | 8/1/2028 | BBB- | 3,055,000 | 3,262,825 | |||||||||
| OK DFA - OU Med | 5.50% | 8/15/2052 | BB- | 8,590,000 | 8,028,955 | |||||||||
| OK DFA - OU Med (AGM) | 4.00% | 8/15/2048 | AA | 4,000,000 | 3,782,195 | |||||||||
| Oneida Co - Mohawk Valley Hlth (AGM) | 4.00% | 12/1/2049 | AA | 4,500,000 | 4,359,596 | |||||||||
| Orange Co Health Facs Auth - Orlando Health Inc | 4.00% | 10/1/2052 | A+ | 15,225,000 | 14,358,739 | |||||||||
| Oroville - Oroville Hsp | 5.25% | 4/1/2039 | B+ | 1,000,000 | 1,021,624 | |||||||||
| Oroville - Oroville Hsp | 5.25% | 4/1/2054 | B+ | 1,000,000 | 983,324 | |||||||||
| PA Econ Dev - Univ Pitt Med Ctr | 3.00% | 10/15/2038 | A | 4,725,000 | 3,989,841 | |||||||||
| PA Hi Ed - U Penn Hlth | 4.00% | 8/15/2049 | AA | 7,000,000 | 6,738,884 | |||||||||
| PA HI Ed - UPenn Hlth Sys | 4.00% | 8/15/2044 | AA | 3,055,000 | 2,972,329 | |||||||||
| Palm Beach Co Hlth - Lifespace | 5.00% | 5/15/2053 | BBB | (e) | 2,375,000 | 2,206,032 | ||||||||
| See Notes to Schedule of Investments. | 59 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Palomar Hlth | 5.00% | 11/1/2036 | BBB | $ | 6,025,000 | $ | 6,231,548 | |||||||
| Palomar Hlth | 5.00% | 11/1/2039 | BBB | 5,500,000 | 5,659,156 | |||||||||
| Philadelphia Hsps - Temple Univ Hlth | 5.00% | 7/1/2031 | BBB | 1,000,000 | 1,053,352 | |||||||||
| Philadelphia Hsps - Temple Univ Hlth | 5.00% | 7/1/2032 | BBB | 1,000,000 | 1,046,216 | |||||||||
| Philadelphia Hsps - Temple Univ Hlth | 5.00% | 7/1/2033 | BBB | 2,950,000 | 3,078,857 | |||||||||
| Savannah Hosp - St.Joseph’s/Candler | 4.00% | 7/1/2043 | A2 | 5,000,000 | 4,674,400 | |||||||||
| Savannah Hosp Auth - St.Joseph’s/Candler | 4.00% | 7/1/2039 | A2 | 4,500,000 | 4,268,944 | |||||||||
| Tampa Hlth & Ed - Moffit Cancer | 4.00% | 7/1/2045 | A2 | 4,855,000 | 4,590,204 | |||||||||
| UCal Med Ctr | 5.25% | 5/15/2038 | AA- | 660,000 | 678,082 | |||||||||
| VT Ed & Hlth - Univ of VT Med Ctr | 5.00% | 12/1/2035 | A | 4,500,000 | 4,702,628 | |||||||||
| WA Hlth Care - Overlake Hsp | 5.00% | 7/1/2038 | A | 4,000,000 | 4,075,684 | |||||||||
| Westchester Co LDC - Westchester Med Ctr | 6.00% | 11/1/2030 | Baa2 | 110,000 | 110,177 | |||||||||
| Westchester Co LDC - Westchester Med Ctr | 6.125% | 11/1/2037 | Baa2 | 30,000 | 30,075 | |||||||||
| WI Hlth & Ed - Marshfield Hlth Sys | 4.00% | 2/15/2050 | A- | 7,080,000 | 6,273,897 | |||||||||
| WI Hlth & Ed - Sauk-Prarie Mem Hsp | 5.375% | 2/1/2048 | Ba3 | 840,000 | 844,690 | |||||||||
| WI PFA - ACTS | 5.00% | 11/15/2041 | A- | (e) | 1,125,000 | 1,184,605 | ||||||||
| WI PFA - Alabama Proton† | 6.85% | 10/1/2047 | NR | 1,410,000 | 1,181,594 | |||||||||
| WI PFA - Cone Health | 5.00% | 10/1/2052 | AA | (e) | 8,750,000 | 9,297,668 | ||||||||
| Total | 543,740,749 | |||||||||||||
| Housing 2.43% | ||||||||||||||
| CA HFA - MFH | 3.25% | 8/20/2036 | BBB | 7,434,543 | 6,776,724 | |||||||||
| CA HFA - MFH | 3.50% | 11/20/2035 | BBB+ | 5,744,209 | 5,364,114 | |||||||||
| CA HFA - MFH | 4.00% | 3/20/2033 | NR | 18,058,175 | 17,861,818 | |||||||||
| CA HFA - MFH | 4.25% | 1/15/2035 | BBB+ | 6,706,734 | 6,617,735 | |||||||||
| CA Muni Fin - Caritas Affordable Hsg | 5.25% | 8/15/2039 | A- | 650,000 | 663,510 | |||||||||
| CA Muni Fin - UC Berkeley Hsg | 5.00% | 6/1/2050 | Baa3 | 1,410,000 | 1,425,483 | |||||||||
| California Housing Finance Agency (FHLMC) | 3.75% | 3/25/2035 | AA+ | 14,766,253 | 14,788,116 | |||||||||
| CSCDA - Jefferson-Anaheim† | 3.125% | 8/1/2056 | NR | 4,500,000 | 3,257,613 | |||||||||
| CSCDA - Pasadena† | 4.00% | 12/1/2056 | NR | 3,250,000 | 2,456,159 | |||||||||
| CSCDA- Waterscape† | 4.00% | 9/1/2046 | NR | 1,000,000 | 781,719 | |||||||||
| Fed Home Loan Mtg Corp | 4.60% | 12/15/2044 | AA+ | 5,495,000 | 5,584,976 | |||||||||
| LA Pub Facs Auth - Provident LSU | 5.00% | 7/1/2059 | A3 | 2,500,000 | 2,568,199 | |||||||||
| MI HDA | 3.60% | 10/1/2060 | AA | 6,330,000 | 5,335,770 | |||||||||
| NH National Fin Auth - Hsg Sec | 4.375% | 9/20/2036 | NR | 5,500,000 | 5,281,631 | (c) | ||||||||
| Phoenix IDA - ASU Std Hsg | 5.00% | 7/1/2037 | Baa3 | 1,000,000 | 1,019,678 | |||||||||
| Toledo/Lucas Port Auth - Univ Toledo | 5.00% | 7/1/2034 | BBB- | 1,000,000 | 1,007,123 | |||||||||
| 60 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Toledo/Lucas Port Auth - Univ Toledo | 5.00% | 7/1/2039 | BBB- | $ | 1,500,000 | $ | 1,503,289 | |||||||
| Toledo/Lucas Port Auth - Univ Toledo | 5.00% | 7/1/2046 | BBB- | 1,000,000 | 987,718 | |||||||||
| WA St HFC | 3.50% | 12/20/2035 | BBB+ | 4,922,838 | 4,505,649 | |||||||||
| Total | 87,787,024 | |||||||||||||
| Lease Obligations 4.86% | ||||||||||||||
| Erie Co IDA - Buffalo Sch Dist | 5.00% | 5/1/2026 | AA | 6,430,000 | 6,599,412 | |||||||||
| IL Sports Facs Auth (AGM) | 5.00% | 6/15/2027 | AA | 3,500,000 | 3,655,390 | |||||||||
| IL Sports Facs Auth (AGM) | 5.00% | 6/15/2028 | AA | 865,000 | 901,730 | |||||||||
| IN Fin Auth - Stadium | 5.25% | 2/1/2032 | AA+ | 5,000,000 | 5,393,598 | |||||||||
| KY Bond Dev Corp - Lexington Conv | 4.00% | 9/1/2048 | A+ | 6,645,000 | 6,622,538 | |||||||||
| Los Angeles Co Pub Wks - LACMA Bldg | 5.00% | 12/1/2045 | AA+ | 6,240,000 | 6,869,184 | |||||||||
| Met Pier & Expo Auth - McCormick Place (NPFGC)(FGIC) | Zero Coupon | 12/15/2032 | Baa2 | 3,575,000 | 2,312,487 | |||||||||
| MI Fin Auth - Wayne Co Criminal Justice | 4.00% | 11/1/2048 | Aa3 | 3,500,000 | 3,327,375 | |||||||||
| MI St Bldg Auth | 4.00% | 4/15/2054 | Aa2 | 6,500,000 | 6,003,696 | |||||||||
| NJ Ed Facs - Higher Ed | 4.00% | 9/1/2029 | A3 | 5,445,000 | 5,481,726 | |||||||||
| NJ EDA - Bldgs | 5.00% | 6/15/2036 | A3 | 1,285,000 | 1,347,074 | |||||||||
| NJ EDA - Bldgs | 5.00% | 6/15/2047 | A3 | 6,050,000 | 6,260,883 | |||||||||
| NJ EDA - Goethals Brdg AMT | 5.625% | 1/1/2052 | BBB+ | 7,500,000 | 7,632,072 | |||||||||
| NJ EDA - Sch Facs | 4.75% | 6/15/2031 | A3 | 1,550,000 | 1,712,245 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2041 | A3 | 5,050,000 | 5,227,549 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2042 | A3 | 4,930,000 | 5,113,667 | |||||||||
| NJ EDA - Sch Facs | 5.50% | 6/15/2031 | A3 | 1,450,000 | 1,648,829 | |||||||||
| NJ EDA - Sch Facs (NPFGC)(FGIC) | 5.50% | 9/1/2029 | BBB+ | 7,500,000 | 8,484,460 | |||||||||
| NJ EDA - State House | 5.00% | 6/15/2043 | A3 | 4,500,000 | 4,672,512 | |||||||||
| NJ EDA - Transit | 5.00% | 11/1/2044 | A3 | 5,500,000 | 5,718,813 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2028 | A3 | 10,000,000 | 7,865,986 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2031 | A3 | 1,935,000 | 1,314,014 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2037 | A3 | 3,390,000 | 1,667,658 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2038 | A3 | 6,760,000 | 3,133,550 | |||||||||
| NJ Trans Trust Fund | 4.00% | 12/15/2031 | A3 | 2,125,000 | 2,160,171 | |||||||||
| NJ Trans Trust Fund | 4.00% | 6/15/2044 | A3 | 8,935,000 | 8,331,803 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2030 | A+ | 3,000,000 | 3,197,174 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2031 | A+ | 2,400,000 | 2,549,475 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2033 | A3 | 4,565,000 | 4,913,620 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2035 | A3 | 4,200,000 | 4,420,120 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2036 | A3 | 3,500,000 | 3,677,855 | |||||||||
| See Notes to Schedule of Investments. | 61 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2046 | A3 | $ | 14,595,000 | $ | 15,118,407 | |||||||
| NYC TFA - Bldg Aid | 5.00% | 7/15/2030 | AA | 10,000,000 | 10,022,508 | |||||||||
| NYC TFA - Bldg Aid | 5.00% | 7/15/2031 | AA | 6,000,000 | 6,013,505 | |||||||||
| NYC TFA - Bldg Aid | 5.00% | 7/15/2035 | AA | 545,000 | 592,874 | |||||||||
| St Louis Fin Corp - Convention Center (AGM) | 5.00% | 10/1/2045 | AA | 2,500,000 | 2,730,947 | |||||||||
| St Louis Fin Corp - Convention Center (AGM) | 5.00% | 10/1/2049 | AA | 2,625,000 | 2,857,051 | |||||||||
| Total | 175,551,958 | |||||||||||||
| Other Revenue 2.72% | ||||||||||||||
| CA Infra & Econ Dev - Acad Motion Pict | 5.00% | 11/1/2041 | Aa2 | 2,500,000 | 2,577,543 | |||||||||
| CA Infra & Econ Dev - Museum of Nat Hist | 4.00% | 7/1/2050 | A2 | 4,000,000 | 3,840,310 | |||||||||
| CA Sch Fin - Aspire† | 4.00% | 8/1/2061 | BBB | 3,275,000 | 2,820,096 | |||||||||
| CA Sch Fin Auth - Green Dot Charter† | 5.00% | 8/1/2048 | BBB- | 1,650,000 | 1,675,763 | |||||||||
| City of Miami Beach - Parking Revs (BAM) | 5.00% | 9/1/2040 | AA | 2,000,000 | 2,134,598 | |||||||||
| Clifton Higher Ed - IDEA Pub Schs | 5.00% | 8/15/2042 | A- | 275,000 | 275,325 | |||||||||
| Clifton Higher Ed - IDEA Pub Schs | 6.00% | 8/15/2043 | A- | 1,000,000 | 1,025,185 | |||||||||
| Clifton Higher Ed - Intl Ldrshp Sch | 6.125% | 8/15/2048 | NR | 7,825,000 | 7,980,451 | |||||||||
| DC Rev - Friendship Pub Chtr Sch | 5.00% | 6/1/2041 | BBB | 1,935,000 | 1,963,318 | |||||||||
| FL DFC - Mater Admy | 5.00% | 6/15/2050 | BBB | 2,135,000 | 2,153,994 | |||||||||
| FL DFC - Mater Admy | 5.00% | 6/15/2055 | BBB | 1,500,000 | 1,506,517 | |||||||||
| Grand River Hosp Dist (AGM) | 5.25% | 12/1/2034 | AA | 1,000,000 | 1,090,568 | |||||||||
| Grand River Hosp Dist (AGM) | 5.25% | 12/1/2035 | AA | 1,000,000 | 1,088,901 | |||||||||
| Grand River Hosp Dist (AGM) | 5.25% | 12/1/2037 | AA | 1,160,000 | 1,259,844 | |||||||||
| IL Fin Auth - Noble Chrter Schs | 6.125% | 9/1/2039 | BBB | 6,000,000 | 6,148,469 | |||||||||
| Indianapolis Local Pub Impt Bd Bk | 5.00% | 2/1/2031 | AA- | 7,120,000 | 7,429,217 | |||||||||
| KY Public Energy Auth - Peak Energy | 4.00% | #(a) | 2/1/2050 | A1 | 11,660,000 | 11,761,208 | ||||||||
| Long Beach Nat Gas - ML | 2.396% | #(a) | 11/15/2027 | A2 | 9,000,000 | 8,789,261 | ||||||||
| Lower AL Gas Dist - Goldman Sachs | 4.00% | #(a) | 12/1/2050 | A2 | 2,000,000 | 2,030,177 | ||||||||
| Main St Nat Gas - Macquarie | 5.00% | 5/15/2037 | A3 | 2,990,000 | 3,185,224 | |||||||||
| Main St Nat Gas - Macquarie | 5.00% | 5/15/2043 | A3 | 3,250,000 | 3,363,875 | |||||||||
| Main St Nat Gas - Macquarie | 5.00% | 5/15/2049 | A3 | 8,150,000 | 8,586,177 | |||||||||
| Maricopa Co IDA - Legacy Schools† | 5.00% | 7/1/2049 | BB+ | 1,165,000 | 1,131,395 | |||||||||
| Maricopa Co IDA - Legacy Schools† | 5.00% | 7/1/2054 | BB+ | 1,000,000 | 961,688 | |||||||||
| MI Fin Auth - Bradford Admy | 4.30% | 9/1/2030 | NR | 335,000 | 307,601 | |||||||||
| MI Fin Auth - Bradford Admy | 4.80% | 9/1/2040 | NR | 565,000 | 488,340 | |||||||||
| MI Fin Auth - Bradford Admy | 5.00% | 9/1/2050 | NR | 925,000 | 771,567 | |||||||||
| Middlesex Co Impt Auth - Heldrich Ctr | 6.125% | 1/1/2025 | NR | 1,250,000 | 25,000 | |||||||||
| Middlesex Co Impt Auth - Heldrich Ctr | 6.25% | 1/1/2037 | NR | 1,700,000 | 34,000 | |||||||||
| 62 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| MSR Energy Auth - Citi | 6.125% | 11/1/2029 | BBB+ | $ | 2,090,000 | $ | 2,333,011 | |||||||
| NJ EDA - Team Academy | 6.00% | 10/1/2043 | BBB | 3,500,000 | 3,589,865 | |||||||||
| NYC Cultural - Lincoln Center | 4.00% | 12/1/2033 | A | 2,000,000 | 2,053,328 | |||||||||
| NYC Cultural - Lincoln Center | 4.00% | 12/1/2035 | A | 1,750,000 | 1,776,336 | |||||||||
| NYC Cultural - Lincoln Center | 5.00% | 12/1/2031 | A | 1,250,000 | 1,432,694 | |||||||||
| UT Fin Auth - Providence Hall Charter (UT-CSCE) | 4.00% | 10/15/2051 | Aa2 | 1,000,000 | 926,102 | |||||||||
| Total | 98,516,948 | |||||||||||||
| Pre-Refunded 0.03% | ||||||||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2038 | NR | 5,000 | 5,538 | |||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2038 | A1 | 995,000 | 1,042,737 | |||||||||
| Total | 1,048,275 | |||||||||||||
| Special Tax 1.72% | ||||||||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2032 | Ba3 | 1,845,000 | 1,874,879 | |||||||||
| Allentown Neighborhood Impt - City Center† | 5.25% | 5/1/2042 | NR | 3,250,000 | 3,269,580 | |||||||||
| Atlanta Urban Redevelopment Agency† | 3.625% | 7/1/2042 | NR | 1,850,000 | 1,557,808 | |||||||||
| Atlanta Urban Redevelopment Agency† | 3.875% | 7/1/2051 | NR | 3,325,000 | 2,716,158 | |||||||||
| CT Spl Tax - Trans Infra | 5.00% | 8/1/2034 | AA- | 3,600,000 | 3,816,165 | |||||||||
| CT Spl Tax - Trans Infra | 5.00% | 1/1/2037 | AA- | 7,000,000 | 7,546,862 | |||||||||
| CT Spl Tax - Trans Infra | 5.00% | 1/1/2038 | AA- | 4,250,000 | 4,574,510 | |||||||||
| Gramercy Farms CDD~ | Zero Coupon | 5/1/2039 | NR | 2,965,000 | 1,541,800 | (c) | ||||||||
| Gramercy Farms Cmnty Dev Dist(b) | 5.25% | 5/1/2039 | NR | 1,340,000 | 214 | (c) | ||||||||
| Inland Valley Redev Agy | 5.25% | 9/1/2037 | A | 4,875,000 | 5,036,564 | |||||||||
| Irvine CFD - Great Park | 5.00% | 9/1/2044 | NR | 500,000 | 507,324 | |||||||||
| NJ EDA - Kapkowski Rd Landfill | 6.50% | 4/1/2028 | Ba1 | 2,235,249 | 2,259,962 | |||||||||
| NYC IDA - Queens Stadium (AGM) | 3.00% | 1/1/2034 | AA | 1,000,000 | 915,602 | |||||||||
| NYC IDA - Yankee Stadium | 4.00% | 3/1/2045 | Baa1 | 3,600,000 | 3,303,205 | |||||||||
| PA COP | 4.00% | 7/1/2046 | A | 2,375,000 | 2,240,027 | |||||||||
| Rancho Cucamonga Redev Agy (AGM) | 5.00% | 9/1/2030 | AA | 1,500,000 | 1,578,578 | |||||||||
| Rancho Cucamonga Redev Agy (AGM) | 5.00% | 9/1/2031 | AA | 1,400,000 | 1,471,017 | |||||||||
| Riverside RDA - Housing | 8.50% | 10/1/2041 | A | 11,195,000 | 13,901,463 | |||||||||
| Stone Canyon CID(b) | 5.70% | 4/1/2022 | NR | 1,000,000 | 260,000 | |||||||||
| Stone Canyon CID(b) | 5.75% | 4/1/2027 | NR | 1,300,000 | 338,000 | |||||||||
| Village CDD #13 | 3.00% | 5/1/2041 | NR | 1,250,000 | 965,312 | |||||||||
| Village CDD #13 | 3.25% | 5/1/2052 | NR | 3,250,000 | 2,422,051 | |||||||||
| Total | 62,097,081 | |||||||||||||
| See Notes to Schedule of Investments. | 63 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue 5.52% | ||||||||||||||
| Bay Area Rapid Transit Dist | 3.00% | 8/1/2042 | Aaa | $ | 5,180,000 | $ | 4,536,327 | |||||||
| Casino Reinv Dev Auth | 5.25% | 11/1/2039 | Baa2 | 3,300,000 | 3,397,928 | |||||||||
| Casino Reinv Dev Auth | 5.25% | 11/1/2044 | Baa2 | 1,950,000 | 2,003,926 | |||||||||
| Chicago Brd Ed - CIT | 5.00% | 4/1/2042 | A | (e) | 1,800,000 | 1,816,177 | ||||||||
| Chicago Trans Auth | 5.00% | 12/1/2046 | A+ | 2,835,000 | 2,946,593 | |||||||||
| Chicago Trans Auth | 5.00% | 12/1/2052 | A+ | 6,500,000 | 6,994,928 | |||||||||
| Chicago Trans Auth | 5.25% | 12/1/2049 | AA | 10,000,000 | 10,292,292 | |||||||||
| Compton Community Redevelopment Agency Successor Agency (AGM) | 5.00% | 8/1/2042 | A1 | 1,250,000 | 1,333,721 | |||||||||
| Cook Co Sales Tax | 4.00% | 11/15/2034 | AA- | 3,750,000 | 3,804,746 | |||||||||
| CT Spl Tax - Trans Infra | 4.00% | 5/1/2036 | AA- | 2,500,000 | 2,515,059 | |||||||||
| CT Spl Tax - Trans Infra | 4.00% | 5/1/2039 | AA- | 3,150,000 | 3,146,653 | |||||||||
| Guam - Business Privilege Tax | 4.00% | 1/1/2042 | Ba1 | 1,500,000 | 1,328,604 | |||||||||
| MA Sch Bldg Auth - Sales Tax | 4.00% | 2/15/2043 | AA | 1,000,000 | 992,768 | |||||||||
| Met Pier & Expo Auth - McCormick Place | 5.50% | 6/15/2053 | A- | 4,415,000 | 4,508,838 | |||||||||
| Met Pier & Expo Auth - McCormick Place (AGM) | Zero Coupon | 6/15/2045 | AA | 3,580,000 | 1,203,322 | |||||||||
| Met Pier & Expo Auth - McCormick Place (AGM) | Zero Coupon | 6/15/2046 | AA | 1,595,000 | 508,069 | |||||||||
| Met Pier & Expo Auth - McCormick Place (NPFGC)(FGIC) | Zero Coupon | 12/15/2030 | Baa2 | 10,535,000 | 7,541,795 | |||||||||
| Met Pier & Expo Auth - McCormick Place (NPFGC)(FGIC) | Zero Coupon | 12/15/2036 | Baa2 | 10,000,000 | 5,251,869 | |||||||||
| Met Pier & Expo Auth - McCormick Place (NPFGC)(FGIC) | Zero Coupon | 12/15/2037 | A- | 15,000,000 | 7,457,406 | |||||||||
| Met Pier & Expo Auth - McCormick Place TCRS (BAM) | 5.00% | 6/15/2053 | AA | 915,000 | 966,480 | |||||||||
| Miami Dade Co - Transit Rev | 4.00% | 7/1/2049 | AA | 7,450,000 | 7,170,928 | |||||||||
| NY Dorm - PIT | 3.00% | 3/15/2041 | AA+ | 4,400,000 | 3,705,961 | |||||||||
| NY UDC - PIT | 4.00% | 3/15/2042 | Aa1 | 5,000,000 | 4,887,579 | |||||||||
| NY UDC - PIT | 5.00% | 3/15/2033 | AA+ | 750,000 | 763,582 | |||||||||
| NY UDC Sales Tax | 5.00% | 3/15/2040 | Aa1 | 10,935,000 | 11,869,019 | |||||||||
| NYC TFA - Future Tax | 3.00% | 5/1/2045 | AAA | 7,000,000 | 5,819,457 | |||||||||
| NYC TFA - Future Tax | 4.00% | 5/1/2037 | AAA | 3,000,000 | 3,000,326 | |||||||||
| NYC TFA - Future Tax | 4.00% | 2/1/2041 | AAA | 4,500,000 | 4,461,872 | |||||||||
| NYC TFA - Future Tax | 4.00% | 8/1/2042 | AAA | 1,000,000 | 986,638 | |||||||||
| NYC TFA - Future Tax | 4.00% | 5/1/2044 | AAA | 1,000,000 | 977,345 | |||||||||
| NYC TFA - Future Tax | 5.00% | 2/1/2036 | AAA | 1,000,000 | 1,042,006 | |||||||||
| 64 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2029 | NR | $ | 1,271,000 | $ | 959,430 | |||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2031 | NR | 2,122,000 | 1,439,674 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2033 | NR | 2,549,000 | 1,536,134 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2051 | NR | 2,798,000 | 559,880 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 5,803,000 | 5,463,931 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 5,253,000 | 4,946,067 | |||||||||
| PR Corp Sales Tax | 4.536% | 7/1/2053 | NR | 39,000 | 36,494 | |||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 129,000 | 124,582 | |||||||||
| PR Corp Sales Tax | 4.75% | 7/1/2053 | NR | 4,895,000 | 4,715,425 | |||||||||
| PR Corp Sales Tax | 5.00% | 7/1/2058 | NR | 21,533,000 | 21,220,332 | |||||||||
| Reno Cap Impt (AGM) | 4.00% | 6/1/2043 | AA | 4,725,000 | 4,683,955 | |||||||||
| Reno Cap Impt (AGM) | 4.00% | 6/1/2046 | AA | 6,800,000 | 6,414,122 | |||||||||
| Sparks - Legends at Sparks Marina† | 2.50% | 6/15/2024 | Ba2 | 175,000 | 169,340 | |||||||||
| Sparks - Legends at Sparks Marina† | 2.75% | 6/15/2028 | Ba2 | 750,000 | 672,911 | |||||||||
| Triborough Brdg & Tunl - Payroll Mobility Tax | 5.00% | 5/15/2051 | AA+ | 6,555,000 | 7,117,784 | |||||||||
| Triborough Brdg & Tunl - Payroll Mobility Tax | 5.00% | 5/15/2052 | AA+ | 3,000,000 | 3,400,933 | |||||||||
| Triborough Brdg & Tunl Auth- Payroll Mobility Tax | 5.00% | 5/15/2051 | AA+ | 10,000,000 | 10,898,919 | |||||||||
| USVI Matching Fund | 5.00% | 10/1/2032 | NR | 1,500,000 | 1,543,633 | |||||||||
| VA Small Bus Fin - NTL Senior Lvg | 4.00% | 1/1/2045 | A | (e) | 4,000,000 | 3,817,717 | ||||||||
| VT Edu Loan Rev AMT | 3.375% | 6/15/2036 | A | 2,620,000 | 2,538,925 | |||||||||
| Total | 199,492,402 | |||||||||||||
| Tobacco 3.39% | ||||||||||||||
| Buckeye Tobacco | 5.00% | 6/1/2055 | NR | 33,915,000 | 31,985,125 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2029 | NR | 2,500,000 | 2,816,323 | |||||||||
| Los Angeles Co Tobacco | 4.00% | 6/1/2049 | BBB+ | 6,770,000 | 5,855,234 | |||||||||
| Los Angeles Co Tobacco | 5.00% | 6/1/2049 | BBB- | 195,000 | 199,334 | |||||||||
| MI Tob Settlement | Zero Coupon | 6/1/2058 | NR | 25,000,000 | 1,151,508 | |||||||||
| MI Tob Settlement | 4.00% | 6/1/2049 | BBB+ | 3,365,000 | 3,010,713 | |||||||||
| MI Tob Settlement | 5.00% | 6/1/2049 | BBB- | 5,355,000 | 5,413,352 | |||||||||
| Nassau Co Tobacco | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 1,009,212 | |||||||||
| PA Tob Settlement (AGM) | 4.00% | 6/1/2039 | AA | 15,000,000 | 14,448,156 | |||||||||
| Railsplitter Tobacco Settlement Auth | 5.00% | 6/1/2027 | A | 3,325,000 | 3,575,886 | |||||||||
| Sacramento Co Tobacco | 4.00% | 6/1/2034 | A- | 1,000,000 | 981,656 | |||||||||
| Sacramento Co Tobacco | 4.00% | 6/1/2036 | A- | 1,050,000 | 1,019,824 | |||||||||
| See Notes to Schedule of Investments. | 65 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Sacramento Co Tobacco | 4.00% | 6/1/2038 | A- | $ | 1,000,000 | $ | 959,754 | |||||||
| Sacramento Co Tobacco | 4.00% | 6/1/2040 | A- | 1,000,000 | 947,431 | |||||||||
| Sacramento Co Tobacco | 4.00% | 6/1/2049 | BBB+ | 2,250,000 | 2,013,993 | |||||||||
| San Diego Co Tobacco | 5.00% | 6/1/2048 | BBB+ | 1,500,000 | 1,530,626 | |||||||||
| San Diego Co Tobacco | 5.00% | 6/1/2048 | BBB- | 8,505,000 | 8,287,613 | |||||||||
| Tobacco Settlement Auth IA | 4.00% | 6/1/2049 | BBB+ | 2,000,000 | 1,687,573 | |||||||||
| Tobacco Settlement Auth WA | 5.25% | 6/1/2032 | A- | 460,000 | 462,042 | |||||||||
| Tobacco Settlement Fin Corp LA | 5.25% | 5/15/2035 | A- | 2,310,000 | 2,368,706 | |||||||||
| Tobacco Settlement Fin Corp NJ | 3.20% | 6/1/2027 | BBB+ | 5,000 | 5,000 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2031 | A | 4,605,000 | 4,897,449 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2033 | A- | 1,000,000 | 1,057,809 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.25% | 6/1/2046 | BBB+ | 8,900,000 | 9,261,134 | |||||||||
| Tobacco Settlement Fin Corp VA | 5.00% | 6/1/2047 | B- | 7,540,000 | 7,528,098 | |||||||||
| TSASC | 5.00% | 6/1/2023 | B- | 3,400,000 | 3,391,697 | |||||||||
| TSASC | 5.00% | 6/1/2035 | A- | 1,390,000 | 1,444,559 | |||||||||
| TSASC | 5.00% | 6/1/2048 | NR | 5,550,000 | 5,286,545 | |||||||||
| Total | 122,596,352 | |||||||||||||
| Transportation 23.44% | ||||||||||||||
| AL Port Auth (AGM) | 5.00% | 10/1/2036 | AA | 750,000 | 812,658 | |||||||||
| AL Port Auth AMT (AGM) | 5.00% | 10/1/2034 | AA | 2,000,000 | 2,143,759 | |||||||||
| AL Port Auth AMT (AGM) | 5.00% | 10/1/2035 | AA | 2,000,000 | 2,139,914 | |||||||||
| Alameda Corridor Trsp Auth CR (AGM) | 5.00% | 10/1/2034 | AA | 3,650,000 | 3,868,799 | |||||||||
| Atlanta Arpt - PFC AMT | 4.00% | 7/1/2039 | Aa3 | 2,250,000 | 2,204,199 | |||||||||
| Atlanta Arpt - PFC AMT | 5.00% | 1/1/2028 | Aa3 | 2,000,000 | 2,070,298 | |||||||||
| Atlanta Arpt - PFC AMT | 5.00% | 1/1/2031 | Aa3 | 4,000,000 | 4,126,817 | |||||||||
| Bay Area Toll Auth | 4.00% | 4/1/2049 | AA- | 4,860,000 | 4,725,519 | |||||||||
| CA Muni Fin - LINXS AMT | 4.00% | 12/31/2047 | BBB- | (e) | 14,450,000 | 12,802,061 | ||||||||
| CA Muni Fin - LINXS CR (AGM) AMT | 4.00% | 12/31/2047 | AA | 3,630,000 | 3,315,949 | |||||||||
| CA Muni Fin Auth - LINXS AMT | 5.00% | 12/31/2038 | BBB- | (e) | 5,000,000 | 5,103,438 | ||||||||
| Canaveral FL Port Auth AMT | 5.00% | 6/1/2045 | A3 | 4,630,000 | 4,874,033 | |||||||||
| Canaveral Port Auth | 5.00% | 6/1/2048 | A3 | 4,890,000 | 5,118,383 | |||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2045 | A- | 4,500,000 | 4,869,464 | |||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2046 | A- | 1,500,000 | 1,585,453 | |||||||||
| Central TX Tpk | 5.00% | 8/15/2033 | A- | 5,750,000 | 5,893,311 | |||||||||
| Central TX Tpk | 5.00% | 8/15/2037 | A- | 1,000,000 | 1,021,913 | |||||||||
| Chicago Midway Arpt | 4.00% | 1/1/2034 | A- | 1,000,000 | 993,485 | |||||||||
| 66 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Chicago O’Hare Arpt | 4.00% | 1/1/2044 | A | $ | 13,500,000 | $ | 12,956,428 | |||||||
| Chicago O’Hare Arpt | 5.00% | 1/1/2048 | A | 1,020,000 | 1,065,291 | |||||||||
| Chicago O’Hare Arpt - TRIPS AMT | 5.00% | 7/1/2048 | BBB+ | 3,500,000 | 3,559,581 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2047 | A | 5,735,000 | 5,897,604 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2048 | A | 10,000,000 | 10,386,490 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2053 | A | 10,000,000 | 10,358,682 | |||||||||
| Chicago Trans Auth | 4.00% | 12/1/2055 | A+ | 4,000,000 | 3,660,320 | |||||||||
| Chicago Trans Auth | 5.00% | 12/1/2055 | A+ | 1,750,000 | 1,844,019 | |||||||||
| Cleveland Arpt (AGM) | 5.00% | 1/1/2031 | AA | 900,000 | 938,884 | |||||||||
| CT Airport Auth - Bradley Arpt AMT | 4.00% | 7/1/2049 | BBB | 3,600,000 | 3,082,995 | |||||||||
| CT Airport Auth - Ground Trans Proj AMT | 5.00% | 7/1/2049 | BBB | 3,425,000 | 3,497,374 | |||||||||
| Denver City & Co Arpt | 4.00% | 12/1/2043 | A | 5,000,000 | 4,851,405 | |||||||||
| Denver City & Co Arpt AMT | 4.00% | 12/1/2043 | A | 2,565,000 | 2,440,056 | |||||||||
| Denver City & Co Arpt AMT | 4.00% | 12/1/2048 | A | 4,255,000 | 3,971,241 | |||||||||
| Denver City & Co Arpt AMT | 5.25% | 11/15/2043 | A | 8,000,000 | 8,172,172 | |||||||||
| Denver RTD - Eagle P3 | 4.00% | 7/15/2033 | Baa1 | 1,100,000 | 1,049,259 | |||||||||
| Denver RTD - Eagle P3 | 4.00% | 7/15/2035 | Baa1 | 1,250,000 | 1,175,982 | |||||||||
| Denver RTD - Eagle P3 | 4.00% | 7/15/2039 | Baa1 | 2,920,000 | 2,647,646 | |||||||||
| DFW Arpt | 5.00% | 11/1/2030 | A+ | 850,000 | 874,982 | |||||||||
| E470 Pub Hwy Auth (NPFGC)(FGIC) | Zero Coupon | 9/1/2032 | A | 4,200,000 | 2,817,856 | |||||||||
| E470 Pub Hwy Auth (NPFGC)(FGIC) | Zero Coupon | 9/1/2037 | A | 7,720,000 | 3,718,679 | |||||||||
| Eagle Co Arpt AMT | 5.00% | 5/1/2033 | Baa2 | 2,430,000 | 2,497,301 | |||||||||
| Eagle Co Arpt AMT | 5.00% | 5/1/2037 | Baa2 | 1,000,000 | 1,022,420 | |||||||||
| Eagle Co Arpt AMT | 5.00% | 5/1/2041 | Baa2 | 3,000,000 | 3,046,609 | |||||||||
| Foothill / Eastern Corridor Toll Rd | Zero Coupon | 1/15/2033 | A | 5,000,000 | 3,155,781 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 3.50% | 1/15/2053 | A | 7,190,000 | 5,859,597 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 4.00% | 1/15/2043 | A- | 26,723,000 | 24,802,717 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 6.00% | 1/15/2049 | A | 9,000,000 | 9,558,899 | |||||||||
| Hampton Rds Trans(f) | 5.25% | 7/1/2060 | AA | 20,000,000 | 22,084,464 | |||||||||
| Hampton Roads Trans Commn | 5.50% | 7/1/2057 | AA | 7,500,000 | 8,660,521 | |||||||||
| HI Airport Sys AMT | 5.00% | 7/1/2041 | A+ | 5,000,000 | 5,154,412 | |||||||||
| HI Airport Sys AMT | 5.00% | 7/1/2048 | A+ | 11,905,000 | 12,372,214 | |||||||||
| HI Arprt AMT | 4.00% | 7/1/2035 | A+ | 4,425,000 | 4,372,631 | |||||||||
| Houston Arpt - Continental Airlines AMT | 6.625% | 7/15/2038 | Ba3 | 2,500,000 | 2,504,681 | |||||||||
| Kansas City IDA - Kansas City Arpt AMT | 4.00% | 3/1/2036 | A2 | 3,000,000 | 2,915,166 | |||||||||
| Kansas City IDA - Kansas City Intl Airport AMT | 5.00% | 3/1/2054 | A2 | 13,835,000 | 14,293,081 | |||||||||
| See Notes to Schedule of Investments. | 67 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Los Angeles Dept Arpts - LAX AMT | 5.00% | 5/15/2033 | AA- | $ | 5,115,000 | $ | 5,728,307 | |||||||
| Los Angeles Dept Arpts - LAX AMT | 5.00% | 5/15/2039 | AA | 9,000,000 | 9,640,155 | |||||||||
| Los Angeles Dept Arpts - LAX AMT | 5.00% | 5/15/2041 | AA | 4,000,000 | 4,118,362 | |||||||||
| MA Port Auth AMT | 4.00% | 7/1/2046 | AA | 5,465,000 | 5,193,367 | |||||||||
| MA Port Auth AMT | 5.00% | 7/1/2040 | AA | 1,500,000 | 1,547,017 | |||||||||
| MA Port Auth AMT | 5.00% | 7/1/2045 | AA | 3,315,000 | 3,401,984 | |||||||||
| MD EDC - Port Covington | 4.00% | 9/1/2040 | NR | 2,000,000 | 1,753,932 | |||||||||
| MD EDC - Ports America Chesapeake AMT | 5.00% | 6/1/2044 | Baa2 | 375,000 | 388,516 | |||||||||
| MD EDC - Ports America Chesapeake AMT | 5.00% | 6/1/2049 | Baa2 | 750,000 | 773,256 | |||||||||
| MD EDC - Purple Line AMT | 5.25% | 6/30/2052 | Baa3 | 2,500,000 | 2,554,696 | |||||||||
| MD EDC - Purple Line AMT | 5.25% | 6/30/2055 | Baa3 | 12,500,000 | 12,704,571 | |||||||||
| MD Trans - Baltimore Intl Arpt AMT | 3.00% | 6/1/2036 | A | 7,310,000 | 6,222,670 | |||||||||
| Met Airpt Auth - Dulles Metrorail | Zero Coupon | 10/1/2037 | A- | 5,000,000 | 2,311,597 | |||||||||
| Met DC Arpt AMT | 5.00% | 10/1/2027 | AA- | 3,250,000 | 3,400,916 | |||||||||
| Met DC Arpt AMT | 5.00% | 10/1/2028 | AA- | 2,000,000 | 2,051,362 | |||||||||
| Met DC Arpt AMT | 5.00% | 10/1/2035 | AA- | 4,525,000 | 4,749,094 | |||||||||
| Met Nashville Arpt Auth AMT | 5.00% | 7/1/2049 | A2 | 5,000,000 | 5,226,809 | |||||||||
| MI Strategic Fund - I-75 AMT | 5.00% | 6/30/2048 | Baa2 | 2,500,000 | 2,474,595 | |||||||||
| Miami Dade Co - Rickenbacker Cswy | 5.00% | 10/1/2029 | A- | 500,000 | 515,451 | |||||||||
| Miami Dade Co - Rickenbacker Cswy | 5.00% | 10/1/2030 | A- | 550,000 | 565,756 | |||||||||
| Miami Dade Co - Rickenbacker Cswy | 5.00% | 10/1/2032 | A- | 1,160,000 | 1,189,203 | |||||||||
| Miami Dade Co Aviation - MIA AMT | 5.00% | 10/1/2028 | A- | 4,435,000 | 4,602,876 | |||||||||
| Miami Dade Co Aviation - MIA AMT | 5.00% | 10/1/2029 | A- | 2,500,000 | 2,587,077 | |||||||||
| Miami Dade Co Aviation - MIA AMT | 5.00% | 10/1/2034 | A- | 10,000,000 | 10,309,797 | |||||||||
| Miami Dade CO Aviation - Mia AMT | 5.00% | 10/1/2044 | A- | 6,000,000 | 6,262,819 | |||||||||
| Miami Dade Co Expwy Auth | 5.00% | 7/1/2027 | A | 160,000 | 168,401 | |||||||||
| Miami Dade Co Expwy Auth | 5.00% | 7/1/2028 | A | 515,000 | 542,245 | |||||||||
| Miami-Dade Co Seaport (AGM) | 4.00% | 10/1/2049 | AA | 9,325,000 | 8,545,551 | |||||||||
| Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2027 | A | 575,000 | 594,023 | |||||||||
| Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2031 | A | 2,000,000 | 2,053,970 | |||||||||
| MTA NY | 5.00% | 11/15/2035 | A3 | 4,265,000 | 4,438,336 | |||||||||
| MTA NY | 5.00% | #(a) | 11/15/2045 | A3 | 2,700,000 | 2,949,998 | ||||||||
| MTA NY | 5.00% | 11/15/2050 | A3 | 11,125,000 | 11,473,205 | |||||||||
| MTA NY | 5.25% | 11/15/2044 | A3 | 9,680,000 | 9,959,393 | |||||||||
| MTA NY(f) | 5.25% | 11/15/2055 | A3 | 20,500,000 | 21,330,318 | |||||||||
| MTA NY (AGM) | 4.00% | 11/15/2054 | AA | 6,000,000 | 5,452,107 | |||||||||
| NC Tpk Auth - Triangle Exprs | 5.00% | 1/1/2032 | BBB | 1,350,000 | 1,412,163 | |||||||||
| 68 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| NC Tpk Auth - Triangle Exprs | 5.00% | 1/1/2043 | BBB | $ | 1,150,000 | $ | 1,187,549 | |||||||
| NC Tpk Auth - Triangle Exprs (AGM) | 4.00% | 1/1/2037 | AA | 14,255,000 | 14,105,809 | |||||||||
| NC Tpk Auth - Triangle Exprs (AGM) | 4.00% | 1/1/2038 | AA | 1,000,000 | 978,444 | |||||||||
| NC Tpk Auth - Triangle Exprs (AGM) | 4.00% | 1/1/2055 | AA | 4,000,000 | 3,778,052 | |||||||||
| Niagara Frontier Trsp - Buffalo Intl Arpt AMT | 5.00% | 4/1/2025 | A3 | 2,750,000 | 2,847,811 | |||||||||
| Niagara Frontier Trsp - Buffalo Intl Arpt AMT | 5.00% | 4/1/2026 | A3 | 1,000,000 | 1,034,437 | |||||||||
| NJ EDA - Transit | 4.00% | 11/1/2044 | A3 | 4,715,000 | 4,394,114 | |||||||||
| NJ Tpk Auth | 4.00% | 1/1/2033 | AA- | 1,630,000 | 1,646,233 | |||||||||
| NJ Tpk Auth | 4.00% | 1/1/2043 | AA- | 5,555,000 | 5,538,153 | |||||||||
| NJ Trans Trust Fund | 4.00% | 6/15/2045 | A3 | 15,680,000 | 14,551,650 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2034 | A3 | 2,625,000 | 2,825,157 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2035 | A3 | 3,425,000 | 3,677,533 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2045 | A3 | 5,000,000 | 5,217,522 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2050 | A3 | 2,750,000 | 2,856,394 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2031 | A | 250,000 | 257,483 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2040 | A+ | 4,350,000 | 4,398,251 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2048 | A | 5,000,000 | 5,246,528 | |||||||||
| NY Trans Dev Corp - Delta Airlines AMT | 4.00% | 10/1/2030 | Baa3 | 8,500,000 | 8,266,461 | |||||||||
| NY Trans Dev Corp - Delta Airlines AMT | 4.00% | 1/1/2036 | Baa3 | 3,295,000 | 3,069,317 | |||||||||
| NY Trans Dev Corp - Delta Airlines AMT | 5.00% | 1/1/2036 | Baa3 | 2,250,000 | 2,275,701 | |||||||||
| NY Trans Dev Corp - Delta Airlines AMT | 5.00% | 10/1/2040 | Baa3 | 11,500,000 | 11,592,926 | |||||||||
| NY Trans Dev Corp - Delta AMT | 5.00% | 1/1/2029 | Baa3 | 2,455,000 | 2,520,105 | |||||||||
| NY Trans Dev Corp - Delta AMT | 5.00% | 1/1/2030 | Baa3 | 3,275,000 | 3,360,004 | |||||||||
| NY Trans Dev Corp - Delta AMT | 5.00% | 1/1/2033 | Baa3 | 12,450,000 | 12,654,548 | |||||||||
| NY Trans Dev Corp - Delta AMT | 5.00% | 1/1/2034 | Baa3 | 4,205,000 | 4,265,078 | |||||||||
| NY Trans Dev Corp - JFK IAT | 5.00% | 12/1/2035 | Baa1 | 1,000,000 | 1,054,759 | |||||||||
| NY Trans Dev Corp - JFK IAT | 5.00% | 12/1/2037 | Baa1 | 1,500,000 | 1,573,737 | |||||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2025 | Baa1 | 1,100,000 | 1,154,501 | |||||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2035 | Baa1 | 1,905,000 | 1,986,025 | |||||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2035 | Baa1 | 5,000,000 | 5,240,081 | |||||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2037 | Baa1 | 1,390,000 | 1,444,405 | |||||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2042 | Baa1 | 3,250,000 | 3,359,636 | |||||||||
| NY Trans Dev Corp - LaGuardia Airport AMT | 4.00% | 7/1/2041 | Baa3 | 7,365,000 | 6,674,440 | |||||||||
| NY Trans Dev Corp - LaGuardia Airport AMT | 4.00% | 7/1/2046 | Baa3 | 2,340,000 | 2,046,161 | |||||||||
| NY Trans Dev Corp - LaGuardia Airport AMT | 5.00% | 7/1/2046 | Baa3 | 7,315,000 | 7,476,623 | |||||||||
| See Notes to Schedule of Investments. | 69 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| NY Trans Dev Corp - LaGuardia Airport AMT | 5.25% | 1/1/2050 | Baa3 | $ | 20,605,000 | $ | 21,126,298 | |||||||
| NY Twy Auth CR (AGM) | 4.00% | 1/1/2051 | AA | 2,725,000 | 2,796,986 | |||||||||
