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 June 30, 2024
Schedule of Investments (unaudited)
SHORT DURATION TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 94.18% | ||||||||||||||
| MUNICIPAL BONDS 94.18% | ||||||||||||||
| Corporate-Backed 5.77% | ||||||||||||||
| Allegheny County Industrial Development Authority - United States Steel Corp PA | 4.875% | 11/1/2024 | BB- | $ | 6,375,000 | $ | 6,391,820 | |||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 15,000,000 | 15,037,210 | ||||||||
| City of Farmington - Public Service Co of New Mexico | 3.90% | #(a) | 6/1/2040 | BBB | 2,500,000 | 2,516,722 | ||||||||
| County of Nez Perce - PotlatchDeltic Corp ID | 2.75% | 10/1/2024 | BBB- | 11,310,000 | 11,254,321 | |||||||||
| Development Authority of Burke County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2040 | BBB+ | 3,750,000 | 3,661,900 | ||||||||
| Industrial Development Board of the City of Mobile Alabama - Alabama Power Co AL | 1.00% | #(a) | 6/1/2034 | A1 | 3,100,000 | 3,008,619 | ||||||||
| Industrial Development Board of the City of Mobile Alabama - Alabama Power Co AL | 3.65% | #(a) | 7/15/2034 | A1 | 5,000,000 | 4,988,665 | ||||||||
| Iowa Finance Authority - Howmet Aerospace Inc | 4.75% | 8/1/2042 | BBB- | 2,500,000 | 2,487,895 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B | 750,000 | 749,552 | |||||||||
| Ohio Air Quality Development Authority - American Electric Power Co Inc | 1.90% | #(a) | 5/1/2026 | BBB | 2,000,000 | 1,980,337 | ||||||||
| Ohio Air Quality Development Authority - American Electric Power Co Inc | 2.40% | #(a) | 12/1/2038 | BBB | 10,700,000 | 9,459,988 | ||||||||
| Ohio Air Quality Development Authority - Ohio valley Electric Corp | 1.50% | #(a) | 2/1/2026 | Baa3 | 1,000,000 | 949,184 | ||||||||
| Parish of St. James - NuStar Logistics LP LA† | 5.85% | #(a) | 8/1/2041 | BB+ | 3,500,000 | 3,555,045 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corp LA | 2.375% | #(a) | 6/1/2037 | BBB- | 4,575,000 | 4,431,752 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corp LA | 4.05% | #(a) | 6/1/2037 | BBB- | 4,650,000 | 4,652,655 | ||||||||
| Peninsula Ports Authority - Dominion Terminal Associates LLP VA | 3.80% | #(a) | 10/1/2033 | BBB | 3,540,000 | 3,531,187 | ||||||||
| Public Finance Authority - Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 1,455,000 | 1,387,721 | |||||||||
| Selma Industrial Development Board - International Paper Co AL | 2.00% | #(a) | 11/1/2033 | BBB | 2,625,000 | 2,606,170 | ||||||||
| See Notes to Schedule of Investments. | 1 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Virginia Resources Authority | 5.00% | 11/1/2036 | Aa1 | $ | 2,365,000 | $ | 2,761,159 | |||||||
| Virginia Resources Authority | 5.00% | 11/1/2038 | Aa1 | 2,845,000 | 3,276,950 | |||||||||
| Total | 88,688,852 | |||||||||||||
| Education 6.03% | ||||||||||||||
| California Community Choice Financing Authority | 5.271% (SOFR * .67 + 1.70% | )# | 5/1/2053 | A1 | 15,000,000 | 14,973,120 | ||||||||
| California State University | 0.55% | #(a) | 11/1/2049 | Aa2 | 5,000,000 | 4,527,976 | ||||||||
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL† | 4.00% | 6/15/2029 | NR | 1,050,000 | 1,015,569 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc (PSF-GTD) | 5.00% | 8/15/2026 | Aaa | 1,000,000 | 1,033,321 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc (PSF-GTD) | 5.00% | 8/15/2027 | Aaa | 1,400,000 | 1,470,222 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc (PSF-GTD) | 5.00% | 8/15/2028 | Aaa | 800,000 | 852,208 | |||||||||
| Florida Higher Educational Facilities Financial Authority - St Leo University Inc Obligated Group | 5.00% | 3/1/2025 | BB | 675,000 | 666,161 | |||||||||
| Hospital Facilities Authority of Multnomah County Oregon - Mirabella South Waterfront | 5.00% | 10/1/2024 | NR | 335,000 | 335,878 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2028 | Ba2 | 1,135,000 | 1,137,883 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2029 | Ba2 | 630,000 | 632,232 | |||||||||
| Louisiana Public Facilities Authority - Tulane University | 5.00% | 4/15/2037 | A+ | 1,250,000 | 1,430,759 | |||||||||
| Louisiana State Citizens Property Insurance Corp. | 5.00% | 6/1/2025 | A1 | 7,490,000 | 7,585,539 | |||||||||
| Louisiana State Citizens Property Insurance Corp. | 5.00% | 6/1/2026 | A1 | 6,740,000 | 6,935,027 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2028 | A2 | 3,000,000 | 3,182,648 | |||||||||
| New Jersey Educational Facilities Authority - Montclair State University Inc (AGM) | 5.00% | 7/1/2027 | AA | 1,445,000 | 1,519,272 | |||||||||
| 2 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Northside Independent School District TX (PSF-GTD) | 3.45% | #(a) | 8/1/2054 | Aaa | $ | 4,000,000 | $ | 4,000,319 | ||||||
| Ohio Air Quality Development Authority - Duke Energy Corp | 4.00% | #(a) | 9/1/2030 | BBB | 1,300,000 | 1,302,562 | ||||||||
| Pennsylvania Higher Educational Facilities Authority - Thomas Jefferson University Obligated Group | 4.70% | #(a) | 9/1/2045 | A | 14,425,000 | 14,425,000 | ||||||||
| Philadelphia Authority for Industrial Development - Thomas Jefferson University Obligated PA | 4.70% | #(a) | 9/1/2050 | A | 10,000,000 | 10,000,000 | ||||||||
| School District of Broward County FL COPS | 5.00% | 7/1/2035 | Aa3 | 5,000,000 | 5,602,587 | |||||||||
| University of Colorado | 2.00% | #(a) | 6/1/2054 | Aa1 | 10,000,000 | 9,948,157 | ||||||||
| Total | 92,576,440 | |||||||||||||
| Energy 0.55% | ||||||||||||||
| New Mexico Municipal Energy Acquisition Authority | 5.00% | #(a) | 11/1/2039 | Aa1 | 8,300,000 | 8,379,172 | ||||||||
| General Obligation 17.70% | ||||||||||||||
| California State Public Works Board | 5.00% | 10/1/2026 | NR | 90,000 | 93,910 | |||||||||
| California State Public Works Board | 5.00% | 10/1/2026 | Aa3 | 1,410,000 | 1,467,510 | |||||||||
| California State Public Works Board | 5.00% | 10/1/2027 | NR | 205,000 | 218,185 | |||||||||
| California State Public Works Board | 5.00% | 10/1/2027 | Aa3 | 3,095,000 | 3,278,272 | |||||||||
| City of Auburn NY GO | 4.75% | 8/15/2024 | NR | 11,813,815 | 11,826,243 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2026 | BBB+ | 6,890,000 | 7,007,548 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2027 | BBB+ | 6,400,000 | 6,587,637 | |||||||||
| City of Chicago IL GO | 5.25% | 1/1/2027 | BBB+ | 1,665,000 | 1,676,372 | |||||||||
| City of Dallas TX GO | 5.00% | 2/15/2027 | AA- | 7,605,000 | 7,949,764 | |||||||||
| City of Dallas TX GO | 5.00% | 3/1/2027 | Aa3 | 6,225,000 | 6,509,063 | |||||||||
| City of Hutto TX GO (BAM) | 5.00% | 8/1/2037 | AA | 3,715,000 | 4,228,790 | |||||||||
| City of Jersey City NJ GO(b) | 4.50% | 7/10/2025 | NR | 10,000,000 | 10,080,329 | |||||||||
| City of Lees Summit MO GO | 5.00% | 4/1/2027 | Aaa | 3,960,000 | 4,150,088 | |||||||||
| City of Newark NJ GO | 5.00% | 9/27/2024 | NR | 10,000,000 | 10,012,006 | |||||||||
| Commonwealth Financing Authority - Commonwealth of Pennsylvania Department of Community & Economic Development PA | 5.00% | 6/1/2025 | A1 | 2,895,000 | 2,931,666 | |||||||||
| County of Cook IL GO | 4.00% | 11/15/2026 | A+ | 4,945,000 | 5,019,183 | |||||||||
| County of Lake IL GO | 4.00% | 11/30/2027 | AAA | 2,620,000 | 2,678,387 | |||||||||
| See Notes to Schedule of Investments. | 3 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Danville Community School Corp IN (ST INTERCEPT) | 4.50% | 12/15/2024 | NR | $ | 11,935,000 | $ | 11,970,157 | |||||||
| Delaware Valley Regional Finance Authority PA | 4.28% (MUNIPSA * 1 + .40% | )# | 3/1/2057 | A+ | 6,070,000 | 6,002,567 | ||||||||
| Florida Insurance Assistance Interlocal Agency, Inc. | 4.67% | #(a) | 9/1/2032 | A2 | 10,000,000 | 10,000,000 | ||||||||
| Florida Insurance Assistance Interlocal Agency, Inc. | 5.00% | 9/1/2025 | A | 25,540,000 | 25,768,568 | |||||||||
| Hoosick Falls Central School District NY GO (ST AID WITHHLDG) | 4.50% | 8/2/2024 | NR | 18,120,000 | 18,129,625 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2035 | A2 | 2,690,000 | 3,028,969 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2036 | A2 | 4,325,000 | 4,858,282 | |||||||||
| Northside Independent School District TX GO (PSF-GTD) | 1.60% | #(a) | 8/1/2049 | Aaa | 2,700,000 | 2,695,225 | ||||||||
| Portland Community College District OR GO | 5.00% | 6/15/2038 | AA+ | 3,500,000 | 3,968,948 | |||||||||
| State of Illinois GO | 5.00% | 3/1/2025 | A- | 4,000,000 | 4,033,964 | |||||||||
| State of Illinois GO | 5.00% | 3/1/2025 | A- | 5,500,000 | 5,546,701 | |||||||||
| State of Illinois GO | 5.00% | 12/1/2025 | A- | 10,000,000 | 10,197,725 | |||||||||
| State of Illinois GO | 5.00% | 3/1/2026 | A- | 4,050,000 | 4,143,079 | |||||||||
| State of Illinois GO | 5.00% | 3/1/2027 | A- | 7,500,000 | 7,768,528 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2027 | A- | 5,000,000 | 5,231,646 | |||||||||
| State of Illinois GO | 5.00% | 2/1/2028 | A- | 5,990,000 | 6,194,748 | |||||||||
| State of Illinois GO | 5.00% | 10/1/2029 | A- | 2,115,000 | 2,233,307 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2030 | A- | 7,200,000 | 7,385,537 | |||||||||
| State of Illinois GO | 5.00% | 5/1/2037 | A- | 4,500,000 | 5,006,710 | |||||||||
| State of Maryland GO | 4.00% | 8/1/2028 | AAA | 5,000,000 | 5,185,728 | |||||||||
| State of New Jersey GO | 5.00% | 6/1/2027 | A1 | 10,000,000 | 10,500,926 | |||||||||
| State of Washington GO | 5.00% | 7/1/2027 | Aaa | 2,890,000 | 2,962,936 | |||||||||
| State of Washington GO | 5.00% | 8/1/2028 | Aaa | 5,285,000 | 5,467,534 | |||||||||
| Tender Option Bond Trust Receipts/Certificates AL† | 4.20% | #(a) | 8/22/2035 | A1 | 9,290,000 | 9,290,000 | ||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2035 | AA | 1,000,000 | 1,145,615 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2036 | AA | 5,000,000 | 5,473,202 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2036 | AA | 1,800,000 | 2,055,580 | |||||||||
| Total | 271,960,760 | |||||||||||||
| 4 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care 18.87% | ||||||||||||||
| Allegheny County Hospital Development Authority - Allegheny Health Network Obligated Group PA | 5.00% | 4/1/2026 | A | $ | 2,500,000 | $ | 2,556,228 | |||||||
| Berks County Industrial Development Authority - Tower Health Obligated Group PA | 5.00% | 11/1/2026 | CC | 875,000 | 551,250 | |||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | #(a) | 2/1/2040 | CC | 3,125,000 | 1,968,750 | ||||||||
| Brevard County Health Facilities Authority - Health First Inc Obligated Group FL | 5.00% | 4/1/2027 | A | 3,590,000 | 3,721,056 | |||||||||
| Brevard County Health Facilities Authority - Health First Inc Obligated Group FL | 5.00% | 4/1/2028 | A | 3,720,000 | 3,904,870 | |||||||||
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group CA | 5.00% | 12/1/2037 | BBB+ | 8,000,000 | 8,843,992 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% | 7/1/2026 | Baa2 | 1,345,000 | 1,368,293 | |||||||||
| California Municipal Finance Authority - Palomar Health Obligated Group COPS† | 5.00% | 11/1/2027 | BB+ | 10,000,000 | 10,083,208 | |||||||||
| Charlotte-Mecklenburg Hospital Authority - Atrium Health Obligated Group NC | 5.00% | #(a) | 1/15/2050 | AA | 4,275,000 | 4,541,554 | ||||||||
| Citizens Memorial Hospital District MO | 5.00% | 12/1/2026 | NR | 8,825,000 | 8,780,688 | |||||||||
| City of Colby KS - Citizens Medical Center Inc | 5.50% | 7/1/2026 | NR | 5,600,000 | 5,596,925 | |||||||||
| City of Lenexa - Lakeview Village Inc KS | 5.00% | 5/15/2025 | BB+ | (c) | 990,000 | 991,365 | ||||||||
| City of Seneca - Nemaha Valley Community Hospital KS | 5.00% | 9/1/2025 | NR | 2,000,000 | 2,003,969 | |||||||||
| Colorado Health Facilities Authority - AdventHealth Obligated Group | 5.00% | #(a) | 11/15/2049 | NR | 185,000 | 192,019 | ||||||||
| Colorado Health Facilities Authority - AdventHealth Obligated Group | 5.00% | #(a) | 11/15/2049 | AA | 1,825,000 | 1,882,590 | ||||||||
| County of Cuyahoga - MetroHealth System OH | 5.00% | 2/15/2025 | BBB | 1,500,000 | 1,504,951 | |||||||||
| County of Lehigh - St Luke’s Hospital Obligated Group PA | 4.98% (MUNIPSA * 1 + 1.10% | )# | 8/15/2038 | A- | 14,850,000 | 14,742,744 | ||||||||
| Harris County Cultural Education Facilities Finance Corp. - Baylor College of Medicine TX | 4.38% | #(a) | 11/15/2046 | A | 20,000,000 | 20,000,000 | ||||||||
| See Notes to Schedule of Investments. | 5 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2024
| 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 Health System Obligated Group TX | 4.73% (MUNIPSA * 1 + .85% | )# | 7/1/2049 | AA- | $ | 11,000,000 | $ | 10,966,351 | ||||||
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Health System Obligated Group TX | 5.00% | 7/1/2037 | AA- | 6,000,000 | 6,778,988 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Health System Obligated Group TX | 5.00% | #(a) | 7/1/2049 | AA- | 5,420,000 | 5,617,899 | ||||||||
| Health & Educational Facilities Authority of the State of Missouri - SSM Health Care Obligated Group WA | 5.00% | #(a) | 6/1/2039 | A+ | 10,000,000 | 10,509,036 | ||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple University Health Obligated Group PA | 5.00% | 7/1/2027 | BBB | 5,000,000 | 5,093,335 | |||||||||
| Illinois Finance Authority - Plymouth Place Obligated Group | 5.00% | 5/15/2025 | NR | 270,000 | 273,070 | |||||||||
| Illinois Finance Authority - University of Chicago Medical Center Obligated Group | 5.00% | #(a) | 8/15/2052 | AA- | 8,825,000 | 9,185,659 | ||||||||
| Industrial Development Authority of the County of Pima - La Posada at Park Centre Inc Obligated Group AZ† | 5.125% | 11/15/2029 | NR | 1,500,000 | 1,515,795 | |||||||||
| Kentucky Economic Development Finance Authority - Owensboro Health Inc Obligated Group | 5.00% | 6/1/2025 | Baa2 | 1,400,000 | 1,401,060 | |||||||||
| Maricopa County Industrial Development Authority - Banner Health Obligated Group AZ | 4.45% (MUNIPSA * 1 + .57% | )# | 1/1/2035 | AA- | 4,240,000 | 4,237,789 | ||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2024 | BBB- | 2,030,000 | 2,030,000 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2025 | BBB- | 800,000 | 807,579 | |||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - Vanderbilt University Medical Center Obligated Group TN | 5.00% | 7/1/2028 | A | 1,500,000 | 1,584,982 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.00% | 7/1/2037 | AA- | 3,055,000 | 3,476,568 | |||||||||
| 6 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2024
| 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 Obligated Group | 5.00% | 7/1/2038 | AA- | $ | 2,500,000 | $ | 2,826,337 | |||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.00% | 7/1/2039 | AA- | 5,000,000 | 5,619,057 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 5.00% | 7/1/2025 | BBB- | 1,600,000 | 1,607,987 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 5.00% | 8/1/2024 | BBB- | 1,500,000 | 1,499,618 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 5.00% | 9/1/2027 | BBB- | 1,400,000 | 1,415,692 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 5.00% | 9/1/2028 | BBB- | 1,500,000 | 1,524,109 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 5.00% | 9/1/2029 | BBB- | 1,750,000 | 1,788,712 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 5.00% | 9/1/2030 | BBB- | 1,000,000 | 1,031,243 | |||||||||
| Northampton County General Purpose Authority - St Luke’s Hospital Obligated Group PA | 5.00% | 8/15/2027 | A- | 3,250,000 | 3,393,367 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2025 | BB- | 550,000 | 547,868 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2026 | BB- | 800,000 | 810,908 | |||||||||
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.00% | 10/1/2027 | A+ | 1,000,000 | 1,049,726 | |||||||||
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.00% | 10/1/2028 | A+ | 750,000 | 799,367 | |||||||||
| Rib Floater Trust Various States FL† | 4.23% | #(a) | 10/1/2054 | A1 | 19,470,000 | 19,470,000 | ||||||||
| Shelby County Health Educational & Housing Facilities Board - Baptist Memorial Health Care Obligated Group TN | 5.00% | #(a) | 9/1/2049 | BBB+ | 8,750,000 | 9,223,349 | ||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 5.25% | 11/15/2028 | NR | 2,850,000 | 2,861,869 | |||||||||
| South Carolina Jobs-Economic Development Authority - Novant Health Obligated Group | 5.00% | 11/1/2037 | A+ | 4,000,000 | 4,519,886 | |||||||||
| State of Ohio - University Hospitals Health System Inc Obligated Group | 4.41% | #(a) | 1/15/2045 | A | 10,035,000 | 10,035,000 | ||||||||
| See Notes to Schedule of Investments. | 7 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| State of Ohio - University Hospitals Health System Inc Obligated Group | 5.00% | 1/15/2027 | A | $ | 250,000 | $ | 257,248 | |||||||
| Tarrant County Cultural Education Facilities Finance Corp. - Baylor Scott & White Health Obligated Group TX | 5.00% | #(a) | 11/15/2052 | AA- | 2,180,000 | 2,233,935 | ||||||||
| Tulsa County Industrial Authority - Montereau Obligated Group OK | 5.00% | 11/15/2026 | BBB- | (c) | 500,000 | 504,755 | ||||||||
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | 5.00% | #(a) | 8/1/2049 | A- | 7,515,000 | 7,663,605 | ||||||||
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | 5.28% (MUNIPSA * 1 + 1.40% | )# | 1/1/2035 | A- | 2,000,000 | 2,000,834 | ||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.00% | 2/15/2029 | BBB | 3,265,000 | 3,429,245 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.73% | #(a) | 2/15/2053 | BBB | 26,675,000 | 26,675,000 | ||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.73% | #(a) | 2/15/2053 | BBB | 15,425,000 | 15,425,000 | ||||||||
| Wisconsin Health & Educational Facilities Authority - Wisconsin Masonic Home Obligated Group | 4.20% | 8/15/2028 | BBB- | (c) | 5,000,000 | 4,968,042 | ||||||||
| Total | 289,894,322 | |||||||||||||
| Home Furnishings 0.65% | ||||||||||||||
| Rib Floater Trust Various States MD† | 4.23% | #(a) | 11/15/2049 | A1 | 10,000,000 | 10,000,000 | ||||||||
| Housing 8.16% | ||||||||||||||
| California Housing Finance Agency - Del Sur Family Housing LP | 5.00% | #(a) | 5/1/2054 | Aaa | 1,750,000 | 1,792,483 | ||||||||
| Connecticut Housing Finance Authority | 4.00% | 5/15/2049 | AAA | 2,965,000 | 2,946,157 | |||||||||
| Connecticut Housing Finance Authority | 6.25% | 5/15/2054 | AAA | 2,435,000 | 2,641,599 | |||||||||
| Michigan State Housing Development Authority | 4.25% | 12/1/2049 | AA+ | 2,550,000 | 2,547,423 | |||||||||
| Minnesota Housing Finance Agency (FHLMC) (FNMA) (GNMA) | 4.25% | 7/1/2049 | AA+ | 2,150,000 | 2,147,854 | |||||||||
| Minnesota Housing Finance Agency (FHLMC) (FNMA) (GNMA) | 5.00% | 7/1/2053 | AA+ | 6,640,000 | 6,818,889 | |||||||||
| 8 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Minnesota Housing Finance Agency (FHLMC) (FNMA) (GNMA) | 6.25% | 7/1/2054 | AA+ | $ | 5,690,000 | $ | 6,177,688 | |||||||
| Minnesota Housing Finance Agency (FHLMC) (FNMA) (GNMA)(b) | 6.50% | 1/1/2055 | AA+ | 3,550,000 | 4,000,530 | |||||||||
| Missouri Housing Development Commission (FHLMC) (FNMA) (GNMA) | 3.25% | 11/1/2052 | AA+ | 1,650,000 | 1,602,912 | |||||||||
| New Jersey Housing & Mortgage Finance Agency | 6.00% | 10/1/2055 | AA | 3,560,000 | 3,856,813 | |||||||||
| New York City Housing Development Corp. NY (FHA) | 0.70% | #(a) | 5/1/2060 | AA+ | 355,000 | 350,147 | ||||||||
| New York State Housing Finance Agency (FHA) (SONYMA) | 0.75% | 11/1/2025 | Aa2 | 3,955,000 | 3,760,525 | |||||||||
| New York State Housing Finance Agency (SONYMA) | 0.75% | 11/1/2025 | Aa2 | 8,055,000 | 7,658,921 | |||||||||
| North Carolina Housing Finance Agency (FHLMC) (FNMA) (GNMA) | 4.00% | 1/1/2050 | AA+ | 2,035,000 | 2,023,934 | |||||||||
| North Carolina Housing Finance Agency (FHLMC) (FNMA) (GNMA) | 6.25% | 1/1/2055 | AA+ | 5,495,000 | 5,963,438 | |||||||||
| North Dakota Housing Finance Agency | 4.00% | 1/1/2050 | Aa1 | 2,800,000 | 2,782,621 | |||||||||
| Ohio Housing Finance Agency | 4.50% | 3/1/2050 | Aaa | 2,760,000 | 2,769,337 | |||||||||
| Seattle Housing Authority - Yesler Block 6.6 LLLP WA (HUD) | 5.00% | 6/1/2027 | AA | 7,000,000 | 7,158,660 | |||||||||
| South Dakota Housing Development Authority (FHLMC) (FNMA) (GNMA) | 6.25% | 5/1/2055 | AAA | 6,755,000 | 7,386,412 | |||||||||
| State of New York Mortgage Agency Homeowner Mortgage Revenue | 3.50% | 4/1/2049 | Aa1 | 680,000 | 671,291 | |||||||||
| Tender Option Bond Trust Receipts/ Certificates FL† | 4.20% | #(a) | 11/1/2035 | A1 | 35,000,000 | 35,000,000 | ||||||||
| Texas State Affordable Housing Corp. - AHFC-FC Norman Housing LP | 3.625% | #(a) | 1/1/2045 | Aaa | 3,400,000 | 3,354,342 | ||||||||
| Virginia Beach Development Authority - Westminster-Canterbury on Chesapeake Bay Obligated Group | 5.375% | 9/1/2029 | BB+ | (c) | 3,800,000 | 3,952,879 | ||||||||
| Wisconsin Housing & Economic Development Authority Housing Revenue (HUD) | 0.81% | #(a) | 11/1/2052 | AA+ | 8,250,000 | 7,956,000 | ||||||||
| Total | 125,320,855 | |||||||||||||
| Lease Obligations 1.76% | ||||||||||||||
| Commonwealth of Pennsylvania COPS | 5.00% | 7/1/2025 | A | 500,000 | 507,633 | |||||||||
| New Jersey Economic Development Authority - New Jersey Transit Corp | 5.00% | 11/1/2028 | A2 | 1,315,000 | 1,401,879 | |||||||||
| See Notes to Schedule of Investments. | 9 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| New Jersey Economic Development Authority - State Capitol Joint Management Commission | 5.00% | 6/15/2026 | A2 | $ | 4,000,000 | $ | 4,115,793 | |||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2025 | A2 | 1,250,000 | 1,266,861 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2024 | A2 | 7,000,000 | 7,041,090 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2025 | A2 | 12,500,000 | 12,763,525 | |||||||||
| Total | 27,096,781 | |||||||||||||
| Multi-Family Housing 1.76% | ||||||||||||||
| Illinois Housing Development Authority - South Shore IL Preservation LP (FHA)(HUD) | 4.00% | #(a) | 6/1/2026 | Aaa | 2,700,000 | 2,700,413 | ||||||||
| Tender Option Bond Trust Receipts/ Certificates SC† | 4.20% | #(a) | 7/1/2028 | A1 | 24,400,000 | 24,400,000 | ||||||||
| Total | 27,100,413 | |||||||||||||
| Other Revenue 5.10% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2049 | A1 | 12,325,000 | 12,333,374 | ||||||||
| California Infrastructure & Economic Development Bank - Museum Associates | 4.58% (MUNIPSA * 1 + .70% | )# | 12/1/2050 | A3 | 6,500,000 | 6,476,223 | ||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 5.25% | 8/15/2026 | Baa3 | 1,605,000 | 1,624,820 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 5.25% | 8/15/2028 | Baa3 | 1,920,000 | 1,946,138 | |||||||||
| Illinois Finance Authority - Field Museum Natural of History | 4.938% (SOFR * .67 + 1.20% | )# | 11/1/2034 | A | 4,365,000 | 4,360,805 | ||||||||
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group† | 3.50% | 7/1/2025 | NR | 425,000 | 419,863 | |||||||||
| Lower Alabama Gas District | 4.00% | #(a) | 12/1/2050 | A2 | 19,085,000 | 19,098,497 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2025 | A1 | 4,850,000 | 4,870,484 | |||||||||
| State of Ohio - State of Ohio Department of Natural Resources | 5.00% | 12/1/2027 | AA+ | 2,500,000 | 2,603,113 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% | 3/15/2027 | NR | 15,000,000 | 15,715,300 | |||||||||
| 10 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% | #(a) | 5/15/2051 | AA+ | $ | 5,700,000 | $ | 5,834,793 | ||||||
| Washington Convention & Sports Authority DC | 5.00% | 10/1/2030 | Aa3 | 3,000,000 | 3,156,548 | |||||||||
| Total | 78,439,958 | |||||||||||||
| Pollution Control 0.38% | ||||||||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 5.05% | #(a) | 4/1/2040 | BBB+ | 5,800,000 | 5,800,000 | ||||||||
| Single-Family Housing 0.37% | ||||||||||||||
| Colorado Housing & Finance Authority (GNMA) AMT | 3.00% | 5/1/2051 | AAA | 5,890,000 | 5,704,966 | |||||||||
| Special Tax 0.57% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2028 | NR | 2,495,000 | 2,508,234 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 4.237% (CPI YoY * 1 + 0.88% | ) | 3/1/2026 | Baa1 | 2,000,000 | 1,985,415 | ||||||||
| State of Maryland Department of Transportation | 5.00% | 10/1/2027 | AAA | 2,295,000 | 2,379,828 | |||||||||
| Village Community Development District No. 13 FL† | 1.875% | 5/1/2025 | NR | 590,000 | 580,761 | |||||||||
| Village Community Development District No. 13 FL† | 2.625% | 5/1/2030 | NR | 1,460,000 | 1,355,822 | |||||||||
| Total | 8,810,060 | |||||||||||||
| Tax Revenue 1.76% | ||||||||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Baa2 | 180,000 | 172,161 | |||||||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.00% | 7/1/2038 | AA+ | 7,000,000 | 7,983,448 | |||||||||
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2026 | NR | 2,000,000 | 2,045,096 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2028 | A2 | 3,995,000 | 4,245,840 | |||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2024 | AA | 5,000 | 5,018 | |||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2024 | AA | 2,245,000 | 2,253,145 | |||||||||
| See Notes to Schedule of Investments. | 11 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2038 | Aa1 | $ | 4,650,000 | $ | 5,299,968 | |||||||
| Sales Tax Securitization Corp. IL | 5.00% | 1/1/2025 | AA- | 5,000,000 | 5,034,193 | |||||||||
| Total | 27,038,869 | |||||||||||||
| Taxable Revenue - Water & Sewer 1.56% | ||||||||||||||
| City of Houston Combined Utility System Revenue TX | 5.00% | 11/15/2037 | Aa2 | 2,000,000 | 2,292,677 | |||||||||
| City of Houston Combined Utility System Revenue TX | 5.00% | 11/15/2038 | Aa2 | 3,250,000 | 3,703,361 | |||||||||
| Jersey City Municipal Utilities Authority Sewer Fund NJ | 5.00% | 5/1/2025 | NR | 4,875,000 | 4,915,678 | |||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2036 | AA | 6,750,000 | 7,687,842 | |||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2037 | AA | 4,750,000 | 5,409,329 | |||||||||
| Total | 24,008,887 | |||||||||||||
| Transportation 4.64% | ||||||||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2025 | A- | 2,500,000 | 2,504,179 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2031 | A- | 4,500,000 | 4,506,779 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2031 | A+ | 4,750,000 | 4,750,450 | |||||||||
| Chicago Transit Authority Capital Grant Receipts Revenue IL | 5.00% | 6/1/2025 | A+ | 2,000,000 | 2,019,380 | |||||||||
| County of Clark - Regional Transportation Commission of Southern Nevada Motor Fuel Tax Revenue NV | 5.00% | 7/1/2037 | AA- | 8,200,000 | 9,459,536 | |||||||||
| E-470 Public Highway Authority CO | 3.928% (SOFR * .67 + .35% | )# | 9/1/2039 | A+ | 3,375,000 | 3,373,672 | ||||||||
| Maryland Economic Development Corp. - CONSOL Marine Terminals LLC | 5.75% | 9/1/2025 | BB | 3,505,000 | 3,530,267 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2026 | A- | 2,250,000 | 2,333,898 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2026 | A- | 1,675,000 | 1,737,246 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2026 | A- | 2,315,000 | 2,401,029 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2036 | A2 | 5,500,000 | 6,222,376 | |||||||||
| New York State Thruway Authority NY | 5.00% | 1/1/2027 | A+ | 15,110,000 | 15,816,169 | |||||||||
| North Carolina Turnpike Authority (AGM) | 5.00% | 1/1/2028 | AA | 1,500,000 | 1,558,869 | |||||||||
| North Texas Tollway Authority | 5.00% | 1/1/2026 | AA- | 5,500,000 | 5,640,072 | |||||||||
| Port Authority of New York & New Jersey | 3.00% | 12/1/2027 | AA- | 2,500,000 | 2,416,789 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2025 | A- | 3,000,000 | 3,056,017 | |||||||||
| Total | 71,326,728 | |||||||||||||
| 12 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities 18.55% | ||||||||||||||
| Black Belt Energy Gas District AL | 5.25% | #(a) | 5/1/2055 | A1 | $ | 3,750,000 | $ | 4,077,477 | ||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 11/1/2054 | A2 | 8,800,000 | 9,406,923 | ||||||||
| Central Plains Energy Project NE | 5.00% | 9/1/2027 | BBB+ | 1,305,000 | 1,345,605 | |||||||||
| Central Plains Energy Project NE | 5.758% (SOFR * .67 + 2.18% | )# | 5/1/2053 | A2 | 20,000,000 | 20,700,010 | ||||||||
| City of Rockport - Indiana Michigan Power Co IN | 3.05% | 6/1/2025 | A3 | 3,500,000 | 3,466,269 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% | 2/1/2037 | Aa2 | 7,500,000 | 8,617,457 | |||||||||
| City of Seattle Municipal Light & Power Revenue WA | 4.13% (MUNIPSA * 1 + .25% | )# | 5/1/2045 | AA | 5,000,000 | 4,887,530 | ||||||||
| County of Jefferson Sewer Revenue AL | 5.00% | 10/1/2037 | BBB+ | 8,640,000 | 9,588,233 | |||||||||
| Delaware State Economic Development Authority - Delmarva Power & Light Co | 1.05% | #(a) | 1/1/2031 | A | 6,315,000 | 6,132,714 | ||||||||
| Delaware State Economic Development Authority - NRG Energy Inc | 1.25% | #(a) | 10/1/2040 | BBB- | 10,000,000 | 9,491,324 | ||||||||
| Delaware State Economic Development Authority - NRG Energy Inc | 1.25% | #(a) | 10/1/2045 | BBB- | 11,000,000 | 10,440,456 | ||||||||
| Development Authority of Appling County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2038 | BBB+ | 1,250,000 | 1,220,633 | ||||||||
| Development Authority of Burke County - Georgia Power Co | 2.875% | #(a) | 12/1/2049 | A | 5,650,000 | 5,569,413 | ||||||||
| Development Authority of Burke County - Georgia Power Co | 3.375% | #(a) | 11/1/2048 | BBB+ | 7,750,000 | 7,696,138 | ||||||||
| Development Authority of Monroe County - Georgia Power Co | 3.875% | #(a) | 6/1/2042 | A | 6,000,000 | 6,023,212 | ||||||||
| Development Authority of Monroe County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2039 | BBB+ | 1,875,000 | 1,830,950 | ||||||||
| Energy Southeast A Cooperative District AL | 5.25% | #(a) | 7/1/2054 | A1 | 6,000,000 | 6,422,805 | ||||||||
| Energy Southeast A Cooperative District AL | 5.771% (SOFR * .67 + 2.20% | )# | 4/1/2054 | A1 | 5,000,000 | 4,996,456 | ||||||||
| Indiana Finance Authority - Indianapolis Power & Light Co | 0.65% | 8/1/2025 | A2 | 4,500,000 | 4,316,549 | |||||||||
| Intermountain Power Agency UT | 5.00% | 7/1/2036 | Aa3 | 4,000,000 | 4,517,259 | |||||||||
| Intermountain Power Agency UT | 5.00% | 7/1/2037 | Aa3 | 3,500,000 | 3,940,633 | |||||||||
| Kentucky Municipal Power Agency | 3.45% | #(a) | 9/1/2042 | Baa1 | 1,700,000 | 1,677,617 | ||||||||
| Kentucky Public Energy Authority | 5.25% | #(a) | 4/1/2054 | A1 | 10,000,000 | 10,802,938 | ||||||||
| Long Island Power Authority NY | 0.85% | #(a) | 9/1/2050 | A | 12,000,000 | 11,534,774 | ||||||||
| See Notes to Schedule of Investments. | 13 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Long Island Power Authority NY | 1.65% | #(a) | 9/1/2049 | A | $ | 4,000,000 | $ | 3,979,437 | ||||||
| Long Island Power Authority NY | 5.00% | #(a) | 9/1/2052 | A | 10,435,000 | 10,827,937 | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - East Baton Rouge Sewerage Commission | 0.875% | #(a) | 2/1/2046 | A+ | 21,500,000 | 21,117,300 | ||||||||
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | 5.00% | 5/15/2027 | A | 2,010,000 | 2,103,913 | |||||||||
| Lower Colorado River Authority TX | 5.00% | #(a) | 5/15/2039 | A | 20,000,000 | 20,860,240 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 18,000,000 | 17,772,507 | ||||||||
| Montgomery County Industrial Development Authority - Constellation Energy Generation LLC PA | 4.10% | #(a) | 4/1/2053 | BBB+ | 7,760,000 | 7,913,958 | ||||||||
| New Jersey Economic Development Authority - New Jersey Transit Corp | 5.00% | 3/1/2028 | A2 | 2,840,000 | 2,999,791 | |||||||||
| Pennsylvania Economic Development Financing Authority - Talen Energy Supply LLC | 5.25% | #(a) | 12/1/2038 | BB- | 1,100,000 | 1,111,470 | ||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2024 | A | 800,000 | 800,667 | |||||||||
| Southeast Energy Authority A Cooperative District AL | 5.361% (SOFR * .67 + 1.79% | )# | 5/1/2053 | A2 | 18,000,000 | 18,298,859 | ||||||||
| Southern California Public Power Authority - City of Anaheim Electric System Revenue CA | 5.00% | #(a) | 4/1/2055 | A2 | 5,250,000 | 5,563,612 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.25% | 1/1/2030 | A1 | 4,660,000 | 4,953,060 | |||||||||
| West Virginia Economic Development Authority - Appalachian Power Co | 0.625% | #(a) | 12/1/2038 | BBB+ | 8,500,000 | 7,958,173 | ||||||||
| Total | 284,964,299 | |||||||||||||
| Total Municipal Bonds (cost $1,455,909,388) | 1,447,111,362 | |||||||||||||
| 14 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2024
| Investments | Interest Rate# | Interest Rate Reset Date(d) | Final Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| SHORT-TERM INVESTMENTS 5.61% | ||||||||||||||||
| Variable Rate Demand Notes 5.61% | ||||||||||||||||
| General Obligation 2.80% | ||||||||||||||||
| City of New York NY GO | 4.900% | 7/1/2024 | 4/1/2042 | AA | $ | 9,500,000 | $ | 9,500,000 | ||||||||
| City of New York NY GO | 4.900% | 7/1/2024 | 4/1/2042 | AA | 11,750,000 | 11,750,000 | ||||||||||
| City of New York NY GO | 4.900% | 7/1/2024 | 10/1/2046 | AA | 21,690,000 | 21,690,000 | ||||||||||
| Total | 42,940,000 | |||||||||||||||
| Health Care 1.74% | ||||||||||||||||
| Health Care Authority for Baptist Health - Brazos Presbyterian Homes Obligated Group AL | 5.300% | 7/1/2024 | 11/1/2042 | A3 | 16,769,000 | 16,769,000 | ||||||||||
| State of Ohio - University Hospitals Health System Inc Obligated Group | 4.410% | 7/1/2024 | 1/15/2033 | A | 10,000,000 | 10,000,000 | ||||||||||
| Total | 26,769,000 | |||||||||||||||
| Utilities 1.07% | ||||||||||||||||
| Development Authority of Appling County - Georgia Power Co | 5.000% | 7/1/2024 | 9/1/2041 | A | 16,450,000 | 16,450,000 | ||||||||||
| Total Short-Term Investments (cost $86,159,000) | 86,159,000 | |||||||||||||||
| Total Investments in Securities 99.79% (cost $1,542,068,388) | 1,533,270,362 | |||||||||||||||
| Other Assets and Liabilities – Net 0.21% | 3,150,964 | |||||||||||||||
| Net Assets 100.00% | $ | 1,536,421,326 | ||||||||||||||
| AGM | Insured by - Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by - Build America Mutual. | |
| COPS | Certificates of Participation. | |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. | |
| FGIC | Insured by - Financial Guaranty Insurance Company. | |
| FHA | Insured by - Federal Housing Administration. | |
| FHLMC | Insured by - 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. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield. | |
| NR | Not Rated. | |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. | |
| SOFR | Secured Overnight Financing Rate. | |
| SONYMA | State of New York Mortgage Agency. | |
| YoY | Year on Year Inflation Rates. |
| See Notes to Schedule of Investments. | 15 |
Schedule of Investments (unaudited)(concluded)
SHORT DURATION TAX FREE FUND June 30, 2024
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2024. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2024, the total value of Rule 144A securities was $139,276,238, which represents 9.06% of net assets. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | Securities purchased on a when-issued basis. | |
| (c) | This investment has been rated by Fitch IBCA. | |
| (d) | 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 June 30, 2024 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 1,447,111,362 | $ | – | $ | 1,447,111,362 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 86,159,000 | – | 86,159,000 | ||||||||||||
| Total | $ | – | $ | 1,533,270,362 | $ | – | $ | 1,533,270,362 | ||||||||
| (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.
| 16 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 99.08% | ||||||||||||||
| MUNICIPAL BONDS 99.08% | ||||||||||||||
| Building & Construction 0.08% | ||||||||||||||
| Virginia College Building Authority | 5.00% | 2/1/2038 | AA+ | $ | 3,500,000 | $ | 3,957,823 | |||||||
| Corporate-Backed 11.06% | ||||||||||||||
| Allegheny County Industrial Development Authority - United States Steel Corp PA | 4.875% | 11/1/2024 | BB- | 6,745,000 | 6,762,796 | |||||||||
| Arizona Industrial Development Authority | 3.625% | 5/20/2033 | BBB | 9,148,136 | 8,598,123 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 31,580,000 | 31,658,341 | ||||||||
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT† | 4.50% | 1/1/2025 | NR | 420,000 | 420,431 | |||||||||
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT† | 5.00% | 1/1/2035 | NR | 550,000 | 552,777 | |||||||||
| Cabot Citrus Farms Community Development District FL | 5.25% | 3/1/2029 | NR | 3,900,000 | 3,934,393 | |||||||||
| California Municipal Finance Authority - Waste Management Inc AMT | 4.125% | #(a) | 10/1/2041 | A- | 7,250,000 | 7,267,965 | ||||||||
| California Pollution Control Financing Authority - Waste Management Inc AMT | 3.00% | 11/1/2025 | A- | 9,850,000 | 9,720,500 | |||||||||
| City of Farmington - Public Service Co of New Mexico | 3.90% | #(a) | 6/1/2040 | BBB | 7,000,000 | 7,046,822 | ||||||||
| City of Granite City - Waste Management of Illinois Inc IL AMT | 1.25% | 5/1/2027 | A- | 5,485,000 | 4,961,238 | |||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 3.70% | 1/1/2032 | NR | 7,470,000 | 7,469,875 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/1/2029 | BB- | 2,295,000 | 2,295,539 | |||||||||
| Development Authority of Burke County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2040 | BBB+ | 3,750,000 | 3,661,900 | ||||||||
| Downtown Doral South Community Development District FL† | 4.75% | 12/15/2038 | NR | 625,000 | 626,554 | |||||||||
| Florida Development Finance Corp. - Waste pro USA Inc AMT† | 6.125% | #(a) | 7/1/2032 | NR | 7,430,000 | 7,629,432 | ||||||||
| Greater Orlando Aviation Authority - JetBlue Airways Corp FL | 5.00% | 11/15/2026 | NR | 2,980,000 | 2,981,744 | |||||||||
| Hobe-St Lucie Conservancy District Unit of Development No 1A | 5.60% | 5/1/2044 | NR | 1,845,000 | 1,903,545 | |||||||||
| Hoover Industrial Development Board - United States Steel Corp AL AMT | 6.375% | #(a) | 11/1/2050 | BB- | 8,525,000 | 9,516,041 | ||||||||
| See Notes to Schedule of Investments. | 17 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp | 2.50% | 11/1/2030 | Baa3 | $ | 1,000,000 | $ | 894,463 | |||||||
| Indiana Finance Authority - Ohio Valley Electric Corp | 3.00% | 11/1/2030 | Baa3 | 5,600,000 | 5,253,686 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp | 3.00% | 11/1/2030 | Baa3 | 9,850,000 | 9,240,858 | |||||||||
| Indiana Finance Authority - United States Steel Corp | 4.125% | 12/1/2026 | BB- | 1,625,000 | 1,629,218 | |||||||||
| Indiana Finance Authority - United States Steel Corp AMT | 6.75% | 5/1/2039 | BB- | 1,500,000 | 1,684,958 | |||||||||
| Indianapolis Local Public Improvement Bond Bank IN AMT | 5.00% | 1/1/2026 | A1 | 9,425,000 | 9,459,759 | |||||||||
| Indianapolis Local Public Improvement Bond Bank IN AMT | 5.00% | 1/1/2027 | A1 | 8,300,000 | 8,336,013 | |||||||||
| Industrial Development Authority of the County of Yavapai - Waste Management Inc AZ AMT | 1.30% | 6/1/2027 | A- | 4,650,000 | 4,200,090 | |||||||||
| Industrial Development Board of the City of Mobile Alabama - Alabama Power Co AL | 3.65% | #(a) | 7/15/2034 | A1 | 7,500,000 | 7,482,997 | ||||||||
| Iowa Finance Authority - Howmet Aerospace Inc | 4.75% | 8/1/2042 | BBB- | 13,710,000 | 13,643,618 | |||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 4.00% | #(a) | 12/1/2050 | BBB- | 11,050,000 | 11,589,288 | ||||||||
| Kansas City Industrial Development Authority MO AMT | 5.00% | 3/1/2035 | A | 3,020,000 | 3,156,206 | |||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - Westlake Corp | 3.50% | 11/1/2032 | BBB+ | 7,655,000 | 7,401,550 | |||||||||
| Louisiana Public Facilities Authority - Waste Pro USA Inc AMT† | 6.75% | #(a) | 10/1/2053 | NR | 12,000,000 | 12,974,999 | ||||||||
| Maricopa County Pollution Control Corp. - Southern California Edison Co AZ | 2.40% | 6/1/2035 | A2 | 5,000,000 | 4,138,753 | |||||||||
| Maryland Economic Development Corp.(b) | 5.00% | 12/1/2016 | NR | 2,570,000 | 1,667,288 | |||||||||
| Massachusetts Development Finance Agency - Waste Management of Massachusetts Inc AMT† | 1.25% | 5/1/2027 | A- | 3,250,000 | 2,939,658 | |||||||||
| Matagorda County Navigation District No. 1 - AEP Texas Inc | 2.60% | 11/1/2029 | BBB+ | 6,800,000 | 6,275,678 | |||||||||
| Matagorda County Navigation District No. 1 - AEP Texas Inc | 4.00% | 6/1/2030 | BBB+ | 8,000,000 | 8,000,564 | |||||||||
| 18 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Michigan Strategic Fund - Graphic Packaging International LLC AMT | 4.00% | #(a) | 10/1/2061 | BB | $ | 5,640,000 | $ | 5,650,559 | ||||||
| Michigan Strategic Fund - Waste Management of Michigan Inc | 0.58% | #(a) | 8/1/2027 | A- | 3,000,000 | 2,989,861 | ||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 10,000,000 | 9,923,406 | |||||||||
| New Hampshire Business Finance Authority | 4.125% | 1/20/2034 | BBB | 4,664,029 | 4,579,624 | |||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 3.75% | #(a) | 7/1/2045 | B | 1,970,000 | 1,645,190 | ||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 4.00% | 11/1/2027 | B | 6,225,000 | 6,224,871 | |||||||||
| New Hampshire Business Finance Authority - New York State Electric & Gas Corp AMT | 4.00% | 12/1/2028 | A- | 9,235,000 | 9,162,964 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2033 | A2 | 2,000,000 | 2,107,842 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB- | 18,645,000 | 18,663,035 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.50% | 6/1/2033 | BB- | 1,500,000 | 1,509,386 | |||||||||
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 2,450,000 | 2,444,667 | |||||||||
| New York Liberty Development Corp. | 2.50% | 11/15/2036 | A+ | 2,500,000 | 2,057,741 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 1,875,000 | 1,880,783 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 7.25% | 11/15/2044 | NR | 1,920,000 | 1,930,123 | |||||||||
| New York Liberty Development Corp. - Goldman Sachs Headquarters LLC | 5.25% | 10/1/2035 | A2 | 16,385,000 | 18,939,028 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT | 2.75% | #(a) | 9/1/2050 | B+ | 2,900,000 | 2,844,000 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 2.875% | #(a) | 12/1/2044 | B+ | 2,000,000 | 1,850,588 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 5.125% | #(a) | 9/1/2050 | B+ | 1,000,000 | 1,035,294 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2026 | B+ | 1,885,000 | 1,885,779 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 1,810,000 | 1,920,979 | |||||||||
| See Notes to Schedule of Investments. | 19 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| 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+ | $ | 1,850,000 | $ | 1,971,044 | |||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2026 | Baa3 | 3,110,000 | 3,161,855 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B | 4,650,000 | 4,647,223 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B | 5,500,000 | 5,172,206 | |||||||||
| Ohio Air Quality Development Authority - American Electric Power Co Inc | 1.90% | #(a) | 5/1/2026 | BBB | 3,285,000 | 3,252,704 | ||||||||
| Ohio Air Quality Development Authority - American Electric Power Co Inc | 2.40% | #(a) | 12/1/2038 | BBB | 5,685,000 | 5,026,171 | ||||||||
| Ohio Air Quality Development Authority - American Electric Power Co Inc AMT | 2.50% | #(a) | 11/1/2042 | BBB | 8,800,000 | 7,771,682 | ||||||||
| Ohio Air Quality Development Authority - American Electric Power Co Inc AMT | 2.60% | #(a) | 6/1/2041 | BBB | 18,210,000 | 16,165,095 | ||||||||
| Ohio Air Quality Development Authority - Pratt Paper Inc AMT† | 4.25% | 1/15/2038 | NR | 4,955,000 | 4,977,555 | |||||||||
| Parish of St. James - NuStar Logistics LP LA† | 5.85% | #(a) | 8/1/2041 | BB+ | 7,685,000 | 7,805,863 | ||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.10% | #(a) | 6/1/2038 | BB+ | 1,500,000 | 1,657,795 | ||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.10% | #(a) | 12/1/2040 | BB+ | 9,825,000 | 10,858,337 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corp LA | 2.20% | #(a) | 6/1/2037 | BBB- | 6,000,000 | 5,792,149 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corp LA | 2.375% | #(a) | 6/1/2037 | BBB- | 12,480,000 | 12,089,239 | ||||||||
| Parish of St. John the Baptist - Marathon Oil Corp LA | 4.05% | #(a) | 6/1/2037 | BBB- | 7,750,000 | 7,754,425 | ||||||||
| Pennsylvania Economic Development Financing Authority - CONSOL Energy Inc AMT† | 9.00% | #(a) | 4/1/2051 | BB | 2,375,000 | 2,613,446 | ||||||||
| Pennsylvania Economic Development Financing Authority - Covanta Holding Corp AMT† | 3.25% | 8/1/2039 | B | 1,035,000 | 824,846 | |||||||||
| Pennsylvania Economic Development Financing Authority - Procter & Gamble Co | 5.375% | 3/1/2031 | AA- | 1,365,000 | 1,507,801 | |||||||||
| Pennsylvania Economic Development Financing Authority - Waste Management Inc AMT | 0.58% | #(a) | 8/1/2037 | A- | 5,500,000 | 5,481,412 | ||||||||
| 20 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Phenix City Industrial Development Board - WestRock Coated Board LLC AL AMT | 4.125% | 5/15/2035 | BBB | $ | 1,500,000 | $ | 1,500,005 | |||||||
| Port of Beaumont Industrial Development Authority - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX† | 4.10% | 1/1/2028 | NR | 8,000,000 | 6,927,983 | |||||||||
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX† | 10.00% | 7/1/2026 | NR | 5,000,000 | 5,010,446 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 5,820,000 | 5,550,882 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 6.75% | 12/1/2042 | NR | 5,000,000 | 4,915,941 | |||||||||
| Public Finance Authority - Celanese US Holdings LLC WI AMT | 5.00% | 12/1/2025 | BBB- | 7,500,000 | 7,535,292 | |||||||||
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% | 7/1/2036 | NR | 5,000,000 | 4,356,187 | |||||||||
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% | 7/1/2041 | NR | 2,500,000 | 2,074,799 | |||||||||
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 7,650,000 | 7,650,625 | |||||||||
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.25% | 7/1/2028 | BBB+ | 2,150,000 | 2,150,861 | |||||||||
| Public Finance Authority - Waste Management Inc WI AMT | 1.10% | #(a) | 7/1/2029 | A- | 8,000,000 | 7,559,032 | ||||||||
| Public Finance Authority WI†(c) | 5.375% | 12/15/2032 | NR | 3,000,000 | 3,000,094 | |||||||||
| Selma Industrial Development Board - International Paper Co AL | 2.00% | #(a) | 11/1/2033 | BBB | 1,000,000 | 992,827 | ||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Co AL† | 5.25% | 5/1/2044 | NR | 6,740,000 | 6,768,018 | |||||||||
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT† | 5.00% | #(a) | 6/1/2052 | B+ | 5,500,000 | 5,576,468 | ||||||||
| Village Community Development District No. 15 FL† | 4.85% | 5/1/2038 | NR | 2,200,000 | 2,249,854 | |||||||||
| Village Community Development District No. 15 FL† | 5.00% | 5/1/2043 | NR | 5,180,000 | 5,307,757 | |||||||||
| Virginia Small Business Financing Authority - Covanta Holding Corp AMT† | 5.00% | #(a) | 1/1/2048 | B | 440,000 | 439,985 | ||||||||
| West Pace Cooperative District AL(b) | 9.125% | 5/1/2039 | NR | 4,900,000 | 3,724,000 | |||||||||
| West Virginia Economic Development Authority - Kentucky Power Co AMT | 4.70% | #(a) | 4/1/2036 | BBB | 5,800,000 | 5,864,839 | ||||||||
| Total | 533,910,123 | |||||||||||||
| See Notes to Schedule of Investments. | 21 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education 6.00% | ||||||||||||||
| Ann Arbor School District MI GO | 4.00% | 5/1/2037 | A1 | $ | 4,175,000 | $ | 4,373,518 | |||||||
| California Community Choice Financing Authority | 4.00% | #(a) | 5/1/2053 | A1 | 10,000,000 | 10,066,965 | ||||||||
| California Community Choice Financing Authority | 5.271%
(SOFR * .67 + 1.70% | )# | 5/1/2053 | A1 | 10,000,000 | 9,982,080 | ||||||||
| California Educational Facilities Authority - St Mary’s College of California | 5.25% | 10/1/2044 | BBB- | 800,000 | 849,914 | |||||||||
| California School Finance Authority - Aspire Public Schools Obligated Group† | 5.00% | 8/1/2036 | NR | 125,000 | 127,336 | |||||||||
| California School Finance Authority - Aspire Public Schools Obligated Group† | 5.00% | 8/1/2036 | BBB | 1,475,000 | 1,488,845 | |||||||||
| California State University | 0.55% | #(a) | 11/1/2049 | Aa2 | 6,750,000 | 6,112,768 | ||||||||
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL† | 5.00% | 6/15/2039 | NR | 2,160,000 | 2,139,763 | |||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.00% | 4/1/2038 | A | (d) | 3,230,000 | 3,542,646 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2034 | A | (d) | 1,625,000 | 1,834,973 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2035 | A | (d) | 1,125,000 | 1,269,070 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2036 | A | (d) | 2,175,000 | 2,446,630 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2039 | A | (d) | 6,220,000 | 6,895,442 | ||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2031 | AA | 5,000,000 | 5,218,389 | |||||||||
| Clark County School District NV GO | 5.00% | 6/15/2037 | AA- | 5,770,000 | 6,524,378 | |||||||||
| Clark County School District NV GO | 5.00% | 6/15/2038 | AA- | 4,240,000 | 4,780,016 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 5.125% | 8/15/2030 | NR | 3,500,000 | 3,539,558 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 5.75% | 8/15/2038 | NR | 1,405,000 | 1,430,409 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 6.00% | 8/15/2038 | Baa3 | 19,860,000 | 20,274,415 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Quinnipiac University | 5.00% | 7/1/2033 | A- | 8,230,000 | 8,324,633 | |||||||||
| County of Frederick - Mount St Mary’s University Inc MD† | 5.00% | 9/1/2027 | BB+ | 1,635,000 | 1,652,046 | |||||||||
| 22 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| 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 University Inc MD† | 5.00% | 9/1/2032 | BB+ | $ | 2,400,000 | $ | 2,420,100 | |||||||
| County of Lincoln - Augustana College Association SD | 4.00% | 8/1/2041 | BBB- | 500,000 | 455,372 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2027 | Ba3 | 2,000,000 | 2,019,074 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2037 | Ba3 | 1,500,000 | 1,494,122 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2040 | BBB- | 1,150,000 | 1,183,553 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2045 | BBB- | 2,000,000 | 2,030,465 | |||||||||
| Duval County Public Schools FL COPS (AGM) | 5.00% | 7/1/2035 | AA | 3,750,000 | 4,095,394 | |||||||||
| Fort Bend Independent School District TX GO (PSF-GTD) | 0.875% | #(a) | 8/1/2050 | AAA | 5,325,000 | 5,157,472 | ||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 4.00% | 9/1/2035 | Ba2 | 2,600,000 | 2,331,937 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2030 | Ba2 | 625,000 | 626,932 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2031 | Ba2 | 1,100,000 | 1,101,909 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2032 | Ba2 | 1,100,000 | 1,100,916 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2033 | Ba2 | 1,000,000 | 998,476 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2034 | Ba2 | 3,720,000 | 3,696,336 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2036 | Ba2 | 3,225,000 | 3,147,285 | |||||||||
| Illinois Finance Authority - Noble Network of Charter Schools | 5.00% | 9/1/2025 | BBB | 640,000 | 638,226 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp | 4.25% | 11/1/2030 | Baa3 | 14,550,000 | 14,622,607 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - BASIS Schools Inc Obligated Group AZ† | 5.00% | 7/1/2035 | BB | 2,350,000 | 2,365,477 | |||||||||
| Louisiana Public Facilities Authority - Tulane University | 5.00% | 10/15/2037 | A+ | 2,850,000 | 3,198,619 | |||||||||
| Massachusetts Development Finance Agency - Emerson College | 5.00% | 1/1/2026 | BBB+ | 5,135,000 | 5,157,726 | |||||||||
| See Notes to Schedule of Investments. | 23 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Massachusetts Development Finance Agency - Emerson College | 5.00% | 1/1/2027 | BBB+ | $ | 2,700,000 | $ | 2,718,374 | |||||||
| Massachusetts Development Finance Agency - Emerson College | 5.00% | 1/1/2028 | BBB+ | 1,810,000 | 1,823,069 | |||||||||
| Miami-Dade County Educational Facilities Authority - University of Miami FL (AMBAC) | 5.25% | 4/1/2028 | A2 | 5,000,000 | 5,306,409 | |||||||||
| New Hampshire Health & Education Facilities Authority Act - University System of New Hampshire | 5.00% | 7/1/2036 | Aa3 | 5,000,000 | 5,041,491 | |||||||||
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2026 | A- | 5,000,000 | 5,047,546 | |||||||||
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2027 | A- | 10,000,000 | 10,084,310 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 9/1/2039 | BBB- | 2,300,000 | 2,194,028 | |||||||||
| New York State Dormitory Authority - Pace University | 5.00% | 5/1/2026 | BBB- | 980,000 | 980,097 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2031 | BBB- | 2,705,000 | 2,843,710 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2037 | BBB- | 11,000,000 | 11,490,440 | |||||||||
| New York State Dormitory Authority (AGM) | 5.00% | 10/1/2031 | AA | 10,000 | 10,749 | |||||||||
| New York State Dormitory Authority (AGM) (ST AID WITHHLDG) | 5.00% | 10/1/2037 | AA | 9,200,000 | 10,248,300 | |||||||||
| New York State Dormitory Authority (AGM) (ST AID WITHHLDG) | 5.00% | 10/1/2038 | AA | 2,400,000 | 2,659,534 | |||||||||
| Ohio Air Quality Development Authority - Duke Energy Corp | 4.00% | #(a) | 9/1/2030 | BBB | 4,175,000 | 4,183,226 | ||||||||
| Ohio Air Quality Development Authority - Duke Energy Corp AMT | 4.25% | #(a) | 11/1/2039 | BBB | 10,500,000 | 10,563,566 | ||||||||
| School District of Broward County FL COPS | 5.00% | 7/1/2036 | Aa3 | 2,685,000 | 3,000,019 | |||||||||
| State of Nevada Department of Business & Industry - Somerset Academy NLV Building 1 / Sky Pointe / Stephanie / Losee Campuses† | 4.50% | 12/15/2029 | BB | 465,000 | 465,315 | |||||||||
| State of Nevada Department of Business & Industry - Somerset Academy NLV Building 1 / Sky Pointe / Stephanie / Losee Campuses† | 5.00% | 12/15/2038 | BB | 1,000,000 | 1,001,920 | |||||||||
| 24 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Troy Capital Resource Corp. - Rensselaer Polytechnic Institute NY | 5.00% | 8/1/2026 | A3 | $ | 1,000,000 | $ | 1,020,062 | |||||||
| Troy Capital Resource Corp. - Rensselaer Polytechnic Institute NY | 5.00% | 8/1/2027 | A3 | 1,600,000 | 1,630,994 | |||||||||
| University of Houston TX | 2.00% | 2/15/2032 | AA | 6,095,000 | 5,209,189 | |||||||||
| University of Illinois | 5.00% | 10/1/2035 | A2 | 885,000 | 964,337 | |||||||||
| University of Illinois | 5.00% | 10/1/2036 | A2 | 920,000 | 999,237 | |||||||||
| University of Illinois | 5.00% | 10/1/2037 | A2 | 800,000 | 867,951 | |||||||||
| University of Illinois | 5.00% | 10/1/2038 | A2 | 800,000 | 861,488 | |||||||||
| University of Illinois | 5.50% | 10/1/2039 | A2 | 1,360,000 | 1,522,686 | |||||||||
| University of Illinois | 5.50% | 10/1/2042 | A2 | 1,650,000 | 1,830,035 | |||||||||
| University of Illinois (AGM) | 4.00% | 4/1/2033 | AA | 4,905,000 | 4,935,939 | |||||||||
| Washoe County School District NV | 5.00% | 6/1/2036 | AA | 6,985,000 | 8,088,031 | |||||||||
| Washoe County School District NV | 5.00% | 6/1/2037 | AA | 7,335,000 | 8,462,962 | |||||||||
| Washoe County School District NV | 5.00% | 6/1/2038 | AA | 7,700,000 | 8,863,180 | |||||||||
| West Virginia Economic Development Authority - Wheeling Power Co AMT | 3.00% | #(a) | 6/1/2037 | BBB+ | 4,200,000 | 4,092,883 | ||||||||
| Total | 289,726,869 | |||||||||||||
| Financial Services 0.11% | ||||||||||||||
| Berks County Industrial Development Authority - Tower Health Obligated Group PA | 4.00% | 11/1/2031 | CC | 2,280,000 | 1,436,400 | |||||||||
| Berks County Industrial Development Authority - Tower Health Obligated Group PA | 5.00% | 11/1/2030 | CC | 1,315,000 | 828,450 | |||||||||
