Lord Abbett
Quarterly Portfolio Holdings Report
Lord Abbett
Short Duration Tax Free Fund
Intermediate Tax Free Fund
National Tax Free Fund
High Income Municipal Bond Fund
Short Duration High Income Municipal Bond Fund
California Tax Free Fund
New Jersey Tax Free Fund
New York Tax Free Fund
For the period ended June 30, 2026
Schedule of Investments (unaudited)
SHORT DURATION TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 90.34% | ||||||||||||||
| MUNICIPAL BONDS 90.34% | ||||||||||||||
| Corporate-Backed 3.78% | ||||||||||||||
| Cabot Citrus Farms Community Development District FL | 5.25% | 3/1/2029 | NR | $ | 8,890,000 | $ | 8,956,070 | |||||||
| California Municipal Finance Authority† | 3.30% | #(a) | 2/1/2039 | A- | 4,750,000 | 4,765,704 | ||||||||
| City of Farmington - Public Service Co of New Mexico NM | 3.90% | #(a) | 6/1/2040 | BBB | 2,500,000 | 2,541,596 | ||||||||
| Industrial Development Board of the City of Mobile Alabama - Alabama Power Co | 2.95% | #(a) | 6/1/2034 | A1 | 10,000,000 | 10,000,334 | ||||||||
| Industrial Development Board of the City of Mobile Alabama - Alabama Power Co AL | 3.375% | #(a) | 6/1/2034 | A1 | 5,000,000 | 5,060,225 | ||||||||
| Iowa Finance Authority - Howmet Aerospace Inc | 4.75% | 8/1/2042 | BBB+ | 2,500,000 | 2,500,854 | |||||||||
| Jersey City Redevelopment Agency NJ | 5.00% | 12/9/2026 | NR | 15,000,000 | 15,147,332 | |||||||||
| Matagorda County Navigation District No. 1 - AEP Texas Inc | 2.60% | 11/1/2029 | BBB+ | 6,120,000 | 6,007,158 | |||||||||
| Ohio Air Quality Development Authority - American Electric Power Co Inc | 2.40% | #(a) | 12/1/2038 | BBB | 10,700,000 | 10,301,951 | ||||||||
| Village Community Development District No. 16 FL | 3.55% | 5/1/2030 | NR | 1,025,000 | 1,026,612 | |||||||||
| Total | 66,307,836 | |||||||||||||
| Education 3.93% | ||||||||||||||
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX† | 5.00% | 6/15/2030 | Ba2 | 1,760,000 | 1,824,808 | |||||||||
| California Community Choice Financing Authority | 4.138% (SOFR * .67 + 1.70% | )# | 5/1/2053 | A1 | 15,000,000 | 15,183,530 | ||||||||
| California State University | 0.55% | #(a) | 11/1/2049 | Aa2 | 5,000,000 | 4,957,632 | ||||||||
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL† | 4.00% | 6/15/2029 | NR | 650,000 | 642,044 | |||||||||
| City of Pikeville - University of Pikeville KY(b) | 3.80% | 8/1/2028 | NR | 3,900,000 | 3,901,436 | |||||||||
| See Notes to Schedule of Investments. | 1 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| 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 (PSF-GTD) | 5.00% | 8/15/2028 | Aaa | $ | 800,000 | $ | 839,511 | |||||||
| County of Douglas - Creighton University NE | 5.00% | 7/1/2028 | A2 | 1,000,000 | 1,043,090 | |||||||||
| County of Douglas - Creighton University NE | 5.00% | 7/1/2029 | A2 | 750,000 | 794,465 | |||||||||
| County of Douglas - Creighton University NE | 5.00% | 7/1/2030 | A2 | 1,000,000 | 1,076,163 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2028 | Ba2 | 1,135,000 | 1,135,751 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2029 | Ba2 | 630,000 | 629,789 | |||||||||
| New York State Dormitory Authority - Pace University | 5.00% | 5/1/2027 | BBB- | 1,500,000 | 1,523,888 | |||||||||
| New York State Dormitory Authority - Pace University | 5.00% | 5/1/2028 | BBB- | 1,480,000 | 1,529,462 | |||||||||
| New York State Dormitory Authority - Pace University | 5.00% | 5/1/2036 | BBB- | 2,500,000 | 2,708,013 | |||||||||
| New York State Dormitory Authority - Pace University | 5.00% | 5/1/2037 | BBB- | 3,000,000 | 3,229,730 | |||||||||
| Northside Independent School District TX GO (PSF-GTD) | 3.45% | #(a) | 8/1/2054 | Aaa | 3,945,000 | 3,970,480 | ||||||||
| Ohio Air Quality Development Authority - Duke Energy Corp | 4.00% | #(a) | 9/1/2030 | BBB | 1,300,000 | 1,309,263 | ||||||||
| Temple University-of The Commonwealth System of Higher Education PA (AG) | 5.00% | 4/1/2031 | AA | 2,310,000 | 2,540,421 | |||||||||
| University of North Carolina at Chapel Hill | 3.475% (SOFR * .67 + 1.05% | )# | 12/1/2041 | AAA | 20,000,000 | 20,130,554 | ||||||||
| Total | 68,970,030 | |||||||||||||
| General Obligation 8.76% | ||||||||||||||
| Adams County School District No. 1 CO GO (ST AID WITHHLDG) | 5.25% | 12/1/2040 | Aa2 | 4,770,000 | 4,806,009 | |||||||||
| California State Public Works Board - State of California Department of General Services | 5.00% | 10/1/2026 | NR | 90,000 | 90,551 | |||||||||
| Chicago Board of Education IL GO | 5.25% | 12/1/2028 | BB+ | 500,000 | 513,323 | |||||||||
| Chicago Board of Education IL GO | 5.25% | 12/1/2029 | BB+ | 525,000 | 542,771 | |||||||||
| 2 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| 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 | 5.25% | 12/1/2030 | BB+ | $ | 600,000 | $ | 623,516 | |||||||
| City of Chicago IL GO | 5.00% | 1/1/2027 | BBB | 6,400,000 | 6,439,443 | |||||||||
| City of New Haven CT (AG) | 5.00% | 8/1/2032 | AA | 2,700,000 | 2,999,624 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2031 | AA | 2,710,000 | 2,983,007 | |||||||||
| City of New York NY GO | 5.00% | 8/1/2032 | AA | 8,500,000 | 9,478,295 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 9,973,369 | 10,161,351 | |||||||||
| County of Cook IL GO | 5.00% | 11/15/2031 | Aa3 | 2,350,000 | 2,367,857 | |||||||||
| Dallas Independent School District TX GO (PSF-GTD) | 5.00% | #(a) | 2/15/2056 | Aaa | 7,000,000 | 7,471,990 | ||||||||
| Denton Independent School District TX GO (PSF-GTD) | 4.00% | #(a) | 8/15/2055 | AAA | 5,000,000 | 5,111,070 | ||||||||
| Fayette County School District KY GO (ST INTERCEPT)(b) | 4.00% | 6/15/2027 | NR | 11,200,000 | 11,322,051 | |||||||||
| Grand Prairie Independent School District TX GO(b) | 5.00% | 2/15/2031 | Aa3 | 3,610,000 | 3,950,167 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2035 | A2 | 2,690,000 | 2,980,743 | |||||||||
| Metropolitan Water Reclamation District of Greater Chicago IL GO | 5.00% | 12/1/2030 | AA+ | 1,620,000 | 1,635,090 | |||||||||
| State of California GO | 5.00% | 8/1/2030 | Aa2 | 4,680,000 | 4,688,357 | |||||||||
| State of California GO | 5.00% | 9/1/2030 | Aa2 | 250,000 | 250,481 | |||||||||
| State of Illinois GO | 5.00% | 7/1/2029 | A2 | 9,465,000 | 10,046,583 | |||||||||
| State of Illinois GO | 5.00% | 10/1/2029 | A2 | 5,880,000 | 6,265,188 | |||||||||
| State of Illinois GO | 5.00% | 10/1/2029 | A2 | 2,115,000 | 2,212,250 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2029 | A2 | 10,000,000 | 10,301,378 | |||||||||
| State of Illinois GO | 5.00% | 10/1/2030 | A2 | 3,000,000 | 3,137,837 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2030 | A2 | 7,200,000 | 7,245,148 | |||||||||
| State of Illinois GO | 5.25% | 9/1/2031 | A2 | 10,000,000 | 11,034,820 | |||||||||
| Town of Cumberland RI GO | 4.00% | 8/26/2026 | NR | 15,100,000 | 15,126,333 | |||||||||
| Town of Tonawanda NY GO | 4.00% | 8/21/2026 | NR | 5,960,000 | 5,966,735 | |||||||||
| Wink-Loving Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2034 | Aaa | 3,900,000 | 3,909,986 | |||||||||
| Total | 153,661,954 | |||||||||||||
| Health Care 19.25% | ||||||||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 1,399,000 | 1,057,217 | |||||||||
| See Notes to Schedule of Investments. | 3 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | $ | 2,801,000 | $ | 2,677,482 | |||||||
| Build NYC Resource Corp. - RiverSpring Health Senior Living Inc Obligated Group NY | 5.00% | 12/15/2031 | NR | 5,750,000 | 5,753,860 | |||||||||
| California Health Facilities Financing Authority - Adventist Health System/ West Obligated Group | 5.00% | 12/1/2037 | BBB+ | 8,000,000 | 8,699,942 | |||||||||
| California Health Facilities Financing Authority - Providence St Joseph Health Obligated Group | 5.00% | #(a) | 10/1/2050 | A | 20,000,000 | 21,509,194 | ||||||||
| California Municipal Finance Authority - Palomar Health Obligated Group COPS† | 5.00% | 11/1/2027 | CCC+ | 10,000,000 | 9,953,292 | |||||||||
| Citizens Memorial Hospital District MO | 5.00% | 12/1/2026 | NR | 8,825,000 | 8,830,771 | |||||||||
| City of South Miami Health Facilities Authority, Inc. - Baptist Health South Florida Obligated Group FL | 5.00% | #(a) | 8/15/2065 | AA- | 3,000,000 | 3,239,945 | ||||||||
| Colorado Health Facilities Authority - Common Spirit Health Obligated Group | 5.00% | 9/1/2029 | A- | 19,000,000 | 20,133,698 | |||||||||
| Connecticut State Health & Educational Facilities Authority(b) | 4.40% | 12/15/2031 | NR | 810,000 | 814,442 | |||||||||
| County of Lehigh - St Luke’s Hospital Obligated Group PA | 3.77% (MUNIPSA + 1.10% | )# | 8/15/2038 | A- | 14,360,000 | 14,183,909 | ||||||||
| Crawford County Memorial Hospital Inc IA | 5.00% | 6/15/2027 | NR | 1,260,000 | 1,264,906 | |||||||||
| Guthrie County Hospital IA | 4.50% | 2/1/2029 | NR | 4,000,000 | 4,005,880 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. - Houston Methodist Hospital Obligated Group TX | 5.00% | 12/1/2029 | AA | 10,000,000 | 10,708,377 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Health System Obligated Group TX | 5.00% | 7/1/2031 | AA- | 3,570,000 | 3,837,117 | |||||||||
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Health System Obligated Group TX | 5.00% | 7/1/2037 | AA- | 6,000,000 | 6,630,724 | |||||||||
| 4 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| 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. - Texas Children’s Hospital Obligated Group | 5.00% | #(a) | 10/1/2051 | Aa2 | $ | 12,620,000 | $ | 13,762,068 | ||||||
| Health & Educational Facilities Authority of the State of Missouri - SSM Health Care Obligated Group | 5.00% | 6/1/2031 | A+ | 2,030,000 | 2,205,984 | |||||||||
| Health & Educational Facilities Authority of the State of Missouri - SSM Health Care Obligated Group | 5.00% | 6/1/2033 | A+ | 2,050,000 | 2,245,938 | |||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota - HealthPartners Obligated Group MN | 5.00% | 7/1/2029 | A | 3,450,000 | 3,654,539 | |||||||||
| Idaho Health Facilities Authority | 5.00% | #(a) | 3/1/2060 | A | 4,000,000 | 4,353,792 | ||||||||
| Lees Summit Industrial Development Authority - John Knox Village Obligated Group MO | 3.60% | 8/15/2048 | BB+ | (c) | 2,845,000 | 2,851,097 | ||||||||
| Louisiana Public Facilities Authority - Ochsner Clinic Foundation Obligated Group | 5.00% | 5/15/2030 | A | 6,000,000 | 6,424,419 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - LifeBridge Health Obligated Group | 5.00% | 7/1/2034 | A+ | 3,925,000 | 3,995,318 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - University of Maryland Medical System Obligated Group | 5.00% | #(a) | 7/1/2045 | A | 5,000,000 | 5,379,235 | ||||||||
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2032 | BBB- | 3,760,000 | 3,762,357 | |||||||||
| Massachusetts Development Finance Agency - Mass General Brigham Inc | 5.00% | #(a) | 7/1/2050 | AA- | 10,000,000 | 10,678,233 | ||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - Vanderbilt University Medical Center Obligated Group TN | 5.00% | 7/1/2029 | A | 5,000,000 | 5,294,957 | |||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - Vanderbilt University Medical Center Obligated Group TN | 5.00% | 7/1/2032 | A | 7,850,000 | 8,644,936 | |||||||||
| Michigan Finance Authority - McKenzie Memorial Hospital | 4.00% | 1/1/2028 | NR | 12,295,000 | 12,314,789 | |||||||||
| See Notes to Schedule of Investments. | 5 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Montana Facility Finance Authority - St John’s Lutheran Ministries Inc Obligated Group(b) | 4.10% | 11/15/2031 | NR | $ | 1,000,000 | $ | 1,004,350 | |||||||
| Montana Facility Finance Authority - St John’s Lutheran Ministries Inc Obligated Group(b) | 4.35% | 11/15/2032 | NR | 1,125,000 | 1,129,846 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - Bella Vida Forefront Living Obligated Group TX | 4.25% | 10/1/2030 | NR | 1,250,000 | 1,245,112 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.00% | 7/1/2032 | AA- | 20,000,000 | 22,314,806 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.00% | 10/1/2030 | BBB- | 375,000 | 398,039 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.00% | 10/1/2031 | BBB- | 2,250,000 | 2,410,798 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.00% | 10/1/2032 | BBB- | 1,000,000 | 1,083,401 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.00% | 10/1/2033 | BBB- | 1,000,000 | 1,090,621 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2026 | BB+ | 800,000 | 801,029 | |||||||||
| Rockland County Economic Assistance Corp. - Bon Secours Health System Inc Obligated Group NY | 6.50% | 11/1/2030 | NR | 5,000,000 | 5,159,289 | |||||||||
| Shelby County Health Educational & Housing Facilities Board - Baptist Memorial Health Care Obligated Group TN | 5.00% | 9/1/2032 | A- | 8,000,000 | 8,774,322 | |||||||||
| Shelby County Health Educational & Housing Facilities Board - Baptist Memorial Health Care Obligated Group TN | 5.00% | #(a) | 9/1/2049 | A- | 8,750,000 | 9,176,560 | ||||||||
| South Carolina Jobs-Economic Development Authority - Novant Health Obligated Group | 5.00% | 11/1/2037 | A+ | 4,000,000 | 4,408,467 | |||||||||
| State of Ohio - University Hospitals Health System Inc Obligated Group | 5.00% | 1/15/2030 | A | 10,000,000 | 10,643,843 | |||||||||
| 6 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Tempe Industrial Development Authority - Tempe Life Care Village Obligated Group AZ | 3.50% | 12/1/2030 | NR | $ | 4,500,000 | $ | 4,491,510 | |||||||
| Tulsa County Industrial Authority - Montereau Obligated Group OK | 5.00% | 11/15/2026 | BBB- | (c) | 500,000 | 501,690 | ||||||||
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | 5.00% | 8/1/2029 | A- | 3,425,000 | 3,624,669 | |||||||||
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | 5.00% | 8/1/2029 | A- | 3,500,000 | 3,704,041 | |||||||||
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | 5.00% | #(a) | 8/1/2049 | A- | 7,515,000 | 7,522,613 | ||||||||
| Washington Health Care Facilities Authority - Multicare Health System Obligated Group | 5.00% | #(a) | 8/15/2055 | A | 10,000,000 | 10,568,615 | ||||||||
| Washington State Housing Finance Commission - Horizon House Obligated Group | 4.375% | 1/1/2033 | BB | (c) | 13,380,000 | 13,443,534 | ||||||||
| Wisconsin Health & Educational Facilities Authority - Hospital Sisters Services Obligated Group | 5.00% | 8/15/2030 | A+ | 7,000,000 | 7,554,448 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.00% | 2/15/2029 | A+ | 6,200,000 | 6,504,220 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Wisconsin Masonic Home Obligated Group | 4.20% | 8/15/2028 | BBB- | (c) | 1,370,000 | 1,370,197 | ||||||||
| Total | 337,794,438 | |||||||||||||
| Housing 15.77% | ||||||||||||||
| Atlanta Urban Residential Finance Authority - North Block Associates LLC GA (FHA), (HUD) | 3.40% | #(a) | 2/1/2029 | Aa1 | 2,500,000 | 2,514,729 | ||||||||
| Atlanta Urban Residential Finance Authority - Trinity Flats Redevelopment LP GA (FHA), (GNMA) | 3.20% | #(a) | 2/1/2030 | Aa1 | 5,625,000 | 5,650,994 | ||||||||
| Austin Affordable PFC, Inc. - Clayton 2024 Ltd TX | 2.95% | #(a) | 11/1/2059 | Aa1 | 5,200,000 | 5,197,775 | ||||||||
| See Notes to Schedule of Investments. | 7 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| California Housing Finance Agency - Del Sur Family Housing LP | 5.00% | #(a) | 5/1/2054 | Aa1 | $ | 1,750,000 | $ | 1,756,169 | ||||||
| California Housing Finance Agency - Sutter BMR LP | 2.75% | #(a) | 11/1/2029 | Aa1 | 3,200,000 | 3,187,686 | ||||||||
| California Municipal Finance Authority - Palmdale Family Apartments LP | 3.00% | #(a) | 6/1/2045 | Aa1 | 8,150,000 | 8,189,371 | ||||||||
| City of Wichita KS | 3.15% | #(a) | 2/1/2030 | Aa1 | 4,250,000 | 4,266,543 | ||||||||
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 6.00% | 11/1/2055 | AAA | 6,470,000 | 7,153,409 | |||||||||
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 6.25% | 5/1/2055 | AA | 4,990,000 | 5,580,045 | |||||||||
| Colorado Housing & Finance Authority (GNMA) | 6.00% | 5/1/2053 | AA | 2,050,000 | 2,223,540 | |||||||||
| Columbus-Franklin County Finance Authority - TWG Castle LP OH | 3.20% | #(a) | 6/1/2044 | Aa1 | 1,700,000 | 1,709,437 | ||||||||
| Connecticut Housing Finance Authority | 3.10% | #(a) | 11/15/2064 | AAA | 7,000,000 | 7,004,412 | ||||||||
| Connecticut Housing Finance Authority | 6.25% | 5/15/2054 | AAA | 2,035,000 | 2,200,272 | |||||||||
| Dayton-Montgomery County Port Authority - Magnus Forest Avenue LP OH | 3.20% | #(a) | 1/1/2044 | Aa1 | 8,700,000 | 8,745,030 | ||||||||
| District of Columbia Housing Finance Agency - Barry Farm Building 1A LLC | 3.15% | #(a) | 2/1/2030 | Aa1 | 3,250,000 | 3,263,722 | ||||||||
| Eagle County Housing & Development Authority - Eagle Villas Owner LP CO | 3.55% | #(a) | 12/1/2045 | Aa1 | 3,750,000 | 3,764,685 | ||||||||
| Georgia Housing & Finance Authority | 6.25% | 12/1/2056 | AAA | 6,000,000 | 6,794,347 | |||||||||
| Henrico County Economic Development Authority - GWF Family LLC VA | 3.20% | #(a) | 12/1/2045 | Aa1 | 8,850,000 | 8,884,397 | ||||||||
| Idaho Housing & Finance Association (FHLMC), (FNMA), (GNMA) | 6.25% | 1/1/2056 | Aa1 | 1,970,000 | 2,215,577 | |||||||||
| Illinois Housing Development Authority (FHLMC), (FNMA), (GNMA) | 6.25% | 10/1/2055 | Aaa | 4,920,000 | 5,512,243 | |||||||||
| Kansas Development Finance Authority - Floret Hill LP | 3.05% | #(a) | 12/1/2043 | Aa1 | 2,300,000 | 2,310,043 | ||||||||
| Knoxville’s Community Development Corp. - ECG N Peters LP TN | 3.15% | #(a) | 5/1/2046 | Aa1 | 6,000,000 | 6,019,340 | ||||||||
| 8 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Las Varas Public Facility Corp. - Central at Commerce LP TX | 3.35% | #(a) | 11/1/2044 | A+ | $ | 5,250,000 | $ | 5,226,344 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - Artist Lofts LP TN | 3.20% | #(a) | 12/1/2059 | Aa1 | 12,625,000 | 12,694,589 | ||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - ECG East Bank LP TN | 3.05% | #(a) | 1/1/2045 | Aa1 | 3,100,000 | 3,101,722 | ||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - HV Land Co LP TN | 3.35% | #(a) | 6/1/2044 | Aa1 | 6,900,000 | 6,922,050 | ||||||||
| Metropolitan Government Nashville & Davidson County Industrial Development Board - Nashville Leased Housing Associates V LLLP TN | 3.15% | #(a) | 7/1/2044 | Aa1 | 5,000,000 | 5,020,134 | ||||||||
| Michigan State Housing Development Authority | 6.25% | 6/1/2055 | AA+ | 4,700,000 | 5,129,271 | |||||||||
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 5.00% | 7/1/2053 | AA+ | 4,525,000 | 4,690,750 | |||||||||
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% | 7/1/2054 | AA+ | 4,640,000 | 4,996,683 | |||||||||
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% | 1/1/2055 | AA+ | 2,330,000 | 2,583,271 | |||||||||
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% | 1/1/2055 | AA+ | 3,300,000 | 3,679,421 | |||||||||
| Montana Board of Housing - Hidden Creek 4 Housing Associates LLLP | 3.05% | #(a) | 11/1/2046 | Aa1 | 2,150,000 | 2,154,290 | ||||||||
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 4.00% | 12/15/2031 | Baa1 | 500,000 | 506,053 | |||||||||
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 4.375% | 12/15/2031 | Baa3 | 500,000 | 508,619 | |||||||||
| New York State Housing Finance Agency | 3.20% | #(a) | 5/1/2066 | Aa2 | 5,470,000 | 5,491,741 | ||||||||
| North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% | 1/1/2055 | AA+ | 4,585,000 | 4,923,609 | |||||||||
| North Dakota Housing Finance Agency | 6.00% | 1/1/2056 | Aa1 | 6,185,000 | 6,754,381 | |||||||||
| Ohio Housing Finance Agency - Pebble Brooke Owner LP | 3.35% | #(a) | 7/1/2043 | Aa1 | 14,000,000 | 14,106,065 | ||||||||
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% | 3/1/2055 | Aa1 | 3,745,000 | 4,077,605 | |||||||||
| See Notes to Schedule of Investments. | 9 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Pennsylvania Housing Finance Agency | 6.50% | 10/1/2055 | Aa1 | $ | 4,883,708 | $ | 5,548,704 | |||||||
| Pennsylvania Housing Finance Agency(b) | 6.50% | 10/1/2056 | Aa1 | 5,000,000 | 5,771,432 | |||||||||
| Richmond Redevelopment & Housing Authority - Standard School Road Venture LP VA | 3.05% | #(a) | 12/1/2055 | Aa1 | 2,750,000 | 2,759,280 | ||||||||
| Seattle Housing Authority - Yesler Block 6.6 LLLP WA (HUD) | 5.00% | 6/1/2027 | AA | 7,000,000 | 7,023,138 | |||||||||
| South Dakota Housing Development Authority (FHLMC), (FNMA), (GNMA)(b) | 6.25% | 5/1/2057 | AAA | 7,500,000 | 8,577,868 | |||||||||
| State of New York Mortgage Agency Homeowner Mortgage Revenue | 3.50% | 4/1/2049 | Aa1 | 230,000 | 230,031 | |||||||||
| Texas Department of Housing & Community Affairs (GNMA) | 5.50% | 7/1/2053 | AA+ | 7,090,000 | 7,587,305 | |||||||||
| Texas Department of Housing & Community Affairs (GNMA) | 6.00% | 1/1/2057 | AA+ | 8,000,000 | 9,003,850 | |||||||||
| Texas State Affordable Housing Corp. - AHFC-FC Norman Housing LP | 3.625% | #(a) | 1/1/2045 | Aa1 | 3,400,000 | 3,410,731 | ||||||||
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.25% | 7/1/2055 | Aa2 | 6,625,000 | 7,379,280 | |||||||||
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.50% | 7/1/2055 | Aa2 | 4,780,000 | 5,283,554 | |||||||||
| Virginia Beach Development Authority - Westminster-Canterbury on Chesapeake Bay Obligated Group | 5.375% | 9/1/2029 | BB+ | (c) | 3,800,000 | 3,811,031 | ||||||||
| Wisconsin Housing & Economic Development Authority - East National LLC | 5.00% | #(a) | 8/1/2058 | Aa1 | 2,000,000 | 2,002,874 | ||||||||
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue (FHLMC), (FNMA), (GNMA) | 5.75% | 9/1/2056 | AA+ | 2,500,000 | 2,731,184 | |||||||||
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue (FHLMC), (FNMA), (GNMA) | 6.25% | 9/1/2055 | AA+ | 2,090,000 | 2,310,886 | |||||||||
| Wisconsin Housing & Economic Development Authority Housing Revenue | 3.75% | #(a) | 11/1/2055 | AA+ | 6,620,000 | 6,639,984 | ||||||||
| Total | 276,781,496 | |||||||||||||
| 10 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligation 0.08% | ||||||||||||||
| New Jersey Economic Development Authority - New Jersey Transit Corp | 5.00% | 11/1/2028 | A1 | $ | 1,315,000 | $ | 1,386,047 | |||||||
| Multi-Family Housing 0.94% | ||||||||||||||
| Housing Options, Inc. TX (HUD) | 3.05% | #(a) | 2/1/2045 | Aa1 | 3,850,000 | 3,858,093 | ||||||||
| Industrial Development Authority of the City of Phoenix Arizona - 4201 S 91st Avenue Owner LLLP AZ | 3.10% | #(a) | 2/1/2059 | Aa1 | 5,000,000 | 5,011,035 | ||||||||
| Kansas Development Finance Authority - Manhattan HP LP | 2.70% | #(a) | 10/1/2046 | Aa1 | 3,000,000 | 2,985,447 | ||||||||
| Michigan State Housing Development Authority - 28WPHASETHREE Ltd Dividend Housing Association LP | 2.70% | #(a) | 10/1/2043 | Aa1 | 4,695,000 | 4,684,395 | ||||||||
| Total | 16,538,970 | |||||||||||||
| Other Revenue 1.39% | ||||||||||||||
| City of Houston Hotel Occupancy Tax & Special Revenue TX | 5.00% | 9/1/2035 | A- | 3,600,000 | 4,066,288 | |||||||||
| Illinois Finance Authority - Field Museum of Natural History | 3.684% (SOFR * .70 + 1.15% | )# | 11/1/2034 | A1 | 2,655,000 | 2,664,903 | ||||||||
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group AZ†(d) | 3.50% | 7/1/2025 | NR | 425,000 | 340,000 | |||||||||
| Public Finance Authority - Inperium Inc Obligated Group WI† | 5.00% | 12/1/2034 | NR | 1,960,000 | 2,020,704 | |||||||||
| Trust for Cultural Resources of The City of New York - Lincoln Center for the Performing Arts Inc NY | 5.00% | 12/1/2030 | A- | 14,000,000 | 15,232,392 | |||||||||
| Total | 24,324,287 | |||||||||||||
| Special Tax 0.14% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA† | 5.00% | 5/1/2028 | NR | 1,305,000 | 1,331,022 | |||||||||
| Village Community Development District No. 13 FL† | 2.625% | 5/1/2030 | NR | 1,165,000 | 1,130,766 | |||||||||
| Total | 2,461,788 | |||||||||||||
| See Notes to Schedule of Investments. | 11 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue 1.67% | ||||||||||||||
| City of Wichita K-96 Greenwich STAR Bond District Phase III KS† | 3.20% | 9/1/2026 | NR | $ | 2,620,000 | $ | 2,619,750 | |||||||
| City of Wichita K-96 Greenwich STAR Bond District Phase III KS† | 4.125% | 9/1/2033 | NR | 1,230,000 | 1,236,208 | |||||||||
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2026 | NR | 2,000,000 | 2,006,948 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2042 | AAA | 10,550,000 | 10,677,995 | |||||||||
| New York State Housing Finance Agency - State of New York Personal Income Tax Revenue | 3.35% | #(a) | 6/15/2054 | Aa1 | 3,610,000 | 3,621,697 | ||||||||
| New York State Housing Finance Agency - State of New York Personal Income Tax Revenue | 3.45% | #(a) | 6/15/2054 | Aa1 | 1,500,000 | 1,511,447 | ||||||||
| Sparks Tourism Improvement District No. 1 Sales Tax Revenue NV | 3.875% | 6/15/2028 | NR | 1,175,000 | 1,182,627 | |||||||||
| State of Illinois Sales Tax Revenue | 5.00% | 6/15/2030 | A | 6,040,000 | 6,503,131 | |||||||||
| Total | 29,359,803 | |||||||||||||
| Taxable Revenue - Water & Sewer 0.73% | ||||||||||||||
| City of Birmingham Regional Water Works AL† | 3.75% | 9/1/2026 | NR | 7,750,000 | 7,747,825 | |||||||||
| Washington Suburban Sanitary Commission MD | 4.00% | 6/15/2032 | AAA | 5,000,000 | 5,049,868 | |||||||||
| Total | 12,797,693 | |||||||||||||
| Transportation 5.28% | ||||||||||||||
| City of Austin Airport System Revenue TX | 5.00% | 11/15/2032 | A+ | 5,000,000 | 5,616,066 | |||||||||
| City of Cleveland Airport System Revenue OH | 5.00% | 1/1/2030 | A | 6,000,000 | 6,430,125 | |||||||||
| County of Broward Port Facilities Revenue FL | 5.00% | 9/1/2044 | A1 | 6,000,000 | 6,207,883 | |||||||||
| E-470 Public Highway Authority CO(b) | Zero Coupon | # | 9/1/2039 | AA- | 7,500,000 | 7,494,748 | ||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2030 | A1 | 5,535,000 | 6,004,142 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2033 | A1 | 11,500,000 | 12,974,047 | |||||||||
| 12 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2036 | A1 | $ | 5,500,000 | $ | 6,154,141 | |||||||
| North Carolina Turnpike Authority (AG) | 5.00% | 1/1/2028 | AA | 1,500,000 | 1,516,916 | |||||||||
| Oklahoma Turnpike Authority | 5.00% | 1/1/2030 | AA- | 1,730,000 | 1,749,940 | |||||||||
| Pennsylvania Turnpike Commission | 5.00% | 6/1/2029 | A+ | 5,000,000 | 5,327,015 | |||||||||
| Pennsylvania Turnpike Commission | 5.00% | 6/1/2032 | A+ | 12,000,000 | 13,326,331 | |||||||||
| Pennsylvania Turnpike Commission | 5.00% | 12/1/2033 | AA- | 15,000,000 | 17,015,103 | |||||||||
| Pennsylvania Turnpike Commission | 5.00% | #(a) | 12/1/2045 | AA- | 2,500,000 | 2,775,239 | ||||||||
| Total | 92,591,696 | |||||||||||||
| Utilities 28.62% | ||||||||||||||
| Black Belt Energy Gas District AL | 3.782% (SOFR * .67 + 1.35% | )# | 12/1/2031 | A2 | 19,425,000 | 19,420,120 | ||||||||
| Black Belt Energy Gas District AL | 5.00% | 12/1/2035 | AA- | 16,000,000 | 16,939,616 | |||||||||
| Black Belt Energy Gas District AL | 5.00% | #(a) | 12/1/2055 | A1 | 12,650,000 | 13,482,914 | ||||||||
| Black Belt Energy Gas District AL | 5.25% | #(a) | 2/1/2053 | A1 | 4,875,000 | 5,124,708 | ||||||||
| California Community Choice Financing Authority | 3.888% (SOFR * .67 + 1.45% | )# | 4/1/2056 | A1 | 23,350,000 | 23,313,667 | ||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 11/1/2054 | A2 | 5,480,000 | 5,796,547 | ||||||||
| Carmel Local Public Improvement Bond Bank IN(b) | 5.00% | 1/15/2031 | AA | 3,000,000 | 3,261,174 | |||||||||
| Carmel Local Public Improvement Bond Bank IN(b) | 5.00% | 7/15/2031 | AA | 2,200,000 | 2,410,006 | |||||||||
| Central Plains Energy Project NE | 4.618% (SOFR * .67 + 2.18% | )# | 5/1/2053 | A2 | 20,000,000 | 20,664,638 | ||||||||
| Central Plains Energy Project NE | 5.00% | #(a) | 5/1/2053 | A2 | 25,655,000 | 26,874,672 | ||||||||
| City of Cape Coral Water & Sewer Revenue FL | 5.00% | 10/1/2030 | A1 | 5,595,000 | 6,072,416 | |||||||||
| City of Kaukauna Waterworks System Revenue WI(b) | 4.00% | 12/1/2029 | A | 3,000,000 | 3,024,243 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 3.00% | #(a) | 2/1/2055 | Aa3 | 8,000,000 | 7,963,775 | ||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 3.08% | #(a) | 2/1/2055 | Aa3 | 10,000,000 | 10,005,948 | ||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% | 2/1/2031 | Aa2 | 1,790,000 | 1,813,676 | |||||||||
| See Notes to Schedule of Investments. | 13 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Development Authority of Burke County - Georgia Power Co | 3.00% | #(a) | 10/1/2032 | A | $ | 7,300,000 | $ | 7,325,044 | ||||||
| Development Authority of Burke County - Georgia Power Co | 3.00% | #(a) | 10/1/2032 | A | 5,500,000 | 5,518,869 | ||||||||
| Development Authority of Burke County - Georgia Power Co | 3.375% | #(a) | 11/1/2048 | A | 7,750,000 | 7,774,296 | ||||||||
| Development Authority of Burke County - Oglethorpe Power Corp GA | 3.60% | #(a) | 11/1/2045 | A3 | 3,000,000 | 3,047,609 | ||||||||
| Energy Southeast A Cooperative District AL | 4.638% (SOFR * .67 + 2.20% | )# | 4/1/2054 | A1 | 5,000,000 | 5,083,596 | ||||||||
| Energy Southeast A Cooperative District AL | 5.25% | #(a) | 7/1/2054 | A1 | 6,000,000 | 6,464,054 | ||||||||
| Kentucky Public Energy Authority | 5.25% | #(a) | 4/1/2054 | A1 | 10,000,000 | 10,707,397 | ||||||||
| Kentucky Public Energy Authority | 5.25% | #(a) | 6/1/2055 | A1 | 13,000,000 | 13,778,258 | ||||||||
| Los Angeles Department of Water & Power Power System Revenue CA | 5.00% | 7/1/2030 | Aa3 | 7,500,000 | 8,042,160 | |||||||||
| Los Angeles Department of Water & Power Power System Revenue CA | 5.00% | 7/1/2032 | Aa3 | 4,000,000 | 4,432,743 | |||||||||
| Los Angeles Department of Water & Power System Revenue CA | 5.00% | 7/1/2028 | Aa3 | 15,000,000 | 15,514,953 | |||||||||
| Los Angeles Department of Water & Power System Revenue CA | 5.00% | 7/1/2030 | Aa3 | 4,000,000 | 4,307,782 | |||||||||
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% | 1/1/2030 | Aa3 | 7,410,000 | 7,855,327 | |||||||||
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | 5.00% | 5/15/2030 | A+ | 6,000,000 | 6,497,045 | |||||||||
| Lower Colorado River Authority TX | 5.00% | #(a) | 5/15/2039 | A+ | 20,000,000 | 20,661,662 | ||||||||
| Main Street Energy, Inc. GA | 5.00% | 12/1/2033 | A3 | 13,530,000 | 14,314,287 | |||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 21,500,000 | 21,588,473 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 9,360,000 | 9,540,171 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2052 | A3 | 11,000,000 | 11,480,267 | ||||||||
| Montgomery County Industrial Development Authority - Constellation Energy Generation LLC PA | 4.10% | #(a) | 4/1/2053 | BBB+ | 7,760,000 | 7,957,306 | ||||||||
| North Carolina Municipal Power Agency No. 1(b) | 5.00% | 1/1/2031 | A | 6,000,000 | 6,544,187 | |||||||||
| Ohio Air Quality Development Authority - American Electric Power Co Inc | 3.50% | #(a) | 8/1/2034 | BBB | 4,500,000 | 4,519,441 | ||||||||
| 14 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||||
| Utilities (continued) | ||||||||||||||||
| Pennsylvania Economic Development Financing Authority - Talen Energy Supply LLC | 5.25% | #(a) | 12/1/2038 | B+ | $ | 1,100,000 | $ | 1,101,243 | ||||||||
| Piedmont Municipal Power Agency Catawba Project Power Sales Revenue SC | 5.00% | 1/1/2028 | A- | 7,695,000 | 7,777,174 | |||||||||||
| Piedmont Municipal Power Agency Catawba Project Power Sales Revenue SC | 5.00% | 1/1/2029 | A- | 8,240,000 | 8,322,576 | |||||||||||
| South Carolina Public Service Authority | 5.00% | 12/1/2035 | A- | 10,000,000 | 10,081,509 | |||||||||||
| South Carolina Public Service Authority | 5.00% | 12/1/2036 | A- | 14,775,000 | 14,889,858 | |||||||||||
| Tennessee Energy Acquisition Corp. | 5.00% | #(a) | 5/1/2053 | A2 | 10,000,000 | 10,296,602 | ||||||||||
| Tennessee Energy Acquisition Corp. | 5.625% | 9/1/2026 | BBB | (c) | 18,590,000 | 18,647,359 | ||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. I | 6.25% | 12/15/2026 | A1 | 1,300,000 | 1,319,075 | |||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.25% | 1/1/2030 | A1 | 4,660,000 | 4,884,371 | |||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | #(a) | 1/1/2054 | A1 | 52,500,000 | 55,632,549 | ||||||||||
| Total | 502,075,363 | |||||||||||||||
| Total Municipal Bonds (cost $1,579,169,333) | 1,585,051,401 | |||||||||||||||
| Total Long-Term Investments (cost $1,579,169,333) | 1,585,051,401 | |||||||||||||||
Interest Rate# | Interest Rate Reset Date(e) | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 11.37% | ||||||||||||||||
| Variable Rate Demand Notes 11.28% | ||||||||||||||||
| Education 4.49% | ||||||||||||||||
| Connecticut State Health & Educational Facilities Authority - Yale University | 2.600% | 7/1/2026 | 7/1/2042 | AAA | 11,900,000 | 11,900,000 | ||||||||||
| Connecticut State Health & Educational Facilities Authority Yale University | 2.600% | 7/1/2026 | 7/1/2057 | AAA | 11,450,000 | 11,450,000 | ||||||||||
| See Notes to Schedule of Investments. | 15 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| Investments | Interest Rate# | Interest Rate Reset Date(e) | Final Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Education (continued) | ||||||||||||||||
| New York State Dormitory Authority - Pace University | 3.450% | 7/1/2026 | 5/1/2044 | BBB- | $ | 20,000,000 | $ | 20,000,000 | ||||||||
| Pennsylvania Higher Educational Facilities Authority - Thomas Jefferson University Obligated Group | 3.480% | 7/1/2026 | 9/1/2045 | A | 22,325,000 | 22,325,000 | ||||||||||
| Philadelphia Authority for Industrial Development - Thomas Jefferson University Obligated Group PA | 3.480% | 7/1/2026 | 9/1/2050 | A | 13,125,000 | 13,125,000 | ||||||||||
| Total | 78,800,000 | |||||||||||||||
| General Obligation 2.16% | ||||||||||||||||
| City of New York NY GO | 3.050% | 7/1/2026 | 4/1/2042 | AA | 400,000 | 400,000 | ||||||||||
| City of New York NY GO | 3.050% | 7/1/2026 | 4/1/2042 | AA | 12,000,000 | 12,000,000 | ||||||||||
| City of New York NY GO | 3.050% | 7/1/2026 | 10/1/2046 | AA | 4,350,000 | 4,350,000 | ||||||||||
| District of Columbia DC GO | 2.820% | 7/1/2026 | 6/1/2051 | AA+ | 11,075,000 | 11,075,000 | ||||||||||
| Florida Insurance Assistance Interlocal Agency, Inc. | 3.410% | 7/1/2026 | 9/1/2032 | Aa2 | 10,000,000 | 10,000,000 | ||||||||||
| Total | 37,825,000 | |||||||||||||||
| Health Care 2.62% | ||||||||||||||||
| Health Care Authority for Baptist Health AL | 4.050% | 7/1/2026 | 11/1/2042 | A3 | 28,487,000 | 28,487,000 | ||||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson University Obligated Group PA | 3.480% | 7/1/2026 | 9/1/2050 | A | 7,485,000 | 7,485,000 | ||||||||||
| State of Ohio - University Hospitals Health System Inc Obligated Group | 3.210% | 7/1/2026 | 1/15/2045 | A | 10,035,000 | 10,035,000 | ||||||||||
| Total | 46,007,000 | |||||||||||||||
| Pollution Control 1.41% | ||||||||||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 3.000% | 7/1/2026 | 4/1/2040 | BBB+ | 300,000 | 300,000 | ||||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 3.000% | 7/1/2026 | 4/1/2040 | BBB+ | 18,800,000 | 18,800,000 | ||||||||||
| 16 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND June 30, 2026
| Investments | Interest Rate# | Interest Rate Reset Date(e) | Final Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| Pollution Control (continued) | ||||||||||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 3.050% | 7/1/2026 | 4/1/2040 | BBB+ | $ | 5,600,000 | $ | 5,600,000 | ||||||||
| Total | 24,700,000 | |||||||||||||||
| Utilities 0.60% | ||||||||||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 3.050% | 7/15/2026 | 6/15/2041 | AA+ | 2,980,000 | 2,980,000 | ||||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 3.050% | 7/15/2026 | 6/15/2041 | AA+ | 7,650,000 | 7,650,000 | ||||||||||
| Total | 10,630,000 | |||||||||||||||
| Total Variable Rate Demand Notes (cost $197,962,000) | 197,962,000 | |||||||||||||||
| REPURCHASE AGREEMENTS 0.09% | ||||||||||||||||
| Repurchase Agreement dated 6/30/2026, 3.250% due 7/1/2026 with Fixed Income Clearing Corp. collateralized by $1,578,400 of U.S. Treasury Note at 3.375% due 11/30/2027; value: $1,566,812; proceeds: $1,536,201 (cost $1,536,062) | 1,536,062 | 1,536,062 | ||||||||||||||
| Total Short-Term Investments (cost $199,498,062) | 199,498,062 | |||||||||||||||
| Total Investments in Securities 101.71% (cost $1,778,667,395) | 1,784,549,463 | |||||||||||||||
| Other Assets and Liabilities – Net (1.71)% | (30,044,118 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 1,754,505,345 | ||||||||||||||
| AG | AG Insured by Assured Guaranty, Inc. | |
| 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. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield. | |
| NR | Not Rated. | |
| PSF | Permanent School Fund. | |
| SIFMA | Insured by Securities Industry and Financial Markets Association. | |
| SOFR | Secured Overnight Financing Rate. | |
| ST INTERCEPT | Short Term State Aid Intercept. |
| † | 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, 2026, the total value of Rule 144A securities was $55,200,596, which represents 3.15% of net assets |
| See Notes to Schedule of Investments. | 17 |
Schedule of Investments (unaudited)(concluded)
SHORT DURATION TAX FREE FUND June 30, 2026
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2026. | |
| (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. | |
| (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, 2026 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 | $ | – | $ | 1,585,051,401 | $ | – | $ | 1,585,051,401 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 197,962,000 | – | 197,962,000 | ||||||||||||
| Repurchase Agreements | – | 1,536,062 | – | 1,536,062 | ||||||||||||
| Total | $ | – | $ | 1,784,549,463 | $ | – | $ | 1,784,549,463 | ||||||||
| (1) | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.
| 18 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 99.35% | ||||||||||||||
| CORPORATE BONDS 0.09% | ||||||||||||||
| Health Care Services 0.09% | ||||||||||||||
| Eastern Maine Healthcare Systems (cost $5,085,348) | 5.022% | 7/1/2036 | BB- | $ | 6,280,000 | $ | 5,164,658 | |||||||
| MUNICIPAL BONDS 99.21% | ||||||||||||||
| Corporate-Backed 6.37% | ||||||||||||||
| Arkansas Development Finance Authority - Weyerhaeuser Co AMT | 3.875% | #(a) | 10/15/2065 | BBB | 3,750,000 | 3,790,255 | ||||||||
| Baldwin County Industrial Development Authority - Novelis Corp AL AMT† | 5.00% | #(a) | 6/1/2055 | BB | 12,000,000 | 12,478,061 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 12,110,000 | 12,140,901 | ||||||||
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT† | 5.00% | 1/1/2035 | NR | 3,225,000 | 3,229,734 | |||||||||
| Cabot Citrus Farms Community Development District FL | 5.25% | 3/1/2029 | NR | 6,815,000 | 6,865,648 | |||||||||
| California Infrastructure & Economic Development Bank - DesertXpress Enterprises LLC AMT† | 12.00% | #(a) | 1/1/2065 | NR | 16,015,000 | 10,489,825 | ||||||||
| California Municipal Finance Authority - Clay Lacy Santa Ana LLC AMT† | 5.00% | 1/1/2041 | NR | 1,425,000 | 1,478,560 | |||||||||
| California Pollution Control Financing Authority - Channelside Water Resources LP AMT† | 5.00% | 7/1/2037 | Baa2 | 5,570,000 | 5,579,986 | |||||||||
| City of Farmington - Public Service Co of New Mexico NM | 3.90% | #(a) | 6/1/2040 | BBB | 7,000,000 | 7,116,469 | ||||||||
| City of Granite City - Waste Management of Illinois Inc IL AMT | 1.25% | 5/1/2027 | A- | 5,485,000 | 5,348,752 | |||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 3.70% | 1/1/2032 | NR | 5,665,000 | 5,697,961 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/1/2029 | BB+ | 1,445,000 | 1,446,748 | |||||||||
| City of St. Mary’s KS | 3.50% | 4/15/2032 | BBB+ | 7,500,000 | 7,492,780 | |||||||||
| Downtown Doral South Community Development District FL† | 4.75% | 12/15/2038 | NR | 625,000 | 640,227 | |||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT† | 4.45% | #(a) | 7/1/2037 | NR | 3,000,000 | 3,040,898 | ||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT† | 4.50% | 7/1/2032 | NR | 7,600,000 | 7,625,623 | |||||||||
| See Notes to Schedule of Investments. | 19 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 5.60% | 5/1/2044 | NR | $ | 1,845,000 | $ | 1,942,823 | |||||||
| Hoover Industrial Development Board - United States Steel Corp AL AMT | 6.375% | #(a) | 11/1/2050 | BB+ | 8,525,000 | 9,449,440 | ||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp | 2.50% | 11/1/2030 | Baa3 | 905,000 | 871,774 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp | 3.00% | 11/1/2030 | Baa3 | 5,070,000 | 4,985,140 | |||||||||
| Indiana Finance Authority - United States Steel Corp AMT | 6.75% | 5/1/2039 | BB+ | 1,500,000 | 1,671,786 | |||||||||
| Industrial Development Authority of the County of Yavapai - Waste Management Inc AZ AMT | 1.30% | 6/1/2027 | A- | 4,650,000 | 4,526,159 | |||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 4.00% | #(a) | 12/1/2050 | AA+ | 11,050,000 | 11,862,248 | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - Westlake Corp | 3.50% | 11/1/2032 | BBB | 7,655,000 | 7,522,098 | |||||||||
| Louisiana Public Facilities Authority - Waste Pro USA Inc AMT† | 6.75% | #(a) | 10/1/2053 | NR | 12,000,000 | 12,707,672 | ||||||||
| Louisiana Public Facilities Authority - Waste Pro USA Inc LA AMT† | 4.375% | #(a) | 5/1/2053 | NR | 6,000,000 | 6,052,451 | ||||||||
| Maryland Economic Development Corp Chesapeake Bay Conference Center(b) | 5.00% | 12/1/2016 | NR | 2,570,000 | 1,721,900 | |||||||||
| Maryland Economic Development Corp. - Core Natural Resources Inc† | 5.00% | #(a) | 7/1/2048 | NR | 5,150,000 | 5,569,065 | ||||||||
| Massachusetts Development Finance Agency - Waste Management of Massachusetts Inc AMT† | 1.25% | 5/1/2027 | A- | 3,250,000 | 3,169,269 | |||||||||
| Matagorda County Navigation District No. 1 - AEP Texas Inc | 2.60% | 11/1/2029 | BBB+ | 6,800,000 | 6,674,620 | |||||||||
| Matagorda County Navigation District No. 1 - AEP Texas Inc | 4.00% | 6/1/2030 | BBB+ | 8,000,000 | 8,004,418 | |||||||||
| Michigan Strategic Fund - Graphic Packaging International LLC AMT | 4.00% | #(a) | 10/1/2061 | Ba2 | 5,640,000 | 5,645,441 | ||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 8,650,000 | 8,663,865 | |||||||||
| 20 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Mississippi Business Finance Corp. - Waste Pro USA Inc AMT† | 4.375% | #(a) | 2/1/2048 | NR | $ | 3,750,000 | $ | 3,764,819 | ||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 3.75% | #(a) | 7/1/2045 | B- | 1,970,000 | 1,633,906 | ||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 4.00% | 11/1/2027 | B- | 6,225,000 | 6,181,672 | |||||||||
| New Hampshire Business Finance Authority - New York State Electric & Gas Corp AMT | 4.00% | 12/1/2028 | A- | 9,235,000 | 9,353,861 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB+ | 10,165,000 | 10,179,187 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.50% | 6/1/2033 | BB+ | 1,500,000 | 1,503,075 | |||||||||
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 1,335,000 | 1,335,960 | |||||||||
| New York Liberty Development Corp. | 2.50% | 11/15/2036 | A+ | 3,600,000 | 3,124,240 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 1,875,000 | 1,876,880 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 7.25% | 11/15/2044 | NR | 1,920,000 | 1,923,387 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 2.875% | #(a) | 12/1/2044 | B+ | 2,000,000 | 1,953,314 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 5.125% | #(a) | 9/1/2050 | B+ | 1,000,000 | 1,055,703 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2026 | B+ | 660,000 | 660,486 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2031 | B+ | 2,500,000 | 2,500,101 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 1,425,000 | 1,490,897 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 1,850,000 | 1,931,264 | |||||||||
| Niagara Area Development Corp. - Reworld Holding Corp NY AMT† | 4.75% | 11/1/2042 | B- | 5,500,000 | 5,058,770 | |||||||||
| Ohio Air Quality Development Authority - American Electric Power Co Inc | 2.40% | #(a) | 12/1/2038 | BBB | 5,685,000 | 5,473,513 | ||||||||
| See Notes to Schedule of Investments. | 21 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Ohio Air Quality Development Authority - American Electric Power Co Inc AMT | 2.50% | #(a) | 11/1/2042 | BBB | $ | 8,800,000 | $ | 8,523,009 | ||||||
| Ohio Air Quality Development Authority - American Electric Power Co Inc AMT | 2.60% | #(a) | 6/1/2041 | BBB | 18,210,000 | 17,675,897 | ||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.10% | #(a) | 6/1/2038 | BB+ | 1,500,000 | 1,650,774 | ||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.10% | #(a) | 12/1/2040 | BB+ | 9,825,000 | 10,824,087 | ||||||||
| Pennsylvania Economic Development Financing Authority - Covanta Holding Corp AMT† | 3.25% | 8/1/2039 | B- | 1,035,000 | 833,170 | |||||||||
| Phenix City Industrial Development Board - WestRock Coated Board LLC AL AMT | 4.125% | 5/15/2035 | BBB | 1,500,000 | 1,500,092 | |||||||||
| Port of Beaumont Industrial Development Authority - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX† | 4.10% | 1/1/2028 | NR | 5,000,000 | 4,581,667 | |||||||||
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% | 7/1/2036 | NR | 6,000,000 | 5,837,146 | |||||||||
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% | 7/1/2041 | NR | 7,220,000 | 6,829,901 | |||||||||
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 7,650,000 | 7,652,648 | |||||||||
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.25% | 7/1/2028 | BBB+ | 665,000 | 665,609 | |||||||||
| Public Finance Authority WI† | 5.375% | 12/15/2032 | NR | 2,286,000 | 2,285,861 | |||||||||
| State of Nevada Department of Business & Industry - DesertXpress Enterprises LLC AMT† | 12.00% | #(a) | 1/1/2065 | NR | 5,810,000 | 3,805,550 | ||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Co AL† | 5.25% | 5/1/2044 | NR | 6,195,238 | 6,305,697 | |||||||||
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT† | 5.00% | #(a) | 6/1/2052 | B+ | 5,500,000 | 5,549,871 | ||||||||
| Village Community Development District No. 15 FL† | 4.55% | 5/1/2044 | NR | 5,690,000 | 5,704,294 | |||||||||
| 22 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Village Community Development District No. 15 FL† | 4.85% | 5/1/2038 | NR | $ | 2,135,000 | $ | 2,216,509 | |||||||
| Village Community Development District No. 15 FL† | 5.00% | 5/1/2043 | NR | 5,050,000 | 5,212,487 | |||||||||
| Virginia Small Business Financing Authority - Reworld Holding Corp AMT† | 5.00% | #(a) | 1/1/2048 | B- | 440,000 | 439,214 | ||||||||
| West Pace Cooperative District AL(b) | 9.125% | 5/1/2039 | NR | 4,900,000 | 2,450,000 | |||||||||
| Total | 357,047,115 | |||||||||||||
| Education 8.13% | ||||||||||||||
| Arizona Board of Regents - Arizona State University | 5.00% | 7/1/2038 | AA | 3,250,000 | 3,680,770 | |||||||||
| Arizona Board of Regents - Arizona State University | 5.00% | 7/1/2039 | AA | 2,000,000 | 2,251,856 | |||||||||
| Arizona Board of Regents - Arizona State University | 5.00% | 7/1/2041 | AA | 2,500,000 | 2,785,498 | |||||||||
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX† | 5.00% | 6/15/2035 | Ba2 | 1,250,000 | 1,313,827 | |||||||||
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX† | 5.125% | 6/15/2040 | Ba2 | 2,400,000 | 2,469,830 | |||||||||
| California Community Choice Financing Authority | 4.138% (SOFR * .67 + 1.70% | )# | 5/1/2053 | A1 | 10,000,000 | 10,122,353 | ||||||||
| California Infrastructure & Economic Development Bank - University of California | 5.00% | 5/15/2036 | AA | 1,100,000 | 1,291,143 | |||||||||
| California Infrastructure & Economic Development Bank - University of California | 5.00% | 5/15/2037 | AA | 2,500,000 | 2,914,177 | |||||||||
| California Infrastructure & Economic Development Bank - University of California | 5.00% | 5/15/2039 | AA | 5,000,000 | 5,762,081 | |||||||||
| California Infrastructure & Economic Development Bank - University of California | 5.00% | 5/15/2041 | AA | 3,000,000 | 3,379,747 | |||||||||
| California Infrastructure & Economic Development Bank - University of California | 5.00% | 5/15/2042 | AA | 3,965,000 | 4,442,417 | |||||||||
| See Notes to Schedule of Investments. | 23 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| California State University | 0.55% | #(a) | 11/1/2049 | Aa2 | $ | 6,750,000 | $ | 6,692,803 | ||||||
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL† | 5.00% | 6/15/2039 | NR | 2,160,000 | 2,130,953 | |||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.00% | 4/1/2038 | A | (c) | 3,230,000 | 3,410,252 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2034 | A | (c) | 1,625,000 | 1,778,756 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2035 | A | (c) | 1,125,000 | 1,226,189 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2036 | A | (c) | 2,175,000 | 2,358,293 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2039 | A | (c) | 6,220,000 | 6,650,292 | ||||||||
| Chicago Board of Education IL GO (AG) | 5.00% | 12/1/2031 | AA | 5,000,000 | 5,189,127 | |||||||||
| City of Pikeville - University of Pikeville KY(d) | 3.80% | 8/1/2028 | NR | 2,100,000 | 2,100,773 | |||||||||
| Cleveland State University OH (BAM) | 5.00% | 6/1/2040 | AA | 5,170,000 | 5,652,482 | |||||||||
| Clifton Higher Education Finance Corp. - Aristoi Classical Academy TX | 5.50% | 8/15/2045 | BB | 3,770,000 | 3,752,489 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc (PSF-GTD) | 4.00% | #(a) | 2/15/2055 | Aaa | 4,500,000 | 4,656,404 | ||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc (PSF-GTD) | 5.00% | 2/15/2035 | Aaa | 2,275,000 | 2,530,594 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc (PSF-GTD) | 5.25% | 2/15/2043 | Aaa | 2,500,000 | 2,706,392 | |||||||||
| Clinton County Capital Resource Corp. - Clinton-Essex-Warren- Washington Board of Cooperative Educational Services NY† | 4.50% | 7/1/2040 | A+ | 1,100,000 | 1,130,983 | |||||||||
| Clinton County Capital Resource Corp. - Clinton-Essex-Warren- Washington Board of Cooperative Educational Services NY† | 4.75% | 7/1/2043 | A+ | 1,100,000 | 1,141,112 | |||||||||
| Connecticut State Health & Educational Facilities Authority Quinnipiac University | 5.00% | 7/1/2035 | A- | 3,000,000 | 3,424,288 | |||||||||
| 24 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Connecticut State Health & Educational Facilities Authority Quinnipiac University | 5.00% | 7/1/2036 | A- | $ | 3,000,000 | $ | 3,440,365 | |||||||
| Connecticut State Health & Educational Facilities Authority Quinnipiac University | 5.00% | 7/1/2037 | A- | 2,500,000 | 2,849,644 | |||||||||
| Connecticut State Health & Educational Facilities Authority Quinnipiac University | 5.00% | 7/1/2038 | A- | 2,500,000 | 2,832,899 | |||||||||
| Connecticut State Health & Educational Facilities Authority Quinnipiac University | 5.00% | 7/1/2039 | A- | 2,500,000 | 2,814,899 | |||||||||
| County of Frederick - Mount St Mary’s University Inc MD† | 5.00% | 9/1/2027 | BB+ | 860,000 | 863,034 | |||||||||
| County of Frederick - Mount St Mary’s University Inc MD† | 5.00% | 9/1/2032 | BB+ | 2,400,000 | 2,406,631 | |||||||||
| County of Lincoln - Augustana College Association SD | 4.00% | 8/1/2041 | BBB- | 500,000 | 456,934 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2027 | B1 | 1,050,000 | 1,052,706 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2037 | B1 | 4,750,000 | 4,652,755 | |||||||||
| District of Columbia - Georgetown University | 5.00% | #(a) | 4/1/2060 | A- | 6,000,000 | 6,623,030 | ||||||||
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2040 | BBB+ | 1,150,000 | 1,177,864 | |||||||||
| Florida Higher Educational Facilities Financing Authority - Keiser University Obligated Group† | 6.00% | 7/1/2045 | BB+ | 15,000,000 | 15,453,157 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 4.00% | 9/1/2035 | Ba2 | 2,600,000 | 2,348,409 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2030 | Ba2 | 625,000 | 623,507 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2031 | Ba2 | 1,100,000 | 1,095,721 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2032 | Ba2 | 1,100,000 | 1,091,417 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2033 | Ba2 | 1,000,000 | 988,392 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2034 | Ba2 | 3,720,000 | 3,663,466 | |||||||||
| See Notes to Schedule of Investments. | 25 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2036 | Ba2 | $ | 3,225,000 | $ | 3,175,566 | |||||||
| Illinois Finance Authority - University of Chicago/The | 4.00% | 10/1/2038 | Aa2 | 5,130,000 | 5,129,727 | |||||||||
| Indiana Finance Authority - Ohio Valley Electric Corp | 4.25% | 11/1/2030 | Baa3 | 14,550,000 | 15,027,157 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - BASIS Schools Inc Obligated Group AZ† | 5.00% | 7/1/2035 | BB+ | 2,170,000 | 2,170,510 | |||||||||
| IPS Multi-School Building Corp. - Indianapolis Board of School Commissioners IN (ST INTERCEPT) | 5.00% | 7/15/2041 | Aa2 | 2,125,000 | 2,283,989 | |||||||||
| Lehigh County General Purpose Authority - Muhlenberg College PA | 5.00% | 2/1/2039 | Baa1 | 6,495,000 | 6,508,141 | |||||||||
| Massachusetts Development Finance Agency - President and Fellows of Harvard College | 4.00% | 2/15/2036 | AAA | 2,400,000 | 2,604,474 | |||||||||
| Massachusetts Development Finance Agency - President and Fellows of Harvard College | 4.00% | 7/15/2036 | AAA | 5,475,000 | 5,477,496 | |||||||||
| Massachusetts Development Finance Agency - President and Fellows of Harvard College | 5.00% | #(a) | 5/15/2055 | AAA | 13,000,000 | 15,152,657 | ||||||||
| Massachusetts Development Finance Agency - Suffolk University | 5.50% | 7/1/2041 | Baa3 | 4,125,000 | 4,411,002 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 5.50% | 7/1/2045 | Baa3 | 2,350,000 | 2,474,706 | |||||||||
| Massachusetts Development Finance Agency - Trustees of Boston University | 5.00% | #(a) | 10/1/2065 | AA- | 5,750,000 | 6,515,889 | ||||||||
| Massachusetts School Building Authority | 5.00% | 2/15/2037 | AA | 6,250,000 | 7,168,951 | |||||||||
| Miami-Dade County Educational Facilities Authority - University of Miami FL | 5.00% | 4/1/2041 | A2 | 3,500,000 | 3,840,555 | |||||||||
| New Jersey Institute of Technology (BAM) | 5.00% | 7/1/2036 | AA | 1,000,000 | 1,155,239 | |||||||||
| New Jersey Institute of Technology (BAM) | 5.00% | 7/1/2039 | AA | 1,500,000 | 1,712,653 | |||||||||
| New Jersey Institute of Technology (BAM) | 5.00% | 7/1/2040 | AA | 1,200,000 | 1,362,361 | |||||||||
| New Jersey Institute of Technology (BAM) | 5.00% | 7/1/2041 | AA | 2,000,000 | 2,259,662 | |||||||||
| New Jersey Institute of Technology (BAM) | 5.00% | 7/1/2042 | AA | 2,125,000 | 2,391,093 | |||||||||
| New Jersey Institute of Technology (BAM) | 5.00% | 7/1/2043 | AA | 4,000,000 | 4,481,041 | |||||||||
| 26 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New York State Dormitory Authority - Barnard College | 5.25% | 7/1/2038 | A | $ | 4,000,000 | $ | 4,530,909 | |||||||
| New York State Dormitory Authority - Barnard College | 5.25% | 7/1/2039 | A | 7,260,000 | 8,181,958 | |||||||||
| New York State Dormitory Authority - Barnard College | 5.25% | 7/1/2040 | A | 5,345,000 | 5,990,067 | |||||||||
| New York State Dormitory Authority - Barnard College | 5.25% | 7/1/2041 | A | 6,470,000 | 7,221,575 | |||||||||
| New York State Dormitory Authority - Barnard College | 5.25% | 7/1/2042 | A | 4,230,000 | 4,702,337 | |||||||||
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2027 | BBB | 10,000,000 | 10,019,202 | |||||||||
| New York State Dormitory Authority - New School | 5.00% | 7/1/2035 | Baa1 | 5,345,000 | 5,375,930 | |||||||||
| New York State Dormitory Authority - New School | 5.00% | 7/1/2036 | Baa1 | 4,405,000 | 4,428,386 | |||||||||
| New York State Dormitory Authority - New School | 5.00% | 7/1/2037 | Baa1 | 7,800,000 | 7,836,196 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2031 | BBB- | 2,705,000 | 2,885,314 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2037 | BBB- | 11,000,000 | 11,533,018 | |||||||||
| New York State Dormitory Authority (AG) | 5.00% | 10/1/2031 | AA | 10,000 | 10,536 | |||||||||
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2036 | AA | 4,750,000 | 5,412,947 | |||||||||
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2037 | AA | 9,200,000 | 10,029,293 | |||||||||
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2037 | AA | 14,810,000 | 16,669,905 | |||||||||
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2038 | AA | 21,460,000 | 24,039,368 | |||||||||
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2039 | AA | 18,500,000 | 20,636,452 | |||||||||
| Ohio Higher Educational Facility Commission - University of Dayton | 5.00% | 2/1/2040 | A+ | 1,100,000 | 1,214,891 | |||||||||
| Ohio Higher Educational Facility Commission - University of Dayton | 5.00% | 2/1/2041 | A+ | 1,300,000 | 1,424,902 | |||||||||
| Ohio Higher Educational Facility Commission - University of Dayton | 5.00% | 2/1/2042 | A+ | 1,700,000 | 1,854,206 | |||||||||
| See Notes to Schedule of Investments. | 27 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Ohio Higher Educational Facility Commission - Xavier University | 5.00% | 5/1/2032 | Baa3 | $ | 1,270,000 | $ | 1,354,847 | |||||||
| Ohio Higher Educational Facility Commission - Xavier University | 5.00% | 5/1/2034 | Baa3 | 2,175,000 | 2,337,585 | |||||||||
| Ohio Higher Educational Facility Commission - Xavier University | 5.00% | 5/1/2036 | Baa3 | 2,320,000 | 2,463,411 | |||||||||
| Ohio Higher Educational Facility Commission - Xavier University | 5.00% | 5/1/2037 | Baa3 | 1,415,000 | 1,493,149 | |||||||||
| Ohio Higher Educational Facility Commission - Xavier University | 5.00% | 5/1/2040 | Baa3 | 1,575,000 | 1,638,977 | |||||||||
| Ohio Higher Educational Facility Commission - Xavier University | 5.00% | 5/1/2042 | Baa3 | 1,575,000 | 1,622,999 | |||||||||
| Pennsylvania Higher Educational Facilities Authority - Pennsylvania’s State System of Higher Education | 4.00% | 6/15/2036 | Aa3 | 7,640,000 | 7,638,506 | |||||||||
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ† | 5.00% | 6/15/2044 | NR | 2,000,000 | 1,903,828 | |||||||||
| State of Nevada Department of Business & Industry - Somerset Academy NLV Building 1 / Sky Pointe / Stephanie / Losee Campuses† | 4.50% | 12/15/2029 | BB+ | 335,000 | 335,061 | |||||||||
| 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 | 1,000,095 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytechnic Institute NY | 5.00% | 9/1/2033 | A3 | 1,000,000 | 1,111,499 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytechnic Institute NY | 5.00% | 9/1/2034 | A3 | 1,125,000 | 1,253,364 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytechnic Institute NY | 5.00% | 9/1/2035 | A3 | 1,635,000 | 1,826,499 | |||||||||
| Troy Capital Resource Corp. - Rensselaer Polytechnic Institute NY | 5.00% | 9/1/2041 | A3 | 3,000,000 | 3,271,912 | |||||||||
| University of Akron OH | 5.00% | 1/1/2035 | Baa1 | 2,105,000 | 2,107,555 | |||||||||
| University of Illinois | 5.00% | 10/1/2035 | A2 | 885,000 | 969,768 | |||||||||
| University of Illinois | 5.00% | 10/1/2036 | A2 | 920,000 | 999,579 | |||||||||
