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, 2023
Schedule of Investments (unaudited)
SHORT DURATION TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 93.28% | ||||||||||||||
| MUNICIPAL BONDS 93.28% | ||||||||||||||
| Corporate-Backed 6.43% | ||||||||||||||
| Allegheny County Industrial Development Authority - US Steel Corporation PA | 4.875% | 11/1/2024 | BB- | $ | 5,375,000 | $ | 5,370,546 | |||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 19,500,000 | 19,592,371 | ||||||||
| City of Farmington - Public Service Co of NM | 3.90% | #(a) | 6/1/2040 | BBB | 2,500,000 | 2,535,568 | ||||||||
| County of Nez Perce - Potlatchdeltic Corp ID | 2.75% | 10/1/2024 | BBB- | 11,310,000 | 11,149,229 | |||||||||
| Development Authority of Burke County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2040 | BBB+ | 3,750,000 | 3,604,509 | ||||||||
| Industrial Development Board of the City of Mobile Alabama - Alabama Power Company | 1.00% | #(a) | 6/1/2034 | A1 | 3,100,000 | 2,992,495 | ||||||||
| Industrial Development Board of the City of Mobile Alabama - Alabama Power Company | 3.65% | #(a) | 7/15/2034 | A1 | 5,000,000 | 5,008,824 | ||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B | 750,000 | 740,832 | |||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co | 1.90% | #(a) | 5/1/2026 | BBB+ | 2,000,000 | 1,950,481 | ||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co | 2.40% | #(a) | 12/1/2038 | BBB+ | 10,700,000 | 9,546,910 | ||||||||
| Ohio Air Quality Development Authority - Ohio valley Electric Corp | 1.50% | #(a) | 2/1/2026 | Baa3 | 1,000,000 | 928,831 | ||||||||
| Parish of St. James - Nustar Logistics LP LA† | 5.85% | #(a) | 8/1/2041 | BB- | 3,500,000 | 3,571,910 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 2.10% | #(a) | 6/1/2037 | BBB- | 8,000,000 | 7,892,986 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 2.125% | #(a) | 6/1/2037 | BBB- | 6,150,000 | 6,064,960 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 2.375% | #(a) | 6/1/2037 | BBB- | 4,575,000 | 4,348,006 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 4.05% | #(a) | 6/1/2037 | BBB- | 4,650,000 | 4,601,133 | ||||||||
| Peninsula Ports Authority - Dominion Terminal Assocs VA | 3.80% | #(a) | 10/1/2033 | BBB | 3,540,000 | 3,532,065 | ||||||||
| Public Finance Authority - Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 1,455,000 | 1,347,366 | |||||||||
| See Notes to Schedule of Investments. | 1 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Selma Industrial Development Board - International Paper Co AL | 2.00% | #(a) | 11/1/2033 | BBB | $ | 2,625,000 | $ | 2,580,219 | ||||||
| State of Ohio - Republic Services Inc | 3.75% | #(a) | 11/1/2035 | BBB+ | 5,000,000 | 5,001,589 | ||||||||
| Total | 102,360,830 | |||||||||||||
| Education 7.65% | ||||||||||||||
| California Community Choice Financing Authority | 5.264% (SOFR * .67 + 1.70% | )# | 5/1/2053 | A1 | 15,000,000 | 15,076,230 | ||||||||
| California State University | 0.55% | #(a) | 11/1/2049 | Aa2 | 5,000,000 | 4,518,494 | ||||||||
| Capital Trust Agency, Inc. - Renaissance Chtr Sch 2019 FL† | 4.00% | 6/15/2029 | NR | 1,125,000 | 1,067,248 | |||||||||
| Connecticut State Health & Educational Facilities Authority | 2.80% | #(a) | 7/1/2057 | AAA | 9,850,000 | 9,858,451 | ||||||||
| Florida Higher Educational Facilities Financial Authority - St Leo Univ Inc Oblig Grp | 5.00% | 3/1/2024 | BB | 640,000 | 638,129 | |||||||||
| Florida Higher Educational Facilities Financial Authority - St Leo Univ Inc Oblig Grp | 5.00% | 3/1/2025 | BB | 675,000 | 662,909 | |||||||||
| Hospital Facilities Authority of Multnomah County Oregon - Mirabella So Waterfront | 5.00% | 10/1/2024 | NR | 335,000 | 339,305 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech | 5.00% | 9/1/2028 | Ba2 | 1,135,000 | 1,142,423 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech | 5.00% | 9/1/2029 | Ba2 | 630,000 | 633,969 | |||||||||
| Louisiana State Citizens Property Insurance Corp. | 5.00% | 6/1/2025 | A1 | 7,490,000 | 7,699,872 | |||||||||
| Louisiana State Citizens Property Insurance Corp. | 5.00% | 6/1/2026 | A1 | 6,740,000 | 7,086,469 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2028 | A2 | 3,000,000 | 3,300,528 | |||||||||
| Ohio Air Quality Development Authority - Duke Energy Corp | 4.00% | #(a) | 9/1/2030 | BBB | 1,300,000 | 1,322,150 | ||||||||
| Pennsylvania Higher Educational Facilities Authority - Thomas Jefferson Univ Oblig | 4.42% | #(a) | 9/1/2045 | A | 12,925,000 | 12,925,000 | ||||||||
| Philadelphia Authority for Industrial Development - Thomas Jefferson Univ Oblig PA | 4.43% | #(a) | 9/1/2050 | A | 10,000,000 | 10,000,000 | ||||||||
| 2 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Sauquoit Valley Central School District NY GO | 4.50% | 6/21/2024 | NR | $ | 9,285,000 | $ | 9,329,406 | |||||||
| School District of Broward County FL | 5.00% | 7/1/2035 | Aa3 | 5,000,000 | 5,822,073 | |||||||||
| University of Colorado | 2.00% | #(a) | 6/1/2054 | Aa1 | 10,000,000 | 9,919,546 | ||||||||
| University of Pittsburgh-of the Commonwealth System of Higher Education PA | 4.00% | 4/15/2026 | AA+ | 19,825,000 | 20,396,862 | |||||||||
| Total | 121,739,064 | |||||||||||||
| Energy 0.53% | ||||||||||||||
| New Mexico Municipal Energy Acquisition Authority | 5.00% | #(a) | 11/1/2039 | Aa1 | 8,300,000 | 8,438,382 | ||||||||
| General Obligation 20.82% | ||||||||||||||
| Borough of Riverdale NJ GO | 4.75% | 6/5/2024 | NR | 8,021,000 | 8,064,374 | |||||||||
| California State Public Works Board | 5.00% | 10/1/2026 | NR | 90,000 | 96,395 | |||||||||
| California State Public Works Board | 5.00% | 10/1/2026 | Aa3 | 1,410,000 | 1,507,084 | |||||||||
| California State Public Works Board | 5.00% | 10/1/2027 | NR | 205,000 | 225,447 | |||||||||
| California State Public Works Board | 5.00% | 10/1/2027 | Aa3 | 3,095,000 | 3,392,020 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2033 | AA | 1,850,000 | 1,971,395 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2034 | AA | 4,300,000 | 4,575,683 | |||||||||
| City of Auburn NY GO | 4.75% | 8/15/2024 | NR | 11,813,815 | 11,893,119 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2026 | BBB+ | 6,890,000 | 7,099,492 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2027 | BBB+ | 4,650,000 | 4,870,927 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2029 | BBB+ | 10,420,000 | 11,199,147 | |||||||||
| City of Chicago IL GO | 5.25% | 1/1/2027 | BBB+ | 1,665,000 | 1,702,471 | |||||||||
| City of Newark NJ GO | 5.00% | 9/27/2024 | NR | 10,000,000 | 10,065,352 | |||||||||
| Commonwealth Financing Authority PA | 5.00% | 6/1/2025 | A1 | 2,895,000 | 2,980,174 | |||||||||
| Commonwealth of Pennsylvania (AGM) GO | 5.00% | 9/15/2025 | AA | 7,670,000 | 7,973,976 | |||||||||
| County of Camden NJ GO | 4.50% | 5/22/2024 | NR | 9,000,000 | 9,034,120 | |||||||||
| County of Dane WI GO | 4.00% | 6/1/2025 | AAA | 6,385,000 | 6,498,511 | |||||||||
| County of Fairfax VA GO | 4.00% | 10/1/2026 | AAA | 9,335,000 | 9,716,116 | |||||||||
| Delaware Valley Regional Finance Authority PA | 3.48% (MUNIPSA * 1 + 0.40% | )# | 3/1/2057 | A+ | 6,070,000 | 5,935,874 | ||||||||
| Florida Insurance Assistance Interlocal Agency, Inc. | 4.36% | #(a) | 9/1/2032 | A2 | 10,000,000 | 10,000,000 | ||||||||
| Florida Insurance Assistance Interlocal Agency, Inc. | 5.00% | 9/1/2025 | A2 | 25,540,000 | 26,041,861 | |||||||||
| See Notes to Schedule of Investments. | 3 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Hoosick Falls Central School District NY GO | 4.50% | 8/2/2024 | NR | $ | 18,120,000 | $ | 18,226,542 | |||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2035 | A2 | 2,690,000 | 3,142,326 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2036 | A2 | 4,325,000 | 5,010,838 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2024 | A2 | 1,500,000 | 1,511,855 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2024 | A2 | 4,000,000 | 4,031,792 | |||||||||
| Northside Independent School District TX GO (PSF GTD) | 1.60% | #(a) | 8/1/2049 | Aaa | 2,700,000 | 2,674,711 | ||||||||
| Portland Community College District OR GO | 5.00% | 6/15/2038 | AA+ | 3,500,000 | 4,068,946 | |||||||||
| State of Illinois GO | 5.00% | 3/1/2025 | A- | 4,000,000 | 4,083,244 | |||||||||
| State of Illinois GO | 5.00% | 3/1/2025 | A- | 5,500,000 | 5,614,460 | |||||||||
| State of Illinois GO | 5.00% | 12/1/2025 | A- | 10,000,000 | 10,349,852 | |||||||||
| State of Illinois GO | 5.00% | 3/1/2026 | A- | 4,050,000 | 4,211,633 | |||||||||
| State of Illinois GO | 5.00% | 3/1/2027 | A- | 7,500,000 | 7,953,304 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2027 | A- | 5,000,000 | 5,375,709 | |||||||||
| State of Illinois GO | 5.00% | 2/1/2028 | A- | 5,990,000 | 6,350,055 | |||||||||
| State of Illinois GO | 5.00% | 10/1/2029 | A- | 2,115,000 | 2,299,016 | |||||||||
| State of Illinois GO | 5.00% | 5/1/2030 | A- | 9,225,000 | 10,288,055 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2030 | A- | 7,200,000 | 7,516,352 | |||||||||
| State of Illinois GO | 5.25% | 2/1/2030 | A- | 3,000,000 | 3,003,946 | |||||||||
| State of Maryland GO | 4.00% | 8/1/2028 | AAA | 5,000,000 | 5,378,607 | |||||||||
| Tender Option Bond Trust Receipts/Certificates AL† | 4.24% | # | 8/22/2035 | A1 | 9,415,000 | 9,415,000 | ||||||||
| Tennessee Energy Acquisition Corp. | 5.00% | #(a) | 5/1/2053 | A2 | 10,000,000 | 10,443,345 | ||||||||
| Town of Westborough MA GO | 5.00% | 3/28/2024 | NR | 15,000,000 | 15,069,000 | |||||||||
| Township of Barnegat NJ GO | 5.00% | 5/23/2024 | NR | 9,825,000 | 9,891,359 | |||||||||
| Township of Woodbridge NJ GO | 4.50% | 3/15/2024 | NR | 15,000,000 | 15,039,030 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2035 | AA | 1,000,000 | 1,208,610 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2036 | AA | 5,000,000 | 5,709,412 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2036 | AA | 1,800,000 | 2,158,107 | |||||||||
| Western Placer Unified School District CA Special Tax | 2.00% | 6/1/2025 | A2 | 2,000,000 | 1,946,790 | |||||||||
| Western Placer Unified School District CA Special Tax | 2.00% | 6/1/2025 | A3 | 4,750,000 | 4,610,968 | |||||||||
| Total | 331,426,402 | |||||||||||||
| 4 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care 16.34% | ||||||||||||||
| Allegheny County Hospital Development Authority PA | 5.00% | 4/1/2026 | A | $ | 2,500,000 | $ | 2,606,024 | |||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2026 | CCC+ | 875,000 | 550,765 | (b) | ||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | #(a) | 2/1/2040 | CCC+ | 3,125,000 | 1,912,696 | ||||||||
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% | 7/1/2026 | Baa2 | 1,345,000 | 1,394,897 | |||||||||
| California Municipal Finance Authority - Palomar Health Oblig Grp† | 5.00% | 11/1/2027 | BBB | 10,000,000 | 10,234,131 | |||||||||
| Charlotte-Mecklenburg Hospital Authority - Atrium Health Oblig Grp NC | 5.00% | #(a) | 1/15/2050 | AA | 4,275,000 | 4,717,533 | ||||||||
| Charlotte-Mecklenburg Hospital Authority - Atrium Health Oblig Grp NC | 5.00% | #(a) | 1/15/2050 | AA | 10,000,000 | 10,150,462 | ||||||||
| City of Lenexa - Lakeview Village Inc KS | 5.00% | 5/15/2025 | BB+ | (c) | 990,000 | 998,136 | ||||||||
| City of Seneca - Nemaha Valley Cmnty Hosp KS | 5.00% | 9/1/2025 | NR | 2,000,000 | 2,021,421 | |||||||||
| Colorado Health Facilities Authority - Adventhealth Oblig Group | 5.00% | #(a) | 11/15/2048 | AA | 13,525,000 | 13,976,858 | ||||||||
| Colorado Health Facilities Authority - Adventhealth Oblig Group | 5.00% | #(a) | 11/15/2049 | NR | 185,000 | 197,245 | ||||||||
| Colorado Health Facilities Authority - Adventhealth Oblig Group | 5.00% | #(a) | 11/15/2049 | AA | 1,825,000 | 1,929,625 | ||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.00% | 2/15/2025 | BBB | 1,500,000 | 1,521,538 | |||||||||
| County of Lehigh - St Luke’s Hosp Oblig Grp PA | 4.97% (MUNIPSA * 1 + 1.10% | )# | 8/15/2038 | A- | 14,605,000 | 14,437,365 | ||||||||
| General Authority of Southcentral Pennsylvania - Wellspan Hlth Oblig Grp | 4.47% (MUNIPSA * 1 + 0.60% | )# | 6/1/2049 | Aa3 | 15,000,000 | 14,976,417 | ||||||||
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Hlth Oblig TX | 4.44% (MUNIPSA * 1 + 0.57% | )# | 12/1/2049 | Aa3 | 7,770,000 | 7,768,036 | ||||||||
| See Notes to Schedule of Investments. | 5 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Hlth Oblig TX | 4.72% (MUNIPSA * 1 + 0.85% | )# | 7/1/2049 | Aa3 | $ | 11,000,000 | $ | 10,967,191 | ||||||
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Hlth Oblig TX | 5.00% | #(a) | 7/1/2049 | Aa3 | 5,420,000 | 5,700,949 | ||||||||
| Health & Educational Facilities Authority of the State of Missouri - SSM Hlth Care Oblig Grp WA | 5.00% | #(a) | 6/1/2039 | A+ | 10,000,000 | 10,808,253 | ||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple Univ Hlth Oblig Grp PA | 5.00% | 7/1/2027 | BBB | 5,000,000 | 5,221,451 | |||||||||
| Illinois Finance Authority - Plymouth Place Oblig Group | 5.00% | 5/15/2025 | NR | 530,000 | 538,830 | |||||||||
| Illinois Finance Authority - Univ Chicago Med Ctr Og | 5.00% | #(a) | 8/15/2052 | AA- | 7,200,000 | 7,698,434 | ||||||||
| Industrial Development Authority of the County of Pima - La Posada Park Centre Oblig AZ† | 5.125% | 11/15/2029 | NR | 1,500,000 | 1,502,944 | |||||||||
| Kentucky Economic Development Finance Authority - Owensboro Health Inc Oblig | 5.00% | 6/1/2025 | Baa2 | 1,400,000 | 1,412,537 | |||||||||
| Maricopa County Industrial Development Authority - Banner Health Oblig Group AZ | 4.44% (MUNIPSA * 1 + 0.57% | )# | 1/1/2035 | AA- | 4,240,000 | 4,232,474 | ||||||||
| Massachusetts Development Finance Agency - Mass General Brigham Inc | 5.00% | #(a) | 7/1/2038 | AA- | 2,000,000 | 2,002,125 | ||||||||
| Massachusetts Development Finance Agency - Wellforce Oblig Group | 5.00% | 7/1/2024 | BBB- | 2,030,000 | 2,045,556 | |||||||||
| Massachusetts Development Finance Agency - Wellforce Oblig Group | 5.00% | 7/1/2025 | BBB- | 800,000 | 813,703 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Hlthcr Oblig | 5.00% | 7/1/2025 | BBB- | 1,600,000 | 1,624,381 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 5.00% | 8/1/2024 | BBB- | 1,500,000 | 1,505,043 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 5.00% | 9/1/2027 | BBB- | 1,400,000 | 1,454,636 | |||||||||
| 6 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 5.00% | 9/1/2028 | BBB- | $ | 1,500,000 | $ | 1,575,799 | |||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 5.00% | 9/1/2029 | BBB- | 1,750,000 | 1,856,704 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 5.00% | 9/1/2030 | BBB- | 1,000,000 | 1,065,246 | |||||||||
| Northampton County General Purpose Authority - St Luke’s Hosp Oblig Grp PA | 4.86% (1 mo. LIBOR * .70 + 1.04% | )# | 8/15/2048 | A- | 8,000,000 | 8,000,169 | ||||||||
| Oklahoma Development Finance Authority - OU Medicine Oblig Grp | 5.00% | 8/15/2025 | BB- | 550,000 | 551,698 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Oblig Grp | 5.00% | 8/15/2026 | BB- | 800,000 | 806,319 | |||||||||
| Orange County Health Facilities Authority - Orlando Hlth Oblig Group FL | 5.00% | 10/1/2027 | A+ | 1,000,000 | 1,073,635 | |||||||||
| Orange County Health Facilities Authority - Orlando Hlth Oblig Group FL | 5.00% | 10/1/2028 | A+ | 750,000 | 820,314 | |||||||||
| Rib Floater Trust Various States - Morselife Oblig Group FL† | 4.22% | # | 10/1/2054 | A1 | 19,695,000 | 19,695,000 | ||||||||
| Rib Floater Trust Various States TX† | 4.17% | # | 11/15/2046 | AA+ | 20,000,000 | 20,000,000 | ||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Vlg Inc | 5.25% | 11/15/2028 | NR | 2,850,000 | 2,867,347 | |||||||||
| State of Ohio - Univ Hosp Hlth Sys Oblig Gp | 4.32% | #(a) | 1/15/2045 | A2 | 10,035,000 | 10,035,000 | ||||||||
| State of Ohio - Univ Hosp Hlth Sys Oblig Gp | 5.00% | 1/15/2027 | A | 250,000 | 263,684 | |||||||||
| Tarrant County Cultural Education Facilities Finance Corp. - Baylor Scott & White Oblig TX | 5.00% | #(a) | 11/15/2052 | AA- | 2,180,000 | 2,264,997 | ||||||||
| Tulsa County Industrial Authority - Montereau Oblig Group OK | 5.00% | 11/15/2026 | BBB- | (c) | 500,000 | 507,971 | ||||||||
| Washington Health Care Facilities Authority - Commonspirit Hlth Oblig | 5.00% | #(a) | 8/1/2049 | A- | 7,515,000 | 7,772,655 | ||||||||
| Washington Health Care Facilities Authority - Commonspirit Hlth Oblig | 5.27% (MUNIPSA * 1 + 1.40% | )# | 1/1/2035 | A- | 2,000,000 | 2,000,436 | ||||||||
| See Notes to Schedule of Investments. | 7 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Hlth Oblig | 4.48% | #(a) | 2/15/2053 | BBB+ | $ | 16,575,000 | $ | 16,575,000 | ||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Hlth Oblig | 5.27% | #(a) | 2/15/2053 | BBB+ | 15,425,000 | 15,425,000 | ||||||||
| Total | 260,078,630 | |||||||||||||
| Home Furnishings 0.63% | ||||||||||||||
| Rib Floater Trust Various States MD† | 4.22% | # | 11/15/2049 | A1 | 10,000,000 | 10,000,000 | ||||||||
| Housing 7.55% | ||||||||||||||
| California Housing Finance Agency | 4.00% | 3/20/2033 | BBB+ | 934,939 | 951,118 | |||||||||
| California Housing Finance Agency - Del Sur Family Housing | 5.00% | #(a) | 5/1/2054 | Aaa | 1,750,000 | 1,832,545 | ||||||||
| Connecticut Housing Finance Authority | 4.00% | 5/15/2049 | AAA | 3,285,000 | 3,291,540 | |||||||||
| Connecticut Housing Finance Authority | 6.25% | 5/15/2054 | Aaa | 2,500,000 | 2,766,612 | |||||||||
| Michigan State Housing Development Authority | 4.25% | 12/1/2049 | AA+ | 2,935,000 | 2,950,077 | |||||||||
| Minnesota Housing Finance Agency (GNMA/FNMA/FHLMC) | 4.25% | 7/1/2049 | AA+ | 2,410,000 | 2,422,121 | |||||||||
| Minnesota Housing Finance Agency (GNMA/FNMA/FHLMC) | 5.00% | 7/1/2053 | AA+ | 6,935,000 | 7,212,268 | |||||||||
| Minnesota Housing Finance Agency (GNMA/FNMA/FHLMC) | 6.25% | 7/1/2054 | Aa1 | 5,700,000 | 6,313,262 | |||||||||
| Missouri Housing Development Commission (GNMA/FNMA/FHLMC) | 3.25% | 11/1/2052 | AA+ | 1,755,000 | 1,714,048 | |||||||||
| New York City Housing Development Corp. NY (FHA) | 0.70% | #(a) | 5/1/2060 | AA+ | 2,000,000 | 1,933,421 | ||||||||
| New York State Housing Finance Agency (SONYMA) | 0.75% | 11/1/2025 | Aa2 | 10,380,000 | 9,705,320 | |||||||||
| New York State Housing Finance Agency (SONYMA) (FHA) | 0.75% | 11/1/2025 | Aa2 | 3,955,000 | 3,697,933 | |||||||||
| North Carolina Housing Finance Agency (GNMA/FNMA/FHLMC) | 4.00% | 1/1/2050 | AA+ | 2,385,000 | 2,380,133 | |||||||||
| North Carolina Housing Finance Agency (GNMA/FNMA/FHLMC) | 6.25% | 1/1/2055 | Aa1 | 5,500,000 | 6,088,969 | |||||||||
| North Dakota Housing Finance Agency | 4.00% | 1/1/2050 | Aa1 | 3,015,000 | 3,018,237 | |||||||||
| Ohio Housing Finance Agency | 4.50% | 3/1/2050 | Aaa | 2,980,000 | 3,007,241 | |||||||||
| Seattle Housing Authority - Juniper Apartments Proj WA | 5.00% | 6/1/2027 | AA | 7,000,000 | 7,312,531 | |||||||||
| State of New York Mortgage Agency | 3.50% | 4/1/2049 | Aa1 | 830,000 | 821,069 | |||||||||
| 8 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Tender Option Bond Trust Receipts/Certificates FL† | 4.24% | #(a) | 11/1/2035 | A1 | $ | 35,000,000 | $ | 35,000,000 | ||||||
| Texas State Affordable Housing Corp. | 3.625% | #(a) | 1/1/2045 | Aaa | 3,400,000 | 3,418,873 | ||||||||
| Virginia Beach Development Authority - Westminster-Canterbury On Ches | 5.375% | 9/1/2029 | BB+ | (c) | 3,800,000 | 3,900,490 | ||||||||
| Wisconsin Housing & Economic Development Authority Housing Revenue (HUD SECT 8) | 0.61% | #(a) | 11/1/2042 | AA+ | 2,505,000 | 2,470,384 | ||||||||
| Wisconsin Housing & Economic Development Authority Housing Revenue (HUD SECT 8) | 0.81% | #(a) | 11/1/2052 | AA+ | 8,250,000 | 7,886,017 | ||||||||
| Total | 120,094,209 | |||||||||||||
| Lease Obligations 2.09% | ||||||||||||||
| Commonwealth of Pennsylvania COPS | 5.00% | 7/1/2025 | A | 500,000 | 515,323 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2025 | A2 | 1,250,000 | 1,288,165 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2026 | A2 | 4,000,000 | 4,212,030 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2024 | A2 | 7,000,000 | 7,135,657 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2025 | A2 | 12,500,000 | 13,036,077 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2030 | A2 | 6,240,000 | 7,132,781 | |||||||||
| Total | 33,320,033 | |||||||||||||
| Multi-Family Housing 1.70% | ||||||||||||||
| Illinois Housing Development Authority (HUD SECT8) (FHA) | 4.00% | #(a) | 6/1/2026 | Aaa | 2,700,000 | 2,716,287 | ||||||||
| Tender Option Bond Trust Receipts/Certificates SC† | 4.24% | # | 7/1/2028 | A1 | 24,400,000 | 24,400,000 | ||||||||
| Total | 27,116,287 | |||||||||||||
| Other Revenue 5.06% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2049 | A1 | 12,325,000 | 12,356,860 | ||||||||
| California Infrastructure & Economic Development Bank - Museum Associates | 4.57% (MUNIPSA * 1 + 0.70% | )# | 12/1/2050 | A3 | 6,500,000 | 6,335,133 | ||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 5.25% | 8/15/2026 | Baa3 | 1,605,000 | 1,621,896 | |||||||||
| See Notes to Schedule of Investments. | 9 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2023
| 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 | 5.25% | 8/15/2028 | Baa3 | $ | 1,920,000 | $ | 1,943,679 | |||||||
| Illinois Finance Authority - Field Museum Natural Hist | 4.973% (SOFR * .67 + 1.20% | )# | 11/1/2034 | A | 4,365,000 | 4,364,442 | ||||||||
| Industrial Development Authority of the County of Pima - Edkey Oblig Group AZ† | 3.50% | 7/1/2025 | NR | 830,000 | 811,519 | |||||||||
| Lower Alabama Gas District | 4.00% | #(a) | 12/1/2050 | A2 | 34,085,000 | 34,217,130 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2025 | A2 | 4,850,000 | 4,915,950 | |||||||||
| Patriots Energy Group Financing Agency SC | 4.00% | #(a) | 10/1/2048 | Aa1 | 8,000,000 | 8,004,137 | ||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | #(a) | 5/15/2051 | AA+ | 5,700,000 | 5,945,434 | ||||||||
| Total | 80,516,180 | |||||||||||||
| Pollution Control 0.85% | ||||||||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 4.65% | #(a) | 4/1/2040 | BBB+ | 13,600,000 | 13,600,000 | ||||||||
| Single-Family Housing 0.39% | ||||||||||||||
| Colorado Housing & Finance Authority (GNMA) | 3.00% | 5/1/2051 | AAA | 6,385,000 | 6,218,544 | |||||||||
| Special Tax 0.97% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2028 | NR | 3,050,000 | 3,125,074 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 4.121% (CPI YoY * 1 + 0.88% | ) | 3/1/2026 | Baa1 | 2,000,000 | 2,040,432 | ||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 1/1/2026 | AA | 5,000,000 | 5,233,468 | |||||||||
| State of Maryland Department of Transportation | 5.00% | 10/1/2027 | AAA | 2,295,000 | 2,451,292 | |||||||||
| Village Community Development District No. 13 FL† | 1.875% | 5/1/2025 | NR | 1,160,000 | 1,127,241 | |||||||||
| Village Community Development District No. 13 FL | 2.625% | 5/1/2024 | NR | 65,000 | 64,701 | |||||||||
| Village Community Development District No. 13 FL† | 2.625% | 5/1/2030 | NR | 1,460,000 | 1,327,243 | |||||||||
| Total | 15,369,451 | |||||||||||||
| 10 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue 1.06% | ||||||||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba1 | $ | 235,000 | $ | 223,499 | |||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2026 | NR | 2,000,000 | 2,024,613 | |||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2024 | AA | 5,000 | 5,078 | |||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2024 | AA | 2,245,000 | 2,281,338 | |||||||||
| Sales Tax Securitization Corp. IL | 5.00% | 1/1/2025 | AA- | 5,000,000 | 5,097,399 | |||||||||
| State of Illinois Sales Tax Revenue | 5.00% | 6/15/2024 | A | 7,260,000 | 7,305,657 | |||||||||
| Total | 16,937,584 | |||||||||||||
| Taxable Revenue - Water & Sewer 1.94% | ||||||||||||||
| Jersey City Municipal Utilities Authority NJ | 4.00% | 5/3/2024 | NR | 11,150,000 | 11,167,389 | |||||||||
| Louisville & Jefferson County Metropolitan Sewer District KY | 5.00% | 5/15/2035 | Aa3 | 5,000,000 | 6,070,616 | |||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2036 | A1 | 6,750,000 | 8,010,461 | |||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2037 | A1 | 4,750,000 | 5,570,569 | |||||||||
| Total | 30,819,035 | |||||||||||||
| Tobacco 0.32% | ||||||||||||||
| Commonwealth Financing Authority PA | 5.00% | 6/1/2024 | A1 | 5,000,000 | 5,028,288 | |||||||||
| Transportation 3.31% | ||||||||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2025 | A- | 2,500,000 | 2,520,580 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2031 | A- | 4,500,000 | 4,517,812 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2031 | A+ | 4,750,000 | 4,753,355 | |||||||||
| Chicago Transit Authority IL | 5.00% | 6/1/2025 | A+ | 2,000,000 | 2,043,499 | |||||||||
| E-470 Public Highway Authority CO | 3.961% (SOFR * .67 + 0.35% | )# | 9/1/2039 | A+ | 3,375,000 | 3,366,343 | ||||||||
| Maryland Economic Development Corp. - Consol Marine Terminals L | 5.75% | 9/1/2025 | BB | 3,505,000 | 3,509,946 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2026 | A- | 2,250,000 | 2,382,907 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2026 | A- | 1,675,000 | 1,773,942 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2026 | A- | 2,315,000 | 2,451,747 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2033 | A- | 5,400,000 | 5,401,277 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2036 | A2 | 5,500,000 | 6,462,090 | |||||||||
| See Notes to Schedule of Investments. | 11 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| North Carolina Turnpike Authority (AGM) | 5.00% | 1/1/2028 | AA | $ | 1,500,000 | $ | 1,596,853 | |||||||
| North Texas Tollway Authority | 5.00% | 1/1/2026 | Aa3 | 5,500,000 | 5,752,441 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2025 | A- | 3,000,000 | 3,102,566 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - LBJ Infrastructure Group | 4.00% | 12/31/2030 | Baa2 | 3,000,000 | 3,117,840 | |||||||||
| Total | 52,753,198 | |||||||||||||
| Utilities 15.64% | ||||||||||||||
| California Community Choice Financing Authority - Clean Energy | 5.25% | #(a) | 11/1/2054 | A2 | 8,800,000 | 9,533,370 | ||||||||
| Central Plains Energy Project NE | 5.00% | 9/1/2027 | BBB+ | 1,305,000 | 1,359,098 | |||||||||
| Central Plains Energy Project NE | 5.765% (SOFR * .67 + 2.18% | )# | 5/1/2053 | A2 | 20,000,000 | 20,342,606 | ||||||||
| City of Rockport - Indiana Michigan Pwr Co | 3.05% | 6/1/2025 | A- | 3,500,000 | 3,473,864 | |||||||||
| City of Seattle Municipal Light & Power Revenue WA | 3.33% (MUNIPSA * 1 + 0.25% | )# | 5/1/2045 | AA | 5,000,000 | 4,865,020 | ||||||||
| Delaware State Economic Development Authority | 1.05% | #(a) | 1/1/2031 | A | 6,315,000 | 6,069,441 | ||||||||
| Delaware State Economic Development Authority - NRG Energy Inc | 1.25% | #(a) | 10/1/2040 | BBB- | 10,000,000 | 9,366,288 | ||||||||
| Delaware State Economic Development Authority - NRG Energy Inc | 1.25% | #(a) | 10/1/2045 | BBB- | 11,000,000 | 10,302,917 | ||||||||
| Development Authority of Appling County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2038 | BBB+ | 1,250,000 | 1,201,503 | ||||||||
| Development Authority of Burke County - Georgia Power Company | 2.875% | #(a) | 12/1/2049 | BBB+ | 5,650,000 | 5,552,054 | ||||||||
| Development Authority of Burke County - Georgia Power Company | 3.875% | #(a) | 6/1/2042 | BBB+ | 6,000,000 | 6,053,918 | ||||||||
| Development Authority of Monroe County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2039 | BBB+ | 1,875,000 | 1,802,254 | ||||||||
| Energy Southeast A Cooperative District AL | 5.818% (SOFR * .67 + 2.20% | )# | 4/1/2054 | A1 | 5,000,000 | 5,049,886 | ||||||||
| 12 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Indiana Finance Authority - Indianapolis Pwr & Lt Co | 0.65% | 8/1/2025 | A2 | $ | 4,500,000 | $ | 4,237,368 | |||||||
| Intermountain Power Agency UT | 5.00% | 7/1/2036 | Aa3 | 4,000,000 | 4,726,658 | |||||||||
| Intermountain Power Agency UT | 5.00% | 7/1/2037 | Aa3 | 3,500,000 | 4,105,898 | |||||||||
| Kentucky Municipal Power Agency | 3.45% | #(a) | 9/1/2042 | Baa1 | 1,700,000 | 1,686,232 | ||||||||
| Kentucky Public Energy Authority | 4.00% | #(a) | 4/1/2048 | A1 | 3,110,000 | 3,117,891 | ||||||||
| Kentucky Public Energy Authority | 5.25% | #(a) | 4/1/2054 | A1 | 10,000,000 | 10,905,632 | ||||||||
| Long Island Power Authority NY | 0.85% | #(a) | 9/1/2050 | A | 12,000,000 | 11,493,384 | ||||||||
| Long Island Power Authority NY | 1.65% | #(a) | 9/1/2049 | A | 4,000,000 | 3,949,787 | ||||||||
| Long Island Power Authority NY | 4.32% (MUNIPSA * 1 + 0.45% | )# | 9/1/2028 | A | 20,000,000 | 19,697,736 | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority | 0.875% | #(a) | 2/1/2046 | A+ | 16,000,000 | 15,505,213 | ||||||||
| Lower Colorado River Authority TX | 5.00% | #(a) | 5/15/2039 | A | 20,000,000 | 21,334,914 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 20,000,000 | 19,252,308 | ||||||||
| North Carolina Capital Facilities Finance Agency - Republic Services Inc | 3.75% | #(a) | 7/1/2034 | BBB+ | 5,000,000 | 5,000,000 | ||||||||
| Northern California Energy Authority | 4.00% | #(a) | 7/1/2049 | A2 | 5,000,000 | 5,005,152 | ||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2024 | A | 800,000 | 808,259 | |||||||||
| Southeast Energy Authority A Cooperative District AL | 5.354% (SOFR * .67 + 1.79% | )# | 5/1/2053 | A2 | 18,000,000 | 18,104,513 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.25% | 1/1/2030 | A2 | 4,660,000 | 5,020,061 | |||||||||
| West Virginia Economic Development Authority - Appalachian Power Co | 0.625% | #(a) | 12/1/2038 | A- | 8,500,000 | 7,802,186 | ||||||||
| West Virginia Economic Development Authority - Appalachian Power Co | 2.55% | #(a) | 3/1/2040 | A- | 2,235,000 | 2,225,398 | ||||||||
| Total | 248,950,809 | |||||||||||||
| Total Municipal Bonds (cost $1,490,980,332) | 1,484,766,926 | |||||||||||||
| See Notes to Schedule of Investments. | 13 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND December 31, 2023
| Interest | Credit | |||||||||||||||
| Rate | Final | Rating: | ||||||||||||||
| Interest | Reset | Maturity | S&P or | Principal | Fair | |||||||||||
| Investments | Rate# | Date(d) | Date | Moody’s | Amount | Value | ||||||||||
| SHORT-TERM INVESTMENTS 5.81% | ||||||||||||||||
| Variable Rate Demand Notes 5.81% | ||||||||||||||||
| General Obligation 3.46% | ||||||||||||||||
| City of New York NY GO | 4.100% | 1/2/2024 | 10/1/2046 | AA | $ | 735,000 | $ | 735,000 | ||||||||
| City of New York NY GO | 4.150% | 1/2/2024 | 4/1/2042 | AA | 33,750,000 | 33,750,000 | ||||||||||
| City of New York NY GO | 4.150% | 1/2/2024 | 4/1/2042 | AA | 20,650,000 | 20,650,000 | ||||||||||
| Total | 55,135,000 | |||||||||||||||
| Health Care 1.68% | ||||||||||||||||
| Health Care Authority for Baptist Health | 5.210% | 1/4/2024 | 11/1/2042 | A3 | 16,769,000 | 16,769,000 | ||||||||||
| State of Ohio - Univ Hosp Hlth Sys Oblig Gp | 4.320% | 1/4/2024 | 1/15/2033 | A | 10,000,000 | 10,000,000 | ||||||||||
| Total | 26,769,000 | |||||||||||||||
| Utilities 0.67% | ||||||||||||||||
| Development Authority of Appling County - Georgia Power Company (cost $10,650,000) | 3.550% | 1/2/2024 | 9/1/2041 | BBB+ | 10,650,000 | 10,650,000 | ||||||||||
| Total Short-Term Investments (cost $92,554,000) | 92,554,000 | |||||||||||||||
| Total Investments in Securities 99.09% (cost $1,583,534,332) | 1,577,320,926 | |||||||||||||||
| Other Assets and Liabilities – Net 0.91% | 14,414,948 | |||||||||||||||
| Net Assets 100.00% | $ | 1,591,735,874 | ||||||||||||||
| AGM | Insured by - Assured Guaranty Municipal Corporation. | |
| COPS | Certificates of Participation. | |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| FHA | Insured by - Federal Housing Administration. | |
| FHLMC | Federal Home Loan Mortgage Corporation. | |
| FNMA | Federal National Mortgage Association. | |
| GNMA | Government National Mortgage Association. | |
| GTD | Guaranteed. | |
| HUD | Insured by - Department of Housing and Urban Development. | |
| LIBOR | London Interbank Offered Rate. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield. | |
| NR | Not Rated. | |
| PSF | Permanent School Fund. | |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. | |
| SOFR | Secured Overnight Financing Rate. | |
| SONYMA | State of New York Mortgage Agency. | |
| YoY | Year on Year Inflation Rates. |
| 14 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
SHORT DURATION TAX FREE FUND December 31, 2023
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 2023. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2023, the total value of Rule 144A securities was $162,841,315, which represents 10.23% 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) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily or weekly based on the SIFMA Municipal Swap Index. |
The following is a summary of the inputs used as of December 31, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| Health Care | $ | – | $ | 259,527,865 | $ | 550,765 | $ | 260,078,630 | ||||||||
| Remaining Industries | – | 1,224,688,296 | – | 1,224,688,296 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 92,554,000 | – | 92,554,000 | ||||||||||||
| Total | $ | – | $ | 1,576,770,161 | $ | 550,765 | $ | 1,577,320,926 | ||||||||
| (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. | 15 |
Schedule of Investments (unaudited)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 99.20% | ||||||||||||||
| MUNICIPAL BONDS 99.20% | ||||||||||||||
| Building & Construction 0.14% | ||||||||||||||
| Virginia College Building Authority | 5.00% | 2/1/2036 | AA+ | $ | 2,250,000 | $ | 2,713,687 | |||||||
| Virginia College Building Authority | 5.00% | 2/1/2038 | AA+ | 3,500,000 | 4,119,364 | |||||||||
| Total | 6,833,051 | |||||||||||||
| Corporate-Backed 12.23% | ||||||||||||||
| Allegheny County Industrial Development Authority - US Steel Corporation PA | 4.875% | 11/1/2024 | BB- | 5,745,000 | 5,740,239 | |||||||||
| Arizona Industrial Development Authority | 3.625% | 5/20/2033 | BBB | 9,248,243 | 8,760,447 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 41,580,000 | 41,776,964 | ||||||||
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT† | 4.50% | 1/1/2025 | NR | 1,015,000 | 1,016,174 | |||||||||
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT† | 5.00% | 1/1/2035 | NR | 550,000 | 551,583 | |||||||||
| California Community Choice Financing Authority† | 4.25% | #(a) | 7/1/2043 | BBB+ | 20,000,000 | 19,988,408 | ||||||||
| California Municipal Finance Authority - Waste Mgmt Inc AMT | 4.125% | #(a) | 10/1/2041 | A- | 7,250,000 | 7,266,135 | ||||||||
| California Pollution Control Financing Authority - Waste Mgmt Inc AMT | 3.00% | 11/1/2025 | A- | 9,850,000 | 9,783,915 | |||||||||
| Chandler Industrial Development Authority - Intel Corporation AZ | 3.80% | #(a) | 12/1/2035 | A2 | 17,195,000 | 17,562,995 | ||||||||
| City of Farmington - Public Service Co of NM | 3.90% | #(a) | 6/1/2040 | BBB | 7,000,000 | 7,099,590 | ||||||||
| City of Granite City - Waste Mgmt of Inc IL AMT | 1.25% | 5/1/2027 | A- | 5,485,000 | 4,889,445 | |||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 3.70% | 1/1/2032 | NR | 7,895,000 | 7,582,540 | |||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 4.45% | 1/1/2042 | NR | 1,500,000 | 1,431,981 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/1/2029 | BB- | 2,295,000 | 2,295,539 | |||||||||
| City of Valparaiso - Pratt Paper LLC IN AMT | 5.875% | 1/1/2024 | NR | 105,000 | 105,000 | |||||||||
| City of Valparaiso - Pratt Paper LLC IN AMT | 6.75% | 1/1/2034 | NR | 5,000,000 | 5,011,342 | |||||||||
| County of Nez Perce - Potlatchdeltic Corp ID | 2.75% | 10/1/2024 | BBB- | 10,500,000 | 10,350,744 | |||||||||
| 16 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Development Authority of Burke County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2040 | BBB+ | $ | 3,750,000 | $ | 3,604,509 | ||||||
| Development Authority of Rockdale County - Pratt Paper LLC GA AMT† | 4.00% | 1/1/2038 | NR | 5,205,000 | 4,869,989 | |||||||||
| Downtown Doral South Community Development District FL† | 4.75% | 12/15/2038 | NR | 625,000 | 609,074 | |||||||||
| Florida Development Finance Corp. - Waste pro USA Inc AMT† | 6.125% | #(a) | 7/1/2032 | NR | 7,430,000 | 7,493,376 | ||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT† | 5.00% | 5/1/2029 | NR | 2,640,000 | 2,531,338 | |||||||||
| Greater Orlando Aviation Authority - Jetblue Airways Corp FL | 5.00% | 11/15/2026 | NR | 2,980,000 | 2,980,565 | |||||||||
| Hoover Industrial Development Board - US Steel Corporation AL AMT | 6.375% | #(a) | 11/1/2050 | BB- | 8,525,000 | 9,215,732 | ||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp | 2.50% | 11/1/2030 | Baa3 | 1,000,000 | 910,946 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp | 3.00% | 11/1/2030 | Baa3 | 5,600,000 | 5,267,103 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp | 3.00% | 11/1/2030 | Baa3 | 9,850,000 | 9,264,458 | |||||||||
| Indiana Finance Authority - US Steel Corporation | 4.125% | 12/1/2026 | BB- | 1,625,000 | 1,605,006 | |||||||||
| Indiana Finance Authority - US Steel Corporation AMT | 6.75% | 5/1/2039 | BB- | 1,500,000 | 1,641,060 | |||||||||
| Indianapolis Local Public Improvement Bond Bank IN AMT | 5.00% | 1/1/2026 | A1 | 9,425,000 | 9,512,047 | |||||||||
| Indianapolis Local Public Improvement Bond Bank IN AMT | 5.00% | 1/1/2027 | A1 | 8,300,000 | 8,378,636 | |||||||||
| Industrial Development Authority of the County of Yavapai - Waste Mgmt Inc AZ AMT | 1.30% | 6/1/2027 | A- | 4,650,000 | 4,140,724 | |||||||||
| Industrial Development Board of the City of Mobile Alabama - Alabama Power Company | 3.65% | #(a) | 7/15/2034 | A1 | 7,500,000 | 7,513,235 | ||||||||
| Industrial Pollution Control Financing Authority of Gloucester County - Logan Generating Co LP NJ AMT | 5.00% | 12/1/2024 | NR | 405,000 | 407,210 | |||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 4.00% | #(a) | 12/1/2050 | BBB- | 11,050,000 | 11,215,435 | ||||||||
| Kansas City Industrial Development Authority MO AMT | 4.00% | 3/1/2037 | A2 | 4,125,000 | 4,159,785 | |||||||||
| See Notes to Schedule of Investments. | 17 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Kansas City Industrial Development Authority MO AMT | 5.00% | 3/1/2035 | A2 | $ | 3,020,000 | $ | 3,211,223 | |||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - Westlake Chemical Corp | 3.50% | 11/1/2032 | BBB | 16,525,000 | 15,701,872 | |||||||||
| Louisiana Public Facilities Authority - Waste Pro USA Inc† | 6.75% | #(a) | 10/1/2053 | NR | 12,000,000 | 12,218,142 | ||||||||
| Maricopa County Pollution Control Corp. - Southern CA Edison Co AZ | 2.40% | 6/1/2035 | A2 | 5,000,000 | 4,081,212 | |||||||||
| Maryland Economic Development Corp.(b) | 5.00% | 12/1/2016 | NR | 2,570,000 | 1,542,000 | |||||||||
| Massachusetts Development Finance Agency - Waste Mgmt of MA Inc AMT† | 1.25% | 5/1/2027 | A- | 3,250,000 | 2,897,119 | |||||||||
| Matagorda County Navigation District No. 1 - Aep Texas Inc | 2.60% | 11/1/2029 | A- | 6,800,000 | 6,248,204 | |||||||||
| Matagorda County Navigation District No. 1 - Aep Texas Inc | 4.00% | 6/1/2030 | A- | 8,000,000 | 8,000,201 | |||||||||
| Michigan Strategic Fund - Graphic Packaging Intl AMT | 4.00% | #(a) | 10/1/2061 | BB | 5,640,000 | 5,567,640 | ||||||||
| Michigan Strategic Fund - Waste Mgmt of MI Inc | 0.58% | #(a) | 8/1/2027 | A- | 3,000,000 | 2,940,794 | ||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 10,000,000 | 9,880,871 | |||||||||
| New Hampshire Business Finance Authority | 4.125% | 1/20/2034 | BBB | 4,706,803 | 4,656,292 | |||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 3.75% | #(a) | 7/1/2045 | B | 1,970,000 | 1,544,819 | ||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 4.00% | 11/1/2027 | B | 6,225,000 | 6,029,156 | |||||||||
| New Hampshire Business Finance Authority - New York St Elec & Gas AMT | 4.00% | 12/1/2028 | A- | 2,500,000 | 2,545,406 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2033 | A2 | 2,000,000 | 2,165,274 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB- | 18,645,000 | 18,682,767 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.50% | 6/1/2033 | BB- | 1,500,000 | 1,510,888 | |||||||||
| New York City Industrial Development Agency - TRIPS Oblig Group NY | 5.00% | 7/1/2028 | BBB+ | 3,020,000 | 3,021,225 | |||||||||
| New York Liberty Development Corp. | 2.50% | 11/15/2036 | A+ | 2,500,000 | 2,178,596 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 1,875,000 | 1,877,713 | |||||||||
| 18 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 7.25% | 11/15/2044 | NR | $ | 1,920,000 | $ | 1,933,496 | |||||||
| New York Liberty Development Corp. - Goldman Sachs Hdqtrs LLC | 5.25% | 10/1/2035 | A2 | 16,385,000 | 19,505,576 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT | 2.75% | #(a) | 9/1/2050 | B+ | 2,900,000 | 2,797,839 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 2.875% | #(a) | 12/1/2044 | B+ | 2,000,000 | 1,798,883 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 5.125% | #(a) | 9/1/2050 | B1 | 1,000,000 | 1,014,417 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2026 | B+ | 1,885,000 | 1,885,281 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 1,810,000 | 1,886,484 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 1,850,000 | 1,908,413 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2024 | Baa3 | 3,250,000 | 3,250,000 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2026 | Baa3 | 3,110,000 | 3,154,146 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B | 4,650,000 | 4,593,157 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B | 5,500,000 | 4,691,485 | |||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co | 1.90% | #(a) | 5/1/2026 | BBB+ | 3,285,000 | 3,203,665 | ||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co | 2.40% | #(a) | 12/1/2038 | BBB+ | 5,685,000 | 5,072,354 | ||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co AMT | 2.50% | #(a) | 11/1/2042 | BBB+ | 8,800,000 | 7,846,194 | ||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co AMT | 2.60% | #(a) | 6/1/2041 | BBB+ | 18,210,000 | 16,327,068 | ||||||||
| Ohio Air Quality Development Authority - Pratt Paper Inc AMT† | 4.25% | 1/15/2038 | NR | 4,955,000 | 4,762,187 | |||||||||
| Parish of St. James - Nustar Logistics LP LA† | 5.85% | #(a) | 8/1/2041 | BB- | 7,685,000 | 7,842,894 | ||||||||
| Parish of St. James - Nustar Logistics LP LA† | 6.10% | #(a) | 6/1/2038 | BB- | 1,500,000 | 1,647,182 | ||||||||
| Parish of St. James - Nustar Logistics LP LA† | 6.10% | #(a) | 12/1/2040 | BB- | 4,500,000 | 4,941,546 | ||||||||
| See Notes to Schedule of Investments. | 19 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 2.125% | #(a) | 6/1/2037 | BBB- | $ | 6,850,000 | $ | 6,755,281 | ||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 2.20% | #(a) | 6/1/2037 | BBB- | 6,000,000 | 5,677,788 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 2.375% | #(a) | 6/1/2037 | BBB- | 12,480,000 | 11,860,790 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 4.05% | #(a) | 6/1/2037 | BBB- | 7,750,000 | 7,668,554 | ||||||||
| Pennsylvania Economic Development Financing Authority - Consol Energy Inc AMT† | 9.00% | #(a) | 4/1/2051 | BB | 2,375,000 | 2,620,308 | ||||||||
| Pennsylvania Economic Development Financing Authority - Covanta Holding Corp AMT† | 3.25% | 8/1/2039 | B | 1,035,000 | 743,558 | |||||||||
| Pennsylvania Economic Development Financing Authority - Procter & Gamble Company | 5.375% | 3/1/2031 | AA- | 1,365,000 | 1,571,740 | |||||||||
| Pennsylvania Economic Development Financing Authority - Waste Mgmt Inc AMT | 0.58% | #(a) | 8/1/2037 | A- | 5,500,000 | 5,388,404 | ||||||||
| Phenix City Industrial Development Board - Westrock Coated Baord LLC AL AMT | 4.125% | 5/15/2035 | BBB | 1,500,000 | 1,491,192 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 2.75% | 1/1/2036 | NR | 3,125,000 | 2,276,202 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 2.875% | 1/1/2041 | NR | 2,420,000 | 1,601,385 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 5,820,000 | 5,389,465 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 6.75% | 12/1/2042 | NR | 5,000,000 | 4,646,603 | |||||||||
| Public Finance Authority - Celanese US Holdings LLC WI AMT | 5.00% | 12/1/2025 | BBB- | 7,500,000 | 7,579,958 | |||||||||
| Public Finance Authority - Sky Harbour Cap Oblig WI AMT | 4.00% | 7/1/2036 | NR | 5,000,000 | 4,327,634 | |||||||||
| Public Finance Authority - Sky Harbour Cap Oblig WI AMT | 4.00% | 7/1/2041 | NR | 2,500,000 | 1,961,217 | |||||||||
| Public Finance Authority - TRIPS Oblig Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 7,650,000 | 7,651,974 | |||||||||
| Public Finance Authority - TRIPS Oblig Group WI AMT | 5.25% | 7/1/2028 | BBB+ | 2,965,000 | 2,967,666 | |||||||||
| 20 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Public Finance Authority - Waste Mgmt Inc WI AMT | 1.10% | #(a) | 7/1/2029 | A- | $ | 8,000,000 | $ | 7,450,770 | ||||||
| Selma Industrial Development Board - International Paper Co AL | 2.00% | #(a) | 11/1/2033 | BBB | 1,000,000 | 982,941 | ||||||||
| Sumter County Industrial Development Authority - Enviva Inc AL AMT | 6.00% | #(a) | 7/15/2052 | CC | 15,000,000 | 6,933,844 | ||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Company AL† | 4.50% | 5/1/2032 | NR | 6,021,750 | 5,747,206 | |||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Company AL† | 5.25% | 5/1/2044 | NR | 6,740,000 | 6,232,097 | |||||||||
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT† | 5.00% | #(a) | 6/1/2052 | B+ | 5,500,000 | 5,518,781 | ||||||||
| Village Community Development District No. 15 FL† | 4.85% | 5/1/2038 | NR | 2,200,000 | 2,200,689 | |||||||||
| Village Community Development District No. 15 FL† | 5.00% | 5/1/2043 | NR | 5,180,000 | 5,228,332 | |||||||||
| Virginia Small Business Financing Authority - Covanta Holding Corp AMT† | 5.00% | #(a) | 1/1/2048 | B | 440,000 | 412,366 | ||||||||
| West Pace Cooperative District AL(b) | 9.125% | 5/1/2039 | NR | 4,900,000 | 3,724,000 | (c) | ||||||||
| West Virginia Economic Development Authority - Kentucky Power Co AMT | 4.70% | #(a) | 4/1/2036 | Baa3 | 5,800,000 | 5,822,549 | ||||||||
| Total | 595,530,244 | |||||||||||||
| Education 6.59% | ||||||||||||||
| Ann Arbor School District MI GO | 4.00% | 5/1/2037 | A1 | 4,175,000 | 4,481,638 | |||||||||
| Board of Cooperative Educational Services for the Sole Supervisory District NY | 4.75% | 3/27/2024 | NR | 5,025,000 | 5,031,336 | |||||||||
| California Community Choice Financing Authority | 4.00% | #(a) | 5/1/2053 | A1 | 10,000,000 | 10,151,548 | ||||||||
| California Community Choice Financing Authority | 5.264% (SOFR * .67 + 1.70% | )# | 5/1/2053 | A1 | 10,000,000 | 10,050,820 | ||||||||
| California Educational Facilities Authority - ST Mary’s College | 5.25% | 10/1/2044 | BBB- | 800,000 | 847,389 | |||||||||
| California School Finance Authority - Aspire Public Schools Oblig† | 5.00% | 8/1/2036 | NR | 125,000 | 129,461 | |||||||||
| California School Finance Authority - Aspire Public Schools Oblig† | 5.00% | 8/1/2036 | BBB | 1,475,000 | 1,501,310 | |||||||||
| California State University | 0.55% | #(a) | 11/1/2049 | Aa2 | 6,750,000 | 6,099,967 | ||||||||
| Capital Trust Agency, Inc. - Renaissance Chtr Sch 2019 FL† | 5.00% | 6/15/2039 | NR | 2,160,000 | 2,016,456 | |||||||||
| See Notes to Schedule of Investments. | 21 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.00% | 4/1/2038 | A | (d) | $ | 3,230,000 | $ | 3,458,273 | ||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2034 | A | (d) | 1,625,000 | 1,822,637 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2035 | A | (d) | 1,125,000 | 1,257,604 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2036 | A | (d) | 2,175,000 | 2,413,052 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2039 | A | (d) | 6,220,000 | 6,750,422 | ||||||||
| Chicago Board of Education IL (AGM) | 5.00% | 12/1/2031 | AA | 5,000,000 | 5,305,645 | |||||||||
| Clark County School District NV GO | 5.00% | 6/15/2037 | A1 | 5,770,000 | 6,664,873 | |||||||||
| Clark County School District NV GO | 5.00% | 6/15/2038 | A1 | 4,240,000 | 4,835,616 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 5.125% | 8/15/2030 | NR | 3,500,000 | 3,510,286 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 5.75% | 8/15/2038 | NR | 1,405,000 | 1,411,342 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 6.00% | 8/15/2038 | Baa3 | 19,860,000 | 20,243,651 | |||||||||
| Clifton Higher Education Finance Corp. TX | 6.00% | 3/1/2029 | Baa3 | 2,000,000 | 2,005,718 | |||||||||
| Connecticut State Health & Educational Facilities Authority | 2.80% | #(a) | 7/1/2057 | AAA | 15,030,000 | 15,042,896 | ||||||||
| Connecticut State Health & Educational Facilities Authority - Quinnipiac University | 5.00% | 7/1/2033 | A- | 8,230,000 | 8,447,918 | |||||||||
| County of Frederick - Mount St Mary’S Univ MD† | 5.00% | 9/1/2027 | BB+ | 1,635,000 | 1,632,711 | |||||||||
| County of Frederick - Mount St Mary’S Univ MD† | 5.00% | 9/1/2032 | BB+ | 2,400,000 | 2,406,202 | |||||||||
| County of Lincoln - Augustana College Assn SD | 4.00% | 8/1/2041 | BBB- | 500,000 | 464,238 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2027 | Ba3 | 2,000,000 | 1,988,869 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2037 | Ba3 | 1,500,000 | 1,389,517 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2040 | BBB- | 1,150,000 | 1,205,291 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2045 | BBB- | 2,000,000 | 2,070,706 | |||||||||
| Duval County Public Schools FL COPS (AGM) | 5.00% | 7/1/2035 | AA | 3,750,000 | 4,259,261 | |||||||||
| Fort Bend Independent School District TX GO (PSF GTD) | 0.875% | #(a) | 8/1/2050 | AAA | 5,425,000 | 5,188,682 | ||||||||
| 22 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Illinois Finance Authority - Illinois Inst of Tech | 4.00% | 9/1/2035 | Ba2 | $ | 2,600,000 | $ | 2,300,312 | (c) | ||||||
| Illinois Finance Authority - Illinois Inst of Tech | 5.00% | 9/1/2030 | Ba2 | 625,000 | 628,630 | (c) | ||||||||
| Illinois Finance Authority - Illinois Inst of Tech | 5.00% | 9/1/2031 | Ba2 | 1,100,000 | 1,104,769 | (c) | ||||||||
| Illinois Finance Authority - Illinois Inst of Tech | 5.00% | 9/1/2032 | Ba2 | 1,000,000 | 1,001,886 | (c) | ||||||||
| Illinois Finance Authority - Illinois Inst of Tech | 5.00% | 9/1/2033 | Ba2 | 1,000,000 | 998,416 | (c) | ||||||||
| Illinois Finance Authority - Illinois Inst of Tech | 5.00% | 9/1/2034 | Ba2 | 3,720,000 | 3,686,427 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech | 5.00% | 9/1/2036 | Ba2 | 3,225,000 | 3,113,287 | (c) | ||||||||
| Illinois Finance Authority - Noble Network charter Sch Oblig | 5.00% | 9/1/2025 | BBB | 640,000 | 641,288 | |||||||||
| Illinois Finance Authority - University of Chicago | 5.00% | 10/1/2034 | Aa2 | 5,000,000 | 5,150,936 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp | 4.25% | 11/1/2030 | Baa3 | 11,550,000 | 11,718,345 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - Basis Schools Inc Oblig† | 5.00% | 7/1/2035 | BB | 2,350,000 | 2,356,693 | |||||||||
| Louisiana Public Facilities Authority - Tulane University | 5.00% | 10/15/2037 | A+ | 2,850,000 | 3,280,934 | |||||||||
| Massachusetts Development Finance Agency - Emerson College | 5.00% | 1/1/2026 | BBB+ | 5,135,000 | 5,201,947 | |||||||||
| Massachusetts Development Finance Agency - Emerson College | 5.00% | 1/1/2027 | BBB+ | 2,700,000 | 2,739,548 | |||||||||
| Massachusetts Development Finance Agency - Emerson College | 5.00% | 1/1/2028 | BBB+ | 1,810,000 | 1,837,205 | |||||||||
| Miami-Dade County Educational Facilities Authority - University of Miami FL (AMBAC) | 5.25% | 4/1/2028 | A2 | 5,000,000 | 5,477,032 | |||||||||
| New Hampshire Health & Education Facilities Authority Act - Univ Sys of New Hampshire | 5.00% | 7/1/2036 | Aa3 | 5,000,000 | 5,102,049 | |||||||||
| New York State Dormitory Authority - Icahn Sch of Med Mt Sinai | 5.00% | 7/1/2026 | A- | 5,000,000 | 5,140,968 | |||||||||
| New York State Dormitory Authority - Icahn Sch of Med Mt Sinai | 5.00% | 7/1/2027 | A- | 10,000,000 | 10,216,697 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 4.00% | 9/1/2039 | BBB- | 2,300,000 | 2,245,515 | |||||||||
| See Notes to Schedule of Investments. | 23 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New York State Dormitory Authority - Pace University | 5.00% | 5/1/2026 | BBB- | $ | 980,000 | $ | 980,685 | |||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2031 | BBB- | 2,705,000 | 2,944,834 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2037 | BBB- | 11,000,000 | 11,775,574 | |||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2031 | AA | 10,000 | 11,163 | |||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2037 | AA | 9,200,000 | 10,647,062 | |||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2038 | AA | 2,400,000 | 2,752,987 | |||||||||
| Ohio Air Quality Development Authority - Duke Energy Corp | 4.00% | #(a) | 9/1/2030 | BBB | 4,100,000 | 4,169,857 | ||||||||
| Ohio Air Quality Development Authority - Duke Energy Corp AMT | 4.25% | #(a) | 11/1/2039 | BBB | 10,500,000 | 10,715,162 | ||||||||
| Private Colleges & Universities Authority - Savannah Clg Art/Design GA | 5.00% | 4/1/2029 | A2 | 1,500,000 | 1,507,111 | |||||||||
| Private Colleges & Universities Authority - Savannah Clg Art/Design GA | 5.00% | 4/1/2031 | A2 | 1,360,000 | 1,366,447 | |||||||||
| School District of Broward County FL | 5.00% | 7/1/2036 | Aa3 | 2,685,000 | 3,095,379 | |||||||||
| State of Nevada Department of Business & Industry - Somerset Acad Nlv Bldg 1† | 4.50% | 12/15/2029 | BB | 465,000 | 458,788 | |||||||||
| State of Nevada Department of Business & Industry - Somerset Acad Nlv Bldg 1† | 5.00% | 12/15/2038 | BB | 1,000,000 | 977,332 | |||||||||
| Town of Davie - Nova Southeastern Univ FL | 5.00% | 4/1/2037 | A- | 5,000,000 | 5,264,763 | |||||||||
| Town of Davie - Nova Southeastern Univ FL | 5.00% | 4/1/2038 | A- | 2,500,000 | 2,617,987 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytech Inst NY | 5.00% | 8/1/2024 | A3 | 1,000,000 | 1,007,860 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytech Inst NY | 5.00% | 8/1/2025 | A3 | 2,630,000 | 2,693,078 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytech Inst NY | 5.00% | 8/1/2026 | A3 | 1,000,000 | 1,033,145 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytech Inst NY | 5.00% | 8/1/2027 | A3 | 1,600,000 | 1,652,987 | |||||||||
| University of Connecticut | 5.00% | 4/15/2035 | AA- | 5,350,000 | 5,870,317 | |||||||||
| University of Houston TX | 2.00% | 2/15/2032 | AA | 6,095,000 | 5,492,746 | |||||||||
| University of Illinois | 5.00% | 10/1/2035 | A2 | 885,000 | 999,629 | |||||||||
| University of Illinois | 5.00% | 10/1/2036 | A2 | 920,000 | 1,030,087 | |||||||||
| 24 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| University of Illinois | 5.00% | 10/1/2037 | A2 | $ | 800,000 | $ | 890,645 | |||||||
| University of Illinois | 5.00% | 10/1/2038 | A2 | 800,000 | 882,633 | |||||||||
| University of Illinois | 5.50% | 10/1/2039 | A2 | 1,360,000 | 1,561,798 | |||||||||
| University of Illinois | 5.50% | 10/1/2042 | A2 | 1,650,000 | 1,878,292 | |||||||||
| University of Illinois (AGM) | 4.00% | 4/1/2033 | AA | 4,905,000 | 5,063,163 | |||||||||
| University of Illinois (AGM) | 4.00% | 4/1/2034 | AA | 5,100,000 | 5,260,085 | |||||||||
| Wayne State University MI | 4.00% | 11/15/2034 | Aa3 | 3,900,000 | 3,968,697 | |||||||||
