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
Sustainable Municipal Bond Fund
California Tax Free Fund
New Jersey Tax Free Fund
New York Tax Free Fund
For the period ended December 31, 2022
Schedule of Investments (unaudited)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 89.43% | ||||||||||||||
| MUNICIPAL BONDS 89.43% | ||||||||||||||
| Corporate-Backed 7.63% | ||||||||||||||
| Allegheny County Industrial Development Authority - US Steel Corporation PA | 4.875% | 11/1/2024 | BB- | $ | 4,500,000 | $ | 4,513,331 | |||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 19,500,000 | 19,274,243 | ||||||||
| Charles City County Economic Development Authority - Waste Mgmt Inc VA | 2.875% | 2/1/2029 | A- | 3,500,000 | 3,165,745 | |||||||||
| City of Farmington - Public Service Co of NM | 1.10% | #(a) | 6/1/2040 | BBB | 16,000,000 | 15,813,510 | ||||||||
| County of Nez Perce - Potlatchdeltic Corp ID | 2.75% | 10/1/2024 | BBB- | 11,310,000 | 11,120,660 | |||||||||
| County of Warren - International Paper Co MS | 2.90% | #(a) | 9/1/2032 | BBB | 4,250,000 | 4,228,646 | ||||||||
| Development Authority of Burke County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2040 | BBB+ | 3,750,000 | 3,545,513 | ||||||||
| Downtown Doral South Community Development District FL† | 3.875% | 12/15/2023 | NR | 55,000 | 54,636 | |||||||||
| Industrial Development Board of the City of Mobile Alabama - Alabama Power Company AL | 1.00% | #(a) | 6/1/2034 | A1 | 3,100,000 | 2,940,384 | ||||||||
| Industrial Development Board of the City of Mobile Alabama - Alabama Power Company AL | 2.90% | #(a) | 7/15/2034 | A1 | 20,000,000 | 19,882,038 | ||||||||
| Matagorda County Navigation District No. 1 - Aep Texas Inc TX | 2.60% | 11/1/2029 | A- | 1,400,000 | 1,246,454 | |||||||||
| Matagorda County Navigation District No. 1 - Aep Texas Inc TX (AMBAC) | 4.40% | 5/1/2030 | A- | 1,500,000 | 1,542,914 | |||||||||
| New Hampshire Business Finance Authority - United Illuminating Co NH | 2.80% | #(a) | 10/1/2033 | A- | 5,000,000 | 4,976,732 | ||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B1 | 750,000 | 730,571 | |||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co OH | 1.90% | #(a) | 5/1/2026 | BBB+ | 2,000,000 | 1,917,822 | ||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co OH | 2.40% | #(a) | 12/1/2038 | BBB+ | 10,700,000 | 9,461,804 | ||||||||
| Ohio Air Quality Development Authority - Ohio valley Electric Corp OH | 1.50% | #(a) | 2/1/2026 | Baa3 | 1,000,000 | 922,479 | ||||||||
| Oregon State Business Development Commission - Intel Corporation OR | 2.40% | #(a) | 12/1/2040 | A+ | 10,500,000 | 10,419,100 |
| See Notes to Schedule of Investments. | 1 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Parish of St. James - Nustar Logistics Lp LA† | 5.85% | #(a) | 8/1/2041 | BB- | $ | 3,500,000 | $ | 3,584,068 | ||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 2.10% | #(a) | 6/1/2037 | BBB- | 8,000,000 | 7,752,786 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 2.125% | #(a) | 6/1/2037 | BBB- | 6,150,000 | 5,962,153 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 2.375% | #(a) | 6/1/2037 | BBB- | 4,575,000 | 4,233,325 | ||||||||
| Public Finance Authority - Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 1,455,000 | 1,270,935 | (b) | ||||||||
| Selma Industrial Development Board - International Paper Co AL | 2.00% | #(a) | 11/1/2033 | BBB | 2,625,000 | 2,527,206 | ||||||||
| Wise County Industrial Development Authority - Virginia Elec & Pwr Co VA | 1.20% | #(a) | 11/1/2040 | A2 | 5,470,000 | 5,221,269 | ||||||||
| Total | 146,308,324 | |||||||||||||
| Education 1.78% | ||||||||||||||
| California Community Choice Financing Authority CA | 4.581% (SOFR * .67 + 1.70% | )# | 5/1/2053 | A1 | 15,000,000 | 15,002,082 | (b) | |||||||
| California State University CA | 0.55% | #(a) | 11/1/2049 | Aa2 | 5,000,000 | 4,379,895 | ||||||||
| Capital Trust Agency, Inc. - Renaissance Chtr Sch 2019 FL† | 4.00% | 6/15/2029 | NR | 1,265,000 | 1,173,528 | |||||||||
| Florida Higher Educational Facilities Financial Authority - St Leo Univ Inc Oblig Grp FL | 5.00% | 3/1/2023 | BB+ | 410,000 | 410,319 | |||||||||
| Florida Higher Educational Facilities Financial Authority - St Leo Univ Inc Oblig Grp FL | 5.00% | 3/1/2024 | BB+ | 640,000 | 642,816 | |||||||||
| Florida Higher Educational Facilities Financial Authority - St Leo Univ Inc Oblig Grp FL | 5.00% | 3/1/2025 | BB+ | 675,000 | 679,068 | |||||||||
| Hospital Facilities Authority of Multnomah County Oregon - Mirabella So Waterfront OR | 5.00% | 10/1/2024 | NR | 660,000 | 661,780 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech IL | 5.00% | 9/1/2028 | Baa3 | 1,135,000 | 1,176,497 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech IL | 5.00% | 9/1/2029 | Baa3 | 630,000 | 654,480 | |||||||||
| Massachusetts Development Finance Agency - Williams College MA | 0.45% | #(a) | 7/1/2041 | AA+ | 3,500,000 | 3,220,105 | ||||||||
| 2 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| North Carolina Capital Facilities Finance Agency - Campbell University Inc NC | 5.00% | 10/1/2025 | Baa2 | $ | 1,700,000 | $ | 1,760,694 | |||||||
| Ohio Air Quality Development Authority - Duke Energy Corp OH | 4.00% | #(a) | 9/1/2030 | BBB | 1,300,000 | 1,296,387 | ||||||||
| University of California CA | 4.25% | 5/15/2039 | AA | 3,000,000 | 3,013,026 | |||||||||
| Total | 34,070,677 | |||||||||||||
| Energy 0.89% | ||||||||||||||
| Kentucky Public Energy Authority KY | 4.00% | #(a) | 12/1/2050 | A2 | 5,000,000 | 4,951,050 | ||||||||
| New Mexico Municipal Energy Acquisition Authority NM | 5.00% | #(a) | 11/1/2039 | Aa1 | 8,300,000 | 8,508,772 | ||||||||
| PEFA, Inc. IA | 5.00% | #(a) | 9/1/2049 | A3 | 3,500,000 | 3,584,696 | ||||||||
| Total | 17,044,518 | |||||||||||||
| General Obligation 9.19% | ||||||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2023 | BB | 3,330,000 | 3,362,261 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2033 | AA | 1,850,000 | 1,927,045 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2034 | AA | 4,300,000 | 4,442,253 | |||||||||
| City of Auburn NY GO | 3.50% | 8/16/2023 | NR | 10,000,000 | 10,010,465 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2026 | BBB+ | 2,125,000 | 2,183,705 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2028 | BBB+ | 4,900,000 | 5,107,881 | |||||||||
| City of Chicago IL GO | 5.25% | 1/1/2023 | BBB+ | 1,235,000 | 1,235,000 | |||||||||
| City of Chicago IL GO | 5.25% | 1/1/2027 | BBB+ | 1,665,000 | 1,700,585 | |||||||||
| City of New York NY GO | 5.00% | #(a) | 6/1/2044 | AA | 8,500,000 | 8,867,229 | ||||||||
| City of Newark NJ GO | 3.75% | 2/17/2023 | NR | 15,000,000 | 14,997,508 | |||||||||
| City of Philadelphia PA GO | 5.00% | 2/1/2025 | A | 2,140,000 | 2,234,356 | |||||||||
| City of Philadelphia PA GO | 5.00% | 2/1/2026 | A | 1,000,000 | 1,066,172 | |||||||||
| City of Philadelphia PA GO | 5.00% | 2/1/2028 | A | 2,000,000 | 2,188,649 | |||||||||
| City of San Antonio TX GO | 5.00% | 2/1/2026 | AAA | 4,300,000 | 4,407,457 | |||||||||
| City of Troy NY GO | 4.00% | 7/28/2023 | NR | 7,700,000 | 7,738,209 | |||||||||
| Clark County School District NV GO (AGM) | 3.00% | 6/15/2024 | AA | 575,000 | 576,591 | |||||||||
| Clark County School District NV GO (AGM) | 3.00% | 6/15/2025 | AA | 650,000 | 654,112 | |||||||||
| Clark County School District NV GO (AGM) | 5.00% | 6/15/2026 | AA | 500,000 | 536,021 | |||||||||
| Clark County School District NV GO (AGM) | 5.00% | 6/15/2027 | AA | 1,000,000 | 1,091,419 | |||||||||
| Commonwealth of Pennsylvania PA GO | 5.00% | 5/1/2027 | Aa3 | 5,000,000 | 5,455,985 | |||||||||
| County of Cook IL GO | 5.00% | 11/15/2027 | A+ | 2,000,000 | 2,165,408 | |||||||||
| County of Cook IL GO | 5.00% | 11/15/2028 | A+ | 2,300,000 | 2,524,118 | |||||||||
| Jersey City Redevelopment Agency NJ GO GTD | 4.00% | 12/15/2024 | Aa3 | 5,350,000 | 5,474,368 | |||||||||
| See Notes to Schedule of Investments. | 3 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Northside Independent School District TX GO GTD (PSF) | 1.60% | #(a) | 8/1/2049 | AAA | $ | 2,725,000 | $ | 2,639,329 | ||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2023 | A1 | 500,000 | 505,845 | |||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2023 | A1 | 1,250,000 | 1,264,611 | |||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2024 | A1 | 900,000 | 928,604 | |||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2025 | A1 | 1,200,000 | 1,260,073 | |||||||||
| State of California CA GO | 5.00% | 8/1/2026 | Aa2 | 7,485,000 | 7,948,025 | |||||||||
| State of Connecticut CT GO | 4.00% | 1/15/2026 | AA- | 8,245,000 | 8,543,025 | |||||||||
| State of Connecticut CT GO | 5.00% | 4/15/2025 | AA- | 7,000,000 | 7,359,577 | |||||||||
| State of Connecticut CT GO | 5.00% | 10/15/2026 | AA- | 5,000,000 | 5,420,823 | |||||||||
| State of Illinois IL GO | 5.00% | 11/1/2023 | BBB+ | 10,000,000 | 10,104,565 | |||||||||
| State of Illinois IL GO | 5.00% | 3/1/2025 | BBB+ | 5,500,000 | 5,616,928 | |||||||||
| State of Illinois IL GO | 5.00% | 3/1/2026 | BBB+ | 2,500,000 | 2,568,496 | |||||||||
| State of Illinois IL GO | 5.00% | 2/1/2028 | BBB+ | 5,990,000 | 6,158,535 | |||||||||
| State of Illinois IL GO | 5.00% | 3/1/2029 | BBB+ | 4,010,000 | 4,147,073 | |||||||||
| State of Illinois IL GO | 5.25% | 2/1/2030 | BBB+ | 3,000,000 | 3,024,812 | |||||||||
| State of Illinois IL GO | 5.375% | 5/1/2023 | BBB+ | 3,000,000 | 3,016,731 | |||||||||
| State of New Jersey NJ GO | 2.00% | 6/1/2027 | A2 | 5,000,000 | 4,713,182 | |||||||||
| State of New Jersey NJ GO | 5.00% | 6/1/2025 | A2 | 4,425,000 | 4,660,389 | |||||||||
| Western Placer Unified School District CA Special Tax | 2.00% | 6/1/2025 | NR | 2,000,000 | 1,920,864 | |||||||||
| Western Placer Unified School District CA Special Tax | 2.00% | 6/1/2025 | NR | 4,750,000 | 4,561,125 | |||||||||
| Total | 176,309,409 | |||||||||||||
| Health Care 15.03% | ||||||||||||||
| Allegheny County Hospital Development Authority - Upmc Obligated Group PA | 5.00% | 7/15/2029 | A | 4,000,000 | 4,458,615 | |||||||||
| Allegheny County Hospital Development Authority PA | 5.00% | 4/1/2026 | A | 2,500,000 | 2,647,554 | |||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | #(a) | 2/1/2040 | BB- | 4,000,000 | 3,593,332 | ||||||||
| California Municipal Finance Authority - Eisenhower Medical Center CA | 5.00% | 7/1/2026 | Baa2 | 1,345,000 | 1,404,327 | |||||||||
| California Statewide Communities Development Authority - Viamonte Sr Living 1 Inc CA | 3.00% | 7/1/2026 | AA- | 4,500,000 | 4,503,646 | |||||||||
| California Statewide Communities Development Authority - Viamonte Sr Living 1 Inc CA | 3.00% | 7/1/2027 | AA- | 2,250,000 | 2,251,949 | |||||||||
| 4 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Charlotte-Mecklenburg Hospital Authority - Atrium Health OBLIG Grp NC | 5.00% | #(a) | 1/15/2050 | AA- | $ | 10,000,000 | $ | 10,373,104 | ||||||
| City of Lenexa - Lakeview Village Inc KS | 5.00% | 5/15/2025 | BB+ | (c) | 990,000 | 997,837 | ||||||||
| City of South Miami Health Facilities Authority, Inc. - Baptist Hlth South Fl OBL FL | 5.00% | 8/15/2023 | AA- | 1,350,000 | 1,366,234 | |||||||||
| Colorado Health Facilities Authority - Adventhealth Oblig Group CO | 5.00% | #(a) | 11/15/2048 | AA | 13,525,000 | 14,151,531 | ||||||||
| Colorado Health Facilities Authority - Adventhealth Oblig Group CO | 5.00% | #(a) | 11/15/2049 | NR | 185,000 | 199,521 | ||||||||
| Colorado Health Facilities Authority - Adventhealth Oblig Group CO | 5.00% | #(a) | 11/15/2049 | NR | 1,825,000 | 1,933,826 | ||||||||
| Colorado Health Facilities Authority - Commonspirit Hlth Oblig CO | 5.00% | #(a) | 8/1/2049 | A- | 8,085,000 | 8,444,874 | ||||||||
| Colorado Health Facilities Authority - Intermountain Hlthcr Oblg CO | 5.00% | #(a) | 5/15/2062 | AA+ | 13,000,000 | 13,943,298 | ||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.00% | 2/15/2025 | BBB | 1,500,000 | 1,549,007 | |||||||||
| County of Laramie - Cheyenne Regl Med Ctr WY | 4.00% | 5/1/2025 | A+ | 290,000 | 296,859 | |||||||||
| County of Laramie - Cheyenne Regl Med Ctr WY | 4.00% | 5/1/2026 | A+ | 200,000 | 206,136 | |||||||||
| County of Laramie - Cheyenne Regl Med Ctr WY | 4.00% | 5/1/2027 | A+ | 355,000 | 368,875 | |||||||||
| County of Lehigh - Lehigh Vy Hlth Netwrk Obg PA | 5.00% | 7/1/2026 | A+ | 1,755,000 | 1,858,987 | |||||||||
| County of Lehigh - St Luke’S Hosp Oblig Grp PA | 4.76% (MUNIPSA * 1 + 1.10% | )# | 8/15/2038 | A- | 14,790,000 | 14,607,555 | ||||||||
| County of Miami-Dade - Public Hlth Trust Miami FL | 5.00% | 6/1/2026 | Aa3 | 4,165,000 | 4,350,853 | |||||||||
| Florida Development Finance Corp. - Lakeland Regl Hlth Olig FL | 5.00% | 11/15/2024 | A2 | 2,200,000 | 2,269,663 | |||||||||
| Florida Development Finance Corp. - Lakeland Regl Hlth Olig FL | 5.00% | 11/15/2026 | A2 | 1,000,000 | 1,061,707 | |||||||||
| Franklin County Industrial Development Authority - Menno-Haven Inc Oblig Grp PA | 5.00% | 12/1/2023 | NR | 500,000 | 496,006 | |||||||||
| Geisinger Authority - Geisinger Hlth Sys Oblig PA | 5.00% | #(a) | 4/1/2043 | AA- | 17,000,000 | 17,950,339 | ||||||||
| See Notes to Schedule of Investments. | 5 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| General Authority of Southcentral Pennsylvania - Wellspan Hlth Oblig Grp PA | 4.26% (MUNIPSA * 1 + .60% | )# | 6/1/2049 | Aa3 | $ | 9,000,000 | $ | 8,970,152 | ||||||
| Greeneville Health & Educational Facilities Board - Ballad Health Oblig Group TN | 5.00% | 7/1/2023 | A- | 1,500,000 | 1,512,597 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Hlth Obl TX | 4.23% (MUNIPSA * 1 + .57% | )# | 12/1/2049 | A+ | 7,770,000 | 7,720,032 | ||||||||
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Hlth Obl TX | 4.51% (MUNIPSA * 1 + .85% | )# | 7/1/2049 | A+ | 11,000,000 | 10,810,746 | ||||||||
| Health & Educational Facilities Authority of the State of Missouri - Bjc Healthcare Oblig Grp MO | 4.00% | #(a) | 5/1/2051 | AA | 12,000,000 | 12,371,998 | ||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple Univ Hlth Obl Grp PA | 5.00% | 7/1/2027 | BBB | 5,000,000 | 5,279,567 | |||||||||
| Illinois Finance Authority - Mercy Hlth Corp Oblig Grp IL | 5.00% | 12/1/2025 | A3 | 5,830,000 | 6,108,133 | |||||||||
| Illinois Finance Authority - Northshore Edward-Elmhrst IL | 5.00% | 8/15/2028 | AA- | 2,000,000 | 2,213,397 | |||||||||
| Illinois Finance Authority - Northshore Edward-Elmhrst IL | 5.00% | 8/15/2029 | AA- | 2,000,000 | 2,244,550 | |||||||||
| Illinois Finance Authority - Osf Healthcare Sys Oblig IL | 5.00% | #(a) | 5/15/2050 | A | 4,500,000 | 4,745,564 | ||||||||
| Illinois Finance Authority - Plymouth Place Obl Group IL | 5.00% | 5/15/2025 | NR | 770,000 | 792,374 | |||||||||
| Illinois Finance Authority - Univ Chicago Med Ctr Og IL | 5.00% | #(a) | 8/15/2052 | AA- | (c) | 7,200,000 | 7,760,651 | |||||||
| Indiana Finance Authority Obl Grp IN | 0.70% | #(a) | 12/1/2046 | AA | 7,000,000 | 6,515,866 | ||||||||
| Industrial Development Authority of the County of Pima - La Posada Park Centre Obl AZ† | 5.125% | 11/15/2029 | NR | 1,500,000 | 1,498,616 | |||||||||
| Kentucky Economic Development Finance Authority - Owensboro Health Inc Oblg KY | 5.00% | 6/1/2025 | Baa2 | 1,400,000 | 1,450,922 | |||||||||
| Lee Memorial Health System Obl FL | 5.00% | 4/1/2025 | A+ | 2,625,000 | 2,730,648 | |||||||||
| 6 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Maricopa County Industrial Development Authority - Banner Health Oblig Group AZ | 4.23% (MUNIPSA * 1 + .57% | )# | 1/1/2035 | AA- | $ | 4,410,000 | $ | 4,392,386 | ||||||
| Maryland Health & Higher Educational Facilities Authority - Univ of Md Med Sys Oblg MD | 5.00% | #(a) | 7/1/2045 | A | 6,250,000 | 6,469,914 | ||||||||
| Massachusetts Development Finance Agency - Beth Israel Lahey Obl Grp MA | 5.00% | 7/1/2023 | A | 600,000 | 604,454 | |||||||||
| Massachusetts Development Finance Agency - Mass General Brigham Inc MA | 4.16% (MUNIPSA * 1 + .50% | )# | 7/1/2038 | AA- | 5,000,000 | 4,998,552 | ||||||||
| Massachusetts Development Finance Agency - Mass General Brigham Inc MA | 5.00% | #(a) | 7/1/2038 | AA- | 2,000,000 | 2,034,244 | ||||||||
| Massachusetts Development Finance Agency - Wellforce Obligated Group MA | 5.00% | 7/1/2024 | BBB+ | 2,030,000 | 2,079,946 | |||||||||
| Massachusetts Development Finance Agency - Wellforce Obligated Group MA | 5.00% | 7/1/2025 | BBB+ | 800,000 | 831,564 | |||||||||
| Michigan Finance Authority - Trinity Hlth Corp Oblig MI | 5.00% | 12/1/2026 | AA- | 2,250,000 | 2,430,646 | |||||||||
| Monroeville Finance Authority - Upmc Obligated Group PA | 3.00% | 2/15/2023 | A | 2,510,000 | 2,508,197 | |||||||||
| Monroeville Finance Authority - Upmc Obligated Group PA | 5.00% | 2/15/2024 | A | 1,015,000 | 1,035,831 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson Univ Obl PA | 5.00% | 9/1/2026 | A | 1,150,000 | 1,218,674 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson Univ Obl PA | 5.00% | 9/1/2027 | A | 1,500,000 | 1,611,865 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson Univ Obl PA | 5.00% | 9/1/2028 | A | 1,850,000 | 2,014,550 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson Univ Obl PA | 5.00% | 9/1/2029 | A | 1,000,000 | 1,102,642 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Hackensack Merdn Hlth Ob NJ | 5.00% | 7/1/2026 | AA- | 3,900,000 | 4,173,701 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’S Hlthcr Oblig NJ | 5.00% | 7/1/2025 | BBB- | 1,600,000 | 1,641,535 | |||||||||
| See Notes to Schedule of Investments. | 7 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New Jersey Health Care Facilities Financing Authority - Valley Hlth Sys Oblig Grp NJ | 5.00% | 7/1/2026 | A | $ | 1,800,000 | $ | 1,900,556 | |||||||
| New Jersey Health Care Facilities Financing Authority - Valley Hlth Sys Oblig Grp NJ | 5.00% | 7/1/2027 | A | 1,250,000 | 1,336,995 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLLC NY (AGM) | 5.00% | 3/1/2029 | AA | 2,000,000 | 2,210,616 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Grp NY | 5.00% | 8/1/2024 | BBB- | 1,500,000 | 1,514,363 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Grp NY | 5.00% | 9/1/2027 | BBB- | 1,400,000 | 1,445,643 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Grp NY | 5.00% | 9/1/2028 | BBB- | 1,500,000 | 1,550,271 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Grp NY | 5.00% | 9/1/2029 | BBB- | 1,750,000 | 1,806,751 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Grp NY | 5.00% | 9/1/2030 | BBB- | 1,000,000 | 1,025,481 | |||||||||
| North Carolina Medical Care Commission - Southminster Inc Obl Grp NC | 5.00% | 10/1/2023 | NR | 750,000 | 751,567 | |||||||||
| Northampton County General Purpose Authority - St Luke’S Hosp Obl Grp PA | 3.924% (1 Mo. LIBOR * .70 + 1.04% | )# | 8/15/2048 | A- | 8,000,000 | 8,001,548 | ||||||||
| Oklahoma Development Finance Authority - Ou Medicine Obligated Grp OK | 5.00% | 8/15/2025 | BB- | 550,000 | 547,744 | |||||||||
| Oklahoma Development Finance Authority - Ou Medicine Obligated Grp OK | 5.00% | 8/15/2026 | BB- | 800,000 | 795,684 | |||||||||
| Oneida County Local Development Corp. - Mohawk Valley Hlth Obl NY (AGM) | 5.00% | 12/1/2027 | AA | 1,400,000 | 1,425,094 | |||||||||
| Oneida County Local Development Corp. - Mohawk Valley Hlth Obl NY (AGM) | 5.00% | 12/1/2028 | AA | 1,000,000 | 1,017,892 | |||||||||
| Oneida County Local Development Corp. - Mohawk Valley Hlth Obl NY (AGM) | 5.00% | 12/1/2029 | AA | 1,000,000 | 1,017,824 | |||||||||
| Pennsylvania Higher Educational Facilities Authority - Univ Of Penn Hlth Sys Obl PA | 5.00% | 8/15/2027 | AA | 1,250,000 | 1,374,462 | |||||||||
| Pennsylvania Higher Educational Facilities Authority - Univ Of Penn Hlth Sys Obl PA | 5.00% | 8/15/2028 | AA | 1,565,000 | 1,747,437 | |||||||||
| State of Ohio - Univ Hosp Hlth Sys Obl Gp OH | 4.00% | 1/15/2028 | A | 500,000 | 519,325 | |||||||||
| State of Ohio - Univ Hosp Hlth Sys Obl Gp OH | 5.00% | 1/15/2026 | A | 500,000 | 527,415 | |||||||||
| State of Ohio - Univ Hosp Hlth Sys Obl Gp OH | 5.00% | 1/15/2027 | A | 250,000 | 266,145 | |||||||||
| 8 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Tarrant County Cultural Education Facilities Finance Corp. - Baylor Scott & White Oblg TX | 5.00% | #(a) | 11/15/2052 | Aa3 | $ | 2,180,000 | $ | 2,302,227 | ||||||
| Tulsa County Industrial Authority - Montereau Obligated Group OK | 5.00% | 11/15/2026 | BBB- | (c) | 500,000 | 506,272 | ||||||||
| Washington Health Care Facilities Authority - Commonspirit Hlth Oblig WA | 5.06% (MUNIPSA * 1 + 1.40% | )# | 1/1/2035 | A- | 2,000,000 | 2,009,001 | ||||||||
| Wisconsin Health & Educational Facilities Authority - Advocate Aurora Hlth Olg WI | 5.00% | #(a) | 8/15/2054 | AA | 5,805,000 | 6,172,115 | ||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Hlth Ob WI | 5.00% | #(a) | 2/15/2052 | A- | 9,000,000 | 9,193,317 | ||||||||
| Total | 288,125,894 | |||||||||||||
| Housing 5.85% | ||||||||||||||
| California Housing Finance Agency CA | 4.00% | 3/20/2033 | BBB+ | 952,386 | 919,980 | |||||||||
| Connecticut Housing Finance Authority CT | 4.00% | 5/15/2049 | AAA | 3,715,000 | 3,728,338 | |||||||||
| Florida Housing Finance Corp. FL (GNMA/FNMA/FHLMC) | 3.00% | 1/1/2052 | Aaa | 2,535,000 | 2,465,516 | |||||||||
| Florida Housing Finance Corp. FL (GNMA/FNMA/FHLMC) | 3.00% | 7/1/2052 | Aaa | 3,375,000 | 3,268,497 | |||||||||
| Illinois Housing Development Authority IL (GNMA/FNMA/FHLMC) | 3.00% | 4/1/2051 | Aaa | 8,915,000 | 8,657,373 | |||||||||
| Industrial Development Authority of the City of Phoenix - Downtown Phoenix Std Hsg AZ | 5.00% | 7/1/2023 | Baa3 | 100,000 | 100,525 | |||||||||
| Iowa Finance Authority IA (GNMA/FNMA/FHLMC) | 3.00% | 1/1/2047 | AAA | 4,260,000 | 4,138,891 | |||||||||
| Maryland Community Development Administration MD | 3.50% | 3/1/2050 | Aa1 | 6,560,000 | 6,490,834 | |||||||||
| Maryland Community Development Administration MD | 4.00% | 9/1/2049 | Aa1 | 2,260,000 | 2,264,389 | |||||||||
| Michigan State Housing Development Authority MI | 4.25% | 12/1/2049 | AA+ | 3,755,000 | 3,787,837 | |||||||||
| Minnesota Housing Finance Agency MN (GNMA/FNMA/FHLMC) | 4.25% | 7/1/2049 | AA+ | 2,950,000 | 2,974,641 | |||||||||
| Minnesota Housing Finance Agency MN (GNMA/FNMA/FHLMC) | 5.00% | 7/1/2053 | AA+ | 7,285,000 | 7,611,567 | |||||||||
| Missouri Housing Development Commission MO (GNMA/FNMA/FHLMC) | 3.25% | 11/1/2052 | AA+ | 1,955,000 | 1,906,035 | |||||||||
| See Notes to Schedule of Investments. | 9 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Missouri Housing Development Commission MO (GNMA/FNMA/FHLMC) | 4.25% | 5/1/2047 | AA+ | $ | 3,205,000 | $ | 3,233,244 | |||||||
| New Mexico Mortgage Finance Authority NM (GNMA/FNMA/FHLMC) | 3.00% | 7/1/2052 | Aaa | 7,305,000 | 7,046,057 | |||||||||
| New York City Housing Development Corp. NY (FHA) | 0.70% | #(a) | 5/1/2060 | AA+ | 2,000,000 | 1,875,213 | ||||||||
| New York State Housing Finance Agency NY (SONYMA) | 0.75% | 11/1/2025 | Aa2 | 12,350,000 | 11,277,778 | |||||||||
| New York State Housing Finance Agency NY (SONYMA)(FHA) | 0.75% | 11/1/2025 | Aa2 | 5,000,000 | 4,569,663 | |||||||||
| North Carolina Housing Finance Agency NC (GNMA/FNMA/FHLMC) | 4.00% | 1/1/2050 | AA+ | 3,140,000 | 3,143,938 | |||||||||
| North Dakota Housing Finance Agency ND | 3.00% | 7/1/2052 | Aa1 | 4,800,000 | 4,615,903 | |||||||||
| North Dakota Housing Finance Agency ND | 4.00% | 1/1/2050 | Aa1 | 3,630,000 | 3,642,432 | |||||||||
| Ohio Housing Finance Agency OH | 4.50% | 3/1/2050 | Aaa | 3,675,000 | 3,726,117 | |||||||||
| South Carolina State Housing Finance & Development Authority SC | 4.00% | 1/1/2050 | Aaa | 3,375,000 | 3,385,678 | |||||||||
| State of New York Mortgage Agency NY | 3.50% | 4/1/2049 | Aa1 | 1,170,000 | 1,159,392 | |||||||||
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue WI | 3.00% | 3/1/2052 | AA | 3,725,000 | 3,609,147 | |||||||||
| Wisconsin Housing & Economic Development Authority Housing Revenue WI (HUD SECT 8) | 0.50% | #(a) | 11/1/2050 | AA+ | 2,250,000 | 2,101,801 | ||||||||
| Wisconsin Housing & Economic Development Authority Housing Revenue WI (HUD SECT 8) | 0.61% | #(a) | 11/1/2042 | AA+ | 2,890,000 | 2,751,422 | ||||||||
| Wisconsin Housing & Economic Development Authority Housing Revenue WI (HUD SECT 8) | 0.81% | #(a) | 11/1/2052 | AA+ | 8,250,000 | 7,776,367 | ||||||||
| Total | 112,228,575 | |||||||||||||
| Lease Obligations 2.95% | ||||||||||||||
| California State Public Works Board CA | 5.00% | 10/1/2026 | Aa3 | 1,500,000 | 1,632,844 | |||||||||
| California State Public Works Board CA | 5.00% | 10/1/2027 | Aa3 | 3,300,000 | 3,664,900 | |||||||||
| Commonwealth of Pennsylvania COPS | 5.00% | 7/1/2023 | A | 500,000 | 504,565 | |||||||||
| Commonwealth of Pennsylvania COPS | 5.00% | 7/1/2025 | A | 500,000 | 525,969 | |||||||||
| Nassau Health Care Corp. NY GTD | 5.00% | 8/1/2024 | AA- | 4,000,000 | 4,125,698 | |||||||||
| Nassau Health Care Corp. NY GTD | 5.00% | 8/1/2025 | AA- | 7,000,000 | 7,358,424 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 3/1/2023 | A3 | 3,565,000 | 3,573,605 | |||||||||
| 10 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2025 | A3 | $ | 1,250,000 | $ | 1,302,549 | |||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2026 | A3 | 4,000,000 | 4,235,464 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2027 | A3 | 410,000 | 438,796 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2028 | A3 | 400,000 | 432,315 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2029 | A3 | 500,000 | 546,880 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 12/15/2023 | A3 | 1,250,000 | 1,269,861 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 12/15/2024 | A3 | 7,000,000 | 7,247,976 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 12/15/2025 | A3 | 12,500,000 | 13,141,036 | |||||||||
| New York City Educational Construction Fund NY | 5.00% | 4/1/2025 | AA- | 3,510,000 | 3,682,380 | |||||||||
| New York City Educational Construction Fund NY | 5.00% | 4/1/2026 | AA- | 2,690,000 | 2,881,416 | |||||||||
| Total | 56,564,678 | |||||||||||||
| Other Revenue 4.68% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2049 | A1 | 12,325,000 | 12,192,475 | ||||||||
| California Infrastructure & Economic Development Bank - California Acdmy Sciences CA | 4.01% (MUNIPSA * 1 + .35% | )# | 8/1/2047 | A2 | 6,000,000 | 5,917,643 | ||||||||
| California Infrastructure & Economic Development Bank - J Paul Getty Trust CA | 3.00% | #(a) | 10/1/2047 | AAA | 5,000,000 | 5,011,379 | ||||||||
| California Infrastructure & Economic Development Bank - Museum Associates CA | 4.36% (MUNIPSA * 1 + .70% | )# | 12/1/2050 | A3 | 6,500,000 | 6,271,530 | ||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 5.25% | 8/15/2026 | NR | 1,605,000 | 1,622,850 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 5.25% | 8/15/2028 | NR | 1,920,000 | 1,933,853 | |||||||||
| Delaware Academy Central School District at Delhi NY GO | 3.75% | 6/29/2023 | NR | 10,025,000 | 10,037,840 | |||||||||
| See Notes to Schedule of Investments. | 11 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Illinois Finance Authority - Field Museum Natural Hist IL | 4.21% (SOFR * .70 + 1.20% | )# | 11/1/2034 | A | $ | 4,435,000 | $ | 4,426,366 | ||||||
| Industrial Development Authority of the County of Pima - Edkey Obligated Group AZ† | 3.50% | 7/1/2025 | NR | 1,220,000 | 1,180,575 | |||||||||
| Lower Alabama Gas District AL | 4.00% | #(a) | 12/1/2050 | A2 | 22,250,000 | 22,080,068 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2025 | A3 | 4,850,000 | 4,949,814 | |||||||||
| Patriots Energy Group Financing Agency SC | 4.00% | #(a) | 10/1/2048 | Aa1 | 8,000,000 | 7,993,770 | ||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | #(a) | 5/15/2051 | AA+ | 5,700,000 | 6,059,660 | ||||||||
| Total | 89,677,823 | |||||||||||||
| Special Tax 1.20% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2023 | Ba3 | 130,000 | 130,398 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2028 | NR | 3,575,000 | 3,578,970 | |||||||||
| Atlanta Urban Redevelopment Agency GA† | 2.375% | 7/1/2026 | NR | 275,000 | 259,199 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 5.00% | 1/1/2027 | AA | 1,000,000 | 1,073,306 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 5.00% | 1/1/2028 | AA | 650,000 | 707,881 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 5.00% | 1/1/2029 | AA | 850,000 | 938,381 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 8.625% (CPI YoY * 1 + .88% | )# | 3/1/2026 | Baa1 | 2,000,000 | 2,048,023 | ||||||||
| Peninsula Town Center Community Development Authority VA† | 4.00% | 9/1/2023 | NR | 70,000 | 69,344 | |||||||||
| State of Connecticut Special Tax Revenue CT | 5.00% | 1/1/2026 | AA | 5,000,000 | 5,344,700 | |||||||||
| State of Connecticut Special Tax Revenue CT | 5.00% | 5/1/2026 | AA | 2,250,000 | 2,421,450 | |||||||||
| State of Connecticut Special Tax Revenue CT | 5.00% | 5/1/2027 | AA | 3,000,000 | 3,286,420 | |||||||||
| 12 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Village Community Development District No. 12 FL† | 3.25% | 5/1/2023 | NR | $ | 165,000 | $ | 164,619 | |||||||
| Village Community Development District No. 13 FL† | 1.875% | 5/1/2025 | NR | 1,740,000 | 1,633,610 | |||||||||
| Village Community Development District No. 13 FL | 2.625% | 5/1/2024 | NR | 130,000 | 126,589 | |||||||||
| Village Community Development District No. 13 FL† | 2.625% | 5/1/2030 | NR | 1,470,000 | 1,260,449 | |||||||||
| Total | 23,043,339 | |||||||||||||
| Tax Revenue 9.83% | ||||||||||||||
| Anaheim Public Financing Authority CA (AGM) | 5.00% | 9/1/2026 | AA | 7,500,000 | 8,041,564 | |||||||||
| Burnt Hills-Ballston Lake Central School District NY GO | 3.25% | 6/22/2023 | NR | 10,000,000 | 10,005,717 | |||||||||
| Carthage Central School District NY GO | 3.00% | 6/27/2023 | NR | 10,000,000 | 10,000,288 | |||||||||
| City of Sparks NV† | 2.50% | 6/15/2024 | Ba2 | 45,000 | 43,660 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba2 | 300,000 | 268,153 | |||||||||
| County of Jefferson AL | 5.00% | 9/15/2023 | AA | 2,000,000 | 2,026,891 | |||||||||
| County of Miami-Dade FL | 5.00% | 4/1/2025 | AA | 6,505,000 | 6,827,366 | |||||||||
| East Syracuse-Minoa Central School District NY GO | 3.00% | 6/28/2023 | NR | 20,000,000 | 20,005,414 | |||||||||
| Geneva City School District NY GO | 3.25% | 6/23/2023 | NR | 11,155,000 | 11,175,492 | |||||||||
| Gowanda Central School District NY GO | 3.00% | 6/20/2023 | NR | 10,000,000 | 9,988,702 | |||||||||
| Hoosick Falls Central School District NY GO | 3.75% | 8/4/2023 | NR | 10,000,000 | 10,012,676 | |||||||||
| Horseheads Central School District NY GO | 3.00% | 6/22/2023 | NR | 10,000,000 | 9,979,834 | |||||||||
| Hudson County Improvement Authority NJ GTD | 3.00% | 8/4/2023 | NR | 6,250,000 | 6,246,817 | |||||||||
| Johnson City Central School District NY GO | 3.25% | 6/27/2023 | NR | 10,000,000 | 10,004,086 | |||||||||
| Middle Country Central School District At Centereach NY GO | 3.50% | 6/28/2023 | NR | 15,000,000 | 15,034,224 | |||||||||
| Monticello Central School District NY GO | 3.25% | 6/28/2023 | NR | 15,000,000 | 14,999,730 | |||||||||
| New York State Dormitory Authority NY (AGM) | 5.00% | 10/1/2024 | AA | 5,000 | 5,190 | |||||||||
| New York State Dormitory Authority NY (AGM) | 5.00% | 10/1/2024 | AA | 2,245,000 | 2,333,961 | |||||||||
| New York State Dormitory Authority NY (AGM) | 5.00% | 10/1/2025 | AA | 1,650,000 | 1,752,801 | |||||||||
| Onondaga Central School District NY GO | 3.75% | 6/30/2023 | NR | 14,500,000 | 14,524,380 | |||||||||
| Sales Tax Securitization Corp. IL | 5.00% | 1/1/2025 | AA- | 5,000,000 | 5,185,735 | |||||||||
| See Notes to Schedule of Investments. | 13 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| State of Connecticut Special Tax Revenue CT | 5.00% | 5/1/2025 | AA | $ | 850,000 | $ | 895,142 | |||||||
| State of Connecticut Special Tax Revenue CT | 5.00% | 5/1/2026 | AA | 1,300,000 | 1,399,060 | |||||||||
| State of Illinois Sales Tax Revenue IL | 5.00% | 6/15/2024 | A- | 7,260,000 | 7,402,615 | |||||||||
| State of Maryland Department of Transportation MD | 4.00% | 9/1/2026 | AAA | 4,750,000 | 4,973,047 | |||||||||
| Territory of Guam GU | 5.00% | 1/1/2029 | Ba1 | 750,000 | 793,459 | |||||||||
| Virginia Small Business Financing Authority - Natl Senior Cmntys Oblig VA | 5.00% | 1/1/2023 | A | (c) | 925,000 | 925,000 | ||||||||
| Virginia Small Business Financing Authority - Natl Senior Cmntys Oblig VA | 5.00% | 1/1/2025 | A | (c) | 1,300,000 | 1,334,599 | ||||||||
| Virginia Small Business Financing Authority - Natl Senior Cmntys Oblig VA | 5.00% | 1/1/2027 | A | (c) | 1,000,000 | 1,051,011 | ||||||||
| Virginia Small Business Financing Authority - Natl Senior Cmntys Oblig VA | 5.00% | 1/1/2028 | A | (c) | 1,100,000 | 1,169,135 | ||||||||
| Total | 188,405,749 | |||||||||||||
| Tobacco 1.08% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2029 | A | 11,210,000 | 11,946,604 | |||||||||
| California County Tobacco Securitization Agency CA | 5.00% | 6/1/2024 | A | 600,000 | 611,995 | |||||||||
| California County Tobacco Securitization Agency CA | 5.00% | 6/1/2025 | A | 650,000 | 671,247 | |||||||||
| California County Tobacco Securitization Agency CA | 5.00% | 6/1/2026 | A | 1,125,000 | 1,171,758 | |||||||||
| Commonwealth Financing Authority PA | 5.00% | 6/1/2023 | A1 | 1,125,000 | 1,132,284 | |||||||||
| Commonwealth Financing Authority PA | 5.00% | 6/1/2024 | A1 | 5,000,000 | 5,121,455 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 3.20% | 6/1/2027 | A | 20,000 | 19,941 | |||||||||
| Total | 20,675,284 | |||||||||||||
| Transportation 9.85% | ||||||||||||||
| Bay Area Toll Authority CA | 4.91% (MUNIPSA * 1 + 1.25% | )# | 4/1/2036 | AA | 2,375,000 | 2,395,466 | ||||||||
| Central Texas Regional Mobility Authority TX | 5.00% | 1/1/2025 | BBB+ | 2,500,000 | 2,565,291 | |||||||||
| Central Texas Regional Mobility Authority TX | 5.00% | 1/1/2027 | BBB+ | 15,000,000 | 15,757,421 | |||||||||
| Chesapeake Bay Bridge & Tunnel District VA | 5.00% | 11/1/2023 | BBB | 9,000,000 | 9,082,954 | |||||||||
| 14 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2029 | A+ | $ | 2,500,000 | $ | 2,514,377 | |||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2031 | A+ | 4,750,000 | 4,777,409 | |||||||||
| Chicago Transit Authority IL | 5.00% | 6/1/2025 | A | 2,000,000 | 2,073,684 | |||||||||
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2026 | A+ | 1,750,000 | 1,894,281 | |||||||||
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2027 | A+ | 1,415,000 | 1,557,116 | |||||||||
| E-470 Public Highway Authority CO | 3.231% (SOFR * .67 + .35% | )# | 9/1/2039 | A | 3,375,000 | 3,350,111 | ||||||||
| Hampton Roads Transportation Accountability Commission VA | 5.00% | 7/1/2026 | Aa2 | 15,120,000 | 16,290,657 | |||||||||
| Illinois State Toll Highway Authority IL | 5.00% | 1/1/2024 | AA- | 7,215,000 | 7,363,532 | |||||||||
| Louisiana Offshore Terminal Authority - Loop LLC LA | 1.65% | #(a) | 9/1/2027 | A3 | 3,500,000 | 3,443,442 | ||||||||
| Maryland Economic Development Corp. - Consol Marine Terminals L MD | 5.75% | 9/1/2025 | BB | 3,505,000 | 3,534,371 | |||||||||
| Metropolitan Transportation Authority NY | 3.28% | #(a) | 11/1/2030 | Aa1 | 2,625,000 | 2,625,000 | ||||||||
| Metropolitan Transportation Authority NY | 3.28% | #(a) | 11/1/2035 | Aa1 | 14,100,000 | 14,100,000 | ||||||||
| Metropolitan Transportation Authority NY | 5.00% | 2/1/2023 | NR | 20,000,000 | 20,014,914 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2033 | A3 | 5,400,000 | 5,412,754 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | #(a) | 11/15/2045 | A3 | 6,500,000 | 6,894,021 | ||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2023 | A+ | 7,210,000 | 7,264,703 | |||||||||
| New Jersey Turnpike Authority NJ | 5.00% | 1/1/2027 | AA- | 3,200,000 | 3,472,187 | |||||||||
| New Jersey Turnpike Authority NJ | 5.00% | 1/1/2028 | AA- | 8,000,000 | 8,602,370 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY | 5.00% | 12/1/2024 | Baa1 | 1,000,000 | 1,035,544 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY | 5.00% | 12/1/2025 | Baa1 | 400,000 | 420,218 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY | 5.00% | 12/1/2026 | Baa1 | 1,795,000 | 1,900,876 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY | 5.00% | 12/1/2028 | Baa1 | 1,390,000 | 1,486,925 | |||||||||
| North Carolina Turnpike Authority NC (AGM) | 5.00% | 1/1/2028 | AA | 1,500,000 | 1,606,079 | |||||||||
| Pennsylvania Turnpike Commission PA | 5.00% | 12/1/2025 | A1 | 150,000 | 159,818 | |||||||||
| Pennsylvania Turnpike Commission PA | 5.00% | 12/1/2025 | A | 750,000 | 792,616 | |||||||||
| Pennsylvania Turnpike Commission PA | 5.00% | 12/1/2026 | A1 | 400,000 | 433,967 | |||||||||
| Pennsylvania Turnpike Commission PA | 5.00% | 12/1/2026 | A | 750,000 | 806,472 | |||||||||
| Regional Transportation District - Denver Transit Partners CO | 3.00% | 1/15/2026 | Baa1 | 900,000 | 876,036 | |||||||||
| See Notes to Schedule of Investments. | 15 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Regional Transportation District - Denver Transit Partners CO | 5.00% | 7/15/2027 | Baa1 | $ | 1,000,000 | $ | 1,041,910 | |||||||
| State of Illinois IL GO | 5.00% | 11/1/2025 | BBB+ | 3,000,000 | 3,075,995 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - Lbj Infrastructure Group TX | 4.00% | 12/31/2030 | Baa2 | 3,000,000 | 3,002,143 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 3.261% (SOFR * .67 + .38% | )# | 1/1/2032 | AA- | 6,610,000 | 6,532,945 | ||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 8/15/2024 | NR | 20,000,000 | 20,671,242 | |||||||||
| Total | 188,828,847 | |||||||||||||
| Utilities 19.47% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 7/1/2052 | Aa1 | 3,000,000 | 2,980,249 | ||||||||
| Central Plains Energy Project NE | 5.00% | 9/1/2027 | BBB+ | 1,305,000 | 1,365,520 | |||||||||
| Central Plains Energy Project NE | 5.061% (SOFR * .67 + 2.18% | )# | 5/1/2053 | A2 | 20,000,000 | 20,132,486 | ||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2028 | AA | 2,500,000 | 2,680,493 | |||||||||
| City of Rockport - Indiana Michigan Pwr Co IN | 3.05% | 6/1/2025 | A- | 3,500,000 | 3,506,195 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% | 2/1/2024 | Aa2 | 1,250,000 | 1,278,023 | |||||||||
| Cleveland Department of Public Utilities Division of Public Power OH (AGM) | 5.00% | 11/15/2026 | AA | 1,190,000 | 1,285,420 | |||||||||
| Cleveland Department of Public Utilities Division of Public Power OH (AGM) | 5.00% | 11/15/2027 | AA | 2,280,000 | 2,506,340 | |||||||||
| Cleveland Department of Public Utilities Division of Public Power OH (AGM) | 5.00% | 11/15/2029 | AA | 1,000,000 | 1,132,287 | |||||||||
| County of Escambia - Gulf Power Company FL | 2.60% | 6/1/2023 | A1 | 3,000,000 | 2,988,296 | |||||||||
| Delaware State Economic Development Authority - Nrg Energy Inc DE | 1.25% | #(a) | 10/1/2040 | BBB- | 10,000,000 | 9,275,650 | ||||||||
| Delaware State Economic Development Authority - Nrg Energy Inc DE | 1.25% | #(a) | 10/1/2045 | BBB- | 11,000,000 | 10,203,215 | ||||||||
| Delaware State Economic Development Authority DE | 1.05% | #(a) | 1/1/2031 | A | 6,315,000 | 5,982,648 | ||||||||
| Development Authority of Appling County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2038 | BBB+ | 1,250,000 | 1,181,838 | ||||||||
| Development Authority of Burke County - Georgia Power Company GA | 2.875% | #(a) | 12/1/2049 | BBB+ | 5,650,000 | 5,579,239 | ||||||||
| 16 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Development Authority of Monroe County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2039 | BBB+ | $ | 1,875,000 | $ | 1,772,756 | ||||||
| Indiana Finance Authority - Indianapolis Pwr & Lt Co IN | 0.65% | 8/1/2025 | A2 | 4,500,000 | 4,118,429 | |||||||||
| Jersey City Municipal Utilities Authority NJ | 3.75% | 5/5/2023 | NR | 15,000,000 | 14,997,054 | |||||||||
| Kentucky Municipal Power Agency KY | 3.45% | #(a) | 9/1/2042 | Baa1 | 1,700,000 | 1,669,837 | ||||||||
| Kentucky Public Energy Authority KY | 4.00% | #(a) | 4/1/2048 | A1 | 3,110,000 | 3,104,911 | ||||||||
| Kentucky Public Energy Authority KY | 4.00% | #(a) | 1/1/2049 | A2 | 1,775,000 | 1,762,372 | ||||||||
| Lansing Board of Water & Light MI | 2.00% | #(a) | 7/1/2051 | AA- | 11,500,000 | 10,898,584 | ||||||||
| Long Island Power Authority NY | 0.85% | #(a) | 9/1/2050 | A | 12,000,000 | 11,186,519 | ||||||||
| Long Island Power Authority NY | 1.50% | #(a) | 9/1/2051 | A | 19,000,000 | 17,659,521 | ||||||||
| Long Island Power Authority NY | 1.65% | #(a) | 9/1/2049 | A | 4,000,000 | 3,866,826 | ||||||||
| Long Island Power Authority NY | 3.634% (1 Mo. LIBOR * ..70 + .75% | )# | 5/1/2033 | A | 10,000,000 | 9,994,684 | ||||||||
| Long Island Power Authority NY | 4.11% (MUNIPSA * 1 + .45% | )# | 9/1/2038 | A | 20,000,000 | 19,599,646 | ||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2026 | A | 500,000 | 540,983 | |||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2027 | A | 500,000 | 550,686 | |||||||||
| Long Island Power Authority NY | 5.00% | #(a) | 9/1/2052 | A | 20,000,000 | 21,505,752 | ||||||||
| Louisa Industrial Development Authority - Virginia Elec & Pwr Co VA | 0.75% | #(a) | 11/1/2035 | A2 | 6,000,000 | 5,442,404 | ||||||||
| Louisa Industrial Development Authority - Virginia Elec & Pwr Co VA | 1.90% | #(a) | 11/1/2035 | A2 | 5,000,000 | 4,944,600 | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority LA | 0.875% | #(a) | 2/1/2046 | A+ | 16,000,000 | 15,099,014 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 20,000,000 | 18,811,740 | ||||||||
| Nebraska Public Power District NE | 0.60% | #(a) | 1/1/2051 | A+ | 15,000,000 | 14,793,081 | ||||||||
| North Carolina Capital Facilities Finance Agency - Republic Services Inc NC | 2.90% | #(a) | 7/1/2034 | BBB+ | 20,000,000 | 19,982,408 | ||||||||
| Northern California Energy Authority CA | 4.00% | #(a) | 7/1/2049 | A2 | 5,000,000 | 4,996,637 | ||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2024 | A | 800,000 | 822,896 | |||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 4.31% (MUNIPSA * 1 + .65% | )# | 9/1/2040 | AA | 17,500,000 | 17,484,129 | ||||||||
| Puerto Rico Electric Power Authority PR(d) | 5.25% | 7/1/2018 | NR | 2,000,000 | 1,445,000 | |||||||||
| San Antonio Water System TX | 2.625% | #(a) | 5/1/2049 | AA+ | 11,415,000 | 11,363,419 | ||||||||
| See Notes to Schedule of Investments. | 17 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||||
| Utilities (continued) | ||||||||||||||||
| Southeast Energy Authority A Cooperative District AL | 4.671% (SOFR * .67 + 1.79% | )# | 5/1/2053 | A2 | $ | 18,000,000 | $ | 17,834,249 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. III TX | 5.00% | 12/15/2023 | A3 | 3,000,000 | 3,023,081 | |||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. III TX | 5.00% | 12/15/2024 | A3 | 2,785,000 | 2,831,908 | |||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. III TX | 5.00% | 12/15/2025 | A3 | 4,000,000 | 4,104,122 | |||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. III TX | 5.00% | 12/15/2026 | A3 | 1,000,000 | 1,031,522 | |||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. III TX | 5.00% | 12/15/2027 | A3 | 5,875,000 | 6,087,549 | |||||||||||
| Texas Municipal Power Agency TX (AGM) | 3.00% | 9/1/2025 | AA | 750,000 | 744,057 | |||||||||||
| Texas Municipal Power Agency TX (AGM) | 3.00% | 9/1/2026 | AA | 1,100,000 | 1,090,111 | |||||||||||
| West Virginia Economic Development Authority - Appalachian Power Co WV | 0.625% | #(a) | 12/1/2038 | A- | 8,500,000 | 7,669,484 | ||||||||||
| West Virginia Economic Development Authority - Appalachian Power Co WV | 2.55% | #(a) | 3/1/2040 | A- | 2,200,000 | 2,156,778 | ||||||||||
| Wise County Industrial Development Authority - Virginia Elec & Pwr Co VA | 0.75% | #(a) | 10/1/2040 | A2 | 12,000,000 | 10,884,808 | ||||||||||
| York County Economic Development Authority - Virginia Elec & Pwr Co VA | 1.90% | #(a) | 5/1/2033 | A2 | 5,500,000 | 5,439,059 | ||||||||||
| Total | 373,388,515 | |||||||||||||||
| Total Municipal Bonds (cost $1,774,776,908) | 1,714,671,632 | |||||||||||||||
| Interest Rate# | Interest Rate Reset Date(e) | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 9.79% | ||||||||||||||||
| Variable Rate Demand Notes 9.79% | ||||||||||||||||
| Corporate-Backed 1.93% | ||||||||||||||||
| Mobile IDB - AL Power | 3.750% | 1/3/2023 | 12/1/2037 | A1 | 35,965,000 | 35,965,000 | ||||||||||
| MS Business Fin Corp - PSL | 4.950% | 1/3/2023 | 11/1/2032 | BBB- | 1,000,000 | 1,000,000 | ||||||||||
| Total | 36,965,000 | |||||||||||||||
| 18 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2022
| Investments | Interest Rate# | Interest Rate Reset Date(e) | Final Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| General Obligation 2.27% | ||||||||||||||||
| NYC GO ARS | 3.860% | 1/3/2023 | 4/1/2042 | AA | $ | 10,000,000 | $ | 10,000,000 | ||||||||
| NYC GO ARS | 4.000% | 1/3/2023 | 4/1/2042 | AA | 13,000,000 | 13,000,000 | ||||||||||
| NYC GO ARS | 4.000% | 1/3/2023 | 10/1/2046 | AA | 20,600,000 | 20,600,000 | ||||||||||
| Total | 43,600,000 | |||||||||||||||
| Health Care 0.91% | ||||||||||||||||
| AL Hlth Care Auth - Baptist Health | 4.330% | 1/3/2023 | 11/1/2042 | A3 | 17,055,000 | 17,055,000 | ||||||||||
| OH State - Univ Hosp | 3.910% | 1/3/2023 | 1/15/2049 | A | 500,000 | 500,000 | ||||||||||
| Total | 17,555,000 | |||||||||||||||
| Tax Revenue 2.83% | ||||||||||||||||
| NYC TFA - Future Tax | 3.400% | 1/3/2023 | 5/1/2034 | AAA | 1,740,000 | 1,740,000 | ||||||||||
| NYC TFA - Future Tax | 3.650% | 1/3/2023 | 2/1/2045 | AAA | 36,890,000 | 36,890,000 | ||||||||||
| NYC TFA - Future Tax | 3.650% | 1/3/2023 | 2/1/2045 | AAA | 15,620,000 | 15,620,000 | ||||||||||
| Total | 54,250,000 | |||||||||||||||
| Utilities 1.85% | ||||||||||||||||
| Appling Co Dev - GA Power | 3.950% | 1/3/2023 | 9/1/2041 | BBB+ | 27,200,000 | 27,200,000 | ||||||||||
| NYC Muni Water | 3.630% | 1/3/2023 | 6/15/2045 | AA+ | 8,190,000 | 8,190,000 | ||||||||||
| Total | 35,390,000 | |||||||||||||||
| Total Short-Term Investments (cost $187,760,000) | 187,760,000 | |||||||||||||||
| Total Investments in Securities 99.22% (cost $1,962,536,908) | 1,902,431,632 | |||||||||||||||
| Other Assets and Liabilities – Net 0.78% | 14,976,414 | |||||||||||||||
| Net Assets 100.00% | $ | 1,917,408,046 | ||||||||||||||
| AGM | Insured by - Assured Guaranty Municipal Corporation. | |
| AMBAC | Insured by - AMBAC Assurance Corporation. | |
| COPS | Certificates of Participation. | |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| FHA | Insured by - Federal Housing Administration. | |
| FHLMC | Insured by - Federal Home Loan Mortgage Corporation. | |
| FNMA | Insured by - Federal National Mortgage Association. | |
| GNMA | Insured by - Government National Mortgage Association. | |
| GTD | Guaranteed. | |
| HUD | Insured by - Department of Housing and Urban Development. | |
| LIBOR | London Interbank Offered Rate. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield. | |
| NR | Not Rated. | |
| PSF | Permanent School Fund. | |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. | |
| SOFR | Secured Overnight Financing Rate. | |
| SONYMA | State of New York Mortgage Agency. | |
| YoY | Year on Year Inflation Rates. |
| See Notes to Schedule of Investments. | 19 |
Schedule of Investments (unaudited)(concluded)
SHORT DURATION TAX FREE FUND December 31, 2022
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 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 December 31, 2022, the total value of Rule 144A securities was $35,713,071, 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) | 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) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
The following is a summary of the inputs used as of December 31, 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 | $ | – | $ | 145,037,389 | $ | 1,270,935 | $ | 146,308,324 | ||||||||
| Education | – | 19,068,595 | 15,002,082 | 34,070,677 | ||||||||||||
| Remaining Industries | – | 1,534,292,631 | – | 1,534,292,631 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 187,760,000 | – | 187,760,000 | ||||||||||||
| Total | $ | – | $ | 1,886,158,615 | $ | 16,273,017 | $ | 1,902,431,632 | ||||||||
| (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, 2022 | $ | 28,124,780 | ||
| Accrued Discounts (Premiums) | (5,399 | ) | ||
| Realized Gain (Loss) | – | |||
| Change in Unrealized Appreciation (Depreciation) | 79,719 | |||
| Purchases | – | |||
| Sales | – | |||
| Transfers into Level 3(a) | 1,274,394 | |||
| Transfers out of Level 3(a) | (13,200,477 | ) | ||
| Balance as of December 31, 2022 | $ | 16,273,017 | ||
| Change in unrealized appreciation/depreciation for the period ended December 31, 2022, related to Level 3 investments held at December 31, 2022 | $ | 79,719 | ||
| (a) | The fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology. |
| 20 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 98.94% | ||||||||||||||
| MUNICIPAL BONDS 98.94% | ||||||||||||||
| Corporate-Backed 10.81% | ||||||||||||||
| Allegheny County Industrial Development Authority - US Steel Corporation PA | 4.875% | 11/1/2024 | BB- | $ | 4,300,000 | $ | 4,312,738 | |||||||
| Arizona Industrial Development Authority AZ | 3.625% | 5/20/2033 | BBB | 14,162,675 | 13,762,000 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 41,055,000 | 40,579,694 | ||||||||
| Build NYC Resource Corp. - Pratt Paper NY Inc. NY AMT† | 4.50% | 1/1/2025 | NR | 2,060,000 | 2,078,035 | |||||||||
| Build NYC Resource Corp. - Pratt Paper NY Inc. NY AMT† | 5.00% | 1/1/2035 | NR | 550,000 | 556,225 | |||||||||
| California Municipal Finance Authority - Waste Mgmt Inc CA AMT | 2.40% | #(a) | 10/1/2044 | A- | 9,850,000 | 8,791,193 | ||||||||
| California Municipal Finance Authority - Waste Mgmt Inc CA AMT | 3.50% | # | 10/1/2045 | A- | 7,500,000 | 7,493,247 | ||||||||
| California Municipal Finance Authority - Waste Mgmt Inc CA AMT | 4.125% | #(a) | 10/1/2041 | NR | 7,250,000 | 7,235,681 | ||||||||
| California Pollution Control Financing Authority - Waste Mgmt Inc CA AMT | 3.00% | 11/1/2025 | A- | 9,850,000 | 9,499,712 | |||||||||
| Chandler Industrial Development Authority - Intel Corporation AZ AMT | 5.00% | #(a) | 9/1/2052 | A1 | 11,000,000 | 11,483,625 | ||||||||
| City of Granite City - Waste Mgmt Of Il Inc IL AMT | 1.25% | 5/1/2027 | A- | 5,485,000 | 4,722,787 | |||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 3.70% | 1/1/2032 | NR | 8,700,000 | 8,295,321 | |||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 4.45% | 1/1/2042 | NR | 1,500,000 | 1,368,638 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 4.00% | 7/1/2041 | B- | 2,450,000 | 2,084,110 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 4.00% | 7/15/2041 | B- | 5,700,000 | 4,847,777 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/1/2029 | Ba3 | 2,295,000 | 2,300,866 | |||||||||
| City of Valparaiso - Pratt Paper Llc IN AMT | 6.75% | 1/1/2034 | NR | 5,000,000 | 5,122,066 | |||||||||
| City of Valparaiso - Pratt Paper LLC IN AMT | 5.875% | 1/1/2024 | NR | 220,000 | 222,526 | |||||||||
| County of Nez Perce - Potlatchdeltic Corp ID | 2.75% | 10/1/2024 | BBB- | 10,500,000 | 10,324,221 | |||||||||
| See Notes to Schedule of Investments. | 21 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| County of Warren - International Paper Co MS | 2.90% | #(a) | 9/1/2032 | BBB | $ | 7,500,000 | $ | 7,462,316 | ||||||
| Development Authority of Burke County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2040 | BBB+ | 3,750,000 | 3,545,513 | ||||||||
| Development Authority of Rockdale County - Pratt Paper LLC GA AMT† | 4.00% | 1/1/2038 | NR | 5,205,000 | 4,721,959 | |||||||||
| Downtown Doral South Community Development District FL† | 4.25% | 12/15/2028 | NR | 250,000 | 243,104 | |||||||||
| Downtown Doral South Community Development District FL† | 4.75% | 12/15/2038 | NR | 625,000 | 591,914 | |||||||||
| Florida Development Finance Corp. - Waste Pro Usa Inc FL AMT† | 5.00% | 5/1/2029 | NR | 2,640,000 | 2,456,467 | |||||||||
| Greater Orlando Aviation Authority - Jetblue Airways Corp FL | 5.00% | 11/15/2026 | NR | 2,980,000 | 2,982,750 | |||||||||
| Hoover Industrial Development Board - US Steel Corporation AL AMT | 6.375% | #(a) | 11/1/2050 | BB- | 8,525,000 | 9,456,128 | ||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp IN | 2.50% | 11/1/2030 | Baa3 | 1,000,000 | 853,845 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp IN | 3.00% | 11/1/2030 | Baa3 | 3,000,000 | 2,658,567 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp IN | 3.00% | 11/1/2030 | Baa3 | 9,850,000 | 8,728,961 | |||||||||
| Indiana Finance Authority - US Steel Corporation IN | 4.125% | 12/1/2026 | BB- | 1,625,000 | 1,589,100 | |||||||||
| Indiana Finance Authority - US Steel Corporation IN AMT | 6.75% | 5/1/2039 | BB- | 1,500,000 | 1,691,940 | |||||||||
| Indianapolis Local Public Improvement Bond Bank IN AMT | 5.00% | 1/1/2026 | A1 | 9,425,000 | 9,714,809 | |||||||||
| Indianapolis Local Public Improvement Bond Bank IN AMT | 5.00% | 1/1/2027 | A1 | 8,300,000 | 8,538,129 | |||||||||
| Industrial Development Authority of the County of Yavapai - Waste Mgmt Inc AZ AMT | 1.30% | 6/1/2027 | A- | 4,650,000 | 4,001,794 | |||||||||
| Industrial Pollution Control Financing Authority of Gloucester County - Logan Generating Co LP NJ AMT | 5.00% | 12/1/2024 | NR | 735,000 | 746,154 | |||||||||
| Iowa Finance Authority - Howmet Aerospace Inc IA | 4.75% | 8/1/2042 | BB+ | 1,250,000 | 1,176,958 | |||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC IA | 4.00% | #(a) | 12/1/2050 | BBB- | 11,050,000 | 10,594,770 | ||||||||
| 22 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - Westlake Chemical Corp LA | 3.50% | 11/1/2032 | BBB | $ | 14,525,000 | $ | 13,578,984 | |||||||
| Maricopa County Industrial Development Authority - Commercial Metals Co AZ AMT† | 4.00% | 10/15/2047 | BB+ | 2,000,000 | 1,624,509 | |||||||||
| Maricopa County Pollution Control Corp. - Southern Ca Edison Co AZ | 2.40% | 6/1/2035 | A- | 7,500,000 | 5,710,738 | |||||||||
| Maryland Economic Development Corp. MD(b) | 5.00% | 12/1/2016 | NR | 2,570,000 | 1,542,000 | |||||||||
| Massachusetts Development Finance Agency - Waste Mgmt of Ma Inc MA AMT† | 1.25% | 5/1/2027 | A- | 3,250,000 | 2,798,370 | |||||||||
| Matagorda County Navigation District No. 1 - Aep Texas Inc TX | 2.60% | 11/1/2029 | A- | 6,800,000 | 6,054,207 | |||||||||
| Matagorda County Navigation District No. 1 - Aep Texas Inc TX | 4.00% | 6/1/2030 | A- | 8,000,000 | 8,000,331 | |||||||||
| Matagorda County Navigation District No. 1 - Aep Texas Inc TX (AMBAC) | 4.40% | 5/1/2030 | A- | 3,500,000 | 3,600,133 | |||||||||
| Michigan Strategic Fund - Graphic Packaging Intl MI AMT | 4.00% | #(a) | 10/1/2061 | BB | 4,640,000 | 4,481,612 | ||||||||
| Michigan Strategic Fund - Waste Mgmt of Mi Inc MI | 0.58% | #(a) | 8/1/2027 | A- | 3,000,000 | 2,814,440 | ||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 10,000,000 | 9,640,263 | |||||||||
| Mississippi Business Finance Corp. - Enviva Inc MS AMT | 7.75% | #(a) | 7/15/2047 | B1 | 9,200,000 | 9,270,428 | ||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp NH AMT† | 3.75% | #(a) | 7/1/2045 | B | 1,970,000 | 1,572,488 | ||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp NH AMT† | 4.00% | 11/1/2027 | B | 4,225,000 | 4,028,178 | |||||||||
| New Hampshire Business Finance Authority - New York St Elec & Gas NH AMT | 4.00% | 12/1/2028 | A- | 2,500,000 | 2,545,315 | |||||||||
| New Hampshire Business Finance Authority NH | 4.125% | 1/20/2034 | BBB | 4,789,438 | 4,647,023 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc NJ | 5.25% | 9/15/2029 | Ba3 | 17,395,000 | 17,310,899 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc NJ | 5.50% | 6/1/2033 | Ba3 | 1,500,000 | 1,506,456 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2030 | A3 | 2,000,000 | 2,201,324 | |||||||||
| See Notes to Schedule of Investments. | 23 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2033 | A3 | $ | 2,000,000 | $ | 2,107,215 | |||||||
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 3,500,000 | 3,501,212 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC NY† | 5.15% | 11/15/2034 | NR | 1,875,000 | 1,816,649 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC NY† | 7.25% | 11/15/2044 | NR | 1,920,000 | 1,929,675 | |||||||||