| Massachusetts Educational Financing Authority AMT | 3.625% | 7/1/2034 | AA | 415,000 | 406,806 | |||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 3.75% | 12/1/2030 | Aaa | 975,000 | 965,989 | |||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 4.00% | 12/1/2032 | Aaa | 810,000 | 807,313 | |||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 4.00% | 12/1/2034 | Aaa | 730,000 | 727,612 | |||||||||
| Total | 5,172,570 | |||||||||||||
| General Obligation 17.86% | ||||||||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 7/1/2053 | A1 | 24,875,000 | 26,125,670 | ||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 12/1/2053 | A2 | 11,335,000 | 11,954,183 | ||||||||
| See Notes to Schedule of Investments. | 25 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| California Community Choice Financing Authority | 5.50% | #(a) | 5/1/2054 | A2 | $ | 10,000,000 | $ | 10,678,627 | ||||||
| California State Public Works Board - State of California Department of General Services | 5.00% | 4/1/2036 | Aa3 | 1,740,000 | 2,029,418 | |||||||||
| California State Public Works Board - State of California Department of General Services | 5.00% | 4/1/2038 | Aa3 | 4,250,000 | 4,930,486 | |||||||||
| California State Public Works Board - State of California Department of General Services | 5.00% | 4/1/2040 | Aa3 | 4,200,000 | 4,798,177 | |||||||||
| California State Public Works Board - State of California Department of General Services | 5.00% | 4/1/2041 | Aa3 | 3,550,000 | 4,036,934 | |||||||||
| California State Public Works Board - State of California Department of General Services | 5.00% | 4/1/2042 | Aa3 | 6,035,000 | 6,839,245 | |||||||||
| Central Florida Tourism Oversight District | 4.00% | 6/1/2031 | AA- | 2,240,000 | 2,268,898 | |||||||||
| Chabot-Las Positas Community College District CA GO | 3.00% | 8/1/2038 | AA | 2,500,000 | 2,214,089 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2037 | BB+ | 14,000,000 | 13,582,449 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB+ | 8,000,000 | 8,381,246 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB+ | 3,000,000 | 3,112,061 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2031 | BB+ | 1,500,000 | 1,552,443 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB+ | 4,845,000 | 5,009,689 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB+ | 900,000 | 930,471 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 475,000 | 490,562 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2035 | BB+ | 450,000 | 463,258 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2036 | BB+ | 7,300,000 | 7,592,191 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2039 | BB+ | 2,340,000 | 2,408,075 | |||||||||
| Chicago Board of Education IL GO | 5.50% | 12/1/2037 | BB+ | 2,000,000 | 2,171,657 | |||||||||
| Chicago Board of Education IL GO | 5.50% | 12/1/2038 | BB+ | 2,250,000 | 2,426,519 | |||||||||
| Chicago Board of Education IL GO† | 6.75% | 12/1/2030 | BB+ | 5,000,000 | 5,469,390 | |||||||||
| Chicago Board of Education IL GO (AGM) | 5.00% | 12/1/2027 | AA | 2,860,000 | 2,950,060 | |||||||||
| City of Bellevue WA GO | 4.00% | 12/1/2030 | AAA | 5,590,000 | 5,602,167 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2025 | BBB+ | 7,555,000 | 7,593,419 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2028 | BBB+ | 19,000,000 | 19,802,360 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2031 | BBB+ | 2,210,000 | 2,230,643 | |||||||||
| City of Chicago IL GO | 5.125% | 1/1/2027 | NR | 1,130,000 | 1,138,981 | |||||||||
| 26 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| City of Chicago IL GO | 5.125% | 1/1/2027 | BBB+ | $ | 1,970,000 | $ | 1,980,307 | |||||||
| City of Chicago IL GO | 5.25% | 1/1/2028 | NR | 1,630,000 | 1,643,956 | |||||||||
| City of Chicago IL GO | 5.25% | 1/1/2028 | BBB+ | 2,215,000 | 2,227,523 | |||||||||
| City of Chicago IL GO | 5.25% | 1/1/2029 | BBB+ | 2,025,000 | 2,035,474 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2037 | BBB+ | 1,945,000 | 1,954,075 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2039 | BBB+ | 6,000,000 | 6,532,271 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2049 | BBB+ | 3,750,000 | 3,878,028 | |||||||||
| City of Chicago IL GO | 5.625% | 1/1/2030 | BBB+ | 1,835,000 | 1,903,853 | |||||||||
| City of Chicago IL GO | 5.75% | 1/1/2033 | BBB+ | 7,000,000 | 7,278,900 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2038 | BBB+ | 15,890,000 | 16,535,445 | |||||||||
| City of Houston TX GO | 5.00% | 3/1/2036 | Aa3 | 1,800,000 | 2,032,242 | |||||||||
| City of Houston TX GO | 5.00% | 3/1/2038 | Aa3 | 1,000,000 | 1,120,107 | |||||||||
| City of Houston TX GO | 5.25% | 3/1/2039 | Aa3 | 4,610,000 | 5,215,025 | |||||||||
| City of Houston TX GO | 5.25% | 3/1/2040 | Aa3 | 5,800,000 | 6,533,853 | |||||||||
| City of Hutto TX GO (BAM) | 5.00% | 8/1/2040 | AA | 2,145,000 | 2,385,338 | |||||||||
| City of Hutto TX GO (BAM) | 5.00% | 8/1/2041 | AA | 3,500,000 | 3,873,864 | |||||||||
| City of Hutto TX GO (BAM) | 5.00% | 8/1/2042 | AA | 4,790,000 | 5,278,859 | |||||||||
| City of Lubbock TX GO | 4.00% | 2/15/2032 | AA+ | 5,120,000 | 5,120,317 | |||||||||
| City of New Orleans LA GO | 4.00% | 10/1/2036 | A+ | 2,290,000 | 2,332,180 | |||||||||
| City of New York NY GO | 5.00% | 6/1/2035 | AA | 7,685,000 | 7,768,131 | |||||||||
| City of New York NY GO | 5.00% | 10/1/2036 | AA | 1,250,000 | 1,414,909 | |||||||||
| City of New York NY GO | 5.00% | 12/1/2037 | AA | 7,500,000 | 7,705,466 | |||||||||
| City of New York NY GO | 5.00% | 4/1/2040 | AA | 2,000,000 | 2,256,354 | |||||||||
| Clark County School District NV GO | 5.00% | 6/15/2041 | AA- | 10,645,000 | 11,760,331 | |||||||||
| Commonwealth of Massachusetts GO | 5.00% | 3/1/2039 | AA+ | 8,000,000 | 9,146,144 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2024 | NR | 535,832 | 535,832 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 1,727,569 | 1,155,109 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(a) | 11/1/2043 | NR | 5,950,386 | 3,652,050 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 11,260,659 | 11,083,381 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 3,035,632 | 2,930,980 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2041 | NR | 5,000,000 | 4,676,897 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 1,917,657 | 1,742,180 | |||||||||
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/2025 | NR | 17,088,974 | 17,236,930 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 11,481,543 | 11,988,901 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 5,336,508 | 5,730,985 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 1,415,665 | 1,574,754 | |||||||||
| County of Howard MD GO | 3.00% | 8/15/2037 | AAA | 2,255,000 | 2,076,770 | |||||||||
| County of Luzerne PA GO (AGM) | 5.00% | 11/15/2024 | AA | 4,000,000 | 4,022,774 | |||||||||
| See Notes to Schedule of Investments. | 27 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Delaware Valley Regional Finance Authority PA | 4.28% (MUNIPSA * 1 + .40% | )# | 3/1/2057 | A+ | $ | 5,000,000 | $ | 4,944,454 | ||||||
| Denton Independent School District TX GO (PSF-GTD) | 5.00% | 8/15/2038 | AAA | 2,750,000 | 3,121,667 | |||||||||
| Denton Independent School District TX GO (PSF-GTD) | 5.00% | 8/15/2039 | AAA | 5,500,000 | 6,203,577 | |||||||||
| Gregory-Portland Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2038 | AAA | 6,790,000 | 7,554,667 | |||||||||
| Houston Independent School District TX GO (PSF-GTD) | 3.50% | #(a) | 6/1/2039 | AAA | 10,000,000 | 9,948,105 | ||||||||
| Lamar Consolidated Independent School District TX GO | 5.00% | 2/15/2038 | AA | 1,750,000 | 1,966,675 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2037 | A2 | 3,125,000 | 3,496,091 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2038 | A2 | 7,345,000 | 8,143,883 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2039 | A2 | 6,550,000 | 7,238,790 | |||||||||
| New Caney Independent School District TX GO (PSF-GTD) | 1.25% | #(a) | 2/15/2050 | Aaa | 4,550,000 | 4,535,015 | ||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2037 | A2 | 4,000,000 | 4,479,910 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2036 | A2 | 2,000,000 | 2,282,924 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2037 | A2 | 4,000,000 | 4,479,910 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 8/1/2038 | AAA | 5,000,000 | 5,085,422 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 2/1/2039 | AAA | 11,820,000 | 11,946,823 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2037 | AAA | 8,265,000 | 9,400,835 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 4.00% | 3/15/2037 | Aa1 | 7,500,000 | 7,611,483 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 4.00% | 3/15/2037 | AA+ | 5,195,000 | 5,284,938 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 4.00% | 2/15/2038 | Aa1 | 8,305,000 | 8,365,323 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 4.00% | 3/15/2038 | AA+ | 5,000,000 | 5,040,663 | |||||||||
| 28 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| New York State Dormitory Authority (BAM) | 5.00% | 10/1/2035 | AA | $ | 5,000,000 | $ | 5,527,966 | |||||||
| Northside Independent School District TX GO (PSF-GTD) | 1.60% | #(a) | 8/1/2049 | Aaa | 7,985,000 | 7,970,879 | ||||||||
| Palm Beach County School District FL COPS | 5.00% | 8/1/2037 | Aa3 | 1,000,000 | 1,140,005 | |||||||||
| Palm Beach County School District FL COPS | 5.00% | 8/1/2038 | Aa3 | 2,375,000 | 2,687,373 | |||||||||
| Palm Beach County School District FL COPS | 5.00% | 8/1/2039 | Aa3 | 2,250,000 | 2,536,797 | |||||||||
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 5.25% | 6/30/2035 | Baa2 | 5,250,000 | 5,756,176 | |||||||||
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 5.25% | 6/30/2036 | Baa2 | 8,550,000 | 9,361,234 | |||||||||
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 5.50% | 6/30/2037 | Baa2 | 5,575,000 | 6,194,301 | |||||||||
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 5.50% | 6/30/2038 | Baa2 | 6,200,000 | 6,845,630 | |||||||||
| Pflugerville Independent School District TX GO | 5.00% | 2/15/2037 | AA+ | 7,500,000 | 8,374,140 | |||||||||
| Pflugerville Independent School District TX GO | 5.00% | 2/15/2038 | AA+ | 4,405,000 | 4,888,550 | |||||||||
| Pflugerville Independent School District TX GO | 5.00% | 2/15/2039 | AA+ | 5,115,000 | 5,631,455 | |||||||||
| School District of Philadelphia PA GO (ST AID WITHHLDG) | 5.00% | 9/1/2026 | A1 | 500,000 | 513,869 | |||||||||
| School District of Philadelphia PA GO (ST AID WITHHLDG) | 5.00% | 9/1/2027 | A1 | 600,000 | 625,386 | |||||||||
| School District of Philadelphia PA GO (ST AID WITHHLDG) | 5.00% | 9/1/2028 | A1 | 500,000 | 527,424 | |||||||||
| State of California GO | 3.00% | 11/1/2034 | Aa2 | 5,900,000 | 5,669,642 | |||||||||
| State of California GO | 4.00% | 8/1/2035 | Aa2 | 20,000,000 | 20,147,110 | |||||||||
| State of California GO | 4.00% | 3/1/2036 | Aa2 | 10,000,000 | 10,382,897 | |||||||||
| State of California GO | 4.00% | 9/1/2037 | Aa2 | 4,500,000 | 4,733,105 | |||||||||
| State of California GO | 5.00% | 9/1/2035 | Aa2 | 14,000,000 | 16,055,117 | |||||||||
| State of California GO | 5.00% | 9/1/2035 | Aa2 | 4,000,000 | 4,680,544 | |||||||||
| See Notes to Schedule of Investments. | 29 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| State of California GO | 5.00% | 9/1/2037 | Aa2 | $ | 14,540,000 | $ | 16,914,494 | |||||||
| State of California GO | 5.00% | 10/1/2039 | Aa2 | 4,000,000 | 4,568,579 | |||||||||
| State of Connecticut GO | 4.00% | 4/15/2037 | AA- | 1,825,000 | 1,833,145 | |||||||||
| State of Connecticut GO | 4.00% | 6/15/2037 | AA- | 775,000 | 777,517 | |||||||||
| State of Connecticut GO | 5.00% | 6/15/2035 | AA- | 1,125,000 | 1,190,868 | |||||||||
| State of Illinois GO | 4.00% | 10/1/2034 | A- | 5,000,000 | 5,021,868 | |||||||||
| State of Illinois GO | 4.00% | 10/1/2035 | A- | 5,000,000 | 5,004,143 | |||||||||
| State of Illinois GO | 5.00% | 2/1/2028 | A- | 13,620,000 | 14,085,553 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2029 | A- | 2,800,000 | 2,873,004 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2032 | A- | 9,200,000 | 9,414,929 | |||||||||
| State of Illinois GO | 5.00% | 10/1/2033 | A- | 5,000,000 | 5,253,391 | |||||||||
| State of Illinois GO | 5.00% | 5/1/2038 | A- | 2,000,000 | 2,216,722 | |||||||||
| State of Illinois GO | 5.00% | 5/1/2039 | A- | 3,000,000 | 3,308,560 | |||||||||
| State of Illinois GO | 5.00% | 12/1/2039 | A- | 15,000,000 | 16,438,152 | |||||||||
| State of Illinois GO | 5.00% | 5/1/2040 | A- | 6,000,000 | 6,575,970 | |||||||||
| State of Illinois GO | 5.00% | 5/1/2041 | A- | 6,000,000 | 6,540,083 | |||||||||
| State of Illinois GO | 5.00% | 12/1/2042 | A- | 11,320,000 | 12,215,011 | |||||||||
| State of Illinois GO | 5.25% | 2/1/2034 | A- | 3,295,000 | 3,297,020 | |||||||||
| State of Illinois GO | 5.25% | 10/1/2036 | A- | 17,540,000 | 19,644,582 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2038 | A- | 9,750,000 | 10,820,670 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2042 | A- | 10,000,000 | 11,096,543 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2043 | A- | 5,000,000 | 5,518,970 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2039 | A- | 11,000,000 | 12,048,046 | |||||||||
| State of New Jersey GO | 2.00% | 6/1/2029 | A1 | 5,000,000 | 4,458,137 | |||||||||
| State of Texas GO | 4.00% | 10/1/2032 | AAA | 14,570,000 | 14,544,398 | |||||||||
| State of Washington GO | 5.00% | 2/1/2038 | Aaa | 15,000,000 | 17,022,229 | |||||||||
| State Public School Building Authority PA (AGM) (ST AID WITHHLDG) | 5.00% | 6/1/2030 | AA | 5,000,000 | 5,174,392 | |||||||||
| Town of Oyster Bay NY GO (AGM) | 2.00% | 3/1/2030 | AA | 2,125,000 | 1,849,966 | |||||||||
| Town of Oyster Bay NY GO (AGM) | 2.00% | 3/1/2031 | AA | 2,040,000 | 1,741,635 | |||||||||
| Village of Romeoville IL GO | 4.00% | 12/30/2036 | Aa2 | 4,725,000 | 4,763,564 | |||||||||
| Village of Romeoville IL GO | 4.00% | 12/30/2037 | Aa2 | 3,800,000 | 3,821,818 | |||||||||
| Village of Schaumburg IL GO | 3.00% | 12/1/2027 | AAA | 7,060,000 | 6,885,556 | |||||||||
| Village of Skokie IL GO | 3.00% | 12/1/2029 | Aa2 | 1,080,000 | 1,050,273 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2038 | AA | 2,850,000 | 3,219,218 | |||||||||
| 30 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2039 | AA | $ | 4,400,000 | $ | 4,943,962 | |||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2041 | AA | 7,000,000 | 7,750,598 | |||||||||
| Total | 862,368,184 | |||||||||||||
| Health Care 15.21% | ||||||||||||||
| Allegheny County Hospital Development Authority - Allegheny Health Network Obligated Group PA | 5.00% | 4/1/2031 | A | 16,000,000 | 16,653,112 | |||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2031 | BBB | 7,000,000 | 7,002,255 | |||||||||
| Arizona Health Facilities Authority - HonorHealth Obligated Group AZ | 5.00% | 12/1/2032 | A2 | 5,000,000 | 5,029,778 | |||||||||
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.00% | 8/1/2034 | BBB | 12,250,000 | 13,571,639 | |||||||||
| Berks County Industrial Development Authority - Tower Health Obligated Group PA | 5.00% | 11/1/2025 | CC | 2,405,000 | 1,563,250 | |||||||||
| Berks County Industrial Development Authority - Tower Health Obligated Group PA | 5.00% | 11/1/2026 | CC | 1,000,000 | 630,000 | |||||||||
| Berks County Industrial Development Authority - Tower Health Obligated Group PA | 5.00% | 11/1/2036 | CC | 1,835,000 | 1,156,050 | |||||||||
| Berks County Industrial Development Authority - Tower Health Obligated Group PA | 5.00% | 11/1/2037 | CC | 5,075,000 | 3,197,250 | |||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | #(a) | 2/1/2040 | CC | 2,595,000 | 1,634,850 | ||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.25% | 12/1/2035 | BB | 3,000,000 | 2,991,392 | |||||||||
| Brevard County Health Facilities Authority - Health First Inc Obligated Group FL | 5.00% | 4/1/2038 | A | 7,000,000 | 7,688,911 | |||||||||
| Brevard County Health Facilities Authority - Health First Inc Obligated Group FL | 5.00% | 4/1/2039 | A | 5,500,000 | 6,010,143 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hospital/Sellersville Obligated Group PA | 5.00% | 7/1/2030 | BB- | 2,075,000 | 2,018,245 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hospital/Sellersville Obligated Group PA | 5.00% | 7/1/2031 | BB- | 1,150,000 | 1,112,946 | |||||||||
| See Notes to Schedule of Investments. | 31 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Bucks County Industrial Development Authority - Grand View Hospital/Sellersville Obligated Group PA | 5.00% | 7/1/2032 | BB- | $ | 1,000,000 | $ | 962,126 | |||||||
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 5.25% | 12/1/2040 | BBB+ | 3,000,000 | 3,351,080 | |||||||||
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 5.25% | 12/1/2041 | BBB+ | 3,000,000 | 3,335,686 | |||||||||
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 5.25% | 12/1/2042 | BBB+ | 5,500,000 | 6,089,722 | |||||||||
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group CA | 5.00% | 12/1/2037 | BBB+ | 5,000,000 | 5,527,495 | |||||||||
| California Health Facilities Financing Authority - Children’s Hospital of Orange County Obligated Group | 5.00% | #(a) | 11/1/2054 | AA- | 10,000,000 | 11,087,734 | ||||||||
| California Health Facilities Financing Authority - Providence St Joseph Health Obligated Group | 2.00% | #(a) | 10/1/2036 | A | 8,190,000 | 7,940,175 | ||||||||
| California Health Facilities Financing Authority - Scripps Health Obligated Group | 5.00% | 11/15/2037 | AA- | 17,750,000 | 20,608,298 | |||||||||
| California Health Facilities Financing Authority - Sutter Health Obligated Group | 5.00% | 11/15/2034 | A+ | 3,350,000 | 3,549,342 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% | 7/1/2029 | Baa2 | 1,000,000 | 1,028,343 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% | 7/1/2031 | Baa2 | 1,900,000 | 1,953,106 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% | 7/1/2033 | Baa2 | 1,000,000 | 1,024,967 | |||||||||
| California Municipal Finance Authority - Palomar Health Obligated Group COPS† | 5.00% | 11/1/2027 | BB+ | 5,000,000 | 5,041,604 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.00% | 12/1/2033 | BB | 1,000,000 | 1,036,412 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.25% | 12/1/2034 | BB | 5,000,000 | 5,024,869 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.25% | 12/1/2038 | BB | 1,500,000 | 1,559,984 | |||||||||
| 32 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Citizens Memorial Hospital District MO | 5.00% | 12/1/2026 | NR | $ | 8,825,000 | $ | 8,780,688 | |||||||
| City of Atlantic Beach - Naval Continuing Care Retirement Foundation Obligated Group FL | 5.00% | 11/15/2028 | BBB | (d) | 2,020,000 | 2,021,514 | ||||||||
| City of Blaine - Crest View Obligated Group MN(b) | 5.125% | 7/1/2025 | NR | 770,000 | 500,500 | |||||||||
| City of Colby KS - Citizens Medical Center Inc | 5.50% | 7/1/2026 | NR | 11,100,000 | 11,093,905 | |||||||||
| City of Seneca - Nemaha Valley Community Hospital KS | 5.00% | 9/1/2025 | NR | 5,500,000 | 5,510,915 | |||||||||
| City of Tampa - H Lee Moffitt Cancer Center & Research Institute Obligated Group FL | 4.00% | 7/1/2038 | A | 2,755,000 | 2,767,291 | |||||||||
| Colorado Health Facilities Authority - CommonSpirit Health Obligated Group | 5.00% | #(a) | 8/1/2049 | A- | 2,345,000 | 2,367,761 | ||||||||
| Colorado Health Facilities Authority - CommonSpirit Health Obligated Group | 5.25% | 11/1/2038 | A- | 2,095,000 | 2,338,012 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Griffin Health Obligated Group† | 5.00% | 7/1/2034 | BB+ | 225,000 | 225,650 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Griffin Health Obligated Group† | 5.00% | 7/1/2039 | BB+ | 1,000,000 | 981,420 | |||||||||
| County of Cuyahoga - MetroHealth System OH | 5.00% | 2/15/2037 | BBB | 5,000,000 | 5,096,054 | |||||||||
| County of Miami-Dade - Public Health Trust of Miami-Dade County FL | 5.00% | 6/1/2030 | Aa2 | 11,910,000 | 12,028,398 | |||||||||
| County of Miami-Dade - Public Health Trust of Miami-Dade County FL | 5.00% | 6/1/2031 | Aa2 | 5,000,000 | 5,047,451 | |||||||||
| County of Montgomery - Premier Health Partners Obligated Group OH | 4.00% | 11/15/2039 | Baa1 | 6,000,000 | 5,714,522 | |||||||||
| County of Muskingum - Genesis Healthcare Obligated Group OH | 5.00% | 2/15/2033 | BB+ | 12,355,000 | 12,247,070 | |||||||||
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 5.50% | 12/1/2027 | NR | 8,675,000 | 8,717,976 | |||||||||
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 6.375% | 12/1/2037 | NR | 10,000,000 | 10,857,563 | |||||||||
| Crawford County Hospital Authority - Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2036 | NR | 3,830,000 | 3,913,400 | |||||||||
| District of Columbia - Children’s National Medical Center Obligated Group | 5.00% | 7/15/2026 | A1 | 1,700,000 | 1,734,498 | |||||||||
| See Notes to Schedule of Investments. | 33 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| District of Columbia - Children’s National Medical Center Obligated Group | 5.00% | 7/15/2034 | A1 | $ | 5,000,000 | $ | 5,087,658 | |||||||
| Doylestown Hospital Authority - Doylestown Hospital Obligated Group PA† | 5.00% | 7/1/2031 | NR | 1,000,000 | 1,028,381 | |||||||||
| Doylestown Hospital Authority - Doylestown Hospital Obligated Group PA† | 5.375% | 7/1/2039 | NR | 2,000,000 | 2,064,817 | |||||||||
| Franklin County Industrial Development Authority - Menno-Haven Inc Obligated Group PA | 5.00% | 12/1/2031 | NR | 1,000,000 | 1,012,198 | |||||||||
| Franklin County Industrial Development Authority - Menno-Haven Inc Obligated Group PA | 5.00% | 12/1/2033 | NR | 1,000,000 | 1,011,403 | |||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2036 | NR | 1,500,000 | 1,386,249 | |||||||||
| Greeneville Health & Educational Facilities Board - Ballad Health Obligated Group TN | 5.00% | 7/1/2035 | A- | 3,300,000 | 3,433,804 | |||||||||
| Greeneville Health & Educational Facilities Board - Ballad Health Obligated Group TN | 5.00% | 7/1/2036 | A- | 3,000,000 | 3,117,954 | |||||||||
| Greeneville Health & Educational Facilities Board - Ballad Health Obligated Group TN | 5.00% | 7/1/2037 | A- | 10,000,000 | 10,372,400 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. - Brazos Presbyterian Homes Obligated Group TX | 6.375% | 1/1/2033 | BB+ | (d) | 120,000 | 120,153 | ||||||||
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Health System Obligated Group TX | 5.00% | 7/1/2039 | AA- | 2,500,000 | 2,791,822 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Health System Obligated Group TX | 5.00% | 7/1/2040 | AA- | 1,500,000 | 1,664,310 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Health System Obligated Group TX | 5.00% | #(a) | 6/1/2050 | AA- | 5,000,000 | 5,318,355 | ||||||||
| Health & Educational Facilities Authority of the State of Missouri - SSM Health Care Obligated Group WA | 5.00% | #(a) | 6/1/2039 | A+ | 13,150,000 | 13,819,382 | ||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple University Health Obligated Group PA | 5.00% | 7/1/2030 | BBB | 4,775,000 | 4,845,043 | |||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple University Health Obligated Group PA | 5.00% | 7/1/2032 | BBB | 4,055,000 | 4,109,753 | |||||||||
| 34 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| 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 University Health Obligated Group PA | 5.00% | 7/1/2033 | BBB | $ | 4,870,000 | $ | 4,935,315 | |||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota - Fairview Health Services Obligated Group | 5.00% | 11/15/2024 | NR | 4,500,000 | 4,518,365 | |||||||||
| Illinois Finance Authority - Ascension Health Credit Group | 4.00% | 2/15/2033 | AA+ | 5,000,000 | 5,031,522 | |||||||||
| Illinois Finance Authority - Plymouth Place Obligated Group | 5.00% | 5/15/2030 | NR | 1,690,000 | 1,709,218 | |||||||||
| Illinois Finance Authority - Rush Obligated Group | 5.00% | 11/15/2031 | A+ | 3,375,000 | 3,398,712 | |||||||||
| Illinois Finance Authority - Silver Cross Hospital Obligated | 5.00% | 8/15/2035 | A3 | 6,565,000 | 6,613,209 | |||||||||
| Industrial Development Authority of the County of Pima - La Posada at Park Centre Inc Obligated Group AZ† | 5.125% | 11/15/2029 | NR | 4,000,000 | 4,042,121 | |||||||||
| Karnes County Hospital District TX | 5.00% | 2/1/2034 | A | (d) | 1,000,000 | 1,000,619 | ||||||||
| Kentucky Economic Development Finance Authority - Masonic Homes of Kentucky Inc Obligated Group | 5.375% | 11/15/2032 | NR | 1,185,000 | 1,107,845 | |||||||||
| Kentucky Economic Development Finance Authority - Owensboro Health Inc Obligated Group | 5.00% | 6/1/2029 | Baa2 | 4,235,000 | 4,318,421 | |||||||||
| Kentucky Economic Development Finance Authority - Owensboro Health Inc Obligated Group | 5.00% | 6/1/2032 | Baa2 | 6,000,000 | 6,124,723 | |||||||||
| Louisville/Jefferson County Metropolitan Government - Norton Healthcare Obligated Group KY | 5.00% | 10/1/2040 | A | 3,500,000 | 3,785,481 | |||||||||
| Maricopa County Industrial Development Authority - HonorHealth Obligated Group AZ | 5.00% | 9/1/2033 | A2 | 500,000 | 526,115 | |||||||||
| Maricopa County Industrial Development Authority - HonorHealth Obligated Group AZ | 5.00% | 9/1/2034 | A2 | 1,000,000 | 1,053,300 | |||||||||
| Maricopa County Industrial Development Authority - HonorHealth Obligated Group AZ | 5.00% | 9/1/2035 | A2 | 1,000,000 | 1,052,712 | |||||||||
| Maricopa County Industrial Development Authority - HonorHealth Obligated Group AZ | 5.00% | 9/1/2036 | A2 | 1,800,000 | 1,889,805 | |||||||||
| See Notes to Schedule of Investments. | 35 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 4.00% | 7/1/2035 | BBB- | $ | 2,000,000 | $ | 1,873,382 | |||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 4.00% | 7/1/2037 | BBB- | 3,930,000 | 3,677,920 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2038 | BBB- | 3,100,000 | 3,117,881 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2039 | BBB- | 2,750,000 | 2,758,820 | |||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - Vanderbilt University Medical Center Obligated Group TN | 5.00% | 7/1/2031 | A | 1,300,000 | 1,328,703 | |||||||||
| Miami Beach Health Facilities Authority - Mount Sinai Medical Center of Florida Obligated Group FL | 5.00% | 11/15/2030 | A3 | 2,500,000 | 2,505,068 | |||||||||
| Michigan Finance Authority - McLaren Health Care Corp Obligated Group | 5.00% | 5/15/2033 | A1 | 4,030,000 | 4,062,232 | |||||||||
| Michigan Finance Authority - McLaren Health Care Corp Obligated Group | 5.00% | 5/15/2035 | A1 | 4,945,000 | 4,984,520 | |||||||||
| Michigan Finance Authority - McLaren Health Care Obligated Group | 5.00% | 5/15/2032 | A1 | 10,390,000 | 10,471,809 | |||||||||
| Michigan Finance Authority - Trinity Health Corp Obligated Group | 5.00% | 12/1/2034 | AA- | 5,000,000 | 5,218,313 | |||||||||
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.00% | 2/28/2038 | A3 | 2,060,000 | 2,271,286 | |||||||||
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.25% | 2/29/2040 | A3 | 1,400,000 | 1,534,149 | |||||||||
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.25% | 2/28/2042 | A3 | 1,860,000 | 2,011,711 | |||||||||
| Minnesota Agricultural & Economic Development Board - HealthPartners Obligated Group | 5.00% | 1/1/2040 | A | 3,600,000 | 3,973,228 | |||||||||
| Minnesota Agricultural & Economic Development Board - HealthPartners Obligated Group | 5.00% | 1/1/2041 | A | 4,000,000 | 4,397,964 | |||||||||
| Minnesota Agricultural & Economic Development Board - HealthPartners Obligated Group | 5.00% | 1/1/2042 | A | 4,985,000 | 5,457,485 | |||||||||
| Monroe County Hospital Authority - Centurion Foundation Lehigh Valley LLC PA† | 5.10% | 6/15/2039 | NR | 10,000,000 | 9,969,009 | |||||||||
| 36 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson University Obligated Group PA | 4.00% | 9/1/2036 | A | $ | 1,350,000 | $ | 1,345,952 | |||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson University Obligated Group PA | 4.00% | 9/1/2038 | A | 2,250,000 | 2,221,554 | |||||||||
| Montgomery County Industrial Development Authority - Albert Einstein Healthcare Network Obligated Group PA | 5.25% | 1/15/2026 | NR | 2,000,000 | 2,019,480 | |||||||||
| Montgomery County Industrial Development Authority - Albert Einstein Healthcare Network Obligated Group PA | 5.25% | 1/15/2028 | NR | 3,000,000 | 3,029,219 | |||||||||
| Montgomery County Industrial Development Authority - Whitemarsh Continuing Care Retirement Community Obligated PA | 5.00% | 1/1/2030 | NR | 2,000,000 | 2,000,390 | |||||||||
| Moon Industrial Development Authority - Baptist Homes Society Obligated Group PA | 5.125% | 7/1/2025 | NR | 1,015,000 | 994,550 | |||||||||
| New Hampshire Business Finance Authority - NFA UH SPV LLC† | 5.625% | 12/15/2033 | NR | 5,500,000 | 5,623,737 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.00% | 7/1/2041 | AA- | 12,000,000 | 13,326,383 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.00% | 7/1/2042 | AA- | 5,000,000 | 5,528,921 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 5.00% | 7/1/2028 | BBB- | 1,300,000 | 1,317,242 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 5.00% | 7/1/2029 | BBB- | 1,605,000 | 1,628,211 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 5.00% | 7/1/2030 | BBB- | 1,100,000 | 1,115,826 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 5.00% | 7/1/2031 | BBB- | 1,110,000 | 1,125,547 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 5.00% | 7/1/2035 | BBB- | 3,185,000 | 3,221,486 | |||||||||
| See Notes to Schedule of Investments. | 37 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| 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 - University Hospital (AGM) | 5.00% | 7/1/2028 | AA | $ | 2,000,000 | $ | 2,023,294 | |||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2037 | B- | 1,100,000 | 878,553 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2039 | B- | 1,000,000 | 779,724 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2040 | B- | 850,000 | 655,425 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 5.00% | 7/1/2036 | B- | 1,945,000 | 1,735,820 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2026 | BB | 1,500,000 | 1,479,785 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2029 | BB | 2,700,000 | 2,609,520 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2030 | BB | 1,100,000 | 1,055,748 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2031 | BB | 1,600,000 | 1,523,399 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2036 | BBB- | 1,780,000 | 1,741,205 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 9/1/2036 | BBB- | 1,555,000 | 1,520,359 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2037 | BBB- | 650,000 | 631,866 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2038 | BBB- | 4,000,000 | 3,849,058 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 9/1/2038 | BBB- | 2,940,000 | 2,826,912 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 9/1/2040 | BBB- | 3,150,000 | 2,970,051 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2033 | BB- | 3,920,000 | 4,039,395 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2038 | BB- | 8,800,000 | 9,005,392 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.25% | 8/15/2043 | BB- | 6,710,000 | 6,885,850 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2037 | NR | 2,770,000 | 2,881,277 | |||||||||
| 38 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| 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 Health System Obligated Group NY (AGM) | 4.00% | 12/1/2035 | AA | $ | 1,000,000 | $ | 997,863 | |||||||
| Oneida County Local Development Corp. - Mohawk Valley Health System Obligated Group NY (AGM) | 4.00% | 12/1/2036 | AA | 1,250,000 | 1,246,697 | |||||||||
| Oneida County Local Development Corp. - Mohawk Valley Health System Obligated Group NY (AGM) | 4.00% | 12/1/2037 | AA | 2,210,000 | 2,187,785 | |||||||||
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.00% | 10/1/2035 | A+ | 1,730,000 | 1,947,835 | |||||||||
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.00% | 10/1/2037 | A+ | 2,495,000 | 2,787,466 | |||||||||
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.00% | 10/1/2038 | A+ | 1,530,000 | 1,700,754 | |||||||||
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.00% | 10/1/2039 | A+ | 1,500,000 | 1,663,093 | |||||||||
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.00% | 10/1/2039 | A+ | 7,565,000 | 7,706,138 | |||||||||
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | BB+ | 5,280,000 | 5,080,542 | |||||||||
| Pennsylvania Economic Development Financing Authority - UPMC Obligated Group | 4.00% | 2/15/2040 | A | 2,820,000 | 2,786,066 | |||||||||
| Public Finance Authority - Proton International Alabama LLC WI†(b) | 6.85% | 10/1/2047 | NR | 1,410,000 | 141,000 | |||||||||
| Public Finance Authority - RBS Evolution LLC WI† | 10.00% | 11/1/2038 | NR | 3,500,000 | 3,783,627 | |||||||||
| Rhode Island Health & Educational Building Corp. - Care New England Health System Obligated Group | 5.00% | 9/1/2031 | B+ | 5,000,000 | 5,018,765 | |||||||||
| Shelby County Health Educational & Housing Facilities Board - Baptist Memorial Health Care Obligated Group TN | 5.00% | #(a) | 9/1/2049 | BBB+ | 8,750,000 | 9,223,349 | ||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 5.25% | 11/15/2028 | NR | 5,700,000 | 5,723,738 | |||||||||
| See Notes to Schedule of Investments. | 39 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| 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 - Novant Health Obligated Group | 5.25% | 11/1/2040 | A+ | $ | 6,500,000 | $ | 7,380,812 | |||||||
| South Carolina Jobs-Economic Development Authority - Novant Health Obligated Group | 5.25% | 11/1/2041 | A+ | 7,500,000 | 8,477,323 | |||||||||
| Southeastern Ohio Port Authority - Marietta Area Healthcare Inc Obligated Group | 5.00% | 12/1/2035 | B+ | (d) | 3,850,000 | 3,621,827 | ||||||||
| Southeastern Ohio Port Authority - Marietta Area Healthcare Inc Obligated Group | 5.50% | 12/1/2029 | B+ | (d) | 2,085,000 | 2,064,994 | ||||||||
| Tarrant County Cultural Education Facilities Finance Corp. - Baylor Scott & White Health Obligated Group TX | 5.00% | #(a) | 11/15/2052 | AA- | 4,000,000 | 4,328,407 | ||||||||
| Tulsa County Industrial Authority - Montereau Obligated Group OK | 5.25% | 11/15/2037 | BBB- | (d) | 1,250,000 | 1,268,414 | ||||||||
| University of Kansas Hospital Authority - University of Kansas Health System Obligated Group KS | 5.00% | 9/1/2034 | AA- | 5,000,000 | 5,080,411 | |||||||||
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | 5.00% | #(a) | 8/1/2049 | A- | 4,550,000 | 4,551,984 | ||||||||
| Washington Health Care Facilities Authority - Multicare Health System Obligated Group | 5.00% | 8/15/2030 | A | 5,000,000 | 5,038,791 | |||||||||
| Washington Health Care Facilities Authority - Multicare Health System Obligated Group | 5.00% | 8/15/2031 | A | 5,000,000 | 5,038,787 | |||||||||
| Washington Health Care Facilities Authority - Providence St Joseph Health Obligated Group | 4.00% | #(a) | 10/1/2042 | A | 28,220,000 | 28,327,885 | ||||||||
| West Virginia Hospital Finance Authority - West Virginia United Health System Obligated Group | 4.00% | 6/1/2030 | A | 5,500,000 | 5,492,204 | |||||||||
| West Virginia Hospital Finance Authority - West Virginia United Health System Obligated Group | 4.00% | 6/1/2035 | A | 1,570,000 | 1,561,446 | |||||||||
| Westchester County Local Development Corp. - New York Blood Center Inc NY | 5.00% | 7/1/2035 | Baa1 | 3,000,000 | 3,290,122 | |||||||||
| Westchester County Local Development Corp. - New York Blood Center Inc NY | 5.00% | 7/1/2038 | Baa1 | 3,075,000 | 3,340,429 | |||||||||
| 40 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| 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 Health System Obligated Group | 5.00% | 2/15/2029 | BBB | $ | 3,270,000 | $ | 3,434,496 | |||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.00% | 2/15/2032 | BBB | 12,500,000 | 13,404,210 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.73% | #(a) | 2/15/2053 | BBB | 40,000,000 | 40,000,000 | ||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.73% | #(a) | 2/15/2053 | BBB | 10,000,000 | 10,000,000 | ||||||||
| Total | 734,518,388 | |||||||||||||
| Housing 1.65% | ||||||||||||||
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB | 7,198,629 | 6,690,819 | |||||||||
| California Housing Finance Agency | 3.50% | 11/20/2035 | BBB+ | 5,562,510 | 5,321,160 | |||||||||
| California Municipal Finance Authority - Park Western Housing LP (FNMA) | 2.65% | 8/1/2036 | Aaa | 4,246,582 | 3,633,399 | |||||||||
| California Statewide Communities Development Authority - CHF-Irvine LLC | 5.00% | 5/15/2026 | Baa1 | 1,000,000 | 1,021,828 | |||||||||
| California Statewide Communities Development Authority - CHF-Irvine LLC | 5.00% | 5/15/2027 | Baa1 | 750,000 | 767,165 | |||||||||
| CSCDA Community Improvement Authority Westgate Apartments CA† | 3.00% | 6/1/2047 | NR | 5,000,000 | 3,650,325 | |||||||||
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.00% | 6/1/2038 | BBB- | 1,550,000 | 1,643,858 | |||||||||
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.00% | 6/1/2043 | BBB- | 2,525,000 | 2,634,856 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - Downtown Phoenix Student Housing LLC AZ | 5.00% | 7/1/2032 | Baa3 | 1,080,000 | 1,117,793 | |||||||||
| Maryland Community Development Administration | 3.00% | 9/1/2039 | Aa1 | 10,000,000 | 8,531,253 | |||||||||
| Minnesota Housing Finance Agency (FHLMC)(FNMA)(GNMA) | 6.25% | 7/1/2054 | AA+ | 3,790,000 | 4,114,839 | |||||||||
| Minnesota Housing Finance Agency (FHLMC)(FNMA)(GNMA)(c) | 6.50% | 1/1/2055 | AA+ | 3,550,000 | 4,000,531 | |||||||||
| Missouri Housing Development Commission (FHLMC)(FNMA)(GNMA) | 3.25% | 11/1/2052 | AA+ | 2,485,000 | 2,414,083 | |||||||||
| New Jersey Housing & Mortgage Finance Agency | 6.00% | 10/1/2055 | AA | 3,560,000 | 3,856,813 | |||||||||
| See Notes to Schedule of Investments. | 41 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| North Carolina Housing Finance Agency (FHLMC)(FNMA)(GNMA) | 6.25% | 1/1/2055 | AA+ | $ | 5,490,000 | $ | 5,958,012 | |||||||
| Virginia Beach Development Authority - Westminster-Canterbury on Chesapeake Bay Obligated Group | 5.375% | 9/1/2029 | BB+ | (d) | 5,000,000 | 5,201,156 | ||||||||
| Washington State Housing Finance Commission | 3.50% | 12/20/2035 | BBB+ | 4,770,128 | 4,340,223 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2044 | BBB- | 4,950,000 | 5,394,923 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2049 | BBB- | 8,805,000 | 9,450,301 | |||||||||
| Total | 79,743,337 | |||||||||||||
| Lease Obligations 1.98% | ||||||||||||||
| Illinois Sports Facilities Authority (AGM) | 5.00% | 6/15/2027 | AA | 3,000,000 | 3,009,358 | |||||||||
| Indiana Finance Authority - Marion County Capital Improvement Board | 5.25% | 2/1/2029 | AA+ | 2,500,000 | 2,543,059 | |||||||||
| Michigan State Building Authority | 5.00% | 4/15/2034 | Aa2 | 6,525,000 | 6,621,670 | |||||||||
| New Jersey Economic Development Authority - New Jersey Economic Development Authority† | 5.25% | 9/1/2027 | A- | 24,555,000 | 25,918,114 | |||||||||
| New Jersey Economic Development Authority - State Capitol Joint Management Commission | 5.00% | 6/15/2033 | A2 | 7,215,000 | 7,637,556 | |||||||||
| New Jersey Economic Development Authority - State Capitol Joint Management Commission | 5.00% | 6/15/2034 | A2 | 13,645,000 | 14,445,054 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2025 | A2 | 5,085,000 | 5,153,591 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2034 | A2 | 3,000,000 | 3,161,764 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2035 | A2 | 4,925,000 | 5,007,709 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2035 | A2 | 1,000,000 | 1,053,921 | |||||||||
| 42 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2036 | A2 | $ | 1,320,000 | $ | 1,370,931 | |||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2042 | A2 | 1,400,000 | 1,475,490 | |||||||||
| New Jersey Transportation Trust Fund Authority | 3.25% | 6/15/2039 | A2 | 2,000,000 | 1,804,981 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2035 | A2 | 3,750,000 | 3,835,482 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2036 | A2 | 2,770,000 | 2,806,574 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2030 | A+ | 3,000,000 | 3,073,269 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2031 | A+ | 2,400,000 | 2,456,344 | |||||||||
| Redevelopment Authority of the City of Philadelphia PA | 5.00% | 4/15/2028 | A1 | 4,380,000 | 4,428,930 | |||||||||
| Total | 95,803,797 | |||||||||||||
| Multi-Family Housing 0.59% | ||||||||||||||
| Illinois Housing Development Authority - South Shore IL Preservation LP (FHA) (HUD) | 4.00% | #(a) | 6/1/2026 | Aaa | 2,700,000 | 2,700,413 | ||||||||
| King County Housing Authority WA | 3.50% | 5/1/2038 | AAA | 10,000,000 | 9,447,601 | |||||||||
| Michigan State Housing Development Authority | 3.80% | 10/1/2038 | AA+ | 10,000,000 | 9,736,713 | |||||||||
| New Hampshire Business Finance Authority | 3.625% | 8/20/2039 | A3 | 7,246,500 | 6,745,676 | |||||||||
| Total | 28,630,403 | |||||||||||||
| Other Revenue 3.43% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2049 | A1 | 12,675,000 | 12,683,611 | ||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Center LLC NY | 5.00% | 7/15/2024 | Ba1 | 3,550,000 | 3,552,084 | |||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Center LLC NY | 5.00% | 7/15/2042 | Ba1 | 7,600,000 | 7,722,871 | |||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Center LLC NY (AGM) | 4.00% | 7/15/2029 | AA | 1,500,000 | 1,502,438 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Foundation OH | 5.00% | 12/1/2033 | BB+ | 2,000,000 | 2,068,709 | |||||||||
| See Notes to Schedule of Investments. | 43 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| 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 Foundation OH | 5.25% | 12/1/2038 | BB+ | $ | 1,650,000 | $ | 1,694,350 | |||||||
| Commonwealth of Puerto Rico GO | 5.069% | #(a) | 11/1/2051 | NR | 17,004,637 | 10,734,177 | ||||||||
| Duval County Public Schools FL COPS (AGM) | 5.00% | 7/1/2034 | AA | 2,000,000 | 2,190,079 | |||||||||
| Illinois Finance Authority - Field Museum Natural of History | 4.938% (SOFR * .67 + 1.20% | )# | 11/1/2034 | A | 10,190,000 | 10,180,207 | ||||||||
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group† | 5.00% | 7/1/2035 | NR | 5,000,000 | 5,057,771 | |||||||||
| Lower Alabama Gas District | 4.00% | #(a) | 12/1/2050 | A2 | 30,995,000 | 31,016,920 | ||||||||
| Maricopa County Industrial Development Authority - Legacy Traditional School Obligated Group AZ† | 5.00% | 7/1/2039 | BBB- | 2,055,000 | 2,095,022 | |||||||||
| Maricopa County Industrial Development Authority - Paragon Management Inc AZ† | 5.00% | 7/1/2036 | BB+ | 2,500,000 | 2,525,083 | |||||||||
| Maryland Economic Development Corp.(b) | 5.00% | 12/1/2016 | NR | 700,000 | 454,125 | |||||||||
| M-S-R Energy Authority CA | 6.125% | 11/1/2029 | BBB+ | 3,130,000 | 3,301,708 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% | 11/15/2036 | AA+ | 5,750,000 | 6,564,611 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% | 11/15/2037 | AA+ | 5,000,000 | 5,682,653 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% | 11/15/2038 | AA+ | 6,400,000 | 7,259,713 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% | 11/15/2041 | AA+ | 9,000,000 | 10,078,423 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% | 11/15/2039 | AA+ | 13,050,000 | 15,121,181 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% | 11/15/2040 | AA+ | 11,000,000 | 12,658,527 | |||||||||
| 44 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% | 11/15/2042 | AA+ | $ | 10,000,000 | $ | 11,401,923 | |||||||
| Total | 165,546,186 | |||||||||||||
| Power 0.39% | ||||||||||||||
| Energy Northwest - Bonneville Power Administration WA | 5.00% | 7/1/2038 | Aa1 | 14,000,000 | 15,938,646 | |||||||||
| York County Economic Development Authority - Virginia Electric and Power Co | 3.65% | #(a) | 5/1/2033 | A2 | 3,000,000 | 2,998,957 | ||||||||
| Total | 18,937,603 | |||||||||||||
| Pre-Refunded 0.00% | ||||||||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 4.00% | 2/15/2034 | NR | 15,000 | 15,262 | |||||||||
| Single-Family Housing 0.20% | ||||||||||||||
| Pennsylvania Housing Finance Agency | 5.50% | 10/1/2053 | AA+ | 9,410,000 | 9,885,161 | |||||||||
| Special Tax 1.84% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | 1,250,000 | 1,272,025 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.375% | 5/1/2042 | NR | 5,500,000 | 5,499,602 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 6.00% | 5/1/2042 | NR | 1,795,000 | 1,880,250 | |||||||||
| County of Orange CA Community Facilities District No 2015-1 | 5.00% | 8/15/2033 | NR | 1,370,000 | 1,386,833 | |||||||||
| County of Orange CA Community Facilities District No 2015-1 | 5.00% | 8/15/2035 | NR | 975,000 | 986,721 | |||||||||
| Emeryville Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 9/1/2025 | AA | 2,650,000 | 2,655,876 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 3,955,000 | 3,290,104 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 3,000,000 | 2,312,607 | |||||||||
| Lakewood Ranch Stewardship District FL | 6.125% | 5/1/2043 | NR | 2,240,000 | 2,382,628 | |||||||||
| Miami World Center Community Development District FL | 4.75% | 11/1/2027 | NR | 750,000 | 763,271 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.50% | 8/1/2040 | NR | 1,250,000 | 1,200,864 | |||||||||
| See Notes to Schedule of Investments. | 45 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| 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 | $ | 1,651,940 | |||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2034 | AA | 1,000,000 | 936,604 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AGM) | 3.00% | 3/1/2036 | AA | 5,500,000 | 5,025,847 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2028 | NR | 545,000 | 536,955 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 5.00% | 9/1/2037 | NR | 875,000 | 866,702 | |||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.00% | 9/1/2042 | AA | 4,000,000 | 4,342,454 | |||||||||
| State of Connecticut Special Tax Revenue | 4.00% | 9/1/2034 | AA | 7,525,000 | 7,554,783 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 10/1/2030 | AA | 9,000,000 | 9,608,221 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2036 | AA | 5,000,000 | 5,737,474 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2037 | AA | 6,000,000 | 6,860,986 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2038 | AA | 5,000,000 | 5,681,468 | |||||||||
| Village Community Development District No. 12 FL | 3.25% | 5/1/2026 | NR | 1,535,000 | 1,526,739 | |||||||||
| Village Community Development District No. 12 FL | 3.80% | 5/1/2028 | NR | 1,650,000 | 1,652,753 | |||||||||
| Village Community Development District No. 12 FL | 4.00% | 5/1/2033 | NR | 1,800,000 | 1,800,981 | |||||||||
| Village Community Development District No. 13 FL | 1.80% | 5/1/2026 | NR | 345,000 | 332,980 | |||||||||
| Village Community Development District No. 13 FL | 2.85% | 5/1/2036 | NR | 1,835,000 | 1,588,709 | |||||||||
| Village Community Development District No. 13 FL | 3.00% | 5/1/2029 | NR | 475,000 | 455,999 | |||||||||
| Village Community Development District No. 13 FL† | 3.00% | 5/1/2035 | NR | 3,345,000 | 2,998,349 | |||||||||
| Village Community Development District No. 13 FL† | 3.25% | 5/1/2040 | NR | 4,180,000 | 3,611,429 | |||||||||
| Village Community Development District No. 13 FL | 3.375% | 5/1/2034 | NR | 2,450,000 | 2,323,957 | |||||||||
| Total | 88,726,111 | |||||||||||||
| Tax Revenue 3.32% | ||||||||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB+ | 5,675,000 | 5,972,321 | |||||||||
| City of Miami FL | 5.00% | 1/1/2041 | AA | 7,590,000 | 8,374,619 | |||||||||
| 46 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Baa2 | $ | 1,375,000 | $ | 1,315,114 | |||||||
| Clear Creek Independent School District TX GO (PSF-GTD) | 0.28% | #(a) | 2/15/2038 | AAA | 4,930,000 | 4,909,438 | ||||||||
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | 3,750,000 | 3,809,799 | |||||||||
| County of Cook Sales Tax Revenue IL | 5.25% | 11/15/2036 | AA- | 10,000,000 | 10,500,024 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2041 | A2 | 9,000,000 | 9,911,475 | |||||||||
| New York City Transitional Finance Authority Building Aid Revenue NY (ST AID WITHHLDG) | 5.25% | 7/15/2036 | AA | 11,700,000 | 12,532,841 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 3.00% | 11/1/2037 | AAA | 2,500,000 | 2,294,792 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 8/1/2033 | AAA | 6,000,000 | 6,086,738 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2034 | AAA | 10,000,000 | 10,211,445 | |||||||||
| New York City Transitional Finance Authority NY | 5.00% | 11/1/2038 | AAA | 5,000,000 | 5,714,365 | |||||||||
| New York City Transitional Finance Authority NY | 5.00% | 5/1/2039 | AAA | 5,000,000 | 5,656,483 | |||||||||
| New York City Transitional Finance Authority NY | 5.50% | 5/1/2044 | AAA | 8,500,000 | 9,799,348 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2034 | AA+ | 10,000,000 | 10,130,437 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2041 | Aa1 | 14,900,000 | 16,777,907 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2042 | Aa1 | 10,250,000 | 11,484,552 | |||||||||
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2035 | Aa1 | 5,000,000 | 5,690,435 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2029 | NR | 1,616,000 | 1,335,470 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 1,774,000 | 1,349,380 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 11,643,000 | 8,116,074 | |||||||||
| See Notes to Schedule of Investments. | 47 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| 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 | 4.536% | 7/1/2053 | NR | $ | 81,000 | $ | 77,500 | |||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 268,000 | 269,294 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 1,967,000 | 1,947,432 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 1,092,000 | 1,080,053 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 4,974,000 | 4,975,070 | |||||||||
| Total | 160,322,406 | |||||||||||||
| Taxable Revenue - Water & Sewer 0.64% | ||||||||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2036 | AA | 1,500,000 | 1,663,787 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2037 | AA | 1,000,000 | 1,108,378 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2038 | AA | 1,500,000 | 1,651,428 | |||||||||
| County of Jefferson Sewer Revenue AL | 5.00% | 10/1/2039 | BBB+ | 2,500,000 | 2,746,383 | |||||||||
| New Jersey Economic Development Authority - New Jersey-American Water Co Inc AMT | 3.75% | #(a) | 11/1/2034 | A+ | 5,500,000 | 5,429,330 | ||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2036 | AA | 6,750,000 | 7,687,842 | |||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2037 | AA | 4,750,000 | 5,409,329 | |||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2038 | AA | 4,500,000 | 5,075,433 | |||||||||
| Total | 30,771,910 | |||||||||||||
| Tobacco 0.72% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 9,155,000 | 8,452,318 | |||||||||
| Iowa Tobacco Settlement Authority | 4.00% | 6/1/2049 | BBB+ | 830,000 | 824,388 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 35,000,000 | 2,198,266 | |||||||||
| Northern Tobacco Securitization Corp. AK | 4.00% | 6/1/2050 | BBB- | 980,000 | 984,683 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BBB- | 8,965,000 | 9,050,196 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 5,100,000 | 5,274,603 | |||||||||
| Tobacco Settlement Financing Corp. RI | 5.00% | 6/1/2027 | A | 2,500,000 | 2,524,670 | |||||||||
| 48 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Tobacco Settlement Financing Corp. RI | 5.00% | 6/1/2028 | BBB | $ | 2,000,000 | $ | 2,020,732 | |||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 3,690,000 | 3,460,248 | |||||||||
| Total | 34,790,104 | |||||||||||||
| Transportation 16.94% | ||||||||||||||
| Allegheny County Airport Authority PA (AGM) AMT | 5.25% | 1/1/2036 | AA | 1,000,000 | 1,114,726 | |||||||||
| Allegheny County Airport Authority PA (AGM) AMT | 5.25% | 1/1/2037 | AA | 350,000 | 388,161 | |||||||||
| Allegheny County Airport Authority PA (AGM) AMT | 5.25% | 1/1/2038 | AA | 350,000 | 386,444 | |||||||||
| Allegheny County Airport Authority PA (AGM) AMT | 5.25% | 1/1/2039 | AA | 1,000,000 | 1,096,141 | |||||||||
| Allegheny County Airport Authority PA (AGM) AMT | 5.25% | 1/1/2040 | AA | 1,105,000 | 1,204,474 | |||||||||
| Allegheny County Airport Authority PA (AGM) AMT | 5.50% | 1/1/2041 | AA | 750,000 | 837,288 | |||||||||
| Allegheny County Airport Authority PA (AGM) AMT | 5.50% | 1/1/2042 | AA | 680,000 | 756,341 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AGM) AMT | 4.125% | 7/1/2041 | AA | 3,000,000 | 2,955,107 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AGM) AMT | 4.25% | 7/1/2043 | AA | 5,390,000 | 5,366,199 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2040 | A | 2,250,000 | 2,499,396 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2042 | A | 3,000,000 | 3,303,126 | |||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 6/30/2031 | BB+ | (d) | 3,250,000 | 3,359,011 | ||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2036 | BB+ | (d) | 3,215,000 | 3,313,422 | ||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2037 | BB+ | (d) | 7,000,000 | 7,197,677 | ||||||||
| Central Florida Expressway Authority | 4.00% | 7/1/2037 | A+ | 7,380,000 | 7,347,811 | |||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2025 | A- | 7,500,000 | 7,512,535 | |||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2030 | A | 800,000 | 813,397 | |||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2031 | A | 1,675,000 | 1,703,051 | |||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2032 | A | 2,000,000 | 2,033,494 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2025 | A- | 2,250,000 | 2,252,042 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2026 | A- | 2,500,000 | 2,503,096 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2027 | A- | 3,300,000 | 3,304,427 | |||||||||
| See Notes to Schedule of Investments. | 49 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2028 | A- | $ | 3,705,000 | $ | 3,710,163 | |||||||
| Central Texas Turnpike System | 5.00% | 8/15/2033 | A- | 7,650,000 | 7,661,008 | |||||||||
| Chicago Midway International Airport IL | 4.00% | 1/1/2034 | A | 2,175,000 | 2,165,569 | |||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2031 | A | 2,000,000 | 2,025,727 | |||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2037 | A | 5,225,000 | 5,673,011 | |||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2038 | A | 4,000,000 | 4,321,868 | |||||||||
| Chicago O’Hare International Airport IL | 4.00% | 1/1/2038 | A+ | 6,820,000 | 6,912,589 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2031 | A+ | 6,500,000 | 6,533,881 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2039 | A+ | 16,750,000 | 17,221,183 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.00% | 1/1/2036 | AA | 2,000,000 | 2,208,589 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.00% | 1/1/2037 | AA | 1,330,000 | 1,464,212 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.00% | 1/1/2038 | AA | 2,745,000 | 3,008,528 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2039 | AA | 1,190,000 | 1,325,340 | |||||||||
| City & County of Denver Airport System Revenue CA AMT | 5.00% | 12/1/2028 | A+ | 16,500,000 | 17,362,978 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.00% | 12/1/2035 | A+ | 5,000,000 | 5,207,984 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.50% | 11/15/2033 | AA- | 8,365,000 | 9,592,023 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2034 | AA- | 3,500,000 | 4,098,033 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2035 | AA- | 3,250,000 | 3,809,656 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2037 | AA- | 2,000,000 | 2,328,073 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 4.00% | 7/1/2037 | AA- | 4,150,000 | 4,156,800 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 7/1/2036 | Aa3 | 7,600,000 | 8,357,674 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 7/1/2037 | Aa3 | 3,750,000 | 4,077,326 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 7/1/2038 | Aa3 | 2,750,000 | 2,972,168 | |||||||||