| West Virginia Economic Development Authority - Wheeling Power Co AMT | 3.00% | #(a) | 6/1/2037 | A- | 4,200,000 | 4,128,263 | ||||||||
| Total | 320,726,775 | |||||||||||||
| Financial Services 0.10% | ||||||||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 4.00% | 11/1/2031 | CCC+ | 2,280,000 | 1,202,967 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2030 | CCC+ | 1,315,000 | 693,778 | |||||||||
| Massachusetts Educational Financing Authority AMT | 3.625% | 7/1/2034 | AA | 415,000 | 409,629 | (c) | ||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 3.75% | 12/1/2030 | Aaa | 845,000 | 847,690 | |||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 4.00% | 12/1/2032 | Aaa | 970,000 | 968,834 | |||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 4.00% | 12/1/2034 | Aaa | 875,000 | 873,791 | |||||||||
| Total | 4,996,689 | |||||||||||||
| General Obligation 21.26% | ||||||||||||||
| Adams County School District No. 1 CO GO | 5.00% | 12/1/2036 | Aa2 | 6,090,000 | 6,414,632 | |||||||||
| Black Belt Energy Gas District AL | 5.25% | #(a) | 2/1/2053 | A1 | 17,000,000 | 18,161,624 | ||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 7/1/2053 | A1 | 24,875,000 | 26,435,533 | ||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 12/1/2053 | A2 | 11,335,000 | 12,050,483 | ||||||||
| California Community Choice Financing Authority | 5.50% | #(a) | 5/1/2054 | A2 | 10,000,000 | 10,778,427 | ||||||||
| Chabot-Las Positas Community College District CA GO | 3.00% | 8/1/2038 | AA | 2,500,000 | 2,329,574 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2037 | BB+ | 14,000,000 | 13,664,567 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB+ | 8,000,000 | 8,453,160 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB+ | 3,000,000 | 3,112,137 | |||||||||
| See Notes to Schedule of Investments. | 25 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2031 | BB+ | $ | 1,500,000 | $ | 1,545,185 | |||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB+ | 4,845,000 | 4,979,439 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB+ | 900,000 | 924,269 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 475,000 | 486,599 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 3,750,000 | 3,959,038 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2035 | BB+ | 450,000 | 459,796 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2036 | BB+ | 7,300,000 | 7,613,924 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2039 | BB+ | 2,340,000 | 2,394,343 | |||||||||
| Chicago Board of Education IL GO | 5.50% | 12/1/2037 | BB+ | 2,000,000 | 2,178,498 | |||||||||
| Chicago Board of Education IL GO | 5.50% | 12/1/2038 | BB+ | 2,250,000 | 2,432,614 | |||||||||
| Chicago Board of Education IL GO† | 6.75% | 12/1/2030 | BB+ | 5,000,000 | 5,536,581 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2027 | AA | 2,860,000 | 3,026,638 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2029 | AA | 4,220,000 | 4,506,510 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2030 | AA | 2,500,000 | 2,668,478 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2035 | AA | 3,000,000 | 3,180,989 | |||||||||
| City of Chicago IL GO | 4.00% | 1/1/2035 | BBB+ | 7,925,000 | 7,956,706 | |||||||||
| City of Chicago IL GO | 4.00% | 1/1/2036 | BBB+ | 8,195,000 | 8,164,773 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2024 | BBB+ | 15,000,000 | 15,000,000 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2025 | BBB+ | 7,555,000 | 7,656,033 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2028 | BBB+ | 19,000,000 | 20,170,189 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2029 | BBB+ | 3,750,000 | 4,030,403 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2031 | BBB+ | 2,210,000 | 2,246,868 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2032 | BBB+ | 3,000,000 | 3,285,253 | |||||||||
| City of Chicago IL GO | 5.125% | 1/1/2027 | NR | 1,130,000 | 1,154,615 | |||||||||
| City of Chicago IL GO | 5.125% | 1/1/2027 | Baa3 | 1,970,000 | 1,995,476 | |||||||||
| City of Chicago IL GO | 5.25% | 1/1/2028 | NR | 1,630,000 | 1,667,490 | |||||||||
| City of Chicago IL GO | 5.25% | 1/1/2028 | Baa3 | 2,215,000 | 2,244,835 | |||||||||
| City of Chicago IL GO | 5.25% | 1/1/2029 | BBB+ | 2,025,000 | 2,050,542 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2037 | BBB+ | 1,945,000 | 1,966,298 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2039 | BBB+ | 6,000,000 | 6,594,960 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2049 | BBB+ | 3,750,000 | 3,909,318 | |||||||||
| City of Chicago IL GO | 5.625% | 1/1/2030 | BBB+ | 1,835,000 | 1,926,565 | |||||||||
| City of Chicago IL GO | 5.75% | 1/1/2033 | BBB+ | 7,000,000 | 7,363,010 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2038 | BBB+ | 15,890,000 | 16,691,142 | |||||||||
| City of Columbus OH GO | 5.00% | 8/15/2037 | AAA | 1,480,000 | 1,764,192 | |||||||||
| City of Columbus OH GO | 5.00% | 8/15/2038 | AAA | 1,315,000 | 1,543,993 | |||||||||
| City of Houston TX GO | 5.00% | 3/1/2036 | Aa3 | 1,800,000 | 2,143,080 | |||||||||
| City of Houston TX GO | 5.00% | 3/1/2038 | Aa3 | 1,000,000 | 1,163,113 | |||||||||
| 26 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| City of Houston TX GO | 5.25% | 3/1/2039 | Aa3 | $ | 4,610,000 | $ | 5,432,347 | |||||||
| City of Houston TX GO | 5.25% | 3/1/2040 | Aa3 | 5,800,000 | 6,771,786 | |||||||||
| City of Lubbock TX GO | 4.00% | 2/15/2032 | Aa2 | 5,120,000 | 5,142,160 | |||||||||
| City of New Orleans LA GO | 4.00% | 10/1/2036 | A+ | 2,290,000 | 2,383,647 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2033 | AA | 7,030,000 | 7,625,856 | |||||||||
| City of New York NY GO | 5.00% | 9/1/2035 | AA | 10,000,000 | 11,922,889 | |||||||||
| City of New York NY GO | 5.00% | 10/1/2036 | AA | 1,250,000 | 1,479,839 | |||||||||
| City of New York NY GO | 5.00% | 4/1/2037 | AA | 10,000,000 | 10,834,339 | |||||||||
| City of New York NY GO | 5.00% | 12/1/2037 | AA | 7,500,000 | 7,850,748 | |||||||||
| Clark County School District NV GO | 5.00% | 6/15/2041 | A1 | 10,645,000 | 11,940,765 | |||||||||
| Clear Creek Independent School District TX GO (PSF GTD) | 5.00% | 2/15/2039 | AAA | 7,250,000 | 7,265,701 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2024 | NR | 535,832 | 525,389 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 1,727,569 | 1,079,362 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(a) | 11/1/2043 | NR | 5,950,386 | 3,250,399 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 11,206,659 | 10,864,650 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 3,035,632 | 2,907,075 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2041 | NR | 5,000,000 | 4,602,527 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 1,917,657 | 1,715,300 | |||||||||
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/2025 | NR | 34,225,245 | 34,996,134 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 6,481,543 | 6,860,858 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 5,309,508 | 5,766,746 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 1,415,665 | 1,577,633 | |||||||||
| County of Baltimore MD GO | 4.00% | 3/1/2038 | AAA | 8,995,000 | 9,567,465 | |||||||||
| County of Howard MD GO | 3.00% | 8/15/2037 | AAA | 2,255,000 | 2,118,399 | |||||||||
| County of Lake IL GO | 3.50% | 11/30/2031 | AAA | 1,825,000 | 1,834,678 | |||||||||
| County of Luzerne PA GO (AGM) | 5.00% | 11/15/2024 | AA | 4,000,000 | 4,072,630 | |||||||||
| County of Nassau NY GO | 5.00% | 4/1/2038 | AA- | 1,025,000 | 1,201,080 | |||||||||
| Delaware Valley Regional Finance Authority PA | 3.48% (MUNIPSA * 1 + 0.40% | )# | 3/1/2057 | A+ | 5,000,000 | 4,889,518 | ||||||||
| Denton Independent School District TX GO (PSF GTD) | 5.00% | 8/15/2038 | AAA | 2,750,000 | 3,238,986 | |||||||||
| Denton Independent School District TX GO (PSF GTD) | 5.00% | 8/15/2039 | AAA | 5,500,000 | 6,444,100 | |||||||||
| Fresno Unified School District CA NPF GO (NATL) | 5.25% | 2/1/2024 | A+ | 3,285,000 | 3,290,231 | |||||||||
| Gregory-Portland Independent School District TX GO (PSF GTD) | 5.00% | 2/15/2038 | Aaa | 6,790,000 | 7,719,415 | |||||||||
| See Notes to Schedule of Investments. | 27 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Houston Independent School District TX GO (PSF GTD) | 3.50% | #(a) | 6/1/2039 | AAA | $ | 10,000,000 | $ | 10,062,049 | ||||||
| Illinois Finance Authority | 4.00% | 12/1/2039 | AAA | 2,000,000 | 2,038,366 | |||||||||
| Lamar Consolidated Independent School District TX GO | 5.00% | 2/15/2038 | AA | 1,750,000 | 2,003,181 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2037 | A2 | 3,125,000 | 3,585,115 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2038 | A2 | 7,345,000 | 8,349,272 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2039 | A2 | 6,550,000 | 7,411,556 | |||||||||
| Metropolitan Water Reclamation District of Greater Chicago IL GO | 5.00% | 12/1/2027 | AA+ | 4,600,000 | 4,887,438 | |||||||||
| New Caney Independent School District TX GO (PSF GTD) | 1.25% | #(a) | 2/15/2050 | Aaa | 4,550,000 | 4,494,785 | ||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2037 | A2 | 4,000,000 | 4,637,184 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2037 | A2 | 4,000,000 | 4,640,747 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2036 | A2 | 2,000,000 | 2,357,867 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 8/1/2038 | AAA | 5,000,000 | 5,289,822 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 2/1/2039 | AAA | 11,820,000 | 12,478,749 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2032 | AAA | 23,000,000 | 23,105,117 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2036 | AAA | 8,250,000 | 9,894,299 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2037 | AAA | 8,265,000 | 9,803,408 | |||||||||
| New York State Dormitory Authority | 4.00% | 3/15/2037 | Aa1 | 7,500,000 | 7,973,441 | |||||||||
| New York State Dormitory Authority | 4.00% | 2/15/2038 | Aa1 | 8,305,000 | 8,679,066 | |||||||||
| New York State Dormitory Authority | 4.00% | 3/15/2038 | AA+ | 5,000,000 | 5,260,399 | |||||||||
| New York State Dormitory Authority | 5.00% | 3/15/2036 | Aa1 | 8,405,000 | 10,115,944 | |||||||||
| New York State Dormitory Authority (BAM) | 5.00% | 10/1/2035 | AA | 5,000,000 | 5,760,437 | |||||||||
| New York State Dormitory Authority NY | 4.00% | 3/15/2037 | AA+ | 5,195,000 | 5,587,141 | |||||||||
| Northside Independent School District TX GO (PSF GTD) | 1.60% | #(a) | 8/1/2049 | Aaa | 7,985,000 | 7,910,211 | ||||||||
| Palm Beach County School District FL | 5.00% | 8/1/2037 | Aa3 | 1,000,000 | 1,175,263 | |||||||||
| Palm Beach County School District FL | 5.00% | 8/1/2038 | Aa3 | 2,375,000 | 2,756,983 | |||||||||
| Palm Beach County School District FL | 5.00% | 8/1/2039 | Aa3 | 2,250,000 | 2,602,338 | |||||||||
| Pasadena Independent School District TX GO (PSF GTD) | 5.00% | 2/15/2038 | AAA | 4,890,000 | 5,627,544 | |||||||||
| 28 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.25% | 6/30/2035 | Baa2 | $ | 5,250,000 | $ | 5,906,254 | |||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.25% | 6/30/2036 | Baa2 | 5,000,000 | 5,576,670 | |||||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.50% | 6/30/2037 | Baa2 | 5,575,000 | 6,259,757 | |||||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.50% | 6/30/2038 | Baa2 | 6,200,000 | 6,884,823 | |||||||||
| Pflugerville Independent School District TX GO | 5.00% | 2/15/2036 | AA+ | 3,525,000 | 4,109,900 | |||||||||
| Pflugerville Independent School District TX GO | 5.00% | 2/15/2037 | AA+ | 7,500,000 | 8,672,524 | |||||||||
| Pflugerville Independent School District TX GO | 5.00% | 2/15/2038 | AA+ | 4,405,000 | 5,021,533 | |||||||||
| Pflugerville Independent School District TX GO | 5.00% | 2/15/2039 | AA+ | 5,115,000 | 5,786,547 | |||||||||
| Reedy Creek Improvement District FL GO | 4.00% | 6/1/2031 | AA- | 2,240,000 | 2,321,772 | |||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2026 | A1 | 500,000 | 524,770 | |||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2027 | A1 | 600,000 | 640,527 | |||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2028 | A1 | 500,000 | 548,529 | |||||||||
| State of California GO | 3.00% | 11/1/2034 | Aa2 | 5,900,000 | 5,823,552 | |||||||||
| State of California GO | 4.00% | 3/1/2036 | Aa2 | 10,000,000 | 10,725,221 | |||||||||
| State of California GO | 5.00% | 9/1/2035 | Aa2 | 14,000,000 | 16,849,085 | |||||||||
| State of California GO | 5.00% | 10/1/2039 | Aa2 | 4,000,000 | 4,705,922 | |||||||||
| State of Connecticut GO | 4.00% | 4/15/2037 | AA- | 1,825,000 | 1,893,452 | |||||||||
| State of Connecticut GO | 4.00% | 6/15/2037 | AA- | 775,000 | 799,072 | |||||||||
| State of Connecticut GO | 4.00% | 1/15/2038 | AA- | 4,000,000 | 4,149,673 | |||||||||
| State of Connecticut GO | 5.00% | 6/15/2034 | AA- | 1,100,000 | 1,214,678 | |||||||||
| State of Connecticut GO | 5.00% | 6/15/2035 | AA- | 1,125,000 | 1,239,390 | |||||||||
| State of Connecticut GO | 5.00% | 4/15/2036 | AA- | 1,150,000 | 1,282,497 | |||||||||
| State of Hawaii Harbor System Revenue AMT | 4.00% | 7/1/2035 | Aa3 | 3,025,000 | 3,138,763 | |||||||||
| State of Illinois GO | 4.00% | 10/1/2034 | A- | 5,000,000 | 5,153,772 | |||||||||
| State of Illinois GO | 4.00% | 10/1/2035 | A- | 5,000,000 | 5,130,402 | |||||||||
| State of Illinois GO | 5.00% | 2/1/2028 | A- | 13,620,000 | 14,438,690 | |||||||||
| State of Illinois GO | 5.00% | 10/1/2029 | A- | 10,000,000 | 11,066,072 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2029 | A- | 2,800,000 | 2,925,893 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2032 | A- | 9,200,000 | 9,576,264 | |||||||||
| State of Illinois GO | 5.00% | 10/1/2033 | A- | 5,000,000 | 5,362,460 | |||||||||
| See Notes to Schedule of Investments. | 29 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| State of Illinois GO | 5.00% | 12/1/2033 | A- | $ | 4,500,000 | $ | 5,070,518 | |||||||
| State of Illinois GO | 5.00% | 3/1/2034 | A- | 9,715,000 | 10,831,118 | |||||||||
| State of Illinois GO | 5.00% | 12/1/2039 | A- | 15,000,000 | 16,697,349 | |||||||||
| State of Illinois GO | 5.25% | 2/1/2034 | A- | 3,295,000 | 3,298,657 | |||||||||
| State of Illinois GO | 5.25% | 10/1/2036 | A- | 17,540,000 | 19,988,842 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2038 | A- | 9,750,000 | 10,961,089 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2039 | A- | 11,000,000 | 12,185,283 | |||||||||
| State of Maryland GO | 5.00% | 3/15/2036 | AAA | 10,000,000 | 12,072,140 | |||||||||
| State of New Jersey GO | 2.00% | 6/1/2029 | A1 | 5,000,000 | 4,683,676 | |||||||||
| State of Texas GO | 4.00% | 10/1/2032 | Aaa | 14,570,000 | 14,608,864 | |||||||||
| State of Washington GO | 5.00% | 2/1/2037 | Aaa | 13,725,000 | 16,247,836 | |||||||||
| State of Washington GO | 5.00% | 2/1/2038 | Aaa | 15,000,000 | 17,476,450 | |||||||||
| State of Washington GO | 5.00% | 7/1/2038 | Aaa | 10,000,000 | 11,722,461 | |||||||||
| State Public School Building Authority PA (AGM) | 5.00% | 6/1/2030 | AA | 5,000,000 | 5,302,350 | |||||||||
| Tennessee Energy Acquisition Corp. | 5.00% | #(a) | 5/1/2053 | A2 | 22,300,000 | 23,288,659 | ||||||||
| Town of Oyster Bay NY GO (AGM) | 2.00% | 3/1/2030 | AA | 2,125,000 | 1,928,506 | |||||||||
| Town of Oyster Bay NY GO (AGM) | 2.00% | 3/1/2031 | AA | 2,040,000 | 1,824,747 | |||||||||
| Village of Romeoville IL GO | 4.00% | 12/30/2036 | Aa2 | 4,725,000 | 4,867,076 | |||||||||
| Village of Romeoville IL GO | 4.00% | 12/30/2037 | Aa2 | 3,800,000 | 3,870,873 | |||||||||
| Village of Schaumburg IL GO | 3.00% | 12/1/2027 | AAA | 7,060,000 | 7,105,151 | |||||||||
| Village of Schaumburg IL GO | 3.00% | 12/1/2031 | AAA | 1,300,000 | 1,302,861 | |||||||||
| Village of Skokie IL GO | 3.00% | 12/1/2029 | Aa2 | 1,080,000 | 1,090,472 | |||||||||
| Virginia College Building Authority | 5.00% | 2/1/2037 | AA+ | 7,950,000 | 9,291,791 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue | 5.00% | 7/15/2038 | AA | 2,850,000 | 3,334,859 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue | 5.00% | 7/15/2039 | AA | 4,400,000 | 5,125,821 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue | 5.00% | 7/15/2041 | AA | 7,000,000 | 8,085,801 | |||||||||
| Total | 1,035,633,980 | |||||||||||||
| Health Care 11.48% | ||||||||||||||
| Allegheny County Hospital Development Authority PA | 5.00% | 4/1/2031 | A | 16,000,000 | 17,195,274 | |||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2031 | BBB | 7,000,000 | 7,107,267 | |||||||||
| Arizona Health Facilities Authority - Honorhealth Oblig Group | 5.00% | 12/1/2032 | A2 | 5,000,000 | 5,061,284 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2025 | CCC+ | 2,405,000 | 1,602,085 | |||||||||
| 30 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2026 | CCC+ | $ | 1,000,000 | $ | 629,446 | (c) | ||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2036 | CCC+ | 1,835,000 | 958,190 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2037 | CCC+ | 5,075,000 | 2,650,030 | |||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | #(a) | 2/1/2040 | CCC+ | 2,595,000 | 1,588,302 | ||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.25% | 12/1/2035 | BB | 3,000,000 | 3,025,523 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hosp Oblig Grp PA | 5.00% | 7/1/2030 | BB- | 2,075,000 | 2,014,638 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hosp Oblig Grp PA | 5.00% | 7/1/2031 | BB- | 1,150,000 | 1,108,048 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hosp Oblig Grp PA | 5.00% | 7/1/2032 | BB- | 1,000,000 | 955,641 | |||||||||
| California Health Facilities Financing Authority - Lucile S Packard Chld Hsp | 5.00% | 8/15/2032 | A+ | 1,250,000 | 1,316,776 | |||||||||
| California Health Facilities Financing Authority - Sutter Health Oblig Group | 5.00% | 11/15/2032 | A+ | 2,000,000 | 2,151,373 | |||||||||
| California Health Facilities Financing Authority - Sutter Health Oblig Group | 5.00% | 11/15/2033 | A+ | 2,450,000 | 2,633,404 | |||||||||
| California Health Facilities Financing Authority - Sutter Health Oblig Group | 5.00% | 11/15/2034 | A+ | 3,350,000 | 3,596,615 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% | 7/1/2029 | Baa2 | 1,000,000 | 1,055,294 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% | 7/1/2031 | Baa2 | 1,900,000 | 2,000,473 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% | 7/1/2033 | Baa2 | 1,000,000 | 1,048,714 | |||||||||
| California Municipal Finance Authority - Palomar Health Oblig Grp† | 5.00% | 11/1/2027 | BBB | 5,000,000 | 5,117,066 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig† | 5.00% | 12/1/2033 | BB | 1,000,000 | 1,035,855 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig | 5.25% | 12/1/2034 | BB | 5,000,000 | 5,049,171 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig† | 5.25% | 12/1/2038 | BB | 1,500,000 | 1,551,739 | |||||||||
| See Notes to Schedule of Investments. | 31 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Camden County Improvement Authority - Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2024 | A- | $ | 3,730,000 | $ | 3,734,651 | |||||||
| Camden County Improvement Authority - Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2025 | A- | 1,250,000 | 1,252,336 | |||||||||
| Camden County Improvement Authority - Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2027 | A- | 1,000,000 | 1,001,869 | |||||||||
| City of Atlantic Beach - Naval Cont Care Ret Oblig FL | 5.00% | 11/15/2028 | BBB | (d) | 2,020,000 | 2,020,825 | ||||||||
| City of Blaine - Crest View Oblig Grp MN(b) | 5.125% | 7/1/2025 | NR | 770,000 | 500,500 | (c) | ||||||||
| City of Seneca - Nemaha Valley Cmnty Hosp KS | 5.00% | 9/1/2025 | NR | 5,500,000 | 5,558,909 | |||||||||
| City of South Miami Health Facilities Authority, Inc. - Baptist Hlth South Oblig FL | 5.00% | 8/15/2026 | AA- | 3,000,000 | 3,153,401 | |||||||||
| City of South Miami Health Facilities Authority, Inc. - Baptist Hlth South Oblig FL | 5.00% | 8/15/2027 | AA- | 3,620,000 | 3,886,986 | |||||||||
| City of South Miami Health Facilities Authority, Inc. - Baptist Hlth South Oblig FL | 5.00% | 8/15/2028 | AA- | 2,625,000 | 2,827,854 | |||||||||
| City of Tampa - H. Lee Moffitt Cancer Oblig FL | 4.00% | 7/1/2038 | A | 4,755,000 | 4,867,043 | |||||||||
| Clarke County Hospital Authority - Piedmont Hlthcr Oblig Grp GA | 5.00% | 7/1/2029 | AA- | 7,090,000 | 7,412,466 | |||||||||
| Colorado Health Facilities Authority - Commonspirit Hlth Oblig | 5.00% | #(a) | 8/1/2049 | A- | 2,345,000 | 2,384,294 | ||||||||
| Colorado Health Facilities Authority - Commonspirit Hlth Oblig | 5.25% | 11/1/2038 | A- | 2,095,000 | 2,323,548 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Griffin Health Oblig Grp† | 5.00% | 7/1/2034 | BB+ | 225,000 | 226,282 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Griffin Health Oblig Grp† | 5.00% | 7/1/2039 | BB+ | 1,000,000 | 997,044 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Yale-New Haven Hlth Oblig | 1.80% | #(a) | 7/1/2049 | AA- | 5,390,000 | 5,331,125 | ||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.00% | 2/15/2037 | BBB | 5,000,000 | 5,105,393 | |||||||||
| County of Miami-Dade - Public Hlth Trust Miami FL | 5.00% | 6/1/2030 | Aa2 | 11,910,000 | 12,160,640 | |||||||||
| County of Miami-Dade - Public Hlth Trust Miami FL | 5.00% | 6/1/2031 | Aa2 | 5,000,000 | 5,105,014 | |||||||||
| County of Montgomery - Premier Hlth Partners Oblig OH | 4.00% | 11/15/2039 | Baa1 | 6,000,000 | 5,775,769 | |||||||||
| 32 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| 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+ | $ | 12,355,000 | $ | 12,355,579 | |||||||
| County of Washington - Marietta Area Hlthcr Oblig OH | 5.50% | 12/1/2027 | NR | 8,675,000 | 8,709,585 | |||||||||
| County of Washington - Marietta Area Hlthcr Oblig OH | 6.375% | 12/1/2037 | NR | 10,000,000 | 10,574,956 | |||||||||
| Crawford County Hospital Authority - Meadville Med Ctr Oblig PA | 6.00% | 6/1/2036 | NR | 3,830,000 | 3,975,430 | |||||||||
| District of Columbia - Children’s NATL Med Oblig | 5.00% | 7/15/2026 | A1 | 1,700,000 | 1,763,834 | |||||||||
| District of Columbia - Children’s NATL Med Oblig | 5.00% | 7/15/2034 | A1 | 5,000,000 | 5,151,041 | |||||||||
| Florida Development Finance Corp. - Lakeland Regl Hlth Oblig | 4.00% | 11/15/2035 | A2 | 5,530,000 | 5,835,649 | |||||||||
| Florida Development Finance Corp. - Lakeland Regl Hlth Oblig | 4.00% | 11/15/2036 | A2 | 3,700,000 | 3,861,640 | |||||||||
| Florida Development Finance Corp. - Lakeland Regl Hlth Oblig | 4.00% | 11/15/2038 | A2 | 2,265,000 | 2,308,276 | |||||||||
| Franklin County Industrial Development Authority - Menno-Haven Inc Oblig Grp PA | 5.00% | 12/1/2031 | NR | 1,000,000 | 944,306 | |||||||||
| Franklin County Industrial Development Authority - Menno-Haven Inc Oblig Grp PA | 5.00% | 12/1/2033 | NR | 1,000,000 | 930,997 | |||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Oblig AZ | 5.00% | 11/15/2036 | NR | 1,500,000 | 1,350,530 | |||||||||
| Greeneville Health & Educational Facilities Board - Ballad Health Oblig Group TN | 5.00% | 7/1/2035 | A- | 3,300,000 | 3,501,973 | |||||||||
| Greeneville Health & Educational Facilities Board - Ballad Health Oblig Group TN | 5.00% | 7/1/2036 | A- | 3,000,000 | 3,168,701 | |||||||||
| Greeneville Health & Educational Facilities Board - Ballad Health Oblig Group TN | 5.00% | 7/1/2037 | A- | 10,000,000 | 10,504,036 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Hlth Oblig TX | 5.00% | #(a) | 6/1/2050 | Aa3 | 5,000,000 | 5,425,761 | ||||||||
| Harris County Cultural Education Facilities Finance Corp. TX | 6.375% | 1/1/2033 | BB+ | (d) | 120,000 | 120,111 | ||||||||
| Health & Educational Facilities Authority of the State of Missouri - SSM Hlth Care Oblig Grp WA | 5.00% | #(a) | 6/1/2039 | A+ | 13,000,000 | 14,050,729 | ||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple Univ Hlth Oblig Grp PA | 5.00% | 7/1/2030 | BBB | 4,775,000 | 4,956,201 | |||||||||
| See Notes to Schedule of Investments. | 33 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| 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 Oblig Grp PA | 5.00% | 7/1/2032 | BBB | $ | 4,055,000 | $ | 4,198,715 | |||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple Univ Hlth Oblig Grp PA | 5.00% | 7/1/2033 | BBB | 4,870,000 | 5,040,751 | |||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota - Fairview Hlth Svcs Oblig | 5.00% | 11/15/2024 | WD | 4,500,000 | 4,560,144 | |||||||||
| Illinois Finance Authority - Ascension Hlth Credit Grp | 4.00% | 2/15/2033 | AA+ | 5,000,000 | 5,124,260 | |||||||||
| Illinois Finance Authority - Plymouth Place Oblig Group | 5.00% | 5/15/2030 | WD | 1,690,000 | 1,738,946 | |||||||||
| Illinois Finance Authority - Silver Cross Hosp Oblig | 5.00% | 8/15/2035 | A3 | 4,500,000 | 4,590,082 | |||||||||
| Industrial Development Authority of the County of Pima - La Posada Park Centre Oblig AZ† | 5.125% | 11/15/2029 | NR | 4,000,000 | 4,007,850 | |||||||||
| Karnes County Hospital District TX | 5.00% | 2/1/2024 | A | (d) | 375,000 | 375,415 | ||||||||
| Karnes County Hospital District TX | 5.00% | 2/1/2034 | A | (d) | 1,000,000 | 1,001,085 | ||||||||
| Kentucky Economic Development Finance Authority - Masonic Homes Oblig | 5.375% | 11/15/2032 | NR | 1,185,000 | 1,081,934 | |||||||||
| Kentucky Economic Development Finance Authority - Owensboro Health Inc Oblig | 5.00% | 6/1/2029 | Baa2 | 4,235,000 | 4,390,410 | |||||||||
| Kentucky Economic Development Finance Authority - Owensboro Health Inc Oblig | 5.00% | 6/1/2032 | Baa2 | 6,000,000 | 6,213,680 | |||||||||
| Lee Memorial Health System Oblig FL | 5.00% | 4/1/2036 | A+ | 4,535,000 | 4,901,398 | |||||||||
| Louisville/Jefferson County Metropolitan Government - Norton Healthcare Oblig KY | 5.00% | 10/1/2040 | A+ | (d) | 3,500,000 | 3,830,017 | ||||||||
| Maricopa County Industrial Development Authority - Honorhealth Oblig Group AZ | 5.00% | 9/1/2033 | A2 | 500,000 | 539,210 | |||||||||
| Maricopa County Industrial Development Authority - Honorhealth Oblig Group AZ | 5.00% | 9/1/2034 | A2 | 1,000,000 | 1,076,595 | |||||||||
| Maricopa County Industrial Development Authority - Honorhealth Oblig Group AZ | 5.00% | 9/1/2035 | A2 | 1,000,000 | 1,073,064 | |||||||||
| Maricopa County Industrial Development Authority - Honorhealth Oblig Group AZ | 5.00% | 9/1/2036 | A2 | 1,800,000 | 1,926,668 | |||||||||
| Massachusetts Development Finance Agency - Beth Israel Lahey Oblig Grp | 5.00% | 7/1/2036 | A | 2,000,000 | 2,173,499 | |||||||||
| 34 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Massachusetts Development Finance Agency - Wellforce Oblig Group | 4.00% | 7/1/2035 | BBB- | $ | 2,000,000 | $ | 1,940,608 | |||||||
| Massachusetts Development Finance Agency - Wellforce Oblig Group | 4.00% | 7/1/2037 | BBB- | 3,930,000 | 3,794,538 | |||||||||
| Massachusetts Development Finance Agency - Wellforce Oblig Group | 5.00% | 7/1/2038 | BBB- | 1,100,000 | 1,118,426 | |||||||||
| Massachusetts Development Finance Agency - Wellforce Oblig Group | 5.00% | 7/1/2039 | BBB- | 2,250,000 | 2,278,967 | |||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd - Vanderbilt Univ Med Ctr TN | 5.00% | 7/1/2031 | A | 1,300,000 | 1,357,328 | |||||||||
| Miami Beach Health Facilities Authority - Mt Sinai Medical Center FL Oblig | 5.00% | 11/15/2030 | A3 | 2,500,000 | 2,525,576 | |||||||||
| Michigan Finance Authority - Mclaren Hlth Care Oblig | 5.00% | 5/15/2032 | A1 | 10,390,000 | 10,583,901 | |||||||||
| Michigan Finance Authority - Mclaren Hlth Care Oblig | 5.00% | 5/15/2033 | A1 | 4,030,000 | 4,101,378 | |||||||||
| Michigan Finance Authority - Trinity Hlth Corp Oblig | 5.00% | 12/1/2034 | AA- | 5,000,000 | 5,350,170 | |||||||||
| Michigan Finance Authority - Trinity Hlth Corp Oblig | 5.00% | 12/1/2035 | AA- | 5,000,000 | 5,325,296 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson Univ Oblig PA | 4.00% | 9/1/2036 | A | 1,350,000 | 1,376,083 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson Univ Oblig PA | 4.00% | 9/1/2038 | A | 2,250,000 | 2,282,147 | |||||||||
| Montgomery County Industrial Development Authority - Albert Einstein Hlthcr Oblig PA | 5.00% | 1/15/2024 | WD | 4,000,000 | 4,002,259 | |||||||||
| Montgomery County Industrial Development Authority - Albert Einstein Hlthcr Oblig PA | 5.25% | 1/15/2026 | WD | 2,000,000 | 2,043,642 | |||||||||
| Montgomery County Industrial Development Authority - Albert Einstein Hlthcr Oblig PA | 5.25% | 1/15/2028 | WD | 3,000,000 | 3,065,463 | |||||||||
| Montgomery County Industrial Development Authority - Whitemarsh Cont Care Oblig PA | 5.00% | 1/1/2030 | NR | 2,000,000 | 1,949,511 | |||||||||
| Moon Industrial Development Authority - Baptist Homes Society Oblig PA | 5.125% | 7/1/2025 | NR | 1,975,000 | 1,907,680 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Hackensack Merdn Hlth Oblig | 5.00% | 7/1/2028 | AA- | 5,500,000 | 5,952,757 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Hlthcr Oblig | 5.00% | 7/1/2028 | BBB- | 1,300,000 | 1,337,918 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Hlthcr Oblig | 5.00% | 7/1/2029 | BBB- | 1,605,000 | 1,650,760 | |||||||||
| See Notes to Schedule of Investments. | 35 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| 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 - St Joseph’s Hlthcr Oblig | 5.00% | 7/1/2030 | BBB- | $ | 1,100,000 | $ | 1,129,829 | |||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Hlthcr Oblig | 5.00% | 7/1/2031 | BBB- | 1,110,000 | 1,138,416 | |||||||||
| New Jersey Health Care Facilities Financing Authority - StJoseph’s Hlthcr Oblig | 5.00% | 7/1/2035 | BBB- | 3,185,000 | 3,247,713 | |||||||||
| New Jersey Health Care Facilities Financing Authority - University Hospital (AGM) | 5.00% | 7/1/2028 | AA | 2,000,000 | 2,053,593 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Valley Hlth Sys Oblig Grp | 4.00% | 7/1/2036 | A | 1,000,000 | 1,017,905 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Valley Hlth Sys Oblig Grp | 4.00% | 7/1/2037 | A | 1,000,000 | 1,016,769 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig | 4.00% | 7/1/2037 | B- | 1,100,000 | 844,606 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig | 4.00% | 7/1/2039 | B- | 1,000,000 | 750,095 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig | 4.00% | 7/1/2040 | B- | 850,000 | 626,414 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig | 5.00% | 7/1/2036 | B- | 1,945,000 | 1,649,033 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2026 | BB | 1,500,000 | 1,497,429 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2029 | BB | 2,700,000 | 2,670,902 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2030 | BB | 1,100,000 | 1,082,677 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2031 | BB | 1,600,000 | 1,565,282 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 4.00% | 8/1/2036 | BBB- | 1,780,000 | 1,784,964 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 4.00% | 9/1/2036 | BBB- | 1,555,000 | 1,567,451 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 4.00% | 8/1/2037 | BBB- | 650,000 | 650,748 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 4.00% | 8/1/2038 | BBB- | 4,000,000 | 3,947,455 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 4.00% | 9/1/2038 | BBB- | 2,940,000 | 2,901,166 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 4.00% | 9/1/2040 | BBB- | 3,150,000 | 3,046,330 | |||||||||
| New York State Dormitory Authority - Northwell Hlth Oblig Grp | 5.00% | #(a) | 5/1/2048 | A- | 2,000,000 | 2,002,336 | ||||||||
| 36 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Oklahoma Development Finance Authority - OU Medicine Oblig Grp | 5.00% | 8/15/2033 | BB- | $ | 3,920,000 | $ | 3,926,469 | |||||||
| Oklahoma Development Finance Authority - OU Medicine Oblig Grp | 5.00% | 8/15/2038 | BB- | 6,300,000 | 6,190,392 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Oblig Grp | 5.25% | 8/15/2043 | BB- | 6,710,000 | 6,737,027 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Oblig Grp | 5.50% | 8/15/2037 | NR | 2,770,000 | 2,845,179 | |||||||||
| Oneida County Local Development Corp. - Mohawk Valley Hlth Oblig NY (AGM) | 4.00% | 12/1/2035 | AA | 1,000,000 | 1,022,899 | |||||||||
| Oneida County Local Development Corp. - Mohawk Valley Hlth Oblig NY (AGM) | 4.00% | 12/1/2036 | AA | 1,250,000 | 1,273,617 | |||||||||
| Oneida County Local Development Corp. - Mohawk Valley Hlth Oblig NY (AGM) | 4.00% | 12/1/2037 | AA | 2,210,000 | 2,228,762 | |||||||||
| Orange County Health Facilities Authority - Orlando Hlth Oblig Group FL | 5.00% | 10/1/2035 | A+ | 1,730,000 | 1,996,158 | |||||||||
| Orange County Health Facilities Authority - Orlando Hlth Oblig Group FL | 5.00% | 10/1/2037 | A+ | 2,350,000 | 2,664,009 | |||||||||
| Orange County Health Facilities Authority - Orlando Hlth Oblig Group FL | 5.00% | 10/1/2038 | A+ | 1,530,000 | 1,716,843 | |||||||||
| Orange County Health Facilities Authority - Orlando Hlth Oblig Group FL | 5.00% | 10/1/2039 | A+ | 1,500,000 | 1,673,318 | |||||||||
| Palomar Health CA - Palomar Health Oblig Grp | 5.00% | 11/1/2036 | BBB | 5,280,000 | 5,406,562 | |||||||||
| Pennsylvania Economic Development Financing Authority - UPMC Obligated Grp | 4.00% | 2/15/2040 | A | 2,820,000 | 2,851,718 | |||||||||
| Public Finance Authority - Aurora Integrated Oncology Foundation WI† | 10.00% | 11/1/2038 | NR | 3,500,000 | 3,518,547 | |||||||||
| Public Finance Authority - Proton Intl Alabama LLC WI†(b) | 6.85% | 10/1/2047 | NR | 1,410,000 | 141,000 | |||||||||
| Rhode Island Health & Educational Building Corp. - Care New England Hlth Oblig | 5.00% | 9/1/2031 | B+ | 5,000,000 | 5,003,945 | |||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Vlg Inc | 5.25% | 11/15/2028 | NR | 5,700,000 | 5,734,694 | |||||||||
| Southeastern Ohio Port Authority - Marietta Area Hlthcr Oblig | 5.00% | 12/1/2035 | B+ | (d) | 3,850,000 | 3,642,506 | ||||||||
| Southeastern Ohio Port Authority - Marietta Area Hlthcr Oblig | 5.50% | 12/1/2029 | B+ | (d) | 2,085,000 | 2,087,942 | ||||||||
| State of Ohio - Univ Hosp Hlth Sys Oblig Gp | 5.00% | 1/15/2036 | A | 3,295,000 | 3,546,541 | |||||||||
| See Notes to Schedule of Investments. | 37 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| 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 Oblig TX | 5.00% | #(a) | 11/15/2052 | AA- | $ | 4,000,000 | $ | 4,491,956 | ||||||
| Tulsa County Industrial Authority - Montereau Oblig Group OK | 5.25% | 11/15/2037 | BBB- | (d) | 1,250,000 | 1,255,120 | ||||||||
| University of Kansas Hospital Authority - Univ ks Hlth Sys Oblig Grp | 5.00% | 9/1/2034 | AA- | 5,000,000 | 5,123,613 | |||||||||
| Washington Health Care Facilities Authority - Commonspirit Hlth Oblig | 5.00% | #(a) | 8/1/2049 | A- | 4,550,000 | 4,554,895 | ||||||||
| Washington Health Care Facilities Authority - Providence St Joseph Oblig | 4.00% | #(a) | 10/1/2042 | A | 28,220,000 | 28,665,701 | ||||||||
| Washington State Housing Finance Commission - Spokane United Method Hms† | 6.00% | 1/1/2024 | NR | 245,000 | 245,000 | |||||||||
| West Virginia Hospital Finance Authority - WV United Hlth Sys Oblig | 4.00% | 6/1/2030 | A | 5,500,000 | 5,564,448 | |||||||||
| West Virginia Hospital Finance Authority - WV United Hlth Sys Oblig | 4.00% | 6/1/2035 | A | 1,570,000 | 1,583,183 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Hlth Oblig | 4.48% | # | 2/15/2053 | BBB+ | 40,000,000 | 40,000,000 | ||||||||
| Total | 559,238,780 | |||||||||||||
| Housing 1.38% | ||||||||||||||
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB | 7,259,379 | 6,832,878 | |||||||||
| California Housing Finance Agency | 3.50% | 11/20/2035 | BBB+ | 5,609,428 | 5,465,292 | |||||||||
| California Housing Finance Agency | 4.00% | 3/20/2033 | BBB+ | 4,534,452 | 4,612,923 | |||||||||
| California Housing Finance Agency | 4.25% | 1/15/2035 | BBB+ | 4,200,923 | 4,232,223 | |||||||||
| California Municipal Finance Authority - Park Western Housing LP (FNMA) | 2.65% | 8/1/2036 | Aaa | 4,279,652 | 3,671,373 | |||||||||
| California Statewide Communities Development Authority† | 3.00% | 6/1/2047 | NR | 5,000,000 | 3,629,248 | |||||||||
| California Statewide Communities Development Authority - CHF-Irvine LLC | 5.00% | 5/15/2026 | Baa1 | 1,000,000 | 1,026,930 | |||||||||
| California Statewide Communities Development Authority - CHF-Irvine LLC | 5.00% | 5/15/2027 | Baa1 | 750,000 | 771,031 | |||||||||
| Indiana Finance Authority - Chf-Tippecanoe LLC | 5.00% | 6/1/2038 | BBB- | 1,550,000 | 1,616,055 | |||||||||
| Indiana Finance Authority - Chf-Tippecanoe LLC | 5.00% | 6/1/2043 | BBB- | 2,525,000 | 2,580,163 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - Downtown Phoenix Std Hsg AZ | 5.00% | 7/1/2032 | Baa3 | 1,080,000 | 1,129,218 | |||||||||
| 38 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Maryland Community Development Administration | 3.00% | 9/1/2039 | Aa1 | $ | 10,000,000 | $ | 8,841,653 | |||||||
| Minnesota Housing Finance Agency (GNMA/FNMA/FHLMC) | 6.25% | 7/1/2054 | Aa1 | 3,800,000 | 4,208,841 | |||||||||
| Missouri Housing Development Commission (GNMA/FNMA/FHLMC) | 3.25% | 11/1/2052 | AA+ | 2,645,000 | 2,583,281 | |||||||||
| North Carolina Housing Finance Agency (GNMA/FNMA/FHLMC) | 6.25% | 1/1/2055 | Aa1 | 5,500,000 | 6,088,969 | |||||||||
| Virginia Beach Development Authority - Westminster-Canterbury On Ches | 5.375% | 9/1/2029 | BB+ | (d) | 5,000,000 | 5,132,224 | ||||||||
| Washington State Housing Finance Commission | 3.50% | 12/20/2035 | BBB+ | 4,809,548 | 4,591,002 | |||||||||
| Total | 67,013,304 | |||||||||||||
| Lease Obligations 2.02% | ||||||||||||||
| Illinois Sports Facilities Authority (AGM) | 5.00% | 6/15/2027 | AA | 3,000,000 | 3,012,724 | |||||||||
| Indiana Finance Authority | 5.25% | 2/1/2029 | AA+ | 2,500,000 | 2,583,200 | |||||||||
| Michigan State Building Authority | 5.00% | 4/15/2034 | Aa2 | 6,525,000 | 6,772,011 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2025 | A2 | 5,085,000 | 5,240,254 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2033 | A2 | 7,215,000 | 7,910,921 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2034 | A2 | 3,000,000 | 3,247,910 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2034 | A2 | 13,645,000 | 14,909,125 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2035 | A2 | 4,925,000 | 5,080,961 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2035 | A2 | 1,000,000 | 1,082,637 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2036 | A2 | 1,320,000 | 1,404,488 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2042 | A2 | 1,400,000 | 1,515,692 | |||||||||
| New Jersey Economic Development Authority† | 5.25% | 9/1/2027 | A- | 24,555,000 | 26,728,373 | |||||||||
| New Jersey Transportation Trust Fund Authority | 3.25% | 6/15/2039 | A2 | 2,000,000 | 1,893,943 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2035 | A2 | 3,750,000 | 3,943,471 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2036 | A2 | 2,770,000 | 2,887,862 | |||||||||
| See Notes to Schedule of Investments. | 39 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| 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 | 5.00% | 6/15/2030 | A+ | $ | 3,000,000 | $ | 3,153,160 | |||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2031 | A+ | 2,400,000 | 2,520,976 | |||||||||
| Redevelopment Authority of the City of Philadelphia PA | 5.00% | 4/15/2028 | A1 | 4,380,000 | 4,481,030 | |||||||||
| Total | 98,368,738 | |||||||||||||
| Multi-Family Housing 0.06% | ||||||||||||||
| Illinois Housing Development Authority (HUD SECT8) (FHA) | 4.00% | #(a) | 6/1/2026 | Aaa | 2,700,000 | 2,716,287 | ||||||||
| Other Revenue 3.73% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2049 | A1 | 12,675,000 | 12,707,765 | ||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Ctr LLC NY | 5.00% | 7/15/2042 | Ba1 | 7,600,000 | 7,635,911 | |||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Ctr LLC NY (AGM) | 4.00% | 7/15/2029 | AA | 1,500,000 | 1,529,876 | |||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Ctr LLC NY | 5.00% | 7/15/2024 | Ba1 | 3,550,000 | 3,570,362 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Fdtn OH | 5.00% | 12/1/2033 | BB+ | 2,000,000 | 2,053,295 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Fdtn OH | 5.25% | 12/1/2038 | BB+ | 1,650,000 | 1,676,300 | |||||||||
| Commonwealth of Puerto Rico | Zero Coupon | #(a) | 11/1/2051 | NR | 17,004,637 | 9,288,783 | ||||||||
| Duval County Public Schools FL COPS (AGM) | 5.00% | 7/1/2034 | AA | 2,000,000 | 2,265,911 | |||||||||
| Illinois Finance Authority - Field Museum Natural Hist | 4.973% (SOFR * .67 + 1.20% | )# | 11/1/2034 | A | 10,190,000 | 10,188,697 | ||||||||
| Industrial Development Authority of the County of Pima - Edkey Oblig Group AZ† | 5.00% | 7/1/2035 | NR | 5,000,000 | 4,960,899 | |||||||||
| Lower Alabama Gas District | 4.00% | #(a) | 12/1/2050 | A2 | 30,995,000 | 31,115,152 | ||||||||
| Maricopa County Industrial Development Authority - Paragon Management Inc AZ† | 5.00% | 7/1/2036 | BB+ | 2,500,000 | 2,505,214 | |||||||||
| Maricopa County Industrial Development Authority AZ† | 5.00% | 7/1/2039 | BB+ | 2,055,000 | 2,037,506 | |||||||||
| Maryland Economic Development Corp.(b) | 5.00% | 12/1/2016 | NR | 700,000 | 420,000 | |||||||||
| M-S-R Energy Authority CA | 6.125% | 11/1/2029 | BBB+ | 3,130,000 | 3,396,201 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 2.00% | #(a) | 5/15/2045 | AA+ | 5,000,000 | 4,962,531 | ||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2036 | AA+ | 5,750,000 | 6,945,973 | |||||||||
| 40 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2037 | AA+ | $ | 5,000,000 | $ | 5,960,577 | |||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2038 | AA+ | 6,400,000 | 7,539,521 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2041 | AA+ | 9,000,000 | 10,363,219 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.25% | 11/15/2039 | AA+ | 13,050,000 | 15,593,299 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.25% | 11/15/2040 | AA+ | 11,000,000 | 13,071,025 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.25% | 11/15/2042 | AA+ | 10,000,000 | 11,736,892 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2031 | NR | 10,180,000 | 10,152,110 | |||||||||
| Total | 181,677,019 | |||||||||||||
| Power 0.40% | ||||||||||||||
| Energy Northwest - Bonneville Power Admin WA | 5.00% | 7/1/2038 | Aa1 | 14,000,000 | 16,348,203 | |||||||||
| York County Economic Development Authority - Virginia Elec & Pwr Co | 3.65% | #(a) | 5/1/2033 | A2 | 3,000,000 | 3,020,905 | ||||||||
| Total | 19,369,108 | |||||||||||||
| Pre-Refunded 0.00% | ||||||||||||||
| New York State Dormitory Authority | 4.00% | 2/15/2034 | NR | 15,000 | 15,647 | |||||||||
| Single-Family Housing 0.21% | ||||||||||||||
| Pennsylvania Housing Finance Agency | 5.50% | 10/1/2053 | AA+ | 9,500,000 | 10,155,037 | |||||||||
| Special Tax 2.22% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | 1,250,000 | 1,277,454 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.375% | 5/1/2042 | NR | 5,500,000 | 5,553,408 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 6.00% | 5/1/2042 | NR | 1,860,000 | 1,926,404 | |||||||||
| Emeryville Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 9/1/2025 | AA | 2,650,000 | 2,688,919 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 3,955,000 | 3,222,255 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 3,000,000 | 2,257,523 | |||||||||
| Lakewood Ranch Stewardship District FL | 6.125% | 5/1/2043 | NR | 2,250,000 | 2,347,165 | |||||||||
| Miami World Center Community Development District FL | 4.75% | 11/1/2027 | NR | 750,000 | 760,994 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.50% | 8/1/2040 | NR | 1,250,000 | 1,115,917 | |||||||||
| See Notes to Schedule of Investments. | 41 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2033 | AA | $ | 1,750,000 | $ | 1,688,042 | |||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2034 | AA | 1,000,000 | 958,032 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AGM) | 3.00% | 3/1/2036 | AA | 5,500,000 | 5,146,549 | |||||||||
| Orange County Community Facilities District CA Special Tax | 5.00% | 8/15/2033 | NR | 1,370,000 | 1,405,709 | |||||||||
| Orange County Community Facilities District CA Special Tax | 5.00% | 8/15/2035 | NR | 975,000 | 998,818 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2028 | NR | 545,000 | 544,348 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 5.00% | 9/1/2037 | NR | 875,000 | 873,226 | |||||||||
| River Islands Public Financing Authority CA Special Tax | 4.00% | 9/1/2051 | NR | 990,000 | 852,341 | |||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.00% | 9/1/2042 | AA | 4,000,000 | 4,422,558 | |||||||||
| State of Connecticut Special Tax Revenue | 4.00% | 9/1/2034 | AA | 8,075,000 | 8,255,646 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 10/1/2030 | AA | 9,000,000 | 10,031,421 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 1/1/2032 | AA | 14,375,000 | 15,750,068 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2036 | Aa3 | 5,000,000 | 6,034,336 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2037 | Aa3 | 6,000,000 | 7,161,050 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2038 | Aa3 | 5,000,000 | 5,886,125 | |||||||||
| Village Community Development District No. 12 FL | 3.25% | 5/1/2026 | NR | 2,270,000 | 2,246,995 | |||||||||
| Village Community Development District No. 12 FL | 3.80% | 5/1/2028 | NR | 2,035,000 | 2,031,669 | |||||||||
| Village Community Development District No. 12 FL | 4.00% | 5/1/2033 | NR | 1,815,000 | 1,798,897 | |||||||||
| Village Community Development District No. 13 FL | 1.80% | 5/1/2026 | NR | 535,000 | 507,592 | |||||||||
| Village Community Development District No. 13 FL | 2.85% | 5/1/2036 | NR | 1,835,000 | 1,523,063 | |||||||||
| Village Community Development District No. 13 FL | 3.00% | 5/1/2029 | NR | 475,000 | 447,373 | |||||||||
| Village Community Development District No. 13 FL† | 3.00% | 5/1/2035 | NR | 3,350,000 | 2,886,122 | |||||||||
| Village Community Development District No. 13 FL† | 3.25% | 5/1/2040 | NR | 4,185,000 | 3,382,168 | |||||||||
| Village Community Development District No. 13 FL | 3.375% | 5/1/2034 | NR | 2,460,000 | 2,254,319 | |||||||||
| Total | 108,236,506 | |||||||||||||
| 42 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue 2.44% | ||||||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB+ | $ | 5,675,000 | $ | 6,008,527 | |||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba1 | 1,785,000 | 1,697,645 | |||||||||
| Clear Creek Independent School District TX GO (PSF GTD) | 0.28% | #(a) | 2/15/2038 | AAA | 4,930,000 | 4,835,083 | ||||||||
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | 3,750,000 | 3,936,425 | |||||||||
| County of Cook Sales Tax Revenue IL | 5.25% | 11/15/2036 | AA- | 10,000,000 | 10,722,600 | |||||||||
| Metropolitan Atlanta Rapid Transit Authority GA | 5.00% | 7/1/2032 | AAA | 5,000,000 | 5,291,115 | |||||||||
| New York City Transitional Finance Authority Building Aid Revenue NY | 5.25% | 7/15/2036 | AA | 11,700,000 | 12,998,046 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 3.00% | 11/1/2037 | AAA | 2,500,000 | 2,335,133 | |||||||||
| New York City Transitional Finance Authority NY(e) | 5.00% | 11/1/2038 | AAA | 5,000,000 | 5,960,395 | |||||||||
| New York City Transitional Finance Authority NY | 5.00% | 5/1/2039 | Aa1 | 5,000,000 | 5,874,505 | |||||||||
| New York City Transitional Finance Authority NY | 5.50% | 5/1/2044 | Aa1 | 8,500,000 | 10,143,529 | |||||||||
| New York State Thruway Authority | 5.00% | 3/15/2035 | AA+ | 6,000,000 | 7,204,780 | |||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2035 | Aa1 | 5,000,000 | 5,999,642 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2029 | NR | 1,616,000 | 1,294,316 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 1,774,000 | 1,300,564 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 11,643,000 | 7,769,536 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 5,223,000 | 5,198,002 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 12,051,000 | 11,993,323 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 81,000 | 77,644 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 268,000 | 269,970 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 1,967,000 | 1,951,562 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 1,092,000 | 1,079,103 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 4,974,000 | 5,003,791 | |||||||||
| Total | 118,945,236 | |||||||||||||
| See Notes to Schedule of Investments. | 43 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Taxable Revenue - Water & Sewer 0.84% | ||||||||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2036 | AA | $ | 1,500,000 | $ | 1,745,791 | |||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2037 | AA | 1,000,000 | 1,153,182 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2038 | AA | 1,500,000 | 1,717,697 | |||||||||
| Louisville & Jefferson County Metropolitan Sewer District KY | 5.00% | 5/15/2035 | Aa3 | 10,000,000 | 12,141,232 | |||||||||
| New Jersey Economic Development Authority - New Jersey Amern Wtr Co AMT | 3.75% | #(a) | 11/1/2034 | A+ | 5,500,000 | 5,557,460 | ||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2036 | A1 | 6,750,000 | 8,010,461 | |||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2037 | A1 | 4,750,000 | 5,570,569 | |||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2038 | A1 | 4,500,000 | 5,200,570 | |||||||||
| Total | 41,096,962 | |||||||||||||
| Tobacco 1.18% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 21,155,000 | 19,910,938 | |||||||||
| Iowa Tobacco Settlement Authority | 4.00% | 6/1/2049 | BBB+ | 6,105,000 | 6,141,565 | |||||||||
| Michigan Finance Authority | 4.00% | 6/1/2034 | A- | 1,000,000 | 1,037,892 | |||||||||
| Michigan Finance Authority | 4.00% | 6/1/2035 | A- | 2,000,000 | 2,065,171 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 35,000,000 | 2,168,632 | |||||||||
| Northern Tobacco Securitization Corp. AK | 4.00% | 6/1/2037 | A- | 1,500,000 | 1,526,947 | |||||||||
| Northern Tobacco Securitization Corp. AK | 4.00% | 6/1/2050 | BBB- | 1,310,000 | 1,319,164 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BBB- | 9,600,000 | 9,747,933 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 5,100,000 | 5,259,513 | |||||||||
| Tobacco Settlement Financing Corp. RI | 5.00% | 6/1/2027 | A | 2,500,000 | 2,550,793 | |||||||||
| Tobacco Settlement Financing Corp. RI | 5.00% | 6/1/2028 | BBB | 2,000,000 | 2,041,242 | |||||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 3,690,000 | 3,518,556 | |||||||||
| Total | 57,288,346 | |||||||||||||
| Transportation 19.59% | ||||||||||||||
| Alameda Corridor Transportation Authority CA (AGM) | 5.00% | 10/1/2034 | AA | 3,650,000 | 3,846,052 | |||||||||
| Allegheny County Airport Authority PA AMT | 5.25% | 1/1/2036 | A1 | 1,000,000 | 1,161,353 |
| 44 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Allegheny County Airport Authority PA AMT | 5.25% | 1/1/2037 | A1 | $ | 350,000 | $ | 402,999 | |||||||
| Allegheny County Airport Authority PA AMT | 5.25% | 1/1/2038 | A1 | 350,000 | 396,321 | |||||||||
| Allegheny County Airport Authority PA AMT | 5.25% | 1/1/2039 | A1 | 1,000,000 | 1,125,192 | |||||||||
| Allegheny County Airport Authority PA AMT | 5.25% | 1/1/2040 | A1 | 1,105,000 | 1,237,015 | |||||||||
| Allegheny County Airport Authority PA AMT | 5.50% | 1/1/2041 | A1 | 750,000 | 853,880 | |||||||||
| Allegheny County Airport Authority PA AMT | 5.50% | 1/1/2042 | A1 | 680,000 | 770,459 | |||||||||
| California Municipal Finance Authority - Lax Integrated Express AMT | 5.00% | 6/30/2031 | BBB- | (d) | 3,250,000 | 3,449,230 | ||||||||
| California Municipal Finance Authority - Lax Integrated Express AMT | 5.00% | 12/31/2036 | BBB- | (d) | 3,215,000 | 3,375,464 | ||||||||
| California Municipal Finance Authority - Lax Integrated Express AMT | 5.00% | 12/31/2037 | BBB- | (d) | 7,000,000 | 7,308,920 | ||||||||
| Central Florida Expressway Authority | 4.00% | 7/1/2037 | A+ | 7,380,000 | 7,477,054 | |||||||||
| Central Texas Regional Mobility Authority | 4.00% | 1/1/2034 | A | 4,750,000 | 5,065,558 | |||||||||
| Central Texas Regional Mobility Authority | 4.00% | 1/1/2035 | A | 4,000,000 | 4,250,722 | |||||||||
| Central Texas Regional Mobility Authority | 4.00% | 1/1/2036 | A | 4,510,000 | 4,759,889 | |||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2025 | A- | 7,500,000 | 7,561,741 | |||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2030 | A | 800,000 | 825,110 | |||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2031 | A | 1,675,000 | 1,727,574 | |||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2032 | A | 2,000,000 | 2,062,775 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2025 | A- | 2,250,000 | 2,273,825 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2026 | A- | 2,500,000 | 2,514,306 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2027 | A- | 3,300,000 | 3,319,580 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2028 | A- | 3,705,000 | 3,727,913 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2033 | A- | 7,650,000 | 7,671,785 | |||||||||
| Chicago Midway International Airport IL | 4.00% | 1/1/2034 | A | 2,175,000 | 2,203,168 | |||||||||
| Chicago Midway International Airport IL | 5.00% | 1/1/2026 | A | 6,075,000 | 6,081,636 | |||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2026 | A | 4,605,000 | 4,626,170 | |||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2030 | A | 5,000,000 | 5,022,985 | |||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2031 | A | 2,000,000 | 2,045,483 | |||||||||
| Chicago Midway International Airport IL AMT(e) | 5.00% | 1/1/2037 | A | 5,225,000 | 5,805,931 |
| See Notes to Schedule of Investments. | 45 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Chicago Midway International Airport IL AMT(e) | 5.00% | 1/1/2038 | A | $ | 4,000,000 | $ | 4,413,278 | |||||||
| Chicago O'Hare International Airport IL | 4.00% | 1/1/2038 | A+ | 6,820,000 | 7,002,751 | |||||||||
| Chicago O'Hare International Airport IL | 5.00% | 1/1/2031 | A+ | 6,500,000 | 6,603,708 | |||||||||
| Chicago O'Hare International Airport IL (BAM) | 5.00% | 1/1/2036 | AA | 2,000,000 | 2,268,778 | |||||||||
| Chicago O'Hare International Airport IL (BAM) | 5.00% | 1/1/2037 | AA | 1,330,000 | 1,497,970 | |||||||||
| Chicago O'Hare International Airport IL (BAM) | 5.00% | 1/1/2038 | AA | 1,785,000 | 1,982,726 | |||||||||
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2039 | AA | 1,190,000 | 1,340,926 | |||||||||
| City & County of Denver Airport System Revenue CA AMT | 5.00% | 12/1/2028 | A+ | 16,500,000 | 17,899,771 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.00% | 12/1/2035 | A+ | 5,000,000 | 5,334,080 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.50% | 11/15/2033 | AA- | 8,365,000 | 9,952,355 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2034 | AA- | 3,500,000 | 4,237,284 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2035 | Aa3 | 3,250,000 | 3,926,298 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2037 | AA- | 2,000,000 | 2,373,624 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 4.00% | 7/1/2037 | AA- | 4,150,000 | 4,211,351 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 7/1/2036 | Aa3 | 7,600,000 | 8,690,766 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 7/1/2037 | Aa3 | 3,750,000 | 4,246,345 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 7/1/2038 | Aa3 | 2,750,000 | 3,075,943 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.25% | 7/1/2041 | Aa3 | 6,000,000 | 6,724,885 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 4.75% | 7/1/2024 | BB- | 2,390,000 | 2,391,950 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2027 | B- | (d) | 1,000,000 | 1,006,104 | ||||||||