| New York Liberty Development Corp. NY | 2.50% | 11/15/2036 | A+ | 2,500,000 | 1,941,846 | |||||||||
| New York State Energy Research & Development Authority NY | 3.50% | 10/1/2029 | A- | 8,200,000 | 8,111,354 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc NY AMT | 2.75% | #(a) | 9/1/2050 | B+ | 2,900,000 | 2,732,986 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc NY AMT† | 2.875% | #(a) | 12/1/2044 | B+ | 2,000,000 | 1,729,602 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 5.00% | 8/1/2026 | B- | 2,455,000 | 2,454,909 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 5.25% | 8/1/2031 | B- | 1,990,000 | 1,999,943 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 5.375% | 8/1/2036 | B- | 1,850,000 | 1,829,739 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B1 | 4,650,000 | 4,529,543 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B1 | 5,500,000 | 4,889,727 | (c) | ||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co OH | 1.90% | #(a) | 5/1/2026 | BBB+ | 3,285,000 | 3,150,023 | ||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co OH | 2.40% | #(a) | 12/1/2038 | BBB+ | 4,500,000 | 3,979,263 | ||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co OH AMT | 2.50% | #(a) | 11/1/2042 | BBB+ | 5,800,000 | 5,143,557 | ||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co OH AMT | 2.60% | #(a) | 6/1/2041 | BBB+ | 19,250,000 | 17,182,280 | ||||||||
| Ohio Air Quality Development Authority - Pratt Paper Oh Inc OH AMT† | 3.75% | 1/15/2028 | NR | 1,180,000 | 1,154,039 | |||||||||
| Ohio Air Quality Development Authority - Pratt Paper Oh Inc OH AMT† | 4.25% | 1/15/2038 | NR | 4,955,000 | 4,595,197 | |||||||||
| Ohio Air Quality Development Authority OH | 3.25% | 9/1/2029 | Baa3 | 1,500,000 | 1,377,529 | |||||||||
| Parish of St. James - Nustar Logistics Lp LA† | 5.85% | #(a) | 8/1/2041 | BB- | 1,000,000 | 1,024,019 | ||||||||
| 24 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Parish of St. James - Nustar Logistics Lp LA† | 6.10% | #(a) | 6/1/2038 | BB- | $ | 2,860,000 | $ | 3,041,712 | ||||||
| Parish of St. James - Nustar Logistics Lp LA† | 6.10% | #(a) | 12/1/2040 | BB- | 4,500,000 | 4,785,911 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 2.125% | #(a) | 6/1/2037 | BBB- | 6,850,000 | 6,640,772 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 2.20% | #(a) | 6/1/2037 | BBB- | 6,000,000 | 5,527,568 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 2.375% | #(a) | 6/1/2037 | BBB- | 12,480,000 | 11,547,955 | ||||||||
| Pennsylvania Economic Development Financing Authority - Consol Energy Inc PA AMT† | 9.00% | #(a) | 4/1/2051 | B | 2,375,000 | 2,695,155 | ||||||||
| Pennsylvania Economic Development Financing Authority - Covanta Holding Corp PA AMT† | 3.25% | 8/1/2039 | B | 1,035,000 | 773,597 | |||||||||
| Pennsylvania Economic Development Financing Authority - Procter & Gamble Company PA | 5.375% | 3/1/2031 | AA- | 1,365,000 | 1,558,109 | |||||||||
| Pennsylvania Economic Development Financing Authority - Waste Mgmt Inc PA AMT | 0.58% | #(a) | 8/1/2037 | A- | 5,500,000 | 5,159,807 | ||||||||
| Phenix City Industrial Development Board - Westrock Coated Baord LLC AL AMT | 4.125% | 5/15/2035 | BBB | 1,500,000 | 1,463,715 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 2.75% | 1/1/2036 | NR | 3,125,000 | 2,224,391 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 2.875% | 1/1/2041 | NR | 2,420,000 | 1,590,629 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 5,820,000 | 5,083,741 | (c) | ||||||||
| Public Finance Authority - Ameream LLC WI† | 6.75% | 12/1/2042 | NR | 5,000,000 | 4,133,699 | (c) | ||||||||
| Public Finance Authority - Celanese Us Holdings LLC WI AMT | 5.00% | 12/1/2025 | BBB- | 6,500,000 | 6,520,620 | |||||||||
| Public Finance Authority - Sky Harbour Cap Oblg WI AMT | 4.00% | 7/1/2036 | NR | 5,000,000 | 4,118,289 | |||||||||
| Public Finance Authority - Sky Harbour Cap Oblg WI AMT | 4.00% | 7/1/2041 | NR | 2,500,000 | 1,901,619 | |||||||||
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 7,650,000 | 7,390,400 | |||||||||
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.25% | 7/1/2028 | BBB+ | 3,750,000 | 3,751,077 | |||||||||
| Public Finance Authority - Waste Mgmt Inc WI AMT | 1.10% | #(a) | 7/1/2029 | A- | 8,000,000 | 7,102,594 | ||||||||
| See Notes to Schedule of Investments. | 25 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Salem County Pollution Control Financing Authority - Chambers Cogeneration LP NJ AMT | 5.00% | 12/1/2023 | NR | $ | 2,045,000 | $ | 2,070,779 | |||||||
| Selma Industrial Development Board - International Paper Co AL | 2.00% | #(a) | 11/1/2033 | BBB | 1,000,000 | 962,745 | ||||||||
| Sumter County Industrial Development Authority - Enviva Inc AL AMT | 6.00% | #(a) | 7/15/2052 | B+ | 15,000,000 | 13,648,321 | ||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Company AL† | 5.25% | 5/1/2044 | NR | 3,950,000 | 3,475,089 | |||||||||
| Vermont Economic Development Authority - Casella Waste Systems Inc VT AMT† | 5.00% | #(a) | 6/1/2052 | B+ | 5,500,000 | 5,471,848 | ||||||||
| Virginia Small Business Financing Authority - Covanta Holding Corp VA AMT† | 5.00% | #(a) | 1/1/2048 | B | 440,000 | 416,379 | ||||||||
| West Pace Cooperative District AL(b) | 9.125% | 5/1/2039 | NR | 4,900,000 | 3,724,000 | (c) | ||||||||
| Total | 523,724,166 | |||||||||||||
| Education 6.65% | ||||||||||||||
| California Community Choice Financing Authority CA | 4.00% | #(a) | 5/1/2053 | A1 | 10,000,000 | 9,953,188 | ||||||||
| California Community Choice Financing Authority CA | 4.581% (SOFR * .67 + 1.70% | )# | 5/1/2053 | A1 | 10,000,000 | 10,001,388 | (c) | |||||||
| California Municipal Finance Authority - Biola University CA | 5.00% | 10/1/2028 | Baa1 | 420,000 | 426,174 | |||||||||
| California Municipal Finance Authority - Biola University CA | 5.00% | 10/1/2030 | Baa1 | 430,000 | 436,321 | |||||||||
| California School Finance Authority - Aspire Public Schools Obl CA† | 5.00% | 8/1/2036 | NR | 125,000 | 132,326 | |||||||||
| California School Finance Authority - Aspire Public Schools Obl CA† | 5.00% | 8/1/2036 | BBB | 1,475,000 | 1,493,705 | |||||||||
| California School Finance Authority - Green Dot Public Schs Obg CA† | 5.00% | 8/1/2045 | BBB- | 1,805,000 | 1,807,116 | |||||||||
| California State University CA | 0.55% | #(a) | 11/1/2049 | Aa2 | 6,750,000 | 5,912,858 | ||||||||
| Capital Trust Agency, Inc. - Renaissance Chtr Sch 2019 FL† | 5.00% | 6/15/2039 | NR | 2,160,000 | 1,984,776 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB | 3,000,000 | 3,033,406 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2036 | BB | 9,000,000 | 9,039,365 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 5.125% | 8/15/2030 | NR | 3,500,000 | 3,506,156 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 5.75% | 8/15/2038 | NR | 1,405,000 | 1,419,470 | |||||||||
| 26 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Connecticut State Health & Educational Facilities Authority - Quinnipiac University CT | 5.00% | 7/1/2033 | A- | $ | 8,230,000 | $ | 8,555,238 | |||||||
| County of Frederick - Mount St Mary’S Univ MD† | 5.00% | 9/1/2027 | BB+ | 2,000,000 | 2,006,997 | |||||||||
| County of Frederick - Mount St Mary’S Univ MD† | 5.00% | 9/1/2032 | BB+ | 2,400,000 | 2,363,748 | |||||||||
| County of Lincoln - Augustana College Assn SD | 4.00% | 8/1/2041 | BBB- | 500,000 | 424,724 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2027 | Ba3 | 2,000,000 | 2,018,543 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2037 | Ba3 | 1,500,000 | 1,439,206 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY† | 5.00% | 7/1/2040 | BB+ | 1,150,000 | 1,109,701 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY† | 5.00% | 7/1/2045 | BB+ | 2,000,000 | 1,869,385 | |||||||||
| Gloversville Enlarged School District NY GO | 4.25% | 6/27/2023 | NR | 14,450,000 | 14,523,967 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech IL | 4.00% | 9/1/2035 | Baa3 | 2,600,000 | 2,362,378 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech IL | 5.00% | 9/1/2030 | Baa3 | 625,000 | 647,591 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech IL | 5.00% | 9/1/2031 | Baa3 | 1,100,000 | 1,136,027 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech IL | 5.00% | 9/1/2032 | Baa3 | 1,000,000 | 1,028,759 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech IL | 5.00% | 9/1/2033 | Baa3 | 1,000,000 | 1,024,227 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech IL | 5.00% | 9/1/2034 | Baa3 | 3,720,000 | 3,791,719 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech IL | 5.00% | 9/1/2036 | Baa3 | 3,225,000 | 3,248,772 | |||||||||
| Illinois Finance Authority - Noble Network Charter Sch IL | 5.00% | 9/1/2025 | BBB | 940,000 | 952,862 | |||||||||
| Illinois Finance Authority - University Of Chicago IL | 5.00% | 10/1/2030 | Aa2 | 8,000,000 | 8,263,068 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp IN | 4.25% | 11/1/2030 | Baa3 | 16,300,000 | 15,762,884 | |||||||||
| Lake Cook Kane & McHenry Counties Community Unit School District 220 Barrington IL GO | 3.00% | 12/1/2032 | AAA | 6,310,000 | 6,115,228 | |||||||||
| See Notes to Schedule of Investments. | 27 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Massachusetts Development Finance Agency - Emerson College MA | 5.00% | 1/1/2026 | BBB+ | $ | 5,135,000 | $ | 5,274,932 | |||||||
| Massachusetts Development Finance Agency - Emerson College MA | 5.00% | 1/1/2027 | BBB+ | 2,700,000 | 2,772,748 | |||||||||
| Massachusetts Development Finance Agency - Emerson College MA | 5.00% | 1/1/2028 | BBB+ | 1,810,000 | 1,856,785 | |||||||||
| Massachusetts Development Finance Agency - Emmanuel College MA | 5.00% | 10/1/2032 | Baa2 | 5,000,000 | 5,111,200 | |||||||||
| Massachusetts Development Finance Agency - Northeastern University MA | 5.00% | 10/1/2035 | A1 | 2,000,000 | 2,313,544 | |||||||||
| Massachusetts Development Finance Agency - Northeastern University MA | 5.00% | 10/1/2036 | A1 | 1,500,000 | 1,723,819 | |||||||||
| Massachusetts Development Finance Agency - Northeastern University MA | 5.00% | 10/1/2037 | A1 | 1,340,000 | 1,527,034 | |||||||||
| Massachusetts Development Finance Agency - Northeastern University MA | 5.00% | 10/1/2038 | A1 | 2,250,000 | 2,552,484 | |||||||||
| Miami-Dade County Educational Facilities Authority - University Of Miami FL (AMBAC) | 5.25% | 4/1/2028 | A2 | 5,000,000 | 5,477,272 | |||||||||
| New York State Dormitory Authority - Icahn Sch of Med Mt Sinai NY | 5.00% | 7/1/2026 | A- | 5,000,000 | 5,235,517 | |||||||||
| New York State Dormitory Authority - Icahn Sch of Med Mt Sinai NY | 5.00% | 7/1/2027 | A- | 10,000,000 | 10,445,035 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Grp NY | 4.00% | 9/1/2039 | BBB- | 2,300,000 | 2,001,620 | |||||||||
| New York State Dormitory Authority - Pace University NY | 5.00% | 5/1/2023 | BBB- | 980,000 | 982,744 | |||||||||
| New York State Dormitory Authority - Pace University NY | 5.00% | 5/1/2026 | BBB- | 980,000 | 982,360 | |||||||||
| New York State Dormitory Authority - Yeshiva University NY | 5.00% | 7/15/2031 | BBB- | 2,705,000 | 2,884,605 | |||||||||
| New York State Dormitory Authority - Yeshiva University NY | 5.00% | 7/15/2037 | BBB- | 11,000,000 | 11,343,650 | |||||||||
| New York State Dormitory Authority NY (AGM) | 5.00% | 10/1/2031 | NR | 10,000 | 11,218 | |||||||||
| New York State Dormitory Authority NY (AGM) | 5.00% | 10/1/2031 | Aa3 | 5,360,000 | 5,942,512 | |||||||||
| Ohio Air Quality Development Authority - Duke Energy Corp OH | 4.00% | #(a) | 9/1/2030 | BBB | 4,100,000 | 4,088,604 | ||||||||
| Ohio Air Quality Development Authority - Duke Energy Corp OH AMT | 4.25% | #(a) | 11/1/2039 | BBB | 10,500,000 | 10,483,457 | ||||||||
| 28 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Orange & Ulster Counties Board Coop Educational Services Sole Supervisory Dist NY | 3.75% | 7/21/2023 | NR | $ | 13,455,000 | $ | 13,457,979 | |||||||
| Pennsylvania State University PA | 5.00% | 9/1/2037 | Aa1 | 2,545,000 | 2,787,908 | |||||||||
| Private Colleges & Universities Authority - Savannah Clg Art/Design GA | 5.00% | 4/1/2029 | A2 | 1,500,000 | 1,538,495 | |||||||||
| Private Colleges & Universities Authority - Savannah Clg Art/Design GA | 5.00% | 4/1/2031 | A2 | 1,360,000 | 1,394,903 | |||||||||
| State of Nevada Department of Business & Industry - Somerset Acad Nlv Bldg 1 NV† | 4.50% | 12/15/2029 | BB | 525,000 | 519,131 | |||||||||
| State of Nevada Department of Business & Industry - Somerset Acad Nlv Bldg 1 NV† | 5.00% | 12/15/2038 | BB | 1,000,000 | 970,835 | |||||||||
| Town of Davie - Nova Southeastern Univ FL | 5.00% | 4/1/2037 | A- | 5,000,000 | 5,124,302 | |||||||||
| Town of Davie - Nova Southeastern Univ FL | 5.00% | 4/1/2038 | A- | 2,500,000 | 2,555,390 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytech Inst NY | 5.00% | 8/1/2024 | A3 | 1,000,000 | 1,025,361 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytech Inst NY | 5.00% | 8/1/2025 | A3 | 2,630,000 | 2,735,453 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytech Inst NY | 5.00% | 8/1/2026 | A3 | 1,000,000 | 1,045,019 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytech Inst NY | 5.00% | 8/1/2027 | A3 | 1,600,000 | 1,671,733 | |||||||||
| University of California CA | 4.00% | 5/15/2038 | AA- | 7,500,000 | 7,561,154 | |||||||||
| University of California CA | 4.00% | 5/15/2040 | AA | 10,000,000 | 10,013,208 | |||||||||
| University of Connecticut CT | 5.00% | 4/15/2031 | AA- | 8,605,000 | 9,491,954 | |||||||||
| University of Connecticut CT | 5.00% | 11/1/2032 | AA- | 3,740,000 | 4,149,384 | |||||||||
| University of Connecticut CT | 5.00% | 4/15/2035 | AA- | 5,350,000 | 5,827,766 | |||||||||
| University of Houston TX | 2.00% | 2/15/2032 | AA | 6,095,000 | 5,250,679 | |||||||||
| University of Houston TX | 5.00% | 2/15/2029 | AA | 10,280,000 | 10,968,327 | |||||||||
| University of Illinois IL (AGM) | 4.00% | 4/1/2033 | AA | 4,905,000 | 4,966,386 | |||||||||
| University of Illinois IL (AGM) | 4.00% | 4/1/2034 | AA | 5,100,000 | 5,101,214 | |||||||||
| University of North Carolina at Wilmington NC | 5.00% | 6/1/2023 | A1 | 2,435,000 | 2,454,838 | |||||||||
| University of North Carolina at Wilmington NC | 5.00% | 6/1/2024 | A1 | 2,560,000 | 2,631,458 | |||||||||
| Wayne State University MI | 4.00% | 11/15/2034 | Aa3 | 3,900,000 | 3,966,651 | |||||||||
| West Virginia Economic Development Authority - Wheeling Power Co WV AMT | 3.00% | #(a) | 6/1/2037 | A- | 4,200,000 | 3,986,056 | ||||||||
| Total | 321,997,997 | |||||||||||||
| See Notes to Schedule of Investments. | 29 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Financial Services 0.16% | ||||||||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 4.00% | 11/1/2031 | BB- | $ | 2,280,000 | $ | 1,688,840 | |||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2030 | BB- | 1,315,000 | 1,092,846 | |||||||||
| Massachusetts Educational Financing Authority MA AMT | 3.625% | 7/1/2034 | AA | 415,000 | 401,441 | |||||||||
| New Jersey Higher Education Student Assistance Authority NJ AMT | 3.75% | 12/1/2030 | AAA | 1,485,000 | 1,462,411 | |||||||||
| New Jersey Higher Education Student Assistance Authority NJ AMT | 4.00% | 12/1/2032 | AAA | 1,695,000 | 1,692,856 | |||||||||
| New Jersey Higher Education Student Assistance Authority NJ AMT | 4.00% | 12/1/2034 | AAA | 1,520,000 | 1,519,225 | |||||||||
| Total | 7,857,619 | |||||||||||||
| General Obligation 17.34% | ||||||||||||||
| California Community Choice Financing Authority CA(d) | 5.00% | #(a) | 12/1/2053 | A2 | 11,335,000 | 11,818,772 | ||||||||
| Chabot-Las Positas Community College District CA GO | 3.00% | 8/1/2038 | AA | 2,500,000 | 2,153,561 | |||||||||
| Chabot-Las Positas Community College District CA GO | 5.00% | 8/1/2023 | AA | 3,000,000 | 3,039,037 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2037 | BB | 14,000,000 | 12,491,037 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB | 8,000,000 | 8,217,598 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB | 3,000,000 | 3,066,598 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2031 | BB | 1,500,000 | 1,530,896 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB | 4,845,000 | 4,936,738 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB | 900,000 | 914,668 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB | 475,000 | 479,967 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB | 3,750,000 | 3,801,371 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2035 | BB | 450,000 | 453,213 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2039 | BB | 2,340,000 | 2,311,321 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2046 | BB | 7,500,000 | 7,142,143 | |||||||||
| Chicago Board of Education IL GO† | 6.75% | 12/1/2030 | BB | 5,000,000 | 5,534,990 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2027 | AA | 2,860,000 | 2,998,938 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2029 | AA | 4,220,000 | 4,448,315 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2030 | AA | 2,500,000 | 2,627,772 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2032 | AA | 1,250,000 | 1,308,858 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2035 | AA | 3,000,000 | 3,081,779 | |||||||||
| City of Chicago IL GO | 4.00% | 1/1/2035 | BBB+ | 7,925,000 | 7,451,874 | |||||||||
| City of Chicago IL GO | 4.00% | 1/1/2036 | BBB+ | 8,195,000 | 7,602,504 | |||||||||
| 30 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| City of Chicago IL GO | 5.00% | 1/1/2024 | BBB+ | $ | 15,000,000 | $ | 15,162,778 | |||||||
| City of Chicago IL GO | 5.00% | 1/1/2025 | BBB+ | 7,000,000 | 7,137,271 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2028 | BBB+ | 19,000,000 | 19,806,069 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2029 | BBB+ | 3,750,000 | 3,932,575 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2031 | BBB+ | 2,210,000 | 2,251,711 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2032 | BBB+ | 3,000,000 | 3,180,561 | |||||||||
| City of Chicago IL GO | 5.125% | 1/1/2027 | BBB+ | 3,100,000 | 3,158,917 | |||||||||
| City of Chicago IL GO | 5.25% | 1/1/2028 | BBB+ | 3,845,000 | 3,928,408 | |||||||||
| City of Chicago IL GO | 5.25% | 1/1/2029 | BBB+ | 2,025,000 | 2,066,377 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2037 | BBB+ | 1,250,000 | 1,269,034 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2049 | BBB+ | 3,750,000 | 3,814,979 | |||||||||
| City of Chicago IL GO | 5.625% | 1/1/2030 | BBB+ | 1,835,000 | 1,924,304 | |||||||||
| City of Chicago IL GO | 5.75% | 1/1/2033 | BBB+ | 7,000,000 | 7,329,435 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2038 | BBB+ | 15,890,000 | 16,769,758 | |||||||||
| City of Houston TX GO | 5.00% | 3/1/2024 | AA | 2,000,000 | 2,050,855 | |||||||||
| City of Lubbock TX GO | 5.00% | 2/15/2026 | AA+ | 11,810,000 | 12,365,715 | |||||||||
| City of New Orleans LA GO | 4.00% | 10/1/2032 | A+ | 2,580,000 | 2,681,598 | |||||||||
| City of New Orleans LA GO | 4.00% | 10/1/2033 | A+ | 2,680,000 | 2,763,663 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2025 | AA | 12,000,000 | 12,135,500 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2032 | AA | 1,750,000 | 1,960,433 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2033 | AA | 7,030,000 | 7,620,992 | |||||||||
| City of New York NY GO | 5.00% | 10/1/2033 | Aa2 | 1,250,000 | 1,463,552 | |||||||||
| City of New York NY GO | 5.00% | 9/1/2035 | AA | 10,000,000 | 11,350,173 | |||||||||
| City of New York NY GO | 5.00% | 10/1/2036 | Aa2 | 1,250,000 | 1,402,034 | |||||||||
| City of New York NY GO | 5.00% | 4/1/2037 | AA | 10,000,000 | 10,701,570 | |||||||||
| City of New York NY GO | 5.00% | 12/1/2037 | AA | 7,500,000 | 7,936,744 | |||||||||
| City of Newark NJ GO | 3.75% | 2/17/2023 | NR | 10,223,000 | 10,221,302 | |||||||||
| City of Ocean City NJ GO | 4.50% | 10/17/2023 | NR | 12,010,000 | 12,135,309 | |||||||||
| City of Philadelphia PA GO | 5.00% | 2/1/2030 | A | 2,750,000 | 3,018,380 | |||||||||
| City of Philadelphia PA GO | 5.00% | 2/1/2031 | A | 2,500,000 | 2,742,684 | |||||||||
| City of Philadelphia PA GO | 5.00% | 2/1/2032 | A | 1,750,000 | 1,915,633 | |||||||||
| City of Philadelphia PA GO | 5.00% | 2/1/2033 | A | 2,500,000 | 2,728,968 | |||||||||
| Clark County School District NV GO (AGM) | 4.00% | 6/15/2036 | AA | 1,250,000 | 1,268,929 | |||||||||
| Commonwealth of Pennsylvania PA GO | 5.00% | 1/15/2028 | Aa3 | 10,000,000 | 10,851,712 | |||||||||
| Commonwealth of Puerto Rico PR GO | Zero Coupon | 7/1/2024 | NR | 1,098,853 | 1,018,886 | |||||||||
| Commonwealth of Puerto Rico PR GO | Zero Coupon | 7/1/2033 | NR | 1,727,569 | 936,715 | |||||||||
| Commonwealth of Puerto Rico PR GO | Zero Coupon | 11/1/2043 | NR | 6,356,031 | 2,788,709 | |||||||||
| See Notes to Schedule of Investments. | 31 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2033 | NR | $ | 6,342,423 | $ | 5,512,924 | |||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2035 | NR | 11,206,659 | 9,458,050 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2037 | NR | 3,035,632 | 2,491,116 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2041 | NR | 5,000,000 | 3,929,226 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2046 | NR | 1,917,657 | 1,443,547 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.25% | 7/1/2023 | NR | 749,622 | 749,729 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.375% | 7/1/2025 | NR | 6,625,085 | 6,679,649 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.625% | 7/1/2027 | NR | 6,481,543 | 6,611,633 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.625% | 7/1/2029 | NR | 5,309,508 | 5,441,566 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.75% | 7/1/2031 | NR | 1,415,665 | 1,466,695 | |||||||||
| County of Howard MD GO | 3.00% | 8/15/2037 | AAA | 2,255,000 | 2,014,448 | |||||||||
| County of Lake IL GO | 3.50% | 11/30/2031 | AAA | 1,825,000 | 1,844,937 | |||||||||
| County of Luzerne PA GO (AGM) | 5.00% | 11/15/2023 | AA | 2,500,000 | 2,540,958 | |||||||||
| County of Luzerne PA GO (AGM) | 5.00% | 11/15/2024 | AA | 4,000,000 | 4,145,038 | |||||||||
| County of Miami-Dade FL GO | 5.00% | 7/1/2038 | AA | 4,830,000 | 5,209,918 | |||||||||
| County of Nassau NY GO (AGM) | 4.00% | 4/1/2034 | AA | 3,130,000 | 3,229,442 | |||||||||
| County of Nassau NY GO (AGM) | 4.00% | 4/1/2035 | AA | 2,415,000 | 2,455,057 | |||||||||
| County of Nassau NY GO (AGM) | 4.00% | 4/1/2036 | AA | 4,030,000 | 4,058,965 | |||||||||
| County of Nassau NY GO (AGM) | 4.00% | 4/1/2037 | AA | 4,680,000 | 4,666,595 | |||||||||
| County of Nassau NY GO (AGM) | 5.00% | 1/1/2026 | AA | 10,000,000 | 10,677,495 | |||||||||
| County of Suffolk NY GO (BAM) | 2.00% | 6/15/2033 | AA | 7,555,000 | 6,214,646 | |||||||||
| County of Travis TX GO | 5.00% | 3/1/2033 | AAA | 10,000,000 | 11,226,488 | |||||||||
| Fort Bend Independent School District TX GO (PSF) | 0.875% | #(a) | 8/1/2050 | AAA | 5,520,000 | 5,158,310 | ||||||||
| Fresno Unified School District CA NPF GO (NPFGC)(FGIC) | 5.25% | 2/1/2024 | A+ | 3,285,000 | 3,362,001 | |||||||||
| Illinois Finance Authority IL | 4.00% | 12/1/2036 | AAA | 2,650,000 | 2,726,305 | |||||||||
| Illinois Finance Authority IL | 4.00% | 12/1/2038 | AAA | 6,415,000 | 6,492,650 | |||||||||
| Illinois Finance Authority IL | 4.00% | 12/1/2039 | AAA | 2,000,000 | 2,012,920 | |||||||||
| Kane County Community Unit School District No. 304 Geneva IL GO | 5.00% | 1/1/2028 | AA+ | 1,125,000 | 1,214,210 | |||||||||
| Kane County Community Unit School District No. 304 Geneva IL GO | 5.00% | 1/1/2029 | AA+ | 2,200,000 | 2,372,449 | |||||||||
| Kane County Community Unit School District No. 304 Geneva IL GO | 5.00% | 1/1/2030 | AA+ | 1,400,000 | 1,509,303 | |||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 4/1/2048 | Aa1 | 5,000,000 | 4,998,745 | ||||||||
| Metropolitan Water Reclamation District of Greater Chicago IL GO | 5.00% | 12/1/2027 | AA+ | 4,600,000 | 4,972,863 | |||||||||
| 32 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Metropolitan Water Reclamation District of Greater Chicago IL GO | 5.00% | 12/1/2028 | AA+ | $ | 6,715,000 | $ | 7,246,377 | |||||||
| New Caney Independent School District TX GO (PSF) | 1.25% | #(a) | 2/15/2050 | AAA | 4,550,000 | 4,392,372 | ||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 3/1/2027 | NR | 6,545,000 | 6,564,058 | |||||||||
| New York State Dormitory Authority NY | 4.00% | 3/15/2037 | AA+ | 5,195,000 | 5,144,017 | |||||||||
| New York State Dormitory Authority NY (AGM) | 5.00% | 10/1/2023 | AA | 2,500,000 | 2,539,710 | |||||||||
| New York State Dormitory Authority NY (BAM) | 5.00% | 10/1/2032 | AA | 3,500,000 | 4,033,082 | |||||||||
| New York State Dormitory Authority NY (BAM) | 5.00% | 10/1/2035 | AA | 5,000,000 | 5,608,696 | |||||||||
| Northside Independent School District TX GO GTD (PSF) | 1.60% | #(a) | 8/1/2049 | AAA | 8,050,000 | 7,796,918 | ||||||||
| Pennsylvania Economic Development Financing Authority PA AMT | 5.25% | 6/30/2035 | Baa2 | 5,250,000 | 5,594,517 | |||||||||
| Pennsylvania Economic Development Financing Authority PA AMT | 5.25% | 6/30/2036 | Baa2 | 5,000,000 | 5,260,810 | |||||||||
| Pennsylvania Economic Development Financing Authority PA AMT | 5.50% | 6/30/2037 | Baa2 | 2,725,000 | 2,891,201 | |||||||||
| Pennsylvania Economic Development Financing Authority PA AMT | 5.50% | 6/30/2038 | Baa2 | 3,350,000 | 3,533,404 | |||||||||
| Perris Union High School District CA GO (AGM) | 4.00% | 9/1/2037 | AA | 2,000,000 | 2,036,347 | |||||||||
| Perris Union High School District CA GO (AGM) | 4.00% | 9/1/2039 | AA | 5,050,000 | 5,056,537 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 7.00% | 12/1/2050 | NR | 4,000,000 | 3,297,994 | (c) | ||||||||
| Reedy Creek Improvement District FL GO | 4.00% | 6/1/2031 | AA- | 2,240,000 | 2,306,255 | |||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2026 | A1 | 500,000 | 532,881 | |||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2027 | A1 | 600,000 | 646,629 | |||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2028 | A1 | 500,000 | 546,364 | |||||||||
| State of California CA GO | 3.00% | 10/1/2033 | Aa2 | 8,250,000 | 7,874,268 | |||||||||
| State of California CA GO | 3.00% | 11/1/2034 | Aa2 | 5,900,000 | 5,535,392 | |||||||||
| State of California CA GO | 5.00% | 10/1/2027 | Aa2 | 10,000,000 | 10,049,122 | |||||||||
| State of California CA GO | 5.00% | 9/1/2035 | Aa2 | 14,000,000 | 16,203,083 | |||||||||
| State of Connecticut CT GO | 4.00% | 1/15/2034 | AA- | 7,230,000 | 7,531,791 | |||||||||
| State of Connecticut CT GO | 4.00% | 1/15/2035 | AA- | 5,900,000 | 6,119,969 | |||||||||
| See Notes to Schedule of Investments. | 33 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| State of Connecticut CT GO | 4.00% | 4/15/2037 | AA- | $ | 1,825,000 | $ | 1,833,606 | |||||||
| State of Connecticut CT GO | 4.00% | 6/15/2037 | AA- | 775,000 | 778,233 | |||||||||
| State of Connecticut CT GO | 5.00% | 6/15/2032 | AA- | 2,000,000 | 2,209,514 | |||||||||
| State of Connecticut CT GO | 5.00% | 6/15/2034 | AA- | 1,100,000 | 1,207,790 | |||||||||
| State of Connecticut CT GO | 5.00% | 6/15/2035 | AA- | 1,125,000 | 1,225,562 | |||||||||
| State of Connecticut CT GO | 5.00% | 4/15/2036 | AA- | 1,150,000 | 1,247,797 | |||||||||
| State of Hawaii Harbor System Revenue HI AMT | 4.00% | 7/1/2035 | Aa3 | 3,025,000 | 3,060,214 | |||||||||
| State of Illinois IL GO | 4.00% | 10/1/2033 | BBB+ | 10,500,000 | 9,834,355 | |||||||||
| State of Illinois IL GO | 4.00% | 10/1/2034 | BBB+ | 5,000,000 | 4,643,836 | |||||||||
| State of Illinois IL GO | 4.00% | 12/1/2034 | BBB+ | 9,500,000 | 8,808,210 | |||||||||
| State of Illinois IL GO | 4.00% | 10/1/2035 | BBB+ | 5,000,000 | 4,599,260 | |||||||||
| State of Illinois IL GO | 4.00% | 3/1/2038 | BBB+ | 1,125,000 | 1,005,266 | |||||||||
| State of Illinois IL GO | 4.00% | 3/1/2039 | BBB+ | 2,100,000 | 1,851,922 | |||||||||
| State of Illinois IL GO | 5.00% | 8/1/2023 | BBB+ | 5,350,000 | 5,390,575 | |||||||||
| State of Illinois IL GO | 5.00% | 11/1/2027 | BBB+ | 5,000,000 | 5,137,918 | |||||||||
| State of Illinois IL GO | 5.00% | 2/1/2028 | BBB+ | 13,620,000 | 14,003,212 | |||||||||
| State of Illinois IL GO | 5.00% | 3/1/2028 | BBB+ | 6,500,000 | 6,723,324 | |||||||||
| State of Illinois IL GO | 5.00% | 10/1/2029 | BBB+ | 10,000,000 | 10,340,183 | |||||||||
| State of Illinois IL GO | 5.00% | 11/1/2029 | BBB+ | 2,800,000 | 2,856,405 | |||||||||
| State of Illinois IL GO | 5.00% | 3/1/2032 | BBB+ | 3,450,000 | 3,528,641 | |||||||||
| State of Illinois IL GO | 5.00% | 10/1/2032 | BBB+ | 6,300,000 | 6,390,525 | |||||||||
| State of Illinois IL GO | 5.00% | 11/1/2032 | BBB+ | 9,200,000 | 9,288,583 | |||||||||
| State of Illinois IL GO | 5.00% | 3/1/2033 | BBB+ | 5,000,000 | 5,088,492 | |||||||||
| State of Illinois IL GO | 5.00% | 10/1/2033 | BBB+ | 5,000,000 | 5,059,305 | |||||||||
| State of Illinois IL GO | 5.00% | 12/1/2033 | BBB+ | 4,500,000 | 4,574,208 | |||||||||
| State of Illinois IL GO | 5.00% | 3/1/2034 | BBB+ | 9,715,000 | 9,857,376 | |||||||||
| State of Illinois IL GO | 5.00% | 5/1/2036 | BBB+ | 1,765,000 | 1,774,296 | |||||||||
| State of Illinois IL GO | 5.25% | 5/1/2023 | BBB+ | 5,000,000 | 5,025,890 | |||||||||
| State of Illinois IL GO | 5.25% | 7/1/2030 | BBB+ | 5,430,000 | 5,451,981 | |||||||||
| State of Illinois IL GO | 5.25% | 2/1/2034 | BBB+ | 3,295,000 | 3,311,082 | |||||||||
| State of Illinois IL GO | 5.25% | 10/1/2036 | BBB+ | 12,500,000 | 12,820,100 | |||||||||
| State of Illinois IL GO | 5.50% | 5/1/2030 | BBB+ | 6,395,000 | 6,798,073 | |||||||||
| State of Illinois IL GO | 5.50% | 7/1/2038 | BBB+ | 5,000,000 | 5,011,728 | |||||||||
| State of Illinois IL GO | 5.50% | 5/1/2039 | BBB+ | 11,000,000 | 11,359,726 | |||||||||
| State of Louisiana LA GO | 5.00% | 5/1/2028 | Aa2 | 11,180,000 | 11,745,304 | |||||||||
| State of Maryland MD GO | 5.00% | 3/1/2033 | Aaa | 10,035,000 | 11,733,680 | |||||||||
| State of New Jersey NJ GO | 2.00% | 6/1/2027 | A2 | 7,635,000 | 7,197,028 | |||||||||
| 34 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| State of New Jersey NJ GO | 2.00% | 6/1/2029 | A2 | $ | 5,000,000 | $ | 4,551,158 | |||||||
| State of New Jersey NJ GO | 4.00% | 6/1/2032 | A2 | 5,695,000 | 6,070,357 | |||||||||
| State of New Jersey NJ GO | 5.00% | 6/1/2029 | A2 | 5,000,000 | 5,461,933 | |||||||||
| State Public School Building Authority PA (AGM) | 5.00% | 6/1/2030 | AA | 5,000,000 | 5,281,782 | |||||||||
| State Public School Building Authority PA (AGM) | 5.00% | 6/1/2031 | AA | 5,000,000 | 5,279,908 | |||||||||
| Town of Oyster Bay NY GO (AGM) | 2.00% | 3/1/2030 | AA | 2,125,000 | 1,918,744 | |||||||||
| Town of Oyster Bay NY GO (AGM) | 2.00% | 3/1/2031 | AA | 2,040,000 | 1,808,938 | |||||||||
| Village of Romeoville IL GO | 4.00% | 12/30/2036 | Aa2 | 4,725,000 | 4,803,511 | |||||||||
| Village of Romeoville IL GO | 4.00% | 12/30/2037 | Aa2 | 3,800,000 | 3,804,218 | |||||||||
| Village of Schaumburg IL GO | 3.00% | 12/1/2027 | AAA | 7,060,000 | 7,004,143 | |||||||||
| Village of Schaumburg IL GO | 3.00% | 12/1/2031 | AAA | 1,300,000 | 1,293,384 | |||||||||
| Village of Skokie IL GO | 3.00% | 12/1/2029 | Aa2 | 1,080,000 | 1,076,366 | |||||||||
| Total | 839,561,497 | |||||||||||||
| Health Care 11.59% | ||||||||||||||
| Allegheny County Hospital Development Authority - Upmc Obligated Group PA | 4.00% | 7/15/2038 | A | 4,950,000 | 4,783,484 | |||||||||
| Allegheny County Hospital Development Authority PA | 5.00% | 4/1/2031 | A | 16,000,000 | 17,227,355 | |||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2031 | BBB | 7,000,000 | 7,141,633 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2036 | BB- | 1,835,000 | 1,385,754 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2037 | BB- | 5,075,000 | 3,761,579 | |||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | #(a) | 2/1/2040 | BB- | 6,000,000 | 5,389,999 | ||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.25% | 12/1/2035 | BB | 3,000,000 | 3,041,861 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hosp Oblig Grp PA | 5.00% | 7/1/2030 | BB | 2,075,000 | 2,138,147 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hosp Oblig Grp PA | 5.00% | 7/1/2031 | BB | 1,150,000 | 1,178,852 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hosp Oblig Grp PA | 5.00% | 7/1/2032 | BB | 1,000,000 | 1,013,255 | |||||||||
| California Health Facilities Financing Authority - Cedars-Sinai Med Ctr Oblg CA | 5.00% | 11/15/2026 | Aa3 | 5,000,000 | 5,328,213 | |||||||||
| California Health Facilities Financing Authority - Commonspirit Hlth Oblig CA | 4.00% | 4/1/2035 | A- | 3,065,000 | 3,060,304 | |||||||||
| California Health Facilities Financing Authority - Commonspirit Hlth Oblig CA | 4.00% | 4/1/2036 | A- | 5,000,000 | 4,925,501 | |||||||||
| See Notes to Schedule of Investments. | 35 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Health Facilities Financing Authority - Lucile S Packard Chld Hsp CA | 5.00% | 8/15/2032 | A+ | $ | 1,250,000 | $ | 1,326,489 | |||||||
| California Health Facilities Financing Authority - Sutter Health Oblig Group CA | 5.00% | 11/15/2032 | A1 | 2,000,000 | 2,169,109 | |||||||||
| California Health Facilities Financing Authority - Sutter Health Oblig Group CA | 5.00% | 11/15/2033 | A1 | 2,450,000 | 2,639,778 | |||||||||
| California Health Facilities Financing Authority - Sutter Health Oblig Group CA | 5.00% | 11/15/2034 | A1 | 3,350,000 | 3,576,952 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center CA | 5.00% | 7/1/2029 | Baa2 | 1,000,000 | 1,059,290 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center CA | 5.00% | 7/1/2031 | Baa2 | 1,900,000 | 2,002,226 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center CA | 5.00% | 7/1/2033 | Baa2 | 1,000,000 | 1,046,855 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med OBL CA† | 5.00% | 12/1/2033 | BB | 1,000,000 | 1,015,757 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med OBL CA† | 5.25% | 12/1/2038 | BB | 1,500,000 | 1,521,122 | |||||||||
| Camden County Improvement Authority - Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2023 | A- | 3,000,000 | 3,004,444 | |||||||||
| Camden County Improvement Authority - Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2024 | A- | 3,730,000 | 3,792,180 | |||||||||
| Camden County Improvement Authority - Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2025 | A- | 1,250,000 | 1,265,289 | |||||||||
| Camden County Improvement Authority - Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2027 | A- | 1,000,000 | 1,008,823 | |||||||||
| City of Atlantic Beach - Naval Cont Care Ret Oblig FL | 5.00% | 11/15/2028 | BBB | 2,020,000 | 2,027,673 | |||||||||
| City of Blaine - Crest View Obligated Grp MN | 5.125% | 7/1/2025 | NR | 770,000 | 500,500 | |||||||||
| City of South Miami Health Facilities Authority, Inc. - Baptist Hlth South Fl OBL FL | 5.00% | 8/15/2026 | AA- | 3,000,000 | 3,185,565 | |||||||||
| City of South Miami Health Facilities Authority, Inc. - Baptist Hlth South Fl OBL FL | 5.00% | 8/15/2027 | AA- | 3,620,000 | 3,892,474 | |||||||||
| City of South Miami Health Facilities Authority, Inc. - Baptist Hlth South Fl OBL FL | 5.00% | 8/15/2028 | AA- | 2,625,000 | 2,839,602 | |||||||||
| City of Tampa - H. Lee Moffitt Cancer OBL FL | 4.00% | 7/1/2038 | A2 | 4,755,000 | 4,674,594 | |||||||||
| 36 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Clarke County Hospital Authority - Piedmont Hlthcr Oblig Grp GA | 5.00% | 7/1/2029 | AA- | $ | 7,090,000 | $ | 7,547,076 | |||||||
| Clarke County Hospital Authority - Piedmont Hlthcr Oblig Grp GA | 5.00% | 7/1/2030 | AA- | 4,500,000 | 4,747,816 | |||||||||
| Colorado Health Facilities Authority - Commonspirit Hlth Oblig CO | 4.00% | 8/1/2039 | A- | 2,500,000 | 2,276,804 | |||||||||
| Colorado Health Facilities Authority - Commonspirit Hlth Oblig CO | 5.00% | 8/1/2031 | A- | 3,000,000 | 3,196,416 | |||||||||
| Colorado Health Facilities Authority - Intermountain Hlthcr Oblg CO | 5.00% | #(a) | 5/15/2062 | AA+ | 10,255,000 | 11,349,195 | ||||||||
| Connecticut State Health & Educational Facilities Authority - Griffin Health Oblig Grp CT† | 5.00% | 7/1/2034 | BB+ | 225,000 | 222,113 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Griffin Health Oblig Grp CT† | 5.00% | 7/1/2039 | BB+ | 1,000,000 | 948,574 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Nuvance Health Oblig Grp CT | 4.00% | 7/1/2034 | BBB+ | 1,750,000 | 1,704,443 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Nuvance Health Oblig Grp CT | 4.00% | 7/1/2035 | BBB+ | 2,500,000 | 2,379,478 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Nuvance Health Oblig Grp CT | 5.00% | 7/1/2028 | BBB+ | 5,000,000 | 5,316,712 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Nuvance Health Oblig Grp CT | 5.00% | 7/1/2029 | BBB+ | 5,250,000 | 5,634,431 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Yale-New Haven Hlth Oblig CT | 1.80% | #(a) | 7/1/2049 | AA- | 5,000,000 | 4,839,716 | ||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.00% | 2/15/2037 | BBB | 5,000,000 | 5,118,835 | |||||||||
| County of Lehigh - Lehigh Vy Hlth Netwrk Obg PA | 5.00% | 7/1/2029 | A+ | 4,345,000 | 4,752,235 | |||||||||
| County of Montgomery - Premier Hlth Partners OBL OH | 4.00% | 11/15/2039 | Baa1 | 6,000,000 | 5,523,513 | |||||||||
| County of Muskingum - Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2033 | BB+ | 10,500,000 | 10,502,319 | |||||||||
| County of Washington - Marietta Area Hlthcr Oblg OH | 5.50% | 12/1/2027 | NR | 10,560,000 | 10,495,862 | |||||||||
| County of Washington - Marietta Area Hlthcr Oblg OH | 6.375% | 12/1/2037 | NR | 10,000,000 | 10,009,164 | (c) | ||||||||
| See Notes to Schedule of Investments. | 37 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Crawford County Hospital Authority - Meadville Med Ctr Oblig PA | 6.00% | 6/1/2036 | NR | $ | 3,830,000 | $ | 3,961,872 | |||||||
| District of Columbia - Children’S Natl Med Oblig DC | 5.00% | 7/15/2026 | A1 | 1,700,000 | 1,793,063 | |||||||||
| District of Columbia - Children’S Natl Med Oblig DC | 5.00% | 7/15/2034 | A1 | 5,000,000 | 5,171,035 | |||||||||
| Florida Development Finance Corp. - Lakeland Regl Hlth Olig FL | 4.00% | 11/15/2034 | A2 | 4,000,000 | 4,007,790 | |||||||||
| Florida Development Finance Corp. - Lakeland Regl Hlth Olig FL | 4.00% | 11/15/2035 | A2 | 5,530,000 | 5,456,135 | |||||||||
| Florida Development Finance Corp. - Lakeland Regl Hlth Olig FL | 4.00% | 11/15/2036 | A2 | 3,700,000 | 3,598,614 | |||||||||
| Florida Development Finance Corp. - Lakeland Regl Hlth Olig FL | 4.00% | 11/15/2038 | A2 | 2,265,000 | 2,137,652 | |||||||||
| Florida Development Finance Corp. - Lakeland Regl Hlth Olig FL | 4.00% | 11/15/2039 | A2 | 2,000,000 | 1,873,781 | |||||||||
| Franklin County Industrial Development Authority - Menno-Haven Inc Oblig Grp PA | 5.00% | 12/1/2031 | NR | 1,000,000 | 914,256 | |||||||||
| Franklin County Industrial Development Authority - Menno-Haven Inc Oblig Grp PA | 5.00% | 12/1/2033 | NR | 1,000,000 | 896,299 | |||||||||
| Gainesville & Hall County Hospital Authority - Northeast Ga Hlth Sys Grp GA | 5.00% | 2/15/2033 | A | 9,630,000 | 10,372,638 | |||||||||
| Geisinger Authority - Geisinger Hlth Sys Oblig PA | 5.00% | #(a) | 4/1/2043 | AA- | 7,300,000 | 8,011,017 | ||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Oblig AZ | 5.00% | 11/15/2036 | NR | 1,500,000 | 1,352,189 | |||||||||
| Greeneville Health & Educational Facilities Board - Ballad Health Oblig Group TN | 5.00% | 7/1/2035 | A- | 3,300,000 | 3,432,686 | |||||||||
| Greeneville Health & Educational Facilities Board - Ballad Health Oblig Group TN | 5.00% | 7/1/2036 | A- | 3,000,000 | 3,106,862 | |||||||||
| Greeneville Health & Educational Facilities Board - Ballad Health Oblig Group TN | 5.00% | 7/1/2037 | A- | 10,000,000 | 10,308,863 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. - Brazos Presbyterian Oblig TX | 4.00% | 1/1/2023 | BB+ | 255,000 | 255,000 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Hlth Obl TX | 5.00% | #(a) | 6/1/2050 | A+ | 5,000,000 | 5,464,191 | ||||||||
| Harris County Cultural Education Facilities Finance Corp. TX | 6.375% | 1/1/2033 | BB+ | 1,385,000 | 1,386,163 | |||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple Univ Hlth Obl Grp PA | 5.00% | 7/1/2030 | BBB | 4,775,000 | 4,960,254 | |||||||||
| 38 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple Univ Hlth Obl Grp PA | 5.00% | 7/1/2032 | BBB | $ | 4,055,000 | $ | 4,201,976 | |||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple Univ Hlth Obl Grp PA | 5.00% | 7/1/2033 | BBB | 4,870,000 | 5,031,205 | |||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota - Fairview Hlth Svcs Oblig MN | 5.00% | 11/15/2023 | NR | 3,735,000 | 3,794,972 | |||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota - Fairview Hlth Svcs Oblig MN | 5.00% | 11/15/2024 | NR | 4,500,000 | 4,667,573 | |||||||||
| Illinois Finance Authority - Ascension Hlth Credit Grp IL | 4.00% | 2/15/2033 | AA+ | 5,000,000 | 5,073,002 | |||||||||
| Illinois Finance Authority - Northshore Edward-Elmhrst IL | 5.00% | 8/15/2033 | AA- | 1,250,000 | 1,408,088 | |||||||||
| Illinois Finance Authority - Nwstrn Mem Hlthcr Oblig IL | 5.00% | 7/15/2029 | AA+ | 1,000,000 | 1,099,588 | |||||||||
| Illinois Finance Authority - Plymouth Place Obl Group IL | 5.00% | 5/15/2030 | BB+ | 1,690,000 | 1,773,281 | |||||||||
| Illinois Finance Authority - Silver Cross Hosp Oblig IL | 5.00% | 8/15/2035 | A3 | 4,500,000 | 4,589,520 | |||||||||
| Industrial Development Authority of the County of Pima - La Posada Park Centre Obl AZ† | 5.125% | 11/15/2029 | NR | 3,000,000 | 2,997,232 | |||||||||
| Karnes County Hospital District TX | 5.00% | 2/1/2024 | A | 730,000 | 736,794 | |||||||||
| Karnes County Hospital District TX | 5.00% | 2/1/2034 | A | 1,000,000 | 1,010,489 | |||||||||
| Kentucky Economic Development Finance Authority - Masonic Homes of Ky Oblig KY | 5.375% | 11/15/2032 | NR | 1,185,000 | 1,087,313 | |||||||||
| Kentucky Economic Development Finance Authority - Owensboro Health Inc Oblg KY | 5.00% | 6/1/2029 | Baa2 | 4,235,000 | 4,450,014 | |||||||||
| Kentucky Economic Development Finance Authority - Owensboro Health Inc Oblg KY | 5.00% | 6/1/2032 | Baa2 | 6,000,000 | 6,263,557 | |||||||||
| Kirkwood Industrial Development Authority - Ashfield Active Lvg Oblig MO | 5.25% | 5/15/2037 | BB- | 2,000,000 | 1,808,521 | |||||||||
| Lee Memorial Health System Obl FL | 5.00% | 4/1/2036 | A+ | 4,535,000 | 4,794,103 | |||||||||
| Maricopa County Industrial Development Authority - Honorhealth Oblig Group AZ | 5.00% | 9/1/2033 | A2 | 500,000 | 542,913 | |||||||||
| Maricopa County Industrial Development Authority - Honorhealth Oblig Group AZ | 5.00% | 9/1/2034 | A2 | 1,000,000 | 1,075,351 | |||||||||
| See Notes to Schedule of Investments. | 39 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Maricopa County Industrial Development Authority - Honorhealth Oblig Group AZ | 5.00% | 9/1/2035 | A2 | $ | 1,000,000 | $ | 1,064,119 | |||||||
| Maricopa County Industrial Development Authority - Honorhealth Oblig Group AZ | 5.00% | 9/1/2036 | A2 | 1,800,000 | 1,897,901 | |||||||||
| Massachusetts Development Finance Agency - Beth Israel Lahey Obl Grp MA | 5.00% | 7/1/2034 | A | 1,000,000 | 1,078,644 | |||||||||
| Massachusetts Development Finance Agency - Beth Israel Lahey Obl Grp MA | 5.00% | 7/1/2036 | A | 2,000,000 | 2,132,715 | |||||||||
| Massachusetts Development Finance Agency - Mass General Brigham Inc MA | 5.00% | 7/1/2030 | AA- | 9,660,000 | 10,616,862 | |||||||||
| Massachusetts Development Finance Agency - Wellforce MA | 4.00% | 7/1/2035 | BBB+ | 2,000,000 | 1,964,650 | |||||||||
| Massachusetts Development Finance Agency - Wellforce Obligated Group MA | 4.00% | 7/1/2037 | BBB+ | 3,930,000 | 3,718,950 | |||||||||
| Massachusetts Development Finance Agency - Wellforce Obligated Group MA | 5.00% | 7/1/2038 | BBB+ | 1,000,000 | 1,015,555 | |||||||||
| Massachusetts Development Finance Agency - Wellforce Obligated Group MA | 5.00% | 7/1/2039 | BBB+ | 2,250,000 | 2,274,808 | |||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd - Vanderbilt Univ Med Ctr TN | 5.00% | 7/1/2031 | A | 1,300,000 | 1,374,559 | |||||||||
| Miami Beach Health Facilities Authority - Mt Sinai Medical Center FL | 5.00% | 11/15/2030 | Baa1 | 1,500,000 | 1,532,334 | |||||||||
| Michigan Finance Authority - Trinity Hlth Corp Oblig MI | 5.00% | 12/1/2034 | AA- | 5,000,000 | 5,415,573 | |||||||||
| Michigan Finance Authority - Trinity Hlth Corp Oblig MI | 5.00% | 12/1/2035 | AA- | 5,000,000 | 5,398,797 | |||||||||
| Monroeville Finance Authority - Upmc Obligated Group PA | 5.00% | 2/15/2028 | A | 1,600,000 | 1,750,376 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson Univ Obl PA | 4.00% | 9/1/2036 | A | 1,350,000 | 1,311,434 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson Univ Obl PA | 4.00% | 9/1/2038 | A | 2,250,000 | 2,136,192 | |||||||||
| Montgomery County Industrial Development Authority - Albert Einstein Hlthcr Ob PA | 5.00% | 1/15/2024 | NR | 4,000,000 | 4,081,813 | |||||||||
| Montgomery County Industrial Development Authority - Albert Einstein Hlthcr Ob PA | 5.25% | 1/15/2026 | NR | 2,000,000 | 2,091,892 | |||||||||
| Montgomery County Industrial Development Authority - Albert Einstein Hlthcr Ob PA | 5.25% | 1/15/2028 | NR | 3,000,000 | 3,137,837 | |||||||||
| 40 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Montgomery County Industrial Development Authority - Whitemarsh Cont Care Obl PA | 5.00% | 1/1/2030 | NR | $ | 2,000,000 | $ | 1,956,186 | |||||||
| Moon Industrial Development Authority - Baptist Homes Society Obl PA | 5.125% | 7/1/2025 | NR | 2,895,000 | 2,808,619 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - Children’S Hlth Sys Oblig TX | 5.00% | 8/15/2026 | Aa3 | 2,000,000 | 2,144,916 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Hackensack Merdn Hlth Ob NJ | 5.00% | 7/1/2028 | AA- | 5,500,000 | 5,986,946 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’S Hlthcr Oblig NJ | 5.00% | 7/1/2028 | BBB- | 1,300,000 | 1,343,073 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’S Hlthcr Oblig NJ | 5.00% | 7/1/2029 | BBB- | 1,605,000 | 1,656,295 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’S Hlthcr Oblig NJ | 5.00% | 7/1/2030 | BBB- | 1,100,000 | 1,134,912 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’S Hlthcr Oblig NJ | 5.00% | 7/1/2031 | BBB- | 1,110,000 | 1,144,408 | |||||||||
| New Jersey Health Care Facilities Financing Authority - University Hospital NJ (AGM) | 5.00% | 7/1/2028 | AA | 2,000,000 | 2,086,813 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Valley Hlth Sys Oblig Grp NJ | 4.00% | 7/1/2036 | A | 1,000,000 | 1,000,820 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Valley Hlth Sys Oblig Grp NJ | 4.00% | 7/1/2037 | A | 1,000,000 | 993,324 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Valley Hlth Sys Oblig Grp NJ | 5.00% | 7/1/2029 | A | 1,000,000 | 1,088,860 | |||||||||
| New York City Health & Hospitals Corp. NY | 5.00% | 2/15/2023 | Aa3 | 4,000,000 | 4,007,825 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig NY | 4.00% | 7/1/2037 | B- | 1,100,000 | 777,959 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig NY | 4.00% | 7/1/2039 | B- | 1,000,000 | 692,545 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig NY | 4.00% | 7/1/2040 | B- | 850,000 | 580,606 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2036 | B- | 1,945,000 | 1,594,266 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig NY† | 5.00% | 12/1/2026 | BBB- | 1,500,000 | 1,538,675 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig NY† | 5.00% | 12/1/2029 | BBB- | 2,700,000 | 2,761,649 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig NY† | 5.00% | 12/1/2030 | BBB- | 1,100,000 | 1,125,307 | |||||||||
| See Notes to Schedule of Investments. | 41 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig NY† | 5.00% | 12/1/2031 | BBB- | $ | 1,600,000 | $ | 1,637,028 | |||||||
| New York State Dormitory Authority - Montefiore Obligated Group NY | 4.00% | 8/1/2036 | BBB- | 1,780,000 | 1,593,131 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group NY | 4.00% | 8/1/2038 | BBB- | 4,000,000 | 3,506,480 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Grp NY | 4.00% | 9/1/2036 | BBB- | 1,555,000 | 1,390,076 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Grp NY | 4.00% | 8/1/2037 | BBB- | 650,000 | 574,598 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Grp NY | 4.00% | 9/1/2038 | BBB- | 2,940,000 | 2,576,185 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Grp NY | 4.00% | 9/1/2040 | BBB- | 3,150,000 | 2,718,202 | |||||||||
| Norfolk Economic Development Authority - Sentara Hlthcr Oblig Gp VA | 5.00% | #(a) | 11/1/2048 | AA | 11,245,000 | 12,327,869 | ||||||||
| North Carolina Medical Care Commission - Southminster Inc Obl Grp NC | 5.00% | 10/1/2031 | NR | 1,750,000 | 1,701,585 | |||||||||
| Oklahoma Development Finance Authority - Ou Medicine Obligated Grp OK | 5.00% | 8/15/2033 | BB- | 2,045,000 | 1,977,031 | |||||||||
| Oklahoma Development Finance Authority - Ou Medicine Obligated Grp OK | 5.00% | 8/15/2038 | BB- | 2,645,000 | 2,376,260 | |||||||||
| Oklahoma Development Finance Authority - Ou Medicine Obligated Grp OK | 5.25% | 8/15/2043 | BB- | 6,710,000 | 6,167,177 | |||||||||
| Oneida County Local Development Corp. - Mohawk Valley Hlth Obl NY (AGM) | 4.00% | 12/1/2035 | AA | 1,000,000 | 978,330 | |||||||||
| Oneida County Local Development Corp. - Mohawk Valley Hlth Obl NY (AGM) | 4.00% | 12/1/2036 | AA | 1,250,000 | 1,195,954 | |||||||||
| Oneida County Local Development Corp. - Mohawk Valley Hlth Obl NY (AGM) | 4.00% | 12/1/2037 | AA | 2,210,000 | 2,100,620 | |||||||||
| Palomar Health CA | 5.00% | 11/1/2036 | BBB | 2,980,000 | 3,035,798 | |||||||||
| Paulding County Hospital Authority - Wellstar Hlth Sys GA | 4.00% | 4/1/2041 | A+ | 1,375,000 | 1,289,335 | |||||||||
| Paulding County Hospital Authority - Wellstar Hlth Sys GA | 5.00% | 4/1/2042 | A+ | 2,400,000 | 2,460,381 | |||||||||
| Public Finance Authority - Proton Intl Alabama LLC WI† | 6.85% | 10/1/2047 | NR | 1,410,000 | 1,100,386 | |||||||||
| Rhode Island Health & Educational Building Corp. - Care New England Hlth Obl RI | 5.00% | 9/1/2031 | B+ | 5,000,000 | 4,868,854 | |||||||||
| 42 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Salem Hospital Facility Authority Oblig Group OR | 5.00% | 5/15/2029 | A+ | $ | 3,275,000 | $ | 3,555,117 | |||||||
| Salem Hospital Facility Authority Oblig Group OR | 5.00% | 5/15/2030 | A+ | 4,660,000 | 5,056,629 | |||||||||
| Southeastern Ohio Port Authority - Marietta Area Hlthcr Oblg OH | 5.00% | 12/1/2035 | B+ | 3,850,000 | 3,743,126 | |||||||||
| Southeastern Ohio Port Authority - Marietta Area Hlthcr Oblg OH | 5.50% | 12/1/2029 | B+ | 750,000 | 761,435 | |||||||||
| State of Ohio - Univ Hosp Hlth Sys Obl Gp OH | 4.00% | 1/15/2037 | A | 1,900,000 | 1,834,295 | |||||||||
| State of Ohio - Univ Hosp Hlth Sys Obl Gp OH | 5.00% | 1/15/2036 | A | 3,295,000 | 3,478,779 | |||||||||
| Tarrant County Cultural Education Facilities Finance Corp. - Baylor Scott & White Oblg TX | 5.00% | #(a) | 11/15/2052 | Aa3 | 4,000,000 | 4,437,934 | ||||||||
| Tarrant County Cultural Education Facilities Finance Corp. - Christus Health Obl Group TX | 5.00% | #(a) | 7/1/2053 | A1 | 7,750,000 | 8,530,691 | ||||||||
| Tulsa County Industrial Authority - Montereau Obligated Group OK | 5.25% | 11/15/2037 | BBB- | 1,250,000 | 1,252,041 | |||||||||
| University of California CA | 5.00% | 5/15/2034 | AA- | 12,250,000 | 13,347,066 | |||||||||
| Washington Health Care Facilities Authority - Providence St Joseph Obl WA | 4.00% | #(a) | 10/1/2042 | A+ | 24,690,000 | 25,354,442 | ||||||||
| Washington State Housing Finance Commission - Spokane United Method Hms WA† | 6.00% | 1/1/2024 | NR | 245,000 | 248,294 | |||||||||
| West Virginia Hospital Finance Authority - Wv United Hlth Sys Oblig WV | 4.00% | 6/1/2030 | A | 5,500,000 | 5,544,135 | |||||||||
| West Virginia Hospital Finance Authority - Wv United Hlth Sys Oblig WV | 4.00% | 6/1/2035 | A | 1,570,000 | 1,548,211 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Amer Baptist Homes Oblig WI | 5.00% | 8/1/2032 | NR | 1,375,000 | 1,235,049 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Amer Baptist Homes Oblig WI | 5.00% | 8/1/2037 | NR | 1,500,000 | 1,264,975 | |||||||||
| Total | 561,541,727 | |||||||||||||
| See Notes to Schedule of Investments. | 43 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing 1.62% | ||||||||||||||
| California Housing Finance Agency CA | 3.25% | 8/20/2036 | BBB | $ | 7,377,387 | $ | 6,383,029 | |||||||
| California Housing Finance Agency CA | 3.50% | 11/20/2035 | BBB+ | 5,700,256 | 5,159,507 | |||||||||
| California Housing Finance Agency CA | 4.00% | 3/20/2033 | BBB+ | 4,523,833 | 4,369,906 | |||||||||
| California Housing Finance Agency CA | 4.25% | 1/15/2035 | BBB+ | 4,275,469 | 4,136,216 | |||||||||
| California Municipal Finance Authority - Park Western Housing LP CA (FNMA) | 2.65% | 8/1/2036 | AAA | 4,334,804 | 3,553,024 | |||||||||
| California Statewide Communities Development Authority - Chf-Irvine LLC CA | 5.00% | 5/15/2026 | Baa1 | 1,000,000 | 1,037,193 | |||||||||
| California Statewide Communities Development Authority - Chf-Irvine LLC CA | 5.00% | 5/15/2027 | Baa1 | 750,000 | 777,415 | |||||||||
| CSCDA Community Improvement Authority CA† | 3.00% | 6/1/2047 | NR | 5,000,000 | 3,673,184 | |||||||||
| Florida Housing Finance Corp. FL (GNMA/FNMA/FHLMC) | 3.00% | 1/1/2052 | AAA | 3,800,000 | 3,695,842 | |||||||||
| Florida Housing Finance Corp. FL (GNMA/FNMA/FHLMC) | 3.00% | 7/1/2052 | AAA | 5,070,000 | 4,910,010 | |||||||||
| Industrial Development Authority of the City of Phoenix - Downtown Phoenix Std Hsg AZ | 5.00% | 7/1/2032 | Baa3 | 1,080,000 | 1,106,013 | |||||||||
| Maryland Community Development Administration MD | 3.00% | 9/1/2039 | Aa1 | 10,000,000 | 8,587,258 | |||||||||
| Missouri Housing Development Commission MO (GNMA/FNMA/FHLMC) | 3.25% | 11/1/2052 | AA+ | 2,940,000 | 2,866,365 | |||||||||
| Missouri Housing Development Commission MO (GNMA/FNMA/FHLMC) | 4.25% | 5/1/2047 | AA+ | 1,510,000 | 1,523,307 | |||||||||
| New York City Housing Development Corp. NY | 2.10% | 11/1/2036 | AA+ | 5,725,000 | 4,243,220 | |||||||||
| North Dakota Housing Finance Agency ND | 3.00% | 7/1/2052 | Aa1 | 7,110,000 | 6,837,306 | |||||||||
| State of California CA GO | 5.00% | 11/1/2031 | Aa2 | 10,000,000 | 11,099,462 | |||||||||
| Washington State Housing Finance Commission WA | 3.50% | 12/20/2035 | BBB+ | 4,885,886 | 4,307,842 | |||||||||
| Total | 78,266,099 | |||||||||||||
| Lease Obligations 4.78% | ||||||||||||||
| California State Public Works Board CA | 5.00% | 6/1/2023 | Aa3 | 3,000,000 | 3,026,527 | |||||||||
| California State Public Works Board CA | 5.00% | 5/1/2034 | Aa3 | 9,525,000 | 11,217,060 | |||||||||
| County of Cuyahoga OH COPS | 5.00% | 12/1/2023 | AA- | 5,640,000 | 5,729,938 | |||||||||
| Hudson Yards Infrastructure Corp. NY | 5.00% | 2/15/2029 | Aa2 | 3,500,000 | 3,821,780 | |||||||||
| Illinois Sports Facilities Authority IL (AGM) | 5.00% | 6/15/2027 | AA | 3,000,000 | 3,060,232 | |||||||||
| Indiana Finance Authority IN | 5.25% | 2/1/2029 | AA+ | 2,500,000 | 2,639,579 | |||||||||
| Louisiana Public Facilities Authority LA | 5.00% | 6/1/2023 | Aa3 | 3,200,000 | 3,225,026 | |||||||||
| 44 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| Michigan State Building Authority MI | 5.00% | 4/15/2034 | Aa2 | $ | 6,525,000 | $ | 6,855,239 | |||||||
| Michigan State Building Authority MI | 5.00% | 4/15/2036 | Aa2 | 3,000,000 | 3,288,352 | |||||||||
| New Jersey Economic Development Authority NJ | 4.00% | 6/15/2034 | A3 | 500,000 | 501,872 | |||||||||
| New Jersey Economic Development Authority NJ | 4.00% | 6/15/2035 | A3 | 400,000 | 395,413 | |||||||||
| New Jersey Economic Development Authority NJ | 4.00% | 11/1/2037 | A3 | 3,000,000 | 2,848,099 | |||||||||