| 50 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.25% | 7/1/2041 | Aa3 | $ | 6,000,000 | $ | 6,610,090 | |||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 4.75% | 7/1/2024 | BB- | 2,390,000 | 2,390,000 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2027 | BB- | (d) | 1,000,000 | 1,018,868 | ||||||||
| City of Houston Airport System Revenue TX (AGM) AMT | 5.00% | 7/1/2035 | AA | 8,005,000 | 8,766,320 | |||||||||
| City of Houston Airport System Revenue TX (AGM) AMT | 5.00% | 7/1/2036 | AA | 2,850,000 | 3,111,311 | |||||||||
| City of Houston Airport System Revenue TX (AGM) AMT | 5.00% | 7/1/2037 | AA | 2,000,000 | 2,174,574 | |||||||||
| City of Houston Airport System Revenue TX (AGM) AMT | 5.00% | 7/1/2038 | AA | 2,000,000 | 2,161,576 | |||||||||
| City of Houston Airport System Revenue TX (AGM) AMT | 5.25% | 7/1/2039 | AA | 5,200,000 | 5,724,528 | |||||||||
| City of Houston Airport System Revenue TX (AGM) AMT | 5.25% | 7/1/2040 | AA | 5,000,000 | 5,472,168 | |||||||||
| City of Houston Airport System Revenue TX (AGM) AMT | 5.25% | 7/1/2041 | AA | 5,000,000 | 5,448,967 | |||||||||
| City of Philadelphia Airport Revenue PA AMT | 5.00% | 7/1/2032 | A2 | 3,660,000 | 3,943,188 | |||||||||
| City of Phoenix Civic Improvement Corp. AZ | 5.00% | 7/1/2036 | Aa3 | 5,000,000 | 5,209,202 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2034 | A+ | 10,000,000 | 10,390,973 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2036 | A+ | 1,500,000 | 1,693,973 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2037 | A+ | 2,325,000 | 2,617,012 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2039 | A+ | 3,000,000 | 3,341,136 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2041 | A+ | 4,425,000 | 4,878,473 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2042 | A+ | 3,500,000 | 3,835,342 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2027 | A+ | 5,145,000 | 5,151,159 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2028 | A+ | 3,500,000 | 3,504,585 | |||||||||
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2038 | A+ | 3,000,000 | 3,341,678 | |||||||||
| See Notes to Schedule of Investments. | 51 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| 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% | 11/1/2039 | A+ | $ | 2,750,000 | $ | 3,085,287 | |||||||
| E-470 Public Highway Authority CO | 3.928% (SOFR * .67 + .35%) | # | 9/1/2039 | A+ | 1,690,000 | 1,689,335 | ||||||||
| E-470 Public Highway Authority CO | 5.00% | 9/1/2040 | A+ | 2,850,000 | 3,173,499 | |||||||||
| Florida Development Finance Corp. - AAF Operations Holdings LLC AMT† | 12.00% | #(a) | 7/15/2032 | NR | 5,500,000 | 5,856,922 | ||||||||
| Kansas City Industrial Development Authority MO AMT | 5.00% | 3/1/2036 | A | 5,000,000 | 5,218,468 | |||||||||
| Maryland Economic Development Corp. - City of Baltimore Port Covington Development District Tax Allocation | 4.00% | 9/1/2040 | NR | 5,000,000 | 4,552,016 | |||||||||
| Maryland Economic Development Corp. - CONSOL Marine Terminals LLC | 5.75% | 9/1/2025 | BB | 3,000,000 | 3,021,626 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.25% | 7/1/2034 | A1 | 1,250,000 | 1,389,136 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.25% | 7/1/2035 | A1 | 2,595,000 | 2,881,693 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2036 | A1 | 1,000,000 | 1,131,931 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2037 | A1 | 1,250,000 | 1,410,711 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2038 | A1 | 1,500,000 | 1,683,756 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2033 | A- | 4,025,000 | 4,243,756 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2035 | A- | 5,000,000 | 5,088,293 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2035 | A- | 4,130,000 | 4,202,930 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2030 | A- | 6,540,000 | 6,677,946 | |||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC(c) | 5.00% | 10/1/2040 | AA- | 1,675,000 | 1,794,915 | |||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC(c) | 5.25% | 10/1/2041 | AA- | 2,000,000 | 2,204,161 | |||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2036 | AA- | 2,175,000 | 2,350,319 | |||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2037 | AA- | 2,335,000 | 2,513,863 | |||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2038 | AA- | 1,860,000 | 1,991,942 | |||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.25% | 10/1/2039 | AA- | 4,305,000 | 4,749,790 | |||||||||
| 52 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.125% | 1/1/2034 | A- | $ | 5,010,000 | $ | 5,014,658 | |||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2039 | A2 | 6,000,000 | 6,006,557 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2028 | A+ | 6,275,000 | 6,441,317 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2034 | A2 | 10,000,000 | 11,169,948 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2034 | A2 | 2,500,000 | 2,808,441 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2035 | A2 | 2,250,000 | 2,525,593 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2037 | A2 | 4,250,000 | 4,735,342 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2037 | A2 | 4,000,000 | 4,502,897 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2038 | A2 | 1,000,000 | 1,108,021 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2038 | A2 | 2,000,000 | 2,226,936 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2039 | A2 | 3,000,000 | 3,323,802 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2031 | AA- | 5,000,000 | 5,026,787 | |||||||||
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 5.50% | 6/30/2038 | Baa3 | 1,000,000 | 1,091,671 | |||||||||
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 6.00% | 6/30/2054 | Baa3 | 17,000,000 | 18,680,645 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa3 | 29,000,000 | 31,555,425 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa3 | 30,000,000 | 33,929,835 | |||||||||
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 10/31/2034 | BBB- | (d) | 750,000 | 723,589 | ||||||||
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 10/31/2041 | BBB- | (d) | 3,000,000 | 2,709,889 | ||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC | 5.00% | 12/1/2034 | Baa1 | 2,000,000 | 2,173,576 | |||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% | 12/1/2024 | Baa1 | 2,000,000 | 2,006,121 | |||||||||
| See Notes to Schedule of Investments. | 53 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New York Transportation Development Corp. - JFK NTO LLC | 5.25% | 6/30/2038 | Baa3 | $ | 1,000,000 | $ | 1,092,429 | |||||||
| New York Transportation Development Corp. - JFK NTO LLC | 5.25% | 6/30/2040 | Baa3 | 1,500,000 | 1,621,584 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC | 5.25% | 6/30/2041 | Baa3 | 1,000,000 | 1,076,485 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC | 5.25% | 6/30/2043 | Baa3 | 8,000,000 | 8,541,053 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC | 5.25% | 6/30/2044 | Baa3 | 11,000,000 | 11,705,378 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC (AGM) | 5.25% | 6/30/2039 | AA | 1,400,000 | 1,544,532 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2032 | Baa2 | 3,000,000 | 2,962,857 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa2 | 6,480,000 | 6,389,934 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.00% | 7/1/2034 | Baa2 | 2,250,000 | 2,252,247 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2027 | A3 | 3,185,000 | 3,185,214 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2030 | A3 | 365,000 | 379,049 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2031 | A3 | 300,000 | 311,732 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2032 | A3 | 775,000 | 805,347 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2034 | A3 | 865,000 | 898,817 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA | 5.00% | 3/1/2028 | A | 1,655,000 | 1,661,836 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2035 | A | 1,500,000 | 1,543,571 | |||||||||
| North Carolina Turnpike Authority | 5.00% | 1/1/2032 | BBB | 1,000,000 | 1,033,602 | |||||||||
| North Carolina Turnpike Authority (AGM) | 4.00% | 1/1/2037 | AA | 12,895,000 | 13,005,687 | |||||||||
| North Texas Tollway Authority | 4.125% | 1/1/2040 | AA- | 5,000,000 | 5,049,455 | |||||||||
| North Texas Tollway Authority | 5.00% | 1/1/2025 | AA- | 5,000,000 | 5,015,511 | |||||||||
| North Texas Tollway Authority | 5.00% | 1/1/2036 | AA- | 5,000,000 | 5,086,189 | |||||||||
| Pennsylvania Turnpike Commission Registration Fee Revenue | 3.88% (MUNIPSA * 1 + .85%) | # | 7/15/2041 | AA- | 25,000,000 | 25,011,397 | ||||||||
| Port Authority of New York & New Jersey | 5.00% | 11/15/2036 | AA- | 5,000,000 | 5,246,953 | |||||||||
| 54 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| 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 | 5.00% | 12/1/2036 | AA- | $ | 2,750,000 | $ | 3,194,060 | |||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2037 | AA- | 2,250,000 | 2,595,197 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2038 | AA- | 2,500,000 | 2,860,550 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2039 | AA- | 3,250,000 | 3,708,204 | |||||||||
| Port Authority of New York & New Jersey AMT | 3.00% | 10/1/2027 | AA- | 6,405,000 | 6,155,344 | |||||||||
| Port Authority of New York & New Jersey AMT | 4.00% | 11/1/2034 | AA- | 8,705,000 | 8,770,628 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2035 | AA- | 6,250,000 | 6,845,602 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 1/15/2036 | AA- | 2,000,000 | 2,179,898 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | AA- | 4,000,000 | 4,370,636 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2036 | AA- | 1,750,000 | 1,915,321 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 1/15/2037 | AA- | 2,000,000 | 2,176,238 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2037 | AA- | 3,250,000 | 3,544,161 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2037 | AA- | 2,250,000 | 2,454,940 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 1/15/2038 | AA- | 1,000,000 | 1,084,661 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2038 | AA- | 4,500,000 | 4,885,254 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2038 | AA- | 2,000,000 | 2,173,147 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 1/15/2039 | AA- | 1,500,000 | 1,617,740 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2039 | AA- | 5,250,000 | 5,682,258 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2037 | AA- | 4,000,000 | 4,349,147 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.25% | 7/1/2039 | AA- | 3,500,000 | 3,900,821 | |||||||||
| Port of Seattle WA | 4.00% | 6/1/2038 | AA- | 2,700,000 | 2,733,152 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2037 | A+ | 4,065,000 | 4,273,613 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% | 5/1/2041 | A1 | 23,100,000 | 25,666,415 | |||||||||
| See Notes to Schedule of Investments. | 55 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% | 5/1/2037 | A1 | $ | 10,000,000 | $ | 11,437,841 | |||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% | 5/1/2038 | A1 | 14,815,000 | 16,853,236 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% | 5/1/2039 | A1 | 10,000,000 | 11,313,311 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% | 1/15/2034 | A | 1,630,000 | 1,692,852 | |||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2026 | AA | 1,250,000 | 1,271,529 | |||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2027 | AA | 2,000,000 | 2,047,391 | |||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2029 | AA | 3,500,000 | 3,582,768 | |||||||||
| State of Alaska International Airports System | 5.00% | 10/1/2034 | Aa3 | 5,000,000 | 5,070,028 | |||||||||
| State of Connecticut Special Tax Revenue | 4.00% | 5/1/2039 | AA | 10,000,000 | 10,152,247 | |||||||||
| State of Hawaii Airports System Revenue AMT | 5.00% | 7/1/2031 | AA- | 1,275,000 | 1,324,949 | |||||||||
| State of Hawaii Airports System Revenue AMT | 5.00% | 7/1/2033 | AA- | 3,300,000 | 3,428,667 | |||||||||
| State of Hawaii Airports System Revenue AMT | 5.00% | 7/1/2034 | AA- | 2,000,000 | 2,078,195 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners Segments 3 LLC AMT | 5.375% | 6/30/2038 | Baa1 | 2,500,000 | 2,712,008 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners Segments 3 LLC AMT | 5.50% | 6/30/2040 | Baa1 | 2,000,000 | 2,169,204 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2033 | AA- | 6,175,000 | 6,180,097 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 1/1/2034 | BBB | 5,100,000 | 5,449,648 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 7/1/2036 | BBB | 11,165,000 | 11,891,093 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 1/1/2036 | BBB | 2,500,000 | 2,666,155 | |||||||||
| Wayne County Airport Authority - Detroit Metropolitan Wayne County Airport MI | 5.00% | 12/1/2035 | A1 | 3,565,000 | 3,621,710 | |||||||||
| 56 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Wayne County Airport Authority - Detroit Metropolitan Wayne County Airport MI AMT | 5.00% | 12/1/2026 | A1 | $ | 1,590,000 | $ | 1,611,155 | |||||||
| Wayne County Airport Authority - Detroit Metropolitan Wayne County Airport MI AMT | 5.00% | 12/1/2027 | A1 | 2,000,000 | 2,025,736 | |||||||||
| Total | 818,037,883 | |||||||||||||
| Utilities 17.06% | ||||||||||||||
| Amelia County Industrial Development Authority - Waste Management Inc VA AMT | 1.45% | 4/1/2027 | A- | 2,500,000 | 2,280,545 | |||||||||
| American Municipal Power, Inc. - Prairie St Energy Campus OH | 5.00% | 2/15/2037 | A1 | 10,750,000 | 12,138,996 | |||||||||
| American Municipal Power, Inc. - Prairie St Energy Campus OH | 5.00% | 2/15/2038 | A1 | 10,000,000 | 11,180,008 | |||||||||
| American Municipal Power, Inc. - Prairie St Energy Campus OH | 5.00% | 2/15/2039 | A1 | 7,000,000 | 7,743,369 | |||||||||
| Bartow County Development Authority - Georgia Power Co | 2.875% | #(a) | 8/1/2043 | A | 6,500,000 | 6,407,289 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 23,270,000 | 23,306,425 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2052 | Baa1 | 20,680,000 | 20,599,458 | ||||||||
| Black Belt Energy Gas District AL | 5.25% | #(a) | 5/1/2055 | A1 | 8,125,000 | 8,834,533 | ||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 11/1/2054 | A2 | 8,800,000 | 9,406,923 | ||||||||
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP† | 5.00% | 7/1/2039 | Baa3 | 5,000,000 | 5,233,403 | |||||||||
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP AMT† | 5.00% | 7/1/2037 | Baa3 | 5,570,000 | 5,591,274 | |||||||||
| Central Plains Energy Project NE | 2.50% | #(a) | 12/1/2049 | Aa1 | 8,650,000 | 8,489,581 | ||||||||
| Central Plains Energy Project NE | 5.00% | #(a) | 5/1/2054 | Aa2 | 7,500,000 | 7,903,711 | ||||||||
| Chautauqua County Capital Resource Corp. - NRG Energy Inc NY | 4.25% | #(a) | 4/1/2042 | BBB- | 7,250,000 | 7,292,033 | ||||||||
| City & County Honolulu Wastewater System Revenue CI | 4.00% | 7/1/2035 | Aa2 | 15,500,000 | 15,437,781 | |||||||||
| City of Chicago Wastewater Transmission Revenue IL | 5.00% | 1/1/2029 | A+ | 4,335,000 | 4,462,637 | |||||||||
| City of Chicago Wastewater Transmission Revenue IL | 5.00% | 1/1/2030 | A+ | 6,500,000 | 6,678,749 | |||||||||
| See Notes to Schedule of Investments. | 57 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.00% | 9/1/2039 | AA+ | $ | 1,250,000 | $ | 1,408,458 | |||||||
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.00% | 9/1/2040 | AA+ | 875,000 | 980,714 | |||||||||
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.00% | 9/1/2041 | AA+ | 1,500,000 | 1,675,129 | |||||||||
| City of Osceola - Plum Point Energy Associates LLC AR AMT | 5.50% | #(a) | 4/1/2036 | NR | 16,450,000 | 16,477,963 | ||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% | 2/1/2040 | Aa2 | 4,560,000 | 5,115,899 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% | 2/1/2041 | Aa2 | 2,000,000 | 2,227,880 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% | 2/1/2042 | Aa2 | 8,250,000 | 9,150,431 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% | 2/1/2042 | Aa2 | 3,980,000 | 4,414,390 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.25% | 2/1/2040 | Aa2 | 8,550,000 | 9,690,653 | |||||||||
| City of Seattle Municipal Light & Power Revenue WA | 4.13% (MUNIPSA * 1 + .25% | )# | 5/1/2045 | AA | 5,000,000 | 4,887,530 | ||||||||
| County of Jefferson Sewer Revenue AL | 5.25% | 10/1/2040 | BBB+ | 15,150,000 | 16,835,512 | |||||||||
| County of Jefferson Sewer Revenue AL | 5.25% | 10/1/2041 | BBB+ | 12,815,000 | 14,199,856 | |||||||||
| County of Trimble - Louisville Gas and Electric Co KY AMT | 4.70% | #(a) | 6/1/2054 | A1 | 6,750,000 | 6,790,632 | ||||||||
| County of Washoe - Sierra Pacific Power Co NV | 4.125% | #(a) | 3/1/2036 | A | 5,500,000 | 5,512,872 | ||||||||
| Delaware State Economic Development Authority - NRG Energy Inc | 1.25% | #(a) | 10/1/2040 | BBB- | 7,500,000 | 7,118,493 | ||||||||
| Delaware State Economic Development Authority - NRG Energy Inc | 1.25% | #(a) | 10/1/2045 | BBB- | 20,300,000 | 19,267,388 | ||||||||
| Development Authority of Appling County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2038 | BBB+ | 1,250,000 | 1,220,633 | ||||||||
| Development Authority of Burke County - Georgia Power Co | 2.20% | 10/1/2032 | A | 1,000,000 | 817,068 | |||||||||
| Development Authority of Monroe County - Georgia Power Co | 3.875% | #(a) | 10/1/2048 | A | 8,750,000 | 8,783,850 | ||||||||
| Development Authority of Monroe County - Oglethorpe Power Corp GA | 1.50% | #(a) | 1/1/2039 | BBB+ | 1,875,000 | 1,830,950 | ||||||||
| Energy Southeast A Cooperative District AL | 5.25% | #(a) | 7/1/2054 | A1 | 14,000,000 | 14,986,545 | ||||||||
| Energy Southeast A Cooperative District AL | 5.75% | #(a) | 4/1/2054 | A1 | 3,400,000 | 3,737,943 | ||||||||
| 58 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Energy Southeast A Cooperative District AL | 5.771% (SOFR * .67 + 2.20% | )# | 4/1/2054 | A1 | $ | 5,000,000 | $ | 4,996,456 | ||||||
| Grand River Dam Authority OK | 5.00% | 6/1/2038 | AA- | 3,350,000 | 3,778,710 | |||||||||
| Grand River Dam Authority OK | 5.00% | 6/1/2039 | AA- | 3,500,000 | 3,927,632 | |||||||||
| Grand River Dam Authority OK(c) | 5.00% | 6/1/2040 | AA- | 2,500,000 | 2,814,858 | |||||||||
| Grand River Dam Authority OK(c) | 5.00% | 6/1/2041 | AA- | 6,740,000 | 7,535,818 | |||||||||
| Grand River Dam Authority OK(c) | 5.00% | 6/1/2042 | AA- | 5,925,000 | 6,580,927 | |||||||||
| Illinois Municipal Electric Agency | 5.00% | 2/1/2032 | A1 | 3,900,000 | 3,943,758 | |||||||||
| Kentucky Municipal Power Agency | 3.45% | #(a) | 9/1/2042 | Baa1 | 5,935,000 | 5,856,856 | ||||||||
| Kentucky Public Energy Authority | 4.00% | #(a) | 8/1/2052 | A1 | 18,770,000 | 18,719,032 | ||||||||
| Kentucky Public Energy Authority | 5.00% | #(a) | 5/1/2055 | A2 | 12,500,000 | 13,109,607 | ||||||||
| Kentucky Public Energy Authority | 5.25% | #(a) | 4/1/2054 | A1 | 10,000,000 | 10,802,938 | ||||||||
| Long Beach Bond Finance Authority CA | 5.171% (3 Mo. LIBOR * .67 + 1.43% | )# | 11/15/2026 | A1 | 4,000,000 | 4,043,805 | ||||||||
| Long Island Power Authority NY | 0.85% | #(a) | 9/1/2050 | A | 6,000,000 | 5,767,387 | ||||||||
| Long Island Power Authority NY | 1.65% | #(a) | 9/1/2049 | A | 9,500,000 | 9,451,163 | ||||||||
| Long Island Power Authority NY | 5.00% | #(a) | 9/1/2052 | A | 8,000,000 | 8,301,246 | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - East Baton Rouge Sewerage Commission | 0.875% | #(a) | 2/1/2046 | A+ | 21,500,000 | 21,117,300 | ||||||||
| Lower Colorado River Authority TX | 5.00% | 5/15/2040 | A | 10,000,000 | 11,102,359 | |||||||||
| Lower Colorado River Authority TX | 5.00% | 5/15/2041 | A | 10,000,000 | 11,031,242 | |||||||||
| Lower Colorado River Authority TX | 5.00% | 5/15/2042 | A | 1,750,000 | 1,918,805 | |||||||||
| Lower Colorado River Authority TX (AGM) | 5.00% | 5/15/2036 | AA | 7,175,000 | 7,978,000 | |||||||||
| Luzerne County Industrial Development Authority - Pennsylvania-American Water Co AMT | 2.45% | #(a) | 12/1/2039 | A+ | 4,000,000 | 3,605,294 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 56,250,000 | 55,539,084 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 30,235,000 | 30,350,782 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2053 | Aa1 | 10,000,000 | 10,696,274 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2054 | Aa1 | 5,000,000 | 5,301,237 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2054 | A3 | 11,150,000 | 11,770,467 | ||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Co AZ | 3.60% | 2/1/2040 | Baa2 | 5,085,000 | 4,575,804 | |||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Co AZ | 3.60% | 4/1/2040 | Baa2 | 3,870,000 | 3,479,524 | |||||||||
| See Notes to Schedule of Investments. | 59 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Michigan Finance Authority - Great Lakes Water Authority Sewage Disposal System Revenue | 5.00% | 7/1/2034 | A+ | $ | 4,200,000 | $ | 4,245,913 | |||||||
| Michigan Finance Authority - Great Lakes Water Authority Sewage Disposal System Revenue | 5.00% | 7/1/2035 | A+ | 1,925,000 | 1,946,044 | |||||||||
| Montgomery County Industrial Development Authority - Constellation Energy Generation LLC PA | 4.10% | #(a) | 4/1/2053 | BBB+ | 9,000,000 | 9,178,560 | ||||||||
| Northern California Energy Authority | 5.00% | #(a) | 12/1/2054 | Aa3 | 16,000,000 | 17,147,470 | ||||||||
| Okaloosa Gas District FL (AGM) | 5.25% | 10/1/2042 | AA | 7,500,000 | 8,513,959 | |||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(a) | 2/1/2054 | Aa1 | 10,000,000 | 10,832,925 | ||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(a) | 10/1/2054 | A1 | 15,000,000 | 16,075,410 | ||||||||
| Pennsylvania Economic Development Financing Authority - Talen Energy Supply LLC | 5.25% | #(a) | 12/1/2038 | BB- | 2,200,000 | 2,222,939 | ||||||||
| Pennsylvania Economic Development Financing Authority - Waste Management Inc AMT | 1.10% | #(a) | 6/1/2031 | A- | 5,000,000 | 4,666,887 | ||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2026 | A | 1,000,000 | 1,012,493 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2027 | A | 1,000,000 | 1,012,812 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 5,000,000 | 4,699,704 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2024 | NR | 3,430,000 | 3,430,000 | |||||||||
| Puerto Rico Electric Power Authority (AGM) | 4.245% (3 Mo. LIBOR * .67 + .52% | )# | 7/1/2029 | AA | 5,720,000 | 5,596,356 | ||||||||
| Salt Verde Financial Corp. AZ | 5.50% | 12/1/2029 | A3 | 5,100,000 | 5,444,180 | |||||||||
| Southeast Alabama Gas Supply District AL | 5.00% | #(a) | 8/1/2054 | Aa3 | 10,000,000 | 10,728,225 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(a) | 1/1/2053 | A1 | 5,000,000 | 5,361,103 | ||||||||
| Southern California Public Power Authority - City of Anaheim Electric System Revenue CA | 5.00% | #(a) | 4/1/2055 | A2 | 10,500,000 | 11,127,225 | ||||||||
| Tennergy Corp. TN | 5.50% | #(a) | 10/1/2053 | Baa1 | 15,000,000 | 16,035,165 | ||||||||
| Tennessee Energy Acquisition Corp. | 5.25% | 9/1/2024 | A2 | 8,940,000 | 8,956,067 | |||||||||
| Tennessee Energy Acquisition Corp. | 5.625% | 9/1/2026 | BBB | (d) | 5,000,000 | 5,167,316 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. I | 6.25% | 12/15/2026 | A1 | 7,680,000 | 7,906,823 | |||||||||
| 60 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||||
| Utilities (continued) | ||||||||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | #(a) | 1/1/2054 | A1 | $ | 34,760,000 | $ | 37,254,294 | ||||||||
| Texas Municipal Power Agency (AGM) | 3.00% | 9/1/2034 | AA | 1,470,000 | 1,372,526 | |||||||||||
| Texas Municipal Power Agency (AGM) | 3.00% | 9/1/2036 | AA | 5,250,000 | 4,772,369 | |||||||||||
| Texas Water Development Board - State Water Implementation Revenue Fund for Texas | 5.00% | 10/15/2036 | AAA | 2,450,000 | 2,812,176 | |||||||||||
| Texas Water Development Board - State Water Implementation Revenue Fund for Texas | 5.00% | 10/15/2038 | AAA | 5,000,000 | 5,668,823 | |||||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2032 | A- | (d) | 500,000 | 524,784 | ||||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2033 | A- | (d) | 900,000 | 944,061 | ||||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2037 | A- | (d) | 675,000 | 704,246 | ||||||||||
| Total | 823,574,724 | |||||||||||||||
| Total Municipal Bonds (cost $4,771,089,672) | 4,784,438,844 | |||||||||||||||
| Interest Rate# | Interest Rate Reset(e) Date | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 0.80% | ||||||||||||||||
| Variable Rate Demand Notes 0.80% | ||||||||||||||||
| General Obligation 0.66% | ||||||||||||||||
| City of New York NY GO | 4.900% | 7/1/2024 | 4/1/2042 | AA | 17,650,000 | 17,650,000 | ||||||||||
| City of New York NY GO | 4.900% | 7/1/2024 | 4/1/2042 | AA | 11,565,000 | 11,565,000 | ||||||||||
| City of New York NY GO | 4.900% | 7/1/2024 | 10/1/2046 | AA | 3,000,000 | 3,000,000 | ||||||||||
| Total | 32,215,000 | |||||||||||||||
| Utilities 0.14% | ||||||||||||||||
| Development Authority of Appling County - Georgia Power Co | 5.000% | 7/1/2024 | 9/1/2041 | A | 6,635,000 | 6,635,000 | ||||||||||
| Total Short-Term Investments (cost $38,850,000) | 38,850,000 | |||||||||||||||
| Total Investments in Securities 99.88% (cost $4,809,939,672) | 4,823,288,844 | |||||||||||||||
| Other Assets and Liabilities – Net 0.12% | 5,618,059 | |||||||||||||||
| Net Assets 100.00% | $ | 4,828,906,903 | ||||||||||||||
| See Notes to Schedule of Investments. | 61 |
Schedule of Investments (unaudited)(concluded)
INTERMEDIATE TAX FREE FUND June 30, 2024
| 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 | Insured by - 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. | |
| SOFR | Secured Overnight Financing Rate. | |
| TRIPS | Tax Refund Intercept Programs. |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2024. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2024, the total value of Rule 144A securities was $342,996,274, which represents 7.10% 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) | Securities purchased on a when-issued basis. | |
| (d) | This investment has been rated by Fitch IBCA. | |
| (e) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
The following is a summary of the inputs used as of June 30, 2024 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 4,784,438,844 | $ | – | $ | 4,784,438,844 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 38,850,000 | – | 38,850,000 | ||||||||||||
| Total | $ | – | $ | 4,823,288,844 | $ | – | $ | 4,823,288,844 | ||||||||
| (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.
| 62 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 101.21% | ||||||||||||||
| MUNICIPAL BONDS 101.21% | ||||||||||||||
| Corporate-Backed 8.12% | ||||||||||||||
| Arkansas Development Finance Authority - Big River Steel LLC AMT† | 4.50% | 9/1/2049 | Ba2 | $ | 12,500,000 | $ | 12,350,806 | |||||||
| Arkansas Development Finance Authority - United States Steel Corp AMT | 5.45% | 9/1/2052 | BB- | 3,500,000 | 3,604,869 | |||||||||
| Arkansas Development Finance Authority - US Steel Corp AMT | 5.70% | 5/1/2053 | BB- | 4,600,000 | 4,816,609 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 5,300,000 | 5,313,148 | ||||||||
| California Municipal Finance Authority - Waste Management Inc AMT | 4.80% | #(a) | 11/1/2041 | A- | 5,250,000 | 5,269,544 | ||||||||
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP AMT† | 5.00% | 11/21/2045 | Baa3 | 18,025,000 | 18,068,188 | |||||||||
| Chandler Industrial Development Authority - Intel Corp AZ AMT | 4.10% | #(a) | 12/1/2037 | A- | 3,500,000 | 3,521,629 | ||||||||
| Chandler Industrial Development Authority - Intel Corp AZ AMT | 5.00% | #(a) | 9/1/2052 | A- | 14,840,000 | 15,240,440 | ||||||||
| City of Valparaiso - Pratt Paper LLC AMT IN† | 4.875% | 1/1/2044 | NR | 1,000,000 | 1,035,773 | |||||||||
| City of Valparaiso - Pratt Paper LLC AMT IN† | 5.00% | 1/1/2054 | NR | 2,200,000 | 2,282,553 | |||||||||
| City of Whiting - BP Products North America Inc IN AMT | 3.00% | 11/1/2051 | A1 | 6,165,000 | 4,883,553 | |||||||||
| Florida Development Finance Corp. - Waste pro USA Inc AMT† | 6.125% | #(a) | 7/1/2032 | NR | 4,500,000 | 4,620,786 | ||||||||
| Hoover Industrial Development Board - United States Steel Corp AL AMT | 5.75% | 10/1/2049 | BB- | 4,090,000 | 4,260,391 | |||||||||
| Indiana Finance Authority - United States Steel Corp | 4.125% | 12/1/2026 | BB- | 1,625,000 | 1,629,218 | |||||||||
| Iowa Finance Authority - Howmet Aerospace Inc | 4.75% | 8/1/2042 | BBB- | 6,140,000 | 6,110,271 | |||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 4.00% | #(a) | 12/1/2050 | BBB- | 4,795,000 | 5,029,017 | ||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 5.00% | #(a) | 12/1/2050 | BBB- | 24,000,000 | 25,365,528 | ||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 5.00% | 12/1/2050 | BBB- | 25,025,000 | 26,540,511 | |||||||||
| Jefferson County Port Authority - JSW Steel USA Ohio Inc OH† | 5.00% | #(a) | 12/1/2053 | Ba1 | 3,600,000 | 3,663,407 | ||||||||
| See Notes to Schedule of Investments. | 63 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Love Field Airport Modernization Corp. - Southwest Airlines Co TX | 5.00% | 11/1/2028 | Baa1 | $ | 2,855,000 | $ | 2,855,355 | |||||||
| Maryland Economic Development Corp.(b) | 5.00% | 12/1/2016 | NR | 855,000 | 554,681 | |||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 5,250,000 | 5,209,788 | |||||||||
| Mobile County Industrial Development Authority - AM/NS Calvert LLC AL | 5.00% | 6/1/2054 | BBB- | 14,250,000 | 14,496,088 | |||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 4.875% | 11/1/2042 | B | 5,000,000 | 4,774,950 | |||||||||
| New Hampshire Business Finance Authority - New York State Electric & Gas Corp AMT | 4.00% | 12/1/2028 | A- | 5,000,000 | 4,960,998 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB- | 6,750,000 | 6,756,529 | |||||||||
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 7,695,000 | 7,678,249 | |||||||||
| New York Liberty Development Corp. | 3.00% | 11/15/2051 | A+ | 14,805,000 | 10,964,417 | |||||||||
| New York Liberty Development Corp. - 7 World Trade Center II LLC | 3.00% | 9/15/2043 | Aaa | 27,780,000 | 22,881,258 | |||||||||
| New York Liberty Development Corp. - 7 World Trade Center II LLC | 3.125% | 9/15/2050 | Aaa | 5,000,000 | 3,934,849 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 3.125% | #(a) | 12/1/2044 | B+ | 3,000,000 | 2,922,839 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 5.125% | #(a) | 9/1/2050 | B+ | 1,000,000 | 1,035,294 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 885,000 | 939,263 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 3,000,000 | 3,196,287 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B | 2,500,000 | 2,498,507 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B | 5,000,000 | 4,702,006 | |||||||||
| Ohio Air Quality Development Authority - American Electric Power Co Inc AMT | 2.10% | #(a) | 4/1/2028 | BBB | 6,495,000 | 6,439,881 | ||||||||
| Ohio Air Quality Development Authority - American Electric Power Co Inc AMT | 2.10% | #(a) | 7/1/2028 | BBB | 5,000,000 | 4,957,568 | ||||||||
| Ohio Air Quality Development Authority - AMG Vanadium LLC AMT† | 5.00% | 7/1/2049 | B- | 8,360,000 | 7,817,272 | |||||||||
| Parish of St. James - NuStar Logistics LP LA† | 5.85% | #(a) | 8/1/2041 | BB+ | 1,000,000 | 1,015,727 | ||||||||
| 64 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.10% | #(a) | 6/1/2038 | BB+ | $ | 3,050,000 | $ | 3,370,849 | ||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.10% | #(a) | 12/1/2040 | BB+ | 3,250,000 | 3,591,816 | ||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.35% | 7/1/2040 | BB+ | 3,250,000 | 3,571,518 | |||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.35% | 10/1/2040 | BB+ | 2,500,000 | 2,747,321 | |||||||||
| Parish of St. John the Baptist - Marathon Oil Corp LA | 4.05% | #(a) | 6/1/2037 | BBB- | 7,750,000 | 7,754,425 | ||||||||
| Phenix City Industrial Development Board AL | 3.625% | 5/15/2030 | BBB | 3,160,000 | 3,152,450 | |||||||||
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX† | 5.25% | 1/1/2054 | NR | 4,900,000 | 4,918,184 | |||||||||
| Port of Seattle Industrial Development Corp. - Delta Air Lines Inc WA AMT | 5.00% | 4/1/2030 | BB+ | 9,200,000 | 9,202,252 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 1,455,000 | 1,387,721 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 6.50% | 12/1/2037 | NR | 3,000,000 | 2,926,527 | |||||||||
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 15,055,000 | 15,056,230 | |||||||||
| South Carolina Jobs - Economic Development Authority - International Paper Co AMT | 4.00% | #(a) | 4/1/2033 | BBB | 5,250,000 | 5,257,663 | ||||||||
| Tulsa Airports Improvement Trust - American Airlines Inc OK AMT | 5.50% | 6/1/2035 | NR | 5,000,000 | 5,004,357 | |||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Co AL† | 5.25% | 5/1/2044 | NR | 5,000,000 | 5,020,784 | |||||||||
| Virginia Small Business Financing Authority - Covanta Holding Corp AMT† | 5.00% | #(a) | 1/1/2048 | B | 910,000 | 909,969 | ||||||||
| West Pace Cooperative District AL(b) | 9.125% | 5/1/2039 | NR | 4,900,000 | 3,724,000 | |||||||||
| West Virginia Economic Development Authority - Kentucky Power Co AMT | 4.70% | #(a) | 4/1/2036 | BBB | 3,000,000 | 3,033,538 | ||||||||
| Williamsburg Economic Development Authority VA - Provident Group - Williamsburg Properties LLC (AGM) | 5.25% | 7/1/2053 | AA | 2,500,000 | 2,715,115 | |||||||||
| Total | 357,542,766 | |||||||||||||
| Education 8.82% | ||||||||||||||
| Brunswick City School District OH(c) | 5.50% | 12/1/2060 | A1 | 11,000,000 | 11,893,571 | |||||||||
| Build NYC Resource Corp. - Kipp NYC Public Charter Schools NY | 5.25% | 7/1/2052 | BBB- | 4,000,000 | 4,145,218 | |||||||||
| See Notes to Schedule of Investments. | 65 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| California Educational Facilities Authority - Chapman University | 5.00% | 4/1/2045 | A2 | $ | 5,000,000 | $ | 5,022,450 | |||||||
| California Educational Facilities Authority - St Mary’s College of California | 5.25% | 10/1/2044 | BBB- | 600,000 | 637,436 | |||||||||
| California Educational Facilities Authority - St Mary’s College of California | 5.50% | 10/1/2053 | BBB- | 2,200,000 | 2,332,798 | |||||||||
| California School Finance Authority - Green Dot Public Schools Obligated Group† | 5.00% | 8/1/2045 | BBB- | 1,500,000 | 1,504,550 | |||||||||
| California School Finance Authority - Kipp SoCal Public Schools Obligated† | 5.00% | 7/1/2047 | BBB | 2,050,000 | 2,076,658 | |||||||||
| Camden County Improvement Authority - KIPP Cooper Norcross Obligated Group NJ | 6.00% | 6/15/2062 | BBB | 2,540,000 | 2,713,777 | |||||||||
| Capital Trust Agency, Inc. - Advantage Academy of Hillsborough Obligated Group FL | 5.00% | 12/15/2049 | Baa3 | 1,000,000 | 969,423 | |||||||||
| Capital Trust Agency, Inc. - Advantage Academy of Hillsborough Obligated Group FL | 5.00% | 12/15/2054 | Baa3 | 1,030,000 | 990,106 | |||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2048 | A | (d) | 7,250,000 | 8,076,473 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 6.10% | 4/1/2036 | A | (d) | 4,235,000 | 4,507,556 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL TCRS (BAM) | 5.00% | 4/1/2045 | AA | 2,500,000 | 2,682,891 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB+ | 15,510,000 | 13,639,682 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2044 | BB+ | 1,750,000 | 1,759,423 | |||||||||
| City of Waltham MA GO | 2.00% | 10/15/2035 | AA+ | 4,920,000 | 3,990,004 | |||||||||
| City of Waltham MA GO | 2.00% | 10/15/2036 | AA+ | 5,015,000 | 3,999,593 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 6.00% | 8/15/2038 | Baa3 | 4,045,000 | 4,129,406 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc (PSF-GTD) | 3.00% | 8/15/2051 | Aaa | 5,750,000 | 4,317,989 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Quinnipiac University | 5.25% | 7/1/2053 | A- | 15,000,000 | 15,885,180 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2045 | BBB- | 1,000,000 | 1,015,232 | |||||||||
| Florida Higher Educational Facilities Financial Authority - Nova Southeastern University Inc | 5.00% | 4/1/2033 | A- | 1,475,000 | 1,502,690 | |||||||||
| 66 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Florida Higher Educational Facilities Financial Authority - Nova Southeastern University Inc | 5.00% | 4/1/2036 | A- | $ | 2,000,000 | $ | 2,032,940 | |||||||
| Hurst-Euless-Bedford Independent School District TX (PSF-GTD) | 4.00% | 8/15/2050 | AAA | 15,000,000 | 14,529,892 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 4.00% | 9/1/2037 | Ba2 | 3,135,000 | 2,700,981 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 4.00% | 9/1/2039 | Ba2 | 4,295,000 | 3,586,954 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2040 | Ba2 | 2,020,000 | 1,896,126 | |||||||||
| Illinois Finance Authority - University of Chicago | 5.25% | 5/15/2048 | Aa2 | 7,500,000 | 8,277,349 | |||||||||
| Illinois Finance Authority - University of Chicago | 5.25% | 5/15/2054 | Aa2 | 18,850,000 | 20,570,539 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines University Osteopathic Medical Center IA | 5.00% | 10/1/2038 | BBB+ | 2,730,000 | 2,860,733 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines University Osteopathic Medical Center IA | 5.00% | 10/1/2039 | BBB+ | 2,870,000 | 2,999,747 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines University Osteopathic Medical Center IA | 5.00% | 10/1/2040 | BBB+ | 3,535,000 | 3,678,813 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines University Osteopathic Medical Center IA | 5.00% | 10/1/2047 | BBB+ | 1,800,000 | 1,838,448 | |||||||||
| Louisiana Public Facilities Authority - Loyola University New Orleans | 5.25% | 10/1/2053 | Baa1 | 21,000,000 | 21,915,407 | |||||||||
| Louisiana Public Facilities Authority - Tulane University | 4.00% | 4/1/2050 | A+ | 11,540,000 | 11,188,436 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 5.00% | 7/1/2032 | Baa3 | 3,750,000 | 3,842,907 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 5.00% | 7/1/2033 | Baa3 | 1,250,000 | 1,280,145 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 5.00% | 7/1/2034 | Baa3 | 1,600,000 | 1,636,902 | |||||||||
| Massachusetts Development Finance Agency - Trustees of Boston University | 5.00% | 10/1/2048 | AA- | 4,650,000 | 5,036,721 | |||||||||
| See Notes to Schedule of Investments. | 67 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| 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 Facilities Board - Lipscomb University Obligated Group TN | 5.25% | 10/1/2058 | BBB- | $ | 6,065,000 | $ | 6,123,673 | |||||||
| Miami-Dade County Educational Facilities Authority - University of Miami FL | 5.00% | 4/1/2053 | A2 | 5,000,000 | 5,137,912 | |||||||||
| Middlesex County Improvement Authority NJ(c) | 5.00% | 8/15/2053 | Aa3 | 15,000,000 | 16,174,157 | |||||||||
| Montebello Unified School District CA GO (AGM) | 5.50% | 8/1/2047 | AA | 6,500,000 | 7,053,033 | |||||||||
| New Jersey Educational Facilities Authority | 5.25% | 9/1/2053 | A2 | 2,100,000 | 2,262,310 | |||||||||
| New York State Dormitory Authority - Cornell University | 5.50% | 7/1/2054 | Aa1 | 22,500,000 | 25,665,217 | |||||||||
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2040 | A- | 5,000,000 | 5,018,799 | |||||||||
| New York State Dormitory Authority - New School | 4.00% | 7/1/2052 | A3 | 7,870,000 | 7,389,758 | |||||||||
| New York State Dormitory Authority - New York Institute of Technology NY | 5.25% | 7/1/2049 | BBB | 1,300,000 | 1,399,718 | |||||||||
| New York State Dormitory Authority - New York Institute of Technology NY | 5.25% | 7/1/2054 | BBB | 1,900,000 | 2,028,540 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2042 | BBB- | 3,720,000 | 3,800,587 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2050 | BBB- | 8,000,000 | 8,033,356 | |||||||||
| Ohio Higher Educational Facility Commission(c) | 5.25% | 10/1/2053 | AA- | 11,500,000 | 12,566,992 | |||||||||
| Ohio Higher Educational Facility Commission - Oberlin College | 5.25% | 10/1/2053 | AA- | 2,680,000 | 2,928,655 | |||||||||
| Onondaga County Trust for Cultural Resources - Syracuse University NY | 5.00% | 12/1/2043 | AA- | 8,000,000 | 8,458,557 | |||||||||
| Philadelphia Authority for Industrial Development - Thomas Jefferson University Obligated PA | 4.70% | #(a) | 9/1/2050 | A | 5,475,000 | 5,475,000 | ||||||||
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2038 | BBB- | 2,220,000 | 2,197,458 | |||||||||
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2043 | BBB- | 1,000,000 | 964,218 | |||||||||
| Rhode Island Health & Educational Building Corp. - Providence College | 5.00% | 11/1/2053 | A | 12,975,000 | 13,761,869 | |||||||||
| Shaker Heights City School District OH | 5.25% | 12/15/2059 | AA | 7,380,000 | 8,127,362 | |||||||||
| 68 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Town of Davie - Nova Southeastern University Inc FL | 5.00% | 4/1/2048 | A- | $ | 3,000,000 | $ | 3,072,642 | |||||||
| University of Connecticut | 5.25% | 11/15/2047 | Aa3 | 8,080,000 | 8,444,163 | |||||||||
| University of Illinois (AGM) | 4.00% | 4/1/2038 | AA | 4,965,000 | 4,934,594 | |||||||||
| University of North Carolina at Wilmington | 5.00% | 6/1/2037 | A1 | 7,055,000 | 7,125,287 | |||||||||
| Vermont Educational & Health Buildings Financing Agency - President & Fellows of Middlebury College | 4.00% | 11/1/2050 | AA | 4,625,000 | 4,573,800 | |||||||||
| Washington State Housing Finance Commission - Seattle Academy of Arts & Sciences† | 6.125% | 7/1/2053 | BBB | 2,500,000 | 2,744,298 | |||||||||
| Washington State Housing Finance Commission - Seattle Academy of Arts & Sciences† | 6.375% | 7/1/2063 | BBB | 2,000,000 | 2,203,674 | |||||||||
| West Virginia Economic Development Authority - Wheeling Power Co AMT | 3.00% | #(a) | 6/1/2037 | BBB+ | 2,800,000 | 2,728,589 | ||||||||
| Total | 388,059,364 | |||||||||||||
| Electric Revenue Bonds 0.37% | ||||||||||||||
| City of San Antonio TX Electric & Gas Systems Revenue(c) | 5.00% | 2/1/2054 | Aa2 | 15,000,000 | 16,129,046 | |||||||||
| Energy 0.87% | ||||||||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2038 | A1 | 3,745,000 | 3,958,097 | |||||||||
| New Mexico Municipal Energy Acquisition Authority | 5.00% | #(a) | 11/1/2039 | Aa1 | 10,000,000 | 10,095,388 | ||||||||
| PEFA, Inc. IA | 5.00% | #(a) | 9/1/2049 | A3 | 23,635,000 | 24,105,694 | ||||||||
| Total | 38,159,179 | |||||||||||||
| Financial Services 0.12% | ||||||||||||||
| Massachusetts Educational Financing Authority AMT | 4.125% | 7/1/2046 | BBB | 5,755,000 | 5,166,720 | |||||||||
| General Obligation 15.33% | ||||||||||||||
| Black Belt Energy Gas District AL | 5.25% | #(a) | 2/1/2053 | A1 | 7,500,000 | 7,918,297 | ||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 1/1/2054 | Baa1 | 41,700,000 | 43,969,777 | ||||||||
| California State Public Works Board - State of California Department of General Services | 5.00% | 4/1/2049 | Aa3 | 9,600,000 | 10,614,646 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2040 | BB+ | 2,600,000 | 2,436,072 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2041 | BB+ | 5,000,000 | 4,637,195 | |||||||||
| See Notes to Schedule of Investments. | 69 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| 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% | 12/1/2029 | BB+ | $ | 2,000,000 | $ | 2,074,707 | |||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2030 | BB+ | 2,070,000 | 2,148,387 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2031 | BB+ | 1,000,000 | 1,034,962 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB+ | 1,250,000 | 1,300,334 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2047 | BB+ | 4,435,000 | 4,478,596 | |||||||||
| Chicago Board of Education IL GO | 5.875% | 12/1/2047 | BB+ | 3,750,000 | 4,108,908 | |||||||||
| Chicago Board of Education IL GO | 6.00% | 12/1/2049 | BB+ | 4,875,000 | 5,372,041 | |||||||||
| Chicago Board of Education IL GO | 6.50% | 12/1/2046 | BB+ | 1,100,000 | 1,143,592 | |||||||||
| Chicago Board of Education IL GO† | 7.00% | 12/1/2046 | BB+ | 1,200,000 | 1,293,148 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2026 | BBB+ | 6,145,000 | 6,249,837 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2034 | BBB+ | 2,400,000 | 2,415,147 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2037 | BBB+ | 3,245,000 | 3,260,141 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2039 | BBB+ | 2,125,000 | 2,313,513 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2040 | BBB+ | 2,500,000 | 2,507,003 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2042 | BBB+ | 5,000,000 | 5,011,246 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2049 | BBB+ | 18,285,000 | 18,909,265 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2038 | BBB+ | 19,430,000 | 20,219,239 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2051 | AA | 7,275,000 | 7,851,157 | |||||||||
| City of New York NY GO | 5.25% | 9/1/2043 | AA | 6,500,000 | 7,236,075 | |||||||||
| City of New York NY GO | 5.25% | 4/1/2054 | AA | 8,500,000 | 9,389,207 | |||||||||
| City of New York NY GO | 5.50% | 5/1/2046 | AA | 2,675,000 | 2,994,733 | |||||||||
| City of New York NY GO TCRS (BAM) | 3.00% | 3/1/2051 | AA | 5,000,000 | 3,849,101 | |||||||||
| City of Philadelphia PA GO | 5.00% | 8/1/2036 | A1 | 8,990,000 | 9,350,751 | |||||||||
| City of Philadelphia PA GO | 5.00% | 8/1/2037 | A1 | 3,250,000 | 3,361,278 | |||||||||
| Commonwealth of Massachusetts GO | 5.00% | 1/1/2054 | AA+ | 7,740,000 | 8,336,473 | |||||||||
| Commonwealth of Pennsylvania GO | 4.00% | 3/1/2037 | Aa3 | 4,255,000 | 4,313,505 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(a) | 11/1/2043 | NR | 1,633,589 | 1,002,615 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 5,201,407 | 5,022,091 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 15,000,000 | 13,627,410 | |||||||||
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/2025 | NR | 2,576,932 | 2,599,243 | |||||||||
| County of Anne Arundel MD GO | 3.00% | 10/1/2044 | AAA | 7,415,000 | 6,170,190 | |||||||||
| County of Cook IL GO | 5.00% | 11/15/2030 | A+ | 1,000,000 | 1,032,490 | |||||||||
| County of Cook IL GO | 5.00% | 11/15/2035 | A+ | 1,000,000 | 1,024,699 | |||||||||
| County of Luzerne PA GO (AGM) | 5.00% | 11/15/2029 | AA | 4,215,000 | 4,271,027 | |||||||||
| County of Pasco - State of Florida Cigarette Tax Revenue (AGM) | 5.75% | 9/1/2054 | AA | 4,770,000 | 5,351,426 | |||||||||
| Forney Independent School District TX GO (PSF-GTD) | 3.00% | 2/15/2045 | AAA | 6,050,000 | 4,781,143 | |||||||||
| 70 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Grant County Public Hospital District No. 1 WA GO | 5.125% | 12/1/2048 | Baa2 | $ | 5,000,000 | $ | 5,073,033 | |||||||
| Hudson Yards Infrastructure Corp. NY | 4.00% | 2/15/2044 | AA | 9,400,000 | 9,310,625 | |||||||||
| Irvine Unified School District - Community Facilities District No 01-1 CA Special Tax (BAM) | 5.00% | 9/1/2056 | AA | 500,000 | 513,415 | |||||||||
| King County Public Hospital District No. 4 WA GO | 5.00% | 12/1/2038 | NR | 5,000,000 | 5,002,991 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2048 | A2 | 4,750,000 | 5,054,766 | |||||||||
| Louisiana Stadium & Exposition District | 5.25% | 7/1/2053 | A2 | 15,715,000 | 16,968,975 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2027 | A1 | 4,500,000 | 4,568,148 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2029 | A1 | 2,940,000 | 3,013,103 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 6/1/2053 | A3 | 25,965,000 | 27,461,649 | ||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2048 | AA | 2,000,000 | 2,182,983 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2048 | AA | 3,980,000 | 4,331,054 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2053 | AA | 4,000,000 | 4,333,664 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2053 | AA | 5,000,000 | 5,400,792 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 4.00% | 6/15/2050 | A | 25,900,000 | 24,244,151 | |||||||||
| Metropolitan Pier & Exposition Authority IL (AGM) | 4.00% | 6/15/2050 | AA | 6,000,000 | 5,678,527 | |||||||||
| New Jersey Economic Development Authority - New Jersey Transit Corp | 5.25% | 11/1/2047 | A2 | 11,050,000 | 12,001,626 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2029 | A2 | 15,365,000 | 12,555,287 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2048 | A2 | 5,000,000 | 5,337,627 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2041 | A2 | 6,250,000 | 6,998,102 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2042 | A2 | 2,000,000 | 2,230,621 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2044 | AAA | 15,000,000 | 16,410,900 | |||||||||
| See Notes to Schedule of Investments. | 71 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2045 | AAA | $ | 7,500,000 | $ | 8,520,201 | |||||||
| New York State Thruway Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2048 | AA+ | 14,435,000 | 11,521,910 | |||||||||
| New York State Thruway Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | AA+ | 7,085,000 | 5,514,713 | |||||||||
| New York State Thruway Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2051 | AA+ | 4,110,000 | 3,152,687 | |||||||||
| New York State Urban Development Corp. - State of New York Sales Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 4,970,000 | 3,868,472 | |||||||||
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 6.00% | 6/30/2061 | Baa2 | 30,325,000 | 33,306,035 | |||||||||
| San Bernardino Community College District CA GO | Zero Coupon | 8/1/2044 | Aa1 | 7,750,000 | 3,252,201 | |||||||||
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue CA | 3.00% | 7/1/2044 | AA+ | 6,505,000 | 5,410,592 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% | 5/1/2042 | A+ | 4,000,000 | 4,119,119 | |||||||||
| School District of Philadelphia PA GO (ST AID WITHHLDG) | 5.00% | 9/1/2037 | A1 | 1,200,000 | 1,214,563 | |||||||||
| Southwest Local School District/Hamilton County OH GO (SD CRED PROG) | 4.00% | 1/15/2055 | Aa1 | 7,000,000 | 6,741,313 | |||||||||
| St. Louis County Reorganized School District No. R-6 MO GO | 3.35% | 2/1/2037 | AAA | 6,350,000 | 5,936,141 | |||||||||
| St. Louis County Reorganized School District No. R-6 MO GO | 3.40% | 2/1/2038 | AAA | 6,150,000 | 5,722,633 | |||||||||
| State of California GO | 5.00% | 8/1/2038 | Aa2 | 3,700,000 | 3,800,631 | |||||||||
| State of California GO | 5.25% | 8/1/2032 | Aa2 | 7,500,000 | 7,646,613 | |||||||||
| State of California GO | 5.25% | 10/1/2050 | Aa2 | 7,500,000 | 8,453,653 | |||||||||
| State of Connecticut GO | 3.00% | 1/15/2034 | AA- | 7,475,000 | 6,983,274 | |||||||||
| State of Connecticut GO | 4.00% | 6/15/2037 | AA- | 975,000 | 978,167 | |||||||||
| State of Connecticut GO | 5.00% | 6/15/2038 | AA- | 1,000,000 | 1,052,223 | |||||||||
| State of Connecticut GO | 5.00% | 4/15/2039 | AA- | 1,650,000 | 1,760,060 | |||||||||
| State of Illinois GO | 4.00% | 11/1/2037 | A- | 6,810,000 | 6,739,892 | |||||||||
| State of Illinois GO | 5.00% | 1/1/2035 | A- | 6,200,000 | 6,287,360 | |||||||||
| 72 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| 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% | 12/1/2035 | A- | $ | 2,145,000 | $ | 2,224,768 | |||||||
| State of Illinois GO | 5.00% | 5/1/2038 | A- | 4,515,000 | 4,693,886 | |||||||||
| State of Illinois GO | 5.00% | 1/1/2041 | A- | 3,580,000 | 3,613,141 | |||||||||
| State of Illinois GO | 5.00% | 5/1/2043 | A- | 3,000,000 | 3,082,452 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2045 | A- | 2,500,000 | 2,733,696 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2047 | A- | 1,500,000 | 1,628,448 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2048 | A- | 1,500,000 | 1,623,695 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2049 | A- | 1,750,000 | 1,889,859 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2039 | A- | 8,250,000 | 9,036,034 | |||||||||
| State of Illinois GO | 5.50% | 10/1/2039 | A- | 6,000,000 | 6,762,274 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2042 | A- | 5,250,000 | 5,814,515 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2047 | A- | 10,950,000 | 11,910,769 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2047 | A- | 11,165,000 | 12,157,047 | |||||||||
| State of Illinois GO | 5.75% | 5/1/2045 | A- | 2,600,000 | 2,825,272 | |||||||||
| Tuscaloosa City Board of Education AL | 5.00% | 8/1/2046 | AA- | 5,000,000 | 5,174,556 | |||||||||
| Union County Utilities Authority - Covanta Union LLC NJ GTD AMT | 4.75% | 12/1/2031 | AA+ | 3,855,000 | 3,854,860 | |||||||||
| Washington & Multnomah Counties School District No. 48J Beaverton OR GO (SCH BD GTY) | 5.00% | 6/15/2036 | AA+ | 8,000,000 | 8,310,786 | |||||||||
| Washington State Convention Center Public Facilities District | 5.00% | 7/1/2048 | Baa1 | 7,000,000 | 7,183,838 | |||||||||
| Washington Township Health Care District CA GO | 5.50% | 8/1/2053 | AA | 2,000,000 | 2,230,227 | |||||||||
| Wilkes-Barre Area School District PA GO (BAM), (ST AID WITHHLDG) | 5.00% | 4/15/2059 | AA | 2,500,000 | 2,566,556 | |||||||||
| Total | 674,951,838 | |||||||||||||
| Health Care 14.62% | ||||||||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2041 | BBB | 3,000,000 | 2,950,012 | |||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2046 | BBB | 2,615,000 | 2,522,361 | |||||||||
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2049 | BBB | 2,700,000 | 2,867,310 | |||||||||
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2054 | BBB | 3,250,000 | 3,441,509 | |||||||||
| See Notes to Schedule of Investments. | 73 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| 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 Obligated Group PA | 4.00% | 11/1/2038 | CC | $ | 5,000,000 | $ | 3,150,000 | |||||||
| Berks County Industrial Development Authority - Tower Health Obligated Group PA | 5.00% | 11/1/2036 | CC | 5,000,000 | 3,150,000 | |||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | #(a) | 2/1/2040 | CC | 2,680,000 | 1,996,600 | ||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | #(a) | 2/1/2040 | CC | 605,000 | 381,150 | ||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | 11/1/2044 | CC | 10,055,000 | 6,334,650 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2045 | BB | 2,000,000 | 1,806,104 | |||||||||
| California Health Facilities Financing Authority - Children’s Hospital Los Angeles Obligated Group | 5.00% | 8/15/2047 | BBB | 3,025,000 | 3,078,892 | |||||||||
| California Health Facilities Financing Authority - City of Hope Obligated Group | 4.00% | 11/15/2045 | A | 7,050,000 | 6,825,794 | |||||||||
| California Municipal Finance Authority - Community Hospitals of Central California Obligated Group | 5.00% | 2/1/2047 | A3 | 6,940,000 | 6,984,617 | |||||||||
| California Municipal Finance Authority (AGM) | 4.00% | 2/1/2051 | AA | 8,900,000 | 8,492,251 | |||||||||
| California Statewide Communities Development Authority - Eskaton Properties Inc Obligated Group | 5.25% | 11/15/2034 | BBB- | 1,790,000 | 1,790,529 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.25% | 12/1/2043 | BB | 4,510,000 | 4,648,955 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.50% | 12/1/2054 | BB | 6,875,000 | 6,895,563 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.50% | 12/1/2058 | BB | 3,375,000 | 3,459,963 | |||||||||
| City of Colby KS - Citizens Medical Center Inc | 5.50% | 7/1/2026 | NR | 7,400,000 | 7,395,937 | |||||||||
| City of Minneapolis - Fairview Health Services Obligated Group MN | 5.00% | 11/15/2049 | BBB+ | 9,650,000 | 9,702,761 | |||||||||