| NYS Thruway - Service Area AMT | 4.00% | 10/31/2041 | BBB- | (e) | 5,885,000 | 5,170,760 | ||||||||
| Ontario Intl Airport (AGM) | 5.00% | 5/15/2046 | AA | 2,000,000 | 2,157,909 | |||||||||
| Orlando & Orange Co Expwy Auth | 4.00% | 7/1/2035 | A+ | 5,000,000 | 5,044,321 | |||||||||
| Osceola Co Trans - Osceola Parkway | 5.00% | 10/1/2039 | BBB+ | 1,000,000 | 1,039,929 | |||||||||
| Osceola Parkway | 4.00% | 10/1/2054 | BBB+ | 9,300,000 | 8,003,729 | |||||||||
| PA Tpk Commn | 3.00% | 12/1/2042 | A | 2,500,000 | 1,993,512 | |||||||||
| PA Tpk Commn | 4.00% | 12/1/2038 | A3 | 3,425,000 | 3,359,979 | |||||||||
| PA Tpk Commn | 4.00% | 12/1/2043 | A | 1,500,000 | 1,434,998 | |||||||||
| PA Tpk Commn | 5.00% | 6/1/2029 | A3 | 9,000,000 | 9,602,449 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2039 | A+ | 750,000 | 779,965 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2044 | A3 | 3,500,000 | 3,727,228 | |||||||||
| Philadelphia Airport AMT | 5.00% | 7/1/2042 | A2 | 4,440,000 | 4,592,678 | |||||||||
| Phoenix Arpt AMT | 4.00% | 7/1/2037 | A1 | 8,000,000 | 7,852,617 | |||||||||
| Port Auth NY & NJ | 5.25% | 10/15/2055 | AA- | 3,675,000 | 3,860,600 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 11/15/2041 | AA- | 6,950,000 | 7,251,377 | |||||||||
| Port of Portland - Portland Intl Arpt AMT | 5.00% | 7/1/2039 | AA- | 2,000,000 | 2,043,687 | |||||||||
| PR Hwy & Trans Auth(b) | 4.00% | 7/1/2017 | NR | 240,000 | 132,000 | |||||||||
| PR Hwy & Trans Auth (AGM) | 5.25% | 7/1/2032 | AA | 2,000,000 | 2,046,515 | |||||||||
| PR Hwy & Trans Auth CR (AGM) | 5.50% | 7/1/2025 | AA | 2,000,000 | 2,104,294 | |||||||||
| Riverside Co Trsp Comm | 4.00% | 6/1/2040 | A | 2,115,000 | 2,054,538 | |||||||||
| Sacramento Co Arpt | 5.00% | 7/1/2041 | A | 8,000,000 | 8,308,594 | |||||||||
| Salt Lake City Arpt AMT | 5.00% | 7/1/2036 | A | 10,045,000 | 10,841,718 | |||||||||
| Salt Lake City Arpt AMT | 5.00% | 7/1/2034 | A | 5,000,000 | 5,261,433 | |||||||||
| San Antonio Arpt AMT | 5.00% | 7/1/2045 | A1 | 8,435,000 | 8,656,330 | |||||||||
| San Diego Arpt | 5.00% | 7/1/2044 | A | 4,500,000 | 4,747,113 | |||||||||
| San Diego Arpt | 5.00% | 7/1/2051 | A2 | 5,500,000 | 5,785,864 | |||||||||
| San Diego Arpt(f) | 5.00% | 7/1/2056 | A2 | 11,540,000 | 12,085,045 | |||||||||
| San Francisco Arpt | 5.00% | 5/1/2052 | A1 | 5,000,000 | 5,348,314 | |||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2052 | A1 | 3,000,000 | 3,147,171 | |||||||||
| San Francisco Arpt AMT | 5.25% | 5/1/2033 | A1 | 7,000,000 | 7,109,740 | |||||||||
| San Jose Arpt | 5.00% | 3/1/2047 | A | 750,000 | 780,931 | |||||||||
| San Jose Arpt AMT | 5.00% | 3/1/2047 | A | 2,800,000 | 2,881,911 | |||||||||
| SC St Port Auth AMT | 5.00% | 7/1/2044 | A+ | 5,000,000 | 5,274,569 | |||||||||
| Triborough Brdg & Tunl Auth | 3.00% | 11/15/2047 | AA- | 7,280,000 | 5,629,651 | |||||||||
| Triborough Brdg & Tunl Auth | 5.00% | 11/15/2042 | AA- | 1,640,000 | 1,759,387 | |||||||||
| 70 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 6/30/2037 | Baa2 | $ | 2,950,000 | $ | 2,767,006 | |||||||
| TX Surface Trans Corp - I-635 | 4.00% | 12/31/2037 | Baa2 | 2,125,000 | 1,990,129 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 6/30/2038 | Baa2 | 1,050,000 | 978,043 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 12/31/2038 | Baa2 | 1,375,000 | 1,278,781 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 6/30/2039 | Baa2 | 1,340,000 | 1,240,205 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 12/31/2039 | Baa2 | 1,025,000 | 947,190 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 6/30/2040 | Baa2 | 1,125,000 | 1,035,366 | |||||||||
| TX Surface Trans Corp - NTE 3C AMT | 5.00% | 6/30/2058 | Baa3 | 3,435,000 | 3,417,913 | |||||||||
| TX Trans Comm - Hwy 249 | 5.00% | 8/1/2057 | Baa3 | 2,625,000 | 2,673,551 | |||||||||
| VA Small Bus Fing - 95 Express AMT | 5.00% | 1/1/2032 | BBB- | 6,225,000 | 6,793,407 | |||||||||
| VA Small Bus Fing - 95 Express AMT | 5.00% | 1/1/2033 | BBB- | 2,500,000 | 2,698,400 | |||||||||
| VA Small Bus Fing - 95 Express AMT | 5.00% | 1/1/2035 | BBB- | 6,715,000 | 7,167,913 | |||||||||
| VA Small Bus Fing - 95 Express AMT | 5.00% | 7/1/2036 | BBB- | 6,685,000 | 7,108,913 | |||||||||
| VA Small Bus Fing - Elizabeth River AMT(d) | 4.00% | 1/1/2038 | BBB | 4,500,000 | 4,250,681 | |||||||||
| VA Small Bus Fing - Elizabeth River AMT(d) | 4.00% | 1/1/2040 | BBB | 4,000,000 | 3,727,898 | |||||||||
| Wayne Co Arpt AMT | 5.00% | 12/1/2039 | A1 | 1,700,000 | 1,746,874 | |||||||||
| Wayne Co Arpt AMT | 5.00% | 12/1/2042 | A1 | 1,200,000 | 1,247,235 | |||||||||
| Wayne Co Arpt AMT | 5.00% | 12/1/2046 | A1 | 2,825,000 | 2,968,667 | |||||||||
| WV Parkways Auth | 4.00% | 6/1/2047 | AA- | 5,235,000 | 5,150,357 | |||||||||
| Total | 847,669,085 | |||||||||||||
| Utilities 14.27% | ||||||||||||||
| Adelanto Util Sys (AGM) | 5.00% | 7/1/2039 | AA | 1,500,000 | 1,620,825 | |||||||||
| Baltimore Wastewater | 5.00% | 7/1/2039 | Aa3 | 4,750,000 | 4,936,988 | |||||||||
| Baltimore Water | 4.00% | 7/1/2049 | Aa2 | 5,850,000 | 5,696,828 | |||||||||
| Baltimore Water | 5.00% | 7/1/2032 | Aa3 | 2,435,000 | 2,552,763 | |||||||||
| Baltimore Water | 5.00% | 7/1/2046 | Aa3 | 10,000,000 | 10,624,354 | |||||||||
| Black Belt Energy Gas Dist | 4.00% | #(a) | 6/1/2051 | Aa1 | 13,945,000 | 14,152,398 | ||||||||
| Black Belt Energy Gas Dist | 4.00% | #(a) | 12/1/2052 | Baa1 | 18,600,000 | 18,635,762 | ||||||||
| Black Belt Energy Gas Dist - Goldman Sachs | 4.00% | #(a) | 4/1/2053 | A2 | 15,000,000 | 15,169,543 | ||||||||
| Black Belt Energy Gas Dist - RBC(d) | 4.00% | #(a) | 7/1/2052 | Aa1 | 6,000,000 | 6,180,597 | ||||||||
| Burke Co Dev - Oglethorpe Power | 4.125% | 11/1/2045 | BBB+ | 3,095,000 | 2,861,391 | |||||||||
| Burke Co Dev - Oglethorpe Power | 4.125% | 11/1/2045 | BBB+ | 3,550,000 | 3,282,048 | |||||||||
| CA Choice Clean Energy - Morgan Stanley | 4.00% | #(a) | 2/1/2052 | A1 | 2,500,000 | 2,500,069 | ||||||||
| CA Poll Ctl - Poseidon Res† | 5.00% | 7/1/2039 | Baa3 | 2,200,000 | 2,277,566 | |||||||||
| CA Poll Ctl - Poseidon Res† | 5.00% | 11/21/2045 | Baa3 | 2,750,000 | 2,818,844 | |||||||||
| Campbell Co Solid Wste - Basin Elec | 3.625% | 7/15/2039 | A | 11,270,000 | 10,379,948 | |||||||||
| See Notes to Schedule of Investments. | 71 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Casitas Muni Water Dist (BAM) | 5.25% | 9/1/2047 | AA | $ | 500,000 | $ | 539,002 | |||||||
| Central Plains - Goldman Sachs | 5.00% | 9/1/2042 | BBB+ | 13,540,000 | 14,415,022 | |||||||||
| Chicago Water | 5.00% | 11/1/2029 | A | 4,560,000 | 4,826,430 | |||||||||
| Chicago Water | 5.00% | 11/1/2036 | A | 1,775,000 | 1,849,347 | |||||||||
| Chicago Water | 5.00% | 11/1/2039 | A | 3,455,000 | 3,526,212 | |||||||||
| Chicago Water (AGM) | 5.00% | 11/1/2036 | AA | 3,000,000 | 3,225,028 | |||||||||
| Chicago Water (AGM) | 5.00% | 11/1/2037 | AA | 2,500,000 | 2,683,496 | |||||||||
| CO Public Auth - ML | 6.50% | 11/15/2038 | A2 | 9,565,000 | 11,762,151 | |||||||||
| Compton Water | 6.00% | 8/1/2039 | NR | 5,500,000 | 5,509,027 | |||||||||
| Detroit Sewer | 5.00% | 7/1/2034 | A+ | 1,980,000 | 2,072,231 | |||||||||
| GA Muni Elec Auth - MEAG | 5.00% | 1/1/2033 | A2 | 1,910,000 | 1,983,853 | |||||||||
| GA Muni Elec Auth - MEAG | 5.00% | 1/1/2048 | BBB+ | 5,000,000 | 5,206,957 | |||||||||
| GA Muni Elec Auth - MEAG | 5.00% | 1/1/2056 | A | 3,810,000 | 3,903,129 | |||||||||
| GA Muni Elec Auth - MEAG | 5.00% | 1/1/2059 | BBB+ | 2,000,000 | 2,052,051 | |||||||||
| Guam Waterworks | 5.00% | 1/1/2050 | A- | 2,250,000 | 2,350,100 | |||||||||
| HI Dept Budget - Hawaiian Electric | 3.20% | 7/1/2039 | Baa1 | 18,865,000 | 15,738,560 | |||||||||
| HI Dept Budget - Hawaiian Electric AMT | 3.10% | 5/1/2026 | Baa1 | 6,235,000 | 6,194,772 | |||||||||
| HI Dept Budget - Hawaiian Electric AMT | 4.00% | 3/1/2037 | Baa1 | 3,000,000 | 2,913,425 | |||||||||
| Jefferson Co Sewer | Zero Coupon | 10/1/2039 | BBB | 350,000 | 354,500 | |||||||||
| Jefferson Co Sewer | 6.00% | 10/1/2042 | BBB | 5,000,000 | 5,427,731 | |||||||||
| Jefferson Co Sewer | 6.50% | 10/1/2053 | BBB | 7,700,000 | 8,400,042 | |||||||||
| Jefferson Co Sewer (AGM) | Zero Coupon | 10/1/2026 | AA | 1,000,000 | 853,939 | |||||||||
| Jefferson Co Sewer (AGM) | Zero Coupon | 10/1/2027 | AA | 4,875,000 | 3,908,282 | |||||||||
| Jefferson Co Sewer (AGM) | 5.50% | 10/1/2053 | AA | 3,555,000 | 3,732,909 | |||||||||
| KY Muni Pwr Auth (NPFGC)(FGIC) | 5.00% | 9/1/2035 | Baa1 | 5,000,000 | 5,459,023 | |||||||||
| KY Muni Pwr Auth (NPFGC)(FGIC) | 5.00% | 9/1/2036 | Baa1 | 5,000,000 | 5,450,793 | |||||||||
| KY Public Energy Auth - Morgan Stanley | 4.00% | #(a) | 8/1/2052 | A1 | 16,000,000 | 16,022,277 | ||||||||
| Long Beach Nat Gas - ML | 5.50% | 11/15/2037 | A2 | 8,950,000 | 10,001,551 | |||||||||
| Lower AL Gas Dist - Goldman Sachs | 5.00% | 9/1/2031 | A2 | 2,575,000 | 2,757,524 | |||||||||
| Lower Colo Riv Auth - Transmn Contract | 5.00% | 5/15/2040 | A | 2,970,000 | 3,080,399 | |||||||||
| Lower Colo Riv Auth - Transmn Contract | 5.00% | 5/15/2051 | A | 3,750,000 | 3,987,925 | |||||||||
| Main St Nat Gas - Citibank | 4.00% | #(a) | 3/1/2050 | A3 | 2,725,000 | 2,734,720 | ||||||||
| Main St Nat Gas - Citibank | 4.00% | #(a) | 5/1/2052 | A3 | 8,750,000 | 8,764,796 | ||||||||
| Main St Nat Gas - Macquarie | 5.00% | 5/15/2035 | A3 | 2,000,000 | 2,134,096 | |||||||||
| Main St Nat Gas- Citadel† | 4.00% | #(a) | 8/1/2052 | BBB- | 25,000,000 | 24,599,482 | ||||||||
| Maricopa Co Poll Cntrl - El Paso Elec | 3.60% | 2/1/2040 | Baa2 | 5,085,000 | 4,516,639 | |||||||||
| Maricopa Co Poll Cntrl - El Paso Elec | 3.60% | 4/1/2040 | Baa2 | 4,315,000 | 3,829,598 | |||||||||
| MN Muni Gas | 4.00% | #(a) | 12/1/2052 | Aa1 | 5,000,000 | 5,127,154 | ||||||||
| 72 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Norfolk Water | 5.25% | 11/1/2028 | AA+ | $ | 1,000,000 | $ | 1,095,297 | |||||||
| North Sumter Co Util Dep Dist | 5.00% | 10/1/2032 | A | 5,400,000 | 5,443,593 | |||||||||
| NYC Muni Water | 3.50% | 6/15/2048 | AA+ | 9,435,000 | 8,301,501 | |||||||||
| NYC Muni Water | 5.00% | 6/15/2036 | AA+ | 500,000 | 525,017 | |||||||||
| Omaha Pub Pwr Dist | 5.25% | 2/1/2042 | A+ | 4,000,000 | 4,269,937 | |||||||||
| Paducah Electric (AGM) | 5.00% | 10/1/2033 | AA | 1,000,000 | 1,102,128 | |||||||||
| Paducah Electric (AGM) | 5.00% | 10/1/2034 | AA | 1,000,000 | 1,100,857 | |||||||||
| Paducah Electric (AGM) | 5.00% | 10/1/2035 | AA | 1,000,000 | 1,100,010 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2029 | A | 2,000,000 | 2,130,558 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2030 | A | 1,500,000 | 1,595,640 | |||||||||
| Philadelphia Water & Wastewater | 5.00% | 7/1/2030 | A+ | 3,355,000 | 3,586,197 | |||||||||
| Philadelphia Water & Wastewater | 5.00% | 10/1/2046 | A+ | 4,475,000 | 4,928,218 | |||||||||
| Philadelphia Water & Wastewater | 5.25% | 10/1/2052 | A+ | 6,610,000 | 7,172,358 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2030 | NR | 4,000,000 | 4,171,119 | |||||||||
| PR Elec Pwr Auth(b) | 1.348% | #(a) | 7/1/2031 | D | (e) | 4,000,000 | 3,115,000 | (c) | ||||||
| PR Elec Pwr Auth(b) | 5.00% | 7/1/2028 | D | (e) | 270,000 | 229,500 | (c) | |||||||
| PR Elec Pwr Auth(b) | 5.25% | 7/1/2028 | D | (e) | 880,000 | 748,000 | (c) | |||||||
| PR Elec Pwr Auth (AGC) | 4.25% | 7/1/2027 | AA | 280,000 | 282,840 | |||||||||
| Salt Verde Fin Corp - Citi | 5.00% | 12/1/2032 | A3 | 6,205,000 | 6,705,309 | |||||||||
| Salt Verde Fin Corp - Citi | 5.00% | 12/1/2037 | A3 | 15,995,000 | 17,196,679 | |||||||||
| Salt Verde Fin Corp - Citi | 5.25% | 12/1/2027 | A3 | 3,750,000 | 4,080,868 | |||||||||
| San Antonio Water Sys | 5.00% | 5/15/2050 | AA | 3,000,000 | 3,271,248 | |||||||||
| SE AL Gas Dist | 4.00% | #(a) | 12/1/2051 | A1 | 41,955,000 | 41,801,512 | ||||||||
| SE AL Gas Dist - Goldman Sachs | 4.00% | #(a) | 4/1/2049 | A3 | 2,500,000 | 2,532,097 | ||||||||
| Southern CA Pub Pwr Auth - Goldman Sachs | 2.332% | #(a) | 11/1/2038 | A2 | 3,090,000 | 2,685,776 | ||||||||
| Southern CA Pub Pwr Auth - Goldman Sachs | 5.00% | 11/1/2033 | A2 | 4,665,000 | 5,013,120 | |||||||||
| TEAC - Goldman Sachs | 5.00% | #(a) | 5/1/2052 | A2 | (e) | 10,000,000 | 10,611,828 | |||||||
| TEAC - Goldman Sachs | 5.625% | 9/1/2026 | BBB | 10,550,000 | 11,451,450 | |||||||||
| Texas Water Dev Brd | 4.00% | 10/15/2037 | AAA | 7,760,000 | 7,964,992 | |||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2045 | A- | (e) | 1,000,000 | 1,075,671 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2049 | A- | (e) | 1,310,000 | 1,405,172 | ||||||||
| Trimble Env Facs - Louisville Gas & Elec | 3.75% | 6/1/2033 | A1 | 12,500,000 | 12,428,641 | |||||||||
| TX Muni Gas Acq & Supply - Macquarie | 5.00% | 12/15/2029 | A3 | 7,250,000 | 7,723,354 | |||||||||
| TX Muni Gas Acq & Supply - Macquarie | 5.00% | 12/15/2030 | A3 | 6,500,000 | 6,929,351 | |||||||||
| TX Muni Gas Acq & Supply - Macquarie | 5.00% | 12/15/2031 | A3 | 6,000,000 | 6,399,765 | |||||||||
| Total | 515,758,700 | |||||||||||||
| Total Municipal Bonds (cost $3,817,894,082) | 3,607,606,100 | |||||||||||||
| See Notes to Schedule of Investments. | 73 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2022
| Investments | Interest Rate# | Interest Rate Reset Date(g) | Final Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| SHORT-TERM INVESTMENTS 0.07% | ||||||||||||||||
| Variable Rate Demand Notes 0.07% | ||||||||||||||||
| Corporate-Backed | ||||||||||||||||
| Mobile IDB - AL Power (cost $2,735,000) | 0.690% | 6/30/2022 | 12/1/2037 | A1 | $ | 2,735,000 | $ | 2,735,000 | ||||||||
| Total Investments in Securities 99.85% (cost $3,820,629,082) | 3,610,341,100 | |||||||||||||||
| Other Assets and Liabilities – Net(h) 0.15% | 5,246,767 | |||||||||||||||
| Net Assets 100.00% | $ | 3,615,587,867 | ||||||||||||||
| 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. | |
| COP | Certificates of Participation. | |
| CR | Custodian Receipt. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| FHLMC | Federal Home Loan Mortgage Corporation. | |
| GTD | Guaranteed. | |
| NPFGC | Insured by - National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. | |
| TCRS | Transferable Custodial Receipts. | |
| TRIPS | Tax Refund Intercept Programs. | |
| UT CSCE | Insured by - Utah Charter School Credit Enhancement Program. |
| † | 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 June 30, 2022, the total value of Rule 144A securities was $160,730,324, which represents 4.45% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2022. | |
| ~ | Deferred interest debentures pay no interest for a stipulated number of years, after which they pay a predetermined interest rate. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | Defaulted (non-income producing security). | |
| (c) | Level 3 Investment as described in Note 2(b) in the Notes to Schedule of Investments. 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. | |
| (e) | This investment has been rated by Fitch IBCA. | |
| (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. | |
| (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. | |
| (h) | Other Assets and Liabilities - Net include net unrealized depreciation on futures contracts as follows: |
| 74 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
NATIONAL TAX FREE FUND June 30, 2022
Open Futures Contracts at June 30, 2022:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
| U.S. Long Bond | September 2022 | 271 | Short | $ | (36,594,422 | ) | $ | (37,567,375 | ) | $(972,953 | ) | |||||||
The following is a summary of the inputs used as of June 30, 2022 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 | $ | – | $ | 302,677,437 | $ | 3,724,000 | $ | 306,401,437 | ||||||||
| Housing | – | 82,505,393 | 5,281,631 | 87,787,024 | ||||||||||||
| Special Tax | – | 60,555,067 | 1,542,014 | 62,097,081 | ||||||||||||
| Utilities | – | 511,666,200 | 4,092,500 | 515,758,700 | ||||||||||||
| Remaining Industries | – | 2,635,561,858 | – | 2,635,561,858 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 2,735,000 | – | 2,735,000 | ||||||||||||
| Total | $ | – | $ | 3,595,700,955 | $ | 14,640,145 | $ | 3,610,341,100 | ||||||||
| Liabilities | ||||||||||||||||
| Trust Certificates(3) | $ | – | $ | (42,770,000 | ) | $ | – | $ | (42,770,000 | ) | ||||||
| Total | $ | – | $ | (42,770,000 | ) | $ | – | $ | (42,770,000 | ) | ||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (972,953 | ) | – | – | (972,953 | ) | ||||||||||
| Total | $ | (972,953 | ) | $ | – | $ | – | $ | (972,953 | ) | ||||||
| (1) | Refer to Note 2(b) 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) | Municipal Bonds held in the Trust. |
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 period 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 period.
| See Notes to Schedule of Investments. | 75 |
Schedule of Investments (unaudited)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount |
Fair Value |
|||||||||
| LONG-TERM INVESTMENTS 98.98% | ||||||||||||||
| MUNICIPAL BONDS 98.98% | ||||||||||||||
| Corporate-Backed 15.30% | ||||||||||||||
| Allegheny Co IDA - US Steel | 5.125% | 5/1/2030 | BB- | $ | 3,990,000 | $ | 4,152,929 | |||||||
| AR DFA - Big River Steel AMT† | 4.50% | 9/1/2049 | Ba2 | 24,000,000 | 23,195,146 | |||||||||
| AR DFA - Big River Steel AMT† | 4.75% | 9/1/2049 | Ba2 | 21,500,000 | 21,541,966 | |||||||||
| Beauregard Parish - Office Max | 6.80% | 2/1/2027 | B1 | 5,000,000 | 4,999,902 | |||||||||
| Build NYC Res Corp - Pratt Paper AMT† | 5.00% | 1/1/2035 | NR | 1,450,000 | 1,475,078 | |||||||||
| CA Muni Fin - United Airlines AMT | 4.00% | 7/15/2029 | B+ | 3,475,000 | 3,281,005 | |||||||||
| Calhoun Co IDA - Max Midstream AMT† | 3.625% | 7/1/2026 | NR | 12,800,000 | 12,300,221 | |||||||||
| Charlotte Co IDA - Babcock Ranch AMT† | 4.00% | 10/1/2041 | NR | 1,500,000 | 1,206,480 | |||||||||
| City of Henderson KY AMT† | 4.45% | 1/1/2042 | NR | 2,750,000 | 2,592,450 | |||||||||
| Downtown Doral CDD† | 4.75% | 12/15/2038 | NR | 625,000 | 610,675 | (a) | ||||||||
| Downtown Doral CDD† | 5.00% | 12/15/2048 | NR | 1,500,000 | 1,443,287 | |||||||||
| FL DFC - Waste Pro AMT† | 5.00% | 5/1/2029 | NR | 4,500,000 | 4,375,579 | |||||||||
| Fort Bend IDC - NRG Energy | 4.75% | 11/1/2042 | Baa2 | 3,590,000 | 3,594,511 | |||||||||
| Greater Orlando Aviation - Jet Blue | 5.00% | 11/15/2036 | NR | 2,000,000 | 2,009,745 | |||||||||
| Henderson Facs - Pratt Paper AMT† | 3.70% | 1/1/2032 | NR | 4,000,000 | 3,844,783 | |||||||||
| Henderson Facs - Pratt Paper AMT† | 4.45% | 1/1/2042 | NR | 1,500,000 | 1,414,064 | |||||||||
| Hoover IDA - US Steel AMT | 5.75% | 10/1/2049 | BB- | 17,200,000 | 18,067,590 | |||||||||
| Hoover IDA - US Steel AMT | 6.375% | #(b) | 11/1/2050 | BB- | 1,965,000 | 2,221,161 | ||||||||
| Houston Arpt - United Airlines AMT | 5.00% | 7/1/2029 | Ba3 | 18,325,000 | 18,365,135 | |||||||||
| IA Fin Auth - Alcoa | 4.75% | 8/1/2042 | BB+ | 10,385,000 | 10,007,093 | |||||||||
| IA Fin Auth - Iowa Fertilizer Co | 4.00% | #(b) | 12/1/2050 | BBB- | 10,590,000 | 10,580,741 | ||||||||
| IA Fin Auth - Iowa Fertilizer Co | 5.00% | 12/1/2050 | BBB- | 15,000,000 | 15,230,503 | |||||||||
| IN Fin Auth - US Steel | 4.125% | 12/1/2026 | BB- | 9,250,000 | 9,194,419 | |||||||||
| IN Fin Auth - US Steel AMT | 6.75% | 5/1/2039 | BB- | 3,500,000 | 4,012,553 | |||||||||
| Jefferson Co Port Auth- JSW Steel AMT† | 3.50% | 12/1/2051 | Ba1 | 13,000,000 | 9,186,813 | |||||||||
| LA Env Facs - Entergy | 2.50% | 4/1/2036 | A | 5,000,000 | 4,065,604 | |||||||||
| Maricopa Co IDA - Commercial Metals AMT† | 4.00% | 10/15/2047 | BB+ | 10,335,000 | 8,820,913 | |||||||||
| MD EDC - Chesapeake Bay Hyatt(c) | 5.00% | 12/1/2016 | NR | 3,430,000 | 2,058,000 | |||||||||
| Mission Econ Dev Corp - Natgasoline AMT† | 4.625% | 10/1/2031 | BB- | 5,000,000 | 5,087,263 | |||||||||
| NH National Fin Auth - Covanta† | 3.625% | #(b) | 7/1/2043 | B | 1,785,000 | 1,448,163 | ||||||||
| NH National Fin Auth - Covanta AMT† | 3.75% | #(b) | 7/1/2045 | B | 4,725,000 | 3,858,446 | ||||||||
| NH National Fin Auth - Covanta AMT† | 4.00% | 11/1/2027 | B | 1,250,000 | 1,211,441 | |||||||||
| NH National Fin Auth - Covanta AMT† | 4.875% | 11/1/2042 | B | 12,000,000 | 11,312,251 | |||||||||
| Niagara Area Dev Corp - Covanta† | 3.50% | 11/1/2024 | B | 2,500,000 | 2,462,643 | |||||||||
| 76 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount |
Fair Value |
|||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Niagara Area Dev Corp - Covanta AMT† | 4.75% | 11/1/2042 | B | $ | 10,000,000 | $ | 9,203,183 | |||||||
| NJ EDA - Continental Airlines | 5.25% | 9/15/2029 | Ba3 | 15,960,000 | 16,144,308 | |||||||||
| NJ EDA - Continental Airlines | 5.50% | 6/1/2033 | Ba3 | 6,760,000 | 6,810,979 | |||||||||
| NY Env Facs - Casella Waste AMT† | 3.125% | #(b) | 12/1/2044 | B | 2,000,000 | 1,888,054 | ||||||||
| NY Liberty Dev Corp - 3 WTC† | 5.15% | 11/15/2034 | NR | 7,100,000 | 7,159,147 | |||||||||
| NY Liberty Dev Corp - 4 WTC | 2.30% | 11/15/2034 | A+ | 1,000,000 | 801,084 | |||||||||
| NY Liberty Dev Corp - 4 WTC | 2.50% | 11/15/2036 | A+ | 7,500,000 | 5,981,863 | |||||||||
| NY Trans Dev Corp - American Airlines AMT | 2.25% | 8/1/2026 | B | (d) | 6,315,000 | 5,920,989 | ||||||||
| NY Trans Dev Corp - American Airlines AMT | 5.00% | 8/1/2026 | B- | 3,100,000 | 3,084,191 | |||||||||
| NY Trans Dev Corp - American Airlines AMT | 5.00% | 8/1/2031 | B- | 21,480,000 | 21,386,330 | |||||||||
| NY Trans Dev Corp - American Airlines AMT | 5.25% | 8/1/2031 | B- | 7,315,000 | 7,623,131 | |||||||||
| NY Trans Dev Corp - American Airlines AMT | 5.375% | 8/1/2036 | B- | 6,500,000 | 6,924,488 | |||||||||
| NYC IDA - TRIPS | 5.00% | 7/1/2028 | BBB+ | 6,135,000 | 6,141,798 | |||||||||
| OH Air Dev Auth - OVEC | 3.25% | 9/1/2029 | Baa3 | 8,500,000 | 7,978,959 | |||||||||
| OH Air Quality - AMG Vanadium AMT† | 5.00% | 7/1/2049 | B- | 36,290,000 | 32,949,770 | |||||||||
| PA EDA - Consol Energy AMT† | 9.00% | #(b) | 4/1/2051 | B- | 4,250,000 | 4,874,809 | ||||||||
| PA EDA - Covanta AMT† | 3.25% | 8/1/2039 | B | 6,980,000 | 5,485,599 | |||||||||
| PA EDA - National Gypsum AMT | 5.50% | 11/1/2044 | NR | 1,000,000 | 1,003,801 | |||||||||
| Parish of St James - Nustar Logistics† | 6.10% | #(b) | 12/1/2040 | BB- | 1,250,000 | 1,383,502 | ||||||||
| Parish of St James - Nustar Logistics† | 6.35% | 7/1/2040 | BB- | 5,000,000 | 5,546,218 | |||||||||
| Parish of St James - Nustar Logistics† | 6.35% | 10/1/2040 | BB- | 7,690,000 | 8,530,084 | |||||||||
| Polk Co IDA - Mineral Development† | 5.875% | 1/1/2033 | NR | 7,375,000 | 7,610,954 | |||||||||
| Port Beaumont Nav Dis - Jefferson Rail AMT† | 4.00% | 1/1/2050 | NR | 12,590,000 | 10,361,165 | |||||||||
| Port Beaumont Nav Dis- Jefferson Rail AMT† | 3.00% | 1/1/2050 | NR | 9,250,000 | 6,069,432 | |||||||||
| Port Beaumont Nav Dis- Jefferson Rail AMT† | 3.625% | 1/1/2035 | NR | 6,765,000 | 5,970,635 | |||||||||
| Public Finance Authority AMT | 4.00% | 9/30/2051 | Baa3 | 12,750,000 | 10,288,532 | |||||||||
| Public Finance Authority AMT | 4.00% | 3/31/2056 | Baa3 | 8,500,000 | 6,683,497 | |||||||||
| Rumford Solid Waste - Office Max | 6.875% | 10/1/2026 | B1 | 1,500,000 | 1,499,970 | |||||||||
| Spring Valley Community Infrastructure District No. 1† | 3.75% | 9/1/2051 | NR | 13,125,000 | 9,447,865 | |||||||||
| St James Parish - Nustar Logistics† | 5.85% | #(b) | 8/1/2041 | BB- | 1,000,000 | 1,045,203 | ||||||||
| Tuscaloosa IDA - Hunt Refining† | 4.50% | 5/1/2032 | NR | 3,631,625 | 3,276,535 | |||||||||
| Tuscaloosa IDA - Hunt Refining† | 5.25% | 5/1/2044 | NR | 26,665,000 | 23,889,152 | |||||||||
| UIPA Crossroads Public Infrastructure District† | 4.125% | 6/1/2041 | NR | 2,000,000 | 1,689,542 | |||||||||
| See Notes to Schedule of Investments. | 77 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount |
Fair Value |
|||||||||
| Corporate-Backed (continued) | ||||||||||||||
| UIPA Crossroads Public Infrastructure District† | 4.375% | 6/1/2052 | NR | $ | 7,500,000 | $ | 6,090,076 | |||||||
| VA Small Bus Fing - Covanta AMT† | 5.00% | #(b) | 1/1/2048 | B | 3,150,000 | 3,085,489 | ||||||||
| Valparaiso Facs - Pratt Paper AMT | 5.875% | 1/1/2024 | NR | 325,000 | 331,371 | |||||||||
| Valparaiso Facs - Pratt Paper AMT | 7.00% | 1/1/2044 | NR | 4,000,000 | 4,157,060 | |||||||||
| VT EDA - Casella Waste AMT† | 5.00% | #(b) | 6/1/2052 | B | 9,000,000 | 8,995,691 | ||||||||
| West Pace Coop Dist(c) | 9.125% | 5/1/2039 | NR | 13,770,000 | 10,465,200 | (a) | ||||||||
| WI PFA - American Dream† | 6.75% | 12/1/2042 | NR | 1,000,000 | 903,877 | |||||||||
| WI PFA - Celanese AMT | 4.30% | 11/1/2030 | BBB | 4,215,000 | 4,259,204 | |||||||||
| WI PFA - Celanese AMT | 5.00% | 1/1/2024 | BBB | 6,750,000 | 6,921,301 | |||||||||
| WI PFA - Celanese AMT | 5.00% | 12/1/2025 | BBB | 1,950,000 | 2,052,682 | |||||||||
| WI PFA - Sky Harbour AMT | 4.00% | 7/1/2041 | NR | 2,500,000 | 2,049,903 | |||||||||
| WI PFA - Sky Harbour AMT | 4.25% | 7/1/2054 | NR | 22,000,000 | 16,935,882 | |||||||||
| WI PFA - TRIPS AMT | 5.00% | 7/1/2042 | BBB+ | 11,000,000 | 11,038,516 | |||||||||
| Total | 561,169,574 | |||||||||||||
| Education 6.45% | ||||||||||||||
| AZ IDA - Academy of Math & Science† | 5.625% | 7/1/2048 | BB+ | 2,235,000 | 2,273,472 | |||||||||
| AZ IDA - Academy of Math & Science† | 5.75% | 7/1/2053 | BB+ | 3,000,000 | 3,067,690 | |||||||||
| AZ IDA - Odyssey Prep† | 5.00% | 7/1/2049 | BB- | 2,000,000 | 1,900,615 | |||||||||
| AZ IDA - Odyssey Prep† | 5.00% | 7/1/2054 | BB- | 5,000,000 | 4,696,951 | |||||||||
| CA Muni Fin - Julian Chtr Sch† | 5.625% | 3/1/2045 | B+ | 11,500,000 | 10,873,409 | (a) | ||||||||
| CA Muni Fin - William Jessup U | 5.00% | 8/1/2048 | NR | 8,075,000 | 7,487,394 | |||||||||
| Cap Trust Ed - Advantage Charter Scho | 5.00% | 12/15/2049 | Baa3 | 1,360,000 | 1,369,029 | |||||||||
| Cap Trust Ed - Advantage Charter Scho | 5.00% | 12/15/2054 | Baa3 | 705,000 | 708,250 | |||||||||
| Cap Trust Ed - Renaissance Charter† | 5.00% | 6/15/2039 | NR | 1,950,000 | 1,954,781 | |||||||||
| Cap Trust Ed - Renaissance Charter† | 5.00% | 6/15/2049 | NR | 9,815,000 | 9,542,944 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2044 | BB | 4,860,000 | 4,947,733 | |||||||||
| Clifton Higher Ed - Intl Ldrshp Sch | 5.75% | 8/15/2045 | NR | 6,500,000 | 6,550,987 | |||||||||
| Columbus-Franklin Co - Ohio Dominican U | 6.50% | 3/1/2048 | NR | 5,055,000 | 4,247,502 | |||||||||
| Columbus-Franklin Co - Ohio Dominican U | 6.50% | 3/1/2053 | NR | 3,500,000 | 2,895,723 | |||||||||
| Dutchess Co LDC - Bard College† | 5.00% | 7/1/2045 | BB+ | 4,000,000 | 4,020,903 | |||||||||
| Dutchess Co LDC - Bard College† | 5.00% | 7/1/2051 | BB+ | 9,000,000 | 8,999,347 | |||||||||
| Farmville IDA - Longwood Univ Hsg | 5.00% | 1/1/2059 | BBB- | 6,000,000 | 5,862,184 | |||||||||
| FL HI Ed - Jacksonville Univ† | 5.00% | 6/1/2048 | NR | 6,400,000 | 6,218,643 | |||||||||
| FL HI Ed - Jacksonville Univ† | 5.00% | 6/1/2053 | NR | 6,500,000 | 6,252,546 | |||||||||
| Frederick Co Ed - Mount St Mary’s Univ† | 5.00% | 9/1/2037 | BB+ | 1,500,000 | 1,514,145 | |||||||||
| Frederick Co Ed - Mount St Mary’s Univ† | 5.00% | 9/1/2045 | BB+ | 12,645,000 | 12,490,382 | |||||||||
| 78 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount |
Fair Value |
|||||||||
| Education (continued) | ||||||||||||||
| IL Fin Auth - IL Inst of Tech | 4.00% | 9/1/2041 | Baa3 | $ | 5,490,000 | $ | 4,927,476 | |||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2038 | Baa3 | 4,885,000 | 5,026,539 | |||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2040 | Baa3 | 1,750,000 | 1,794,416 | |||||||||
| IN Fin Auth - OVEC | 4.25% | 11/1/2030 | Baa3 | 4,800,000 | 4,737,206 | |||||||||
| Iowa St Hi Ed- Des Moines Univ(e) | 5.375% | 10/1/2052 | Baa1 | 2,000,000 | 2,066,402 | |||||||||
| MA DFA - Lasell Clg | 4.00% | 7/1/2040 | BB+ | 3,005,000 | 2,638,171 | |||||||||
| MA DFA - Lasell Clg | 4.00% | 7/1/2045 | BB+ | 1,755,000 | 1,476,499 | |||||||||
| Maricopa Co IDA - Ottawa Univ† | 5.25% | 10/1/2040 | NR | 3,000,000 | 3,090,746 | |||||||||
| Maricopa Co IDA - Ottawa Univ† | 5.50% | 10/1/2051 | NR | 7,915,000 | 8,173,512 | |||||||||
| Marietta Dev Auth - Life Univ† | 5.00% | 11/1/2037 | Ba3 | 9,000,000 | 9,108,339 | |||||||||
| Marietta Dev Auth - Life Univ† | 5.00% | 11/1/2047 | Ba3 | 8,000,000 | 7,999,435 | |||||||||
| Nashville Hlth & Ed - Lipscomb U | 5.25% | 10/1/2058 | BBB | 12,150,000 | 12,661,600 | |||||||||
| New Hope Cultural Education Facilities Finance Cor† | 4.00% | 8/15/2041 | BB+ | 3,320,000 | 2,866,319 | |||||||||
| New Hope Cultural Education Facilities Finance Cor† | 4.00% | 8/15/2046 | BB+ | 3,035,000 | 2,512,644 | |||||||||
| NV Dept of Bus & Ind - Somerset† | 5.00% | 12/15/2048 | BB | 1,500,000 | 1,486,912 | |||||||||
| NY Dorm - Touro Clg | 5.25% | 1/1/2034 | BBB- | (d) | 2,955,000 | 3,000,068 | ||||||||
| NY Dorm - Yeshiva(e) | 5.00% | 7/15/2042 | BBB- | 3,725,000 | 3,790,303 | |||||||||
| NY Dorm - Yeshiva(e) | 5.00% | 7/15/2050 | BBB- | 8,000,000 | 8,065,432 | |||||||||
| OH Air Dev Auth - Duke Energy AMT | 4.25% | #(b) | 11/1/2039 | BBB | 3,500,000 | 3,547,849 | ||||||||
| OK DFA - Oklahoma City Univ | 5.00% | 8/1/2049 | BBB- | 6,000,000 | 5,858,522 | |||||||||
| Phoenix IDA - Basis Schs† | 5.00% | 7/1/2045 | BB | 2,500,000 | 2,463,038 | |||||||||
| Phoenix IDA - Basis Schs† | 5.00% | 7/1/2047 | BB | 1,325,000 | 1,282,759 | |||||||||
| Phoenix IDA - Basis Schs† | 5.00% | 7/1/2051 | BB | 3,080,000 | 2,952,700 | |||||||||
| Public Finance Authority† | 4.00% | 7/1/2051 | Ba1 | 2,870,000 | 2,480,365 | |||||||||
| Public Finance Authority† | 4.00% | 7/1/2061 | Ba1 | 7,200,000 | 5,991,260 | |||||||||
| Tuscarawas Co Eco Dev - Ashland Univ | 6.00% | 3/1/2045 | NR | 5,000,000 | 5,064,248 | |||||||||
| Univ of Illinois (AGM) | 4.00% | 4/1/2037 | AA | 5,745,000 | 5,523,679 | |||||||||
| WI PFA - MN Clg of Osteopatic Med†(c) | 5.50% | 12/1/2048 | NR | 82,164 | 41,082 | |||||||||
| WI PFA - Wingate Univ | 5.25% | 10/1/2043 | BBB- | 2,000,000 | 2,021,887 | |||||||||
| WI PFA - Wingate Univ | 5.25% | 10/1/2048 | BBB- | 6,000,000 | 6,046,849 | |||||||||
| Total | 236,570,887 | |||||||||||||
| Energy 0.29% | ||||||||||||||
| Lower AL Gas Dist - Goldman Sachs | 5.00% | 9/1/2034 | A2 | 5,000,000 | 5,370,901 | |||||||||
| PEFA Gas - Goldman Sachs | 5.00% | #(b) | 9/1/2049 | A3 | 5,000,000 | 5,251,472 | ||||||||
| Total | 10,622,373 | |||||||||||||
| See Notes to Schedule of Investments. | 79 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Financial Services 0.86% | ||||||||||||||
| Berks Co IDA - Tower Hlth | 5.00% | 11/1/2047 | BB- | $ | 5,675,000 | $ | 5,049,247 | |||||||
| Berks Co IDA - Tower Hlth | 5.00% | 11/1/2050 | BB- | 23,325,000 | 20,522,774 | |||||||||
| MA Ed Fin Auth AMT | 4.125% | 7/1/2046 | BBB | 6,670,000 | 5,923,483 | |||||||||
| Total | 31,495,504 | |||||||||||||
| General Obligation 12.11% | ||||||||||||||
| Academical Village CCD | 3.625% | 5/1/2040 | NR | 2,320,000 | 1,913,905 | |||||||||
| Academical Village CCD | 4.00% | 5/1/2051 | NR | 6,000,000 | 4,935,251 | |||||||||
| American Samoa GO† | 5.00% | 9/1/2038 | Ba3 | 4,000,000 | 4,294,232 | |||||||||
| American Samoa GO | 6.625% | 9/1/2035 | Ba3 | 2,100,000 | 2,272,971 | |||||||||
| American Samoa GO† | 7.125% | 9/1/2038 | Ba3 | 7,020,000 | 8,193,279 | |||||||||
| Arlington ISD - Brooks Academies | 5.00% | 6/15/2041 | NR | 3,000,000 | 2,781,455 | |||||||||
| Arlington ISD - Brooks Academies | 5.00% | 6/15/2051 | NR | 4,230,000 | 3,741,761 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2029 | BB | 5,000,000 | 5,208,167 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2030 | BB | 5,170,000 | 5,366,923 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2030 | BB | 5,000,000 | 5,257,714 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2031 | BB | 2,500,000 | 2,586,124 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2032 | BB | 2,000,000 | 2,063,016 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2033 | BB | 1,500,000 | 1,543,746 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2033 | BB | 9,930,000 | 10,281,727 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2034 | BB | 3,000,000 | 3,099,307 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2036 | BB | 1,865,000 | 1,919,200 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2037 | BB | 10,100,000 | 10,380,260 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2038 | BB | 5,000,000 | 5,126,724 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2039 | BB | 5,575,000 | 5,703,490 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2042 | BB | 11,305,000 | 11,306,241 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2047 | BB | 40,440,000 | 40,830,569 | |||||||||
| Chicago Brd Ed | 5.25% | 12/1/2035 | BB | 7,215,000 | 7,310,187 | |||||||||
| Chicago Brd Ed | 5.25% | 12/1/2039 | BB | 13,410,000 | 13,683,780 | |||||||||