| City of Houston Airport System Revenue (AGM) AMT | 5.00% | 7/1/2035 | A1 | 8,005,000 | 9,127,029 | |||||||||
| City of Houston Airport System Revenue (AGM) AMT | 5.00% | 7/1/2036 | A1 | 2,850,000 | 3,224,182 |
| 46 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| City of Houston Airport System Revenue (AGM) AMT | 5.00% | 7/1/2037 | A1 | $ | 2,000,000 | $ | 2,249,140 | |||||||
| City of Houston Airport System Revenue (AGM) AMT | 5.00% | 7/1/2038 | A1 | 2,000,000 | 2,221,699 | |||||||||
| City of Houston Airport System Revenue (AGM) AMT | 5.25% | 7/1/2039 | A1 | 2,700,000 | 3,053,808 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2033 | AA | 4,500,000 | 5,114,570 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2034 | AA- | 2,930,000 | 3,300,987 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2034 | AA | 6,000,000 | 6,809,852 | |||||||||
| City of Philadelphia Airport Revenue PA AMT | 5.00% | 7/1/2032 | A2 | 3,660,000 | 4,076,541 | |||||||||
| City of Phoenix Civic Improvement Corp. AZ | 5.00% | 7/1/2036 | Aa2 | 4,045,000 | 4,350,113 | |||||||||
| City of Phoenix Civic Improvement Corp. AZ | 5.00% | 7/1/2036 | Aa3 | 5,000,000 | 5,371,963 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2029 | A+ | 3,000,000 | 3,233,343 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2030 | A+ | 2,275,000 | 2,406,331 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2031 | A+ | 3,000,000 | 3,171,826 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2034 | A+ | 14,645,000 | 15,638,874 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2034 | A+ | 4,455,000 | 4,693,927 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2036 | A2 | 1,500,000 | 1,732,463 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2037 | A2 | 2,325,000 | 2,659,320 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2039 | A2 | 3,000,000 | 3,362,371 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2041 | A2 | 4,425,000 | 4,903,601 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2042 | A2 | 3,500,000 | 3,858,989 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2027 | A1 | 5,145,000 | 5,170,435 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2028 | A1 | 3,500,000 | 3,516,734 |
| See Notes to Schedule of Investments. | 47 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2038 | A+ | $ | 3,000,000 | $ | 3,472,134 | |||||||
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2039 | A1 | 2,750,000 | 3,202,889 | |||||||||
| Delaware River Joint Toll Bridge Commission PA | 5.00% | 7/1/2030 | A+ | 1,920,000 | 2,072,006 | |||||||||
| E-470 Public Highway Authority CO | 3.961% (SOFR * .67 + 0.35% | )# | 9/1/2039 | A+ | 1,690,000 | 1,685,665 | ||||||||
| Illinois State Toll Highway Authority | 5.00% | 1/1/2027 | AA- | 1,000,000 | 1,004,795 | |||||||||
| Illinois State Toll Highway Authority | 5.00% | 1/1/2028 | AA- | 2,535,000 | 2,547,155 | |||||||||
| Illinois State Toll Highway Authority(e) | 5.00% | 1/1/2037 | AA- | 6,000,000 | 7,186,052 | |||||||||
| Illinois State Toll Highway Authority(e) | 5.00% | 1/1/2038 | AA- | 5,000,000 | 5,918,852 | |||||||||
| Illinois State Toll Highway Authority(e) | 5.00% | 1/1/2039 | AA- | 4,400,000 | 5,175,071 | |||||||||
| Kansas City Industrial Development Authority MO AMT | 5.00% | 3/1/2036 | A2 | 5,000,000 | 5,294,574 | |||||||||
| Kansas City Industrial Development Authority MO AMT | 5.00% | 3/1/2038 | A2 | 6,205,000 | 6,473,644 | |||||||||
| Maryland Economic Development Corp. - Consol Marine Terminals L | 5.75% | 9/1/2025 | BB | 5,000,000 | 5,007,055 | |||||||||
| Maryland Economic Development Corp. Tax Allocation | 4.00% | 9/1/2040 | NR | 5,000,000 | 4,534,284 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.25% | 7/1/2034 | A1 | 1,250,000 | 1,448,297 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.25% | 7/1/2035 | A1 | 2,595,000 | 2,994,057 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2036 | A1 | 1,000,000 | 1,171,313 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2037 | A1 | 1,250,000 | 1,447,238 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2038 | A1 | 1,500,000 | 1,715,183 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2033 | A- | 4,025,000 | 4,355,762 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2035 | A- | 5,000,000 | 5,117,037 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2038 | A- | 1,500,000 | 1,500,355 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2028 | A- | 6,760,000 | 6,979,632 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2035 | A- | 7,500,000 | 7,528,462 | |||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2036 | AA- | 2,175,000 | 2,453,452 | |||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2037 | AA- | 2,335,000 | 2,608,957 | |||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2038 | AA- | 1,860,000 | 2,059,572 |
| 48 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.25% | 10/1/2039 | AA- | $ | 4,305,000 | $ | 4,817,248 | |||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC | 4.00% | 10/1/2036 | A- | 1,500,000 | 1,522,113 | |||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC | 4.00% | 10/1/2037 | A- | 1,500,000 | 1,514,926 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.125% | 1/1/2034 | BBB+ | 5,010,000 | 5,011,211 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2038 | A2 | 3,000,000 | 3,080,843 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2039 | A2 | 6,000,000 | 6,126,416 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2028 | A+ | 6,275,000 | 6,599,424 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2034 | A2 | 10,000,000 | 11,667,131 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2034 | A2 | 2,500,000 | 2,938,538 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2035 | A2 | 2,250,000 | 2,626,746 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2037 | A2 | 4,250,000 | 4,895,824 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2037 | A2 | 4,000,000 | 4,663,353 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2038 | A2 | 1,000,000 | 1,142,565 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2038 | A2 | 2,000,000 | 2,302,351 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2039 | A2 | 3,000,000 | 3,423,210 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2031 | AA- | 5,000,000 | 5,098,476 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2034 | AA- | 1,500,000 | 1,634,353 | |||||||||
| New York City Transitional Development Corp. NY AMT | 5.50% | 6/30/2038 | Baa3 | 1,000,000 | 1,112,650 | |||||||||
| New York City Transitional Development Corp. NY AMT | 6.00% | 6/30/2054 | Baa3 | 17,000,000 | 18,783,417 | |||||||||
| New York State Dormitory Authority | 4.00% | 1/1/2038 | A1 | 13,000,000 | 13,644,848 | |||||||||
| New York State Thruway Authority | 4.00% | 1/1/2037 | A1 | 11,770,000 | 12,561,758 | |||||||||
| New York State Thruway Authority | 5.00% | 1/1/2026 | A1 | 5,115,000 | 5,221,698 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 10/1/2030 | Baa3 | 4,225,000 | 4,155,048 |
| See Notes to Schedule of Investments. | 49 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| 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 AMT | 4.00% | 1/1/2036 | Baa3 | $ | 10,010,000 | $ | 9,599,706 | |||||||
| New York Transportation Development Corp. - Delta Airlines Inc AMT | 5.625% | 4/1/2040 | Baa3 | 9,000,000 | 9,699,775 | |||||||||
| New York Transportation Development Corp. - Delta Airlines Inc AMT | 6.00% | 4/1/2035 | Baa3 | 29,000,000 | 32,363,490 | |||||||||
| New York Transportation Development Corp. - Empire St Thruway Partnrs AMT | 4.00% | 10/31/2034 | BBB- | (d) | 750,000 | 763,514 | ||||||||
| New York Transportation Development Corp. - Empire St Thruway Partnrs AMT | 4.00% | 10/31/2041 | BBB- | (d) | 3,000,000 | 2,871,492 | ||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC | 5.00% | 12/1/2034 | Baa1 | 2,000,000 | 2,198,837 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC AMT | 5.00% | 12/1/2024 | Baa1 | 2,000,000 | 2,018,136 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2032 | Baa2 | 3,000,000 | 3,001,806 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa2 | 6,480,000 | 6,482,595 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.00% | 7/1/2034 | Baa2 | 2,250,000 | 2,257,826 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2027 | A3 | 3,185,000 | 3,190,372 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2030 | A3 | 365,000 | 391,973 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2031 | A3 | 300,000 | 321,986 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2032 | A3 | 775,000 | 831,265 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2034 | A3 | 865,000 | 926,546 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA | 5.00% | 3/1/2026 | A | 1,200,000 | 1,204,096 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA | 5.00% | 3/1/2027 | A | 2,260,000 | 2,268,301 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA | 5.00% | 3/1/2028 | A | 1,655,000 | 1,660,955 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2035 | A | 1,500,000 | 1,566,157 | |||||||||
| North Carolina Turnpike Authority | 5.00% | 1/1/2032 | BBB | 1,000,000 | 1,049,247 | |||||||||
| North Carolina Turnpike Authority (AGM) | 4.00% | 1/1/2037 | AA | 12,895,000 | 13,288,753 | |||||||||
| North Carolina Turnpike Authority (AGM) | 4.00% | 1/1/2038 | AA | 9,000,000 | 9,225,089 |
| 50 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| North Carolina Turnpike Authority (AGM) | 5.00% | 1/1/2031 | AA | $ | 1,000,000 | $ | 1,065,586 | |||||||
| North Texas Tollway Authority | 4.125% | 1/1/2040 | AA- | 5,000,000 | 5,122,143 | |||||||||
| North Texas Tollway Authority | 5.00% | 1/1/2025 | AA- | 5,000,000 | 5,015,366 | |||||||||
| North Texas Tollway Authority | 5.00% | 1/1/2036 | AA- | 5,000,000 | 5,191,804 | |||||||||
| Pennsylvania Turnpike Commission | 3.08% (MUNIPSA * 1 + 0.85% | )# | 7/15/2041 | A1 | 25,000,000 | 24,981,195 | ||||||||
| Port Authority of New York & New Jersey | 5.00% | 11/15/2036 | AA- | 5,000,000 | 5,391,455 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2036 | Aa3 | 2,750,000 | 3,299,021 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2037 | Aa3 | 2,250,000 | 2,669,866 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2038 | Aa3 | 2,500,000 | 2,939,815 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2039 | Aa3 | 3,250,000 | 3,795,232 | |||||||||
| Port Authority of New York & New Jersey AMT | 3.00% | 10/1/2027 | AA- | 6,405,000 | 6,357,951 | |||||||||
| Port Authority of New York & New Jersey AMT | 4.00% | 7/15/2034 | AA- | 4,250,000 | 4,464,855 | |||||||||
| Port Authority of New York & New Jersey AMT | 4.00% | 11/1/2034 | AA- | 13,705,000 | 14,168,622 | |||||||||
| Port Authority of New York & New Jersey AMT | 4.00% | 7/15/2037 | AA- | 2,000,000 | 2,015,247 | |||||||||
| Port Authority of New York & New Jersey AMT | 4.00% | 7/15/2038 | AA- | 3,000,000 | 3,015,475 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2028 | AA- | 4,000,000 | 4,291,529 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2034 | Aa3 | 10,000,000 | 11,591,893 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2035 | Aa3 | 6,250,000 | 7,193,436 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 1/15/2036 | AA- | 2,000,000 | 2,277,354 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | Aa3 | 4,000,000 | 4,560,298 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2036 | Aa3 | 1,750,000 | 1,996,310 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 1/15/2037 | AA- | 2,000,000 | 2,255,900 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2037 | Aa3 | 3,250,000 | 3,665,918 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2037 | Aa3 | 2,250,000 | 2,537,045 |
| See Notes to Schedule of Investments. | 51 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| 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 AMT | 5.00% | 1/15/2038 | AA- | $ | 1,000,000 | $ | 1,108,720 | |||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2038 | Aa3 | 4,500,000 | 5,012,010 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2038 | Aa3 | 2,000,000 | 2,235,051 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 1/15/2039 | Aa3 | 1,500,000 | 1,652,475 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2039 | Aa3 | 5,250,000 | 5,808,395 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2037 | AA- | 2,420,000 | 2,587,513 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2037 | AA- | 4,000,000 | 4,498,280 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2038 | AA- | 3,250,000 | 3,448,283 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2039 | AA- | 3,330,000 | 3,518,411 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.25% | 7/1/2039 | AA- | 3,500,000 | 3,946,638 | |||||||||
| Port of Seattle WA | 4.00% | 6/1/2038 | AA- | 2,700,000 | 2,812,486 | |||||||||
| Regional Transportation District - Denver Transit Partners CO | 4.00% | 1/15/2033 | Baa1 | 850,000 | 878,411 | |||||||||
| Regional Transportation District - Denver Transit Partners CO | 4.00% | 7/15/2034 | Baa1 | 7,650,000 | 7,890,502 | |||||||||
| Regional Transportation District - Denver Transit Partners CO | 4.00% | 7/15/2036 | Baa1 | 700,000 | 717,378 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2037 | A+ | 4,065,000 | 4,363,502 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% | 5/1/2037 | A1 | 10,000,000 | 11,773,560 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% | 5/1/2038 | A1 | 14,815,000 | 17,205,474 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% | 5/1/2039 | A1 | 10,000,000 | 11,538,413 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% | 1/15/2034 | A | 3,130,000 | 3,374,012 | |||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2026 | AA | 1,250,000 | 1,301,535 | |||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2027 | AA | 2,000,000 | 2,110,874 | |||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2029 | AA | 3,500,000 | 3,683,513 |
| 52 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| State of Alaska International Airports System | 5.00% | 10/1/2034 | A1 | $ | 5,000,000 | $ | 5,141,066 | |||||||
| State of Connecticut Special Tax Revenue | 4.00% | 5/1/2039 | AA | 10,000,000 | 10,387,451 | |||||||||
| State of Hawaii Airports System Revenue AMT | 5.00% | 7/1/2031 | AA- | 1,275,000 | 1,366,902 | |||||||||
| State of Hawaii Airports System Revenue AMT | 5.00% | 7/1/2033 | AA- | 3,300,000 | 3,534,464 | |||||||||
| State of Hawaii Airports System Revenue AMT | 5.00% | 7/1/2034 | AA- | 2,000,000 | 2,136,590 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - LBJ Infrastructure Group | 4.00% | 12/31/2033 | Baa2 | 6,500,000 | 6,723,166 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - LBJ Infrastructure Group | 4.00% | 12/31/2034 | Baa2 | 6,500,000 | 6,700,985 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - LBJ Infrastructure Group | 4.00% | 12/31/2035 | Baa2 | 6,000,000 | 6,149,563 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - LBJ Infrastructure Group | 4.00% | 6/30/2036 | Baa2 | 4,125,000 | 4,217,903 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - LBJ Infrastructure Group | 4.00% | 12/31/2036 | Baa2 | 5,500,000 | 5,624,279 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners SEGM | 5.375% | 6/30/2038 | Baa1 | 2,500,000 | 2,683,467 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners SEGM | 5.50% | 6/30/2040 | Baa1 | 2,000,000 | 2,153,484 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2033 | Aa3 | 6,175,000 | 6,215,183 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 1/1/2034 | BBB | 5,100,000 | 5,594,625 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 7/1/2036 | BBB | 11,165,000 | 12,095,304 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 1/1/2036 | BBB | 2,500,000 | 2,718,860 | |||||||||
| Wayne County Airport Authority MI | 5.00% | 12/1/2035 | A1 | 3,565,000 | 3,669,147 | |||||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2026 | A1 | 1,590,000 | 1,622,374 | |||||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2027 | A1 | 2,000,000 | 2,043,931 | |||||||||
| Total | 954,166,134 |
| See Notes to Schedule of Investments. | 53 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities 13.33% | ||||||||||||||
| Amelia County Industrial Development Authority - Waste Mgmt Inc VA AMT | 1.45% | 4/1/2027 | A- | $ | 2,500,000 | $ | 2,249,678 | |||||||
| American Municipal Power, Inc. - Prairie St Energy Campus OH | 5.00% | 2/15/2037 | A | 10,750,000 | 12,632,653 | |||||||||
| American Municipal Power, Inc. - Prairie St Energy Campus OH | 5.00% | 2/15/2038 | A | 10,000,000 | 11,655,871 | |||||||||
| American Municipal Power, Inc. - Prairie St Energy Campus OH | 5.00% | 2/15/2039 | A | 7,000,000 | 8,052,974 | |||||||||
| Bartow County Development Authority - Georgia Power Company | 2.875% | #(a) | 8/1/2043 | BBB+ | 6,500,000 | 6,387,319 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 23,270,000 | 23,380,230 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2052 | Baa1 | 25,780,000 | 25,424,919 | ||||||||
| California Community Choice Financing Authority - Clean Energy | 5.25% | #(a) | 11/1/2054 | A2 | 8,800,000 | 9,533,370 | ||||||||
| California Pollution Control Financing Authority - Poseidon Resources† | 5.00% | 7/1/2039 | Baa3 | 5,000,000 | 5,142,221 | |||||||||
| California Pollution Control Financing Authority - Poseidon Resources AMT† | 5.00% | 7/1/2037 | Baa3 | 5,570,000 | 5,574,806 | |||||||||
| Central Plains Energy Project NE | 2.50% | #(a) | 12/1/2049 | Aa1 | 8,650,000 | 8,449,900 | ||||||||
| Central Plains Energy Project NE | 5.00% | #(a) | 5/1/2054 | Aa2 | 7,500,000 | 7,954,352 | ||||||||
| Chautauqua County Capital Resource Corp. - NRG Energy Inc NY | 4.25% | #(a) | 4/1/2042 | BBB- | 7,250,000 | 7,320,904 | ||||||||
| City of Chicago Wastewater Transmission Revenue IL | 5.00% | 1/1/2029 | A+ | 4,335,000 | 4,558,779 | |||||||||
| City of Chicago Wastewater Transmission Revenue IL | 5.00% | 1/1/2030 | A+ | 6,500,000 | 6,817,546 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2034 | AA | 6,275,000 | 6,706,203 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2035 | AA | 5,000,000 | 5,327,606 | |||||||||
| City of Fort Lauderdale Water & Sewer Revenue FL - Prospect Lake Water Treatment | 5.00% | 9/1/2039 | Aa1 | 1,250,000 | 1,452,854 | |||||||||
| City of Fort Lauderdale Water & Sewer Revenue FL - Prospect Lake Water Treatment | 5.00% | 9/1/2040 | Aa1 | 875,000 | 1,011,433 | |||||||||
| City of Fort Lauderdale Water & Sewer Revenue FL - Prospect Lake Water Treatment | 5.00% | 9/1/2041 | Aa1 | 1,500,000 | 1,725,843 |
| 54 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| City of San Antonio Electric & Gas | ||||||||||||||
| Systems Revenue TX | 5.25% | 2/1/2040 | Aa2 | $ | 8,550,000 | $ | 10,002,886 | |||||||
| City of Seattle Municipal Light & Power Revenue WA | 3.33% (MUNIPSA * 1 + 0.25% | )# | 5/1/2045 | AA | 5,000,000 | 4,865,020 | ||||||||
| Cleveland Department of Public Utilities Division of Public Power OH (AGM) | 4.00% | 11/15/2036 | AA | 1,000,000 | 1,032,084 | |||||||||
| County of Trimble - Louisville Gas & Elec Co KY AMT | 4.70% | #(a) | 6/1/2054 | A1 | 6,750,000 | 6,855,870 | ||||||||
| Delaware State Economic Development Authority - NRG Energy Inc | 1.25% | #(a) | 10/1/2040 | BBB- | 7,500,000 | 7,024,716 | ||||||||
| Delaware State Economic Development Authority - NRG Energy Inc | 1.25% | #(a) | 10/1/2045 | BBB- | 20,300,000 | 19,013,565 | ||||||||
| Development Authority of Appling County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2038 | BBB+ | 1,250,000 | 1,201,503 | ||||||||
| Development Authority of Burke County - Georgia Power Company | 2.20% | 10/1/2032 | BBB+ | 1,000,000 | 840,566 | |||||||||
| Development Authority of Burke County - Georgia Power Company | 3.875% | #(a) | 10/1/2048 | BBB+ | 8,750,000 | 8,828,631 | ||||||||
| Development Authority of Monroe County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2039 | BBB+ | 1,875,000 | 1,802,254 | ||||||||
| Energy Southeast A Cooperative District AL | 5.75% | #(a) | 4/1/2054 | A1 | 3,400,000 | 3,810,042 | ||||||||
| Energy Southeast A Cooperative District AL | 5.818% (SOFR * .67 + 2.20% | )# | 4/1/2054 | A1 | 5,000,000 | 5,049,886 | ||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT | 3.00% | 6/1/2032 | NR | 4,000,000 | 3,213,980 | |||||||||
| Grand River Dam Authority OK | 5.00% | 6/1/2038 | AA- | 3,350,000 | 3,883,656 | |||||||||
| Grand River Dam Authority OK | 5.00% | 6/1/2039 | AA- | 3,500,000 | 4,024,432 | |||||||||
| Guam Government Waterworks Authority | 5.00% | 7/1/2029 | A- | 1,000,000 | 1,008,162 | |||||||||
| Guam Government Waterworks Authority | 5.00% | 7/1/2036 | A- | 1,000,000 | 1,032,090 | |||||||||
| Illinois Municipal Electric Agency | 5.00% | 2/1/2032 | A1 | 3,900,000 | 3,996,841 | |||||||||
| Indiana Municipal Power Agency | 5.00% | 1/1/2034 | A+ | 4,000,000 | 4,348,744 | |||||||||
| Kansas Development Finance Authority | 5.00% | 5/1/2036 | Aaa | 9,765,000 | 11,683,241 | |||||||||
| Kentucky Municipal Power Agency | 3.45% | #(a) | 9/1/2042 | Baa1 | 5,935,000 | 5,886,934 | ||||||||
| Kentucky Public Energy Authority | 4.00% | #(a) | 4/1/2048 | A1 | 3,200,000 | 3,208,119 | ||||||||
| Kentucky Public Energy Authority | 4.00% | #(a) | 8/1/2052 | A1 | 18,770,000 | 18,849,910 |
| See Notes to Schedule of Investments. | 55 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Kentucky Public Energy Authority | 5.25% | #(a) | 4/1/2054 | A1 | $ | 10,000,000 | $ | 10,905,632 | ||||||
| Long Beach Bond Finance Authority CA | 5.21% (3 mo. LIBOR * ..67 + 1.43% | )# | 11/15/2026 | A1 | 4,000,000 | 4,015,443 | ||||||||
| Long Island Power Authority NY | 0.85% | #(a) | 9/1/2050 | A | 6,000,000 | 5,746,692 | ||||||||
| Long Island Power Authority NY | 1.65% | #(a) | 9/1/2049 | A | 9,500,000 | 9,380,745 | ||||||||
| Long Island Power Authority NY | 5.00% | #(a) | 9/1/2052 | A | 8,000,000 | 8,506,079 | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority | 0.875% | #(a) | 2/1/2046 | A+ | 16,000,000 | 15,505,213 | ||||||||
| Lower Colorado River Authority TX (AGM) | 5.00% | 5/15/2036 | AA | 7,175,000 | 8,235,598 | |||||||||
| Luzerne County Industrial Development Authority - Pennsylvania-Amern Wtr Co AMT | 2.45% | #(a) | 12/1/2039 | A+ | 4,000,000 | 3,706,065 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 58,250,000 | 56,072,347 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 30,235,000 | 30,479,081 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2052 | A3 | 19,240,000 | 20,316,272 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2053 | Aa1 | 10,000,000 | 10,768,592 | ||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Company AZ | 3.60% | 2/1/2040 | Baa2 | 5,085,000 | 4,648,251 | |||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Company AZ | 3.60% | 4/1/2040 | Baa2 | 3,870,000 | 3,535,137 | |||||||||
| Michigan Finance Authority | 5.00% | 7/1/2034 | A+ | 4,200,000 | 4,278,655 | |||||||||
| Michigan Finance Authority | 5.00% | 7/1/2035 | A+ | 1,925,000 | 1,958,524 | |||||||||
| Michigan Finance Authority (AGM) | 5.00% | 7/1/2037 | AA | 5,000,000 | 5,019,517 | |||||||||
| Montgomery County Industrial Development Authority - Constellation Energy Gen PA | 4.10% | #(a) | 4/1/2053 | BBB+ | 9,000,000 | 9,182,587 | ||||||||
| Northern California Energy Authority | 4.00% | #(a) | 7/1/2049 | A2 | 7,500,000 | 7,507,728 | ||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(a) | 2/1/2054 | Aa1 | 10,000,000 | 10,896,156 | ||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(a) | 10/1/2054 | A1 | 15,000,000 | 16,173,226 | ||||||||
| Pennsylvania Economic Development Financing Authority - Waste Mgmt Inc AMT | 1.10% | #(a) | 6/1/2031 | A- | 5,000,000 | 4,600,372 | ||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2026 | A | 1,000,000 | 1,026,072 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2027 | A | 1,000,000 | 1,026,694 |
| 56 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | $ | 10,955,000 | $ | 9,703,606 | |||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2024 | NR | 3,430,000 | 3,440,105 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2033 | NR | 850,000 | 863,802 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2033 | NR | 5,000,000 | 5,086,548 | |||||||||
| Puerto Rico Electric Power Authority (AGM) | 4.31% (3 mo. Term SOFR * .67 + 0.52% | )# | 7/1/2029 | AA | 5,720,000 | 5,319,504 | ||||||||
| Salt Verde Financial Corp. AZ | 5.50% | 12/1/2029 | A3 | 5,100,000 | 5,573,808 | |||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(a) | 1/1/2053 | A1 | 5,000,000 | 5,431,953 | ||||||||
| Stockton Public Financing Authority CA (BAM) | 5.00% | 9/1/2024 | AA | 1,000,000 | 1,013,377 | |||||||||
| Tennergy Corp. TN | 5.50% | #(a) | 10/1/2053 | Baa1 | 15,000,000 | 16,019,914 | ||||||||
| Tennessee Energy Acquisition Corp. | 5.25% | 9/1/2024 | A2 | 8,940,000 | 9,008,435 | |||||||||
| Tennessee Energy Acquisition Corp. | 5.625% | 9/1/2026 | BBB | (d) | 5,000,000 | 5,127,136 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. I | 6.25% | 12/15/2026 | A1 | 7,680,000 | 8,038,729 | |||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | #(a) | 1/1/2054 | A2 | 10,000,000 | 10,787,328 | ||||||||
| Texas Municipal Power Agency (AGM) | 3.00% | 9/1/2034 | AA | 1,470,000 | 1,417,174 | |||||||||
| Texas Municipal Power Agency (AGM) | 3.00% | 9/1/2036 | AA | 5,250,000 | 4,906,236 | |||||||||
| Texas Water Development Board | 5.00% | 10/15/2036 | AAA | 2,450,000 | 2,937,029 | |||||||||
| Texas Water Development Board | 5.00% | 10/15/2038 | AAA | 5,000,000 | 5,874,389 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2032 | A- | (d) | 500,000 | 544,425 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2033 | A- | (d) | 900,000 | 978,249 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2037 | A- | (d) | 675,000 | 719,434 | ||||||||
| Total | 649,104,452 | |||||||||||||
| Total Municipal Bonds (cost $4,815,207,140) | 4,831,112,295 | |||||||||||||
| See Notes to Schedule of Investments. | 57 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND December 31, 2023
| 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 0.23% | ||||||||||||||||
| Variable Rate Demand Notes 0.23% | ||||||||||||||||
| General Obligation 0.13% | ||||||||||||||||
| City of New York NY GO | 4.150% | 1/2/2024 | 4/1/2042 | AA | $ | 1,475,000 | $ | 1,475,000 | ||||||||
| City of New York NY GO | 4.150% | 1/2/2024 | 4/1/2042 | AA | 4,855,000 | 4,855,000 | ||||||||||
| Total | 6,330,000 | |||||||||||||||
| Utilities 0.10% | ||||||||||||||||
| Development Authority of Appling County - Georgia Power Company (cost $5,050,000) | 3.550% | 1/2/2024 | 9/1/2041 | BBB+ | 5,050,000 | 5,050,000 | ||||||||||
| Total Short-Term Investments (cost $11,380,000) | 11,380,000 | |||||||||||||||
| Total Investments in Securities 99.43% (cost $4,826,587,140) | 4,842,492,295 | |||||||||||||||
| Other Assets and Liabilities – Net 0.57% | 27,537,738 | |||||||||||||||
| Net Assets 100.00% | $ | 4,870,030,033 | ||||||||||||||
| AGM | Insured by - Assured Guaranty Municipal Corporation. | |
| AMBAC | Insured by - AMBAC Assurance Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by - Build America Mutual. | |
| COPS | Certificates of Participation. | |
| FHA | Insured by - Federal Housing Administration. | |
| FHLMC | Federal Home Loan Mortgage Corporation. | |
| FNMA | Federal National Mortgage Association. | |
| GNMA | Government National Mortgage Association. | |
| GTD | Guaranteed. | |
| HUD | Insured by - Department of Housing and Urban Development. | |
| LIBOR | London Interbank Offered Rate. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield. | |
| NATL | National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| PSF | Permanent School Fund. | |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. | |
| SOFR | Secured Overnight Financing Rate. | |
| TRIPS | Tax Refund Intercept Programs. |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 2023. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2023, the total value of Rule 144A securities was $345,416,482, which represents 7.09% 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) | This investment has been rated by Fitch IBCA. | |
| (e) | Securities purchased on a when-issued basis. | |
| (f) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
| 58 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
INTERMEDIATE TAX FREE FUND December 31, 2023
The following is a summary of the inputs used as of December 31, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| Corporate-Backed | $ | – | $ | 591,806,244 | $ | 3,724,000 | $ | 595,530,244 | ||||||||
| Education | – | 311,579,475 | 9,147,300 | 320,726,775 | ||||||||||||
| Financial Services | – | 4,587,060 | 409,629 | 4,996,689 | ||||||||||||
| Health Care | – | 558,108,834 | 1,129,946 | 559,238,780 | ||||||||||||
| Remaining Industries | – | 3,350,619,807 | – | 3,350,619,807 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 11,380,000 | – | 11,380,000 | ||||||||||||
| Total | $ | – | $ | 4,828,081,420 | $ | 14,410,875 | $ | 4,842,492,295 | ||||||||
| (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. | 59 |
Schedule of Investments (unaudited)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 100.65% | ||||||||||||||
| MUNICIPAL BONDS 100.65% | ||||||||||||||
| Building & Construction 0.27% | ||||||||||||||
| Virginia College Building Authority | 4.00% | 2/1/2043 | AA+ | $ | 11,000,000 | $ | 11,287,092 | |||||||
| Corporate-Backed 8.82% | ||||||||||||||
| Arkansas Development Finance Authority - Big River Steel LLC AMT† | 4.50% | 9/1/2049 | Ba2 | 11,000,000 | 10,966,180 | |||||||||
| Arkansas Development Finance Authority AMT | 5.70% | 5/1/2053 | BB- | 4,600,000 | 4,668,320 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 5,300,000 | 5,325,106 | ||||||||
| California Municipal Finance Authority - Waste Mgmt Inc AMT | 4.80% | #(a) | 11/1/2041 | A- | 5,250,000 | 5,286,222 | ||||||||
| California Pollution Control Financing Authority - Poseidon Resources AMT† | 5.00% | 11/21/2045 | Baa3 | 18,025,000 | 18,029,230 | |||||||||
| California Pollution Control Financing Authority - Waste Mgmt Inc AMT | 4.30% | 7/1/2040 | A- | 2,575,000 | 2,578,686 | |||||||||
| Chandler Industrial Development Authority - Intel Corporation AZ AMT | 5.00% | #(a) | 9/1/2052 | A | 11,000,000 | 11,443,956 | ||||||||
| Chandler Industrial Development Authority - Intel Corporation AZ AMT | 4.10% | #(a) | 12/1/2037 | A2 | 3,500,000 | 3,562,406 | ||||||||
| City of Farmington - Public Service Co of NM | 3.90% | #(a) | 6/1/2040 | BBB | 5,000,000 | 5,071,136 | ||||||||
| City of Valparaiso - Pratt Paper LLC IN AMT | 7.00% | 1/1/2044 | NR | 2,000,000 | 2,003,940 | |||||||||
| City of Whiting - BP Prods North America IN AMT | 3.00% | 11/1/2051 | A2 | 5,000,000 | 3,675,220 | |||||||||
| Florida Development Finance Corp. - Waste pro USA Inc AMT† | 6.125% | #(a) | 7/1/2032 | NR | 4,500,000 | 4,538,384 | ||||||||
| Hoover Industrial Development Board - US Steel Corporation AL AMT | 5.75% | 10/1/2049 | BB- | 1,100,000 | 1,119,237 | |||||||||
| Indiana Finance Authority - US Steel Corporation | 4.125% | 12/1/2026 | BB- | 1,625,000 | 1,605,006 | |||||||||
| Iowa Finance Authority - Howmet Aerospace Inc | 4.75% | 8/1/2042 | BBB- | 5,000,000 | 4,927,006 | |||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 4.00% | #(a) | 12/1/2050 | BBB- | 4,600,000 | 4,668,869 | ||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 5.00% | #(a) | 12/1/2050 | BBB- | 21,900,000 | 22,859,181 | ||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 5.00% | 12/1/2050 | BBB- | 24,985,000 | 26,173,154 | |||||||||
| 60 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Jefferson County Port Authority - JSW Steel USA OH† | 5.00% | #(a) | 12/1/2053 | Ba1 | $ | 3,600,000 | $ | 3,637,024 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - Entergy Louisiana LLC | 2.50% | 4/1/2036 | A | 8,390,000 | 7,011,440 | |||||||||
| Love Field Airport Modernization Corp. - Southwest Airlines Co TX | 5.00% | 11/1/2028 | Baa1 | 2,855,000 | 2,855,830 | |||||||||
| Maricopa County Pollution Control Corp. - Southern CA Edison Co AZ | 2.40% | 6/1/2035 | A2 | 13,755,000 | 11,227,416 | |||||||||
| Maryland Economic Development Corp.(b) | 5.00% | 12/1/2016 | NR | 855,000 | 513,000 | |||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 5,250,000 | 5,187,457 | |||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 4.875% | 11/1/2042 | B | 5,000,000 | 4,334,541 | |||||||||
| New Hampshire Business Finance Authority - New York St Elec & Gas AMT | 4.00% | 12/1/2028 | A- | 5,000,000 | 5,090,812 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB- | 6,750,000 | 6,763,673 | |||||||||
| New York City Industrial Development Agency - TRIPS Oblig Group NY | 5.00% | 7/1/2028 | BBB+ | 9,490,000 | 9,493,848 | |||||||||
| New York Liberty Development Corp. | 3.00% | 11/15/2051 | A+ | 11,795,000 | 8,729,520 | |||||||||
| New York Liberty Development Corp. - 7 World Trade Center Ii | 3.125% | 9/15/2050 | Aaa | 5,000,000 | 4,037,044 | |||||||||
| New York Liberty Development Corp. - 7 World Trade Center II | 3.00% | 9/15/2043 | Aaa | 27,780,000 | 23,640,969 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 3.125% | #(a) | 12/1/2044 | B+ | 3,000,000 | 2,878,223 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 5.125% | #(a) | 9/1/2050 | B1 | 1,000,000 | 1,014,417 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 885,000 | 922,397 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 3,000,000 | 3,094,723 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B | 2,500,000 | 2,469,439 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B | 5,000,000 | 4,264,986 | |||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co AMT | 2.10% | #(a) | 4/1/2028 | BBB+ | 6,495,000 | 6,341,230 | ||||||||
| Ohio Air Quality Development Authority - American Electric Pwr Co AMT | 2.10% | #(a) | 7/1/2028 | BBB+ | 5,000,000 | 4,881,624 | ||||||||
| See Notes to Schedule of Investments. | 61 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Ohio Air Quality Development Authority - AMG Vanadium LLC AMT† | 5.00% | 7/1/2049 | B- | $ | 8,360,000 | $ | 7,662,284 | |||||||
| Parish of St. James - Nustar Logistics LP LA† | 5.85% | #(a) | 8/1/2041 | BB- | 1,000,000 | 1,020,546 | ||||||||
| Parish of St. James - Nustar Logistics LP LA† | 6.10% | #(a) | 6/1/2038 | BB- | 3,050,000 | 3,349,270 | ||||||||
| Parish of St. James - Nustar Logistics LP LA† | 6.10% | #(a) | 12/1/2040 | BB- | 3,250,000 | 3,568,894 | ||||||||
| Parish of St. James - Nustar Logistics LP LA† | 6.35% | 7/1/2040 | BB- | 3,250,000 | 3,547,464 | |||||||||
| Parish of St. James - Nustar Logistics LP LA† | 6.35% | 10/1/2040 | BB- | 2,500,000 | 2,728,819 | |||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 2.10% | #(a) | 6/1/2037 | BBB- | 8,000,000 | 7,892,986 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 4.05% | #(a) | 6/1/2037 | BBB- | 7,750,000 | 7,668,554 | ||||||||
| Pennsylvania Economic Development Financing Authority - Covanta Holding Corp AMT† | 3.25% | 8/1/2039 | B | 5,535,000 | 3,976,421 | |||||||||
| Phenix City Industrial Development Board AL | 3.625% | 5/15/2030 | BBB | 3,050,000 | 2,996,259 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 3.00% | 1/1/2050 | NR | 5,500,000 | 3,246,681 | |||||||||
| Port of Seattle Industrial Development Corp. - Delta Air Lines Inc WA AMT | 5.00% | 4/1/2030 | BB+ | 6,090,000 | 6,090,162 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 1,455,000 | 1,347,366 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 6.50% | 12/1/2037 | NR | 3,000,000 | 2,760,907 | |||||||||
| Public Finance Authority - Celanese US Holdings LLC WI AMT | 5.00% | 1/1/2024 | BBB- | 5,000,000 | 5,000,000 | |||||||||
| Public Finance Authority - TRIPS Oblig Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 15,055,000 | 15,058,886 | |||||||||
| Selma Industrial Development Board - International Paper Co AL | 2.00% | #(a) | 11/1/2033 | BBB | 2,000,000 | 1,965,881 | ||||||||
| South Carolina Jobs - Economic Development Authority - International Paper Co AMT | 4.00% | #(a) | 4/1/2033 | BBB | 5,250,000 | 5,234,131 | ||||||||
| Sumter County Industrial Development Authority - Enviva Inc AL AMT | 6.00% | #(a) | 7/15/2052 | CC | 10,000,000 | 4,622,563 | ||||||||
| 62 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Company AL† | 4.50% | 5/1/2032 | NR | $ | 3,185,700 | $ | 3,040,458 | |||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Company AL† | 5.25% | 5/1/2044 | NR | 5,000,000 | 4,623,217 | |||||||||
| Virginia Small Business Financing Authority - Covanta Holding Corp AMT† | 5.00% | #(a) | 1/1/2048 | B | 910,000 | 852,847 | ||||||||
| West Pace Cooperative District AL(b) | 9.125% | 5/1/2039 | NR | 4,900,000 | 3,724,000 | (c) | ||||||||
| West Virginia Economic Development Authority - Kentucky Power Co AMT | 4.70% | #(a) | 4/1/2036 | Baa3 | 3,000,000 | 3,011,663 | ||||||||
| Williamsburg Economic Development Authority VA | 5.25% | 7/1/2053 | AA | 2,500,000 | 2,781,530 | |||||||||
| Total | 364,662,641 | |||||||||||||
| Education 7.83% | ||||||||||||||
| Brunswick City School District OH(d) | 5.50% | 12/1/2060 | A1 | 11,000,000 | 12,153,178 | |||||||||
| Build NYC Resource Corp. - Kipp NYC Public Chtr Schs NY | 5.25% | 7/1/2052 | BBB- | 4,000,000 | 4,188,129 | |||||||||
| California Educational Facilities Authority - Chapman University | 5.00% | 4/1/2045 | A2 | 5,000,000 | 5,067,168 | |||||||||
| California Educational Facilities Authority - ST Mary’s College | 5.25% | 10/1/2044 | BBB- | 600,000 | 635,542 | |||||||||
| California Educational Facilities Authority - ST Mary’s College | 5.50% | 10/1/2053 | BBB- | 2,200,000 | 2,323,060 | |||||||||
| California School Finance Authority - Green Dot Public Schs Oblig† | 5.00% | 8/1/2045 | BBB- | 1,500,000 | 1,506,962 | |||||||||
| California School Finance Authority - Kipp Socal Pub Schs Oblig† | 5.00% | 7/1/2047 | BBB | 2,050,000 | 2,075,550 | |||||||||
| Camden County Improvement Authority - Kipp Cooper Norcross Oblig NJ | 6.00% | 6/15/2062 | BBB | 2,540,000 | 2,759,738 | |||||||||
| Capital Trust Agency, Inc. - Advantage Admy Oblig Grp FL | 5.00% | 12/15/2049 | Baa3 | 1,000,000 | 986,115 | |||||||||
| Capital Trust Agency, Inc. - Advantage Admy Oblig Grp FL | 5.00% | 12/15/2054 | Baa3 | 1,030,000 | 1,002,403 | |||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2048 | A | (e) | 7,250,000 | 7,940,133 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 6.10% | 4/1/2036 | A | (e) | 4,110,000 | 4,376,038 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL TCRS (BAM) | 5.00% | 4/1/2045 | AA | 2,500,000 | 2,627,687 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB+ | 15,510,000 | 13,491,395 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2044 | BB+ | 1,750,000 | 1,742,989 | |||||||||
| See Notes to Schedule of Investments. | 63 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| City of Waltham MA GO | 2.00% | 10/15/2035 | Aa2 | $ | 4,920,000 | $ | 4,169,734 | |||||||
| City of Waltham MA GO | 2.00% | 10/15/2036 | Aa2 | 5,015,000 | 4,152,875 | (c) | ||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX (PSF GTD) | 3.00% | 8/15/2051 | Aaa | 5,750,000 | 4,296,658 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 6.00% | 8/15/2038 | Baa3 | 4,045,000 | 4,123,140 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Quinnipiac University | 5.25% | 7/1/2053 | A- | 15,000,000 | 16,192,218 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2045 | BBB- | 1,000,000 | 1,035,353 | |||||||||
| Florida Higher Educational Facilities Financial Authority - Nova Southeastern Univ | 5.00% | 4/1/2033 | A- | 1,475,000 | 1,527,098 | |||||||||
| Florida Higher Educational Facilities Financial Authority - Nova Southeastern Univ | 5.00% | 4/1/2036 | A- | 2,000,000 | 2,067,250 | |||||||||
| Illinois Finance Authority | 4.00% | 9/1/2037 | Ba2 | 3,135,000 | 2,657,622 | |||||||||
| Illinois Finance Authority | 4.00% | 9/1/2039 | Ba2 | 4,295,000 | 3,525,534 | |||||||||
| Illinois Finance Authority - Illinois Inst of Tech | 5.00% | 9/1/2040 | Ba2 | 2,020,000 | 1,866,981 | |||||||||
| Illinois Finance Authority - University of Chicago | 5.25% | 5/15/2048 | Aa2 | 7,500,000 | 8,428,523 | |||||||||
| Illinois Finance Authority - University of Chicago | 5.25% | 5/15/2054 | Aa2 | 16,350,000 | 18,210,684 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines Univ Osteopath | 5.00% | 10/1/2038 | BBB+ | 2,730,000 | 2,884,774 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines Univ Osteopath | 5.00% | 10/1/2039 | BBB+ | 2,870,000 | 3,017,628 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines Univ Osteopath | 5.00% | 10/1/2040 | BBB+ | 3,535,000 | 3,701,950 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines Univ Osteopath | 5.00% | 10/1/2047 | BBB+ | 1,800,000 | 1,846,501 | |||||||||
| Louisiana Public Facilities Authority | 4.00% | 4/1/2050 | A+ | 11,540,000 | 11,206,971 | |||||||||
| Massachusetts Development Finance Agency - Boston University | 5.00% | 10/1/2048 | Aa3 | 4,650,000 | 5,174,677 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 5.00% | 7/1/2032 | Baa2 | 3,750,000 | 3,887,498 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 5.00% | 7/1/2033 | Baa2 | 1,250,000 | 1,295,436 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 5.00% | 7/1/2034 | Baa2 | 1,600,000 | 1,654,908 | |||||||||
| 64 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| 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 | $ | 6,129,048 | |||||||
| Miami-Dade County Educational Facilities Authority - University of Miami FL | 5.00% | 4/1/2053 | A2 | 5,000,000 | 5,167,396 | |||||||||
| Middlesex County Improvement Authority NJ(d) | 5.00% | 8/15/2053 | Aa3 | 15,000,000 | 16,587,520 | |||||||||
| Montebello Unified School District CA GO (AGM) | 5.50% | 8/1/2047 | AA | 6,500,000 | 7,243,772 | |||||||||
| New Jersey Educational Facilities Authority | 5.25% | 9/1/2053 | A2 | 2,100,000 | 2,325,358 | |||||||||
| New York State Dormitory Authority - Icahn Sch of Med Mt Sinai | 5.00% | 7/1/2040 | A- | 5,000,000 | 5,054,228 | |||||||||
| New York State Dormitory Authority - The New School | 4.00% | 7/1/2047 | A3 | 4,370,000 | 4,160,815 | |||||||||
| New York State Dormitory Authority - The New School | 4.00% | 7/1/2052 | A3 | 3,500,000 | 3,212,821 | |||||||||
| New York State Dormitory Authority - Touro Clg & Univ Sys Oblig | 5.50% | 1/1/2039 | NR | 2,450,000 | 2,480,883 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2042 | BBB- | 3,720,000 | 3,862,743 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2050 | BBB- | 8,000,000 | 8,124,066 | |||||||||
| Ohio Higher Educational Facility Commission(d) | 5.25% | 10/1/2053 | AA- | 11,500,000 | 12,915,097 | |||||||||
| Ohio Higher Educational Facility Commission - Oberlin College | 5.25% | 10/1/2053 | AA- | 2,680,000 | 3,011,415 | |||||||||
| Ohio State University | 4.00% | 12/1/2048 | Aa1 | 5,350,000 | 5,331,106 | |||||||||
| Onondaga County Trust for Cultural Resources - Syracuse University NY | 5.00% | 12/1/2043 | AA- | 8,000,000 | 8,758,054 | |||||||||
| Private Colleges & Universities Authority - Savannah Clg Art/Design GA | 4.00% | 4/1/2044 | A2 | 6,205,000 | 6,211,364 | |||||||||
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2038 | BBB- | 2,220,000 | 2,264,550 | |||||||||
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2043 | BBB- | 1,000,000 | 1,006,194 | |||||||||
| Rhode Island Health & Educational Building Corp. - Providence College | 5.00% | 11/1/2053 | A | 12,975,000 | 14,106,663 | |||||||||
| Town of Davie - Nova Southeastern Univ FL | 5.00% | 4/1/2048 | A- | 3,000,000 | 3,070,112 | |||||||||
| University of Connecticut | 5.25% | 11/15/2047 | Aa3 | 8,080,000 | 8,694,134 | |||||||||
| University of Illinois (AGM) | 4.00% | 4/1/2038 | AA | 4,965,000 | 5,052,691 | |||||||||
| See Notes to Schedule of Investments. | 65 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| University of North Carolina at Wilmington | 5.00% | 6/1/2037 | A1 | $ | 7,055,000 | $ | 7,200,358 | |||||||
| Vermont Educational & Health Buildings Financing Agency - Middlebury College | 4.00% | 11/1/2050 | AA | 4,625,000 | 4,633,578 | |||||||||
| Washington State Housing Finance Commission - Seattle Academy of Arts† | 6.125% | 7/1/2053 | BBB | 2,500,000 | 2,756,679 | |||||||||
| Washington State Housing Finance Commission - Seattle Academy of Arts† | 6.375% | 7/1/2063 | BBB | 2,000,000 | 2,185,728 | |||||||||
| West Virginia Economic Development Authority - Wheeling Power Co AMT | 3.00% | #(a) | 6/1/2037 | A- | 2,800,000 | 2,752,175 | ||||||||
| Total | 324,098,648 | |||||||||||||
| Energy 0.93% | ||||||||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2038 | A2 | 3,745,000 | 4,065,321 | |||||||||
| New Mexico Municipal Energy Acquisition Authority | 5.00% | #(a) | 11/1/2039 | Aa1 | 10,000,000 | 10,166,725 | ||||||||
| PEFA, Inc. IA | 5.00% | #(a) | 9/1/2049 | A3 | 23,635,000 | 24,214,651 | ||||||||
| Total | 38,446,697 | |||||||||||||
| Financial Services 0.13% | ||||||||||||||
| Massachusetts Educational Financing Authority AMT | 4.125% | 7/1/2046 | BBB | 5,755,000 | 5,199,941 | |||||||||
| General Obligation 16.83% | ||||||||||||||
| Black Belt Energy Gas District AL | 5.25% | #(a) | 2/1/2053 | A1 | 7,500,000 | 8,012,481 | ||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 1/1/2054 | Baa1 | 27,425,000 | 29,027,226 | ||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2040 | BB+ | 2,500,000 | 2,337,894 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2041 | BB+ | 5,000,000 | 4,625,356 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB+ | 2,000,000 | 2,074,758 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2030 | BB+ | 2,070,000 | 2,139,940 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2031 | BB+ | 1,000,000 | 1,030,123 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB+ | 1,250,000 | 1,300,448 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2046 | BB+ | 2,000,000 | 1,994,500 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2047 | BB+ | 4,435,000 | 4,422,468 | |||||||||
| Chicago Board of Education IL GO | 5.875% | 12/1/2047 | BB+ | 3,750,000 | 4,086,431 | |||||||||
| Chicago Board of Education IL GO | 6.00% | 12/1/2049 | BB+ | 4,875,000 | 5,356,080 | |||||||||
| Chicago Board of Education IL GO | 6.50% | 12/1/2046 | BB+ | 1,100,000 | 1,151,703 | |||||||||
| Chicago Board of Education IL GO† | 7.00% | 12/1/2046 | BB+ | 1,200,000 | 1,293,512 | |||||||||
| City of Chicago IL GO | 4.00% | 1/1/2032 | BBB+ | 9,500,000 | 9,635,030 | |||||||||
| City of Chicago IL GO | 4.00% | 1/1/2035 | BBB+ | 4,610,000 | 4,628,443 | |||||||||
| 66 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| 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% | 1/1/2026 | BBB+ | $ | 6,145,000 | $ | 6,331,840 | |||||||
| City of Chicago IL GO | 5.50% | 1/1/2034 | BBB+ | 2,400,000 | 2,431,951 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2037 | BBB+ | 3,245,000 | 3,280,532 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2039 | BBB+ | 2,125,000 | 2,335,715 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2040 | BBB+ | 2,500,000 | 2,517,970 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2042 | BBB+ | 5,000,000 | 5,030,941 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2049 | BBB+ | 18,265,000 | 19,040,987 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2038 | BBB+ | 19,430,000 | 20,409,622 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2051 | Aa2 | 7,275,000 | 8,052,991 | |||||||||
| City of New York NY GO | 5.25% | 9/1/2043 | AA | 6,500,000 | 7,463,962 | |||||||||
| City of New York NY GO | 5.50% | 5/1/2046 | AA | 2,675,000 | 3,095,504 | |||||||||
| City of New York NY GO TCRS (BAM) | 3.00% | 3/1/2051 | AA | 5,000,000 | 3,989,450 | |||||||||
| City of Philadelphia PA GO | 5.00% | 8/1/2036 | A1 | 8,990,000 | 9,632,064 | |||||||||
| City of Philadelphia PA GO | 5.00% | 8/1/2037 | A1 | 3,250,000 | 3,424,437 | |||||||||
| City of Phoenix Civic Improvement Corp. AZ | 4.00% | 7/1/2044 | Aa3 | 7,450,000 | 7,529,971 | |||||||||
| Commonwealth of Pennsylvania GO | 4.00% | 3/1/2037 | Aa3 | 4,255,000 | 4,385,207 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(a) | 11/1/2043 | NR | 1,633,589 | 892,348 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 5,034,693 | 4,821,478 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 15,000,000 | 13,417,154 | |||||||||
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/2025 | NR | 5,160,996 | 5,277,242 | |||||||||
| County of Anne Arundel MD GO | 3.00% | 10/1/2044 | AAA | 7,415,000 | 6,282,773 | |||||||||
| County of Cook IL GO | 5.00% | 11/15/2030 | A+ | 1,000,000 | 1,059,176 | |||||||||
| County of Cook IL GO | 5.00% | 11/15/2035 | A+ | 1,000,000 | 1,047,078 | |||||||||
| County of Luzerne PA GO (AGM) | 5.00% | 11/15/2029 | AA | 4,215,000 | 4,335,546 | |||||||||
| County of Pasco FL (AGM) | 5.75% | 9/1/2054 | AA | 4,770,000 | 5,430,484 | |||||||||
| Forney Independent School District TX GO (PSF GTD) | 3.00% | 2/15/2045 | AAA | 6,050,000 | 4,997,394 | |||||||||
| Grant County Public Hospital District No. 1 WA GO | 5.125% | 12/1/2048 | Baa2 | 5,000,000 | 5,204,766 | |||||||||
| Hudson Yards Infrastructure Corp. NY | 4.00% | 2/15/2044 | AA | 9,400,000 | 9,525,799 | |||||||||
| Irvine Unified School District CA Special Tax (BAM) | 5.00% | 9/1/2056 | AA | 500,000 | 519,706 | |||||||||
| King County Public Hospital District No. 4 WA GO | 5.00% | 12/1/2038 | NR | 5,000,000 | 5,035,030 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2048 | A2 | 4,750,000 | 5,189,822 | |||||||||
| Louisiana Stadium & Exposition District | 5.25% | 7/1/2053 | A2 | 15,715,000 | 17,378,345 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2027 | A2 | 4,500,000 | 4,664,805 | |||||||||
| See Notes to Schedule of Investments. | 67 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2029 | A2 | $ | 2,940,000 | $ | 3,119,864 | |||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 6/1/2053 | A3 | 25,965,000 | 27,548,491 | ||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2048 | A1 | 2,000,000 | 2,240,141 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2048 | A1 | 3,980,000 | 4,457,881 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2053 | A1 | 4,000,000 | 4,441,887 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2053 | A1 | 5,000,000 | 5,543,623 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 4.00% | 6/15/2050 | A | 17,665,000 | 16,788,479 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 4.00% | 6/15/2050 | A1 | 6,000,000 | 5,794,153 | |||||||||
| New Jersey Economic Development Authority | 5.25% | 11/1/2047 | A2 | 11,050,000 | 12,256,704 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2029 | A2 | 15,365,000 | 12,755,010 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2048 | A2 | 5,000,000 | 5,441,561 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2041 | A2 | 6,250,000 | 7,184,787 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2042 | A2 | 2,000,000 | 2,284,856 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 2/1/2051 | AAA | 10,000,000 | 9,953,787 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2044 | AAA | 15,000,000 | 16,958,527 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2045 | AAA | 7,500,000 | 8,792,684 | |||||||||
| New York State Dormitory Authority | 4.00% | 3/15/2047 | AA+ | 5,705,000 | 5,695,546 | |||||||||
| New York State Thruway Authority | 3.00% | 3/15/2048 | AA+ | 14,435,000 | 11,760,788 | |||||||||
| New York State Thruway Authority | 3.00% | 3/15/2049 | AA+ | 7,085,000 | 5,722,237 | |||||||||
| New York State Thruway Authority | 3.00% | 3/15/2051 | AA+ | 4,110,000 | 3,269,392 | |||||||||
| 68 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Pennsylvania Economic Development Financing Authority AMT | 6.00% | 6/30/2061 | Baa2 | $ | 29,865,000 | $ | 33,188,568 | |||||||
| San Diego Public Facilities Financing Authority CA | 4.00% | 10/15/2048 | AA- | 4,600,000 | 4,664,745 | |||||||||
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue CA | 3.00% | 7/1/2044 | AA+ | 6,505,000 | 5,466,642 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% | 5/1/2042 | A+ | 4,000,000 | 4,161,164 | |||||||||
| School District of Philadelphia PA GO | 4.00% | 9/1/2039 | A1 | 5,600,000 | 5,677,492 | |||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2037 | A1 | 1,200,000 | 1,236,274 | |||||||||
| Southwest Local School District/Hamilton County OH GO | 4.00% | 1/15/2055 | Aa1 | 7,000,000 | 6,824,351 | |||||||||
| St. Louis County Reorganized School District No. R-6 MO GO | 3.35% | 2/1/2037 | AAA | 6,350,000 | 6,150,841 | |||||||||
| St. Louis County Reorganized School District No. R-6 MO GO | 3.40% | 2/1/2038 | AAA | 6,150,000 | 5,848,876 | |||||||||
| State of California GO | 4.00% | 9/1/2037 | Aa2 | 5,000,000 | 5,033,304 | |||||||||
| State of California GO | 5.00% | 8/1/2038 | Aa2 | 3,700,000 | 3,879,300 | |||||||||
| State of California GO | 5.25% | 8/1/2032 | Aa2 | 7,500,000 | 7,770,212 | |||||||||
| State of California GO | 5.25% | 10/1/2050 | Aa2 | 7,500,000 | 8,639,703 | |||||||||
| State of Connecticut GO | 3.00% | 1/15/2034 | AA- | 7,475,000 | 7,414,225 | |||||||||
| State of Connecticut GO | 4.00% | 6/15/2037 | AA- | 975,000 | 1,005,285 | |||||||||
| State of Connecticut GO | 5.00% | 4/15/2036 | AA- | 1,150,000 | 1,282,497 | |||||||||
| State of Connecticut GO | 5.00% | 6/15/2038 | AA- | 1,000,000 | 1,081,831 | |||||||||
| State of Connecticut GO | 5.00% | 4/15/2039 | AA- | 1,650,000 | 1,806,030 | |||||||||
| State of Illinois GO | 4.00% | 10/1/2033 | A- | 2,500,000 | 2,595,100 | |||||||||
| State of Illinois GO | 4.00% | 11/1/2037 | A- | 6,810,000 | 6,899,261 | |||||||||
| State of Illinois GO | 4.00% | 10/1/2038 | A- | 2,500,000 | 2,526,705 | |||||||||
| State of Illinois GO | 4.00% | 10/1/2039 | A- | 7,500,000 | 7,548,119 | |||||||||
| State of Illinois GO | 5.00% | 1/1/2035 | A- | 6,200,000 | 6,353,392 | |||||||||
| State of Illinois GO | 5.00% | 12/1/2035 | A- | 2,145,000 | 2,262,872 | |||||||||
| State of Illinois GO | 5.00% | 5/1/2038 | A- | 4,515,000 | 4,744,609 | |||||||||
| State of Illinois GO | 5.00% | 1/1/2041 | A- | 3,580,000 | 3,633,814 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2039 | A- | 8,250,000 | 9,138,962 | |||||||||
| State of Illinois GO | 5.50% | 10/1/2039 | A- | 6,000,000 | 6,838,643 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2042 | A- | 5,250,000 | 5,876,403 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2047 | A- | 10,950,000 | 12,025,064 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2047 | A- | 11,165,000 | 12,273,875 | |||||||||
| See Notes to Schedule of Investments. | 69 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| State of Illinois GO | 5.75% | 5/1/2045 | A- | $ | 2,600,000 | $ | 2,862,938 | |||||||
| Tennessee Energy Acquisition Corp. | 5.00% | #(a) | 5/1/2053 | A2 | 10,100,000 | 10,547,778 | ||||||||
| Tuscaloosa City Board of Education AL | 5.00% | 8/1/2046 | AA- | 5,000,000 | 5,298,417 | |||||||||
| Union County Utilities Authority - Covanta Union LLC NJ GTD AMT | 4.75% | 12/1/2031 | AA+ | 3,855,000 | 3,856,604 | |||||||||
| Washington & Multnomah Counties School District No. 48J Beaverton OR GO | 5.00% | 6/15/2036 | AA+ | 8,000,000 | 8,548,562 | |||||||||
| Washington State Convention Center Public Facilities District | 5.00% | 7/1/2048 | Baa1 | 7,000,000 | 7,237,274 | |||||||||
| Washington Township Health Care District CA GO | 5.50% | 8/1/2053 | A2 | 2,000,000 | 2,278,247 | |||||||||
| Wilkes-Barre Area School District PA GO (BAM) | 5.00% | 4/15/2059 | AA | 2,500,000 | 2,608,851 | |||||||||