| City of Seneca - Nemaha Valley Community Hospital KS | 5.00% | 9/1/2025 | NR | 4,000,000 | 4,007,938 | |||||||||
| 74 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| City of Tampa - H Lee Moffitt Cancer Center & Research Institute Obligated Group FL | 4.00% | 7/1/2045 | A | $ | 7,400,000 | $ | 7,099,065 | |||||||
| Colorado Health Facilities Authority - CommonSpirit Health Obligated Group | 5.00% | 8/1/2044 | A- | 3,000,000 | 3,090,406 | |||||||||
| Colorado Health Facilities Authority - CommonSpirit Health Obligated Group | 5.50% | 11/1/2047 | A- | 4,390,000 | 4,812,020 | |||||||||
| Columbia County Hospital Authority - WellStar Health System Obligated Group GA | 5.75% | 4/1/2053 | A+ | 2,670,000 | 2,985,674 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Nuvance Health Obligated Group | 4.00% | 7/1/2041 | BBB | 10,920,000 | 10,363,918 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Nuvance Health Obligated Group | 4.00% | 7/1/2049 | BBB | 6,875,000 | 6,239,100 | |||||||||
| County of Cuyahoga - MetroHealth System OH | 5.50% | 2/15/2052 | BBB | 8,925,000 | 9,087,624 | |||||||||
| County of Cuyahoga - MetroHealth System OH | 5.50% | 2/15/2057 | BBB | 5,250,000 | 5,341,011 | |||||||||
| County of Montgomery - Premier Health Partners Obligated Group OH | 4.00% | 11/15/2042 | Baa1 | 10,800,000 | 10,035,545 | |||||||||
| County of Muskingum - Genesis Healthcare Obligated Group OH | 5.00% | 2/15/2044 | BB+ | 2,650,000 | 2,498,085 | |||||||||
| County of Warren - Bowling Green-Warren County Community Hospital Corp KY | 5.25% | 4/1/2049 | AA- | 8,610,000 | 9,349,428 | |||||||||
| County of Warren - Bowling Green-Warren County Community Hospital Corp KY | 5.25% | 4/1/2054 | AA- | 8,000,000 | 8,635,130 | |||||||||
| Crawford County Hospital Authority - Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2046 | NR | 950,000 | 959,237 | |||||||||
| Crawford County Hospital Authority - Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2051 | NR | 1,115,000 | 1,121,063 | |||||||||
| Cumberland County Municipal Authority - Penn State Health Obligated Group PA | 3.00% | 11/1/2038 | A | 4,315,000 | 3,745,581 | |||||||||
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 700,000 | 700,261 | |||||||||
| Duluth Economic Development Authority - Essentia Health Obligated Group MN | 5.25% | 2/15/2053 | A- | 2,870,000 | 2,938,677 | |||||||||
| Duluth Economic Development Authority - Essentia Health Obligated Group MN | 5.25% | 2/15/2058 | A- | 21,000,000 | 21,487,357 | |||||||||
| See Notes to Schedule of Investments. | 75 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Duluth Economic Development Authority - St Luke’s Hospital of Duluth Obligated MN | 5.25% | 6/15/2052 | AA- | $ | 5,000,000 | $ | 5,404,400 | |||||||
| Genesee County Funding Corp. - Rochester Regional Health Obligated NY | 5.25% | 12/1/2052 | BBB+ | 4,000,000 | 4,145,605 | |||||||||
| Greenville Health System - Prisma Health Obligated Group SC | 5.00% | 5/1/2034 | A | 3,970,000 | 3,970,824 | |||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple University Health Obligated Group PA | 5.00% | 7/1/2032 | BBB | 1,000,000 | 1,013,502 | |||||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple University Health Obligated Group PA | 5.00% | 7/1/2033 | BBB | 2,950,000 | 2,989,565 | |||||||||
| Illinois Finance Authority - University of Chicago Medical Center Obligated Group | 5.00% | 8/15/2052 | AA- | 15,000,000 | 15,595,323 | |||||||||
| Isle of Weight County Economic Development Authority - Riverside Healthcare Association Obligated Group VA (AGM) | 5.25% | 7/1/2048 | AA | 3,000,000 | 3,248,362 | |||||||||
| Isle of Weight County Economic Development Authority - Riverside Healthcare Association Obligated Group VA (AGM) | 5.25% | 7/1/2053 | AA | 6,000,000 | 6,483,443 | |||||||||
| Lee Memorial Health System Obligated Group FL | 4.00% | 4/1/2049 | A+ | 5,500,000 | 5,198,944 | |||||||||
| Louisville/Jefferson County Metropolitan Government - Norton Healthcare Obligated Group KY | 5.00% | 10/1/2041 | A | 3,200,000 | 3,433,420 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Adventist Healthcare Obligated Group | 5.00% | 1/1/2036 | Baa3 | 3,290,000 | 3,439,146 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Adventist Healthcare Obligated Group | 5.50% | 1/1/2046 | Baa3 | 17,615,000 | 17,866,755 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Doctors Hospital Inc Obligated Group | 5.00% | 7/1/2038 | A3 | 7,080,000 | 7,157,380 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Mercy Medical Center Obligated Group | 5.00% | 7/1/2036 | A- | 1,320,000 | 1,342,636 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Mercy Medical Center Obligated Group | 5.00% | 7/1/2038 | A- | 2,250,000 | 2,278,768 | |||||||||
| 76 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2031 | BBB | $ | 1,980,000 | $ | 2,025,653 | |||||||
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2035 | BBB | 5,115,000 | 5,202,007 | |||||||||
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.25% | 7/1/2048 | BBB | 2,600,000 | 2,787,011 | |||||||||
| Massachusetts Development Finance Agency - Mass General Brigham Inc | 5.00% | 7/1/2054 | AA- | 11,000,000 | 11,722,396 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 4.00% | 7/1/2035 | BBB- | 2,000,000 | 1,873,382 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 4.00% | 7/1/2044 | BBB- | 5,380,000 | 4,760,860 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2039 | BBB- | 3,360,000 | 3,370,777 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2044 | BBB- | 1,600,000 | 1,596,001 | |||||||||
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.50% | 2/28/2049 | A3 | 3,100,000 | 3,416,591 | |||||||||
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.50% | 2/28/2057 | A3 | 2,200,000 | 2,407,423 | |||||||||
| Michigan State Hospital Finance Authority - Ascension Health Credit Group | 5.00% | 11/15/2047 | AA+ | 4,000,000 | 4,166,517 | |||||||||
| Minnesota Agricultural & Economic Development Board - HealthPartners Obligated Group | 5.25% | 1/1/2054 | A | 12,900,000 | 13,924,087 | |||||||||
| Monroe County Hospital Authority - Centurion Foundation Lehigh Valley LLC PA† | 5.10% | 6/15/2039 | NR | 10,000,000 | 9,969,009 | |||||||||
| Montana Facility Finance Authority - Kalispell Regional Medical Center Obligated Group | 5.00% | 7/1/2043 | A | 4,000,000 | 4,031,046 | |||||||||
| Montana Facility Finance Authority - Kalispell Regional Medical Center Obligated Group | 5.00% | 7/1/2048 | A | 5,760,000 | 5,789,257 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson University Obligated Group PA | 4.00% | 9/1/2049 | A | 3,960,000 | 3,686,177 | |||||||||
| See Notes to Schedule of Investments. | 77 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| 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 Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2029 | A- | $ | 1,000,000 | $ | 1,000,545 | |||||||
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2030 | A- | 580,000 | 580,305 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2031 | A- | 1,620,000 | 1,620,801 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2034 | A- | 1,100,000 | 1,100,411 | |||||||||
| Nebraska Educational Health Cultural & Social Services Finance Authority - Immanuel Retirement Communities Obligated Group | 4.00% | 1/1/2044 | AA | (d) | 3,500,000 | 3,370,302 | ||||||||
| New Hampshire Business Finance Authority - NFA UH SPV LLC† | 5.625% | 12/15/2033 | NR | 2,500,000 | 2,556,244 | |||||||||
| New Hampshire Business Finance Authority - NFA UH SPV LLC† | 6.25% | 12/15/2038 | NR | 2,565,000 | 2,650,260 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 4.00% | 7/1/2048 | BBB- | 8,110,000 | 7,288,877 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2031 | BB | 1,300,000 | 1,237,761 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2040 | BB | 1,300,000 | 1,254,670 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2036 | BBB- | 1,450,000 | 1,418,397 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2038 | BBB- | 4,725,000 | 4,546,699 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 5.00% | 8/1/2028 | BBB- | 3,055,000 | 3,102,679 | |||||||||
| New York State Dormitory Authority - Northwell Health Obligated Group | 5.00% | 5/1/2037 | A- | 7,450,000 | 7,491,360 | |||||||||
| New York State Dormitory Authority - Northwell Health Obligated Group | 5.00% | 5/1/2052 | A- | 8,085,000 | 8,484,554 | |||||||||
| New York State Dormitory Authority - Northwell Health Obligated Group(c) | 5.00% | 5/1/2052 | A- | 33,500,000 | 35,147,015 | |||||||||
| 78 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Niagara Area Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B- | $ | 1,500,000 | $ | 1,246,685 | |||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2052 | BB- | 10,015,000 | 10,303,839 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2057 | BB- | 10,000,000 | 10,263,581 | |||||||||
| Oregon Health & Science University - Oregon Health & Science University Obligated Group | 4.00% | 7/1/2051 | AA- | 6,580,000 | 6,273,227 | |||||||||
| Oregon State Facilities Authority - Providence St Joseph Health Obligated Group | 5.00% | 10/1/2045 | A | 7,000,000 | 7,044,912 | |||||||||
| Palm Beach County Health Facilities Authority - Baptist Health South Obligated Group FL | 4.00% | 8/15/2049 | AA- | 6,765,000 | 6,184,581 | |||||||||
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | BB+ | 11,025,000 | 10,608,517 | |||||||||
| Palomar Health Obligated Group CA | 5.00% | 11/1/2039 | BB+ | 8,240,000 | 7,849,368 | |||||||||
| Pennsylvania Economic Development Financing Authority - UPMC Obligated Group | 4.00% | 5/15/2048 | A | 3,500,000 | 3,355,901 | |||||||||
| Public Finance Authority - Moses H Cone Memorial Hospital Obligated Group WI | 5.00% | 10/1/2052 | AA- | 8,750,000 | 9,236,601 | |||||||||
| Public Finance Authority - Proton International Alabama LLC WI†(b) | 6.85% | 10/1/2047 | NR | 1,410,000 | 141,000 | |||||||||
| Rhode Island Health & Educational Building Corp. - Lifespan Obligated Group | 5.25% | 5/15/2049 | BBB+ | 1,825,000 | 1,946,801 | |||||||||
| Rhode Island Health & Educational Building Corp. - Lifespan Obligated Group | 5.25% | 5/15/2054 | BBB+ | 4,500,000 | 4,778,856 | |||||||||
| Roanoke Economic Development Authority - Carilion Clinic Obligated Group | 3.00% | 7/1/2045 | AA- | 20,740,000 | 17,046,384 | |||||||||
| Skagit County Public Hospital District No. 1 WA | 5.50% | 12/1/2054 | Baa3 | 3,590,000 | 3,821,479 | |||||||||
| South Broward Hospital District Obligated Group FL TCRS (BAM) | 3.00% | 5/1/2051 | AA | 5,150,000 | 4,012,546 | |||||||||
| South Carolina Jobs-Economic Development Authority - Bon Secours Mercy Health Inc | 5.00% | 12/1/2046 | A+ | 8,000,000 | 8,333,336 | |||||||||
| South Carolina Jobs-Economic Development Authority - Novant Health Obligated Group | 5.50% | 11/1/2046 | A+ | 9,500,000 | 10,742,878 | |||||||||
| See Notes to Schedule of Investments. | 79 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| 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 - Novant Health Obligated Group | 5.50% | 11/1/2054 | A+ | $ | 11,465,000 | $ | 12,736,657 | |||||||
| State of Ohio - Premier Health Partners Obligated | 4.00% | 11/15/2039 | Baa1 | 2,640,000 | 2,458,492 | |||||||||
| Tarrant County Cultural Education Facilities Finance Corp TX(c) | 5.00% | 7/1/2053 | A1 | 9,550,000 | 9,882,634 | |||||||||
| Vermont Educational & Health Buildings Financing Agency - University of Vermont Health Network Obligated Group | 5.00% | 12/1/2035 | A | 4,500,000 | 4,573,377 | |||||||||
| Washington Health Care Facilities Authority - Overlake Hospital Medical Center Obligated Group | 5.00% | 7/1/2038 | BBB+ | 4,000,000 | 4,000,519 | |||||||||
| West Virginia Hospital Finance Authority - Vandalia Health Inc Obligated Group | 6.00% | 9/1/2048 | BBB+ | 2,060,000 | 2,341,477 | |||||||||
| West Virginia Hospital Finance Authority - Vandalia Health Inc Obligated Group | 6.00% | 9/1/2053 | BBB+ | 3,250,000 | 3,668,066 | |||||||||
| Westchester County Health Care Corp Obligated Group NY | 6.00% | 11/1/2030 | BBB- | 100,000 | 100,130 | |||||||||
| Westchester County Health Care Corp Obligated Group NY | 6.125% | 11/1/2037 | BBB- | 30,000 | 30,074 | |||||||||
| Westchester County Health Care Corp Obligated Group NY | 6.25% | 11/1/2052 | BBB- | 1,280,000 | 1,444,895 | |||||||||
| Westchester County Health Care Corp Obligated Group NY (AGM) | 5.00% | 11/1/2051 | AA | 2,750,000 | 2,887,211 | |||||||||
| Westchester County Health Care Corp Obligated Group NY (AGM) | 5.75% | 11/1/2048 | AA | 1,750,000 | 1,944,886 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Ascension Health Credit Group | 4.00% | 11/15/2046 | AA+ | 8,000,000 | 7,580,420 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group(e) | 5.50% | 2/15/2054 | BBB | 4,750,000 | 5,053,876 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.73% | #(a) | 2/15/2053 | BBB | 10,000,000 | 10,000,000 | ||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group (BAM)(e) | 5.25% | 2/15/2054 | BBB | (d) | 1,250,000 | 1,333,932 | ||||||||
| Wisconsin Health & Educational Facilities Authority - Sauk-Prairie Memorial Hospital Inc Obligated Group | 5.375% | 2/1/2048 | Ba2 | 840,000 | 828,360 | |||||||||
| Total | 643,574,723 | |||||||||||||
| 80 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing 2.60% | ||||||||||||||
| California Municipal Finance Authority - Bowles Hall Foundation | 5.00% | 6/1/2050 | Baa3 | $ | 1,410,000 | $ | 1,415,627 | |||||||
| California Municipal Finance Authority - Caritas Affordable Housing Inc | 5.25% | 8/15/2039 | A- | 650,000 | 650,780 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2039 | Baa3 | 1,000,000 | 1,025,457 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2041 | Baa3 | 1,000,000 | 1,018,644 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2048 | Baa3 | 1,350,000 | 1,352,037 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2053 | Baa3 | 1,745,000 | 1,737,638 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2058 | Baa3 | 1,750,000 | 1,722,709 | |||||||||
| CMFA Special Finance Agency CA† | 4.00% | 12/1/2045 | NR | 5,000,000 | 4,196,048 | |||||||||
| CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments CA† | 3.125% | 8/1/2056 | NR | 4,500,000 | 3,445,231 | |||||||||
| Delaware State Housing Authority (FHLMC) (FNMA) (GNMA) | 6.00% | 1/1/2055 | Aa1 | 8,400,000 | 9,185,848 | |||||||||
| FHLMC Multifamily VRD Certificates OT | 4.60% | 12/15/2044 | AA+ | 5,380,000 | 5,381,110 | |||||||||
| Florida Housing Finance Corp. (FHLMC) (FNMA) (GNMA) | 6.25% | 7/1/2055 | Aaa | 5,000,000 | 5,544,717 | |||||||||
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.00% | 6/1/2053 | BBB- | 1,350,000 | 1,386,377 | |||||||||
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.125% | 6/1/2058 | BBB- | 1,700,000 | 1,748,795 | |||||||||
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.375% | 6/1/2064 | BBB- | 4,460,000 | 4,635,466 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - Downtown Phoenix Student Housing LLC AZ | 5.00% | 7/1/2037 | Baa3 | 1,000,000 | 1,029,044 | |||||||||
| Knox County Health Educational & Housing Facility Board - Provident Group - UTK Properties LLC TN (BAM) | 5.25% | 7/1/2049 | AA | 2,700,000 | 2,894,294 | |||||||||
| See Notes to Schedule of Investments. | 81 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Knox County Health Educational & Housing Facility Board - Provident Group - UTK Properties LLC TN (BAM) | 5.50% | 7/1/2054 | AA | $ | 1,150,000 | $ | 1,251,538 | |||||||
| Knox County Health Educational & Housing Facility Board - Provident Group - UTK Properties LLC TN (BAM) | 5.50% | 7/1/2059 | AA | 2,000,000 | 2,167,273 | |||||||||
| Knox County Health Educational & Housing Facility Board TN (BAM) | 5.125% | 7/1/2054 | AA | 2,000,000 | 2,111,947 | |||||||||
| Knox County Health Educational & Housing Facility Board TN (BAM) | 5.125% | 7/1/2059 | AA | 1,000,000 | 1,048,386 | |||||||||
| Maryland Economic Development Corp. | 5.75% | 7/1/2053 | BBB- | 2,000,000 | 2,178,009 | |||||||||
| Maryland Economic Development Corp. | 6.00% | 7/1/2058 | BBB- | 5,000,000 | 5,521,758 | |||||||||
| New Hampshire Business Finance Authority | 4.00% | 10/20/2036 | BBB | 10,752,810 | 10,364,710 | |||||||||
| New Hampshire Business Finance Authority | 4.25% | 7/20/2041 | A2 | 6,482,743 | 6,348,574 | |||||||||
| New Hampshire Business Finance Authority | 4.375% | 9/20/2036 | BBB | 5,359,036 | 5,330,336 | |||||||||
| New York State Dormitory Authority - State University of New York Dormitory Facilities Revenue | 3.00% | 7/1/2045 | Aa3 | 5,037,000 | 3,969,530 | |||||||||
| Public Finance Authority - CHF- Manoa LLC WI† | 5.50% | 7/1/2043 | BBB- | 4,500,000 | 4,884,039 | |||||||||
| Public Finance Authority - CHF-Manoa LLC WI† | 5.75% | 7/1/2053 | BBB- | 6,285,000 | 6,794,873 | |||||||||
| Toledo-Lucas County Port Authority - CHF-Toledo LLC OH | 5.00% | 7/1/2034 | BBB- | 1,000,000 | 997,348 | |||||||||
| Toledo-Lucas County Port Authority - CHF-Toledo LLC OH | 5.00% | 7/1/2039 | BBB- | 1,500,000 | 1,489,113 | |||||||||
| Toledo-Lucas County Port Authority - CHF-Toledo LLC OH | 5.00% | 7/1/2046 | BBB- | 1,000,000 | 966,882 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.00% | 7/1/2054 | BBB- | 2,500,000 | 2,566,080 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2044 | BBB- | 1,350,000 | 1,471,343 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2049 | BBB- | 1,000,000 | 1,073,288 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2059 | BBB- | 5,135,000 | 5,474,047 | |||||||||
| Total | 114,378,896 | |||||||||||||
| 82 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations 2.23% | ||||||||||||||
| Illinois Sports Facilities Authority (AGM) | 5.00% | 6/15/2027 | AA | $ | 3,500,000 | $ | 3,510,917 | |||||||
| Indiana Finance Authority - Marion County Capital Improvement Board | 5.25% | 2/1/2032 | AA+ | 5,000,000 | 5,085,050 | |||||||||
| Kentucky Bond Development Corp. | 4.00% | 9/1/2048 | A+ | 6,645,000 | 6,316,105 | |||||||||
| New Jersey Economic Development Authority - New Jersey Transit Corp | 5.00% | 11/1/2044 | A2 | 5,500,000 | 5,749,111 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | A- | 9,000,000 | 9,006,727 | |||||||||
| New Jersey Economic Development Authority - State Capitol Joint Management Commission | 5.00% | 6/15/2043 | A2 | 4,500,000 | 4,662,618 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2036 | A2 | 1,285,000 | 1,334,581 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2041 | A2 | 5,050,000 | 5,272,449 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2042 | A2 | 4,930,000 | 5,195,831 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2047 | A2 | 6,050,000 | 6,173,374 | |||||||||
| New Jersey Educational Facilities Authority - State of New Jersey Department of the Treasury | 4.00% | 9/1/2029 | A2 | 5,445,000 | 5,447,799 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2028 | A2 | 10,000,000 | 8,481,044 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2031 | A2 | 1,935,000 | 1,463,330 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2037 | A2 | 3,390,000 | 2,010,368 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2030 | A+ | 3,000,000 | 3,073,269 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2031 | A+ | 2,400,000 | 2,456,344 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2035 | A2 | 4,200,000 | 4,433,613 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2036 | A2 | 3,500,000 | 3,685,367 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2046 | A2 | 14,595,000 | 15,025,351 | |||||||||
| Total | 98,383,248 | |||||||||||||
| See Notes to Schedule of Investments. | 83 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Multi-Family Housing 0.21% | ||||||||||||||
| New Hampshire Business Finance Authority | 3.625% | 8/20/2039 | A3 | $ | 6,996,620 | $ | 6,513,067 | |||||||
| New York City Housing Development Corp. NY | 2.40% | 11/1/2046 | AA+ | 3,800,000 | 2,610,901 | |||||||||
| Total | 9,123,968 | |||||||||||||
| Other Revenue 3.41% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2049 | A1 | 4,125,000 | 4,127,803 | ||||||||
| California School Finance Authority - Green Dot Public Schools Obligated Group† | 5.00% | 8/1/2048 | BBB- | 1,650,000 | 1,660,296 | |||||||||
| City of Miami Beach Parking Revenue FL (BAM) | 5.00% | 9/1/2040 | AA | 2,000,000 | 2,011,830 | |||||||||
| Clifton Higher Education Finance Corp. - IDEA Public Schools TX | 6.00% | 8/15/2043 | A- | 1,000,000 | 1,002,532 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 6.125% | 8/15/2048 | Baa3 | 9,775,000 | 9,935,757 | |||||||||
| Commonwealth of Puerto Rico GO | 5.069% | #(a) | 11/1/2051 | NR | 4,972,687 | 3,139,009 | ||||||||
| County of Broward FL Convention Center Hotel Revenue(c) | 5.50% | 1/1/2055 | AA | 31,540,000 | 34,564,021 | |||||||||
| District of Columbia - Friendship Public Charter School Inc | 5.00% | 6/1/2041 | BBB | 2,080,000 | 2,093,139 | |||||||||
| Grand River Hospital District CO GO (AGM) | 5.25% | 12/1/2034 | AA | 1,000,000 | 1,051,408 | |||||||||
| Grand River Hospital District CO GO (AGM) | 5.25% | 12/1/2035 | AA | 1,000,000 | 1,050,042 | |||||||||
| Grand River Hospital District CO GO (AGM) | 5.25% | 12/1/2037 | AA | 1,160,000 | 1,207,544 | |||||||||
| Illinois Finance Authority - Noble Network of Charter Schools | 6.125% | 9/1/2039 | BBB | 6,000,000 | 6,006,778 | |||||||||
| Indianapolis Local Public Improvement Bond Bank | 5.00% | 2/1/2031 | AA- | 7,120,000 | 7,122,493 | |||||||||
| Long Beach Bond Finance Authority CA | 5.191% (3 Mo. LIBOR * .67 + 1.45% | )# | 11/15/2027 | A1 | 9,000,000 | 9,102,374 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2037 | A1 | 2,990,000 | 3,177,580 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2043 | A1 | 3,250,000 | 3,332,479 | |||||||||
| Michigan Finance Authority - Bradford Academy | 4.30% | 9/1/2030 | NR | 260,000 | 242,175 | |||||||||
| Michigan Finance Authority - Bradford Academy | 4.80% | 9/1/2040 | NR | 565,000 | 488,555 | |||||||||
| Michigan Finance Authority - Bradford Academy | 5.00% | 9/1/2050 | NR | 925,000 | 763,522 | |||||||||
| M-S-R Energy Authority CA | 6.125% | 11/1/2029 | BBB+ | 1,820,000 | 1,919,843 | |||||||||
| 84 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| New Jersey Economic Development Authority - Friends of TEAM Academy Charter School Obligated Group | 6.00% | 10/1/2043 | BBB | $ | 3,500,000 | $ | 3,503,219 | |||||||
| New Jersey Economic Development Authority - New Jersey Transit Corp | 5.00% | 11/1/2052 | A2 | 11,375,000 | 12,027,141 | |||||||||
| Ridley School District PA (AGM), (ST AID WITHHLDG) | 5.00% | 11/15/2050 | AA | 5,000,000 | 5,281,752 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% | 5/15/2054 | AA+ | 20,000,000 | 22,183,140 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2031 | NR | 10,000,000 | 9,890,537 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2048 | BBB- | 3,745,000 | 3,421,190 | |||||||||
| Total | 150,306,159 | |||||||||||||
| Power 0.06% | ||||||||||||||
| Chesapeake Economic Development Authority - Virginia Electric and Power Co | 3.65% | #(a) | 2/1/2032 | A2 | 2,500,000 | 2,499,131 | ||||||||
| Pre-Refunded 0.02% | ||||||||||||||
| School District of Philadelphia PA GO (ST AID WITHHLDG) | 5.00% | 9/1/2038 | A1 | 995,000 | 1,005,845 | |||||||||
| Single-Family Housing 0.18% | ||||||||||||||
| Pennsylvania Housing Finance Agency | 5.00% | 10/1/2050 | AA+ | 7,725,000 | 7,966,392 | |||||||||
| Special Tax 1.48% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | 1,845,000 | 1,877,509 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.25% | 5/1/2042 | NR | 3,115,000 | 3,105,904 | |||||||||
| City of Irvine CA Special Tax | 5.00% | 9/1/2044 | NR | 500,000 | 501,158 | |||||||||
| 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 | (f) | ||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 3,000,000 | 2,312,607 | |||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A+ | 4,875,000 | 4,883,774 | |||||||||
| See Notes to Schedule of Investments. | 85 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Irvine Facilities Financing Authority - City of Irvine Community Facilities District No 2013-3 CA Special Tax (BAM) | 5.25% | 9/1/2053 | AA | $ | 8,000,000 | $ | 8,957,979 | |||||||
| New Jersey Economic Development Authority - NJ Metromall Urban Renewal Inc | 6.50% | 4/1/2028 | Baa2 | 1,634,245 | 1,642,846 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2046 | AA | 8,955,000 | 6,982,369 | |||||||||
| Rancho Cucamonga Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 9/1/2030 | AA | 1,500,000 | 1,503,173 | |||||||||
| Rancho Cucamonga Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 9/1/2031 | AA | 1,400,000 | 1,402,953 | |||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.25% | 9/1/2052 | AA | 2,500,000 | 2,709,260 | |||||||||
| Riverside County Redevelopment Successor Agency CA Tax Allocation | 8.50% | 10/1/2041 | A | 11,195,000 | 12,460,183 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 8/1/2034 | AA | 3,600,000 | 3,648,946 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 1/1/2037 | AA | 7,000,000 | 7,351,121 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 1/1/2038 | AA | 4,250,000 | 4,454,034 | |||||||||
| Stone Canyon Community Improvement District MO(b) | 5.70% | 4/1/2022 | NR | 1,000,000 | 90,000 | |||||||||
| Stone Canyon Community Improvement District MO(b) | 5.75% | 4/1/2027 | NR | 1,300,000 | 117,000 | |||||||||
| Total | 65,236,030 | |||||||||||||
| Tax Revenue 4.59% | ||||||||||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2039 | BBB+ | 3,300,000 | 3,307,047 | |||||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2044 | BBB+ | 3,950,000 | 3,954,765 | |||||||||
| Chicago Transit Authority Sales Tax Receipts Fund IL | 4.00% | 12/1/2050 | A+ | 13,615,000 | 12,588,633 | |||||||||
| Chicago Transit Authority Sales Tax Receipts Fund IL | 5.25% | 12/1/2049 | AA | 13,245,000 | 13,276,294 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Baa2 | 455,000 | 435,183 | |||||||||
| Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 8/1/2042 | AA | 1,250,000 | 1,358,975 | |||||||||
| 86 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | $ | 3,750,000 | $ | 3,809,799 | |||||||
| County of Miami-Dade Transit System FL | 5.00% | 7/1/2051 | AA | 12,405,000 | 13,122,302 | |||||||||
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | 6.00% | 5/15/2052 | A | 1,700,000 | 1,909,241 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 4.00% | 6/15/2052 | A | 7,210,000 | 6,682,608 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 5.00% | 6/15/2050 | A | 4,365,000 | 4,512,908 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 5.50% | 6/15/2053 | A | 4,415,000 | 4,470,392 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2030 | A | 10,535,000 | 8,108,108 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 6/15/2033 | A | 15,000,000 | 10,431,845 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2036 | A | 10,000,000 | 5,981,536 | |||||||||
| Metropolitan Pier & Exposition Authority IL TCRS (BAM) | 5.00% | 6/15/2053 | AA | 915,000 | 934,072 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2042 | Aa1 | 5,000,000 | 4,211,906 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 2,480,000 | 1,914,341 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2050 | AA+ | 5,000,000 | 3,834,783 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2046 | AA+ | 2,455,000 | 2,657,604 | |||||||||
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2047 | AA+ | 5,775,000 | 4,560,411 | |||||||||
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2048 | AA+ | 9,590,000 | 7,486,620 | |||||||||
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | AA+ | 6,495,000 | 5,037,017 | |||||||||
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2050 | AA+ | 7,620,000 | 5,865,912 | |||||||||
| See Notes to Schedule of Investments. | 87 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| 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 | Zero Coupon | 7/1/2029 | NR | $ | 1,271,000 | $ | 1,050,360 | |||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 2,122,000 | 1,614,084 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 2,549,000 | 1,776,851 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 2,523,000 | 593,640 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 11,598,000 | 11,481,789 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 5,253,000 | 5,200,365 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 39,000 | 37,315 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 12,847,000 | 12,719,194 | |||||||||
| San Leandro Unified School District CA GO | 5.25% | 8/1/2048 | AA- | 10,500,000 | 11,657,696 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2052 | AA+ | 10,335,000 | 11,361,467 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2057 | AA+ | 2,500,000 | 2,724,773 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2062 | AA+ | 10,655,000 | 11,573,457 | |||||||||
| Total | 202,243,293 | |||||||||||||
| Taxable Revenue - Water & Sewer 1.25% | ||||||||||||||
| City of Chicago IL Waterworks Revenue(c) | 5.50% | 11/1/2062 | AA | 20,300,000 | 22,216,210 | |||||||||
| County of Miami-Dade Water & Sewer System Revenue FL | 5.25% | 10/1/2054 | AA | 2,960,000 | 3,269,653 | |||||||||
| New Jersey Economic Development Authority - New Jersey-American Water Co Inc AMT | 3.75% | #(a) | 11/1/2034 | A+ | 4,000,000 | 3,948,604 | ||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% | 6/15/2054 | AA+ | 12,500,000 | 13,852,494 | |||||||||
| Oklahoma City Water Utilities Trust | 5.25% | 7/1/2064 | AAA | 7,500,000 | 8,327,722 | |||||||||
| Pittsburgh Water & Sewer Authority PA (AGM) | 5.00% | 9/1/2048 | AA | 3,000,000 | 3,211,838 | |||||||||
| Total | 54,826,521 | |||||||||||||
| 88 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco 2.07% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | $ | 44,815,000 | $ | 41,375,274 | |||||||
| Golden State Tobacco Securitization Corp. CA | 5.00% | 6/1/2051 | BBB+ | 8,900,000 | 9,226,498 | |||||||||
| Michigan Finance Authority Tobacco Settlement Revenue | 4.00% | 6/1/2049 | BBB+ | 4,000,000 | 3,631,122 | |||||||||
| Michigan Finance Authority Tobacco Settlement Revenue | 5.00% | 6/1/2049 | BBB+ | 2,445,000 | 2,500,078 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 1,256,152 | |||||||||
| Tobacco Securitization Authority of Northern California - Sacramento County Tobacco Securitization Corp | 4.00% | 6/1/2049 | BBB+ | 2,850,000 | 2,678,419 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco Asset Securitization Corp | 5.00% | 6/1/2048 | BBB+ | 8,900,000 | 9,137,207 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BBB+ | 3,415,000 | 3,489,089 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 4,305,000 | 4,452,386 | |||||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 7,540,000 | 7,070,533 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2035 | A- | 1,390,000 | 1,436,493 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 5,550,000 | 4,939,848 | |||||||||
| Total | 91,193,099 | |||||||||||||
| Transportation 21.84% | ||||||||||||||
| Alameda Corridor Transportation Authority CA (AGM) | Zero Coupon | 10/1/2051 | AA | 5,000,000 | 2,772,631 | |||||||||
| Alameda Corridor Transportation Authority CA (AGM) | 5.00% | 10/1/2034 | AA | 3,650,000 | 3,761,939 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AGM) AMT | 4.375% | 7/1/2049 | AA | 2,000,000 | 1,978,036 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2049 | A | 3,875,000 | 4,188,601 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2054 | A | 2,875,000 | 3,093,596 | |||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2038 | BB+ | (d) | 5,000,000 | 5,127,654 | ||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2043 | BB+ | (d) | 2,500,000 | 2,539,396 | ||||||||
| Canaveral Port Authority FL | 5.00% | 6/1/2048 | A3 | 4,890,000 | 4,977,311 | |||||||||
| Canaveral Port Authority FL AMT | 5.00% | 6/1/2045 | A3 | 4,630,000 | 4,653,703 | |||||||||
| Central Texas Regional Mobility Authority | 5.00% | 1/1/2045 | A | 4,500,000 | 4,575,361 | |||||||||
| See Notes to Schedule of Investments. | 89 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2033 | A- | $ | 5,750,000 | $ | 5,758,274 | |||||||
| Central Texas Turnpike System | 5.00% | 8/15/2037 | A- | 3,630,000 | 3,632,804 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2042 | A- | 6,265,000 | 6,267,514 | |||||||||
| Chicago O’Hare International Airport - TRIPS Obligated Group IL AMT | 5.00% | 7/1/2048 | BBB+ | 7,840,000 | 7,891,165 | |||||||||
| Chicago O’Hare International Airport IL | 4.00% | 1/1/2044 | A+ | 11,315,000 | 11,074,870 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2041 | AA | 1,950,000 | 2,153,824 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2042 | AA | 1,470,000 | 1,615,382 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2043 | AA | 1,660,000 | 1,816,513 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2047 | A+ | 9,375,000 | 9,449,070 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2048 | A+ | 20,000,000 | 20,241,906 | |||||||||
| City of Atlanta Department of Aviation GA | 5.00% | 7/1/2048 | Aa3 | 5,200,000 | 5,655,907 | |||||||||
| City of Charlotte Airport Revenue NC | 5.25% | 7/1/2053 | Aa3 | 18,650,000 | 20,534,922 | |||||||||
| City of Charlotte Airport Revenue NC AMT | 5.25% | 7/1/2053 | Aa3 | 4,325,000 | 4,613,271 | |||||||||
| City of Fresno Airport Revenue CA (BAM) AMT | 5.00% | 7/1/2053 | AA | 2,000,000 | 2,091,840 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 6.625% | 7/15/2038 | BB- | 2,500,000 | 2,503,322 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2049 | AA- | 5,000,000 | 4,729,455 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2045 | AA | 6,410,000 | 6,716,367 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2047 | AA | 6,440,000 | 7,011,929 | |||||||||
| City of Philadelphia Airport Revenue PA AMT | 5.00% | 7/1/2042 | A+ | 4,440,000 | 4,498,755 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.50% | 7/1/2053 | A+ | 7,500,000 | 8,226,124 | |||||||||
| City of San Antonio Airport System TX AMT | 5.00% | 7/1/2045 | A+ | 8,435,000 | 8,461,429 | |||||||||
| City of St. Louis Airport Revenue MO (AGM) | 5.00% | 7/1/2047 | AA | 7,500,000 | 7,686,276 | |||||||||
| Colorado Bridge & Tunnel Enterprise (AGM) | 5.25% | 12/1/2049 | AA | 3,825,000 | 4,232,975 | |||||||||
| 90 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Colorado Bridge & Tunnel Enterprise (AGM) | 5.50% | 12/1/2054 | AA | $ | 4,250,000 | $ | 4,801,664 | |||||||
| County of Harris Toll Road Revenue | 4.00% | 8/15/2054 | Aa2 | 10,000,000 | 9,485,558 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2028 | A+ | 4,435,000 | 4,440,809 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2029 | A+ | 2,500,000 | 2,503,610 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2035 | A+ | 10,000,000 | 10,012,321 | |||||||||
| County of Osceola Transportation Revenue FL | 4.00% | 10/1/2054 | BBB+ | 3,775,000 | 3,446,256 | |||||||||
| County of Osceola Transportation Revenue FL | 5.00% | 10/1/2039 | BBB+ | 1,000,000 | 1,047,726 | |||||||||
| County of Sacramento Airport System Revenue CA | 5.00% | 7/1/2041 | A | 8,000,000 | 8,167,819 | |||||||||
| Delaware River Joint Toll Bridge Commission PA | 5.00% | 7/1/2047 | A+ | 11,100,000 | 11,381,918 | |||||||||
| E-470 Public Highway Authority CO (NATL) | Zero Coupon | 9/1/2032 | A+ | 4,200,000 | 3,079,963 | |||||||||
| E-470 Public Highway Authority CO (NATL) | Zero Coupon | 9/1/2037 | A+ | 7,720,000 | 4,071,971 | |||||||||
| Eagle County Airport Terminal Corp. CO AMT | 5.00% | 5/1/2037 | Baa2 | 1,000,000 | 1,019,611 | |||||||||
| Eagle County Airport Terminal Corp. CO AMT | 5.00% | 5/1/2041 | Baa2 | 4,240,000 | 4,289,978 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2033 | A | 5,000,000 | 3,617,810 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.50% | 1/15/2053 | A | 10,830,000 | 9,243,027 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | 5,000,000 | 4,669,210 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2046 | A | 10,000,000 | 9,751,786 | |||||||||
| Greater Asheville Regional Airport Authority NC (AGM) AMT | 5.25% | 7/1/2048 | AA | 1,250,000 | 1,337,981 | |||||||||
| Greater Asheville Regional Airport Authority NC (AGM) AMT | 5.25% | 7/1/2053 | AA | 2,000,000 | 2,125,647 | |||||||||
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2049 | AA | 6,375,000 | 5,989,863 | |||||||||
| Maryland Economic Development Corp. - City of Baltimore Port Covington Development District Tax Allocation | 4.00% | 9/1/2040 | NR | 2,000,000 | 1,820,806 | |||||||||
| See Notes to Schedule of Investments. | 91 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| 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 Partners LLC AMT | 5.00% | 11/12/2028 | Baa3 | $ | 5,000,000 | $ | 5,072,365 | |||||||
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.25% | 6/30/2047 | Baa3 | 2,500,000 | 2,614,254 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.25% | 6/30/2052 | Baa3 | 2,760,000 | 2,869,492 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.25% | 6/30/2055 | Baa3 | 12,500,000 | 12,957,091 | |||||||||
| Maryland State Transportation Authority | 5.00% | 7/1/2051 | Aa2 | 10,000,000 | 10,597,002 | |||||||||
| Maryland State Transportation Authority Passenger Facility Charge Revenue AMT | 3.00% | 6/1/2036 | A+ | 7,310,000 | 6,527,886 | |||||||||
| Massachusetts Port Authority AMT | 5.00% | 7/1/2040 | AA | 1,500,000 | 1,510,014 | |||||||||
| Massachusetts Port Authority AMT | 5.00% | 7/1/2045 | AA | 3,315,000 | 3,328,599 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.00% | 7/1/2049 | A2 | 5,000,000 | 5,151,854 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2052 | A1 | 6,500,000 | 7,069,007 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2045 | A- | 4,675,000 | 4,564,847 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2048 | A- | 9,825,000 | 9,437,990 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2049 | A- | 6,605,000 | 6,319,228 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2050 | A- | 6,500,000 | 6,204,536 | |||||||||
| Metropolitan Transportation Authority NY(c) | 4.75% | 11/15/2045 | A- | 13,890,000 | 14,227,693 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2035 | A- | 4,265,000 | 4,375,626 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | #(a) | 11/15/2045 | A3 | 2,700,000 | 2,897,286 | ||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2050 | A- | 4,680,000 | 4,877,776 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2044 | A- | 12,180,000 | 12,230,637 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2049 | A- | 11,750,000 | 12,803,270 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2055 | A- | 10,850,000 | 11,419,594 | |||||||||
| Metropolitan Transportation Authority NY(c) | 5.25% | 11/15/2055 | A3 | 6,610,000 | 6,956,403 | |||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC(e) | 5.50% | 10/1/2054 | AA- | 7,000,000 | 7,674,682 | |||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 4.00% | 10/1/2039 | AA- | 5,445,000 | 5,365,410 | |||||||||
| Minneapolis - St. Paul Metropolitan Airports Commission AMT | 5.00% | 1/1/2047 | A+ | 3,000,000 | 3,123,358 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2045 | A2 | 25,630,000 | 24,840,101 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2045 | A2 | 5,000,000 | 5,289,794 | |||||||||
| 92 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2050 | A2 | $ | 15,155,000 | $ | 16,576,698 | |||||||
| New Jersey Transportation Trust Fund Authority | 5.50% | 6/15/2050 | A2 | 2,000,000 | 2,206,467 | |||||||||
| New Jersey Turnpike Authority | 5.25% | 1/1/2054 | AA- | 9,000,000 | 9,929,285 | |||||||||
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 5.375% | 6/30/2060 | Baa3 | 21,750,000 | 22,464,701 | |||||||||
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 6.00% | 6/30/2054 | Baa3 | 16,500,000 | 18,131,215 | |||||||||
| New York State Thruway Authority - New York State Thruway Authority | 5.25% | 1/1/2056 | A | 7,455,000 | 7,555,988 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa3 | 5,210,000 | 5,213,184 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2029 | Baa3 | 2,955,000 | 3,067,246 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2030 | Baa3 | 4,440,000 | 4,608,654 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2033 | Baa3 | 12,450,000 | 12,847,934 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa3 | 2,250,000 | 2,317,622 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa3 | 21,000,000 | 21,861,983 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa3 | 7,000,000 | 7,616,827 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa3 | 12,500,000 | 14,137,431 | |||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% | 12/1/2039 | Baa1 | 5,840,000 | 6,181,038 | |||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% | 12/1/2042 | Baa1 | 3,250,000 | 3,394,337 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC | 5.50% | 6/30/2060 | Baa3 | 26,560,000 | 28,032,157 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa2 | 12,365,000 | 11,707,005 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2046 | Baa2 | 2,340,000 | 2,124,154 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa2 | 19,245,000 | 19,245,518 | |||||||||
| See Notes to Schedule of Investments. | 93 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partners LLC (AGM) AMT | 4.00% | 7/1/2031 | AA | $ | 5,000,000 | $ | 4,954,242 | |||||||
| New York Transportation Development Corp. - Laguardia Gateway Partners LLC (AGM) AMT | 4.00% | 1/1/2051 | AA | 4,740,000 | 4,366,136 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2025 | A3 | 2,750,000 | 2,751,229 | |||||||||
| North Carolina Turnpike Authority | 5.00% | 1/1/2043 | BBB | 1,150,000 | 1,204,297 | |||||||||
| North Carolina Turnpike Authority (AGM) | 4.00% | 1/1/2037 | AA | 14,255,000 | 14,377,361 | |||||||||
| North Texas Tollway Authority | 5.00% | 1/1/2048 | A+ | 5,000,000 | 5,149,396 | |||||||||
| Northern Indiana Commuter Transportation District IN | 5.00% | 1/1/2054 | A+ | 4,750,000 | 5,051,229 | |||||||||
| Northern Indiana Commuter Transportation District IN | 5.25% | 1/1/2049 | A+ | 4,150,000 | 4,546,076 | |||||||||
| Oklahoma Turnpike Authority | 5.50% | 1/1/2053 | AA- | 7,500,000 | 8,284,680 | |||||||||
| Pennsylvania Turnpike Commission | 4.00% | 12/1/2038 | A2 | 3,425,000 | 3,449,194 | |||||||||
| Pennsylvania Turnpike Commission | 5.00% | 6/1/2029 | A2 | 9,000,000 | 9,167,692 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2035 | AA- | 6,250,000 | 6,845,602 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | AA- | 4,000,000 | 4,370,636 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2037 | AA- | 3,250,000 | 3,544,161 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2038 | AA- | 5,000,000 | 5,428,059 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 6,950,000 | 7,033,349 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 1/15/2052 | AA- | 13,855,000 | 14,470,970 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2053 | AA- | 7,100,000 | 7,432,416 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 3,940,000 | 4,248,565 | |||||||||
| Port Authority of New York & New Jersey NY | 4.00% | 7/15/2061 | AA- | 10,000,000 | 9,042,212 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2039 | AA- | 2,000,000 | 2,000,502 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.00% | 7/1/2049 | AA- | 5,000,000 | 5,104,494 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.50% | 7/1/2048 | AA- | 6,250,000 | 6,839,677 | |||||||||
| San Diego County Regional Airport Authority CA | 5.00% | 7/1/2051 | A2 | 15,475,000 | 16,544,941 | |||||||||
| 94 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| 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 AMT | 4.00% | 7/1/2046 | A2 | $ | 4,500,000 | $ | 4,299,460 | |||||||
| San Diego County Regional Airport Authority CA AMT | 5.00% | 7/1/2053 | A1 | 5,330,000 | 5,574,754 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% | 5/1/2049 | A1 | 9,400,000 | 10,157,776 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2049 | A- | 1,600,000 | 1,609,438 | |||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2034 | AA | 2,000,000 | 2,045,758 | |||||||||
| State of Alabama Docks Department (AGM) AMT | 5.00% | 10/1/2035 | AA | 2,000,000 | 2,044,585 | |||||||||
| State of Florida Department of Transportation Turnpike System Revenue | 3.00% | 7/1/2051 | AA | 11,745,000 | 9,063,040 | |||||||||
| State of Hawaii Airports System Revenue AMT | 5.00% | 7/1/2041 | AA- | 5,000,000 | 5,025,661 | |||||||||
| State of Michigan Trunk Line Revenue | 5.50% | 11/15/2049 | AA+ | 15,000,000 | 16,983,793 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners LLC AMT | 5.50% | 12/31/2058 | Baa1 | 5,000,000 | 5,428,885 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2042 | AA- | 1,640,000 | 1,697,290 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2058 | AA+ | 7,300,000 | 7,983,413 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 7/1/2036 | BBB | 6,685,000 | 7,119,746 | |||||||||
| Wayne County Airport Authority - Detroit Metropolitan Wayne County Airport MI AMT | 5.00% | 12/1/2039 | A1 | 1,700,000 | 1,702,789 | |||||||||
| Wayne County Airport Authority - Detroit Metropolitan Wayne County Airport MI AMT | 5.00% | 12/1/2042 | A1 | 1,200,000 | 1,221,677 | |||||||||
| Wayne County Airport Authority - Detroit Metropolitan Wayne County Airport MI AMT | 5.00% | 12/1/2046 | A1 | 2,825,000 | 2,948,294 | |||||||||
| Total | 961,476,170 | |||||||||||||
| Utilities 13.02% | ||||||||||||||
| Adelanto Public Utility Authority CA (AGM) | 5.00% | 7/1/2039 | AA | 1,500,000 | 1,573,118 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 7/1/2052 | Aa1 | 6,000,000 | 6,037,577 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 11,660,000 | 11,678,251 | ||||||||
| See Notes to Schedule of Investments. | 95 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2052 | Baa1 | $ | 15,600,000 | $ | 15,539,243 | ||||||
| Black Belt Energy Gas District AL | 5.25% | #(a) | 5/1/2055 | A1 | 3,750,000 | 4,077,477 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 6/1/2049 | A2 | 9,450,000 | 10,032,818 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 11/1/2053 | A2 | 6,665,000 | 7,076,865 | ||||||||
| California Community Choice Financing Authority(c) | 5.25% | 11/1/2054 | A2 | 14,000,000 | 14,944,322 | |||||||||
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP† | 5.00% | 7/1/2039 | Baa3 | 2,200,000 | 2,302,697 | |||||||||
| Casitas Municipal Water District CA Special Tax (BAM) | 5.25% | 9/1/2047 | AA | 500,000 | 521,014 | |||||||||
| Central Plains Energy Project NE | 5.00% | 9/1/2042 | BBB+ | 3,305,000 | 3,597,353 | |||||||||
| Chautauqua County Capital Resource Corp. - NRG Energy Inc NY | 4.25% | #(a) | 4/1/2042 | BBB- | 5,000,000 | 5,028,989 | ||||||||
| City of Baltimore MD | 5.00% | 7/1/2039 | A1 | 4,750,000 | 4,768,850 | |||||||||
| City of Baltimore MD(c) | 5.25% | 7/1/2047 | AA- | 7,190,000 | 7,814,406 | |||||||||
| City of Baltimore MD(c) | 5.25% | 7/1/2052 | AA- | 12,190,000 | 13,248,624 | |||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2036 | A+ | 1,775,000 | 1,843,081 | |||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2039 | A+ | 3,455,000 | 3,461,008 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2036 | AA | 3,000,000 | 3,128,120 | |||||||||
| City of Chicago Waterworks Revenue IL (AGM) | 5.00% | 11/1/2037 | AA | 2,500,000 | 2,599,768 | |||||||||
| City of Compton Water Revenue CA | 6.00% | 8/1/2039 | NR | 5,500,000 | 5,512,261 | |||||||||
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.50% | 9/1/2053 | AA+ | 5,000,000 | 5,620,678 | |||||||||
| City of Philadelphia Water & Wastewater Revenue PA | 5.00% | 7/1/2030 | A+ | 3,355,000 | 3,396,941 | |||||||||
| City of Philadelphia Water & Wastewater Revenue PA | 5.25% | 10/1/2052 | A+ | 6,610,000 | 6,848,428 | |||||||||
| City of Rock Hill Combined Utility System Revenue SC | 5.00% | 1/1/2054 | A+ | 1,125,000 | 1,202,526 | |||||||||
| City of Rock Hill Combined Utility System Revenue SC | 5.00% | 1/1/2064 | A+ | 5,000,000 | 5,324,322 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.50% | 2/1/2049 | Aa2 | 2,000,000 | 2,259,580 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.50% | 2/1/2050 | Aa2 | 10,880,000 | 12,159,621 | |||||||||
| City of San Francisco Public Utilities Commission Water Revenue CA | 5.25% | 11/1/2052 | Aa2 | 7,000,000 | 7,872,739 | |||||||||
| 96 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| County of Jefferson Sewer Revenue AL | 5.25% | 10/1/2049 | BBB+ | $ | 20,345,000 | $ | 21,808,733 | |||||||
| County of Jefferson Sewer Revenue AL | 5.50% | 10/1/2053 | BBB+ | 14,150,000 | 15,346,835 | |||||||||
| County of Washoe - Sierra Pacific Power Co NV | 4.125% | #(a) | 3/1/2036 | A | 2,500,000 | 2,505,851 | ||||||||
| Energy Southeast A Cooperative District AL | 5.25% | #(a) | 7/1/2054 | A1 | 22,500,000 | 24,085,519 | ||||||||
| Energy Southeast A Cooperative District AL | 5.75% | #(a) | 4/1/2054 | A1 | 10,710,000 | 11,774,520 | ||||||||
| Great Lakes Water Authority Sewage Disposal System Revenue MI | 5.50% | 7/1/2052 | A+ | 12,000,000 | 13,170,034 | |||||||||
| JEA Water & Sewer System Revenue FL | 5.50% | 10/1/2054 | AA+ | 5,000,000 | 5,629,894 | |||||||||
| Kentucky Municipal Power Agency (NATL) | 5.00% | 9/1/2035 | Baa1 | 5,000,000 | 5,044,756 | |||||||||
| Kentucky Municipal Power Agency (NATL) | 5.00% | 9/1/2036 | Baa1 | 5,000,000 | 5,032,451 | |||||||||
| Kentucky Public Energy Authority | 4.00% | #(a) | 8/1/2052 | A1 | 15,500,000 | 15,457,911 | ||||||||
| Kentucky Public Energy Authority | 5.25% | #(a) | 4/1/2054 | A1 | 26,455,000 | 28,579,172 | ||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2053 | Aa2 | 9,000,000 | 9,847,462 | |||||||||
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | 5.00% | 5/15/2040 | A | 2,970,000 | 2,989,879 | |||||||||
| Lower Colorado River Authority - LCRA Transmission Services Corp TX (AGM) | 5.25% | 5/15/2054 | AA | 9,000,000 | 9,891,975 | |||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 17,500,000 | 17,278,826 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 14,205,000 | 14,259,397 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2052 | A3 | 13,400,000 | 14,054,622 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2054 | A3 | 11,000,000 | 11,612,120 | ||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Co AZ | 3.60% | 2/1/2040 | Baa2 | 3,090,000 | 2,780,577 | |||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Co AZ | 3.60% | 4/1/2040 | Baa2 | 4,315,000 | 3,879,624 | |||||||||
| Michigan Finance Authority - Great Lakes Water Authority Sewage Disposal System Revenue | 5.00% | 7/1/2034 | A+ | 1,980,000 | 2,001,645 | |||||||||
| Municipal Electric Authority of Georgia | 5.00% | 1/1/2033 | A2 | 1,910,000 | 1,918,560 | |||||||||
| Municipal Electric Authority of Georgia (AGM) | 5.00% | 7/1/2048 | AA | 1,100,000 | 1,167,315 | |||||||||
| Municipal Electric Authority of Georgia (AGM) | 5.00% | 7/1/2048 | AA | 1,750,000 | 1,857,092 | |||||||||
| Municipal Electric Authority of Georgia (AGM) | 5.00% | 7/1/2053 | AA | 2,300,000 | 2,424,137 | |||||||||
| See Notes to Schedule of Investments. | 97 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 3.50% | 6/15/2048 | AA+ | $ | 5,000,000 | $ | 4,390,400 | |||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% | 6/15/2047 | AA+ | 4,500,000 | 4,994,359 | |||||||||
| Northern California Energy Authority | 5.00% | #(a) | 12/1/2054 | Aa3 | 16,000,000 | 17,147,470 | ||||||||
| Omaha Public Power District Nebraska City Station Unit 2 | 5.25% | 2/1/2042 | A+ | 4,000,000 | 4,033,369 | |||||||||
| Paducah Electric Plant Board KY (AGM) | 5.00% | 10/1/2035 | AA | 1,000,000 | 1,022,484 | |||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(a) | 2/1/2054 | Aa1 | 10,000,000 | 10,832,925 | ||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(a) | 10/1/2054 | A1 | 15,000,000 | 16,075,410 | ||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2029 | A | 2,000,000 | 2,024,349 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2030 | A | 1,500,000 | 1,517,944 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 5,000,000 | 4,699,704 | |||||||||
| Salt Verde Financial Corp. AZ | 5.25% | 12/1/2027 | A3 | 3,750,000 | 3,906,253 | |||||||||
| Southeast Alabama Gas Supply District AL | 5.00% | #(a) | 6/1/2049 | A1 | 10,000,000 | 10,547,842 | ||||||||
| Southeast Alabama Gas Supply District AL | 5.00% | #(a) | 8/1/2054 | Aa3 | 13,750,000 | 14,751,309 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 4.00% | #(a) | 12/1/2051 | A1 | 11,955,000 | 11,891,515 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(a) | 1/1/2053 | A1 | 5,000,000 | 5,361,103 | ||||||||
| Southern California Public Power Authority | 5.214% (3 Mo. LIBOR * .67 + 1.47% | )# | 11/1/2038 | A2 | 3,090,000 | 2,853,300 | ||||||||
| Southern California Public Power Authority - City of Anaheim Electric System Revenue CA | 5.00% | #(a) | 4/1/2055 | A2 | 10,500,000 | 11,127,225 | ||||||||
| Tennergy Corp. TN | 5.50% | #(a) | 10/1/2053 | Baa1 | 6,000,000 | 6,414,066 | ||||||||
| Tennessee Energy Acquisition Corp. | 5.625% | 9/1/2026 | BBB | (d) | 10,550,000 | 10,903,037 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | #(a) | 1/1/2054 | A1 | 5,000,000 | 5,587,756 | ||||||||
| Texas Water Development Board - State Water Implementation Revenue Fund for Texas | 4.00% | 10/15/2037 | AAA | 7,760,000 | 7,795,968 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2049 | A- | (d) | 1,310,000 | 1,332,925 | ||||||||
| Total | 573,080,297 | |||||||||||||
| Total Investments in Securities 101.21% (cost $4,413,790,839) | 4,455,302,685 | |||||||||||||
| Other Assets and Liabilities – Net(g) (1.21)% | (53,122,113 | ) | ||||||||||||
| Net Assets 100.00% | $ | 4,402,180,572 | ||||||||||||
| 98 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2024
| 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. | |
| FHLMC | Insured by - Federal Home Loan Mortgage Corporation. | |
| FNMA | Federal National Mortgage Association. | |
| GNMA | Government National Mortgage Association. | |
| GTD | Guaranteed. | |
| LIBOR | London Interbank Offered Rate. | |
| NATL | Insured by - National Public Finance Guarantee Corporation. | |
| PSF | Permanent School Fund. | |
| 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 June 30, 2024, the total value of Rule 144A securities was $186,863,085, which represents 4.24% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2024. | |
| ~ | Deferred interest debentures pay no interest for a stipulated number of years, after which they pay a predetermined interest rate. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | Defaulted (non-income producing security). | |
| (c) | 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. | |
| (d) | This investment has been rated by Fitch IBCA. | |
| (e) | Securities purchased on a when-issued basis. | |
| (f) | 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. | |
| (g) | Other Assets and Liabilities - Net include net unrealized appreciation/depreciation on futures contracts as follows: |
Futures Contracts at June 30, 2024:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
| U.S. Long Bond | September 2024 | 306 | Short | $(35,925,936 | ) | $(36,203,625 | ) | $(277,689 | ) | |||||||||
The following is a summary of the inputs used as of June 30, 2024 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) | ||||||||||||||||
| Special Tax | $ | – | $ | 65,235,816 | $ | 214 | $ | 65,236,030 | ||||||||
| Remaining Industries | – | 4,390,066,655 | – | 4,390,066,655 | ||||||||||||
| Total | $ | – | $ | 4,455,302,471 | $ | 214 | $ | 4,455,302,685 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (277,689 | ) | – | – | (277,689 | ) | ||||||||||
| Total | $ | (277,689 | ) | $ | – | $ | – | $ | (277,689 | ) | ||||||
| See Notes to Schedule of Investments. | 99 |
Schedule of Investments (unaudited)(concluded)
NATIONAL TAX FREE FUND June 30, 2024
| (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.