| University of Illinois | 5.00% | 10/1/2037 | A2 | 800,000 | 863,369 | |||||||||
| University of Illinois | 5.00% | 10/1/2038 | A2 | 1,300,000 | 1,394,211 | |||||||||
| University of Illinois | 5.50% | 10/1/2039 | A2 | 1,360,000 | 1,506,517 | |||||||||
| 28 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| University of Illinois | 5.50% | 10/1/2042 | A2 | $ | 1,650,000 | $ | 1,807,849 | |||||||
| University of Illinois (AG) | 4.00% | 4/1/2033 | AA | 4,905,000 | 4,965,898 | |||||||||
| University of Kentucky (ST INTERCEPT) | 4.00% | 10/1/2036 | AA+ | 3,000,000 | 2,995,748 | |||||||||
| University of Kentucky (ST INTERCEPT) | 4.75% | 4/1/2034 | AA+ | 3,000,000 | 3,007,433 | |||||||||
| University of Vermont and State Agricultural College | 4.00% | 10/1/2038 | Aa3 | 5,000,000 | 5,124,007 | |||||||||
| Total | 455,674,638 | |||||||||||||
| Financial Services 0.02% | ||||||||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 3.75% | 12/1/2030 | Aaa | 470,000 | 470,819 | |||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 4.00% | 12/1/2032 | Aaa | 390,000 | 389,996 | |||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 4.00% | 12/1/2034 | Aaa | 355,000 | 354,777 | |||||||||
| Total | 1,215,592 | |||||||||||||
| General Obligation 8.30% | ||||||||||||||
| Alvin Independent School District TX GO (PSF-GTD) | 3.00% | 2/15/2039 | Aaa | 2,850,000 | 2,571,037 | |||||||||
| Arapahoe County Water & Wastewater Public Improvement District CO GO | 3.00% | 12/1/2039 | AA- | 4,870,000 | 4,345,924 | |||||||||
| Bexar County Hospital District TX GO | 3.00% | 2/15/2037 | Aa1 | 3,185,000 | 2,840,864 | |||||||||
| California Community Choice Financing Authority | 5.50% | #(a) | 5/1/2054 | A2 | 10,000,000 | 10,450,975 | ||||||||
| Chabot-Las Positas Community College District CA GO | 3.00% | 8/1/2038 | AA | 2,500,000 | 2,398,879 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2029 | BB+ | 3,000,000 | 3,054,125 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2031 | BB+ | 1,500,000 | 1,520,498 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB+ | 900,000 | 907,370 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 475,000 | 479,701 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2035 | BB+ | 450,000 | 453,695 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2036 | BB+ | 7,300,000 | 7,377,007 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2039 | BB+ | 2,340,000 | 2,343,693 | |||||||||
| Chicago Board of Education IL GO | 5.50% | 12/1/2034 | BB+ | 9,455,000 | 10,206,438 | |||||||||
| Chicago Board of Education IL GO | 5.50% | 12/1/2037 | BB+ | 2,000,000 | 2,109,635 | |||||||||
| Chicago Board of Education IL GO | 5.50% | 12/1/2038 | BB+ | 2,250,000 | 2,362,959 | |||||||||
| See Notes to Schedule of Investments. | 29 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| 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% | 12/1/2037 | BB+ | $ | 12,500,000 | $ | 13,806,596 | |||||||
| Chicago Board of Education IL GO† | 6.75% | 12/1/2030 | BB+ | 5,000,000 | 5,188,308 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2031 | BBB | 2,210,000 | 2,211,111 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2042 | BBB | 34,540,000 | 34,831,138 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2039 | BBB | 6,000,000 | 6,275,604 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2041 | BBB | 5,000,000 | 5,268,123 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2049 | BBB | 1,140,000 | 1,146,355 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2043 | BBB | 3,000,000 | 3,289,400 | |||||||||
| City of Cleveland OH GO | 3.00% | 12/1/2039 | AA+ | 1,700,000 | 1,503,889 | |||||||||
| City of Houston TX GO | 5.00% | 3/1/2038 | Aa3 | 1,000,000 | 1,093,973 | |||||||||
| City of Houston TX GO | 5.00% | 3/1/2041 | AA | 3,750,000 | 4,094,649 | |||||||||
| City of Houston TX GO | 5.25% | 3/1/2039 | Aa3 | 4,610,000 | 5,096,407 | |||||||||
| City of Houston TX GO | 5.25% | 3/1/2040 | Aa3 | 5,800,000 | 6,385,668 | |||||||||
| City of Hutto TX GO (BAM) | 5.00% | 8/1/2040 | AA | 2,145,000 | 2,356,897 | |||||||||
| City of Hutto TX GO (BAM) | 5.00% | 8/1/2041 | AA | 3,500,000 | 3,806,706 | |||||||||
| City of New York NY GO | 5.00% | 6/1/2035 | AA | 10,000 | 10,016 | |||||||||
| City of New York NY GO | 5.00% | 10/1/2036 | AA | 1,250,000 | 1,371,925 | |||||||||
| City of New York NY GO | 5.00% | 2/1/2037 | AA | 2,250,000 | 2,568,858 | |||||||||
| City of New York NY GO | 5.00% | 2/1/2038 | AA | 2,000,000 | 2,264,599 | |||||||||
| City of New York NY GO | 5.00% | 2/1/2039 | AA | 3,750,000 | 4,225,211 | |||||||||
| City of New York NY GO | 5.00% | 4/1/2040 | AA | 2,000,000 | 2,192,475 | |||||||||
| Clark County School District NV GO | 5.00% | 6/15/2041 | AA- | 10,645,000 | 11,516,323 | |||||||||
| Commonwealth of Massachusetts GO | 5.00% | 12/1/2041 | AA+ | 1,750,000 | 1,971,076 | |||||||||
| Commonwealth of Massachusetts GO | 5.00% | 12/1/2042 | AA+ | 5,000,000 | 5,603,542 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 1,727,569 | 1,267,675 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 6,385,659 | 6,446,689 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2041 | NR | 5,000,000 | 4,874,319 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 1,917,657 | 1,759,072 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 5,336,508 | 5,650,304 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 1,415,665 | 1,545,623 | |||||||||
| County of Clark NV GO | 3.00% | 7/1/2038 | AAA | 4,000,000 | 3,667,798 | |||||||||
| County of Collin TX GO | 3.00% | 2/15/2039 | AAA | 5,420,000 | 4,765,922 | |||||||||
| County of Travis TX GO | 3.00% | 3/1/2038 | AAA | 4,410,000 | 4,084,241 | |||||||||
| Dallas Independent School District TX GO (PSF-GTD) | 3.00% | 2/15/2039 | AAA | 5,340,000 | 4,804,691 | |||||||||
| 30 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Davis Joint Unified School District CA GO (BAM) | 3.00% | 8/1/2038 | AA | $ | 3,140,000 | $ | 2,879,488 | |||||||
| Denton Independent School District TX GO (PSF-GTD) | 5.00% | 8/15/2039 | AAA | 5,500,000 | 6,061,500 | |||||||||
| Galena Park Independent School District TX GO (PSF-GTD) | 3.00% | 8/15/2039 | Aaa | 6,960,000 | 6,374,218 | |||||||||
| Jackson County School District GA GO (ST AID WITHHLDG) | 5.00% | 3/1/2038 | AA+ | 5,000,000 | 5,703,819 | |||||||||
| Jackson County School District GA GO (ST AID WITHHLDG) | 5.00% | 3/1/2039 | AA+ | 5,000,000 | 5,674,960 | |||||||||
| Janesville School District WI GO | 5.00% | 3/1/2035 | Aa2 | 2,500,000 | 2,796,939 | |||||||||
| Janesville School District WI GO | 5.00% | 3/1/2036 | Aa2 | 5,575,000 | 6,202,951 | |||||||||
| Janesville School District WI GO | 5.00% | 3/1/2037 | Aa2 | 3,160,000 | 3,490,679 | |||||||||
| Klein Independent School District TX GO (PSF-GTD) | 3.00% | 2/1/2037 | AAA | 3,785,000 | 3,536,692 | |||||||||
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2039 | A2 | 6,550,000 | 7,127,112 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2037 | A1 | 4,000,000 | 4,419,766 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2037 | A1 | 4,000,000 | 4,419,766 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2036 | A1 | 2,000,000 | 2,239,324 | |||||||||
| New York State Dormitory Authority (BAM) | 5.00% | 10/1/2035 | AA | 5,000,000 | 5,403,839 | |||||||||
| Northside Independent School District TX GO (PSF-GTD) | 3.00% | 8/15/2038 | Aaa | 3,250,000 | 2,970,559 | |||||||||
| Palm Beach County School District FL | 5.00% | 8/1/2037 | Aa3 | 1,000,000 | 1,109,956 | |||||||||
| Palm Beach County School District FL | 5.00% | 8/1/2038 | Aa3 | 2,375,000 | 2,624,679 | |||||||||
| Palm Beach County School District FL | 5.00% | 8/1/2039 | Aa3 | 2,250,000 | 2,479,018 | |||||||||
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 5.50% | 6/30/2037 | Baa2 | 5,575,000 | 6,088,330 | |||||||||
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 5.50% | 6/30/2038 | Baa2 | 6,200,000 | 6,743,546 | |||||||||
| Sheboygan Area School District WI GO | 3.00% | 3/1/2039 | Aa1 | 2,005,000 | 1,861,474 | |||||||||
| Sheboygan Area School District WI GO | 3.00% | 3/1/2040 | Aa1 | 2,000,000 | 1,824,324 | |||||||||
| See Notes to Schedule of Investments. | 31 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Sheboygan Area School District WI GO | 3.00% | 3/1/2041 | Aa1 | $ | 2,425,000 | $ | 2,183,528 | |||||||
| State of California GO | 5.00% | 3/1/2042 | Aa2 | 4,925,000 | 5,553,412 | |||||||||
| State of Illinois GO | 4.00% | 10/1/2034 | A2 | 5,000,000 | 5,046,185 | |||||||||
| State of Illinois GO | 5.00% | 2/1/2028 | A2 | 13,620,000 | 13,813,352 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2029 | A2 | 2,800,000 | 2,818,522 | |||||||||
| State of Illinois GO | 5.00% | 11/1/2032 | A2 | 9,200,000 | 9,250,649 | |||||||||
| State of Illinois GO | 5.00% | 10/1/2033 | A2 | 5,000,000 | 5,194,796 | |||||||||
| State of Illinois GO | 5.00% | 5/1/2041 | A2 | 6,000,000 | 6,419,661 | |||||||||
| State of Illinois GO | 5.00% | 12/1/2042 | A2 | 11,320,000 | 11,978,198 | |||||||||
| State of Illinois GO | 5.25% | 10/1/2036 | A2 | 12,540,000 | 13,712,297 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2042 | A2 | 15,000,000 | 16,217,221 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2043 | A2 | 7,830,000 | 8,418,596 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2039 | A2 | 11,000,000 | 11,686,988 | |||||||||
| State of Mississippi GO | 3.00% | 6/1/2038 | AA | 4,500,000 | 4,115,439 | |||||||||
| State of West Virginia GO | 5.00% | 12/1/2034 | Aa2 | 5,000,000 | 5,193,058 | |||||||||
| Town of Oyster Bay NY GO (AG) | 2.00% | 3/1/2031 | AA | 2,040,000 | 1,889,241 | |||||||||
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 3.00% | 2/15/2040 | Aaa | 5,000,000 | 4,450,344 | |||||||||
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2039 | AAA | 2,095,000 | 2,341,859 | |||||||||
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2040 | AAA | 3,545,000 | 3,940,871 | |||||||||
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2041 | AAA | 2,500,000 | 2,759,065 | |||||||||
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2042 | AAA | 3,180,000 | 3,494,831 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2039 | AA | 4,400,000 | 4,811,652 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2041 | AA | 7,000,000 | 7,580,725 | |||||||||
| Total | 465,271,412 | |||||||||||||
| Health Care 18.15% | ||||||||||||||
| Allegheny County Hospital Development Authority - Allegheny Health Network Obligated Group PA | 5.00% | 4/1/2031 | A | 16,000,000 | 16,498,699 | |||||||||
| Allegheny County Hospital Development Authority - Allegheny Health Network Obligated Group PA | 5.00% | 4/1/2036 | A | 8,000,000 | 8,182,994 | |||||||||
| 32 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2031 | BBB- | $ | 7,000,000 | $ | 6,993,909 | |||||||
| Arizona Industrial Development Authority - Navajo Health Foundation-Sage Memorial Hospital Inc Obligated Group† | 7.125% | 5/1/2044 | NR | 3,875,000 | 4,090,643 | |||||||||
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.00% | 8/1/2034 | BBB | 12,250,000 | 13,411,247 | |||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 5,774,000 | 4,363,382 | |||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 11,556,000 | 11,046,407 | |||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.25% | 12/1/2035 | BB | 3,000,000 | 3,000,806 | |||||||||
| Brevard County Health Facilities Authority - Health First Inc Obligated Group FL | 5.00% | 4/1/2038 | A | 7,000,000 | 7,643,219 | |||||||||
| Brevard County Health Facilities Authority - Health First Inc Obligated Group FL | 5.00% | 4/1/2039 | A | 10,500,000 | 11,384,905 | |||||||||
| Build NYC Resource Corp. - RiverSpring Health Senior Living Inc Obligated Group NY | 5.00% | 12/15/2031 | NR | 11,415,000 | 11,422,663 | |||||||||
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 4.00% | 3/1/2039 | BBB+ | 3,915,000 | 3,782,466 | |||||||||
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 5.00% | 12/1/2035 | BBB+ | 10,000,000 | 11,186,471 | |||||||||
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 5.00% | 12/1/2037 | BBB+ | 5,000,000 | 5,437,463 | |||||||||
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 5.25% | 12/1/2040 | BBB+ | 3,000,000 | 3,274,488 | |||||||||
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 5.25% | 12/1/2041 | BBB+ | 3,000,000 | 3,254,503 | |||||||||
| See Notes to Schedule of Investments. | 33 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 5.25% | 12/1/2042 | BBB+ | $ | 5,500,000 | $ | 5,960,489 | |||||||
| California Health Facilities Financing Authority - Providence St Joseph Health Obligated Group | 5.25% | #(a) | 10/1/2050 | A | 6,000,000 | 6,793,970 | ||||||||
| California Health Facilities Financing Authority - Rady Children’s Hospital Obligated Group | 5.00% | #(a) | 8/15/2065 | AA | 20,000,000 | 22,826,544 | ||||||||
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% | 7/1/2033 | Baa2 | 4,015,000 | 4,067,729 | |||||||||
| California Municipal Finance Authority - Palomar Health Obligated Group COPS† | 5.00% | 11/1/2027 | CCC+ | 5,000,000 | 4,976,646 | |||||||||
| California Statewide Communities Development Authority† | 5.00% | 10/1/2035 | AA- | 10,000,000 | 11,411,736 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.00% | 12/1/2033 | BB+ | 1,000,000 | 1,028,631 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.25% | 12/1/2034 | BB+ | 5,000,000 | 5,004,719 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.25% | 12/1/2038 | BB+ | 1,500,000 | 1,540,187 | |||||||||
| Capital Trust Authority - AIDS Healthcare Foundation Obligated Group FL | 4.75% | 12/1/2042 | Baa2 | 1,100,000 | 1,150,095 | |||||||||
| Chattanooga Health Educational & Housing Facility Board - Erlanger Health Obligated Group TN | 5.25% | 12/1/2041 | A | 1,000,000 | 1,110,675 | |||||||||
| Chattanooga Health Educational & Housing Facility Board - Erlanger Health Obligated Group TN | 5.25% | 12/1/2042 | A | 3,025,000 | 3,350,765 | |||||||||
| Citizens Memorial Hospital District MO | 5.00% | 12/1/2026 | NR | 8,825,000 | 8,830,771 | |||||||||
| City of Atlantic Beach - Naval Continuing Care Retirement Foundation Obligated Group FL | 5.00% | 11/15/2028 | BBB | (c) | 1,270,000 | 1,271,358 | ||||||||
| 34 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| City of Minneapolis/St. Paul Housing & Redevelopment Authority - Children’s Health Care Obligated Group MN | 5.00% | 8/15/2040 | AA- | $ | 2,100,000 | $ | 2,314,041 | |||||||
| City of Minneapolis/St. Paul Housing & Redevelopment Authority - Children’s Health Care Obligated Group MN | 5.00% | 8/15/2041 | AA- | 3,000,000 | 3,290,468 | |||||||||
| City of Minneapolis/St. Paul Housing & Redevelopment Authority - Children’s Health Care Obligated Group MN | 5.00% | 8/15/2042 | AA- | 2,750,000 | 2,992,155 | |||||||||
| City of South Miami Health Facilities Authority, Inc. - Baptist Health South Florida Foundation Inc FL | 5.00% | 8/15/2037 | AA- | 4,000,000 | 4,073,123 | |||||||||
| City of St. Cloud - CentraCare Health System Obligated Group MN | 5.00% | 5/1/2036 | A2 | 3,330,000 | 3,776,591 | |||||||||
| Colorado Health Facilities Authority - CommonSpirit Health Obligated Group | 5.25% | 11/1/2038 | A- | 2,095,000 | 2,291,584 | |||||||||
| Connecticut State Health & Educational Facilities Authority(d) | 4.40% | 12/15/2031 | NR | 815,000 | 819,470 | |||||||||
| Connecticut State Health & Educational Facilities Authority(d) | 4.60% | 12/15/2032 | NR | 2,500,000 | 2,513,653 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Griffin Health Obligated Group† | 5.00% | 7/1/2034 | BB+ | 225,000 | 228,593 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Griffin Health Obligated Group† | 5.00% | 7/1/2039 | BB+ | 1,000,000 | 1,004,792 | |||||||||
| Connecticut State Health & Educational Facilities Authority Odd Fellows Home of Connecticut Inc Obligated Group(d) | 5.875% | 12/15/2046 | NR | 2,055,000 | 2,084,222 | |||||||||
| County of Cuyahoga - MetroHealth System OH | 5.00% | 2/15/2037 | BBB- | 6,400,000 | 6,422,310 | |||||||||
| County of Montgomery - Premier Health Partners Obligated Group OH | 4.00% | 11/15/2039 | Baa1 | 6,000,000 | 5,823,079 | |||||||||
| County of Muskingum - Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2033 | BB+ | 12,355,000 | 12,364,733 | |||||||||
| See Notes to Schedule of Investments. | 35 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 5.50% | 12/1/2027 | NR | $ | 4,575,000 | $ | 4,615,538 | |||||||
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 6.375% | 12/1/2037 | NR | 10,000,000 | 10,795,359 | |||||||||
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 6.625% | 12/1/2042 | NR | 2,540,000 | 2,730,197 | |||||||||
| District of Columbia - Children’s National Medical Center Obligated Group | 5.00% | 7/15/2034 | A1 | 5,000,000 | 5,015,002 | |||||||||
| Doylestown Hospital Authority - Doylestown Hospital Obligated Group PA† | 5.00% | 7/1/2031 | NR | 950,000 | 1,002,452 | |||||||||
| Doylestown Hospital Authority - Doylestown Hospital Obligated Group PA† | 5.375% | 7/1/2039 | NR | 2,000,000 | 2,190,329 | |||||||||
| Franklin County Industrial Development Authority - Menno- Haven Inc Obligated Group PA | 5.00% | 12/1/2031 | NR | 1,000,000 | 1,018,026 | |||||||||
| Franklin County Industrial Development Authority - Menno- Haven Inc Obligated Group PA | 5.00% | 12/1/2033 | NR | 1,000,000 | 1,015,039 | |||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2036 | NR | 1,500,000 | 1,458,864 | |||||||||
| Greater Texas Cultural Education Facilities Finance Corp. - Texas Biomedical Research Institute TX | 5.00% | 6/1/2039 | Baa2 | 3,900,000 | 4,041,483 | |||||||||
| Greater Texas Cultural Education Facilities Finance Corp. - Texas Biomedical Research Institute TX | 5.00% | 6/1/2040 | Baa2 | 4,040,000 | 4,181,813 | |||||||||
| Greater Texas Cultural Education Facilities Finance Corp. - Texas Biomedical Research Institute TX | 5.00% | 6/1/2042 | Baa2 | 3,990,000 | 4,112,127 | |||||||||
| Greeneville Health & Educational Facilities Board - Ballad Health Obligated Group TN | 5.00% | 7/1/2035 | A- | 10,510,000 | 10,793,431 | |||||||||
| Greeneville Health & Educational Facilities Board - Ballad Health Obligated Group TN | 5.00% | 7/1/2036 | A- | 8,500,000 | 8,714,871 | |||||||||
| 36 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Greeneville Health & Educational Facilities Board - Ballad Health Obligated Group TN | 5.00% | 7/1/2037 | A- | $ | 16,655,000 | $ | 17,045,112 | |||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple University Health Obligated Group PA | 5.00% | 7/1/2032 | BBB | 4,055,000 | 4,092,567 | |||||||||
| Illinois Finance Authority - Advocate Aurora Health Obligated Group | 4.00% | 8/1/2038 | AA | 11,715,000 | 11,306,489 | |||||||||
| Illinois Finance Authority - Ascension Health Credit Group | 4.00% | 2/15/2033 | AA | 1,460,000 | 1,463,890 | |||||||||
| Illinois Finance Authority - OSF Healthcare System Obligated Group | 5.00% | 11/15/2045 | A | 3,250,000 | 3,250,779 | |||||||||
| Illinois Finance Authority - University of Chicago Medical Center Obligated Group | 4.00% | 8/15/2041 | A+ | 10,000,000 | 9,936,511 | |||||||||
| Indiana Finance Authority - Ascension Health Credit Group | 5.00% | 11/15/2041 | AA | 22,000,000 | 24,248,226 | |||||||||
| Indiana Finance Authority - Ascension Health Credit Group | 5.00% | 11/15/2042 | AA | 12,250,000 | 13,435,006 | |||||||||
| Iowa Finance Authority - Lifespace Communities Inc Obligated Group | 5.00% | 5/15/2039 | BBB | (c) | 2,500,000 | 2,611,209 | ||||||||
| Iowa Finance Authority - Lifespace Communities Inc Obligated Group | 5.00% | 5/15/2044 | BBB | (c) | 3,100,000 | 3,165,854 | ||||||||
| Kentucky Economic Development Finance Authority - Masonic Homes of Kentucky Inc Obligated Group | 5.375% | 11/15/2032 | NR | 1,185,000 | 1,167,455 | |||||||||
| Kentucky Economic Development Finance Authority - Owensboro Health Inc Obligated Group | 5.00% | 6/1/2029 | Baa2 | 4,235,000 | 4,281,595 | |||||||||
| Kentucky Economic Development Finance Authority - Owensboro Health Inc Obligated Group | 5.00% | 6/1/2032 | Baa2 | 6,000,000 | 6,048,966 | |||||||||
| King County Public Hospital District No. 4 WA | 6.625% | 12/1/2045 | NR | 7,000,000 | 7,162,086 | |||||||||
| Lee County Industrial Development Authority - Cypress Cove at Healthpark Florida Obligated Group FL†(d) | 5.25% | 10/1/2044 | BB+ | (c) | 1,250,000 | 1,281,141 | ||||||||
| Louisville/Jefferson County Metropolitan Government - Norton Healthcare Obligated Group KY | 5.00% | 10/1/2040 | A | 3,500,000 | 3,754,577 | |||||||||
| See Notes to Schedule of Investments. | 37 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Lynchburg Economic Development Authority - Centra Health Obligated Group VA | 5.00% | 1/1/2036 | A3 | $ | 6,000,000 | $ | 6,733,878 | |||||||
| Lynchburg Economic Development Authority - Centra Health Obligated Group VA | 5.25% | 1/1/2044 | A3 | 3,000,000 | 3,300,006 | |||||||||
| Maricopa County Industrial Development Authority - HonorHealth Obligated Group AZ | 5.00% | 9/1/2033 | A2 | 500,000 | 518,002 | |||||||||
| Maricopa County Industrial Development Authority - HonorHealth Obligated Group AZ | 5.00% | 9/1/2034 | A2 | 1,000,000 | 1,034,375 | |||||||||
| Maricopa County Industrial Development Authority - HonorHealth Obligated Group AZ | 5.00% | 9/1/2035 | A2 | 1,000,000 | 1,032,362 | |||||||||
| Maricopa County Industrial Development Authority - HonorHealth Obligated Group AZ | 5.00% | 9/1/2036 | A2 | 1,800,000 | 1,854,893 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - University of Maryland Medical System Obligated Group | 5.00% | #(a) | 7/1/2045 | A | 5,000,000 | 5,379,235 | ||||||||
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2034 | BBB- | 5,255,000 | 5,257,875 | |||||||||
| Massachusetts Development Finance Agency - Dana-Farber Cancer Institute Obligated Group | 5.00% | 12/1/2036 | A | 15,000,000 | 17,022,729 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 4.00% | 7/1/2035 | BBB- | 2,000,000 | 1,948,245 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 4.00% | 7/1/2037 | BBB- | 3,930,000 | 3,723,958 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2038 | BBB- | 3,100,000 | 3,125,567 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2039 | BBB- | 2,750,000 | 2,768,829 | |||||||||
| 38 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - Vanderbilt University Medical Center Obligated Group TN | 5.00% | 7/1/2034 | A | $ | 19,500,000 | $ | 21,849,399 | |||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - Vanderbilt University Medical Center Obligated Group TN | 5.00% | 7/1/2035 | A | 5,365,000 | 6,047,677 | |||||||||
| Michigan Finance Authority - McKenzie Memorial Hospital | 4.00% | 1/1/2028 | NR | 12,295,000 | 12,314,789 | |||||||||
| Michigan Finance Authority - McLaren Health Care Corp Obligated Group | 5.00% | 5/15/2033 | A1 | 4,030,000 | 4,044,602 | |||||||||
| Michigan Finance Authority - McLaren Health Care Corp Obligated Group | 5.00% | 5/15/2035 | A1 | 4,945,000 | 4,961,246 | |||||||||
| Michigan Finance Authority - McLaren Health Care Obligated Group | 5.00% | 5/15/2032 | A1 | 10,390,000 | 10,427,446 | |||||||||
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.00% | 2/28/2038 | A3 | 2,060,000 | 2,221,088 | |||||||||
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.25% | 2/29/2040 | A3 | 1,400,000 | 1,518,103 | |||||||||
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.25% | 2/28/2042 | A3 | 1,860,000 | 1,992,967 | |||||||||
| Michigan State Hospital Finance Authority - Corewell Health Obligated Group | 5.00% | #(a) | 8/15/2055 | AA | 13,000,000 | 14,266,603 | ||||||||
| Minnesota Agricultural & Economic Development Board - Fairview Health Services Obligated Group | 5.00% | 11/15/2036 | BBB+ | 11,750,000 | 13,030,536 | |||||||||
| Minnesota Agricultural & Economic Development Board - Fairview Health Services Obligated Group | 5.00% | 11/15/2040 | BBB+ | 5,720,000 | 6,196,040 | |||||||||
| Minnesota Agricultural & Economic Development Board - HealthPartners Obligated Group | 5.00% | 1/1/2041 | A | 4,000,000 | 4,306,228 | |||||||||
| Minnesota Agricultural & Economic Development Board - HealthPartners Obligated Group | 5.00% | 1/1/2042 | A | 4,985,000 | 5,344,564 | |||||||||
| Monroe County Hospital Authority - Centurion Foundation Lehigh Valley LLC PA† | 5.10% | 6/15/2039 | NR | 10,000,000 | 10,024,597 | |||||||||
| See Notes to Schedule of Investments. | 39 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Montana Facility Finance Authority - St John’s Lutheran Ministries Inc Obligated Group(d) | 4.10% | 11/15/2031 | NR | $ | 1,000,000 | $ | 1,004,350 | |||||||
| Montana Facility Finance Authority - St John’s Lutheran Ministries Inc Obligated Group(d) | 4.35% | 11/15/2032 | NR | 1,125,000 | 1,129,846 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson University Obligated Group PA | 4.00% | 9/1/2036 | A | 1,350,000 | 1,352,859 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson University Obligated Group PA | 4.00% | 9/1/2038 | A | 2,250,000 | 2,230,625 | |||||||||
| Montgomery County Industrial Development Authority - Whitemarsh Continuing Care Retirement Community Obligated PA | 5.00% | 1/1/2030 | NR | 1,640,000 | 1,641,537 | |||||||||
| New Hampshire Business Finance Authority | 5.43% | 8/15/2035 | NR | 5,380,000 | 5,507,757 | |||||||||
| New Hampshire Business Finance Authority - Centurion Foundation Wilkens Avenue LLC | 5.00% | 9/15/2035 | NR | 4,910,000 | 4,860,142 | |||||||||
| New Hampshire Business Finance Authority - NFA UH SPV LLC† | 5.625% | 12/15/2033 | NR | 3,875,000 | 3,966,819 | |||||||||
| New Hampshire Business Finance Authority - Novant Health Obligated Group | 5.00% | 12/1/2035 | A+ | 5,500,000 | 6,066,471 | |||||||||
| New Hampshire Business Finance Authority - Novant Health Obligated Group | 5.25% | 6/1/2042 | A+ | 5,500,000 | 5,985,517 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - Bella Vida Forefront Living Obligated Group TX | 4.25% | 10/1/2030 | NR | 1,500,000 | 1,494,134 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - SLF CHP LLC TX† | 6.25% | 7/1/2045 | NR | 4,000,000 | 4,254,505 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - Children’s Health System of Texas Obligated Group TX | 5.25% | 8/15/2041 | AA | 5,000,000 | 5,603,737 | |||||||||
| 40 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New Hope Cultural Education Facilities Finance Corp. - Children’s Health System of Texas Obligated Group TX | 5.25% | 8/15/2042 | AA | $ | 5,000,000 | $ | 5,576,770 | |||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.50% | 7/1/2037 | AA- | 13,000,000 | 15,562,396 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.50% | 7/1/2038 | AA- | 10,000,000 | 11,901,521 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.50% | 7/1/2039 | AA- | 10,000,000 | 11,836,125 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 5.00% | 7/1/2035 | BBB- | 3,185,000 | 3,187,995 | |||||||||
| New Jersey Health Care Facilities Financing Authority - University Hospital (AG) | 5.00% | 7/1/2028 | AA | 2,000,000 | 2,036,077 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2037 | B | 1,300,000 | 1,171,494 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2039 | B | 2,305,000 | 2,019,145 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2040 | B | 1,810,000 | 1,565,650 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 5.00% | 7/1/2036 | B | 1,945,000 | 1,922,390 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2026 | Ba3 | 1,500,000 | 1,500,062 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2029 | Ba3 | 2,700,000 | 2,702,511 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2030 | Ba3 | 1,100,000 | 1,100,602 | |||||||||
| See Notes to Schedule of Investments. | 41 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2031 | Ba3 | $ | 1,600,000 | $ | 1,599,964 | |||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 5.25% | 11/1/2041 | BBB- | 1,750,000 | 1,869,192 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 5.25% | 11/1/2042 | BBB- | 1,500,000 | 1,593,978 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 5.25% | 11/1/2043 | BBB- | 1,400,000 | 1,482,689 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 5.50% | 11/1/2044 | BBB- | 1,125,000 | 1,209,181 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.00% | 10/1/2034 | BBB- | 1,240,000 | 1,358,769 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.00% | 10/1/2035 | BBB- | 1,000,000 | 1,089,993 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.00% | 10/1/2036 | BBB- | 1,305,000 | 1,413,848 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.00% | 10/1/2037 | BBB- | 1,620,000 | 1,744,405 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2040 | AA | 1,500,000 | 1,670,388 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2041 | AA | 1,800,000 | 1,996,809 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2042 | AA | 3,475,000 | 3,837,862 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2043 | AA | 1,750,000 | 1,924,913 | |||||||||
| North Carolina Medical Care Commission - Penick Village Obligated Group | 4.25% | 9/1/2028 | NR | 1,090,000 | 1,092,492 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2033 | BB+ | 3,920,000 | 4,006,042 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2038 | BB+ | 10,050,000 | 10,189,654 | |||||||||
| 42 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| 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 | 5.25% | 8/15/2043 | BB+ | $ | 6,710,000 | $ | 6,785,374 | |||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2037 | NR | 2,770,000 | 2,892,210 | |||||||||
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.00% | 10/1/2041 | A+ | 3,750,000 | 4,108,910 | |||||||||
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.00% | 10/1/2042 | A+ | 5,000,000 | 5,451,530 | |||||||||
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | CCC+ | 5,280,000 | 5,280,687 | |||||||||
| Pennsylvania Economic Development Financing Authority - UPMC Obligated Group | 4.00% | 4/15/2038 | A | 3,095,000 | 3,074,904 | |||||||||
| Pennsylvania Economic Development Financing Authority - UPMC Obligated Group | 5.00% | 6/15/2036 | A | 5,000,000 | 5,641,482 | |||||||||
| Pennsylvania Economic Development Financing Authority - UPMC Obligated Group | 5.00% | 12/15/2038 | A | 6,600,000 | 7,338,853 | |||||||||
| Pennsylvania Higher Educational Facilities Authority - Thomas Jefferson University Obligated Group | 4.00% | 11/1/2042 | A | 13,960,000 | 13,463,549 | |||||||||
| Pennsylvania Higher Educational Facilities Authority - Thomas Jefferson University Obligated Group | 5.25% | 11/1/2040 | A | 5,000,000 | 5,456,594 | |||||||||
| Pennsylvania Higher Educational Facilities Authority - Thomas Jefferson University Obligated Group | 5.25% | 11/1/2041 | A | 9,000,000 | 9,787,003 | |||||||||
| Philadelphia Authority for Industrial Development - Thomas Jefferson University Obligated Group PA | 5.00% | 9/1/2035 | A | 5,000,000 | 5,046,555 | |||||||||
| 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 | 3,882,005 | |||||||||
| Rockland County Economic Assistance Corp. - Bon Secours Health System Inc Obligated Group NY | 6.50% | 11/1/2030 | NR | 10,000,000 | 10,318,579 | |||||||||
| See Notes to Schedule of Investments. | 43 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Rockland County Economic Assistance Corp. - Bon Secours Health System Inc Obligated Group NY | 7.25% | 11/1/2045 | NR | $ | 2,500,000 | $ | 2,795,585 | |||||||
| South Carolina Jobs-Economic Development Authority - Novant Health Obligated Group | 5.25% | 11/1/2041 | A+ | 7,500,000 | 8,302,900 | |||||||||
| Southeastern Ohio Port Authority - Marietta Area Healthcare Inc Obligated Group | 5.00% | 12/1/2035 | B | (c) | 3,850,000 | 3,777,147 | ||||||||
| Southeastern Ohio Port Authority - Marietta Area Healthcare Inc Obligated Group | 5.50% | 12/1/2029 | B | (c) | 2,085,000 | 2,085,306 | ||||||||
| Tarrant County Cultural Education Facilities Finance Corp. - Ascension Health Credit Group TX | 5.00% | #(a) | 11/15/2051 | AA | 12,000,000 | 13,547,750 | ||||||||
| Tulsa County Industrial Authority - Montereau Obligated Group OK | 5.25% | 11/15/2037 | BBB- | (c) | 1,250,000 | 1,264,688 | ||||||||
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | 5.00% | 9/1/2041 | A- | 3,725,000 | 4,031,993 | |||||||||
| Washington Health Care Facilities Authority - Multicare Health System Obligated Group | 5.00% | #(a) | 8/15/2055 | A | 20,000,000 | 21,569,890 | ||||||||
| Washington Health Care Facilities Authority - Providence St Joseph Health Obligated Group | 4.00% | #(a) | 10/1/2042 | A | 13,220,000 | 13,518,928 | ||||||||
| Washington Health Care Facilities Authority - Providence St Joseph Health Obligated Group | 5.00% | 10/1/2035 | A | 12,500,000 | 14,030,712 | |||||||||
| Washington Health Care Facilities Authority - Providence St Joseph Health Obligated Group | 5.00% | 10/1/2035 | A | 30,000,000 | 33,724,299 | |||||||||
| Washington State Housing Finance Commission - Horizon House Obligated Group | 4.375% | 1/1/2033 | BB | (c) | 15,290,000 | 15,362,603 | ||||||||
| West Virginia Hospital Finance Authority - West Virginia United Health System Obligated Group | 4.00% | 6/1/2030 | A | 5,500,000 | 5,502,299 | |||||||||
| Westchester County Local Development Corp. - New York Blood Center Inc | 5.00% | 7/1/2035 | Baa1 | 3,000,000 | 3,275,191 | |||||||||
| 44 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Westchester County Local Development Corp. - New York Blood Center Inc | 5.00% | 7/1/2038 | Baa1 | $ | 3,075,000 | $ | 3,308,403 | |||||||
| Winchester Economic Development Authority - Valley Health Obligated Group VA | 5.00% | 1/1/2042 | A+ | 2,160,000 | 2,325,991 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 3,660,000 | 3,622,835 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 1,210,000 | 1,197,713 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Hospital Sisters Services Obligated Group | 5.00% | 8/15/2035 | A+ | 2,000,000 | 2,243,883 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Hospital Sisters Services Obligated Group | 5.00% | 8/15/2036 | A+ | 3,250,000 | 3,619,917 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Hospital Sisters Services Obligated Group | 5.00% | 8/15/2037 | A+ | 3,540,000 | 3,915,877 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.00% | 2/15/2032 | A+ | 12,500,000 | 13,594,391 | |||||||||
| Yuma Industrial Development Authority - Yuma Regional Medical Center Obligated Group AZ (AG) | 5.25% | 8/1/2042 | AA | 2,125,000 | 2,358,064 | |||||||||
| Yuma Industrial Development Authority - Yuma Regional Medical Center Obligated Group AZ (AG) | 5.25% | 8/1/2043 | AA | 2,250,000 | 2,491,062 | |||||||||
| Total | 1,017,877,105 | |||||||||||||
| Housing 13.40% | ||||||||||||||
| California Municipal Finance Authority | 4.326% | #(a) | 11/20/2040 | AA- | 14,916,922 | 14,884,649 | ||||||||
| California Municipal Finance Authority | 4.326% | #(a) | 11/20/2040 | BBB | 7,458,461 | 7,097,480 | ||||||||
| California Municipal Finance Authority - Park Western Housing LP (FNMA) | 2.65% | 8/1/2036 | Aa1 | 4,132,494 | 3,684,874 | |||||||||
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 6.00% | 11/1/2055 | AAA | 7,370,000 | 8,148,473 | |||||||||
| See Notes to Schedule of Investments. | 45 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 6.25% | 5/1/2055 | AA | $ | 9,965,000 | $ | 11,143,316 | |||||||
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 6.50% | 5/1/2055 | AAA | 8,075,000 | 9,097,369 | |||||||||
| Colorado Housing & Finance Authority (GNMA) | 6.00% | 5/1/2053 | AA | 10,050,000 | 10,900,770 | |||||||||
| CSCDA Community Improvement Authority Westgate Apartments CA† | 3.00% | 6/1/2047 | NR | 5,000,000 | 3,678,783 | |||||||||
| DeKalb County Housing Authority - HADC Windmont Pointe LLC GA | 4.00% | 7/1/2036 | A+ | 3,500,000 | 3,483,599 | |||||||||
| EP Cimarron Ventanas PFC TX | 4.125% | 12/1/2039 | A+ | 6,315,000 | 6,315,003 | |||||||||
| EP Forty649 PFC TX | 4.00% | 1/1/2037 | A+ | 23,000,000 | 22,545,016 | |||||||||
| EP The Arthur Public Facility Corp. TX | 4.125% | 7/1/2036 | A+ | 25,000,000 | 24,732,568 | |||||||||
| Florida Housing Finance Corp. (FHLMC), (FNMA), (GNMA) | 6.25% | 7/1/2056 | Aaa | 6,690,000 | 7,380,838 | |||||||||
| FW Ramble Public Facility Corp TX | 4.00% | 10/1/2035 | A+ | 7,250,000 | 7,119,077 | |||||||||
| FW Ramble Public Facility Corp TX | 4.25% | 4/1/2039 | A+ | 23,280,000 | 23,317,320 | |||||||||
| Idaho Housing & Finance Association (FHLMC), (FNMA), (GNMA)(d) | 6.00% | 1/1/2057 | Aa1 | 4,200,000 | 4,708,248 | |||||||||
| Idaho Housing & Finance Association (FHLMC), (FNMA), (GNMA) | 6.25% | 1/1/2056 | Aa1 | 5,895,000 | 6,629,862 | |||||||||
| Illinois Housing Development Authority (FHLMC), (FNMA), (GNMA) | 6.25% | 10/1/2055 | Aaa | 15,110,000 | 16,928,859 | |||||||||
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.00% | 6/1/2038 | BBB- | 1,550,000 | 1,621,758 | |||||||||
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.00% | 6/1/2043 | BBB- | 2,525,000 | 2,586,421 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - Downtown Phoenix Student Housing LLC AZ | 5.00% | 7/1/2032 | Baa3 | 1,080,000 | 1,103,160 | |||||||||
| Maine State Housing Authority | 3.75% | 11/15/2038 | AA+ | 2,940,000 | 2,908,191 | |||||||||
| Maryland Community Development Administration Residential Revenue | 3.00% | 9/1/2039 | Aa1 | 10,000,000 | 9,013,231 | |||||||||
| Miami-Dade County Industrial Development Authority - PRG - Casa Properties LLC FL† | 5.375% | #(a) | 7/1/2065 | NR | 12,000,000 | 12,567,289 | ||||||||
| Michigan State Housing Development Authority | 3.10% | 12/1/2044 | AA+ | 9,375,000 | 8,064,371 | |||||||||
| 46 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Michigan State Housing Development Authority | 6.00% | 12/1/2056 | AA+ | $ | 7,000,000 | $ | 7,755,221 | |||||||
| Michigan State Housing Development Authority | 6.25% | 6/1/2055 | AA+ | 8,465,000 | 9,238,144 | |||||||||
| Michigan State Housing Development Authority | 6.25% | 12/1/2055 | AA+ | 15,505,000 | 17,077,159 | |||||||||
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% | 1/1/2055 | AA+ | 9,330,000 | 10,344,173 | |||||||||
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% | 1/1/2055 | AA+ | 3,305,000 | 3,684,995 | |||||||||
| Mississippi Home Corp. (FHLMC), (FNMA), (GNMA) | 7.50% | 6/1/2044 | Aa1 | 625,000 | 763,893 | |||||||||
| Mississippi Home Corp. (FHLMC), (FNMA), (GNMA) | 7.50% | 6/1/2049 | Aa1 | 940,000 | 1,129,221 | |||||||||
| Montana Board of Housing (FHLMC), (FNMA), (GNMA) | 5.75% | 6/1/2055 | AA+ | 8,295,000 | 8,974,348 | |||||||||
| Nebraska Investment Finance Authority (FHLMC), (FNMA), (GNMA) | 6.25% | 9/1/2055 | AAA | 3,750,000 | 4,145,701 | |||||||||
| New Hampshire Business Finance Authority | 4.125% | #(a) | 4/20/2043 | AA- | 13,489,521 | 13,209,881 | ||||||||
| New Hampshire Business Finance Authority | 4.22% | #(a) | 11/20/2042 | BBB | 4,460,266 | 4,191,906 | ||||||||
| New Hampshire Business Finance Authority | 4.75% | #(a) | 6/20/2041 | AA- | 14,454,154 | 14,910,900 | ||||||||
| New Hampshire Business Finance Authority - National Finance Authority Municipal Certificates Series 2026-2 | 4.42% | #(a) | 2/20/2043 | AA- | 21,987,227 | 22,391,357 | ||||||||
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 4.375% | 12/15/2031 | Baa3 | 750,000 | 762,929 | |||||||||
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 5.25% | 12/15/2031 | NR | 2,100,000 | 2,164,764 | |||||||||
| New York City Housing Development Corp. NY | 3.25% | #(a) | 11/1/2065 | AA+ | 5,000,000 | 5,032,613 | ||||||||
| New York State Housing Finance Agency - West 38TH Street LLC (FHLMC) | 3.57% | #(a) | 5/1/2042 | Aa1 | 22,255,000 | 22,410,093 | ||||||||
| New York State Housing Finance Agency - West 62nd Street LLC | 3.60% | #(a) | 11/1/2044 | Aa1 | 23,000,000 | 23,216,991 | ||||||||
| See Notes to Schedule of Investments. | 47 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| 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+ | $ | 3,705,000 | $ | 3,978,619 | |||||||
| North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% | 1/1/2056 | AA+ | 11,895,000 | 13,490,564 | |||||||||
| North Dakota Housing Finance Agency | 4.00% | 1/1/2051 | Aa1 | 3,640,000 | 3,666,868 | |||||||||
| North Dakota Housing Finance Agency | 6.00% | 7/1/2055 | Aa1 | 5,780,000 | 6,377,170 | |||||||||
| North Dakota Housing Finance Agency | 6.00% | 1/1/2056 | Aa1 | 3,710,000 | 4,051,536 | |||||||||
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% | 3/1/2056 | Aa1 | 8,120,000 | 8,908,745 | |||||||||
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 7.00% | 3/1/2049 | Aa1 | 3,500,000 | 4,096,008 | |||||||||
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 7.50% | 3/1/2049 | Aa1 | 3,000,000 | 3,631,934 | |||||||||
| Oklahoma Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% | 3/1/2057 | Aaa | 26,935,000 | 30,645,636 | |||||||||
| Pennsylvania Housing Finance Agency | 2.60% | 4/1/2046 | AA+ | 6,545,000 | 5,090,198 | |||||||||
| Pennsylvania Housing Finance Agency | 3.20% | 10/1/2041 | AA+ | 13,030,000 | 11,714,830 | |||||||||
| Pennsylvania Housing Finance Agency | 3.50% | 4/1/2051 | AA+ | 210,000 | 209,882 | |||||||||
| Pennsylvania Housing Finance Agency | 6.25% | 10/1/2055 | Aa1 | 11,800,000 | 13,306,851 | |||||||||
| Pennsylvania Housing Finance Agency | 6.25% | 10/1/2056 | Aa1 | 5,000,000 | 5,590,558 | |||||||||
| Pennsylvania Housing Finance Agency | 6.50% | 10/1/2055 | Aa1 | 20,514,122 | 23,307,450 | |||||||||
| Pennsylvania Housing Finance Agency AMT | 3.65% | 10/1/2042 | AA+ | 2,500,000 | 2,420,780 | |||||||||
| Public Finance Authority WI | 5.40% | 6/20/2044 | A- | 4,000,000 | 4,295,046 | |||||||||
| South Carolina Jobs-Economic Development Authority - Sixteenth Floor Obligated Group | 4.00% | 12/1/2035 | A+ | 10,000,000 | 9,995,735 | |||||||||
| South Carolina Jobs-Economic Development Authority - Sixteenth Floor Obligated Group | 4.25% | 12/1/2036 | A+ | 8,500,000 | 8,624,124 | |||||||||
| South Dakota Housing Development Authority (FHLMC), (FNMA), (GNMA) | 6.00% | 11/1/2056 | AAA | 5,000,000 | 5,607,110 | |||||||||
| South Dakota Housing Development Authority (FHLMC), (FNMA), (GNMA) | 6.25% | 11/1/2056 | AAA | 8,425,000 | 9,286,729 | |||||||||
| State of Oregon Housing & Community Services Department (FHLMC), (FNMA), (GNMA) | 6.25% | 7/1/2055 | Aa2 | 7,155,000 | 7,959,271 | |||||||||
| Texas Department of Housing & Community Affairs (GNMA) | 5.50% | 7/1/2053 | AA+ | 6,520,000 | 6,977,324 | |||||||||
| 48 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Texas Department of Housing & Community Affairs (GNMA) | 5.75% | 3/1/2054 | Aaa | $ | 6,390,000 | $ | 6,917,329 | |||||||
| Texas Department of Housing & Community Affairs (GNMA) | 6.00% | 3/1/2053 | Aaa | 7,175,000 | 7,819,667 | |||||||||
| Texas Department of Housing & Community Affairs (GNMA) | 6.00% | 1/1/2057 | AA+ | 16,000,000 | 18,007,699 | |||||||||
| Texas Department of Housing & Community Affairs (GNMA) | 6.25% | 1/1/2056 | AA+ | 19,675,000 | 21,984,638 | |||||||||
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.25% | 7/1/2055 | Aa2 | 14,905,000 | 16,601,988 | |||||||||
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.50% | 7/1/2055 | Aa2 | 9,480,000 | 10,478,681 | |||||||||
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.75% | 7/1/2055 | Aa2 | 10,800,000 | 12,325,165 | |||||||||
| Virginia Beach Development Authority - Westminster- Canterbury on Chesapeake Bay Obligated Group | 5.375% | 9/1/2029 | BB+ | (c) | 5,000,000 | 5,014,514 | ||||||||
| Washington State Housing Finance Commission | 3.50% | 12/20/2035 | BBB+ | 4,546,372 | 4,390,496 | |||||||||
| Washington State Housing Finance Commission - Provident Group - SH II Properties LLC (BAM)† | 5.00% | 7/1/2034 | AA | 1,000,000 | 1,096,145 | |||||||||
| Washington State Housing Finance Commission - Provident Group - SH II Properties LLC (BAM)† | 5.00% | 7/1/2035 | AA | 1,000,000 | 1,099,505 | |||||||||
| Washington State Housing Finance Commission - Provident Group - SH II Properties LLC (BAM)† | 5.00% | 7/1/2036 | AA | 1,000,000 | 1,090,954 | |||||||||
| Washington State Housing Finance Commission - Provident Group - SH II Properties LLC (BAM)† | 5.00% | 7/1/2040 | AA | 1,000,000 | 1,067,655 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2044 | BBB- | 4,950,000 | 5,145,947 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2049 | BBB- | 8,805,000 | 9,004,793 | |||||||||
| Washington State Housing Finance Commission (FHLMC), (FNMA), (GNMA) | 6.25% | 6/1/2054 | Aaa | 7,190,000 | 7,863,999 | |||||||||
| See Notes to Schedule of Investments. | 49 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue (FHLMC), (FNMA), (GNMA) | 5.75% | 9/1/2056 | AA+ | $ | 7,000,000 | $ | 7,647,316 | |||||||
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue (FHLMC), (FNMA), (GNMA) | 6.25% | 9/1/2055 | AA+ | 6,115,000 | 6,761,276 | |||||||||
| Wisconsin Housing & Economic Development Authority Housing Revenue | 3.75% | #(a) | 11/1/2055 | AA+ | 3,500,000 | 3,510,565 | ||||||||
| Wyoming Community Development Authority | 5.00% | 12/1/2039 | AA+ | 8,360,000 | 9,057,691 | |||||||||
| Total | 751,183,805 | |||||||||||||
| Lease Obligations 1.19% | ||||||||||||||
| Empire State Development Corp. - State of New York Sales Tax Revenue NY | 3.00% | 3/15/2040 | AA+ | 6,925,000 | 6,136,044 | |||||||||
| Illinois Sports Facilities Authority (AG) | 5.00% | 6/15/2027 | AA | 3,000,000 | 3,015,700 | |||||||||
| Jefferson County School District Finance Corp. - Jefferson County Board of Education/KY (ST INTERCEPT) | 3.00% | 12/1/2035 | AA- | 3,750,000 | 3,586,914 | |||||||||
| Manatee County School District FL | 5.00% | 7/1/2039 | A+ | 8,100,000 | 9,112,992 | |||||||||
| Municipal Improvement Corp. of Los Angeles - City of Los Angeles CA | 5.00% | 5/1/2042 | A+ | 15,775,000 | 17,581,105 | |||||||||
| New Jersey Economic Development Authority - State Capitol Joint Management Commission | 5.00% | 6/15/2033 | A1 | 7,215,000 | 7,601,687 | |||||||||
| New Jersey Economic Development Authority - State Capitol Joint Management Commission | 5.00% | 6/15/2034 | A1 | 13,645,000 | 14,348,138 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2036 | A1 | 1,320,000 | 1,354,563 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2031 | A+ | 2,400,000 | 2,403,392 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 3.25% | 6/15/2039 | A1 | 2,000,000 | 1,843,027 | |||||||||
| Total | 66,983,562 | |||||||||||||
| 50 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Multi-Family Housing 0.89% | ||||||||||||||
| FW Chaparral PFC TX | 4.00% | 10/1/2035 | A+ | $ | 4,500,000 | $ | 4,462,915 | |||||||
| King County Housing Authority WA | 3.50% | 5/1/2038 | AAA | 10,000,000 | 9,523,216 | |||||||||
| Michigan State Housing Development Authority | 3.80% | 10/1/2038 | AA+ | 10,000,000 | 9,848,550 | |||||||||
| New Hampshire Business Finance Authority | 3.625% | 8/20/2039 | A3 | 7,124,527 | 6,843,924 | |||||||||
| New Hampshire Business Finance Authority | 4.22% | #(a) | 11/20/2042 | AA- | 19,823,406 | 19,453,705 | ||||||||
| Total | 50,132,310 | |||||||||||||
| Other Revenue 1.95% | ||||||||||||||
| City of Houston Hotel Occupancy Tax & Special Revenue TX | 5.00% | 9/1/2038 | A- | 4,100,000 | 4,569,882 | |||||||||
| City of Houston Hotel Occupancy Tax & Special Revenue TX | 5.00% | 9/1/2039 | A- | 3,000,000 | 3,321,770 | |||||||||
| City of Houston Hotel Occupancy Tax & Special Revenue TX | 5.00% | 9/1/2042 | A- | 3,500,000 | 3,829,156 | |||||||||
| City of Pembroke Pines FL | 3.00% | 7/1/2037 | AA | 5,390,000 | 4,905,262 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Foundation OH | 5.00% | 12/1/2033 | BBB- | 2,000,000 | 2,049,456 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Foundation OH | 5.25% | 12/1/2038 | BBB- | 1,650,000 | 1,687,836 | |||||||||
| County of St Johns FL | 5.00% | 10/1/2041 | Aaa | 7,090,000 | 7,858,960 | |||||||||
| Development Authority for Fulton County - Robert W Woodruff Arts Center Inc GA | 5.00% | 3/15/2036 | A2 | 2,500,000 | 2,834,395 | |||||||||
| Development Authority for Fulton County - Robert W Woodruff Arts Center Inc GA | 5.00% | 3/15/2039 | A2 | 3,750,000 | 4,171,424 | |||||||||
| Illinois Finance Authority - Field Museum of Natural History | 3.684% (SOFR * .70 + 1.15% | )# | 11/1/2034 | A1 | 4,250,000 | 4,265,852 | ||||||||
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group AZ†(b) | 5.00% | 7/1/2035 | NR | 5,000,000 | 4,000,000 | |||||||||
| Maricopa County Industrial Development Authority - Legacy Traditional School Obligated Group AZ† | 5.00% | 7/1/2039 | BBB- | 2,055,000 | 2,082,012 | |||||||||
| See Notes to Schedule of Investments. | 51 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| 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% | 7/1/2036 | BB+ | $ | 2,500,000 | $ | 2,500,635 | |||||||
| Maryland Economic Development Corp Chesapeake Bay Conference Center(b) | 5.00% | 12/1/2016 | NR | 700,000 | 469,000 | |||||||||
| M-S-R Energy Authority CA | 6.125% | 11/1/2029 | BBB+ | 2,500,000 | 2,628,450 | |||||||||
| Public Finance Authority - Inperium Inc Obligated Group WI† | 5.50% | 12/1/2044 | NR | 2,500,000 | 2,573,546 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% | 11/15/2037 | AA+ | 5,000,000 | 5,589,934 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% | 11/15/2041 | AA+ | 9,000,000 | 9,907,526 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% | 11/15/2039 | AA+ | 13,050,000 | 14,728,498 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% | 11/15/2042 | AA+ | 10,000,000 | 11,171,031 | |||||||||
| Trust for Cultural Resources of The City of New York - Lincoln Center for the Performing Arts Inc NY | 5.00% | 12/1/2032 | A- | 7,500,000 | 8,405,435 | |||||||||
| Trust for Cultural Resources of The City of New York - Lincoln Center for the Performing Arts Inc NY | 5.00% | 12/1/2035 | A- | 5,250,000 | 5,959,595 | |||||||||
| Total | 109,509,655 | |||||||||||||
| Pollution Control 0.86% | ||||||||||||||
| Baldwin County Industrial Development Authority - Novelis Corp AL AMT† | 4.30% | #(a) | 3/1/2056 | BB | 27,100,000 | 27,142,834 | ||||||||
| California Pollution Control Financing Authority - Republic Services Inc AMT† | 2.95% | #(a) | 11/1/2042 | A- | 6,250,000 | 6,249,148 | ||||||||
| 52 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Pollution Control (continued) | ||||||||||||||
| California Pollution Control Financing Authority - Republic Services Inc AMT† | 2.95% | #(a) | 11/1/2042 | A- | $ | 6,500,000 | $ | 6,499,113 | ||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT | 4.35% | #(a) | 4/1/2037 | NR | 8,335,000 | 8,399,779 | ||||||||
| Total | 48,290,874 | |||||||||||||
| 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 | 15,136 | |||||||||
| Special Tax 1.14% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA† | 5.00% | 5/1/2032 | Ba2 | 1,250,000 | 1,258,939 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA† | 6.00% | 5/1/2042 | NR | 1,660,000 | 1,757,911 | |||||||||
| County of Orange CA Community Facilities District No 2015-1 | 5.00% | 8/15/2033 | NR | 1,370,000 | 1,371,761 | |||||||||
| County of Orange CA Community Facilities District No 2015-1 | 5.00% | 8/15/2035 | NR | 975,000 | 976,236 | |||||||||
| Deseret Public Infrastructure District No. 2 Special Desert Assessment Area UT† | 6.125% | 12/1/2046 | NR | 2,850,000 | 2,928,459 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 3,980,000 | 3,775,457 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 3,000,000 | 2,585,969 | |||||||||
| Lakewood Ranch Stewardship District FL | 6.125% | 5/1/2043 | NR | 2,240,000 | 2,463,658 | |||||||||
| Miami World Center Community Development District FL | 4.75% | 11/1/2027 | NR | 395,000 | 399,834 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 4.50% | 8/1/2040 | NR | 1,250,000 | 1,258,589 | |||||||||
| See Notes to Schedule of Investments. | 53 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2028 | NR | $ | 360,000 | $ | 362,816 | |||||||
| Peninsula Town Center Community Development Authority VA† | 5.00% | 9/1/2037 | NR | 875,000 | 881,776 | |||||||||
| Prairie Point Community Authority Board Special Improvement District No. 1 CO | 5.00% | 12/1/2035 | NR | 1,000,000 | 1,019,865 | |||||||||
| Prairie Point Community Authority Board Special Improvement District No. 1 CO | 5.375% | 12/1/2040 | NR | 2,175,000 | 2,227,764 | |||||||||
| River Islands Public Financing Authority CA Special Tax (AG) | 5.00% | 9/1/2042 | AA | 4,000,000 | 4,293,853 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2036 | AA | 5,000,000 | 5,643,022 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2037 | AA | 6,000,000 | 6,730,767 | |||||||||
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2038 | AA | 5,000,000 | 5,579,396 | |||||||||
| Utah City West Public Infrastructure District No. 1 Assessment Area No. 1† | 5.00% | 12/1/2041 | NR | 1,275,000 | 1,302,448 | |||||||||
| Utah City West Public Infrastructure District No. 1 Assessment Area No. 1† | 5.50% | 12/1/2046 | NR | 1,050,000 | 1,079,276 | |||||||||
| Village Community Development District No. 12 FL | 3.80% | 5/1/2028 | NR | 830,000 | 834,626 | |||||||||
| Village Community Development District No. 12 FL | 4.00% | 5/1/2033 | NR | 1,750,000 | 1,753,358 | |||||||||
| Village Community Development District No. 13 FL | 2.85% | 5/1/2036 | NR | 1,835,000 | 1,652,279 | |||||||||
| Village Community Development District No. 13 FL | 3.00% | 5/1/2029 | NR | 295,000 | 291,530 | |||||||||
| Village Community Development District No. 13 FL† | 3.00% | 5/1/2035 | NR | 3,300,000 | 3,082,947 | |||||||||
| Village Community Development District No. 13 FL† | 3.25% | 5/1/2040 | NR | 4,115,000 | 3,691,426 | |||||||||
| Village Community Development District No. 13 FL | 3.375% | 5/1/2034 | NR | 2,415,000 | 2,328,196 | |||||||||
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | 2,086,570 | 2,181,947 | |||||||||
| Total | 63,714,105 | |||||||||||||
| 54 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue 4.10% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA† | 5.375% | 5/1/2042 | NR | $ | 5,500,000 | $ | 5,579,310 | |||||||
| Chicago Transit Authority Sales Tax Receipts Fund IL | 5.00% | 12/1/2041 | A+ | 4,750,000 | 5,222,499 | |||||||||
| Chicago Transit Authority Sales Tax Receipts Fund IL | 5.00% | 12/1/2042 | A+ | 3,800,000 | 4,153,022 | |||||||||
| Chicago Transit Authority Sales Tax Receipts Fund IL | 5.00% | 12/1/2043 | A+ | 2,000,000 | 2,178,955 | |||||||||
| City of Miami FL | 5.00% | 1/1/2041 | AA | 7,590,000 | 8,318,756 | |||||||||
| City of Wichita K-96 Greenwich STAR Bond District Phase III KS† | 4.125% | 9/1/2033 | NR | 1,230,000 | 1,236,209 | |||||||||
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | 3,750,000 | 3,774,027 | |||||||||
| Downtown Revitalization Public Infrastructure District - City of Salt Lake City Revitalization Sales Tax Revenue UT (AG) | 5.25% | 6/1/2041 | AA | 1,750,000 | 1,969,378 | |||||||||
| Downtown Revitalization Public Infrastructure District - City of Salt Lake City Revitalization Sales Tax Revenue UT (AG) | 5.25% | 6/1/2042 | AA | 2,000,000 | 2,246,546 | |||||||||
| Empire State Development Corp. - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2040 | AA+ | 6,245,000 | 5,518,297 | |||||||||
| Mida Mountain Village Public Infrastructure District - Military Installation Development Authority Military Recreation Facilities Project Area UT† | 5.50% | 6/15/2039 | NR | 2,380,000 | 2,466,556 | |||||||||
| Military Installation Development Authority Military Recreation Facilities Project Area UT | 4.00% | 6/1/2041 | NR | 2,000,000 | 1,895,827 | |||||||||
| New York City Transitional Finance Authority Building Aid Revenue NY (ST AID WITHHLDG) | 5.25% | 7/15/2036 | AA | 11,700,000 | 12,228,354 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 3.00% | 11/1/2037 | AAA | 2,530,000 | 2,347,590 | |||||||||
| See Notes to Schedule of Investments. | 55 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2037 | AAA | $ | 2,550,000 | $ | 2,920,196 | |||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2039 | AAA | 5,000,000 | 5,486,289 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2039 | AAA | 5,000,000 | 5,636,670 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2040 | AAA | 3,500,000 | 3,913,424 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2041 | AAA | 3,250,000 | 3,613,362 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2042 | AAA | 10,250,000 | 11,364,686 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2042 | AAA | 7,500,000 | 8,224,819 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2042 | AAA | 8,140,000 | 9,005,653 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2042 | AAA | 7,000,000 | 7,710,464 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2043 | AAA | 6,500,000 | 7,190,226 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2043 | AAA | 13,300,000 | 14,681,121 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2044 | AAA | 22,620,000 | 24,885,585 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 5/1/2044 | AAA | 8,500,000 | 9,497,820 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 3.00% | 2/15/2038 | AA+ | 1,485,000 | 1,349,279 | |||||||||
| 56 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| 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 | 3.00% | 3/15/2040 | Aa1 | $ | 3,420,000 | $ | 3,051,347 | |||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2037 | Aa1 | 1,750,000 | 2,004,614 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2038 | Aa1 | 3,250,000 | 3,700,560 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2041 | Aa1 | 7,400,000 | 8,159,823 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2042 | Aa1 | 3,250,000 | 3,621,212 | |||||||||
| New York State Dormitory Authority - State of New York Sales Tax Revenue | 5.00% | 3/15/2038 | AA+ | 8,815,000 | 8,933,363 | |||||||||
| New York State Housing Finance Agency - State of New York Personal Income Tax Revenue | 3.45% | #(a) | 6/15/2054 | Aa1 | 1,500,000 | 1,511,447 | ||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 1,774,000 | 1,518,773 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 11,643,000 | 9,258,519 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 81,000 | 77,312 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 268,000 | 268,946 | |||||||||
| Williston Parks & Recreation District ND (AG) | 5.00% | 12/1/2040 | AA | 11,825,000 | 12,989,561 | |||||||||
| Total | 229,710,397 | |||||||||||||
| Taxable Revenue - Water & Sewer 0.33% | ||||||||||||||
| City of Birmingham Regional Water Works AL† | 3.75% | 9/1/2026 | NR | 7,750,000 | 7,747,825 | |||||||||
| New Jersey Economic Development Authority - New Jersey-American Water Co Inc AMT | 3.75% | #(a) | 11/1/2034 | A+ | 5,500,000 | 5,557,823 | ||||||||
| Pittsburgh Water & Sewer Authority PA (AG) | 5.00% | 9/1/2037 | AA | 4,750,000 | 5,272,500 | |||||||||
| Total | 18,578,148 | |||||||||||||
| See Notes to Schedule of Investments. | 57 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco 0.45% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | $ | 20,000,000 | $ | 15,689,068 | |||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 35,000,000 | 1,443,918 | |||||||||
| Northern Tobacco Securitization Corp. AK | 4.00% | 6/1/2050 | BBB- | 425,000 | 419,826 | |||||||||
| Tobacco Settlement Financing Corp. RI | 5.00% | 6/1/2027 | A | 2,500,000 | 2,504,344 | |||||||||