| Total | 696,245,711 | |||||||||||||
| Health Care 13.23% | ||||||||||||||
| Allegheny County Hospital Development Authority PA | 4.00% | 4/1/2037 | A | 3,120,000 | 3,180,801 | |||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2041 | BBB | 3,000,000 | 3,010,312 | |||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2046 | BBB | 2,615,000 | 2,565,736 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 4.00% | 11/1/2038 | CCC+ | 5,000,000 | 2,612,234 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2036 | CCC+ | 5,000,000 | 2,610,873 | |||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | #(a) | 2/1/2040 | CCC+ | 2,680,000 | 1,848,888 | ||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | #(a) | 2/1/2040 | CCC+ | 605,000 | 321,921 | ||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2044 | CCC+ | 10,055,000 | 5,248,096 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2045 | BB | 2,000,000 | 1,883,447 | |||||||||
| California Health Facilities Financing Authority - Cedars Saini Med Ctr Oblig | 4.00% | 8/15/2048 | AA- | 8,785,000 | 8,898,804 | |||||||||
| California Health Facilities Financing Authority - Children’s Hosp La Oblig | 5.00% | 8/15/2047 | BBB | 3,025,000 | 3,081,927 | |||||||||
| California Health Facilities Financing Authority - City of Hope Oblig Group | 4.00% | 11/15/2045 | A | 7,050,000 | 6,895,501 | |||||||||
| California Municipal Finance Authority - Cmnty Hosps Ctrl Grp | 5.00% | 2/1/2047 | A3 | 6,940,000 | 7,072,989 | |||||||||
| 70 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Municipal Finance Authority - Cmnty Hosps Ctrl Grp (AGM) | 4.00% | 2/1/2051 | AA | $ | 8,900,000 | $ | 8,630,250 | |||||||
| California Statewide Communities Development Authority - Cedars-Sinai Med Ctr Oblig | 4.00% | 7/1/2048 | AA- | 4,500,000 | 4,518,820 | |||||||||
| California Statewide Communities Development Authority - Eskaton Pptys Inc Oblig Gp | 5.25% | 11/15/2034 | BBB- | 1,790,000 | 1,790,160 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig† | 5.25% | 12/1/2043 | BB | 4,510,000 | 4,642,074 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig | 5.50% | 12/1/2054 | BB | 6,875,000 | 6,870,193 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig† | 5.50% | 12/1/2058 | BB | 3,375,000 | 3,452,370 | |||||||||
| City of Minneapolis - Fairview Hlth Svcs Oblig MN | 5.00% | 11/15/2049 | BBB+ | 5,400,000 | 5,409,641 | |||||||||
| City of Seneca - Nemaha Valley Cmnty Hosp KS | 5.00% | 9/1/2025 | NR | 4,000,000 | 4,042,843 | |||||||||
| City of Tampa - H.lee Moffitt Cancer Oblig FL | 4.00% | 7/1/2045 | A | 7,400,000 | 7,362,407 | |||||||||
| Colorado Health Facilities Authority - Adventhealth Oblig Group | 4.00% | 11/15/2043 | AA | 20,000,000 | 19,879,834 | |||||||||
| Colorado Health Facilities Authority - Commonspirit Health Oblig Grp | 5.50% | 11/1/2047 | A- | 4,390,000 | 4,802,951 | |||||||||
| Colorado Health Facilities Authority - Commonspirit Hlth Oblig | 5.00% | 8/1/2044 | A- | 3,000,000 | 3,125,679 | |||||||||
| Columbia County Hospital Authority - Wellstar Hlth Sys Oblig GA | 5.75% | 4/1/2053 | A2 | 2,670,000 | 3,050,051 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Nuvance Health Oblig Grp | 4.00% | 7/1/2041 | BBB | 10,920,000 | 9,566,663 | |||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.50% | 2/15/2052 | BBB | 8,925,000 | 9,120,055 | |||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.50% | 2/15/2057 | BBB | 5,250,000 | 5,354,245 | |||||||||
| County of Montgomery - Dayton Childrens Hosp Oblig OH | 4.00% | 8/1/2051 | A1 | 7,000,000 | 6,643,379 | |||||||||
| See Notes to Schedule of Investments. | 71 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| 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 Oblig OH | 4.00% | 11/15/2042 | Baa1 | $ | 10,800,000 | $ | 10,125,259 | |||||||
| County of Muskingum - Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2044 | BB+ | 2,650,000 | 2,498,494 | |||||||||
| Crawford County Hospital Authority - Meadville Med Ctr Oblig PA | 6.00% | 6/1/2046 | NR | 950,000 | 968,407 | |||||||||
| Crawford County Hospital Authority - Meadville Med Ctr Oblig PA | 6.00% | 6/1/2051 | NR | 1,115,000 | 1,129,983 | |||||||||
| Cumberland County Municipal Authority - Penn State Health Oblig Grp | 3.00% | 11/1/2038 | A | 4,315,000 | 3,827,158 | |||||||||
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 700,000 | 700,415 | |||||||||
| Duluth Economic Development Authority - Essentia Health Oblig Grp MN | 5.25% | 2/15/2053 | A- | 2,870,000 | 2,957,748 | |||||||||
| Duluth Economic Development Authority - Essentia Health Oblig Grp MN | 5.25% | 2/15/2058 | A- | 19,500,000 | 20,091,495 | |||||||||
| Duluth Economic Development Authority - St Lukes Hosp Duluth Oblig MN | 5.25% | 6/15/2052 | BB+ | 5,000,000 | 5,097,063 | |||||||||
| Genesee County Funding Corp. - Rochester Regl Health Oblig NY | 5.25% | 12/1/2052 | BBB+ | 4,000,000 | 4,228,459 | |||||||||
| Greenville Health System - Prisma Health Oblig Grp SC | 5.00% | 5/1/2034 | A | 3,970,000 | 3,981,690 | |||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple Univ Hlth Oblig Grp PA | 5.00% | 7/1/2032 | BBB | 1,000,000 | 1,035,442 | |||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple Univ Hlth Oblig Grp PA | 5.00% | 7/1/2033 | BBB | 2,950,000 | 3,053,433 | |||||||||
| Illinois Finance Authority - Univ Chicago Med Ctr Og | 5.00% | 8/15/2052 | AA- | 15,000,000 | 15,939,566 | |||||||||
| Isle of Weight County Economic Development Authority - Riverside Health Sys VA | 5.25% | 7/1/2048 | AA | 3,000,000 | 3,304,381 | |||||||||
| Isle of Weight County Economic Development Authority - Riverside Health Sys VA | 5.25% | 7/1/2053 | AA | 6,000,000 | 6,560,348 | |||||||||
| Lee Memorial Hlth Sys Oblig FL | 4.00% | 4/1/2049 | A+ | 5,500,000 | 5,293,649 | |||||||||
| Louisville/Jefferson County Metropolitan Government - Norton Healthcare Oblig KY | 5.00% | 10/1/2041 | A+ | (e) | 3,200,000 | 3,490,268 | ||||||||
| Maricopa County Industrial Development Authority - Banner Health Oblig Grp AZ(f) | 4.00% | 1/1/2048 | AA- | 10,500,000 | 10,153,766 | |||||||||
| 72 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| 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 Oblig FL | 4.00% | 1/1/2046 | AA | $ | 5,000,000 | $ | 4,950,064 | |||||||
| Maryland Health & Higher Educational Facilities Authority - Adventist Hlthcare Oblig | 5.00% | 1/1/2036 | Baa3 | 3,290,000 | 3,507,708 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Adventist Hlthcare Oblig | 5.50% | 1/1/2046 | Baa3 | 17,615,000 | 17,973,323 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Doctors Hosp Inc Oblig Grp | 5.00% | 7/1/2038 | A3 | 7,080,000 | 7,257,549 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Mercy Medical Center Oblig | 5.00% | 7/1/2036 | BBB+ | 1,320,000 | 1,361,087 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Mercy Medical Center Oblig | 5.00% | 7/1/2038 | BBB+ | 2,250,000 | 2,301,807 | |||||||||
| Massachusetts Development Finance Agency - Boston Med Ctr Oblig Grp | 5.00% | 7/1/2031 | BBB | 1,980,000 | 2,066,112 | |||||||||
| Massachusetts Development Finance Agency - Boston Med Ctr Oblig Grp | 5.00% | 7/1/2035 | BBB | 5,115,000 | 5,286,763 | |||||||||
| Massachusetts Development Finance Agency - Boston Med Ctr Oblig Grp | 5.25% | 7/1/2048 | BBB | 2,600,000 | 2,847,083 | |||||||||
| Massachusetts Development Finance Agency - Wellforce Oblig Group | 4.00% | 7/1/2035 | BBB- | 2,000,000 | 1,940,608 | |||||||||
| Massachusetts Development Finance Agency - Wellforce Oblig Group | 5.00% | 7/1/2039 | BBB- | 2,685,000 | 2,719,567 | |||||||||
| Michigan State Hospital Finance Authority - Ascension Hlth Credit Grp | 5.00% | 11/15/2047 | AA+ | 4,000,000 | 4,223,769 | |||||||||
| Montana Facility Finance Authority - Kalispell Regl Med Ctr Oblig | 5.00% | 7/1/2043 | A | 4,000,000 | 4,095,360 | |||||||||
| Montana Facility Finance Authority - Kalispell Regl Med Ctr Oblig | 5.00% | 7/1/2048 | A | 5,760,000 | 5,844,368 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson Univ Oblig PA | 4.00% | 9/1/2049 | A | 3,960,000 | 3,790,242 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Hlth Lng Isl Oblig NY | 5.00% | 7/1/2029 | A- | 1,000,000 | 1,006,986 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Hlth Lng Isl Oblig NY | 5.00% | 7/1/2030 | A- | 580,000 | 583,745 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Hlth Lng Isl Oblig NY | 5.00% | 7/1/2031 | A- | 1,620,000 | 1,629,801 | |||||||||
| See Notes to Schedule of Investments. | 73 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| 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 Oblig NY | 5.00% | 7/1/2034 | A- | $ | 1,100,000 | $ | 1,106,022 | |||||||
| Nebraska Educational Health Cultural & Social Services Finance Authority - Immanuel Retire Comm Oblig | 4.00% | 1/1/2044 | AA | (e) | 3,500,000 | 3,471,577 | ||||||||
| Nebraska Educational Health Cultural & Social Services Finance Authority - Immanuel Retire Comm Oblig | 4.00% | 1/1/2049 | AA | (e) | 6,500,000 | 6,265,519 | ||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Hlthcr Oblig | 4.00% | 7/1/2048 | BBB- | 8,110,000 | 7,460,773 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2031 | BB | 1,300,000 | 1,271,792 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2040 | BB | 1,300,000 | 1,284,189 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 4.00% | 8/1/2036 | BBB- | 1,450,000 | 1,454,044 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 4.00% | 8/1/2038 | BBB- | 4,725,000 | 4,662,931 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 5.00% | 8/1/2028 | BBB- | 3,055,000 | 3,206,354 | |||||||||
| New York State Dormitory Authority - Northwell Hlth Oblig Grp | 5.00% | 5/1/2037 | A- | 7,450,000 | 7,552,657 | |||||||||
| New York State Dormitory Authority - Northwell Hlth Oblig Grp | 5.00% | 5/1/2052 | A- | 8,085,000 | 8,633,343 | |||||||||
| New York State Dormitory Authority - Northwell Hlth Oblig Grp(d) | 5.00% | 5/1/2052 | A- | 33,500,000 | 35,749,838 | |||||||||
| Niagara Area Development Corp. - Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2052 | B- | 1,500,000 | 1,169,759 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Oblig Grp | 5.50% | 8/15/2052 | BB- | 10,015,000 | 10,060,673 | |||||||||
| Oregon Health & Science University - OR Hlth & Science Univ Oblig | 4.00% | 7/1/2051 | AA- | 6,580,000 | 6,497,713 | |||||||||
| Oregon State Facilities Authority - Providence St Joseph Oblig | 5.00% | 10/1/2045 | A | 7,000,000 | 7,093,404 | |||||||||
| Palm Beach County Health Facilities Authority - Baptist Health South Oblig FL(f) | 4.00% | 8/15/2049 | AA- | 6,200,000 | 5,935,794 | |||||||||
| Palomar Health CA - Palomar Health Oblig Grp | 5.00% | 11/1/2036 | BBB | 11,025,000 | 11,289,270 | |||||||||
| Palomar Health CA - Palomar Health Oblig Grp | 5.00% | 11/1/2039 | BBB | 8,240,000 | 8,376,701 | |||||||||
| 74 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Pennsylvania Economic Development Financing Authority - UPMC Oblig Group | 4.00% | 5/15/2048 | A | $ | 3,500,000 | $ | 3,402,515 | |||||||
| Public Finance Authority - Moses Cone Hospital Oblig Gp WI | 5.00% | 10/1/2052 | AA- | 8,750,000 | 9,316,248 | |||||||||
| Public Finance Authority - Proton Intl Alabama LLC WI†(b) | 6.85% | 10/1/2047 | NR | 1,410,000 | 141,000 | |||||||||
| Roanoke Economic Development Authority - Carilion Clinic VA Oblig Grp | 3.00% | 7/1/2045 | AA- | 12,950,000 | 10,500,227 | |||||||||
| South Broward Hospital District Oblig FL (BAM) | 3.00% | 5/1/2051 | Aa3 | 5,000,000 | 3,952,051 | |||||||||
| South Carolina Jobs-Economic Development Authority - Bon Secours Mercy Hlth | 5.00% | 12/1/2046 | A+ | 8,000,000 | 8,462,702 | |||||||||
| State of Ohio - Premier Hlth Partners Oblig | 4.00% | 11/15/2039 | Baa1 | 2,640,000 | 2,497,745 | |||||||||
| Tarrant County Cultural Education Facilities Finance Corp TX(d) | 5.00% | 7/1/2053 | A1 | 9,550,000 | 10,004,153 | |||||||||
| Vermont Educational & Health Buildings Financing Agency - Univ of VT Hlth Oblig Grp | 5.00% | 12/1/2035 | A | 4,500,000 | 4,651,044 | |||||||||
| Washington Health Care Facilities Authority - Overlake Hosp Med Ctr Oblig | 5.00% | 7/1/2038 | BBB+ | 4,000,000 | 4,014,884 | |||||||||
| West Virginia Hospital Finance Authority - Vandalia Hlth Oblig Grp | 6.00% | 9/1/2048 | Baa1 | 2,060,000 | 2,354,458 | |||||||||
| West Virginia Hospital Finance Authority - Vandalia Hlth Oblig Grp | 6.00% | 9/1/2053 | Baa1 | 3,250,000 | 3,684,367 | |||||||||
| Westchester County Healthcare Corp. Oblig NY | 6.00% | 11/1/2030 | BBB- | 100,000 | 100,180 | |||||||||
| Westchester County Healthcare Corp. Oblig NY | 6.125% | 11/1/2037 | BBB- | 30,000 | 30,080 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 5.00% | 11/1/2046 | BBB- | 1,470,000 | 1,383,547 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 5.00% | 11/1/2051 | AA | 2,750,000 | 2,912,871 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 5.75% | 11/1/2048 | AA | 1,750,000 | 1,992,903 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 6.25% | 11/1/2052 | BBB- | 1,280,000 | 1,464,395 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Ascension Health Credit Grp(f) | 4.00% | 11/15/2046 | AA+ | 8,000,000 | 7,701,652 | |||||||||
| See Notes to Schedule of Investments. | 75 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Wisconsin Health & Educational Facilities Authority - Sauk-Prairie Mem Hosp Oblig | 5.375% | 2/1/2048 | Ba2 | $ | 840,000 | $ | 768,074 | |||||||
| Total | 547,193,559 | |||||||||||||
| Housing 1.54% | ||||||||||||||
| California Municipal Finance Authority - Bowles Hall Foundation | 5.00% | 6/1/2050 | Baa3 | 1,410,000 | 1,419,932 | |||||||||
| California Municipal Finance Authority - Caritas Affordable Hsg | 5.25% | 8/15/2039 | A- | 650,000 | 655,632 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continu FL | 5.00% | 11/1/2039 | Baa3 | 1,000,000 | 1,048,400 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continu FL | 5.00% | 11/1/2041 | Baa3 | 1,000,000 | 1,039,510 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continu FL | 5.00% | 11/1/2048 | Baa3 | 1,350,000 | 1,375,623 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continu FL | 5.00% | 11/1/2053 | Baa3 | 1,745,000 | 1,770,011 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continu FL | 5.00% | 11/1/2058 | Baa3 | 1,750,000 | 1,766,889 | |||||||||
| CMFA Special Finance Agency CA† | 4.00% | 12/1/2045 | NR | 5,000,000 | 4,007,945 | |||||||||
| CSCDA Community Improvement Authority CA† | 3.125% | 8/1/2056 | NR | 4,500,000 | 3,138,852 | |||||||||
| FHLMC Multifamily VRD Certificates VA | 4.60% | 12/15/2044 | AA+ | 5,415,000 | 5,432,823 | |||||||||
| Indiana Finance Authority - Chf- Tippecanoe LLC | 5.00% | 6/1/2053 | BBB- | 1,350,000 | 1,356,547 | |||||||||
| Indiana Finance Authority - Chf- Tippecanoe LLC | 5.125% | 6/1/2058 | BBB- | 1,700,000 | 1,716,436 | |||||||||
| Indiana Finance Authority - Chf- Tippecanoe LLC | 5.375% | 6/1/2064 | BBB- | 4,460,000 | 4,552,440 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - Downtown Phoenix Std Hsg AZ | 5.00% | 7/1/2037 | Baa3 | 1,000,000 | 1,030,383 | |||||||||
| Maryland Economic Development Corp. | 5.75% | 7/1/2053 | BBB- | 2,000,000 | 2,150,847 | |||||||||
| Maryland Economic Development Corp. | 6.00% | 7/1/2058 | BBB- | 5,000,000 | 5,456,639 | |||||||||
| New Hampshire Business Finance Authority | 4.00% | 10/20/2036 | BBB | 10,828,615 | 10,640,663 | |||||||||
| New Hampshire Business Finance Authority | 4.375% | 9/20/2036 | BBB | 5,395,559 | 5,453,770 | |||||||||
| New York State Dormitory Authority | 3.00% | 7/1/2045 | Aa3 | 5,037,000 | 4,111,628 | |||||||||
| Public Finance Authority - CHF Manoa LLC WI† | 5.50% | 7/1/2043 | BBB- | 2,250,000 | 2,332,593 | |||||||||
| Toledo-Lucas County Port Authority - CHF-Toledo LLC OH | 5.00% | 7/1/2034 | BBB- | 1,000,000 | 1,000,039 | |||||||||
| 76 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Toledo-Lucas County Port Authority - CHF-Toledo LLC OH | 5.00% | 7/1/2039 | BBB- | $ | 1,500,000 | $ | 1,484,432 | |||||||
| Toledo-Lucas County Port Authority - CHF-Toledo LLC OH | 5.00% | 7/1/2046 | BBB- | 1,000,000 | 957,941 | |||||||||
| Total | 63,899,975 | |||||||||||||
| Lease Obligations 2.42% | ||||||||||||||
| Illinois Sports Facilities Authority (AGM) | 5.00% | 6/15/2027 | AA | 3,500,000 | 3,514,845 | |||||||||
| Indiana Finance Authority | 5.25% | 2/1/2032 | AA+ | 5,000,000 | 5,157,810 | |||||||||
| Kentucky Bond Development Corp. | 4.00% | 9/1/2048 | A+ | 6,645,000 | 6,468,185 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2036 | A2 | 1,285,000 | 1,367,248 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2041 | A2 | 5,050,000 | 5,416,897 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2042 | A2 | 4,930,000 | 5,337,399 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2043 | A2 | 4,500,000 | 4,744,815 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 11/1/2044 | A2 | 5,500,000 | 5,833,860 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2047 | A2 | 6,050,000 | 6,271,339 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | BBB+ | 9,000,000 | 9,002,173 | |||||||||
| New Jersey Educational Facilities Authority | 4.00% | 9/1/2029 | A2 | 5,445,000 | 5,481,260 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2028 | A2 | 10,000,000 | 8,578,833 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2031 | A2 | 1,935,000 | 1,496,380 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2037 | A2 | 3,390,000 | 2,029,145 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2030 | A+ | 3,000,000 | 3,153,160 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2031 | A+ | 2,400,000 | 2,520,976 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2035 | A2 | 4,200,000 | 4,579,172 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2036 | A2 | 3,500,000 | 3,805,226 | |||||||||
| See Notes to Schedule of Investments. | 77 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| 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 | 5.00% | 6/15/2046 | A2 | $ | 14,595,000 | $ | 15,310,603 | |||||||
| Total | 100,069,326 | |||||||||||||
| Multi-Family Housing 0.07% | ||||||||||||||
| New York City Housing Development Corp. NY | 2.40% | 11/1/2046 | AA+ | 3,800,000 | 2,678,548 | |||||||||
| Other Revenue 2.99% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2049 | A1 | 4,125,000 | 4,135,663 | ||||||||
| Broward County Convention Center FL(d) | 5.50% | 5/1/2051 | AA | 31,545,000 | 35,251,260 | |||||||||
| California School Finance Authority - Green Dot Public Schs Oblig† | 5.00% | 8/1/2048 | BBB- | 1,650,000 | 1,662,333 | |||||||||
| City of Miami Beach Parking Revenue FL (BAM) | 5.00% | 9/1/2040 | AA | 2,000,000 | 2,035,350 | |||||||||
| Clifton Higher Education Finance Corp. - Idea Public Schools TX | 6.00% | 8/15/2043 | A- | 1,000,000 | 1,001,123 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 6.125% | 8/15/2048 | Baa3 | 9,775,000 | 9,895,397 | |||||||||
| Commonwealth of Puerto Rico | Zero Coupon | #(a) | 11/1/2051 | NR | 4,972,687 | 2,716,330 | ||||||||
| District of Columbia - Friendship Pub Chtr Sch DC | 5.00% | 6/1/2041 | BBB | 2,080,000 | 2,086,583 | |||||||||
| Grand River Hospital District CO GO (AGM) | 5.25% | 12/1/2034 | AA | 1,000,000 | 1,082,307 | |||||||||
| Grand River Hospital District CO GO (AGM) | 5.25% | 12/1/2035 | AA | 1,000,000 | 1,078,040 | |||||||||
| Grand River Hospital District CO GO (AGM) | 5.25% | 12/1/2037 | AA | 1,160,000 | 1,232,704 | |||||||||
| Illinois Finance Authority - Noble Network Charter Sch | 6.125% | 9/1/2039 | BBB | 6,000,000 | 6,004,213 | |||||||||
| Indianapolis Local Public Improvement Bond Bank | 5.00% | 2/1/2031 | AA- | 7,120,000 | 7,126,080 | |||||||||
| Long Beach Bond Finance Authority CA | 5.23% (3 mo. Term SOFR * .67 + 1.45% | )# | 11/15/2027 | A1 | 9,000,000 | 9,043,186 | ||||||||
| Lower Alabama Gas District | 4.00% | #(a) | 12/1/2050 | A2 | 2,000,000 | 2,007,753 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2037 | A2 | 2,990,000 | 3,296,212 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2043 | A2 | 3,250,000 | 3,334,426 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2049 | A2 | 1,500,000 | 1,594,133 | |||||||||
| Michigan Finance Authority - Bradford Academy | 4.30% | 9/1/2030 | NR | 260,000 | 236,403 | (c) | ||||||||
| 78 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Michigan Finance Authority - Bradford Academy | 4.80% | 9/1/2040 | NR | $ | 565,000 | $ | 468,085 | (c) | ||||||
| Michigan Finance Authority - Bradford Academy | 5.00% | 9/1/2050 | NR | 925,000 | 725,953 | (c) | ||||||||
| M-S-R Energy Authority CA | 6.125% | 11/1/2029 | BBB+ | 1,820,000 | 1,974,788 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 11/1/2052 | A2 | 11,375,000 | 12,228,173 | |||||||||
| New Jersey Economic Development Authority - Friends of Team Acdmy Oblig | 6.00% | 10/1/2043 | BBB | 3,500,000 | 3,503,387 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2031 | NR | 10,000,000 | 9,972,603 | |||||||||
| Total | 123,692,485 | |||||||||||||
| Power 0.06% | ||||||||||||||
| Chesapeake Economic Development Authority - Virginia Elec & Pwr Co | 3.65% | #(a) | 2/1/2032 | A2 | 2,500,000 | 2,517,421 | ||||||||
| Pre-Refunded 0.03% | ||||||||||||||
| School District of Philadelphia PA GO | 5.00% | 9/1/2038 | A1 | 995,000 | 1,023,552 | |||||||||
| Single-Family Housing 0.20% | ||||||||||||||
| Pennsylvania Housing Finance Agency | 5.00% | 10/1/2050 | AA+ | 7,725,000 | 8,120,016 | |||||||||
| Special Tax 1.71% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | 1,845,000 | 1,885,522 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.25% | 5/1/2042 | NR | 3,215,000 | 3,233,562 | |||||||||
| City of Irvine CA Special Tax | 5.00% | 9/1/2044 | NR | 500,000 | 503,230 | |||||||||
| Commonwealth of Pennsylvania COP | 4.00% | 7/1/2046 | A | 2,375,000 | 2,350,263 | |||||||||
| Gramercy Farms Community Development District FL~ | Zero Coupon | 5/1/2039 | NR | 2,375,000 | 1,235,000 | |||||||||
| Gramercy Farms Community Development District FL(b) | 5.25% | 5/1/2039 | NR | 1,340,000 | 214 | (c) | ||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 3,000,000 | 2,257,523 | |||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A | 4,875,000 | 4,884,254 | |||||||||
| Irvine Facilities Financing Authority CA (BAM) | 5.25% | 9/1/2053 | AA | 8,000,000 | 9,079,618 | |||||||||
| New Jersey Economic Development Authority Mtromall Urban | 6.50% | 4/1/2028 | Baa2 | 1,736,661 | 1,735,165 | |||||||||
| See Notes to Schedule of Investments. | 79 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2046 | AA | $ | 8,955,000 | $ | 7,157,131 | |||||||
| Rancho Cucamonga Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 9/1/2030 | AA | 1,500,000 | 1,519,485 | |||||||||
| Rancho Cucamonga Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 9/1/2031 | AA | 1,400,000 | 1,418,057 | |||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.25% | 9/1/2052 | AA | 2,500,000 | 2,751,817 | |||||||||
| Riverside County Redevelopment Successor Agency CA Tax Allocation | 8.50% | 10/1/2041 | A | 11,195,000 | 12,942,094 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 8/1/2034 | AA | 3,600,000 | 3,700,894 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 1/1/2037 | AA | 7,000,000 | 7,588,846 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 1/1/2038 | AA | 4,250,000 | 4,564,327 | |||||||||
| Stone Canyon Community Improvement District MO(b) | 5.70% | 4/1/2022 | NR | 1,000,000 | 90,000 | (c) | ||||||||
| Stone Canyon Community Improvement District MO(b) | 5.75% | 4/1/2027 | NR | 1,300,000 | 117,000 | (c) | ||||||||
| Village Community Development District No. 13 FL | 3.25% | 5/1/2052 | NR | 2,690,000 | 1,923,022 | |||||||||
| Total | 70,937,024 | |||||||||||||
| Tax Revenue 5.34% | ||||||||||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2039 | BBB+ | 3,300,000 | 3,328,031 | |||||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2044 | BBB+ | 3,950,000 | 3,973,493 | |||||||||
| Chicago Transit Authority Sales Tax Receipts Fund IL | 4.00% | 12/1/2050 | A+ | 13,615,000 | 13,061,820 | |||||||||
| Chicago Transit Authority Sales Tax Receipts Fund IL | 5.25% | 12/1/2049 | AA | 13,245,000 | 13,316,348 | |||||||||
| City of Reno NV (AGM) | 4.00% | 6/1/2043 | AA | 4,725,000 | 4,622,792 | |||||||||
| City of Reno NV (AGM) | 4.00% | 6/1/2046 | AA | 6,800,000 | 6,506,638 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba1 | 590,000 | 561,127 | |||||||||
| Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 8/1/2042 | AA | 1,250,000 | 1,390,947 | |||||||||
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | 3,750,000 | 3,936,425 | |||||||||
| County of Miami-Dade Transit System FL | 5.00% | 7/1/2051 | AA | 12,405,000 | 13,443,296 | |||||||||
| 80 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Lower Colorado River Authority TX | 6.00% | 5/15/2052 | A | $ | 1,700,000 | $ | 1,958,514 | |||||||
| Metropolitan Pier & Exposition Authority IL | 4.00% | 6/15/2052 | A | 4,055,000 | 3,821,100 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 5.50% | 6/15/2053 | A | 4,415,000 | 4,508,470 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2030 | A | 10,535,000 | 8,377,491 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 6/15/2033 | A | 15,000,000 | 10,952,200 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2036 | A | 10,000,000 | 6,278,977 | |||||||||
| Metropolitan Pier & Exposition Authority IL TCRS (BAM) | 5.00% | 6/15/2053 | AA | 915,000 | 945,453 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 5/1/2037 | AAA | 3,000,000 | 3,058,218 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 11/1/2042 | AAA | 5,720,000 | 5,807,435 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2036 | AAA | 1,000,000 | 1,004,570 | |||||||||
| New York State Dormitory Authority | 3.00% | 3/15/2050 | AA+ | 5,000,000 | 3,992,411 | |||||||||
| New York State Dormitory Authority | 5.00% | 3/15/2046 | AA+ | 2,455,000 | 2,707,509 | |||||||||
| New York State Urban Development Corp. | 3.00% | 3/15/2047 | AA+ | 3,840,000 | 3,134,287 | |||||||||
| New York State Urban Development Corp. | 3.00% | 3/15/2048 | AA+ | 9,590,000 | 7,741,338 | |||||||||
| New York State Urban Development Corp. | 3.00% | 3/15/2050 | AA+ | 7,620,000 | 6,038,246 | |||||||||
| New York State Urban Development Corp. | 4.00% | 3/15/2042 | Aa1 | 5,000,000 | 5,107,191 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2029 | NR | 1,271,000 | 1,017,993 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 2,122,000 | 1,555,691 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 2,549,000 | 1,700,983 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 2,523,000 | 592,309 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 11,598,000 | 11,542,491 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 5,253,000 | 5,227,859 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 39,000 | 37,384 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 12,847,000 | 12,746,170 | |||||||||
| See Notes to Schedule of Investments. | 81 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| 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 | 5.00% | 7/1/2058 | NR | $ | 5,498,000 | $ | 5,530,930 | |||||||
| San Leandro Unified School District CA GO | 5.25% | 8/1/2048 | AA- | 10,500,000 | 11,908,932 | |||||||||
| Territory of Guam | 4.00% | 1/1/2042 | Ba1 | 1,500,000 | 1,441,415 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2052 | AA+ | 10,335,000 | 11,631,310 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2057 | AA+ | 2,500,000 | 2,803,711 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2062 | AA+ | 10,655,000 | 11,906,596 | |||||||||
| Vermont Student Assistance Corp. AMT | 3.375% | 6/15/2036 | A | 1,830,000 | 1,755,357 | |||||||||
| Total | 220,973,458 | |||||||||||||
| Taxable Revenue - Water & Sewer 0.72% | ||||||||||||||
| City of Chicago Waterworks Revenue IL(d) | 5.50% | 11/1/2062 | AA | 20,300,000 | 22,597,954 | |||||||||
| New Jersey Economic Development Authority - New Jersey Amern Wtr Co AMT | 3.75% | #(a) | 11/1/2034 | A+ | 4,000,000 | 4,041,789 | ||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2048 | A1 | 3,000,000 | 3,295,011 | |||||||||
| Total | 29,934,754 | |||||||||||||
| Tobacco 1.97% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 40,665,000 | 38,273,613 | |||||||||
| Golden State Tobacco Securitization Corp. CA | 5.00% | 6/1/2051 | BBB+ | 4,000,000 | 4,194,060 | |||||||||
| Michigan Finance Authority | 4.00% | 6/1/2049 | BBB+ | 4,000,000 | 3,698,878 | |||||||||
| Michigan Finance Authority | 5.00% | 6/1/2049 | BBB+ | 3,775,000 | 3,894,948 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 1,239,218 | |||||||||
| Tobacco Securitization Authority of Northern California - Sacramento County Tobacco | 4.00% | 6/1/2049 | BBB+ | 2,850,000 | 2,664,129 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco | 5.00% | 6/1/2048 | BBB+ | 3,500,000 | 3,613,642 | |||||||||
| Tobacco Settlement Financing Corp. LA | 5.25% | 5/15/2035 | A | 1,880,000 | 1,893,982 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2031 | A | 4,605,000 | 4,944,976 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BBB+ | 3,415,000 | 3,474,291 | |||||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 7,540,000 | 7,189,678 | |||||||||
| 82 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2035 | A- | $ | 1,390,000 | $ | 1,439,834 | |||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 5,550,000 | 5,006,955 | |||||||||
| Total | 81,528,204 | |||||||||||||
| Transportation 22.10% | ||||||||||||||
| Alameda Corridor Transportation Authority CA (AGM) | 5.00% | 10/1/2034 | AA | 3,650,000 | 3,846,052 | |||||||||
| Allegheny County Airport Authority PA AMT | 5.00% | 1/1/2056 | A2 | 5,505,000 | 5,717,322 | |||||||||
| California Municipal Finance Authority - Lax Integrated Express AMT | 4.00% | 12/31/2047 | BBB- | (e) | 9,450,000 | 8,735,236 | ||||||||
| California Municipal Finance Authority - Lax Integrated Express AMT | 5.00% | 12/31/2038 | BBB- | (e) | 5,000,000 | 5,201,497 | ||||||||
| Canaveral Port Authority FL | 5.00% | 6/1/2048 | A3 | 4,890,000 | 5,044,926 | |||||||||
| Canaveral Port Authority FL AMT | 5.00% | 6/1/2045 | A3 | 4,630,000 | 4,723,057 | |||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2045 | A | 4,500,000 | 4,641,244 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2033 | A- | 5,750,000 | 5,766,374 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2037 | A- | 2,500,000 | 2,503,816 | |||||||||
| Central Texas Turnpike System(f) | 5.00% | 8/15/2042 | A- | 6,265,000 | 6,272,785 | |||||||||
| Chicago Midway International Airport IL | 4.00% | 1/1/2034 | A | 1,000,000 | 1,012,951 | |||||||||
| Chicago O’Hare International Airport - TRIPS Oblig Group IL AMT | 5.00% | 7/1/2048 | BBB+ | 3,500,000 | 3,531,485 | |||||||||
| Chicago O’Hare International Airport IL | 4.00% | 1/1/2044 | A+ | 13,500,000 | 13,626,797 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2053 | A+ | 2,500,000 | 2,620,886 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2041 | AA | 1,950,000 | 2,176,712 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2042 | AA | 1,470,000 | 1,635,331 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2043 | AA | 1,660,000 | 1,839,341 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2047 | A+ | 9,375,000 | 9,549,702 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2048 | A+ | 20,000,000 | 20,618,524 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.25% | 11/15/2043 | A+ | 8,000,000 | 8,015,227 | |||||||||
| City of Atlanta Department of Aviation GA | 5.00% | 7/1/2048 | Aa3 | 5,200,000 | 5,800,932 | |||||||||
| City of Burbank Electric Revenue NC | 4.00% | 7/1/2047 | Aa3 | 7,415,000 | 7,505,837 | |||||||||
| City of Charlotte Airport Revenue NC | 5.25% | 7/1/2053 | Aa3 | 4,325,000 | 4,697,188 | |||||||||
| City of Charlotte Airport Revenue NC | 5.25% | 7/1/2053 | Aa3 | 18,650,000 | 21,003,309 | |||||||||
| See Notes to Schedule of Investments. | 83 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| City of Fresno Airport Revenue CA (BAM) | 5.00% | 7/1/2053 | AA | $ | 2,000,000 | $ | 2,128,345 | |||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 6.625% | 7/15/2038 | BB- | 2,500,000 | 2,501,091 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2041 | AA- | 3,595,000 | 3,624,508 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2049 | AA- | 5,000,000 | 4,885,238 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2045 | AA | 6,410,000 | 6,767,276 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2047 | AA | 6,440,000 | 7,164,383 | |||||||||
| City of Philadelphia Airport Revenue PA AMT | 5.00% | 7/1/2042 | A+ | 4,440,000 | 4,571,147 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2036 | A+ | 10,045,000 | 11,119,715 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.50% | 7/1/2053 | A2 | 2,500,000 | 2,747,307 | |||||||||
| City of San Antonio Airport System TX AMT | 5.00% | 7/1/2045 | A+ | 8,435,000 | 8,506,335 | |||||||||
| City of St. Louis Airport Revenue MO (AGM) | 5.00% | 7/1/2047 | AA | 7,500,000 | 7,834,443 | |||||||||
| County of Miami - Dade Aviation Revenue FL AMT | 5.00% | 10/1/2035 | A1 | 10,000,000 | 10,037,541 | |||||||||
| County of Miami - Dade Aviation Revenue FL AMT | 5.00% | 10/1/2028 | A1 | 4,435,000 | 4,456,205 | |||||||||
| County of Miami - Dade Aviation Revenue FL AMT | 5.00% | 10/1/2029 | A1 | 2,500,000 | 2,512,112 | |||||||||
| County of Osceola Transportation Revenue FL | 5.00% | 10/1/2039 | BBB+ | 1,000,000 | 1,034,201 | |||||||||
| County of Sacramento Airport System Revenue CA | 5.00% | 7/1/2041 | A | 8,000,000 | 8,269,278 | |||||||||
| Delaware River Joint Toll Bridge Commission PA | 5.00% | 7/1/2047 | A+ | 11,100,000 | 11,514,895 | |||||||||
| E-470 Public Highway Authority CO (NATL) | Zero Coupon | 9/1/2032 | A+ | 4,200,000 | 3,193,962 | |||||||||
| E-470 Public Highway Authority CO (NATL) | Zero Coupon | 9/1/2037 | A+ | 7,720,000 | 4,039,847 | |||||||||
| Eagle County Airport Terminal Corp. CO AMT | 5.00% | 5/1/2037 | Baa2 | 1,000,000 | 1,033,108 | |||||||||
| Eagle County Airport Terminal Corp. CO AMT(f) | 5.00% | 5/1/2041 | Baa2 | 4,240,000 | 4,324,621 | |||||||||
| 84 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2033 | A | $ | 5,000,000 | $ | 3,619,054 | |||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.50% | 1/15/2053 | A | 10,830,000 | 9,345,412 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | 5,000,000 | 4,723,691 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2043 | A- | 16,123,000 | 16,081,493 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2046 | A | 10,000,000 | 9,894,489 | |||||||||
| Greater Asheville Regional Airport Authority NC (AGM) AMT | 5.25% | 7/1/2048 | AA | 1,250,000 | 1,360,559 | |||||||||
| Greater Asheville Regional Airport Authority NC (AGM) AMT | 5.25% | 7/1/2053 | AA | 2,000,000 | 2,159,071 | |||||||||
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2049 | AA- | 6,375,000 | 6,129,703 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Ptr AMT | 5.25% | 6/30/2047 | Baa3 | 2,500,000 | 2,604,298 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Ptr AMT | 5.25% | 6/30/2052 | Baa3 | 2,500,000 | 2,587,302 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Ptr AMT | 5.25% | 6/30/2055 | Baa3 | 12,500,000 | 12,884,629 | |||||||||
| Maryland Economic Development Corp. Tax Allocation | 4.00% | 9/1/2040 | NR | 2,000,000 | 1,813,714 | |||||||||
| Maryland State Transportation Authority | 5.00% | 7/1/2051 | Aa2 | 10,000,000 | 10,888,086 | |||||||||
| Maryland State Transportation Authority Passenger Facility Charge Revenue AMT | 3.00% | 6/1/2036 | A+ | 7,310,000 | 6,811,869 | |||||||||
| Massachusetts Port Authority AMT | 5.00% | 7/1/2040 | AA | 1,500,000 | 1,519,854 | |||||||||
| Massachusetts Port Authority AMT | 5.00% | 7/1/2045 | AA | 3,315,000 | 3,354,513 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.00% | 7/1/2049 | A2 | 5,000,000 | 5,183,049 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2052 | A1 | 6,500,000 | 7,090,957 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2045 | A- | 4,675,000 | 4,569,465 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2048 | A- | 9,825,000 | 9,449,422 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2049 | A- | 6,605,000 | 6,326,577 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2050 | A- | 6,500,000 | 6,206,971 | |||||||||
| Metropolitan Transportation Authority NY(d) | 4.75% | 11/15/2045 | A- | 13,890,000 | 14,282,481 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2035 | A- | 4,265,000 | 4,419,102 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | #(a) | 11/15/2045 | A3 | 2,700,000 | 2,929,470 | ||||||||
| See Notes to Schedule of Investments. | 85 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2050 | A- | $ | 4,680,000 | $ | 4,921,667 | |||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2044 | A- | 12,180,000 | 12,264,357 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2055 | A- | 10,850,000 | 11,510,871 | |||||||||
| Metropolitan Transportation Authority NY(d) | 5.25% | 11/15/2055 | A3 | 6,610,000 | 7,011,216 | |||||||||
| Metropolitan Washington Airports Authority DC AMT | 4.00% | 10/1/2039 | AA- | 5,445,000 | 5,483,940 | |||||||||
| Minneapolis - St. Paul Metropolitan Airports Commission MN AMT | 5.00% | 1/1/2047 | A+ | 3,000,000 | 3,155,374 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2045 | A2 | 25,630,000 | 25,602,056 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2045 | A2 | 5,000,000 | 5,392,659 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2050 | A2 | 10,000,000 | 11,107,498 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.50% | 6/15/2050 | A2 | 2,000,000 | 2,241,125 | |||||||||
| New York City Transitional Development Corp. NY AMT | 5.375% | 6/30/2060 | Baa3 | 21,750,000 | 22,578,497 | |||||||||
| New York City Transitional Development Corp. NY AMT | 6.00% | 6/30/2054 | Baa3 | 16,500,000 | 18,230,964 | |||||||||
| New York State Thruway Authority | 5.25% | 1/1/2056 | A2 | 7,455,000 | 7,614,265 | |||||||||
| New York State Thruway Authority (AGM) | 4.00% | 1/1/2051 | AA | 2,725,000 | 2,704,331 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa3 | 5,020,000 | 4,814,238 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2029 | Baa3 | 2,955,000 | 3,046,934 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2030 | Baa3 | 3,990,000 | 4,099,440 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2033 | Baa3 | 12,450,000 | 12,717,704 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa3 | 2,250,000 | 2,277,584 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa3 | 21,000,000 | 21,268,319 | |||||||||
| New York Transportation Development Corp. - Delta Airlines Inc AMT | 5.625% | 4/1/2040 | Baa3 | 7,000,000 | 7,544,270 | |||||||||
| New York Transportation Development Corp. - Delta Airlines Inc AMT | 6.00% | 4/1/2035 | Baa3 | 12,500,000 | 13,949,780 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC AMT | 5.00% | 12/1/2039 | Baa1 | 5,840,000 | 6,275,011 | |||||||||
| 86 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| 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 AMT | 5.00% | 12/1/2042 | Baa1 | $ | 3,250,000 | $ | 3,430,536 | |||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner (AGM) AMT | 4.00% | 7/1/2031 | AA | 5,000,000 | 5,008,171 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa2 | 12,365,000 | 11,871,847 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2046 | Baa2 | 2,340,000 | 2,146,685 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa2 | 19,245,000 | 19,266,562 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2025 | A3 | 2,750,000 | 2,758,086 | |||||||||
| North Carolina Turnpike Authority | 5.00% | 1/1/2043 | BBB | 1,150,000 | 1,210,167 | |||||||||
| North Carolina Turnpike Authority (AGM) | 4.00% | 1/1/2037 | AA | 14,255,000 | 14,690,281 | |||||||||
| North Carolina Turnpike Authority (AGM) | 4.00% | 1/1/2038 | AA | 1,000,000 | 1,025,010 | |||||||||
| North Texas Tollway Authority | 5.00% | 1/1/2048 | A+ | 5,000,000 | 5,229,877 | |||||||||
| Oklahoma Turnpike Authority | 5.50% | 1/1/2053 | Aa3 | 7,500,000 | 8,479,196 | |||||||||
| Pennsylvania Turnpike Commission | 4.00% | 12/1/2038 | A2 | 3,425,000 | 3,496,739 | |||||||||
| Pennsylvania Turnpike Commission | 5.00% | 6/1/2029 | A2 | 9,000,000 | 9,323,563 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2035 | Aa3 | 6,250,000 | 7,193,436 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | Aa3 | 4,000,000 | 4,560,298 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2037 | Aa3 | 3,250,000 | 3,665,918 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2038 | Aa3 | 5,000,000 | 5,568,899 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 6,950,000 | 7,091,333 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 1/15/2052 | AA- | 13,855,000 | 14,632,358 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2053 | Aa3 | 7,100,000 | 7,518,331 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2039 | AA- | 2,000,000 | 2,003,103 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2049 | AA- | 5,000,000 | 5,172,899 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.50% | 7/1/2048 | AA- | 6,250,000 | 6,950,544 | |||||||||
| San Diego County Regional Airport Authority CA | 5.00% | 7/1/2044 | A | 4,500,000 | 4,876,430 | |||||||||
| See Notes to Schedule of Investments. | 87 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| San Diego County Regional Airport Authority CA | 5.00% | 7/1/2051 | A2 | $ | 15,475,000 | $ | 16,902,358 | |||||||
| San Diego County Regional Airport Authority CA AMT | 4.00% | 7/1/2046 | A2 | 4,500,000 | 4,400,025 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 5.00% | 7/1/2053 | A1 | 5,330,000 | 5,659,157 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% | 5/1/2033 | A+ | 7,000,000 | 7,011,301 | |||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2034 | AA | 2,000,000 | 2,092,234 | |||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2035 | AA | 2,000,000 | 2,087,026 | |||||||||
| State of Florida Department of Transportation Turnpike System Revenue | 3.00% | 7/1/2051 | AA | 11,745,000 | 9,544,178 | |||||||||
| State of Hawaii Airports System Revenue AMT | 5.00% | 7/1/2041 | AA- | 5,000,000 | 5,051,757 | |||||||||
| State of Michigan Trunk Line Revenue | 5.50% | 11/15/2049 | Aa2 | 15,000,000 | 17,584,120 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - LBJ Infrastructure Group | 4.00% | 6/30/2038 | Baa2 | 1,050,000 | 1,071,169 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - LBJ Infrastructure Group | 4.00% | 12/31/2038 | Baa2 | 1,375,000 | 1,402,721 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. AMT | 5.50% | 12/31/2058 | Baa1 | 5,000,000 | 5,430,625 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 4.00% | 11/15/2048 | AA- | 6,375,000 | 6,334,074 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2042 | AA- | 1,640,000 | 1,735,217 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2058 | AA+ | 7,300,000 | 8,222,743 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 7/1/2036 | BBB | 6,685,000 | 7,242,016 | |||||||||
| Virginia Small Business Financing Authority - Elizabeth River Crossings AMT | 4.00% | 1/1/2038 | BBB | 4,500,000 | 4,452,184 | |||||||||
| Virginia Small Business Financing Authority - Elizabeth River Crossings AMT | 4.00% | 1/1/2040 | BBB | 4,825,000 | 4,731,131 | |||||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2039 | A1 | 1,700,000 | 1,704,761 | |||||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2042 | A1 | 1,200,000 | 1,239,307 | |||||||||
| Wayne County Airport Authority MI AMT | 5.00% | 12/1/2046 | A1 | 2,825,000 | 2,980,956 | |||||||||
| Total | 914,448,749 | |||||||||||||
| 88 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities 13.46% | ||||||||||||||
| Adelanto Public Utility Authority CA (AGM) | 5.00% | 7/1/2039 | AA | $ | 1,500,000 | $ | 1,600,641 | |||||||
| Baltimore Proj Revenue MD(d) | 5.25% | 7/1/2047 | AA- | 7,190,000 | 8,011,590 | |||||||||
| Baltimore Proj Revenue MD(d) | 5.25% | 7/1/2052 | AA- | 12,190,000 | 13,582,932 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 7/1/2052 | Aa1 | 6,000,000 | 6,034,931 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 11,660,000 | 11,715,233 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2052 | Baa1 | 13,600,000 | 13,412,680 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 6/1/2049 | A2 | 9,450,000 | 10,117,106 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 11/1/2053 | A2 | 6,665,000 | 7,118,797 | ||||||||
| California Community Choice Financing Authority(d) | 5.25% | 11/1/2054 | A2 | 14,000,000 | 15,137,461 | |||||||||
| California Pollution Control Financing Authority - Poseidon Resources† | 5.00% | 7/1/2039 | Baa3 | 2,200,000 | 2,262,577 | |||||||||
| California Pollution Control Financing Authority - Poseidon Resources† | 5.00% | 11/21/2045 | Baa3 | 2,750,000 | 2,792,452 | |||||||||
| Casitas Municipal Water District CA Special Tax (BAM) | 5.25% | 9/1/2047 | AA | 500,000 | 530,370 | |||||||||
| Central Plains Energy Project NE | 5.00% | 9/1/2042 | BBB+ | 3,305,000 | 3,633,527 | |||||||||
| Chautauqua County Capital Resource Corp. - NRG Energy Inc NY | 4.25% | #(a) | 4/1/2042 | BBB- | 5,000,000 | 5,048,899 | ||||||||
| City of Baltimore MD | 5.00% | 7/1/2039 | A+ | 4,750,000 | 4,809,383 | |||||||||
| City of Baltimore MD | 5.00% | 7/1/2046 | Aa3 | 10,000,000 | 10,315,764 | |||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2036 | A+ | 1,775,000 | 1,883,358 | |||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2039 | A+ | 3,455,000 | 3,483,778 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2036 | AA | 3,000,000 | 3,188,515 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2037 | AA | 2,500,000 | 2,665,028 | |||||||||
| City of Colorado Springs Utilities System Revenue CO | 4.00% | 11/15/2046 | AA+ | 10,100,000 | 10,169,894 | |||||||||
| City of Compton Water Revenue CA | 6.00% | 8/1/2039 | NR | 5,500,000 | 5,500,821 | |||||||||
| City of Fort Lauderdale Water & Sewer Revenue FL - Prospect Lake Water Treatment | 5.50% | 9/1/2053 | Aa1 | 5,000,000 | 5,776,064 | |||||||||
| City of Philadelphia Water & Wastewater Revenue PA | 5.00% | 7/1/2030 | A+ | 3,355,000 | 3,429,608 | |||||||||
| City of Philadelphia Water & Wastewater Revenue PA | 5.25% | 10/1/2052 | A+ | 6,610,000 | 6,948,119 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.50% | 2/1/2050 | Aa2 | 8,000,000 | 9,210,492 | |||||||||
| See Notes to Schedule of Investments. | 89 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| City of San Francisco Public Utilities Commission Water Revenue CA | 5.25% | 11/1/2052 | Aa2 | $ | 7,000,000 | $ | 8,095,739 | |||||||
| County of Jefferson Sewer Revenue AL | 6.00% | 10/1/2042 | BBB | 5,000,000 | 5,251,852 | |||||||||
| County of Jefferson Sewer Revenue AL | 6.50% | 10/1/2053 | BBB | 7,700,000 | 8,087,935 | |||||||||
| County of Jefferson Sewer Revenue AL | 7.50% | 10/1/2039 | BBB | 350,000 | 367,919 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | Zero Coupon | 10/1/2026 | AA | 1,000,000 | 877,668 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | Zero Coupon | 10/1/2027 | AA | 4,875,000 | 4,080,354 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | 5.50% | 10/1/2053 | AA | 3,555,000 | 3,627,242 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | 6.75% | 10/1/2046 | AA | 6,000,000 | 6,300,238 | |||||||||
| County of Trimble - Louisville Gas & Elec Co KY | 3.75% | 6/1/2033 | A1 | 12,500,000 | 12,695,641 | |||||||||
| Energy Southeast A Cooperative District AL | 5.75% | #(a) | 4/1/2054 | A1 | 10,710,000 | 12,001,632 | ||||||||
| Great Lakes Water Authority Sewage Disposal System Revenue MI | 5.50% | 7/1/2052 | A+ | 12,000,000 | 13,491,769 | |||||||||
| Kentucky Municipal Power Agency (NATL) | 5.00% | 9/1/2035 | Baa1 | 5,000,000 | 5,117,997 | |||||||||
| Kentucky Municipal Power Agency (NATL) | 5.00% | 9/1/2036 | Baa1 | 5,000,000 | 5,100,281 | |||||||||
| Kentucky Public Energy Authority | 4.00% | #(a) | 8/1/2052 | A1 | 15,500,000 | 15,565,988 | ||||||||
| Kentucky Public Energy Authority | 5.25% | #(a) | 4/1/2054 | A1 | 26,455,000 | 28,850,849 | ||||||||
| Los Angeles Department od Wate & Power CA | 5.00% | 7/1/2053 | AA- | 9,000,000 | 10,180,120 | |||||||||
| Lower Colorado River Authority TX | 5.00% | 5/15/2040 | A | 2,970,000 | 3,027,344 | |||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 3/1/2050 | A3 | 4,125,000 | 4,145,907 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 25,000,000 | 24,065,385 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 14,205,000 | 14,319,674 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2052 | A3 | 13,400,000 | 14,149,587 | ||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Company AZ | 3.60% | 2/1/2040 | Baa2 | 3,085,000 | 2,820,030 | |||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Company AZ | 3.60% | 4/1/2040 | Baa2 | 4,315,000 | 3,941,632 | |||||||||
| Michigan Finance Authority | 5.00% | 7/1/2034 | A+ | 1,980,000 | 2,017,080 | |||||||||
| Montgomery County Industrial Development Authority - Constellation Energy Gen PA | 4.10% | #(a) | 4/1/2053 | BBB+ | 8,000,000 | 8,162,299 | ||||||||
| Municipal Electric Authority of Georgia | 5.00% | 1/1/2033 | A2 | 1,910,000 | 1,938,136 | |||||||||
| Municipal Electric Authority of Georgia (AGM) | 5.00% | 7/1/2048 | AA | 1,100,000 | 1,168,303 | |||||||||
| 90 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Municipal Electric Authority of Georgia (AGM) | 5.00% | 7/1/2048 | AA | $ | 1,750,000 | $ | 1,879,036 | |||||||
| Municipal Electric Authority of Georgia (AGM) | 5.00% | 7/1/2053 | AA | 2,300,000 | 2,441,183 | |||||||||
| New York City Municipal Water Finance Authority NY | 3.50% | 6/15/2048 | AA+ | 5,000,000 | 4,597,958 | |||||||||
| New York City Municipal Water Finance Authority NY | 4.00% | 6/15/2051 | AA+ | 6,155,000 | 6,119,093 | |||||||||
| New York City Municipal Water Finance Authority NY | 5.00% | 6/15/2035 | AA+ | 14,200,000 | 14,258,332 | |||||||||
| New York City Municipal Water Finance Authority NY | 5.25% | 6/15/2047 | AA+ | 4,500,000 | 5,132,931 | |||||||||
| New York Power Authority | 4.00% | 11/15/2050 | AA | 11,760,000 | 11,770,038 | |||||||||
| New York Power Authority | 4.00% | 11/15/2055 | AA | 5,000,000 | 4,978,039 | |||||||||
| Omaha Public Power District NE | 4.00% | 2/1/2046 | AA | 8,500,000 | 8,576,388 | |||||||||
| Omaha Public Power District Nebraska City Station Unit 2 | 5.25% | 2/1/2042 | A+ | 4,000,000 | 4,057,757 | |||||||||
| Paducah Electric Plant Board KY (AGM) | 5.00% | 10/1/2035 | AA | 1,000,000 | 1,044,296 | |||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(a) | 2/1/2054 | Aa1 | 10,000,000 | 10,896,156 | ||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(a) | 10/1/2054 | A1 | 15,000,000 | 16,173,226 | ||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2029 | A | 2,000,000 | 2,048,732 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2030 | A | 1,500,000 | 1,530,754 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 5,000,000 | 4,428,848 | |||||||||
| Salt Verde Financial Corp. AZ | 5.25% | 12/1/2027 | A3 | 3,750,000 | 3,958,921 | |||||||||
| Southeast Alabama Gas Supply District | 4.00% | #(a) | 4/1/2049 | A3 | 2,500,000 | 2,501,056 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 4.00% | #(a) | 12/1/2051 | A1 | 11,955,000 | 11,942,166 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(a) | 1/1/2053 | A1 | 5,000,000 | 5,431,953 | ||||||||
| Southern California Public Power Authority | 5.248% (3 mo. LIBOR * .67 + 1.47% | )# | 11/1/2038 | A2 | 3,090,000 | 2,877,663 | ||||||||
| Tennergy Corp. TN | 5.50% | #(a) | 10/1/2053 | Baa1 | 6,000,000 | 6,407,966 | ||||||||
| Tennessee Energy Acquisition Corp. | 5.625% | 9/1/2026 | BBB | (e) | 10,550,000 | 10,818,256 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | #(a) | 1/1/2054 | A2 | 5,000,000 | 5,560,763 | ||||||||
| Texas Water Development Board | 4.00% | 10/15/2037 | AAA | 7,760,000 | 7,982,976 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2049 | A- | (e) | 1,310,000 | 1,344,731 | ||||||||
| See Notes to Schedule of Investments. | 91 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||||
| Utilities (continued) | ||||||||||||||||
| Washington Suburban Sanitary Commission MD | 4.00% | 6/1/2047 | AAA | $ | 10,000,000 | $ | 10,252,605 | |||||||||
| Total | 556,840,444 | |||||||||||||||
| Total Municipal Bonds (cost $4,103,477,854) | 4,163,798,245 | |||||||||||||||
| Interest Rate# | Interest Rate Reset Date(g) | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 0.94% | ||||||||||||||||
| Variable Rate Demand Notes 0.94% | ||||||||||||||||
| General Obligation 0.70% | ||||||||||||||||
| City of New York NY GO | 4.150% | 1/2/2024 | 4/1/2042 | AA | 10,700,000 | 10,700,000 | ||||||||||
| City of New York NY GO | 4.150% | 1/2/2024 | 4/1/2042 | AA | 18,400,000 | 18,400,000 | ||||||||||
| Total | 29,100,000 | |||||||||||||||
| Utilities 0.24% | ||||||||||||||||
| Development Authority of Appling County - Georgia
Power Company (cost $10,000,000) | 3.550% | 1/2/2024 | 9/1/2041 | BBB+ | 10,000,000 | 10,000,000 | ||||||||||
| Total Short-Term Investments (cost $39,100,000) | 39,100,000 | |||||||||||||||
| Total Investments in Securities 101.59% (cost $4,142,577,854) | 4,202,898,245 | |||||||||||||||
| Other Assets and Liabilities – Net(h) (1.59)% | (65,953,163 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 4,136,945,082 | ||||||||||||||
| 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 | Certificate of Participation. | |
| GTD | Guaranteed. | |
| LIBOR | London Interbank Offered Rate. | |
| NATL | NATL National Public Finance Guarantee Corporation. | |
| PSF | Permanent School Fund. | |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. | |
| SOFR | Secured Overnight Financing Rate. | |
| 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, 2023, the total value of Rule 144A securities was $170,026,107, which represents 4.11% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 2023. | |
| ~ | Deferred interest debentures pay no interest for a stipulated number of years, after which they pay a predetermined interest rate. |
| 92 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
NATIONAL TAX FREE FUND December 31, 2023
| (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) | 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. | |
| (e) | This investment has been rated by Fitch IBCA. | |
| (f) | Securities purchased on a when-issued basis. | |
| (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, 2023:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
| U.S. Long Bond | March 2024 | 401 | Short | $ | (46,626,416 | ) | $ | (50,099,937 | ) | $(3,473,521 | ) | |||||||
The following is a summary of the inputs used as of December 31, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds(3) | ||||||||||||||||
| Corporate-Backed | $ | – | $ | 360,938,641 | $ | 3,724,000 | $ | 364,662,641 | ||||||||
| Education | – | 319,945,773 | 4,152,875 | 324,098,648 | ||||||||||||
| Other Revenue | – | 122,262,044 | 1,430,441 | 123,692,485 | ||||||||||||
| Special Tax | – | 70,729,810 | 207,214 | 70,937,024 | ||||||||||||
| Remaining Industries | – | 3,280,407,447 | – | 3,280,407,447 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 39,100,000 | – | 39,100,000 | ||||||||||||
| Total | $ | – | $ | 4,193,383,715 | $ | 9,514,530 | $ | 4,202,898,245 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (3,473,521 | ) | – | – | (3,473,521 | ) | ||||||||||
| Total | $ | (3,473,521 | ) | $ | – | $ | – | $ | (3,473,521 | ) | ||||||
| (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.