| 100 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 100.58% | ||||||||||||||
| CORPORATE BONDS 0.12% | ||||||||||||||
| Health Care Services 0.12% | ||||||||||||||
| Care New England Health System (cost $4,765,242) | 5.50% | 9/1/2026 | B+ | $ | 5,000,000 | $ | 4,725,000 | |||||||
| MUNICIPAL BONDS 100.46% | ||||||||||||||
| Corporate-Backed 19.54% | ||||||||||||||
| Allegheny County Industrial Development Authority - United States Steel Corp PA | 5.125% | 5/1/2030 | BB- | 3,990,000 | 4,214,888 | |||||||||
| Arkansas Development Finance Authority - Big River Steel LLC AMT† | 4.50% | 9/1/2049 | Ba2 | 35,135,000 | 34,715,646 | |||||||||
| Arkansas Development Finance Authority - Hybar LLC AMT† | 6.875% | 7/1/2048 | NR | 9,250,000 | 10,101,645 | |||||||||
| Arkansas Development Finance Authority - Hybar LLC AMT† | 7.375% | 7/1/2048 | NR | 15,000,000 | 16,475,022 | |||||||||
| Arkansas Development Finance Authority - United States Steel Corp AMT | 5.45% | 9/1/2052 | BB- | 18,000,000 | 18,539,329 | |||||||||
| Arkansas Development Finance Authority - US Steel Corp AMT | 5.70% | 5/1/2053 | BB- | 17,250,000 | 18,062,284 | |||||||||
| Avenir Community Development District FL | 5.375% | 5/1/2043 | NR | 3,235,000 | 3,287,731 | |||||||||
| Avenir Community Development District FL | 5.625% | 5/1/2054 | NR | 3,840,000 | 3,929,046 | |||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 17,240,000 | 17,282,767 | ||||||||
| Boggy Creek Improvement District FL | 5.125% | 5/1/2043 | NR | 1,775,000 | 1,810,319 | |||||||||
| Boggy Creek Improvement District FL | 5.375% | 5/1/2053 | NR | 4,300,000 | 4,368,277 | |||||||||
| Cabot Citrus Farms Community Development District FL | 5.25% | 3/1/2029 | NR | 3,800,000 | 3,833,511 | |||||||||
| Calhoun County Navigation Industrial Development Authority - Max Midstream Texas LLC AMT† | 3.625% | 7/1/2026 | NR | 12,800,000 | 12,129,262 | |||||||||
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP AMT† | 5.00% | 11/21/2045 | Baa3 | 3,025,000 | 3,032,248 | |||||||||
| Chandler Industrial Development Authority - Intel Corp AZ AMT | 4.10% | #(a) | 12/1/2037 | A- | 3,500,000 | 3,521,629 | ||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 4.70% | 1/1/2052 | NR | 10,500,000 | 10,324,855 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 4.00% | 7/15/2041 | BB- | (b) | 4,475,000 | 4,306,644 | ||||||||
| See Notes to Schedule of Investments. | 101 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2028 | BB- | $ | 5,000,000 | $ | 5,128,781 | |||||||
| 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 Valparaiso - Pratt Paper LLC AMT IN† | 4.875% | 1/1/2044 | NR | 2,000,000 | 2,071,545 | |||||||||
| City of Valparaiso - Pratt Paper LLC AMT IN† | 5.00% | 1/1/2054 | NR | 6,100,000 | 6,328,896 | |||||||||
| Crosswinds East Community Development District FL | 5.50% | 5/1/2044 | NR | 1,000,000 | 1,018,243 | |||||||||
| Crosswinds East Community Development District FL | 5.75% | 5/1/2054 | NR | 1,500,000 | 1,521,233 | |||||||||
| Downtown Doral South Community Development District FL† | 4.75% | 12/15/2038 | NR | 625,000 | 626,554 | |||||||||
| Downtown Doral South Community Development District FL† | 5.00% | 12/15/2048 | NR | 1,500,000 | 1,501,141 | |||||||||
| Florida Development Finance Corp. - Waste pro USA Inc AMT† | 6.125% | #(a) | 7/1/2032 | NR | 9,000,000 | 9,241,573 | ||||||||
| Greater Orlando Aviation Authority - JetBlue Airways Corp FL | 5.00% | 11/15/2036 | NR | 5,570,000 | 5,572,360 | |||||||||
| Hobe-St Lucie Conservancy District Unit of Development No 1A | 5.60% | 5/1/2044 | NR | 1,840,000 | 1,898,386 | |||||||||
| Hobe-St Lucie Conservancy District Unit of Development No 1A | 5.875% | 5/1/2055 | NR | 4,000,000 | 4,117,616 | |||||||||
| Hoover Industrial Development Board - United States Steel Corp AL AMT | 5.75% | 10/1/2049 | BB- | 17,200,000 | 17,916,559 | |||||||||
| Illinois Finance Authority - LRS Holdings LLC AMT† | 7.375% | #(a) | 9/1/2042 | NR | 10,000,000 | 10,959,849 | ||||||||
| Indiana Finance Authority - United States Steel Corp | 4.125% | 12/1/2026 | BB- | 6,500,000 | 6,516,870 | |||||||||
| Indiana Finance Authority - United States Steel Corp AMT | 6.75% | 5/1/2039 | BB- | 3,500,000 | 3,931,569 | |||||||||
| Iowa Finance Authority - Howmet Aerospace Inc | 4.75% | 8/1/2042 | BBB- | 18,950,000 | 18,858,246 | |||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 4.00% | #(a) | 12/1/2050 | BBB- | 4,090,000 | 4,289,610 | ||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 5.00% | #(a) | 12/1/2050 | BBB- | 9,145,000 | 9,665,323 | ||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 5.00% | 12/1/2050 | BBB- | 23,370,000 | 24,785,285 | |||||||||
| Jefferson County Port Authority - JSW Steel USA Ohio Inc OH† | 5.00% | #(a) | 12/1/2053 | Ba1 | 12,500,000 | 12,720,162 | ||||||||
| 102 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| 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 Ohio Inc OH AMT† | 3.50% | 12/1/2051 | Ba1 | $ | 3,000,000 | $ | 2,321,126 | |||||||
| Louisiana Public Facilities Authority - Waste Pro USA Inc AMT† | 6.75% | #(a) | 10/1/2053 | NR | 2,000,000 | 2,162,500 | ||||||||
| Louisiana Public Facilities Authority - Waste Pro USA Inc LA† | 6.50% | #(a) | 10/1/2053 | NR | 3,745,000 | 4,015,320 | ||||||||
| Maricopa County Industrial Development Authority - Commercial Metals Co AZ† | 4.00% | 10/15/2047 | BB+ | 7,580,000 | 6,933,713 | |||||||||
| Maryland Economic Development Corp.(c) | 5.00% | 12/1/2016 | NR | 3,430,000 | 2,225,212 | |||||||||
| Miami-Dade County Industrial Development Authority - CFC MB I LLC FL† | 6.25% | 1/1/2059 | NR | 8,000,000 | 8,123,687 | |||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 12,915,000 | 12,816,079 | |||||||||
| Mobile County Industrial Development Authority - AM/NS Calvert LLC AL | 5.00% | 6/1/2054 | BBB- | 14,250,000 | 14,496,088 | |||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 4.00% | 11/1/2027 | B | 1,250,000 | 1,249,974 | |||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 4.875% | 11/1/2042 | B | 17,000,000 | 16,234,832 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB- | 17,210,000 | 17,226,647 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.50% | 6/1/2033 | BB- | 6,960,000 | 7,003,553 | |||||||||
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 4,290,000 | 4,280,661 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.00% | 11/15/2044 | NR | 16,700,000 | 16,716,493 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 5,100,000 | 5,115,730 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.375% | 11/15/2040 | NR | 5,000,000 | 5,013,602 | |||||||||
| New York Liberty Development Corp. - 7 World Trade Center II LLC | 3.125% | 9/15/2050 | Aaa | 2,500,000 | 1,967,425 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 3.125% | #(a) | 12/1/2044 | B+ | 2,000,000 | 1,948,559 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 5.125% | #(a) | 9/1/2050 | B+ | 1,000,000 | 1,035,294 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 3.00% | 8/1/2031 | BB- | (b) | 1,000,000 | 942,963 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2026 | B+ | 1,950,000 | 1,950,806 | |||||||||
| See Notes to Schedule of Investments. | 103 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| 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 | 5.00% | 8/1/2031 | B+ | $ | 21,495,000 | $ | 21,499,166 | |||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 9,135,000 | 9,695,108 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 9,165,000 | 9,764,657 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2026 | Baa3 | 8,000,000 | 8,133,389 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2035 | Baa3 | 8,000,000 | 8,415,807 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B | 10,000,000 | 9,404,011 | |||||||||
| Ohio Air Quality Development Authority - AMG Vanadium LLC AMT† | 5.00% | 7/1/2049 | B- | 33,290,000 | 31,128,827 | |||||||||
| Parish of Beauregard - OfficeMax Inc LA | 6.80% | 2/1/2027 | NR | 5,000,000 | 5,010,168 | |||||||||
| Parish of St. James - NuStar Logistics LP LA† | 5.85% | #(a) | 8/1/2041 | BB+ | 1,000,000 | 1,015,727 | ||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.10% | #(a) | 6/1/2038 | BB+ | 6,375,000 | 7,045,627 | ||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.10% | #(a) | 12/1/2040 | BB+ | 2,750,000 | 3,039,229 | ||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.35% | 7/1/2040 | BB+ | 5,000,000 | 5,494,642 | |||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.35% | 10/1/2040 | BB+ | 7,690,000 | 8,450,760 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2045 | NR | 1,385,000 | 1,241,258 | |||||||||
| Pennsylvania Economic Development Financing Authority - CONSOL Energy Inc AMT† | 9.00% | #(a) | 4/1/2051 | BB | 4,250,000 | 4,676,694 | ||||||||
| Pennsylvania Economic Development Financing Authority - New NGC Inc AMT | 5.50% | 11/1/2044 | NR | 1,000,000 | 1,002,185 | |||||||||
| Polk County Industrial Development Authority - Mineral Development LLC FL† | 5.875% | 1/1/2033 | NR | 7,020,000 | 6,594,246 | |||||||||
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX† | 5.125% | 1/1/2044 | NR | 500,000 | 501,305 | |||||||||
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX† | 5.25% | 1/1/2054 | NR | 19,750,000 | 19,823,294 | |||||||||
| Prairie Center Metropolitan District No 3 | 5.875% | 12/15/2046 | NR | 3,125,000 | 3,341,811 | |||||||||
| 104 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Public Finance Authority - Ameream LLC WI† | 6.75% | 12/1/2042 | NR | $ | 1,000,000 | $ | 983,188 | |||||||
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.25% | 7/1/2054 | NR | 20,000,000 | 15,815,802 | |||||||||
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 11,000,000 | 11,000,899 | |||||||||
| Public Finance Authority WI†(d) | 5.375% | 12/15/2032 | NR | 3,500,000 | 3,500,110 | |||||||||
| Public Finance Authority WI† | 5.50% | 12/15/2028 | NR | 11,000,000 | 11,029,558 | |||||||||
| Southwestern Illinois Development Authority - United States Street Corp | 5.75% | 8/1/2042 | BB- | 2,500,000 | 2,500,979 | |||||||||
| Spring Valley Community Infrastructure District No. 1 ID† | 6.25% | 9/1/2053 | NR | 7,000,000 | 7,261,918 | |||||||||
| Town of Rumford - OfficeMax Inc ME | 6.875% | 10/1/2026 | NR | 1,500,000 | 1,503,093 | |||||||||
| Tulsa Airports Improvement Trust - American Airlines Inc OK AMT | 5.00% | #(a) | 6/1/2035 | B+ | 6,750,000 | 6,808,722 | ||||||||
| Tulsa Airports Improvement Trust - American Airlines Inc OK AMT | 5.50% | 12/1/2035 | NR | 2,700,000 | 2,702,353 | |||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Co AL† | 5.25% | 5/1/2044 | NR | 22,035,000 | 22,126,597 | |||||||||
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT† | 5.00% | #(a) | 6/1/2052 | B+ | 9,000,000 | 9,125,130 | ||||||||
| Village Community Development District No. 15 FL† | 5.25% | 5/1/2054 | NR | 4,000,000 | 4,114,520 | |||||||||
| Virginia Small Business Financing Authority - Covanta Holding Corp AMT† | 5.00% | #(a) | 1/1/2048 | B | 3,150,000 | 3,149,892 | ||||||||
| West Pace Cooperative District AL(c) | 9.125% | 5/1/2039 | NR | 13,770,000 | 10,465,200 | |||||||||
| West Virginia Economic Development Authority - Kentucky Power Co AMT | 4.70% | #(a) | 4/1/2036 | BBB | 4,000,000 | 4,044,717 | ||||||||
| Total | 752,125,058 | |||||||||||||
| Education 7.42% | ||||||||||||||
| Arizona Industrial Development Authority - Academies of Math & Science Obligated Group† | 5.625% | 7/1/2048 | BB+ | 2,235,000 | 2,263,785 | |||||||||
| Arizona Industrial Development Authority - Academies of Math & Science Obligated Group† | 5.75% | 7/1/2053 | BB+ | 3,000,000 | 3,042,424 | |||||||||
| Arizona Industrial Development Authority - Odyssey Preparatory Academy Inc† | 5.00% | 7/1/2049 | BB- | 2,000,000 | 1,890,533 | |||||||||
| See Notes to Schedule of Investments. | 105 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Arizona Industrial Development Authority - Odyssey Preparatory Academy Inc† | 5.00% | 7/1/2054 | BB- | $ | 5,000,000 | $ | 4,655,493 | |||||||
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX†(d) | 4.75% | 6/15/2049 | Ba2 | 915,000 | 899,218 | |||||||||
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX†(d) | 4.875% | 6/15/2054 | Ba2 | 1,100,000 | 1,092,256 | |||||||||
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX†(d) | 4.875% | 6/15/2059 | Ba2 | 1,000,000 | 984,296 | |||||||||
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX†(d) | 5.00% | 6/15/2064 | Ba2 | 1,200,000 | 1,185,640 | |||||||||
| Build NYC Resource Corp. - East Harlem Scholars Academy Charter School Obligated Group NY† | 5.75% | 6/1/2052 | BB | 1,250,000 | 1,308,515 | |||||||||
| Build NYC Resource Corp. - East Harlem Scholars Academy Charter School Obligated Group NY† | 5.75% | 6/1/2062 | BB | 3,750,000 | 3,905,972 | |||||||||
| California Educational Facilities Authority - St Mary’s College of California | 5.25% | 10/1/2044 | BBB- | 600,000 | 637,436 | |||||||||
| California Educational Facilities Authority - St Mary’s College of California | 5.50% | 10/1/2053 | BBB- | 2,200,000 | 2,332,798 | |||||||||
| California Municipal Finance Authority - SDORI Charter School Properties LLC† | 5.625% | 3/1/2045 | B+ | 11,500,000 | 11,312,802 | |||||||||
| California Municipal Finance Authority - Westside Neighborhood School† | 6.20% | 6/15/2054 | BB | 1,650,000 | 1,746,307 | |||||||||
| California Municipal Finance Authority - Westside Neighborhood School† | 6.375% | 6/15/2064 | BB | 3,000,000 | 3,182,925 | |||||||||
| Camden County Improvement Authority - KIPP Cooper Norcross Obligated Group NJ | 6.00% | 6/15/2062 | BBB | 2,535,000 | 2,708,435 | |||||||||
| Capital Trust Agency, Inc. - Advantage Academy of Hillsborough Obligated Group FL | 5.00% | 12/15/2049 | Baa3 | 1,360,000 | 1,318,415 | |||||||||
| Capital Trust Agency, Inc. - Advantage Academy of Hillsborough Obligated Group FL | 5.00% | 12/15/2054 | Baa3 | 705,000 | 677,694 | |||||||||
| 106 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL† | 5.00% | 6/15/2039 | NR | $ | 1,950,000 | $ | 1,931,730 | |||||||
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL† | 5.00% | 6/15/2049 | NR | 9,815,000 | 9,409,765 | |||||||||
| Capital Trust Agency, Inc. - Southeastern University Obligated Group FL† | 6.375% | 5/1/2053 | BB | 6,150,000 | 6,314,195 | |||||||||
| Capital Trust Authority - Kipp Miami Obligated Group FL† | 5.625% | 6/15/2044 | BB | 410,000 | 426,639 | |||||||||
| Capital Trust Authority - Kipp Miami Obligated Group FL† | 6.00% | 6/15/2054 | BB | 1,155,000 | 1,208,419 | |||||||||
| Capital Trust Authority - Kipp Miami Obligated Group FL† | 6.125% | 6/15/2060 | BB | 800,000 | 838,137 | |||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2048 | A | (b) | 8,500,000 | 9,468,969 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL TCRS (BAM) | 5.00% | 4/1/2045 | AA | 2,500,000 | 2,682,891 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2043 | BB+ | 2,975,000 | 2,700,545 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB+ | 29,045,000 | 25,542,524 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2036 | BB+ | 4,000,000 | 4,082,974 | |||||||||
| City of Jacksonville - Jacksonville University FL† | 5.00% | 6/1/2053 | NR | 6,500,000 | 6,176,010 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 5.75% | 8/15/2045 | NR | 6,500,000 | 6,584,015 | |||||||||
| Colorado Educational & Cultural Facilities Authority† | 5.75% | 4/1/2059 | BB | 2,250,000 | 2,319,951 | |||||||||
| Colorado Educational & Cultural Facilities Authority† | 5.80% | 4/1/2054 | BB | 3,200,000 | 3,328,746 | |||||||||
| Columbus-Franklin County Finance Authority - Ohio Dominican University | 6.50% | 3/1/2048 | NR | 4,920,000 | 3,431,182 | |||||||||
| Columbus-Franklin County Finance Authority - Ohio Dominican University | 6.50% | 3/1/2053 | NR | 3,500,000 | 2,382,251 | |||||||||
| County of Tuscarawas - Ashland University OH | 6.00% | 3/1/2045 | NR | 5,000,000 | 5,007,590 | |||||||||
| Development Authority Of The City of Marietta - Life University Inc GA† | 5.00% | 11/1/2047 | Ba3 | 8,000,000 | 7,577,740 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2037 | Ba3 | 13,000,000 | 12,949,058 | |||||||||
| Florida Development Finance Corp. - Renaissance Charter School Inc† | 6.75% | 6/15/2053 | NR | 5,000,000 | 5,505,619 | |||||||||
| See Notes to Schedule of Investments. | 107 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Florida Development Finance Corp. - Renaissance Charter School Inc Series 2020C/D Obligated Group† | 5.00% | 9/15/2040 | NR | $ | 1,505,000 | $ | 1,446,676 | |||||||
| Florida Higher Educational Facilities Financial Authority - Jacksonville University† | 5.00% | 6/1/2048 | NR | 9,000,000 | 8,695,118 | |||||||||
| Illinois Finance Authority - DePaul College Prep† | 5.50% | 8/1/2043 | BB+ | 1,360,000 | 1,466,743 | |||||||||
| Illinois Finance Authority - DePaul College Prep† | 5.625% | 8/1/2053 | BB+ | 4,500,000 | 4,773,930 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - BASIS Schools Inc Obligated Group AZ† | 5.00% | 7/1/2045 | BB | 7,200,000 | 7,203,478 | |||||||||
| Louisiana Public Facilities Authority - Loyola University New Orleans | 5.25% | 10/1/2053 | Baa1 | 14,000,000 | 14,610,271 | |||||||||
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ† | 6.25% | 7/1/2044 | NR | 3,490,000 | 3,648,627 | |||||||||
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ† | 6.50% | 7/1/2054 | NR | 5,660,000 | 5,891,904 | |||||||||
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ† | 6.625% | 7/1/2059 | NR | 3,125,000 | 3,266,135 | |||||||||
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ† | 6.75% | 7/1/2063 | NR | 1,000,000 | 1,049,340 | |||||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.25% | 10/1/2040 | NR | 3,000,000 | 2,879,381 | |||||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.50% | 10/1/2051 | NR | 7,915,000 | 7,316,576 | |||||||||
| Middlesex County Improvement Authority NJ(e) | 5.00% | 8/15/2053 | Aa3 | 15,000,000 | 16,174,157 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2042 | BBB- | 3,725,000 | 3,805,695 | |||||||||
| Public Finance Authority - UMA Education Inc WI† | 5.00% | 10/1/2034 | BB+ | 2,610,000 | 2,703,562 | |||||||||
| Public Finance Authority - UMA Education Inc WI† | 5.00% | 10/1/2039 | BB+ | 8,250,000 | 8,394,088 | |||||||||
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2043 | BBB- | 2,000,000 | 1,928,436 | |||||||||
| 108 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ† | 5.75% | 6/15/2058 | NR | $ | 19,000,000 | $ | 19,353,453 | |||||||
| State of Nevada Department of Business & Industry - Somerset Academy NLV Building 1 / Sky Pointe / Stephanie / Losee Campuses† | 5.00% | 12/15/2048 | BB | 1,500,000 | 1,436,697 | |||||||||
| Washington State Housing Finance Commission - Seattle Academy of Arts & Sciences† | 6.25% | 7/1/2059 | BBB | 2,250,000 | 2,475,819 | |||||||||
| Washington State Housing Finance Commission - Seattle Academy of Arts & Sciences† | 6.375% | 7/1/2063 | BBB | 2,000,000 | 2,203,674 | |||||||||
| Total | 285,737,654 | |||||||||||||
| Energy 0.08% | ||||||||||||||
| PEFA, Inc. IA | 5.00% | #(a) | 9/1/2049 | A3 | 3,180,000 | 3,243,330 | ||||||||
| Financial Services 0.59% | ||||||||||||||
| Berks County Industrial Development Authority - Tower Health Obligated Group PA | 5.00% | 11/1/2047 | CC | 12,925,000 | 8,142,750 | |||||||||
| Berks County Industrial Development Authority - Tower Health Obligated Group PA | 5.00% | 11/1/2050 | CC | 23,325,000 | 14,694,750 | |||||||||
| Total | 22,837,500 | |||||||||||||
| General Obligation 9.99% | ||||||||||||||
| American Samoa Economic Development Authority | 6.625% | 9/1/2035 | Ba3 | 2,275,000 | 2,334,283 | |||||||||
| American Samoa Economic Development Authority† | 7.125% | 9/1/2038 | Ba3 | 7,020,000 | 7,599,811 | |||||||||
| Black Belt Energy Gas District AL | 5.25% | #(a) | 2/1/2053 | A1 | 17,500,000 | 18,476,026 | ||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 1/1/2054 | Baa1 | 20,500,000 | 21,615,838 | ||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2041 | BB+ | 11,150,000 | 10,340,945 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB+ | 5,000,000 | 5,186,767 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2030 | BB+ | 5,170,000 | 5,365,777 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2031 | BB+ | 2,500,000 | 2,587,405 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB+ | 1,500,000 | 1,550,785 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 9,515,000 | 9,977,070 | |||||||||
| Chicago Board of Education IL GO | 5.875% | 12/1/2047 | BB+ | 6,750,000 | 7,396,035 | |||||||||
| See Notes to Schedule of Investments. | 109 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| 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 | 6.00% | 12/1/2049 | BB+ | $ | 4,875,000 | $ | 5,372,041 | |||||||
| Chicago Board of Education IL GO | 6.50% | 12/1/2046 | BB+ | 5,000,000 | 5,198,147 | |||||||||
| Chicago Board of Education IL GO† | 6.75% | 12/1/2030 | BB+ | 2,000,000 | 2,187,756 | |||||||||
| Chicago Board of Education IL GO | 7.00% | 12/1/2044 | BB+ | 3,840,000 | 3,964,799 | |||||||||
| Chicago Board of Education IL GO† | 7.00% | 12/1/2046 | BB+ | 6,560,000 | 7,069,207 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2030 | BBB+ | 3,435,000 | 3,457,020 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2033 | BBB+ | 3,305,000 | 3,326,295 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2037 | BBB+ | 1,000,000 | 1,004,666 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2039 | BBB+ | 2,125,000 | 2,313,513 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2049 | BBB+ | 9,090,000 | 9,400,340 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2038 | BBB+ | 18,085,000 | 18,819,605 | |||||||||
| City of New Haven CT GO | 5.50% | 8/1/2033 | A- | 1,000,000 | 1,063,834 | |||||||||
| City of New Haven CT GO | 5.50% | 8/1/2037 | A- | 1,280,000 | 1,364,468 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(a) | 11/1/2043 | NR | 18,255,500 | 11,204,313 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2041 | NR | 12,985,000 | 12,145,902 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 42,010,156 | 38,165,975 | |||||||||
| County of Pasco - State of Florida Cigarette Tax Revenue (AGM) | 5.75% | 9/1/2054 | AA | 2,000,000 | 2,243,784 | |||||||||
| Grant County Public Hospital District No. 1 WA GO | 5.125% | 12/1/2052 | Baa2 | 4,750,000 | 4,790,300 | |||||||||
| Idaho Falls Auditorium District COPS† | 5.25% | 5/15/2051 | NR | 12,420,000 | 12,445,047 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 6/1/2053 | A3 | 9,000,000 | 9,518,769 | ||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2048 | AA | 2,000,000 | 2,182,983 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2048 | AA | 3,975,000 | 4,325,613 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2053 | AA | 4,000,000 | 4,333,664 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM) | 5.25% | 7/1/2053 | AA | 3,000,000 | 3,240,475 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2041 | A2 | 1,500,000 | 1,679,544 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2042 | A2 | 1,000,000 | 1,115,311 | |||||||||
| New York State Urban Development Corp. - State of New York Sales Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 10,000,000 | 7,783,646 | |||||||||
| 110 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 6.00% | 6/30/2061 | Baa2 | $ | 23,480,000 | $ | 25,788,152 | |||||||
| Public Finance Authority - Ameream LLC WI† | 7.00% | 12/1/2050 | NR | 14,400,000 | 14,398,800 | |||||||||
| Puerto Rico Public Finance Corp. | Zero Coupon | 8/1/2031 | NR | 12,250,000 | 123 | (f) | ||||||||
| State of Illinois GO | 4.00% | 6/1/2037 | A- | 7,040,000 | 6,983,358 | |||||||||
| State of Illinois GO | 5.00% | 12/1/2048 | A- | 7,190,000 | 7,584,973 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2045 | A- | 2,500,000 | 2,733,696 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2047 | A- | 1,500,000 | 1,628,448 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2048 | A- | 1,500,000 | 1,623,694 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2049 | A- | 1,750,000 | 1,889,859 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2039 | A- | 8,280,000 | 9,068,893 | |||||||||
| State of Illinois GO | 5.50% | 10/1/2039 | A- | 4,000,000 | 4,508,183 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2042 | A- | 5,250,000 | 5,814,515 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2047 | A- | 15,270,000 | 16,609,813 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2047 | A- | 6,000,000 | 6,533,120 | |||||||||
| University City Industrial Development Authority MO | 4.875% | 6/15/2036 | NR | 1,120,000 | 1,132,039 | |||||||||
| University City Industrial Development Authority MO | 5.50% | 6/15/2042 | NR | 6,000,000 | 6,049,801 | |||||||||
| Total | 384,495,226 | |||||||||||||
| Health Care 18.85% | ||||||||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2041 | BBB | 4,000,000 | 3,933,350 | |||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2046 | BBB | 3,300,000 | 3,183,095 | |||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.25% | 3/1/2036 | BBB | 1,000,000 | 1,002,865 | |||||||||
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2049 | BBB | 5,195,000 | 5,516,918 | |||||||||
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2054 | BBB | 8,350,000 | 8,842,030 | |||||||||
| Atlanta Development Authority - Georgia ProtonCare Center Inc(c) | 6.00% | 1/1/2023 | NR | 2,000,000 | 900,000 | |||||||||
| Atlanta Development Authority - Georgia ProtonCare Center Inc(c) | 6.75% | 1/1/2035 | NR | 1,500,000 | 675,000 | |||||||||
| Atlanta Development Authority - Georgia ProtonCare Center Inc(c) | 7.00% | 1/1/2040 | NR | 4,000,000 | 1,800,000 | |||||||||
| See Notes to Schedule of Investments. | 111 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| 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 Obligated Group PA | 4.00% | 11/1/2047 | CC | $ | 15,315,000 | $ | 9,648,450 | |||||||
| Berks County Industrial Development Authority - Tower Health Obligated Group PA | 4.00% | 11/1/2050 | CC | 6,000,000 | 3,780,000 | |||||||||
| Berks County Industrial Development Authority - Tower Health Obligated Group PA | 5.00% | 11/1/2026 | CC | 3,235,000 | 2,038,050 | |||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | #(a) | 2/1/2040 | CC | 1,505,000 | 948,150 | ||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2040 | BB | 4,880,000 | 4,567,706 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2045 | BB | 910,000 | 821,777 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hospital/Sellersville Obligated Group PA | 4.00% | 7/1/2046 | BB- | 20,000,000 | 15,691,902 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2040 | B- | 11,020,000 | 9,598,969 | |||||||||
| California Municipal Finance Authority - Community Hospitals of Central California Obligated Group | 3.00% | 2/1/2046 | A3 | 5,000,000 | 3,922,053 | |||||||||
| California Public Finance Authority - Kendal At Ventura† | 10.00% | 5/15/2028 | NR | 6,500,000 | 7,399,551 | |||||||||
| California Public Finance Authority - Kendal At Ventura† | 12.00% | 5/15/2028 | NR | 1,000,000 | 1,171,037 | |||||||||
| California Statewide Communities Development Authority - Eskaton Properties Inc Obligated Group | 5.25% | 11/15/2034 | BBB- | 1,565,000 | 1,565,463 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group† | 5.25% | 12/1/2048 | BB | 3,080,000 | 3,144,394 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.00% | 12/1/2041 | BB | 1,700,000 | 1,717,882 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.00% | 12/1/2046 | BB | 6,000,000 | 6,042,688 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.25% | 12/1/2044 | BB | 12,840,000 | 12,877,298 | |||||||||
| 112 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| 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 University Medical Obligated Group† | 5.25% | 12/1/2056 | BB | $ | 29,545,000 | $ | 29,781,091 | |||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.50% | 12/1/2054 | BB | 13,255,000 | 13,294,646 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.50% | 12/1/2058 | BB | 17,750,000 | 18,196,844 | |||||||||
| California Statewide Communities Development Authority - Verity Health System of California Inc Obligated Group(c) | 5.50% | 7/1/2039 | NR | 56,803 | 53,395 | |||||||||
| California Statewide Communities Development Authority - Verity Health System of California Inc Obligated Group(c) | 5.75% | 7/1/2024 | NR | 13,909 | 13,074 | |||||||||
| California Statewide Communities Development Authority - Verity Health System of California Inc Obligated Group(c) | 5.75% | 7/1/2035 | NR | 27,817 | 26,148 | |||||||||
| Chester County Health & Education Facilities Authority - Immaculata University PA | 5.00% | 11/1/2037 | BB- | (b) | 4,000,000 | 3,612,244 | ||||||||
| Chester County Health & Education Facilities Authority - Immaculata University PA | 5.00% | 11/1/2046 | BB- | (b) | 4,100,000 | 3,409,672 | ||||||||
| City of Blaine - Crest View Obligated Group MN | 6.125% | 7/1/2050 | NR | 5,000,000 | 3,250,000 | |||||||||
| City of Colby KS - Citizens Medical Center Inc | 5.50% | 7/1/2026 | NR | 7,400,000 | 7,395,937 | |||||||||
| City of Fruita Healthcare Revenue - Lower Valley Hospital Association Obligated Group CO† | 5.375% | 1/1/2033 | NR | 3,400,000 | 3,379,335 | |||||||||
| City of Fruita Healthcare Revenue - Lower Valley Hospital Association Obligated Group CO† | 5.50% | 1/1/2048 | NR | 16,350,000 | 16,203,847 | |||||||||
| City of Minneapolis - Fairview Health Services Obligated Group MN | 5.00% | 11/15/2049 | BBB+ | 5,000,000 | 5,027,337 | |||||||||
| County of Cuyahoga - MetroHealth System OH | 5.50% | 2/15/2057 | BBB | 4,900,000 | 4,984,943 | |||||||||
| County of Howard - Columbia Vantage House Corp MD | 5.00% | 4/1/2044 | NR | 1,955,000 | 1,728,296 | |||||||||
| County of Howard - Columbia Vantage House Corp MD | 5.00% | 4/1/2046 | NR | 7,000,000 | 6,078,691 | |||||||||
| County of Muskingum - Genesis Healthcare Obligated Group OH | 5.00% | 2/15/2033 | BB+ | 2,765,000 | 2,740,846 | |||||||||
| See Notes to Schedule of Investments. | 113 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| County of Muskingum - Genesis Healthcare Obligated Group OH | 5.00% | 2/15/2044 | BB+ | $ | 20,000,000 | $ | 18,853,474 | |||||||
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 6.75% | 12/1/2052 | NR | 15,100,000 | 16,441,729 | |||||||||
| County of Wilson - Wilson County Hospital KS | 5.60% | 9/1/2036 | NR | 3,530,000 | 2,973,222 | |||||||||
| Crawford County Hospital Authority - Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2046 | NR | 2,225,000 | 2,246,633 | |||||||||
| Crawford County Hospital Authority - Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2051 | NR | 2,600,000 | 2,614,138 | |||||||||
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 3,700,000 | 3,701,379 | |||||||||
| Doylestown Hospital Authority - Doylestown Hospital Obligated Group PA† | 5.375% | 7/1/2039 | NR | 2,000,000 | 2,064,817 | |||||||||
| Duluth Economic Development Authority - Essentia Health Obligated Group MN | 5.25% | 2/15/2058 | A- | 12,000,000 | 12,278,490 | |||||||||
| Duluth Economic Development Authority - St Luke’s Hospital of Duluth Obligated MN | 5.25% | 6/15/2052 | AA- | 5,500,000 | 5,944,841 | |||||||||
| Franklin Health & Educational Facilities Board - MTPC LLC Obligated Group TN†(c) | 7.50% | 6/1/2047 | NR | 7,635,000 | 313,035 | |||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2036 | NR | 1,500,000 | 1,386,249 | |||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2040 | NR | 3,000,000 | 2,649,724 | |||||||||
| Grays Harbor County Public Hospital District No. 1 WA | 6.875% | 12/1/2049 | BB+ | 7,500,000 | 7,787,050 | |||||||||
| Grays Harbor County Public Hospital District No. 1 WA | 6.875% | 12/1/2053 | BB+ | 8,000,000 | 8,243,870 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. - Brazos Presbyterian Homes Obligated Group TX | 5.125% | 1/1/2048 | BB+ | (b) | 1,655,000 | 1,485,306 | ||||||||
| Holmes County Hospital Corp. FL(c) | 5.75% | 11/1/2026 | NR | 3,280,000 | 3,139,771 | |||||||||
| Holmes County Hospital Corp. FL | 6.00% | 11/1/2038 | NR | 7,115,000 | 6,383,375 | |||||||||
| Idaho Health Facilities Authority - North Canyon Medical Center Inc | 7.00% | 11/1/2048 | NR | 8,000,000 | 8,378,978 | |||||||||
| Idaho Health Facilities Authority - North Canyon Medical Center Inc | 7.125% | 11/1/2057 | NR | 7,000,000 | 7,258,978 | |||||||||
| Industrial Development Authority of the County of Pima - La Posada at Park Centre Inc Obligated Group AZ† | 6.875% | 11/15/2052 | NR | 4,000,000 | 4,314,877 | |||||||||
| 114 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Industrial Development Authority of the County of Pima - La Posada at Park Centre Inc Obligated Group AZ† | 7.00% | 11/15/2057 | NR | $ | 5,500,000 | $ | 5,945,728 | |||||||
| Jefferson County Public Hospital District No. 2 WA | 6.875% | 12/1/2053 | NR | 10,000,000 | 10,080,301 | |||||||||
| Kentucky Economic Development Finance Authority - Masonic Homes of Kentucky Inc Obligated Group | 5.375% | 11/15/2032 | NR | 1,100,000 | 1,028,379 | |||||||||
| King County Public Hospital District No. 4 WA | 6.25% | 12/1/2045 | NR | 4,000,000 | 4,005,856 | |||||||||
| Kremmling Memorial Hospital District CO† | 6.375% | 12/1/2049 | NR | 4,495,000 | 4,318,409 | |||||||||
| Kremmling Memorial Hospital District CO† | 6.625% | 12/1/2056 | NR | 6,125,000 | 5,895,083 | |||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - St James Place of Baton Rouge Obligated Group | 6.25% | 11/15/2045 | NR | 6,100,000 | 6,078,073 | |||||||||
| Magnolia West Community Development District FL | 5.35% | 5/1/2037 | NR | 195,000 | 196,282 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Doctors Hospital Inc Obligated Group | 5.00% | 7/1/2038 | A3 | 10,415,000 | 10,528,830 | |||||||||
| Massachusetts Development Finance Agency - Ascentria Care Alliance Obligated Group† | 5.00% | 7/1/2041 | NR | 3,500,000 | 3,157,827 | |||||||||
| Massachusetts Development Finance Agency - Ascentria Care Alliance Obligated Group† | 5.00% | 7/1/2051 | NR | 5,625,000 | 4,771,612 | |||||||||
| Massachusetts Development Finance Agency - Ascentria Care Alliance Obligated Group† | 5.00% | 7/1/2056 | NR | 2,310,000 | 1,923,495 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 4.00% | 7/1/2044 | BBB- | 10,420,000 | 9,220,848 | |||||||||
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.50% | 2/28/2049 | A3 | 1,100,000 | 1,212,339 | |||||||||
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.50% | 2/28/2057 | A3 | 1,375,000 | 1,504,639 | |||||||||
| Monroe County Hospital Authority - Centurion Foundation Lehigh Valley LLC PA† | 5.10% | 6/15/2039 | NR | 20,000,000 | 19,938,018 | |||||||||
| Moon Industrial Development Authority - Baptist Homes Society Obligated Group PA | 6.00% | 7/1/2045 | NR | 9,250,000 | 7,128,826 | |||||||||
| See Notes to Schedule of Investments. | 115 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New Hampshire Business Finance Authority - Ascentria Care Alliance Obligated Group† | 5.00% | 7/1/2041 | NR | $ | 1,885,000 | $ | 1,669,295 | |||||||
| New Hampshire Business Finance Authority - Ascentria Care Alliance Obligated Group† | 5.00% | 7/1/2051 | NR | 3,225,000 | 2,662,567 | |||||||||
| New Hampshire Business Finance Authority - Ascentria Care Alliance Obligated Group† | 5.00% | 7/1/2056 | NR | 1,910,000 | 1,543,462 | |||||||||
| New Hampshire Business Finance Authority - NFA UH SPV LLC† | 5.625% | 12/15/2033 | NR | 4,420,000 | 4,519,440 | |||||||||
| New Hampshire Business Finance Authority - NFA UH SPV LLC† | 6.25% | 12/15/2038 | NR | 5,000,000 | 5,166,199 | |||||||||
| New Jersey Economic Development Authority - Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | 1,500,000 | 1,484,025 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 3.00% | 7/1/2051 | AA- | 3,690,000 | 2,813,967 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2045 | B- | 5,500,000 | 4,043,026 | |||||||||
| Niagara Area Development Corp. - Catholic Health System Obligated Group NY | 4.50% | 7/1/2052 | B- | 3,240,000 | 2,480,763 | |||||||||
| Niagara Area Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B- | 8,545,000 | 7,101,951 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2038 | BB- | 4,515,000 | 4,620,380 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.25% | 8/15/2048 | BB- | 12,135,000 | 12,350,572 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.45% | 8/15/2028 | BB- | 3,000,000 | 2,825,265 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2052 | BB- | 15,000,000 | 15,432,609 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2057 | BB- | 23,690,000 | 24,314,423 | |||||||||
| Onondaga Civic Development Corp. - Crouse Health Hospital Inc Obligated Group NY(d) | 5.375% | 8/1/2054 | BB | (b) | 1,500,000 | 1,539,663 | ||||||||
| Philadelphia Authority for Industrial Development - Greater Philadelphia Health Action Inc PA | 6.50% | 6/1/2045 | NR | 2,485,000 | 2,490,937 | |||||||||
| 116 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Philadelphia Authority for Industrial Development - Greater Philadelphia Health Action Inc PA | 6.625% | 6/1/2050 | NR | $ | 3,415,000 | $ | 3,424,795 | |||||||
| Public Finance Authority - Bancroft Neurohealth Obligated Group† | 4.625% | 6/1/2036 | NR | 4,330,000 | 4,121,816 | |||||||||
| Public Finance Authority - Bancroft Neurohealth Obligated Group† | 5.125% | 6/1/2048 | NR | 7,165,000 | 6,612,771 | |||||||||
| Public Finance Authority - Lehigh Valley Health Network Inc WI† | 7.25% | 12/1/2042 | NR | 8,750,000 | 8,886,618 | |||||||||
| Public Finance Authority - Lehigh Valley Health Network Inc WI† | 7.50% | 12/1/2052 | NR | 8,650,000 | 8,865,652 | |||||||||
| Public Finance Authority - Proton International Alabama LLC WI†(c) | 6.85% | 10/1/2047 | NR | 3,000,000 | 300,000 | |||||||||
| Public Finance Authority - Proton Intl - Delray LLC WI†(c) | 6.85% | 11/1/2046 | NR | 2,000,000 | 1,100,000 | |||||||||
| Public Finance Authority - RBS Evolution LLC WI† | 10.00% | 11/1/2038 | NR | 13,100,000 | 14,161,577 | |||||||||
| Rhode Island Health & Educational Building Corp. - Care New England Health System Obligated Group | 5.00% | 9/1/2036 | B+ | 7,000,000 | 7,017,216 | |||||||||
| Rhode Island Health & Educational Building Corp. - Lifespan Obligated Group | 5.25% | 5/15/2049 | BBB+ | 1,825,000 | 1,946,801 | |||||||||
| Rhode Island Health & Educational Building Corp. - Lifespan Obligated Group | 5.25% | 5/15/2054 | BBB+ | 4,500,000 | 4,778,856 | |||||||||
| Roanoke County Economic Development Authority - Friendship Foundation | 5.50% | #(a) | 9/1/2058 | NR | 9,340,000 | 9,285,393 | ||||||||
| Shelby County Health Educational & Housing Facilities Board - Luke Inc Obligated Group TN | 5.75% | 10/1/2059 | NR | 10,000,000 | 7,067,308 | |||||||||
| Skagit County Public Hospital District No. 1 WA | 5.50% | 12/1/2054 | Baa3 | 5,680,000 | 6,046,239 | |||||||||
| South Carolina Jobs-Economic Development Authority - Hampton Regional Medical Center Obligated Group | 5.00% | 11/1/2042 | NR | 3,815,000 | 3,503,904 | |||||||||
| South Carolina Jobs-Economic Development Authority - Hampton Regional Medical Center Obligated Group | 5.00% | 11/1/2046 | NR | 6,070,000 | 5,447,768 | |||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 7.50% | 11/15/2053 | NR | 9,000,000 | 9,304,417 | |||||||||
| See Notes to Schedule of Investments. | 117 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| 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 Village Inc | 7.75% | 11/15/2058 | NR | $ | 17,600,000 | $ | 18,188,803 | |||||||
| Southeastern Ohio Port Authority - Marietta Area Healthcare Inc Obligated Group | 5.50% | 12/1/2043 | B+ | (b) | 5,025,000 | 4,736,534 | ||||||||
| Tarrant County Cultural Education Facilities Finance Corp TX(e) | 5.00% | 7/1/2053 | A1 | 9,550,000 | 9,882,634 | |||||||||
| Upper San Juan Health Service District Medical Center Revenue CO | 6.00% | 6/1/2041 | NR | 2,225,000 | 2,217,960 | |||||||||
| Upper San Juan Health Service District Medical Center Revenue CO | 6.125% | 6/1/2046 | NR | 3,015,000 | 2,975,197 | |||||||||
| West Virginia Hospital Finance Authority - Vandalia Health Inc Obligated Group | 6.00% | 9/1/2048 | BBB+ | 2,060,000 | 2,341,477 | |||||||||
| West Virginia Hospital Finance Authority - Vandalia Health Inc Obligated Group | 6.00% | 9/1/2053 | BBB+ | 3,250,000 | 3,668,066 | |||||||||
| Westchester County Health Care Corp Obligated Group NY | 6.25% | 11/1/2052 | BBB- | 1,280,000 | 1,444,895 | |||||||||
| Westchester County Health Care Corp Obligated Group NY (AGM) | 5.00% | 11/1/2047 | AA | 2,875,000 | 3,041,464 | |||||||||
| Westchester County Health Care Corp Obligated Group NY (AGM) | 5.75% | 11/1/2053 | AA | 2,250,000 | 2,493,530 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Ascension Health Credit Group | 4.00% | 11/15/2046 | AA+ | 5,180,000 | 4,908,322 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.50% | 2/15/2054 | BBB | 4,750,000 | 5,053,876 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.73% | #(a) | 2/15/2053 | BBB | 12,450,000 | 12,450,000 | ||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group (BAM) | 5.25% | 2/15/2054 | BBB | (b) | 1,250,000 | 1,333,932 | ||||||||
| Wisconsin Health & Educational Facilities Authority - Sauk-Prairie Memorial Hospital Inc Obligated Group | 5.375% | 2/1/2048 | Ba2 | 4,000,000 | 3,944,572 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Wisconsin Masonic Home Obligated Group | 5.75% | 8/15/2059 | BBB- | (b) | 2,380,000 | 2,497,140 | ||||||||
| Total | 725,467,532 | |||||||||||||
| 118 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing 4.55% | ||||||||||||||
| California Community Housing Agency Arbors Apartments† | 5.00% | 8/1/2050 | NR | $ | 11,000,000 | $ | 10,717,970 | |||||||
| California Community Housing Agency Summit at Sausalito Apartments† | 3.00% | 2/1/2057 | NR | 14,105,000 | 10,144,267 | |||||||||
| California Community Housing Agency Summit at Sausalito Apartments† | 4.00% | 2/1/2050 | NR | 20,000,000 | 15,428,312 | |||||||||
| California Municipal Finance Authority - Caritas Affordable Housing Inc | 5.25% | 8/15/2039 | A- | 550,000 | 550,660 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2038 | Baa3 | 1,000,000 | 1,033,293 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2040 | Baa3 | 1,000,000 | 1,021,579 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2048 | Baa3 | 1,350,000 | 1,352,037 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2053 | Baa3 | 1,770,000 | 1,762,533 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2058 | Baa3 | 1,750,000 | 1,722,709 | |||||||||
| CMFA Special Finance Agency CA† | 4.00% | 12/1/2045 | NR | 9,650,000 | 8,098,374 | |||||||||
| CSCDA Community Improvement Authority Dublin CA† | 4.00% | 2/1/2057 | NR | 4,500,000 | 3,404,974 | |||||||||
| CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments CA† | 3.125% | 8/1/2056 | NR | 14,500,000 | 11,101,299 | |||||||||
| CSCDA Community Improvement Authority Orange Portfolio CA† | 3.00% | 3/1/2057 | NR | 7,000,000 | 4,977,337 | |||||||||
| CSCDA Community Improvement Authority Orange Portfolio CA† | 4.00% | 3/1/2057 | NR | 3,500,000 | 2,643,257 | |||||||||
| CSCDA Community Improvement Authority Pasadena Portfolio CA† | 4.00% | 12/1/2056 | NR | 13,250,000 | 10,160,205 | |||||||||
| CSCDA Community Improvement Authority Westgate Apartments CA† | 3.00% | 6/1/2047 | NR | 16,640,000 | 12,148,282 | |||||||||
| CSCDA Community Improvement Authority Westgate Apartments CA† | 4.00% | 6/1/2057 | NR | 13,980,000 | 8,256,230 | |||||||||
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.00% | 6/1/2053 | BBB- | 3,285,000 | 3,373,518 | |||||||||
| See Notes to Schedule of Investments. | 119 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.375% | 6/1/2064 | BBB- | $ | 5,450,000 | $ | 5,664,415 | |||||||
| Iowa Finance Authority - Lifespace Communities Inc Obligated Group IA | 7.50% | 5/15/2053 | BBB | (b) | 5,750,000 | 6,399,167 | ||||||||
| Knox County Health Educational & Housing Facility Board - Provident Group - UTK Properties LLC TN (BAM) | 5.25% | 7/1/2049 | AA | 2,500,000 | 2,679,902 | |||||||||
| Knox County Health Educational & Housing Facility Board TN (BAM) | 5.125% | 7/1/2059 | AA | 1,100,000 | 1,153,224 | |||||||||
| Knox County Health Educational & Housing Facility Board TN (BAM) | 5.25% | 7/1/2064 | AA | 2,300,000 | 2,415,008 | |||||||||
| Maryland Economic Development Corp. | 5.75% | 7/1/2053 | BBB- | 2,000,000 | 2,178,009 | |||||||||
| Maryland Economic Development Corp. | 6.00% | 7/1/2058 | BBB- | 5,000,000 | 5,521,758 | |||||||||
| New Hampshire Business Finance Authority | 4.375% | 9/20/2036 | BBB | 5,359,036 | 5,330,335 | |||||||||
| Palm Beach County School District - Lifespace Communities Inc Obligated Group FL | 7.50% | 5/15/2053 | BBB | (b) | 1,000,000 | 1,112,899 | ||||||||
| Palm Beach County School District - Lifespace Communities Inc Obligated Group FL | 7.625% | 5/15/2058 | BBB | (b) | 2,000,000 | 2,231,731 | ||||||||
| Public Finance Authority - CHF-Manoa LLC WI† | 5.75% | 7/1/2053 | BBB- | 5,040,000 | 5,448,872 | |||||||||
| Public Finance Authority - CHF-Manoa LLC WI† | 5.75% | 7/1/2063 | BBB- | 9,870,000 | 10,596,338 | |||||||||
| Virginia Beach Development Authority - Westminster-Canterbury on Chesapeake Bay Obligated Group | 7.00% | 9/1/2053 | BB+ | (b) | 8,000,000 | 9,163,998 | ||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.00% | 7/1/2054 | BBB- | 2,000,000 | 2,052,864 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2044 | BBB- | 1,350,000 | 1,471,343 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2049 | BBB- | 1,000,000 | 1,073,288 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2059 | BBB- | 2,500,000 | 2,665,066 | |||||||||
| Total | 175,055,053 | |||||||||||||
| 120 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations 0.39% | ||||||||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.375% | 1/1/2043 | A- | $ | 1,175,000 | $ | 1,175,842 | |||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | A- | 6,500,000 | 6,504,858 | |||||||||
| New Jersey Economic Development Authority - State Capitol Joint Management Commission | 5.00% | 6/15/2043 | A2 | 3,800,000 | 3,937,321 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2035 | A2 | 3,250,000 | 3,430,772 | |||||||||
| Total | 15,048,793 | |||||||||||||
| Miscellaneous 0.16% | ||||||||||||||
| Black Desert Public Infrastructure District Black Desert Assessment Area No 1 UT† | 5.625% | 12/1/2053 | NR | 5,800,000 | 5,963,596 | |||||||||
| Other Revenue 5.32% | ||||||||||||||
| Anson Education Facilities Corp. - Arlington Classics Academy TX | 5.00% | 8/15/2045 | BBB- | 2,250,000 | 2,257,250 | |||||||||
| Arizona Industrial Development Authority - American Charter Schools Foundation† | 6.00% | 7/1/2047 | BB+ | 2,460,000 | 2,521,560 | |||||||||
| Arizona Industrial Development Authority - Odyssey Preparatory Academy Inc† | 5.50% | 7/1/2052 | BB- | 750,000 | 751,025 | |||||||||
| Arlington Higher Education Finance Corp. - Newman International Academy TX | 5.50% | 8/15/2046 | NR | 5,000,000 | 4,820,051 | |||||||||
| California School Finance Authority - Kipp SoCal Public Schools Obligated† | 5.125% | 7/1/2044 | BBB | 2,390,000 | 2,391,451 | |||||||||
| Capital Trust Agency, Inc. - Educational Growth Fund FL† | 5.00% | 7/1/2056 | NR | 18,350,000 | 17,642,613 | |||||||||
| Capital Trust Agency, Inc. - Franklin Academy Series 2020 Obligated Group FL† | 5.00% | 12/15/2050 | NR | 14,700,000 | 13,100,578 | |||||||||
| Chester County Industrial Development Authority - Collegium Charter School PA | 5.125% | 10/15/2037 | BB | 1,000,000 | 1,005,764 | |||||||||
| Chester County Industrial Development Authority - Collegium Charter School PA | 5.25% | 10/15/2047 | BB | 3,000,000 | 2,948,308 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Foundation OH | 5.25% | 12/1/2038 | BB+ | 1,400,000 | 1,437,630 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Foundation OH | 5.50% | 12/1/2043 | BB+ | 1,850,000 | 1,895,734 | |||||||||
| See Notes to Schedule of Investments. | 121 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| 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 Foundation OH | 5.50% | 12/1/2053 | BB+ | $ | 11,485,000 | $ | 11,625,397 | |||||||
| Clifton Higher Education Finance Corp. - IDEA Public Schools TX | 6.00% | 8/15/2043 | A- | 1,000,000 | 1,002,532 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 6.125% | 8/15/2048 | Baa3 | 22,025,000 | 22,387,217 | |||||||||
| Commonwealth of Puerto Rico | Zero Coupon | #(a) | 11/1/2051 | NR | 796,127 | 231,872 | ||||||||
| Commonwealth of Puerto Rico GO | 5.069% | #(a) | 11/1/2051 | NR | 25,593,914 | 16,156,158 | ||||||||
| County of Broward FL Convention Center Hotel Revenue(e) | 5.50% | 1/1/2055 | AA | 17,000,000 | 18,629,941 | |||||||||
| Florida Development Finance Corp. - Franklin Academy Series 2016 Obligated Group† | 5.00% | 7/15/2046 | NR | 4,000,000 | 3,865,153 | |||||||||
| 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 | 2,335,405 | |||||||||
| Florida Development Finance Corp. - Palm Bay Academy Inc† | 6.375% | 5/15/2037 | NR | 1,220,000 | 244,000 | |||||||||
| Florida Development Finance Corp. - Renaissance Charter School Inc Series 2015 Obligated Group† | 6.125% | 6/15/2046 | NR | 5,000,000 | 5,038,943 | |||||||||
| Florida Development Finance Corp. - Renaissance Charter School Inc Series 2020C/D Obligated Group† | 5.00% | 9/15/2050 | NR | 3,505,000 | 3,181,789 | |||||||||
| GDB Debt Recovery Authority of Puerto Rico | 7.50% | 8/20/2040 | NR | 424,598 | 396,999 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - BASIS Schools Inc Obligated Group AZ† | 5.00% | 7/1/2046 | BB | 5,130,000 | 5,129,381 | |||||||||
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group† | 5.00% | 7/1/2049 | NR | 6,000,000 | 5,647,492 | |||||||||
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group† | 5.00% | 7/1/2055 | NR | 4,000,000 | 3,713,966 | |||||||||
| Jefferson Parish Economic Development & Port District - Kenner Discovery Health Science Foundation Inc LA† | 5.50% | 6/15/2038 | NR | 3,200,000 | 3,247,529 | |||||||||
| Jefferson Parish Economic Development & Port District - Kenner Discovery Health Science Foundation Inc LA† | 5.625% | 6/15/2048 | NR | 4,350,000 | 4,376,626 | |||||||||
| 122 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| 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 | $ | 4,000,753 | |||||||
| Maryland Economic Development Corp.(c) | 5.00% | 12/1/2031 | NR | 10,700,000 | 6,941,625 | |||||||||
| Maryland Economic Development Corp.(c) | 5.25% | 12/1/2031 | NR | 3,000,000 | 1,946,250 | |||||||||
| Michigan Finance Authority - Bradford Academy | 4.30% | 9/1/2030 | NR | 845,000 | 787,069 | |||||||||
| Michigan Finance Authority - Bradford Academy | 4.80% | 9/1/2040 | NR | 1,845,000 | 1,595,369 | |||||||||
| Michigan Finance Authority - Bradford Academy | 5.00% | 9/1/2050 | NR | 3,010,000 | 2,484,541 | |||||||||
| Michigan Public Educational Facilities Authority - Crescent Academy | 7.00% | 10/1/2036 | NR | 607,500 | 607,955 | |||||||||
| New Jersey Economic Development Authority - New Jersey Transit Corp | 5.00% | 11/1/2052 | A2 | 12,010,000 | 12,698,547 | |||||||||
| Plymouth Educational Center Charter School MI | 5.375% | 11/1/2030 | NR | 1,425,000 | 712,500 | |||||||||
| Utah Charter School Finance Authority - Freedom Academy Foundation† | 5.375% | 6/15/2048 | NR | 5,150,000 | 4,813,746 | |||||||||
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2043 | BBB- | 4,375,000 | 3,468,779 | |||||||||
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2058 | BBB- | 2,400,000 | 1,637,973 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2058 | BBB- | 6,000,000 | 5,294,036 | |||||||||
| Total | 204,971,516 | |||||||||||||
| Special Tax 3.56% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2032 | Ba3 | 2,425,000 | 2,467,728 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.25% | 5/1/2042 | NR | 3,115,000 | 3,105,904 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 6.00% | 5/1/2042 | NR | 11,000,000 | 11,522,421 | |||||||||
| Anne Arundel County Consolidated Special Taxing District MD | 5.125% | 7/1/2036 | NR | 1,030,000 | 1,030,269 | |||||||||
| Anne Arundel County Consolidated Special Taxing District MD | 5.25% | 7/1/2044 | NR | 2,150,000 | 2,150,207 | |||||||||
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | 580,000 | 580,298 | |||||||||
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | 25,000 | 25,008 | |||||||||
| See Notes to Schedule of Investments. | 123 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Babcock Ranch Community Independent Special District FL | 5.00% | 5/1/2053 | NR | $ | 4,000,000 | $ | 3,913,038 | |||||||
| Celebration Pointe Community Development District No. 1 FL | 3.375% | 5/1/2041 | NR | 3,970,000 | 3,337,957 | |||||||||
| Celebration Pointe Community Development District No. 1 FL | 5.00% | 5/1/2048 | NR | 6,555,000 | 6,559,691 | |||||||||
| City of Baltimore MD | 4.875% | 6/1/2042 | NR | 1,275,000 | 1,278,341 | |||||||||
| City of Baltimore MD | 5.00% | 6/1/2051 | NR | 1,600,000 | 1,599,464 | |||||||||
| Grandview Industrial Development Authority MO Tax Allocation(c) | 5.75% | 12/1/2028 | NR | 1,000,000 | 400,000 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 3,500,000 | 2,911,597 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 8,995,000 | 6,933,968 | |||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A+ | 3,375,000 | 3,381,074 | |||||||||
| Lakewood Ranch Stewardship District FL | 6.30% | 5/1/2054 | NR | 4,455,000 | 4,704,664 | |||||||||
| Maryland Stadium Authority Built to Learn Revenue | 4.00% | 6/1/2052 | AA | 7,000,000 | 6,703,953 | |||||||||
| Miami World Center Community Development District FL | 5.25% | 11/1/2049 | NR | 4,500,000 | 4,579,407 | |||||||||
| Mida Mountain Village Public Infrastructure District - Mountain Village Assessment Area No 2 UT† | 4.00% | 8/1/2050 | NR | 8,500,000 | 7,234,252 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.25% | 8/1/2035 | NR | 3,290,000 | 3,208,115 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 5.00% | 8/1/2050 | NR | 3,500,000 | 3,426,323 | |||||||||
| Military Installation Development Authority UT | 4.00% | 6/1/2052 | NR | 10,000,000 | 8,117,496 | |||||||||
| Northern Palm Beach County Improvement District FL | 5.00% | 8/1/2046 | NR | 5,000,000 | 5,000,428 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 5.00% | 9/1/2037 | NR | 875,000 | 866,702 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 5.00% | 9/1/2045 | NR | 6,050,000 | 5,729,935 | |||||||||
| Prince George’s County Revenue Authority - County of Prince George’s MD Suitland-Naylor Road Development District† | 5.00% | 7/1/2046 | NR | 5,000,000 | 5,002,420 | |||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.25% | 9/1/2052 | AA | 2,500,000 | 2,709,261 | |||||||||
| 124 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Rocky Mountain Rail Park Metropolitan District CO GO† | 5.00% | 12/1/2041 | NR | $ | 2,000,000 | $ | 1,404,375 | |||||||
| Rocky Mountain Rail Park Metropolitan District CO GO† | 5.00% | 12/1/2051 | NR | 6,520,000 | 3,803,919 | |||||||||
| Scranton Redevelopment Authority PA GTD | 5.00% | 11/15/2028 | BBB+ | 3,720,000 | 3,721,404 | |||||||||
| Stone Canyon Community Improvement District MO(c) | 5.70% | 4/1/2022 | NR | 1,485,000 | 133,650 | |||||||||
| Tern Bay Community Development District FL | 5.375% | 5/1/2037 | NR | 330,000 | 330,235 | |||||||||
| Town of Bridgeville - Heritage Shores Special Development District DE† | 5.25% | 7/1/2044 | NR | 1,675,000 | 1,748,233 | |||||||||
| Town of Bridgeville - Heritage Shores Special Development District DE† | 5.625% | 7/1/2053 | NR | 3,070,000 | 3,224,225 | |||||||||
| Village Metropolitan District CO GO | 5.00% | 12/1/2040 | NR | 2,000,000 | 2,005,415 | |||||||||
| Village Metropolitan District CO GO | 5.00% | 12/1/2049 | NR | 4,085,000 | 4,069,754 | |||||||||
| West Villages Improvement District FL | 4.75% | 5/1/2039 | NR | 1,750,000 | 1,726,907 | |||||||||
| Westview South Community Development District FL | 5.375% | 5/1/2043 | NR | 1,685,000 | 1,717,538 | |||||||||
| Westview South Community Development District FL | 5.375% | 5/1/2043 | NR | 1,000,000 | 1,019,287 | |||||||||
| Westview South Community Development District FL | 5.60% | 5/1/2053 | NR | 2,525,000 | 2,575,070 | |||||||||
| Westview South Community Development District FL | 5.625% | 5/1/2053 | NR | 1,000,000 | 1,025,446 | |||||||||
| Total | 136,985,379 | |||||||||||||
| Tax Revenue 4.41% | ||||||||||||||
| American Samoa Economic Development Authority† | 6.50% | 9/1/2028 | Ba3 | 2,750,000 | 2,852,579 | |||||||||
| Chicago Trans Authority Sales Tax Receipts Fund IL | 5.00% | 12/1/2046 | A+ | 6,000,000 | 6,077,793 | |||||||||
| City of Reno - County of Washoe NV Sales Tax Revenue NV† | Zero Coupon | 7/1/2058 | NR | 18,500,000 | 1,967,560 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Baa2 | 455,000 | 435,183 | |||||||||
| County of Monongalia - Monongalia County Building Commission Development District No 4 WV Tax Allocation† | 5.00% | 6/1/2033 | NR | 460,000 | 480,438 | |||||||||
| County of Monongalia - Monongalia County Building Commission Development District No 4 WV Tax Allocation† | 5.75% | 6/1/2043 | NR | 1,000,000 | 1,071,986 | |||||||||
| See Notes to Schedule of Investments. | 125 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| County of Monongalia - Monongalia County Building Commission Development District No 4 WV Tax Allocation† | 6.00% | 6/1/2053 | NR | $ | 1,750,000 | $ | 1,875,105 | |||||||
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2039 | NR | 3,000,000 | 3,104,311 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 5.50% | 6/15/2053 | A | 9,150,000 | 9,264,799 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2037 | A | 10,000,000 | 5,692,752 | |||||||||
| New York Liberty Development Corp. TCRS (BAM) | 3.00% | 2/15/2042 | AA | 4,000,000 | 3,400,300 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 2,480,000 | 1,914,341 | |||||||||
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2047 | AA+ | 3,740,000 | 2,953,409 | |||||||||
| Public Finance Authority - Southeast Overtown Park West Community Redevelopment Agency WI† | 5.00% | 6/1/2041 | NR | 4,000,000 | 4,051,322 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 3,965,000 | 2,763,913 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 20,225,000 | 20,022,347 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 124,000 | 122,758 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 39,699,000 | 39,304,062 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 54,960,000 | 54,971,822 | |||||||||
| River Islands Public Financing Authority Community Facs District No 2023-1 Area 2 CA(d) | 5.00% | 9/1/2054 | NR | 2,500,000 | 2,520,412 | |||||||||
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2048 | BBB- | 6,710,000 | 4,985,206 | |||||||||
| Total | 169,832,398 | |||||||||||||
| Taxable Revenue - Water & Sewer 0.58% | ||||||||||||||
| City of Chicago IL Waterworks Revenue(e) | 5.50% | 11/1/2062 | AA | 20,290,000 | 22,205,266 | |||||||||
| 126 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco 6.68% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | $ | 93,805,000 | $ | 86,605,100 | |||||||
| California Statewide Financing Authority | Zero Coupon | 6/1/2046 | NR | 26,325,000 | 6,832,604 | |||||||||
| California Statewide Financing Authority† | Zero Coupon | 6/1/2055 | NR | 42,500,000 | 2,193,871 | |||||||||
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2046 | NR | 4,780,000 | 1,013,642 | |||||||||
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2055 | NR | 21,000,000 | 2,349,434 | |||||||||
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2055 | NR | 100,000,000 | 9,803,390 | |||||||||
| Erie Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2060 | NR | 30,000,000 | 1,381,107 | |||||||||
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 190,000,000 | 21,207,762 | |||||||||
| Inland Empire Tobacco Securitization Corp. CA† | Zero Coupon | 6/1/2057 | CCC | 47,000,000 | 3,633,791 | |||||||||
| Iowa Tobacco Settlement Authority | 4.00% | 6/1/2049 | BBB+ | 4,175,000 | 3,754,700 | |||||||||
| Michigan Finance Authority Tobacco Settlement Revenue | 4.00% | 6/1/2049 | BBB+ | 4,005,000 | 3,635,661 | |||||||||