| Tobacco Settlement Financing Corp. RI | 5.00% | 6/1/2028 | BBB | 2,000,000 | 2,002,153 | |||||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 3,690,000 | 3,023,448 | |||||||||
| Total | 25,082,757 | |||||||||||||
| Transportation 13.30% | ||||||||||||||
| Build NYC Resource Corp. - TRIPS Obligated Group NY AMT | 5.50% | 7/1/2043 | BBB+ | 1,230,000 | 1,341,597 | |||||||||
| Build NYC Resource Corp. - TRIPS Obligated Group NY AMT | 5.50% | 7/1/2044 | BBB+ | 1,265,000 | 1,369,841 | |||||||||
| Build NYC Resource Corp. - TRIPS Obligated Group NY AMT | 5.50% | 7/1/2045 | BBB+ | 1,500,000 | 1,610,659 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AG) AMT | 4.25% | 7/1/2043 | AA | 5,390,000 | 5,428,218 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AG) AMT | 5.25% | 7/1/2041 | AA | 3,500,000 | 3,944,030 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AG) AMT | 5.25% | 7/1/2042 | AA | 2,250,000 | 2,522,326 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.00% | 7/1/2035 | A | 1,825,000 | 2,066,316 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.00% | 7/1/2036 | A | 1,625,000 | 1,847,187 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.00% | 7/1/2037 | A | 1,500,000 | 1,692,103 | |||||||||
| 58 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2040 | A | $ | 2,250,000 | $ | 2,490,628 | |||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2042 | A | 3,000,000 | 3,290,098 | |||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC (AG) AMT | 3.25% | 12/31/2032 | AA | 5,235,000 | 5,109,514 | |||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2036 | BB+ | (c) | 3,215,000 | 3,294,422 | ||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2037 | BB+ | (c) | 7,000,000 | 7,161,454 | ||||||||
| Central Texas Turnpike System | 5.00% | 8/15/2040 | A- | 5,500,000 | 5,992,227 | |||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2037 | A | 5,225,000 | 5,618,399 | |||||||||
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2038 | A | 4,000,000 | 4,278,396 | |||||||||
| Chicago O’Hare International Airport IL | 4.00% | 1/1/2038 | A+ | 6,820,000 | 6,850,996 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2041 | A+ | 3,750,000 | 4,114,467 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2042 | A+ | 5,000,000 | 5,460,865 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2043 | A+ | 5,000,000 | 5,459,734 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2044 | A+ | 4,500,000 | 4,877,661 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.00% | 1/1/2036 | AA | 2,000,000 | 2,192,060 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.00% | 1/1/2038 | AA | 2,745,000 | 2,979,220 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2039 | AA | 2,385,000 | 2,613,924 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2041 | AA | 1,955,000 | 2,121,694 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2042 | AA | 1,645,000 | 1,778,789 | |||||||||
| See Notes to Schedule of Investments. | 59 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2043 | AA | $ | 1,820,000 | $ | 1,961,504 | |||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2038 | A+ | 5,000,000 | 5,462,764 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.00% | 1/1/2039 | A+ | 4,250,000 | 4,620,201 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.25% | 1/1/2040 | A+ | 4,000,000 | 4,359,060 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.25% | 1/1/2040 | A+ | 4,500,000 | 4,949,570 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.25% | 1/1/2041 | A+ | 2,150,000 | 2,327,120 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.25% | 1/1/2042 | A+ | 2,450,000 | 2,641,009 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.25% | 1/1/2042 | A+ | 5,000,000 | 5,433,514 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.50% | 1/1/2044 | A+ | 2,625,000 | 2,860,929 | |||||||||
| City of Austin Airport System Revenue TX AMT | 5.00% | 11/15/2041 | A+ | 6,000,000 | 6,538,693 | |||||||||
| City of Austin Airport System Revenue TX AMT | 5.00% | 11/15/2042 | A+ | 3,160,000 | 3,421,542 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2027 | BB+ | (c) | 1,000,000 | 1,015,524 | ||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.50% | 7/15/2035 | Ba2 | 12,500,000 | 13,656,066 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.50% | 7/15/2035 | BB+ | 11,800,000 | 12,762,999 | |||||||||
| City of Houston Airport System Revenue TX AMT | 5.25% | 7/1/2037 | A+ | 4,000,000 | 4,512,371 | |||||||||
| City of Houston Airport System Revenue TX AMT | 5.25% | 7/1/2038 | A+ | 3,200,000 | 3,588,006 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.00% | 7/1/2037 | A+ | 7,500,000 | 7,706,268 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2036 | A+ | 1,500,000 | 1,669,855 | |||||||||
| 60 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2037 | A+ | $ | 2,325,000 | $ | 2,573,685 | |||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2039 | A+ | 3,000,000 | 3,292,900 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2041 | A+ | 4,425,000 | 4,816,356 | |||||||||
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2042 | A+ | 3,500,000 | 3,794,843 | |||||||||
| Columbus Regional Airport Authority OH AMT | 5.00% | 1/1/2039 | A | 9,000,000 | 9,763,531 | |||||||||
| County of Harris Toll Road Revenue TX | 3.00% | 8/15/2038 | Aa1 | 1,730,000 | 1,578,210 | |||||||||
| County of Lee Airport Revenue FL AMT | 5.00% | 10/1/2036 | A2 | 8,015,000 | 8,760,660 | |||||||||
| County of Lee Airport Revenue FL AMT | 5.00% | #(a) | 10/1/2056 | A2 | 11,025,000 | 11,839,874 | ||||||||
| County of Miami-Dade Aviation Revenue - County of Miami-Dade Aviation Revenue FL AMT(d) | 5.00% | 10/1/2037 | A+ | 5,000,000 | 5,552,857 | |||||||||
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2038 | AA- | 3,000,000 | 3,274,867 | |||||||||
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2039 | AA- | 2,750,000 | 3,020,442 | |||||||||
| Dallas Fort Worth International Airport TX AMT | 5.25% | 11/1/2041 | AA- | 8,000,000 | 8,768,103 | |||||||||
| Dallas Fort Worth International Airport TX AMT | 5.25% | 11/1/2042 | AA- | 6,300,000 | 6,874,096 | |||||||||
| Delaware River Joint Toll Bridge Commission PA(d) | 5.00% | 7/1/2036 | A+ | 1,000,000 | 1,157,882 | |||||||||
| Delaware River Joint Toll Bridge Commission PA(d) | 5.00% | 7/1/2037 | A+ | 1,775,000 | 2,039,523 | |||||||||
| Delaware River Joint Toll Bridge Commission PA(d) | 5.00% | 7/1/2038 | A+ | 1,175,000 | 1,341,086 | |||||||||
| Delaware River Joint Toll Bridge Commission PA(d) | 5.00% | 7/1/2039 | A+ | 2,000,000 | 2,271,806 | |||||||||
| Delaware River Port Authority PA | 5.00% | 1/1/2036 | AA- | 6,500,000 | 7,411,947 | |||||||||
| Delaware River Port Authority PA | 5.00% | 1/1/2037 | AA- | 6,000,000 | 6,781,382 | |||||||||
| Delaware River Port Authority PA | 5.00% | 1/1/2038 | AA- | 6,000,000 | 6,741,242 | |||||||||
| Delaware River Port Authority PA | 5.00% | 1/1/2039 | AA- | 5,250,000 | 5,879,325 | |||||||||
| See Notes to Schedule of Investments. | 61 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| 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† | Zero Coupon | #(a) | 7/15/2032 | NR | $ | 5,500,000 | $ | 1,540,000 | ||||||
| Florida Development Finance Corp. - AAF Operations Holdings LLC AMT† | 12.00% | #(a) | 7/15/2059 | NR | 4,500,000 | 1,260,000 | ||||||||
| Grand Parkway Transportation Corp. TX | 5.45% | 10/1/2034 | AA+ | 5,000,000 | 5,270,524 | |||||||||
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT† | 4.125% | #(a) | 12/1/2043 | BBB+ | 12,500,000 | 12,522,329 | ||||||||
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT† | 4.125% | #(a) | 12/1/2050 | BBB+ | 25,060,000 | 25,104,765 | ||||||||
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT† | 4.80% | #(a) | 12/1/2043 | BBB+ | 25,500,000 | 26,434,294 | ||||||||
| Illinois State Toll Highway Authority | 5.00% | 1/1/2038 | AA- | 10,105,000 | 10,117,991 | |||||||||
| Kenton County Airport Board KY AMT | 5.00% | 1/1/2035 | A1 | 3,500,000 | 3,864,779 | |||||||||
| Kenton County Airport Board KY AMT | 5.00% | 1/1/2036 | A1 | 6,625,000 | 7,278,314 | |||||||||
| Kenton County Airport Board KY AMT | 5.25% | 1/1/2039 | A1 | 1,795,000 | 1,970,642 | |||||||||
| Kenton County Airport Board KY AMT | 5.25% | 1/1/2041 | A1 | 2,725,000 | 2,958,689 | |||||||||
| Kenton County Airport Board KY AMT | 5.25% | 1/1/2043 | A1 | 4,355,000 | 4,691,597 | |||||||||
| Maryland Economic Development Corp. - City of Baltimore Port Covington Development District Tax Allocation | 4.00% | 9/1/2040 | NR | 5,000,000 | 4,656,364 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.25% | 7/1/2034 | A1 | 1,250,000 | 1,376,285 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.25% | 7/1/2035 | A1 | 2,595,000 | 2,846,129 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2036 | A1 | 1,000,000 | 1,114,986 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2037 | A1 | 1,250,000 | 1,386,878 | |||||||||
| 62 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2038 | A1 | $ | 1,500,000 | $ | 1,657,953 | |||||||
| New Jersey Economic Development Authority - DRP Urban Renewal 4 LLC AMT† | 6.375% | 1/1/2035 | NR | 4,250,000 | 4,515,091 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.125% | 1/1/2034 | A- | 5,010,000 | 5,032,140 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2034 | A1 | 10,000,000 | 11,075,835 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2035 | A1 | 2,250,000 | 2,499,948 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2037 | A1 | 4,250,000 | 4,669,804 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2037 | A1 | 4,000,000 | 4,446,423 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2038 | A1 | 1,000,000 | 1,093,037 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2039 | A1 | 3,000,000 | 3,280,740 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2041 | A1 | 9,000,000 | 9,964,660 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2042 | A1 | 10,500,000 | 11,567,431 | |||||||||
| New Orleans Aviation Board LA | 5.00% | 1/1/2041 | A2 | 1,000,000 | 1,082,477 | |||||||||
| New Orleans Aviation Board LA | 5.00% | 1/1/2042 | A2 | 3,775,000 | 4,064,419 | |||||||||
| New Orleans Aviation Board LA | 5.00% | 1/1/2043 | A2 | 4,170,000 | 4,478,437 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 29,000,000 | 30,999,121 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 21,750,000 | 24,300,860 | |||||||||
| See Notes to Schedule of Investments. | 63 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| 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 | 5.00% | 12/1/2034 | Baa1 | $ | 2,000,000 | $ | 2,153,368 | |||||||
| New York Transportation Development Corp. - JFK NTO LLC (AG) AMT | 5.25% | 6/30/2039 | AA | 1,400,000 | 1,516,878 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC (AG) AMT | 6.00% | 6/30/2043 | AA | 3,135,000 | 3,561,689 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2038 | Baa3 | 1,000,000 | 1,072,700 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2040 | Baa3 | 1,500,000 | 1,596,176 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2041 | Baa3 | 1,620,000 | 1,716,242 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2043 | Baa3 | 8,000,000 | 8,413,126 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2044 | Baa3 | 11,000,000 | 11,499,917 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.50% | 6/30/2038 | Baa3 | 1,000,000 | 1,067,028 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% | 6/30/2042 | Baa3 | 2,295,000 | 2,582,290 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% | 6/30/2044 | Baa3 | 2,625,000 | 2,923,163 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 17,000,000 | 17,826,605 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2032 | Baa1 | 3,000,000 | 2,999,906 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa1 | 6,480,000 | 6,479,815 | |||||||||
| 64 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2027 | A2 | $ | 3,185,000 | $ | 3,189,098 | |||||||
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2030 | A2 | 365,000 | 382,192 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2035 | A | 1,500,000 | 1,516,952 | |||||||||
| North Carolina Turnpike Authority | 5.00% | 1/1/2032 | BBB | 1,000,000 | 1,009,389 | |||||||||
| Pennsylvania Turnpike Commission | 5.00% | 12/1/2039 | A+ | 4,500,000 | 5,011,159 | |||||||||
| Pennsylvania Turnpike Commission | 5.00% | 12/1/2041 | A+ | 5,700,000 | 6,245,895 | |||||||||
| Pennsylvania Turnpike Commission | 5.00% | #(a) | 12/1/2045 | AA- | 6,500,000 | 7,215,620 | ||||||||
| Port of Seattle WA AMT | 5.25% | 7/1/2041 | AA- | 4,500,000 | 4,927,196 | |||||||||
| Public Finance Authority - Sky Harbour Capital III LLC Obligated Group WI AMT† | 6.00% | #(a) | 7/1/2060 | NR | 10,000,000 | 10,306,388 | ||||||||
| San Diego County Regional Airport Authority CA AMT | 5.00% | 7/1/2036 | Aa3 | 3,000,000 | 3,347,942 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 5.25% | 7/1/2037 | Aa3 | 3,000,000 | 3,431,444 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 5.25% | 7/1/2038 | Aa3 | 2,865,000 | 3,254,731 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% | 5/1/2037 | Aa3 | 10,000,000 | 11,304,770 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% | 5/1/2038 | Aa3 | 14,815,000 | 16,673,568 | |||||||||
| State of Florida Department of Transportation Turnpike System Revenue | 3.00% | 7/1/2039 | AA | 3,000,000 | 2,661,586 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners Segments 3 LLC AMT | 5.375% | 6/30/2038 | Baa1 | 2,500,000 | 2,636,810 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners Segments 3 LLC AMT | 5.50% | 6/30/2040 | Baa1 | 2,000,000 | 2,108,755 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2037 | AA- | 2,200,000 | 2,546,960 | |||||||||
| See Notes to Schedule of Investments. | 65 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2037 | AA- | $ | 1,750,000 | $ | 2,025,991 | |||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2038 | AA- | 2,250,000 | 2,580,826 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2038 | AA- | 2,500,000 | 2,867,584 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2039 | AA- | 6,650,000 | 7,584,635 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2039 | AA- | 2,250,000 | 2,566,230 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2046 | AA- | 1,200,000 | 1,306,202 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.00% | 11/15/2046 | AA- | 4,500,000 | 4,898,259 | |||||||||
| Tulsa Municipal Airport Trust Trustees - American Airlines Inc OK AMT | 6.25% | 12/1/2035 | B+ | 6,815,000 | 7,726,086 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 1/1/2034 | BBB | 5,100,000 | 5,430,296 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 7/1/2036 | BBB | 11,165,000 | 11,780,467 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 1/1/2036 | BBB | 2,500,000 | 2,643,322 | |||||||||
| Wayne County Airport Authority - Detroit Metropolitan Wayne County Airport MI | 5.00% | 12/1/2036 | A+ | 2,000,000 | 2,291,119 | |||||||||
| Wayne County Airport Authority - Detroit Metropolitan Wayne County Airport MI | 5.00% | 12/1/2041 | A+ | 2,000,000 | 2,232,180 | |||||||||
| Wayne County Airport Authority - Detroit Metropolitan Wayne County Airport MI | 5.00% | 12/1/2042 | A+ | 2,500,000 | 2,770,007 | |||||||||
| Total | 745,533,941 | |||||||||||||
| 66 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities 20.63% | ||||||||||||||
| American Municipal Power, Inc. - American Municipal Power Combined Hydroelectric Revenue OH | 5.00% | 2/15/2039 | A1 | $ | 1,000,000 | $ | 1,110,234 | |||||||
| American Municipal Power, Inc. - American Municipal Power Combined Hydroelectric Revenue OH | 5.00% | 2/15/2040 | A1 | 1,000,000 | 1,103,054 | |||||||||
| American Municipal Power, Inc. - American Municipal Power Combined Hydroelectric Revenue OH | 5.00% | 2/15/2041 | A1 | 1,100,000 | 1,201,509 | |||||||||
| American Municipal Power, Inc. - American Municipal Power Combined Hydroelectric Revenue OH | 5.00% | 2/15/2042 | A1 | 1,000,000 | 1,086,182 | |||||||||
| American Municipal Power, Inc. - American Municipal Power Combined Hydroelectric Revenue OH | 5.00% | 2/15/2043 | A1 | 1,000,000 | 1,084,689 | |||||||||
| Black Belt Energy Gas District AL | 3.782% (SOFR * .67 + 1.35% | )# | 12/1/2031 | A2 | 38,850,000 | 38,840,241 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 10/1/2052 | A2 | 13,270,000 | 13,310,995 | ||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2052 | Baa1 | 5,000,000 | 5,051,160 | ||||||||
| Black Belt Energy Gas District AL | 5.00% | 7/1/2033 | A2 | 41,150,000 | 43,127,105 | |||||||||
| Black Belt Energy Gas District AL | 5.00% | 1/1/2034 | A2 | 6,650,000 | 6,976,063 | |||||||||
| Black Belt Energy Gas District AL | 5.00% | 10/1/2035 | A2 | 42,165,000 | 44,483,388 | |||||||||
| Black Belt Energy Gas District AL | 5.00% | 12/1/2035 | AA- | 32,000,000 | 33,879,232 | |||||||||
| Black Belt Energy Gas District AL | 5.00% | 6/1/2036 | Baa2 | 27,500,000 | 28,915,293 | |||||||||
| Black Belt Energy Gas District AL | 5.00% | #(a) | 3/1/2055 | A1 | 25,000,000 | 26,670,037 | ||||||||
| Black Belt Energy Gas District AL | 5.00% | #(a) | 12/1/2055 | A1 | 14,500,000 | 15,454,723 | ||||||||
| Black Belt Energy Gas District AL† | 5.50% | #(a) | 11/1/2056 | BBB- | 20,230,000 | 21,783,203 | ||||||||
| California Community Choice Financing Authority | 3.888% (SOFR * .67 + 1.45% | )# | 4/1/2056 | A1 | 31,100,000 | 31,051,608 | ||||||||
| California Community Choice Financing Authority | 5.00% | 7/1/2035 | Aa2 | 3,235,000 | 3,563,953 | |||||||||
| California Community Choice Financing Authority | 5.00% | 3/1/2036 | Baa1 | 16,300,000 | 17,012,162 | |||||||||
| See Notes to Schedule of Investments. | 67 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 2/1/2055 | A1 | $ | 6,475,000 | $ | 6,902,870 | ||||||
| California Community Choice Financing Authority | 5.25% | 2/1/2036 | A3 | 5,250,000 | 5,753,347 | |||||||||
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP† | 5.00% | 7/1/2039 | Baa2 | 5,000,000 | 5,141,031 | |||||||||
| Central Valley Energy Authority CA | 5.00% | #(a) | 12/1/2055 | Aa3 | 18,505,000 | 19,832,430 | ||||||||
| Chautauqua County Capital Resource Corp. - NRG Energy Inc NY | 4.25% | #(a) | 4/1/2042 | BBB- | 7,250,000 | 7,367,824 | ||||||||
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.00% | 9/1/2039 | AA+ | 1,250,000 | 1,384,778 | |||||||||
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.00% | 9/1/2041 | AA+ | 1,500,000 | 1,657,265 | |||||||||
| City of Houston Combined Utility System Revenue TX | 4.00% | 11/15/2037 | Aa2 | 8,010,000 | 8,010,912 | |||||||||
| City of Houston Combined Utility System Revenue TX | 4.50% | 11/15/2038 | Aa2 | 3,225,000 | 3,230,615 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 3.15% | #(a) | 2/1/2055 | Aa3 | 2,000,000 | 1,995,251 | ||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 3.20% | #(a) | 2/1/2055 | Aa3 | 26,500,000 | 26,466,841 | ||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% | 2/1/2040 | Aa2 | 4,560,000 | 5,031,022 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% | 2/1/2041 | Aa2 | 2,000,000 | 2,194,459 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% | 2/1/2042 | Aa2 | 5,000,000 | 5,459,414 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% | 2/1/2042 | Aa2 | 1,980,000 | 2,161,928 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.25% | 2/1/2040 | Aa2 | 8,550,000 | 9,486,828 | |||||||||
| County of Hillsborough Utility Revenue FL | 3.00% | 8/1/2038 | Aaa | 3,110,000 | 2,862,659 | |||||||||
| County of Hillsborough Utility Revenue FL | 3.00% | 8/1/2039 | Aaa | 3,060,000 | 2,770,114 | |||||||||
| County of Hillsborough Utility Revenue FL | 3.00% | 8/1/2040 | Aaa | 5,540,000 | 4,929,127 | |||||||||
| 68 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| County of Trimble - Louisville Gas and Electric Co KY AMT | 4.70% | #(a) | 6/1/2054 | A1 | $ | 6,750,000 | $ | 6,808,872 | ||||||
| County of Washoe - Sierra Pacific Power Co NV | 4.125% | #(a) | 3/1/2036 | A | 5,500,000 | 5,599,669 | ||||||||
| Delaware State Economic Development Authority - NRG Energy Inc | 4.00% | #(a) | 10/1/2045 | BBB- | 15,500,000 | 15,688,086 | ||||||||
| Development Authority of Burke County - Georgia Power Co | 2.20% | 10/1/2032 | A | 1,000,000 | 898,503 | |||||||||
| Development Authority of Burke County - Oglethorpe Power Corp GA | 3.60% | #(a) | 11/1/2045 | A3 | 5,115,000 | 5,196,174 | ||||||||
| Energy Southeast A Cooperative District AL | 4.638% (SOFR * .67 + 2.20% | )# | 4/1/2054 | A1 | 5,000,000 | 5,083,595 | ||||||||
| Energy Southeast A Cooperative District AL | 5.25% | #(a) | 7/1/2054 | A1 | 14,000,000 | 15,082,794 | ||||||||
| Energy Southeast A Cooperative District AL | 5.75% | #(a) | 4/1/2054 | A1 | 3,400,000 | 3,740,310 | ||||||||
| Grand River Dam Authority OK | 5.00% | 6/1/2039 | AA- | 3,500,000 | 3,846,852 | |||||||||
| Indiana Municipal Power Agency | 5.00% | 1/1/2037 | A+ | 15,000,000 | 17,177,211 | |||||||||
| Indiana Municipal Power Agency | 5.00% | 1/1/2040 | A+ | 17,790,000 | 20,009,109 | |||||||||
| Kentucky Municipal Power Agency (NATL) | 5.00% | 9/1/2033 | Baa1 | 11,295,000 | 11,321,645 | |||||||||
| Kentucky Municipal Power Agency (NATL) | 5.00% | 9/1/2034 | Baa1 | 5,000,000 | 5,011,288 | |||||||||
| Kentucky Public Energy Authority | 4.00% | #(a) | 8/1/2052 | A1 | 18,770,000 | 19,053,868 | ||||||||
| Kentucky Public Energy Authority | 5.00% | 6/1/2034 | Baa1 | 15,000,000 | 15,603,645 | |||||||||
| Kentucky Public Energy Authority | 5.00% | 5/1/2036 | A1 | 14,000,000 | 14,763,468 | |||||||||
| Kentucky Public Energy Authority | 5.00% | #(a) | 1/1/2055 | A1 | 14,000,000 | 14,809,833 | ||||||||
| Kentucky Public Energy Authority | 5.25% | #(a) | 4/1/2054 | A1 | 10,000,000 | 10,707,397 | ||||||||
| Long Beach Bond Finance Authority CA | 4.051% (3 mo. USD Term SOFR * .67 + 1.43% | )# | 11/15/2026 | A1 | 4,000,000 | 4,007,992 | ||||||||
| Los Angeles Department of Water & Power Power System Revenue CA | 5.00% | 7/1/2032 | Aa3 | 4,000,000 | 4,432,743 | |||||||||
| Los Angeles Department of Water & Power Power System Revenue CA | 5.00% | 7/1/2039 | Aa3 | 7,000,000 | 7,784,694 | |||||||||
| See Notes to Schedule of Investments. | 69 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Los Angeles Department of Water & Power System Revenue CA | 5.00% | 7/1/2034 | Aa3 | $ | 10,000,000 | $ | 11,272,298 | |||||||
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% | 7/1/2035 | AA | 1,020,000 | 1,154,027 | |||||||||
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% | 7/1/2036 | AA | 700,000 | 787,168 | |||||||||
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% | 7/1/2037 | AA | 1,125,000 | 1,256,639 | |||||||||
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% | 7/1/2038 | AA | 1,500,000 | 1,664,572 | |||||||||
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% | 7/1/2039 | AA | 1,250,000 | 1,382,328 | |||||||||
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% | 7/1/2040 | AA | 1,500,000 | 1,651,020 | |||||||||
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% | 7/1/2041 | AA | 1,735,000 | 1,900,971 | |||||||||
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% | 7/1/2042 | AA | 1,500,000 | 1,637,118 | |||||||||
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | 5.00% | 5/15/2041 | A+ | 6,810,000 | 7,446,192 | |||||||||
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | 5.00% | 5/15/2042 | A+ | 4,400,000 | 4,781,763 | |||||||||
| Luzerne County Industrial Development Authority - Pennsylvania-American Water Co AMT | 2.45% | #(a) | 12/1/2039 | Aa3 | 4,000,000 | 3,786,203 | ||||||||
| Main Street Energy, Inc. GA(d) | 5.00% | 9/1/2036 | A3 | 8,250,000 | 8,675,009 | |||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 61,655,000 | 61,908,710 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 30,235,000 | 30,816,994 | ||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Co AZ | 3.60% | 2/1/2040 | Baa2 | 5,085,000 | 4,811,106 | |||||||||
| Maricopa County Pollution Control Corp. - El Paso Electric Co AZ | 3.60% | 4/1/2040 | Baa2 | 3,870,000 | 3,662,345 | |||||||||
| Minnesota Municipal Gas Agency | 5.00% | 9/1/2035 | Baa1 | 34,150,000 | 35,666,540 | |||||||||
| Montgomery County Industrial Development Authority - Constellation Energy Generation LLC PA | 4.10% | #(a) | 4/1/2053 | BBB+ | 6,500,000 | 6,665,269 | ||||||||
| Municipal Electric Authority of Georgia | 5.00% | 1/1/2039 | A2 | 1,500,000 | 1,653,364 | |||||||||
| 70 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Municipal Electric Authority of Georgia | 5.00% | 1/1/2040 | A2 | $ | 1,500,000 | $ | 1,641,073 | |||||||
| Municipal Electric Authority of Georgia | 5.00% | 1/1/2042 | A2 | 1,550,000 | 1,677,238 | |||||||||
| Municipal Electric Authority of Georgia (BAM) | 5.25% | 1/1/2041 | AA | 1,250,000 | 1,388,050 | |||||||||
| North Texas Municipal Water District Water System Revenue | 3.00% | 9/1/2038 | AAA | 4,825,000 | 4,422,262 | |||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(a) | 2/1/2054 | Aa1 | 10,000,000 | 10,763,028 | ||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(a) | 10/1/2054 | A1 | 15,000,000 | 16,102,621 | ||||||||
| Pennsylvania Economic Development Financing Authority - Talen Energy Supply LLC | 5.25% | #(a) | 12/1/2038 | B+ | 2,200,000 | 2,202,486 | ||||||||
| Pennsylvania Economic Development Financing Authority - Waste Management Inc AMT | 1.10% | #(a) | 6/1/2031 | A- | 5,000,000 | 4,964,937 | ||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2039 | A | 2,250,000 | 2,483,753 | |||||||||
| Philadelphia Gas Works Co. PA | 5.00% | 8/1/2042 | A | 2,000,000 | 2,171,541 | |||||||||
| Philadelphia Gas Works Co. PA (AG) | 5.25% | 8/1/2041 | AA | 2,000,000 | 2,264,838 | |||||||||
| Puerto Rico Electric Power Authority (AG) | 3.162% (3 mo. USD Term SOFR * .67 + 0.52% | )# | 7/1/2029 | AA | 2,530,000 | 2,494,265 | ||||||||
| Salt Verde Financial Corp. AZ | 5.50% | 12/1/2029 | A3 | 5,100,000 | 5,423,883 | |||||||||
| South Carolina Public Service Authority | 5.00% | 12/1/2037 | A- | 2,250,000 | 2,546,334 | |||||||||
| Southeast Alabama Gas Supply District AL | 5.00% | #(a) | 8/1/2054 | Aa3 | 10,000,000 | 10,653,589 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.00% | 11/1/2035 | Baa1 | 33,000,000 | 34,460,095 | |||||||||
| Southeast Energy Authority A Cooperative District AL(e) | 5.00% | #(a) | 1/1/2056 | A1 | 21,100,000 | 21,548,326 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.25% | #(a) | 11/1/2055 | A1 | 30,000,000 | 32,487,153 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(a) | 1/1/2053 | A1 | 5,000,000 | 5,326,298 | ||||||||
| Southern California Public Power Authority - Los Angeles Department of Water & Power Power System Revenue | 5.00% | 7/1/2041 | Aa3 | 21,755,000 | 24,198,726 | |||||||||
| See Notes to Schedule of Investments. | 71 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Southern California Public Power Authority - Los Angeles Department of Water & Power Power System Revenue | 5.00% | 7/1/2043 | Aa3 | $ | 14,345,000 | $ | 15,797,464 | |||||||
| Southern California Public Power Authority - Los Angeles Department of Water & Power Power System Revenue | 5.00% | 7/1/2044 | Aa3 | 8,150,000 | 8,917,586 | |||||||||
| Southern California Public Power Authority - Los Angeles Department of Water & Power Power System Revenue | 5.00% | 7/1/2045 | Aa3 | 10,200,000 | 11,038,887 | |||||||||
| Tennergy Corp. TN | 5.50% | #(a) | 10/1/2053 | Baa1 | 10,000,000 | 10,661,594 | ||||||||
| Tennessee Energy Acquisition Corp. | 5.625% | 9/1/2026 | BBB | (c) | 5,000,000 | 5,015,427 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. I | 6.25% | 12/15/2026 | A1 | 2,765,000 | 2,805,571 | |||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | #(a) | 1/1/2054 | A1 | 10,000,000 | 10,596,676 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. VI - Texas Municipal Gas Acquisition & Supply Corp VI | 5.00% | 1/1/2036 | A1 | 35,230,000 | 37,340,548 | |||||||||
| Texas Municipal Power Agency (AG) | 3.00% | 9/1/2036 | AA | 5,250,000 | 4,828,685 | |||||||||
| Texas Water Development Board - State Water Implementation Revenue Fund for Texas | 5.00% | 10/15/2036 | AAA | 2,450,000 | 2,743,832 | |||||||||
| Total | 1,156,517,696 | |||||||||||||
| Total Municipal Bonds (cost $5,500,730,188) | 5,562,338,248 | |||||||||||||
| WARRANTS 0.05% | ||||||||||||||
| Construction & Engineering 0.05% | ||||||||||||||
| BL Train Holdings West LLC* (cost $0) | 11.50% | 12/1/2035 | NR | 181,722 | 454,305 | |||||||||
| Desertxpress Enterprises LLC* (cost $0) | 1.00% | 4/30/2036 | NR | 849,847 | 2,124,617 | |||||||||
| Total | 2,578,922 | |||||||||||||
| Total Long-Term Investments (cost $5,505,815,536) | 5,570,081,828 | |||||||||||||
| 72 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND June 30, 2026
| Investments | Interest Rate# | Interest Rate Reset Date(f) | Final Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| SHORT-TERM INVESTMENTS 0.39% | ||||||||||||||||
| Variable Rate Demand Notes 0.39% | ||||||||||||||||
| Pollution Control 0.12% | ||||||||||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 3.000% | 7/1/2026 | 4/1/2040 | BBB+ | $ | 3,500,000 | $ | 3,500,000 | ||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 3.050% | 7/1/2026 | 4/1/2040 | BBB+ | 3,400,000 | 3,400,000 | ||||||||||
| Total | 6,900,000 | |||||||||||||||
| Utilities 0.27% | ||||||||||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 3.050% | 7/15/2026 | 6/15/2041 | AA+ | 14,800,000 | 14,800,000 | ||||||||||
| Total Variable Rate Demand Notes (cost $21,700,000) | 21,700,000 | |||||||||||||||
| Total Short-Term Investments (cost $21,700,000) | 21,700,000 | |||||||||||||||
| Total Investments in Securities 99.74% (cost $5,527,515,536) | 5,591,781,828 | |||||||||||||||
| Other Assets and Liabilities – Net 0.26% | 14,664,569 | |||||||||||||||
| Net Assets 100.00% | $ | 5,606,446,397 | ||||||||||||||
| AG | AG Insured by Assured Guaranty, Inc. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by Build America Mutual. | |
| COPS | Certificates of Participation. | |
| FHLMC | Insured by Federal Home Loan Mortgage Corporation. | |
| FNMA | Federal National Mortgage Association. | |
| GNMA | Government National Mortgage Association. | |
| GTD | Guaranteed. | |
| NATL | Insured by National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| PSF | Permanent School Fund. | |
| SIFMA | Insured by Securities Industry and Financial Markets Association. | |
| SOFR | Secured Overnight Financing Rate. | |
| ST INTERCEPT | Short Term State Aid Intercept. | |
| TRIPS | Tax Refund Intercept Programs. |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2026. | |
| † | 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, 2026, the total value of Rule 144A securities was $537,218,751, which represents 9.58% of net assets. | |
| * | Non-income producing security. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | Defaulted. |
| See Notes to Schedule of Investments. | 73 |
Schedule of Investments (unaudited)(concluded)
INTERMEDIATE TAX FREE FUND June 30, 2026
| (c) | This investment has been rated by Fitch IBCA. | |
| (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. | |
| (f) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
The following is a summary of the inputs used as of June 30, 2026 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 | $ | – | $ | 5,164,658 | $ | – | $ | 5,164,658 | ||||||||
| Municipal Bonds(3) | – | 5,562,338,248 | – | 5,562,338,248 | ||||||||||||
| Warrants | – | 2,578,922 | – | 2,578,922 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 21,700,000 | – | 21,700,000 | ||||||||||||
| Total | $ | – | $ | 5,591,781,828 | $ | – | $ | 5,591,781,828 | ||||||||
| (1) | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. | |
| (3) | Includes Municipal Bonds held in 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.
| 74 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 103.70% | ||||||||||||||
| MUNICIPAL BONDS 103.65% | ||||||||||||||
| Corporate-Backed 6.61% | ||||||||||||||
| Arkansas Development Finance Authority - United States Steel Corp AMT | 5.45% | 9/1/2052 | BB+ | $ | 3,500,000 | $ | 3,582,113 | |||||||
| Arkansas Development Finance Authority - US Steel Corp AMT | 5.70% | 5/1/2053 | BB+ | 4,600,000 | 4,768,749 | |||||||||
| Arkansas Development Finance Authority - Weyerhaeuser Co AMT | 3.875% | #(a) | 10/15/2065 | BBB | 3,750,000 | 3,790,255 | ||||||||
| Baldwin County Industrial Development Authority - Novelis Corp AL AMT† | 5.00% | #(a) | 6/1/2055 | BB | 17,000,000 | 17,677,253 | ||||||||
| California Infrastructure & Economic Development Bank - DesertXpress Enterprises LLC AMT† | 12.00% | #(a) | 1/1/2065 | NR | 14,065,000 | 9,212,575 | ||||||||
| City of Valparaiso - Pratt Paper LLC AMT IN† | 4.875% | 1/1/2044 | NR | 1,000,000 | 1,033,566 | |||||||||
| City of Valparaiso - Pratt Paper LLC IN AMT† | 5.00% | 1/1/2054 | NR | 5,200,000 | 5,230,465 | |||||||||
| City of Whiting - BP Products North America Inc IN AMT | 3.00% | 11/1/2051 | A1 | 6,295,000 | 4,604,257 | |||||||||
| Grapevine Wash Local District - Grapevine Wash Local District Assessment Area No 1 UT† | 5.25% | 12/1/2044 | NR | 8,000,000 | 8,068,273 | |||||||||
| Hoover Industrial Development Board - United States Steel Corp AL AMT | 5.75% | 10/1/2049 | BB+ | 5,240,000 | 5,403,454 | |||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 5.00% | #(a) | 12/1/2050 | AA+ | 24,000,000 | 27,152,290 | ||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 5.00% | 12/1/2050 | AA+ | 25,025,000 | 28,327,644 | |||||||||
| Jefferson County Port Authority - JSW Steel USA Ohio Inc OH† | 5.00% | #(a) | 12/1/2053 | Ba1 | 5,350,000 | 5,474,949 | ||||||||
| Lakewood Ranch Stewardship District Series 2025 Assessment Southeast FL | 6.00% | 5/1/2056 | NR | 3,565,000 | 3,776,826 | |||||||||
| Love Field Airport Modernization Corp. - Southwest Airlines Co TX | 5.00% | 11/1/2028 | BBB | 1,795,000 | 1,798,292 | |||||||||
| Maricopa County Industrial Development Authority - Commercial Metals Co AZ AMT† | 4.00% | 10/15/2047 | BB+ | 8,420,000 | 7,482,380 | |||||||||
| See Notes to Schedule of Investments. | 75 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Maryland Economic Development Corp Chesapeake Bay Conference Center(b) | 5.00% | 12/1/2016 | NR | $ | 855,000 | $ | 572,850 | |||||||
| Maryland Economic Development Corp. - Core Natural Resources Inc† | 5.00% | #(a) | 7/1/2048 | NR | 5,150,000 | 5,569,065 | ||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 4,540,000 | 4,547,277 | |||||||||
| Mobile County Industrial Development Authority - AM/NS Calvert LLC AL AMT | 5.00% | 6/1/2054 | BBB | 2,250,000 | 2,263,116 | |||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 4.875% | 11/1/2042 | B- | 5,475,000 | 5,125,724 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB+ | 3,685,000 | 3,690,143 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AG) | 3.00% | 1/1/2046 | AA | 17,455,000 | 14,214,425 | |||||||||
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 4,205,000 | 4,208,023 | |||||||||
| New York Liberty Development Corp. | 3.00% | 11/15/2051 | A+ | 24,950,000 | 18,234,431 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.00% | 11/15/2044 | NR | 7,500,000 | 7,507,443 | |||||||||
| New York Liberty Development Corp. - 7 World Trade Center II LLC | 3.00% | 9/15/2043 | Aaa | 27,180,000 | 23,047,846 | |||||||||
| New York Liberty Development Corp. - 7 World Trade Center II LLC | 3.125% | 9/15/2050 | Aaa | 6,000,000 | 4,587,761 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 5.125% | #(a) | 9/1/2050 | B+ | 1,000,000 | 1,055,703 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2031 | B+ | 4,250,000 | 4,250,172 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 700,000 | 732,370 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 3,000,000 | 3,131,779 | |||||||||
| Niagara Area Development Corp. - Reworld Holding Corp NY AMT† | 4.75% | 11/1/2042 | B- | 5,000,000 | 4,598,882 | |||||||||
| Ohio Air Quality Development Authority - AMG Vanadium LLC AMT† | 5.00% | 7/1/2049 | B3 | 13,110,000 | 12,292,091 | |||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.35% | 7/1/2040 | BB+ | 7,650,000 | 8,300,143 | |||||||||
| 76 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.35% | 10/1/2040 | BB+ | $ | 2,500,000 | $ | 2,712,331 | |||||||
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT† | 5.25% | 1/1/2054 | NR | 5,400,000 | 5,053,434 | |||||||||
| Port of Seattle Industrial Development Corp. - Delta Air Lines Inc WA AMT | 5.00% | 4/1/2030 | BBB- | 9,200,000 | 9,211,797 | |||||||||
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% | 7/1/2041 | NR | 5,095,000 | 4,819,716 | |||||||||
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.25% | 7/1/2054 | NR | 1,000,000 | 851,379 | |||||||||
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 15,055,000 | 15,060,211 | |||||||||
| Savannah Georgia Convention Center Authority (AG) | 5.50% | 6/1/2050 | AA | 1,000,000 | 1,071,294 | |||||||||
| State of Nevada Department of Business & Industry - DesertXpress Enterprises LLC AMT† | 12.00% | #(a) | 1/1/2065 | NR | 5,050,000 | 3,307,750 | ||||||||
| Tulsa Airports Improvement Trust - American Airlines Inc OK AMT | 5.50% | 6/1/2035 | NR | 5,000,000 | 5,001,091 | |||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Co AL† | 5.25% | 5/1/2044 | NR | 6,434,223 | 6,548,944 | |||||||||
| Virginia Small Business Financing Authority - Reworld Holding Corp AMT† | 5.00% | #(a) | 1/1/2048 | B- | 910,000 | 908,374 | ||||||||
| West Pace Cooperative District AL(b) | 9.125% | 5/1/2039 | NR | 4,900,000 | 2,450,000 | |||||||||
| Williamsburg Economic Development Authority - Provident Group - Williamsburg Properties LLC VA (AG) | 5.25% | 7/1/2053 | AA | 2,500,000 | 2,628,385 | |||||||||
| Total | 324,937,291 | |||||||||||||
| Education 11.95% | ||||||||||||||
| Brunswick City School District OH(c) | 5.50% | 12/1/2060 | A1 | 11,000,000 | 11,536,777 | |||||||||
| California Educational Facilities Authority - Loma Linda University | 5.00% | 4/1/2042 | A | 5,745,000 | 5,772,937 | |||||||||
| See Notes to Schedule of Investments. | 77 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| California Infrastructure & Economic Development Bank(c) | 5.25% | 5/15/2059 | AA | $ | 14,900,000 | $ | 15,886,027 | |||||||
| California School Finance Authority - Green Dot Public Schools Obligated Group† | 5.00% | 8/1/2045 | BBB- | 1,500,000 | 1,500,004 | |||||||||
| California State University | 3.00% | 11/1/2051 | Aa2 | 10,000,000 | 7,677,428 | |||||||||
| Camden County Improvement Authority - KIPP Cooper Norcross Obligated Group NJ | 6.00% | 6/15/2062 | BBB | 2,540,000 | 2,623,387 | |||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2048 | A | (d) | 7,250,000 | 7,630,233 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 6.10% | 4/1/2036 | A | (d) | 4,235,000 | 4,291,561 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL TCRS (BAM) | 5.00% | 4/1/2045 | AA | 2,500,000 | 2,600,669 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB+ | 15,510,000 | 12,767,191 | |||||||||
| City of Waltham MA GO | 2.00% | 10/15/2035 | AA+ | 4,920,000 | 4,237,057 | |||||||||
| City of Waltham MA GO | 2.00% | 10/15/2036 | AA+ | 5,015,000 | 4,287,155 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc (PSF-GTD) | 5.25% | 2/15/2049 | Aaa | 8,015,000 | 8,406,960 | |||||||||
| Cumberland County Municipal Authority - Dickinson College PA | 5.00% | 5/1/2056 | A+ | 15,000,000 | 15,499,825 | |||||||||
| District of Columbia - Catholic University of America/The | 5.75% | 10/1/2055 | A- | 5,000,000 | 5,330,435 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2045 | BBB+ | 2,275,000 | 2,302,575 | |||||||||
| Florida Development Finance Corp. - Mater Academy Inc | 5.00% | 6/15/2047 | BBB | 6,600,000 | 6,607,680 | |||||||||
| Florida Higher Educational Facilities Financing Authority - Keiser University Obligated Group† | 6.00% | 7/1/2045 | BB+ | 15,000,000 | 15,453,157 | |||||||||
| Florida Higher Educational Facilities Financing Authority - Keiser University Obligated Group† | 6.25% | 7/1/2055 | BB+ | 20,000,000 | 20,416,092 | |||||||||
| Great Oaks Career Campuses Board of Education OH | 3.00% | 12/1/2050 | Aa1 | 15,460,000 | 11,263,398 | |||||||||
| Homewood Educational Building Authority - Samford University AL | 5.00% | 12/1/2047 | Baa2 | 13,425,000 | 13,434,990 | |||||||||
| 78 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 4.00% | 9/1/2037 | Ba2 | $ | 3,135,000 | $ | 2,792,898 | |||||||
| Illinois Finance Authority - Illinois Institute of Technology | 4.00% | 9/1/2039 | Ba2 | 4,295,000 | 3,751,992 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2040 | Ba2 | 2,045,000 | 1,990,613 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology† | 5.875% | 9/1/2046 | BB+ | 3,000,000 | 3,006,160 | |||||||||
| Illinois Finance Authority - University of Chicago | 5.25% | 5/15/2048 | Aa2 | 7,500,000 | 7,907,353 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2038 | A- | 2,730,000 | 2,839,440 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2039 | A- | 2,870,000 | 2,974,923 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2040 | A- | 3,535,000 | 3,643,434 | |||||||||
| Iowa Higher Education Loan Authority - Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2047 | A- | 1,800,000 | 1,821,059 | |||||||||
| Iowa Higher Education Loan Authority - University of Dubuque | 5.00% | 10/1/2045 | BBB- | 1,725,000 | 1,739,580 | |||||||||
| Iowa Higher Education Loan Authority - University of Dubuque | 5.25% | 10/1/2040 | BBB- | 2,000,000 | 2,113,472 | |||||||||
| Iowa Higher Education Loan Authority - University of Dubuque | 6.00% | 10/1/2055 | BBB- | 10,275,000 | 10,815,236 | |||||||||
| Kentucky Bond Development Corp. - PRG Wildcats LLC | 4.50% | 10/31/2047 | A3 | 5,250,000 | 5,225,769 | |||||||||
| Kentucky Bond Development Corp. - PRG Wildcats LLC | 5.00% | 10/31/2044 | A3 | 1,750,000 | 1,889,248 | |||||||||
| Kentucky Bond Development Corp. - PRG Wildcats LLC | 5.25% | 10/31/2045 | A3 | 1,875,000 | 2,044,504 | |||||||||
| Kentucky Bond Development Corp. - PRG Wildcats LLC | 5.25% | 10/31/2046 | A3 | 1,630,000 | 1,767,670 | |||||||||
| Lamar Consolidated Independent School District TX(c) | 5.00% | 2/15/2059 | AAA | 14,715,000 | 15,386,988 | |||||||||
| Louisiana Public Facilities Authority - Tulane University | 4.00% | 4/1/2050 | A+ | 9,040,000 | 8,214,374 | |||||||||
| See Notes to Schedule of Investments. | 79 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Maryland Health & Higher Educational Facilities Authority(c) | 5.50% | 8/15/2054 | A | $ | 32,500,000 | $ | 34,102,078 | |||||||
| Massachusetts Development Finance Agency - Emerson College | 5.00% | 10/1/2043 | Baa3 | 8,000,000 | 7,903,833 | |||||||||
| Massachusetts Development Finance Agency - Emerson College | 5.25% | 1/1/2042 | BBB+ | 18,595,000 | 18,643,604 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 5.00% | 7/1/2032 | Baa3 | 3,750,000 | 3,773,925 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 5.00% | 7/1/2033 | Baa3 | 1,250,000 | 1,256,697 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 5.00% | 7/1/2034 | Baa3 | 1,600,000 | 1,608,043 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 5.25% | 7/1/2055 | Baa3 | 11,850,000 | 11,825,489 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 5.50% | 7/1/2045 | Baa3 | 5,100,000 | 5,370,639 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 6.00% | 7/1/2050 | Baa3 | 5,250,000 | 5,602,021 | |||||||||
| Massachusetts Development Finance Agency - Trustees of Boston University | 4.00% | 10/1/2048 | AA- | 4,225,000 | 3,984,574 | |||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - Lipscomb University Obligated Group TN | 5.25% | 10/1/2058 | BBB- | 5,165,000 | 5,019,978 | |||||||||
| Miami-Dade County Educational Facilities Authority - University of Miami FL | 5.00% | 4/1/2045 | A2 | 2,500,000 | 2,695,319 | |||||||||
| Miami-Dade County Educational Facilities Authority - University of Miami FL | 5.00% | 4/1/2046 | A2 | 2,500,000 | 2,670,417 | |||||||||
| Michigan State University | 5.25% | 2/15/2050 | AA | 8,000,000 | 8,610,324 | |||||||||
| Middlesex County Improvement Authority - Rutgers The State University of New Jersey(c) | 5.00% | 8/15/2053 | Aa3 | 15,000,000 | 15,758,362 | |||||||||
| Montebello Unified School District CA GO (AG) | 5.50% | 8/1/2047 | AA | 6,500,000 | 6,972,873 | |||||||||
| New York St Dorm Auth Revenues Nyshgr(c) | 5.25% | 7/1/2055 | AA- | 14,750,000 | 15,824,580 | |||||||||
| New York State Dormitory Authority - Cornell University | 5.50% | 7/1/2054 | Aa1 | 22,500,000 | 24,547,644 | |||||||||
| 80 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| 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 | BBB | $ | 5,000,000 | $ | 5,006,043 | |||||||
| New York State Dormitory Authority - Pace University | 5.50% | 5/1/2056 | BBB- | 13,175,000 | 13,601,041 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2042 | BBB- | 3,720,000 | 3,820,316 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2050 | BBB- | 5,855,000 | 5,869,240 | |||||||||
| Ohio Higher Educational Facility Commission - Oberlin College(c) | 5.25% | 10/1/2053 | AA- | 11,500,000 | 12,098,296 | |||||||||
| Ohio Higher Educational Facility Commission - Xavier University | 5.25% | 5/1/2049 | Baa3 | 2,805,000 | 2,816,703 | |||||||||
| Oklahoma Development Finance Authority - Oklahoma City University Obligated Group | 5.00% | 8/1/2049 | BBB- | 6,340,000 | 5,904,297 | |||||||||
| Onondaga Civic Development Corp.(c) | 5.50% | 12/1/2056 | AA- | 12,750,000 | 13,913,647 | |||||||||
| Pennsylvania State University(c) | 5.50% | 9/1/2055 | AA | 22,000,000 | 24,026,904 | |||||||||
| Private Colleges & Universities Authority - Emory University GA | 5.25% | 9/1/2045 | AA | 13,280,000 | 14,785,987 | |||||||||
| Public Finance Authority - Triad Math & Science Academy Co WI† | 5.00% | 6/15/2036 | BB+ | 12,000,000 | 12,273,968 | |||||||||
| Public Finance Authority - Triad Math & Science Academy Co WI | 5.25% | 6/15/2065 | BB+ | 2,000,000 | 1,876,017 | |||||||||
| Public Finance Authority - Triad Math & Science Academy Co WI | 5.50% | 6/15/2055 | BB+ | 1,050,000 | 1,043,551 | |||||||||
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2038 | BBB- | 2,220,000 | 2,215,009 | |||||||||
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ† | 5.00% | 6/15/2054 | NR | 700,000 | 621,108 | |||||||||
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ† | 5.00% | 6/15/2059 | NR | 700,000 | 609,374 | |||||||||
| Town of Davie - Nova Southeastern University Inc FL | 5.00% | 4/1/2048 | A- | 3,000,000 | 3,027,093 | |||||||||
| University of Connecticut | 5.25% | 11/15/2047 | Aa3 | 8,080,000 | 8,419,440 | |||||||||
| University of Illinois (AG) | 4.00% | 4/1/2038 | AA | 4,965,000 | 4,989,918 | |||||||||
| University of North Carolina at Wilmington | 5.00% | 6/1/2037 | A1 | 7,055,000 | 7,068,852 | |||||||||
| See Notes to Schedule of Investments. | 81 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| University of Oregon TCRS (BAM) | 3.50% | 4/1/2052 | AA | $ | 5,000,000 | $ | 4,146,100 | |||||||
| Washington State Housing Finance Commission - Seattle Academy of Arts & Sciences† | 6.125% | 7/1/2053 | BBB | 2,850,000 | 3,031,909 | |||||||||
| Washington State Housing Finance Commission - Seattle Academy of Arts & Sciences† | 6.375% | 7/1/2063 | BBB | 1,170,000 | 1,251,845 | |||||||||
| Total | 588,037,309 | |||||||||||||
| Electric Revenue Bonds 0.32% | ||||||||||||||
| City of San Antonio TX Electric & Gas Systems Revenue(c) | 5.00% | 2/1/2054 | Aa2 | 15,000,000 | 15,531,337 | |||||||||
| Energy 0.08% | ||||||||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2038 | A1 | 3,745,000 | 4,056,407 | |||||||||
| Financial Services 0.08% | ||||||||||||||
| Massachusetts Educational Financing Authority AMT | 4.125% | 7/1/2046 | BBB | 4,725,000 | 4,195,533 | |||||||||
| General Obligation 12.68% | ||||||||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 1/1/2054 | Baa1 | 41,700,000 | 44,176,075 | ||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2040 | BB+ | 2,600,000 | 2,365,169 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2041 | BB+ | 11,000,000 | 9,947,144 | |||||||||
| Chicago Board of Education IL GO | 5.75% | 12/1/2050 | BB+ | 3,500,000 | 3,566,387 | |||||||||
| Chicago Board of Education IL GO | 5.875% | 12/1/2047 | BB+ | 3,750,000 | 3,847,508 | |||||||||
| Chicago Board of Education IL GO | 6.00% | 12/1/2044 | BB+ | 4,500,000 | 4,818,543 | |||||||||
| Chicago Board of Education IL GO | 6.00% | 12/1/2049 | BB+ | 10,260,000 | 10,626,501 | |||||||||
| Chicago Board of Education IL GO | 6.25% | 12/1/2050 | BB+ | 3,250,000 | 3,451,986 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2039 | BBB | 2,125,000 | 2,222,610 | |||||||||
| City of Chicago IL GO | 5.50% | 1/1/2049 | BBB | 2,240,000 | 2,252,487 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2050 | BBB | 8,500,000 | 8,960,198 | |||||||||
| City of Horace ND GO | 4.50% | 5/1/2039 | Ba1 | 1,250,000 | 1,266,579 | |||||||||
| City of Horace ND GO | 4.75% | 5/1/2044 | Ba1 | 1,100,000 | 1,101,239 | |||||||||
| City of Miami Beach FL GO | 4.00% | 5/1/2049 | AA+ | 10,000,000 | 9,208,061 | |||||||||
| City of New York NY GO | 5.25% | 9/1/2043 | AA | 6,500,000 | 7,037,615 | |||||||||
| City of New York NY GO | 5.50% | 5/1/2046 | AA | 2,675,000 | 2,872,966 | |||||||||
| City of New York NY GO TCRS (BAM) | 3.00% | 3/1/2051 | AA | 5,000,000 | 3,755,159 | |||||||||
| 82 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Commonwealth of Massachusetts GO | 5.00% | 4/1/2042 | AA+ | $ | 1,740,000 | $ | 1,937,260 | |||||||
| Commonwealth of Massachusetts GO | 5.00% | 4/1/2043 | AA+ | 2,000,000 | 2,217,179 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 8,782,789 | 8,819,847 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 15,000,000 | 13,759,539 | |||||||||
| County of Anne Arundel MD GO | 3.00% | 10/1/2044 | AAA | 7,415,000 | 6,393,091 | |||||||||
| County of Harris TX GO | 4.00% | 9/15/2049 | Aaa | 9,500,000 | 8,987,361 | |||||||||
| County of Pasco - State of Florida Cigarette Tax Revenue (AG) | 5.75% | 9/1/2054 | AA | 4,770,000 | 5,154,453 | |||||||||
| El Paso County Hospital District TX GO (AG) | 5.50% | 2/15/2055 | AA | 12,000,000 | 12,761,988 | |||||||||
| Forney Independent School District TX GO (PSF-GTD) | 3.00% | 2/15/2045 | AAA | 6,050,000 | 5,057,010 | |||||||||
| Grant County Public Hospital District No. 1 WA GO | 5.125% | 12/1/2048 | Baa2 | 5,000,000 | 5,054,276 | |||||||||
| Harris County Hospital District GENERAL OBLIGATION Ltd. | 5.00% | 2/15/2048 | Aa1 | 5,575,000 | 5,933,062 | |||||||||
| Harris County Hospital District TX GO | 5.00% | 2/15/2047 | Aa1 | 4,300,000 | 4,610,647 | |||||||||
| Jackson County Reorganized School District No. 7 MO GO | 5.00% | 3/1/2046 | AA | 5,500,000 | 5,931,960 | |||||||||
| King County Public Hospital District No. 2 WA GO | 5.50% | 12/1/2054 | A1 | 12,500,000 | 13,424,282 | |||||||||
| Long Beach Unified School District CA GO | 4.00% | 8/1/2047 | Aa2 | 4,840,000 | 4,839,008 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AG) | 5.25% | 7/1/2048 | AA | 2,000,000 | 2,142,195 | |||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AG) | 5.25% | 7/1/2048 | AA | 3,980,000 | 4,249,745 | |||||||||
| Metropolitan Pier & Exposition Authority - State of Illinois McCormick Place Expansion Project Fund | 4.00% | 6/15/2050 | A | 30,725,000 | 27,404,924 | |||||||||
| Metropolitan Pier & Exposition Authority IL (AG) | 4.00% | 6/15/2050 | AA | 6,000,000 | 5,391,278 | |||||||||
| New Jersey Economic Development Authority - New Jersey Transit Corp | 5.25% | 11/1/2047 | A1 | 11,050,000 | 11,748,762 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2041 | A1 | 6,250,000 | 6,868,113 | |||||||||
| See Notes to Schedule of Investments. | 83 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2042 | A1 | $ | 2,000,000 | $ | 2,189,211 | |||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2045 | AAA | 7,500,000 | 8,218,538 | |||||||||
| New York State Thruway Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2048 | AA+ | 19,635,000 | 15,341,742 | |||||||||
| New York State Thruway Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | AA+ | 7,085,000 | 5,501,847 | |||||||||
| New York State Thruway Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2051 | AA+ | 4,110,000 | 3,133,958 | |||||||||
| New York State Urban Development Corp. - State of New York Sales Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 4,970,000 | 3,772,988 | |||||||||
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 6.00% | 6/30/2061 | Baa2 | 33,470,000 | 35,660,481 | |||||||||
| Resort Core Public Infrastructure District No. 1 UT GO | 5.375% | 3/1/2046 | NR | 4,500,000 | 4,563,300 | |||||||||
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue CA | 3.00% | 7/1/2044 | AA+ | 6,505,000 | 5,597,338 | |||||||||
| Santa Barbara Community College District CA GO | 6.00% | 8/1/2055 | AA+ | 6,810,000 | 7,808,870 | |||||||||
| School Board of Miami-Dade County FL GO | 4.00% | 3/15/2047 | AA- | 39,515,000 | 36,692,708 | |||||||||
| School District of Philadelphia PA GO (ST AID WITHHLDG) | 5.00% | 9/1/2045 | Aa3 | 1,800,000 | 1,957,792 | |||||||||
| School District of Philadelphia PA GO (ST AID WITHHLDG) | 5.00% | 9/1/2046 | Aa3 | 1,800,000 | 1,942,629 | |||||||||
| School District of Philadelphia PA GO (ST AID WITHHLDG) | 5.00% | 9/1/2047 | Aa3 | 3,100,000 | 3,321,559 | |||||||||
| School District of Philadelphia PA GO (ST AID WITHHLDG) | 5.00% | 9/1/2048 | Aa3 | 2,000,000 | 2,124,768 | |||||||||
| St. Louis County Reorganized School District No. R-6 MO GO | 3.35% | 2/1/2037 | AAA | 6,350,000 | 6,263,474 | |||||||||
| 84 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| St. Louis County Reorganized School District No. R-6 MO GO | 3.40% | 2/1/2038 | AAA | $ | 6,150,000 | $ | 6,043,564 | |||||||
| State of California GO | 5.00% | 10/1/2047 | Aa2 | 7,330,000 | 8,021,124 | |||||||||
| State of Connecticut GO | 3.00% | 11/15/2042 | Aa2 | 4,000,000 | 3,556,608 | |||||||||
| State of Connecticut GO | 3.00% | 11/15/2043 | Aa2 | 2,800,000 | 2,458,356 | |||||||||
| State of Illinois GO | 4.00% | 11/1/2037 | A2 | 6,810,000 | 6,792,460 | |||||||||
| State of Illinois GO | 4.00% | 10/1/2042 | A2 | 5,000,000 | 4,804,234 | |||||||||
| State of Illinois GO | 4.00% | 10/1/2044 | A2 | 5,000,000 | 4,725,685 | |||||||||
| State of Illinois GO | 4.25% | 5/1/2046 | A2 | 4,750,000 | 4,529,371 | |||||||||
| State of Illinois GO | 5.00% | 1/1/2035 | A2 | 6,200,000 | 6,206,973 | |||||||||
| State of Illinois GO | 5.00% | 12/1/2035 | A2 | 2,145,000 | 2,195,147 | |||||||||
| State of Illinois GO | 5.00% | 5/1/2038 | A2 | 4,515,000 | 4,624,614 | |||||||||
| State of Illinois GO | 5.00% | 1/1/2041 | A2 | 3,580,000 | 3,582,516 | |||||||||
| State of Illinois GO | 5.00% | 9/1/2041 | A2 | 10,000,000 | 10,705,667 | |||||||||
| State of Illinois GO | 5.00% | 5/1/2043 | A2 | 3,000,000 | 3,051,268 | |||||||||
| State of Illinois GO | 5.00% | 12/1/2048 | A2 | 10,000,000 | 10,205,455 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2045 | A2 | 2,500,000 | 2,647,007 | |||||||||
| State of Illinois GO | 5.25% | 9/1/2047 | A2 | 30,000,000 | 31,333,926 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2039 | A2 | 8,250,000 | 8,765,241 | |||||||||
| State of Illinois GO | 5.50% | 10/1/2039 | A2 | 6,000,000 | 6,574,441 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2042 | A2 | 5,250,000 | 5,665,182 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2047 | A2 | 18,425,000 | 19,396,814 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2047 | A2 | 11,165,000 | 11,758,769 | |||||||||
| State of Illinois GO | 5.75% | 5/1/2045 | A2 | 2,600,000 | 2,748,607 | |||||||||
| Union County Utilities Authority - Covanta Union LLC NJ AMT | 4.75% | 12/1/2031 | AA+ | 3,680,000 | 3,681,040 | |||||||||
| Waco Independent School District TX GO (PSF-GTD) | 4.00% | 8/15/2047 | AAA | 7,500,000 | 7,189,834 | |||||||||
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 4.00% | 2/15/2048 | AAA | 5,000,000 | 4,754,111 | |||||||||
| Washington State Convention Center Public Facilities District | 5.00% | 7/1/2048 | A3 | 7,000,000 | 7,034,637 | |||||||||
| Washington Township Health Care District CA GO | 5.50% | 8/1/2053 | AA | 2,000,000 | 2,148,812 | |||||||||
| Total | 623,454,873 | |||||||||||||
| See Notes to Schedule of Investments. | 85 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care 15.80% | ||||||||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2041 | BBB- | $ | 3,000,000 | $ | 2,963,216 | |||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2046 | BBB- | 2,615,000 | 2,491,721 | |||||||||
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2049 | BBB | 3,950,000 | 4,038,941 | |||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 8,008,000 | 6,051,605 | |||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 16,473,000 | 15,746,579 | |||||||||
| Brevard County Health Facilities Authority - Health First Inc Obligated Group FL | 5.00% | 4/1/2041 | A | 6,065,000 | 6,381,207 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hospital/ Sellersville Obligated Group PA | 4.00% | 7/1/2051 | BBB+ | 3,500,000 | 3,062,080 | |||||||||
| Build NYC Resource Corp. - RiverSpring Health Senior Living Inc Obligated Group NY† | 7.00% | 12/15/2065 | NR | 9,000,000 | 9,163,076 | |||||||||
| California Health Facilities Financing Authority - Cedars-Saini Medical Center Obligated Group | 3.00% | 8/15/2051 | AA- | 5,565,000 | 4,209,437 | |||||||||
| California Municipal Finance Authority - Community Health Centers of The Central Coast Inc | 5.75% | 12/1/2055 | BBB | (d) | 5,000,000 | 5,308,346 | ||||||||
| California Municipal Finance Authority - Community Hospitals of Central California Obligated Group | 5.00% | 2/1/2047 | BBB+ | 6,940,000 | 6,951,733 | |||||||||
| California Public Finance Authority - Sharp Healthcare Obligated Group | 4.00% | 8/1/2047 | AA | 13,480,000 | 12,697,474 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group† | 5.25% | 12/1/2043 | BB+ | 4,510,000 | 4,604,927 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group | 5.50% | 12/1/2054 | BB+ | 6,875,000 | 6,877,604 | |||||||||
| 86 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| 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+ | $ | 4,500,000 | $ | 4,501,085 | |||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.50% | 12/1/2058 | BB+ | 3,375,000 | 3,414,852 | |||||||||
| Chattanooga Health Educational & Housing Facility Board - Erlanger Health Obligated Group TN | 5.25% | 12/1/2054 | A | 20,000,000 | 20,889,046 | |||||||||
| City of Tampa - H Lee Moffitt Cancer Center & Research Institute Obligated Group FL | 4.00% | 7/1/2045 | A | 7,400,000 | 6,980,869 | |||||||||
| Colorado Health Facilities Authority - AdventHealth Obligated Group | 4.00% | 11/15/2048 | AA | 5,000,000 | 4,495,280 | |||||||||
| Colorado Health Facilities Authority - CommonSpirit Health Obligated Group | 5.50% | 11/1/2047 | A- | 4,390,000 | 4,672,345 | |||||||||
| Columbia County Hospital Authority - WellStar Health System Obligated Group GA | 5.75% | 4/1/2053 | A+ | 2,670,000 | 2,878,824 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Nuvance Health Obligated Group | 4.00% | 7/1/2041 | BBB+ | 9,920,000 | 9,573,066 | |||||||||