| New Jersey Economic Development Authority NJ | 4.00% | 11/1/2038 | A3 | 3,000,000 | 2,808,029 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2025 | A3 | 5,085,000 | 5,298,771 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 3/1/2027 | BBB+ | 355,000 | 355,978 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2033 | A3 | 7,215,000 | 7,718,757 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 11/1/2033 | A3 | 3,845,000 | 4,143,464 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2034 | A3 | 3,000,000 | 3,145,418 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2034 | A3 | 13,645,000 | 14,505,732 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2035 | A3 | 4,925,000 | 5,044,571 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2035 | A3 | 1,000,000 | 1,042,483 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2036 | A3 | 1,320,000 | 1,376,137 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2042 | A3 | 1,400,000 | 1,423,332 | |||||||||
| New Jersey Economic Development Authority NJ† | 5.25% | 9/1/2027 | BBB+ | 24,555,000 | 26,528,215 | |||||||||
| New Jersey Economic Development Authority NJ | 5.25% | 6/15/2032 | A3 | 2,865,000 | 3,042,260 | |||||||||
| New Jersey Economic Development Authority NJ | 5.26% (MUNIPSA * 1 + 1.60% | )# | 3/1/2028 | A3 | 5,000,000 | 5,000,046 | ||||||||
| New Jersey Economic Development Authority NJ | 5.50% | 6/15/2029 | A3 | 3,500,000 | 3,894,297 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 3.25% | 6/15/2039 | A3 | 2,000,000 | 1,680,951 | |||||||||
| See Notes to Schedule of Investments. | 45 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| New Jersey Transportation Trust Fund Authority NJ | 4.00% | 6/15/2035 | A3 | $ | 3,750,000 | $ | 3,707,000 | |||||||
| New Jersey Transportation Trust Fund Authority NJ | 4.00% | 6/15/2036 | A3 | 2,770,000 | 2,698,906 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2030 | A+ | 3,000,000 | 3,158,199 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2031 | A+ | 2,400,000 | 2,520,884 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2031 | A3 | 8,000,000 | 8,631,326 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2033 | A3 | 1,425,000 | 1,524,495 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 12/15/2033 | A3 | 35,410,000 | 37,830,351 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 12/15/2034 | A3 | 8,995,000 | 9,533,716 | |||||||||
| New York City Educational Construction Fund NY | 4.00% | 4/1/2036 | AA- | 2,335,000 | 2,353,366 | |||||||||
| New York City Educational Construction Fund NY | 4.00% | 4/1/2037 | AA- | 6,070,000 | 6,055,740 | |||||||||
| New York City Transitional Finance Authority Building Aid Revenue NY | 5.00% | 7/15/2035 | AA | 10,000,000 | 10,548,294 | |||||||||
| Redevelopment Authority of the City of Philadelphia PA | 5.00% | 4/15/2028 | A | 4,380,000 | 4,583,183 | |||||||||
| School Board of Miami-Dade County FL GO | 4.00% | 3/15/2034 | AA- | 4,535,000 | 4,687,659 | |||||||||
| Total | 231,450,677 | |||||||||||||
| Other Revenue 3.53% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2049 | A1 | 12,675,000 | 12,538,712 | ||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Ctr LLC NY | 5.00% | 7/15/2042 | Ba1 | 7,600,000 | 7,226,941 | |||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Ctr LLC NY (AGM) | 4.00% | 7/15/2029 | AA | 1,500,000 | 1,546,960 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Fdtn OH | 5.00% | 12/1/2033 | BB+ | 2,000,000 | 2,017,207 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Fdtn OH | 5.25% | 12/1/2038 | BB+ | 1,650,000 | 1,665,758 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 6.00% | 8/15/2038 | NR | 13,970,000 | 14,232,105 | |||||||||
| 46 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Commonwealth of Puerto Rico PR | 5.068% | # | 11/1/2051 | NR | $ | 17,586,280 | $ | 7,715,980 | ||||||
| Duval County Public Schools FL COPS (AGM) | 5.00% | 7/1/2034 | A+ | 2,000,000 | 2,250,985 | |||||||||
| Duval County Public Schools FL COPS (AGM) | 5.00% | 7/1/2035 | NR | 3,750,000 | 4,182,439 | |||||||||
| Florence Town, Inc. Industrial Development Authority - Legacy Tradtnl Sch Oblig AZ† | 5.75% | 7/1/2033 | BB+ | 3,000,000 | 3,039,317 | |||||||||
| Illinois Finance Authority - Field Museum Natural Hist IL | 4.21% (SOFR * .70 + 1.20% | )# | 11/1/2034 | A | 10,350,000 | 10,329,850 | ||||||||
| Industrial Development Authority of the City of Phoenix - Basis Schools Inc Oblig AZ† | 5.00% | 7/1/2035 | BB | 2,350,000 | 2,326,335 | |||||||||
| Industrial Development Authority of the County of Pima - Edkey Obligated Group AZ† | 5.00% | 7/1/2035 | NR | 5,000,000 | 4,867,655 | |||||||||
| Lower Alabama Gas District AL | 4.00% | #(a) | 12/1/2050 | A2 | 30,995,000 | 30,758,279 | ||||||||
| Lower Alabama Gas District AL | 5.00% | 9/1/2027 | A2 | 5,000,000 | 5,221,044 | |||||||||
| Maricopa County Industrial Development Authority - Paragon Management Inc AZ† | 5.00% | 7/1/2036 | BB+ | 2,500,000 | 2,478,220 | |||||||||
| Maricopa County Industrial Development Authority AZ† | 5.00% | 7/1/2039 | BB+ | 2,055,000 | 1,950,928 | |||||||||
| Maryland Economic Development Corp. MD(b) | 5.00% | 12/1/2016 | NR | 700,000 | 420,000 | |||||||||
| M-S-R Energy Authority CA | 6.125% | 11/1/2029 | BBB+ | 3,380,000 | 3,742,262 | |||||||||
| SA Energy Acquisition Public Facility Corp. TX | 5.50% | 8/1/2023 | A2 | 9,365,000 | 9,435,753 | |||||||||
| St. Louis Municipal Finance Corp. MO (AGM) | 5.00% | 10/1/2040 | AA | 1,750,000 | 1,836,220 | |||||||||
| State of Connecticut Clean Water Fund-State Revolving Fund CT | 4.00% | 2/1/2038 | AAA | 3,000,000 | 3,053,563 | |||||||||
| State of Hawaii Department of Budget & Finance HI AMT | 3.25% | 1/1/2025 | Baa1 | 5,000,000 | 4,940,829 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2028 | AA+ | 4,285,000 | 4,829,554 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2032 | AA+ | 14,810,000 | 17,513,943 | |||||||||
| Trust for Cultural Resources of The City of New York - Lincoln Ctr Perform Arts NY | 5.00% | 12/1/2031 | A | 1,250,000 | 1,422,406 | |||||||||
| Washington State Convention Center Public Facilities District WA | 4.00% | 7/1/2031 | NR | 10,180,000 | 9,330,776 | |||||||||
| Total | 170,874,021 | |||||||||||||
| Pre-Refunded 0.00% | ||||||||||||||
| New York State Dormitory Authority NY | 4.00% | 2/15/2034 | NR | 15,000 | 15,828 | |||||||||
| See Notes to Schedule of Investments. | 47 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax 2.08% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | $ | 1,250,000 | $ | 1,244,807 | |||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.375% | 5/1/2042 | NR | 5,500,000 | 5,296,639 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 6.00% | 5/1/2042 | NR | 1,910,000 | 1,909,944 | |||||||||
| Atlanta Urban Redevelopment Agency GA† | 2.375% | 7/1/2026 | NR | 415,000 | 391,154 | |||||||||
| Atlanta Urban Redevelopment Agency GA† | 2.875% | 7/1/2031 | NR | 965,000 | 842,227 | |||||||||
| Atlanta Urban Redevelopment Agency GA† | 3.625% | 7/1/2042 | NR | 1,880,000 | 1,546,098 | |||||||||
| Emeryville Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 9/1/2024 | AA | 1,950,000 | 2,016,782 | |||||||||
| Emeryville Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 9/1/2025 | AA | 2,650,000 | 2,749,666 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri MO | 4.375% | 11/15/2035 | NR | 3,955,000 | 3,185,310 | |||||||||
| Miami World Center Community Development District FL | 4.75% | 11/1/2027 | NR | 750,000 | 754,772 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.50% | 8/1/2040 | NR | 1,250,000 | 1,107,214 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2033 | AA | 1,750,000 | 1,637,660 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2034 | AA | 1,000,000 | 923,301 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 4.00% | 1/1/2032 | AA | 1,000,000 | 1,047,189 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 5.00% | 1/1/2031 | AA | 1,250,000 | 1,411,368 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLLC NY (AGM) | 3.00% | 3/1/2036 | AA | 5,500,000 | 4,836,447 | |||||||||
| Orange County Community Facilities District CA Special Tax | 5.00% | 8/15/2033 | NR | 1,370,000 | 1,411,158 | |||||||||
| Orange County Community Facilities District CA Special Tax | 5.00% | 8/15/2035 | NR | 975,000 | 999,252 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2028 | NR | 545,000 | 510,948 | (c) | ||||||||
| Peninsula Town Center Community Development Authority VA† | 5.00% | 9/1/2037 | NR | 875,000 | 813,061 | (c) | ||||||||
| Pittsburg Successor Agency Redevelopment Agency CA Tax Allocation (AGM) | 5.00% | 9/1/2025 | AA | 3,500,000 | 3,666,078 | |||||||||
| Plaza Metropolitan District No. 1 CO Tax Allocation† | 4.50% | 12/1/2030 | NR | 4,300,000 | 4,087,894 | |||||||||
| River Islands Public Financing Authority CA Special Tax | 4.00% | 9/1/2051 | NR | 990,000 | 828,478 | (c) | ||||||||
| 48 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.00% | 9/1/2042 | AA | $ | 4,000,000 | $ | 4,307,390 | |||||||
| State of Connecticut Special Tax Revenue CT | 4.00% | 9/1/2034 | AA | 8,075,000 | 8,233,858 | |||||||||
| State of Connecticut Special Tax Revenue CT | 5.00% | 10/1/2030 | AA | 9,000,000 | 10,049,155 | |||||||||
| State of Connecticut Special Tax Revenue CT | 5.00% | 1/1/2032 | AA | 14,375,000 | 15,818,450 | |||||||||
| Sterling Ranch Community Authority Board CO | 3.375% | 12/1/2030 | NR | 499,000 | 432,591 | |||||||||
| Sterling Ranch Community Authority Board CO | 3.75% | 12/1/2040 | NR | 1,250,000 | 985,417 | |||||||||
| Village Community Development District No. 12 FL | 3.25% | 5/1/2026 | NR | 3,005,000 | 2,911,734 | |||||||||
| Village Community Development District No. 12 FL† | 3.80% | 5/1/2028 | NR | 2,070,000 | 2,022,747 | |||||||||
| Village Community Development District No. 12 FL† | 4.00% | 5/1/2033 | NR | 1,840,000 | 1,726,564 | |||||||||
| Village Community Development District No. 13 FL | 1.80% | 5/1/2026 | NR | 600,000 | 546,852 | |||||||||
| Village Community Development District No. 13 FL | 2.55% | 5/1/2031 | NR | 750,000 | 624,732 | |||||||||
| Village Community Development District No. 13 FL | 2.85% | 5/1/2036 | NR | 1,880,000 | 1,431,496 | |||||||||
| Village Community Development District No. 13 FL | 3.00% | 5/1/2029 | NR | 480,000 | 429,238 | (c) | ||||||||
| Village Community Development District No. 13 FL† | 3.00% | 5/1/2035 | NR | 3,370,000 | 2,680,177 | |||||||||
| Village Community Development District No. 13 FL† | 3.25% | 5/1/2040 | NR | 4,220,000 | 3,163,888 | |||||||||
| Village Community Development District No. 13 FL | 3.375% | 5/1/2034 | NR | 2,480,000 | 2,104,901 | |||||||||
| Total | 100,686,637 | |||||||||||||
| Tax Revenue 3.80% | ||||||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB | 5,675,000 | 5,806,776 | |||||||||
| City of Sparks NV† | 2.50% | 6/15/2024 | Ba2 | 140,000 | 135,832 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba2 | 2,265,000 | 2,024,557 | |||||||||
| Clear Creek Independent School District TX GO (PSF) | 0.28% | #(a) | 2/15/2038 | AAA | 4,930,000 | 4,651,582 | ||||||||
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | 3,750,000 | 3,768,572 | |||||||||
| County of Cook Sales Tax Revenue IL | 5.25% | 11/15/2036 | AA- | 10,000,000 | 10,640,938 | |||||||||
| County of Jefferson AL | 5.00% | 9/15/2026 | AA | 2,400,000 | 2,584,626 | |||||||||
| See Notes to Schedule of Investments. | 49 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| El Paso Downtown Development Corp. TX | 6.25% | 8/15/2023 | AA- | $ | 5,000,000 | $ | 5,090,440 | |||||||
| Islip Union Free School District NY GO | 4.50% | 6/23/2023 | NR | 20,000,000 | 20,125,906 | |||||||||
| Maryland State Transportation Authority MD | 4.00% | 7/1/2037 | Aa2 | 4,660,000 | 4,671,557 | |||||||||
| Metropolitan Atlanta Rapid Transit Authority GA | 5.00% | 7/1/2032 | AA+ | 5,000,000 | 5,368,996 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2027 | AA | 5,700,000 | 5,702,363 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2031 | A3 | 3,200,000 | 3,452,530 | |||||||||
| New York City Transitional Finance Authority Building Aid Revenue NY | 5.25% | 7/15/2036 | AA | 11,700,000 | 12,870,393 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 3.00% | 11/1/2037 | AAA | 2,500,000 | 2,136,460 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 8/1/2038 | AAA | 5,530,000 | 5,404,956 | |||||||||
| New York State Thruway Authority NY | 5.00% | 3/15/2035 | AA+ | 6,000,000 | 6,845,282 | |||||||||
| New York State Urban Development Corp. NY | 5.00% | 3/15/2034 | Aa1 | 12,140,000 | 14,119,423 | |||||||||
| New York State Urban Development Corp. NY | 5.00% | 3/15/2035 | Aa1 | 5,000,000 | 5,717,798 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2029 | NR | 1,616,000 | 1,179,671 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2031 | NR | 1,774,000 | 1,157,840 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2033 | NR | 11,643,000 | 6,787,325 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.329% | 7/1/2040 | NR | 5,223,000 | 4,718,135 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.329% | 7/1/2040 | NR | 12,051,000 | 10,886,127 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.50% | 7/1/2034 | NR | 4,560,000 | 4,313,146 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.536% | 7/1/2053 | NR | 81,000 | 69,260 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.55% | 7/1/2040 | NR | 268,000 | 246,538 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.75% | 7/1/2053 | NR | 1,967,000 | 1,743,642 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.784% | 7/1/2058 | NR | 1,092,000 | 950,139 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 5.00% | 7/1/2058 | NR | 4,974,000 | 4,528,479 | |||||||||
| Spencer Van Etten Central School NY GO | 3.75% | 6/30/2023 | NR | 14,313,597 | 14,357,110 | |||||||||
| 50 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| State of Connecticut Special Tax Revenue CT | 5.00% | 5/1/2033 | AA | $ | 3,000,000 | $ | 3,416,138 | |||||||
| State of Maryland Department of Transportation MD | 3.00% | 10/1/2034 | AAA | 5,510,000 | 5,187,104 | |||||||||
| Territory of Guam GU | 4.00% | 1/1/2036 | Ba1 | 2,865,000 | 2,685,383 | |||||||||
| Territory of Guam GU | 5.00% | 1/1/2031 | Ba1 | 750,000 | 803,548 | |||||||||
| Total | 184,148,572 | |||||||||||||
| Tobacco 1.93% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 21,135,000 | 18,372,385 | |||||||||
| California County Tobacco Securitization Agency CA | 4.00% | 6/1/2034 | A- | 980,000 | 960,606 | |||||||||
| California County Tobacco Securitization Agency CA | 4.00% | 6/1/2035 | A- | 1,300,000 | 1,260,324 | |||||||||
| California County Tobacco Securitization Agency CA | 4.00% | 6/1/2036 | A- | 1,195,000 | 1,144,594 | |||||||||
| California County Tobacco Securitization Agency CA | 4.00% | 6/1/2037 | A- | 895,000 | 845,173 | |||||||||
| California County Tobacco Securitization Agency CA | 5.00% | 6/1/2049 | BBB+ | 195,000 | 195,710 | |||||||||
| Commonwealth Financing Authority PA | 5.00% | 6/1/2032 | A1 | 8,350,000 | 9,058,467 | |||||||||
| Golden State Tobacco Securitization Corp. CA | 5.00% | 6/1/2027 | NR | 4,000,000 | 4,438,028 | |||||||||
| Iowa Tobacco Settlement Authority IA | 4.00% | 6/1/2049 | BBB+ | 7,090,000 | 6,982,821 | |||||||||
| Michigan Finance Authority MI | 4.00% | 6/1/2034 | A- | 1,000,000 | 959,143 | |||||||||
| Michigan Finance Authority MI | 4.00% | 6/1/2035 | A- | 2,000,000 | 1,894,840 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 35,000,000 | 1,816,976 | |||||||||
| Northern Tobacco Securitization Corp. AK | 4.00% | 6/1/2037 | A- | 1,500,000 | 1,413,382 | |||||||||
| Northern Tobacco Securitization Corp. AK | 4.00% | 6/1/2050 | BBB- | 1,750,000 | 1,705,119 | |||||||||
| Railsplitter Tobacco Settlement Authority IL | 5.00% | 6/1/2027 | A | 3,325,000 | 3,535,647 | |||||||||
| Tobacco Settlement Authority WA | 5.00% | 6/1/2023 | A | 6,250,000 | 6,301,329 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2029 | A | 3,575,000 | 3,757,611 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BBB- | 10,300,000 | 9,847,934 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 5,100,000 | 5,118,782 | |||||||||
| Tobacco Settlement Financing Corp. RI | 5.00% | 6/1/2027 | BBB | 2,500,000 | 2,555,980 | |||||||||
| Tobacco Settlement Financing Corp. RI | 5.00% | 6/1/2028 | BBB | 2,000,000 | 2,043,814 | |||||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 3,690,000 | 3,401,746 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2029 | A | 5,775,000 | 5,999,982 | |||||||||
| Total | 93,610,393 | |||||||||||||
| See Notes to Schedule of Investments. | 51 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation 21.37% | ||||||||||||||
| Alameda Corridor Transportation Authority CA (AGM) | 5.00% | 10/1/2034 | AA | $ | 3,650,000 | $ | 3,835,213 | |||||||
| California Municipal Finance Authority - Lax Integrated Express CA AMT | 5.00% | 6/30/2031 | BBB- | 3,195,000 | 3,338,378 | |||||||||
| California Municipal Finance Authority - Lax Integrated Express CA AMT | 5.00% | 12/31/2036 | BBB- | 3,215,000 | 3,291,975 | |||||||||
| California Municipal Finance Authority - Lax Integrated Express CA AMT | 5.00% | 12/31/2037 | BBB- | 7,000,000 | 7,147,573 | |||||||||
| Central Florida Expressway Authority FL | 4.00% | 7/1/2037 | A+ | 7,380,000 | 7,234,372 | |||||||||
| Central Texas Regional Mobility Authority TX | 4.00% | 1/1/2034 | A- | 4,750,000 | 4,794,078 | |||||||||
| Central Texas Regional Mobility Authority TX | 4.00% | 1/1/2035 | A- | 4,000,000 | 3,997,032 | |||||||||
| Central Texas Regional Mobility Authority TX | 4.00% | 1/1/2036 | A- | 4,510,000 | 4,461,222 | |||||||||
| Central Texas Regional Mobility Authority TX | 5.00% | 1/1/2025 | BBB+ | 7,500,000 | 7,695,872 | |||||||||
| Central Texas Regional Mobility Authority TX | 5.00% | 1/1/2030 | A- | 800,000 | 845,705 | |||||||||
| Central Texas Regional Mobility Authority TX | 5.00% | 1/1/2031 | A- | 1,675,000 | 1,770,695 | |||||||||
| Central Texas Regional Mobility Authority TX | 5.00% | 1/1/2032 | A- | 2,000,000 | 2,114,263 | |||||||||
| Central Texas Turnpike System TX | 5.00% | 8/15/2025 | A- | 2,250,000 | 2,310,006 | |||||||||
| Central Texas Turnpike System TX | 5.00% | 8/15/2026 | A- | 2,500,000 | 2,564,040 | |||||||||
| Central Texas Turnpike System TX | 5.00% | 8/15/2027 | A- | 3,300,000 | 3,382,634 | |||||||||
| Central Texas Turnpike System TX | 5.00% | 8/15/2028 | A- | 3,705,000 | 3,792,231 | |||||||||
| Central Texas Turnpike System TX | 5.00% | 8/15/2033 | A- | 7,650,000 | 7,739,369 | |||||||||
| Chicago Midway International Airport IL | 4.00% | 1/1/2034 | A- | 2,175,000 | 2,178,600 | |||||||||
| Chicago Midway International Airport IL | 5.00% | 1/1/2026 | A- | 6,075,000 | 6,178,490 | |||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2023 | A- | 3,000,000 | 3,000,000 | |||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2026 | A- | 4,605,000 | 4,665,435 | |||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2030 | A- | 5,000,000 | 5,042,605 | |||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2031 | A- | 2,000,000 | 2,063,294 | |||||||||
| Chicago O’Hare International Airport IL | 4.00% | 1/1/2035 | A+ | 15,000,000 | 15,092,968 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2031 | A+ | 6,500,000 | 6,745,742 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2035 | A+ | 7,000,000 | 7,660,818 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2031 | A+ | 9,000,000 | 9,194,948 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.00% | 11/15/2031 | AA- | 16,500,000 | 18,102,663 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.00% | 12/1/2031 | A+ | 15,000,000 | 15,980,424 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.00% | 12/1/2035 | A+ | 5,000,000 | 5,244,753 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.50% | 11/15/2033 | Aa3 | 8,365,000 | 9,529,845 | |||||||||
| 52 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2034 | Aa3 | $ | 3,500,000 | $ | 4,006,301 | |||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 4.00% | 7/1/2035 | AA- | 5,860,000 | 5,717,411 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 4.00% | 7/1/2037 | AA- | 4,150,000 | 3,981,515 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 1/1/2029 | AA- | 2,500,000 | 2,552,038 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 4.75% | 7/1/2024 | Ba3 | 4,655,000 | 4,645,463 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2027 | B- | 1,000,000 | 1,016,175 | |||||||||
| City of Los Angeles Department of Airports CA | 5.00% | 5/15/2032 | AA- | 5,870,000 | 6,171,035 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2033 | AA | 6,675,000 | 7,137,901 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2033 | AA | 4,500,000 | 4,986,122 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2034 | AA- | 2,930,000 | 3,161,373 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2034 | AA | 6,000,000 | 6,587,253 | |||||||||
| City of Philadelphia Airport Revenue PA AMT | 5.00% | 7/1/2032 | A2 | 3,660,000 | 3,968,478 | |||||||||
| City of Phoenix Civic Improvement Corp. AZ | 5.00% | 7/1/2036 | AA- | 4,045,000 | 4,301,129 | |||||||||
| City of Phoenix Civic Improvement Corp. AZ | 5.00% | 7/1/2036 | A+ | 5,000,000 | 5,305,916 | |||||||||
| City of Phoenix Civic Improvement Corp. AZ AMT | 5.00% | 7/1/2029 | A+ | 1,500,000 | 1,611,627 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2029 | A | 3,000,000 | 3,190,694 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2030 | A | 2,275,000 | 2,394,755 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2031 | A | 3,000,000 | 3,155,066 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2034 | A | 14,645,000 | 15,390,627 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2034 | A | 4,455,000 | 4,644,065 | |||||||||
| See Notes to Schedule of Investments. | 53 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| County of Broward Airport System Revenue FL AMT | 5.00% | 10/1/2029 | A+ | $ | 1,120,000 | $ | 1,205,981 | |||||||
| County of Broward Airport System Revenue FL AMT | 5.00% | 10/1/2035 | A+ | 2,660,000 | 2,809,114 | |||||||||
| County of Broward Airport System Revenue FL AMT | 5.00% | 10/1/2036 | A+ | 2,615,000 | 2,748,450 | |||||||||
| County of Broward Airport System Revenue FL AMT | 5.00% | 10/1/2037 | A+ | 4,000,000 | 4,185,609 | |||||||||
| County of Lee Airport Revenue FL AMT | 5.00% | 10/1/2029 | A2 | 11,000,000 | 11,837,653 | |||||||||
| County of Miami-Dade Aviation Revenue FL | 5.00% | 10/1/2025 | A1 | 3,690,000 | 3,830,850 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2027 | A1 | 5,145,000 | 5,273,942 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2028 | A1 | 3,500,000 | 3,582,108 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2033 | A1 | 4,240,000 | 4,300,598 | |||||||||
| County of Sacramento Airport System Revenue CA AMT | 5.00% | 7/1/2027 | A+ | 5,950,000 | 6,318,149 | |||||||||
| County of Sacramento Airport System Revenue CA AMT | 5.00% | 7/1/2034 | A+ | 4,000,000 | 4,215,764 | |||||||||
| County of Sacramento Airport System Revenue CA AMT | 5.00% | 7/1/2036 | A+ | 5,645,000 | 5,891,000 | |||||||||
| Delaware River Joint Toll Bridge Commission PA | 5.00% | 7/1/2030 | A1 | 1,920,000 | 2,105,053 | |||||||||
| Delaware River Joint Toll Bridge Commission PA | 5.00% | 7/1/2032 | A1 | 2,025,000 | 2,206,625 | |||||||||
| E-470 Public Highway Authority CO | 3.231% (SOFR * .67 + .35% | )# | 9/1/2039 | A | 1,690,000 | 1,677,537 | ||||||||
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2035 | AA- | 3,000,000 | 2,923,551 | |||||||||
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2037 | AA- | 4,000,000 | 3,835,400 | |||||||||
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2039 | AA- | 2,900,000 | 2,731,865 | |||||||||
| Greater Orlando Aviation Authority FL AMT | 5.00% | 10/1/2029 | A+ | 3,000,000 | 3,257,558 | |||||||||
| Hampton Roads Transportation Accountability Commission VA | 5.00% | 7/1/2032 | AA | 1,180,000 | 1,315,130 | |||||||||
| Hampton Roads Transportation Accountability Commission VA | 5.00% | 7/1/2033 | AA | 1,000,000 | 1,114,517 | |||||||||
| Illinois State Toll Highway Authority IL | 5.00% | 1/1/2027 | AA- | 1,000,000 | 1,021,998 | |||||||||
| Illinois State Toll Highway Authority IL | 5.00% | 1/1/2028 | AA- | 2,535,000 | 2,590,602 | |||||||||
| Kansas City Industrial Development Authority MO AMT | 5.00% | 3/1/2036 | A2 | 5,000,000 | 5,217,379 | |||||||||
| 54 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Kansas City Industrial Development Authority MO AMT | 5.00% | 3/1/2038 | A2 | $ | 6,205,000 | $ | 6,414,048 | |||||||
| Louisville Regional Airport Authority KY AMT | 5.00% | 7/1/2023 | A+ | 2,250,000 | 2,267,798 | |||||||||
| Maryland Economic Development Corp. - Consol Marine Terminals L MD | 5.75% | 9/1/2025 | BB | 5,000,000 | 5,041,899 | |||||||||
| Maryland Economic Development Corp. - Ports America Chesapeake MD AMT | 5.00% | 6/1/2044 | Baa2 | 125,000 | 126,791 | |||||||||
| Maryland Economic Development Corp. - Purple line Transit MD AMT | 5.00% | 11/12/2028 | Baa3 | 7,500,000 | 7,680,798 | |||||||||
| Maryland Economic Development Corp. MD Tax Allocation | 4.00% | 9/1/2040 | NR | 1,000,000 | 850,829 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.00% | 7/1/2036 | A2 | 7,500,000 | 7,899,222 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.25% | 7/1/2034 | A1 | 1,250,000 | 1,384,966 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.25% | 7/1/2035 | A1 | 2,595,000 | 2,846,281 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2036 | A1 | 1,000,000 | 1,107,878 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2037 | A1 | 1,250,000 | 1,374,956 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2038 | A1 | 1,500,000 | 1,642,860 | |||||||||
| Metropolitan Transportation Authority NY | 3.28% | #(a) | 11/1/2035 | Aa1 | (e) | 4,000,000 | 4,000,000 | |||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2032 | A3 | 8,500,000 | 8,193,293 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 2/1/2023 | NR | 8,500,000 | 8,506,338 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2028 | A3 | 9,090,000 | 9,444,401 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2029 | A3 | 5,000,000 | 5,179,865 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2033 | A3 | 4,025,000 | 4,127,870 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2035 | A3 | 5,000,000 | 5,069,440 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2038 | A3 | 1,500,000 | 1,503,481 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2028 | A3 | 6,760,000 | 6,962,937 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2035 | A3 | 7,500,000 | 7,591,848 | |||||||||
| Metropolitan Washington Airports Authority DC AMT | 5.00% | 10/1/2031 | AA- | 4,000,000 | 4,347,346 | |||||||||
| Metropolitan Washington Airports Authority DC AMT | 5.00% | 10/1/2031 | AA- | 5,000,000 | 5,225,091 | |||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC | 4.00% | 10/1/2035 | A- | 1,000,000 | 973,557 | |||||||||
| See Notes to Schedule of Investments. | 55 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC | 4.00% | 10/1/2036 | A- | $ | 1,500,000 | $ | 1,445,423 | |||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC | 4.00% | 10/1/2037 | A- | 1,500,000 | 1,430,425 | |||||||||
| Miami-Dade County Expressway Authority FL | 5.00% | 7/1/2023 | A | 2,500,000 | 2,519,166 | |||||||||
| Miami-Dade County Expressway Authority FL | 5.00% | 7/1/2023 | A | 2,000,000 | 2,014,125 | |||||||||
| Miami-Dade County Expressway Authority FL | 5.00% | 7/1/2024 | A | 3,500,000 | 3,525,156 | |||||||||
| Minneapolis-St. Paul Metropolitan Airports Commission MN | 5.00% | 1/1/2028 | A+ | 3,500,000 | 3,569,517 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower Llc NJ AMT | 5.125% | 1/1/2034 | BBB+ | 5,010,000 | 5,019,401 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 4.00% | 6/15/2038 | A3 | 3,000,000 | 2,810,656 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 4.00% | 6/15/2039 | A3 | 6,000,000 | 5,555,490 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2028 | A+ | 6,275,000 | 6,618,930 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2032 | A3 | 6,960,000 | 7,748,286 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2034 | A3 | 10,000,000 | 10,941,185 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2034 | A3 | 2,625,000 | 2,861,069 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2034 | A3 | 2,500,000 | 2,745,569 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2035 | A3 | 3,425,000 | 3,694,177 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2035 | A3 | 2,250,000 | 2,443,025 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2036 | A3 | 5,000,000 | 5,356,385 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2037 | A3 | 4,250,000 | 4,523,547 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2038 | A3 | 1,000,000 | 1,056,227 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.25% | 6/15/2036 | A3 | 2,000,000 | 2,196,164 | |||||||||
| New Jersey Turnpike Authority NJ | 5.00% | 1/1/2029 | AA- | 5,000,000 | 5,162,128 | |||||||||
| New Jersey Turnpike Authority NJ | 5.00% | 1/1/2031 | AA- | 5,000,000 | 5,213,668 | |||||||||
| New Jersey Turnpike Authority NJ | 5.00% | 1/1/2031 | AA- | 5,000,000 | 5,316,607 | |||||||||
| 56 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New Jersey Turnpike Authority NJ | 5.00% | 1/1/2033 | AA- | $ | 2,100,000 | $ | 2,265,323 | |||||||
| New Jersey Turnpike Authority NJ | 5.00% | 1/1/2034 | AA- | 1,500,000 | 1,638,064 | |||||||||
| New York State Thruway Authority NY | 4.00% | 1/1/2037 | A1 | 11,770,000 | 11,631,122 | |||||||||
| New York State Thruway Authority NY | 5.00% | 1/1/2024 | A1 | 1,960,000 | 1,999,384 | |||||||||
| New York State Thruway Authority NY | 5.00% | 1/1/2026 | A1 | 5,115,000 | 5,336,255 | |||||||||
| New York State Thruway Authority NY | 5.00% | 1/1/2033 | A1 | 3,405,000 | 3,735,531 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 4.00% | 10/1/2030 | Baa3 | 4,225,000 | 4,087,953 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 4.00% | 1/1/2036 | Baa3 | 10,010,000 | 9,221,642 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 4.375% | 10/1/2045 | Baa3 | 6,750,000 | 6,059,103 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 1/1/2033 | Baa3 | 11,000,000 | 11,135,509 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 1/1/2034 | Baa3 | 3,450,000 | 3,477,245 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 1/1/2036 | Baa3 | 10,500,000 | 10,444,461 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 10/1/2040 | Baa3 | 6,750,000 | 6,518,264 | |||||||||
| New York Transportation Development Corp. - Empire St Thruway Partnrs NY AMT | 4.00% | 10/31/2034 | BBB- | 750,000 | 718,636 | |||||||||
| New York Transportation Development Corp. - Empire St Thruway Partnrs NY AMT | 4.00% | 10/31/2041 | BBB- | 3,000,000 | 2,639,431 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY | 5.00% | 12/1/2030 | Baa1 | 3,000,000 | 3,237,677 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY | 5.00% | 12/1/2031 | Baa1 | 2,160,000 | 2,325,534 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY | 5.00% | 12/1/2032 | Baa1 | 5,045,000 | 5,425,054 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY | 5.00% | 12/1/2034 | Baa1 | 2,000,000 | 2,124,891 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 5.00% | 12/1/2024 | Baa1 | 2,000,000 | 2,054,233 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 5.00% | 12/1/2027 | Baa1 | 1,025,000 | 1,078,068 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 5.00% | 12/1/2030 | Baa1 | 10,000,000 | 10,651,739 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 5.00% | 12/1/2031 | Baa1 | 2,150,000 | 2,284,643 | |||||||||
| See Notes to Schedule of Investments. | 57 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 5.00% | 12/1/2033 | Baa1 | $ | 1,800,000 | $ | 1,896,467 | |||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner NY AMT | 4.00% | 7/1/2032 | Baa2 | 3,000,000 | 2,849,948 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner NY AMT | 4.00% | 7/1/2033 | Baa2 | 5,980,000 | 5,639,294 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner NY AMT | 5.00% | 7/1/2034 | Baa2 | 2,250,000 | 2,270,270 | |||||||||
| New York Transportation Development Corp. - Terminal One Group Assn NY AMT | 5.00% | 1/1/2023 | Baa3 | 750,000 | 750,000 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2023 | A3 | 3,000,000 | 3,009,689 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2027 | A3 | 3,185,000 | 3,234,708 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2030 | A3 | 365,000 | 388,171 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2031 | A3 | 300,000 | 318,804 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2032 | A3 | 775,000 | 821,852 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2034 | A3 | 865,000 | 908,896 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA | 5.00% | 3/1/2026 | A | 1,200,000 | 1,232,596 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA | 5.00% | 3/1/2027 | A | 2,260,000 | 2,321,233 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA | 5.00% | 3/1/2028 | A | 1,655,000 | 1,699,726 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2035 | A | 1,500,000 | 1,558,246 | |||||||||
| North Carolina Turnpike Authority NC | 5.00% | 1/1/2032 | BBB | 1,000,000 | 1,047,875 | |||||||||
| North Carolina Turnpike Authority NC (AGM) | 4.00% | 1/1/2037 | AA | 12,895,000 | 12,921,299 | |||||||||
| North Carolina Turnpike Authority NC (AGM) | 4.00% | 1/1/2038 | AA | 9,000,000 | 8,960,760 | |||||||||
| North Carolina Turnpike Authority NC (AGM) | 5.00% | 1/1/2031 | AA | 1,000,000 | 1,066,196 | |||||||||
| North Texas Tollway Authority TX | 4.00% | 1/1/2037 | AA- | 8,740,000 | 8,785,477 | |||||||||
| North Texas Tollway Authority TX | 5.00% | 1/1/2023 | NR | 1,985,000 | 1,985,000 | |||||||||
| North Texas Tollway Authority TX | 5.00% | 1/1/2023 | AA- | 3,015,000 | 3,015,000 | |||||||||
| North Texas Tollway Authority TX | 5.00% | 1/1/2025 | AA- | 5,000,000 | 5,098,797 | |||||||||
| North Texas Tollway Authority TX | 5.00% | 1/1/2031 | A+ | 8,085,000 | 8,222,791 | |||||||||
| North Texas Tollway Authority TX | 5.00% | 1/1/2036 | AA- | 5,000,000 | 5,241,956 | |||||||||
| 58 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Pennsylvania Turnpike Commission PA | 4.00% | 12/1/2036 | A | $ | 1,000,000 | $ | 990,859 | |||||||
| Pennsylvania Turnpike Commission PA | 4.00% | 12/1/2037 | A | 2,500,000 | 2,455,443 | |||||||||
| Pennsylvania Turnpike Commission PA | 5.00% | 12/1/2034 | A1 | 1,200,000 | 1,331,475 | |||||||||
| Pennsylvania Turnpike Commission PA | 5.00% | 12/1/2035 | A1 | 1,800,000 | 1,984,196 | |||||||||
| Port Authority of New York & New Jersey NY | 4.00% | 11/1/2037 | AA- | 3,540,000 | 3,515,821 | |||||||||
| Port Authority of New York & New Jersey NY | 5.00% | 12/1/2023 | AA- | 5,300,000 | 5,401,256 | |||||||||
| Port Authority of New York & New Jersey NY | 5.00% | 12/1/2025 | AA- | 10,000,000 | 10,191,049 | |||||||||
| Port Authority of New York & New Jersey NY | 5.00% | 10/15/2026 | AA- | 5,605,000 | 5,940,872 | |||||||||
| Port Authority of New York & New Jersey NY | 5.00% | 11/15/2036 | AA- | 5,000,000 | 5,373,430 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 3.00% | 10/1/2027 | AA- | 6,405,000 | 6,263,699 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 4.00% | 7/15/2034 | AA- | 4,250,000 | 4,244,507 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 4.00% | 11/1/2034 | AA- | 13,705,000 | 13,642,641 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 4.00% | 7/15/2035 | AA- | 2,250,000 | 2,204,858 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 4.00% | 7/15/2036 | AA- | 1,500,000 | 1,460,416 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 4.00% | 7/15/2037 | AA- | 2,000,000 | 1,897,454 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 4.00% | 7/15/2038 | AA- | 3,000,000 | 2,837,302 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 9/15/2028 | AA- | 4,000,000 | 4,301,376 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 10/15/2034 | AA- | 9,170,000 | 9,335,399 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 1/15/2036 | Aa3 | 2,000,000 | 2,156,820 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 1/15/2037 | Aa3 | 2,000,000 | 2,139,761 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 1/15/2038 | Aa3 | 1,000,000 | 1,064,163 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2033 | AA- | 6,920,000 | 7,533,995 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2037 | AA- | 2,420,000 | 2,520,435 | |||||||||
| See Notes to Schedule of Investments. | 59 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2038 | AA- | $ | 3,250,000 | $ | 3,374,117 | |||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2039 | AA- | 3,330,000 | 3,444,399 | |||||||||
| Puerto Rico Highway & Transportation Authority PR | Zero Coupon | 7/1/2032 | NR | 520,276 | 309,564 | |||||||||
| Puerto Rico Highway & Transportation Authority PR | 5.00% | 7/1/2053 | NR | 889,979 | 493,939 | |||||||||
| Puerto Rico Highway & Transportation Authority PR | 5.00% | 7/1/2062 | NR | 800,592 | 739,547 | |||||||||
| Regional Transportation District - Denver Transit Partners CO | 4.00% | 1/15/2033 | Baa1 | 850,000 | 832,825 | |||||||||
| Regional Transportation District - Denver Transit Partners CO | 4.00% | 7/15/2034 | Baa1 | 7,650,000 | 7,399,705 | |||||||||
| Regional Transportation District - Denver Transit Partners CO | 4.00% | 7/15/2036 | Baa1 | 700,000 | 658,808 | |||||||||
| Regional Transportation District - Denver Transit Partners CO | 5.00% | 1/15/2032 | Baa1 | 950,000 | 1,009,303 | |||||||||
| Riverside County Transportation Commission CA | 4.00% | 6/1/2040 | A | 2,000,000 | 1,923,227 | |||||||||
| San Diego County Regional Airport Authority CA | 4.00% | 7/1/2037 | A | 2,000,000 | 1,986,649 | |||||||||
| San Diego County Regional Airport Authority CA | 4.00% | 7/1/2038 | A | 2,000,000 | 1,966,181 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2036 | A+ | 4,245,000 | 4,457,396 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2036 | A+ | 3,195,000 | 3,354,860 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2037 | A+ | 4,065,000 | 4,243,446 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2038 | A+ | 6,015,000 | 6,259,501 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% | 1/15/2034 | A | 3,250,000 | 3,337,964 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% | 1/15/2034 | A | 3,130,000 | 3,214,716 | |||||||||
| South Carolina Ports Authority SC AMT | 5.00% | 7/1/2032 | A+ | 4,225,000 | 4,532,336 | |||||||||
| State of Alabama Docks Department AL AMT (AGM) | 5.00% | 10/1/2026 | AA | 1,250,000 | 1,319,894 | |||||||||
| 60 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| State of Alabama Docks Department AL AMT (AGM) | 5.00% | 10/1/2027 | AA | $ | 2,000,000 | $ | 2,134,341 | |||||||
| State of Alabama Docks Department AL AMT (AGM) | 5.00% | 10/1/2028 | AA | 4,710,000 | 5,004,316 | |||||||||
| State of Alabama Docks Department AL AMT (AGM) | 5.00% | 10/1/2029 | AA | 3,500,000 | 3,701,975 | |||||||||
| State of Alaska International Airports System AK | 5.00% | 10/1/2024 | A1 | 750,000 | 777,121 | |||||||||
| State of Alaska International Airports System AK | 5.00% | 10/1/2028 | A1 | 2,000,000 | 2,114,983 | |||||||||
| State of Hawaii Airports System Revenue HI AMT | 5.00% | 7/1/2031 | A+ | 1,275,000 | 1,354,143 | |||||||||
| State of Hawaii Airports System Revenue HI AMT | 5.00% | 7/1/2033 | A+ | 3,300,000 | 3,492,283 | |||||||||
| State of Hawaii Airports System Revenue HI AMT | 5.00% | 7/1/2034 | A+ | 2,000,000 | 2,107,882 | |||||||||
| State of Illinois IL GO | 5.00% | 11/1/2025 | BBB+ | 2,000,000 | 2,050,663 | |||||||||
| State of Nevada Highway Improvement Revenue NV | 5.00% | 12/1/2030 | AAA | 10,000,000 | 10,911,036 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - Lbj Infrastructure Group TX | 4.00% | 12/31/2033 | Baa2 | 6,500,000 | 6,425,532 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - Lbj Infrastructure Group TX | 4.00% | 12/31/2034 | Baa2 | 6,500,000 | 6,343,870 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - Lbj Infrastructure Group TX | 4.00% | 12/31/2035 | Baa2 | 6,000,000 | 5,776,931 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - Lbj Infrastructure Group TX | 4.00% | 6/30/2036 | Baa2 | 4,125,000 | 3,952,183 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - Lbj Infrastructure Group TX | 4.00% | 12/31/2036 | Baa2 | 5,500,000 | 5,242,769 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 8/15/2024 | NR | 20,000,000 | 20,671,242 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes Llc VA AMT | 5.00% | 7/1/2032 | BBB- | 2,050,000 | 2,187,904 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes Llc VA AMT | 5.00% | 1/1/2034 | BBB- | 14,105,000 | 14,942,009 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC VA AMT | 5.00% | 7/1/2036 | BBB- | 7,465,000 | 7,724,268 | |||||||||
| See Notes to Schedule of Investments. | 61 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Wayne County Airport Authority MI† | 4.00% | 12/1/2027 | A1 | $ | 10,630,000 | $ | 10,746,865 | |||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2026 | A1 | 1,590,000 | 1,660,034 | |||||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2027 | A1 | 2,000,000 | 2,082,095 | |||||||||
| Total | 1,035,031,601 | |||||||||||||
| Utilities 13.28% | ||||||||||||||
| Albuquerque Bernalillo County Water Utility Authority NM | 5.00% | 7/1/2024 | AA | 2,645,000 | 2,730,372 | |||||||||
| Amelia County Industrial Development Authority - Waste Mgmt Inc. VA AMT | 1.45% | 4/1/2027 | A- | 2,500,000 | 2,177,570 | |||||||||
| Bartow County Development Authority - Georgia Power Company GA | 2.875% | #(a) | 8/1/2043 | BBB+ | 6,500,000 | 6,359,436 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 7/1/2052 | Aa1 | 6,000,000 | 5,960,498 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 15,220,000 | 15,038,410 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2052 | Baa1 | 16,100,000 | 15,594,175 | ||||||||
| California Pollution Control Financing Authority - Poseidon Resources CA† | 5.00% | 7/1/2039 | Baa3 | 5,000,000 | 4,890,141 | |||||||||
| California Pollution Control Financing Authority - Poseidon Resources CA AMT† | 5.00% | 7/1/2037 | Baa3 | 5,570,000 | 5,569,693 | |||||||||
| California Pollution Control Financing Authority - Republic Services Inc CA AMT† | 4.10% | #(a) | 8/1/2023 | BBB+ | 20,705,000 | 20,706,760 | ||||||||
| City of Chicago Wastewater Transmission Revenue IL | 5.00% | 1/1/2029 | A | 4,335,000 | 4,516,860 | |||||||||
| City of Chicago Wastewater Transmission Revenue IL | 5.00% | 1/1/2030 | A | 6,500,000 | 6,770,737 | |||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2025 | A | 2,625,000 | 2,741,267 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2034 | AA | 6,275,000 | 6,618,417 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2035 | AA | 5,000,000 | 5,226,101 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.25% | 11/1/2030 | AA | 5,510,000 | 5,970,433 | |||||||||
| City of Houston Combined Utility System Revenue TX | 5.00% | 11/15/2023 | AA | 4,000,000 | 4,074,132 | |||||||||
| City of Houston Combined Utility System Revenue TX | 5.00% | 11/15/2026 | AA | 5,355,000 | 5,571,932 | |||||||||
| City of Philadelphia Water & Wastewater Revenue PA | 5.00% | 11/1/2029 | A+ | 3,185,000 | 3,495,670 | |||||||||
| City of Riverside Electric Revenue CA | 5.00% | 10/1/2037 | AA- | 4,000,000 | 4,394,428 | |||||||||
| 62 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| City of Riverside Electric Revenue CA | 5.00% | 10/1/2038 | AA- | $ | 5,000,000 | $ | 5,475,974 | |||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% | 2/1/2029 | Aa2 | 7,340,000 | 7,896,812 | |||||||||
| Cleveland Department of Public Utilities Division of Public Power OH (AGM) | 4.00% | 11/15/2034 | AA | 1,000,000 | 1,034,899 | |||||||||
| Cleveland Department of Public Utilities Division of Public Power OH (AGM) | 4.00% | 11/15/2036 | AA | 1,000,000 | 1,006,164 | |||||||||
| County of Miami-Dade Water & Sewer System Revenue FL | 4.00% | 10/1/2035 | AA- | 5,000,000 | 5,037,117 | |||||||||
| County of Miami-Dade Water & Sewer System Revenue FL | 5.00% | 10/1/2043 | AA- | 6,485,000 | 6,771,060 | |||||||||
| County of Seminole Water & Sewer Revenue FL | 5.00% | 10/1/2024 | AA+ | 4,000,000 | 4,150,874 | |||||||||
| Delaware State Economic Development Authority - Nrg Energy Inc DE | 1.25% | #(a) | 10/1/2040 | BBB- | 7,500,000 | 6,956,737 | ||||||||
| Delaware State Economic Development Authority - Nrg Energy Inc DE | 1.25% | #(a) | 10/1/2045 | BBB- | 20,300,000 | 18,829,569 | ||||||||
| Development Authority of Appling County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2038 | BBB+ | 1,250,000 | 1,181,838 | ||||||||
| Development Authority of Burke County - Georgia Power Company GA | 2.20% | 10/1/2032 | BBB+ | 1,000,000 | 824,544 | |||||||||
| Development Authority of Monroe County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2039 | BBB+ | 1,875,000 | 1,772,756 | ||||||||
| Florida Development Finance Corp. - Waste Pro Usa Inc FL AMT | 3.00% | 6/1/2032 | NR | 8,000,000 | 6,051,848 | |||||||||
| Guam Government Waterworks Authority GU | 5.00% | 7/1/2029 | A- | 1,000,000 | 1,012,026 | |||||||||
| Guam Government Waterworks Authority GU | 5.00% | 7/1/2036 | A- | 1,000,000 | 1,013,874 | |||||||||
| Indiana Municipal Power Agency IN | 5.00% | 1/1/2033 | A+ | 5,210,000 | 5,728,460 | |||||||||
| Indiana Municipal Power Agency IN | 5.00% | 1/1/2034 | A+ | 4,000,000 | 4,387,611 | |||||||||
| Kentucky Municipal Power Agency KY | 3.45% | #(a) | 9/1/2042 | Baa1 | 5,935,000 | 5,829,695 | ||||||||
| Kentucky Public Energy Authority KY | 4.00% | #(a) | 4/1/2048 | A1 | 3,200,000 | 3,194,764 | ||||||||
| Kentucky Public Energy Authority KY | 4.00% | #(a) | 1/1/2049 | A2 | 6,375,000 | 6,329,647 | ||||||||
| Kentucky Public Energy Authority KY | 4.00% | #(a) | 8/1/2052 | A1 | 18,770,000 | 18,191,131 | ||||||||
| Long Beach Bond Finance Authority CA | 4.516% (3 Mo. LIBOR * .67 + 1.43% | )# | 11/15/2026 | A2 | 4,000,000 | 3,943,371 | ||||||||
| Long Island Power Authority NY | 0.85% | #(a) | 9/1/2050 | A | 6,000,000 | 5,593,259 | ||||||||
| Long Island Power Authority NY | 5.00% | #(a) | 9/1/2052 | A | 8,000,000 | 8,602,301 | ||||||||
| See Notes to Schedule of Investments. | 63 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority LA | 0.875% | #(a) | 2/1/2046 | A+ | $ | 16,000,000 | $ | 15,099,014 | ||||||
| Lower Alabama Gas District AL | 5.00% | 9/1/2031 | A2 | 4,005,000 | 4,233,657 | |||||||||
| Lower Colorado River Authority TX | 5.00% | 5/15/2034 | A | 3,190,000 | 3,521,125 | |||||||||
| Lower Colorado River Authority TX | 5.00% | 5/15/2036 | A | 5,055,000 | 5,491,209 | |||||||||
| Lower Colorado River Authority TX | 5.00% | 5/15/2036 | A | 3,020,000 | 3,280,603 | |||||||||
| Luzerne County Industrial Development Authority - Pennsylvania-Amern Wtr Co PA AMT | 2.45% | #(a) | 12/1/2039 | A+ | 4,000,000 | 3,607,490 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 59,750,000 | 56,200,073 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 26,890,000 | 26,169,582 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2052 | A3 | 16,800,000 | 17,352,885 | ||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Company AZ | 3.60% | 2/1/2040 | Baa2 | 5,085,000 | 4,451,877 | |||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Company AZ | 3.60% | 4/1/2040 | Baa2 | 3,870,000 | 3,384,977 | |||||||||
| Michigan Finance Authority MI | 5.00% | 7/1/2034 | A+ | 4,200,000 | 4,325,131 | |||||||||
| Michigan Finance Authority MI | 5.00% | 7/1/2035 | A+ | 1,835,000 | 1,887,468 | |||||||||
| Michigan Finance Authority MI (AGM) | 5.00% | 7/1/2037 | AA | 5,000,000 | 5,102,523 | |||||||||
| Missouri Joint Municipal Electric Utility Commission MO | 5.00% | 1/1/2023 | A2 | 2,000,000 | 2,000,000 | |||||||||
| Missouri Joint Municipal Electric Utility Commission MO | 5.00% | 1/1/2025 | A2 | 1,500,000 | 1,526,837 | |||||||||
| Modesto Irrigation District CA | 5.00% | 7/1/2023 | A+ | 1,780,000 | 1,798,431 | |||||||||
| Modesto Irrigation District CA | 5.00% | 7/1/2024 | A+ | 3,720,000 | 3,761,570 | |||||||||
| Modesto Irrigation District CA | 5.00% | 7/1/2025 | A+ | 8,410,000 | 8,492,963 | |||||||||
| New York City Municipal Water Finance Authority NY | 4.00% | 6/15/2037 | AA+ | 3,630,000 | 3,597,932 | |||||||||
| Northern California Energy Authority CA | 4.00% | #(a) | 7/1/2049 | A2 | 7,500,000 | 7,494,955 | ||||||||
| Omaha Public Power District NE | 5.00% | 2/1/2029 | AA | 5,000,000 | 5,343,060 | |||||||||
| Pennsylvania Economic Development Financing Authority - Waste Mgmt Inc PA AMT | 1.10% | #(a) | 6/1/2031 | A- | 5,000,000 | 4,376,016 | ||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2026 | A | 1,000,000 | 1,046,642 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2027 | A | 1,000,000 | 1,045,884 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2028 | A | 1,250,000 | 1,343,121 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2029 | A | 1,700,000 | 1,826,192 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2030 | A | 1,425,000 | 1,530,370 | |||||||||
| 64 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 10/1/2033 | A | $ | 2,390,000 | $ | 2,501,371 | |||||||
| Piedmont Municipal Power Agency SC | 4.00% | 1/1/2033 | A- | 7,300,000 | 7,451,714 | |||||||||
| Piedmont Municipal Power Agency SC | 5.00% | 1/1/2034 | A- | 13,660,000 | 14,442,850 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 4.00% | 7/1/2042 | NR | 13,455,000 | 10,824,671 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 5.00% | 7/1/2024 | NR | 3,430,000 | 3,433,396 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 5.00% | 7/1/2025 | NR | 3,500,000 | 3,503,226 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 5.00% | 7/1/2030 | NR | 10,670,000 | 10,493,321 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 5.00% | 7/1/2033 | NR | 850,000 | 823,032 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 5.00% | 7/1/2033 | NR | 5,000,000 | 4,841,366 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 5.00% | 7/1/2037 | NR | 6,000,000 | 5,684,051 | |||||||||
| Puerto Rico Electric Power Authority PR(b) | 5.00% | 7/1/2037 | D | (e) | 1,035,000 | 758,138 | ||||||||
| Puerto Rico Electric Power Authority PR(b) | 5.00% | 7/1/2042 | D | (e) | 2,390,000 | 1,750,675 | ||||||||
| Puerto Rico Electric Power Authority PR(b) | 5.50% | 7/1/2038 | D | (e) | 2,350,000 | 1,736,063 | ||||||||
| Puerto Rico Electric Power Authority PR(b) | 7.00% | 7/1/2033 | D | (e) | 4,000,000 | 3,010,000 | ||||||||
| Puerto Rico Electric Power Authority PR(b) | 7.00% | 7/1/2040 | D | (e) | 725,000 | 545,563 | ||||||||
| Puerto Rico Electric Power Authority PR (AGM) | 3.027% (3 Mo. LIBOR * .67 + .52% | )# | 7/1/2029 | AA | 5,720,000 | 5,152,243 | ||||||||
| Salt Verde Financial Corp. AZ | 5.25% | 12/1/2026 | A3 | 7,500,000 | 7,784,797 | |||||||||
| Salt Verde Financial Corp. AZ | 5.50% | 12/1/2029 | A3 | 5,100,000 | 5,464,359 | |||||||||
| South Carolina Public Service Authority SC | 5.00% | 12/1/2032 | A- | 2,670,000 | 2,907,170 | |||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(a) | 1/1/2053 | A1 | 5,000,000 | 5,295,954 | ||||||||
| State of Hawaii Department of Budget & Finance - Hawaiian Electric Co Inc HI | 3.20% | 7/1/2039 | Baa1 | 11,120,000 | 9,079,731 | |||||||||
| State of Hawaii Department of Budget & Finance - Hawaiian Electric Co Inc HI AMT | 4.00% | 3/1/2037 | Baa1 | 3,000,000 | 2,798,834 | |||||||||
| Stockton Public Financing Authority CA (BAM) | 5.00% | 9/1/2024 | AA | 1,000,000 | 1,035,235 | |||||||||
| See Notes to Schedule of Investments. | 65 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Tennessee Energy Acquisition Corp. TN | 5.25% | 9/1/2024 | A2 | $ | 8,940,000 | $ | 9,077,131 | |||||||
| Tennessee Energy Acquisition Corp. TN | 5.625% | 9/1/2026 | BBB | 5,000,000 | 5,234,829 | |||||||||
| Texas Municipal Gas Acquisition & Supply Corp. I TX | 5.25% | 12/15/2023 | A2 | 2,925,000 | 2,969,744 | |||||||||
| Texas Municipal Gas Acquisition & Supply Corp. I TX | 6.25% | 12/15/2026 | A2 | 9,825,000 | 10,344,984 | |||||||||
| Texas Municipal Gas Acquisition & Supply Corp. III TX | 5.00% | 12/15/2029 | A3 | 13,200,000 | 13,706,545 | |||||||||
| Texas Municipal Gas Acquisition & Supply Corp. III TX | 5.00% | 12/15/2032 | A3 | 12,400,000 | 12,856,671 | |||||||||
| Texas Municipal Power Agency TX (AGM) | 3.00% | 9/1/2034 | AA | 1,470,000 | 1,334,799 | |||||||||
| Texas Municipal Power Agency TX (AGM) | 3.00% | 9/1/2036 | AA | 5,250,000 | 4,559,148 | |||||||||
| Texas Water Development Board TX | 3.00% | 10/15/2033 | AAA | 4,000,000 | 3,913,351 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2030 | A- | 300,000 | 329,396 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2031 | A- | 300,000 | 327,769 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2032 | A- | 500,000 | 543,663 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2033 | A- | 900,000 | 973,254 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2034 | A- | 970,000 | 1,039,950 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2035 | A- | 900,000 | 954,263 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2037 | A- | 675,000 | 707,886 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2039 | A- | 1,400,000 | 1,463,345 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2040 | A- | 1,500,000 | 1,559,382 | |||||||||
| Western Minnesota Municipal Power Agency MN | 5.00% | 1/1/2023 | Aa2 | 1,500,000 | 1,500,000 | |||||||||
| Total | 643,228,820 | |||||||||||||
| Total Municipal Bonds (cost $5,021,851,005) | 4,791,995,654 | |||||||||||||
| 66 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2022
| Investments | Interest Rate# | Interest Rate Reset Date(f) | Final Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| SHORT-TERM INVESTMENTS 0.34% | ||||||||||||||||
| Variable Rate Demand Notes 0.34% | ||||||||||||||||
| Tax Revenue 0.08% | ||||||||||||||||
| NYC TFA - Future Tax | 3.650% | 1/3/2023 | 2/1/2045 | AAA | (e) | $ | 2,000,000 | $ | 2,000,000 | |||||||
| NYC TFA - Future Tax | 3.650% | 1/3/2023 | 2/1/2045 | AAA | (e) | 1,870,000 | 1,870,000 | |||||||||
| Total | 3,870,000 | |||||||||||||||
| Utilities 0.26% | ||||||||||||||||
| Appling Co Dev - GA Power (cost $12,400,000) | 3.900% | 1/3/2023 | 9/1/2041 | BBB+ | (e) | 12,400,000 | 12,400,000 | |||||||||
| Total Short-Term Investments (cost $16,270,000) | 16,270,000 | |||||||||||||||
| Total Investments in Securities 99.28% (cost $5,038,121,005) | 4,808,265,654 | |||||||||||||||
| Other Assets and Liabilities – Net 0.72% | 34,918,216 | |||||||||||||||
| Net Assets 100.00% | $ | 4,843,183,870 | ||||||||||||||
| AGM | Insured by - Assured Guaranty Municipal Corporation. | |
| AMBAC | Insured by - AMBAC Assurance Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by - Build America Mutual. | |
| COPS | Certificates of Participation. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| FHLMC | Federal Home Loan Mortgage Corporation. | |
| FNMA | Federal National Mortgage Association. | |
| GNMA | Government National Mortgage Association. | |
| GTD | Guaranteed. | |
| LIBOR | London Interbank Offered Rate. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield. | |
| NPFGC | Insured by - National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| PSF | Permanent School Fund. | |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. | |
| SOFR | Secured Overnight Financing Rate. | |
| TRIPS | Tax Refund Intercept Programs. |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 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 December 31, 2022, the total value of Rule 144A securities was $349,084,863, which represents 7.21% of net assets. | |
| (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) | 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. |
| See Notes to Schedule of Investments. | 67 |
Schedule of Investments (unaudited)(concluded)
INTERMEDIATE TAX FREE FUND December 31, 2022
The following is a summary of the inputs used as of December 31, 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 | $ | – | $ | 505,892,999 | $ | 17,831,167 | $ | 523,724,166 | ||||||||
| Education | – | 311,996,609 | 10,001,388 | 321,997,997 | ||||||||||||
| General Obligation | – | 836,263,503 | 3,297,994 | 839,561,497 | ||||||||||||
| Health Care | – | 551,532,563 | 10,009,164 | 561,541,727 | ||||||||||||
| Special Tax | – | 98,104,912 | 2,581,725 | 100,686,637 | ||||||||||||
| Remaining Industries | – | 2,444,483,630 | – | 2,444,483,630 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 16,270,000 | – | 16,270,000 | ||||||||||||
| Total | $ | – | $ | 4,764,544,216 | $ | 43,721,438 | $ | 4,808,265,654 | ||||||||
| (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.