| Michigan Tobacco Settlement Finance Authority | Zero Coupon | 6/1/2058 | NR | 103,300,000 | 3,318,678 | |||||||||
| Monroe Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2061 | NR | 22,900,000 | 1,073,007 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 50,000,000 | 3,140,380 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CCC+ | 3,170,000 | 2,947,007 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CCC+ | 3,218,190 | 3,165,426 | |||||||||
| Rockland Tobacco Asset Securitization Corp. NY† | Zero Coupon | 8/15/2060 | NR | 41,035,000 | 2,749,862 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2036 | NR | 10,000,000 | 5,219,640 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2056 | NR | 20,000,000 | 1,896,346 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco Asset Securitization Corp | Zero Coupon | 6/1/2046 | CCC- | 15,000,000 | 2,973,936 | |||||||||
| See Notes to Schedule of Investments. | 127 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Tobacco Settlement Financing Corp. RI | Zero Coupon | 6/1/2052 | CCC- | $ | 25,885,000 | $ | 4,795,955 | |||||||
| Tobacco Settlement Financing Corp. VA | Zero Coupon | 6/1/2047 | CCC- | 9,500,000 | 2,579,803 | |||||||||
| Tobacco Settlement Financing Corp. VA | Zero Coupon | 6/1/2047 | CCC- | 110,695,000 | 30,737,400 | |||||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 34,360,000 | 32,220,626 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2045 | CCC+ | 7,170,000 | 6,471,736 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 12,835,000 | 11,423,953 | |||||||||
| Total | 257,124,817 | |||||||||||||
| Transportation 10.13% | ||||||||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AGM) AMT | 4.375% | 7/1/2049 | AA | 2,000,000 | 1,978,036 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2049 | A | 3,875,000 | 4,188,601 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2054 | A | 2,875,000 | 3,093,596 | |||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 4.00% | 12/31/2047 | BB+ | (b) | 5,475,000 | 4,953,862 | ||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2043 | BB+ | (b) | 13,445,000 | 13,656,869 | ||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2047 | BB+ | (b) | 2,750,000 | 2,775,603 | ||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2042 | A- | 6,265,000 | 6,267,514 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2027 | BB- | (b) | 5,400,000 | 5,501,887 | ||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2028 | BB- | 3,500,000 | 3,590,147 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2040 | AA | 8,495,000 | 8,553,590 | |||||||||
| City of Reno - County of Washoe NV Sales Tax Revenue NV† | Zero Coupon | 7/1/2058 | NR | 23,000,000 | 3,096,251 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.50% | 7/1/2053 | A+ | 2,500,000 | 2,742,042 | |||||||||
| E-470 Public Highway Authority CO (NATL) | Zero Coupon | 9/1/2031 | A+ | 20,000,000 | 15,290,016 | |||||||||
| 128 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Florida Development Finance Corp. - AAF Operations Holdings LLC AMT† | 12.00% | #(a) | 7/15/2032 | NR | $ | 16,500,000 | $ | 17,570,767 | ||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | 5,500,000 | 5,136,131 | |||||||||
| Greater Asheville Regional Airport Authority NC (AGM) AMT | 5.25% | 7/1/2048 | AA | 1,250,000 | 1,337,981 | |||||||||
| Greater Asheville Regional Airport Authority NC (AGM) AMT | 5.25% | 7/1/2053 | AA | 2,000,000 | 2,125,647 | |||||||||
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2049 | AA | 6,370,000 | 5,985,165 | |||||||||
| Maryland Economic Development Corp. - City of Baltimore Port Covington Development District Tax Allocation | 4.00% | 9/1/2050 | NR | 10,000,000 | 8,307,516 | |||||||||
| Maryland Economic Development Corp. - CONSOL Marine Terminals LLC | 5.75% | 9/1/2025 | BB | 9,000,000 | 9,064,879 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.25% | 6/30/2047 | Baa3 | 2,500,000 | 2,614,254 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.25% | 6/30/2055 | Baa3 | 12,610,000 | 13,071,114 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2052 | A1 | 9,400,000 | 10,222,872 | |||||||||
| Metropolitan Transportation Authority NY(e) | 4.75% | 11/15/2045 | A- | 14,710,000 | 15,067,629 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2049 | A- | 7,500,000 | 8,172,300 | |||||||||
| Metropolitan Transportation Authority NY(e) | 5.25% | 11/15/2055 | A- | 7,000,000 | 7,366,842 | |||||||||
| Metropolitan Washington Airports Authority Aviation Revenue DC(d) | 5.50% | 10/1/2054 | AA- | 7,000,000 | 7,674,682 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.50% | 6/15/2050 | A2 | 2,000,000 | 2,206,467 | |||||||||
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 5.375% | 6/30/2060 | Baa3 | 34,340,000 | 35,468,406 | |||||||||
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 6.00% | 6/30/2054 | Baa3 | 16,500,000 | 18,131,215 | |||||||||
| New York State Thruway Authority TCRS (BAM) | 3.00% | 1/1/2051 | AA | 5,365,000 | 4,112,800 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.375% | 10/1/2045 | Baa3 | 7,765,000 | 7,615,121 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa3 | 8,480,000 | 8,828,077 | |||||||||
| See Notes to Schedule of Investments. | 129 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| 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 | 5.625% | 4/1/2040 | Baa3 | $ | 13,000,000 | $ | 14,145,535 | |||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa3 | 9,000,000 | 10,178,950 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC | 5.50% | 6/30/2060 | Baa3 | 26,560,000 | 28,032,157 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa2 | 5,000,000 | 4,733,929 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa2 | 8,730,000 | 8,730,235 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 4.75% | 9/15/2041 | NR | 2,930,000 | 2,852,136 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 5.00% | 9/15/2051 | NR | 4,875,000 | 4,728,713 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 10,500,000 | 10,625,922 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.25% | 8/1/2047 | AA- | 5,000,000 | 5,338,314 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 3,500,000 | 3,774,106 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.50% | 7/1/2048 | AA- | 6,250,000 | 6,839,677 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 4.00% | 7/1/2046 | A2 | 7,330,000 | 7,003,343 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 5.00% | 7/1/2056 | A2 | 5,000,000 | 5,171,084 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners LLC AMT | 5.50% | 12/31/2058 | Baa1 | 5,000,000 | 5,428,885 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 4.00% | 1/1/2048 | BBB | 7,205,000 | 6,608,675 | |||||||||
| Total | 389,959,540 | |||||||||||||
| Utilities 8.21% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 4,100,000 | 4,106,418 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2052 | Baa1 | 9,915,000 | 9,876,384 | ||||||||
| Black Belt Energy Gas District AL | 5.25% | #(a) | 5/1/2055 | A1 | 6,250,000 | 6,795,795 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 6/1/2049 | A2 | 9,450,000 | 10,032,818 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 11/1/2053 | A2 | 16,335,000 | 17,344,425 | ||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 5/1/2054 | A1 | 15,000,000 | 16,030,686 | ||||||||
| California Community Choice Financing Authority(e) | 5.25% | 11/1/2054 | A2 | 14,000,000 | 14,944,322 | |||||||||
| 130 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| City of Baltimore MD(e) | 5.25% | 7/1/2047 | AA- | $ | 7,195,000 | $ | 7,817,823 | |||||||
| City of Baltimore MD(e) | 5.25% | 7/1/2052 | AA- | 12,190,000 | 13,245,206 | |||||||||
| City of Compton Water Revenue CA | 6.00% | 8/1/2039 | NR | 3,710,000 | 3,718,271 | |||||||||
| City of Osceola - Plum Point Energy Associates LLC AR AMT | 5.50% | #(a) | 4/1/2036 | NR | 16,450,000 | 16,477,963 | ||||||||
| County of Jefferson Sewer Revenue AL | 5.25% | 10/1/2049 | BBB+ | 11,125,000 | 11,925,395 | |||||||||
| County of Jefferson Sewer Revenue AL | 5.50% | 10/1/2053 | BBB+ | 11,750,000 | 12,743,838 | |||||||||
| County of Washoe - Sierra Pacific Power Co NV | 4.125% | #(a) | 3/1/2036 | A | 2,000,000 | 2,004,681 | ||||||||
| Energy Southeast A Cooperative District AL | 5.25% | #(a) | 7/1/2054 | A1 | 6,000,000 | 6,422,805 | ||||||||
| Energy Southeast A Cooperative District AL | 5.75% | #(a) | 4/1/2054 | A1 | 7,500,000 | 8,245,462 | ||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT† | 5.25% | 8/1/2029 | NR | 7,000,000 | 7,216,667 | |||||||||
| Kentucky Public Energy Authority | 5.00% | #(a) | 5/1/2055 | A2 | 8,000,000 | 8,390,149 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 5/1/2052 | A3 | 2,115,000 | 2,122,572 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 15,000,000 | 14,810,422 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 2,165,000 | 2,173,291 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2052 | A3 | 9,000,000 | 9,439,672 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2054 | A3 | 9,250,000 | 9,764,738 | ||||||||
| Northern Palm Beach County Improvement District FL | 5.00% | 8/1/2034 | NR | 2,000,000 | 2,000,980 | |||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(a) | 10/1/2054 | A1 | 15,000,000 | 16,075,410 | ||||||||
| Pennsylvania Economic Development Financing Authority - Talen Energy Supply LLC | 5.25% | #(a) | 12/1/2037 | BB- | 4,400,000 | 4,445,457 | ||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 8,750,000 | 8,224,481 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2035 | NR | 1,500,000 | 1,569,756 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2047 | NR | 29,000,000 | 29,389,145 | |||||||||
| Southeast Alabama Gas Supply District AL | 5.00% | #(a) | 8/1/2054 | Aa3 | 10,750,000 | 11,532,842 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 4.00% | #(a) | 12/1/2051 | A1 | 6,000,000 | 5,968,138 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(a) | 1/1/2053 | A1 | 5,000,000 | 5,361,102 | ||||||||
| See Notes to Schedule of Investments. | 131 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||||
| Utilities (continued) | ||||||||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | #(a) | 1/1/2054 | A1 | $ | 14,250,000 | $ | 15,925,103 | ||||||||
| Total | 316,142,217 | |||||||||||||||
| Total Municipal Bonds (cost $3,872,895,607) | 3,867,194,875 | |||||||||||||||
| Interest Rate# | Interest Rate Reset Date(g) | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 0.40% | ||||||||||||||||
| Variable Rate Demand Notes 0.40% | ||||||||||||||||
| General Obligation 0.21% | ||||||||||||||||
| City of New York NY GO | 4.900% | 7/1/2024 | 4/1/2042 | AA | 2,815,000 | 2,815,000 | ||||||||||
| City of New York NY GO | 4.900% | 7/1/2024 | 4/1/2042 | AA | 1,500,000 | 1,500,000 | ||||||||||
| City of New York NY GO | 4.900% | 7/1/2024 | 10/1/2046 | AA | 3,635,000 | 3,635,000 | ||||||||||
| Total | 7,950,000 | |||||||||||||||
| Utilities 0.19% | ||||||||||||||||
| Development Authority of Appling County - Georgia Power Co | 5.000% | 7/1/2024 | 9/1/2041 | A | 7,200,000 | 7,200,000 | ||||||||||
| Total Short-Term Investments (cost $15,150,000) | 15,150,000 | |||||||||||||||
| Total Investments in Securities 100.98% (cost $3,892,810,849) | 3,887,069,875 | |||||||||||||||
| Other Assets and Liabilities – Net (0.98)% | (37,572,707 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 3,849,497,168 | ||||||||||||||
| 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. | |
| NATL | Insured by - National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. | |
| TCRS | Transferable Custodial Receipts. | |
| TRIPS | Tax Refund Intercept Programs. |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2024, the total value of Rule 144A securities was $1,163,332,837, which represents 30.22% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2024. | |
| (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) | Securities purchased on a when-issued basis. | |
| (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. |
| 132 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| (f) | 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. | |
| (g) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
The following is a summary of the inputs used as of June 30, 2024 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Corporate Bonds | $ | – | $ | 4,725,000 | $ | – | $ | 4,725,000 | ||||||||
| Municipal Bonds(3) | ||||||||||||||||
| General Obligation | – | 384,495,103 | 123 | 384,495,226 | ||||||||||||
| Remaining Industries | – | 3,482,699,649 | – | 3,482,699,649 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 15,150,000 | – | 15,150,000 | ||||||||||||
| Total | $ | – | $ | 3,887,069,752 | $ | 123 | $ | 3,887,069,875 | ||||||||
| (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.
| Investment Type | Municipal Bonds | |||
| Balance as of October 1, 2023 | $ | 60,493,822 | ||
| Accrued Discounts (Premiums) | (2,956 | ) | ||
| Realized Gain (Loss) | (29,049 | ) | ||
| Change in Unrealized Appreciation (Depreciation) | 167,191 | |||
| Purchases | – | |||
| Sales | (2,447,052 | ) | ||
| Transfers into Level 3(a) | – | |||
| Transfers out of Level 3 | (58,181,833 | ) | ||
| Balance as of June 30, 2024 | $ | 123 | ||
| Change in unrealized appreciation/depreciation for the period ended June 30, 2024, related to Level 3 investments held at June 30, 2024 | $ | (77,204 | ) | |
| (a) | The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of mark quotations in accordance with valuation methodology. |
| See Notes to Schedule of Investments. | 133 |
Schedule of Investments (unaudited)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 99.48% | ||||||||||||||
| CORPORATE BONDS 0.18% | ||||||||||||||
| Health Care Services 0.18% | ||||||||||||||
| Care New England Health System (cost $2,382,621) | 5.50% | 9/1/2026 | B+ | $ | 2,500,000 | $ | 2,362,500 | |||||||
| MUNICIPAL BONDS 99.30% | ||||||||||||||
| Airlines 0.43% | ||||||||||||||
| New Jersey Economic Development Authority - Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2026 | Baa2 | 2,135,000 | 2,179,912 | |||||||||
| New Jersey Economic Development Authority - Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2027 | Baa2 | 3,440,000 | 3,562,761 | |||||||||
| Total | 5,742,673 | |||||||||||||
| Corporate-Backed 27.12% | ||||||||||||||
| Allegheny County Industrial Development Authority - United States Steel Corp PA | 4.875% | 11/1/2024 | BB- | 2,400,000 | 2,406,332 | |||||||||
| Allegheny County Industrial Development Authority - United States Steel Corp PA | 5.125% | 5/1/2030 | BB- | 10,485,000 | 11,075,966 | |||||||||
| Allegheny County Industrial Development Authority - United States Steel Corp PA | 5.75% | 8/1/2042 | BB- | 275,000 | 275,108 | |||||||||
| Arkansas Development Finance Authority - Big River Steel LLC AR† | 4.75% | 9/1/2049 | Ba2 | 1,900,000 | 1,891,589 | |||||||||
| Avenir Community Development District FL | 4.50% | 5/1/2030 | NR | 1,960,000 | 1,985,680 | |||||||||
| Boggy Creek Improvement District FL | 4.50% | 5/1/2033 | NR | 1,005,000 | 1,021,172 | |||||||||
| Cabot Citrus Farms Community Development District FL | 5.25% | 3/1/2029 | NR | 6,200,000 | 6,254,676 | |||||||||
| Calhoun County Navigation Industrial Development Authority - Max Midstream Texas LLC AMT† | 3.625% | 7/1/2026 | NR | 2,500,000 | 2,368,997 | |||||||||
| California Municipal Finance Authority - United Airlines Inc AMT | 4.00% | 7/15/2029 | BB- | 4,700,000 | 4,697,808 | |||||||||
| California Municipal Finance Authority - Waste Management Inc AMT | 4.80% | #(a) | 11/1/2041 | A- | 2,500,000 | 2,509,307 | ||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2027 | BB- | (b) | 1,000,000 | 1,018,868 | ||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2028 | BB- | 2,850,000 | 2,923,405 | |||||||||
| 134 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/1/2029 | BB- | $ | 7,225,000 | $ | 7,226,696 | |||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 6.50% | 7/15/2030 | BB- | 4,000,000 | 4,005,560 | |||||||||
| City of Valparaiso - Pratt Paper LLC AMT IN† | 4.50% | 1/1/2034 | NR | 2,765,000 | 2,849,834 | |||||||||
| City of Whiting - BP Products North America Inc IN AMT | 5.00% | #(a) | 11/1/2047 | A1 | 4,500,000 | 4,508,925 | ||||||||
| County of Clark - Southern California Edison Co NV | 2.10% | 6/1/2031 | A2 | 5,060,000 | 4,366,105 | |||||||||
| Crosswinds East Community Development District - Crosswinds East Community Development District Assessment Area One FL | 4.625% | 5/1/2031 | NR | 500,000 | 504,212 | |||||||||
| Florida Development Finance Corp. - Waste pro USA Inc AMT† | 6.125% | #(a) | 7/1/2032 | NR | 8,375,000 | 8,599,797 | ||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT† | 5.00% | 5/1/2029 | NR | 3,910,000 | 3,969,539 | |||||||||
| Greater Orlando Aviation Authority - JetBlue Airways Corp FL | 5.00% | 11/15/2026 | NR | 2,600,000 | 2,601,522 | |||||||||
| Hobe-St Lucie Conservancy District Unit of Development No 1A | 4.75% | 5/1/2031 | NR | 1,700,000 | 1,740,437 | |||||||||
| Hoover Industrial Development Board - United States Steel Corp AL AMT | 6.375% | #(a) | 11/1/2050 | BB- | 1,570,000 | 1,752,514 | ||||||||
| Illinois Finance Authority - LRS Holdings LLC AMT† | 7.375% | #(a) | 9/1/2042 | NR | 5,000,000 | 5,479,924 | ||||||||
| Iowa Finance Authority - Howmet Aerospace Inc | 4.75% | 8/1/2042 | BBB- | 14,900,000 | 14,827,856 | |||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 4.00% | #(a) | 12/1/2050 | BBB- | 8,370,000 | 8,778,492 | ||||||||
| Jefferson County Port Authority - JSW Steel USA Ohio Inc OH† | 5.00% | #(a) | 12/1/2053 | Ba1 | 9,130,000 | 9,290,807 | ||||||||
| Love Field Airport Modernization Corp. - Southwest Airlines Co TX | 5.00% | 11/1/2028 | Baa1 | 5,540,000 | 5,540,690 | |||||||||
| Maryland Industrial Development Financing Authority - Occidental Petroleum Corp | 5.89% | #(a) | 3/1/2030 | Baa3 | 5,645,000 | 5,645,000 | ||||||||
| Michigan Strategic Fund - Graphic Packaging International LLC AMT | 4.00% | #(a) | 10/1/2061 | BB | 3,635,000 | 3,641,805 | ||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 18,650,000 | 18,507,152 | |||||||||
| See Notes to Schedule of Investments. | 135 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Mississippi Business Finance Corp. - Huntington Ingalls Industries Inc | 4.55% | 12/1/2028 | BBB- | $ | 2,000,000 | $ | 2,000,181 | |||||||
| Montgomery County Industrial Development Authority - Constellation Energy Generation PA AMT | 4.45% | #(a) | 10/1/2034 | BBB+ | 7,500,000 | 7,658,195 | ||||||||
| New Hampshire Business Finance Authority - Casella Waste Systems Inc† | 2.95% | 4/1/2029 | B+ | 3,300,000 | 3,091,365 | |||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 4.00% | 11/1/2027 | B | 2,525,000 | 2,524,947 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB- | 8,405,000 | 8,413,130 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.75% | 9/15/2027 | BB- | 6,500,000 | 6,505,076 | |||||||||
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 700,000 | 698,476 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.00% | 11/15/2044 | NR | 5,000,000 | 5,004,938 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 8,660,000 | 8,686,711 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT | 2.75% | #(a) | 9/1/2050 | B+ | 2,475,000 | 2,427,207 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 2.875% | #(a) | 12/1/2044 | B+ | 1,000,000 | 925,294 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 3.125% | #(a) | 12/1/2044 | B+ | 4,500,000 | 4,384,258 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 5.125% | #(a) | 9/1/2050 | B+ | 1,000,000 | 1,035,294 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2026 | B+ | 4,155,000 | 4,156,717 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2031 | B+ | 13,455,000 | 13,457,608 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 2,495,000 | 2,647,980 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 2,500,000 | 2,663,573 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2027 | Baa3 | 5,100,000 | 5,245,337 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY† | 3.50% | 11/1/2024 | B | 7,600,000 | 7,595,461 | |||||||||
| Ohio Air Quality Development Authority - Pratt Paper Inc AMT† | 4.25% | 1/15/2038 | NR | 7,045,000 | 7,077,069 | |||||||||
| 136 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Parish of St. James - NuStar Logistics LP LA† | 5.85% | #(a) | 8/1/2041 | BB+ | $ | 4,225,000 | $ | 4,291,447 | ||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.10% | #(a) | 6/1/2038 | BB+ | 7,095,000 | 7,841,368 | ||||||||
| Pennsylvania Economic Development Financing Authority - CONSOL Energy Inc AMT† | 9.00% | #(a) | 4/1/2051 | BB | 3,125,000 | 3,438,745 | ||||||||
| Pennsylvania Economic Development Financing Authority - Covanta Holding Corp AMT† | 3.25% | 8/1/2039 | B | 5,000,000 | 3,984,763 | |||||||||
| Phenix City Industrial Development Board - WestRock Coated Board LLC AL AMT | 4.125% | 5/15/2035 | BBB | 10,000,000 | 10,000,035 | |||||||||
| Polk County Industrial Development Authority - Mineral Development LLC FL† | 5.875% | 1/1/2033 | NR | 1,310,000 | 1,230,550 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT† | 1.875% | 1/1/2026 | NR | 2,710,000 | 2,609,438 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT† | 2.00% | 1/1/2027 | NR | 1,250,000 | 1,176,602 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT† | 2.125% | 1/1/2028 | NR | 775,000 | 714,585 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT† | 2.25% | 1/1/2029 | NR | 1,300,000 | 1,176,594 | |||||||||
| Port Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT† | 2.625% | 1/1/2031 | NR | 1,600,000 | 1,415,064 | |||||||||
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX† | 5.00% | 1/1/2039 | NR | 4,900,000 | 4,962,869 | |||||||||
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX† | 5.125% | 1/1/2044 | NR | 1,000,000 | 1,002,611 | |||||||||
| Port of Seattle Industrial Development Corp. - Delta Air Lines Inc WA AMT | 5.00% | 4/1/2030 | BB+ | 2,350,000 | 2,350,575 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 5.00% | 12/1/2027 | NR | 1,275,000 | 1,216,044 | |||||||||
| Public Finance Authority - Ameream LLC WI† | 6.50% | 12/1/2037 | NR | 2,000,000 | 1,951,018 | |||||||||
| Public Finance Authority - Celanese US Holdings LLC WI AMT | 4.30% | 11/1/2030 | BBB- | 1,885,000 | 1,876,640 | |||||||||
| Public Finance Authority - Celanese US Holdings LLC WI AMT | 5.00% | 12/1/2025 | BBB- | 10,975,000 | 11,026,644 | |||||||||
| See Notes to Schedule of Investments. | 137 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% | 7/1/2036 | NR | $ | 9,585,000 | $ | 8,350,811 | |||||||
| Public Finance Authority WI† | 5.375% | 12/15/2032 | NR | 3,000,000 | 3,000,094 | |||||||||
| Public Finance Authority WI† | 5.50% | 12/15/2028 | NR | 4,000,000 | 4,010,748 | |||||||||
| South Carolina Jobs - Economic Development Authority - International Paper Co AMT | 4.00% | #(a) | 4/1/2033 | BBB | 2,285,000 | 2,288,335 | ||||||||
| Southwestern Illinois Development Authority - United States Street Corp | 5.75% | 8/1/2042 | BB- | 10,000,000 | 10,003,918 | |||||||||
| Tulsa Airports Improvement Trust - American Airlines Inc OK AMT | 5.00% | #(a) | 6/1/2035 | B+ | 8,490,000 | 8,563,859 | ||||||||
| Tulsa Airports Improvement Trust - American Airlines Inc OK AMT | 5.50% | 6/1/2035 | NR | 2,875,000 | 2,877,505 | |||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Co AL† | 5.25% | 5/1/2044 | NR | 2,500,000 | 2,510,392 | |||||||||
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT† | 5.00% | #(a) | 6/1/2052 | B+ | 5,500,000 | 5,576,468 | ||||||||
| Village Community Development District No. 15 FL† | 4.25% | 5/1/2028 | NR | 1,000,000 | 1,005,943 | |||||||||
| Village Community Development District No. 15 FL† | 4.375% | 5/1/2033 | NR | 1,500,000 | 1,518,644 | |||||||||
| West Virginia Economic Development Authority - Kentucky Power Co AMT | 4.70% | #(a) | 4/1/2036 | BBB | 3,210,000 | 3,245,885 | ||||||||
| Wisconsin Health & Educational Facilities Authority - Virginia Electric and Power Co | 3.80% | #(a) | 11/1/2040 | A2 | 2,250,000 | 2,258,091 | ||||||||
| Total | 365,940,877 | |||||||||||||
| Education 8.73% | ||||||||||||||
| Arizona Industrial Development Authority - Academies of Math & Science Obligated Group† | 5.00% | 7/1/2029 | BB+ | 1,500,000 | 1,528,912 | |||||||||
| Arizona Industrial Development Authority - BASIS Schools Inc Obligated Group† | 5.125% | 7/1/2037 | BB | 970,000 | 980,918 | |||||||||
| Arizona Industrial Development Authority - Odyssey Preparatory Academy Inc† | 4.00% | 7/1/2029 | BB- | 345,000 | 339,474 | |||||||||
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX†(c) | 4.125% | 6/15/2034 | Ba2 | 1,540,000 | 1,534,374 | |||||||||
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX†(c) | 4.25% | 6/15/2039 | Ba2 | 1,075,000 | 1,055,139 | |||||||||
| 138 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Build NYC Resource Corp. - East Harlem Scholars Academy Charter School Obligated Group NY† | 5.00% | 6/1/2032 | BB | $ | 275,000 | $ | 290,242 | |||||||
| California Community Choice Financing Authority | 5.271% (SOFR * .67 + 1.70% | )# | 5/1/2053 | A1 | 10,000,000 | 9,982,080 | ||||||||
| California Municipal Finance Authority - SDORI Charter School Properties LLC† | 5.00% | 3/1/2025 | B+ | 360,000 | 359,648 | |||||||||
| California Municipal Finance Authority - Westside Neighborhood School† | 5.00% | 6/15/2034 | BB | 915,000 | 960,091 | |||||||||
| California Municipal Finance Authority - Westside Neighborhood School† | 5.50% | 6/15/2039 | BB | 900,000 | 946,739 | |||||||||
| Capital Trust Agency, Inc. - Advantage Academy of Hillsborough Obligated Group FL | 4.00% | 12/15/2024 | Baa3 | 110,000 | 109,539 | |||||||||
| Capital Trust Agency, Inc. - Advantage Academy of Hillsborough Obligated Group FL | 5.00% | 12/15/2029 | Baa3 | 805,000 | 812,494 | |||||||||
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL† | 4.00% | 6/15/2029 | NR | 730,000 | 706,062 | |||||||||
| Capital Trust Authority - Kipp Miami Obligated Group FL† | 5.00% | 6/15/2034 | BB | 610,000 | 638,500 | |||||||||
| Chester County Health & Education Facilities Authority - Immaculata University PA | 4.25% | 11/1/2032 | BB- | (b) | 1,755,000 | 1,594,453 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2033 | A | (b) | 1,250,000 | 1,417,971 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2033 | A | (b) | 5,000,000 | 5,278,717 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 6.10% | 4/1/2036 | A | (b) | 5,000,000 | 5,321,790 | ||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB+ | 1,485,000 | 1,484,879 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 7,625,000 | 7,802,212 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 5,540,000 | 5,521,972 | |||||||||
| Chicago Board of Education IL GO | 5.125% | 12/1/2032 | BB+ | 4,580,000 | 4,582,501 | |||||||||
| Chicago Board of Education IL GO | 5.25% | 12/1/2035 | BB+ | 7,000,000 | 7,602,552 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 4.625% | 8/15/2025 | NR | 1,340,000 | 1,344,043 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 5.75% | 8/15/2033 | Baa3 | 2,025,000 | 2,063,037 | |||||||||
| See Notes to Schedule of Investments. | 139 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 5.75% | 8/15/2038 | NR | $ | 1,405,000 | $ | 1,430,409 | |||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 6.00% | 8/15/2038 | Baa3 | 3,000,000 | 3,062,600 | |||||||||
| Colorado Educational & Cultural Facilities Authority† | 4.75% | 4/1/2034 | BB | 3,290,000 | 3,423,603 | |||||||||
| County of Frederick - Mount St Mary’s University Inc MD† | 5.00% | 9/1/2032 | BB+ | 3,150,000 | 3,176,381 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2037 | Ba3 | 1,000,000 | 996,081 | |||||||||
| Florida Development Finance Corp. - Renaissance Charter School Inc† | 6.00% | 6/15/2033 | NR | 1,830,000 | 2,039,019 | |||||||||
| Florida Higher Educational Facilities Financial Authority - Jacksonville University† | 4.50% | 6/1/2033 | NR | 2,900,000 | 2,911,267 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - BASIS Schools Inc Obligated Group AZ† | 5.00% | 7/1/2035 | BB | 2,125,000 | 2,138,995 | |||||||||
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ† | 5.25% | 7/1/2034 | NR | 1,745,000 | 1,794,354 | |||||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.00% | 10/1/2026 | NR | 190,000 | 188,790 | |||||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.125% | 10/1/2030 | NR | 425,000 | 425,078 | |||||||||
| Mountain View School District School Facilities Improvement District No. 2 CA(c) | Zero Coupon | 7/1/2029 | A+ | 2,700,000 | 2,226,268 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 4.247% (CPI YoY * 1 + 0.89% | ) | 3/1/2027 | Baa1 | 2,550,000 | 2,523,744 | ||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2029 | BBB- | 1,545,000 | 1,605,761 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2030 | BBB- | 2,200,000 | 2,299,943 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2032 | BBB- | 1,960,000 | 2,066,850 | |||||||||
| Ohio Air Quality Development Authority - Duke Energy Corp AMT | 4.25% | #(a) | 11/1/2039 | BBB | 2,065,000 | 2,077,501 | ||||||||
| Public Finance Authority - UMA Education Inc WI† | 5.00% | 10/1/2027 | BB+ | 1,125,000 | 1,151,317 | |||||||||
| Public Finance Authority - UMA Education Inc WI† | 5.00% | 10/1/2034 | BB+ | 8,110,000 | 8,400,723 | |||||||||
| 140 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Public Finance Authority - UMA Education Inc WI† | 5.00% | 10/1/2039 | BB+ | $ | 2,250,000 | $ | 2,289,297 | |||||||
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ† | 5.00% | 6/15/2033 | NR | 7,000,000 | 7,243,601 | |||||||||
| Total | 117,729,921 | |||||||||||||
| Energy 0.77% | ||||||||||||||
| PEFA, Inc. IA | 5.00% | #(a) | 9/1/2049 | A3 | 10,165,000 | 10,367,437 | ||||||||
| General Obligation 8.12% | ||||||||||||||
| Academical Village Community Development District FL | 3.25% | 5/1/2031 | NR | 4,265,000 | 3,973,274 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.125% | 5/1/2032 | NR | 1,685,000 | 1,690,968 | |||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 1/1/2054 | Baa1 | 12,575,000 | 13,259,471 | ||||||||
| California Community Choice Financing Authority | 5.50% | #(a) | 5/1/2054 | A2 | 7,500,000 | 8,008,970 | ||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 7,325,000 | 7,564,988 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 2,000,000 | 2,046,482 | |||||||||
| Chicago Board of Education IL GO | 5.25% | 12/1/2035 | BB+ | 5,160,000 | 5,162,819 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2031 | BBB+ | 1,000,000 | 1,051,374 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2031 | BBB+ | 2,595,000 | 2,611,832 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2033 | BBB+ | 7,915,000 | 7,966,170 | |||||||||
| City of Chicago IL GO | 5.625% | 1/1/2031 | BBB+ | 2,500,000 | 2,593,465 | |||||||||
| City of New York NY GO | 5.00% | 3/1/2032 | AA | 5,150,000 | 5,026,573 | |||||||||
| City of Scranton PA GO | 5.00% | 9/1/2024 | BBB+ | 1,745,000 | 1,746,013 | |||||||||
| City of Scranton PA GO | 5.00% | 9/1/2029 | BBB+ | 3,650,000 | 3,755,842 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 2,500,000 | 1,671,582 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2033 | NR | 5,482,612 | 5,503,206 | |||||||||
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/2025 | NR | 1,085,498 | 1,094,896 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 8,230,472 | 8,594,168 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 12,933,161 | 14,386,563 | |||||||||
| New York Liberty Development Corp. | 1.20% | 11/15/2028 | A+ | 2,870,000 | 2,459,981 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2025 | A- | 2,000,000 | 2,037,147 | |||||||||
| State of Illinois GO | 5.25% | 2/1/2029 | A- | 1,150,000 | 1,151,210 | |||||||||
| State of Illinois GO | 5.25% | 2/1/2031 | A- | 5,000,000 | 5,004,378 | |||||||||
| University City Industrial Development Authority MO | 4.875% | 6/15/2036 | NR | 1,120,000 | 1,132,039 | |||||||||
| Total | 109,493,411 | |||||||||||||
| See Notes to Schedule of Investments. | 141 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care 17.46% | ||||||||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2026 | BBB | $ | 1,025,000 | $ | 1,022,593 | |||||||
| Atlanta Development Authority - Georgia ProtonCare Center Inc(d) | 6.00% | 1/1/2023 | NR | 2,000,000 | 900,000 | |||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | 2/1/2029 | CC | 1,500,000 | 945,000 | |||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | 2/1/2032 | CC | 850,000 | 535,500 | |||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | #(a) | 2/1/2040 | CC | 16,710,000 | 12,448,950 | ||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 4.00% | 12/1/2026 | BB | 1,255,000 | 1,209,302 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.00% | 12/1/2024 | BB | 600,000 | 597,746 | |||||||||
| California Municipal Finance Authority - Palomar Health Obligated Group COPS† | 5.00% | 11/1/2027 | BB+ | 5,280,000 | 5,323,934 | |||||||||
| California Public Finance Authority - Kendal At Ventura† | 10.00% | 5/15/2028 | NR | 3,500,000 | 3,984,373 | |||||||||
| California Public Finance Authority - Kendal At Ventura† | 12.00% | 5/15/2028 | NR | 375,000 | 439,139 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.00% | 12/1/2031 | BB | 1,000,000 | 1,017,636 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.25% | 12/1/2029 | BB | 2,500,000 | 2,513,277 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.25% | 12/1/2034 | BB | 14,275,000 | 14,346,002 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.25% | 12/1/2044 | BB | 3,500,000 | 3,510,167 | |||||||||
| California Statewide Communities Development Authority - Verity Health System of California Inc Obligated Group(d) | 5.50% | 7/1/2022 | NR | 1,115 | 1,048 | |||||||||
| California Statewide Communities Development Authority - Verity Health System of California Inc Obligated Group(d) | 5.75% | 7/1/2024 | NR | 6,954 | 6,537 | |||||||||
| Citizens Memorial Hospital District MO | 5.00% | 12/1/2026 | NR | 8,825,000 | 8,780,688 | |||||||||
| City of Blaine - Crest View Obligated Group MN(d) | 5.125% | 7/1/2025 | NR | 60,000 | 39,000 | |||||||||
| 142 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| City of Colby KS - Citizens Medical Center Inc | 5.50% | 7/1/2026 | NR | $ | 4,600,000 | $ | 4,597,474 | |||||||
| City of Fruita Healthcare Revenue - Lower Valley Hospital Association Obligated Group CO† | 5.375% | 1/1/2033 | NR | 2,000,000 | 1,987,844 | |||||||||
| City of Minneapolis - Fairview Health Services Obligated Group MN | 5.00% | 11/15/2033 | BBB+ | 1,000,000 | 1,032,982 | |||||||||
| City of Seneca - Nemaha Valley Community Hospital KS | 5.00% | 9/1/2025 | NR | 1,500,000 | 1,502,977 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Griffin Health Obligated Group† | 5.00% | 7/1/2032 | BB+ | 1,000,000 | 1,002,906 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Hartford HealthCare Obligated Group | 5.00% | 7/1/2034 | A | 2,360,000 | 2,360,509 | |||||||||
| County of Muskingum - Genesis Healthcare Obligated Group OH | 5.00% | 2/15/2027 | BB+ | 2,115,000 | 2,111,139 | |||||||||
| County of Muskingum - Genesis Healthcare Obligated Group OH | 5.00% | 2/15/2033 | BB+ | 8,465,000 | 8,391,052 | |||||||||
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 5.50% | 12/1/2027 | NR | 7,300,000 | 7,336,164 | |||||||||
| Doylestown Hospital Authority - Doylestown Hospital Obligated Group PA† | 5.00% | 7/1/2031 | NR | 1,000,000 | 1,028,381 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 4.00% | 7/1/2034 | BBB | 6,310,000 | 6,226,018 | |||||||||
| Fulton County Industrial Development Authority - Fulton County Medical Center PA | 4.00% | 7/1/2028 | NR | 2,270,000 | 2,179,022 | |||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Obligated Group AZ | 4.00% | 11/15/2027 | NR | 385,000 | 368,564 | |||||||||
| Grays Harbor County Public Hospital District No. 1 WA | 5.75% | 12/1/2033 | BB+ | 5,105,000 | 5,165,120 | |||||||||
| Henry County Hospital Authority - Piedmont Healthcare Inc Obligated Group GA | 5.00% | 7/1/2034 | AA- | 4,695,000 | 4,708,420 | |||||||||
| Idaho Health Facilities Authority - North Canyon Medical Center Inc | 5.50% | 11/1/2029 | NR | 1,500,000 | 1,524,737 | |||||||||
| Idaho Health Facilities Authority - North Canyon Medical Center Inc | 6.25% | 11/1/2035 | NR | 2,610,000 | 2,740,060 | |||||||||
| Illinois Finance Authority - Plymouth Place Obligated Group | 5.00% | 5/15/2025 | NR | 25,000 | 25,284 | |||||||||
| See Notes to Schedule of Investments. | 143 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Industrial Development Authority of the County of Pima - La Posada at Park Centre Inc Obligated Group AZ† | 5.125% | 11/15/2029 | NR | $ | 1,500,000 | $ | 1,515,795 | |||||||
| King County Public Hospital District No. 4 WA | 5.00% | 12/1/2025 | NR | 45,000 | 44,760 | |||||||||
| Kremmling Memorial Hospital District CO† | 5.00% | 12/1/2029 | NR | 1,760,000 | 1,721,003 | |||||||||
| Kremmling Memorial Hospital District CO† | 5.125% | 12/1/2034 | NR | 2,825,000 | 2,711,706 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Adventist Healthcare Obligated Group | 5.00% | 1/1/2033 | BBB | 2,500,000 | 2,618,468 | |||||||||
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2035 | BBB | 1,000,000 | 1,017,010 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2025 | BBB- | 1,400,000 | 1,413,263 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2036 | BBB- | 3,460,000 | 3,497,721 | |||||||||
| Massachusetts Health & Educational Facilities Authority - Trinity Health Corp Obligated Group | 4.78% (MUNIPSA * 1 + .90% | )# | 11/15/2032 | AA- | 1,265,000 | 1,216,948 | ||||||||
| Monroe County Hospital Authority - Centurion Foundation Lehigh Valley LLC PA† | 5.10% | 6/15/2039 | NR | 10,000,000 | 9,969,009 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson University Obligated Group PA | 4.70% | #(a) | 9/1/2050 | A | 16,265,000 | 16,265,000 | ||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2032 | A- | 1,250,000 | 1,250,567 | |||||||||
| New Hampshire Business Finance Authority - NFA UH SPV LLC† | 5.625% | 12/15/2033 | NR | 5,500,000 | 5,623,737 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 5.00% | 7/1/2028 | B- | 1,000,000 | 960,106 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 5.00% | 7/1/2030 | B- | 1,750,000 | 1,646,939 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2024 | BB- | 1,650,000 | 1,648,385 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2027 | BB- | 500,000 | 511,053 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2033 | BB- | 2,000,000 | 2,060,916 | |||||||||
| 144 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| 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 Obligated Group | 5.00% | 8/15/2038 | BB- | $ | 2,500,000 | $ | 2,558,350 | |||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.45% | 8/15/2028 | BB- | 3,500,000 | 3,296,142 | |||||||||
| Palomar Health Obligated Group CA | 5.00% | 11/1/2031 | BB+ | 2,875,000 | 2,802,077 | |||||||||
| Public Finance Authority - Bancroft Neurohealth Obligated Group† | 5.00% | 6/1/2026 | NR | 470,000 | 468,454 | |||||||||
| Public Finance Authority - Bancroft Neurohealth Obligated Group WI† | 5.00% | 6/1/2036 | NR | 1,500,000 | 1,484,025 | |||||||||
| Public Finance Authority - Lehigh Valley Health Network Inc WI† | 6.625% | 12/1/2032 | NR | 2,975,000 | 2,990,859 | |||||||||
| Public Finance Authority - RBS Evolution LLC WI† | 9.00% | 11/1/2028 | NR | 4,000,000 | 4,084,522 | |||||||||
| Rhode Island Health & Educational Building Corp. - Care New England Health System Obligated Group | 5.00% | 9/1/2036 | B+ | 10,500,000 | 10,525,825 | |||||||||
| Roanoke County Economic Development Authority - Friendship Foundation VA | 5.50% | #(a) | 9/1/2058 | NR | 350,000 | 347,954 | ||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 5.25% | 11/15/2028 | NR | 2,850,000 | 2,861,869 | |||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 5.75% | 11/15/2029 | NR | 3,000,000 | 2,932,182 | |||||||||
| Southeastern Ohio Port Authority - Marietta Area Healthcare Inc Obligated Group | 5.50% | 12/1/2029 | B+ | (b) | 2,335,000 | 2,312,595 | ||||||||
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | 5.00% | #(a) | 8/1/2049 | A- | 5,120,000 | 5,221,245 | ||||||||
| Washington Health Care Facilities Authority - Providence St Joseph Health Obligated Group | 5.00% | 10/1/2038 | A | 3,000,000 | 2,999,992 | |||||||||
| Westchester County Health Care Corp Obligated Group NY | 5.00% | 11/1/2046 | BBB- | 2,400,000 | 2,241,982 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group(c) | 5.00% | 2/15/2029 | BBB | 3,265,000 | 3,429,245 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.73% | #(a) | 2/15/2053 | BBB | 6,450,000 | 6,450,000 | ||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.73% | #(a) | 2/15/2053 | BBB | 9,450,000 | 9,450,000 | ||||||||
| See Notes to Schedule of Investments. | 145 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Wisconsin Health & Educational Facilities Authority - Wisconsin Masonic Home Obligated Group | 5.25% | 8/15/2039 | BBB- | (b) | $ | 1,415,000 | $ | 1,498,089 | ||||||
| Total | 235,557,338 | |||||||||||||
| Housing 2.12% | ||||||||||||||
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB | 2,735,479 | 2,542,511 | |||||||||
| Connecticut Housing Finance Authority (FHLMC)(FNMA)(GNMA) | 6.00% | 11/15/2054 | AAA | 4,650,000 | 5,024,332 | |||||||||
| Delaware State Housing Authority (FHLMC)(FNMA)(GNMA) | 6.00% | 1/1/2055 | Aa1 | 3,600,000 | 3,936,792 | |||||||||
| Iowa Finance Authority - Lifespace Communities Inc Obligated Group IA | 6.75% | 5/15/2033 | BBB | (b) | 4,200,000 | 4,674,781 | ||||||||
| Minnesota Housing Finance Agency (FHLMC)(FNMA)(GNMA) | 6.25% | 1/1/2054 | AA+ | 4,295,000 | 4,677,818 | |||||||||
| Montgomery County Housing Opportunities Commission MD | 4.00% | 7/1/2048 | Aa2 | 315,000 | 313,396 | |||||||||
| New Jersey Housing & Mortgage Finance Agency | 6.00% | 10/1/2055 | AA | 1,780,000 | 1,928,406 | |||||||||
| North Carolina Housing Finance Agency | 4.00% | 7/1/2047 | AA+ | 200,000 | 198,962 | |||||||||
| Pennsylvania Housing Finance Agency AMT | 4.00% | 4/1/2039 | AA+ | 140,000 | 139,299 | |||||||||
| Public Finance Authority - CHF - Manoa LLC WI† | 5.25% | 7/1/2038 | BBB- | 3,175,000 | 3,463,532 | |||||||||
| Virginia Beach Development Authority - Westminster-Canterbury on Chesapeake Bay Obligated Group | 5.375% | 9/1/2029 | BB+ | (b) | 1,650,000 | 1,716,381 | ||||||||
| Total | 28,616,210 | |||||||||||||
| Lease Obligation 0.17% | ||||||||||||||
| New Jersey Economic Development Authority | 5.13% (MUNIPSA * 1 + 1.25% | )# | 9/1/2025 | A2 | 2,290,000 | 2,292,718 | ||||||||
| Multi-Family Housing 0.58% | ||||||||||||||
| Illinois Housing Development Authority - South Shore IL Preservation LP (FHA), (HUD) | 4.00% | #(a) | 6/1/2026 | Aaa | 1,350,000 | 1,350,207 | ||||||||
| New Hampshire Business Finance Authority | 3.625% | 8/20/2039 | A3 | 6,996,620 | 6,513,067 | |||||||||
| Total | 7,863,274 | |||||||||||||
| 146 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue 2.22% | ||||||||||||||
| Arlington Higher Education Finance Corp. - Newman International Academy TX | 4.00% | 8/15/2031 | NR | $ | 360,000 | $ | 339,252 | |||||||
| Capital Trust Agency, Inc. - Franklin Academy Series 2020 Obligated Group FL† | 4.00% | 12/15/2025 | NR | 300,000 | 295,585 | |||||||||
| Capital Trust Agency, Inc. - Franklin Academy Series 2020 Obligated Group FL† | 5.00% | 12/15/2026 | NR | 300,000 | 300,396 | |||||||||
| Capital Trust Agency, Inc. - Franklin Academy Series 2020 Obligated Group FL† | 5.00% | 12/15/2027 | NR | 660,000 | 661,886 | |||||||||
| Capital Trust Agency, Inc. - Franklin Academy Series 2020 Obligated Group FL† | 5.00% | 12/15/2028 | NR | 690,000 | 691,972 | |||||||||
| Capital Trust Agency, Inc. - Franklin Academy Series 2020 Obligated Group FL† | 5.00% | 12/15/2029 | NR | 1,095,000 | 1,098,339 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Foundation OH | 5.00% | 12/1/2028 | BB+ | 2,595,000 | 2,655,335 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 5.25% | 8/15/2026 | Baa3 | 4,305,000 | 4,358,161 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 5.25% | 8/15/2028 | Baa3 | 3,040,000 | 3,081,386 | |||||||||
| Florida Development Finance Corp. - Renaissance Charter School Inc Series 2015 Obligated Group† | 5.00% | 6/15/2025 | NR | 100,000 | 100,313 | |||||||||
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group† | 3.50% | 7/1/2025 | NR | 265,000 | 261,797 | |||||||||
| Jefferson Parish Economic Development & Port District - Kenner Discovery Health Science Foundation Inc LA† | 4.80% | 6/15/2029 | NR | 2,005,000 | 2,014,543 | |||||||||
| Maryland Economic Development Corp.(d) | 5.00% | 12/1/2031 | NR | 1,500,000 | 973,125 | |||||||||
| Utah Charter School Finance Authority - Freedom Academy Foundation† | 3.25% | 6/15/2031 | NR | 500,000 | 442,941 | |||||||||
| Utah Charter School Finance Authority - Freedom Academy Foundation† | 4.50% | 6/15/2027 | NR | 1,510,000 | 1,480,041 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2031 | NR | 11,350,000 | 11,225,759 | |||||||||
| Total | 29,980,831 | |||||||||||||
| Pollution Control 0.30% | ||||||||||||||
| California Pollution Control Financing Authority | 3.375% | 7/1/2025 | A- | 1,000,000 | 993,739 | |||||||||
| Matagorda County Navigation District No. 1 - AEP Texas Inc | 4.00% | 6/1/2030 | BBB+ | 1,000,000 | 1,000,071 | |||||||||
| Mississippi Business Finance Corp. - Waste Pro USA Inc AMT† | 5.00% | #(a) | 2/1/2036 | NR | 1,500,000 | 1,520,896 | ||||||||
| See Notes to Schedule of Investments. | 147 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Pollution Control (continued) | ||||||||||||||
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT† | 4.625% | #(a) | 4/1/2036 | B+ | $ | 475,000 | $ | 477,979 | ||||||
| Total | 3,992,685 | |||||||||||||
| Special Tax 2.63% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.00% | 5/1/2028 | NR | 1,000,000 | 1,005,304 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 6.00% | 5/1/2042 | NR | 3,720,000 | 3,896,673 | |||||||||
| Babcock Ranch Community Independent Special District FL | 4.125% | 5/1/2027 | NR | 940,000 | 936,300 | |||||||||
| Babcock Ranch Community Independent Special District FL | 4.25% | 5/1/2032 | NR | 2,000,000 | 1,993,611 | |||||||||
| Celebration Pointe Community Development District No. 1 FL | 2.375% | 5/1/2026 | NR | 430,000 | 416,724 | |||||||||
| City of Baltimore MD | 4.50% | 6/1/2033 | NR | 400,000 | 398,382 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 3.875% | 11/15/2029 | NR | 2,515,000 | 2,239,150 | |||||||||
| Lakewood Ranch Stewardship District FL | 5.40% | 5/1/2028 | NR | 990,000 | 1,008,881 | |||||||||
| Lakewood Ranch Stewardship District FL | 5.45% | 5/1/2033 | NR | 2,660,000 | 2,801,105 | |||||||||
| Mida Mountain Village Public Infrastructure District - Mountain Village Assessment Area No 2 UT† | 4.00% | 8/1/2025 | NR | 1,205,000 | 1,200,023 | |||||||||
| Military Installation Development Authority UT | 4.00% | 6/1/2036 | NR | 4,750,000 | 4,274,161 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 4.227% (CPI YoY * 1 + 0.87% | ) | 3/1/2025 | Baa1 | 1,585,000 | 1,578,908 | ||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 4.237% (CPI YoY * 1 + 0.88% | ) | 3/1/2026 | Baa1 | 1,350,000 | 1,340,155 | ||||||||
| Northern Palm Beach County Improvement District FL | 5.00% | 8/1/2046 | NR | 2,150,000 | 2,150,184 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2028 | NR | 680,000 | 669,962 | |||||||||
| Scranton Redevelopment Authority PA GTD | 5.00% | 11/15/2028 | BBB+ | 190,000 | 190,072 | |||||||||
| Village Community Development District No. 12 FL | 4.00% | 5/1/2033 | NR | 1,305,000 | 1,305,711 | |||||||||
| Village Metropolitan District CO GO | 4.15% | 12/1/2030 | NR | 3,650,000 | 3,530,679 | |||||||||
| West Villages Improvement District FL | 4.25% | 5/1/2029 | NR | 1,935,000 | 1,944,971 | |||||||||
| West Villages Improvement District FL | 4.75% | 5/1/2039 | NR | 2,000,000 | 1,973,608 | |||||||||
| 148 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Westview South Community Development District FL | 4.75% | 5/1/2028 | NR | $ | 185,000 | $ | 186,156 | |||||||
| Westview South Community Development District FL | 4.875% | 5/1/2028 | NR | 475,000 | 478,736 | |||||||||
| Total | 35,519,456 | |||||||||||||
| Tax Revenue 3.32% | ||||||||||||||
| American Samoa Economic Development Authority† | 6.50% | 9/1/2028 | Ba3 | 1,250,000 | 1,296,627 | |||||||||
| City of Sparks NV† | 2.75% | 6/15/2028 | Baa2 | 3,995,000 | 3,821,003 | |||||||||
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2027 | NR | 1,000,000 | 1,031,056 | |||||||||
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2032 | NR | 2,535,000 | 2,676,818 | |||||||||
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2039 | NR | 4,820,000 | 4,987,592 | |||||||||
| Public Finance Authority - Southeast Overtown Park West Community Redevelopment Agency WI† | 5.00% | 6/1/2041 | NR | 11,000,000 | 11,141,135 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.50% | 7/1/2034 | NR | 19,841,000 | 19,875,589 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 1,000 | 957 | |||||||||
| Total | 44,830,777 | |||||||||||||
| Tobacco 1.06% | ||||||||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CCC+ | 1,670,000 | 1,552,524 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CCC+ | 6,713,949 | 6,603,870 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2025 | B- | 6,100,000 | 6,095,418 | |||||||||
| Total | 14,251,812 | |||||||||||||
| Transportation 11.30% | ||||||||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC | 5.00% | 6/30/2027 | BB+ | (b) | 695,000 | 710,117 | ||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC | 5.00% | 6/30/2028 | BB+ | (b) | 1,650,000 | 1,699,282 | ||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2037 | A- | 3,750,000 | 3,752,897 | |||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2042 | A- | 5,450,000 | 5,452,187 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2032 | A+ | 2,325,000 | 2,335,563 | |||||||||
| See Notes to Schedule of Investments. | 149 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2034 | A+ | $ | 6,005,000 | $ | 6,032,205 | |||||||
| City & County of Denver - United Airlines Inc CO AMT | 5.00% | 10/1/2032 | BB- | 9,040,000 | 9,040,977 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2032 | A+ | 10,000,000 | 10,012,862 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2034 | A+ | 3,270,000 | 3,274,187 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2034 | A+ | 1,000,000 | 1,001,506 | |||||||||
| County of Miami-Dade Seaport Department FL AMT | 5.00% | 10/1/2032 | A3 | 3,305,000 | 3,572,602 | |||||||||
| County of Miami-Dade Seaport Department FL AMT | 5.00% | 10/1/2036 | A3 | 1,300,000 | 1,402,635 | |||||||||
| E-470 Public Highway Authority CO | 3.928% (SOFR * .67 + .35% | )# | 9/1/2039 | A+ | 1,800,000 | 1,799,292 | ||||||||
| Florida Development Finance Corp. - AAF Operations Holdings LLC AMT† | 12.00% | #(a) | 7/15/2032 | NR | 5,500,000 | 5,856,923 | ||||||||
| Maryland Economic Development Corp. - CONSOL Marine Terminals LLC | 5.75% | 9/1/2025 | BB | 14,255,000 | 14,357,761 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.00% | 11/12/2028 | Baa3 | 9,875,000 | 10,017,920 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2031 | A- | 1,975,000 | 2,010,407 | |||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC | 5.00% | 10/1/2034 | A- | 1,250,000 | 1,330,700 | |||||||||
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 5.50% | 6/30/2038 | Baa3 | 2,000,000 | 2,183,343 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 10/1/2030 | Baa3 | 14,725,000 | 14,766,405 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa3 | 9,000,000 | 9,270,489 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa3 | 3,000,000 | 3,392,984 | |||||||||
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 2.50% | 10/31/2031 | BBB- | (b) | 1,365,000 | 1,131,325 | ||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% | 12/1/2038 | Baa1 | 2,240,000 | 2,378,497 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC | 5.25% | 6/30/2038 | Baa3 | 2,165,000 | 2,365,109 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC | 5.25% | 6/30/2041 | Baa3 | 1,000,000 | 1,076,485 | |||||||||
| 150 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New York Transportation Development Corp. - JFK NTO LLC NY AMT | 5.50% | 6/30/2039 | Baa3 | $ | 1,000,000 | $ | 1,087,605 | |||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.00% | 7/1/2034 | Baa2 | 6,000,000 | 6,005,991 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partners LLC (AGM) AMT | 4.00% | 7/1/2031 | AA | 3,925,000 | 3,889,080 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 3.625% | 9/15/2026 | NR | 600,000 | 586,366 | |||||||||
| Pennsylvania Turnpike Commission Registration Fee Revenue | 3.88% (MUNIPSA * 1 + .85% | )# | 7/15/2041 | AA- | 5,000,000 | 5,002,280 | ||||||||
| Public Finance Authority - Air Cargo Obligated Group WI | 5.00% | 7/1/2031 | BBB | 1,875,000 | 1,984,741 | |||||||||
| Public Finance Authority - Air Cargo Obligated Group WI AMT | 5.00% | 7/1/2032 | BBB | 1,845,000 | 1,965,871 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners Segments 3 LLC AMT | 5.375% | 6/30/2037 | Baa1 | 1,750,000 | 1,905,698 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners Segments 3 LLC AMT | 5.375% | 6/30/2038 | Baa1 | 1,000,000 | 1,084,803 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners Segments 3 LLC AMT | 5.375% | 6/30/2039 | Baa1 | 1,555,000 | 1,682,927 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 1/1/2034 | BBB | 6,605,000 | 7,057,828 | |||||||||
| Total | 152,477,850 | |||||||||||||
| Utilities 12.97% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2052 | Baa1 | 4,890,000 | 4,870,955 | ||||||||
| Black Belt Energy Gas District AL | 5.25% | #(a) | 5/1/2055 | A1 | 8,905,000 | 9,682,649 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 6/1/2049 | A2 | 2,350,000 | 2,494,934 | ||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 11/1/2054 | A2 | 3,300,000 | 3,527,596 | ||||||||
| Central Plains Energy Project NE | 5.00% | #(a) | 5/1/2054 | Aa2 | 5,000,000 | 5,269,141 | ||||||||
| Charlotte County Industrial Development Authority - MSKP Town & Country Utility LLC† | 5.00% | 10/1/2029 | NR | 2,485,000 | 2,536,194 | |||||||||
| Charlotte County Industrial Development Authority - MSKP Town & Country Utility LLC† | 5.00% | 10/1/2034 | NR | 1,000,000 | 1,017,408 | |||||||||
| See Notes to Schedule of Investments. | 151 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| 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 & Country Utility LLC AMT† | 5.50% | 10/1/2036 | NR | $ | 3,490,000 | $ | 3,538,085 | |||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2026 | A+ | 2,750,000 | 2,758,406 | |||||||||
| City of Osceola - Plum Point Energy Associates LLC AR AMT | 5.50% | #(a) | 4/1/2036 | NR | 11,750,000 | 11,769,974 | ||||||||
| City of Seattle Municipal Light & Power Revenue WA | 4.13% (MUNIPSA * 1 + .25% | )# | 5/1/2045 | AA | 3,000,000 | 2,932,518 | ||||||||
| County of Trimble - Louisville Gas and Electric Co KY AMT | 4.70% | #(a) | 6/1/2054 | A1 | 1,750,000 | 1,760,534 | ||||||||
| County of Washoe - Sierra Pacific Power Co NV | 4.125% | #(a) | 3/1/2036 | A | 1,365,000 | 1,368,195 | ||||||||
| Energy Southeast A Cooperative District AL | 5.25% | #(a) | 7/1/2054 | A1 | 3,000,000 | 3,211,403 | ||||||||
| Energy Southeast A Cooperative District AL | 5.75% | #(a) | 4/1/2054 | A1 | 2,000,000 | 2,198,790 | ||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT | 3.00% | 6/1/2032 | NR | 5,000,000 | 4,358,655 | |||||||||
| Kentucky Public Energy Authority | 5.00% | #(a) | 5/1/2055 | A2 | 4,500,000 | 4,719,459 | ||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 17,800,000 | 17,575,035 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 1,190,000 | 1,194,557 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2054 | A3 | 5,500,000 | 5,806,060 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.278% (SOFR * .67 + 1.70% | )# | 12/1/2053 | Aa1 | 5,000,000 | 5,135,455 | ||||||||
| Northern California Energy Authority | 5.00% | #(a) | 12/1/2054 | Aa3 | 10,000,000 | 10,717,169 | ||||||||
| Northern Palm Beach County Improvement District FL | 5.00% | 8/1/2034 | NR | 3,200,000 | 3,201,568 | |||||||||
| Pennsylvania Economic Development Financing Authority - Talen Energy Supply LLC | 5.25% | #(a) | 12/1/2037 | BB- | 3,850,000 | 3,889,775 | ||||||||
| Pennsylvania Economic Development Fin ancing Authority - Talen Energy Supply LLC | 5.25% | #(a) | 12/1/2038 | BB- | 1,500,000 | 1,515,640 | ||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2030 | NR | 1,000,000 | 1,053,192 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2033 | NR | 5,230,000 | 5,549,151 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2035 | NR | 1,500,000 | 1,569,756 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 5.00% | 7/1/2037 | NR | 1,000,000 | 1,050,437 | |||||||||
| Southeast Alabama Gas Supply District AL | 5.00% | #(a) | 8/1/2054 | Aa3 | 14,000,000 | 15,019,515 | ||||||||
| 152 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||||
| Utilities (continued) | ||||||||||||||||
| Southeast Energy Authority A Cooperative District AL | 5.991% (SOFR * .67 + 2.42% | )# | 1/1/2053 | A1 | $ | 10,000,000 | $ | 10,468,445 | ||||||||
| Southern California Public Power Authority - City of Anaheim Electric System Revenue CA | 5.00% | #(a) | 4/1/2055 | A2 | 5,250,000 | 5,563,612 | ||||||||||
| Tennergy Corp. TN | 5.50% | #(a) | 10/1/2053 | Baa1 | 8,195,000 | 8,760,545 | ||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | #(a) | 1/1/2054 | A1 | 8,000,000 | 8,940,409 | ||||||||||
| Total | 175,025,217 | |||||||||||||||
| Total Municipal Bonds (cost $1,324,575,409) | 1,339,682,487 | |||||||||||||||
| Interest Rate# | Interest Rate Reset Date(e) | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 0.08% | ||||||||||||||||
| Variable Rate Demand Notes 0.08% | ||||||||||||||||
| Utilities | ||||||||||||||||
| Development Authority of Appling County - Georgia Power Co | 5.000% | 7/1/2024 | 9/1/2041 | A | 1,050,000 | 1,050,000 | ||||||||||
| Total Short-Term Investments (cost $1,050,000) | 1,050,000 | |||||||||||||||
| Total Investments in Securities 99.56% (cost $1,328,008,030) | 1,343,094,987 | |||||||||||||||
| Other Assets and Liabilities – Net(f) 0.44% | 5,966,468 | |||||||||||||||
| Net Assets 100.00% | $ | 1,349,061,455 | ||||||||||||||
| 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. | |
| FHLMC | Insured by - 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. | |
| 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 |
| See Notes to Schedule of Investments. | 153 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
| Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2024, the total value of Rule 144A securities was $316,653,353, which represents 23.47% of net assets. | ||
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2024. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | This investment has been rated by Fitch IBCA. | |
| (c) | Securities purchased on a when-issued basis. | |
| (d) | Defaulted (non-income producing security). | |
| (e) | 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. | |
| (f) | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows: |
Futures Contracts at June 30, 2024:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation | ||||||||||||
| U.S. Long Bond | September 2024 | 40 | Short | $(4,758,698 | ) | $(4,732,500 | ) | $26,198 | ||||||||||
The following is a summary of the inputs used as of June 30, 2024 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Corporate Bonds | $ | – | $ | 2,362,500 | $ | – | $ | 2,362,500 | ||||||||
| Municipal Bonds | – | 1,339,682,487 | – | 1,339,682,487 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 1,050,000 | – | 1,050,000 | ||||||||||||
| Total | $ | – | $ | 1,343,094,987 | $ | – | $ | 1,343,094,987 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 26,198 | $ | – | $ | – | $ | 26,198 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 26,198 | $ | – | $ | – | $ | 26,198 | ||||||||
| (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.