| Connecticut State Health & Educational Facilities Authority - Nuvance Health Obligated Group | 4.00% | 7/1/2049 | BBB+ | 3,875,000 | 3,598,973 | |||||||||
| County of Cuyahoga - MetroHealth System OH | 5.50% | 2/15/2052 | BBB- | 8,925,000 | 8,936,394 | |||||||||
| County of Cuyahoga - MetroHealth System/The OH | 5.00% | 2/15/2057 | BBB- | 5,185,000 | 4,916,609 | |||||||||
| County of Muskingum - Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2044 | BB+ | 2,650,000 | 2,650,220 | |||||||||
| Cumberland County Municipal Authority - Penn State Health Obligated Group PA | 3.00% | 11/1/2038 | A | 4,315,000 | 3,916,359 | |||||||||
| Denver Health & Hospital Authority CO | 5.125% | 12/1/2050 | BBB | 1,000,000 | 1,007,605 | |||||||||
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 700,000 | 700,329 | |||||||||
| Denver Health & Hospital Authority CO | 6.00% | 12/1/2055 | BBB | 3,050,000 | 3,287,029 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 5.00% | 7/1/2046 | BBB+ | 6,275,000 | 6,274,858 | |||||||||
| See Notes to Schedule of Investments. | 87 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Genesee County Funding Corp. - Monroe Sustainable Energy Partners LLC NY | 5.50% | 12/1/2055 | BBB+ | $ | 8,500,000 | $ | 8,924,424 | |||||||
| Genesee County Funding Corp. - Rochester Regional Health Obligated NY | 5.25% | 12/1/2052 | BBB+ | 4,000,000 | 4,076,602 | |||||||||
| Greater Texas Cultural Education Facilities Finance Corp. - Texas Biomedical Research Institute TX | 5.00% | 6/1/2043 | Baa2 | 4,720,000 | 4,845,500 | |||||||||
| Greenville Health System - Prisma Health Obligated Group SC | 5.00% | 5/1/2034 | A+ | 3,970,000 | 3,977,344 | |||||||||
| Illinois Finance Authority - University of Chicago Medical Center Obligated Group | 4.00% | 8/15/2041 | A+ | 5,000,000 | 4,968,255 | |||||||||
| Illinois Finance Authority - Northwestern Memorial Healthcare Obligated Group | 4.00% | 7/15/2047 | AA+ | 5,405,000 | 4,893,631 | |||||||||
| Iowa Finance Authority - Lifespace Communities Inc Obligated Group | 4.00% | 5/15/2053 | BBB | (d) | 4,645,000 | 3,802,929 | ||||||||
| Iowa Finance Authority - Lifespace Communities Inc Obligated Group | 4.125% | 5/15/2038 | BBB | (d) | 3,270,000 | 3,197,385 | ||||||||
| Isle of Weight County Economic Development Authority - Riverside Healthcare Association Obligated Group VA (AG) | 5.25% | 7/1/2048 | AA | 3,000,000 | 3,147,088 | |||||||||
| Lee County Industrial Development Authority - Cypress Cove at Healthpark Florida Obligated Group FL†(e) | 5.25% | 10/1/2044 | BB+ | (d) | 1,250,000 | 1,281,141 | ||||||||
| Lee County Industrial Development Authority - Lee Health System Inc Obligated Group FL | 4.00% | 4/1/2049 | A+ | 5,500,000 | 4,919,338 | |||||||||
| Louisiana Public Facilities Authority - Ochsner Clinic Foundation Obligated Group | 5.50% | 5/15/2055 | A | 5,000,000 | 5,338,912 | |||||||||
| Louisville/Jefferson County Metropolitan Government - Norton Healthcare Obligated Group KY | 5.00% | 10/1/2041 | A | 3,200,000 | 3,427,382 | |||||||||
| Lynchburg Economic Development Authority - Centra Health Obligated Group VA | 5.25% | 1/1/2046 | A3 | 2,125,000 | 2,296,051 | |||||||||
| 88 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Lynchburg Economic Development Authority - Centra Health Obligated Group VA | 5.25% | 1/1/2047 | A3 | $ | 2,100,000 | $ | 2,250,605 | |||||||
| Maricopa County Industrial Development Authority - Banner Health Obligated Group AZ | 4.00% | 1/1/2045 | AA- | 7,310,000 | 6,840,851 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Adventist Healthcare Obligated Group | 5.00% | 1/1/2036 | Baa3 | 3,290,000 | 3,432,183 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Adventist Healthcare Obligated Group | 5.50% | 1/1/2046 | Baa3 | 17,990,000 | 18,105,314 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Mercy Medical Center Obligated Group | 5.00% | 7/1/2036 | A- | 1,320,000 | 1,320,938 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - Mercy Medical Center Obligated Group MD | 5.00% | 7/1/2038 | A- | 2,250,000 | 2,251,396 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - TidalHealth Obligated Group (AG) | 5.25% | 7/1/2050 | AA | 6,000,000 | 6,333,403 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - UPMC Obligated Group | 4.00% | 4/15/2050 | A | 6,200,000 | 5,666,804 | |||||||||
| Massachusetts Development Finance Agency - Beth Israel Lahey Health Obligated Group (AG) | 5.50% | 7/1/2055 | AA | 18,130,000 | 19,594,656 | |||||||||
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2033 | BBB- | 2,575,000 | 2,576,518 | |||||||||
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2037 | BBB- | 4,030,000 | 4,031,731 | |||||||||
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.25% | 7/1/2048 | BBB- | 2,600,000 | 2,633,760 | |||||||||
| Massachusetts Development Finance Agency - Dana-Farber Cancer Institute Obligated Group | 5.50% | 12/1/2051 | A | 21,665,000 | 23,569,208 | |||||||||
| See Notes to Schedule of Investments. | 89 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| 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 | $ | 1,948,245 | |||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 4.00% | 7/1/2044 | BBB- | 5,380,000 | 4,760,387 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2039 | BBB- | 2,250,000 | 2,265,405 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2044 | BBB- | 3,140,000 | 3,151,257 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.50% | 10/1/2045 | BBB- | 3,640,000 | 3,813,183 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 6.00% | 10/1/2049 | BBB- | 6,250,000 | 6,868,364 | |||||||||
| Medical University Hospital Authority SC (FHA) | 5.25% | 11/15/2050 | AA+ | 12,745,000 | 13,252,138 | |||||||||
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.50% | 2/28/2049 | A3 | 3,100,000 | 3,280,996 | |||||||||
| Minnesota Agricultural & Economic Development Board - Fairview Health Services Obligated Group | 5.00% | 11/15/2043 | BBB+ | 4,340,000 | 4,641,579 | |||||||||
| Minnesota Agricultural & Economic Development Board - Fairview Health Services Obligated Group | 5.00% | 11/15/2044 | BBB+ | 7,820,000 | 8,317,041 | |||||||||
| Monroe County Hospital Authority - Centurion Foundation Lehigh Valley LLC PA† | 5.10% | 6/15/2039 | NR | 10,000,000 | 10,024,597 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson University Obligated Group PA | 4.00% | 9/1/2049 | A | 3,960,000 | 3,538,045 | |||||||||
| Montgomery County Higher Education & Health Authority - Thomas Jefferson University Obligated Group PA (AG) | 4.00% | 5/1/2056 | AA | 4,020,000 | 3,556,326 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2029 | A- | 1,000,000 | 1,005,962 | |||||||||
| 90 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| 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% | 7/1/2030 | A- | $ | 580,000 | $ | 582,036 | |||||||
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2031 | A- | 1,620,000 | 1,625,040 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2034 | A- | 1,100,000 | 1,102,802 | |||||||||
| Nebraska Educational Health Cultural & Social Services Finance Authority - Immanuel Retirement Communities Obligated Group | 4.00% | 1/1/2044 | AA | (d) | 3,500,000 | 3,365,244 | ||||||||
| New Hampshire Business Finance Authority | 5.43% | 8/15/2035 | NR | 4,035,000 | 4,130,818 | |||||||||
| New Hampshire Business Finance Authority - Centurion Foundation Wilkens Avenue LLC | 5.00% | 9/15/2035 | NR | 3,680,000 | 3,642,632 | |||||||||
| New Hampshire Business Finance Authority - NFA UH SPV LLC† | 5.625% | 12/15/2033 | NR | 1,765,000 | 1,806,822 | |||||||||
| New Hampshire Business Finance Authority - NFA UH SPV LLC† | 6.25% | 12/15/2038 | NR | 1,570,000 | 1,637,951 | |||||||||
| New Hampshire Business Finance Authority - Novant Health Obligated Group | 5.50% | 6/1/2050 | A+ | 20,925,000 | 22,213,005 | |||||||||
| New Hampshire Health & Education Facilities Authority Act - Dartmouth Health Obligated Group | 5.50% | 8/1/2050 | A | 21,000,000 | 22,672,782 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 4.00% | 7/1/2048 | BBB- | 8,345,000 | 7,530,645 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2031 | Ba3 | 1,300,000 | 1,299,970 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2040 | Ba3 | 1,300,000 | 1,257,758 | |||||||||
| See Notes to Schedule of Investments. | 91 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2038 | BBB- | $ | 4,900,000 | $ | 4,632,867 | |||||||
| New York State Dormitory Authority - Northwell Health Obligated Group(c) | 5.00% | 5/1/2052 | A- | 33,500,000 | 34,242,460 | |||||||||
| New York State Dormitory Authority - NYU Langone Hospitals Obligated Group | 4.00% | 7/1/2050 | A+ | 14,330,000 | 12,986,577 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.25% | 10/1/2049 | BBB- | 3,000,000 | 3,128,140 | |||||||||
| Niagara Area Development Corp. - Catholic Health System Obligated Group NY | 4.50% | 7/1/2052 | B | 2,475,000 | 2,083,393 | |||||||||
| Niagara Area Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B | 1,500,000 | 1,364,016 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.25% | 8/15/2048 | BB+ | 4,660,000 | 4,685,916 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2052 | BB+ | 10,015,000 | 10,074,428 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2057 | BB+ | 10,345,000 | 10,392,548 | |||||||||
| Orange County Health Facilities Authority - Orlando Health Obligated Group (AG) | 4.00% | 10/1/2049 | AA | 7,320,000 | 6,779,394 | |||||||||
| Oregon State Facilities Authority - Providence St Joseph Health Obligated Group | 5.00% | 10/1/2045 | A | 7,000,000 | 7,002,194 | |||||||||
| Palm Beach County Health Facilities Authority - Baptist Health South Obligated Group FL | 4.00% | 8/15/2049 | AA- | 6,925,000 | 6,188,806 | |||||||||
| Palm Beach County Health Facilities Authority - Lifespace Communities Inc Obligated Group FL | 5.125% | 5/15/2046 | BBB | (d) | 750,000 | 764,321 | ||||||||
| Palm Beach County Health Facilities Authority - Lifespace Communities Inc Obligated Group FL | 5.50% | 5/15/2051 | BBB | (d) | 1,600,000 | 1,637,522 | ||||||||
| 92 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Palm Beach County Health Facilities Authority - Lifespace Communities Inc Obligated Group FL | 5.625% | 5/15/2061 | BBB | (d) | $ | 2,200,000 | $ | 2,241,373 | ||||||
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | CCC+ | 11,025,000 | 11,026,434 | |||||||||
| Pennsylvania Economic Development Financing Authority - UPMC Obligated Group | 4.00% | 5/15/2048 | A | 3,500,000 | 3,230,602 | |||||||||
| Pennsylvania Higher Educational Facilities Authority - Thomas Jefferson University Obligated Group | 5.50% | 11/1/2054 | A | 16,750,000 | 17,528,406 | |||||||||
| Pennsylvania Higher Educational Facilities Authority - University of Pennsylvania Health System Obligated Group/The | 5.00% | 8/15/2042 | AA | 3,455,000 | 3,512,460 | |||||||||
| Pennsylvania Higher Educational Facilities Authority - University of Pennsylvania Health System Obligated Group/The | 5.50% | 8/15/2055 | AA | 4,150,000 | 4,521,289 | |||||||||
| Philadelphia Authority for Industrial Development - Greater Philadelphia Health Action Inc PA | 5.75% | 6/1/2050 | BBB- | (d) | 1,000,000 | 1,042,485 | ||||||||
| Philadelphia Authority for Industrial Development - Greater Philadelphia Health Action Inc PA | 6.00% | 6/1/2045 | BBB- | (d) | 1,350,000 | 1,470,953 | ||||||||
| 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 | 1,917,219 | |||||||||
| Roanoke Economic Development Authority - Carilion Clinic Obligated Group VA | 3.00% | 7/1/2045 | AA- | 20,870,000 | 16,478,595 | |||||||||
| Rockingham County Economic Development Authority - Sentara Healthcare Obligated Group VA | 3.00% | 11/1/2046 | AA | 4,750,000 | 3,762,934 | |||||||||
| Rockland County Economic Assistance Corp. - Bon Secours Health System Inc Obligated Group NY | 6.50% | 11/1/2030 | NR | 7,000,000 | 7,223,005 | |||||||||
| Rockland County Economic Assistance Corp. - Bon Secours Health System Inc Obligated Group NY | 7.25% | 11/1/2045 | NR | 2,500,000 | 2,795,585 | |||||||||
| See Notes to Schedule of Investments. | 93 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Skagit County Public Hospital District No. 1 WA | 5.50% | 12/1/2054 | Baa3 | $ | 3,720,000 | $ | 3,817,368 | |||||||
| South Broward Hospital District Obligated Group FL TCRS (BAM) | 3.00% | 5/1/2051 | AA | 5,265,000 | 4,007,356 | |||||||||
| South Carolina Jobs-Economic Development Authority - Novant Health Obligated Group | 5.50% | 11/1/2046 | A+ | 9,500,000 | 10,388,495 | |||||||||
| South Carolina Jobs-Economic Development Authority - Novant Health Obligated Group | 5.50% | 11/1/2054 | A+ | 29,640,000 | 31,626,322 | |||||||||
| State of Ohio - Premier Health Partners Obligated | 4.00% | 11/15/2039 | Baa1 | 2,640,000 | 2,551,711 | |||||||||
| Tarrant County Cultural Education Facilities Finance Corp TX(c) | 5.00% | 7/1/2053 | A1 | 9,550,000 | 9,743,320 | |||||||||
| Virginia Small Business Financing Authority - Mary Washington Healthcare Obligated Group | 5.25% | 6/15/2050 | A3 | 5,000,000 | 5,254,821 | |||||||||
| Virginia Small Business Financing Authority - Mary Washington Healthcare Obligated Group | 5.25% | 6/15/2055 | A3 | 8,500,000 | 8,874,581 | |||||||||
| Washington Health Care Facilities Authority - Overlake Hospital Medical Center Obligated Group | 5.00% | 7/1/2038 | A | 4,000,000 | 4,001,007 | |||||||||
| West Virginia Hospital Finance Authority - Vandalia Health Inc Obligated Group | 6.00% | 9/1/2048 | BBB+ | 2,060,000 | 2,238,465 | |||||||||
| West Virginia Hospital Finance Authority - Vandalia Health Inc Obligated Group | 6.00% | 9/1/2053 | BBB+ | 3,250,000 | 3,487,980 | |||||||||
| Westchester County Health Care Corp Obligated Group NY | 6.00% | 11/1/2030 | BB | 95,000 | 95,127 | |||||||||
| Westchester County Health Care Corp Obligated Group NY | 6.125% | 11/1/2037 | BB | 30,000 | 30,021 | |||||||||
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.00% | 11/1/2051 | AA | 2,750,000 | 2,805,467 | |||||||||
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2048 | AA | 1,750,000 | 1,900,287 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Ascension Health Credit Group | 4.00% | 11/15/2046 | AA | 5,045,000 | 4,650,302 | |||||||||
| 94 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | $ | 2,745,000 | $ | 2,717,126 | |||||||
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 910,000 | 900,760 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.50% | 2/15/2054 | A+ | 9,750,000 | 10,230,682 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Sauk-Prairie Memorial Hospital Inc Obligated Group | 5.375% | 2/1/2048 | Ba2 | 840,000 | 819,346 | |||||||||
| Total | 777,231,534 | |||||||||||||
| Housing 6.07% | ||||||||||||||
| California Municipal Finance Authority | 4.326% | #(a) | 11/20/2040 | AA- | 9,944,615 | 9,923,100 | ||||||||
| California Municipal Finance Authority | 4.326% | #(a) | 11/20/2040 | BBB | 4,972,307 | 4,731,653 | ||||||||
| California Municipal Finance Authority - Bowles Hall Foundation | 5.00% | 6/1/2050 | Baa3 | 1,410,000 | 1,410,052 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2039 | Baa3 | 1,000,000 | 1,022,167 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2041 | Baa3 | 1,000,000 | 1,005,468 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2048 | Baa3 | 1,350,000 | 1,295,939 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2053 | Baa3 | 1,745,000 | 1,638,652 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2058 | Baa3 | 1,750,000 | 1,622,047 | |||||||||
| CMFA Special Finance Agency CA† | 4.00% | 12/1/2045 | NR | 5,000,000 | 3,938,012 | |||||||||
| CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments CA† | 3.125% | 8/1/2056 | NR | 4,500,000 | 3,433,401 | |||||||||
| See Notes to Schedule of Investments. | 95 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| CSCDA Community Improvement Authority Westgate Apartments CA† | 4.00% | 6/1/2057 | NR | $ | 4,020,000 | $ | 825,455 | |||||||
| Delaware State Housing Authority (FHLMC), (FNMA), (GNMA) | 6.00% | 1/1/2055 | Aa1 | 7,495,000 | 8,179,917 | |||||||||
| Development Authority for Fulton County - Madrone - MS Student Housing I LLC GA†(e) | 5.25% | 7/1/2046 | BB+ | 2,250,000 | 2,274,170 | |||||||||
| Florida Housing Finance Corp. (FHLMC), (FNMA), (GNMA) | 6.25% | 7/1/2055 | Aaa | 4,460,000 | 4,919,783 | |||||||||
| Florida State Board of Governors Florida International University Dormitory Revenue (BAM) | 4.25% | 7/1/2047 | AA | 9,030,000 | 8,904,775 | |||||||||
| Florida State Board of Governors Florida International University Dormitory Revenue (BAM) | 4.375% | 7/1/2048 | AA | 8,545,000 | 8,541,741 | |||||||||
| Georgia Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 5.20% | 12/1/2050 | AAA | 7,600,000 | 7,848,229 | |||||||||
| Indiana Finance Authority - SFP-PUFW I LLC | 5.00% | 7/1/2054 | BBB- | 1,175,000 | 1,171,383 | |||||||||
| Indiana Finance Authority - SFP-PUFW I LLC | 5.25% | 7/1/2064 | BBB- | 1,625,000 | 1,638,284 | |||||||||
| Knox County Health Educational & Housing Facility Board - Provident Group - UTK Properties LLC TN (BAM) | 5.25% | 7/1/2049 | AA | 8,030,000 | 8,407,679 | |||||||||
| Knox County Health Educational & Housing Facility Board - Provident Group - UTK Properties LLC TN (BAM) | 5.50% | 7/1/2054 | AA | 1,150,000 | 1,210,547 | |||||||||
| Knox County Health Educational & Housing Facility Board - Provident Group - UTK Properties LLC TN (BAM) | 5.50% | 7/1/2059 | AA | 2,000,000 | 2,102,425 | |||||||||
| Knox County Health Educational & Housing Facility Board TN (BAM) | 5.125% | 7/1/2054 | AA | 3,775,000 | 3,889,877 | |||||||||
| Maryland Economic Development Corp Morgan State University Student Housing (AG) | 5.25% | 7/1/2051 | AA | 1,000,000 | 1,056,484 | |||||||||
| Maryland Economic Development Corp Morgan State University Student Housing (AG) | 5.25% | 7/1/2056 | AA | 1,335,000 | 1,401,211 | |||||||||
| Maryland Economic Development Corp Morgan View & Thurgood Marshall Student Hsg | 5.75% | 7/1/2053 | BBB- | 2,000,000 | 2,109,767 | |||||||||
| 96 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Maryland Economic Development Corp Morgan View & Thurgood Marshall Student Hsg | 6.00% | 7/1/2058 | BBB- | $ | 5,000,000 | $ | 5,327,039 | |||||||
| Massachusetts Development Finance Agency - PRG Medford Properties Inc | 5.50% | 6/1/2050 | A | 1,500,000 | 1,608,831 | |||||||||
| Miami-Dade County Industrial Development Authority - PRG - Casa Properties LLC FL† | 5.375% | #(a) | 7/1/2065 | NR | 4,800,000 | 5,026,916 | ||||||||
| New Hampshire Business Finance Authority | 4.00% | 10/20/2036 | BBB | 10,431,017 | 10,382,825 | |||||||||
| New Hampshire Business Finance Authority | 4.166% | #(a) | 1/20/2041 | BBB | 5,040,273 | 4,908,630 | ||||||||
| New Hampshire Business Finance Authority | 4.22% | #(a) | 11/20/2042 | BBB | 4,212,474 | 3,959,022 | ||||||||
| New Hampshire Business Finance Authority | 4.25% | 7/20/2041 | A2 | 7,015,782 | 7,051,793 | |||||||||
| New Hampshire Business Finance Authority | 4.375% | 9/20/2036 | BBB | 5,204,230 | 5,304,100 | |||||||||
| New Hampshire Business Finance Authority | 4.75% | #(a) | 6/20/2041 | AA- | 12,460,478 | 12,854,224 | ||||||||
| New Hampshire Business Finance Authority | 5.75% | 4/28/2042 | BBB | 4,750,000 | 4,903,674 | |||||||||
| New Hampshire Business Finance Authority - National Finance Authority Municipal Certificates Series 2026-1 | 4.25% | 7/20/2041 | AA- | 7,491,437 | 7,353,922 | |||||||||
| New Hampshire Business Finance Authority - National Finance Authority Municipal Certificates Series 2026-1 | 4.25% | 7/20/2041 | BBB | 3,835,616 | 3,601,473 | |||||||||
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 5.25% | 12/15/2031 | NR | 1,350,000 | 1,391,634 | |||||||||
| New York City Housing Development Corp. NY | 3.25% | 11/1/2049 | AA+ | 10,240,000 | 8,126,589 | |||||||||
| New York City Housing Development Corp. NY | 3.45% | 5/1/2059 | AA+ | 5,730,000 | 4,460,163 | |||||||||
| New York State Dormitory Authority - State University of New York Dormitory Facilities Revenue | 3.00% | 7/1/2045 | Aa3 | 5,052,000 | 4,179,553 | |||||||||
| New York State Housing Finance Agency (FHA) | 4.20% | 11/1/2054 | Aa2 | 7,500,000 | 6,900,990 | |||||||||
| North Dakota Housing Finance Agency | 4.95% | 7/1/2050 | Aa1 | 5,865,000 | 5,959,537 | |||||||||
| See Notes to Schedule of Investments. | 97 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Public Finance Authority - CHF-Manoa LLC WI† | 5.50% | 7/1/2043 | BBB- | $ | 4,500,000 | $ | 4,561,264 | |||||||
| Public Finance Authority - CHF-Manoa LLC WI† | 5.75% | 7/1/2053 | BBB- | 12,785,000 | 12,698,447 | |||||||||
| Public Finance Authority - PRG - Oxford Properties LLC WI (BAM) | 5.25% | 7/1/2060 | AA | 10,000,000 | 10,259,344 | |||||||||
| Public Finance Authority WI | 5.40% | 6/20/2044 | A- | 4,000,000 | 4,295,046 | |||||||||
| Summit County Development Finance Authority - PRG - Akron Properties LLC OH (BAM) | 5.25% | 7/1/2055 | AA | 11,000,000 | 11,372,073 | |||||||||
| Summit County Development Finance Authority - PRG - Akron Properties LLC OH (BAM) | 5.50% | 7/1/2060 | AA | 10,300,000 | 10,795,136 | |||||||||
| Toledo-Lucas County Port Authority - CHF-Toledo LLC OH | 5.00% | 7/1/2034 | BBB- | 1,000,000 | 999,985 | |||||||||
| Toledo-Lucas County Port Authority - CHF-Toledo LLC OH | 5.00% | 7/1/2039 | BBB- | 1,500,000 | 1,490,586 | |||||||||
| Toledo-Lucas County Port Authority - CHF-Toledo LLC OH | 5.00% | 7/1/2046 | BBB- | 1,000,000 | 948,966 | |||||||||
| University of Idaho (AG) | 5.50% | 4/1/2051 | AA | 3,000,000 | 3,245,473 | |||||||||
| University of Idaho (AG) | 5.50% | 4/1/2055 | AA | 3,000,000 | 3,241,786 | |||||||||
| University of Idaho (AG) | 5.50% | 4/1/2057 | AA | 5,000,000 | 5,393,648 | |||||||||
| Washington State Housing Finance Commission | 4.221% | #(a) | 3/1/2050 | A3 | 10,845,957 | 10,677,732 | ||||||||
| Washington State Housing Finance Commission - Provident Group - SH II Properties LLC (BAM)† | 5.25% | 7/1/2055 | AA | 4,000,000 | 4,117,607 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.00% | 7/1/2054 | BBB- | 9,555,000 | 9,150,736 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2044 | BBB- | 1,350,000 | 1,403,440 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2049 | BBB- | 1,000,000 | 1,022,691 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2059 | BBB- | 5,135,000 | 5,186,287 | |||||||||
| Total | 298,663,380 | |||||||||||||
| 98 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations 1.79% | ||||||||||||||
| California State Public Works Board | 5.00% | 9/1/2047 | Aa3 | $ | 4,500,000 | $ | 4,892,214 | |||||||
| California State Public Works Board | 5.00% | 9/1/2048 | Aa3 | 8,600,000 | 9,303,724 | |||||||||
| Kentucky Bond Development Corp. | 4.00% | 9/1/2048 | A+ | 3,000,000 | 2,798,206 | |||||||||
| Los Angeles County Public Works Financing Authority - County of Los Angeles CA | 5.50% | 12/1/2054 | AA+ | 5,500,000 | 6,118,395 | |||||||||
| Maryland Stadium Authority - State of Maryland Built to Learn Revenue | 4.00% | 6/1/2047 | AA | 8,045,000 | 7,777,367 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | A- | 9,000,000 | 9,008,265 | |||||||||
| New Jersey Economic Development Authority - State Capitol Joint Management Commission | 5.00% | 6/15/2043 | A1 | 4,500,000 | 4,658,854 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey | 4.00% | 6/15/2044 | A1 | 4,035,000 | 3,965,399 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2030 | A+ | 3,000,000 | 3,004,373 | |||||||||
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2031 | A+ | 2,400,000 | 2,403,392 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | Zero Coupon | 12/15/2037 | A1 | 3,390,000 | 2,208,283 | |||||||||
| Northern Illinois University (BAM) | 5.50% | 4/1/2049 | AA | 2,500,000 | 2,636,706 | |||||||||
| Santa Clara County Financing Authority - County of Santa Clara CA | 3.625% | 11/1/2046 | AA+ | 4,720,000 | 4,424,032 | |||||||||
| Santa Clara County Financing Authority - County of Santa Clara CA | 3.75% | 11/1/2048 | AA+ | 11,275,000 | 10,448,141 | |||||||||
| State of Colorado | 4.00% | 3/15/2046 | Aa2 | 4,530,000 | 4,348,608 | |||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.50% | 7/15/2060 | AA | 9,170,000 | 9,862,350 | |||||||||
| Total | 87,858,309 | |||||||||||||
| Multi-Family Housing 0.60% | ||||||||||||||
| FHLMC Multifamily VRD Certificates NY | 4.783% | #(a) | 7/25/2042 | AA+ | 9,927,521 | 10,454,390 | ||||||||
| New Hampshire Business Finance Authority | 3.625% | 8/20/2039 | A3 | 6,878,854 | 6,607,926 | |||||||||
| New Hampshire Business Finance Authority | 4.22% | #(a) | 11/20/2042 | AA- | 9,911,703 | 9,726,853 | ||||||||
| See Notes to Schedule of Investments. | 99 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Multi-Family Housing (continued) | ||||||||||||||
| New York City Housing Development Corp. NY | 2.40% | 11/1/2046 | AA+ | $ | 4,000,000 | $ | 2,828,471 | |||||||
| Total | 29,617,640 | |||||||||||||
| Other Revenue 3.56% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA† | 6.00% | 5/1/2042 | NR | 3,865,000 | 4,053,314 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 6.00% | 5/1/2042 | Ba2 | 2,000,000 | 2,220,774 | |||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Center LLC NY | 5.00% | 7/15/2042 | Ba1 | 5,305,000 | 5,322,858 | |||||||||
| City of Houston Hotel Occupancy Tax & Special Revenue TX (AG) | 5.00% | 9/1/2045 | AA | 7,500,000 | 8,088,467 | |||||||||
| City of Houston Hotel Occupancy Tax & Special Revenue TX (AG) | 5.00% | 9/1/2046 | AA | 15,550,000 | 16,609,048 | |||||||||
| City of Miami Beach Parking Revenue FL (BAM) | 5.00% | 9/1/2040 | AA | 2,000,000 | 2,002,148 | |||||||||
| Cobb-Marietta Coliseum & Exhibit Hall Authority - County of Cobb GA | 5.50% | 10/1/2050 | Aa2 | 5,500,000 | 6,030,269 | |||||||||
| Cobb-Marietta Coliseum & Exhibit Hall Authority - County of Cobb GA | 5.50% | 10/1/2053 | Aa2 | 5,000,000 | 5,456,231 | |||||||||
| Commonwealth of Puerto Rico | Zero Coupon | #(a) | 11/1/2051 | NR | 4,299,197 | 3,154,536 | ||||||||
| Commonwealth of Puerto Rico | Zero Coupon | #(a) | 11/1/2051 | NR | 3,339,620 | 2,187,451 | ||||||||
| County of Broward FL Convention Center Hotel Revenue(c) | 5.50% | 1/1/2055 | AA | 31,540,000 | 33,305,046 | |||||||||
| Grand River Hospital District CO GO (AG) | 5.25% | 12/1/2034 | AA | 1,000,000 | 1,040,356 | |||||||||
| Grand River Hospital District CO GO (AG) | 5.25% | 12/1/2035 | AA | 1,000,000 | 1,037,674 | |||||||||
| Grand River Hospital District CO GO (AG) | 5.25% | 12/1/2037 | AA | 1,160,000 | 1,198,776 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2037 | A1 | 2,990,000 | 3,242,862 | |||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2043 | A1 | 8,750,000 | 8,902,765 | |||||||||
| Michigan Finance Authority - Bradford Academy | 4.30% | 9/1/2030 | NR | 195,000 | 180,063 | |||||||||
| Michigan Finance Authority - Bradford Academy | 4.80% | 9/1/2040 | NR | 565,000 | 454,897 | |||||||||
| Michigan Finance Authority - Bradford Academy | 5.00% | 9/1/2050 | NR | 925,000 | 678,449 | |||||||||
| 100 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Municipal Improvement Corp. of Los Angeles(c) | 5.50% | 5/1/2055 | A+ | $ | 22,000,000 | $ | 23,797,961 | |||||||
| New Hampshire Business Finance Authority - Centurion Foundation Sample Road LLC | 5.54% | 8/15/2057 | NR | 10,000,000 | 10,111,080 | |||||||||
| Public Finance Authority - Inperium Inc Obligated Group WI† | 5.75% | 12/1/2054 | NR | 4,000,000 | 4,021,947 | |||||||||
| Territory of Guam | 5.00% | 1/1/2036 | Baa3 | 1,900,000 | 2,072,373 | |||||||||
| Territory of Guam | 5.25% | 1/1/2037 | Baa3 | 1,000,000 | 1,101,794 | |||||||||
| Territory of Guam | 5.25% | 1/1/2038 | Baa3 | 2,250,000 | 2,464,571 | |||||||||
| Territory of Guam | 5.25% | 1/1/2039 | Baa3 | 1,065,000 | 1,160,801 | |||||||||
| Territory of Guam | 5.25% | 1/1/2040 | Baa3 | 1,000,000 | 1,084,816 | |||||||||
| Tri-County Metropolitan Transportation District of Oregon | 4.00% | 9/1/2047 | AAA | 6,000,000 | 5,904,931 | |||||||||
| Tri-County Metropolitan Transportation District of Oregon | 4.00% | 9/1/2049 | AAA | 5,000,000 | 4,805,403 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2031 | NR | 10,000,000 | 10,236,325 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2048 | Baa1 | 3,745,000 | 3,389,015 | |||||||||
| Total | 175,317,001 | |||||||||||||
| Pollution Control 0.32% | ||||||||||||||
| Baldwin County Industrial Development Authority - Novelis Corp AL AMT† | 4.30% | #(a) | 3/1/2056 | BB | 6,000,000 | 6,009,484 | ||||||||
| Finance Authority of Maine - Casella Waste Systems Inc AMT† | 4.625% | #(a) | 12/1/2047 | B+ | 1,200,000 | 1,254,932 | ||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT | 4.35% | #(a) | 4/1/2037 | NR | 8,335,000 | 8,399,779 | ||||||||
| Total | 15,664,195 | |||||||||||||
| Power 0.71% | ||||||||||||||
| Southern California Public Power Authority(c) | 5.25% | 7/1/2053 | AA- | 32,600,000 | 34,829,531 | |||||||||
| See Notes to Schedule of Investments. | 101 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax 1.24% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA† | 5.25% | 5/1/2042 | NR | $ | 7,705,000 | $ | 8,029,195 | |||||||
| County of Orange Community Facilities District No. 2025-1 Improvement Area 1 CA | 5.00% | 8/15/2051 | NR | 2,000,000 | 2,057,373 | |||||||||
| Gramercy Farms Community Development District FL | 6.75% | 5/1/2039 | NR | 181,000 | 173,976 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 3,000,000 | 2,585,969 | |||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A+ | 4,875,000 | 4,919,437 | |||||||||
| New Jersey Economic Development Authority - NJ Metromall Urban Renewal Inc | 6.50% | 4/1/2028 | Baa2 | 896,687 | 919,278 | |||||||||
| New York Transportation Development Corp.(c) | 6.00% | 6/30/2050 | Baa3 | 6,500,000 | 6,974,511 | |||||||||
| New York Transportation Development Corp.(c) | 6.00% | 6/30/2055 | Baa3 | 20,000,000 | 21,338,933 | |||||||||
| Riverside County Redevelopment Successor Agency CA Tax Allocation | 8.50% | 10/1/2041 | A2 | 11,195,000 | 11,344,187 | |||||||||
| Stone Canyon Community Improvement District MO(b) | 5.70% | 4/1/2022 | NR | 1,000,000 | 150,000 | |||||||||
| Stone Canyon Community Improvement District MO(b) | 5.75% | 4/1/2027 | NR | 1,300,000 | 195,000 | |||||||||
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | 2,086,570 | 2,181,947 | |||||||||
| Total | 60,869,806 | |||||||||||||
| Tax Revenue 5.92% | ||||||||||||||
| Chicago Transit Authority Sales Tax Receipts Fund IL | 4.00% | 12/1/2050 | A+ | 13,615,000 | 12,378,235 | |||||||||
| Chicago Transit Authority Sales Tax Receipts Fund IL | 5.50% | 12/1/2056 | A+ | 14,000,000 | 14,948,154 | |||||||||
| Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AG) | 5.00% | 8/1/2042 | AA | 1,250,000 | 1,356,173 | |||||||||
| 102 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| 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 | $ | 3,774,027 | |||||||
| Downtown Revitalization Public Infrastructure District - City of Salt Lake City Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2050 | AA | 4,500,000 | 4,917,783 | |||||||||
| Downtown Revitalization Public Infrastructure District - City of Salt Lake City Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 19,760,000 | 21,329,731 | |||||||||
| Downtown Revitalization Public Infrastructure District - City of Salt Lake City Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 16,140,000 | 17,422,158 | |||||||||
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | 6.00% | 5/15/2052 | A+ | 1,700,000 | 1,832,225 | |||||||||
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2039 | NR | 3,500,000 | 3,641,396 | |||||||||
| Metropolitan Pier & Exposition Authority - State of Illinois McCormick Place Expansion Project Fund | 4.00% | 12/15/2042 | A | 2,000,000 | 1,952,201 | |||||||||
| Metropolitan Pier & Exposition Authority - State of Illinois McCormick Place Expansion Project Fund IL | 4.00% | 12/15/2047 | A | 1,255,000 | 1,147,149 | |||||||||
| Metropolitan Pier & Exposition Authority IL | 4.00% | 6/15/2052 | A | 7,210,000 | 6,362,622 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2030 | A | 10,535,000 | 9,111,005 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 6/15/2033 | A | 15,000,000 | 11,785,316 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2036 | A | 10,000,000 | 6,752,464 | |||||||||
| Mida Mountain Village Public Infrastructure District - Military Installation Development Authority Military Recreation Facilities Project Area UT† | 5.75% | 6/15/2044 | NR | 850,000 | 891,135 | |||||||||
| See Notes to Schedule of Investments. | 103 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Mida Mountain Village Public Infrastructure District - Military Installation Development Authority Military Recreation Facilities Project Area UT† | 6.00% | 6/15/2054 | NR | $ | 1,250,000 | $ | 1,296,941 | |||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 4.00% | 6/15/2045 | A1 | 10,300,000 | 10,000,250 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2049 | AAA | 7,810,000 | 8,344,953 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2055 | AAA | 10,750,000 | 11,460,803 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2051 | AAA | 4,750,000 | 5,174,667 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2042 | Aa1 | 5,000,000 | 4,356,718 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 2,480,000 | 1,889,240 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2050 | AA+ | 8,980,000 | 6,789,901 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 4.00% | 2/15/2047 | Aa1 | 9,625,000 | 9,184,199 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2046 | Aa1 | 10,000,000 | 10,763,252 | |||||||||
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2047 | AA+ | 5,825,000 | 4,530,166 | |||||||||
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2048 | AA+ | 9,590,000 | 7,341,043 | |||||||||
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | AA+ | 6,495,000 | 4,922,163 | |||||||||
| 104 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| 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 | 3.00% | 3/15/2050 | AA+ | $ | 7,620,000 | $ | 5,721,079 | |||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 2,122,000 | 1,816,706 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 2,523,000 | 685,842 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 31,853,000 | 31,868,251 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 8,253,000 | 8,256,952 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 39,000 | 37,224 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 24,416,000 | 24,159,556 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 12,980,000 | 12,981,238 | |||||||||
| Total | 291,182,918 | |||||||||||||
| Taxable Revenue - Water & Sewer 0.84% | ||||||||||||||
| City of Chicago IL Waterworks Revenue(c) | 5.50% | 11/1/2062 | AA | 20,300,000 | 21,402,195 | |||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.00% | 6/15/2046 | AA+ | 11,500,000 | 12,338,218 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2047 | NR | 2,500,000 | 2,334,078 | |||||||||
| Washington Suburban Sanitary Commission MD | 3.00% | 6/1/2045 | AAA | 6,165,000 | 5,256,526 | |||||||||
| Total | 41,331,017 | |||||||||||||
| Tobacco 1.72% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 62,825,000 | 49,283,285 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 825,096 | |||||||||
| Tobacco Securitization Authority of Northern California - Sacramento County Tobacco Securitization Corp | 4.00% | 6/1/2049 | BBB+ | 2,850,000 | 2,520,592 | |||||||||
| See Notes to Schedule of Investments. | 105 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | $ | 4,305,000 | $ | 4,320,348 | |||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 10,910,000 | 8,939,245 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2035 | BBB | 1,390,000 | 1,406,831 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2045 | CCC+ | 7,500,000 | 7,250,336 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 10,550,000 | 10,208,495 | |||||||||
| Total | 84,754,228 | |||||||||||||
| Transportation 18.66% | ||||||||||||||
| Alameda Corridor Transportation Authority CA (AG) | 5.00% | 10/1/2034 | AA | 3,650,000 | 3,668,955 | |||||||||
| Allegheny County Airport Authority PA (AG) AMT | 4.00% | 1/1/2046 | AA | 24,315,000 | 22,986,069 | |||||||||
| Bay Area Toll Authority CA | 3.00% | 4/1/2054 | AA- | 5,100,000 | 3,813,703 | |||||||||
| Bay Area Toll Authority CA | 4.00% | 4/1/2047 | AA- | 10,495,000 | 10,346,953 | |||||||||
| Build NYC Resource Corp. - TRIPS Obligated Group NY AMT | 5.50% | 7/1/2050 | BBB+ | 3,500,000 | 3,666,284 | |||||||||
| Build NYC Resource Corp. - TRIPS Obligated Group NY AMT | 5.50% | 7/1/2055 | BBB+ | 5,990,000 | 6,225,587 | |||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2043 | BB+ | (d) | 2,500,000 | 2,538,651 | ||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2046 | A+ | 4,100,000 | 4,368,669 | |||||||||
| Chicago O’Hare International Airport IL | 5.00% | 1/1/2047 | A+ | 4,000,000 | 4,228,175 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2041 | AA | 1,950,000 | 2,116,268 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2042 | AA | 1,470,000 | 1,589,556 | |||||||||
| Chicago O’Hare International Airport IL (BAM) | 5.25% | 1/1/2043 | AA | 1,660,000 | 1,789,065 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.50% | 1/1/2055 | A+ | 18,000,000 | 18,931,176 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 3.00% | 5/15/2049 | AA- | 5,890,000 | 4,362,806 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2049 | AA- | 6,000,000 | 5,565,616 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2051 | AA- | 6,550,000 | 6,024,837 | |||||||||
| 106 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| City of Philadelphia Airport Revenue PA (AG) AMT | 4.00% | 7/1/2046 | AA | $ | 5,135,000 | $ | 4,849,838 | |||||||
| City of Philadelphia Airport Revenue PA AMT | 4.00% | 7/1/2045 | A1 | 3,980,000 | 3,701,469 | |||||||||
| Colorado Bridge & Tunnel Enterprise (AG) | 5.25% | 12/1/2049 | AA | 3,825,000 | 4,116,349 | |||||||||
| Columbus Regional Airport Authority OH | 5.25% | 1/1/2050 | A | 4,125,000 | 4,379,684 | |||||||||
| County of Lee Airport Revenue FL AMT | 5.25% | 10/1/2045 | A2 | 2,500,000 | 2,709,207 | |||||||||
| County of Lee Airport Revenue FL AMT | 5.25% | 10/1/2046 | A2 | 2,000,000 | 2,147,248 | |||||||||
| County of Lee Airport Revenue FL AMT | 5.25% | 10/1/2047 | A2 | 3,000,000 | 3,192,745 | |||||||||
| County of Miami-Dade Seaport Department FL (AG) AMT | 4.00% | 10/1/2045 | AA | 12,355,000 | 11,551,905 | |||||||||
| County of Miami-Dade Seaport Department FL AMT | 4.00% | 10/1/2046 | Aa2 | 5,825,000 | 5,424,122 | |||||||||
| County of Miami-Dade Seaport Department FL AMT | 4.00% | 10/1/2050 | Aa2 | 7,485,000 | 6,648,864 | |||||||||
| County of Osceola Transportation Revenue FL | 4.00% | 10/1/2054 | BBB+ | 1,810,000 | 1,586,866 | |||||||||
| Dallas Fort Worth International Airport TX | 4.00% | 11/1/2046 | A1 | 8,295,000 | 7,980,074 | |||||||||
| E-470 Public Highway Authority CO (NATL) | Zero Coupon | 9/1/2032 | AA- | 4,200,000 | 3,494,114 | |||||||||
| E-470 Public Highway Authority CO (NATL) | Zero Coupon | 9/1/2037 | AA- | 7,720,000 | 4,421,792 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2033 | A | 5,000,000 | 4,073,020 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.50% | 1/15/2053 | A | 10,830,000 | 9,102,756 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | 5,000,000 | 4,583,707 | |||||||||
| Grand Parkway Transportation Corp. TX | 4.00% | 10/1/2049 | A1 | 7,115,000 | 6,513,141 | |||||||||
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT† | 4.80% | #(a) | 12/1/2043 | BBB+ | 25,500,000 | 26,434,294 | ||||||||
| Louisiana Public Facilities Authority - Calcasieu Bridge Partners LLC AMT | 5.50% | 9/1/2054 | Baa3 | 5,000,000 | 5,165,101 | |||||||||
| Louisiana Public Facilities Authority - Calcasieu Bridge Partners LLC AMT | 5.75% | 9/1/2064 | Baa3 | 19,410,000 | 20,262,458 | |||||||||
| See Notes to Schedule of Investments. | 107 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Maryland Economic Development Corp. - City of Baltimore Port Covington Development District Tax Allocation | 4.00% | 9/1/2040 | NR | $ | 2,000,000 | $ | 1,862,545 | |||||||
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.00% | 11/12/2028 | Baa3 | 5,000,000 | 5,004,329 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.25% | 6/30/2052 | Baa3 | 2,760,000 | 2,784,306 | |||||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2056 | AA- | 7,000,000 | 7,461,094 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2045 | A | 4,705,000 | 4,505,992 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2048 | A | 9,825,000 | 8,934,649 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2049 | A | 6,605,000 | 5,962,859 | |||||||||
| Metropolitan Transportation Authority NY(c) | 4.75% | 11/15/2045 | A | 13,890,000 | 14,053,443 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2035 | A | 4,265,000 | 4,292,074 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | #(a) | 11/15/2045 | A2 | 2,700,000 | 2,895,841 | ||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2055 | A | 10,850,000 | 11,095,754 | |||||||||
| Metropolitan Transportation Authority NY(c) | 5.25% | 11/15/2055 | A3 | 6,610,000 | 6,759,717 | |||||||||
| Metropolitan Transportation Authority NY | 5.50% | 11/15/2047 | A | 15,750,000 | 17,042,401 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 4.00% | 6/15/2046 | A1 | 8,000,000 | 7,722,442 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2050 | A1 | 15,155,000 | 16,074,095 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2050 | A1 | 13,500,000 | 14,341,286 | |||||||||
| New Jersey Turnpike Authority | 5.25% | 1/1/2055 | AA- | 15,000,000 | 16,196,837 | |||||||||
| New York State Thruway Authority | 4.00% | 1/1/2050 | A1 | 14,265,000 | 13,222,104 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa2 | 7,160,000 | 7,161,652 | |||||||||
| 108 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| 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 | 5.00% | 1/1/2029 | Baa2 | $ | 2,955,000 | $ | 3,039,499 | |||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2030 | Baa2 | 4,440,000 | 4,561,100 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2033 | Baa2 | 12,450,000 | 12,724,379 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa2 | 8,720,000 | 8,876,313 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa2 | 33,350,000 | 34,350,283 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 7,000,000 | 7,482,546 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 16,530,000 | 18,468,653 | |||||||||
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 4/30/2053 | BBB- | (d) | 3,000,000 | 2,711,213 | ||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% | 12/1/2039 | Baa1 | 5,840,000 | 6,145,663 | |||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% | 12/1/2042 | Baa1 | 3,270,000 | 3,401,718 | |||||||||
| New York Transportation Development Corp. - JFK Millennium Partners LLC AMT | 5.50% | 12/31/2060 | BBB- | 67,500,000 | 69,179,616 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.50% | 6/30/2054 | Baa3 | 11,505,000 | 11,765,236 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.50% | 6/30/2060 | Baa3 | 17,185,000 | 17,549,867 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 22,790,000 | 23,898,136 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa1 | 12,365,000 | 11,606,833 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2046 | Baa1 | 2,440,000 | 2,170,288 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa1 | 19,245,000 | 19,243,993 | |||||||||
| See Notes to Schedule of Investments. | 109 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| 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 (AG) AMT | 4.00% | 1/1/2051 | AA | $ | 4,740,000 | $ | 4,165,467 | |||||||
| Northern Indiana Commuter Transportation District IN | 5.25% | 1/1/2049 | A+ | 4,150,000 | 4,460,901 | |||||||||
| Oklahoma Turnpike Authority | 5.50% | 1/1/2053 | AA- | 7,500,000 | 8,008,980 | |||||||||
| Oklahoma Turnpike Authority(c) | 5.50% | 10/1/2054 | Aa3 | 12,500,000 | 13,685,619 | |||||||||
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Motor License Fund AMT (AG) | 5.75% | 12/31/2062 | AA | 10,100,000 | 10,685,008 | |||||||||
| Pennsylvania Turnpike Commission | 4.00% | 12/1/2038 | A2 | 3,425,000 | 3,434,741 | |||||||||
| Pennsylvania Turnpike Commission | 4.00% | 12/1/2050 | A+ | 14,135,000 | 12,967,344 | |||||||||
| Pennsylvania Turnpike Commission | 5.00% | 12/1/2048 | AA- | 6,000,000 | 6,304,701 | |||||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 4.00% | 12/1/2051 | Aa3 | 7,365,000 | 6,784,164 | |||||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 4.00% | 12/1/2053 | A2 | 10,415,000 | 9,506,374 | |||||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.25% | 12/1/2053 | AA- | 14,250,000 | 15,243,195 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2038 | AA- | 5,000,000 | 5,428,667 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.50% | 7/1/2048 | AA- | 6,250,000 | 6,634,206 | |||||||||
| Public Finance Authority - Sky Harbour Capital III LLC Obligated Group WI AMT† | 6.00% | #(a) | 7/1/2060 | NR | 5,000,000 | 5,153,194 | ||||||||
| Public Finance Authority - SR 400 Peach Partners LLC WI AMT | 5.75% | 6/30/2060 | Baa3 | 19,240,000 | 20,168,865 | |||||||||
| Public Finance Authority - SR 400 Peach Partners LLC WI AMT | 5.75% | 12/31/2065 | Baa3 | 32,000,000 | 33,544,890 | |||||||||
| Riverside County Transportation Commission CA | 4.00% | 6/1/2047 | A- | 17,000,000 | 16,712,436 | |||||||||
| San Francisco City & County Airport Commission-San Francisco International Airport CA AMT | 5.25% | 5/1/2045 | AA- | 6,750,000 | 7,393,046 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 4.00% | 5/1/2049 | AA- | 3,505,000 | 3,232,652 | |||||||||
| 110 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2049 | A- | $ | 250,000 | $ | 250,151 | |||||||
| State of Florida Department of Transportation Turnpike System Revenue | 4.125% | 7/1/2046 | AA | 6,090,000 | 6,084,727 | |||||||||
| State of Michigan Trunk Line Revenue | 5.50% | 11/15/2049 | AA+ | 15,000,000 | 16,241,875 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners LLC AMT | 5.50% | 12/31/2058 | Baa1 | 2,500,000 | 2,606,715 | |||||||||
| Texas Transportation Finance Corp.(c) | 5.50% | 10/1/2055 | AA+ | 10,000,000 | 10,897,443 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.25% | 11/15/2048 | AA- | 3,900,000 | 4,266,107 | |||||||||
| Tulsa Municipal Airport Trust Trustees - American Airlines Inc OK AMT | 6.25% | 12/1/2035 | B+ | 2,725,000 | 3,089,301 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 1/1/2037 | BBB | 5,755,000 | 6,043,780 | |||||||||
| Virginia Small Business Financing Authority - Elizabeth River Crossings OpCo LLC AMT | 4.00% | 1/1/2040 | BBB | 5,710,000 | 5,622,094 | |||||||||
| Total | 917,726,523 | |||||||||||||
| Utilities 14.70% | ||||||||||||||
| Black Belt Energy Gas District AL | 5.00% | 7/1/2033 | A2 | 13,500,000 | 14,148,625 | |||||||||
| Black Belt Energy Gas District AL | 5.00% | 10/1/2035 | A2 | 8,100,000 | 8,545,368 | |||||||||
| Black Belt Energy Gas District AL | 5.00% | 6/1/2036 | Baa2 | 17,300,000 | 18,190,348 | |||||||||
| Black Belt Energy Gas District AL | 5.00% | #(a) | 5/1/2055 | Aa3 | 5,000,000 | 5,324,593 | ||||||||
| Black Belt Energy Gas District AL | 5.25% | 6/1/2036 | A1 | 6,645,000 | 7,166,791 | |||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 6/1/2049 | A2 | 9,450,000 | 9,921,611 | ||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 11/1/2053 | A2 | 6,665,000 | 6,975,819 | ||||||||
| Black Belt Energy Gas District AL† | 5.50% | #(a) | 11/1/2056 | BBB- | 41,780,000 | 44,987,751 | ||||||||
| California Community Choice Financing Authority | 5.00% | 7/1/2035 | Aa2 | 11,320,000 | 12,471,081 | |||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 3/1/2056 | Aa3 | 16,875,000 | 18,091,385 | ||||||||
| California Community Choice Financing Authority | 5.25% | 2/1/2036 | A3 | 8,000,000 | 8,767,005 | |||||||||
| California Community Choice Financing Authority(c) | 5.25% | #(a) | 11/1/2054 | A2 | 14,000,000 | 14,786,641 | ||||||||
| California Pollution Control Financing Authority - Channelside Water Resources LP† | 5.00% | 11/21/2045 | Baa2 | 5,000,000 | 5,116,592 | |||||||||
| See Notes to Schedule of Investments. | 111 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP† | 5.00% | 7/1/2039 | Baa2 | $ | 2,200,000 | $ | 2,262,054 | |||||||
| Central Plains Energy Project NE | 5.00% | 9/1/2042 | BBB+ | 3,655,000 | 3,763,362 | |||||||||
| City of Baltimore MD | 5.00% | 7/1/2039 | A1 | 4,750,000 | 4,752,806 | |||||||||
| City of Baltimore MD(c) | 5.25% | 7/1/2047 | AA- | 7,190,000 | 7,550,000 | |||||||||
| City of Baltimore MD(c) | 5.25% | 7/1/2052 | AA- | 12,190,000 | 12,800,347 | |||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2046 | A+ | 2,500,000 | 2,660,620 | |||||||||
| City of Chicago Waterworks Revenue IL | 5.00% | 11/1/2047 | A+ | 2,500,000 | 2,639,737 | |||||||||
| City of Compton Water Revenue CA | 6.00% | 8/1/2039 | NR | 5,500,000 | 5,668,733 | |||||||||
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.50% | 9/1/2053 | AA+ | 5,000,000 | 5,417,067 | |||||||||
| City of Georgetown Utility System Revenue TX (BAM) | 5.00% | 8/15/2046 | AA | 8,500,000 | 9,097,651 | |||||||||
| City of Georgetown Utility System Revenue TX (BAM) | 5.00% | 8/15/2047 | AA | 4,750,000 | 5,056,188 | |||||||||
| City of Georgetown Utility System Revenue TX (BAM) | 5.00% | 8/15/2048 | AA | 6,470,000 | 6,852,668 | |||||||||
| City of Houston Combined Utility System Revenue TX | 4.00% | 11/15/2049 | Aa2 | 5,000,000 | 4,616,026 | |||||||||
| City of Osceola AR AMT | 4.875% | 4/1/2040 | Baa3 | 9,800,000 | 9,951,824 | |||||||||
| City of Richmond Public Utility Revenue VA | 4.25% | 1/15/2047 | Aa1 | 5,500,000 | 5,534,214 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.50% | 2/1/2049 | Aa2 | 2,000,000 | 2,174,541 | |||||||||
| City of San Antonio Electric & Gas Systems Revenue TX | 5.50% | 2/1/2050 | Aa2 | 10,880,000 | 11,696,466 | |||||||||
| County of Jefferson Sewer Revenue AL | 5.25% | 10/1/2049 | BBB+ | 10,345,000 | 10,806,039 | |||||||||
| County of Jefferson Sewer Revenue AL | 5.50% | 10/1/2053 | BBB+ | 24,350,000 | 25,651,215 | |||||||||
| County of Manatee Public Utilities Revenue - County of Manatee FL Public Utilities Revenue FL | 4.00% | 10/1/2053 | Aa1 | 5,820,000 | 5,313,878 | |||||||||
| Energy Southeast A Cooperative District AL | 5.00% | 11/1/2035 | A2 | 3,000,000 | 3,169,443 | |||||||||
| Energy Southeast A Cooperative District AL | 5.25% | #(a) | 7/1/2054 | A1 | 22,500,000 | 24,240,204 | ||||||||
| Energy Southeast A Cooperative District AL | 5.75% | #(a) | 4/1/2054 | A1 | 10,710,000 | 11,781,976 | ||||||||
| 112 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT† | 5.25% | 8/1/2029 | NR | $ | 1,500,000 | $ | 1,544,594 | |||||||
| Great Lakes Water Authority Sewage Disposal System Revenue MI | 5.50% | 7/1/2052 | A+ | 12,000,000 | 12,716,839 | |||||||||
| Kentucky Municipal Power Agency (NATL) | 5.00% | 9/1/2035 | Baa1 | 5,000,000 | 5,010,613 | |||||||||
| Kentucky Municipal Power Agency (NATL) | 5.00% | 9/1/2036 | Baa1 | 5,000,000 | 5,010,022 | |||||||||
| Kentucky Public Energy Authority | 4.00% | #(a) | 8/1/2052 | A1 | 15,500,000 | 15,734,414 | ||||||||
| Kentucky Public Energy Authority | 5.25% | #(a) | 4/1/2054 | A1 | 26,455,000 | 28,326,419 | ||||||||
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | 5.00% | 5/15/2045 | A+ | 4,425,000 | 4,740,610 | |||||||||
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | 5.00% | 5/15/2046 | A+ | 2,550,000 | 2,711,490 | |||||||||
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | 5.00% | 5/15/2047 | A+ | 2,900,000 | 3,061,050 | |||||||||
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | 5.00% | 5/15/2048 | A+ | 3,250,000 | 3,411,786 | |||||||||
| Minnesota Municipal Gas Agency | 5.00% | 9/1/2035 | Baa1 | 35,000,000 | 36,554,287 | |||||||||
| Municipal Electric Authority of Georgia | 5.25% | 1/1/2049 | A2 | 3,475,000 | 3,670,970 | |||||||||
| Municipal Electric Authority of Georgia (BAM) | 4.00% | 1/1/2049 | AA | 6,550,000 | 6,151,133 | |||||||||
| Nebraska Public Power District | 5.00% | 1/1/2045 | A1 | 2,250,000 | 2,459,771 | |||||||||
| Nebraska Public Power District | 5.00% | 1/1/2046 | A1 | 3,085,000 | 3,356,583 | |||||||||
| Nebraska Public Power District | 5.00% | 1/1/2047 | A1 | 3,300,000 | 3,552,872 | |||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 3.50% | 6/15/2048 | AA+ | 10,025,000 | 8,660,105 | |||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% | 6/15/2047 | AA+ | 4,500,000 | 4,825,492 | |||||||||
| New York Power Authority | 4.00% | 11/15/2050 | Aa1 | 10,910,000 | 10,403,257 | |||||||||
| Oklahoma Municipal Power Authority(c) | 5.25% | 1/1/2056 | AA | 15,000,000 | 16,060,722 | |||||||||
| Paducah Electric Plant Board KY (AG) | 5.00% | 10/1/2035 | AA | 1,000,000 | 1,003,716 | |||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(a) | 10/1/2054 | A1 | 15,000,000 | 16,102,621 | ||||||||
| Philadelphia Gas Works Co. PA | 5.25% | 8/1/2049 | A | 13,000,000 | 13,758,068 | |||||||||
| See Notes to Schedule of Investments. | 113 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| 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 | $ | 5,000,000 | $ | 4,870,078 | |||||||
| South Carolina Public Service Authority | 5.50% | 12/1/2054 | A- | 6,780,000 | 7,249,720 | |||||||||
| Southeast Alabama Gas Supply District AL | 5.00% | #(a) | 6/1/2049 | A1 | 10,000,000 | 10,549,732 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.00% | 11/1/2035 | Baa1 | 31,255,000 | 32,637,887 | |||||||||
| Southeast Energy Authority A Cooperative District AL | 5.00% | #(a) | 10/1/2055 | Aa3 | 9,200,000 | 9,771,569 | ||||||||
| Southeast Energy Authority A Cooperative District AL(c) | 5.00% | #(a) | 1/1/2056 | A1 | 20,000,000 | 20,424,954 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.25% | #(a) | 11/1/2055 | A1 | 5,000,000 | 5,414,525 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(a) | 1/1/2053 | A1 | 5,000,000 | 5,326,298 | ||||||||
| Southern California Public Power Authority | 4.099% (3 mo. USD Term SOFR * .67 + 1.47% | )# | 11/1/2038 | A2 | 3,090,000 | 3,023,502 | ||||||||
| Southern California Public Power Authority - Los Angeles Department of Water & Power Power System Revenue | 5.00% | 7/1/2046 | Aa3 | 5,725,000 | 6,148,530 | |||||||||
| Southern California Public Power Authority - Los Angeles Department of Water & Power Power System Revenue | 5.00% | 7/1/2047 | Aa3 | 6,750,000 | 7,169,546 | |||||||||
| Tennergy Corp. TN | 5.50% | #(a) | 10/1/2053 | Baa1 | 6,000,000 | 6,396,956 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | #(a) | 1/1/2054 | A1 | 5,000,000 | 5,469,500 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. V | 5.00% | 4/1/2036 | A3 | 14,725,000 | 15,588,530 | |||||||||
| Texas Water Development Board - State Water Implementation Revenue Fund for Texas | 4.125% | 10/15/2047 | AAA | 16,460,000 | 16,260,839 | |||||||||
| Total | 723,080,269 | |||||||||||||
| Total Municipal Bonds (cost $5,035,437,067) | 5,098,339,101 | |||||||||||||
| 114 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||||
| WARRANTS 0.05% | ||||||||||||||||
| Construction & Engineering 0.05% | ||||||||||||||||
| BL Train Holdings West LLC* (cost $0) | 11.50% | 12/1/2035 | NR | $ | 159,194 | $ | 397,985 | |||||||||
| Desertxpress Enterprises LLC* (cost $0) | 1.00% | 4/30/2036 | NR | 744,323 | 1,860,808 | |||||||||||
| Total | 2,258,793 | |||||||||||||||
| Total Long-Term Investments (cost $5,035,437,067) | 5,100,597,894 | |||||||||||||||
| Interest Rate# | Interest Rate Reset Date(f) | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 0.25% | ||||||||||||||||
| Variable Rate Demand Notes 0.25% | ||||||||||||||||
| General Obligation 0.02% | ||||||||||||||||
| City of New York NY GO | 3.050% | 7/1/2026 | 4/1/2042 | AA | 1,000,000 | 1,000,000 | ||||||||||
| Pollution Control 0.07% | ||||||||||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 3.000% | 7/1/2026 | 4/1/2040 | BBB+ | 1,700,000 | 1,700,000 | ||||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 3.000% | 7/1/2026 | 4/1/2040 | BBB+ | 1,700,000 | 1,700,000 | ||||||||||
| Total | 3,400,000 | |||||||||||||||
| Utilities 0.16% | ||||||||||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 3.050% | 7/15/2026 | 6/15/2041 | AA+ | 7,435,000 | 7,435,000 | ||||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 3.050% | 7/15/2026 | 6/15/2041 | AA+ | 500,000 | 500,000 | ||||||||||
| Total | 7,935,000 | |||||||||||||||
| Total Variable Rate Demand Notes (cost $12,335,000) | 12,335,000 | |||||||||||||||
| Total Short-Term Investments (cost $12,335,000) | 12,335,000 | |||||||||||||||
| Total Investments in Securities 103.95% (cost $5,047,772,067) | 5,112,932,894 | |||||||||||||||
| Other Assets and Liabilities – Net (3.95)% | (194,322,207 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 4,918,610,687 | ||||||||||||||
| See Notes to Schedule of Investments. | 115 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND June 30, 2026
| AG | AG Insured by Assured Guaranty, Inc. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by Build America Mutual. | |
| 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. | |
| NATL | Insured by National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| PSF | Permanent School Fund. | |
| SIFMA | Insured by Securities Industry and Financial Markets Association. | |
| SOFR | Secured Overnight Financing Rate. | |
| TCRS | Transferable Custodial Receipts. | |
| TRIPS | Tax Refund Intercept Programs. |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2026. | |
| † | 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, 2026, the total value of Rule 144A securities was $376,359,047, which represents 7.65% of net assets. | |
| * | Non-income producing security. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | Defaulted. | |
| (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) | 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. |
Futures Contracts at June 30, 2026:
| Notional | Notional | Unrealized | ||||||||||||||||
| Type | Expiration | Contracts | Position | Amount | Value | Depreciation | ||||||||||||
| U.S. Long Bond | September 2026 | 459 | Short | $ | (50,647,189 | ) | $ | (52,096,500 | ) | $(1,449,311 | ) | |||||||
| 116 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
NATIONAL TAX FREE FUND June 30, 2026
The following is a summary of the inputs used as of June 30, 2026 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) | $ | – | $ | 5,098,339,101 | $ | – | $ | 5,098,339,101 | ||||||||
| Warrants | – | 2,258,793 | – | 2,258,793 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 12,335,000 | – | 12,335,000 | ||||||||||||
| Total | $ | – | $ | 5,112,932,894 | $ | – | $ | 5,112,932,894 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (1,449,311 | ) | – | – | (1,449,311 | ) | ||||||||||
| Total | $ | (1,449,311 | ) | $ | – | $ | – | $ | (1,449,311 | ) | ||||||
| (1) | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. | |
| (3) | Includes Municipal Bonds held in 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.