| See Notes to Schedule of Investments. | 93 |
Schedule of Investments (unaudited)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 101.09% | ||||||||||||||
| MUNICIPAL BONDS 101.09% | ||||||||||||||
| Corporate-Backed 20.84% | ||||||||||||||
| Allegheny County Industrial Development Authority - US Steel Corporation PA | 5.125% | 5/1/2030 | BB- | $ | 3,990,000 | $ | 4,059,776 | |||||||
| Arkansas Development Finance Authority - Big River Steel LLC AMT† | 4.50% | 9/1/2049 | Ba2 | 35,135,000 | 35,026,977 | |||||||||
| Arkansas Development Finance Authority - Hybar LLC† | 12.00% | 7/1/2048 | NR | 15,000,000 | 16,064,691 | |||||||||
| Arkansas Development Finance Authority - Hybar LLC AMT† | 6.875% | 7/1/2048 | NR | 9,250,000 | 9,706,524 | |||||||||
| Arkansas Development Finance Authority - US Steel Corporation AMT | 5.45% | 9/1/2052 | BB- | 18,000,000 | 18,028,424 | |||||||||
| Arkansas Development Finance Authority AMT | 5.70% | 5/1/2053 | BB- | 17,250,000 | 17,506,199 | |||||||||
| Avenir Community Development District FL | 5.375% | 5/1/2043 | NR | 4,000,000 | 3,977,332 | |||||||||
| Avenir Community Development District FL | 5.625% | 5/1/2054 | NR | 4,750,000 | 4,767,776 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 17,240,000 | 17,321,666 | ||||||||
| Boggy Creek Improvement District FL | 5.125% | 5/1/2043 | NR | 1,775,000 | 1,780,719 | |||||||||
| Boggy Creek Improvement District FL | 5.375% | 5/1/2053 | NR | 4,300,000 | 4,305,328 | |||||||||
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT† | 5.00% | 1/1/2035 | NR | 1,450,000 | 1,454,174 | |||||||||
| Calhoun County Navigation Industrial Development Authority - Max Midstream Texas LLC AMT† | 3.625% | 7/1/2026 | NR | 12,800,000 | 11,892,828 | |||||||||
| California Pollution Control Financing Authority - Poseidon Resources AMT† | 5.00% | 11/21/2045 | Baa3 | 3,025,000 | 3,025,710 | |||||||||
| Chandler Industrial Development Authority - Intel Corporation AZ AMT | 4.10% | #(a) | 12/1/2037 | A2 | 3,500,000 | 3,562,406 | ||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 4.70% | 1/1/2052 | NR | 15,475,000 | 14,712,390 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 4.00% | 7/15/2041 | B- | (b) | 4,475,000 | 3,999,869 | ||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/1/2029 | BB- | 18,325,000 | 18,329,301 | |||||||||
| City of Houston Airport System Revenue TX AMT | 5.00% | 7/15/2028 | BB- | 5,000,000 | 5,036,168 | |||||||||
| City of Valparaiso - Pratt Paper LLC IN AMT | 5.875% | 1/1/2024 | NR | 105,000 | 105,000 | |||||||||
| City of Valparaiso - Pratt Paper LLC IN AMT | 7.00% | 1/1/2044 | NR | 4,000,000 | 4,007,880 | |||||||||
| 94 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Downtown Doral South Community Development District FL† | 4.75% | 12/15/2038 | NR | $ | 625,000 | $ | 609,074 | |||||||
| Downtown Doral South Community Development District FL† | 5.00% | 12/15/2048 | NR | 1,500,000 | 1,450,459 | |||||||||
| Florida Development Finance Corp. - Waste pro USA Inc AMT† | 6.125% | #(a) | 7/1/2032 | NR | 9,000,000 | 9,076,767 | ||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT† | 5.00% | 5/1/2029 | NR | 4,500,000 | 4,314,781 | |||||||||
| Greater Orlando Aviation Authority - Jetblue Airways Corp FL | 5.00% | 11/15/2036 | NR | 5,570,000 | 5,570,262 | |||||||||
| Hoover Industrial Development Board - US Steel Corporation AL AMT | 5.75% | 10/1/2049 | BB- | 17,200,000 | 17,500,794 | |||||||||
| Illinois Finance Authority - LRS Holdings LLC AMT† | 7.375% | #(a) | 9/1/2042 | NR | 10,000,000 | 10,651,437 | ||||||||
| Indiana Finance Authority - US Steel Corporation | 4.125% | 12/1/2026 | BB- | 6,500,000 | 6,420,026 | |||||||||
| Indiana Finance Authority - US Steel Corporation AMT | 6.75% | 5/1/2039 | BB- | 3,500,000 | 3,829,140 | |||||||||
| Iowa Finance Authority - Howmet Aerospace Inc | 4.75% | 8/1/2042 | BBB- | 17,570,000 | 17,313,499 | |||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 4.00% | #(a) | 12/1/2050 | BBB- | 4,090,000 | 4,151,233 | ||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 5.00% | #(a) | 12/1/2050 | BBB- | 9,145,000 | 9,545,535 | ||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 5.00% | 12/1/2050 | BBB- | 23,370,000 | 24,481,353 | |||||||||
| Jefferson County Port Authority - JSW Steel USA OH† | 5.00% | #(a) | 12/1/2053 | Ba1 | 8,000,000 | 8,082,275 | ||||||||
| Jefferson County Port Authority - Jsw Steel USA Ohio Inc AMT† | 3.50% | 12/1/2051 | Ba1 | 10,000,000 | 7,486,685 | |||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - Entergy Louisiana LLC | 2.50% | 4/1/2036 | A | 7,110,000 | 5,941,757 | |||||||||
| Maricopa County Pollution Control Corp. - Southern CA Edison Co AZ | 2.40% | 6/1/2035 | A2 | 4,470,000 | 3,648,604 | |||||||||
| Maricopa County Pollution Control Corp. - Southern CA Edison Co AZ | 2.40% | 6/1/2035 | A2 | 7,500,000 | 6,121,819 | |||||||||
| Maryland Economic Development Corp.(c) | 5.00% | 12/1/2016 | NR | 3,430,000 | 2,058,000 | |||||||||
| Miami-Dade County Industrial Development Authority Cfc MB I LLC FL† | 6.25% | 1/1/2059 | NR | 8,000,000 | 7,949,306 | |||||||||
| See Notes to Schedule of Investments. | 95 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | $ | 5,000,000 | $ | 4,940,435 | |||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 3.75% | #(a) | 7/1/2045 | B | 5,595,000 | 4,387,443 | ||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 4.00% | 11/1/2027 | B | 1,250,000 | 1,210,674 | |||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 4.875% | 11/1/2042 | B | 17,000,000 | 14,737,439 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB- | 17,210,000 | 17,244,861 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.50% | 6/1/2033 | BB- | 6,760,000 | 6,809,067 | |||||||||
| New York City Industrial Development Agency - TRIPS Oblig Group NY | 5.00% | 7/1/2028 | BBB+ | 5,290,000 | 5,292,145 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.00% | 11/15/2044 | NR | 16,700,000 | 16,613,357 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 5,100,000 | 5,107,379 | |||||||||
| New York Liberty Development Corp. - 3 World Trade CTR† | 5.375% | 11/15/2040 | NR | 5,000,000 | 5,007,405 | |||||||||
| New York Liberty Development Corp. - 7 World Trade Center Ii | 3.125% | 9/15/2050 | Aaa | 2,500,000 | 2,018,522 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 3.125% | #(a) | 12/1/2044 | B+ | 2,000,000 | 1,918,815 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 5.125% | #(a) | 9/1/2050 | B1 | 1,000,000 | 1,014,417 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 3.00% | 8/1/2031 | BB- | (b) | 1,000,000 | 899,413 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2026 | B+ | 1,950,000 | 1,950,291 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2031 | B+ | 21,480,000 | 21,531,846 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 9,135,000 | 9,521,011 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 9,165,000 | 9,454,379 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2024 | Baa3 | 6,300,000 | 6,300,000 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2026 | Baa3 | 8,000,000 | 8,113,560 | |||||||||
| 96 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2035 | Baa3 | $ | 4,000,000 | $ | 4,161,325 | |||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B | 10,000,000 | 8,529,972 | |||||||||
| Ohio Air Quality Development Authority - AMG Vanadium LLC AMT† | 5.00% | 7/1/2049 | B- | 33,290,000 | 30,511,653 | |||||||||
| Parish of Beauregard - Officemax Inc LA | 6.80% | 2/1/2027 | B1 | 5,000,000 | 5,009,364 | |||||||||
| Parish of St. James - Nustar Logistics LP LA† | 5.85% | #(a) | 8/1/2041 | BB- | 1,000,000 | 1,020,546 | ||||||||
| Parish of St. James - Nustar Logistics LP LA† | 6.10% | #(a) | 6/1/2038 | BB- | 6,375,000 | 7,000,523 | ||||||||
| Parish of St. James - Nustar Logistics LP LA† | 6.10% | #(a) | 12/1/2040 | BB- | 2,750,000 | 3,019,834 | ||||||||
| Parish of St. James - Nustar Logistics LP LA† | 6.35% | 7/1/2040 | BB- | 5,000,000 | 5,457,637 | |||||||||
| Parish of St. James - Nustar Logistics LP LA† | 6.35% | 10/1/2040 | BB- | 7,690,000 | 8,393,846 | |||||||||
| Parish of St. John the Baptist - Marathon Oil Corporation LA | 4.05% | #(a) | 6/1/2037 | BBB- | 7,750,000 | 7,668,554 | ||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2045 | NR | 1,385,000 | 1,253,111 | |||||||||
| Pennsylvania Economic Development Financing Authority - Consol Energy Inc AMT† | 9.00% | #(a) | 4/1/2051 | BB | 4,250,000 | 4,688,972 | ||||||||
| Pennsylvania Economic Development Financing Authority - Covanta Holding Corp AMT† | 3.25% | 8/1/2039 | B | 6,980,000 | 5,014,530 | |||||||||
| Pennsylvania Economic Development Financing Authority - New Ngc Inc AMT | 5.50% | 11/1/2044 | NR | 1,000,000 | 1,002,964 | |||||||||
| Polk County Industrial Development Authority - Mineral Development LLC FL† | 5.875% | 1/1/2033 | NR | 7,020,000 | 7,130,159 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX† | 6.00% | 1/1/2025 | NR | 3,270,000 | 3,086,864 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 3.00% | 1/1/2050 | NR | 7,250,000 | 4,279,716 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 4.00% | 1/1/2050 | NR | 11,590,000 | 8,330,136 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 6.75% | 12/1/2042 | NR | 1,000,000 | 929,321 | |||||||||
| Public Finance Authority - Celanese US Holdings LLC WI AMT | 4.30% | 11/1/2030 | BBB- | 4,000,000 | 3,891,284 | |||||||||
| See Notes to Schedule of Investments. | 97 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| 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 AMT | 5.00% | 1/1/2024 | BBB- | $ | 6,750,000 | $ | 6,750,000 | |||||||
| Public Finance Authority - Celanese US Holdings LLC WI AMT | 5.00% | 12/1/2025 | BBB- | 1,950,000 | 1,970,789 | |||||||||
| Public Finance Authority - Sky Harbour Cap Oblig WI AMT | 4.25% | 7/1/2054 | NR | 20,000,000 | 14,092,808 | |||||||||
| Public Finance Authority - TRIPS Oblig Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 11,000,000 | 11,002,839 | |||||||||
| Southwestern Illinois Development Authority - US Steel Corp Proj | 5.75% | 8/1/2042 | BB- | 2,500,000 | 2,500,003 | |||||||||
| Sumter County Industrial Development Authority - Enviva Inc AL AMT | 6.00% | #(a) | 7/15/2052 | CC | 30,000,000 | 13,867,689 | ||||||||
| Town of Rumford - Officemax Inc ME | 6.875% | 10/1/2026 | B1 | 1,500,000 | 1,502,849 | |||||||||
| Tulsa Airports Improvement Trust - American Airlines Inc OK AMT | 5.00% | #(a) | 6/1/2035 | B+ | 6,750,000 | 6,744,243 | ||||||||
| Tulsa Airports Improvement Trust - American Airlines Inc OK AMT | 5.50% | 12/1/2035 | NR | 2,700,000 | 2,700,087 | |||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Company AL† | 4.50% | 5/1/2032 | NR | 2,525,250 | 2,410,119 | |||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Company AL† | 5.25% | 5/1/2044 | NR | 22,035,000 | 20,374,517 | |||||||||
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT† | 5.00% | #(a) | 6/1/2052 | B+ | 9,000,000 | 9,030,733 | ||||||||
| Village Community Development District No. 15 FL† | 5.25% | 5/1/2054 | NR | 4,000,000 | 4,043,317 | |||||||||
| Virginia Small Business Financing Authority - Covanta Holding Corp AMT† | 5.00% | #(a) | 1/1/2048 | B | 3,150,000 | 2,952,164 | ||||||||
| West Pace Cooperative District AL(c) | 9.125% | 5/1/2039 | NR | 13,770,000 | 10,465,200 | (d) | ||||||||
| West Virginia Economic Development Authority - Kentucky Power Co AMT | 4.70% | #(a) | 4/1/2036 | Baa3 | 4,000,000 | 4,015,551 | ||||||||
| Total | 733,749,622 | |||||||||||||
| Education 7.17% | ||||||||||||||
| Arizona Industrial Development Authority - Academies Math & Sci Oblig† | 5.625% | 7/1/2048 | BB+ | 2,235,000 | 2,244,441 | |||||||||
| Arizona Industrial Development Authority - Academies Math & Sci Oblig† | 5.75% | 7/1/2053 | BB+ | 3,000,000 | 3,017,153 | |||||||||
| Arizona Industrial Development Authority - Basis Schools Inc Oblig† | 5.00% | 7/1/2047 | BB | 1,325,000 | 1,229,972 | (d) | ||||||||
| Arizona Industrial Development Authority - Basis Schools Inc Oblig† | 5.00% | 7/1/2051 | BB | 3,080,000 | 2,814,230 | (d) | ||||||||
| 98 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Arizona Industrial Development Authority - Odyssey Preparatory Acdmy† | 5.00% | 7/1/2049 | BB- | $ | 2,000,000 | $ | 1,766,200 | |||||||
| Arizona Industrial Development Authority - Odyssey Preparatory Acdmy† | 5.00% | 7/1/2054 | BB- | 5,000,000 | 4,328,952 | |||||||||
| Build NYC Resource Corp. - E Harlem Scholars Oblig Gp NY† | 5.75% | 6/1/2052 | BB+ | 1,250,000 | 1,274,052 | |||||||||
| Build NYC Resource Corp. - E Harlem Scholars Oblig Gp NY† | 5.75% | 6/1/2062 | BB+ | 3,750,000 | 3,801,886 | |||||||||
| California Educational Facilities Authority - ST Mary’s College | 5.25% | 10/1/2044 | BBB- | 600,000 | 635,542 | |||||||||
| California Educational Facilities Authority - ST Mary’s College | 5.50% | 10/1/2053 | BBB- | 2,200,000 | 2,323,060 | |||||||||
| California Municipal Finance Authority - Sdori Charter Sch Pptys† | 5.625% | 3/1/2045 | B+ | 11,500,000 | 10,815,560 | |||||||||
| Camden County Improvement Authority - Kipp Cooper Norcross Oblig NJ | 6.00% | 6/15/2062 | BBB | 2,535,000 | 2,754,305 | |||||||||
| Capital Trust Agency, Inc. - Advantage Admy Oblig Grp FL | 5.00% | 12/15/2049 | Baa3 | 1,360,000 | 1,341,117 | |||||||||
| Capital Trust Agency, Inc. - Advantage Admy Oblig Grp FL | 5.00% | 12/15/2054 | Baa3 | 705,000 | 686,111 | |||||||||
| Capital Trust Agency, Inc. - Renaissance Chtr Sch 2019 FL† | 5.00% | 6/15/2039 | NR | 1,950,000 | 1,820,412 | |||||||||
| Capital Trust Agency, Inc. - Renaissance Chtr Sch 2019 FL† | 5.00% | 6/15/2049 | NR | 9,815,000 | 8,776,716 | |||||||||
| Capital Trust Agency, Inc. - Sestrn Univ Oblig Group FL† | 6.375% | 5/1/2053 | BB | 6,150,000 | 6,211,694 | |||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2048 | A | (b) | 7,250,000 | 7,940,133 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL TCRS (BAM) | 5.00% | 4/1/2045 | AA | 2,500,000 | 2,627,687 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB+ | 26,695,000 | 23,220,683 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2036 | BB+ | 4,000,000 | 4,049,704 | |||||||||
| City of Jacksonville - Jacksonville University FL† | 5.00% | 6/1/2053 | NR | 6,500,000 | 5,786,658 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 5.75% | 8/15/2045 | NR | 6,500,000 | 6,467,692 | |||||||||
| Columbus-Franklin County Finance Authority - Ohio Dominican University | 6.50% | 3/1/2048 | NR | 5,010,000 | 3,580,676 | |||||||||
| Columbus-Franklin County Finance Authority - Ohio Dominican University | 6.50% | 3/1/2053 | NR | 3,500,000 | 2,445,114 | |||||||||
| See Notes to Schedule of Investments. | 99 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| County of Frederick - Mount St Mary’S Univ MD† | 5.00% | 9/1/2045 | BB+ | $ | 10,145,000 | $ | 9,385,854 | |||||||
| County of Tuscarawas - Ashland University OH | 6.00% | 3/1/2045 | NR | 5,000,000 | 4,999,465 | |||||||||
| Development Authority Of The City of Marietta - Life University Inc GA† | 5.00% | 11/1/2047 | Ba3 | 8,000,000 | 6,955,505 | (d) | ||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2037 | Ba3 | 13,000,000 | 12,042,485 | |||||||||
| Florida Development Finance Corp. - Renaissance Chtr 2020 C/D† | 5.00% | 9/15/2040 | NR | 1,505,000 | 1,359,250 | |||||||||
| Florida Development Finance Corp. - Renaissance Chtr Sch† | 6.75% | 6/15/2053 | NR | 5,000,000 | 5,360,435 | |||||||||
| Florida Higher Educational Facilities Financial Authority - Jacksonville University† | 5.00% | 6/1/2048 | NR | 9,000,000 | 8,174,578 | |||||||||
| Illinois Finance Authority - Depaul College Prep† | 5.50% | 8/1/2043 | BB+ | 1,360,000 | 1,393,505 | |||||||||
| Illinois Finance Authority - Depaul College Prep† | 5.625% | 8/1/2053 | BB+ | 4,500,000 | 4,574,673 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - Basis Schools Inc Oblig† | 5.00% | 7/1/2045 | BB | 7,200,000 | 6,757,972 | (d) | ||||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.25% | 10/1/2040 | NR | 3,000,000 | 3,014,965 | |||||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.50% | 10/1/2051 | NR | 7,915,000 | 7,869,656 | |||||||||
| Middlesex County Improvement Authority NJ(e) | 5.00% | 8/15/2053 | Aa3 | 15,000,000 | 16,587,520 | |||||||||
| New York State Dormitory Authority - St John’s University | 4.00% | 7/1/2048 | A- | 2,360,000 | 2,306,734 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2042 | BBB- | 3,725,000 | 3,867,935 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2050 | BBB- | 8,000,000 | 8,124,066 | |||||||||
| Public Finance Authority - Minnesota Medical Univ WI†(c) | 5.50% | 12/1/2048 | NR | 65,535 | 33,429 | |||||||||
| Public Finance Authority - Uma Education Inc† | 5.00% | 10/1/2039 | BB+ | 7,750,000 | 7,749,402 | |||||||||
| Public Finance Authority - Uma Education Inc WI† | 5.00% | 10/1/2034 | BB+ | 2,610,000 | 2,672,581 | |||||||||
| 100 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2043 | BBB- | $ | 2,000,000 | $ | 2,012,388 | |||||||
| Sierra Vista Industrial Development Authority - American Leadership Acdmy AZ† | 5.75% | 6/15/2058 | NR | 19,000,000 | 19,060,146 | |||||||||
| State of Nevada Department of Business & Industry - Somerset Acad Nlv Bldg 1† | 5.00% | 12/15/2048 | BB | 1,500,000 | 1,375,986 | |||||||||
| Washington State Housing Finance Commission - Seattle Academy of Arts† | 6.25% | 7/1/2059 | BBB | 2,250,000 | 2,483,215 | |||||||||
| Washington State Housing Finance Commission - Seattle Academy of Arts† | 6.375% | 7/1/2063 | BBB | 2,000,000 | 2,185,728 | |||||||||
| Total | 252,307,223 | |||||||||||||
| Energy 0.09% | ||||||||||||||
| PEFA, Inc. IA | 5.00% | #(a) | 9/1/2049 | A3 | 3,180,000 | 3,257,990 | ||||||||
| Financial Services 0.54% | ||||||||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2047 | CCC+ | 12,925,000 | 6,753,558 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2050 | CCC+ | 23,325,000 | 12,192,372 | |||||||||
| Total | 18,945,930 | |||||||||||||
| General Obligation 12.38% | ||||||||||||||
| Academical Village Community Development District FL | 3.625% | 5/1/2040 | NR | 2,320,000 | 1,924,570 | |||||||||
| Academical Village Community Development District FL | 4.00% | 5/1/2051 | NR | 4,500,000 | 3,582,388 | |||||||||
| American Samoa Economic Development Authority† | 5.00% | 9/1/2038 | Ba3 | 5,500,000 | 5,565,767 | |||||||||
| American Samoa Economic Development Authority | 6.625% | 9/1/2035 | Ba3 | 2,275,000 | 2,374,839 | |||||||||
| American Samoa Economic Development Authority† | 7.125% | 9/1/2038 | Ba3 | 7,020,000 | 7,749,103 | |||||||||
| Arlington Higher Education Finance Corp. - Brooks Collegiate Acad TX | 5.00% | 6/15/2041 | NR | 3,000,000 | 2,693,092 | |||||||||
| Arlington Higher Education Finance Corp. - Brooks Collegiate Acad TX | 5.00% | 6/15/2051 | NR | 4,230,000 | 3,520,239 | |||||||||
| Black Belt Energy Gas District AL | 5.25% | #(a) | 2/1/2053 | A1 | 17,500,000 | 18,695,789 | ||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 1/1/2054 | Baa1 | 19,500,000 | 20,639,231 | ||||||||
| See Notes to Schedule of Investments. | 101 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2041 | BB+ | $ | 5,000,000 | $ | 4,625,355 | |||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB+ | 5,000,000 | 5,186,895 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2030 | BB+ | 5,170,000 | 5,344,680 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2031 | BB+ | 2,500,000 | 2,575,308 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB+ | 2,000,000 | 2,055,496 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB+ | 1,500,000 | 1,540,449 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 9,515,000 | 10,045,399 | |||||||||
| Chicago Board of Education IL GO | 5.25% | 12/1/2035 | BB+ | 9,015,000 | 9,027,033 | |||||||||
| Chicago Board of Education IL GO | 5.25% | 12/1/2039 | BB+ | 8,410,000 | 8,410,840 | |||||||||
| Chicago Board of Education IL GO | 5.875% | 12/1/2047 | BB+ | 3,750,000 | 4,086,431 | |||||||||
| Chicago Board of Education IL GO | 6.00% | 12/1/2049 | BB+ | 4,875,000 | 5,356,080 | |||||||||
| Chicago Board of Education IL GO | 6.50% | 12/1/2046 | BB+ | 5,000,000 | 5,235,015 | |||||||||
| Chicago Board of Education IL GO† | 6.75% | 12/1/2030 | BB+ | 2,000,000 | 2,214,632 | |||||||||
| Chicago Board of Education IL GO | 7.00% | 12/1/2044 | BB+ | 3,840,000 | 3,999,403 | |||||||||
| Chicago Board of Education IL GO† | 7.00% | 12/1/2046 | BB+ | 6,560,000 | 7,071,197 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2040 | BBB+ | 3,500,000 | 3,634,204 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2044 | BBB+ | 3,000,000 | 3,079,915 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2030 | BBB+ | 3,435,000 | 3,482,355 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2033 | BBB+ | 3,305,000 | 3,349,287 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2037 | BBB+ | 1,000,000 | 1,010,950 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2039 | BBB+ | 2,125,000 | 2,335,715 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2049 | BBB+ | 9,090,000 | 9,476,188 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2038 | BBB+ | 18,085,000 | 18,996,809 | |||||||||
| City of Coralville IA GO | 4.50% | 6/1/2032 | BB+ | 4,000,000 | 4,004,834 | |||||||||
| City of New Haven CT GO | 5.50% | 8/1/2033 | A- | 1,000,000 | 1,094,016 | |||||||||
| City of New Haven CT GO | 5.50% | 8/1/2035 | A- | 660,000 | 720,166 | |||||||||
| City of New Haven CT GO | 5.50% | 8/1/2037 | A- | 1,280,000 | 1,385,499 | |||||||||
| City of Scranton PA GO† | 5.00% | 9/1/2028 | BBB- | 2,085,000 | 2,107,401 | |||||||||
| City of Scranton PA GO† | 5.00% | 9/1/2029 | BBB- | 1,000,000 | 1,011,192 | |||||||||
| City of Scranton PA GO | 5.00% | 11/15/2032 | BBB- | 10,920,000 | 10,931,821 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(a) | 11/1/2043 | NR | 18,255,500 | 9,972,067 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2041 | NR | 12,945,000 | 11,915,941 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 41,982,156 | 37,552,069 | |||||||||
| County of Pasco FL (AGM) | 5.75% | 9/1/2054 | AA | 2,000,000 | 2,276,933 | |||||||||
| Grant County Public Hospital District No. 1 WA GO | 5.125% | 12/1/2052 | Baa2 | 4,750,000 | 4,902,395 | |||||||||
| Idaho Falls Auditorium District COPS† | 5.25% | 5/15/2051 | NR | 11,500,000 | 11,158,172 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 6/1/2053 | A3 | 9,000,000 | 9,548,870 | ||||||||
| 102 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2048 | A1 | $ | 2,000,000 | $ | 2,240,141 | |||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2048 | A1 | 3,975,000 | 4,452,281 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2053 | A1 | 4,000,000 | 4,441,887 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2053 | A1 | 3,000,000 | 3,326,174 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2041 | A2 | 1,500,000 | 1,724,349 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2042 | A2 | 1,000,000 | 1,142,428 | |||||||||
| New York State Urban Development Corp. | 3.00% | 3/15/2049 | Aa1 | 10,000,000 | 8,046,328 | |||||||||
| Pennsylvania Economic Development Financing Authority AMT | 6.00% | 6/30/2061 | Baa2 | 23,480,000 | 26,093,005 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 7.00% | 12/1/2050 | NR | 18,400,000 | 17,200,373 | |||||||||
| Puerto Rico Public Finance Corp. | Zero Coupon | 8/1/2031 | NR | 24,500,000 | 643,125 | (d) | ||||||||
| State of Illinois GO | 3.50% | 6/1/2029 | A- | 4,520,000 | 4,524,312 | |||||||||
| State of Illinois GO | 4.00% | 6/1/2037 | A- | 7,040,000 | 7,072,949 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2039 | A- | 8,280,000 | 9,172,195 | |||||||||
| State of Illinois GO | 5.50% | 10/1/2039 | A- | 4,000,000 | 4,559,096 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2042 | A- | 5,250,000 | 5,876,403 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2047 | A- | 15,270,000 | 16,769,199 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2047 | A- | 6,000,000 | 6,595,903 | |||||||||
| State of Illinois GO | 5.75% | 5/1/2045 | A- | 1,000,000 | 1,101,130 | |||||||||
| University City Industrial Development Authority MO | 4.875% | 6/15/2036 | NR | 1,200,000 | 1,215,846 | (d) | ||||||||
| University City Industrial Development Authority MO | 5.50% | 6/15/2042 | NR | 6,000,000 | 6,074,765 | (d) | ||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2043 | BBB- | 6,245,000 | 6,064,150 | |||||||||
| Total | 435,802,069 | |||||||||||||
| Health Care 16.32% | ||||||||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2041 | BBB | 4,000,000 | 4,013,749 | |||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2046 | BBB | 3,300,000 | 3,237,831 | |||||||||
| Antelope Valley Healthcare District CA | 5.25% | 3/1/2036 | BBB | 1,000,000 | 1,021,764 | |||||||||
| Atlanta Development Authority The - Georgia Protoncare Ctr In(c) | 6.00% | 1/1/2023 | NR | 2,000,000 | 900,000 | (d) | ||||||||
| See Notes to Schedule of Investments. | 103 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Atlanta Development Authority The - Georgia Protoncare Ctr In(c) | 6.75% | 1/1/2035 | NR | $ | 1,500,000 | $ | 675,000 | (d) | ||||||
| Atlanta Development Authority The - Georgia Protoncare Ctr In(c) | 7.00% | 1/1/2040 | NR | 8,000,000 | 3,600,000 | (d) | ||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 4.00% | 11/1/2047 | CCC+ | 15,315,000 | 8,004,264 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 4.00% | 11/1/2050 | CCC+ | 6,000,000 | 3,136,144 | |||||||||
| Berks County Industrial Development Authority - Tower Health Oblig Group PA | 5.00% | 11/1/2026 | CCC+ | 3,235,000 | 2,036,257 | (d) | ||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | #(a) | 2/1/2040 | CCC+ | 1,505,000 | 800,812 | ||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2040 | BB | 4,880,000 | 4,750,606 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2045 | BB | 910,000 | 856,969 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hosp Oblig Grp PA | 4.00% | 7/1/2046 | BB- | 22,745,000 | 18,041,300 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2040 | B- | 11,020,000 | 9,004,795 | |||||||||
| California Municipal Finance Authority - Cmnty Hosps Ctrl Grp | 3.00% | 2/1/2046 | A3 | 5,000,000 | 3,657,719 | |||||||||
| California Public Finance Authority - Kendal At Ventura† | 10.00% | 5/15/2028 | NR | 6,500,000 | 6,952,399 | (d) | ||||||||
| California Public Finance Authority - Kendal At Ventura† | 12.00% | 5/15/2028 | NR | 1,000,000 | 1,115,936 | (d) | ||||||||
| California Statewide Communities Development Authority - Eskaton Pptys Inc Oblig Gp | 5.25% | 11/15/2034 | BBB- | 1,565,000 | 1,565,140 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig† | 5.00% | 12/1/2046 | BB | 6,000,000 | 5,940,856 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig | 5.25% | 12/1/2044 | BB | 12,265,000 | 12,296,625 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig† | 5.25% | 12/1/2056 | BB | 29,545,000 | 29,640,040 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig | 5.50% | 12/1/2054 | BB | 13,255,000 | 13,245,732 | |||||||||
| 104 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| 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 Oblig† | 5.50% | 12/1/2058 | BB | $ | 17,750,000 | $ | 18,156,908 | |||||||
| California Statewide Communities Development Authority - Verity Hlth Sys Oblig | 5.50% | 7/1/2039 | NR | 57,837 | 54,367 | |||||||||
| California Statewide Communities Development Authority - Verity Hlth Sys Oblig | 5.75% | 7/1/2024 | NR | 14,162 | 13,312 | |||||||||
| California Statewide Communities Development Authority - Verity Hlth Sys Oblig | 5.75% | 7/1/2035 | NR | 28,324 | 26,625 | |||||||||
| Chester County Health & Education Facilities Authority - Immaculata University PA | 5.00% | 11/1/2037 | BB- | (b) | 4,000,000 | 3,520,961 | ||||||||
| Chester County Health & Education Facilities Authority - Immaculata University PA | 5.00% | 11/1/2046 | BB- | (b) | 4,100,000 | 3,298,564 | ||||||||
| City of Blaine - Crest View Oblig Grp MN | 6.125% | 7/1/2050 | NR | 5,000,000 | 3,250,000 | |||||||||
| City of Fruita Healthcare Revenue - Lower Vy Hosp Assoc Oblig CO† | 5.375% | 1/1/2033 | NR | 3,400,000 | 3,302,181 | |||||||||
| City of Fruita Healthcare Revenue - Lower Vy Hosp Assoc Oblig CO† | 5.50% | 1/1/2048 | NR | 16,350,000 | 14,920,719 | (d) | ||||||||
| County of Cuyahoga - The Metrohealth System OH | 5.50% | 2/15/2057 | BBB | 4,900,000 | 4,997,295 | |||||||||
| County of Howard - Columbia Vantage Hse Corp MD | 5.00% | 4/1/2044 | NR | 2,955,000 | 2,462,475 | |||||||||
| County of Howard - Columbia Vantage Hse Corp MD | 5.00% | 4/1/2046 | NR | 7,000,000 | 5,737,770 | |||||||||
| County of Muskingum - Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2033 | BB+ | 2,765,000 | 2,765,130 | |||||||||
| County of Muskingum - Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2044 | BB+ | 21,190,000 | 19,978,525 | |||||||||
| County of Washington - Marietta Area Hlthcr Oblig OH | 6.75% | 12/1/2052 | NR | 15,100,000 | 15,972,733 | |||||||||
| County of Wilson - Wilson County Hospital KS | 5.60% | 9/1/2036 | NR | 3,530,000 | 3,100,840 | (d) | ||||||||
| Crawford County Hospital Authority - Meadville Med Ctr Oblig PA | 6.00% | 6/1/2046 | NR | 2,225,000 | 2,268,111 | |||||||||
| Crawford County Hospital Authority - Meadville Med Ctr Oblig PA | 6.00% | 6/1/2051 | NR | 2,600,000 | 2,634,939 | |||||||||
| See Notes to Schedule of Investments. | 105 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | $ | 3,700,000 | $ | 3,702,195 | |||||||
| Duluth Economic Development Authority - Essentia Health Oblig Grp MN | 5.25% | 2/15/2058 | A- | 10,500,000 | 10,818,498 | |||||||||
| Duluth Economic Development Authority - St Lukes Hosp Duluth Oblig MN | 5.25% | 6/15/2052 | BB+ | 5,000,000 | 5,097,062 | |||||||||
| Franklin Health & Educational Facilities Board - MTPC LLC Oblig Group TN†(c) | 7.50% | 6/1/2047 | NR | 7,635,000 | 839,850 | |||||||||
| Fulton County Industrial Development Authority Fulton County Medical Ctr PA | 5.00% | 7/1/2046 | NR | 4,450,000 | 4,130,745 | (d) | ||||||||
| Fulton County Industrial Development Authority Fulton County Medical Ctr PA | 5.00% | 7/1/2051 | NR | 5,000,000 | 4,551,965 | (d) | ||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Oblig AZ | 5.00% | 11/15/2036 | NR | 1,500,000 | 1,350,530 | |||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Oblig AZ | 5.00% | 11/15/2040 | NR | 3,000,000 | 2,562,016 | |||||||||
| Grays Harbor County Public Hospital District No. 1 - Summit Pacific Medical WA | 6.875% | 12/1/2049 | BB+ | 7,500,000 | 7,974,705 | |||||||||
| Grays Harbor County Public Hospital District No. 1 - Summit Pacific Medical WA | 6.875% | 12/1/2053 | BB+ | 8,000,000 | 8,404,268 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. - Brazos Presbyterian Oblig TX | 5.125% | 1/1/2048 | BB+ | (b) | 1,655,000 | 1,417,823 | ||||||||
| Holmes County Hospital Corp. FL(c) | 5.75% | 11/1/2026 | NR | 3,280,000 | 3,102,911 | |||||||||
| Holmes County Hospital Corp. FL | 6.00% | 11/1/2038 | NR | 7,115,000 | 6,291,935 | |||||||||
| Idaho Health Facilities Authority - North Canyon Med Ctr Inc | 7.00% | 11/1/2048 | NR | 8,000,000 | 8,589,591 | |||||||||
| Idaho Health Facilities Authority - North Canyon Med Ctr Inc | 7.125% | 11/1/2057 | NR | 7,000,000 | 7,420,490 | |||||||||
| Industrial Development Authority of the County of Pima - La Posada Park Centre Oblig AZ† | 6.875% | 11/15/2052 | NR | 4,000,000 | 4,088,659 | |||||||||
| Industrial Development Authority of the County of Pima - La Posada Park Centre Oblig AZ† | 7.00% | 11/15/2057 | NR | 5,500,000 | 5,649,007 | |||||||||
| Jefferson County Public Hospital District No. 2 - Jefferson Healthcare WA | 6.875% | 12/1/2053 | NR | 10,000,000 | 10,296,303 | |||||||||
| Kentucky Economic Development Finance Authority - Masonic Homes Oblig | 5.375% | 11/15/2032 | NR | 1,100,000 | 1,004,327 | |||||||||
| King County Public Hospital District No. 4 WA | 6.25% | 12/1/2045 | NR | 4,000,000 | 4,024,775 | |||||||||
| 106 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - St James Place Oblig Grp | 6.25% | 11/15/2045 | NR | $ | 6,100,000 | $ | 5,847,313 | |||||||
| Magnolia West Community Development District FL | 5.35% | 5/1/2037 | NR | 205,000 | 206,211 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Doctors Hosp Inc Oblig Grp | 5.00% | 7/1/2038 | A3 | 10,415,000 | 10,676,182 | |||||||||
| Massachusetts Development Finance Agency - Ascentria Care Alliance† | 5.00% | 7/1/2041 | NR | 3,500,000 | 3,038,496 | |||||||||
| Massachusetts Development Finance Agency - Ascentria Care Alliance† | 5.00% | 7/1/2051 | NR | 5,625,000 | 4,556,626 | |||||||||
| Massachusetts Development Finance Agency - Ascentria Care Alliance† | 5.00% | 7/1/2056 | NR | 2,310,000 | 1,833,248 | |||||||||
| Moon Industrial Development Authority - Baptist Homes Society Oblig PA | 6.00% | 7/1/2045 | NR | 9,250,000 | 6,868,031 | |||||||||
| New Hampshire Business Finance Authority - Ascentria Care Alliance† | 5.00% | 7/1/2041 | NR | 1,885,000 | 1,606,084 | |||||||||
| New Hampshire Business Finance Authority - Ascentria Care Alliance† | 5.00% | 7/1/2051 | NR | 3,225,000 | 2,543,722 | |||||||||
| New Hampshire Business Finance Authority - Ascentria Care Alliance† | 5.00% | 7/1/2056 | NR | 1,910,000 | 1,472,075 | |||||||||
| New Jersey Economic Development Authority - Bancroft Neurohealth Oblig | 5.00% | 6/1/2036 | NR | 1,500,000 | 1,418,903 | |||||||||
| New York State Dormitory Authority | 4.00% | 3/15/2049 | AA+ | 6,290,000 | 6,258,140 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig | 4.00% | 7/1/2045 | B- | 5,500,000 | 3,929,520 | |||||||||
| Niagara Area Development Corp. - Catholic Hlth Sys Oblig NY | 4.50% | 7/1/2052 | B- | 3,240,000 | 2,387,558 | |||||||||
| Niagara Area Development Corp. - Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2052 | B- | 8,545,000 | 6,663,726 | |||||||||
| Oconee County Industrial Development Authority - Westminster Presbytrn Oblig GA | 6.25% | 12/1/2048 | NR | 1,000,000 | 867,913 | |||||||||
| Oconee County Industrial Development Authority - Westminster Presbytrn Oblig GA | 6.375% | 12/1/2053 | NR | 3,000,000 | 2,599,491 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Oblig Grp | 5.00% | 8/15/2038 | BB- | 4,515,000 | 4,436,448 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Oblig Grp | 5.25% | 8/15/2048 | BB- | 7,135,000 | 6,918,762 | |||||||||
| See Notes to Schedule of Investments. | 107 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Oklahoma Development Finance Authority - OU Medicine Oblig Grp | 5.45% | 8/15/2028 | BB- | $ | 3,000,000 | $ | 2,695,910 | |||||||
| Oklahoma Development Finance Authority - OU Medicine Oblig Grp | 5.50% | 8/15/2052 | BB- | 15,000,000 | 15,068,407 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Oblig Grp | 5.50% | 8/15/2057 | BB- | 6,500,000 | 6,516,786 | |||||||||
| Philadelphia Authority for Industrial Development - Gtr Phila Hlth Action Inc PA | 6.50% | 6/1/2045 | NR | 2,485,000 | 2,470,614 | |||||||||
| Philadelphia Authority for Industrial Development - Gtr Phila Hlth Action Inc PA | 6.625% | 6/1/2050 | NR | 3,415,000 | 3,414,958 | |||||||||
| Public Finance Authority - Aurora Integrated Oncology Foundation WI† | 10.00% | 11/1/2038 | NR | 13,000,000 | 13,068,890 | |||||||||
| Public Finance Authority - Bancroft Neurohealth Oblig WI† | 4.625% | 6/1/2036 | NR | 4,330,000 | 3,884,033 | (d) | ||||||||
| Public Finance Authority - Bancroft Neurohealth Oblig WI† | 5.125% | 6/1/2048 | NR | 7,060,000 | 6,240,313 | |||||||||
| Public Finance Authority - Lehigh VY Hlth Network WI† | 7.25% | 12/1/2042 | NR | 8,750,000 | 8,817,575 | |||||||||
| Public Finance Authority - Lehigh VY Hlth Network WI† | 7.50% | 12/1/2052 | NR | 8,650,000 | 8,800,646 | |||||||||
| Public Finance Authority - Proton Intl - Delray LLC WI†(c) | 6.85% | 11/1/2046 | NR | 2,000,000 | 1,100,000 | |||||||||
| Public Finance Authority - Proton Intl Alabama LLC WI†(c) | 6.85% | 10/1/2047 | NR | 3,000,000 | 300,000 | |||||||||
| Public Finance Authority - Rose Villa Inc Oblig Grp WI† | 5.75% | 11/15/2044 | NR | 2,035,000 | 2,074,235 | |||||||||
| Rhode Island Health & Educational Building Corp. - Care New England Hlth Oblig | 5.00% | 9/1/2036 | B+ | 7,000,000 | 6,875,926 | |||||||||
| Shelby County Health Educational & Housing Facilities Board - Luke Inc Oblig Group TN | 5.75% | 10/1/2059 | NR | 10,000,000 | 7,136,705 | |||||||||
| South Carolina Jobs-Economic Development Authority - Hampton Regl Med Ctr Oblig | 5.00% | 11/1/2042 | NR | 3,815,000 | 3,646,908 | |||||||||
| South Carolina Jobs-Economic Development Authority - Hampton Regl Med Ctr Oblig | 5.00% | 11/1/2046 | NR | 6,070,000 | 5,675,454 | (d) | ||||||||
| 108 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| 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 - Kiawah Life Plan Vlg Inc | 7.50% | 11/15/2053 | NR | $ | 9,000,000 | $ | 9,296,257 | |||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Vlg Inc | 7.75% | 11/15/2058 | NR | 9,000,000 | 9,292,882 | |||||||||
| Southeastern Ohio Port Authority - Marietta Area Hlthcr Oblig | 5.50% | 12/1/2043 | B+ | (b) | 5,025,000 | 4,752,066 | ||||||||
| Tarrant County Cultural Education Facilities Finance Corp TX(e) | 5.00% | 7/1/2053 | A1 | 9,500,000 | 10,004,153 | |||||||||
| Upper San Juan Health Service District Medical Center Revenue CO | 6.00% | 6/1/2041 | NR | 2,225,000 | 2,240,829 | |||||||||
| Upper San Juan Health Service District Medical Center Revenue CO | 6.125% | 6/1/2046 | NR | 3,015,000 | 3,028,979 | |||||||||
| West Virginia Hospital Finance Authority - Vandalia Hlth Oblig Grp | 6.00% | 9/1/2048 | Baa1 | 2,060,000 | 2,354,458 | |||||||||
| West Virginia Hospital Finance Authority - Vandalia Hlth Oblig Grp | 6.00% | 9/1/2053 | Baa1 | 3,250,000 | 3,684,367 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 5.00% | 11/1/2047 | AA | 2,875,000 | 3,080,092 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 5.75% | 11/1/2053 | AA | 2,250,000 | 2,541,005 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 6.25% | 11/1/2052 | BBB- | 1,280,000 | 1,464,395 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Ascension Health Credit Grp | 4.00% | 11/15/2046 | AA+ | 5,180,000 | 4,986,820 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Sauk-Prairie Mem Hosp Oblig | 5.375% | 2/1/2048 | Ba2 | 4,000,000 | 3,657,496 | |||||||||
| Total | 574,572,656 | |||||||||||||
| Housing 4.82% | ||||||||||||||
| California Community Housing Agency† | 3.00% | 2/1/2057 | NR | 14,105,000 | 9,328,024 | |||||||||
| California Community Housing Agency† | 4.00% | 2/1/2050 | NR | 21,045,000 | 15,442,215 | |||||||||
| California Community Housing Agency† | 5.00% | 8/1/2050 | NR | 11,000,000 | 10,251,916 | |||||||||
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB | 2,419,793 | 2,277,626 | |||||||||
| California Municipal Finance Authority - Caritas Affordable Hsg | 5.25% | 8/15/2039 | A- | 550,000 | 554,766 | |||||||||
| California Statewide Communities Development Authority† | 3.00% | 6/1/2047 | NR | 16,640,000 | 12,078,136 | |||||||||
| See Notes to Schedule of Investments. | 109 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Capital Projects Finance Authority - Provident Group - Continu FL | 5.00% | 11/1/2038 | Baa3 | $ | 1,000,000 | $ | 1,054,704 | |||||||
| Capital Projects Finance Authority - Provident Group - Continu FL | 5.00% | 11/1/2040 | Baa3 | 1,000,000 | 1,043,512 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continu FL | 5.00% | 11/1/2048 | Baa3 | 1,350,000 | 1,375,623 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continu FL | 5.00% | 11/1/2053 | Baa3 | 1,770,000 | 1,795,369 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continu FL | 5.00% | 11/1/2058 | Baa3 | 1,750,000 | 1,766,889 | |||||||||
| CMFA Special Finance Agency CA† | 4.00% | 12/1/2045 | NR | 9,650,000 | 7,735,333 | |||||||||
| CSCDA Community Improvement Authority CA† | 3.00% | 3/1/2057 | NR | 7,000,000 | 4,684,970 | |||||||||
| CSCDA Community Improvement Authority CA† | 3.125% | 8/1/2056 | NR | 14,500,000 | 10,114,079 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 12/1/2056 | NR | 13,250,000 | 9,567,213 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 2/1/2057 | NR | 4,500,000 | 3,252,252 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 3/1/2057 | NR | 3,500,000 | 2,489,652 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 6/1/2057 | NR | 13,980,000 | 9,250,579 | |||||||||
| Indiana Finance Authority - Chf- Tippecanoe LLC | 5.00% | 6/1/2053 | BBB- | 3,285,000 | 3,300,931 | |||||||||
| Indiana Finance Authority - Chf- Tippecanoe LLC | 5.375% | 6/1/2064 | BBB- | 5,450,000 | 5,562,959 | |||||||||
| Iowa Finance Authority - Lifespace Communities Inc | 7.50% | 5/15/2053 | BBB | (b) | 5,750,000 | 5,896,631 | ||||||||
| Maryland Economic Development Corp. | 5.75% | 7/1/2053 | BBB- | 2,000,000 | 2,150,847 | |||||||||
| Maryland Economic Development Corp. | 6.00% | 7/1/2058 | BBB- | 5,000,000 | 5,456,638 | |||||||||
| New Hampshire Business Finance Authority | 4.375% | 9/20/2036 | BBB | 5,395,559 | 5,453,770 | |||||||||
| New York State Housing Finance Agency (SONYMA/FNMA) | 3.25% | 11/1/2052 | Aa2 | 5,000,000 | 4,005,773 | |||||||||
| Palm Beach County School District - Lifespace Communities Inc FL | 7.50% | 5/15/2053 | BBB | (b) | 1,000,000 | 1,025,528 | ||||||||
| Palm Beach County School District - Lifespace Communities Inc FL | 7.625% | 5/15/2058 | BBB | (b) | 2,000,000 | 2,054,192 | ||||||||
| Public Finance Authority - Chf Manoa LLC WI† | 5.75% | 7/1/2053 | BBB- | 3,185,000 | 3,318,736 | |||||||||
| 110 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Public Finance Authority - Chf Manoa LLC WI† | 5.75% | 7/1/2063 | BBB- | $ | 9,870,000 | $ | 10,217,077 | |||||||
| Roanoke County Economic Development Authority - Richfield Living Oblig VA(c) | 5.25% | 9/1/2049 | NR | 6,835,000 | 6,309,654 | |||||||||
| Roanoke County Economic Development Authority - Richfield Living Oblig VA(c) | 5.375% | 9/1/2054 | NR | 2,505,000 | 2,312,463 | |||||||||
| Virginia Beach Development Authority - Westminster-Canterbury On Ches | 7.00% | 9/1/2053 | BB+ | (b) | 8,000,000 | 8,585,321 | ||||||||
| Total | 169,713,378 | |||||||||||||
| Lease Obligations 0.43% | ||||||||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2043 | A2 | 3,800,000 | 4,006,733 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.375% | 1/1/2043 | BBB+ | 1,175,000 | 1,175,218 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | BBB+ | 6,500,000 | 6,501,570 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2035 | A2 | 3,250,000 | 3,543,407 | |||||||||
| Total | 15,226,928 | |||||||||||||
| Other Revenue 5.55% | ||||||||||||||
| Anson Education Facilities Corp. - Arlington Classics Acdmy TX | 5.00% | 8/15/2045 | BBB- | 2,250,000 | 2,273,559 | |||||||||
| Arizona Industrial Development Authority - American Chtr Schs Fndtn† | 6.00% | 7/1/2047 | BB+ | 2,460,000 | 2,491,607 | |||||||||
| Arizona Industrial Development Authority - Odyssey Preparatory Academy† | 5.50% | 7/1/2052 | BB- | 750,000 | 704,921 | |||||||||
| Arlington Higher Education Finance Corp. - Newman Internantional Acdmy TX | 5.50% | 8/15/2046 | NR | 5,000,000 | 4,663,157 | |||||||||
| Broward County Convention Center FL(e) | 5.50% | AA | 17,000,000 | 19,000,362 | ||||||||||
| California School Finance Authority - Kipp Socal Pub Schs Oblig† | 5.125% | 7/1/2044 | BBB | 2,390,000 | 2,396,378 | |||||||||
| Capital Trust Agency, Inc. - Educational Growth Fund FL† | 5.00% | 7/1/2056 | NR | 13,350,000 | 12,242,848 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Oblig FL† | 5.00% | 12/15/2050 | NR | 14,700,000 | 12,577,342 | |||||||||
| Chester County Industrial Development Authority - Collegium Charter School PA | 5.125% | 10/15/2037 | BB | 1,000,000 | 966,031 | |||||||||
| Chester County Industrial Development Authority - Collegium Charter School PA | 5.25% | 10/15/2047 | BB | 2,500,000 | 2,272,675 | |||||||||
| See Notes to Schedule of Investments. | 111 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| 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 | 5.25% | 12/1/2038 | BB+ | $ | 1,400,000 | $ | 1,422,315 | |||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Fdtn OH | 5.50% | 12/1/2043 | BB+ | 1,850,000 | 1,872,890 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Fdtn OH | 5.50% | 12/1/2053 | BB+ | 11,485,000 | 11,515,204 | |||||||||
| Clifton Higher Education Finance Corp. - Idea Public Schools TX | 6.00% | 8/15/2043 | A- | 1,000,000 | 1,001,123 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 6.125% | 8/15/2048 | Baa3 | 22,025,000 | 22,296,278 | |||||||||
| Commonwealth of Puerto Rico | Zero Coupon | #(a) | 11/1/2051 | NR | 25,593,914 | 13,980,676 | ||||||||
| Commonwealth of Puerto Rico | Zero Coupon | 11/1/2051 | NR | 796,127 | 148,279 | |||||||||
| Florida Development Finance Corp. - Franklin Acad Ser 2016 Oblig† | 5.00% | 7/15/2046 | NR | 4,000,000 | 3,680,410 | |||||||||
| Florida Development Finance Corp. - Palm Bay Academy Inc† | Zero Coupon | 5/15/2037 | NR | 1,220,000 | 244,000 | |||||||||
| Florida Development Finance Corp. - Palm Bay Academy Inc† | Zero Coupon | 5/15/2037 | NR | 940,000 | 9 | |||||||||
| Florida Development Finance Corp. - Palm Bay Academy Inc† | 6.375% | 5/15/2037 | NR | 2,620,000 | 2,258,594 | |||||||||
| Florida Development Finance Corp. - Renaissance Chtr 2020 C/D† | 5.00% | 9/15/2050 | NR | 3,505,000 | 2,951,168 | |||||||||
| Florida Development Finance Corp. - Renaissance Chtr Sch 2015† | 6.125% | 6/15/2046 | NR | 5,000,000 | 5,021,406 | |||||||||
| GDB Debt Recovery Authority of Puerto Rico | 7.50% | 8/20/2040 | NR | 535,608 | 457,275 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - Basis Schools Inc Oblig† | 5.00% | 7/1/2046 | BB | 5,130,000 | 4,782,451 | (d) | ||||||||
| Industrial Development Authority of the County of Pima - Edkey Oblig Group AZ† | 5.00% | 7/1/2049 | NR | 6,000,000 | 5,361,722 | |||||||||
| Industrial Development Authority of the County of Pima - Edkey Oblig Group AZ† | 5.00% | 7/1/2055 | NR | 4,000,000 | 3,511,294 | |||||||||
| Jefferson Parish Economic Development & Port District - Kenner Discovery Hlth Sci LA† | 5.50% | 6/15/2038 | NR | 3,200,000 | 3,207,393 | |||||||||
| Jefferson Parish Economic Development & Port District - Kenner Discovery Hlth Sci LA† | 5.625% | 6/15/2048 | NR | 4,350,000 | 4,239,929 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2043 | A2 | 1,900,000 | 1,949,357 | |||||||||
| 112 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Maricopa County Industrial Development Authority - Paragon Management Inc AZ† | 5.00% | 7/1/2047 | BB+ | $ | 4,000,000 | $ | 3,798,622 | |||||||
| Maryland Economic Development Corp.(c) | 5.00% | 12/1/2031 | NR | 10,700,000 | 6,420,000 | |||||||||
| Maryland Economic Development Corp.(c) | 5.25% | 12/1/2031 | NR | 3,000,000 | 1,800,000 | |||||||||
| Michigan Finance Authority - Bradford Academy | 4.30% | 9/1/2030 | NR | 845,000 | 768,311 | (d) | ||||||||
| Michigan Finance Authority - Bradford Academy | 4.80% | 9/1/2040 | NR | 1,845,000 | 1,528,527 | (d) | ||||||||
| Michigan Finance Authority - Bradford Academy | 5.00% | 9/1/2050 | NR | 3,010,000 | 2,362,290 | (d) | ||||||||
| Michigan Public Educational Facilities Authority - Crescent Academy | 7.00% | 10/1/2036 | NR | 607,500 | 607,764 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 11/1/2052 | A2 | 10,370,000 | 11,147,794 | |||||||||
| Plymouth Educational Center Charter School MI | 5.375% | 11/1/2030 | D | 1,425,000 | 869,250 | |||||||||
| Utah Charter School Finance Authority - Freedom Academy Fndtn† | 5.00% | 6/15/2041 | NR | 1,020,000 | 859,790 | |||||||||
| Utah Charter School Finance Authority - Freedom Academy Fndtn† | 5.00% | 6/15/2052 | NR | 1,300,000 | 984,836 | |||||||||
| Utah Charter School Finance Authority - Freedom Academy Fndtn† | 5.375% | 6/15/2048 | NR | 5,150,000 | 4,243,991 | |||||||||
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2043 | BBB- | 4,375,000 | 3,579,154 | |||||||||
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2058 | BBB- | 2,400,000 | 1,692,662 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2058 | BBB- | 6,000,000 | 5,424,143 | |||||||||
| Total | 195,577,787 | |||||||||||||
| Special Tax 3.68% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | 2,425,000 | 2,478,261 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.25% | 5/1/2042 | NR | 3,215,000 | 3,233,562 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 6.00% | 5/1/2042 | NR | 11,375,000 | 11,781,100 | |||||||||
| Anne Arundel County Consolidated Special Taxing District MD Special Tax | 5.125% | 7/1/2036 | NR | 1,030,000 | 1,033,262 | |||||||||
| Anne Arundel County Consolidated Special Taxing District MD Special Tax | 5.25% | 7/1/2044 | NR | 2,150,000 | 2,153,763 | |||||||||
| See Notes to Schedule of Investments. | 113 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| 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 | $ | 610,000 | $ | 610,612 | |||||||
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | 50,000 | 50,014 | |||||||||
| Babcock Ranch Community Independent Special District FL | 5.00% | 5/1/2042 | NR | 4,000,000 | 3,901,249 | |||||||||
| Babcock Ranch Community Independent Special District FL | 5.00% | 5/1/2053 | NR | 4,000,000 | 3,677,475 | |||||||||
| Celebration Pointe Community Development District No. 1 FL | 3.375% | 5/1/2041 | NR | 3,970,000 | 3,172,360 | |||||||||
| Celebration Pointe Community Development District No. 1 FL | 5.00% | 5/1/2048 | NR | 6,555,000 | 6,330,854 | |||||||||
| City of Baltimore MD | 4.875% | 6/1/2042 | NR | 1,275,000 | 1,282,748 | |||||||||
| City of Baltimore MD | 5.00% | 6/1/2051 | NR | 1,600,000 | 1,602,137 | |||||||||
| Grandview Industrial Development Authority MO Tax Allocation(c) | 5.75% | 12/1/2028 | NR | 1,000,000 | 380,000 | (d) | ||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 3,500,000 | 2,851,553 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 8,975,000 | 6,753,758 | |||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A | 3,375,000 | 3,381,407 | |||||||||
| Lakewood Ranch Stewardship District FL | 6.30% | 5/1/2054 | NR | 4,500,000 | 4,660,056 | |||||||||
| Miami World Center Community Development District FL | 5.25% | 11/1/2049 | NR | 4,500,000 | 4,516,381 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.00% | 8/1/2050 | NR | 8,500,000 | 6,615,612 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.25% | 8/1/2035 | NR | 3,290,000 | 3,089,849 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.50% | 8/1/2040 | NR | 1,250,000 | 1,115,917 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 5.00% | 8/1/2050 | NR | 3,500,000 | 3,123,923 | |||||||||
| Military Installation Development Authority UT | 4.00% | 6/1/2052 | NR | 11,485,000 | 8,532,838 | |||||||||
| Northern Palm Beach County Improvement District FL | 5.00% | 8/1/2046 | NR | 5,000,000 | 4,966,345 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 5.00% | 9/1/2037 | NR | 875,000 | 873,226 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 5.00% | 9/1/2045 | NR | 6,050,000 | 5,779,892 | |||||||||
| 114 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Prince George’s County Revenue Authority MD Tax Allocation† | 5.00% | 7/1/2046 | NR | $ | 5,000,000 | $ | 5,003,925 | |||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.25% | 9/1/2052 | AA | 2,500,000 | 2,751,818 | |||||||||
| Rocky Mountain Rail Park Metropolitan District CO GO† | 5.00% | 12/1/2041 | NR | 2,000,000 | 1,390,414 | |||||||||
| Rocky Mountain Rail Park Metropolitan District CO GO† | 5.00% | 12/1/2051 | NR | 6,520,000 | 3,885,544 | |||||||||
| Scranton Redevelopment Authority PA GTD | 5.00% | 11/15/2028 | BBB- | 3,720,000 | 3,725,630 | |||||||||
| Stone Canyon Community Improvement District MO(c) | 5.70% | 4/1/2022 | NR | 1,485,000 | 133,650 | (d) | ||||||||