| 68 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 100.08% | ||||||||||||||
| MUNICIPAL BONDS 100.08% | ||||||||||||||
| Corporate-Backed 9.36% | ||||||||||||||
| Arizona Industrial Development Authority AZ | 3.625% | 5/20/2033 | BBB | $ | 8,450,396 | $ | 8,211,327 | |||||||
| Arkansas Development Finance Authority - Big River Steel LLC AR AMT† | 4.50% | 9/1/2049 | Ba2 | 6,000,000 | 5,248,871 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 2,725,000 | 2,693,452 | ||||||||
| California Pollution Control Financing Authority - Poseidon Resources CA AMT† | 5.00% | 11/21/2045 | Baa3 | 15,775,000 | 15,354,798 | |||||||||
| California Pollution Control Financing Authority - Waste Mgmt Inc CA AMT | 4.30% | 7/1/2040 | A- | 2,575,000 | 2,581,022 | |||||||||
| Chandler Industrial Development Authority - Intel Corporation AZ AMT | 5.00% | #(a) | 9/1/2052 | A1 | 11,000,000 | 11,483,625 | ||||||||
| City of Valparaiso - Pratt Paper LLC IN AMT | 7.00% | 1/1/2044 | NR | 2,000,000 | 2,051,085 | |||||||||
| County of Richland - International Paper Co SC | 3.875% | 4/1/2023 | BBB | 6,625,000 | 6,615,899 | |||||||||
| Fort Bend County Industrial Development Corp. - Nrg Energy Inc TX | 4.75% | 5/1/2038 | Baa2 | 3,500,000 | 3,501,328 | |||||||||
| Fort Bend County Industrial Development Corp. - Nrg Energy Inc TX | 4.75% | 11/1/2042 | Baa2 | 1,370,000 | 1,342,186 | |||||||||
| Hoover Industrial Development Board - US Steel Corporation AL AMT | 5.75% | 10/1/2049 | BB- | 1,100,000 | 1,136,448 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp IN | 2.50% | 11/1/2030 | Baa3 | 1,000,000 | 853,845 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp IN | 3.00% | 11/1/2030 | Baa3 | 3,600,000 | 3,190,280 | |||||||||
| Indiana Finance Authority - US Steel Corporation IN | 4.125% | 12/1/2026 | BB- | 1,625,000 | 1,589,100 | |||||||||
| Industrial Pollution Control Financing Authority of Gloucester County - Logan Generating Co LP NJ AMT | 5.00% | 12/1/2024 | NR | 415,000 | 421,298 | |||||||||
| Iowa Finance Authority - Howmet Aerospace Inc IA | 4.75% | 8/1/2042 | BB+ | 5,000,000 | 4,707,830 | |||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC IA | 4.00% | #(a) | 12/1/2050 | BBB- | 4,600,000 | 4,410,492 | ||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC IA | 5.00% | #(a) | 12/1/2050 | BBB- | 15,000,000 | 14,485,669 | ||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC IA | 5.00% | 12/1/2050 | BBB- | 14,145,000 | 13,217,597 | |||||||||
| See Notes to Schedule of Investments. | 69 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - Entergy Louisiana LLC LA | 2.50% | 4/1/2036 | A | $ | 11,390,000 | $ | 9,168,435 | |||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - Westlake Chemical Corp LA | 3.50% | 11/1/2032 | BBB | 18,955,000 | 17,720,457 | |||||||||
| Love Field Airport Modernization Corp. - Southwest Airlines Co TX | 5.00% | 11/1/2028 | Baa1 | 2,845,000 | 2,844,802 | |||||||||
| Maricopa County Industrial Development Authority - Commercial Metals Co AZ AMT† | 4.00% | 10/15/2047 | BB+ | 2,000,000 | 1,624,509 | |||||||||
| Maryland Economic Development Corp. - Air Cargo Obligated Group MD AMT | 4.00% | 7/1/2039 | BBB | 5,625,000 | 5,070,961 | |||||||||
| Maryland Economic Development Corp. MD(b) | 5.00% | 12/1/2016 | NR | 855,000 | 513,000 | |||||||||
| Matagorda County Navigation District No. 1 - Aep Texas Inc TX | 2.60% | 11/1/2029 | A- | 11,100,000 | 9,882,603 | |||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 5,250,000 | 5,061,138 | |||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp NH† | 4.625% | 11/1/2042 | B | 1,500,000 | 1,311,447 | (c) | ||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp NH AMT† | 3.75% | #(a) | 7/1/2045 | B | 1,315,000 | 1,049,656 | ||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp NH AMT† | 4.875% | 11/1/2042 | B | 5,000,000 | 4,518,922 | |||||||||
| New Hampshire Business Finance Authority - New York St Elec & Gas NH AMT | 4.00% | 12/1/2028 | A- | 5,000,000 | 5,090,630 | |||||||||
| New Hampshire Business Finance Authority NH | 4.125% | 1/20/2034 | BBB | 6,897,043 | 6,691,959 | |||||||||
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 11,005,000 | 11,008,812 | |||||||||
| New York Liberty Development Corp. - 7 World Trade Center Ii NY | 3.00% | 9/15/2043 | Aaa | 27,780,000 | 21,777,050 | |||||||||
| New York State Energy Research & Development Authority NY | 3.50% | 10/1/2029 | A- | 1,200,000 | 1,187,027 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc NY AMT† | 3.125% | #(a) | 12/1/2044 | B+ | 3,000,000 | 2,818,473 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 5.25% | 8/1/2031 | B- | 970,000 | 974,847 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 5.375% | 8/1/2036 | B- | 1,500,000 | 1,483,572 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B1 | 2,500,000 | 2,435,238 | |||||||||
| 70 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B1 | $ | 5,000,000 | $ | 4,445,207 | (c) | ||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co OH | 2.40% | #(a) | 12/1/2038 | BBB+ | 1,665,000 | 1,472,327 | ||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co OH AMT | 2.10% | #(a) | 7/1/2028 | BBB+ | 5,000,000 | 4,806,284 | ||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co OH AMT | 2.50% | #(a) | 8/1/2040 | BBB+ | 2,500,000 | 2,217,051 | ||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co OH AMT | 2.60% | #(a) | 6/1/2041 | BBB+ | 1,960,000 | 1,749,469 | ||||||||
| Ohio Air Quality Development Authority - Amg Vanadium LLC OH AMT† | 5.00% | 7/1/2049 | B- | 4,630,000 | 4,126,050 | |||||||||
| Ohio Air Quality Development Authority OH | 3.25% | 9/1/2029 | Baa3 | 1,950,000 | 1,790,787 | |||||||||
| Parish of St. James - Nustar Logistics Lp LA† | 5.85% | #(a) | 8/1/2041 | BB- | 1,000,000 | 1,024,019 | ||||||||
| Parish of St. James - Nustar Logistics Lp LA† | 6.10% | #(a) | 12/1/2040 | BB- | 3,250,000 | 3,456,491 | ||||||||
| Parish of St. James - Nustar Logistics Lp LA† | 6.35% | 7/1/2040 | BB- | 3,250,000 | 3,464,846 | |||||||||
| Parish of St. James - Nustar Logistics Lp LA† | 6.35% | 10/1/2040 | BB- | 2,500,000 | 2,665,187 | |||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 2.10% | #(a) | 6/1/2037 | BBB- | 8,000,000 | 7,752,786 | ||||||||
| Pennsylvania Economic Development Financing Authority - Covanta Holding Corp PA AMT† | 3.25% | 8/1/2039 | B | 5,535,000 | 4,137,060 | |||||||||
| Phenix City Industrial Development Board - Westrock Coated Baord LLC AL AMT | 4.125% | 5/15/2035 | BBB | 2,945,000 | 2,873,761 | |||||||||
| Phenix City Industrial Development Board AL | 3.625% | 5/15/2030 | BBB | 3,050,000 | 2,949,178 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 3.00% | 1/1/2050 | NR | 5,500,000 | 3,247,014 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 4.00% | 1/1/2050 | NR | 3,150,000 | 2,273,218 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 1,455,000 | 1,270,935 | (c) | ||||||||
| Public Finance Authority - Ameream LLC WI† | 6.50% | 12/1/2037 | NR | 3,000,000 | 2,491,478 | (c) | ||||||||
| See Notes to Schedule of Investments. | 71 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Public Finance Authority - Celanese Us Holdings LLC WI | 4.05% | 11/1/2030 | BBB- | $ | 500,000 | $ | 472,623 | |||||||
| Public Finance Authority - Red River Valley Alliance WI AMT | 4.00% | 9/30/2051 | Baa3 | 19,250,000 | 15,039,153 | |||||||||
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 5,250,000 | 5,071,843 | |||||||||
| Salem County Pollution Control Financing Authority - Chambers Cogeneration LP NJ AMT | 5.00% | 12/1/2023 | NR | 3,400,000 | 3,442,860 | |||||||||
| Selma Industrial Development Board - International Paper Co AL | 2.00% | #(a) | 11/1/2033 | BBB | 2,000,000 | 1,925,490 | ||||||||
| Spring Valley Community Infrastructure District No. 1 ID† | 3.75% | 9/1/2051 | NR | 3,375,000 | 2,427,016 | |||||||||
| Sumter County Industrial Development Authority - Enviva Inc AL AMT | 6.00% | #(a) | 7/15/2052 | B+ | 10,000,000 | 9,098,881 | ||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Company AL† | 4.50% | 5/1/2032 | NR | 3,503,450 | 3,171,633 | |||||||||
| Virginia Small Business Financing Authority - Covanta Holding Corp VA AMT† | 5.00% | #(a) | 1/1/2048 | B | 910,000 | 861,147 | ||||||||
| West Pace Cooperative District AL(b) | 9.125% | 5/1/2039 | NR | 4,900,000 | 3,724,000 | (c) | ||||||||
| Total | 318,777,484 | |||||||||||||
| Education 5.26% | ||||||||||||||
| Build NYC Resource Corp. - Kipp Nyc Public Chtr Schs NY(d) | 5.25% | 7/1/2052 | NR | 4,000,000 | 4,068,188 | |||||||||
| Build NYC Resource Corp. - Q Student Residences LLC NY | 5.00% | 6/1/2034 | Aa2 | 325,000 | 331,364 | |||||||||
| California Educational Facilities Authority - Chapman University CA | 5.00% | 4/1/2045 | A2 | 5,000,000 | 5,088,765 | |||||||||
| California School Finance Authority - Green Dot Public Schs Obg CA† | 5.00% | 8/1/2045 | BBB- | 1,500,000 | 1,501,758 | |||||||||
| Camden County Improvement Authority - Kipp Cooper Norcross Obl NJ | 6.00% | 6/15/2062 | NR | 2,540,000 | 2,629,995 | |||||||||
| Capital Trust Agency, Inc. - Advantage Admy Oblig Grp FL | 5.00% | 12/15/2049 | Baa3 | 1,000,000 | 1,000,701 | (c) | ||||||||
| Capital Trust Agency, Inc. - Advantage Admy Oblig Grp FL | 5.00% | 12/15/2054 | Baa3 | 1,030,000 | 1,022,775 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB | 9,750,000 | 7,896,457 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2044 | BB | 1,750,000 | 1,684,520 | |||||||||
| County of Carroll - Kentucky Utilities Co KY AMT | 2.125% | 10/1/2034 | A1 | 7,500,000 | 5,736,461 | |||||||||
| 72 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Dutchess County Local Development Corp. - Bard College NY† | 5.00% | 7/1/2045 | BB+ | $ | 1,000,000 | $ | 934,693 | |||||||
| Dutchess County Local Development Corp. - Bard College NY† | 5.00% | 7/1/2051 | BB+ | 1,500,000 | 1,364,674 | |||||||||
| Florida Higher Educational Facilities Financial Authority - Nova Southeastern Univ FL | 5.00% | 4/1/2033 | A- | 1,475,000 | 1,521,125 | |||||||||
| Florida Higher Educational Facilities Financial Authority - Nova Southeastern Univ FL | 5.00% | 4/1/2036 | A- | 2,000,000 | 2,041,395 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech IL | 5.00% | 9/1/2040 | Baa3 | 2,020,000 | 1,986,005 | |||||||||
| Illinois Finance Authority IL | 4.00% | 9/1/2037 | Baa3 | 3,135,000 | 2,766,596 | |||||||||
| Illinois Finance Authority IL | 4.00% | 9/1/2039 | Baa3 | 3,295,000 | 2,832,593 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp IN | 4.25% | 11/1/2030 | Baa3 | 3,695,000 | 3,573,243 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines Univ Osteopath IA | 5.00% | 10/1/2038 | BBB+ | 2,730,000 | 2,784,390 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines Univ Osteopath IA | 5.00% | 10/1/2039 | BBB+ | 2,870,000 | 2,914,690 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines Univ Osteopath IA | 5.00% | 10/1/2040 | BBB+ | 3,535,000 | 3,574,169 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines Univ Osteopath IA | 5.00% | 10/1/2047 | BBB+ | 1,800,000 | 1,778,671 | |||||||||
| Louisiana Public Facilities Authority - Tulane University LA | 5.00% | 4/1/2045 | A+ | 5,000,000 | 5,196,774 | |||||||||
| Louisiana Public Facilities Authority LA | 4.00% | 4/1/2050 | A+ | 5,290,000 | 4,777,002 | |||||||||
| Maricopa County Pollution Control Corp. - Southern Ca Edison Co AZ | 2.40% | 6/1/2035 | A- | 8,255,000 | 6,285,620 | |||||||||
| Massachusetts Development Finance Agency - Franklin W Olin College MA | 5.00% | 11/1/2038 | A | 5,000,000 | 5,039,536 | |||||||||
| Massachusetts Development Finance Agency - Springfield College MA | 4.00% | 6/1/2035 | BBB | 1,900,000 | 1,816,661 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University MA | 5.00% | 7/1/2030 | Baa2 | 1,500,000 | 1,575,160 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University MA | 5.00% | 7/1/2032 | Baa2 | 3,750,000 | 3,918,767 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University MA | 5.00% | 7/1/2033 | Baa2 | 1,250,000 | 1,300,721 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University MA | 5.00% | 7/1/2034 | Baa2 | 1,600,000 | 1,659,236 | |||||||||
| See Notes to Schedule of Investments. | 73 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd - Lipscomb University Oblig TN | 5.25% | 10/1/2058 | BBB- | $ | 6,065,000 | $ | 5,689,937 | |||||||
| Miami-Dade County Educational Facilities Authority - University Of Miami FL | 5.00% | 4/1/2053 | A2 | 5,000,000 | 5,147,172 | |||||||||
| Montebello Unified School District CA GO (AGM) | 5.50% | 8/1/2047 | A1 | 6,500,000 | 7,219,357 | |||||||||
| New York State Dormitory Authority - Icahn Sch of Med Mt Sinai NY | 5.00% | 7/1/2040 | A- | 5,000,000 | 5,081,183 | |||||||||
| New York State Dormitory Authority - Pace University NY | 5.00% | 5/1/2029 | BBB- | 245,000 | 245,442 | |||||||||
| New York State Dormitory Authority - The New School NY | 4.00% | 7/1/2047 | A3 | 3,500,000 | 3,042,778 | |||||||||
| New York State Dormitory Authority - The New School NY | 4.00% | 7/1/2052 | A3 | 3,500,000 | 2,969,509 | |||||||||
| New York State Dormitory Authority - Touro Clg & Univ Sys NY | 5.50% | 1/1/2039 | NR | 2,450,000 | 2,548,318 | |||||||||
| New York State Dormitory Authority - Yeshiva University NY | 5.00% | 7/15/2042 | BBB- | 3,720,000 | 3,790,315 | |||||||||
| New York State Dormitory Authority - Yeshiva University NY | 5.00% | 7/15/2050 | BBB- | 8,000,000 | 8,035,442 | |||||||||
| Ohio Air Quality Development Authority - Duke Energy Corp OH | 4.00% | #(a) | 9/1/2030 | BBB | 4,600,000 | 4,587,215 | ||||||||
| Ohio State University OH | 4.00% | 12/1/2048 | Aa1 | 5,350,000 | 5,058,705 | |||||||||
| Onondaga County Trust for Cultural Resources - Syracuse University NY | 5.00% | 12/1/2043 | AA- | 8,000,000 | 8,685,511 | |||||||||
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2038 | BBB- | 2,220,000 | 2,230,836 | |||||||||
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2043 | BBB- | 1,000,000 | 979,138 | |||||||||
| University of Connecticut CT | 5.25% | 11/15/2047 | Aa3 | 8,080,000 | 8,640,276 | |||||||||
| University of Illinois IL (AGM) | 4.00% | 4/1/2038 | AA | 4,965,000 | 4,798,406 | |||||||||
| University of North Carolina at Wilmington NC | 5.00% | 6/1/2037 | A1 | 7,055,000 | 7,262,371 | |||||||||
| West Virginia Economic Development Authority - Wheeling Power Co WV AMT | 3.00% | #(a) | 6/1/2037 | A- | 2,800,000 | 2,657,371 | ||||||||
| Total | 179,271,987 | |||||||||||||
| Energy 0.58% | ||||||||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2038 | A3 | 3,745,000 | 3,830,026 | |||||||||
| New Mexico Municipal Energy Acquisition Authority NM | 5.00% | #(a) | 11/1/2039 | Aa1 | 10,000,000 | 10,251,533 | ||||||||
| 74 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Energy (continued) | ||||||||||||||
| PEFA, Inc. IA | 5.00% | #(a) | 9/1/2049 | A3 | $ | 5,485,000 | $ | 5,617,730 | ||||||
| Total | 19,699,289 | |||||||||||||
| Financial Services 0.19% | ||||||||||||||
| Massachusetts Educational Financing Authority MA AMT | 4.125% | 7/1/2046 | BBB | 5,755,000 | 4,963,653 | |||||||||
| New Jersey Higher Education Student Assistance Authority NJ AMT | 3.75% | 12/1/2031 | Aaa | 1,580,000 | 1,555,027 | |||||||||
| Total | 6,518,680 | |||||||||||||
| General Obligation 13.30% | ||||||||||||||
| Black Belt Energy Gas District AL | 5.25% | #(a) | 2/1/2053 | A1 | 7,500,000 | 7,822,258 | ||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB | 2,000,000 | 2,044,399 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2030 | BB | 2,070,000 | 2,115,823 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2031 | BB | 1,000,000 | 1,020,598 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB | 1,250,000 | 1,277,387 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB | 1,750,000 | 1,782,818 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2046 | BB | 2,000,000 | 1,904,571 | |||||||||
| Chicago Board of Education IL GO | 6.50% | 12/1/2046 | BB | 1,100,000 | 1,160,196 | |||||||||
| Chicago Board of Education IL GO† | 7.00% | 12/1/2046 | BB | 1,200,000 | 1,301,000 | |||||||||
| Chicago Board of Education IL GO (NPFCG)(FGIC) | Zero Coupon | 12/1/2030 | Baa2 | 1,765,000 | 1,261,823 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2052 | A+ | 9,375,000 | 9,368,698 | |||||||||
| City of Chicago IL GO | 4.00% | 1/1/2032 | BBB+ | 9,500,000 | 9,241,704 | |||||||||
| City of Chicago IL GO | 4.00% | 1/1/2035 | BBB+ | 4,610,000 | 4,334,781 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2026 | BBB+ | 6,145,000 | 6,314,761 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2029 | BBB+ | 3,000,000 | 3,146,060 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2034 | BBB+ | 2,400,000 | 2,446,598 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2037 | BBB+ | 2,745,000 | 2,786,798 | |||||||||
| City of Chicago IL GO(d) | 5.50% | 1/1/2039 | Baa3 | 2,125,000 | 2,234,478 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2040 | BBB+ | 2,500,000 | 2,532,165 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2042 | BBB+ | 5,000,000 | 5,055,536 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2049 | BBB+ | 13,265,000 | 13,494,852 | |||||||||
| City of Chicago IL GO | 5.625% | 1/1/2030 | BBB+ | 525,000 | 550,550 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2038 | BBB+ | 19,430,000 | 20,505,752 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2027 | AA | 6,575,000 | 6,644,351 | |||||||||
| City of New York NY GO | 5.25% | 9/1/2043 | AA | 6,500,000 | 7,206,862 | |||||||||
| City of New York NY GO | 5.50% | 5/1/2046 | AA | 2,675,000 | 2,980,236 | |||||||||
| City of New York NY GO TCRS (BAM) | 3.00% | 3/1/2051 | AA | 5,000,000 | 3,828,435 | |||||||||
| See Notes to Schedule of Investments. | 75 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| City of Philadelphia PA GO | 5.00% | 8/1/2036 | A | $ | 8,990,000 | $ | 9,519,522 | |||||||
| City of Philadelphia PA GO | 5.00% | 8/1/2037 | A | 3,250,000 | 3,428,841 | |||||||||
| Clark County School District NV GO (AGM) | 4.00% | 6/15/2038 | AA | 1,200,000 | 1,206,413 | |||||||||
| Clark County School District NV GO (AGM) | 4.00% | 6/15/2040 | AA | 1,975,000 | 1,949,364 | |||||||||
| Commonwealth of Massachusetts MA GO | 3.00% | 2/1/2048 | Aa1 | 5,000,000 | 3,746,075 | |||||||||
| Commonwealth of Pennsylvania PA GO | 4.00% | 9/15/2030 | Aa3 | 10,000,000 | 10,359,094 | |||||||||
| Commonwealth of Pennsylvania PA GO | 4.00% | 3/1/2037 | Aa3 | 4,255,000 | 4,210,071 | |||||||||
| Commonwealth of Puerto Rico PR GO | Zero Coupon | 11/1/2043 | NR | 1,744,953 | 765,598 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2033 | NR | 2,069,029 | 1,798,429 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2037 | NR | 5,034,693 | 4,131,596 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2046 | NR | 5,000,000 | 3,763,829 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.25% | 7/1/2023 | NR | 1,706,025 | 1,706,268 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.375% | 7/1/2025 | NR | 5,160,996 | 5,203,502 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.625% | 7/1/2027 | NR | 407,273 | 415,447 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.625% | 7/1/2029 | NR | 400,666 | 410,631 | |||||||||
| County of Cook IL GO | 5.00% | 11/15/2030 | A+ | 1,000,000 | 1,067,699 | |||||||||
| County of Cook IL GO | 5.00% | 11/15/2031 | A+ | 2,150,000 | 2,293,131 | |||||||||
| County of Cook IL GO | 5.00% | 11/15/2034 | A+ | 500,000 | 518,886 | |||||||||
| County of Cook IL GO | 5.00% | 11/15/2035 | A+ | 1,000,000 | 1,035,958 | |||||||||
| County of Hillsborough FL | 3.25% | 8/1/2048 | AAA | 7,690,000 | 6,196,727 | |||||||||
| County of Luzerne PA GO (AGM) | 5.00% | 11/15/2029 | AA | 4,215,000 | 4,438,723 | |||||||||
| Hudson Yards Infrastructure Corp. NY | 4.00% | 2/15/2044 | Aa2 | 9,400,000 | 8,693,880 | |||||||||
| Irvine Unified School District CA Special Tax (BAM) | 5.00% | 9/1/2056 | AA | 500,000 | 524,625 | |||||||||
| King County Public Hospital District No. 4 WA GO | 5.00% | 12/1/2038 | NR | 5,000,000 | 4,935,530 | |||||||||
| Los Angeles Unified School District CA GO | 4.00% | 7/1/2032 | Aa3 | 3,750,000 | 4,024,187 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2027 | A3 | 4,500,000 | 4,649,484 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | Zero Coupon | 12/15/2029 | A3 | 15,365,000 | 11,722,083 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2045 | Aa1 | 7,500,000 | 8,445,550 | |||||||||
| Pennsylvania Economic Development Financing Authority PA AMT | 5.25% | 6/30/2053 | Baa2 | 10,000,000 | 9,835,613 | |||||||||
| Pennsylvania Economic Development Financing Authority PA AMT | 6.00% | 6/30/2061 | Baa2 | 17,500,000 | 18,510,308 | |||||||||
| 76 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue CA | 3.00% | 7/1/2044 | AA+ | $ | 6,505,000 | $ | 5,154,276 | |||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% | 5/1/2042 | A+ | 4,000,000 | 4,124,244 | |||||||||
| School District of Philadelphia PA GO | 4.00% | 9/1/2038 | A1 | 2,200,000 | 2,128,805 | |||||||||
| School District of Philadelphia PA GO | 4.00% | 9/1/2039 | A1 | 5,600,000 | 5,275,498 | |||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2037 | A1 | 1,200,000 | 1,240,232 | |||||||||
| Southwest Local School District/Hamilton County OH GO | 4.00% | 1/15/2055 | Aa2 | 7,000,000 | 6,580,452 | |||||||||
| State of California CA GO | 4.00% | 9/1/2037 | Aa2 | 5,000,000 | 5,049,151 | |||||||||
| State of California CA GO | 5.00% | 4/1/2032 | Aa2 | 2,450,000 | 2,919,464 | |||||||||
| State of California CA GO | 5.00% | 8/1/2038 | Aa2 | 3,700,000 | 3,915,630 | |||||||||
| State of California CA GO | 5.25% | 8/1/2032 | Aa2 | 7,500,000 | 7,939,626 | |||||||||
| State of Connecticut CT GO | 3.00% | 1/15/2034 | AA- | 7,475,000 | 7,030,104 | |||||||||
| State of Connecticut CT GO | 3.00% | 1/15/2038 | AA- | 11,425,000 | 9,903,447 | |||||||||
| State of Connecticut CT GO | 3.00% | 6/1/2038 | AA- | 1,875,000 | 1,621,184 | |||||||||
| State of Connecticut CT GO | 3.00% | 6/1/2039 | AA- | 2,190,000 | 1,857,369 | |||||||||
| State of Connecticut CT GO | 4.00% | 6/1/2037 | AA- | 1,000,000 | 1,006,056 | |||||||||
| State of Connecticut CT GO | 4.00% | 6/15/2037 | AA- | 975,000 | 979,068 | |||||||||
| State of Connecticut CT GO | 4.00% | 6/1/2039 | AA- | 600,000 | 588,083 | |||||||||
| State of Connecticut CT GO | 5.00% | 6/15/2032 | AA- | 1,250,000 | 1,380,947 | |||||||||
| State of Connecticut CT GO | 5.00% | 6/15/2033 | AA- | 1,250,000 | 1,377,948 | |||||||||
| State of Connecticut CT GO | 5.00% | 4/15/2036 | AA- | 1,150,000 | 1,247,797 | |||||||||
| State of Connecticut CT GO | 5.00% | 6/15/2038 | AA- | 1,000,000 | 1,069,231 | |||||||||
| State of Connecticut CT GO | 5.00% | 4/15/2039 | AA- | 1,650,000 | 1,767,606 | |||||||||
| State of Illinois IL GO | 4.00% | 10/1/2032 | BBB+ | 2,000,000 | 1,889,959 | |||||||||
| State of Illinois IL GO | 4.00% | 10/1/2033 | BBB+ | 2,500,000 | 2,341,513 | |||||||||
| State of Illinois IL GO | 4.00% | 10/1/2038 | BBB+ | 2,500,000 | 2,219,613 | |||||||||
| State of Illinois IL GO | 4.00% | 10/1/2039 | BBB+ | 7,500,000 | 6,562,669 | |||||||||
| State of Illinois IL GO | 5.00% | 3/1/2033 | BBB+ | 5,000,000 | 5,088,491 | |||||||||
| State of Illinois IL GO | 5.00% | 1/1/2035 | BBB+ | 6,200,000 | 6,231,575 | |||||||||
| State of Illinois IL GO | 5.00% | 5/1/2038 | BBB+ | 4,515,000 | 4,509,893 | |||||||||
| State of Illinois IL GO | 5.00% | 1/1/2041 | BBB+ | 3,580,000 | 3,529,864 | |||||||||
| State of Illinois IL GO | 5.50% | 5/1/2030 | BBB+ | 5,345,000 | 5,681,892 | |||||||||
| State of Illinois IL GO | 5.50% | 7/1/2033 | BBB+ | 9,470,000 | 9,504,025 | |||||||||
| State of Illinois IL GO | 5.50% | 7/1/2038 | BBB+ | 5,345,000 | 5,357,537 | |||||||||
| State of Illinois IL GO | 5.50% | 5/1/2039 | BBB+ | 8,250,000 | 8,519,795 | |||||||||
| See Notes to Schedule of Investments. | 77 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| State of Illinois IL GO | 5.50% | 10/1/2039 | BBB+ | $ | 6,000,000 | $ | 6,247,034 | |||||||
| State of Illinois IL GO | 5.50% | 3/1/2042 | BBB+ | 5,250,000 | 5,416,791 | |||||||||
| State of Illinois IL GO | 5.50% | 3/1/2047 | BBB+ | 10,950,000 | 11,210,160 | |||||||||
| State of Illinois IL GO | 5.75% | 5/1/2045 | BBB+ | 2,600,000 | 2,702,014 | |||||||||
| State of New Jersey NJ GO | 4.00% | 6/1/2031 | A2 | 6,825,000 | 7,250,868 | |||||||||
| Tuscaloosa City Board of Education AL | 5.00% | 8/1/2046 | AA- | 5,000,000 | 5,383,357 | |||||||||
| Union County Utilities Authority - Covanta Union LLC NJ GTD AMT | 4.75% | 12/1/2031 | AA+ | 3,920,000 | 3,925,333 | |||||||||
| Washington & Multnomah Counties School District No. 48J Beaverton OR GO | 5.00% | 6/15/2036 | AA+ | 8,000,000 | 8,596,137 | |||||||||
| Wilkes-Barre Area School District PA GO (BAM) | 5.00% | 4/15/2059 | AA | 2,500,000 | 2,564,226 | |||||||||
| Total | 452,759,518 | |||||||||||||
| Health Care 13.49% | ||||||||||||||
| Allegheny County Hospital Development Authority PA | 4.00% | 4/1/2037 | A | 3,120,000 | 3,062,860 | |||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2041 | BBB | 3,000,000 | 2,981,521 | |||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2046 | BBB | 2,615,000 | 2,521,082 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 4.00% | 11/1/2038 | BB- | 5,000,000 | 3,167,910 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2036 | BB- | 5,000,000 | 3,775,897 | |||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | #(a) | 2/1/2040 | BB- | 2,680,000 | 2,524,074 | ||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | #(a) | 2/1/2040 | BB- | 605,000 | 505,477 | ||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2044 | BB- | 10,000,000 | 6,948,456 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2045 | BB | 2,000,000 | 1,941,679 | |||||||||
| California Health Facilities Financing Authority - Cedars-Sinai Med Ctr Oblg CA | 3.00% | 8/15/2051 | AA- | 7,545,000 | 5,658,964 | |||||||||
| California Health Facilities Financing Authority - City of Hope Oblig Group CA | 4.00% | 11/15/2045 | A | 7,050,000 | 6,372,468 | |||||||||
| California Health Facilities Financing Authority - Sutter Health Oblig Group CA | 4.00% | 11/15/2042 | A1 | 2,000,000 | 1,943,535 | |||||||||
| California Municipal Finance Authority - Cmnty Hosps Ctrl Ca Grp CA | 5.00% | 2/1/2047 | A- | 6,940,000 | 7,115,903 | |||||||||
| California Public Finance Authority - Hoag Mem Hosp Oblig Grp CA | 4.00% | 7/15/2051 | AA | 2,000,000 | 1,890,109 | |||||||||
| 78 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Statewide Communities Development Authority - Cedars-Sinai Med Ctr CA | 4.00% | 7/1/2048 | AA- | $ | 4,500,000 | $ | 4,317,562 | |||||||
| California Statewide Communities Development Authority - Eskaton Pptys Inc Oblg Gp CA | 5.25% | 11/15/2034 | BBB- | 1,875,000 | 1,874,956 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Obl CA† | 5.25% | 12/1/2043 | BB | 4,510,000 | 4,550,313 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Obl CA | 5.50% | 12/1/2054 | BB | 6,875,000 | 6,907,411 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Obl CA† | 5.50% | 12/1/2058 | BB | 3,375,000 | 3,399,228 | |||||||||
| City of Grand Forks - Altru Health System Oblig ND | 4.00% | 12/1/2046 | Baa2 | 1,125,000 | 953,364 | |||||||||
| City of Minneapolis - Fairview Hlth Svcs Oblig MN | 5.00% | 11/15/2049 | A | 5,400,000 | 5,510,534 | |||||||||
| Colorado Health Facilities Authority - Adventhealth Oblig Group CO | 4.00% | 11/15/2043 | AA | 20,000,000 | 18,660,226 | |||||||||
| Colorado Health Facilities Authority - Commonspirit Hlth Oblig CO | 4.00% | 8/1/2038 | A- | 1,875,000 | 1,727,421 | |||||||||
| Colorado Health Facilities Authority - Commonspirit Hlth Oblig CO | 5.00% | 8/1/2044 | A- | 3,000,000 | 3,006,985 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Nuvance Health CT | 4.00% | 7/1/2041 | BBB+ | 10,920,000 | 9,701,981 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Nuvance Health CT | 4.00% | 7/1/2049 | BBB+ | 9,325,000 | 7,918,464 | |||||||||
| County of Baltimore - Riderwood Vlg Oblig Group MD | 4.00% | 1/1/2045 | A | (e) | 5,250,000 | 4,736,658 | ||||||||
| County of Baltimore - Riderwood Vlg Oblig Group MD | 4.00% | 1/1/2050 | A | (e) | 1,500,000 | 1,325,503 | ||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.00% | 2/15/2057 | BBB | 1,000,000 | 964,409 | |||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.50% | 2/15/2052 | BBB | 8,925,000 | 9,050,737 | |||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.50% | 2/15/2057 | BBB | 5,250,000 | 5,302,646 | |||||||||
| County of Montgomery - Dayton Childrens Hosp Obl OH | 4.00% | 8/1/2051 | A1 | 7,000,000 | 6,212,825 | |||||||||
| See Notes to Schedule of Investments. | 79 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| County of Montgomery - Premier Hlth Partners Obl OH | 4.00% | 11/15/2042 | Baa1 | $ | 8,440,000 | $ | 7,530,539 | |||||||
| County of Muskingum - Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2044 | BB+ | 2,650,000 | 2,407,525 | |||||||||
| Crawford County Hospital Authority - Meadville Med Ctr Oblig PA | 6.00% | 6/1/2046 | NR | 950,000 | 966,889 | |||||||||
| Crawford County Hospital Authority - Meadville Med Ctr Oblig PA | 6.00% | 6/1/2051 | NR | 1,115,000 | 1,127,307 | |||||||||
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 700,000 | 703,728 | |||||||||
| Duluth Economic Development Authority - Essentia Health Oblig Grp MN | 5.00% | 2/15/2053 | A- | 5,000,000 | 4,904,907 | |||||||||
| Duluth Economic Development Authority - Essentia Health Oblig Grp MN | 5.25% | 2/15/2053 | A- | 2,870,000 | 2,892,305 | |||||||||
| Duluth Economic Development Authority - Essentia Health Oblig Grp MN | 5.25% | 2/15/2058 | A- | 22,000,000 | 22,121,803 | |||||||||
| Duluth Economic Development Authority - St Lukes Hosp Duluth Obl MN | 5.25% | 6/15/2052 | BBB- | 5,000,000 | 5,031,581 | |||||||||
| Florida Development Finance Corp. - Shands Jacksonville Oblig FL (AGM) | 4.00% | 2/1/2046 | AA | 2,360,000 | 2,156,808 | |||||||||
| Gainesville & Hall County Hospital Authority - Northeast Ga Hlth Sys Grp GA | 5.00% | 2/15/2030 | A | 3,345,000 | 3,644,241 | |||||||||
| Gainesville & Hall County Hospital Authority - Northeast Ga Hlth Sys Grp GA | 5.00% | 2/15/2032 | A | 5,545,000 | 5,987,132 | |||||||||
| Genesee County Funding Corp. - Rochester Regl Health Obl NY | 5.25% | 12/1/2052 | BBB+ | 4,000,000 | 4,054,023 | |||||||||
| Greenville Health System - Prisma Health Oblig Grp SC | 5.00% | 5/1/2034 | A | 3,970,000 | 4,006,217 | |||||||||
| Hillsborough County Industrial Development Authority - Florida Hlth Sciences Og FL | 4.00% | 8/1/2045 | Baa1 | 9,280,000 | 8,204,116 | |||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple Univ Hlth Obl Grp PA | 5.00% | 7/1/2031 | BBB | 1,000,000 | 1,038,692 | |||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple Univ Hlth Obl Grp PA | 5.00% | 7/1/2032 | BBB | 1,000,000 | 1,036,246 | |||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple Univ Hlth Obl Grp PA | 5.00% | 7/1/2033 | BBB | 2,950,000 | 3,047,650 | |||||||||
| Illinois Finance Authority - Univ Chicago Med Ctr Og IL | 5.00% | 8/15/2052 | AA- | (e) | 5,000,000 | 5,136,426 | ||||||||
| Lee Memorial Hlth Sys FL | 4.00% | 4/1/2049 | A+ | 5,500,000 | 4,892,259 | |||||||||
| 80 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Martin County Health Facilities Authority - Cleveland Clinic Hlth FL | 4.00% | 1/1/2046 | AA | $ | 5,000,000 | $ | 4,654,670 | |||||||
| Maryland Health & Higher Educational Facilities Authority - Adventist Hlthcare MD | 5.50% | 1/1/2046 | Baa3 | 16,615,000 | 16,109,764 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Doctors Hosp Inc Oblg Grp MD | 5.00% | 7/1/2038 | A3 | 7,080,000 | 7,182,524 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Mercy Medical Center MD | 5.00% | 7/1/2036 | BBB+ | 1,320,000 | 1,352,001 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Mercy Medical Center MD | 5.00% | 7/1/2038 | BBB+ | 2,250,000 | 2,285,312 | |||||||||
| Massachusetts Development Finance Agency - Boston Med Ctr Oblig Grp MA | 5.00% | 7/1/2031 | BBB | 1,980,000 | 2,046,589 | |||||||||
| Massachusetts Development Finance Agency - Boston Med Ctr Oblig Grp MA | 5.00% | 7/1/2035 | BBB | 5,115,000 | 5,217,779 | |||||||||
| Massachusetts Development Finance Agency - Mass General Brigham Inc MA | 4.00% | 7/1/2041 | AA- | 4,000,000 | 3,867,003 | |||||||||
| Massachusetts Development Finance Agency - Wellforce MA | 4.00% | 7/1/2035 | BBB+ | 2,000,000 | 1,964,650 | |||||||||
| Massachusetts Development Finance Agency - Wellforce Obligated Group MA | 5.00% | 7/1/2039 | BBB+ | 2,685,000 | 2,714,604 | |||||||||
| Massachusetts Development Finance Agency - Wellforce Obligated Group MA (AGM) | 4.00% | 10/1/2045 | AA | 1,685,000 | 1,538,350 | |||||||||
| Michigan Finance Authority - Trinity Hlth Corp Oblig MI | 4.00% | 12/1/2049 | AA- | 6,000,000 | 5,415,894 | |||||||||
| Michigan State Hospital Finance Authority - Ascension Hlth Credit Grp MI | 5.00% | 11/15/2047 | AA+ | (e) | 4,000,000 | 4,087,696 | ||||||||
| Montana Facility Finance Authority - Kalispell Regl Med Ctr Ob MT | 5.00% | 7/1/2043 | BBB | 4,000,000 | 4,009,880 | |||||||||
| Montana Facility Finance Authority - Kalispell Regl Med Ctr Ob MT | 5.00% | 7/1/2048 | BBB | 5,760,000 | 5,668,385 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson Univ Obl PA | 4.00% | 9/1/2049 | A | 3,960,000 | 3,442,464 | |||||||||
| Montgomery County Industrial Development Authority - Whitemarsh Cont Care Obl PA | 5.375% | 1/1/2050 | NR | 1,070,000 | 979,804 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Hlth Lng Isl Obl NY | 5.00% | 7/1/2029 | A- | 1,000,000 | 1,023,812 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Hlth Lng Isl Obl NY | 5.00% | 7/1/2030 | A- | 580,000 | 593,499 | |||||||||
| See Notes to Schedule of Investments. | 81 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Hlth Lng Isl Obl NY | 5.00% | 7/1/2031 | A- | $ | 1,620,000 | $ | 1,656,695 | |||||||
| Nassau County Local Economic Assistance Corp. - Catholic Hlth Lng Isl Obl NY | 5.00% | 7/1/2034 | A- | 1,100,000 | 1,121,538 | |||||||||
| Nebraska Educational Health Cultural & Social Services Finance Authority - Immanuel Retire Comm Obl NE | 4.00% | 1/1/2044 | AA | (e) | 3,500,000 | 3,366,378 | ||||||||
| Nebraska Educational Health Cultural & Social Services Finance Authority - Immanuel Retire Comm Obl NE | 4.00% | 1/1/2049 | AA | (e) | 6,500,000 | 6,122,102 | ||||||||
| New Jersey Health Care Facilities Financing Authority - University Hospital NJ (AGM) | 5.00% | 7/1/2029 | AA | 135,000 | 140,578 | |||||||||
| New York Dormitory Authority Revenue NY(f) | 5.00% | 5/1/2052 | A3 | 33,500,000 | 34,188,043 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig NY† | 5.00% | 12/1/2031 | BBB- | 1,300,000 | 1,330,085 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig NY† | 5.00% | 12/1/2040 | BBB- | 1,300,000 | 1,230,560 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group NY | 4.00% | 8/1/2036 | BBB- | 1,450,000 | 1,297,776 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group NY | 4.00% | 8/1/2038 | BBB- | 4,725,000 | 4,142,030 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group NY | 5.00% | 8/1/2028 | BBB- | 3,055,000 | 3,156,161 | |||||||||
| Niagara Area Development Corp. - Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2052 | B- | 1,500,000 | 1,095,717 | |||||||||
| Oklahoma Development Finance Authority - Ou Medicine OK | 5.50% | 8/15/2052 | BB- | 8,590,000 | 7,861,083 | |||||||||
| Oklahoma Development Finance Authority - Ou Medicine OK (AGM) | 4.00% | 8/15/2048 | AA | 4,000,000 | 3,736,638 | |||||||||
| Oneida County Local Development Corp. - Mohawk Valley Hlth NY (AGM) | 4.00% | 12/1/2049 | AA | 4,500,000 | 4,042,762 | |||||||||
| Palm Beach County Health Facilities Authority - Lifespace Communities FL | 5.00% | 5/15/2053 | BBB | (e) | 2,375,000 | 1,929,304 | ||||||||
| Palomar Health CA | 5.00% | 11/1/2036 | BBB | 6,025,000 | 6,137,812 | |||||||||
| Palomar Health CA | 5.00% | 11/1/2039 | BBB | 5,500,000 | 5,540,316 | |||||||||
| Pennsylvania Economic Development Financing Authority - UPMC Obligated Group PA | 3.00% | 10/15/2038 | A | 4,725,000 | 3,897,476 | |||||||||
| 82 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Pennsylvania Higher Educational Facilities Authority - Univ of Penn Hlth Sys PA | 4.00% | 8/15/2044 | AA | $ | 3,055,000 | $ | 2,841,436 | |||||||
| Public Finance Authority - Moses Cone Hospital Ob Gp WI | 5.00% | 10/1/2052 | AA- | 8,750,000 | 9,046,551 | |||||||||
| Public Finance Authority - Proton Intl Alabama LLC WI† | 6.85% | 10/1/2047 | NR | 1,410,000 | 1,100,386 | |||||||||
| Regents of the University of California Medical Center Pooled Revenue CA | 5.25% | 5/15/2038 | AA- | 660,000 | 662,642 | |||||||||
| Roanoke Economic Development Authority - Carilion Clinic VA | 3.00% | 7/1/2045 | AA- | 6,950,000 | 5,243,072 | |||||||||
| Savannah Hospital Authority - St Joseph’S/Candler GA | 4.00% | 7/1/2039 | A2 | 4,500,000 | 4,406,223 | |||||||||
| Savannah Hospital Authority - St Joseph’S/Candler GA | 4.00% | 7/1/2043 | A2 | 5,000,000 | 4,688,261 | |||||||||
| South Carolina Jobs-Economic Development Authority - Bon Secours Mercy Hlth SC | 5.00% | 12/1/2046 | A+ | 8,000,000 | 8,367,370 | |||||||||
| Tarrant County Cultural Education Facilities Financial Corporation Revenue TX(f) | 5.00% | 7/1/2053 | A1 | 9,550,000 | 9,742,202 | |||||||||
| Vermont Educational & Health Buildings Financing Agency - Univ of Vt Hlth VT | 5.00% | 12/1/2035 | A | 4,500,000 | 4,690,089 | |||||||||
| Washington Health Care Facilities Authority - Overlake Hosp Med Ctr WA | 5.00% | 7/1/2038 | A | 4,000,000 | 4,053,933 | |||||||||
| Westchester County Healthcare Corp. Obl NY | 6.00% | 11/1/2030 | BBB- | 105,000 | 105,167 | |||||||||
| Westchester County Healthcare Corp. Obl NY | 6.125% | 11/1/2037 | BBB- | 30,000 | 30,071 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Sauk-Prairie Mem Hosp Obl WI | 5.375% | 2/1/2048 | Ba2 | 840,000 | 840,120 | (c) | ||||||||
| Total | 459,386,809 | |||||||||||||
| Housing 2.32% | ||||||||||||||
| California Housing Finance Agency CA | 3.25% | 8/20/2036 | BBB | 7,377,387 | 6,383,029 | |||||||||
| California Housing Finance Agency CA | 3.50% | 11/20/2035 | BBB+ | 5,700,256 | 5,159,507 | |||||||||
| California Housing Finance Agency CA | 4.00% | 3/20/2033 | BBB+ | 9,321,523 | 9,004,352 | |||||||||
| California Housing Finance Agency CA | 4.25% | 1/15/2035 | BBB+ | 6,650,729 | 6,434,114 | |||||||||
| California Municipal Finance Authority - Bowles Hall Foundation CA | 5.00% | 6/1/2050 | Baa3 | 1,410,000 | 1,410,239 | |||||||||
| California Municipal Finance Authority - Caritas Affordable Hsg CA | 5.25% | 8/15/2039 | A- | 650,000 | 661,060 | |||||||||
| See Notes to Schedule of Investments. | 83 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| CSCDA Community Improvement Authority CA† | 3.125% | 8/1/2056 | NR | $ | 4,500,000 | $ | 3,106,005 | |||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 9/1/2046 | NR | 1,000,000 | 783,870 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 12/1/2056 | NR | 3,250,000 | 2,312,467 | |||||||||
| FHLMC Multifamily VRD Certificates VA | 4.60% | 12/15/2044 | AA+ | 5,485,000 | 5,539,991 | |||||||||
| Industrial Development Authority of the City of Phoenix - Downtown Phoenix Std Hsg AZ | 5.00% | 7/1/2037 | Baa3 | 1,000,000 | 1,006,672 | |||||||||
| Louisiana Public Facilities Authority - Louisianav St Univ & Agric LA | 5.00% | 7/1/2059 | A3 | 2,000,000 | 2,023,828 | |||||||||
| Maryland Economic Development Corp. MD | 5.75% | 7/1/2053 | NR | 2,000,000 | 2,117,368 | |||||||||
| Maryland Economic Development Corp. MD | 6.00% | 7/1/2058 | NR | 5,000,000 | 5,346,892 | |||||||||
| Michigan State Housing Development Authority MI | 3.60% | 10/1/2060 | AA | 6,330,000 | 4,925,622 | |||||||||
| New Hampshire Business Finance Authority NH | 4.00% | 10/20/2036 | BBB | 10,966,955 | 10,219,192 | |||||||||
| New Hampshire Business Finance Authority NH | 4.375% | 9/20/2036 | BBB | 5,465,970 | 5,282,470 | |||||||||
| New York State Dormitory Authority NY | 3.00% | 7/1/2045 | Aa3 | 5,037,000 | 3,832,773 | |||||||||
| Toledo-Lucas County Port Authority - Chf-Toledo LLC OH | 5.00% | 7/1/2034 | BBB- | 1,000,000 | 980,315 | |||||||||
| Toledo-Lucas County Port Authority - Chf-Toledo LLC OH | 5.00% | 7/1/2039 | BBB- | 1,500,000 | 1,433,449 | (c) | ||||||||
| Toledo-Lucas County Port Authority - Chf-Toledo LLC OH | 5.00% | 7/1/2046 | BBB- | 1,000,000 | 916,026 | (c) | ||||||||
| Total | 78,879,241 | |||||||||||||
| Lease Obligations 4.09% | ||||||||||||||
| Illinois Sports Facilities Authority IL (AGM) | 5.00% | 6/15/2027 | AA | 3,500,000 | 3,570,270 | |||||||||
| Illinois Sports Facilities Authority IL (AGM) | 5.00% | 6/15/2028 | AA | 865,000 | 882,121 | |||||||||
| Indiana Finance Authority IN | 5.25% | 2/1/2032 | AA+ | 5,000,000 | 5,243,668 | |||||||||
| Kentucky Bond Development Corp. KY | 4.00% | 9/1/2048 | A+ | 6,645,000 | 6,230,312 | |||||||||
| Los Angeles County Public Works Financing Authority CA | 5.00% | 12/1/2045 | AA+ | 6,240,000 | 6,800,832 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NPFCG)(FGIC) | Zero Coupon | 12/15/2032 | A- | 3,575,000 | 2,344,743 | |||||||||
| Michigan Finance Authority MI | 4.00% | 11/1/2048 | Aa3 | 3,500,000 | 3,210,065 | |||||||||
| 84 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| Michigan State Building Authority MI | 4.00% | 4/15/2054 | Aa2 | $ | 6,500,000 | $ | 6,125,061 | |||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC NJ AMT | 5.625% | 1/1/2052 | BBB+ | 7,500,000 | 7,525,096 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2036 | A3 | 1,285,000 | 1,339,649 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2041 | A3 | 5,050,000 | 5,132,655 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2042 | A3 | 4,930,000 | 5,012,162 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2043 | A3 | 4,500,000 | 4,588,395 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 11/1/2044 | A3 | 5,500,000 | 5,608,743 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2047 | A3 | 6,050,000 | 6,114,725 | |||||||||
| New Jersey Economic Development Authority NJ (NPFGC)(FGIC) | 5.50% | 9/1/2029 | A3 | 7,500,000 | 8,473,376 | |||||||||
| New Jersey Educational Facilities Authority NJ | 4.00% | 9/1/2029 | A3 | 5,445,000 | 5,488,184 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | Zero Coupon | 12/15/2028 | A3 | 10,000,000 | 7,972,850 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | Zero Coupon | 12/15/2031 | A3 | 1,935,000 | 1,339,072 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | Zero Coupon | 12/15/2037 | A3 | 3,390,000 | 1,668,021 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | Zero Coupon | 12/15/2038 | A3 | 6,760,000 | 3,114,493 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 4.00% | 12/15/2031 | A3 | 2,125,000 | 2,161,321 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2030 | A+ | 3,000,000 | 3,158,199 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2031 | A+ | 2,400,000 | 2,520,884 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2033 | A3 | 4,565,000 | 4,998,433 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 12/15/2035 | A3 | 4,200,000 | 4,419,450 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 12/15/2036 | A3 | 3,500,000 | 3,668,534 | |||||||||
| See Notes to Schedule of Investments. | 85 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2046 | A3 | $ | 14,595,000 | $ | 14,796,983 | |||||||
| New York City Transitional Finance Authority Building Aid Revenue NY | 5.00% | 7/15/2035 | AA | 545,000 | 589,227 | |||||||||
| St. Louis Municipal Finance Corp. MO (AGM) | 5.00% | 10/1/2045 | AA | 2,500,000 | 2,580,894 | |||||||||
| St. Louis Municipal Finance Corp. MO (AGM) | 5.00% | 10/1/2049 | AA | 2,625,000 | 2,687,970 | |||||||||
| Total | 139,366,388 | |||||||||||||
| Other Revenue 2.67% | ||||||||||||||
| California Infrastructure & Economic Development Bank - Acad of Motion Pics oblig CA | 5.00% | 11/1/2041 | Aa2 | 2,500,000 | 2,525,683 | |||||||||
| California School Finance Authority - Green Dot Public Schs Obg CA† | 5.00% | 8/1/2048 | BBB- | 1,650,000 | 1,642,315 | |||||||||
| City of Miami Beach Parking Revenue FL (BAM) | 5.00% | 9/1/2040 | AA | 2,000,000 | 2,070,577 | |||||||||
| Clifton Higher Education Finance Corp. - Idea Public Schools TX | 5.00% | 8/15/2042 | A- | 275,000 | 275,163 | |||||||||
| Clifton Higher Education Finance Corp. - Idea Public Schools TX | 6.00% | 8/15/2043 | A- | 1,000,000 | 1,012,579 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 6.125% | 8/15/2048 | NR | 7,825,000 | 7,945,802 | |||||||||
| Commonwealth of Puerto Rico PR | Zero Coupon | #(a) | 11/1/2051 | NR | 5,142,778 | 2,256,394 | ||||||||
| District of Columbia - Friendship Pub Chtr Sch DC | 5.00% | 6/1/2041 | BBB | 1,935,000 | 1,946,850 | |||||||||
| Florida Development Finance Corp. FL | 5.00% | 6/15/2050 | BBB | 2,135,000 | 2,042,566 | |||||||||
| Florida Development Finance Corp. FL | 5.00% | 6/15/2055 | BBB | 1,500,000 | 1,407,638 | |||||||||
| Grand River Hospital District CO GO (AGM) | 5.25% | 12/1/2034 | AA | 1,000,000 | 1,064,724 | |||||||||
| Grand River Hospital District CO GO (AGM) | 5.25% | 12/1/2035 | AA | 1,000,000 | 1,058,734 | |||||||||
| Grand River Hospital District CO GO (AGM) | 5.25% | 12/1/2037 | AA | 1,160,000 | 1,216,212 | |||||||||
| Illinois Finance Authority - Noble Network Charter Sch IL | 6.125% | 9/1/2039 | BBB | 6,000,000 | 6,065,383 | |||||||||
| Indianapolis Local Public Improvement Bond Bank IN | 5.00% | 2/1/2031 | AA- | 7,120,000 | 7,248,502 | |||||||||
| Long Beach Bond Finance Authority CA | 4.536% (3 Mo. LIBOR * .67 + 1.45% | )# | 11/15/2027 | A2 | 9,000,000 | 8,812,072 | ||||||||
| Lower Alabama Gas District AL | 4.00% | #(a) | 12/1/2050 | A2 | 2,000,000 | 1,984,725 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2037 | A3 | 2,990,000 | 3,063,451 | |||||||||
| 86 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2043 | A3 | $ | 3,250,000 | $ | 3,251,910 | |||||||
| Maricopa County Industrial Development Authority AZ† | 5.00% | 7/1/2049 | BB+ | 1,165,000 | 1,038,196 | |||||||||
| Maricopa County Industrial Development Authority AZ† | 5.00% | 7/1/2054 | BB+ | 1,000,000 | 870,998 | |||||||||
| Michigan Finance Authority - Bradford Academy MI | 4.30% | 9/1/2030 | NR | 300,000 | 270,056 | (c) | ||||||||
| Michigan Finance Authority - Bradford Academy MI | 4.80% | 9/1/2040 | NR | 565,000 | 464,940 | |||||||||
| Michigan Finance Authority - Bradford Academy MI | 5.00% | 9/1/2050 | NR | 925,000 | 728,139 | |||||||||
| Middlesex County Improvement Authority NJ | 6.125% | 1/1/2025 | NR | 1,250,000 | 15,625 | |||||||||
| Middlesex County Improvement Authority NJ | 6.25% | 1/1/2037 | NR | 1,700,000 | 21,250 | |||||||||
| M-S-R Energy Authority CA | 6.125% | 11/1/2029 | BBB+ | 1,965,000 | 2,175,605 | |||||||||
| New Jersey Economic Development Authority - Friends of Team Acdmy Obg NJ | 6.00% | 10/1/2043 | BBB | 3,500,000 | 3,550,706 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 11/1/2052 | A3 | 10,375,000 | 10,499,446 | |||||||||
| Trust for Cultural Resources of The City of New York - Lincoln Ctr Perform Arts NY | 4.00% | 12/1/2033 | A | 2,000,000 | 2,050,924 | |||||||||
| Trust for Cultural Resources of The City of New York - Lincoln Ctr Perform Arts NY | 4.00% | 12/1/2035 | A | 1,750,000 | 1,755,136 | |||||||||
| Trust for Cultural Resources of The City of New York - Lincoln Ctr Perform Arts NY | 5.00% | 12/1/2031 | A | 1,250,000 | 1,422,406 | |||||||||
| Washington State Convention Center Public Facilities District WA | 4.00% | 7/1/2031 | NR | 10,000,000 | 9,165,792 | |||||||||
| Total | 90,920,499 | |||||||||||||
| Pre-Refunded 0.03% | ||||||||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2038 | A1 | 995,000 | 1,026,649 | |||||||||
| Special Tax 1.84% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | 1,845,000 | 1,837,335 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.25% | 5/1/2042 | NR | 3,250,000 | 3,131,321 | |||||||||
| Atlanta Urban Redevelopment Agency GA† | 3.625% | 7/1/2042 | NR | 1,850,000 | 1,521,426 | |||||||||
| See Notes to Schedule of Investments. | 87 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Atlanta Urban Redevelopment Agency GA† | 3.875% | 7/1/2051 | NR | $ | 3,325,000 | $ | 2,636,518 | |||||||
| City of Irvine CA Special Tax | 5.00% | 9/1/2044 | NR | 500,000 | 503,466 | |||||||||
| Commonwealth of Pennsylvania COPS | 4.00% | 7/1/2046 | A | 2,375,000 | 2,188,222 | |||||||||
| Gramercy Farms Community Development District FL~ | Zero Coupon | 5/1/2039 | NR | 2,600,000 | 1,352,000 | |||||||||
| Gramercy Farms Community Development District FL(b) | 5.25% | 5/1/2039 | NR | 1,340,000 | 214 | (c) | ||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A | 4,875,000 | 4,965,139 | |||||||||
| New Jersey Economic Development Authority NJ Mtromall Urban | 6.50% | 4/1/2028 | Baa2 | 2,040,329 | 2,024,924 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2034 | AA | 1,000,000 | 923,301 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2046 | AA | 4,450,000 | 3,319,580 | |||||||||
| Rancho Cucamonga Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 9/1/2030 | AA | 1,500,000 | 1,553,859 | |||||||||
| Rancho Cucamonga Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 9/1/2031 | AA | 1,400,000 | 1,450,773 | |||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.25% | 9/1/2052 | AA | 2,500,000 | 2,691,231 | |||||||||
| Riverside County Redevelopment Successor Agency CA Tax Allocation | 8.50% | 10/1/2041 | A | 11,195,000 | 13,457,299 | |||||||||
| State of Connecticut Special Tax Revenue CT | 5.00% | 8/1/2034 | AA | 3,600,000 | 3,778,974 | |||||||||
| State of Connecticut Special Tax Revenue CT | 5.00% | 1/1/2037 | AA | 7,000,000 | 7,506,430 | |||||||||
| State of Connecticut Special Tax Revenue CT | 5.00% | 1/1/2038 | AA | 4,250,000 | 4,539,839 | |||||||||
| Stone Canyon Community Improvement District MO(b) | 5.70% | 4/1/2022 | NR | 1,000,000 | 260,000 | |||||||||
| Stone Canyon Community Improvement District MO(b) | 5.75% | 4/1/2027 | NR | 1,300,000 | 338,000 | |||||||||
| Village Community Development District No. 13 FL | 3.00% | 5/1/2041 | NR | 1,250,000 | 877,318 | |||||||||
| 88 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Village Community Development District No. 13 FL | 3.25% | 5/1/2052 | NR | $ | 2,745,000 | $ | 1,776,119 | |||||||
| Total | 62,633,288 | |||||||||||||
| Tax Revenue 5.42% | ||||||||||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2039 | Baa2 | 3,300,000 | 3,359,128 | |||||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2044 | Baa2 | 1,950,000 | 1,980,096 | |||||||||
| Chicago Board of Education IL | 5.00% | 4/1/2042 | A | (e) | 1,800,000 | 1,803,209 | ||||||||
| Chicago Transit Authority Sales Tax Receipts Fund IL | 5.25% | 12/1/2049 | AA | 10,000,000 | 10,104,879 | |||||||||
| City of Reno NV (AGM) | 4.00% | 6/1/2043 | AA | 4,725,000 | 4,474,872 | |||||||||
| City of Reno NV (AGM) | 4.00% | 6/1/2046 | AA | 6,800,000 | 6,268,490 | |||||||||
| City of Sparks NV† | 2.50% | 6/15/2024 | Ba2 | 115,000 | 111,576 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba2 | 750,000 | 670,383 | |||||||||
| Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 8/1/2042 | AA | 1,250,000 | 1,315,951 | |||||||||
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | 3,750,000 | 3,768,572 | |||||||||
| Lower Colorado River Authority TX | 6.00% | 5/15/2052 | A+ | (e) | 1,700,000 | 1,954,074 | ||||||||
| Massachusetts School Building Authority MA | 4.00% | 2/15/2043 | AA | 1,000,000 | 964,027 | |||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2032 | NR | 1,500,000 | 1,556,127 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 5.50% | 6/15/2053 | A- | 4,415,000 | 4,455,559 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NPFCG)(FGIC) | Zero Coupon | 12/15/2030 | A- | 10,535,000 | 7,648,924 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NPFCG)(FGIC) | Zero Coupon | 12/15/2036 | A- | 10,000,000 | 5,167,842 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NPFGC)(FGIC) | Zero Coupon | 12/15/2037 | A- | 15,000,000 | 7,326,962 | |||||||||
| Metropolitan Pier & Exposition Authority IL TCRS (BAM) | 5.00% | 6/15/2053 | AA | 915,000 | 954,554 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 5/1/2037 | AAA | 3,000,000 | 2,963,962 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 2/1/2041 | AAA | 4,500,000 | 4,314,132 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 8/1/2042 | AAA | 1,000,000 | 952,787 | |||||||||
| See Notes to Schedule of Investments. | 89 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 11/1/2042 | AAA | $ | 5,720,000 | $ | 5,447,637 | |||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 5/1/2044 | AAA | 1,000,000 | 941,361 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2036 | AAA | 1,000,000 | 1,017,092 | |||||||||
| New York State Dormitory Authority NY | 3.00% | 3/15/2050 | AA+ | 5,000,000 | 3,769,881 | |||||||||
| New York State Urban Development Corp. NY | 3.00% | 3/15/2047 | AA+ | 3,740,000 | 2,891,268 | |||||||||
| New York State Urban Development Corp. NY | 3.00% | 3/15/2048 | AA+ | 9,590,000 | 7,352,204 | |||||||||
| New York State Urban Development Corp. NY | 3.00% | 3/15/2050 | AA+ | 7,620,000 | 5,756,131 | |||||||||
| New York State Urban Development Corp. NY | 4.00% | 3/15/2042 | Aa1 | 5,000,000 | 4,766,738 | |||||||||
| New York State Urban Development Corp. NY | 5.00% | 3/15/2033 | AA+ | 750,000 | 752,077 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2029 | NR | 1,271,000 | 927,823 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2031 | NR | 2,122,000 | 1,384,970 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2033 | NR | 2,549,000 | 1,485,948 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2051 | NR | 2,523,000 | 457,332 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.329% | 7/1/2040 | NR | 5,803,000 | 5,242,071 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.329% | 7/1/2040 | NR | 5,253,000 | 4,745,235 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.536% | 7/1/2053 | NR | 39,000 | 33,347 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.55% | 7/1/2040 | NR | 129,000 | 118,669 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.75% | 7/1/2053 | NR | 4,895,000 | 4,339,159 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 5.00% | 7/1/2058 | NR | 6,033,000 | 5,492,624 | |||||||||
| San Francisco Bay Area Rapid Transit District CA GO | 3.00% | 8/1/2042 | Aaa | 5,180,000 | 4,355,365 | |||||||||
| San Leandro Unified School District CA GO | 5.25% | 8/1/2048 | AA- | 10,500,000 | 11,647,837 | |||||||||
| 90 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| State of Connecticut Special Tax Revenue CT | 4.00% | 5/1/2039 | AA | $ | 3,150,000 | $ | 3,098,470 | |||||||
| Territory of Guam GU | 4.00% | 1/1/2042 | Ba1 | 1,500,000 | 1,312,262 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 5/15/2051 | AA+ | 6,555,000 | 6,941,472 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 5/15/2052 | AA+ | 3,000,000 | 3,335,173 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2052 | AA+ | 10,335,000 | 11,331,011 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2057 | AA+ | 2,500,000 | 2,738,801 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2062 | AA+ | 7,905,000 | 8,626,508 | |||||||||
| Vermont Student Assistance Corp. VT AMT | 3.375% | 6/15/2036 | A | 2,300,000 | 2,238,008 | |||||||||
| Total | 184,662,580 | |||||||||||||
| Tobacco 3.18% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 33,845,000 | 29,421,025 | |||||||||
| California County Tobacco Securitization Agency CA | 5.00% | 6/1/2049 | BBB+ | 195,000 | 195,710 | |||||||||
| Commonwealth Financing Authority PA (AGM) | 4.00% | 6/1/2039 | AA | 15,000,000 | 14,775,725 | |||||||||
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 50,000,000 | 5,823,775 | |||||||||
| Iowa Tobacco Settlement Authority IA | 4.00% | 6/1/2049 | BBB+ | 2,000,000 | 1,672,466 | |||||||||
| Michigan Finance Authority MI | 4.00% | 6/1/2049 | BBB+ | 4,000,000 | 3,319,722 | |||||||||
| Michigan Finance Authority MI | 5.00% | 6/1/2049 | BBB+ | 5,355,000 | 5,301,291 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 1,038,272 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco CA | 5.00% | 6/1/2048 | BBB+ | 3,500,000 | 3,534,554 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco CA | 5.00% | 6/1/2048 | BBB- | 8,505,000 | 8,468,890 | |||||||||
| Tobacco Settlement Authority WA | 5.25% | 6/1/2032 | A | 460,000 | 460,409 | |||||||||
| Tobacco Settlement Financing Corp. LA | 5.25% | 5/15/2035 | A- | 2,310,000 | 2,338,245 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 3.20% | 6/1/2027 | A | 5,000 | 4,985 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2031 | A | 4,605,000 | 4,832,743 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2033 | A- | 1,000,000 | 1,044,703 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 9,300,000 | 9,334,250 | |||||||||
| See Notes to Schedule of Investments. | 91 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | $ | 7,540,000 | $ | 6,950,993 | |||||||
| TSASC, Inc. NY | 5.00% | 6/1/2023 | B- | 3,400,000 | 3,390,934 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2035 | A- | 1,390,000 | 1,419,508 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 5,550,000 | 4,902,946 | |||||||||
| Total | 108,231,146 | |||||||||||||
| Transportation 22.20% | ||||||||||||||
| Alameda Corridor Transportation Authority CA (AGM) | 5.00% | 10/1/2034 | AA | 3,650,000 | 3,835,213 | |||||||||
| California Municipal Finance Authority - Lax Integrated Express CA AMT | 4.00% | 12/31/2047 | BBB- | (e) | 9,450,000 | 7,985,798 | ||||||||
| California Municipal Finance Authority - Lax Integrated Express CA AMT | 5.00% | 12/31/2038 | BBB- | (e) | 5,000,000 | 5,091,399 | ||||||||
| Canaveral Port Authority FL | 5.00% | 6/1/2048 | A3 | 4,890,000 | 5,060,034 | |||||||||
| Canaveral Port Authority FL AMT | 5.00% | 6/1/2045 | A3 | 4,630,000 | 4,821,162 | |||||||||
| Central Florida Expressway Authority FL | 4.00% | 7/1/2035 | A+ | 5,000,000 | 5,054,574 | |||||||||
| Central Texas Regional Mobility Authority TX | 5.00% | 1/1/2045 | A- | 4,500,000 | 4,757,091 | |||||||||
| Central Texas Turnpike System TX | 5.00% | 8/15/2033 | A- | 5,750,000 | 5,817,173 | |||||||||
| Central Texas Turnpike System TX | 5.00% | 8/15/2037 | A- | 2,500,000 | 2,507,493 | |||||||||
| Chicago Midway International Airport IL | 4.00% | 1/1/2034 | A- | 1,000,000 | 1,001,655 | |||||||||
| Chicago O’Hare International Airport - TRIPS Obligated Group IL AMT | 5.00% | 7/1/2048 | BBB+ | 3,500,000 | 3,444,331 | |||||||||
| Chicago O’Hare International Airport IL | 4.00% | 1/1/2044 | A+ | 13,500,000 | 12,681,340 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2047 | A+ | 5,735,000 | 5,752,623 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2048 | A+ | 20,000,000 | 20,276,414 | |||||||||
| City & County of Denver Airport System Revenue CO | 4.00% | 12/1/2043 | A+ | 5,000,000 | 4,736,139 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 4.00% | 12/1/2048 | A+ | 4,255,000 | 3,706,274 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.25% | 11/15/2043 | A+ | 8,000,000 | 8,037,154 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 4.00% | 7/1/2039 | AA- | 2,250,000 | 2,120,985 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 1/1/2028 | AA- | 2,000,000 | 2,044,460 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 1/1/2031 | AA- | 4,000,000 | 4,075,636 | |||||||||
| 92 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| City of Cleveland Airport System Revenue OH (AGM) | 5.00% | 1/1/2031 | AA | $ | 900,000 | $ | 934,203 | |||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 6.625% | 7/15/2038 | Ba3 | 2,500,000 | 2,500,758 | |||||||||
| City of Los Angeles Department of Airports CA AMT(d) | 4.00% | 5/15/2041 | NR | 100,000 | 109,341 | |||||||||
| City of Los Angeles Department of Airports CA AMT(d) | 4.00% | 5/15/2041 | NR | 3,595,000 | 3,280,983 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2049 | AA- | 5,000,000 | 4,380,172 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2033 | AA- | 5,115,000 | 5,608,486 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2039 | AA | 9,000,000 | 9,459,657 | |||||||||
| City of Philadelphia Airport Revenue PA AMT | 5.00% | 7/1/2042 | A2 | 4,440,000 | 4,502,168 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2034 | A | 5,000,000 | 5,212,194 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2036 | A | 10,045,000 | 10,639,374 | |||||||||
| City of San Antonio Airport System TX AMT | 5.00% | 7/1/2045 | A1 | 8,435,000 | 8,507,751 | |||||||||
| City of St. Louis Airport Revenue MO (AGM) | 5.00% | 7/1/2047 | AA | 7,500,000 | 7,698,741 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2028 | A1 | 4,435,000 | 4,539,043 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2029 | A1 | 2,500,000 | 2,553,687 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2034 | A1 | 10,000,000 | 10,109,145 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2044 | A | 6,000,000 | 6,093,061 | |||||||||
| County of Miami-Dade Rickenbacker Causeway Revenue FL | 5.00% | 10/1/2029 | A- | 500,000 | 512,182 | |||||||||