| 154 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2024
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
| Investment Type | Asset-Backed Securities | |||
| Balance as of October 1, 2023 | $ | 14,882,022 | ||
| Accrued Discounts (Premiums) | 13,012 | |||
| Realized Gain (Loss) | (40,327 | ) | ||
| Change in Unrealized Appreciation (Depreciation) | 92,265 | |||
| Purchases | – | |||
| Sales | (4,732,498 | ) | ||
| Transfers into Level 3 | – | |||
| Transfers out of Level 3(a) | (10,214,474 | ) | ||
| Balance as of June 30, 2024 | $ | – | ||
| Change in unrealized appreciation/depreciation for the period ended June 30, 2024, related to Level 3 investments held at June 30, 2024 | $ | – | ||
| (a) | The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of mark quotations in accordance with valuation methodology. |
| See Notes to Schedule of Investments. | 155 |
Schedule of Investments (unaudited)
SUSTAINABLE MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 98.49% | ||||||||||||||
| MUNICIPAL BONDS 98.49% | ||||||||||||||
| Corporate-Backed 2.29% | ||||||||||||||
| Michigan Strategic Fund - Graphic Packaging International LLC AMT | 4.00% | #(a) | 10/1/2061 | BB | $ | 125,000 | $ | 125,234 | ||||||
| Education 21.87% | ||||||||||||||
| Build NYC Resource Corp. - East Harlem Scholars Academy Charter School Obligated Group NY† | 5.00% | 6/1/2032 | BB | 100,000 | 105,543 | |||||||||
| California Community Choice Financing Authority | 4.00% | #(a) | 5/1/2053 | A1 | 150,000 | 151,005 | ||||||||
| Cleveland State University OH | 5.00% | 6/1/2031 | A+ | 100,000 | 102,172 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 6.00% | 8/15/2038 | Baa3 | 110,000 | 112,295 | |||||||||
| Duval County Public Schools FL COPS (AGM) | 5.00% | 7/1/2035 | AA | 150,000 | 163,816 | |||||||||
| Florida Development Finance Corp. - Renaissance Charter School Inc Series 2020C/D Obligated Group† | 5.00% | 9/15/2040 | NR | 100,000 | 96,125 | |||||||||
| Fort Bend Independent School District TX GO (PSF-GTD) | 0.875% | #(a) | 8/1/2050 | AAA | 145,000 | 140,438 | ||||||||
| Louisiana Public Facilities Authority - Tulane University | 5.00% | 10/15/2036 | A+ | 150,000 | 167,958 | |||||||||
| Massachusetts Development Finance Agency - Franklin W Olin College of Engineering Inc | 5.00% | 11/1/2039 | A | 140,000 | 154,470 | |||||||||
| Total | 1,193,822 | |||||||||||||
| General Obligation 21.42% | ||||||||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 12/1/2053 | A2 | 150,000 | 158,194 | ||||||||
| California Community Choice Financing Authority | 5.50% | #(a) | 5/1/2054 | A2 | 100,000 | 106,786 | ||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2039 | BB+ | 125,000 | 118,566 | |||||||||
| New Caney Independent School District TX GO (PSF-GTD) | 1.25% | #(a) | 2/15/2050 | Aaa | 150,000 | 149,506 | ||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2036 | A2 | 200,000 | 228,292 | |||||||||
| Northside Independent School District TX GO (PSF-GTD) | 1.60% | #(a) | 8/1/2049 | Aaa | 100,000 | 99,823 | ||||||||
| 156 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SUSTAINABLE MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 5.50% | 6/30/2037 | Baa2 | $ | 125,000 | $ | 138,886 | |||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2038 | AA | 150,000 | 169,433 | |||||||||
| Total | 1,169,486 | |||||||||||||
| Health Care 26.16% | ||||||||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2026 | BBB | 80,000 | 79,812 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 4.00% | 12/1/2026 | BB | 200,000 | 192,717 | |||||||||
| Brevard County Health Facilities Authority - Health First Inc Obligated Group FL | 5.00% | 4/1/2038 | A | 210,000 | 229,696 | |||||||||
| County of Franklin - Trinity Health Corp Obligated OH | 5.00% | 12/1/2036 | AA- | 150,000 | 160,085 | |||||||||
| Illinois Finance Authority - Rush Obligated Group | 5.00% | 11/15/2031 | A+ | 150,000 | 151,054 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Adventist Healthcare Obligated Group | 5.50% | 1/1/2046 | Baa3 | 125,000 | 126,787 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2038 | BBB- | 95,000 | 95,548 | |||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 5.25% | 11/15/2028 | NR | 100,000 | 100,416 | |||||||||
| State of Ohio - University Hospitals Health System Inc Obligated Group | 5.00% | 1/15/2032 | A | 150,000 | 160,385 | |||||||||
| Westchester County Local Development Corp. - New York Blood Center Inc NY | 5.00% | 7/1/2038 | Baa1 | 75,000 | 81,474 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.73% | #(a) | 2/15/2053 | BBB | 50,000 | 50,000 | ||||||||
| Total | 1,427,974 | |||||||||||||
| Housing 11.83% | ||||||||||||||
| Connecticut Housing Finance Authority (FHLMC)(FNMA)(GNMA) | 6.00% | 11/15/2054 | AAA | 100,000 | 108,050 | |||||||||
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.00% | 6/1/2043 | BBB- | 150,000 | 156,526 | |||||||||
| Maryland Economic Development Corp. | 5.375% | 7/1/2038 | BBB- | 150,000 | 163,619 | |||||||||
| See Notes to Schedule of Investments. | 157 |
Schedule of Investments (unaudited)(continued)
SUSTAINABLE MUNICIPAL BOND FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| New Jersey Housing & Mortgage Finance Agency | 6.00% | 10/1/2055 | AA | $ | 100,000 | $ | 108,337 | |||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2044 | BBB- | 100,000 | 108,988 | |||||||||
| Total | 645,520 | |||||||||||||
| Taxable Revenue - Water & Sewer 2.31% | ||||||||||||||
| Jersey City Municipal Utilities Authority Sewer Fund NJ | 5.00% | 5/1/2025 | NR | 125,000 | 126,043 | |||||||||
| Transportation 5.18% | ||||||||||||||
| County of Osceola Transportation Revenue FL | 5.00% | 10/1/2028 | BBB+ | 100,000 | 105,473 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.00% | 11/12/2028 | Baa3 | 175,000 | 177,533 | |||||||||
| Total | 283,006 | |||||||||||||
| Utilities 7.43% | ||||||||||||||
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP† | 5.00% | 7/1/2039 | Baa3 | 250,000 | 261,670 | |||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2029 | A+ | 140,000 | 143,983 | |||||||||
| Total | 405,653 | |||||||||||||
| Total Investments in Securities 98.49% (cost $5,291,647) | 5,376,738 | |||||||||||||
| Other Assets and Liabilities – Net 1.51% | 82,441 | |||||||||||||
| Net Assets 100.00% | $ | 5,459,179 | ||||||||||||
| AGM | Insured by - Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| COPS | Certificates of Participation. | |
| FHLMC | Insured by - Federal Home Loan Mortgage Corporation. | |
| FNMA | Federal National Mortgage Association. | |
| GNMA | Government National Mortgage Association. | |
| GTD | Guaranteed. |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2024. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2024, the total value of Rule 144A securities was $463,338, which represents 8.49% of net assets. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| 158 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
SUSTAINABLE MUNICIPAL BOND FUND June 30, 2024
The following is a summary of the inputs used as of June 30, 2024 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 | $ | – | $ | 5,376,738 | $ | – | $ | 5,376,738 | ||||||||
| Total | $ | – | $ | 5,376,738 | $ | – | $ | 5,376,738 | ||||||||
| (1) | Refer to Note 2(b) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.
| See Notes to Schedule of Investments. | 159 |
Schedule of Investments (unaudited)
CALIFORNIA TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 99.49% | ||||||||||||||
| MUNICIPAL BONDS 99.49% | ||||||||||||||
| Corporate-Backed 1.81% | ||||||||||||||
| California Municipal Finance Authority - United Airlines Inc AMT | 4.00% | 7/15/2029 | BB- | $ | 2,020,000 | $ | 2,019,058 | |||||||
| California Municipal Finance Authority - Waste Management Inc AMT | 4.125% | #(a) | 10/1/2041 | A- | 3,000,000 | 3,007,433 | ||||||||
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP AMT† | 5.00% | 11/21/2045 | Baa3 | 4,410,000 | 4,420,566 | |||||||||
| California Pollution Control Financing Authority - Waste Management Inc AMT | 4.30% | 7/1/2040 | A- | 185,000 | 184,788 | |||||||||
| 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 | 1,793,995 | |||||||||
| Total | 11,425,840 | |||||||||||||
| Education 13.79% | ||||||||||||||
| Alameda Unified School District-Alameda County CA | 5.00% | 8/1/2049 | AA | 1,700,000 | 1,890,161 | |||||||||
| Alvord Unified School District CA GO (BAM) | 5.00% | 8/1/2052 | AA | 4,000,000 | 4,420,592 | |||||||||
| Brentwood Union School District CA GO | 5.25% | 8/1/2052 | Aa3 | 2,125,000 | 2,337,369 | |||||||||
| California Community Choice Financing Authority | 4.00% | #(a) | 5/1/2053 | A1 | 4,850,000 | 4,882,478 | ||||||||
| California Educational Facilities Authority - Art Center College of Design | 4.00% | 12/1/2037 | Baa1 | 1,150,000 | 1,131,442 | |||||||||
| California Educational Facilities Authority - Art Center College of Design | 5.00% | 12/1/2044 | Baa1 | 3,500,000 | 3,588,990 | |||||||||
| California Educational Facilities Authority - Chapman University | 5.00% | 4/1/2040 | A2 | 1,000,000 | 1,006,218 | |||||||||
| California Educational Facilities Authority - Loyola Marymount University | 5.00% | 10/1/2048 | A2 | 1,000,000 | 1,036,346 | |||||||||
| California Educational Facilities Authority - St Mary’s College of California | 5.50% | 10/1/2053 | BBB- | 1,125,000 | 1,192,908 | |||||||||
| California Educational Facilities Authority - University of San Francisco | 5.00% | 10/1/2053 | A3 | 2,000,000 | 2,064,135 | |||||||||
| California Educational Facilities Authority - University of the Pacific | 5.00% | 11/1/2053 | A2 | 2,900,000 | 3,096,571 | |||||||||
| California Health Facilities Financing Authority - Art Center College of Design | 5.00% | 12/1/2048 | Baa1 | 1,000,000 | 1,018,638 | |||||||||
| 160 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| California Municipal Finance Authority - Biola University Inc | 5.00% | 10/1/2032 | Baa1 | $ | 400,000 | $ | 415,334 | |||||||
| California Municipal Finance Authority - Biola University Inc | 5.00% | 10/1/2039 | Baa1 | 1,000,000 | 1,027,992 | |||||||||
| California Municipal Finance Authority - Emerson College | 5.00% | 1/1/2042 | BBB+ | 4,245,000 | 4,337,378 | |||||||||
| California Municipal Finance Authority - Samuel Merritt University | 5.25% | 6/1/2053 | A3 | 5,500,000 | 5,906,819 | |||||||||
| California Municipal Finance Authority - SDORI Charter School Properties LLC† | 5.625% | 3/1/2045 | B+ | 500,000 | 491,861 | |||||||||
| California Municipal Finance Authority - University of the Pacific | 3.00% | 11/1/2048 | A2 | 4,000,000 | 3,084,118 | |||||||||
| California Municipal Finance Authority - Westside Neighborhood School† | 5.90% | 6/15/2044 | BB | 1,040,000 | 1,101,490 | |||||||||
| California School Finance Authority - Aspire Public Schools Obligated Group† | 5.00% | 8/1/2046 | NR | 85,000 | 86,589 | |||||||||
| California School Finance Authority - Aspire Public Schools Obligated Group† | 5.00% | 8/1/2046 | BBB | 3,450,000 | 3,459,739 | |||||||||
| California School Finance Authority - Green Dot Public Schools Obligated Group† | 5.00% | 8/1/2045 | BBB- | 620,000 | 621,881 | |||||||||
| California School Finance Authority - Kipp SoCal Public Schools Obligated† | 5.00% | 7/1/2045 | BBB | 540,000 | 543,159 | |||||||||
| California School Finance Authority - Kipp SoCal Public Schools Obligated† | 5.00% | 7/1/2047 | BBB | 4,415,000 | 4,472,411 | |||||||||
| California School Finance Authority - Kipp SoCal Public Schools Obligated Group† | 5.00% | 7/1/2049 | BBB | 1,000,000 | 1,017,766 | |||||||||
| California State University | 5.25% | 11/1/2053 | Aa2 | 8,075,000 | 9,138,453 | |||||||||
| California Statewide Communities Development Authority - Culinary Institute of America | 5.00% | 7/1/2046 | Baa2 | 1,010,000 | 1,015,993 | |||||||||
| Central Unified School District CA GO | 5.25% | 8/1/2052 | Aa3 | 2,940,000 | 3,269,492 | |||||||||
| Montebello Unified School District CA GO (AGM) | 5.50% | 8/1/2047 | AA | 2,000,000 | 2,170,164 | |||||||||
| Morgan Hill Unified School District CA GO | 5.25% | 8/1/2040 | Aa1 | 1,000,000 | 1,149,875 | |||||||||
| Mountain View School District School Facilities Improvement District No. 2 CA(b) | Zero Coupon | 7/1/2029 | A+ | 1,800,000 | 1,484,179 | |||||||||
| Rincon Valley Union School District CA(b) | 5.00% | 8/1/2054 | AA | 2,875,000 | 3,144,846 | |||||||||
| See Notes to Schedule of Investments. | 161 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Sacramento City Unified School District CA (AGM) | 4.00% | 8/1/2054 | AA | $ | 3,000,000 | $ | 2,904,839 | |||||||
| San Rafael City High School District CA GO | 4.00% | 8/1/2053 | Aa2 | 2,000,000 | 2,001,755 | |||||||||
| Santa Clarita Community College District CA GO | 5.25% | 8/1/2045 | AA | 1,500,000 | 1,684,682 | |||||||||
| University of California | 5.00% | 5/15/2052 | AA | 4,640,000 | 5,049,069 | |||||||||
| Total | 87,245,732 | |||||||||||||
| General Obligation 13.23% | ||||||||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 7/1/2053 | A1 | 3,000,000 | 3,150,835 | ||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 12/1/2053 | A2 | 1,925,000 | 2,030,155 | ||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 1/1/2054 | Baa1 | 8,595,000 | 9,062,835 | ||||||||
| California Community Choice Financing Authority | 5.50% | #(a) | 5/1/2054 | A2 | 4,905,000 | 5,237,867 | ||||||||
| California State Public Works Board | 4.00% | 5/1/2046 | Aa3 | 3,765,000 | 3,796,186 | |||||||||
| California State Public Works Board - State of California Department of General Services | 5.00% | 4/1/2049 | Aa3 | 1,000,000 | 1,105,692 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2024 | NR | 25,521 | 25,521 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(a) | 11/1/2043 | NR | 691,973 | 424,698 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 2,000,000 | 1,816,988 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 165,067 | 183,617 | |||||||||
| Cupertino Union School District CA GO | 2.50% | 8/1/2033 | Aa1 | 740,000 | 662,149 | |||||||||
| Dublin Unified School District CA GO | 3.00% | 8/1/2041 | AA+ | 2,425,000 | 2,116,643 | |||||||||
| El Rancho Unified School District CA GO (BAM) | 5.75% | 8/1/2048 | AA | 1,750,000 | 2,042,134 | |||||||||
| Grossmont Union High School District CA GO (AGM) | Zero Coupon | 6/1/2040 | AA | 2,000,000 | 895,613 | |||||||||
| Imperial Community College District CA GO (AGM) | 5.25% | 8/1/2053 | AA | 1,620,000 | 1,804,599 | |||||||||
| Imperial Community College District GO (AGM) | 5.00% | 8/1/2054 | AA | 2,500,000 | 2,743,511 | |||||||||
| Irvine Facilities Financing Authority CA GO | 4.25% | 9/1/2050 | Aa1 | 1,565,000 | 1,614,431 | |||||||||
| Irvine Unified School District - Community Facilities District No 01-1 CA Special Tax (BAM) | 5.00% | 9/1/2038 | AA | 1,000,000 | 1,010,844 | |||||||||
| 162 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Irvine Unified School District - Community Facilities District No 01-1 CA Special Tax (BAM) | 5.00% | 9/1/2056 | AA | $ | 995,000 | $ | 1,021,696 | |||||||
| Local Public Schools Funding Authority School Improvement District No. 2016-1 CA GO (BAM) | 5.00% | 8/1/2052 | AA | 2,000,000 | 2,079,177 | |||||||||
| Newport Mesa Unified School District CA GO | Zero Coupon | 8/1/2041 | Aaa | 1,325,000 | 649,596 | |||||||||
| Newport Mesa Unified School District CA GO | Zero Coupon | 8/1/2045 | Aaa | 1,000,000 | 398,448 | |||||||||
| North Orange County Community College District CA GO | 2.75% | 8/1/2036 | AA+ | 2,000,000 | 1,787,388 | |||||||||
| Ravenswood City School District CA GO (BAM) | 5.25% | 8/1/2053 | AA | 2,000,000 | 2,207,890 | |||||||||
| San Benito High School District CA GO | Zero Coupon | 8/1/2042 | Aa3 | 1,795,000 | 828,327 | |||||||||
| San Benito High School District CA GO | Zero Coupon | 8/1/2043 | Aa3 | 2,600,000 | 1,136,080 | |||||||||
| San Diego Public Facilities Financing Authority CA | 5.25% | 10/15/2052 | AA- | 4,125,000 | 4,607,229 | |||||||||
| San Diego Unified School District CA GO | 5.00% | 7/1/2048 | Aa2 | 3,000,000 | 3,318,334 | |||||||||
| San Francisco Bay Area Rapid Transit District CA GO | 5.25% | 8/1/2047 | Aaa | 2,345,000 | 2,628,633 | |||||||||
| Santa Monica-Malibu Unified School District CA GO | 3.00% | 8/1/2044 | AA+ | 1,515,000 | 1,278,355 | |||||||||
| Santa Rita Union School District CA GO | 2.50% | 8/1/2031 | AA- | 1,160,000 | 1,058,227 | |||||||||
| Simi Valley Unified School District CA GO | 5.25% | 8/1/2051 | Aa2 | 3,000,000 | 3,292,261 | |||||||||
| Southwestern Community College District CA GO | Zero Coupon | 8/1/2041 | Aa2 | 1,100,000 | 557,934 | |||||||||
| State of California GO | 5.00% | 10/1/2041 | Aa2 | 1,170,000 | 1,287,967 | |||||||||
| State of California GO | 5.00% | 4/1/2042 | Aa2 | 2,000,000 | 2,220,145 | |||||||||
| State of California GO | 5.00% | 9/1/2053 | Aa2 | 1,000,000 | 1,111,047 | |||||||||
| State of California GO | 5.25% | 9/1/2047 | Aa2 | 3,000,000 | 3,369,630 | |||||||||
| State of California GO | 5.25% | 10/1/2050 | Aa2 | 2,500,000 | 2,817,884 | |||||||||
| State of California GO | 5.25% | 9/1/2053 | Aa2 | 3,000,000 | 3,389,119 | |||||||||
| Washington Township Health Care District CA GO | 5.25% | 8/1/2048 | AA | 1,625,000 | 1,792,636 | |||||||||
| West Contra Costa Unified School District CA GO | 6.00% | 8/1/2027 | AA- | 1,000,000 | 1,089,957 | |||||||||
| Total | 83,652,278 | |||||||||||||
| See Notes to Schedule of Investments. | 163 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care 14.13% | ||||||||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2026 | BBB | $ | 1,065,000 | $ | 1,062,499 | |||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.25% | 3/1/2036 | BBB | 1,000,000 | 1,002,866 | |||||||||
| California Community Choice Financing Authority - Providence St Joseph Health Obligated Group | 3.00% | 10/1/2041 | A | 1,910,000 | 1,651,755 | |||||||||
| California Community Choice Financing Authority - Providence St Joseph Health Obligated Group | 3.00% | 10/1/2047 | A | 1,430,000 | 1,150,928 | |||||||||
| California Community Choice Financing Authority - Providence St Joseph Health Obligated Group | 5.00% | 10/1/2044 | A | 2,410,000 | 2,410,448 | |||||||||
| California Health Facilities Financing Authority - Cedars-Saini Medical Center Obligated Group | 3.00% | 8/15/2051 | AA- | 2,705,000 | 2,169,530 | |||||||||
| California Health Facilities Financing Authority - Children’s Hospital Los Angeles Obligated Group | 5.00% | 8/15/2047 | BBB | 4,000,000 | 4,071,262 | |||||||||
| California Health Facilities Financing Authority - Children’s Hospital Los Angeles Obligated Group CA | 5.00% | 10/1/2030 | A | 1,470,000 | 1,472,543 | |||||||||
| California Health Facilities Financing Authority - Children’s Hospital Los Angeles Obligated Group CA | 5.00% | 8/15/2042 | BBB | 1,250,000 | 1,279,163 | |||||||||
| California Health Facilities Financing Authority - Children’s Hospital of Orange County Obligated Group | 3.00% | 11/1/2038 | AA- | 3,000,000 | 2,685,957 | |||||||||
| California Health Facilities Financing Authority - City of Hope Obligated Group | 4.00% | 11/15/2045 | A | 3,370,000 | 3,262,826 | |||||||||
| California Health Facilities Financing Authority - City of Hope Obligated Group | 5.00% | 11/15/2032 | A | 1,300,000 | 1,300,403 | |||||||||
| California Health Facilities Financing Authority - CommonSpirit Health Obligated Group | 4.00% | 4/1/2035 | A- | 3,380,000 | 3,414,413 | |||||||||
| California Health Facilities Financing Authority - CommonSpirit Health Obligated Group | 5.00% | 12/1/2054 | A- | 5,000,000 | 5,285,683 | |||||||||
| California Health Facilities Financing Authority - CommonSpirit Health Obligated Group CA | 5.00% | 12/1/2044 | A- | 1,485,000 | 1,610,677 | |||||||||
| 164 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Health Facilities Financing Authority - Lucile Salter Packard Children’s Hospital at Stanford Obligated Group | 4.00% | 5/15/2051 | A1 | $ | 2,000,000 | $ | 1,995,858 | |||||||
| California Health Facilities Financing Authority - Lucile Salter Packard Children’s Hospital at Stanford Obligated Group | 5.00% | 11/15/2056 | A+ | 1,225,000 | 1,262,598 | |||||||||
| California Health Facilities Financing Authority - Scripps Health Obligated Group | 5.00% | 11/15/2044 | AA- | 9,000,000 | 10,024,782 | |||||||||
| California Health Facilities Financing Authority - Sutter Health Obligated Group | 5.00% | 11/15/2038 | A+ | 2,250,000 | 2,357,010 | |||||||||
| California Infrastructure & Economic Development Bank - Roseville Sustainable Energy Partner LLC | 5.25% | 7/1/2049 | BBB+ | 2,450,000 | 2,627,199 | |||||||||
| California Municipal Finance Authority | 4.00% | 8/15/2037 | A- | 1,000,000 | 992,525 | |||||||||
| California Municipal Finance Authority - Community Hospitals of Central California Obligated Group | 5.00% | 2/1/2037 | A3 | 2,000,000 | 2,040,257 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% | 7/1/2036 | Baa2 | 1,580,000 | 1,615,809 | |||||||||
| California Municipal Finance Authority - Palomar Health Obligated Group COPS (AGM) | 5.25% | 11/1/2052 | AA | 1,000,000 | 1,062,985 | |||||||||
| California Municipal Finance Authority (AGM) | 4.00% | 2/1/2051 | AA | 1,455,000 | 1,388,340 | |||||||||
| California Public Finance Authority - Hoag Memorial Hospital Presbyterian Obligated Group | 4.00% | 7/15/2051 | AA | 1,000,000 | 991,229 | |||||||||
| California Public Finance Authority - Kendal At Ventura† | 10.00% | 5/15/2028 | NR | 500,000 | 569,196 | |||||||||
| California Statewide Communities Development Authority - HumanGood California Obligated Group | 5.00% | 10/1/2045 | A- | (c) | 1,000,000 | 1,002,738 | ||||||||
| California Statewide Communities Development Authority - Kaiser Foundation Hospitals | 5.00% | #(a) | 5/1/2033 | AA- | 1,030,000 | 1,116,021 | ||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.00% | 12/1/2026 | BB | 2,335,000 | 2,370,614 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.00% | 12/1/2041 | BB | 1,000,000 | 1,010,519 | |||||||||
| See Notes to Schedule of Investments. | 165 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2024
| 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 University Medical Obligated Group | 5.25% | 12/1/2034 | BB | $ | 2,150,000 | $ | 2,160,694 | |||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.25% | 12/1/2056 | BB | 1,015,000 | 1,023,111 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.50% | 12/1/2054 | BB | 2,225,000 | 2,231,655 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.50% | 12/1/2058 | BB | 2,555,000 | 2,619,320 | |||||||||
| California Statewide Communities Development Authority - Verity Health System of California Inc Obligated Group(d) | 5.50% | 7/1/2039 | NR | 4,884 | 4,591 | |||||||||
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | BB+ | 3,555,000 | 3,420,706 | |||||||||
| Palomar Health Obligated Group CA | 5.00% | 11/1/2039 | BB+ | 4,750,000 | 4,524,818 | |||||||||
| Regents of the University of California Medical Center Pooled Revenue | 3.50% | 5/15/2054 | AA- | 3,000,000 | 2,683,705 | |||||||||
| Regents of the University of California Medical Center Pooled Revenue | 5.00% | 5/15/2047 | AA- | 2,000,000 | 2,176,798 | |||||||||
| Washington Township Health Care District CA | 5.75% | 7/1/2053 | Baa3 | 2,100,000 | 2,241,696 | |||||||||
| Total | 89,345,727 | |||||||||||||
| Housing 6.59% | ||||||||||||||
| California Community Housing Agency Arbors Apartments† | 5.00% | 8/1/2050 | NR | 1,000,000 | 974,361 | |||||||||
| California Community Housing Agency Summit at Sausalito Apartments† | 4.00% | 2/1/2050 | NR | 4,495,000 | 3,467,513 | |||||||||
| California Enterprise Development Authority - Provident Group-Pomona Properties LLC | 5.00% | 1/15/2045 | Baa3 | 3,500,000 | 3,660,524 | |||||||||
| California Enterprise Development Authority - Provident Group-SDSU Properties LLC | 5.00% | 8/1/2040 | Baa3 | 1,625,000 | 1,667,696 | |||||||||
| California Enterprise Development Authority - Provident Group-SDSU Properties LLC | 5.00% | 8/1/2050 | Baa3 | 2,030,000 | 2,070,835 | |||||||||
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB | 8,158,446 | 7,582,928 | |||||||||
| California Housing Finance Agency | 3.50% | 11/20/2035 | BBB+ | 2,291,564 | 2,192,136 | |||||||||
| 166 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| California Municipal Finance Authority - Bowles Hall Foundation | 5.00% | 6/1/2050 | Baa3 | $ | 500,000 | $ | 501,995 | |||||||
| California Municipal Finance Authority - Caritas Affordable Housing Inc | 5.00% | 8/15/2030 | A- | 1,050,000 | 1,050,841 | |||||||||
| California Municipal Finance Authority - CHF-Davis II LLC (BAM) | 3.00% | 5/15/2051 | AA | 2,500,000 | 1,940,454 | |||||||||
| California Municipal Finance Authority - CHF-Davis II LLC (BAM) | 4.00% | 5/15/2046 | AA | 3,000,000 | 2,962,919 | |||||||||
| California Statewide Communities Development Authority - CHF-Irvine LLC | 5.00% | 5/15/2035 | Baa1 | 3,100,000 | 3,160,644 | |||||||||
| California Statewide Communities Development Authority - CHF-Irvine LLC | 5.00% | 5/15/2050 | Baa1 | 1,400,000 | 1,413,099 | |||||||||
| California Statewide Communities Development Authority - CHF-Irvine LLC (BAM) | 4.00% | 5/15/2046 | AA | 1,000,000 | 984,794 | |||||||||
| CSCDA Community Improvement Authority Orange Portfolio CA† | 3.00% | 3/1/2057 | NR | 2,000,000 | 1,422,096 | |||||||||
| CSCDA Community Improvement Authority Parallel-Anaheim CA† | 4.00% | 8/1/2056 | NR | 995,000 | 874,186 | |||||||||
| CSCDA Community Improvement Authority Pasadena Portfolio CA† | 2.65% | 12/1/2046 | NR | 3,425,000 | 2,778,746 | |||||||||
| CSCDA Community Improvement Authority Pasadena Portfolio CA† | 4.00% | 12/1/2056 | NR | 1,000,000 | 766,808 | |||||||||
| CSCDA Community Improvement Authority Westgate Apartments CA† | 3.00% | 6/1/2047 | NR | 3,000,000 | 2,190,195 | |||||||||
| Total | 41,662,770 | |||||||||||||
| Lease Obligations 0.96% | ||||||||||||||
| California State Public Works Board | 4.00% | 11/1/2046 | Aa3 | 2,500,000 | 2,519,558 | |||||||||
| County of Santa Barbara CA COPS AMT | 5.00% | 12/1/2036 | AA | 3,395,000 | 3,573,042 | |||||||||
| Total | 6,092,600 | |||||||||||||
| Other Revenue 1.55% | ||||||||||||||
| California Infrastructure & Economic Development Bank - California Academy of Sciences | 3.25% | 8/1/2029 | A2 | 2,050,000 | 2,012,288 | |||||||||
| California Infrastructure & Economic Development Bank - Los Angeles County Museum of Natural History Foundation | 4.00% | 7/1/2050 | A2 | 4,000,000 | 3,957,654 | |||||||||
| California School Finance Authority - Aspire Public Schools Obligated Group† | 4.00% | 8/1/2051 | BBB | 785,000 | 671,960 | |||||||||
| See Notes to Schedule of Investments. | 167 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| California School Finance Authority - Green Dot Public Schools Obligated Group† | 5.00% | 8/1/2038 | BBB- | $ | 1,000,000 | $ | 1,025,880 | |||||||
| California School Finance Authority - Kipp SoCal Public Schools Obligated† | 5.00% | 7/1/2034 | BBB | 600,000 | 600,605 | |||||||||
| Commonwealth of Puerto Rico GO | 5.069% | #(a) | 11/1/2051 | NR | 2,417,316 | 1,525,931 | ||||||||
| Total | 9,794,318 | |||||||||||||
| Pollution Control 0.26% | ||||||||||||||
| California Municipal Finance Authority - Republic Services Inc AMT | 3.875% | #(a) | 3/1/2054 | BBB+ | 1,600,000 | 1,624,602 | ||||||||
| Power 1.03% | ||||||||||||||
| Southern California Public Power Authority | 5.25% | 7/1/2053 | Aa2 | 3,180,000 | 3,542,240 | |||||||||
| Southern California Public Power Authority - Los Angeles Department of Water & Power System Revenue | 5.25% | 7/1/2053 | Aa2 | 2,700,000 | 3,007,563 | |||||||||
| Total | 6,549,803 | |||||||||||||
| Pre-Refunded 0.11% | ||||||||||||||
| M-S-R Energy Authority CA | 6.50% | 11/1/2039 | BBB+ | 555,000 | 704,035 | |||||||||
| Special Tax 2.98% | ||||||||||||||
| City of Irvine CA | 5.00% | 9/2/2028 | NR | 1,000,000 | 1,014,809 | |||||||||
| City of Irvine CA Special Tax | 5.00% | 9/1/2044 | NR | 500,000 | 501,158 | |||||||||
| City of Irvine CA Special Tax (BAM) | 5.25% | 9/1/2053 | AA | 3,000,000 | 3,322,339 | |||||||||
| City of Roseville Westpark Community Facilities District No 1 CA Special Tax | 5.00% | 9/1/2031 | NR | 1,000,000 | 1,012,006 | |||||||||
| County of Los Angeles Community Facilities District No. CA Special Tax | 5.00% | 9/1/2052 | NR | 1,500,000 | 1,532,144 | |||||||||
| County of Orange CA Community Facilities District No 2023-1 | 5.50% | 8/15/2053 | NR | 1,375,000 | 1,456,058 | |||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A+ | 1,325,000 | 1,327,385 | |||||||||
| Irvine Facilities Financing Authority - City of Irvine Community Facilities District No 2013-3 CA Special Tax (BAM) | 5.25% | 9/1/2053 | AA | 5,160,000 | 5,777,897 | |||||||||
| Poway Unified School District Public Financing Authority CA Special Tax (BAM) | 5.00% | 9/1/2035 | AA+ | 1,770,000 | 1,803,214 | |||||||||
| River Islands Public Financing Authority CA Special Tax (AGM) | 5.25% | 9/1/2052 | AA | 1,000,000 | 1,083,704 | |||||||||
| Total | 18,830,714 | |||||||||||||
| 168 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue 4.63% | ||||||||||||||
| City of Sacramento Transient Occupancy Tax Revenue CA | 5.00% | 6/1/2048 | A1 | $ | 1,000,000 | $ | 1,027,249 | |||||||
| Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AGM) | 5.00% | 8/1/2037 | AA | 1,700,000 | 1,881,868 | |||||||||
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2026 | NR | 1,925,000 | 1,968,405 | |||||||||
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2039 | NR | 2,000,000 | 2,069,540 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 1,283,000 | 301,879 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 503,000 | 497,960 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 4,283,000 | 4,240,085 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 7,000 | 6,698 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 7,298,854 | 7,226,243 | |||||||||
| River Islands Public Financing Authority Community Facs District No 2023-1 Area 2 CA(b) | 5.00% | 9/1/2048 | NR | 1,650,000 | 1,669,740 | |||||||||
| San Diego Unified School District CA GO | 3.00% | 7/1/2044 | Aa2 | 4,400,000 | 3,703,512 | |||||||||
| San Leandro Unified School District CA GO | 5.25% | 8/1/2048 | AA- | 2,100,000 | 2,331,539 | |||||||||
| San Rafael City High School District CA GO | 5.25% | 8/1/2052 | Aa2 | 1,215,000 | 1,319,465 | |||||||||
| Tustin Community Facilities District CA Special Tax | 5.00% | 9/1/2037 | A | 1,000,000 | 1,014,577 | |||||||||
| Total | 29,258,760 | |||||||||||||
| Taxable Revenue - Water & Sewer 0.44% | ||||||||||||||
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP AMT† | 5.00% | 11/21/2045 | Baa3 | 1,100,000 | 1,164,543 | |||||||||
| Los Angeles Department of Water & Power Water System Revenue CA | 4.55% | #(a) | 7/1/2045 | Aa2 | 1,640,000 | 1,640,000 | ||||||||
| Total | 2,804,543 | |||||||||||||
| See Notes to Schedule of Investments. | 169 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco 2.72% | ||||||||||||||
| California Statewide Financing Authority | Zero Coupon | 6/1/2046 | WD | $ | 8,675,000 | $ | 2,251,580 | |||||||
| California Statewide Financing Authority† | Zero Coupon | 6/1/2055 | NR | 10,000,000 | 516,205 | |||||||||
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 21,500,000 | 2,399,825 | |||||||||
| Golden State Tobacco Securitization Corp. CA | 5.00% | 6/1/2051 | BBB+ | 5,200,000 | 5,390,763 | |||||||||
| Inland Empire Tobacco Securitization Corp. CA† | Zero Coupon | 6/1/2057 | CCC | 3,000,000 | 231,944 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2041 | WD | 5,000,000 | 1,935,407 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2056 | WD | 2,250,000 | 213,339 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco Asset Securitization Corp | Zero Coupon | 6/1/2046 | CCC- | 2,500,000 | 495,656 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco Asset Securitization Corp | 5.00% | 6/1/2048 | BBB+ | 3,675,000 | 3,772,948 | |||||||||
| Total | 17,207,667 | |||||||||||||
| Transportation 21.71% | ||||||||||||||
| Alameda Corridor Transportation Authority CA (AGM) | Zero Coupon | 10/1/2051 | AA | 1,000,000 | 554,526 | |||||||||
| Alameda Corridor Transportation Authority CA (AGM) | Zero Coupon | 10/1/2053 | AA | 5,000,000 | 1,211,265 | |||||||||
| Alameda Corridor Transportation Authority CA (AGM) | 5.00% | 10/1/2052 | AA | 9,000,000 | 9,702,235 | |||||||||
| Bay Area Toll Authority CA | 5.00% | 4/1/2054 | AA | 2,720,000 | 2,968,036 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AGM) AMT | 4.375% | 7/1/2049 | AA | 1,000,000 | 989,018 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2049 | A | 1,000,000 | 1,080,929 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2054 | A | 2,350,000 | 2,528,678 | |||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 4.00% | 12/31/2047 | BB+ | (c) | 1,000,000 | 904,815 | ||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2034 | BB+ | (c) | 1,700,000 | 1,756,539 | ||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2035 | BB+ | (c) | 1,205,000 | 1,243,857 | ||||||||
| 170 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2043 | BB+ | (c) | $ | 3,565,000 | $ | 3,621,178 | ||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2047 | BB+ | (c) | 6,500,000 | 6,560,516 | ||||||||
| City of Fresno Airport Revenue CA (BAM) AMT | 5.00% | 7/1/2048 | AA | 3,220,000 | 3,391,995 | |||||||||
| City of Long Beach Airport System Revenue CA (AGM) AMT | 5.25% | 6/1/2047 | AA | 1,330,000 | 1,423,965 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2049 | AA- | 2,000,000 | 1,891,782 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2032 | NR | 105,000 | 114,706 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2032 | AA- | 1,895,000 | 2,061,084 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2051 | AA- | 4,000,000 | 4,154,438 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2047 | AA | 3,000,000 | 3,207,299 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2048 | AA- | 2,000,000 | 2,064,942 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2048 | AA- | 2,000,000 | 2,149,709 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2036 | AA | 1,100,000 | 1,247,721 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2047 | AA | 7,000,000 | 7,621,662 | |||||||||
| County of Sacramento Airport System Revenue CA | 5.00% | 7/1/2041 | A | 1,130,000 | 1,153,704 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2033 | A | 1,500,000 | 1,085,343 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2046 | A | 1,225,000 | 1,194,594 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 4.00% | 1/15/2046 | A | 4,010,000 | 3,910,466 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 6.85% | 1/15/2042 | A | 1,150,000 | 1,376,871 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2031 | A | 1,750,000 | 1,879,460 | |||||||||
| Port Commission of the City & County of San Francisco CA AMT | 5.00% | 3/1/2030 | Aa3 | 1,415,000 | 1,416,587 | |||||||||
| See Notes to Schedule of Investments. | 171 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2024
| 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 | $ | 3,371,146 | |||||||
| San Diego County Regional Airport Authority CA | 5.00% | 7/1/2039 | A2 | 1,550,000 | 1,725,824 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 4.00% | 7/1/2046 | A2 | 3,750,000 | 3,582,884 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 5.00% | 7/1/2051 | A2 | 3,500,000 | 3,635,328 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 5.00% | 7/1/2053 | A1 | 3,615,000 | 3,781,001 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA | 5.00% | 5/1/2052 | A1 | 1,025,000 | 1,109,030 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2031 | A1 | 6,500,000 | 7,024,683 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2045 | A+ | 1,515,000 | 1,557,046 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2052 | A1 | 7,100,000 | 7,398,245 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% | 5/1/2049 | A1 | 3,600,000 | 3,890,212 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.75% | 5/1/2048 | A1 | 2,000,000 | 2,234,716 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% | 1/15/2044 | A | 4,932,000 | 4,912,088 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% | 1/15/2050 | A | 1,825,000 | 1,766,407 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2044 | A- | 8,920,000 | 8,977,276 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2049 | A- | 6,930,000 | 6,970,879 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA (NATL) | Zero Coupon | 1/15/2036 | Baa2 | 1,450,000 | 922,430 | |||||||||
| Total | 137,327,115 | |||||||||||||
| 172 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities 13.55% | ||||||||||||||
| California Community Choice Financing Authority | 4.00% | #(a) | 2/1/2052 | A1 | $ | 4,000,000 | $ | 4,009,619 | ||||||
| California Community Choice Financing Authority | 4.00% | #(a) | 10/1/2052 | A2 | 2,925,000 | 2,943,476 | ||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 2/1/2054 | A1 | 2,500,000 | 2,651,031 | ||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 11/1/2054 | A2 | 1,125,000 | 1,202,590 | ||||||||
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP† | 5.00% | 11/21/2045 | Baa3 | 3,870,000 | 3,994,149 | |||||||||
| City of Burbank Electric Revenue CA | 5.00% | 6/1/2053 | AA- | 3,790,000 | 4,093,916 | |||||||||
| City of Glendale Electric Revenue CA | 5.00% | 2/1/2048 | A+ | 2,275,000 | 2,497,577 | |||||||||
| City of Glendale Electric Revenue CA | 5.00% | 2/1/2054 | A+ | 2,500,000 | 2,718,768 | |||||||||
| City of Los Angeles Wastewater System Revenue CA | 5.00% | 6/1/2043 | AA+ | 3,125,000 | 3,125,167 | |||||||||
| City of San Francisco Public Utilities Commission Water Revenue CA | 5.25% | 11/1/2052 | Aa2 | 1,000,000 | 1,124,677 | |||||||||
| East Bay Municipal Utility District Water System Revenue CA | 5.00% | 6/1/2054 | AAA | 2,000,000 | 2,207,677 | |||||||||
| Guam Power Authority (AGM) | 5.00% | 10/1/2034 | AA | 705,000 | 707,301 | |||||||||
| Guam Waterworks Authority Water And Wastewater System | 5.00% | 7/1/2042 | A- | 1,500,000 | 1,623,494 | |||||||||
| Indio Electric Financing Authority - Imperial Irrigation District Electric System Revenue CA | 5.25% | 1/1/2053 | A1 | 3,685,000 | 4,038,128 | |||||||||
| Long Beach Bond Finance Authority CA | 5.171% (3 Mo. LIBOR * .67 + 1.43% | )# | 11/15/2026 | A1 | 1,000,000 | 1,010,951 | ||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2043 | Aa2 | 2,000,000 | 2,209,693 | |||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2048 | Aa2 | 2,000,000 | 2,150,353 | |||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2051 | Aa2 | 1,200,000 | 1,293,648 | |||||||||
| Los Angeles Department of Water & Power CA | 5.00% | 7/1/2052 | Aa2 | 4,645,000 | 5,046,357 | |||||||||
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% | 7/1/2052 | AA+ | 1,745,000 | 1,898,295 | |||||||||
| Modesto Irrigation District CA | 5.25% | 10/1/2048 | A+ | 3,060,000 | 3,399,686 | |||||||||
| Northern California Energy Authority | 4.00% | #(a) | 7/1/2049 | A2 | 3,750,000 | 3,750,000 | ||||||||
| Northern California Energy Authority | 5.00% | #(a) | 12/1/2054 | Aa3 | 5,000,000 | 5,358,585 | ||||||||
| See Notes to Schedule of Investments. | 173 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2024
| 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 | $ | 700,000 | $ | 657,958 | |||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority PR† | 4.00% | 7/1/2047 | NR | 1,000,000 | 902,173 | |||||||||
| Sacramento Municipal Utility District CA | 5.00% | #(a) | 8/15/2049 | AA- | 1,925,000 | 1,947,641 | ||||||||
| Sacramento Municipal Utility District CA | 5.00% | 11/15/2054 | Aa2 | 1,000,000 | 1,105,239 | |||||||||
| Southern California Public Power Authority | 5.00% | 11/1/2033 | A2 | 3,575,000 | 3,741,444 | |||||||||
| Southern California Public Power Authority | 5.214% (3 Mo. LIBOR * .67 + 1.47% | )# | 11/1/2038 | A2 | 815,000 | 752,569 | ||||||||
| Southern California Public Power Authority - City of Anaheim Electric System Revenue CA | 5.00% | #(a) | 4/1/2055 | A2 | 5,500,000 | 5,828,546 | ||||||||
| Southern California Public Power Authority - Los Angeles Department of Water & Power | 5.00% | 7/1/2053 | Aa2 | 2,000,000 | 2,200,361 | |||||||||
| Southern California Public Power Authority - Los Angeles Department of Water & Power System Revenue | 5.00% | 7/1/2038 | AA- | 1,000,000 | 1,002,392 | |||||||||
| Stockton Public Financing Authority CA (BAM) | 5.00% | 9/1/2029 | AA | 1,000,000 | 1,002,010 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2025 | BBB+ | (c) | 1,130,000 | 1,141,575 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2032 | BBB+ | (c) | 1,090,000 | 1,139,474 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2034 | BBB+ | (c) | 300,000 | 313,112 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2035 | BBB+ | (c) | 200,000 | 208,541 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2038 | BBB+ | (c) | 650,000 | 668,520 | ||||||||
| Total | 85,666,693 | |||||||||||||
| Total Investments in Securities 99.49% (cost $624,252,873) | 629,193,197 | |||||||||||||
| Other Assets and Liabilities – Net(e) 0.51% | 3,212,451 | |||||||||||||
| Net Assets 100.00% | $ | 632,405,648 | ||||||||||||
| 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. |
| 174 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
CALIFORNIA TAX FREE FUND June 30, 2024
| NATL | Insured by - National Public Finance Guarantee Corporation. | |
| NR | Not Rated. |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2024. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2024, the total value of Rule 144A securities was $46,047,544, which represents 7.28% of net assets. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | Securities purchased on a when-issued basis. | |
| (c) | This investment has been rated by Fitch IBCA. | |
| (d) | Defaulted (non-income producing security). | |
| (e) | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows: |
Futures Contracts at June 30, 2024:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
| U.S. Long Bond | September 2024 | 39 | Short | $(4,578,796 | ) | $(4,614,188 | ) | $(35,392 | ) | |||||||||
The following is a summary of the inputs used as of June 30, 2024 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 | $ | – | $ | 629,193,197 | $ | – | $ | 629,193,197 | ||||||||
| Total | $ | – | $ | 629,193,197 | $ | – | $ | 629,193,197 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (35,392 | ) | – | – | (35,392 | ) | ||||||||||
| Total | $ | (35,392 | ) | $ | – | $ | – | $ | (35,392 | ) | ||||||
| (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.