| Tern Bay Community Development District FL | 5.375% | 5/1/2037 | NR | 350,000 | 350,143 | |||||||||
| Village Metropolitan District CO GO | 5.00% | 12/1/2040 | NR | 2,000,000 | 1,978,453 | |||||||||
| Village Metropolitan District CO GO | 5.00% | 12/1/2049 | NR | 4,085,000 | 3,946,687 | |||||||||
| West Villages Improvement District FL | 4.75% | 5/1/2039 | NR | 1,750,000 | 1,653,240 | |||||||||
| Westview South Community Development District FL | 5.375% | 5/1/2043 | NR | 1,940,000 | 1,938,763 | |||||||||
| Westview South Community Development District FL | 5.375% | 5/1/2043 | NR | 1,000,000 | 1,003,191 | |||||||||
| Westview South Community Development District FL | 5.60% | 5/1/2053 | NR | 2,910,000 | 2,910,870 | |||||||||
| Westview South Community Development District FL | 5.625% | 5/1/2053 | NR | 1,000,000 | 1,006,042 | |||||||||
| Total | 129,626,524 | |||||||||||||
| Tax Revenue 5.03% | ||||||||||||||
| American Samoa Economic Development Authority† | 6.50% | 9/1/2028 | Ba3 | 2,750,000 | 2,921,485 | |||||||||
| City of Reno NV† | Zero Coupon | 7/1/2058 | NR | 18,500,000 | 1,916,879 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba1 | 590,000 | 561,126 | |||||||||
| County of Monongalia WV† | 5.00% | 6/1/2033 | NR | 500,000 | 515,292 | |||||||||
| County of Monongalia WV† | 5.75% | 6/1/2043 | NR | 1,000,000 | 1,061,179 | |||||||||
| County of Monongalia WV† | 6.00% | 6/1/2053 | NR | 1,750,000 | 1,879,600 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 5.50% | 6/15/2053 | A | 9,150,000 | 9,343,714 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2037 | A | 10,000,000 | 5,944,833 | |||||||||
| Monongalia County Commission Excise Tax District WV† | 4.125% | 6/1/2043 | NR | 5,380,000 | 4,962,932 | |||||||||
| See Notes to Schedule of Investments. | 115 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| New York Liberty Development Corp. TCRS (BAM) | 3.00% | 2/15/2042 | AA | $ | 4,000,000 | $ | 3,565,852 | |||||||
| New York State Urban Development Corp. | 3.00% | 3/15/2047 | AA+ | 3,740,000 | 3,052,665 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 3,965,000 | 2,645,900 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 20,225,000 | 20,128,201 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 2,010,000 | 2,000,380 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 44,484,000 | 44,134,867 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 66,960,000 | 67,361,050 | |||||||||
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2048 | BBB- | 6,710,000 | 5,146,169 | |||||||||
| Total | 177,142,124 | |||||||||||||
| Taxable Revenue - Water & Sewer 0.64% | ||||||||||||||
| City of Chicago Waterworks Revenue IL (e) | 5.50% | 11/1/2062 | AA | 20,290,000 | 22,586,822 | |||||||||
| Tobacco 6.99% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 70,315,000 | 66,179,986 | |||||||||
| California Statewide Financing Authority | Zero Coupon | 6/1/2046 | NR | 26,325,000 | 6,627,951 | |||||||||
| California Statewide Financing Authority† | Zero Coupon | 6/1/2055 | NR | 42,500,000 | 2,168,873 | |||||||||
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2046 | NR | 4,780,000 | 993,814 | |||||||||
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2055 | NR | 21,000,000 | 2,253,859 | |||||||||
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2055 | NR | 100,000,000 | 9,648,870 | |||||||||
| Erie Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2060 | NR | 30,000,000 | 1,949,589 | |||||||||
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 190,000,000 | 22,446,486 | |||||||||
| Inland Empire Tobacco Securitization Corp. CA† | Zero Coupon | 6/1/2057 | CCC | 47,000,000 | 3,576,282 | |||||||||
| Iowa Tobacco Settlement Authority | 4.00% | 6/1/2049 | BBB+ | 4,000,000 | 3,721,805 | |||||||||
| Michigan Finance Authority | 4.00% | 6/1/2049 | BBB+ | 4,005,000 | 3,703,501 | |||||||||
| 116 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Michigan Tobacco Settlement Finance Authority | Zero Coupon | 6/1/2058 | NR | $ | 103,300,000 | $ | 4,358,196 | |||||||
| Monroe Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2061 | NR | 22,900,000 | 1,186,941 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 50,000,000 | 3,098,045 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CCC+ | 3,170,000 | 2,990,619 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CCC+ | 3,305,108 | 3,287,983 | |||||||||
| Rockland Tobacco Asset Securitization Corp. NY† | Zero Coupon | 8/15/2060 | NR | 41,035,000 | 2,650,061 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2036 | NR | 10,000,000 | 5,070,022 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2056 | NR | 20,000,000 | 1,868,812 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco | Zero Coupon | 6/1/2046 | CCC- | 15,000,000 | 2,911,015 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco | Zero Coupon | 6/1/2054 | NR | 16,000,000 | 3,055,003 | |||||||||
| Tobacco Settlement Financing Corp. RI | Zero Coupon | 6/1/2052 | CCC- | 25,885,000 | 4,592,561 | |||||||||
| Tobacco Settlement Financing Corp. VA | Zero Coupon | 6/1/2047 | CCC- | 9,500,000 | 2,508,309 | |||||||||
| Tobacco Settlement Financing Corp. VA | Zero Coupon | 6/1/2047 | CCC- | 110,695,000 | 29,899,948 | |||||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 38,860,000 | 37,054,494 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2045 | CCC+ | 7,170,000 | 6,553,425 | (d) | ||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 12,835,000 | 11,579,147 | |||||||||
| Total | 245,935,597 | |||||||||||||
| Transportation 9.11% | ||||||||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2042 | A- | 6,265,000 | 6,272,785 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2047 | A+ | 5,000,000 | 5,093,174 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.50% | 11/15/2025 | A+ | 3,410,000 | 3,417,491 | |||||||||
| See Notes to Schedule of Investments. | 117 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 4.75% | 7/1/2024 | BB- | $ | 1,410,000 | $ | 1,411,151 | |||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2028 | BB- | 3,500,000 | 3,525,318 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2040 | AA | 8,495,000 | 8,581,915 | |||||||||
| City of Reno NV† | Zero Coupon | 7/1/2058 | NR | 26,000,000 | 3,419,403 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.50% | 7/1/2053 | A2 | 2,500,000 | 2,747,307 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2044 | A | 5,000,000 | 5,217,068 | |||||||||
| E-470 Public Highway Authority CO (NATL) | Zero Coupon | 9/1/2031 | A+ | 20,000,000 | 15,770,694 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | 5,500,000 | 5,196,060 | |||||||||
| Greater Asheville Regional Airport Authority NC (AGM) AMT | 5.25% | 7/1/2048 | AA | 1,250,000 | 1,360,559 | |||||||||
| Greater Asheville Regional Airport Authority NC (AGM) AMT | 5.25% | 7/1/2053 | AA | 2,000,000 | 2,159,071 | |||||||||
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2049 | AA- | 6,370,000 | 6,124,895 | |||||||||
| Maryland Economic Development Corp. - Consol Marine Terminals L | 5.75% | 9/1/2025 | BB | 9,000,000 | 9,012,700 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Ptr AMT | 5.25% | 6/30/2047 | Baa3 | 2,500,000 | 2,604,298 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Ptr AMT | 5.25% | 6/30/2055 | Baa3 | 12,610,000 | 12,998,013 | |||||||||
| Maryland Economic Development Corp. Tax Allocation | 4.00% | 9/1/2050 | NR | 10,000,000 | 8,418,559 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2052 | A1 | 9,150,000 | 9,981,885 | |||||||||
| Metropolitan Transportation Authority NY(e) | 4.75% | 11/15/2045 | A- | 14,710,000 | 15,125,651 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2044 | A- | 12,500,000 | 12,586,574 | |||||||||
| Metropolitan Transportation Authority NY(e) | 5.25% | 11/15/2055 | A- | 7,000,000 | 7,424,888 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.50% | 6/15/2050 | A2 | 2,000,000 | 2,241,125 | |||||||||
| New York City Transitional Development Corp. NY AMT | 5.375% | 6/30/2060 | Baa3 | 21,750,000 | 22,578,497 | |||||||||
| 118 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New York City Transitional Development Corp. NY AMT | 6.00% | 6/30/2054 | Baa3 | $ | 16,500,000 | $ | 18,230,964 | |||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa3 | 9,305,000 | 8,923,603 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.375% | 10/1/2045 | Baa3 | 16,765,000 | 16,004,825 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa3 | 8,480,000 | 8,588,350 | |||||||||
| New York Transportation Development Corp. - Delta Airlines Inc AMT | 5.625% | 4/1/2040 | Baa3 | 8,000,000 | 8,622,022 | |||||||||
| New York Transportation Development Corp. - Delta Airlines Inc AMT | 6.00% | 4/1/2035 | Baa3 | 9,000,000 | 10,043,842 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa2 | 5,000,000 | 4,800,585 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa2 | 8,730,000 | 8,739,781 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 4.75% | 9/15/2041 | NR | 2,930,000 | 2,791,466 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 5.00% | 9/15/2051 | NR | 4,875,000 | 4,569,460 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 10,500,000 | 10,713,525 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2053 | Aa3 | 7,075,000 | 7,491,858 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.25% | 8/1/2047 | AA- | 5,000,000 | 5,404,749 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 3,500,000 | 3,825,952 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.50% | 7/1/2048 | AA- | 6,250,000 | 6,950,544 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 4.00% | 7/1/2046 | A2 | 4,500,000 | 4,400,025 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 5.00% | 7/1/2056 | A2 | 5,000,000 | 5,214,276 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. AMT | 5.50% | 12/31/2058 | Baa1 | 5,000,000 | 5,430,625 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 4.00% | 1/1/2048 | BBB | 7,205,000 | 6,734,705 | |||||||||
| Total | 320,750,238 | |||||||||||||
| See Notes to Schedule of Investments. | 119 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities 7.50% | ||||||||||||||
| Baltimore Proj Revenue MD(e) | 5.25% | 7/1/2047 | AA- | $ | 7,195,000 | $ | 8,015,093 | |||||||
| Baltimore Proj Revenue MD(e) | 5.25% | 7/1/2052 | AA- | 12,190,000 | 13,579,428 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 4,100,000 | 4,119,422 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 6/1/2049 | A2 | 9,450,000 | 10,117,106 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 11/1/2053 | A2 | 16,335,000 | 17,447,193 | ||||||||
| California Community Choice Financing Authority(e) | 5.25% | 11/1/2054 | A2 | 14,000,000 | 15,137,461 | |||||||||
| Charlotte County Industrial Development Authority - Mskp Town And Cntry Util FL† | 5.00% | 10/1/2034 | NR | 1,000,000 | 1,012,208 | |||||||||
| Charlotte County Industrial Development Authority - Mskp Town And Cntry Util FL† | 5.00% | 10/1/2049 | NR | 5,500,000 | 5,400,438 | |||||||||
| City of Compton Water Revenue CA | 6.00% | 8/1/2039 | NR | 3,710,000 | 3,710,554 | |||||||||
| County of Jefferson Sewer Revenue AL | 6.00% | 10/1/2042 | BBB | 7,175,000 | 7,536,407 | |||||||||
| County of Jefferson Sewer Revenue AL | 6.50% | 10/1/2053 | BBB | 26,800,000 | 28,150,216 | |||||||||
| County of Jefferson Sewer Revenue AL | 7.50% | 10/1/2039 | BBB | 5,000,000 | 5,255,988 | |||||||||
| County of Jefferson Sewer Revenue AL | 7.75% | 10/1/2046 | BBB | 5,445,000 | 5,717,245 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | Zero Coupon | 10/1/2028 | AA | 4,035,000 | 3,183,716 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | 5.00% | 10/1/2044 | AA | 5,070,000 | 5,143,036 | |||||||||
| Energy Southeast A Cooperative District AL | 5.75% | #(a) | 4/1/2054 | A1 | 7,500,000 | 8,404,504 | ||||||||
| Florida Development Finance Corp. - Waste Pro Usa Inc AMT† | 5.25% | 8/1/2029 | NR | 7,000,000 | 6,766,710 | |||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT | 3.00% | 6/1/2032 | NR | 4,250,000 | 3,414,854 | |||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 5/1/2052 | A3 | 2,115,000 | 2,130,382 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 33,000,000 | 31,766,308 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 2,165,000 | 2,182,478 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2052 | A3 | 9,000,000 | 9,503,454 | ||||||||
| Montgomery County Industrial Development Authority - Constellation Energy Gen PA | 4.10% | #(a) | 4/1/2053 | BBB+ | 8,000,000 | 8,162,299 | ||||||||
| Northern Palm Beach County Improvement District FL | 5.00% | 8/1/2034 | NR | 2,000,000 | 2,004,662 | |||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(a) | 10/1/2054 | A1 | 15,000,000 | 16,173,226 | ||||||||
| 120 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||||
| Utilities (continued) | ||||||||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | $ | 6,250,000 | $ | 5,536,060 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2035 | NR | 1,500,000 | 1,516,565 | |||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2047 | NR | 11,500,000 | 11,343,538 | |||||||||||
| Southeast Energy Authority A Cooperative District AL | 4.00% | #(a) | 12/1/2051 | A1 | 6,000,000 | 5,993,559 | ||||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(a) | 1/1/2053 | A1 | 5,000,000 | 5,431,952 | ||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | #(a) | 1/1/2054 | A2 | 9,250,000 | 10,287,412 | ||||||||||
| Total | 264,143,474 | |||||||||||||||
| Total Municipal Bonds (cost $3,650,213,172) | 3,559,338,362 | |||||||||||||||
| Interest | ||||||||||||||||
| Rate | Final | |||||||||||||||
| Interest | Reset | Maturity | ||||||||||||||
| Rate# | Date(f) | Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 0.62% | ||||||||||||||||
| Variable Rate Demand Notes 0.62% | ||||||||||||||||
| General Obligation 0.56% | ||||||||||||||||
| City of New York NY GO | 4.100% | 1/2/2024 | 10/1/2046 | AA | 5,000,000 | 5,000,000 | ||||||||||
| City of New York NY GO | 4.150% | 1/2/2024 | 4/1/2042 | AA | 7,900,000 | 7,900,000 | ||||||||||
| City of New York NY GO | 4.150% | 1/2/2024 | 4/1/2042 | AA | 6,990,000 | 6,990,000 | ||||||||||
| Total | 19,890,000 | |||||||||||||||
| Utilities 0.06% | ||||||||||||||||
| Development Authority of Appling County - Georgia Power Company (cost $2,000,000) | 3.550% | 1/2/2024 | 9/1/2041 | BBB+ | 2,000,000 | 2,000,000 | ||||||||||
| Total Short-Term Investments (cost $21,890,000) | 21,890,000 | |||||||||||||||
| Total Investments in Securities 101.71% (cost $3,672,103,172) | 3,581,228,362 | |||||||||||||||
| Other Assets and Liabilities – Net(g) (1.71)% | (60,178,722 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 3,521,049,640 | ||||||||||||||
| See Notes to Schedule of Investments. | 121 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| AGM | Insured by - Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by - Build America Mutual. | |
| COPS | Certificates of Participation. | |
| GTD | Guaranteed. | |
| 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, 2023, the total value of Rule 144A securities was $1,025,389,251, which represents 29.12% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 2023. | |
| (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) | 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. | |
| (f) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. | |
| (g) | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows: |
Futures Contracts at December 31, 2023:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||
| U.S. Long Bond | March 2024 | 189 | Short | $(21,898,733) | $(23,613,188) | $(1,714,455 | ) | |||||||
The following is a summary of the inputs used as of December 31, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds(3) | ||||||||||||||||
| Corporate-Backed | $ | — | $ | 723,284,422 | $ | 10,465,200 | $ | 733,749,622 | ||||||||
| Education | — | 234,549,544 | 17,757,679 | 252,307,223 | ||||||||||||
| General Obligation | — | 427,868,333 | 7,933,736 | 435,802,069 | ||||||||||||
| Health Care | — | 523,029,308 | 51,543,348 | 574,572,656 | ||||||||||||
| Other Revenue | — | 186,136,208 | 9,441,579 | 195,577,787 | ||||||||||||
| Special Tax | — | 129,112,874 | 513,650 | 129,626,524 | ||||||||||||
| Tobacco | — | 239,382,172 | 6,553,425 | 245,935,597 | ||||||||||||
| Remaining Industries | — | 991,766,884 | — | 991,766,884 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | — | 21,890,000 | — | 21,890,000 | ||||||||||||
| Total | $ | — | $ | 3,477,019,745 | $ | 104,208,617 | $ | 3,581,228,362 | ||||||||
| 122 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | — | $ | — | $ | — | $ | — | ||||||||
| Liabilities | (1,714,455 | ) | — | — | (1,714,455 | ) | ||||||||||
| Total | $ | (1,714,455 | ) | $ | — | $ | — | $ | (1,714,455 | ) | ||||||
| (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:
| Municipal | ||||
| Investment Type | Bonds | |||
| Balance as of October 1, 2023 | $ | 60,493,820 | ||
| Accrued Discounts (Premiums) | 1,860 | |||
| Realized Gain (Loss) | — | |||
| Change in Unrealized Appreciation (Depreciation) | 7,182,712 | |||
| Purchases | 2,737,216 | |||
| Sales | — | |||
| Transfers into Level 3(a) | 67,893,209 | |||
| Transfers out of Level 3(a) | (34,100,200 | ) | ||
| Balance as of December 31, 2023 | $ | 104,208,617 | ||
| Change in unrealized appreciation/ depreciation for the period ended December 31, 2023, related to Level 3 investments held at December 31, 2023 | $ | 7,182,712 | ||
| (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. | 123 |
Schedule of Investments (unaudited)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 99.01% | ||||||||||||||
| MUNICIPAL BONDS 99.01% | ||||||||||||||
| Airlines 0.52% | ||||||||||||||
| New Jersey Economic Development Authority - Port Newark Container AMT | 5.00% | 10/1/2026 | Baa2 | $ | 2,135,000 | $ | 2,185,935 | |||||||
| New Jersey Economic Development Authority - Port Newark Container AMT | 5.00% | 10/1/2027 | Baa2 | 3,355,000 | 3,468,036 | |||||||||
| Total | 5,653,971 | |||||||||||||
| Corporate-Backed 28.96% | ||||||||||||||
| Allegheny County Industrial Development Authority - US Steel Corporation PA | 5.125% | 5/1/2030 | BB- | 10,485,000 | 10,668,357 | |||||||||
| Avenir Community Development District FL | 4.50% | 5/1/2030 | NR | 2,000,000 | 2,011,343 | |||||||||
| Boggy Creek Improvement District FL | 4.50% | 5/1/2033 | NR | 1,075,000 | 1,080,085 | |||||||||
| Calhoun County Navigation Industrial Development Authority - Max Midstream Texas LLC AMT† | 3.625% | 7/1/2026 | NR | 2,500,000 | 2,322,818 | |||||||||
| California Municipal Finance Authority - Waste Mgmt Inc AMT | 4.80% | #(a) | 11/1/2041 | A- | 2,500,000 | 2,517,248 | ||||||||
| California Municipal Finance Authority AMT | 4.00% | 7/15/2029 | BB- | 4,700,000 | 4,626,614 | |||||||||
| Chandler Industrial Development Authority - Intel Corporation AZ AMT | 5.00% | #(a) | 6/1/2049 | A | 8,830,000 | 8,847,520 | ||||||||
| City of Farmington - Public Service Co of NM | 3.90% | #(a) | 6/1/2040 | BBB | 4,500,000 | 4,564,022 | ||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 3.70% | 1/1/2032 | NR | 4,750,000 | 4,562,009 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/1/2029 | BB- | 7,215,000 | 7,216,693 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 6.50% | 7/15/2030 | BB- | 4,000,000 | 4,001,746 | |||||||||
| City of Houston Airport System Revenue TX AMT(b) | 5.00% | 7/15/2028 | BB- | 2,500,000 | 2,518,084 | |||||||||
| City of Valparaiso - Pratt Paper LLC IN AMT | 5.875% | 1/1/2024 | NR | 170,000 | 170,000 | |||||||||
| City of Whiting - BP Prods North America IN AMT | 5.00% | #(a) | 11/1/2047 | A2 | 4,500,000 | 4,524,351 | ||||||||
| County of Clark - Southern CA Edison Co NV | 2.10% | 6/1/2031 | A2 | 5,060,000 | 4,365,254 | |||||||||
| Florida Development Finance Corp. - Waste pro USA Inc AMT† | 6.125% | #(a) | 7/1/2032 | NR | 3,375,000 | 3,403,788 | ||||||||
| 124 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT† | 5.00% | 5/1/2029 | NR | $ | 1,410,000 | $ | 1,351,965 | |||||||
| Greater Orlando Aviation Authority - Jetblue Airways Corp FL | 5.00% | 11/15/2026 | NR | 2,600,000 | 2,600,493 | |||||||||
| Hoover Industrial Development Board - US Steel Corporation AL AMT | 6.375% | #(a) | 11/1/2050 | BB- | 1,570,000 | 1,697,208 | ||||||||
| Illinois Finance Authority - LRS Holdings LLC AMT† | 7.375% | #(a) | 9/1/2042 | NR | 5,000,000 | 5,325,718 | ||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 4.00% | #(a) | 12/1/2050 | BBB- | 8,370,000 | 8,495,311 | ||||||||
| Jefferson County Port Authority - JSW Steel USA OH† | 5.00% | #(a) | 12/1/2053 | Ba1 | 5,400,000 | 5,455,536 | ||||||||
| Love Field Airport Modernization Corp. - Southwest Airlines Co TX | 5.00% | 11/1/2028 | Baa1 | 3,835,000 | 3,836,115 | |||||||||
| Maryland Industrial Development Financing Authority - Occidental Petroleum Corp | 5.75% | 3/1/2030 | Baa3 | 5,645,000 | 5,645,000 | |||||||||
| Michigan Strategic Fund - Graphic Packaging Intl AMT | 4.00% | #(a) | 10/1/2061 | BB | 5,635,000 | 5,562,704 | ||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 10,000,000 | 9,880,871 | |||||||||
| Mississippi Business Finance Corp. - Huntington Ingalls Inds | 4.55% | 12/1/2028 | BBB- | 2,000,000 | 1,991,232 | |||||||||
| Montgomery County Industrial Development Authority - Constellation Energy Gen PA AMT | 4.45% | #(a) | 10/1/2034 | BBB+ | 7,500,000 | 7,621,499 | ||||||||
| New Hampshire Business Finance Authority - Casella Waste Systems Inc† | 2.95% | 4/1/2029 | B+ | 3,300,000 | 3,012,563 | |||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 4.00% | 11/1/2027 | B | 1,525,000 | 1,477,022 | |||||||||
| New Hampshire Business Finance Authority - Waste Mgmt Inc AMT | Zero Coupon | 7/1/2027 | A- | 3,160,000 | 3,130,585 | (c) | ||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB- | 8,365,000 | 8,381,944 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.75% | 9/15/2027 | BB- | 6,500,000 | 6,502,406 | |||||||||
| New York City Industrial Development Agency - TRIPS Oblig Group NY | 5.00% | 7/1/2028 | BBB+ | 860,000 | 860,349 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 6,555,000 | 6,564,484 | |||||||||
| See Notes to Schedule of Investments. | 125 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| 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 AMT | 2.75% | #(a) | 9/1/2050 | B+ | $ | 2,475,000 | $ | 2,387,811 | ||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 2.875% | #(a) | 12/1/2044 | B+ | 1,000,000 | 899,442 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 3.125% | #(a) | 12/1/2044 | B+ | 4,500,000 | 4,317,335 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 5.125% | #(a) | 9/1/2050 | B1 | 1,000,000 | 1,014,417 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2026 | B+ | 4,155,000 | 4,155,620 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2031 | B+ | 13,000,000 | 13,031,378 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 2,245,000 | 2,339,865 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 2,500,000 | 2,578,936 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2024 | Baa3 | 3,200,000 | 3,200,000 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2027 | Baa3 | 5,000,000 | 5,119,875 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B | 7,600,000 | 7,507,095 | |||||||||
| Parish of St. James - Nustar Logistics LP LA† | 5.85% | #(a) | 8/1/2041 | BB- | 4,225,000 | 4,311,806 | ||||||||
| Parish of St. James - Nustar Logistics LP LA† | 6.10% | #(a) | 6/1/2038 | BB- | 7,095,000 | 7,791,171 | ||||||||
| Pennsylvania Economic Development Financing Authority - Consol Energy Inc AMT† | 9.00% | #(a) | 4/1/2051 | BB | 3,125,000 | 3,447,773 | ||||||||
| Pennsylvania Economic Development Financing Authority - Covanta Holding Corp AMT† | 3.25% | 8/1/2039 | B | 7,700,000 | 5,531,788 | |||||||||
| Polk County Industrial Development Authority - Mineral Development LLC FL† | 5.875% | 1/1/2033 | NR | 1,310,000 | 1,330,557 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX† | 6.00% | 1/1/2025 | NR | 3,230,000 | 3,049,104 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 1.875% | 1/1/2026 | NR | 2,710,000 | 2,531,159 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 2.00% | 1/1/2027 | NR | 1,250,000 | 1,131,998 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 2.125% | 1/1/2028 | NR | 775,000 | 682,079 | |||||||||
| 126 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| 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† | 2.25% | 1/1/2029 | NR | $ | 1,300,000 | $ | 1,114,572 | |||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Oblig TX AMT† | 2.625% | 1/1/2031 | NR | 1,600,000 | 1,322,703 | |||||||||
| Port of Seattle Industrial Development Corp. - Delta Air Lines Inc WA AMT | 5.00% | 4/1/2030 | BB+ | 2,350,000 | 2,350,063 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 1,275,000 | 1,180,682 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 6.50% | 12/1/2037 | NR | 2,000,000 | 1,840,605 | |||||||||
| Public Finance Authority - Celanese US Holdings LLC WI AMT | 4.30% | 11/1/2030 | BBB- | 1,885,000 | 1,833,767 | |||||||||
| Public Finance Authority - Celanese US Holdings LLC WI AMT | 5.00% | 1/1/2024 | BBB- | 9,225,000 | 9,225,000 | |||||||||
| Public Finance Authority - Celanese US Holdings LLC WI AMT | 5.00% | 12/1/2025 | BBB- | 10,975,000 | 11,092,006 | |||||||||
| Public Finance Authority - Sky Harbour Cap Oblig WI AMT | 4.00% | 7/1/2036 | NR | 9,585,000 | 8,296,075 | |||||||||
| South Carolina Jobs - Economic Development Authority - International Paper Co AMT | 4.00% | #(a) | 4/1/2033 | BBB | 2,130,000 | 2,123,562 | ||||||||
| Southwestern Illinois Development Authority - US Steel Corp Proj(b) | 5.75% | 8/1/2042 | BB- | 7,500,000 | 7,500,010 | |||||||||
| Sumter County Industrial Development Authority - Enviva Inc AL AMT | 6.00% | #(a) | 7/15/2052 | CC | 16,750,000 | 7,742,793 | ||||||||
| Tulsa Airports Improvement Trust - American Airlines Inc OK AMT | 5.00% | #(a) | 6/1/2035 | B+ | 7,150,000 | 7,143,902 | ||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Company AL† | 4.50% | 5/1/2032 | NR | 9,949,485 | 9,495,868 | |||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Company AL† | 5.25% | 5/1/2044 | NR | 2,500,000 | 2,311,609 | |||||||||
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT† | 5.00% | #(a) | 6/1/2052 | B+ | 5,500,000 | 5,518,781 | ||||||||
| Village Community Development District No. 15 FL† | 4.25% | 5/1/2028 | NR | 1,000,000 | 1,001,303 | |||||||||
| Village Community Development District No. 15 FL† | 4.375% | 5/1/2033 | NR | 1,500,000 | 1,505,992 | |||||||||
| West Virginia Economic Development Authority - Kentucky Power Co AMT | 4.70% | #(a) | 4/1/2036 | Baa3 | 1,700,000 | 1,706,609 | ||||||||
| Total | 317,458,048 | |||||||||||||
| See Notes to Schedule of Investments. | 127 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education 9.06% | ||||||||||||||
| Arizona Industrial Development Authority - Academies Math & Sci Oblig† | 5.00% | 7/1/2029 | BB+ | $ | 1,500,000 | $ | 1,519,112 | |||||||
| Arizona Industrial Development Authority - Odyssey Preparatory Acdmy† | 4.00% | 7/1/2029 | BB- | 385,000 | 370,098 | |||||||||
| Build NYC Resource Corp. - E Harlem Scholars Oblig Gp NY† | 5.00% | 6/1/2032 | BB+ | 275,000 | 282,265 | |||||||||
| California Community Choice Financing Authority | 5.264% (SOFR * .67 + 1.70% | )# | 5/1/2053 | A1 | 10,000,000 | 10,050,820 | ||||||||
| California Municipal Finance Authority - Sdori Charter Sch Pptys† | 5.00% | 3/1/2025 | B+ | 530,000 | 527,312 | |||||||||
| Capital Trust Agency, Inc. - Advantage Admy Oblig Grp FL | 4.00% | 12/15/2024 | Baa3 | 110,000 | 109,689 | |||||||||
| Capital Trust Agency, Inc. - Advantage Admy Oblig Grp FL | 5.00% | 12/15/2029 | Baa3 | 805,000 | 823,905 | |||||||||
| Capital Trust Agency, Inc. - Renaissance Chtr Sch 2019 FL† | 4.00% | 6/15/2029 | NR | 785,000 | 744,702 | |||||||||
| Chester County Health & Education Facilities Authority - Immaculata University PA | 4.25% | 11/1/2032 | BB- | (d) | 1,755,000 | 1,561,168 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2033 | A | (d) | 1,250,000 | 1,407,752 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2033 | A | (d) | 5,000,000 | 5,279,297 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 6.10% | 4/1/2036 | A | (d) | 5,000,000 | 5,323,647 | ||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB+ | 1,485,000 | 1,485,063 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 7,625,000 | 7,775,698 | |||||||||
| Chicago Board of Education IL GO(b) | 5.00% | 12/1/2034 | BB+ | 5,540,000 | 5,539,575 | |||||||||
| Chicago Board of Education IL GO | 5.125% | 12/1/2032 | BB+ | 4,580,000 | 4,589,836 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 4.625% | 8/15/2025 | NR | 1,340,000 | 1,329,763 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 5.75% | 8/15/2038 | NR | 1,405,000 | 1,411,342 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 6.00% | 8/15/2038 | Baa3 | 3,000,000 | 3,057,953 | |||||||||
| Clifton Higher Education Finance Corp. TX | 5.75% | 8/15/2033 | Baa3 | 2,025,000 | 2,070,969 | |||||||||
| County of Frederick - Mount St Mary’S Univ MD† | 5.00% | 9/1/2032 | BB+ | 3,150,000 | 3,158,140 | |||||||||
| 128 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2027 | Ba3 | $ | 3,000,000 | $ | 2,983,303 | |||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2037 | Ba3 | 1,000,000 | 926,345 | |||||||||
| Florida Development Finance Corp. - Renaissance Chtr Sch† | 6.00% | 6/15/2033 | NR | 1,830,000 | 1,969,285 | |||||||||
| Florida Higher Educational Facilities Financial Authority - Jacksonville University† | 4.50% | 6/1/2033 | NR | 2,900,000 | 2,830,336 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - Basis Schools Inc Oblig† | 5.00% | 7/1/2035 | BB | 2,125,000 | 2,131,052 | |||||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.00% | 10/1/2026 | NR | 190,000 | 190,882 | |||||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.125% | 10/1/2030 | NR | 425,000 | 437,782 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 4.131% (CPI YoY * 1 + 0.89% | ) | 3/1/2027 | Baa1 | 2,500,000 | 2,585,798 | ||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2028 | BBB- | 1,140,000 | 1,208,552 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2029 | BBB- | 1,545,000 | 1,655,714 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2030 | BBB- | 2,200,000 | 2,377,893 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2032 | BBB- | 1,960,000 | 2,147,156 | |||||||||
| Ohio Air Quality Development Authority - Duke Energy Corp AMT | 4.25% | #(a) | 11/1/2039 | BBB | 2,000,000 | 2,040,983 | ||||||||
| Public Finance Authority - Uma Education Inc† | 5.00% | 10/1/2039 | BB+ | 2,000,000 | 1,999,846 | |||||||||
| Public Finance Authority - Uma Education Inc WI† | 5.00% | 10/1/2034 | BB+ | 8,110,000 | 8,304,457 | |||||||||
| Sierra Vista Industrial Development Authority - American Leadership Acdmy AZ† | 5.00% | 6/15/2033 | NR | 7,000,000 | 7,131,100 | |||||||||
| Total | 99,338,590 | |||||||||||||
| See Notes to Schedule of Investments. | 129 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Energy 1.40% | ||||||||||||||
| PEFA, Inc. IA | 5.00% | #(a) | 9/1/2049 | A3 | $ | 15,000,000 | $ | 15,367,876 | ||||||
| General Obligation 12.24% | ||||||||||||||
| Academical Village Community Development District FL | 2.875% | 5/1/2025 | NR | 615,000 | 602,491 | |||||||||
| Academical Village Community Development District FL | 3.25% | 5/1/2031 | NR | 4,265,000 | 3,905,255 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.125% | 5/1/2032 | NR | 1,685,000 | 1,721,939 | |||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 1/1/2054 | Baa1 | 9,790,000 | 10,361,952 | ||||||||
| California Community Choice Financing Authority | 5.50% | #(a) | 5/1/2054 | A2 | 7,500,000 | 8,083,820 | ||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 7,325,000 | 7,503,871 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 2,000,000 | 2,039,527 | |||||||||
| Chicago Board of Education IL GO | 5.25% | 12/1/2035 | BB+ | 4,060,000 | 4,065,419 | |||||||||
| Chicago Board of Education IL GO† | 6.75% | 12/1/2030 | BB+ | 2,135,000 | 2,364,120 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2024 | BBB+ | 2,930,000 | 2,930,000 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2024 | BBB+ | 3,460,000 | 3,460,000 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2031 | BBB+ | 1,000,000 | 1,068,340 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2031 | BBB+ | 2,595,000 | 2,630,366 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2033 | BBB+ | 6,220,000 | 6,303,348 | |||||||||
| City of Chicago IL GO | 5.625% | 1/1/2031 | BBB+ | 2,500,000 | 2,622,387 | |||||||||
| City of Coralville IA GO | 4.50% | 6/1/2032 | BB+ | 1,215,000 | 1,216,468 | |||||||||
| City of New York NY GO | 5.00% | 3/1/2032 | AA | 5,150,000 | 5,157,035 | |||||||||
| City of Scranton PA GO† | 5.00% | 9/1/2024 | BBB- | 1,745,000 | 1,743,245 | |||||||||
| City of Scranton PA GO | 5.00% | 11/15/2026 | BBB- | 1,765,000 | 1,766,071 | |||||||||
| City of Scranton PA GO† | 5.00% | 9/1/2029 | BBB- | 3,650,000 | 3,690,850 | |||||||||
| City of Scranton PA GO | 5.00% | 11/15/2032 | BBB- | 8,610,000 | 8,619,320 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 2,500,000 | 1,561,967 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 11/1/2043 | NR | 5,713,983 | 3,121,263 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2033 | NR | 4,193,730 | 4,115,722 | |||||||||
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/2025 | NR | 2,000,000 | 2,045,048 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 6,180,472 | 6,542,168 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 12,876,161 | 14,349,334 | |||||||||
| New York Liberty Development Corp. | 1.20% | 11/15/2028 | A+ | 2,870,000 | 2,551,535 | |||||||||
| State of Illinois GO | 5.00% | 7/1/2024 | A- | 1,500,000 | 1,512,624 | |||||||||
| State of Illinois GO | 5.00% | 10/1/2024 | A- | 6,960,000 | 7,049,552 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2025 | A- | 2,000,000 | 2,066,740 | |||||||||
| 130 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| State of Illinois GO | 5.25% | 2/1/2029 | A- | $ | 1,150,000 | $ | 1,151,539 | |||||||
| State of Illinois GO | 5.25% | 2/1/2031 | A- | 5,000,000 | 5,006,419 | |||||||||
| University City Industrial Development Authority MO | 4.875% | 6/15/2036 | NR | 1,200,000 | 1,215,846 | (c) | ||||||||
| Total | 134,145,581 | |||||||||||||
| Health Care 12.68% | ||||||||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2026 | BBB | 1,500,000 | 1,508,465 | |||||||||
| Atlanta Development Authority The - Georgia Protoncare Ctr In(e) | 6.00% | 1/1/2023 | NR | 2,000,000 | 900,000 | (c) | ||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | 2/1/2029 | CCC+ | 1,500,000 | 814,725 | (c) | ||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | 2/1/2032 | CCC+ | 850,000 | 448,376 | |||||||||
| Berks County Municipal Authority - Tower Health Oblig Group PA | 5.00% | #(a) | 2/1/2040 | CCC+ | 16,710,000 | 11,527,953 | ||||||||
| Board of Managers Joint Guadalupe County - City of Seguin Hospital TX | 5.00% | 12/1/2024 | BB | 600,000 | 600,223 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 4.00% | 12/1/2026 | BB | 1,255,000 | 1,233,806 | |||||||||
| California Municipal Finance Authority - Palomar Health Oblig Grp† | 5.00% | 11/1/2027 | BBB | 5,280,000 | 5,403,621 | |||||||||
| California Public Finance Authority - Kendal At Ventura† | 10.00% | 5/15/2028 | NR | 3,500,000 | 3,743,599 | (c) | ||||||||
| California Public Finance Authority - Kendal At Ventura† | 12.00% | 5/15/2028 | NR | 375,000 | 418,476 | (c) | ||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig† | 5.00% | 12/1/2031 | BB | 1,000,000 | 1,028,781 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig | 5.25% | 12/1/2029 | BB | 2,500,000 | 2,536,716 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig | 5.25% | 12/1/2034 | BB | 13,915,000 | 14,051,841 | |||||||||
| California Statewide Communities Development Authority - Verity Hlth Sys Oblig(e) | 5.50% | 7/1/2022 | NR | 1,154 | 1,085 | |||||||||
| California Statewide Communities Development Authority - Verity Hlth Sys Oblig | 5.75% | 7/1/2024 | NR | 7,081 | 6,656 | |||||||||
| See Notes to Schedule of Investments. | 131 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| City of Blaine - Crest View Oblig Grp MN(e) | 5.125% | 7/1/2025 | NR | $ | 60,000 | $ | 39,000 | (c) | ||||||
| City of Fruita Healthcare Revenue - Lower Vy Hosp Assoc Oblig CO† | 5.375% | 1/1/2033 | NR | 2,000,000 | 1,942,460 | |||||||||
| City of Seneca - Nemaha Valley Cmnty Hosp KS | 5.00% | 9/1/2025 | NR | 1,500,000 | 1,516,066 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Griffin Health Oblig Grp† | 5.00% | 7/1/2032 | BB+ | 1,000,000 | 1,012,201 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Hartford Healthcare Oblig Gp | 5.00% | 7/1/2034 | A | 2,360,000 | 2,370,850 | |||||||||
| County of Muskingum - Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2027 | BB+ | 2,750,000 | 2,750,580 | |||||||||
| County of Muskingum - Genesis Hlthcare Oblig Gp OH | 5.00% | 2/15/2033 | BB+ | 8,465,000 | 8,465,397 | |||||||||
| County of Washington - Marietta Area Hlthcr Oblig OH | 5.50% | 12/1/2027 | NR | 7,300,000 | 7,329,104 | |||||||||
| Fulton County Industrial Development Authority Fulton County Medical Ctr PA | 4.00% | 7/1/2028 | NR | 2,780,000 | 2,762,619 | |||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Oblig AZ | 4.00% | 11/15/2027 | NR | 385,000 | 363,827 | |||||||||
| Grays Harbor County Public Hospital District No. 1 - Summit Pacific Medical WA | 5.75% | 12/1/2033 | BB+ | 5,105,000 | 5,359,438 | |||||||||
| Henry County Hospital Authority - Piedmont Healthcare Oblig Grp GA | 5.00% | 7/1/2034 | AA- | 4,695,000 | 4,727,817 | |||||||||
| Idaho Health Facilities Authority - North Canyon Med Ctr Inc | 5.50% | 11/1/2029 | NR | 1,500,000 | 1,562,283 | |||||||||
| Idaho Health Facilities Authority - North Canyon Med Ctr Inc | 6.25% | 11/1/2035 | NR | 2,610,000 | 2,847,761 | |||||||||
| Illinois Finance Authority - Plymouth Place Oblig Group | 5.00% | 5/15/2025 | NR | 50,000 | 50,833 | |||||||||
| Industrial Development Authority of the County of Pima - La Posada Park Centre Oblig AZ† | 5.125% | 11/15/2029 | NR | 1,500,000 | 1,502,944 | |||||||||
| King County Public Hospital District No. 4 WA | 5.00% | 12/1/2025 | NR | 45,000 | 45,121 | |||||||||
| Massachusetts Development Finance Agency - Boston Med Ctr Oblig Grp | 5.00% | 7/1/2035 | BBB | 1,000,000 | 1,033,580 | |||||||||
| 132 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Massachusetts Health & Educational Facilities Authority - Trinity Hlth Corp Oblig | 4.77% (MUNIPSA * 1 + 0.90% | )# | 11/15/2032 | AA- | $ | 1,265,000 | $ | 1,216,230 | ||||||
| Nassau County Local Economic Assistance Corp. - Catholic Hlth Lng Isl Oblig NY | 5.00% | 7/1/2032 | A- | 1,250,000 | 1,257,304 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - Wesleyan Homes Oblig Group TX | 3.00% | 1/1/2024 | NR | 75,000 | 75,000 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig | 5.00% | 7/1/2028 | B- | 1,000,000 | 935,867 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig | 5.00% | 7/1/2030 | B- | 1,750,000 | 1,588,520 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Oblig Grp | 5.00% | 8/15/2024 | BB- | 1,400,000 | 1,399,820 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Oblig Grp | 5.45% | 8/15/2028 | BB- | 3,000,000 | 2,695,910 | |||||||||
| Palomar Health CA - Palomar Health Oblig Grp | 5.00% | 11/1/2031 | BBB | 750,000 | 771,283 | |||||||||
| Public Finance Authority - Aurora Integrated Oncology Foundation WI† | 9.00% | 11/1/2028 | NR | 4,000,000 | 4,009,256 | |||||||||
| Public Finance Authority - Bancroft Neurohealth Oblig WI† | 5.00% | 6/1/2026 | NR | 470,000 | 463,594 | |||||||||
| Public Finance Authority - Lehigh VY Hlth Network WI† | 6.625% | 12/1/2032 | NR | 2,975,000 | 2,972,083 | |||||||||
| Rhode Island Health & Educational Building Corp. - Care New England Hlth Oblig | 5.00% | 9/1/2036 | B+ | 10,500,000 | 10,313,889 | |||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Vlg Inc | 5.25% | 11/15/2028 | NR | 2,850,000 | 2,867,347 | |||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Vlg Inc | 5.75% | 11/15/2029 | NR | 3,000,000 | 2,922,709 | |||||||||
| Southeastern Ohio Port Authority - Marietta Area Hlthcr Oblig | 5.50% | 12/1/2029 | B+ | (d) | 2,335,000 | 2,338,295 | ||||||||
| Washington Health Care Facilities Authority - Commonspirit Hlth Oblig | 5.00% | #(a) | 8/1/2049 | A- | 5,120,000 | 5,295,541 | ||||||||
| Washington Health Care Facilities Authority - Providence St Joseph Oblig | 5.00% | 10/1/2038 | A | 3,000,000 | 3,000,734 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Hlth Oblig | 5.27% | 2/15/2053 | BBB+ | 5,000,000 | 5,000,000 | |||||||||
| Total | 139,029,586 | |||||||||||||
| See Notes to Schedule of Investments. | 133 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing 0.65% | ||||||||||||||
| California Housing Finance Agency | 4.00% | 3/20/2033 | BBB+ | $ | 1,188 | $ | 1,208 | |||||||
| Iowa Finance Authority - Lifespace Communities Inc | 6.75% | 5/15/2033 | BBB | (d) | 4,200,000 | 4,348,838 | ||||||||
| Montgomery County Housing Opportunities Commission MD | 4.00% | 7/1/2048 | Aa2 | 315,000 | 314,091 | |||||||||
| North Carolina Housing Finance Agency | 4.00% | 7/1/2047 | AA+ | 250,000 | 249,280 | |||||||||
| Pennsylvania Housing Finance Agency AMT | 4.00% | 4/1/2039 | AA+ | 180,000 | 179,268 | |||||||||
| Roanoke County Economic Development Authority - Richfield Living VA(e) | 4.75% | 9/1/2029 | NR | 350,000 | 323,099 | |||||||||
| Virginia Beach Development Authority - Westminster-Canterbury On Ches | 5.375% | 9/1/2029 | BB+ | (d) | 1,650,000 | 1,693,634 | ||||||||
| Total | 7,109,418 | |||||||||||||
| Lease Obligations 0.30% | ||||||||||||||
| City of Coralville IA COPS | 4.00% | 6/1/2031 | BB | 1,000,000 | 966,217 | |||||||||
| New Jersey Economic Development Authority | 5.12% (MUNIPSA * 1 + 1.25% | )# | 9/1/2025 | A2 | 2,290,000 | 2,294,662 | ||||||||
| Total | 3,260,879 | |||||||||||||
| Multi-Family Housing 0.12% | ||||||||||||||
| Illinois Housing Development Authority (HUD SECT8) (FHA) | 4.00% | #(a) | 6/1/2026 | Aaa | 1,350,000 | 1,358,144 | ||||||||
| Other Revenue 2.82% | ||||||||||||||
| Arlington Higher Education Finance Corp. - Newman Internantional Acdmy TX | 4.00% | 8/15/2031 | NR | 360,000 | 332,670 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Oblig FL† | 4.00% | 12/15/2025 | NR | 300,000 | 293,745 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Oblig FL† | 5.00% | 12/15/2026 | NR | 300,000 | 298,319 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Oblig FL† | 5.00% | 12/15/2027 | NR | 660,000 | 658,344 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Oblig FL† | 5.00% | 12/15/2028 | NR | 690,000 | 689,629 | |||||||||
| Capital Trust Agency, Inc. - Franklin Acad Ser 2020 Oblig FL† | 5.00% | 12/15/2029 | NR | 730,000 | 729,950 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Fdtn OH | 5.00% | 12/1/2028 | BB+ | 2,595,000 | 2,650,233 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 5.25% | 8/15/2026 | Baa3 | 4,305,000 | 4,350,321 | |||||||||
134 |
See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| 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 | 5.25% | 8/15/2028 | Baa3 | $ | 3,040,000 | $ | 3,077,492 | |||||||
| Florida Development Finance Corp. - Renaissance Chtr 2020 C/D† | 4.00% | 9/15/2030 | NR | 470,000 | 436,386 | |||||||||
| Florida Development Finance Corp. - Renaissance Chtr Sch 2015† | 5.00% | 6/15/2025 | NR | 100,000 | 99,956 | |||||||||
| Industrial Development Authority of the County of Pima - Edkey Oblig Group AZ† | 3.50% | 7/1/2025 | NR | 515,000 | 503,533 | |||||||||
| Jefferson Parish Economic Development & Port District - Kenner Discovery Hlth Sci LA† | 4.80% | 6/15/2029 | NR | 2,225,000 | 2,208,121 | |||||||||
| Maryland Economic Development Corp.(e) | 5.00% | 12/1/2031 | NR | 1,500,000 | 900,000 | |||||||||
| Utah Charter School Finance Authority - Freedom Academy Fndtn† | 3.25% | 6/15/2031 | NR | 540,000 | 461,472 | (c) | ||||||||
| Utah Charter School Finance Authority - Freedom Academy Fndtn† | 4.50% | 6/15/2027 | NR | 1,945,000 | 1,874,536 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2031 | NR | 11,350,000 | 11,318,904 | |||||||||
| Total | 30,883,611 | |||||||||||||
| Pollution Control 0.22% | ||||||||||||||
| Matagorda County Navigation District No. 1 - Aep Texas Inc | 4.00% | 6/1/2030 | A- | 1,000,000 | 1,000,025 | |||||||||
| Mississippi Business Finance Corp. - Waste Pro USA Inc AMT† | 5.00% | #(a) | 2/1/2036 | NR | 1,500,000 | 1,448,495 | ||||||||
| Total | 2,448,520 | |||||||||||||
| Power 0.14% | ||||||||||||||
| Chesapeake Economic Development Authority - Virginia Elec & Pwr Co | 3.65% | #(a) | 2/1/2032 | A2 | 1,520,000 | 1,530,592 | ||||||||
| Special Tax 2.86% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2028 | NR | 1,220,000 | 1,250,030 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | 2,000,000 | 2,043,926 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 6.00% | 5/1/2042 | NR | 3,850,000 | 3,987,449 | |||||||||
| Babcock Ranch Community Independent Special District FL | 4.125% | 5/1/2027 | NR | 1,225,000 | 1,216,308 | |||||||||
| Babcock Ranch Community Independent Special District FL | 4.25% | 5/1/2032 | NR | 2,000,000 | 1,957,641 | |||||||||
| See Notes to Schedule of Investments. | 135 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Celebration Pointe Community Development District No. 1 FL | 2.375% | 5/1/2026 | NR | $ | 430,000 | $ | 410,737 | |||||||
| Celebration Pointe Community Development District No. 1 FL | 3.00% | 5/1/2031 | NR | 665,000 | 601,353 | |||||||||
| City of Baltimore MD | 4.50% | 6/1/2033 | NR | 400,000 | 399,742 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 3.875% | 11/15/2029 | NR | 980,000 | 864,126 | |||||||||
| Lakewood Ranch Stewardship District FL | 5.40% | 5/1/2028 | NR | 1,000,000 | 1,015,982 | |||||||||
| Lakewood Ranch Stewardship District FL | 5.45% | 5/1/2033 | NR | 2,680,000 | 2,779,325 | |||||||||
| Military Installation Development Authority UT | 4.00% | 6/1/2036 | NR | 4,750,000 | 4,096,029 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 4.111% (CPI YoY * 1 + 0.87% | ) | 3/1/2025 | Baa1 | 1,585,000 | 1,598,818 | ||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 4.121% (CPI YoY * 1 + 0.88% | ) | 3/1/2026 | Baa1 | 1,350,000 | 1,377,291 | ||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2028 | NR | 680,000 | 679,187 | |||||||||
| Scranton Redevelopment Authority PA GTD | 5.00% | 11/15/2028 | BBB- | 190,000 | 190,288 | |||||||||
| Village Community Development District No. 12 FL | 4.00% | 5/1/2033 | NR | 1,320,000 | 1,308,289 | |||||||||
| Village Metropolitan District CO GO | 4.15% | 12/1/2030 | NR | 3,650,000 | 3,524,005 | |||||||||
| West Villages Improvement District FL | 4.00% | 5/1/2024 | NR | 190,000 | 189,759 | |||||||||
| West Villages Improvement District FL | 4.25% | 5/1/2029 | NR | 940,000 | 932,401 | |||||||||
| Westview South Community Development District FL | 4.75% | 5/1/2028 | NR | 225,000 | 225,300 | |||||||||
| Westview South Community Development District FL | 4.875% | 5/1/2028 | NR | 680,000 | 682,016 | |||||||||
| Total | 31,330,002 | |||||||||||||
| Tax Revenue 4.43% | ||||||||||||||
| American Samoa Economic Development Authority† | 6.50% | 9/1/2028 | Ba3 | 1,000,000 | 1,062,358 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Ba1 | 5,185,000 | 4,931,256 | |||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2026 | NR | 3,930,000 | 3,978,365 | |||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2027 | NR | 1,000,000 | 1,015,794 | |||||||||
| 136 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2028 | NR | $ | 1,050,000 | $ | 1,069,621 | |||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2032 | NR | 2,535,000 | 2,597,974 | |||||||||
| New York City Transitional Finance Authority - Future Tax Secured Revenue NY | 5.00% | 2/1/2033 | AAA | 13,195,000 | 13,255,305 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 5,090,000 | 5,065,639 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.50% | 7/1/2034 | NR | 15,479,000 | 15,552,230 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 1,000 | 959 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 19,000 | 18,851 | |||||||||
| Total | 48,548,352 | |||||||||||||
| Tobacco 1.33% | ||||||||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CCC+ | 1,670,000 | 1,575,500 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CCC+ | 6,895,281 | 6,859,555 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2025 | B- | 6,100,000 | 6,123,986 | |||||||||
| Total | 14,559,041 | |||||||||||||
| Transportation 11.08% | ||||||||||||||
| Central Texas Turnpike System(b) | 5.00% | 8/15/2042 | A- | 5,000,000 | 5,006,213 | |||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2030 | A | 9,860,000 | 9,905,327 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2032 | A+ | 2,325,000 | 2,361,745 | |||||||||
| City & County of Denver - United Airlines Inc CO AMT | 5.00% | 10/1/2032 | BB- | 9,040,000 | 9,039,504 | |||||||||
| County of Miami - Dade Aviation Revenue FL AMT | 5.00% | 10/1/2032 | A3 | 3,305,000 | 3,753,480 | |||||||||
| County of Miami - Dade Aviation Revenue FL AMT | 5.00% | 10/1/2036 | A3 | 1,300,000 | 1,441,922 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2032 | A1 | 10,000,000 | 10,045,898 | |||||||||
| E-470 Public Highway Authority CO | 3.961% (SOFR * .67 + 0.35% | )# | 9/1/2039 | A+ | 1,800,000 | 1,795,383 | ||||||||
| Maryland Economic Development Corp. - Consol Marine Terminals L | 5.75% | 9/1/2025 | BB | 14,255,000 | 14,275,115 | |||||||||
| See Notes to Schedule of Investments. | 137 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| 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 AMT | 5.00% | 11/12/2028 | Baa3 | $ | 6,345,000 | $ | 6,515,026 | |||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2031 | A- | 1,850,000 | 1,900,518 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2031 | A- | 2,500,000 | 2,509,014 | |||||||||
| Metropolitan Washington Airports Authority - Dulles Toll Road Revenue DC | 5.00% | 10/1/2034 | A- | 1,250,000 | 1,344,115 | |||||||||
| New York City Transitional Development Corp. NY AMT | 5.50% | 6/30/2038 | Baa3 | 1,000,000 | 1,112,650 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 10/1/2030 | Baa3 | 14,945,000 | 14,697,559 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa3 | 5,000,000 | 5,061,297 | |||||||||
| New York Transportation Development Corp. - Delta Airlines Inc AMT | 6.00% | 4/1/2035 | Baa3 | 3,000,000 | 3,347,947 | |||||||||
| New York Transportation Development Corp. - Empire St Thruway Partnrs AMT | 2.50% | 10/31/2031 | BBB- | (d) | 1,365,000 | 1,177,666 | ||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner (AGM) AMT | 4.00% | 7/1/2031 | AA | 3,925,000 | 3,931,414 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.00% | 7/1/2034 | Baa2 | 6,000,000 | 6,020,869 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 3.625% | 9/15/2026 | NR | 500,000 | 485,634 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 4.25% | 9/15/2031 | NR | 1,500,000 | 1,443,880 | |||||||||
| Pennsylvania Turnpike Commission | 3.08% (MUNIPSA * 1 + 0.85% | )# | 7/15/2041 | A1 | 5,000,000 | 4,996,239 | ||||||||
| Public Finance Authority - Air Cargo Oblig Group WI AMT | 5.00% | 7/1/2032 | BBB | 1,845,000 | 1,995,392 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 1/1/2034 | BBB | 6,605,000 | 7,245,587 | |||||||||
| Total | 121,409,394 | |||||||||||||
| Utilities 10.20% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2052 | Baa1 | 2,875,000 | 2,835,401 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 6/1/2049 | A2 | 2,350,000 | 2,515,894 | ||||||||