| County of Miami-Dade Rickenbacker Causeway Revenue FL | 5.00% | 10/1/2030 | A- | 550,000 | 563,156 | |||||||||
| County of Miami-Dade Rickenbacker Causeway Revenue FL | 5.00% | 10/1/2032 | A- | 1,160,000 | 1,185,586 | |||||||||
| County of Miami-Dade Seaport Department FL (AGM) | 4.00% | 10/1/2049 | AA | 9,325,000 | 8,373,067 | |||||||||
| See Notes to Schedule of Investments. | 93 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| County of Osceola Transportation Revenue FL | 5.00% | 10/1/2039 | BBB+ | $ | 1,000,000 | $ | 1,007,320 | |||||||
| County of Sacramento Airport System Revenue CA | 5.00% | 7/1/2041 | A | 8,000,000 | 8,218,462 | |||||||||
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2030 | A+ | 850,000 | 863,587 | |||||||||
| E-470 Public Highway Authority CO (NPFCG)(FGIC) | Zero Coupon | 9/1/2032 | A | 4,200,000 | 2,977,282 | |||||||||
| E-470 Public Highway Authority CO (NPFCG)(FGIC) | Zero Coupon | 9/1/2037 | A | 7,720,000 | 3,816,860 | |||||||||
| Eagle County Airport Terminal Corp. CO AMT | 5.00% | 5/1/2033 | Baa2 | 2,430,000 | 2,468,052 | |||||||||
| Eagle County Airport Terminal Corp. CO AMT | 5.00% | 5/1/2037 | Baa2 | 1,000,000 | 994,737 | |||||||||
| Eagle County Airport Terminal Corp. CO AMT | 5.00% | 5/1/2041 | Baa2 | 3,000,000 | 2,942,756 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2033 | A | 5,000,000 | 3,305,300 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.50% | 1/15/2053 | A | 7,190,000 | 5,844,646 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | 5,000,000 | 4,448,194 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2043 | A- | 16,723,000 | 15,757,493 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2046 | A | 10,000,000 | 9,260,696 | |||||||||
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2049 | AA- | 6,375,000 | 5,553,127 | |||||||||
| Hampton Roads Transportation Accountability Commission VA(f) | 5.25% | 7/1/2060 | AA | 20,000,000 | 21,371,910 | |||||||||
| Kansas City Industrial Development Authority MO AMT | 4.00% | 3/1/2036 | A2 | 3,000,000 | 2,874,969 | |||||||||
| Maryland Economic Development Corp. - Ports America Chesapeake MD AMT | 5.00% | 6/1/2044 | Baa2 | 375,000 | 380,373 | |||||||||
| Maryland Economic Development Corp. - Ports America Chesapeake MD AMT | 5.00% | 6/1/2049 | Baa2 | 750,000 | 757,058 | (c) | ||||||||
| Maryland Economic Development Corp. - Purple Line Transit Ptr MD AMT | 5.25% | 6/30/2047 | Baa3 | 2,500,000 | 2,504,770 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Ptr MD AMT | 5.25% | 6/30/2052 | Baa3 | 2,500,000 | 2,479,875 | |||||||||
| 94 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Maryland Economic Development Corp. - Purple Line Transit Ptr MD AMT | 5.25% | 6/30/2055 | Baa3 | $ | 12,500,000 | $ | 12,395,336 | |||||||
| Maryland Economic Development Corp. MD Tax Allocation | 4.00% | 9/1/2040 | NR | 2,000,000 | 1,701,657 | |||||||||
| Maryland State Transportation Authority MD | 5.00% | 7/1/2051 | Aa2 | 10,000,000 | 10,693,547 | |||||||||
| Maryland State Transportation Authority Passenger Facility Charge Revenue MD AMT | 3.00% | 6/1/2036 | A+ | 7,310,000 | 6,190,143 | |||||||||
| Massachusetts Port Authority MA AMT | 4.00% | 7/1/2046 | AA | 5,465,000 | 5,024,574 | |||||||||
| Massachusetts Port Authority MA AMT | 5.00% | 7/1/2040 | AA | 1,500,000 | 1,524,001 | |||||||||
| Massachusetts Port Authority MA AMT | 5.00% | 7/1/2045 | AA | 3,315,000 | 3,352,140 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.00% | 7/1/2049 | A2 | 5,000,000 | 5,075,895 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2052 | A1 | 6,500,000 | 6,871,907 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2035 | A3 | 4,265,000 | 4,349,435 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | #(a) | 11/15/2045 | A3 | 2,700,000 | 2,863,670 | ||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2044 | A3 | 9,680,000 | 9,727,070 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2055 | A3 | 2,000,000 | 2,002,285 | |||||||||
| Metropolitan Transportation Authority NY(f) | 5.25% | 11/15/2055 | A3 | 20,500,000 | 20,523,419 | |||||||||
| Metropolitan Washington Airports Authority DC AMT | 5.00% | 10/1/2027 | AA- | 3,250,000 | 3,331,451 | |||||||||
| Metropolitan Washington Airports Authority DC AMT | 5.00% | 10/1/2028 | AA- | 2,000,000 | 2,019,101 | |||||||||
| Metropolitan Washington Airports Authority DC AMT | 5.00% | 10/1/2035 | AA- | 4,525,000 | 4,680,418 | |||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC | Zero Coupon | 10/1/2037 | A- | 5,000,000 | 2,391,101 | |||||||||
| Michigan Strategic Fund MI AMT | 5.00% | 6/30/2048 | Baa2 | 2,500,000 | 2,401,751 | |||||||||
| Minneapolis-St. Paul Metropolitan Airports Commission MN | 5.00% | 1/1/2031 | A+ | 2,000,000 | 2,037,424 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 4.00% | 6/15/2045 | A3 | 15,680,000 | 13,711,959 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2034 | A3 | 2,625,000 | 2,861,069 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2035 | A3 | 3,425,000 | 3,694,177 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2045 | A3 | 5,000,000 | 5,101,938 | |||||||||
| See Notes to Schedule of Investments. | 95 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.50% | 6/15/2050 | A3 | $ | 2,000,000 | $ | 2,140,534 | |||||||
| New Jersey Turnpike Authority NJ | 4.00% | 1/1/2033 | AA- | 1,630,000 | 1,685,072 | |||||||||
| New Jersey Turnpike Authority NJ | 4.00% | 1/1/2043 | AA- | 5,555,000 | 5,386,911 | |||||||||
| New York State Thruway Authority NY (AGM) | 4.00% | 1/1/2051 | AA | 2,725,000 | 2,466,095 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 4.00% | 10/1/2030 | Baa3 | 8,500,000 | 8,224,284 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 4.00% | 1/1/2036 | Baa3 | 3,295,000 | 3,035,496 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 1/1/2029 | Baa3 | 2,455,000 | 2,505,990 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 1/1/2030 | Baa3 | 3,275,000 | 3,341,579 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 1/1/2033 | Baa3 | 12,450,000 | 12,603,372 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 1/1/2034 | Baa3 | 4,205,000 | 4,238,207 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 1/1/2036 | Baa3 | 2,250,000 | 2,238,099 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 10/1/2040 | Baa3 | 15,390,000 | 14,861,643 | |||||||||
| New York Transportation Development Corp. - Empire St Thruway Partnrs NY AMT | 4.00% | 10/31/2041 | BBB- | (e) | 5,885,000 | 5,177,684 | ||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 5.00% | 12/1/2039 | Baa1 | 5,840,000 | 5,960,523 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 5.00% | 12/1/2042 | Baa1 | 3,250,000 | 3,274,905 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner NY AMT | 4.00% | 7/1/2041 | Baa2 | 12,365,000 | 10,353,874 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner NY AMT | 4.00% | 7/1/2046 | Baa2 | 2,340,000 | 1,875,002 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner NY AMT | 5.25% | 1/1/2050 | Baa2 | 10,605,000 | 10,320,194 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2025 | A3 | 2,750,000 | 2,798,046 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA | 5.00% | 3/1/2047 | A | 750,000 | 773,669 | |||||||||
| North Carolina Turnpike Authority NC | 5.00% | 1/1/2032 | BBB | 1,350,000 | 1,414,631 | |||||||||
| North Carolina Turnpike Authority NC | 5.00% | 1/1/2043 | BBB | 1,150,000 | 1,183,606 | |||||||||
| 96 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| North Carolina Turnpike Authority NC (AGM) | 4.00% | 1/1/2037 | AA | $ | 14,255,000 | $ | 14,284,073 | |||||||
| North Carolina Turnpike Authority NC (AGM) | 4.00% | 1/1/2038 | AA | 1,000,000 | 995,640 | |||||||||
| North Carolina Turnpike Authority NC (AGM) | 4.00% | 1/1/2055 | AA | 4,000,000 | 3,541,935 | |||||||||
| North Texas Tollway Authority TX | 5.00% | 1/1/2031 | A+ | 250,000 | 254,261 | |||||||||
| North Texas Tollway Authority TX | 5.00% | 1/1/2048 | A+ | 5,000,000 | 5,148,403 | |||||||||
| Ontario International Airport Authority CA (AGM) | 5.00% | 5/15/2046 | AA | 2,000,000 | 2,120,485 | |||||||||
| Pennsylvania Turnpike Commission PA | 4.00% | 12/1/2038 | A3 | 3,425,000 | 3,377,664 | |||||||||
| Pennsylvania Turnpike Commission PA | 4.00% | 12/1/2043 | A | 1,500,000 | 1,418,545 | |||||||||
| Pennsylvania Turnpike Commission PA | 5.00% | 6/1/2029 | A3 | 9,000,000 | 9,469,459 | |||||||||
| Pennsylvania Turnpike Commission PA | 5.00% | 12/1/2039 | A+ | 750,000 | 765,059 | |||||||||
| Port Authority of New York & New Jersey NY | 5.25% | 10/15/2055 | AA- | 3,675,000 | 3,806,738 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 11/15/2041 | AA- | 6,950,000 | 7,075,240 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 1/15/2052 | Aa3 | 10,000,000 | 10,234,176 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2039 | AA- | 2,000,000 | 2,016,098 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2049 | AA- | 5,000,000 | 5,070,027 | |||||||||
| Puerto Rico Highway & Transportation Authority PR | Zero Coupon | 7/1/2032 | NR | 5,014,595 | 2,983,684 | |||||||||
| Puerto Rico Highway & Transportation Authority PR | 5.00% | 7/1/2053 | NR | 24,967 | 13,857 | |||||||||
| Puerto Rico Highway & Transportation Authority PR | 5.00% | 7/1/2062 | NR | 4,022,459 | 3,715,746 | |||||||||
| Riverside County Transportation Commission CA | 4.00% | 6/1/2040 | A | 2,115,000 | 2,033,812 | |||||||||
| San Diego County Regional Airport Authority CA | 5.00% | 7/1/2044 | A | 4,500,000 | 4,750,460 | |||||||||
| San Diego County Regional Airport Authority CA | 5.00% | 7/1/2051 | A2 | 10,475,000 | 11,085,599 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 4.00% | 7/1/2046 | A2 | 4,500,000 | 3,984,621 | |||||||||
| San Diego County Regional Airport Authority Revenue CA(f) | 5.00% | 7/1/2056 | A2 | 11,540,000 | 12,148,057 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA | 5.00% | 5/1/2052 | A1 | 5,000,000 | 5,371,914 | |||||||||
| See Notes to Schedule of Investments. | 97 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% | 5/1/2033 | A+ | $ | 7,000,000 | $ | 7,032,598 | |||||||
| South Carolina Ports Authority SC AMT | 5.00% | 7/1/2044 | A+ | 5,000,000 | 5,140,114 | |||||||||
| State of Alabama Docks Department AL (AGM) | 5.00% | 10/1/2036 | AA | 750,000 | 792,536 | |||||||||
| State of Alabama Docks Department AL (AGM) AMT | 5.00% | 10/1/2034 | AA | 2,000,000 | 2,073,364 | |||||||||
| State of Alabama Docks Department AL (AGM) AMT | 5.00% | 10/1/2035 | AA | 2,000,000 | 2,063,614 | |||||||||
| State of Connecticut Bradley International Airport CFC Revenue CT AMT | 4.00% | 7/1/2049 | BBB+ | 3,600,000 | 3,015,764 | |||||||||
| State of Connecticut Bradley International Airport CFC Revenue CT AMT | 5.00% | 7/1/2049 | BBB+ | 3,425,000 | 3,401,755 | |||||||||
| State of Hawaii Airports System Revenue HI AMT | 4.00% | 7/1/2035 | A+ | 4,425,000 | 4,288,110 | |||||||||
| State of Hawaii Airports System Revenue HI AMT | 5.00% | 7/1/2041 | A+ | 5,000,000 | 5,062,793 | |||||||||
| State of Hawaii Airports System Revenue HI AMT | 5.00% | 7/1/2048 | A+ | 7,905,000 | 8,006,258 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - Lbj Infrastructure Group TX | 4.00% | 6/30/2037 | Baa2 | 2,950,000 | 2,790,798 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - Lbj Infrastructure Group TX | 4.00% | 12/31/2037 | Baa2 | 2,125,000 | 2,007,524 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - Lbj Infrastructure Group TX | 4.00% | 6/30/2038 | Baa2 | 1,050,000 | 983,072 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - Lbj Infrastructure Group TX | 4.00% | 12/31/2038 | Baa2 | 1,375,000 | 1,285,418 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - Lbj Infrastructure Group TX | 4.00% | 6/30/2039 | Baa2 | 1,340,000 | 1,243,958 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - Lbj Infrastructure Group TX | 4.00% | 12/31/2039 | Baa2 | 1,025,000 | 950,053 | |||||||||
| Texas Transportation Commission State Highway 249 System TX | 5.00% | 8/1/2057 | Baa3 | 2,625,000 | 2,601,739 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2042 | AA- | 1,640,000 | 1,722,791 | |||||||||
| 98 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC VA AMT | 5.00% | 1/1/2032 | BBB- | $ | 6,225,000 | $ | 6,653,030 | |||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC VA AMT | 5.00% | 1/1/2033 | BBB- | 2,945,000 | 3,136,442 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC VA AMT | 5.00% | 1/1/2035 | BBB- | 6,715,000 | 7,038,041 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC VA AMT | 5.00% | 7/1/2036 | BBB- | 6,685,000 | 6,917,177 | |||||||||
| Virginia Small Business Financing Authority - Elizabeth River Crossings VA AMT | 4.00% | 1/1/2038 | BBB | 4,500,000 | 4,182,575 | |||||||||
| Virginia Small Business Financing Authority - Elizabeth River Crossings VA AMT | 4.00% | 1/1/2040 | BBB | 4,825,000 | 4,382,295 | |||||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2039 | A1 | 1,700,000 | 1,714,192 | |||||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2042 | A1 | 1,200,000 | 1,226,067 | |||||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2046 | A1 | 2,825,000 | 2,894,302 | |||||||||
| Total | 756,053,987 | |||||||||||||
| Utilities 16.15% | ||||||||||||||
| Adelanto Public Utility Authority CA (AGM) | 5.00% | 7/1/2039 | AA | 1,500,000 | 1,605,249 | |||||||||
| Baltimore Project Revenue MD(f) | 5.25% | 7/1/2047 | Aa2 | 7,190,000 | 7,896,613 | |||||||||
| Baltimore Project Revenue MD(f) | 5.25% | 7/1/2052 | Aa2 | 12,190,000 | 13,387,998 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 6/1/2051 | Aa1 | 10,945,000 | 10,674,112 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 7/1/2052 | Aa1 | 6,000,000 | 5,960,498 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 11,660,000 | 11,520,885 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2052 | Baa1 | 18,600,000 | 18,015,631 | ||||||||
| Black Belt Energy Gas District AL | 5.00% | #(a) | 5/1/2053 | Aa2 | 8,200,000 | 8,617,656 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 11/1/2053 | A2 | 6,665,000 | 6,997,427 | ||||||||
| California Community Choice Financing Authority CA | 4.00% | #(a) | 2/1/2052 | A1 | 2,500,000 | 2,461,721 | ||||||||
| California Pollution Control Financing Authority - Poseidon Resources CA† | 5.00% | 7/1/2039 | Baa3 | 2,200,000 | 2,151,662 | |||||||||
| California Pollution Control Financing Authority - Poseidon Resources CA† | 5.00% | 11/21/2045 | Baa3 | 2,750,000 | 2,606,320 | |||||||||
| Casitas Municipal Water District CA Special Tax (BAM) | 5.25% | 9/1/2047 | AA | 500,000 | 523,393 | |||||||||
| Central Plains Energy Project NE | 5.00% | 9/1/2042 | BBB+ | 2,095,000 | 2,105,081 | |||||||||
| Central Plains Energy Project NE | 5.00% | #(a) | 5/1/2053 | A2 | 15,000,000 | 15,427,214 | ||||||||
| City of Baltimore MD | 4.00% | 7/1/2049 | Aa2 | 5,850,000 | 5,488,929 | |||||||||
| City of Baltimore MD | 5.00% | 7/1/2032 | Aa3 | 2,435,000 | 2,529,522 | |||||||||
| See Notes to Schedule of Investments. | 99 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| City of Baltimore MD | 5.00% | 7/1/2039 | Aa3 | $ | 4,750,000 | $ | 4,875,216 | |||||||
| City of Baltimore MD | 5.00% | 7/1/2046 | Aa3 | 10,000,000 | 10,406,789 | |||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2029 | A | 4,560,000 | 4,786,099 | |||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2036 | A | 1,775,000 | 1,812,201 | |||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2039 | A | 3,455,000 | 3,485,567 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2036 | AA | 3,000,000 | 3,112,911 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2037 | AA | 2,500,000 | 2,586,235 | |||||||||
| City of Compton Water Revenue CA | 6.00% | 8/1/2039 | NR | 5,500,000 | 5,500,908 | |||||||||
| City of Philadelphia Water & Wastewater Revenue PA | 5.00% | 7/1/2030 | A+ | 3,355,000 | 3,521,815 | |||||||||
| City of Philadelphia Water & Wastewater Revenue PA | 5.00% | 10/1/2046 | A+ | 4,475,000 | 4,751,291 | |||||||||
| City of Philadelphia Water & Wastewater Revenue PA | 5.25% | 10/1/2052 | A+ | 6,610,000 | 6,892,379 | |||||||||
| County of Campbell - Basin Electric Pwr Coop WY | 3.625% | 7/15/2039 | A | 4,770,000 | 4,171,398 | |||||||||
| County of Jefferson Sewer Revenue AL | Zero Coupon | 10/1/2039 | BBB | 350,000 | 357,939 | |||||||||
| County of Jefferson Sewer Revenue AL | 6.00% | 10/1/2042 | BBB | 5,000,000 | 5,332,089 | |||||||||
| County of Jefferson Sewer Revenue AL | 6.50% | 10/1/2053 | BBB | 7,700,000 | 8,225,384 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | Zero Coupon | 10/1/2026 | AA | 1,000,000 | 856,615 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | Zero Coupon | 10/1/2027 | AA | 4,875,000 | 3,921,686 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | 5.50% | 10/1/2053 | AA | 3,555,000 | 3,658,567 | |||||||||
| County of Trimble - Louisville Gas & Elec Co KY | 3.75% | 6/1/2033 | A1 | 12,500,000 | 12,490,855 | |||||||||
| District of Columbia Water & Sewer Authority DC | 4.00% | 10/1/2047 | AA+ | 5,350,000 | 5,072,238 | |||||||||
| Great Lakes Water Authority Sewage Disposal System Revenue MI | 5.50% | 7/1/2052 | A+ | 12,000,000 | 13,001,365 | |||||||||
| Kentucky Municipal Power Agency KY (NPFCG)(FGIC) | 5.00% | 9/1/2035 | Baa1 | 5,000,000 | 5,286,194 | |||||||||
| Kentucky Municipal Power Agency KY (NPFCG)(FGIC) | 5.00% | 9/1/2036 | Baa1 | 5,000,000 | 5,272,078 | |||||||||
| 100 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Kentucky Public Energy Authority KY | 4.00% | #(a) | 8/1/2052 | A1 | $ | 25,500,000 | $ | 24,713,577 | ||||||
| Long Beach Bond Finance Authority CA | 5.50% | 11/15/2037 | A2 | 8,950,000 | 9,768,022 | |||||||||
| Lower Alabama Gas District AL | 5.00% | 9/1/2031 | A2 | 2,575,000 | 2,722,014 | |||||||||
| Lower Colorado River Authority TX | 5.00% | 5/15/2040 | A | 2,970,000 | 3,029,115 | |||||||||
| Lower Colorado River Authority TX | 5.00% | 5/15/2051 | A | 3,750,000 | 3,853,624 | |||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 5/1/2052 | A3 | 8,750,000 | 8,549,663 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 25,000,000 | 23,514,675 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 14,205,000 | 13,824,430 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2035 | A3 | 2,000,000 | 2,072,945 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2052 | A3 | 13,400,000 | 13,840,991 | ||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Company AZ | 3.60% | 2/1/2040 | Baa2 | 5,085,000 | 4,451,877 | |||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Company AZ | 3.60% | 4/1/2040 | Baa2 | 4,315,000 | 3,774,205 | |||||||||
| Michigan Finance Authority MI | 5.00% | 7/1/2034 | A+ | 1,980,000 | 2,038,990 | |||||||||
| Minnesota Municipal Gas Agency MN | 4.00% | #(a) | 12/1/2052 | Aa1 | 5,000,000 | 5,016,617 | ||||||||
| Municipal Electric Authority of Georgia GA | 5.00% | 1/1/2033 | A2 | 1,910,000 | 1,962,900 | |||||||||
| Municipal Electric Authority of Georgia GA | 5.00% | 1/1/2048 | BBB+ | 5,000,000 | 4,886,759 | |||||||||
| Municipal Electric Authority of Georgia GA | 5.00% | 1/1/2059 | BBB+ | 2,000,000 | 1,937,009 | |||||||||
| New York City Municipal Water Finance Authority NY | 3.50% | 6/15/2048 | AA+ | 9,435,000 | 7,857,649 | |||||||||
| New York City Municipal Water Finance Authority NY | 4.00% | 6/15/2051 | AA+ | 6,155,000 | 5,684,744 | |||||||||
| New York City Municipal Water Finance Authority NY | 5.00% | 6/15/2036 | AA+ | 500,000 | 511,104 | |||||||||
| New York Power Authority NY | 4.00% | 11/15/2050 | AA | 4,950,000 | 4,558,269 | |||||||||
| Omaha Public Power District NE | 4.00% | 2/1/2046 | AA | 7,500,000 | 7,155,047 | |||||||||
| Omaha Public Power District Nebraska City Station Unit 2 NE | 5.25% | 2/1/2042 | A+ | 4,000,000 | 4,130,959 | |||||||||
| Paducah Electric Plant Board KY (AGM) | 5.00% | 10/1/2033 | AA | 1,000,000 | 1,077,795 | |||||||||
| Paducah Electric Plant Board KY (AGM) | 5.00% | 10/1/2034 | AA | 1,000,000 | 1,078,533 | |||||||||
| Paducah Electric Plant Board KY (AGM) | 5.00% | 10/1/2035 | AA | 1,000,000 | 1,077,795 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2029 | A | 2,000,000 | 2,089,749 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2030 | A | 1,500,000 | 1,563,912 | |||||||||
| Public Authority for Colorado Energy CO | 6.50% | 11/15/2038 | A2 | 9,565,000 | 11,216,343 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 4.00% | 7/1/2042 | NR | 5,000,000 | 4,022,546 | |||||||||
| See Notes to Schedule of Investments. | 101 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Puerto Rico Electric Power Authority PR(b) | 1.348% (3 Mo. LIBOR * .67 + .70% | )# | 7/1/2031 | D | (e) | $ | 4,000,000 | $ | 2,850,000 | |||||
| Puerto Rico Electric Power Authority PR(b) | 5.00% | 7/1/2028 | D | (e) | 270,000 | 197,775 | ||||||||
| Puerto Rico Electric Power Authority PR(b) | 5.25% | 7/1/2028 | D | (e) | 880,000 | 646,800 | ||||||||
| Puerto Rico Electric Power Authority PR (AGC) | 4.25% | 7/1/2027 | AA | 280,000 | 272,094 | |||||||||
| Salt Verde Financial Corp. AZ | 5.00% | 12/1/2032 | A3 | 6,205,000 | 6,488,980 | |||||||||
| Salt Verde Financial Corp. AZ | 5.00% | 12/1/2037 | A3 | 15,995,000 | 16,278,567 | |||||||||
| Salt Verde Financial Corp. AZ | 5.25% | 12/1/2027 | A3 | 3,750,000 | 3,912,378 | |||||||||
| San Antonio Water System TX | 5.00% | 5/15/2050 | AA+ | 3,000,000 | 3,173,706 | |||||||||
| Southeast Alabama Gas Supply District AL | 4.00% | #(a) | 4/1/2049 | A3 | 2,500,000 | 2,496,376 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 4.00% | #(a) | 12/1/2051 | A1 | 26,955,000 | 26,017,133 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(a) | 1/1/2053 | A1 | 5,000,000 | 5,295,954 | ||||||||
| Southern California Public Power Authority CA | 4.445% (3 Mo. LIBOR * .67 + 1.47% | )# | 11/1/2038 | A2 | 3,090,000 | 2,659,049 | ||||||||
| Southern California Public Power Authority CA | 5.00% | 11/1/2033 | A2 | 4,665,000 | 5,011,220 | |||||||||
| State of Hawaii Department of Budget & Finance - Hawaiian Electric Co Inc HI | 3.20% | 7/1/2039 | Baa1 | 7,365,000 | 6,013,689 | |||||||||
| State of Hawaii Department of Budget & Finance - Hawaiian Electric Co Inc HI AMT | 3.10% | 5/1/2026 | Baa1 | 6,235,000 | 6,093,548 | |||||||||
| State of Hawaii Department of Budget & Finance - Hawaiian Electric Co Inc HI AMT | 4.00% | 3/1/2037 | Baa1 | 3,000,000 | 2,798,834 | |||||||||
| Tennergy Corp. TN | 5.50% | #(a) | 10/1/2053 | Baa1 | 6,000,000 | 6,351,311 | ||||||||
| Tennessee Energy Acquisition Corp. TN | 5.00% | #(a) | 5/1/2052 | A2 | 11,230,000 | 11,631,036 | ||||||||
| Tennessee Energy Acquisition Corp. TN | 5.625% | 9/1/2026 | BBB | (e) | 10,550,000 | 11,045,488 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. III TX | 5.00% | 12/15/2029 | A3 | 2,250,000 | 2,336,343 | |||||||||
| Texas Water Development Board TX | 4.00% | 10/15/2037 | AAA | 7,760,000 | 7,855,050 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2049 | A- | (e) | 1,310,000 | 1,327,635 | ||||||||
| Total | 550,082,554 | |||||||||||||
| Total Municipal Bonds (cost $3,601,812,520) | 3,408,270,099 | |||||||||||||
| 102 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 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 0.55% | ||||||||||||||||
| Variable Rate Demand Notes 0.55% | ||||||||||||||||
| Corporate-Backed 0.15% | ||||||||||||||||
| Mobile IDB - AL Power | 3.750% | 1/3/2023 | 12/1/2037 | A1 | $ | 5,000,000 | $ | 5,000,000 | ||||||||
| General Obligation 0.02% | ||||||||||||||||
| NYC GO | 3.400% | 1/3/2023 | 6/1/2044 | AA | 600,000 | 600,000 | ||||||||||
| Tax Revenue 0.18% | ||||||||||||||||
| NYC TFA - Future Tax | 3.650% | 1/3/2023 | 2/1/2045 | AAA | 6,000,000 | 6,000,000 | ||||||||||
| Utilities 0.20% | ||||||||||||||||
| NYC Muni Water | 3.630% | 1/3/2023 | 6/15/2045 | AA+ | 6,970,000 | 6,970,000 | ||||||||||
| Total Short-Term Investments (cost $18,570,000) | 18,570,000 | |||||||||||||||
| Total Investments in Securities 100.63% (cost $3,620,382,520) | 3,426,840,099 | |||||||||||||||
| Other Assets and Liabilities – Net(h) (0.63)% | (21,445,309 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 3,405,394,790 | ||||||||||||||
| 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. | |
| COPS | Certificates of Participation. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| FHLMC | Insured by - Federal Home Loan Mortgage Corporation. | |
| GTD | Guaranteed. | |
| LIBOR | London Interbank Offered Rate. | |
| 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. |
| † | 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 December 31, 2022, the total value of Rule 144A securities was $147,154,663, which represents 4.32% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 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. |
| See Notes to Schedule of Investments. | 103 |
Schedule of Investments (unaudited)(concluded)
NATIONAL TAX FREE FUND December 31, 2022
| (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 appreciation/depreciation on futures contracts as follows: |
Futures Contracts at December 31, 2022:
| Notional | Notional | Unrealized | ||||||||||||||||
| Type | Expiration | Contracts | Position | Amount | Value | Appreciation | ||||||||||||
| U.S. Long Bond | March 2023 | 271 | Short | $ | (34,080,091 | ) | $ | (33,968,156 | ) | $111,935 | ||||||||
The following is a summary of the inputs used as of December 31, 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(3) | ||||||||||||||||
| Corporate-Backed | $ | — | $ | 305,534,417 | $ | 13,243,067 | $ | 318,777,484 | ||||||||
| Education | — | 178,271,286 | 1,000,701 | 179,271,987 | ||||||||||||
| Health Care | — | 458,546,689 | 840,120 | 459,386,809 | ||||||||||||
| Housing | — | 76,529,766 | 2,349,475 | 78,879,241 | ||||||||||||
| Other Revenue | — | 90,650,443 | 270,056 | 90,920,499 | ||||||||||||
| Special Tax | — | 62,633,074 | 214 | 62,633,288 | ||||||||||||
| Transportation | — | 755,296,929 | 757,058 | 756,053,987 | ||||||||||||
| Remaining Industries | — | 1,462,346,804 | — | 1,462,346,804 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | — | 18,570,000 | — | 18,570,000 | ||||||||||||
| Total | $ | — | $ | 3,408,379,408 | $ | 18,460,691 | $ | 3,426,840,099 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 111,935 | $ | — | $ | — | $ | 111,935 | ||||||||
| Liabilities | — | — | — | — | ||||||||||||
| Total | $ | 111,935 | $ | — | $ | — | $ | 111,935 | ||||||||
| (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) | Includes 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.
| 104 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 100.30% | ||||||||||||||
| MUNICIPAL BONDS 100.30% | ||||||||||||||
| Corporate-Backed 18.93% | ||||||||||||||
| Allegheny County Industrial Development Authority - US Steel Corporation PA | 5.125% | 5/1/2030 | BB- | $ | 3,990,000 | $ | 4,069,018 | |||||||
| Arkansas Development Finance Authority - Big River Steel LLC AR AMT† | 4.50% | 9/1/2049 | Ba2 | 30,135,000 | 26,362,457 | |||||||||
| Arkansas Development Finance Authority - US Steel Corporation AR AMT† | 5.45% | 9/1/2052 | BB- | 18,000,000 | 17,483,418 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 10,715,000 | 10,590,949 | ||||||||
| Build NYC Resource Corp. - Pratt Paper NY Inc. NY AMT† | 5.00% | 1/1/2035 | NR | 1,450,000 | 1,466,411 | |||||||||
| Calhoun County Navigation Industrial Development Authority - Max Midstream Texas LLC TX AMT† | 3.625% | 7/1/2026 | NR | 12,800,000 | 11,522,317 | |||||||||
| Charlotte County Industrial Development Authority - Mskp Town And Cntry Util FL AMT† | 4.00% | 10/1/2041 | NR | 2,750,000 | 2,207,078 | |||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 3.70% | 1/1/2032 | NR | 4,000,000 | 3,813,941 | |||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 4.45% | 1/1/2042 | NR | 2,750,000 | 2,509,169 | |||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 4.45% | 1/1/2042 | NR | 1,500,000 | 1,368,638 | |||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 4.70% | 1/1/2052 | NR | 7,500,000 | 6,655,120 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 4.00% | 7/15/2041 | B- | (b) | 4,475,000 | 3,805,930 | ||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/1/2029 | Ba3 | 18,325,000 | 18,371,842 | |||||||||
| City of Valparaiso - Pratt Paper LLC IN AMT | 5.875% | 1/1/2024 | NR | 220,000 | 222,526 | |||||||||
| City of Valparaiso - Pratt Paper LLC IN AMT | 7.00% | 1/1/2044 | NR | 4,000,000 | 4,102,169 | |||||||||
| Downtown Doral South Community Development District FL† | 4.75% | 12/15/2038 | NR | 625,000 | 591,914 | |||||||||
| Downtown Doral South Community Development District FL† | 5.00% | 12/15/2048 | NR | 1,500,000 | 1,393,340 | |||||||||
| Florida Development Finance Corp. - Waste Pro Usa Inc FL AMT† | 5.00% | 5/1/2029 | NR | 4,500,000 | 4,187,159 | |||||||||
| See Notes to Schedule of Investments. | 105 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Fort Bend County Industrial Development Corp. - Nrg Energy Inc TX | 4.75% | 11/1/2042 | Baa2 | $ | 3,590,000 | $ | 3,517,114 | |||||||
| Greater Orlando Aviation Authority - Jetblue Airways Corp FL | 5.00% | 11/15/2036 | NR | 5,070,000 | 5,072,083 | |||||||||
| Hoover Industrial Development Board - US Steel Corporation AL AMT | 5.75% | 10/1/2049 | BB- | 17,200,000 | 17,769,913 | |||||||||
| Hoover Industrial Development Board - US Steel Corporation AL AMT | 6.375% | #(a) | 11/1/2050 | BB- | 1,965,000 | 2,179,624 | ||||||||
| Indiana Finance Authority - US Steel Corporation IN | 4.125% | 12/1/2026 | BB- | 11,500,000 | 11,245,937 | |||||||||
| Indiana Finance Authority - US Steel Corporation IN AMT | 6.75% | 5/1/2039 | BB- | 3,500,000 | 3,947,861 | |||||||||
| Iowa Finance Authority - Howmet Aerospace Inc IA | 4.75% | 8/1/2042 | BB+ | 10,385,000 | 9,778,163 | |||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC IA | 4.00% | #(a) | 12/1/2050 | BBB- | 10,590,000 | 10,153,721 | ||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC IA | 5.00% | #(a) | 12/1/2050 | BBB- | 1,250,000 | 1,207,139 | ||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC IA | 5.00% | 12/1/2050 | BBB- | 16,155,000 | 15,095,814 | |||||||||
| Jefferson County Port Authority - Jsw Steel Usa Ohio Inc OH AMT† | 3.50% | 12/1/2051 | Ba1 | 13,250,000 | 9,185,792 | |||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - Entergy Louisiana LLC LA | 2.50% | 4/1/2036 | A | 7,110,000 | 5,723,229 | |||||||||
| Maricopa County Industrial Development Authority - Commercial Metals Co AZ AMT† | 4.00% | 10/15/2047 | BB+ | 14,335,000 | 11,643,668 | |||||||||
| Maricopa County Pollution Control Corp. - Southern Ca Edison Co AZ | 2.40% | 6/1/2035 | A- | 4,470,000 | 3,403,600 | |||||||||
| Maryland Economic Development Corp. MD(c) | 5.00% | 12/1/2016 | NR | 3,430,000 | 2,058,000 | |||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 5,000,000 | 4,820,132 | |||||||||
| Mississippi Business Finance Corp. - Enviva Inc MS AMT | 7.75% | #(a) | 7/15/2047 | B1 | 9,200,000 | 9,270,428 | ||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp NH AMT† | 3.75% | #(a) | 7/1/2045 | B | 4,725,000 | 3,771,577 | ||||||||
| 106 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp NH AMT† | 4.00% | 11/1/2027 | B | $ | 1,250,000 | $ | 1,191,769 | |||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp NH AMT† | 4.875% | 11/1/2042 | B | 12,000,000 | 10,845,413 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc NJ | 5.25% | 9/15/2029 | Ba3 | 15,960,000 | 15,882,837 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc NJ | 5.50% | 6/1/2033 | Ba3 | 6,760,000 | 6,789,096 | |||||||||
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 6,135,000 | 6,137,125 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC NY† | 5.00% | 11/15/2044 | NR | 16,500,000 | 15,026,756 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC NY† | 5.15% | 11/15/2034 | NR | 7,100,000 | 6,879,042 | |||||||||
| New York Liberty Development Corp. - 7 World Trade Center Ii NY | 3.00% | 9/15/2043 | Aaa | 3,500,000 | 2,743,689 | |||||||||
| New York Liberty Development Corp. NY | 2.50% | 11/15/2036 | A+ | 7,500,000 | 5,825,538 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc NY AMT† | 3.125% | #(a) | 12/1/2044 | B+ | 2,000,000 | 1,878,982 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 2.25% | 8/1/2026 | B | (b) | 10,000 | 9,243 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 5.00% | 8/1/2026 | B- | 2,540,000 | 2,539,906 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 5.00% | 8/1/2031 | B- | 21,480,000 | 21,058,887 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 5.25% | 8/1/2031 | B- | 6,740,000 | 6,773,676 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 5.375% | 8/1/2036 | B- | 6,500,000 | 6,428,814 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 10/1/2035 | Baa3 | 5,000,000 | 4,986,735 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B1 | 10,000,000 | 8,890,413 | (d) | ||||||||
| Ohio Air Quality Development Authority - Amg Vanadium LLC OH AMT† | 5.00% | 7/1/2049 | B- | 26,290,000 | 23,428,478 | |||||||||
| Parish of Beauregard - Officemax Inc LA | 6.80% | 2/1/2027 | B1 | 5,000,000 | 5,022,553 | |||||||||
| Parish of St. James - Nustar Logistics Lp LA† | 5.85% | #(a) | 8/1/2041 | BB- | 1,000,000 | 1,024,019 | ||||||||
| Parish of St. James - Nustar Logistics Lp LA† | 6.10% | #(a) | 6/1/2038 | BB- | 5,375,000 | 5,716,504 | ||||||||
| Parish of St. James - Nustar Logistics Lp LA† | 6.10% | #(a) | 12/1/2040 | BB- | 2,750,000 | 2,924,723 | ||||||||
| See Notes to Schedule of Investments. | 107 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Parish of St. James - Nustar Logistics Lp LA† | 6.35% | 7/1/2040 | BB- | $ | 5,000,000 | $ | 5,330,532 | |||||||
| Parish of St. James - Nustar Logistics Lp LA† | 6.35% | 10/1/2040 | BB- | 7,690,000 | 8,198,116 | |||||||||
| Pennsylvania Economic Development Financing Authority - Consol Energy Inc PA AMT† | 9.00% | #(a) | 4/1/2051 | B | 4,250,000 | 4,822,909 | ||||||||
| Pennsylvania Economic Development Financing Authority - Covanta Holding Corp PA AMT† | 3.25% | 8/1/2039 | B | 6,980,000 | 5,217,105 | |||||||||
| Pennsylvania Economic Development Financing Authority - New Ngc Inc PA AMT | 5.50% | 11/1/2044 | NR | 1,000,000 | 991,136 | |||||||||
| Polk County Industrial Development Authority - Mineral Development LLC FL† | 5.875% | 1/1/2033 | NR | 7,375,000 | 7,355,679 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX† | 6.00% | 1/1/2025 | NR | 3,270,000 | 3,070,888 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 3.00% | 1/1/2050 | NR | 7,250,000 | 4,280,154 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 3.625% | 1/1/2035 | NR | 3,495,000 | 2,813,174 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 4.00% | 1/1/2050 | NR | 14,590,000 | 10,528,970 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 6.75% | 12/1/2042 | NR | 1,000,000 | 826,740 | (d) | ||||||||
| Public Finance Authority - Celanese Us Holdings LLC WI AMT | 5.00% | 1/1/2024 | BBB- | 6,750,000 | 6,758,363 | |||||||||
| Public Finance Authority - Celanese Us Holdings LLC WI AMT | 5.00% | 12/1/2025 | BBB- | 1,950,000 | 1,956,186 | |||||||||
| Public Finance Authority - Red River Valley Alliance WI AMT | 4.00% | 9/30/2051 | Baa3 | 12,750,000 | 9,960,997 | |||||||||
| Public Finance Authority - Red River Valley Alliance WI AMT | 4.00% | 3/31/2056 | Baa3 | 5,000,000 | 3,778,093 | |||||||||
| Public Finance Authority - Sky Harbour Cap Oblg WI AMT | 4.00% | 7/1/2041 | NR | 2,500,000 | 1,901,619 | |||||||||
| Public Finance Authority - Sky Harbour Cap Oblg WI AMT | 4.25% | 7/1/2054 | NR | 25,500,000 | 18,100,413 | |||||||||
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 11,000,000 | 10,626,718 | |||||||||
| Spring Valley Community Infrastructure District No. 1 ID† | 3.75% | 9/1/2051 | NR | 11,125,000 | 8,000,164 | |||||||||
| 108 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Sumter County Industrial Development Authority - Enviva Inc AL AMT | 6.00% | #(a) | 7/15/2052 | B+ | $ | 30,000,000 | $ | 27,296,643 | ||||||
| Town of Rumford - Officemax Inc ME | 6.875% | 10/1/2026 | B1 | 1,500,000 | 1,506,766 | |||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Company AL† | 4.50% | 5/1/2032 | NR | 4,913,375 | 4,448,021 | |||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Company AL† | 5.25% | 5/1/2044 | NR | 23,285,000 | 20,485,430 | |||||||||
| Vermont Economic Development Authority - Casella Waste Systems Inc VT AMT† | 5.00% | #(a) | 6/1/2052 | B+ | 9,000,000 | 8,953,933 | ||||||||
| Virginia Small Business Financing Authority - Covanta Holding Corp VA AMT† | 5.00% | #(a) | 1/1/2048 | B | 3,150,000 | 2,980,894 | ||||||||
| West Pace Cooperative District AL(c) | 9.125% | 5/1/2039 | NR | 13,770,000 | 10,465,200 | (d) | ||||||||
| Total | 603,226,232 | |||||||||||||
| Education 6.41% | ||||||||||||||
| Arizona Industrial Development Authority - Academies Math & Sci Oblig AZ† | 5.625% | 7/1/2048 | BB+ | 2,235,000 | 2,235,380 | |||||||||
| Arizona Industrial Development Authority - Academies Math & Sci Oblig AZ† | 5.75% | 7/1/2053 | BB+ | 3,000,000 | 3,007,387 | |||||||||
| Arizona Industrial Development Authority - Basis Schools Inc. AZ† | 5.00% | 7/1/2047 | BB | 1,325,000 | 1,213,143 | |||||||||
| Arizona Industrial Development Authority - Basis Schools Inc. AZ† | 5.00% | 7/1/2051 | BB | 3,080,000 | 2,782,003 | |||||||||
| Arizona Industrial Development Authority - Odyssey Preparatory Acdmy AZ† | 5.00% | 7/1/2049 | BB- | 2,000,000 | 1,787,261 | |||||||||
| Arizona Industrial Development Authority - Odyssey Preparatory Acdmy AZ† | 5.00% | 7/1/2054 | BB- | 5,000,000 | 4,398,163 | |||||||||
| Build NYC Resource Corp. - E Harlem Scholars Oblg Gp NY† | 5.75% | 6/1/2052 | NR | 1,250,000 | 1,249,924 | |||||||||
| Build NYC Resource Corp. - E Harlem Scholars Oblg Gp NY† | 5.75% | 6/1/2062 | NR | 3,250,000 | 3,199,970 | |||||||||
| California Municipal Finance Authority - Sdori Charter Sch Pptys CA† | 5.625% | 3/1/2045 | B+ | 11,500,000 | 10,552,831 | |||||||||
| Camden County Improvement Authority - Kipp Cooper Norcross Obl NJ | 6.00% | 6/15/2062 | NR | 2,535,000 | 2,624,818 | |||||||||
| See Notes to Schedule of Investments. | 109 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Capital Trust Agency, Inc. - Advantage Admy Oblig Grp FL | 5.00% | 12/15/2049 | Baa3 | $ | 1,360,000 | $ | 1,360,953 | (d) | ||||||
| Capital Trust Agency, Inc. - Advantage Admy Oblig Grp FL | 5.00% | 12/15/2054 | Baa3 | 705,000 | 700,055 | |||||||||
| Capital Trust Agency, Inc. - Renaissance Chtr Sch 2019 FL† | 5.00% | 6/15/2039 | NR | 1,950,000 | 1,791,812 | |||||||||
| Capital Trust Agency, Inc. - Renaissance Chtr Sch 2019 FL† | 5.00% | 6/15/2049 | NR | 9,815,000 | 8,417,404 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB | 18,750,000 | 15,185,494 | |||||||||
| City of Jacksonville - Jacksonville University FL† | 5.00% | 6/1/2053 | NR | 6,500,000 | 5,346,699 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 5.75% | 8/15/2045 | NR | 6,500,000 | 6,533,914 | |||||||||
| Columbus-Franklin County Finance Authority - Ohio Dominican University OH | 6.50% | 3/1/2048 | NR | 5,055,000 | 3,976,840 | |||||||||
| Columbus-Franklin County Finance Authority - Ohio Dominican University OH | 6.50% | 3/1/2053 | NR | 3,500,000 | 2,703,212 | |||||||||
| County of Frederick - Mount St Mary’S Univ MD† | 5.00% | 9/1/2037 | BB+ | 1,500,000 | 1,430,881 | |||||||||
| County of Frederick - Mount St Mary’S Univ MD† | 5.00% | 9/1/2045 | BB+ | 12,645,000 | 11,451,213 | (d) | ||||||||
| County of Tuscarawas - Ashland University OH | 6.00% | 3/1/2045 | NR | 5,000,000 | 4,951,173 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2037 | Ba3 | 9,000,000 | 8,635,235 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2047 | Ba3 | 8,000,000 | 7,280,071 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY† | 5.00% | 7/1/2051 | BB+ | 9,000,000 | 8,188,046 | |||||||||
| Florida Higher Educational Facilities Financial Authority - Jacksonville University FL† | 5.00% | 6/1/2048 | NR | 7,400,000 | 6,229,424 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech IL | 4.00% | 9/1/2041 | Baa3 | 5,490,000 | 4,586,379 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech IL | 5.00% | 9/1/2038 | Baa3 | 4,885,000 | 4,879,927 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech IL | 5.00% | 9/1/2040 | Baa3 | 1,750,000 | 1,720,549 | |||||||||
| Industrial Development Authority of the City of Phoenix - Basis Schools Inc Oblig AZ† | 5.00% | 7/1/2045 | BB | 7,200,000 | 6,659,934 | |||||||||
| 110 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Iowa Higher Education Loan Authority - Des Moines Univ Osteopath IA | 5.375% | 10/1/2052 | BBB+ | $ | 2,000,000 | $ | 2,031,550 | |||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.25% | 10/1/2040 | NR | 3,000,000 | 2,938,729 | |||||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.50% | 10/1/2051 | NR | 7,915,000 | 7,779,604 | |||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd - Lipscomb University Oblig TN | 5.25% | 10/1/2058 | BBB- | 12,150,000 | 11,398,638 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - Jubilee Academic Ctr Inc TX† | 4.00% | 8/15/2041 | BB+ | 3,320,000 | 2,670,943 | |||||||||
| New York State Dormitory Authority - St John’S University NY | 4.00% | 7/1/2048 | A- | 2,360,000 | 2,154,950 | |||||||||
| New York State Dormitory Authority - Yeshiva University NY | 5.00% | 7/15/2042 | BBB- | 3,725,000 | 3,795,410 | |||||||||
| New York State Dormitory Authority - Yeshiva University NY | 5.00% | 7/15/2050 | BBB- | 8,000,000 | 8,035,442 | |||||||||
| Ohio Air Quality Development Authority - Duke Energy Corp OH AMT | 4.25% | #(a) | 11/1/2039 | BBB | 3,500,000 | 3,494,486 | ||||||||
| Public Finance Authority - Minnesota Medical Univ WI†(c) | 5.50% | 12/1/2048 | NR | 82,164 | 25,471 | (d) | ||||||||
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2043 | BBB- | 2,000,000 | 1,958,277 | |||||||||
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2048 | BBB- | 6,000,000 | 5,744,646 | |||||||||
| State of Nevada Department of Business & Industry - Somerset Acad Nlv Bldg 1 NV† | 5.00% | 12/15/2048 | BB | 1,500,000 | 1,369,939 | |||||||||
| University of Illinois IL (AGM) | 4.00% | 4/1/2037 | AA | 5,745,000 | 5,575,263 | |||||||||
| Total | 204,053,443 | |||||||||||||
| Energy 0.17% | ||||||||||||||
| Lower Alabama Gas District AL | 5.00% | 9/1/2034 | A2 | 5,000,000 | 5,323,294 | |||||||||
| Financial Services 0.76% | ||||||||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2047 | BB- | 12,925,000 | 8,740,783 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2050 | BB- | 23,325,000 | 15,440,586 | |||||||||
| Total | 24,181,369 | |||||||||||||
| See Notes to Schedule of Investments. | 111 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation 11.82% | ||||||||||||||
| Academical Village Community Development District FL | 3.625% | 5/1/2040 | NR | $ | 2,320,000 | $ | 1,817,113 | |||||||
| Academical Village Community Development District FL | 4.00% | 5/1/2051 | NR | 4,500,000 | 3,352,551 | |||||||||
| American Samoa Economic Development Authority AS† | 5.00% | 9/1/2038 | Ba3 | 5,500,000 | 5,515,343 | |||||||||
| American Samoa Economic Development Authority AS | 6.625% | 9/1/2035 | Ba3 | 2,275,000 | 2,389,867 | |||||||||
| American Samoa Economic Development Authority AS† | 7.125% | 9/1/2038 | Ba3 | 7,020,000 | 7,798,109 | |||||||||
| Arlington Higher Education Finance Corp. - Brooks Collegiate Acad TX | 5.00% | 6/15/2041 | NR | 3,000,000 | 2,607,499 | |||||||||
| Arlington Higher Education Finance Corp. - Brooks Collegiate Acad TX | 5.00% | 6/15/2051 | NR | 4,230,000 | 3,430,504 | |||||||||
| Black Belt Energy Gas District AL | 5.25% | #(a) | 2/1/2053 | A1 | 7,500,000 | 7,822,258 | ||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB | 5,000,000 | 5,110,997 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2030 | BB | 5,170,000 | 5,284,446 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2030 | BB | 5,000,000 | 5,161,250 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2031 | BB | 2,500,000 | 2,551,494 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB | 2,000,000 | 2,037,869 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB | 1,500,000 | 1,524,447 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB | 9,515,000 | 9,645,345 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2042 | BB | 11,305,000 | 10,850,125 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2047 | BB | 13,690,000 | 13,198,314 | |||||||||
| Chicago Board of Education IL GO | 5.25% | 12/1/2035 | BB | 7,215,000 | 7,221,759 | |||||||||
| Chicago Board of Education IL GO | 5.25% | 12/1/2039 | BB | 13,410,000 | 13,379,394 | |||||||||
| Chicago Board of Education IL GO | 6.50% | 12/1/2046 | BB | 5,000,000 | 5,273,620 | |||||||||
| Chicago Board of Education IL GO† | 6.75% | 12/1/2030 | BB | 2,000,000 | 2,213,996 | |||||||||
| Chicago Board of Education IL GO | 7.00% | 12/1/2044 | BB | 2,180,000 | 2,309,452 | |||||||||
| Chicago Board of Education IL GO† | 7.00% | 12/1/2046 | BB | 6,560,000 | 7,112,134 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2052 | A+ | 5,000,000 | 4,996,639 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2030 | BBB+ | 3,435,000 | 3,518,136 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2033 | BBB+ | 3,305,000 | 3,372,326 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2037 | BBB+ | 1,000,000 | 1,015,227 | |||||||||
| City of Chicago IL GO(e) | 5.50% | 1/1/2039 | Baa3 | 2,125,000 | 2,234,478 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2049 | BBB+ | 9,090,000 | 9,247,509 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2038 | BBB+ | 18,085,000 | 19,086,285 | |||||||||
| City of Coralville IA GO | 4.00% | 5/1/2041 | A- | (b) | 5,000,000 | 4,560,478 | ||||||||
| 112 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| City of Coralville IA GO | 4.50% | 6/1/2032 | BB+ | $ | 4,000,000 | $ | 4,042,040 | |||||||
| City of New Haven CT GO | 5.50% | 8/1/2033 | BBB+ | 1,000,000 | 1,096,317 | |||||||||
| City of New Haven CT GO | 5.50% | 8/1/2035 | BBB+ | 660,000 | 716,484 | |||||||||
| City of New Haven CT GO | 5.50% | 8/1/2037 | BBB+ | 1,280,000 | 1,377,613 | |||||||||
| City of New York NY GO | 3.40% | # | 12/1/2047 | AA | (b) | 3,415,000 | 3,415,000 | |||||||
| City of Scranton PA GO† | 5.00% | 9/1/2028 | BB+ | 500,000 | 511,747 | |||||||||
| City of Scranton PA GO† | 5.00% | 9/1/2029 | BB+ | 1,000,000 | 1,023,223 | |||||||||
| City of Scranton PA GO | 5.00% | 11/15/2032 | BB+ | 10,920,000 | 10,990,512 | |||||||||
| Commonwealth of Puerto Rico PR GO | Zero Coupon | 11/1/2043 | NR | 19,500,000 | 8,555,625 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2033 | NR | 239,233 | 207,945 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2037 | NR | 86,075 | 70,635 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2041 | NR | 12,450,000 | 9,783,773 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2046 | NR | 25,638,156 | 19,299,527 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.375% | 7/1/2025 | NR | 6,049,896 | 6,099,723 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.625% | 7/1/2029 | NR | 2,865,493 | 2,936,764 | |||||||||
| Finance Authority of Maine - Casella Waste Systems Inc ME AMT† | 4.375% | #(a) | 8/1/2035 | B+ | 1,250,000 | 1,229,525 | ||||||||
| Green Valley Ranch East Metropolitan District No. 6 CO GO | 5.875% | 12/1/2050 | NR | 5,750,000 | 5,371,930 | |||||||||
| New York State Urban Development Corp. NY | 3.00% | 3/15/2049 | Aa1 | 10,000,000 | 7,738,367 | |||||||||
| Pennsylvania Economic Development Financing Authority PA AMT | 5.25% | 6/30/2053 | Baa2 | 10,000,000 | 9,835,613 | |||||||||
| Pennsylvania Economic Development Financing Authority PA AMT | 6.00% | 6/30/2061 | Baa2 | 17,500,000 | 18,510,308 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 7.00% | 12/1/2050 | NR | 24,050,000 | 19,829,189 | (d) | ||||||||
| State of Illinois IL GO | 3.50% | 6/1/2029 | BBB+ | 4,520,000 | 4,297,273 | |||||||||
| State of Illinois IL GO | 4.00% | 10/1/2034 | BBB+ | 10,070,000 | 9,352,685 | |||||||||
| State of Illinois IL GO | 4.00% | 6/1/2037 | BBB+ | 7,040,000 | 6,356,541 | |||||||||
| State of Illinois IL GO | 4.00% | 11/1/2041 | BBB+ | 2,730,000 | 2,327,797 | |||||||||
| State of Illinois IL GO | 4.50% | 11/1/2039 | BBB+ | 1,230,000 | 1,143,942 | |||||||||
| State of Illinois IL GO | 5.50% | 5/1/2030 | BBB+ | 9,545,000 | 10,146,616 | |||||||||
| State of Illinois IL GO | 5.50% | 5/1/2039 | BBB+ | 8,280,000 | 8,550,776 | |||||||||
| State of Illinois IL GO | 5.50% | 10/1/2039 | BBB+ | 4,000,000 | 4,164,689 | |||||||||
| State of Illinois IL GO | 5.50% | 3/1/2042 | BBB+ | 5,250,000 | 5,416,791 | |||||||||
| State of Illinois IL GO | 5.50% | 3/1/2047 | BBB+ | 15,270,000 | 15,632,798 | |||||||||
| State of Illinois IL GO | 5.75% | 5/1/2045 | BBB+ | 1,000,000 | 1,039,236 | |||||||||
| Total | 376,709,968 | |||||||||||||
| See Notes to Schedule of Investments. | 113 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care 15.04% | ||||||||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2041 | BBB | $ | 4,000,000 | $ | 3,975,361 | |||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2046 | BBB | 3,300,000 | 3,181,480 | |||||||||
| Antelope Valley Healthcare District CA | 5.25% | 3/1/2036 | BBB | 1,000,000 | 1,018,823 | |||||||||
| Arkansas Development Finance Authority - Cent Ar Radiation Therapy AR | 3.125% | 7/1/2036 | NR | 715,000 | 552,113 | |||||||||
| Atlanta Development Authority The - Georgia Protoncare Ctr In GA | 6.00% | 1/1/2023 | NR | 2,000,000 | 1,060,000 | |||||||||
| Atlanta Development Authority The - Georgia Protoncare Ctr In GA | 6.75% | 1/1/2035 | NR | 1,500,000 | 795,000 | |||||||||
| Atlanta Development Authority The - Georgia Protoncare Ctr In GA | 7.00% | 1/1/2040 | NR | 8,000,000 | 4,240,000 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 4.00% | 11/1/2047 | BB- | 15,315,000 | 8,613,237 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 4.00% | 11/1/2050 | BB- | 6,000,000 | 3,310,452 | |||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | #(a) | 2/1/2040 | BB- | 3,235,000 | 2,906,108 | ||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | #(a) | 2/1/2040 | BB- | 1,505,000 | 1,257,425 | ||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2040 | BB | 4,880,000 | 4,814,115 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2045 | BB | 910,000 | 883,464 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hosp Oblig Grp PA | 4.00% | 7/1/2046 | BB | 20,840,000 | 15,994,710 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hosp Oblig Grp PA | 4.00% | 7/1/2051 | BB | 1,050,000 | 764,098 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hosp Oblig Grp PA | 5.00% | 7/1/2054 | BB | 5,500,000 | 4,870,065 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2040 | B- | 11,020,000 | 8,667,602 | |||||||||
| California Municipal Finance Authority - Cmnty Hosps Ctrl Ca Grp CA | 3.00% | 2/1/2046 | A- | 5,000,000 | 3,651,707 | |||||||||
| California Statewide Communities Development Authority - Eskaton Pptys Inc Oblg Gp CA | 5.25% | 11/15/2034 | BBB- | 1,640,000 | 1,639,961 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Obl CA† | 5.25% | 12/1/2056 | BB | 23,545,000 | 23,343,813 | |||||||||
| 114 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Obl CA | 5.50% | 12/1/2054 | BB | $ | 13,205,000 | $ | 13,267,252 | |||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Obl CA† | 5.50% | 12/1/2058 | BB | 17,750,000 | 17,877,420 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med OBL CA | 5.25% | 12/1/2044 | BB | 8,805,000 | 8,809,711 | |||||||||
| California Statewide Communities Development Authority - Verity Hlth Sys Oblig CA | 5.50% | 7/1/2039 | NR | 176,089 | 165,523 | |||||||||
| California Statewide Communities Development Authority - Verity Hlth Sys Oblig CA | 5.75% | 7/1/2024 | NR | 43,117 | 40,530 | |||||||||
| California Statewide Communities Development Authority - Verity Hlth Sys Oblig CA | 5.75% | 7/1/2035 | NR | 86,234 | 81,060 | |||||||||
| Chester County Health & Education Facilities Authority - Immaculata University PA | 5.00% | 11/1/2037 | BB- | (b) | 4,000,000 | 3,336,990 | ||||||||
| Chester County Health & Education Facilities Authority - Immaculata University PA | 5.00% | 11/1/2046 | BB- | (b) | 4,100,000 | 3,132,335 | ||||||||
| City of Blaine - Crest View Obligated Grp MN | 6.125% | 7/1/2050 | NR | 5,000,000 | 3,250,000 | |||||||||
| City of Fruita Healthcare Revenue - Lower Vy Hosp Assoc Oblig CO† | 5.375% | 1/1/2033 | NR | 3,400,000 | 3,456,949 | |||||||||
| City of Fruita Healthcare Revenue - Lower Vy Hosp Assoc Oblig CO† | 5.50% | 1/1/2048 | NR | 11,000,000 | 10,564,056 | |||||||||
| Clackamas County Hospital Facility Authority - Rose Villa Inc Obl Grp OR | 5.375% | 11/15/2055 | NR | 1,500,000 | 1,321,432 | |||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.00% | 2/15/2057 | BBB | 5,750,000 | 5,545,353 | |||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.50% | 2/15/2052 | BBB | 8,175,000 | 8,290,171 | |||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.50% | 2/15/2057 | BBB | 4,900,000 | 4,949,137 | |||||||||
| County of Howard - Columbia Vantage Hse Corp MD | 5.00% | 4/1/2044 | NR | 2,955,000 | 2,486,927 | |||||||||
| County of Howard - Columbia Vantage Hse Corp MD | 5.00% | 4/1/2046 | NR | 7,000,000 | 5,800,154 | |||||||||
| See Notes to Schedule of Investments. | 115 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| County of Muskingum - Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2033 | BB+ | $ | 2,765,000 | $ | 2,765,611 | |||||||
| County of Muskingum - Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2044 | BB+ | 20,690,000 | 18,796,865 | |||||||||
| County of Washington - Marietta Area Hlthcr Oblg OH | 6.75% | 12/1/2052 | NR | 15,000,000 | 14,689,057 | |||||||||
| County of Wilson - Wilson County Hospital KS | 5.60% | 9/1/2036 | NR | 3,530,000 | 2,912,200 | (d) | ||||||||
| Crawford County Hospital Authority - Meadville Med Ctr Oblig PA | 6.00% | 6/1/2046 | NR | 2,225,000 | 2,264,556 | |||||||||
| Crawford County Hospital Authority - Meadville Med Ctr Oblig PA | 6.00% | 6/1/2051 | NR | 2,600,000 | 2,628,699 | |||||||||
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 3,700,000 | 3,719,707 | |||||||||
| Doylestown Hospital Authority Oblig PA | 5.00% | 7/1/2049 | B3 | 2,375,000 | 1,965,022 | |||||||||
| Duluth Economic Development Authority - Essentia Health Oblig Grp MN | 5.00% | 2/15/2053 | A- | 5,000,000 | 4,904,908 | |||||||||
| Duluth Economic Development Authority - Essentia Health Oblig Grp MN | 5.25% | 2/15/2058 | A- | 18,000,000 | 18,099,657 | |||||||||
| Duluth Economic Development Authority - St Lukes Hosp Duluth Obl MN | 5.25% | 6/15/2052 | BBB- | 5,000,000 | 5,031,581 | |||||||||
| Franklin Health & Educational Facilities Board - Mtpc LLC Obigate Group TN†(c) | 7.50% | 6/1/2047 | NR | 7,635,000 | 2,061,450 | |||||||||
| Fulton County Industrial Development Authority Fulton County Medical Ctr PA | 5.00% | 7/1/2046 | NR | 4,450,000 | 4,401,599 | (d) | ||||||||
| Fulton County Industrial Development Authority Fulton County Medical Ctr PA | 5.00% | 7/1/2051 | NR | 5,000,000 | 4,875,798 | (d) | ||||||||
| Gainesville & Hall County Hospital Authority - Northeast Ga Hlth Sys Grp GA | 5.50% | 8/15/2054 | AA | 3,600,000 | 3,805,884 | |||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Oblig AZ | 5.00% | 11/15/2036 | NR | 1,500,000 | 1,352,189 | |||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Oblig AZ | 5.00% | 11/15/2040 | NR | 3,000,000 | 2,608,356 | |||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Oblig AZ | 5.00% | 11/15/2045 | NR | 1,400,000 | 1,166,174 | |||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Oblig AZ | 5.00% | 11/15/2053 | NR | 6,000,000 | 4,820,597 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. - Brazos Presbyterian Oblig TX | 5.125% | 1/1/2048 | BB+ | (b) | 1,655,000 | 1,422,939 | ||||||||
| Holmes County Hospital Corp. FL(c) | 5.75% | 11/1/2026 | NR | 3,760,000 | 3,536,712 | |||||||||
| Holmes County Hospital Corp. FL | 6.00% | 11/1/2038 | NR | 7,115,000 | 6,447,671 | (d) | ||||||||
| 116 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Industrial Development Authority of the County of Pima - La Posada Park Centre Obl AZ† | 6.875% | 11/15/2052 | NR | $ | 4,000,000 | $ | 4,087,108 | |||||||
| Industrial Development Authority of the County of Pima - La Posada Park Centre Obl AZ† | 7.00% | 11/15/2057 | NR | 5,500,000 | 5,617,085 | |||||||||
| Kentucky Economic Development Finance Authority - Masonic Homes of Ky Oblig KY | 5.375% | 11/15/2032 | NR | 1,100,000 | 1,009,320 | |||||||||
| King County Public Hospital District No. 4 WA | 6.25% | 12/1/2045 | NR | 4,000,000 | 4,096,690 | |||||||||
| Kirkwood Industrial Development Authority - Ashfield Active Lvg Oblig MO | 5.25% | 5/15/2042 | BB- | (b) | 1,750,000 | 1,524,747 | ||||||||
| Kirkwood Industrial Development Authority - Ashfield Active Lvg Oblig MO | 5.25% | 5/15/2050 | BB- | (b) | 3,750,000 | 3,116,502 | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - St James Place Oblig Grp LA | 6.25% | 11/15/2045 | NR | 6,100,000 | 5,794,126 | |||||||||
| Magnolia West Community Development District FL | 5.35% | 5/1/2037 | NR | 220,000 | 221,260 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Doctors Hosp Inc Oblg Grp MD | 5.00% | 7/1/2038 | A3 | 10,415,000 | 10,565,818 | |||||||||
| Massachusetts Development Finance Agency - Ascentria Care Alliance MA† | 5.00% | 7/1/2041 | NR | 3,500,000 | 3,017,408 | |||||||||
| Massachusetts Development Finance Agency - Ascentria Care Alliance MA† | 5.00% | 7/1/2051 | NR | 5,625,000 | 4,548,781 | |||||||||
| Massachusetts Development Finance Agency - Ascentria Care Alliance MA† | 5.00% | 7/1/2056 | NR | 2,310,000 | 1,823,894 | |||||||||
| Montgomery County Industrial Development Authority - Whitemarsh Cont Care Obl PA | 5.375% | 1/1/2050 | NR | 4,985,000 | 4,564,786 | |||||||||
| Moon Industrial Development Authority - Baptist Homes Society Obl PA | 6.00% | 7/1/2045 | NR | 9,250,000 | 7,850,219 | |||||||||
| New Hampshire Business Finance Authority - Ascentria Care Alliance NH† | 5.00% | 7/1/2041 | NR | 1,885,000 | 1,614,038 | |||||||||
| New Hampshire Business Finance Authority - Ascentria Care Alliance NH† | 5.00% | 7/1/2051 | NR | 3,225,000 | 2,569,543 | |||||||||
| New Hampshire Business Finance Authority - Ascentria Care Alliance NH† | 5.00% | 7/1/2056 | NR | 1,910,000 | 1,480,743 | |||||||||
| New Jersey Economic Development Authority - Bancroft Neurohealth Olbg NJ | 5.00% | 6/1/2036 | NR | 1,500,000 | 1,437,675 | |||||||||
| See Notes to Schedule of Investments. | 117 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY | 3.00% | 3/1/2049 | Baa1 | $ | 3,750,000 | $ | 2,667,017 | |||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig NY | 4.00% | 7/1/2045 | B- | 2,000,000 | 1,287,506 | |||||||||
| New York State Dormitory Authority NY | 4.00% | 3/15/2049 | AA+ | 6,290,000 | 5,839,054 | |||||||||
| Niagara Area Development Corp. - Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2052 | B- | 8,545,000 | 6,241,932 | |||||||||
| Oconee County Industrial Development Authority - Westminster Presbytrn GA | 6.25% | 12/1/2048 | NR | 2,000,000 | 1,603,217 | (d) | ||||||||
| Oconee County Industrial Development Authority - Westminster Presbytrn GA | 6.375% | 12/1/2053 | NR | 3,000,000 | 2,404,462 | (d) | ||||||||
| Oklahoma Development Finance Authority - Ou Medicine OK | 5.50% | 8/15/2052 | BB- | 10,000,000 | 9,151,435 | |||||||||
| Philadelphia Authority for Industrial Development - Gtr Phila Hlth Action Inc PA | 6.50% | 6/1/2045 | NR | 2,485,000 | 2,427,563 | |||||||||
| Philadelphia Authority for Industrial Development - Gtr Phila Hlth Action Inc PA | 6.625% | 6/1/2050 | NR | 3,415,000 | 3,361,731 | |||||||||
| Public Finance Authority - Bancroft Neurohealth Oblg WI† | 4.625% | 6/1/2036 | NR | 4,330,000 | 3,923,992 | |||||||||
| Public Finance Authority - Bancroft Neurohealth Oblg WI† | 5.125% | 6/1/2048 | NR | 6,900,000 | 6,225,246 | |||||||||
| Public Finance Authority - Moses Cone Hospital Ob Gp WI | 5.00% | 10/1/2052 | AA- | 8,750,000 | 9,046,551 | |||||||||
| Public Finance Authority - Proton Intl - Delray LLC WI†(c) | 6.85% | 11/1/2046 | NR | 2,000,000 | 1,200,000 | (d) | ||||||||
| Public Finance Authority - Proton Intl Alabama LLC WI† | 6.85% | 10/1/2047 | NR | 3,000,000 | 2,341,248 | |||||||||
| Public Finance Authority - Rose Villa Inc Obl Grp WI† | 5.75% | 11/15/2044 | NR | 2,035,000 | 2,126,934 | |||||||||
| Rhode Island Health & Educational Building Corp. - Care New England Hlth Obl RI | 5.00% | 9/1/2036 | B+ | 7,000,000 | 6,450,902 | |||||||||
| Shelby County Health Educational & Housing Facilities Board - Luke Inc Obligated Group TN | 5.75% | 10/1/2059 | NR | 10,000,000 | 8,539,867 | |||||||||
| South Carolina Jobs-Economic Development Authority - Hampton Regl Med Ctr Obl SC | 5.00% | 11/1/2042 | NR | 3,815,000 | 3,491,104 | |||||||||
| 118 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| South Carolina Jobs-Economic Development Authority - Hampton Regl Med Ctr Obl SC | 5.00% | 11/1/2046 | NR | $ | 6,070,000 | $ | 5,454,059 | |||||||
| Southeastern Ohio Port Authority - Marietta Area Hlthcr Oblg OH | 5.50% | 12/1/2043 | B+ | (b) | 5,025,000 | 5,035,707 | ||||||||