| Chicago Brd Ed | 6.50% | 12/1/2046 | BB | 5,000,000 | 5,403,622 | |||||||||
| Chicago Brd Ed† | 6.75% | 12/1/2030 | BB | 2,000,000 | 2,241,210 | |||||||||
| Chicago Brd Ed | 7.00% | 12/1/2044 | BB | 2,180,000 | 2,363,060 | |||||||||
| Chicago Brd Ed† | 7.00% | 12/1/2046 | BB | 6,560,000 | 7,302,223 | |||||||||
| Chicago GO | 5.50% | 1/1/2033 | BBB+ | 3,305,000 | 3,415,243 | |||||||||
| Chicago GO | 5.50% | 1/1/2037 | BBB+ | 1,000,000 | 1,030,894 | |||||||||
| Chicago GO | 5.50% | 1/1/2049 | BBB+ | 7,695,000 | 8,077,400 | |||||||||
| Chicago GO | 6.00% | 1/1/2038 | BBB+ | 18,085,000 | 19,429,594 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2052 | A | 5,000,000 | 5,129,304 | |||||||||
| 80 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| City of New Orleans LA | 5.00% | 12/1/2046 | A+ | $ | 10,000,000 | $ | 11,026,162 | |||||||
| Coralville GO | 4.00% | 5/1/2041 | A- | (d) | 5,000,000 | 4,905,510 | ||||||||
| Coralville GO | 4.50% | 6/1/2032 | BB+ | 4,000,000 | 4,069,664 | |||||||||
| Green Valley Ranch GO | 5.875% | 12/1/2050 | NR | 5,750,000 | 5,576,004 | |||||||||
| IL State GO | 3.50% | 6/1/2029 | BBB+ | 4,520,000 | 4,498,054 | |||||||||
| IL State GO | 4.00% | BBB+ | 7,040,000 | 6,699,888 | ||||||||||
| IL State GO | 4.00% | 10/1/2034 | BBB+ | 10,070,000 | 9,750,879 | |||||||||
| IL State GO | 4.00% | 10/1/2037 | BBB+ | 2,745,000 | 2,610,245 | |||||||||
| IL State GO | 4.00% | 3/1/2038 | BBB+ | 1,125,000 | 1,063,369 | |||||||||
| IL State GO | 4.00% | 3/1/2040 | BBB+ | 2,200,000 | 2,049,315 | |||||||||
| IL State GO | 4.00% | 3/1/2041 | BBB+ | 1,300,000 | 1,203,692 | |||||||||
| IL State GO | 4.00% | 11/1/2041 | BBB+ | 2,730,000 | 2,523,224 | |||||||||
| IL State GO | 4.00% | 11/1/2044 | BBB+ | 2,990,000 | 2,706,766 | |||||||||
| IL State GO | 4.25% | 10/1/2045 | BBB+ | 10,500,000 | 9,823,292 | |||||||||
| IL State GO | 4.50% | 11/1/2039 | BBB+ | 1,230,000 | 1,225,771 | |||||||||
| IL State GO | 5.00% | 3/1/2037 | BBB+ | 3,750,000 | 3,940,608 | |||||||||
| IL State GO | 5.00% | 3/1/2046 | BBB+ | 13,750,000 | 14,128,346 | |||||||||
| IL State GO | 5.50% | 5/1/2030 | BBB+ | 9,545,000 | 10,558,745 | |||||||||
| IL State GO | 5.50% | 5/1/2039 | BBB+ | 8,280,000 | 8,886,725 | |||||||||
| IL State GO | 5.50% | 3/1/2042 | BBB+ | 5,250,000 | 5,708,610 | |||||||||
| IL State GO | 5.50% | 3/1/2047 | BBB+ | 4,250,000 | 4,614,282 | |||||||||
| IL State GO | 5.75% | 5/1/2045 | BBB+ | 1,000,000 | 1,089,150 | |||||||||
| International Center Met Dist | 5.875% | 12/1/2046 | NR | 6,500,000 | 6,506,310 | |||||||||
| ME Fin Auth - Casella Waste AMT† | 4.375% | #(b) | 8/1/2035 | B | 1,250,000 | 1,245,171 | ||||||||
| MI Strategic Fund - I-75 AMT (AGM) | 4.25% | 12/31/2038 | AA | 2,000,000 | 1,921,817 | |||||||||
| New Haven GO | 5.50% | 8/1/2033 | BBB+ | 1,000,000 | 1,116,781 | |||||||||
| New Haven GO | 5.50% | 8/1/2035 | BBB+ | 660,000 | 732,749 | |||||||||
| New Haven GO | 5.50% | 8/1/2037 | BBB+ | 1,280,000 | 1,409,615 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2029 | BBB+ | 18,840,000 | 14,134,392 | |||||||||
| PR Comwlth GO | Zero Coupon | 7/1/2024 | NR | 882,453 | 808,099 | |||||||||
| PR Comwlth GO | Zero Coupon | 7/1/2033 | NR | 96,439 | 54,311 | |||||||||
| PR Comwlth GO | Zero Coupon | #(b) | 11/1/2043 | NR | 20,564,047 | 10,256,318 | ||||||||
| PR Comwlth GO | 4.00% | 7/1/2033 | NR | 239,233 | 219,764 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2035 | NR | 122,318 | 109,867 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2037 | NR | 86,075 | 76,403 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2046 | NR | 17,273,148 | 14,554,918 | |||||||||
| PR Comwlth GO | 5.25% | 7/1/2023 | NR | 2,973,728 | 3,028,486 | |||||||||
| PR Comwlth GO | 5.375% | 7/1/2025 | NR | 11,049,896 | 11,482,401 | |||||||||
| See Notes to Schedule of Investments. | 81 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| PR Comwlth GO | 5.625% | 7/1/2027 | NR | $ | 7,655,130 | $ | 8,153,891 | |||||||
| PR Comwlth GO | 5.625% | 7/1/2029 | NR | 2,865,493 | 3,082,199 | |||||||||
| PR Comwlth GO | 5.75% | 7/1/2031 | NR | 2,783,229 | 3,045,928 | |||||||||
| Scranton GO† | 5.00% | 9/1/2028 | BB+ | 500,000 | 521,777 | |||||||||
| Scranton GO† | 5.00% | 9/1/2029 | BB+ | 1,000,000 | 1,039,411 | |||||||||
| Scranton GO | 5.00% | 11/15/2032 | BB+ | 5,830,000 | 5,900,865 | |||||||||
| WI PFA - American Dream† | 7.00% | 12/1/2050 | NR | 24,050,000 | 21,839,791 | |||||||||
| Total | 444,092,144 | |||||||||||||
| Health Care 15.13% | ||||||||||||||
| Antelope Valley Hlth | 5.00% | 3/1/2041 | BBB | 4,000,000 | 4,057,703 | |||||||||
| Antelope Valley Hlth | 5.00% | 3/1/2046 | BBB | 3,300,000 | 3,332,108 | |||||||||
| Antelope Valley Hlth | 5.25% | 3/1/2036 | BBB | 1,000,000 | 1,038,442 | |||||||||
| Appalachian Regl Hlth | 4.00% | 7/1/2051 | BBB | 1,675,000 | 1,446,026 | |||||||||
| Appalachian Regl Hlth | 4.00% | 7/1/2056 | BBB | 1,125,000 | 951,796 | |||||||||
| AR DFA - CARTI | 3.125% | 7/1/2036 | NR | 915,000 | 752,148 | |||||||||
| AR DFA - CARTI | 3.50% | 7/1/2046 | NR | 2,460,000 | 1,839,974 | |||||||||
| AR DFA - CARTI | 4.00% | 7/1/2052 | NR | 1,410,000 | 1,147,190 | |||||||||
| AR DFA - CARTI | 4.25% | 7/1/2041 | NR | 1,755,000 | 1,607,866 | |||||||||
| Atlanta Dev Auth - Georgia Proton | 6.00% | 1/1/2023 | NR | 2,000,000 | 1,060,000 | |||||||||
| Atlanta Dev Auth - Georgia Proton | 6.75% | 1/1/2035 | NR | 1,500,000 | 795,000 | |||||||||
| Atlanta Dev Auth - Georgia Proton | 7.00% | 1/1/2040 | NR | 8,000,000 | 4,240,000 | |||||||||
| Berks Co IDA - Tower Hlth | 4.00% | 11/1/2047 | BB- | 14,625,000 | 11,043,763 | |||||||||
| Berks Co IDA - Tower Hlth | 4.00% | 11/1/2050 | BB- | 6,000,000 | 4,416,613 | |||||||||
| Berks Co IDA - Tower Hlth | 5.00% | #(b) | 2/1/2040 | BB- | 3,235,000 | 3,176,772 | ||||||||
| Berks Co IDA - Tower Hlth | 5.00% | #(b) | 2/1/2040 | BB- | 4,005,000 | 3,825,104 | ||||||||
| Blaine Sr Hsg & Hlthcare - Crest View | 6.125% | 7/1/2050 | NR | 5,000,000 | 3,680,891 | |||||||||
| Bucks Co IDA - Grand View Hosp | 4.00% | 7/1/2046 | BB+ | 10,590,000 | 8,165,295 | |||||||||
| Bucks Co IDA - Grand View Hosp | 4.00% | 7/1/2051 | BB+ | 10,250,000 | 7,655,933 | |||||||||
| Bucks Co IDA - Grand View Hosp | 5.00% | 7/1/2054 | BB+ | 5,500,000 | 5,183,129 | |||||||||
| CA Muni Fin - Cmnty Hlth Ctr† | 5.00% | 12/1/2046 | NR | 1,490,000 | 1,519,093 | |||||||||
| CA Stwde - Daughters of Charity | 5.50% | 7/1/2039 | NR | 456,781 | 429,374 | |||||||||
| CA Stwde - Daughters of Charity | 5.75% | 7/1/2024 | NR | 111,847 | 105,137 | |||||||||
| CA Stwde - Daughters of Charity | 5.75% | 7/1/2035 | NR | 223,695 | 210,273 | |||||||||
| CA Stwde - Eskaton Pptys | 5.25% | 11/15/2034 | BBB- | 1,640,000 | 1,642,536 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr† | 5.00% | 12/1/2041 | BB- | 3,425,000 | 3,425,411 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr | 5.25% | 12/1/2044 | BB- | 8,805,000 | 8,846,233 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr† | 5.25% | 12/1/2056 | BB- | 11,560,000 | 11,616,345 | |||||||||
| 82 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| CA Stwde - Loma Linda Univ Med Ctr | 5.50% | 12/1/2054 | BB- | $ | 13,205,000 | $ | 13,364,363 | |||||||
| CA Stwde - Loma Linda Univ Med Ctr† | 5.50% | 12/1/2058 | BB- | 17,750,000 | 17,874,016 | |||||||||
| Cape Girardeau IDA - Southeast Hlth | 4.00% | 3/1/2041 | BBB- | 3,700,000 | 3,250,032 | |||||||||
| Chester Co Hlth & Ed - Immaculata Univ | 5.00% | 11/1/2037 | BB- | (d) | 4,000,000 | 3,486,211 | ||||||||
| Chester Co Hlth & Ed - Immaculata Univ | 5.00% | 11/1/2046 | BB- | (d) | 4,100,000 | 3,331,735 | ||||||||
| Clackamas Co Hosp - Rose Villa | 5.375% | 11/15/2055 | NR | 1,500,000 | 1,436,092 | |||||||||
| CO Hlth - Jefferson Met Ctr #1 | 5.75% | 12/15/2050 | NR | 9,915,000 | 9,602,649 | |||||||||
| Crawford Hsp Auth - Meadville Med | 6.00% | 6/1/2046 | NR | 2,225,000 | 2,299,327 | |||||||||
| Crawford Hsp Auth - Meadville Med | 6.00% | 6/1/2051 | NR | 2,600,000 | 2,681,147 | |||||||||
| Cuyahoga Co Hsp - Metrohealth | 5.00% | 2/15/2057 | BBB- | 5,750,000 | 5,759,234 | |||||||||
| Cuyahoga Co Hsp - Metrohealth | 5.50% | 2/15/2052 | BBB- | 8,175,000 | 8,439,680 | |||||||||
| Cuyahoga Co Hsp - Metrohealth | 5.50% | 2/15/2057 | BBB- | 4,900,000 | 5,058,646 | |||||||||
| Denver Hlth & Hsp Auth | 5.25% | 12/1/2045 | BBB | 3,700,000 | 3,740,809 | |||||||||
| Duluth Econ Dev Auth - Essentia Health | 5.25% | 2/15/2058 | A- | 18,000,000 | 18,698,782 | |||||||||
| Duluth EDA - Essentia Hlth | 5.00% | 2/15/2053 | A- | 5,000,000 | 5,157,706 | |||||||||
| Duluth EDA - St Lukes Hsp | 5.25% | 6/15/2052 | BBB- | 5,000,000 | 5,128,657 | |||||||||
| Floyd Co Dev Auth - Spires Berry College | 6.50% | 12/1/2053 | NR | 5,750,000 | 5,448,747 | |||||||||
| Franklin Hlth - Provision Proton†(c) | 7.50% | 6/1/2047 | NR | 7,635,000 | 2,061,450 | |||||||||
| Fruita CO Hlth - Canyons Hosp & Med Centr† | 5.375% | 1/1/2033 | NR | 3,400,000 | 3,445,497 | |||||||||
| Fruita CO Hlth - Canyons Hosp & Med Centr† | 5.50% | 1/1/2048 | NR | 11,000,000 | 10,821,136 | |||||||||
| Fulton Co - Canterbury Court† | 5.00% | 4/1/2047 | NR | 5,000,000 | 4,550,725 | |||||||||
| Fulton Co - Canterbury Court† | 5.00% | 4/1/2054 | NR | 2,000,000 | 1,768,895 | |||||||||
| Fulton Co Med Ctr | 5.00% | 7/1/2046 | NR | 4,450,000 | 4,471,468 | |||||||||
| Fulton Co Med Ctr | 5.00% | 7/1/2051 | NR | 5,000,000 | 5,013,083 | (a) | ||||||||
| Gainesville & Hall Co Hsp–NE GA Hlth GTD | 5.50% | 8/15/2054 | AA | 3,600,000 | 3,909,995 | |||||||||
| Glendale IDA - Beatitudes | 5.00% | 11/15/2036 | NR | 1,500,000 | 1,417,551 | |||||||||
| Glendale IDA - Beatitudes | 5.00% | 11/15/2040 | NR | 3,000,000 | 2,756,238 | |||||||||
| Glendale IDA - Beatitudes | 5.00% | 11/15/2045 | NR | 1,400,000 | 1,241,241 | |||||||||
| Glendale IDA - Beatitudes | 5.00% | 11/15/2053 | NR | 6,000,000 | 5,171,212 | |||||||||
| Guadalupe Co - Seguin City Hsp | 5.00% | 12/1/2040 | BB | 4,880,000 | 4,899,615 | |||||||||
| Guadalupe Co - Seguin City Hsp | 5.00% | 12/1/2045 | BB | 910,000 | 908,872 | |||||||||
| Harris Co Cultural Ed - Brazos | 5.125% | 1/1/2048 | BBB- | (d) | 1,655,000 | 1,538,370 | ||||||||
| Holmes Co Hsp - Doctors Mem Hsp(c) | 5.75% | 11/1/2026 | NR | 3,760,000 | 3,570,212 | |||||||||
| Holmes Co Hsp - Doctors Mem Hsp | 6.00% | 11/1/2038 | NR | 7,115,000 | 6,726,338 | (a) | ||||||||
| Howard Co Retmt Cmnty - Vantage House | 5.00% | 4/1/2044 | NR | 2,955,000 | 2,494,030 | |||||||||
| Howard Co Retmt Cmnty - Vantage House | 5.00% | 4/1/2046 | NR | 7,000,000 | 5,833,598 | |||||||||
| IL Fin Auth - Univ of Illinois Hlth | 4.00% | 10/1/2040 | BBB+ | 1,035,000 | 941,075 | |||||||||
| IL Fin Auth - Univ of Illinois Hlth | 4.00% | 10/1/2055 | BBB+ | 2,780,000 | 2,353,642 | |||||||||
| See Notes to Schedule of Investments. | 83 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| King Co Pub Hsp - Snoqualmie Vly Hsp | 6.25% | 12/1/2045 | NR | $ | 4,000,000 | $ | 4,131,986 | |||||||
| Kirkwood IDA - Aberdeen Hts | 5.25% | 5/15/2042 | BB- | (d) | 1,750,000 | 1,647,055 | ||||||||
| Kirkwood IDA - Aberdeen Hts | 5.25% | 5/15/2050 | BB- | (d) | 5,250,000 | 4,772,373 | ||||||||
| KY EDFA - Masonic Homes | 5.375% | 11/15/2032 | NR | 1,100,000 | 1,049,879 | |||||||||
| LA Env Facs - St James Place | 6.25% | 11/15/2045 | NR | 6,100,000 | 6,103,063 | |||||||||
| MA DFA - Ascentria Care† | 5.00% | 7/1/2041 | NR | 3,500,000 | 3,056,230 | |||||||||
| MA DFA - Ascentria Care† | 5.00% | 7/1/2051 | NR | 5,625,000 | 4,624,369 | |||||||||
| MA DFA - Ascentria Care† | 5.00% | 7/1/2056 | NR | 2,310,000 | 1,850,706 | |||||||||
| MA DFA - Atrius Hlth | 4.00% | 6/1/2049 | BBB | 5,885,000 | 6,367,817 | |||||||||
| Magnolia West CDD | 5.35% | 5/1/2037 | NR | 225,000 | 226,332 | |||||||||
| MD Hlth & HI Ed - Doctors | 5.00% | 7/1/2038 | A3 | 7,275,000 | 7,570,816 | |||||||||
| Montgomery Co IDA - Einstein Hlthcare | 5.25% | 1/15/2045 | NR | 10,000,000 | 10,712,229 | |||||||||
| Montgomery Co IDA - Whitemarsh | 5.375% | 1/1/2050 | NR | 4,985,000 | 4,997,023 | |||||||||
| Moon IDC - Baptist Homes | 6.00% | 7/1/2045 | NR | 9,250,000 | 8,506,034 | |||||||||
| Muskingum Co Hsp - Genesis Hlthcare | 5.00% | 2/15/2033 | BB+ | 2,765,000 | 2,770,557 | |||||||||
| Muskingum Co Hsp - Genesis Hlthcare | 5.00% | 2/15/2044 | BB+ | 13,690,000 | 13,460,838 | |||||||||
| Muskingum Co Hsp - Genesis Hlthcare | 5.00% | 2/15/2048 | BB+ | 7,000,000 | 6,792,325 | |||||||||
| NH Nat Fin Auth - Ascentria Care† | 5.00% | 7/1/2041 | NR | 1,885,000 | 1,712,779 | |||||||||
| NH Nat Fin Auth - Ascentria Care† | 5.00% | 7/1/2051 | NR | 3,225,000 | 2,753,037 | |||||||||
| NH Nat Fin Auth - Ascentria Care† | 5.00% | 7/1/2056 | NR | 1,910,000 | 1,591,370 | |||||||||
| Niagara Area Dev Corp - Catholic Hlth | 5.00% | 7/1/2052 | BB+ | 8,545,000 | 7,980,888 | |||||||||
| NJ EDA - Bancroft Neuro | 5.00% | 6/1/2036 | NR | 1,500,000 | 1,514,755 | |||||||||
| NM Hsp - Gerald Champion | 5.50% | 7/1/2042 | A | 5,625,000 | 5,637,426 | |||||||||
| NY Dorm - Catholic Hlth | 4.00% | 7/1/2045 | BB+ | 2,000,000 | 1,537,636 | |||||||||
| Oconee Co IDA - Presby Village | 6.25% | 12/1/2048 | NR | 2,000,000 | 1,497,647 | |||||||||
| Oconee Co IDA - Presby Village | 6.375% | 12/1/2053 | NR | 3,000,000 | 2,243,197 | |||||||||
| OK DFA - OU Med | 5.25% | 8/15/2048 | Ba2 | 2,250,000 | 2,028,126 | |||||||||
| OK DFA - OU Med | 5.50% | 8/15/2052 | BB- | 12,580,000 | 11,758,354 | |||||||||
| Oroville - Oroville Hsp | 5.25% | 4/1/2039 | B+ | 2,060,000 | 2,104,545 | |||||||||
| Oroville - Oroville Hsp | 5.25% | 4/1/2049 | B+ | 9,985,000 | 10,039,074 | |||||||||
| Oroville - Oroville Hsp | 5.25% | 4/1/2054 | B+ | 14,940,000 | 14,690,862 | |||||||||
| PA Hosp Auth - Doylestown | 4.00% | 7/1/2045 | BB | 4,375,000 | 3,430,168 | |||||||||
| PA Hosp Auth - Doylestown | 5.00% | 7/1/2049 | BB | 2,375,000 | 2,199,918 | |||||||||
| Palomar Hlth | 5.00% | 11/1/2039 | BBB | 2,525,000 | 2,598,067 | |||||||||
| Philadelphia IDA - Gtr Philadelphia Hlth | 6.50% | 6/1/2045 | NR | 2,485,000 | 2,492,602 | |||||||||
| Philadelphia IDA - Gtr Philadelphia Hlth | 6.625% | 6/1/2050 | NR | 3,415,000 | 3,429,438 | |||||||||
| RI Hlth & Ed - Care New England | 5.00% | 9/1/2036 | B+ | 7,000,000 | 7,222,190 | |||||||||
| SC Jobs EDA - Hampton Regl Med | 5.00% | 11/1/2042 | NR | 3,815,000 | 3,886,409 | |||||||||
| 84 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| SC Jobs EDA - Hampton Regl Med | 5.00% | 11/1/2046 | NR | $ | 6,070,000 | $ | 6,152,956 | |||||||
| SC Jobs EDA- Green Charter Schools† | 4.00% | 6/1/2036 | NR | 1,000,000 | 870,504 | |||||||||
| SC Jobs EDA- Green Charter Schools† | 4.00% | 6/1/2046 | NR | 1,250,000 | 990,967 | |||||||||
| SE Port Auth - Memorial Hlth | 5.50% | 12/1/2043 | BB- | (d) | 5,025,000 | 5,120,704 | ||||||||
| SE Port Auth - Memorial Hlth | 6.00% | 12/1/2042 | BB- | (d) | 1,660,000 | 1,670,430 | ||||||||
| Shelby Co - Farms at Bailey Station | 5.75% | 10/1/2059 | NR | 10,000,000 | 9,172,594 | |||||||||
| Tulsa Co Industrial Auth - Montereau | 5.25% | 11/15/2045 | BBB- | (d) | 2,750,000 | 2,809,020 | ||||||||
| Upper San Juan Hlth Dist | 6.00% | 6/1/2041 | NR | 2,225,000 | 2,229,809 | |||||||||
| Upper San Juan Hlth Dist | 6.125% | 6/1/2046 | NR | 3,015,000 | 3,010,919 | |||||||||
| VA Small Bus Fing - NTL Senior Lvg | 3.375% | 1/1/2051 | A | (d) | 5,390,000 | 4,349,870 | ||||||||
| WA HFC - Rockwood† | 6.00% | 1/1/2024 | NR | 470,000 | 475,011 | |||||||||
| Ward Co Hlth - Trinity Hlth | 5.00% | 6/1/2053 | BBB- | 8,750,000 | 8,838,983 | |||||||||
| WI Hlth & Ed - American Baptist | 5.00% | 8/1/2039 | NR | 1,625,000 | 1,415,117 | |||||||||
| WI Hlth & Ed - Sauk-Prarie Mem Hsp | 5.375% | 2/1/2048 | Ba3 | 4,000,000 | 4,022,332 | |||||||||
| WI Hlth & Ed - St. Camillus | 5.00% | 11/1/2039 | NR | 1,000,000 | 968,397 | |||||||||
| WI Hlth & Ed - St. Camillus | 5.00% | 11/1/2046 | NR | 1,100,000 | 1,028,034 | |||||||||
| WI PFA - Alabama Proton† | 6.85% | 10/1/2047 | NR | 3,000,000 | 2,514,029 | |||||||||
| WI PFA - Bancroft Neuro† | 4.625% | 6/1/2036 | NR | 4,330,000 | 4,185,330 | |||||||||
| WI PFA - Bancroft Neuro† | 5.125% | 6/1/2048 | NR | 6,900,000 | 6,826,458 | |||||||||
| WI PFA - Carson Valley Med Center | 4.00% | 12/1/2041 | BB+ | 1,500,000 | 1,332,086 | |||||||||
| WI PFA - Cone Health | 5.00% | 10/1/2052 | AA | (d) | 8,750,000 | 9,297,668 | ||||||||
| WI PFA - Delray Beach Radiation† | 6.85% | 11/1/2046 | NR | 2,000,000 | 1,556,165 | (a) | ||||||||
| WI PFA - Mary’s Woods† | 5.25% | 5/15/2052 | BB | (d) | 2,300,000 | 2,070,320 | ||||||||
| WI PFA - Rose Villa† | 5.75% | 11/15/2044 | NR | 2,035,000 | 2,052,678 | |||||||||
| Wilson Co Hsp | 5.60% | 9/1/2036 | NR | 3,530,000 | 2,929,619 | (a) | ||||||||
| Total | 554,740,351 | |||||||||||||
| Housing 3.64% | ||||||||||||||
| AZ IDA - NCCU Prop Student Hsg (BAM) | 5.00% | 6/1/2058 | AA | 2,500,000 | 2,661,983 | |||||||||
| CA Cmty Hsg - Sausalito† | 3.00% | 2/1/2057 | NR | 12,895,000 | 9,336,960 | |||||||||
| CA Cmty Hsg - Sausalito† | 4.00% | 2/1/2050 | NR | 11,500,000 | 8,943,897 | |||||||||
| CA Cmty Hsg - The Arbors† | 5.00% | 8/1/2050 | NR | 9,000,000 | 8,251,784 | |||||||||
| CA HFA - MFH | 3.25% | 8/20/2036 | BBB | 19,329,813 | 17,619,482 | |||||||||
| CA HFA - MFH | 4.25% | 1/15/2035 | BBB+ | 3,401,272 | 3,356,137 | |||||||||
| CA Muni Fin - Caritas Affordable Hsg | 5.25% | 8/15/2039 | A- | 550,000 | 561,432 | |||||||||
| CEDA - Provident Student Hsg | 5.00% | 8/1/2057 | Baa3 | 1,885,000 | 1,883,652 | |||||||||
| CMFA Special Finance Agency† | 4.00% | 12/1/2045 | NR | 5,000,000 | 3,897,921 | |||||||||
| See Notes to Schedule of Investments. | 85 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| CSCDA - Jefferson-Anaheim† | 3.125% | 8/1/2056 | NR | $ | 9,500,000 | $ | 6,877,182 | |||||||
| CSCDA - Mezzanine Lien† | 4.00% | 6/1/2057 | NR | 5,000,000 | 3,595,457 | |||||||||
| CSCDA - Orange† | 3.00% | 3/1/2057 | NR | 10,000,000 | 7,240,608 | |||||||||
| CSCDA - Parallel-Anaheim† | 4.00% | 8/1/2056 | NR | 7,450,000 | 6,121,478 | |||||||||
| CSCDA - Pasadena† | 4.00% | 12/1/2056 | NR | 15,000,000 | 11,336,119 | |||||||||
| CSCDA - Senior Lien† | 3.00% | 6/1/2047 | NR | 15,500,000 | 11,470,733 | |||||||||
| CSCDA - Waterscape† | 4.00% | 9/1/2046 | NR | 2,250,000 | 1,758,868 | |||||||||
| LA Pub Facs Auth - Provident LSU | 5.00% | 7/1/2059 | A3 | 2,915,000 | 2,994,520 | |||||||||
| MI HDA | 3.60% | 10/1/2060 | AA | 6,330,000 | 5,335,770 | |||||||||
| NH National Fin Auth - Hsg Sec | 4.375% | 9/20/2036 | NR | 5,500,000 | 5,281,631 | (a) | ||||||||
| Roanoke Co EDA - Richfield Living | 5.25% | 9/1/2049 | NR | 15,000,000 | 11,039,638 | |||||||||
| Roanoke Co EDA - Richfield Living | 5.375% | 9/1/2054 | NR | 5,500,000 | 4,035,499 | |||||||||
| Total | 133,600,751 | |||||||||||||
| Lease Obligations 1.70% | ||||||||||||||
| Met Pier & Expo Auth - McCormick Place (NPFGC)(FGIC) | Zero Coupon | 6/15/2037 | A- | 8,650,000 | 4,418,166 | |||||||||
| Met Pier & Expo Auth - McCormick Place (NPFGC)(FGIC) | 5.50% | 6/15/2029 | A- | 3,000,000 | 3,259,283 | |||||||||
| NJ EDA - Bldgs | 5.00% | 6/15/2047 | A3 | 5,450,000 | 5,639,969 | |||||||||
| NJ EDA - Goethals Brdg AMT | 5.375% | 1/1/2043 | BBB+ | 1,175,000 | 1,194,080 | |||||||||
| NJ EDA - Goethals Brdg AMT | 5.625% | 1/1/2052 | BBB+ | 5,000,000 | 5,088,048 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2042 | A3 | 2,000,000 | 2,074,510 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2043 | A3 | 5,000,000 | 5,191,680 | |||||||||
| NJ EDA - Sch Facs | 5.50% | 6/15/2029 | A3 | 3,575,000 | 4,065,217 | |||||||||
| NJ EDA - State House | 5.00% | 6/15/2043 | A3 | 3,800,000 | 3,945,677 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2034 | A3 | 13,420,000 | 7,786,840 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2038 | A3 | 15,405,000 | 7,140,878 | |||||||||
| NJ Trans Trust Fund | 4.00% | 12/15/2039 | A3 | 2,900,000 | 2,838,208 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2035 | A3 | 3,250,000 | 3,420,331 | |||||||||
| PR Pub Fin Corp(c) | 5.50% | 8/1/2031 | NR | 12,250,000 | 520,636 | |||||||||
| St Louis Fin Corp - Convention Center (AGM) | 5.00% | 10/1/2045 | AA | 2,500,000 | 2,730,947 | |||||||||
| St Louis Fin Corp - Convention Center (AGM) | 5.00% | 10/1/2049 | AA | 2,625,000 | 2,857,051 | |||||||||
| Total | 62,171,521 | |||||||||||||
| 86 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue 6.60% | ||||||||||||||
| Arlington HI Ed Fin Corp - Arlington Classics | 5.00% | 8/15/2045 | BBB- | $ | 2,250,000 | $ | 2,271,614 | |||||||
| Arlington Hi Ed Fin Corp - Newman Intl Aca | 5.00% | 8/15/2051 | NR | 1,500,000 | 1,337,950 | |||||||||
| Arlington Hi Ed Fin Corp - Newman Intl Acad | 5.00% | 8/15/2041 | NR | 900,000 | 849,169 | |||||||||
| Arlington Hi Ed Fin Corp - Newman Intl Acad | 5.50% | 8/15/2046 | NR | 5,000,000 | 5,008,778 | |||||||||
| AZ IDA - American Charter Sch† | 6.00% | 7/1/2047 | BB+ | 2,460,000 | 2,573,346 | |||||||||
| AZ IDA - Odyssey Prep† | 5.50% | 7/1/2052 | BB- | 750,000 | 755,516 | |||||||||
| Build NYC Res Corp - Hellenic Charter† | 5.00% | 12/1/2041 | NR | 1,200,000 | 1,199,884 | |||||||||
| Build NYC Res Corp - Hellenic Charter† | 5.00% | 12/1/2051 | NR | 1,650,000 | 1,607,686 | |||||||||
| Build NYC Res Corp - Hellenic Charter† | 5.00% | 12/1/2055 | NR | 1,000,000 | 965,280 | |||||||||
| Build NYC Res Corp - Shefa School† | 5.00% | 6/15/2051 | NR | 9,410,000 | 9,381,149 | |||||||||
| CA Sch Fin Auth - Kipp LA | 5.125% | 7/1/2044 | BBB | 2,390,000 | 2,428,164 | |||||||||
| Cap Trust Agy - Edu Growth Chtr Sch† | 5.00% | 7/1/2056 | NR | 28,250,000 | 26,169,300 | |||||||||
| Cap Trust Agy - Franklin Academy† | 5.00% | 12/15/2040 | NR | 3,640,000 | 3,566,882 | |||||||||
| Cap Trust Agy - Franklin Academy† | 5.00% | 12/15/2050 | NR | 6,250,000 | 5,905,858 | |||||||||
| Cap Trust Agy - Franklin Academy† | 5.00% | 12/15/2055 | NR | 5,690,000 | 5,314,317 | |||||||||
| Chester Co IDA - Collegium Charter Sch | 5.125% | 10/15/2037 | BB | 1,000,000 | 1,014,507 | |||||||||
| Chester Co IDA - Collegium Charter Sch | 5.25% | 10/15/2047 | BB | 2,500,000 | 2,513,417 | |||||||||
| Chester Co IDA - Collegium Charter Sch | 5.375% | 10/15/2042 | BB | 5,000,000 | 5,014,468 | |||||||||
| Cleveland Co Port Auth - Playhouse Sq | 5.25% | 12/1/2038 | BB+ | 1,400,000 | 1,444,446 | |||||||||
| Cleveland Co Port Auth - Playhouse Sq | 5.50% | 12/1/2043 | BB+ | 1,850,000 | 1,915,442 | |||||||||
| Cleveland Co Port Auth - Playhouse Sq | 5.50% | 12/1/2053 | BB+ | 11,485,000 | 11,795,863 | |||||||||
| Clifton Higher Ed - IDEA Pub Schs | 6.00% | 8/15/2043 | A- | 1,000,000 | 1,025,185 | |||||||||
| Clifton Higher Ed - Intl Ldrshp Sch | 6.125% | 8/15/2048 | NR | 22,025,000 | 22,462,549 | |||||||||
| FL DFC - FL Charter Foundation† | 5.00% | 7/15/2046 | NR | 4,000,000 | 3,877,563 | |||||||||
| FL DFC - Mater Admy | 5.00% | 6/15/2050 | BBB | 2,140,000 | 2,159,039 | |||||||||
| FL DFC - Mater Admy | 5.00% | 6/15/2055 | BBB | 1,600,000 | 1,606,951 | |||||||||
| FL DFC - Palm Bay Admy† | Zero Coupon | 5/15/2037 | NR | 1,220,000 | 244,000 | |||||||||
| FL DFC - Palm Bay Admy† | Zero Coupon | 5/15/2037 | NR | 940,000 | 9 | |||||||||
| FL DFC - Palm Bay Admy† | 6.375% | 5/15/2037 | NR | 2,620,000 | 2,292,465 | |||||||||
| FL DFC - Renaissance Chtr Sch† | 6.125% | 6/15/2046 | NR | 5,000,000 | 5,176,956 | |||||||||
| FL DFC - Renaissance Chtr Sch 2020† | 5.00% | 9/15/2040 | NR | 1,050,000 | 1,056,602 | |||||||||
| FL DFC - Renaissance Chtr Sch 2020† | 5.00% | 9/15/2050 | NR | 2,200,000 | 2,170,365 | |||||||||
| Florence Twn IDA - Legacy Trad Sch | 6.00% | 7/1/2043 | BB+ | 3,250,000 | 3,382,501 | |||||||||
| GA World Congress - Convention Ctr Hotel† | 5.00% | 1/1/2054 | NR | 17,920,000 | 15,398,966 | |||||||||
| See Notes to Schedule of Investments. | 87 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| IL Fin Auth - Acero Charter† | 4.00% | 10/1/2034 | BB+ | $ | 440,000 | $ | 402,324 | |||||||
| IL Fin Auth - Acero Charter† | 4.00% | 10/1/2035 | BB+ | 1,155,000 | 1,048,243 | |||||||||
| IL Fin Auth - Acero Charter† | 4.00% | 10/1/2042 | BB+ | 2,250,000 | 1,922,833 | |||||||||
| Jefferson Parish Econ Dev Dist - Kenner† | 5.50% | 6/15/2038 | NR | 3,200,000 | 3,256,620 | |||||||||
| Jefferson Parish Econ Dev Dist - Kenner† | 5.625% | 6/15/2048 | NR | 4,350,000 | 4,392,446 | |||||||||
| Main St Nat Gas - Macquarie | 5.00% | 5/15/2043 | A3 | 1,900,000 | 1,966,573 | |||||||||
| Main St Nat Gas - Macquarie | 5.00% | 5/15/2049 | A3 | 14,585,000 | 15,365,569 | |||||||||
| Maricopa Co IDA - Legacy Schools† | 5.00% | 7/1/2049 | BB+ | 2,335,000 | 2,267,646 | |||||||||
| Maricopa Co IDA - Legacy Schools† | 5.00% | 7/1/2054 | BB+ | 1,465,000 | 1,408,873 | |||||||||
| Maricopa Co IDA - Paradise Schools† | 5.00% | 7/1/2047 | BB+ | 4,000,000 | 3,872,480 | |||||||||
| MD EDC - Chesapeake Bay Hyatt(c) | 5.00% | 12/1/2031 | NR | 10,700,000 | 6,420,000 | |||||||||
| MD EDC - Chesapeake Bay Hyatt(c) | 5.25% | 12/1/2031 | NR | 3,000,000 | 1,800,000 | |||||||||
| MI Fin Auth - Bradford Admy | 4.30% | 9/1/2030 | NR | 1,090,000 | 1,000,852 | |||||||||
| MI Fin Auth - Bradford Admy | 4.80% | 9/1/2040 | NR | 1,845,000 | 1,594,667 | |||||||||
| MI Fin Auth - Bradford Admy | 5.00% | 9/1/2050 | NR | 3,010,000 | 2,510,721 | |||||||||
| MI Pub Ed - Crescent Admy | 7.00% | 10/1/2036 | NR | 640,000 | 640,411 | |||||||||
| Middlesex Co Impt Auth - Heldrich Ctr | 6.125% | 1/1/2025 | NR | 2,790,000 | 55,800 | |||||||||
| Middlesex Co Impt Auth - Heldrich Ctr | 6.25% | 1/1/2037 | NR | 5,755,000 | 115,100 | |||||||||
| Phoenix IDA - Basis Schs† | 5.00% | 7/1/2046 | BB | 2,000,000 | 1,967,051 | |||||||||
| Pima Co IDA - Edkey Chtr Sch† | 5.00% | 7/1/2049 | NR | 6,000,000 | 5,399,012 | |||||||||
| Pima Co IDA - Edkey Chtr Sch† | 5.00% | 7/1/2055 | NR | 4,000,000 | 3,530,073 | |||||||||
| Plymouth Ed Ctr Charter Sch | 5.375% | 11/1/2030 | D | 1,425,000 | 869,250 | |||||||||
| UT Charter Sch - Freedom Academy† | 5.00% | 6/15/2041 | NR | 1,020,000 | 990,785 | |||||||||
| UT Charter Sch - Freedom Academy† | 5.00% | 6/15/2052 | NR | 1,300,000 | 1,214,071 | |||||||||
| UT Charter Sch - Freedom Academy† | 5.375% | 6/15/2048 | NR | 5,150,000 | 5,184,220 | |||||||||
| WA Convention Ctr | 4.00% | 7/1/2058 | Baa3 | 11,290,000 | 9,530,421 | |||||||||
| Washington St Convention Ctr Pub Facs | 4.00% | 7/1/2031 | NR | 9,965,000 | 9,532,116 | |||||||||
| Total | 242,144,344 | |||||||||||||
| Special Tax 5.69% | ||||||||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2032 | Ba3 | 2,425,000 | 2,464,271 | |||||||||
| Allentown Neighborhood Impt† | 5.375% | 5/1/2042 | NR | 5,500,000 | 5,587,118 | |||||||||
| Allentown Neighborhood Impt - City Center† | 5.25% | 5/1/2042 | NR | 3,250,000 | 3,269,580 | |||||||||
| Allentown Neighborhood Impt - Wtrfrnt Proj† | 6.00% | 5/1/2042 | NR | 11,680,000 | 12,190,650 | |||||||||
| Anne Arundel Co Spl Tax - Vlgs Two Rivers | 5.125% | 7/1/2036 | NR | 1,030,000 | 1,035,496 | |||||||||
| Anne Arundel Co Spl Tax - Vlgs Two Rivers | 5.25% | 7/1/2044 | NR | 2,150,000 | 2,161,653 | |||||||||
| Arborwood CDD | 6.90% | 5/1/2036 | NR | 635,000 | 617,326 | (a) | ||||||||
| Arborwood CDD | 6.90% | 5/1/2036 | NR | 50,000 | 47,935 | (a) | ||||||||
| 88 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Atlanta Urban Redevelopment Agency† | 3.625% | 7/1/2042 | NR | $ | 1,875,000 | $ | 1,578,859 | |||||||
| Atlanta Urban Redevelopment Agency† | 3.875% | 7/1/2051 | NR | 3,330,000 | 2,720,242 | |||||||||
| Berkeley Co - Nexton Imp Dist | 4.25% | 11/1/2040 | NR | 2,250,000 | 2,135,531 | |||||||||
| Berkeley Co - Nexton Imp Dist | 4.375% | 11/1/2049 | NR | 1,500,000 | 1,414,203 | |||||||||
| Brighton Crossing Met Dist #6 | 5.00% | 12/1/2050 | NR | 2,340,000 | 2,098,651 | |||||||||
| Celebration Pointe CDD | 3.375% | 5/1/2041 | NR | 1,000,000 | 772,953 | |||||||||
| Celebration Pointe CDD | 4.00% | 5/1/2053 | NR | 1,000,000 | 816,333 | |||||||||
| Celebration Pointe CDD† | 5.00% | 5/1/2048 | NR | 6,555,000 | 6,502,983 | |||||||||
| Charlotte Co IDA - Babcock Ranch | 5.00% | 5/1/2042 | NR | 4,000,000 | 3,882,912 | |||||||||
| Charlotte Co IDA - Babcock Ranch | 5.00% | 5/1/2053 | NR | 4,000,000 | 3,762,584 | |||||||||
| Cleveland Co Port Auth - Flats Bank East† | 4.00% | 12/1/2055 | BB | 5,000,000 | 3,974,063 | |||||||||
| Cleveland Co Port Auth - Flats Bank East† | 4.50% | 12/1/2055 | NR | 3,950,000 | 3,286,213 | |||||||||
| CO Rocky Mtn Rail Park Met Dist† | 5.00% | 12/1/2041 | NR | 2,000,000 | 1,750,558 | |||||||||
| CO Rocky Mtn Rail Park Met Dist† | 5.00% | 12/1/2051 | NR | 6,520,000 | 5,384,382 | |||||||||
| Denver Intl Business Ctr Met Dist #1 | 6.00% | 12/1/2048 | NR | 2,300,000 | 2,304,433 | |||||||||
| Frederick Co - Jefferson Technology Park† | 4.625% | 7/1/2043 | NR | 2,155,000 | 2,075,414 | |||||||||
| Frederick Co - Urbana CDA | 4.00% | 7/1/2050 | NR | 3,755,000 | 3,243,204 | |||||||||
| Grandview IDA - Grandview Crossing(c) | 5.75% | 12/1/2028 | NR | 1,000,000 | 300,000 | (a) | ||||||||
| Inland Valley Redev Agy | 5.25% | 9/1/2037 | A | 3,375,000 | 3,486,852 | |||||||||
| Miami World Ctr CDD | 5.25% | 11/1/2049 | NR | 4,500,000 | 4,524,532 | |||||||||
| MIDA - Military Village | 4.00% | 6/1/2041 | NR | 1,250,000 | 1,019,780 | |||||||||
| MIDA Mount Village PID† | 4.00% | 8/1/2050 | NR | 8,500,000 | 6,606,787 | |||||||||
| MIDA Mount Village PID | 4.25% | 8/1/2035 | NR | 3,290,000 | 3,160,156 | |||||||||
| MIDA Mount Village PID | 4.50% | 8/1/2040 | NR | 1,250,000 | 1,183,959 | |||||||||
| MIDA Mount Village PID | 5.00% | 8/1/2050 | NR | 6,500,000 | 6,158,862 | |||||||||
| Military Installation Development Authority | 4.00% | 6/1/2052 | NR | 9,735,000 | 7,107,337 | |||||||||
| North Las Vegas Improv Dist - Vall | 4.50% | 6/1/2039 | NR | 480,000 | 467,255 | |||||||||
| North Las Vegas Improv Dist - Vall | 4.625% | 6/1/2043 | NR | 480,000 | 461,542 | |||||||||
| North Las Vegas Improv Dist - Vall | 4.625% | 6/1/2049 | NR | 730,000 | 684,755 | |||||||||
| North Range Met Dist | 5.00% | 12/1/2040 | NR | 2,000,000 | 1,934,215 | |||||||||
| North Range Met Dist | 5.25% | 12/1/2050 | NR | 5,000,000 | 4,651,817 | |||||||||
| Nthrn Palm Bch Co Impt Dist | 5.00% | 8/1/2037 | NR | 750,000 | 759,011 | |||||||||
| Nthrn Palm Bch Co Impt Dist | 5.00% | 8/1/2046 | NR | 5,000,000 | 5,003,041 | |||||||||
| Nthrn Palm Bch Co Impt Dist | 5.00% | 8/1/2046 | NR | 2,850,000 | 2,837,880 | |||||||||
| NYC IDA - Yankee Stadium | 4.00% | 3/1/2045 | Baa1 | 3,600,000 | 3,303,205 | |||||||||
| PA COP | 4.00% | 7/1/2046 | A | 3,175,000 | 2,994,563 | |||||||||
| Peninsula Town Center† | 5.00% | 9/1/2037 | NR | 875,000 | 833,024 | |||||||||
| Peninsula Town Center† | 5.00% | 9/1/2045 | NR | 2,250,000 | 2,084,658 | |||||||||
| See Notes to Schedule of Investments. | 89 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Prairie Ctr Met Dist #3† | 5.00% | 12/15/2041 | NR | $ | 3,475,000 | $ | 3,311,230 | |||||||
| Prince George Co Spl Ob† | 5.00% | 7/1/2046 | NR | 5,000,000 | 5,070,195 | |||||||||
| Prince George Co Spl Ob - Westphalia† | 5.125% | 7/1/2039 | NR | 1,100,000 | 1,088,314 | |||||||||
| Prince George Co Spl Ob - Westphalia† | 5.25% | 7/1/2048 | NR | 5,125,000 | 5,048,506 | |||||||||
| River Islands PFA - CFD 2003 | 5.50% | 9/1/2045 | NR | 6,905,000 | 7,053,132 | |||||||||
| River Islands PFA - CFD 2003 | 5.50% | 9/1/2045 | NR | 2,925,000 | 2,987,515 | |||||||||
| Scranton RDA GTD | 5.00% | 11/15/2028 | BB+ | 5,000,000 | 4,885,314 | |||||||||
| SF Spl Tax - Mission Rock Dist† | 4.00% | 9/1/2046 | NR | 2,475,000 | 2,178,928 | |||||||||
| St Louis IDA - Ballpark Vlg | 4.375% | 11/15/2035 | NR | 3,500,000 | 2,973,586 | |||||||||
| St Louis IDA - Ballpark Vlg | 4.75% | 11/15/2047 | NR | 4,875,000 | 3,953,580 | |||||||||
| St. Charles - Noah’s Ark CID | 3.00% | 5/1/2030 | NR | 725,000 | 648,333 | |||||||||
| St. Charles - Noah’s Ark CID | 3.125% | 5/1/2035 | NR | 500,000 | 416,178 | |||||||||
| Stone Canyon CID(c) | 5.70% | 4/1/2022 | NR | 1,485,000 | 386,100 | |||||||||
| Tahoe Douglas Visitors Auth | 5.00% | 7/1/2045 | NR | 2,800,000 | 2,805,701 | |||||||||
| Tahoe Douglas Visitors Auth | 5.00% | 7/1/2051 | NR | 4,000,000 | 3,977,682 | |||||||||
| Tern Bay CDD | 5.375% | 5/1/2037 | NR | 370,000 | 370,047 | |||||||||
| Village CDD #10 | 6.00% | 5/1/2044 | NR | 820,000 | 831,617 | |||||||||
| Village CDD #12† | 4.25% | 5/1/2043 | NR | 6,960,000 | 6,815,437 | |||||||||
| Village CDD #12† | 4.375% | 5/1/2050 | NR | 2,780,000 | 2,716,646 | |||||||||
| Village CDD #13 | 3.00% | 5/1/2041 | NR | 1,250,000 | 965,312 | |||||||||
| Village CDD #13 | 3.25% | 5/1/2052 | NR | 4,250,000 | 3,167,298 | |||||||||
| Village Met Dist - Avon | 5.00% | 12/1/2040 | NR | 2,000,000 | 1,969,172 | |||||||||
| Village Met Dist - Avon | 5.00% | 12/1/2049 | NR | 4,085,000 | 3,948,798 | |||||||||
| West Villages Impr Dist - #7 | 4.75% | 5/1/2039 | NR | 1,750,000 | 1,709,026 | |||||||||