| California Community Choice Financing Authority - Clean Energy | 5.25% | #(a) | 11/1/2054 | A2 | 3,300,000 | 3,575,014 | ||||||||
| Central Plains Energy Project NE | 5.00% | #(a) | 5/1/2054 | Aa2 | 5,000,000 | 5,302,901 | ||||||||
| Charlotte County Industrial Development Authority - Mskp Town And Cntry Util FL† | 5.00% | 10/1/2029 | NR | 2,485,000 | 2,521,865 | |||||||||
| 138 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Charlotte County Industrial Development Authority - Mskp Town And Cntry Util FL† | 5.00% | 10/1/2034 | NR | $ | 1,000,000 | $ | 1,012,208 | |||||||
| Charlotte County Industrial Development Authority - Mskp Town And Cntry Util FL† | 5.50% | 10/1/2036 | NR | 3,490,000 | 3,552,838 | |||||||||
| Chautauqua County Capital Resource Corp. - NRG Energy Inc NY | 4.25% | #(a) | 4/1/2042 | BBB- | 1,500,000 | 1,514,670 | ||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2026 | A+ | 2,750,000 | 2,787,955 | |||||||||
| City of Seattle Municipal Light & Power Revenue WA | 3.33% (MUNIPSA * 1 + 0.25% | )# | 5/1/2045 | AA | 3,000,000 | 2,919,012 | ||||||||
| County of Jefferson Sewer Revenue AL | 6.00% | 10/1/2042 | BBB | 2,000,000 | 2,100,741 | |||||||||
| County of Jefferson Sewer Revenue AL (AGM) | 6.90% | 10/1/2050 | AA | 2,500,000 | 2,625,113 | |||||||||
| County of Trimble - Louisville Gas & Elec Co KY AMT | 4.70% | #(a) | 6/1/2054 | A1 | 1,750,000 | 1,777,448 | ||||||||
| Energy Southeast A Cooperative District AL | 5.75% | #(a) | 4/1/2054 | A1 | 2,000,000 | 2,241,201 | ||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT | 3.00% | 6/1/2032 | NR | 7,910,000 | 6,355,646 | |||||||||
| Kentucky Public Energy Authority | 5.25% | #(a) | 4/1/2054 | A1 | 6,105,000 | 6,657,888 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 23,600,000 | 22,717,723 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 1,190,000 | 1,199,607 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.285% (SOFR * .67 + 1.70% | )# | 12/1/2053 | Aa1 | 5,000,000 | 5,052,937 | ||||||||
| Northern Palm Beach County Improvement District FL | 5.00% | 8/1/2034 | NR | 3,200,000 | 3,207,459 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2033 | NR | 5,230,000 | 5,320,529 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2035 | NR | 1,500,000 | 1,516,565 | |||||||||
| Southeast Energy Authority A Cooperative District AL | 5.984% (SOFR * .67 + 2.42% | )# | 1/1/2053 | A1 | 10,000,000 | 10,385,617 | ||||||||
| Tennergy Corp. TN | 5.50% | #(a) | 10/1/2053 | Baa1 | 8,195,000 | 8,752,213 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | #(a) | 1/1/2054 | A2 | 3,000,000 | 3,336,458 | ||||||||
| Total | 111,784,903 | |||||||||||||
| Total Municipal Bonds (cost $1,087,703,035) | 1,085,216,508 | |||||||||||||
| See Notes to Schedule of Investments. | 139 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate(f) | Interest Rate Reset Date# | Final Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||||
| SHORT-TERM INVESTMENTS 0.67% | ||||||||||||||||||
| VARIABLE RATE DEMAND NOTES 0.67% | ||||||||||||||||||
| General Obligation 0.33% | ||||||||||||||||||
| City of New York NY GO | 4.100% | 1/2/2024 | 10/1/2046 | AA | $ | 1,825,000 | $ | 1,825,000 | ||||||||||
| City of New York NY GO | 4.150% | 1/2/2024 | 4/1/2042 | AA | 1,800,000 | 1,800,000 | ||||||||||||
| Total | 3,625,000 | |||||||||||||||||
| Tax Revenue 0.25% | ||||||||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY (cost $2,750,000) | 4.100% | 1/2/2024 | 5/1/2034 | AAA | 2,750,000 | 2,750,000 | ||||||||||||
| Utilities 0.09% | ||||||||||||||||||
| Development Authority of Appling County - Georgia Power Company (cost $1,000,000) | 3.550% | 1/2/2024 | 9/1/2041 | BBB+ | 1,000,000 | 1,000,000 | ||||||||||||
| Total Short-Term Investments (cost $7,375,000) | 7,375,000 | |||||||||||||||||
| Total Investments in Securities 99.68% (cost $1,095,078,035) | 1,092,591,508 | |||||||||||||||||
| Other Assets and Liabilities – Net 0.32% | 3,509,455 | |||||||||||||||||
| Net Assets 100.00% | $ | 1,096,100,963 | ||||||||||||||||
| AGM | Insured by - Assured Guaranty Municipal Corporation. | |
| 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. | |
| HUD | Insured by - Department of Housing and Urban Development. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield. | |
| NR | Not Rated. | |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. | |
| SOFR | Secured Overnight Financing Rate. | |
| TRIPS | Tax Refund Intercept Programs. | |
| YoY | Year on Year Inflation Rates. |
| † | 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, 2023, the total value of Rule 144A securities was $241,945,733, which represents 22.07% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 2023. | |
| (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. | |
| (d) | This investment has been rated by Fitch IBCA. |
| 140 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND December 31, 2023
| (e) | Defaulted (non-income producing security). | |
| (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. |
The following is a summary of the inputs used as of December 31, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| Corporate-Backed | $ | – | $ | 314,327,463 | $ | 3,130,585 | $ | 317,458,048 | ||||||||
| General Obligation | – | 132,929,735 | 1,215,846 | 134,145,581 | ||||||||||||
| Health Care | – | 133,113,786 | 5,915,800 | 139,029,586 | ||||||||||||
| Other Revenue | – | 30,422,139 | 461,472 | 30,883,611 | ||||||||||||
| Remaining Industries | – | 463,699,682 | – | 463,699,682 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 7,375,000 | – | 7,375,000 | ||||||||||||
| Total | $ | – | $ | 1,081,867,805 | $ | 10,723,703 | $ | 1,092,591,508 | ||||||||
| (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, 2023 | $ | 14,882,022 | |||
| Accrued Discounts (Premiums) | 6,474 | ||||
| Realized Gain (Loss) | (86,876 | ) | |||
| Change in Unrealized Appreciation (Depreciation) | 453,067 | ||||
| Purchases | – | ||||
| Sales | (1,572,498 | ) | |||
| Transfers into Level 3(a) | 2,538,079 | ||||
| Transfers out of Level 3(a) | (5,496,565 | ) | |||
| Balance as of December 31, 2023 | $ | 10,723,703 | |||
| Change in unrealized appreciation/depreciation for the period ended December 31, 2023, related to Level 3 investments held at December 31, 2023 | $ | 356,611 | |||
| (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. | 141 |
Schedule of Investments (unaudited)
SUSTAINABLE MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 97.91% | ||||||||||||||
| MUNICIPAL BONDS 97.91% | ||||||||||||||
| Corporate-Backed 2.24% | ||||||||||||||
| Michigan Strategic Fund - Graphic Packaging Intl AMT | 4.00% | #(a) | 10/1/2061 | BB | $ | 125,000 | $ | 123,396 | ||||||
| Education 27.14% | ||||||||||||||
| Build NYC Resource Corp. - E Harlem Scholars Oblig Gp NY† | 5.00% | 6/1/2032 | BB+ | 100,000 | 102,642 | |||||||||
| California Community Choice Financing Authority | 4.00% | #(a) | 5/1/2053 | A1 | 150,000 | 152,273 | ||||||||
| Cleveland State University OH | 5.00% | 6/1/2031 | A+ | 100,000 | 103,923 | |||||||||
| Clifton Higher Education Finance Corp. - Intl American Edu Fed TX | 6.00% | 8/15/2038 | Baa3 | 110,000 | 112,125 | |||||||||
| Connecticut State Health & Educational Facilities Authority | 2.80% | #(a) | 7/1/2057 | AAA | 150,000 | 150,129 | ||||||||
| Duval County Public Schools FL COPS (AGM) | 5.00% | 7/1/2035 | AA | 150,000 | 170,370 | |||||||||
| Florida Development Finance Corp. - Renaissance Chtr 2020 C/D† | 5.00% | 9/15/2040 | NR | 100,000 | 90,316 | |||||||||
| Fort Bend Independent School District TX GO (PSF GTD) | 0.875% | #(a) | 8/1/2050 | AAA | 150,000 | 143,466 | ||||||||
| Louisiana Public Facilities Authority - Tulane University | 5.00% | 10/15/2036 | A+ | 150,000 | 174,739 | |||||||||
| Massachusetts Development Finance Agency - Franklin W Olin College | 5.00% | 11/1/2039 | A2 | 140,000 | 158,424 | |||||||||
| Stephen F Austin State University TX | 5.00% | 10/15/2028 | Aa1 | 25,000 | 26,496 | |||||||||
| Wayne State University MI | 4.00% | 11/15/2034 | Aa3 | 110,000 | 111,938 | |||||||||
| Total | 1,496,841 | |||||||||||||
| General Obligation 21.48% | ||||||||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 12/1/2053 | A2 | 150,000 | 159,468 | ||||||||
| California Community Choice Financing Authority | 5.50% | #(a) | 5/1/2054 | A2 | 100,000 | 107,784 | ||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2039 | BB+ | 125,000 | 118,304 | |||||||||
| New Caney Independent School District TX GO (PSF GTD) | 1.25% | #(a) | 2/15/2050 | Aaa | 150,000 | 148,180 | ||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2036 | A2 | 200,000 | 235,787 | |||||||||
| 142 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SUSTAINABLE MUNICIPAL BOND FUND December 31, 2023
| 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 (PSF GTD) | 1.60% | #(a) | 8/1/2049 | Aaa | $ | 100,000 | $ | 99,063 | ||||||
| Pennsylvania Economic Development Financing Authority AMT | 5.50% | 6/30/2037 | Baa2 | 125,000 | 140,353 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue | 5.00% | 7/15/2038 | AA | 150,000 | 175,519 | |||||||||
| Total | 1,184,458 | |||||||||||||
| Health Care 27.66% | ||||||||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2026 | BBB | 115,000 | 115,649 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 4.00% | 12/1/2026 | BB | 200,000 | 196,622 | |||||||||
| Brevard County Health Facilities Authority - Health First Inc Oblig Grp FL | 5.00% | 4/1/2038 | A | 210,000 | 234,783 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Hartford Healthcare Oblig Gp | 5.00% | 7/1/2028 | A | 185,000 | 200,255 | |||||||||
| County of Franklin - Trinity Hlth Corp Oblig OH | 5.00% | 12/1/2036 | AA- | 150,000 | 164,174 | |||||||||
| Lee Memorial Hlth Sys Oblig FL | 5.00% | 4/1/2029 | A+ | 50,000 | 55,329 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Adventist Hlthcare Oblig | 5.50% | 1/1/2046 | Baa3 | 125,000 | 127,543 | |||||||||
| Norfolk Economic Development Authority - Sentara Hlthcr Oblig Gp VA | 5.00% | #(a) | 11/1/2048 | AA | 150,000 | 165,249 | ||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Vlg Inc | 5.25% | 11/15/2028 | NR | 100,000 | 100,609 | |||||||||
| State of Ohio - Univ Hosp Hlth Sys Oblig Gp | 5.00% | 1/15/2032 | A | 150,000 | 164,946 | |||||||||
| Total | 1,525,159 | |||||||||||||
| Housing 8.31% | ||||||||||||||
| California Housing Finance Agency | 4.00% | 3/20/2033 | BBB+ | 140,241 | 142,668 | |||||||||
| Indiana Finance Authority - Chf-Tippecanoe LLC | 5.00% | 6/1/2043 | BBB- | 150,000 | 153,277 | |||||||||
| Maryland Economic Development Corp. | 5.375% | 7/1/2038 | BBB- | 150,000 | 162,254 | |||||||||
| Total | 458,199 | |||||||||||||
| Taxable Revenue - Water & Sewer 1.82% | ||||||||||||||
| Jersey City Municipal Utilities Authority NJ | 4.00% | 5/3/2024 | NR | 100,000 | 100,156 | |||||||||
| See Notes to Schedule of Investments. | 143 |
Schedule of Investments (unaudited)(concluded)
SUSTAINABLE MUNICIPAL BOND FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation 1.93% | ||||||||||||||
| County of Osceola Transportation Revenue FL | 5.00% | 10/1/2028 | BBB+ | $ | 100,000 | $ | 106,272 | |||||||
| Utilities 7.33% | ||||||||||||||
| California Pollution Control Financing Authority - Poseidon Resources† | 5.00% | 7/1/2039 | Baa3 | 250,000 | 257,111 | |||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2029 | A+ | 140,000 | 147,079 | |||||||||
| Total | 404,190 | |||||||||||||
| Total Investments in Securities 97.91% (cost $5,274,397) | 5,398,671 | |||||||||||||
| Other Assets and Liabilities – Net 2.09% | 115,399 | |||||||||||||
| Net Assets 100.00% | $ | 5,514,070 | ||||||||||||
| AGM | Insured by - Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| COPS | Certificate of Participation. | |
| GTD | Guaranteed. | |
| PSF | Permanent School Fund. | |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 2023. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2023, the total value of Rule 144A securities was $450,069, which represents 8.16% of net assets. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
The following is a summary of the inputs used as of December 31, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 5,398,671 | $ | – | $ | 5,398,671 | ||||||||
| Total | $ | – | $ | 5,398,671 | $ | – | $ | 5,398,671 | ||||||||
| (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.
| 144 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
CALIFORNIA TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 99.10% | ||||||||||||||
| MUNICIPAL BONDS 99.10% | ||||||||||||||
| Corporate-Backed 1.87% | ||||||||||||||
| California Municipal Finance Authority - Waste Mgmt Inc AMT | 4.125% | #(a) | 10/1/2041 | A- | $ | 1,000,000 | $ | 1,002,226 | ||||||
| California Municipal Finance Authority AMT | 4.00% | 7/15/2029 | BB- | 3,450,000 | 3,396,131 | |||||||||
| California Pollution Control Financing Authority - Poseidon Resources AMT† | 5.00% | 11/21/2045 | Baa3 | 4,410,000 | 4,411,035 | |||||||||
| California Pollution Control Financing Authority - Waste Mgmt Inc AMT | 4.30% | 7/1/2040 | A- | 185,000 | 185,265 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport - SFO Fuel Co LLC CA AMT | 5.00% | 1/1/2038 | A+ | 1,715,000 | 1,818,987 | |||||||||
| Total | 10,813,644 | |||||||||||||
| Education 13.07% | ||||||||||||||
| Alvord Unified School District CA GO (BAM) | 5.00% | 8/1/2052 | AA | 4,000,000 | 4,438,014 | |||||||||
| Brentwood Union School District CA GO | 5.25% | 8/1/2052 | Aa3 | 2,125,000 | 2,370,546 | |||||||||
| California Community Choice Financing Authority | 4.00% | #(a) | 5/1/2053 | A1 | 4,850,000 | 4,923,501 | ||||||||
| California Educational Facilities Authority - Art Center Clg of Design | 5.00% | 12/1/2044 | Baa1 | 3,500,000 | 3,627,403 | |||||||||
| California Educational Facilities Authority - Chapman University | 5.00% | 4/1/2040 | A2 | 1,000,000 | 1,015,029 | |||||||||
| California Educational Facilities Authority - Loyola Marymount Univ | 5.00% | 10/1/2048 | A2 | 1,000,000 | 1,044,296 | |||||||||
| California Educational Facilities Authority - ST Mary’s College | 5.50% | 10/1/2053 | BBB- | 1,125,000 | 1,187,929 | |||||||||
| California Educational Facilities Authority - Univ of San Francisco | 5.00% | 10/1/2053 | A2 | 2,000,000 | 2,079,011 | |||||||||
| California Educational Facilities Authority - University of The Pacific | 5.00% | 11/1/2053 | A2 | 2,900,000 | 3,164,545 | |||||||||
| California Health Facilities Financing Authority - Art Center Clg Of Design | 5.00% | 12/1/2048 | Baa1 | 1,000,000 | 1,028,643 | |||||||||
| California Municipal Finance Authority - Biola University | 5.00% | 10/1/2032 | Baa1 | 400,000 | 424,655 | |||||||||
| California Municipal Finance Authority - Biola University | 5.00% | 10/1/2039 | Baa1 | 1,000,000 | 1,035,885 | |||||||||
| California Municipal Finance Authority - Emerson College | 5.00% | 1/1/2042 | BBB+ | 4,245,000 | 4,332,017 | |||||||||
| See Notes to Schedule of Investments. | 145 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| California Municipal Finance Authority - Samuel Merritt University | 5.25% | 6/1/2053 | A3 | $ | 3,000,000 | $ | 3,284,708 | |||||||
| California Municipal Finance Authority - Sdori Charter Sch Pptys† | 5.625% | 3/1/2045 | B+ | 500,000 | 470,242 | |||||||||
| California Municipal Finance Authority - Touro Clg & Univ Sys Oblig | 5.25% | 1/1/2040 | NR | 1,085,000 | 1,098,104 | |||||||||
| California Municipal Finance Authority - University of San Diego | 3.00% | 11/1/2048 | A2 | 2,000,000 | 1,481,851 | |||||||||
| California School Finance Authority - Aspire Public Schools Oblig† | 5.00% | 8/1/2046 | NR | 85,000 | 88,033 | |||||||||
| California School Finance Authority - Aspire Public Schools Oblig† | 5.00% | 8/1/2046 | BBB | 3,450,000 | 3,474,145 | |||||||||
| California School Finance Authority - Green Dot Public Schs Oblig† | 5.00% | 8/1/2045 | BBB- | 620,000 | 622,878 | |||||||||
| California School Finance Authority - Kipp Socal Pub Schs Oblig† | 5.00% | 7/1/2045 | BBB | 540,000 | 543,713 | |||||||||
| California School Finance Authority - Kipp Socal Pub Schs Oblig† | 5.00% | 7/1/2047 | BBB | 2,915,000 | 2,951,330 | |||||||||
| California State University | 5.25% | 11/1/2053 | Aa2 | 8,075,000 | 9,274,231 | |||||||||
| California Statewide Communities Development Authority - Culinary Inst of America | 5.00% | 7/1/2046 | Baa2 | 1,010,000 | 1,019,821 | |||||||||
| Central Unified School District CA GO | 5.25% | 8/1/2052 | Aa3 | 2,940,000 | 3,313,331 | |||||||||
| Montebello Unified School District CA GO (AGM) | 5.50% | 8/1/2047 | AA | 2,000,000 | 2,228,853 | |||||||||
| Morgan Hill Unified School District CA GO | 5.25% | 8/1/2040 | Aa1 | 1,000,000 | 1,180,230 | |||||||||
| Santa Clarita Community College District CA GO | 5.25% | 8/1/2045 | AA | 1,500,000 | 1,705,478 | |||||||||
| University of California | 4.00% | 5/15/2041 | AA | 1,635,000 | 1,691,065 | |||||||||
| University of California | 5.00% | 5/15/2035 | Aa2 | 3,000,000 | 3,721,836 | |||||||||
| University of California | 5.00% | 5/15/2036 | AA- | 1,500,000 | 1,803,112 | |||||||||
| University of California | 5.00% | 5/15/2052 | AA | 4,640,000 | 5,174,521 | |||||||||
| Total | 75,798,956 | |||||||||||||
| General Obligation 15.10% | ||||||||||||||
| Banning Unified School District CA GO (AGM) | 5.25% | 8/1/2042 | AA | 1,115,000 | 1,191,719 | |||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 7/1/2053 | A1 | 3,000,000 | 3,188,205 | ||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 12/1/2053 | A2 | 1,750,000 | 1,860,463 | ||||||||
| 146 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 1/1/2054 | Baa1 | $ | 6,595,000 | $ | 6,980,294 | ||||||
| California Community Choice Financing Authority | 5.50% | #(a) | 5/1/2054 | A2 | 4,500,000 | 4,850,292 | ||||||||
| California State Public Works Board | 4.00% | 5/1/2046 | Aa3 | 3,765,000 | 3,830,850 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2024 | NR | 25,521 | 25,024 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(a) | 11/1/2043 | NR | 691,973 | 377,990 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 2,000,000 | 1,788,954 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 165,067 | 183,952 | |||||||||
| Cupertino Union School District CA GO | 2.50% | 8/1/2033 | Aa1 | 740,000 | 710,124 | |||||||||
| Dublin Unified School District CA GO | 3.00% | 8/1/2041 | AA+ | 2,425,000 | 2,199,500 | |||||||||
| El Rancho Unified School District CA GO | 5.75% | 8/1/2048 | AA | 1,750,000 | 2,097,900 | |||||||||
| Grossmont Union High School District CA GO (AGM) | Zero Coupon | 6/1/2040 | AA | 2,000,000 | 877,393 | |||||||||
| Imperial Community College District CA GO (AGM) | 5.25% | 8/1/2053 | AA | 1,620,000 | 1,825,870 | |||||||||
| Irvine Facilities Financing Authority CA GO | 4.25% | 9/1/2050 | Aa1 | 1,565,000 | 1,638,216 | |||||||||
| Irvine Unified School District CA Special Tax (BAM) | 5.00% | 9/1/2038 | AA | 1,000,000 | 1,023,073 | |||||||||
| Irvine Unified School District CA Special Tax (BAM) | 5.00% | 9/1/2056 | AA | 995,000 | 1,034,215 | |||||||||
| Local Public Schools Funding Authority School Improvement District No. 2016-1 CA GO (BAM) | 5.00% | 8/1/2052 | AA | 2,000,000 | 2,112,193 | |||||||||
| Newport Mesa Unified School District CA GO | Zero Coupon | 8/1/2041 | Aaa | 1,325,000 | 670,558 | |||||||||
| Newport Mesa Unified School District CA GO | Zero Coupon | 8/1/2045 | Aaa | 1,000,000 | 425,603 | |||||||||
| North Orange County Community College District CA GO | 2.75% | 8/1/2036 | AA+ | 2,000,000 | 1,877,773 | |||||||||
| Ravenswood City School District CA GO | 5.25% | 8/1/2053 | AAA | (b) | 2,000,000 | 2,262,647 | ||||||||
| San Benito High School District CA GO | Zero Coupon | 8/1/2042 | Aa3 | 1,795,000 | 825,460 | |||||||||
| San Benito High School District CA GO | Zero Coupon | 8/1/2043 | Aa3 | 2,600,000 | 1,142,008 | |||||||||
| San Diego Public Facilities Financing Authority CA | 5.25% | 10/15/2052 | AA- | 4,125,000 | 4,697,829 | |||||||||
| San Diego Unified School District CA GO | 5.00% | 7/1/2048 | Aa2 | 3,000,000 | 3,427,213 | |||||||||
| San Francisco Bay Area Rapid Transit District CA GO | 5.25% | 8/1/2047 | Aaa | 2,345,000 | 2,687,524 | |||||||||
| See Notes to Schedule of Investments. | 147 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| San Leandro Unified School District CA GO (BAM) | 5.25% | 8/1/2046 | AA | $ | 1,750,000 | $ | 1,857,145 | |||||||
| Santa Barbara Unified School District CA GO | 4.00% | 8/1/2036 | Aa1 | 750,000 | 775,874 | |||||||||
| Santa Monica - Malibu Unified School District CA GO | 3.00% | 8/1/2044 | AA+ | 1,515,000 | 1,305,310 | |||||||||
| Santa Rita Union School District CA GO | 2.50% | 8/1/2031 | AA- | 1,235,000 | 1,187,548 | |||||||||
| Simi Valley Unified School District CA GO | 5.25% | 8/1/2051 | Aa2 | 3,000,000 | 3,347,213 | |||||||||
| Southwestern Community College District CA GO | Zero Coupon | 8/1/2041 | Aa2 | 1,100,000 | 558,542 | |||||||||
| State of California GO | 4.00% | 11/1/2037 | Aa2 | 3,000,000 | 3,190,341 | |||||||||
| State of California GO | 4.00% | 10/1/2041 | Aa2 | 3,000,000 | 3,140,643 | |||||||||
| State of California GO | 5.00% | 10/1/2041 | Aa2 | 1,170,000 | 1,326,397 | |||||||||
| State of California GO | 5.00% | 4/1/2042 | Aa2 | 2,000,000 | 2,281,637 | |||||||||
| State of California GO | 5.25% | 9/1/2047 | Aa2 | 3,000,000 | 3,452,165 | |||||||||
| State of California GO | 5.25% | 10/1/2050 | Aa2 | 2,500,000 | 2,879,901 | |||||||||
| State of California GO | 5.25% | 9/1/2053 | Aa2 | 3,000,000 | 3,457,809 | |||||||||
| Washington Township Health Care District CA GO | 5.25% | 8/1/2048 | A2 | 1,625,000 | 1,837,647 | |||||||||
| West Contra Costa Unified School District CA GO | 6.00% | 8/1/2027 | AA- | 1,000,000 | 1,123,352 | |||||||||
| Total | 87,534,366 | |||||||||||||
| Health Care 13.73% | ||||||||||||||
| Abag Finance Authority for Nonprofit Corps - Sharp Healthcare Oblig CA | 5.00% | 8/1/2043 | AA | 1,000,000 | 1,001,492 | |||||||||
| Antelope Valley Healthcare District CA | 5.00% | 3/1/2026 | BBB | 1,565,000 | 1,573,832 | |||||||||
| Antelope Valley Healthcare District CA | 5.25% | 3/1/2036 | BBB | 1,000,000 | 1,021,764 | |||||||||
| California Community Choice Financing Authority - Providence St Joseph Oblig | 3.00% | 10/1/2041 | A | 1,910,000 | 1,567,329 | |||||||||
| California Community Choice Financing Authority - Providence St Joseph Oblig | 3.00% | 10/1/2047 | A2 | 1,295,000 | 997,772 | |||||||||
| California Community Choice Financing Authority - Providence St Joseph Oblig | 5.00% | 10/1/2044 | A | 2,410,000 | 2,427,727 | |||||||||
| California Health Facilities Financing Authority - Cedars-Sinai Med Ctr Oblig | 3.00% | 8/15/2051 | AA- | 2,705,000 | 2,204,760 | |||||||||
| California Health Facilities Financing Authority - Children’s Hosp La Oblig | 5.00% | 8/15/2047 | BBB | 4,000,000 | 4,075,275 | |||||||||
| 148 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Health Facilities Financing Authority - Childrens Hosp Orange Oblig | 3.00% | 11/1/2038 | AA- | $ | 3,000,000 | $ | 2,748,198 | |||||||
| California Health Facilities Financing Authority - City of Hope Oblig Group | 4.00% | 11/15/2045 | A | 3,370,000 | 3,296,147 | |||||||||
| California Health Facilities Financing Authority - City of Hope Oblig Group | 5.00% | 11/15/2032 | A | 1,300,000 | 1,300,953 | |||||||||
| California Health Facilities Financing Authority - Commonspirit Hlth Oblig | 4.00% | 4/1/2035 | A- | 3,350,000 | 3,473,659 | |||||||||
| California Health Facilities Financing Authority - Commonspirit Hlth Oblig | 4.00% | 4/1/2044 | A- | 1,250,000 | 1,253,177 | |||||||||
| California Health Facilities Financing Authority - Commonspirit Hlth Oblig | 4.00% | 4/1/2045 | A- | 1,250,000 | 1,250,364 | |||||||||
| California Health Facilities Financing Authority - Lucile Packard Chld hsp | 5.00% | 11/15/2056 | A+ | 1,225,000 | 1,277,149 | |||||||||
| California Health Facilities Financing Authority - Lucile S Packard Chld Hsp | 4.00% | 5/15/2051 | A+ | 2,000,000 | 1,985,564 | |||||||||
| California Health Facilities Financing Authority - Sutter Health Oblig Group | 5.00% | 11/15/2038 | A+ | 2,250,000 | 2,378,624 | |||||||||
| California Health Facilities Financing Authority - Sutter Health Oblig Group | 4.00% | 11/15/2048 | A+ | 1,750,000 | 1,730,638 | |||||||||
| California Municipal Finance Authority | 4.00% | 8/15/2037 | A- | 1,000,000 | 1,010,131 | |||||||||
| California Municipal Finance Authority - Cmnty Hosps Ctrl Grp | 5.00% | 2/1/2037 | A3 | 2,000,000 | 2,077,069 | |||||||||
| California Municipal Finance Authority - Cmnty Hosps Ctrl Grp (AGM) | 4.00% | 2/1/2051 | AA | 1,455,000 | 1,410,900 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% | 7/1/2036 | Baa2 | 1,580,000 | 1,646,095 | |||||||||
| California Municipal Finance Authority - Palomar Health Oblig Grp (AGM) | 5.25% | 11/1/2052 | AA | 1,000,000 | 1,122,540 | |||||||||
| California Public Finance Authority - Hoag Mem Hosp Oblig Grp | 4.00% | 7/15/2051 | AA | 1,000,000 | 1,010,316 | |||||||||
| California Public Finance Authority - Kendal At Ventura† | 10.00% | 5/15/2028 | NR | 500,000 | 534,800 | (c) | ||||||||
| California Statewide Communities Development Authority - Cedars-Sinai Med Ctr Oblig | 4.00% | 7/1/2048 | AA- | 1,000,000 | 1,004,182 | |||||||||
| California Statewide Communities Development Authority - Humangood Oblig Group | 5.00% | 10/1/2045 | A- | (b) | 1,000,000 | 1,008,249 | ||||||||
| See Notes to Schedule of Investments. | 149 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Statewide Communities Development Authority - Kaiser Fdtn Hospitals | 5.00% | #(a) | 5/1/2033 | AA- | $ | 1,030,000 | $ | 1,162,080 | ||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig† | 5.00% | 12/1/2026 | BB | 1,735,000 | 1,787,228 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig† | 5.00% | 12/1/2041 | BB | 1,000,000 | 999,089 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig | 5.25% | 12/1/2034 | BB | 2,150,000 | 2,171,143 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig† | 5.25% | 12/1/2056 | BB | 1,015,000 | 1,018,265 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig | 5.50% | 12/1/2054 | BB | 2,225,000 | 2,223,444 | |||||||||
| California Statewide Communities Development Authority - Loma Linda Univ Med Oblig† | 5.50% | 12/1/2058 | BB | 2,555,000 | 2,613,572 | |||||||||
| California Statewide Communities Development Authority - Verity Hlth Sys Oblig | 5.50% | 7/1/2039 | NR | 4,973 | 4,675 | |||||||||
| Palomar Health CA - Palomar Health Oblig Grp | 5.00% | 11/1/2036 | BBB | 3,555,000 | 3,640,214 | |||||||||
| Palomar Health CA - Palomar Health Oblig Grp | 5.00% | 11/1/2039 | BBB | 4,750,000 | 4,828,802 | |||||||||
| Regents of the University of California Medical Center Pooled Revenue | 3.50% | 5/15/2054 | AA- | 3,000,000 | 2,740,323 | |||||||||
| Regents of the University of California Medical Center Pooled Revenue | 5.00% | 5/15/2035 | AA- | 2,000,000 | 2,400,408 | |||||||||
| Regents of the University of California Medical Center Pooled Revenue | 5.00% | 5/15/2047 | AA- | 2,000,000 | 2,237,911 | |||||||||
| Regents of the University of California Medical Center Pooled Revenue CA | 5.00% | 5/15/2047 | AA- | 3,000,000 | 3,096,623 | |||||||||
| Washington Township Health Care District CA | 5.75% | 7/1/2053 | Baa3 | 2,100,000 | 2,296,874 | |||||||||
| Total | 79,609,357 | |||||||||||||
| 150 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing 6.52% | ||||||||||||||
| California Community Housing Agency† | 4.00% | 2/1/2050 | NR | $ | 4,495,000 | $ | 3,298,302 | |||||||
| California Community Housing Agency† | 5.00% | 8/1/2050 | NR | 1,000,000 | 931,992 | |||||||||
| California Enterprise Development Authority - Provident Grp-Sdsu Pptys | 5.00% | 8/1/2040 | Baa3 | 1,625,000 | 1,690,664 | |||||||||
| California Enterprise Development Authority - Provident Grp-Sdsu Pptys | 5.00% | 8/1/2050 | Baa3 | 2,030,000 | 2,075,990 | |||||||||
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB | 7,259,379 | 6,832,878 | |||||||||
| California Housing Finance Agency | 3.50% | 11/20/2035 | BBB+ | 3,269,769 | 3,185,751 | |||||||||
| California Municipal Finance Authority - Bowles Hall Foundation | 5.00% | 6/1/2050 | Baa3 | 500,000 | 503,522 | |||||||||
| California Municipal Finance Authority - Caritas Affordable Hsg | 5.00% | 8/15/2030 | A- | 1,050,000 | 1,058,711 | |||||||||
| California Municipal Finance Authority - Chf Davis II LLC (BAM) | 3.00% | 5/15/2051 | AA | 2,500,000 | 1,931,049 | |||||||||
| California Municipal Finance Authority - CHF-Davis II LLC (BAM) | 4.00% | 5/15/2046 | AA | 4,625,000 | 4,548,924 | |||||||||
| California Statewide Communities Development Authority † | 3.00% | 6/1/2047 | NR | 3,000,000 | 2,177,548 | |||||||||
| California Statewide Communities Development Authority - CHF-Irvine LLC | 5.00% | 5/15/2035 | Baa1 | 3,100,000 | 3,167,095 | |||||||||
| California Statewide Communities Development Authority - CHF-Irvine LLC (BAM) | 4.00% | 5/15/2046 | AA | 1,000,000 | 984,990 | |||||||||
| CSCDA Community Improvement Authority CA† | 2.65% | 12/1/2046 | NR | 3,440,000 | 2,609,597 | |||||||||
| CSCDA Community Improvement Authority CA† | 3.00% | 3/1/2057 | NR | 2,000,000 | 1,338,563 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 8/1/2056 | NR | 1,000,000 | 754,242 | |||||||||
| CSCDA Community Improvement Authority CA† | 4.00% | 12/1/2056 | NR | 1,000,000 | 722,054 | |||||||||
| Total | 37,811,872 | |||||||||||||
| Lease Obligations 1.07% | ||||||||||||||
| California State Public Works Board | 4.00% | 11/1/2046 | Aa3 | 2,500,000 | 2,541,459 | |||||||||
| County of Santa Barbara CA COPS AMT | 5.00% | 12/1/2036 | AA | 3,395,000 | 3,660,896 | |||||||||
| Total | 6,202,355 | |||||||||||||
| Other Revenue 1.31% | ||||||||||||||
| California Infrastructure & Economic Development Bank - Los Angeles Cnty Museum | 4.00% | 7/1/2050 | A2 | 4,000,000 | 3,969,800 | |||||||||
| See Notes to Schedule of Investments. | 151 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| California School Finance Authority - Aspire Public Schools Oblig† | 4.00% | 8/1/2051 | BBB | $ | 785,000 | $ | 692,183 | |||||||
| California School Finance Authority - Green Dot Public Schs Oblig† | 5.00% | 8/1/2038 | BBB- | 1,000,000 | 1,032,947 | |||||||||
| California School Finance Authority - Kipp Socal Pub Schs Oblig† | 5.00% | 7/1/2034 | BBB | 600,000 | 603,607 | |||||||||
| Commonwealth of Puerto Rico | Zero Coupon | #(a) | 11/1/2051 | NR | 2,417,316 | 1,320,459 | ||||||||
| Total | 7,618,996 | |||||||||||||
| Power 1.16% | ||||||||||||||
| Southern California Public Power Authority | 5.25% | 7/1/2053 | Aa2 | 2,700,000 | 3,099,025 | |||||||||
| Southern California Public Power Authority | 5.25% | 7/1/2053 | Aa2 | 3,180,000 | 3,649,963 | |||||||||
| Total | 6,748,988 | |||||||||||||
| Pre-Refunded 0.12% | ||||||||||||||
| M-S-R Energy Authority CA | 6.50% | 11/1/2039 | BBB+ | 555,000 | 715,166 | |||||||||
| Special Tax 2.89% | ||||||||||||||
| City of Irvine CA | 5.00% | 9/2/2028 | NR | 1,000,000 | 1,031,113 | |||||||||
| City of Irvine CA (BAM) | 5.25% | 9/1/2053 | AA | 3,000,000 | 3,386,554 | |||||||||
| City of Irvine CA Special Tax | 5.00% | 9/1/2044 | NR | 500,000 | 503,230 | |||||||||
| City of Roseville CA Special Tax | 5.00% | 9/1/2031 | NR | 1,000,000 | 1,025,498 | |||||||||
| County of Los Angeles Community Facilities District No. CA Special Tax | 5.00% | 9/1/2052 | NR | 1,500,000 | 1,543,941 | |||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A | 1,325,000 | 1,327,515 | |||||||||
| Irvine Facilities Financing Authority CA (BAM) | 5.25% | 9/1/2053 | AA | 3,160,000 | 3,586,449 | |||||||||
| Orange County Community Facilities District CA Special Tax | 5.50% | 8/15/2053 | NR | 1,375,000 | 1,441,416 | |||||||||
| Poway Unified School District Public Financing Authority CA Special Tax (BAM) | 5.00% | 9/1/2035 | AA+ | 1,770,000 | 1,835,876 | |||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.25% | 9/1/2052 | AA | 1,000,000 | 1,100,727 | |||||||||
| Total | 16,782,319 | |||||||||||||
| Tax Revenue 3.91% | ||||||||||||||
| City of Sacramento Transient Occupancy Tax Revenue CA | 5.00% | 6/1/2048 | A1 | 1,000,000 | 1,047,674 | |||||||||
| Compton Community Redevelopment Agency Successor Agency CA (AGM) | 5.00% | 8/1/2037 | AA | 1,700,000 | 1,935,086 | |||||||||
| 152 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Matching Fund Special Purpose Securitization Corp. VI | 5.00% | 10/1/2026 | NR | $ | 1,925,000 | $ | 1,948,690 | |||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 501,000 | 117,617 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 503,000 | 500,593 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 4,283,000 | 4,262,501 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 7,000 | 6,710 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 4,298,854 | 4,265,115 | |||||||||
| San Diego Unified School District CA GO | 3.00% | 7/1/2044 | Aa2 | 4,400,000 | 3,801,889 | |||||||||
| San Leandro Unified School District CA GO | 5.25% | 8/1/2048 | AA- | 2,100,000 | 2,381,786 | |||||||||
| San Rafael City High School District CA GO | 5.25% | 8/1/2052 | Aa2 | 1,215,000 | 1,365,697 | |||||||||
| Tustin Community Facilities District CA Special Tax | 5.00% | 9/1/2037 | A- | 1,000,000 | 1,025,533 | |||||||||
| Total | 22,658,891 | |||||||||||||
| Taxable Revenue - Water & Sewer 0.90% | ||||||||||||||
| California Pollution Control Financing Authority - Poseidon Resources AMT† | 5.00% | 11/21/2045 | Baa3 | 1,100,000 | 1,129,279 | |||||||||
| Los Angeles Department of Water & Power Water System Revenue CA | 3.77% | #(a) | 7/1/2045 | Aa2 | 4,105,000 | 4,105,000 | ||||||||
| Total | 5,234,279 | |||||||||||||
| Tobacco 3.13% | ||||||||||||||
| California County Tobacco Securitization Agency | Zero Coupon | 6/1/2055 | NR | 3,000,000 | 542,382 | |||||||||
| California Statewide Financing Authority | Zero Coupon | 6/1/2046 | NR | 8,675,000 | 2,184,140 | |||||||||
| California Statewide Financing Authority† | Zero Coupon | 6/1/2055 | NR | 10,000,000 | 510,323 | |||||||||
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 7,000,000 | 826,976 | |||||||||
| Golden State Tobacco Securitization Corp. CA | 5.00% | 6/1/2034 | NR | 1,050,000 | 1,167,409 | |||||||||
| Golden State Tobacco Securitization Corp. CA | 5.00% | 6/1/2051 | BBB+ | 1,200,000 | 1,258,218 | |||||||||
| Inland Empire Tobacco Securitization Corp. CA† | Zero Coupon | 6/1/2057 | CCC | 3,000,000 | 228,273 | |||||||||
| See Notes to Schedule of Investments. | 153 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2041 | NR | $ | 5,000,000 | $ | 1,885,636 | |||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2056 | NR | 2,250,000 | 210,241 | |||||||||
| Tobacco Securitization Authority of Northern California - Sacramento County Tobacco | 4.00% | 6/1/2036 | A- | 1,050,000 | 1,068,385 | |||||||||
| Tobacco Securitization Authority of Northern California - Sacramento County Tobacco | 4.00% | 6/1/2049 | BBB+ | 3,250,000 | 3,038,042 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco | Zero Coupon | 6/1/2046 | CCC- | 2,500,000 | 485,169 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco | Zero Coupon | 6/1/2054 | NR | 4,800,000 | 916,501 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco | 5.00% | 6/1/2038 | A- | 1,000,000 | 1,054,838 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco | 5.00% | 6/1/2039 | A- | 1,000,000 | 1,053,131 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco | 5.00% | 6/1/2048 | BBB+ | 1,675,000 | 1,729,386 | |||||||||
| Total | 18,159,050 | |||||||||||||
| Transportation 23.27% | ||||||||||||||
| Alameda Corridor Transportation Authority CA (AGM) | 5.00% | 10/1/2052 | AA | 9,000,000 | 9,712,781 | |||||||||
| Bay Area Toll Authority CA | 5.00% | 4/1/2054 | AA | 2,720,000 | 3,041,009 | |||||||||
| California Municipal Finance Authority - Lax Integrated Express AMT | 4.00% | 12/31/2047 | BBB- | (b) | 5,590,000 | 5,167,193 | ||||||||
| California Municipal Finance Authority - Lax Integrated Express AMT | 5.00% | 12/31/2034 | BBB- | (b) | 1,700,000 | 1,799,498 | ||||||||
| California Municipal Finance Authority - Lax Integrated Express AMT | 5.00% | 12/31/2035 | BBB- | (b) | 1,205,000 | 1,271,127 | ||||||||
| California Municipal Finance Authority - Lax Integrated Express AMT | 5.00% | 12/31/2043 | BBB- | (b) | 3,505,000 | 3,598,562 | ||||||||
| California Municipal Finance Authority - Lax Integrated Express AMT | 5.00% | 12/31/2047 | BBB- | (b) | 6,500,000 | 6,646,819 | ||||||||
| City of Fresno Airport Revenue CA (BAM) AMT | 5.00% | 7/1/2048 | AA | 3,220,000 | 3,455,148 | |||||||||
| 154 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| City of Long Beach Airport System Revenue CA AMT (AGM) | 5.25% | 6/1/2047 | AA | $ | 1,330,000 | $ | 1,444,768 | |||||||
| City of Long Beach Harbor Revenue CA AMT | 5.00% | 5/15/2028 | AA+ | 1,000,000 | 1,028,070 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2049 | AA- | 2,000,000 | 1,954,095 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2032 | NR | 105,000 | 120,027 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2032 | AA- | 1,895,000 | 2,153,940 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2051 | AA- | 1,000,000 | 1,054,366 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2047 | AA | 3,000,000 | 3,265,668 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2048 | AA- | 2,000,000 | 2,089,770 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2048 | AA- | 2,000,000 | 2,199,325 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2036 | AA | 1,100,000 | 1,290,747 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2047 | AA | 7,000,000 | 7,787,373 | |||||||||
| County of Sacramento Airport System Revenue CA | 5.00% | 7/1/2041 | A | 1,130,000 | 1,168,036 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2033 | A | 1,500,000 | 1,085,716 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | #(a) | 1/15/2042 | A | 1,150,000 | 1,399,814 | ||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2043 | A- | 8,110,000 | 8,089,122 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2046 | A | 1,225,000 | 1,210,318 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2046 | A | 4,010,000 | 3,967,690 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2031 | A | 1,750,000 | 1,952,758 | |||||||||
| Port Commission of the City & County of San Francisco CA AMT | 5.00% | 3/1/2030 | Aa3 | 1,415,000 | 1,419,826 | |||||||||
| Riverside County Transportation Commission CA | Zero Coupon | 6/1/2028 | NR | 465,000 | 414,233 | |||||||||
| Riverside County Transportation Commission CA | Zero Coupon | 6/1/2028 | A | 535,000 | 458,317 | |||||||||
| See Notes to Schedule of Investments. | 155 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Riverside County Transportation Commission CA | 4.00% | 6/1/2047 | A- | $ | 3,520,000 | $ | 3,467,416 | |||||||
| San Diego County Regional Airport Authority CA | 4.00% | 7/1/2046 | A2 | 2,005,000 | 2,039,724 | |||||||||
| San Diego County Regional Airport Authority CA | 5.00% | 7/1/2039 | A2 | 1,550,000 | 1,762,512 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 4.00% | 7/1/2046 | A2 | 1,750,000 | 1,711,121 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 5.00% | 7/1/2051 | A2 | 3,500,000 | 3,658,842 | |||||||||
| San Francisco City & County Airport Comm - San Francisco International Airport CA AMT | 5.00% | 5/1/2041 | A+ | 3,500,000 | 3,555,266 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA | 5.00% | 5/1/2052 | A1 | 1,025,000 | 1,126,989 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2031 | A1 | 6,500,000 | 7,285,571 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2045 | A+ | 1,515,000 | 1,580,402 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2052 | A1 | 7,100,000 | 7,502,696 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.75% | 5/1/2048 | A1 | 2,000,000 | 2,265,945 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% | 1/15/2050 | A | 1,825,000 | 1,834,166 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2044 | A- | 8,920,000 | 8,973,962 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2049 | A- | 6,930,000 | 6,957,694 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA (NATL) | Zero Coupon | 1/15/2036 | Baa2 | 1,450,000 | 945,141 | |||||||||
| Total | 134,913,563 | |||||||||||||
| Utilities 11.05% | ||||||||||||||
| California Community Choice Financing Authority | 4.00% | #(a) | 2/1/2052 | A1 | 1,000,000 | 1,007,429 | ||||||||
| California Community Choice Financing Authority | 4.00% | #(a) | 10/1/2052 | A2 | 2,850,000 | 2,870,922 | ||||||||
| 156 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 2/1/2054 | A1 | $ | 2,500,000 | $ | 2,700,457 | ||||||
| California Community Choice Financing Authority - Clean Energy | 5.25% | #(a) | 11/1/2054 | A2 | 1,100,000 | 1,191,671 | ||||||||
| California Pollution Control Financing Authority - Poseidon Resources† | 5.00% | 11/21/2045 | Baa3 | 3,870,000 | 3,929,742 | |||||||||
| Casitas Municipal Water District CA Special Tax (BAM) | 5.25% | 9/1/2047 | AA | 1,525,000 | 1,617,629 | |||||||||
| City of Burbank Electric Revenue CA | 5.00% | 6/1/2053 | AA- | 3,790,000 | 4,167,666 | |||||||||
| City of Los Angeles Wastewater System Revenue CA | 5.00% | 6/1/2043 | AA+ | 3,125,000 | 3,126,234 | |||||||||
| City of San Francisco Public Utilities Commission Water Revenue CA | 5.25% | 11/1/2052 | Aa2 | 1,000,000 | 1,156,534 | |||||||||
| Guam Power Authority (AGM) | 5.00% | 10/1/2034 | AA | 705,000 | 714,650 | |||||||||
| Indio Electric Financing Authority CA | 5.25% | 1/1/2053 | A1 | 3,685,000 | 4,143,943 | |||||||||
| Long Beach Bond Finance Authority CA | 5.21% (3 mo. LIBOR * .67 + 1.43% | )# | 11/15/2026 | A1 | 1,000,000 | 1,003,861 | ||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2043 | Aa2 | 2,000,000 | 2,284,068 | |||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2048 | Aa2 | 2,000,000 | 2,222,006 | |||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2051 | Aa2 | 1,200,000 | 1,331,481 | |||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2052 | Aa2 | 4,645,000 | 5,205,527 | |||||||||
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% | 7/1/2052 | AA+ | 1,745,000 | 1,961,062 | |||||||||
| Modesto Irrigation District CA | 5.25% | 10/1/2048 | A+ | 3,060,000 | 3,467,268 | |||||||||
| M-S-R Energy Authority CA | 6.50% | 11/1/2039 | BBB+ | 2,625,000 | 3,382,543 | |||||||||
| Northern California Energy Authority | 4.00% | #(a) | 7/1/2049 | A2 | 3,750,000 | 3,753,864 | ||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 700,000 | 620,039 | |||||||||
| Sacramento Municipal Utility District CA | 5.00% | #(a) | 8/15/2049 | AA- | 1,925,000 | 1,973,636 | ||||||||
| Southern California Public Power Authority | 5.00% | 11/1/2033 | A2 | 3,575,000 | 3,914,376 | |||||||||
| Southern California Public Power Authority | 5.00% | 7/1/2038 | AA- | 1,000,000 | 1,005,170 | |||||||||
| Southern California Public Power Authority | 5.248% (3 mo. LIBOR * .67 + 1.47% | )# | 11/1/2038 | A2 | 815,000 | 758,995 | ||||||||
| See Notes to Schedule of Investments. | 157 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Stockton Public Financing Authority CA (BAM) | 5.00% | 9/1/2029 | AA | $ | 1,000,000 | $ | 1,010,668 | |||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2025 | BBB+ | (b) | 1,130,000 | 1,157,008 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2032 | BBB+ | (b) | 1,090,000 | 1,170,979 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2034 | BBB+ | (b) | 300,000 | 321,741 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2035 | BBB+ | (b) | 200,000 | 212,965 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2038 | BBB+ | (b) | 650,000 | 679,695 | ||||||||
| Total | 64,063,829 | |||||||||||||
| Total Investments in Securities 99.10% (cost $565,211,614) | 574,665,631 | |||||||||||||
| Other Assets and Liabilities – Net(d) 0.90% | 5,215,917 | |||||||||||||
| Net Assets 100.00% | $ | 579,881,548 | ||||||||||||
| AGM | Insured by - Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by - Build America Mutual. | |
| COPS | Certificates of Participation. | |
| LIBOR | London Interbank Offered Rate. | |
| NATL | National Public Finance Guarantee Corporation. | |
| NR | Not Rated. |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 2023. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2023, the total value of Rule 144A securities was $40,093,021, which represents 6.91% 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) | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows: |
Futures Contracts at December 31, 2023:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
| U.S. Long Bond | March 2024 | 63 | Short | $(7,299,578 | ) | $(7,871,063 | ) | $(571,485 | ) | |||||||||
| 158 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
CALIFORNIA TAX FREE FUND December 31, 2023
The following is a summary of the inputs used as of December 31, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Long-Term Investments | |||||||||||||||||
| Municipal Bonds | |||||||||||||||||
| Health Care | $ | – | $ | 79,074,557 | $ | 534,800 | $ | 79,609,357 | |||||||||
| Remaining Industries | – | 495,056,274 | – | 495,056,274 | |||||||||||||
| Total | $ | – | $ | 574,130,831 | $ | 534,800 | $ | 574,665,631 | |||||||||
| Other Financial Instruments | |||||||||||||||||
| Futures Contracts | |||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | |||||||||
| Liabilities | (571,485 | ) | – | – | (571,485 | ) | |||||||||||
| Total | $ | (571,485 | ) | $ | – | $ | – | $ | (571,485 | ) | |||||||
| (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. | 159 |
Schedule of Investments (unaudited)
NEW JERSEY TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 97.79% | ||||||||||||||
| MUNICIPAL BONDS 97.79% | ||||||||||||||
| Corporate-Backed 3.42% | ||||||||||||||
| Industrial Pollution Control Financing Authority of Gloucester County - Logan Generating Co LP NJ AMT | 5.00% | 12/1/2024 | NR | $ | 60,000 | $ | 60,327 | |||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC (AGM) AMT | 5.00% | 1/1/2031 | AA | 225,000 | 225,075 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.00% | 1/1/2028 | BBB+ | 100,000 | 100,044 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB- | 1,675,000 | 1,678,393 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.50% | 6/1/2033 | BB- | 650,000 | 654,718 | |||||||||
| New Jersey Infrastructure Bank | 2.125% | 9/1/2046 | AAA | 400,000 | 269,463 | |||||||||
| Salem County Pollution Control Financing Authority - Constellation Energy Gen NJ AMT | 4.45% | 3/1/2025 | Baa2 | 1,015,000 | 1,016,882 | |||||||||
| Total | 4,004,902 | |||||||||||||
| Education 11.06% | ||||||||||||||
| Camden County Improvement Authority - Kipp Cooper Norcross Oblig NJ | 6.00% | 6/15/2047 | BBB | 500,000 | 550,596 | |||||||||
| Hudson County Improvement Authority NJ | 4.00% | 6/1/2049 | AA | 500,000 | 496,941 | |||||||||
| Middlesex County Improvement Authority NJ | 5.00% | 8/15/2053 | Aa3 | 1,960,000 | 2,168,816 | |||||||||
| Middlesex County Improvement Authority NJ GTD | 4.00% | 8/15/2053 | AAA | 1,000,000 | 1,004,143 | |||||||||
| New Jersey Economic Development Authority - Provident Group-Montclair (AGM) | 5.00% | 6/1/2042 | AA | 500,000 | 516,353 | |||||||||
| New Jersey Educational Facilities Authority | 5.00% | 9/1/2036 | A2 | 285,000 | 330,711 | |||||||||
| New Jersey Educational Facilities Authority | 5.25% | 9/1/2053 | A2 | 750,000 | 830,485 | |||||||||
| New Jersey Educational Facilities Authority - Montclair State Univ Inc | 5.00% | 7/1/2044 | A2 | 750,000 | 752,750 | |||||||||
| New Jersey Educational Facilities Authority - New Jersey City Univ Inc (AGM) | 4.00% | 7/1/2036 | AA | 745,000 | 753,549 | |||||||||
| New Jersey Educational Facilities Authority - Ramapo College of NJ (AGM) | 4.00% | 7/1/2041 | AA | 545,000 | 548,984 | |||||||||
| 160 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2023
| 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 | 4.00% | 7/1/2046 | BBB+ | $ | 545,000 | $ | 501,413 | |||||||
| New Jersey Educational Facilities Authority - Seton Hall University | 5.00% | 7/1/2034 | BBB+ | 325,000 | 337,806 | |||||||||
| New Jersey Educational Facilities Authority - Seton Hall University (AGM) | 3.25% | 7/1/2049 | AA | 400,000 | 330,377 | |||||||||
| New Jersey Educational Facilities Authority - Stevens Inst of Tech | 3.00% | 7/1/2050 | BBB+ | 1,005,000 | 749,351 | |||||||||
| New Jersey Educational Facilities Authority - Stevens Inst of Tech | 4.00% | 7/1/2050 | BBB+ | 200,000 | 185,011 | |||||||||
| New Jersey Educational Facilities Authority - Stevens Inst of Tech | 5.00% | 7/1/2030 | BBB+ | 530,000 | 563,118 | |||||||||
| New Jersey Educational Facilities Authority - Stockton University | 5.00% | 7/1/2041 | A3 | 800,000 | 816,755 | |||||||||
| New Jersey Educational Facilities Authority - William Paterson Univ (AGM) | 3.00% | 7/1/2039 | AA | 250,000 | 230,993 | (a) | ||||||||
| New Jersey Educational Facilities Authority - William Paterson Univ (AGM) | 3.00% | 7/1/2040 | AA | 250,000 | 227,776 | (a) | ||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 2.50% | 12/1/2040 | AA | 500,000 | 465,717 | |||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 3.25% | 12/1/2039 | Aa1 | 405,000 | 389,774 | |||||||||
| New Jersey Institute of Technology | 5.00% | 7/1/2033 | A1 | 170,000 | 189,595 | |||||||||
| Total | 12,941,014 | |||||||||||||
| Financial Services 0.18% | ||||||||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 5.00% | 12/1/2028 | Aaa | 200,000 | 212,763 | |||||||||
| General Obligation 12.21% | ||||||||||||||
| City of Atlantic City NJ GO (AGM) | 5.00% | 3/1/2037 | AA | 540,000 | 562,603 | |||||||||
| City of Atlantic City NJ GO (BAM) | 5.00% | 3/1/2042 | AA | 750,000 | 773,095 | |||||||||
| City of Jersey City NJ GO | 4.00% | 2/15/2036 | A1 | 750,000 | 775,228 | |||||||||
| City of Newark Mass Transit Access Tax Revenue NJ (AGM) | 5.375% | 11/15/2052 | AA | 855,000 | 966,138 | |||||||||
| City of Summit NJ GO | 4.00% | 7/15/2041 | AAA | 500,000 | 519,743 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2024 | NR | 6,674 | 6,544 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 52,676 | 32,911 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 11/1/2043 | NR | 180,626 | 98,667 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2033 | NR | 40,933 | 40,172 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 36,793 | 35,670 | |||||||||
| See Notes to Schedule of Investments. | 161 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | $ | 31,578 | $ | 30,241 | |||||||
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/2025 | NR | 45,588 | 46,615 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 45,175 | 47,819 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 44,442 | 48,269 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 43,166 | 48,105 | |||||||||
| County of Atlantic NJ GO | 4.00% | 3/15/2039 | Aa2 | 450,000 | 472,202 | |||||||||
| County of Hudson NJ GO | 2.00% | 11/15/2035 | AA | 935,000 | 785,313 | |||||||||
| Cumberland County Improvement Authority NJ GTD (BAM) | 4.00% | 10/1/2048 | AA | 750,000 | 735,341 | |||||||||
| New Jersey Economic Development Authority | 5.25% | 11/1/2047 | A2 | 840,000 | 931,731 | |||||||||
| New Jersey Health Care Facilities Financing Authority | 5.00% | 10/1/2037 | A2 | 1,000,000 | 1,060,791 | |||||||||
| New Jersey Infrastructure Bank | 5.00% | 9/1/2052 | AAA | 500,000 | 555,639 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.25% | 6/15/2044 | A2 | 500,000 | 509,934 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2046 | A2 | 750,000 | 834,204 | |||||||||
| Rutherford Board of Education NJ GO | 2.50% | 12/15/2034 | AA- | 1,000,000 | 917,852 | |||||||||