| Tarrant County Cultural Education Facilities Financial Corporation TX(f) | 5.00% | 7/1/2053 | A1 | 9,550,000 | 9,742,202 | |||||||||
| Tulsa County Industrial Authority - Montereau Obligated Group OK | 5.25% | 11/15/2045 | BBB- | (b) | 2,750,000 | 2,660,960 | ||||||||
| Upper San Juan Health Service District Medical Center Revenue CO | 6.00% | 6/1/2041 | NR | 2,225,000 | 2,195,205 | |||||||||
| Upper San Juan Health Service District Medical Center Revenue CO | 6.125% | 6/1/2046 | NR | 3,015,000 | 2,950,723 | |||||||||
| Washington State Housing Finance Commission - Spokane United Method Hms WA† | 6.00% | 1/1/2024 | NR | 240,000 | 243,227 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Amer Baptist Homes Oblig WI | 5.00% | 8/1/2039 | NR | 1,625,000 | 1,342,392 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Sauk-Prairie Mem Hosp Obl WI | 5.375% | 2/1/2048 | Ba2 | 4,000,000 | 4,000,571 | (d) | ||||||||
| Total | 479,086,316 | |||||||||||||
| Housing 4.15% | ||||||||||||||
| Arizona Industrial Development Authority - Provident Grp-Nccu Pptys AZ (BAM) | 5.00% | 6/1/2058 | AA | 2,500,000 | 2,622,101 | |||||||||
| California Community Housing Agency CA† | 3.00% | 2/1/2057 | NR | 12,895,000 | 8,585,846 | |||||||||
| California Community Housing Agency CA† | 4.00% | 2/1/2050 | NR | 19,500,000 | 14,541,651 | |||||||||
| California Community Housing Agency CA† | 5.00% | 8/1/2050 | NR | 9,000,000 | 8,003,485 | |||||||||
| California Housing Finance Agency CA | 3.25% | 8/20/2036 | BBB | 14,262,948 | 12,340,523 | |||||||||
| California Housing Finance Agency CA | 4.25% | 1/15/2035 | BBB+ | 3,372,870 | 3,263,015 | |||||||||
| California Municipal Finance Authority - Caritas Affordable Hsg CA | 5.25% | 8/15/2039 | A- | 550,000 | 559,358 | |||||||||
| CMFA Special Finance Agency CA† | 4.00% | 12/1/2045 | NR | 7,000,000 | 5,418,822 | |||||||||
| CSCDA Community Improvement Authority CA† | 3.00% | 6/1/2047 | NR | 15,640,000 | 11,489,720 | |||||||||
| CSCDA Community Improvement Authority CA† | 3.00% | 3/1/2057 | NR | 5,000,000 | 3,327,511 | |||||||||
| CSCDA Community Improvement Authority CA† | 3.125% | 8/1/2056 | NR | 14,500,000 | 10,008,239 | |||||||||
| See Notes to Schedule of Investments. | 119 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 9/1/2046 | NR | $ | 2,250,000 | $ | 1,763,707 | |||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 8/1/2056 | NR | 4,450,000 | 3,394,218 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 12/1/2056 | NR | 15,000,000 | 10,672,923 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 2/1/2057 | NR | 3,500,000 | 2,484,949 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 6/1/2057 | NR | 5,000,000 | 3,490,790 | |||||||||
| Maryland Economic Development Corp. MD | 5.75% | 7/1/2053 | NR | 2,000,000 | 2,117,367 | |||||||||
| Maryland Economic Development Corp. MD | 6.00% | 7/1/2058 | NR | 5,000,000 | 5,346,892 | |||||||||
| New Hampshire Business Finance Authority NH | 4.375% | 9/20/2036 | BBB | 5,465,970 | 5,282,470 | |||||||||
| New York State Housing Finance Agency NY (SONYMA/FNMA) | 3.25% | 11/1/2052 | Aa2 | 5,000,000 | 3,717,140 | |||||||||
| Roanoke County Economic Development Authority - Richfield Living Oblig VA | 5.25% | 9/1/2049 | NR | 15,000,000 | 10,187,959 | |||||||||
| Roanoke County Economic Development Authority - Richfield Living Oblig VA | 5.375% | 9/1/2054 | NR | 5,500,000 | 3,709,999 | |||||||||
| Total | 132,328,685 | |||||||||||||
| Lease Obligations 1.37% | ||||||||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC NJ AMT | 5.375% | 1/1/2043 | BBB+ | 1,175,000 | 1,177,012 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC NJ AMT | 5.625% | 1/1/2052 | BBB+ | 5,000,000 | 5,016,730 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2042 | A3 | 2,000,000 | 2,033,331 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2043 | A3 | 5,000,000 | 5,098,216 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2043 | A3 | 3,800,000 | 3,874,645 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2047 | A3 | 5,450,000 | 5,508,306 | |||||||||
| New Jersey Economic Development Authority NJ | 5.50% | 6/15/2029 | A3 | 3,575,000 | 3,977,746 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | Zero Coupon | 12/15/2034 | A3 | 13,420,000 | 7,920,295 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 12/15/2035 | A3 | 3,250,000 | 3,419,813 | |||||||||
| 120 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| Puerto Rico Public Finance Corp. PR(c) | 5.50% | 8/1/2031 | NR | $ | 12,250,000 | $ | 398,136 | |||||||
| St. Louis Municipal Finance Corp. MO (AGM) | 5.00% | 10/1/2045 | AA | 2,500,000 | 2,580,894 | |||||||||
| St. Louis Municipal Finance Corp.MO (AGM) | 5.00% | 10/1/2049 | AA | 2,625,000 | 2,687,970 | |||||||||
| Total | 43,693,094 | |||||||||||||
| Other Revenue 6.19% | ||||||||||||||
| Anson Education Facilities Corp. -Arlington Classics Acdmy TX | 5.00% | 8/15/2045 | BBB- | 2,250,000 | 2,258,778 | |||||||||
| Arizona Industrial Development Authority - American Chtr Schs Fndtn AZ† | 6.00% | 7/1/2047 | BB+ | 2,460,000 | 2,487,851 | |||||||||
| Arizona Industrial Development Authority - Odyssey Preparatory Academy AZ† | 5.50% | 7/1/2052 | BB- | 750,000 | 721,457 | |||||||||
| Arlington Higher Education Finance Corp. - Newman Internantional Acdmy TX | 5.50% | 8/15/2046 | NR | 5,000,000 | 4,680,156 | |||||||||
| Build NYC Resource Corp. - Shefa School NY† | 5.00% | 6/15/2051 | NR | 7,160,000 | 6,430,442 | |||||||||
| California School Finance Authority - Kipp Socal Pub Schs Obl CA† | 5.125% | 7/1/2044 | BBB | 2,390,000 | 2,404,889 | |||||||||
| Capital Trust Agency, Inc. - Educational Growth Fund FL† | 5.00% | 7/1/2056 | NR | 15,250,000 | 13,295,273 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Ob FL† | 5.00% | 12/15/2040 | NR | 3,640,000 | 3,414,206 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Ob FL† | 5.00% | 12/15/2050 | NR | 6,250,000 | 5,585,866 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Ob FL† | 5.00% | 12/15/2055 | NR | 8,535,000 | 7,462,450 | |||||||||
| Chester County Industrial Development Authority - Collegium Charter School PA | 5.125% | 10/15/2037 | BB | 1,000,000 | 958,405 | |||||||||
| Chester County Industrial Development Authority - Collegium Charter School PA | 5.25% | 10/15/2047 | BB | 2,500,000 | 2,216,897 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Fdtn OH | 5.25% | 12/1/2038 | BB+ | 1,400,000 | 1,413,371 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Fdtn OH | 5.50% | 12/1/2043 | BB+ | 1,850,000 | 1,875,011 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Fdtn OH | 5.50% | 12/1/2053 | BB+ | 11,485,000 | 11,553,345 | |||||||||
| Clifton Higher Education Finance Corp. - Idea Public Schools TX | 6.00% | 8/15/2043 | A- | 1,000,000 | 1,012,579 | |||||||||
| See Notes to Schedule of Investments. | 121 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 6.125% | 8/15/2048 | NR | $ | 22,025,000 | $ | 22,365,022 | |||||||
| Commonwealth of Puerto Rico PR | Zero Coupon | 11/1/2051 | NR | 796,127 | 104,492 | |||||||||
| Commonwealth of Puerto Rico PR | 5.068% | #(a) | 11/1/2051 | NR | 26,469,353 | 11,613,429 | ||||||||
| Florence Town, Inc. Industrial Development Authority - Legacy Tradtnl Sch Oblig AZ† | 6.00% | 7/1/2043 | BB+ | 3,250,000 | 3,296,209 | |||||||||
| Florida Development Finance Corp. - Franklin Acad Ser 2016 Ob FL† | 5.00% | 7/15/2046 | NR | 4,000,000 | 3,673,517 | (d) | ||||||||
| Florida Development Finance Corp. - Palm Bay Academy Inc FL† | Zero Coupon | 5/15/2037 | NR | 1,220,000 | 244,000 | (d) | ||||||||
| Florida Development Finance Corp. - Palm Bay Academy Inc FL† | Zero Coupon | 5/15/2037 | NR | 940,000 | 9 | |||||||||
| Florida Development Finance Corp. - Palm Bay Academy Inc FL† | 6.375% | 5/15/2037 | NR | 2,620,000 | 2,208,707 | |||||||||
| Florida Development Finance Corp. - Renaissance Chtr 2020 C/D FL† | 5.00% | 9/15/2040 | NR | 1,050,000 | 954,490 | |||||||||
| Florida Development Finance Corp. - Renaissance Chtr 2020 C/D FL† | 5.00% | 9/15/2050 | NR | 2,200,000 | 1,880,793 | |||||||||
| Florida Development Finance Corp. - Renaissance Chtr Sch 2015 FL† | 6.125% | 6/15/2046 | NR | 5,000,000 | 5,003,707 | |||||||||
| George L Smith II Congress Center Authority - Signia Hotel Mgmt LLC GA† | 5.00% | 1/1/2054 | NR | 14,920,000 | 11,910,806 | |||||||||
| Industrial Development Authority of the City of Phoenix - Basis Schools Inc Oblig AZ† | 5.00% | 7/1/2046 | BB | 2,000,000 | 1,839,358 | |||||||||
| Industrial Development Authority of the County of Pima - Edkey Obligated Group AZ† | 5.00% | 7/1/2049 | NR | 6,000,000 | 5,262,629 | |||||||||
| Industrial Development Authority of the County of Pima - Edkey Obligated Group AZ† | 5.00% | 7/1/2055 | NR | 4,000,000 | 3,418,574 | |||||||||
| Jefferson Parish Economic Development & Port District - Kenner Discovery Hlth Sci LA† | 5.50% | 6/15/2038 | NR | 3,200,000 | 3,160,583 | |||||||||
| Jefferson Parish Economic Development & Port District - Kenner Discovery Hlth Sci LA† | 5.625% | 6/15/2048 | NR | 4,350,000 | 4,132,912 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2043 | A3 | 1,900,000 | 1,901,117 | |||||||||
| Maricopa County Industrial Development Authority - Paragon Management Inc AZ† | 5.00% | 7/1/2047 | BB+ | 4,000,000 | 3,692,216 | |||||||||
| Maricopa County Industrial Development Authority AZ† | 5.00% | 7/1/2049 | BB+ | 2,335,000 | 2,080,848 | |||||||||
| Maryland Economic Development Corp. MD(c) | 5.00% | 12/1/2031 | NR | 10,700,000 | 6,420,000 | |||||||||
| 122 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Maryland Economic Development Corp. MD(c) | 5.25% | 12/1/2031 | NR | $ | 3,000,000 | $ | 1,800,000 | |||||||
| Michigan Finance Authority - Bradford Academy MI | 4.30% | 9/1/2030 | NR | 970,000 | 873,180 | (d) | ||||||||
| Michigan Finance Authority - Bradford Academy MI | 4.80% | 9/1/2040 | NR | 1,845,000 | 1,518,257 | |||||||||
| Michigan Finance Authority - Bradford Academy MI | 5.00% | 9/1/2050 | NR | 3,010,000 | 2,369,405 | |||||||||
| Michigan Public Educational Facilities Authority - Crescent Academy MI | 7.00% | 10/1/2036 | NR | 610,000 | 610,188 | |||||||||
| Middlesex County Improvement Authority NJ | 6.125% | 1/1/2025 | NR | 2,790,000 | 34,875 | |||||||||
| Middlesex County Improvement Authority NJ | 6.25% | 1/1/2037 | NR | 5,755,000 | 71,938 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 11/1/2052 | A3 | 10,370,000 | 10,494,386 | |||||||||
| Plymouth Educational Center Charter School MI | 5.375% | 11/1/2030 | D | 1,425,000 | 869,250 | |||||||||
| Utah Charter School Finance Authority - Freedom Academy Fndtn UT† | 5.00% | 6/15/2041 | NR | 1,020,000 | 928,255 | |||||||||
| Utah Charter School Finance Authority - Freedom Academy Fndtn UT† | 5.00% | 6/15/2052 | NR | 1,300,000 | 1,113,340 | |||||||||
| Utah Charter School Finance Authority - Freedom Academy Fndtn UT† | 5.375% | 6/15/2048 | NR | 5,150,000 | 4,719,999 | |||||||||
| Washington State Convention Center Public Facilities District WA | 4.00% | 7/1/2058 | Baa3 | 11,290,000 | 9,007,389 | |||||||||
| Total | 197,344,856 | |||||||||||||
| Special Tax 4.75% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | 2,425,000 | 2,414,926 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.25% | 5/1/2042 | NR | 3,250,000 | 3,131,321 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 6.00% | 5/1/2042 | NR | 11,680,000 | 11,679,657 | |||||||||
| Anne Arundel County Consolidated Special Taxing District MD Special Tax | 5.125% | 7/1/2036 | NR | 1,030,000 | 1,031,530 | |||||||||
| Anne Arundel County Consolidated Special Taxing District MD Special Tax | 5.25% | 7/1/2044 | NR | 2,150,000 | 2,151,625 | |||||||||
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | 635,000 | 632,185 | |||||||||
| See Notes to Schedule of Investments. | 123 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | $ | 50,000 | $ | 48,930 | |||||||
| Atlanta Urban Redevelopment Agency GA† | 3.625% | 7/1/2042 | NR | 1,875,000 | 1,541,985 | |||||||||
| Atlanta Urban Redevelopment Agency GA† | 3.875% | 7/1/2051 | NR | 3,330,000 | 2,640,482 | |||||||||
| Babcock Ranch Community Independent Special District FL | 5.00% | 5/1/2042 | NR | 4,000,000 | 3,777,678 | |||||||||
| Babcock Ranch Community Independent Special District FL | 5.00% | 5/1/2053 | NR | 4,000,000 | 3,678,490 | |||||||||
| Celebration Pointe Community Development District No. 1 FL | 3.375% | 5/1/2041 | NR | 900,000 | 663,347 | |||||||||
| Celebration Pointe Community Development District No. 1 FL | 5.00% | 5/1/2048 | NR | 6,555,000 | 5,927,169 | |||||||||
| City of Baltimore MD | 4.875% | 6/1/2042 | NR | 1,275,000 | 1,196,509 | |||||||||
| City of Baltimore MD | 5.00% | 6/1/2051 | NR | 1,600,000 | 1,498,897 | |||||||||
| City of North Las Vegas NV | 4.50% | 6/1/2039 | NR | 480,000 | 446,943 | |||||||||
| City of North Las Vegas NV | 4.625% | 6/1/2043 | NR | 480,000 | 440,427 | |||||||||
| City of North Las Vegas NV | 4.625% | 6/1/2049 | NR | 730,000 | 651,791 | |||||||||
| County of Frederick MD Special Tax† | 4.00% | 7/1/2050 | NR | 3,755,000 | 3,118,833 | |||||||||
| County of Frederick MD Tax Allocation† | 4.625% | 7/1/2043 | NR | 2,155,000 | 2,017,777 | |||||||||
| County of Prince George’s MD Tax Allocation† | 5.125% | 7/1/2039 | NR | 1,100,000 | 1,067,240 | |||||||||
| County of Prince George’s MD Tax Allocation† | 5.25% | 7/1/2048 | NR | 5,125,000 | 4,925,340 | |||||||||
| Denver International Business Center Metropolitan District No. 1 CO GO | 6.00% | 12/1/2048 | NR | 2,300,000 | 2,241,078 | |||||||||
| Grandview Industrial Development Authority MO Tax Allocation(c) | 5.75% | 12/1/2028 | NR | 1,000,000 | 220,000 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri MO | 4.375% | 11/15/2035 | NR | 3,500,000 | 2,818,858 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri MO | 4.75% | 11/15/2047 | NR | 4,875,000 | 3,654,128 | |||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A | 3,375,000 | 3,437,404 | |||||||||
| Miami World Center Community Development District FL | 5.25% | 11/1/2049 | NR | 4,500,000 | 4,313,738 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.00% | 8/1/2050 | NR | 8,500,000 | 6,081,631 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.25% | 8/1/2035 | NR | 3,290,000 | 2,983,370 | |||||||||
| 124 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.50% | 8/1/2040 | NR | $ | 1,250,000 | $ | 1,107,214 | |||||||
| Mida Mountain Village Public Infrastructure District UT† | 5.00% | 8/1/2050 | NR | 6,500,000 | 5,686,505 | |||||||||
| Military Installation Development Authority UT | 4.00% | 6/1/2041 | NR | 1,250,000 | 995,013 | |||||||||
| Military Installation Development Authority UT | 4.00% | 6/1/2052 | NR | 11,485,000 | 8,291,890 | |||||||||
| North Range Metropolitan District No. 3 CO GO | 5.00% | 12/1/2040 | NR | 2,000,000 | 1,743,915 | |||||||||
| Northern Palm Beach County Improvement District FL | 5.00% | 8/1/2037 | NR | 750,000 | 737,781 | |||||||||
| Northern Palm Beach County Improvement District FL | 5.00% | 8/1/2046 | NR | 5,000,000 | 4,786,263 | |||||||||
| Northern Palm Beach County Improvement District FL | 5.00% | 8/1/2046 | NR | 2,850,000 | 2,674,628 | |||||||||
| Orange County Community Facilities District CA Special Tax | 5.00% | 8/15/2042 | NR | 2,000,000 | 2,048,860 | |||||||||
| Orange County Community Facilities District CA Special Tax | 5.00% | 8/15/2047 | NR | 2,000,000 | 2,023,627 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 5.00% | 9/1/2037 | NR | 875,000 | 813,061 | (d) | ||||||||
| Peninsula Town Center Community Development Authority VA† | 5.00% | 9/1/2045 | NR | 2,250,000 | 2,019,741 | |||||||||
| Plaza at Noah’s Ark Community Improvement District MO | 3.00% | 5/1/2030 | NR | 725,000 | 639,399 | |||||||||
| Plaza at Noah’s Ark Community Improvement District MO | 3.125% | 5/1/2035 | NR | 500,000 | 407,590 | |||||||||
| Prince George’s County Revenue Authority MD Tax Allocation† | 5.00% | 7/1/2046 | NR | 5,000,000 | 5,001,145 | (d) | ||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.25% | 9/1/2052 | AA | 2,500,000 | 2,691,231 | |||||||||
| Rocky Mountain Rail Park Metropolitan District CO GO† | 5.00% | 12/1/2041 | NR | 2,000,000 | 1,701,167 | (d) | ||||||||
| Rocky Mountain Rail Park Metropolitan District CO GO† | 5.00% | 12/1/2051 | NR | 6,520,000 | 5,097,730 | |||||||||
| Scranton Redevelopment Authority PA GTD | 5.00% | 11/15/2028 | BB+ | 4,385,000 | 4,183,075 | |||||||||
| Stone Canyon Community Improvement District MO(c) | 5.70% | 4/1/2022 | NR | 1,485,000 | 386,100 | |||||||||
| Tahoe-Douglas Visitors Authority NV | 5.00% | 7/1/2045 | NR | 2,800,000 | 2,766,714 | |||||||||
| See Notes to Schedule of Investments. | 125 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Tahoe-Douglas Visitors Authority NV | 5.00% | 7/1/2051 | NR | $ | 4,000,000 | $ | 3,877,446 | |||||||
| Tern Bay Community Development District FL | 5.375% | 5/1/2037 | NR | 370,000 | 370,028 | |||||||||
| Village Community Development District No. 10 FL | 6.00% | 5/1/2044 | NR | 805,000 | 807,855 | |||||||||
| Village Metropolitan District CO GO | 5.00% | 12/1/2040 | NR | 2,000,000 | 1,879,299 | |||||||||
| Village Metropolitan District CO GO | 5.00% | 12/1/2049 | NR | 4,085,000 | 3,719,773 | |||||||||
| West Villages Improvement District FL | 4.75% | 5/1/2039 | NR | 1,750,000 | 1,633,529 | |||||||||
| West Villages Improvement District FL | 5.00% | 5/1/2050 | NR | 3,090,000 | 2,828,238 | |||||||||
| Total | 151,352,106 | |||||||||||||
| Tax Revenue 3.29% | ||||||||||||||
| American Samoa Economic Development Authority AS† | 6.50% | 9/1/2028 | Ba3 | 2,750,000 | 2,959,609 | |||||||||
| City of Reno NV† | Zero Coupon | 7/1/2058 | NR | 18,500,000 | 1,792,708 | |||||||||
| City of Sparks NV† | 2.50% | 6/15/2024 | Ba2 | 115,000 | 111,576 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba2 | 750,000 | 670,383 | |||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2030 | NR | 2,500,000 | 2,599,498 | |||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2039 | NR | 4,000,000 | 4,011,937 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 5.50% | 6/15/2053 | A- | 9,150,000 | 9,234,058 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NPFGC)(FGIC) | Zero Coupon | 12/15/2037 | A- | 10,000,000 | 4,884,641 | |||||||||
| Monongalia County Commission Excise Tax District WV† | 4.125% | 6/1/2043 | NR | 2,250,000 | 1,960,739 | |||||||||
| Monongalia County Commission Excise Tax District WV† | 4.875% | 6/1/2043 | NR | 3,430,000 | 2,971,882 | |||||||||
| New York Liberty Development Corp. NY TCRS (BAM) | 3.00% | 2/15/2042 | AA | 4,000,000 | 3,142,314 | |||||||||
| New York State Dormitory Authority NY | 3.00% | 3/15/2050 | AA+ | 2,500,000 | 1,884,941 | |||||||||
| New York State Urban Development Corp. NY | 3.00% | 3/15/2047 | AA+ | 3,740,000 | 2,891,268 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2033 | NR | 5,283,000 | 3,079,742 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.55% | 7/1/2040 | NR | 8,719,000 | 8,020,764 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.75% | 7/1/2053 | NR | 32,084,000 | 28,440,772 | |||||||||
| 126 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 5.00% | 7/1/2058 | NR | $ | 16,922,000 | $ | 15,406,297 | |||||||
| Territory of Guam GU | 4.00% | 1/1/2042 | Ba1 | 7,000,000 | 6,123,889 | |||||||||
| Washington State Convention Center Public Facilities District WA | 3.00% | 7/1/2048 | Baa3 | 6,710,000 | 4,506,953 | |||||||||
| Total | 104,693,971 | |||||||||||||
| Tobacco 8.39% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | Zero Coupon | 6/1/2057 | NR | 63,000,000 | 7,234,315 | |||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 62,055,000 | 53,943,617 | |||||||||
| California Statewide Financing Authority CA | Zero Coupon | 6/1/2046 | NR | 26,325,000 | 6,107,197 | |||||||||
| California Statewide Financing Authority CA† | Zero Coupon | 6/1/2055 | NR | 42,500,000 | 1,919,257 | |||||||||
| District of Columbia Tobacco Settlement Financing Corp. DC | Zero Coupon | 6/15/2046 | NR | 4,780,000 | 869,945 | |||||||||
| District of Columbia Tobacco Settlement Financing Corp. DC | Zero Coupon | 6/15/2055 | NR | 21,000,000 | 1,877,583 | |||||||||
| District of Columbia Tobacco Settlement Financing Corp. DC | Zero Coupon | 6/15/2055 | NR | 100,000,000 | 7,533,930 | |||||||||
| Erie Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2060 | NR | 30,000,000 | 1,572,156 | |||||||||
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 292,500,000 | 34,069,084 | |||||||||
| Inland Empire Tobacco Securitization Corp. CA† | Zero Coupon | 6/1/2057 | CCC | 47,000,000 | 2,567,643 | |||||||||
| Iowa Tobacco Settlement Authority IA | 4.00% | 6/1/2049 | BBB+ | 4,000,000 | 3,344,932 | |||||||||
| Michigan Finance Authority MI | 4.00% | 6/1/2049 | BBB+ | 4,005,000 | 3,323,872 | |||||||||
| Michigan Finance Authority MI | 5.00% | 6/1/2049 | BBB+ | 3,335,000 | 3,301,551 | |||||||||
| Michigan Tobacco Settlement Finance Authority MI | Zero Coupon | 6/1/2058 | NR | 153,300,000 | 6,016,228 | |||||||||
| Monroe Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2061 | NR | 22,900,000 | 838,158 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 50,000,000 | 2,595,680 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CCC+ | 3,170,000 | 2,935,779 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CCC+ | 3,615,591 | 3,535,076 | |||||||||
| See Notes to Schedule of Investments. | 127 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Rockland Tobacco Asset Securitization Corp. NY† | Zero Coupon | 8/15/2060 | NR | $ | 41,035,000 | $ | 2,459,002 | |||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2036 | NR | 10,000,000 | 4,753,761 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2056 | NR | 20,000,000 | 1,577,456 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco CA | Zero Coupon | 6/1/2046 | CCC- | 15,000,000 | 2,317,122 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco CA | Zero Coupon | 6/1/2054 | NR | 16,000,000 | 2,863,698 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco CA | 5.00% | 6/1/2048 | BBB- | 2,235,000 | 2,225,511 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BBB- | 26,145,000 | 24,997,499 | |||||||||
| Tobacco Settlement Financing Corp. RI | Zero Coupon | 6/1/2052 | CCC- | 25,885,000 | 4,187,903 | |||||||||
| Tobacco Settlement Financing Corp. VA | Zero Coupon | 6/1/2047 | CCC- | 9,500,000 | 2,201,963 | |||||||||
| Tobacco Settlement Financing Corp. VA | Zero Coupon | 6/1/2047 | CCC- | 110,695,000 | 26,514,419 | |||||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 34,450,000 | 31,758,849 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2045 | CCC+ | 7,170,000 | 6,447,004 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 12,835,000 | 11,338,615 | |||||||||
| Total | 267,228,805 | |||||||||||||
| Transportation 9.28% | ||||||||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.50% | 11/15/2025 | A+ | 3,410,000 | 3,470,328 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 4.75% | 7/1/2024 | Ba3 | 2,740,000 | 2,734,386 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2028 | B | 3,500,000 | 3,550,560 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2049 | AA- | 5,000,000 | 4,380,172 | |||||||||
| City of Reno NV† | Zero Coupon | 7/1/2058 | NR | 29,000,000 | 3,419,094 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2044 | A | 5,000,000 | 5,077,551 | |||||||||
| 128 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| E-470 Public Highway Authority CO (NPFGC)(FGIC) | Zero Coupon | 9/1/2031 | A | $ | 20,000,000 | $ | 14,803,004 | |||||||
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2033 | A | 4,500,000 | 2,974,770 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | 5,500,000 | 4,893,013 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2043 | A- | 4,099,000 | 3,862,343 | |||||||||
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2049 | AA- | 6,370,000 | 5,548,772 | |||||||||
| Maryland Economic Development Corp. - Consol Marine Terminals L MD | 5.75% | 9/1/2025 | BB | 9,000,000 | 9,075,418 | |||||||||
| Maryland Economic Development Corp. - Ports America Chesapeake MD AMT | 5.00% | 6/1/2044 | Baa2 | 250,000 | 253,582 | |||||||||
| Maryland Economic Development Corp. - Ports America Chesapeake MD AMT | 5.00% | 6/1/2049 | Baa2 | 750,000 | 757,058 | (d) | ||||||||
| Maryland Economic Development Corp. - Purple Line Transit Ptr MD AMT | 5.25% | 6/30/2047 | Baa3 | 2,500,000 | 2,504,770 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Ptr MD AMT | 5.25% | 6/30/2055 | Baa3 | 12,610,000 | 12,504,415 | |||||||||
| Maryland Economic Development Corp. MD Tax Allocation | 4.00% | 9/1/2050 | NR | 14,750,000 | 11,553,244 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2052 | A1 | 6,500,000 | 6,871,907 | |||||||||
| Metropolitan Transportation Authority NY | 3.28% | #(a) | 11/1/2035 | Aa1 | (b) | 4,800,000 | 4,800,000 | |||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2045 | A3 | 1,900,000 | 1,837,068 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2050 | A3 | 6,630,000 | 6,388,365 | |||||||||
| Metropolitan Transportation Authority NY(f) | 5.25% | 11/15/2055 | A3 | 21,710,000 | 21,734,802 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2044 | A3 | 10,000,000 | 10,048,626 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.50% | 6/15/2050 | A3 | 2,000,000 | 2,140,534 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 4.00% | 1/1/2036 | Baa3 | 9,305,000 | 8,572,166 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 4.375% | 10/1/2045 | Baa3 | 21,625,000 | 19,411,571 | |||||||||
| See Notes to Schedule of Investments. | 129 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 1/1/2024 | Baa3 | $ | 6,300,000 | $ | 6,341,966 | |||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 1/1/2036 | Baa3 | 1,195,000 | 1,188,679 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 10/1/2040 | Baa3 | 17,600,000 | 16,995,771 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner NY AMT | 4.00% | 7/1/2041 | Baa2 | 5,000,000 | 4,186,767 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 4.75% | 9/15/2041 | NR | 2,930,000 | 2,697,572 | (d) | ||||||||
| North Parkway Municipal Management District No. 1 TX† | 5.00% | 9/15/2051 | NR | 6,875,000 | 6,242,427 | (d) | ||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 11/15/2041 | AA- | 10,500,000 | 10,689,212 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.25% | 8/1/2047 | AA- | 5,000,000 | 5,315,281 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.50% | 8/1/2052 | AA- | 3,500,000 | 3,771,337 | |||||||||
| Puerto Rico Highway & Transportation Authority PR | Zero Coupon | 7/1/2032 | NR | 462,833 | 275,386 | |||||||||
| Puerto Rico Highway & Transportation Authority PR | 5.00% | 7/1/2053 | NR | 791,717 | 439,403 | |||||||||
| Puerto Rico Highway & Transportation Authority PR | 5.00% | 7/1/2062 | NR | 1,712,199 | 1,581,644 | |||||||||
| Regional Transportation District - Denver Transit Partners CO | 3.00% | 7/15/2037 | Baa1 | 3,825,000 | 3,078,788 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 4.00% | 7/1/2046 | A2 | 4,500,000 | 3,984,621 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 5.00% | 7/1/2056 | A2 | 10,000,000 | 10,072,716 | |||||||||
| San Diego County Regional Airport Authority CA(f) | 5.00% | 7/1/2056 | A2 | 17,000,000 | 17,895,751 | |||||||||
| Texas Transportation Commission State Highway 249 System TX | 5.00% | 8/1/2057 | Baa3 | 2,375,000 | 2,353,954 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 4.00% | 5/15/2043 | AA+ | (b) | 5,000,000 | 4,727,455 | ||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC VA AMT | 4.00% | 1/1/2048 | BBB- | 7,205,000 | 6,018,855 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC VA AMT | 5.00% | 1/1/2033 | BBB- | 1,500,000 | 1,597,509 | |||||||||
| 130 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC VA AMT | 5.00% | 1/1/2035 | BBB- | $ | 3,000,000 | $ | 3,144,322 | |||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC VA AMT | 5.00% | 7/1/2036 | BBB- | 3,200,000 | 3,311,140 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC VA AMT | 5.00% | 7/1/2037 | BBB- | 2,355,000 | 2,419,991 | |||||||||
| Virginia Small Business Financing Authority - Elizabeth River Crossings VA AMT | 4.00% | 1/1/2038 | BBB | 4,500,000 | 4,182,575 | |||||||||
| Total | 295,680,641 | |||||||||||||
| Utilities 9.75% | ||||||||||||||
| Baltimore Project Revenue MD(f) | 5.25% | 7/1/2047 | Aa2 | 7,195,000 | 7,900,066 | |||||||||
| Baltimore Project Revenue MD(f) | 5.25% | 7/1/2052 | Aa2 | 12,190,000 | 13,384,545 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 6/1/2051 | Aa1 | 11,445,000 | 11,161,737 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2052 | Baa1 | 11,100,000 | 10,751,264 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 11/1/2053 | A2 | 16,335,000 | 17,149,733 | ||||||||
| California Pollution Control Financing Authority - Poseidon Resources CA† | 5.00% | 11/21/2045 | Baa3 | 2,250,000 | 2,132,444 | |||||||||
| Charlotte County Industrial Development Authority - Mskp Town And Cntry Util FL† | 5.00% | 10/1/2034 | NR | 1,000,000 | 993,911 | |||||||||
| Charlotte County Industrial Development Authority - Mskp Town And Cntry Util FL† | 5.00% | 10/1/2049 | NR | 5,500,000 | 5,075,755 | (d) | ||||||||
| City of Compton Water Revenue CA | 6.00% | 8/1/2039 | NR | 3,710,000 | 3,710,613 | |||||||||
| County of Campbell - Basin Electric Pwr Coop WY | 3.625% | 7/15/2039 | A | 5,845,000 | 5,111,493 | |||||||||
| County of Jefferson Sewer Revenue AL | Zero Coupon | 10/1/2039 | BBB | 5,000,000 | 5,113,413 | |||||||||
| County of Jefferson Sewer Revenue AL | Zero Coupon | 10/1/2046 | BBB | 5,445,000 | 5,565,517 | |||||||||
| County of Jefferson Sewer Revenue AL | 6.00% | 10/1/2042 | BBB | 7,175,000 | 7,651,548 | |||||||||
| County of Jefferson Sewer Revenue AL | 6.50% | 10/1/2053 | BBB | 26,800,000 | 28,628,610 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | Zero Coupon | 10/1/2028 | AA | 4,035,000 | 3,040,894 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | 5.00% | 10/1/2044 | AA | 5,070,000 | 5,203,109 | |||||||||
| Development Authority of Burke County - Oglethorpe Power Corp GA | 4.125% | 11/1/2045 | BBB+ | 5,025,000 | 4,302,142 | |||||||||
| See Notes to Schedule of Investments. | 131 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Florida Development Finance Corp. - Waste Pro Usa Inc FL AMT | 3.00% | 6/1/2032 | NR | $ | 20,250,000 | $ | 15,318,740 | |||||||
| Florida Development Finance Corp. - Waste Pro Usa Inc FL AMT† | 5.25% | 8/1/2029 | NR | 7,000,000 | 6,519,725 | |||||||||
| Kentucky Public Energy Authority KY | 4.00% | #(a) | 8/1/2052 | A1 | 16,000,000 | 15,506,558 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 5/1/2052 | A3 | 2,115,000 | 2,066,576 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 38,000,000 | 35,742,306 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 2,165,000 | 2,106,997 | ||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Company AZ | 3.60% | 2/1/2040 | Baa2 | 5,355,000 | 4,688,260 | |||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Company AZ | 3.60% | 4/1/2040 | Baa2 | 3,115,000 | 2,724,600 | |||||||||
| Municipal Electric Authority of Georgia GA | 5.00% | 1/1/2059 | BBB+ | 7,300,000 | 7,070,083 | |||||||||
| Omaha Public Power District NE | 4.00% | 2/1/2046 | AA | 7,500,000 | 7,155,046 | |||||||||
| Public Authority for Colorado Energy CO | 6.50% | 11/15/2038 | A2 | 5,000,000 | 5,863,221 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 4.00% | 7/1/2042 | NR | 6,250,000 | 5,028,182 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 4.00% | 7/1/2042 | NR | 5,000,000 | 4,022,546 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 5.00% | 7/1/2047 | NR | 24,500,000 | 22,159,767 | |||||||||
| Puerto Rico Electric Power Authority PR(c) | 5.00% | 7/1/2042 | D | (b) | 4,975,000 | 3,644,188 | ||||||||
| Puerto Rico Electric Power Authority PR(c) | 5.05% | 7/1/2042 | D | (b) | 3,425,000 | 2,500,250 | ||||||||
| Puerto Rico Electric Power Authority PR(c) | 5.25% | 7/1/2024 | D | (b) | 7,000,000 | 5,145,000 | ||||||||
| Puerto Rico Electric Power Authority PR(c) | 5.50% | 7/1/2038 | D | (b) | 1,530,000 | 1,130,288 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(a) | 1/1/2053 | A1 | 5,000,000 | 5,295,954 | ||||||||
| State of Hawaii Department of Budget & Finance - Hawaiian Electric Co Inc HI | 3.20% | 7/1/2039 | Baa1 | 13,265,000 | 10,831,172 | |||||||||
| State of Hawaii Department of Budget & Finance - Hawaiian Electric Co Inc HI AMT | 4.00% | 3/1/2037 | Baa1 | 6,975,000 | 6,507,288 | |||||||||
| Tennessee Energy Acquisition Corp. TN | 5.00% | #(a) | 5/1/2052 | A2 | 2,500,000 | 2,589,278 | ||||||||
| Total | 310,492,819 | |||||||||||||
| Total Municipal Bonds (cost $3,527,954,796) | 3,195,395,599 | |||||||||||||
| 132 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Credit | ||||||||||||||||
| Interest | Final | Rating: | ||||||||||||||
| Interest | Rate Reset | Maturity | S&P or | Principal | Fair | |||||||||||
| Investments | Rate# | Date(g) | Date | Moody’s | Amount | Value | ||||||||||
| SHORT-TERM INVESTMENTS 0.11% | ||||||||||||||||
| Variable Rate Demand Notes 0.11% | ||||||||||||||||
| Tax Revenue | ||||||||||||||||
| NYC TFA - Future Tax (cost $3,500,000) | 3.400% | 1/3/2023 | 5/1/2034 | AAA | (b) | $ | 3,500,000 | $ | 3,500,000 | |||||||
| Total Short-Term Investments (cost $3,500,000) | 3,500,000 | |||||||||||||||
| Total Investments in Securities 100.41% (cost $3,531,454,796) | 3,198,895,599 | |||||||||||||||
| Other Assets and Liabilities – Net(h) (0.41)% | (13,045,336 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 3,185,850,263 | ||||||||||||||
| 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. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| FNMA | Federal 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. | |
| SONYMA | State of New York Mortgage Agency. | |
| TCRS | Transferable Custodial Receipts. | |
| TRIPS | Tax Refund Intercept Programs. |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2022, the total value of Rule 144A securities was $899,489,821, which represents 28.23% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 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) | Defaulted (non-income producing security). | |
| (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) | 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) | 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 appreciation/depreciation on futures contracts as follows: |
Futures Contracts at December 31, 2022:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation |
|||||||
| U.S. Long Bond | March 2023 | 619 | Short | $(78,223,270 | ) | $(77,587,781 | ) | $635,489 |
| See Notes to Schedule of Investments. | 133 |
Schedule of Investments (unaudited)(concluded)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
The following is a summary of the inputs used as of December 31, 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(3) | ||||||||||||||||
| Corporate-Backed | $ | – | $ | 583,043,879 | $ | 20,182,353 | $ | 603,226,232 | ||||||||
| Education | – | 191,215,806 | 12,837,637 | 204,053,443 | ||||||||||||
| General Obligation | – | 356,880,779 | 19,829,189 | 376,709,968 | ||||||||||||
| Health Care | – | 451,240,798 | 27,845,518 | 479,086,316 | ||||||||||||
| Other Revenue | – | 192,554,159 | 4,790,697 | 197,344,856 | ||||||||||||
| Special Tax | – | 143,836,733 | 7,515,373 | 151,352,106 | ||||||||||||
| Transportation | – | 285,983,584 | 9,697,057 | 295,680,641 | ||||||||||||
| Utilities | – | 305,417,064 | 5,075,755 | 310,492,819 | ||||||||||||
| Remaining Industries | – | 577,449,218 | – | 577,449,218 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 3,500,000 | – | 3,500,000 | ||||||||||||
| Total | $ | – | $ | 3,091,122,020 | $ | 107,773,579 | $ | 3,198,895,599 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 635,489 | $ | – | $ | – | $ | 635,489 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 635,489 | $ | – | $ | – | $ | 635,489 | ||||||||
| (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) | Includes 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.
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
| Investment Type | Municipal Bonds | |||
| Balance as of October 1, 2022 | $ | 99,330,812 | ||
| Accrued Discounts (Premiums) | (182,311 | ) | ||
| Realized Gain (Loss) | (3,622,483 | ) | ||
| Change in Unrealized Appreciation (Depreciation) | 3,889,333 | |||
| Purchases | – | |||
| Sales | (12,344,410 | ) | ||
| Transfers into Level 3(a) | 69,673,634 | |||
| Transfers out of Level 3(a) | (48,970,996 | ) | ||
| Balance as of December 31, 2022 | $ | 107,773,579 | ||
| Change in unrealized appreciation/ depreciation for the period ended December 31, 2022, related to Level 3 investments held at December 31, 2022 | $ | 1,209,605 | ||
| (a) | The fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology. |
| 134 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 98.13% | ||||||||||||||
| MUNICIPAL BONDS 98.13% | ||||||||||||||
| Airlines 0.20% | ||||||||||||||
| New Jersey Economic Development Authority - Port Newark Container NJ AMT | 5.00% | 10/1/2027 | Baa2 | $ | 1,675,000 | $ | 1,722,531 | |||||||
| Corporate-Backed 30.02% | ||||||||||||||
| Allegheny County Industrial Development Authority - US Steel Corporation PA | 4.875% | 11/1/2024 | BB- | 3,000,000 | 3,008,887 | |||||||||
| Allegheny County Industrial Development Authority - US Steel Corporation PA | 5.125% | 5/1/2030 | BB- | 10,485,000 | 10,692,646 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 19,670,000 | 19,442,275 | ||||||||
| Calhoun County Navigation Industrial Development Authority - Max Midstream Texas LLC TX AMT† | 3.625% | 7/1/2026 | NR | 2,500,000 | 2,250,452 | |||||||||
| California Municipal Finance Authority CA AMT | 4.00% | 7/15/2029 | B+ | 7,240,000 | 7,061,022 | |||||||||
| Chandler Industrial Development Authority - Intel Corporation AZ AMT | 5.00% | #(a) | 9/1/2052 | A1 | 5,500,000 | 5,741,812 | ||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 3.70% | 1/1/2032 | NR | 9,855,000 | 9,396,597 | |||||||||
| City of Valparaiso - Pratt Paper LLC IN AMT | 5.875% | 1/1/2024 | NR | 75,000 | 75,861 | |||||||||
| City of Valparaiso - Pratt Paper LLC IN AMT | 7.00% | 1/1/2044 | NR | 115,000 | 117,937 | |||||||||
| County of Clark - Southern Ca Edison Co NV | 2.10% | 6/1/2031 | A- | 4,010,000 | 3,237,453 | |||||||||
| County of Nez Perce - Potlatchdeltic Corp ID | 2.75% | 10/1/2024 | BBB- | 2,835,000 | 2,787,540 | |||||||||
| County of Richland - International Paper Co SC | 3.875% | 4/1/2023 | BBB | 3,910,000 | 3,904,629 | |||||||||
| County of Warren - International Paper Co MS | 2.90% | #(a) | 9/1/2032 | BBB | 750,000 | 746,232 | ||||||||
| Downtown Doral South Community Development District FL† | 3.875% | 12/15/2023 | NR | 50,000 | 49,669 | |||||||||
| Downtown Doral South Community Development District FL† | 4.25% | 12/15/2028 | NR | 250,000 | 243,104 | |||||||||
| Florida Development Finance Corp. - Waste Pro Usa Inc FL AMT† | 5.00% | 5/1/2029 | NR | 1,410,000 | 1,311,977 | |||||||||
| Greater Orlando Aviation Authority - Jetblue Airways Corp FL | 5.00% | 11/15/2026 | NR | 2,600,000 | 2,602,399 | |||||||||
| See Notes to Schedule of Investments. | 135 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Hoover Industrial Development Board - US Steel Corporation AL AMT | 6.375% | #(a) | 11/1/2050 | BB- | $ | 1,570,000 | $ | 1,741,480 | ||||||
| Indiana Finance Authority - Ohio Valley Electric Corp IN | 2.50% | 11/1/2030 | Baa3 | 3,350,000 | 2,860,382 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp IN | 3.00% | 11/1/2030 | Baa3 | 500,000 | 443,094 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp IN | 3.00% | 11/1/2030 | Baa3 | 1,000,000 | 886,189 | |||||||||
| Indiana Finance Authority - US Steel Corporation IN | 4.125% | 12/1/2026 | BB- | 5,000,000 | 4,889,538 | |||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC IA | 4.00% | #(a) | 12/1/2050 | BBB- | 6,600,000 | 6,328,098 | ||||||||
| Love Field Airport Modernization Corp. - Southwest Airlines Co TX | 5.00% | 11/1/2028 | Baa1 | 2,000,000 | 1,999,861 | |||||||||
| Maryland Industrial Development Financing Authority - Occidental Petroleum Corp MD | 5.32% | #(a) | 3/1/2030 | BB+ | 5,645,000 | 5,645,000 | ||||||||
| Matagorda County Navigation District No. 1 - Aep Texas Inc TX | 2.60% | 11/1/2029 | A- | 2,580,000 | 2,297,037 | |||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 9,775,000 | 9,423,357 | |||||||||
| Mississippi Business Finance Corp. - Enviva Inc MS AMT | 7.75% | #(a) | 7/15/2047 | B1 | 4,600,000 | 4,635,214 | ||||||||
| M-S-R Energy Authority CA | 6.125% | 11/1/2029 | BBB+ | 2,295,000 | 2,541,110 | |||||||||
| New Hampshire Business Finance Authority - Casella Waste Systems Inc NH† | 2.95% | 4/1/2029 | B+ | 2,300,000 | 2,015,814 | |||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp NH AMT† | 4.00% | 11/1/2027 | B | 1,525,000 | 1,453,958 | |||||||||
| New Hampshire Business Finance Authority - New York St Elec & Gas NH AMT | 4.00% | 12/1/2028 | A- | 5,050,000 | 5,141,536 | |||||||||
| New Hampshire Business Finance Authority - United Illuminating Co NH | 2.80% | #(a) | 10/1/2033 | A- | 1,000,000 | 995,346 | ||||||||
| New Hampshire Business Finance Authority - Waste Mgmt Inc NH AMT | 2.15% | #(a) | 7/1/2027 | A- | 3,160,000 | 3,045,209 | ||||||||
| New Jersey Economic Development Authority - United Airlines Inc NJ | 5.25% | 9/15/2029 | Ba3 | 3,500,000 | 3,483,078 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc NJ | 5.75% | 9/15/2027 | Ba3 | 7,150,000 | 7,149,958 | |||||||||
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 1,000,000 | 1,000,346 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC NY† | 5.15% | 11/15/2034 | NR | 4,305,000 | 4,171,025 | |||||||||
| 136 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc NY AMT | 2.75% | #(a) | 9/1/2050 | B+ | $ | 3,500,000 | $ | 3,298,431 | ||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc NY AMT† | 3.125% | #(a) | 12/1/2044 | B+ | 4,500,000 | 4,227,709 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 2.25% | 8/1/2026 | B | (b) | 1,505,000 | 1,391,057 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 5.00% | 8/1/2026 | B- | 820,000 | 819,970 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 5.00% | 8/1/2031 | B- | 7,500,000 | 7,352,963 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 5.25% | 8/1/2031 | B- | 4,510,000 | 4,532,534 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B1 | 6,100,000 | 5,941,981 | |||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co OH AMT | 2.60% | #(a) | 6/1/2041 | BBB+ | 2,500,000 | 2,231,465 | ||||||||
| Ohio Air Quality Development Authority - Pratt Paper Oh Inc OH AMT† | 3.75% | 1/15/2028 | NR | 290,000 | 283,620 | |||||||||
| Ohio Air Quality Development Authority OH | 2.875% | 2/1/2026 | Baa3 | 700,000 | 668,032 | |||||||||
| Ohio Air Quality Development Authority OH | 2.875% | 2/1/2026 | Baa3 | 1,940,000 | 1,851,402 | |||||||||
| Parish of St. James - Nustar Logistics Lp LA† | 5.85% | #(a) | 8/1/2041 | BB- | 4,125,000 | 4,224,080 | ||||||||
| Parish of St. James - Nustar Logistics Lp LA† | 6.10% | #(a) | 6/1/2038 | BB- | 8,235,000 | 8,758,216 | ||||||||
| Parish of St. James - Nustar Logistics Lp LA† | 6.10% | #(a) | 12/1/2040 | BB- | 2,250,000 | 2,392,955 | ||||||||
| Pennsylvania Economic Development Financing Authority - Consol Energy Inc PA AMT† | 9.00% | #(a) | 4/1/2051 | B | 3,125,000 | 3,546,257 | ||||||||
| Pennsylvania Economic Development Financing Authority - Covanta Holding Corp PA AMT† | 3.25% | 8/1/2039 | B | 7,700,000 | 5,755,260 | |||||||||
| Polk County Industrial Development Authority - Mineral Development LLC FL† | 5.875% | 1/1/2033 | NR | 1,375,000 | 1,371,398 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX† | 6.00% | 1/1/2025 | NR | 3,230,000 | 3,033,324 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 1.875% | 1/1/2026 | NR | 2,710,000 | 2,456,998 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 2.00% | 1/1/2027 | NR | 1,250,000 | 1,097,560 | |||||||||
| See Notes to Schedule of Investments. | 137 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 2.125% | 1/1/2028 | NR | $ | 775,000 | $ | 659,424 | |||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 2.25% | 1/1/2029 | NR | 1,300,000 | 1,073,860 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 2.50% | 1/1/2030 | NR | 1,150,000 | 933,236 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 2.625% | 1/1/2031 | NR | 1,600,000 | 1,272,551 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 1,275,000 | 1,113,706 | (c) | ||||||||
| Public Finance Authority - Ameream LLC WI† | 6.50% | 12/1/2037 | NR | 2,000,000 | 1,660,985 | (c) | ||||||||
| Public Finance Authority - Celanese Us Holdings LLC WI AMT | 5.00% | 1/1/2024 | BBB- | 4,500,000 | 4,505,575 | |||||||||
| Public Finance Authority - Celanese Us Holdings LLC WI AMT | 5.00% | 12/1/2025 | BBB- | 2,490,000 | 2,497,899 | |||||||||
| Public Finance Authority - Sky Harbour Cap Oblg WI AMT | 4.00% | 7/1/2036 | NR | 9,585,000 | 7,894,759 | |||||||||
| Salem County Pollution Control Financing Authority - Chambers Cogeneration LP NJ AMT | 5.00% | 12/1/2023 | NR | 1,820,000 | 1,842,943 | |||||||||
| Sumter County Industrial Development Authority - Enviva Inc AL AMT | 6.00% | #(a) | 7/15/2052 | B+ | 15,000,000 | 13,648,321 | ||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Company AL† | 4.50% | 5/1/2032 | NR | 9,446,498 | 8,551,805 | |||||||||
| Vermont Economic Development Authority - Casella Waste Systems Inc VT AMT† | 5.00% | #(a) | 6/1/2052 | B+ | 5,500,000 | 5,471,848 | ||||||||
| Total | 261,179,246 | |||||||||||||
| Education 5.55% | ||||||||||||||
| Arizona Industrial Development Authority - Academies Math & Sci Oblig AZ† | 5.00% | 7/1/2029 | BB+ | 1,500,000 | 1,505,911 | |||||||||
| Arizona Industrial Development Authority - Odyssey Preparatory Acdmy AZ† | 4.00% | 7/1/2029 | BB- | 425,000 | 401,527 | |||||||||
| Build NYC Resource Corp. - E Harlem Scholars Oblg Gp NY† | 5.00% | 6/1/2032 | NR | 275,000 | 274,375 | |||||||||
| California Community Choice Financing Authority CA | 4.581% (SOFR * .67 + 1.70% | )# | 5/1/2053 | A1 | 10,000,000 | 10,001,388 | (c) | |||||||
| California Municipal Finance Authority - Sdori Charter Sch Pptys CA† | 5.00% | 3/1/2025 | B+ | 565,000 | 560,073 | |||||||||
| 138 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Capital Trust Agency, Inc. - Advantage Admy Oblig Grp FL | 4.00% | 12/15/2024 | Baa3 | $ | 220,000 | $ | 219,262 | |||||||
| Capital Trust Agency, Inc. - Advantage Admy Oblig Grp FL | 5.00% | 12/15/2029 | Baa3 | 400,000 | 410,503 | |||||||||
| Capital Trust Agency, Inc. - Renaissance Chtr Sch 2019 FL† | 4.00% | 6/15/2029 | NR | 885,000 | 821,005 | |||||||||
| Chester County Health & Education Facilities Authority - Immaculata University PA | 4.25% | 11/1/2032 | BB- | (b) | 1,600,000 | 1,317,966 | ||||||||
| City of Farmington - Southern Ca Edison Co NM | 1.80% | 4/1/2029 | A- | 4,810,000 | 4,033,017 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 4.625% | 8/15/2025 | NR | 1,965,000 | 1,962,755 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 5.75% | 8/15/2038 | NR | 1,405,000 | 1,419,470 | |||||||||
| County of Frederick - Mount St Mary’S Univ MD† | 5.00% | 9/1/2027 | BB+ | 2,250,000 | 2,257,872 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2027 | Ba3 | 3,000,000 | 3,027,815 | |||||||||
| Florida Higher Educational Facilities Financial Authority - Jacksonville University FL† | 4.50% | 6/1/2033 | NR | 2,900,000 | 2,623,090 | |||||||||
| Hospital Facilities Authority of Multnomah County Oregon - Mirabella So Waterfront OR | 5.00% | 10/1/2024 | NR | 90,000 | 90,243 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech IL | 5.00% | 9/1/2025 | Baa3 | 600,000 | 613,220 | |||||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.00% | 10/1/2026 | NR | 240,000 | 241,018 | |||||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.125% | 10/1/2030 | NR | 425,000 | 430,793 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - Jubilee Academic Ctr Inc TX† | 4.00% | 8/15/2023 | BB+ | 700,000 | 697,751 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - Jubilee Academic Ctr Inc TX† | 4.00% | 8/15/2025 | BB+ | 1,280,000 | 1,260,618 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - Jubilee Academic Ctr Inc TX† | 4.00% | 8/15/2027 | BB+ | 1,040,000 | 1,009,235 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - Jubilee Academic Ctr Inc TX† | 4.00% | 8/15/2029 | BB+ | 1,345,000 | 1,282,380 | |||||||||
| See Notes to Schedule of Investments. | 139 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 8.635% (CPI YoY | )# | 3/1/2027 | Baa1 | $ | 2,500,000 | $ | 2,573,288 | ||||||
| New York State Dormitory Authority - Yeshiva University NY | 5.00% | 7/15/2028 | BBB- | 1,140,000 | 1,205,061 | |||||||||
| New York State Dormitory Authority - Yeshiva University NY | 5.00% | 7/15/2029 | BBB- | 1,545,000 | 1,640,282 | |||||||||
| New York State Dormitory Authority - Yeshiva University NY | 5.00% | 7/15/2030 | BBB- | 2,200,000 | 2,343,746 | |||||||||
| New York State Dormitory Authority - Yeshiva University NY | 5.00% | 7/15/2032 | BBB- | 1,960,000 | 2,090,091 | |||||||||
| Ohio Air Quality Development Authority - Duke Energy Corp OH AMT | 4.25% | #(a) | 11/1/2039 | BBB | 2,000,000 | 1,996,849 | ||||||||
| Total | 48,310,604 | |||||||||||||
| Financial Services 0.24% | ||||||||||||||
| Massachusetts Educational Financing Authority MA AMT | 5.00% | 7/1/2025 | AA | 2,000,000 | 2,073,089 | |||||||||
| General Obligation 14.24% | ||||||||||||||
| Academical Village Community Development District FL | 2.875% | 5/1/2025 | NR | 910,000 | 870,374 | |||||||||
| Academical Village Community Development District FL | 3.25% | 5/1/2031 | NR | 4,265,000 | 3,753,776 | |||||||||
| Arlington Higher Education Finance Corp. - Brooks Collegiate Acad TX | 4.00% | 6/15/2031 | NR | 3,360,000 | 2,979,076 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2027 | BB | 2,250,000 | 2,203,300 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2030 | BB | 4,000,000 | 4,080,431 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB | 6,325,000 | 6,391,134 | |||||||||
| Chicago Board of Education IL GO† | 6.75% | 12/1/2030 | BB | 2,000,000 | 2,213,996 | |||||||||
| Chicago Board of Education IL GO | 7.00% | 12/1/2026 | BB | 100,000 | 107,359 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2024 | BBB+ | 2,930,000 | 2,961,796 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2026 | BBB+ | 2,125,000 | 2,183,705 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2027 | BBB+ | 1,925,000 | 1,966,780 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2030 | BBB+ | 4,780,000 | 5,044,003 | |||||||||
| City of Coralville IA GO | 4.50% | 6/1/2032 | BB+ | 1,215,000 | 1,227,770 | |||||||||
| City of Coralville IA GO | 5.00% | 5/1/2030 | A- | (b) | 1,025,000 | 1,072,180 | ||||||||
| City of New Haven CT GO | 5.00% | 8/1/2025 | BBB+ | 580,000 | 606,027 | |||||||||
| City of Phoenix Civic Improvement Corp. AZ AMT | 5.00% | 7/1/2027 | AA- | 5,615,000 | 5,643,410 | |||||||||
| City of Scranton PA GO† | 5.00% | 9/1/2024 | NR | 1,745,000 | 1,758,461 | |||||||||
| 140 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| City of Scranton PA GO | 5.00% | 11/15/2026 | NR | $ | 1,855,000 | $ | 1,869,350 | |||||||
| City of Scranton PA GO | 5.00% | 11/15/2032 | BB+ | 6,000,000 | 6,038,743 | |||||||||
| Commonwealth of Puerto Rico PR GO | Zero Coupon | #(a) | 11/1/2043 | NR | 6,103,513 | 2,677,916 | ||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2033 | NR | 2,543,793 | 2,211,101 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2037 | NR | 92,716 | 76,085 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.25% | 7/1/2023 | NR | 681,468 | 681,565 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.625% | 7/1/2027 | NR | 4,952,004 | 5,051,395 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.75% | 7/1/2031 | NR | 12,177,161 | 12,616,107 | |||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 4/1/2048 | Aa1 | 6,000,000 | 5,998,494 | ||||||||
| New York Liberty Development Corp. NY | 1.20% | 11/15/2028 | A+ | 1,870,000 | 1,546,817 | |||||||||
| Pennsylvania Economic Development Financing Authority PA AMT | 5.00% | 6/30/2032 | Baa2 | 2,770,000 | 2,982,979 | |||||||||
| Pennsylvania Economic Development Financing Authority PA AMT | 5.00% | 12/31/2032 | Baa2 | 5,565,000 | 6,001,768 | |||||||||
| Puerto Rico Electric Power Authority PR (NPFGC)(FGIC) | 5.25% | 7/1/2023 | Baa2 | 2,325,000 | 2,326,737 | |||||||||
| State of Illinois IL GO | 5.00% | 10/1/2024 | Baa1 | 6,960,000 | 7,089,647 | |||||||||
| State of Illinois IL GO | 5.00% | 11/1/2025 | BBB+ | 2,000,000 | 2,050,663 | |||||||||
| State of Illinois IL GO | 5.00% | 12/1/2026 | BBB+ | 3,000,000 | 3,094,841 | |||||||||
| State of Illinois IL GO | 5.00% | 3/1/2028 | BBB+ | 6,000,000 | 6,206,146 | |||||||||
| State of Illinois IL GO | 5.00% | 5/1/2028 | BBB+ | 3,000,000 | 3,027,743 | |||||||||
| State of Illinois IL GO | 5.375% | 5/1/2023 | BBB+ | 1,700,000 | 1,709,481 | |||||||||
| State of Illinois IL GO | 5.50% | 5/1/2030 | BBB+ | 5,260,000 | 5,591,535 | |||||||||
| Total | 123,912,691 | |||||||||||||
| Health Care 10.26% | ||||||||||||||
| Atlanta Development Authority The - Georgia Protoncare Ctr In GA | 6.00% | 1/1/2023 | NR | 2,000,000 | 1,060,000 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2023 | BB- | 2,945,000 | 2,883,539 | |||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | 2/1/2029 | BB- | 1,500,000 | 1,298,840 | |||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | 2/1/2032 | BB- | 850,000 | 688,018 | |||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | #(a) | 2/1/2040 | BB- | 8,890,000 | 7,986,181 | ||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | #(a) | 2/1/2040 | BB- | 8,710,000 | 8,203,240 | ||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 4.00% | 12/1/2026 | BB | 1,255,000 | 1,221,728 | |||||||||
| See Notes to Schedule of Investments. | 141 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2023 | BB | $ | 1,280,000 | $ | 1,288,399 | |||||||
| Bucks County Industrial Development Authority - Grand View Hosp Oblig Grp PA | 5.00% | 7/1/2025 | BB | 1,450,000 | 1,481,418 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hosp Oblig Grp PA | 5.00% | 7/1/2038 | BB | 1,000,000 | 971,748 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med OBL CA† | 5.00% | 12/1/2028 | BB | 885,000 | 917,360 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med OBL CA† | 5.00% | 12/1/2031 | BB | 1,000,000 | 1,022,077 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med OBL CA | 5.25% | 12/1/2029 | BB | 2,500,000 | 2,562,175 | |||||||||
| California Statewide Communities Development Authority - Verity Hlth Sys Oblig CA | 5.50% | 7/1/2022 | NR | 3,456 | 3,249 | |||||||||
| California Statewide Communities Development Authority - Verity Hlth Sys Oblig CA | 5.75% | 7/1/2024 | NR | 21,558 | 20,265 | |||||||||
| City of Blaine - Crest View Obligated Grp MN | 5.125% | 7/1/2025 | NR | 60,000 | 39,000 | |||||||||
| City of Fruita Healthcare Revenue - Lower Vy Hosp Assoc Oblig CO† | 5.375% | 1/1/2033 | NR | 2,000,000 | 2,033,499 | |||||||||
| City of Oroville - Oroville Hospital CA | 5.00% | 4/1/2026 | B+ | 1,255,000 | 1,278,131 | |||||||||
| City of Oroville - Oroville Hospital CA | 5.00% | 4/1/2029 | B+ | 900,000 | 926,763 | |||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.00% | 2/15/2023 | BBB | 1,500,000 | 1,502,309 | |||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.00% | 2/15/2030 | BBB | 1,900,000 | 1,987,139 | |||||||||
| County of Muskingum - Genesis Hlthcare Oblig Gp OH | 4.00% | 2/15/2023 | BB+ | 1,500,000 | 1,499,643 | |||||||||
| County of Muskingum - Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2033 | BB+ | 5,965,000 | 5,966,318 | |||||||||
| County of Muskingum - Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2044 | BB+ | 2,000,000 | 1,817,000 | |||||||||
| County of Washington - Marietta Area Hlthcr Oblg OH | 5.50% | 12/1/2027 | NR | 8,715,000 | 8,662,068 | |||||||||
| Fulton County Industrial Development Authority Fulton County Medical Ctr PA | 4.00% | 7/1/2028 | NR | 3,275,000 | 3,201,663 | |||||||||
| 142 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Oblig AZ | 4.00% | 11/15/2027 | NR | $ | 385,000 | $ | 364,399 | |||||||
| Glendale Industrial Development Authority - Beatitudes Campus Oblig AZ | 5.00% | 11/15/2023 | NR | 1,715,000 | 1,714,035 | |||||||||
| Illinois Finance Authority - Plymouth Place Obl Group IL | 5.00% | 5/15/2025 | NR | 75,000 | 77,179 | |||||||||
| Industrial Development Authority of the County of Pima - La Posada Park Centre Obl AZ† | 5.125% | 11/15/2029 | NR | 1,500,000 | 1,498,616 | |||||||||
| Jefferson County Civic Facility Development Corp. - Samaritan Med Ctr Oblig NY | 5.00% | 11/1/2025 | BB | 1,305,000 | 1,345,723 | |||||||||
| King County Public Hospital District No. 4 WA | 5.00% | 12/1/2025 | NR | 70,000 | 70,182 | |||||||||
| Kirkwood Industrial Development Authority - Ashfield Active Lvg Oblig MO | 5.25% | 5/15/2028 | BB- | (b) | 1,135,000 | 1,104,455 | ||||||||
| Massachusetts Health & Educational Facilities Authority - Trinity Hlth Corp Oblig MA | 3.906% (3 Mo. LIBOR * ..67 + .82% | )# | 11/15/2032 | AA- | 1,395,000 | 1,372,995 | ||||||||
| New Hope Cultural Education Facilities Finance Corp. - Wesleyan Homes Obl Group TX | 3.00% | 1/1/2024 | NR | 155,000 | 150,697 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2028 | B- | 1,000,000 | 903,320 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2030 | B- | 1,750,000 | 1,529,110 | |||||||||
| Oklahoma Development Finance Authority - Ou Medicine Obligated Grp OK | 5.00% | 8/15/2024 | BB- | 1,400,000 | 1,381,830 | |||||||||
| Palomar Health CA | 5.00% | 11/1/2031 | BBB | 750,000 | 780,847 | |||||||||
| Public Finance Authority - Bancroft Neurohealth Oblg WI† | 5.00% | 6/1/2026 | NR | 470,000 | 463,621 | |||||||||
| Public Finance Authority - Washoe Barton Medical Clin WI | 3.00% | 12/1/2026 | BB+ | 250,000 | 238,617 | |||||||||
| Public Finance Authority - Washoe Barton Medical Clin WI | 4.00% | 12/1/2031 | BB+ | 1,750,000 | 1,661,009 | |||||||||
| Rhode Island Health & Educational Building Corp. - Care New England Hlth Obl RI | 5.00% | 9/1/2036 | B+ | 7,500,000 | 6,911,680 | |||||||||
| Roanoke Economic Development Authority - Richfield Living oblig VA | 4.30% | 9/1/2030 | NR | 770,000 | 604,167 | (c) | ||||||||
| South Carolina Jobs-Economic Development Authority - Hampton Regl Med Ctr Obl SC | 5.00% | 11/1/2023 | NR | 740,000 | 746,280 | |||||||||
| See Notes to Schedule of Investments. | 143 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| South Carolina Jobs-Economic Development Authority SC† | 8.75% | 7/1/2025 | NR | $ | 4,500,000 | $ | 4,683,653 | |||||||
| Southeastern Ohio Port Authority - Marietta Area Hlthcr Oblg OH | 5.00% | 12/1/2023 | B+ | (b) | 100,000 | 100,709 | ||||||||
| Southeastern Ohio Port Authority - Marietta Area Hlthcr Oblg OH | 5.50% | 12/1/2029 | B+ | (b) | 1,000,000 | 1,015,246 | ||||||||
| Total | 89,240,140 | |||||||||||||
| Housing 0.72% | ||||||||||||||
| California Housing Finance Agency CA | 4.00% | 3/20/2033 | BBB+ | 1,188 | 1,147 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2023 | BBB+ | 2,000,000 | 2,000,000 | |||||||||
| Minnesota Housing Finance Agency MN | 3.00% | 1/1/2051 | AA+ | 1,095,000 | 1,065,712 | |||||||||
| Montgomery County Housing Opportunities Commission MD | 4.00% | 7/1/2048 | Aa2 | 375,000 | 374,971 | |||||||||
| New Jersey Housing & Mortgage Finance Agency NJ | 4.50% | 10/1/2048 | AA | 770,000 | 781,961 | |||||||||
| New York State Housing Finance Agency NY (SONYMA) | 1.45% | 5/1/2029 | Aa2 | 1,560,000 | 1,346,880 | |||||||||
| North Carolina Housing Finance Agency NC | 4.00% | 7/1/2047 | AA+ | 365,000 | 364,953 | |||||||||
| Pennsylvania Housing Finance Agency PA AMT | 4.00% | 4/1/2039 | AA+ | 300,000 | 298,658 | |||||||||
| Total | 6,234,282 | |||||||||||||
| Lease Obligations 2.42% | ||||||||||||||
| City of Coralville IA COPS | 4.00% | 6/1/2031 | BB | 1,000,000 | 987,609 | (c) | ||||||||
| Kentucky State Property & Building Commission KY | 5.00% | 11/1/2024 | A1 | 1,000,000 | 1,039,736 | |||||||||
| New Jersey Economic Development Authority NJ | 4.91% (MUNIPSA * 1 + 1.25% | )# | 9/1/2025 | A3 | 2,280,000 | 2,281,084 | ||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 3/1/2023 | A3 | 2,005,000 | 2,009,840 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2023 | A3 | 3,455,000 | 3,479,829 | |||||||||
| New Jersey Economic Development Authority NJ | 5.21% (MUNIPSA * 1 + 1.55% | )# | 9/1/2027 | A3 | 530,000 | 530,010 | ||||||||
| New Jersey Economic Development Authority NJ (NPFGC)(FGIC) | 5.50% | 9/1/2029 | A3 | 1,555,000 | 1,756,813 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 4.00% | 12/15/2031 | A3 | 4,110,000 | 4,180,250 | |||||||||
| 144 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 12/15/2023 | A3 | $ | 1,000,000 | $ | 1,015,889 | |||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 12/15/2026 | A3 | 3,510,000 | 3,744,383 | |||||||||
| Total | 21,025,443 | |||||||||||||
| Other Revenue 4.33% | ||||||||||||||