| West Villages Impr Dist - #7 | 5.00% | 5/1/2050 | NR | 3,090,000 | 2,977,427 | |||||||||
| Westerly Met Dist - Weld Co | Zero Coupon | 12/1/2050 | NR | 1,000,000 | 788,658 | (a) | ||||||||
| Westerly Met Dist - Weld Co | 5.00% | 12/1/2040 | NR | 955,000 | 870,320 | |||||||||
| Total | 208,554,830 | |||||||||||||
| Tax Revenue 4.04% | ||||||||||||||
| American Samoa GO† | 6.50% | 9/1/2028 | Ba3 | 2,750,000 | 3,079,501 | |||||||||
| Guam - Business Privilege Tax | 4.00% | 1/1/2036 | Ba1 | 6,860,000 | 6,331,871 | |||||||||
| Guam - Business Privilege Tax | 4.00% | 1/1/2042 | Ba1 | 2,000,000 | 1,771,472 | |||||||||
| Met Pier & Expo Auth - McCormick Place | 5.00% | 6/15/2053 | A- | 6,045,000 | 6,072,893 | |||||||||
| Met Pier & Expo Auth - McCormick Place CR (AGM) | Zero Coupon | 12/15/2052 | AA | 5,250,000 | 1,199,213 | |||||||||
| 90 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Met Pier & Expo Auth - McCormick Place | 5.50% | 6/15/2053 | A- | $ | 9,150,000 | $ | 9,344,477 | |||||||
| Met Pier & Expo Auth - McCormick Place (NPFGC)(FGIC) | Zero Coupon | 12/15/2036 | Baa2 | 10,000,000 | 5,251,869 | |||||||||
| Met Pier & Expo Auth - McCormick Place (NPFGC)(FGIC) | Zero Coupon | 12/15/2037 | A- | 10,000,000 | 4,971,604 | |||||||||
| Monongalia Co - Econ Op Dev Dist† | 4.125% | 6/1/2043 | NR | 2,250,000 | 2,009,836 | |||||||||
| Monongalia Co - Econ Op Dev Dist† | 4.875% | 6/1/2043 | NR | 3,430,000 | 3,029,399 | |||||||||
| NY Dorm - PIT | 3.00% | 3/15/2042 | Aa1 | 7,915,000 | 6,595,725 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2029 | NR | 1,066,000 | 804,683 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2033 | NR | 5,283,000 | 3,183,758 | |||||||||
| PR Corp Sales Tax | 4.536% | 7/1/2053 | NR | 477,000 | 446,343 | |||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 8,719,000 | 8,420,408 | |||||||||
| PR Corp Sales Tax | 4.75% | 7/1/2053 | NR | 36,831,000 | 35,479,844 | |||||||||
| PR Corp Sales Tax | 5.00% | 7/1/2058 | NR | 36,922,000 | 36,385,878 | |||||||||
| Reno - ReTRAC-Reno Trans† | Zero Coupon | 7/1/2058 | NR | 18,500,000 | 1,782,562 | |||||||||
| Sparks - Legends at Sparks Marina† | 2.50% | 6/15/2024 | Ba2 | 170,000 | 164,501 | |||||||||
| Sparks - Legends at Sparks Marina† | 2.75% | 6/15/2028 | Ba2 | 750,000 | 672,911 | |||||||||
| USVI Matching Fund | 5.00% | 10/1/2030 | NR | 2,500,000 | 2,574,846 | |||||||||
| USVI Matching Fund | 5.00% | 10/1/2039 | NR | 4,000,000 | 4,041,558 | |||||||||
| WA Convention Ctr | 3.00% | 7/1/2048 | Baa3 | 6,710,000 | 4,655,362 | |||||||||
| Total | 148,270,514 | |||||||||||||
| Tobacco 6.68% | ||||||||||||||
| Buckeye Tobacco | Zero Coupon | 6/1/2057 | NR | 50,000,000 | 6,436,900 | |||||||||
| Buckeye Tobacco | 5.00% | 6/1/2055 | NR | 50,900,000 | 48,003,622 | |||||||||
| CA Stwde - Tobacco Settlement | Zero Coupon | 6/1/2046 | NR | 26,325,000 | 6,045,531 | |||||||||
| CA Stwde - Tobacco Settlement† | Zero Coupon | 6/1/2055 | NR | 42,500,000 | 1,900,409 | |||||||||
| Erie Co Tobacco† | Zero Coupon | 6/1/2060 | NR | 30,000,000 | 1,588,569 | |||||||||
| Golden St Tobacco | Zero Coupon | 6/1/2066 | NR | 122,500,000 | 12,059,084 | |||||||||
| Inland Empire Tobacco† | Zero Coupon | 6/1/2057 | CCC | 47,000,000 | 2,479,372 | |||||||||
| Los Angeles Co Tobacco | 4.00% | 6/1/2049 | BBB+ | 2,015,000 | 1,742,732 | |||||||||
| Los Angeles Co Tobacco | 5.00% | 6/1/2049 | BBB- | 195,000 | 199,334 | |||||||||
| Merced Co Tobacco | 5.00% | 6/1/2050 | NR | 1,405,000 | 1,420,310 | |||||||||
| MI Tob Settlement | Zero Coupon | 6/1/2058 | NR | 225,900,000 | 10,405,022 | |||||||||
| MI Tob Settlement | 4.00% | 6/1/2049 | BBB+ | 3,370,000 | 3,015,186 | |||||||||
| MI Tob Settlement | 5.00% | 6/1/2049 | BBB- | 3,335,000 | 3,371,341 | |||||||||
| See Notes to Schedule of Investments. | 91 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Monroe Co Tobacco† | Zero Coupon | 6/1/2061 | NR | $ | 22,900,000 | $ | 809,032 | |||||||
| Nassau Co Tobacco | Zero Coupon | 6/1/2060 | NR | 50,000,000 | 2,523,030 | |||||||||
| Nassau Co Tobacco | 5.00% | 6/1/2035 | CCC+ | 3,170,000 | 3,171,608 | |||||||||
| Nassau Co Tobacco | 5.25% | 6/1/2026 | CCC+ | 3,616,004 | 3,620,677 | |||||||||
| RI Tob Settlement | Zero Coupon | 6/1/2052 | CCC- | 25,885,000 | 4,014,776 | |||||||||
| Rockland Tobacco† | Zero Coupon | 8/15/2060 | NR | 41,035,000 | 2,368,733 | |||||||||
| San Diego Co Tobacco | Zero Coupon | 6/1/2054 | NR | 16,000,000 | 2,808,352 | |||||||||
| San Diego Co Tobacco | 5.00% | 6/1/2048 | BBB- | 2,235,000 | 2,177,874 | |||||||||
| Silicon Valley Tobacco | Zero Coupon | 6/1/2036 | NR | 10,000,000 | 4,544,305 | |||||||||
| Silicon Valley Tobacco | Zero Coupon | 6/1/2056 | NR | 20,000,000 | 1,538,400 | |||||||||
| Sthrn CA Tobacco | Zero Coupon | 6/1/2046 | CCC- | 15,000,000 | 2,124,333 | |||||||||
| Tobacco Settlement Auth IA | 4.00% | 6/1/2049 | BBB+ | 4,000,000 | 3,375,145 | |||||||||
| Tobacco Settlement Fin Corp DC | Zero Coupon | 6/15/2046 | NR | 4,780,000 | 669,791 | |||||||||
| Tobacco Settlement Fin Corp DC | Zero Coupon | 6/15/2055 | NR | 21,000,000 | 1,471,930 | |||||||||
| Tobacco Settlement Fin Corp DC | Zero Coupon | 6/15/2055 | NR | 100,000,000 | 6,805,360 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2046 | BB+ | 21,145,000 | 21,154,706 | |||||||||
| Tobacco Settlement Fin Corp VA | Zero Coupon | 6/1/2047 | CCC- | 9,500,000 | 1,753,804 | |||||||||
| Tobacco Settlement Fin Corp VA | Zero Coupon | 6/1/2047 | CCC- | 110,695,000 | 28,253,427 | |||||||||
| Tobacco Settlement Fin Corp VA | 5.00% | 6/1/2047 | B- | 17,575,000 | 17,547,258 | |||||||||
| TSASC | 5.00% | 6/1/2045 | CCC+ | 7,170,000 | 7,082,968 | |||||||||
| TSASC | 5.00% | 6/1/2048 | NR | 29,710,000 | 28,299,684 | |||||||||
| Total | 244,782,605 | |||||||||||||
| Transportation 9.92% | ||||||||||||||
| Allegheny County Airport Authority AMT | 5.00% | 1/1/2051 | A2 | 3,290,000 | 3,426,962 | |||||||||
| CA Muni Fin - LINXS AMT | 4.00% | 12/31/2047 | BBB- | (d) | 11,250,000 | 9,967,003 | ||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2046 | A- | 1,500,000 | 1,585,453 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2048 | A | 5,000,000 | 5,193,245 | |||||||||
| Chicago Trans Auth | 4.00% | 12/1/2050 | A+ | 3,500,000 | 3,353,516 | |||||||||
| Chicago Trans Auth | 4.00% | 12/1/2055 | A+ | 4,000,000 | 3,660,320 | |||||||||
| Chicago Trans Auth | 5.00% | 12/1/2055 | A+ | 1,750,000 | 1,844,019 | |||||||||
| Denver City & Co Arpt AMT | 5.50% | A1 | 3,410,000 | 3,543,148 | ||||||||||
| Denver RTD - Eagle P3 | 3.00% | 7/15/2037 | Baa1 | 3,825,000 | 3,049,051 | |||||||||
| E470 Pub Hwy Auth (NPFGC)(FGIC) | Zero Coupon | 9/1/2031 | A | 20,000,000 | 14,087,708 | |||||||||
| Foothill / Eastern Corridor Toll Rd | Zero Coupon | 1/15/2033 | A | 4,500,000 | 2,840,203 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 4.00% | 1/15/2043 | A- | 4,099,000 | 3,804,451 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 6.00% | 1/15/2049 | A | 5,000,000 | 5,310,499 | |||||||||
| Houston Arpt - Continental Airlines AMT | 4.75% | 7/1/2024 | Ba3 | 2,740,000 | 2,744,939 | |||||||||
| 92 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Houston Arpt - United Airlines AMT | 5.00% | 7/15/2028 | B | $ | 3,500,000 | $ | 3,536,210 | |||||||
| MD EDC - CNX Marine Terminals | 5.75% | 9/1/2025 | BB | 9,000,000 | 9,020,288 | |||||||||
| MD EDC - Port Covington | 4.00% | 9/1/2040 | NR | 1,750,000 | 1,534,690 | |||||||||
| MD EDC - Port Covington | 4.00% | 9/1/2050 | NR | 14,750,000 | 12,034,951 | |||||||||
| MD EDC - Ports America Chesapeake AMT | 5.00% | 6/1/2044 | Baa2 | 250,000 | 259,011 | |||||||||
| MD EDC - Ports America Chesapeake AMT | 5.00% | 6/1/2049 | Baa2 | 750,000 | 773,256 | |||||||||
| MD EDC - Purple Line AMT | 5.25% | 6/30/2055 | Baa3 | 12,500,000 | 12,704,571 | |||||||||
| Memphis-Shelby County Airport Authority AMT | 5.00% | 7/1/2049 | A2 | 14,115,000 | 14,767,575 | |||||||||
| Metropolitan Transportation Authority | 5.00% | 11/15/2045 | A3 | 1,900,000 | 1,972,025 | |||||||||
| MI Strategic Fund - I-75 AMT (AGM) | 4.50% | 6/30/2048 | AA | 3,000,000 | 2,849,737 | |||||||||
| Miami Dade CO Aviation - Mia AMT | 5.00% | 10/1/2044 | A- | 5,000,000 | 5,219,015 | |||||||||
| MTA NY | 5.00% | 11/15/2048 | A3 | 7,420,000 | 7,663,015 | |||||||||
| MTA NY | 5.00% | 11/15/2050 | A3 | 10,655,000 | 10,988,494 | |||||||||
| MTA NY | 5.25% | 11/15/2044 | A3 | 10,000,000 | 10,288,629 | |||||||||
| MTA NY(f) | 5.25% | 11/15/2055 | A3 | 21,710,000 | 22,589,327 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2045 | A3 | 5,000,000 | 5,217,522 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2050 | A3 | 2,750,000 | 2,856,394 | |||||||||
| North Parkway Municipal Management District No 1† | 4.75% | 9/15/2041 | NR | 2,930,000 | 2,717,106 | |||||||||
| North Parkway Municipal Management District No 1† | 5.00% | 9/15/2051 | NR | 6,875,000 | 6,349,564 | |||||||||
| NY Trans Dev Corp - Delta Airlines AMT | 4.00% | 1/1/2036 | Baa3 | 9,305,000 | 8,667,677 | |||||||||
| NY Trans Dev Corp - Delta Airlines AMT | 5.00% | 1/1/2036 | Baa3 | 1,195,000 | 1,208,650 | |||||||||
| NY Trans Dev Corp - Delta Airlines AMT | 5.00% | 10/1/2040 | Baa3 | 17,600,000 | 17,742,217 | |||||||||
| NY Trans Dev Corp - Delta AMT | 4.375% | 10/1/2045 | Baa3 | 27,125,000 | 24,911,820 | |||||||||
| NY Trans Dev Corp - Delta AMT | 5.00% | 1/1/2024 | Baa3 | 6,300,000 | 6,409,503 | |||||||||
| NY Trans Dev Corp - JFK IAT | 4.00% | 12/1/2040 | Baa1 | 5,475,000 | 5,161,517 | |||||||||
| NY Trans Dev Corp - JFK IAT | 5.00% | 12/1/2035 | Baa1 | 1,000,000 | 1,054,759 | |||||||||
| NY Trans Dev Corp - JFK IAT | 5.00% | 12/1/2037 | Baa1 | 1,000,000 | 1,049,158 | |||||||||
| NY Trans Dev Corp - JFK IAT AMT | 4.00% | 12/1/2040 | Baa1 | 1,000,000 | 923,779 | |||||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2042 | Baa1 | 2,500,000 | 2,584,336 | |||||||||
| NY Trans Dev Corp - LaGuardia Airport AMT | 5.25% | 1/1/2050 | Baa3 | 14,470,000 | 14,836,085 | |||||||||
| NYS Thruway - Service Area AMT | 4.00% | 4/30/2053 | BBB- | (d) | 5,830,000 | 4,769,021 | ||||||||
| PA Tpk Commn | 3.00% | 12/1/2042 | A | 1,500,000 | 1,196,107 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2044 | A3 | 4,500,000 | 4,792,150 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 11/15/2041 | AA- | 10,500,000 | 10,955,318 | |||||||||
| PR Hwy & Trans Auth(c) | 5.00% | 7/1/2020 | NR | 6,035,000 | 3,319,250 | |||||||||
| See Notes to Schedule of Investments. | 93 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| PR Hwy & Trans Auth(c) | 5.00% | 7/1/2022 | NR | $ | 1,545,000 | $ | 853,612 | |||||||
| PR Hwy & Trans Auth(c) | 5.00% | 7/1/2028 | NR | 1,015,000 | 162,400 | |||||||||
| Reno - ReTRAC-Reno Trans† | Zero Coupon | 7/1/2058 | NR | 29,000,000 | 3,506,358 | |||||||||
| San Diego Arpt(f) | 5.00% | 7/1/2056 | A2 | 17,000,000 | 17,802,927 | |||||||||
| Texas Transportation Commission State Highway 249 System | Zero Coupon | 8/1/2036 | Baa3 | 1,050,000 | 555,483 | |||||||||
| Texas Transportation Commission State Highway 249 System | Zero Coupon | 8/1/2040 | Baa3 | 1,100,000 | 466,032 | |||||||||
| Texas Transportation Commission State Highway 249 System | Zero Coupon | 8/1/2048 | Baa3 | 1,000,000 | 271,707 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 6/30/2038 | Baa2 | 1,050,000 | 978,043 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 12/31/2038 | Baa2 | 1,375,000 | 1,278,781 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 6/30/2039 | Baa2 | 1,335,000 | 1,235,577 | |||||||||
| TX Surface Trans Corp - I-635 | 4.00% | 6/30/2040 | Baa2 | 1,160,000 | 1,067,577 | |||||||||
| TX Surface Trans Corp - NTE 3C AMT | 5.00% | 6/30/2058 | Baa3 | 11,440,000 | 11,383,092 | |||||||||
| TX Trans Comm - Hwy 249 | 5.00% | 8/1/2057 | Baa3 | 2,375,000 | 2,418,927 | |||||||||
| VA Small Bus Fing - 95 Express AMT | 5.00% | 1/1/2033 | BBB- | 1,500,000 | 1,619,040 | |||||||||
| VA Small Bus Fing - 95 Express AMT | 5.00% | 1/1/2035 | BBB- | 3,000,000 | 3,202,344 | |||||||||
| VA Small Bus Fing - 95 Express AMT | 5.00% | 7/1/2036 | BBB- | 3,200,000 | 3,402,920 | |||||||||
| VA Small Bus Fing - 95 Express AMT | 5.00% | 7/1/2037 | BBB- | 2,000,000 | 2,121,503 | |||||||||
| VA Small Bus Fing - Elizabeth River AMT(e) | 4.00% | 1/1/2038 | BBB | 4,500,000 | 4,250,681 | |||||||||
| Total | 363,910,248 | |||||||||||||
| Utilities 10.57% | ||||||||||||||
| Black Belt Energy Gas Dist | 4.00% | #(b) | 6/1/2051 | Aa1 | 8,945,000 | 9,078,035 | ||||||||
| Black Belt Energy Gas Dist | 4.00% | #(b) | 12/1/2052 | Baa1 | 11,100,000 | 11,121,342 | ||||||||
| Burke Co Dev - Oglethorpe Power | 4.125% | 11/1/2045 | BBB+ | 15,930,000 | 14,727,613 | |||||||||
| Burke Co Dev - Oglethorpe Power | 4.125% | 11/1/2045 | BBB+ | 6,085,000 | 5,625,708 | |||||||||
| CA Poll Ctl - Poseidon Res† | 5.00% | 11/21/2045 | Baa3 | 2,250,000 | 2,306,327 | |||||||||
| Campbell Co Solid Wste - Basin Elec | 3.625% | 7/15/2039 | A | 12,345,000 | 11,370,050 | |||||||||
| Central Plains - Goldman Sachs | 5.00% | 9/1/2042 | BBB+ | 7,500,000 | 7,984,687 | |||||||||
| Charlotte Co IDA - Babcock Ranch† | 5.00% | 10/1/2034 | NR | 1,000,000 | 981,459 | |||||||||
| Charlotte Co IDA - Babcock Ranch† | 5.00% | 10/1/2049 | NR | 5,500,000 | 5,200,764 | |||||||||
| CO Public Auth - ML | 6.50% | 11/15/2038 | A2 | 5,000,000 | 6,148,537 | |||||||||
| Compton Water | 6.00% | 8/1/2039 | NR | 3,710,000 | 3,716,089 | |||||||||
| FL DFC - Waste Pro AMT | 3.00% | 6/1/2032 | NR | 16,250,000 | 13,189,382 | |||||||||
| GA Muni Elec Auth - MEAG | 5.00% | 1/1/2048 | BBB+ | 2,000,000 | 2,082,783 | |||||||||
| GA Muni Elec Auth - MEAG | 5.00% | 1/1/2059 | BBB+ | 7,300,000 | 7,489,985 | |||||||||
| 94 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| GA Muni Elec Auth - MEAG | 5.00% | 1/1/2063 | A | $ | 2,400,000 | $ | 2,458,664 | |||||||
| Guam Waterworks | 5.00% | 1/1/2050 | A- | 2,250,000 | 2,350,100 | |||||||||
| HI Dept Budget - Hawaiian Electric | 3.20% | 7/1/2039 | Baa1 | 15,765,000 | 13,152,314 | |||||||||
| HI Dept Budget - Hawaiian Electric AMT | 4.00% | 3/1/2037 | Baa1 | 4,475,000 | 4,345,859 | |||||||||
| Jefferson Co Sewer | Zero Coupon | 10/1/2039 | BBB | 5,000,000 | 5,064,279 | |||||||||
| Jefferson Co Sewer | Zero Coupon | 10/1/2046 | BBB | 5,445,000 | 5,513,187 | |||||||||
| Jefferson Co Sewer | 6.00% | 10/1/2042 | BBB | 7,175,000 | 7,788,794 | |||||||||
| Jefferson Co Sewer | 6.50% | 10/1/2053 | BBB | 26,800,000 | 29,236,509 | |||||||||
| Jefferson Co Sewer (AGM) | Zero Coupon | 10/1/2028 | AA | 4,035,000 | 3,029,610 | |||||||||
| Jefferson Co Sewer (AGM) | 5.00% | 10/1/2044 | AA | 5,070,000 | 5,296,992 | |||||||||
| KY Public Energy Auth - Morgan Stanley | 4.00% | #(b) | 8/1/2052 | A1 | 16,000,000 | 16,022,277 | ||||||||
| Lower Colo Riv Auth - Transmn Contract | 5.00% | 5/15/2051 | A | 3,750,000 | 3,987,925 | |||||||||
| Main St Nat Gas - Citibank | 4.00% | #(b) | 3/1/2050 | A3 | 5,715,000 | 5,735,385 | ||||||||
| Main St Nat Gas - Citibank | 4.00% | #(b) | 5/1/2052 | A3 | 8,750,000 | 8,764,796 | ||||||||
| Main St Nat Gas- Citadel† | 4.00% | #(b) | 8/1/2052 | BBB- | 50,000,000 | 49,198,965 | ||||||||
| Maricopa Co Poll Cntrl - El Paso Elec | 3.60% | 2/1/2040 | Baa2 | 5,355,000 | 4,756,460 | |||||||||
| Maricopa Co Poll Cntrl - El Paso Elec | 3.60% | 4/1/2040 | Baa2 | 3,115,000 | 2,764,588 | |||||||||
| PR Aqueduct & Swr Auth† | 4.00% | 7/1/2042 | NR | 8,785,000 | 7,753,767 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2025 | NR | 10,000,000 | 10,279,041 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2025 | NR | 4,060,000 | 4,173,268 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2030 | NR | 16,665,000 | 17,377,925 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2033 | NR | 4,780,000 | 4,897,863 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2033 | NR | 5,000,000 | 5,129,938 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2035 | NR | 32,000,000 | 32,526,509 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2037 | NR | 3,225,000 | 3,278,691 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2037 | NR | 3,500,000 | 3,558,269 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2037 | NR | 6,000,000 | 6,108,610 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2047 | NR | 5,000,000 | 5,029,410 | |||||||||
| PR Elec Pwr Auth(c) | 5.00% | 7/1/2042 | D | (d) | 4,975,000 | 4,228,750 | (a) | |||||||
| PR Elec Pwr Auth(c) | 5.05% | 7/1/2042 | D | (d) | 3,425,000 | 2,911,250 | (a) | |||||||
| PR Elec Pwr Auth(c) | 5.25% | 7/1/2024 | D | (d) | 7,000,000 | 5,950,000 | (a) | |||||||
| PR Elec Pwr Auth(c) | 5.50% | 7/1/2038 | D | (d) | 1,530,000 | 1,306,238 | (a) | |||||||
| TEAC - Goldman Sachs | 5.00% | #(b) | 5/1/2052 | A2 | 2,500,000 | 2,652,957 | ||||||||
| Total | 387,651,951 | |||||||||||||
| Total Investments in Securities 98.98% (cost $3,966,761,989) | 3,629,777,597 | |||||||||||||
| Other Assets and Liabilities – Net(g) 1.02% | 37,576,842 | |||||||||||||
| Net Assets 100.00% | $ | 3,667,354,439 | ||||||||||||
| See Notes to Schedule of Investments. | 95 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| 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. | |
| COP | Certificates of Participation. | |
| CR | Custodian Receipt. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| GTD | Guaranteed. | |
| NPFGC | Insured by - National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| 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 June 30, 2022, the total value of Rule 144A securities was $1,028,128,743, which represents 28.03% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2022. | |
| (a) | Level 3 Investment as described in Note 2(b) in the Notes to Schedule of Investments. 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. | |
| (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) | This investment has been rated by Fitch IBCA. | |
| (e) | Securities purchased on a when-issued basis. | |
| (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. | |
| (g) | Other Assets and Liabilities - Net include net unrealized depreciation on futures contracts as follows: |
Open Futures Contracts at June 30, 2022:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||
| U.S. Long Bond | September 2022 | 273 | Short | $(36,864,489 | ) | $(37,844,625 | ) | $(980,136 | ) | |||||||
The following is a summary of the inputs used as of June 30, 2022 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 | $ | – | $ | 550,093,699 | $ | 11,075,875 | $ | 561,169,574 | ||||||||
| Education | – | 225,697,478 | 10,873,409 | 236,570,887 | ||||||||||||
| Health Care | – | 538,515,146 | 16,225,205 | 554,740,351 | ||||||||||||
| Housing | – | 128,319,120 | 5,281,631 | 133,600,751 | ||||||||||||
| Special Tax | – | 206,800,911 | 1,753,919 | 208,554,830 | ||||||||||||
| Utilities | – | 373,255,713 | 14,396,238 | 387,651,951 | ||||||||||||
| Remaining Industries | – | 1,547,489,253 | – | 1,547,489,253 | ||||||||||||
| Total | $ | – | $ | 3,570,171,320 | $ | 59,606,277 | $ | 3,629,777,597 | ||||||||
| Liabilities | ||||||||||||||||
| Trust Certificates(3) | $ | – | $ | (19,355,000 | ) | $ | – | $ | (19,355,000 | ) | ||||||
| Total | $ | – | $ | (19,355,000 | ) | $ | – | $ | (19,355,000 | ) | ||||||
| 96 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (980,136 | ) | – | – | (980,136 | ) | ||||||||||
| Total | $ | (980,136 | ) | $ | – | $ | – | $ | (980,136 | ) | ||||||
| (1) | Refer to Note 2(b) 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 and identification of foreign issuer and/or geography. 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) | Municipal Bonds held in the Trust. |
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 period in relation to the Fund’s net assets.
| Investment Type | Municipal Bonds | |||
| Balance as of October 1, 2021 | $ | 10,542,427 | ||
| Accrued Discounts (Premiums) | 16,792 | |||
| Realized Gain (Loss) | – | |||
| Change in Unrealized Appreciation (Depreciation) | (168,004 | ) | ||
| Purchases | 16,854,142 | |||
| Sales | (60,000 | ) | ||
| Transfers into Level 3 | 32,462,002 | |||
| Transfers out of Level 3 | (41,082 | ) | ||
| Balance as of June 30, 2022 | $ | 59,606,277 | ||
| Change in unrealized appreciation/depreciation for the period ended June 30, 2022, related to Level 3 investments held at June 30, 2022 | $ | (168,044 | ) | |
| See Notes to Schedule of Investments. | 97 |
Schedule of Investments (unaudited)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 98.24% | ||||||||||||||
| MUNICIPAL BONDS 98.24% | ||||||||||||||
| Corporate-Backed 24.02% | ||||||||||||||
| Allegheny Co IDA - US Steel | 4.875% | 11/1/2024 | BB- | $ | 4,000,000 | $ | 4,065,118 | |||||||
| Allegheny Co IDA - US Steel | 5.125% | 5/1/2030 | BB- | 12,485,000 | 12,994,816 | |||||||||
| Bucks Cnty IDA- Waste Mgmt AMT | 2.75% | 12/1/2022 | A- | 1,000,000 | 1,002,895 | |||||||||
| CA Muni Fin - United Airlines AMT | 4.00% | 7/15/2029 | B+ | 19,740,000 | 18,637,995 | |||||||||
| Calhoun Co IDA - Max Midstream AMT† | 3.625% | 7/1/2026 | NR | 2,500,000 | 2,402,387 | |||||||||
| Downtown Doral CDD† | 3.875% | 12/15/2023 | NR | 105,000 | 104,551 | |||||||||
| Downtown Doral CDD† | 4.25% | 12/15/2028 | NR | 250,000 | 248,140 | |||||||||
| FL DFC - Waste Pro AMT† | 5.00% | 5/1/2029 | NR | 8,410,000 | 8,177,471 | |||||||||
| FL DFC - Waste Pro AMT† | 5.00% | #(a) | 8/1/2029 | NR | 2,240,000 | 2,236,770 | ||||||||
| Greater Orlando Aviation - Jet Blue | 5.00% | 11/15/2026 | NR | 100,000 | 101,085 | |||||||||
| Henderson Facs - Pratt Paper AMT† | 3.70% | 1/1/2032 | NR | 6,500,000 | 6,247,773 | |||||||||
| Hoover IDA - US Steel AMT | 6.375% | #(a) | 11/1/2050 | BB- | 1,570,000 | 1,774,668 | ||||||||
| IA Fin Auth - Iowa Fertilizer Co | 4.00% | #(a) | 12/1/2050 | BBB- | 5,600,000 | 5,595,104 | ||||||||
| IN Fin Auth - OVEC | 2.50% | 11/1/2030 | Baa3 | 3,350,000 | 2,921,250 | |||||||||
| IN Fin Auth - OVEC | 3.00% | 11/1/2030 | Baa3 | 500,000 | 453,305 | |||||||||
| IN Fin Auth - OVEC | 3.00% | 11/1/2030 | Baa3 | 1,000,000 | 906,611 | |||||||||
| IN Fin Auth - US Steel | 4.125% | 12/1/2026 | BB- | 6,230,000 | 6,192,565 | |||||||||
| LA St John Parish - Marathon Oil | 2.125% | #(a) | 6/1/2037 | BBB- | 550,000 | 532,406 | ||||||||
| LA St John Parish - Marathon Oil | 2.20% | #(a) | 6/1/2037 | BBB- | 5,980,000 | 5,565,783 | ||||||||
| LA St John Parish - Marathon Oil | 2.375% | #(a) | 6/1/2037 | BBB- | 425,000 | 398,273 | ||||||||
| Love Field Arpt - Southwest Airlines | 5.00% | 11/1/2022 | BBB | 285,000 | 287,662 | |||||||||
| Matagorda Co Nav Dist - AEP TX Central | 2.60% | 11/1/2029 | A- | 1,580,000 | 1,399,285 | |||||||||
| MI Strategic Fund - GPK AMT | 4.00% | #(a) | 10/1/2061 | BB | 4,110,000 | 4,071,880 | ||||||||
| Mission Econ Dev Corp - Natgasoline AMT† | 4.625% | 10/1/2031 | BB- | 5,775,000 | 5,875,789 | |||||||||
| MSR Energy Auth - Citi | 6.125% | 11/1/2029 | BBB+ | 2,440,000 | 2,723,859 | |||||||||
| Nez Perce Co Poll Ctl - Potlatch | 2.75% | 10/1/2024 | BBB- | 2,835,000 | 2,814,835 | |||||||||
| NH Bus Fin Auth- United Illuminating | 2.80% | #(a) | 10/1/2033 | A- | 1,000,000 | 1,005,930 | ||||||||
| NH Fin Auth - Casella Waste† | 2.95% | 4/1/2029 | B | 2,300,000 | 2,031,731 | |||||||||
| NH National Fin Auth - Covanta AMT† | 3.75% | #(a) | 7/1/2045 | B | 12,155,000 | 9,925,802 | ||||||||
| NH National Fin Auth - Covanta AMT† | 4.00% | 11/1/2027 | B | 1,525,000 | 1,477,958 | |||||||||
| NH National Fin Auth - NY Electric & Gas AMT | 4.00% | 12/1/2028 | A- | 5,050,000 | 5,062,291 | |||||||||
| NH National Fin Auth - Waste Mgmt AMT | 2.15% | #(a) | 7/1/2027 | A- | 3,160,000 | 3,106,113 | ||||||||
| Niagara Area Dev Corp - Covanta† | 3.50% | 11/1/2024 | B1 | 6,100,000 | 6,008,850 | |||||||||
| NJ EDA - Continental Airlines | 5.125% | 9/15/2023 | Ba3 | 4,100,000 | 4,126,828 | |||||||||
| 98 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| NJ EDA - Continental Airlines | 5.25% | 9/15/2029 | Ba3 | $ | 1,750,000 | $ | 1,770,209 | |||||||
| NY Env Facs - Casella Waste AMT | 2.75% | #(a) | 9/1/2050 | B | 3,500,000 | 3,320,427 | ||||||||
| NY Env Facs - Casella Waste AMT† | 2.875% | #(a) | 12/1/2044 | B | 1,500,000 | 1,303,721 | ||||||||
| NY Env Facs - Casella Waste AMT† | 3.125% | #(a) | 12/1/2044 | B | 3,000,000 | 2,832,080 | ||||||||
| NY Liberty Dev Corp - 3 WTC† | 5.15% | 11/15/2034 | NR | 5,125,000 | 5,167,694 | |||||||||
| NY Trans Dev Corp - American Airlines AMT | 2.25% | 8/1/2026 | B | (b) | 1,850,000 | 1,734,573 | ||||||||
| NY Trans Dev Corp - American Airlines AMT | 3.00% | 8/1/2031 | B | (b) | 7,545,000 | 6,903,306 | ||||||||
| NY Trans Dev Corp - American Airlines AMT | 5.00% | 8/1/2026 | B- | 1,000,000 | 994,900 | |||||||||
| NY Trans Dev Corp - American Airlines AMT | 5.25% | 8/1/2031 | B- | 4,895,000 | 5,101,193 | |||||||||
| NY Trans Dev Corp - American Airlines AMT | 5.375% | 8/1/2036 | B- | 7,410,000 | 7,893,916 | |||||||||
| NYC IDA - TRIPS | 5.00% | 7/1/2022 | BBB+ | 1,050,000 | 1,050,000 | |||||||||
| NYC IDA - TRIPS | 5.00% | 7/1/2028 | BBB+ | 1,000,000 | 1,001,108 | |||||||||
| OH Air Dev Auth - AEP AMT | 2.60% | #(a) | 6/1/2041 | BBB+ | 2,500,000 | 2,274,527 | ||||||||
| OH Air Dev Auth - OVEC | 1.50% | #(a) | 2/1/2026 | Baa3 | 1,200,000 | 1,098,260 | ||||||||
| OH Air Dev Auth - OVEC | 2.875% | 2/1/2026 | Baa3 | 700,000 | 671,023 | |||||||||
| OH Air Quality - Pratt Paper AMT† | 3.75% | 1/15/2028 | NR | 320,000 | 325,082 | |||||||||
| Ohio Air Quality Development Authority | 2.875% | 2/1/2026 | Baa3 | 1,940,000 | 1,859,691 | |||||||||
| PA EDA - Consol Energy AMT† | 9.00% | #(a) | 4/1/2051 | B- | 3,125,000 | 3,584,418 | ||||||||
| Parish of St James - Nustar Logistics† | 6.10% | #(a) | 6/1/2038 | BB- | 2,860,000 | 3,165,453 | ||||||||
| Parish of St James - Nustar Logistics† | 6.10% | #(a) | 12/1/2040 | BB- | 750,000 | 830,101 | ||||||||
| Phenix City - Meadwestvaco AMT | 4.125% | 5/15/2035 | BBB | 2,500,000 | 2,501,804 | |||||||||
| Polk Co IDA - Mineral Development† | 5.875% | 1/1/2033 | NR | 1,375,000 | 1,418,991 | |||||||||
| Port Beaumont Nav Dis- Jefferson Rail AMT† | 1.875% | 1/1/2026 | NR | 2,210,000 | 2,037,397 | |||||||||
| Port Beaumont Nav Dis- Jefferson Rail AMT† | 2.00% | 1/1/2027 | NR | 1,050,000 | 945,963 | |||||||||
| Port Beaumont Nav Dis- Jefferson Rail AMT† | 2.125% | 1/1/2028 | NR | 575,000 | 506,398 | |||||||||
| Port Beaumont Nav Dis- Jefferson Rail AMT† | 2.25% | 1/1/2029 | NR | 800,000 | 689,025 | |||||||||
| Port Beaumont Nav Dis- Jefferson Rail AMT† | 2.50% | 1/1/2030 | NR | 800,000 | 681,750 | |||||||||
| Port Beaumont Nav Dis- Jefferson Rail AMT† | 2.625% | 1/1/2031 | NR | 1,200,000 | 1,006,288 | |||||||||
| See Notes to Schedule of Investments. | 99 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Port Beaumont Nav Dis- Jefferson Rail AMT† | 3.625% | 1/1/2035 | NR | $ | 1,230,000 | $ | 1,085,570 | |||||||
| Sacramento Co Arpt AMT | 5.00% | 7/1/2028 | A+ | 3,090,000 | 3,391,016 | |||||||||
| Salem Co Poll Ctl - Chambers AMT | 5.00% | 12/1/2023 | NR | 2,660,000 | 2,735,623 | |||||||||
| Sky Harbour Capital Aviation AMT | 4.00% | 7/1/2036 | NR | 7,585,000 | 6,617,184 | |||||||||
| St James Parish - Nustar Logistics† | 5.85% | #(a) | 8/1/2041 | BB- | 4,125,000 | 4,311,460 | ||||||||
| Tuscaloosa IDA - Hunt Refining† | 4.50% | 5/1/2032 | NR | 8,164,748 | 7,366,421 | |||||||||
| Valparaiso Facs - Pratt Paper AMT | 5.875% | 1/1/2024 | NR | 110,000 | 112,156 | |||||||||
| Valparaiso Facs - Pratt Paper AMT | 7.00% | 1/1/2044 | NR | 115,000 | 119,516 | |||||||||
| VT EDA - Casella Waste AMT† | 5.00% | #(a) | 6/1/2052 | B | 5,500,000 | 5,497,367 | ||||||||
| Warren Co - Intl Paper | 2.90% | #(a) | 9/1/2032 | BBB | 750,000 | 753,268 | ||||||||
| Whiting Env Facs - BP AMT | 5.00% | #(a) | 11/1/2045 | A2 | 1,170,000 | 1,179,647 | ||||||||
| WI PFA - American Dream† | 5.00% | 12/1/2027 | NR | 1,275,000 | 1,145,843 | |||||||||
| WI PFA - American Dream† | 6.50% | 12/1/2037 | NR | 2,000,000 | 1,795,401 | |||||||||
| WI PFA - Celanese AMT | 4.30% | 11/1/2030 | BBB | 3,095,000 | 3,127,458 | |||||||||
| WI PFA - Celanese AMT | 5.00% | 1/1/2024 | BBB | 1,500,000 | 1,538,067 | |||||||||
| WI PFA - Celanese AMT | 5.00% | 12/1/2025 | BBB | 2,490,000 | 2,621,117 | |||||||||
| WI PFA - TRIPS | 5.00% | 7/1/2022 | BBB+ | 95,000 | 95,000 | |||||||||
| WI PFA - TRIPS AMT | 5.00% | 7/1/2042 | BBB+ | 1,075,000 | 1,078,764 | |||||||||
| WI PFA- TRIPS AMT | 5.00% | 7/1/2022 | BBB+ | 90,000 | 90,000 | |||||||||
| Total | 237,807,955 | |||||||||||||
| Education 6.19% | ||||||||||||||
| AZ Edu Fac - Odyssey Prep† | 4.00% | 7/1/2029 | BB- | 425,000 | 404,526 | |||||||||
| AZ IDA - Academy of Math & Science Proj† | 5.00% | 7/1/2029 | BB+ | 1,500,000 | 1,521,648 | |||||||||
| CA Choice Clean Energy - Morgan Stanley(c) | Zero Coupon | 5/1/2053 | A1 | 10,000,000 | 9,999,994 | |||||||||
| CA Muni Fin - Julian Chtr Sch† | 5.00% | 3/1/2025 | B+ | 565,000 | 561,364 | |||||||||
| CA Muni Fin Auth- William Jessup U | 5.00% | 8/1/2024 | NR | 835,000 | 846,940 | |||||||||
| CA Muni Fin Auth- William Jessup U | 5.00% | 8/1/2027 | NR | 100,000 | 101,381 | |||||||||
| Cap Trust Agy - Renaissance Chtr Sch† | 4.00% | 6/15/2029 | NR | 930,000 | 902,509 | |||||||||
| Cap Trust Ed Facs - Advantage Charter Scho | 4.00% | 12/15/2024 | Baa3 | 325,000 | 326,906 | |||||||||
| Cap Trust Ed Facs - Advantage Charter Scho | 5.00% | 12/15/2029 | Baa3 | 400,000 | 412,278 | |||||||||
| Chester Co Hlth & Ed - Immaculata Univ | 4.25% | 11/1/2032 | BB- | (b) | 1,600,000 | 1,346,129 | ||||||||
| Chester Co Hlth & Ed - Immaculata Univ | 5.00% | 11/1/2022 | BB- | (b) | 630,000 | 629,187 | ||||||||
| Chicago Brd Ed | 5.00% | 12/1/2022 | BB | 1,500,000 | 1,513,152 | |||||||||
| 100 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| City of Farmington NM | 1.80% | 4/1/2029 | A- | $ | 4,810,000 | $ | 4,155,095 | |||||||
| Clifton Higher Ed - Intl Ldrshp Sch | 4.625% | 8/15/2025 | NR | 2,565,000 | 2,578,130 | |||||||||
| Clifton Higher Ed - Intl Ldrshp Sch | 5.75% | 8/15/2038 | NR | 1,405,000 | 1,424,030 | |||||||||
| FL HI Ed - Jacksonville Univ† | 4.50% | 6/1/2033 | NR | 2,035,000 | 1,964,258 | |||||||||
| Frederick Co Ed Fac - Mount St Mary’s Univ† | 5.00% | 9/1/2027 | BB+ | 2,250,000 | 2,305,471 | |||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2023 | Baa3 | 500,000 | 513,999 | |||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2024 | Baa3 | 500,000 | 519,355 | |||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2025 | Baa3 | 600,000 | 630,538 | |||||||||
| IL Fin Auth - IL Inst of Tech | 5.00% | 9/1/2026 | Baa3 | 750,000 | 795,170 | |||||||||
| IN Fin Auth - OVEC | 4.25% | 11/1/2030 | Baa3 | 1,600,000 | 1,579,069 | |||||||||
| MA DFA - Emerson Clg | 5.00% | 1/1/2024 | BBB+ | 500,000 | 519,065 | |||||||||
| Maricopa Co IDA - Ottawa Univ† | 5.00% | 10/1/2026 | NR | 300,000 | 305,739 | |||||||||
| Maricopa Co IDA - Ottawa Univ† | 5.125% | 10/1/2030 | NR | 425,000 | 442,197 | |||||||||
| Marietta Dev Auth - Life Univ† | 5.00% | 11/1/2027 | Ba3 | 3,000,000 | 3,112,139 | |||||||||
| Multnomah Co Hsp - Mirabella | 5.00% | 10/1/2024 | NR | 130,000 | 131,508 | |||||||||
| New Hope Cultural Education Facilities Finance Cor† | 4.00% | 8/15/2023 | BB+ | 700,000 | 699,825 | |||||||||
| New Hope Cultural Education Facilities Finance Cor† | 4.00% | 8/15/2025 | BB+ | 1,280,000 | 1,268,147 | |||||||||
| New Hope Cultural Education Facilities Finance Cor† | 4.00% | 8/15/2027 | BB+ | 1,040,000 | 1,015,061 | |||||||||
| New Hope Cultural Education Facilities Finance Cor† | 4.00% | 8/15/2029 | BB+ | 1,345,000 | 1,290,948 | |||||||||
| NY Dorm - Touro Clg | 5.25% | 1/1/2034 | BBB- | (b) | 100,000 | 101,525 | ||||||||
| NY Dorm - Yeshiva(c) | 5.00% | 7/15/2029 | BBB- | 1,545,000 | 1,664,843 | |||||||||
| NY Dorm - Yeshiva(c) | 5.00% | 7/15/2030 | BBB- | 2,200,000 | 2,368,395 | |||||||||
| NY Dorm - Yeshiva(c) | 5.00% | 7/15/2032 | BBB- | 1,960,000 | 2,096,763 | |||||||||
| NY Dorm - Yeshiva Univ | 4.00% | 11/1/2025 | B2 | 175,000 | 173,116 | |||||||||
| NY Dorm - Yeshiva Univ | 4.00% | 11/1/2026 | B2 | 165,000 | 161,593 | |||||||||
| NY Dorm - Yeshiva Univ | 5.00% | 9/1/2028 | BBB- | 595,000 | 595,090 | |||||||||
| NYC IDA - Yankee Stadium (FGIC) | 9.149% (CPI Based | )# | 3/1/2027 | Baa1 | 2,500,000 | 2,568,985 | ||||||||
| OH Air Dev Auth - Duke Energy AMT | 4.25% | #(a) | 11/1/2039 | BBB | 2,000,000 | 2,027,342 | ||||||||
| OH HI Ed - Dayton Univ (AMBAC) | 6.49% (CPI Based | )# | 12/1/2022 | A+ | 2,365,000 | 2,384,761 | ||||||||
| Oklahoma Development Finance Authority | 4.00% | 8/1/2037 | BBB- | 350,000 | 310,295 | |||||||||
| VT Edu Loan Rev AMT | 3.75% | 6/15/2028 | A | 1,070,000 | 1,042,482 | |||||||||
| See Notes to Schedule of Investments. | 101 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| VT Edu Loan Rev AMT | 4.00% | 6/15/2029 | A | $ | 1,250,000 | $ | 1,221,534 | |||||||
| VT Edu Loan Rev AMT | 4.00% | 6/15/2030 | A | 720,000 | 695,129 | |||||||||