| State of New Jersey GO | 2.50% | 6/1/2038 | A1 | 1,020,000 | 856,078 | |||||||||
| State of New Jersey GO | 5.00% | 6/1/2040 | A1 | 750,000 | 818,056 | |||||||||
| Township of Berkeley Heights NJ GO | 4.00% | 7/1/2041 | Aa1 | 785,000 | 813,154 | |||||||||
| Union County Utilities Authority - Covanta Union LLC NJ GTD AMT | 4.75% | 12/1/2031 | AA+ | 965,000 | 965,402 | |||||||||
| Total | 14,287,517 | |||||||||||||
| Health Care 11.38% | ||||||||||||||
| Camden County Improvement Authority - Cooper Hlth Sys Oblig Grp NJ | 5.00% | 2/15/2032 | A- | 500,000 | 500,934 | |||||||||
| New Jersey Economic Development Authority - Bancroft Neurohealth Oblig | 5.00% | 6/1/2036 | NR | 220,000 | 208,106 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Atlanticare Hlth Sys Oblig | 2.375% | 7/1/2046 | AA- | 695,000 | 472,766 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Inspira Health Oblig Grp | 4.00% | 7/1/2047 | A2 | 885,000 | 855,317 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Inspira Health Oblig Grp | 5.00% | 7/1/2035 | A2 | 460,000 | 484,432 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Inspira Health Oblig Grp | 5.00% | 7/1/2042 | A2 | 1,075,000 | 1,111,107 | |||||||||
| 162 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2023
| 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 - RWJ Barnabas Health Oblig | 3.00% | 7/1/2051 | AA- | $ | 1,190,000 | $ | 928,018 | |||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Oblig | 4.00% | 7/1/2051 | AA- | 1,350,000 | 1,326,537 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Oblig | 5.00% | 7/1/2043 | AA- | 1,925,000 | 1,983,313 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’S Hlthcr Oblig | 4.00% | 7/1/2048 | BBB- | 1,200,000 | 1,103,937 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’S Hlthcr Oblig | 5.00% | 7/1/2027 | BBB- | 100,000 | 103,001 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’S Hlthcr Oblig | 5.00% | 7/1/2041 | BBB- | 750,000 | 758,976 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Univ of Penn Hlth Sys Oblig | 5.00% | 7/1/2039 | AA | 1,000,000 | 1,034,089 | |||||||||
| New Jersey Health Care Facilities Financing Authority - University Hospital (AGM) | 5.00% | 7/1/2046 | AA | 1,000,000 | 1,008,550 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Valley Hlth Sys Oblig Grp | 4.00% | 7/1/2044 | A | 1,055,000 | 1,051,214 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Valley Hlth Sys Oblig Grp | 5.00% | 7/1/2030 | A | 355,000 | 392,527 | |||||||||
| Total | 13,322,824 | |||||||||||||
| Housing 0.06% | ||||||||||||||
| New Jersey Housing & Mortgage Finance Agency (HUD SECT 8) | 3.15% | 5/1/2053 | AA- | 100,000 | 75,097 | |||||||||
| Lease Obligations 17.15% | ||||||||||||||
| Gloucester County Improvement Authority - Rowan University NJ (AGM) | 5.00% | 11/1/2029 | AA | 250,000 | 264,259 | |||||||||
| Gloucester County Improvement Authority - Rowan University NJ (AGM) | 5.00% | 11/1/2030 | AA | 290,000 | 305,732 | |||||||||
| New Jersey Economic Development Authority | 4.00% | 6/15/2049 | A2 | 1,390,000 | 1,352,947 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2029 | A2 | 500,000 | 534,962 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2034 | A2 | 390,000 | 392,947 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2035 | A2 | 750,000 | 816,154 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2035 | A2 | 640,000 | 670,049 | |||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2042 | A2 | 505,000 | 546,732 | |||||||||
| See Notes to Schedule of Investments. | 163 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2047 | A2 | $ | 540,000 | $ | 559,756 | |||||||
| New Jersey Economic Development Authority | 5.00% | 6/15/2048 | A2 | 500,000 | 521,669 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.375% | 1/1/2043 | BBB+ | 1,660,000 | 1,660,309 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | BBB+ | 210,000 | 210,051 | |||||||||
| New Jersey Educational Facilities Authority | 5.00% | 9/1/2033 | A2 | 1,060,000 | 1,072,976 | |||||||||
| New Jersey Educational Facilities Authority | 5.00% | 9/1/2036 | A2 | 535,000 | 558,257 | |||||||||
| New Jersey Educational Facilities Authority | 5.50% | 9/1/2033 | A2 | 410,000 | 436,136 | |||||||||
| New Jersey Health Care Facilities Financing Authority | 5.00% | 10/1/2038 | A2 | 520,000 | 549,476 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2031 | A2 | 1,980,000 | 1,531,180 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2038 | A2 | 1,120,000 | 637,000 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 12/15/2039 | A2 | 660,000 | 670,565 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2050 | A2 | 1,360,000 | 1,320,698 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.25% | 12/15/2038 | A2 | 470,000 | 479,260 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.75% | 6/15/2038 | A2 | 980,000 | 996,340 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2030 | A+ | 545,000 | 572,824 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2031 | A+ | 400,000 | 420,163 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2036 | A2 | 555,000 | 603,400 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2038 | A2 | 1,380,000 | 1,384,759 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2041 | A2 | 235,000 | 239,535 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2043 | A2 | 720,000 | 768,901 | |||||||||
| Total | 20,077,037 | |||||||||||||
| 164 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue 0.27% | ||||||||||||||
| New Jersey Economic Development Authority - Bancroft Neurohealth Oblig | 5.00% | 6/1/2041 | NR | $ | 350,000 | $ | 317,407 | |||||||
| Special Tax 0.72% | ||||||||||||||
| New Jersey Economic Development Authority Mtromall Urban | 6.50% | 4/1/2028 | Baa2 | 504,192 | 503,757 | |||||||||
| New Jersey Infrastructure Bank | 2.00% | 9/1/2046 | AAA | 520,000 | 340,727 | |||||||||
| Total | 844,484 | |||||||||||||
| Tax Revenue 5.32% | ||||||||||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2039 | BBB+ | 875,000 | 882,432 | |||||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2044 | BBB+ | 310,000 | 311,844 | |||||||||
| Casino Reinvestment Development Authority, Inc. NJ (AGM) | 5.00% | 11/1/2032 | AA | 500,000 | 507,793 | |||||||||
| Garden State Preservation Trust NJ (AGM) | 5.75% | 11/1/2028 | AA | 1,205,000 | 1,299,571 | |||||||||
| New Jersey Transportation Trust Fund Authority | 3.00% | 6/15/2050 | A2 | 540,000 | 433,277 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2029 | NR | 18,000 | 14,417 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 235,000 | 172,284 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 646,000 | 431,085 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 2,675,000 | 627,993 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 96,000 | 95,540 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 492,000 | 489,645 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 18,000 | 17,254 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 19,000 | 19,140 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 380,000 | 382,794 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 267,000 | 264,904 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 40,000 | 39,528 | |||||||||
| Territory of Guam | 4.00% | 1/1/2042 | Ba1 | 250,000 | 240,236 | |||||||||
| Total | 6,229,737 | |||||||||||||
| See Notes to Schedule of Investments. | 165 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Taxable Revenue - Water & Sewer 1.07% | ||||||||||||||
| Jersey City Municipal Utilities Authority NJ | 4.00% | 5/3/2024 | NR | $ | 750,000 | $ | 751,170 | |||||||
| New Jersey Economic Development Authority - New Jersey Amern Wtr Co AMT | 3.75% | #(b) | 11/1/2034 | A+ | 500,000 | 505,223 | ||||||||
| Total | 1,256,393 | |||||||||||||
| Tobacco 2.78% | ||||||||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BBB- | 2,190,000 | 2,223,747 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 1,000,000 | 1,031,277 | |||||||||
| Total | 3,255,024 | |||||||||||||
| Transportation 26.80% | ||||||||||||||
| Delaware River & Bay Authority DE | 4.00% | 1/1/2044 | A1 | 500,000 | 504,517 | |||||||||
| Delaware River & Bay Authority DE | 5.00% | 1/1/2039 | A1 | 500,000 | 561,502 | |||||||||
| Delaware River Joint Toll Bridge Commission PA | 3.00% | 7/1/2049 | A+ | 1,025,000 | 752,219 | |||||||||
| Delaware River Port Authority PA | 5.00% | 1/1/2040 | A+ | 600,000 | 651,561 | |||||||||
| New Jersey Economic Development Authority | 4.00% | 11/1/2044 | A2 | 275,000 | 275,172 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC (AGM) AMT | 5.125% | 1/1/2039 | AA | 925,000 | 924,935 | |||||||||
| New Jersey Economic Development Authority - Port Newark Container AMT | 5.00% | 10/1/2047 | Baa2 | 930,000 | 934,339 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2050 | A2 | 1,080,000 | 1,048,789 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2028 | A+ | 1,000,000 | 1,051,701 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2050 | A2 | 2,000,000 | 2,221,500 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.50% | 6/15/2050 | A2 | 500,000 | 560,281 | |||||||||
| New Jersey Turnpike Authority | 4.00% | 1/1/2043 | AA- | 610,000 | 619,024 | |||||||||
| New Jersey Turnpike Authority | 4.00% | 1/1/2048 | AA- | 1,000,000 | 998,487 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2030 | AA- | 715,000 | 766,181 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2034 | AA- | 300,000 | 301,975 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2034 | AA- | 510,000 | 519,550 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2034 | AA- | 615,000 | 651,360 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2042 | AA- | 270,000 | 304,175 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2045 | AA- | 500,000 | 505,547 | |||||||||
| 166 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2046 | AA- | $ | 1,250,000 | $ | 1,394,715 | |||||||
| New Jersey Turnpike Authority | 5.25% | 1/1/2052 | AA- | 1,110,000 | 1,248,238 | |||||||||
| New Jersey Turnpike Authority (AGM) | 5.25% | 1/1/2028 | AA | 810,000 | 898,432 | |||||||||
| Port Authority of New York & New Jersey | 4.00% | 9/1/2043 | AA- | 870,000 | 878,645 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2035 | Aa3 | 500,000 | 605,387 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2038 | AA- | 420,000 | 451,653 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | Aa3 | 250,000 | 275,602 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | Aa3 | 500,000 | 551,204 | |||||||||
| Port Authority of New York & New Jersey | 5.25% | 8/1/2052 | AA- | 1,330,000 | 1,482,833 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2032 | AA- | 590,000 | 630,513 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2033 | AA- | 850,000 | 906,220 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2034 | AA- | 275,000 | 292,765 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | Aa3 | 545,000 | 621,341 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 10/15/2036 | AA- | 1,190,000 | 1,197,021 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 500,000 | 510,168 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2044 | Aa3 | 500,000 | 542,193 | |||||||||
| South Jersey Port Corp. NJ AMT | 5.00% | 1/1/2048 | A3 | 500,000 | 510,720 | |||||||||
| South Jersey Transportation Authority NJ | 5.00% | 11/1/2039 | BBB+ | 1,320,000 | 1,328,023 | |||||||||
| South Jersey Transportation Authority NJ | 5.25% | 11/1/2052 | BBB+ | 1,200,000 | 1,291,565 | |||||||||
| South Jersey Transportation Authority NJ (BAM) | 4.00% | 11/1/2050 | AA | 1,080,000 | 1,068,319 | |||||||||
| South Jersey Transportation Authority NJ (BAM) | 5.00% | 11/1/2045 | AA | 500,000 | 532,083 | |||||||||
| Total | 31,370,455 | |||||||||||||
| Utilities 5.37% | ||||||||||||||
| Guam Government Waterworks Authority | 5.00% | 7/1/2036 | A- | 100,000 | 103,209 | |||||||||
| Guam Power Authority (AGM) | 5.00% | 10/1/2034 | AA | 400,000 | 405,475 | |||||||||
| New Jersey Economic Development Authority - Middlesex Water Co AMT | 4.00% | 8/1/2059 | A+ | 500,000 | 458,788 | |||||||||
| New Jersey Economic Development Authority - New Jersey Amern Wtr Co AMT | 2.20% | #(b) | 10/1/2039 | A+ | 500,000 | 448,459 | ||||||||
| See Notes to Schedule of Investments. | 167 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| New Jersey Economic Development Authority - New Jersey Natural Gas Co | 3.50% | 4/1/2042 | A1 | $ | 1,680,000 | $ | 1,541,384 | |||||||
| New Jersey Economic Development Authority - New Jersey Natural Gas Co AMT | 3.00% | 8/1/2041 | A1 | 1,000,000 | 829,514 | |||||||||
| New Jersey Economic Development Authority - Umm Energy Partners LLC AMT | 4.75% | 6/15/2032 | Baa2 | 1,000,000 | 1,000,485 | |||||||||
| Passaic Valley Sewerage Commission NJ (AGM) | 3.00% | 12/1/2038 | AA | 1,000,000 | 902,270 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 380,000 | 336,592 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2030 | NR | 250,000 | 254,297 | |||||||||
| Total | 6,280,473 | |||||||||||||
| Total Investments in Securities 97.79% (cost $116,169,241) | 114,475,127 | |||||||||||||
| Other Assets and Liabilities – Net(c) 2.21% | 2,591,766 | |||||||||||||
| Net Assets 100.00% | $ | 117,066,893 | ||||||||||||
| AGM | Insured by - Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by - Build America Mutual. | |
| GTD | Guaranteed. | |
| HUD | Insured by - Department of Housing and Urban Development. | |
| NR | Not Rated. |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 2023. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2023, the total value of Rule 144A securities was $590,889, which represents 0.50% of net assets. | |
| (a) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. | |
| (b) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (c) | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows: |
Futures Contracts at December 31, 2023:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
| U.S. Long Bond | March 2024 | 9 | Short | $ | (1,042,797 | ) | $ | (1,124,438 | ) | $(81,641 | ) | |||||||
| 168 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
NEW JERSEY TAX FREE FUND December 31, 2023
The following is a summary of the inputs used as of December 31, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| Education | $ | – | $ | 12,482,245 | $ | 458,769 | $ | 12,941,014 | ||||||||
| Remaining Industries | – | 101,534,113 | – | 101,534,113 | ||||||||||||
| Total | $ | – | $ | 114,016,358 | $ | 458,769 | $ | 114,475,127 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (81,641 | ) | – | – | (81,641 | ) | ||||||||||
| Total | $ | (81,641 | ) | $ | – | $ | – | $ | (81,641 | ) | ||||||
| (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. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be a material to the Fund’s net assets at the beginning of the period.
169
Schedule of Investments (unaudited)
NEW YORK TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 97.04% | ||||||||||||||
| MUNICIPAL BONDS 97.04% | ||||||||||||||
| Corporate-Backed 10.45% | ||||||||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Ctr LLC NY | Zero Coupon | 7/15/2047 | Ba1 | $ | 250,000 | $ | 75,207 | |||||||
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT† | 4.50% | 1/1/2025 | NR | 100,000 | 100,116 | |||||||||
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT† | 5.00% | 1/1/2035 | NR | 250,000 | 250,720 | |||||||||
| New York City Industrial Development Agency - TRIPS Oblig Group NY | 5.00% | 7/1/2028 | BBB+ | 1,575,000 | 1,575,639 | |||||||||
| New York Liberty Development Corp. | 2.10% | 11/15/2032 | A+ | 2,720,000 | 2,400,901 | |||||||||
| New York Liberty Development Corp. | 2.875% | 11/15/2046 | A+ | 7,345,000 | 5,606,983 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.00% | 11/15/2044 | NR | 8,655,000 | 8,610,096 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 750,000 | 751,085 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 7.25% | 11/15/2044 | NR | 1,000,000 | 1,007,029 | |||||||||
| New York Liberty Development Corp. - Goldman Sachs Hdqtrs LLC | 5.25% | 10/1/2035 | A2 | 7,215,000 | 8,589,120 | |||||||||
| New York Liberty Development Corp. - Goldman Sachs Hdqtrs LLC | 5.50% | 10/1/2037 | A2 | 3,650,000 | 4,363,716 | |||||||||
| New York Liberty Development Corp. - One Bryant Park LLC | 2.80% | 9/15/2069 | Baa1 | 4,630,000 | 4,210,800 | |||||||||
| New York State Energy Research & Development Authority -New york ST Elec & Gas | 4.00% | 4/1/2034 | Baa1 | 2,000,000 | 2,074,952 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT | 2.75% | #(a) | 9/1/2050 | B+ | 500,000 | 482,386 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 2.875% | #(a) | 12/1/2044 | B+ | 1,500,000 | 1,349,162 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 5.125% | #(a) | 9/1/2050 | B1 | 1,000,000 | 1,014,417 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 2.25% | 8/1/2026 | BB- | (b) | 155,000 | 148,290 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 3.00% | 8/1/2031 | BB- | (b) | 1,000,000 | 899,413 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 1,300,000 | 1,354,933 | |||||||||
| 170 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | $ | 1,025,000 | $ | 1,057,364 | |||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC AMT | 4.00% | 12/1/2038 | Baa1 | 2,600,000 | 2,568,125 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B | 1,750,000 | 1,492,745 | |||||||||
| Westchester County Local Development Corp. - Miriam Osborn Mem Home Oblig NY | 5.00% | 7/1/2034 | A | (b) | 200,000 | 209,361 | ||||||||
| Total | 50,192,560 | |||||||||||||
| Education 9.54% | ||||||||||||||
| Build NYC Resource Corp. - E Harlem Scholars Oblig Gp NY† | 5.75% | 6/1/2042 | BB+ | 1,000,000 | 1,029,608 | |||||||||
| Build NYC Resource Corp. - Kipp NYC Public Chtr Schs NY | 5.25% | 7/1/2052 | BBB- | 1,250,000 | 1,308,790 | |||||||||
| Build NYC Resource Corp. - Manhattan College NY | 5.00% | 8/1/2033 | BBB+ | 1,125,000 | 1,182,118 | |||||||||
| Build NYC Resource Corp. - New York Law School | 5.00% | 7/1/2041 | BBB- | 1,175,000 | 1,182,358 | |||||||||
| Build NYC Resource Corp. - Packer Collegiate Inst NY | 5.00% | 6/1/2040 | A2 | 1,000,000 | 1,013,260 | |||||||||
| City of New Rochelle - Iona College NY | 5.00% | 7/1/2028 | BBB | 205,000 | 208,708 | |||||||||
| City of New Rochelle - Iona College NY | 5.00% | 7/1/2029 | BBB | 250,000 | 254,459 | |||||||||
| City of New Rochelle - Iona College NY | 5.00% | 7/1/2030 | BBB | 220,000 | 223,770 | |||||||||
| City of New Rochelle - Iona College NY | 5.00% | 7/1/2031 | BBB | 200,000 | 203,272 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2045 | BBB- | 1,000,000 | 1,035,353 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2051 | BBB- | 1,000,000 | 1,024,178 | |||||||||
| Dutchess County Local Development Corp. - Culinary Inst of America NY | 4.00% | 7/1/2035 | Baa2 | 1,145,000 | 1,151,587 | |||||||||
| Dutchess County Local Development Corp. - Culinary Inst of America NY | 4.00% | 7/1/2037 | Baa2 | 965,000 | 948,183 | |||||||||
| Dutchess County Local Development Corp. - Culinary Inst of America NY | 4.00% | 7/1/2040 | Baa2 | 425,000 | 400,544 | |||||||||
| Dutchess County Local Development Corp. - Culinary Inst of America NY | 5.00% | 7/1/2033 | Baa2 | 390,000 | 402,382 | |||||||||
| Dutchess County Local Development Corp. - Culinary Inst of America NY | 5.00% | 7/1/2041 | Baa2 | 200,000 | 203,006 | |||||||||
| Dutchess County Local Development Corp. - Culinary Inst of America NY | 5.00% | 7/1/2046 | Baa2 | 275,000 | 277,674 | |||||||||
| See Notes to Schedule of Investments. | 171 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Dutchess County Local Development Corp. - Marist College NY | 5.00% | 7/1/2043 | A2 | $ | 2,120,000 | $ | 2,233,412 | |||||||
| Dutchess County Local Development Corp. - Millbrook School NY | 4.00% | 9/1/2051 | A | 1,500,000 | 1,423,061 | |||||||||
| Dutchess County Local Development Corp. - Vassar College NY | 5.00% | 7/1/2034 | Aa3 | 275,000 | 294,528 | |||||||||
| Hempstead Town Local Development Corp. - Adelphi University NY | 4.00% | 2/1/2039 | A- | 2,240,000 | 2,241,049 | |||||||||
| Hempstead Town Local Development Corp. - Adelphi University NY | 5.00% | 6/1/2029 | A- | 500,000 | 549,308 | |||||||||
| Hempstead Town Local Development Corp. - Adelphi University NY | 5.00% | 6/1/2030 | A- | 200,000 | 222,693 | |||||||||
| Hempstead Town Local Development Corp. - Adelphi University NY | 5.00% | 6/1/2031 | A- | 565,000 | 637,517 | |||||||||
| Hempstead Town Local Development Corp. - Adelphi University NY | 5.00% | 6/1/2032 | A- | 330,000 | 372,693 | |||||||||
| Hempstead Town Local Development Corp. - Hofstra University NY | 5.00% | 7/1/2042 | A | 545,000 | 568,002 | |||||||||
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2034 | BBB | 825,000 | 851,371 | |||||||||
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2037 | BBB | 630,000 | 641,095 | |||||||||
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2039 | BBB | 555,000 | 561,774 | |||||||||
| Monroe County Industrial Development Corp. - University of Rochester NY | 5.00% | 7/1/2031 | AA- | 350,000 | 378,035 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLLC NY (AGM) | 3.00% | 3/1/2049 | AA | 2,050,000 | 1,590,432 | |||||||||
| New York State Dormitory Authority | 5.00% | 2/15/2041 | NR | 5,000 | 5,427 | |||||||||
| New York State Dormitory Authority - Barnard College | 4.00% | 7/1/2034 | A3 | 460,000 | 474,293 | |||||||||
| New York State Dormitory Authority - Barnard College | 4.00% | 7/1/2036 | A3 | 325,000 | 333,263 | |||||||||
| New York State Dormitory Authority - Barnard College | 4.00% | 7/1/2037 | A3 | 710,000 | 724,033 | |||||||||
| New York State Dormitory Authority - Fordham University | 5.00% | 7/1/2035 | A | 550,000 | 575,628 | |||||||||
| New York State Dormitory Authority - Icahn Sch of Med Mt Sinai | 5.00% | 7/1/2040 | A- | 2,200,000 | 2,223,861 | |||||||||
| New York State Dormitory Authority - Iona College | 5.00% | 7/1/2046 | BBB | 375,000 | 381,257 | |||||||||
| 172 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New York State Dormitory Authority - Pratt Institute | 5.00% | 7/1/2039 | A2 | $ | 1,045,000 | $ | 1,074,958 | |||||||
| New York State Dormitory Authority - St John’s University | 5.00% | 7/1/2027 | A- | 250,000 | 256,556 | |||||||||
| New York State Dormitory Authority - The New School | 4.00% | 7/1/2047 | A3 | 1,000,000 | 952,132 | |||||||||
| New York State Dormitory Authority - The New School | 5.00% | 7/1/2028 | A3 | 780,000 | 820,605 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2037 | BBB- | 1,000,000 | 1,070,507 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2042 | BBB- | 1,000,000 | 1,038,372 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 4.00% | 7/1/2038 | Baa2 | 150,000 | 146,440 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 4.00% | 7/1/2040 | Baa2 | 300,000 | 286,782 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 4.00% | 7/1/2041 | Baa2 | 415,000 | 393,075 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 5.00% | 7/1/2035 | Baa2 | 365,000 | 395,544 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 5.00% | 7/1/2036 | Baa2 | 465,000 | 500,704 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 5.00% | 7/1/2046 | Baa2 | 600,000 | 616,487 | |||||||||
| Schenectady County Capital Resource Corp. - Union College NY | 5.25% | 7/1/2052 | A1 | 545,000 | 603,764 | |||||||||
| St. Lawrence County Industrial Development Agency - Clarkson University NY | 5.00% | 9/1/2037 | Baa1 | 455,000 | 483,414 | |||||||||
| St. Lawrence County Industrial Development Agency - Clarkson University NY | 5.00% | 9/1/2038 | Baa1 | 475,000 | 500,267 | |||||||||
| St. Lawrence County Industrial Development Agency - Clarkson University NY | 5.00% | 9/1/2041 | Baa1 | 160,000 | 166,204 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytech Inst NY | 4.00% | 9/1/2040 | A3 | 1,000,000 | 1,007,829 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytech Inst NY | 5.00% | 8/1/2032 | A3 | 1,495,000 | 1,543,663 | |||||||||
| Troy Capital Resource Corp. NY | 4.00% | 9/1/2034 | A3 | 855,000 | 880,362 | |||||||||
| Troy Capital Resource Corp. NY | 4.00% | 9/1/2035 | A3 | 395,000 | 408,009 | |||||||||
| Troy Capital Resource Corp. NY | 4.00% | 9/1/2036 | A3 | 1,140,000 | 1,168,876 | |||||||||
| Westchester County Local Development Corp. - Miriam Osborn Mem Home Oblig NY | 5.00% | 7/1/2042 | A | (b) | 450,000 | 467,512 | ||||||||
| See Notes to Schedule of Investments. | 173 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Westchester County Local Development Corp. - Sarah Lawrence College NY | 4.00% | 6/1/2033 | BBB- | $ | 1,710,000 | $ | 1,721,471 | |||||||
| Total | 45,835,515 | |||||||||||||
| General Obligation 10.55% | ||||||||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2034 | AA | 510,000 | 574,656 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2035 | AA | 400,000 | 449,144 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2036 | AA | 300,000 | 333,992 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2037 | AA | 810,000 | 894,339 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2042 | AA | 500,000 | 535,784 | |||||||||
| City of New York GO | 4.00% | 4/1/2050 | AA | 2,455,000 | 2,461,227 | |||||||||
| City of New York NY GO | 4.125% | 8/1/2053 | Aa2 | 2,230,000 | 2,256,483 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2037 | Aa2 | 1,150,000 | 1,366,375 | |||||||||
| City of New York NY GO | 5.00% | 10/1/2037 | AA | 2,500,000 | 2,683,564 | |||||||||
| City of New York NY GO | 5.25% | 9/1/2043 | AA | 1,150,000 | 1,320,547 | |||||||||
| City of New York NY GO | 5.25% | 10/1/2047 | AA | 1,860,000 | 2,104,825 | |||||||||
| City of New York NY GO | 5.50% | 5/1/2044 | AA | 2,085,000 | 2,431,098 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2024 | NR | 30,952 | 30,349 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 244,309 | 152,641 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(a) | 11/1/2043 | NR | 837,713 | 457,601 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2033 | NR | 189,842 | 186,311 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 170,642 | 165,434 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 146,457 | 140,255 | |||||||||
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/2025 | NR | 211,432 | 216,194 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 209,517 | 221,778 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 206,118 | 223,868 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 200,202 | 223,107 | |||||||||
| County of Nassau NY GO | 4.00% | 4/1/2053 | AA- | 2,140,000 | 2,121,539 | |||||||||
| Jefferson County Civic Facility Development Corp. - Samaritan Med Ctr Oblig NY | 5.00% | 11/1/2037 | BB | 2,000,000 | 1,994,704 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 2/1/2051 | AAA | 3,750,000 | 3,732,670 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2040 | AAA | 2,000,000 | 2,345,317 | |||||||||
| New York State Dormitory Authority | 4.00% | 3/15/2044 | AA+ | 2,540,000 | 2,557,470 | |||||||||
| New York State Dormitory Authority | 5.00% | 3/15/2053 | Aa1 | 2,500,000 | 2,769,951 | |||||||||
| New York State Thruway Authority | 5.00% | 3/15/2053 | AA+ | 1,550,000 | 1,693,291 | |||||||||
| New York State Urban Development Corp. | 4.00% | 3/15/2047 | AA+ | 2,295,000 | 2,306,885 | |||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2044 | Aa1 | 3,000,000 | 3,408,309 | |||||||||
| 174 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2050 | Aa1 | $ | 2,500,000 | $ | 2,752,184 | |||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2050 | Aa1 | 5,000,000 | 5,557,196 | |||||||||
| Total | 50,669,088 | |||||||||||||
| Health Care 12.98% | ||||||||||||||
| Brookhaven Local Development Corp. - Active Ret Cmnty Oblig Gp NY | 4.00% | 11/1/2045 | BBB | (b) | 1,000,000 | 835,239 | ||||||||
| Brookhaven Local Development Corp. - Active Ret Cmnty Oblig Gp NY | 4.00% | 11/1/2055 | BBB | (b) | 1,000,000 | 775,712 | ||||||||
| Brookhaven Local Development Corp. - Long Island Cmnty Hosp Oblig NY | 3.375% | 10/1/2040 | A | 365,000 | 318,963 | |||||||||
| Brookhaven Local Development Corp. - Long Island Cmnty Hosp Oblig NY | 4.00% | 10/1/2045 | A | 1,865,000 | 1,833,667 | |||||||||
| Broome County Local Development Corp. - United Hlth Svcs Hosps Oblig NY (AGM) | 3.00% | 4/1/2036 | AA | 1,030,000 | 922,369 | |||||||||
| Broome County Local Development Corp. - United Hlth Svcs Hosps Oblig NY (AGM) | 3.00% | 4/1/2037 | AA | 1,500,000 | 1,315,519 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2025 | B- | 300,000 | 292,653 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Orchard Park Ccrc Inc NY | 5.00% | 11/15/2037 | BBB | (b) | 1,000,000 | 1,003,827 | ||||||||
| Dutchess County Local Development Corp. - Nuvance Health Oblig Grp NY | 4.00% | 7/1/2044 | BBB | 1,250,000 | 1,140,018 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Oblig Grp NY | 4.00% | 7/1/2049 | BBB | 2,120,000 | 1,850,409 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Oblig Grp NY | 5.00% | 7/1/2035 | BBB | 1,765,000 | 1,786,817 | |||||||||
| Genesee County Funding Corp. - Rochester Regl Health Oblig NY | 5.25% | 12/1/2052 | BBB+ | 1,000,000 | 1,057,115 | |||||||||
| Monroe County Industrial Development Corp. - Rochester General Hosp Oblig NY | 5.00% | 12/1/2034 | BBB+ | 250,000 | 259,761 | |||||||||
| Monroe County Industrial Development Corp. - Rochester Regl Health Oblig NY | 4.00% | 12/1/2035 | BBB+ | 600,000 | 606,256 | |||||||||
| Monroe County Industrial Development Corp. - Rochester Regl Health Oblig NY | 4.00% | 12/1/2036 | BBB+ | 450,000 | 450,220 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Hlth Lng Isl Oblig NY | 5.00% | 7/1/2027 | A- | 625,000 | 629,711 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Hlth Lng Isl Oblig NY | 5.00% | 7/1/2028 | A- | 2,045,000 | 2,060,061 | |||||||||
| See Notes to Schedule of Investments. | 175 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2023
| 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 Oblig NY | 5.00% | 7/1/2033 | A- | $ | 905,000 | $ | 910,149 | |||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY | 3.00% | 3/1/2049 | Baa1 | 2,115,000 | 1,614,357 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig | 4.00% | 7/1/2045 | B- | 2,895,000 | 2,068,356 | |||||||||
| New York State Dormitory Authority - Catholic Hlth Sys Oblig | 5.00% | 7/1/2032 | B- | 500,000 | 442,642 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2026 | BB | 1,000,000 | 1,003,976 | |||||||||
| New York State Dormitory Authority - Garnet Hlth Med Ctr Oblig† | 5.00% | 12/1/2029 | BB | 1,900,000 | 1,879,524 | |||||||||
| New York State Dormitory Authority - Icahn Sch of Med Mt Sinai | 5.00% | 7/1/2033 | A- | 4,015,000 | 4,073,740 | |||||||||
| New York State Dormitory Authority - Icahn Sch of Med Mt Sinai | 5.00% | 7/1/2034 | A- | 1,750,000 | 1,774,234 | |||||||||
| New York State Dormitory Authority - Maimonides Medical Ctr (FHA) | 3.00% | 2/1/2050 | AA+ | 1,000,000 | 762,350 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 4.00% | 8/1/2036 | BBB- | 475,000 | 476,325 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 4.00% | 8/1/2037 | BBB- | 1,820,000 | 1,822,094 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 4.00% | 8/1/2038 | BBB- | 1,540,000 | 1,519,770 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 4.00% | 9/1/2050 | BBB- | 5,500,000 | 4,897,771 | |||||||||
| New York State Dormitory Authority - Montefiore Oblig Grp | 5.00% | 8/1/2035 | BBB- | 525,000 | 548,358 | |||||||||
| New York State Dormitory Authority - Northwell Hlth Oblig Grp | 4.00% | 5/1/2045 | A- | 2,130,000 | 2,091,571 | |||||||||
| New York State Dormitory Authority - Northwell Hlth Oblig Grp | 5.00% | 5/1/2028 | A- | 1,000,000 | 1,020,215 | |||||||||
| New York State Dormitory Authority - Northwell Hlth Oblig Grp | 5.00% | 5/1/2038 | A- | 1,005,000 | 1,115,113 | |||||||||
| New York State Dormitory Authority - NYU Langone Hosps Oblig | 5.00% | 7/1/2032 | A+ | 810,000 | 846,664 | |||||||||
| New York State Dormitory Authority - NYU Langone Hosps Oblig | 5.00% | 7/1/2033 | A+ | 760,000 | 794,001 | |||||||||
| Niagara Area Development Corp. - Catholic Hlth Sys Oblig NY | 5.00% | 7/1/2052 | B- | 1,000,000 | 779,839 | |||||||||
| 176 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Oneida County Local Development Corp. - Mohawk Valley Hlth Oblig NY (AGM) | 4.00% | 12/1/2049 | AA | $ | 4,645,000 | $ | 4,361,443 | |||||||
| Southold Local Development Corp. - Peconic Lndg At Southold NY | 5.00% | 12/1/2045 | BBB- | (b) | 1,000,000 | 935,523 | ||||||||
| Tompkins County Development Corp. - Kendal At Ithaca Inc NY | 5.00% | 7/1/2044 | BBB+ | 920,000 | 896,969 | |||||||||
| Westchester County Healthcare Corp. Oblig NY | 6.00% | 11/1/2030 | BBB- | 100,000 | 100,180 | |||||||||
| Westchester County Healthcare Corp. Oblig NY | 6.125% | 11/1/2037 | BBB- | 40,000 | 40,107 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 5.00% | 11/1/2033 | BBB- | 1,000,000 | 1,004,417 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 5.00% | 11/1/2034 | BBB- | 1,065,000 | 1,068,211 | (c) | ||||||||
| Westchester County Local Development Corp. Health Oblig NY | 5.00% | 11/1/2046 | BBB- | 2,240,000 | 2,108,263 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 5.75% | 11/1/2049 | AA | 2,125,000 | 2,414,092 | |||||||||
| Westchester County Local Development Corp. Health Oblig NY | 5.75% | 11/1/2053 | AA | 1,640,000 | 1,852,110 | |||||||||
| Total | 62,360,681 | |||||||||||||
| Housing 1.83% | ||||||||||||||
| New York City Housing Development Corp. NY | 3.35% | 11/1/2065 | AA+ | 1,270,000 | 985,289 | |||||||||
| New York City Housing Development Corp. NY | 4.50% | 2/15/2048 | NR | 1,000,000 | 986,181 | |||||||||
| New York State Dormitory Authority | 5.00% | 7/1/2042 | Aa3 | 1,510,000 | 1,585,194 | |||||||||
| New York State Dormitory Authority | 5.00% | 7/1/2048 | Aa3 | 1,040,000 | 1,152,229 | |||||||||
| New York State Dormitory Authority | 5.00% | 7/1/2053 | Aa3 | 2,090,000 | 2,296,310 | |||||||||
| New York State Housing Finance Agency | 3.15% | 11/1/2054 | Aa2 | 1,000,000 | 774,369 | |||||||||
| Westchester County Local Development Corp. - Purchase Housing Corp Ii NY | 5.00% | 6/1/2047 | BBB | 1,000,000 | 1,003,696 | |||||||||
| Total | 8,783,268 | |||||||||||||
| Lease Obligation 0.45% | ||||||||||||||
| New York City Transitional Finance Authority Building Aid Revenue NY | 5.00% | 7/15/2035 | AA | 2,035,000 | 2,174,400 | |||||||||
| Other 0.56% | ||||||||||||||
| Build NYC Resource Corp. - Children’s Aid Society NY | 4.00% | 7/1/2049 | A+ | 2,775,000 | 2,688,147 | |||||||||
| See Notes to Schedule of Investments. | 177 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue 3.73% | ||||||||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Ctr LLC NY | 5.00% | 7/15/2042 | Ba1 | $ | 3,000,000 | $ | 3,014,175 | |||||||
| Build NYC Resource Corp. - Shefa School NY† | 5.00% | 6/15/2051 | NR | 1,315,000 | 1,151,798 | |||||||||
| New York State Thruway Authority | 5.00% | 3/15/2046 | AA+ | 2,500,000 | 2,776,487 | |||||||||
| New York State Thruway Authority | 5.00% | 3/15/2048 | AA+ | 3,365,000 | 3,707,386 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2032 | AA+ | 1,250,000 | 1,506,707 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.50% | 5/15/2052 | AA+ | 5,020,000 | 5,731,959 | |||||||||
| Total | 17,888,512 | |||||||||||||
| Special Tax 2.51% | ||||||||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2040 | AA | 1,975,000 | 1,724,497 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2046 | AA | 3,100,000 | 2,477,622 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY | 4.00% | 3/1/2045 | Baa1 | 1,950,000 | 1,941,676 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AGC) | Zero Coupon | 3/1/2043 | AA | 425,000 | 189,168 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AGC) | Zero Coupon | 3/1/2044 | AA | 640,000 | 270,273 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AGC) | Zero Coupon | 3/1/2047 | AA | 385,000 | 138,613 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 4.121% (CPI YoY * 1 + 0.88% | ) | 3/1/2026 | Baa1 | 3,590,000 | 3,662,575 | ||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2037 | AAA | 1,370,000 | 1,640,803 | |||||||||
| Total | 12,045,227 | |||||||||||||
| Tax Revenue 9.48% | ||||||||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2034 | AA | 1,440,000 | 1,552,589 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2042 | AA | 2,500,000 | 2,605,904 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2032 | AA | 670,000 | 709,260 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2034 | AA | 455,000 | 481,662 | |||||||||
| New York City Transitional Finance Authority - Future Tax Secured Revenue NY | 5.00% | 2/1/2033 | AAA | 1,250,000 | 1,255,713 | |||||||||
| 178 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2023
| 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% | 5/1/2053 | Aa1 | $ | 1,215,000 | $ | 1,206,248 | |||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2032 | AAA | 1,555,000 | 1,665,570 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2035 | AAA | 1,290,000 | 1,375,026 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2053 | Aa1 | 2,500,000 | 2,757,523 | |||||||||
| New York City Transitional Finance Authority NY | 5.50% | 5/1/2047 | Aa1 | 5,000,000 | 5,902,965 | |||||||||
| New York State Dormitory Authority | 5.00% | 3/15/2035 | AA+ | 1,100,000 | 1,130,049 | |||||||||
| New York State Dormitory Authority | 5.00% | 3/15/2043 | AA+ | 2,550,000 | 2,730,367 | |||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2036 | AA+ | 1,500,000 | 1,505,655 | |||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2048 | Aa1 | 3,950,000 | 4,417,303 | |||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2053 | Aa1 | 1,835,000 | 2,030,307 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2029 | NR | 163,000 | 130,553 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 708,000 | 519,052 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 710,000 | 473,793 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 7,476,000 | 1,755,095 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 489,000 | 486,660 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 858,000 | 853,893 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 64,000 | 61,349 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 153,000 | 154,125 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 380,000 | 382,794 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 1,199,000 | 1,189,590 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 180,000 | 177,874 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 1,922,000 | 1,933,512 | |||||||||
| Territory of Guam | 4.00% | 1/1/2042 | Ba1 | 750,000 | 720,707 | |||||||||
| See Notes to Schedule of Investments. | 179 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Triborough Bridge & Tunnel Authority NY | 4.00% | 5/15/2046 | AA+ | $ | 2,015,000 | $ | 2,025,835 | |||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.00% | 5/15/2047 | AA+ | 3,000,000 | 3,330,785 | |||||||||
| Total | 45,521,758 | |||||||||||||
| Tobacco 3.14% | ||||||||||||||
| Erie Tobacco Asset Securitization Corp. NY | Zero Coupon | 6/1/2055 | NR | 8,000,000 | 614,407 | |||||||||
| Erie Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 1,299,726 | |||||||||
| Monroe Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2061 | NR | 10,000,000 | 518,315 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 15,000,000 | 929,414 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.125% | 6/1/2046 | CCC+ | 2,085,000 | 1,964,404 | |||||||||
| New York Counties Tobacco Trust IV | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 1,394,320 | |||||||||
| Rockland Tobacco Asset Securitization Corp. NY† | Zero Coupon | 8/15/2060 | NR | 10,575,000 | 682,939 | |||||||||
| Suffolk Tobacco Asset Securitization Corp. NY | Zero Coupon | 6/1/2066 | NR | 7,700,000 | 862,107 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2034 | A- | 1,000,000 | 1,038,668 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2035 | A- | 300,000 | 310,756 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2036 | A- | 100,000 | 103,158 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2041 | A- | 545,000 | 552,643 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 3,300,000 | 2,977,108 | |||||||||
| Westchester Tobacco Asset Securitization Corp. NY | 5.125% | 6/1/2051 | BB- | 1,845,000 | 1,836,817 | |||||||||
| Total | 15,084,782 | |||||||||||||
| Transportation 25.09% | ||||||||||||||
| Buffalo & Fort Erie Public Bridge Authority NY | 5.00% | 1/1/2034 | A+ | 600,000 | 635,297 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2051 | A- | 3,190,000 | 3,038,421 | |||||||||
| Metropolitan Transportation Authority NY | 4.75% | 11/15/2045 | A- | 3,255,000 | 3,355,749 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2029 | A- | 2,450,000 | 2,664,242 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2029 | A- | 1,730,000 | 1,777,700 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2030 | A- | 1,885,000 | 1,967,068 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2030 | A- | 700,000 | 759,588 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2033 | A- | 1,900,000 | 2,056,136 | |||||||||
| 180 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2023
| 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 | $ | 3,030,000 | $ | 3,287,516 | ||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2050 | A- | 2,115,000 | 2,224,215 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2028 | A- | 3,740,000 | 3,861,513 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2035 | A- | 1,170,000 | 1,174,440 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2038 | A- | 1,640,000 | 1,644,955 | |||||||||
| New York City Transitional Development Corp. NY AMT | 5.375% | 6/30/2060 | Baa3 | 6,500,000 | 6,747,597 | |||||||||
| New York City Transitional Development Corp. NY AMT | 6.00% | 6/30/2054 | Baa3 | 6,000,000 | 6,629,441 | |||||||||
| New York State Thruway Authority | 4.00% | 1/1/2050 | A2 | 1,920,000 | 1,884,357 | |||||||||
| New York State Thruway Authority | 5.00% | 1/1/2036 | A1 | 1,760,000 | 1,761,783 | |||||||||
| New York State Thruway Authority - Junior Lien | 5.00% | 1/1/2036 | A2 | 1,510,000 | 1,547,316 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa3 | 3,625,000 | 3,476,417 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa3 | 2,295,000 | 2,323,135 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa3 | 2,645,000 | 2,678,796 | |||||||||
| New York Transportation Development Corp. - Delta Airlines Inc AMT | 5.625% | 4/1/2040 | Baa3 | 1,500,000 | 1,616,629 | |||||||||
| New York Transportation Development Corp. - Delta Airlines Inc AMT | 6.00% | 4/1/2035 | Baa3 | 1,500,000 | 1,673,974 | |||||||||
| New York Transportation Development Corp. - Empire St Thruway Partnrs AMT | 4.00% | 10/31/2041 | BBB- | (b) | 860,000 | 823,161 | ||||||||
| New York Transportation Development Corp. - Empire St Thruway Partnrs AMT | 4.00% | 4/30/2053 | BBB- | (b) | 4,910,000 | 4,320,032 | ||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC | 4.00% | 12/1/2041 | Baa1 | 1,180,000 | 1,181,565 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC | 4.00% | 12/1/2042 | Baa1 | 1,800,000 | 1,800,563 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC AMT | 4.00% | 12/1/2039 | Baa1 | 345,000 | 337,132 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC AMT | 4.00% | 12/1/2040 | Baa1 | 1,380,000 | 1,335,754 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC AMT | 4.00% | 12/1/2041 | Baa1 | 2,875,000 | 2,761,904 | |||||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC AMT | 5.00% | 12/1/2034 | Baa1 | 565,000 | 617,529 | |||||||||
| See Notes to Schedule of Investments. | 181 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2023
| 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 AMT | 5.00% | 12/1/2039 | Baa1 | $ | 1,190,000 | $ | 1,278,641 | |||||||
| New York Transportation Development Corp. - JFK Intl Air Terminal LLC AMT | 5.00% | 12/1/2042 | Baa1 | 930,000 | 981,661 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa2 | 2,840,000 | 2,841,138 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2046 | Baa2 | 2,210,000 | 2,027,424 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa2 | 13,805,000 | 13,820,467 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2036 | A3 | 850,000 | 895,019 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2038 | A3 | 725,000 | 759,980 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2039 | A3 | 350,000 | 366,429 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | Aa3 | 1,000,000 | 1,102,409 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | Aa3 | 2,000,000 | 2,204,818 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2033 | AA- | 5,335,000 | 5,687,866 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 10/15/2033 | AA- | 1,595,000 | 1,811,285 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | Aa3 | 2,500,000 | 2,850,186 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 2,000,000 | 2,040,671 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 4,225,000 | 4,618,471 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.25% | 11/15/2053 | Aa3 | 2,650,000 | 2,985,816 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.50% | 11/15/2057 | AA- | 2,000,000 | 2,274,076 | |||||||||
| Total | 120,510,282 | |||||||||||||
| Utilities 6.73% | ||||||||||||||
| Chautauqua County Capital Resource Corp. - NRG Energy Inc NY | 4.25% | #(a) | 4/1/2042 | BBB- | 1,000,000 | 1,009,780 | ||||||||
| Guam Government Waterworks Authority | 5.00% | 7/1/2036 | A- | 400,000 | 412,836 | |||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2034 | A | 2,000,000 | 2,020,286 | |||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2039 | A | 2,265,000 | 2,281,607 | |||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2053 | A2 | 2,000,000 | 2,228,724 | |||||||||
| New York City Industrial Development Agency NY | 5.25% | 6/15/2048 | Aa1 | 1,750,000 | 2,001,440 | |||||||||
| 182 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2023
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||||
| Utilities (continued) | ||||||||||||||||
| New York City Industrial Development Agency NY | 5.25% | 6/15/2053 | Aa1 | $ | 3,000,000 | $ | 3,404,292 | |||||||||
| New York City Municipal Water Finance Authority NY | 5.00% | 6/15/2035 | AA+ | 1,700,000 | 1,706,983 | |||||||||||
| New York City Municipal Water Finance Authority NY | 5.00% | 6/15/2036 | AA+ | 2,975,000 | 2,987,353 | |||||||||||
| New York City Municipal Water Finance Authority NY | 5.00% | 6/15/2036 | AA+ | 2,250,000 | 2,259,343 | |||||||||||
| New York City Municipal Water Finance Authority NY | 5.25% | 6/15/2052 | AA+ | 5,220,000 | 5,871,589 | |||||||||||
| New York State Environmental Facilities Corp. | 5.25% | 9/15/2052 | AAA | 4,470,000 | 5,014,524 | |||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 700,000 | 620,039 | |||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2030 | NR | 500,000 | 508,593 | |||||||||||
| Total | 32,327,389 | |||||||||||||||
| Total Municipal Bonds (cost $474,492,591) | 466,081,609 | |||||||||||||||
Interest Rate# | Interest Rate Reset Date(d) | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 1.65% | ||||||||||||||||
| VARIABLE RATE DEMAND NOTES 1.65% | ||||||||||||||||
| General Obligation 0.67% | ||||||||||||||||
| City of New York NY GO | 4.100% | 1/2/2024 | 10/1/2046 | AA | 1,800,000 | 1,800,000 | ||||||||||
| City of New York NY GO | 4.150% | 1/2/2024 | 4/1/2042 | AA | 1,400,000 | 1,400,000 | ||||||||||
| Total | 3,200,000 | |||||||||||||||
| Tax Revenue 0.98% | ||||||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY (cost $4,700,000) | 4.100% | 1/3/2024 | 5/1/2034 | AAA | 4,700,000 | 4,700,000 | ||||||||||
| Total Short-Term Investments (cost $7,900,000) | 7,900,000 | |||||||||||||||
| Total Investments in Securities 98.69% (cost $482,392,591) | 473,981,609 | |||||||||||||||
| Other Assets and Liabilities – Net(e) 1.31% | 6,313,721 | |||||||||||||||
| Net Assets 100.00% | $ | 480,295,330 | ||||||||||||||
| See Notes to Schedule of Investments. | 183 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND December 31, 2023
| AGC | Insured by - Assured Guarantee Corp. | |
| AGM | Insured by - Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by - Build America Mutual. | |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| FHA | Insured by - Federal Housing Administration. | |
| NR | Not Rated. | |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. | |
| TRIPS | Tax Refund Intercept Programs. | |
| YoY | Year on Year Inflation Rates. |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2023, the total value of Rule 144A securities was $23,269,888, which represents 4.84% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 2023. | |
| (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) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily or weekly based on the SIFMA Municipal Swap Index. | |
| (e) | Other Assets and Liabilities - Net include net unrealized appreciation/depreciation on futures contracts as follows: |
Futures Contracts at December 31, 2023:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
| U.S. Long Bond | March 2024 | 67 | Short | $ | (7,763,043 | ) | $ | (8,370,813 | ) | $ | (607,770 | ) | ||||||
The following is a summary of the inputs used as of December 31, 2023 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| Health Care | $ | – | $ | 61,292,470 | $ | 1,068,211 | $ | 62,360,681 | ||||||||
| Remaining Industries | – | 403,720,928 | – | 403,720,928 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 7,900,000 | – | 7,900,000 | ||||||||||||
| Total | $ | – | $ | 472,913,398 | $ | 1,068,211 | $ | 473,981,609 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (607,770 | ) | – | – | (607,770 | ) | ||||||||||
| Total | $ | (607,770 | ) | $ | – | $ | – | $ | (607,770 | ) | ||||||
| (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. |
| 184 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
NEW YORK TAX FREE FUND December 31, 2023
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. | 185 |
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”) | 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. High Income, Short Duration High Income, California, 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 investment to Lord, Abbett & Co. LLC (“Lord Abbett”) as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that preforms the responsibilities on behalf of Lord Abbett, administers the pricing and valuation of the 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 |
186
Notes to Schedule of Investments (unaudited)(continued)
electronic data processing techniques. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used.
Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.
Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
| (b) |
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, 2023 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.
187
Notes to Schedule of Investments (unaudited)(concluded)
| 3. | FEDERAL TAX INFORMATION |
Income Taxes-It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s filed U.S. federal tax returns remains open generally three years after the filing of the tax return. The statute of limitations on each Fund’s, state and local tax returns may remain open for an additional year depending upon the jurisdiction.
| 4. | SECURITIES LENDING AGREEMENT |
The Funds have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund’s 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, 2023, the Funds did not have any securities on loan.
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