| Arizona Industrial Development Authority - Academies Math & Sci Oblg AZ† | 4.00% | 7/1/2029 | BB+ | 400,000 | 380,400 | |||||||||
| Arizona Industrial Development Authority - Basis Schools Inc Oblig AZ† | 5.00% | 7/1/2026 | BB | 415,000 | 417,239 | |||||||||
| Arlington Higher Education Finance Corp. - Newman Internantional Acdmy TX | 4.00% | 8/15/2031 | NR | 360,000 | 327,021 | |||||||||
| Arlington Higher Education Finance Corp. - Newman Internantional Acdmy TX | 4.375% | 8/15/2026 | NR | 1,570,000 | 1,538,355 | |||||||||
| Build NYC Res Corp - Shefa School NY† | 2.50% | 6/15/2031 | NR | 1,100,000 | 920,512 | (c) | ||||||||
| Build NYC Resource Corp. - Hellenic Classical School NY† | 4.00% | 12/1/2031 | NR | 700,000 | 615,947 | |||||||||
| California School Finance Authority - Green Dot Public Schs Obg CA† | 5.00% | 8/1/2025 | BBB- | 150,000 | 154,259 | |||||||||
| California School Finance Authority - Green Dot Public Schs Obg CA† | 5.00% | 8/1/2026 | BBB- | 150,000 | 155,637 | |||||||||
| California School Finance Authority - Green Dot Public Schs Obg CA† | 5.00% | 8/1/2027 | BBB- | 160,000 | 167,169 | |||||||||
| Capital Trust Agency, Inc. - Educational Growth Fund FL† | 3.375% | 7/1/2031 | NR | 4,785,000 | 4,243,093 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Ob FL† | 4.00% | 12/15/2023 | NR | 370,000 | 369,007 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Ob FL† | 4.00% | 12/15/2024 | NR | 385,000 | 382,077 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Ob FL† | 4.00% | 12/15/2025 | NR | 300,000 | 295,978 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Ob FL† | 5.00% | 12/15/2026 | NR | 300,000 | 304,060 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Ob FL† | 5.00% | 12/15/2027 | NR | 660,000 | 666,362 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Ob FL† | 5.00% | 12/15/2028 | NR | 690,000 | 694,421 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Ob FL† | 5.00% | 12/15/2029 | NR | 730,000 | 732,562 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Ob FL† | 5.00% | 12/15/2035 | NR | 2,165,000 | 2,092,834 | |||||||||
| See Notes to Schedule of Investments. | 145 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Fdtn OH | 5.00% | 12/1/2028 | BB+ | $ | 1,405,000 | $ | 1,437,072 | |||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 5.25% | 8/15/2026 | NR | 1,600,000 | 1,617,795 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 5.25% | 8/15/2028 | NR | 3,040,000 | 3,061,934 | |||||||||
| Florence Town, Inc. Industrial Development Authority - Legacy Tradtnl Sch Oblig AZ† | 5.00% | 7/1/2023 | BB+ | 45,000 | 45,393 | |||||||||
| Florida Development Finance Corp. - Renaissance Chtr 2020 C/D FL† | 4.00% | 9/15/2030 | NR | 470,000 | 430,643 | |||||||||
| Florida Development Finance Corp. - Renaissance Chtr Sch 2015 FL† | 5.00% | 6/15/2025 | NR | 170,000 | 169,647 | |||||||||
| George L Smith II Congress Center Authority - Signia Hotel Mgmt LLC GA† | 3.625% | 1/1/2031 | NR | 1,850,000 | 1,616,135 | |||||||||
| Illinois Finance Authority - Acero Chtr Schs Oblig Grp IL† | 4.00% | 10/1/2028 | BB+ | 580,000 | 550,768 | |||||||||
| Illinois Finance Authority - Acero Chtr Schs Oblig Grp IL† | 4.00% | 10/1/2030 | BB+ | 625,000 | 579,167 | |||||||||
| Illinois Finance Authority - Acero Chtr Schs Oblig Grp IL† | 4.00% | 10/1/2031 | BB+ | 985,000 | 901,447 | |||||||||
| Illinois Finance Authority - Acero Chtr Schs Oblig Grp IL† | 4.00% | 10/1/2032 | BB+ | 680,000 | 613,845 | |||||||||
| Industrial Development Authority of the City of Phoenix - Greathearts Az Oblig Grp AZ | 2.95% | 7/1/2026 | BBB- | 1,315,000 | 1,254,593 | |||||||||
| Industrial Development Authority of the County of Pima - Edkey Obligated Group AZ† | 3.50% | 7/1/2025 | NR | 760,000 | 735,440 | |||||||||
| Jefferson Parish Economic Development & Port District - Kenner Discovery Hlth Sci LA† | 4.80% | 6/15/2029 | NR | 2,390,000 | 2,357,399 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2026 | A3 | 1,000,000 | 1,028,838 | |||||||||
| Maryland Economic Development Corp. MD(d) | 5.00% | 12/1/2031 | NR | 1,500,000 | 900,000 | |||||||||
| Puerto Rico Electric Power Authority PR(d) | 5.00% | 7/1/2018 | NR | 50,000 | 36,000 | |||||||||
| Utah Charter School Finance Authority - Freedom Academy Fndtn UT† | 3.25% | 6/15/2031 | NR | 540,000 | 479,650 | |||||||||
| Utah Charter School Finance Authority - Freedom Academy Fndtn UT† | 4.50% | 6/15/2027 | NR | 2,410,000 | 2,350,240 | |||||||||
| Washington State Convention Center Public Facilities District WA | 3.00% | 7/1/2031 | Baa3 | 2,395,000 | 2,162,853 | |||||||||
| Washington State Convention Center Public Facilities District WA | 4.00% | 7/1/2030 | Baa3 | 925,000 | 916,341 | |||||||||
| Total | 37,702,133 | |||||||||||||
| 146 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax 4.65% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2023 | Ba3 | $ | 130,000 | $ | 130,398 | |||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2028 | NR | 1,430,000 | 1,431,588 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | 2,000,000 | 1,991,692 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 6.00% | 5/1/2042 | NR | 3,955,000 | 3,954,884 | |||||||||
| Atlanta Urban Redevelopment Agency GA† | 2.375% | 7/1/2026 | NR | 690,000 | 650,353 | |||||||||
| Atlanta Urban Redevelopment Agency GA† | 2.875% | 7/1/2031 | NR | 965,000 | 842,226 | |||||||||
| Babcock Ranch Community Independent Special District FL | 4.125% | 5/1/2027 | NR | 1,225,000 | 1,198,877 | |||||||||
| Babcock Ranch Community Independent Special District FL | 4.25% | 5/1/2032 | NR | 2,000,000 | 1,904,289 | |||||||||
| Celebration Pointe Community Development District No. 1 FL | 2.375% | 5/1/2026 | NR | 430,000 | 397,416 | |||||||||
| Celebration Pointe Community Development District No. 1 FL | 3.00% | 5/1/2031 | NR | 675,000 | 576,880 | |||||||||
| City of Baltimore MD | 4.50% | 6/1/2033 | NR | 400,000 | 385,164 | |||||||||
| City of Brunswick MD Special Tax | 3.00% | 7/1/2024 | NR | 475,000 | 466,206 | |||||||||
| County of Berkeley SC | 4.00% | 11/1/2030 | NR | 425,000 | 392,530 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri MO | 3.875% | 11/15/2029 | NR | 1,170,000 | 1,013,249 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.00% | 8/1/2027 | NR | 1,385,000 | 1,334,589 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.00% | 8/1/2029 | NR | 1,000,000 | 937,280 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.00% | 8/1/2031 | NR | 1,000,000 | 906,552 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 8.615% (CPI YoY | )# | 3/1/2025 | Baa1 | 1,585,000 | 1,610,753 | ||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 8.625% (CPI YoY * 1 + .88% | )# | 3/1/2026 | Baa1 | 1,350,000 | 1,382,416 | ||||||||
| Northern Palm Beach County Improvement District FL | 5.00% | 8/1/2037 | NR | 750,000 | 737,781 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 4.00% | 9/1/2023 | NR | 75,000 | 74,297 | |||||||||
| See Notes to Schedule of Investments. | 147 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2028 | NR | $ | 680,000 | $ | 637,513 | (c) | ||||||
| Plaza at Noah’s Ark Community Improvement District MO | 3.00% | 5/1/2023 | NR | 300,000 | 298,478 | |||||||||
| Plaza at Noah’s Ark Community Improvement District MO | 3.00% | 5/1/2025 | NR | 450,000 | 432,582 | |||||||||
| Plaza at Noah’s Ark Community Improvement District MO | 3.00% | 5/1/2026 | NR | 275,000 | 259,781 | |||||||||
| Plaza at Noah’s Ark Community Improvement District MO | 3.00% | 5/1/2030 | NR | 1,950,000 | 1,719,762 | |||||||||
| Rocky Mountain Rail Park Metropolitan District CO GO† | 5.00% | 12/1/2031 | NR | 1,500,000 | 1,408,899 | (c) | ||||||||
| Scranton Redevelopment Authority PA GTD | 5.00% | 11/15/2028 | BB+ | 225,000 | 214,639 | |||||||||
| Tahoe-Douglas Visitors Authority NV | 4.00% | 7/1/2027 | NR | 650,000 | 647,638 | |||||||||
| Tahoe-Douglas Visitors Authority NV | 5.00% | 7/1/2030 | NR | 2,755,000 | 2,885,192 | |||||||||
| Village Community Development District No. 12 FL† | 3.25% | 5/1/2023 | NR | 160,000 | 159,631 | |||||||||
| Village Community Development District No. 12 FL | 3.25% | 5/1/2026 | NR | 1,900,000 | 1,841,030 | |||||||||
| Village Community Development District No. 13 FL | 2.55% | 5/1/2031 | NR | 2,220,000 | 1,849,207 | |||||||||
| Village Community Development District No. 13 FL† | 2.625% | 5/1/2030 | NR | 1,465,000 | 1,256,162 | |||||||||
| Village Metropolitan District CO GO | 4.15% | 12/1/2030 | NR | 3,510,000 | 3,279,644 | |||||||||
| West Villages Improvement District FL | 4.00% | 5/1/2024 | NR | 370,000 | 368,075 | |||||||||
| West Villages Improvement District FL | 4.25% | 5/1/2029 | NR | 940,000 | 919,259 | |||||||||
| Total | 40,496,912 | |||||||||||||
| Tax Revenue 1.18% | ||||||||||||||
| American Samoa Economic Development | ||||||||||||||
| Authority AS† | 6.50% | 9/1/2028 | Ba3 | 1,000,000 | 1,076,221 | |||||||||
| City of Sparks NV† | 2.50% | 6/15/2024 | Ba2 | 260,000 | 252,259 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba2 | 3,110,000 | 2,779,856 | |||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2026 | NR | 1,000,000 | 1,027,359 | |||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2027 | NR | 1,000,000 | 1,032,580 | |||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2028 | NR | 1,000,000 | 1,035,935 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2033 | NR | 48,000 | 27,982 | |||||||||
| 148 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.329% | 7/1/2040 | NR | $ | 27,000 | $ | 24,390 | |||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.50% | 7/1/2034 | NR | 3,115,000 | 2,946,371 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.536% | 7/1/2053 | NR | 1,000 | 855 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.55% | 7/1/2040 | NR | 3,000 | 2,760 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.75% | 7/1/2053 | NR | 19,000 | 16,843 | |||||||||
| Total | 10,223,411 | |||||||||||||
| Tobacco 0.77% | ||||||||||||||
| City of San Diego Tobacco Settlement Revenue Funding Corp. CA | 4.00% | 6/1/2032 | A | 145,000 | 138,839 | |||||||||
| Commonwealth Financing Authority PA | 5.00% | 6/1/2023 | A1 | 760,000 | 764,921 | |||||||||
| Educational Enhancement Funding Corp. SD | 5.00% | 6/1/2024 | NR | 775,000 | 781,187 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CCC+ | 850,000 | 787,196 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CCC+ | 4,361,307 | 4,264,186 | |||||||||
| Total | 6,736,329 | |||||||||||||
| Transportation 9.02% | ||||||||||||||
| City & County of Denver - United Airlines Inc CO AMT | 5.00% | 10/1/2032 | B | 9,010,000 | 8,879,667 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2029 | AA- | 2,700,000 | 2,911,755 | |||||||||
| City of Philadelphia Airport Revenue PA AMT | 5.00% | 7/1/2031 | A2 | 1,900,000 | 2,072,926 | |||||||||
| E-470 Public Highway Authority CO | 3.231% (SOFR * .67 + .35% | )# | 9/1/2039 | A | 1,685,000 | 1,672,574 | ||||||||
| Maryland Economic Development Corp. - Consol Marine Terminals L MD | 5.75% | 9/1/2025 | BB | 13,505,000 | 13,618,169 | |||||||||
| Maryland Economic Development Corp. - Purple line Transit MD AMT | 5.00% | 11/12/2028 | Baa3 | 4,600,000 | 4,710,889 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2029 | A3 | 2,660,000 | 2,755,253 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2029 | A3 | 1,000,000 | 1,044,006 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2031 | A3 | 1,850,000 | 1,885,655 | |||||||||
| See Notes to Schedule of Investments. | 149 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Metropolitan Transportation Authority NY | 5.00% | #(a) | 11/15/2045 | A3 | $ | 5,135,000 | $ | 5,446,277 | ||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 4.00% | 10/1/2030 | Baa3 | 16,045,000 | 15,524,545 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 1/1/2024 | Baa3 | 1,000,000 | 1,006,661 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 1/1/2030 | Baa3 | 4,875,000 | 4,974,106 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 1/1/2036 | Baa3 | 5,000,000 | 4,973,553 | |||||||||
| New York Transportation Development Corp. - Empire St Thruway Partnrs NY AMT | 2.50% | 10/31/2031 | BBB- | (b) | 1,365,000 | 1,113,363 | ||||||||
| New York Transportation Development Corp. - Terminal One Group Assn NY AMT | 5.00% | 1/1/2023 | Baa3 | 1,055,000 | 1,055,000 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 3.625% | 9/15/2026 | NR | 500,000 | 476,647 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 4.25% | 9/15/2031 | NR | 1,500,000 | 1,418,301 | |||||||||
| Puerto Rico Highway & Transportation Authority PR | Zero Coupon | 7/1/2032 | NR | 5,000,000 | 2,975,000 | |||||||||
| Total | 78,514,347 | |||||||||||||
| Utilities 14.53% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2052 | Baa1 | 12,875,000 | 12,470,497 | ||||||||
| California Pollution Control Financing Authority - Poseidon Resources CA† | 5.00% | 7/1/2029 | Baa3 | 250,000 | 255,088 | |||||||||
| Central Plains Energy Project NE | 5.00% | #(a) | 5/1/2053 | A2 | 10,000,000 | 10,284,809 | ||||||||
| Charlotte County Industrial Development Authority - Mskp Town And Cntry Util FL† | 5.00% | 10/1/2029 | NR | 895,000 | 899,736 | |||||||||
| City of Rockport - Indiana Michigan Pwr Co IN | 3.05% | 6/1/2025 | A- | 1,610,000 | 1,612,850 | |||||||||
| Development Authority of Burke County - Oglethorpe Power Corp GA | 3.00% | #(a) | 11/1/2045 | A- | 1,535,000 | 1,534,491 | ||||||||
| Florida Development Finance Corp. - Waste Pro Usa Inc FL AMT | 3.00% | 6/1/2032 | NR | 18,910,000 | 14,305,056 | |||||||||
| Guam Power Authority GU | 5.00% | 10/1/2029 | BBB | 3,500,000 | 3,762,204 | |||||||||
| Indiana Finance Authority - Indianapolis Pwr & Lt Co IN | 1.40% | 8/1/2029 | A2 | 2,000,000 | 1,712,876 | |||||||||
| Kentucky Municipal Power Agency KY | 3.45% | #(a) | 9/1/2042 | Baa1 | 850,000 | 834,918 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 27,600,000 | 25,960,201 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 1,190,000 | 1,158,118 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2052 | A3 | 6,800,000 | 7,023,787 | ||||||||
| 150 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Public Authority for Colorado Energy CO | 6.125% | 11/15/2023 | A2 | $ | 540,000 | $ | 549,804 | |||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 5.00% | 7/1/2025 | NR | 4,585,000 | 4,589,226 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 5.00% | 7/1/2028 | NR | 5,000,000 | 4,950,336 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 5.00% | 7/1/2028 | NR | 4,750,000 | 4,702,863 | |||||||||
| Puerto Rico Electric Power Authority PR(d) | 4.10% | 7/1/2049 | NR | 240,000 | 170,100 | |||||||||
| Puerto Rico Electric Power Authority PR(d) | 4.25% | 7/1/2020 | NR | 970,000 | 687,488 | |||||||||
| Puerto Rico Electric Power Authority PR(d) | 5.25% | 7/1/2027 | D | (b) | 2,630,000 | 1,933,050 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 4.00% | #(a) | 12/1/2051 | A1 | 3,000,000 | 2,895,619 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.301% (SOFR * .67 + 2.42% | )# | 1/1/2053 | A1 | 10,000,000 | 10,198,049 | (c) | |||||||
| Tennergy Corp. TN | 5.50% | #(a) | 10/1/2053 | Baa1 | 13,195,000 | 13,967,592 | ||||||||
| Total | 126,458,758 | |||||||||||||
| Total Investments in Securities 98.13% (cost $887,721,366) | 853,829,916 | |||||||||||||
| Other Assets and Liabilities – Net(e) 1.87% | 16,265,439 | |||||||||||||
| Net Assets 100.00% | $ | 870,095,355 | ||||||||||||
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| COPS | Certificates of Participation. | |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| FHA | Insured by - Federal Housing Administration. | |
| GTD | Guaranteed. | |
| LIBOR | London Interbank Offered Rate. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield. | |
| NPFGC | Insured by - National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| SOFR | Secured Overnight Financing Rate. | |
| SONYMA | State of New York Mortgage Agency. | |
| TRIPS | Tax Refund Intercept Programs. | |
| YoY | Year on Year Inflation Rates. |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 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 December 31, 2022, the total value of Rule 144A securities was $211,625,601, which represents 24.32% 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. | |
| (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) | Defaulted (non-income producing security). | |
| (e) | Other Assets and Liabilities - Net include net unrealized appreciation/depreciation on futures contracts as follows: |
| See Notes to Schedule of Investments. | 151 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2022
Futures Contracts at December 31, 2022:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation | |||||||||||||
| U.S. 10-Year Treasury Note | March 2023 | 309 | Short | $ | (34,882,755 | ) | $ | (34,699,734 | ) | $ | 183,021 | ||||||||
| U.S. 5-Year Treasury Note | March 2023 | 152 | Short | (16,419,796 | ) | (16,405,313 | ) | 14,483 | |||||||||||
| Total Unrealized Appreciation on Futures Contracts | $ | 197,504 | |||||||||||||||||
The following is a summary of the inputs used as of December 31, 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 | $ | – | $ | 258,404,555 | $ | 2,774,691 | $ | 261,179,246 | ||||||||
| Education | – | 38,309,216 | 10,001,388 | 48,310,604 | ||||||||||||
| Health Care | – | 88,635,973 | 604,167 | 89,240,140 | ||||||||||||
| Lease Obligations | – | 20,037,834 | 987,609 | 21,025,443 | ||||||||||||
| Other Revenue | – | 36,781,621 | 920,512 | 37,702,133 | ||||||||||||
| Special Tax | – | 38,450,500 | 2,046,412 | 40,496,912 | ||||||||||||
| Utilities | – | 116,260,709 | 10,198,049 | 126,458,758 | ||||||||||||
| Remaining Industries | – | 229,416,680 | – | 229,416,680 | ||||||||||||
| Total | $ | – | $ | 826,297,088 | $ | 27,532,828 | $ | 853,829,916 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 197,504 | $ | – | $ | – | $ | 197,504 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 197,504 | $ | – | $ | – | $ | 197,504 | ||||||||
| (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.
| 152 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 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, 2022 | $ | 21,044,477 | ||
| Accrued Discounts (Premiums) | (8,722 | ) | ||
| Realized Gain (Loss) | (86,022 | ) | ||
| Change in Unrealized Appreciation (Depreciation) | 437,310 | |||
| Purchases | 10,000,000 | |||
| Sales | (622,708 | ) | ||
| Transfers into Level 3(a) | 6,349,136 | |||
| Transfers out of Level 3(a) | (9,580,643 | ) | ||
| Balance as of December 31, 2022 | $ | 27,532,828 | ||
| Change in unrealized appreciation/depreciation for the period ended December 31, 2022, related to Level 3 investments held at December 31, 2022 | $ | 342,506 | ||
| (a) | The fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology. | |
| See Notes to Schedule of Investments. | 153 |
Schedule of Investments (unaudited)
SUSTAINABLE MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 96.41% | ||||||||||||||
| MUNICIPAL BONDS 96.41% | ||||||||||||||
| Education 16.99% | ||||||||||||||
| Build NYC Resource Corp. - E Harlem Scholars Oblg Gp NY† | 5.00% | 6/1/2032 | NR | $ | 100,000 | $ | 99,773 | |||||||
| California Community Choice Financing Authority CA | 4.00% | #(a) | 5/1/2053 | A1 | 150,000 | 149,298 | ||||||||
| Cleveland State University OH | 5.00% | 6/1/2031 | A+ | 100,000 | 105,111 | |||||||||
| Minnesota Higher Education Facilities Authority - University Of St Thomas MN | 4.00% | 10/1/2036 | A2 | 150,000 | 150,308 | |||||||||
| New York State Dormitory Authority - Pratt Institute NY | 5.00% | 7/1/2031 | A2 | 150,000 | 158,450 | |||||||||
| New York State Dormitory Authority - Yeshiva University NY | 5.00% | 7/15/2029 | BBB- | 150,000 | 159,251 | |||||||||
| Stephen F Austin State University TX | 5.00% | 10/15/2028 | A1 | 25,000 | 26,834 | |||||||||
| Total | 849,025 | |||||||||||||
| General Obligation 15.60% | ||||||||||||||
| California Community Choice Financing Authority CA(b) | 5.00% | #(a) | 12/1/2053 | A2 | 150,000 | 156,402 | ||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2039 | BB | 125,000 | 108,815 | |||||||||
| Fort Bend Independent School District TX GO (PSF) | 0.875% | #(a) | 8/1/2050 | AAA | 150,000 | 140,171 | ||||||||
| New Caney Independent School District TX GO (PSF) | 1.25% | #(a) | 2/15/2050 | AAA | 150,000 | 144,804 | ||||||||
| Northside Independent School District TX GO (PSF) | 1.60% | #(a) | 8/1/2049 | AAA | 100,000 | 96,856 | ||||||||
| Pennsylvania Economic Development Financing Authority PA AMT | 5.50% | 6/30/2037 | Baa2 | 125,000 | 132,624 | |||||||||
| Total | 779,672 | |||||||||||||
| Health Care 32.61% | ||||||||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2026 | BBB | 150,000 | 151,784 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 4.00% | 12/1/2026 | BB | 200,000 | 194,698 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Hartford Healthcare CT | 5.00% | 7/1/2028 | A | 165,000 | 176,976 | |||||||||
| County of Franklin - Trinity Hlth Corp Oblig OH | 5.00% | 12/1/2036 | AA- | 150,000 | 163,923 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Oblig Grp NY | 5.00% | 7/1/2027 | BBB+ | 125,000 | 132,095 | |||||||||
| 154 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SUSTAINABLE MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Lee Memorial Hlth Sys FL | 5.00% | 4/1/2029 | A+ | $ | 50,000 | $ | 54,498 | |||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’S Hlthcr Oblig NJ | 5.00% | 7/1/2025 | BBB- | 150,000 | 153,894 | |||||||||
| Norfolk Economic Development Authority - Sentara Hlthcr Oblig Gp VA | 5.00% | #(a) | 11/1/2048 | AA | 150,000 | 164,445 | ||||||||
| State of Ohio - Univ Hosp Hlth Sys Obl Gp OH | 5.00% | 1/15/2032 | A | 150,000 | 162,549 | |||||||||
| Tarrant County Cultural Education Facilities Finance Corp. - Christus Health Obl Group TX | 5.00% | #(a) | 7/1/2053 | A1 | 250,000 | 275,183 | ||||||||
| Total | 1,630,045 | |||||||||||||
| Housing 5.58% | ||||||||||||||
| Maryland Community Development Administration MD | 3.50% | 3/1/2050 | Aa1 | 120,000 | 118,735 | |||||||||
| Maryland Economic Development Corp. MD | 5.375% | 7/1/2038 | NR | 150,000 | 159,928 | |||||||||
| Total | 278,663 | |||||||||||||
| Other Revenue 8.33% | ||||||||||||||
| Build NYC Res Corp - Shefa School NY† | 2.50% | 6/15/2031 | NR | 100,000 | 83,683 | (c) | ||||||||
| Duval County Public Schools FL COPS (AGM) | 5.00% | 7/1/2035 | NR | 150,000 | 167,298 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2027 | NR | 150,000 | 165,541 | |||||||||
| Total | 416,522 | |||||||||||||
| Transportation 14.39% | ||||||||||||||
| County of Osceola Transportation Revenue FL | 5.00% | 10/1/2028 | BBB+ | 100,000 | 103,256 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 5.00% | 1/15/2028 | A- | 125,000 | 133,444 | |||||||||
| Maryland Economic Development Corp. - Purple line Transit MD AMT | 5.00% | 11/12/2028 | Baa3 | 150,000 | 153,616 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.25% | 6/15/2036 | A3 | 200,000 | 219,616 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2029 | AA- | 100,000 | 109,091 | |||||||||
| Total | 719,023 | |||||||||||||
| See Notes to Schedule of Investments. | 155 |
Schedule of Investments (unaudited)(continued)
SUSTAINABLE MUNICIPAL BOND FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities 2.91% | ||||||||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2029 | A | $ | 140,000 | $ | 145,655 | |||||||
| Total Investments in Securities 96.41% (cost $4,901,969) | 4,818,605 | |||||||||||||
| Other Assets and Liabilities – Net 3.59% | 179,610 | |||||||||||||
| Net Assets 100.00% | $ | 4,998,215 | ||||||||||||
| AGM | Insured by - Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| COPS | Certificates of Participation. | |
| PSF | Permanent School Fund. |
| † | 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 December 31, 2022, the total value of Rule 144A securities was $183,456, which represents 3.67% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 2022. | |
| (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 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. |
The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund’s investments carried at fair value(1):
| Investment Type | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| Other Revenue | $ | – | $ | 332,839 | $ | 83,683 | $ | 416,522 | ||||||||
| Remaining Industries | – | 4,402,083 | – | 4,402,083 | ||||||||||||
| Total | $ | – | $ | 4,734,922 | $ | 83,683 | $ | 4,818,605 | ||||||||
| (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. |
| 156 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
SUSTAINABLE MUNICIPAL BOND FUND December 31, 2022
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, 2022 | $ | 81,853 | ||
| Accrued Discounts (Premiums) | 12 | |||
| Realized Gain (Loss) | – | |||
| Change in Unrealized Appreciation (Depreciation) | 1,818 | |||
| Purchases | – | |||
| Sales | – | |||
| Transfers into Level 3(a) | – | |||
| Transfers out of Level 3(a) | – | |||
| Balance as of December 31, 2022 | $ | 83,683 | ||
| Change in unrealized appreciation/depreciation for the period ended December 31, 2022, related to Level 3 investments held at December 31, 2022 | $ | 1,818 | ||
| (a) | The fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology. |
| See Notes to Schedule of Investments. | 157 |
Schedule of Investments (unaudited)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 98.31% | ||||||||||||||
| MUNICIPAL BONDS 98.31% | ||||||||||||||
| Corporate-Backed 3.05% | ||||||||||||||
| California Municipal Finance Authority - Waste Mgmt Inc CA AMT | 2.40% | #(a) | 10/1/2044 | A- | $ | 4,930,000 | $ | 4,400,059 | ||||||
| California Municipal Finance Authority CA AMT | 4.00% | 7/15/2029 | B+ | 2,430,000 | 2,369,929 | |||||||||
| California Pollution Control Financing Authority - Poseidon Resources CA AMT† | 5.00% | 11/21/2045 | Baa3 | 4,410,000 | 4,292,530 | |||||||||
| California Pollution Control Financing Authority - Waste Mgmt Inc CA AMT | 4.30% | 7/1/2040 | A- | 185,000 | 185,433 | |||||||||
| Long Beach Bond Finance Authority CA | 5.00% | 11/15/2029 | A2 | 1,285,000 | 1,355,652 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport - Sfo Fuel Co Llc CA AMT | 5.00% | 1/1/2038 | A1 | 1,715,000 | 1,781,574 | |||||||||
| Total | 14,385,177 | |||||||||||||
| Education 11.47% | ||||||||||||||
| Brentwood Union School District CA GO | 5.25% | 8/1/2052 | Aa3 | (b) | 2,125,000 | 2,358,746 | ||||||||
| California Community Choice Financing Authority CA | 4.00% | #(a) | 5/1/2053 | A1 | 4,350,000 | 4,329,637 | ||||||||
| California Educational Facilities Authority - Art Center Clg of Design CA | 5.00% | 12/1/2030 | Baa1 | 1,175,000 | 1,240,746 | |||||||||
| California Educational Facilities Authority - Art Center Clg of Design CA | 5.00% | 12/1/2044 | Baa1 | 1,500,000 | 1,511,574 | |||||||||
| California Educational Facilities Authority - Chapman University CA | 4.00% | 4/1/2047 | A2 | 1,910,000 | 1,764,598 | |||||||||
| California Educational Facilities Authority - Chapman University CA | 5.00% | 4/1/2040 | A2 | 1,000,000 | 1,023,212 | |||||||||
| California Educational Facilities Authority - Loyola Marymount Univ CA | 5.00% | 10/1/2048 | A2 | 1,000,000 | 1,038,705 | |||||||||
| California Educational Facilities Authority - Loyola Marymount Univ CA (NATL) | Zero Coupon | 10/1/2029 | A2 | 650,000 | 511,645 | |||||||||
| California Educational Facilities Authority - Loyola Marymount Univ CA (NATL) | Zero Coupon | 10/1/2033 | A2 | 1,720,000 | 1,137,441 | |||||||||
| California Educational Facilities Authority - Santa Clara University CA | 5.00% | 4/1/2039 | Aa3 | 1,000,000 | 1,033,850 | |||||||||
| California Educational Facilities Authority - Univ of San Francisco CA | 5.00% | 10/1/2037 | A2 | 1,000,000 | 1,066,031 | |||||||||
| 158 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| California Educational Facilities Authority - Univ of San Francisco CA | 5.00% | 10/1/2053 | A2 | $ | 2,000,000 | $ | 2,071,022 | |||||||
| California Infrastructure & Economic Development Bank - University Of California CA | 5.00% | 5/15/2047 | AA | (b) | 3,325,000 | 3,516,138 | ||||||||
| California Municipal Finance Authority - Biola University CA | 5.00% | 10/1/2029 | Baa1 | 330,000 | 334,851 | |||||||||
| California Municipal Finance Authority - Biola University CA | 5.00% | 10/1/2032 | Baa1 | 400,000 | 424,412 | |||||||||
| California Municipal Finance Authority - Biola University CA | 5.00% | 10/1/2042 | Baa1 | 1,500,000 | 1,522,051 | |||||||||
| California Municipal Finance Authority - Emerson College CA | 5.00% | 1/1/2042 | BBB+ | 3,190,000 | 3,213,664 | |||||||||
| California Municipal Finance Authority - Samuel Merritt University CA | 5.25% | 6/1/2053 | A3 | 3,000,000 | 3,216,777 | |||||||||
| California Municipal Finance Authority - Sdori Charter Sch Pptys CA† | 5.625% | 3/1/2045 | B+ | 500,000 | 458,819 | |||||||||
| California Municipal Finance Authority - Touro Clg & Univ Sys CA | 5.25% | 1/1/2040 | NR | (b) | 1,085,000 | 1,123,473 | ||||||||
| California Municipal Finance Authority - University of San Diego CA | 4.00% | 11/1/2042 | A2 | 1,125,000 | 1,081,553 | |||||||||
| California Municipal Finance Authority - University of San Diego CA | 4.00% | 11/1/2044 | A2 | 1,000,000 | 948,597 | |||||||||
| California Municipal Finance Authority - University of San Diego CA | 5.00% | 10/1/2049 | A1 | 2,000,000 | 2,100,553 | |||||||||
| California School Finance Authority - Aspire Public Schools Obl CA† | 5.00% | 8/1/2046 | NR | 85,000 | 89,981 | |||||||||
| California School Finance Authority - Green Dot Public Schs Obg CA† | 5.00% | 8/1/2045 | BBB- | 620,000 | 620,727 | |||||||||
| California School Finance Authority - Kipp Socal Pub Schs Obl CA† | 5.00% | 7/1/2045 | BBB | 540,000 | 542,891 | |||||||||
| California Statewide Communities Development Authority - Culinary Inst of America CA | 5.00% | 7/1/2046 | Baa2 | 1,010,000 | 1,013,529 | |||||||||
| Montebello Unified School District CA GO (AGM) | 5.50% | 8/1/2047 | A1 | 2,000,000 | 2,221,341 | |||||||||
| Morgan Hill Unified School District CA GO | 5.25% | 8/1/2040 | Aa1 | 1,000,000 | 1,148,713 | |||||||||
| Ripon Unified School District CA GO (BAM) | 5.50% | 8/1/2043 | AA | 1,000,000 | 1,073,558 | |||||||||
| See Notes to Schedule of Investments. | 159 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Santa Clarita Community College District CA GO | 5.25% | 8/1/2045 | AAA | $ | 1,500,000 | $ | 1,684,782 | |||||||
| University of California CA | 4.00% | 5/15/2041 | AA | 1,635,000 | 1,626,921 | |||||||||
| University of California CA | 5.00% | 5/15/2036 | AA- | 1,500,000 | 1,727,922 | |||||||||
| University of California CA | 5.00% | 5/15/2052 | AA | 2,500,000 | 2,723,251 | |||||||||
| University of California CA | 5.25% | 5/15/2058 | AA | 2,500,000 | 2,665,019 | |||||||||
| Total | 54,166,730 | |||||||||||||
| General Obligation 11.91% | ||||||||||||||
| Banning Unified School District CA GO (AGM) | 5.25% | 8/1/2042 | AA | 1,115,000 | 1,191,407 | |||||||||
| California Community Choice Financing Authority CA(c) | 5.00% | #(a) | 12/1/2053 | A2 | 750,000 | 782,010 | ||||||||
| Commonwealth of Puerto Rico PR GO | Zero Coupon | 7/1/2024 | NR | 52,336 | 48,527 | |||||||||
| Commonwealth of Puerto Rico PR GO | Zero Coupon | (a) | 11/1/2043 | NR | 739,145 | 324,300 | ||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2033 | NR | 6,526 | 5,672 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2037 | NR | 20,754 | 17,031 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2046 | NR | 2,000,000 | 1,505,532 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.25% | 7/1/2023 | NR | 87,405 | 87,417 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.375% | 7/1/2025 | NR | 174,326 | 175,762 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.625% | 7/1/2027 | NR | 172,747 | 176,214 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.625% | 7/1/2029 | NR | 169,945 | 174,172 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.75% | 7/1/2031 | NR | 165,067 | 171,017 | |||||||||
| Cupertino Union School District CA GO | 2.50% | 8/1/2033 | Aa1 | 740,000 | 685,874 | |||||||||
| Grossmont Union High School District CA GO (AGM) | Zero Coupon | 6/1/2040 | AA | (b) | 2,000,000 | 839,287 | ||||||||
| Hope Elementary School District CA GO | 4.00% | 8/1/2047 | AA | 2,000,000 | 1,942,419 | |||||||||
| Imperial Unified School District CA GO (BAM) | 5.25% | 8/1/2043 | AA | 2,000,000 | 2,229,934 | |||||||||
| Irvine Unified School District CA GO | 5.50% | 9/1/2035 | Aa1 | 1,060,000 | 1,191,552 | |||||||||
| Irvine Unified School District CA Special Tax (BAM) | 5.00% | 9/1/2038 | AA | 1,000,000 | 1,039,139 | |||||||||
| Irvine Unified School District CA Special Tax (BAM) | 5.00% | 9/1/2056 | AA | 1,000,000 | 1,049,250 | |||||||||
| Local Public Schools Funding Authority School Improvement District No. 2016-1 CA GO (BAM) | 4.00% | 8/1/2052 | AA | 1,615,000 | 1,539,081 | |||||||||
| 160 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Local Public Schools Funding Authority School Improvement District No. 2016-1 CA GO (BAM) | 5.00% | 8/1/2052 | AA | $ | 2,000,000 | $ | 2,113,917 | |||||||
| Long Beach Unified School District CA GO | 3.00% | 8/1/2037 | Aa2 | 2,420,000 | 2,130,929 | |||||||||
| New Haven Unified School District CA GO | 4.00% | 8/1/2044 | Aa3 | 1,250,000 | 1,218,925 | |||||||||
| Newport Mesa Unified School District CA GO | Zero Coupon | 8/1/2041 | Aaa | 1,325,000 | 609,816 | |||||||||
| Newport Mesa Unified School District CA GO | Zero Coupon | 8/1/2045 | Aaa | 2,000,000 | 755,484 | |||||||||
| North Orange County Community College District CA GO | 2.75% | 8/1/2036 | AA+ | 2,000,000 | 1,757,841 | |||||||||
| Orange Unified School District CA GO | 4.00% | 8/1/2047 | AA | 1,000,000 | 971,210 | |||||||||
| Panama-Buena Vista Union School District CA GO (BAM) | 2.625% | 8/1/2037 | AA | 1,510,000 | 1,219,158 | |||||||||
| Perris Union High School District CA GO (AGM) | 3.00% | 9/1/2044 | AA | 1,000,000 | 786,827 | |||||||||
| San Benito High School District CA GO | Zero Coupon | 8/1/2041 | Aa3 | 1,640,000 | 764,221 | |||||||||
| San Benito High School District CA GO | Zero Coupon | 8/1/2042 | Aa3 | 1,795,000 | 801,454 | |||||||||
| San Benito High School District CA GO | Zero Coupon | 8/1/2043 | Aa3 | 2,600,000 | 1,109,792 | |||||||||
| San Francisco Bay Area Rapid Transit District CA GO | 5.25% | 8/1/2047 | Aaa | 2,345,000 | 2,620,246 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% | 5/1/2042 | A+ | 1,000,000 | 1,031,061 | |||||||||
| San Gorgonio Memorial Health Care District CA GO | 5.00% | 8/1/2032 | Ba2 | 1,000,000 | 990,134 | |||||||||
| San Leandro Unified School District CA GO (BAM) | 5.25% | 8/1/2046 | AA | 1,750,000 | 1,863,925 | |||||||||
| San Rafael City Elementary School District CA GO | 4.50% | 8/1/2042 | AA | 1,150,000 | 1,172,528 | |||||||||
| Santa Ana Unified School District CA GO | 3.25% | 8/1/2042 | Aa3 | 500,000 | 418,820 | |||||||||
| Santa Barbara Unified School District CA GO | 4.00% | 8/1/2036 | Aa1 | 750,000 | 766,612 | |||||||||
| Santa Rita Union School District CA GO | 2.50% | 8/1/2031 | AA- | 1,235,000 | 1,171,569 | |||||||||
| Southwestern Community College District CA GO | Zero Coupon | 8/1/2041 | Aa2 | 1,100,000 | 501,575 | |||||||||
| See Notes to Schedule of Investments. | 161 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| State of California CA GO | 3.00% | 10/1/2033 | Aa2 | $ | 1,250,000 | $ | 1,193,071 | |||||||
| State of California CA GO | 5.00% | 4/1/2032 | Aa2 | 2,200,000 | 2,621,560 | |||||||||
| State of California CA GO | 5.00% | 10/1/2041 | Aa2 | 1,000,000 | 1,104,151 | |||||||||
| State of California CA GO | 5.00% | 4/1/2042 | Aa2 | 2,000,000 | 2,224,866 | |||||||||
| State of California CA GO | 5.25% | 8/1/2032 | Aa2 | 2,500,000 | 2,646,542 | |||||||||
| State of California CA GO | 5.25% | 9/1/2047 | Aa2 | 3,000,000 | 3,378,713 | |||||||||
| Sweetwater Union High School District CA GO (BAM) | 5.00% | 8/1/2027 | AA | 1,000,000 | 1,031,425 | |||||||||
| West Contra Costa Unified School District CA GO | 4.00% | 8/1/2043 | AA- | 1,000,000 | 974,868 | |||||||||
| West Contra Costa Unified School District CA GO | 6.00% | 8/1/2027 | AA- | 1,000,000 | 1,138,801 | |||||||||
| Total | 56,265,638 | |||||||||||||
| Health Care 12.31% | ||||||||||||||
| Abag Finance Authority for Nonprofit Corps - Sharp Healthcare CA Oblig | 5.00% | 8/1/2043 | AA | 1,000,000 | 1,004,746 | |||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2026 | BBB | 850,000 | 860,111 | |||||||||
| Antelope Valley Healthcare District CA | 5.25% | 3/1/2036 | BBB | 1,000,000 | 1,018,823 | |||||||||
| California Health Facilities Financing Authority - Adventist Hlth Sys/W Oblg CA | 3.00% | 3/1/2039 | A- | 2,475,000 | 2,018,280 | |||||||||
| California Health Facilities Financing Authority - Children’S Hosp La Oblig CA | 5.00% | 8/15/2047 | BBB+ | 3,000,000 | 3,040,001 | |||||||||
| California Health Facilities Financing Authority - Childrens Hosp Orange Obl CA | 3.00% | 11/1/2038 | AA- | 3,000,000 | 2,546,881 | |||||||||
| California Health Facilities Financing Authority - Childrens Hosp Orange Obl CA | 4.00% | 11/1/2035 | AA- | 570,000 | 577,803 | |||||||||
| California Health Facilities Financing Authority - Childrens Hosp Orange Obl CA | 5.00% | 11/1/2033 | AA- | 1,300,000 | 1,466,892 | |||||||||
| California Health Facilities Financing Authority - Childrens Hosp Orange Obl CA | 5.00% | 11/1/2034 | AA- | 1,200,000 | 1,339,363 | |||||||||
| California Health Facilities Financing Authority - City of Hope Oblig Group CA | 4.00% | 11/15/2045 | A | 2,000,000 | 1,807,792 | |||||||||
| California Health Facilities Financing Authority - Commonspirit Hlth Oblig CA | 4.00% | 4/1/2044 | A- | 1,250,000 | 1,128,886 | |||||||||
| California Health Facilities Financing Authority - Commonspirit Hlth Oblig CA | 4.00% | 4/1/2045 | A- | 1,250,000 | 1,120,554 | |||||||||
| 162 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Health Facilities Financing Authority - Kaiser Fdtn Hospitals CA | 5.00% | 11/1/2047 | AA- | $ | 1,000,000 | $ | 1,135,228 | |||||||
| California Health Facilities Financing Authority - Providence St Joseph Obl CA | 4.00% | 10/1/2047 | A+ | 2,115,000 | 2,064,788 | |||||||||
| California Health Facilities Financing Authority - Sutter Health Oblig Group CA | 4.00% | 11/15/2042 | A1 | 1,715,000 | 1,666,581 | |||||||||
| California Municipal Finance Authority - Channing House CA | 5.00% | 5/15/2047 | AA- | 2,000,000 | 2,070,824 | |||||||||
| California Municipal Finance Authority - Cmnty Hlth Ctrs Ctl Coast CA† | 5.00% | 12/1/2054 | NR | 750,000 | 705,178 | |||||||||
| California Municipal Finance Authority - Cmnty Hosps Ctrl Ca Grp | 5.00% | 2/1/2040 | A- | 500,000 | 524,420 | |||||||||
| California Municipal Finance Authority - Cmnty Hosps Ctrl Ca Grp CA | 4.00% | 2/1/2042 | A- | 1,165,000 | 1,115,272 | |||||||||
| California Municipal Finance Authority - Cmnty Hosps Ctrl Ca Grp CA | 5.00% | 2/1/2047 | A- | 2,000,000 | 2,050,692 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center CA | 5.00% | 7/1/2032 | Baa2 | 1,055,000 | 1,108,246 | |||||||||
| California Municipal Finance Authority CA | 4.00% | 8/15/2037 | A- | 1,000,000 | 974,937 | |||||||||
| California Public Finance Authority - Hoag Mem Hosp Oblig Grp CA | 4.00% | 7/15/2051 | AA | 1,000,000 | 945,055 | |||||||||
| California Statewide Communities Development Authority - Cedars-Sinai Med Ctr CA | 4.00% | 7/1/2048 | AA- | 1,000,000 | 959,458 | |||||||||
| California Statewide Communities Development Authority - Emanate Hlth Oblig Group CA | 4.00% | 4/1/2037 | A | 1,400,000 | 1,378,795 | |||||||||
| California Statewide Communities Development Authority - Humangood Ca CA | 5.00% | 10/1/2045 | A- | 1,000,000 | 1,008,602 | |||||||||
| California Statewide Communities Development Authority - Kaiser Fdtn Hospitals CA | 5.00% | (a) | 5/1/2033 | AA- | 1,030,000 | 1,168,990 | ||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Obl CA | 5.25% | 12/1/2034 | BB | 2,150,000 | 2,194,934 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Obl CA† | 5.25% | 12/1/2043 | BB | 1,000,000 | 1,008,939 | |||||||||
| See Notes to Schedule of Investments. | 163 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Obl CA† | 5.25% | 12/1/2056 | BB | $ | 1,015,000 | $ | 1,006,327 | |||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Obl CA | 5.50% | 12/1/2054 | BB | 2,200,000 | 2,210,371 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Obl CA† | 5.50% | 12/1/2058 | BB | 1,555,000 | 1,566,163 | |||||||||
| California Statewide Communities Development Authority - Verity Hlth Sys Oblig CA | 5.50% | 7/1/2039 | NR | 15,140 | 14,232 | |||||||||
| City of Oroville - Oroville Hospital CA | 5.25% | 4/1/2049 | B+ | 1,695,000 | 1,614,514 | |||||||||
| Palomar Health CA | 5.00% | 11/1/2036 | BBB | 1,250,000 | 1,273,405 | |||||||||
| Palomar Health CA | 5.00% | 11/1/2039 | BBB | 3,750,000 | 3,777,488 | |||||||||
| Regents of the University of California Medical Center Pooled Revenue CA | 5.00% | 5/15/2035 | AA- | 2,000,000 | 2,287,639 | |||||||||
| Regents of the University of California Medical Center Pooled Revenue CA | 5.00% | 5/15/2047 | AA- | 2,000,000 | 2,157,402 | |||||||||
| Washington Township Health Care District CA | 3.00% | 7/1/2037 | Baa2 | 1,440,000 | 1,109,535 | |||||||||
| Washington Township Health Care District CA | 5.00% | 7/1/2032 | Baa2 | 1,075,000 | 1,131,656 | |||||||||
| Total | 58,159,803 | |||||||||||||
| Housing 7.41% | ||||||||||||||
| California Community Housing Agency CA† | 3.00% | 2/1/2057 | NR | 1,740,000 | 1,158,540 | |||||||||
| California Community Housing Agency CA† | 4.00% | 2/1/2050 | NR | 1,000,000 | 745,726 | |||||||||
| California Community Housing Agency CA† | 5.00% | 8/1/2050 | NR | 1,000,000 | 889,276 | |||||||||
| California Enterprise Development Authority - Provident Grp-Sdsu Pptys CA | 5.00% | 8/1/2045 | Baa3 | 1,745,000 | 1,751,482 | |||||||||
| California Housing Finance Agency CA | 3.25% | 8/20/2036 | BBB | (b) | 4,426,432 | 3,829,817 | ||||||||
| California Housing Finance Agency CA | 3.50% | 11/20/2035 | BBB+ | (b) | 3,322,713 | 3,007,507 | ||||||||
| California Housing Finance Agency CA | 4.00% | 3/20/2033 | BBB+ | 3,006,493 | 2,904,195 | |||||||||
| California Housing Finance Agency CA | 4.25% | 1/15/2035 | BBB+ | 5,770,711 | 5,582,759 | |||||||||
| California Infrastructure & Economic Development Bank - Equitable Sch Revolv Obl CA | 5.00% | 11/1/2044 | A | 1,050,000 | 1,074,016 | |||||||||
| 164 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| California Municipal Finance Authority - Biola University CA | 5.00% | 10/1/2034 | Baa1 | $ | 1,000,000 | $ | 1,055,626 | |||||||
| California Municipal Finance Authority - Bowles Hall Foundation CA | 5.00% | 6/1/2050 | Baa3 | 500,000 | 500,085 | |||||||||
| California Municipal Finance Authority - Caritas Affordable Hsg CA | 5.00% | 8/15/2030 | A- | 1,050,000 | 1,072,025 | |||||||||
| California Municipal Finance Authority - CHF-Davis II LLC CA (BAM) | 4.00% | 5/15/2046 | AA | 4,625,000 | 4,199,296 | |||||||||
| California Statewide Communities Development Authority - Chf-Irvine LLC CA | 5.00% | 5/15/2035 | Baa1 | 1,100,000 | 1,117,619 | |||||||||
| California Statewide Communities Development Authority - Chf-Irvine LLC CA (BAM) | 4.00% | 5/15/2046 | AA | 1,000,000 | 953,204 | |||||||||
| CSCDA Community Improvement Authority CA† | 2.65% | 12/1/2046 | NR | (b) | 3,450,000 | 2,579,314 | ||||||||
| CSCDA Community Improvement Authority CA† | 3.00% | 6/1/2047 | NR | 2,500,000 | 1,836,592 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 8/1/2056 | NR | (b) | 1,000,000 | 762,746 | ||||||||
| Total | 35,019,825 | |||||||||||||
| Lease Obligations 1.48% | ||||||||||||||
| California State Public Works Board CA | 4.00% | 11/1/2046 | Aa3 | 2,500,000 | 2,403,420 | |||||||||
| County of Santa Barbara CA COPS AMT | 5.00% | 12/1/2036 | AA | 3,395,000 | 3,616,713 | |||||||||
| San Bernardino City Unified School District CA COPS (AGM) | 5.00% | 10/1/2031 | AA | 860,000 | 958,273 | |||||||||
| Total | 6,978,406 | |||||||||||||
| Other Revenue 2.66% | ||||||||||||||
| California Infrastructure & Economic Development Bank - California Sciences CTR CA | 4.00% | 5/1/2046 | A- | 3,000,000 | 2,795,152 | |||||||||
| California Infrastructure & Economic Development Bank - Los Angeles Cnty Museum CA | 4.00% | 7/1/2050 | A2 | (b) | 4,000,000 | 3,563,674 | ||||||||
| California Municipal Finance Authority - Oceaa Facilities LLC CA | 6.75% | 10/1/2028 | NR | 800,000 | 800,669 | |||||||||
| California School Finance Authority - Aspire Public Schools Obl CA† | 4.00% | 8/1/2051 | BBB | 785,000 | 643,839 | |||||||||
| California School Finance Authority - Green Dot Public Schs Obg CA† | 5.00% | 8/1/2038 | BBB- | 1,000,000 | 1,025,913 | |||||||||
| See Notes to Schedule of Investments. | 165 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| California School Finance Authority - Kipp Socal Pub Schs Obl CA† | 5.00% | 7/1/2034 | BBB | $ | 600,000 | $ | 608,696 | |||||||
| Commonwealth of Puerto Rico PR | 5.068% | # | 11/1/2051 | NR | 2,500,000 | 1,096,875 | ||||||||
| M-S-R Energy Authority CA | 6.125% | 11/1/2029 | BBB+ | 1,835,000 | 2,031,781 | |||||||||
| Total | 12,566,599 | |||||||||||||
| Pre-Refunded 0.14% | ||||||||||||||
| M-S-R Energy Authority CA | 6.50% | 11/1/2039 | BBB+ | 555,000 | 664,737 | |||||||||
| Special Tax 4.18% | ||||||||||||||
| Brentwood Infrastructure Financing Authority CA | 5.00% | 9/2/2036 | NR | 500,000 | 507,704 | |||||||||
| City & County of San Francisco Special Tax District No. CA Special Tax† | 4.00% | 9/1/2041 | NR | 2,500,000 | 2,187,336 | |||||||||
| City of Irvine CA | 5.00% | 9/2/2028 | NR | 1,000,000 | 1,038,919 | |||||||||
| City of Irvine CA Special Tax | 5.00% | 9/1/2044 | NR | 500,000 | 503,466 | |||||||||
| City of Roseville CA Special Tax | 5.00% | 9/1/2031 | NR | 1,000,000 | 1,033,970 | |||||||||
| City of San Clemente CA Special Tax | 5.00% | 9/1/2040 | NR | 970,000 | 984,015 | |||||||||
| County of Los Angeles Community Facilities District No. CA Special Tax | 5.00% | 9/1/2052 | NR | 1,500,000 | 1,492,031 | |||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A | 1,325,000 | 1,349,499 | |||||||||
| Lake Elsinore Public Financing Authority CA Special Tax | 5.00% | 9/1/2035 | NR | 920,000 | 943,834 | |||||||||
| Orange County Community Facilities District CA Special Tax | 5.00% | 8/15/2047 | NR | 1,000,000 | 1,011,814 | |||||||||
| Poway Unified School District Public Financing Authority CA Special Tax (BAM) | 5.00% | 9/1/2035 | AA+ | 1,770,000 | 1,853,195 | |||||||||
| River Islands Public Financing Authority CA (AGM) | 4.00% | 9/1/2040 | AA | 1,000,000 | 987,194 | |||||||||
| River Islands Public Financing Authority CA (AGM) | 4.00% | 9/1/2045 | AA | 2,000,000 | 1,909,840 | |||||||||
| River Islands Public Financing Authority CA (AGM) | 4.00% | 9/1/2050 | AA | 1,400,000 | 1,314,971 | |||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.25% | 9/1/2052 | AA | 1,000,000 | 1,076,493 | |||||||||
| Temecula Valley Unified School District Financing Authority CA Special Tax (BAM) | 5.00% | 9/1/2035 | AA | 1,505,000 | 1,560,632 | |||||||||
| Total | 19,754,913 | |||||||||||||
| 166 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue 5.98% | ||||||||||||||
| Anaheim Public Financing Authority CA (BAM) | 5.00% | 9/1/2035 | AA | $ | 2,000,000 | $ | 2,141,909 | |||||||
| City of Irvine CA | 4.00% | 9/2/2039 | A | 1,000,000 | 983,689 | |||||||||
| City of Sacramento Transient Occupancy Tax Revenue CA | 5.00% | 6/1/2048 | A1 | 1,000,000 | 1,042,125 | |||||||||
| Compton Community Redevelopment Agency Successor Agency (AGM) | 5.00% | 8/1/2037 | AA | 1,700,000 | 1,818,525 | |||||||||
| Fresno Unified School District CA GO | 5.00% | 8/1/2046 | Aa3 | (b) | 1,000,000 | 1,076,968 | ||||||||
| Oxnard Union High School District CA GO | 4.00% | 8/1/2047 | Aa2 | 2,500,000 | 2,428,024 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2033 | NR | 134,000 | 78,116 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2051 | NR | 501,000 | 90,814 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.329% | 7/1/2040 | NR | 350,000 | 316,168 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.329% | 7/1/2040 | NR | 3,971,000 | 3,587,156 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.536% | 7/1/2053 | NR | 7,000 | 5,986 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.55% | 7/1/2040 | NR | 313,000 | 287,934 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.75% | 7/1/2053 | NR | 296,000 | 262,388 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 5.00% | 7/1/2058 | NR | 3,760,000 | 3,423,217 | |||||||||
| San Diego Unified School District CA GO | 3.00% | 7/1/2044 | Aa2 | 4,400,000 | 3,459,471 | |||||||||
| San Leandro Unified School District CA GO | 5.25% | 8/1/2048 | AA- | 2,100,000 | 2,329,567 | |||||||||
| San Rafael City High School District CA GO | 5.25% | 8/1/2052 | Aa2 | 1,215,000 | 1,324,621 | |||||||||
| Territory of Guam GU | 4.00% | 1/1/2036 | Ba1 | (b) | 2,750,000 | 2,577,593 | ||||||||
| Tustin Community Facilities District CA Special Tax | 5.00% | 9/1/2037 | A- | 1,000,000 | 1,034,337 | |||||||||
| Total | 28,268,608 | |||||||||||||
| Tobacco 4.41% | ||||||||||||||
| California County Tobacco Securitization Agency - Sonoma Cnty Securtzn Corp CA | 4.00% | 6/1/2049 | BBB+ | 1,450,000 | 1,240,546 | |||||||||
| California County Tobacco Securitization Agency CA | Zero Coupon | 6/1/2055 | NR | (b) | 3,000,000 | 552,692 | ||||||||
| California County Tobacco Securitization Agency CA | 5.00% | 6/1/2049 | BBB+ | 1,020,000 | 1,023,712 | |||||||||
| See Notes to Schedule of Investments. | 167 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| California Statewide Financing Authority CA | Zero Coupon | 6/1/2046 | NR | $ | 8,675,000 | $ | 2,012,533 | |||||||
| California Statewide Financing Authority CA† | Zero Coupon | 6/1/2055 | NR | 10,000,000 | 451,590 | |||||||||
| City of San Diego Tobacco Settlement Revenue Funding Corp. CA | 4.00% | 6/1/2032 | A | 1,035,000 | 991,024 | |||||||||
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | (b) | 19,500,000 | 2,271,272 | ||||||||
| Golden State Tobacco Securitization Corp. CA | 5.00% | 6/1/2029 | NR | (b) | 1,000,000 | 1,107,297 | ||||||||
| Golden State Tobacco Securitization Corp. CA | 5.00% | 6/1/2034 | NR | (b) | 1,050,000 | 1,183,471 | ||||||||
| Inland Empire Tobacco Securitization Corp. CA† | Zero Coupon | 6/1/2057 | CCC | 3,000,000 | 163,892 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2041 | NR | 5,000,000 | 1,720,533 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2056 | NR | 2,250,000 | 177,464 | |||||||||
| Tobacco Securitization Authority of Northern California - Sacramento County Tobacco CA | 4.00% | 6/1/2049 | BBB+ | 3,250,000 | 2,867,436 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco CA | Zero Coupon | 6/1/2046 | CCC- | 2,500,000 | 386,187 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco CA | Zero Coupon | 6/1/2054 | NR | 4,800,000 | 859,109 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco CA | 5.00% | 6/1/2038 | A- | 1,000,000 | 1,031,268 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco CA | 5.00% | 6/1/2039 | A- | 1,000,000 | 1,027,532 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco CA | 5.00% | 6/1/2048 | BBB+ | 1,675,000 | 1,691,537 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco CA | 5.00% | 6/1/2048 | BBB- | 85,000 | 84,639 | |||||||||
| Total | 20,843,734 | |||||||||||||
| 168 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation 19.62% | ||||||||||||||
| Alameda Corridor Transportation Authority CA (AGM) | 5.00% | 10/1/2052 | AA | $ | 9,000,000 | $ | 9,663,874 | |||||||
| California Municipal Finance Authority - Lax Integrated Express CA AMT | 4.00% | 12/31/2047 | BBB- | 5,590,000 | 4,723,874 | |||||||||
| California Municipal Finance Authority - Lax Integrated Express CA AMT | 5.00% | 12/31/2034 | BBB- | 1,700,000 | 1,756,129 | |||||||||
| California Municipal Finance Authority - Lax Integrated Express CA AMT | 5.00% | 12/31/2035 | BBB- | 1,000,000 | 1,027,586 | |||||||||
| California Municipal Finance Authority - Lax Integrated Express CA AMT | 5.00% | 12/31/2043 | BBB- | 4,700,000 | 4,731,794 | |||||||||
| City of Long Beach Airport System Revenue CA AMT (AGM) | 5.25% | 6/1/2047 | AA | 1,250,000 | 1,310,055 | |||||||||
| City of Long Beach Harbor Revenue CA AMT | 5.00% | 5/15/2028 | AA+ | 1,000,000 | 1,055,502 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2032 | NR | 105,000 | 122,998 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2032 | NR | 1,895,000 | 2,076,174 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2039 | AA | 1,000,000 | 1,051,073 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2043 | AA- | 1,000,000 | 1,025,236 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2044 | AA- | 4,090,000 | 4,184,274 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2046 | AA- | 1,000,000 | 1,011,044 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2047 | AA | 3,000,000 | 3,148,452 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2048 | AA- | 2,000,000 | 2,057,966 | |||||||||
| County of Sacramento Airport System Revenue CA | 5.00% | 7/1/2041 | A | 1,130,000 | 1,160,858 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2033 | A | 1,500,000 | 991,590 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2042 | A | 1,150,000 | 1,241,967 | |||||||||
| See Notes to Schedule of Investments. | 169 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2043 | A- | $ | 8,710,000 | $ | 8,207,125 | |||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2046 | A | 2,500,000 | 2,315,174 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2046 | A | 3,500,000 | 3,241,244 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2031 | A | 1,750,000 | 1,911,959 | |||||||||
| Ontario International Airport Authority CA (AGM) | 5.00% | 5/15/2046 | AA | 1,500,000 | 1,590,364 | |||||||||
| Port Commission of the City & County of San Francisco CA AMT | 5.00% | 3/1/2030 | Aa3 | 1,415,000 | 1,444,248 | |||||||||
| Riverside County Transportation Commission CA | Zero Coupon | 6/1/2028 | NR | 465,000 | 396,805 | |||||||||
| Riverside County Transportation Commission CA | Zero Coupon | 6/1/2028 | A | 535,000 | 432,213 | |||||||||
| Riverside County Transportation Commission CA | 4.00% | 6/1/2047 | A- | 1,625,000 | 1,497,596 | |||||||||
| San Diego County Regional Airport Authority CA | 4.00% | 7/1/2046 | A2 | 1,000,000 | 932,101 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 4.00% | 7/1/2046 | A2 | 1,750,000 | 1,549,575 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 5.00% | 7/1/2047 | A | 2,000,000 | 2,022,892 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2031 | A1 | 6,500,000 | 7,108,876 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2032 | A+ | 1,500,000 | 1,636,125 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2045 | A+ | 1,515,000 | 1,547,057 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2050 | A+ | 4,000,000 | 4,049,258 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2052 | A1 | 5,500,000 | 5,579,792 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2044 | A- | 2,100,000 | 2,125,841 | |||||||||
| 170 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2049 | A- | $ | 1,930,000 | $ | 1,949,304 | |||||||
| San Joaquin Hills Transportation Corridor Agency CA (NATL) | Zero Coupon | 1/15/2036 | Baa2 | 1,450,000 | 809,759 | |||||||||
| Total | 92,687,754 | |||||||||||||
| Utilities 13.69% | ||||||||||||||
| Adelanto Public Utility Authority CA (AGM) | 5.00% | 7/1/2039 | AA | 1,335,000 | 1,428,672 | |||||||||
| California Community Choice Financing Authority CA | 4.00% | #(a) | 2/1/2052 | A1 | 3,525,000 | 3,471,027 | ||||||||
| California Community Choice Financing Authority CA | 4.00% | (a) | 10/1/2052 | A2 | 2,350,000 | 2,359,895 | ||||||||
| California Pollution Control Financing Authority - Poseidon Resources CA† | 5.00% | 7/1/2039 | Baa3 | 750,000 | 733,521 | |||||||||
| California Pollution Control Financing Authority - Poseidon Resources CA† | 5.00% | 11/21/2045 | Baa3 | 3,870,000 | 3,667,803 | |||||||||
| Casitas Municipal Water District CA Special Tax (BAM) | 5.25% | 9/1/2047 | AA | 1,525,000 | 1,596,348 | |||||||||
| Guam Power Authority GU (AGM) | 5.00% | 10/1/2034 | AA | (b) | 705,000 | 729,103 | ||||||||
| Long Beach Bond Finance Authority CA | 4.516% (3 Mo. LIBOR * .67 + 1.43% | )# | 11/15/2026 | A2 | 1,000,000 | 985,843 | ||||||||
| Long Beach Bond Finance Authority CA | 5.50% | 11/15/2037 | A2 | 1,900,000 | 2,073,658 | |||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2043 | Aa2 | 2,000,000 | 2,199,261 | |||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2048 | Aa2 | 2,000,000 | 2,149,481 | |||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2051 | Aa2 | 1,200,000 | 1,288,582 | |||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2052 | Aa2 | 2,645,000 | 2,855,605 | |||||||||
| Los Angeles Department of Water & Power CA | 5.25% | 7/1/2037 | Aa2 | 1,500,000 | 1,619,542 | |||||||||
| Los Angeles Department of Water & Power CA | 5.25% | 7/1/2049 | Aa2 | 2,000,000 | 2,153,346 | |||||||||
| Mountain House Public Financing Authority CA (BAM) | 4.00% | 12/1/2045 | AA | 2,720,000 | 2,535,886 | |||||||||
| M-S-R Energy Authority CA | 6.50% | 11/1/2039 | BBB+ | 2,625,000 | 3,144,025 | |||||||||
| M-S-R Energy Authority CA | 7.00% | 11/1/2034 | BBB+ | 5,000,000 | 6,183,822 | |||||||||
| See Notes to Schedule of Investments. | 171 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Northern California Energy Authority CA | 4.00% | (a) | 7/1/2049 | A2 | $ | 2,500,000 | $ | 2,498,318 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 4.00% | 7/1/2042 | NR | 700,000 | 563,157 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 5.00% | 7/1/2030 | NR | 750,000 | 737,581 | |||||||||
| Puerto Rico Electric Power Authority PR(d) | 5.25% | 7/1/2024 | D | (b) | 255,000 | 187,425 | ||||||||
| Puerto Rico Electric Power Authority PR(d) | 5.25% | 7/1/2033 | D | (b) | 115,000 | 84,525 | ||||||||
| Puerto Rico Electric Power Authority PR(d) | 7.00% | 7/1/2040 | D | (b) | 450,000 | 338,625 | ||||||||
| San Diego Public Facilities Financing Authority CA | 5.00% | 8/1/2043 | Aa3 | 1,000,000 | 1,078,081 | |||||||||
| San Francisco City & County Public Utilities Commission Wastewater Revenue CA | 4.00% | 10/1/2043 | AA | 1,250,000 | 1,227,267 | |||||||||
| San Francisco City & County Public Utilities Commission Wastewater Revenue CA | 5.00% | 10/1/2046 | AA | 2,000,000 | 2,183,235 | |||||||||
| Southern California Public Power Authority CA | 4.445% (3 Mo. LIBOR * .67 + 1.47% | )# | 11/1/2038 | A2 | 770,000 | 662,611 | ||||||||
| Southern California Public Power Authority CA | 5.00% | 11/1/2033 | A2 | 5,575,000 | 5,988,757 | |||||||||
| Southern California Public Power Authority CA | 5.00% | 7/1/2038 | AA- | 1,000,000 | 1,027,694 | |||||||||
| Stockton Public Financing Authority CA (BAM) | 5.00% | 9/1/2029 | AA | 1,000,000 | 1,029,489 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2025 | BBB+ | 1,130,000 | 1,179,656 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2029 | BBB+ | 1,370,000 | 1,491,369 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2031 | BBB+ | 765,000 | 829,706 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2032 | BBB+ | 1,090,000 | 1,176,536 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2034 | BBB+ | 300,000 | 319,681 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2035 | BBB+ | 200,000 | 210,518 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2038 | BBB+ | 650,000 | 676,002 | |||||||||
| Total | 64,665,653 | |||||||||||||
| Total Investments in Securities 98.31% (cost $492,659,930) | 464,427,577 | |||||||||||||
| Other Assets and Liabilities – Net(e) 1.69% | 7,987,804 | |||||||||||||
| Net Assets 100.00% | $ | 472,415,381 | ||||||||||||
| 172 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
CALIFORNIA TAX FREE FUND December 31, 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. | |
| COPS | Certificates of Participation. | |
| LIBOR | London Interbank Offered Rate. | |
| NR | Not Rated. |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 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 December 31, 2022, the total value of Rule 144A securities was $29,047,077, which represents 6.15% 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. | |
| (c) | Securities purchased on a when-issued basis. | |
| (d) | Defaulted (non-income producing security). | |
| (e) | Other Assets and Liabilities - Net include net unrealized appreciation/depreciation on futures contracts as follows: |
Futures Contracts at December 31, 2022:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation | ||||||||||||
| U.S. Long Bond | March 2023 | 69 | Short | $ | (8,677,219 | ) | $ | (8,648,719 | ) | $28,500 | ||||||||
The following is a summary of the inputs used as of December 31, 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 | $ | – | $ | 464,427,577 | $ | – | $ | 464,427,577 | ||||||||
| Total | $ | – | $ | 464,427,577 | $ | – | $ | 464,427,577 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 28,500 | $ | – | $ | – | $ | 28,500 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 28,500 | $ | – | $ | – | $ | 28,500 | ||||||||