| Total | 61,227,611 | |||||||||||||
| Financial Services 0.21% | ||||||||||||||
| MA Ed Fin Auth AMT | 5.00% | 7/1/2025 | AA | 2,000,000 | 2,118,879 | |||||||||
| General Obligation 10.90% | ||||||||||||||
| Academical Village CCD | 3.25% | 5/1/2031 | NR | 765,000 | 668,716 | |||||||||
| Academical Village CDD | 2.875% | 5/1/2025 | NR | 910,000 | 875,700 | |||||||||
| Arlington ISD - Brooks Academies | 4.00% | 6/15/2031 | NR | 3,360,000 | 3,067,662 | |||||||||
| Chicago Brd Ed | Zero Coupon | 12/1/2025 | BB | 1,000,000 | 880,427 | |||||||||
| Chicago Brd Ed | 4.00% | 12/1/2022 | BB | 1,290,000 | 1,296,151 | |||||||||
| Chicago Brd Ed | 4.00% | 12/1/2022 | BB | 1,175,000 | 1,180,603 | |||||||||
| Chicago Brd Ed | 4.00% | 12/1/2027 | BB | 2,250,000 | 2,234,824 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2027 | BB | 1,250,000 | 1,311,427 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2030 | BB | 3,870,000 | 4,069,471 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2030 | BB | 3,780,000 | 3,906,268 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2034 | BB | 6,325,000 | 6,497,516 | |||||||||
| Chicago Brd Ed† | 6.75% | 12/1/2030 | BB | 2,000,000 | 2,241,210 | |||||||||
| Chicago Brd Ed | 7.00% | 12/1/2026 | BB | 100,000 | 110,281 | |||||||||
| Chicago Brd Ed (AGM) | 5.00% | 12/1/2027 | AA | 1,500,000 | 1,627,863 | |||||||||
| Chicago GO | 5.00% | 1/1/2024 | BBB+ | 2,930,000 | 3,006,470 | |||||||||
| Chicago GO | 5.00% | 1/1/2027 | BBB+ | 1,925,000 | 2,014,745 | |||||||||
| Chicago GO | 5.00% | 1/1/2030 | BBB+ | 4,780,000 | 5,051,549 | |||||||||
| Chicago GO | 5.25% | 1/1/2028 | BBB+ | 1,000,000 | 1,035,792 | |||||||||
| Chicago GO | 5.50% | 1/1/2030 | BBB+ | 1,685,000 | 1,747,230 | |||||||||
| Cook Co GO | 5.00% | 11/15/2022 | A+ | 335,000 | 339,278 | |||||||||
| Coralville GO | 4.50% | 6/1/2032 | BB+ | 1,215,000 | 1,236,160 | |||||||||
| Coralville GO | 5.00% | 5/1/2030 | A- | (b) | 1,025,000 | 1,077,179 | ||||||||
| IL State GO | 5.00% | 11/1/2025 | BBB+ | 2,000,000 | 2,118,321 | |||||||||
| IL State GO | 5.00% | 12/1/2026 | BBB+ | 3,000,000 | 3,217,041 | |||||||||
| IL State GO | 5.00% | 3/1/2028 | BBB+ | 6,000,000 | 6,476,385 | |||||||||
| IL State GO | 5.00% | 5/1/2028 | BBB+ | 3,000,000 | 3,094,684 | |||||||||
| IL State GO | 5.00% | 11/1/2028 | BBB+ | 2,935,000 | 3,146,923 | |||||||||
| IL State GO | 5.375% | 5/1/2023 | BBB+ | 1,700,000 | 1,739,910 | |||||||||
| IL State GO | 5.50% | 5/1/2030 | BBB+ | 5,260,000 | 5,818,648 | |||||||||
| New Haven GO | 5.00% | 8/1/2025 | BBB+ | 580,000 | 621,223 | |||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2025 | A1 | 200,000 | 215,470 | |||||||||
| 102 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| PR Comwlth GO | Zero Coupon | 7/1/2024 | NR | $ | 4,590,252 | $ | 4,203,485 | |||||||
| PR Comwlth GO | Zero Coupon | 7/1/2033 | NR | 980 | 552 | |||||||||
| PR Comwlth GO | Zero Coupon | #(a) | 11/1/2043 | NR | 6,436,560 | 3,210,234 | ||||||||
| PR Comwlth GO | 4.00% | 7/1/2033 | NR | 136,793 | 125,661 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2035 | NR | 56,654 | 50,887 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2037 | NR | 92,716 | 82,297 | |||||||||
| PR Comwlth GO | 5.25% | 7/1/2023 | NR | 3,681,468 | 3,749,258 | |||||||||
| PR Comwlth GO | 5.375% | 7/1/2025 | NR | 12,433,128 | 12,919,774 | |||||||||
| PR Comwlth GO | 5.625% | 7/1/2027 | NR | 1,420,150 | 1,512,678 | |||||||||
| PR Comwlth GO | 5.625% | 7/1/2029 | NR | 2,852,109 | 3,067,803 | |||||||||
| PR Comwlth GO | 5.75% | 7/1/2031 | NR | 1,357,000 | 1,485,082 | |||||||||
| PR Elec Pwr Auth (NPFGC)(FGIC) | 5.25% | 7/1/2023 | Baa2 | 2,325,000 | 2,342,004 | |||||||||
| San Gorgonio Memorial Health Care District | 5.00% | 8/1/2035 | Ba2 | 1,355,000 | 1,369,002 | |||||||||
| VT EDA - Casella Waste AMT† | 4.625% | #(a) | 4/1/2036 | B | 1,900,000 | 1,863,738 | ||||||||
| Total | 107,907,582 | |||||||||||||
| Health Care 11.08% | ||||||||||||||
| Antelope Valley Hlth | 5.25% | 3/1/2036 | BBB | 300,000 | 311,533 | |||||||||
| Atlanta Dev Auth - Georgia Proton | 6.00% | 1/1/2023 | NR | 2,000,000 | 1,060,000 | |||||||||
| Berks Co IDA - Tower Hlth | 5.00% | 11/1/2023 | BB- | 2,945,000 | 2,992,830 | |||||||||
| Berks Co IDA - Tower Hlth | 5.00% | 2/1/2029 | BB- | 1,500,000 | 1,475,559 | |||||||||
| Berks Co IDA - Tower Hlth | 5.00% | 2/1/2032 | BB- | 850,000 | 827,284 | |||||||||
| Berks Co IDA - Tower Hlth | 5.00% | #(a) | 2/1/2040 | BB- | 8,890,000 | 8,729,986 | ||||||||
| Berks Co IDA - Tower Hlth | 5.00% | #(a) | 2/1/2040 | BB- | 8,710,000 | 8,662,222 | ||||||||
| Blaine Sr Hsg & Hlthcare - Crest View | 5.125% | 7/1/2025 | NR | 60,000 | 55,989 | |||||||||
| Bucks Co IDA - Grand View Hosp | 5.00% | 7/1/2025 | BB+ | 1,075,000 | 1,126,323 | |||||||||
| Bucks Co IDA - Grand View Hosp | 5.00% | 7/1/2038 | BB+ | 1,000,000 | 1,004,987 | |||||||||
| CA Stwde - Daughters of Charity | 5.50% | 7/1/2022 | NR | 8,965 | 8,427 | |||||||||
| CA Stwde - Daughters of Charity | 5.75% | 7/1/2024 | NR | 55,924 | 52,568 | |||||||||
| CA Stwde - Loma Linda Univ Med† | 5.00% | 12/1/2031 | BB- | 1,000,000 | 1,016,325 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr† | 5.00% | 12/1/2025 | BB- | 1,200,000 | 1,241,881 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr† | 5.00% | 12/1/2026 | BB- | 1,070,000 | 1,115,822 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr† | 5.00% | 12/1/2028 | BB- | 885,000 | 909,255 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr† | 5.00% | 12/1/2029 | BB- | 1,000,000 | 1,025,093 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr | 5.25% | 12/1/2029 | BB- | 2,500,000 | 2,562,580 | |||||||||
| City of Oroville- Oroville Hsp | 5.00% | 4/1/2026 | B+ | 1,255,000 | 1,297,178 | |||||||||
| City of Oroville- Oroville Hsp | 5.00% | 4/1/2029 | B+ | 900,000 | 934,577 | |||||||||
| See Notes to Schedule of Investments. | 103 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| CT Hlth & Ed - Griffin Hosp† | 5.00% | 7/1/2032 | BB+ | $ | 740,000 | $ | 770,544 | |||||||
| Cuyahoga Co Hsp - Metrohealth | 5.00% | 2/15/2023 | BBB- | 1,500,000 | 1,527,221 | |||||||||
| Cuyahoga Co Hsp - Metrohealth | 5.00% | 2/15/2028 | BBB- | 500,000 | 528,470 | |||||||||
| Cuyahoga Co Hsp - Metrohealth | 5.00% | 2/15/2030 | BBB- | 1,900,000 | 1,987,932 | |||||||||
| Dev Auth of Floyd Cnty - Spires at Berry | 5.50% | 12/1/2028 | NR | 1,000,000 | 985,651 | |||||||||
| Duluth EDA - Benedictine Health | 4.00% | 7/1/2031 | NR | 1,125,000 | 1,080,564 | |||||||||
| Franklin Co IDA - Menno-Haven | 5.00% | 12/1/2026 | NR | 500,000 | 506,281 | |||||||||
| Fruita CO Hlth - Canyons Hosp & Med Centr† | 5.375% | 1/1/2033 | NR | 2,000,000 | 2,026,763 | |||||||||
| Fulton Co - Canterbury Court† | 3.00% | 4/1/2024 | NR | 1,050,000 | 1,020,310 | |||||||||
| Fulton Co Med Ctr | 4.00% | 7/1/2028 | NR | 3,275,000 | 3,249,248 | |||||||||
| Glendale IDA - Beatitudes | 4.00% | 11/15/2027 | NR | 385,000 | 371,633 | |||||||||
| Glendale IDA - Beatitudes | 5.00% | 11/15/2023 | NR | 1,715,000 | 1,728,584 | |||||||||
| Guadalupe Co - Seguin City Hospital | 4.00% | 12/1/2026 | BB | 410,000 | 408,989 | |||||||||
| Guadalupe Co - Seguin City Hospital | 5.00% | 12/1/2022 | BB | 250,000 | 252,197 | |||||||||
| Guadalupe Co - Seguin City Hospital | 5.00% | 12/1/2023 | BB | 1,280,000 | 1,311,350 | |||||||||
| ID HFA - Madison Mem Hosp | 5.00% | 9/1/2023 | BB+ | 1,795,000 | 1,840,908 | |||||||||
| ID HFA - Madison Mem Hosp | 5.00% | 9/1/2029 | BB+ | 710,000 | 747,398 | |||||||||
| IL Fin Auth - Plymouth Place | 5.00% | 5/15/2025 | BB+ | (b) | 75,000 | 79,081 | ||||||||
| Jefferson Co - Samaritan Med Ctr | 5.00% | 11/1/2025 | BB | 1,305,000 | 1,373,555 | |||||||||
| King Co Pub Hsp - Snoqualmie Vly Hsp | 5.00% | 12/1/2025 | NR | 90,000 | 90,982 | |||||||||
| Kirkwood IDA - Aberdeen Hts | 5.25% | 5/15/2028 | BB- | (b) | 1,135,000 | 1,144,117 | ||||||||
| Lenexa KS Hlth Facs - Lakeview Village | 5.00% | 5/15/2024 | BB+ | (b) | 1,895,000 | 1,919,399 | ||||||||
| MA Hlth & Edu Facs - Trinity Hlth | 1.766% | #(a) | 11/15/2032 | AA- | 1,520,000 | 1,506,048 | ||||||||
| Montgomery Co IDA - Trinity Health | 1.776% | #(a) | 11/15/2034 | AA- | 480,000 | 473,542 | ||||||||
| Muskingum Co Hsp - Genesis Hlthcare | 4.00% | 2/15/2023 | BB+ | 1,500,000 | 1,512,489 | |||||||||
| Muskingum Co Hsp - Genesis Hlthcare | 5.00% | 2/15/2044 | BB+ | 2,000,000 | 1,966,521 | |||||||||
| Nat Fin Auth - Ascentria Care† | 5.00% | 7/1/2031 | NR | 1,880,000 | 1,824,385 | |||||||||
| New Hope Cultural - Wesleyan Homes | 3.00% | 1/1/2024 | NR | 155,000 | 149,917 | |||||||||
| New Hope Cultural - Wesleyan Homes | 4.00% | 1/1/2029 | NR | 470,000 | 422,192 | |||||||||
| NJ Hlth - St Peters Univ Hsp | 5.75% | 7/1/2037 | BBB- | 795,000 | 795,860 | |||||||||
| NY Dorm - Catholic Hlth | 5.00% | 7/1/2028 | BB+ | 1,000,000 | 1,031,307 | |||||||||
| NY Dorm - Catholic Hlth | 5.00% | 7/1/2030 | BB+ | 1,750,000 | 1,796,078 | (d) | ||||||||
| NY Dorm - Orange Reg Med Ctr† | 5.00% | 12/1/2022 | BBB- | 500,000 | 506,128 | |||||||||
| NY Dorm - Orange Reg Med Ctr† | 5.00% | 12/1/2022 | BBB- | 200,000 | 202,451 | |||||||||
| OK DFA - OU Med | 5.00% | 8/15/2029 | BB- | 475,000 | 467,775 | |||||||||
| OK DFA - OU Med | 5.25% | 8/15/2043 | BB- | 1,500,000 | 1,380,607 | |||||||||
| OU MedOK DFA OK DFA - OU Med | 5.00% | 8/15/2024 | BB- | 1,400,000 | 1,404,061 | |||||||||
| 104 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Palomar Health† | 5.00% | 11/1/2027 | BBB | $ | 4,330,000 | $ | 4,628,663 | |||||||
| Palomar Health | 5.00% | 11/1/2031 | BBB | 750,000 | 785,419 | |||||||||
| Palomar Hlth | 5.00% | 11/1/2028 | BBB | 1,000,000 | 1,062,987 | |||||||||
| Palomar Hlth | 5.00% | 11/1/2036 | BBB | 1,500,000 | 1,551,423 | |||||||||
| Philadelphia Hsps - Temple Univ Hlth | 5.00% | 7/1/2023 | BBB | 1,000,000 | 1,023,269 | |||||||||
| Philadelphia Hsps - Temple Univ Hlth | 5.00% | 7/1/2029 | BBB | 4,255,000 | 4,523,356 | |||||||||
| RI Hlth & Ed - Care New England | 5.00% | 9/1/2031 | B+ | 8,010,000 | 8,368,249 | |||||||||
| Roanoke Co EDA - Richfield Living II | 4.30% | 9/1/2030 | NR | 770,000 | 621,229 | (d) | ||||||||
| SC Jobs EDA - Hampton Regl Med | 5.00% | 11/1/2022 | NR | 700,000 | 706,146 | |||||||||
| SC Jobs EDA - Hampton Regl Med | 5.00% | 11/1/2023 | NR | 740,000 | 760,515 | |||||||||
| SC Kiawah Life Plan Village† | 8.75% | 7/1/2025 | NR | 4,500,000 | 4,483,843 | (d) | ||||||||
| SE Port Auth - Memorial Hlth | 5.00% | 12/1/2022 | BB- | (b) | 100,000 | 100,920 | ||||||||
| SE Port Auth - Memorial Hlth | 5.00% | 12/1/2023 | BB- | (b) | 100,000 | 102,533 | ||||||||
| SE Port Auth - Memorial Hlth | 5.50% | 12/1/2029 | BB- | (b) | 1,000,000 | 1,031,623 | ||||||||
| Tulsa Co Industrial Auth - Montereau | 5.00% | 11/15/2023 | BBB- | (b) | 230,000 | 234,475 | ||||||||
| WI Hlth & Ed - American Baptist | 3.50% | 8/1/2022 | NR | 140,000 | 139,818 | |||||||||
| WI Hlth & Ed - American Baptist | 4.375% | 8/1/2027 | NR | 225,000 | 213,347 | |||||||||
| WI Hlth Fac Auth - St. Camillus | 5.00% | 11/1/2026 | NR | 355,000 | 360,903 | |||||||||
| WI Hlth Fac Auth - St. Camillus | 5.00% | 11/1/2027 | NR | 375,000 | 380,395 | |||||||||
| WI PFA - Bancroft Neuro† | 5.00% | 6/1/2026 | NR | 470,000 | 474,123 | |||||||||
| WI PFA - Carson Valley Med Center | 3.00% | 12/1/2026 | BB+ | 250,000 | 243,092 | |||||||||
| WI PFA - Carson Valley Med Center | 4.00% | 12/1/2031 | BB+ | 1,050,000 | 1,036,361 | |||||||||
| Total | 109,633,646 | |||||||||||||
| Housing 1.12% | ||||||||||||||
| CA HFA - MFH | 4.00% | 3/20/2033 | NR | 816,677 | 807,797 | |||||||||
| Ca Stwde - Lancer Student Hsg† | 3.00% | 6/1/2029 | NR | 710,000 | 638,723 | (d) | ||||||||
| Chicago GO | 5.00% | 1/1/2023 | BBB+ | 2,000,000 | 2,032,783 | |||||||||
| MN HFA | 3.00% | 1/1/2051 | AA+ | 1,165,000 | 1,142,119 | |||||||||
| Montgomery Co Hsg | 4.00% | 7/1/2048 | Aa2 | 435,000 | 440,928 | |||||||||
| NC State Hsg Fin Agy | 4.00% | 7/1/2047 | AA+ | 425,000 | 430,376 | |||||||||
| NJ Hsg and Mtg Fin Auth | 4.50% | 10/1/2048 | AA | 860,000 | 884,900 | |||||||||
| NYC HDC | 2.85% | 11/1/2031 | AA+ | 1,285,000 | 1,203,045 | |||||||||
| NYC HDC (FHA) | 1.45% | 11/1/2029 | AA+ | 1,080,000 | 936,992 | |||||||||
| NYS HFA L-1 (SONYMA) | 1.45% | 5/1/2029 | Aa2 | 1,560,000 | 1,339,545 | |||||||||
| PA Hsg Fin Auth AMT | 4.00% | 4/1/2039 | AA+ | 335,000 | 339,223 | |||||||||
| Phoenix IDA - ASU Std Hsg | 5.00% | 7/1/2026 | Baa3 | 890,000 | 928,847 | |||||||||
| Total | 11,125,278 | |||||||||||||
| See Notes to Schedule of Investments. | 105 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations 3.72% | ||||||||||||||
| Coralville COPs | 4.00% | 6/1/2031 | BB | $ | 4,485,000 | $ | 4,268,080 | |||||||
| IL Sports Facs (BAM) | 5.00% | 6/15/2028 | AA | 1,100,000 | 1,208,035 | |||||||||
| IL Sports Facs (BAM) | 5.00% | 6/15/2029 | AA | 1,000,000 | 1,107,101 | |||||||||
| KY Ppty & Bldgs Commn - Proj #112 | 5.00% | 11/1/2024 | A- | 1,000,000 | 1,058,134 | |||||||||
| Met Pier & Expo Auth - Mccormick Place (NPFGC)(FGIC) | Zero Coupon | 6/15/2028 | A- | 1,345,000 | 1,080,757 | |||||||||
| Met Pier & Expo Auth - Mccormick Place (NPFGC)(FGIC) | 5.50% | 6/15/2029 | A- | 2,015,000 | 2,189,152 | |||||||||
| NJ EDA - Sch Facs | 2.16% | #(a) | 9/1/2025 | BBB+ | 2,280,000 | 2,306,275 | ||||||||
| NJ EDA - Sch Facs | 2.46% | #(a) | 9/1/2027 | BBB+ | 530,000 | 533,382 | ||||||||
| NJ EDA - Sch Facs | 5.00% | 3/1/2023 | BBB+ | 2,005,000 | 2,048,087 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2023 | BBB+ | 3,455,000 | 3,554,582 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 3/1/2030 | BBB+ | 3,000,000 | 3,067,854 | |||||||||
| NJ EDA - Sch Facs (NPFGC)(FGIC) | 5.50% | 9/1/2029 | BBB+ | 1,555,000 | 1,759,111 | |||||||||
| NJ Trans Trust Fund | 4.00% | 12/15/2031 | BBB+ | 4,110,000 | 4,178,025 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2023 | BBB+ | 1,000,000 | 1,040,097 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2026 | BBB+ | 3,510,000 | 3,769,602 | |||||||||
| PA COPS | 5.00% | 7/1/2024 | A | 300,000 | 316,051 | |||||||||
| San Diego Cap Grant - Mid-Coast Corridor | 1.80% | 11/15/2027 | A- | 3,525,000 | 3,328,094 | |||||||||
| Total | 36,812,419 | |||||||||||||
| Other Revenue 6.21% | ||||||||||||||
| Arlington Hi Ed Fin Corp - Newman Intl Acad | 4.00% | 8/15/2031 | NR | 360,000 | 335,899 | |||||||||
| Arlington Hi Ed Fin Corp - Newman Intl Acad | 4.375% | 8/15/2026 | NR | 1,655,000 | 1,643,569 | |||||||||
| AZ IDA - Academy of Math & Science† | 4.00% | 7/1/2029 | BB+ | 400,000 | 384,866 | |||||||||
| AZ IDA - Basis Schools† | 5.00% | 7/1/2026 | BB | 415,000 | 420,563 | |||||||||
| Brooklyn Arena LDC - Barclays Ctr | 5.00% | 7/15/2027 | Ba1 | 2,100,000 | 2,172,967 | |||||||||
| Build NYC Res Corp - Hellenic Charter† | 4.00% | 12/1/2031 | NR | 700,000 | 664,603 | |||||||||
| Build NYC Res Corp - Shefa School† | 2.50% | 6/15/2031 | NR | 1,100,000 | 937,255 | |||||||||
| CA Sch Fin Auth - Green Dot Charter† | 5.00% | 8/1/2025 | BBB- | 150,000 | 156,950 | |||||||||
| CA Sch Fin Auth - Green Dot Charter† | 5.00% | 8/1/2026 | BBB- | 150,000 | 158,031 | |||||||||
| CA Sch Fin Auth - Green Dot Charter† | 5.00% | 8/1/2027 | BBB- | 160,000 | 169,697 | |||||||||
| Cap Trust Agy - Edu Growth Chtr Sch† | 3.375% | 7/1/2031 | NR | 8,785,000 | 7,645,315 | |||||||||
| Cap Trust Agy - Franklin Academy† | 4.00% | 12/15/2023 | NR | 370,000 | 371,334 | |||||||||
| Cap Trust Agy - Franklin Academy† | 4.00% | 12/15/2024 | NR | 385,000 | 385,437 | |||||||||
| Cap Trust Agy - Franklin Academy† | 4.00% | 12/15/2025 | NR | 300,000 | 298,849 | |||||||||
| 106 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Cap Trust Agy - Franklin Academy† | 5.00% | 12/15/2026 | NR | $ | 300,000 | $ | 307,464 | |||||||
| Cap Trust Agy - Franklin Academy† | 5.00% | 12/15/2027 | NR | 660,000 | 673,974 | |||||||||
| Cap Trust Agy - Franklin Academy† | 5.00% | 12/15/2028 | NR | 690,000 | 702,316 | |||||||||
| Cap Trust Agy - Franklin Academy† | 5.00% | 12/15/2029 | NR | 730,000 | 740,078 | |||||||||
| Cap Trust Agy - Franklin Academy† | 5.00% | 12/15/2035 | NR | 2,165,000 | 2,164,934 | |||||||||
| Chester Co IDA - Collegium Charter Sch | 3.70% | 10/15/2022 | BB | 345,000 | 344,923 | |||||||||
| Cleveland Co Port Auth - Playhouse Sq | 5.00% | 12/1/2028 | BB+ | 1,610,000 | 1,669,518 | |||||||||
| Clifton Higher Ed - Intl Ldrshp Sch | 5.25% | 8/15/2026 | NR | 1,600,000 | 1,637,662 | |||||||||
| Clifton Higher Ed - Intl Ldrshp Sch | 5.25% | 8/15/2028 | NR | 3,040,000 | 3,090,351 | |||||||||
| FL DFC - FL Charter Foundation† | 4.00% | 7/15/2026 | NR | 455,000 | 446,699 | |||||||||
| FL DFC - Renaissance Chtr Sch† | 5.00% | 6/15/2025 | NR | 190,000 | 192,730 | |||||||||
| FL DFC - Renaissance Chtr Sch 2020† | 4.00% | 9/15/2030 | NR | 470,000 | 455,271 | |||||||||
| Florence Twn IDA - Legacy Trad Sch | 5.00% | 7/1/2023 | BB+ | 45,000 | 45,713 | |||||||||
| GA World Congress - Convention Ctr Hotel† | 3.625% | 1/1/2031 | NR | 1,750,000 | 1,547,212 | |||||||||
| IL Fin Auth - Acero Charter† | 4.00% | 10/1/2028 | BB+ | 580,000 | 562,502 | |||||||||
| IL Fin Auth - Acero Charter† | 4.00% | 10/1/2030 | BB+ | 625,000 | 592,901 | |||||||||
| IL Fin Auth - Acero Charter† | 4.00% | 10/1/2031 | BB+ | 985,000 | 925,288 | |||||||||
| IL Fin Auth - Acero Charter† | 4.00% | 10/1/2032 | BB+ | 680,000 | 631,664 | |||||||||
| Illinois Sports Facilities Authority (The) (AGM) | 5.25% | 6/15/2032 | AA | 750,000 | 782,183 | |||||||||
| Jefferson Parish Econ Dev Dist - Kenner† | 4.80% | 6/15/2029 | NR | 2,390,000 | 2,422,310 | |||||||||
| Main St Nat Gas - Macquarie | 5.00% | 5/15/2026 | A3 | 1,000,000 | 1,054,262 | |||||||||
| Maricopa Co IDA - Legacy Schools† | 4.00% | 7/1/2029 | BB+ | 500,000 | 481,950 | |||||||||
| MD EDC - Chesapeake Bay Hyatt(e) | 5.00% | 12/1/2031 | NR | 1,500,000 | 900,000 | |||||||||
| Phoenix IDA - GreatHearts Academy | 2.95% | 7/1/2026 | BBB- | 1,315,000 | 1,262,755 | |||||||||
| Pima Co IDA - Edkey Chtr Sch† | 3.50% | 7/1/2025 | NR | 760,000 | 745,714 | |||||||||
| PR Elec Pwr Auth(e) | 5.00% | 7/1/2018 | NR | 50,000 | 42,375 | (d) | ||||||||
| Salt Verde Fin Corp - Citi | 5.25% | 12/1/2023 | BBB+ | 235,000 | 243,330 | |||||||||
| UT Charter Sch - Freedom Academy† | 3.25% | 6/15/2031 | NR | 540,000 | 477,528 | (d) | ||||||||
| UT Charter Sch - Freedom Academy† | 4.50% | 6/15/2027 | NR | 2,410,000 | 2,426,039 | |||||||||
| WA State Convention Ctr Pub Facs | 3.00% | 7/1/2031 | BB+ | 2,395,000 | 2,167,338 | |||||||||
| WA State Convention Ctr Pub Facs | 4.00% | 7/1/2030 | BB+ | 925,000 | 927,147 | |||||||||
| Washington St Convention Ctr Pub Facs | 4.00% | 7/1/2031 | NR | 15,705,000 | 15,022,769 | |||||||||
| Total | 61,432,235 | |||||||||||||
| See Notes to Schedule of Investments. | 107 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax 4.58% | ||||||||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2032 | Ba3 | $ | 2,000,000 | $ | 2,032,389 | |||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2033 | Ba3 | 1,750,000 | 1,778,851 | |||||||||
| Allentown Neighborhood Impt - City Center† | 5.00% | 5/1/2023 | Ba3 | 130,000 | 131,510 | |||||||||
| Allentown Neighborhood Impt - City Center† | 5.00% | 5/1/2028 | NR | 1,430,000 | 1,468,278 | |||||||||
| Allentown Neighborhood Impt - Wtrfrnt Proj† | 6.00% | 5/1/2042 | NR | 955,000 | 996,753 | |||||||||
| Atlanta Urban Dev Agency- Atlanta Beltline† | 2.375% | 7/1/2026 | NR | 690,000 | 654,167 | |||||||||
| Atlanta Urban Dev Agency- Atlanta Beltline† | 2.875% | 7/1/2031 | NR | 965,000 | 851,417 | |||||||||
| Berkeley Co - Nexton Imp Dist | 4.00% | 11/1/2030 | NR | 425,000 | 413,418 | |||||||||
| Brighton Crossing Met Dist #6 | 5.00% | 12/1/2035 | NR | 525,000 | 518,927 | |||||||||
| Celebration Pointe Community Development District | 2.375% | 5/1/2026 | NR | 480,000 | 436,328 | |||||||||
| Celebration Pointe Community Development District | 3.00% | 5/1/2031 | NR | 750,000 | 633,631 | (d) | ||||||||
| Charlotte Co IDA - Babcock Ranch | 4.125% | 5/1/2027 | NR | 1,225,000 | 1,205,440 | |||||||||
| Charlotte Co IDA - Babcock Ranch | 4.25% | 5/1/2032 | NR | 2,000,000 | 1,914,536 | |||||||||
| CO Rocky Mtn Rail Park Met Dist† | 5.00% | 12/1/2031 | NR | 1,500,000 | 1,408,050 | |||||||||
| MD Special Tax - Brunswick Crossing | 3.00% | 7/1/2024 | NR | 475,000 | 467,347 | |||||||||
| MD Special Tax - Brunswick Crossing | 4.00% | 7/1/2029 | NR | 1,225,000 | 1,200,116 | |||||||||
| MIDA Mount Village PID† | 4.00% | 8/1/2025 | NR | 1,000,000 | 991,208 | |||||||||
| MIDA Mount Village PID† | 4.00% | 8/1/2027 | NR | 1,385,000 | 1,349,558 | |||||||||
| MIDA Mount Village PID† | 4.00% | 8/1/2029 | NR | 1,000,000 | 950,522 | |||||||||
| MIDA Mount Village PID† | 4.00% | 8/1/2031 | NR | 1,000,000 | 923,921 | |||||||||
| North Las Vegas Special Improv Dist - Vall | 3.50% | 6/1/2023 | NR | 100,000 | 99,845 | |||||||||
| North Las Vegas Special Improv Dist - Vall | 3.50% | 6/1/2024 | NR | 115,000 | 114,427 | |||||||||
| North Las Vegas Special Improv Dist - Vall | 3.75% | 6/1/2025 | NR | 145,000 | 144,843 | |||||||||
| Nthrn Palm Bch Co Impt Dist | 3.25% | 8/1/2022 | NR | 200,000 | 200,007 | |||||||||
| Nthrn Palm Bch Co Impt Dist | 5.00% | 8/1/2037 | NR | 750,000 | 759,011 | |||||||||
| NYC IDA - Yankee Stadium (FGIC) | 9.129% (CPI Based | )# | 3/1/2025 | Baa1 | 1,585,000 | 1,622,436 | (d) | |||||||
| NYC IDA - Yankee Stadium (FGIC) | 9.139% (CPI Based | )# | 3/1/2026 | Baa1 | 1,350,000 | 1,385,782 | (d) | |||||||
| 108 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Peninsula Town Center† | 4.00% | 9/1/2023 | NR | $ | 140,000 | $ | 138,424 | |||||||
| Peninsula Town Center† | 4.50% | 9/1/2028 | NR | 680,000 | 646,897 | |||||||||
| River Islands PFA - CFD 2003 | 5.375% | 9/1/2031 | NR | 1,000,000 | 1,022,057 | |||||||||
| Scranton RDA GTD | 5.00% | 11/15/2028 | BB+ | 255,000 | 249,151 | |||||||||
| St Louis IDA - Ballpark Vlg | 3.875% | 11/15/2029 | NR | 1,170,000 | 1,043,666 | |||||||||
| St. Charles - Noah’s Ark CID | 3.00% | 5/1/2023 | NR | 300,000 | 297,372 | |||||||||
| St. Charles - Noah’s Ark CID | 3.00% | 5/1/2025 | NR | 450,000 | 434,396 | |||||||||
| St. Charles - Noah’s Ark CID | 3.00% | 5/1/2026 | NR | 275,000 | 261,766 | |||||||||
| St. Charles - Noah’s Ark CID | 3.00% | 5/1/2030 | NR | 1,950,000 | 1,743,793 | |||||||||
| Tahoe Douglas Visitors Auth | 4.00% | 7/1/2027 | NR | 650,000 | 658,015 | |||||||||
| Tahoe Douglas Visitors Auth | 5.00% | 7/1/2030 | NR | 2,755,000 | 2,904,070 | |||||||||
| Village CDD #12† | 3.25% | 5/1/2023 | NR | 160,000 | 159,952 | |||||||||
| Village CDD #12 | 3.25% | 5/1/2026 | NR | 1,925,000 | 1,884,912 | |||||||||
| Village CDD #13 | 1.80% | 5/1/2026 | NR | 700,000 | 637,055 | |||||||||
| Village CDD #13 | 2.55% | 5/1/2031 | NR | 2,225,000 | 1,878,352 | |||||||||
| Village CDD #13† | 2.625% | 5/1/2030 | NR | 1,490,000 | 1,300,812 | |||||||||
| Village Met Dist - Avon | 4.15% | 12/1/2030 | NR | 3,695,000 | 3,560,055 | |||||||||
| West Villages Unit #7 | 4.00% | 5/1/2024 | NR | 370,000 | 370,639 | |||||||||
| West Villages Unit #7 | 4.25% | 5/1/2029 | NR | 940,000 | 935,605 | |||||||||
| Westerly Met Dist - Weld Co | 4.125% | 12/1/2031 | NR | 600,000 | 541,043 | |||||||||
| Total | 45,320,750 | |||||||||||||
| Tax Revenue 2.82% | ||||||||||||||
| American Samoa GO† | 6.50% | 9/1/2028 | Ba3 | 1,000,000 | 1,119,819 | |||||||||
| Casino Reinv Dev Auth | 5.00% | 11/1/2022 | BBB- | 350,000 | 353,130 | |||||||||
| Guam - Business Privilege Tax | 5.00% | 1/1/2030 | Ba1 | 1,500,000 | 1,584,161 | |||||||||
| Guam - Business Privilege Tax | 5.00% | 1/1/2031 | Ba1 | 750,000 | 793,536 | |||||||||
| Met Pier & Expo Auth - McCormick Place | 5.00% | 12/15/2022 | A- | 1,275,000 | 1,290,556 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2029 | NR | 5,313,000 | 4,010,585 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2031 | NR | 591,000 | 400,965 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2033 | NR | 48,000 | 28,927 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2051 | NR | 55,000 | 11,005 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 27,000 | 25,422 | |||||||||
| PR Corp Sales Tax | 4.50% | 7/1/2034 | NR | 11,899,000 | 11,979,759 | |||||||||
| PR Corp Sales Tax | 4.536% | 7/1/2053 | NR | 1,000 | 936 | |||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 3,000 | 2,897 | |||||||||
| PR Corp Sales Tax | 4.75% | 7/1/2053 | NR | 19,000 | 18,303 | |||||||||
| See Notes to Schedule of Investments. | 109 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| PR Corp Sales Tax | 5.00% | 7/1/2058 | NR | $ | 49,000 | $ | 48,289 | |||||||
| Sparks - Legends at Sparks Marina† | 2.50% | 6/15/2024 | Ba2 | 390,000 | 377,386 | |||||||||
| Sparks - Legends at Sparks Marina† | 2.75% | 6/15/2028 | Ba2 | 3,110,000 | 2,790,337 | |||||||||
| USVI Matching Fund | 5.00% | 10/1/2026 | NR | 1,000,000 | 1,026,991 | |||||||||
| USVI Matching Fund | 5.00% | 10/1/2027 | NR | 1,000,000 | 1,029,196 | |||||||||
| USVI Matching Fund | 5.00% | 10/1/2028 | NR | 1,000,000 | 1,029,663 | |||||||||
| Total | 27,921,863 | |||||||||||||
| Tobacco 0.32% | ||||||||||||||
| Nassau Co Tobacco | 5.25% | 6/1/2026 | CCC+ | 1,392,161 | 1,393,961 | |||||||||
| PA Tob Settlement | 5.00% | 6/1/2023 | A | 760,000 | 780,284 | |||||||||
| San Diego Tobacco Settlement | 4.00% | 6/1/2032 | BBB | 150,000 | 146,514 | |||||||||
| SD Edu Enhancement Fding Corp | 5.00% | 6/1/2024 | NR | 775,000 | 798,095 | |||||||||
| Total | 3,118,854 | |||||||||||||
| Transportation 9.01% | ||||||||||||||
| CA Muni Fin - LINXS AMT | 5.00% | 6/30/2029 | BBB- | (b) | 2,210,000 | 2,328,169 | ||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2027 | A- | 1,690,000 | 1,807,100 | |||||||||
| City of Los Angeles Department of Airports AMT | 5.00% | 5/15/2029 | AA- | 2,700,000 | 3,018,995 | |||||||||
| Denver Arpt - United Airlines AMT | 5.00% | 10/1/2032 | B | 8,850,000 | 8,842,295 | |||||||||
| E470 Pub Hwy Auth | 1.362% | #(a) | 9/1/2039 | A | 1,685,000 | 1,662,043 | ||||||||
| Houston Arpt - United Airlines AMT | 5.00% | 7/15/2027 | B- | (b) | 3,000,000 | 3,046,057 | ||||||||
| Houston Arpt - United Airlines AMT | 5.00% | 7/15/2035 | B | 2,450,000 | 2,415,392 | |||||||||
| IL State GO | 5.00% | 11/1/2025 | BBB+ | 3,000,000 | 3,177,481 | |||||||||
| MD EDC - CNX Marine Terminals | 5.75% | 9/1/2025 | BB | 4,500,000 | 4,510,144 | |||||||||
| MD EDC - Port Covington | 3.25% | 9/1/2030 | NR | 2,650,000 | 2,395,415 | |||||||||
| MD EDC - Purple Line AMT | 5.00% | 11/12/2028 | Baa3 | 4,600,000 | 4,845,708 | |||||||||
| MTA NY | 5.00% | 9/1/2022 | NR | 3,005,000 | 3,021,244 | |||||||||
| MTA NY | 5.00% | 11/15/2029 | BBB+ | 2,660,000 | 2,846,751 | |||||||||
| MTA NY | 5.00% | 11/15/2029 | BBB+ | 1,000,000 | 1,085,721 | |||||||||
| MTA NY | 5.00% | 11/15/2030 | BBB+ | 3,000,000 | 3,028,349 | |||||||||
| MTA NY | 5.00% | 11/15/2031 | BBB+ | 1,850,000 | 1,927,943 | |||||||||
| MTA NY | 5.00% | #(a) | 11/15/2034 | BBB+ | 4,475,000 | 4,635,413 | ||||||||
| MTA NY | 5.00% | #(a) | 11/15/2045 | A3 | 5,135,000 | 5,610,460 | ||||||||
| North Parkway Municipal Management District No 1† | 3.625% | 9/15/2026 | NR | 500,000 | 481,270 | |||||||||
| North Parkway Municipal Management District No 1† | 4.25% | 9/15/2031 | NR | 1,500,000 | 1,417,790 | |||||||||
| 110 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| NY Trans Dev Corp - Delta Airlines AMT | 5.00% | 1/1/2036 | Baa3 | $ | 5,000,000 | $ | 5,057,113 | |||||||
| NY Trans Dev Corp - Delta AMT | 5.00% | 1/1/2024 | Baa3 | 1,000,000 | 1,017,382 | |||||||||
| NY Trans Dev Corp - Delta AMT | 5.00% | 1/1/2030 | Baa3 | 1,875,000 | 1,923,666 | |||||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2030 | Baa1 | 8,000,000 | 8,492,807 | |||||||||
| NY Trans Dev Corp - LaGuardia Airport AMT | 4.00% | 7/1/2032 | Baa3 | 830,000 | 802,766 | |||||||||
| NY Trans Dev Corp - TOGA AMT | 5.00% | 1/1/2023 | Baa3 | 1,055,000 | 1,066,599 | |||||||||
| NYS Thruway - Service Area Proj AMT | 2.50% | 10/31/2031 | BBB- | (b) | 1,365,000 | 1,141,903 | ||||||||
| NYS Thruway - Service Area Proj AMT | 4.00% | 10/31/2034 | BBB- | (b) | 515,000 | 477,510 | ||||||||
| Osceola Co Trans - Osceola Parkway | 5.00% | 10/1/2031 | BBB+ | 1,050,000 | 1,111,981 | |||||||||
| Philadelphia Arpt AMT | 5.00% | 7/1/2031 | A2 | 1,900,000 | 2,100,370 | |||||||||
| PR Hwy & Trans Auth (AMBAC) | 9.662% (CPI Based | )# | 7/1/2028 | NR | 2,230,000 | 2,122,244 | ||||||||
| Virginia Small Business Financing Authority AMT(c) | 4.00% | 7/1/2029 | BBB | 1,750,000 | 1,751,345 | |||||||||
| Total | 89,169,426 | |||||||||||||
| Utilities 18.06% | ||||||||||||||
| Black Belt Energy Gas Dist | 4.00% | #(a) | 12/1/2052 | Baa1 | 13,125,000 | 13,150,235 | ||||||||
| Black Belt Energy Gas Dist - RBC | 4.00% | #(a) | 7/1/2052 | Aa1 | 3,000,000 | 3,090,299 | ||||||||
| Burke Co Dev - Oglethorpe Power | 3.00% | #(a) | 11/1/2045 | A- | 1,535,000 | 1,538,463 | ||||||||
| CA Poll Ctl - Poseidon Res† | 5.00% | 7/1/2029 | Baa3 | 250,000 | 263,226 | |||||||||
| Charlotte County IDA - Babcock Ranch† | 5.00% | 10/1/2029 | NR | 1,000,000 | 1,003,150 | |||||||||
| Clarion Co IDA - American Wtr AMT | 2.45% | #(a) | 12/1/2039 | A+ | 1,000,000 | 933,081 | ||||||||
| CO Public Auth - ML | 6.125% | 11/15/2023 | A- | 1,035,000 | 1,067,923 | |||||||||
| FL DFC - Waste Pro AMT | 3.00% | 6/1/2032 | NR | 5,910,000 | 4,796,877 | |||||||||
| IN Fin Auth - Indy Power & Light | 1.40% | 8/1/2029 | A- | 2,000,000 | 1,705,636 | |||||||||
| KY Muni Pwr - Prarie State Proj | 3.45% | #(a) | 9/1/2042 | Baa1 | 850,000 | 832,691 | ||||||||
| Luzerne Co IDA - American Wtr AMT | 2.45% | #(a) | 12/1/2039 | A+ | 2,700,000 | 2,557,015 | ||||||||
| Main St Nat Gas - Citibank | 4.00% | #(a) | 3/1/2050 | A3 | 14,670,000 | 14,722,326 | ||||||||
| Main St Nat Gas- Citadel† | 4.00% | #(a) | 8/1/2052 | BBB- | 37,500,000 | 36,899,224 | ||||||||
| MSR Energy Auth - Citi | 7.00% | 11/1/2034 | BBB+ | 7,500,000 | 9,340,285 | |||||||||
| Orlando Util Commn | 1.25% | #(a) | 10/1/2046 | AA | 7,000,000 | 5,883,748 | ||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2025 | NR | 2,500,000 | 2,569,760 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2025 | NR | 2,550,000 | 2,621,141 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2030 | NR | 20,665,000 | 21,549,045 | |||||||||
| PR Elec Pwr Auth | 4.10% | 7/1/2019 | NR | 240,000 | 200,700 | |||||||||
| PR Elec Pwr Auth(e) | 4.25% | 7/1/2020 | NR | 970,000 | 811,163 | |||||||||
| See Notes to Schedule of Investments. | 111 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| PR Elec Pwr Auth(e) | 5.25% | 7/1/2027 | D | (b) | $ | 2,630,000 | $ | 2,235,500 | (d) | |||||
| PR Elec Pwr Auth (AGM) | 5.00% | 7/1/2024 | AA | 145,000 | 147,469 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2028 | NR | 2,250,000 | 2,340,804 | |||||||||
| Rockport IN Poll Ctl - IN MI Pwr | 3.05% | 6/1/2025 | A- | 1,610,000 | 1,637,459 | |||||||||
| SE AL Gas Dist | 4.00% | #(a) | 12/1/2051 | A1 | 8,000,000 | 7,970,733 | ||||||||
| SE AL Gas Dist - Goldman Sachs | 4.00% | #(a) | 4/1/2049 | A3 | 4,030,000 | 4,081,741 | ||||||||
| TEAC - Goldman Sachs | 5.00% | #(a) | 5/1/2052 | A2 | 25,320,000 | 26,869,149 | ||||||||
| TEAC - Goldman Sachs | 5.625% | 9/1/2026 | BBB | (b) | 5,405,000 | 5,866,833 | ||||||||
| TX Muni Gas Acq & Supply - ML | 6.25% | 12/15/2026 | A- | 1,980,000 | 2,118,303 | |||||||||
| Total | 178,803,979 | |||||||||||||
| Total Investments in Securities 98.24% (cost $1,024,623,897) | 972,400,477 | |||||||||||||
| Other Assets and Liabilities – Net(f) 1.76% | 17,439,608 | |||||||||||||
| Net Assets 100.00% | $ | 989,840,085 | ||||||||||||
| 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. | |
| COP | Certificates of Participation. | |
| CPI | Consumer Price Index: Rate fluctuate based on CPI. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| FHA | Insured by - Federal Housing Administration. | |
| GTD | Guaranteed. | |
| NPFGC | Insured by - National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| SONYMA | State of New York Mortgage Agency. | |
| 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 June 30, 2022, the total value of Rule 144A securities was $249,521,869, which represents 25.21% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2022. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | This investment has been rated by Fitch IBCA. | |
| (c) | Securities purchased on a when-issued basis. | |
| (d) | Level 3 Investment as described in Note 2(b) in the Notes to Schedule of Investments. 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) | Defaulted (non-income producing security). |
| 112 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2022
| (f) | Other Assets and Liabilities - Net include net unrealized appreciation on futures contracts as follows: |
Open Futures Contracts at June 30, 2022:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation | ||||||||||||||