| See Notes to Schedule of Investments. | 117 |
Schedule of Investments (unaudited)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 102.38% | ||||||||||||||
| MUNICIPAL BONDS 102.26% | ||||||||||||||
| Corporate-Backed 12.93% | ||||||||||||||
| Arkansas Development Finance Authority† | 7.375% | 7/1/2056 | B- | $ | 10,000,000 | $ | 10,429,886 | |||||||
| Arkansas Development Finance Authority - Hybar LLC† | 7.50% | 7/1/2048 | B- | 16,800,000 | 18,841,800 | |||||||||
| Arkansas Development Finance Authority - Hybar LLC AMT† | 7.00% | 7/1/2048 | B- | 10,550,000 | 11,694,597 | |||||||||
| Arkansas Development Finance Authority - United States Steel Corp AMT | 5.45% | 9/1/2052 | BB+ | 11,825,000 | 12,102,425 | |||||||||
| Arkansas Development Finance Authority - US Steel Corp AMT | 5.70% | 5/1/2053 | BB+ | 17,250,000 | 17,882,809 | |||||||||
| Arkansas Development Finance Authority AMT† | 4.875% | #(a) | 7/1/2056 | B- | 6,000,000 | 6,280,541 | ||||||||
| Avenir Community Development District FL | 5.375% | 5/1/2043 | NR | 3,230,000 | 3,424,654 | |||||||||
| Cabot Citrus Farms Community Development District FL | 5.25% | 3/1/2029 | NR | 3,755,000 | 3,782,907 | |||||||||
| California Infrastructure & Economic Development Bank - DesertXpress Enterprises LLC AMT† | 12.00% | #(a) | 1/1/2065 | NR | 35,625,000 | 23,334,375 | ||||||||
| California Municipal Finance Authority - Clay Lacy Santa Ana LLC AMT† | 6.00% | 1/1/2055 | NR | 5,020,000 | 5,316,887 | |||||||||
| City of Henderson - Pratt Paper LLC KY AMT† | 4.70% | 1/1/2052 | NR | 5,500,000 | 5,364,709 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 4.00% | 7/15/2041 | BB+ | (b) | 4,475,000 | 4,232,330 | ||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/1/2029 | BB+ | 11,545,000 | 11,558,967 | |||||||||
| Downtown Doral South Community Development District FL† | 4.75% | 12/15/2038 | NR | 625,000 | 640,227 | |||||||||
| East Nassau Stewardship District Special Assessment 2025 FL | 6.25% | 5/1/2056 | NR | 11,700,000 | 12,195,869 | |||||||||
| 118 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Gas Worx Community Development District - Gas Worx Community Development District Series 2025 Special Assessments FL† | 5.75% | 5/1/2045 | NR | $ | 1,000,000 | $ | 1,048,857 | |||||||
| Gas Worx Community Development District - Gas Worx Community Development District Series 2025 Special Assessments FL† | 6.00% | 5/1/2057 | NR | 4,950,000 | 5,104,688 | |||||||||
| Grapevine Wash Local District - Grapevine Wash Local District Assessment Area No 1 UT† | 5.25% | 12/1/2044 | NR | 8,000,000 | 8,068,273 | |||||||||
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 5.60% | 5/1/2044 | NR | 1,840,000 | 1,937,558 | |||||||||
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 5.875% | 5/1/2055 | NR | 7,000,000 | 7,217,995 | |||||||||
| Hoover Industrial Development Board - United States Steel Corp AL AMT | 5.75% | 10/1/2049 | BB+ | 17,820,000 | 18,375,868 | |||||||||
| Illinois Finance Authority - LRS Holdings LLC AMT† | 7.375% | #(a) | 9/1/2042 | NR | 10,000,000 | 11,483,932 | ||||||||
| Indiana Finance Authority - United States Steel Corp AMT | 6.75% | 5/1/2039 | BB+ | 3,600,000 | 4,012,285 | |||||||||
| Industrial Development Board of The City of Kingsport Tennessee - Domtar Paper Co LLC TN AMT† | 5.25% | #(a) | 12/1/2054 | B2 | 5,000,000 | 4,602,792 | ||||||||
| Jefferson County Port Authority - JSW Steel USA Ohio Inc OH† | 5.00% | #(a) | 12/1/2053 | Ba1 | 12,500,000 | 12,791,936 | ||||||||
| Jefferson County Port Authority - JSW Steel USA Ohio Inc OH AMT† | 3.50% | 12/1/2051 | Ba1 | 9,450,000 | 7,943,335 | |||||||||
| KD52 Community Development District No. 1 Series 2025 Assessment FL | 5.875% | 5/1/2045 | NR | 2,800,000 | 2,885,294 | |||||||||
| KD52 Community Development District No. 1 Series 2025 Assessment FL | 6.125% | 5/1/2056 | NR | 4,815,000 | 4,877,379 | |||||||||
| Lakewood Ranch Stewardship District Series 2025 Assessment Southeast FL | 6.00% | 5/1/2056 | NR | 3,565,000 | 3,776,826 | |||||||||
| Legacy Community Authority CO | 6.75% | 12/1/2055 | NR | 7,500,000 | 7,751,635 | |||||||||
| See Notes to Schedule of Investments. | 119 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Louisiana Public Facilities Authority - Waste Pro USA Inc AMT† | 6.50% | #(a) | 10/1/2053 | NR | $ | 3,745,000 | $ | 3,947,909 | ||||||
| Louisiana Public Facilities Authority - Waste Pro USA Inc AMT† | 6.75% | #(a) | 10/1/2053 | NR | 2,000,000 | 2,117,945 | ||||||||
| Maricopa County Industrial Development Authority - Commercial Metals Co AZ AMT† | 4.00% | 10/15/2047 | BB+ | 15,250,000 | 13,551,816 | |||||||||
| Maryland Economic Development Corp Chesapeake Bay Conference Center(c) | 5.00% | 12/1/2016 | NR | 3,430,000 | 2,298,100 | |||||||||
| Miami-Dade County Industrial Development Authority - CFC MB I LLC FL† | 6.25% | 1/1/2059 | NR | 8,000,000 | 8,299,934 | |||||||||
| Mobile County Industrial Development Authority - AM/NS Calvert LLC AL AMT | 4.75% | 12/1/2054 | BBB | 19,495,000 | 18,913,556 | |||||||||
| Mobile County Industrial Development Authority - AM/NS Calvert LLC AL AMT | 5.00% | 6/1/2054 | BBB | 19,065,000 | 19,176,134 | |||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 4.875% | 11/1/2042 | B- | 17,900,000 | 16,758,075 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB+ | 9,385,000 | 9,398,099 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.50% | 6/1/2033 | BB+ | 6,960,000 | 6,974,269 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AG) | 3.00% | 1/1/2046 | AA | 10,335,000 | 8,416,275 | |||||||||
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 2,345,000 | 2,346,686 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.00% | 11/15/2044 | NR | 11,700,000 | 11,711,611 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 5,100,000 | 5,105,112 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.375% | 11/15/2040 | NR | 5,000,000 | 5,004,041 | |||||||||
| New York Liberty Development Corp. - 7 World Trade Center II LLC | 3.125% | 9/15/2050 | Aaa | 2,500,000 | 1,911,567 | |||||||||
| 120 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| 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% | 8/1/2026 | B+ | $ | 680,000 | $ | 680,501 | |||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2031 | B+ | 32,495,000 | 32,496,313 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2035 | Baa2 | 10,500,000 | 10,979,638 | |||||||||
| Niagara Area Development Corp. - Reworld Holding Corp NY AMT† | 4.75% | 11/1/2042 | B- | 16,240,000 | 14,937,169 | |||||||||
| Ohio Air Quality Development Authority - AMG Vanadium LLC AMT† | 5.00% | 7/1/2049 | B3 | 33,290,000 | 31,213,097 | |||||||||
| Palmetto Ridge Community Development District Assessment Area Two FL | 5.375% | 5/1/2046 | NR | 1,950,000 | 1,970,339 | |||||||||
| Palmetto Ridge Community Development District Assessment Area Two FL | 5.80% | 5/1/2056 | NR | 1,725,000 | 1,739,116 | |||||||||
| Parish of Beauregard - OfficeMax Inc LA | 6.80% | 2/1/2027 | NR | 5,000,000 | 5,010,988 | |||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.35% | 7/1/2040 | BB+ | 5,000,000 | 5,424,930 | |||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.35% | 10/1/2040 | BB+ | 7,690,000 | 8,343,130 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2045 | NR | 1,375,000 | 1,339,729 | |||||||||
| Pinery Community Development District Assessment Area One FL | 5.60% | 5/1/2046 | NR | 1,250,000 | 1,276,237 | |||||||||
| Pinery Community Development District Assessment Area One FL | 5.875% | 5/1/2056 | NR | 2,000,000 | 2,016,454 | |||||||||
| Polk County Industrial Development Authority - Mineral Development LLC FL†(c) | 5.875% | 1/1/2033 | NR | 7,020,000 | 1,404,000 | |||||||||
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT† | 5.25% | 1/1/2054 | NR | 11,750,000 | 10,995,899 | |||||||||
| See Notes to Schedule of Investments. | 121 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Prairie Center Metropolitan District No. 3 CO GO | 5.875% | 12/15/2046 | NR | $ | 3,125,000 | $ | 3,328,998 | |||||||
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.25% | 7/1/2054 | NR | 25,335,000 | 21,569,677 | |||||||||
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.00% | 7/1/2042 | BBB+ | 11,000,000 | 11,003,807 | |||||||||
| Public Finance Authority WI† | 5.375% | 12/15/2032 | NR | 2,666,000 | 2,665,838 | |||||||||
| Savannah Georgia Convention Center Authority† | 6.25% | 6/1/2061 | NR | 6,250,000 | 6,423,614 | |||||||||
| Southwestern Illinois Development Authority - United States Street Corp | 5.75% | 8/1/2042 | BB+ | 2,500,000 | 2,502,743 | |||||||||
| Spring Valley Community Infrastructure District No. 1 ID† | 6.25% | 9/1/2053 | NR | 7,000,000 | 7,241,034 | |||||||||
| State of Nevada Department of Business & Industry - DesertXpress Enterprises LLC AMT† | 12.00% | #(a) | 1/1/2065 | NR | 9,920,000 | 6,497,600 | ||||||||
| Tulsa Airports Improvement Trust - American Airlines Inc OK AMT | 5.50% | 12/1/2035 | NR | 2,700,000 | 2,700,589 | |||||||||
| Virginia Small Business Financing Authority - Reworld Holding Corp AMT† | 5.00% | #(a) | 1/1/2048 | B- | 3,150,000 | 3,144,373 | ||||||||
| West Pace Cooperative District AL(c) | 9.125% | 5/1/2039 | NR | 13,770,000 | 6,885,000 | |||||||||
| Total | 588,683,578 | |||||||||||||
| Education 10.85% | ||||||||||||||
| Build NYC Resource Corp. - East Harlem Scholars Academy Charter School Obligated Group NY† | 5.75% | 6/1/2062 | BB | 3,750,000 | 3,680,007 | |||||||||
| Build NYC Resource Corp. - Kipp NYC Public Charter Schools NY | 5.25% | 7/1/2052 | BBB- | 2,700,000 | 2,748,926 | |||||||||
| California Infrastructure & Economic Development Bank(d) | 5.25% | 5/15/2059 | AA | 4,560,000 | 4,861,764 | |||||||||
| California Municipal Finance Authority - SDORI Charter School Properties LLC† | 5.625% | 3/1/2045 | B+ | 11,500,000 | 10,731,180 | |||||||||
| California Municipal Finance Authority - Westside Neighborhood School† | 6.20% | 6/15/2054 | BB | 2,650,000 | 2,798,046 | |||||||||
| 122 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| California Municipal Finance Authority - Westside Neighborhood School† | 6.375% | 6/15/2064 | BB | $ | 5,000,000 | $ | 5,298,739 | |||||||
| Camden County Improvement Authority - KIPP Cooper Norcross Obligated Group NJ | 6.00% | 6/15/2062 | BBB | 2,535,000 | 2,618,223 | |||||||||
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL† | 5.00% | 6/15/2039 | NR | 1,950,000 | 1,923,777 | |||||||||
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL† | 5.00% | 6/15/2049 | NR | 9,815,000 | 9,120,470 | |||||||||
| Capital Trust Agency, Inc. - Southeastern University Obligated Group FL† | 6.375% | 5/1/2053 | BB | 6,150,000 | 6,392,940 | |||||||||
| Capital Trust Authority - Kipp Miami Obligated Group FL† | 5.625% | 6/15/2044 | BB+ | 815,000 | 845,943 | |||||||||
| Capital Trust Authority - Kipp Miami Obligated Group FL† | 6.00% | 6/15/2054 | BB+ | 1,155,000 | 1,187,437 | |||||||||
| Capital Trust Authority - Kipp Miami Obligated Group FL† | 6.125% | 6/15/2060 | BB+ | 800,000 | 822,831 | |||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2048 | A | (b) | 8,500,000 | 8,945,791 | ||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2043 | BB+ | 2,975,000 | 2,632,492 | |||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB+ | 40,665,000 | 33,473,749 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2046 | BB+ | 23,455,000 | 22,281,497 | |||||||||
| City of Jacksonville - Jacksonville University FL† | 5.00% | 6/1/2053 | NR | 6,500,000 | 6,012,558 | |||||||||
| Clarksville Public Educational Facilities Board - University of the Ozarks AR | 6.00% | 8/1/2044 | NR | 1,000,000 | 1,043,612 | |||||||||
| Clarksville Public Educational Facilities Board - University of the Ozarks AR | 6.25% | 8/1/2049 | NR | 1,195,000 | 1,234,530 | |||||||||
| Clarksville Public Educational Facilities Board - University of the Ozarks AR | 6.25% | 8/1/2056 | NR | 1,935,000 | 1,983,428 | |||||||||
| Cleveland-Cuyahoga County Port Authority OH† | 5.875% | 1/1/2049 | NR | 2,450,000 | 2,473,030 | |||||||||
| See Notes to Schedule of Investments. | 123 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Clifton Higher Education Finance Corp. - Aristoi Classical Academy TX | 5.50% | 8/15/2045 | BB | $ | 3,765,000 | $ | 3,747,513 | |||||||
| Clifton Higher Education Finance Corp. - Aristoi Classical Academy TX | 6.00% | 8/15/2050 | BB | 6,455,000 | 6,509,181 | |||||||||
| Clifton Higher Education Finance Corp. - Aristoi Classical Academy TX | 6.00% | 8/15/2055 | BB | 2,825,000 | 2,829,338 | |||||||||
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc (PSF-GTD) | 5.25% | 2/15/2049 | Aaa | 8,015,000 | 8,406,960 | |||||||||
| Colorado Educational & Cultural Facilities Authority† | 5.75% | 4/1/2059 | BB | 2,250,000 | 2,218,763 | |||||||||
| Colorado Educational & Cultural Facilities Authority† | 5.80% | 4/1/2054 | BB | 3,200,000 | 3,201,692 | |||||||||
| Columbus-Franklin County Finance Authority - Ohio Dominican University(c) | 6.50% | 3/1/2048 | NR | 4,830,000 | 2,898,000 | |||||||||
| Columbus-Franklin County Finance Authority - Ohio Dominican University(c) | 6.50% | 3/1/2053 | NR | 3,500,000 | 2,100,000 | |||||||||
| County of Frederick - Mount St Mary’s University Inc MD† | 6.00% | 9/1/2056 | BB+ | 4,250,000 | 4,254,051 | |||||||||
| County of Tuscarawas - Ashland University OH | 6.00% | 3/1/2045 | NR | 5,000,000 | 4,999,990 | |||||||||
| Development Authority of Cobb County - MT Bethel Christian Academy Inc GA† | 6.25% | 6/1/2055 | BB+ | 2,655,000 | 2,768,790 | |||||||||
| Development Authority of Cobb County - MT Bethel Christian Academy Inc GA† | 6.25% | 6/1/2064 | BB+ | 2,150,000 | 2,225,076 | |||||||||
| Development Authority of The City of Marietta - Life University Inc GA† | 5.00% | 11/1/2047 | B1 | 3,480,000 | 3,166,453 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2037 | B1 | 13,000,000 | 12,733,856 | |||||||||
| District of Columbia - Catholic University of America/The | 5.75% | 10/1/2055 | A- | 17,500,000 | 18,656,522 | |||||||||
| Florida Development Finance Corp. - Renaissance Charter School Inc† | 6.75% | 6/15/2053 | NR | 8,000,000 | 8,476,786 | |||||||||
| 124 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| 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 2025 Obligated Group† | 6.00% | 6/15/2055 | Ba1 | $ | 2,600,000 | $ | 2,692,252 | |||||||
| Florida Development Finance Corp. - Renaissance Charter School Inc Series 2025 Obligated Group† | 6.125% | 6/15/2050 | Ba1 | 2,600,000 | 2,735,991 | |||||||||
| Florida Higher Educational Facilities Financial Authority - Jacksonville University† | 5.00% | 6/1/2048 | NR | 9,000,000 | 8,461,601 | |||||||||
| Florida Higher Educational Facilities Financing Authority - Keiser University Obligated Group† | 6.25% | 7/1/2055 | BB+ | 47,500,000 | 48,488,218 | |||||||||
| Illinois Finance Authority - DePaul College Prep† | 5.50% | 8/1/2043 | BB+ | 1,360,000 | 1,451,537 | |||||||||
| Illinois Finance Authority - DePaul College Prep† | 5.625% | 8/1/2053 | BB+ | 4,500,000 | 4,649,316 | |||||||||
| Illinois Finance Authority - Illinois Institute of Technology† | 5.875% | 9/1/2046 | BB+ | 11,250,000 | 11,273,102 | |||||||||
| Indiana Finance Authority - Marian University Inc/IN | 5.00% | 9/15/2046 | BBB | 1,100,000 | 1,110,774 | |||||||||
| Indiana Finance Authority - Marian University Inc/IN | 5.125% | 9/15/2051 | BBB | 2,500,000 | 2,509,746 | |||||||||
| Indiana Finance Authority - Marian University Inc/IN | 5.25% | 9/15/2056 | BBB | 2,300,000 | 2,316,694 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - BASIS Schools Inc Obligated Group AZ† | 5.00% | 7/1/2045 | BB+ | 7,200,000 | 7,091,834 | |||||||||
| Iowa Higher Education Loan Authority - University of Dubuque | 5.25% | 10/1/2040 | BBB- | 2,000,000 | 2,113,472 | |||||||||
| Iowa Higher Education Loan Authority - University of Dubuque | 6.00% | 10/1/2055 | BBB- | 7,275,000 | 7,657,503 | |||||||||
| Lamar Consolidated Independent School District TX(d) | 5.00% | 2/15/2059 | AAA | 15,000,000 | 15,685,003 | |||||||||
| Louisiana Public Facilities Authority - Acadiana Renaissance Charter Academy† | 6.00% | 6/15/2059 | NR | 2,200,000 | 2,238,166 | |||||||||
| Louisiana Public Facilities Authority - Lafayette Renaissance Charter Academy† | 6.375% | 6/15/2053 | NR | 8,000,000 | 8,233,397 | |||||||||
| See Notes to Schedule of Investments. | 125 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ† | 6.25% | 7/1/2044 | NR | $ | 3,490,000 | $ | 3,631,433 | |||||||
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ† | 6.50% | 7/1/2054 | NR | 5,660,000 | 5,819,630 | |||||||||
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ† | 6.625% | 7/1/2059 | NR | 3,125,000 | 3,222,568 | |||||||||
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ† | 6.75% | 7/1/2063 | NR | 1,000,000 | 1,034,385 | |||||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.25% | 10/1/2040 | NR | 3,000,000 | 2,707,540 | |||||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.50% | 10/1/2051 | NR | 7,915,000 | 6,713,905 | |||||||||
| Massachusetts Development Finance Agency - Emerson College | 5.00% | 10/1/2043 | Baa3 | 16,215,000 | 16,020,081 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 5.25% | 7/1/2055 | Baa3 | 3,000,000 | 2,993,795 | |||||||||
| Massachusetts Development Finance Agency - Suffolk University | 6.00% | 7/1/2050 | Baa3 | 1,000,000 | 1,067,052 | |||||||||
| Massachusetts School Building Authority | 3.00% | 8/15/2050 | AA+ | 5,000,000 | 3,833,382 | |||||||||
| Middlesex County Improvement Authority - Rutgers The State University of New Jersey(d) | 5.00% | 8/15/2053 | Aa3 | 15,000,000 | 15,758,362 | |||||||||
| New York St Dorm Auth Revenues Nyshgr(d) | 5.25% | 7/1/2055 | AA- | 14,750,000 | 15,824,580 | |||||||||
| Ohio Higher Educational Facility Commission - Xavier University | 5.25% | 5/1/2049 | Baa3 | 2,805,000 | 2,816,703 | |||||||||
| Oklahoma Development Finance Authority - Oklahoma City University Obligated Group | 5.00% | 8/1/2044 | BBB- | 8,000,000 | 7,844,776 | |||||||||
| 126 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Public Finance Authority - Triad Math & Science Academy Co WI† | 5.00% | 6/15/2036 | BB+ | $ | 12,000,000 | $ | 12,273,968 | |||||||
| Public Finance Authority - Triad Math & Science Academy Co WI | 5.25% | 6/15/2065 | BB+ | 2,000,000 | 1,876,017 | |||||||||
| Public Finance Authority - Triad Math & Science Academy Co WI | 5.50% | 6/15/2055 | BB+ | 1,050,000 | 1,043,551 | |||||||||
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ† | 5.00% | 6/15/2054 | NR | 4,790,000 | 4,250,156 | |||||||||
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ† | 5.00% | 6/15/2059 | NR | 1,050,000 | 914,061 | |||||||||
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ† | 5.00% | 6/15/2064 | NR | 6,180,000 | 5,303,833 | |||||||||
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ† | 5.75% | 6/15/2058 | NR | 25,130,000 | 24,607,836 | |||||||||
| Washington State Housing Finance Commission - Seattle Academy of Arts & Sciences† | 6.25% | 7/1/2059 | BBB | 2,250,000 | 2,399,873 | |||||||||
| Washington State Housing Finance Commission - Seattle Academy of Arts & Sciences† | 6.375% | 7/1/2063 | BBB | 1,165,000 | 1,246,495 | |||||||||
| Total | 494,216,529 | |||||||||||||
| General Obligation 9.11% | ||||||||||||||
| American Samoa Economic Development Authority† | 7.125% | 9/1/2038 | Ba3 | 7,020,000 | 7,404,678 | |||||||||
| Black Desert Public Infrastructure District UT GO† | 4.00% | 3/1/2051 | NR | 6,280,000 | 5,302,019 | |||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 1/1/2054 | Baa1 | 5,500,000 | 5,826,581 | ||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2041 | BB+ | 18,530,000 | 16,756,416 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 9,515,000 | 9,679,977 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2036 | BB+ | 4,000,000 | 4,011,672 | |||||||||
| Chicago Board of Education IL GO | 5.75% | 12/1/2050 | BB+ | 10,000,000 | 10,189,678 | |||||||||
| Chicago Board of Education IL GO | 5.875% | 12/1/2047 | BB+ | 6,750,000 | 6,925,515 | |||||||||
| Chicago Board of Education IL GO | 6.00% | 12/1/2044 | BB+ | 13,160,000 | 14,091,561 | |||||||||
| Chicago Board of Education IL GO | 6.00% | 12/1/2049 | BB+ | 15,260,000 | 15,805,107 | |||||||||
| See Notes to Schedule of Investments. | 127 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| 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 | 6.25% | 12/1/2050 | BB+ | $ | 9,500,000 | $ | 10,090,419 | |||||||
| Chicago Board of Education IL GO† | 6.75% | 12/1/2030 | BB+ | 2,000,000 | 2,075,323 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2050 | BBB | 16,650,000 | 17,551,446 | |||||||||
| City of Horace ND GO | 4.50% | 5/1/2039 | Ba1 | 1,250,000 | 1,266,579 | |||||||||
| City of New Orleans LA GO | 5.50% | 12/1/2051 | BBB+ | 2,000,000 | 2,121,947 | |||||||||
| City of New Orleans LA GO | 5.75% | 12/1/2055 | BBB+ | 2,000,000 | 2,156,159 | |||||||||
| City of New York NY GO(d) | 5.25% | 10/1/2055 | AA | 33,000,000 | 34,886,497 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(a) | 11/1/2043 | NR | 10,170,279 | 7,322,601 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2041 | NR | 19,219,000 | 18,735,907 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 52,446,156 | 48,108,995 | |||||||||
| County of Pasco - State of Florida Cigarette Tax Revenue (AG) | 5.75% | 9/1/2054 | AA | 2,000,000 | 2,161,196 | |||||||||
| Grant County Public Hospital District No. 1 WA GO | 5.125% | 12/1/2052 | Baa2 | 4,750,000 | 4,754,784 | |||||||||
| Grapevine Wash Local District - Grapevine Wash Local District Residential Facilities Fee Revenue UT GO† | 6.00% | 3/1/2055 | NR | 17,335,000 | 17,366,408 | |||||||||
| Hunt Memorial Hospital District Charitable Health TX GO | 6.00% | 2/15/2041 | Ba3 | 2,730,000 | 2,866,270 | |||||||||
| Hunt Memorial Hospital District Charitable Health TX GO | 6.00% | 2/15/2045 | Ba3 | 2,300,000 | 2,377,172 | |||||||||
| Idaho Falls Auditorium District COPS† | 5.25% | 5/15/2051 | NR | 11,605,000 | 11,617,308 | |||||||||
| Metropolitan Pier & Exposition Authority - State of Illinois McCormick Place Expansion Project Fund | 4.00% | 6/15/2050 | A | 11,580,000 | 10,328,691 | |||||||||
| Mida Cormont Public Infrastructure District UT GO† | Zero Coupon | 6/1/2055 | NR | 4,850,000 | 4,287,159 | |||||||||
| Mida Cormont Public Infrastructure District UT GO† | 6.25% | 6/1/2055 | NR | 2,000,000 | 2,123,675 | |||||||||
| New York State Urban Development Corp. - State of New York Sales Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 10,000,000 | 7,591,525 | |||||||||
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 6.00% | 6/30/2061 | Baa2 | 23,995,000 | 25,565,379 | |||||||||
| 128 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Public Finance Authority - Driftwood Conservation District WI† | Zero Coupon | 12/15/2039 | NR | $ | 2,881,000 | $ | 1,220,239 | |||||||
| Public Finance Authority WI† | 6.00% | 11/15/2045 | NR | 14,500,000 | 14,526,146 | |||||||||
| Resort Core Public Infrastructure District No. 1 UT GO | Zero Coupon | 3/1/2057 | NR | 9,000,000 | 7,012,540 | |||||||||
| Resort Core Public Infrastructure District No. 1 UT GO | 5.875% | 3/1/2057 | NR | 5,950,000 | 6,114,202 | |||||||||
| State of Illinois GO | 5.25% | 5/1/2045 | A2 | 2,500,000 | 2,647,006 | |||||||||
| State of Illinois GO | 5.25% | 9/1/2048 | A2 | 3,780,000 | 3,929,799 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2039 | A2 | 8,280,000 | 8,797,115 | |||||||||
| State of Illinois GO | 5.50% | 10/1/2039 | A2 | 4,000,000 | 4,382,961 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2042 | A2 | 5,250,000 | 5,665,182 | |||||||||
| State of Illinois GO | 5.50% | 3/1/2047 | A2 | 15,270,000 | 16,075,405 | |||||||||
| State of Illinois GO | 5.50% | 5/1/2047 | A2 | 6,000,000 | 6,319,088 | |||||||||
| STC Metropolitan District No. 2 CO GO† | 6.25% | 12/1/2055 | NR | 6,500,000 | 6,672,485 | |||||||||
| Total | 414,710,812 | |||||||||||||
| Health Care 26.15% | ||||||||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2041 | BBB- | 4,000,000 | 3,950,954 | |||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2046 | BBB- | 3,300,000 | 3,144,428 | |||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.25% | 3/1/2036 | BBB- | 1,000,000 | 1,000,105 | |||||||||
| Arizona Industrial Development Authority - Navajo Health Foundation-Sage Memorial Hospital Inc Obligated Group† | 7.625% | 5/1/2054 | NR | 13,750,000 | 14,757,599 | |||||||||
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2049 | BBB | 5,195,000 | 5,311,974 | |||||||||
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2054 | BBB | 8,350,000 | 8,510,969 | |||||||||
| 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 | |||||||||
| See Notes to Schedule of Investments. | 129 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Atlanta Development Authority - Georgia ProtonCare Center Inc(c) | 7.00% | 1/1/2040 | NR | $ | 4,000,000 | $ | 1,800,000 | |||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 23,200,000 | 17,532,122 | |||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 38,616,000 | 36,913,123 | |||||||||
| Brevard County Health Facilities Authority - Health First Inc Obligated Group FL | 5.00% | 4/1/2052 | A | 11,580,000 | 11,753,202 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hospital/Sellersville Obligated Group PA | 4.00% | 7/1/2046 | BBB+ | 15,000,000 | 13,737,259 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Health System Obligated Group NY | 4.00% | 7/1/2045 | B | 3,310,000 | 2,740,522 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2040 | B | 11,020,000 | 10,689,400 | |||||||||
| Build NYC Resource Corp. - RiverSpring Health Senior Living Inc Obligated Group NY† | 7.00% | 12/15/2055 | NR | 5,000,000 | 5,111,802 | |||||||||
| Build NYC Resource Corp. - RiverSpring Health Senior Living Inc Obligated Group NY† | 7.00% | 12/15/2065 | NR | 19,750,000 | 20,107,862 | |||||||||
| California Municipal Finance Authority - Community Health Centers of The Central Coast Inc | 5.75% | 12/1/2055 | BBB | (b) | 5,000,000 | 5,308,347 | ||||||||
| California Municipal Finance Authority - Community Hospitals of Central California Obligated Group | 3.00% | 2/1/2046 | BBB+ | 5,000,000 | 3,959,581 | |||||||||
| California Municipal Finance Authority - Palomar Health Obligated Group COPS† | 5.00% | 11/1/2027 | CCC+ | 2,435,000 | 2,423,627 | |||||||||
| California Public Finance Authority - Kendal at Ventura†(e) | 11.00% | 5/15/2028 | NR | 2,365,000 | 2,365,885 | |||||||||
| California Public Finance Authority - Kendal At Ventura† | 10.00% | 5/15/2028 | NR | 6,500,000 | 6,882,594 | |||||||||
| California Public Finance Authority - Kendal At Ventura† | 12.00% | 5/15/2028 | NR | 1,000,000 | 1,089,111 | |||||||||
| 130 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Public Finance Authority - Marisol HB LLC Obligated Group† | 5.10% | #(a) | 4/1/2066 | NR | $ | 7,250,000 | $ | 7,330,144 | ||||||
| California Public Finance Authority - QSH/LB LLC† | 6.50% | 6/1/2055 | NR | 2,840,000 | 3,029,113 | |||||||||
| California Public Finance Authority - QSH/LB LLC† | 6.625% | 6/1/2065 | NR | 8,750,000 | 9,370,189 | |||||||||
| California Public Finance Authority - QSH/MB LLC† | 6.75% | 7/1/2065 | NR | 17,315,000 | 18,788,292 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group | 5.25% | 12/1/2044 | BB+ | 12,840,000 | 12,846,076 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group† | 5.25% | 12/1/2048 | BB+ | 4,080,000 | 4,119,933 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group | 5.50% | 12/1/2054 | BB+ | 13,745,000 | 13,750,207 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.00% | 12/1/2041 | BB+ | 1,700,000 | 1,700,840 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.00% | 12/1/2046 | BB+ | 6,100,000 | 6,101,417 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.25% | 12/1/2056 | BB+ | 36,875,000 | 36,883,894 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.50% | 12/1/2058 | BB+ | 37,035,000 | 37,472,313 | |||||||||
| Capital Projects Finance Authority - Trilogy Community Development Foundation Inc Obligated Group FL† | 7.125% | 1/1/2065 | NR | 6,250,000 | 6,583,211 | |||||||||
| See Notes to Schedule of Investments. | 131 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Capital Projects Finance Authority - Trilogy Community Development Foundation Inc Obligated Group FL† | 7.25% | 1/1/2055 | NR | $ | 4,000,000 | $ | 4,286,928 | |||||||
| Capital Trust Authority - Convivial St Petersburg LLC FL† | 12.00% | 10/3/2029 | NR | 6,000,000 | 6,207,625 | |||||||||
| Chester County Health & Education Facilities Authority - Immaculata University PA | 5.00% | 11/1/2037 | BB- | (b) | 4,000,000 | 3,799,978 | ||||||||
| Chester County Health & Education Facilities Authority - Immaculata University PA | 5.00% | 11/1/2046 | BB- | (b) | 4,150,000 | 3,689,021 | ||||||||
| City of Jacksonville - Genesis Health Inc Obligated Group FL | 5.00% | 11/1/2050 | A- | 6,635,000 | 6,686,085 | |||||||||
| Connecticut State Health & Educational Facilities Authority Odd Fellows Home of Connecticut Inc Obligated Group(e) | 6.25% | 12/15/2053 | NR | 4,000,000 | 4,056,322 | |||||||||
| Connecticut State Health & Educational Facilities Authority Odd Fellows Home of Connecticut Inc Obligated Group(e) | 6.375% | 12/15/2061 | NR | 4,900,000 | 4,970,551 | |||||||||
| County of Howard - Columbia Vantage House Corp MD | 5.00% | 4/1/2044 | NR | 1,955,000 | 1,945,512 | |||||||||
| County of Howard - Columbia Vantage House Corp MD | 5.00% | 4/1/2046 | NR | 7,000,000 | 6,783,979 | |||||||||
| County of Muskingum - Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2033 | BB+ | 2,765,000 | 2,767,178 | |||||||||
| County of Muskingum - Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2044 | BB+ | 10,000,000 | 10,000,830 | |||||||||
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 6.75% | 12/1/2052 | NR | 16,600,000 | 17,408,752 | |||||||||
| County of Wilson - Wilson County Hospital KS | 5.60% | 9/1/2036 | NR | 3,530,000 | 3,124,212 | |||||||||
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 3,700,000 | 3,701,738 | |||||||||
| Denver Health & Hospital Authority CO | 6.00% | 12/1/2055 | BBB | 1,250,000 | 1,347,143 | |||||||||
| 132 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Florida Local Government Finance Commission - Ponte Vedra Pine Co LLC Obligated Group† | 6.75% | 11/15/2055 | NR | $ | 3,000,000 | $ | 3,208,588 | |||||||
| Florida Local Government Finance Commission - Ponte Vedra Pine Co LLC Obligated Group† | 6.875% | 11/15/2064 | NR | 6,000,000 | 6,422,727 | |||||||||
| Florida Local Government Finance Commission - Sanctuary At Village On The Isle LLC/The† | 11.00% | 12/22/2030 | NR | 2,060,000 | 2,061,905 | |||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2036 | NR | 1,500,000 | 1,458,864 | |||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2040 | NR | 3,100,000 | 2,904,474 | |||||||||
| Grays Harbor County Public Hospital District No. 1 WA | 6.875% | 12/1/2049 | BB+ | 7,500,000 | 8,293,477 | |||||||||
| Grays Harbor County Public Hospital District No. 1 WA | 6.875% | 12/1/2053 | BB+ | 8,000,000 | 8,774,282 | |||||||||
| Holmes County Hospital Corp. FL(c) | 5.75% | 11/1/2026 | NR | 2,030,000 | 2,016,063 | |||||||||
| Holmes County Hospital Corp. FL | 6.00% | 11/1/2038 | NR | 7,115,000 | 6,194,911 | |||||||||
| Idaho Health Facilities Authority - North Canyon Medical Center Inc | 7.00% | 11/1/2048 | NR | 8,000,000 | 8,521,770 | |||||||||
| Idaho Health Facilities Authority - North Canyon Medical Center Inc | 7.125% | 11/1/2057 | NR | 7,000,000 | 7,454,203 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - Christian Care Surprise Inc AZ | 5.25% | 12/1/2055 | BBB | 8,600,000 | 8,525,679 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - Christian Care Surprise Inc AZ | 5.50% | 12/1/2065 | BBB | 14,095,000 | 14,181,831 | |||||||||
| 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 | 4,260,088 | |||||||||
| 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 | 5,876,282 | |||||||||
| Iowa Finance Authority - Lifespace Communities Inc Obligated Group | 4.00% | 5/15/2053 | BBB | (b) | 3,645,000 | 2,984,215 | ||||||||
| See Notes to Schedule of Investments. | 133 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Jefferson County Public Hospital District No. 2 WA | 6.875% | 12/1/2053 | NR | $ | 10,000,000 | $ | 10,413,879 | |||||||
| Kalamazoo Economic Development Corp. - Friendship Village of Kalamazoo Obligated Group MI† | 6.25% | 8/15/2056 | NR | 2,160,000 | 2,242,845 | |||||||||
| Kalamazoo Economic Development Corp. - Friendship Village of Kalamazoo Obligated Group MI† | 6.25% | 8/15/2061 | NR | 2,240,000 | 2,317,538 | |||||||||
| King County Public Hospital District No. 4 WA | 7.00% | 12/1/2060 | NR | 25,200,000 | 25,781,591 | |||||||||
| Kremmling Memorial Hospital District CO† | 6.375% | 12/1/2049 | NR | 4,495,000 | 4,498,932 | |||||||||
| Kremmling Memorial Hospital District CO† | 6.625% | 12/1/2056 | NR | 6,125,000 | 6,100,755 | |||||||||
| Lee County Industrial Development Authority - Cypress Cove at Healthpark Florida Obligated Group FL†(e) | 5.75% | 10/1/2050 | BB+ | (b) | 1,740,000 | 1,786,923 | ||||||||
| Lee County Industrial Development Authority - Cypress Cove at Healthpark Florida Obligated Group FL†(e) | 6.00% | 10/1/2061 | BB+ | (b) | 750,000 | 772,168 | ||||||||
| 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 | 6,116,109 | |||||||||
| Lynchburg Economic Development Authority - Centra Health Obligated Group VA | 5.50% | 1/1/2056 | A3 | 5,000,000 | 5,349,548 | |||||||||
| Magnolia West Community Development District FL | 5.35% | 5/1/2037 | NR | 170,000 | 170,353 | |||||||||
| Maryland Health & Higher Educational Facilities Authority(d) | 5.00% | 7/1/2054 | A+ | 4,230,000 | 4,393,168 | |||||||||
| Maryland Health & Higher Educational Facilities Authority(d) | 5.25% | 7/1/2054 | A+ | 4,300,000 | 4,465,869 | |||||||||
| Maryland Health & Higher Educational Facilities Authority - TidalHealth Obligated Group (AG) | 5.50% | 7/1/2055 | AA | 5,000,000 | 5,369,338 | |||||||||
| 134 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Massachusetts Development Finance Agency - Beth Israel Lahey Health Obligated Group (AG) | 5.50% | 7/1/2055 | AA | $ | 12,000,000 | $ | 12,969,436 | |||||||
| Massachusetts Development Finance Agency - Care Communities LLC Obligated Group† | 6.50% | 7/15/2060 | NR | 20,500,000 | 21,156,084 | |||||||||
| Massachusetts Development Finance Agency - Dana-Farber Cancer Institute Obligated Group | 5.50% | 12/1/2056 | A | 16,665,000 | 17,923,596 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 4.00% | 7/1/2044 | BBB- | 11,125,000 | 9,843,737 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2044 | BBB- | 3,000,000 | 3,010,755 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 6.00% | 10/1/2049 | BBB- | 10,250,000 | 11,264,118 | |||||||||
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.50% | 2/28/2049 | A3 | 1,100,000 | 1,164,224 | |||||||||
| Monroe County Hospital Authority - Centurion Foundation Lehigh Valley LLC PA† | 5.10% | 6/15/2039 | NR | 20,000,000 | 20,049,194 | |||||||||
| Montana Facility Finance Authority - St John’s Lutheran Ministries Inc Obligated Group(e) | 6.125% | 11/15/2056 | NR | 4,250,000 | 4,314,693 | |||||||||
| Montana Facility Finance Authority - St John’s Lutheran Ministries Inc Obligated Group(e) | 6.125% | 11/15/2061 | NR | 4,000,000 | 4,048,543 | |||||||||
| Moon Industrial Development Authority - Baptist Homes Society Obligated Group PA | 6.00% | 7/1/2045 | NR | 9,350,000 | 9,351,906 | |||||||||
| New Hampshire Business Finance Authority | 5.43% | 8/15/2035 | NR | 10,760,000 | 11,015,513 | |||||||||
| New Hampshire Business Finance Authority - Centurion Foundation Wilkens Avenue LLC | 5.00% | 9/15/2035 | NR | 9,820,000 | 9,720,284 | |||||||||
| New Hampshire Business Finance Authority - NFA UH SPV LLC† | 5.625% | 12/15/2033 | NR | 3,115,000 | 3,188,810 | |||||||||
| New Hampshire Business Finance Authority - NFA UH SPV LLC† | 6.25% | 12/15/2038 | NR | 3,055,000 | 3,187,223 | |||||||||
| See Notes to Schedule of Investments. | 135 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New Hope Cultural Education Facilities Finance Corp. - Bella Vida Forefront Living Obligated Group TX | 6.50% | 10/1/2055 | NR | $ | 2,180,000 | $ | 2,286,844 | |||||||
| New Hope Cultural Education Facilities Finance Corp. - Bella Vida Forefront Living Obligated Group TX | 6.50% | 10/1/2060 | NR | 1,875,000 | 1,956,147 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - SLF CHP LLC TX† | 6.50% | 7/1/2056 | NR | 19,600,000 | 20,523,546 | |||||||||
| New Jersey Economic Development Authority - Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | 1,500,000 | 1,500,490 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 3.00% | 7/1/2051 | AA- | 3,760,000 | 2,820,731 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2045 | B | 16,030,000 | 13,272,077 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.25% | 10/1/2049 | BBB- | 3,000,000 | 3,128,140 | |||||||||
| Niagara Area Development Corp. - Catholic Health System Obligated Group NY | 4.50% | 7/1/2052 | B | 3,810,000 | 3,207,163 | |||||||||
| Niagara Area Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B | 8,545,000 | 7,770,342 | |||||||||
| Norman Regional Hospital Authority Obligated Group OK | 4.00% | 9/1/2037 | CCC | 3,395,000 | 2,281,787 | |||||||||
| Norman Regional Hospital Authority Obligated Group OK | 5.00% | 9/1/2045 | CCC | 1,200,000 | 927,269 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2038 | BB+ | 6,015,000 | 6,098,584 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.25% | 8/15/2048 | BB+ | 6,795,000 | 6,832,790 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2052 | BB+ | 15,000,000 | 15,089,008 | |||||||||
| 136 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| 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 | 5.50% | 8/15/2057 | BB+ | $ | 23,690,000 | $ | 23,798,884 | |||||||
| Palm Beach County Health Facilities Authority - Lifespace Communities Inc Obligated Group FL | 5.125% | 5/15/2046 | BBB | (b) | 750,000 | 764,321 | ||||||||
| Palm Beach County Health Facilities Authority - Lifespace Communities Inc Obligated Group FL | 5.50% | 5/15/2051 | BBB | (b) | 1,600,000 | 1,637,522 | ||||||||
| Palm Beach County Health Facilities Authority - Lifespace Communities Inc Obligated Group FL | 5.625% | 5/15/2061 | BBB | (b) | 2,200,000 | 2,241,373 | ||||||||
| Pennsylvania Higher Educational Facilities Authority - University of Pennsylvania Health System Obligated Group/The | 5.50% | 8/15/2055 | AA | 4,150,000 | 4,521,289 | |||||||||
| Philadelphia Authority for Industrial Development - Greater Philadelphia Health Action Inc PA | 5.75% | 6/1/2050 | BBB- | (b) | 800,000 | 833,988 | ||||||||
| Philadelphia Authority for Industrial Development - Greater Philadelphia Health Action Inc PA | 6.25% | 6/1/2055 | BBB- | (b) | 1,500,000 | 1,609,820 | ||||||||
| Public Finance Authority - Bancroft Neurohealth Obligated Group WI† | 4.625% | 6/1/2036 | NR | 4,380,000 | 4,354,534 | |||||||||
| Public Finance Authority - Bancroft Neurohealth Obligated Group WI† | 5.125% | 6/1/2048 | NR | 7,345,000 | 7,058,231 | |||||||||
| Public Finance Authority - Inperium Inc Obligated Group WI†(e) | 6.00% | 12/1/2055 | NR | 2,000,000 | 2,049,996 | |||||||||
| Public Finance Authority - Lehigh Valley Health Network Inc WI† | 7.25% | 12/1/2042 | NR | 8,750,000 | 9,154,421 | |||||||||
| Public Finance Authority - Lehigh Valley Health Network Inc WI† | 7.50% | 12/1/2052 | NR | 8,650,000 | 9,069,604 | |||||||||
| Public Finance Authority - Munificent Behavioral Hospitals I Inc Obligated Group WI† | 7.25% | 1/1/2061 | NR | 13,000,000 | 13,904,736 | |||||||||
| 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 | 700,000 | |||||||||
| See Notes to Schedule of Investments. | 137 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Public Finance Authority - QCF Behavioral Hospitals I Obligated Group WI† | Zero Coupon | 7/1/2064 | NR | $ | 534,160,000 | $ | 6,454,202 | |||||||
| Public Finance Authority - QCF Behavioral Hospitals I Obligated Group WI† | 7.50% | 7/1/2059 | NR | 13,630,000 | 15,193,386 | |||||||||
| Public Finance Authority - RBS Evolution LLC WI† | 10.00% | 11/1/2038 | NR | 13,100,000 | 14,529,789 | |||||||||
| Rhode Island Health & Educational Building Corp. - Chartercare Health of Rhode Island Obligated Group | 8.50% | 10/1/2056 | NR | 13,125,000 | 14,729,859 | |||||||||
| Roanoke County Economic Development Authority - Friendship Foundation VA | 5.50% | #(a) | 9/1/2058 | NR | 10,615,000 | 10,482,312 | ||||||||
| Shelby County Health Educational & Housing Facilities Board - Luke Inc Obligated Group TN | 5.75% | 10/1/2059 | NR | 11,500,000 | 8,049,350 | |||||||||
| Skagit County Public Hospital District No. 1 WA | 5.50% | 12/1/2054 | Baa3 | 5,680,000 | 5,828,669 | |||||||||
| South Carolina Jobs-Economic Development Authority - Connexion Communities Obligated Group† | 6.75% | 10/15/2060 | NR | 17,500,000 | 18,188,665 | |||||||||
| South Carolina Jobs-Economic Development Authority - Hampton Regional Medical Center Obligated Group | 5.00% | 11/1/2042 | NR | 3,815,000 | 3,737,640 | |||||||||
| South Carolina Jobs-Economic Development Authority - Hampton Regional Medical Center Obligated Group | 5.00% | 11/1/2046 | NR | 6,070,000 | 5,643,855 | |||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 5.75% | 11/15/2029 | NR | 315,000 | 315,330 | |||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 7.50% | 11/15/2053 | NR | 9,100,000 | 9,911,166 | |||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 7.75% | 11/15/2058 | NR | 17,600,000 | 19,300,259 | |||||||||
| 138 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Southeastern Ohio Port Authority - Marietta Area Healthcare Inc Obligated Group | 5.50% | 12/1/2043 | B | (b) | $ | 5,025,000 | $ | 4,983,105 | ||||||
| Stamford Housing Authority - TJH Senior Living LLC Obligated Group CT | 6.25% | 10/1/2060 | NR | 1,000,000 | 1,026,105 | |||||||||
| Stamford Housing Authority - TJH Senior Living LLC Obligated Group CT | 6.50% | 10/1/2055 | NR | 2,200,000 | 2,307,516 | |||||||||
| Tarrant County Cultural Education Facilities Finance Corp TX(d) | 5.00% | 7/1/2053 | A1 | 9,550,000 | 9,743,320 | |||||||||
| Upper San Juan Health Service District Medical Center Revenue CO | 6.00% | 6/1/2041 | NR | 2,225,000 | 2,224,842 | |||||||||
| Upper San Juan Health Service District Medical Center Revenue CO | 6.125% | 6/1/2046 | NR | 3,015,000 | 2,995,563 | |||||||||
| Washington State Housing Finance Commission - Bonesta SE LLC Obligated Group | 7.00% | 5/1/2066 | NR | 15,000,000 | 15,586,608 | |||||||||
| Washington State Housing Finance Commission - Horizon House Obligated Group | 6.25% | 1/1/2056 | BB | (b) | 15,000,000 | 15,577,563 | ||||||||
| Washington State Housing Finance Commission - Horizon House Obligated Group | 6.25% | 1/1/2061 | BB | (b) | 10,500,000 | 10,868,597 | ||||||||
| West Virginia Hospital Finance Authority - Vandalia Health Inc Obligated Group | 6.00% | 9/1/2048 | BBB+ | 2,060,000 | 2,238,465 | |||||||||
| West Virginia Hospital Finance Authority - Vandalia Health Inc Obligated Group | 6.00% | 9/1/2053 | BBB+ | 3,250,000 | 3,487,980 | |||||||||
| Westchester County Health Care Corp Obligated Group NY | 6.25% | 11/1/2052 | BB | 4,320,000 | 4,550,823 | |||||||||
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.00% | 11/1/2047 | AA | 3,325,000 | 3,463,237 | |||||||||
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2053 | AA | 2,250,000 | 2,416,610 | |||||||||
| Westchester County Health Care Corp Obligated Group NY (AG) | 6.50% | 11/1/2055 | AA | 2,500,000 | 2,813,884 | |||||||||
| Westchester County Local Development Corp. - QSH/Tarrytown LLC NY† | 6.375% | 12/1/2055 | NR | 625,000 | 655,003 | |||||||||
| See Notes to Schedule of Investments. | 139 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Westchester County Local Development Corp. - QSH/Tarrytown LLC NY† | 6.50% | 12/1/2065 | NR | $ | 3,500,000 | $ | 3,671,768 | |||||||
| Westchester County Local Development Corp. - Westchester County Health Care Corp Obligated Group NY | 6.50% | 11/1/2030 | NR | 5,000,000 | 5,207,939 | |||||||||
| Westchester County Local Development Corp. - Westchester County Health Care Corp Obligated Group NY | 7.25% | 11/1/2045 | NR | 5,000,000 | 5,661,133 | |||||||||
| Westchester County Local Development Corp. - Westchester County Health Care Corp Obligated Group NY | 7.50% | 11/1/2055 | NR | 12,000,000 | 13,422,680 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Capitol Lakes Inc | 6.25% | 11/15/2055 | NR | 5,765,000 | 5,855,302 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Capitol Lakes Inc | 6.375% | 11/15/2060 | NR | 4,100,000 | 4,169,000 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 7,320,000 | 7,245,670 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 2,425,000 | 2,400,376 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Chiara Housing & Services Inc Obligated Group | 5.625% | 7/1/2045 | NR | 8,000,000 | 8,265,322 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Chiara Housing & Services Inc Obligated Group | 6.00% | 7/1/2060 | NR | 2,500,000 | 2,548,464 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Chiara Housing & Services Inc Obligated Group | 6.625% | 7/1/2060 | NR | 4,300,000 | 4,568,310 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Sauk-Prairie Memorial Hospital Inc Obligated Group | 5.375% | 2/1/2048 | Ba2 | 4,000,000 | 3,901,649 | |||||||||
| 140 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| 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 | 5.75% | 8/15/2059 | BBB- | (b) | $ | 2,380,000 | $ | 2,480,881 | ||||||
| Total | 1,190,939,274 | |||||||||||||
| Housing 5.12% | ||||||||||||||
| California Community Housing Agency Summit at Sausalito Apartments† | 3.00% | 2/1/2057 | NR | 14,310,000 | 9,997,118 | |||||||||
| California Community Housing Agency Summit at Sausalito Apartments† | 4.00% | 2/1/2050 | NR | 16,345,000 | 12,493,605 | |||||||||
| California Municipal Finance Authority | 4.326% | #(a) | 11/20/2040 | NR | 3,500,000 | 2,438,653 | ||||||||
| California Public Finance Authority - P3 Irvine SL Holdings LLC Obligated Group† | 6.375% | 6/1/2059 | NR | 17,700,000 | 16,572,437 | |||||||||
| California Public Finance Authority - P3 Irvine SL Holdings LLC Obligated Group† | 6.50% | 6/1/2054 | NR | 15,100,000 | 14,589,676 | |||||||||
| California Public Finance Authority - Stadium South LLC† | 6.75% | 1/1/2066 | NR | 20,000,000 | 20,300,894 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2038 | Baa3 | 1,000,000 | 1,030,876 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2040 | Baa3 | 1,000,000 | 1,014,710 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2048 | Baa3 | 1,350,000 | 1,295,939 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2053 | Baa3 | 1,770,000 | 1,662,128 | |||||||||
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% | 11/1/2058 | Baa3 | 1,750,000 | 1,622,047 | |||||||||
| CMFA Special Finance Agency CA† | 4.00% | 12/1/2045 | NR | 9,650,000 | 7,600,363 | |||||||||
| CSCDA Community Improvement Authority Dublin CA† | 4.00% | 2/1/2057 | NR | 4,500,000 | 3,497,840 | |||||||||
| See Notes to Schedule of Investments. | 141 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments CA† | 3.125% | 8/1/2056 | NR | $ | 4,500,000 | $ | 3,433,401 | |||||||
| CSCDA Community Improvement Authority Orange Portfolio CA† | 4.00% | 3/1/2057 | NR | 3,500,000 | 2,669,033 | |||||||||
| CSCDA Community Improvement Authority Pasadena Portfolio CA† | 4.00% | 12/1/2056 | NR | 13,250,000 | 10,535,382 | |||||||||
| CSCDA Community Improvement Authority Westgate Apartments CA† | 3.00% | 6/1/2047 | NR | 14,640,000 | 10,771,477 | |||||||||
| CSCDA Community Improvement Authority Westgate Apartments CA† | 4.00% | 6/1/2057 | NR | 25,980,000 | 5,334,658 | |||||||||
| Development Authority for Fulton County - Madrone - MS Student Housing I LLC GA†(e) | 5.75% | 7/1/2066 | BB+ | 7,000,000 | 7,055,621 | |||||||||
| Indiana Finance Authority - SFP-PUFW I LLC | 5.00% | 7/1/2059 | BBB- | 1,400,000 | 1,383,454 | |||||||||
| Indiana Finance Authority - SFP-PUFW I LLC | 5.25% | 7/1/2064 | BBB- | 3,975,000 | 4,007,494 | |||||||||
| Iowa Finance Authority - Lifespace Communities Inc Obligated Group | 7.50% | 5/15/2053 | BBB | (b) | 5,750,000 | 6,399,211 | ||||||||
| Maryland Economic Development Corp Morgan State University Student Housing (AG) | 5.25% | 7/1/2051 | AA | 1,000,000 | 1,056,484 | |||||||||
| Maryland Economic Development Corp Morgan State University Student Housing (AG) | 5.25% | 7/1/2056 | AA | 1,335,000 | 1,401,211 | |||||||||
| Maryland Economic Development Corp Morgan View & Thurgood Marshall Student Hsg | 5.75% | 7/1/2053 | BBB- | 2,000,000 | 2,109,767 | |||||||||
| Maryland Economic Development Corp Morgan View & Thurgood Marshall Student Hsg | 6.00% | 7/1/2058 | BBB- | 5,000,000 | 5,327,039 | |||||||||
| Miami-Dade County Industrial Development Authority - PRG - Casa Properties LLC FL† | 5.375% | #(a) | 7/1/2065 | NR | 12,000,000 | 12,567,289 | ||||||||
| New Hampshire Business Finance Authority† | 4.166% | #(a) | 1/20/2041 | NR | 2,750,000 | 2,185,236 | ||||||||
| New Hampshire Business Finance Authority | 5.75% | 4/28/2042 | BBB | 4,750,000 | 4,903,674 | |||||||||
| 142 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| New Hampshire Business Finance Authority - National Finance Authority Municipal Certificates Series 2026-1 | 4.25% | 7/20/2041 | BBB | $ | 3,331,192 | $ | 3,127,842 | |||||||
| Palm Beach County School District - Lifespace Communities Inc Obligated Group FL | 7.50% | 5/15/2053 | BBB | (b) | 1,000,000 | 1,112,906 | ||||||||
| Palm Beach County School District - Lifespace Communities Inc Obligated Group FL | 7.625% | 5/15/2058 | BBB | (b) | 2,000,000 | 2,230,262 | ||||||||
| Public Finance Authority - CHF-Manoa LLC WI† | 5.75% | 7/1/2053 | BBB- | 11,540,000 | 11,461,875 | |||||||||
| Public Finance Authority - CHF-Manoa LLC WI† | 5.75% | 7/1/2063 | BBB- | 9,870,000 | 9,641,107 | |||||||||
| Public Finance Authority - PRG - Oxford Properties LLC WI (BAM) | 5.25% | 7/1/2060 | AA | 5,000,000 | 5,129,672 | |||||||||
| Vail Home Partners Corp. CO† | 5.875% | 10/1/2055 | NR | 2,500,000 | 2,612,532 | |||||||||
| Vail Home Partners Corp. CO† | 6.00% | 10/1/2064 | NR | 5,250,000 | 5,494,821 | |||||||||
| Virginia Beach Development Authority - Westminster- Canterbury on Chesapeake Bay Obligated Group | 7.00% | 9/1/2053 | BB+ | (b) | 8,000,000 | 8,817,885 | ||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.00% | 7/1/2054 | BBB- | 3,250,000 | 3,112,495 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2044 | BBB- | 1,350,000 | 1,403,440 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2049 | BBB- | 1,000,000 | 1,022,691 | |||||||||
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2059 | BBB- | 2,500,000 | 2,524,969 | |||||||||
| Total | 232,949,214 | |||||||||||||
| Lease Obligations 0.36% | ||||||||||||||
| City of Charlotte NC | 3.00% | 6/1/2048 | AA+ | 12,715,000 | 10,102,633 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | A- | 6,500,000 | 6,505,969 | |||||||||
| Total | 16,608,602 | |||||||||||||
| See Notes to Schedule of Investments. | 143 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue 4.30% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA† | 6.00% | 5/1/2042 | NR | $ | 7,605,000 | $ | 7,975,538 | |||||||
| Anson Education Facilities Corp. - Arlington Classics Academy TX | 5.00% | 8/15/2045 | BBB- | 2,250,000 | 2,249,925 | |||||||||
| Arizona Industrial Development Authority - Odyssey Preparatory Academy Inc† | 5.50% | 7/1/2052 | BB- | 2,850,000 | 2,639,672 | |||||||||
| Arlington Higher Education Finance Corp. - Newman International Academy TX | 5.50% | 8/15/2046 | NR | 5,000,000 | 4,019,881 | |||||||||
| Capital Trust Agency, Inc. - Educational Growth Fund LLC FL† | 5.00% | 7/1/2056 | NR | 19,350,000 | 17,659,336 | |||||||||
| Capital Trust Agency, Inc. - Franklin Academy Series 2020 Obligated Group FL† | 5.00% | 12/15/2050 | NR | 10,000,000 | 9,243,173 | |||||||||
| Chester County Industrial Development Authority - Collegium Charter School PA | 5.25% | 10/15/2047 | BB | 7,210,000 | 6,585,367 | |||||||||
| Commonwealth of Puerto Rico | Zero Coupon | #(a) | 11/1/2051 | NR | 15,788,384 | 11,584,727 | ||||||||
| Commonwealth of Puerto Rico | Zero Coupon | #(a) | 11/1/2051 | NR | 796,127 | 351,291 | ||||||||
| County of Broward FL Convention Center Hotel Revenue(d) | 5.50% | 1/1/2055 | AA | 17,000,000 | 17,951,356 | |||||||||
| Florida Development Finance Corp. - Franklin Academy Series 2016 Obligated Group† | 5.00% | 7/15/2046 | NR | 4,000,000 | 3,898,192 | |||||||||
| 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 | 2,480,000 | 2,295,629 | |||||||||
| Florida Development Finance Corp. - Palm Bay Academy Inc† | 6.375% | 5/15/2037 | NR | 1,220,000 | 122,000 | |||||||||
| Florida Development Finance Corp. - Renaissance Charter School Inc Series 2020C/D Obligated Group† | 5.00% | 9/15/2050 | NR | 3,820,000 | 3,479,950 | |||||||||
| GDB Debt Recovery Authority of Puerto Rico | 7.50% | 8/20/2040 | NR | 341,966 | 334,080 | |||||||||
| 144 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Industrial Development Authority of the City of Phoenix Arizona - BASIS Schools Inc Obligated Group AZ† | 5.00% | 7/1/2046 | BB+ | $ | 5,130,000 | $ | 5,008,686 | |||||||
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group AZ†(c) | 5.00% | 7/1/2049 | NR | 6,000,000 | 4,800,000 | |||||||||
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group AZ†(c) | 5.00% | 7/1/2055 | NR | 1,135,000 | 908,000 | |||||||||
| Maryland Economic Development Corp Chesapeake Bay Conference Center(c) | 5.00% | 12/1/2031 | NR | 10,700,000 | 7,169,000 | |||||||||
| Maryland Economic Development Corp Chesapeake Bay Conference Center(c) | 5.25% | 12/1/2031 | NR | 3,000,000 | 2,010,000 | |||||||||
| Michigan Finance Authority - Bradford Academy | 4.30% | 9/1/2030 | NR | 650,000 | 600,210 | |||||||||
| Michigan Finance Authority - Bradford Academy | 4.80% | 9/1/2040 | NR | 1,845,000 | 1,485,461 | |||||||||
| Michigan Finance Authority - Bradford Academy | 5.00% | 9/1/2050 | NR | 3,010,000 | 2,207,709 | |||||||||
| Michigan Public Educational Facilities Authority - Crescent Academy | 7.00% | 10/1/2036 | NR | 535,000 | 513,663 | |||||||||
| Municipal Improvement Corp. of Los Angeles(d) | 5.50% | 5/1/2055 | A+ | 22,000,000 | 23,797,961 | |||||||||
| New Hampshire Business Finance Authority - Centurion Foundation Sample Road LLC | 5.54% | 8/15/2057 | NR | 30,000,000 | 30,333,240 | |||||||||
| Plymouth Educational Center Charter School MI | 5.375% | 11/1/2030 | NR | 1,425,000 | 570,000 | |||||||||
| Public Finance Authority - Inperium Inc Obligated Group WI† | 5.50% | 12/1/2044 | NR | 2,500,000 | 2,573,546 | |||||||||
| Public Finance Authority - Inperium Inc Obligated Group WI† | 5.75% | 12/1/2054 | NR | 12,000,000 | 12,065,842 | |||||||||
| Utah Charter School Finance Authority - Freedom Academy Foundation† | 5.375% | 6/15/2048 | NR | 5,150,000 | 4,751,250 | |||||||||
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2058 | Baa1 | 2,400,000 | 1,621,830 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2058 | Baa1 | 6,000,000 | 5,127,838 | |||||||||
| Total | 195,934,362 | |||||||||||||
| See Notes to Schedule of Investments. | 145 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Pollution Control 0.29% | ||||||||||||||
| Pennsylvania Economic Development Financing Authority - Noble Environmental Inc† | 6.875% | 9/1/2047 | NR | $ | 12,000,000 | $ | 13,298,129 | |||||||
| Special Tax 4.47% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA† | 6.00% | 5/1/2042 | NR | 10,205,000 | 10,806,918 | |||||||||
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | 510,000 | 510,440 | |||||||||
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | 25,000 | 25,018 | |||||||||
| Black Desert Public Infrastructure District Black Desert Assessment Area No 1 UT† | 5.625% | 12/1/2053 | NR | 15,803,386 | 16,209,854 | |||||||||
| Black Ridge Infrastructure Financing District Black Ridge Assessment Area UT | 5.00% | 12/1/2035 | NR | 3,035,459 | 3,079,442 | |||||||||
| Black Ridge Infrastructure Financing District Black Ridge Assessment Area UT | 6.25% | 12/1/2054 | NR | 8,127,935 | 8,268,873 | |||||||||
| Celebration Pointe Community Development District No. 1 FL(c) | 3.375% | 5/1/2041 | NR | 3,970,000 | 3,176,000 | |||||||||
| Celebration Pointe Community Development District No. 1 FL(c) | 5.00% | 5/1/2048 | NR | 6,555,000 | 5,244,000 | |||||||||
| City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV† | 6.50% | 6/1/2045 | NR | 6,495,000 | 6,787,068 | |||||||||
| City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV† | 6.75% | 6/1/2055 | NR | 8,440,000 | 8,700,058 | |||||||||
| City of Pilot Point Maverick Farms Public Improvement Dist Major Impt Area 1 TX | 6.00% | 9/15/2046 | NR | 1,000,000 | 1,020,204 | |||||||||
| City of Pilot Point Maverick Farms Public Improvement Dist Major Impt Area 1 TX | 6.25% | 9/15/2056 | NR | 2,000,000 | 2,023,085 | |||||||||
| County of Denton Green Meadows Public Improvement District Improvement Area #1 TX† | 5.625% | 12/31/2055 | NR | 2,725,000 | 2,825,604 | |||||||||
| 146 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| County of Denton Green Meadows Public Improvement District Major Improvement Area TX† | 5.875% | 12/31/2045 | NR | $ | 4,500,000 | $ | 4,717,462 | |||||||
| County of Denton Green Meadows Public Improvement District Major Improvement Area TX† | 6.125% | 12/31/2055 | NR | 3,100,000 | 3,235,078 | |||||||||
| County of Orange Community Facilities District No. 2025-1 Improvement Area 1 CA | 5.00% | 8/15/2051 | NR | 1,225,000 | 1,260,141 | |||||||||
| County of Orange Community Facilities District No. 2025-1 Improvement Area 1 CA | 5.00% | 8/15/2056 | NR | 3,500,000 | 3,570,915 | |||||||||
| Deseret Public Infrastructure District No. 2 Special Desert Assessment Area UT† | 6.125% | 12/1/2046 | NR | 2,850,000 | 2,928,459 | |||||||||
| Deseret Public Infrastructure District No. 2 Special Desert Assessment Area UT† | 6.50% | 12/1/2055 | NR | 5,625,000 | 5,821,997 | |||||||||
| Fairfield Community Facilities District - City of Fairfield Community Facilities District No 2023-1 Area No 1 CA | 5.00% | 9/1/2049 | NR | 3,205,000 | 3,273,668 | |||||||||
| Grandview Industrial Development Authority Grandview Crossing Redevelopment Area 1 MO(c) | 5.75% | 12/1/2028 | NR | 1,000,000 | 650,000 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 3,585,000 | 3,400,757 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 16,085,000 | 13,865,104 | |||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A+ | 3,375,000 | 3,405,764 | |||||||||
| Lakewood Ranch Stewardship District FL | 6.30% | 5/1/2054 | NR | 4,450,000 | 4,746,678 | |||||||||
| Mida Mountain Village Public Infrastructure District - Mountain Village Assessment Area No 2 UT† | 4.00% | 8/1/2050 | NR | 7,845,000 | 6,793,528 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 5.00% | 8/1/2050 | NR | 3,500,000 | 3,504,002 | |||||||||
| Military Installation Development Authority UT | 4.00% | 6/1/2052 | NR | 10,000,000 | 8,510,838 | |||||||||
| See Notes to Schedule of Investments. | 147 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| New York City Transitional Finance Authority(d) | 5.50% | 5/1/2052 | AAA | $ | 11,600,000 | $ | 12,555,636 | |||||||
| New York Transportation Development Corp.(d) | 6.00% | 6/30/2050 | Baa3 | 6,500,000 | 6,974,511 | |||||||||
| New York Transportation Development Corp.(d) | 6.00% | 6/30/2055 | Baa3 | 20,000,000 | 21,338,933 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 5.00% | 9/1/2037 | NR | 875,000 | 881,776 | |||||||||
| Rocky Mountain Rail Park Metropolitan District CO GO† | 5.00% | 12/1/2041 | NR | 2,000,000 | 2,004,761 | |||||||||
| Rocky Mountain Rail Park Metropolitan District CO GO† | 5.00% | 12/1/2051 | NR | 7,020,000 | 6,600,306 | |||||||||
| Stone Canyon Community Improvement District MO(c) | 5.70% | 4/1/2022 | NR | 1,485,000 | 222,750 | |||||||||
| Tern Bay Community Development District FL | 5.375% | 5/1/2037 | NR | 325,000 | 325,315 | |||||||||
| Utah City West Public Infrastructure District No. 1 Assessment Area No. 1† | 5.50% | 12/1/2046 | NR | 1,050,000 | 1,079,276 | |||||||||
| Utah City West Public Infrastructure District No. 1 Assessment Area No. 1† | 5.875% | 12/1/2055 | NR | 3,240,000 | 3,329,919 | |||||||||
| Village Community Development District No. 13 FL | 3.25% | 5/1/2052 | NR | 4,300,000 | 3,244,852 | |||||||||
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | 6,224,935 | 6,509,475 | |||||||||
| Total | 203,428,465 | |||||||||||||
| Tax Revenue 4.42% | ||||||||||||||
| American Samoa Economic Development Authority† | 6.50% | 9/1/2028 | Ba3 | 1,755,000 | 1,811,200 | |||||||||
| City of Garden City - City of Garden City STAR Bond District KS† | 5.375% | 6/1/2039 | NR | 1,125,000 | 1,135,017 | |||||||||
| City of Reno - County of Washoe NV Sales Tax Revenue NV† | Zero Coupon | 7/1/2058 | NR | 18,500,000 | 2,189,571 | |||||||||
| County of Monongalia - Monongalia County Building Commission Development District No 4 WV† | 5.00% | 6/1/2033 | NR | 365,000 | 382,515 | |||||||||
| 148 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| 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† | 5.75% | 6/1/2043 | NR | $ | 875,000 | $ | 945,284 | |||||||
| County of Monongalia - Monongalia County Building Commission Development District No 4 WV† | 6.00% | 6/1/2053 | NR | 1,535,000 | 1,625,689 | |||||||||
| Dallas Area Rapid Transit TX | 3.00% | 12/1/2047 | AA+ | 5,000,000 | 3,913,780 | |||||||||
| Downtown Daybreak Public Infrastructure District No. 1 - City of South Jordan South Station Housing and Transit Reinvestment Zone UT† | 5.625% | 3/1/2046 | NR | 1,750,000 | 1,799,644 | |||||||||
| Downtown Daybreak Public Infrastructure District No. 1 - City of South Jordan South Station Housing and Transit Reinvestment Zone UT† | 5.875% | 3/1/2051 | NR | 1,500,000 | 1,539,681 | |||||||||
| Downtown Revitalization Public Infrastructure District - City of Salt Lake City Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 6,760,000 | 7,297,013 | |||||||||
| Downtown Revitalization Public Infrastructure District - City of Salt Lake City Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 4,500,000 | 4,857,479 | |||||||||
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2037 | A | 10,000,000 | 6,441,298 | |||||||||
| Mida Mountain Village Public Infrastructure District - Military Installation Development Authority Military Recreation Facilities Project Area UT† | 5.75% | 6/15/2044 | NR | 860,000 | 901,619 | |||||||||
| Mida Mountain Village Public Infrastructure District - Military Installation Development Authority Military Recreation Facilities Project Area UT† | 6.00% | 6/15/2054 | NR | 4,035,000 | 4,186,525 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 5.50% | 6/1/2050 | NR | 1,850,000 | 1,902,524 | |||||||||
| Mida Mountain Village Public Infrastructure District UT† | 5.50% | 6/1/2055 | NR | 2,000,000 | 2,041,976 | |||||||||
| See Notes to Schedule of Investments. | 149 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Mida Mountain Village Public Infrastructure District UT† | 5.75% | 6/1/2060 | NR | $ | 2,650,000 | $ | 2,759,541 | |||||||
| New York Liberty Development Corp. TCRS (BAM) | 3.00% | 2/15/2042 | AA | 4,115,000 | 3,510,192 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 2,505,000 | 1,908,285 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue(d) | 5.25% | 3/15/2052 | Aa1 | 12,610,000 | 13,390,318 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 124,000 | 124,059 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 64,706,000 | 64,026,386 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 15,093,000 | 14,799,819 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 52,845,000 | 52,850,041 | |||||||||
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2048 | Baa1 | 6,710,000 | 5,036,542 | |||||||||
| Total | 201,375,998 | |||||||||||||
| Taxable Revenue - Water & Sewer 0.52% | ||||||||||||||
| City of Chicago IL Waterworks Revenue(d) | 5.50% | 11/1/2062 | AA | 20,290,000 | 21,391,652 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2047 | NR | 2,500,000 | 2,334,078 | |||||||||
| Total | 23,725,730 | |||||||||||||
| Tobacco 5.84% | ||||||||||||||
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 112,230,000 | 88,039,205 | |||||||||
| California Statewide Financing Authority | Zero Coupon | 6/1/2046 | NR | 26,325,000 | 7,016,976 | |||||||||
| California Statewide Financing Authority† | Zero Coupon | 6/1/2055 | NR | 42,500,000 | 2,603,452 | |||||||||
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2046 | NR | 4,780,000 | 905,716 | |||||||||
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2055 | NR | 21,000,000 | 1,914,438 | |||||||||
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2055 | NR | 100,000,000 | 7,817,170 | |||||||||
| 150 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Erie Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2060 | NR | $ | 30,000,000 | $ | 828,597 | |||||||
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 305,775,000 | 31,693,028 | |||||||||
| Inland Empire Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2036 | CCC | 19,000,000 | 9,663,423 | |||||||||
| Inland Empire Tobacco Securitization Corp. CA† | Zero Coupon | 6/1/2057 | CCC | 47,000,000 | 3,081,691 | |||||||||
| Michigan Tobacco Settlement Finance Authority | Zero Coupon | 6/1/2058 | NR | 93,300,000 | 1,583,907 | |||||||||
| Monroe Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2061 | NR | 22,900,000 | 816,978 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 50,000,000 | 2,062,740 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CC | 3,170,000 | 1,748,266 | |||||||||
| Nassau County Tobacco Settlement Corp. NY(c) | 5.25% | 6/1/2026 | D | 3,218,190 | 1,770,005 | |||||||||
| Rockland Tobacco Asset Securitization Corp. NY† | Zero Coupon | 8/15/2060 | NR | 41,035,000 | 3,158,608 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2036 | NR | 8,830,000 | 5,094,114 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2041 | NR | 8,000,000 | 3,107,909 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2056 | NR | 20,000,000 | 1,274,624 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco Asset Securitization Corp | Zero Coupon | 6/1/2046 | CCC- | 7,500,000 | 1,014,684 | |||||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco Asset Securitization Corp | Zero Coupon | 6/1/2046 | CCC- | 10,000,000 | 2,344,039 | |||||||||
| Tobacco Settlement Financing Corp. RI | Zero Coupon | 6/1/2052 | CCC- | 15,885,000 | 2,215,981 | |||||||||
| Tobacco Settlement Financing Corp. VA | Zero Coupon | 6/1/2047 | CCC- | 9,500,000 | 1,829,279 | |||||||||
| Tobacco Settlement Financing Corp. VA | Zero Coupon | 6/1/2047 | CCC- | 105,695,000 | 23,560,124 | |||||||||
| See Notes to Schedule of Investments. | 151 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | $ | 41,735,000 | $ | 34,196,094 | |||||||
| TSASC, Inc. NY | 5.00% | 6/1/2045 | CCC+ | 9,670,000 | 9,348,100 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 17,835,000 | 17,257,679 | |||||||||
| Total | 265,946,827 | |||||||||||||
| Transportation 14.11% | ||||||||||||||
| Build NYC Resource Corp. - TRIPS Obligated Group NY AMT | 5.50% | 7/1/2055 | BBB+ | 8,825,000 | 9,172,088 | |||||||||
| Chicago O’Hare International Airport(d) | 5.25% | 1/1/2061 | A+ | 39,940,000 | 41,783,850 | |||||||||
| Chicago O’Hare International Airport IL AMT | 5.50% | 1/1/2055 | A+ | 5,485,000 | 5,768,750 | |||||||||
| City & County of Denver - United Airlines Inc CO AMT | 5.00% | 10/1/2032 | BB+ | 7,300,000 | 7,307,326 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.50% | 7/15/2035 | BB+ | 10,790,000 | 11,670,573 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2050 | AA | 4,655,000 | 4,282,761 | |||||||||
| County of Broward Port Facilities Revenue FL AMT | 4.00% | 9/1/2049 | A1 | 5,000,000 | 4,493,176 | |||||||||
| E-470 Public Highway Authority CO (NATL) | Zero Coupon | 9/1/2031 | AA- | 20,000,000 | 17,225,362 | |||||||||
| Florida Development Finance Corp. - AAF Operations Holdings LLC AMT† | Zero Coupon | #(a) | 7/15/2032 | NR | 16,500,000 | 4,620,000 | ||||||||
| Florida Development Finance Corp. - AAF Operations Holdings LLC AMT† | 12.00% | #(a) | 7/15/2059 | NR | 9,000,000 | 2,520,000 | ||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | 6,235,000 | 5,715,883 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA (AG) | 3.50% | 1/15/2053 | AA | 5,425,000 | 4,634,540 | |||||||||
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2049 | AA | 6,370,000 | 5,793,161 | |||||||||
| Louisiana Public Facilities Authority - Calcasieu Bridge Partners LLC AMT | 5.50% | 9/1/2059 | Baa3 | 5,000,000 | 5,130,194 | |||||||||
| Louisiana Public Facilities Authority - Calcasieu Bridge Partners LLC AMT | 5.75% | 9/1/2064 | Baa3 | 44,580,000 | 46,537,887 | |||||||||
| 152 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Maryland Economic Development Corp. - City of Baltimore Port Covington Development District Tax Allocation | 4.00% | 9/1/2050 | NR | $ | 10,000,000 | $ | 8,519,572 | |||||||
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2052 | A1 | 9,400,000 | 9,840,317 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2050 | A | 5,000,000 | 4,547,523 | |||||||||
| Metropolitan Transportation Authority NY(d) | 4.75% | 11/15/2045 | A | 14,710,000 | 14,883,092 | |||||||||
| Metropolitan Transportation Authority NY(d) | 5.25% | 11/15/2055 | A | 7,000,000 | 7,158,551 | |||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC | 4.00% | 10/1/2049 | A- | 4,090,000 | 3,681,914 | |||||||||
| New Jersey Economic Development Authority - DRP Urban Renewal 4 LLC AMT† | 6.625% | 1/1/2045 | NR | 8,750,000 | 9,277,462 | |||||||||
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 5.375% | 6/30/2060 | Baa3 | 34,340,000 | 34,549,048 | |||||||||
| New York State Thruway Authority TCRS (BAM) | 3.00% | 1/1/2051 | AA | 5,365,000 | 4,061,633 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa2 | 8,480,000 | 8,734,345 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 13,000,000 | 13,896,158 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 9,000,000 | 10,055,528 | |||||||||
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 4/30/2053 | BBB- | (b) | 8,250,000 | 7,455,836 | ||||||||
| New York Transportation Development Corp. - JFK Millennium Partners LLC AMT | 5.50% | 12/31/2060 | BBB- | 72,500,000 | 74,304,032 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2049 | Baa3 | 5,000,000 | 5,084,737 | |||||||||
| See Notes to Schedule of Investments. | 153 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| 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 AMT | 5.50% | 6/30/2060 | Baa3 | $ | 23,185,000 | $ | 23,677,257 | |||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 21,500,000 | 22,545,412 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa1 | 5,035,000 | 4,726,276 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa1 | 8,730,000 | 8,729,543 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 4.75% | 9/15/2041 | NR | 1,930,000 | 1,885,898 | |||||||||
| Oklahoma Turnpike Authority(d) | 5.50% | 1/1/2054 | Aa3 | 5,270,000 | 5,769,933 | |||||||||
| Oklahoma Turnpike Authority(d) | 5.50% | 10/1/2054 | Aa3 | 12,500,000 | 13,685,619 | |||||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 3.00% | 12/1/2051 | Aa3 | 5,375,000 | 4,003,943 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 1,680,000 | 1,783,336 | |||||||||
| Port of Portland Airport Revenue OR AMT | 5.50% | 7/1/2048 | AA- | 6,250,000 | 6,634,206 | |||||||||
| Public Finance Authority - Million Air Three Obligated Group WI AMT† | 6.25% | 9/1/2046 | NR | 1,500,000 | 1,553,975 | |||||||||
| Public Finance Authority - Million Air Three Obligated Group WI AMT† | 7.00% | 9/1/2054 | NR | 5,810,000 | 6,146,062 | |||||||||
| Public Finance Authority - Sky Harbour Capital III LLC Obligated Group WI AMT† | 6.00% | #(a) | 7/1/2060 | NR | 17,500,000 | 18,036,179 | ||||||||
| Public Finance Authority - SR 400 Peach Partners LLC WI AMT | 5.75% | 6/30/2060 | Baa3 | 29,535,000 | 30,960,885 | |||||||||
| Public Finance Authority - SR 400 Peach Partners LLC WI AMT | 5.75% | 12/31/2065 | Baa3 | 42,000,000 | 44,027,668 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 4.00% | 7/1/2056 | A1 | 15,080,000 | 13,402,643 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners LLC AMT | 5.50% | 12/31/2058 | Baa1 | 8,500,000 | 8,862,829 | |||||||||
| Tulsa Municipal Airport Trust Trustees - American Airlines Inc OK AMT | 6.25% | 12/1/2035 | B+ | 8,175,000 | 9,267,902 | |||||||||
| 154 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 4.00% | 1/1/2048 | BBB | $ | 26,490,000 | $ | 24,206,943 | |||||||
| Total | 642,611,808 | |||||||||||||
| Utilities 3.79% | ||||||||||||||
| Black Belt Energy Gas District AL(d) | 5.00% | 10/1/2035 | A2 | 18,500,000 | 18,672,899 | |||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 11/1/2053 | A2 | 16,335,000 | 17,096,775 | ||||||||
| California Community Choice Financing Authority(d) | 5.25% | #(a) | 11/1/2054 | A2 | 14,000,000 | 14,786,641 | ||||||||
| City of Baltimore MD(d) | 5.25% | 7/1/2047 | AA- | 7,172,450 | 7,531,478 | |||||||||
| City of Baltimore MD(d) | 5.25% | 7/1/2052 | AA- | 12,212,550 | 12,823,869 | |||||||||
| City of Compton Water Revenue CA | 6.00% | 8/1/2039 | NR | 3,710,000 | 3,823,818 | |||||||||
| County of Jefferson Sewer Revenue AL | 5.50% | 10/1/2053 | BBB+ | 5,000,000 | 5,267,190 | |||||||||
| Energy Southeast A Cooperative District AL | 5.75% | #(a) | 4/1/2054 | A1 | 7,500,000 | 8,250,683 | ||||||||
| Guam Government Waterworks Authority - Guam Waterworks Authority Water And Wastewater System | 5.50% | 7/1/2055 | A- | 10,000,000 | 10,511,864 | |||||||||
| Kansas City Industrial Development Authority MO† | 6.00% | 1/1/2048 | NR | 2,500,000 | 2,584,027 | |||||||||
| Main Street Energy, Inc. GA(e) | 5.00% | 9/1/2036 | A3 | 16,750,000 | 17,612,896 | |||||||||
| Patriots Energy Group Financing Agency SC | 5.25% | #(a) | 10/1/2054 | A1 | 15,000,000 | 16,102,622 | ||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2035 | NR | 1,500,000 | 1,560,531 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2047 | NR | 20,000,000 | 20,193,650 | |||||||||
| Southeast Energy Authority A Cooperative District AL | 5.50% | #(a) | 1/1/2053 | A1 | 5,000,000 | 5,326,298 | ||||||||
| Village Community Development District No. 15 Series 2024 Special Assessment UT† | 6.625% | 9/1/2047 | NR | 9,750,000 | 10,420,000 | |||||||||
| Total | 172,565,241 | |||||||||||||
| Total Municipal Bonds (cost $4,688,652,285) | 4,656,994,569 | |||||||||||||
| See Notes to Schedule of Investments. | 155 |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||||
| WARRANTS 0.12% | ||||||||||||||||
| Construction & Engineering 0.12% | ||||||||||||||||
| BL Train Holdings West LLC* (cost $0) | 11.50% | 12/1/2035 | NR | $ | 343,920 | $ | 859,800 | |||||||||
| Desertxpress Enterprises LLC* (cost $0) | 1.00% | 4/30/2036 | NR | 1,773,486 | 4,433,715 | |||||||||||
| Total | 5,293,515 | |||||||||||||||
| Total Long-Term Investments (cost $4,688,652,285) | 4,662,288,084 | |||||||||||||||
| Interest Rate# | Interest Rate Reset Date(f) | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 1.31% | ||||||||||||||||
| Variable Rate Demand Notes 1.31% | ||||||||||||||||
| General Obligation 0.45% | ||||||||||||||||
| City of New York NY GO | 3.050% | 7/1/2026 | 4/1/2042 | AA | 15,000,000 | 15,000,000 | ||||||||||
| City of New York NY GO | 3.050% | 7/1/2026 | 4/1/2042 | AA | 4,070,000 | 4,070,000 | ||||||||||
| City of New York NY GO | 3.050% | 7/1/2026 | 10/1/2046 | AA | 1,100,000 | 1,100,000 | ||||||||||
| Total | 20,170,000 | |||||||||||||||
| Pollution Control 0.34% | ||||||||||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 3.000% | 7/1/2026 | 4/1/2040 | BBB+ | 1,400,000 | 1,400,000 | ||||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 3.000% | 7/1/2026 | 4/1/2040 | BBB+ | 3,400,000 | 3,400,000 | ||||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 3.050% | 7/1/2026 | 4/1/2040 | BBB+ | 10,800,000 | 10,800,000 | ||||||||||
| Total | 15,600,000 | |||||||||||||||
| Utilities 0.52% | ||||||||||||||||
| Development Authority of Appling County - Georgia Power Co | 3.000% | 7/1/2026 | 9/1/2029 | A | 7,500,000 | 7,500,000 | ||||||||||
| Development Authority of Appling County - Georgia Power Co | 3.000% | 7/1/2026 | 9/1/2041 | A | 7,250,000 | 7,250,000 | ||||||||||
| 156 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate# | Interest Rate Reset Date(f) | Final 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 | 3.050% | 7/15/2026 | 6/15/2041 | AA+ | $ | 7,900,000 | $ | 7,900,000 | ||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 3.300% | 7/15/2026 | 6/15/2043 | AA+ | 1,100,000 | 1,100,000 | ||||||||||
| Total | 23,750,000 | |||||||||||||||
| Total Variable Rate Demand Notes (cost $59,520,000) | 59,520,000 | |||||||||||||||
| Total Short-Term Investments (cost $59,520,000) | 59,520,000 | |||||||||||||||
| Total Investments in Securities 103.69% (cost $4,748,172,285) | 4,721,808,084 | |||||||||||||||
| Other Assets and Liabilities – Net (3.69)% | (167,862,632 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 4,553,945,452 | ||||||||||||||
| AG | AG Insured by Assured Guaranty, Inc. | |
| 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. | |
| PSF | Permanent School Fund. | |
| SIFMA | Insured by Securities Industry and Financial Markets Association. | |
| TCRS | Transferable Custodial Receipts. | |
| TRIPS | Tax Refund Intercept Programs. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2026, the total value of Rule 144A securities was $1,501,594,332, which represents 32.97% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2026. | |
| * | Non-income producing security. | |
| (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. | |
| (d) | Municipal Bonds Held in Trust - Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. | |
| (e) | Securities purchased on a when-issued basis. | |
| (f) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
| See Notes to Schedule of Investments. | 157 |
Schedule of Investments (unaudited)(concluded)
HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
The following is a summary of the inputs used as of June 30, 2026 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) | $ | – | $ | 4,656,994,569 | $ | – | $ | 4,656,994,569 | ||||||||
| Warrants | – | 5,293,515 | – | 5,293,515 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 59,520,000 | – | 59,520,000 | ||||||||||||
| Total | $ | – | $ | 4,721,808,084 | $ | – | $ | 4,721,808,084 | ||||||||
| (1) | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. | |
| (3) | Includes Municipal Bonds held in 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.