| See Notes to Schedule of Investments. | 175 |
Schedule of Investments (unaudited)
NEW JERSEY TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 98.34% | ||||||||||||||
| MUNICIPAL BONDS 98.34% | ||||||||||||||
| Corporate-Backed 3.08% | ||||||||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC (AGM) AMT | 5.00% | 1/1/2031 | AA | $ | 225,000 | $ | 225,241 | |||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.00% | 1/1/2028 | A- | 100,000 | 100,082 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB- | 1,675,000 | 1,676,620 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.50% | 6/1/2033 | BB- | 650,000 | 654,067 | |||||||||
| New Jersey Infrastructure Bank | 2.125% | 9/1/2046 | AAA | 400,000 | 257,383 | |||||||||
| Salem County Pollution Control Financing Authority - Constellation Energy Generation LLC NJ AMT | 4.45% | 3/1/2025 | Baa1 | 1,015,000 | 1,016,997 | |||||||||
| Total | 3,930,390 | |||||||||||||
| Education 14.18% | ||||||||||||||
| Camden County Improvement Authority - KIPP Cooper Norcross Obligated Group NJ | 6.00% | 6/15/2047 | BBB | 500,000 | 539,816 | |||||||||
| Gloucester County Improvement Authority - Rowan University NJ (BAM) | 5.00% | 7/1/2054 | AA | 1,000,000 | 1,069,848 | |||||||||
| Hudson County Improvement Authority NJ | 4.00% | 6/1/2049 | AA | 500,000 | 486,323 | |||||||||
| Middlesex County Improvement Authority - Rutgers The State University of New Jersey | 5.00% | 8/15/2053 | Aa3 | 1,960,000 | 2,113,587 | |||||||||
| Middlesex County Improvement Authority NJ GTD | 4.00% | 8/15/2053 | AAA | 1,000,000 | 976,665 | |||||||||
| New Jersey Economic Development Authority - Provident Group-Montclair Properties LLC (AGM) | 5.00% | 6/1/2042 | AA | 500,000 | 512,604 | |||||||||
| New Jersey Educational Facilities Authority | 5.00% | 9/1/2036 | A2 | 290,000 | 322,551 | |||||||||
| New Jersey Educational Facilities Authority | 5.25% | 9/1/2053 | A2 | 750,000 | 807,968 | |||||||||
| New Jersey Educational Facilities Authority - Montclair State University Inc (AGM) | 5.00% | 7/1/2041 | AA | 780,000 | 873,110 | |||||||||
| New Jersey Educational Facilities Authority - Montclair State University Inc (AGM) | 5.00% | 7/1/2044 | AA | 500,000 | 552,145 | |||||||||
| 176 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New Jersey Educational Facilities Authority - New Jersey City University Inc (AGM) | 4.00% | 7/1/2036 | AA | $ | 745,000 | $ | 725,022 | |||||||
| New Jersey Educational Facilities Authority - Ramapo College of New Jersey (AGM) | 4.00% | 7/1/2041 | AA | 545,000 | 532,501 | |||||||||
| New Jersey Educational Facilities Authority - Seton Hall University | 4.00% | 7/1/2046 | BBB+ | 545,000 | 495,426 | |||||||||
| New Jersey Educational Facilities Authority - Seton Hall University | 5.00% | 7/1/2034 | BBB+ | 325,000 | 331,726 | |||||||||
| New Jersey Educational Facilities Authority - Seton Hall University (AGM) | 3.25% | 7/1/2049 | AA | 400,000 | 330,544 | |||||||||
| New Jersey Educational Facilities Authority - Stevens Institute of Technology International Inc | 3.00% | 7/1/2050 | BBB+ | 1,005,000 | 738,383 | |||||||||
| New Jersey Educational Facilities Authority - Stevens Institute of Technology International Inc | 4.00% | 7/1/2050 | BBB+ | 200,000 | 178,943 | |||||||||
| New Jersey Educational Facilities Authority - Stevens Institute of Technology International Inc | 5.00% | 7/1/2030 | BBB+ | 530,000 | 549,821 | |||||||||
| New Jersey Educational Facilities Authority - Stockton University - Stockton University | 5.00% | 7/1/2041 | A3 | 800,000 | 812,006 | |||||||||
| New Jersey Educational Facilities Authority - Trustees of Princeton University | 5.25% | 3/1/2054 | AAA | 3,385,000 | 3,779,905 | |||||||||
| New Jersey Educational Facilities Authority - William Paterson University of New Jersey (AGM) | 3.00% | 7/1/2039 | AA | 250,000 | 224,248 | |||||||||
| New Jersey Educational Facilities Authority - William Paterson University of New Jersey (AGM) | 3.00% | 7/1/2040 | AA | 250,000 | 219,496 | |||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 2.50% | 12/1/2040 | AA | 500,000 | 447,020 | |||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 3.25% | 12/1/2039 | Aa1 | 335,000 | 311,235 | |||||||||
| New Jersey Institute of Technology | 5.00% | 7/1/2033 | A1 | 170,000 | 183,571 | |||||||||
| Total | 18,114,464 | |||||||||||||
| Financial Services 0.16% | ||||||||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 5.00% | 12/1/2028 | Aaa | 200,000 | 206,122 | |||||||||
| See Notes to Schedule of Investments. | 177 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation 11.10% | ||||||||||||||
| City of Atlantic City NJ GO (AGM) (ST AID WITHHLDG) | 5.00% | 3/1/2037 | AA | $ | 540,000 | $ | 557,020 | |||||||
| City of Atlantic City NJ GO (BAM) (ST AID WITHHLDG) | 5.00% | 3/1/2042 | AA | 750,000 | 767,558 | |||||||||
| City of Jersey City NJ GO | 4.00% | 2/15/2036 | A1 | 750,000 | 758,778 | |||||||||
| City of Newark Mass Transit Access Tax Revenue NJ (AGM) | 5.375% | 11/15/2052 | AA | 855,000 | 948,150 | |||||||||
| City of Summit NJ GO | 4.00% | 7/15/2041 | AAA | 500,000 | 512,861 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2024 | NR | 6,674 | 6,674 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 52,676 | 35,221 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(a) | 11/1/2043 | NR | 180,626 | 110,859 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2033 | NR | 40,933 | 41,087 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 36,793 | 36,214 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 31,578 | 30,489 | |||||||||
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/2025 | NR | 22,763 | 22,960 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 45,175 | 47,171 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 44,442 | 47,727 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 43,166 | 48,017 | |||||||||
| County of Atlantic NJ GO | 4.00% | 3/15/2039 | AA | 450,000 | 463,749 | |||||||||
| County of Hudson NJ GO | 2.00% | 11/15/2035 | AA | 935,000 | 734,965 | |||||||||
| Cumberland County Improvement Authority NJ GTD (BAM) | 4.00% | 10/1/2048 | AA | 750,000 | 719,152 | |||||||||
| New Jersey Economic Development Authority - New Jersey Transit Corp | 5.25% | 11/1/2047 | A2 | 840,000 | 912,341 | |||||||||
| New Jersey Health Care Facilities Financing Authority | 5.00% | 10/1/2037 | A2 | 1,000,000 | 1,036,023 | |||||||||
| New Jersey Infrastructure Bank | 5.00% | 9/1/2052 | AAA | 500,000 | 544,942 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.25% | 6/15/2044 | A2 | 500,000 | 502,957 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2046 | A2 | 750,000 | 821,426 | |||||||||
| Rutherford Board of Education NJ GO | 2.50% | 12/15/2034 | AA- | 1,000,000 | 841,116 | |||||||||
| State of New Jersey GO | 2.50% | 6/1/2038 | A1 | 1,020,000 | 812,250 | |||||||||
| State of New Jersey GO | 5.00% | 6/1/2040 | A1 | 750,000 | 802,990 | |||||||||
| Township of Berkeley Heights NJ GO | 4.00% | 7/1/2041 | Aa1 | 785,000 | 802,274 | |||||||||
| Union County Improvement Authority | 4.125% | 4/15/2054 | Aaa | 250,000 | 249,161 | |||||||||
| Union County Utilities Authority - Covanta Union LLC NJ GTD AMT | 4.75% | 12/1/2031 | AA+ | 965,000 | 964,965 | |||||||||
| Total | 14,179,097 | |||||||||||||
| 178 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care 11.25% | ||||||||||||||
| New Jersey Economic Development Authority - Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | $ | 220,000 | $ | 217,657 | |||||||
| New Jersey Health Care Facilities Financing Authority - AtlantiCare Health System Obligated Group | 2.375% | 7/1/2046 | AA- | 695,000 | 448,534 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Inspira Health Obligated Group | 4.00% | 7/1/2047 | A2 | 885,000 | 833,898 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Inspira Health Obligated Group | 5.00% | 7/1/2035 | A2 | 460,000 | 476,100 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Inspira Health Obligated Group | 5.00% | 7/1/2042 | A2 | 1,115,000 | 1,136,943 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 3.00% | 7/1/2051 | AA- | 1,190,000 | 907,485 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 4.00% | 7/1/2051 | AA- | 1,350,000 | 1,295,403 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.00% | 7/1/2043 | AA- | 1,925,000 | 1,956,308 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.25% | 7/1/2054 | AA- | 1,500,000 | 1,635,697 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 4.00% | 7/1/2048 | BBB- | 1,300,000 | 1,168,377 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 5.00% | 7/1/2027 | BBB- | 100,000 | 101,252 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 5.00% | 7/1/2041 | BBB- | 750,000 | 752,269 | |||||||||
| New Jersey Health Care Facilities Financing Authority - University Hospital (AGM) | 5.00% | 7/1/2046 | AA | 1,000,000 | 1,005,151 | |||||||||
| New Jersey Health Care Facilities Financing Authority - University of Pennsylvania Health System Obligated Group | 5.00% | 7/1/2039 | AA | 1,000,000 | 1,021,539 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Valley Health System Obligated Group | 4.00% | 7/1/2044 | A | 1,055,000 | 1,032,222 | |||||||||
| See Notes to Schedule of Investments. | 179 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New Jersey Health Care Facilities Financing Authority - Valley Health System Obligated Group | 5.00% | 7/1/2030 | A | $ | 355,000 | $ | 379,362 | |||||||
| Total | 14,368,197 | |||||||||||||
| Housing 0.06% | ||||||||||||||
| New Jersey Housing & Mortgage Finance Agency (HUD) | 3.15% | 5/1/2053 | AA- | 100,000 | 73,933 | |||||||||
| Lease Obligations 14.61% | ||||||||||||||
| Gloucester County Improvement Authority - Rowan University NJ (AGM) | 5.00% | 11/1/2029 | AA | 295,000 | 305,172 | |||||||||
| Gloucester County Improvement Authority - Rowan University NJ (AGM) | 5.00% | 11/1/2030 | AA | 290,000 | 300,131 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.375% | 1/1/2043 | A- | 1,660,000 | 1,661,189 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | A- | 210,000 | 210,157 | |||||||||
| New Jersey Economic Development Authority - State Capitol Joint Management Commission | 5.00% | 6/15/2035 | A2 | 750,000 | 793,615 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 4.00% | 6/15/2049 | A2 | 1,390,000 | 1,336,324 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2029 | A2 | 500,000 | 521,003 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2047 | A2 | 540,000 | 551,012 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2048 | A2 | 500,000 | 513,675 | |||||||||
| New Jersey Educational Facilities Authority - State of New Jersey Department of the Treasury | 5.00% | 9/1/2033 | A2 | 1,070,000 | 1,072,165 | |||||||||
| New Jersey Health Care Facilities Financing Authority | 5.00% | 10/1/2038 | A2 | 520,000 | 537,319 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2031 | A2 | 1,980,000 | 1,497,361 | |||||||||
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2038 | A2 | 1,120,000 | 634,020 | |||||||||
| 180 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2024
| 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 | 4.00% | 12/15/2039 | A2 | $ | 660,000 | $ | 658,488 | |||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2050 | A2 | 1,360,000 | 1,297,386 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.25% | 12/15/2038 | A2 | 470,000 | 476,731 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.75% | 6/15/2038 | A2 | 980,000 | 987,611 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2030 | A+ | 545,000 | 558,310 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2031 | A+ | 400,000 | 409,391 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 12/15/2036 | A2 | 935,000 | 984,519 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2038 | A2 | 1,380,000 | 1,380,702 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2041 | A2 | 235,000 | 237,569 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2043 | A2 | 720,000 | 752,385 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 9/1/2036 | A2 | 545,000 | 558,677 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.50% | 9/1/2033 | A2 | 410,000 | 424,634 | |||||||||
| Total | 18,659,546 | |||||||||||||
| Miscellaneous 0.58% | ||||||||||||||
| Bergen County Improvement Authority - County of Bergen NJ | 5.00% | 6/1/2054 | Aaa | 675,000 | 739,269 | |||||||||
| Other Revenue 0.26% | ||||||||||||||
| New Jersey Economic Development Authority - Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2041 | NR | 350,000 | 332,666 | |||||||||
| Special Tax 0.63% | ||||||||||||||
| New Jersey Economic Development Authority - NJ Metromall Urban Renewal Inc | 6.50% | 4/1/2028 | Baa2 | 474,458 | 476,955 | |||||||||
| New Jersey Infrastructure Bank | 2.00% | 9/1/2046 | AAA | 520,000 | 325,431 | |||||||||
| Total | 802,386 | |||||||||||||
| See Notes to Schedule of Investments. | 181 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue 5.54% | ||||||||||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2039 | BBB+ | $ | 875,000 | $ | 876,869 | |||||||
| Casino Reinvestment Development Authority, Inc. NJ | 5.25% | 11/1/2044 | BBB+ | 310,000 | 310,374 | |||||||||
| Casino Reinvestment Development Authority, Inc. NJ (AGM) | 5.00% | 11/1/2032 | AA | 500,000 | 502,059 | |||||||||
| Garden State Preservation Trust NJ (AGM) | 5.75% | 11/1/2028 | AA | 1,205,000 | 1,268,397 | |||||||||
| New Jersey Infrastructure Bank | 5.00% | 9/1/2049 | AAA | 800,000 | 890,414 | |||||||||
| New Jersey Transportation Trust Fund Authority | 3.00% | 6/15/2050 | A2 | 540,000 | 413,541 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2029 | NR | 18,000 | 14,875 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 235,000 | 178,751 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 646,000 | 450,312 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 2,675,000 | 629,405 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 96,000 | 95,038 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 492,000 | 487,070 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 18,000 | 17,222 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 19,000 | 19,092 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 380,000 | 381,835 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 267,000 | 264,344 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 40,000 | 39,563 | |||||||||
| Territory of Guam | 4.00% | 1/1/2042 | Baa3 | 250,000 | 241,340 | |||||||||
| Total | 7,080,501 | |||||||||||||
| Taxable Revenue - Water & Sewer 0.82% | ||||||||||||||
| Jersey City Municipal Utilities Authority Sewer Fund NJ (AGM) | 5.25% | 10/15/2054 | AA | 500,000 | 553,766 | |||||||||
| New Jersey Economic Development Authority - New Jersey-American Water Co Inc AMT | 3.75% | #(a) | 11/1/2034 | A+ | 500,000 | 493,576 | ||||||||
| Total | 1,047,342 | |||||||||||||
| 182 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco 2.43% | ||||||||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BBB- | $ | 2,045,000 | $ | 2,064,434 | |||||||
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 1,000,000 | 1,034,236 | |||||||||
| Total | 3,098,670 | |||||||||||||
| Transportation 28.90% | ||||||||||||||
| Delaware River & Bay Authority | 4.00% | 1/1/2044 | A+ | 500,000 | 500,976 | |||||||||
| Delaware River & Bay Authority | 5.00% | 1/1/2039 | A+ | 500,000 | 550,895 | |||||||||
| Delaware River & Bay Authority | 5.00% | 1/1/2049 | A+ | 1,250,000 | 1,346,084 | |||||||||
| Delaware River Joint Toll Bridge Commission PA | 3.00% | 7/1/2049 | A+ | 1,025,000 | 782,460 | |||||||||
| Delaware River Port Authority PA | 5.00% | 1/1/2040 | A+ | 600,000 | 640,108 | |||||||||
| New Jersey Economic Development Authority - New Jersey Transit Corp | 4.00% | 11/1/2044 | A2 | 275,000 | 270,617 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC (AGM) AMT | 5.125% | 1/1/2039 | AA | 925,000 | 925,810 | |||||||||
| New Jersey Economic Development Authority - Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2047 | Baa2 | 930,000 | 943,285 | |||||||||
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2050 | A2 | 1,080,000 | 1,030,277 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2028 | A+ | 1,000,000 | 1,026,505 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2050 | A2 | 2,350,000 | 2,570,455 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.50% | 6/15/2050 | A2 | 500,000 | 551,617 | |||||||||
| New Jersey Turnpike Authority | 4.00% | 1/1/2043 | AA- | 610,000 | 614,397 | |||||||||
| New Jersey Turnpike Authority | 4.00% | 1/1/2048 | AA- | 1,000,000 | 983,489 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2030 | AA- | 715,000 | 742,018 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2034 | AA- | 615,000 | 636,596 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2042 | AA- | 270,000 | 298,261 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2046 | AA- | 1,250,000 | 1,359,894 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2048 | AA- | 840,000 | 875,148 | |||||||||
| New Jersey Turnpike Authority | 5.25% | 1/1/2052 | AA- | 1,110,000 | 1,214,848 | |||||||||
| New Jersey Turnpike Authority | 5.25% | 1/1/2054 | AA- | 1,500,000 | 1,654,881 | |||||||||
| New Jersey Turnpike Authority (AGM) | 5.25% | 1/1/2028 | AA | 810,000 | 869,279 | |||||||||
| Port Authority of New York & New Jersey | 4.00% | 9/1/2043 | AA- | 870,000 | 856,364 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2035 | AA- | 500,000 | 582,688 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2038 | AA- | 710,000 | 751,181 | |||||||||
| See Notes to Schedule of Investments. | 183 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2024
| 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 | 5.00% | 7/15/2045 | AA- | $ | 500,000 | $ | 556,051 | |||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | AA- | 250,000 | 271,227 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | AA- | 500,000 | 542,455 | |||||||||
| Port Authority of New York & New Jersey | 5.25% | 8/1/2052 | AA- | 1,330,000 | 1,459,188 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2032 | AA- | 630,000 | 653,956 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2033 | AA- | 1,105,000 | 1,147,026 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2034 | AA- | 275,000 | 285,362 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | AA- | 545,000 | 595,499 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 10/15/2036 | AA- | 1,410,000 | 1,412,289 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 500,000 | 505,996 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2044 | AA- | 500,000 | 531,231 | |||||||||
| South Jersey Port Corp. NJ AMT | 5.00% | 1/1/2048 | A3 | 1,705,000 | 1,739,546 | |||||||||
| South Jersey Transportation Authority NJ | 5.00% | 11/1/2039 | BBB+ | 1,490,000 | 1,492,611 | |||||||||
| South Jersey Transportation Authority NJ | 5.25% | 11/1/2052 | BBB+ | 1,460,000 | 1,554,059 | |||||||||
| South Jersey Transportation Authority NJ (BAM) | 4.00% | 11/1/2050 | AA | 1,080,000 | 1,059,890 | |||||||||
| South Jersey Transportation Authority NJ (BAM) | 5.00% | 11/1/2045 | AA | 500,000 | 528,688 | |||||||||
| Total | 36,913,207 | |||||||||||||
| Utilities 4.74% | ||||||||||||||
| Guam Power Authority (AGM) | 5.00% | 10/1/2034 | AA | 400,000 | 401,306 | |||||||||
| New Jersey Economic Development Authority - Middlesex Water Co AMT | 4.00% | 8/1/2059 | A+ | 500,000 | 460,533 | |||||||||
| New Jersey Economic Development Authority - New Jersey Natural Gas Co | 3.50% | 4/1/2042 | A1 | 1,680,000 | 1,463,003 | |||||||||
| New Jersey Economic Development Authority - New Jersey Natural Gas Co AMT | 3.00% | 8/1/2041 | A1 | 1,000,000 | 819,043 | |||||||||
| New Jersey Economic Development Authority - New Jersey-American Water Co Inc AMT | 2.20% | #(a) | 10/1/2039 | A+ | 500,000 | 440,363 | ||||||||
| New Jersey Economic Development Authority - UMM Energy Partners LLC AMT | 4.75% | 6/15/2032 | Baa2 | 1,000,000 | 1,000,042 | |||||||||
| 184 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Passaic Valley Sewerage Commission NJ (AGM) | 3.00% | 12/1/2038 | AA | $ | 1,000,000 | $ | 852,732 | |||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 380,000 | 357,177 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2030 | NR | 250,000 | 263,298 | |||||||||
| Total | 6,057,497 | |||||||||||||
| Total Investments in Securities 98.34% (cost $128,771,627) | 125,603,287 | |||||||||||||
| Other Assets and Liabilities – Net(b) 1.66% | 2,121,438 | |||||||||||||
| Net Assets 100.00% | $ | 127,724,725 | ||||||||||||
| 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 June 30, 2024. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2024, the total value of Rule 144A securities was $620,475, which represents 0.49% of net assets. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows: |
Futures Contracts at June 30, 2024:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
| U.S. Long Bond | September 2024 | 9 | Short | $(1,056,645 | ) | $(1,064,812 | ) | $(8,167 | ) | |||||||||
The following is a summary of the inputs used as of June 30, 2024 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 | $ | – | $ | 125,603,287 | $ | – | $ | 125,603,287 | ||||||||
| Total | $ | – | $ | 125,603,287 | $ | – | $ | 125,603,287 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (8,167 | ) | – | – | (8,167 | ) | ||||||||||
| Total | $ | (8,167 | ) | $ | – | $ | – | $ | (8,167 | ) | ||||||
| (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. |
| See Notes to Schedule of Investments. | 185 |
Schedule of Investments (unaudited)(concluded)
NEW JERSEY TAX FREE FUND June 30, 2024
| Investment Type | Municipal Bonds | |||
| Balance as of October 1, 2023 | $ | 1,132,981 | ||
| Accrued Discounts (Premiums) | – | |||
| Realized Gain (Loss) | – | |||
| Change in Unrealized Appreciation (Depreciation) | – | |||
| Purchases | – | |||
| Sales | – | |||
| Transfers into Level 3 | – | |||
| Transfers out of Level 3(a) | (1,132,981 | ) | ||
| Balance as of June 30, 2024 | $ | – | ||
| Change in unrealized appreciation/depreciation for the period ended June 30, 2024, related to Level 3 investments held at June 30, 2024 | $ | – | ||
| (a) | The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of mark quotations in accordance with valuation methodology. |
| 186 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
NEW YORK TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 97.16% | ||||||||||||||
| MUNICIPAL BONDS 97.16% | ||||||||||||||
| Corporate-Backed 9.44% | ||||||||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Center LLC NY | Zero Coupon | 7/15/2047 | Ba1 | $ | 250,000 | $ | 84,576 | |||||||
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT† | 4.50% | 1/1/2025 | NR | 100,000 | 100,103 | |||||||||
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT† | 5.00% | 1/1/2035 | NR | 250,000 | 251,262 | |||||||||
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 1,275,000 | 1,272,224 | |||||||||
| New York Liberty Development Corp. | 2.10% | 11/15/2032 | A+ | 2,790,000 | 2,331,068 | |||||||||
| New York Liberty Development Corp. | 2.875% | 11/15/2046 | A+ | 7,355,000 | 5,397,978 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.00% | 11/15/2044 | NR | 8,655,000 | 8,663,548 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 750,000 | 752,313 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 7.25% | 11/15/2044 | NR | 1,000,000 | 1,005,272 | |||||||||
| New York Liberty Development Corp. - Goldman Sachs Headquarters LLC | 5.25% | 10/1/2035 | A2 | 7,215,000 | 8,339,645 | |||||||||
| New York Liberty Development Corp. - Goldman Sachs Headquarters LLC | 5.50% | 10/1/2037 | A2 | 3,650,000 | 4,331,261 | |||||||||
| New York Liberty Development Corp. - One Bryant Park LLC | 2.80% | 9/15/2069 | Baa1 | 4,630,000 | 4,164,787 | |||||||||
| New York State Energy Research & Development Authority - New York State Electric & Gas Corp | 4.00% | 4/1/2034 | A- | 2,030,000 | 2,029,134 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT | 2.75% | #(a) | 9/1/2050 | B+ | 500,000 | 490,345 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 2.875% | #(a) | 12/1/2044 | B+ | 1,500,000 | 1,387,941 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 5.125% | #(a) | 9/1/2050 | B+ | 1,000,000 | 1,035,293 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 2.25% | 8/1/2026 | BB- | (b) | 155,000 | 151,145 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 3.00% | 8/1/2031 | BB- | (b) | 1,000,000 | 942,963 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 1,300,000 | 1,379,709 | |||||||||
| See Notes to Schedule of Investments. | 187 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| 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 | $ | 1,092,065 | |||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 4.00% | 12/1/2038 | Baa1 | 2,600,000 | 2,582,295 | |||||||||
| Niagara Area Development Corp. - Covanta Holding Corp NY AMT† | 4.75% | 11/1/2042 | B | 1,750,000 | 1,645,702 | |||||||||
| Westchester County Local Development Corp. - Miriam Osborn Memorial Home Association Obligated Group NY | 5.00% | 7/1/2034 | A | (b) | 200,000 | 207,295 | ||||||||
| Total | 49,637,924 | |||||||||||||
| Education 10.45% | ||||||||||||||
| Build NYC Resource Corp. - East Harlem Scholars Academy Charter School Obligated Group NY† | 5.75% | 6/1/2042 | BB | 1,000,000 | 1,065,861 | |||||||||
| Build NYC Resource Corp. - Kipp NYC Public Charter Schools NY | 5.25% | 7/1/2052 | BBB- | 1,250,000 | 1,295,381 | |||||||||
| Build NYC Resource Corp. - Manhattan College NY | 5.00% | 8/1/2033 | BBB+ | 1,125,000 | 1,155,757 | |||||||||
| Build NYC Resource Corp. - New York Law School | 5.00% | 7/1/2041 | BBB- | 1,175,000 | 1,159,185 | |||||||||
| Build NYC Resource Corp. - Packer Collegiate Institute NY | 5.00% | 6/1/2040 | A2 | 1,000,000 | 1,004,184 | |||||||||
| City of New Rochelle - Iona College NY | 5.00% | 7/1/2028 | BBB | 205,000 | 207,370 | |||||||||
| City of New Rochelle - Iona College NY | 5.00% | 7/1/2029 | BBB | 250,000 | 252,995 | |||||||||
| City of New Rochelle - Iona College NY | 5.00% | 7/1/2030 | BBB | 220,000 | 222,627 | |||||||||
| City of New Rochelle - Iona College NY | 5.00% | 7/1/2031 | BBB | 200,000 | 202,349 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2045 | BBB- | 1,000,000 | 1,015,232 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2051 | BBB- | 1,000,000 | 1,005,492 | |||||||||
| Dutchess County Local Development Corp. - Culinary Institute of America NY | 4.00% | 7/1/2035 | Baa2 | 1,145,000 | 1,128,423 | |||||||||
| Dutchess County Local Development Corp. - Culinary Institute of America NY | 4.00% | 7/1/2037 | Baa2 | 965,000 | 937,940 | |||||||||
| Dutchess County Local Development Corp. - Culinary Institute of America NY | 4.00% | 7/1/2040 | Baa2 | 425,000 | 396,766 | |||||||||
| Dutchess County Local Development Corp. - Culinary Institute of America NY | 5.00% | 7/1/2033 | Baa2 | 390,000 | 397,523 | |||||||||
| 188 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Dutchess County Local Development Corp. - Culinary Institute of America NY | 5.00% | 7/1/2041 | Baa2 | $ | 200,000 | $ | 202,123 | |||||||
| Dutchess County Local Development Corp. - Culinary Institute of America NY | 5.00% | 7/1/2046 | Baa2 | 275,000 | 276,632 | |||||||||
| Dutchess County Local Development Corp. - Marist College NY | 5.00% | 7/1/2043 | A2 | 2,120,000 | 2,198,086 | |||||||||
| Dutchess County Local Development Corp. - Millbrook School NY | 4.00% | 9/1/2051 | A | 1,530,000 | 1,406,025 | |||||||||
| Dutchess County Local Development Corp. - Vassar College NY | 5.00% | 7/1/2034 | Aa3 | 275,000 | 287,816 | |||||||||
| Hempstead Town Local Development Corp. - Adelphi University NY | 5.00% | 6/1/2029 | A- | 500,000 | 533,287 | |||||||||
| Hempstead Town Local Development Corp. - Adelphi University NY | 5.00% | 6/1/2030 | A- | 200,000 | 216,078 | |||||||||
| Hempstead Town Local Development Corp. - Adelphi University NY | 5.00% | 6/1/2031 | A- | 565,000 | 617,637 | |||||||||
| Hempstead Town Local Development Corp. - Adelphi University NY | 5.00% | 6/1/2032 | A- | 330,000 | 358,238 | |||||||||
| Hempstead Town Local Development Corp. - Hofstra University NY | 5.00% | 7/1/2042 | A | 545,000 | 559,739 | |||||||||
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2034 | BBB | 825,000 | 838,444 | |||||||||
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2037 | BBB | 630,000 | 635,871 | |||||||||
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2039 | BBB | 555,000 | 557,765 | |||||||||
| Monroe County Industrial Development Corp. - University of Rochester NY | 5.00% | 7/1/2031 | AA- | 350,000 | 368,171 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AGM) | 3.00% | 3/1/2049 | AA | 2,050,000 | 1,548,655 | |||||||||
| New York State Dormitory Authority - Barnard College | 4.00% | 7/1/2034 | A3 | 460,000 | 461,563 | |||||||||
| New York State Dormitory Authority - Barnard College | 4.00% | 7/1/2036 | A3 | 325,000 | 326,340 | |||||||||
| New York State Dormitory Authority - Barnard College | 4.00% | 7/1/2037 | A3 | 750,000 | 751,226 | |||||||||
| New York State Dormitory Authority - Cornell University | 5.50% | 7/1/2054 | Aa1 | 5,625,000 | 6,416,304 | |||||||||
| New York State Dormitory Authority - Fordham University | 5.00% | 7/1/2035 | A | 550,000 | 564,461 | |||||||||
| See Notes to Schedule of Investments. | 189 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2040 | A- | $ | 2,200,000 | $ | 2,208,272 | |||||||
| New York State Dormitory Authority - Iona College | 5.00% | 7/1/2046 | BBB | 375,000 | 380,400 | |||||||||
| New York State Dormitory Authority - New School | 4.00% | 7/1/2047 | A3 | 1,000,000 | 960,459 | |||||||||
| New York State Dormitory Authority - New School | 5.00% | 7/1/2028 | A3 | 780,000 | 800,595 | |||||||||
| New York State Dormitory Authority - New York Institute of Technology NY | 5.25% | 7/1/2049 | BBB | 2,355,000 | 2,535,642 | |||||||||
| New York State Dormitory Authority - New York Institute of Technology NY | 5.25% | 7/1/2054 | BBB | 1,485,000 | 1,585,464 | |||||||||
| New York State Dormitory Authority - Pratt Institute | 5.00% | 7/1/2039 | A2 | 1,045,000 | 1,061,479 | |||||||||
| New York State Dormitory Authority - St John’s University | 5.00% | 7/1/2027 | A- | 250,000 | 252,988 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 2/15/2041 | NR | 5,000 | 5,279 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2037 | BBB- | 1,000,000 | 1,044,586 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2042 | BBB- | 1,000,000 | 1,021,663 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 4.00% | 7/1/2038 | Baa2 | 150,000 | 139,672 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 4.00% | 7/1/2040 | Baa2 | 300,000 | 272,135 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 4.00% | 7/1/2041 | Baa2 | 415,000 | 372,713 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 5.00% | 7/1/2035 | Baa2 | 365,000 | 379,512 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 5.00% | 7/1/2036 | Baa2 | 465,000 | 482,271 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 5.00% | 7/1/2046 | Baa2 | 600,000 | 600,500 | |||||||||
| Schenectady County Capital Resource Corp. - Trustees of Union College NY | 5.25% | 7/1/2052 | A1 | 740,000 | 803,306 | |||||||||
| St. Lawrence County Industrial Development Agency - Clarkson University NY | 5.00% | 9/1/2037 | Baa1 | 455,000 | 476,804 | |||||||||
| 190 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| St. Lawrence County Industrial Development Agency - Clarkson University NY | 5.00% | 9/1/2038 | Baa1 | $ | 475,000 | $ | 494,505 | |||||||
| St. Lawrence County Industrial Development Agency - Clarkson University NY | 5.00% | 9/1/2041 | Baa1 | 160,000 | 164,356 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytechnic Institute NY | 4.00% | 9/1/2040 | A3 | 1,000,000 | 975,992 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytechnic Institute NY | 5.00% | 8/1/2032 | A3 | 1,495,000 | 1,517,491 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytechnic Institute NY | 5.00% | 9/1/2034 | A3 | 1,200,000 | 1,295,591 | |||||||||
| Troy Capital Resource Corp. NY | 4.00% | 9/1/2034 | A3 | 855,000 | 864,536 | |||||||||
| Troy Capital Resource Corp. NY | 4.00% | 9/1/2035 | A3 | 395,000 | 397,608 | |||||||||
| Troy Capital Resource Corp. NY | 4.00% | 9/1/2036 | A3 | 1,140,000 | 1,144,224 | |||||||||
| Westchester County Local Development Corp. - Miriam Osborn Memorial Home Association Obligated Group NY | 5.00% | 7/1/2042 | A | (b) | 450,000 | 460,412 | ||||||||
| Westchester County Local Development Corp. - Sarah Lawrence College NY | 4.00% | 6/1/2033 | BBB- | 1,710,000 | 1,650,554 | |||||||||
| Total | 54,920,555 | |||||||||||||
| General Obligation 10.83% | ||||||||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2034 | AA | 510,000 | 568,338 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2035 | AA | 400,000 | 444,998 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2036 | AA | 300,000 | 332,655 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2037 | AA | 810,000 | 895,043 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2042 | AA | 500,000 | 540,093 | |||||||||
| City of New York NY GO | 4.00% | 4/1/2050 | AA | 2,455,000 | 2,402,204 | |||||||||
| City of New York NY GO | 4.125% | 8/1/2053 | AA | 2,230,000 | 2,203,034 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2037 | AA | 1,150,000 | 1,310,033 | |||||||||
| City of New York NY GO | 5.00% | 10/1/2037 | AA | 2,500,000 | 2,612,233 | |||||||||
| City of New York NY GO | 5.25% | 9/1/2043 | AA | 1,150,000 | 1,280,229 | |||||||||
| City of New York NY GO | 5.25% | 10/1/2047 | AA | 3,840,000 | 4,227,640 | |||||||||
| City of New York NY GO | 5.25% | 3/1/2049 | AA | 2,500,000 | 2,774,134 | |||||||||
| City of New York NY GO | 5.25% | 4/1/2054 | AA | 1,500,000 | 1,656,919 | |||||||||
| City of New York NY GO | 5.50% | 5/1/2044 | AA | 2,085,000 | 2,350,179 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2024 | NR | 30,952 | 30,952 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 244,309 | 163,353 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(a) | 11/1/2043 | NR | 837,713 | 514,146 | ||||||||
| See Notes to Schedule of Investments. | 191 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| 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% | 7/1/2033 | NR | $ | 189,842 | $ | 190,555 | |||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 170,642 | 167,956 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 146,457 | 141,408 | |||||||||
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/2025 | NR | 105,570 | 106,484 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 209,517 | 218,775 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 206,118 | 221,354 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 200,202 | 222,700 | |||||||||
| County of Nassau NY GO | 4.00% | 4/1/2053 | Aa2 | 2,140,000 | 2,105,536 | |||||||||
| Hudson Yards Infrastructure Corp. NY | 5.00% | 2/15/2042 | AA | 3,000,000 | 3,093,204 | |||||||||
| Jefferson County Civic Facility Development Corp. - Samaritan Medical Center Obligated NY | 5.00% | 11/1/2037 | BB | 2,000,000 | 1,917,418 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 2/1/2051 | AAA | 3,750,000 | 3,603,562 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2040 | AAA | 2,000,000 | 2,263,235 | |||||||||
| New York State Dormitory Authority | 5.00% | 3/15/2053 | AA+ | 2,500,000 | 2,708,428 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 4.00% | 3/15/2044 | AA+ | 2,540,000 | 2,498,133 | |||||||||
| New York State Thruway Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2053 | AA+ | 1,550,000 | 1,671,231 | |||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2044 | Aa1 | 3,000,000 | 3,330,415 | |||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2050 | Aa1 | 5,000,000 | 5,451,498 | |||||||||
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2050 | Aa1 | 2,500,000 | 2,693,895 | |||||||||
| Total | 56,911,970 | |||||||||||||
| Health Care 12.61% | ||||||||||||||
| Brookhaven Local Development Corp. - Active Retirement Community Inc Obligated Group NY | 4.00% | 11/1/2045 | BBB | (b) | 1,000,000 | 907,550 | ||||||||
| Brookhaven Local Development Corp. - Active Retirement Community Inc Obligated Group NY | 4.00% | 11/1/2055 | BBB | (b) | 1,000,000 | 856,572 | ||||||||
| Brookhaven Local Development Corp. - Long Island Community Hospital At NYU Langone Health Obligated NY | 3.375% | 10/1/2040 | A | 365,000 | 310,814 | |||||||||
| 192 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Broome County Local Development Corp. - United Health Services Hospitals Obligated Group NY (AGM) | 3.00% | 4/1/2036 | AA | $ | 1,030,000 | $ | 928,251 | |||||||
| Broome County Local Development Corp. - United Health Services Hospitals Obligated Group NY (AGM) | 3.00% | 4/1/2037 | AA | 1,500,000 | 1,333,959 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2025 | B- | 300,000 | 296,731 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Orchard Park CCRC Inc NY | 5.00% | 11/15/2037 | BBB | (b) | 1,000,000 | 1,007,191 | ||||||||
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 4.00% | 7/1/2044 | BBB | 1,250,000 | 1,180,775 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 4.00% | 7/1/2049 | BBB | 3,620,000 | 3,320,346 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 5.00% | 7/1/2035 | BBB | 1,765,000 | 1,790,282 | |||||||||
| Genesee County Funding Corp. - Rochester Regional Health Obligated NY | 5.25% | 12/1/2052 | BBB+ | 1,000,000 | 1,036,401 | |||||||||
| Monroe County Industrial Development Corp. - Rochester Regional Health Obligated Group NY | 4.00% | 12/1/2035 | BBB+ | 600,000 | 594,922 | |||||||||
| Monroe County Industrial Development Corp. - Rochester Regional Health Obligated Group NY | 4.00% | 12/1/2036 | BBB+ | 450,000 | 444,480 | |||||||||
| Monroe County Industrial Development Corp. - Rochester Regional Health Obligated Group NY | 5.00% | 12/1/2034 | BBB+ | 250,000 | 254,895 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2027 | A- | 625,000 | 625,374 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2028 | A- | 2,045,000 | 2,046,706 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2033 | A- | 905,000 | 905,372 | |||||||||
| See Notes to Schedule of Investments. | 193 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY | 3.00% | 3/1/2049 | Baa1 | $ | 2,115,000 | $ | 1,568,291 | |||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2045 | B- | 2,895,000 | 2,128,102 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 5.00% | 7/1/2032 | B- | 500,000 | 461,415 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2026 | BB | 1,000,000 | 994,531 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2029 | BB | 1,900,000 | 1,836,329 | |||||||||
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2033 | A- | 4,340,000 | 4,356,900 | |||||||||
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2034 | A- | 1,750,000 | 1,755,847 | |||||||||
| New York State Dormitory Authority - Maimonides Medical Center (FHA) | 3.00% | 2/1/2050 | AA+ | 1,000,000 | 751,285 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2036 | BBB- | 475,000 | 464,647 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2037 | BBB- | 1,820,000 | 1,769,224 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2038 | BBB- | 1,540,000 | 1,481,887 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 9/1/2050 | BBB- | 5,500,000 | 4,941,670 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 5.00% | 8/1/2035 | BBB- | 525,000 | 537,248 | |||||||||
| New York State Dormitory Authority - Northwell Health Obligated Group | 4.00% | 5/1/2045 | A- | 2,130,000 | 2,050,619 | |||||||||
| New York State Dormitory Authority - Northwell Health Obligated Group | 5.00% | 5/1/2028 | A- | 1,000,000 | 1,008,307 | |||||||||
| New York State Dormitory Authority - Northwell Health Obligated Group | 5.00% | 5/1/2038 | A- | 1,005,000 | 1,098,656 | |||||||||
| New York State Dormitory Authority - NYU Langone Hospitals Obligated Group | 5.00% | 7/1/2032 | A+ | 810,000 | 829,743 | |||||||||
| New York State Dormitory Authority - NYU Langone Hospitals Obligated Group | 5.00% | 7/1/2033 | A+ | 760,000 | 778,479 | |||||||||
| Niagara Area Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B- | 1,000,000 | 831,124 | |||||||||
| 194 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| 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 Health System Obligated Group NY (AGM) | 4.00% | 12/1/2049 | AA | $ | 4,645,000 | $ | 4,363,479 | |||||||
| Onondaga Civic Development Corp. - Crouse Health Hospital Inc Obligated Group NY(c) | 5.125% | 8/1/2044 | BB | 1,250,000 | 1,270,102 | |||||||||
| Southold Local Development Corp. - Peconic Landing at Southold Inc NY | 5.00% | 12/1/2045 | BBB- | (b) | 1,000,000 | 1,000,161 | ||||||||
| Tompkins County Development Corp. - Kendal at Ithaca Inc NY | 5.00% | 7/1/2044 | BBB+ | 920,000 | 920,340 | |||||||||
| Westchester County Health Care Corp Obligated Group NY | 5.00% | 11/1/2046 | BBB- | 2,240,000 | 2,092,517 | |||||||||
| Westchester County Health Care Corp Obligated Group NY | 6.00% | 11/1/2030 | BBB- | 100,000 | 100,130 | |||||||||
| Westchester County Health Care Corp Obligated Group NY | 6.125% | 11/1/2037 | BBB- | 40,000 | 40,098 | |||||||||
| Westchester County Health Care Corp Obligated Group NY (AGM) | 5.75% | 11/1/2049 | AA | 4,295,000 | 4,766,480 | |||||||||
| Westchester County Health Care Corp Obligated Group NY (AGM) | 5.75% | 11/1/2053 | AA | 1,640,000 | 1,817,507 | |||||||||
| Westchester County Local Development Corp. - New York Blood Center Inc NY | 5.00% | 7/1/2035 | Baa1 | 1,500,000 | 1,645,061 | |||||||||
| Westchester County Local Development Corp. - New York Blood Center Inc NY | 5.00% | 7/1/2038 | Baa1 | 750,000 | 814,739 | |||||||||
| Total | 66,315,539 | |||||||||||||
| Housing 1.65% | ||||||||||||||
| New York City Housing Development Corp. - FC 8 Spruce Street Residential LLC NY | 4.50% | 2/15/2048 | NR | 1,000,000 | 997,549 | |||||||||
| New York City Housing Development Corp. NY | 3.35% | 11/1/2065 | AA+ | 1,270,000 | 965,670 | |||||||||
| New York State Dormitory Authority | 5.00% | 7/1/2048 | Aa3 | 1,040,000 | 1,120,512 | |||||||||
| New York State Dormitory Authority | 5.00% | 7/1/2053 | Aa3 | 2,090,000 | 2,238,962 | |||||||||
| New York State Dormitory Authority - State University of New York Dormitory Facilities Revenue | 5.00% | 7/1/2042 | Aa3 | 1,510,000 | 1,561,643 | |||||||||
| New York State Housing Finance Agency - New York State Housing Finance Agency | 3.15% | 11/1/2054 | Aa2 | 1,000,000 | 776,857 | |||||||||
| Westchester County Local Development Corp. - Purchase Housing Corp II NY | 5.00% | 6/1/2047 | BBB | 1,000,000 | 1,001,259 | |||||||||
| Total | 8,662,452 | |||||||||||||
| See Notes to Schedule of Investments. | 195 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligation 0.40% | ||||||||||||||
| New York City Transitional Finance Authority Building Aid Revenue NY (ST AID WITHHLDG) | 5.00% | 7/15/2035 | AA | $ | 2,035,000 | $ | 2,106,373 | |||||||
| Other 0.50% | ||||||||||||||
| Build NYC Resource Corp. - Children’s Aid Society NY | 4.00% | 7/1/2049 | A+ | 2,775,000 | 2,628,554 | |||||||||
| Other Revenue 3.69% | ||||||||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Center LLC NY | 5.00% | 7/15/2042 | Ba1 | 3,000,000 | 3,048,502 | |||||||||
| Build NYC Resource Corp. - Shefa School NY† | 5.00% | 6/15/2051 | NR | 1,315,000 | 1,292,035 | |||||||||
| New York State Thruway Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2046 | AA+ | 2,500,000 | 2,727,000 | |||||||||
| New York State Thruway Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2048 | AA+ | 3,365,000 | 3,649,986 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% | 11/15/2032 | AA+ | 1,250,000 | 1,417,646 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% | 5/15/2054 | AA+ | 1,500,000 | 1,663,735 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.50% | 5/15/2052 | AA+ | 5,020,000 | 5,611,475 | |||||||||
| Total | 19,410,379 | |||||||||||||
| Special Tax 2.22% | ||||||||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2040 | AA | 1,975,000 | 1,685,315 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AGM) | 3.00% | 1/1/2046 | AA | 3,100,000 | 2,417,124 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY | 4.00% | 3/1/2045 | Baa1 | 1,950,000 | 1,862,404 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AGC) | Zero Coupon | 3/1/2043 | AA | 425,000 | 179,399 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AGC) | Zero Coupon | 3/1/2044 | AA | 640,000 | 255,698 | |||||||||
| 196 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| 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 - Yankee Stadium LLC NY (AGC) | Zero Coupon | 3/1/2047 | AA | $ | 385,000 | $ | 129,890 | |||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 4.237% (CPI YoY * 1 + 0.88% | ) | 3/1/2026 | Baa1 | 3,590,000 | 3,563,820 | ||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2037 | AAA | 1,370,000 | 1,576,005 | |||||||||
| Total | 11,669,655 | |||||||||||||
| Tax Revenue 12.66% | ||||||||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2034 | AA | 1,440,000 | 1,507,317 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2042 | AA | 2,555,000 | 2,633,779 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2032 | AA | 670,000 | 697,401 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2034 | AA | 455,000 | 473,292 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 5/1/2053 | AAA | 1,215,000 | 1,159,960 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2032 | AAA | 1,555,000 | 1,615,415 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2035 | AAA | 1,290,000 | 1,339,819 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2037 | AAA | 2,145,000 | 2,187,038 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2043 | AAA | 4,000,000 | 4,098,676 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2053 | AAA | 2,500,000 | 2,692,619 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2051 | AAA | 6,205,000 | 6,897,724 | |||||||||
| New York City Transitional Finance Authority NY | 5.00% | 5/1/2046 | AAA | 1,600,000 | 1,750,163 | |||||||||
| New York City Transitional Finance Authority NY | 5.25% | 2/1/2053 | AAA | 1,750,000 | 1,937,759 | |||||||||
| New York City Transitional Finance Authority NY | 5.50% | 5/1/2047 | AAA | 5,000,000 | 5,708,178 | |||||||||
| New York Convention Center Development Corp. - New York City Hotel Unit Fee Revenue | 5.00% | 11/15/2040 | A2 | 4,585,000 | 4,642,861 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2035 | AA+ | 1,100,000 | 1,114,218 | |||||||||
| See Notes to Schedule of Investments. | 197 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.25% | 3/15/2052 | Aa1 | $ | 3,500,000 | $ | 3,872,491 | |||||||
| New York State Dormitory Authority - State of New York Sales Tax Revenue | 5.00% | 3/15/2043 | AA+ | 2,550,000 | 2,657,264 | |||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2048 | Aa1 | 3,950,000 | 4,322,119 | |||||||||
| New York State Urban Development Corp. | 5.00% | 3/15/2053 | Aa1 | 1,835,000 | 1,994,612 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2029 | NR | 163,000 | 134,704 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 708,000 | 538,535 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 710,000 | 494,925 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 7,476,000 | 1,759,039 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 489,000 | 484,100 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 858,000 | 849,403 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 64,000 | 61,234 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 153,000 | 153,739 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 380,000 | 381,835 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 1,199,000 | 1,187,072 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 180,000 | 178,031 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 1,922,000 | 1,922,413 | |||||||||
| Territory of Guam | 4.00% | 1/1/2042 | Baa3 | 750,000 | 724,020 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.00% | 5/15/2047 | AA+ | 3,000,000 | 3,269,098 | |||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.00% | 5/15/2054 | AA+ | 1,050,000 | 1,143,285 | |||||||||
| Total | 66,584,138 | |||||||||||||
| Taxable Revenue - Water & Sewer 0.53% | ||||||||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% | 6/15/2054 | AA+ | 2,500,000 | 2,770,499 | |||||||||
| 198 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco 2.72% | ||||||||||||||
| Erie Tobacco Asset Securitization Corp. NY | Zero Coupon | 6/1/2055 | NR | $ | 8,000,000 | $ | 626,586 | |||||||
| Erie Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 920,738 | |||||||||
| Monroe Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2061 | NR | 10,000,000 | 468,562 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 15,000,000 | 942,114 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.125% | 6/1/2046 | CCC+ | 2,085,000 | 1,915,934 | |||||||||
| New York Counties Tobacco Trust IV | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 1,216,006 | |||||||||
| Rockland Tobacco Asset Securitization Corp. NY† | Zero Coupon | 8/15/2060 | NR | 10,575,000 | 708,658 | |||||||||
| Suffolk Tobacco Asset Securitization Corp. NY | Zero Coupon | 6/1/2066 | NR | 7,700,000 | 763,491 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2034 | A- | 1,000,000 | 1,035,588 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2035 | A- | 300,000 | 310,035 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2036 | A- | 100,000 | 103,046 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2041 | A- | 545,000 | 554,436 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 3,300,000 | 2,937,207 | |||||||||
| Westchester Tobacco Asset Securitization Corp. NY | 5.125% | 6/1/2051 | BB- | 1,845,000 | 1,780,955 | |||||||||
| Total | 14,283,356 | |||||||||||||
| Transportation 24.19% | ||||||||||||||
| Buffalo & Fort Erie Public Bridge Authority NY | 5.00% | 1/1/2034 | A+ | 600,000 | 620,995 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2051 | A- | 3,200,000 | 3,043,165 | |||||||||
| Metropolitan Transportation Authority NY | 4.75% | 11/15/2045 | A- | 3,255,000 | 3,342,502 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2029 | A- | 2,450,000 | 2,597,866 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2029 | A- | 1,730,000 | 1,759,827 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2030 | A- | 1,885,000 | 1,943,516 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2030 | A- | 700,000 | 741,576 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2033 | A- | 1,900,000 | 2,003,264 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | #(a) | 11/15/2045 | A3 | 3,030,000 | 3,251,399 | ||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2050 | A- | 2,115,000 | 2,204,380 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2028 | A- | 3,740,000 | 3,819,445 | |||||||||
| Metropolitan Transportation Authority NY | 5.50% | 11/15/2047 | A- | 2,385,000 | 2,666,510 | |||||||||
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 5.375% | 6/30/2060 | Baa3 | 6,945,000 | 7,173,211 | |||||||||
| See Notes to Schedule of Investments. | 199 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 6.00% | 6/30/2054 | Baa3 | $ | 10,000,000 | $ | 10,988,615 | |||||||
| New York State Thruway Authority - Junior Lien | 5.00% | 1/1/2036 | A | 1,510,000 | 1,534,244 | |||||||||
| New York State Thruway Authority - New York State Thruway Authority | 4.00% | 1/1/2050 | A | 1,920,000 | 1,830,662 | |||||||||
| New York State Thruway Authority NY | 5.25% | 1/1/2054 | A+ | 1,500,000 | 1,652,381 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa3 | 3,625,000 | 3,627,216 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa3 | 2,295,000 | 2,363,975 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa3 | 2,645,000 | 2,753,569 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa3 | 1,500,000 | 1,632,177 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa3 | 1,500,000 | 1,696,492 | |||||||||
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 10/31/2041 | BBB- | (b) | 860,000 | 776,835 | ||||||||
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 4/30/2053 | BBB- | (b) | 4,910,000 | 4,087,515 | ||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC | 4.00% | 12/1/2041 | Baa1 | 1,180,000 | 1,162,561 | |||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC | 4.00% | 12/1/2042 | Baa1 | 1,800,000 | 1,760,129 | |||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 4.00% | 12/1/2039 | Baa1 | 345,000 | 341,089 | |||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 4.00% | 12/1/2040 | Baa1 | 1,400,000 | 1,370,123 | |||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 4.00% | 12/1/2041 | Baa1 | 2,950,000 | 2,863,517 | |||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% | 12/1/2034 | Baa1 | 1,115,000 | 1,182,783 | |||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% | 12/1/2039 | Baa1 | 1,405,000 | 1,487,048 | |||||||||
| 200 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% | 12/1/2042 | Baa1 | $ | 1,020,000 | $ | 1,065,300 | |||||||
| New York Transportation Development Corp. - JFK NTO LLC | 5.50% | 6/30/2060 | Baa3 | 8,880,000 | 9,372,197 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa2 | 2,840,000 | 2,800,527 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2046 | Baa2 | 2,235,000 | 2,028,839 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa2 | 13,805,000 | 13,805,371 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2036 | A3 | 850,000 | 873,149 | |||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2039 | A3 | 350,000 | 359,348 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2046 | AA- | 1,250,000 | 1,385,682 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | AA- | 1,000,000 | 1,084,910 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | AA- | 2,000,000 | 2,169,820 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 10/15/2033 | AA- | 1,595,000 | 1,721,767 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | AA- | 2,500,000 | 2,731,648 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 2,000,000 | 2,023,985 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 4,225,000 | 4,555,885 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.25% | 11/15/2053 | AA- | 2,650,000 | 2,929,087 | |||||||||
| Total | 127,186,102 | |||||||||||||
| Utilities 5.27% | ||||||||||||||
| Chautauqua County Capital Resource Corp. - NRG Energy Inc NY | 4.25% | #(a) | 4/1/2042 | BBB- | 1,000,000 | 1,005,798 | ||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2034 | A | 2,000,000 | 2,003,615 | |||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2039 | A | 2,265,000 | 2,268,292 | |||||||||
| Long Island Power Authority NY | 5.00% | 9/1/2053 | A | 2,000,000 | 2,158,961 | |||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% | 6/15/2048 | AA+ | 2,050,000 | 2,279,293 | |||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% | 6/15/2052 | AA+ | 2,220,000 | 2,434,017 | |||||||||
| See Notes to Schedule of Investments. | 201 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2024
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% | 6/15/2053 | AA+ | $ | 3,000,000 | $ | 3,313,363 | |||||||
| New York City Municipal Water Finance Authority NY | 5.25% | 6/15/2054 | AA+ | 2,500,000 | 2,759,262 | |||||||||
| New York State Environmental Facilities Corp. - State of New York State Revolving Fund | 5.25% | 9/15/2052 | AAA | 4,470,000 | 4,926,203 | |||||||||
| New York State Environmental Facilities Corp. - State of New York State Revolving Fund | 5.25% | 6/15/2053 | AAA | 3,000,000 | 3,355,823 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 700,000 | 657,958 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2030 | NR | 500,000 | 526,596 | |||||||||
| Total | 27,689,181 | |||||||||||||
| Total Municipal Bonds (cost $523,554,136) | 510,776,677 | |||||||||||||
| Interest Rate# | Interest Rate Reset Date(d) | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 1.53% | ||||||||||||||||
| Variable Rate Demand Notes 1.53% | ||||||||||||||||
| General Obligation | ||||||||||||||||
| City of New York NY GO | 4.900% | 7/1/2024 | 4/1/2042 | AA | 4,050,000 | 4,050,000 | ||||||||||
| City of New York NY GO | 4.900% | 7/1/2024 | 10/1/2046 | AA | 4,000,000 | 4,000,000 | ||||||||||
| Total Short-Term Investments (cost $8,050,000) | 8,050,000 | |||||||||||||||
| Total Investments in Securities 98.69% (cost $531,604,136) | 518,826,677 | |||||||||||||||
| Other Assets and Liabilities – Net(e) 1.31% | 6,905,864 | |||||||||||||||
| Net Assets 100.00% | $ | 525,732,541 | ||||||||||||||
| 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. | |
| PSF | Permanent School Fund. | |
| TRIPS | Tax Refund Intercept Programs. | |
| YoY | Year on Year Inflation Rates. |
| 202 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
NEW YORK TAX FREE FUND June 30, 2024
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2024, the total value of Rule 144A securities was $23,312,702, which represents 4.43% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2024. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | This investment has been rated by Fitch IBCA. | |
| (c) | Securities purchased on a when-issued basis. | |
| (d) | 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. | |
| (e) | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows: |
Futures Contracts at June 30, 2024:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | |||||||||||||
| U.S. Long Bond | September 2024 | 67 | Short | $(7,866,136 | ) | $(7,926,937 | ) | $(60,801 | ) | ||||||||||
The following is a summary of the inputs used as of June 30, 2024 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 | $ | – | $ | 510,776,677 | $ | – | $ | 510,776,677 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 8,050,000 | – | 8,050,000 | ||||||||||||
| Total | $ | – | $ | 518,826,677 | $ | – | $ | 518,826,677 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (60,801 | ) | – | – | (60,801 | ) | ||||||||||
| Total | $ | (60,801 | ) | $ | – | $ | – | $ | (60,801 | ) | ||||||
| (1) | Refer to Note 2(b) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the period.
| See Notes to Schedule of Investments. | 203 |
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. New Jersey and New York are non-diversified as defined in the Act.
The investment objective of each Fund (except for High Income and Short Duration High Income) is to seek the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk. The investment objective of High Income and Short Duration High Income is to seek a high level of income exempt from federal income tax. Each of California, New Jersey and New York also seeks as high a level of interest income exempt from the personal income tax of its corresponding state as is consistent with reasonable risk. In addition, New York seeks as high a level of interest income exempt from New York City personal income tax as is consistent with reasonable risk.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
| (a) | Investment Valuation–Under procedures approved by the Funds’ Board of Directors (the “Board”), the Board has designated the determination of fair value of the Funds’ portfolio investments to Lord, Abbett & Co. LLC (“Lord Abbett”) as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities, and financial instrument dealers and other market sources to determine fair value. |
| Securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. |
204
Notes to Schedule of Investments (unaudited)(continued)
| Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof 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 June 30, 2024 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. |
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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 June 30, 2024, the Funds did not have any securities on loan.
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QPHR-MUNI-3Q
(08/24)