| U.S. 10-Year Treasury Note | September 2022 | 809 | Short | $ | (96,978,634 | ) | $ | (95,891,781 | ) | $ | 1,086,853 | |||||||||
The following is a summary of the inputs used as of June 30, 2022 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 | $ | – | $ | 102,732,496 | $ | 6,901,150 | $ | 109,633,646 | ||||||||
| Housing | – | 10,486,555 | 638,723 | 11,125,278 | ||||||||||||
| Other Revenue | – | 60,912,332 | 519,903 | 61,432,235 | ||||||||||||
| Special Tax | – | 41,678,901 | 3,641,849 | 45,320,750 | ||||||||||||
| Utilities | – | 176,568,479 | 2,235,500 | 178,803,979 | ||||||||||||
| Remaining Industries | – | 566,084,589 | – | 566,084,589 | ||||||||||||
| Total | $ | – | $ | 958,463,352 | $ | 13,937,125 | $ | 972,400,477 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 1,086,853 | $ | – | $ | – | $ | 1,086,853 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 1,086,853 | $ | – | $ | – | $ | 1,086,853 | ||||||||
| (1) | Refer to Note 2(b) 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 period 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, 2021 | $ | – | ||
| Accrued Discounts (Premiums) | (19,637 | ) | ||
| Realized Gain (Loss) | 75 | |||
| Change in Unrealized Appreciation (Depreciation) | (180,756 | ) | ||
| Purchases | 6,502,377 | |||
| Sales | (40,000 | ) | ||
| Transfers into Level 3 | 7,675,066 | |||
| Transfers out of Level 3 | – | |||
| Balance as of June 30, 2022 | $ | 13,937,125 | ||
| Change in unrealized appreciation/depreciation for the period ended June 30, 2022, related to Level 3 investments held at June 30, 2022 | $ | (180,756 | ) | |
| See Notes to Schedule of Investments. | 113 |
Schedule of Investments (unaudited)
CALIFORNIA TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 98.50% | ||||||||||||||
| MUNICIPAL BONDS 98.50% | ||||||||||||||
| Corporate-Backed 4.66% | ||||||||||||||
| CA Muni Fin - United Airlines AMT | 4.00% | 7/15/2029 | B+ | $ | 2,430,000 | $ | 2,294,343 | |||||||
| CA Muni Fin - Waste Mgmt AMT | 2.40% | #(a) | 10/1/2044 | A- | 5,930,000 | 5,419,331 | ||||||||
| CA Poll Ctl - Poseidon Res AMT† | 5.00% | 11/21/2045 | Baa3 | 4,410,000 | 4,420,918 | |||||||||
| CA Poll Ctl - Waste Mgmt AMT | 4.30% | 7/1/2040 | A- | 185,000 | 190,118 | |||||||||
| Long Beach Nat Gas - ML | 5.00% | 11/15/2029 | A2 | 1,285,000 | 1,375,443 | |||||||||
| San Diego Arpt AMT | 4.00% | 7/1/2041 | A2 | 6,250,000 | 5,949,591 | |||||||||
| San Francisco Arpt - SFO Fuel AMT | 5.00% | 1/1/2038 | A1 | 1,715,000 | 1,806,091 | |||||||||
| Total | 21,455,835 | |||||||||||||
| Education 9.14% | ||||||||||||||
| CA Choice Clean Energy - Morgan Stanley(b) | 4.00% | #(a) | 5/1/2053 | NR | 4,350,000 | 4,401,065 | ||||||||
| CA Ed Facs - ArtCenter College of Design | 5.00% | 12/1/2030 | Baa1 | 1,175,000 | 1,256,888 | |||||||||
| CA Ed Facs - ArtCenter College of Design | 5.00% | 12/1/2044 | Baa1 | 1,500,000 | 1,553,207 | |||||||||
| CA Ed Facs - Chapman Univ | 4.00% | 4/1/2047 | A2 | 1,910,000 | 1,765,067 | |||||||||
| CA Ed Facs - Chapman Univ | 5.00% | 4/1/2040 | A2 | 1,000,000 | 1,034,591 | |||||||||
| CA Ed Facs - Loyola Marymount Univ | 5.00% | 10/1/2048 | A2 | 1,000,000 | 1,056,892 | |||||||||
| CA Ed Facs - Loyola Marymount Univ (NPFGC)(FGIC) | Zero Coupon | 10/1/2029 | A2 | 650,000 | 515,098 | |||||||||
| CA Ed Facs - Loyola Marymount Univ (NPFGC)(FGIC) | Zero Coupon | 10/1/2033 | A2 | 1,720,000 | 1,141,277 | |||||||||
| CA Ed Facs - Santa Clara Univ | 5.00% | 4/1/2039 | Aa3 | 1,000,000 | 1,046,303 | |||||||||
| CA Ed Facs - Univ of Pacific | 4.00% | 11/1/2042 | A2 | 1,125,000 | 1,064,048 | |||||||||
| CA Ed Facs - Univ of Pacific | 4.00% | 11/1/2044 | A2 | 1,000,000 | 935,028 | |||||||||
| CA Ed Facs - Univ of San Francisco | 5.00% | 10/1/2037 | A2 | 1,000,000 | 1,081,824 | |||||||||
| CA Ed Facs - Univ of San Francisco | 5.00% | 10/1/2053 | A2 | 2,000,000 | 2,102,654 | |||||||||
| CA Infra & Econ Dev - UCSF | 5.00% | 5/15/2047 | AA | 3,325,000 | 3,587,341 | |||||||||
| CA Muni Fin - Biola Univ | 5.00% | 10/1/2029 | Baa1 | 330,000 | 336,580 | |||||||||
| CA Muni Fin - Biola Univ | 5.00% | 10/1/2032 | Baa1 | 400,000 | 422,713 | |||||||||
| CA Muni Fin - Biola Univ | 5.00% | 10/1/2042 | Baa1 | 1,500,000 | 1,519,167 | |||||||||
| CA Muni Fin - Emerson Clg | 5.00% | 1/1/2042 | BBB+ | 3,190,000 | 3,274,890 | |||||||||
| CA Muni Fin - Julian Chtr Sch† | 5.625% | 3/1/2045 | B+ | 500,000 | 472,757 | (c) | ||||||||
| CA Muni Fin - Touro College | 5.25% | 1/1/2040 | BBB- | (d) | 1,085,000 | 1,099,075 | ||||||||
| CA Muni Fin - Univ of La Verne | 5.00% | 6/1/2043 | A3 | 1,035,000 | 1,087,149 | |||||||||
| CA Muni Fin - Univ of San Diego | 5.00% | 10/1/2049 | A1 | 2,000,000 | 2,128,079 | |||||||||
| CA Sch Fin - Aspire† | 5.00% | 8/1/2046 | NR | 85,000 | 92,089 | |||||||||
| 114 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| CA Sch Fin - Aspire† | 5.00% | 8/1/2046 | BBB | $ | 915,000 | $ | 933,344 | |||||||
| CA Sch Fin - Green Dot Charter† | 5.00% | 8/1/2045 | BBB- | 620,000 | 629,160 | |||||||||
| CA Sch Fin Auth - KIPP LA† | 5.00% | 7/1/2045 | BBB | 540,000 | 548,998 | |||||||||
| CA Stwde - Culinary Institute | 5.00% | 7/1/2046 | Baa2 | 1,010,000 | 1,029,528 | |||||||||
| Ripon USD (BAM) | 5.50% | 8/1/2043 | AA | 1,000,000 | 1,101,314 | |||||||||
| Univ of CA | 5.25% | 5/15/2047 | AA | 2,000,000 | 2,145,080 | |||||||||
| Univ of CA | 5.25% | 5/15/2058 | AA | 2,500,000 | 2,699,746 | |||||||||
| Total | 42,060,952 | |||||||||||||
| General Obligation 14.22% | ||||||||||||||
| Anaheim USD | 3.00% | 8/1/2038 | Aa2 | 3,000,000 | 2,683,383 | |||||||||
| Banning USD (AGM) | 5.25% | 8/1/2042 | AA | 1,115,000 | 1,207,731 | |||||||||
| Beverly Hills USD | 3.00% | 8/1/2044 | AA+ | 2,040,000 | 1,732,908 | |||||||||
| CA St GO | 4.00% | 10/1/2044 | Aa2 | 1,805,000 | 1,799,998 | |||||||||
| CA State GO | 3.00% | 10/1/2033 | Aa2 | 1,250,000 | 1,151,379 | |||||||||
| CA State GO | 4.00% | 9/1/2035 | Aa2 | 1,145,000 | 1,154,880 | |||||||||
| CA State GO | 5.00% | 4/1/2032 | Aa2 | 2,200,000 | 2,608,726 | |||||||||
| CA State GO | 5.00% | 8/1/2038 | Aa2 | 1,565,000 | 1,679,725 | |||||||||
| CA State GO | 5.25% | 8/1/2032 | Aa2 | 2,500,000 | 2,690,196 | |||||||||
| CA State GO | 5.25% | 10/1/2039 | Aa2 | 500,000 | 537,132 | |||||||||
| Centinela UHSD (BAM) | 4.00% | 8/1/2052 | AA | 1,615,000 | 1,562,769 | |||||||||
| Centinela UHSD (BAM) | 5.00% | 8/1/2052 | AA | 2,000,000 | 2,145,889 | |||||||||
| Cupertino USD | 2.50% | 8/1/2033 | Aa1 | 740,000 | 677,154 | |||||||||
| Grossmont UHSD (AGM) | Zero Coupon | 6/1/2040 | AA | 2,000,000 | 831,960 | |||||||||
| Hope Elem Sch Dist | 4.00% | 8/1/2047 | AA | 2,000,000 | 1,923,710 | |||||||||
| Huntington Beach City Sch Dist | 4.00% | 8/1/2048 | Aa1 | 1,000,000 | 977,661 | |||||||||
| Imperial USD (BAM) | 5.25% | 8/1/2043 | AA | 2,000,000 | 2,277,960 | |||||||||
| Inglewood USD (BAM) | 4.00% | 8/1/2039 | AA | 1,000,000 | 987,783 | |||||||||
| Irvine USD | 4.00% | 9/1/2042 | Aa1 | 1,915,000 | 1,881,566 | |||||||||
| Irvine USD | 5.50% | 9/1/2035 | Aa1 | 1,060,000 | 1,202,624 | |||||||||
| Irvine USD - Spl Tax (BAM) | 5.00% | 9/1/2038 | AA | 1,000,000 | 1,051,678 | |||||||||
| Irvine USD - Spl Tax (BAM) | 5.00% | 9/1/2056 | AA | 1,000,000 | 1,062,908 | |||||||||
| Long Beach USD | 3.00% | 8/1/2037 | Aa2 | 2,420,000 | 2,166,608 | |||||||||
| New Haven USD | 4.00% | 8/1/2044 | Aa3 | 1,250,000 | 1,216,223 | |||||||||
| New Haven USD | 4.00% | 8/1/2047 | Aa3 | 2,415,000 | 2,322,880 | |||||||||
| Newport Mesa USD | Zero Coupon | 8/1/2041 | Aaa | 1,325,000 | 607,000 | |||||||||
| Newport-Mesa USD | Zero Coupon | 8/1/2045 | Aaa | 2,000,000 | 751,343 | |||||||||
| North Orange CCD | 2.75% | 8/1/2036 | AA+ | 2,000,000 | 1,797,070 | |||||||||
| See Notes to Schedule of Investments. | 115 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Orange USD | 4.00% | 8/1/2047 | AA | $ | 1,000,000 | $ | 961,855 | |||||||
| Panama-Buena Vista USD (BAM) | 2.625% | 8/1/2037 | AA | 1,510,000 | 1,308,374 | |||||||||
| Perris UHSD (AGM) | 3.00% | 9/1/2044 | AA | 1,000,000 | 805,939 | |||||||||
| PR Comwlth GO | Zero Coupon | 7/1/2024 | NR | 52,336 | 47,926 | |||||||||
| PR Comwlth GO | Zero Coupon | 7/1/2033 | NR | 1,434 | 808 | |||||||||
| PR Comwlth GO | Zero Coupon | #(a) | 11/1/2043 | NR | 779,478 | 388,765 | ||||||||
| PR Comwlth GO | 4.00% | 7/1/2033 | NR | 6,526 | 5,995 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2035 | NR | 40,696 | 36,553 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2037 | NR | 20,754 | 18,422 | |||||||||
| PR Comwlth GO | 5.25% | 7/1/2023 | NR | 87,405 | 89,014 | |||||||||
| PR Comwlth GO | 5.375% | 7/1/2025 | NR | 174,326 | 181,149 | |||||||||
| PR Comwlth GO | 5.625% | 7/1/2027 | NR | 172,747 | 184,002 | |||||||||
| PR Comwlth GO | 5.625% | 7/1/2029 | NR | 169,945 | 182,797 | |||||||||
| PR Comwlth GO | 5.75% | 7/1/2031 | NR | 165,067 | 180,647 | |||||||||
| San Benito HSD | Zero Coupon | 8/1/2041 | Aa3 | 1,640,000 | 752,914 | |||||||||
| San Benito HSD | Zero Coupon | 8/1/2042 | Aa3 | 1,795,000 | 788,056 | |||||||||
| San Benito HSD | Zero Coupon | 8/1/2043 | Aa3 | 2,600,000 | 1,091,315 | |||||||||
| San Diego USD | 3.25% | 7/1/2048 | Aa2 | 1,000,000 | 830,311 | |||||||||
| San Francisco Arpt AMT | 5.25% | 5/1/2042 | A1 | 1,000,000 | 1,046,316 | |||||||||
| San Francisco CCD | 5.00% | 6/15/2028 | A+ | 1,000,000 | 1,073,365 | |||||||||
| San Gorgonio Mem Hlthcare Dist | 5.00% | 8/1/2032 | Ba2 | 1,000,000 | 1,012,631 | |||||||||
| San Leandro USD (BAM) | 4.00% | 8/1/2043 | AA | 650,000 | 636,376 | |||||||||
| San Leandro USD (BAM) | 5.25% | 8/1/2046 | AA | 1,750,000 | 1,885,648 | |||||||||
| San Rafael Elem Sch Dist | 4.50% | 8/1/2042 | AA | 1,150,000 | 1,176,453 | |||||||||
| Santa Ana USD | 3.25% | 8/1/2042 | Aa3 | 500,000 | 436,297 | |||||||||
| Santa Barbara USD | 4.00% | 8/1/2036 | Aa1 | 750,000 | 754,222 | |||||||||
| Santa Barbara USD | 4.00% | 8/1/2044 | Aa1 | 1,000,000 | 977,208 | |||||||||
| Santa Rita USD | 2.50% | 8/1/2031 | AA- | 1,235,000 | 1,161,343 | |||||||||
| Simi Valley GO | 4.00% | 8/1/2046 | Aa2 | 1,065,000 | 1,044,730 | |||||||||
| Southwestern CCD | Zero Coupon | 8/1/2041 | Aa2 | 1,100,000 | 502,995 | |||||||||
| Sweetwater UHSD (BAM) | 5.00% | 8/1/2027 | AA | 1,000,000 | 1,054,613 | |||||||||
| West Contra Costa USD | 4.00% | 8/1/2043 | AA- | 1,000,000 | 973,303 | |||||||||
| West Contra Costa USD | 6.00% | 8/1/2027 | AA- | 1,000,000 | 1,167,885 | |||||||||
| Total | 65,449,071 | |||||||||||||
| Health Care 13.44% | ||||||||||||||
| Abag Fin Auth - Eskaton Pptys | 5.00% | 11/15/2035 | BBB- | 1,000,000 | 1,003,068 | |||||||||
| Abag Fin Auth - Sharp Hlthcare | 5.00% | 8/1/2043 | AA | 1,000,000 | 1,025,978 | |||||||||
| 116 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Antelope Valley Hlth | 5.25% | 3/1/2036 | BBB | $ | 1,000,000 | $ | 1,038,442 | |||||||
| CA Hlth - Kaiser Permanente | 5.00% | 11/1/2047 | AA- | 1,000,000 | 1,146,313 | |||||||||
| CA Hlth - Cedars-Sinai Med Ctr | 4.00% | 8/15/2048 | AA- | 1,000,000 | 977,632 | |||||||||
| CA Hlth - Childrens Hsp Los Angeles | 5.00% | 11/15/2029 | BBB+ | 1,000,000 | 1,004,828 | |||||||||
| CA Hlth - Childrens Hsp Los Angeles | 5.00% | 8/15/2047 | BBB+ | 1,000,000 | 1,023,538 | |||||||||
| CA Hlth - Childrens Hsp Orange Co | 4.00% | 11/1/2035 | AA- | 570,000 | 573,691 | |||||||||
| CA Hlth - Childrens Hsp Orange Co | 5.00% | 11/1/2033 | AA- | 1,300,000 | 1,452,880 | |||||||||
| CA Hlth - Childrens Hsp Orange Co | 5.00% | 11/1/2034 | AA- | 1,200,000 | 1,334,291 | |||||||||
| CA Hlth - CommonSpirit | 4.00% | 4/1/2044 | A- | 1,250,000 | 1,190,746 | |||||||||
| CA Hlth - CommonSpirit | 4.00% | 4/1/2045 | A- | 1,250,000 | 1,183,923 | |||||||||
| CA Hlth - Providence St. Joes Hlth | 4.00% | 10/1/2047 | A+ | 2,115,000 | 1,984,076 | |||||||||
| CA Hlth - Sutter Hlth | 4.00% | 11/15/2042 | A1 | 1,715,000 | 1,668,728 | |||||||||
| CA Hlth Facs - Lucile Packard Hosp | 5.00% | 11/15/2056 | A+ | 1,500,000 | 1,558,505 | |||||||||
| CA Muni Fin - Caritas Affordable Hsg | 4.00% | 8/15/2037 | A- | 1,000,000 | 961,875 | (c) | ||||||||
| CA Muni Fin - Channing House | 5.00% | 5/15/2047 | AA- | 2,000,000 | 2,134,209 | |||||||||
| CA Muni Fin - Cmnty Hlth Ctr† | 5.00% | 12/1/2054 | NR | 750,000 | 761,314 | |||||||||
| CA Muni Fin - Cmnty Med Ctrs | 4.00% | 2/1/2042 | A- | 1,165,000 | 1,126,812 | |||||||||
| CA Muni Fin - Cmnty Med Ctrs | 5.00% | 2/1/2040 | A- | 500,000 | 535,296 | |||||||||
| CA Muni Fin - Cmnty Med Ctrs | 5.00% | 2/1/2047 | A- | 2,000,000 | 2,068,511 | |||||||||
| CA Muni Fin - Eisenhower Med Ctr | 5.00% | 7/1/2032 | Baa2 | 1,055,000 | 1,098,910 | |||||||||
| CA Stwde - Adventist Health West | 3.00% | 3/1/2039 | A | 3,475,000 | 2,824,433 | |||||||||
| CA Stwde - American Baptist | 5.00% | 10/1/2045 | A- | (d) | 1,000,000 | 1,030,382 | ||||||||
| CA Stwde - Daughters of Charity | 5.50% | 7/1/2039 | NR | 39,275 | 36,918 | |||||||||
| Ca Stwde - Emanate Health | 4.00% | 4/1/2037 | A | 1,400,000 | 1,386,627 | |||||||||
| CA Stwde - Huntington Memorial Hosp | 4.00% | 7/1/2048 | AA- | 1,000,000 | 960,891 | |||||||||
| CA Stwde - John Muir Hlth | 4.00% | 12/1/2057 | A+ | 1,000,000 | 920,245 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr | 5.25% | 12/1/2034 | BB- | 2,150,000 | 2,176,459 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr† | 5.25% | 12/1/2043 | BB- | 1,000,000 | 1,001,867 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr | 5.50% | 12/1/2054 | BB- | 2,200,000 | 2,226,551 | |||||||||
| CA Stwde - Loma Linda Univ Med Ctr† | 5.50% | 12/1/2058 | BB- | 1,555,000 | 1,565,865 | |||||||||
| Oroville - Oroville Hsp | 5.25% | 4/1/2049 | B+ | 2,710,000 | 2,724,676 | |||||||||
| Palomar Hlth | 5.00% | 11/1/2036 | BBB | 1,250,000 | 1,292,852 | |||||||||
| Palomar Hlth | 5.00% | 11/1/2039 | BBB | 3,750,000 | 3,858,516 | |||||||||
| Palomar Hlth (AGM) | 5.00% | 11/1/2047 | AA | 4,575,000 | 4,799,140 | |||||||||
| Regents UCal Med Ctr | 5.00% | 5/15/2047 | AA- | 2,000,000 | 2,171,991 | |||||||||
| Sierra Joint CCD | 4.00% | 8/1/2053 | Aaa | 1,500,000 | 1,463,613 | |||||||||
| UCal Med Ctr | 5.00% | 5/15/2035 | AA- | 2,000,000 | 2,249,219 | |||||||||
| See Notes to Schedule of Investments. | 117 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Washingtown Twnshp Health Care Dist | 3.00% | 7/1/2037 | Baa2 | $ | 1,440,000 | $ | 1,146,245 | |||||||
| Washingtown Twnshp Health Care Dist | 5.00% | 7/1/2032 | Baa2 | 1,075,000 | 1,157,650 | |||||||||
| Total | 61,847,706 | |||||||||||||
| Housing 7.68% | ||||||||||||||
| CA Cmty Hsg - Sausalito† | 3.00% | 2/1/2057 | NR | 1,740,000 | 1,259,892 | |||||||||
| CA Cmty Hsg - Sausalito† | 4.00% | 2/1/2050 | NR | 1,000,000 | 777,730 | |||||||||
| CA Cmty Hsg - The Arbors† | 5.00% | 8/1/2050 | NR | 1,000,000 | 916,865 | |||||||||
| CA HFA - MFH | 3.25% | 8/20/2036 | BBB | 4,460,726 | 4,066,034 | |||||||||
| CA HFA - MFH(b) | 3.50% | 11/20/2035 | BBB+ | 3,348,334 | 3,126,774 | |||||||||
| CA HFA - MFH | 4.00% | 3/20/2033 | NR | 3,026,510 | 2,993,601 | |||||||||
| CA HFA - MFH | 4.25% | 1/15/2035 | BBB+ | 5,819,306 | 5,742,083 | |||||||||
| CA Muni Fin - Biola Univ | 5.00% | 10/1/2034 | Baa1 | 1,000,000 | 1,051,326 | |||||||||
| CA Muni Fin - Caritas Affordable Hsg | 5.00% | 8/15/2030 | A- | 1,050,000 | 1,073,267 | |||||||||
| CA Muni Fin - UC Berkeley Hsg | 5.00% | 6/1/2050 | Baa3 | 500,000 | 505,490 | |||||||||
| CA Muni Fin - UC Davis Hsg (BAM) | 4.00% | 5/15/2046 | AA | 4,625,000 | 4,395,644 | |||||||||
| CA Stwde - CHF-Irvine LLC | 5.00% | 5/15/2035 | Baa1 | 1,100,000 | 1,136,952 | |||||||||
| California Statewide Communities Development Authority (BAM) | 4.00% | 5/15/2046 | AA | 1,000,000 | 952,599 | |||||||||
| CEDA - Provident Student Hsg | 5.00% | 8/1/2045 | Baa3 | 1,745,000 | 1,764,573 | |||||||||
| CSCDA - Parallel-Anaheim† | 4.00% | 8/1/2056 | NR | 1,000,000 | 821,675 | |||||||||
| CSCDA - Pasadena† | 3.00% | 12/1/2056 | NR | 2,500,000 | 1,805,406 | |||||||||
| CSCDA - Senior Lien† | 3.00% | 6/1/2047 | NR | 2,500,000 | 1,850,118 | |||||||||
| ESRF / Natl Charter School Loans | 5.00% | 11/1/2044 | A | 1,050,000 | 1,100,396 | |||||||||
| Total | 35,340,425 | |||||||||||||
| Lease Obligations 1.21% | ||||||||||||||
| CA Pub Wks - Various Cap Proj | 4.00% | 3/1/2045 | Aa3 | 940,000 | 922,265 | |||||||||
| San Bernardino USD (AGM) | 5.00% | 10/1/2031 | AA | 860,000 | 959,294 | |||||||||
| Santa Barbara COP AMT | 5.00% | 12/1/2036 | AA | 3,395,000 | 3,689,481 | |||||||||
| Total | 5,571,040 | |||||||||||||
| Other Revenue 2.24% | ||||||||||||||
| CA Infra & Econ Dev - Acad Motion Pict | 5.00% | 11/1/2041 | Aa2 | 1,010,000 | 1,041,327 | |||||||||
| CA Infra & Econ Dev - CA Science Center | 4.00% | 5/1/2046 | A- | 3,000,000 | 2,885,878 | |||||||||
| CA Infra & Econ Dev - Museum of Nat Hist | 4.00% | 7/1/2050 | A2 | 1,000,000 | 960,078 | |||||||||
| CA Muni Fin - Oceaa | 6.75% | 10/1/2028 | NR | 905,000 | 906,073 | |||||||||
| CA Sch Fin - Aspire† | 4.00% | 8/1/2051 | BBB | 785,000 | 699,864 | |||||||||
| 118 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| CA Sch Fin Auth - Green Dot Charter† | 5.00% | 8/1/2038 | BBB- | $ | 1,000,000 | $ | 1,029,994 | |||||||
| CA Sch Fin Auth - KIPP LA | 5.00% | 7/1/2034 | BBB | 600,000 | 611,149 | |||||||||
| MSR Energy Auth - Citi | 6.125% | 11/1/2029 | BBB+ | 1,950,000 | 2,176,855 | |||||||||
| Total | 10,311,218 | |||||||||||||
| Pre-Refunded 0.15% | ||||||||||||||
| MSR Energy Auth - Citi | 6.50% | 11/1/2039 | BBB+ | 555,000 | 686,108 | |||||||||
| Special Tax 4.45% | ||||||||||||||
| Brentwood Infra Fin Auth | 5.00% | 9/2/2036 | NR | 500,000 | 509,913 | |||||||||
| Inland Valley Redev Agy | 5.25% | 9/1/2037 | A | 1,325,000 | 1,368,912 | |||||||||
| Invine Reassessment District No. 19 | 5.00% | 9/2/2028 | NR | 1,000,000 | 1,053,786 | |||||||||
| Irvine CFD - Great Park | 5.00% | 9/1/2044 | NR | 500,000 | 507,324 | |||||||||
| Irvine USD - Spl Tax | 5.00% | 3/1/2057 | NR | 1,000,000 | 1,023,213 | |||||||||
| Lake Elsinore PFA | 5.00% | 9/1/2035 | NR | 920,000 | 947,174 | |||||||||
| Los Angeles Co Spl Tax(b) | 5.00% | 9/1/2052 | NR | 1,500,000 | 1,511,854 | |||||||||
| Poway USD PFA (BAM) | 5.00% | 9/1/2035 | AA+ | 1,770,000 | 1,882,753 | |||||||||
| River Islands PFA - CFD 2003 | 5.375% | 9/1/2031 | NR | 1,045,000 | 1,068,050 | |||||||||
| River Islands PFA - CFD 2003 | 5.50% | 9/1/2045 | NR | 500,000 | 510,727 | |||||||||
| River Islands PFA - Lathrop (AGM) | 4.00% | 9/1/2040 | AA | 1,000,000 | 967,436 | |||||||||
| River Islands PFA - Lathrop (AGM) | 4.00% | 9/1/2045 | AA | 2,000,000 | 1,910,012 | |||||||||
| River Islands PFA - Lathrop (AGM) | 4.00% | 9/1/2050 | AA | 1,400,000 | 1,324,069 | |||||||||
| Roseville CFD - Westpark | 5.00% | 9/1/2031 | NR | 1,000,000 | 1,034,284 | |||||||||
| San Clemente Cmnty Facs | 5.00% | 9/1/2040 | NR | 970,000 | 992,110 | |||||||||
| SF Spl Tax - Mission Rock Dist† | 4.00% | 9/1/2041 | NR | 2,500,000 | 2,267,141 | |||||||||
| Temecula Vly USD (BAM) | 5.00% | 9/1/2035 | AA | 1,505,000 | 1,573,667 | |||||||||
| Total | 20,452,425 | |||||||||||||
| Tax Revenue 4.41% | ||||||||||||||
| Anaheim PFA Lease Rev (BAM) | 5.00% | 9/1/2035 | AA | 2,000,000 | 2,166,537 | |||||||||
| City of Sacramento - TOT Revs | 5.00% | 6/1/2048 | A1 | 1,000,000 | 1,057,989 | |||||||||
| Compton Community Redevelopment Agency Successor Agency (AGM) | 5.00% | 8/1/2037 | A1 | 1,700,000 | 1,843,208 | |||||||||
| Guam - Business Privilege Tax | 4.00% | 1/1/2036 | Ba1 | 3,750,000 | 3,461,299 | |||||||||
| Invine Reassessment District No. 19 | 4.00% | 9/2/2039 | A | 1,000,000 | 962,824 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2029 | NR | 352,000 | 265,712 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2031 | NR | 587,000 | 398,251 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2033 | NR | 134,000 | 80,754 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2051 | NR | 501,000 | 100,250 | |||||||||
| See Notes to Schedule of Investments. | 119 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | $ | 350,000 | $ | 329,550 | |||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 3,971,000 | 3,738,974 | |||||||||
| PR Corp Sales Tax | 4.536% | 7/1/2053 | NR | 7,000 | 6,550 | |||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 313,000 | 302,281 | |||||||||
| PR Corp Sales Tax | 4.75% | 7/1/2053 | NR | 296,000 | 285,141 | |||||||||
| PR Corp Sales Tax | 5.00% | 7/1/2058 | NR | 4,291,000 | 4,228,693 | |||||||||
| Tustin CFD 06 - 1 | 5.00% | 9/1/2037 | A- | 1,000,000 | 1,037,838 | |||||||||
| Total | 20,265,851 | |||||||||||||
| Tobacco 5.56% | ||||||||||||||
| CA Stwde - Tobacco Settlement | Zero Coupon | 6/1/2046 | NR | 8,675,000 | 1,992,212 | |||||||||
| CA Stwde - Tobacco Settlement† | Zero Coupon | 6/1/2055 | NR | 10,000,000 | 447,155 | |||||||||
| Golden St Tobacco | Zero Coupon | 6/1/2066 | NR | 19,500,000 | 1,919,609 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2029 | NR | 1,000,000 | 1,126,529 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2034 | NR | 1,050,000 | 1,196,495 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2035 | NR | 2,500,000 | 2,848,798 | |||||||||
| Inland Empire Tobacco† | Zero Coupon | 6/1/2057 | CCC | 3,000,000 | 158,258 | |||||||||
| Los Angeles Co Tobacco | Zero Coupon | 6/1/2055 | NR | 3,000,000 | 490,480 | |||||||||
| Los Angeles Co Tobacco | 4.00% | 6/1/2038 | A- | 615,000 | 594,920 | |||||||||
| Los Angeles Co Tobacco | 4.00% | 6/1/2039 | A- | 500,000 | 480,713 | |||||||||
| Los Angeles Co Tobacco | 4.00% | 6/1/2040 | A- | 710,000 | 678,696 | |||||||||
| Los Angeles Co Tobacco | 4.00% | 6/1/2049 | BBB+ | 1,500,000 | 1,297,319 | |||||||||
| Los Angeles Co Tobacco | 5.00% | 6/1/2049 | BBB- | 1,020,000 | 1,042,670 | |||||||||
| Merced Co Tobacco | 5.00% | 6/1/2050 | NR | 935,000 | 945,189 | |||||||||
| Sacramento Co Tobacco | 4.00% | 6/1/2049 | BBB+ | 1,250,000 | 1,118,885 | |||||||||
| San Diego Co Tobacco | Zero Coupon | 6/1/2054 | NR | 4,800,000 | 842,506 | |||||||||
| San Diego Co Tobacco | 5.00% | 6/1/2038 | A- | 1,000,000 | 1,052,679 | |||||||||
| San Diego Co Tobacco | 5.00% | 6/1/2039 | A- | 1,000,000 | 1,050,410 | |||||||||
| San Diego Co Tobacco | 5.00% | 6/1/2048 | BBB+ | 1,675,000 | 1,709,198 | |||||||||
| San Diego Co Tobacco | 5.00% | 6/1/2048 | BBB- | 85,000 | 82,827 | |||||||||
| San Diego Tobacco Settlement | 4.00% | 6/1/2032 | BBB | 1,060,000 | 1,035,370 | |||||||||
| Silicon Valley Tobacco | Zero Coupon | 6/1/2041 | NR | 5,000,000 | 1,680,900 | |||||||||
| Silicon Valley Tobacco | Zero Coupon | 6/1/2056 | NR | 2,250,000 | 173,070 | |||||||||
| Sonoma Co Tobacco | 4.00% | 6/1/2049 | BBB+ | 1,450,000 | 1,254,075 | |||||||||
| Sthrn CA Tobacco | Zero Coupon | 6/1/2046 | CCC- | 2,500,000 | 354,056 | |||||||||
| Total | 25,573,019 | |||||||||||||
| 120 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation 19.12% | ||||||||||||||
| Alameda Corridor Trsp Auth | 5.00% | 10/1/2036 | BBB+ | $ | 1,500,000 | $ | 1,549,489 | |||||||
| Alameda Corridor Trsp Auth | 5.00% | 10/1/2037 | BBB+ | 2,465,000 | 2,542,963 | |||||||||
| Alameda Corridor Trsp Auth (AGM) | 4.00% | 10/1/2037 | AA | 2,030,000 | 2,037,255 | |||||||||
| Alameda Corridor Trsp Auth (AGM) | 5.00% | 10/1/2029 | AA | 1,425,000 | 1,475,952 | |||||||||
| Alameda Corridor Trsp Auth (NPFGC)(FGIC) | Zero Coupon | 10/1/2032 | A- | 985,000 | 662,368 | |||||||||
| Bay Area Toll Auth | 4.00% | 4/1/2038 | AA- | 2,000,000 | 2,004,138 | |||||||||
| Bay Area Toll Auth | 4.00% | 4/1/2042 | AA- | 1,635,000 | 1,628,700 | |||||||||
| CA Muni Fin - LINXS (AGM) AMT | 4.00% | 12/31/2047 | AA | 1,420,000 | 1,297,148 | |||||||||
| CA Muni Fin - LINXS AMT | 4.00% | 12/31/2047 | BBB- | (d) | 5,590,000 | 4,952,493 | ||||||||
| CA Muni Fin - LINXS AMT | 5.00% | 12/31/2031 | BBB- | (d) | 1,240,000 | 1,290,522 | ||||||||
| CA Muni Fin - LINXS AMT | 5.00% | 12/31/2035 | BBB- | (d) | 1,000,000 | 1,026,983 | ||||||||
| CA Muni Fin - LINXS AMT | 5.00% | 12/31/2043 | BBB- | (d) | 4,700,000 | 4,743,056 | ||||||||
| Foothill / Eastern Corridor Toll Rd | Zero Coupon | 1/15/2033 | A | 1,500,000 | 946,734 | |||||||||
| Foothill / Eastern Corridor Toll Rd | Zero Coupon | 1/15/2042 | A | 1,150,000 | 1,237,070 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 4.00% | 1/15/2043 | A- | 8,710,000 | 8,084,110 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 4.00% | 1/15/2046 | A | 2,500,000 | 2,307,624 | |||||||||
| Long Beach Arpt AMT (AGM) | 5.25% | 6/1/2047 | AA | 1,250,000 | 1,345,063 | |||||||||
| Long Beach Harbor AMT | 5.00% | 5/15/2028 | AA | 1,000,000 | 1,071,689 | |||||||||
| Los Angeles Dept Arpts - LAX AMT | 5.00% | 5/15/2032 | AA- | 2,000,000 | 2,247,350 | |||||||||
| Los Angeles Dept Arpts - LAX AMT | 5.00% | 5/15/2039 | AA | 1,000,000 | 1,071,128 | |||||||||
| Los Angeles Dept Arpts - LAX AMT | 5.00% | 5/15/2041 | AA | 1,000,000 | 1,029,591 | |||||||||
| Los Angeles Dept Arpts - LAX AMT | 5.00% | 5/15/2043 | AA- | 1,000,000 | 1,055,638 | |||||||||
| Los Angeles Dept Arpts - LAX AMT | 5.00% | 5/15/2044 | AA- | 2,090,000 | 2,202,855 | |||||||||
| Los Angeles Dept Arpts - LAX AMT | 5.00% | 5/15/2046 | AA- | 1,000,000 | 1,028,718 | |||||||||
| Los Angeles Dept Arpts - LAX AMT | 5.00% | 5/15/2047 | AA- | 2,000,000 | 2,074,168 | |||||||||
| Los Angeles Dept Arpts - LAX AMT | 5.25% | 5/15/2048 | AA- | 2,000,000 | 2,112,172 | |||||||||
| Los Angeles Harbor AMT | 5.00% | 8/1/2036 | AA | 1,000,000 | 1,034,038 | |||||||||
| Ontario Intl Airport (AGM) | 5.00% | 5/15/2046 | AA | 1,500,000 | 1,618,432 | |||||||||
| Riverside Co Trsp Commn | Zero Coupon | 6/1/2028 | NR | 465,000 | 394,174 | |||||||||
| Riverside Co Trsp Commn | Zero Coupon | 6/1/2028 | A | 535,000 | 423,234 | |||||||||
| Riverside County Transportation Commission | 4.00% | 6/1/2047 | A- | 1,625,000 | 1,502,022 | |||||||||
| Sacramento Co Arpt | 5.00% | 7/1/2041 | A | 1,130,000 | 1,173,589 | |||||||||
| San Diego Arpt AMT | 5.00% | 7/1/2046 | A2 | 1,200,000 | 1,263,418 | |||||||||
| San Diego Arpt AMT | 5.00% | 7/1/2047 | A | 2,000,000 | 2,062,379 | |||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2031 | A1 | 6,500,000 | 7,211,456 | |||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2040 | A1 | 1,500,000 | 1,538,805 | |||||||||
| See Notes to Schedule of Investments. | 121 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2045 | A1 | $ | 1,515,000 | $ | 1,580,797 | |||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2050 | A1 | 4,000,000 | 4,155,386 | |||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2052 | A1 | 1,000,000 | 1,049,057 | |||||||||
| San Francisco Port AMT | 5.00% | 3/1/2030 | Aa3 | 1,415,000 | 1,469,954 | |||||||||
| San Joaquin Hills Trsp Corridor | 5.25% | 1/15/2044 | A- | 2,100,000 | 2,158,997 | |||||||||
| San Joaquin Hills Trsp Corridor | 5.25% | 1/15/2049 | A- | 1,930,000 | 1,979,381 | |||||||||
| San Joaquin Hills Trsp Corridor (NPFGC)(FGIC) | Zero Coupon | 1/15/2036 | Baa2 | 1,450,000 | 779,416 | |||||||||
| San Jose Arpt AMT | 5.00% | 3/1/2047 | A | 3,475,000 | 3,576,658 | |||||||||
| Total | 87,996,170 | |||||||||||||
| Utilities 12.22% | ||||||||||||||
| Adelanto Util Sys (AGM) | 5.00% | 7/1/2039 | AA | 1,335,000 | 1,442,535 | |||||||||
| CA Choice Clean Energy - Goldman | 4.00% | #(a) | 10/1/2052 | A2 | 2,350,000 | 2,396,976 | ||||||||
| CA Choice Clean Energy - Morgan Stanley | 4.00% | #(a) | 2/1/2052 | A1 | 2,025,000 | 2,025,056 | ||||||||
| CA Poll Ctl - Poseidon Res† | 5.00% | 7/1/2039 | Baa3 | 750,000 | 776,443 | |||||||||
| CA Poll Ctl - Poseidon Res† | 5.00% | 11/21/2045 | Baa3 | 2,500,000 | 2,562,585 | |||||||||
| Casitas Muni Water Dist (BAM) | 5.25% | 9/1/2047 | AA | 1,525,000 | 1,643,957 | |||||||||
| Guam Pwr Auth (AGM) | 5.00% | 10/1/2034 | AA | 705,000 | 734,410 | |||||||||
| Guam Waterworks | 5.00% | 1/1/2050 | A- | 600,000 | 626,693 | |||||||||
| Long Beach Nat Gas - ML | 2.376% | #(a) | 11/15/2026 | A2 | 1,000,000 | 981,792 | ||||||||
| Long Beach Nat Gas - ML | 5.50% | 11/15/2037 | A2 | 1,900,000 | 2,123,234 | |||||||||
| Los Angeles Dept Wtr & Pwr Sys | 5.00% | 7/1/2043 | Aa2 | 2,000,000 | 2,247,000 | |||||||||
| Los Angeles DWAP - Pwr Sys | 5.25% | 7/1/2037 | Aa2 | 1,500,000 | 1,632,437 | |||||||||
| Los Angeles DWAP - Pwr Sys | 5.25% | 7/1/2049 | Aa2 | 2,000,000 | 2,192,790 | |||||||||
| Los Angeles Wastewater | 5.00% | 6/1/2044 | AA+ | 1,000,000 | 1,051,277 | |||||||||
| Mountain House Util Sys (BAM) | 4.00% | 12/1/2045 | AA | 2,720,000 | 2,541,128 | |||||||||
| MSR Energy Auth - Citi | 6.50% | 11/1/2039 | BBB+ | 2,625,000 | 3,245,102 | |||||||||
| MSR Energy Auth - Citi | 7.00% | 11/1/2034 | BBB+ | 5,000,000 | 6,226,856 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2030 | NR | 750,000 | 782,085 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2047 | NR | 500,000 | 502,941 | |||||||||
| PR Elec Pwr Auth(b)(e) | 5.25% | 7/1/2024 | D | (d) | 255,000 | 216,750 | (c) | |||||||
| PR Elec Pwr Auth(b)(e) | 5.25% | 7/1/2033 | D | (d) | 115,000 | 97,750 | (c) | |||||||
| PR Elec Pwr Auth(b)(e) | 7.00% | 7/1/2040 | D | (d) | 450,000 | 398,250 | ||||||||
| San Diego Water | 5.00% | 8/1/2043 | Aa3 | 1,000,000 | 1,096,758 | |||||||||
| San Francisco Pub Utils Commn | 4.00% | 10/1/2043 | AA | 1,250,000 | 1,239,008 | |||||||||
| Silicon Valley Clean Wtr | 4.00% | 8/1/2046 | AA | 1,500,000 | 1,447,012 | |||||||||
| Southern CA Pub Pwr Auth - Apex | 5.00% | 7/1/2038 | AA- | 1,000,000 | 1,049,114 | |||||||||
| 122 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Southern CA Pub Pwr Auth - Goldman Sachs | 2.332% (3 Mo. LIBOR * .67 + 1.47% | )# | 11/1/2038 | A2 | $ | 770,000 | $ | 669,271 | ||||||
| Southern CA Pub Pwr Auth - Goldman Sachs | 5.00% | 11/1/2033 | A2 | 5,575,000 | 5,991,028 | |||||||||
| Stockton PFA - Wastewater (BAM) | 5.00% | 9/1/2029 | AA | 1,000,000 | 1,047,236 | |||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2025 | BBB+ | (d) | 1,130,000 | 1,195,754 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2027 | BBB+ | (d) | 1,245,000 | 1,345,845 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2029 | BBB+ | (d) | 1,370,000 | 1,495,815 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2031 | BBB+ | (d) | 765,000 | 828,734 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2032 | BBB+ | (d) | 1,090,000 | 1,176,667 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2034 | BBB+ | (d) | 300,000 | 321,931 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2035 | BBB+ | (d) | 200,000 | 213,534 | ||||||||
| Transbay Pwr Auth | 5.00% | 10/1/2038 | BBB+ | (d) | 650,000 | 683,989 | (c) | |||||||
| Total | 56,249,743 | |||||||||||||
| Total Investments in Securities 98.50% (cost $483,283,154) | 453,259,563 | |||||||||||||
| Other Assets and Liabilities – Net(f) 1.50% | 6,907,039 | |||||||||||||
| Net Assets 100.00% | $ | 460,166,602 | ||||||||||||
| 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. | |
| COP | Certificates of Participation. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| LIBOR | London Interbank Offered Rate. | |
| NPFGC | Insured by - National Public Finance Guarantee Corporation. | |
| NR | Not Rated. |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2022. | |
| † | 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 June 30, 2022, the total value of Rule 144A securities was $27,084,464, which represents 5.89% of net assets. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | Securities purchased on a when-issued basis. | |
| (c) | Level 3 Investment as described in Note2(b) in the Notes to Schedule of Investments. 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). |
| See Notes to Schedule of Investments. | 123 |
Schedule of Investments (unaudited)(concluded)
CALIFORNIA TAX FREE FUND June 30, 2022
| (f) | Other Assets and Liabilities - Net include net unrealized depreciation on futures contracts as follows: |
Open Futures Contracts at June 30, 2022:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
| U.S. Long Bond | September 2022 | 34 | Short | $(4,591,134 | ) | $(4,713,250 | ) | $(122,116 | ) | |||||||||
The following is a summary of the inputs used as of June 30, 2022 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 | ||||||||||||||||
| Education | $ | – | $ | 41,588,195 | $ | 472,757 | $ | 42,060,952 | ||||||||
| Health Care | – | 60,885,831 | 961,875 | 61,847,706 | ||||||||||||
| Utilities | – | 55,251,254 | 998,489 | 56,249,743 | ||||||||||||
| Remaining Industries | – | 293,101,162 | – | 293,101,162 | ||||||||||||
| Total | $ | – | $ | 450,826,442 | $ | 2,433,121 | $ | 453,259,563 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (122,116 | ) | – | – | (122,116 | ) | ||||||||||
| Total | $ | (122,116 | ) | $ | – | $ | – | $ | (122,116 | ) | ||||||
| (1) | Refer to Note 2(b) 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 and identification of foreign issuer and/or geography. 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 period 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 period.