| 158 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 98.71% | ||||||||||||||
| CORPORATE BONDS 0.16% | ||||||||||||||
| Health Care Services 0.16% | ||||||||||||||
| Eastern Maine Healthcare Systems (cost $5,085,348) | 5.022% | 7/1/2036 | BB- | $ | 6,280,000 | $ | 5,164,658 | |||||||
| MUNICIPAL BONDS 98.43% | ||||||||||||||
| Airlines 0.18% | ||||||||||||||
| New Jersey Economic Development Authority - Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2026 | Baa2 | 2,135,000 | 2,143,008 | |||||||||
| New Jersey Economic Development Authority - Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2027 | Baa2 | 3,440,000 | 3,517,518 | |||||||||
| Total | 5,660,526 | |||||||||||||
| Corporate-Backed 18.98% | ||||||||||||||
| Allegheny County Industrial Development Authority - United States Steel Corp PA | 5.75% | 8/1/2042 | BB+ | 545,000 | 545,598 | |||||||||
| Arkansas Development Finance Authority† | 7.375% | 7/1/2056 | B- | 6,100,000 | 6,362,230 | |||||||||
| Arkansas Development Finance Authority - Hybar LLC AMT† | 7.00% | 7/1/2048 | B- | 1,000,000 | 1,108,493 | |||||||||
| Arkansas Development Finance Authority - Weyerhaeuser Co AMT | 3.875% | #(a) | 10/15/2065 | BBB | 10,220,000 | 10,329,709 | ||||||||
| Arkansas Development Finance Authority AMT† | 4.875% | #(a) | 7/1/2056 | B- | 5,800,000 | 6,071,190 | ||||||||
| Avenir Community Development District FL | 4.50% | 5/1/2030 | NR | 1,370,000 | 1,388,884 | |||||||||
| Babcock Ranch Community Independent Special District Series 2024 Assessment Area† | 5.00% | 5/1/2044 | NR | 4,405,000 | 4,541,307 | |||||||||
| Baldwin County Industrial Development Authority - Novelis Corp AL AMT† | 5.00% | #(a) | 6/1/2055 | BB | 28,475,000 | 29,609,398 | ||||||||
| Boggy Creek Improvement District FL | 4.50% | 5/1/2033 | NR | 815,000 | 835,765 | |||||||||
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT† | 5.00% | 1/1/2035 | NR | 8,135,000 | 8,146,941 | |||||||||
| See Notes to Schedule of Investments. | 159 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Cabot Citrus Farms Community Development District FL | 5.25% | 3/1/2029 | NR | $ | 14,605,000 | $ | 14,713,543 | |||||||
| California Infrastructure & Economic Development Bank - DesertXpress Enterprises LLC AMT† | 12.00% | #(a) | 1/1/2065 | NR | 26,610,000 | 17,429,550 | ||||||||
| California Municipal Finance Authority - Clay Lacy Santa Ana LLC AMT† | 5.00% | 1/1/2041 | NR | 4,150,000 | 4,305,982 | |||||||||
| California Pollution Control Financing Authority - Channelside Water Resources LP AMT† | 5.00% | 7/1/2037 | Baa2 | 2,000,000 | 2,003,586 | |||||||||
| Chandler Industrial Development Authority - Intel Corp AZ AMT | 4.00% | #(a) | 6/1/2049 | BBB | 10,620,000 | 10,790,043 | ||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2027 | BB+ | (b) | 1,000,000 | 1,015,524 | ||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2028 | BB+ | 2,850,000 | 2,928,047 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/1/2029 | BB+ | 4,550,000 | 4,555,505 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.25% | 7/15/2033 | BB+ | 5,000,000 | 5,374,977 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Foundation OH | 5.50% | 12/1/2043 | BBB- | 2,990,000 | 3,062,621 | |||||||||
| Crosswinds East Community Development District FL | 4.625% | 5/1/2031 | NR | 375,000 | 380,413 | |||||||||
| East Nassau Stewardship District Special Assessment 2025 FL | 5.00% | 5/1/2035 | NR | 4,740,000 | 4,912,172 | |||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT† | 4.45% | #(a) | 7/1/2037 | NR | 3,000,000 | 3,040,898 | ||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT† | 4.50% | 7/1/2032 | NR | 16,100,000 | 16,154,280 | |||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT† | 5.00% | 5/1/2029 | NR | 7,240,000 | 7,297,284 | |||||||||
| Gas Worx Community Development District - Gas Worx Community Development District Series 2025 Special Assessments FL† | 5.00% | 5/1/2036 | NR | 615,000 | 639,497 | |||||||||
| Grapevine Wash Local District - Grapevine Wash Local District Assessment Area No 1 UT† | 5.25% | 12/1/2044 | NR | 6,000,000 | 6,051,205 | |||||||||
| 160 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 4.75% | 5/1/2031 | NR | $ | 1,445,000 | $ | 1,493,715 | |||||||
| Hoover Industrial Development Board - United States Steel Corp AL AMT | 6.375% | #(a) | 11/1/2050 | BB+ | 1,570,000 | 1,740,249 | ||||||||
| Illinois Finance Authority - LRS Holdings LLC AMT† | 7.375% | #(a) | 9/1/2042 | NR | 7,000,000 | 8,038,752 | ||||||||
| Industrial Development Board of The City of Kingsport Tennessee - Domtar Paper Co LLC TN AMT† | 5.25% | #(a) | 12/1/2054 | B2 | 18,620,000 | 17,140,797 | ||||||||
| Iowa Finance Authority - Howmet Aerospace Inc | 4.75% | 8/1/2042 | BBB+ | 14,800,000 | 14,805,054 | |||||||||
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 4.00% | #(a) | 12/1/2050 | AA+ | 8,370,000 | 8,985,250 | ||||||||
| Jefferson Center Metropolitan District No. 2 CO† | 5.00% | 12/1/2036 | NR | 5,625,000 | 5,674,876 | |||||||||
| Jefferson County Port Authority - JSW Steel USA Ohio Inc OH† | 5.00% | #(a) | 12/1/2053 | Ba1 | 15,130,000 | 15,483,360 | ||||||||
| KD52 Community Development District No. 1 Series 2025 Assessment FL | 5.00% | 5/1/2035 | NR | 1,210,000 | 1,223,643 | |||||||||
| Lakewood Ranch Stewardship District Series 2025 Assessment Southeast FL | 5.00% | 5/1/2035 | NR | 2,795,000 | 2,996,620 | |||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority - Westlake Corp | 3.50% | 11/1/2032 | BBB | 5,110,000 | 5,021,283 | |||||||||
| Louisiana Public Facilities Authority - Waste Pro USA Inc LA AMT† | 4.375% | #(a) | 5/1/2053 | NR | 6,000,000 | 6,052,451 | ||||||||
| Love Field Airport Modernization Corp. - Southwest Airlines Co TX | 5.00% | 11/1/2028 | BBB | 3,485,000 | 3,491,392 | |||||||||
| Michigan Strategic Fund - Graphic Packaging International LLC AMT | 4.00% | #(a) | 10/1/2061 | Ba2 | 3,635,000 | 3,638,507 | ||||||||
| Mission Economic Development Corp. - Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 32,400,000 | 32,451,934 | |||||||||
| Mississippi Business Finance Corp. - Huntington Ingalls Industries Inc | 4.55% | 12/1/2028 | BBB- | 2,255,000 | 2,255,970 | |||||||||
| Mississippi Business Finance Corp. - Waste Pro USA Inc AMT† | 4.375% | #(a) | 2/1/2048 | NR | 3,750,000 | 3,764,819 | ||||||||
| Montgomery County Industrial Development Authority - Constellation Energy Generation PA AMT | 4.45% | #(a) | 10/1/2034 | BBB+ | 7,775,000 | 7,998,781 | ||||||||
| See Notes to Schedule of Investments. | 161 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT† | 4.00% | 11/1/2027 | B- | $ | 6,980,000 | $ | 6,931,416 | |||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.50% | 1/1/2027 | A- | 500,000 | 501,160 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB+ | 4,585,000 | 4,591,399 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.75% | 9/15/2027 | BB+ | 4,360,000 | 4,368,154 | |||||||||
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 380,000 | 380,273 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.00% | 11/15/2044 | NR | 60,085,000 | 60,144,628 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 8,660,000 | 8,668,681 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 7.25% | 11/15/2044 | NR | 1,000,000 | 1,001,764 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 2.875% | #(a) | 12/1/2044 | B+ | 1,000,000 | 976,657 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 5.125% | #(a) | 9/1/2050 | B+ | 1,000,000 | 1,055,703 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2026 | B+ | 7,065,000 | 7,070,201 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2031 | B+ | 26,345,000 | 26,346,064 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 5,500,000 | 5,741,595 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2027 | Baa2 | 5,555,000 | 5,615,815 | |||||||||
| Niagara Area Development Corp. - Reworld Holding Corp NY AMT† | 4.75% | 11/1/2042 | B- | 8,070,000 | 7,422,596 | |||||||||
| Normandy Community Development District Assessment Area One FL† | 4.625% | 5/1/2031 | NR | 390,000 | 393,274 | |||||||||
| Ohio Air Quality Development Authority - AMG Vanadium LLC AMT† | 5.00% | 7/1/2049 | B3 | 5,000,000 | 4,688,059 | |||||||||
| Parish of St. James - NuStar Logistics LP LA† | 6.10% | #(a) | 6/1/2038 | BB+ | 7,095,000 | 7,808,162 | ||||||||
| 162 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Pennsylvania Economic Development Financing Authority - Core Natural Resources Inc AMT† | 5.45% | #(a) | 1/1/2051 | B1 | $ | 19,370,000 | $ | 21,147,525 | ||||||
| Pennsylvania Economic Development Financing Authority - Covanta Holding Corp AMT† | 3.25% | 8/1/2039 | B- | 8,000,000 | 6,439,961 | |||||||||
| Phenix City Industrial Development Board - WestRock Coated Board LLC AL AMT | 4.125% | 5/15/2035 | BBB | 13,515,000 | 13,515,828 | |||||||||
| Pinal County Industrial Development Authority - WOF SW GGP 1 LLC AZ AMT† | 5.50% | 10/1/2033 | NR | 2,499,000 | 2,661,178 | |||||||||
| Pinal County Industrial Development Authority - WOF SW GGP 1 LLC AZ AMT | 5.50% | 10/1/2033 | NR | 6,854,000 | 7,298,805 | |||||||||
| Pinery Community Development District Assessment Area One FL | 4.25% | 5/1/2031 | NR | 500,000 | 494,913 | |||||||||
| Pinery Community Development District Assessment Area One FL | 4.50% | 5/1/2036 | NR | 500,000 | 494,120 | |||||||||
| Polk County Industrial Development Authority - Mineral Development LLC FL†(c) | 5.875% | 1/1/2033 | NR | 1,310,000 | 262,000 | |||||||||
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT† | 2.50% | 1/1/2030 | NR | 1,000,000 | 885,051 | |||||||||
| Port of Seattle Industrial Development Corp. - Delta Air Lines Inc WA AMT | 5.00% | 4/1/2030 | BBB- | 3,350,000 | 3,354,296 | |||||||||
| Public Finance Authority - Celanese US Holdings LLC WI AMT | 4.30% | 11/1/2030 | BB | 1,955,000 | 1,955,025 | |||||||||
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% | 7/1/2036 | NR | 12,030,000 | 11,703,477 | |||||||||
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% | 7/1/2041 | NR | 1,600,000 | 1,513,551 | |||||||||
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.25% | 7/1/2028 | BBB+ | 845,000 | 845,774 | |||||||||
| Public Finance Authority WI† | 5.375% | 12/15/2032 | NR | 2,286,000 | 2,285,861 | |||||||||
| Savannah Georgia Convention Center Authority† | 5.50% | 6/1/2040 | NR | 3,500,000 | 3,582,193 | |||||||||
| Southwestern Illinois Development Authority - United States Street Corp | 5.75% | 8/1/2042 | BB+ | 10,000,000 | 10,010,972 | |||||||||
| See Notes to Schedule of Investments. | 163 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| State of Nevada Department of Business & Industry - DesertXpress Enterprises LLC AMT† | 12.00% | #(a) | 1/1/2065 | NR | $ | 6,830,000 | $ | 4,473,650 | ||||||
| Tulsa Airports Improvement Trust - American Airlines Inc OK AMT | 5.50% | 6/1/2035 | NR | 2,875,000 | 2,875,628 | |||||||||
| Tulsa Municipal Airport Trust Trustees - American Airlines Inc OK AMT | 6.25% | 12/1/2040 | B+ | 4,750,000 | 5,274,265 | |||||||||
| Tuscaloosa County Industrial Development Authority - Hunt Refining Co AL† | 5.25% | 5/1/2044 | NR | 8,787,311 | 8,943,986 | |||||||||
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT† | 5.00% | #(a) | 6/1/2052 | B+ | 6,000,000 | 6,054,405 | ||||||||
| Village Community Development District No. 15 FL† | 4.25% | 5/1/2028 | NR | 465,000 | 471,175 | |||||||||
| Village Community Development District No. 15 FL† | 4.375% | 5/1/2033 | NR | 1,445,000 | 1,490,450 | |||||||||
| Virginia Small Business Financing Authority - Reworld Holding Corp AMT† | 5.00% | #(a) | 1/1/2048 | B- | 3,310,000 | 3,304,087 | ||||||||
| West Virginia Economic Development Authority - Core Natural Resources Inc AMT† | 5.45% | #(a) | 1/1/2055 | NR | 5,405,000 | 5,899,913 | ||||||||
| Total | 596,795,785 | |||||||||||||
| Education 8.57% | ||||||||||||||
| Arizona Industrial Development Authority - Academies of Math & Science Obligated Group† | 4.875% | #(a) | 7/1/2060 | BB+ | 2,000,000 | 2,091,928 | ||||||||
| Arizona Industrial Development Authority - BASIS Schools Inc Obligated Group† | 5.125% | 7/1/2037 | BB+ | 970,000 | 970,250 | |||||||||
| Arizona Industrial Development Authority - Odyssey Preparatory Academy Inc† | 4.00% | 7/1/2029 | BB- | 235,000 | 231,920 | |||||||||
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX† | 4.125% | 6/15/2034 | Ba2 | 1,540,000 | 1,536,119 | |||||||||
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX† | 4.25% | 6/15/2039 | Ba2 | 1,075,000 | 1,043,343 | |||||||||
| 164 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX† | 5.00% | 6/15/2035 | Ba2 | $ | 1,250,000 | $ | 1,313,827 | |||||||
| California Community Choice Financing Authority | 4.138% (SOFR * .67 + 1.70% | )# | 5/1/2053 | A1 | 10,000,000 | 10,122,353 | ||||||||
| California Enterprise Development Authority - Milken Community School | 5.00% | 7/1/2033 | BBB+ | 2,600,000 | 2,899,946 | |||||||||
| California Enterprise Development Authority - Milken Community School | 5.00% | 7/1/2036 | BBB+ | 1,000,000 | 1,131,289 | |||||||||
| California Municipal Finance Authority - Emerson College | 5.00% | 1/1/2042 | BBB+ | 5,250,000 | 5,271,432 | |||||||||
| California Municipal Finance Authority - SDORI Charter School Properties LLC† | 5.00% | 3/1/2027 | B+ | 525,000 | 522,174 | |||||||||
| California Municipal Finance Authority - Westside Neighborhood School† | 5.00% | 6/15/2034 | BB | 915,000 | 968,224 | |||||||||
| California Municipal Finance Authority - Westside Neighborhood School† | 5.50% | 6/15/2039 | BB | 900,000 | 960,499 | |||||||||
| Capital Trust Agency, Inc. - Franklin Academy Series 2020 Obligated Group FL† | 5.00% | 12/15/2035 | NR | 1,085,000 | 1,084,209 | |||||||||
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL† | 4.00% | 6/15/2029 | NR | 455,000 | 449,431 | |||||||||
| Capital Trust Authority - Kipp Miami Obligated Group FL† | 5.00% | 6/15/2034 | BB+ | 610,000 | 639,649 | |||||||||
| Chester County Health & Education Facilities Authority - Immaculata University PA | 4.25% | 11/1/2032 | BB- | (b) | 1,885,000 | 1,782,437 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2033 | A | (b) | 1,260,000 | 1,384,969 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2033 | A | (b) | 5,000,000 | 5,064,339 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 6.10% | 4/1/2036 | A | (b) | 5,100,000 | 5,168,114 | ||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB+ | 1,535,000 | 1,534,951 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 7,625,000 | 7,654,540 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 6,060,000 | 6,059,683 | |||||||||
| Chicago Board of Education IL GO | 5.125% | 12/1/2032 | BB+ | 6,315,000 | 6,315,261 | |||||||||
| See Notes to Schedule of Investments. | 165 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Clarksville Public Educational Facilities Board - University of the Ozarks AR | 5.50% | 8/1/2039 | NR | $ | 580,000 | $ | 595,913 | |||||||
| Cleveland-Cuyahoga County Port Authority OH† | 5.25% | 1/1/2034 | NR | 1,825,000 | 1,880,475 | |||||||||
| Cleveland-Cuyahoga County Port Authority OH† | 5.375% | 1/1/2039 | NR | 850,000 | 869,378 | |||||||||
| Clifton Higher Education Finance Corp. - Aristoi Classical Academy TX | 4.50% | 8/15/2035 | BB | 3,130,000 | 3,087,531 | |||||||||
| Colorado Educational & Cultural Facilities Authority† | 4.75% | 4/1/2034 | BB | 4,290,000 | 4,315,668 | |||||||||
| County of Frederick - Mount St Mary’s University Inc MD† | 5.00% | 9/1/2032 | BB+ | 3,150,000 | 3,158,704 | |||||||||
| Development Authority Of The City Of Marietta - Life University Inc GA† | 5.00% | 11/1/2037 | B1 | 4,000,000 | 3,918,110 | |||||||||
| Florida Development Finance Corp. - Renaissance Charter School Inc† | 6.00% | 6/15/2033 | NR | 1,830,000 | 1,996,042 | |||||||||
| Florida Development Finance Corp. - Renaissance Charter School Inc Series 2025 Obligated Group† | 5.50% | 6/15/2040 | Ba1 | 2,700,000 | 2,852,196 | |||||||||
| Florida Higher Educational Facilities Financial Authority - Jacksonville University† | 4.50% | 6/1/2033 | NR | 3,615,000 | 3,613,944 | |||||||||
| Florida Higher Educational Facilities Financial Authority - Jacksonville University† | 4.75% | 6/1/2038 | NR | 1,450,000 | 1,425,373 | |||||||||
| Florida Higher Educational Facilities Financing Authority - Keiser University Obligated Group† | 5.00% | 7/1/2035 | BB+ | 21,040,000 | 21,358,586 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - BASIS Schools Inc Obligated Group AZ† | 5.00% | 7/1/2035 | BB+ | 3,345,000 | 3,345,786 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - Christian Care Surprise Inc AZ | 5.00% | 7/1/2044 | BBB | 3,240,000 | 3,243,032 | |||||||||
| Iowa Higher Education Loan Authority - University of Dubuque | 5.00% | 10/1/2033 | BBB- | 1,855,000 | 1,977,916 | |||||||||
| Louisiana Public Facilities Authority - Acadiana Renaissance Charter Academy† | 5.00% | 6/15/2035 | NR | 4,790,000 | 4,995,087 | |||||||||
| Louisiana Public Facilities Authority - Lafayette Renaissance Charter Academy† | 5.25% | 6/15/2035 | NR | 4,750,000 | 4,951,385 | |||||||||
| 166 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ† | 5.25% | 7/1/2034 | NR | $ | 1,745,000 | $ | 1,800,983 | |||||||
| Maricopa County Industrial Development Authority - Ottawa University AZ† | 5.00% | 10/1/2026 | NR | 65,000 | 64,821 | |||||||||
| Massachusetts Development Finance Agency - Emerson College | 5.00% | 1/1/2036 | BBB+ | 2,100,000 | 2,108,703 | |||||||||
| Massachusetts Development Finance Agency - Emmanuel College | 5.00% | 10/1/2036 | Baa3 | 3,660,000 | 3,661,070 | |||||||||
| Massachusetts Development Finance Agency - President and Fellows of Harvard College | 4.00% | 2/15/2036 | AAA | 32,680,000 | 35,464,254 | |||||||||
| New Jersey Educational Facilities Authority - Stockton University | 5.00% | 7/1/2033 | A3 | 2,435,000 | 2,437,010 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | 4.70% (CPI YoY + 0.89% | ) | 3/1/2027 | Baa1 | 2,675,000 | 2,679,038 | ||||||||
| New York State Dormitory Authority - Fordham University | 5.00% | 7/1/2041 | A | 2,200,000 | 2,200,249 | |||||||||
| New York State Dormitory Authority - New York University(d) | 4.00% | 7/1/2037 | Aa2 | 4,250,000 | 4,537,510 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2032 | BBB- | 1,960,000 | 2,103,535 | |||||||||
| Public Finance Authority - Triad Math & Science Academy Co WI† | 5.00% | 6/15/2036 | BB+ | 6,000,000 | 6,136,984 | |||||||||
| Public Finance Authority - UMA Education Inc WI† | 5.00% | 10/1/2026 | BBB- | 1,185,000 | 1,188,938 | |||||||||
| Public Finance Authority - UMA Education Inc WI† | 5.00% | 10/1/2027 | BBB- | 1,125,000 | 1,146,638 | |||||||||
| Public Finance Authority - UMA Education Inc WI† | 5.00% | 10/1/2034 | BBB- | 11,580,000 | 12,063,578 | |||||||||
| Public Finance Authority - UMA Education Inc WI† | 5.00% | 10/1/2039 | BBB- | 3,000,000 | 3,096,559 | |||||||||
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2038 | BBB- | 3,250,000 | 3,242,694 | |||||||||
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ† | 5.00% | 6/15/2033 | NR | 6,795,000 | 6,900,099 | |||||||||
| See Notes to Schedule of Investments. | 167 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| South Carolina Jobs-Economic Development Authority - American Leadership Academy - Lexington | 5.50% | 6/15/2033 | NR | $ | 11,150,000 | $ | 11,043,506 | |||||||
| Texas A&M University | 4.00% | 5/15/2036 | AAA | 6,000,000 | 6,005,822 | |||||||||
| University of California | 5.00% | 11/15/2035 | AA | 8,500,000 | 9,960,648 | |||||||||
| University System of Maryland | 4.00% | 4/1/2036 | AA+ | 7,955,000 | 7,923,921 | |||||||||
| Virginia College Building Authority | 4.00% | 9/1/2037 | AA+ | 9,725,000 | 9,836,970 | |||||||||
| Total | 269,389,543 | |||||||||||||
| Energy 0.32% | ||||||||||||||
| PEFA, Inc. IA | 5.00% | #(a) | 9/1/2049 | A3 | 10,165,000 | 10,201,087 | ||||||||
| General Obligation 6.29% | ||||||||||||||
| Academical Village Community Development District FL | 3.25% | 5/1/2031 | NR | 3,610,000 | 3,472,685 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA† | 5.125% | 5/1/2032 | NR | 1,685,000 | 1,713,578 | |||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 1/1/2054 | Baa1 | 12,075,000 | 12,791,993 | ||||||||
| California Community Choice Financing Authority | 5.50% | #(a) | 5/1/2054 | A2 | 7,500,000 | 7,838,231 | ||||||||
| Chicago Board of Education IL GO | 4.00% | 12/1/2035 | BB+ | 9,860,000 | 9,342,857 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 7,325,000 | 7,397,493 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 2,000,000 | 2,007,748 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2036 | BB+ | 5,215,000 | 5,230,217 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2040 | BB+ | 23,500,000 | 23,428,602 | |||||||||
| Chicago Board of Education IL GO | 5.25% | 12/1/2035 | BB+ | 3,685,000 | 3,683,437 | |||||||||
| Chicago Board of Education IL GO | 5.25% | 12/1/2039 | BB+ | 8,040,000 | 8,017,640 | |||||||||
| Chicago Board of Education IL GO | 5.50% | 12/1/2034 | BB+ | 15,000,000 | 16,192,128 | |||||||||
| Chicago Board of Education IL GO (AG) | 5.00% | 12/1/2035 | AA | 4,055,000 | 4,166,678 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2034 | BBB | 5,025,000 | 5,267,100 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2035 | BBB | 4,700,000 | 4,925,976 | |||||||||
| City of Chicago IL GO | 5.00% | 1/1/2044 | BBB | 10,955,000 | 10,956,078 | |||||||||
| City of New York NY GO | 5.00% | 3/1/2032 | AA | 5,000 | 5,009 | |||||||||
| City of Scranton PA GO | 5.00% | 9/1/2029 | A- | 3,650,000 | 3,713,174 | |||||||||
| 168 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | $ | 2,680,000 | $ | 1,966,561 | |||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2033 | NR | 3,371,368 | 3,417,443 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 9,714,139 | 9,806,980 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 158,139 | 158,806 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 14,077,646 | 14,342,987 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 12,933,161 | 14,120,428 | |||||||||
| Denton Independent School District TX GO (PSF-GTD) | 4.00% | 8/15/2037 | AAA | 6,770,000 | 6,652,771 | |||||||||
| Hunt Memorial Hospital District Charitable Health TX GO | 4.375% | 2/15/2036 | Ba3 | 3,320,000 | 3,230,838 | |||||||||
| Jefferson County Civic Facility Development Corp. - Samaritan Medical Center Obligated NY | 5.00% | 11/1/2037 | BB | 4,500,000 | 4,500,401 | |||||||||
| New York Liberty Development Corp. | 1.20% | 11/15/2028 | A+ | 2,870,000 | 2,678,010 | |||||||||
| Public Finance Authority - Driftwood Conservation District WI† | Zero Coupon | 12/15/2039 | NR | 2,878,000 | 1,218,969 | |||||||||
| Resort Core Public Infrastructure District No. 1 UT GO | 5.00% | 3/1/2041 | NR | 5,500,000 | 5,613,446 | |||||||||
| Total | 197,858,264 | |||||||||||||
| Health Care 22.03% | ||||||||||||||
| Allegheny County Hospital Development Authority - Allegheny Health Network Obligated Group PA | 5.00% | 4/1/2047 | A | 5,320,000 | 5,359,774 | |||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2031 | BBB- | 3,000,000 | 2,997,390 | |||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2041 | BBB- | 10,545,000 | 10,415,703 | |||||||||
| Arizona Industrial Development Authority - Navajo Health Foundation-Sage Memorial Hospital Inc Obligated Group† | 7.125% | 5/1/2044 | NR | 3,875,000 | 4,090,643 | |||||||||
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.00% | 8/1/2041 | BBB+ | (b) | 3,000,000 | 3,000,597 | ||||||||
| Atlanta Development Authority - Georgia ProtonCare Center Inc(c) | 6.00% | 1/1/2023 | NR | 2,000,000 | 900,000 | |||||||||
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 33,965,000 | 32,467,222 | |||||||||
| See Notes to Schedule of Investments. | 169 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 4.00% | 12/1/2026 | BB | $ | 1,255,000 | $ | 1,251,055 | |||||||
| Bucks County Industrial Development Authority - Grand View Hospital/ Sellersville Obligated Group PA | 5.00% | 7/1/2035 | BBB+ | 1,100,000 | 1,162,132 | |||||||||
| Bucks County Industrial Development Authority - Grand View Hospital/ Sellersville Obligated Group PA | 5.00% | 7/1/2036 | BBB+ | 1,250,000 | 1,313,806 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2027 | B | 400,000 | 400,044 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2040 | B | 2,900,000 | 2,813,000 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Health System Obligated Group NY | 5.25% | 7/1/2035 | B | 2,250,000 | 2,250,141 | |||||||||
| Build NYC Resource Corp. - RiverSpring Health Senior Living Inc Obligated Group NY | 5.00% | 12/15/2031 | NR | 10,000,000 | 10,006,713 | |||||||||
| Build NYC Resource Corp. - RiverSpring Health Senior Living Inc Obligated Group NY† | 5.65% | 12/15/2032 | NR | 5,000,000 | 4,949,406 | |||||||||
| California Health Facilities Financing Authority - City of Hope Obligated Group | 5.00% | 11/15/2032 | A- | 16,780,000 | 18,589,819 | |||||||||
| California Health Facilities Financing Authority - City of Hope Obligated Group (AG) | 5.00% | 11/15/2035 | AA | 12,150,000 | 13,990,081 | |||||||||
| California Health Facilities Financing Authority - Rady Children’s Hospital Obligated Group | 5.00% | #(a) | 8/15/2065 | AA | 10,000,000 | 11,413,272 | ||||||||
| California Municipal Finance Authority - Palomar Health Obligated Group COPS† | 5.00% | 11/1/2027 | CCC+ | 7,280,000 | 7,245,997 | |||||||||
| California Public Finance Authority - Kendal at Ventura†(d) | 11.00% | 5/15/2028 | NR | 1,000,000 | 1,000,374 | |||||||||
| California Public Finance Authority - Kendal At Ventura† | 10.00% | 5/15/2028 | NR | 3,500,000 | 3,706,012 | |||||||||
| California Public Finance Authority - Kendal At Ventura† | 12.00% | 5/15/2028 | NR | 375,000 | 408,417 | |||||||||
| 170 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Public Finance Authority - Marisol HB LLC Obligated Group† | 5.10% | #(a) | 4/1/2066 | NR | $ | 4,900,000 | $ | 4,954,166 | ||||||
| California Public Finance Authority - QSH/LB LLC† | 6.00% | 6/1/2040 | NR | 1,500,000 | 1,629,145 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group† | 5.00% | 12/1/2036 | BB+ | 5,500,000 | 5,503,472 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group† | 5.25% | 12/1/2043 | BB+ | 5,000,000 | 5,105,241 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group | 5.25% | 12/1/2044 | BB+ | 9,315,000 | 9,319,408 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.00% | 12/1/2046 | BB+ | 4,415,000 | 4,416,026 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.25% | 12/1/2034 | BB+ | 14,275,000 | 14,288,473 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.25% | 12/1/2038 | BB+ | 1,485,000 | 1,524,785 | |||||||||
| Capital Projects Finance Authority - Trilogy Community Development Foundation Inc Obligated Group FL† | 6.00% | 1/1/2035 | NR | 2,765,000 | 2,910,282 | |||||||||
| Capital Trust Authority - AIDS Healthcare Foundation Obligated Group FL | 4.75% | 12/1/2042 | Baa2 | 650,000 | 679,601 | |||||||||
| Capital Trust Authority - Convivial St Petersburg LLC FL† | 12.00% | 10/3/2029 | NR | 2,500,000 | 2,586,510 | |||||||||
| Citizens Memorial Hospital District MO | 5.00% | 12/1/2026 | NR | 8,825,000 | 8,830,771 | |||||||||
| City of Minneapolis - Fairview Health Services Obligated Group MN | 5.00% | 11/15/2033 | BBB+ | 1,320,000 | 1,363,463 | |||||||||
| City of Tallahassee - Tallahassee Memorial HealthCare Inc FL | 5.00% | 12/1/2044 | Baa1 | 8,025,000 | 8,026,192 | |||||||||
| City of Venice - Southwest Florida Retirement Center Inc Obligated Group FL† | 4.25% | 1/1/2030 | BB+ | (b) | 900,000 | 900,148 | ||||||||
| Connecticut State Health & Educational Facilities Authority(d) | 4.40% | 12/15/2031 | NR | 810,000 | 814,442 | |||||||||
| See Notes to Schedule of Investments. | 171 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Connecticut State Health & Educational Facilities Authority(d) | 4.60% | 12/15/2032 | NR | $ | 2,500,000 | $ | 2,513,652 | |||||||
| Connecticut State Health & Educational Facilities Authority - Griffin Health Obligated Group† | 5.00% | 7/1/2032 | BB+ | 1,000,000 | 1,019,919 | |||||||||
| Connecticut State Health & Educational Facilities Authority Odd Fellows Home of Connecticut Inc Obligated Group(d) | 5.50% | 12/15/2036 | NR | 3,190,000 | 3,318,646 | |||||||||
| County of Cuyahoga - MetroHealth System OH | 5.00% | 2/15/2037 | BBB- | 7,300,000 | 7,325,447 | |||||||||
| County of Montgomery - Trinity Health Corp Obligated Group MD | 5.00% | 12/1/2044 | AA- | 8,030,000 | 8,040,577 | |||||||||
| County of Montgomery - Trinity Health Corp Obligated Group MD | 5.00% | 12/1/2045 | AA- | 8,955,000 | 8,966,562 | |||||||||
| County of Muskingum - Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2027 | BB+ | 740,000 | 741,477 | |||||||||
| County of Muskingum - Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2033 | BB+ | 8,545,000 | 8,551,732 | |||||||||
| County of Muskingum - Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2044 | BB+ | 16,560,000 | 16,561,374 | |||||||||
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 5.50% | 12/1/2027 | NR | 3,850,000 | 3,884,114 | |||||||||
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 6.625% | 12/1/2042 | NR | 3,500,000 | 3,762,082 | |||||||||
| Crawford County Memorial Hospital Inc IA | 5.00% | 6/15/2027 | NR | 1,255,000 | 1,259,886 | |||||||||
| Doylestown Hospital Authority - Doylestown Hospital Obligated Group PA† | 5.00% | 7/1/2031 | NR | 950,000 | 1,002,452 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 4.00% | 7/1/2034 | BBB+ | 6,440,000 | 6,441,070 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 5.00% | 7/1/2046 | BBB+ | 16,025,000 | 16,024,638 | |||||||||
| Florida Local Government Finance Commission - Ponte Vedra Pine Co LLC Obligated Group† | 5.50% | 11/15/2035 | NR | 1,000,000 | 1,061,066 | |||||||||
| Florida Local Government Finance Commission - Sanctuary At Village On The Isle LLC/The† | 11.00% | 12/22/2030 | NR | 2,055,000 | 2,056,900 | |||||||||
| 172 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Glendale Industrial Development Authority - Beatitudes Campus Obligated Group AZ | 4.00% | 11/15/2027 | NR | $ | 200,000 | $ | 198,018 | |||||||
| Glendale Industrial Development Authority - Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2036 | NR | 6,010,000 | 5,845,182 | |||||||||
| Grays Harbor County Public Hospital District No. 1 WA | 5.75% | 12/1/2033 | BB+ | 5,105,000 | 5,455,749 | |||||||||
| Greater Texas Cultural Education Facilities Finance Corp. - Texas Biomedical Research Institute TX | 5.00% | 6/1/2037 | Baa2 | 730,000 | 765,195 | |||||||||
| Henry County Hospital Authority - Piedmont Healthcare Inc Obligated Group GA | 5.00% | 7/1/2034 | AA- | 4,695,000 | 4,726,910 | |||||||||
| Idaho Health Facilities Authority - North Canyon Medical Center Inc | 5.50% | 11/1/2029 | NR | 120,000 | 130,932 | |||||||||
| Idaho Health Facilities Authority - North Canyon Medical Center Inc | 5.50% | 11/1/2029 | NR | 1,005,000 | 1,021,175 | |||||||||
| Idaho Health Facilities Authority - North Canyon Medical Center Inc | 6.25% | 11/1/2035 | NR | 2,610,000 | 2,762,986 | |||||||||
| Illinois Finance Authority - Lifespace Communities Inc Obligated Group | 5.00% | 5/15/2035 | BBB | (b) | 1,350,000 | 1,350,690 | ||||||||
| Illinois Finance Authority - OSF Healthcare System Obligated Group | 5.00% | 11/15/2045 | A | 3,250,000 | 3,250,779 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona - Christian Care Surprise Inc AZ | 5.00% | 12/1/2041 | BBB | 7,040,000 | 7,285,112 | |||||||||
| Iowa Finance Authority - Lifespace Communities Inc Obligated Group | 5.00% | 5/15/2044 | BBB | (b) | 2,610,000 | 2,665,445 | ||||||||
| King County Public Hospital District No. 4 WA | 5.50% | 12/1/2035 | NR | 5,400,000 | 5,381,399 | |||||||||
| Kremmling Memorial Hospital District CO† | 5.00% | 12/1/2029 | NR | 1,760,000 | 1,762,268 | |||||||||
| Kremmling Memorial Hospital District CO† | 5.125% | 12/1/2034 | NR | 2,825,000 | 2,801,674 | |||||||||
| Lee County Industrial Development Authority - Cypress Cove at Healthpark Florida Obligated Group FL†(d) | 4.50% | 10/1/2036 | BB+ | (b) | 1,970,000 | 1,986,140 | ||||||||
| See Notes to Schedule of Investments. | 173 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Lee County Industrial Development Authority - Cypress Cove at Healthpark Florida Obligated Group FL†(d) | 5.25% | 10/1/2044 | BB+ | (b) | $ | 3,875,000 | $ | 3,971,537 | ||||||
| Lynchburg Economic Development Authority - Centra Health Obligated Group VA | 5.00% | 1/1/2036 | A3 | 4,000,000 | 4,489,252 | |||||||||
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2032 | BBB- | 6,000,000 | 6,003,761 | |||||||||
| Massachusetts Development Finance Agency - Care Communities LLC Obligated Group† | 5.50% | 7/15/2035 | NR | 2,315,000 | 2,377,646 | |||||||||
| Massachusetts Development Finance Agency - Dana-Farber Cancer Institute Obligated Group | 5.00% | 12/1/2036 | A | 15,000,000 | 17,022,729 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2036 | BBB- | 7,315,000 | 7,399,297 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2037 | BBB- | 1,500,000 | 1,480,900 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2044 | BBB- | 1,550,000 | 1,555,557 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.50% | 10/1/2033 | BBB- | 1,490,000 | 1,644,203 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.50% | 10/1/2034 | BBB- | 1,570,000 | 1,742,791 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.50% | 10/1/2036 | BBB- | 1,000,000 | 1,107,509 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.50% | 10/1/2038 | BBB- | 1,965,000 | 2,150,451 | |||||||||
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.50% | 10/1/2039 | BBB- | 2,070,000 | 2,253,943 | |||||||||
| 174 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| 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 | 5.50% | 10/1/2040 | BBB- | $ | 2,190,000 | $ | 2,367,367 | |||||||
| Massachusetts Health & Educational Facilities Authority - Trinity Health Corp Obligated Group | 3.57% (MUNIPSA + 0.90% | )# | 11/15/2032 | AA- | 1,005,000 | 1,003,656 | ||||||||
| Monroe County Hospital Authority - Centurion Foundation Lehigh Valley LLC PA† | 5.10% | 6/15/2039 | NR | 10,000,000 | 10,024,597 | |||||||||
| Montana Facility Finance Authority - St John’s Lutheran Ministries Inc Obligated Group(d) | 5.50% | 11/15/2046 | NR | 2,000,000 | 2,005,676 | |||||||||
| Moon Industrial Development Authority - Baptist Homes Society Obligated Group PA | 5.75% | 7/1/2035 | NR | 4,100,000 | 4,103,552 | |||||||||
| Moon Industrial Development Authority - Baptist Homes Society Obligated Group PA | 6.00% | 7/1/2045 | NR | 2,250,000 | 2,250,459 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2032 | A- | 1,300,000 | 1,303,772 | |||||||||
| New Hampshire Business Finance Authority | 5.43% | 8/15/2035 | NR | 5,380,000 | 5,507,757 | |||||||||
| New Hampshire Business Finance Authority - Centurion Foundation Wilkens Avenue LLC | 5.00% | 9/15/2035 | NR | 6,140,000 | 6,077,652 | |||||||||
| New Hampshire Business Finance Authority - NFA UH SPV LLC† | 5.625% | 12/15/2033 | NR | 3,875,000 | 3,966,818 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - Bella Vida Forefront Living Obligated Group TX | 4.25% | 10/1/2030 | NR | 1,250,000 | 1,245,111 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - SLF CHP LLC TX† | 5.75% | 7/1/2035 | NR | 12,500,000 | 13,152,326 | |||||||||
| New Hope Cultural Education Facilities Finance Corp. - SLF CHP LLC TX† | 6.25% | 7/1/2045 | NR | 5,000,000 | 5,318,131 | |||||||||
| See Notes to Schedule of Investments. | 175 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New Jersey Economic Development Authority - Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | $ | 2,300,000 | $ | 2,300,752 | |||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 4.00% | 7/1/2034 | BBB- | 1,895,000 | 1,895,307 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 5.00% | 7/1/2028 | B | 1,000,000 | 1,006,805 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 5.00% | 7/1/2030 | B | 2,905,000 | 2,925,603 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 5.00% | 7/1/2041 | B | 2,650,000 | 2,550,625 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2027 | Ba3 | 1,300,000 | 1,302,218 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2029 | Ba3 | 2,800,000 | 2,802,604 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2029 | Ba3 | 1,000,000 | 1,000,204 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2031 | Ba3 | 2,500,000 | 2,499,943 | |||||||||
| North Carolina Medical Care Commission - Penick Village Obligated Group | 5.00% | 9/1/2034 | NR | 900,000 | 959,548 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2027 | BB+ | 500,000 | 508,389 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2038 | BB+ | 4,700,000 | 4,765,311 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.25% | 8/15/2043 | BB+ | 14,710,000 | 14,875,239 | |||||||||
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.25% | 8/15/2048 | BB+ | 18,220,000 | 18,321,329 | |||||||||
| Palm Beach County Health Facilities Authority - Lifespace Communities Inc Obligated Group FL | 5.00% | 5/15/2038 | BBB | (b) | 9,380,000 | 9,383,321 | ||||||||
| Palomar Health - Palomar Health Obligated Group CA | 5.00% | 11/1/2032 | CCC+ | 1,950,000 | 1,951,432 | |||||||||
| 176 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Palomar Health Obligated Group CA | 5.00% | 11/1/2026 | CCC+ | $ | 1,845,000 | $ | 1,840,090 | |||||||
| Palomar Health Obligated Group CA | 5.00% | 11/1/2031 | CCC+ | 5,495,000 | 5,500,753 | |||||||||
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | CCC+ | 1,680,000 | 1,680,219 | |||||||||
| Palomar Health Obligated Group CA | 5.00% | 11/1/2039 | CCC+ | 1,000,000 | 995,228 | |||||||||
| Philadelphia Authority for Industrial Development - Greater Philadelphia Health Action Inc PA | 5.00% | 6/1/2040 | BBB- | (b) | 2,500,000 | 2,611,939 | ||||||||
| Public Finance Authority - Bancroft Neurohealth Obligated Group WI† | 4.625% | 6/1/2036 | NR | 45,000 | 44,738 | |||||||||
| Public Finance Authority - Bancroft Neurohealth Obligated Group WI† | 5.00% | 6/1/2036 | NR | 2,980,000 | 2,980,485 | |||||||||
| Public Finance Authority - Lehigh Valley Health Network Inc WI† | 6.625% | 12/1/2032 | NR | 2,975,000 | 3,046,723 | |||||||||
| Public Finance Authority - Munificent Behavioral Hospitals I Inc Obligated Group WI† | 6.00% | 1/1/2035 | NR | 1,040,000 | 1,085,157 | |||||||||
| Public Finance Authority - RBS Evolution LLC WI† | 9.00% | 11/1/2028 | NR | 2,500,000 | 2,629,079 | |||||||||
| Rhode Island Health & Educational Building Corp. - Care New England Health System Obligated Group | 5.00% | 9/1/2031 | NR | 5,250,000 | 5,252,351 | |||||||||
| Rhode Island Health & Educational Building Corp. - Care New England Health System Obligated Group | 5.00% | 9/1/2036 | NR | 16,000,000 | 16,000,394 | |||||||||
| Roanoke County Economic Development Authority - Friendship Foundation VA | 5.50% | #(a) | 9/1/2058 | NR | 8,585,000 | 8,477,687 | ||||||||
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 5.75% | 11/15/2029 | NR | 585,000 | 585,613 | |||||||||
| Southeastern Ohio Port Authority - Marietta Area Healthcare Inc Obligated Group | 5.50% | 12/1/2029 | B | (b) | 2,335,000 | 2,335,343 | ||||||||
| Vermont Educational & Health Buildings Financing Agency - University of Vermont Health Network Obligated Group | 5.00% | 12/1/2034 | A | 3,660,000 | 3,662,959 | |||||||||
| See Notes to Schedule of Investments. | 177 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Vermont Educational & Health Buildings Financing Agency - University of Vermont Health Network Obligated Group | 5.00% | 12/1/2035 | A | $ | 2,315,000 | $ | 2,316,538 | |||||||
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | 5.00% | #(a) | 8/1/2049 | A- | 5,120,000 | 5,125,187 | ||||||||
| Washington Health Care Facilities Authority - Providence St Joseph Health Obligated Group | 5.00% | 10/1/2038 | A | 3,930,000 | 3,933,321 | |||||||||
| Washington Health Care Facilities Authority - Providence St Joseph Health Obligated Group | 5.00% | 10/1/2042 | A | 6,375,000 | 6,376,764 | |||||||||
| Washington State Housing Finance Commission - Horizon House Obligated Group | 4.375% | 1/1/2033 | BB | (b) | 6,690,000 | 6,721,767 | ||||||||
| Washington State Housing Finance Commission - Horizon House Obligated Group | 4.875% | 1/1/2036 | BB | (b) | 11,805,000 | 11,946,979 | ||||||||
| Washington State Housing Finance Commission - Horizon House Obligated Group† | 5.00% | 1/1/2038 | BB | (b) | 2,000,000 | 2,005,581 | ||||||||
| West Virginia Hospital Finance Authority - Cabell Huntington Hospital Obligated Group | 5.00% | 1/1/2035 | BBB | 2,400,000 | 2,416,057 | |||||||||
| Westchester County Local Development Corp. - Westchester County Health Care Corp Obligated Group NY | 5.00% | 11/1/2046 | BB | 14,050,000 | 13,341,901 | |||||||||
| Westchester County Local Development Corp. - Westchester County Health Care Corp Obligated Group NY | 6.50% | 11/1/2030 | NR | 20,000,000 | 20,831,754 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Ascension Health Credit Group WI | 4.00% | 11/15/2034 | AA | 7,500,000 | 7,514,377 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Capitol Lakes Inc | 5.00% | 11/15/2035 | NR | 3,770,000 | 3,782,722 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 4,575,000 | 4,528,544 | |||||||||
| 178 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | $ | 1,515,000 | $ | 1,499,616 | |||||||
| Wisconsin Health & Educational Facilities Authority - Chiara Housing & Services Inc Obligated Group | 5.00% | 7/1/2035 | NR | 2,830,000 | 2,917,802 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Sauk-Prairie Memorial Hospital Inc Obligated Group | 5.125% | 2/1/2038 | Ba2 | 4,000,000 | 3,999,889 | |||||||||
| Wisconsin Health & Educational Facilities Authority - Wisconsin Masonic Home Obligated Group | 5.25% | 8/15/2039 | BBB- | (b) | 1,415,000 | 1,507,656 | ||||||||
| Total | 692,575,264 | |||||||||||||
| Housing 5.24% | ||||||||||||||
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB+ | 11,894,983 | 11,621,537 | |||||||||
| California Municipal Finance Authority | 4.326% | #(a) | 11/20/2040 | AA- | 7,955,692 | 7,938,480 | ||||||||
| California Municipal Finance Authority - Ascent 613† | 5.00% | 1/1/2038 | NR | 1,000,000 | 1,026,821 | |||||||||
| California Municipal Finance Authority Municipal Certificates Series 2025-1 | 3.537% | #(a) | 2/20/2041 | BBB | 7,372,200 | 6,730,052 | ||||||||
| California Public Finance Authority - P3 Irvine SL Holdings LLC Obligated Group† | 5.70% | 6/1/2034 | NR | 1,000,000 | 1,019,343 | |||||||||
| California Public Finance Authority - P3 Irvine SL Holdings LLC Obligated Group† | 5.875% | 6/1/2039 | NR | 7,500,000 | 7,506,660 | |||||||||
| Capital Trust Authority - Madrone Florida Tech Student Housing I LLC FL† | 4.75% | 7/1/2040 | BB | 1,250,000 | 1,258,764 | |||||||||
| Connecticut Housing Finance Authority (FHLMC), (FNMA), (GNMA) | 6.00% | 11/15/2054 | AAA | 4,100,000 | 4,407,374 | |||||||||
| DeKalb County Housing Authority - HADC Windmont Pointe LLC GA | 4.00% | 7/1/2036 | A+ | 1,500,000 | 1,492,971 | |||||||||
| Delaware State Housing Authority (FHLMC), (FNMA), (GNMA) | 6.00% | 1/1/2055 | Aa1 | 3,220,000 | 3,514,254 | |||||||||
| FW Ramble Public Facility Corp TX | 4.00% | 10/1/2035 | A+ | 3,750,000 | 3,682,281 | |||||||||
| Indiana Finance Authority - SFP-PUFW I LLC | 4.00% | 7/1/2034 | BBB- | 3,070,000 | 3,083,480 | |||||||||
| See Notes to Schedule of Investments. | 179 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Iowa Finance Authority - Lifespace Communities Inc Obligated Group | 6.75% | 5/15/2033 | BBB | (b) | $ | 4,700,000 | $ | 5,325,438 | ||||||
| Miami-Dade County Industrial Development Authority - PRG - Casa Properties LLC FL† | 5.375% | #(a) | 7/1/2065 | NR | 12,000,000 | 12,567,289 | ||||||||
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% | 1/1/2054 | AA+ | 3,685,000 | 3,970,408 | |||||||||
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% | 1/1/2056 | AA+ | 1,830,000 | 2,013,950 | |||||||||
| Montgomery County Housing Opportunities Commission MD | 4.00% | 7/1/2048 | Aa2 | 270,000 | 269,992 | |||||||||
| New Hampshire Business Finance Authority | 4.166% | #(a) | 1/20/2041 | BBB | 5,040,273 | 4,908,630 | ||||||||
| New Hampshire Business Finance Authority | 4.22% | #(a) | 11/20/2042 | BBB | 4,212,474 | 3,959,022 | ||||||||
| New Hampshire Business Finance Authority | 4.375% | 9/20/2036 | BBB | 5,961,208 | 6,075,605 | |||||||||
| New Hampshire Business Finance Authority | 4.75% | #(a) | 6/20/2041 | AA- | 12,460,478 | 12,854,224 | ||||||||
| New Hampshire Business Finance Authority | 5.75% | 4/28/2042 | BBB | 2,500,000 | 2,580,881 | |||||||||
| New Hampshire Business Finance Authority - National Finance Authority Municipal Certificates Series 2026-2 | 4.42% | #(a) | 2/20/2043 | AA- | 10,993,614 | 11,195,678 | ||||||||
| New Hampshire Business Finance Authority (HUD) | 4.15% | #(a) | 10/20/2040 | A | 11,424,676 | 11,453,417 | ||||||||
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 5.25% | 12/15/2031 | NR | 2,500,000 | 2,577,101 | |||||||||
| North Carolina Housing Finance Agency | 4.00% | 7/1/2047 | AA+ | 35,000 | 35,014 | |||||||||
| Pennsylvania Housing Finance Agency(d) | 6.50% | 10/1/2056 | Aa1 | 5,000,000 | 5,771,432 | |||||||||
| Pennsylvania Housing Finance Agency AMT | 4.00% | 4/1/2039 | AA+ | 60,000 | 59,795 | |||||||||
| Public Finance Authority WI | 5.40% | 6/20/2044 | A- | 4,000,000 | 4,295,046 | |||||||||
| South Carolina Jobs-Economic Development Authority - Sixteenth Floor Obligated Group | 4.00% | 12/1/2035 | A+ | 5,500,000 | 5,497,654 | |||||||||
| 180 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| South Carolina Jobs-Economic Development Authority - Sixteenth Floor Obligated Group | 4.25% | 12/1/2036 | A+ | $ | 8,825,000 | $ | 8,953,870 | |||||||
| Virginia Beach Development Authority - Westminster-Canterbury on Chesapeake Bay Obligated Group | 5.375% | 9/1/2029 | BB+ | (b) | 1,650,000 | 1,654,790 | ||||||||
| Washington State Housing Finance Commission | 3.50% | 12/20/2035 | BBB+ | 5,692,058 | 5,496,900 | |||||||||
| Total | 164,798,153 | |||||||||||||
| Lease Obligations 0.87% | ||||||||||||||
| New Jersey Economic Development Authority - State of New Jersey Motor Vehicle Surcharge Revenue | 4.00% | 7/1/2034 | Baa2 | 3,260,000 | 3,267,737 | |||||||||
| Pennsylvania Economic Development Financing Authority - PA Bridges Finco LP | 5.00% | 6/30/2042 | BBB | 24,235,000 | 24,239,416 | |||||||||
| Total | 27,507,153 | |||||||||||||
| Multi-Family Housing 0.31% | ||||||||||||||
| New Hampshire Business Finance Authority | 4.22% | #(a) | 11/20/2042 | AA- | 9,911,703 | 9,726,853 | ||||||||
| Other Revenue 1.93% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA† | 6.00% | 5/1/2042 | NR | 5,600,000 | 5,872,849 | |||||||||
| Arlington Higher Education Finance Corp. - Newman International Academy TX | 4.00% | 8/15/2031 | NR | 360,000 | 324,185 | |||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Center LLC NY | 5.00% | 7/15/2042 | Ba1 | 14,955,000 | 15,005,343 | |||||||||
| Capital Trust Agency, Inc. - Franklin Academy Series 2020 Obligated Group FL† | 5.00% | 12/15/2029 | NR | 1,095,000 | 1,095,339 | |||||||||
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Foundation OH | 5.00% | 12/1/2028 | BBB- | 1,585,000 | 1,618,377 | |||||||||
| Illinois Finance Authority - Field Museum of Natural History | 3.684% (SOFR * .70 + 1.15% | )# | 11/1/2034 | A1 | 2,655,000 | 2,664,903 | ||||||||
| See Notes to Schedule of Investments. | 181 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group AZ†(c) | 3.50% | 7/1/2025 | NR | $ | 265,000 | $ | 212,000 | |||||||
| Jefferson Parish Economic Development & Port District - Kenner Discovery Health Science Foundation Inc LA† | 4.80% | 6/15/2029 | NR | 2,160,000 | 2,172,925 | |||||||||
| Maryland Economic Development Corp Chesapeake Bay Conference Center(c) | 5.00% | 12/1/2031 | NR | 1,500,000 | 1,005,000 | |||||||||
| Public Finance Authority - Inperium Inc Obligated Group WI† | 5.00% | 12/1/2034 | NR | 4,595,000 | 4,737,314 | |||||||||
| Public Finance Authority - Inperium Inc Obligated Group WI† | 5.50% | 12/1/2044 | NR | 14,000,000 | 14,411,860 | |||||||||
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2031 | NR | 11,350,000 | 11,618,229 | |||||||||
| Total | 60,738,324 | |||||||||||||
| Pollution Control 1.47% | ||||||||||||||
| Baldwin County Industrial Development Authority - Novelis Corp AL AMT† | 4.30% | #(a) | 3/1/2056 | BB | 16,725,000 | 16,751,436 | ||||||||
| Finance Authority of Maine - Casella Waste Systems Inc AMT† | 4.625% | #(a) | 12/1/2047 | B+ | 4,700,000 | 4,915,151 | ||||||||
| Florida Development Finance Corp. - GFL Solid Waste Southeast LLC AMT† | 4.375% | #(a) | 10/1/2054 | BB | 6,520,000 | 6,619,666 | ||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT | 4.35% | #(a) | 4/1/2037 | NR | 8,330,000 | 8,394,740 | ||||||||
| Illinois Finance Authority - LRS Holdings LLC AMT† | 7.25% | #(a) | 9/1/2052 | NR | 4,500,000 | 4,918,254 | ||||||||
| Matagorda County Navigation District No. 1 - AEP Texas Inc | 4.00% | 6/1/2030 | BBB+ | 1,065,000 | 1,065,588 | |||||||||
| Mississippi Business Finance Corp. - Waste Pro USA Inc AMT† | 5.00% | #(a) | 2/1/2036 | NR | 1,500,000 | 1,517,442 | ||||||||
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT† | 4.375% | #(a) | 6/1/2052 | B+ | 1,375,000 | 1,415,979 | ||||||||
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT† | 4.625% | #(a) | 4/1/2036 | B+ | 475,000 | 482,209 | ||||||||
| Total | 46,080,465 | |||||||||||||
| 182 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax 1.85% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA† | 5.00% | 5/1/2028 | NR | $ | 525,000 | $ | 535,469 | |||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA† | 5.25% | 5/1/2042 | NR | 3,915,000 | 4,079,728 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA† | 5.25% | 5/1/2032 | NR | 1,475,000 | 1,521,324 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA† | 5.25% | 5/1/2042 | NR | 1,750,000 | 1,821,367 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA† | 6.00% | 5/1/2042 | NR | 3,450,000 | 3,653,490 | |||||||||
| Babcock Ranch Community Independent Special District FL | 4.25% | 5/1/2032 | NR | 2,000,000 | 2,018,543 | |||||||||
| Celebration Pointe Community Development District No. 1 FL(c) | 2.375% | 5/1/2026 | NR | 430,000 | 344,000 | |||||||||
| City of Mesquite TX | 4.375% | 9/1/2035 | NR | 1,050,000 | 1,054,636 | |||||||||
| City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV† | 5.375% | 6/1/2035 | NR | 1,250,000 | 1,286,968 | |||||||||
| City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV† | 6.00% | 6/1/2040 | NR | 2,925,000 | 3,077,910 | |||||||||
| County of Denton Green Meadows Public Improvement District Major Improvement Area TX† | 4.75% | 12/31/2030 | NR | 650,000 | 650,643 | |||||||||
| See Notes to Schedule of Investments. | 183 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| County of Denton Green Meadows Public Improvement District Major Improvement Area TX† | 5.00% | 12/31/2035 | NR | $ | 1,000,000 | $ | 1,032,245 | |||||||
| County of Orange Community Facilities District No. 2025-1 Improvement Area 1 CA | 5.00% | 8/15/2041 | NR | 1,035,000 | 1,105,368 | |||||||||
| Deseret Public Infrastructure District No. 2 Special Desert Assessment Area UT† | 5.375% | 12/1/2036 | NR | 1,550,000 | 1,584,270 | |||||||||
| Fairfield Community Facilities District - City of Fairfield Community Facilities District No 2023-1 Area No 1 CA | 5.00% | 9/1/2044 | NR | 4,335,000 | 4,497,703 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 3.875% | 11/15/2029 | NR | 2,270,000 | 2,200,434 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 585,000 | 554,935 | |||||||||
| Lakewood Ranch Stewardship District FL | 5.40% | 5/1/2028 | NR | 535,000 | 550,019 | |||||||||
| Lakewood Ranch Stewardship District FL | 5.45% | 5/1/2033 | NR | 2,660,000 | 2,873,747 | |||||||||
| Military Installation Development Authority UT | 4.00% | 6/1/2036 | NR | 8,250,000 | 8,098,319 | |||||||||
| New Jersey Economic Development Authority - NJ Metromall Urban Renewal Inc | 6.50% | 4/1/2028 | Baa2 | 385,672 | 395,388 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2028 | NR | 320,000 | 322,503 | |||||||||
| Prairie Point Community Authority Board Special Improvement District No. 1 CO | 5.00% | 12/1/2035 | NR | 3,100,000 | 3,161,583 | |||||||||
| Scranton Redevelopment Authority PA GTD | 5.00% | 11/15/2028 | A- | 105,000 | 105,102 | |||||||||
| Utah City West Public Infrastructure District No. 1 Assessment Area No. 1† | 5.00% | 12/1/2036 | NR | 1,550,000 | 1,612,440 | |||||||||
| Utah City West Public Infrastructure District No. 1 Assessment Area No. 1† | 5.00% | 12/1/2041 | NR | 1,275,000 | 1,302,448 | |||||||||
| Village Community Development District No. 12 FL | 4.00% | 5/1/2033 | NR | 1,270,000 | 1,272,437 | |||||||||
| Village Metropolitan District CO GO | 5.00% | 12/1/2040 | NR | 1,730,000 | 1,737,757 | |||||||||
| West Villages Improvement District Unit of Development No. 7 FL | 4.25% | 5/1/2029 | NR | 1,205,000 | 1,217,040 | |||||||||
| West Villages Improvement District Unit of Development No. 7 FL | 4.75% | 5/1/2039 | NR | 2,000,000 | 2,008,122 | |||||||||
| 184 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| 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 | $ | 95,000 | $ | 95,775 | |||||||
| Westview South Community Development District FL | 4.875% | 5/1/2028 | NR | 170,000 | 171,723 | |||||||||
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | 2,086,570 | 2,181,947 | |||||||||
| Total | 58,125,383 | |||||||||||||
| Tax Revenue 2.94% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority - Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA† | 5.375% | 5/1/2042 | NR | 1,775,000 | 1,800,596 | |||||||||
| American Samoa Economic Development Authority† | 5.00% | 9/1/2028 | Ba3 | 1,000,000 | 1,025,193 | |||||||||
| American Samoa Economic Development Authority† | 5.00% | 9/1/2029 | Ba3 | 1,465,000 | 1,514,743 | |||||||||
| American Samoa Economic Development Authority† | 5.00% | 9/1/2031 | Ba3 | 1,500,000 | 1,572,049 | |||||||||
| American Samoa Economic Development Authority† | 5.00% | 9/1/2034 | Ba3 | 850,000 | 899,068 | |||||||||
| American Samoa Economic Development Authority† | 5.00% | 9/1/2035 | Ba3 | 1,200,000 | 1,271,878 | |||||||||
| American Samoa Economic Development Authority† | 6.50% | 9/1/2028 | Ba3 | 800,000 | 825,618 | |||||||||
| Bristol Industrial Development Board TN† | 5.125% | 12/1/2042 | NR | 3,000,000 | 2,966,936 | |||||||||
| City of Garden City - City of Garden City STAR Bond District KS† | 5.375% | 6/1/2039 | NR | 1,125,000 | 1,135,017 | |||||||||
| City of Wichita K-96 Greenwich STAR Bond District Phase III KS† | 4.125% | 9/1/2033 | NR | 1,230,000 | 1,236,209 | |||||||||
| Downtown Daybreak Public Infrastructure District No. 1 - City of South Jordan South Station Housing and Transit Reinvestment Zone UT† | 5.00% | 3/1/2041 | NR | 1,600,000 | 1,630,838 | |||||||||
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2027 | NR | 2,000,000 | 2,040,621 | |||||||||
| See Notes to Schedule of Investments. | 185 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2028 | NR | $ | 1,250,000 | $ | 1,294,118 | |||||||
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2032 | NR | 4,035,000 | 4,303,909 | |||||||||
| Mida Mountain Village Public Infrastructure District - Military Installation Development Authority Military Recreation Facilities Project Area UT† | 5.50% | 6/15/2039 | NR | 2,370,000 | 2,456,192 | |||||||||
| Mida Mountain Village Public Infrastructure District - Military Installation Development Authority Military Recreation Facilities Project Area UT† | 5.75% | 6/15/2044 | NR | 665,000 | 697,182 | |||||||||
| Military Installation Development Authority Military Recreation Facilities Project Area UT | 4.00% | 6/1/2041 | NR | 7,540,000 | 7,147,268 | |||||||||
| Public Finance Authority - Southeast Overtown Park West Community Redevelopment Agency WI† | 5.00% | 6/1/2041 | NR | 28,500,000 | 29,249,812 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.50% | 7/1/2034 | NR | 25,799,000 | 25,802,184 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 1,000 | 954 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 3,431,000 | 3,443,112 | |||||||||
| Total | 92,313,497 | |||||||||||||
| Tobacco 0.71% | ||||||||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CC | 3,675,000 | 2,026,775 | |||||||||
| Nassau County Tobacco Settlement Corp. NY(c) | 5.25% | 6/1/2026 | D | 11,251,597 | 6,188,378 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2036 | NR | 3,530,000 | 2,036,492 | |||||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 3,375,000 | 2,765,348 | |||||||||
| Tobacco Settlement Financing Corp. VA | 5.20% | 6/1/2046 | B- | 11,155,000 | 9,233,029 | |||||||||