| (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. 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. | 173 |
Schedule of Investments (unaudited)
NEW JERSEY TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 96.78% | ||||||||||||||
| MUNICIPAL BONDS 96.78% | ||||||||||||||
| Corporate-Backed 3.41% | ||||||||||||||
| Industrial Pollution Control Financing Authority of Gloucester County - Logan Generating Co LP NJ AMT | 5.00% | 12/1/2024 | NR | $ | 110,000 | $ | 111,669 | |||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC NJ AMT (AGM) | 5.00% | 1/1/2031 | AA | 225,000 | 225,883 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC NJ AMT | 5.00% | 7/1/2023 | BBB+ | 70,000 | 70,326 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC NJ AMT | 5.00% | 1/1/2028 | BBB+ | 100,000 | 100,371 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc NJ | 5.25% | 9/15/2029 | Ba3 | 1,675,000 | 1,666,902 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc NJ | 5.50% | 6/1/2033 | Ba3 | 650,000 | 652,798 | |||||||||
| New Jersey Infrastructure Bank NJ | 2.125% | 9/1/2046 | AAA | 400,000 | 242,701 | |||||||||
| Salem County Pollution Control Financing Authority - Chambers Cogeneration LP NJ AMT | 5.00% | 12/1/2023 | NR | 345,000 | 349,349 | |||||||||
| Total | 3,419,999 | |||||||||||||
| Education 7.94% | ||||||||||||||
| Camden County Improvement Authority - Kipp Cooper Norcross Obl NJ | 6.00% | 6/15/2047 | NR | 500,000 | 526,611 | |||||||||
| New Jersey Economic Development Authority - Provident Group-Montclair NJ (AGM) | 5.00% | 6/1/2042 | AA | 500,000 | 510,861 | |||||||||
| New Jersey Educational Facilities Authority - New Jersey City Univ Inc NJ (AGM) | 4.00% | 7/1/2036 | AA | 745,000 | 737,680 | |||||||||
| New Jersey Educational Facilities Authority - Ramapo College of Nj NJ (AGM) | 4.00% | 7/1/2041 | AA | 545,000 | 528,982 | |||||||||
| New Jersey Educational Facilities Authority - Ramapo College of Nj NJ (AGM) | 4.00% | 7/1/2052 | AA | 500,000 | 456,821 | |||||||||
| New Jersey Educational Facilities Authority - Seton Hall University NJ | 4.00% | 7/1/2046 | BBB+ | 545,000 | 484,692 | |||||||||
| 174 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New Jersey Educational Facilities Authority - Seton Hall University NJ | 5.00% | 7/1/2034 | BBB+ | $ | 325,000 | $ | 337,971 | |||||||
| New Jersey Educational Facilities Authority - Seton Hall University NJ (AGM) | 3.25% | 7/1/2049 | AA | 400,000 | 306,950 | |||||||||
| New Jersey Educational Facilities Authority - Stevens Inst of Tech NJ | 3.00% | 7/1/2050 | BBB+ | 1,005,000 | 705,135 | |||||||||
| New Jersey Educational Facilities Authority - Stevens Inst of Tech NJ | 4.00% | 7/1/2050 | BBB+ | 200,000 | 172,676 | |||||||||
| New Jersey Educational Facilities Authority - Stevens Inst of Tech NJ | 5.00% | 7/1/2030 | NR | 530,000 | 558,347 | |||||||||
| New Jersey Educational Facilities Authority - Stockton University NJ | 5.00% | 7/1/2041 | Baa1 | 800,000 | 809,911 | |||||||||
| New Jersey Educational Facilities Authority - William Paterson Univ NJ (AGM) | 3.00% | 7/1/2039 | AA | 250,000 | 213,916 | |||||||||
| New Jersey Educational Facilities Authority - William Paterson Univ NJ (AGM) | 3.00% | 7/1/2040 | AA | 250,000 | 208,555 | |||||||||
| New Jersey Higher Education Student Assistance Authority NJ AMT | 2.50% | 12/1/2040 | AA | 500,000 | 410,914 | (a) | ||||||||
| New Jersey Higher Education Student Assistance Authority NJ AMT | 3.25% | 12/1/2039 | Aa1 | 650,000 | 606,440 | |||||||||
| New Jersey Higher Education Student Assistance Authority NJ AMT | 4.125% | 12/1/2024 | AAA | 195,000 | 195,040 | |||||||||
| New Jersey Institute of Technology NJ | 5.00% | 7/1/2033 | A1 | 170,000 | 188,715 | |||||||||
| Total | 7,960,217 | |||||||||||||
| Financial Services 0.21% | ||||||||||||||
| New Jersey Higher Education Student Assistance Authority NJ AMT | 5.00% | 12/1/2028 | AAA | 200,000 | 215,538 | |||||||||
| General Obligation 10.47% | ||||||||||||||
| City of Atlantic City NJ GO (AGM) | 5.00% | 3/1/2037 | AA | 540,000 | 569,755 | |||||||||
| City of Atlantic City NJ GO (BAM) | 5.00% | 3/1/2042 | AA | 750,000 | 781,324 | |||||||||
| City of Jersey City NJ GO | 4.00% | 2/15/2036 | Aa3 | 750,000 | 762,557 | |||||||||
| City of Newark Mass Transit Access Tax Revenue NJ (AGM) | 5.375% | 11/15/2052 | A1 | 500,000 | 538,882 | |||||||||
| City of Summit NJ GO | 4.00% | 7/15/2041 | AAA | 500,000 | 504,619 | |||||||||
| Commonwealth of Puerto Rico PR GO | Zero Coupon | 7/1/2024 | NR | 13,686 | 12,690 | |||||||||
| Commonwealth of Puerto Rico PR GO | Zero Coupon | 7/1/2033 | NR | 52,676 | 28,562 | |||||||||
| Commonwealth of Puerto Rico PR GO | Zero Coupon | #(b) | 11/1/2043 | NR | 192,940 | 84,652 | ||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2033 | NR | 40,933 | 35,580 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2035 | NR | 36,793 | 31,052 | |||||||||
| See Notes to Schedule of Investments. | 175 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2037 | NR | $ | 31,578 | $ | 25,914 | |||||||
| Commonwealth of Puerto Rico PR GO | 5.25% | 7/1/2023 | NR | 22,857 | 22,860 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.375% | 7/1/2025 | NR | 45,588 | 45,964 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.625% | 7/1/2027 | NR | 45,175 | 46,082 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.625% | 7/1/2029 | NR | 44,442 | 45,547 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.75% | 7/1/2031 | NR | 43,166 | 44,722 | |||||||||
| County of Hudson NJ GO | 2.00% | 11/15/2035 | AA | 920,000 | 715,918 | |||||||||
| Cumberland County Improvement Authority NJ (BAM) | 4.00% | 10/1/2048 | AA | 750,000 | 701,573 | |||||||||
| Gloucester County Improvement Authority NJ | 4.00% | 7/1/2048 | Aa1 | 510,000 | 493,176 | |||||||||
| New Jersey Economic Development Authority NJ | 5.25% | 11/1/2047 | A3 | 750,000 | 788,493 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.25% | 6/15/2046 | A3 | 750,000 | 790,395 | |||||||||
| Rutherford Board of Education NJ GO | 2.50% | 12/15/2034 | AA- | 1,000,000 | 867,116 | |||||||||
| State of New Jersey NJ GO | 2.50% | 6/1/2038 | A2 | 1,020,000 | 804,035 | |||||||||
| Township of Berkeley Heights NJ GO | 4.00% | 7/1/2041 | Aa1 | 785,000 | 775,728 | |||||||||
| Union County Utilities Authority - Covanta Union LLC NJ AMT | 4.75% | 12/1/2031 | AA+ | 980,000 | 981,333 | |||||||||
| Total | 10,498,529 | |||||||||||||
| Health Care 14.44% | ||||||||||||||
| Camden County Improvement Authority - Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2030 | A- | 530,000 | 533,197 | |||||||||
| Camden County Improvement Authority - Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2032 | A- | 500,000 | 503,129 | |||||||||
| Camden County Improvement Authority - Cooper Hlth Sys Oblig Grp NJ | 5.75% | 2/15/2042 | A- | 425,000 | 425,780 | |||||||||
| New Jersey Economic Development Authority - Bancroft Neurohealth Olbg NJ | 5.00% | 6/1/2036 | NR | 220,000 | 210,859 | |||||||||
| New Jersey Health Care Facilities Financing Authority - AHS Hospital Corp NJ | 5.00% | 7/1/2030 | AA- | 105,000 | 113,269 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Atlanticare Hlth Sys Obl NJ | 2.375% | 7/1/2046 | AA- | 695,000 | 457,552 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Hackensack Merdn Hlth Ob NJ | 5.00% | 7/1/2031 | AA- | 640,000 | 694,278 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Hackensack Merdn Hlth Ob NJ | 5.00% | 7/1/2033 | AA- | 260,000 | 280,521 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Inspira Health Oblig Grp NJ | 4.00% | 7/1/2047 | A2 | 830,000 | 754,934 | |||||||||
| 176 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New Jersey Health Care Facilities Financing Authority - Inspira Health Oblig Grp NJ | 5.00% | 7/1/2035 | A2 | $ | 460,000 | $ | 479,641 | |||||||
| New Jersey Health Care Facilities Financing Authority - Inspira Health Oblig Grp NJ | 5.00% | 7/1/2042 | A2 | 710,000 | 723,109 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obliga NJ | 3.00% | 7/1/2051 | AA- | 1,000,000 | 725,524 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obliga NJ | 4.00% | 7/1/2045 | AA- | 545,000 | 506,917 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obliga NJ | 4.00% | 7/1/2051 | AA- | 1,000,000 | 898,832 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obliga NJ | 5.00% | 7/1/2033 | AA- | 580,000 | 616,521 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obliga NJ | 5.00% | 7/1/2043 | AA- | 1,305,000 | 1,339,087 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’S Hlthcr Oblig NJ | 4.00% | 7/1/2048 | BBB- | 1,200,000 | 1,005,478 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’S Hlthcr Oblig NJ | 5.00% | 7/1/2027 | BBB- | 100,000 | 103,494 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’S Hlthcr Oblig NJ | 5.00% | 7/1/2041 | BBB- | 750,000 | 753,531 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Univ Of Penn Hlth Sys Obl NJ | 5.00% | 7/1/2039 | AA | 1,000,000 | 1,041,014 | |||||||||
| New Jersey Health Care Facilities Financing Authority - University Hospital NJ (AGM) | 5.00% | 7/1/2046 | AA | 1,000,000 | 1,007,211 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Valley Hlth Sys Oblig Grp NJ | 4.00% | 7/1/2044 | A | 1,055,000 | 975,154 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Valley Hlth Sys Oblig Grp NJ | 5.00% | 7/1/2030 | A | 315,000 | 340,391 | |||||||||
| Total | 14,489,423 | |||||||||||||
| Housing 0.07% | ||||||||||||||
| New Jersey Housing & Mortgage Finance Agency NJ (HUD SECT 8) | 3.15% | 5/1/2053 | AA- | 100,000 | 73,213 | |||||||||
| Lease Obligations 19.93% | ||||||||||||||
| Gloucester County Improvement Authority - Rowan University NJ (AGM) | 5.00% | 11/1/2029 | AA | 250,000 | 267,791 | |||||||||
| Gloucester County Improvement Authority - Rowan University NJ (AGM) | 5.00% | 11/1/2030 | AA | 290,000 | 310,204 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC NJ AMT | 5.375% | 1/1/2043 | BBB+ | 1,560,000 | 1,562,672 | |||||||||
| See Notes to Schedule of Investments. | 177 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC NJ AMT | 5.625% | 1/1/2052 | BBB+ | $ | 210,000 | $ | 210,703 | |||||||
| New Jersey Economic Development Authority NJ | 4.00% | 6/15/2049 | A3 | 1,390,000 | 1,176,476 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2029 | A3 | 500,000 | 533,399 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2034 | A3 | 390,000 | 395,618 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2035 | A3 | 750,000 | 791,424 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2035 | A3 | 640,000 | 664,361 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2042 | A3 | 505,000 | 513,416 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2047 | A3 | 540,000 | 545,777 | |||||||||
| New Jersey Economic Development Authority NJ | 5.00% | 6/15/2048 | A3 | 500,000 | 505,563 | |||||||||
| New Jersey Educational Facilities Authority NJ | 5.00% | 9/1/2033 | A3 | 1,060,000 | 1,079,643 | |||||||||
| New Jersey Educational Facilities Authority NJ | 5.00% | 9/1/2036 | A3 | 535,000 | 551,947 | |||||||||
| New Jersey Educational Facilities Authority NJ | 5.50% | 9/1/2033 | A3 | 410,000 | 435,118 | |||||||||
| New Jersey Health Care Facilities Financing Authority NJ | 5.00% | 10/1/2038 | A3 | 520,000 | 527,883 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | Zero Coupon | 12/15/2031 | A3 | 1,980,000 | 1,370,213 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | Zero Coupon | 12/15/2038 | A3 | 1,120,000 | 516,011 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 4.00% | 12/15/2039 | A3 | 1,160,000 | 1,072,704 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 4.00% | 6/15/2050 | A3 | 1,360,000 | 1,145,615 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 4.25% | 12/15/2038 | A3 | 470,000 | 458,338 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 4.75% | 6/15/2038 | A3 | 980,000 | 984,488 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2030 | A+ | 545,000 | 573,740 | |||||||||
| 178 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2031 | A+ | $ | 400,000 | $ | 420,147 | |||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 12/15/2036 | A3 | 555,000 | 581,725 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2038 | A3 | 1,380,000 | 1,389,546 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.25% | 6/15/2041 | A3 | 205,000 | 207,943 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.25% | 6/15/2043 | A3 | 720,000 | 748,342 | |||||||||
| Salem County Improvement Authority - Stand Up For Salem Inc NJ (AGM) | 4.00% | 8/15/2048 | AA | 525,000 | 450,417 | |||||||||
| Total | 19,991,224 | |||||||||||||
| Other Revenue 0.34% | ||||||||||||||
| Middlesex County Improvement Authority NJ | 6.25% | 1/1/2037 | NR | 1,300,000 | 16,250 | |||||||||
| New Jersey Economic Development Authority - Bancroft Neurohealth Olbg NJ | 5.00% | 6/1/2041 | NR | 350,000 | 322,649 | |||||||||
| Total | 338,899 | |||||||||||||
| Special Tax 0.89% | ||||||||||||||
| New Jersey Economic Development Authority NJ Mtromall Urban | 6.50% | 4/1/2028 | Baa2 | 592,353 | 587,881 | |||||||||
| New Jersey Infrastructure Bank NJ | 2.00% | 9/1/2046 | AAA | 520,000 | 306,241 | |||||||||
| Total | 894,122 | |||||||||||||
| Tax Revenue 5.14% | ||||||||||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2039 | Baa2 | 525,000 | 534,407 | |||||||||
| Casino Reinvestment Development Authority, Inc. NJ (AGM) | 5.00% | 11/1/2032 | AA | 500,000 | 512,939 | |||||||||
| Garden State Preservation Trust NJ (AGM) | 5.75% | 11/1/2028 | AA | 1,205,000 | 1,325,168 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 3.00% | 6/15/2050 | A3 | 500,000 | 351,831 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2029 | NR | 18,000 | 13,140 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2031 | NR | 235,000 | 153,378 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2033 | NR | 646,000 | 376,588 | |||||||||
| See Notes to Schedule of Investments. | 179 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2051 | NR | $ | 2,675,000 | $ | 484,884 | |||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.329% | 7/1/2040 | NR | 96,000 | 86,720 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.329% | 7/1/2040 | NR | 492,000 | 444,442 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.536% | 7/1/2053 | NR | 18,000 | 15,391 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.55% | 7/1/2040 | NR | 19,000 | 17,478 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.55% | 7/1/2040 | NR | 380,000 | 349,569 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.75% | 7/1/2053 | NR | 267,000 | 236,681 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.784% | 7/1/2058 | NR | 40,000 | 34,804 | |||||||||
| Territory of Guam GU | 4.00% | 1/1/2042 | Ba1 | 250,000 | 218,710 | |||||||||
| Total | 5,156,130 | |||||||||||||
| Tobacco 3.24% | ||||||||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BBB- | 2,350,000 | 2,246,858 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 1,000,000 | 1,003,683 | |||||||||
| Total | 3,250,541 | |||||||||||||
| Transportation 22.25% | ||||||||||||||
| Delaware River & Bay Authority DE | 4.00% | 1/1/2044 | A1 | 500,000 | 484,759 | |||||||||
| Delaware River & Bay Authority DE | 5.00% | 1/1/2039 | A1 | 500,000 | 549,490 | |||||||||
| Delaware River Joint Toll Bridge Commission PA | 3.00% | 7/1/2049 | A1 | 1,025,000 | 758,480 | |||||||||
| Delaware River Joint Toll Bridge Commission PA | 5.00% | 7/1/2030 | A1 | 280,000 | 306,987 | |||||||||
| Delaware River Port Authority PA | 5.00% | 1/1/2040 | A+ | 600,000 | 641,053 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC NJ AMT (AGM) | 5.125% | 1/1/2039 | AA | 925,000 | 926,809 | |||||||||
| New Jersey Economic Development Authority - Port Newark Container NJ AMT | 5.00% | 10/1/2047 | Baa2 | 930,000 | 907,995 | |||||||||
| New Jersey Economic Development Authority NJ | 4.00% | 11/1/2044 | A3 | 275,000 | 242,097 | |||||||||
| New Jersey Transportation Trust Fund Authority NJ | 4.00% | 6/15/2050 | A3 | 1,080,000 | 909,753 | |||||||||
| 180 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New Jersey Transportation Trust Fund Authority NJ | 5.00% | 6/15/2028 | A+ | $ | 1,000,000 | $ | 1,054,810 | |||||||
| New Jersey Turnpike Authority NJ | 4.00% | 1/1/2048 | AA- | 1,000,000 | 950,107 | |||||||||
| New Jersey Turnpike Authority NJ | 5.00% | 1/1/2030 | AA- | 715,000 | 774,751 | |||||||||
| New Jersey Turnpike Authority NJ | 5.00% | 1/1/2030 | AA- | 670,000 | 739,079 | |||||||||
| New Jersey Turnpike Authority NJ | 5.00% | 1/1/2034 | AA- | 510,000 | 529,569 | |||||||||
| New Jersey Turnpike Authority NJ | 5.00% | 1/1/2034 | AA- | 615,000 | 660,930 | |||||||||
| New Jersey Turnpike Authority NJ | 5.00% | 1/1/2037 | AA- | 340,000 | 362,989 | |||||||||
| New Jersey Turnpike Authority NJ | 5.25% | 1/1/2052 | A1 | 1,000,000 | 1,083,751 | |||||||||
| New Jersey Turnpike Authority NJ (AGM) | 5.25% | 1/1/2028 | AA | 810,000 | 905,748 | |||||||||
| Port Authority of New York & New Jersey NY | 4.00% | 9/1/2043 | AA- | 870,000 | 833,548 | |||||||||
| Port Authority of New York & New Jersey NY | 5.00% | 11/15/2033 | AA- | 510,000 | 559,119 | |||||||||
| Port Authority of New York & New Jersey NY | 5.00% | 10/15/2035 | AA- | 500,000 | 537,886 | |||||||||
| Port Authority of New York & New Jersey NY | 5.00% | 7/15/2038 | AA- | 420,000 | 450,354 | |||||||||
| Port Authority of New York & New Jersey NY | 5.25% | 8/1/2052 | AA- | 250,000 | 272,690 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 9/15/2029 | AA- | 320,000 | 344,006 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 9/15/2032 | AA- | 505,000 | 540,538 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 9/15/2033 | AA- | 560,000 | 595,330 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 10/15/2036 | AA- | 1,190,000 | 1,208,390 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 11/15/2041 | AA- | 500,000 | 509,010 | |||||||||
| South Jersey Port Corp. NJ AMT | 5.00% | 1/1/2048 | Baa1 | 500,000 | 483,904 | |||||||||
| South Jersey Transportation Authority NJ | 5.00% | 11/1/2039 | BBB+ | 530,000 | 523,077 | |||||||||
| South Jersey Transportation Authority NJ | 5.25% | 11/1/2052 | BBB+ | 1,200,000 | 1,219,786 | |||||||||
| South Jersey Transportation Authority NJ (BAM) | 4.00% | 11/1/2050 | AA | 1,080,000 | 937,447 | |||||||||
| South Jersey Transportation Authority NJ (BAM) | 5.00% | 11/1/2045 | AA | 500,000 | 514,997 | |||||||||
| Total | 22,319,239 | |||||||||||||
| See Notes to Schedule of Investments. | 181 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities 8.45% | ||||||||||||||
| Guam Government Waterworks Authority GU | 5.00% | 7/1/2036 | A- | $ | 100,000 | $ | 101,387 | |||||||
| Guam Power Authority GU (AGM) | 5.00% | 10/1/2034 | AA | 400,000 | 413,676 | |||||||||
| New Jersey Economic Development Authority - Middlesex Water Co NJ AMT | 4.00% | 8/1/2059 | A+ | 500,000 | 405,667 | (a) | ||||||||
| New Jersey Economic Development Authority - Umm Energy Partners LLC NJ AMT | 4.75% | 6/15/2032 | Baa2 | 1,000,000 | 1,000,256 | |||||||||
| New Jersey Economic Development Authority NJ | 3.50% | 4/1/2042 | A1 | 1,655,000 | 1,422,458 | |||||||||
| New Jersey Economic Development Authority NJ AMT | 2.20% | #(b) | 10/1/2039 | A+ | 500,000 | 430,015 | ||||||||
| New Jersey Economic Development Authority NJ AMT | 3.00% | 8/1/2041 | A1 | 1,000,000 | 747,921 | |||||||||
| New Jersey Infrastructure Bank NJ AMT | 4.00% | 9/1/2036 | AAA | 335,000 | 338,137 | |||||||||
| New Jersey Infrastructure Bank NJ AMT | 4.00% | 9/1/2047 | AAA | 1,500,000 | 1,439,842 | |||||||||
| New Jersey Turnpike Authority NJ | 5.00% | 1/1/2031 | AA- | 510,000 | 562,444 | |||||||||
| Passaic Valley Sewerage Commission NJ (AGM) | 3.00% | 12/1/2038 | AA | 1,000,000 | 848,620 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 4.00% | 7/1/2042 | NR | 380,000 | 305,714 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 5.00% | 7/1/2030 | NR | 250,000 | 245,860 | |||||||||
| Puerto Rico Electric Power Authority PR(c) | 5.00% | 7/1/2037 | D | (d) | 110,000 | 80,575 | ||||||||
| Puerto Rico Electric Power Authority PR(c) | 5.75% | 7/1/2036 | D | (d) | 75,000 | 55,500 | ||||||||
| Puerto Rico Electric Power Authority PR(c) | 7.00% | 7/1/2040 | D | (d) | 100,000 | 75,250 | ||||||||
| Total | 8,473,322 | |||||||||||||
| Total Investments in Securities 96.78% (cost $105,452,066) | 97,080,396 | |||||||||||||
| Other Assets and Liabilities – Net(e) 3.22% | 3,234,447 | |||||||||||||
| Net Assets 100.00% | $ | 100,314,843 | ||||||||||||
| 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. | |
| HUD | Insured by - Department of Housing and Urban Development. | |
| NR | Not Rated. |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 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 December 31, 2022, the total value of Rule 144A securities was $551,574, which represents 0.55% of net assets. | |
| (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. |
| 182 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
NEW JERSEY TAX FREE FUND December 31, 2022
| (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) | Other Assets and Liabilities - Net include net unrealized appreciation/depreciation on futures contracts as follows: |
Futures Contracts at December 31, 2022:
| Notional | Notional | Unrealized | ||||||||||||||||
| Type | Expiration | Contracts | Position | Amount | Value | Appreciation | ||||||||||||
| U.S. Long Bond | March 2023 | 10 | Short | $(1,257,568 | ) | $(1,253,438 | ) | $4,130 | ||||||||||
The following is a summary of the inputs used as of December 31, 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 | $ | – | $ | 7,549,303 | $ | 410,914 | $ | 7,960,217 | ||||||||
| Utilities | – | 8,067,655 | 405,667 | 8,473,322 | ||||||||||||
| Remaining Industries | – | 80,646,857 | – | 80,646,857 | ||||||||||||
| Total | $ | – | $ | 96,263,815 | $ | 816,581 | $ | 97,080,396 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 4,130 | $ | – | $ | – | $ | 4,130 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 4,130 | $ | – | $ | – | $ | 4,130 | ||||||||
| (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. | 183 |
Schedule of Investments (unaudited)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 98.97% | ||||||||||||||
| MUNICIPAL BONDS 98.97% | ||||||||||||||
| Corporate-Backed 10.62% | ||||||||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Ctr LLC NY | Zero Coupon | 7/15/2047 | Ba1 | $ | 250,000 | $ | 59,617 | |||||||
| Build NYC Resource Corp. - Pratt Paper NY Inc. NY AMT† | 4.50% | 1/1/2025 | NR | 100,000 | 100,875 | |||||||||
| Build NYC Resource Corp. - Pratt Paper NY Inc. NY AMT† | 5.00% | 1/1/2035 | NR | 250,000 | 252,830 | |||||||||
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 1,825,000 | 1,825,632 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC NY† | 5.00% | 11/15/2044 | NR | 8,655,000 | 7,882,217 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC NY† | 5.15% | 11/15/2034 | NR | 750,000 | 726,659 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC NY† | 7.25% | 11/15/2044 | NR | 1,000,000 | 1,005,039 | |||||||||
| New York Liberty Development Corp. - Goldman Sachs Hdqtrs LLC NY | 5.25% | 10/1/2035 | A2 | 7,215,000 | 7,933,145 | |||||||||
| New York Liberty Development Corp. - Goldman Sachs Hdqtrs LLC NY | 5.50% | 10/1/2037 | A2 | 3,380,000 | 3,748,285 | |||||||||
| New York Liberty Development Corp. - One Bryant Park LLC NY | 2.80% | 9/15/2069 | Baa1 | 4,630,000 | 4,145,622 | |||||||||
| New York Liberty Development Corp. NY | 2.10% | 11/15/2032 | A+ | 2,520,000 | 2,060,840 | |||||||||
| New York Liberty Development Corp. NY | 2.875% | 11/15/2046 | A+ | 7,345,000 | 5,077,475 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc NY AMT | 2.75% | #(a) | 9/1/2050 | B+ | 500,000 | 471,204 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc NY AMT† | 2.875% | #(a) | 12/1/2044 | B+ | 1,500,000 | 1,297,202 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 2.25% | 8/1/2026 | B | 205,000 | 189,480 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 3.00% | 8/1/2031 | B | 1,000,000 | 871,336 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 5.25% | 8/1/2031 | B- | 1,430,000 | 1,437,145 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc NY AMT | 5.375% | 8/1/2036 | B- | 1,025,000 | 1,013,774 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 4.00% | 12/1/2038 | Baa1 | 2,370,000 | 2,195,803 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B1 | 1,750,000 | 1,555,822 | (b) | ||||||||
| 184 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Westchester County Local Development Corp. - Miriam Osborn Mem Home Ob NY | 5.00% | 7/1/2034 | A | $ | 200,000 | $ | 211,255 | |||||||
| Total | 44,061,257 | |||||||||||||
| Education 11.36% | ||||||||||||||
| Albany Capital Resource Corp. - Empire Commons Std Hsg NY | 5.00% | 5/1/2030 | A | 350,000 | 359,240 | |||||||||
| Albany Capital Resource Corp. - Empire Commons Std Hsg NY | 5.00% | 5/1/2032 | A | 250,000 | 255,120 | |||||||||
| Build NYC Resource Corp. - E Harlem Scholars Oblg Gp NY† | 5.75% | 6/1/2042 | NR | 1,000,000 | 1,014,380 | |||||||||
| Build NYC Resource Corp. - Kipp Nyc Public Chtr Schs NY(c) | 5.25% | 7/1/2052 | NR | 1,000,000 | 1,017,047 | |||||||||
| Build NYC Resource Corp. - Manhattan College NY | 5.00% | 8/1/2033 | A- | 1,125,000 | 1,193,379 | |||||||||
| Build NYC Resource Corp. - New York Law School NY | 5.00% | 7/1/2041 | BBB- | 1,175,000 | 1,178,822 | |||||||||
| Build NYC Resource Corp. - Packer Collegiate Inst NY | 5.00% | 6/1/2040 | A2 | 1,000,000 | 1,024,726 | |||||||||
| City of New Rochelle - Iona College NY | 5.00% | 7/1/2028 | BBB | 205,000 | 212,950 | |||||||||
| City of New Rochelle - Iona College NY | 5.00% | 7/1/2029 | BBB | 250,000 | 259,418 | |||||||||
| City of New Rochelle - Iona College NY | 5.00% | 7/1/2030 | BBB | 220,000 | 228,039 | |||||||||
| City of New Rochelle - Iona College NY | 5.00% | 7/1/2031 | BBB | 200,000 | 207,054 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY† | 5.00% | 7/1/2045 | BB+ | 1,000,000 | 934,693 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY† | 5.00% | 7/1/2051 | BB+ | 1,000,000 | 909,783 | |||||||||
| Dutchess County Local Development Corp. - Culinary Inst Of America NY | 4.00% | 7/1/2035 | Baa2 | 1,145,000 | 1,090,419 | |||||||||
| Dutchess County Local Development Corp. - Culinary Inst Of America NY | 4.00% | 7/1/2037 | Baa2 | 965,000 | 895,410 | |||||||||
| Dutchess County Local Development Corp. - Culinary Inst Of America NY | 4.00% | 7/1/2040 | Baa2 | 325,000 | 292,474 | |||||||||
| Dutchess County Local Development Corp. - Culinary Inst Of America NY | 5.00% | 7/1/2033 | Baa2 | 390,000 | 400,877 | |||||||||
| Dutchess County Local Development Corp. - Culinary Inst Of America NY | 5.00% | 7/1/2041 | Baa2 | 200,000 | 201,772 | |||||||||
| Dutchess County Local Development Corp. - Culinary Inst Of America NY | 5.00% | 7/1/2046 | Baa2 | 275,000 | 275,961 | |||||||||
| Dutchess County Local Development Corp. - Millbrook School NY | 4.00% | 9/1/2051 | A | 1,500,000 | 1,360,882 | |||||||||
| See Notes to Schedule of Investments. | 185 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Dutchess County Local Development Corp. - Vassar College NY | 5.00% | 7/1/2034 | Aa3 | $ | 275,000 | $ | 294,732 | |||||||
| Hempstead Town Local Development Corp. - Adelphi University NY | 4.00% | 2/1/2039 | A- | 2,240,000 | 2,125,990 | |||||||||
| Hempstead Town Local Development Corp. - Adelphi University NY | 5.00% | 6/1/2029 | A- | 490,000 | 536,881 | |||||||||
| Hempstead Town Local Development Corp. - Adelphi University NY | 5.00% | 6/1/2030 | A- | 200,000 | 221,401 | |||||||||
| Hempstead Town Local Development Corp. - Adelphi University NY | 5.00% | 6/1/2031 | A- | 345,000 | 385,712 | |||||||||
| Hempstead Town Local Development Corp. - Adelphi University NY | 5.00% | 6/1/2032 | A- | 330,000 | 367,690 | |||||||||
| Hempstead Town Local Development Corp. - Hofstra University NY | 5.00% | 7/1/2042 | A | 545,000 | 562,657 | |||||||||
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2034 | BBB | 825,000 | 852,466 | |||||||||
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2037 | BBB | 630,000 | 643,158 | |||||||||
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2039 | BBB | 555,000 | 564,228 | |||||||||
| Monroe County Industrial Development Corp. - University Of Rochester NY | 4.00% | 7/1/2043 | AA- | 1,000,000 | 964,794 | |||||||||
| Monroe County Industrial Development Corp. - University Of Rochester NY | 5.00% | 7/1/2031 | AA- | 350,000 | 381,683 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLLC NY (AGM) | 3.00% | 3/1/2049 | AA | 2,000,000 | 1,457,412 | |||||||||
| New York State Dormitory Authority - Barnard College NY | 4.00% | 7/1/2034 | A3 | 460,000 | 465,267 | |||||||||
| New York State Dormitory Authority - Barnard College NY | 4.00% | 7/1/2036 | A3 | 325,000 | 319,491 | |||||||||
| New York State Dormitory Authority - Barnard College NY | 4.00% | 7/1/2037 | A3 | 710,000 | 676,346 | |||||||||
| New York State Dormitory Authority - Fordham University NY | 5.00% | 7/1/2035 | A | 550,000 | 574,628 | |||||||||
| New York State Dormitory Authority - Icahn Sch of Med Mt Sinai NY | 5.00% | 7/1/2040 | A- | 2,000,000 | 2,032,473 | |||||||||
| New York State Dormitory Authority - Iona College NY | 5.00% | 7/1/2046 | BBB | 375,000 | 384,391 | |||||||||
| New York State Dormitory Authority - New York University NY | 4.00% | 7/1/2045 | Aa2 | 1,000,000 | 948,819 | |||||||||
| 186 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New York State Dormitory Authority - New York University NY | 5.00% | 7/1/2029 | Aa2 | $ | 1,000,000 | $ | 1,100,237 | |||||||
| New York State Dormitory Authority - New York University NY | 5.00% | 7/1/2042 | Aa2 | 1,500,000 | 1,621,425 | |||||||||
| New York State Dormitory Authority - Pace University NY | 5.00% | 5/1/2023 | NR | 20,000 | 20,132 | |||||||||
| New York State Dormitory Authority - Pace University NY | 5.00% | 5/1/2023 | BBB- | 905,000 | 907,534 | |||||||||
| New York State Dormitory Authority - Pratt Institute NY | 5.00% | 7/1/2039 | A2 | 1,010,000 | 1,037,435 | |||||||||
| New York State Dormitory Authority - St John’S University NY | 5.00% | 7/1/2027 | A- | 250,000 | 260,760 | |||||||||
| New York State Dormitory Authority - The New School NY | 4.00% | 7/1/2047 | A3 | 550,000 | 478,151 | |||||||||
| New York State Dormitory Authority - The New School NY | 5.00% | 7/1/2028 | A3 | 780,000 | 822,215 | |||||||||
| New York State Dormitory Authority - Yeshiva University NY | 5.00% | 7/15/2037 | BBB- | 1,000,000 | 1,031,241 | |||||||||
| New York State Dormitory Authority - Yeshiva University NY | 5.00% | 7/15/2042 | BBB- | 1,000,000 | 1,018,902 | |||||||||
| New York State Dormitory Authority NY | 5.00% | 2/15/2041 | NR | 5,000 | 5,523 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 4.00% | 7/1/2038 | Baa2 | 150,000 | 137,621 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 4.00% | 7/1/2040 | Baa2 | 300,000 | 268,668 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 4.00% | 7/1/2041 | Baa2 | 415,000 | 367,061 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 5.00% | 7/1/2035 | Baa2 | 365,000 | 376,122 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 5.00% | 7/1/2036 | Baa2 | 465,000 | 476,129 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 5.00% | 7/1/2046 | Baa2 | 600,000 | 594,286 | |||||||||
| Schenectady County Capital Resource Corp. - Union College NY | 5.25% | 7/1/2052 | A1 | 520,000 | 557,569 | |||||||||
| St. Lawrence County Industrial Development Agency - Clarkson University NY | 5.00% | 9/1/2037 | Baa1 | 455,000 | 477,416 | |||||||||
| St. Lawrence County Industrial Development Agency - Clarkson University NY | 5.00% | 9/1/2038 | Baa1 | 475,000 | 496,038 | |||||||||
| St. Lawrence County Industrial Development Agency - Clarkson University NY | 5.00% | 9/1/2041 | Baa1 | 160,000 | 165,888 | |||||||||
| See Notes to Schedule of Investments. | 187 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Troy Capital Resource Corp. - Rensselaer Polytech Inst NY | 4.00% | 9/1/2040 | A3 | $ | 1,000,000 | $ | 916,463 | |||||||
| Troy Capital Resource Corp. - Rensselaer Polytech Inst NY | 5.00% | 8/1/2032 | A3 | 1,415,000 | 1,475,023 | |||||||||
| Troy Capital Resource Corp. NY | 4.00% | 9/1/2034 | A3 | 835,000 | 833,515 | |||||||||
| Troy Capital Resource Corp. NY | 4.00% | 9/1/2035 | A3 | 370,000 | 362,010 | |||||||||
| Troy Capital Resource Corp. NY | 4.00% | 9/1/2036 | A3 | 1,140,000 | 1,103,991 | |||||||||
| Westchester County Local Development Corp. - Miriam Osborn Mem Home Ob NY | 5.00% | 7/1/2042 | A | 450,000 | 468,591 | |||||||||
| Westchester County Local Development Corp. - Sarah Lawrence College NY | 4.00% | 6/1/2033 | BBB- | 1,710,000 | 1,697,092 | |||||||||
| Total | 47,149,703 | |||||||||||||
| General Obligation 6.63% | ||||||||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2034 | AA | 510,000 | 558,589 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2035 | AA | 400,000 | 434,191 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2036 | AA | 300,000 | 323,192 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2037 | AA | 485,000 | 518,827 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2042 | AA | 500,000 | 529,256 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2027 | AA | 1,700,000 | 1,775,306 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2029 | AA | 3,000,000 | 3,221,540 | |||||||||
| City of New York NY GO | 5.00% | 10/1/2037 | AA | 2,500,000 | 2,642,094 | |||||||||
| City of New York NY GO | 5.00% | 3/1/2044 | AA | 3,000,000 | 3,181,749 | |||||||||
| City of New York NY GO | 5.00% | 4/1/2045 | AA | 1,380,000 | 1,448,630 | |||||||||
| City of New York NY GO | 5.25% | 9/1/2043 | AA | 1,150,000 | 1,275,060 | |||||||||
| City of New York NY GO | 5.25% | 10/1/2047 | Aa2 | 1,860,000 | 2,046,866 | |||||||||
| City of New York NY GO | 5.50% | 5/1/2044 | AA | 2,085,000 | 2,340,571 | |||||||||
| Commonwealth of Puerto Rico PR GO | Zero Coupon | 7/1/2024 | NR | 63,475 | 58,856 | |||||||||
| Commonwealth of Puerto Rico PR GO | Zero Coupon | 7/1/2033 | NR | 244,309 | 132,468 | |||||||||
| Commonwealth of Puerto Rico PR GO | Zero Coupon | (a) | 11/1/2043 | NR | 894,821 | 392,603 | ||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2033 | NR | 189,842 | 165,013 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2035 | NR | 170,642 | 144,016 | |||||||||
| Commonwealth of Puerto Rico PR GO | 4.00% | 7/1/2037 | NR | 146,457 | 120,186 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.25% | 7/1/2023 | NR | 106,010 | 106,025 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.375% | 7/1/2025 | NR | 211,432 | 213,173 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.625% | 7/1/2027 | NR | 209,517 | 213,722 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.625% | 7/1/2029 | NR | 206,118 | 211,245 | |||||||||
| Commonwealth of Puerto Rico PR GO | 5.75% | 7/1/2031 | NR | 200,202 | 207,419 | |||||||||
| 188 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Jefferson County Civic Facility Development Corp. - Samaritan Med Ctr Oblig NY | 5.00% | 11/1/2037 | BB | $ | 2,000,000 | $ | 1,976,901 | |||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2040 | Aa1 | 2,000,000 | 2,241,818 | |||||||||
| New York State Dormitory Authority NY (AGM) | 5.00% | 10/1/2027 | AA | 1,000,000 | 1,036,853 | |||||||||
| Total | 27,516,169 | |||||||||||||
| Health Care 12.18% | ||||||||||||||
| Brookhaven Local Development Corp. - Active Ret Cmnty Oblig Gp NY | 4.00% | 11/1/2045 | BBB | 1,000,000 | 828,982 | |||||||||
| Brookhaven Local Development Corp. - Active Ret Cmnty Oblig Gp NY | 4.00% | 11/1/2055 | BBB | 1,000,000 | 785,776 | |||||||||
| Brookhaven Local Development Corp. - Long Island Cmnty Hosp Ob NY | 3.375% | 10/1/2040 | A- | 365,000 | 284,715 | (b) | ||||||||
| Brookhaven Local Development Corp. - Long Island Cmnty Hosp Ob NY | 4.00% | 10/1/2045 | A- | 1,865,000 | 1,702,684 | |||||||||
| Brookhaven Local Development Corp. - Long Island Cmnty Hosp Ob NY | 5.00% | 10/1/2050 | A- | 1,000,000 | 1,014,610 | |||||||||
| Broome County Local Development Corp. - United Hlth Svcs Hosps NY (AGM) | 3.00% | 4/1/2036 | AA | 1,030,000 | 875,450 | |||||||||
| Broome County Local Development Corp. - United Hlth Svcs Hosps NY (AGM) | 3.00% | 4/1/2037 | AA | 1,500,000 | 1,247,593 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2025 | B- | 300,000 | 282,339 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Orchard Park Ccrc Inc. NY | 5.00% | 11/15/2037 | BBB | 1,000,000 | 1,006,297 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Oblg Grp NY | 4.00% | 7/1/2044 | BBB+ | 1,250,000 | 1,106,703 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Oblg Grp NY | 4.00% | 7/1/2049 | BBB+ | 2,120,000 | 1,827,815 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Oblg Grp NY | 5.00% | 7/1/2035 | BBB+ | 1,765,000 | 1,804,479 | |||||||||
| Genesee County Funding Corp. - Rochester Regl Health Obl NY | 5.25% | 12/1/2052 | BBB+ | 1,000,000 | 1,013,506 | |||||||||
| Monroe County Industrial Development Corp. - Rochester General Hosp NY | 5.00% | 12/1/2034 | BBB+ | 250,000 | 258,788 | |||||||||
| Monroe County Industrial Development Corp. - Rochester Regl Health Obl NY | 4.00% | 12/1/2035 | BBB+ | 600,000 | 568,636 | |||||||||
| See Notes to Schedule of Investments. | 189 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Monroe County Industrial Development Corp. - Rochester Regl Health Obl NY | 4.00% | 12/1/2036 | BBB+ | $ | 425,000 | $ | 398,304 | |||||||
| Nassau County Local Economic Assistance Corp. - Catholic Hlth Lng Isl Obl NY | 5.00% | 7/1/2027 | A- | 625,000 | 640,255 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Hlth Lng Isl Obl NY | 5.00% | 7/1/2028 | A- | 2,045,000 | 2,094,765 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Hlth Lng Isl Obl NY | 5.00% | 7/1/2033 | A- | 600,000 | 612,496 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY | 3.00% | 3/1/2049 | Baa1 | 2,090,000 | 1,486,417 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig NY | 4.00% | 7/1/2045 | B- | 2,895,000 | 1,863,666 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2032 | B- | 500,000 | 429,649 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig NY† | 5.00% | 12/1/2026 | BBB- | 1,000,000 | 1,023,041 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig NY† | 5.00% | 12/1/2029 | BBB- | 1,900,000 | 1,943,382 | |||||||||
| New York State Dormitory Authority - Maimonides Medical Ctr NY (FHA) | 3.00% | 2/1/2050 | AA+ | 1,000,000 | 760,123 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group NY | 4.00% | 8/1/2036 | BBB- | 475,000 | 425,133 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group NY | 4.00% | 8/1/2038 | BBB- | 1,520,000 | 1,332,463 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Grp NY | 4.00% | 8/1/2037 | BBB- | 1,820,000 | 1,608,874 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Grp NY | 4.00% | 9/1/2050 | BBB- | 5,000,000 | 4,029,922 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Grp NY | 5.00% | 8/1/2035 | BBB- | 525,000 | 525,680 | |||||||||
| New York State Dormitory Authority - Northwell Hlth Oblig Grp NY | 4.00% | 5/1/2045 | A- | 2,000,000 | 1,876,244 | |||||||||
| New York State Dormitory Authority - Northwell Hlth Oblig Grp NY | 5.00% | 5/1/2028 | A- | 1,000,000 | 1,036,028 | |||||||||
| New York State Dormitory Authority - Northwell Hlth Oblig Grp NY | 5.00% | 5/1/2038 | A- | 980,000 | 1,046,235 | |||||||||
| New York State Dormitory Authority - Nyu Langone Hosps Oblig NY | 5.00% | 7/1/2032 | A+ | 810,000 | 851,566 | |||||||||
| New York State Dormitory Authority - Nyu Langone Hosps Oblig NY | 5.00% | 7/1/2033 | A+ | 760,000 | 797,318 | |||||||||
| 190 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Niagara Area Development Corp. - Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2052 | B- | $ | 1,000,000 | $ | 730,478 | |||||||
| Oneida County Local Development Corp. - Mohawk Valley Hlth NY (AGM) | 4.00% | 12/1/2049 | AA | 4,645,000 | 4,173,029 | |||||||||
| Southold Local Development Corp. - Peconic Lndg At Southold NY | 5.00% | 12/1/2045 | BBB- | 1,000,000 | 978,597 | |||||||||
| Tompkins County Development Corp. - Kendal At Ithaca Inc NY | 5.00% | 7/1/2044 | BBB+ | 920,000 | 901,012 | |||||||||
| Westchester County Healthcare Corp. Obl NY | 6.00% | 11/1/2030 | BBB- | 105,000 | 105,167 | |||||||||
| Westchester County Healthcare Corp. Obl NY | 6.125% | 11/1/2037 | BBB- | 40,000 | 40,094 | |||||||||
| Westchester County Local Development Corp. Health Obl NY | 5.00% | 11/1/2033 | BBB- | 1,000,000 | 1,017,799 | |||||||||
| Westchester County Local Development Corp. Health Obl NY | 5.00% | 11/1/2034 | BBB- | 985,000 | 999,739 | |||||||||
| Westchester County Local Development Corp. Health Obl NY | 5.00% | 11/1/2046 | BBB- | 2,240,000 | 2,230,641 | |||||||||
| Total | 50,566,490 | |||||||||||||
| Housing 0.94% | ||||||||||||||
| New York City Housing Development Corp. - Fc 8 Spruce Street Resid NY | 4.50% | 2/15/2048 | NR | 1,000,000 | 981,268 | |||||||||
| New York City Housing Development Corp. NY | 3.35% | 11/1/2065 | AA+ | 1,660,000 | 1,190,762 | |||||||||
| New York State Housing Finance Agency NY | 3.15% | 11/1/2054 | Aa2 | 1,000,000 | 720,061 | |||||||||
| Westchester County Local Development Corp. - Purchase Housing Corp Ii NY | 5.00% | 6/1/2047 | BBB | 1,000,000 | 992,984 | |||||||||
| Total | 3,885,075 | |||||||||||||
| Lease Obligations 1.90% | ||||||||||||||
| Hudson Yards Infrastructure Corp. NY | 5.00% | 2/15/2031 | Aa2 | 2,065,000 | 2,252,528 | |||||||||
| Hudson Yards Infrastructure Corp. NY | 5.00% | 2/15/2033 | Aa2 | 1,075,000 | 1,169,142 | |||||||||
| New York City Transitional Finance Authority Building Aid Revenue NY | 5.00% | 7/15/2035 | AA | 2,005,000 | 2,167,707 | |||||||||
| New York State Dormitory Authority NY (BAM) | 4.00% | 8/15/2050 | AA | 2,500,000 | 2,276,541 | |||||||||
| Total | 7,865,918 | |||||||||||||
| See Notes to Schedule of Investments. | 191 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other 0.90% | ||||||||||||||
| Build NYC Resource Corp. - Children’S Aid Society NY | 4.00% | 7/1/2044 | A+ | $ | 1,340,000 | $ | 1,236,065 | |||||||
| Build NYC Resource Corp. - Children’S Aid Society NY | 4.00% | 7/1/2049 | A+ | 2,775,000 | 2,504,218 | |||||||||
| Total | 3,740,283 | |||||||||||||
| Other Revenue 3.85% | ||||||||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Ctr LLC NY | 5.00% | 7/15/2042 | Ba1 | 3,000,000 | 2,852,740 | |||||||||
| Build NYC Resource Corp. - Shefa School NY† | 5.00% | 6/15/2051 | NR | 1,315,000 | 1,181,010 | |||||||||
| New York State Thruway Authority NY | 5.00% | 3/15/2046 | AA+ | 2,500,000 | 2,678,442 | |||||||||
| New York State Thruway Authority NY | 5.00% | 3/15/2048 | AA+ | 2,000,000 | 2,132,440 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2032 | AA+ | 1,250,000 | 1,478,219 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.50% | 5/15/2052 | AA+ | 5,000,000 | 5,674,059 | |||||||||
| Total | 15,996,910 | |||||||||||||
| Special Tax 2.66% | ||||||||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2040 | AA | 1,975,000 | 1,600,071 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2046 | AA | 2,965,000 | 2,211,810 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY | 4.00% | 3/1/2045 | Baa1 | 1,800,000 | 1,617,276 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AGC) | Zero Coupon | 3/1/2043 | AA | 425,000 | 159,919 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AGC) | Zero Coupon | 3/1/2044 | AA | 640,000 | 227,563 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AGC) | Zero Coupon | 3/1/2047 | AA | 385,000 | 115,831 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 8.625% (CPI YoY * 1 + .88% | ) | 3/1/2026 | Baa1 | 3,450,000 | 3,532,840 | ||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2037 | AAA | 1,370,000 | 1,577,481 | |||||||||
| Total | 11,042,791 | |||||||||||||
| 192 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue 12.38% | ||||||||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2034 | AA | $ | 1,085,000 | $ | 1,174,404 | |||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2047 | AA | 2,000,000 | 2,144,138 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2031 | AA | 1,215,000 | 1,319,222 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2032 | AA | 670,000 | 726,196 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2034 | AA | 455,000 | 491,434 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 11/1/2042 | AAA | 1,675,000 | 1,595,243 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 11/1/2042 | AAA | 1,500,000 | 1,428,576 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 5/1/2043 | AAA | 2,000,000 | 1,893,673 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2030 | AAA | 2,075,000 | 2,265,101 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2032 | AAA | 1,555,000 | 1,693,328 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2035 | AAA | 1,270,000 | 1,366,132 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 8/1/2042 | AAA | 2,700,000 | 2,859,814 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2043 | AAA | 1,400,000 | 1,464,759 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2047 | AAA | 2,000,000 | 2,143,949 | |||||||||
| New York State Dormitory Authority NY | 4.00% | 3/15/2043 | AA+ | 2,000,000 | 1,906,975 | |||||||||
| New York State Dormitory Authority NY | 4.00% | 3/15/2047 | Aa1 | 2,000,000 | 1,871,836 | |||||||||
| New York State Dormitory Authority NY | 4.00% | 3/15/2048 | Aa1 | 1,935,000 | 1,803,138 | |||||||||
| New York State Dormitory Authority NY | 5.00% | 2/15/2042 | AA+ | 2,055,000 | 2,146,801 | |||||||||
| New York State Dormitory Authority NY | 5.00% | 3/15/2045 | Aa1 | 2,000,000 | 2,113,473 | |||||||||
| New York State Urban Development Corp. NY | 4.00% | 3/15/2047 | AA+ | 1,650,000 | 1,525,793 | |||||||||
| New York State Urban Development Corp. NY | 5.00% | 3/15/2033 | AA+ | 2,010,000 | 2,015,567 | |||||||||
| New York State Urban Development Corp. NY | 5.00% | 3/15/2036 | AA+ | 1,500,000 | 1,530,249 | |||||||||
| New York State Urban Development Corp. NY | 5.00% | 3/15/2040 | AA+ | 1,000,000 | 1,056,605 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2029 | NR | 163,000 | 118,989 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2031 | NR | 708,000 | 462,092 | |||||||||
| See Notes to Schedule of Investments. | 193 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2033 | NR | $ | 710,000 | $ | 413,897 | |||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | Zero Coupon | 7/1/2051 | NR | 7,476,000 | 1,355,138 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.329% | 7/1/2040 | NR | 489,000 | 441,732 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.329% | 7/1/2040 | NR | 858,000 | 775,064 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.536% | 7/1/2053 | NR | 64,000 | 54,724 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.55% | 7/1/2040 | NR | 153,000 | 140,747 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.55% | 7/1/2040 | NR | 380,000 | 349,569 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.75% | 7/1/2053 | NR | 1,199,000 | 1,062,850 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 4.784% | 7/1/2058 | NR | 180,000 | 156,616 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue PR | 5.00% | 7/1/2058 | NR | 1,922,000 | 1,749,846 | |||||||||
| Territory of Guam GU | 4.00% | 1/1/2042 | Ba1 | 750,000 | 656,131 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 4.00% | 5/15/2046 | AA+ | 2,015,000 | 1,875,760 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.00% | 5/15/2047 | AA+ | 3,000,000 | 3,248,975 | |||||||||
| Total | 51,398,536 | |||||||||||||
| Tobacco 3.29% | ||||||||||||||
| Erie Tobacco Asset Securitization Corp. NY | Zero Coupon | 6/1/2055 | NR | 8,000,000 | 372,610 | |||||||||
| Erie Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 1,048,104 | |||||||||
| Monroe Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2061 | NR | 10,000,000 | 366,008 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 15,000,000 | 778,704 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.125% | 6/1/2046 | CCC+ | 2,085,000 | 1,912,281 | |||||||||
| New York Counties Tobacco Trust IV NY | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 993,082 | |||||||||
| Rockland Tobacco Asset Securitization Corp. NY† | Zero Coupon | 8/15/2060 | NR | 10,575,000 | 633,702 | |||||||||
| 194 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Suffolk Tobacco Asset Securitization Corp. NY | Zero Coupon | 6/1/2066 | NR | $ | 7,700,000 | $ | 798,327 | |||||||
| TSASC, Inc. NY | 5.00% | 6/1/2034 | A- | 1,000,000 | 1,023,770 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2035 | A- | 300,000 | 306,369 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2036 | A- | 100,000 | 101,944 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2041 | A- | 545,000 | 550,079 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 3,300,000 | 2,915,265 | |||||||||
| Westchester Tobacco Asset Securitization Corp. NY | 5.125% | 6/1/2051 | BB- | 1,845,000 | 1,862,651 | |||||||||
| Total | 13,662,896 | |||||||||||||
| Transportation 25.04% | ||||||||||||||
| Buffalo & Fort Erie Public Bridge Authority NY | 5.00% | 1/1/2034 | A+ | 600,000 | 638,762 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2051 | A3 | 3,190,000 | 2,586,358 | |||||||||
| Metropolitan Transportation Authority NY | 4.75% | 11/15/2045 | A3 | 3,095,000 | 2,901,929 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2028 | A3 | 865,000 | 903,930 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2029 | A3 | 2,450,000 | 2,538,134 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2029 | A3 | 1,730,000 | 1,765,681 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2030 | A3 | 1,885,000 | 1,947,324 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2030 | A3 | 700,000 | 725,344 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2033 | A3 | 1,900,000 | 1,948,560 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2033 | AA | 1,540,000 | 1,674,137 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2041 | A3 | 1,050,000 | 1,030,866 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | #(a) | 11/15/2045 | A3 | 2,520,000 | 2,672,759 | ||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2050 | A3 | 2,005,000 | 1,931,926 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2028 | A3 | 3,740,000 | 3,852,276 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2035 | A3 | 1,170,000 | 1,184,328 | |||||||||
| New York State Thruway Authority NY | 5.00% | 1/1/2036 | A1 | 1,760,000 | 1,788,449 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 4.00% | 1/1/2036 | Baa3 | 3,515,000 | 3,238,169 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 1/1/2036 | Baa3 | 2,295,000 | 2,282,861 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc NY AMT | 5.00% | 10/1/2040 | Baa3 | 2,645,000 | 2,554,194 | |||||||||
| New York Transportation Development Corp. - Empire St Thruway Partnrs NY AMT | 4.00% | 10/31/2041 | BBB- | 860,000 | 756,637 | |||||||||
| New York Transportation Development Corp. - Empire St Thruway Partnrs NY AMT | 4.00% | 10/31/2046 | BBB- | 1,525,000 | 1,287,670 | |||||||||
| See Notes to Schedule of Investments. | 195 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New York Transportation Development Corp. - Empire St Thruway Partnrs NY AMT | 4.00% | 4/30/2053 | BBB- | $ | 3,335,000 | $ | 2,716,890 | |||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 4.00% | 12/1/2039 | Baa1 | 345,000 | 316,045 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 4.00% | 12/1/2040 | Baa1 | 1,325,000 | 1,199,209 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 4.00% | 12/1/2041 | Baa1 | 2,810,000 | 2,512,687 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 4.00% | 12/1/2041 | Baa1 | 1,000,000 | 917,416 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 4.00% | 12/1/2042 | Baa1 | 1,800,000 | 1,637,983 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 5.00% | 12/1/2034 | Baa1 | 545,000 | 568,170 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 5.00% | 12/1/2039 | Baa1 | 1,150,000 | 1,173,733 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC NY AMT | 5.00% | 12/1/2042 | Baa1 | 870,000 | 876,667 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner NY AMT | 4.00% | 7/1/2033 | Baa2 | 2,000,000 | 1,886,052 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner NY AMT | 4.00% | 7/1/2046 | Baa2 | 2,110,000 | 1,690,707 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner NY AMT | 5.25% | 1/1/2050 | Baa2 | 12,280,000 | 11,950,211 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2027 | A3 | 1,000,000 | 1,015,607 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2036 | A3 | 850,000 | 882,834 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2038 | A3 | 725,000 | 746,115 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2039 | A3 | 350,000 | 358,908 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 4.00% | 9/1/2043 | AA- | 5,155,000 | 4,726,062 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 9/15/2028 | AA- | 1,000,000 | 1,075,344 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 9/15/2029 | AA- | 250,000 | 268,754 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 11/15/2031 | AA- | 3,430,000 | 3,665,435 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 9/1/2032 | AA- | 805,000 | 868,470 | |||||||||
| 196 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 9/15/2033 | AA- | $ | 2,820,000 | $ | 2,997,913 | |||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 10/15/2033 | AA- | 1,000,000 | 1,056,680 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 10/15/2033 | AA- | 1,595,000 | 1,746,733 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 9/15/2034 | AA- | 1,030,000 | 1,085,073 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 11/15/2041 | AA- | 2,000,000 | 2,036,040 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.00% | 9/15/2048 | AA- | 365,000 | 371,956 | |||||||||
| Port Authority of New York & New Jersey NY AMT | 5.50% | 8/1/2052 | AA- | 4,055,000 | 4,369,363 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 4.00% | 11/15/2048 | AA- | 2,015,000 | 1,852,509 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2038 | AA- | 1,000,000 | 1,062,296 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2047 | AA- | 1,135,000 | 1,177,489 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2051 | AA- | 2,500,000 | 2,643,775 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.50% | 11/15/2057 | AA- | 2,000,000 | 2,259,103 | |||||||||
| Total | 103,922,523 | |||||||||||||
| Utilities 7.22% | ||||||||||||||
| Guam Government Waterworks Authority GU | 5.00% | 7/1/2036 | A- | 400,000 | 405,550 | |||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2034 | A | 2,000,000 | 2,056,689 | |||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2039 | A | 1,000,000 | 1,021,190 | |||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2047 | A | 1,115,000 | 1,152,602 | |||||||||
| Long Island Power Authority NY (AGC) | 5.25% | 9/1/2029 | AA | 2,045,000 | 2,343,110 | |||||||||
| New York City Municipal Water Finance Authority NY | 5.00% | 6/15/2035 | AA+ | 1,550,000 | 1,558,729 | |||||||||
| New York City Municipal Water Finance Authority NY | 5.00% | 6/15/2035 | AA+ | 1,675,000 | 1,713,389 | |||||||||
| New York City Municipal Water Finance Authority NY | 5.00% | 6/15/2036 | AA+ | 1,750,000 | 1,788,863 | |||||||||
| New York City Municipal Water Finance Authority NY | 5.00% | 6/15/2036 | AA+ | 2,250,000 | 2,299,967 | |||||||||
| New York City Municipal Water Finance Authority NY | 5.00% | 6/15/2046 | AA+ | 3,140,000 | 3,269,325 | |||||||||
| New York City Municipal Water Finance Authority NY | 5.00% | 6/15/2048 | AA+ | 1,675,000 | 1,744,716 | |||||||||
| See Notes to Schedule of Investments. | 197 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2022
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| New York City Municipal Water Finance Authority NY | 5.25% | 6/15/2047 | AA+ | $ | 1,000,000 | $ | 1,052,447 | |||||||
| New York City Municipal Water Finance Authority NY | 5.25% | 6/15/2052 | Aa1 | 3,525,000 | 3,864,121 | |||||||||
| New York State Environmental Facilities Corp. NY | 5.25% | 9/15/2052 | Aaa | 3,335,000 | 3,719,908 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 4.00% | 7/1/2042 | NR | 700,000 | 563,157 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 5.00% | 7/1/2030 | NR | 500,000 | 491,721 | |||||||||
| Puerto Rico Electric Power Authority PR(d) | 5.75% | 7/1/2036 | D | (e) | 1,250,000 | 925,000 | ||||||||
| Total | 29,970,484 | |||||||||||||
| Total Investments in Securities 98.97% (cost $446,425,855) | 410,779,035 | |||||||||||||
| Other Assets and Liabilities – Net(f) 1.03% | 4,271,640 | |||||||||||||
| Net Assets 100.00% | $ | 415,050,675 | ||||||||||||
| 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. | |
| FHA | Insured by - Federal Housing Administration. | |
| NR | Not Rated. | |
| TRIPS | Tax Refund Intercept Programs. | |
| YoY | Year on Year Inflation Rates. |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2022, the total value of Rule 144A securities was $22,929,625, which represents 5.52% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 2022. | |
| (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) | Securities purchased on a when-issued basis. | |
| (d) | Defaulted (non-income producing security). | |
| (e) | This investment has been rated by Fitch IBCA. | |
| (f) | Other Assets and Liabilities - Net include net unrealized depreciation on futures contracts as follows: |
Futures Contracts at December 31, 2022:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation | ||||||||||||
| U.S. Long Bond | March 2023 | 42 | Short | $ | (5,281,785 | ) | $ | (5,264,438 | ) | $17,347 | ||||||||
| 198 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
NEW YORK TAX FREE FUND December 31, 2022
The following is a summary of the inputs used as of December 31, 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 | $ | – | $ | 42,505,435 | $ | 1,555,822 | $ | 44,061,257 | ||||||||
| Health Care | – | 50,281,775 | 284,715 | 50,566,490 | ||||||||||||
| Remaining Industries | – | 316,151,288 | – | 316,151,288 | ||||||||||||
| Total | $ | – | $ | 408,938,498 | $ | 1,840,537 | $ | 410,779,035 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 17,347 | $ | – | $ | – | $ | 17,347 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 17,347 | $ | – | $ | – | $ | 17,347 | ||||||||
| (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. | 199 |
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 (“High Income”, formerly “High Yield”) |
A,C,F,F3 and I |
| Lord Abbett Short Duration High Income Municipal Bond Fund (“Short Duration High Income”) |
A,C,F,F3 and I |
| Lord Abbett Sustainable Municipal Bond Fund (“Sustainable”) | A,C,F,F3 and I |
| Lord Abbett California Tax-Free Income Fund (“California”) | A,C,F,F3 and I |
| Lord Abbett New Jersey Tax-Free Income Fund (“New Jersey”) | A,F,F3 and I |
| Lord Abbett New York Tax-Free Income Fund (“New York”) | A,C,F,F3 and I |
Short Duration, Intermediate, National, High Income, Short Duration High Income, Sustainable and California are diversified as defined in the Act. New Jersey and New York are non-diversified as defined in the Act.
The investment objective of each Fund (except for High Income and Short Duration High Income) is to seek the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk. The investment objective of High Income and Short Duration High Income is to seek a high level of income exempt from federal income tax. Each of California, New Jersey and New York also seeks as high a level of interest income exempt from the personal income tax of its corresponding state as is consistent with reasonable risk. In addition, New York seeks as high a level of interest income exempt from New York City personal income tax as is consistent with reasonable risk.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
| (a) | Investment Valuation-Under procedures approved by the Funds’ Board of Directors (the “Board”), the Board has designated the determination of fair value of the Funds’ portfolio investments to Lord, Abbett & Co. LLC (“Lord Abbett”), as valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
| Securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are |
200
Notes to Schedule of Investments (unaudited)(continued)
valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used.
Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.
Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
| (b) | 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 December 31, 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.
201
Notes to Schedule of Investments (unaudited)(concluded)
| 3. | FEDERAL TAX INFORMATION |
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 the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.
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 December 31, 2022, the Funds did not loan any securities.
202
QPHR-MUNI-1Q
(02/23)