| 124 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
NEW JERSEY TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 97.57% | ||||||||||||||
| MUNICIPAL BONDS 97.57% | ||||||||||||||
| Corporate-Backed 3.25% | ||||||||||||||
| Gloucester Co Poll Ctl - Logan AMT | 5.00% | 12/1/2024 | NR | $ | 130,000 | $ | 135,971 | |||||||
| NJ EDA - Continental Airlines | 5.25% | 9/15/2029 | Ba3 | 1,675,000 | 1,694,343 | |||||||||
| NJ EDA - Continental Airlines | 5.50% | 6/1/2033 | Ba3 | 650,000 | 654,902 | |||||||||
| NJ EDA - Goethals Brdg AMT | 5.00% | 7/1/2023 | BBB+ | 70,000 | 71,416 | |||||||||
| NJ EDA - Goethals Brdg AMT | 5.00% | 1/1/2028 | BBB+ | 100,000 | 102,064 | |||||||||
| NJ EDA - Goethals Brdg AMT (AGM) | 5.00% | 1/1/2031 | AA | 225,000 | 229,687 | |||||||||
| NJ Infra Bank - Environmental Infra | 2.125% | 9/1/2046 | AAA | 400,000 | 265,953 | |||||||||
| Salem Co Poll Ctl - Chambers AMT | 5.00% | 12/1/2023 | NR | 500,000 | 514,215 | |||||||||
| Total | 3,668,551 | |||||||||||||
| Education 8.22% | ||||||||||||||
| Gloucester Co Impt Auth - Rowan Univ (BAM) | 4.00% | 7/1/2051 | AA | 650,000 | 619,231 | |||||||||
| Gloucester Co Impt Auth - Rowan Univ GTD | 5.00% | 7/1/2044 | Aa1 | 370,000 | 403,219 | |||||||||
| NJ Ed Facs - NJ City Univ (AGM) | 5.00% | 7/1/2030 | AA | 840,000 | 903,835 | |||||||||
| NJ Ed Facs - Ramapo College (AGM) | 4.00% | 7/1/2041 | AA | 545,000 | 538,193 | |||||||||
| NJ Ed Facs - Ramapo College (AGM) | 4.00% | 7/1/2052 | AA | 500,000 | 481,439 | |||||||||
| NJ Ed Facs - Seton Hall Univ | 4.00% | 7/1/2046 | BBB+ | 545,000 | 493,717 | |||||||||
| NJ Ed Facs - Seton Hall Univ (AGM) | 3.25% | 7/1/2049 | AA | 400,000 | 326,653 | |||||||||
| NJ Ed Facs - Stockton Univ | 5.00% | 7/1/2034 | BBB+ | 325,000 | 336,529 | |||||||||
| NJ Ed Facs - Stockton Univ | 5.00% | 7/1/2041 | Baa1 | 800,000 | 825,196 | |||||||||
| NJ Ed Facs - William Paterson Univ (AGM) | 3.00% | 7/1/2039 | AA | 250,000 | 207,837 | |||||||||
| NJ Ed Facs - William Paterson Univ (AGM) | 3.00% | 7/1/2040 | AA | 250,000 | 205,947 | |||||||||
| NJ EDA - Montclair St Univ (AGM) | 5.00% | 6/1/2042 | AA | 500,000 | 534,030 | |||||||||
| NJ EDA - NJ City Univ (AGM) | 4.00% | 7/1/2036 | AA | 745,000 | 745,925 | |||||||||
| NJ EDA - Stevens Inst Tech | 3.00% | 7/1/2050 | BBB+ | 1,005,000 | 710,419 | |||||||||
| NJ EDA - Stevens Inst Tech | 4.00% | 7/1/2050 | BBB+ | 200,000 | 178,468 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 2.50% | 12/1/2040 | AA | 500,000 | 450,118 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 3.25% | 12/1/2039 | Aa1 | 650,000 | 585,206 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 4.125% | 12/1/2024 | Aaa | 200,000 | 201,626 | |||||||||
| NJ Inst of Tech | 5.00% | 7/1/2033 | A1 | 170,000 | 189,086 | |||||||||
| Rutgers State Univ | 5.00% | 5/1/2028 | Aa3 | 300,000 | 337,693 | |||||||||
| Total | 9,274,367 | |||||||||||||
| See Notes to Schedule of Investments. | 125 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Financial Services 0.19% | ||||||||||||||
| NJ Higher Ed Assistance Auth AMT | 5.00% | 12/1/2028 | Aaa | $ | 200,000 | $ | 217,903 | |||||||
| General Obligation 11.46% | ||||||||||||||
| Atlantic City GO (AGM) | 5.00% | 3/1/2037 | AA | 540,000 | 584,713 | |||||||||
| Atlantic City GO (BAM) | 5.00% | 3/1/2042 | AA | 750,000 | 800,298 | |||||||||
| Cumberland Co Impt Auth (BAM) | 4.00% | 10/1/2048 | AA | 750,000 | 730,821 | |||||||||
| Essex Co GO GTD | 4.00% | 11/1/2049 | Aaa | 1,125,000 | 1,122,650 | |||||||||
| Gloucester Co Impt Auth - Rowan Univ GTD | 4.00% | 7/1/2048 | Aa1 | 510,000 | 486,905 | |||||||||
| Hudson Cnty NJ GO | 2.00% | 11/15/2035 | AA | 920,000 | 704,403 | |||||||||
| Hudson Co Impt Auth - Solid Waste GTD | 4.00% | 1/1/2040 | AA | 500,000 | 502,298 | |||||||||
| Jersey City GO | 5.00% | 11/1/2033 | AA- | 135,000 | 148,562 | |||||||||
| Mercer Cnty GO | 4.00% | 4/1/2031 | AA+ | 200,000 | 213,019 | |||||||||
| Mercer Co GO | 4.00% | 3/15/2040 | AA+ | 190,000 | 188,112 | |||||||||
| Newark GO (AGM) | 4.00% | 10/1/2035 | AA | 250,000 | 250,254 | |||||||||
| Newark GO (AGM) | 4.00% | 10/1/2037 | AA | 275,000 | 273,854 | |||||||||
| Newark Housing Authority | 4.00% | 1/1/2037 | AA- | 550,000 | 554,296 | |||||||||
| NJ State GO | 2.50% | 6/1/2038 | A2 | 1,020,000 | 807,225 | |||||||||
| NJ State GO | 4.00% | 6/1/2031 | A2 | 1,370,000 | 1,446,743 | |||||||||
| NJ State GO | 4.00% | 6/1/2032 | A2 | 820,000 | 863,527 | |||||||||
| NJ State GO | 5.00% | 6/1/2027 | A2 | 185,000 | 196,756 | |||||||||
| NJ State GO | 5.00% | 6/1/2027 | A2 | 680,000 | 750,074 | |||||||||
| PR Comwlth GO(a) | Zero Coupon | 7/1/2024 | NR | 13,686 | 12,533 | |||||||||
| PR Comwlth GO | Zero Coupon | 7/1/2033 | NR | 52,676 | 29,665 | |||||||||
| PR Comwlth GO | Zero Coupon | #(b) | 11/1/2043 | NR | 203,468 | 101,480 | ||||||||
| PR Comwlth GO | 4.00% | 7/1/2033 | NR | 40,933 | 37,602 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2035 | NR | 36,793 | 33,048 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2037 | NR | 31,578 | 28,029 | |||||||||
| PR Comwlth GO(a) | 5.25% | 7/1/2023 | NR | 22,857 | 23,278 | |||||||||
| PR Comwlth GO | 5.375% | 7/1/2025 | NR | 45,588 | 47,372 | |||||||||
| PR Comwlth GO | 5.625% | 7/1/2027 | NR | 45,175 | 48,118 | |||||||||
| PR Comwlth GO | 5.625% | 7/1/2029 | NR | 44,442 | 47,803 | |||||||||
| PR Comwlth GO | 5.75% | 7/1/2031 | NR | 43,166 | 47,240 | |||||||||
| Rutherford BOE | 2.50% | 12/15/2034 | AA- | 1,000,000 | 858,804 | |||||||||
| Union Co Util Auth - Covanta GTD AMT | 4.75% | 12/1/2031 | AA+ | 990,000 | 991,301 | |||||||||
| Total | 12,930,783 | |||||||||||||
| Health Care 15.04% | ||||||||||||||
| Camden Co Impt Auth - Cooper Hlth | 5.00% | 2/15/2030 | BBB+ | 530,000 | 541,470 | |||||||||
| Camden Co Impt Auth - Cooper Hlth | 5.00% | 2/15/2032 | BBB+ | 500,000 | 509,276 | |||||||||
| 126 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Camden Co Impt Auth - Cooper Hlth | 5.75% | 2/15/2042 | BBB+ | $ | 425,000 | $ | 430,693 | |||||||
| NJ EDA - Bancroft Neuro | 5.00% | 6/1/2036 | NR | 220,000 | 222,164 | |||||||||
| NJ Health - RWJ Barnabas Health | 4.00% | 7/1/2045 | AA- | 500,000 | 490,503 | |||||||||
| NJ Hlth - AHS Hsp Corp | 5.00% | 7/1/2030 | AA- | 105,000 | 114,099 | |||||||||
| NJ Hlth - AHS Hsp Corp | 5.00% | 7/1/2031 | AA- | 125,000 | 134,635 | |||||||||
| NJ Hlth - Atlanticare | 2.375% | 7/1/2046 | AA- | 695,000 | 463,490 | |||||||||
| NJ Hlth - Hackensack Meridian Hlth | 5.00% | 7/1/2027 | AA- | 315,000 | 352,398 | |||||||||
| NJ Hlth - Hackensack Meridian Hlth | 5.00% | 7/1/2029 | AA- | 675,000 | 744,116 | |||||||||
| NJ Hlth - Hackensack Meridian Hlth | 5.00% | 7/1/2031 | AA- | 640,000 | 695,949 | |||||||||
| NJ Hlth - Hackensack Meridian Hlth | 5.00% | 7/1/2033 | AA- | 260,000 | 278,266 | |||||||||
| NJ Hlth - Inspira Hlth | 4.00% | 7/1/2047 | A2 | 830,000 | 784,959 | |||||||||
| NJ Hlth - Inspira Hlth | 5.00% | 7/1/2034 | A2 | 250,000 | 264,723 | |||||||||
| NJ Hlth - Inspira Hlth | 5.00% | 7/1/2035 | A2 | 460,000 | 485,115 | |||||||||
| NJ Hlth - Inspira Hlth | 5.00% | 7/1/2042 | A2 | 635,000 | 663,514 | |||||||||
| NJ Hlth - Princeton Hlth | 5.00% | 7/1/2039 | AA | 1,000,000 | 1,053,167 | |||||||||
| NJ Hlth - RWJ Barnabas | 3.00% | 7/1/2051 | AA- | 1,000,000 | 796,301 | |||||||||
| NJ Hlth - RWJ Barnabas | 4.00% | 7/1/2051 | AA- | 485,000 | 464,371 | |||||||||
| NJ Hlth - RWJ Barnabas | 5.00% | 7/1/2033 | AA- | 580,000 | 617,132 | |||||||||
| NJ Hlth - RWJ Barnabas | 5.00% | 7/1/2043 | AA- | 865,000 | 900,097 | |||||||||
| NJ Hlth - St Josephs Hlth | 4.00% | 7/1/2048 | BBB- | 1,200,000 | 1,070,883 | |||||||||
| NJ Hlth - St Josephs Hlth | 5.00% | 7/1/2027 | BBB- | 100,000 | 106,356 | |||||||||
| NJ Hlth - St Josephs Hlth | 5.00% | 7/1/2041 | BBB- | 750,000 | 761,764 | |||||||||
| NJ Hlth - St Peters Univ Hsp | 5.75% | 7/1/2037 | BBB- | 590,000 | 590,638 | |||||||||
| NJ Hlth - Trinitas Hsp | 5.00% | 7/1/2030 | NR | 245,000 | 269,501 | |||||||||
| NJ Hlth - Univ Hosp (AGM) | 5.00% | 7/1/2046 | AA | 1,000,000 | 1,021,888 | |||||||||
| NJ Hlth Fin Auth - Valley Health | 4.00% | 7/1/2044 | A | 1,055,000 | 998,964 | |||||||||
| NJ Hlth Fin Auth - Valley Health | 5.00% | 7/1/2028 | A | 740,000 | 809,135 | |||||||||
| NJ Hlth Fin Auth - Valley Health | 5.00% | 7/1/2030 | A | 315,000 | 344,155 | |||||||||
| Total | 16,979,722 | |||||||||||||
| Housing 0.91% | ||||||||||||||
| Essex Co Imp Auth - NJIT Stud Hsg (BAM) | 4.00% | 8/1/2051 | AA | 1,020,000 | 938,039 | |||||||||
| NJ Hsg and Mtg Fin Auth | 3.15% | 5/1/2053 | AA- | 100,000 | 85,343 | |||||||||
| Total | 1,023,382 | |||||||||||||
| Lease Obligations 18.34% | ||||||||||||||
| Gloucester Co Impt Auth - Rowan Univ (AGM) | 5.00% | 11/1/2029 | AA | 250,000 | 271,975 | |||||||||
| Gloucester Co Impt Auth - Rowan Univ (AGM) | 5.00% | 11/1/2030 | AA | 290,000 | 314,875 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2035 | A3 | 640,000 | 666,416 | |||||||||
| See Notes to Schedule of Investments. | 127 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| NJ Ed Facs - Higher Ed Cap Impt | 5.00% | 9/1/2033 | A3 | $ | 1,060,000 | $ | 1,083,907 | |||||||
| NJ Ed Facs - Higher Ed Cap Impt | 5.00% | 9/1/2036 | A3 | 535,000 | 555,120 | |||||||||
| NJ Ed Facs - Higher Ed Cap Impt | 5.50% | 9/1/2033 | A3 | 410,000 | 434,977 | |||||||||
| NJ EDA - Bldgs | 5.00% | 6/15/2047 | A3 | 540,000 | 558,823 | |||||||||
| NJ EDA - Goethals Brdg AMT | 5.375% | 1/1/2043 | BBB+ | 1,560,000 | 1,585,332 | |||||||||
| NJ EDA - Goethals Brdg AMT | 5.625% | 1/1/2052 | BBB+ | 210,000 | 213,698 | |||||||||
| NJ EDA - Sch Facs | 4.00% | 6/15/2049 | A3 | 1,390,000 | 1,270,297 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2029 | A3 | 500,000 | 533,011 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2034 | A3 | 390,000 | 397,600 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2042 | BBB+ | 505,000 | 523,814 | |||||||||
| NJ EDA - Sch Facs | 5.00% | 6/15/2048 | A3 | 500,000 | 517,776 | |||||||||
| NJ EDA - State House Proj | 5.00% | 6/15/2035 | A3 | 750,000 | 789,860 | |||||||||
| NJ Hlth - Hsp Asset Trans | 5.00% | 10/1/2038 | A3 | 520,000 | 536,821 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2031 | A3 | 1,980,000 | 1,344,573 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2038 | A3 | 1,120,000 | 519,168 | |||||||||
| NJ Trans Trust Fund | 4.00% | 12/15/2039 | A3 | 1,145,000 | 1,120,603 | |||||||||
| NJ Trans Trust Fund | 4.00% | 6/15/2050 | A3 | 1,360,000 | 1,240,805 | |||||||||
| NJ Trans Trust Fund | 4.25% | 12/15/2038 | A3 | 470,000 | 473,280 | |||||||||
| NJ Trans Trust Fund | 4.75% | 6/15/2038 | A3 | 980,000 | 996,791 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2030 | A+ | 545,000 | 580,820 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2031 | A+ | 400,000 | 424,912 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2036 | A3 | 530,000 | 556,932 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2038 | A3 | 1,380,000 | 1,404,095 | |||||||||
| NJ Trans Trust Fund | 5.25% | 6/15/2041 | A3 | 205,000 | 211,325 | |||||||||
| NJ Trans Trust Fund | 5.25% | 6/15/2043 | A3 | 720,000 | 757,635 | |||||||||
| Salem Co Impr Auth (AGM) | 4.00% | 8/15/2042 | AA | 350,000 | 330,666 | |||||||||
| Salem Co Impr Auth (AGM) | 4.00% | 8/15/2048 | AA | 525,000 | 486,889 | |||||||||
| Total | 20,702,796 | |||||||||||||
| Other Revenue 0.33% | ||||||||||||||
| Middlesex Co Impt Auth - Heldrich Ctr | 6.25% | 1/1/2037 | NR | 1,300,000 | 26,000 | |||||||||
| NJ EDA - Bancroft Neuro | 5.00% | 6/1/2041 | NR | 350,000 | 350,968 | |||||||||
| Total | 376,968 | |||||||||||||
| Special Tax 0.88% | ||||||||||||||
| NJ EDA - Kapkowski Rd Landfill | 6.50% | 4/1/2028 | Ba1 | 648,943 | 656,118 | |||||||||
| NJ Infra Bank - Environmental Infra | 2.00% | 9/1/2046 | AAA | 520,000 | 335,796 | |||||||||
| Total | 991,914 | |||||||||||||
| 128 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue 5.04% | ||||||||||||||
| Casino Reinv Dev Auth | 5.25% | 11/1/2039 | Baa2 | $ | 525,000 | $ | 540,579 | |||||||
| Casino Reinv Dev Auth (AGM) | 5.00% | 11/1/2032 | AA | 500,000 | 520,330 | |||||||||
| Garden St Preservation Trust (AGM) | 5.75% | 11/1/2028 | AA | 1,205,000 | 1,351,383 | |||||||||
| Guam - Business Privilege Tax | 4.00% | 1/1/2042 | Ba1 | 250,000 | 221,434 | |||||||||
| NJ Trans Trust Fund | 3.00% | 6/15/2050 | A3 | 400,000 | 295,927 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2029 | NR | 18,000 | 13,588 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2031 | NR | 235,000 | 159,436 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2033 | NR | 646,000 | 389,307 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2051 | NR | 2,675,000 | 535,267 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 96,000 | 90,391 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 492,000 | 463,253 | |||||||||
| PR Corp Sales Tax | 4.536% | 7/1/2053 | NR | 18,000 | 16,843 | |||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 19,000 | 18,349 | |||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 380,000 | 366,987 | |||||||||
| PR Corp Sales Tax | 4.75% | 7/1/2053 | NR | 267,000 | 257,205 | |||||||||
| PR Corp Sales Tax | 4.784% | 7/1/2058 | NR | 40,000 | 38,307 | |||||||||
| PR Corp Sales Tax | 5.00% | 7/1/2058 | NR | 420,000 | 413,901 | |||||||||
| Total | 5,692,487 | |||||||||||||
| Tobacco 3.01% | ||||||||||||||
| Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2046 | BB+ | 2,350,000 | 2,351,079 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.25% | 6/1/2046 | BBB+ | 1,000,000 | 1,040,577 | |||||||||
| Total | 3,391,656 | |||||||||||||
| Transportation 22.90% | ||||||||||||||
| Delaware River & Bay Auth | 4.00% | 1/1/2044 | A1 | 850,000 | 846,520 | |||||||||
| Delaware River Port Auth | 5.00% | 1/1/2040 | A+ | 520,000 | 550,708 | |||||||||
| Delaware River Toll Brdg Commn | 3.00% | 7/1/2049 | A1 | 1,025,000 | 805,699 | |||||||||
| Delaware River Toll Brdg Commn | 4.00% | 7/1/2047 | A1 | 1,230,000 | 1,216,838 | |||||||||
| Delaware River Toll Brdg Commn | 5.00% | 7/1/2030 | A1 | 280,000 | 307,869 | |||||||||
| NJ EDA - Goethals Brdg AMT (AGM) | 5.125% | 1/1/2039 | AA | 925,000 | 942,186 | |||||||||
| NJ EDA - Port Newark AMT | 5.00% | 10/1/2047 | Baa2 | 930,000 | 952,296 | |||||||||
| NJ EDA - Transit | 4.00% | 11/1/2044 | A3 | 275,000 | 256,284 | |||||||||
| NJ Tpk Auth | 4.00% | 1/1/2043 | AA- | 1,015,000 | 1,011,922 | |||||||||
| NJ Tpk Auth | 4.00% | 1/1/2048 | AA- | 1,000,000 | 981,055 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2030 | AA- | 510,000 | 554,068 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2030 | AA- | 585,000 | 645,938 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2033 | AA- | 675,000 | 737,235 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2034 | AA- | 510,000 | 537,150 | |||||||||
| See Notes to Schedule of Investments. | 129 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| NJ Tpk Auth | 5.00% | 1/1/2034 | AA- | $ | 615,000 | $ | 661,703 | |||||||
| NJ Tpk Auth | 5.00% | 1/1/2035 | AA- | 515,000 | 549,521 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2037 | AA- | 340,000 | 368,864 | |||||||||
| NJ Tpk Auth (AGM) | 5.25% | 1/1/2028 | AA | 810,000 | 918,771 | |||||||||
| NJ Trans Trust Fund | 4.00% | 6/15/2046 | A3 | 125,000 | 115,319 | |||||||||
| NJ Trans Trust Fund | 4.00% | 6/15/2050 | A3 | 1,080,000 | 985,345 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2028 | A+ | 1,000,000 | 1,075,648 | |||||||||
| Port Auth NY & NJ | 4.00% | 7/15/2040 | AA- | 605,000 | 601,226 | |||||||||
| Port Auth NY & NJ | 4.00% | 9/1/2043 | AA- | 850,000 | 841,359 | |||||||||
| Port Auth NY & NJ | 5.00% | 11/15/2033 | AA- | 500,000 | 545,610 | |||||||||
| Port Auth NY & NJ | 5.00% | 10/15/2035 | AA- | 500,000 | 540,807 | |||||||||
| Port Auth NY & NJ | 5.00% | 7/15/2038 | AA- | 420,000 | 462,823 | |||||||||
| Port Auth NY & NJ | 5.00% | 11/15/2047 | AA- | 575,000 | 618,592 | |||||||||
| Port Auth NY & NJ AMT | 4.00% | 9/1/2043 | AA- | 950,000 | 891,541 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2029 | AA- | 320,000 | 347,399 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2032 | AA- | 505,000 | 542,128 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 11/15/2032 | AA- | 500,000 | 527,426 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2033 | AA- | 560,000 | 599,365 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 10/15/2036 | AA- | 1,190,000 | 1,223,073 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 11/15/2041 | AA- | 500,000 | 521,682 | |||||||||
| South Jersey Port Corp AMT | 5.00% | 1/1/2048 | Baa1 | 500,000 | 505,488 | |||||||||
| South Jersey Trans Auth | 5.00% | 11/1/2039 | BBB+ | 530,000 | 537,869 | |||||||||
| South Jersey Trans Auth (BAM) | 4.00% | 11/1/2050 | AA | 1,080,000 | 978,304 | |||||||||
| South Jersey Trans Auth (BAM) | 5.00% | 11/1/2045 | AA | 500,000 | 540,264 | |||||||||
| Total | 25,845,895 | |||||||||||||
| Utilities 8.00% | ||||||||||||||
| Guam Pwr Auth (AGM) | 5.00% | 10/1/2034 | AA | 400,000 | 416,687 | |||||||||
| Guam Waterworks | 5.00% | 7/1/2036 | A- | 100,000 | 104,427 | |||||||||
| Guam Waterworks | 5.00% | 1/1/2050 | A- | 300,000 | 313,347 | |||||||||
| NJ EDA - Middlesex Water AMT | 4.00% | 8/1/2059 | A+ | 500,000 | 462,786 | |||||||||
| NJ EDA - Nat Gas | 3.50% | 4/1/2042 | A1 | 1,655,000 | 1,484,876 | |||||||||
| NJ EDA - Nat Gas AMT | 3.00% | 8/1/2041 | A1 | 1,000,000 | 808,578 | |||||||||
| NJ EDA - NJ American Wtr Co AMT | 2.20% | #(b) | 10/1/2039 | A+ | 500,000 | 441,532 | ||||||||
| NJ EDA - UMM Energy AMT | 4.75% | 6/15/2032 | Baa2 | 1,000,000 | 1,000,476 | |||||||||
| NJ Infra Bank-NJ-Am Wtr Co AMT | 4.00% | 9/1/2036 | AAA | 335,000 | 343,640 | |||||||||
| NJ Infra Bank-NJ-Am Wtr Co AMT | 4.00% | 9/1/2047 | AAA | 1,500,000 | 1,476,856 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2031 | AA- | 510,000 | 560,979 | |||||||||
| 130 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Passaic Valley Swr (AGM) | 3.00% | 12/1/2038 | AA | $ | 1,000,000 | $ | 852,943 | |||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2030 | NR | 250,000 | 260,695 | |||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2047 | NR | 250,000 | 251,471 | |||||||||
| PR Elec Pwr Auth(c) | 5.00% | 7/1/2037 | D | (d) | 110,000 | 93,500 | (e) | |||||||
| PR Elec Pwr Auth(c) | 5.75% | 7/1/2036 | D | (d) | 75,000 | 64,312 | (e) | |||||||
| PR Elec Pwr Auth(c) | 7.00% | 7/1/2040 | D | (d) | 100,000 | 88,500 | ||||||||
| Total | 9,025,605 | |||||||||||||
| Total Investments in Securities 97.57% (cost $117,982,891) | 110,122,029 | |||||||||||||
| Other Assets and Liabilities – Net(f) 2.43% | 2,737,408 | |||||||||||||
| Net Assets 100.00% | $ | 112,859,437 | ||||||||||||
| 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. | |
| NR | Not Rated. |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2022. | |
| † | 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 June 30, 2022, the total value of Rule 144A securities was $512,166, which represents 0.45% of net assets. | |
| (a) | Securities purchased on a when-issued basis. | |
| (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) | This investment has been rated by Fitch IBCA. | |
| (e) | Level 3 Investment as described in Note 2(b) in the Notes to Schedule of Investments. 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) | Other Assets and Liabilities - Net include net unrealized appreciation on futures contracts as follows: |
Open Futures Contracts at June 30, 2022:
| Type | Expiration | Contracts | Position | Notional Amount |
Notional Value |
Unrealized Depreciation |
|||||||
| U.S. Long Bond | September 2022 | 10 | Short | $(1,356,886 | ) | $(1,386,250 | ) | $(29,364 | ) |
| See Notes to Schedule of Investments. | 131 |
Schedule of Investments (unaudited)(concluded)
NEW JERSEY TAX FREE FUND June 30, 2022
The following is a summary of the inputs used as of June 30, 2022 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 | ||||||||||||||||
| Utilities | $ | – | $ | 8,867,793 | $ | 157,812 | $ | 9,025,605 | ||||||||
| Remaining Industries | – | 101,096,424 | – | 101,096,424 | ||||||||||||
| Total | $ | – | $ | 109,964,217 | $ | 157,812 | $ | 110,122,029 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (29,364 | ) | – | – | (29,364 | ) | ||||||||||
| Total | $ | (29,364 | ) | $ | – | $ | – | $ | (29,364 | ) | ||||||
| (1) | Refer to Note 2(b) 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 period 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 period.