| Total | 22,250,022 | |||||||||||||
| 186 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation 11.75% | ||||||||||||||
| Alameda Corridor Transportation Authority CA (NATL) | Zero Coupon | 10/1/2034 | A- | $ | 3,095,000 | $ | 2,353,579 | |||||||
| Bay Area Toll Authority CA | 5.00% | #(a) | 4/1/2061 | AA | 9,250,000 | 10,472,478 | ||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 6/30/2027 | BB+ | (b) | 695,000 | 705,760 | ||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 6/30/2028 | BB+ | (b) | 2,210,000 | 2,293,317 | ||||||||
| Chicago O’Hare International Airport - TRIPS Obligated Group IL AMT | 5.00% | 7/1/2048 | BBB+ | 14,235,000 | 14,267,807 | |||||||||
| City & County of Denver - United Airlines Inc CO AMT | 5.00% | 10/1/2032 | BB+ | 33,035,000 | 33,068,151 | |||||||||
| City & County of Denver Airport System Revenue CO AMT | 5.00% | 12/1/2035 | A+ | 4,205,000 | 4,353,109 | |||||||||
| City of Atlanta Airport Passenger Facility Charge GA AMT | 4.00% | 7/1/2035 | AA | 12,970,000 | 13,017,124 | |||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2027 | BB+ | (b) | 3,650,000 | 3,706,664 | ||||||||
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.50% | 7/15/2035 | Ba2 | 9,750,000 | 10,651,732 | |||||||||
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% | 10/1/2033 | A+ | 2,705,000 | 2,710,986 | |||||||||
| County of Sacramento Airport System Revenue - County of Sacramento Airport System Revenue CA AMT | 5.00% | 7/1/2032 | A+ | 3,515,000 | 3,645,257 | |||||||||
| County of Sacramento Airport System Revenue CA AMT | 5.00% | 7/1/2036 | A+ | 6,000,000 | 6,186,759 | |||||||||
| Eagle County Airport Terminal Corp. CO AMT | 5.00% | 5/1/2037 | Baa2 | 2,070,000 | 2,085,888 | |||||||||
| Florida Development Finance Corp. - AAF Operations Holdings LLC AMT† | Zero Coupon | #(a) | 7/15/2032 | NR | 10,500,000 | 2,940,000 | ||||||||
| Florida Development Finance Corp. - AAF Operations Holdings LLC AMT† | 12.00% | #(a) | 7/15/2059 | NR | 4,500,000 | 1,260,000 | ||||||||
| Greater Orlando Aviation Authority - United Airlines Inc FL AMT | 5.25% | 11/1/2034 | BB+ | 5,500,000 | 5,896,686 | |||||||||
| Greater Orlando Aviation Authority - United Airlines Inc FL AMT | 5.25% | 11/1/2035 | BB+ | 2,500,000 | 2,663,994 | |||||||||
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT† | 4.80% | #(a) | 12/1/2043 | BBB+ | 15,000,000 | 15,549,585 | ||||||||
| See Notes to Schedule of Investments. | 187 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT† | 4.80% | #(a) | 12/1/2043 | BBB+ | $ | 7,750,000 | $ | 8,033,952 | ||||||
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT† | 4.80% | #(a) | 12/1/2043 | BBB+ | 7,000,000 | 7,256,473 | ||||||||
| Illinois State Toll Highway Authority | 5.00% | 1/1/2040 | AA- | 2,025,000 | 2,027,387 | |||||||||
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.00% | 11/12/2028 | Baa3 | 9,995,000 | 10,003,654 | |||||||||
| New Jersey Economic Development Authority - DRP Urban Renewal 4 LLC AMT† | 6.375% | 1/1/2035 | NR | 4,250,000 | 4,515,091 | |||||||||
| New Jersey Economic Development Authority - Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2047 | Baa2 | 20,410,000 | 20,476,959 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey (AG) | Zero Coupon | 12/15/2034 | AA | 4,935,000 | 3,732,602 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 10/1/2030 | Baa2 | 14,905,000 | 15,239,219 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2033 | Baa2 | 2,545,000 | 2,601,088 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa2 | 14,870,000 | 15,136,557 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 8,490,000 | 9,075,260 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 3,000,000 | 3,351,843 | |||||||||
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 2.50% | 10/31/2031 | BBB- | (b) | 1,365,000 | 1,225,257 | ||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% | 12/1/2036 | Baa1 | 2,700,000 | 2,876,971 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2038 | Baa3 | 2,720,000 | 2,917,744 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.50% | 6/30/2038 | Baa3 | 2,065,000 | 2,203,413 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 16,980,000 | 17,805,632 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa1 | 2,815,000 | 2,814,920 | |||||||||
| 188 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| 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 Partner AMT | 5.00% | 7/1/2034 | Baa1 | $ | 8,750,000 | $ | 8,757,020 | |||||||
| New York Transportation Development Corp. - Laguardia Gateway Partners LLC (AG) AMT | 4.00% | 7/1/2035 | AA | 5,335,000 | 5,335,089 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partners LLC (AG) AMT | 4.00% | 7/1/2036 | AA | 1,660,000 | 1,660,040 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partners LLC AMT | 5.00% | 7/1/2041 | Baa1 | 6,100,000 | 6,102,496 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partners LLC NY (AG) AMT | 4.00% | 7/1/2037 | AA | 13,770,000 | 13,769,588 | |||||||||
| North Parkway Municipal Management District No. 1 TX† | 3.625% | 9/15/2026 | NR | 200,000 | 199,818 | |||||||||
| Pennsylvania Economic Development Financing Authority - PA Bridges Finco LP | 5.00% | 12/31/2038 | BBB | 3,960,000 | 3,961,479 | |||||||||
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT† | 3.625% | 1/1/2035 | NR | 1,925,000 | 1,767,607 | |||||||||
| Public Finance Authority - Air Cargo Obligated Group WI AMT | 5.00% | 7/1/2032 | BBB | 1,845,000 | 1,946,045 | |||||||||
| Public Finance Authority - Million Air Three Obligated Group WI AMT† | 5.50% | 9/1/2030 | NR | 605,000 | 627,309 | |||||||||
| Public Finance Authority - Million Air Three Obligated Group WI AMT† | 5.75% | 9/1/2035 | NR | 2,000,000 | 2,081,305 | |||||||||
| Public Finance Authority - Sky Harbour Capital III LLC Obligated Group WI AMT† | 6.00% | #(a) | 7/1/2060 | NR | 11,000,000 | 11,337,027 | ||||||||
| San Francisco City & County Airport Commission-San Francisco International Airport CA AMT | 5.00% | 5/1/2047 | AA- | 8,365,000 | 8,404,359 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp. - LBJ Infrastructure Group LLC | 4.00% | 12/31/2036 | Baa1 | 5,810,000 | 5,813,482 | |||||||||
| Tulsa Municipal Airport Trust Trustees - American Airlines Inc OK AMT | 6.25% | 12/1/2035 | B+ | 13,475,000 | 15,276,450 | |||||||||
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 1/1/2034 | BBB | 6,810,000 | 7,251,042 | |||||||||
| See Notes to Schedule of Investments. | 189 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Virginia Small Business Financing Authority - Elizabeth River Crossings OpCo LLC AMT | 4.00% | 7/1/2033 | BBB | $ | 6,000,000 | $ | 6,064,808 | |||||||
| Total | 369,477,862 | |||||||||||||
| Utilities 14.99% | ||||||||||||||
| Black Belt Energy Gas District AL | 3.782% (SOFR * .67 + 1.35% | )# | 12/1/2031 | A2 | 19,425,000 | 19,420,120 | ||||||||
| Black Belt Energy Gas District AL | 5.00% | 7/1/2033 | A2 | 27,825,000 | 29,161,888 | |||||||||
| Black Belt Energy Gas District AL | 5.00% | 6/1/2036 | Baa2 | 29,805,000 | 31,338,920 | |||||||||
| Black Belt Energy Gas District AL | 5.50% | #(a) | 6/1/2049 | A2 | 2,350,000 | 2,467,279 | ||||||||
| Black Belt Energy Gas District AL† | 5.50% | #(a) | 11/1/2056 | BBB- | 25,730,000 | 27,705,477 | ||||||||
| California Community Choice Financing Authority | 3.888% (SOFR * .67 + 1.45% | )# | 4/1/2056 | A1 | 15,550,000 | 15,525,804 | ||||||||
| California Community Choice Financing Authority | 5.00% | 7/1/2035 | Aa2 | 8,090,000 | 8,912,637 | |||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 3/1/2056 | Aa3 | 16,875,000 | 18,091,385 | ||||||||
| California Community Choice Financing Authority | 5.25% | 2/1/2036 | A3 | 9,125,000 | 9,999,865 | |||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 11/1/2054 | A2 | 3,300,000 | 3,490,622 | ||||||||
| Central Plains Energy Project NE | 5.00% | #(a) | 5/1/2054 | Aa2 | 5,000,000 | 5,245,157 | ||||||||
| Charlotte County Industrial Development Authority - MSKP Town & Country Utility LLC FL† | 5.00% | 10/1/2029 | NR | 1,770,000 | 1,800,623 | |||||||||
| Charlotte County Industrial Development Authority - MSKP Town & Country Utility LLC FL† | 5.00% | 10/1/2034 | NR | 1,000,000 | 1,012,294 | |||||||||
| Charlotte County Industrial Development Authority - MSKP Town & Country Utility LLC FL AMT† | 5.50% | 10/1/2036 | NR | 3,135,000 | 3,138,534 | |||||||||
| City of Dallas Waterworks & Sewer System Revenue TX | 4.00% | 10/1/2035 | AAA | 5,000,000 | 5,001,408 | |||||||||
| City of Osceola AR AMT | 4.875% | 4/1/2040 | Baa3 | 3,500,000 | 3,554,223 | |||||||||
| City of Portland Water System Revenue OR | 4.00% | 4/1/2036 | Aa1 | 4,440,000 | 4,439,911 | |||||||||
| 190 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| City of Seattle Municipal Light & Power Revenue WA | 2.92% (MUNIPSA + 0.25% | )# | 5/1/2045 | AA | $ | 2,900,000 | $ | 2,891,343 | ||||||
| County of Trimble - Louisville Gas and Electric Co KY AMT | 4.70% | #(a) | 6/1/2054 | A1 | 1,750,000 | 1,765,263 | ||||||||
| Delaware State Economic Development Authority - NRG Energy Inc | 4.00% | #(a) | 10/1/2045 | BBB- | 7,700,000 | 7,793,436 | ||||||||
| Energy Southeast A Cooperative District AL | 5.75% | #(a) | 4/1/2054 | A1 | 2,000,000 | 2,200,182 | ||||||||
| Florida Development Finance Corp. - Waste Pro USA Inc AMT | 3.00% | 6/1/2032 | NR | 7,000,000 | 6,550,386 | |||||||||
| Kentucky Public Energy Authority | 5.00% | 5/1/2036 | A1 | 4,350,000 | 4,587,220 | |||||||||
| Main Street Energy, Inc. GA | 5.00% | 12/1/2033 | A3 | 20,170,000 | 21,339,184 | |||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 23,050,000 | 23,144,851 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.00% | #(a) | 9/1/2052 | A3 | 1,190,000 | 1,212,906 | ||||||||
| Main Street Natural Gas, Inc. GA | 4.125% (SOFR * .67 + 1.70% | )# | 12/1/2053 | Aa1 | 5,000,000 | 5,149,486 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 5/1/2055 | A3 | 6,320,000 | 6,744,792 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 12/1/2055 | A3 | 19,000,000 | 20,215,274 | ||||||||
| Minnesota Municipal Gas Agency | 5.00% | 9/1/2035 | Baa1 | 25,435,000 | 26,564,523 | |||||||||
| Ohio Air Quality Development Authority - Ohio Valley Electric Corp AMT | 4.125% | 1/1/2036 | Baa3 | 2,750,000 | 2,769,091 | |||||||||
| Pennsylvania Economic Development Financing Authority - Talen Energy Supply LLC | 5.25% | #(a) | 12/1/2037 | B+ | 11,155,000 | 11,167,534 | ||||||||
| Pennsylvania Economic Development Financing Authority - Talen Energy Supply LLC | 5.25% | #(a) | 12/1/2038 | B+ | 5,640,000 | 5,646,374 | ||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2030 | NR | 5,160,000 | 5,398,161 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2033 | NR | 1,150,000 | 1,210,664 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2033 | NR | 5,230,000 | 5,536,872 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2035 | NR | 1,500,000 | 1,560,531 | |||||||||
| Salt River Project Agricultural Improvement & Power District AZ | 4.00% | 1/1/2036 | AA+ | 10,000,000 | 10,011,578 | |||||||||
| See Notes to Schedule of Investments. | 191 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Southeast Energy Authority A Cooperative District AL | 4.858% (SOFR * .67 + 2.42% | )# | 1/1/2053 | A1 | $ | 10,000,000 | $ | 10,230,317 | ||||||
| Southeast Energy Authority A Cooperative District AL | 5.00% | 11/1/2035 | Baa1 | 30,600,000 | 31,953,906 | |||||||||
| Southeast Energy Authority A Cooperative District AL(e) | 5.00% | #(a) | 1/1/2056 | A1 | 15,000,000 | 15,318,716 | ||||||||
| Southeast Energy Authority A Cooperative District AL | 5.25% | #(a) | 11/1/2055 | A1 | 8,000,000 | 8,663,241 | ||||||||
| Tennergy Corp. TN | 5.50% | #(a) | 10/1/2053 | Baa1 | 8,195,000 | 8,737,176 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | #(a) | 1/1/2054 | A1 | 8,000,000 | 8,751,200 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. V | 5.00% | 4/1/2036 | A3 | 17,500,000 | 18,526,266 | |||||||||
| Texas Water Development Board - State Water Implementation Revenue Fund for Texas | 4.00% | 10/15/2036 | AAA | 3,350,000 | 3,380,865 | |||||||||
| Texas Water Development Board - State Water Implementation Revenue Fund for Texas | 4.00% | 10/15/2036 | AAA | 1,825,000 | 1,825,638 | |||||||||
| Total | 471,153,123 | |||||||||||||
| Total Municipal Bonds (cost $3,071,210,900) | 3,094,651,304 | |||||||||||||
| WARRANTS 0.12% | ||||||||||||||
| Construction & Engineering 0.12% | ||||||||||||||
| BL Train Holdings West LLC* (cost $0) | 11.50% | 12/1/2035 | NR | 222,272 | 555,680 | |||||||||
| Desertxpress Enterprises LLC* (cost $0) | 1.00% | 4/30/2036 | NR | 1,302,126 | 3,255,315 | |||||||||
| Total | 3,810,995 | |||||||||||||
| Total Long-Term Investments (cost $3,076,296,248) | 3,103,626,957 | |||||||||||||
| 192 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| Investments | Interest Rate# | Interest Rate Reset Date(f) | Final Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| SHORT-TERM INVESTMENTS 1.18% | ||||||||||||||||
| Variable Rate Demand Notes 1.18% | ||||||||||||||||
| Corporate-Backed 0.18% | ||||||||||||||||
| Maryland Industrial Development Financing Authority - Occidental Petroleum Corp | 4.630% | 7/1/2026 | 3/1/2030 | Baa3 | $ | 5,645,000 | $ | 5,645,000 | ||||||||
| General Obligation 0.57% | ||||||||||||||||
| City of New York NY GO | 3.050% | 7/1/2026 | 10/1/2046 | AA | 18,025,000 | 18,025,000 | ||||||||||
| Pollution Control 0.43% | ||||||||||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 3.000% | 7/1/2026 | 4/1/2040 | BBB+ | 1,500,000 | 1,500,000 | ||||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 3.000% | 7/1/2026 | 4/1/2040 | BBB+ | 1,100,000 | 1,100,000 | ||||||||||
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 3.050% | 7/1/2026 | 4/1/2040 | BBB+ | 10,900,000 | 10,900,000 | ||||||||||
| Total | 13,500,000 | |||||||||||||||
| Total Variable Rate Demand Notes (cost $37,170,000) | 37,170,000 | |||||||||||||||
| Total Short-Term Investments (cost $37,170,000) | 37,170,000 | |||||||||||||||
| Total Investments in Securities 99.89% (cost $3,113,466,248) | 3,140,796,957 | |||||||||||||||
| Other Assets and Liabilities – Net 0.11% | 3,385,536 | |||||||||||||||
| Net Assets 100.00% | $ | 3,144,182,493 | ||||||||||||||
| AG | AG Insured by Assured Guaranty, Inc. | |
| 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. | |
| 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. | |
| NATL | Insured by National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| SIFMA | Insured by Securities Industry and Financial Markets Association. |
| See Notes to Schedule of Investments. | 193 |
Schedule of Investments (unaudited)(concluded)
SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND June 30, 2026
| SOFR | Secured Overnight Financing Rate. | |
| TRIPS | Tax Refund Intercept Programs. | |
| YoY | Year on Year Inflation Rates. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2026, the total value of Rule 144A securities was $880,353,100, which represents 28.00% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2026. | |
| * | Non-income producing security. | |
| (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. | |
| (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. | |
| (f) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
Futures Contracts at June 30, 2026:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
| U.S. Long Bond | September 2026 | 294 | Short | $ | (32,440,683 | ) | $ | (33,369,000 | ) | $ | (928,317 | ) | ||||||
| U.S. Treasury Note | September 2026 | 645 | Short | (70,313,119 | ) | (70,879,453 | ) | (566,334 | ) | |||||||||
| Total Unrealized Depreciation on Futures Contracts | $ | (1,494,651 | ) | |||||||||||||||
The following is a summary of the inputs used as of June 30, 2026 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 | $ | – | $ | 5,164,658 | $ | – | $ | 5,164,658 | ||||||||
| Municipal Bonds(3) | – | 3,094,651,304 | – | 3,094,651,304 | ||||||||||||
| Warrants | – | 3,810,995 | – | 3,810,995 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 37,170,000 | – | 37,170,000 | ||||||||||||
| Total | $ | – | $ | 3,140,796,957 | $ | – | $ | 3,140,796,957 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (1,494,651 | ) | – | – | (1,494,651 | ) | ||||||||||
| Total | $ | (1,494,651 | ) | $ | – | $ | – | $ | (1,494,651 | ) | ||||||
| (1) | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. | |
| (3) | Includes Municipal Bonds held in 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.
| 194 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 102.22% | ||||||||||||||
| MUNICIPAL BONDS 102.18% | ||||||||||||||
| Corporate-Backed 1.67% | ||||||||||||||
| California Infrastructure & Economic Development Bank - DesertXpress Enterprises LLC AMT† | 12.00% | #(a) | 1/1/2065 | NR | $ | 2,705,000 | $ | 1,771,775 | ||||||
| California Infrastructure & Economic Development Bank - Los Angeles County Museum of Natural History Foundation(b) | 5.50% | 7/1/2056 | A3 | 4,000,000 | 4,400,868 | |||||||||
| California Municipal Finance Authority - Clay Lacy Santa Ana LLC AMT† | 6.00% | 1/1/2055 | NR | 615,000 | 651,372 | |||||||||
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP AMT† | 5.00% | 11/21/2045 | Baa2 | 4,410,000 | 4,419,909 | |||||||||
| California Pollution Control Financing Authority - Waste Management Inc AMT | 4.30% | 7/1/2040 | A- | 1,065,000 | 1,066,220 | |||||||||
| Total | 12,310,144 | |||||||||||||
| Education 12.45% | ||||||||||||||
| Brentwood Union School District CA GO | 5.25% | 8/1/2052 | Aa3 | 2,125,000 | 2,256,756 | |||||||||
| California Educational Facilities Authority - Art Center College of Design | 4.00% | 12/1/2037 | Baa2 | 1,150,000 | 1,136,077 | |||||||||
| California Educational Facilities Authority - Art Center College of Design | 5.00% | 12/1/2044 | Baa2 | 2,040,000 | 2,060,892 | |||||||||
| California Educational Facilities Authority - Chapman University | 5.00% | 4/1/2044 | A2 | 1,000,000 | 1,105,730 | |||||||||
| California Educational Facilities Authority - Chapman University | 5.00% | 4/1/2045 | A2 | 1,050,000 | 1,150,145 | |||||||||
| California Educational Facilities Authority - Loma Linda University | 5.00% | 4/1/2047 | A | 2,000,000 | 2,002,308 | |||||||||
| California Educational Facilities Authority - University of Southern California | 5.00% | 10/1/2055 | AA | 5,000,000 | 5,322,180 | |||||||||
| See Notes to Schedule of Investments. | 195 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| California Educational Facilities Authority - University of the Pacific | 5.00% | 11/1/2053 | A2 | $ | 2,900,000 | $ | 3,026,369 | |||||||
| California Educational Facilities Authority - University of the Pacific | 5.00% | 11/1/2055 | A2 | 3,750,000 | 3,939,029 | |||||||||
| California Educational Facilities Authority - Western University of Health Sciences | 5.00% | 6/1/2036 | A3 | 1,000,000 | 1,149,128 | |||||||||
| California Educational Facilities Authority - Western University of Health Sciences | 5.00% | 6/1/2037 | A3 | 1,000,000 | 1,153,241 | |||||||||
| California Enterprise Development Authority - Campbell Hall Episcopal | 5.00% | 8/1/2040 | A | 3,455,000 | 3,886,899 | |||||||||
| California Enterprise Development Authority - Milken Community School | 5.00% | 7/1/2033 | BBB+ | 1,000,000 | 1,115,364 | |||||||||
| California Health Facilities Financing Authority - Art Center College of Design | 5.00% | 12/1/2048 | Baa2 | 1,000,000 | 1,001,813 | |||||||||
| California Infrastructure & Economic Development Bank(c) | 5.25% | 5/15/2059 | AA | 4,000,000 | 4,264,705 | |||||||||
| California Infrastructure & Economic Development Bank - Equitable School Revolving Fund LLC Obligated Group | 5.00% | 11/1/2049 | A+ | 2,750,000 | 2,848,307 | |||||||||
| California Infrastructure & Economic Development Bank - Equitable School Revolving Fund LLC Obligated Group | 5.00% | 11/1/2054 | A+ | 1,500,000 | 1,536,731 | |||||||||
| California Infrastructure & Economic Development Bank - Equitable School Revolving Fund LLC Obligated Group | 5.00% | 11/1/2059 | A+ | 1,520,000 | 1,551,579 | |||||||||
| California Municipal Finance Authority - Biola University Inc | 5.00% | 10/1/2032 | Baa2 | 400,000 | 407,542 | |||||||||
| California Municipal Finance Authority - Biola University Inc | 5.00% | 10/1/2039 | Baa2 | 1,025,000 | 1,037,148 | |||||||||
| California Municipal Finance Authority - California Baptist University† | 5.375% | 11/1/2045 | NR | 775,000 | 801,311 | |||||||||
| 196 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| California Municipal Finance Authority - Samuel Merritt University | 5.25% | 6/1/2053 | A3 | $ | 4,000,000 | $ | 4,172,246 | |||||||
| California Municipal Finance Authority - SDORI Charter School Properties LLC† | 5.625% | 3/1/2045 | B+ | 500,000 | 466,573 | |||||||||
| California Municipal Finance Authority - University of the Pacific | 3.00% | 11/1/2048 | A2 | 3,885,000 | 2,901,307 | |||||||||
| California Municipal Finance Authority - University of the Pacific | 4.00% | 11/1/2042 | NR | 10,000 | 10,764 | |||||||||
| California Municipal Finance Authority - Westside Neighborhood School† | 5.90% | 6/15/2044 | BB | 1,815,000 | 1,946,414 | |||||||||
| California School Finance Authority - Green Dot Public Schools Obligated Group† | 5.00% | 8/1/2045 | BBB- | 620,000 | 620,001 | |||||||||
| California School Finance Authority - Kipp SoCal Public Schools Obligated† | 5.00% | 7/1/2045 | BBB | 2,190,000 | 2,190,382 | |||||||||
| California School Finance Authority - Kipp SoCal Public Schools Obligated† | 5.00% | 7/1/2047 | BBB | 4,415,000 | 4,419,630 | |||||||||
| California State University | 3.00% | 11/1/2051 | Aa2 | 3,000,000 | 2,303,228 | |||||||||
| California State University | 5.25% | 11/1/2050 | Aa2 | 4,000,000 | 4,391,774 | |||||||||
| California State University | 5.50% | 11/1/2055 | Aa2 | 5,000,000 | 5,510,729 | |||||||||
| Montebello Unified School District CA GO (AG) | 5.50% | 8/1/2047 | AA | 2,000,000 | 2,145,499 | |||||||||
| Rincon Valley Union School District CA GO | 5.00% | 8/1/2054 | AA- | 2,875,000 | 3,038,963 | |||||||||
| Santa Clarita Community College District CA GO | 5.25% | 8/1/2045 | AA | 1,500,000 | 1,637,144 | |||||||||
| University of California | 5.00% | 11/15/2037 | AA | 2,770,000 | 3,209,264 | |||||||||
| University of California | 5.00% | 11/15/2042 | AA | 3,450,000 | 3,907,981 | |||||||||
| University of California | 5.00% | 11/15/2045 | AA | 1,815,000 | 2,017,409 | |||||||||
| University of California | 5.00% | 5/15/2053 | AA | 2,500,000 | 2,667,751 | |||||||||
| University of California | 5.25% | 5/15/2055 | AA | 1,500,000 | 1,626,788 | |||||||||
| Total | 91,937,101 | |||||||||||||
| See Notes to Schedule of Investments. | 197 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation 16.81% | ||||||||||||||
| Cabrillo Unified School District CA GO | 5.00% | 8/1/2053 | Aa3 | $ | 2,000,000 | $ | 2,142,262 | |||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 12/1/2053 | A2 | 1,925,000 | 2,014,980 | ||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 1/1/2054 | Baa1 | 7,795,000 | 8,257,854 | ||||||||
| California Community Choice Financing Authority | 5.50% | #(a) | 5/1/2054 | A2 | 4,905,000 | 5,126,203 | ||||||||
| California State Public Works Board - State of California Department of General Services | 4.00% | 5/1/2046 | Aa3 | 1,950,000 | 1,925,925 | |||||||||
| Center Joint Unified School District CA GO (BAM) | 5.00% | 8/1/2055 | AA | 2,500,000 | 2,641,014 | |||||||||
| Cerritos Community College District CA GO | 5.00% | 8/1/2056 | Aa1 | 2,000,000 | 2,138,005 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 2,120,000 | 1,944,681 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 165,067 | 180,220 | |||||||||
| Dublin Unified School District CA GO | 3.00% | 8/1/2041 | AA- | 2,425,000 | 2,171,567 | |||||||||
| El Rancho Unified School District CA GO (BAM) | 5.75% | 8/1/2048 | AA | 1,425,000 | 1,593,159 | |||||||||
| Fullerton Joint Union High School District CA GO | 5.50% | 8/1/2047 | AA | 3,715,000 | 4,232,693 | |||||||||
| Irvine Unified School District CA GO | 2.25% | 9/1/2049 | Aa1 | 3,000,000 | 2,013,199 | |||||||||
| Las Virgenes Unified School District CA GO | 5.25% | 8/1/2051 | AA | 3,000,000 | 3,252,009 | |||||||||
| Long Beach Unified School District CA GO | 5.00% | 8/1/2046 | Aa2 | 5,560,000 | 6,153,099 | |||||||||
| Los Altos Elementary School District CA GO | 5.00% | 8/1/2044 | AAA | 2,160,000 | 2,403,054 | |||||||||
| Los Angeles Unified School District CA GO | 5.25% | 7/1/2049 | Aa2 | 1,625,000 | 1,777,459 | |||||||||
| Mt San Antonio Community College District CA GO | 5.25% | 8/1/2055 | Aa1 | 1,500,000 | 1,629,305 | |||||||||
| Newport Mesa Unified School District CA GO | Zero Coupon | 8/1/2041 | Aaa | 1,325,000 | 719,988 | |||||||||
| Newport Mesa Unified School District CA GO | Zero Coupon | 8/1/2045 | Aaa | 1,000,000 | 433,250 | |||||||||
| 198 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| North Orange County Community College District CA GO | 2.75% | 8/1/2036 | AA+ | $ | 2,000,000 | $ | 1,852,005 | |||||||
| Novato Unified School District CA GO | 3.00% | 8/1/2044 | Aa1 | 4,765,000 | 4,078,452 | |||||||||
| Pacifica School District CA GO | 5.00% | 8/1/2056 | Aa3 | 3,600,000 | 3,814,906 | |||||||||
| Pajaro Valley Health Care District CA GO | 5.00% | 9/1/2046 | Ba2 | 2,750,000 | 2,749,411 | |||||||||
| Pajaro Valley Health Care District CA GO | 5.00% | 9/1/2054 | Ba2 | 2,205,000 | 2,149,114 | |||||||||
| Peralta Community College District CA GO | 5.00% | 8/1/2054 | AA- | 1,750,000 | 1,850,505 | |||||||||
| Pomona Unified School District CA GO | 5.00% | 8/1/2050 | Aa3 | 1,100,000 | 1,175,105 | |||||||||
| Redlands Unified School District CA GO | 5.00% | 7/1/2054 | Aa2 | 2,500,000 | 2,632,730 | |||||||||
| San Benito High School District CA GO | Zero Coupon | 8/1/2042 | Aa3 | 1,795,000 | 919,969 | |||||||||
| San Benito High School District CA GO | Zero Coupon | 8/1/2043 | Aa3 | 2,600,000 | 1,273,883 | |||||||||
| San Diego Community College District CA GO | 5.00% | 8/1/2055 | AAA | 5,000,000 | 5,360,550 | |||||||||
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue CA | 3.00% | 7/1/2044 | AA+ | 2,500,000 | 2,151,168 | |||||||||
| San Joaquin Delta Community College District CA GO | 5.00% | 8/1/2055 | Aa2 | 2,500,000 | 2,675,026 | |||||||||
| San Leandro Unified School District CA GO | 5.00% | 8/1/2052 | AA- | 2,400,000 | 2,557,146 | |||||||||
| Santa Barbara Community College District CA GO | 6.00% | 8/1/2055 | AA+ | 3,410,000 | 3,910,169 | |||||||||
| Santa Monica-Malibu Unified School District CA GO | 3.00% | 8/1/2044 | AA+ | 1,515,000 | 1,280,079 | |||||||||
| Southwestern Community College District CA GO | Zero Coupon | 8/1/2041 | Aa2 | 1,100,000 | 641,985 | |||||||||
| Southwestern Community College District CA GO | 5.25% | 8/1/2055 | Aa2 | 2,000,000 | 2,161,378 | |||||||||
| State of California GO | 5.00% | 3/1/2044 | Aa2 | 1,070,000 | 1,191,072 | |||||||||
| State of California GO | 5.00% | 10/1/2047 | Aa2 | 4,365,000 | 4,776,563 | |||||||||
| State of California GO | 5.00% | 3/1/2055 | Aa2 | 4,000,000 | 4,286,355 | |||||||||
| State of California GO | 5.00% | 10/1/2056 | Aa2 | 5,950,000 | 6,413,699 | |||||||||
| State of California GO | 5.25% | 9/1/2053 | Aa2 | 3,000,000 | 3,233,445 | |||||||||
| State of California GO | 5.25% | 8/1/2055 | Aa2 | 2,500,000 | 2,737,342 | |||||||||
| See Notes to Schedule of Investments. | 199 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Sunnyvale School District CA GO | 5.00% | 9/1/2056 | AAA | $ | 3,500,000 | $ | 3,750,946 | |||||||
| Washington Township Health Care District CA GO | 5.25% | 8/1/2048 | AA | 1,625,000 | 1,726,365 | |||||||||
| Total | 124,099,294 | |||||||||||||
| Health Care 13.58% | ||||||||||||||
| Antelope Valley Healthcare District Obligated Group CA | 5.25% | 3/1/2036 | BBB- | 1,000,000 | 1,000,105 | |||||||||
| California Community Choice Financing Authority - Providence St Joseph Health Obligated Group | 3.00% | 10/1/2041 | A | 5,040,000 | 4,391,873 | |||||||||
| California Community Choice Financing Authority - Providence St Joseph Health Obligated Group | 3.00% | 10/1/2047 | A | 3,230,000 | 2,472,174 | |||||||||
| California Community Choice Financing Authority - Providence St Joseph Health Obligated Group | 5.00% | 10/1/2044 | A | 2,450,000 | 2,451,695 | |||||||||
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 5.00% | 12/1/2035 | BBB+ | 1,500,000 | 1,677,971 | |||||||||
| California Health Facilities Financing Authority - Cedars-Saini Medical Center Obligated Group | 3.00% | 8/15/2051 | AA- | 4,705,000 | 3,558,922 | |||||||||
| California Health Facilities Financing Authority - Children’s Hospital Los Angeles Obligated Group | 5.00% | 10/1/2030 | A | 1,470,000 | 1,472,234 | |||||||||
| California Health Facilities Financing Authority - Children’s Hospital of Orange County Obligated Group | 2.125% | 11/1/2041 | AA | 2,500,000 | 1,856,774 | |||||||||
| California Health Facilities Financing Authority - Children’s Hospital of Orange County Obligated Group | 3.00% | 11/1/2038 | AA | 3,000,000 | 2,789,678 | |||||||||
| California Health Facilities Financing Authority - Children’s Hospital of Orange County Obligated Group | 5.00% | 11/1/2054 | AA | 4,000,000 | 4,226,459 | |||||||||
| California Health Facilities Financing Authority - CommonSpirit Health Obligated Group | 5.00% | 12/1/2044 | A- | 1,485,000 | 1,604,154 | |||||||||
| 200 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Health Facilities Financing Authority - CommonSpirit Health Obligated Group | 5.00% | 12/1/2054 | A- | $ | 4,405,000 | $ | 4,563,137 | |||||||
| California Health Facilities Financing Authority - El Camino Healthcare Obligated Group | 5.25% | 2/1/2048 | AA | 3,000,000 | 3,271,916 | |||||||||
| California Health Facilities Financing Authority - Kaiser Foundation Hospitals | 5.00% | 11/1/2047 | AA- | 5,770,000 | 6,511,130 | |||||||||
| California Health Facilities Financing Authority - Providence St Joseph Health Obligated Group | 5.25% | #(a) | 10/1/2050 | A | 3,000,000 | 3,396,985 | ||||||||
| California Health Facilities Financing Authority - Rady Children’s Hospital Obligated Group | 5.00% | #(a) | 8/15/2065 | AA | 2,500,000 | 2,917,740 | ||||||||
| California Health Facilities Financing Authority - Stanford Health Care Obligated Group | 5.25% | 8/15/2054 | Aa2 | 6,000,000 | 6,510,271 | |||||||||
| California Health Facilities Financing Authority - Sutter Health Obligated Group | 5.00% | 11/15/2038 | A+ | 2,250,000 | 2,301,225 | |||||||||
| California Infrastructure & Economic Development Bank - Roseville Sustainable Energy Partner LLC | 5.25% | 7/1/2049 | BBB+ | 2,450,000 | 2,543,592 | |||||||||
| California Municipal Finance Authority - Community Health Centers of The Central Coast Inc | 5.75% | 12/1/2055 | BBB | (d) | 1,000,000 | 1,061,669 | ||||||||
| California Municipal Finance Authority - Community Hospitals of Central California Obligated Group | 5.00% | 2/1/2037 | BBB+ | 2,000,000 | 2,012,511 | |||||||||
| California Municipal Finance Authority - Community Hospitals of Central California Obligated Group (AG) | 4.00% | 2/1/2051 | AA | 1,000,000 | 915,855 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% | 7/1/2036 | Baa2 | 1,580,000 | 1,597,079 | |||||||||
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% | 7/1/2047 | Baa2 | 1,000,000 | 1,002,015 | |||||||||
| See Notes to Schedule of Investments. | 201 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| California Municipal Finance Authority - PRS-California Obligated Group | 5.00% | 4/1/2044 | BBB+ | (d) | $ | 1,415,000 | $ | 1,493,792 | ||||||
| California Public Finance Authority - Hazelden Betty Ford Foundation | 5.00% | 11/1/2054 | Baa1 | 2,000,000 | 2,045,653 | |||||||||
| California Public Finance Authority - Kendal At Ventura† | 10.00% | 5/15/2028 | NR | 500,000 | 529,430 | |||||||||
| California Public Finance Authority - Marisol HB LLC Obligated Group† | 5.10% | #(a) | 4/1/2066 | NR | 1,350,000 | 1,364,923 | ||||||||
| California Public Finance Authority - QSH/LB LLC† | 6.625% | 6/1/2065 | NR | 1,000,000 | 1,070,879 | |||||||||
| California Public Finance Authority - QSH/MB LLC† | 6.75% | 7/1/2065 | NR | 990,000 | 1,074,237 | |||||||||
| California Statewide Communities Development Authority - John Muir Health Obligated Group | 5.25% | 12/1/2054 | A | 3,850,000 | 4,109,703 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group† | 5.00% | 12/1/2026 | BB+ | 2,335,000 | 2,336,538 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group† | 5.25% | 12/1/2048 | BB+ | 2,895,000 | 2,923,335 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group | 5.50% | 12/1/2054 | BB+ | 2,325,000 | 2,325,881 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.00% | 12/1/2041 | BB+ | 2,350,000 | 2,351,161 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.25% | 12/1/2034 | BB+ | 2,150,000 | 2,152,029 | |||||||||
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group† | 5.50% | 12/1/2058 | BB+ | 1,090,000 | 1,102,871 | |||||||||
| Palomar Health Obligated Group CA | 5.00% | 11/1/2039 | CCC+ | 3,885,000 | 3,866,459 | |||||||||
| 202 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Regents of the University of California Medical Center Pooled Revenue | 3.50% | 5/15/2054 | AA- | $ | 4,000,000 | $ | 3,273,834 | |||||||
| Washington Township Health Care District CA | 5.75% | 7/1/2053 | Baa3 | 2,100,000 | 2,192,075 | |||||||||
| Total | 100,319,964 | |||||||||||||
| Housing 7.40% | ||||||||||||||
| California Community Housing Agency Arbors Apartments† | 5.00% | 8/1/2050 | NR | 965,000 | 926,363 | |||||||||
| California Enterprise Development Authority - Provident Group- Pomona Properties LLC | 5.00% | 1/15/2045 | Baa3 | 5,070,000 | 5,206,210 | |||||||||
| California Enterprise Development Authority - Provident Group-SDSU Properties LLC | 5.00% | 8/1/2040 | Baa3 | 1,625,000 | 1,676,949 | |||||||||
| California Enterprise Development Authority - Provident Group-SDSU Properties LLC | 5.00% | 8/1/2050 | Baa3 | 2,030,000 | 2,052,121 | |||||||||
| California Enterprise Development Authority - Provident Group-SDSU Properties LLC | 5.00% | 8/1/2055 | Baa3 | 1,075,000 | 1,087,088 | |||||||||
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB+ | 8,192,265 | 8,003,938 | |||||||||
| California Municipal Finance Authority | 4.326% | #(a) | 11/20/2040 | AA- | 2,983,384 | 2,976,930 | ||||||||
| California Municipal Finance Authority | 4.326% | #(a) | 11/20/2040 | BBB | 1,730,363 | 1,646,615 | ||||||||
| California Municipal Finance Authority | 4.326% | #(a) | 11/20/2040 | NR | 1,359,903 | 947,523 | ||||||||
| California Municipal Finance Authority - 707 by Vintage LP (FHLMC) | 4.40% | 12/1/2043 | Aa1 | 3,500,000 | 3,514,605 | |||||||||
| California Municipal Finance Authority - Bowles Hall Foundation | 5.00% | 6/1/2050 | Baa3 | 500,000 | 500,018 | |||||||||
| California Municipal Finance Authority - Caritas Corp CMFA Mobile Home Park Financing 2024 Portfolio | 5.00% | 8/15/2049 | A- | 3,230,000 | 3,314,297 | |||||||||
| California Municipal Finance Authority - Caritas Corp CMFA Mobile Home Park Financing 2024 Portfolio | 5.00% | 8/15/2054 | A- | 3,000,000 | 3,055,687 | |||||||||
| See Notes to Schedule of Investments. | 203 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| California Municipal Finance Authority - CHF-Davis I LLC | 5.00% | 5/15/2037 | Baa3 | $ | 3,000,000 | $ | 3,099,317 | |||||||
| California Municipal Finance Authority - CHF-Davis I LLC | 5.00% | 5/15/2048 | Baa3 | 2,780,000 | 2,806,585 | |||||||||
| California Municipal Finance Authority - CHF-Davis II LLC (BAM) | 3.00% | 5/15/2051 | AA | 2,500,000 | 1,941,786 | |||||||||
| California Municipal Finance Authority - CHF-Riverside I LLC | 5.00% | 5/15/2043 | Baa3 | 3,000,000 | 3,051,137 | |||||||||
| California Public Finance Authority - P3 Irvine SL Holdings LLC Obligated Group† | 6.375% | 6/1/2059 | NR | 2,000,000 | 1,872,592 | |||||||||
| California Public Finance Authority - P3 Irvine SL Holdings LLC Obligated Group† | 6.50% | 6/1/2054 | NR | 1,000,000 | 966,204 | |||||||||
| California Statewide Communities Development Authority - CHF-Irvine LLC | 5.00% | 5/15/2035 | Baa1 | 3,270,000 | 3,273,583 | |||||||||
| CSCDA Community Improvement Authority Orange Portfolio CA† | 3.00% | 3/1/2057 | NR | 2,000,000 | 1,416,272 | |||||||||
| CSCDA Community Improvement Authority Westgate Apartments CA† | 3.00% | 6/1/2047 | NR | 1,500,000 | 1,103,635 | |||||||||
| CSCDA Community Improvement Authority Westgate Apartments CA† | 4.00% | 6/1/2057 | NR | 1,000,000 | 205,337 | |||||||||
| Total | 54,644,792 | |||||||||||||
| Lease Obligations 1.53% | ||||||||||||||
| California State Public Works Board | 5.00% | 9/1/2047 | Aa3 | 2,000,000 | 2,174,317 | |||||||||
| California State Public Works Board | 5.00% | 4/1/2050 | Aa3 | 2,000,000 | 2,147,461 | |||||||||
| California State Public Works Board - State of California Department of General Services | 4.00% | 11/1/2046 | Aa3 | 2,100,000 | 2,073,653 | |||||||||
| Los Angeles County Public Works Financing Authority - County of Los Angeles CA | 5.50% | 12/1/2054 | AA+ | 2,000,000 | 2,224,871 | |||||||||
| San Diego Public Facilities Financing Authority - City of San Diego CA | 5.25% | 10/15/2055 | AA- | 2,500,000 | 2,709,406 | |||||||||
| Total | 11,329,708 | |||||||||||||
| 204 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue 2.53% | ||||||||||||||
| California Infrastructure & Economic Development Bank - Los Angeles County Museum of Natural History Foundation | 4.00% | 7/1/2050 | A3 | $ | 2,625,000 | $ | 2,503,076 | |||||||
| California School Finance Authority - Green Dot Public Schools Obligated Group† | 5.00% | 8/1/2038 | BBB- | 1,000,000 | 1,014,118 | |||||||||
| Commonwealth of Puerto Rico | Zero Coupon | #(a) | 11/1/2051 | NR | 69,385 | 50,911 | ||||||||
| Municipal Improvement Corp. of Los Angeles(c) | 5.50% | 5/1/2055 | A+ | 5,500,000 | 5,950,104 | |||||||||
| San Diego Unified School District(c) | 5.00% | 7/1/2055 | Aa2 | 8,000,000 | 8,561,453 | |||||||||
| Territory of Guam | 5.25% | 1/1/2037 | Baa3 | 540,000 | 594,969 | |||||||||
| Total | 18,674,631 | |||||||||||||
| Pollution Control 0.22% | ||||||||||||||
| California Municipal Finance Authority - Republic Services Inc AMT | 3.875% | #(a) | 3/1/2054 | A- | 1,600,000 | 1,625,500 | ||||||||
| Power 0.94% | ||||||||||||||
| Southern California Public Power Authority(c) | 5.25% | 7/1/2053 | AA- | 6,500,000 | 6,944,060 | |||||||||
| Pre-Refunded 0.09% | ||||||||||||||
| M-S-R Energy Authority CA | 6.50% | 11/1/2039 | BBB+ | 555,000 | 686,917 | |||||||||
| Special Tax 3.60% | ||||||||||||||
| California Statewide Communities Development Authority | 5.00% | 9/2/2046 | BBB- | 860,000 | 902,434 | |||||||||
| California Statewide Communities Development Authority | 5.00% | 9/2/2051 | BBB- | 2,220,000 | 2,287,200 | |||||||||
| California Statewide Communities Development Authority | 5.00% | 9/2/2054 | BBB- | 3,000,000 | 3,053,883 | |||||||||
| California Statewide Communities Development Authority | 5.00% | 9/2/2056 | BBB- | 3,180,000 | 3,251,406 | |||||||||
| California Statewide Communities Development Authority | 5.25% | 9/2/2051 | BBB- | 2,000,000 | 2,112,677 | |||||||||
| City of Fontana Community Facilities District No 109 CA | 5.00% | 9/1/2049 | NR | 1,000,000 | 1,023,471 | |||||||||
| See Notes to Schedule of Investments. | 205 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| County of Los Angeles Community Facilities District No. CA Special Tax | 5.00% | 9/1/2052 | NR | $ | 1,500,000 | $ | 1,528,756 | |||||||
| County of Orange CA Community Facilities District No 2023-1 | 5.50% | 8/15/2053 | NR | 1,375,000 | 1,436,625 | |||||||||
| County of Orange Community Facilities District No. 2025-1 Improvement Area 1 CA | 5.00% | 8/15/2046 | NR | 1,500,000 | 1,568,919 | |||||||||
| Fairfield Community Facilities District - City of Fairfield Community Facilities District No 2023-1 Area No 1 CA | 5.00% | 9/1/2054 | NR | 2,000,000 | 2,027,794 | |||||||||
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A+ | 1,325,000 | 1,337,078 | |||||||||
| River Islands Public Financing Authority CA Special Tax (AG) | 5.25% | 9/1/2052 | AA | 1,000,000 | 1,045,419 | |||||||||
| River Islands Public Financing Authority Community Facilities District 2023-1 Improvement Area 3 CA | 5.00% | 9/1/2055 | NR | 3,000,000 | 2,962,098 | |||||||||
| Tejon Ranch Public Facilities Finance Authority - Tejon Ranch Public Facilities Finance Authority Community Facs District No 2008-1 CA | 5.00% | 9/1/2054 | NR | 2,000,000 | 2,023,748 | |||||||||
| Total | 26,561,508 | |||||||||||||
| Tax Revenue 2.75% | ||||||||||||||
| Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AG) | 5.00% | 8/1/2037 | AA | 1,700,000 | 1,870,928 | |||||||||
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2026 | NR | 1,925,000 | 1,931,688 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 1,639,000 | 445,539 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 503,000 | 503,241 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 4,283,000 | 4,285,051 | |||||||||
| 206 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| 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 | $ | 7,000 | $ | 6,681 | |||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 4,869,854 | 4,818,706 | |||||||||
| River Islands Public Financing Authority Community Facilities District No 2023-1 Area 2 CA | 5.00% | 9/1/2048 | NR | 1,650,000 | 1,662,249 | |||||||||
| River Islands Public Financing Authority Community Facilities District No 2023-1 Area 2 CA | 5.00% | 9/1/2054 | NR | 1,000,000 | 989,288 | |||||||||
| San Diego Unified School District CA GO | 3.00% | 7/1/2044 | Aa2 | 4,400,000 | 3,779,934 | |||||||||
| Total | 20,293,305 | |||||||||||||
| Taxable Revenue – Water & Sewer 1.60% | ||||||||||||||
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP AMT† | 5.00% | 11/21/2045 | Baa2 | 1,100,000 | 1,165,867 | |||||||||
| San Francisco City & County Public Utilities Commission Wastewater Revenue CA(c) | 5.00% | 10/1/2054 | AA | 10,000,000 | 10,644,577 | |||||||||
| Total | 11,810,444 | |||||||||||||
| Tobacco 2.11% | ||||||||||||||
| California Statewide Financing Authority | Zero Coupon | 6/1/2046 | NR | 8,675,000 | 2,312,337 | |||||||||
| California Statewide Financing Authority† | Zero Coupon | 6/1/2055 | NR | 10,000,000 | 612,577 | |||||||||
| Golden State Tobacco Securitization Corp. - Golden State Tobacco Securitization Corp CA | 5.00% | 6/1/2051 | BBB | 2,765,000 | 2,775,017 | |||||||||
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 15,000,000 | 1,554,723 | |||||||||
| Inland Empire Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2036 | CCC | 1,000,000 | 508,601 | |||||||||
| Inland Empire Tobacco Securitization Corp. CA† | Zero Coupon | 6/1/2057 | CCC | 3,000,000 | 196,704 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2041 | NR | 5,000,000 | 1,942,443 | |||||||||
| See Notes to Schedule of Investments. | 207 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2056 | NR | $ | 2,250,000 | $ | 143,395 | |||||||
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco Asset Securitization Corp | 5.00% | 6/1/2048 | BBB+ | 5,475,000 | 5,531,672 | |||||||||
| Total | 15,577,469 | |||||||||||||
| Transportation 22.06% | ||||||||||||||
| Alameda Corridor Transportation Authority CA (AG) | Zero Coupon | 10/1/2051 | AA | 1,000,000 | 610,128 | |||||||||
| Alameda Corridor Transportation Authority CA (AG) | Zero Coupon | 10/1/2053 | AA | 5,000,000 | 1,304,979 | |||||||||
| Alameda Corridor Transportation Authority CA (AG) | 5.00% | 10/1/2052 | AA | 5,300,000 | 5,498,648 | |||||||||
| Alameda Corridor Transportation Authority CA (NATL) | Zero Coupon | 10/1/2034 | A- | 1,000,000 | 760,446 | |||||||||
| Bay Area Toll Authority CA | 4.00% | 4/1/2047 | AA- | 4,085,000 | 4,027,375 | |||||||||
| Bay Area Toll Authority CA | 5.00% | 4/1/2044 | AA | 3,000,000 | 3,583,983 | |||||||||
| Bay Area Toll Authority CA | 5.00% | 4/1/2045 | AA | 1,200,000 | 1,329,415 | |||||||||
| Bay Area Toll Authority CA | 5.00% | #(a) | 4/1/2061 | AA | 2,300,000 | 2,603,968 | ||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AG) AMT | 5.25% | 7/1/2046 | AA | 2,250,000 | 2,444,911 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AG) AMT | 5.50% | 7/1/2055 | AA | 1,800,000 | 1,955,294 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2049 | A | 1,365,000 | 1,441,559 | |||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2054 | A | 4,350,000 | 4,551,876 | |||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 4.00% | 12/31/2047 | BB+ | (d) | 4,685,000 | 4,315,072 | ||||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2034 | BB+ | (d) | 1,700,000 | 1,747,679 | ||||||||
| 208 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| 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% | 12/31/2035 | BB+ | (d) | $ | 1,205,000 | $ | 1,236,903 | ||||||
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2043 | BB+ | (d) | 3,565,000 | 3,620,117 | ||||||||
| California Municipal Finance Authority - PRG - Potrero Properties LLC | 5.50% | 9/1/2056 | A2 | 5,030,000 | 5,513,443 | |||||||||
| City of Fresno Airport Revenue CA (BAM) AMT | 5.00% | 7/1/2048 | AA | 5,220,000 | 5,417,243 | |||||||||
| City of Long Beach Airport System Revenue CA (AG) AMT | 5.25% | 6/1/2047 | AA | 1,330,000 | 1,395,958 | |||||||||
| City of Los Angeles Department of Airports CA | 5.25% | 5/15/2051 | Aa3 | 5,750,000 | 6,250,339 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2049 | AA- | 2,505,000 | 2,323,645 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2051 | AA- | 5,350,000 | 4,921,050 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2045 | Aa3 | 2,000,000 | 2,175,061 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2048 | AA- | 2,000,000 | 2,104,902 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2036 | AA | 1,100,000 | 1,220,690 | |||||||||
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2055 | Aa3 | 5,250,000 | 5,644,943 | |||||||||
| County of Sacramento Airport System Revenue CA(b) | 5.00% | 7/1/2041 | A | 2,000,000 | 2,265,875 | |||||||||
| County of Sacramento Airport System Revenue CA | 5.25% | 7/1/2054 | A+ | 3,500,000 | 3,757,019 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2033 | A | 1,500,000 | 1,221,906 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.50% | 1/15/2053 | A | 1,600,000 | 1,344,821 | |||||||||
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | 3,010,000 | 2,759,392 | |||||||||
| See Notes to Schedule of Investments. | 209 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Foothill-Eastern Transportation Corridor Agency CA (AG) | 3.50% | 1/15/2053 | AA | $ | 1,225,000 | $ | 1,046,509 | |||||||
| Foothill-Eastern Transportation Corridor Agency CA (AG) | 3.95% | 1/15/2053 | AA | 2,730,000 | 2,510,652 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA (BAM) AMT | 4.00% | 3/1/2042 | AA | 6,000,000 | 5,907,062 | |||||||||
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2031 | A | 1,750,000 | 1,897,361 | |||||||||
| Port Commission of the City & County of San Francisco CA AMT | 5.00% | 3/1/2030 | Aa3 | 1,415,000 | 1,417,496 | |||||||||
| Riverside County Transportation Commission CA | 4.00% | 6/1/2047 | A- | 3,000,000 | 2,949,253 | |||||||||
| San Diego County Regional Airport Authority CA | 5.25% | 7/1/2055 | Aa3 | 2,500,000 | 2,721,814 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 4.00% | 7/1/2035 | A1 | 1,500,000 | 1,534,783 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 5.25% | 7/1/2045 | Aa3 | 4,700,000 | 5,116,550 | |||||||||
| San Diego County Regional Airport Authority CA AMT | 5.50% | 7/1/2055 | Aa3 | 6,750,000 | 7,269,320 | |||||||||
| San Francisco City & County Airport Commission-San Francisco International Airport CA AMT | 5.00% | 5/1/2048 | AA- | 3,570,000 | 3,601,629 | |||||||||
| San Francisco City & County Airport Commission-San Francisco International Airport CA AMT | 5.25% | 5/1/2045 | AA- | 2,000,000 | 2,190,532 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA | 5.00% | 5/1/2042 | Aa3 | 3,180,000 | 3,558,518 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2039 | Aa3 | 1,370,000 | 1,491,559 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% | 5/1/2049 | Aa3 | 3,600,000 | 3,798,158 | |||||||||
| 210 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| 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% | 5/1/2055 | AA- | $ | 5,000,000 | $ | 5,374,739 | |||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% | 5/1/2055 | AA- | 5,500,000 | 5,912,213 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.75% | 5/1/2048 | Aa3 | 3,000,000 | 3,273,983 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% | 1/15/2044 | A | 3,932,000 | 3,894,750 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% | 1/15/2050 | A | 4,825,000 | 4,422,720 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2044 | A- | 1,425,000 | 1,426,018 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2049 | A- | 1,185,000 | 1,185,716 | |||||||||
| San Joaquin Hills Transportation Corridor Agency CA (NATL) | Zero Coupon | 1/15/2036 | Baa1 | 1,450,000 | 1,037,773 | |||||||||
| Total | 162,887,748 | |||||||||||||
| Utilities 12.84% | ||||||||||||||
| California Community Choice Financing Authority | 4.00% | #(a) | 2/1/2052 | A1 | 4,000,000 | 4,062,875 | ||||||||
| California Community Choice Financing Authority | 5.00% | 3/1/2036 | Baa1 | 6,790,000 | 7,086,661 | |||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 2/1/2054 | A1 | 2,500,000 | 2,653,273 | ||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 2/1/2055 | A1 | 5,775,000 | 6,156,614 | ||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 2/1/2055 | Aa3 | 3,000,000 | 3,187,633 | ||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 8/1/2055 | A2 | 3,000,000 | 3,135,052 | ||||||||
| California Community Choice Financing Authority | 5.00% | #(a) | 3/1/2056 | Aa3 | 4,500,000 | 4,824,369 | ||||||||
| California Community Choice Financing Authority | 5.25% | 2/1/2036 | A3 | 5,000,000 | 5,479,378 | |||||||||
| See Notes to Schedule of Investments. | 211 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| California Pollution Control Financing Authority - Channelside Water Resources LP† | 5.00% | 11/21/2045 | Baa2 | $ | 4,340,000 | $ | 4,441,202 | |||||||
| Central Valley Energy Authority CA | 5.00% | #(a) | 12/1/2055 | Aa3 | 5,570,000 | 5,969,556 | ||||||||
| Guam Government Waterworks Authority - Guam Waterworks Authority Water And Wastewater System | 5.00% | 7/1/2042 | A- | 1,545,000 | 1,632,003 | |||||||||
| Guam Government Waterworks Authority - Guam Waterworks Authority Water And Wastewater System | 5.50% | 7/1/2043 | A- | 250,000 | 274,439 | |||||||||
| Guam Government Waterworks Authority - Guam Waterworks Authority Water And Wastewater System | 5.50% | 7/1/2044 | A- | 1,000,000 | 1,091,402 | |||||||||
| Indio Electric Financing Authority - Imperial Irrigation District Electric System Revenue CA | 5.25% | 1/1/2053 | A1 | 3,685,000 | 3,900,125 | |||||||||
| Long Beach Bond Finance Authority CA | 4.051% (3 mo. USD Term SOFR * .67 + 1.43% | )# | 11/15/2026 | A1 | 1,025,000 | 1,027,048 | ||||||||
| Los Angeles Department of Water & Power Power System Revenue CA | 5.00% | 7/1/2046 | Aa3 | 1,500,000 | 1,606,422 | |||||||||
| Los Angeles Department of Water & Power Power System Revenue CA | 5.00% | 7/1/2046 | Aa3 | 2,500,000 | 2,677,370 | |||||||||
| Los Angeles Department of Water & Power Power System Revenue CA | 5.00% | 7/1/2049 | Aa3 | 2,500,000 | 2,627,274 | |||||||||
| Los Angeles Department of Water & Power System Revenue CA | 5.00% | 7/1/2035 | Aa3 | 4,000,000 | 4,535,578 | |||||||||
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% | 7/1/2053 | AA | 3,500,000 | 3,642,566 | |||||||||
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% | 7/1/2034 | Aa3 | 1,200,000 | 1,352,676 | |||||||||
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% | 7/1/2035 | Aa3 | 1,160,000 | 1,315,318 | |||||||||
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% | 7/1/2055 | Aa3 | 5,000,000 | 5,197,200 | |||||||||
| 212 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| 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 | $ | 681,811 | |||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2047 | NR | 1,000,000 | 933,631 | |||||||||
| San Diego Public Facilities Financing Authority - City of San Diego Sewer Utility Revenue CA | 5.00% | 5/15/2056 | AA | 2,500,000 | 2,669,545 | |||||||||
| San Francisco City & County Public Utilities Commission Wastewater Revenue CA | 4.00% | 10/1/2042 | AA | 2,000,000 | 1,979,874 | |||||||||
| Southern California Public Power Authority | 4.099% (3 mo. USD Term SOFR * .67 + 1.47% | )# | 11/1/2038 | A2 | 815,000 | 797,461 | ||||||||
| Southern California Public Power Authority | 5.00% | 11/1/2033 | A2 | 3,625,000 | 3,878,034 | |||||||||
| Southern California Public Power Authority - Los Angeles Department of Water & Power | 5.00% | 7/1/2053 | Aa3 | 2,000,000 | 2,070,650 | |||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2032 | BBB+ | (d) | 1,090,000 | 1,123,265 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2034 | BBB+ | (d) | 600,000 | 617,621 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2035 | BBB+ | (d) | 200,000 | 204,981 | ||||||||
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% | 10/1/2038 | BBB+ | (d) | 925,000 | 941,877 | ||||||||
| Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment CA | 5.00% | 10/1/2049 | A- | (d) | 1,000,000 | 1,008,752 | ||||||||
| Total | 94,783,536 | |||||||||||||
| Total Municipal Bonds (cost $746,444,821) | 754,486,121 | |||||||||||||
| WARRANTS 0.04% | ||||||||||||||
| Construction & Engineering 0.04% | ||||||||||||||
| BL Train Holdings West LLC* (cost $0) | 11.50% | 12/1/2035 | NR | 22,526 | 56,315 | |||||||||
| Desertxpress Enterprises LLC* (cost $0) | 1.00% | 4/30/2036 | NR | 105,330 | 263,325 | |||||||||
| Total | 319,640 | |||||||||||||
| Total Long-Term Investments (cost $746,444,821) | 754,805,761 | |||||||||||||
| See Notes to Schedule of Investments. | 213 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND June 30, 2026
| Investments | Interest Rate# | Interest Rate Reset Date(e) | Final Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | ||||||||||
| SHORT-TERM INVESTMENTS 0.51% | ||||||||||||||||
| Variable Rate Demand Notes 0.32% | ||||||||||||||||
| Transportation | ||||||||||||||||
| Bay Area Toll Authority CA | 2.500% | 7/1/2026 | 4/1/2055 | AA+ | $ | 2,400,000 | $ | 2,400,000 | ||||||||
| REPURCHASE AGREEMENTS 0.19% | ||||||||||||||||
| Repurchase Agreement dated 6/30/2026, 3.250% due 7/1/2026 with Fixed Income Clearing Corp. collateralized by $1,409,500 of U.S. Treasury Note at 3.375% due 11/30/2027; value: $1,399,232; proceeds: $1,371,738 (cost $1,371,614) | 1,371,614 | 1,371,614 | ||||||||||||||
| Total Short-Term Investments (cost $3,771,614) | 3,771,614 | |||||||||||||||
| Total Investments in Securities 102.73% (cost $750,216,435) | 758,577,375 | |||||||||||||||
| Other Assets and Liabilities – Net (2.73)% | (20,142,234 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 738,435,141 | ||||||||||||||
| AG | AG Insured by Assured Guaranty, Inc. | |
| 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. | |
| NATL | Insured by National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| SOFR | Secured Overnight Financing Rate. | |
| † | 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, 2026, the total value of Rule 144A securities was $45,577,054, which represents 6.17% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2026. | |
| * | Non-income producing security. | |
| (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) | 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) | 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. |
Futures Contracts at June 30, 2026:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
| U.S. Long Bond | September 2026 | 52 | Short | $ | (5,737,808 | ) | $ | (5,902,000 | ) | $(164,192 | ) | |||||||
| 214 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
CALIFORNIA TAX FREE FUND June 30, 2026
The following is a summary of the inputs used as of June 30, 2026 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) | $ | – | $ | 754,486,121 | $ | – | $ | 754,486,121 | ||||||||
| Warrants | – | 319,640 | – | 319,640 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 2,400,000 | – | 2,400,000 | ||||||||||||
| Repurchase Agreements | – | 1,371,614 | – | 1,371,614 | ||||||||||||
| Total | $ | – | $ | 758,577,375 | $ | – | $ | 758,577,375 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (164,192 | ) | – | – | (164,192 | ) | ||||||||||
| Total | $ | (164,192 | ) | $ | – | $ | – | $ | (164,192 | ) | ||||||
| (1) | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. | |
| (3) | Includes Municipal Bonds held in 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.