| 132 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
NEW YORK TAX FREE FUND June 30, 2022
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| LONG-TERM INVESTMENTS 98.77% | |||||||||||||||
| MUNICIPAL BONDS 98.77% | |||||||||||||||
| Corporate-Backed 10.15% | |||||||||||||||
| Brooklyn Arena LDC - Barclays Ctr | Zero Coupon | 7/15/2047 | Ba1 | $ | 250,000 | $ | 61,540 | ||||||||
| Build NYC Res Corp - Pratt Paper AMT† | 4.50% | 1/1/2025 | NR | 130,000 | 131,971 | ||||||||||
| Build NYC Res Corp - Pratt Paper AMT† | 5.00% | 1/1/2035 | NR | 250,000 | 254,324 | ||||||||||
| Liberty Dev Corp - Goldman Sachs | 5.25% | 10/1/2035 | A2 | 7,215,000 | 8,107,075 | ||||||||||
| Liberty Dev Corp - Goldman Sachs | 5.50% | 10/1/2037 | A2 | 3,380,000 | 3,909,406 | ||||||||||
| Niagara Area Dev Corp - Covanta AMT† | 4.75% | 11/1/2042 | B1 | 1,750,000 | 1,610,557 | ||||||||||
| NY Env Facs - Casella Waste AMT | 2.75% | #(a) | 9/1/2050 | B | 500,000 | 474,347 | |||||||||
| NY Env Facs - Casella Waste AMT† | 2.875% | #(a) | 12/1/2044 | B | 1,500,000 | 1,303,721 | |||||||||
| NY Liberty Dev Corp - 3 WTC† | 5.00% | 11/15/2044 | NR | 8,655,000 | 8,449,538 | ||||||||||
| NY Liberty Dev Corp - 3 WTC† | 5.15% | 11/15/2034 | NR | 750,000 | 756,248 | ||||||||||
| NY Liberty Dev Corp - 3 WTC† | 7.25% | 11/15/2044 | NR | 1,000,000 | 1,008,032 | ||||||||||
| NY Liberty Dev Corp - 4 WTC | 2.10% | 11/15/2032 | A+ | 2,520,000 | 2,047,612 | ||||||||||
| NY Liberty Dev Corp - 4 WTC | 2.875% | 11/15/2046 | A+ | 7,270,000 | 5,529,804 | ||||||||||
| NY Liberty Dev Corp - BofA Tower | 2.80% | 9/15/2069 | Baa1 | 4,630,000 | 4,185,398 | ||||||||||
| NY Trans Dev Corp - American Airlines AMT | 2.25% | 8/1/2026 | B | (b) | 250,000 | 234,402 | |||||||||
| NY Trans Dev Corp - American Airlines AMT | 3.00% | 8/1/2031 | B | (b) | 1,000,000 | 914,951 | |||||||||
| NY Trans Dev Corp - American Airlines AMT | 5.25% | 8/1/2031 | B- | 1,550,000 | 1,615,291 | ||||||||||
| NY Trans Dev Corp - American Airlines AMT | 5.375% | 8/1/2036 | B- | 1,025,000 | 1,091,938 | ||||||||||
| NY Trans Dev Corp - JFK IAT AMT | 4.00% | 12/1/2038 | Baa1 | 2,370,000 | 2,217,629 | ||||||||||
| NYC IDA - TRIPS | 5.00% | 7/1/2028 | BBB+ | 1,825,000 | 1,827,022 | ||||||||||
| Westchester Co LDC - Miriam Osborn Memorial | 5.00% | 7/1/2034 | A | (b) | 200,000 | 212,265 | |||||||||
| Total | 45,943,071 | ||||||||||||||
| Education 12.13% | |||||||||||||||
| Build NYC Res Corp - Manhattan Clg | 5.00% | 8/1/2033 | A- | 1,125,000 | 1,195,918 | ||||||||||
| Build NYC Res Corp - NY Law | 5.00% | 7/1/2041 | BBB- | 1,175,000 | 1,186,770 | ||||||||||
| Build NYC Res Corp - Packer Collegiate | 5.00% | 6/1/2040 | A2 | 1,000,000 | 1,044,221 | ||||||||||
| Dutchess Co LDC - Bard College† | 5.00% | 7/1/2045 | BB+ | 1,000,000 | 1,005,226 | ||||||||||
| Dutchess Co LDC - Bard College† | 5.00% | 7/1/2051 | BB+ | 1,000,000 | 999,927 | ||||||||||
| Dutchess Co LDC - Culinary Institute | 4.00% | 7/1/2035 | Baa2 | 1,145,000 | 1,109,027 | ||||||||||
| Dutchess Co LDC - Culinary Institute | 4.00% | 7/1/2037 | Baa2 | 965,000 | 922,298 | ||||||||||
| Dutchess Co LDC - Culinary Institute | 4.00% | 7/1/2040 | Baa2 | 325,000 | 303,998 | ||||||||||
| Dutchess Co LDC - Culinary Institute | 5.00% | 7/1/2033 | Baa2 | 390,000 | 405,782 | ||||||||||
| Dutchess Co LDC - Culinary Institute | 5.00% | 7/1/2041 | Baa2 | 200,000 | 205,485 | ||||||||||
| See Notes to Schedule of Investments. | 133 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2022
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Education (continued) | |||||||||||||||
| Dutchess Co LDC - Culinary Institute | 5.00% | 7/1/2046 | Baa2 | $ | 275,000 | $ | 281,325 | ||||||||
| Dutchess Co LDC - Vassar College | 5.00% | 7/1/2034 | Aa3 | 275,000 | 296,233 | ||||||||||
| Dutchess Co LDC- Millbrook | 4.00% | 9/1/2051 | A | 1,500,000 | 1,384,513 | ||||||||||
| Hempstead Town LDC - Adelphi Univ | 4.00% | 2/1/2039 | A- | 2,165,000 | 2,114,032 | ||||||||||
| Hempstead Town LDC - Adelphi Univ | 5.00% | 6/1/2029 | A- | 490,000 | 542,648 | ||||||||||
| Hempstead Town LDC - Adelphi Univ | 5.00% | 6/1/2030 | A- | 200,000 | 222,623 | ||||||||||
| Hempstead Town LDC - Adelphi Univ | 5.00% | 6/1/2031 | A- | 340,000 | 380,667 | ||||||||||
| Hempstead Town LDC - Adelphi Univ | 5.00% | 6/1/2032 | A- | 330,000 | 367,714 | ||||||||||
| Hempstead Town LDC - Hofstra Univ | 5.00% | 7/1/2042 | A | 545,000 | 574,006 | ||||||||||
| Hempstead Town LDC - Molloy Clg | 5.00% | 7/1/2034 | BBB | 825,000 | 862,799 | ||||||||||
| Hempstead Town LDC - Molloy Clg | 5.00% | 7/1/2037 | BBB | 630,000 | 656,313 | ||||||||||
| Hempstead Town LDC - Molloy Clg | 5.00% | 7/1/2039 | BBB | 555,000 | 576,608 | ||||||||||
| Monroe Co IDA - Univ of Rochester | 5.00% | 7/1/2031 | AA- | 350,000 | 382,289 | ||||||||||
| New Rochelle LDC - Iona Clg | 5.00% | 7/1/2028 | BBB | 205,000 | 214,071 | ||||||||||
| New Rochelle LDC - Iona Clg | 5.00% | 7/1/2029 | BBB | 250,000 | 260,285 | ||||||||||
| New Rochelle LDC - Iona Clg | 5.00% | 7/1/2030 | BBB | 220,000 | 228,238 | ||||||||||
| New Rochelle LDC - Iona Clg | 5.00% | 7/1/2031 | BBB | 200,000 | 206,747 | ||||||||||
| NY Dorm - Barnard Clg | 4.00% | 7/1/2034 | A3 | 460,000 | 463,397 | ||||||||||
| NY Dorm - Barnard Clg | 4.00% | 7/1/2036 | A3 | 325,000 | 323,160 | ||||||||||
| NY Dorm - Barnard Clg | 4.00% | 7/1/2037 | A3 | 710,000 | 700,817 | ||||||||||
| NY Dorm - Barnard Clg | 5.00% | 7/1/2028 | A3 | 590,000 | 623,673 | ||||||||||
| NY Dorm - Fordham Univ | 5.00% | 7/1/2035 | A | 550,000 | 582,386 | ||||||||||
| NY Dorm - Iona Clg | 5.00% | 7/1/2046 | BBB | 375,000 | 388,867 | ||||||||||
| NY Dorm - Mt Sinai Sch Med | 5.00% | 7/1/2040 | A- | 2,000,000 | 2,062,690 | ||||||||||
| NY Dorm - NYU | 4.00% | 7/1/2045 | Aa2 | 1,000,000 | 979,550 | ||||||||||
| NY Dorm - NYU | 5.00% | 7/1/2028 | Aa2 | 1,000,000 | 1,116,594 | ||||||||||
| NY Dorm - NYU | 5.00% | 7/1/2029 | Aa2 | 1,000,000 | 1,111,749 | ||||||||||
| NY Dorm - NYU | 5.00% | 7/1/2042 | Aa2 | 1,500,000 | 1,632,784 | ||||||||||
| NY Dorm - Pace Univ | 5.00% | 5/1/2023 | NR | 20,000 | 20,557 | ||||||||||
| NY Dorm - Pace Univ | 5.00% | 5/1/2023 | BBB- | 905,000 | 922,856 | ||||||||||
| NY Dorm - PIT | 5.00% | 2/15/2039 | AA+ | 1,000,000 | 1,070,435 | ||||||||||
| NY Dorm - PIT | 5.00% | 2/15/2041 | NR | 5,000 | 5,635 | ||||||||||
| NY Dorm - PIT | 5.00% | 2/15/2041 | AA+ | 2,995,000 | 3,207,061 | ||||||||||
| NY Dorm - Pratt Institute | 5.00% | 7/1/2039 | A2 | 1,010,000 | 1,059,101 | ||||||||||
| NY Dorm - St Johns Univ | 5.00% | 7/1/2027 | A- | 250,000 | 264,436 | ||||||||||
| NY Dorm - SUNY Empire Commons | 5.00% | 5/1/2030 | A | 350,000 | 364,793 | ||||||||||
| NY Dorm - SUNY Empire Commons | 5.00% | 5/1/2032 | A | 250,000 | 258,855 | ||||||||||
| NY Dorm - The New School | 4.00% | 7/1/2047 | A3 | 500,000 | 448,688 | ||||||||||
| 134 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2022
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Education (continued) | |||||||||||||||
| NY Dorm - The New School | 5.00% | 7/1/2028 | A3 | $ | 780,000 | $ | 836,936 | ||||||||
| NY Dorm - Touro Clg | 5.00% | 1/1/2047 | BBB- | (b) | 1,630,000 | 1,629,877 | |||||||||
| NY Dorm - Touro Clg | 5.25% | 1/1/2034 | BBB- | (b) | 1,225,000 | 1,243,683 | |||||||||
| NY Dorm - Yeshiva(c) | Zero Coupon | 7/15/2037 | BBB- | 1,000,000 | 1,024,902 | ||||||||||
| NY Dorm - Yeshiva(c) | 5.00% | 7/15/2042 | BBB- | 1,000,000 | 1,017,531 | ||||||||||
| NYC IDA - Yankee Stadium (AGM) | 3.00% | 3/1/2049 | AA | 2,000,000 | 1,496,263 | ||||||||||
| Onondaga CDC - Le Moyne College Proj | 4.00% | 7/1/2038 | Baa2 | 150,000 | 142,656 | ||||||||||
| Onondaga CDC - Le Moyne College Proj | 4.00% | 7/1/2040 | Baa2 | 300,000 | 282,023 | ||||||||||
| Onondaga CDC - Le Moyne College Proj | 4.00% | 7/1/2041 | Baa2 | 415,000 | 387,926 | ||||||||||
| Onondaga CDC - Le Moyne College Proj | 5.00% | 7/1/2035 | Baa2 | 365,000 | 390,665 | ||||||||||
| Onondaga CDC - Le Moyne College Proj | 5.00% | 7/1/2036 | Baa2 | 465,000 | 496,798 | ||||||||||
| Onondaga CDC - Le Moyne College Proj | 5.00% | 7/1/2046 | Baa2 | 600,000 | 627,153 | ||||||||||
| Schenectady Co - Union Clg | 5.25% | 7/1/2052 | A1 | 520,000 | 564,642 | ||||||||||
| St Lawrence IDA - Clarkson Univ | 5.00% | 9/1/2037 | Baa1 | 455,000 | 488,617 | ||||||||||
| St Lawrence IDA - Clarkson Univ | 5.00% | 9/1/2038 | Baa1 | 475,000 | 508,437 | ||||||||||
| St Lawrence IDA - Clarkson Univ | 5.00% | 9/1/2041 | Baa1 | 160,000 | 170,197 | ||||||||||
| Troy Cap Res Corp - RPI | 4.00% | 9/1/2031 | A3 | 250,000 | 256,214 | ||||||||||
| Troy Cap Res Corp - RPI | 4.00% | 9/1/2034 | A3 | 835,000 | 828,349 | ||||||||||
| Troy Cap Res Corp - RPI | 4.00% | 9/1/2035 | A3 | 370,000 | 362,099 | ||||||||||
| Troy Cap Res Corp - RPI | 4.00% | 9/1/2036 | A3 | 1,140,000 | 1,104,094 | ||||||||||
| Troy Cap Res Corp - RPI | 4.00% | 9/1/2040 | A3 | 1,000,000 | 931,264 | ||||||||||
| Troy Cap Res Corp - RPI | 5.00% | 8/1/2032 | A3 | 1,415,000 | 1,484,965 | ||||||||||
| Univ of Rochester | 4.00% | 7/1/2043 | AA- | 1,000,000 | 969,313 | ||||||||||
| Westchester Co LDC - Miriam Osborn Memorial | 5.00% | 7/1/2042 | A | (b) | 450,000 | 475,271 | |||||||||
| Westchester Co LDC - Sarah Lawrence College | 4.00% | 6/1/2033 | BBB- | 1,710,000 | 1,684,652 | ||||||||||
| Total | 54,942,374 | ||||||||||||||
| General Obligation 6.98% | |||||||||||||||
| City of Syracuse | 4.00% | 5/15/2034 | A+ | 725,000 | 742,068 | ||||||||||
| Erie CO GO | 5.00% | 9/15/2028 | AA- | 275,000 | 297,629 | ||||||||||
| Jefferson Co - Samaritan Med Ctr | 5.00% | 11/1/2037 | BB | 2,000,000 | 2,080,665 | ||||||||||
| Long Beach GO (BAM)(c) | 5.25% | 7/15/2034 | AA | 510,000 | 558,352 | ||||||||||
| Long Beach GO (BAM)(c) | 5.25% | 7/15/2035 | AA | 400,000 | 436,200 | ||||||||||
| Long Beach GO (BAM)(c) | 5.25% | 7/15/2036 | AA | 300,000 | 325,967 | ||||||||||
| Long Beach GO (BAM)(c) | 5.25% | 7/15/2037 | AA | 325,000 | 351,934 | ||||||||||
| NY Dorm - Sch Dist (AGM) | 5.00% | 10/1/2027 | AA | 1,000,000 | 1,060,626 | ||||||||||
| NYC GO | 4.00% | 8/1/2034 | AA | 3,000,000 | 3,024,507 | ||||||||||
| NYC GO | 4.00% | 8/1/2037 | AA | 2,000,000 | 1,994,016 | ||||||||||
| See Notes to Schedule of Investments. | 135 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2022
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| General Obligation (continued) | |||||||||||||||
| NYC GO | 5.00% | 8/1/2026 | AA | $ | 1,000,000 | $ | 1,107,044 | ||||||||
| NYC GO | 5.00% | 8/1/2026 | AA | 1,750,000 | 1,887,827 | ||||||||||
| NYC GO | 5.00% | 8/1/2027 | AA | 1,700,000 | 1,813,842 | ||||||||||
| NYC GO | 5.00% | 8/1/2029 | AA | 3,000,000 | 3,255,311 | ||||||||||
| NYC GO | 5.00% | 10/1/2039 | AA | 1,000,000 | 1,077,215 | ||||||||||
| NYC GO | 5.00% | 8/1/2043 | AA | 1,370,000 | 1,480,621 | ||||||||||
| NYC GO | 5.00% | 3/1/2044 | AA | 3,000,000 | 3,261,292 | ||||||||||
| NYC GO | 5.00% | 12/1/2044 | AA | 2,535,000 | 2,709,606 | ||||||||||
| NYC GO | 5.00% | 4/1/2045 | AA | 1,380,000 | 1,464,683 | ||||||||||
| NYC GO | 5.50% | 5/1/2044 | AA | 500,000 | 573,144 | ||||||||||
| PR Comwlth GO | Zero Coupon | 7/1/2024 | NR | 63,475 | 58,127 | ||||||||||
| PR Comwlth GO | Zero Coupon | 7/1/2033 | NR | 244,309 | 137,586 | ||||||||||
| PR Comwlth GO | Zero Coupon | #(a) | 11/1/2043 | NR | 943,648 | 470,644 | |||||||||
| PR Comwlth GO | 4.00% | 7/1/2033 | NR | 189,842 | 174,393 | ||||||||||
| PR Comwlth GO | 4.00% | 7/1/2035 | NR | 170,642 | 153,272 | ||||||||||
| PR Comwlth GO | 4.00% | 7/1/2037 | NR | 146,457 | 129,999 | ||||||||||
| PR Comwlth GO | 5.25% | 7/1/2023 | NR | 106,010 | 107,962 | ||||||||||
| PR Comwlth GO | 5.375% | 7/1/2025 | NR | 211,432 | 219,708 | ||||||||||
| PR Comwlth GO | 5.625% | 7/1/2027 | NR | 209,517 | 223,168 | ||||||||||
| PR Comwlth GO | 5.625% | 7/1/2029 | NR | 206,118 | 221,706 | ||||||||||
| PR Comwlth GO | 5.75% | 7/1/2031 | NR | 200,202 | 219,098 | ||||||||||
| Total | 31,618,212 | ||||||||||||||
| Health Care 11.99% | |||||||||||||||
| Brookhaven Co - Jefferson’s Ferry Proj | 4.00% | 11/1/2045 | BBB | (b) | 1,000,000 | 946,176 | |||||||||
| Brookhaven Co - Jefferson’s Ferry Proj | 4.00% | 11/1/2055 | BBB | (b) | 1,000,000 | 910,848 | |||||||||
| Brookhaven Co - Long Island Cmnty Hospital | 3.375% | 10/1/2040 | A- | 365,000 | 294,657 | ||||||||||
| Brookhaven Co - Long Island Cmnty Hospital | 4.00% | 10/1/2045 | A- | 1,865,000 | 1,695,725 | ||||||||||
| Brookhaven Co - Long Island Cmnty Hospital | 5.00% | 10/1/2050 | A- | 1,000,000 | 1,041,368 | ||||||||||
| Broome Co - United Health Services (AGM) | 3.00% | 4/1/2036 | AA | 1,030,000 | 871,130 | ||||||||||
| Broome Co - United Health Services (AGM) | 3.00% | 4/1/2037 | AA | 1,500,000 | 1,250,806 | ||||||||||
| Buffalo & Erie IDC - Catholic Hlth | 5.00% | 7/1/2025 | BB+ | 300,000 | 309,061 | ||||||||||
| Buffalo & Erie IDC - Orchard Park | 5.00% | 11/15/2037 | BBB | (b) | 1,000,000 | 1,024,468 | |||||||||
| Dutchess Co LDC - Health Quest | 5.00% | 7/1/2035 | A- | 1,765,000 | 1,823,653 | ||||||||||
| Dutchess Co LDC - Nuvance Hlth | 4.00% | 7/1/2044 | A- | 1,250,000 | 1,131,948 | ||||||||||
| Dutchess Co LDC - Nuvance Hlth | 4.00% | 7/1/2049 | A- | 2,120,000 | 1,891,424 | ||||||||||
| Genesee Co- Rochester Reg Hlth | 5.25% | 12/1/2052 | BBB+ | 1,000,000 | 1,034,045 | ||||||||||
| Monroe Co IDA - Rochester General Hospital | 4.00% | 12/1/2035 | BBB+ | 500,000 | 470,305 | ||||||||||
| 136 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2022
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Health Care (continued) | |||||||||||||||
| Monroe Co IDA - Rochester General Hospital | 4.00% | 12/1/2036 | BBB+ | $ | 425,000 | $ | 399,821 | ||||||||
| Monroe Co IDA - Rochester General Hospital | 5.00% | 12/1/2034 | BBB+ | 250,000 | 257,949 | ||||||||||
| Nassau Co LEAC - Catholic Hlth LI | 5.00% | 7/1/2027 | A- | 625,000 | 649,243 | ||||||||||
| Nassau Co LEAC - Catholic Hlth LI | 5.00% | 7/1/2028 | A- | 2,045,000 | 2,114,596 | ||||||||||
| Nassau Co LEAC - Catholic Hlth LI | 5.00% | 7/1/2033 | A- | 600,000 | 613,379 | ||||||||||
| Niagara Area Dev Corp - Catholic Hlth | 5.00% | 7/1/2052 | BB+ | 1,000,000 | 933,983 | ||||||||||
| NY Dorm - Catholic Hlth | 4.00% | 7/1/2045 | BB+ | 2,895,000 | 2,225,728 | ||||||||||
| NY Dorm - Catholic Hlth | 5.00% | 7/1/2032 | BB+ | 500,000 | 500,340 | ||||||||||
| NY Dorm - Maimondes Med Ctr | 3.00% | 2/1/2050 | AA+ | 1,000,000 | 778,423 | ||||||||||
| NY Dorm - Montefiore | 4.00% | 8/1/2036 | BBB- | 475,000 | 438,904 | ||||||||||
| NY Dorm - Montefiore | 4.00% | 8/1/2037 | BBB- | 1,820,000 | 1,671,174 | ||||||||||
| NY Dorm - Montefiore | 4.00% | 8/1/2038 | BBB- | 1,520,000 | 1,387,921 | ||||||||||
| NY Dorm - Montefiore | 4.00% | 9/1/2050 | BBB- | 4,000,000 | 3,369,640 | ||||||||||
| NY Dorm - Montefiore | 5.00% | 8/1/2033 | BBB- | 1,080,000 | 1,106,214 | ||||||||||
| NY Dorm - Montefiore | 5.00% | 8/1/2034 | BBB- | 390,000 | 398,775 | ||||||||||
| NY Dorm - Montefiore | 5.00% | 8/1/2035 | BBB- | 525,000 | 535,981 | ||||||||||
| NY Dorm - Northwell Health | 4.00% | 5/1/2045 | A- | 2,000,000 | 1,888,531 | ||||||||||
| NY Dorm - Northwell Health | 5.00% | 5/1/2028 | A- | 1,000,000 | 1,055,196 | ||||||||||
| NY Dorm - Northwell Health | 5.00% | 5/1/2038 | A- | 980,000 | 1,064,665 | ||||||||||
| NY Dorm - NYU Langone | 5.00% | 7/1/2032 | A+ | 810,000 | 863,264 | ||||||||||
| NY Dorm - NYU Langone | 5.00% | 7/1/2033 | A+ | 760,000 | 808,363 | ||||||||||
| NY Dorm - Orange Regl Med Ctr† | 5.00% | 12/1/2026 | BBB- | 1,000,000 | 1,052,919 | ||||||||||
| NY Dorm - Orange Regl Med Ctr† | 5.00% | 12/1/2029 | BBB- | 1,900,000 | 2,014,705 | ||||||||||
| NYC Hlth & Hsp Corp | 4.00% | 2/15/2045 | Aa3 | 1,250,000 | 1,226,455 | ||||||||||
| NYC IDA - Yankee Stadium | 3.00% | 3/1/2049 | Baa1 | 2,000,000 | 1,401,093 | ||||||||||
| Oneida Co - Mohawk Valley Hlth (AGM) | 4.00% | 12/1/2049 | AA | 4,645,000 | 4,500,072 | ||||||||||
| Southhold LDC - Peconic Landing | 5.00% | 12/1/2045 | BBB- | (b) | 1,000,000 | 1,008,515 | |||||||||
| Tompkins Co Dev Corp - Kendal Ithaca | 5.00% | 7/1/2044 | BBB+ | 920,000 | 939,713 | ||||||||||
| Westchester Co LDC - Westchester Med Ctr | 5.00% | 11/1/2033 | Baa2 | 1,000,000 | 1,015,024 | ||||||||||
| Westchester Co LDC - Westchester Med Ctr | 5.00% | 11/1/2034 | Baa2 | 985,000 | 997,299 | ||||||||||
| Westchester Co LDC - Westchester Med Ctr | 5.00% | 11/1/2046 | Baa2 | 2,240,000 | 2,240,839 | ||||||||||
| Westchester Co LDC - Westchester Med Ctr | 6.00% | 11/1/2030 | Baa2 | 105,000 | 105,169 | ||||||||||
| Westchester Co LDC - Westchester Med Ctr | 6.125% | 11/1/2037 | Baa2 | 40,000 | 40,100 | ||||||||||
| Total | 54,299,607 | ||||||||||||||
| Housing 0.96% | |||||||||||||||
| NYC HDC | 3.35% | 11/1/2065 | AA+ | 1,985,000 | 1,548,524 | ||||||||||
| NYC Hsg - 8 Spruce St | 4.50% | 2/15/2048 | NR | 1,000,000 | 995,709 | ||||||||||
| See Notes to Schedule of Investments. | 137 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2022
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Housing (continued) | |||||||||||||||
| NYS HFA | 3.15% | 11/1/2054 | Aa2 | $ | 1,000,000 | $ | 776,928 | ||||||||
| Westchester Co LDC - SUNY Purchase Hsg | 5.00% | 6/1/2047 | BBB | 1,000,000 | 1,004,688 | ||||||||||
| Total | 4,325,849 | ||||||||||||||
| Lease Obligations 2.76% | |||||||||||||||
| Erie Co IDA - Buffalo Sch Dist | 5.00% | 5/1/2027 | AA | 1,750,000 | 1,902,845 | ||||||||||
| Erie Co IDA - Buffalo Sch Dist | 5.00% | 5/1/2028 | AA | 1,050,000 | 1,139,951 | ||||||||||
| Hudson Yards | 5.00% | 2/15/2031 | Aa2 | 2,065,000 | 2,263,044 | ||||||||||
| Hudson Yards | 5.00% | 2/15/2033 | Aa2 | 1,075,000 | 1,173,482 | ||||||||||
| NY Dorm- Saint Lawerence-Lewis Boces (BAM) | 4.00% | 8/15/2050 | AA | 2,500,000 | 2,326,972 | ||||||||||
| NYC Eductnl Const | 4.00% | 4/1/2038 | AA- | 1,565,000 | 1,525,517 | ||||||||||
| NYC TFA - Bldg Aid | 5.00% | 7/15/2035 | AA | 2,005,000 | 2,181,122 | ||||||||||
| Total | 12,512,933 | ||||||||||||||
| Other 0.78% | |||||||||||||||
| Build NYC Res Corp - Childrens Aid Soc | 4.00% | 7/1/2044 | A+ | 1,340,000 | 1,281,603 | ||||||||||
| Build NYC Res Corp - Childrens Aid Soc | 4.00% | 7/1/2049 | A+ | 2,380,000 | 2,251,196 | ||||||||||
| Total | 3,532,799 | ||||||||||||||
| Other Revenue 1.38% | |||||||||||||||
| Brooklyn Arena LDC - Barclays Ctr | 5.00% | 7/15/2042 | Ba1 | 3,000,000 | 3,019,261 | ||||||||||
| Build NYC Res Corp - Shefa School† | 5.00% | 6/15/2051 | NR | 1,315,000 | 1,310,968 | ||||||||||
| NYC Cultural - Lincoln Center | 4.00% | 12/1/2033 | A | 1,850,000 | 1,899,329 | ||||||||||
| Total | 6,229,558 | ||||||||||||||
| Special Tax 1.83% | |||||||||||||||
| NYC IDA - Queens Stadium (AGM) | 3.00% | 1/1/2040 | AA | 1,975,000 | 1,642,375 | ||||||||||
| NYC IDA - Queens Stadium (AGM) | 3.00% | 1/1/2046 | AA | 1,240,000 | 957,781 | ||||||||||
| NYC IDA - Yankee Stadium | 4.00% | 3/1/2045 | Baa1 | 1,800,000 | 1,651,602 | ||||||||||
| NYC IDA - Yankee Stadium (AGC) | Zero Coupon | 3/1/2043 | AA | 425,000 | 163,066 | ||||||||||
| NYC IDA - Yankee Stadium (AGC) | Zero Coupon | 3/1/2044 | AA | 640,000 | 233,106 | ||||||||||
| NYC IDA - Yankee Stadium (AGC) | Zero Coupon | 3/1/2047 | AA | 385,000 | 120,170 | ||||||||||
| NYC IDA - Yankee Stadium (FGIC) | 9.139% (CPI Based) |
3/1/2026 | Baa1 | 3,450,000 | 3,541,444 | (d) | |||||||||
| Total | 8,309,544 | ||||||||||||||
| Tax Revenue 15.10% | |||||||||||||||
| Guam - Business Privilege Tax | 4.00% | 1/1/2042 | Ba1 | 750,000 | 664,302 | ||||||||||
| MTA NY - Dedicated Tax | 4.00% | 11/15/2035 | AA | 335,000 | 337,895 | ||||||||||
| MTA NY - Dedicated Tax | 5.00% | 11/15/2034 | AA | 1,085,000 | 1,143,004 | ||||||||||
| 138 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2022
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Tax Revenue (continued) | |||||||||||||||
| MTA NY - Dedicated Tax | 5.25% | 11/15/2031 | AA | $ | 1,215,000 | $ | 1,330,318 | ||||||||
| MTA NY - Dedicated Tax | 5.25% | 11/15/2032 | AA | 670,000 | 730,722 | ||||||||||
| MTA NY - Dedicated Tax | 5.25% | 11/15/2034 | AA | 455,000 | 490,254 | ||||||||||
| NY Dorm - PIT | 4.00% | 3/15/2043 | AA+ | 5,000,000 | 4,895,024 | ||||||||||
| NY Dorm - PIT | 4.00% | 3/15/2048 | Aa1 | 1,935,000 | 1,883,117 | ||||||||||
| NY Dorm - PIT | 5.00% | 3/15/2027 | AA+ | 1,250,000 | 1,337,996 | ||||||||||
| NY Dorm - PIT | 5.00% | 3/15/2032 | Aa1 | 3,000,000 | 3,320,338 | ||||||||||
| NY Dorm - PIT | 5.00% | 2/15/2042 | AA+ | 2,055,000 | 2,197,239 | ||||||||||
| NY Dorm - PIT | 5.00% | 3/15/2045 | Aa1 | 2,000,000 | 2,125,722 | ||||||||||
| NY Dorm - Sales Tax | 5.00% | 3/15/2043 | AA+ | 2,025,000 | 2,160,600 | ||||||||||
| NY Dorm - Touro Clg | 4.00% | 1/1/2043 | BBB- | (b) | 210,000 | 180,845 | |||||||||
| NY Dorm- PIT | 4.00% | 3/15/2047 | Aa1 | 2,000,000 | 1,948,217 | ||||||||||
| NY UDC - PIT | 4.00% | 3/15/2047 | AA+ | 1,650,000 | 1,592,459 | ||||||||||
| NY UDC - PIT | 5.00% | 3/15/2033 | AA+ | 2,010,000 | 2,046,398 | ||||||||||
| NY UDC - PIT | 5.00% | 3/15/2036 | AA+ | 1,500,000 | 1,568,078 | ||||||||||
| NY UDC - PIT | 5.00% | 3/15/2040 | AA+ | 1,000,000 | 1,076,092 | ||||||||||
| NY UDC Sales Tax | 4.00% | 3/15/2044 | Aa1 | 1,250,000 | 1,218,290 | ||||||||||
| NYC TFA - Future Tax | 4.00% | 8/1/2039 | AAA | 1,000,000 | 998,948 | ||||||||||
| NYC TFA - Future Tax | 4.00% | 11/1/2042 | AAA | 1,675,000 | 1,652,404 | ||||||||||
| NYC TFA - Future Tax | 4.00% | 11/1/2042 | AAA | 1,500,000 | 1,479,765 | ||||||||||
| NYC TFA - Future Tax | 4.00% | 5/1/2043 | AAA | 2,000,000 | 1,963,324 | ||||||||||
| NYC TFA - Future Tax | 5.00% | 11/1/2030 | AAA | 2,075,000 | 2,266,869 | ||||||||||
| NYC TFA - Future Tax | 5.00% | 11/1/2032 | AAA | 1,555,000 | 1,692,285 | ||||||||||
| NYC TFA - Future Tax | 5.00% | 5/1/2035 | AAA | 1,270,000 | 1,372,910 | ||||||||||
| NYC TFA - Future Tax | 5.00% | 8/1/2040 | AAA | 2,530,000 | 2,711,105 | ||||||||||
| NYC TFA - Future Tax | 5.00% | 8/1/2041 | AAA | 2,975,000 | 3,181,353 | ||||||||||
| NYC TFA - Future Tax | 5.00% | 8/1/2042 | AAA | 2,700,000 | 2,909,325 | ||||||||||
| NYC TFA - Future Tax | 5.00% | 2/1/2043 | AAA | 2,510,000 | 2,661,005 | ||||||||||
| NYC TFA - Future Tax | 5.00% | 5/1/2043 | AAA | 1,400,000 | 1,487,145 | ||||||||||
| NYC TFA - Future Tax | 5.00% | 2/1/2047 | AAA | 2,000,000 | 2,181,203 | ||||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2029 | NR | 163,000 | 123,043 | ||||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2031 | NR | 708,000 | 480,344 | ||||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2033 | NR | 710,000 | 427,876 | ||||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2051 | NR | 7,476,000 | 1,495,947 | ||||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 489,000 | 460,428 | ||||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 858,000 | 807,867 | ||||||||||
| PR Corp Sales Tax | 4.536% | 7/1/2053 | NR | 64,000 | 59,887 | ||||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 153,000 | 147,760 | ||||||||||
| See Notes to Schedule of Investments. | 139 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2022
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Tax Revenue (continued) | |||||||||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | $ | 380,000 | $ | 366,986 | ||||||||
| PR Corp Sales Tax | 4.75% | 7/1/2053 | NR | 1,199,000 | 1,155,014 | ||||||||||
| PR Corp Sales Tax | 4.784% | 7/1/2058 | NR | 180,000 | 172,380 | ||||||||||
| PR Corp Sales Tax | 5.00% | 7/1/2058 | NR | 1,922,000 | 1,894,092 | ||||||||||
| Triborough Brdg & Tunl Auth- Payroll Mobility Tax | 4.00% | 5/15/2046 | AA+ | 2,015,000 | 1,958,908 | ||||||||||
| Total | 68,355,083 | ||||||||||||||
| Tobacco 3.06% | |||||||||||||||
| Erie Co Tobacco | Zero Coupon | 6/1/2055 | NR | 8,000,000 | 323,564 | ||||||||||
| Erie Co Tobacco† | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 1,059,046 | ||||||||||
| Monroe Co Tobacco† | Zero Coupon | 6/1/2061 | NR | 10,000,000 | 353,289 | ||||||||||
| Nassau Co Tobacco | Zero Coupon | 6/1/2060 | NR | 15,000,000 | 756,909 | ||||||||||
| Nassau Co Tobacco | 5.125% | 6/1/2046 | CCC+ | 2,085,000 | 1,946,028 | ||||||||||
| NY Co Tobacco Trust | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 958,714 | ||||||||||
| Rockland Tobacco† | Zero Coupon | 8/15/2060 | NR | 10,575,000 | 610,439 | ||||||||||
| Suffolk Tobacco Asset Sec Corp | Zero Coupon | 6/1/2066 | NR | 7,700,000 | 794,685 | ||||||||||
| TSASC | 5.00% | 6/1/2034 | A- | 1,000,000 | 1,040,519 | ||||||||||
| TSASC | 5.00% | 6/1/2035 | A- | 300,000 | 311,775 | ||||||||||
| TSASC | 5.00% | 6/1/2036 | A- | 100,000 | 103,813 | ||||||||||
| TSASC | 5.00% | 6/1/2041 | A- | 545,000 | 562,627 | ||||||||||
| TSASC | 5.00% | 6/1/2048 | NR | 3,300,000 | 3,143,351 | ||||||||||
| Westchester Tobacco Asset Sec Corp | 5.125% | 6/1/2051 | BB- | 1,845,000 | 1,884,588 | ||||||||||
| Total | 13,849,347 | ||||||||||||||
| Transportation 24.31% | |||||||||||||||
| Buffalo & Erie PBA - Peace Bridge | 5.00% | 1/1/2034 | A+ | 600,000 | 654,482 | ||||||||||
| MTA NY | 4.00% | 11/15/2051 | A3 | 3,090,000 | 2,712,030 | ||||||||||
| MTA NY | 4.75% | 11/15/2045 | A3 | 3,095,000 | 3,135,341 | ||||||||||
| MTA NY | 5.00% | 11/15/2028 | A3 | 865,000 | 935,196 | ||||||||||
| MTA NY | 5.00% | 11/15/2029 | A3 | 2,350,000 | 2,509,108 | ||||||||||
| MTA NY | 5.00% | 11/15/2029 | A3 | 1,730,000 | 1,829,654 | ||||||||||
| MTA NY | 5.00% | 11/15/2030 | A3 | 1,785,000 | 1,883,461 | ||||||||||
| MTA NY | 5.00% | 11/15/2030 | A3 | 315,000 | 334,046 | ||||||||||
| MTA NY | 5.00% | 11/15/2033 | A3 | 1,815,000 | 1,905,383 | ||||||||||
| MTA NY | 5.00% | 11/15/2041 | A3 | 1,050,000 | 1,076,648 | ||||||||||
| MTA NY | 5.00% | #(a) | 11/15/2045 | A3 | 2,520,000 | 2,753,332 | |||||||||
| MTA NY | 5.00% | 11/15/2050 | A3 | 2,005,000 | 2,067,755 | ||||||||||
| MTA NY | 5.25% | 11/15/2028 | A3 | 3,740,000 | 3,985,013 | ||||||||||
| 140 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2022
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Transportation (continued) | |||||||||||||||
| MTA NY | 5.25% | 11/15/2035 | A3 | $ | 1,170,000 | $ | 1,207,372 | ||||||||
| MTA NY - Dedicated Tax | 5.00% | 11/15/2033 | AA | 1,540,000 | 1,629,951 | ||||||||||
| Niagara Frontier Trsp - Buffalo Intl Arpt AMT | 5.00% | 4/1/2027 | A3 | 1,000,000 | 1,032,614 | ||||||||||
| Niagara Frontier Trsp - Buffalo Intl Arpt AMT | 5.00% | 4/1/2036 | A3 | 850,000 | 897,815 | ||||||||||
| Niagara Frontier Trsp - Buffalo Intl Arpt AMT | 5.00% | 4/1/2038 | A3 | 725,000 | 760,400 | ||||||||||
| Niagara Frontier Trsp - Buffalo Intl Arpt AMT | 5.00% | 4/1/2039 | A3 | 350,000 | 366,298 | ||||||||||
| NY Trans Dev Corp - Delta Airlines AMT | 4.00% | 1/1/2036 | Baa3 | 3,515,000 | 3,274,249 | ||||||||||
| NY Trans Dev Corp - Delta Airlines AMT | 5.00% | 1/1/2036 | Baa3 | 2,295,000 | 2,321,215 | ||||||||||
| NY Trans Dev Corp - Delta Airlines AMT | 5.00% | 10/1/2040 | Baa3 | 2,645,000 | 2,666,373 | ||||||||||
| NY Trans Dev Corp - JFK IAT | 4.00% | 12/1/2041 | Baa1 | 1,000,000 | 938,761 | ||||||||||
| NY Trans Dev Corp - JFK IAT | 4.00% | 12/1/2042 | Baa1 | 1,800,000 | 1,674,196 | ||||||||||
| NY Trans Dev Corp - JFK IAT AMT | 4.00% | 12/1/2039 | Baa1 | 345,000 | 320,834 | ||||||||||
| NY Trans Dev Corp - JFK IAT AMT | 4.00% | 12/1/2040 | Baa1 | 1,325,000 | 1,224,007 | ||||||||||
| NY Trans Dev Corp - JFK IAT AMT | 4.00% | 12/1/2041 | Baa1 | 2,810,000 | 2,572,949 | ||||||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2034 | Baa1 | 545,000 | 568,491 | ||||||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2035 | Baa1 | 1,000,000 | 1,048,016 | ||||||||||
| NY Trans Dev Corp - JFK IAT AMT | 5.00% | 12/1/2042 | Baa1 | 500,000 | 516,867 | ||||||||||
| NY Trans Dev Corp - LaGuardia Airport AMT | 4.00% | 7/1/2031 | Baa3 | 2,000,000 | 1,960,714 | ||||||||||
| NY Trans Dev Corp - LaGuardia Airport AMT | 4.00% | 7/1/2046 | Baa3 | 2,110,000 | 1,845,042 | ||||||||||
| NY Trans Dev Corp - LaGuardia Airport AMT | 5.25% | 1/1/2050 | Baa3 | 12,280,000 | 12,590,679 | ||||||||||
| NY Trans Dev Corp - TOGA AMT | 5.00% | 1/1/2023 | Baa3 | 1,500,000 | 1,516,492 | ||||||||||
| NY Twy Auth | 4.00% | 1/1/2041 | A2 | 1,400,000 | 1,344,166 | ||||||||||
| NY Twy Auth | 5.00% | 1/1/2032 | A1 | 150,000 | 165,457 | ||||||||||
| NY Twy Auth | 5.00% | 1/1/2036 | A1 | 1,760,000 | 1,825,011 | ||||||||||
| NYS Thruway - Service Area AMT | 4.00% | 10/31/2041 | BBB- | (b) | 860,000 | 755,625 | |||||||||
| NYS Thruway - Service Area AMT | 4.00% | 10/31/2046 | BBB- | (b) | 1,525,000 | 1,289,744 | |||||||||
| NYS Thruway - Service Area AMT | 4.00% | 4/30/2053 | BBB- | (b) | 3,335,000 | 2,728,076 | |||||||||
| Port Auth NY & NJ | 4.00% | 7/15/2036 | AA- | 2,020,000 | 2,022,083 | ||||||||||
| Port Auth NY & NJ AMT | 4.00% | 9/1/2043 | AA- | 5,155,000 | 4,837,785 | ||||||||||
| Port Auth NY & NJ AMT | 5.00% | 10/15/2027 | AA- | 1,485,000 | 1,623,256 | ||||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2028 | AA- | 1,000,000 | 1,095,826 | ||||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2029 | AA- | 250,000 | 271,405 | ||||||||||
| Port Auth NY & NJ AMT | 5.00% | 11/15/2031 | AA- | 3,430,000 | 3,692,280 | ||||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/1/2032 | AA- | 805,000 | 888,379 | ||||||||||
| Port Auth NY & NJ AMT | 5.00% | 11/15/2032 | AA- | 2,850,000 | 3,006,327 | ||||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2033 | AA- | 2,820,000 | 3,018,233 | ||||||||||
| Port Auth NY & NJ AMT | 5.00% | 10/15/2033 | AA- | 1,000,000 | 1,066,121 | ||||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2034 | AA- | 1,030,000 | 1,099,516 | ||||||||||
| See Notes to Schedule of Investments. | 141 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2022
| Investments | Interest Rate |
Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Transportation (continued) | |||||||||||||||
| Port Auth NY & NJ AMT | 5.00% | 4/1/2036 | AA- | $ | 1,080,000 | $ | 1,128,607 | ||||||||
| Port Auth NY & NJ AMT | 5.00% | 11/15/2041 | AA- | 2,000,000 | 2,086,727 | ||||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2048 | AA- | 365,000 | 381,120 | ||||||||||
| Triborough Brdg & Tunl Auth | 4.00% | 11/15/2044 | AA- | 2,145,000 | 2,095,687 | ||||||||||
| Triborough Brdg & Tunl Auth | 4.00% | 11/15/2048 | AA- | 2,015,000 | 1,947,689 | ||||||||||
| Triborough Brdg & Tunl Auth | 5.00% | 11/15/2038 | AA- | 1,000,000 | 1,075,710 | ||||||||||
| Triborough Brdg & Tunl Auth | 5.00% | 11/15/2047 | AA- | 1,135,000 | 1,208,434 | ||||||||||
| Triborough Brdg & Tunl Auth | 5.00% | 11/15/2051 | AA- | 2,500,000 | 2,691,288 | ||||||||||
| Total | 110,059,336 | ||||||||||||||
| Utilities 7.34% | |||||||||||||||
| Buffalo Muni Wtr Fin Auth (AGM) | 5.00% | 7/1/2043 | AA | 600,000 | 648,588 | ||||||||||
| Buffalo Muni Wtr Fin Auth (AGM) | 5.00% | 7/1/2048 | AA | 1,750,000 | 1,881,451 | ||||||||||
| Guam Waterworks | 5.00% | 7/1/2036 | A- | 400,000 | 417,710 | ||||||||||
| Guam Waterworks | 5.00% | 1/1/2050 | A- | 600,000 | 626,693 | ||||||||||
| Long Island Power Auth | 4.00% | 9/1/2038 | A | 1,500,000 | 1,494,532 | ||||||||||
| Long Island Power Auth | 4.00% | 9/1/2039 | A | 1,050,000 | 1,045,003 | ||||||||||
| Long Island Power Auth | 5.00% | 9/1/2034 | A | 2,000,000 | 2,090,621 | ||||||||||
| Long Island Power Auth | 5.00% | 9/1/2039 | A | 1,000,000 | 1,036,804 | ||||||||||
| Long Island Power Auth | 5.00% | 9/1/2047 | A | 1,115,000 | 1,203,669 | ||||||||||
| Long Island Power Auth (AGC) | 5.25% | 9/1/2029 | AA | 2,000,000 | 2,320,710 | ||||||||||
| NYC Muni Water | 4.00% | 6/15/2049 | AA+ | 2,985,000 | 2,911,593 | ||||||||||
| NYC Muni Water | 5.00% | 6/15/2035 | AA+ | 1,550,000 | 1,591,578 | ||||||||||
| NYC Muni Water | 5.00% | 6/15/2035 | AA+ | 1,675,000 | 1,759,788 | ||||||||||
| NYC Muni Water | 5.00% | 6/15/2036 | AA+ | 1,750,000 | 1,830,410 | ||||||||||
| NYC Muni Water | 5.00% | 6/15/2036 | AA+ | 2,250,000 | 2,362,577 | ||||||||||
| NYC Muni Water | 5.00% | 6/15/2046 | AA+ | 3,140,000 | 3,366,037 | ||||||||||
| NYC Muni Water | 5.00% | 6/15/2048 | AA+ | 1,675,000 | 1,799,329 | ||||||||||
| NYC Muni Water | 5.25% | 6/15/2037 | AA+ | 1,500,000 | 1,652,282 | ||||||||||
| NYC Muni Water | 5.25% | 6/15/2047 | AA+ | 1,000,000 | 1,095,389 | ||||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2030 | NR | 500,000 | 521,390 | ||||||||||
| PR Aqueduct & Swr Auth† | 5.00% | 7/1/2047 | NR | 500,000 | 502,941 | ||||||||||
| PR Elec Pwr Auth(c)(e) | 5.75% | 7/1/2036 | D | (b) | 1,250,000 | 1,071,875 | (d) | ||||||||
| Total | 33,230,970 | ||||||||||||||
| Total Investments in Securities 98.77% (cost $478,591,353) | 447,208,683 | ||||||||||||||
| Other Assets and Liabilities – Net(f) 1.23% | 5,569,035 | ||||||||||||||
| Net Assets 100.00% | $ | 452,777,718 | |||||||||||||
| 142 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2022
| 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 fluctuate based on CPI. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| NR | Not Rated. | |
| 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 June 30, 2022, the total value of Rule 144A securities was $22,945,241, which represents 5.07% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2022. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | This investment has been rated by Fitch IBCA. | |
| (c) | Securities purchased on a when-issued basis. | |
| (d) | Level 3 Investment as described in Note2(b) in the Notes to Schedule of Investments. 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) | Defaulted (non-income producing security). | |
| (f) | Other Assets and Liabilities - Net include net unrealized depreciation on futures contracts as follows: |
Open Futures Contracts at June 30, 2022:
| Type | Expiration | Contracts | Position | Notional Amount |
Notional Value |
Unrealized Depreciation |
|||||||
| U.S. Long Bond | September 2022 | 42 | Short | $(5,698,921 | ) | $(5,822,250 | ) | $(123,329 | ) |
The following is a summary of the inputs used as of June 30, 2022 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 | ||||||||||||||||
| Special Tax | $ | – | $ | 4,768,100 | $ | 3,541,444 | $ | 8,309,544 | ||||||||
| Utilities | – | 32,159,095 | 1,071,875 | 33,230,970 | ||||||||||||
| Remaining Industries | – | 405,668,169 | – | 405,668,169 | ||||||||||||
| Total | $ | – | $ | 442,595,364 | $ | 4,613,319 | $ | 447,208,683 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (123,329 | ) | – | – | (123,329 | ) | ||||||||||
| Total | $ | (123,329 | ) | $ | – | $ | – | $ | (123,329 | ) | ||||||
| (1) | Refer to Note 2(b) 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 and identification of foreign issuer and/or geography. 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 period in relation to the Fund’s net assets.
| See Notes to Schedule of Investments. | 143 |
Schedule of Investments (unaudited)(concluded)
NEW YORK TAX FREE FUND June 30, 2022
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, 2021 | $ | – | ||
| Accrued Discounts (Premiums) | (9,644 | ) | ||
| Realized Gain (Loss) | – | |||
| Change in Unrealized Appreciation (Depreciation) | (236,409 | ) | ||
| Purchases | 1,250,000 | |||
| Sales | – | |||
| Transfers into Level 3 | 3,609,372 | |||
| Transfers out of Level 3 | – | |||
| Balance as of June 30, 2022 | $ | 4,613,319 | ||
| Change in unrealized appreciation/depreciation for the period ended June 30, 2022, related to Level 3 investments held at June 30, 2022 | $ | (236,409 | ) | |
| 144 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
SUSTAINABLE MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| LONG-TERM INVESTMENTS 92.41% | |||||||||||||||
| MUNICIPAL BONDS 92.41% | |||||||||||||||
| Corporate-Backed 3.24% | |||||||||||||||
| MI Strategic Fund - GPK AMT | 4.00% | #(a) | 10/1/2061 | BB | $ | 150,000 | $ | 148,609 | |||||||
| Education 25.45% | |||||||||||||||
| CA Choice Clean Energy - Morgan Stanley | 4.00% | #(a) | 5/1/2053 | A1 | 150,000 | 151,761 | |||||||||
| California Educational Facilities Authority | 4.00% | 10/1/2039 | A2 | 150,000 | 145,471 | ||||||||||
| Cleveland State University | 5.00% | 6/1/2031 | A+ | 100,000 | 107,384 | ||||||||||
| Iowa Higher Education Loan Authority | 5.00% | 10/1/2027 | BBB+ | 125,000 | 133,450 | ||||||||||
| Minnesota Higher Education Facilities Authority | 4.00% | 10/1/2036 | A2 | 150,000 | 146,461 | ||||||||||
| New York State Dormitory Authority | 5.00% | 7/1/2031 | A2 | 150,000 | 159,253 | ||||||||||
| NY Dorm - Yeshiva | 5.00% | 7/15/2029 | NR | 150,000 | 161,635 | ||||||||||
| Oklahoma Development Finance Authority | 4.00% | 8/1/2037 | BBB- | 150,000 | 132,984 | ||||||||||
| Stephen F Austin State University | 5.00% | 10/15/2028 | A1 | 25,000 | 27,423 | ||||||||||
| Total | 1,165,822 | ||||||||||||||
| General Obligation 4.72% | |||||||||||||||
| Chicago Brd Ed | 4.00% | 12/1/2039 | BB | 125,000 | 115,176 | ||||||||||
| San Gorgonio Memorial Health Care District | 5.00% | 8/1/2035 | Ba2 | 100,000 | 101,033 | ||||||||||
| Total | 216,209 | ||||||||||||||
| Health Care 21.89% | |||||||||||||||
| CT Hlth & Ed - Hartford Hlthcare | 5.00% | 7/1/2028 | A | 165,000 | 181,735 | ||||||||||
| Dutchess Co LDC - Nuvance Hlth | 5.00% | 7/1/2027 | A- | 125,000 | 134,303 | ||||||||||
| FL DFC - UF Health Jacksonville | 5.00% | 2/1/2033 | Baa3 | 100,000 | 103,365 | ||||||||||
| Lee Memorial Health System | 5.00% | 4/1/2029 | A+ | 50,000 | 54,984 | ||||||||||
| Massachusetts Development Finance Agency | 4.00% | 7/1/2036 | AA- | 160,000 | 160,286 | ||||||||||
| New York State Dormitory Authority | 5.00% | 7/1/2026 | BB+ | 100,000 | 103,361 | ||||||||||
| OH State - Univ Hosp | 5.00% | 1/15/2032 | A | 150,000 | 163,793 | ||||||||||
| Palomar Health | 4.00% | 8/1/2035 | A1 | 100,000 | 100,856 | ||||||||||
| Total | 1,002,683 | ||||||||||||||
| Housing 7.94% | |||||||||||||||
| CA Stwde - CHF-Irvine LLC | 3.25% | 5/15/2031 | Baa1 | 150,000 | 139,225 | ||||||||||
| California Housing Finance Agency (FHLMC) | 3.75% | 3/25/2035 | AA+ | 99,102 | 99,249 | ||||||||||
| MD State Hsg CDA | 3.50% | 3/1/2050 | Aa1 | 125,000 | 125,124 | ||||||||||
| Total | 363,598 | ||||||||||||||
| See Notes to Schedule of Investments. | 145 |
Schedule of Investments (unaudited)(continued)
SUSTAINABLE MUNICIPAL BOND FUND June 30, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Lease Obligations 5.29% | |||||||||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2035 | A3 | $ | 120,000 | $ | 124,953 | ||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2030 | A+ | 110,000 | 117,230 | ||||||||||
| Total | 242,183 | ||||||||||||||
| Other Revenue 5.84% | |||||||||||||||
| Build NYC Res Corp - Shefa School† | 2.50% | 6/15/2031 | NR | 100,000 | 85,205 | ||||||||||
| District of Columbia | 5.00% | 7/1/2037 | BBB+ | 175,000 | 182,265 | ||||||||||
| Total | 267,470 | ||||||||||||||
| Transportation 15.15% | |||||||||||||||
| Foothill-Eastern Transportation Corridor Agency | 5.00% | 1/15/2028 | A- | 125,000 | 133,416 | ||||||||||
| MD EDC - Purple Line AMT | 5.00% | 11/12/2028 | Baa3 | 150,000 | 158,012 | ||||||||||
| Metropolitan Transportation Authority | 5.00% | 11/15/2029 | A3 | 175,000 | 185,648 | ||||||||||
| Osceola Transportation Revenue County | 5.00% | 10/1/2028 | BBB- | (b) | 100,000 | 106,604 | |||||||||
| Triborough Brdg & Tunl Auth | 5.00% | 11/15/2029 | AA- | 100,000 | 110,119 | ||||||||||
| Total | 693,799 | ||||||||||||||
| Utilities 2.89% | |||||||||||||||
| CA Choice Clean Energy - Goldman | 4.00% | #(a) | 10/1/2052 | A2 | 130,000 | 132,599 | |||||||||
| Total Investments in Securities 92.41% (cost $4,534,127) | 4,232,972 | ||||||||||||||
| Other Assets and Liabilities – Net 7.59% | 347,497 | ||||||||||||||
| Net Assets 100.00% | $ | 4,580,469 | |||||||||||||
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| FHLMC | Federal Home Loan Mortgage Corporation. |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2022. | |
| † | 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 June 30, 2022, the total value of Rule 144A securities was $85,205, which represents 1.86% of net assets. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | This investment has been rated by Fitch IBCA. |
| 146 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
SUSTAINABLE MUNICIPAL BOND FUND June 30, 2022
The following is a summary of the inputs used as of June 30, 2022 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 | $ | – | $ | 4,232,972 | $ | – | $ | 4,232,972 | ||||||||
| Total | $ | – | $ | 4,232,972 | $ | – | $ | 4,232,972 | ||||||||
| (1) | Refer to Note 2(b) 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. |
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 period in relation to the Fund’s net assets.
| See Notes to Schedule of Investments. | 147 |
Notes to Schedule of Investments (unaudited)
| 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 | A, C ,F, F3 and I |
| Lord Abbett Short Duration High Income Municipal Bond Fund | 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 |
| Lord Abbett Sustainable Municipal Bond Fund (“Sustainable”) | A, C, F, F3, and I |
Short Duration, Intermediate, National, High Income, Short Duration High Income, California and Sustainable are diversified as defined in the Act. New Jersey and New York are non-diversified as defined in the Act. Sustainable commenced operations on January 5, 2022.
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.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
| (a) | Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Funds’ investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds 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. |
148
Notes to Schedule of Investments (unaudited)(continued)
| 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 regularly reviews fair value determinations made by the Pricing Committee and may employ techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. | |
| Investment in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-Term securities with 60 days or less remaining to maturity are valued using amortized cost method, which approximates fair value. | |
| (b) | 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 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 June 30, 2022 and, if applicable, Level 3 rollforwards for the period 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.
149
Notes to Schedule of Investments (unaudited)(concluded)
| 3. | FEDERAL TAX INFORMATION |
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.
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 filed U.S. federal tax returns remains open generally three years after the filing of the tax return. The statute of limitations on each Fund’s, state and local tax returns may remain open for an additional year depending upon the jurisdiction.
| 4. | 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 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 on the Fund’s Statement 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 June 30, 2022 the Funds did not have any securities out on loan.
150
QPHR-MUNI-3Q
(08/22)