| See Notes to Schedule of Investments. | 215 |
Schedule of Investments (unaudited)
NEW JERSEY TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 99.88% | ||||||||||||||
| MUNICIPAL BONDS 99.88% | ||||||||||||||
| Corporate-Backed 1.21% | ||||||||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC (AG) AMT | 5.00% | 1/1/2031 | AA | $ | 225,000 | $ | 228,495 | |||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.00% | 1/1/2028 | A- | 100,000 | 100,322 | |||||||||
| New Jersey Economic Development Authority - Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2037 | Baa2 | 295,000 | 298,890 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB+ | 910,000 | 911,270 | |||||||||
| New Jersey Economic Development Authority - United Airlines Inc | 5.50% | 6/1/2033 | BB+ | 650,000 | 651,333 | |||||||||
| Total | 2,190,310 | |||||||||||||
| Education 16.09% | ||||||||||||||
| Camden County Improvement Authority - KIPP Cooper Norcross Obligated Group NJ | 6.00% | 6/15/2047 | BBB | 615,000 | 643,488 | |||||||||
| Gloucester County Improvement Authority - Rowan University NJ | 5.00% | 7/1/2043 | A | 600,000 | 664,320 | |||||||||
| Gloucester County Improvement Authority - Rowan University NJ (BAM) | 5.00% | 7/1/2054 | AA | 1,000,000 | 1,027,485 | |||||||||
| Hudson County Improvement Authority NJ | 4.00% | 6/1/2049 | AA | 500,000 | 482,609 | |||||||||
| Middlesex County Improvement Authority - Rutgers The State University of New Jersey | 5.00% | 8/15/2053 | Aa3 | 1,555,000 | 1,633,617 | |||||||||
| Middlesex County Improvement Authority NJ | 4.00% | 8/15/2053 | AAA | 1,000,000 | 959,921 | |||||||||
| Montclair State University, Inc. NJ | 5.25% | 7/1/2056 | A2 | 1,175,000 | 1,243,778 | |||||||||
| Montclair State University, Inc. NJ (AG) | 5.00% | 7/1/2036 | AA | 250,000 | 286,265 | |||||||||
| Montclair State University, Inc. NJ (AG) | 5.00% | 7/1/2041 | AA | 200,000 | 223,984 | |||||||||
| Montclair State University, Inc. NJ (BAM) | 5.25% | 7/1/2051 | AA | 690,000 | 739,231 | |||||||||
| New Jersey Economic Development Authority - Provident Group-Montclair Properties LLC (AG) | 5.00% | 6/1/2042 | AA | 1,250,000 | 1,263,405 | |||||||||
| 216 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New Jersey Educational Facilities Authority - Kean University (BAM)(a) | 5.25% | 7/1/2056 | AA | $ | 1,500,000 | $ | 1,607,911 | |||||||
| New Jersey Educational Facilities Authority - Montclair State University Inc (AG) | 5.00% | 7/1/2041 | AA | 845,000 | 936,546 | |||||||||
| New Jersey Educational Facilities Authority - Montclair State University Inc (AG) | 5.00% | 7/1/2044 | AA | 500,000 | 545,873 | |||||||||
| New Jersey Educational Facilities Authority - New Jersey City University Inc (AG) | 4.00% | 7/1/2036 | AA | 745,000 | 789,268 | |||||||||
| New Jersey Educational Facilities Authority - Ramapo College of New Jersey (AG) | 4.00% | 7/1/2041 | AA | 545,000 | 549,361 | |||||||||
| New Jersey Educational Facilities Authority - Seton Hall University | 4.00% | 7/1/2046 | BBB+ | 545,000 | 491,218 | |||||||||
| New Jersey Educational Facilities Authority - Seton Hall University | 5.00% | 7/1/2034 | BBB+ | 335,000 | 335,259 | |||||||||
| New Jersey Educational Facilities Authority - Seton Hall University (AG) | 3.25% | 7/1/2049 | AA | 490,000 | 408,607 | |||||||||
| New Jersey Educational Facilities Authority - State of New Jersey | 5.00% | 9/1/2036 | A1 | 1,145,000 | 1,266,834 | |||||||||
| New Jersey Educational Facilities Authority - State of New Jersey | 5.25% | 9/1/2053 | A1 | 750,000 | 789,014 | |||||||||
| New Jersey Educational Facilities Authority - Stevens Institute of Technology International Inc | 3.00% | 7/1/2050 | BBB+ | 1,350,000 | 999,258 | |||||||||
| New Jersey Educational Facilities Authority - Stevens Institute of Technology International Inc | 4.00% | 7/1/2050 | BBB+ | 200,000 | 178,854 | |||||||||
| New Jersey Educational Facilities Authority - Stevens Institute of Technology International Inc | 5.00% | 7/1/2030 | BBB+ | 530,000 | 540,647 | |||||||||
| New Jersey Educational Facilities Authority - Stevens Institute of Technology International Inc | 5.00% | 7/1/2047 | BBB+ | 1,850,000 | 1,858,924 | |||||||||
| New Jersey Educational Facilities Authority - Stockton University - Stockton University | 5.00% | 7/1/2041 | A3 | 800,000 | 800,320 | |||||||||
| See Notes to Schedule of Investments. | 217 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New Jersey Educational Facilities Authority - Trustees of Princeton University | 5.00% | 3/1/2038 | AAA | $ | 355,000 | $ | 403,059 | |||||||
| New Jersey Educational Facilities Authority - Trustees of Princeton University | 5.00% | #(b) | 7/1/2064 | AAA | 1,000,000 | 1,150,032 | ||||||||
| New Jersey Educational Facilities Authority - Trustees of Princeton University | 5.25% | 3/1/2054 | AAA | 3,635,000 | 3,922,899 | |||||||||
| New Jersey Educational Facilities Authority - William Paterson University of New Jersey (AG) | 3.00% | 7/1/2039 | AA | 300,000 | 265,100 | |||||||||
| New Jersey Educational Facilities Authority - William Paterson University of New Jersey (AG) | 3.00% | 7/1/2040 | AA | 250,000 | 218,405 | |||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 2.50% | 12/1/2040 | AA | 605,000 | 569,439 | |||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 3.25% | 12/1/2039 | Aa1 | 110,000 | 109,469 | |||||||||
| New Jersey Institute of Technology (BAM) | 5.00% | 7/1/2037 | AA | 500,000 | 575,677 | |||||||||
| New Jersey Institute of Technology (BAM) | 5.25% | 7/1/2055 | AA | 500,000 | 540,447 | |||||||||
| Total | 29,020,524 | |||||||||||||
| Financial Services 0.11% | ||||||||||||||
| New Jersey Higher Education Student Assistance Authority AMT | 5.00% | 12/1/2028 | Aaa | 200,000 | 207,281 | |||||||||
| General Obligation 8.84% | ||||||||||||||
| City of Atlantic City NJ GO (BAM), (ST AID WITHHLDG) | 5.00% | 3/1/2042 | AA | 750,000 | 755,042 | |||||||||
| City of Jersey City NJ GO | 4.00% | 10/1/2037 | A2 | 1,045,000 | 1,068,804 | |||||||||
| City of Newark Mass Transit Access Tax Revenue NJ (AG) | 5.375% | 11/15/2052 | AA | 1,670,000 | 1,790,933 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 52,676 | 38,653 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(b) | 11/1/2043 | NR | 156,961 | 113,012 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2033 | NR | 40,933 | 41,492 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 36,793 | 37,145 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 31,578 | 31,711 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 22,527 | 22,952 | |||||||||
| 218 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | $ | 44,442 | $ | 47,055 | |||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 43,166 | 47,129 | |||||||||
| County of Hudson NJ GO | 2.00% | 11/15/2035 | AA | 1,000,000 | 835,886 | |||||||||
| County of Ocean NJ GO | 4.00% | 11/1/2044 | Aaa | 1,000,000 | 1,007,551 | |||||||||
| Middlesex County Improvement Authority NJ | 5.00% | 9/15/2056 | AAA | 2,000,000 | 2,149,639 | |||||||||
| New Jersey Economic Development Authority - New Jersey Transit Corp | 5.25% | 11/1/2047 | A1 | 860,000 | 914,383 | |||||||||
| New Jersey Health Care Facilities Financing Authority - State of New Jersey | 5.00% | 10/1/2037 | A1 | 1,000,000 | 1,027,823 | |||||||||
| New Jersey Infrastructure Bank | 5.00% | 9/1/2052 | AAA | 500,000 | 524,278 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 4.25% | 6/15/2044 | A1 | 500,000 | 502,777 | |||||||||
| Plainfield Board of Education NJ GO (AG) | 4.00% | 10/15/2043 | AA | 480,000 | 484,211 | |||||||||
| Rutherford Board of Education NJ GO | 2.50% | 12/15/2034 | AA- | 1,000,000 | 896,996 | |||||||||
| State of New Jersey GO | 2.50% | 6/1/2038 | Aa3 | 1,900,000 | 1,613,576 | |||||||||
| Union County Improvement Authority NJ | 4.125% | 4/15/2054 | Aaa | 250,000 | 239,756 | |||||||||
| Union County Utilities Authority - Covanta Union LLC NJ AMT | 4.75% | 12/1/2031 | AA+ | 920,000 | 920,260 | |||||||||
| Washington Township Board of Education/Gloucester County NJ GO | 4.00% | 8/1/2043 | AA- | 820,000 | 833,463 | |||||||||
| Total | 15,944,527 | |||||||||||||
| Health Care 9.75% | ||||||||||||||
| New Jersey Economic Development Authority - Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | 220,000 | 220,072 | |||||||||
| New Jersey Health Care Facilities Financing Authority - AtlantiCare Health System Obligated Group | 2.375% | 7/1/2046 | AA- | 695,000 | 476,716 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Inspira Health Obligated Group | 4.125% | 7/1/2054 | A2 | 1,665,000 | 1,601,711 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Inspira Health Obligated Group | 5.00% | 7/1/2042 | A2 | 715,000 | 723,797 | |||||||||
| New Jersey Health Care Facilities Financing Authority - Inspira Health Obligated Group | 5.25% | 7/1/2054 | A2 | 1,720,000 | 1,824,673 | |||||||||
| See Notes to Schedule of Investments. | 219 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2026
| 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 | 3.00% | 7/1/2051 | AA- | $ | 1,345,000 | $ | 1,009,011 | |||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 4.00% | 7/1/2051 | AA- | 1,500,000 | 1,435,682 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.25% | 7/1/2054 | AA- | 1,500,000 | 1,604,881 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.50% | 7/1/2040 | AA- | 1,000,000 | 1,178,277 | |||||||||
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.50% | 7/1/2043 | AA- | 670,000 | 778,256 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 4.00% | 7/1/2048 | BBB- | 1,345,000 | 1,213,747 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 5.00% | 7/1/2027 | BBB- | 100,000 | 100,102 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 5.00% | 7/1/2035 | BBB- | 1,000,000 | 1,000,940 | |||||||||
| New Jersey Health Care Facilities Financing Authority - St Joseph’s Healthcare System Obligated Group | 5.00% | 7/1/2041 | BBB- | 3,135,000 | 3,136,742 | |||||||||
| New Jersey Health Care Facilities Financing Authority - University Hospital (AG) | 5.00% | 7/1/2046 | AA | 1,275,000 | 1,277,085 | |||||||||
| Total | 17,581,692 | |||||||||||||
| Housing 0.44% | ||||||||||||||
| New Jersey Economic Development Authority - Provident Group-Rowan Properties LLC | 5.00% | 1/1/2048 | Ba3 | 250,000 | 249,991 | |||||||||
| New Jersey Housing & Mortgage Finance Agency (HUD) | 3.15% | 5/1/2053 | AA- | 100,000 | 76,634 | |||||||||
| Passaic County Improvement Authority NJ | 4.00% | 11/1/2051 | Aa1 | 475,000 | 467,539 | |||||||||
| Total | 794,164 | |||||||||||||
| 220 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations 6.54% | ||||||||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.375% | 1/1/2043 | A- | $ | 1,710,000 | $ | 1,712,123 | |||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | A- | 210,000 | 210,193 | |||||||||
| New Jersey Economic Development Authority - State Capitol Joint Management Commission | 5.00% | 6/15/2035 | A1 | 1,100,000 | 1,155,197 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey | 5.00% | 6/15/2042 | A1 | 900,000 | 918,405 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2047 | A1 | 540,000 | 548,036 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2048 | A1 | 500,000 | 512,020 | |||||||||
| New Jersey Economic Development Authority - State of New Jersey Motor Vehicle Surcharge Revenue | 4.00% | 7/1/2034 | Baa2 | 500,000 | 501,187 | |||||||||
| New Jersey Educational Facilities Authority - State of New Jersey | 5.00% | 9/1/2036 | A1 | 545,000 | 546,425 | |||||||||
| New Jersey Educational Facilities Authority - State of New Jersey | 5.50% | 9/1/2033 | A1 | 435,000 | 436,651 | |||||||||
| New Jersey Health Care Facilities Financing Authority - State of New Jersey | 5.00% | 10/1/2038 | A1 | 520,000 | 533,750 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | Zero Coupon | 12/15/2031 | A1 | 1,980,000 | 1,665,096 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | Zero Coupon | 12/15/2038 | A1 | 1,120,000 | 695,790 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 4.25% | 12/15/2038 | A1 | 470,000 | 472,784 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 12/15/2039 | A1 | 1,000,000 | 1,047,984 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2046 | A1 | 800,000 | 845,247 | |||||||||
| Total | 11,800,888 | |||||||||||||
| Other Revenue 1.78% | ||||||||||||||
| Casino Reinvestment Development Authority, Inc. NJ (AG) | 4.00% | 11/1/2044 | AA | 1,250,000 | 1,242,063 | |||||||||
| See Notes to Schedule of Investments. | 221 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Casino Reinvestment Development Authority, Inc. NJ (AG) | 5.00% | 11/1/2041 | AA | $ | 285,000 | $ | 309,969 | |||||||
| Casino Reinvestment Development Authority, Inc. NJ (AG) | 5.00% | 11/1/2044 | AA | 200,000 | 213,764 | |||||||||
| New Jersey Economic Development Authority - Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2041 | NR | 415,000 | 415,046 | |||||||||
| Passaic County Improvement Authority - 200 Hospital Plaza Corp. NJ | 5.00% | 5/1/2042 | AA | 750,000 | 759,109 | |||||||||
| Territory of Guam | 5.00% | 1/1/2036 | Baa3 | 250,000 | 272,681 | |||||||||
| Total | 3,212,632 | |||||||||||||
| Special Tax 0.33% | ||||||||||||||
| New Jersey Economic Development Authority - NJ Metromall Urban Renewal Inc | 6.50% | 4/1/2028 | Baa2 | 260,329 | 266,887 | |||||||||
| New Jersey Infrastructure Bank | 2.00% | 9/1/2046 | AAA | 520,000 | 333,111 | |||||||||
| Total | 599,998 | |||||||||||||
| Tax Revenue 3.78% | ||||||||||||||
| Casino Reinvestment Development Authority, Inc. NJ (AG) | 5.00% | 11/1/2035 | AA | 325,000 | 365,385 | |||||||||
| New Jersey Infrastructure Bank | 5.00% | 9/1/2049 | AAA | 800,000 | 855,946 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 3.00% | 6/15/2050 | A1 | 550,000 | 417,047 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 235,000 | 201,190 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 699,000 | 555,845 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 2,675,000 | 727,161 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 596,000 | 596,286 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 527,000 | 527,252 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 18,000 | 17,180 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 19,000 | 19,067 | |||||||||
| 222 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2026
| 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 | 4.55% | 7/1/2040 | NR | $ | 380,000 | $ | 381,269 | |||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 1,779,000 | 1,760,315 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 149,000 | 146,106 | |||||||||
| Territory of Guam | 4.00% | 1/1/2042 | Baa3 | 250,000 | 244,422 | |||||||||
| Total | 6,814,471 | |||||||||||||
| Taxable Revenue - Water & Sewer 0.63% | ||||||||||||||
| Jersey City Municipal Utilities Authority Sewer Fund NJ (AG) | 5.25% | 10/15/2054 | AA | 500,000 | 535,500 | |||||||||
| New Jersey Economic Development Authority - New Jersey-American Water Co Inc AMT | 3.75% | #(b) | 11/1/2034 | A+ | 600,000 | 606,308 | ||||||||
| Total | 1,141,808 | |||||||||||||
| Tobacco 2.38% | ||||||||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BBB+ | 1,000,000 | 998,706 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BB+ | 2,320,000 | 2,289,295 | |||||||||
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 1,000,000 | 1,003,565 | |||||||||
| Total | 4,291,566 | |||||||||||||
| Transportation 42.01% | ||||||||||||||
| Delaware River & Bay Authority | 4.00% | 1/1/2044 | A+ | 515,000 | 511,430 | |||||||||
| Delaware River & Bay Authority | 5.00% | 1/1/2049 | A+ | 1,250,000 | 1,313,020 | |||||||||
| Delaware River Joint Toll Bridge Commission PA | 3.00% | 7/1/2049 | A+ | 1,025,000 | 793,388 | |||||||||
| Delaware River Joint Toll Bridge Commission PA(a) | 5.25% | 7/1/2051 | A+ | 150,000 | 163,379 | |||||||||
| New Jersey Economic Development Authority - DRP Urban Renewal 4 LLC AMT† | 6.375% | 1/1/2035 | NR | 500,000 | 531,187 | |||||||||
| New Jersey Economic Development Authority - New Jersey Transit Corp | 4.00% | 11/1/2044 | A1 | 275,000 | 270,054 | |||||||||
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC (AG) AMT | 5.125% | 1/1/2039 | AA | 925,000 | 938,951 | |||||||||
| New Jersey Economic Development Authority - Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2047 | Baa2 | 1,590,000 | 1,595,216 | |||||||||
| See Notes to Schedule of Investments. | 223 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New Jersey Transportation Trust Fund Authority(c) | 5.00% | 6/15/2055 | A | $ | 2,500,000 | $ | 2,588,555 | |||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 3.00% | 6/15/2050 | A1 | 750,000 | 568,701 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 4.00% | 6/15/2042 | A1 | 435,000 | 429,192 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 4.00% | 6/15/2050 | A1 | 1,080,000 | 1,014,802 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 4.125% | 6/15/2050 | A1 | 1,100,000 | 1,052,237 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2035 | A1 | 465,000 | 530,325 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2037 | A1 | 1,000,000 | 1,124,612 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2042 | A1 | 2,000,000 | 2,203,320 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2044 | A1 | 750,000 | 810,218 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2050 | A1 | 1,500,000 | 1,567,500 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2055 | A1 | 1,700,000 | 1,760,455 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2046 | A1 | 385,000 | 411,013 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2050 | A1 | 3,185,000 | 3,378,158 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2050 | A1 | 3,005,000 | 3,192,264 | |||||||||
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2055 | A1 | 3,905,000 | 4,128,093 | |||||||||
| New Jersey Turnpike Authority | 4.00% | 1/1/2043 | AA- | 610,000 | 613,072 | |||||||||
| New Jersey Turnpike Authority | 4.00% | 1/1/2048 | AA- | 1,000,000 | 981,648 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2035 | AA- | 660,000 | 759,290 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2036 | AA- | 1,050,000 | 1,206,613 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2042 | AA- | 270,000 | 293,572 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2044 | AA- | 835,000 | 912,916 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2045 | AA- | 1,750,000 | 1,897,751 | |||||||||
| New Jersey Turnpike Authority | 5.00% | 1/1/2046 | AA- | 1,250,000 | 1,332,112 | |||||||||
| New Jersey Turnpike Authority | 5.25% | 1/1/2050 | AA- | 2,850,000 | 3,090,920 | |||||||||
| 224 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New Jersey Turnpike Authority | 5.25% | 1/1/2052 | AA- | $ | 2,110,000 | $ | 2,243,585 | |||||||
| New Jersey Turnpike Authority | 5.25% | 1/1/2054 | AA- | 2,800,000 | 2,990,135 | |||||||||
| New Jersey Turnpike Authority | 5.25% | 1/1/2055 | AA- | 660,000 | 712,661 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 12/1/2035 | AA- | 500,000 | 571,006 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 1/15/2038 | AA- | 500,000 | 573,092 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2045 | AA- | 500,000 | 545,933 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 8/15/2046 | AA- | 750,000 | 821,863 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 8/15/2048 | AA- | 500,000 | 538,856 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | AA- | 360,000 | 377,601 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | AA- | 500,000 | 524,446 | |||||||||
| Port Authority of New York & New Jersey | 5.25% | 10/15/2051 | AA- | 750,000 | 814,757 | |||||||||
| Port Authority of New York & New Jersey | 5.25% | 8/1/2052 | AA- | 1,330,000 | 1,402,924 | |||||||||
| Port Authority of New York & New Jersey | 5.25% | 8/15/2056 | AA- | 2,500,000 | 2,706,946 | |||||||||
| Port Authority of New York & New Jersey AMT | 4.00% | 7/15/2041 | AA- | 1,000,000 | 976,586 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2032 | AA- | 555,000 | 613,549 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2034 | AA- | 605,000 | 678,617 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2034 | AA- | 415,000 | 426,314 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 10/15/2035 | AA- | 1,500,000 | 1,691,529 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | AA- | 635,000 | 698,899 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2036 | AA- | 750,000 | 784,249 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2036 | AA- | 970,000 | 1,079,571 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 8/1/2037 | AA- | 825,000 | 887,609 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 600,000 | 603,040 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2044 | AA- | 500,000 | 530,486 | |||||||||
| South Jersey Port Corp. - South Jersey Port Corp NJ AMT | 5.00% | 1/1/2035 | A2 | 860,000 | 876,877 | |||||||||
| See Notes to Schedule of Investments. | 225 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| South Jersey Port Corp. - South Jersey Port Corp NJ AMT | 5.00% | 1/1/2036 | A2 | $ | 1,010,000 | $ | 1,028,544 | |||||||
| South Jersey Port Corp. NJ AMT | 5.00% | 1/1/2048 | A2 | 1,955,000 | 1,961,506 | |||||||||
| South Jersey Transportation Authority NJ | 4.625% | 11/1/2047 | A- | 450,000 | 452,431 | |||||||||
| South Jersey Transportation Authority NJ | 5.25% | 11/1/2052 | A- | 1,765,000 | 1,842,091 | |||||||||
| South Jersey Transportation Authority NJ (BAM) | 4.00% | 11/1/2050 | AA | 1,080,000 | 1,024,858 | |||||||||
| South Jersey Transportation Authority NJ (BAM) | 5.00% | 11/1/2039 | AA | 100,000 | 111,192 | |||||||||
| South Jersey Transportation Authority NJ (BAM) | 5.00% | 11/1/2041 | AA | 750,000 | 792,858 | |||||||||
| South Jersey Transportation Authority NJ (BAM) | 5.00% | 11/1/2045 | AA | 500,000 | 520,537 | |||||||||
| South Jersey Transportation Authority NJ (BAM) | 5.25% | 11/1/2052 | AA | 1,350,000 | 1,415,037 | |||||||||
| Total | 75,784,149 | |||||||||||||
| Utilities 5.99% | ||||||||||||||
| Guam Government Waterworks Authority - Guam Waterworks Authority Water And Wastewater System | 5.50% | 7/1/2043 | A- | 995,000 | 1,092,268 | |||||||||
| Jersey City Municipal Utilities Authority NJ (BAM) | 5.00% | 10/15/2056 | AA | 1,000,000 | 1,062,355 | |||||||||
| Jersey City Municipal Utilities Authority Sewer Fund NJ (BAM) | 5.75% | 10/15/2055 | AA | 1,600,000 | 1,782,095 | |||||||||
| New Jersey Economic Development Authority - Middlesex Water Co AMT | 4.00% | 8/1/2059 | A+ | 500,000 | 441,257 | |||||||||
| New Jersey Economic Development Authority - New Jersey Natural Gas Co | 3.50% | 4/1/2042 | A1 | 1,705,000 | 1,574,296 | |||||||||
| New Jersey Economic Development Authority - New Jersey Natural Gas Co AMT | 3.00% | 8/1/2041 | A1 | 1,580,000 | 1,358,986 | |||||||||
| New Jersey Economic Development Authority - New Jersey-American Water Co Inc AMT | 2.20% | #(b) | 10/1/2039 | A+ | 500,000 | 476,661 | ||||||||
| New Jersey Economic Development Authority - UMM Energy Partners LLC AMT | 4.75% | 6/15/2032 | Baa2 | 1,000,000 | 1,000,389 | |||||||||
| New Jersey Infrastructure Bank | 2.125% | 9/1/2046 | NR | 10,000 | 9,583 | |||||||||
| New Jersey Infrastructure Bank | 2.125% | 9/1/2046 | Aaa | 440,000 | 289,190 | |||||||||
| 226 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| New Jersey Infrastructure Bank | 5.00% | 9/1/2055 | AAA | $ | 175,000 | $ | 187,330 | |||||||
| Passaic Valley Sewerage Commission NJ (AG) | 3.00% | 12/1/2038 | AA | 1,000,000 | 903,974 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 380,000 | 370,126 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2030 | NR | 250,000 | 261,539 | |||||||||
| Total | 10,810,049 | |||||||||||||
| Total Municipal Bonds (cost $181,187,600) | 180,194,059 | |||||||||||||
| Total Long-Term Investments (cost $181,187,600) | 180,194,059 | |||||||||||||
| SHORT-TERM INVESTMENTS 0.63% | ||||||||||||||
| Repurchase Agreements 0.63% | ||||||||||||||
| Repurchase Agreement dated 6/30/2026, 3.250% due 7/1/2026 with Fixed Income Clearing Corp. collateralized by $1,171,800 of U.S. Treasury Note at 3.375% due 11/30/2027; value: $1,163,262; proceeds: $1,140,407 (cost $1,140,304) | 1,140,304 | 1,140,304 | ||||||||||||
| Total Short-Term Investments (cost $1,140,304) | 1,140,304 | |||||||||||||
| Total Investments in Securities 100.51% (cost $182,327,904) | 181,334,363 | |||||||||||||
| Other Assets and Liabilities – Net (0.51)% | (927,889 | ) | ||||||||||||
| Net Assets 100.00% | $ | 180,406,474 | ||||||||||||
| AG | AG Insured by Assured Guaranty, Inc. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by Build America Mutual. | |
| HUD | Insured by Department of Housing and Urban Development. | |
| NR | Not Rated. | |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2026. | |
| † | 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, 2026, the total value of Rule 144A securities was $1,162,852, which represents 0.64% of net assets. | |
| (a) | Securities purchased on a when-issued basis. | |
| (b) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (c) | Municipal Bonds Held in Trust – Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. |
| See Notes to Schedule of Investments. | 227 |
Schedule of Investments (unaudited)(concluded)
NEW JERSEY TAX FREE FUND June 30, 2026
Futures Contracts at June 30, 2026:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | |||||||||||||
| U.S. Long Bond | September 2026 | 23 | Short | $(2,537,877 | ) | $(2,610,500 | ) | $(72,623 | ) | ||||||||||
The following is a summary of the inputs used as of June 30, 2026 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) | $ | – | $ | 180,194,059 | $ | – | $ | 180,194,059 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Repurchase Agreements | – | 1,140,304 | – | 1,140,304 | ||||||||||||
| Total | $ | – | $ | 181,334,363 | $ | – | $ | 181,334,363 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (72,623 | ) | – | – | (72,623 | ) | ||||||||||
| Total | $ | (72,623 | ) | $ | – | $ | – | $ | (72,623 | ) | ||||||
| (1) | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. | |
| (3) | Includes Municipal Bonds held in 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.
| 228 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)
NEW YORK TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 100.93% | ||||||||||||||
| MUNICIPAL BONDS 100.93% | ||||||||||||||
| Corporate-Backed 9.95% | ||||||||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Center LLC NY | Zero Coupon | 7/15/2047 | Ba1 | $ | 250,000 | $ | 90,759 | |||||||
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT† | 5.00% | 1/1/2035 | NR | 220,000 | 220,323 | |||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AG) | 3.00% | 1/1/2046 | AA | 5,065,000 | 4,124,667 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2050 | AAA | 1,535,000 | 1,609,096 | |||||||||
| New York Liberty Development Corp. | 2.10% | 11/15/2032 | A+ | 2,790,000 | 2,482,415 | |||||||||
| New York Liberty Development Corp. | 2.875% | 11/15/2046 | A+ | 7,355,000 | 5,687,460 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.00% | 11/15/2044 | NR | 9,950,000 | 9,959,874 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 5.15% | 11/15/2034 | NR | 750,000 | 750,752 | |||||||||
| New York Liberty Development Corp. - 3 World Trade Center LLC† | 7.25% | 11/15/2044 | NR | 1,200,000 | 1,202,117 | |||||||||
| New York Liberty Development Corp. - Goldman Sachs Headquarters LLC | 5.25% | 10/1/2035 | A2 | 7,215,000 | 8,308,269 | |||||||||
| New York Liberty Development Corp. - Goldman Sachs Headquarters LLC | 5.50% | 10/1/2037 | A2 | 3,650,000 | 4,319,538 | |||||||||
| New York Liberty Development Corp. - One Bryant Park LLC | 2.80% | 9/15/2069 | Baa1 | 4,630,000 | 4,383,395 | |||||||||
| New York State Energy Research & Development Authority - New York State Electric & Gas Corp | 4.00% | 4/1/2034 | A- | 2,030,000 | 2,105,942 | |||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 2.875% | #(a) | 12/1/2044 | B+ | 1,500,000 | 1,464,986 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 4.30% | #(a) | 12/1/2044 | B+ | 2,000,000 | 2,034,620 | ||||||||
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT† | 5.125% | #(a) | 9/1/2050 | B+ | 1,000,000 | 1,055,703 | ||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 2.25% | 8/1/2026 | BB | (b) | 55,000 | 54,972 | ||||||||
| See Notes to Schedule of Investments. | 229 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| 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 | 3.00% | 8/1/2031 | BB | (b) | $ | 3,500,000 | $ | 3,389,251 | ||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | 1,025,000 | 1,072,399 | |||||||||
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 1,025,000 | 1,070,024 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2035 | Baa2 | 1,000,000 | 1,045,680 | |||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 4.00% | 12/1/2038 | Baa1 | 2,100,000 | 2,052,502 | |||||||||
| Niagara Area Development Corp. - Reworld Holding Corp NY AMT† | 4.75% | 11/1/2042 | B- | 1,750,000 | 1,609,609 | |||||||||
| Westchester County Local Development Corp. - Miriam Osborn Memorial Home Association Obligated Group NY | 5.00% | 7/1/2034 | A | (b) | 240,000 | 245,044 | ||||||||
| Total | 60,339,397 | |||||||||||||
| Education 11.22% | ||||||||||||||
| Build NYC Resource Corp. - Kipp NYC Public Charter Schools NY | 5.25% | 7/1/2052 | BBB- | 1,250,000 | 1,272,651 | |||||||||
| Build NYC Resource Corp. - Manhattan College NY | 5.00% | 8/1/2033 | BBB- | 1,125,000 | 1,132,652 | |||||||||
| Build NYC Resource Corp. - New York Law School | 5.00% | 7/1/2041 | BBB- | 1,175,000 | 1,165,312 | |||||||||
| Build NYC Resource Corp. - Nightingale- Bamford School NY | 5.00% | 7/1/2040 | A3 | 4,500,000 | 4,957,497 | |||||||||
| Build NYC Resource Corp. - Packer Collegiate Institute NY | 5.00% | 6/1/2040 | A2 | 1,690,000 | 1,691,815 | |||||||||
| Clinton County Capital Resource Corp. - Clinton-Essex-Warren-Washington Board of Cooperative Educational Services NY† | 5.00% | 7/1/2046 | A+ | 1,000,000 | 1,045,482 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2045 | BBB+ | 1,000,000 | 1,012,121 | |||||||||
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2051 | BBB+ | 1,000,000 | 1,003,918 | |||||||||
| Dutchess County Local Development Corp. - Culinary Institute of America NY | 4.00% | 7/1/2040 | Baa1 | 425,000 | 417,231 | |||||||||
| 230 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| 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 | Baa1 | $ | 200,000 | $ | 200,090 | |||||||
| Dutchess County Local Development Corp. - Culinary Institute of America NY | 5.00% | 7/1/2046 | Baa1 | 275,000 | 275,053 | |||||||||
| Dutchess County Local Development Corp. - Marist College NY | 5.00% | 7/1/2043 | A2 | 2,120,000 | 2,185,251 | |||||||||
| Dutchess County Local Development Corp. - Millbrook School NY | 4.00% | 9/1/2051 | A | 1,530,000 | 1,336,576 | |||||||||
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2034 | BBB | 825,000 | 834,659 | |||||||||
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2037 | BBB | 630,000 | 636,097 | |||||||||
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2039 | BBB | 555,000 | 559,594 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AG) | 3.00% | 3/1/2049 | AA | 2,050,000 | 1,543,491 | |||||||||
| New York State Dormitory Authority - Cornell University | 5.50% | 7/1/2054 | Aa1 | 5,625,000 | 6,136,911 | |||||||||
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2040 | BBB | 2,365,000 | 2,367,858 | |||||||||
| New York State Dormitory Authority - Iona University (AG) | 5.50% | 7/1/2044 | AA | 785,000 | 873,516 | |||||||||
| New York State Dormitory Authority - Iona University (AG) | 5.50% | 7/1/2045 | AA | 870,000 | 959,915 | |||||||||
| New York State Dormitory Authority - New School | 4.00% | 7/1/2047 | Baa1 | 1,000,000 | 877,854 | |||||||||
| New York State Dormitory Authority - New School | 4.00% | 7/1/2052 | Baa1 | 2,580,000 | 2,181,068 | |||||||||
| New York State Dormitory Authority - New School | 5.00% | 7/1/2045 | Baa1 | 2,000,000 | 2,083,160 | |||||||||
| New York State Dormitory Authority - New York Institute of Technology | 5.25% | 7/1/2049 | BBB | 2,410,000 | 2,489,371 | |||||||||
| New York State Dormitory Authority - New York Institute of Technology | 5.25% | 7/1/2054 | BBB | 1,485,000 | 1,519,909 | |||||||||
| New York State Dormitory Authority - New York University | 5.25% | 7/1/2051 | Aa2 | 5,000,000 | 5,401,402 | |||||||||
| New York State Dormitory Authority - Pace University | 5.00% | 5/1/2035 | BBB- | 2,000,000 | 2,178,425 | |||||||||
| See Notes to Schedule of Investments. | 231 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New York State Dormitory Authority - Pace University | 5.50% | 5/1/2049 | BBB- | $ | 3,250,000 | $ | 3,390,313 | |||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 2/15/2041 | NR | 5,000 | 5,143 | |||||||||
| New York State Dormitory Authority - State University of New York Dormitory Facilities Revenue | 5.25% | 7/1/2055 | Aa3 | 2,710,000 | 2,879,035 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2037 | BBB- | 1,000,000 | 1,048,456 | |||||||||
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2042 | BBB- | 1,530,000 | 1,571,259 | |||||||||
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2040 | AA | 1,500,000 | 1,660,776 | |||||||||
| Onondaga Civic Development Corp.(c) | 5.50% | 12/1/2056 | AA- | 3,500,000 | 3,819,683 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 4.00% | 7/1/2041 | Baa2 | 415,000 | 390,415 | |||||||||
| Onondaga Civic Development Corp. - Le Moyne College NY | 5.00% | 7/1/2046 | Baa2 | 600,000 | 605,513 | |||||||||
| Westchester County Local Development Corp. - Miriam Osborn Memorial Home Association Obligated Group NY | 5.00% | 7/1/2042 | A | (b) | 450,000 | 456,019 | ||||||||
| Westchester County Local Development Corp. - Sarah Lawrence College NY | 4.00% | 6/1/2030 | BBB- | 2,165,000 | 2,165,002 | |||||||||
| Westchester County Local Development Corp. - Sarah Lawrence College NY | 4.00% | 6/1/2033 | BBB- | 1,710,000 | 1,700,235 | |||||||||
| Total | 68,030,728 | |||||||||||||
| General Obligation 9.83% | ||||||||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2035 | AA | 400,000 | 431,870 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2036 | AA | 300,000 | 322,755 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2037 | AA | 810,000 | 868,418 | |||||||||
| City of Long Beach NY GO (BAM) | 5.25% | 7/15/2042 | AA | 500,000 | 528,291 | |||||||||
| City of New York NY GO | 4.125% | 8/1/2053 | AA | 2,230,000 | 2,103,131 | |||||||||
| City of New York NY GO | 5.25% | 2/1/2046 | AA | 2,000,000 | 2,198,533 | |||||||||
| City of New York NY GO | 5.25% | 2/1/2047 | AA | 2,330,000 | 2,541,102 | |||||||||
| City of New York NY GO | 5.25% | 3/1/2047 | AA | 1,645,000 | 1,763,668 | |||||||||
| 232 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| City of New York NY GO | 5.25% | 2/1/2048 | AA | $ | 1,000,000 | $ | 1,082,335 | |||||||
| City of New York NY GO | 5.25% | 3/1/2049 | AA | 2,500,000 | 2,656,866 | |||||||||
| City of New York NY GO | 5.25% | 2/1/2050 | AA | 1,500,000 | 1,600,063 | |||||||||
| City of New York NY GO | 5.25% | 8/1/2050 | AA | 2,000,000 | 2,127,348 | |||||||||
| City of New York NY GO | 5.25% | 10/1/2051 | AA | 3,000,000 | 3,196,325 | |||||||||
| City of New York NY GO | 5.25% | 2/1/2053 | AA | 500,000 | 530,371 | |||||||||
| City of New York NY GO | 5.25% | 3/1/2053 | AA | 2,500,000 | 2,631,887 | |||||||||
| City of New York NY GO | 5.25% | 10/1/2055 | AA | 4,135,000 | 4,372,674 | |||||||||
| City of New York NY GO(c) | 5.25% | 10/1/2055 | Aa2 | 7,000,000 | 7,399,594 | |||||||||
| City of New York NY GO | 5.50% | 5/1/2044 | AA | 2,085,000 | 2,269,228 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 256,309 | 188,077 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | #(a) | 11/1/2043 | NR | 727,957 | 524,129 | ||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2033 | NR | 189,842 | 192,436 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 234,642 | 236,885 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 146,457 | 147,075 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 104,480 | 106,449 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 206,118 | 218,238 | |||||||||
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 215,202 | 234,958 | |||||||||
| County of Nassau NY GO | 4.00% | 4/1/2053 | AA | 2,140,000 | 1,999,872 | |||||||||
| Jefferson County Civic Facility Development Corp. - Samaritan Medical Center Obligated NY | 5.00% | 11/1/2037 | BB | 3,000,000 | 3,000,267 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 2/1/2051 | AAA | 3,750,000 | 3,489,024 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2040 | AAA | 2,000,000 | 2,190,167 | |||||||||
| New York State Urban Development Corp. - State of New York Sales Tax Revenue | 5.00% | 3/15/2044 | Aa1 | 3,000,000 | 3,245,766 | |||||||||
| New York State Urban Development Corp. - State of New York Sales Tax Revenue | 5.00% | 3/15/2050 | Aa1 | 5,000,000 | 5,207,296 | |||||||||
| Total | 59,605,098 | |||||||||||||
| See Notes to Schedule of Investments. | 233 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care 14.66% | ||||||||||||||
| Albany Capital Resource Corp. - Albany Medical Center Hospital Obligated Group NY | 5.50% | 5/1/2055 | A | $ | 3,500,000 | $ | 3,765,471 | |||||||
| Brookhaven Local Development Corp. - Active Retirement Community Inc Obligated Group NY | 4.00% | 11/1/2045 | BBB+ | (b) | 1,170,000 | 1,111,834 | ||||||||
| Brookhaven Local Development Corp. - Active Retirement Community Inc Obligated Group NY | 4.00% | 11/1/2055 | BBB+ | (b) | 1,000,000 | 873,732 | ||||||||
| Brookhaven Local Development Corp. - Long Island Community Hospital at NYU Langone Health Obligated NY | 3.375% | 10/1/2040 | A+ | 610,000 | 560,748 | |||||||||
| Broome County Local Development Corp. - United Health Services Hospitals Obligated Group NY (AG) | 3.00% | 4/1/2036 | AA | 1,030,000 | 962,084 | |||||||||
| Broome County Local Development Corp. - United Health Services Hospitals Obligated Group NY (AG) | 3.00% | 4/1/2037 | AA | 1,500,000 | 1,373,406 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp. - Orchard Park CCRC Inc NY | 5.00% | 11/15/2037 | BBB | (b) | 1,000,000 | 1,000,904 | ||||||||
| Build NYC Resource Corp. - RiverSpring Health Senior Living Inc Obligated Group NY† | 7.00% | 12/15/2065 | NR | 4,500,000 | 4,581,538 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 4.00% | 7/1/2044 | BBB+ | 1,250,000 | 1,175,513 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 4.00% | 7/1/2049 | BBB+ | 3,620,000 | 3,214,539 | |||||||||
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 5.00% | 7/1/2046 | BBB+ | 2,000,000 | 1,999,955 | |||||||||
| Genesee County Funding Corp. - Monroe Sustainable Energy Partners LLC NY | 5.50% | 12/1/2055 | BBB+ | 1,500,000 | 1,574,898 | |||||||||
| Genesee County Funding Corp. - Rochester Regional Health Obligated NY | 5.25% | 12/1/2052 | BBB+ | 1,000,000 | 1,019,150 | |||||||||
| Monroe County Industrial Development Corp. - Rochester Regional Health Obligated Group NY | 4.00% | 12/1/2036 | BBB+ | 450,000 | 445,552 | |||||||||
| 234 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Monroe County Industrial Development Corp. - Rochester Regional Health Obligated Group NY | 5.00% | 12/1/2034 | BBB+ | $ | 250,000 | $ | 250,773 | |||||||
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2027 | A- | 625,000 | 628,113 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2028 | A- | 2,045,000 | 2,055,332 | |||||||||
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2033 | A- | 905,000 | 907,458 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY | 3.00% | 3/1/2049 | Baa1 | 2,160,000 | 1,599,955 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2045 | B | 2,895,000 | 2,396,922 | |||||||||
| New York State Dormitory Authority - Catholic Health System Obligated Group | 5.00% | 7/1/2032 | B | 500,000 | 499,964 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2026 | Ba3 | 1,000,000 | 999,956 | |||||||||
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2029 | Ba3 | 2,900,000 | 2,902,697 | |||||||||
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2033 | BBB | 4,340,000 | 4,348,323 | |||||||||
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2034 | BBB | 1,750,000 | 1,753,262 | |||||||||
| New York State Dormitory Authority - Maimonides Medical Center (FHA) | 3.00% | 2/1/2050 | AA+ | 1,000,000 | 748,753 | |||||||||
| New York State Dormitory Authority - Memorial Sloan-Kettering Cancer Center | 5.25% | 7/1/2054 | AA- | 1,000,000 | 1,076,360 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2036 | BBB- | 475,000 | 458,692 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2037 | BBB- | 1,850,000 | 1,777,847 | |||||||||
| See Notes to Schedule of Investments. | 235 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2038 | BBB- | $ | 1,540,000 | $ | 1,456,044 | |||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 9/1/2050 | BBB- | 5,500,000 | 4,683,390 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 5.00% | 8/1/2035 | BBB- | 525,000 | 533,614 | |||||||||
| New York State Dormitory Authority - Montefiore Obligated Group | 5.50% | 11/1/2047 | BBB- | 1,000,000 | 1,057,305 | |||||||||
| New York State Dormitory Authority - Mount Sinai Hospital Obligated Group | 5.25% | 7/1/2050 | BBB | 2,000,000 | 2,031,177 | |||||||||
| New York State Dormitory Authority - Northwell Health Obligated Group | 5.00% | 5/1/2038 | A- | 1,005,000 | 1,088,217 | |||||||||
| New York State Dormitory Authority - Roswell Park Cancer Institute Corp Obligated Group (AG) | 5.50% | 7/1/2050 | AA | 2,100,000 | 2,286,013 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.25% | 10/1/2049 | BBB- | 1,125,000 | 1,173,052 | |||||||||
| New York State Dormitory Authority - White Plains Hospital Obligated Group (AG) | 5.50% | 10/1/2054 | AA | 3,000,000 | 3,210,733 | |||||||||
| Niagara Area Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B | 1,000,000 | 909,344 | |||||||||
| Oneida County Local Development Corp. - Mohawk Valley Health System Obligated Group NY (AG) | 4.00% | 12/1/2049 | AA | 4,645,000 | 4,253,874 | |||||||||
| Onondaga Civic Development Corp. - Crouse Health Hospital Inc Obligated Group NY | 5.125% | 8/1/2044 | B | (b) | 1,250,000 | 1,202,754 | ||||||||
| Onondaga Civic Development Corp. - Crouse Health Hospital Inc Obligated Group NY | 5.375% | 8/1/2054 | B | (b) | 500,000 | 485,425 | ||||||||
| Southold Local Development Corp. - Peconic Landing at Southold Inc NY | 5.00% | 12/1/2045 | BBB | (b) | 1,000,000 | 1,000,142 | ||||||||
| Tompkins County Development Corp. - Kendal at Ithaca Inc NY | 5.00% | 7/1/2044 | BBB+ | 920,000 | 920,536 | |||||||||
| Westchester County Health Care Corp Obligated Group NY | 6.00% | 11/1/2030 | BB | 95,000 | 95,127 | |||||||||
| 236 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Westchester County Health Care Corp Obligated Group NY | 6.125% | 11/1/2037 | BB | $ | 40,000 | $ | 40,028 | |||||||
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2049 | AA | 4,295,000 | 4,651,888 | |||||||||
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2053 | AA | 1,640,000 | 1,761,441 | |||||||||
| Westchester County Health Care Corp Obligated Group NY (AG) | 6.50% | 11/1/2055 | AA | 3,000,000 | 3,376,660 | |||||||||
| Westchester County Local Development Corp. - New York Blood Center Inc | 5.00% | 7/1/2035 | Baa1 | 1,510,000 | 1,648,513 | |||||||||
| Westchester County Local Development Corp. - New York Blood Center Inc | 5.00% | 7/1/2038 | Baa1 | 950,000 | 1,022,108 | |||||||||
| Westchester County Local Development Corp. - QSH/Tarrytown LLC NY† | 6.375% | 12/1/2055 | NR | 1,040,000 | 1,089,926 | |||||||||
| Westchester County Local Development Corp. - Westchester County Health Care Corp Obligated Group NY | 5.00% | 11/1/2046 | BB | 3,030,000 | 2,877,293 | |||||||||
| Total | 88,918,335 | |||||||||||||
| Housing 1.98% | ||||||||||||||
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 4.375% | 12/15/2031 | Baa3 | 500,000 | 508,619 | |||||||||
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 5.25% | 12/15/2031 | NR | 2,250,000 | 2,319,390 | |||||||||
| New York City Housing Development Corp. NY | 3.35% | 11/1/2065 | AA+ | 1,270,000 | 954,094 | |||||||||
| New York City Housing Development Corp. NY | 4.55% | 11/1/2054 | AA+ | 1,500,000 | 1,501,391 | |||||||||
| New York State Dormitory Authority - State University of New York Dormitory Facilities Revenue | 5.00% | 7/1/2048 | Aa3 | 1,040,000 | 1,088,868 | |||||||||
| New York State Housing Finance Agency | 3.15% | 11/1/2054 | Aa2 | 1,000,000 | 753,481 | |||||||||
| New York State Housing Finance Agency - 325 Kent LLC (FNMA) | 3.95% | #(a) | 11/1/2050 | Aa1 | 3,000,000 | 3,068,198 | ||||||||
| Westchester County Local Development Corp. - Purchase Housing Corp II NY | 5.00% | 6/1/2047 | BBB | 1,815,000 | 1,786,870 | |||||||||
| Total | 11,980,911 | |||||||||||||
| See Notes to Schedule of Investments. | 237 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Other 0.41% | ||||||||||||||
| Build NYC Resource Corp. - Children’s Aid Society NY | 4.00% | 7/1/2049 | A+ | $ | 2,775,000 | $ | 2,482,587 | |||||||
| Other Revenue 2.28% | ||||||||||||||
| Battery Park City Authority NY | 5.25% | 11/1/2055 | Aaa | 2,000,000 | 2,164,976 | |||||||||
| Brooklyn Arena Local Development Corp. - Brooklyn Events Center LLC NY | 5.00% | 7/15/2042 | Ba1 | 3,135,000 | 3,145,553 | |||||||||
| Build NYC Resource Corp. - Shefa School NY† | 5.00% | 6/15/2051 | NR | 1,315,000 | 1,180,401 | |||||||||
| Territory of Guam | 5.25% | 1/1/2037 | Baa3 | 500,000 | 550,897 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% | 11/15/2032 | AA+ | 1,250,000 | 1,401,973 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% | 11/15/2047 | AA+ | 2,000,000 | 2,141,272 | |||||||||
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.50% | 5/15/2052 | AA+ | 3,020,000 | 3,240,269 | |||||||||
| Total | 13,825,341 | |||||||||||||
| Special Tax 3.03% | ||||||||||||||
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AG) | 3.00% | 1/1/2040 | AA | 2,145,000 | 1,935,590 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY | 4.00% | 3/1/2045 | Baa1 | 1,950,000 | 1,869,249 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AG) | Zero Coupon | 3/1/2043 | AA | 425,000 | 201,939 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AG) | Zero Coupon | 3/1/2044 | AA | 640,000 | 287,270 | |||||||||
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AG) | Zero Coupon | 3/1/2047 | AA | 385,000 | 142,679 | |||||||||
| New York City Transitional Finance Authority(c) | 5.50% | 5/1/2052 | AAA | 3,000,000 | 3,247,147 | |||||||||
| New York City Transitional Finance Authority(c) | 5.50% | 5/1/2053 | AAA | 5,000,000 | 5,418,968 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2037 | AAA | 1,370,000 | 1,521,414 | |||||||||
| 238 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| New York Transportation Development Corp.(c) | 6.00% | 6/30/2050 | Baa3 | $ | 1,000,000 | $ | 1,073,423 | |||||||
| New York Transportation Development Corp.(c) | 6.00% | 6/30/2055 | Baa3 | 2,500,000 | 2,667,743 | |||||||||
| Total | 18,365,422 | |||||||||||||
| Tax Revenue 16.91% | ||||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 5/1/2053 | AAA | 1,215,000 | 1,124,485 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2037 | AAA | 2,000,000 | 2,253,532 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2043 | AAA | 2,000,000 | 2,188,053 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2050 | AAA | 1,190,000 | 1,247,457 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2051 | AAA | 3,000,000 | 3,190,810 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 2/1/2052 | AAA | 1,000,000 | 1,071,680 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2052 | AAA | 3,000,000 | 3,198,538 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2055 | AAA | 9,435,000 | 10,033,151 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2055 | AAA | 2,750,000 | 2,931,833 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 5/1/2047 | AAA | 5,000,000 | 5,467,929 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2049 | AAA | 3,000,000 | 3,277,273 | |||||||||
| See Notes to Schedule of Investments. | 239 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 2/1/2050 | AAA | $ | 3,200,000 | $ | 3,516,695 | |||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 5/1/2050 | AAA | 1,500,000 | 1,645,250 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2051 | AAA | 1,000,000 | 1,089,404 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2054 | AAA | 3,250,000 | 3,557,820 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 4.00% | 3/15/2045 | Aa1 | 1,970,000 | 1,915,270 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2047 | Aa1 | 5,500,000 | 5,892,171 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2048 | Aa1 | 2,000,000 | 2,130,005 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2054 | Aa1 | 3,500,000 | 3,661,102 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue(c) | 5.25% | 3/15/2052 | Aa1 | 3,500,000 | 3,716,583 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.25% | 3/15/2056 | Aa1 | 1,000,000 | 1,070,167 | |||||||||
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.50% | 3/15/2053 | Aa1 | 5,500,000 | 6,018,914 | |||||||||
| New York State Dormitory Authority - State of New York Sales Tax Revenue | 5.00% | 3/15/2049 | Aa1 | 3,620,000 | 3,799,050 | |||||||||
| New York State Dormitory Authority - State of New York Sales Tax Revenue | 5.00% | 3/15/2054 | Aa1 | 4,500,000 | 4,700,497 | |||||||||
| New York State Dormitory Authority - State of New York Sales Tax Revenue | 5.25% | 3/15/2050 | AA+ | 2,000,000 | 2,147,381 | |||||||||
| 240 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| New York State Thruway Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2049 | Aa1 | $ | 2,165,000 | $ | 2,292,523 | |||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 708,000 | 606,139 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 779,000 | 619,461 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 7,476,000 | 2,032,246 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 2,510,000 | 2,511,202 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 1,189,000 | 1,189,569 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 64,000 | 61,086 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 250,000 | 250,883 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 380,000 | 381,269 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 2,325,000 | 2,300,580 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 180,000 | 176,504 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 1,922,000 | 1,922,183 | |||||||||
| Triborough Bridge & Tunnel Authority Real Estate Transfer Tax NY | 5.00% | 12/1/2050 | A+ | 2,610,000 | 2,737,250 | |||||||||
| Triborough Bridge & Tunnel Authority Real Estate Transfer Tax NY | 5.25% | 12/1/2047 | A+ | 4,250,000 | 4,590,937 | |||||||||
| Total | 102,516,882 | |||||||||||||
| Taxable Revenue - Water & Sewer 0.70% | ||||||||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.00% | 6/15/2046 | AA+ | 1,500,000 | 1,609,333 | |||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% | 6/15/2055 | AA+ | 2,500,000 | 2,662,867 | |||||||||
| Total | 4,272,200 | |||||||||||||
| See Notes to Schedule of Investments. | 241 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tobacco 2.08% | ||||||||||||||
| Erie Tobacco Asset Securitization Corp. NY | Zero Coupon | 6/1/2055 | NR | $ | 8,000,000 | $ | 666,073 | |||||||
| Erie Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 552,398 | |||||||||
| Monroe Tobacco Asset Securitization Corp. NY† | Zero Coupon | 6/1/2061 | NR | 10,000,000 | 356,759 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 15,000,000 | 618,822 | |||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.125% | 6/1/2046 | CC | 2,085,000 | 1,151,372 | |||||||||
| New York Counties Tobacco Trust IV | Zero Coupon | 6/1/2060 | NR | 20,000,000 | 999,474 | |||||||||
| Rockland Tobacco Asset Securitization Corp. NY† | Zero Coupon | 8/15/2060 | NR | 10,575,000 | 813,995 | |||||||||
| Suffolk Tobacco Asset Securitization Corp. NY | Zero Coupon | 6/1/2066 | NR | 7,700,000 | 670,310 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2034 | BBB | 1,000,000 | 1,013,184 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2035 | BBB | 300,000 | 303,632 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2036 | BBB | 100,000 | 101,121 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2041 | BBB | 545,000 | 548,667 | |||||||||
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 3,300,000 | 3,193,179 | |||||||||
| Westchester Tobacco Asset Securitization Corp. NY | 5.125% | 6/1/2051 | B- | 1,845,000 | 1,627,169 | |||||||||
| Total | 12,616,155 | |||||||||||||
| Transportation 22.83% | ||||||||||||||
| Build NYC Resource Corp. - TRIPS Obligated Group NY AMT | 5.50% | 7/1/2050 | BBB+ | 3,100,000 | 3,247,280 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2048 | A | 1,750,000 | 1,611,621 | |||||||||
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2051 | A | 3,200,000 | 2,853,723 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2043 | A | 1,000,000 | 1,090,954 | |||||||||
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2050 | A | 4,340,000 | 4,409,552 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2049 | A | 4,355,000 | 4,580,962 | |||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2055 | A | 1,000,000 | 1,022,650 | |||||||||
| 242 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2055 | A | $ | 3,465,000 | $ | 3,624,006 | |||||||
| Metropolitan Transportation Authority NY | 5.50% | 11/15/2047 | A | 3,135,000 | 3,392,249 | |||||||||
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 5.375% | 6/30/2060 | Baa3 | 6,945,000 | 6,987,278 | |||||||||
| New York State Thruway Authority | 4.00% | 1/1/2044 | Aa3 | 1,120,000 | 1,104,639 | |||||||||
| New York State Thruway Authority | 5.00% | 1/1/2051 | A1 | 1,500,000 | 1,579,175 | |||||||||
| New York State Thruway Authority | 5.25% | 1/1/2056 | A1 | 3,250,000 | 3,464,174 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa2 | 3,625,000 | 3,625,836 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa2 | 3,370,000 | 3,430,410 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa2 | 4,645,000 | 4,784,320 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 1,500,000 | 1,603,403 | |||||||||
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 1,500,000 | 1,675,921 | |||||||||
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 10/31/2041 | BBB- | (b) | 860,000 | 847,432 | ||||||||
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 10/31/2046 | BBB- | (b) | 1,500,000 | 1,404,284 | ||||||||
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 4/30/2053 | BBB- | (b) | 5,910,000 | 5,341,090 | ||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC | 4.00% | 12/1/2042 | Baa1 | 1,800,000 | 1,760,710 | |||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 4.00% | 12/1/2039 | Baa1 | 345,000 | 334,367 | |||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 4.00% | 12/1/2040 | Baa1 | 1,450,000 | 1,392,228 | |||||||||
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 4.00% | 12/1/2041 | Baa1 | 2,950,000 | 2,812,715 | |||||||||
| See Notes to Schedule of Investments. | 243 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| 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 | $ | 1,055,000 | $ | 1,097,496 | |||||||
| New York Transportation Development Corp. - JFK Millennium Partners LLC AMT | 5.50% | 12/31/2060 | BBB- | 15,000,000 | 15,373,248 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2049 | Baa3 | 2,500,000 | 2,542,369 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.50% | 6/30/2060 | Baa3 | 5,380,000 | 5,494,227 | |||||||||
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 10,000,000 | 10,486,238 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa1 | 2,550,000 | 2,393,645 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2046 | Baa1 | 2,315,000 | 2,059,105 | |||||||||
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa1 | 13,805,000 | 13,804,278 | |||||||||
| Port Authority of New York & New Jersey | 5.00% | 8/15/2048 | AA- | 3,500,000 | 3,771,993 | |||||||||
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 4,225,000 | 4,484,879 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.25% | 11/15/2047 | AA- | 2,500,000 | 2,744,958 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.25% | 11/15/2050 | AA- | 3,240,000 | 3,484,923 | |||||||||
| Triborough Bridge & Tunnel Authority NY | 5.25% | 11/15/2054 | AA- | 2,500,000 | 2,696,629 | |||||||||
| Total | 138,414,967 | |||||||||||||
| Utilities 5.05% | ||||||||||||||
| Chautauqua County Capital Resource Corp. - NRG Energy Inc NY | 4.25% | #(a) | 4/1/2042 | BBB- | 1,000,000 | 1,016,252 | ||||||||
| Guam Government Waterworks Authority - Guam Waterworks Authority Water And Wastewater System | 5.50% | 7/1/2043 | A- | 250,000 | 274,439 | |||||||||
| Guam Government Waterworks Authority - Guam Waterworks Authority Water And Wastewater System | 5.50% | 7/1/2045 | A- | 1,000,000 | 1,083,758 | |||||||||
| 244 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| 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 | 4.125% | 6/15/2047 | AA+ | $ | 2,000,000 | $ | 1,971,599 | |||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.00% | 6/15/2046 | AA+ | 1,000,000 | 1,083,907 | |||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% | 6/15/2048 | AA+ | 2,050,000 | 2,192,717 | |||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% | 6/15/2053 | AA+ | 3,000,000 | 3,174,229 | |||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% | 6/15/2055 | AA+ | 6,000,000 | 6,408,573 | |||||||||
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.50% | 6/15/2056 | AA+ | 3,000,000 | 3,287,748 | |||||||||
| New York Energy Finance Development Corp. | 5.00% | #(a) | 7/1/2056 | A1 | 5,000,000 | 5,169,570 | ||||||||
| New York Power Authority | 4.00% | 11/15/2050 | Aa1 | 1,000,000 | 953,552 | |||||||||
| New York State Environmental Facilities Corp. - New York State Environmental Facilities Corp State Revolving Fund | 5.00% | 3/15/2056 | AAA | 2,750,000 | 2,920,348 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 4.00% | 7/1/2042 | NR | 700,000 | 681,811 | |||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2030 | NR | 405,000 | 423,693 | |||||||||
| Total | 30,642,196 | |||||||||||||
| Total Municipal Bonds (cost $620,417,758) | 612,010,219 | |||||||||||||
| Total Long-Term Investments (cost $620,417,758) | 612,010,219 | |||||||||||||
| See Notes to Schedule of Investments. | 245 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND June 30, 2026
| 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 0.14% | ||||||||||||||||
| Variable Rate Demand Notes 0.07% | ||||||||||||||||
| General Obligation | ||||||||||||||||
| City of New York NY GO | 3.050% | 7/1/2026 | 4/1/2042 | AA | $ | 400,000 | $ | 400,000 | ||||||||
| REPURCHASE AGREEMENTS 0.07% | ||||||||||||||||
| Repurchase Agreement dated 6/30/2026, 3.250% due 7/1/2026 with Fixed Income Clearing Corp. collateralized by $428,500 of U.S. Treasury Note at 3.375% due 11/30/2027; value: $425,401; proceeds: $416,998 (cost $416,960) | 416,960 | 416,960 | ||||||||||||||
| Total Short-Term Investments (cost $816,960) | 816,960 | |||||||||||||||
| Total Investments in Securities 101.07% (cost $621,234,718) | 612,827,179 | |||||||||||||||
| Other Assets and Liabilities – Net (1.07)% | (6,468,239 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 606,358,940 | ||||||||||||||
| AG | AG Insured by Assured Guaranty, Inc. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by Build America Mutual. | |
| FHA | Insured by Federal Housing Administration. | |
| FNMA | Federal National Mortgage Association. | |
| NR | Not Rated. | |
| TRIPS | Tax Refund Intercept Programs. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2026, the total value of Rule 144A securities was $32,926,640, which represents 5.43% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at June 30, 2026. | |
| (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) | 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) | 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. |
| 246 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
NEW YORK TAX FREE FUND June 30, 2026
Futures Contracts at June 30, 2026:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
| U.S. Long Bond | September 2026 | 82 | Short | $(9,048,082 | ) | $(9,307,000 | ) | $(258,918 | ) | |||||||||
The following is a summary of the inputs used as of June 30, 2026 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) | $ | – | $ | 612,010,219 | $ | – | $ | 612,010,219 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 400,000 | – | 400,000 | ||||||||||||
| Repurchase Agreements | – | 416,960 | – | 416,960 | ||||||||||||
| Total | $ | – | $ | 612,827,179 | $ | – | $ | 612,827,179 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
| Liabilities | (258,918 | ) | – | – | (258,918 | ) | ||||||||||
| Total | $ | (258,918 | ) | $ | – | $ | – | $ | (258,918 | ) | ||||||
| (1) | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. | |
| (3) | Includes Municipal Bonds held in 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.
| See Notes to Schedule of Investments. | 247 |
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 “1940 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 eight funds: Lord Abbett Short Duration Tax Free Fund (“Short Duration”), Lord Abbett Intermediate Tax Free Fund (“Intermediate”), Lord Abbett National Tax-Free Income Fund (“National”), Lord Abbett High Income Municipal Bond Fund (“High Income”), Lord Abbett Short Duration High Income Municipal Bond Fund (“Short Duration High Income”), Lord Abbett California Tax-Free Income Fund (“California”), Lord Abbett New Jersey Tax-Free Income Fund (“New Jersey”), and Lord Abbett New York Tax-Free Income Fund (“New York”) (separately, a “Fund” and collectively, the “Funds”).
Short Duration, Intermediate, National, High Income, Short Duration High Income and California are diversified as defined in the Act. New Jersey and New York are non-diversified as defined in the Act.
| 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 (the “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. |
| Fixed Income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. | |
| Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option-adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. | |
| Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. |
248
Notes to Schedule of Investments (unaudited)(continued)
| 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, 2026 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. |
| 3. | FEDERAL TAX INFORMATION |
It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, 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 statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
| 4. | SECURITIES LENDING AGREEMENT |
The Funds have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds’ securities lending agreement,
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Notes to Schedule of Investments (unaudited)(concluded)
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, 2026, the Funds did not have any securities on loan.
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QPHR-MUNI-3Q
(08/26)